Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 19, 2016 | |
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, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 20,011,401 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 56,789 | $ 47,935 |
Federal funds sold | 488 | 91 |
Interest-bearing deposits (including $1,870 and $1,320 pledged as collateral) | 61,222 | 46,131 |
Total cash and cash equivalents | 118,499 | 94,157 |
Interest-bearing deposits greater than 90 days | 1,980 | 1,000 |
Securities available for sale | 479,609 | 451,770 |
Securities held to maturity | 41,031 | 43,714 |
Loans held for sale | 7,663 | 6,598 |
Portfolio loans | 3,037,705 | 2,750,737 |
Less: Allowance for loan losses | 37,498 | 33,441 |
Portfolio loans, net | 3,000,207 | 2,717,296 |
Purchased credit impaired loans, net of the allowance for loan losses ($8,551 and $10,175, respectively) | 41,016 | 64,583 |
Total loans, net | 3,041,223 | 2,781,879 |
Other real estate | 2,959 | 8,366 |
Other investments, at cost | 19,789 | 17,455 |
Fixed assets, net | 14,498 | 14,842 |
Accrued interest receivable | 8,526 | 8,399 |
State tax credits held for sale, including $4,774 and $5,941 carried at fair value, respectively | 44,180 | 45,850 |
Goodwill | 30,334 | 30,334 |
Intangible assets, net | 2,357 | 3,075 |
Other assets | 96,996 | 101,044 |
Total assets | 3,909,644 | 3,608,483 |
Liabilities and Shareholders' Equity | ||
Demand deposits | 762,155 | 717,460 |
Interest-bearing transaction accounts | 633,100 | 564,420 |
Money market accounts | 1,131,997 | 1,053,662 |
Savings | 109,728 | 92,861 |
Certificates of deposit: | ||
Brokered | 137,592 | 39,573 |
Other | 350,253 | 316,615 |
Total deposits | 3,124,825 | 2,784,591 |
Subordinated debentures | 56,807 | 56,807 |
Federal Home Loan Bank advances | 129,000 | 110,000 |
Other borrowings | 190,022 | 270,326 |
Accrued interest payable | 648 | 629 |
Other liabilities | 27,244 | 35,301 |
Total liabilities | 3,528,546 | 3,257,654 |
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; 20,234,235 and 20,093,119 shares issued, respectively | 203 | 201 |
Treasury stock, at cost; 255,018 and 76,000 shares, respectively | (6,632) | (1,743) |
Additional paid in capital | 212,091 | 210,589 |
Retained earnings | 170,768 | 141,564 |
Accumulated other comprehensive income | 4,668 | 218 |
Total shareholders' equity | 381,098 | 350,829 |
Total liabilities and shareholders' equity | $ 3,909,644 | $ 3,608,483 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Collateral pledged | $ 1,870 | $ 1,320 |
Allowance for loan losses on Portfolio loans, covered under FDIC loss share | 6,433 | 10,175 |
State tax credits, held for sale, carried at fair value | $ 4,801 | $ 5,941 |
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 | 20,249,711 | 20,093,119 |
Treasury stock, shares | 261,718 | 76,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income: | ||||
Interest and fees on loans | $ 34,442 | $ 30,626 | $ 101,233 | $ 90,109 |
Interest on debt securities: | ||||
Taxable | 2,410 | 2,176 | 7,194 | 6,434 |
Nontaxable | 322 | 298 | 982 | 880 |
Interest on interest-bearing deposits | 67 | 68 | 186 | 153 |
Dividends on equity securities | 52 | 12 | 191 | 107 |
Total interest income | 37,293 | 33,180 | 109,786 | 97,683 |
Interest expense: | ||||
Interest-bearing transaction accounts | 332 | 293 | 967 | 849 |
Money market accounts | 1,143 | 822 | 3,162 | 2,136 |
Savings accounts | 68 | 58 | 191 | 162 |
Interest Expense, Time Deposits | 1,319 | 1,543 | 3,521 | 4,728 |
Subordinated debentures | 369 | 314 | 1,078 | 924 |
Federal Home Loan Bank advances | 126 | 9 | 499 | 82 |
Notes payable and other borrowings | 106 | 135 | 327 | 471 |
Total interest expense | 3,463 | 3,174 | 9,745 | 9,352 |
Net interest income | 33,830 | 30,006 | 100,041 | 88,331 |
Provision for portfolio loan losses | 3,038 | 599 | 4,587 | 4,329 |
Provision reversal for purchased credit impaired loan losses | (1,194) | (227) | (1,603) | (3,497) |
Net interest income after provision for loan losses | 31,986 | 29,634 | 97,057 | 87,499 |
Noninterest income: | ||||
Service charges on deposit accounts | 2,200 | 2,044 | 6,431 | 5,898 |
Wealth management revenue | 1,694 | 1,773 | 5,000 | 5,291 |
Other service charges and fee income | 1,007 | 871 | 2,827 | 2,464 |
Gain on state tax credits, net | 228 | 321 | 899 | 1,069 |
Gain on sale of other real estate | (226) | 32 | 602 | 61 |
Gain on sale of investment securities | 86 | 0 | 86 | 23 |
Change in FDIC loss share receivable | 0 | (1,241) | 0 | (4,450) |
Miscellaneous income | 1,987 | 929 | 4,185 | 3,762 |
Total noninterest income | 6,976 | 4,729 | 20,030 | 14,118 |
Noninterest expense: | ||||
Employee compensation and benefits | 12,091 | 11,475 | 37,398 | 34,262 |
Occupancy | 1,705 | 1,605 | 4,997 | 4,920 |
Data processing | 1,150 | 1,138 | 3,441 | 3,295 |
FDIC and other insurance | 780 | 654 | 2,241 | 2,045 |
Professional fees | 757 | 800 | 2,160 | 2,626 |
Loan legal and other real estate expense | 416 | 530 | 1,126 | 1,356 |
FHLB prepayment penalty | 0 | 298 | 0 | 760 |
Other | 3,915 | 3,432 | 11,566 | 10,076 |
Total noninterest expense | 20,814 | 19,932 | 62,929 | 59,340 |
Income before income tax expense | 18,148 | 14,431 | 54,158 | 42,277 |
Income tax expense | 6,316 | 4,722 | 18,949 | 14,506 |
Net income | $ 11,832 | $ 9,709 | $ 35,209 | $ 27,771 |
Earnings per common share | ||||
Basic (usd per share) | $ 0.59 | $ 0.49 | $ 1.76 | $ 1.39 |
Diluted (usd per share) | $ 0.59 | $ 0.48 | $ 1.74 | $ 1.37 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 11,832 | $ 9,709 | $ 35,209 | $ 27,771 |
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 $986 and $(1,322), and for six months of $3,290 and $(277), respectively | (796) | 1,724 | 4,503 | 1,306 |
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 six months of $0 and $9, respectively | (53) | 0 | (53) | (14) |
Total other comprehensive income (loss) | (849) | 1,724 | 4,450 | 1,292 |
Total comprehensive income | $ 10,983 | $ 11,433 | $ 39,659 | $ 29,063 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other comprehensive income, tax: | ||||
Unrealized (loss)/gain on investment securities available for sale arising during the period, tax | $ (494) | $ 1,070 | $ 2,795 | $ 793 |
Reclassification adjustment for realized gains on sale of securities available for sale included in net income, tax | $ 33 | $ 0 | $ 33 | $ 9 |
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) |
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 |
Other comprehensive income | 1,292 | 0 | 0 | 0 | 0 | 0 | 1,292 |
Cash dividends paid on common shares | (3,654) | 0 | 0 | 0 | 0 | 3,654 | 0 |
Issuance under equity compensation plans, net | (831) | 0 | (1) | 0 | 832 | 0 | 0 |
Share-based Compensation | 2,588 | 0 | 0 | 0 | 2,588 | 0 | 0 |
Excess tax benefit related to equity compensation plans | 156 | 0 | 0 | 0 | 156 | 0 | 0 |
Balance at Sep. 30, 2015 | 343,563 | 0 | 200 | (1,743) | 209,643 | 132,490 | 2,973 |
Balance at Dec. 31, 2015 | 350,829 | 0 | 201 | (1,743) | 210,589 | 141,564 | 218 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 35,209 | 0 | 0 | 0 | 0 | 35,209 | 0 |
Other comprehensive income | 4,450 | 0 | 0 | 0 | 0 | 0 | 4,450 |
Cash dividends paid on common shares | (6,005) | 0 | 0 | 0 | 0 | 6,005 | 0 |
Adjustments To Additional Paid In Capital, Repurchase Of Common Stock Warrants | (4,889) | 0 | 0 | (4,889) | 0 | 0 | 0 |
Issuance under equity compensation plans, net | (1,650) | 0 | (2) | 0 | 1,652 | 0 | 0 |
Share-based Compensation | 2,410 | 0 | 0 | 0 | 2,410 | 0 | 0 |
Excess tax benefit related to equity compensation plans | 744 | 0 | 0 | 0 | 744 | 0 | 0 |
Balance at Sep. 30, 2016 | $ 381,098 | $ 0 | $ 203 | $ (6,632) | $ 212,091 | $ 170,768 | $ 4,668 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash dividends paid on common shares, per share | $ 0.30 | $ 0.183 |
Issuance under equity compensation plans, shares | 156,592 | 121,646 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 35,209 | $ 27,771 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 1,628 | 1,510 |
Provision for loan losses | 2,984 | 832 |
Deferred income taxes | 3,881 | 1,937 |
Net amortization of debt securities | 2,350 | 2,473 |
Amortization of intangible assets | 718 | 842 |
Gain on sale of investment securities | (86) | (23) |
Mortgage loans originated for sale | (117,975) | (95,744) |
Proceeds from mortgage loans sold | 117,639 | 95,814 |
Gain on sale of other real estate | (602) | (61) |
Gain on state tax credits, net | (899) | (1,069) |
Excess tax benefit of share-based compensation | (744) | (156) |
Share-based Compensation | 2,410 | 2,588 |
Valuation adjustment on other real estate | 1 | 82 |
Net accretion of loan discount and indemnification asset | (8,165) | (4,894) |
Changes in: | ||
Accrued interest receivable | (127) | (703) |
Accrued interest payable | 19 | (63) |
Other assets | (2,101) | 4,851 |
Other liabilities | (8,057) | 4,024 |
Net cash provided by (used in) operating activities | 28,083 | 40,011 |
Cash flows from investing activities: | ||
Net decrease (increase) in loans | (256,706) | (152,970) |
Net cash proceeds received from FDIC loss share receivable | 0 | 1,725 |
Proceeds from the sale of securities, available for sale | 2,493 | 41,069 |
Proceeds from the paydown or maturity of securities, available for sale | 46,017 | 40,230 |
Proceeds from the paydown or maturity of securities, held to maturity | 2,592 | 1,848 |
Proceeds from the redemption of other investments | 44,968 | 29,362 |
Proceeds from the sale of state tax credits held for sale | 4,918 | 5,353 |
Proceeds from the sale of other real estate | 8,072 | 5,662 |
Payments for the purchase/origination of: | ||
Available for sale debt and equity securities | (71,309) | (150,934) |
Other investments | (48,283) | (23,931) |
State tax credits held for sale | (2,349) | (14,004) |
Fixed assets | (1,284) | (1,152) |
Net cash provided by (used in) investing activities | (270,871) | (217,742) |
Cash flows from financing activities: | ||
Net increase in noninterest-bearing deposit accounts | 44,695 | 48,828 |
Net increase in interest-bearing deposit accounts | 295,539 | 273,625 |
Proceeds from Federal Home Loan Bank advances | 1,309,000 | 635,900 |
Repayments of Federal Home Loan Bank advances | (1,290,000) | (704,900) |
Repayments of notes payable | 0 | (900) |
Net decrease in other borrowings | (80,304) | (44,299) |
Dividends, Common Stock, Cash | (6,005) | (3,654) |
Excess tax benefit of share-based compensation | 744 | 156 |
Payments for Repurchase of Common Stock | 4,889 | 0 |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 1,650 | 831 |
Net cash provided by (used in) financing activities | 267,130 | 203,925 |
Net increase (decrease) in cash and cash equivalents | 24,342 | 26,194 |
Cash and cash equivalents, beginning of period | 94,157 | 100,696 |
Cash and cash equivalents, end of period | 118,499 | 126,890 |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid during the period for interest | 9,726 | 9,415 |
Cash paid during the period for income taxes | 19,868 | 8,763 |
Noncash transactions: | ||
Transfer to other real estate owned in settlement of loans | 2,683 | 6,604 |
Sales of other real estate financed | $ 140 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2016 . 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, 2015 . 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 2016, the Company changed its presentation of certificates of deposit on the Condensed Consolidated Balance Sheets to separate brokered deposit sources from other sources. The corresponding prior period balances were reclassified to conform to the current year presentation. 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, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per common share data is calculated by dividing net income 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. 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) 2016 2015 2016 2015 Net income as reported $ 11,832 $ 9,709 $ 35,209 $ 27,771 Weighted average common shares outstanding 19,997 19,995 20,002 19,970 Additional dilutive common stock equivalents 227 266 229 266 Weighted average diluted common shares outstanding 20,224 20,261 20,231 20,236 Basic earnings per common share: $ 0.59 $ 0.49 $ 1.76 $ 1.39 Diluted earnings per common share: $ 0.59 $ 0.48 $ 1.74 $ 1.37 For the three and nine months ended September 30, 2016 and 2015 , the amount of common stock equivalents excluded from the earnings per share calculations because their effect was anti-dilutive was zero , and 0.1 million common stock equivalents, respectively. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 97,745 $ 1,313 $ — $ 99,058 Obligations of states and political subdivisions 37,132 1,511 (307 ) 38,336 Agency mortgage-backed securities 336,693 5,826 (304 ) 342,215 Total securities available for sale $ 471,570 $ 8,650 $ (611 ) $ 479,609 Held to maturity securities: Obligations of states and political subdivisions $ 14,777 $ 359 $ (2 ) $ 15,134 Agency mortgage-backed securities 26,254 830 — 27,084 Total securities held to maturity $ 41,031 $ 1,189 $ (2 ) $ 42,218 December 31, 2015 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 98,699 $ 309 $ — $ 99,008 Obligations of states and political subdivisions 40,700 1,343 (342 ) 41,701 Agency mortgage-backed securities 311,516 2,046 (2,501 ) 311,061 Total securities available for sale $ 450,915 $ 3,698 $ (2,843 ) $ 451,770 Held to maturity securities: Obligations of states and political subdivisions $ 14,831 $ 63 $ (50 ) $ 14,844 Agency mortgage-backed securities 28,883 — (286 ) 28,597 Total securities held to maturity $ 43,714 $ 63 $ (336 ) $ 43,441 At September 30, 2016 , and December 31, 2015 , there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than 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 $321.5 million and $334.4 million at September 30, 2016 , and December 31, 2015 , 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, 2016 , 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 $ 52,384 $ 52,637 $ — $ — Due after one year through five years 70,128 72,153 8,189 8,356 Due after five years through ten years 8,836 9,328 6,588 6,778 Due after ten years 3,529 3,276 — — Agency mortgage-backed securities 336,693 342,215 26,254 27,084 $ 471,570 $ 479,609 $ 41,031 $ 42,218 The following table represents a summary of investment securities that had an unrealized loss: September 30, 2016 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 states and political subdivisions $ — $ — $ 3,566 $ 309 $ 3,566 $ 309 Agency mortgage-backed securities 6,654 11 13,379 293 20,033 304 $ 6,654 $ 11 $ 16,945 $ 602 $ 23,599 $ 613 December 31, 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 states and political subdivisions $ 2,199 $ 12 $ 9,395 $ 380 $ 11,594 $ 392 Agency mortgage-backed securities 189,229 2,050 21,020 737 210,249 2,787 $ 191,428 $ 2,062 $ 30,415 $ 1,117 $ 221,843 $ 3,179 The unrealized losses at both September 30, 2016 , and December 31, 2015 , 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, 2016 , 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) 2016 2015 2016 2015 Gross gains realized $ 86 $ — $ 86 $ 63 Gross losses realized — — — (40 ) Proceeds from sales 2,493 — 2,493 41,069 |
Portfolio Loans
Portfolio Loans | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Portfolio Loans | PORTFOLIO LOANS Below is a summary of Portfolio loans by category at September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 December 31, 2015 Commercial and industrial $ 1,598,815 $ 1,484,327 Real estate: Commercial - investor owned 515,055 428,064 Commercial - owner occupied 340,916 342,959 Construction and land development 188,856 161,061 Residential 233,960 196,498 Total real estate loans 1,278,787 1,128,582 Consumer and other 160,535 137,537 Portfolio loans 3,038,137 2,750,446 Unearned loan fees, net (432 ) 291 Portfolio loans, including unearned loan fees $ 3,037,705 $ 2,750,737 A summary of the 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, 2016 , and at December 31, 2015 , 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 December 31, 2015 $ 22,056 $ 3,484 $ 2,969 $ 1,704 $ 1,796 $ 1,432 $ 33,441 Provision (provision reversal) for loan losses 1,120 (116 ) 80 (65 ) 11 (197 ) 833 Losses charged off (68 ) — — — — (5 ) (73 ) Recoveries 53 7 68 6 34 4 172 Balance at March 31, 2016 $ 23,161 $ 3,375 $ 3,117 $ 1,645 $ 1,841 $ 1,234 $ 34,373 Provision (provision reversal) for loan losses 302 (27 ) (541 ) (434 ) (80 ) 1,496 716 Losses charged off (157 ) — — — — (6 ) (163 ) Recoveries 502 8 15 8 36 3 572 Balance at June 30, 2016 $ 23,808 $ 3,356 $ 2,591 $ 1,219 $ 1,797 $ 2,727 $ 35,498 Provision (provision reversal) for loan losses 3,575 10 94 (730 ) 168 (79 ) 3,038 Losses charged off (2,044 ) — — — (25 ) (4 ) (2,073 ) Recoveries 69 8 17 913 26 2 1,035 Balance at September 30, 2016 $ 25,408 $ 3,374 $ 2,702 $ 1,402 $ 1,966 $ 2,646 $ 37,498 (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, 2016 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 3,785 $ — $ — $ 158 $ 3 $ 1,855 $ 5,801 Collectively evaluated for impairment 21,623 3,374 2,702 1,244 1,963 791 31,697 Total $ 25,408 $ 3,374 $ 2,702 $ 1,402 $ 1,966 $ 2,646 $ 37,498 Loans - Ending balance: Individually evaluated for impairment $ 13,414 $ 252 $ 1,666 $ 1,907 $ 124 $ 4,499 $ 21,862 Collectively evaluated for impairment 1,585,401 514,803 339,250 186,949 233,836 155,604 3,015,843 Total $ 1,598,815 $ 515,055 $ 340,916 $ 188,856 $ 233,960 $ 160,103 $ 3,037,705 Balance December 31, 2015 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 1,953 $ — $ 6 $ 369 $ 7 $ — $ 2,335 Collectively evaluated for impairment 20,103 3,484 2,963 1,335 1,789 1,432 31,106 Total $ 22,056 $ 3,484 $ 2,969 $ 1,704 $ 1,796 $ 1,432 $ 33,441 Loans - Ending balance: Individually evaluated for impairment $ 4,514 $ 921 $ 1,962 $ 2,800 $ 681 $ — $ 10,878 Collectively evaluated for impairment 1,479,813 427,143 340,997 158,261 195,817 137,828 2,739,859 Total $ 1,484,327 $ 428,064 $ 342,959 $ 161,061 $ 196,498 $ 137,828 $ 2,750,737 A summary of Portfolio loans individually evaluated for impairment by category at September 30, 2016 and December 31, 2015 , is as follows: September 30, 2016 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 14,895 $ 136 $ 13,134 $ 13,270 $ 3,785 $ 15,666 Real estate loans: Commercial - investor owned 252 253 — 253 — 250 Commercial - owner occupied — — — — — — Construction and land development 1,907 1,920 358 2,278 158 2,403 Residential 149 65 64 129 3 652 Consumer and other 4,499 — 4,508 4,508 1,855 4,598 Total $ 21,702 $ 2,374 $ 18,064 $ 20,438 $ 5,801 $ 23,569 December 31, 2015 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 5,554 $ 509 $ 4,204 $ 4,713 $ 1,953 $ 6,970 Real estate loans: Commercial - investor owned 927 927 — 927 — 970 Commercial - owner occupied 329 85 113 198 6 301 Construction and land development 4,349 2,914 530 3,444 369 3,001 Residential 705 637 68 705 7 682 Consumer and other — — — — — — Total $ 11,864 $ 5,072 $ 4,915 $ 9,987 $ 2,335 $ 11,924 The following table presents details for past due and impaired loans: Three months ended September 30, Nine months ended September 30, (in thousands) 2016 2015 2016 2015 Total interest income that would have been recognized under original terms $ 226 $ 369 $ 703 $ 913 Total cash received and recognized as interest income on non-accrual loans 203 81 253 206 Total interest income recognized on impaired loans 32 4 63 31 There were no loans over 90 days past due and still accruing interest at September 30, 2016 or December 31, 2015 . The recorded investment in impaired Portfolio loans by category at September 30, 2016 and December 31, 2015 , is as follows: September 30, 2016 (in thousands) Non-accrual Restructured Loans over 90 days past due and still accruing interest Total Commercial and industrial $ 10,959 $ 2,311 $ — $ 13,270 Real estate: Commercial - investor owned 253 — — 253 Commercial - owner occupied — — — — Construction and land development 2,258 20 — 2,278 Residential 129 — — 129 Consumer and other 4,508 — — 4,508 Total $ 18,107 $ 2,331 $ — $ 20,438 December 31, 2015 (in thousands) Non-accrual Restructured Loans over 90 days past due and still accruing interest Total Commercial and industrial $ 4,406 $ 307 $ — $ 4,713 Real estate: Commercial - investor owned 927 — — 927 Commercial - owner occupied 198 — — 198 Construction and land development 3,444 — — 3,444 Residential 705 — — 705 Consumer and other — — — — Total $ 9,680 $ 307 $ — $ 9,987 The recorded investment by category for the Portfolio loans that have been restructured during the three and nine months ended September 30, 2016 and 2015 , is as follows: Three months ended September 30, 2016 Three months ended September 30, 2015 (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 — $ — $ — — $ — $ — Real estate: Commercial - investor owned — — — — — — Commercial - owner occupied — — — — — — Construction and land development — — — — — — Residential — — — — — — Consumer and other — — — — — — Total — $ — $ — — $ — $ — Nine months ended September 30, 2016 Nine months ended September 30, 2015 (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 $ 2,341 $ 2,341 — $ — $ — Real estate: Commercial - investor owned 1 248 248 — — — Commercial - owner occupied — — — — — — Construction and land development 1 20 20 — — — Residential — — — — — — Consumer and other — — — — — — Total 4 $ 2,609 $ 2,609 — $ — $ — The restructured loans resulted from deferral of principal and extending the term to maturity. As of September 30, 2016 , the Company had $1.2 million specific reserves allocated to loans that have been restructured. There were no Portfolio loans restructured that subsequently defaulted during the three and nine months ended September 30, 2016 or 2015 . The aging of the recorded investment in past due Portfolio loans by portfolio class and category at September 30, 2016 and December 31, 2015 is shown below. September 30, 2016 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ 364 $ 364 $ 1,598,451 $ 1,598,815 Real estate: Commercial - investor owned 136 — 136 514,919 515,055 Commercial - owner occupied 225 — 225 340,691 340,916 Construction and land development — 1,529 1,529 187,327 188,856 Residential 73 60 133 233,827 233,960 Consumer and other — — — 160,103 160,103 Total $ 434 $ 1,953 $ 2,387 $ 3,035,318 $ 3,037,705 December 31, 2015 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 505 $ 888 $ 1,393 $ 1,482,934 $ 1,484,327 Real estate: Commercial - investor owned 464 — 464 427,600 428,064 Commercial - owner occupied 94 184 278 342,681 342,959 Construction and land development 384 2,273 2,657 158,404 161,061 Residential 70 681 751 195,747 196,498 Consumer and other 20 — 20 137,808 137,828 Total $ 1,537 $ 4,026 $ 5,563 $ 2,745,174 $ 2,750,737 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, payment experience, credit documentation, and current economic factors among other factors. 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, 2016 , which is based upon the most recent analysis performed, and December 31, 2015 is as follows: September 30, 2016 (in thousands) Pass (1-6) Watch (7) Substandard (8) Doubtful (9) Total Commercial and industrial $ 1,457,729 $ 63,572 $ 77,514 $ — $ 1,598,815 Real estate: Commercial - investor owned 501,228 9,549 4,278 — 515,055 Commercial - owner occupied 311,427 25,369 4,120 — 340,916 Construction and land development 179,515 6,050 3,291 — 188,856 Residential 226,287 4,224 3,449 — 233,960 Consumer and other 153,458 711 5,934 — 160,103 Total $ 2,829,644 $ 109,475 $ 98,586 $ — $ 3,037,705 December 31, 2015 (in thousands) Pass (1-6) Watch (7) Substandard (8) Doubtful (9) Total Commercial and industrial $ 1,356,864 $ 90,370 $ 37,093 $ — $ 1,484,327 Real estate: Commercial - investor owned 403,820 18,868 5,376 — 428,064 Commercial - owner occupied 314,791 24,727 3,441 — 342,959 Construction and land development 146,601 10,114 4,346 — 161,061 Residential 188,269 5,138 3,091 — 196,498 Consumer and other 131,060 721 6,047 — 137,828 Total $ 2,541,405 $ 149,938 $ 59,394 $ — $ 2,750,737 |
Purchased Credit Impaired ("PCI
Purchased Credit Impaired ("PCI") Loans | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Purchase Credit Impaired (PCI) Loans | PURCHASED CREDIT IMPAIRED ("PCI") LOANS Below is a summary of PCI loans by category at September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 (in thousands) Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Commercial and industrial 5.84 $ 3,282 6.70 $ 3,863 Real estate: Commercial - investor owned 6.94 14,595 6.98 25,272 Commercial - owner occupied 6.34 12,417 6.30 19,414 Construction and land development 5.67 4,919 6.28 6,838 Residential 5.66 12,173 5.44 19,287 Total real estate loans 44,104 70,811 Consumer and other 1.54 63 1.89 84 Purchased credit impaired loans $ 47,449 $ 74,758 1 Risk ratings are based on the borrower's contractual obligation, which is not reflective of the purchase discount. The aging of the recorded investment in past due PCI loans by portfolio class and category at September 30, 2016 and December 31, 2015 is shown below: September 30, 2016 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 805 $ — $ 805 $ 2,477 $ 3,282 Real estate: Commercial - investor owned — — — 14,595 14,595 Commercial - owner occupied 229 — 229 12,188 12,417 Construction and land development — — — 4,919 4,919 Residential 84 55 139 12,034 12,173 Consumer and other — — — 63 63 Total $ 1,118 $ 55 $ 1,173 $ 46,276 $ 47,449 December 31, 2015 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ — $ — $ 3,863 $ 3,863 Real estate: Commercial - investor owned 2,342 3,661 6,003 19,269 25,272 Commercial - owner occupied 731 — 731 18,683 19,414 Construction and land development — — — 6,838 6,838 Residential 1,594 130 1,724 17,563 19,287 Consumer and other 4 — 4 80 84 Total $ 4,671 $ 3,791 $ 8,462 $ 66,296 $ 74,758 The following table is a rollforward of PCI loans, net of the allowance for loan losses, for the nine months ended September 30, 2016 and 2015 . (in thousands) Contractual Cashflows Non-accretable Difference Accretable Yield Carrying Amount Balance January 1, 2016 $ 116,689 $ 26,765 $ 25,341 $ 64,583 Principal reductions and interest payments (20,417 ) — — (20,417 ) Accretion of loan discount — — (4,984 ) 4,984 Changes in contractual and expected cash flows due to remeasurement 9,194 975 (1,043 ) 9,262 Reductions due to disposals (27,888 ) (6,779 ) (3,713 ) (17,396 ) Balance September 30, 2016 $ 77,578 $ 20,961 $ 15,601 $ 41,016 Balance January 1, 2015 $ 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 The accretable yield is recognized in interest income over the estimated life of the acquired loans using the effective yield method. Outstanding customer balances on PCI loans were $64.6 million and $98.6 million as of September 30, 2016 , and December 31, 2015 , respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS The Company is a party to various derivative financial instruments that are used in the normal course of business to meet the needs of its clients and as part of its risk management activities. These instruments include interest rate swaps and option contracts and foreign exchange forward contracts. The Company does not enter into derivative financial instruments for trading purposes. Risk Management Instruments. The Company enters into interest rate caps in order to economically hedge changes in fair value of State tax credits held for sale. See Note 8 – Fair Value Measurements for further discussion on the fair value of state tax credits. The notional amount of the derivative instruments used to manage risk was $3.5 million at September 30, 2016 and December 31, 2015 , and the fair value was zero in both periods. Client-Related Derivative Instruments. The Company enters into interest rate swaps to allow customers to hedge changes in fair value of certain loans while maintaining a variable rate loan on its own books. The Company also enters into foreign exchange forward contracts with clients, and enters into offsetting foreign exchange forward contracts with established financial institution counterparties. 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 $ 171,792 $ 153,630 $ 2,099 $ 1,155 $ 2,099 $ 1,155 Changes in the fair value of client-related derivative instruments are recognized currently in operations. For the three and nine months ended September 30, 2016 and 2015 , 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, 2016 | |
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, 2016 , there were $0.5 million unadvanced commitments on impaired loans. The contractual amounts of off-balance-sheet financial instruments as of September 30, 2016 , and December 31, 2015 , are as follows: (in thousands) September 30, 2016 December 31, 2015 Commitments to extend credit $ 1,086,372 $ 1,140,028 Standby letters of credit 64,360 54,648 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, 2016 , and December 31, 2015 , approximately $108 million and $94 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 $0.3 million for estimated losses attributable to the unadvanced commitments at September 30, 2016 and December 31, 2015 . Standby letters of credit are conditional commitments issued by the Company to guarantee the performance or payment 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 5 years at September 30, 2016 . 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, 2016 | |
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, 2016 and December 31, 2015 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: September 30, 2016 (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 $ — $ 99,058 $ — $ 99,058 Obligations of states and political subdivisions — 35,242 3,094 38,336 Residential mortgage-backed securities — 342,215 — 342,215 Total securities available for sale $ — $ 476,515 $ 3,094 $ 479,609 State tax credits held for sale — — 4,801 4,801 Derivative financial instruments — 2,099 — 2,099 Total assets $ — $ 478,614 $ 7,895 $ 486,509 Liabilities Derivative financial instruments $ — $ 2,099 $ — $ 2,099 Total liabilities $ — $ 2,099 $ — $ 2,099 December 31, 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 $ — $ 99,008 $ — $ 99,008 Obligations of states and political subdivisions — 38,624 3,077 41,701 Residential mortgage-backed securities — 311,061 — 311,061 Total securities available for sale $ — $ 448,693 $ 3,077 $ 451,770 State tax credits held for sale — — 5,941 5,941 Derivative financial instruments — 1,155 — 1,155 Total assets $ — $ 449,848 $ 9,018 $ 458,866 Liabilities Derivative financial instruments $ — $ 1,155 $ — $ 1,155 Total liabilities $ — $ 1,155 $ — $ 1,155 • 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, 2016 , 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, 2016 , of the $44.2 million of state tax credits held for sale on the condensed consolidated balance sheet, approximately $4.8 million were carried at fair value. The remaining $39.4 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, 2016 and 2015 . • Purchases, sales, issuances and settlements . There were no Level 3 purchases during the quarter ended September 30, 2016 or 2015 . • Transfers in and/or out of Level 3 . There were no Level 3 transfers during the quarter ended September 30, 2016 and 2015 . Securities available for sale, at fair value Three months ended September 30, Nine months ended September 30, (in thousands) 2016 2015 2016 2015 Beginning balance $ 3,093 $ 3,070 $ 3,077 $ 3,059 Total gains: Included in other comprehensive income 1 7 17 18 Purchases, sales, issuances and settlements: Purchases — — — — Ending balance $ 3,094 $ 3,077 $ 3,094 $ 3,077 Change in unrealized gains relating to assets still held at the reporting date $ 1 $ 7 $ 17 $ 18 State tax credits held for sale Three months ended September 30, Nine months ended September 30, (in thousands) 2016 2015 2016 2015 Beginning balance $ 4,774 $ 9,965 $ 5,941 $ 11,689 Total gains: Included in earnings 27 124 144 318 Purchases, sales, issuances and settlements: Sales — — (1,284 ) (1,918 ) Ending balance $ 4,801 $ 10,089 $ 4,801 $ 10,089 Change in unrealized gains (losses) relating to assets still held at the reporting date $ 27 $ 124 $ (237 ) $ (186 ) 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, 2016 . (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 for the nine Impaired loans $ 357 $ — $ — $ 357 $ 2,073 $ 2,309 Other real estate — — — — — 1 Total $ 357 $ — $ — $ 357 $ 2,073 $ 2,310 (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, 2016 and December 31, 2015 . September 30, 2016 December 31, 2015 (in thousands) Carrying Amount Estimated fair value Carrying Amount Estimated fair value Balance sheet assets Cash and due from banks $ 56,789 $ 56,789 $ 47,935 $ 47,935 Federal funds sold 488 488 91 91 Interest-bearing deposits 63,202 63,202 47,131 47,131 Securities available for sale 479,609 479,609 451,770 451,770 Securities held to maturity 41,031 42,218 43,714 43,441 Other investments, at cost 19,789 19,789 17,455 17,455 Loans held for sale 7,663 7,663 6,598 6,598 Derivative financial instruments 2,099 2,099 1,155 1,155 Portfolio loans, net 3,041,223 3,045,230 2,781,879 2,782,704 State tax credits, held for sale 44,180 48,959 45,850 49,588 Accrued interest receivable 8,526 8,526 8,399 8,399 Balance sheet liabilities Deposits 3,124,825 3,126,534 2,784,591 2,784,654 Subordinated debentures 56,807 36,275 56,807 35,432 Federal Home Loan Bank advances 129,000 128,996 110,000 109,994 Other borrowings 190,022 189,996 270,326 270,286 Derivative financial instruments 2,099 2,099 1,155 1,155 Accrued interest payable 648 648 629 629 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 19 – Fair Value Measurements in the Company's Annual Report on Form 10 -K for the year ended December 31, 2015 . 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, 2016 , and December 31, 2015 . Estimated Fair Value Measurement at Reporting Date Using Balance at (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 42,218 $ — $ 42,218 Portfolio loans, net — — 3,045,230 3,045,230 State tax credits, held for sale — — 44,158 44,158 Financial Liabilities: Deposits 2,636,980 — 489,554 3,126,534 Subordinated debentures — 36,275 — 36,275 Federal Home Loan Bank advances — 128,996 — 128,996 Other borrowings — 189,996 — 189,996 Estimated Fair Value Measurement at Reporting Date Using Balance at December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 43,441 $ — $ 43,441 Portfolio loans, net — — 2,782,704 2,782,704 State tax credits, held for sale — — 43,647 43,647 Financial Liabilities: Deposits 2,428,403 — 356,251 2,784,654 Subordinated debentures — 35,432 — 35,432 Federal Home Loan Bank advances — 109,994 — 109,994 Other borrowings — 270,286 — 270,286 |
New Authoritative Accounting Gu
New Authoritative Accounting Guidance | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Authoritative Accounting Guidance | NEW AUTHORITATIVE ACCOUNTING GUIDANCE FASB ASU 2016-15 "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230)" which addresses changes to reduce the presentation diversity of certain cash receipts and cash payments in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of certain debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, and distributions received from equity method investees. The guidance becomes effective for fiscal years beginning afte r December 15, 2017, in cluding interim periods within those fiscal years, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The new standard will be applied retrospectively, but may be applied prospectively if retrospective application would be impracticable. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its consolidated statement of cash flows. FASB ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" In June 2016, the FASB issued ASU 2016-13, "Financial Instruments (Topic 326)" which changes the methodology for evaluating impairment of most financial instruments. The ASU replaces the currently used incurred loss model with a forward-looking expected loss model, which will generally result in a more timely recognition of losses. The guidance becomes effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements. FASB ASU 2016-09 "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)" which impacts accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 requires all excess tax benefits and tax deficiencies to be recognized in the income statement as income tax expense (or benefit.) The tax effects of exercised or vested awards must be treated as discrete items in the reporting period in which they occur, regardless of whether the benefit reduces taxes payable in the current period. Excess tax benefits will be classified with other income tax cash flows as an operating activity, and cash paid by an employer when withholding shares for tax liabilities should be classified as a financing activity. The guidance becomes effective for annual periods beginning after December 15, 2017, and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements. FASB ASU 2016-02 "Leases (Topic 842)" In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" which requires organizations that lease assets ("lessees") to recognize the assets and liabilities for the rights and obligations created by leases with terms of more than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee remains dependent on its classification as a finance or operating lease. The criteria for determining whether a lease is a finance or operating lease has not been significantly changed by this ASU. The ASU also requires additional disclosure of the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. The guidance becomes effective for periods beginning after December 15, 2018. Early adoption will be permitted. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its consolidated balance sheets. FASB ASU 2016-01 "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" In January 2016, the FASB issued ASU 2016-01, "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." ASU 2016-01 requires equity investments to be measured at fair value through earnings, and eliminates the available-for-sale classification for equity securities with readily determinable fair values. For financial liabilities where the fair value option has been elected, changes in fair value due to instrument-specific credit risk must be recognized in other comprehensive income. When measuring the fair value of financial instruments at amortized cost, the exit price must be used for disclosure purposes. The ASU also requires that financial assets and liabilities be presented separately in the notes to the financial statements. This ASU becomes effective for the Company in the first quarter of 2018. Early adoption is permitted. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements. FASB ASU 2014-09, "Revenue from Contracts with Customers" In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. The new guidance 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 of adoption. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS On October 10, 2016, the Company entered into a definitive merger agreement to acquire Jefferson County Bancshares, Inc. (“JCB”). JCB and its wholly-owned subsidiary, Eagle Bank and Trust Company of Missouri, have approximately $935 million in assets, $670 million in loans, and $763 million in deposits as of June 30, 2016. JCB operates 13 full service retail and commercial banking offices in metropolitan St. Louis and Perry County, Missouri. JCB shareholders will receive, based on their election, cash consideration in an amount of $85.39 per share of JCB common stock or 2.75 shares of EFSC common stock per share of JCB common stock. Aggregate consideration at the closing will be 3.3 million shares of EFSC common stock and approximately $26.6 million in cash, subject to adjustment for any JCB stock option exercises. Based on EFSC’s 15-day volume weighted average closing stock price of $31.52 as of October 10, 2016, the overall transaction has an estimated value of $130.6 million, including JCB’s common stock and stock options. The transaction is anticipated to close in early 2017, and is subject to normal and customary closing conditions, including but not limited to, regulatory approval and approval by JCB shareholders. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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 2016, the Company changed its presentation of certificates of deposit on the Condensed Consolidated Balance Sheets to separate brokered deposit sources from other sources. The corresponding prior period balances were reclassified to conform to the current year presentation. 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, 2016 , 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 2016-15 "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230)" which addresses changes to reduce the presentation diversity of certain cash receipts and cash payments in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of certain debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, and distributions received from equity method investees. The guidance becomes effective for fiscal years beginning afte r December 15, 2017, in cluding interim periods within those fiscal years, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The new standard will be applied retrospectively, but may be applied prospectively if retrospective application would be impracticable. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its consolidated statement of cash flows. FASB ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" In June 2016, the FASB issued ASU 2016-13, "Financial Instruments (Topic 326)" which changes the methodology for evaluating impairment of most financial instruments. The ASU replaces the currently used incurred loss model with a forward-looking expected loss model, which will generally result in a more timely recognition of losses. The guidance becomes effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements. FASB ASU 2016-09 "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)" which impacts accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 requires all excess tax benefits and tax deficiencies to be recognized in the income statement as income tax expense (or benefit.) The tax effects of exercised or vested awards must be treated as discrete items in the reporting period in which they occur, regardless of whether the benefit reduces taxes payable in the current period. Excess tax benefits will be classified with other income tax cash flows as an operating activity, and cash paid by an employer when withholding shares for tax liabilities should be classified as a financing activity. The guidance becomes effective for annual periods beginning after December 15, 2017, and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements. FASB ASU 2016-02 "Leases (Topic 842)" In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" which requires organizations that lease assets ("lessees") to recognize the assets and liabilities for the rights and obligations created by leases with terms of more than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee remains dependent on its classification as a finance or operating lease. The criteria for determining whether a lease is a finance or operating lease has not been significantly changed by this ASU. The ASU also requires additional disclosure of the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. The guidance becomes effective for periods beginning after December 15, 2018. Early adoption will be permitted. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its consolidated balance sheets. FASB ASU 2016-01 "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" In January 2016, the FASB issued ASU 2016-01, "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." ASU 2016-01 requires equity investments to be measured at fair value through earnings, and eliminates the available-for-sale classification for equity securities with readily determinable fair values. For financial liabilities where the fair value option has been elected, changes in fair value due to instrument-specific credit risk must be recognized in other comprehensive income. When measuring the fair value of financial instruments at amortized cost, the exit price must be used for disclosure purposes. The ASU also requires that financial assets and liabilities be presented separately in the notes to the financial statements. This ASU becomes effective for the Company in the first quarter of 2018. Early adoption is permitted. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements. FASB ASU 2014-09, "Revenue from Contracts with Customers" In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. The new guidance 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 of adoption. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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) 2016 2015 2016 2015 Net income as reported $ 11,832 $ 9,709 $ 35,209 $ 27,771 Weighted average common shares outstanding 19,997 19,995 20,002 19,970 Additional dilutive common stock equivalents 227 266 229 266 Weighted average diluted common shares outstanding 20,224 20,261 20,231 20,236 Basic earnings per common share: $ 0.59 $ 0.49 $ 1.76 $ 1.39 Diluted earnings per common share: $ 0.59 $ 0.48 $ 1.74 $ 1.37 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 97,745 $ 1,313 $ — $ 99,058 Obligations of states and political subdivisions 37,132 1,511 (307 ) 38,336 Agency mortgage-backed securities 336,693 5,826 (304 ) 342,215 Total securities available for sale $ 471,570 $ 8,650 $ (611 ) $ 479,609 Held to maturity securities: Obligations of states and political subdivisions $ 14,777 $ 359 $ (2 ) $ 15,134 Agency mortgage-backed securities 26,254 830 — 27,084 Total securities held to maturity $ 41,031 $ 1,189 $ (2 ) $ 42,218 December 31, 2015 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 98,699 $ 309 $ — $ 99,008 Obligations of states and political subdivisions 40,700 1,343 (342 ) 41,701 Agency mortgage-backed securities 311,516 2,046 (2,501 ) 311,061 Total securities available for sale $ 450,915 $ 3,698 $ (2,843 ) $ 451,770 Held to maturity securities: Obligations of states and political subdivisions $ 14,831 $ 63 $ (50 ) $ 14,844 Agency mortgage-backed securities 28,883 — (286 ) 28,597 Total securities held to maturity $ 43,714 $ 63 $ (336 ) $ 43,441 |
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, 2016 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 97,745 $ 1,313 $ — $ 99,058 Obligations of states and political subdivisions 37,132 1,511 (307 ) 38,336 Agency mortgage-backed securities 336,693 5,826 (304 ) 342,215 Total securities available for sale $ 471,570 $ 8,650 $ (611 ) $ 479,609 Held to maturity securities: Obligations of states and political subdivisions $ 14,777 $ 359 $ (2 ) $ 15,134 Agency mortgage-backed securities 26,254 830 — 27,084 Total securities held to maturity $ 41,031 $ 1,189 $ (2 ) $ 42,218 December 31, 2015 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 98,699 $ 309 $ — $ 99,008 Obligations of states and political subdivisions 40,700 1,343 (342 ) 41,701 Agency mortgage-backed securities 311,516 2,046 (2,501 ) 311,061 Total securities available for sale $ 450,915 $ 3,698 $ (2,843 ) $ 451,770 Held to maturity securities: Obligations of states and political subdivisions $ 14,831 $ 63 $ (50 ) $ 14,844 Agency mortgage-backed securities 28,883 — (286 ) 28,597 Total securities held to maturity $ 43,714 $ 63 $ (336 ) $ 43,441 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at September 30, 2016 , 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 $ 52,384 $ 52,637 $ — $ — Due after one year through five years 70,128 72,153 8,189 8,356 Due after five years through ten years 8,836 9,328 6,588 6,778 Due after ten years 3,529 3,276 — — Agency mortgage-backed securities 336,693 342,215 26,254 27,084 $ 471,570 $ 479,609 $ 41,031 $ 42,218 |
Schedule of Unrealized Loss on Investments | The following table represents a summary of investment securities that had an unrealized loss: September 30, 2016 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 states and political subdivisions $ — $ — $ 3,566 $ 309 $ 3,566 $ 309 Agency mortgage-backed securities 6,654 11 13,379 293 20,033 304 $ 6,654 $ 11 $ 16,945 $ 602 $ 23,599 $ 613 December 31, 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 states and political subdivisions $ 2,199 $ 12 $ 9,395 $ 380 $ 11,594 $ 392 Agency mortgage-backed securities 189,229 2,050 21,020 737 210,249 2,787 $ 191,428 $ 2,062 $ 30,415 $ 1,117 $ 221,843 $ 3,179 |
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) 2016 2015 2016 2015 Gross gains realized $ 86 $ — $ 86 $ 63 Gross losses realized — — — (40 ) Proceeds from sales 2,493 — 2,493 41,069 |
Portfolio Loans (Tables)
Portfolio Loans (Tables) - Portfolio loans, net | 9 Months Ended |
Sep. 30, 2016 | |
Non-covered Loans [Line Items] | |
Summary of Portfolio Loans by Category | Below is a summary of Portfolio loans by category at September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 December 31, 2015 Commercial and industrial $ 1,598,815 $ 1,484,327 Real estate: Commercial - investor owned 515,055 428,064 Commercial - owner occupied 340,916 342,959 Construction and land development 188,856 161,061 Residential 233,960 196,498 Total real estate loans 1,278,787 1,128,582 Consumer and other 160,535 137,537 Portfolio loans 3,038,137 2,750,446 Unearned loan fees, net (432 ) 291 Portfolio loans, including unearned loan fees $ 3,037,705 $ 2,750,737 |
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 December 31, 2015 $ 22,056 $ 3,484 $ 2,969 $ 1,704 $ 1,796 $ 1,432 $ 33,441 Provision (provision reversal) for loan losses 1,120 (116 ) 80 (65 ) 11 (197 ) 833 Losses charged off (68 ) — — — — (5 ) (73 ) Recoveries 53 7 68 6 34 4 172 Balance at March 31, 2016 $ 23,161 $ 3,375 $ 3,117 $ 1,645 $ 1,841 $ 1,234 $ 34,373 Provision (provision reversal) for loan losses 302 (27 ) (541 ) (434 ) (80 ) 1,496 716 Losses charged off (157 ) — — — — (6 ) (163 ) Recoveries 502 8 15 8 36 3 572 Balance at June 30, 2016 $ 23,808 $ 3,356 $ 2,591 $ 1,219 $ 1,797 $ 2,727 $ 35,498 Provision (provision reversal) for loan losses 3,575 10 94 (730 ) 168 (79 ) 3,038 Losses charged off (2,044 ) — — — (25 ) (4 ) (2,073 ) Recoveries 69 8 17 913 26 2 1,035 Balance at September 30, 2016 $ 25,408 $ 3,374 $ 2,702 $ 1,402 $ 1,966 $ 2,646 $ 37,498 (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, 2016 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 3,785 $ — $ — $ 158 $ 3 $ 1,855 $ 5,801 Collectively evaluated for impairment 21,623 3,374 2,702 1,244 1,963 791 31,697 Total $ 25,408 $ 3,374 $ 2,702 $ 1,402 $ 1,966 $ 2,646 $ 37,498 Loans - Ending balance: Individually evaluated for impairment $ 13,414 $ 252 $ 1,666 $ 1,907 $ 124 $ 4,499 $ 21,862 Collectively evaluated for impairment 1,585,401 514,803 339,250 186,949 233,836 155,604 3,015,843 Total $ 1,598,815 $ 515,055 $ 340,916 $ 188,856 $ 233,960 $ 160,103 $ 3,037,705 Balance December 31, 2015 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 1,953 $ — $ 6 $ 369 $ 7 $ — $ 2,335 Collectively evaluated for impairment 20,103 3,484 2,963 1,335 1,789 1,432 31,106 Total $ 22,056 $ 3,484 $ 2,969 $ 1,704 $ 1,796 $ 1,432 $ 33,441 Loans - Ending balance: Individually evaluated for impairment $ 4,514 $ 921 $ 1,962 $ 2,800 $ 681 $ — $ 10,878 Collectively evaluated for impairment 1,479,813 427,143 340,997 158,261 195,817 137,828 2,739,859 Total $ 1,484,327 $ 428,064 $ 342,959 $ 161,061 $ 196,498 $ 137,828 $ 2,750,737 |
Summary of Portfolio Loans Individually Evaluated for Impairment and Recorded Investment in Impaired Non-Covered Loans by Category | September 30, 2016 (in thousands) Non-accrual Restructured Loans over 90 days past due and still accruing interest Total Commercial and industrial $ 10,959 $ 2,311 $ — $ 13,270 Real estate: Commercial - investor owned 253 — — 253 Commercial - owner occupied — — — — Construction and land development 2,258 20 — 2,278 Residential 129 — — 129 Consumer and other 4,508 — — 4,508 Total $ 18,107 $ 2,331 $ — $ 20,438 December 31, 2015 (in thousands) Non-accrual Restructured Loans over 90 days past due and still accruing interest Total Commercial and industrial $ 4,406 $ 307 $ — $ 4,713 Real estate: Commercial - investor owned 927 — — 927 Commercial - owner occupied 198 — — 198 Construction and land development 3,444 — — 3,444 Residential 705 — — 705 Consumer and other — — — — Total $ 9,680 $ 307 $ — $ 9,987 September 30, 2016 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 14,895 $ 136 $ 13,134 $ 13,270 $ 3,785 $ 15,666 Real estate loans: Commercial - investor owned 252 253 — 253 — 250 Commercial - owner occupied — — — — — — Construction and land development 1,907 1,920 358 2,278 158 2,403 Residential 149 65 64 129 3 652 Consumer and other 4,499 — 4,508 4,508 1,855 4,598 Total $ 21,702 $ 2,374 $ 18,064 $ 20,438 $ 5,801 $ 23,569 December 31, 2015 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 5,554 $ 509 $ 4,204 $ 4,713 $ 1,953 $ 6,970 Real estate loans: Commercial - investor owned 927 927 — 927 — 970 Commercial - owner occupied 329 85 113 198 6 301 Construction and land development 4,349 2,914 530 3,444 369 3,001 Residential 705 637 68 705 7 682 Consumer and other — — — — — — Total $ 11,864 $ 5,072 $ 4,915 $ 9,987 $ 2,335 $ 11,924 The following table presents details for past due and impaired loans: Three months ended September 30, Nine months ended September 30, (in thousands) 2016 2015 2016 2015 Total interest income that would have been recognized under original terms $ 226 $ 369 $ 703 $ 913 Total cash received and recognized as interest income on non-accrual loans 203 81 253 206 Total interest income recognized on impaired loans 32 4 63 31 |
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, 2016 and 2015 , is as follows: Three months ended September 30, 2016 Three months ended September 30, 2015 (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 — $ — $ — — $ — $ — Real estate: Commercial - investor owned — — — — — — Commercial - owner occupied — — — — — — Construction and land development — — — — — — Residential — — — — — — Consumer and other — — — — — — Total — $ — $ — — $ — $ — Nine months ended September 30, 2016 Nine months ended September 30, 2015 (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 $ 2,341 $ 2,341 — $ — $ — Real estate: Commercial - investor owned 1 248 248 — — — Commercial - owner occupied — — — — — — Construction and land development 1 20 20 — — — Residential — — — — — — Consumer and other — — — — — — Total 4 $ 2,609 $ 2,609 — $ — $ — |
Summary of Recorded Investment by Category for Portfolio Loans Restructured and Subsequently Defaulted | The restructured loans resulted from deferral of principal and extending the term to maturity. As of September 30, 2016 , the Company had $1.2 million specific reserves allocated to loans that have been restructured. There were no Portfolio loans restructured that subsequently defaulted during the three and nine months ended September 30, 2016 or 2015 . |
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, 2016 and December 31, 2015 is shown below. September 30, 2016 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ 364 $ 364 $ 1,598,451 $ 1,598,815 Real estate: Commercial - investor owned 136 — 136 514,919 515,055 Commercial - owner occupied 225 — 225 340,691 340,916 Construction and land development — 1,529 1,529 187,327 188,856 Residential 73 60 133 233,827 233,960 Consumer and other — — — 160,103 160,103 Total $ 434 $ 1,953 $ 2,387 $ 3,035,318 $ 3,037,705 December 31, 2015 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 505 $ 888 $ 1,393 $ 1,482,934 $ 1,484,327 Real estate: Commercial - investor owned 464 — 464 427,600 428,064 Commercial - owner occupied 94 184 278 342,681 342,959 Construction and land development 384 2,273 2,657 158,404 161,061 Residential 70 681 751 195,747 196,498 Consumer and other 20 — 20 137,808 137,828 Total $ 1,537 $ 4,026 $ 5,563 $ 2,745,174 $ 2,750,737 |
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, 2016 , which is based upon the most recent analysis performed, and December 31, 2015 is as follows: September 30, 2016 (in thousands) Pass (1-6) Watch (7) Substandard (8) Doubtful (9) Total Commercial and industrial $ 1,457,729 $ 63,572 $ 77,514 $ — $ 1,598,815 Real estate: Commercial - investor owned 501,228 9,549 4,278 — 515,055 Commercial - owner occupied 311,427 25,369 4,120 — 340,916 Construction and land development 179,515 6,050 3,291 — 188,856 Residential 226,287 4,224 3,449 — 233,960 Consumer and other 153,458 711 5,934 — 160,103 Total $ 2,829,644 $ 109,475 $ 98,586 $ — $ 3,037,705 December 31, 2015 (in thousands) Pass (1-6) Watch (7) Substandard (8) Doubtful (9) Total Commercial and industrial $ 1,356,864 $ 90,370 $ 37,093 $ — $ 1,484,327 Real estate: Commercial - investor owned 403,820 18,868 5,376 — 428,064 Commercial - owner occupied 314,791 24,727 3,441 — 342,959 Construction and land development 146,601 10,114 4,346 — 161,061 Residential 188,269 5,138 3,091 — 196,498 Consumer and other 131,060 721 6,047 — 137,828 Total $ 2,541,405 $ 149,938 $ 59,394 $ — $ 2,750,737 |
Purchased Credit Impaired ("P24
Purchased Credit Impaired ("PCI") Loans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 and 2015 . (in thousands) Contractual Cashflows Non-accretable Difference Accretable Yield Carrying Amount Balance January 1, 2016 $ 116,689 $ 26,765 $ 25,341 $ 64,583 Principal reductions and interest payments (20,417 ) — — (20,417 ) Accretion of loan discount — — (4,984 ) 4,984 Changes in contractual and expected cash flows due to remeasurement 9,194 975 (1,043 ) 9,262 Reductions due to disposals (27,888 ) (6,779 ) (3,713 ) (17,396 ) Balance September 30, 2016 $ 77,578 $ 20,961 $ 15,601 $ 41,016 Balance January 1, 2015 $ 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 |
Covered Loans | |
Covered Loans [Line Items] | |
Summary of PCI Loans by Category | Below is a summary of PCI loans by category at September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 (in thousands) Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Commercial and industrial 5.84 $ 3,282 6.70 $ 3,863 Real estate: Commercial - investor owned 6.94 14,595 6.98 25,272 Commercial - owner occupied 6.34 12,417 6.30 19,414 Construction and land development 5.67 4,919 6.28 6,838 Residential 5.66 12,173 5.44 19,287 Total real estate loans 44,104 70,811 Consumer and other 1.54 63 1.89 84 Purchased credit impaired loans $ 47,449 $ 74,758 1 Risk ratings are based on the borrower's contractual obligation, which is not reflective of the purchase discount. |
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, 2016 and December 31, 2015 is shown below: September 30, 2016 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 805 $ — $ 805 $ 2,477 $ 3,282 Real estate: Commercial - investor owned — — — 14,595 14,595 Commercial - owner occupied 229 — 229 12,188 12,417 Construction and land development — — — 4,919 4,919 Residential 84 55 139 12,034 12,173 Consumer and other — — — 63 63 Total $ 1,118 $ 55 $ 1,173 $ 46,276 $ 47,449 December 31, 2015 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ — $ — $ 3,863 $ 3,863 Real estate: Commercial - investor owned 2,342 3,661 6,003 19,269 25,272 Commercial - owner occupied 731 — 731 18,683 19,414 Construction and land development — — — 6,838 6,838 Residential 1,594 130 1,724 17,563 19,287 Consumer and other 4 — 4 80 84 Total $ 4,671 $ 3,791 $ 8,462 $ 66,296 $ 74,758 |
Summary of FDIC Loss Share Receivable | . |
Derivative Financial Instrume25
Derivative Financial Instruments (Tables) - Client-Related | 9 Months Ended |
Sep. 30, 2016 | |
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 $ 171,792 $ 153,630 $ 2,099 $ 1,155 $ 2,099 $ 1,155 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | For the three and nine months ended September 30, 2016 and 2015 , 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, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | The contractual amounts of off-balance-sheet financial instruments as of September 30, 2016 , and December 31, 2015 , are as follows: (in thousands) September 30, 2016 December 31, 2015 Commitments to extend credit $ 1,086,372 $ 1,140,028 Standby letters of credit 64,360 54,648 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 and December 31, 2015 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: September 30, 2016 (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 $ — $ 99,058 $ — $ 99,058 Obligations of states and political subdivisions — 35,242 3,094 38,336 Residential mortgage-backed securities — 342,215 — 342,215 Total securities available for sale $ — $ 476,515 $ 3,094 $ 479,609 State tax credits held for sale — — 4,801 4,801 Derivative financial instruments — 2,099 — 2,099 Total assets $ — $ 478,614 $ 7,895 $ 486,509 Liabilities Derivative financial instruments $ — $ 2,099 $ — $ 2,099 Total liabilities $ — $ 2,099 $ — $ 2,099 December 31, 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 $ — $ 99,008 $ — $ 99,008 Obligations of states and political subdivisions — 38,624 3,077 41,701 Residential mortgage-backed securities — 311,061 — 311,061 Total securities available for sale $ — $ 448,693 $ 3,077 $ 451,770 State tax credits held for sale — — 5,941 5,941 Derivative financial instruments — 1,155 — 1,155 Total assets $ — $ 449,848 $ 9,018 $ 458,866 Liabilities Derivative financial instruments $ — $ 1,155 $ — $ 1,155 Total liabilities $ — $ 1,155 $ — $ 1,155 |
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, 2016 and 2015 . • Purchases, sales, issuances and settlements . There were no Level 3 purchases during the quarter ended September 30, 2016 or 2015 . • Transfers in and/or out of Level 3 . There were no Level 3 transfers during the quarter ended September 30, 2016 and 2015 . Securities available for sale, at fair value Three months ended September 30, Nine months ended September 30, (in thousands) 2016 2015 2016 2015 Beginning balance $ 3,093 $ 3,070 $ 3,077 $ 3,059 Total gains: Included in other comprehensive income 1 7 17 18 Purchases, sales, issuances and settlements: Purchases — — — — Ending balance $ 3,094 $ 3,077 $ 3,094 $ 3,077 Change in unrealized gains relating to assets still held at the reporting date $ 1 $ 7 $ 17 $ 18 State tax credits held for sale Three months ended September 30, Nine months ended September 30, (in thousands) 2016 2015 2016 2015 Beginning balance $ 4,774 $ 9,965 $ 5,941 $ 11,689 Total gains: Included in earnings 27 124 144 318 Purchases, sales, issuances and settlements: Sales — — (1,284 ) (1,918 ) Ending balance $ 4,801 $ 10,089 $ 4,801 $ 10,089 Change in unrealized gains (losses) relating to assets still held at the reporting date $ 27 $ 124 $ (237 ) $ (186 ) |
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, 2016 . (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 for the nine Impaired loans $ 357 $ — $ — $ 357 $ 2,073 $ 2,309 Other real estate — — — — — 1 Total $ 357 $ — $ — $ 357 $ 2,073 $ 2,310 (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, 2016 and December 31, 2015 . September 30, 2016 December 31, 2015 (in thousands) Carrying Amount Estimated fair value Carrying Amount Estimated fair value Balance sheet assets Cash and due from banks $ 56,789 $ 56,789 $ 47,935 $ 47,935 Federal funds sold 488 488 91 91 Interest-bearing deposits 63,202 63,202 47,131 47,131 Securities available for sale 479,609 479,609 451,770 451,770 Securities held to maturity 41,031 42,218 43,714 43,441 Other investments, at cost 19,789 19,789 17,455 17,455 Loans held for sale 7,663 7,663 6,598 6,598 Derivative financial instruments 2,099 2,099 1,155 1,155 Portfolio loans, net 3,041,223 3,045,230 2,781,879 2,782,704 State tax credits, held for sale 44,180 48,959 45,850 49,588 Accrued interest receivable 8,526 8,526 8,399 8,399 Balance sheet liabilities Deposits 3,124,825 3,126,534 2,784,591 2,784,654 Subordinated debentures 56,807 36,275 56,807 35,432 Federal Home Loan Bank advances 129,000 128,996 110,000 109,994 Other borrowings 190,022 189,996 270,326 270,286 Derivative financial instruments 2,099 2,099 1,155 1,155 Accrued interest payable 648 648 629 629 |
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, 2016 , and December 31, 2015 . Estimated Fair Value Measurement at Reporting Date Using Balance at (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 42,218 $ — $ 42,218 Portfolio loans, net — — 3,045,230 3,045,230 State tax credits, held for sale — — 44,158 44,158 Financial Liabilities: Deposits 2,636,980 — 489,554 3,126,534 Subordinated debentures — 36,275 — 36,275 Federal Home Loan Bank advances — 128,996 — 128,996 Other borrowings — 189,996 — 189,996 Estimated Fair Value Measurement at Reporting Date Using Balance at December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 43,441 $ — $ 43,441 Portfolio loans, net — — 2,782,704 2,782,704 State tax credits, held for sale — — 43,647 43,647 Financial Liabilities: Deposits 2,428,403 — 356,251 2,784,654 Subordinated debentures — 35,432 — 35,432 Federal Home Loan Bank advances — 109,994 — 109,994 Other borrowings — 270,286 — 270,286 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Net income as reported | $ 11,832 | $ 9,709 | $ 35,209 | $ 27,771 |
Impact of assumed conversions | ||||
Weighted average common shares outstanding (in shares) | 19,997,000 | 19,995,000 | 20,002,000 | 19,970,000 |
Additional dilutive common stock equivalents (in shares) | 227,000 | 266,000 | 229,000 | 266,000 |
Weighted average diluted common shares outstanding (in shares) | 20,224,000 | 20,261,000 | 20,231,000 | 20,236,000 |
Basic earnings per common share (in dollars per share) | $ 0.59 | $ 0.49 | $ 1.76 | $ 1.39 |
Diluted earnings per common share (in dollars per share) | $ 0.59 | $ 0.48 | $ 1.74 | $ 1.37 |
Common stock equivalents excluded from earnings per share calculations due to anti-dilutive effect (in shares) | 0 | 80,220 | 2,900 | 88,040 |
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, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 41,031 | $ 43,714 |
Gross Unrealized Gains | 1,189 | 63 |
Gross Unrealized Losses | (2) | (336) |
Fair Value | 42,218 | 43,441 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 471,570 | 450,915 |
Gross Unrealized Gains | 8,650 | 3,698 |
Gross Unrealized Losses | (611) | (2,843) |
Fair Value | 479,609 | 451,770 |
Obligations of U.S. Government-sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 97,745 | 98,699 |
Gross Unrealized Gains | 1,313 | 309 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 99,058 | 99,008 |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 37,132 | 40,700 |
Gross Unrealized Gains | 1,511 | 1,343 |
Gross Unrealized Losses | (307) | (342) |
Fair Value | 38,336 | 41,701 |
Agency mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 336,693 | 311,516 |
Gross Unrealized Gains | 5,826 | 2,046 |
Gross Unrealized Losses | (304) | (2,501) |
Fair Value | 342,215 | 311,061 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 14,777 | 14,831 |
Gross Unrealized Gains | 359 | 63 |
Gross Unrealized Losses | (2) | (50) |
Fair Value | 15,134 | 14,844 |
Agency mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 26,254 | 28,883 |
Gross Unrealized Gains | 830 | 0 |
Gross Unrealized Losses | 0 | (286) |
Fair Value | $ 27,084 | $ 28,597 |
Investments - Investments Class
Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Available for sale, Amortized Cost | ||
Due in one year or less | $ 52,384 | |
Due after one year through five years | 70,128 | |
Due after five years through ten years | 8,836 | |
Due after ten years | 3,529 | |
Agency mortgage-backed securities | 336,693 | |
Amortized Cost | 471,570 | $ 450,915 |
Available for sale, Estimated Fair Value | ||
Due in one year or less | 52,637 | |
Due after one year through five years | 72,153 | |
Due after five years through ten years | 9,328 | |
Due after ten years | 3,276 | |
Agency mortgage-backed securities | 342,215 | |
Available for sale, fair value | 479,609 | 451,770 |
Held to maturity, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 8,189 | |
Due after five years through ten years | 6,588 | |
Due after ten years | 0 | |
Agency mortgage-backed securities | 26,254 | |
Amortized Cost | 41,031 | 43,714 |
Held to maturity, Estimated Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 8,356 | |
Due after five years through ten years | 6,778 | |
Due after ten years | 0 | |
Agency mortgage-backed securities | 27,084 | |
Held to maturity, fair value | $ 42,218 | $ 43,441 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | $ 6,654 | $ 191,428 |
Less than 12 months, unrealized losses | 11 | 2,062 |
12 months or more, fair value | 16,945 | 30,415 |
12 months or more, unrealized losses | 602 | 1,117 |
Total, fair value | 23,599 | 221,843 |
Total, unrealized losses | 613 | 3,179 |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 0 | 2,199 |
Less than 12 months, unrealized losses | 0 | 12 |
12 months or more, fair value | 3,566 | 9,395 |
12 months or more, unrealized losses | 309 | 380 |
Total, fair value | 3,566 | 11,594 |
Total, unrealized losses | 309 | 392 |
Agency mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 6,654 | 189,229 |
Less than 12 months, unrealized losses | 11 | 2,050 |
12 months or more, fair value | 13,379 | 21,020 |
12 months or more, unrealized losses | 293 | 737 |
Total, fair value | 20,033 | 210,249 |
Total, unrealized losses | $ 304 | $ 2,787 |
Investments - Schedule of Reali
Investments - Schedule of Realized Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross gains realized | $ 86 | $ 0 | $ 86 | $ 63 |
Gross losses realized | 0 | 0 | 0 | (40) |
Proceeds from sales | $ 2,493 | $ 0 | $ 2,493 | $ 41,069 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Other investments, at cost | $ 19,789 | $ 17,455 |
Maximum percentage of shareholders' equity security holdings held of one issuer | 10.00% | 10.00% |
Available-for-sale securities pledged as collateral, fair value | $ 321,500 | $ 334,400 |
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, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans, including unearned loan fees | $ 3,037,705 | $ 2,750,737 |
Portfolio loans, net | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 3,038,137 | 2,750,446 |
Unearned loan fees, net | (432) | 291 |
Portfolio loans, including unearned loan fees | 3,037,705 | 2,750,737 |
Portfolio loans, net | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 1,598,815 | 1,484,327 |
Portfolio loans, net | Commercial - investor owned | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 515,055 | 428,064 |
Portfolio loans, net | Commercial - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 340,916 | 342,959 |
Portfolio loans, net | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 188,856 | 161,061 |
Portfolio loans, net | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 233,960 | 196,498 |
Portfolio loans, net | Total real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 1,278,787 | 1,128,582 |
Portfolio loans, net | Consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 160,535 | 137,537 |
Portfolio loans, including unearned loan fees | $ 160,103 | $ 137,828 |
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, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2015 | $ 35,498 | $ 34,373 | $ 33,441 |
Provision (provision reversal) charged to expense | 3,038 | 716 | 833 |
Losses charged off | (2,073) | (163) | (73) |
Recoveries | 1,035 | 572 | 172 |
Balance at March 31, 2016 | 37,498 | 35,498 | 34,373 |
Commercial and industrial | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2015 | 23,808 | 23,161 | 22,056 |
Provision (provision reversal) charged to expense | 3,575 | 302 | 1,120 |
Losses charged off | (2,044) | (157) | (68) |
Recoveries | 69 | 502 | 53 |
Balance at March 31, 2016 | 25,408 | 23,808 | 23,161 |
CRE - owner occupied | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2015 | 2,591 | 3,117 | 2,969 |
Provision (provision reversal) charged to expense | 94 | 541 | 80 |
Losses charged off | 0 | 0 | 0 |
Recoveries | 17 | 15 | 68 |
Balance at March 31, 2016 | 2,702 | 2,591 | 3,117 |
Commercial Real Estate Investor Owned | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2015 | 3,356 | 3,375 | 3,484 |
Provision (provision reversal) charged to expense | 10 | 27 | (116) |
Losses charged off | 0 | 0 | 0 |
Recoveries | 8 | 8 | 7 |
Balance at March 31, 2016 | 3,374 | 3,356 | 3,375 |
Construction and land development | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2015 | 1,219 | 1,645 | 1,704 |
Provision (provision reversal) charged to expense | 730 | 434 | (65) |
Losses charged off | 0 | 0 | 0 |
Recoveries | 913 | 8 | 6 |
Balance at March 31, 2016 | 1,402 | 1,219 | 1,645 |
Residential real estate | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2015 | 1,797 | 1,841 | 1,796 |
Provision (provision reversal) charged to expense | 168 | (80) | 11 |
Losses charged off | (25) | 0 | 0 |
Recoveries | 26 | 36 | 34 |
Balance at March 31, 2016 | 1,966 | 1,797 | 1,841 |
Consumer and other | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2015 | 2,727 | 1,234 | 1,432 |
Provision (provision reversal) charged to expense | 79 | 1,496 | (197) |
Losses charged off | (4) | (6) | (5) |
Recoveries | 2 | 3 | 4 |
Balance at March 31, 2016 | $ 2,646 | $ 2,727 | $ 1,234 |
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, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Loans - Ending balance: | ||||
Loans and Leases Receivable, Gross | $ 3,037,705 | $ 2,750,737 | ||
Portfolio loans, net | ||||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | ||||
Individually evaluated for impairment | 5,801 | 2,335 | ||
Collectively evaluated for impairment | 31,697 | 31,106 | ||
Total | 37,498 | $ 35,498 | $ 34,373 | 33,441 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 21,862 | 10,878 | ||
Collectively evaluated for impairment | 3,015,843 | 2,739,859 | ||
Total | 3,038,137 | 2,750,446 | ||
Loans and Leases Receivable, Gross | 3,037,705 | 2,750,737 | ||
Portfolio loans, net | Commercial and industrial | ||||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | ||||
Individually evaluated for impairment | 3,785 | 1,953 | ||
Collectively evaluated for impairment | 21,623 | 20,103 | ||
Total | 25,408 | 23,808 | 23,161 | 22,056 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 13,414 | 4,514 | ||
Collectively evaluated for impairment | 1,585,401 | 1,479,813 | ||
Total | 1,598,815 | 1,484,327 | ||
Portfolio loans, net | Commercial Real Estate Investor Owned | ||||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 3,374 | 3,484 | ||
Total | 3,374 | 3,356 | 3,375 | 3,484 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 252 | 921 | ||
Collectively evaluated for impairment | 514,803 | 427,143 | ||
Total | 515,055 | 428,064 | ||
Portfolio loans, net | CRE - owner occupied | ||||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | ||||
Individually evaluated for impairment | 0 | 6 | ||
Collectively evaluated for impairment | 2,702 | 2,963 | ||
Total | 2,702 | 2,591 | 3,117 | 2,969 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 1,666 | 1,962 | ||
Collectively evaluated for impairment | 339,250 | 340,997 | ||
Total | 340,916 | 342,959 | ||
Portfolio loans, net | Construction and land development | ||||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | ||||
Individually evaluated for impairment | 158 | 369 | ||
Collectively evaluated for impairment | 1,244 | 1,335 | ||
Total | 1,402 | 1,219 | 1,645 | 1,704 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 1,907 | 2,800 | ||
Collectively evaluated for impairment | 186,949 | 158,261 | ||
Total | 188,856 | 161,061 | ||
Portfolio loans, net | Residential real estate | ||||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | ||||
Individually evaluated for impairment | 3 | 7 | ||
Collectively evaluated for impairment | 1,963 | 1,789 | ||
Total | 1,966 | 1,797 | 1,841 | 1,796 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 124 | 681 | ||
Collectively evaluated for impairment | 233,836 | 195,817 | ||
Total | 233,960 | 196,498 | ||
Portfolio loans, net | Consumer and other | ||||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | ||||
Individually evaluated for impairment | 1,855 | 0 | ||
Collectively evaluated for impairment | 791 | 1,432 | ||
Total | 2,646 | $ 2,727 | $ 1,234 | 1,432 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 4,499 | 0 | ||
Collectively evaluated for impairment | 155,604 | 137,828 | ||
Total | 160,535 | 137,537 | ||
Loans and Leases Receivable, Gross | $ 160,103 | $ 137,828 |
Portfolio Loans - Summary of 37
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, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | $ 21,702 | $ 11,864 |
Recorded Investment With No Allowance | 2,374 | 5,072 |
Recorded Investment With Allowance | 18,064 | 4,915 |
Total Recorded Investment | 20,438 | 9,987 |
Related Allowance | 5,801 | 2,335 |
Average Recorded Investment | 23,569 | 11,924 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 14,895 | 5,554 |
Recorded Investment With No Allowance | 136 | 509 |
Recorded Investment With Allowance | 13,134 | 4,204 |
Total Recorded Investment | 13,270 | 4,713 |
Related Allowance | 3,785 | 1,953 |
Average Recorded Investment | 15,666 | 6,970 |
Commercial - owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 0 | 329 |
Recorded Investment With No Allowance | 0 | 85 |
Recorded Investment With Allowance | 0 | 113 |
Total Recorded Investment | 0 | 198 |
Related Allowance | 0 | 6 |
Average Recorded Investment | 0 | 301 |
Commercial - investor owned | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 252 | 927 |
Recorded Investment With No Allowance | 253 | 927 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 253 | 927 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 250 | 970 |
Construction and land development | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 1,907 | 4,349 |
Recorded Investment With No Allowance | 1,920 | 2,914 |
Recorded Investment With Allowance | 358 | 530 |
Total Recorded Investment | 2,278 | 3,444 |
Related Allowance | 158 | 369 |
Average Recorded Investment | 2,403 | 3,001 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 149 | 705 |
Recorded Investment With No Allowance | 65 | 637 |
Recorded Investment With Allowance | 64 | 68 |
Total Recorded Investment | 129 | 705 |
Related Allowance | 3 | 7 |
Average Recorded Investment | 652 | 682 |
Consumer and other | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 4,499 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 4,508 | 0 |
Total Recorded Investment | 4,508 | 0 |
Related Allowance | 1,855 | 0 |
Average Recorded Investment | $ 4,598 | $ 0 |
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Receivables [Abstract] | ||||
Total interest income that would have been recognized under original terms | $ 226 | $ 369 | $ 703 | $ 913 |
Total cash received and recognized as interest income on non-accrual loans | 203 | 81 | 253 | 206 |
Total interest income recognized on impaired loans | $ 32 | $ 4 | $ 63 | $ 31 |
Portfolio Loans - Narrative (De
Portfolio Loans - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of loans over 90 days past due and still accruing interest | loan | 0 | 0 | 0 | |||
Unadvanced commitments on impaired loans | $ 500,000 | $ 500,000 | $ 0 | |||
Specific reserves on restructured loans | 1,196,000 | $ 1,196,000 | ||||
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 | $ 300,000 | 300,000 | ||||
Non-Covered Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Post-Modification Outstanding Recorded Balance | $ 0 | $ 0 | $ 2,609,000 | $ 0 | ||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 0 | 4 | 0 | ||
Financing Receivable, Gross | $ 3,038,137,000 | $ 3,038,137,000 | 2,750,446,000 | |||
Non-Covered Loans | Consumer and other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Post-Modification Outstanding Recorded Balance | $ 0 | $ 0 | $ 0 | $ 0 | ||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 0 | 0 | 0 | ||
Financing Receivable, Gross | $ 160,535,000 | $ 160,535,000 | $ 137,537,000 |
Portfolio Loans - Summary of 40
Portfolio Loans - Summary of Recorded Investment in Impaired Portfolio Loans by Category (Details) - Non-Covered Loans - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 18,107,000 | $ 9,680,000 |
Restructured | 2,331,000 | 307,000 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Total Recorded Investment | 20,438,000 | 9,987,000 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 10,959,000 | 4,406,000 |
Restructured | 2,311,000 | 307,000 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Total Recorded Investment | 13,270,000 | 4,713,000 |
Commercial - investor owned | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 253,000 | 927,000 |
Restructured | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Total Recorded Investment | 253,000 | 927,000 |
Commercial - owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 0 | 198,000 |
Restructured | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Total Recorded Investment | 0 | 198,000 |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,258,000 | 3,444,000 |
Restructured | 20,000 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Total Recorded Investment | 2,278,000 | 3,444,000 |
Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 129,000 | 705,000 |
Restructured | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Total Recorded Investment | 129,000 | 705,000 |
Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 4,508,000 | 0 |
Restructured | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Total Recorded Investment | $ 4,508,000 | $ 0 |
Portfolio Loans - Summary of 41
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, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 4 | 0 |
Pre-Modification Outstanding Recorded Balance | $ 0 | $ 0 | $ 2,609 | $ 0 |
Post-Modification Outstanding Recorded Balance | $ 0 | $ 0 | $ 2,609 | $ 0 |
Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 2 | 0 |
Pre-Modification Outstanding Recorded Balance | $ 0 | $ 0 | $ 2,341 | $ 0 |
Post-Modification Outstanding Recorded Balance | $ 0 | $ 0 | $ 2,341 | $ 0 |
CRE - owner occupied | ||||
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 |
Commercial Real Estate Investor Owned | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Balance | $ 0 | $ 0 | $ 248 | $ 0 |
Post-Modification Outstanding Recorded Balance | $ 0 | $ 0 | $ 248 | $ 0 |
Construction and land development | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Balance | $ 0 | $ 0 | $ 20 | $ 0 |
Post-Modification Outstanding Recorded Balance | $ 0 | $ 0 | $ 20 | $ 0 |
Residential real estate | ||||
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 |
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 42
Portfolio Loans - Summary of Recorded Investment by Category for Portfolio Loans Restructured and Subsequently Defaulted (Details) - Non-Covered Loans - loan | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Financing Receivables, Troubled Debt Restructurings - Suibsequent Defaults [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 4 | 0 |
Commercial and industrial | ||||
Schedule of Financing Receivables, Troubled Debt Restructurings - Suibsequent Defaults [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 2 | 0 |
CRE - owner occupied | ||||
Schedule of Financing Receivables, Troubled Debt Restructurings - Suibsequent Defaults [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 0 | 0 |
Commercial Real Estate Investor Owned | ||||
Schedule of Financing Receivables, Troubled Debt Restructurings - Suibsequent Defaults [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 1 | 0 |
Construction and land development | ||||
Schedule of Financing Receivables, Troubled Debt Restructurings - Suibsequent Defaults [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 1 | 0 |
Consumer and other | ||||
Schedule of Financing Receivables, Troubled Debt Restructurings - Suibsequent Defaults [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 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, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | $ 3,037,705 | $ 2,750,737 |
Non-Covered Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 434 | 1,537 |
90 or More Days Past Due | 1,953 | 4,026 |
Total Past Due | 2,387 | 5,563 |
Current | 3,035,318 | 2,745,174 |
Loans and Leases Receivable, Gross | 3,037,705 | 2,750,737 |
Total | 3,038,137 | 2,750,446 |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 505 |
90 or More Days Past Due | 364 | 888 |
Total Past Due | 364 | 1,393 |
Current | 1,598,451 | 1,482,934 |
Total | 1,598,815 | 1,484,327 |
Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 225 | 94 |
90 or More Days Past Due | 0 | 184 |
Total Past Due | 225 | 278 |
Current | 340,691 | 342,681 |
Total | 340,916 | 342,959 |
Non-Covered Loans | Commercial Real Estate Investor Owned | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 136 | 464 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 136 | 464 |
Current | 514,919 | 427,600 |
Total | 515,055 | 428,064 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 384 |
90 or More Days Past Due | 1,529 | 2,273 |
Total Past Due | 1,529 | 2,657 |
Current | 187,327 | 158,404 |
Total | 188,856 | 161,061 |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 73 | 70 |
90 or More Days Past Due | 60 | 681 |
Total Past Due | 133 | 751 |
Current | 233,827 | 195,747 |
Total | 233,960 | 196,498 |
Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 20 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 0 | 20 |
Current | 160,103 | 137,808 |
Loans and Leases Receivable, Gross | 160,103 | 137,828 |
Total | $ 160,535 | $ 137,537 |
Portfolio Loans - Summary of 44
Portfolio Loans - Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 3,037,705 | $ 2,750,737 |
Non-Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 3,038,137 | 2,750,446 |
Loans and Leases Receivable, Gross | 3,037,705 | 2,750,737 |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 1,598,815 | 1,484,327 |
Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 340,916 | 342,959 |
Non-Covered Loans | Commercial Real Estate Investor Owned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 515,055 | 428,064 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 188,856 | 161,061 |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 233,960 | 196,498 |
Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 160,535 | 137,537 |
Loans and Leases Receivable, Gross | 160,103 | 137,828 |
Pass (1-6) | Non-Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 2,829,644 | 2,541,405 |
Pass (1-6) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 1,457,729 | 1,356,864 |
Pass (1-6) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 311,427 | 314,791 |
Pass (1-6) | Non-Covered Loans | Commercial Real Estate Investor Owned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 501,228 | 403,820 |
Pass (1-6) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 179,515 | 146,601 |
Pass (1-6) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 226,287 | 188,269 |
Pass (1-6) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 153,458 | 131,060 |
Watch (7) | Non-Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 109,475 | 149,938 |
Watch (7) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 63,572 | 90,370 |
Watch (7) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 25,369 | 24,727 |
Watch (7) | Non-Covered Loans | Commercial Real Estate Investor Owned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 9,549 | 18,868 |
Watch (7) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 6,050 | 10,114 |
Watch (7) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 4,224 | 5,138 |
Watch (7) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 711 | 721 |
Substandard (8) | Non-Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 98,586 | 59,394 |
Substandard (8) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 77,514 | 37,093 |
Substandard (8) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 4,120 | 3,441 |
Substandard (8) | Non-Covered Loans | Commercial Real Estate Investor Owned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 4,278 | 5,376 |
Substandard (8) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 3,291 | 4,346 |
Substandard (8) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 3,449 | 3,091 |
Substandard (8) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 5,934 | 6,047 |
Doubtful (9) | Non-Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans | 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 | $ 0 | $ 0 |
Purchased Credit Impaired ("P45
Purchased Credit Impaired ("PCI") Loans - Summary of PCI Loans by Category (Details) - Covered Loans $ in Thousands | Jun. 30, 2016USD ($)rating | Dec. 31, 2015USD ($)rating |
Covered Loans [Line Items] | ||
Recorded Investment PCI Loans | $ 47,449 | $ 74,758 |
Construction and land development | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 5.67 | 6.28 |
Recorded Investment PCI Loans | $ 4,919 | $ 6,838 |
Commercial Real Estate Investor Owned | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 6.94 | 6.98 |
Recorded Investment PCI Loans | $ 14,595 | $ 25,272 |
CRE - owner occupied | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 6.34 | 6.30 |
Recorded Investment PCI Loans | $ 12,417 | $ 19,414 |
Residential real estate | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 5.66 | 5.44 |
Recorded Investment PCI Loans | $ 12,173 | $ 19,287 |
Total real estate loans | ||
Covered Loans [Line Items] | ||
Recorded Investment PCI Loans | $ 44,104 | $ 70,811 |
Commercial and industrial | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 5.84 | 6.70 |
Recorded Investment PCI Loans | $ 3,282 | $ 3,863 |
Consumer and other | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 1.54 | 1.89 |
Recorded Investment PCI Loans | $ 63 | $ 84 |
Purchased Credit Impaired ("P46
Purchased 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 | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | $ 1,118 | $ 4,671 |
90 or More Days Past Due | 55 | 3,791 |
Total Past Due | 1,173 | 8,462 |
Current | 46,276 | 66,296 |
Total | 47,449 | 74,758 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 805 | 0 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 805 | 0 |
Current | 2,477 | 3,863 |
Total | 3,282 | 3,863 |
CRE - owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 229 | 731 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 229 | 731 |
Current | 12,188 | 18,683 |
Total | 12,417 | 19,414 |
Commercial Real Estate Investor Owned | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 2,342 |
90 or More Days Past Due | 0 | 3,661 |
Total Past Due | 0 | 6,003 |
Current | 14,595 | 19,269 |
Total | 14,595 | 25,272 |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 4,919 | 6,838 |
Total | 4,919 | 6,838 |
Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 84 | 1,594 |
90 or More Days Past Due | 55 | 130 |
Total Past Due | 139 | 1,724 |
Current | 12,034 | 17,563 |
Total | 12,173 | 19,287 |
Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 4 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 0 | 4 |
Current | 63 | 80 |
Total | $ 63 | $ 84 |
Purchased Credit Impaired ("P47
Purchased Credit Impaired ("PCI") Loans - Rollforward of PCI Loans, Net of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 64,583 | $ 83,693 |
Principal reductions and interest payments | (20,417) | (19,315) |
Accretion of loan discount | 4,984 | 8,604 |
Changes in contractual and expected cash flows due to remeasurement | (9,262) | (11,833) |
Reductions due to disposals | (17,396) | (12,418) |
Balance at end of period | 41,016 | 72,397 |
Contractual Cashflows | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 116,689 | 178,145 |
Principal reductions and interest payments | (20,417) | (19,315) |
Accretion of loan discount | 0 | 0 |
Changes in contractual and expected cash flows due to remeasurement | (9,194) | (5,731) |
Reductions due to disposals | (27,888) | (19,734) |
Balance at end of period | 77,578 | 133,365 |
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 | 26,765 | 65,719 |
Principal reductions and interest payments | 0 | 0 |
Accretion of loan discount | 0 | 0 |
Changes in contractual and expected cash flows due to remeasurement | (975) | (26,797) |
Reductions due to disposals | (6,779) | (4,183) |
Balance at end of period | 20,961 | 34,739 |
Accretable Yield | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 25,341 | 28,733 |
Principal reductions and interest payments | 0 | 0 |
Accretion of loan discount | 4,984 | 8,604 |
Changes in contractual and expected cash flows due to remeasurement | (1,043) | (9,233) |
Reductions due to disposals | (3,713) | (3,133) |
Balance at end of period | $ 15,601 | $ 26,229 |
Purchased Credit Impaired ("P48
Purchased Credit Impaired ("PCI") Loans - Summary of FDIC Loss Share Receivable (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
FDIC Indemnification Asset [Roll Forward] | ||
Cash received from the FDIC for covered assets | $ 0 | $ (1,725) |
Purchased Credit Impaired ("P49
Purchased Credit Impaired ("PCI") Loans - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
PCI loans outstanding | $ 64.6 | $ 98.6 |
Derivative Financial Instrume50
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Risk Management [Member] | ||
Summary of Derivative Instruments [Abstract] | ||
Notional Amount | $ 3,500 | $ 3,500 |
Derivative, Fair Value, Net | 0 | 0 |
Non-designated hedging instruments | Client-Related | Interest rate swap contracts | ||
Summary of Derivative Instruments [Abstract] | ||
Notional Amount | 171,792 | 153,630 |
Non-designated hedging instruments | Client-Related | Other Assets | Interest rate swap contracts | ||
Summary of Derivative Instruments [Abstract] | ||
Asset derivatives (other assets), fair value | 2,099 | 1,155 |
Non-designated hedging instruments | Client-Related | Other Liabilities | Interest rate swap contracts | ||
Summary of Derivative Instruments [Abstract] | ||
Liability derivatives (other liabilities), fair value | $ 2,099 | $ 1,155 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule of Commitments [Line Items] | |||
Unadvanced commitments on impaired loans | $ 500 | $ 0 | |
Commitments to extend credit | |||
Schedule of Commitments [Line Items] | |||
Off-balance sheet financial instruments, contractual amounts | 1,086,372 | 1,140,028 | |
Standby letters of credit | |||
Schedule of Commitments [Line Items] | |||
Off-balance sheet financial instruments, contractual amounts | $ 64,360 | 54,648 | |
Standby letters of credit | Maximum | |||
Schedule of Commitments [Line Items] | |||
Remaining term | 5 years | ||
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 | $ 300 | 300 | |
Fixed Rate Loan Commitment | Commitments to extend credit | |||
Schedule of Commitments [Line Items] | |||
Off-balance sheet financial instruments, contractual amounts | $ 107,500 | $ 93,900 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Assets | ||
Securities available for sale | $ 479,609 | $ 451,770 |
State tax credits held for sale | $ 4,801 | 5,941 |
Liabilities | ||
State tax credit term | 10 years | |
Years of tax credits generated | 10 years | |
Portion at Other than Fair Value, Fair Value Disclosure | ||
Assets | ||
State tax credits held for sale | $ 39,400 | |
Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 479,609 | 451,770 |
State tax credits held for sale | 48,959 | 49,588 |
Derivative financial instruments | 2,099 | 1,155 |
Liabilities | ||
Derivative financial instruments | 2,099 | 1,155 |
Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 99,058 | 99,008 |
Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 38,336 | 41,701 |
Residential mortgage-backed securities | ||
Assets | ||
Securities available for sale | 342,215 | 311,061 |
Recurring basis | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 479,609 | 451,770 |
State tax credits held for sale | 4,801 | 5,941 |
Derivative financial instruments | 2,099 | 1,155 |
Total assets | 486,509 | 458,866 |
Liabilities | ||
Derivative financial instruments | 1,155 | |
Total liabilities | 2,099 | 1,155 |
Recurring basis | Obligations of U.S. Government-sponsored enterprises | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 99,058 | 99,008 |
Recurring basis | Obligations of states and political subdivisions | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 38,336 | 41,701 |
Recurring basis | Residential mortgage-backed securities | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 342,215 | 311,061 |
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 | 476,515 | 448,693 |
State tax credits held for sale | 0 | 0 |
Derivative financial instruments | 2,099 | 1,155 |
Total assets | 478,614 | 449,848 |
Liabilities | ||
Derivative financial instruments | 2,099 | 1,155 |
Total liabilities | 2,099 | 1,155 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 99,058 | 99,008 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 35,242 | 38,624 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | ||
Assets | ||
Securities available for sale | 342,215 | 311,061 |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Securities available for sale | 3,094 | 3,077 |
State tax credits held for sale | 4,801 | 5,941 |
Derivative financial instruments | 0 | 0 |
Total assets | 7,895 | 9,018 |
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 | 3,094 | 3,077 |
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, 2016USD ($)security | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)security | Sep. 30, 2015USD ($) | Jun. 30, 2016 | Dec. 31, 2015USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
State tax credits held for sale, including $4,774 and $5,941 carried at fair value, respectively | $ 44,180 | $ 44,180 | $ 45,850 | |||
Recurring basis | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
State tax credits held for sale, including $4,774 and $5,941 carried at fair value, respectively | $ 44,200 | $ 44,200 | ||||
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 | ||||
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 (losses) relating to assets still held at the reporting date | $ 27 | $ (124) | $ (237) | $ 186 | ||
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% | |||||
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Securities available for sale, at fair value | ||||
Level 3 Financial Instruments Measured at Fair Value | ||||
Beginning balance | $ 3,093 | $ 3,070 | $ 3,077 | $ 3,059 |
Total gains: | ||||
Included in other comprehensive income | 1 | 7 | 17 | 18 |
Purchases, sales, issuances and settlements: | ||||
Purchases | 0 | 0 | 0 | 0 |
Ending balance | 3,094 | 3,077 | 3,094 | 3,077 |
Change in unrealized gains (losses) relating to assets still held at the reporting date | (1) | (7) | (17) | (18) |
State tax credits held for sale, at fair value | ||||
Level 3 Financial Instruments Measured at Fair Value | ||||
Beginning balance | 4,774 | 9,965 | 5,941 | 11,689 |
Total gains: | ||||
Total gains: | 27 | 124 | 144 | 318 |
Purchases, sales, issuances and settlements: | ||||
Sales | 0 | 0 | (1,284) | (1,918) |
Ending balance | 4,801 | 10,089 | 4,801 | 10,089 |
Change in unrealized gains (losses) relating to assets still held at the reporting date | $ 27 | $ (124) | $ (237) | $ 186 |
Fair Value Measurements - Sum55
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, 2016USD ($) | Sep. 30, 2016USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total (losses) gains for the year | $ 2,073 | $ 2,310 |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total (losses) gains for the year | 2,073 | 2,309 |
Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total (losses) gains for the year | 0 | 1 |
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 | 357 | 357 |
Significant Unobservable Inputs (Level 3) | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 357 | 357 |
Significant Unobservable Inputs (Level 3) | Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 0 | 0 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 357 | 357 |
Estimate of Fair Value Measurement [Member] | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 357 | 357 |
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 | $ 0 | $ 0 |
Fair Value Measurements - Sum56
Fair Value Measurements - Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Balance sheet assets | ||
Securities available for sale | $ 479,609 | $ 451,770 |
Securities held to maturity | 41,031 | 43,714 |
State tax credits held for sale | 4,801 | 5,941 |
Carrying Amount | ||
Balance sheet assets | ||
Cash and due from banks | 56,789 | 47,935 |
Federal funds sold | 488 | 91 |
Interest-bearing deposits | 63,202 | 47,131 |
Securities available for sale | 479,609 | 451,770 |
Securities held to maturity | 41,031 | 43,714 |
Other investments, at cost | 19,789 | 17,455 |
Loans held for sale | 7,663 | 6,598 |
Derivative financial instruments | 2,099 | 1,155 |
Portfolio loans, net | 3,041,223 | 2,781,879 |
State tax credits held for sale | 44,180 | 45,850 |
Accrued interest receivable | 8,526 | 8,399 |
Balance sheet liabilities | ||
Deposits | 3,124,825 | 2,784,591 |
Subordinated debentures | 56,807 | 56,807 |
Federal Home Loan Bank advances | 129,000 | 110,000 |
Other borrowings | 190,022 | 270,326 |
Derivative financial instruments | 2,099 | 1,155 |
Accrued interest payable | 648 | 629 |
Estimated fair value | ||
Balance sheet assets | ||
Cash and due from banks | 56,789 | 47,935 |
Federal funds sold | 488 | 91 |
Interest-bearing deposits | 63,202 | 47,131 |
Securities available for sale | 479,609 | 451,770 |
Securities held to maturity | 42,218 | 43,441 |
Other investments, at cost | 19,789 | 17,455 |
Loans held for sale | 7,663 | 6,598 |
Derivative financial instruments | 2,099 | 1,155 |
Portfolio loans, net | 3,045,230 | 2,782,704 |
State tax credits held for sale | 48,959 | 49,588 |
Accrued interest receivable | 8,526 | 8,399 |
Balance sheet liabilities | ||
Deposits | 3,126,534 | 2,784,654 |
Subordinated debentures | 36,275 | 35,432 |
Federal Home Loan Bank advances | 128,996 | 109,994 |
Other borrowings | 189,996 | 270,286 |
Derivative financial instruments | 2,099 | 1,155 |
Accrued interest payable | $ 648 | $ 629 |
Fair Value Measurements - Sch57
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, 2016 | Dec. 31, 2015 |
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 | $ 42,218 | $ 43,441 |
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 | 3,045,230 | 2,782,704 |
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 | 44,158 | 43,647 |
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 | 3,126,534 | 2,784,654 |
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 | 36,275 | 35,432 |
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 | 128,996 | 109,994 |
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 | 189,996 | 270,286 |
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 | 2,636,980 | 2,428,403 |
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 | 42,218 | 43,441 |
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 | 36,275 | 35,432 |
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 | 128,996 | 109,994 |
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 | 189,996 | 270,286 |
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 | 3,045,230 | 2,782,704 |
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 | 44,158 | 43,647 |
Level 3 | Deposits | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 489,554 | 356,251 |
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 |