Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 25, 2018 | |
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 | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 23,111,255 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 81,604 | $ 91,084 |
Federal funds sold | 1,099 | 1,223 |
Interest-bearing deposits (including $1,295 and $1,365 pledged as collateral, respectively) | 60,398 | 61,016 |
Total cash and cash equivalents | 143,101 | 153,323 |
Interest-bearing deposits greater than 90 days | 2,400 | 2,645 |
Securities available for sale | 652,272 | 641,382 |
Securities held to maturity | 70,579 | 73,749 |
Loans held for sale | 1,748 | 3,155 |
Loans | 4,190,845 | 4,097,050 |
Less: Allowance for loan losses | 44,650 | 42,577 |
Total loans, net | 4,146,195 | 4,054,473 |
Other real estate | 455 | 498 |
Other investments, at cost | 29,263 | 26,661 |
Fixed assets, net | 32,127 | 32,618 |
Accrued interest receivable | 17,277 | 14,069 |
State tax credits held for sale (including $350 and $400 carried at fair value, respectively) | 42,364 | 43,468 |
Goodwill | 117,345 | 117,345 |
Intangible assets, net | 10,399 | 11,056 |
Other assets | 117,577 | 114,783 |
Total assets | 5,383,102 | 5,289,225 |
Liabilities and Shareholders' Equity | ||
Demand deposits | 1,101,705 | 1,123,907 |
Interest-bearing transaction accounts | 875,880 | 915,653 |
Money market accounts | 1,445,459 | 1,342,931 |
Savings | 210,029 | 195,150 |
Certificates of deposit: | ||
Brokered | 201,082 | 115,306 |
Other | 447,222 | 463,467 |
Total deposits | 4,281,377 | 4,156,414 |
Subordinated debentures and notes (net of debt issuance cost of $1,103 and $1,136, respectively) | 118,118 | 118,105 |
Federal Home Loan Bank advances | 224,624 | 172,743 |
Other borrowings | 166,589 | 253,674 |
Accrued interest payable | 2,046 | 1,730 |
Other liabilities | 35,333 | 37,986 |
Total liabilities | 4,828,087 | 4,740,652 |
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; 23,867,710 and 23,781,112 shares issued, respectively | 239 | 238 |
Treasury stock, at cost; 756,588 and 691,673 shares, respectively | (26,326) | (23,268) |
Additional paid in capital | 348,092 | 350,061 |
Retained earnings | 244,573 | 225,360 |
Accumulated other comprehensive loss | (11,563) | (3,818) |
Total shareholders' equity | 555,015 | 548,573 |
Total liabilities and shareholders' equity | $ 5,383,102 | $ 5,289,225 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Assets | ||
Collateral pledged | $ 1,295 | $ 1,365 |
State tax credits held for sale | 350 | 400 |
Payments of Debt Issuance Costs | $ 1,103 | $ 1,136 |
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 | 23,867,710 | 23,781,112 |
Treasury stock, shares | 756,588 | 691,673 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest income: | ||
Interest and fees on loans | $ 50,450 | $ 39,926 |
Interest on debt securities: | ||
Taxable | 3,987 | 3,230 |
Nontaxable | 282 | 386 |
Interest on interest-bearing deposits | 240 | 130 |
Dividends on equity securities | 205 | 68 |
Total interest income | 55,164 | 43,740 |
Interest expense: | ||
Interest-bearing transaction accounts | 806 | 675 |
Money market accounts | 3,353 | 1,493 |
Savings accounts | 125 | 82 |
Certificates of deposit | 1,899 | 1,215 |
Subordinated debentures and notes | 1,368 | 1,164 |
Federal Home Loan Bank advances | 1,258 | 330 |
Notes payable and other borrowings | 184 | 139 |
Total interest expense | 8,993 | 5,098 |
Net interest income | 46,171 | 38,642 |
Provision for portfolio loan losses | 1,871 | 1,533 |
Provision reversal for purchased credit impaired loan losses | 0 | (148) |
Net interest income after provision for loan losses | 44,300 | 37,257 |
Noninterest income: | ||
Service charges on deposit accounts | 2,851 | 2,510 |
Wealth management revenue | 2,114 | 1,833 |
Fees and Commissions, Credit and Debit Cards | 1,516 | 1,037 |
Gain on state tax credits, net | 252 | 246 |
Gain on sale of investment securities | 9 | 0 |
Miscellaneous income | 2,800 | 1,350 |
Total noninterest income | 9,542 | 6,976 |
Noninterest expense: | ||
Employee compensation and benefits | 16,491 | 15,208 |
Occupancy | 2,406 | 1,929 |
Data processing | 1,467 | 1,633 |
Professional fees | 849 | 837 |
FDIC and other insurance | 917 | 824 |
Loan legal and other real estate expense | 299 | 345 |
Merger related expenses | 0 | 1,667 |
Other | 6,714 | 4,293 |
Total noninterest expense | 29,143 | 26,736 |
Income before income tax expense | 24,699 | 17,497 |
Income tax expense | 3,778 | 5,106 |
Net income | $ 20,921 | $ 12,391 |
Earnings per common share | ||
Basic (usd per share) | $ 0.91 | $ 0.57 |
Diluted (usd per share) | $ 0.90 | $ 0.56 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 20,921 | $ 12,391 |
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 $(2,265) and $348, respectively | (6,904) | 567 |
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 $2 and $0, respectively | (7) | 0 |
Total other comprehensive income (loss) | (6,911) | 567 |
Total comprehensive income | $ 14,010 | $ 12,958 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Other comprehensive income, tax: | ||
Unrealized (loss)/gain on investment securities available for sale arising during the period, tax | $ (6,904) | $ 567 |
Reclassification adjustment for realized gains on sale of securities available for sale included in net income, tax | $ (9) | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Balance at Dec. 31, 2016 | $ 387,098 | $ 203 | $ (6,632) | $ 213,078 | $ 182,190 | $ (1,741) |
Net income | 12,391 | 0 | 0 | 0 | 12,391 | 0 |
Other comprehensive income | 567 | 0 | 0 | 0 | 0 | 567 |
Total comprehensive income | 12,958 | 0 | 0 | 0 | 12,391 | 567 |
Cash dividends paid on common shares | 2,579 | 0 | 0 | 0 | 2,579 | 0 |
Issuance under equity compensation plans, net | (2,151) | 1 | 0 | (2,152) | 0 | 0 |
Share-based Compensation | 866 | 0 | 0 | 866 | 0 | 0 |
Shares issued in connection with acquisition | 141,729 | 33 | 0 | 141,696 | 0 | 0 |
Reclassification for the adoption of ASU 2016-09 | 0 | 0 | 0 | (5,229) | 5,229 | 0 |
Balance at Mar. 31, 2017 | 537,921 | 237 | (6,632) | 348,259 | 197,231 | (1,174) |
Balance at Dec. 31, 2017 | 548,573 | 238 | (23,268) | 350,061 | 225,360 | (3,818) |
Net income | 20,921 | 0 | 0 | 0 | 20,921 | 0 |
Other comprehensive income | (6,911) | 0 | 0 | 0 | 0 | (6,911) |
Total comprehensive income | 14,010 | 0 | 0 | 0 | 20,921 | (6,911) |
Cash dividends paid on common shares | 2,542 | 0 | 0 | 0 | 2,542 | 0 |
Repurchase of common stock | 3,058 | 0 | 3,058 | 0 | 0 | 0 |
Issuance under equity compensation plans, net | (2,686) | 1 | 0 | (2,687) | 0 | 0 |
Share-based Compensation | 718 | 0 | 0 | 718 | 0 | 0 |
Reclassification for the adoption of new accounting standards | 0 | 0 | 0 | 0 | 834 | (834) |
Balance at Mar. 31, 2018 | $ 555,015 | $ 239 | $ (26,326) | $ 348,092 | $ 244,573 | $ (11,563) |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash dividends paid on common shares, per share | $ 0.11 | $ 0.11 |
Issuance under equity compensation plans, shares | 86,598 | 93,236 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Cash flows from operating activities: | ||
Net income | $ 20,921 | $ 12,391 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 849 | 387 |
Provision for loan losses | 1,870 | 1,385 |
Deferred income taxes | 2,290 | 962 |
Net amortization of debt securities | 533 | 1,310 |
Amortization of intangible assets | 656 | 446 |
Gain on sale of investment securities | (9) | 0 |
Mortgage loans originated for sale | (12,389) | (38,602) |
Proceeds from mortgage loans sold | 13,917 | 42,710 |
Gain on state tax credits, net | (252) | (246) |
Share-based Compensation | 718 | 866 |
Net accretion of loan discount | (467) | (1,014) |
Changes in: | ||
Accrued interest receivable | (3,209) | 1,682 |
Accrued interest payable | 315 | 156 |
Other assets | (888) | (1,728) |
Other liabilities | (2,640) | (51,693) |
Net cash provided by (used in) operating activities | 22,215 | (30,988) |
Cash flows from investing activities: | ||
Proceeds from Previous Acquisition | 0 | 6,171 |
Net increase in loans | (93,125) | (57,054) |
Proceeds from the sale of securities, available for sale | 1,451 | 143,554 |
Proceeds from the paydown or maturity of securities, available for sale | 19,683 | 42,223 |
Proceeds from the paydown or maturity of securities, held to maturity | 1,639 | 1,180 |
Proceeds from the redemption of other investments | 13,514 | 12,033 |
Proceeds from the sale of state tax credits held for sale | 1,356 | 4,093 |
Payments for the purchase/origination of: | ||
Available for sale debt securities | (40,313) | (169,842) |
Other investments | (17,864) | (20,318) |
State tax credits held for sale | 0 | (1,298) |
Fixed assets | (370) | (247) |
Net cash used in investing activities | (114,029) | (39,505) |
Cash flows from financing activities: | ||
Net increase (decrease) in noninterest-bearing deposit accounts | (22,202) | 9,646 |
Net increase in interest-bearing deposit accounts | 147,165 | 23,316 |
Proceeds from Federal Home Loan Bank advances | 484,500 | 681,181 |
Repayments of Federal Home Loan Bank advances | (432,500) | (530,681) |
Net decrease in other borrowings | (87,085) | (98,040) |
Cash dividends paid on common stock | (2,542) | (2,579) |
Payments for Repurchase of Common Stock | 3,058 | 0 |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | (2,686) | (2,151) |
Net cash provided by financing activities | 81,592 | 80,692 |
Net increase (decrease) in cash and cash equivalents | (10,222) | 10,199 |
Cash and cash equivalents, beginning of period | 153,323 | 198,802 |
Cash and cash equivalents, end of period | 143,101 | 209,001 |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid during the period for interest | 8,677 | 4,289 |
Cash paid during the period for income taxes | $ 685 | $ 28 |
Noncash transactions: | ||
Common shares issued related to acquisition | 0 | 141,729 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
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 months ended March 31, 2018 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2018 . 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, 2017 . 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. During the first quarter of 2018, the Company adopted Accounting Standards Update ("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. The guidance also provides an alternative to measure equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer (the “measurement alternative”). The Company elected the measurement alternative for its qualifying equity securities. The adoption of this update resulted in an insignificant increase to retained earnings which was reclassified from accumulated other comprehensive income. In addition, the Company early adopted ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." The objective of ASU 2017-12 is to improve the financial reporting of hedging relationships by better aligning an entity's risk management activity with the economic objectives in undertaking those activities. The adoption of this update had an insignificant impact on the Company's consolidated financial statements. The Company also early adopted ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" during the first quarter of 2018. The ASU allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The adoption of this update resulted in an increase to retained earnings of $0.8 million being reclassified from accumulated other comprehensive income. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Revenue The Company adopted ASU 2014-09 in the first quarter of 2018 using the modified retrospective approach. The Company's revenues are primarily composed of interest income on financial instruments, including investment securities, which are excluded from the scope of the new guidance. Certain other noninterest income from loans, investment securities and derivative financial instruments is also excluded from this guidance. Service charges on deposit accounts, wealth management revenue, card services revenue, and gain on sale of other real estate are within the scope of the guidance; however, there were no accounting policy changes as the Company's policies were consistent with the new guidance. Other noninterest income sources of revenue are considered immaterial. Implementation of this guidance did not change current business practices or have any changes to the Company's consolidated financial statements. Descriptions of our revenue-generating activities that are within the scope of this guidance, which are presented in our income statement as components of noninterest income are as follows: • Service charges on deposit accounts - represents fees generated from a variety of deposit products and services provided to customers under a day-to-day contract. These fees are recognized on a daily or monthly basis. • Wealth management revenue - represents monthly fees earned from directing, holding, and managing customers’ assets. Revenue is recognized over regular intervals, either monthly or quarterly. • Card services revenue - represents revenue earned from merchant, debit and credit cards as incurred and includes a contra revenue account for rebates. • Gain on sale of other real estate - represents income recognized at delivery of control of a property at the time of a real estate closing. Income Taxes The SEC staff issued SAB 118, which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act of 2017 (“Tax Act”). SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. The Company has recorded amounts based on the information known and reasonable estimates used as of March 31, 2018, but are subject to change based on a number of factors. The Company will complete its analysis of certain tax positions at the time it files its tax returns for the year ended December 31, 2017 and will be able to conclude if any further adjustments to the provisional estimate of the impact recorded is required. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, (in thousands, except per share data) 2018 2017 Net income as reported $ 20,921 $ 12,391 Weighted average common shares outstanding 23,115 21,928 Additional dilutive common stock equivalents 172 381 Weighted average diluted common shares outstanding 23,287 22,309 Basic earnings per common share: $ 0.91 $ 0.57 Diluted earnings per common share: $ 0.90 $ 0.56 For the three months ended March 31, 2018 and 2017 , there were no common stock equivalents excluded from the earnings per share calculations because their effect would have been anti-dilutive. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2018 | |
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: March 31, 2018 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,890 $ — $ (1,698 ) $ 98,192 Obligations of states and political subdivisions 32,611 386 (209 ) 32,788 Agency mortgage-backed securities 524,738 360 (13,713 ) 511,385 U.S. Treasury bills 9,955 — (48 ) 9,907 Total securities available for sale $ 667,194 $ 746 $ (15,668 ) $ 652,272 Held to maturity securities: Obligations of states and political subdivisions $ 12,552 $ 7 $ (241 ) $ 12,318 Agency mortgage-backed securities 58,027 — (1,579 ) 56,448 Total securities held to maturity $ 70,579 $ 7 $ (1,820 ) $ 68,766 December 31, 2017 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,878 $ 6 $ (660 ) $ 99,224 Obligations of states and political subdivisions 34,181 674 (213 ) 34,642 Agency mortgage-backed securities 513,082 727 (6,293 ) 507,516 Total securities available for sale $ 647,141 $ 1,407 $ (7,166 ) $ 641,382 Held to maturity securities: Obligations of states and political subdivisions $ 14,031 $ 69 $ (46 ) $ 14,054 Agency mortgage-backed securities 59,718 16 (330 ) 59,404 Total securities held to maturity $ 73,749 $ 85 $ (376 ) $ 73,458 At March 31, 2018 , and December 31, 2017 , 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. Securities having a fair value of $401.1 million and $500.0 million at March 31, 2018 , and December 31, 2017 , 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 March 31, 2018 , by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 5 years. Available for sale Held to maturity (in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 2,404 $ 2,419 $ — $ — Due after one year through five years 120,488 118,875 865 858 Due after five years through ten years 14,514 14,647 10,820 10,613 Due after ten years 5,050 4,946 867 847 Agency mortgage-backed securities 524,738 511,385 58,027 56,448 $ 667,194 $ 652,272 $ 70,579 $ 68,766 The following table represents a summary of investment securities that had an unrealized loss: March 31, 2018 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of U.S. Government-sponsored enterprises $ 98,192 $ 1,698 $ — $ — $ 98,192 $ 1,698 Obligations of states and political subdivisions 23,766 423 361 27 24,127 450 Agency mortgage-backed securities 408,153 10,017 121,046 5,275 529,199 15,292 U.S. Treasury bills 9,907 48 — — 9,907 48 $ 540,018 $ 12,186 $ 121,407 $ 5,302 $ 661,425 $ 17,488 December 31, 2017 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of U.S. Government-sponsored enterprises $ 89,309 $ 660 $ — $ — $ 89,309 $ 660 Obligations of states and political subdivisions 13,951 259 — — 13,951 259 Agency mortgage-backed securities 469,655 6,034 12,229 589 481,884 6,623 $ 572,915 $ 6,953 $ 12,229 $ 589 $ 585,144 $ 7,542 The unrealized losses at both March 31, 2018 , and December 31, 2017 , 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 March 31, 2018 , management performed its quarterly analysis of all securities with an unrealized loss and concluded no individual securities were other-than-temporarily impaired. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Portfolio Loans | LOANS The loan portfolio is comprised of loans originated by the Company and loans that were acquired in connection with the Company’s acquisitions. These loans are accounted for using the guidance in the Accounting Standards Codification (ASC) section 310-30 and 310-20. Loans accounted for using ASC 310-30 are sometimes referred to as purchased credit impaired ("PCI") loans. The table below shows the loan portfolio composition including carrying value by segment of loans accounted for at amortized cost, which includes our originated loans, and loans accounted for as PCI. (in thousands) March 31, 2018 December 31, 2017 Loans accounted for at amortized cost $ 4,124,239 $ 4,022,896 Loans accounted for as PCI 66,606 74,154 Total loans $ 4,190,845 $ 4,097,050 The following tables refer to loans not accounted for as PCI loans. Below is a summary of loans by category at March 31, 2018 and December 31, 2017 : (in thousands) March 31, 2018 December 31, 2017 Commercial and industrial $ 1,981,684 $ 1,918,720 Real estate: Commercial - investor owned 811,244 769,275 Commercial - owner occupied 568,773 554,589 Construction and land development 306,824 303,091 Residential 328,192 341,312 Total real estate loans 2,015,033 1,968,267 Consumer and other 128,436 137,234 Loans, before unearned loan fees 4,125,153 4,024,221 Unearned loan fees, net (914 ) (1,325 ) Loans, including unearned loan fees $ 4,124,239 $ 4,022,896 A summary of the activity in the allowance for loan losses and the recorded investment in loans by class and category based on impairment methodology through March 31, 2018 , and at December 31, 2017 , 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, 2017 $ 26,406 $ 3,890 $ 3,308 $ 1,487 $ 2,237 $ 838 $ 38,166 Provision (provision reversal) for loan losses 780 648 190 35 259 (41 ) 1,871 Losses charged off (732 ) — — — (254 ) (49 ) (1,035 ) Recoveries 956 8 4 206 73 14 1,261 Balance at March 31, 2018 $ 27,410 $ 4,546 $ 3,502 $ 1,728 $ 2,315 $ 762 $ 40,263 (in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Balance March 31, 2018 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 2,794 $ — $ 99 $ — $ — $ — $ 2,893 Collectively evaluated for impairment 24,616 4,546 3,403 1,728 2,315 762 37,370 Total $ 27,410 $ 4,546 $ 3,502 $ 1,728 $ 2,315 $ 762 $ 40,263 Loans - Ending balance: Individually evaluated for impairment $ 12,313 $ 416 $ 2,198 $ — $ 1,777 $ 325 $ 17,029 Collectively evaluated for impairment 1,969,371 810,828 566,575 306,824 326,415 127,197 4,107,210 Total $ 1,981,684 $ 811,244 $ 568,773 $ 306,824 $ 328,192 $ 127,522 $ 4,124,239 Balance December 31, 2017 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 2,508 $ — $ 71 $ — $ — $ — $ 2,579 Collectively evaluated for impairment 23,898 3,890 3,237 1,487 2,237 838 35,587 Total $ 26,406 $ 3,890 $ 3,308 $ 1,487 $ 2,237 $ 838 $ 38,166 Loans - Ending balance: Individually evaluated for impairment $ 12,665 $ 422 $ 1,975 $ 136 $ 1,602 $ 375 $ 17,175 Collectively evaluated for impairment 1,906,055 768,853 552,614 302,955 339,710 135,534 4,005,721 Total $ 1,918,720 $ 769,275 $ 554,589 $ 303,091 $ 341,312 $ 135,909 $ 4,022,896 A summary of nonperforming loans individually evaluated for impairment by category at March 31, 2018 and December 31, 2017 , and the income recognized on impaired loans is as follows: March 31, 2018 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 21,353 $ 2,470 $ 9,843 $ 12,313 $ 2,794 $ 13,278 Real estate: Commercial - investor owned 558 416 — 416 — 418 Commercial - owner occupied 755 267 484 751 99 753 Construction and land development — — — — — — Residential 2,103 1,777 — 1,777 — 1,985 Consumer and other 325 325 — 325 — 341 Total $ 25,094 $ 5,255 $ 10,327 $ 15,582 $ 2,893 $ 16,775 December 31, 2017 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 20,750 $ 2,321 $ 10,344 $ 12,665 $ 2,508 $ 16,270 Real estate: Commercial - investor owned 560 422 — 422 — 521 Commercial - owner occupied 487 — 487 487 71 490 Construction and land development 441 136 — 136 — 331 Residential 1,730 1,602 — 1,602 — 1,735 Consumer and other 375 375 — 375 — 375 Total $ 24,343 $ 4,856 $ 10,831 $ 15,687 $ 2,579 $ 19,722 Three months ended March 31, (in thousands) 2018 2017 Total interest income that would have been recognized under original terms $ 534 $ 315 Total cash received and recognized as interest income on non-accrual loans 11 23 Total interest income recognized on accruing, impaired loans 11 33 The recorded investment in nonperforming loans by category at March 31, 2018 and December 31, 2017 , is as follows: March 31, 2018 (in thousands) Non-accrual Restructured, not on non-accrual Total Commercial and industrial $ 11,589 $ 724 $ 12,313 Real estate: Commercial - investor owned 416 — 416 Commercial - owner occupied 751 — 751 Construction and land development — — — Residential 1,777 — 1,777 Consumer and other 325 — 325 Total $ 14,858 $ 724 $ 15,582 December 31, 2017 (in thousands) Non-accrual Restructured, not on non-accrual Total Commercial and industrial $ 11,946 $ 719 $ 12,665 Real estate: Commercial - investor owned 422 — 422 Commercial - owner occupied 487 — 487 Construction and land development 136 — 136 Residential 1,602 — 1,602 Consumer and other 375 — 375 Total $ 14,968 $ 719 $ 15,687 At March 31, 2018, loans over 90 days past due and still accruing interest totaled $0.3 million . There were no loans over 90 days past due and still accruing interest at December 31, 2017 . There were no portfolio loans restructured during the three months ended March 31, 2018 and 2017. As of March 31, 2018 , the Company had $1.9 million in specific reserves allocated to $8.1 million of loans that have been restructured. During the three months ended March 31, 2018 and 2017, there were no portfolio loans that subsequently defaulted. The aging of the recorded investment in past due loans by portfolio class and category at March 31, 2018 and December 31, 2017 is shown below. March 31, 2018 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 3,669 $ 5,150 $ 8,819 $ 1,972,865 $ 1,981,684 Real estate: Commercial - investor owned — — — 811,244 811,244 Commercial - owner occupied 945 — 945 567,828 568,773 Construction and land development 497 — 497 306,327 306,824 Residential 401 1,026 1,427 326,765 328,192 Consumer and other — 325 325 127,197 127,522 Total $ 5,512 $ 6,501 $ 12,013 $ 4,112,226 $ 4,124,239 December 31, 2017 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 7,882 $ 1,770 $ 9,652 $ 1,909,068 $ 1,918,720 Real estate: Commercial - investor owned 934 — 934 768,341 769,275 Commercial - owner occupied — — — 554,589 554,589 Construction and land development 76 — 76 303,015 303,091 Residential 1,529 945 2,474 338,838 341,312 Consumer and other 407 — 407 135,502 135,909 Total $ 10,828 $ 2,715 $ 13,543 $ 4,009,353 $ 4,022,896 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 loans by portfolio class and category at March 31, 2018 , which is based upon the most recent analysis performed, and December 31, 2017 is as follows: March 31, 2018 (in thousands) Pass (1-6) Watch (7) Substandard (8) Total Commercial and industrial $ 1,823,444 $ 99,251 $ 58,989 $ 1,981,684 Real estate: Commercial - investor owned 784,937 21,371 4,936 811,244 Commercial - owner occupied 534,493 28,834 5,446 568,773 Construction and land development 295,632 10,989 203 306,824 Residential 317,750 2,606 7,836 328,192 Consumer and other 126,394 9 1,119 127,522 Total $ 3,882,650 $ 163,060 $ 78,529 $ 4,124,239 December 31, 2017 (in thousands) Pass (1-6) Watch (7) Substandard (8) Total Commercial and industrial $ 1,769,102 $ 94,002 $ 55,616 $ 1,918,720 Real estate: Commercial - investor owned 754,010 10,840 4,425 769,275 Commercial - owner occupied 514,616 34,440 5,533 554,589 Construction and land development 292,766 9,983 342 303,091 Residential 329,742 3,648 7,922 341,312 Consumer and other 134,704 10 1,195 135,909 Total $ 3,794,940 $ 152,923 $ 75,033 $ 4,022,896 |
Purchased Credit Impaired ("PCI
Purchased Credit Impaired ("PCI") Loans | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Purchase Credit Impaired (PCI) Loans | Below is a summary of PCI loans by category at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 (in thousands) Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Commercial and industrial 6.35 $ 2,966 6.38 $ 3,212 Real estate: Commercial - investor owned 7.26 37,137 7.36 42,887 Commercial - owner occupied 6.39 10,886 6.48 11,332 Construction and land development 6.04 5,553 5.99 5,883 Residential 6.02 10,008 5.99 10,781 Consumer and other 2.76 56 2.84 59 Total $ 66,606 $ 74,154 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 March 31, 2018 and December 31, 2017 is shown below: March 31, 2018 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ — $ — $ 2,966 $ 2,966 Real estate: Commercial - investor owned 944 — 944 36,193 37,137 Commercial - owner occupied — 665 665 10,221 10,886 Construction and land development 88 — 88 5,465 5,553 Residential 84 294 378 9,630 10,008 Consumer and other — — — 56 56 Total $ 1,116 $ 959 $ 2,075 $ 64,531 $ 66,606 December 31, 2017 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ — $ — $ 3,212 $ 3,212 Real estate: Commercial - investor owned — 3,034 3,034 39,853 42,887 Commercial - owner occupied — 673 673 10,659 11,332 Construction and land development — — — 5,883 5,883 Residential 328 255 583 10,198 10,781 Consumer and other — — — 59 59 Total $ 328 $ 3,962 $ 4,290 $ 69,864 $ 74,154 The following table is a roll forward of PCI loans, net of the allowance for loan losses, for the three months ended March 31, 2018 and 2017 . (in thousands) Contractual Cashflows Non-accretable Difference Accretable Yield Carrying Amount Balance December 31, 2017 $ 112,710 $ 29,005 $ 13,962 $ 69,743 Principal reductions and interest payments (12,142 ) — — (12,142 ) Accretion of loan discount — — (1,755 ) 1,755 Changes in contractual and expected cash flows due to remeasurement 2,863 — — 2,863 Balance March 31, 2018 $ 103,431 $ 29,005 $ 12,207 $ 62,219 Balance December 31, 2016 $ 66,003 $ 18,902 $ 13,176 $ 33,925 Acquisitions 70,435 11,669 8,550 50,216 Principal reductions and interest payments (4,310 ) — — (4,310 ) Accretion of loan discount — — (1,389 ) 1,389 Changes in contractual and expected cash flows due to remeasurement 3,166 (307 ) 1,165 2,308 Reductions due to disposals (1,341 ) (345 ) (264 ) (732 ) Balance March 31, 2017 $ 133,953 $ 29,919 $ 21,238 $ 82,796 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 $85.9 million and $94.9 million as of March 31, 2018 , and December 31, 2017 , respectively. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 , the amount of unadvanced commitments on impaired loans was insignificant. The contractual amounts of off-balance-sheet financial instruments as of March 31, 2018 , and December 31, 2017 , are as follows: (in thousands) March 31, 2018 December 31, 2017 Commitments to extend credit $ 1,267,362 $ 1,298,423 Letters of credit 51,836 73,790 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 March 31, 2018 , and December 31, 2017 , approximately $123.9 million and $112.0 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 includes $0.4 million for estimated losses attributable to the unadvanced commitments at March 31, 2018 , and December 31, 2017 . 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. As of March 31, 2018 , the approximate remaining terms of standby letters of credit range from 1 month to 3 years and 6 months . Contingencies The Company and its subsidiaries are, from time to time, parties to various legal proceedings arising out of their businesses. Management believes there are no such proceedings pending or threatened against the Company or its subsidiaries which, if determined adversely, would have a material adverse effect on the business, consolidated financial condition, results of operations or cash flows of the Company or any of its subsidiaries. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
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. Hedging Instruments. At March 31, 2018 , the Company has no outstanding derivative contracts used to manage risk. 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) March 31, December 31, March 31, December 31, March 31, December 31, Non-designated hedging instruments Interest rate swap contracts $ 379,778 $ 394,852 $ 2,524 $ 2,061 $ 2,524 $ 2,061 Foreign exchange forward contracts 1,482 1,528 1,482 1,528 1,482 1,528 Changes in the fair value of client-related derivative instruments are recognized currently in operations. For the three months ended March 31, 2018 and 2017 , the gains and losses offset each other due to the Company's hedging of the client swaps and foreign exchange contracts with other bank counterparties. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: March 31, 2018 (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 $ — $ 98,192 $ — $ 98,192 Obligations of states and political subdivisions — 32,788 — 32,788 Residential mortgage-backed securities — 511,385 — 511,385 U.S. Treasury bills — 9,907 — 9,907 Total securities available for sale $ — $ 652,272 $ — $ 652,272 Other investments 171 — — 171 State tax credits held for sale — — 350 350 Derivative financial instruments — 4,006 — 4,006 Total assets $ 171 $ 656,278 $ 350 $ 656,799 Liabilities Derivative financial instruments $ — $ 4,006 $ — $ 4,006 Total liabilities $ — $ 4,006 $ — $ 4,006 December 31, 2017 (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 $ — $ 99,224 $ — $ 99,224 Obligations of states and political subdivisions — 34,642 — 34,642 Residential mortgage-backed securities — 507,516 — 507,516 Total securities available for sale $ — $ 641,382 $ — $ 641,382 State tax credits held for sale — — 400 400 Derivative financial instruments — 3,589 — 3,589 Total assets $ — $ 644,971 $ 400 $ 645,371 Liabilities Derivative financial instruments $ — $ 3,589 $ — $ 3,589 Total liabilities $ — $ 3,589 $ — $ 3,589 • 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. • Other investments. At March 31, 2018 , of the $29.3 million of other investments on the condensed consolidated balance sheet, approximately $0.2 million were carried at fair value. The remaining $29.1 million of other investments were accounted for at cost. Other investments reported at fair value represent equity securities with quoted market prices (Level 1). • State tax credits held for sale. At March 31, 2018 , of the $42.4 million of state tax credits held for sale on the condensed consolidated balance sheet, approximately $0.4 million were carried at fair value. The remaining $42.0 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 remaining state tax credits carried at fair value are expected to be sold within the next several quarters. 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. 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. There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2018 and 2017. 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 March 31, 2018 and 2017 . • Purchases, sales, issuances and settlements . There were no Level 3 purchases during the quarters ended March 31, 2018 or 2017 . • Transfers in and/or out of Level 3 . There were no Level 3 transfers during the quarters ended March 31, 2018 and 2017 . Securities available for sale, at fair value Three months ended March 31, (in thousands) 2018 2017 Beginning balance $ — $ 3,089 Total gains: Included in other comprehensive income — 4 Purchases, sales, issuances and settlements: Purchases — — Transfer in and/or out of Level 3 — — Ending balance $ — $ 3,093 Change in unrealized gains relating to assets still held at the reporting date $ — $ 4 State tax credits held for sale Three months ended March 31, (in thousands) 2018 2017 Beginning balance $ 400 $ 3,585 Total gains: Included in earnings 3 40 Purchases, sales, issuances and settlements: Sales (53 ) (2,167 ) Ending balance $ 350 $ 1,458 Change in unrealized gains (losses) relating to assets still held at the reporting date $ (13 ) $ (606 ) 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 March 31, 2018 . (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 Impaired loans $ 2,929 $ — $ — $ 2,929 $ 882 Other real estate 455 — — 455 43 Total $ 3,384 $ — $ — $ 3,384 $ 925 (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. At March 31, 2018, impaired loans measured on a non-recurring basis had a principal balance of $3.5 million , with a valuation allowance of $0.6 million . 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. Following is a summary of the carrying amounts and fair values of the Company’s financial instruments on the consolidated balance sheets at March 31, 2018 and December 31, 2017 . Fair values that are not estimable are listed at the carrying value. March 31, 2018 December 31, 2017 (in thousands) Carrying Amount Estimated fair value Carrying Amount Estimated fair value Balance sheet assets Cash and due from banks $ 81,604 $ 81,604 $ 91,084 $ 91,084 Federal funds sold 1,099 1,099 1,223 1,223 Interest-bearing deposits 62,798 62,798 63,661 63,661 Securities available for sale 652,272 652,272 641,382 641,382 Securities held to maturity 70,579 68,766 73,749 73,458 Other investments, at cost 29,263 29,263 26,661 26,661 Loans held for sale 1,748 1,748 3,155 3,155 Derivative financial instruments 4,006 4,006 3,589 3,589 Portfolio loans, net 4,146,195 4,158,694 4,054,473 4,096,741 State tax credits, held for sale 42,364 41,072 43,468 44,271 Accrued interest receivable 17,277 17,277 14,069 14,069 Balance sheet liabilities Deposits 4,281,377 4,276,096 4,156,414 4,153,323 Subordinated debentures and notes 118,118 105,751 118,105 105,031 Federal Home Loan Bank advances 224,624 224,665 172,743 172,893 Other borrowings 166,589 166,471 253,674 253,530 Derivative financial instruments 4,006 4,006 3,589 3,589 Accrued interest payable 2,046 2,046 1,730 1,730 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 18 – Fair Value Measurements in the Company's Annual Report on Form 10 -K for the year ended December 31, 2017 . 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 March 31, 2018 , and December 31, 2017 . Estimated Fair Value Measurement at Reporting Date Using Balance at March 31, 2018 (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 68,766 $ — $ 68,766 Portfolio loans, net — — 4,158,694 4,158,694 State tax credits, held for sale — — 40,722 40,722 Financial Liabilities: Deposits 3,633,073 — 643,023 4,276,096 Subordinated debentures and notes — 105,751 — 105,751 Federal Home Loan Bank advances — 224,665 — 224,665 Other borrowings — 166,471 — 166,471 Estimated Fair Value Measurement at Reporting Date Using Balance at December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 73,458 $ — $ 73,458 Portfolio loans, net — — 4,096,741 4,096,741 State tax credits, held for sale — — 43,871 43,871 Financial Liabilities: Deposits 3,577,641 — 575,682 4,153,323 Subordinated debentures and notes — 105,031 — 105,031 Federal Home Loan Bank advances — 172,893 — 172,893 Other borrowings — 253,530 — 253,530 |
New Authoritative Accounting Gu
New Authoritative Accounting Guidance | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Authoritative Accounting Guidance | NEW AUTHORITATIVE ACCOUNTING GUIDANCE Financial Accounting Standards Board (the "FASB") ASU 2017-08 "Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities" In March 2017, the FASB issued ASU 2017-08, "Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20)" which shortens the amortization period of certain callable debt securities held at a premium to the earliest call date. The amendments are effective for public business entities for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption being permitted. The Company has evaluated the new guidance and does not expect it to have a material impact on the Company's consolidated financial statements. 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 has formed an implementation team that includes members of accounting, credit, and loan operations to review the requirements of ASU 2016-13. The Company 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, including interim periods therein. Early adoption will be permitted. The Company has formed a lease implementation team that includes members of accounting, facilities and operations to review lease contracts and the requirements of ASU 2016-02. The Company expects the adoption of this standard will increase total assets on the Company's consolidated balance sheet and utilize capital. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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. During the first quarter of 2018, the Company adopted Accounting Standards Update ("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. The guidance also provides an alternative to measure equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer (the “measurement alternative”). The Company elected the measurement alternative for its qualifying equity securities. The adoption of this update resulted in an insignificant increase to retained earnings which was reclassified from accumulated other comprehensive income. In addition, the Company early adopted ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." The objective of ASU 2017-12 is to improve the financial reporting of hedging relationships by better aligning an entity's risk management activity with the economic objectives in undertaking those activities. The adoption of this update had an insignificant impact on the Company's consolidated financial statements. The Company also early adopted ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" during the first quarter of 2018. The ASU allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The adoption of this update resulted in an increase to retained earnings of $0.8 million being reclassified from accumulated other comprehensive income. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Revenue The Company adopted ASU 2014-09 in the first quarter of 2018 using the modified retrospective approach. The Company's revenues are primarily composed of interest income on financial instruments, including investment securities, which are excluded from the scope of the new guidance. Certain other noninterest income from loans, investment securities and derivative financial instruments is also excluded from this guidance. Service charges on deposit accounts, wealth management revenue, card services revenue, and gain on sale of other real estate are within the scope of the guidance; however, there were no accounting policy changes as the Company's policies were consistent with the new guidance. Other noninterest income sources of revenue are considered immaterial. Implementation of this guidance did not change current business practices or have any changes to the Company's consolidated financial statements. Descriptions of our revenue-generating activities that are within the scope of this guidance, which are presented in our income statement as components of noninterest income are as follows: • Service charges on deposit accounts - represents fees generated from a variety of deposit products and services provided to customers under a day-to-day contract. These fees are recognized on a daily or monthly basis. • Wealth management revenue - represents monthly fees earned from directing, holding, and managing customers’ assets. Revenue is recognized over regular intervals, either monthly or quarterly. • Card services revenue - represents revenue earned from merchant, debit and credit cards as incurred and includes a contra revenue account for rebates. • Gain on sale of other real estate - represents income recognized at delivery of control of a property at the time of a real estate closing. Income Taxes The SEC staff issued SAB 118, which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act of 2017 (“Tax Act”). SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. The Company has recorded amounts based on the information known and reasonable estimates used as of March 31, 2018, but are subject to change based on a number of factors. The Company will complete its analysis of certain tax positions at the time it files its tax returns for the year ended December 31, 2017 and will be able to conclude if any further adjustments to the provisional estimate of the impact recorded is required. |
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 March 31, 2018 , management performed its quarterly analysis of all securities with an unrealized loss and concluded no individual securities were other-than-temporarily impaired. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, (in thousands, except per share data) 2018 2017 Net income as reported $ 20,921 $ 12,391 Weighted average common shares outstanding 23,115 21,928 Additional dilutive common stock equivalents 172 381 Weighted average diluted common shares outstanding 23,287 22,309 Basic earnings per common share: $ 0.91 $ 0.57 Diluted earnings per common share: $ 0.90 $ 0.56 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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: March 31, 2018 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,890 $ — $ (1,698 ) $ 98,192 Obligations of states and political subdivisions 32,611 386 (209 ) 32,788 Agency mortgage-backed securities 524,738 360 (13,713 ) 511,385 U.S. Treasury bills 9,955 — (48 ) 9,907 Total securities available for sale $ 667,194 $ 746 $ (15,668 ) $ 652,272 Held to maturity securities: Obligations of states and political subdivisions $ 12,552 $ 7 $ (241 ) $ 12,318 Agency mortgage-backed securities 58,027 — (1,579 ) 56,448 Total securities held to maturity $ 70,579 $ 7 $ (1,820 ) $ 68,766 December 31, 2017 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,878 $ 6 $ (660 ) $ 99,224 Obligations of states and political subdivisions 34,181 674 (213 ) 34,642 Agency mortgage-backed securities 513,082 727 (6,293 ) 507,516 Total securities available for sale $ 647,141 $ 1,407 $ (7,166 ) $ 641,382 Held to maturity securities: Obligations of states and political subdivisions $ 14,031 $ 69 $ (46 ) $ 14,054 Agency mortgage-backed securities 59,718 16 (330 ) 59,404 Total securities held to maturity $ 73,749 $ 85 $ (376 ) $ 73,458 |
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: March 31, 2018 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,890 $ — $ (1,698 ) $ 98,192 Obligations of states and political subdivisions 32,611 386 (209 ) 32,788 Agency mortgage-backed securities 524,738 360 (13,713 ) 511,385 U.S. Treasury bills 9,955 — (48 ) 9,907 Total securities available for sale $ 667,194 $ 746 $ (15,668 ) $ 652,272 Held to maturity securities: Obligations of states and political subdivisions $ 12,552 $ 7 $ (241 ) $ 12,318 Agency mortgage-backed securities 58,027 — (1,579 ) 56,448 Total securities held to maturity $ 70,579 $ 7 $ (1,820 ) $ 68,766 December 31, 2017 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,878 $ 6 $ (660 ) $ 99,224 Obligations of states and political subdivisions 34,181 674 (213 ) 34,642 Agency mortgage-backed securities 513,082 727 (6,293 ) 507,516 Total securities available for sale $ 647,141 $ 1,407 $ (7,166 ) $ 641,382 Held to maturity securities: Obligations of states and political subdivisions $ 14,031 $ 69 $ (46 ) $ 14,054 Agency mortgage-backed securities 59,718 16 (330 ) 59,404 Total securities held to maturity $ 73,749 $ 85 $ (376 ) $ 73,458 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at March 31, 2018 , by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 5 years. Available for sale Held to maturity (in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 2,404 $ 2,419 $ — $ — Due after one year through five years 120,488 118,875 865 858 Due after five years through ten years 14,514 14,647 10,820 10,613 Due after ten years 5,050 4,946 867 847 Agency mortgage-backed securities 524,738 511,385 58,027 56,448 $ 667,194 $ 652,272 $ 70,579 $ 68,766 |
Schedule of Unrealized Loss on Investments | The following table represents a summary of investment securities that had an unrealized loss: March 31, 2018 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of U.S. Government-sponsored enterprises $ 98,192 $ 1,698 $ — $ — $ 98,192 $ 1,698 Obligations of states and political subdivisions 23,766 423 361 27 24,127 450 Agency mortgage-backed securities 408,153 10,017 121,046 5,275 529,199 15,292 U.S. Treasury bills 9,907 48 — — 9,907 48 $ 540,018 $ 12,186 $ 121,407 $ 5,302 $ 661,425 $ 17,488 December 31, 2017 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of U.S. Government-sponsored enterprises $ 89,309 $ 660 $ — $ — $ 89,309 $ 660 Obligations of states and political subdivisions 13,951 259 — — 13,951 259 Agency mortgage-backed securities 469,655 6,034 12,229 589 481,884 6,623 $ 572,915 $ 6,953 $ 12,229 $ 589 $ 585,144 $ 7,542 |
Loans (Tables)
Loans (Tables) - Portfolio loans, net | 3 Months Ended |
Mar. 31, 2018 | |
Non-covered Loans [Line Items] | |
Summary of Portfolio Loans by Category | The table below shows the loan portfolio composition including carrying value by segment of loans accounted for at amortized cost, which includes our originated loans, and loans accounted for as PCI. (in thousands) March 31, 2018 December 31, 2017 Loans accounted for at amortized cost $ 4,124,239 $ 4,022,896 Loans accounted for as PCI 66,606 74,154 Total loans $ 4,190,845 $ 4,097,050 The following tables refer to loans not accounted for as PCI loans. Below is a summary of loans by category at March 31, 2018 and December 31, 2017 : (in thousands) March 31, 2018 December 31, 2017 Commercial and industrial $ 1,981,684 $ 1,918,720 Real estate: Commercial - investor owned 811,244 769,275 Commercial - owner occupied 568,773 554,589 Construction and land development 306,824 303,091 Residential 328,192 341,312 Total real estate loans 2,015,033 1,968,267 Consumer and other 128,436 137,234 Loans, before unearned loan fees 4,125,153 4,024,221 Unearned loan fees, net (914 ) (1,325 ) Loans, including unearned loan fees $ 4,124,239 $ 4,022,896 |
Summary of Allowance for Loan Losses and the Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method | A summary of the activity in the allowance for loan losses and the recorded investment in loans by class and category based on impairment methodology through March 31, 2018 , and at December 31, 2017 , 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, 2017 $ 26,406 $ 3,890 $ 3,308 $ 1,487 $ 2,237 $ 838 $ 38,166 Provision (provision reversal) for loan losses 780 648 190 35 259 (41 ) 1,871 Losses charged off (732 ) — — — (254 ) (49 ) (1,035 ) Recoveries 956 8 4 206 73 14 1,261 Balance at March 31, 2018 $ 27,410 $ 4,546 $ 3,502 $ 1,728 $ 2,315 $ 762 $ 40,263 (in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Balance March 31, 2018 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 2,794 $ — $ 99 $ — $ — $ — $ 2,893 Collectively evaluated for impairment 24,616 4,546 3,403 1,728 2,315 762 37,370 Total $ 27,410 $ 4,546 $ 3,502 $ 1,728 $ 2,315 $ 762 $ 40,263 Loans - Ending balance: Individually evaluated for impairment $ 12,313 $ 416 $ 2,198 $ — $ 1,777 $ 325 $ 17,029 Collectively evaluated for impairment 1,969,371 810,828 566,575 306,824 326,415 127,197 4,107,210 Total $ 1,981,684 $ 811,244 $ 568,773 $ 306,824 $ 328,192 $ 127,522 $ 4,124,239 Balance December 31, 2017 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 2,508 $ — $ 71 $ — $ — $ — $ 2,579 Collectively evaluated for impairment 23,898 3,890 3,237 1,487 2,237 838 35,587 Total $ 26,406 $ 3,890 $ 3,308 $ 1,487 $ 2,237 $ 838 $ 38,166 Loans - Ending balance: Individually evaluated for impairment $ 12,665 $ 422 $ 1,975 $ 136 $ 1,602 $ 375 $ 17,175 Collectively evaluated for impairment 1,906,055 768,853 552,614 302,955 339,710 135,534 4,005,721 Total $ 1,918,720 $ 769,275 $ 554,589 $ 303,091 $ 341,312 $ 135,909 $ 4,022,896 |
Summary of Portfolio Loans Individually Evaluated for Impairment and Recorded Investment in Impaired Non-Covered Loans by Category | A summary of nonperforming loans individually evaluated for impairment by category at March 31, 2018 and December 31, 2017 , and the income recognized on impaired loans is as follows: March 31, 2018 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 21,353 $ 2,470 $ 9,843 $ 12,313 $ 2,794 $ 13,278 Real estate: Commercial - investor owned 558 416 — 416 — 418 Commercial - owner occupied 755 267 484 751 99 753 Construction and land development — — — — — — Residential 2,103 1,777 — 1,777 — 1,985 Consumer and other 325 325 — 325 — 341 Total $ 25,094 $ 5,255 $ 10,327 $ 15,582 $ 2,893 $ 16,775 December 31, 2017 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 20,750 $ 2,321 $ 10,344 $ 12,665 $ 2,508 $ 16,270 Real estate: Commercial - investor owned 560 422 — 422 — 521 Commercial - owner occupied 487 — 487 487 71 490 Construction and land development 441 136 — 136 — 331 Residential 1,730 1,602 — 1,602 — 1,735 Consumer and other 375 375 — 375 — 375 Total $ 24,343 $ 4,856 $ 10,831 $ 15,687 $ 2,579 $ 19,722 Three months ended March 31, (in thousands) 2018 2017 Total interest income that would have been recognized under original terms $ 534 $ 315 Total cash received and recognized as interest income on non-accrual loans 11 23 Total interest income recognized on accruing, impaired loans 11 33 The recorded investment in nonperforming loans by category at March 31, 2018 and December 31, 2017 , is as follows: March 31, 2018 (in thousands) Non-accrual Restructured, not on non-accrual Total Commercial and industrial $ 11,589 $ 724 $ 12,313 Real estate: Commercial - investor owned 416 — 416 Commercial - owner occupied 751 — 751 Construction and land development — — — Residential 1,777 — 1,777 Consumer and other 325 — 325 Total $ 14,858 $ 724 $ 15,582 December 31, 2017 (in thousands) Non-accrual Restructured, not on non-accrual Total Commercial and industrial $ 11,946 $ 719 $ 12,665 Real estate: Commercial - investor owned 422 — 422 Commercial - owner occupied 487 — 487 Construction and land development 136 — 136 Residential 1,602 — 1,602 Consumer and other 375 — 375 Total $ 14,968 $ 719 $ 15,687 |
Summary of Recorded Investment by Category for Portfolio Loans Restructured | |
Summary of Recorded Investment by Category for Portfolio Loans Restructured and Subsequently Defaulted | As of March 31, 2018 , the Company had $1.9 million in specific reserves allocated to $8.1 million of loans that have been restructured. During the three months ended March 31, 2018 and 2017, there were no portfolio loans that subsequently defaulted. |
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 loans by portfolio class and category at March 31, 2018 and December 31, 2017 is shown below. March 31, 2018 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 3,669 $ 5,150 $ 8,819 $ 1,972,865 $ 1,981,684 Real estate: Commercial - investor owned — — — 811,244 811,244 Commercial - owner occupied 945 — 945 567,828 568,773 Construction and land development 497 — 497 306,327 306,824 Residential 401 1,026 1,427 326,765 328,192 Consumer and other — 325 325 127,197 127,522 Total $ 5,512 $ 6,501 $ 12,013 $ 4,112,226 $ 4,124,239 December 31, 2017 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 7,882 $ 1,770 $ 9,652 $ 1,909,068 $ 1,918,720 Real estate: Commercial - investor owned 934 — 934 768,341 769,275 Commercial - owner occupied — — — 554,589 554,589 Construction and land development 76 — 76 303,015 303,091 Residential 1,529 945 2,474 338,838 341,312 Consumer and other 407 — 407 135,502 135,909 Total $ 10,828 $ 2,715 $ 13,543 $ 4,009,353 $ 4,022,896 |
Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category | The recorded investment by risk category of the loans by portfolio class and category at March 31, 2018 , which is based upon the most recent analysis performed, and December 31, 2017 is as follows: March 31, 2018 (in thousands) Pass (1-6) Watch (7) Substandard (8) Total Commercial and industrial $ 1,823,444 $ 99,251 $ 58,989 $ 1,981,684 Real estate: Commercial - investor owned 784,937 21,371 4,936 811,244 Commercial - owner occupied 534,493 28,834 5,446 568,773 Construction and land development 295,632 10,989 203 306,824 Residential 317,750 2,606 7,836 328,192 Consumer and other 126,394 9 1,119 127,522 Total $ 3,882,650 $ 163,060 $ 78,529 $ 4,124,239 December 31, 2017 (in thousands) Pass (1-6) Watch (7) Substandard (8) Total Commercial and industrial $ 1,769,102 $ 94,002 $ 55,616 $ 1,918,720 Real estate: Commercial - investor owned 754,010 10,840 4,425 769,275 Commercial - owner occupied 514,616 34,440 5,533 554,589 Construction and land development 292,766 9,983 342 303,091 Residential 329,742 3,648 7,922 341,312 Consumer and other 134,704 10 1,195 135,909 Total $ 3,794,940 $ 152,923 $ 75,033 $ 4,022,896 |
Purchased Credit Impaired ("P23
Purchased Credit Impaired ("PCI") Loans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Covered Loans [Line Items] | |
Rollforward of PCI Loans, Net of Allowance for Loan Losses | The following table is a roll forward of PCI loans, net of the allowance for loan losses, for the three months ended March 31, 2018 and 2017 . (in thousands) Contractual Cashflows Non-accretable Difference Accretable Yield Carrying Amount Balance December 31, 2017 $ 112,710 $ 29,005 $ 13,962 $ 69,743 Principal reductions and interest payments (12,142 ) — — (12,142 ) Accretion of loan discount — — (1,755 ) 1,755 Changes in contractual and expected cash flows due to remeasurement 2,863 — — 2,863 Balance March 31, 2018 $ 103,431 $ 29,005 $ 12,207 $ 62,219 Balance December 31, 2016 $ 66,003 $ 18,902 $ 13,176 $ 33,925 Acquisitions 70,435 11,669 8,550 50,216 Principal reductions and interest payments (4,310 ) — — (4,310 ) Accretion of loan discount — — (1,389 ) 1,389 Changes in contractual and expected cash flows due to remeasurement 3,166 (307 ) 1,165 2,308 Reductions due to disposals (1,341 ) (345 ) (264 ) (732 ) Balance March 31, 2017 $ 133,953 $ 29,919 $ 21,238 $ 82,796 |
Covered Loans | |
Covered Loans [Line Items] | |
Summary of PCI Loans by Category | Below is a summary of PCI loans by category at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 (in thousands) Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Commercial and industrial 6.35 $ 2,966 6.38 $ 3,212 Real estate: Commercial - investor owned 7.26 37,137 7.36 42,887 Commercial - owner occupied 6.39 10,886 6.48 11,332 Construction and land development 6.04 5,553 5.99 5,883 Residential 6.02 10,008 5.99 10,781 Consumer and other 2.76 56 2.84 59 Total $ 66,606 $ 74,154 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 March 31, 2018 and December 31, 2017 is shown below: March 31, 2018 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ — $ — $ 2,966 $ 2,966 Real estate: Commercial - investor owned 944 — 944 36,193 37,137 Commercial - owner occupied — 665 665 10,221 10,886 Construction and land development 88 — 88 5,465 5,553 Residential 84 294 378 9,630 10,008 Consumer and other — — — 56 56 Total $ 1,116 $ 959 $ 2,075 $ 64,531 $ 66,606 December 31, 2017 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ — $ — $ 3,212 $ 3,212 Real estate: Commercial - investor owned — 3,034 3,034 39,853 42,887 Commercial - owner occupied — 673 673 10,659 11,332 Construction and land development — — — 5,883 5,883 Residential 328 255 583 10,198 10,781 Consumer and other — — — 59 59 Total $ 328 $ 3,962 $ 4,290 $ 69,864 $ 74,154 |
Summary of FDIC Loss Share Receivable | Outstanding customer balances on PCI loans were $85.9 million and $94.9 million as of March 31, 2018 , and December 31, 2017 , respectively. |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | The contractual amounts of off-balance-sheet financial instruments as of March 31, 2018 , and December 31, 2017 , are as follows: (in thousands) March 31, 2018 December 31, 2017 Commitments to extend credit $ 1,267,362 $ 1,298,423 Letters of credit 51,836 73,790 |
Derivative Financial Instrume25
Derivative Financial Instruments (Tables) - Client-Related | 3 Months Ended |
Mar. 31, 2018 | |
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) March 31, December 31, March 31, December 31, March 31, December 31, Non-designated hedging instruments Interest rate swap contracts $ 379,778 $ 394,852 $ 2,524 $ 2,061 $ 2,524 $ 2,061 Foreign exchange forward contracts 1,482 1,528 1,482 1,528 1,482 1,528 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | For the three months ended March 31, 2018 and 2017 , the gains and losses offset each other due to the Company's hedging of the client swaps and foreign exchange contracts with other bank counterparties. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: March 31, 2018 (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 $ — $ 98,192 $ — $ 98,192 Obligations of states and political subdivisions — 32,788 — 32,788 Residential mortgage-backed securities — 511,385 — 511,385 U.S. Treasury bills — 9,907 — 9,907 Total securities available for sale $ — $ 652,272 $ — $ 652,272 Other investments 171 — — 171 State tax credits held for sale — — 350 350 Derivative financial instruments — 4,006 — 4,006 Total assets $ 171 $ 656,278 $ 350 $ 656,799 Liabilities Derivative financial instruments $ — $ 4,006 $ — $ 4,006 Total liabilities $ — $ 4,006 $ — $ 4,006 December 31, 2017 (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 $ — $ 99,224 $ — $ 99,224 Obligations of states and political subdivisions — 34,642 — 34,642 Residential mortgage-backed securities — 507,516 — 507,516 Total securities available for sale $ — $ 641,382 $ — $ 641,382 State tax credits held for sale — — 400 400 Derivative financial instruments — 3,589 — 3,589 Total assets $ — $ 644,971 $ 400 $ 645,371 Liabilities Derivative financial instruments $ — $ 3,589 $ — $ 3,589 Total liabilities $ — $ 3,589 $ — $ 3,589 |
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 March 31, 2018 and 2017 . • Purchases, sales, issuances and settlements . There were no Level 3 purchases during the quarters ended March 31, 2018 or 2017 . • Transfers in and/or out of Level 3 . There were no Level 3 transfers during the quarters ended March 31, 2018 and 2017 . Securities available for sale, at fair value Three months ended March 31, (in thousands) 2018 2017 Beginning balance $ — $ 3,089 Total gains: Included in other comprehensive income — 4 Purchases, sales, issuances and settlements: Purchases — — Transfer in and/or out of Level 3 — — Ending balance $ — $ 3,093 Change in unrealized gains relating to assets still held at the reporting date $ — $ 4 State tax credits held for sale Three months ended March 31, (in thousands) 2018 2017 Beginning balance $ 400 $ 3,585 Total gains: Included in earnings 3 40 Purchases, sales, issuances and settlements: Sales (53 ) (2,167 ) Ending balance $ 350 $ 1,458 Change in unrealized gains (losses) relating to assets still held at the reporting date $ (13 ) $ (606 ) |
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 March 31, 2018 . (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 Impaired loans $ 2,929 $ — $ — $ 2,929 $ 882 Other real estate 455 — — 455 43 Total $ 3,384 $ — $ — $ 3,384 $ 925 (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 March 31, 2018 and December 31, 2017 . Fair values that are not estimable are listed at the carrying value. March 31, 2018 December 31, 2017 (in thousands) Carrying Amount Estimated fair value Carrying Amount Estimated fair value Balance sheet assets Cash and due from banks $ 81,604 $ 81,604 $ 91,084 $ 91,084 Federal funds sold 1,099 1,099 1,223 1,223 Interest-bearing deposits 62,798 62,798 63,661 63,661 Securities available for sale 652,272 652,272 641,382 641,382 Securities held to maturity 70,579 68,766 73,749 73,458 Other investments, at cost 29,263 29,263 26,661 26,661 Loans held for sale 1,748 1,748 3,155 3,155 Derivative financial instruments 4,006 4,006 3,589 3,589 Portfolio loans, net 4,146,195 4,158,694 4,054,473 4,096,741 State tax credits, held for sale 42,364 41,072 43,468 44,271 Accrued interest receivable 17,277 17,277 14,069 14,069 Balance sheet liabilities Deposits 4,281,377 4,276,096 4,156,414 4,153,323 Subordinated debentures and notes 118,118 105,751 118,105 105,031 Federal Home Loan Bank advances 224,624 224,665 172,743 172,893 Other borrowings 166,589 166,471 253,674 253,530 Derivative financial instruments 4,006 4,006 3,589 3,589 Accrued interest payable 2,046 2,046 1,730 1,730 |
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 March 31, 2018 , and December 31, 2017 . Estimated Fair Value Measurement at Reporting Date Using Balance at March 31, 2018 (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 68,766 $ — $ 68,766 Portfolio loans, net — — 4,158,694 4,158,694 State tax credits, held for sale — — 40,722 40,722 Financial Liabilities: Deposits 3,633,073 — 643,023 4,276,096 Subordinated debentures and notes — 105,751 — 105,751 Federal Home Loan Bank advances — 224,665 — 224,665 Other borrowings — 166,471 — 166,471 Estimated Fair Value Measurement at Reporting Date Using Balance at December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 73,458 $ — $ 73,458 Portfolio loans, net — — 4,096,741 4,096,741 State tax credits, held for sale — — 43,871 43,871 Financial Liabilities: Deposits 3,577,641 — 575,682 4,153,323 Subordinated debentures and notes — 105,031 — 105,031 Federal Home Loan Bank advances — 172,893 — 172,893 Other borrowings — 253,530 — 253,530 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net income as reported | $ 20,921 | $ 12,391 |
Weighted average common shares outstanding (in shares) | 23,115,000 | 21,928,000 |
Additional dilutive common stock equivalents (in shares) | 172,000 | 381,000 |
Weighted average diluted common shares outstanding (in shares) | 23,287,000 | 22,309,000 |
Basic earnings per common share (in dollars per share) | $ 0.91 | $ 0.57 |
Diluted earnings per common share (in dollars per share) | $ 0.90 | $ 0.56 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Investments - Schedule of Avail
Investments - Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 70,579 | $ 73,749 |
Gross Unrealized Gains | 7 | 85 |
Gross Unrealized Losses | (1,820) | (376) |
Fair Value | 68,766 | 73,458 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 667,194 | 647,141 |
Gross Unrealized Gains | 746 | 1,407 |
Gross Unrealized Losses | (15,668) | (7,166) |
Fair Value | 652,272 | 641,382 |
US Treasury Bill Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,955 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (48) | |
Fair Value | 9,907 | |
Obligations of U.S. Government-sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 99,890 | 99,878 |
Gross Unrealized Gains | 0 | 6 |
Gross Unrealized Losses | (1,698) | (660) |
Fair Value | 98,192 | 99,224 |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 32,611 | 34,181 |
Gross Unrealized Gains | 386 | 674 |
Gross Unrealized Losses | (209) | (213) |
Fair Value | 32,788 | 34,642 |
Agency mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 524,738 | 513,082 |
Gross Unrealized Gains | 360 | 727 |
Gross Unrealized Losses | (13,713) | (6,293) |
Fair Value | 511,385 | 507,516 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 12,552 | 14,031 |
Gross Unrealized Gains | 7 | 69 |
Gross Unrealized Losses | (241) | (46) |
Fair Value | 12,318 | 14,054 |
Agency mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 58,027 | 59,718 |
Gross Unrealized Gains | 0 | 16 |
Gross Unrealized Losses | (1,579) | (330) |
Fair Value | $ 56,448 | $ 59,404 |
Investments - Investments Class
Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Available for sale, Amortized Cost | ||
Due in one year or less | $ 2,404 | |
Due after one year through five years | 120,488 | |
Due after five years through ten years | 14,514 | |
Due after ten years | 5,050 | |
Agency mortgage-backed securities | 524,738 | |
Amortized Cost | 667,194 | $ 647,141 |
Available for sale, Estimated Fair Value | ||
Due in one year or less | 2,419 | |
Due after one year through five years | 118,875 | |
Due after five years through ten years | 14,647 | |
Due after ten years | 4,946 | |
Agency mortgage-backed securities | 511,385 | |
Available for sale, fair value | 652,272 | 641,382 |
Held to maturity, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 865 | |
Due after five years through ten years | 10,820 | |
Due after ten years | 867 | |
Agency mortgage-backed securities | 58,027 | |
Amortized Cost | 70,579 | 73,749 |
Held to maturity, Estimated Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 858 | |
Due after five years through ten years | 10,613 | |
Due after ten years | 847 | |
Agency mortgage-backed securities | 56,448 | |
Held to maturity, fair value | $ 68,766 | $ 73,458 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | $ 540,018 | $ 572,915 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 12,186 | 6,953 |
12 months or more, fair value | 121,407 | 12,229 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5,302 | 589 |
Total, fair value | 661,425 | 585,144 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 17,488 | 7,542 |
Obligations of U.S. Government-sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 98,192 | 89,309 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,698 | |
Securities Available for Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Aggregate Losses | 660 | |
12 months or more, fair value | 0 | 0 |
Securities Available for Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Total, fair value | 98,192 | 89,309 |
Securities Available for Sale Continuous Unrealized Loss Position, Total Aggregate Losses | 660 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,698 | |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 23,766 | 13,951 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 423 | 259 |
12 months or more, fair value | 361 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 27 | 0 |
Total, fair value | 24,127 | 13,951 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 450 | 259 |
Agency mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 408,153 | 469,655 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 10,017 | 6,034 |
12 months or more, fair value | 121,046 | 12,229 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5,275 | 589 |
Total, fair value | 529,199 | 481,884 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 15,292 | $ 6,623 |
US Treasury Bill Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 9,907 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 48 | |
12 months or more, fair value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Total, fair value | 9,907 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 48 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Other investments, at cost | $ 29,263 | $ 26,661 |
Maximum percentage of shareholders' equity security holdings held of one issuer | 10.00% | 10.00% |
Available-for-sale securities pledged as collateral, fair value | $ 401,100 | $ 500,000 |
Mortgage-backed securities, weighted average life | 5 years |
Loans - Summary of Portfolio Lo
Loans - Summary of Portfolio Loans by Category (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, including unearned loan fees | $ 4,190,845 | $ 4,097,050 |
Portfolio loans, net | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 4,125,153 | 4,024,221 |
Unearned loan fees, net | (914) | (1,325) |
Loans, including unearned loan fees | 4,124,239 | 4,022,896 |
Portfolio loans, net | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 1,981,684 | 1,918,720 |
Portfolio loans, net | Commercial - investor owned | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 811,244 | 769,275 |
Portfolio loans, net | Commercial - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 568,773 | 554,589 |
Portfolio loans, net | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 306,824 | 303,091 |
Portfolio loans, net | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 328,192 | 341,312 |
Portfolio loans, net | Total real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 2,015,033 | 1,968,267 |
Portfolio loans, net | Consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 128,436 | 137,234 |
Loans, including unearned loan fees | 127,522 | 135,909 |
Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 66,606 | 74,154 |
Loans, before unearned loan fees | 66,606 | 74,154 |
Covered Loans [Member] | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 2,966 | 3,212 |
Loans, before unearned loan fees | 2,966 | 3,212 |
Covered Loans [Member] | Commercial - investor owned | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 37,137 | 42,887 |
Loans, before unearned loan fees | 37,137 | 42,887 |
Covered Loans [Member] | Commercial - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 10,886 | 11,332 |
Loans, before unearned loan fees | 10,886 | 11,332 |
Covered Loans [Member] | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 5,553 | 5,883 |
Loans, before unearned loan fees | 5,553 | 5,883 |
Covered Loans [Member] | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 10,008 | 10,781 |
Loans, before unearned loan fees | 10,008 | 10,781 |
Covered Loans [Member] | Consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 56 | 59 |
Loans, before unearned loan fees | $ 56 | $ 59 |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan Losses by Portfolio Class and Category (Details) - Portfolio loans, net $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Allowance for Loan Losses [Roll Forward] | |
Balance at December 31, 2017 | $ 38,166 |
Provision (provision reversal) for loan losses | 1,871 |
Losses charged off | (1,035) |
Recoveries | 1,261 |
Balance at March 31, 2018 | 40,263 |
Commercial and industrial | |
Allowance for Loan Losses [Roll Forward] | |
Balance at December 31, 2017 | 26,406 |
Provision (provision reversal) for loan losses | 780 |
Losses charged off | (732) |
Recoveries | 956 |
Balance at March 31, 2018 | 27,410 |
CRE - investor owned | |
Allowance for Loan Losses [Roll Forward] | |
Balance at December 31, 2017 | 3,890 |
Provision (provision reversal) for loan losses | 648 |
Losses charged off | 0 |
Recoveries | 8 |
Balance at March 31, 2018 | 4,546 |
CRE - owner occupied | |
Allowance for Loan Losses [Roll Forward] | |
Balance at December 31, 2017 | 3,308 |
Provision (provision reversal) for loan losses | 190 |
Losses charged off | 0 |
Recoveries | 4 |
Balance at March 31, 2018 | 3,502 |
Construction and land development | |
Allowance for Loan Losses [Roll Forward] | |
Balance at December 31, 2017 | 1,487 |
Provision (provision reversal) for loan losses | 35 |
Losses charged off | 0 |
Recoveries | 206 |
Balance at March 31, 2018 | 1,728 |
Residential real estate | |
Allowance for Loan Losses [Roll Forward] | |
Balance at December 31, 2017 | 2,237 |
Provision (provision reversal) for loan losses | 259 |
Losses charged off | (254) |
Recoveries | 73 |
Balance at March 31, 2018 | 2,315 |
Consumer and other | |
Allowance for Loan Losses [Roll Forward] | |
Balance at December 31, 2017 | 838 |
Provision (provision reversal) for loan losses | (41) |
Losses charged off | (49) |
Recoveries | 14 |
Balance at March 31, 2018 | $ 762 |
Loans - Summary of Recorded Inv
Loans - Summary of Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Loans - Ending balance: | ||
Loans and Leases Receivable, Gross | $ 4,190,845 | $ 4,097,050 |
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 | 2,893 | 2,579 |
Collectively evaluated for impairment | 37,370 | 35,587 |
Total | 40,263 | 38,166 |
Loans - Ending balance: | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (914) | (1,325) |
Individually evaluated for impairment | 17,029 | 17,175 |
Collectively evaluated for impairment | 4,107,210 | 4,005,721 |
Total | 4,125,153 | 4,024,221 |
Loans and Leases Receivable, Gross | 4,124,239 | 4,022,896 |
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 | 2,794 | 2,508 |
Collectively evaluated for impairment | 24,616 | 23,898 |
Total | 27,410 | 26,406 |
Loans - Ending balance: | ||
Individually evaluated for impairment | 12,313 | 12,665 |
Collectively evaluated for impairment | 1,969,371 | 1,906,055 |
Total | 1,981,684 | 1,918,720 |
Portfolio loans, net | CRE - 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 | 4,546 | 3,890 |
Total | 4,546 | 3,890 |
Loans - Ending balance: | ||
Individually evaluated for impairment | 416 | 422 |
Collectively evaluated for impairment | 810,828 | 768,853 |
Total | 811,244 | 769,275 |
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 | 99 | 71 |
Collectively evaluated for impairment | 3,403 | 3,237 |
Total | 3,502 | 3,308 |
Loans - Ending balance: | ||
Individually evaluated for impairment | 2,198 | 1,975 |
Collectively evaluated for impairment | 566,575 | 552,614 |
Total | 568,773 | 554,589 |
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 | 0 | 0 |
Collectively evaluated for impairment | 1,728 | 1,487 |
Total | 1,728 | 1,487 |
Loans - Ending balance: | ||
Individually evaluated for impairment | 0 | 136 |
Collectively evaluated for impairment | 306,824 | 302,955 |
Total | 306,824 | 303,091 |
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 | 0 | 0 |
Collectively evaluated for impairment | 2,315 | 2,237 |
Total | 2,315 | 2,237 |
Loans - Ending balance: | ||
Individually evaluated for impairment | 1,777 | 1,602 |
Collectively evaluated for impairment | 326,415 | 339,710 |
Total | 328,192 | 341,312 |
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 | 0 | 0 |
Collectively evaluated for impairment | 762 | 838 |
Total | 762 | 838 |
Loans - Ending balance: | ||
Individually evaluated for impairment | 325 | 375 |
Collectively evaluated for impairment | 127,197 | 135,534 |
Total | 128,436 | 137,234 |
Loans and Leases Receivable, Gross | $ 127,522 | $ 135,909 |
Loans - Summary of Portfolio 35
Loans - Summary of Portfolio Loans Individually Evaluated for Impairment by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Related Allowance | $ 600 | |
Portfolio loans, net | ||
Financing Receivable, Impaired [Line Items] | ||
Provision for Loan, Lease, and Other Losses | 1,871 | |
Unpaid Contractual Principal Balance | 25,094 | $ 24,343 |
Recorded Investment With No Allowance | 5,255 | 4,856 |
Recorded Investment With Allowance | 10,327 | 10,831 |
Total Recorded Investment | 15,582 | 15,687 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,893 | 2,579 |
Impaired Financing Receivable, Related Allowance | 2,893 | 2,579 |
Average Recorded Investment | 16,775 | 19,722 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (1,035) | |
Financing Receivable, Allowance for Credit Losses, Recovery | 1,261 | |
Financing Receivable, Allowance for Credit Losses | 40,263 | 38,166 |
Portfolio loans, net | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Provision for Loan, Lease, and Other Losses | 780 | |
Unpaid Contractual Principal Balance | 21,353 | 20,750 |
Recorded Investment With No Allowance | 2,470 | 2,321 |
Recorded Investment With Allowance | 9,843 | 10,344 |
Total Recorded Investment | 12,313 | 12,665 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,794 | 2,508 |
Impaired Financing Receivable, Related Allowance | 2,794 | 2,508 |
Average Recorded Investment | 13,278 | 16,270 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (732) | |
Financing Receivable, Allowance for Credit Losses, Recovery | 956 | |
Financing Receivable, Allowance for Credit Losses | 27,410 | 26,406 |
Portfolio loans, net | Commercial - investor owned | ||
Financing Receivable, Impaired [Line Items] | ||
Provision for Loan, Lease, and Other Losses | 648 | |
Unpaid Contractual Principal Balance | 558 | 560 |
Recorded Investment With No Allowance | 416 | 422 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 416 | 422 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Average Recorded Investment | 418 | 521 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | |
Financing Receivable, Allowance for Credit Losses, Recovery | 8 | |
Financing Receivable, Allowance for Credit Losses | 4,546 | 3,890 |
Portfolio loans, net | Commercial - owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Provision for Loan, Lease, and Other Losses | 190 | |
Unpaid Contractual Principal Balance | 755 | 487 |
Recorded Investment With No Allowance | 267 | 0 |
Recorded Investment With Allowance | 484 | 487 |
Total Recorded Investment | 751 | 487 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 99 | 71 |
Impaired Financing Receivable, Related Allowance | 99 | 71 |
Average Recorded Investment | 753 | 490 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | |
Financing Receivable, Allowance for Credit Losses, Recovery | 4 | |
Financing Receivable, Allowance for Credit Losses | 3,502 | 3,308 |
Portfolio loans, net | Construction and land development | ||
Financing Receivable, Impaired [Line Items] | ||
Provision for Loan, Lease, and Other Losses | 35 | |
Unpaid Contractual Principal Balance | 0 | 441 |
Recorded Investment With No Allowance | 0 | 136 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 136 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 331 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | |
Financing Receivable, Allowance for Credit Losses, Recovery | 206 | |
Financing Receivable, Allowance for Credit Losses | 1,728 | 1,487 |
Portfolio loans, net | Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Provision for Loan, Lease, and Other Losses | 259 | |
Unpaid Contractual Principal Balance | 2,103 | 1,730 |
Recorded Investment With No Allowance | 1,777 | 1,602 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 1,777 | 1,602 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Average Recorded Investment | 1,985 | 1,735 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (254) | |
Financing Receivable, Allowance for Credit Losses, Recovery | 73 | |
Financing Receivable, Allowance for Credit Losses | 2,315 | 2,237 |
Portfolio loans, net | Consumer and other | ||
Financing Receivable, Impaired [Line Items] | ||
Provision for Loan, Lease, and Other Losses | (41) | |
Unpaid Contractual Principal Balance | 325 | 375 |
Recorded Investment With No Allowance | 325 | 375 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 325 | 375 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Average Recorded Investment | 341 | 375 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (49) | |
Financing Receivable, Allowance for Credit Losses, Recovery | 14 | |
Financing Receivable, Allowance for Credit Losses | $ 762 | $ 838 |
Loans - Summary of Past Due and
Loans - Summary of Past Due and Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Receivables [Abstract] | ||
Total interest income that would have been recognized under original terms | $ 534 | $ 315 |
Total cash received and recognized as interest income on non-accrual loans | 11 | 23 |
Total interest income recognized on accruing, impaired loans | $ 11 | $ 33 |
Loans - Narrative (Details)
Loans - Narrative (Details) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($)loan |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans over 90 days past due and still accruing interest | loan | 0 | |
Unadvanced commitments on impaired loans | $ 0 | |
Specific reserves on restructured loans | $ 1,900,000 | |
Restructuring Reserve | 8,100,000 | |
Unadvanced Commitment on Impaired Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Estimated losses attributable to unadvanced commitments on impaired loans | 400,000 | 350,000 |
Non-Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Restructuring Reserve | 724,000 | 719,000 |
Financing Receivable, Gross | 4,125,153,000 | 4,024,221,000 |
Non-Covered Loans | Consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Restructuring Reserve | 0 | 0 |
Financing Receivable, Gross | $ 128,436,000 | $ 137,234,000 |
Loans - Summary of Recorded I38
Loans - Summary of Recorded Investment in Impaired Portfolio Loans by Category (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Restructured, not on non-accrual | $ 8,100 | |
Impaired Financing Receivable, Related Allowance | 600 | |
Non-Covered Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 15,582 | $ 15,687 |
Non-accrual | 14,858 | 14,968 |
Restructured, not on non-accrual | 724 | 719 |
Impaired Financing Receivable, Related Allowance | 2,893 | 2,579 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,893 | 2,579 |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 12,313 | 12,665 |
Non-accrual | 11,589 | 11,946 |
Restructured, not on non-accrual | 724 | 719 |
Impaired Financing Receivable, Related Allowance | 2,794 | 2,508 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,794 | 2,508 |
Non-Covered Loans | Commercial - investor owned | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 416 | 422 |
Non-accrual | 416 | 422 |
Restructured, not on non-accrual | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Non-Covered Loans | Commercial - owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 751 | 487 |
Non-accrual | 751 | 487 |
Restructured, not on non-accrual | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 99 | 71 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 99 | 71 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 136 |
Non-accrual | 0 | 136 |
Restructured, not on non-accrual | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,777 | 1,602 |
Non-accrual | 1,777 | 1,602 |
Restructured, not on non-accrual | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 325 | 375 |
Non-accrual | 325 | 375 |
Restructured, not on non-accrual | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 0 | $ 0 |
Loans - Summary of Aging of Rec
Loans - Summary of Aging of Recorded Investment in Past Due Portfolio Loans by Portfolio Class and Category (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,190,845 | $ 4,097,050 |
Non-Covered Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 5,512 | 10,828 |
90 or More Days Past Due | 6,501 | 2,715 |
Total Past Due | 12,013 | 13,543 |
Current | 4,112,226 | 4,009,353 |
Loans and Leases Receivable, Gross | 4,124,239 | 4,022,896 |
Total | 4,125,153 | 4,024,221 |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 3,669 | 7,882 |
90 or More Days Past Due | 5,150 | 1,770 |
Total Past Due | 8,819 | 9,652 |
Current | 1,972,865 | 1,909,068 |
Total | 1,981,684 | 1,918,720 |
Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 934 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 0 | 934 |
Current | 811,244 | 768,341 |
Total | 811,244 | 769,275 |
Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 945 | 0 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 945 | 0 |
Current | 567,828 | 554,589 |
Total | 568,773 | 554,589 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 497 | 76 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 497 | 76 |
Current | 306,327 | 303,015 |
Total | 306,824 | 303,091 |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 401 | 1,529 |
90 or More Days Past Due | 1,026 | 945 |
Total Past Due | 1,427 | 2,474 |
Current | 326,765 | 338,838 |
Total | 328,192 | 341,312 |
Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 407 |
90 or More Days Past Due | 325 | 0 |
Total Past Due | 325 | 407 |
Current | 127,197 | 135,502 |
Loans and Leases Receivable, Gross | 127,522 | 135,909 |
Total | $ 128,436 | $ 137,234 |
Loans - Summary of Recorded I40
Loans - Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,190,845 | $ 4,097,050 |
Non-Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 4,125,153 | 4,024,221 |
Loans and Leases Receivable, Gross | 4,124,239 | 4,022,896 |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 1,981,684 | 1,918,720 |
Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 811,244 | 769,275 |
Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 568,773 | 554,589 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 306,824 | 303,091 |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 328,192 | 341,312 |
Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 128,436 | 137,234 |
Loans and Leases Receivable, Gross | 127,522 | 135,909 |
Pass (1-6) | Non-Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 3,882,650 | 3,794,940 |
Pass (1-6) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 1,823,444 | 1,769,102 |
Pass (1-6) | Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 784,937 | 754,010 |
Pass (1-6) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 534,493 | 514,616 |
Pass (1-6) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 295,632 | 292,766 |
Pass (1-6) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 317,750 | 329,742 |
Pass (1-6) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 126,394 | 134,704 |
Watch (7) | Non-Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 163,060 | 152,923 |
Watch (7) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 99,251 | 94,002 |
Watch (7) | Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 21,371 | 10,840 |
Watch (7) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 28,834 | 34,440 |
Watch (7) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 10,989 | 9,983 |
Watch (7) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 2,606 | 3,648 |
Watch (7) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 9 | 10 |
Substandard (8) | Non-Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 78,529 | 75,033 |
Substandard (8) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 58,989 | 55,616 |
Substandard (8) | Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 4,936 | 4,425 |
Substandard (8) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 5,446 | 5,533 |
Substandard (8) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 203 | 342 |
Substandard (8) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | 7,836 | 7,922 |
Substandard (8) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, before unearned loan fees | $ 1,119 | $ 1,195 |
Purchased Credit Impaired ("P41
Purchased Credit Impaired ("PCI") Loans - Summary of PCI Loans by Category (Details) - Covered Loans $ in Thousands | Mar. 31, 2018USD ($)rating | Dec. 31, 2017USD ($)rating |
Covered Loans [Line Items] | ||
Recorded Investment PCI Loans | $ 66,606 | $ 74,154 |
Construction and land development | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 6.04 | 5.99 |
Recorded Investment PCI Loans | $ 5,553 | $ 5,883 |
CRE - investor owned | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 7.26 | 7.36 |
Recorded Investment PCI Loans | $ 37,137 | $ 42,887 |
CRE - owner occupied | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 6.39 | 6.48 |
Recorded Investment PCI Loans | $ 10,886 | $ 11,332 |
Residential real estate | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 6.02 | 5.99 |
Recorded Investment PCI Loans | $ 10,008 | $ 10,781 |
Commercial and industrial | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 6.35 | 6.38 |
Recorded Investment PCI Loans | $ 2,966 | $ 3,212 |
Consumer and other | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 2.76 | 2.84 |
Recorded Investment PCI Loans | $ 56 | $ 59 |
Purchased Credit Impaired ("P42
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 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | $ 1,116 | $ 328 |
90 or More Days Past Due | 959 | 3,962 |
Total Past Due | 2,075 | 4,290 |
Current | 64,531 | 69,864 |
Total | 66,606 | 74,154 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 2,966 | 3,212 |
Total | 2,966 | 3,212 |
CRE - investor owned | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 944 | 0 |
90 or More Days Past Due | 0 | 3,034 |
Total Past Due | 944 | 3,034 |
Current | 36,193 | 39,853 |
Total | 37,137 | 42,887 |
CRE - owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 665 | 673 |
Total Past Due | 665 | 673 |
Current | 10,221 | 10,659 |
Total | 10,886 | 11,332 |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 88 | 0 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 88 | 0 |
Current | 5,465 | 5,883 |
Total | 5,553 | 5,883 |
Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 84 | 328 |
90 or More Days Past Due | 294 | 255 |
Total Past Due | 378 | 583 |
Current | 9,630 | 10,198 |
Total | 10,008 | 10,781 |
Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 56 | 59 |
Total | $ 56 | $ 59 |
Purchased Credit Impaired ("P43
Purchased Credit Impaired ("PCI") Loans - Rollforward of PCI Loans, Net of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 69,743 | $ 33,925 |
Acquisitions | 50,216 | |
Principal reductions and interest payments | (12,142) | (4,310) |
Accretion of loan discount | 1,755 | 1,389 |
Changes in contractual and expected cash flows due to remeasurement | 2,863 | 2,308 |
Reductions due to disposals | (732) | |
Balance at end of period | 62,219 | 82,796 |
Contractual Cashflows | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 112,710 | 66,003 |
Acquisitions | 70,435 | |
Principal reductions and interest payments | (12,142) | (4,310) |
Accretion of loan discount | 0 | 0 |
Changes in contractual and expected cash flows due to remeasurement | 2,863 | 3,166 |
Reductions due to disposals | (1,341) | |
Balance at end of period | 103,431 | 133,953 |
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 | 29,005 | 18,902 |
Acquisitions | 11,669 | |
Principal reductions and interest payments | 0 | 0 |
Accretion of loan discount | 0 | 0 |
Changes in contractual and expected cash flows due to remeasurement | 0 | (307) |
Reductions due to disposals | (345) | |
Balance at end of period | 29,005 | 29,919 |
Accretable Yield | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 13,962 | 13,176 |
Acquisitions | 8,550 | |
Principal reductions and interest payments | 0 | 0 |
Accretion of loan discount | 1,755 | 1,389 |
Changes in contractual and expected cash flows due to remeasurement | 0 | 1,165 |
Reductions due to disposals | (264) | |
Balance at end of period | $ 12,207 | $ 21,238 |
Purchased Credit Impaired ("P44
Purchased Credit Impaired ("PCI") Loans - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
PCI loans outstanding | $ 85.9 | $ 94.9 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Schedule of Commitments [Line Items] | ||
Unadvanced commitments on impaired loans | $ 0 | |
Commitments to extend credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 1,267,362 | 1,298,423 |
Letters of credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 51,836 | 73,790 |
Letters of credit | Maximum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 3 years 6 months | |
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 | $ 400 | 350 |
Fixed Rate Loan Commitment | Commitments to extend credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 123,900 | $ 112,000 |
Derivative Financial Instrume46
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Risk Management [Member] | ||
Summary of Derivative Instruments [Abstract] | ||
Notional Amount | $ 0 | $ 0 |
Derivative, Fair Value, Net | 0 | 0 |
Non-designated hedging instruments | Client-Related | Interest rate swap contracts | ||
Summary of Derivative Instruments [Abstract] | ||
Notional Amount | 379,778 | 394,852 |
Non-designated hedging instruments | Client-Related | Foreign Exchange Forward [Member] | ||
Summary of Derivative Instruments [Abstract] | ||
Notional Amount | 1,482 | 1,528 |
Non-designated hedging instruments | Client-Related | Other Assets | Interest rate swap contracts | ||
Summary of Derivative Instruments [Abstract] | ||
Asset derivatives (other assets), fair value | 2,524 | 2,061 |
Non-designated hedging instruments | Client-Related | Other Assets | Foreign Exchange Forward [Member] | ||
Summary of Derivative Instruments [Abstract] | ||
Asset derivatives (other assets), fair value | 1,482 | 1,528 |
Non-designated hedging instruments | Client-Related | Other Liabilities | Interest rate swap contracts | ||
Summary of Derivative Instruments [Abstract] | ||
Liability derivatives (other liabilities), fair value | 2,524 | 2,061 |
Non-designated hedging instruments | Client-Related | Other Liabilities | Foreign Exchange Forward [Member] | ||
Summary of Derivative Instruments [Abstract] | ||
Liability derivatives (other liabilities), fair value | $ 1,482 | $ 1,528 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Securities available for sale | $ 652,272 | $ 641,382 |
State tax credits held for sale | 350 | 400 |
Portion at Other than Fair Value, Fair Value Disclosure | ||
Assets | ||
State tax credits held for sale | 42,000 | |
Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 652,272 | 641,382 |
State tax credits held for sale | 41,072 | 44,271 |
Derivative financial instruments | 4,006 | 3,589 |
Liabilities | ||
Derivative financial instruments | 4,006 | 3,589 |
Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 98,192 | 99,224 |
Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 32,788 | 34,642 |
Residential mortgage-backed securities | ||
Assets | ||
Securities available for sale | 511,385 | 507,516 |
US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available for sale | 9,907 | |
Recurring basis | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 652,272 | 641,382 |
State tax credits held for sale | 350 | 400 |
Other Investments | 171 | |
Derivative financial instruments | 4,006 | 3,589 |
Total assets | 656,799 | 645,371 |
Liabilities | ||
Derivative financial instruments | 3,589 | |
Total liabilities | 4,006 | 3,589 |
Recurring basis | Obligations of U.S. Government-sponsored enterprises | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 98,192 | 99,224 |
Recurring basis | Obligations of states and political subdivisions | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 32,788 | 34,642 |
Recurring basis | Residential mortgage-backed securities | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 511,385 | 507,516 |
Recurring basis | US Treasury Bill Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 9,907 | |
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 |
Other Investments | 171 | |
Derivative financial instruments | 0 | 0 |
Total assets | 171 | 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 | Quoted Prices in Active Markets for Identical Assets (Level 1) | US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available for sale | 0 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Securities available for sale | 652,272 | 641,382 |
State tax credits held for sale | 0 | 0 |
Other Investments | 0 | |
Derivative financial instruments | 4,006 | 3,589 |
Total assets | 656,278 | 644,971 |
Liabilities | ||
Derivative financial instruments | 4,006 | 3,589 |
Total liabilities | 4,006 | 3,589 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 98,192 | 99,224 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 32,788 | 34,642 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | ||
Assets | ||
Securities available for sale | 511,385 | 507,516 |
Recurring basis | Significant Other Observable Inputs (Level 2) | US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available for sale | 9,907 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Securities available for sale | 0 | 0 |
State tax credits held for sale | 350 | 400 |
Other Investments | 0 | |
Derivative financial instruments | 0 | 0 |
Total assets | 350 | 400 |
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 | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities | ||
Assets | ||
Securities available for sale | 0 | $ 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available for sale | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
State tax credits, held for sale | $ 42,364 | $ 43,468 |
State Tax Credits Held For Sale, Fair Value Disclosure | $ 350 | 400 |
State Tax Credit Term | 10 years | |
Receivables, Fair Value Disclosure | $ 3,500 | |
Impaired Financing Receivable, Related Allowance | 600 | |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
State tax credits, held for sale | 42,400 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
State Tax Credits Held For Sale, Fair Value Disclosure | 350 | 400 |
Portion at Other than Fair Value, Fair Value Disclosure | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
State Tax Credits Held For Sale, Fair Value Disclosure | 42,000 | |
Estimated fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
State Tax Credits Held For Sale, Fair Value Disclosure | 41,072 | 44,271 |
Estimated fair value | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
State Tax Credits Held For Sale, Fair Value Disclosure | $ 350 | $ 400 |
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Securities available for sale, at fair value | ||
Level 3 Financial Instruments Measured at Fair Value | ||
Beginning balance | $ 0 | $ 3,089 |
Total gains: | ||
Included in other comprehensive income | 0 | 4 |
Purchases, sales, issuances and settlements: | ||
Purchases | 0 | 0 |
Transfer in and/or out of Level 3 | 0 | 0 |
Ending balance | 0 | 3,093 |
Change in unrealized gains relating to assets still held at the reporting date | 0 | 4 |
State tax credits held for sale, at fair value | ||
Level 3 Financial Instruments Measured at Fair Value | ||
Beginning balance | 400 | 3,585 |
Total gains: | ||
Total gains: | 3 | 40 |
Purchases, sales, issuances and settlements: | ||
Sales | (53) | (2,167) |
Ending balance | 350 | 1,458 |
Change in unrealized gains relating to assets still held at the reporting date | $ (13) | $ (606) |
Fair Value Measurements - Sum50
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 |
Mar. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total (losses) gains for the year | $ 925 |
Impaired loans | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total (losses) gains for the year | 882 |
Other real estate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total (losses) gains for the year | 43 |
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 |
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 |
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 |
Significant Other Observable Inputs (Level 2) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total assets | 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 |
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 |
Significant Unobservable Inputs (Level 3) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total assets | 3,384 |
Significant Unobservable Inputs (Level 3) | Impaired loans | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired loans | 2,929 |
Significant Unobservable Inputs (Level 3) | Other real estate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Other real estate | 455 |
Estimate of Fair Value Measurement [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total assets | 3,384 |
Estimate of Fair Value Measurement [Member] | Impaired loans | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired loans | 2,929 |
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 | $ 455 |
Fair Value Measurements - Sum51
Fair Value Measurements - Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Balance sheet assets | ||
Securities available for sale | $ 652,272 | $ 641,382 |
Securities held to maturity | 70,579 | 73,749 |
State tax credits held for sale | 350 | 400 |
Carrying Amount | ||
Balance sheet assets | ||
Cash and due from banks | 81,604 | 91,084 |
Federal funds sold | 1,099 | 1,223 |
Interest-bearing deposits | 62,798 | 63,661 |
Securities available for sale | 652,272 | 641,382 |
Securities held to maturity | 70,579 | 73,749 |
Other investments, at cost | 29,263 | 26,661 |
Loans held for sale | 1,748 | 3,155 |
Derivative financial instruments | 4,006 | 3,589 |
Portfolio loans, net | 4,146,195 | 4,054,473 |
State tax credits held for sale | 42,364 | 43,468 |
Accrued interest receivable | 17,277 | 14,069 |
Balance sheet liabilities | ||
Deposits | 4,281,377 | 4,156,414 |
Subordinated debentures and notes | 118,118 | 118,105 |
Federal Home Loan Bank advances | 224,624 | 172,743 |
Other borrowings | 166,589 | 253,674 |
Derivative financial instruments | 4,006 | 3,589 |
Accrued interest payable | 2,046 | 1,730 |
Estimated fair value | ||
Balance sheet assets | ||
Cash and due from banks | 81,604 | 91,084 |
Federal funds sold | 1,099 | 1,223 |
Interest-bearing deposits | 62,798 | 63,661 |
Securities available for sale | 652,272 | 641,382 |
Securities held to maturity | 68,766 | 73,458 |
Other investments, at cost | 29,263 | 26,661 |
Loans held for sale | 1,748 | 3,155 |
Derivative financial instruments | 4,006 | 3,589 |
Portfolio loans, net | 4,158,694 | 4,096,741 |
State tax credits held for sale | 41,072 | 44,271 |
Accrued interest receivable | 17,277 | 14,069 |
Balance sheet liabilities | ||
Deposits | 4,276,096 | 4,153,323 |
Subordinated debentures and notes | 105,751 | 105,031 |
Federal Home Loan Bank advances | 224,665 | 172,893 |
Other borrowings | 166,471 | 253,530 |
Derivative financial instruments | 4,006 | 3,589 |
Accrued interest payable | $ 2,046 | $ 1,730 |
Fair Value Measurements - Sch52
Fair Value Measurements - Schedule of Estimated Fair Values of Financial Instruments Not Recorded at Fair Value on Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
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 | $ 68,766 | $ 73,458 |
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 | 4,158,694 | 4,096,741 |
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 | 40,722 | 43,871 |
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 | 4,276,096 | 4,153,323 |
Estimated fair value | Subordinated debentures and notes | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 105,751 | 105,031 |
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 | 224,665 | 172,893 |
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 | 166,471 | 253,530 |
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 | 3,633,073 | 3,577,641 |
Level 1 | Subordinated debentures and notes | ||
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 | 68,766 | 73,458 |
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 and notes | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 105,751 | 105,031 |
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 | 224,665 | 172,893 |
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 | 166,471 | 253,530 |
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 | 4,158,694 | 4,096,741 |
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 | 40,722 | 43,871 |
Level 3 | Deposits | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 643,023 | 575,682 |
Level 3 | Subordinated debentures and notes | ||
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 |