Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'CenterState Banks, Inc. | ' |
Entity Central Index Key | '0001102266 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 30,112,475 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $21,216 | $19,160 |
Federal funds sold and Federal Reserve Bank deposits | 85,600 | 117,588 |
Cash and cash equivalents | 106,816 | 136,748 |
Trading securities, at fair value | 398 | 5,048 |
Investment securities available for sale, at fair value | 456,555 | 425,758 |
Loans held for sale, at lower of cost or fair value | 1,317 | 2,709 |
Loans covered by FDIC loss share agreements | 242,891 | 296,295 |
Loans, excluding those covered by FDIC loss share agreements | 1,215,681 | 1,139,568 |
Allowance for loan losses | -21,321 | -26,682 |
Net Loans | 1,437,251 | 1,409,181 |
Bank premises and equipment, net | 97,289 | 97,954 |
Accrued interest receivable | 6,206 | 6,100 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 8,179 | 9,749 |
Goodwill | 44,924 | 44,924 |
Core deposit intangible | 5,196 | 5,944 |
Trust intangible | 1,209 | 1,363 |
Bank owned life insurance | 48,961 | 47,957 |
Other repossessed real estate owned covered by FDIC loss share agreements | 21,633 | 26,783 |
Other repossessed real estate owned | 4,804 | 6,875 |
FDIC indemnification asset | 81,603 | 119,289 |
Deferred income tax asset, net | 3,392 | ' |
Prepaid expense and other assets | 10,288 | 16,858 |
TOTAL ASSETS | 2,336,021 | 2,363,240 |
Deposits: | ' | ' |
Demand - non-interest bearing | 562,027 | 519,510 |
Demand - interest bearing | 452,583 | 452,961 |
Savings and money market accounts | 547,137 | 549,457 |
Time deposits | 400,208 | 475,304 |
Total deposits | 1,961,955 | 1,997,232 |
Securities sold under agreement to repurchase | 22,150 | 18,792 |
Federal funds purchased | 45,356 | 38,932 |
Corporate debentures | 16,990 | 16,970 |
Accrued interest payable | 378 | 579 |
Deferred income tax liability, net | ' | 1,892 |
Payables and accrued expenses | 16,451 | 15,312 |
Total liabilities | 2,063,280 | 2,089,709 |
Stockholders' equity: | ' | ' |
Common stock, $.01 par value: 100,000,000 shares authorized; 30,112,475 and 30,079,767 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 301 | 301 |
Additional paid-in capital | 229,478 | 228,952 |
Retained earnings | 46,520 | 36,979 |
Accumulated other comprehensive (loss) income | -3,558 | 7,299 |
Total stockholders' equity | 272,741 | 273,531 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $2,336,021 | $2,363,240 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 30,112,475 | 30,079,767 |
Common stock, shares outstanding | 30,112,475 | 30,079,767 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Interest income: | ' | ' | ' | ' | |||
Loans | $22,963 | $20,445 | $66,188 | $61,094 | |||
Investment securities available for sale: | ' | ' | ' | ' | |||
Taxable | 2,560 | 2,653 | 7,045 | 9,086 | |||
Tax-exempt | 362 | 361 | 1,091 | 1,061 | |||
Federal funds sold and other | 149 | 149 | 575 | 444 | |||
Total interest income | 26,034 | 23,608 | 74,899 | 71,685 | |||
Interest expense: | ' | ' | ' | ' | |||
Deposits | 1,246 | 1,748 | 3,959 | 5,983 | |||
Securities sold under agreement to repurchase | 21 | 23 | 60 | 68 | |||
Federal funds purchased | 5 | 6 | 16 | 22 | |||
Federal Home Loan Bank advances and other borrowings | ' | 4 | ' | 201 | |||
Corporate debentures | 152 | 160 | 452 | 481 | |||
Total interest expenses | 1,424 | 1,941 | 4,487 | 6,755 | |||
Net interest income | 24,610 | 21,667 | 70,412 | 64,930 | |||
Provision for loan losses | -1,273 | 2,425 | -259 | 7,051 | |||
Net interest income after loan loss provision | 25,883 | 19,242 | 70,671 | 57,879 | |||
Non interest income: | ' | ' | ' | ' | |||
Income from correspondent banking and bond sales division | 2,909 | 8,606 | 13,953 | 26,356 | |||
Other correspondent banking related revenue | 862 | 847 | 2,432 | 2,158 | |||
Service charges on deposit accounts | 2,244 | 1,695 | 6,144 | 4,773 | |||
Debit, prepaid, ATM and merchant card related fees | 1,399 | 1,160 | 4,026 | 3,381 | |||
Wealth management related revenue | 1,179 | 1,000 | 3,379 | 2,818 | |||
FDIC indemnification income | 3,333 | 2,199 | 5,357 | 3,992 | |||
FDIC indemnification asset amortization | -3,836 | -671 | -9,307 | -1,556 | |||
Bank owned life insurance income | 327 | 360 | 1,004 | 1,081 | |||
Other service charges and fees | 190 | 464 | 723 | 1,062 | |||
Net gain on sale of securities available for sale | ' | 675 | 1,038 | 2,003 | |||
Bargain purchase gain | ' | ' | ' | 453 | |||
Total other income | 8,607 | 16,335 | 28,749 | 46,521 | |||
Non interest expense: | ' | ' | ' | ' | |||
Salaries, wages and employee benefits | 14,345 | 17,706 | 45,819 | 54,217 | |||
Occupancy expense | 1,924 | 2,246 | 5,758 | 6,788 | |||
Depreciation of premises and equipment | 1,364 | 1,465 | 4,316 | 4,148 | |||
Supplies, stationary and printing | 268 | 261 | 841 | 879 | |||
Marketing expenses | 722 | 716 | 1,836 | 1,909 | |||
Data processing expense | 1,026 | 890 | 2,822 | 2,857 | |||
Legal, audit and other professional fees | 1,176 | 551 | 2,803 | 1,772 | |||
Core deposit intangible (CDI) amortization | 246 | 294 | 749 | 871 | |||
Postage and delivery | 266 | 282 | 818 | 869 | |||
ATM and debit card related expenses | 435 | 312 | 1,374 | 830 | |||
Bank regulatory expenses | 588 | 623 | 1,804 | 1,981 | |||
Loss on sale of repossessed real estate ("OREO") | 1,852 | 153 | 2,414 | 654 | |||
Valuation write down of repossessed real estate ("OREO") | 3,184 | 1,735 | 5,851 | 2,825 | |||
Loss on repossessed assets other than real estate | 39 | 37 | 385 | 175 | |||
Foreclosure related expenses | 680 | 1,919 | 2,260 | 3,979 | |||
Merger and acquisition related expenses | 183 | 177 | 183 | 2,659 | |||
Other expenses | 1,552 | 2,339 | 4,280 | 6,037 | |||
Total other expenses | 29,850 | 31,706 | 84,313 | 93,450 | |||
Income before provision for income taxes | 4,640 | 3,871 | 15,107 | 10,950 | |||
Provision for income taxes | 1,531 | 1,229 | 4,664 | 3,281 | |||
Net income (loss) | 3,109 | 2,642 | 10,443 | 7,669 | |||
Other comprehensive income, net of tax: | ' | ' | ' | ' | |||
Unrealized securities holding (loss) gain, net of income taxes | -1,608 | 2,443 | -10,219 | 5,172 | |||
Less: reclassified adjustments for gain included in net income, net of income taxes, of $0, $400, $254, and $754, respectively | ' | -421 | [1] | -638 | [1] | -1,249 | [1] |
Net unrealized (loss) gain on available for sale securities, net of income taxes | -1,608 | 2,022 | -10,857 | 3,923 | |||
Total comprehensive income (loss) | $1,501 | $4,664 | ($414) | $11,592 | |||
Earnings per share: | ' | ' | ' | ' | |||
Basic | $0.10 | $0.09 | $0.35 | $0.25 | |||
Diluted | $0.10 | $0.09 | $0.35 | $0.25 | |||
Common shares used in the calculation of earnings per share: | ' | ' | ' | ' | |||
Basic | 30,109,728 | 30,077,933 | 30,099,509 | 30,072,008 | |||
Diluted | 30,243,873 | 30,142,167 | 30,216,028 | 30,136,680 | |||
[1] | Amounts are included in net gain on sale of securities available for sale in total non interest income. Provision for income taxes associated with the reclassification adjustment for the three and nine month periods ended September 30, 2013 and 2012 was $0, $400, $254 and $754, respectively. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Earnings and Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Reclassifications of gain included in net income, income taxes | $0 | $400 | $254 | $754 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | |||||
Balances at beginning at Dec. 31, 2011 | $262,633 | $301 | $228,342 | $28,277 | $5,713 |
Balances at beginning, shares at Dec. 31, 2011 | ' | 30,055,499 | ' | ' | ' |
Net income | 7,669 | ' | ' | 7,669 | ' |
Change in unrealized holding gain on available for sale securities, net of deferred income taxes | 3,923 | ' | ' | ' | 3,923 |
Dividends paid - common ($0.03 per share) | -902 | ' | ' | -902 | ' |
Stock grants issued | 247 | ' | 247 | ' | ' |
Stock grants issued, shares | ' | 24,268 | ' | ' | ' |
Stock based compensation expense | 279 | ' | 279 | ' | ' |
Balances at ending at Sep. 30, 2012 | 273,849 | 301 | 228,868 | 35,044 | 9,636 |
Balances at ending, shares at Sep. 30, 2012 | ' | 30,079,767 | ' | ' | ' |
Balances at beginning at Dec. 31, 2012 | 273,531 | 301 | 228,952 | 36,979 | 7,299 |
Balances at beginning, shares at Dec. 31, 2012 | 30,079,767 | 30,079,767 | ' | ' | ' |
Net income | 10,443 | ' | ' | 10,443 | ' |
Change in unrealized holding gain on available for sale securities, net of deferred income taxes | -10,857 | ' | ' | ' | -10,857 |
Dividends paid - common ($0.03 per share) | -902 | ' | ' | -902 | ' |
Stock grants issued | 300 | ' | 300 | ' | ' |
Stock grants issued, shares | ' | 32,708 | ' | ' | ' |
Stock based compensation expense | 226 | ' | 226 | ' | ' |
Balances at ending at Sep. 30, 2013 | $272,741 | $301 | $229,478 | $46,520 | ($3,558) |
Balances at ending, shares at Sep. 30, 2013 | 30,112,475 | 30,112,475 | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Change in unrealized holding gain on available for sale securities, deferred income tax benefit | $6,818 | $2,558 |
Dividends paid - common, per share | $0.03 | $0.03 |
Retained Earnings [Member] | ' | ' |
Dividends paid - common, per share | $0.03 | $0.03 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Change in unrealized holding gain on available for sale securities, deferred income tax benefit | $6,818 | $2,558 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $10,443 | $7,669 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | -259 | 7,051 |
Depreciation of premises and equipment | 4,316 | 4,148 |
Accretion of purchase accounting adjustments | -24,785 | -18,752 |
Net amortization of investment securities | 5,353 | 6,602 |
Net deferred loan origination fees | -593 | -117 |
Gain on sale of securities available for sale | -1,038 | -2,003 |
Trading securities revenue | -212 | -534 |
Purchases of trading securities | -171,530 | -272,130 |
Proceeds from sale of trading securities | 176,392 | 272,664 |
Repossessed real estate owned valuation write down | 5,851 | 2,825 |
Loss on sale of repossessed real estate owned | 2,414 | 654 |
Repossessed assets other than real estate valuation write down | 65 | 107 |
Loss on sale of repossessed assets other than real estate | 320 | 68 |
Gain on sale of loans held for sale | -255 | -172 |
Loans originated and held for sale | -15,499 | -11,744 |
Proceeds from sale of loans held for sale | 17,146 | 13,950 |
Loss (gain) on disposal of and or sale of fixed assets | 6 | -247 |
Impairment of bank property held for sale | 0 | 614 |
Gain on disposal of bank property held for sale | -31 | ' |
Deferred income taxes | 1,354 | 2,761 |
Stock based compensation expense | 436 | 478 |
Bank owned life insurance income | -1,004 | -1,081 |
Bargain purchase gain from acquisition | ' | -453 |
Net cash from changes in: | ' | ' |
Net changes in accrued interest receivable, prepaid expenses, and other assets | 6,600 | -2,005 |
Net change in accrued interest payable, accrued expense, and other liabilities | 1,028 | 2,988 |
Net cash provided by operating activities | 16,518 | 13,341 |
Cash flows from investing activities: | ' | ' |
Purchases of investment securities available for sale | -31,133 | -71,513 |
Purchases of mortgage backed securities available for sale | -183,002 | -99,503 |
Purchases of FHLB and FRB stock | ' | -855 |
Proceeds from maturities of investment securities available for sale | 165 | 204 |
Proceeds from called investment securities available for sale | 8,670 | 75,610 |
Proceeds from pay-downs of mortgage backed securities available for sale | 83,801 | 94,171 |
Proceeds from sales of investment securities available for sale | 31,201 | 23,261 |
Proceeds from sales of mortgage backed securities available for sale | 37,691 | 117,277 |
Proceeds from sales of FHLB and FRB stock | 1,570 | 4,835 |
Net (increase) decrease in loans | -25,264 | 37,535 |
Cash received from FDIC loss sharing agreements | 36,227 | 17,139 |
Purchases of premises and equipment, net | -3,670 | -7,676 |
Proceeds from sale of repossessed real estate | 22,356 | 17,385 |
Proceeds from sale of fixed assets | 13 | 1,154 |
Proceeds from sale of bank property held for sale | 931 | ' |
Purchase of bank owned life insurance | ' | -10,000 |
Net cash from bank acquisitions | ' | 81,061 |
Net cash provided by/(used in) investing activities | -20,444 | 280,085 |
Cash flows from financing activities: | ' | ' |
Net decrease in deposits | -34,886 | -338,827 |
Net increase in securities sold under agreement to repurchase | 3,358 | 6,389 |
Net increase (decrease) in federal funds purchased | 6,424 | -8,050 |
Dividends paid | -902 | -902 |
Net cash used in financing activities | -26,006 | -341,390 |
Net decrease in cash and cash equivalents | -29,932 | -47,964 |
Cash and cash equivalents, beginning of period | 136,748 | 151,095 |
Cash and cash equivalents, end of period | 106,816 | 103,131 |
Transfer of loans to other real estate owned | 23,400 | 16,843 |
Cash paid during the period for: | ' | ' |
Interest | 5,059 | 8,206 |
Income taxes | $1,745 | $9 |
Nature_of_Operations_and_Basis
Nature of Operations and Basis of Presentation | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Nature of Operations and Basis of Presentation | ' | |
NOTE 1: | Nature of Operations and basis of presentation | |
Our consolidated financial statements include the accounts of CenterState Banks, Inc. (the “Parent Company,” “Company” or “CSFL”), and our wholly owned subsidiary bank, CenterState Bank of Florida, N.A. (“CenterState”), and our non bank subsidiary, R4ALL, Inc. Our subsidiary bank operates through 55 full service banking locations in 18 counties throughout Florida, providing traditional deposit and lending products and services to its commercial and retail customers. R4ALL, Inc. is a separate non bank subsidiary of CSFL. Its purpose is to purchase troubled loans from our subsidiary bank and manage their eventual disposition. | ||
In addition, we also operate a correspondent banking and bond sales division. The division is integrated with and part of our subsidiary bank located in Winter Haven, Florida, although the majority of our bond salesmen, traders and operational personnel are physically housed in leased facilities located in Birmingham, Alabama, Atlanta, Georgia and Winston Salem, North Carolina. The business lines of this division are primarily divided into three inter-related revenue generating activities. The first, and largest, revenue generator is commissions earned on fixed income security sales. The second category includes correspondent bank deposits (i.e. federal funds purchased) and correspondent bank checking account deposits. The third revenue generating category includes fees from safe-keeping activities, bond accounting services for correspondents, asset/liability consulting related activities, international wires, and other clearing and corporate checking account services. The customer base includes small to medium size financial institutions primarily located in the Southeastern United States. | ||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012. In our opinion, all adjustments, consisting primarily of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods have been made. The results of operations of the three month and nine month periods ended September 30, 2013 are not necessarily indicative of the results expected for the full year. |
Common_Stock_Outstanding_and_E
Common Stock Outstanding and Earnings Per Share Data | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Common Stock Outstanding and Earnings Per Share Data | ' | ||||||||||||||||
NOTE 2: | Common stock outstanding and earnings per share data | ||||||||||||||||
Basic earnings per share is based on the weighted average number of common shares outstanding during the periods. Diluted earnings per share includes the weighted average number of common shares outstanding during the periods and the further dilution from stock options using the treasury method. Average stock options outstanding that were anti dilutive during the three month and nine month periods ending September 30, 2013 and 2012 were 1,040,121, 1,116,739, 1,165,761 and 1,143,888, respectively. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the periods presented. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator for basic and diluted earnings per share: | |||||||||||||||||
Net income | $ | 3,109 | $ | 2,642 | $ | 10,443 | $ | 7,669 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share | |||||||||||||||||
- weighted-average shares | 30,109,728 | 30,077,933 | 30,099,509 | 30,072,008 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and stock grants | 134,145 | 64,234 | 116,519 | 64,672 | |||||||||||||
Denominator for diluted earnings per share | |||||||||||||||||
- adjusted weighted-average shares | 30,243,873 | 30,142,167 | 30,216,028 | 30,136,680 | |||||||||||||
Basic earnings per share | $ | 0.1 | $ | 0.09 | $ | 0.35 | $ | 0.25 | |||||||||
Diluted earnings per share | $ | 0.1 | $ | 0.09 | $ | 0.35 | $ | 0.25 |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value | ' | ||||||||||||||||||||
NOTE 3: | Fair value | ||||||||||||||||||||
Generally accepted accounting principles establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | |||||||||||||||||||||
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | |||||||||||||||||||||
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||||||
Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing and asset or liability. | |||||||||||||||||||||
The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). | |||||||||||||||||||||
The fair values of trading securities are determined as follows: (1) for those securities that have traded prior to the date of the consolidated balance sheet but have not settled (date of sale) until after such date, the sales price is used as the fair value; and, (2) for those securities which have not traded as of the date of the consolidated balance sheet, the fair value was determined by broker price indications of similar or same securities. | |||||||||||||||||||||
The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2). Assets and liabilities measured at fair value on a recurring basis are summarized below. | |||||||||||||||||||||
Fair value measurements using | |||||||||||||||||||||
Carrying | Quoted prices in | Significant | Significant | ||||||||||||||||||
value | active markets for | other | unobservable | ||||||||||||||||||
identical assets | observable | inputs | |||||||||||||||||||
(Level 1) | inputs | (Level 3) | |||||||||||||||||||
(Level 2) | |||||||||||||||||||||
at September 30, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Trading securities | $ | 398 | — | $ | 398 | — | |||||||||||||||
Available for sale securities | |||||||||||||||||||||
U.S. government sponsored entities and agencies | 5 | — | 5 | — | |||||||||||||||||
Mortgage backed securities | 415,134 | — | 415,134 | — | |||||||||||||||||
Municipal securities | 41,416 | — | 41,416 | — | |||||||||||||||||
Interest rate swap derivatives | 712 | — | 712 | — | |||||||||||||||||
Liabilities: | 809 | — | 809 | — | |||||||||||||||||
Interest rate swap derivatives | |||||||||||||||||||||
at December 31, 2012 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Trading securities | $ | 5,048 | — | $ | 5,048 | — | |||||||||||||||
Available for sale securities | |||||||||||||||||||||
U.S. government sponsored entities and agencies | 7,546 | — | 7,546 | — | |||||||||||||||||
Mortgage backed securities | 373,190 | — | 373,190 | — | |||||||||||||||||
Municipal securities | 45,022 | — | 45,022 | — | |||||||||||||||||
Interest rate swap derivatives | 1,131 | — | 1,131 | — | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swap derivatives | 2,014 | — | 2,014 | — | |||||||||||||||||
The fair value of impaired loans with specific valuation allowance for loan losses and other real estate owned is based on recent real estate appraisals. For residential real estate impaired loans and other real estate owned, appraised values are based on the comparative sales approach. For commercial and commercial real estate impaired loans and other real estate owned, appraisers may use either a single valuation approach or a combination of approaches such as comparative sales, cost or the income approach. A significant unobservable input in the income approach is the estimated income capitalization rate for a given piece of collateral. At September 30, 2013, the range of capitalization rates utilized to determine the fair value of the underlying collateral ranged from 8% to 11%. Adjustments to appraisals may be made by the appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of a given asset over time. As such, the fair value of impaired loans and other real estate owned are considered a Level 3 in the fair value hierarchy. | |||||||||||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis are summarized below. | |||||||||||||||||||||
Fair value measurements using | |||||||||||||||||||||
Carrying | Quoted prices in | Significant | Significant | ||||||||||||||||||
value | active markets for | other | unobservable | ||||||||||||||||||
identical assets | observable | inputs | |||||||||||||||||||
(Level 1) | inputs | (Level 3) | |||||||||||||||||||
(Level 2) | |||||||||||||||||||||
at September 30, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Residential real estate | $ | 2,896 | — | — | $ | 2,896 | |||||||||||||||
Commercial real estate | 6,174 | — | — | 6,174 | |||||||||||||||||
Land, land development and construction | 961 | — | — | 961 | |||||||||||||||||
Commercial | 1,310 | — | — | 1,310 | |||||||||||||||||
Consumer | 158 | — | — | 158 | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Residential real estate | $ | 18 | — | — | $ | 18 | |||||||||||||||
Commercial real estate | 3,664 | — | — | 3,664 | |||||||||||||||||
Land, land development and construction | 4,427 | — | — | 4,427 | |||||||||||||||||
Bank owned real estate held for sale | 1,582 | — | — | 1,582 | |||||||||||||||||
at December 31, 2012 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Residential real estate | $ | 837 | — | — | $ | 837 | |||||||||||||||
Commercial real estate | 8,379 | — | — | 8,379 | |||||||||||||||||
Land, land development and construction | 1,103 | — | — | 1,103 | |||||||||||||||||
Commercial | 905 | — | — | 905 | |||||||||||||||||
Consumer | 84 | — | — | 84 | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Residential real estate | $ | 582 | — | — | $ | 582 | |||||||||||||||
Commercial real estate | 5,933 | — | — | 5,933 | |||||||||||||||||
Land, land development and construction | 4,445 | — | — | 4,445 | |||||||||||||||||
Bank owned real estate held for sale | 2,482 | — | — | 2,482 | |||||||||||||||||
Impaired loans with specific valuation allowances and/or partial charge-offs had a recorded investment of $12,083 with a valuation allowance of $584, at September 30, 2013, and a recorded investment of $11,678, with a valuation allowance of $370, at December 31, 2012. The Company recorded a provision for loan loss expense of $383 and $781on these loans during the three and nine month periods ending September 30, 2013, respectively. | |||||||||||||||||||||
Other real estate owned had a decline in fair value of $3,184 and $5,851 during the three and nine month period ending September 30, 2013, respectively, and $1,735 and $2,825 during the three and nine month period ending September 30, 2012, respectively. Changes in fair value were recorded directly to current earnings through non interest expense. | |||||||||||||||||||||
Bank owned real estate held for sale represents certain branch office buildings which the Company has closed and consolidated to other existing branches. The real estate was transferred out of the Bank Premises and Equipment category into bank owned property held for sale and included in Prepaid and Other Assets category in the Company’s Condensed Consolidated Balance Sheet during 2012. The real estate was transferred at the lower of amortized cost or fair value less estimated costs to sell. During the current year, one of the properties was sold. The net proceeds from the sale was $931 resulting in a gain on the sale of $31, which was included in other non interest income in the Company’s Condensed Consolidated Statements of Earnings and Comprehensive Income. Impairment charges recognized during the three and nine month periods ending September 30, 2013 and 2012 were $0, $0, $449 and $614, respectively. | |||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The methods and assumptions, not previously presented, used to estimate fair value are described as follows: | |||||||||||||||||||||
Cash and Cash Equivalents: The carrying amounts of cash and cash equivalents approximate fair values and are classified as Level 1. | |||||||||||||||||||||
FHLB and FRB Stock: It is not practical to determine the fair value of FHLB and FRB stock due to restrictions placed on their transferability. | |||||||||||||||||||||
Loans held for sale: The fair value of loans held for sale is estimated based upon binding contracts from third party investors resulting in a Level 2 classification. | |||||||||||||||||||||
Loans, net: Fair values of loans, excluding loans held for sale, are estimated as follows: For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values resulting in a Level 3 classification. Fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a Level 3 classification. Impaired loans are valued as described previously. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. | |||||||||||||||||||||
FDIC Indemnification Asset: It is not practical to determine the fair value of the FDIC indemnification asset due to restrictions placed on its transferability. | |||||||||||||||||||||
Accrued Interest Receivable: The carrying amount of accrued interest receivable approximates fair value and is classified as Level 3. | |||||||||||||||||||||
Deposits: The fair values disclosed for demand deposits (e.g., interest and non-interest checking, savings, and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount) resulting in Level 1 classification. Fair values for fixed rate certificates of deposit are estimated using a discounted cash flows calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification. | |||||||||||||||||||||
Short-term Borrowings: The carrying amounts of federal funds purchased, borrowings under repurchase agreements, and other short-term borrowings, generally maturing within ninety days, approximate their fair values resulting in a Level 2 classification. | |||||||||||||||||||||
Corporate Debentures: The fair values of the Company’s corporate debentures are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. | |||||||||||||||||||||
Accrued Interest Payable: The carrying amount of accrued interest payable approximates fair value resulting in a Level 2 classification. | |||||||||||||||||||||
Off-balance Sheet Instruments: The fair value of off-balance-sheet items is not considered material. | |||||||||||||||||||||
The following table presents the carry amounts and estimated fair values of the Company’s financial instruments: | |||||||||||||||||||||
Fair value measurements | |||||||||||||||||||||
at September 30, 2013 | Carrying amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 106,816 | $ | 106,816 | $ | — | $ | — | $ | 106,816 | |||||||||||
Trading securities | 398 | — | 398 | — | 398 | ||||||||||||||||
Investment securities available for sale | 456,555 | — | 456,555 | — | 456,555 | ||||||||||||||||
FHLB and FRB stock | 8,179 | — | — | — | n/a | ||||||||||||||||
Loans held for sale | 1,317 | — | 1,317 | — | 1,317 | ||||||||||||||||
Loans, less allowance for loan losses of $21,321 | 1,437,251 | — | — | 1,438,680 | 1,438,680 | ||||||||||||||||
FDIC indemnification asset | 81,603 | — | — | — | n/a | ||||||||||||||||
Interest rate swap derivatives | 712 | — | 712 | — | 712 | ||||||||||||||||
Accrued interest receivable | 6,206 | — | — | 6,206 | 6,206 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits- without stated maturities | $ | 1,561,747 | $ | 1,561,747 | $ | — | $ | — | $ | 1,561,747 | |||||||||||
Deposits- with stated maturities | 400,208 | — | 404,692 | — | 404,692 | ||||||||||||||||
Securities sold under agreement to repurchase | 22,150 | — | 22,150 | — | 22,150 | ||||||||||||||||
Federal funds purchased | 45,356 | — | 45,356 | — | 45,356 | ||||||||||||||||
Corporate debentures | 16,990 | — | 11,011 | — | 11,011 | ||||||||||||||||
Interest rate swap derivatives | 809 | — | 809 | — | 809 | ||||||||||||||||
Accrued interest payable | 378 | — | 378 | — | 378 | ||||||||||||||||
Fair value measurements | |||||||||||||||||||||
at December 31, 2012 | Carrying amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 136,748 | $ | 136,748 | $ | — | $ | — | $ | 136,748 | |||||||||||
Trading securities | 5,048 | — | 5,048 | — | 5,048 | ||||||||||||||||
Investment securities available for sale | 425,758 | — | 425,758 | — | 425,758 | ||||||||||||||||
FHLB and FRB stock | 9,749 | — | — | — | n/a | ||||||||||||||||
Loans held for sale | 2,709 | — | 2,709 | — | 2,709 | ||||||||||||||||
Loans, less allowance for loan losses of $26,682 | 1,409,181 | — | — | 1,324,630 | 1,324,630 | ||||||||||||||||
FDIC indemnification asset | 119,289 | — | — | — | n/a | ||||||||||||||||
Interest rate swap derivatives | 1,131 | — | 1,131 | — | — | ||||||||||||||||
Accrued interest receivable | 6,100 | — | — | 6,100 | 6,100 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits- without stated maturities | $ | 1,521,928 | $ | 1,521,928 | $ | — | $ | — | $ | 1,521,928 | |||||||||||
Deposits- with stated maturities | 475,304 | — | 483,220 | — | 483,220 | ||||||||||||||||
Securities sold under agreement to repurchase | 18,792 | — | 18,792 | — | 18,792 | ||||||||||||||||
Federal funds purchased | 38,932 | — | 38,932 | — | 38,932 | ||||||||||||||||
Corporate debentures | 16,970 | — | — | 8,477 | 8,477 | ||||||||||||||||
Interest rate swap derivatives | 2,014 | — | 2,014 | — | 2,014 | ||||||||||||||||
Accrued interest payable | 579 | — | 579 | — | 579 |
Reportable_Segments
Reportable Segments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Reportable Segments | ' | ||||||||||||||||||||
NOTE 4: | Reportable segments | ||||||||||||||||||||
The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning purposes by management. The table below is a reconciliation of the reportable segment revenues, expenses, and profit to the Company’s consolidated total for the three and nine month periods ending September 30, 2013 and 2012. | |||||||||||||||||||||
Three month period ending September 30, 2013 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead | entries | ||||||||||||||||||
banking | bond sales | and | |||||||||||||||||||
division | administration | ||||||||||||||||||||
Interest income | $ | 25,304 | $ | 730 | $ | — | $ | 26,034 | |||||||||||||
Interest expense | (1,267 | ) | (5 | ) | (152 | ) | (1,424 | ) | |||||||||||||
Net interest income (expense) | 24,037 | 725 | (152 | ) | 24,610 | ||||||||||||||||
Recovery of prior loan loss provision | 1,273 | — | — | 1,273 | |||||||||||||||||
Non interest income | 4,836 | 3,771 | — | 8,607 | |||||||||||||||||
Non interest expense | (24,620 | ) | (4,377 | ) | (853 | ) | (29,850 | ) | |||||||||||||
Net income (loss) before taxes | 5,526 | 119 | (1,005 | ) | 4,640 | ||||||||||||||||
Income tax (provision) benefit | (1,867 | ) | (46 | ) | 382 | (1,531 | ) | ||||||||||||||
Net income (loss) | $ | 3,359 | $ | 73 | ($ | 623 | ) | $ | 3,109 | ||||||||||||
Total assets | $ | 2,194,300 | $ | 138,395 | $ | 294,425 | ($ | 291,099 | ) | $ | 2,336,021 | ||||||||||
Nine month period ending September 30, 2013 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead | entries | ||||||||||||||||||
banking | bond sales | and | |||||||||||||||||||
division | administration | ||||||||||||||||||||
Interest income | $ | 72,777 | $ | 2,122 | $ | — | $ | 74,899 | |||||||||||||
Interest expense | (4,019 | ) | (16 | ) | (452 | ) | (4,487 | ) | |||||||||||||
Net interest income (expense) | 68,758 | 2,106 | (452 | ) | 70,412 | ||||||||||||||||
Recovery of prior loan loss provision | 259 | — | — | 259 | |||||||||||||||||
Non interest income | 12,364 | 16,385 | — | 28,749 | |||||||||||||||||
Non interest expense | (65,917 | ) | (15,815 | ) | (2,581 | ) | (84,313 | ) | |||||||||||||
Net income (loss) before taxes | 15,464 | 2,676 | (3,033 | ) | 15,107 | ||||||||||||||||
Income tax (provision) benefit | (4,933 | ) | (1,032 | ) | 1,301 | (4,664 | ) | ||||||||||||||
Net income (loss) | $ | 10,531 | $ | 1,644 | ($ | 1,732 | ) | $ | 10,443 | ||||||||||||
Total assets | $ | 2,194,300 | $ | 138,395 | $ | 294,425 | ($ | 291,099 | ) | $ | 2,336,021 | ||||||||||
Three month period ending September 30, 2012 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead | entries | ||||||||||||||||||
banking | bond sales | and | |||||||||||||||||||
division | administration | ||||||||||||||||||||
Interest income | $ | 22,676 | $ | 932 | $ | — | $ | 23,608 | |||||||||||||
Interest expense | (1,770 | ) | (7 | ) | (164 | ) | (1,941 | ) | |||||||||||||
Net interest income | 20,906 | 925 | (164 | ) | 21,667 | ||||||||||||||||
Provision for loan losses | (2,425 | ) | — | — | (2,425 | ) | |||||||||||||||
Non interest income | 6,882 | 9,453 | — | 16,335 | |||||||||||||||||
Non interest expense | (23,704 | ) | (7,235 | ) | (767 | ) | (31,706 | ) | |||||||||||||
Net income before taxes | 1,659 | 3,143 | (931 | ) | 3,871 | ||||||||||||||||
Income tax (provision) benefit | (389 | ) | (1,183 | ) | 343 | (1,229 | ) | ||||||||||||||
Net income (loss) | $ | 1,270 | $ | 1,960 | $ | (588 | ) | $ | 2,642 | ||||||||||||
Total assets | $ | 2,206,116 | $ | 166,231 | $ | 295,062 | $ | (289,794 | ) | $ | 2,377,615 | ||||||||||
Nine month period ending September 30, 2012 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead | entries | ||||||||||||||||||
banking | bond sales | and | |||||||||||||||||||
division | administration | ||||||||||||||||||||
Interest income | $ | 68,518 | $ | 3,167 | $ | — | $ | 71,685 | |||||||||||||
Interest expense | (6,053 | ) | (22 | ) | (680 | ) | (6,755 | ) | |||||||||||||
Net interest income | 62,465 | 3,145 | (680 | ) | 64,930 | ||||||||||||||||
Provision for loan losses | (7,051 | ) | — | — | (7,051 | ) | |||||||||||||||
Non interest income | 18,004 | 28,514 | 3 | 46,521 | |||||||||||||||||
Non interest expense | (69,011 | ) | (22,099 | ) | (2,340 | ) | (93,450 | ) | |||||||||||||
Net income before taxes | 4,407 | 9,560 | (3,017 | ) | 10,950 | ||||||||||||||||
Income tax (provision) benefit | (795 | ) | (3,598 | ) | 1,112 | (3,281 | ) | ||||||||||||||
Net income (loss) | $ | 3,612 | $ | 5,962 | $ | (1,905 | ) | $ | 7,669 | ||||||||||||
Total assets | $ | 2,206,116 | $ | 166,231 | $ | 295,062 | $ | (289,794 | ) | $ | 2,377,615 | ||||||||||
Commercial and retail banking: The Company’s primary business is commercial and retail banking. Currently, the Company operates through its subsidiary bank and a non bank subsidiary, R4ALL, with 55 full service banking locations in 18 counties throughout Florida providing traditional deposit and lending products and services to its commercial and retail customers. | |||||||||||||||||||||
Correspondent banking and bond sales division: Operating as a division of our subsidiary bank, its primary revenue generating activities are as follows: 1) the first, and largest, revenue generator is commissions earned on fixed income security sales; 2) the second category includes spread income earned on correspondent bank deposits (i.e. federal funds purchased) and service fees on correspondent bank checking accounts; and, 3) the third revenue generating category, includes fees from safe-keeping activities, bond accounting services for correspondents, asset/liability consulting related activities, international wires, and other clearing and corporate checking account services. The customer base includes small to medium size financial institutions primarily located in Southeastern United States. | |||||||||||||||||||||
Corporate overhead and administration: Corporate overhead and administration is comprised primarily of compensation and benefits for certain members of management, interest on parent company debt, office occupancy and depreciation of parent company facilities, certain merger related costs and other expenses. |
Investment_Securities_Availabl
Investment Securities Available for Sale | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities Available for Sale | ' | ||||||||||||||||||||||||
NOTE 5: | Investment Securities Available for Sale | ||||||||||||||||||||||||
All of the mortgage backed securities listed below were issued by U.S. government sponsored entities and agencies, primarily Fannie Mae, Freddie Mac and Ginnie Mae, institutions which the government has affirmed its commitment to support. The fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Obligations of U.S. government sponsored entities and agencies | $ | 5 | $ | — | $ | — | $ | 5 | |||||||||||||||||
Mortgage backed securities | 421,248 | 4,865 | 10,979 | 415,134 | |||||||||||||||||||||
Municipal securities | 41,094 | 934 | 612 | 41,416 | |||||||||||||||||||||
Total | $ | 462,347 | $ | 5,799 | $ | 11,591 | $ | 456,555 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Obligations of U.S. government sponsored entities and agencies | $ | 7,465 | $ | 81 | $ | — | $ | 7,546 | |||||||||||||||||
Mortgage backed securities | 364,014 | 9,247 | 71 | 373,190 | |||||||||||||||||||||
Municipal securities | 42,570 | 2,504 | 52 | 45,022 | |||||||||||||||||||||
Total | $ | 414,049 | $ | 11,832 | $ | 123 | $ | 425,758 | |||||||||||||||||
The cost of securities sold is determined using the specific identification method. Sales of available for sale securities were as follows: | |||||||||||||||||||||||||
For the nine months ended: | Sept 30, | Sept 30, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Proceeds | $ | 68,892 | $ | 140,537 | |||||||||||||||||||||
Gross gains | 1,038 | 2,285 | |||||||||||||||||||||||
Gross losses | — | 282 | |||||||||||||||||||||||
The tax provision related to these net realized gains was $400 and $754, respectively. | |||||||||||||||||||||||||
The fair value of available for sale securities at September 30, 2013 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. | |||||||||||||||||||||||||
Fair | Amortized | ||||||||||||||||||||||||
Value | Cost | ||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||
Due in one year or less | $ | 625 | $ | 625 | |||||||||||||||||||||
Due after one year through five years | 1,929 | 1,800 | |||||||||||||||||||||||
Due after five years through ten years | 11,594 | 11,335 | |||||||||||||||||||||||
Due after ten years through thirty years | 27,273 | 27,339 | |||||||||||||||||||||||
Mortgage backed securities | 415,134 | 421,248 | |||||||||||||||||||||||
$ | 456,555 | $ | 462,347 | ||||||||||||||||||||||
Securities pledged at September 30, 2013 and December 31, 2012 had a carrying amount (estimated fair value) of $108,871 and $108,737 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, there were no holdings of securities of any one issuer, other than mortgage backed securities issued by U.S. Government sponsored entities and agencies, in an amount greater than 10% of stockholders’ equity. | |||||||||||||||||||||||||
The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Obligations of U.S. government sponsored entities and agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Mortgage backed securities | 235,856 | 10,979 | — | — | 235,856 | 10,979 | |||||||||||||||||||
Municipal securities | 11,591 | 612 | — | — | 11,591 | 612 | |||||||||||||||||||
Total temporarily impaired securities | $ | 247,447 | $ | 11,591 | $ | — | $ | — | $ | 247,447 | $ | 11,591 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Obligations of U.S. government sponsored entities and agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Mortgage backed securities | 30,840 | 71 | — | — | 30,840 | 71 | |||||||||||||||||||
Municipal securities | 2,180 | 52 | — | — | 2,180 | 52 | |||||||||||||||||||
Total temporarily impaired securities | $ | 33,020 | $ | 123 | $ | — | $ | — | $ | 33,020 | $ | 123 | |||||||||||||
At September 30, 2013, 100% of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae, Freddie Mac, and Ginnie Mae, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2013. | |||||||||||||||||||||||||
Unrealized losses on municipal securities have not been recognized into income because the issuers bonds are of high quality, and because management does not intend to sell these investments or more likely than not will not be required to sell these investments before their anticipated recovery. The fair value is expected to recover as the securities approach maturity. |
Loans
Loans | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||||||
NOTE 6: | Loans | ||||||||||||||||||||||||||||
The following table sets forth information concerning the loan portfolio by collateral types as of the dates indicated. | |||||||||||||||||||||||||||||
Sept 30, 2013 | 31-Dec-12 | ||||||||||||||||||||||||||||
Loans not covered by FDIC loss share agreements | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||
Residential | $ | 449,224 | $ | 428,554 | |||||||||||||||||||||||||
Commercial | 529,172 | 480,494 | |||||||||||||||||||||||||||
Land, development and construction | 60,375 | 55,474 | |||||||||||||||||||||||||||
Total real estate | 1,038,771 | 964,522 | |||||||||||||||||||||||||||
Commercial | 126,451 | 124,225 | |||||||||||||||||||||||||||
Consumer and other loans (note 1) | 1,259 | 2,732 | |||||||||||||||||||||||||||
Consumer and other loans | 49,065 | 48,547 | |||||||||||||||||||||||||||
Loans before unearned fees and deferred cost | 1,215,546 | 1,140,026 | |||||||||||||||||||||||||||
Net unearned fees and costs | 135 | (458 | ) | ||||||||||||||||||||||||||
Allowance for loan losses for noncovered loans | (19,265 | ) | (24,033 | ) | |||||||||||||||||||||||||
Net loans not covered by FDIC loss share agreements | 1,196,416 | 1,115,535 | |||||||||||||||||||||||||||
Loans covered by FDIC loss share agreements | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||
Residential | 124,027 | 142,480 | |||||||||||||||||||||||||||
Commercial | 109,285 | 134,413 | |||||||||||||||||||||||||||
Land, development and construction | 5,673 | 13,259 | |||||||||||||||||||||||||||
Total real estate | 238,985 | 290,152 | |||||||||||||||||||||||||||
Commercial | 3,906 | 6,143 | |||||||||||||||||||||||||||
242,891 | 296,295 | ||||||||||||||||||||||||||||
Allowance for loan losses for covered loans | (2,056 | ) | (2,649 | ) | |||||||||||||||||||||||||
Net loans covered by FDIC loss share agreements | 240,835 | 293,646 | |||||||||||||||||||||||||||
Total loans, net of allowance for loan losses | $ | 1,437,251 | $ | 1,409,181 | |||||||||||||||||||||||||
note 1: | Consumer loans acquired pursuant to three FDIC assisted transactions of failed financial institutions during the third quarter of 2010 and two in the first quarter of 2012. These loans are not covered by an FDIC loss share agreement. The loans are being accounted for pursuant to ASC Topic 310-30. | ||||||||||||||||||||||||||||
The tables below set forth the activity in the allowance for loan losses for the periods presented. | |||||||||||||||||||||||||||||
Loans not | Loans | Total | |||||||||||||||||||||||||||
covered by | covered by | ||||||||||||||||||||||||||||
FDIC loss | FDIC loss | ||||||||||||||||||||||||||||
share | share | ||||||||||||||||||||||||||||
agreements | agreements | ||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 21,800 | $ | 2,020 | $ | 23,820 | |||||||||||||||||||||||
Loans charged-off | (1,570 | ) | — | (1,570 | ) | ||||||||||||||||||||||||
Recoveries of loans previously charged-off | 344 | — | 344 | ||||||||||||||||||||||||||
Net charge-offs | (1,226 | ) | — | (1,226 | ) | ||||||||||||||||||||||||
(Recovery) provision for loan losses | (1,309 | ) | 36 | (1,273 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 19,265 | $ | 2,056 | $ | 21,321 | |||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 24,033 | $ | 2,649 | $ | 26,682 | |||||||||||||||||||||||
Loans charged-off | (5,404 | ) | (515 | ) | (5,919 | ) | |||||||||||||||||||||||
Recoveries of loans previously charged-off | 817 | — | 817 | ||||||||||||||||||||||||||
Net charge-offs | (4,587 | ) | (515 | ) | (5,102 | ) | |||||||||||||||||||||||
(Recovery) provision for loan losses | (181 | ) | (78 | ) | (259 | ) | |||||||||||||||||||||||
Balance at end of period | $ | 19,265 | $ | 2,056 | $ | 21,321 | |||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 23,634 | $ | 1,549 | $ | 25,183 | |||||||||||||||||||||||
Loans charged-off | (2,245 | ) | — | (2,245 | ) | ||||||||||||||||||||||||
Recoveries of loans previously charged-off | 978 | — | 978 | ||||||||||||||||||||||||||
Net charge-offs | (1,267 | ) | — | (1,267 | ) | ||||||||||||||||||||||||
Provision for loan losses | 1,652 | 773 | 2,425 | ||||||||||||||||||||||||||
Balance at end of period | $ | 24,019 | $ | 2,322 | $ | 26,341 | |||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 27,585 | $ | 359 | $ | 27,944 | |||||||||||||||||||||||
Loans charged-off | (10,393 | ) | — | (10,393 | ) | ||||||||||||||||||||||||
Recoveries of loans previously charged-off | 1,739 | — | 1,739 | ||||||||||||||||||||||||||
Net charge-offs | (8,654 | ) | — | (8,654 | ) | ||||||||||||||||||||||||
Provision for loan losses | 5,088 | 1,963 | 7,051 | ||||||||||||||||||||||||||
Balance at end of period | $ | 24,019 | $ | 2,322 | $ | 26,341 | |||||||||||||||||||||||
The following tables present the activity in the allowance for loan losses for loans not covered by FDIC loss share agreements by portfolio segment for the periods presented. | |||||||||||||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||
Residential | Commercial | Land, | Comm. & | Consumer | Total | ||||||||||||||||||||||||
develop., | industrial | & other | |||||||||||||||||||||||||||
constr. | |||||||||||||||||||||||||||||
Loans not covered by FDIC loss share agreements: | |||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 9,791 | $ | 6,026 | $ | 4,071 | $ | 1,064 | $ | 848 | $ | 21,800 | |||||||||||||||||
Charge-offs | (1,147 | ) | (53 | ) | (127 | ) | (53 | ) | (190 | ) | (1,570 | ) | |||||||||||||||||
Recoveries | 163 | 42 | 41 | 22 | 76 | 344 | |||||||||||||||||||||||
Provision for loan losses | 844 | (1,431 | ) | (644 | ) | (146 | ) | 68 | (1,309 | ) | |||||||||||||||||||
Balance at end of period | $ | 9,651 | $ | 4,584 | $ | 3,341 | $ | 887 | $ | 802 | $ | 19,265 | |||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 6,831 | $ | 8,272 | $ | 6,211 | $ | 1,745 | $ | 974 | $ | 24,033 | |||||||||||||||||
Charge-offs | (3,328 | ) | (1,127 | ) | (310 | ) | (112 | ) | (527 | ) | (5,404 | ) | |||||||||||||||||
Recoveries | 396 | 82 | 161 | 43 | 135 | 817 | |||||||||||||||||||||||
Provision for loan losses | 5,752 | (2,643 | ) | (2,721 | ) | (789 | ) | 220 | (181 | ) | |||||||||||||||||||
Balance at end of period | $ | 9,651 | $ | 4,584 | $ | 3,341 | $ | 887 | $ | 802 | $ | 19,265 | |||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 4,860 | $ | 8,091 | $ | 7,868 | $ | 1,638 | $ | 1,177 | $ | 23,634 | |||||||||||||||||
Charge-offs | (1,456 | ) | (179 | ) | (385 | ) | (10 | ) | (215 | ) | (2,245 | ) | |||||||||||||||||
Recoveries | 182 | 411 | 338 | 4 | 43 | 978 | |||||||||||||||||||||||
Provision for loan losses | 1,896 | 263 | (719 | ) | 54 | 158 | 1,652 | ||||||||||||||||||||||
Balance at end of period | $ | 5,482 | $ | 8,586 | $ | 7,102 | $ | 1,686 | $ | 1,163 | $ | 24,019 | |||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 6,700 | $ | 8,825 | $ | 9,098 | $ | 1,984 | $ | 978 | $ | 27,585 | |||||||||||||||||
Charge-offs | (3,233 | ) | (1,758 | ) | (4,593 | ) | (71 | ) | (738 | ) | (10,393 | ) | |||||||||||||||||
Recoveries | 334 | 834 | 423 | 15 | 133 | 1,739 | |||||||||||||||||||||||
Provision for loan losses | 1,681 | 685 | 2,174 | (242 | ) | 790 | 5,088 | ||||||||||||||||||||||
Balance at end of period | $ | 5,482 | $ | 8,586 | $ | 7,102 | $ | 1,686 | $ | 1,163 | $ | 24,019 | |||||||||||||||||
The following tables present the activity in the allowance for loan losses for loans covered by FDIC loss share agreements by portfolio segment for the periods presented. | |||||||||||||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||
Residential | Commercial | Land, | Comm. & | Total | |||||||||||||||||||||||||
develop., | industrial | ||||||||||||||||||||||||||||
constr. | |||||||||||||||||||||||||||||
Loans covered by FDIC loss share agreements: | |||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | 1,577 | $ | 130 | $ | 313 | $ | 2,020 | |||||||||||||||||||
Charge-offs | — | — | — | — | — | ||||||||||||||||||||||||
Recoveries | — | — | — | — | — | ||||||||||||||||||||||||
Provision for loan losses | — | (190 | ) | (8 | ) | 234 | 36 | ||||||||||||||||||||||
Balance at end of period | $ | — | $ | 1,387 | $ | 122 | $ | 547 | $ | 2,056 | |||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | 2,335 | $ | — | $ | 314 | $ | 2,649 | |||||||||||||||||||
Charge-offs | — | (515 | ) | — | — | (515 | ) | ||||||||||||||||||||||
Recoveries | — | — | — | — | — | ||||||||||||||||||||||||
Provision for loan losses | — | (433 | ) | 122 | 233 | (78 | ) | ||||||||||||||||||||||
Balance at end of period | $ | — | $ | 1,387 | $ | 122 | $ | 547 | $ | 2,056 | |||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 82 | $ | 1,455 | $ | — | $ | 12 | $ | 1,549 | |||||||||||||||||||
Charge-offs | — | — | — | — | — | ||||||||||||||||||||||||
Recoveries | — | — | — | — | — | ||||||||||||||||||||||||
Provision for loan losses | — | 780 | — | (7 | ) | 773 | |||||||||||||||||||||||
Balance at end of period | $ | 82 | $ | 2,235 | $ | — | $ | 5 | $ | 2,322 | |||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 82 | $ | 223 | $ | 40 | $ | 14 | $ | 359 | |||||||||||||||||||
Charge-offs | — | — | — | — | — | ||||||||||||||||||||||||
Recoveries | — | — | — | — | — | ||||||||||||||||||||||||
Provision for loan losses | — | 2,012 | (40 | ) | (9 | ) | 1,963 | ||||||||||||||||||||||
Balance at end of period | $ | 82 | $ | 2,235 | $ | — | $ | 5 | $ | 2,322 | |||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2013 and December 31, 2012. Accrued interest receivable and unearned loan fees and costs are not included in the recorded investment because they are not material. | |||||||||||||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||
As of September 30, 2013 | Residential | Commercial | Land, | Comm. & | Consumer | Total | |||||||||||||||||||||||
develop., | industrial | & other | |||||||||||||||||||||||||||
constr. | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 429 | $ | 263 | $ | 57 | $ | 8 | $ | 27 | $ | 784 | |||||||||||||||||
Collectively evaluated for impairment | 9,222 | 4,321 | 3,284 | 879 | 775 | 18,481 | |||||||||||||||||||||||
Acquired with deteriorated credit quality | — | 1,387 | 122 | 547 | — | 2,056 | |||||||||||||||||||||||
Total ending allowance balance | $ | 9,651 | $ | 5,971 | $ | 3,463 | $ | 1,434 | $ | 802 | $ | 21,321 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 9,054 | $ | 27,246 | $ | 1,391 | $ | 1,831 | $ | 358 | $ | 39,880 | |||||||||||||||||
Loans collectively evaluated for impairment | 440,170 | 501,926 | 58,984 | 124,620 | 48,707 | 1,174,407 | |||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 124,027 | 109,285 | 5,673 | 3,906 | 1,259 | 244,150 | |||||||||||||||||||||||
Total ending loan balances | $ | 573,251 | $ | 638,457 | $ | 66,048 | $ | 130,357 | $ | 50,324 | $ | 1,458,437 | |||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||
As of December 31, 2012 | Residential | Commercial | Land, | Comm. & | Consumer | Total | |||||||||||||||||||||||
develop., | industrial | & other | |||||||||||||||||||||||||||
constr. | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 610 | $ | 277 | $ | 107 | $ | 1 | $ | 27 | $ | 1,022 | |||||||||||||||||
Collectively evaluated for impairment | 6,221 | 7,995 | 6,104 | 1,744 | 947 | 23,011 | |||||||||||||||||||||||
Acquired with deteriorated credit quality | — | 2,335 | — | 314 | — | 2,649 | |||||||||||||||||||||||
Total ending allowance balance | $ | 6,831 | $ | 10,607 | $ | 6,211 | $ | 2,059 | $ | 974 | $ | 26,682 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 9,936 | $ | 32,860 | $ | 1,520 | $ | 3,470 | $ | 393 | $ | 48,179 | |||||||||||||||||
Loans collectively evaluated for impairment | 418,618 | 447,634 | 53,954 | 120,755 | 48,154 | 1,089,115 | |||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 142,480 | 134,413 | 13,259 | 6,143 | 2,732 | 299,027 | |||||||||||||||||||||||
Total ending loan balance | $ | 571,034 | $ | 614,907 | $ | 68,733 | $ | 130,368 | $ | 51,279 | $ | 1,436,321 | |||||||||||||||||
The table below summarizes impaired loan data for the periods presented. | |||||||||||||||||||||||||||||
Sept 30, | Dec 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Impaired loans with a specific valuation allowance | $ | 7,992 | $ | 10,744 | |||||||||||||||||||||||||
Impaired loans without a specific valuation allowance | 31,888 | 37,435 | |||||||||||||||||||||||||||
Total impaired loans | $ | 39,880 | $ | 48,179 | |||||||||||||||||||||||||
Amount of allowance for loan losses allocated to impaired loans | $ | 784 | $ | 1,022 | |||||||||||||||||||||||||
Performing TDRs | $ | 11,604 | $ | 8,841 | |||||||||||||||||||||||||
Non performing TDRs, included in NPLs | 4,207 | 5,819 | |||||||||||||||||||||||||||
Total TDRs (TDRs are required to be included in impaired loans) | $ | 15,811 | $ | 14,660 | |||||||||||||||||||||||||
Impaired loans that are not TDRs | 24,069 | 33,519 | |||||||||||||||||||||||||||
Total impaired loans | $ | 39,880 | $ | 48,179 | |||||||||||||||||||||||||
In this current real estate environment it has become more common to restructure or modify the terms of certain loans under certain conditions (i.e. troubled debt restructure or “TDRs”). In those circumstances it may be beneficial to restructure the terms of a loan and work with the borrower for the benefit of both parties, versus forcing the property into foreclosure and having to dispose of it in an unfavorable real estate market. When we have modified the terms of a loan, we usually either reduce the monthly payment and/or interest rate for generally twelve to twenty-four months. We have not forgiven any material principal amounts on any loan modifications to date. We have approximately $15,811 of TDRs. Of this amount $11,604 are performing pursuant to their modified terms, and $4,207 are not performing and have been placed on non accrual status and included in our non performing loans (“NPLs”). | |||||||||||||||||||||||||||||
TDRs as of September 30, 2013 and December 31, 2012 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non performing loans) are presented in the tables below. | |||||||||||||||||||||||||||||
As of September 30, 2013 | Accruing | Non Accrual | Total | ||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 6,936 | $ | 1,546 | $ | 8,482 | |||||||||||||||||||||||
Commercial | 3,538 | 2,496 | 6,034 | ||||||||||||||||||||||||||
Land, development, construction | 429 | — | 429 | ||||||||||||||||||||||||||
Total real estate loans | 10,903 | 4,042 | 14,945 | ||||||||||||||||||||||||||
Commercial | 469 | 40 | 509 | ||||||||||||||||||||||||||
Consumer and other | 232 | 125 | 357 | ||||||||||||||||||||||||||
Total TDRs | $ | 11,604 | $ | 4,207 | $ | 15,811 | |||||||||||||||||||||||
As of December 31, 2012 | Accruing | Non-Accrual | Total | ||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 6,446 | $ | 1,778 | $ | 8,224 | |||||||||||||||||||||||
Commercial | 1,589 | 3,701 | 5,290 | ||||||||||||||||||||||||||
Land, development, construction | 202 | 231 | 433 | ||||||||||||||||||||||||||
Total real estate loans | 8,237 | 5,710 | 13,947 | ||||||||||||||||||||||||||
Commercial | 315 | 5 | 320 | ||||||||||||||||||||||||||
Consumer and other | 289 | 104 | 393 | ||||||||||||||||||||||||||
Total TDRs | $ | 8,841 | $ | 5,819 | $ | 14,660 | |||||||||||||||||||||||
Our policy is to return non accrual TDR loans to accrual status when all the principal and interest amounts contractually due, pursuant to its modified terms, are brought current and future payments are reasonably assured. Our policy also considers the payment history of the borrower, but is not dependent upon a specific number of payments. The Company recorded a provision for loan loss expense of $426 and $748 and partial charge offs of $219 and $445 on the TDR loans described above during the three and nine month period ending September 30, 2013. | |||||||||||||||||||||||||||||
Loans are modified to minimize loan losses when we believe the modification will improve the borrower’s financial condition and ability to repay the loan. We typically do not forgive principal. We generally either reduce interest rates or decrease monthly payments for a temporary period of time and those reductions of cash flows are capitalized into the loan balance. We may also extend maturities, convert balloon loans to longer term amortizing loans, or vice versa, or change interest rates between variable and fixed rate. Each borrower and situation is unique and we try to accommodate the borrower and minimize the Company’s potential losses. Approximately 73% of our TDRs are current pursuant to their modified terms, and about $4,207, or approximately 27% of our total TDRs are not performing pursuant to their modified terms. There does not appear to be any significant difference in success rates with one type of concession versus another. | |||||||||||||||||||||||||||||
The following table presents loans by class modified and for which there was a payment default within twelve months following the modification during the period ending September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||
Period ending | Year ending | ||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | ||||||||||||||||||||||||||
of loans | investment | of loans | investment | ||||||||||||||||||||||||||
Residential | 3 | $ | 562 | 10 | $ | 758 | |||||||||||||||||||||||
Commercial real estate | 5 | 1,662 | 4 | 2,567 | |||||||||||||||||||||||||
Land, development, construction | — | — | 4 | 156 | |||||||||||||||||||||||||
Commercial and Industrial | 1 | 25 | — | — | |||||||||||||||||||||||||
Consumer and other | 1 | 18 | 1 | 45 | |||||||||||||||||||||||||
Total | 10 | $ | 2,267 | 19 | $ | 3,526 | |||||||||||||||||||||||
The Company recorded a provision for loan loss expense of $172 and $332 and partial charge offs of $59 and $176 on TDR loans that subsequently defaulted as described above during the three and nine month period ending September 30, 2013, respectively. | |||||||||||||||||||||||||||||
The following tables present loans individually evaluated for impairment by class of loans as of September 30, 2013 and December 31, 2012. The recorded investment is less than the unpaid principal balance due to partial charge-offs. | |||||||||||||||||||||||||||||
As of September 30, 2013 | Unpaid | Recorded | Allowance for | ||||||||||||||||||||||||||
principal | investment | loan losses | |||||||||||||||||||||||||||
balance | allocated | ||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | $ | 5,539 | $ | 5,448 | $ | — | |||||||||||||||||||||||
Commercial real estate | 25,749 | 23,892 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,760 | 911 | — | ||||||||||||||||||||||||||
Commercial and industrial | 1,728 | 1,631 | — | ||||||||||||||||||||||||||
Consumer, other | 6 | 6 | — | ||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | 3,910 | 3,606 | 429 | ||||||||||||||||||||||||||
Commercial real estate | 3,533 | 3,354 | 263 | ||||||||||||||||||||||||||
Land, development, construction | 494 | 480 | 57 | ||||||||||||||||||||||||||
Commercial and industrial | 245 | 200 | 8 | ||||||||||||||||||||||||||
Consumer, other | 364 | 352 | 27 | ||||||||||||||||||||||||||
Total | $ | 43,328 | $ | 39,880 | $ | 784 | |||||||||||||||||||||||
As of December 31, 2012 | Unpaid | Recorded | Allowance for | ||||||||||||||||||||||||||
principal | investment | loan losses | |||||||||||||||||||||||||||
balance | allocated | ||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | $ | 1,712 | $ | 1,712 | $ | — | |||||||||||||||||||||||
Commercial real estate | 33,789 | 31,171 | — | ||||||||||||||||||||||||||
Land, development, construction | 2,042 | 1,087 | — | ||||||||||||||||||||||||||
Commercial and industrial | 3,556 | 3,465 | — | ||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | 8,624 | 8,224 | 610 | ||||||||||||||||||||||||||
Commercial real estate | 1,742 | 1,689 | 277 | ||||||||||||||||||||||||||
Land, development, construction | 664 | 433 | 107 | ||||||||||||||||||||||||||
Commercial and industrial | 5 | 5 | 1 | ||||||||||||||||||||||||||
Consumer, other | 395 | 393 | 27 | ||||||||||||||||||||||||||
Total | $ | 52,529 | $ | 48,179 | $ | 1,022 | |||||||||||||||||||||||
Three month period ending September, 30, 2013 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 8,829 | $ | 78 | $ | — | |||||||||||||||||||||||
Commercial | 26,960 | 295 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,436 | 2 | — | ||||||||||||||||||||||||||
Total real estate loans | 37,225 | 375 | — | ||||||||||||||||||||||||||
Commercial and industrial | 1,710 | 12 | — | ||||||||||||||||||||||||||
Consumer and other loans | 351 | 3 | — | ||||||||||||||||||||||||||
Total | $ | 39,286 | $ | 390 | $ | — | |||||||||||||||||||||||
Nine month period ending September 30, 2013 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 9,014 | $ | 222 | $ | — | |||||||||||||||||||||||
Commercial | 28,134 | 840 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,423 | 10 | — | ||||||||||||||||||||||||||
Total real estate loans | 38,571 | 1,072 | — | ||||||||||||||||||||||||||
Commercial and industrial | 1,984 | 28 | — | ||||||||||||||||||||||||||
Consumer and other loans | 369 | 8 | — | ||||||||||||||||||||||||||
Total | $ | 40,924 | $ | 1,108 | $ | — | |||||||||||||||||||||||
Three month period ending September, 30, 2012 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 10,289 | $ | 78 | $ | — | |||||||||||||||||||||||
Commercial | 29,900 | 285 | — | ||||||||||||||||||||||||||
Land, development, construction | 2,531 | 4 | — | ||||||||||||||||||||||||||
Total real estate loans | 42,720 | 367 | — | ||||||||||||||||||||||||||
Commercial and industrial | 3,306 | 34 | — | ||||||||||||||||||||||||||
Consumer and other loans | 427 | 3 | — | ||||||||||||||||||||||||||
Total | $ | 46,453 | $ | 404 | $ | — | |||||||||||||||||||||||
Nine month period ending September 30, 2012 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 10,131 | $ | 215 | $ | — | |||||||||||||||||||||||
Commercial | 29,756 | 946 | — | ||||||||||||||||||||||||||
Land, development, construction | 4,599 | 19 | — | ||||||||||||||||||||||||||
Total real estate loans | 44,486 | 1,180 | — | ||||||||||||||||||||||||||
Commercial and industrial | 4,432 | 80 | — | ||||||||||||||||||||||||||
Consumer and other loans | 455 | 13 | — | ||||||||||||||||||||||||||
Total | $ | 49,373 | $ | 1,273 | $ | — | |||||||||||||||||||||||
Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. | |||||||||||||||||||||||||||||
Nonperforming loans were as follows: | Sept 30, 2013 | Dec 31, 2012 | |||||||||||||||||||||||||||
Non accrual loans | $ | 21,104 | $ | 25,448 | |||||||||||||||||||||||||
Loans past due over 90 days and still accruing interest | 35 | 293 | |||||||||||||||||||||||||||
Total non performing loans | $ | 21,139 | $ | 25,741 | |||||||||||||||||||||||||
The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of September 30, 2013 and December 31, 2012, excluding loans acquired from the FDIC with evidence of credit deterioration and covered by FDIC loss share agreements: | |||||||||||||||||||||||||||||
As of September 30, 2013 | Nonaccrual | Loans past due | |||||||||||||||||||||||||||
over 90 days | |||||||||||||||||||||||||||||
still accruing | |||||||||||||||||||||||||||||
Residential real estate | $ | 10,882 | $ | — | |||||||||||||||||||||||||
Commercial real estate | 7,263 | — | |||||||||||||||||||||||||||
Land, development, construction | 1,247 | — | |||||||||||||||||||||||||||
Commercial | 1,290 | — | |||||||||||||||||||||||||||
Consumer, other | 422 | 35 | |||||||||||||||||||||||||||
Total | $ | 21,104 | $ | 35 | |||||||||||||||||||||||||
As of December 31, 2012 | Nonaccrual | Loans past due | |||||||||||||||||||||||||||
over 90 days | |||||||||||||||||||||||||||||
still accruing | |||||||||||||||||||||||||||||
Residential real estate | $ | 9,993 | $ | — | |||||||||||||||||||||||||
Commercial real estate | 11,459 | — | |||||||||||||||||||||||||||
Land, development, construction | 2,032 | — | |||||||||||||||||||||||||||
Commercial | 1,650 | — | |||||||||||||||||||||||||||
Consumer, other | 314 | 293 | |||||||||||||||||||||||||||
Total | $ | 25,448 | $ | 293 | |||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of September 30, 2013 and December 31, 2012, excluding loans acquired from the FDIC with evidence of credit deterioration and covered by FDIC loss share agreements: | |||||||||||||||||||||||||||||
Accruing Loans | |||||||||||||||||||||||||||||
As of September 30, 2013 | Total | 30 - 59 | 60 - 89 | Greater | Total Past | Loans Not | Nonaccrual | ||||||||||||||||||||||
days past | days past | than 90 | Due | Past Due | Loans | ||||||||||||||||||||||||
due | due | days past | |||||||||||||||||||||||||||
due | |||||||||||||||||||||||||||||
Residential real estate | $ | 449,224 | $ | 3,136 | $ | 1,623 | $ | — | $ | 4,759 | $ | 433,583 | $ | 10,882 | |||||||||||||||
Commercial real estate | 529,172 | 2,642 | 342 | — | 2,984 | 518,925 | 7,263 | ||||||||||||||||||||||
Land/dev/construction | 60,375 | 109 | 618 | — | 727 | 58,401 | 1,247 | ||||||||||||||||||||||
Commercial | 126,451 | 264 | 69 | — | 333 | 124,828 | 1,290 | ||||||||||||||||||||||
Consumer | 50,324 | 209 | 149 | 35 | 393 | 49,509 | 422 | ||||||||||||||||||||||
$ | 1,215,546 | $ | 6,360 | $ | 2,801 | $ | 35 | $ | 9,196 | $ | 1,185,246 | $ | 21,104 | ||||||||||||||||
Accruing Loans | |||||||||||||||||||||||||||||
As of December 31, 2012 | Total | 30 - 59 | 60 - 89 | Greater | Total Past | Loans Not | Nonaccrual | ||||||||||||||||||||||
days past | days past | than 90 | Due | Past Due | Loans | ||||||||||||||||||||||||
due | due | days past | |||||||||||||||||||||||||||
due | |||||||||||||||||||||||||||||
Residential real estate | $ | 428,554 | $ | 1,632 | $ | 677 | $ | — | $ | 2,309 | $ | 416,252 | $ | 9,993 | |||||||||||||||
Commercial real estate | 480,494 | 1,663 | 1,147 | — | 2,810 | 466,225 | 11,459 | ||||||||||||||||||||||
Land/dev/construction | 55,474 | 115 | 624 | — | 739 | 52,703 | 2,032 | ||||||||||||||||||||||
Commercial | 124,225 | 203 | 416 | — | 619 | 121,956 | 1,650 | ||||||||||||||||||||||
Consumer | 51,279 | 456 | 489 | 293 | 1,238 | 49,727 | 314 | ||||||||||||||||||||||
$ | 1,140,026 | $ | 4,069 | $ | 3,353 | $ | 293 | $ | 7,715 | 1,106,863 | $ | 25,448 | |||||||||||||||||
Credit Quality Indicators: | |||||||||||||||||||||||||||||
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes loans with an outstanding balance greater than $500 that are non-homogeneous loans, such as commercial, commercial real estate, land, land development and construction loans. This analysis is performed on at least an annual basis. The Company uses the following definitions for risk ratings: | |||||||||||||||||||||||||||||
Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. | |||||||||||||||||||||||||||||
Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||
Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |||||||||||||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Loans listed as not rated are either less than $500 or are included in groups of homogeneous loans. As of September 30, 2013 and December 31, 2012, and based on the most recent analysis performed, the risk category of loans by class of loans, excluding loans with evidence of deterioration of credit quality purchased from the FDIC and covered by FDIC loss share agreements, is as follows: | |||||||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||||||
Loan Category | Pass | Special | Substandard | Doubtful | |||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Residential real estate | $ | 420,235 | $ | 6,511 | $ | 22,478 | $ | — | |||||||||||||||||||||
Commercial real estate | 435,312 | 59,217 | 34,643 | — | |||||||||||||||||||||||||
Land/dev/construction | 46,689 | 10,765 | 2,921 | — | |||||||||||||||||||||||||
Commercial | 117,529 | 4,825 | 4,097 | — | |||||||||||||||||||||||||
Consumer | 48,970 | 554 | 800 | — | |||||||||||||||||||||||||
$ | 1,068,735 | $ | 81,872 | $ | 64,939 | $ | — | ||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Loan Category | Pass | Special | Substandard | Doubtful | |||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Residential real estate | $ | 400,244 | $ | 4,797 | $ | 23,513 | $ | — | |||||||||||||||||||||
Commercial real estate | 394,238 | 44,933 | 41,323 | — | |||||||||||||||||||||||||
Land/dev/construction | 39,650 | 11,994 | 3,830 | — | |||||||||||||||||||||||||
Commercial | 114,067 | 3,978 | 6,180 | — | |||||||||||||||||||||||||
Consumer | 49,894 | 613 | 772 | — | |||||||||||||||||||||||||
$ | 998,093 | $ | 66,315 | $ | 75,618 | $ | — | ||||||||||||||||||||||
The Company considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential and consumer loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in residential and consumer loans, excluding loans covered by FDIC loss share agreements, based on payment activity as of September 30, 2013: | |||||||||||||||||||||||||||||
Residential | Consumer | ||||||||||||||||||||||||||||
Performing | $ | 438,342 | $ | 49,867 | |||||||||||||||||||||||||
Nonperforming | 10,882 | 457 | |||||||||||||||||||||||||||
Total | $ | 449,224 | $ | 50,324 | |||||||||||||||||||||||||
Purchased Credit Impaired Loans: | |||||||||||||||||||||||||||||
Income recognized on loans we purchased from the FDIC is recognized pursuant to ASC Topic 310-30. A portion of the fair value discount has been ascribed as an accretable yield that is accreted into interest income over the estimated remaining life of the loans. The remaining non-accretable difference represents cash flows not expected to be collected. | |||||||||||||||||||||||||||||
The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans as of September 30, 2013 and December 31, 2012. Contractually required principal and interest payments have been adjusted for estimated prepayments. | |||||||||||||||||||||||||||||
Sept 30, 2013 | Dec 31, 2012 | ||||||||||||||||||||||||||||
Contractually required principal and interest | $ | 416,565 | $ | 534,989 | |||||||||||||||||||||||||
Non-accretable difference | (71,810 | ) | (142,855 | ) | |||||||||||||||||||||||||
Cash flows expected to be collected | 344,755 | 392,134 | |||||||||||||||||||||||||||
Accretable yield | (100,605 | ) | (93,107 | ) | |||||||||||||||||||||||||
Carrying value of acquired loans | $ | 244,150 | $ | 299,027 | |||||||||||||||||||||||||
Allowance for loan losses | (2,056 | ) | (2,649 | ) | |||||||||||||||||||||||||
Carrying value less allowance for loan losses | $ | 242,094 | $ | 296,378 | |||||||||||||||||||||||||
We adjusted our estimates of future expected losses, cash flows and renewal assumptions during the current quarter. These adjustments resulted in an increase in expected cash flows and accretable yield, and a decrease in the non-accretable difference. We reclassified approximately $10,894 and $30,811 from non-accretable difference to accretable yield during the three and nine month period ending September 30, 2013, respectively, to reflect our adjusted estimates of future expected cash flows. The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the three and nine month period ending September 30, 2013 and 2012. | |||||||||||||||||||||||||||||
Activity during the three month period ending September 30, 2013 | June 30, | income | all other | Sept 30, | |||||||||||||||||||||||||
2013 | accretion | adjustments | 2013 | ||||||||||||||||||||||||||
Contractually required principal and interest | $ | 449,146 | $ | (32,581 | ) | $ | 416,565 | ||||||||||||||||||||||
Non-accretable difference | (90,060 | ) | 18,250 | (71,810 | ) | ||||||||||||||||||||||||
Cash flows expected to be collected | 359,086 | (14,331 | ) | 344,755 | |||||||||||||||||||||||||
Accretable yield | (99,407 | ) | 8,988 | (10,186 | ) | (100,605 | ) | ||||||||||||||||||||||
Carry value of acquired loans | $ | 259,679 | $ | 8,988 | $ | (24,517 | ) | $ | 244,150 | ||||||||||||||||||||
Activity during the nine month period ending September 30, 2013 | Dec 31, | income | all other | Sept 30, | |||||||||||||||||||||||||
2012 | accretion | adjustments | 2013 | ||||||||||||||||||||||||||
Contractually required principal and interest | $ | 534,989 | $ | (118,424 | ) | $ | 416,565 | ||||||||||||||||||||||
Non-accretable difference | (142,855 | ) | 71,045 | (71,810 | ) | ||||||||||||||||||||||||
Cash flows expected to be collected | 392,134 | (47,379 | ) | 344,755 | |||||||||||||||||||||||||
Accretable yield | (93,107 | ) | 24,835 | (32,333 | ) | (100,605 | ) | ||||||||||||||||||||||
Carry value of acquired loans | $ | 299,027 | $ | 24,835 | $ | (79,712 | ) | $ | 244,150 | ||||||||||||||||||||
Activity during the three month period ending September 30, 2012 | June 30, | Effect of | income | all other | Sept 30, | ||||||||||||||||||||||||
2012 | acquisitions | accretion | adjustments | 2012 | |||||||||||||||||||||||||
Contractually required principal and interest | $ | 594,439 | $ | (17,945 | ) | $ | 576,494 | ||||||||||||||||||||||
Non-accretable difference | (164,756 | ) | 5,415 | (159,341 | ) | ||||||||||||||||||||||||
Cash flows expected to be collected | 429,683 | (12,530 | ) | 417,153 | |||||||||||||||||||||||||
Accretable yield | (100,286 | ) | 6,208 | (11,334 | ) | (105,412 | ) | ||||||||||||||||||||||
Carry value of acquired loans | $ | 329,397 | $ | — | $ | 6,208 | $ | (23,864 | ) | $ | 311,741 | ||||||||||||||||||
Activity during the nine month period ending September 30, 2012 | Dec 31, | Effect of | income | all other | Sept 30, | ||||||||||||||||||||||||
2011 | acquisitions | accretion | adjustments | 2012 | |||||||||||||||||||||||||
Contractually required principal and interest | $ | 291,531 | $ | 363,130 | $ | (78,167 | ) | $ | 576,494 | ||||||||||||||||||||
Non-accretable difference | (51,536 | ) | (125,630 | ) | 17,825 | (159,341 | ) | ||||||||||||||||||||||
Cash flows expected to be collected | 239,995 | 237,500 | (60,342 | ) | 417,153 | ||||||||||||||||||||||||
Accretable yield | (74,552 | ) | (32,975 | ) | 17,955 | (15,840 | ) | (105,412 | ) | ||||||||||||||||||||
Carry value of acquired loans | $ | 165,443 | $ | 204,525 | $ | 17,955 | $ | (76,182 | ) | $ | 311,741 |
FDIC_Indemnification_Asset
FDIC Indemnification Asset | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
FDIC Indemnification Asset | ' | ||||||||
NOTE 7: | FDIC indemnification asset | ||||||||
The FDIC Indemnification Asset represents the estimated amounts due from the FDIC pursuant to the Loss Share Agreements related to the acquisition of the three failed banks acquired in 2010 and the acquisition of two failed banks in 2012. The activity in the FDIC loss share indemnification asset is as follows: | |||||||||
Nine month | Twelve month | ||||||||
period ended | period ended | ||||||||
Sept 30, 2013 | 31-Dec-12 | ||||||||
Beginning of the year | $ | 119,289 | $ | 50,642 | |||||
Effect of acquisitions | — | 85,088 | |||||||
Amortization, net | (9,307 | ) | (3,096 | ) | |||||
Indemnification income - ORE | 5,420 | 4,185 | |||||||
Indemnification of foreclosure expense | 2,491 | 2,425 | |||||||
Proceeds from FDIC | (36,227 | ) | (21,787 | ) | |||||
(Recovery) impairment of loan pool | (63 | ) | 1,832 | ||||||
Period end balance | $ | 81,603 | $ | 119,289 | |||||
Impairment of loan pools | |||||||||
When a loan pool (with loss share) is impaired, the impairment expense is included in provision for loan losses, and 80% of that loss is recognized as income from FDIC reimbursement, and included in this line item. During the nine month period ended September 30, 2013, the estimated amount of impairment declined, which resulted in a reversal of $63 of income previously recognized. | |||||||||
Indemnification Revenue | |||||||||
Indemnification Revenue represents approximately 80% of the cost incurred pursuant to the repossession process and losses incurred on the sale of OREO, or writedown of OREO values to current fair value. These costs are reimbursable from the FDIC. | |||||||||
Amortization, net | |||||||||
On the date of an FDIC acquisition, the Company estimates the amount and the timing of expected future losses that will be covered by the FDIC loss sharing agreements. The FDIC indemnification asset is initially recorded as the discounted value of the reimbursement of losses from the FDIC. Discount accretion is recognized over the estimated period of losses, and the Company updates its estimate of future losses and the timing of the losses each quarter. To the extent management estimates that future losses are less than initial estimate of future losses, management adjusts its estimates of future expected reimbursements and any decrease in the expected future reimbursements is amortized over the shorter of the loss share period or the life of the related loan by amortization in this line item. Based upon the most recent estimate of future losses, the Company expects less reimbursements from the FDIC and is amortizing the estimated reduction as described in the previous sentence. | |||||||||
Indemnification of foreclosure expense | |||||||||
Indemnification of foreclosure expense represents approximately 80% of the foreclosure related expenses incurred and reimbursable from the FDIC. Foreclosure expense is included in non interest expense. The amount of the reimbursable portion of the expense reduces foreclosure expense included in non interest expense. |
Announced_Acquisitions
Announced Acquisitions | 9 Months Ended | |
Sep. 30, 2013 | ||
Business Combinations [Abstract] | ' | |
Announced Acquisitions | ' | |
NOTE 8: | Announced acquisitions | |
On July 29, 2013, CenterState Banks, Inc. (“CSFL”) entered into an Agreement and Plan of Merger (“Agreement”) with Gulfstream Bancshares, Inc. (“GS” or “Gulfstream”), whereby GS will be merged with and into CSFL. Pursuant to and simultaneously with entering into the Agreement, CSFL’s wholly owned subsidiary bank, CenterState Bank of Florida, N.A. (“CSB”) and GS’s wholly owned subsidiary bank, Gulfstream Business Bank (“GSB”) entered into a Plan of Merger and Merger Agreement whereby GSB will be merged with and into CSB simultaneously with the merger of GS with and into CSFL. | ||
At September 30, 2013, Gulfstream reported total consolidated assets of $563,644, total consolidated loans of $372,615 and total consolidated deposits of $471,287. Gulfstream is headquartered in Stuart, Florida with branch offices in St. Lucie, Jupiter, and Delray Beach, Florida. | ||
Under the terms of the Agreement each outstanding share of GS common stock is entitled to receive 3.012 shares of CSFL common stock and a $14.65 cash payment. The Agreement has been unanimously approved by the board of directors of CSFL and GS. The transaction is expected to close early in the first quarter of 2014 subject to customary conditions, including all applicable regulatory approvals and GS shareholder approval. | ||
Effect_of_New_Pronouncements
Effect of New Pronouncements | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
Effect of New Pronouncements | ' | |
NOTE 9: | Effect of new pronouncements | |
In October 2012, the Financial Accounting Standards Board (“FASB”) issued guidance on the subsequent accounting for an indemnification asset recognized at the acquisition date as a result of a government assisted acquisition of a financial institution. When an entity recognizes such an indemnification asset and subsequently a change in the cash flows expected to be collected on the indemnification asset occurs as a result of a change in the cash flows expected to be collected on the indemnified asset, the guidance requires the entity to recognize the change in the measurement of the indemnification asset on the same basis as the indemnified assets. Any amortization of changes in value of the indemnification asset should be limited to the lesser of the term of the indemnification agreement and the remaining life of the indemnified assets. The amendments are effective for fiscal years beginning on or after December 15, 2012 and early adoption is permitted. The amendments are to be applied prospectively to any new indemnification assets acquired after the date of adoption and to indemnification assets existing as of the date of adoption arising from a government-assisted acquisition of a financial institution. The impact of this amendment on the consolidated financial statements had no effect since the Company’s prior accounting for the indemnification asset was consistent with this standard. | ||
In February 2013, the Financial Accounting Standards Board (FASB) issued updated guidance related to disclosure of reclassification amounts out of other comprehensive income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. The new requirements will take effect for public companies in fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted this standard on January 1, 2013. The effect of adopting this standard increased our disclosure surrounding reclassification items out of accumulated other comprehensive income. |
Effect_of_New_Pronouncements_P
Effect of New Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Guidance on Subsequent Accounting for Indemnification Asset Recognized at Acquisition Date | ' |
In October 2012, the Financial Accounting Standards Board (“FASB”) issued guidance on the subsequent accounting for an indemnification asset recognized at the acquisition date as a result of a government assisted acquisition of a financial institution. When an entity recognizes such an indemnification asset and subsequently a change in the cash flows expected to be collected on the indemnification asset occurs as a result of a change in the cash flows expected to be collected on the indemnified asset, the guidance requires the entity to recognize the change in the measurement of the indemnification asset on the same basis as the indemnified assets. Any amortization of changes in value of the indemnification asset should be limited to the lesser of the term of the indemnification agreement and the remaining life of the indemnified assets. The amendments are effective for fiscal years beginning on or after December 15, 2012 and early adoption is permitted. The amendments are to be applied prospectively to any new indemnification assets acquired after the date of adoption and to indemnification assets existing as of the date of adoption arising from a government-assisted acquisition of a financial institution. The impact of this amendment on the consolidated financial statements had no effect since the Company’s prior accounting for the indemnification asset was consistent with this standard. | |
Reclassification Amounts Out of Other Comprehensive Income | ' |
In February 2013, the Financial Accounting Standards Board (FASB) issued updated guidance related to disclosure of reclassification amounts out of other comprehensive income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. The new requirements will take effect for public companies in fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted this standard on January 1, 2013. The effect of adopting this standard increased our disclosure surrounding reclassification items out of accumulated other comprehensive income. |
Common_Stock_Outstanding_and_E1
Common Stock Outstanding and Earnings Per Share Data (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Computations | ' | ||||||||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the periods presented. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator for basic and diluted earnings per share: | |||||||||||||||||
Net income | $ | 3,109 | $ | 2,642 | $ | 10,443 | $ | 7,669 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share | |||||||||||||||||
- weighted-average shares | 30,109,728 | 30,077,933 | 30,099,509 | 30,072,008 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and stock grants | 134,145 | 64,234 | 116,519 | 64,672 | |||||||||||||
Denominator for diluted earnings per share | |||||||||||||||||
- adjusted weighted-average shares | 30,243,873 | 30,142,167 | 30,216,028 | 30,136,680 | |||||||||||||
Basic earnings per share | $ | 0.1 | $ | 0.09 | $ | 0.35 | $ | 0.25 | |||||||||
Diluted earnings per share | $ | 0.1 | $ | 0.09 | $ | 0.35 | $ | 0.25 |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2). Assets and liabilities measured at fair value on a recurring basis are summarized below. | |||||||||||||||||||||
Fair value measurements using | |||||||||||||||||||||
Carrying | Quoted prices in | Significant | Significant | ||||||||||||||||||
value | active markets for | other | unobservable | ||||||||||||||||||
identical assets | observable | inputs | |||||||||||||||||||
(Level 1) | inputs | (Level 3) | |||||||||||||||||||
(Level 2) | |||||||||||||||||||||
at September 30, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Trading securities | $ | 398 | — | $ | 398 | — | |||||||||||||||
Available for sale securities | |||||||||||||||||||||
U.S. government sponsored entities and agencies | 5 | — | 5 | — | |||||||||||||||||
Mortgage backed securities | 415,134 | — | 415,134 | — | |||||||||||||||||
Municipal securities | 41,416 | — | 41,416 | — | |||||||||||||||||
Interest rate swap derivatives | 712 | — | 712 | — | |||||||||||||||||
Liabilities: | 809 | — | 809 | — | |||||||||||||||||
Interest rate swap derivatives | |||||||||||||||||||||
at December 31, 2012 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Trading securities | $ | 5,048 | — | $ | 5,048 | — | |||||||||||||||
Available for sale securities | |||||||||||||||||||||
U.S. government sponsored entities and agencies | 7,546 | — | 7,546 | — | |||||||||||||||||
Mortgage backed securities | 373,190 | — | 373,190 | — | |||||||||||||||||
Municipal securities | 45,022 | — | 45,022 | — | |||||||||||||||||
Interest rate swap derivatives | 1,131 | — | 1,131 | — | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swap derivatives | 2,014 | — | 2,014 | — | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | ' | ||||||||||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis are summarized below. | |||||||||||||||||||||
Fair value measurements using | |||||||||||||||||||||
Carrying | Quoted prices in | Significant | Significant | ||||||||||||||||||
value | active markets for | other | unobservable | ||||||||||||||||||
identical assets | observable | inputs | |||||||||||||||||||
(Level 1) | inputs | (Level 3) | |||||||||||||||||||
(Level 2) | |||||||||||||||||||||
at September 30, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Residential real estate | $ | 2,896 | — | — | $ | 2,896 | |||||||||||||||
Commercial real estate | 6,174 | — | — | 6,174 | |||||||||||||||||
Land, land development and construction | 961 | — | — | 961 | |||||||||||||||||
Commercial | 1,310 | — | — | 1,310 | |||||||||||||||||
Consumer | 158 | — | — | 158 | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Residential real estate | $ | 18 | — | — | $ | 18 | |||||||||||||||
Commercial real estate | 3,664 | — | — | 3,664 | |||||||||||||||||
Land, land development and construction | 4,427 | — | — | 4,427 | |||||||||||||||||
Bank owned real estate held for sale | 1,582 | — | — | 1,582 | |||||||||||||||||
at December 31, 2012 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Residential real estate | $ | 837 | — | — | $ | 837 | |||||||||||||||
Commercial real estate | 8,379 | — | — | 8,379 | |||||||||||||||||
Land, land development and construction | 1,103 | — | — | 1,103 | |||||||||||||||||
Commercial | 905 | — | — | 905 | |||||||||||||||||
Consumer | 84 | — | — | 84 | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Residential real estate | $ | 582 | — | — | $ | 582 | |||||||||||||||
Commercial real estate | 5,933 | — | — | 5,933 | |||||||||||||||||
Land, land development and construction | 4,445 | — | — | 4,445 | |||||||||||||||||
Bank owned real estate held for sale | 2,482 | — | — | 2,482 | |||||||||||||||||
Carrying Amounts and Estimated Fair Values of Company' s Financial Instruments | ' | ||||||||||||||||||||
The following table presents the carry amounts and estimated fair values of the Company’s financial instruments: | |||||||||||||||||||||
Fair value measurements | |||||||||||||||||||||
at September 30, 2013 | Carrying amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 106,816 | $ | 106,816 | $ | — | $ | — | $ | 106,816 | |||||||||||
Trading securities | 398 | — | 398 | — | 398 | ||||||||||||||||
Investment securities available for sale | 456,555 | — | 456,555 | — | 456,555 | ||||||||||||||||
FHLB and FRB stock | 8,179 | — | — | — | n/a | ||||||||||||||||
Loans held for sale | 1,317 | — | 1,317 | — | 1,317 | ||||||||||||||||
Loans, less allowance for loan losses of $21,321 | 1,437,251 | — | — | 1,438,680 | 1,438,680 | ||||||||||||||||
FDIC indemnification asset | 81,603 | — | — | — | n/a | ||||||||||||||||
Interest rate swap derivatives | 712 | — | 712 | — | 712 | ||||||||||||||||
Accrued interest receivable | 6,206 | — | — | 6,206 | 6,206 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits - without stated maturities | $ | 1,561,747 | $ | 1,561,747 | $ | — | $ | — | $ | 1,561,747 | |||||||||||
Deposits - with stated maturities | 400,208 | — | 404,692 | — | 404,692 | ||||||||||||||||
Securities sold under agreement to repurchase | 22,150 | — | 22,150 | — | 22,150 | ||||||||||||||||
Federal funds purchased | 45,356 | — | 45,356 | — | 45,356 | ||||||||||||||||
Corporate debentures | 16,990 | — | 11,011 | — | 11,011 | ||||||||||||||||
Interest rate swap derivatives | 809 | — | 809 | — | 809 | ||||||||||||||||
Accrued interest payable | 378 | — | 378 | — | 378 | ||||||||||||||||
Fair value measurements | |||||||||||||||||||||
at December 31, 2012 | Carrying amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 136,748 | $ | 136,748 | $ | — | $ | — | $ | 136,748 | |||||||||||
Trading securities | 5,048 | — | 5,048 | — | 5,048 | ||||||||||||||||
Investment securities available for sale | 425,758 | — | 425,758 | — | 425,758 | ||||||||||||||||
FHLB and FRB stock | 9,749 | — | — | — | n/a | ||||||||||||||||
Loans held for sale | 2,709 | — | 2,709 | — | 2,709 | ||||||||||||||||
Loans, less allowance for loan losses of $26,682 | 1,409,181 | — | — | 1,324,630 | 1,324,630 | ||||||||||||||||
FDIC indemnification asset | 119,289 | — | — | — | n/a | ||||||||||||||||
Interest rate swap derivatives | 1,131 | — | 1,131 | — | — | ||||||||||||||||
Accrued interest receivable | 6,100 | — | — | 6,100 | 6,100 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits - without stated maturities | $ | 1,521,928 | $ | 1,521,928 | $ | — | $ | — | $ | 1,521,928 | |||||||||||
Deposits - with stated maturities | 475,304 | — | 483,220 | — | 483,220 | ||||||||||||||||
Securities sold under agreement to repurchase | 18,792 | — | 18,792 | — | 18,792 | ||||||||||||||||
Federal funds purchased | 38,932 | — | 38,932 | — | 38,932 | ||||||||||||||||
Corporate debentures | 16,970 | — | — | 8,477 | 8,477 | ||||||||||||||||
Interest rate swap derivatives | 2,014 | — | 2,014 | — | 2,014 | ||||||||||||||||
Accrued interest payable | 579 | — | 579 | — | 579 |
Reportable_Segments_Tables
Reportable Segments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Reconciliation of Reportable Segment Revenues, Expenses and Profit | ' | ||||||||||||||||||||
The table below is a reconciliation of the reportable segment revenues, expenses, and profit to the Company’s consolidated total for the three and nine month periods ending September 30, 2013 and 2012. | |||||||||||||||||||||
Three month period ending September 30, 2013 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead | entries | ||||||||||||||||||
banking | bond sales | and | |||||||||||||||||||
division | administration | ||||||||||||||||||||
Interest income | $ | 25,304 | $ | 730 | $ | — | $ | 26,034 | |||||||||||||
Interest expense | (1,267 | ) | (5 | ) | (152 | ) | (1,424 | ) | |||||||||||||
Net interest income (expense) | 24,037 | 725 | (152 | ) | 24,610 | ||||||||||||||||
Recovery of prior loan loss provision | 1,273 | — | — | 1,273 | |||||||||||||||||
Non interest income | 4,836 | 3,771 | — | 8,607 | |||||||||||||||||
Non interest expense | (24,620 | ) | (4,377 | ) | (853 | ) | (29,850 | ) | |||||||||||||
Net income (loss) before taxes | 5,526 | 119 | (1,005 | ) | 4,640 | ||||||||||||||||
Income tax (provision) benefit | (1,867 | ) | (46 | ) | 382 | (1,531 | ) | ||||||||||||||
Net income (loss) | $ | 3,359 | $ | 73 | ($ | 623 | ) | $ | 3,109 | ||||||||||||
Total assets | $ | 2,194,300 | $ | 138,395 | $ | 294,425 | ($ | 291,099 | ) | $ | 2,336,021 | ||||||||||
Nine month period ending September 30, 2013 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead | entries | ||||||||||||||||||
banking | bond sales | and | |||||||||||||||||||
division | administration | ||||||||||||||||||||
Interest income | $ | 72,777 | $ | 2,122 | $ | — | $ | 74,899 | |||||||||||||
Interest expense | (4,019 | ) | (16 | ) | (452 | ) | (4,487 | ) | |||||||||||||
Net interest income (expense) | 68,758 | 2,106 | (452 | ) | 70,412 | ||||||||||||||||
Recovery of prior loan loss provision | 259 | — | — | 259 | |||||||||||||||||
Non interest income | 12,364 | 16,385 | — | 28,749 | |||||||||||||||||
Non interest expense | (65,917 | ) | (15,815 | ) | (2,581 | ) | (84,313 | ) | |||||||||||||
Net income (loss) before taxes | 15,464 | 2,676 | (3,033 | ) | 15,107 | ||||||||||||||||
Income tax (provision) benefit | (4,933 | ) | (1,032 | ) | 1,301 | (4,664 | ) | ||||||||||||||
Net income (loss) | $ | 10,531 | $ | 1,644 | ($ | 1,732 | ) | $ | 10,443 | ||||||||||||
Total assets | $ | 2,194,300 | $ | 138,395 | $ | 294,425 | ($ | 291,099 | ) | $ | 2,336,021 | ||||||||||
Three month period ending September 30, 2012 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead | entries | ||||||||||||||||||
banking | bond sales | and | |||||||||||||||||||
division | administration | ||||||||||||||||||||
Interest income | $ | 22,676 | $ | 932 | $ | — | $ | 23,608 | |||||||||||||
Interest expense | (1,770 | ) | (7 | ) | (164 | ) | (1,941 | ) | |||||||||||||
Net interest income | 20,906 | 925 | (164 | ) | 21,667 | ||||||||||||||||
Provision for loan losses | (2,425 | ) | — | — | (2,425 | ) | |||||||||||||||
Non interest income | 6,882 | 9,453 | — | 16,335 | |||||||||||||||||
Non interest expense | (23,704 | ) | (7,235 | ) | (767 | ) | (31,706 | ) | |||||||||||||
Net income before taxes | 1,659 | 3,143 | (931 | ) | 3,871 | ||||||||||||||||
Income tax (provision) benefit | (389 | ) | (1,183 | ) | 343 | (1,229 | ) | ||||||||||||||
Net income (loss) | $ | 1,270 | $ | 1,960 | $ | (588 | ) | $ | 2,642 | ||||||||||||
Total assets | $ | 2,206,116 | $ | 166,231 | $ | 295,062 | $ | (289,794 | ) | $ | 2,377,615 | ||||||||||
Nine month period ending September 30, 2012 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead | entries | ||||||||||||||||||
banking | bond sales | and | |||||||||||||||||||
division | administration | ||||||||||||||||||||
Interest income | $ | 68,518 | $ | 3,167 | $ | — | $ | 71,685 | |||||||||||||
Interest expense | (6,053 | ) | (22 | ) | (680 | ) | (6,755 | ) | |||||||||||||
Net interest income | 62,465 | 3,145 | (680 | ) | 64,930 | ||||||||||||||||
Provision for loan losses | (7,051 | ) | — | — | (7,051 | ) | |||||||||||||||
Non interest income | 18,004 | 28,514 | 3 | 46,521 | |||||||||||||||||
Non interest expense | (69,011 | ) | (22,099 | ) | (2,340 | ) | (93,450 | ) | |||||||||||||
Net income before taxes | 4,407 | 9,560 | (3,017 | ) | 10,950 | ||||||||||||||||
Income tax (provision) benefit | (795 | ) | (3,598 | ) | 1,112 | (3,281 | ) | ||||||||||||||
Net income (loss) | $ | 3,612 | $ | 5,962 | $ | (1,905 | ) | $ | 7,669 | ||||||||||||
Total assets | $ | 2,206,116 | $ | 166,231 | $ | 295,062 | $ | (289,794 | ) | $ | 2,377,615 |
Investment_Securities_Availabl1
Investment Securities Available for Sale (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
The fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Obligations of U.S. government sponsored entities and agencies | $ | 5 | $ | — | $ | — | $ | 5 | |||||||||||||||||
Mortgage backed securities | 421,248 | 4,865 | 10,979 | 415,134 | |||||||||||||||||||||
Municipal securities | 41,094 | 934 | 612 | 41,416 | |||||||||||||||||||||
Total | $ | 462,347 | $ | 5,799 | $ | 11,591 | $ | 456,555 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Obligations of U.S. government sponsored entities and agencies | $ | 7,465 | $ | 81 | $ | — | $ | 7,546 | |||||||||||||||||
Mortgage backed securities | 364,014 | 9,247 | 71 | 373,190 | |||||||||||||||||||||
Municipal securities | 42,570 | 2,504 | 52 | 45,022 | |||||||||||||||||||||
Total | $ | 414,049 | $ | 11,832 | $ | 123 | $ | 425,758 | |||||||||||||||||
Schedule of Sales of Available for Sale Securities | ' | ||||||||||||||||||||||||
The cost of securities sold is determined using the specific identification method. Sales of available for sale securities were as follows: | |||||||||||||||||||||||||
For the nine months ended: | Sept 30, | Sept 30, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Proceeds | $ | 68,892 | $ | 140,537 | |||||||||||||||||||||
Gross gains | 1,038 | 2,285 | |||||||||||||||||||||||
Gross losses | — | 282 | |||||||||||||||||||||||
Fair Value of Available for Sale Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
The fair value of available for sale securities at September 30, 2013 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. | |||||||||||||||||||||||||
Fair | Amortized | ||||||||||||||||||||||||
Value | Cost | ||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||
Due in one year or less | $ | 625 | $ | 625 | |||||||||||||||||||||
Due after one year through five years | 1,929 | 1,800 | |||||||||||||||||||||||
Due after five years through ten years | 11,594 | 11,335 | |||||||||||||||||||||||
Due after ten years through thirty years | 27,273 | 27,339 | |||||||||||||||||||||||
Mortgage backed securities | 415,134 | 421,248 | |||||||||||||||||||||||
$ | 456,555 | $ | 462,347 | ||||||||||||||||||||||
Investments Gross Unrealized Losses and Fair Value | ' | ||||||||||||||||||||||||
The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Obligations of U.S. government sponsored entities and agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Mortgage backed securities | 235,856 | 10,979 | — | — | 235,856 | 10,979 | |||||||||||||||||||
Municipal securities | 11,591 | 612 | — | — | 11,591 | 612 | |||||||||||||||||||
Total temporarily impaired securities | $ | 247,447 | $ | 11,591 | $ | — | $ | — | $ | 247,447 | $ | 11,591 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Obligations of U.S. government sponsored entities and | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
agencies | |||||||||||||||||||||||||
Mortgage backed securities | 30,840 | 71 | — | — | 30,840 | 71 | |||||||||||||||||||
Municipal securities | 2,180 | 52 | — | — | 2,180 | 52 | |||||||||||||||||||
Total temporarily impaired securities | $ | 33,020 | $ | 123 | $ | — | $ | — | $ | 33,020 | $ | 123 | |||||||||||||
Loans_Tables
Loans (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Summary of Information Concerning Loan Portfolio by Collateral Types | ' | ||||||||||||||||||||||||||||
The following table sets forth information concerning the loan portfolio by collateral types as of the dates indicated. | |||||||||||||||||||||||||||||
Sept 30, 2013 | 31-Dec-12 | ||||||||||||||||||||||||||||
Loans not covered by FDIC loss share agreements | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||
Residential | $ | 449,224 | $ | 428,554 | |||||||||||||||||||||||||
Commercial | 529,172 | 480,494 | |||||||||||||||||||||||||||
Land, development and construction | 60,375 | 55,474 | |||||||||||||||||||||||||||
Total real estate | 1,038,771 | 964,522 | |||||||||||||||||||||||||||
Commercial | 126,451 | 124,225 | |||||||||||||||||||||||||||
Consumer and other loans (note 1) | 1,259 | 2,732 | |||||||||||||||||||||||||||
Consumer and other loans | 49,065 | 48,547 | |||||||||||||||||||||||||||
Loans before unearned fees and deferred cost | 1,215,546 | 1,140,026 | |||||||||||||||||||||||||||
Net unearned fees and costs | 135 | (458 | ) | ||||||||||||||||||||||||||
Allowance for loan losses for noncovered loans | (19,265 | ) | (24,033 | ) | |||||||||||||||||||||||||
Net loans not covered by FDIC loss share agreements | 1,196,416 | 1,115,535 | |||||||||||||||||||||||||||
Loans covered by FDIC loss share agreements | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||
Residential | 124,027 | 142,480 | |||||||||||||||||||||||||||
Commercial | 109,285 | 134,413 | |||||||||||||||||||||||||||
Land, development and construction | 5,673 | 13,259 | |||||||||||||||||||||||||||
Total real estate | 238,985 | 290,152 | |||||||||||||||||||||||||||
Commercial | 3,906 | 6,143 | |||||||||||||||||||||||||||
242,891 | 296,295 | ||||||||||||||||||||||||||||
Allowance for loan losses for covered loans | (2,056 | ) | (2,649 | ) | |||||||||||||||||||||||||
Net loans covered by FDIC loss share agreements | 240,835 | 293,646 | |||||||||||||||||||||||||||
Total loans, net of allowance for loan losses | $ | 1,437,251 | $ | 1,409,181 | |||||||||||||||||||||||||
note 1: | Consumer loans acquired pursuant to three FDIC assisted transactions of failed financial institutions during the third quarter of 2010 and two in the first quarter of 2012. These loans are not covered by an FDIC loss share agreement. The loans are being accounted for pursuant to ASC Topic 310-30. | ||||||||||||||||||||||||||||
Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio | ' | ||||||||||||||||||||||||||||
The tables below set forth the activity in the allowance for loan losses for the periods presented. | |||||||||||||||||||||||||||||
Loans not | Loans | Total | |||||||||||||||||||||||||||
covered by | covered by | ||||||||||||||||||||||||||||
FDIC loss | FDIC loss | ||||||||||||||||||||||||||||
share | share | ||||||||||||||||||||||||||||
agreements | agreements | ||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 21,800 | $ | 2,020 | $ | 23,820 | |||||||||||||||||||||||
Loans charged-off | (1,570 | ) | — | (1,570 | ) | ||||||||||||||||||||||||
Recoveries of loans previously charged-off | 344 | — | 344 | ||||||||||||||||||||||||||
Net charge-offs | (1,226 | ) | — | (1,226 | ) | ||||||||||||||||||||||||
(Recovery) provision for loan losses | (1,309 | ) | 36 | (1,273 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 19,265 | $ | 2,056 | $ | 21,321 | |||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 24,033 | $ | 2,649 | $ | 26,682 | |||||||||||||||||||||||
Loans charged-off | (5,404 | ) | (515 | ) | (5,919 | ) | |||||||||||||||||||||||
Recoveries of loans previously charged-off | 817 | — | 817 | ||||||||||||||||||||||||||
Net charge-offs | (4,587 | ) | (515 | ) | (5,102 | ) | |||||||||||||||||||||||
(Recovery) provision for loan losses | (181 | ) | (78 | ) | (259 | ) | |||||||||||||||||||||||
Balance at end of period | $ | 19,265 | $ | 2,056 | $ | 21,321 | |||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 23,634 | $ | 1,549 | $ | 25,183 | |||||||||||||||||||||||
Loans charged-off | (2,245 | ) | — | (2,245 | ) | ||||||||||||||||||||||||
Recoveries of loans previously charged-off | 978 | — | 978 | ||||||||||||||||||||||||||
Net charge-offs | (1,267 | ) | — | (1,267 | ) | ||||||||||||||||||||||||
Provision for loan losses | 1,652 | 773 | 2,425 | ||||||||||||||||||||||||||
Balance at end of period | $ | 24,019 | $ | 2,322 | $ | 26,341 | |||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 27,585 | $ | 359 | $ | 27,944 | |||||||||||||||||||||||
Loans charged-off | (10,393 | ) | — | (10,393 | ) | ||||||||||||||||||||||||
Recoveries of loans previously charged-off | 1,739 | — | 1,739 | ||||||||||||||||||||||||||
Net charge-offs | (8,654 | ) | — | (8,654 | ) | ||||||||||||||||||||||||
Provision for loan losses | 5,088 | 1,963 | 7,051 | ||||||||||||||||||||||||||
Balance at end of period | $ | 24,019 | $ | 2,322 | $ | 26,341 | |||||||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||
Residential | Commercial | Land, | Comm. & | Consumer | Total | ||||||||||||||||||||||||
develop., | industrial | & other | |||||||||||||||||||||||||||
constr. | |||||||||||||||||||||||||||||
Loans not covered by FDIC loss share agreements: | |||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 9,791 | $ | 6,026 | $ | 4,071 | $ | 1,064 | $ | 848 | $ | 21,800 | |||||||||||||||||
Charge-offs | (1,147 | ) | (53 | ) | (127 | ) | (53 | ) | (190 | ) | (1,570 | ) | |||||||||||||||||
Recoveries | 163 | 42 | 41 | 22 | 76 | 344 | |||||||||||||||||||||||
Provision for loan losses | 844 | (1,431 | ) | (644 | ) | (146 | ) | 68 | (1,309 | ) | |||||||||||||||||||
Balance at end of period | $ | 9,651 | $ | 4,584 | $ | 3,341 | $ | 887 | $ | 802 | $ | 19,265 | |||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 6,831 | $ | 8,272 | $ | 6,211 | $ | 1,745 | $ | 974 | $ | 24,033 | |||||||||||||||||
Charge-offs | (3,328 | ) | (1,127 | ) | (310 | ) | (112 | ) | (527 | ) | (5,404 | ) | |||||||||||||||||
Recoveries | 396 | 82 | 161 | 43 | 135 | 817 | |||||||||||||||||||||||
Provision for loan losses | 5,752 | (2,643 | ) | (2,721 | ) | (789 | ) | 220 | (181 | ) | |||||||||||||||||||
Balance at end of period | $ | 9,651 | $ | 4,584 | $ | 3,341 | $ | 887 | $ | 802 | $ | 19,265 | |||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 4,860 | $ | 8,091 | $ | 7,868 | $ | 1,638 | $ | 1,177 | $ | 23,634 | |||||||||||||||||
Charge-offs | (1,456 | ) | (179 | ) | (385 | ) | (10 | ) | (215 | ) | (2,245 | ) | |||||||||||||||||
Recoveries | 182 | 411 | 338 | 4 | 43 | 978 | |||||||||||||||||||||||
Provision for loan losses | 1,896 | 263 | (719 | ) | 54 | 158 | 1,652 | ||||||||||||||||||||||
Balance at end of period | $ | 5,482 | $ | 8,586 | $ | 7,102 | $ | 1,686 | $ | 1,163 | $ | 24,019 | |||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 6,700 | $ | 8,825 | $ | 9,098 | $ | 1,984 | $ | 978 | $ | 27,585 | |||||||||||||||||
Charge-offs | (3,233 | ) | (1,758 | ) | (4,593 | ) | (71 | ) | (738 | ) | (10,393 | ) | |||||||||||||||||
Recoveries | 334 | 834 | 423 | 15 | 133 | 1,739 | |||||||||||||||||||||||
Provision for loan losses | 1,681 | 685 | 2,174 | (242 | ) | 790 | 5,088 | ||||||||||||||||||||||
Balance at end of period | $ | 5,482 | $ | 8,586 | $ | 7,102 | $ | 1,686 | $ | 1,163 | $ | 24,019 | |||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||
Residential | Commercial | Land, | Comm. & | Total | |||||||||||||||||||||||||
develop., | industrial | ||||||||||||||||||||||||||||
constr. | |||||||||||||||||||||||||||||
Loans covered by FDIC loss share agreements: | |||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | 1,577 | $ | 130 | $ | 313 | $ | 2,020 | |||||||||||||||||||
Charge-offs | — | — | — | — | — | ||||||||||||||||||||||||
Recoveries | — | — | — | — | — | ||||||||||||||||||||||||
Provision for loan losses | — | (190 | ) | (8 | ) | 234 | 36 | ||||||||||||||||||||||
Balance at end of period | $ | — | $ | 1,387 | $ | 122 | $ | 547 | $ | 2,056 | |||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | 2,335 | $ | — | $ | 314 | $ | 2,649 | |||||||||||||||||||
Charge-offs | — | (515 | ) | — | — | (515 | ) | ||||||||||||||||||||||
Recoveries | — | — | — | — | — | ||||||||||||||||||||||||
Provision for loan losses | — | (433 | ) | 122 | 233 | (78 | ) | ||||||||||||||||||||||
Balance at end of period | $ | — | $ | 1,387 | $ | 122 | $ | 547 | $ | 2,056 | |||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 82 | $ | 1,455 | $ | — | $ | 12 | $ | 1,549 | |||||||||||||||||||
Charge-offs | — | — | — | — | — | ||||||||||||||||||||||||
Recoveries | — | — | — | — | — | ||||||||||||||||||||||||
Provision for loan losses | — | 780 | — | (7 | ) | 773 | |||||||||||||||||||||||
Balance at end of period | $ | 82 | $ | 2,235 | $ | — | $ | 5 | $ | 2,322 | |||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 82 | $ | 223 | $ | 40 | $ | 14 | $ | 359 | |||||||||||||||||||
Charge-offs | — | — | — | — | — | ||||||||||||||||||||||||
Recoveries | — | — | — | — | — | ||||||||||||||||||||||||
Provision for loan losses | — | 2,012 | (40 | ) | (9 | ) | 1,963 | ||||||||||||||||||||||
Balance at end of period | $ | 82 | $ | 2,235 | $ | — | $ | 5 | $ | 2,322 | |||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | ' | ||||||||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2013 and December 31, 2012. Accrued interest receivable and unearned loan fees and costs are not included in the recorded investment because they are not material. | |||||||||||||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||
As of September 30, 2013 | Residential | Commercial | Land, | Comm. & | Consumer | Total | |||||||||||||||||||||||
develop., | industrial | & other | |||||||||||||||||||||||||||
constr. | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 429 | $ | 263 | $ | 57 | $ | 8 | $ | 27 | $ | 784 | |||||||||||||||||
Collectively evaluated for impairment | 9,222 | 4,321 | 3,284 | 879 | 775 | 18,481 | |||||||||||||||||||||||
Acquired with deteriorated credit quality | — | 1,387 | 122 | 547 | — | 2,056 | |||||||||||||||||||||||
Total ending allowance balance | $ | 9,651 | $ | 5,971 | $ | 3,463 | $ | 1,434 | $ | 802 | $ | 21,321 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 9,054 | $ | 27,246 | $ | 1,391 | $ | 1,831 | $ | 358 | $ | 39,880 | |||||||||||||||||
Loans collectively evaluated for impairment | 440,170 | 501,926 | 58,984 | 124,620 | 48,707 | 1,174,407 | |||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 124,027 | 109,285 | 5,673 | 3,906 | 1,259 | 244,150 | |||||||||||||||||||||||
Total ending loan balances | $ | 573,251 | $ | 638,457 | $ | 66,048 | $ | 130,357 | $ | 50,324 | $ | 1,458,437 | |||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||
As of December 31, 2012 | Residential | Commercial | Land, | Comm. & | Consumer | Total | |||||||||||||||||||||||
develop., | industrial | & other | |||||||||||||||||||||||||||
constr. | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 610 | $ | 277 | $ | 107 | $ | 1 | $ | 27 | $ | 1,022 | |||||||||||||||||
Collectively evaluated for impairment | 6,221 | 7,995 | 6,104 | 1,744 | 947 | 23,011 | |||||||||||||||||||||||
Acquired with deteriorated credit quality | — | 2,335 | — | 314 | — | 2,649 | |||||||||||||||||||||||
Total ending allowance balance | $ | 6,831 | $ | 10,607 | $ | 6,211 | $ | 2,059 | $ | 974 | $ | 26,682 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 9,936 | $ | 32,860 | $ | 1,520 | $ | 3,470 | $ | 393 | $ | 48,179 | |||||||||||||||||
Loans collectively evaluated for impairment | 418,618 | 447,634 | 53,954 | 120,755 | 48,154 | 1,089,115 | |||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 142,480 | 134,413 | 13,259 | 6,143 | 2,732 | 299,027 | |||||||||||||||||||||||
Total ending loan balance | $ | 571,034 | $ | 614,907 | $ | 68,733 | $ | 130,368 | $ | 51,279 | $ | 1,436,321 | |||||||||||||||||
Summary of Impaired Loan | ' | ||||||||||||||||||||||||||||
The table below summarizes impaired loan data for the periods presented. | |||||||||||||||||||||||||||||
Sept 30, | Dec 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Impaired loans with a specific valuation allowance | $ | 7,992 | $ | 10,744 | |||||||||||||||||||||||||
Impaired loans without a specific valuation allowance | 31,888 | 37,435 | |||||||||||||||||||||||||||
Total impaired loans | $ | 39,880 | $ | 48,179 | |||||||||||||||||||||||||
Amount of allowance for loan losses allocated to impaired loans | $ | 784 | $ | 1,022 | |||||||||||||||||||||||||
Performing TDRs | $ | 11,604 | $ | 8,841 | |||||||||||||||||||||||||
Non performing TDRs, included in NPLs | 4,207 | 5,819 | |||||||||||||||||||||||||||
Total TDRs (TDRs are required to be included in impaired loans) | $ | 15,811 | $ | 14,660 | |||||||||||||||||||||||||
Impaired loans that are not TDRs | 24,069 | 33,519 | |||||||||||||||||||||||||||
Total impaired loans | $ | 39,880 | $ | 48,179 | |||||||||||||||||||||||||
Troubled Debt Restructured Loans by Loans Type | ' | ||||||||||||||||||||||||||||
TDRs as of September 30, 2013 and December 31, 2012 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non performing loans) are presented in the tables below. | |||||||||||||||||||||||||||||
As of September 30, 2013 | Accruing | Non Accrual | Total | ||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 6,936 | $ | 1,546 | $ | 8,482 | |||||||||||||||||||||||
Commercial | 3,538 | 2,496 | 6,034 | ||||||||||||||||||||||||||
Land, development, construction | 429 | — | 429 | ||||||||||||||||||||||||||
Total real estate loans | 10,903 | 4,042 | 14,945 | ||||||||||||||||||||||||||
Commercial | 469 | 40 | 509 | ||||||||||||||||||||||||||
Consumer and other | 232 | 125 | 357 | ||||||||||||||||||||||||||
Total TDRs | $ | 11,604 | $ | 4,207 | $ | 15,811 | |||||||||||||||||||||||
As of December 31, 2012 | Accruing | Non-Accrual | Total | ||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 6,446 | $ | 1,778 | $ | 8,224 | |||||||||||||||||||||||
Commercial | 1,589 | 3,701 | 5,290 | ||||||||||||||||||||||||||
Land, development, construction | 202 | 231 | 433 | ||||||||||||||||||||||||||
Total real estate loans | 8,237 | 5,710 | 13,947 | ||||||||||||||||||||||||||
Commercial | 315 | 5 | 320 | ||||||||||||||||||||||||||
Consumer and other | 289 | 104 | 393 | ||||||||||||||||||||||||||
Total TDRs | $ | 8,841 | $ | 5,819 | $ | 14,660 | |||||||||||||||||||||||
Summary of Loans by Class Modified | ' | ||||||||||||||||||||||||||||
The following table presents loans by class modified and for which there was a payment default within twelve months following the modification during the period ending September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||
Period ending | Year ending | ||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | ||||||||||||||||||||||||||
of loans | investment | of loans | investment | ||||||||||||||||||||||||||
Residential | 3 | $ | 562 | 10 | $ | 758 | |||||||||||||||||||||||
Commercial real estate | 5 | 1,662 | 4 | 2,567 | |||||||||||||||||||||||||
Land, development, construction | — | — | 4 | 156 | |||||||||||||||||||||||||
Commercial and Industrial | 1 | 25 | — | — | |||||||||||||||||||||||||
Consumer and other | 1 | 18 | 1 | 45 | |||||||||||||||||||||||||
Total | 10 | $ | 2,267 | 19 | $ | 3,526 | |||||||||||||||||||||||
Summary of Loans Individually Evaluated for Impairment by Class of Loans | ' | ||||||||||||||||||||||||||||
The following tables present loans individually evaluated for impairment by class of loans as of September 30, 2013 and December 31, 2012. The recorded investment is less than the unpaid principal balance due to partial charge-offs. | |||||||||||||||||||||||||||||
As of September 30, 2013 | Unpaid | Recorded | Allowance for | ||||||||||||||||||||||||||
principal | investment | loan losses | |||||||||||||||||||||||||||
balance | allocated | ||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | $ | 5,539 | $ | 5,448 | $ | — | |||||||||||||||||||||||
Commercial real estate | 25,749 | 23,892 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,760 | 911 | — | ||||||||||||||||||||||||||
Commercial and industrial | 1,728 | 1,631 | — | ||||||||||||||||||||||||||
Consumer, other | 6 | 6 | — | ||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | 3,910 | 3,606 | 429 | ||||||||||||||||||||||||||
Commercial real estate | 3,533 | 3,354 | 263 | ||||||||||||||||||||||||||
Land, development, construction | 494 | 480 | 57 | ||||||||||||||||||||||||||
Commercial and industrial | 245 | 200 | 8 | ||||||||||||||||||||||||||
Consumer, other | 364 | 352 | 27 | ||||||||||||||||||||||||||
Total | $ | 43,328 | $ | 39,880 | $ | 784 | |||||||||||||||||||||||
As of December 31, 2012 | Unpaid | Recorded | Allowance for | ||||||||||||||||||||||||||
principal | investment | loan losses | |||||||||||||||||||||||||||
balance | allocated | ||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | $ | 1,712 | $ | 1,712 | $ | — | |||||||||||||||||||||||
Commercial real estate | 33,789 | 31,171 | — | ||||||||||||||||||||||||||
Land, development, construction | 2,042 | 1,087 | — | ||||||||||||||||||||||||||
Commercial and industrial | 3,556 | 3,465 | — | ||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | 8,624 | 8,224 | 610 | ||||||||||||||||||||||||||
Commercial real estate | 1,742 | 1,689 | 277 | ||||||||||||||||||||||||||
Land, development, construction | 664 | 433 | 107 | ||||||||||||||||||||||||||
Commercial and industrial | 5 | 5 | 1 | ||||||||||||||||||||||||||
Consumer, other | 395 | 393 | 27 | ||||||||||||||||||||||||||
Total | $ | 52,529 | $ | 48,179 | $ | 1,022 | |||||||||||||||||||||||
Summary of Impairment by Class of Loans | ' | ||||||||||||||||||||||||||||
Three month period ending September, 30, 2013 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 8,829 | $ | 78 | $ | — | |||||||||||||||||||||||
Commercial | 26,960 | 295 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,436 | 2 | — | ||||||||||||||||||||||||||
Total real estate loans | 37,225 | 375 | — | ||||||||||||||||||||||||||
Commercial and industrial | 1,710 | 12 | — | ||||||||||||||||||||||||||
Consumer and other loans | 351 | 3 | — | ||||||||||||||||||||||||||
Total | $ | 39,286 | $ | 390 | $ | — | |||||||||||||||||||||||
Nine month period ending September 30, 2013 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 9,014 | $ | 222 | $ | — | |||||||||||||||||||||||
Commercial | 28,134 | 840 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,423 | 10 | — | ||||||||||||||||||||||||||
Total real estate loans | 38,571 | 1,072 | — | ||||||||||||||||||||||||||
Commercial and industrial | 1,984 | 28 | — | ||||||||||||||||||||||||||
Consumer and other loans | 369 | 8 | — | ||||||||||||||||||||||||||
Total | $ | 40,924 | $ | 1,108 | $ | — | |||||||||||||||||||||||
Three month period ending September, 30, 2012 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 10,289 | $ | 78 | $ | — | |||||||||||||||||||||||
Commercial | 29,900 | 285 | — | ||||||||||||||||||||||||||
Land, development, construction | 2,531 | 4 | — | ||||||||||||||||||||||||||
Total real estate loans | 42,720 | 367 | — | ||||||||||||||||||||||||||
Commercial and industrial | 3,306 | 34 | — | ||||||||||||||||||||||||||
Consumer and other loans | 427 | 3 | — | ||||||||||||||||||||||||||
Total | $ | 46,453 | $ | 404 | $ | — | |||||||||||||||||||||||
Nine month period ending September 30, 2012 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 10,131 | $ | 215 | $ | — | |||||||||||||||||||||||
Commercial | 29,756 | 946 | — | ||||||||||||||||||||||||||
Land, development, construction | 4,599 | 19 | — | ||||||||||||||||||||||||||
Total real estate loans | 44,486 | 1,180 | — | ||||||||||||||||||||||||||
Commercial and industrial | 4,432 | 80 | — | ||||||||||||||||||||||||||
Consumer and other loans | 455 | 13 | — | ||||||||||||||||||||||||||
Total | $ | 49,373 | $ | 1,273 | $ | — | |||||||||||||||||||||||
Summary of Nonperforming Loans | ' | ||||||||||||||||||||||||||||
Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. | |||||||||||||||||||||||||||||
Nonperforming loans were as follows: | Sept 30, 2013 | Dec 31, 2012 | |||||||||||||||||||||||||||
Non accrual loans | $ | 21,104 | $ | 25,448 | |||||||||||||||||||||||||
Loans past due over 90 days and still accruing interest | 35 | 293 | |||||||||||||||||||||||||||
Total non performing loans | $ | 21,139 | $ | 25,741 | |||||||||||||||||||||||||
Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans | ' | ||||||||||||||||||||||||||||
The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of September 30, 2013 and December 31, 2012, excluding loans acquired from the FDIC with evidence of credit deterioration and covered by FDIC loss share agreements: | |||||||||||||||||||||||||||||
As of September 30, 2013 | Nonaccrual | Loans past due | |||||||||||||||||||||||||||
over 90 days | |||||||||||||||||||||||||||||
still accruing | |||||||||||||||||||||||||||||
Residential real estate | $ | 10,882 | $ | — | |||||||||||||||||||||||||
Commercial real estate | 7,263 | — | |||||||||||||||||||||||||||
Land, development, construction | 1,247 | — | |||||||||||||||||||||||||||
Commercial | 1,290 | — | |||||||||||||||||||||||||||
Consumer, other | 422 | 35 | |||||||||||||||||||||||||||
Total | $ | 21,104 | $ | 35 | |||||||||||||||||||||||||
As of December 31, 2012 | Nonaccrual | Loans past due | |||||||||||||||||||||||||||
over 90 days | |||||||||||||||||||||||||||||
still accruing | |||||||||||||||||||||||||||||
Residential real estate | $ | 9,993 | $ | — | |||||||||||||||||||||||||
Commercial real estate | 11,459 | — | |||||||||||||||||||||||||||
Land, development, construction | 2,032 | — | |||||||||||||||||||||||||||
Commercial | 1,650 | — | |||||||||||||||||||||||||||
Consumer, other | 314 | 293 | |||||||||||||||||||||||||||
Total | $ | 25,448 | $ | 293 | |||||||||||||||||||||||||
Summary Aging of Recorded Investment in Past Due Loans | ' | ||||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of September 30, 2013 and December 31, 2012, excluding loans acquired from the FDIC with evidence of credit deterioration and covered by FDIC loss share agreements: | |||||||||||||||||||||||||||||
Accruing Loans | |||||||||||||||||||||||||||||
As of September 30, 2013 | Total | 30 - 59 | 60 - 89 | Greater | Total Past | Loans Not | Nonaccrual | ||||||||||||||||||||||
days past | days past | than 90 | Due | Past Due | Loans | ||||||||||||||||||||||||
due | due | days past | |||||||||||||||||||||||||||
due | |||||||||||||||||||||||||||||
Residential real estate | $ | 449,224 | $ | 3,136 | $ | 1,623 | $ | — | $ | 4,759 | $ | 433,583 | $ | 10,882 | |||||||||||||||
Commercial real estate | 529,172 | 2,642 | 342 | — | 2,984 | 518,925 | 7,263 | ||||||||||||||||||||||
Land/dev/construction | 60,375 | 109 | 618 | — | 727 | 58,401 | 1,247 | ||||||||||||||||||||||
Commercial | 126,451 | 264 | 69 | — | 333 | 124,828 | 1,290 | ||||||||||||||||||||||
Consumer | 50,324 | 209 | 149 | 35 | 393 | 49,509 | 422 | ||||||||||||||||||||||
$ | 1,215,546 | $ | 6,360 | $ | 2,801 | $ | 35 | $ | 9,196 | $ | 1,185,246 | $ | 21,104 | ||||||||||||||||
Accruing Loans | |||||||||||||||||||||||||||||
As of December 31, 2012 | Total | 30 - 59 | 60 - 89 | Greater | Total Past | Loans Not | Nonaccrual | ||||||||||||||||||||||
days past | days past | than 90 | Due | Past Due | Loans | ||||||||||||||||||||||||
due | due | days past | |||||||||||||||||||||||||||
due | |||||||||||||||||||||||||||||
Residential real estate | $ | 428,554 | $ | 1,632 | $ | 677 | $ | — | $ | 2,309 | $ | 416,252 | $ | 9,993 | |||||||||||||||
Commercial real estate | 480,494 | 1,663 | 1,147 | — | 2,810 | 466,225 | 11,459 | ||||||||||||||||||||||
Land/dev/construction | 55,474 | 115 | 624 | — | 739 | 52,703 | 2,032 | ||||||||||||||||||||||
Commercial | 124,225 | 203 | 416 | — | 619 | 121,956 | 1,650 | ||||||||||||||||||||||
Consumer | 51,279 | 456 | 489 | 293 | 1,238 | 49,727 | 314 | ||||||||||||||||||||||
$ | 1,140,026 | $ | 4,069 | $ | 3,353 | $ | 293 | $ | 7,715 | 1,106,863 | $ | 25,448 | |||||||||||||||||
Risk Category of Loans by Class of Loans, Excluding Loans Acquired from FDIC | ' | ||||||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, and based on the most recent analysis performed, the risk category of loans by class of loans, excluding loans with evidence of deterioration of credit quality purchased from the FDIC and covered by FDIC loss share agreements, is as follows: | |||||||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||||||
Loan Category | Pass | Special | Substandard | Doubtful | |||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Residential real estate | $ | 420,235 | $ | 6,511 | $ | 22,478 | $ | — | |||||||||||||||||||||
Commercial real estate | 435,312 | 59,217 | 34,643 | — | |||||||||||||||||||||||||
Land/dev/construction | 46,689 | 10,765 | 2,921 | — | |||||||||||||||||||||||||
Commercial | 117,529 | 4,825 | 4,097 | — | |||||||||||||||||||||||||
Consumer | 48,970 | 554 | 800 | — | |||||||||||||||||||||||||
$ | 1,068,735 | $ | 81,872 | $ | 64,939 | $ | — | ||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Loan Category | Pass | Special | Substandard | Doubtful | |||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Residential real estate | $ | 400,244 | $ | 4,797 | $ | 23,513 | $ | — | |||||||||||||||||||||
Commercial real estate | 394,238 | 44,933 | 41,323 | — | |||||||||||||||||||||||||
Land/dev/construction | 39,650 | 11,994 | 3,830 | — | |||||||||||||||||||||||||
Commercial | 114,067 | 3,978 | 6,180 | — | |||||||||||||||||||||||||
Consumer | 49,894 | 613 | 772 | — | |||||||||||||||||||||||||
$ | 998,093 | $ | 66,315 | $ | 75,618 | $ | — | ||||||||||||||||||||||
Investment in Residential and Consumer Loans, Excluding Loans from FDIC | ' | ||||||||||||||||||||||||||||
The following table presents the recorded investment in residential and consumer loans, excluding loans covered by FDIC loss share agreements, based on payment activity as of September 30, 2013: | |||||||||||||||||||||||||||||
Residential | Consumer | ||||||||||||||||||||||||||||
Performing | $ | 438,342 | $ | 49,867 | |||||||||||||||||||||||||
Nonperforming | 10,882 | 457 | |||||||||||||||||||||||||||
Total | $ | 449,224 | $ | 50,324 | |||||||||||||||||||||||||
Summary of Total Contractually Required Principal and Interest Cash Payments, Management's Estimate of Expected Total Cash Payments and Carrying Value of Loans | ' | ||||||||||||||||||||||||||||
The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans as of September 30, 2013 and December 31, 2012. Contractually required principal and interest payments have been adjusted for estimated prepayments. | |||||||||||||||||||||||||||||
Sept 30, 2013 | Dec 31, 2012 | ||||||||||||||||||||||||||||
Contractually required principal and interest | $ | 416,565 | $ | 534,989 | |||||||||||||||||||||||||
Non-accretable difference | (71,810 | ) | (142,855 | ) | |||||||||||||||||||||||||
Cash flows expected to be collected | 344,755 | 392,134 | |||||||||||||||||||||||||||
Accretable yield | (100,605 | ) | (93,107 | ) | |||||||||||||||||||||||||
Carrying value of acquired loans | $ | 244,150 | $ | 299,027 | |||||||||||||||||||||||||
Allowance for loan losses | (2,056 | ) | (2,649 | ) | |||||||||||||||||||||||||
Carrying value less allowance for loan losses | $ | 242,094 | $ | 296,378 | |||||||||||||||||||||||||
Summary of Changes in Total Contractually Required Principal and Interest Cash Payments | ' | ||||||||||||||||||||||||||||
The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the three and nine month period ending September 30, 2013 and 2012. | |||||||||||||||||||||||||||||
Activity during the three month period ending September 30, 2013 | June 30, | income | all other | Sept 30, | |||||||||||||||||||||||||
2013 | accretion | adjustments | 2013 | ||||||||||||||||||||||||||
Contractually required principal and interest | $ | 449,146 | $ | (32,581 | ) | $ | 416,565 | ||||||||||||||||||||||
Non-accretable difference | (90,060 | ) | 18,250 | (71,810 | ) | ||||||||||||||||||||||||
Cash flows expected to be collected | 359,086 | (14,331 | ) | 344,755 | |||||||||||||||||||||||||
Accretable yield | (99,407 | ) | 8,988 | (10,186 | ) | (100,605 | ) | ||||||||||||||||||||||
Carry value of acquired loans | $ | 259,679 | $ | 8,988 | $ | (24,517 | ) | $ | 244,150 | ||||||||||||||||||||
Activity during the nine month period ending September 30, 2013 | Dec 31, | income | all other | Sept 30, | |||||||||||||||||||||||||
2012 | accretion | adjustments | 2013 | ||||||||||||||||||||||||||
Contractually required principal and interest | $ | 534,989 | $ | (118,424 | ) | $ | 416,565 | ||||||||||||||||||||||
Non-accretable difference | (142,855 | ) | 71,045 | (71,810 | ) | ||||||||||||||||||||||||
Cash flows expected to be collected | 392,134 | (47,379 | ) | 344,755 | |||||||||||||||||||||||||
Accretable yield | (93,107 | ) | 24,835 | (32,333 | ) | (100,605 | ) | ||||||||||||||||||||||
Carry value of acquired loans | $ | 299,027 | $ | 24,835 | $ | (79,712 | ) | $ | 244,150 | ||||||||||||||||||||
Activity during the three month period ending September 30, 2012 | June 30, | Effect of | income | all other | Sept 30, | ||||||||||||||||||||||||
2012 | acquisitions | accretion | adjustments | 2012 | |||||||||||||||||||||||||
Contractually required principal and interest | $ | 594,439 | $ | (17,945 | ) | $ | 576,494 | ||||||||||||||||||||||
Non-accretable difference | (164,756 | ) | 5,415 | (159,341 | ) | ||||||||||||||||||||||||
Cash flows expected to be collected | 429,683 | (12,530 | ) | 417,153 | |||||||||||||||||||||||||
Accretable yield | (100,286 | ) | 6,208 | (11,334 | ) | (105,412 | ) | ||||||||||||||||||||||
Carry value of acquired loans | $ | 329,397 | $ | — | $ | 6,208 | $ | (23,864 | ) | $ | 311,741 | ||||||||||||||||||
Activity during the nine month period ending September 30, 2012 | Dec 31, | Effect of | income | all other | Sept 30, | ||||||||||||||||||||||||
2011 | acquisitions | accretion | adjustments | 2012 | |||||||||||||||||||||||||
Contractually required principal and interest | $ | 291,531 | $ | 363,130 | $ | (78,167 | ) | $ | 576,494 | ||||||||||||||||||||
Non-accretable difference | (51,536 | ) | (125,630 | ) | 17,825 | (159,341 | ) | ||||||||||||||||||||||
Cash flows expected to be collected | 239,995 | 237,500 | (60,342 | ) | 417,153 | ||||||||||||||||||||||||
Accretable yield | (74,552 | ) | (32,975 | ) | 17,955 | (15,840 | ) | (105,412 | ) | ||||||||||||||||||||
Carry value of acquired loans | $ | 165,443 | $ | 204,525 | $ | 17,955 | $ | (76,182 | ) | $ | 311,741 |
FDIC_Indemnification_Asset_Tab
FDIC Indemnification Asset (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
FDIC Loss Share Indemnification Asset | ' | ||||||||
The activity in the FDIC loss share indemnification asset is as follows: | |||||||||
Nine month | Twelve month | ||||||||
period ended | period ended | ||||||||
Sept 30, 2013 | 31-Dec-12 | ||||||||
Beginning of the year | $ | 119,289 | $ | 50,642 | |||||
Effect of acquisitions | — | 85,088 | |||||||
Amortization, net | (9,307 | ) | (3,096 | ) | |||||
Indemnification income - ORE | 5,420 | 4,185 | |||||||
Indemnification of foreclosure expense | 2,491 | 2,425 | |||||||
Proceeds from FDIC | (36,227 | ) | (21,787 | ) | |||||
(Recovery) impairment of loan pool | (63 | ) | 1,832 | ||||||
Period end balance | $ | 81,603 | $ | 119,289 | |||||
Nature_of_Operations_and_Basis1
Nature of Operations and Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Revenue_Generating_Activities | |
County | |
Location | |
Nature Of Operations And Basis Of Presentation [Abstract] | ' |
Number of service banking locations | 55 |
Number of counties | 18 |
Number of inter-related revenue generating activities | 3 |
Common_Stock_Outstanding_and_E2
Common Stock Outstanding and Earnings Per Share Data - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Anti dilutive stock options | 1,040,121 | 1,116,739 | 1,165,761 | 1,143,888 |
Common_Stock_Outstanding_and_E3
Common Stock Outstanding and Earnings Per Share Data - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Computations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator for basic and diluted earnings per share: | ' | ' | ' | ' |
Net income | $3,109 | $2,642 | $10,443 | $7,669 |
Denominator: | ' | ' | ' | ' |
Denominator for basic earnings per share - weighted-average shares | 30,109,728 | 30,077,933 | 30,099,509 | 30,072,008 |
Effect of dilutive securities: | ' | ' | ' | ' |
Stock options and stock grants | 134,145 | 64,234 | 116,519 | 64,672 |
Denominator for diluted earnings per share - adjusted weighted-average shares | 30,243,873 | 30,142,167 | 30,216,028 | 30,136,680 |
Basic earnings per share | $0.10 | $0.09 | $0.35 | $0.25 |
Diluted earnings per share | $0.10 | $0.09 | $0.35 | $0.25 |
Fair_Value_Assets_and_Liabilit
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Interest rate swap derivatives, assets | $712 | ' |
Trading securities, at fair value | 398 | 5,048 |
Available for sale securities | 456,555 | 425,758 |
Interest rate swap derivatives, carrying amount assets | 712 | 1,131 |
Liabilities: | ' | ' |
Interest rate swap derivatives, carrying amount liability | 809 | 2,014 |
Interest rate swap derivatives, liabilities | 809 | 2,014 |
Mortgage Backed Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 415,134 | 373,190 |
Municipal Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 41,416 | 45,022 |
Fair Value Measurements on Recurring [Member] | ' | ' |
Assets: | ' | ' |
Trading securities, at fair value | 398 | 5,048 |
Interest rate swap derivatives, carrying amount assets | 712 | 1,131 |
Liabilities: | ' | ' |
Interest rate swap derivatives, carrying amount liability | 809 | 2,014 |
Fair Value Measurements on Recurring [Member] | Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 5 | 7,546 |
Fair Value Measurements on Recurring [Member] | Mortgage Backed Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 415,134 | 373,190 |
Fair Value Measurements on Recurring [Member] | Municipal Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 41,416 | 45,022 |
Fair Value Measurements on Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Assets: | ' | ' |
Interest rate swap derivatives, assets | ' | ' |
Trading securities, at fair value | ' | ' |
Liabilities: | ' | ' |
Interest rate swap derivatives, liabilities | ' | ' |
Fair Value Measurements on Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurements on Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Backed Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurements on Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets: | ' | ' |
Interest rate swap derivatives, assets | 712 | 1,131 |
Trading securities, at fair value | 398 | 5,048 |
Liabilities: | ' | ' |
Interest rate swap derivatives, liabilities | 809 | 2,014 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 5 | 7,546 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 415,134 | 373,190 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 41,416 | 45,022 |
Fair Value Measurements on Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets: | ' | ' |
Interest rate swap derivatives, assets | ' | ' |
Trading securities, at fair value | ' | ' |
Liabilities: | ' | ' |
Interest rate swap derivatives, liabilities | ' | ' |
Fair Value Measurements on Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurements on Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Backed Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurements on Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Municipal Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | ' | ' |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Impaired loans with allocated allowance for loan losses | $12,083 | ' | $12,083 | ' | $11,678 |
Impaired valuation allowance | 584 | ' | 584 | ' | 370 |
Provision for loan loss expense | 383 | ' | 781 | ' | ' |
Additions charged to expenses | 3,184 | 1,735 | 5,851 | 2,825 | ' |
Proceeds from sale of bank property held for sale | ' | ' | 931 | ' | ' |
Gain on disposal of bank property held for sale | ' | ' | 31 | ' | ' |
Total impairment charges | $0 | $449 | $0 | $614 | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Capitalization rates to determine fair value of collateral | 8.00% | ' | 8.00% | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Capitalization rates to determine fair value of collateral | 11.00% | ' | 11.00% | ' | ' |
Fair_Value_Assets_and_Liabilit1
Fair Value - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Impaired loans on Residential real estate at Carrying value | $2,896 | $837 |
Impaired loans on Commercial real estate at Carrying value | 6,174 | 8,379 |
Impaired loans on Construction land development and land at Carrying value | 961 | 1,103 |
Impaired loans on Commercial at Carrying value | 1,310 | 905 |
Impaired loans on Consumer at Carrying value | 158 | 84 |
Other real estate owned on Residential real estate at Carrying value | 18 | 582 |
Other real estate owned on Commercial real estate at Carrying value | 3,664 | 5,933 |
Other real estate owned on Construction land development and land at Carrying value | 4,427 | 4,445 |
Bank owned real estate held for sale | 1,582 | 2,482 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Impaired loans on Residential real estate | ' | ' |
Impaired loans on Commercial real estate | ' | ' |
Impaired loans on Land, land development and construction | ' | ' |
Impaired loans on Commercial | ' | ' |
Impaired loans on Consumer | ' | ' |
Other real estate owned on Residential real estate | ' | ' |
Other real estate owned on Commercial real estate | ' | ' |
Other real estate owned on Land, land development and construction | ' | ' |
Bank owned real estate held for sale | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Impaired loans on Residential real estate | ' | ' |
Impaired loans on Commercial real estate | ' | ' |
Impaired loans on Land, land development and construction | ' | ' |
Impaired loans on Commercial | ' | ' |
Impaired loans on Consumer | ' | ' |
Other real estate owned on Residential real estate | ' | ' |
Other real estate owned on Commercial real estate | ' | ' |
Other real estate owned on Land, land development and construction | ' | ' |
Bank owned real estate held for sale | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Impaired loans on Residential real estate | 2,896 | 837 |
Impaired loans on Commercial real estate | 6,174 | 8,379 |
Impaired loans on Land, land development and construction | 961 | 1,103 |
Impaired loans on Commercial | 1,310 | 905 |
Impaired loans on Consumer | 158 | 84 |
Other real estate owned on Residential real estate | 18 | 582 |
Other real estate owned on Commercial real estate | 3,664 | 5,933 |
Other real estate owned on Land, land development and construction | 4,427 | 4,445 |
Bank owned real estate held for sale | $1,582 | $2,482 |
Fair_Value_Carrying_Amounts_an
Fair Value - Carrying Amounts and Estimated Fair Values of Company' s Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | $106,816 | $136,748 | $103,131 | $151,095 |
Cash and cash equivalents, fair value | 106,816 | 136,748 | ' | ' |
Trading securities, at fair value | 398 | 5,048 | ' | ' |
Investment securities available for sale, at fair value | 456,555 | 425,758 | ' | ' |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 8,179 | 9,749 | ' | ' |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | ' | ' | ' | ' |
Loans held for sale, carrying amount | 1,317 | 2,709 | ' | ' |
Loans held for sale, fair value | 1,317 | 2,709 | ' | ' |
Loans, less allowance for loan losses, carrying amount | 1,437,251 | 1,409,181 | ' | ' |
Loans, less allowance for loan losses, fair value | 1,438,680 | 1,324,630 | ' | ' |
FDIC indemnification asset, carrying amount | 81,603 | 119,289 | ' | 50,642 |
FDIC Indemnification asset, fair value | ' | ' | ' | ' |
Interest rate swap derivatives, carrying amount assets | 712 | 1,131 | ' | ' |
Interest rate swap derivatives, assets fair value | 712 | ' | ' | ' |
Accrued interest receivable, carrying amount | 6,206 | 6,100 | ' | ' |
Accrued interest receivable, fair value | 6,206 | 6,100 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits- without stated maturities, carrying amount | 1,561,747 | 1,521,928 | ' | ' |
Deposits- without stated maturities, fair value | 1,561,747 | 1,521,928 | ' | ' |
Deposits- with stated maturities, carrying amount | 400,208 | 475,304 | ' | ' |
Deposits- with stated maturities, fair value | 404,692 | 483,220 | ' | ' |
Securities sold under agreement to repurchase | 22,150 | 18,792 | ' | ' |
Securities sold under agreement to repurchase, fair value | 22,150 | 18,792 | ' | ' |
Federal funds purchased, carrying amount | 45,356 | 38,932 | ' | ' |
Federal funds purchased, fair value | 45,356 | 38,932 | ' | ' |
Corporate debentures, carrying amount | 16,990 | 16,970 | ' | ' |
Corporate debentures, fair value | 11,011 | 8,477 | ' | ' |
Interest rate swap derivatives, carrying amount | 809 | 2,014 | ' | ' |
Interest rate swap derivatives, fair value | 809 | 2,014 | ' | ' |
Accrued interest payable, carrying amount | 378 | 579 | ' | ' |
Accrued interest payable, fair value | 378 | 579 | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents, fair value | 106,816 | 136,748 | ' | ' |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | ' | ' | ' | ' |
FDIC Indemnification asset, fair value | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits- without stated maturities, fair value | 1,561,747 | 1,521,928 | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Trading securities, at fair value | 398 | 5,048 | ' | ' |
Investment securities available for sale, at fair value | 456,555 | 425,758 | ' | ' |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | ' | ' | ' | ' |
Loans held for sale, fair value | 1,317 | 2,709 | ' | ' |
FDIC Indemnification asset, fair value | ' | ' | ' | ' |
Interest rate swap derivatives, assets fair value | 712 | 1,131 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits- with stated maturities, fair value | 404,692 | 483,220 | ' | ' |
Securities sold under agreement to repurchase, fair value | 22,150 | 18,792 | ' | ' |
Federal funds purchased, fair value | 45,356 | 38,932 | ' | ' |
Corporate debentures, fair value | 11,011 | ' | ' | ' |
Interest rate swap derivatives, fair value | 809 | 2,014 | ' | ' |
Accrued interest payable, fair value | 378 | 579 | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | ' | ' | ' | ' |
Loans, less allowance for loan losses, fair value | 1,438,680 | 1,324,630 | ' | ' |
FDIC Indemnification asset, fair value | ' | ' | ' | ' |
Accrued interest receivable, fair value | 6,206 | 6,100 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Corporate debentures, fair value | ' | $8,477 | ' | ' |
Fair_Value_Carrying_Amounts_an1
Fair Value - Carrying Amounts and Estimated Fair Values of Company' s Financial Instruments (Parenthetical) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' |
Deduction of Allowance for loan losses from loans | $21,321 | $26,682 |
Reportable_Segments_Reconcilia
Reportable Segments - Reconciliation of Reportable Segment Revenues, Expenses and Profit (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income | $26,034 | $23,608 | $74,899 | $71,685 | ' |
Interest expense | -1,424 | -1,941 | -4,487 | -6,755 | ' |
Net interest income (expense) | 24,610 | 21,667 | 70,412 | 64,930 | ' |
Recovery of prior loan loss provision | 1,273 | -2,425 | 259 | -7,051 | ' |
Non interest income | 8,607 | 16,335 | 28,749 | 46,521 | ' |
Non interest expense | -29,850 | -31,706 | -84,313 | -93,450 | ' |
Income before provision for income taxes | 4,640 | 3,871 | 15,107 | 10,950 | ' |
Income tax (provision) benefit | -1,531 | -1,229 | -4,664 | -3,281 | ' |
Net income (loss) | 3,109 | 2,642 | 10,443 | 7,669 | ' |
Total assets | 2,336,021 | 2,377,615 | 2,336,021 | 2,377,615 | 2,363,240 |
Operating Segments [Member] | Commercial and Retail Banking [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income | 25,304 | 22,676 | 72,777 | 68,518 | ' |
Interest expense | -1,267 | -1,770 | -4,019 | -6,053 | ' |
Net interest income (expense) | 24,037 | 20,906 | 68,758 | 62,465 | ' |
Recovery of prior loan loss provision | 1,273 | -2,425 | 259 | -7,051 | ' |
Non interest income | 4,836 | 6,882 | 12,364 | 18,004 | ' |
Non interest expense | -24,620 | -23,704 | -65,917 | -69,011 | ' |
Income before provision for income taxes | 5,526 | 1,659 | 15,464 | 4,407 | ' |
Income tax (provision) benefit | -1,867 | -389 | -4,933 | -795 | ' |
Net income (loss) | 3,359 | 1,270 | 10,531 | 3,612 | ' |
Total assets | 2,194,300 | 2,206,116 | 2,194,300 | 2,206,116 | ' |
Operating Segments [Member] | Correspondent Banking and Bond Sales Division [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income | 730 | 932 | 2,122 | 3,167 | ' |
Interest expense | -5 | -7 | -16 | -22 | ' |
Net interest income (expense) | 725 | 925 | 2,106 | 3,145 | ' |
Non interest income | 3,771 | 9,453 | 16,385 | 28,514 | ' |
Non interest expense | -4,377 | -7,235 | -15,815 | -22,099 | ' |
Income before provision for income taxes | 119 | 3,143 | 2,676 | 9,560 | ' |
Income tax (provision) benefit | -46 | -1,183 | -1,032 | -3,598 | ' |
Net income (loss) | 73 | 1,960 | 1,644 | 5,962 | ' |
Total assets | 138,395 | 166,231 | 138,395 | 166,231 | ' |
Corporate Overhead and Administration [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest expense | -152 | -164 | -452 | -680 | ' |
Net interest income (expense) | -152 | -164 | -452 | -680 | ' |
Non interest income | ' | ' | ' | 3 | ' |
Non interest expense | -853 | -767 | -2,581 | -2,340 | ' |
Income before provision for income taxes | -1,005 | -931 | -3,033 | -3,017 | ' |
Income tax (provision) benefit | 382 | 343 | 1,301 | 1,112 | ' |
Net income (loss) | -623 | -588 | -1,732 | -1,905 | ' |
Total assets | 294,425 | 295,062 | 294,425 | 295,062 | ' |
Elimination Entries [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total assets | ($291,099) | ($289,794) | ($291,099) | ($289,794) | ' |
Reportable_Segments_Additional
Reportable Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Location | |
County | |
Subsidiary | |
Segment Reporting Measurement Disclosures [Abstract] | ' |
Number of non bank subsidiary | 1 |
Number of counties in which company operates | 18 |
Number of bank locations | 55 |
Investment_Securities_Availabl2
Investment Securities Available for Sale - Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $462,347 | $414,049 |
Gross Unrealized Gains | 5,799 | 11,832 |
Gross Unrealized Losses | 11,591 | 123 |
Fair Value | 456,555 | 425,758 |
Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 5 | 7,465 |
Gross Unrealized Gains | ' | 81 |
Fair Value | 5 | 7,546 |
Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 421,248 | 364,014 |
Gross Unrealized Gains | 4,865 | 9,247 |
Gross Unrealized Losses | 10,979 | 71 |
Fair Value | 415,134 | 373,190 |
Municipal Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 41,094 | 42,570 |
Gross Unrealized Gains | 934 | 2,504 |
Gross Unrealized Losses | 612 | 52 |
Fair Value | $41,416 | $45,022 |
Investment_Securities_Availabl3
Investment Securities Available for Sale - Schedule of Sales of Available for Sale Securities (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Investments [Abstract] | ' | ' |
Proceeds | $68,892 | $140,537 |
Gross gains | 1,038 | 2,285 |
Gross losses | ' | $282 |
Investment_Securities_Availabl4
Investment Securities Available for Sale - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Security | Security | ||
Investments [Abstract] | ' | ' | ' |
Tax provision related to net realized gains | $400 | $754 | ' |
Securities estimated fair value | $108,871 | ' | $108,737 |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 10.00% | ' | 10.00% |
Number of securities representing specified criteria | 0 | ' | 0 |
Percentage of AFS securities held by any one issuer as a percentage of stockholders' equity | 100.00% | ' | ' |
Investment_Securities_Availabl5
Investment Securities Available for Sale - Fair Value of Available for Sale Securities by Contractual Maturity (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Investment securities available for sale due in one year or less, Fair Value | $625 | ' |
Investment securities available for sale due after one year through five years, Fair Value | 1,929 | ' |
Investment securities available for sale due after five years through ten years, Fair Value | 11,594 | ' |
Investment securities available for sale due after ten years through thirty years, Fair Value | 27,273 | ' |
Investment securities available for sale Mortgage backed securities, Fair Value | 415,134 | ' |
Fair Value | 456,555 | 425,758 |
Investment securities available for sale due in one year or less, Amortized Cost | 625 | ' |
Investment securities available for sale due after one year through five years, Amortized Cost | 1,800 | ' |
Investment securities available for sale due after five years through ten years, Amortized Cost | 11,335 | ' |
Investment securities available for sale due after ten years through thirty years, Amortized Cost | 27,339 | ' |
Investment securities available for sale Mortgage backed securities, Amortized Cost | 421,248 | ' |
Amortized cost | $462,347 | $414,049 |
Investment_Securities_Availabl6
Investment Securities Available for Sale - Investments Gross Unrealized Losses and Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | ' | ' |
Less than 12 months, Unrealized Losses | ' | ' |
12 months or more, Fair Value | ' | ' |
12 months or more, Unrealized Losses | ' | ' |
Total, Fair Value | ' | ' |
Total, Unrealized Losses | ' | ' |
Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 235,856 | 30,840 |
Less than 12 months, Unrealized Losses | 10,979 | 71 |
12 months or more, Fair Value | ' | ' |
12 months or more, Unrealized Losses | ' | ' |
Total, Fair Value | 235,856 | 30,840 |
Total, Unrealized Losses | 10,979 | 71 |
Municipal Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 11,591 | 2,180 |
Less than 12 months, Unrealized Losses | 612 | 52 |
12 months or more, Fair Value | ' | ' |
12 months or more, Unrealized Losses | ' | ' |
Total, Fair Value | 11,591 | 2,180 |
Total, Unrealized Losses | 612 | 52 |
Total Temporarily Impaired Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 247,447 | 33,020 |
Less than 12 months, Unrealized Losses | 11,591 | 123 |
12 months or more, Fair Value | ' | ' |
12 months or more, Unrealized Losses | ' | ' |
Total, Fair Value | 247,447 | 33,020 |
Total, Unrealized Losses | $11,591 | $123 |
Loans_Summary_of_Information_C
Loans - Summary of Information Concerning Loan Portfolio by Collateral Types (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Receivables with Imputed Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans covered by FDIC loss share agreements | $242,891 | ' | $296,295 | ' | ' | ' |
Total loans, net of allowance for loan losses | 1,437,251 | ' | 1,409,181 | ' | ' | ' |
Allowance for loan losses for noncovered loans | -21,321 | -23,820 | -26,682 | -26,341 | -25,183 | -27,944 |
Loans Not Covered by FDIC Loss Share Agreements [Member] | ' | ' | ' | ' | ' | ' |
Receivables with Imputed Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Real estate loans, Residential | 449,224 | ' | 428,554 | ' | ' | ' |
Real estate loans, Commercial | 529,172 | ' | 480,494 | ' | ' | ' |
Land, development, construction | 60,375 | ' | 55,474 | ' | ' | ' |
Total real estate | 1,038,771 | ' | 964,522 | ' | ' | ' |
Commercial | 126,451 | ' | 124,225 | ' | ' | ' |
Consumer and other loans (note 1) | 1,259 | ' | 2,732 | ' | ' | ' |
Consumer and other loans | 49,065 | ' | 48,547 | ' | ' | ' |
Loans before unearned fees and deferred cost | 1,215,546 | ' | 1,140,026 | ' | ' | ' |
Net unearned fees and costs | 135 | ' | -458 | ' | ' | ' |
Allowance for loan losses for noncovered loans | -19,265 | -21,800 | -24,033 | -24,019 | -23,634 | -27,585 |
Net loans not covered by FDIC loss share agreements | 1,196,416 | ' | 1,115,535 | ' | ' | ' |
Loans Covered by FDIC Loss Share Agreements [Member] | ' | ' | ' | ' | ' | ' |
Receivables with Imputed Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Real estate loans, Residential | 124,027 | ' | 142,480 | ' | ' | ' |
Real estate loans, Commercial | 109,285 | ' | 134,413 | ' | ' | ' |
Land, development, construction | 5,673 | ' | 13,259 | ' | ' | ' |
Total real estate | 238,985 | ' | 290,152 | ' | ' | ' |
Commercial | 3,906 | ' | 6,143 | ' | ' | ' |
Total loans covered by FDIC loss share agreements | 242,891 | ' | 296,295 | ' | ' | ' |
Allowance for loan losses for covered loans | -2,056 | -2,020 | -2,649 | -2,322 | -1,549 | -359 |
Net loans covered by FDIC loss share agreements | $240,835 | ' | $293,646 | ' | ' | ' |
Loans_Summary_of_Allowance_for
Loans - Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | $23,820 | $25,183 | $26,682 | $27,944 |
Charge-offs | -1,570 | -2,245 | -5,919 | -10,393 |
Recoveries | 344 | 978 | 817 | 1,739 |
Net charge-offs | -1,226 | -1,267 | -5,102 | -8,654 |
Provision for loan losses | -1,273 | 2,425 | -259 | 7,051 |
Balance at end of period | 21,321 | 26,341 | 21,321 | 26,341 |
Loans Covered by FDIC Loss Share Agreements [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period, Covered | 2,020 | 1,549 | 2,649 | 359 |
Charge-offs, Covered | ' | ' | -515 | ' |
Recoveries, Covered | ' | ' | ' | ' |
Net charge-offs | ' | ' | -515 | ' |
Provision for loan losses, Covered | 36 | 773 | -78 | 1,963 |
Balance at end of period, Covered | 2,056 | 2,322 | 2,056 | 2,322 |
Loans Covered by FDIC Loss Share Agreements [Member] | Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period, Covered | ' | 82 | ' | 82 |
Recoveries, Covered | ' | ' | ' | ' |
Balance at end of period, Covered | ' | 82 | ' | 82 |
Loans Covered by FDIC Loss Share Agreements [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period, Covered | 1,577 | 1,455 | 2,335 | 223 |
Charge-offs, Covered | ' | ' | -515 | ' |
Recoveries, Covered | ' | ' | ' | ' |
Provision for loan losses, Covered | -190 | 780 | -433 | 2,012 |
Balance at end of period, Covered | 1,387 | 2,235 | 1,387 | 2,235 |
Loans Covered by FDIC Loss Share Agreements [Member] | Land, Development, Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period, Covered | 130 | ' | ' | 40 |
Recoveries, Covered | ' | ' | ' | ' |
Provision for loan losses, Covered | -8 | ' | 122 | -40 |
Balance at end of period, Covered | 122 | ' | 122 | ' |
Loans Covered by FDIC Loss Share Agreements [Member] | Commercial and Industrial [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period, Covered | 313 | 12 | 314 | 14 |
Recoveries, Covered | ' | ' | ' | ' |
Provision for loan losses, Covered | 234 | -7 | 233 | -9 |
Balance at end of period, Covered | 547 | 5 | 547 | 5 |
Loans Not Covered by FDIC Loss Share Agreements [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 21,800 | 23,634 | 24,033 | 27,585 |
Charge-offs | -1,570 | -2,245 | -5,404 | -10,393 |
Recoveries | 344 | 978 | 817 | 1,739 |
Net charge-offs | -1,226 | -1,267 | -4,587 | -8,654 |
Provision for loan losses | -1,309 | 1,652 | -181 | 5,088 |
Balance at end of period | 19,265 | 24,019 | 19,265 | 24,019 |
Loans Not Covered by FDIC Loss Share Agreements [Member] | Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 9,791 | 4,860 | 6,831 | 6,700 |
Charge-offs | -1,147 | -1,456 | -3,328 | -3,233 |
Recoveries | 163 | 182 | 396 | 334 |
Provision for loan losses | 844 | 1,896 | 5,752 | 1,681 |
Balance at end of period | 9,651 | 5,482 | 9,651 | 5,482 |
Loans Not Covered by FDIC Loss Share Agreements [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 6,026 | 8,091 | 8,272 | 8,825 |
Charge-offs | -53 | -179 | -1,127 | -1,758 |
Recoveries | 42 | 411 | 82 | 834 |
Provision for loan losses | -1,431 | 263 | -2,643 | 685 |
Balance at end of period | 4,584 | 8,586 | 4,584 | 8,586 |
Loans Not Covered by FDIC Loss Share Agreements [Member] | Land, Development, Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 4,071 | 7,868 | 6,211 | 9,098 |
Charge-offs | -127 | -385 | -310 | -4,593 |
Recoveries | 41 | 338 | 161 | 423 |
Provision for loan losses | -644 | -719 | -2,721 | 2,174 |
Balance at end of period | 3,341 | 7,102 | 3,341 | 7,102 |
Loans Not Covered by FDIC Loss Share Agreements [Member] | Commercial and Industrial [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 1,064 | 1,638 | 1,745 | 1,984 |
Charge-offs | -53 | -10 | -112 | -71 |
Recoveries | 22 | 4 | 43 | 15 |
Provision for loan losses | -146 | 54 | -789 | -242 |
Balance at end of period | 887 | 1,686 | 887 | 1,686 |
Loans Not Covered by FDIC Loss Share Agreements [Member] | Consumer and Other [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 848 | 1,177 | 974 | 978 |
Charge-offs | -190 | -215 | -527 | -738 |
Recoveries | 76 | 43 | 135 | 133 |
Provision for loan losses | 68 | 158 | 220 | 790 |
Balance at end of period | $802 | $1,163 | $802 | $1,163 |
Loans_Allowance_for_Loan_Losse
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Allowance for loan losses: | ' | ' |
Individually evaluated for impairment | $784 | $1,022 |
Collectively evaluated for impairment | 18,481 | 23,011 |
Acquired with deteriorated credit quality | 2,056 | 2,649 |
Total ending allowance balance | 21,321 | 26,682 |
Loans: | ' | ' |
Loans individually evaluated for impairment | 39,880 | 48,179 |
Loans collectively evaluated for impairment | 1,174,407 | 1,089,115 |
Loans acquired with deteriorated credit quality | 244,150 | 299,027 |
Total ending loan balance | 1,458,437 | 1,436,321 |
Residential Real Estate [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Individually evaluated for impairment | 429 | 610 |
Collectively evaluated for impairment | 9,222 | 6,221 |
Total ending allowance balance | 9,651 | 6,831 |
Loans: | ' | ' |
Loans individually evaluated for impairment | 9,054 | 9,936 |
Loans collectively evaluated for impairment | 440,170 | 418,618 |
Loans acquired with deteriorated credit quality | 124,027 | 142,480 |
Total ending loan balance | 573,251 | 571,034 |
Commercial Real Estate [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Individually evaluated for impairment | 263 | 277 |
Collectively evaluated for impairment | 4,321 | 7,995 |
Acquired with deteriorated credit quality | 1,387 | 2,335 |
Total ending allowance balance | 5,971 | 10,607 |
Loans: | ' | ' |
Loans individually evaluated for impairment | 27,246 | 32,860 |
Loans collectively evaluated for impairment | 501,926 | 447,634 |
Loans acquired with deteriorated credit quality | 109,285 | 134,413 |
Total ending loan balance | 638,457 | 614,907 |
Land, Development, Construction [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Individually evaluated for impairment | 57 | 107 |
Collectively evaluated for impairment | 3,284 | 6,104 |
Acquired with deteriorated credit quality | 122 | ' |
Total ending allowance balance | 3,463 | 6,211 |
Loans: | ' | ' |
Loans individually evaluated for impairment | 1,391 | 1,520 |
Loans collectively evaluated for impairment | 58,984 | 53,954 |
Loans acquired with deteriorated credit quality | 5,673 | 13,259 |
Total ending loan balance | 66,048 | 68,733 |
Commercial and Industrial [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Individually evaluated for impairment | 8 | 1 |
Collectively evaluated for impairment | 879 | 1,744 |
Acquired with deteriorated credit quality | 547 | 314 |
Total ending allowance balance | 1,434 | 2,059 |
Loans: | ' | ' |
Loans individually evaluated for impairment | 1,831 | 3,470 |
Loans collectively evaluated for impairment | 124,620 | 120,755 |
Loans acquired with deteriorated credit quality | 3,906 | 6,143 |
Total ending loan balance | 130,357 | 130,368 |
Consumer and Other [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Individually evaluated for impairment | 27 | 27 |
Collectively evaluated for impairment | 775 | 947 |
Total ending allowance balance | 802 | 974 |
Loans: | ' | ' |
Loans individually evaluated for impairment | 358 | 393 |
Loans collectively evaluated for impairment | 48,707 | 48,154 |
Loans acquired with deteriorated credit quality | 1,259 | 2,732 |
Total ending loan balance | $50,324 | $51,279 |
Loans_Summary_of_Impaired_Loan
Loans - Summary of Impaired Loan (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Impaired Financing Receivable [Abstract] | ' | ' |
Impaired loans with a specific valuation allowance | $7,992 | $10,744 |
Impaired loans without a specific valuation allowance | 31,888 | 37,435 |
Total impaired loans | 39,880 | 48,179 |
Amount of allowance for loan losses allocated to impaired loans | 784 | 1,022 |
Performing TDRs | 11,604 | 8,841 |
Non performing TDRs, included in NPLs | 4,207 | 5,819 |
Total TDRs (TDRs are required to be included in impaired loans) | 15,811 | 14,660 |
Impaired loans that are not TDRs | 24,069 | 33,519 |
Total impaired loans | $39,880 | $48,179 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' | ' |
Loans modification, modified terms allowance period minimum | ' | '12 months | ' |
Loans modification, modified terms allowance period maximum | ' | '24 months | ' |
Troubled debt restructured loans total | $15,811 | $15,811 | ' |
Performing troubled debt restructured loans | 11,604 | 11,604 | 8,841 |
Non performing TDRs, included in NPLs | 4,207 | 4,207 | 5,819 |
Provision for loan loss expense | 426 | 748 | ' |
Partial charge offs for troubled debt restructured | 219 | 445 | ' |
Percentage of troubled debt restructured current pursuant to modified terms | ' | 73.00% | ' |
Percentage of troubled debt restructured not performing pursuant to their modified terms | ' | 27.00% | ' |
Provision for loan loss expense within twelve months | 172 | 332 | ' |
Partial charge offs for troubled debt restructured | 59 | 176 | ' |
Loans at credit risk outstanding | 500 | 500 | ' |
Pass rated loans less than the amount | 500 | 500 | ' |
Non-accretable expected cash flows | $10,894 | $30,811 | ' |
Loans_Troubled_Debt_Restructur
Loans - Troubled Debt Restructured Loans by Loans Type (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Performing TDRs | $11,604 | $8,841 |
Non performing TDRs | 4,207 | 5,819 |
Total TDRs | 15,811 | 14,660 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Performing TDRs | 6,936 | 6,446 |
Non performing TDRs | 1,546 | 1,778 |
Total TDRs | 8,482 | 8,224 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Performing TDRs | 3,538 | 1,589 |
Non performing TDRs | 2,496 | 3,701 |
Total TDRs | 6,034 | 5,290 |
Land, Development, Construction [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Performing TDRs | 429 | 202 |
Non performing TDRs | ' | 231 |
Total TDRs | 429 | 433 |
Total Real Estate Loans [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Performing TDRs | 10,903 | 8,237 |
Non performing TDRs | 4,042 | 5,710 |
Total TDRs | 14,945 | 13,947 |
Commercial [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Performing TDRs | 469 | 315 |
Non performing TDRs | 40 | 5 |
Total TDRs | 509 | 320 |
Consumer and Other [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Performing TDRs | 232 | 289 |
Non performing TDRs | 125 | 104 |
Total TDRs | $357 | $393 |
Loans_Summary_of_Loans_by_Clas
Loans - Summary of Loans by Class Modified (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
SecurityLoan | SecurityLoan | |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of loans | 10 | 19 |
Recorded investment | $2,267 | $3,526 |
Residential Real Estate [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of loans | 3 | 10 |
Recorded investment | 562 | 758 |
Commercial Real Estate [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of loans | 5 | 4 |
Recorded investment | 1,662 | 2,567 |
Land, Development, Construction [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of loans | ' | 4 |
Recorded investment | ' | 156 |
Commercial and Industrial [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of loans | 1 | ' |
Recorded investment | 25 | ' |
Consumer and Other [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of loans | 1 | 1 |
Recorded investment | $18 | $45 |
Loans_Summary_of_Loans_Individ
Loans - Summary of Loans Individually Evaluated for Impairment by Class of Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment, With no related allowance | $31,888 | $37,435 |
Amount of allowance for loan losses allocated to impaired loans | 784 | 1,022 |
Recorded investment, With an allowance recorded | 7,992 | 10,744 |
Unpaid principal balance | 43,328 | 52,529 |
Total impaired loans | 39,880 | 48,179 |
With No Related Allowance Recorded [Member] | Residential Real Estate [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Unpaid principal balance, With no related allowance | 5,539 | 1,712 |
Recorded investment, With no related allowance | 5,448 | 1,712 |
With No Related Allowance Recorded [Member] | Commercial Real Estate [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Unpaid principal balance, With no related allowance | 25,749 | 33,789 |
Recorded investment, With no related allowance | 23,892 | 31,171 |
With No Related Allowance Recorded [Member] | Land, Development, Construction [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Unpaid principal balance, With no related allowance | 1,760 | 2,042 |
Recorded investment, With no related allowance | 911 | 1,087 |
With No Related Allowance Recorded [Member] | Commercial and Industrial [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Unpaid principal balance, With no related allowance | 1,728 | 3,556 |
Recorded investment, With no related allowance | 1,631 | 3,465 |
With No Related Allowance Recorded [Member] | Consumer and Other [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Unpaid principal balance, With no related allowance | 6 | ' |
Recorded investment, With no related allowance | 6 | ' |
With an Allowance Recorded [Member] | Residential Real Estate [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Unpaid principal balance, With an allowance recorded | 3,910 | 8,624 |
Amount of allowance for loan losses allocated to impaired loans | 429 | 610 |
Recorded investment, With an allowance recorded | 3,606 | 8,224 |
With an Allowance Recorded [Member] | Commercial Real Estate [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Unpaid principal balance, With an allowance recorded | 3,533 | 1,742 |
Amount of allowance for loan losses allocated to impaired loans | 263 | 277 |
Recorded investment, With an allowance recorded | 3,354 | 1,689 |
With an Allowance Recorded [Member] | Land, Development, Construction [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Unpaid principal balance, With an allowance recorded | 494 | 664 |
Amount of allowance for loan losses allocated to impaired loans | 57 | 107 |
Recorded investment, With an allowance recorded | 480 | 433 |
With an Allowance Recorded [Member] | Commercial and Industrial [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Unpaid principal balance, With an allowance recorded | 245 | 5 |
Amount of allowance for loan losses allocated to impaired loans | 8 | 1 |
Recorded investment, With an allowance recorded | 200 | 5 |
With an Allowance Recorded [Member] | Consumer and Other [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Unpaid principal balance, With an allowance recorded | 364 | 395 |
Amount of allowance for loan losses allocated to impaired loans | 27 | 27 |
Recorded investment, With an allowance recorded | $352 | $393 |
Loans_Summary_of_Impairment_by
Loans - Summary of Impairment by Class of Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule Of Financial Receivables [Line Items] | ' | ' | ' | ' |
Average of impaired loans | $39,286 | $46,453 | $40,924 | $49,373 |
Interest income recognized during the period | 390 | 404 | 1,108 | 1,273 |
Cash basis interest income recognized | ' | ' | ' | ' |
Residential Real Estate [Member] | ' | ' | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' | ' | ' |
Average of impaired loans | 8,829 | 10,289 | 9,014 | 10,131 |
Interest income recognized during the period | 78 | 78 | 222 | 215 |
Cash basis interest income recognized | ' | ' | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' | ' | ' |
Average of impaired loans | 26,960 | 29,900 | 28,134 | 29,756 |
Interest income recognized during the period | 295 | 285 | 840 | 946 |
Cash basis interest income recognized | ' | ' | ' | ' |
Land, Development, Construction [Member] | ' | ' | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' | ' | ' |
Average of impaired loans | 1,436 | 2,531 | 1,423 | 4,599 |
Interest income recognized during the period | 2 | 4 | 10 | 19 |
Cash basis interest income recognized | ' | ' | ' | ' |
Total Real Estate Loans [Member] | ' | ' | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' | ' | ' |
Average of impaired loans | 37,225 | 42,720 | 38,571 | 44,486 |
Interest income recognized during the period | 375 | 367 | 1,072 | 1,180 |
Cash basis interest income recognized | ' | ' | ' | ' |
Commercial and Industrial [Member] | ' | ' | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' | ' | ' |
Average of impaired loans | 1,710 | 3,306 | 1,984 | 4,432 |
Interest income recognized during the period | 12 | 34 | 28 | 80 |
Cash basis interest income recognized | ' | ' | ' | ' |
Consumer and Other Loans [Member] | ' | ' | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' | ' | ' |
Average of impaired loans | 351 | 427 | 369 | 455 |
Interest income recognized during the period | 3 | 3 | 8 | 13 |
Cash basis interest income recognized | ' | ' | ' | ' |
Loans_Summary_of_Nonperforming
Loans - Summary of Nonperforming Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary Of Nonperforming Loans [Abstract] | ' | ' |
Non accrual loans | $21,104 | $25,448 |
Loans past due over 90 days and still accruing interest | 35 | 293 |
Total non performing loans | $21,139 | $25,741 |
Loans_Summary_of_Recorded_Inve
Loans - Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual, Total | $21,104 | $25,448 |
Loans past due over 90 days still accruing, Total | 35 | 293 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual, Total | 10,882 | 9,993 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual, Total | 7,263 | 11,459 |
Land, Development, Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual, Total | 1,247 | 2,032 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual, Total | 1,290 | 1,650 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual, Total | 422 | 314 |
Loans past due over 90 days still accruing, Total | $35 | $293 |
Loans_Summary_Aging_of_Recorde
Loans - Summary Aging of Recorded Investment in Past Due Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | $1,215,546 | $1,140,026 |
30 - 59 days past due | 6,360 | 4,069 |
60 - 89 days past due | 2,801 | 3,353 |
Greater than 90 days past due | 35 | 293 |
Total Past Due | 9,196 | 7,715 |
Loans Not Past Due | 1,185,246 | 1,106,863 |
Nonaccrual loans | 21,104 | 25,448 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 449,224 | 428,554 |
30 - 59 days past due | 3,136 | 1,632 |
60 - 89 days past due | 1,623 | 677 |
Total Past Due | 4,759 | 2,309 |
Loans Not Past Due | 433,583 | 416,252 |
Nonaccrual loans | 10,882 | 9,993 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 529,172 | 480,494 |
30 - 59 days past due | 2,642 | 1,663 |
60 - 89 days past due | 342 | 1,147 |
Total Past Due | 2,984 | 2,810 |
Loans Not Past Due | 518,925 | 466,225 |
Nonaccrual loans | 7,263 | 11,459 |
Land, Development, Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 60,375 | 55,474 |
30 - 59 days past due | 109 | 115 |
60 - 89 days past due | 618 | 624 |
Total Past Due | 727 | 739 |
Loans Not Past Due | 58,401 | 52,703 |
Nonaccrual loans | 1,247 | 2,032 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 126,451 | 124,225 |
30 - 59 days past due | 264 | 203 |
60 - 89 days past due | 69 | 416 |
Total Past Due | 333 | 619 |
Loans Not Past Due | 124,828 | 121,956 |
Nonaccrual loans | 1,290 | 1,650 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 50,324 | 51,279 |
30 - 59 days past due | 209 | 456 |
60 - 89 days past due | 149 | 489 |
Greater than 90 days past due | 35 | 293 |
Total Past Due | 393 | 1,238 |
Loans Not Past Due | 49,509 | 49,727 |
Nonaccrual loans | $422 | $314 |
Loans_Risk_Category_of_Loans_b
Loans - Risk Category of Loans by Class of Loans, Excluding Loans Acquired from FDIC (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $449,224 | ' |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 50,324 | ' |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,068,735 | 998,093 |
Pass [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 420,235 | 400,244 |
Pass [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 435,312 | 394,238 |
Pass [Member] | Land, Development, Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 46,689 | 39,650 |
Pass [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 117,529 | 114,067 |
Pass [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 48,970 | 49,894 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 81,872 | 66,315 |
Special Mention [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 6,511 | 4,797 |
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 59,217 | 44,933 |
Special Mention [Member] | Land, Development, Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 10,765 | 11,994 |
Special Mention [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 4,825 | 3,978 |
Special Mention [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 554 | 613 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 64,939 | 75,618 |
Substandard [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 22,478 | 23,513 |
Substandard [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 34,643 | 41,323 |
Substandard [Member] | Land, Development, Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 2,921 | 3,830 |
Substandard [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 4,097 | 6,180 |
Substandard [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 800 | 772 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | ' |
Doubtful [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | ' |
Doubtful [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | ' |
Doubtful [Member] | Land, Development, Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | ' |
Doubtful [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | ' |
Doubtful [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | ' |
Loans_Investment_in_Residentia
Loans - Investment in Residential and Consumer Loans, Excluding Loans from FDIC (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Residential Real Estate [Member] | ' |
Financing Receivable, Recorded Investment [Line Items] | ' |
Loans | $449,224 |
Residential Real Estate [Member] | Performing [Member] | ' |
Financing Receivable, Recorded Investment [Line Items] | ' |
Loans | 438,342 |
Residential Real Estate [Member] | Nonperforming [Member] | ' |
Financing Receivable, Recorded Investment [Line Items] | ' |
Loans | 10,882 |
Consumer and Other [Member] | ' |
Financing Receivable, Recorded Investment [Line Items] | ' |
Loans | 50,324 |
Consumer and Other [Member] | Performing [Member] | ' |
Financing Receivable, Recorded Investment [Line Items] | ' |
Loans | 49,867 |
Consumer and Other [Member] | Nonperforming [Member] | ' |
Financing Receivable, Recorded Investment [Line Items] | ' |
Loans | $457 |
Loans_Summary_of_Total_Contrac
Loans - Summary of Total Contractually Required Principle and Interest Cash Payments, Management's Estimate of Expected Total Cash Payments and Carrying Value of Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans Acquired Accounted For As Debt Securities General Items [Abstract] | ' | ' |
Contractually required principal and interest | $416,565 | $534,989 |
Non-accretable difference | -71,810 | -142,855 |
Cash flows expected to be collected | 344,755 | 392,134 |
Accretable yield | -100,605 | -93,107 |
Carrying value of acquired loans | 244,150 | 299,027 |
Allowance for loan losses | -2,056 | -2,649 |
Carrying value less allowance for loan losses | $242,094 | $296,378 |
Loans_Summary_of_Changes_in_To
Loans - Summary of Changes in Total Contractually Required Principle and Interest Cash Payments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Carry Value of Acquired Loans [Member] | Carry Value of Acquired Loans [Member] | Carry Value of Acquired Loans [Member] | Carry Value of Acquired Loans [Member] | Accretable Yield [Member] | Accretable Yield [Member] | Accretable Yield [Member] | Accretable Yield [Member] | Cash Flows Expected to be Collected [Member] | Cash Flows Expected to be Collected [Member] | Cash Flows Expected to be Collected [Member] | Cash Flows Expected to be Collected [Member] | Non-Accretable Difference [Member] | Non-Accretable Difference [Member] | Non-Accretable Difference [Member] | Non-Accretable Difference [Member] | Contractually Required Principal and Interest [Member] | Contractually Required Principal and Interest [Member] | Contractually Required Principal and Interest [Member] | Contractually Required Principal and Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractually required principal and interest, beginning balance | $416,565 | $534,989 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $449,146 | $594,439 | $534,989 | $291,531 |
Non-accretable difference, beginning balance | -71,810 | -142,855 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -90,060 | -164,756 | -142,855 | -51,536 | ' | ' | ' | ' |
Cash flows expected to be collected, beginning balance | 344,755 | 392,134 | ' | ' | ' | ' | ' | ' | ' | ' | 359,086 | 429,683 | 392,134 | 239,995 | ' | ' | ' | ' | ' | ' | ' | ' |
Accretable yield, beginning balance | 100,605 | 93,107 | ' | ' | ' | ' | -99,407 | -100,286 | -93,107 | -74,552 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of acquired loans, beginning balance | 244,150 | 299,027 | 259,679 | 329,397 | 299,027 | 165,443 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of acquisitions | ' | ' | ' | ' | ' | 204,525 | ' | ' | ' | -32,975 | ' | ' | ' | 237,500 | ' | ' | ' | -125,630 | ' | ' | ' | 363,130 |
Income accretion | ' | ' | 8,988 | 6,208 | 24,835 | 17,955 | 8,988 | 6,208 | 24,835 | 17,955 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
All other adjustments | ' | ' | -24,517 | -23,864 | -79,712 | -76,182 | -10,186 | -11,334 | -32,333 | -15,840 | -14,331 | -12,530 | -47,379 | -60,342 | 18,250 | 5,415 | 71,045 | 17,825 | -32,581 | -17,945 | -118,424 | -78,167 |
Contractually required principal and interest, ending balance | 416,565 | 534,989 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 416,565 | 576,494 | 416,565 | 576,494 |
Non-accretable difference, ending balance | -71,810 | -142,855 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -71,810 | -159,341 | -71,810 | -159,341 | ' | ' | ' | ' |
Cash flows expected to be collected, ending balance | 344,755 | 392,134 | ' | ' | ' | ' | ' | ' | ' | ' | 344,755 | 417,153 | 344,755 | 417,153 | ' | ' | ' | ' | ' | ' | ' | ' |
Accretable yield, ending balance | 100,605 | 93,107 | ' | ' | ' | ' | -100,605 | -105,412 | -100,605 | -105,412 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of acquired loans, ending balance | $244,150 | $299,027 | $244,150 | $311,741 | $244,150 | $311,741 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FDIC_Indemnification_Asset_Add
FDIC Indemnification Asset - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Bank | Bank | ||
Fdic Indemnification Asset [Abstract] | ' | ' | ' |
Number of acquisitions under agreement | ' | 2 | 3 |
Percentage of federal deposit insurance corporation reimbursable amount | 80.00% | ' | ' |
Federal Deposit Insurance Corporation reimbursable expenses | $63 | ($1,832) | ' |
Cost incurred as a percentage of indemnification revenue | 80.00% | ' | ' |
Percentage of indemnification of foreclosure expense from FDIC | 80.00% | ' | ' |
FDIC_Indemnification_Asset_FDI
FDIC Indemnification Asset - FDIC Loss Share Indemnification Asset (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Fdic Loss Share Indemnification Asset [Abstract] | ' | ' | ' | ' | ' |
Beginning of the year | ' | ' | $119,289 | $50,642 | $50,642 |
Effect of acquisitions | ' | ' | ' | ' | 85,088 |
Amortization, net | -3,836 | -671 | -9,307 | -1,556 | -3,096 |
Indemnification income - ORE | ' | ' | 5,420 | ' | 4,185 |
Indemnification of foreclosure expense | ' | ' | 2,491 | ' | 2,425 |
Proceeds from FDIC | ' | ' | -36,227 | ' | -21,787 |
(Recovery) impairment of loan pool | ' | ' | -63 | ' | 1,832 |
Period end balance | $81,603 | ' | $81,603 | ' | $119,289 |
Announced_Acquisitions_Additio
Announced Acquisitions - Additional Information (Detail) (Gulfstream Bancshares, Inc. [Member], USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Gulfstream Bancshares, Inc. [Member] | ' |
Business Acquisition [Line Items] | ' |
Total consolidated assets | $563,644 |
Total consolidated loans | 372,615 |
Total consolidated deposits | $471,287 |
Number of shares entitled to be received by GS common stock | 3.012 |
Cash entitled to be received by GS common stock | $14.65 |