Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
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 | ' | 45,034,032 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $25,043 | $21,581 |
Federal funds sold and Federal Reserve Bank deposits | 490,966 | 153,308 |
Cash and cash equivalents | 516,009 | 174,889 |
Trading securities, at fair value | 89 | ' |
Investment securities available for sale, at fair value | 542,149 | 457,086 |
Loans held for sale, at lower of cost or fair value | 1,596 | 1,010 |
Loans, excluding purchased credit impaired | 2,042,149 | 1,242,758 |
Purchased credit impaired loans | 353,870 | 231,421 |
Allowance for loan losses | -19,200 | -20,454 |
Net Loans | 2,376,819 | 1,453,725 |
Bank premises and equipment, net | 98,623 | 96,619 |
Accrued interest receivable | 8,216 | 6,337 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 17,176 | 8,189 |
Goodwill | 76,981 | 44,924 |
Core deposit intangible | 15,724 | 4,958 |
Trust intangible | 1,070 | 1,158 |
Bank owned life insurance | 57,485 | 49,285 |
Other repossessed real estate owned covered by FDIC loss share agreements | 30,698 | 19,111 |
Other repossessed real estate owned | 12,123 | 6,409 |
FDIC indemnification asset | 61,311 | 73,877 |
Deferred income tax asset, net | 53,175 | 5,296 |
Bank property held for sale | 13,168 | 1,582 |
Prepaid expense and other assets | 19,170 | 11,556 |
TOTAL ASSETS | 3,901,582 | 2,416,011 |
Deposits: | ' | ' |
Demand - non-interest bearing | 1,023,285 | 644,915 |
Demand - interest bearing | 589,573 | 483,842 |
Savings and money market accounts | 982,172 | 542,599 |
Time deposits | 526,313 | 384,875 |
Deposits held for sale | 185,646 | ' |
Total deposits | 3,306,989 | 2,056,231 |
Securities sold under agreement to repurchase | 33,619 | 20,457 |
Federal funds purchased | 43,080 | 29,909 |
Corporate debentures | 23,829 | 16,996 |
Accrued interest payable | 411 | 333 |
Payables and accrued expenses | 54,196 | 18,706 |
Total liabilities | 3,462,124 | 2,142,632 |
Stockholders' equity: | ' | ' |
Common stock, $.01 par value: 100,000,000 shares authorized; 45,022,780 and 30,112,475 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 450 | 301 |
Additional paid-in capital | 388,113 | 229,544 |
Retained earnings | 49,303 | 48,018 |
Accumulated other comprehensive income ( loss) | 1,592 | -4,484 |
Total stockholders' equity | 439,458 | 273,379 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $3,901,582 | $2,416,011 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 45,022,780 | 30,112,475 |
Common stock, shares outstanding | 45,022,780 | 30,112,475 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||
Interest income: | ' | ' | ' | ' | |||
Loans | $28,509 | $21,790 | $54,238 | $43,225 | |||
Investment securities available for sale: | ' | ' | ' | ' | |||
Taxable | 3,809 | 2,097 | 7,286 | 4,485 | |||
Tax-exempt | 337 | 372 | 674 | 729 | |||
Federal funds sold and other | 424 | 228 | 663 | 426 | |||
Total interest income | 33,079 | 24,487 | 62,861 | 48,865 | |||
Interest expense: | ' | ' | ' | ' | |||
Deposits | 1,523 | 1,330 | 2,860 | 2,713 | |||
Securities sold under agreement to repurchase | 56 | 21 | 79 | 39 | |||
Federal funds purchased | 5 | 6 | 11 | 11 | |||
Corporate debentures | 238 | 150 | 461 | 300 | |||
Total interest expenses | 1,822 | 1,507 | 3,411 | 3,063 | |||
Net interest income | 31,257 | 22,980 | 59,450 | 45,802 | |||
Provision for loan losses | -106 | 1,374 | -147 | 1,014 | |||
Net interest income after loan loss provision | 31,363 | 21,606 | 59,597 | 44,788 | |||
Non interest income: | ' | ' | ' | ' | |||
Income from correspondent bank capital markets division | 4,192 | 4,904 | 7,340 | 11,044 | |||
Other correspondent banking related revenue | 1,093 | 705 | 1,876 | 1,570 | |||
Service charges on deposit accounts | 2,333 | 2,081 | 4,595 | 3,900 | |||
Debit, prepaid, ATM and merchant card related fees | 1,495 | 1,342 | 3,001 | 2,627 | |||
Wealth management related revenue | 1,104 | 1,130 | 2,321 | 2,200 | |||
FDIC indemnification income | 421 | 1,396 | 1,689 | 2,024 | |||
FDIC indemnification asset amortization | -5,006 | -3,272 | -10,191 | -5,471 | |||
Bank owned life insurance income | 356 | 338 | 708 | 677 | |||
Other service charges and fees | 338 | 231 | 747 | 533 | |||
Net gain on sale of securities available for sale | 46 | 1,008 | 46 | 1,038 | |||
Total other income | 6,372 | 9,863 | 12,132 | 20,142 | |||
Non interest expense: | ' | ' | ' | ' | |||
Salaries, wages and employee benefits | 17,185 | 15,234 | 32,866 | 31,474 | |||
Occupancy expense | 2,479 | 1,942 | 4,439 | 3,834 | |||
Depreciation of premises and equipment | 1,563 | 1,455 | 3,041 | 2,952 | |||
Supplies, stationary and printing | 334 | 285 | 561 | 573 | |||
Marketing expenses | 619 | 586 | 1,239 | 1,114 | |||
Data processing expense | 1,306 | 912 | 2,345 | 1,796 | |||
Legal, audit and other professional fees | 1,376 | 844 | 2,151 | 1,627 | |||
Core deposit intangible (CDI) amortization | 472 | 250 | 803 | 503 | |||
Postage and delivery | 365 | 267 | 633 | 552 | |||
ATM and debit card related expenses | 468 | 428 | 942 | 939 | |||
Bank regulatory expenses | 753 | 635 | 1,384 | 1,216 | |||
Loss on sale of repossessed real estate ("OREO") | 379 | 563 | 456 | 562 | |||
Valuation write down of repossessed real estate ("OREO") | 885 | 1,680 | 1,905 | 2,667 | |||
Loss on repossessed assets other than real estate | 19 | 104 | 17 | 346 | |||
Foreclosure related expenses | 1,092 | 787 | 1,821 | 1,580 | |||
Merger and acquisition related expenses | 4,897 | ' | 7,244 | ' | |||
Branch closure and efficiency initiatives | 29 | ' | 3,187 | ' | |||
Other expenses | 1,932 | 1,401 | 3,522 | 2,728 | |||
Total other expenses | 36,153 | 27,373 | 68,556 | 54,463 | |||
Income before provision for income taxes | 1,582 | 4,096 | 3,173 | 10,467 | |||
Provision for income taxes | 545 | 1,338 | 1,083 | 3,133 | |||
Net income | 1,037 | 2,758 | 2,090 | 7,334 | |||
Other comprehensive income, net of tax: | ' | ' | ' | ' | |||
Unrealized securities holding (loss) gain, net of income taxes | 4,976 | -6,799 | 6,104 | -8,611 | |||
Less: reclassified adjustments for gain included in net income, net of income taxes, of $18, $388, $18, and $400, respectively | ' | ' | [1] | ' | [1] | ' | [1] |
Net unrealized (loss) gain on available for sale securities, net of income taxes | 4,948 | -7,419 | 6,076 | -9,249 | |||
Total comprehensive income (loss) | $5,985 | ($4,661) | $8,166 | ($1,915) | |||
Earnings per share: | ' | ' | ' | ' | |||
Basic | $0.03 | $0.09 | $0.06 | $0.24 | |||
Diluted | $0.03 | $0.09 | $0.06 | $0.24 | |||
Common shares used in the calculation of earnings per share: | ' | ' | ' | ' | |||
Basic | 38,665,018 | 30,098,853 | 36,576,622 | 30,094,315 | |||
Diluted | 39,051,230 | 30,161,241 | 36,980,234 | 30,155,780 | |||
[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 six month periods ended June 30, 2014 and 2013 was $18, $388, $18, and $400, respectively. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Reclassifications of gain included in net income, income taxes | $18 | $388 | $18 | $400 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (USD $) | Total | Gulf Stream [Member] | First Southern Bancorp, Inc. [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | Gulf Stream [Member] | First Southern Bancorp, Inc. [Member] | Gulf Stream [Member] | First Southern Bancorp, Inc. [Member] | |||||||
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 | ' | ' | ' | ' | ' | ' | ' |
Net income | 7,334 | ' | ' | ' | ' | ' | ' | ' | ' | 7,334 | ' |
Unrealized holding gain/loss on available for sale securities, net of deferred income tax | -9,249 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,249 |
Dividends paid - common ($0.02 per share) | -602 | ' | ' | ' | ' | ' | ' | ' | ' | -602 | ' |
Stock grants issued | 250 | ' | ' | ' | ' | ' | 250 | ' | ' | ' | ' |
Stock grants issued, shares | ' | ' | ' | 24,503 | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense | 152 | ' | ' | ' | ' | ' | 152 | ' | ' | ' | ' |
Balances at ending at Jun. 30, 2013 | 271,416 | ' | ' | 301 | ' | ' | 229,354 | ' | ' | 43,711 | -1,950 |
Balances at ending, shares at Jun. 30, 2013 | ' | ' | ' | 30,104,270 | ' | ' | ' | ' | ' | ' | ' |
Balances at beginning at Dec. 31, 2013 | 273,379 | ' | ' | 301 | ' | ' | 229,544 | ' | ' | 48,018 | -4,484 |
Balances at beginning, shares at Dec. 31, 2013 | 30,112,475 | ' | ' | 30,112,475 | ' | ' | ' | ' | ' | ' | ' |
Net income | 2,090 | ' | ' | ' | ' | ' | ' | ' | ' | 2,090 | ' |
Unrealized holding gain/loss on available for sale securities, net of deferred income tax | 6,076 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,076 |
Dividends paid - common ($0.02 per share) | -805 | ' | ' | ' | ' | ' | ' | ' | ' | -805 | ' |
Stock grants issued | 274 | ' | ' | ' | ' | ' | 274 | ' | ' | ' | ' |
Stock grants issued, shares | ' | ' | ' | 26,656,000 | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense | 144 | ' | ' | ' | ' | ' | 144 | ' | ' | ' | ' |
Stock options exercised, including tax benefit | 894 | ' | ' | 2 | ' | ' | 892 | ' | ' | ' | ' |
Stock options exercised including tax benefit, Shares | ' | ' | ' | 211,684 | ' | ' | ' | ' | ' | ' | ' |
Stock issued pursuant to acquisition | ' | 53,150 | 100,639 | ' | 52 | 95 | ' | 53,098 | 100,544 | ' | ' |
Stock issued pursuant to acquisition, Shares | ' | ' | ' | ' | 5,195,541 | 9,476,424 | ' | ' | ' | ' | ' |
Stock options acquired and converted pursuant to Gulfstream acquisition | 3,617 | ' | ' | ' | ' | ' | 3,617 | ' | ' | ' | ' |
Balances at ending at Jun. 30, 2014 | $439,458 | ' | ' | $450 | ' | ' | $388,113 | ' | ' | $49,303 | $1,592 |
Balances at ending, shares at Jun. 30, 2014 | 45,022,780 | ' | ' | 45,022,780 | ' | ' | ' | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) (USD $) | 6 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Unrealized holding gain/loss on available for sale securities, deferred income tax benefit | $3,816 | $5,808 |
Dividends paid - common, per share | $0.02 | $0.02 |
Retained Earnings [Member] | ' | ' |
Dividends paid - common, per share | $0.02 | $0.02 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Unrealized holding gain/loss on available for sale securities, deferred income tax benefit | $3,816 | $5,808 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $2,090 | $7,334 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | -147 | 1,014 |
Depreciation of premises and equipment | 3,041 | 2,952 |
Accretion of purchase accounting adjustments | -17,159 | -15,866 |
Net amortization of investment securities | 2,840 | 3,725 |
Net deferred loan origination fees | -412 | -456 |
Gain on sale of securities available for sale | -46 | -1,038 |
Trading securities revenue | -69 | -131 |
Purchases of trading securities | -65,234 | -129,249 |
Proceeds from sale of trading securities | 65,214 | 134,428 |
Repossessed real estate owned valuation write down | 1,905 | 2,667 |
Loss on sale of repossessed real estate owned | 456 | 562 |
Repossessed assets other than real estate valuation write down | 17 | 52 |
Loss on sale of repossessed assets other than real estate | ' | 294 |
Gain on sale of loans held for sale | -183 | -170 |
Loans originated and held for sale | -10,991 | -10,887 |
Proceeds from sale of loans held for sale | 10,835 | 12,006 |
Gain on disposal of and or sale of fixed assets | -11 | ' |
Gain on disposal of bank property held for sale | ' | -31 |
Impairment on bank property held for sale | 2,506 | ' |
Deferred income taxes | -639 | 2,184 |
Stock based compensation expense | 369 | 289 |
Bank owned life insurance income | -708 | -677 |
Net cash from changes in: | ' | ' |
Net changes in accrued interest receivable, prepaid expenses, and other assets | 2,480 | 6,905 |
Net change in accrued interest payable, accrued expense, and other liabilities | 179 | -680 |
Net cash (used in)/provided by operating activities | -3,667 | 15,227 |
Cash flows from investing activities: | ' | ' |
Purchases of investment securities available for sale | ' | -31,133 |
Purchases of mortgage backed securities available for sale | -176,584 | -183,002 |
Purchases of FRB/FHLB stock | -3,580 | ' |
Proceeds from maturities of investment securities available for sale | ' | 165 |
Proceeds from called investment securities available for sale | 1,355 | 3,670 |
Proceeds from pay-downs of mortgage backed securities available for sale | 39,036 | 57,515 |
Proceeds from sales of investment securities available for sale | 62,111 | 31,201 |
Proceeds from sales of mortgage backed securities available for sale | 261,426 | 37,691 |
Proceeds from sales of FHLB and FRB stock | 1,054 | 1,570 |
Net (increase)decrease in loans | 46,263 | -2,589 |
Cash received from FDIC loss sharing agreements | 7,510 | 28,371 |
Purchases of premises and equipment, net | 1,218 | -1,517 |
Proceeds from sale of repossessed real estate | 14,262 | 12,095 |
Proceeds from sale of fixed assets | 56 | 13 |
Proceeds from sale of bank property held for sale | ' | 931 |
Net cash from bank acquisitions | 130,497 | ' |
Net cash provided by investing activities | 384,624 | -45,019 |
Cash flows from financing activities: | ' | ' |
Net decrease in deposits | -80,473 | -20,239 |
Net increase in securities sold under agreement to repurchase | 5,586 | 3,098 |
Net increase in federal funds purchased | 13,171 | 14,342 |
Net in other borrowings | -5,708 | ' |
Net increase in payable to shareholders for acquisitions | 27,527 | ' |
Stock options exercised, including tax benefit | 894 | ' |
Dividends paid | -805 | -602 |
Net cash provided by financing activities | -39,837 | -3,401 |
Net (decrease)increase in cash and cash equivalents | 341,120 | -33,193 |
Cash and cash equivalents, beginning of period | 174,889 | 136,748 |
Cash and cash equivalents, end of period | 516,009 | 103,555 |
Transfer of loans to other real estate owned | 8,046 | 15,667 |
Transfers of bank property to held for sale | 4,647 | ' |
Cash paid during the period for: | ' | ' |
Interest | 3,824 | 3,485 |
Income taxes | $5,462 | $783 |
Nature_of_Operations_and_Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
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 68 full service banking locations in 21 counties throughout Florida, providing traditional deposit and lending products and services to its commercial and retail customers. Ten of our 68 branches are scheduled to be closed in September 2014. The deposits from 6 and the real estate from 5 have been sold to an unrelated commercial bank. The remaining 4 will be consolidated into existing CenterState branches. 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 capital markets 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, 2013. 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 six month periods ended June 30, 2014 are not necessarily indicative of the results expected for the full year. | |
Some items in the prior period financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior periods net income or shareholders’ equity. |
Common_Stock_Outstanding_and_E
Common Stock Outstanding and Earnings Per Share Data | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 and six month periods ending June 30, 2014 and 2013 were 973,875, 989,105, 1,121,942 and 1,126,478 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 June 30, | Six months ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator for basic and diluted earnings per share: | |||||||||||||||||
Net income | $ | 1,037 | $ | 2,758 | $ | 2,090 | $ | 7,334 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share - weighted-average shares | 38,665,018 | 30,098,853 | 36,576,622 | 30,094,315 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and stock grants | 386,212 | 62,388 | 403,612 | 61,465 | |||||||||||||
Denominator for diluted earnings per share - adjusted weighted-average shares | 39,051,230 | 30,161,241 | 36,980,234 | 30,155,780 | |||||||||||||
Basic earnings per share | $ | 0.03 | $ | 0.09 | $ | 0.06 | $ | 0.24 | |||||||||
Diluted earnings per share | $ | 0.03 | $ | 0.09 | $ | 0.06 | $ | 0.24 |
Fair_Value
Fair Value | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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 June 30, 2014 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Trading securities | $ | 89 | — | $ | 89 | — | |||||||||||||||
Available for sale securities | |||||||||||||||||||||
U.S. government sponsored entities and agencies | 4 | — | 4 | — | |||||||||||||||||
Mortgage backed securities | 502,590 | — | 502,590 | — | |||||||||||||||||
Municipal securities | 39,555 | — | 39,555 | — | |||||||||||||||||
Interest rate swap derivatives | 3,467 | — | 3,467 | — | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swap derivatives | 3,796 | — | 3,796 | — | |||||||||||||||||
at December 31, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Trading securities | $ | — | — | $ | — | — | |||||||||||||||
Available for sale securities | |||||||||||||||||||||
U.S. government sponsored entities and agencies | 4 | — | 4 | — | |||||||||||||||||
Mortgage backed securities | 416,881 | — | 416,881 | — | |||||||||||||||||
Municipal securities | 40,201 | — | 40,201 | — | |||||||||||||||||
Interest rate swap derivatives | 2,603 | — | 2,603 | — | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swap derivatives | 2,496 | — | 2,496 | — | |||||||||||||||||
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 June 30, 2014, 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 June 30, 2014 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Residential real estate | $ | 3,184 | — | — | $ | 3,184 | |||||||||||||||
Commercial real estate | 6,058 | — | — | 6,058 | |||||||||||||||||
Land, land development and construction | 1,248 | — | — | 1,248 | |||||||||||||||||
Commercial | 683 | — | — | 683 | |||||||||||||||||
Consumer | 150 | — | — | 150 | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Residential real estate | $ | 1,599 | — | — | $ | 1,599 | |||||||||||||||
Commercial real estate | 3,741 | — | — | 3,741 | |||||||||||||||||
Land, land development and construction | 1,913 | — | — | 1,913 | |||||||||||||||||
Bank property held for sale | 6,049 | — | — | 6,049 | |||||||||||||||||
at December 31, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Residential real estate | $ | 3,191 | — | — | $ | 3,191 | |||||||||||||||
Commercial real estate | 7,515 | — | — | 7,515 | |||||||||||||||||
Land, land development and construction | 290 | — | — | 290 | |||||||||||||||||
Commercial | 731 | — | — | 731 | |||||||||||||||||
Consumer | 157 | — | — | 157 | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Residential real estate | $ | 27 | — | — | $ | 27 | |||||||||||||||
Commercial real estate | 3,837 | — | — | 3,837 | |||||||||||||||||
Land, land development and construction | 3,949 | — | — | 3,949 | |||||||||||||||||
Bank owned real estate held for sale | 1,582 | — | — | 1,582 | |||||||||||||||||
Impaired loans with specific valuation allowances and/or partial charge-offs had a recorded investment of $12,796 with a valuation allowance of $1,473, at June 30, 2014, and a recorded investment of $13,528, with a valuation allowance of $1,644, at December 31, 2013. The Company recorded a provision for loan loss expense of $181 and $359 on these loans during the three and six month periods ending June 30, 2014. | |||||||||||||||||||||
Other real estate owned had a decline in fair value of $885, $1,905, $1,680 and $2,667 during the three and six month periods ending June 30, 2014 and 2013, respectively. Changes in fair value were recorded directly to current earnings through non interest expense. | |||||||||||||||||||||
Bank property 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. The real estate was transferred at the lower of amortized cost or fair value less estimated costs to sell. The fair values were based upon comparative sales data provided by real estate brokers. The Company closed eight bank branch offices in April 2014, seven owned by the Company and one leased. Five of the properties owned by the Company were transferred to held-for-sale, the remaining two are being used as loan production offices, back office support staff offices and a portion of the second floor of one of the buildings is leased to an existing tenant. The Company recognized an impairment charge of $-0- and $2,326 during the three and six month periods ending June 30, 2014 related to the transfer to held-for-sale. Also during the first quarter of 2014, the Company recognized an additional impairment of $180 on a property previously transferred to held-for-sale in 2012. | |||||||||||||||||||||
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. | |||||||||||||||||||||
Deposits held for sale: The fair value disclosed is based on the contracted price for the sale of these 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 3 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 June 30, 2014 | Carrying amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 516,009 | $ | 516,009 | $ | — | $ | — | $ | 516,009 | |||||||||||
Trading securities | 89 | — | 89 | — | 89 | ||||||||||||||||
Investment securities available for sale | 542,149 | — | 542,149 | — | 542,149 | ||||||||||||||||
FHLB and FRB stock | 17,176 | — | — | — | n/a | ||||||||||||||||
Loans held for sale | 1,596 | — | 1,596 | — | 1,596 | ||||||||||||||||
Loans, less allowance for loan losses of $19,200 | 2,376,819 | — | — | 2,383,572 | 2,383,572 | ||||||||||||||||
FDIC indemnification asset | 61,311 | — | — | — | n/a | ||||||||||||||||
Interest rate swap derivatives | 3,467 | — | 3,467 | — | 3,467 | ||||||||||||||||
Accrued interest receivable | 8,216 | — | — | 8,216 | 8,216 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits- without stated maturities | $ | 2,595,030 | $ | 2,595,030 | $ | — | $ | — | $ | 2,595,030 | |||||||||||
Deposits- with stated maturities | 526,313 | — | 529,428 | — | 529,428 | ||||||||||||||||
Deposits held for sale | 185,646 | — | 185,646 | — | 185,646 | ||||||||||||||||
Securities sold under agreement to repurchase | 33,619 | — | 33,619 | — | 33,619 | ||||||||||||||||
Federal funds purchased | 43,080 | — | 43,080 | — | 43,080 | ||||||||||||||||
Corporate debentures | 23,829 | — | — | 19,888 | 19,888 | ||||||||||||||||
Interest rate swap derivatives | 3,796 | — | 3,796 | — | 3,796 | ||||||||||||||||
Accrued interest payable | 411 | — | 411 | — | 411 | ||||||||||||||||
Fair value measurements | |||||||||||||||||||||
at December 31, 2013 | Carrying amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 174,889 | $ | 174,889 | $ | — | $ | — | $ | 174,889 | |||||||||||
Trading securities | — | — | — | — | — | ||||||||||||||||
Investment securities available for sale | 457,086 | — | 457,086 | — | 457,086 | ||||||||||||||||
FHLB and FRB stock | 8,189 | — | — | — | n/a | ||||||||||||||||
Loans held for sale | 1,010 | — | 1,010 | — | 1,010 | ||||||||||||||||
Loans, less allowance for loan losses of $20,454 | 1,453,725 | — | — | 1,456,295 | 1,456,295 | ||||||||||||||||
FDIC indemnification asset | 73,433 | — | — | — | n/a | ||||||||||||||||
Interest rate swap derivatives | 2,603 | — | 2,603 | — | 2,603 | ||||||||||||||||
Accrued interest receivable | 6,337 | — | — | 6,337 | 6,337 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits- without stated maturities | $ | 1,671,356 | $ | 1,671,356 | $ | — | $ | — | $ | 1,671,356 | |||||||||||
Deposits- with stated maturities | 384,875 | — | 389,115 | — | 389,115 | ||||||||||||||||
Securities sold under agreement to repurchase | 20,457 | — | 20,457 | — | 20,457 | ||||||||||||||||
Federal funds purchased | 29,909 | — | 29,909 | — | 29,909 | ||||||||||||||||
Corporate debentures | 16,996 | — | — | 11,091 | 11,091 | ||||||||||||||||
Interest rate swap derivatives | 2,496 | — | 2,496 | — | 2,496 | ||||||||||||||||
Accrued interest payable | 333 | — | 333 | — | 333 |
Reportable_Segments
Reportable Segments | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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 six month periods ending June 30, 2014 and 2013. | |||||||||||||||||||||
Three month period ending June 30, 2014 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead and | entries | ||||||||||||||||||
banking | capital markets | administration | |||||||||||||||||||
division | |||||||||||||||||||||
Interest income | $ | 32,333 | $ | 746 | $ | — | $ | 33,079 | |||||||||||||
Interest expense | (1,578 | ) | (6 | ) | (238 | ) | (1,822 | ) | |||||||||||||
Net interest income (expense) | 30,755 | 740 | (238 | ) | 31,257 | ||||||||||||||||
Recovery of prior loan loss provision | 106 | — | — | 106 | |||||||||||||||||
Non interest income | 1,087 | 5,285 | — | 6,372 | |||||||||||||||||
Non interest expense | (30,215 | ) | (5,063 | ) | (875 | ) | (36,153 | ) | |||||||||||||
Net income (loss) before taxes | 1,733 | 962 | (1,113 | ) | 1,582 | ||||||||||||||||
Income tax (provision) benefit | (589 | ) | (371 | ) | 415 | (545 | ) | ||||||||||||||
Net income (loss) | $ | 1,144 | $ | 591 | $ | (698 | ) | $ | 1,037 | ||||||||||||
Total assets | $ | 3,716,281 | $ | 173,516 | $ | 495,677 | $ | (483,892 | ) | $ | 3,901,582 | ||||||||||
Six month period ending June 30, 2014 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead and | entries | ||||||||||||||||||
banking | capital markets | administration | |||||||||||||||||||
division | |||||||||||||||||||||
Interest income | $ | 61,403 | $ | 1,458 | $ | — | $ | 62,861 | |||||||||||||
Interest expense | (2,939 | ) | (11 | ) | (461 | ) | (3,411 | ) | |||||||||||||
Net interest income (expense) | 58,464 | 1,447 | (461 | ) | 59,450 | ||||||||||||||||
Recovery of prior loan loss provision | 147 | — | — | 147 | |||||||||||||||||
Non interest income | 2,916 | 9,216 | — | 12,132 | |||||||||||||||||
Non interest expense | (57,382 | ) | (9,441 | ) | (1,733 | ) | (68,556 | ) | |||||||||||||
Net income (loss) before taxes | 4,145 | 1,222 | (2,194 | ) | 3,173 | ||||||||||||||||
Income tax (provision) benefit | (1,438 | ) | (471 | ) | 826 | (1,083 | ) | ||||||||||||||
Net income (loss) | $ | 2,707 | $ | 751 | $ | (1,368 | ) | $ | 2,090 | ||||||||||||
Total assets | $ | 3,716,281 | $ | 173,516 | $ | 495,677 | $ | (483,892 | ) | $ | 3,901,582 | ||||||||||
Three month period ending June 30, 2013 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead and | entries | ||||||||||||||||||
banking | capital markets | administration | |||||||||||||||||||
division | |||||||||||||||||||||
Interest income | $ | 23,875 | $ | 612 | $ | — | — | $ | 24,487 | ||||||||||||
Interest expense | (1,352 | ) | (5 | ) | (150 | ) | — | (1,507 | ) | ||||||||||||
Net interest income (expense) | 22,523 | 607 | (150 | ) | — | 22,980 | |||||||||||||||
Provision for loan losses | (1,374 | ) | — | — | — | (1,374 | ) | ||||||||||||||
Non interest income | 4,254 | 5,609 | — | — | 9,863 | ||||||||||||||||
Non interest expense | (21,212 | ) | (5,363 | ) | (798 | ) | — | (27,373 | ) | ||||||||||||
Net income before taxes | 4,191 | 853 | (948 | ) | — | 4,096 | |||||||||||||||
Income tax (provision) benefit | (1,368 | ) | (329 | ) | 359 | — | (1,338 | ) | |||||||||||||
Net income (loss) | $ | 2,823 | $ | 524 | $ | (589 | ) | — | $ | 2,758 | |||||||||||
Total assets | $ | 2,201,379 | $ | 150,679 | $ | 293,127 | $ | (289,832 | ) | $ | 2,355,353 | ||||||||||
Six month period ending June 30, 2013 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead and | entries | ||||||||||||||||||
banking | capital markets | administration | |||||||||||||||||||
division | |||||||||||||||||||||
Interest income | $ | 47,473 | $ | 1,392 | $ | — | — | $ | 48,865 | ||||||||||||
Interest expense | (2,752 | ) | (11 | ) | (300 | ) | — | (3,063 | ) | ||||||||||||
Net interest income | 44,721 | 1,381 | (300 | ) | — | 45,802 | |||||||||||||||
Provision for loan losses | (1,014 | ) | — | — | — | (1,014 | ) | ||||||||||||||
Non interest income | 7,528 | 12,614 | — | — | 20,142 | ||||||||||||||||
Non interest expense | (41,297 | ) | (11,438 | ) | (1,728 | ) | — | (54,463 | ) | ||||||||||||
Net income before taxes | 9,938 | 2,557 | (2,028 | ) | — | 10,467 | |||||||||||||||
Income tax (provision) benefit | (3,066 | ) | (986 | ) | 919 | — | (3,133 | ) | |||||||||||||
Net income (loss) | $ | 6,872 | $ | 1,571 | $ | (1,109 | ) | — | $ | 7,334 | |||||||||||
Total assets | $ | 2,201,379 | $ | 150,679 | $ | 293,127 | $ | (289,832 | ) | $ | 2,355,353 | ||||||||||
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 68 full service banking locations in 21 counties throughout Florida providing traditional deposit and lending products and services to its commercial and retail customers. | |||||||||||||||||||||
Correspondent banking and capital markets division: Operating as a division of our subsidiary bank, its primary revenue generating activities are related to the capital markets division which includes commissions earned on fixed income security sales, fees from hedging services, loan brokerage fees and consulting fees for services related to these activities. Income generated related to the correspondent banking services includes spread income earned on correspondent bank deposits (i.e. federal funds purchased) and fees generated from safe-keeping activities, bond accounting services, asset/liability consulting services, international wires, clearing and corporate checking account services and other correspondent banking related services. The fees derived from the correspondent banking services are less volatile than those generated through the capital markets group. 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 | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Obligations of U.S. government sponsored entities and agencies | $ | 4 | $ | — | $ | — | $ | 4 | |||||||||||||||||
Mortgage backed securities | 501,286 | 6,494 | 5,190 | 502,590 | |||||||||||||||||||||
Municipal securities | 38,267 | 1,428 | 140 | 39,555 | |||||||||||||||||||||
Total | $ | 539,557 | $ | 7,922 | $ | 5,330 | $ | 542,149 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Obligations of U.S. government sponsored entities and agencies | $ | 4 | $ | — | $ | — | $ | 4 | |||||||||||||||||
Mortgage backed securities | 424,654 | 4,623 | 12,396 | 416,881 | |||||||||||||||||||||
Municipal securities | 39,728 | 921 | 448 | 40,201 | |||||||||||||||||||||
Total | $ | 464,386 | $ | 5,544 | $ | 12,844 | $ | 457,086 | |||||||||||||||||
The cost of securities sold is determined using the specific identification method. The securities sold during the first quarter of 2014 were securities acquired through the Gulfstream acquisition and the securities sold during the second quarter of 2014 included the securities acquired through the First Southern acquisition. These acquired securities were marked to fair value and subsequently sold after the acquisition date, therefore no gain or loss was recognized from the sale of these securities. Sales of available for sale securities for the six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||
For the six months ended: | June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||
Proceeds | $ | 323,542 | $ | 68,892 | |||||||||||||||||||||
Gross gains | 1,175 | 1,038 | |||||||||||||||||||||||
Gross losses | 1,129 | — | |||||||||||||||||||||||
The tax provision related to these net realized gains was $18 and $400, respectively. | |||||||||||||||||||||||||
The fair value of available for sale securities at June 30, 2014 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. | |||||||||||||||||||||||||
Investment securities available for sale: | Fair Value | Amortized | |||||||||||||||||||||||
Cost | |||||||||||||||||||||||||
Due in one year or less | $ | 584 | $ | 579 | |||||||||||||||||||||
Due after one year through five years | 2,129 | 2,017 | |||||||||||||||||||||||
Due after five years through ten years | 14,358 | 13,878 | |||||||||||||||||||||||
Due after ten years through thirty years | 22,488 | 21,797 | |||||||||||||||||||||||
Mortgage backed securities | 502,590 | 501,286 | |||||||||||||||||||||||
Total | $ | 542,149 | $ | 539,557 | |||||||||||||||||||||
Securities pledged at June 30, 2014 and December 31, 2013 had a carrying amount (estimated fair value) of $145,760 and $108,528 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. | |||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, 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 June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Mortgage backed securities | $ | 16,877 | $ | 115 | $ | 144,279 | $ | 5,075 | $ | 161,156 | $ | 5,190 | |||||||||||||
Municipal securities | — | — | 3,845 | 140 | 3,845 | 140 | |||||||||||||||||||
Total temporarily impaired securities | $ | 16,877 | $ | 115 | $ | 148,124 | $ | 5,215 | $ | 165,001 | $ | 5,330 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Mortgage backed securities | $ | 239,641 | $ | 10,221 | $ | 18,793 | $ | 2,175 | $ | 258,434 | $ | 12,396 | |||||||||||||
Municipal securities | 7,603 | 333 | 1,010 | 115 | 8,613 | 448 | |||||||||||||||||||
Total temporarily impaired securities | $ | 247,244 | $ | 10,554 | $ | 19,803 | $ | 2,290 | $ | 267,047 | $ | 12,844 | |||||||||||||
At June 30, 2014, 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 June 30, 2014. | |||||||||||||||||||||||||
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 | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||||||
NOTE 6: Loans | |||||||||||||||||||||||||||||
The following table sets forth information concerning the loan portfolio by collateral types as of the dates indicated. | |||||||||||||||||||||||||||||
June 30, 2014 | 31-Dec-13 | ||||||||||||||||||||||||||||
Total loans that are not PCI loans | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||
Residential | $ | 563,293 | $ | 458,331 | |||||||||||||||||||||||||
Commercial | 1,091,660 | 528,710 | |||||||||||||||||||||||||||
Land, development and construction | 78,444 | 62,503 | |||||||||||||||||||||||||||
Total real estate | 1,733,397 | 1,049,544 | |||||||||||||||||||||||||||
Commercial | 251,741 | 143,263 | |||||||||||||||||||||||||||
Consumer and other loans | 56,191 | 49,547 | |||||||||||||||||||||||||||
Loans before unearned fees and deferred cost | 2,041,329 | 1,242,354 | |||||||||||||||||||||||||||
Net unearned fees and costs | 820 | 404 | |||||||||||||||||||||||||||
Total loans that are not PCI loans | 2,042,149 | 1,242,758 | |||||||||||||||||||||||||||
Total PCI loans (note 1) | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||
Residential | 119,005 | 120,030 | |||||||||||||||||||||||||||
Commercial | 195,157 | 100,012 | |||||||||||||||||||||||||||
Land, development and construction | 27,885 | 6,381 | |||||||||||||||||||||||||||
Total real estate | 342,047 | 226,423 | |||||||||||||||||||||||||||
Commercial | 10,759 | 3,850 | |||||||||||||||||||||||||||
Consumer and other loans | 1,064 | 1,148 | |||||||||||||||||||||||||||
Total PCI loans | 353,870 | 231,421 | |||||||||||||||||||||||||||
Allowance for loan losses for loans that are not PCI loans | (18,240 | ) | (19,694 | ) | |||||||||||||||||||||||||
Allowance for loan losses for PCI loans | (960 | ) | (760 | ) | |||||||||||||||||||||||||
Total loans, net of allowance for loan losses | $ | 2,376,819 | $ | 1,453,725 | |||||||||||||||||||||||||
note 1: Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. | |||||||||||||||||||||||||||||
The following sets forth the covered FDIC loans included in the table above. | |||||||||||||||||||||||||||||
June 30, 2014 | Dec 31, 2013 | ||||||||||||||||||||||||||||
FDIC covered loans that are not PCI loans | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||
Residential | $ | 6,457 | $ | — | |||||||||||||||||||||||||
Commercial | 35,668 | — | |||||||||||||||||||||||||||
Land, development and construction | 857 | — | |||||||||||||||||||||||||||
Total real estate | 42,982 | — | |||||||||||||||||||||||||||
Commercial | 459 | — | |||||||||||||||||||||||||||
Consumer and other loans | — | — | |||||||||||||||||||||||||||
FDIC covered loans, excluding PCI loans | 43,441 | — | |||||||||||||||||||||||||||
FDIC covered PCI loans (note 1) | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||
Residential | 115,306 | 120,030 | |||||||||||||||||||||||||||
Commercial | 166,932 | 100,012 | |||||||||||||||||||||||||||
Land, development and construction | 20,509 | 6,381 | |||||||||||||||||||||||||||
Total real estate | 302,747 | 226,423 | |||||||||||||||||||||||||||
Commercial | 5,184 | 3,850 | |||||||||||||||||||||||||||
Consumer and other loans | — | — | |||||||||||||||||||||||||||
Total FDIC covered PCI loans | 307,931 | 230,273 | |||||||||||||||||||||||||||
Allowance for loan losses for FDIC covered loans that are not PCI loans | — | — | |||||||||||||||||||||||||||
Allowance for loans losses for FDIC covered PCI loans | (960 | ) | (760 | ) | |||||||||||||||||||||||||
Total covered loans, net of allowance for loan losses | $ | 350,412 | $ | 229,513 | |||||||||||||||||||||||||
note 1: Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. | |||||||||||||||||||||||||||||
The Company acquired FDIC covered loans that are not PCI loans pursuant to the acquisition of FSB on June 1, 2014. Prior to the FSB acquisition, the Company’s FDIC covered loans were all PCI loans. | |||||||||||||||||||||||||||||
The table below set forth the activity in the allowance for loan losses for the periods presented. | |||||||||||||||||||||||||||||
Allowance for | Allowance for | Total | |||||||||||||||||||||||||||
loan losses for | loan losses on | ||||||||||||||||||||||||||||
loans that are | PCI loans | ||||||||||||||||||||||||||||
not PCI loans | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 18,913 | $ | 1,183 | $ | 20,096 | |||||||||||||||||||||||
Loans charged-off | (902 | ) | — | (902 | ) | ||||||||||||||||||||||||
Recoveries of loans previously charged-off | 112 | — | 112 | ||||||||||||||||||||||||||
Net charge-offs | (790 | ) | — | (790 | ) | ||||||||||||||||||||||||
Provision for loan losses | 117 | (223 | ) | (106 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 18,240 | $ | 960 | $ | 19,200 | |||||||||||||||||||||||
Three months ended June 30, 2013 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 22,631 | $ | 2,623 | $ | 25,254 | |||||||||||||||||||||||
Loans charged-off | (2,603 | ) | (515 | ) | (3,118 | ) | |||||||||||||||||||||||
Recoveries of loans previously charged-off | 310 | — | 310 | ||||||||||||||||||||||||||
Net charge-offs | (2,293 | ) | (515 | ) | (2,808 | ) | |||||||||||||||||||||||
Provision for loan losses | 1,462 | (88 | ) | 1,374 | |||||||||||||||||||||||||
Balance at end of period | $ | 21,800 | $ | 2,020 | $ | 23,820 | |||||||||||||||||||||||
Allowance for | Allowance for | Total | |||||||||||||||||||||||||||
loan losses for | loan losses on | ||||||||||||||||||||||||||||
loans that are | PCI loans | ||||||||||||||||||||||||||||
not PCI loans | |||||||||||||||||||||||||||||
Six months ended June 30, 2014 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 19,694 | $ | 760 | $ | 20,454 | |||||||||||||||||||||||
Loans charged-off | (2,062 | ) | — | (2,062 | ) | ||||||||||||||||||||||||
Recoveries of loans previously charged-off | 955 | — | 955 | ||||||||||||||||||||||||||
Net charge-offs | (1,107 | ) | — | (1,107 | ) | ||||||||||||||||||||||||
Provision for loan losses | (347 | ) | 200 | (147 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 18,240 | $ | 960 | $ | 19,200 | |||||||||||||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 24,033 | $ | 2,649 | $ | 26,682 | |||||||||||||||||||||||
Loans charged-off | (3,834 | ) | (515 | ) | (4,349 | ) | |||||||||||||||||||||||
Recoveries of loans previously charged-off | 473 | — | 473 | ||||||||||||||||||||||||||
Net charge-offs | (3,361 | ) | (515 | ) | (3,876 | ) | |||||||||||||||||||||||
Provision for loan losses | 1,128 | (114 | ) | 1,014 | |||||||||||||||||||||||||
Balance at end of period | $ | 21,800 | $ | 2,020 | $ | 23,820 | |||||||||||||||||||||||
The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented. | |||||||||||||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||
Residential | Commercial | Land, | Comm. & | Consumer | Total | ||||||||||||||||||||||||
develop., | industrial | & other | |||||||||||||||||||||||||||
constr. | |||||||||||||||||||||||||||||
Allowance for loan losses for loan that are not PCI loans: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 7,812 | $ | 7,338 | $ | 1,788 | $ | 956 | $ | 1,019 | $ | 18,913 | |||||||||||||||||
Charge-offs | (228 | ) | (299 | ) | (23 | ) | (67 | ) | (285 | ) | (902 | ) | |||||||||||||||||
Recoveries | (20 | ) | 61 | 25 | 3 | 43 | 112 | ||||||||||||||||||||||
Provision for loan losses | 255 | 444 | (1,156 | ) | 208 | 366 | 117 | ||||||||||||||||||||||
Balance at end of period | $ | 7,819 | $ | 7,544 | $ | 634 | $ | 1,100 | $ | 1,143 | $ | 18,240 | |||||||||||||||||
Three months ended June 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 8,100 | $ | 7,093 | $ | 5,326 | $ | 1,224 | $ | 888 | $ | 22,631 | |||||||||||||||||
Charge-offs | (1,569 | ) | (650 | ) | (144 | ) | (7 | ) | (233 | ) | (2,603 | ) | |||||||||||||||||
Recoveries | 153 | 13 | 106 | 11 | 27 | 310 | |||||||||||||||||||||||
Provision for loan losses | 3,107 | (430 | ) | (1,217 | ) | (164 | ) | 166 | 1,462 | ||||||||||||||||||||
Balance at end of period | $ | 9,791 | $ | 6,026 | $ | 4,071 | $ | 1,064 | $ | 848 | $ | 21,800 | |||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||
Residential | Commercial | Land, | Comm. & | Consumer | Total | ||||||||||||||||||||||||
develop., | industrial | & other | |||||||||||||||||||||||||||
constr. | |||||||||||||||||||||||||||||
Allowance for loan losses on PCI loans: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | |||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | 623 | $ | 89 | $ | 471 | $ | — | $ | 1,183 | |||||||||||||||||
Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | |||||||||||||||||||||||
Provision for loan losses | — | (101 | ) | (12 | ) | (110 | ) | — | (223 | ) | |||||||||||||||||||
Balance at end of period | $ | — | $ | 522 | $ | 77 | $ | 361 | $ | — | $ | 960 | |||||||||||||||||
Three months ended June 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | 2,310 | $ | — | $ | 313 | $ | — | $ | 2,623 | |||||||||||||||||
Charge-offs | — | (515 | ) | — | — | — | (515 | ) | |||||||||||||||||||||
Recoveries | — | — | — | — | — | — | |||||||||||||||||||||||
Provision for loan losses | — | (218 | ) | 130 | — | — | (88 | ) | |||||||||||||||||||||
Balance at end of period | $ | — | $ | 1,577 | $ | 130 | $ | 313 | $ | — | $ | 2,020 | |||||||||||||||||
Allowance for loan losses for loan that are not PCI loans: | |||||||||||||||||||||||||||||
Six months ended June 30, 2014 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 8,785 | $ | 6,441 | $ | 3,069 | $ | 510 | $ | 889 | $ | 19,694 | |||||||||||||||||
Charge-offs | (915 | ) | (315 | ) | (100 | ) | (267 | ) | (465 | ) | (2,062 | ) | |||||||||||||||||
Recoveries | 435 | 375 | 48 | 4 | 93 | 955 | |||||||||||||||||||||||
Provision for loan losses | (486 | ) | 1,043 | (2,383 | ) | 853 | 626 | (347 | ) | ||||||||||||||||||||
Balance at end of period | $ | 7,819 | $ | 7,544 | $ | 634 | $ | 1,100 | $ | 1,143 | $ | 18,240 | |||||||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 6,831 | $ | 8,272 | $ | 6,211 | $ | 1,745 | $ | 974 | $ | 24,033 | |||||||||||||||||
Charge-offs | (2,181 | ) | (1,074 | ) | (183 | ) | (59 | ) | (337 | ) | (3,834 | ) | |||||||||||||||||
Recoveries | 233 | 40 | 120 | 21 | 59 | 473 | |||||||||||||||||||||||
Provision for loan losses | 4,908 | (1,212 | ) | (2,077 | ) | (643 | ) | 152 | 1,128 | ||||||||||||||||||||
Balance at end of period | $ | 9,791 | $ | 6,026 | $ | 4,071 | $ | 1,064 | $ | 848 | $ | 21,800 | |||||||||||||||||
Allowance for loan losses on PCI loans: | |||||||||||||||||||||||||||||
Six months ended June 30, 2014 | |||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | 138 | $ | 89 | $ | 533 | $ | — | $ | 760 | |||||||||||||||||
Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | |||||||||||||||||||||||
Provision for loan losses | — | 384 | (12 | ) | (172 | ) | — | 200 | |||||||||||||||||||||
Balance at end of period | $ | — | $ | 522 | $ | 77 | $ | 361 | $ | — | $ | 960 | |||||||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | 2,335 | $ | — | $ | 314 | $ | — | $ | 2,649 | |||||||||||||||||
Charge-offs | — | (515 | ) | — | — | — | (515 | ) | |||||||||||||||||||||
Recoveries | — | — | — | — | — | — | |||||||||||||||||||||||
Provision for loan losses | — | (243 | ) | 130 | (1 | ) | — | (114 | ) | ||||||||||||||||||||
Balance at end of period | $ | — | $ | 1,577 | $ | 130 | $ | 313 | $ | — | $ | 2,020 | |||||||||||||||||
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 June 30, 2014 and December 31, 2013. 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 June 30, 2014 | Residential | Commercial | Land, | Comm. & | Consumer | Total | |||||||||||||||||||||||
develop., | industrial | & other | |||||||||||||||||||||||||||
constr. | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 559 | $ | 1,262 | $ | 6 | $ | 10 | $ | 20 | $ | 1,857 | |||||||||||||||||
Collectively evaluated for impairment | 7,260 | 6,282 | 628 | 1,090 | 1,123 | 16,383 | |||||||||||||||||||||||
Purchased credit impaired | 0 | 522 | 77 | 361 | 0 | 960 | |||||||||||||||||||||||
Total ending allowance balance | $ | 7,819 | $ | 8,066 | $ | 711 | $ | 1,461 | $ | 1,143 | $ | 19,200 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 9,725 | $ | 13,028 | $ | 2,068 | $ | 2,127 | $ | 315 | $ | 27,263 | |||||||||||||||||
Loans collectively evaluated for impairment | 553,568 | 1,078,632 | 76,376 | 249,614 | 55,876 | 2,014,066 | |||||||||||||||||||||||
Purchased credit impaired loans | 119,005 | 195,157 | 27,885 | 10,759 | 1,064 | 353,870 | |||||||||||||||||||||||
Total ending loan balances | $ | 682,298 | $ | 1,286,817 | $ | 106,329 | $ | 262,500 | $ | 57,255 | $ | 2,395,199 | |||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||
As of December 31, 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 | $ | 395 | $ | 1,377 | $ | 16 | $ | 2 | $ | 21 | $ | 1,811 | |||||||||||||||||
Collectively evaluated for impairment | 8,390 | 5,064 | 3,053 | 508 | 868 | 17,883 | |||||||||||||||||||||||
Purchased credit impaired | — | 138 | 89 | 533 | — | 760 | |||||||||||||||||||||||
Total ending allowance balance | $ | 8,785 | $ | 6,579 | $ | 3,158 | $ | 1,043 | $ | 889 | $ | 20,454 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 8,610 | $ | 12,564 | $ | 1,307 | $ | 1,297 | $ | 332 | $ | 24,110 | |||||||||||||||||
Loans collectively evaluated for impairment | 449,721 | 516,146 | 61,196 | 141,966 | 49,215 | 1,218,244 | |||||||||||||||||||||||
Purchased credit impaired loans | 120,030 | 100,012 | 6,381 | 3,850 | 1,148 | 231,421 | |||||||||||||||||||||||
Total ending loan balance | $ | 578,361 | $ | 628,722 | $ | 68,884 | $ | 147,113 | $ | 50,695 | $ | 1,473,775 | |||||||||||||||||
Loans collectively evaluated for impairment reported at June 30, 2014 include loans acquired from FSB on June 1, 2014 and from Gulfstream on January 17, 2014. The acquired loans were recorded at estimated fair value at acquisition; therefore, no allowance for loan losses was recorded for these loans at June 30, 2014. | |||||||||||||||||||||||||||||
The table below summarizes impaired loan data for the periods presented. | |||||||||||||||||||||||||||||
June 30, 2014 | Dec 31, 2014 | ||||||||||||||||||||||||||||
Performing TDRs (these are not included in NPLs) | $ | 12,659 | $ | 10,763 | |||||||||||||||||||||||||
Non performing TDRs (these are included in NPLs) | 2,281 | 4,684 | |||||||||||||||||||||||||||
Total TDRs (these are included in impaired loans) | $ | 14,940 | $ | 15,447 | |||||||||||||||||||||||||
Impaired loans that are not TDRs | 12,323 | 8,663 | |||||||||||||||||||||||||||
Total impaired loans | $ | 27,263 | $ | 24,110 | |||||||||||||||||||||||||
In certain situations 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 the terms of a loan have been modified, usually the monthly payment and/or interest rate is reduced for generally twelve to twenty-four months. Material principal amounts on any loan modifications have not been forgiven to date. | |||||||||||||||||||||||||||||
TDRs as of June 30, 2014 and December 31, 2013 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non performing loans) are presented in the tables below. | |||||||||||||||||||||||||||||
As of June 30, 2014 | Accruing | Non Accrual | Total | ||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 7,932 | $ | 806 | $ | 8,738 | |||||||||||||||||||||||
Commercial | 3,247 | 1,292 | 4,539 | ||||||||||||||||||||||||||
Land, development, construction | 569 | 43 | 612 | ||||||||||||||||||||||||||
Total real estate loans | 11,748 | 2,141 | 13,889 | ||||||||||||||||||||||||||
Commercial | 699 | 37 | 736 | ||||||||||||||||||||||||||
Consumer and other | 212 | 103 | 315 | ||||||||||||||||||||||||||
Total TDRs | $ | 12,659 | $ | 2,281 | $ | 14,940 | |||||||||||||||||||||||
As of December 31, 2013 | Accruing | Non-Accrual | Total | ||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 7,221 | $ | 1,389 | $ | 8,610 | |||||||||||||||||||||||
Commercial | 2,169 | 3,077 | 5,246 | ||||||||||||||||||||||||||
Land, development, construction | 608 | 47 | 655 | ||||||||||||||||||||||||||
Total real estate loans | 9,998 | 4,513 | 14,511 | ||||||||||||||||||||||||||
Commercial | 555 | 49 | 604 | ||||||||||||||||||||||||||
Consumer and other | 210 | 122 | 332 | ||||||||||||||||||||||||||
Total TDRs | $ | 10,763 | $ | 4,684 | $ | 15,447 | |||||||||||||||||||||||
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 $339 and $398 and partial charge offs of $40 and $96 on the TDR loans described above during the three and six month periods ending June 30, 2014. | |||||||||||||||||||||||||||||
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 85% of our TDRs are current pursuant to their modified terms, and $2,281, or approximately 15% 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 June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||
Period ending | Year ending | ||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | ||||||||||||||||||||||||||
of loans | investment | of loans | investment | ||||||||||||||||||||||||||
Residential | — | $ | — | 3 | $ | 553 | |||||||||||||||||||||||
Commercial real estate | 1 | 196 | 6 | 2,244 | |||||||||||||||||||||||||
Land, development, construction | — | — | — | — | |||||||||||||||||||||||||
Commercial and Industrial | — | — | 2 | 34 | |||||||||||||||||||||||||
Consumer and other | — | — | 1 | 17 | |||||||||||||||||||||||||
Total | 1 | $ | 196 | 12 | $ | 2,848 | |||||||||||||||||||||||
The Company recorded a provision for loan loss expense of $18 and $30 and partial charge offs of $-0- and $4 on TDR loans that subsequently defaulted as described above during the three and six month periods ending June 30, 2014. | |||||||||||||||||||||||||||||
The following tables present loans individually evaluated for impairment by class of loans as of June 30, 2014 and December 31, 2013, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance due to partial charge-offs. | |||||||||||||||||||||||||||||
As of June 30, 2014 | Unpaid | Recorded | Allowance | ||||||||||||||||||||||||||
principal | investment | for loan | |||||||||||||||||||||||||||
balance | losses | ||||||||||||||||||||||||||||
allocated | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | $ | 7,253 | $ | 6,992 | $ | — | |||||||||||||||||||||||
Commercial real estate | 6,920 | 6,812 | — | ||||||||||||||||||||||||||
Land, development, construction | 2,550 | 1,938 | — | ||||||||||||||||||||||||||
Commercial and industrial | 2,055 | 1,922 | — | ||||||||||||||||||||||||||
Consumer, other | — | — | — | ||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | 2,885 | 2,733 | 559 | ||||||||||||||||||||||||||
Commercial real estate | 6,459 | 6,216 | 1,262 | ||||||||||||||||||||||||||
Land, development, construction | 138 | 130 | 6 | ||||||||||||||||||||||||||
Commercial and industrial | 251 | 205 | 10 | ||||||||||||||||||||||||||
Consumer, other | 330 | 315 | 20 | ||||||||||||||||||||||||||
Total | $ | 28,841 | $ | 27,263 | $ | 1,857 | |||||||||||||||||||||||
As of December 31, 2013 | Unpaid | Recorded | Allowance | ||||||||||||||||||||||||||
principal | investment | for loan | |||||||||||||||||||||||||||
balance | losses | ||||||||||||||||||||||||||||
allocated | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | $ | 5,052 | $ | 4,803 | $ | — | |||||||||||||||||||||||
Commercial real estate | 9,330 | 7,439 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,377 | 1,168 | — | ||||||||||||||||||||||||||
Commercial and industrial | 1,330 | 1,241 | — | ||||||||||||||||||||||||||
Consumer, other | 5 | 5 | — | ||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | 3,942 | 3,807 | 395 | ||||||||||||||||||||||||||
Commercial real estate | 5,257 | 5,125 | 1,377 | ||||||||||||||||||||||||||
Land, development, construction | 147 | 139 | 16 | ||||||||||||||||||||||||||
Commercial and industrial | 102 | 56 | 2 | ||||||||||||||||||||||||||
Consumer, other | 340 | 327 | 21 | ||||||||||||||||||||||||||
Total | $ | 26,882 | $ | 24,110 | $ | 1,811 | |||||||||||||||||||||||
Three month period ending June, 30, 2014 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 9,635 | $ | 87 | $ | — | |||||||||||||||||||||||
Commercial | 12,858 | 43 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,764 | 10 | — | ||||||||||||||||||||||||||
Total real estate loans | 24,257 | 140 | — | ||||||||||||||||||||||||||
Commercial and industrial | 2,332 | 18 | — | ||||||||||||||||||||||||||
Consumer and other loans | 320 | 3 | — | ||||||||||||||||||||||||||
Total | $ | 26,909 | $ | 161 | $ | — | |||||||||||||||||||||||
Six month period ending June, 30, 2014 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 9,358 | $ | 164 | $ | — | |||||||||||||||||||||||
Commercial | 12,742 | 71 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,575 | 19 | — | ||||||||||||||||||||||||||
Total real estate loans | 23,675 | 254 | — | ||||||||||||||||||||||||||
Commercial and industrial | 2,126 | 39 | — | ||||||||||||||||||||||||||
Consumer and other loans | 324 | 6 | — | ||||||||||||||||||||||||||
Total | $ | 26,125 | $ | 299 | $ | — | |||||||||||||||||||||||
Three month period ending June, 30, 2013 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 8,777 | $ | 70 | $ | — | |||||||||||||||||||||||
Commercial | 27,192 | 288 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,407 | 6 | — | ||||||||||||||||||||||||||
Total real estate loans | 37,376 | 364 | — | ||||||||||||||||||||||||||
Commercial and industrial | 1,656 | 8 | — | ||||||||||||||||||||||||||
Consumer and other loans | 366 | 3 | — | ||||||||||||||||||||||||||
Total | $ | 39,398 | $ | 375 | $ | — | |||||||||||||||||||||||
Six month period ending June, 30, 2013 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 9,108 | $ | 143 | $ | — | |||||||||||||||||||||||
Commercial | 28,730 | 545 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,417 | 8 | — | ||||||||||||||||||||||||||
Total real estate loans | 39,255 | 696 | — | ||||||||||||||||||||||||||
Commercial and industrial | 2,124 | 16 | — | ||||||||||||||||||||||||||
Consumer and other loans | 378 | 6 | — | ||||||||||||||||||||||||||
Total | $ | 41,757 | $ | 718 | $ | — | |||||||||||||||||||||||
Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. | |||||||||||||||||||||||||||||
Nonperforming loans were as follows: | June 30, 2014 | Dec 31, 2013 | |||||||||||||||||||||||||||
Non accrual loans | $ | 29,667 | $ | 27,077 | |||||||||||||||||||||||||
Loans past due over 90 days and still accruing interest | — | — | |||||||||||||||||||||||||||
Total non performing loans | $ | 29,667 | $ | 27,077 | |||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013, excluding purchased credit impaired loans: | |||||||||||||||||||||||||||||
As of June 30, 2014 | Nonaccrual | Loans past due | |||||||||||||||||||||||||||
over 90 days | |||||||||||||||||||||||||||||
still accruing | |||||||||||||||||||||||||||||
Residential real estate | $ | 11,292 | $ | — | |||||||||||||||||||||||||
Commercial real estate | 13,991 | — | |||||||||||||||||||||||||||
Land, development, construction | 1,900 | — | |||||||||||||||||||||||||||
Commercial | 2,216 | — | |||||||||||||||||||||||||||
Consumer, other | 268 | — | |||||||||||||||||||||||||||
Total | $ | 29,667 | $ | — | |||||||||||||||||||||||||
As of December 31, 2013 | Nonaccrual | Loans past due | |||||||||||||||||||||||||||
over 90 days | |||||||||||||||||||||||||||||
still accruing | |||||||||||||||||||||||||||||
Residential real estate | $ | 10,162 | $ | — | |||||||||||||||||||||||||
Commercial real estate | 13,925 | — | |||||||||||||||||||||||||||
Land, development, construction | 1,099 | — | |||||||||||||||||||||||||||
Commercial | 1,582 | — | |||||||||||||||||||||||||||
Consumer, other | 309 | — | |||||||||||||||||||||||||||
Total | $ | 27,077 | $ | — | |||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of June 30, 2014 and December 31, 2013, excluding purchased credit impaired loans: | |||||||||||||||||||||||||||||
Accruing Loans | |||||||||||||||||||||||||||||
As of June 30, 2014 | Total | 30 - 59 | 60 - 89 | Greater | Total Past | Loans Not | Nonaccrual | ||||||||||||||||||||||
days | days | than 90 | Due | Past Due | Loans | ||||||||||||||||||||||||
past due | past due | days past | |||||||||||||||||||||||||||
due | |||||||||||||||||||||||||||||
Residential real estate | $ | 563,293 | $ | 2,402 | $ | 1,892 | $ | — | $ | 4,294 | $ | 547,707 | $ | 11,292 | |||||||||||||||
Commercial real estate | 1,091,660 | 3,001 | 473 | — | 3,474 | 1,074,195 | 13,991 | ||||||||||||||||||||||
Land/dev/construction | 78,444 | 1,866 | 254 | — | 2,120 | 74,424 | 1,900 | ||||||||||||||||||||||
Commercial | 251,741 | 1,909 | 1,048 | — | 2,957 | 246,568 | 2,216 | ||||||||||||||||||||||
Consumer | 56,191 | 225 | 80 | — | 305 | 55,618 | 268 | ||||||||||||||||||||||
$ | 2,041,329 | $ | 9,403 | $ | 3,747 | $ | — | $ | 13,150 | $ | 1,998,512 | $ | 29,667 | ||||||||||||||||
Accruing Loans | |||||||||||||||||||||||||||||
As of December 31, 2013 | Total | 30 - 59 | 60 - 89 | Greater | Total Past | Loans Not | Nonaccrual | ||||||||||||||||||||||
days | days | than 90 | Due | Past Due | Loans | ||||||||||||||||||||||||
past due | past due | days past | |||||||||||||||||||||||||||
due | |||||||||||||||||||||||||||||
Residential real estate | $ | 458,331 | $ | 2,801 | $ | 1,942 | $ | — | $ | 4,743 | $ | 443,426 | $ | 10,162 | |||||||||||||||
Commercial real estate | 528,710 | 2,420 | 1,941 | — | 4,361 | 510,424 | 13,925 | ||||||||||||||||||||||
Land/dev/construction | 62,503 | 136 | 241 | — | 377 | 61,027 | 1,099 | ||||||||||||||||||||||
Commercial | 143,263 | 491 | 1 | — | 492 | 141,189 | 1,582 | ||||||||||||||||||||||
Consumer | 49,547 | 295 | 240 | — | 535 | 48,703 | 309 | ||||||||||||||||||||||
$ | 1,242,354 | $ | 6,143 | $ | 4,365 | $ | — | $ | 10,508 | $ | 1,204,769 | $ | 27,077 | ||||||||||||||||
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. As of June 30, 2014 and December 31, 2013, and based on the most recent analysis performed, the risk category of loans by class of loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30: | |||||||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||||||
Loan Category | Pass | Special | Substandard | Doubtful | |||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Residential real estate | $ | 534,622 | $ | 5,313 | $ | 23,358 | $ | — | |||||||||||||||||||||
Commercial real estate | 1,012,363 | 39,951 | 39,346 | — | |||||||||||||||||||||||||
Land/dev/construction | 66,080 | 8,637 | 3,727 | — | |||||||||||||||||||||||||
Commercial | 243,632 | 2,586 | 5,523 | — | |||||||||||||||||||||||||
Consumer | 55,491 | 274 | 426 | — | |||||||||||||||||||||||||
Total | $ | 1,912,188 | $ | 56,761 | $ | 72,380 | $ | — | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Loan Category | Pass | Special | Substandard | Doubtful | |||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Residential real estate | $ | 428,671 | $ | 6,438 | $ | 23,222 | $ | — | |||||||||||||||||||||
Commercial real estate | 448,762 | 46,427 | 33,521 | — | |||||||||||||||||||||||||
Land/dev/construction | 50,164 | 9,566 | 2,773 | — | |||||||||||||||||||||||||
Commercial | 134,901 | 4,490 | 3,872 | — | |||||||||||||||||||||||||
Consumer | 49,448 | 526 | 573 | — | |||||||||||||||||||||||||
Total | $ | 1,110,946 | $ | 67,447 | $ | 63,961 | $ | — | |||||||||||||||||||||
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 purchased credit impaired loans, based on payment activity as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
As of June 30, 2014 | Residential | Consumer | |||||||||||||||||||||||||||
Performing | $ | 552,001 | $ | 55,923 | |||||||||||||||||||||||||
Nonperforming | 11,292 | 268 | |||||||||||||||||||||||||||
Total | $ | 563,293 | $ | 56,191 | |||||||||||||||||||||||||
As of December 31, 2013 | Residential | Consumer | |||||||||||||||||||||||||||
Performing | $ | 448,169 | $ | 49,238 | |||||||||||||||||||||||||
Nonperforming | 10,162 | 309 | |||||||||||||||||||||||||||
Total | $ | 458,331 | $ | 49,547 | |||||||||||||||||||||||||
Purchased Credit Impaired (“PCI”) loans: | |||||||||||||||||||||||||||||
Income is recognized on PCI loans 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 June 30, 2014 and December 31, 2013. Contractually required principal and interest payments have been adjusted for estimated prepayments. | |||||||||||||||||||||||||||||
Jun 30, 2014 | Dec 31, 2013 | ||||||||||||||||||||||||||||
Contractually required principal and interest | $ | 566,948 | $ | 389,537 | |||||||||||||||||||||||||
Non-accretable difference | (79,985 | ) | (55,304 | ) | |||||||||||||||||||||||||
Cash flows expected to be collected | 486,963 | 334,233 | |||||||||||||||||||||||||||
Accretable yield | (133,093 | ) | (102,812 | ) | |||||||||||||||||||||||||
Carrying value of acquired loans | $ | 353,870 | $ | 231,421 | |||||||||||||||||||||||||
Allowance for loan losses | (960 | ) | (760 | ) | |||||||||||||||||||||||||
Carrying value less allowance for loan losses | $ | 352,910 | $ | 230,661 | |||||||||||||||||||||||||
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 $7,946 and $15,240 from non-accretable difference to accretable yield during the three and six month periods ending June 30, 2014, 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 six month periods ending June 30, 2014 and 2013. | |||||||||||||||||||||||||||||
Activity during the three month period ending June 30, 2014 | Mar 31, 2014 | Effect of | income | all other | June 30, 2014 | ||||||||||||||||||||||||
acquisitions | accretion | adjustments | |||||||||||||||||||||||||||
Contractually required principal and interest | $ | 414,385 | $ | 180,960 | $ | — | $ | (28,397 | ) | $ | 566,948 | ||||||||||||||||||
Non-accretable difference | (56,062 | ) | (33,527 | ) | — | 9,604 | (79,985 | ) | |||||||||||||||||||||
Cash flows expected to be collected | 358,323 | 147,433 | — | (18,793 | ) | 486,963 | |||||||||||||||||||||||
Accretable yield | (107,523 | ) | (25,749 | ) | 8,231 | (8,052 | ) | (133,093 | ) | ||||||||||||||||||||
Carry value of acquired loans | $ | 250,800 | 121,684 | 8,231 | $ | (26,845 | ) | $ | 353,870 | ||||||||||||||||||||
Activity during the six month period ending June 30, 2014 | 31-Dec-13 | Effect of | income | all other | June 30, 2014 | ||||||||||||||||||||||||
acquisitions | accretion | adjustments | |||||||||||||||||||||||||||
Contractually required principal and interest | $ | 389,537 | $ | 229,249 | $ | — | $ | (51,838 | ) | $ | 566,948 | ||||||||||||||||||
Non-accretable difference | (55,304 | ) | (45,293 | ) | — | 20,612 | (79,985 | ) | |||||||||||||||||||||
Cash flows expected to be collected | 334,233 | 183,956 | — | (31,226 | ) | 486,963 | |||||||||||||||||||||||
Accretable yield | (102,812 | ) | (32,204 | ) | 16,462 | (14,539 | ) | (133,093 | ) | ||||||||||||||||||||
Carry value of acquired loans | $ | 231,421 | 151,752 | 16,462 | (45,765 | ) | $ | 353,870 | |||||||||||||||||||||
Activity during the three month period ending June 30, 2013 | Mar 31, 2013 | income | all other | June 30, 2013 | |||||||||||||||||||||||||
accretion | adjustments | ||||||||||||||||||||||||||||
Contractually required principal and interest | $ | 486,531 | — | $ | (37,385 | ) | $ | 449,146 | |||||||||||||||||||||
Non-accretable difference | (110,243 | ) | — | 20,183 | (90,060 | ) | |||||||||||||||||||||||
Cash flows expected to be collected | 376,288 | — | (17,202 | ) | 359,086 | ||||||||||||||||||||||||
Accretable yield | (95,499 | ) | 8,020 | (11,928 | ) | (99,407 | ) | ||||||||||||||||||||||
Carry value of acquired loans | $ | 280,789 | $ | 8,020 | $ | (29,130 | ) | $ | 259,679 | ||||||||||||||||||||
Activity during the six month period ending June 30, 2013 | 31-Dec-12 | income | all other | 30-Jun-13 | |||||||||||||||||||||||||
accretion | adjustments | ||||||||||||||||||||||||||||
Contractually required principal and interest | $ | 534,989 | — | $ | (85,843 | ) | $ | 449,146 | |||||||||||||||||||||
Non-accretable difference | (142,855 | ) | — | 52,795 | (90,060 | ) | |||||||||||||||||||||||
Cash flows expected to be collected | 392,134 | — | (33,048 | ) | 359,086 | ||||||||||||||||||||||||
Accretable yield | (93,107 | ) | 15,847 | (22,147 | ) | (99,407 | ) | ||||||||||||||||||||||
Carry value of acquired loans | $ | 299,027 | $ | 15,847 | $ | (55,195 | ) | $ | 259,679 | ||||||||||||||||||||
FDIC_Indemnification_Asset
FDIC Indemnification Asset | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
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, the acquisition of two failed banks in 2012 and the assumption of Loss Share Agreements of two failed banks assumed by the Company pursuant to its acquisition of First Southern Bank in June 2014. The activity in the FDIC loss share indemnification asset is as follows (certain items related to true-up payment liabilities per the FDIC agreements, which had previously been netted with the FDIC indemnification asset, have been reclassified as a separate liability): | |||||||||
Six month | Twelve month | ||||||||
period ended | period ended | ||||||||
June 30, 2014 | 31-Dec-13 | ||||||||
Beginning of the year | $ | 73,877 | $ | 119,691 | |||||
Effect of acquisition | 2,636 | — | |||||||
Amortization, net | (10,161 | ) | (13,765 | ) | |||||
Indemnification revenue | 1,529 | 6,055 | |||||||
Indemnification of foreclosure expense | 780 | 4,413 | |||||||
Proceeds from FDIC | (7,510 | ) | (42,004 | ) | |||||
Impairment (recovery) of loan pool | 160 | (513 | ) | ||||||
Period end balance | $ | 61,311 | $ | 73,877 | |||||
The FDIC agreements allow for the recovery of some payments made for loss share reimbursements under certain conditions based on the actual performance of the portfolios acquired. This true-up payment is estimated and accrued for as part of the overall FDIC indemnification asset analysis and is reflected as a separate liability. The accrual for this liability is reflected as additional amortization income or expense in noninterest income. The activity in the true-up payment liability is as follows: | |||||||||
Six month | Twelve month | ||||||||
period ended | period ended | ||||||||
June 30, 2014 | 31-Dec-13 | ||||||||
Beginning of the year | $ | 444 | $ | 402 | |||||
Effect of acquisition | 682 | — | |||||||
True-up liability accrual | 30 | 42 | |||||||
Period end balance | $ | 1,156 | $ | 444 | |||||
Impairment of loan pools | |||||||||
When a loan pool (with loss share) is impaired, the impairment expense is included in provision for loan losses, and the percentage of that loss to be reimbursed by the FDIC is recognized as income from FDIC reimbursement, and included in this line item. During the six month period ended June 30, 2014, the estimated amount of impairment increased, which resulted in an additional $160 of indemnification income recognition. | |||||||||
Indemnification revenue | |||||||||
Indemnification revenue represents the percentage of the cost incurred that is reimbursable by the FDIC pursuant to the related Loss Share Agreement for expenses related to the repossession process and losses incurred on the sale of OREO, or writedown of OREO values to current fair value. | |||||||||
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. The Company also 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 the percentage of 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. |
Business_Combinations
Business Combinations | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Business Combinations | ' | ||||||||||||||||
NOTE 8: Business Combinations | |||||||||||||||||
Acquisition of Gulfstream Bancshares, Inc. | |||||||||||||||||
On January 17, 2014, the Company completed its previously announced acquisition of Gulfstream Bancshares, Inc. (“Gulfstream”) as set forth in the Agreement and Plan of Merger (“Agreement”) whereby Gulfstream merged with and into the Company. Pursuant to and simultaneously with the merger of Gulfstream with and into the Company, Gulfstream’s wholly owned subsidiary bank, Gulfstream Business Bank (“GSB”), merged with and into the Company’s subsidiary bank, CenterState Bank of Florida, N.A. | |||||||||||||||||
The Company’s primary reasons for the transaction were to further solidify its market share in the southeast Florida market and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. The acquisition increased the Company’s total assets and total deposits by approximately 23% and 23%, respectively, as compared with the balances at December 31, 2013, and is expected to positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. | |||||||||||||||||
The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill on this acquisition of $31,516, after consideration of a measurement period adjustment discussed below, which is nondeductible for tax purposes as this acquisition is a nontaxable transaction. The goodwill is calculated based on the fair values of the assets acquired and liabilities assumed as of the acquisition date. Fair value estimates are based on the information available, and are subject to change for up to one year after the closing date of the acquisition as additional information relative to closing date fair values becomes available. Fair values are preliminary estimates due to pending appraisals on loans and other real estate owned. | |||||||||||||||||
The Company acquired 100% of the outstanding common stock of Gulfstream. The purchase price consisted of both cash and stock. Each share of Gulfstream common stock was exchanged for $14.65 cash and 3.012 shares of the Company’s common stock. Based on the closing price of the Company’s common stock on January 16, 2014, the resulting purchase price was $82,040. The table below summarizes the purchase price calculation. | |||||||||||||||||
Number of shares of Gulfstream common stock outstanding at January 16, 2014 | 1,569,364 | ||||||||||||||||
Gulfstream preferred shares that convert to Gulfstream common shares upon a change in control | 155,629 | ||||||||||||||||
Total Gulfstream common shares including conversion of preferred shares | 1,724,993 | ||||||||||||||||
Per share exchange ratio | 3.012 | ||||||||||||||||
Number of shares of CenterState common stock less 138 of fractional shares | 5,195,541 | ||||||||||||||||
Multiplied by CenterState common stock price per share on January 16, 2014 | $ | 10.23 | |||||||||||||||
Fair value of CenterState common stock issued | $ | 53,150 | |||||||||||||||
Total Gulfstream common shares including conversion of preferred shares | 1,724,993 | ||||||||||||||||
Multiplied by the cash consideration each Gulfstream share is entitled to receive | $ | 14.65 | |||||||||||||||
Total Cash Consideration, not including cash for fractional shares | $ | 25,271 | |||||||||||||||
Total Stock Consideration | $ | 53,150 | |||||||||||||||
Total Cash Consideration plus $2 for 138 of fractional shares | 25,273 | ||||||||||||||||
Total consideration to be paid to Gulfstream common shareholders | $ | 78,423 | |||||||||||||||
Fair value of current Gulfstream stock options to be converted to CenterState stock options | 3,617 | ||||||||||||||||
Total purchase price | $ | 82,040 | |||||||||||||||
The list below summarizes the preliminary estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the January 17, 2014 purchase date. | |||||||||||||||||
Jan 17, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 102,278 | |||||||||||||||
Loans, held for investment | 329,515 | ||||||||||||||||
Purchased credit impaired loans | 30,068 | ||||||||||||||||
Loans held for sale | 247 | ||||||||||||||||
Investments | 60,816 | ||||||||||||||||
Interest receivable | 1,087 | ||||||||||||||||
Branch real estate | 5,519 | ||||||||||||||||
Furniture and fixtures | 262 | ||||||||||||||||
FHLB stock | 885 | ||||||||||||||||
Bank owned life insurance | 4,939 | ||||||||||||||||
Other repossessed real estate owned | 2,694 | ||||||||||||||||
Core deposit intangible | 4,173 | ||||||||||||||||
Goodwill | 31,516 | ||||||||||||||||
Other assets | 11,261 | ||||||||||||||||
Total assets acquired | $ | 585,260 | |||||||||||||||
Liabilities: | |||||||||||||||||
Deposits | $ | 478,999 | |||||||||||||||
Federal Home loan advances | 5,708 | ||||||||||||||||
Repurchase agreements | 7,576 | ||||||||||||||||
Interest payable | 125 | ||||||||||||||||
Official checks outstanding | 826 | ||||||||||||||||
Corporate debentures | 6,745 | ||||||||||||||||
Other liabilities | 3,241 | ||||||||||||||||
Total liabilities assumed | $ | 503,220 | |||||||||||||||
In the acquisition, the Company purchased $359,583 of loans at fair value, net of $18,267, or 4.8%, estimated discount to the outstanding principal balance, representing 24.4% of the Company’s total loans at December 31, 2013. Of the total loans acquired, management identified $30,068 with credit deficiencies. All loans that were on non-accrual status and all loan relationships that were greater than $500 and identified as impaired as of the acquisition date were considered by management to be credit impaired and are accounted for pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of January 17, 2014 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. | |||||||||||||||||
Contractually required principal and interest | $ | 48,289 | |||||||||||||||
Non-accretable difference | (11,766 | ) | |||||||||||||||
Cash flows expected to be collected | 36,523 | ||||||||||||||||
Accretable yield | (6,455 | ) | |||||||||||||||
Total purchased credit-impaired loans acquired | $ | 30,068 | |||||||||||||||
The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. | |||||||||||||||||
Book | Fair | ||||||||||||||||
balance | value | ||||||||||||||||
Loans: | |||||||||||||||||
Single family residential real estate | 33,506 | 32,319 | |||||||||||||||
Commercial real estate | 185,250 | 183,189 | |||||||||||||||
Construction/development/land | 30,387 | 27,704 | |||||||||||||||
Commercial loans | 85,940 | 84,203 | |||||||||||||||
Consumer and other loans | 2,112 | 2,100 | |||||||||||||||
Purchased credit-impaired | 40,655 | 30,068 | |||||||||||||||
Total earning assets | $ | 377,850 | $ | 359,583 | |||||||||||||
In its assumption of the deposit liabilities, the Company believed the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. The Company determined the estimated fair value of the core deposit intangible asset totaled $4,173, which will be amortized utilizing an accelerated amortization method over an estimated economic life not to exceed ten years. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. | |||||||||||||||||
Measurement period adjustments | |||||||||||||||||
On January 17, 2014 the Company purchased Gulfstream. As previously disclosed, the fair values initially assigned to the assets acquired and liabilities assumed were preliminary and subject to refinement for up to one year after the closing date of the acquisition as new information relative to closing date fair values became available. Based on appraisals received subsequent to the acquisition date, the Company adjusted its initial fair value estimates of certain other real estate owned acquired. | |||||||||||||||||
Jan 17, 2014 (as | measurement | Jan 17, 2014 | |||||||||||||||
initially reported) | period | (as adjusted) | |||||||||||||||
adjustments | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 102,278 | $ | — | $ | 102,278 | |||||||||||
Loans, held for investment | 329,515 | 329,515 | |||||||||||||||
Purchased credit impaired loans | 30,068 | 30,068 | |||||||||||||||
Loans held for sale | 247 | 247 | |||||||||||||||
Investments | 60,816 | 60,816 | |||||||||||||||
Interest receivable | 1,087 | 1,087 | |||||||||||||||
Branch real estate | 5,519 | 5,519 | |||||||||||||||
Furniture and fixtures | 262 | 262 | |||||||||||||||
FHLB stock | 885 | 885 | |||||||||||||||
Bank owned life insurance | 4,939 | 4,939 | |||||||||||||||
Other repossessed real estate owned | 3,365 | (671 | ) | 2,694 | |||||||||||||
Core deposit intangible | 4,173 | 4,173 | |||||||||||||||
Goodwill | 31,104 | 412 | 31,516 | ||||||||||||||
Other assets | 11,002 | 259 | 11,261 | ||||||||||||||
Total assets acquired | $ | 585,260 | $ | — | $ | 585,260 | |||||||||||
Liabilities: | |||||||||||||||||
Deposits | $ | 478,999 | $ | — | $ | 478,999 | |||||||||||
Federal Home loan advances | 5,708 | 5,708 | |||||||||||||||
Repurchase agreements | 7,576 | 7,576 | |||||||||||||||
Interest payable | 125 | 125 | |||||||||||||||
Official checks outstanding | 826 | 826 | |||||||||||||||
Trust Preferred Security | 6,745 | 6,745 | |||||||||||||||
Other liabilities | 3,241 | 3,241 | |||||||||||||||
Total liabilities assumed | $ | 503,220 | $ | — | $ | 503,220 | |||||||||||
Acquisition of First Southern Bancorp, Inc. | |||||||||||||||||
On June 1, 2014, the Company completed its previously announced acquisition of First Southern Bancorp, Inc. (“FSB”) as set forth in the Agreement and Plan of Merger (“Agreement”) whereby FSB merged with and into the Company. Pursuant to and simultaneously with the merger of FSB with and into the Company, FSB’s subsidiary bank, First Southern Bank, merged with and into the Company’s subsidiary bank, CenterState Bank of Florida, N.A. | |||||||||||||||||
The Company’s primary reasons for the transaction were to further solidify its market share in the southeast Florida market as well as in central and northeastern Florida and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. The acquisition increased the Company’s total assets and total deposits by approximately 32% and 33%, respectively, as compared with the balances at March 31, 2014, and is expected to positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. | |||||||||||||||||
The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill on this acquisition of $541, which is nondeductible for tax purposes as this acquisition is a nontaxable transaction. The goodwill is calculated based on the fair values of the assets acquired and liabilities assumed as of the acquisition date. Fair value estimates are based on the information available, and are subject to change for up to one year after the closing date of the acquisition as additional information relative to closing date fair values becomes available. Fair values are preliminary estimates due to pending appraisals on loans and other real estate owned. | |||||||||||||||||
The Company acquired 100% of the outstanding common stock of FSB. The purchase price consisted of both cash and stock. Each share of FSB common stock was exchanged for $3.00 cash and 0.30 shares of the Company’s common stock. Based on the closing price of the Company’s common stock on May 30, 2014 (the last trading day prior to the June 1, 2014 acquisition date), the resulting purchase price was $195,404. The table below summarizes the purchase price calculation. | |||||||||||||||||
Number of shares of FSB common stock outstanding at May 30, 2014 | 31,539,698 | ||||||||||||||||
FSB preferred shares that convert to FSB common shares upon a change in control | 48,375 | ||||||||||||||||
Total FSB common shares including conversion of preferred shares | 31,588,073 | ||||||||||||||||
Per share exchange ratio | 0.3 | ||||||||||||||||
Number of shares of CenterState common stock | 9,476,424 | ||||||||||||||||
Multiplied by CenterState common stock price per share on May 30, 2014 | $ | 10.62 | |||||||||||||||
Fair value of CenterState common stock issued | $ | 100,639 | |||||||||||||||
Total FSB common shares including conversion of preferred shares | 31,588,073 | ||||||||||||||||
Multiplied by the cash consideration each FSB share is entitled to receive | $ | 3 | |||||||||||||||
Total Cash Consideration | $ | 94,765 | |||||||||||||||
Total Stock Consideration | $ | 100,639 | |||||||||||||||
Total Cash Consideration | 94,765 | ||||||||||||||||
Total purchase price | $ | 195,404 | |||||||||||||||
The list below summarizes the preliminary estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the June 1, 2014 purchase date. | |||||||||||||||||
June 1, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 148,257 | |||||||||||||||
Loans, excluding purchased credit impaired loans | 477,841 | ||||||||||||||||
Purchased credit impaired loans | 121,684 | ||||||||||||||||
Investments | 204,723 | ||||||||||||||||
Interest receivable | 2,007 | ||||||||||||||||
Branch real estate | 1,594 | ||||||||||||||||
Furniture and fixtures | 1,282 | ||||||||||||||||
Bank property held for sale | 7,119 | ||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 5,576 | ||||||||||||||||
Bank owned life insurance | 2,555 | ||||||||||||||||
Other repossessed real estate owned covered by FDIC loss share agreements | 22,731 | ||||||||||||||||
Other repossessed real estate owned | 454 | ||||||||||||||||
Core deposit intangible | 7,396 | ||||||||||||||||
Goodwill | 541 | ||||||||||||||||
Deferred tax asset | 43,889 | ||||||||||||||||
Other assets | 4,581 | ||||||||||||||||
Total assets acquired | $ | 1,052,230 | |||||||||||||||
Liabilities: | |||||||||||||||||
Deposits | $ | 662,959 | |||||||||||||||
Deposits held for sale | 189,674 | ||||||||||||||||
Interest payable | 58 | ||||||||||||||||
Other liabilities | 4,135 | ||||||||||||||||
Total liabilities assumed | $ | 856,826 | |||||||||||||||
In the acquisition, the Company purchased $599,525 of loans at fair value, net of $30,811, or 4.9%, estimated discount to the outstanding principal balance, representing 33% of the Company’s total loans at March 31, 2014. Of the total loans acquired, management identified $121,684 with credit deficiencies. All loans that were on non-accrual status, all TDRs, all impaired loans, all loans previously identified by FSB with credit deficiencies and any other loan identified by the Company with a probable credit deficiency were considered by management to be credit impaired and are accounted for pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of June 1, 2014 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. | |||||||||||||||||
Contractually required principal and interest | $ | 180,960 | |||||||||||||||
Non-accretable difference | (33,527 | ) | |||||||||||||||
Cash flows expected to be collected | 147,433 | ||||||||||||||||
Accretable yield | (25,749 | ) | |||||||||||||||
Total purchased credit-impaired loans acquired | $ | 121,684 | |||||||||||||||
The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. | |||||||||||||||||
Book | Fair | ||||||||||||||||
balance | value | ||||||||||||||||
Loans: | |||||||||||||||||
Single family residential real estate | $ | 60,332 | $ | 57,693 | |||||||||||||
Commercial real estate | 387,589 | 382,162 | |||||||||||||||
Construction/development/land | 17,238 | 15,942 | |||||||||||||||
Commercial loans | 20,267 | 19,906 | |||||||||||||||
Consumer and other loans | 2,496 | 2,138 | |||||||||||||||
Purchased credit-impaired | 142,414 | 121,684 | |||||||||||||||
Total earning assets | $ | 630,336 | $ | 599,525 | |||||||||||||
In its assumption of the deposit liabilities, the Company believed the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. The Company determined the estimated fair value of the core deposit intangible asset totaled $7,396, which will be amortized utilizing an accelerated amortization method over an estimated economic life not to exceed ten years. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. | |||||||||||||||||
Pro-forma information | |||||||||||||||||
Pro-forma data for the three and six month periods ending June 30, 2013 listed in the table below presents pro-forma information as if the Gulfstream and FSB acquisitions occurred at the beginning of 2013. The pro-forma information for the three and six month periods ending June 30, 2014 assumes the FSB acquisition occurred at the beginning of 2013. Because the Gulfstream transaction closed on January 17, 2014 and their actual results are included in the Company’s actual operating results for 2014, their actual results were used in the table below for the three and six month periods ending June 30, 2014 instead of a pro-forma amount. | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||||||
Net interest income | $ | 37,252 | $ | 37,617 | $ | 74,835 | $ | 75,434 | |||||||||
Net income available to common shareholders | 5,129 | 5,277 | 11,525 | 8,524 | |||||||||||||
EPS - basic | $ | 0.11 | $ | 0.12 | $ | 0.26 | $ | 0.19 | |||||||||
EPS - diluted | $ | 0.11 | $ | 0.12 | $ | 0.26 | $ | 0.19 | |||||||||
Disposition of certain branches acquired pursuant to the FSB acquisition. | |||||||||||||||||
On June 4, 2014, the Company entered into a Purchase and Assumption Agreement (“P&A Agreement”) with an unrelated bank (“Buyer”) whereby Buyer agreed to purchase and the Company agreed to sell five branch offices acquired by the Company pursuant to its June 1, 2014 acquisition of FSB, as described above. Under the terms of the P&A Agreement, the Buyer will assume substantially all of the customer deposits at the five branches. In addition, Buyer will assume substantially all of the customer deposits of a sixth branch but will not assume the branch lease. The deposits will be moved by Buyer to a new branch office located nearby, and the Company will close the existing leased branch office. | |||||||||||||||||
The purchase price will be approximately $6.5 million for the five branch offices and a premium of 1.5% for the approximately $200 million deposit balances to be assumed by the Buyer from all six branch offices. The Company is not selling, and the Buyer is not purchasing, any loans in the transaction. The consummation of the transaction is subject to customary regulatory approval and is expected to close in September 2014. The June 4, 2014 sales prices were used as the June 1, 2014 acquisition date fair values, therefore, the Company did not recognize an accounting gain or loss on the transaction. | |||||||||||||||||
In addition to the disposition of 6 of the acquired branches from FSB, the Company is closing and consolidating 4 additional acquired branches from FSB. Two of the branches are in leased facilities and the other two are owned by the Company as a result of its acquisition of FSB. The real estate, as well as the furniture, fixtures and equipment have been transferred to held-for-sale during June 2014 at estimated fair value less disposition expenses. The required customer notifications have been sent and the offices are expected to close on September 19, 2014, the same date the Company has scheduled to convert FSB’s core IT system to the Company’s core system. | |||||||||||||||||
In September, the Company will have 3 leased branch buildings that will no longer be in use. In addition, it will also have several other leased facilities used by FSB for loan operations, deposit operations and IT that will no longer be used as these functions will be consolidated into the Company’s backroom operations. The Company will either negotiate a lease termination with its related counterparty or accrue the remaining lease obligations. Once a written lease termination is recognized, the liability will be recognized in the Company’s financial statements. If there is no termination agreement, the remaining lease obligations will be recognized in the Company’s financial statement at the cease-use date, which is when the premise is completely vacated and the Company expects to derive no future economic benefit from the obligation. As such, no lease related expenses were included in the merger related expenses recognized during the quarter ended June 30, 2014. The Company expects to recognize approximately $1.8 million of expenses related to the termination or accrual of these lease obligations in the third and fourth quarter of the current year, with the majority of the expenses occurring in the third quarter. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recently Issued Accounting Standards | ' |
NOTE 9: Recently Issued Accounting Standards | |
ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” was a joint project initiated by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosures for U.S. and international accounting standards that would: (1) remove inconsistencies and weaknesses in revenue requirements; (2) provide a more robust framework for addressing revenue issues; (3) improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; (4) provide more useful information to users of financial statements through improved disclosure requirements and (5) simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. The guidance affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides steps to follow to achieve the core principle. An entity should disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Qualitative and quantitative information is required about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is currently evaluating the effects of this guidance on its financial statements and disclosures, if any. |
Common_Stock_Outstanding_and_E1
Common Stock Outstanding and Earnings Per Share Data (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 June 30, | Six months ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator for basic and diluted earnings per share: | |||||||||||||||||
Net income | $ | 1,037 | $ | 2,758 | $ | 2,090 | $ | 7,334 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share - weighted-average shares | 38,665,018 | 30,098,853 | 36,576,622 | 30,094,315 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and stock grants | 386,212 | 62,388 | 403,612 | 61,465 | |||||||||||||
Denominator for diluted earnings per share - adjusted weighted-average shares | 39,051,230 | 30,161,241 | 36,980,234 | 30,155,780 | |||||||||||||
Basic earnings per share | $ | 0.03 | $ | 0.09 | $ | 0.06 | $ | 0.24 | |||||||||
Diluted earnings per share | $ | 0.03 | $ | 0.09 | $ | 0.06 | $ | 0.24 |
Fair_Value_Tables
Fair Value (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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 June 30, 2014 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Trading securities | $ | 89 | — | $ | 89 | — | |||||||||||||||
Available for sale securities | |||||||||||||||||||||
U.S. government sponsored entities and agencies | 4 | — | 4 | — | |||||||||||||||||
Mortgage backed securities | 502,590 | — | 502,590 | — | |||||||||||||||||
Municipal securities | 39,555 | — | 39,555 | — | |||||||||||||||||
Interest rate swap derivatives | 3,467 | — | 3,467 | — | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swap derivatives | 3,796 | — | 3,796 | — | |||||||||||||||||
at December 31, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Trading securities | $ | — | — | $ | — | — | |||||||||||||||
Available for sale securities | |||||||||||||||||||||
U.S. government sponsored entities and agencies | 4 | — | 4 | — | |||||||||||||||||
Mortgage backed securities | 416,881 | — | 416,881 | — | |||||||||||||||||
Municipal securities | 40,201 | — | 40,201 | — | |||||||||||||||||
Interest rate swap derivatives | 2,603 | — | 2,603 | — | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swap derivatives | 2,496 | — | 2,496 | — | |||||||||||||||||
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 June 30, 2014 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Residential real estate | $ | 3,184 | — | — | $ | 3,184 | |||||||||||||||
Commercial real estate | 6,058 | — | — | 6,058 | |||||||||||||||||
Land, land development and construction | 1,248 | — | — | 1,248 | |||||||||||||||||
Commercial | 683 | — | — | 683 | |||||||||||||||||
Consumer | 150 | — | — | 150 | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Residential real estate | $ | 1,599 | — | — | $ | 1,599 | |||||||||||||||
Commercial real estate | 3,741 | — | — | 3,741 | |||||||||||||||||
Land, land development and construction | 1,913 | — | — | 1,913 | |||||||||||||||||
Bank property held for sale | 6,049 | — | — | 6,049 | |||||||||||||||||
at December 31, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Residential real estate | $ | 3,191 | — | — | $ | 3,191 | |||||||||||||||
Commercial real estate | 7,515 | — | — | 7,515 | |||||||||||||||||
Land, land development and construction | 290 | — | — | 290 | |||||||||||||||||
Commercial | 731 | — | — | 731 | |||||||||||||||||
Consumer | 157 | — | — | 157 | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Residential real estate | $ | 27 | — | — | $ | 27 | |||||||||||||||
Commercial real estate | 3,837 | — | — | 3,837 | |||||||||||||||||
Land, land development and construction | 3,949 | — | — | 3,949 | |||||||||||||||||
Bank owned real estate held for sale | 1,582 | — | — | 1,582 | |||||||||||||||||
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 June 30, 2014 | Carrying amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 516,009 | $ | 516,009 | $ | — | $ | — | $ | 516,009 | |||||||||||
Trading securities | 89 | — | 89 | — | 89 | ||||||||||||||||
Investment securities available for sale | 542,149 | — | 542,149 | — | 542,149 | ||||||||||||||||
FHLB and FRB stock | 17,176 | — | — | — | n/a | ||||||||||||||||
Loans held for sale | 1,596 | — | 1,596 | — | 1,596 | ||||||||||||||||
Loans, less allowance for loan losses of $19,200 | 2,376,819 | — | — | 2,383,572 | 2,383,572 | ||||||||||||||||
FDIC indemnification asset | 61,311 | — | — | — | n/a | ||||||||||||||||
Interest rate swap derivatives | 3,467 | — | 3,467 | — | 3,467 | ||||||||||||||||
Accrued interest receivable | 8,216 | — | — | 8,216 | 8,216 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits- without stated maturities | $ | 2,595,030 | $ | 2,595,030 | $ | — | $ | — | $ | 2,595,030 | |||||||||||
Deposits- with stated maturities | 526,313 | — | 529,428 | — | 529,428 | ||||||||||||||||
Deposits held for sale | 185,646 | — | 185,646 | — | 185,646 | ||||||||||||||||
Securities sold under agreement to repurchase | 33,619 | — | 33,619 | — | 33,619 | ||||||||||||||||
Federal funds purchased | 43,080 | — | 43,080 | — | 43,080 | ||||||||||||||||
Corporate debentures | 23,829 | — | — | 19,888 | 19,888 | ||||||||||||||||
Interest rate swap derivatives | 3,796 | — | 3,796 | — | 3,796 | ||||||||||||||||
Accrued interest payable | 411 | — | 411 | — | 411 | ||||||||||||||||
Fair value measurements | |||||||||||||||||||||
at December 31, 2013 | Carrying amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 174,889 | $ | 174,889 | $ | — | $ | — | $ | 174,889 | |||||||||||
Trading securities | — | — | — | — | — | ||||||||||||||||
Investment securities available for sale | 457,086 | — | 457,086 | — | 457,086 | ||||||||||||||||
FHLB and FRB stock | 8,189 | — | — | — | n/a | ||||||||||||||||
Loans held for sale | 1,010 | — | 1,010 | — | 1,010 | ||||||||||||||||
Loans, less allowance for loan losses of $20,454 | 1,453,725 | — | — | 1,456,295 | 1,456,295 | ||||||||||||||||
FDIC indemnification asset | 73,433 | — | — | — | n/a | ||||||||||||||||
Interest rate swap derivatives | 2,603 | — | 2,603 | — | 2,603 | ||||||||||||||||
Accrued interest receivable | 6,337 | — | — | 6,337 | 6,337 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits- without stated maturities | $ | 1,671,356 | $ | 1,671,356 | $ | — | $ | — | $ | 1,671,356 | |||||||||||
Deposits- with stated maturities | 384,875 | — | 389,115 | — | 389,115 | ||||||||||||||||
Securities sold under agreement to repurchase | 20,457 | — | 20,457 | — | 20,457 | ||||||||||||||||
Federal funds purchased | 29,909 | — | 29,909 | — | 29,909 | ||||||||||||||||
Corporate debentures | 16,996 | — | — | 11,091 | 11,091 | ||||||||||||||||
Interest rate swap derivatives | 2,496 | — | 2,496 | — | 2,496 | ||||||||||||||||
Accrued interest payable | 333 | — | 333 | — | 333 |
Reportable_Segments_Tables
Reportable Segments (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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 six month periods ending June 30, 2014 and 2013. | |||||||||||||||||||||
Three month period ending June 30, 2014 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead and | entries | ||||||||||||||||||
banking | capital markets | administration | |||||||||||||||||||
division | |||||||||||||||||||||
Interest income | $ | 32,333 | $ | 746 | $ | — | $ | 33,079 | |||||||||||||
Interest expense | (1,578 | ) | (6 | ) | (238 | ) | (1,822 | ) | |||||||||||||
Net interest income (expense) | 30,755 | 740 | (238 | ) | 31,257 | ||||||||||||||||
Recovery of prior loan loss provision | 106 | — | — | 106 | |||||||||||||||||
Non interest income | 1,087 | 5,285 | — | 6,372 | |||||||||||||||||
Non interest expense | (30,215 | ) | (5,063 | ) | (875 | ) | (36,153 | ) | |||||||||||||
Net income (loss) before taxes | 1,733 | 962 | (1,113 | ) | 1,582 | ||||||||||||||||
Income tax (provision) benefit | (589 | ) | (371 | ) | 415 | (545 | ) | ||||||||||||||
Net income (loss) | $ | 1,144 | $ | 591 | $ | (698 | ) | $ | 1,037 | ||||||||||||
Total assets | $ | 3,716,281 | $ | 173,516 | $ | 495,677 | $ | (483,892 | ) | $ | 3,901,582 | ||||||||||
Six month period ending June 30, 2014 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead and | entries | ||||||||||||||||||
banking | capital markets | administration | |||||||||||||||||||
division | |||||||||||||||||||||
Interest income | $ | 61,403 | $ | 1,458 | $ | — | $ | 62,861 | |||||||||||||
Interest expense | (2,939 | ) | (11 | ) | (461 | ) | (3,411 | ) | |||||||||||||
Net interest income (expense) | 58,464 | 1,447 | (461 | ) | 59,450 | ||||||||||||||||
Recovery of prior loan loss provision | 147 | — | — | 147 | |||||||||||||||||
Non interest income | 2,916 | 9,216 | — | 12,132 | |||||||||||||||||
Non interest expense | (57,382 | ) | (9,441 | ) | (1,733 | ) | (68,556 | ) | |||||||||||||
Net income (loss) before taxes | 4,145 | 1,222 | (2,194 | ) | 3,173 | ||||||||||||||||
Income tax (provision) benefit | (1,438 | ) | (471 | ) | 826 | (1,083 | ) | ||||||||||||||
Net income (loss) | $ | 2,707 | $ | 751 | $ | (1,368 | ) | $ | 2,090 | ||||||||||||
Total assets | $ | 3,716,281 | $ | 173,516 | $ | 495,677 | $ | (483,892 | ) | $ | 3,901,582 | ||||||||||
Three month period ending June 30, 2013 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead and | entries | ||||||||||||||||||
banking | capital markets | administration | |||||||||||||||||||
division | |||||||||||||||||||||
Interest income | $ | 23,875 | $ | 612 | $ | — | — | $ | 24,487 | ||||||||||||
Interest expense | (1,352 | ) | (5 | ) | (150 | ) | — | (1,507 | ) | ||||||||||||
Net interest income (expense) | 22,523 | 607 | (150 | ) | — | 22,980 | |||||||||||||||
Provision for loan losses | (1,374 | ) | — | — | — | (1,374 | ) | ||||||||||||||
Non interest income | 4,254 | 5,609 | — | — | 9,863 | ||||||||||||||||
Non interest expense | (21,212 | ) | (5,363 | ) | (798 | ) | — | (27,373 | ) | ||||||||||||
Net income before taxes | 4,191 | 853 | (948 | ) | — | 4,096 | |||||||||||||||
Income tax (provision) benefit | (1,368 | ) | (329 | ) | 359 | — | (1,338 | ) | |||||||||||||
Net income (loss) | $ | 2,823 | $ | 524 | $ | (589 | ) | — | $ | 2,758 | |||||||||||
Total assets | $ | 2,201,379 | $ | 150,679 | $ | 293,127 | $ | (289,832 | ) | $ | 2,355,353 | ||||||||||
Six month period ending June 30, 2013 | |||||||||||||||||||||
Commercial | Correspondent | Corporate | Elimination | Total | |||||||||||||||||
and retail | banking and | overhead and | entries | ||||||||||||||||||
banking | capital markets | administration | |||||||||||||||||||
division | |||||||||||||||||||||
Interest income | $ | 47,473 | $ | 1,392 | $ | — | — | $ | 48,865 | ||||||||||||
Interest expense | (2,752 | ) | (11 | ) | (300 | ) | — | (3,063 | ) | ||||||||||||
Net interest income | 44,721 | 1,381 | (300 | ) | — | 45,802 | |||||||||||||||
Provision for loan losses | (1,014 | ) | — | — | — | (1,014 | ) | ||||||||||||||
Non interest income | 7,528 | 12,614 | — | — | 20,142 | ||||||||||||||||
Non interest expense | (41,297 | ) | (11,438 | ) | (1,728 | ) | — | (54,463 | ) | ||||||||||||
Net income before taxes | 9,938 | 2,557 | (2,028 | ) | — | 10,467 | |||||||||||||||
Income tax (provision) benefit | (3,066 | ) | (986 | ) | 919 | — | (3,133 | ) | |||||||||||||
Net income (loss) | $ | 6,872 | $ | 1,571 | $ | (1,109 | ) | — | $ | 7,334 | |||||||||||
Total assets | $ | 2,201,379 | $ | 150,679 | $ | 293,127 | $ | (289,832 | ) | $ | 2,355,353 | ||||||||||
Investment_Securities_Availabl1
Investment Securities Available for Sale (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Obligations of U.S. government sponsored entities and agencies | $ | 4 | $ | — | $ | — | $ | 4 | |||||||||||||||||
Mortgage backed securities | 501,286 | 6,494 | 5,190 | 502,590 | |||||||||||||||||||||
Municipal securities | 38,267 | 1,428 | 140 | 39,555 | |||||||||||||||||||||
Total | $ | 539,557 | $ | 7,922 | $ | 5,330 | $ | 542,149 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Obligations of U.S. government sponsored entities and agencies | $ | 4 | $ | — | $ | — | $ | 4 | |||||||||||||||||
Mortgage backed securities | 424,654 | 4,623 | 12,396 | 416,881 | |||||||||||||||||||||
Municipal securities | 39,728 | 921 | 448 | 40,201 | |||||||||||||||||||||
Total | $ | 464,386 | $ | 5,544 | $ | 12,844 | $ | 457,086 | |||||||||||||||||
Schedule of Sales of Available for Sale Securities | ' | ||||||||||||||||||||||||
Sales of available for sale securities for the six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||
For the six months ended: | June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||
Proceeds | $ | 323,542 | $ | 68,892 | |||||||||||||||||||||
Gross gains | 1,175 | 1,038 | |||||||||||||||||||||||
Gross losses | 1,129 | — | |||||||||||||||||||||||
Fair Value and Amortized Cost of Available for Sale Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
The fair value of available for sale securities at June 30, 2014 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. | |||||||||||||||||||||||||
Investment securities available for sale: | Fair Value | Amortized | |||||||||||||||||||||||
Cost | |||||||||||||||||||||||||
Due in one year or less | $ | 584 | $ | 579 | |||||||||||||||||||||
Due after one year through five years | 2,129 | 2,017 | |||||||||||||||||||||||
Due after five years through ten years | 14,358 | 13,878 | |||||||||||||||||||||||
Due after ten years through thirty years | 22,488 | 21,797 | |||||||||||||||||||||||
Mortgage backed securities | 502,590 | 501,286 | |||||||||||||||||||||||
Total | $ | 542,149 | $ | 539,557 | |||||||||||||||||||||
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 June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Mortgage backed securities | $ | 16,877 | $ | 115 | $ | 144,279 | $ | 5,075 | $ | 161,156 | $ | 5,190 | |||||||||||||
Municipal securities | — | — | 3,845 | 140 | 3,845 | 140 | |||||||||||||||||||
Total temporarily impaired securities | $ | 16,877 | $ | 115 | $ | 148,124 | $ | 5,215 | $ | 165,001 | $ | 5,330 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Mortgage backed securities | $ | 239,641 | $ | 10,221 | $ | 18,793 | $ | 2,175 | $ | 258,434 | $ | 12,396 | |||||||||||||
Municipal securities | 7,603 | 333 | 1,010 | 115 | 8,613 | 448 | |||||||||||||||||||
Total temporarily impaired securities | $ | 247,244 | $ | 10,554 | $ | 19,803 | $ | 2,290 | $ | 267,047 | $ | 12,844 | |||||||||||||
Loans_Tables
Loans (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
June 30, 2014 | 31-Dec-13 | ||||||||||||||||||||||||||||
Total loans that are not PCI loans | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||
Residential | $ | 563,293 | $ | 458,331 | |||||||||||||||||||||||||
Commercial | 1,091,660 | 528,710 | |||||||||||||||||||||||||||
Land, development and construction | 78,444 | 62,503 | |||||||||||||||||||||||||||
Total real estate | 1,733,397 | 1,049,544 | |||||||||||||||||||||||||||
Commercial | 251,741 | 143,263 | |||||||||||||||||||||||||||
Consumer and other loans | 56,191 | 49,547 | |||||||||||||||||||||||||||
Loans before unearned fees and deferred cost | 2,041,329 | 1,242,354 | |||||||||||||||||||||||||||
Net unearned fees and costs | 820 | 404 | |||||||||||||||||||||||||||
Total loans that are not PCI loans | 2,042,149 | 1,242,758 | |||||||||||||||||||||||||||
Total PCI loans (note 1) | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||
Residential | 119,005 | 120,030 | |||||||||||||||||||||||||||
Commercial | 195,157 | 100,012 | |||||||||||||||||||||||||||
Land, development and construction | 27,885 | 6,381 | |||||||||||||||||||||||||||
Total real estate | 342,047 | 226,423 | |||||||||||||||||||||||||||
Commercial | 10,759 | 3,850 | |||||||||||||||||||||||||||
Consumer and other loans | 1,064 | 1,148 | |||||||||||||||||||||||||||
Total PCI loans | 353,870 | 231,421 | |||||||||||||||||||||||||||
Allowance for loan losses for loans that are not PCI loans | (18,240 | ) | (19,694 | ) | |||||||||||||||||||||||||
Allowance for loan losses for PCI loans | (960 | ) | (760 | ) | |||||||||||||||||||||||||
Total loans, net of allowance for loan losses | $ | 2,376,819 | $ | 1,453,725 | |||||||||||||||||||||||||
note 1: Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. | |||||||||||||||||||||||||||||
The following sets forth the covered FDIC loans included in the table above. | |||||||||||||||||||||||||||||
June 30, 2014 | Dec 31, 2013 | ||||||||||||||||||||||||||||
FDIC covered loans that are not PCI loans | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||
Residential | $ | 6,457 | $ | — | |||||||||||||||||||||||||
Commercial | 35,668 | — | |||||||||||||||||||||||||||
Land, development and construction | 857 | — | |||||||||||||||||||||||||||
Total real estate | 42,982 | — | |||||||||||||||||||||||||||
Commercial | 459 | — | |||||||||||||||||||||||||||
Consumer and other loans | — | — | |||||||||||||||||||||||||||
FDIC covered loans, excluding PCI loans | 43,441 | — | |||||||||||||||||||||||||||
FDIC covered PCI loans (note 1) | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||
Residential | 115,306 | 120,030 | |||||||||||||||||||||||||||
Commercial | 166,932 | 100,012 | |||||||||||||||||||||||||||
Land, development and construction | 20,509 | 6,381 | |||||||||||||||||||||||||||
Total real estate | 302,747 | 226,423 | |||||||||||||||||||||||||||
Commercial | 5,184 | 3,850 | |||||||||||||||||||||||||||
Consumer and other loans | — | — | |||||||||||||||||||||||||||
Total FDIC covered PCI loans | 307,931 | 230,273 | |||||||||||||||||||||||||||
Allowance for loan losses for FDIC covered loans that are not PCI loans | — | — | |||||||||||||||||||||||||||
Allowance for loans losses for FDIC covered PCI loans | (960 | ) | (760 | ) | |||||||||||||||||||||||||
Total covered loans, net of allowance for loan losses | $ | 350,412 | $ | 229,513 | |||||||||||||||||||||||||
Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio | ' | ||||||||||||||||||||||||||||
The table below set forth the activity in the allowance for loan losses for the periods presented. | |||||||||||||||||||||||||||||
Allowance for | Allowance for | Total | |||||||||||||||||||||||||||
loan losses for | loan losses on | ||||||||||||||||||||||||||||
loans that are | PCI loans | ||||||||||||||||||||||||||||
not PCI loans | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 18,913 | $ | 1,183 | $ | 20,096 | |||||||||||||||||||||||
Loans charged-off | (902 | ) | — | (902 | ) | ||||||||||||||||||||||||
Recoveries of loans previously charged-off | 112 | — | 112 | ||||||||||||||||||||||||||
Net charge-offs | (790 | ) | — | (790 | ) | ||||||||||||||||||||||||
Provision for loan losses | 117 | (223 | ) | (106 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 18,240 | $ | 960 | $ | 19,200 | |||||||||||||||||||||||
Three months ended June 30, 2013 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 22,631 | $ | 2,623 | $ | 25,254 | |||||||||||||||||||||||
Loans charged-off | (2,603 | ) | (515 | ) | (3,118 | ) | |||||||||||||||||||||||
Recoveries of loans previously charged-off | 310 | — | 310 | ||||||||||||||||||||||||||
Net charge-offs | (2,293 | ) | (515 | ) | (2,808 | ) | |||||||||||||||||||||||
Provision for loan losses | 1,462 | (88 | ) | 1,374 | |||||||||||||||||||||||||
Balance at end of period | $ | 21,800 | $ | 2,020 | $ | 23,820 | |||||||||||||||||||||||
Allowance for | Allowance for | Total | |||||||||||||||||||||||||||
loan losses for | loan losses on | ||||||||||||||||||||||||||||
loans that are | PCI loans | ||||||||||||||||||||||||||||
not PCI loans | |||||||||||||||||||||||||||||
Six months ended June 30, 2014 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 19,694 | $ | 760 | $ | 20,454 | |||||||||||||||||||||||
Loans charged-off | (2,062 | ) | — | (2,062 | ) | ||||||||||||||||||||||||
Recoveries of loans previously charged-off | 955 | — | 955 | ||||||||||||||||||||||||||
Net charge-offs | (1,107 | ) | — | (1,107 | ) | ||||||||||||||||||||||||
Provision for loan losses | (347 | ) | 200 | (147 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 18,240 | $ | 960 | $ | 19,200 | |||||||||||||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 24,033 | $ | 2,649 | $ | 26,682 | |||||||||||||||||||||||
Loans charged-off | (3,834 | ) | (515 | ) | (4,349 | ) | |||||||||||||||||||||||
Recoveries of loans previously charged-off | 473 | — | 473 | ||||||||||||||||||||||||||
Net charge-offs | (3,361 | ) | (515 | ) | (3,876 | ) | |||||||||||||||||||||||
Provision for loan losses | 1,128 | (114 | ) | 1,014 | |||||||||||||||||||||||||
Balance at end of period | $ | 21,800 | $ | 2,020 | $ | 23,820 | |||||||||||||||||||||||
The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented. | |||||||||||||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||
Residential | Commercial | Land, | Comm. & | Consumer | Total | ||||||||||||||||||||||||
develop., | industrial | & other | |||||||||||||||||||||||||||
constr. | |||||||||||||||||||||||||||||
Allowance for loan losses for loan that are not PCI loans: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 7,812 | $ | 7,338 | $ | 1,788 | $ | 956 | $ | 1,019 | $ | 18,913 | |||||||||||||||||
Charge-offs | (228 | ) | (299 | ) | (23 | ) | (67 | ) | (285 | ) | (902 | ) | |||||||||||||||||
Recoveries | (20 | ) | 61 | 25 | 3 | 43 | 112 | ||||||||||||||||||||||
Provision for loan losses | 255 | 444 | (1,156 | ) | 208 | 366 | 117 | ||||||||||||||||||||||
Balance at end of period | $ | 7,819 | $ | 7,544 | $ | 634 | $ | 1,100 | $ | 1,143 | $ | 18,240 | |||||||||||||||||
Three months ended June 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 8,100 | $ | 7,093 | $ | 5,326 | $ | 1,224 | $ | 888 | $ | 22,631 | |||||||||||||||||
Charge-offs | (1,569 | ) | (650 | ) | (144 | ) | (7 | ) | (233 | ) | (2,603 | ) | |||||||||||||||||
Recoveries | 153 | 13 | 106 | 11 | 27 | 310 | |||||||||||||||||||||||
Provision for loan losses | 3,107 | (430 | ) | (1,217 | ) | (164 | ) | 166 | 1,462 | ||||||||||||||||||||
Balance at end of period | $ | 9,791 | $ | 6,026 | $ | 4,071 | $ | 1,064 | $ | 848 | $ | 21,800 | |||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||
Residential | Commercial | Land, | Comm. & | Consumer | Total | ||||||||||||||||||||||||
develop., | industrial | & other | |||||||||||||||||||||||||||
constr. | |||||||||||||||||||||||||||||
Allowance for loan losses on PCI loans: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | |||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | 623 | $ | 89 | $ | 471 | $ | — | $ | 1,183 | |||||||||||||||||
Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | |||||||||||||||||||||||
Provision for loan losses | — | (101 | ) | (12 | ) | (110 | ) | — | (223 | ) | |||||||||||||||||||
Balance at end of period | $ | — | $ | 522 | $ | 77 | $ | 361 | $ | — | $ | 960 | |||||||||||||||||
Three months ended June 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | 2,310 | $ | — | $ | 313 | $ | — | $ | 2,623 | |||||||||||||||||
Charge-offs | — | (515 | ) | — | — | — | (515 | ) | |||||||||||||||||||||
Recoveries | — | — | — | — | — | — | |||||||||||||||||||||||
Provision for loan losses | — | (218 | ) | 130 | — | — | (88 | ) | |||||||||||||||||||||
Balance at end of period | $ | — | $ | 1,577 | $ | 130 | $ | 313 | $ | — | $ | 2,020 | |||||||||||||||||
Allowance for loan losses for loan that are not PCI loans: | |||||||||||||||||||||||||||||
Six months ended June 30, 2014 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 8,785 | $ | 6,441 | $ | 3,069 | $ | 510 | $ | 889 | $ | 19,694 | |||||||||||||||||
Charge-offs | (915 | ) | (315 | ) | (100 | ) | (267 | ) | (465 | ) | (2,062 | ) | |||||||||||||||||
Recoveries | 435 | 375 | 48 | 4 | 93 | 955 | |||||||||||||||||||||||
Provision for loan losses | (486 | ) | 1,043 | (2,383 | ) | 853 | 626 | (347 | ) | ||||||||||||||||||||
Balance at end of period | $ | 7,819 | $ | 7,544 | $ | 634 | $ | 1,100 | $ | 1,143 | $ | 18,240 | |||||||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | 6,831 | $ | 8,272 | $ | 6,211 | $ | 1,745 | $ | 974 | $ | 24,033 | |||||||||||||||||
Charge-offs | (2,181 | ) | (1,074 | ) | (183 | ) | (59 | ) | (337 | ) | (3,834 | ) | |||||||||||||||||
Recoveries | 233 | 40 | 120 | 21 | 59 | 473 | |||||||||||||||||||||||
Provision for loan losses | 4,908 | (1,212 | ) | (2,077 | ) | (643 | ) | 152 | 1,128 | ||||||||||||||||||||
Balance at end of period | $ | 9,791 | $ | 6,026 | $ | 4,071 | $ | 1,064 | $ | 848 | $ | 21,800 | |||||||||||||||||
Allowance for loan losses on PCI loans: | |||||||||||||||||||||||||||||
Six months ended June 30, 2014 | |||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | 138 | $ | 89 | $ | 533 | $ | — | $ | 760 | |||||||||||||||||
Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | |||||||||||||||||||||||
Provision for loan losses | — | 384 | (12 | ) | (172 | ) | — | 200 | |||||||||||||||||||||
Balance at end of period | $ | — | $ | 522 | $ | 77 | $ | 361 | $ | — | $ | 960 | |||||||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | 2,335 | $ | — | $ | 314 | $ | — | $ | 2,649 | |||||||||||||||||
Charge-offs | — | (515 | ) | — | — | — | (515 | ) | |||||||||||||||||||||
Recoveries | — | — | — | — | — | — | |||||||||||||||||||||||
Provision for loan losses | — | (243 | ) | 130 | (1 | ) | — | (114 | ) | ||||||||||||||||||||
Balance at end of period | $ | — | $ | 1,577 | $ | 130 | $ | 313 | $ | — | $ | 2,020 | |||||||||||||||||
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 June 30, 2014 and December 31, 2013. 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 June 30, 2014 | Residential | Commercial | Land, | Comm. & | Consumer | Total | |||||||||||||||||||||||
develop., | industrial | & other | |||||||||||||||||||||||||||
constr. | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 559 | $ | 1,262 | $ | 6 | $ | 10 | $ | 20 | $ | 1,857 | |||||||||||||||||
Collectively evaluated for impairment | 7,260 | 6,282 | 628 | 1,090 | 1,123 | 16,383 | |||||||||||||||||||||||
Purchased credit impaired | 0 | 522 | 77 | 361 | 0 | 960 | |||||||||||||||||||||||
Total ending allowance balance | $ | 7,819 | $ | 8,066 | $ | 711 | $ | 1,461 | $ | 1,143 | $ | 19,200 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 9,725 | $ | 13,028 | $ | 2,068 | $ | 2,127 | $ | 315 | $ | 27,263 | |||||||||||||||||
Loans collectively evaluated for impairment | 553,568 | 1,078,632 | 76,376 | 249,614 | 55,876 | 2,014,066 | |||||||||||||||||||||||
Purchased credit impaired loans | 119,005 | 195,157 | 27,885 | 10,759 | 1,064 | 353,870 | |||||||||||||||||||||||
Total ending loan balances | $ | 682,298 | $ | 1,286,817 | $ | 106,329 | $ | 262,500 | $ | 57,255 | $ | 2,395,199 | |||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||
As of December 31, 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 | $ | 395 | $ | 1,377 | $ | 16 | $ | 2 | $ | 21 | $ | 1,811 | |||||||||||||||||
Collectively evaluated for impairment | 8,390 | 5,064 | 3,053 | 508 | 868 | 17,883 | |||||||||||||||||||||||
Purchased credit impaired | — | 138 | 89 | 533 | — | 760 | |||||||||||||||||||||||
Total ending allowance balance | $ | 8,785 | $ | 6,579 | $ | 3,158 | $ | 1,043 | $ | 889 | $ | 20,454 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 8,610 | $ | 12,564 | $ | 1,307 | $ | 1,297 | $ | 332 | $ | 24,110 | |||||||||||||||||
Loans collectively evaluated for impairment | 449,721 | 516,146 | 61,196 | 141,966 | 49,215 | 1,218,244 | |||||||||||||||||||||||
Purchased credit impaired loans | 120,030 | 100,012 | 6,381 | 3,850 | 1,148 | 231,421 | |||||||||||||||||||||||
Total ending loan balance | $ | 578,361 | $ | 628,722 | $ | 68,884 | $ | 147,113 | $ | 50,695 | $ | 1,473,775 | |||||||||||||||||
Summary of Impaired Loans | ' | ||||||||||||||||||||||||||||
The table below summarizes impaired loan data for the periods presented. | |||||||||||||||||||||||||||||
June 30, 2014 | Dec 31, 2014 | ||||||||||||||||||||||||||||
Performing TDRs (these are not included in NPLs) | $ | 12,659 | $ | 10,763 | |||||||||||||||||||||||||
Non performing TDRs (these are included in NPLs) | 2,281 | 4,684 | |||||||||||||||||||||||||||
Total TDRs (these are included in impaired loans) | $ | 14,940 | $ | 15,447 | |||||||||||||||||||||||||
Impaired loans that are not TDRs | 12,323 | 8,663 | |||||||||||||||||||||||||||
Total impaired loans | $ | 27,263 | $ | 24,110 | |||||||||||||||||||||||||
Troubled Debt Restructured Loans by Loans Type | ' | ||||||||||||||||||||||||||||
TDRs as of June 30, 2014 and December 31, 2013 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non performing loans) are presented in the tables below. | |||||||||||||||||||||||||||||
As of June 30, 2014 | Accruing | Non Accrual | Total | ||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 7,932 | $ | 806 | $ | 8,738 | |||||||||||||||||||||||
Commercial | 3,247 | 1,292 | 4,539 | ||||||||||||||||||||||||||
Land, development, construction | 569 | 43 | 612 | ||||||||||||||||||||||||||
Total real estate loans | 11,748 | 2,141 | 13,889 | ||||||||||||||||||||||||||
Commercial | 699 | 37 | 736 | ||||||||||||||||||||||||||
Consumer and other | 212 | 103 | 315 | ||||||||||||||||||||||||||
Total TDRs | $ | 12,659 | $ | 2,281 | $ | 14,940 | |||||||||||||||||||||||
As of December 31, 2013 | Accruing | Non-Accrual | Total | ||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 7,221 | $ | 1,389 | $ | 8,610 | |||||||||||||||||||||||
Commercial | 2,169 | 3,077 | 5,246 | ||||||||||||||||||||||||||
Land, development, construction | 608 | 47 | 655 | ||||||||||||||||||||||||||
Total real estate loans | 9,998 | 4,513 | 14,511 | ||||||||||||||||||||||||||
Commercial | 555 | 49 | 604 | ||||||||||||||||||||||||||
Consumer and other | 210 | 122 | 332 | ||||||||||||||||||||||||||
Total TDRs | $ | 10,763 | $ | 4,684 | $ | 15,447 | |||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||
Period ending | Year ending | ||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | ||||||||||||||||||||||||||
of loans | investment | of loans | investment | ||||||||||||||||||||||||||
Residential | — | $ | — | 3 | $ | 553 | |||||||||||||||||||||||
Commercial real estate | 1 | 196 | 6 | 2,244 | |||||||||||||||||||||||||
Land, development, construction | — | — | — | — | |||||||||||||||||||||||||
Commercial and Industrial | — | — | 2 | 34 | |||||||||||||||||||||||||
Consumer and other | — | — | 1 | 17 | |||||||||||||||||||||||||
Total | 1 | $ | 196 | 12 | $ | 2,848 | |||||||||||||||||||||||
Summary of Loans Individually Evaluated for Impairment by Class of Loans | ' | ||||||||||||||||||||||||||||
The Company recorded a provision for loan loss expense of $18 and $30 and partial charge offs of $-0- and $4 on TDR loans that subsequently defaulted as described above during the three and six month periods ending June 30, 2014. | |||||||||||||||||||||||||||||
The following tables present loans individually evaluated for impairment by class of loans as of June 30, 2014 and December 31, 2013, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance due to partial charge-offs. | |||||||||||||||||||||||||||||
As of June 30, 2014 | Unpaid | Recorded | Allowance | ||||||||||||||||||||||||||
principal | investment | for loan | |||||||||||||||||||||||||||
balance | losses | ||||||||||||||||||||||||||||
allocated | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | $ | 7,253 | $ | 6,992 | $ | — | |||||||||||||||||||||||
Commercial real estate | 6,920 | 6,812 | — | ||||||||||||||||||||||||||
Land, development, construction | 2,550 | 1,938 | — | ||||||||||||||||||||||||||
Commercial and industrial | 2,055 | 1,922 | — | ||||||||||||||||||||||||||
Consumer, other | — | — | — | ||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | 2,885 | 2,733 | 559 | ||||||||||||||||||||||||||
Commercial real estate | 6,459 | 6,216 | 1,262 | ||||||||||||||||||||||||||
Land, development, construction | 138 | 130 | 6 | ||||||||||||||||||||||||||
Commercial and industrial | 251 | 205 | 10 | ||||||||||||||||||||||||||
Consumer, other | 330 | 315 | 20 | ||||||||||||||||||||||||||
Total | $ | 28,841 | $ | 27,263 | $ | 1,857 | |||||||||||||||||||||||
As of December 31, 2013 | Unpaid | Recorded | Allowance for | ||||||||||||||||||||||||||
principal | investment | loan losses | |||||||||||||||||||||||||||
balance | allocated | ||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | $ | 5,052 | $ | 4,803 | $ | — | |||||||||||||||||||||||
Commercial real estate | 9,330 | 7,439 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,377 | 1,168 | — | ||||||||||||||||||||||||||
Commercial and industrial | 1,330 | 1,241 | — | ||||||||||||||||||||||||||
Consumer, other | 5 | 5 | — | ||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | 3,942 | 3,807 | 395 | ||||||||||||||||||||||||||
Commercial real estate | 5,257 | 5,125 | 1,377 | ||||||||||||||||||||||||||
Land, development, construction | 147 | 139 | 16 | ||||||||||||||||||||||||||
Commercial and industrial | 102 | 56 | 2 | ||||||||||||||||||||||||||
Consumer, other | 340 | 327 | 21 | ||||||||||||||||||||||||||
Total | $ | 26,882 | $ | 24,110 | $ | 1,811 | |||||||||||||||||||||||
Summary of Impairment by Class of Loans | ' | ||||||||||||||||||||||||||||
As of December 31, 2013 | Unpaid | Recorded | Allowance for | ||||||||||||||||||||||||||
principal | investment | loan losses | |||||||||||||||||||||||||||
balance | allocated | ||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | $ | 5,052 | $ | 4,803 | $ | — | |||||||||||||||||||||||
Commercial real estate | 9,330 | 7,439 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,377 | 1,168 | — | ||||||||||||||||||||||||||
Commercial and industrial | 1,330 | 1,241 | — | ||||||||||||||||||||||||||
Consumer, other | 5 | 5 | — | ||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential real estate | 3,942 | 3,807 | 395 | ||||||||||||||||||||||||||
Commercial real estate | 5,257 | 5,125 | 1,377 | ||||||||||||||||||||||||||
Land, development, construction | 147 | 139 | 16 | ||||||||||||||||||||||||||
Commercial and industrial | 102 | 56 | 2 | ||||||||||||||||||||||||||
Consumer, other | 340 | 327 | 21 | ||||||||||||||||||||||||||
Total | $ | 26,882 | $ | 24,110 | $ | 1,811 | |||||||||||||||||||||||
Three month period ending June, 30, 2014 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 9,635 | $ | 87 | $ | — | |||||||||||||||||||||||
Commercial | 12,858 | 43 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,764 | 10 | — | ||||||||||||||||||||||||||
Total real estate loans | 24,257 | 140 | — | ||||||||||||||||||||||||||
Commercial and industrial | 2,332 | 18 | — | ||||||||||||||||||||||||||
Consumer and other loans | 320 | 3 | — | ||||||||||||||||||||||||||
Total | $ | 26,909 | $ | 161 | $ | — | |||||||||||||||||||||||
Six month period ending June, 30, 2014 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 9,358 | $ | 164 | $ | — | |||||||||||||||||||||||
Commercial | 12,742 | 71 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,575 | 19 | — | ||||||||||||||||||||||||||
Total real estate loans | 23,675 | 254 | — | ||||||||||||||||||||||||||
Commercial and industrial | 2,126 | 39 | — | ||||||||||||||||||||||||||
Consumer and other loans | 324 | 6 | — | ||||||||||||||||||||||||||
Total | $ | 26,125 | $ | 299 | $ | — | |||||||||||||||||||||||
Three month period ending June, 30, 2013 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 8,777 | $ | 70 | $ | — | |||||||||||||||||||||||
Commercial | 27,192 | 288 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,407 | 6 | — | ||||||||||||||||||||||||||
Total real estate loans | 37,376 | 364 | — | ||||||||||||||||||||||||||
Commercial and industrial | 1,656 | 8 | — | ||||||||||||||||||||||||||
Consumer and other loans | 366 | 3 | — | ||||||||||||||||||||||||||
Total | $ | 39,398 | $ | 375 | $ | — | |||||||||||||||||||||||
Six month period ending June, 30, 2013 | Average of | Interest | Cash basis | ||||||||||||||||||||||||||
impaired | income | interest | |||||||||||||||||||||||||||
loans | recognized | income | |||||||||||||||||||||||||||
during | recognized | ||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 9,108 | $ | 143 | $ | — | |||||||||||||||||||||||
Commercial | 28,730 | 545 | — | ||||||||||||||||||||||||||
Land, development, construction | 1,417 | 8 | — | ||||||||||||||||||||||||||
Total real estate loans | 39,255 | 696 | — | ||||||||||||||||||||||||||
Commercial and industrial | 2,124 | 16 | — | ||||||||||||||||||||||||||
Consumer and other loans | 378 | 6 | — | ||||||||||||||||||||||||||
Total | $ | 41,757 | $ | 718 | $ | — | |||||||||||||||||||||||
Summary of Nonperforming Loans | ' | ||||||||||||||||||||||||||||
Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. | |||||||||||||||||||||||||||||
Nonperforming loans were as follows: | June 30, | Dec 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non accrual loans | $ | 29,667 | $ | 27,077 | |||||||||||||||||||||||||
Loans past due over 90 days and still accruing interest | — | — | |||||||||||||||||||||||||||
Total non performing loans | $ | 29,667 | $ | 27,077 | |||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013, excluding purchased credit impaired loans: | |||||||||||||||||||||||||||||
As of June 30, 2014 | Nonaccrual | Loans past due | |||||||||||||||||||||||||||
over 90 days | |||||||||||||||||||||||||||||
still accruing | |||||||||||||||||||||||||||||
Residential real estate | $ | 11,292 | $ | — | |||||||||||||||||||||||||
Commercial real estate | 13,991 | — | |||||||||||||||||||||||||||
Land, development, construction | 1,900 | — | |||||||||||||||||||||||||||
Commercial | 2,216 | — | |||||||||||||||||||||||||||
Consumer, other | 268 | — | |||||||||||||||||||||||||||
Total | $ | 29,667 | $ | — | |||||||||||||||||||||||||
As of December 31, 2013 | Nonaccrual | Loans past due | |||||||||||||||||||||||||||
over 90 days | |||||||||||||||||||||||||||||
still accruing | |||||||||||||||||||||||||||||
Residential real estate | $ | 10,162 | $ | — | |||||||||||||||||||||||||
Commercial real estate | 13,925 | — | |||||||||||||||||||||||||||
Land, development, construction | 1,099 | — | |||||||||||||||||||||||||||
Commercial | 1,582 | — | |||||||||||||||||||||||||||
Consumer, other | 309 | — | |||||||||||||||||||||||||||
Total | $ | 27,077 | $ | — | |||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013, excluding purchased credit impaired loans: | |||||||||||||||||||||||||||||
Accruing Loans | |||||||||||||||||||||||||||||
As of June 30, 2014 | Total | 30 - 59 | 60 - 89 | Greater | Total Past | Loans Not | Nonaccrual | ||||||||||||||||||||||
days | days | than 90 | Due | Past Due | Loans | ||||||||||||||||||||||||
past due | past due | days past | |||||||||||||||||||||||||||
due | |||||||||||||||||||||||||||||
Residential real estate | $ | 563,293 | $ | 2,402 | $ | 1,892 | $ | — | $ | 4,294 | $ | 547,707 | $ | 11,292 | |||||||||||||||
Commercial real estate | 1,091,660 | 3,001 | 473 | — | 3,474 | 1,074,195 | 13,991 | ||||||||||||||||||||||
Land/dev/construction | 78,444 | 1,866 | 254 | — | 2,120 | 74,424 | 1,900 | ||||||||||||||||||||||
Commercial | 251,741 | 1,909 | 1,048 | — | 2,957 | 246,568 | 2,216 | ||||||||||||||||||||||
Consumer | 56,191 | 225 | 80 | — | 305 | 55,618 | 268 | ||||||||||||||||||||||
$2,041,329 | $ | 9,403 | $ | 3,747 | $ | — | $ | 13,150 | $ | 1,998,512 | $ | 29,667 | |||||||||||||||||
Accruing Loans | |||||||||||||||||||||||||||||
As of December 31, 2013 | Total | 30 - 59 | 60 - 89 | Greater | Total Past | Loans Not | Nonaccrual | ||||||||||||||||||||||
days | days | than 90 | Due | Past Due | Loans | ||||||||||||||||||||||||
past due | past due | days past | |||||||||||||||||||||||||||
due | |||||||||||||||||||||||||||||
Residential real estate | $ | 458,331 | $ | 2,801 | $ | 1,942 | $ | — | $ | 4,743 | $ | 443,426 | $ | 10,162 | |||||||||||||||
Commercial real estate | 528,710 | 2,420 | 1,941 | — | 4,361 | 510,424 | 13,925 | ||||||||||||||||||||||
Land/dev/construction | 62,503 | 136 | 241 | — | 377 | 61,027 | 1,099 | ||||||||||||||||||||||
Commercial | 143,263 | 491 | 1 | — | 492 | 141,189 | 1,582 | ||||||||||||||||||||||
Consumer | 49,547 | 295 | 240 | — | 535 | 48,703 | 309 | ||||||||||||||||||||||
$1,242,354 | $ | 6,143 | $ | 4,365 | $ | — | $ | 10,508 | $ | 1,204,769 | $ | 27,077 | |||||||||||||||||
Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans | ' | ||||||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||||||
Loan Category | Pass | Special | Substandard | Doubtful | |||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Residential real estate | $ | 534,622 | $ | 5,313 | $ | 23,358 | $ | — | |||||||||||||||||||||
Commercial real estate | 1,012,363 | 39,951 | 39,346 | — | |||||||||||||||||||||||||
Land/dev/construction | 66,080 | 8,637 | 3,727 | — | |||||||||||||||||||||||||
Commercial | 243,632 | 2,586 | 5,523 | — | |||||||||||||||||||||||||
Consumer | 55,491 | 274 | 426 | — | |||||||||||||||||||||||||
Total | $ | 1,912,188 | $ | 56,761 | $ | 72,380 | $ | — | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Loan Category | Pass | Special | Substandard | Doubtful | |||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Residential real estate | $ | 428,671 | $ | 6,438 | $ | 23,222 | $ | — | |||||||||||||||||||||
Commercial real estate | 448,762 | 46,427 | 33,521 | — | |||||||||||||||||||||||||
Land/dev/construction | 50,164 | 9,566 | 2,773 | — | |||||||||||||||||||||||||
Commercial | 134,901 | 4,490 | 3,872 | — | |||||||||||||||||||||||||
Consumer | 49,448 | 526 | 573 | — | |||||||||||||||||||||||||
Total | $ | 1,110,946 | $ | 67,447 | $ | 63,961 | $ | — | |||||||||||||||||||||
Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans | ' | ||||||||||||||||||||||||||||
The following table presents the recorded investment in residential and consumer loans, excluding purchased credit impaired loans, based on payment activity as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
As of June 30, 2014 | Residential | Consumer | |||||||||||||||||||||||||||
Performing | $ | 552,001 | $ | 55,923 | |||||||||||||||||||||||||
Nonperforming | 11,292 | 268 | |||||||||||||||||||||||||||
Total | $ | 563,293 | $ | 56,191 | |||||||||||||||||||||||||
As of December 31, 2013 | Residential | Consumer | |||||||||||||||||||||||||||
Performing | $ | 448,169 | $ | 49,238 | |||||||||||||||||||||||||
Nonperforming | 10,162 | 309 | |||||||||||||||||||||||||||
Total | $ | 458,331 | $ | 49,547 | |||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013. Contractually required principal and interest payments have been adjusted for estimated prepayments. | |||||||||||||||||||||||||||||
Jun 30, 2014 | Dec 31, 2013 | ||||||||||||||||||||||||||||
Contractually required principal and interest | $ | 566,948 | $ | 389,537 | |||||||||||||||||||||||||
Non-accretable difference | (79,985 | ) | (55,304 | ) | |||||||||||||||||||||||||
Cash flows expected to be collected | 486,963 | 334,233 | |||||||||||||||||||||||||||
Accretable yield | (133,093 | ) | (102,812 | ) | |||||||||||||||||||||||||
Carrying value of acquired loans | $ | 353,870 | $ | 231,421 | |||||||||||||||||||||||||
Allowance for loan losses | (960 | ) | (760 | ) | |||||||||||||||||||||||||
Carrying value less allowance for loan losses | $ | 352,910 | $ | 230,661 | |||||||||||||||||||||||||
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 six month periods ending June 30, 2014 and 2013. | |||||||||||||||||||||||||||||
Activity during the three month period ending June 30, 2014 | Mar 31, 2014 | Effect of | income | all other | June 30, 2014 | ||||||||||||||||||||||||
acquisitions | accretion | adjustments | |||||||||||||||||||||||||||
Contractually required principal and interest | $ | 414,385 | $ | 180,960 | $ | — | $ | (28,397 | ) | $ | 566,948 | ||||||||||||||||||
Non-accretable difference | (56,062 | ) | (33,527 | ) | — | 9,604 | (79,985 | ) | |||||||||||||||||||||
Cash flows expected to be collected | 358,323 | 147,433 | — | (18,793 | ) | 486,963 | |||||||||||||||||||||||
Accretable yield | (107,523 | ) | (25,749 | ) | 8,231 | (8,052 | ) | (133,093 | ) | ||||||||||||||||||||
Carry value of acquired loans | $ | 250,800 | 121,684 | 8,231 | $ | (26,845 | ) | $ | 353,870 | ||||||||||||||||||||
Activity during the six month period ending June 30, 2014 | 31-Dec-13 | Effect of | income | all other | June 30, 2014 | ||||||||||||||||||||||||
acquisitions | accretion | adjustments | |||||||||||||||||||||||||||
Contractually required principal and interest | $ | 389,537 | $ | 229,249 | $ | — | $ | (51,838 | ) | $ | 566,948 | ||||||||||||||||||
Non-accretable difference | (55,304 | ) | (45,293 | ) | — | 20,612 | (79,985 | ) | |||||||||||||||||||||
Cash flows expected to be collected | 334,233 | 183,956 | — | (31,226 | ) | 486,963 | |||||||||||||||||||||||
Accretable yield | (102,812 | ) | (32,204 | ) | 16,462 | (14,539 | ) | (133,093 | ) | ||||||||||||||||||||
Carry value of acquired loans | $ | 231,421 | 151,752 | 16,462 | (45,765 | ) | $ | 353,870 | |||||||||||||||||||||
Activity during the three month period ending June 30, 2013 | Mar 31, 2013 | income | all other | June 30, 2013 | |||||||||||||||||||||||||
accretion | adjustments | ||||||||||||||||||||||||||||
Contractually required principal and interest | $ | 486,531 | — | $ | (37,385 | ) | $ | 449,146 | |||||||||||||||||||||
Non-accretable difference | (110,243 | ) | — | 20,183 | (90,060 | ) | |||||||||||||||||||||||
Cash flows expected to be collected | 376,288 | — | (17,202 | ) | 359,086 | ||||||||||||||||||||||||
Accretable yield | (95,499 | ) | 8,020 | (11,928 | ) | (99,407 | ) | ||||||||||||||||||||||
Carry value of acquired loans | $ | 280,789 | $ | 8,020 | $ | (29,130 | ) | $ | 259,679 | ||||||||||||||||||||
Activity during the six month period ending June 30, 2013 | 31-Dec-12 | income | all other | 30-Jun-13 | |||||||||||||||||||||||||
accretion | adjustments | ||||||||||||||||||||||||||||
Contractually required principal and interest | $ | 534,989 | — | $ | (85,843 | ) | $ | 449,146 | |||||||||||||||||||||
Non-accretable difference | (142,855 | ) | — | 52,795 | (90,060 | ) | |||||||||||||||||||||||
Cash flows expected to be collected | 392,134 | — | (33,048 | ) | 359,086 | ||||||||||||||||||||||||
Accretable yield | (93,107 | ) | 15,847 | (22,147 | ) | (99,407 | ) | ||||||||||||||||||||||
Carry value of acquired loans | $ | 299,027 | $ | 15,847 | $ | (55,195 | ) | $ | 259,679 | ||||||||||||||||||||
FDIC_Indemnification_Asset_Tab
FDIC Indemnification Asset (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
FDIC Loss Share Indemnification Asset | ' | ||||||||
The activity in the FDIC loss share indemnification asset is as follows (certain items related to true-up payment liabilities per the FDIC agreements, which had previously been netted with the FDIC indemnification asset, have been reclassified as a separate liability): | |||||||||
Six month | Twelve month | ||||||||
period ended | period ended | ||||||||
June 30, 2014 | 31-Dec-13 | ||||||||
Beginning of the year | $ | 73,877 | $ | 119,691 | |||||
Effect of acquisition | 2,636 | — | |||||||
Amortization, net | (10,161 | ) | (13,765 | ) | |||||
Indemnification revenue | 1,529 | 6,055 | |||||||
Indemnification of foreclosure expense | 780 | 4,413 | |||||||
Proceeds from FDIC | (7,510 | ) | (42,004 | ) | |||||
Impairment (recovery) of loan pool | 160 | (513 | ) | ||||||
Period end balance | $ | 61,311 | $ | 73,877 | |||||
FDIC Activity In True-up Payment Liability | ' | ||||||||
The activity in the true-up payment liability is as follows: | |||||||||
Six month | Twelve month | ||||||||
period ended | period ended | ||||||||
June 30, 2014 | 31-Dec-13 | ||||||||
Beginning of the year | $ | 444 | $ | 402 | |||||
Effect of acquisition | 682 | — | |||||||
True-up liability accrual | 30 | 42 | |||||||
Period end balance | $ | 1,156 | $ | 444 | |||||
Business_Combinations_Tables
Business Combinations (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Gulfstream Bancshares, Inc. [Member] | ' | ||||||||||||||||
Summary of Purchase Price Calculation | ' | ||||||||||||||||
The table below summarizes the purchase price calculation. | |||||||||||||||||
Number of shares of Gulfstream common stock outstanding at January 16, 2014 | 1,569,364 | ||||||||||||||||
Gulfstream preferred shares that convert to Gulfstream common shares upon a change in control | 155,629 | ||||||||||||||||
Total Gulfstream common shares including conversion of preferred shares | 1,724,993 | ||||||||||||||||
Per share exchange ratio | 3.012 | ||||||||||||||||
Number of shares of CenterState common stock less 138 of fractional shares | 5,195,541 | ||||||||||||||||
Multiplied by CenterState common stock price per share on January 16, 2014 | $ | 10.23 | |||||||||||||||
Fair value of CenterState common stock issued | $ | 53,150 | |||||||||||||||
Total Gulfstream common shares including conversion of preferred shares | 1,724,993 | ||||||||||||||||
Multiplied by the cash consideration each Gulfstream share is entitled to receive | $ | 14.65 | |||||||||||||||
Total Cash Consideration, not including cash for fractional shares | $ | 25,271 | |||||||||||||||
Total Stock Consideration | $ | 53,150 | |||||||||||||||
Total Cash Consideration plus $2 for 138 of fractional shares | 25,273 | ||||||||||||||||
Total consideration to be paid to Gulfstream common shareholders | $ | 78,423 | |||||||||||||||
Fair value of current Gulfstream stock options to be converted to CenterState stock options | 3,617 | ||||||||||||||||
Total purchase price | $ | 82,040 | |||||||||||||||
Summary of Preliminary Estimates of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | ' | ||||||||||||||||
The list below summarizes the preliminary estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the January 17, 2014 purchase date. | |||||||||||||||||
Jan 17, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 102,278 | |||||||||||||||
Loans, held for investment | 329,515 | ||||||||||||||||
Purchased credit impaired loans | 30,068 | ||||||||||||||||
Loans held for sale | 247 | ||||||||||||||||
Investments | 60,816 | ||||||||||||||||
Interest receivable | 1,087 | ||||||||||||||||
Branch real estate | 5,519 | ||||||||||||||||
Furniture and fixtures | 262 | ||||||||||||||||
FHLB stock | 885 | ||||||||||||||||
Bank owned life insurance | 4,939 | ||||||||||||||||
Other real estate owned | 2,694 | ||||||||||||||||
Core deposit intangible | 4,173 | ||||||||||||||||
Goodwill | 31,516 | ||||||||||||||||
Other assets | 11,261 | ||||||||||||||||
Total assets acquired | $ | 585,260 | |||||||||||||||
Liabilities: | |||||||||||||||||
Deposits | $ | 478,999 | |||||||||||||||
Federal Home loan advances | 5,708 | ||||||||||||||||
Repurchase agreements | 7,576 | ||||||||||||||||
Interest payable | 125 | ||||||||||||||||
Official checks outstanding | 826 | ||||||||||||||||
Corporate debentures | 6,745 | ||||||||||||||||
Other liabilities | 3,241 | ||||||||||||||||
Total liabilities assumed | $ | 503,220 | |||||||||||||||
Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans | ' | ||||||||||||||||
The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of January 17, 2014 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. | |||||||||||||||||
Contractually required principal and interest | $ | 48,289 | |||||||||||||||
Non-accretable difference | (11,766 | ) | |||||||||||||||
Cash flows expected to be collected | 36,523 | ||||||||||||||||
Accretable yield | (6,455 | ) | |||||||||||||||
Total purchased credit-impaired loans acquired | $ | 30,068 | |||||||||||||||
Summary of Fair Value of Acquired Loans and Unpaid Principal Balance | ' | ||||||||||||||||
The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. | |||||||||||||||||
Book | Fair | ||||||||||||||||
balance | value | ||||||||||||||||
Loans: | |||||||||||||||||
Single family residential real estate | 33,506 | 32,319 | |||||||||||||||
Commercial real estate | 185,250 | 183,189 | |||||||||||||||
Construction/development/land | 30,387 | 27,704 | |||||||||||||||
Commercial loans | 85,940 | 84,203 | |||||||||||||||
Consumer and other loans | 2,112 | 2,100 | |||||||||||||||
Purchased credit-impaired | 40,655 | 30,068 | |||||||||||||||
Total earning assets | $ | 377,850 | $ | 359,583 | |||||||||||||
Schedule of Measurement Period Adjustments | ' | ||||||||||||||||
Based on appraisals received subsequent to the acquisition date, the Company adjusted its initial fair value estimates of certain other real estate owned acquired. | |||||||||||||||||
measurement | |||||||||||||||||
Jan 17, 2014 | period | Jan 17, 2014 | |||||||||||||||
(as initially reported) | adjustments | (as adjusted) | |||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 102,278 | $ | — | $ | 102,278 | |||||||||||
Loans, held for investment | 329,515 | 329,515 | |||||||||||||||
Purchased credit impaired loans | 30,068 | 30,068 | |||||||||||||||
Loans held for sale | 247 | 247 | |||||||||||||||
Investments | 60,816 | 60,816 | |||||||||||||||
Interest receivable | 1,087 | 1,087 | |||||||||||||||
Branch real estate | 5,519 | 5,519 | |||||||||||||||
Furniture and fixtures | 262 | 262 | |||||||||||||||
FHLB stock | 885 | 885 | |||||||||||||||
Bank owned life insurance | 4,939 | 4,939 | |||||||||||||||
Other real estate owned | 3,365 | (671 | ) | 2,694 | |||||||||||||
Core deposit intangible | 4,173 | 4,173 | |||||||||||||||
Goodwill | 31,104 | 412 | 31,516 | ||||||||||||||
Other assets | 11,002 | 259 | 11,261 | ||||||||||||||
Total assets acquired | $ | 585,260 | $ | — | $ | 585,260 | |||||||||||
Liabilities: | |||||||||||||||||
Deposits | $ | 478,999 | $ | — | $ | 478,999 | |||||||||||
Federal Home loan advances | 5,708 | 5,708 | |||||||||||||||
Repurchase agreements | 7,576 | 7,576 | |||||||||||||||
Interest payable | 125 | 125 | |||||||||||||||
Official checks outstanding | 826 | 826 | |||||||||||||||
Trust Preferred Security | 6,745 | 6,745 | |||||||||||||||
Other liabilities | 3,241 | 3,241 | |||||||||||||||
Total liabilities assumed | $ | 503,220 | $ | — | $ | 503,220 | |||||||||||
First Southern Bank Inc And Gulfstream Bancshares Inc [Member] | ' | ||||||||||||||||
Pro-Forma Financial Information of Acquisition | ' | ||||||||||||||||
Pro-forma data for the three and six month periods ending June 30, 2013 listed in the table below presents pro-forma information as if the Gulfstream and FSB acquisitions occurred at the beginning of 2013. The pro-forma information for the three and six month periods ending June 30, 2014 assumes the FSB acquisition occurred at the beginning of 2013. Because the Gulfstream transaction closed on January 17, 2014 and their actual results are included in the Company’s actual operating results for 2014, their actual results were used in the table below for the three and six month periods ending June 30, 2014 instead of a pro-forma amount. | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||||||
Net interest income | $ | 37,252 | $ | 37,617 | $ | 74,835 | $ | 75,434 | |||||||||
Net income available to common shareholders | 5,129 | 5,277 | 11,525 | 8,524 | |||||||||||||
EPS - basic | $ | 0.11 | $ | 0.12 | $ | 0.26 | $ | 0.19 | |||||||||
EPS - diluted | $ | 0.11 | $ | 0.12 | $ | 0.26 | $ | 0.19 | |||||||||
First Southern Bancorp, Inc. [Member] | ' | ||||||||||||||||
Summary of Purchase Price Calculation | ' | ||||||||||||||||
The table below summarizes the purchase price calculation. | |||||||||||||||||
Number of shares of FSB common stock outstanding at May 30, 2014 | 31,539,698 | ||||||||||||||||
FSB preferred shares that convert to FSB common shares upon a change in control | 48,375 | ||||||||||||||||
Total FSB common shares including conversion of preferred shares | 31,588,073 | ||||||||||||||||
Per share exchange ratio | 0.3 | ||||||||||||||||
Number of shares of CenterState common stock | 9,476,424 | ||||||||||||||||
Multiplied by CenterState common stock price per share on May 30, 2014 | $ | 10.62 | |||||||||||||||
Fair value of CenterState common stock issued | $ | 100,639 | |||||||||||||||
Total FSB common shares including conversion of preferred shares | 31,588,073 | ||||||||||||||||
Multiplied by the cash consideration each FSB share is entitled to receive | $ | 3 | |||||||||||||||
Total Cash Consideration | $ | 94,765 | |||||||||||||||
Total Stock Consideration | $ | 100,639 | |||||||||||||||
Total Cash Consideration | 94,765 | ||||||||||||||||
Total purchase price | $ | 195,404 | |||||||||||||||
Summary of Preliminary Estimates of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | ' | ||||||||||||||||
The list below summarizes the preliminary estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the June 1, 2014 purchase date. | |||||||||||||||||
June 1, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 148,257 | |||||||||||||||
Loans, excluding purchased credit impaired loans | 477,841 | ||||||||||||||||
Purchased credit impaired loans | 121,684 | ||||||||||||||||
Investments | 204,723 | ||||||||||||||||
Interest receivable | 2,007 | ||||||||||||||||
Branch real estate | 1,594 | ||||||||||||||||
Furniture and fixtures | 1,282 | ||||||||||||||||
Bank property held for sale | 7,119 | ||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 5,576 | ||||||||||||||||
Bank owned life insurance | 2,555 | ||||||||||||||||
Other repossessed real estate owned covered by FDIC loss share agreements | 22,731 | ||||||||||||||||
Other repossessed real estate owned | 454 | ||||||||||||||||
Core deposit intangible | 7,396 | ||||||||||||||||
Goodwill | 541 | ||||||||||||||||
Deferred tax asset | 43,889 | ||||||||||||||||
Other assets | 4,581 | ||||||||||||||||
Total assets acquired | 1,052,230 | ||||||||||||||||
Liabilities: | |||||||||||||||||
Deposits | 662,959 | ||||||||||||||||
Deposits held for sale | 189,674 | ||||||||||||||||
Interest payable | 58 | ||||||||||||||||
Other liabilities | 4,135 | ||||||||||||||||
Total liabilities assumed | 856,826 | ||||||||||||||||
Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans | ' | ||||||||||||||||
The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of June 1, 2014 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. | |||||||||||||||||
Contractually required principal and interest | $ | 180,960 | |||||||||||||||
Non-accretable difference | (33,527 | ) | |||||||||||||||
Cash flows expected to be collected | 147,433 | ||||||||||||||||
Accretable yield | (25,749 | ) | |||||||||||||||
Total purchased credit-impaired loans acquired | $ | 121,684 | |||||||||||||||
Summary of Fair Value of Acquired Loans and Unpaid Principal Balance | ' | ||||||||||||||||
The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. | |||||||||||||||||
Book | Fair | ||||||||||||||||
balance | value | ||||||||||||||||
Loans: | |||||||||||||||||
Single family residential real estate | $ | 60,332 | $ | 57,693 | |||||||||||||
Commercial real estate | 387,589 | 382,162 | |||||||||||||||
Construction/development/land | 17,238 | 15,942 | |||||||||||||||
Commercial loans | 20,267 | 19,906 | |||||||||||||||
Consumer and other loans | 2,496 | 2,138 | |||||||||||||||
Purchased credit-impaired | 142,414 | 121,684 | |||||||||||||||
Total earning assets | $ | 630,336 | $ | 599,525 | |||||||||||||
Nature_of_Operations_and_Basis1
Nature of Operations and Basis of Presentation - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Revenue_Generating_Activities | |
Branch | |
Location | |
County | |
Nature Of Operations And Basis Of Presentation [Abstract] | ' |
Number of service banking locations | 68 |
Number of counties | 21 |
Number of branches closed | 10 |
Number of deposits sold to unrelated commercial bank | 6 |
Number of real estate sold to unrelated commercial bank | 5 |
Number of branches consolidated into existing CenterState branches | 4 |
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 | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Anti dilutive stock options | 973,875 | 1,121,942 | 989,105 | 1,126,478 |
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 | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator for basic and diluted earnings per share: | ' | ' | ' | ' |
Net income | $1,037 | $2,758 | $2,090 | $7,334 |
Denominator: | ' | ' | ' | ' |
Denominator for basic earnings per share - weighted-average shares | 38,665,018 | 30,098,853 | 36,576,622 | 30,094,315 |
Effect of dilutive securities: | ' | ' | ' | ' |
Stock options and stock grants | 386,212 | 62,388 | 403,612 | 61,465 |
Denominator for diluted earnings per share - adjusted weighted-average shares | 39,051,230 | 30,161,241 | 36,980,234 | 30,155,780 |
Basic earnings per share | $0.03 | $0.09 | $0.06 | $0.24 |
Diluted earnings per share | $0.03 | $0.09 | $0.06 | $0.24 |
Fair_Value_Assets_and_Liabilit
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Trading securities, at fair value | $89 | ' |
Available for sale securities | 542,149 | 457,086 |
Interest rate swap derivatives, carrying amount assets | 3,467 | 2,603 |
Liabilities: | ' | ' |
Interest rate swap derivatives, carrying amount liability | 3,796 | 2,496 |
Mortgage Backed Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 502,590 | 416,881 |
Municipal Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 39,555 | 40,201 |
Fair Value Measurements on Recurring [Member] | ' | ' |
Assets: | ' | ' |
Trading securities, at fair value | 89 | ' |
Interest rate swap derivatives, carrying amount assets | 3,467 | 2,603 |
Liabilities: | ' | ' |
Interest rate swap derivatives, carrying amount liability | 3,796 | 2,496 |
Fair Value Measurements on Recurring [Member] | Obligations of U.S. government sponsored entities and agencies [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 4 | 4 |
Fair Value Measurements on Recurring [Member] | Mortgage Backed Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 502,590 | 416,881 |
Fair Value Measurements on Recurring [Member] | Municipal Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 39,555 | 40,201 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets: | ' | ' |
Trading securities, at fair value | 89 | ' |
Available for sale securities | 542,149 | 457,086 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements on Recurring [Member] | ' | ' |
Assets: | ' | ' |
Trading securities, at fair value | 89 | ' |
Interest rate swap derivatives, carrying amount assets | 3,467 | 2,603 |
Liabilities: | ' | ' |
Interest rate swap derivatives, carrying amount liability | 3,796 | 2,496 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements on Recurring [Member] | Obligations of U.S. government sponsored entities and agencies [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 4 | 4 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements on Recurring [Member] | Mortgage Backed Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | 502,590 | 416,881 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements on Recurring [Member] | Municipal Securities [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities | $39,555 | $40,201 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Branches | Branches | ||||
Property | |||||
Office | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Impaired loans with allocated allowance for loan losses | $12,796 | ' | $12,796 | ' | $13,528 |
Impaired valuation allowance | 1,473 | ' | 1,473 | ' | 1,644 |
Provision for loan loss expense | 181 | ' | 359 | ' | ' |
Additions charged to expenses | 885 | 1,680 | 1,905 | 2,667 | ' |
Number of branches closed | 8 | ' | ' | ' | ' |
Company owned branches | 7 | ' | 7 | ' | ' |
Company leased branches | 1 | ' | 1 | ' | ' |
Number properties owned by the Company were transferred to held for sale | 5 | ' | ' | ' | ' |
Number of loan production office | 2 | ' | ' | ' | ' |
Impairment charges recognized | 0 | ' | 2,326 | ' | ' |
Additional impairment charges | $180 | ' | ' | ' | ' |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans on Residential real estate at Carrying value | $3,184 | $3,191 |
Impaired loans on Commercial real estate at Carrying value | 6,058 | 7,515 |
Impaired loans on Land, land development and construction at Carrying value | 1,248 | 290 |
Impaired loans on Commercial at Carrying value | 683 | 731 |
Impaired loans on Consumer at Carrying value | 150 | 157 |
Other real estate owned on Residential real estate at Carrying value | 1,599 | 27 |
Other real estate owned on Commercial real estate at Carrying value | 3,741 | 3,837 |
Other real estate owned on Land, land development and construction at Carrying value | 1,913 | 3,949 |
Bank owned real estate held for sale | 6,049 | 1,582 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans on Residential real estate | 3,184 | 3,191 |
Impaired loans on Commercial real estate | 6,058 | 7,515 |
Impaired loans on Land, land development and construction | 1,248 | 290 |
Impaired loans on Commercial | 683 | 731 |
Impaired loans on Consumer | 150 | 157 |
Other real estate owned on Residential real estate | 1,599 | 27 |
Other real estate owned on Commercial real estate | 3,741 | 3,837 |
Other real estate owned on Land, land development and construction | 1,913 | 3,949 |
Bank owned real estate held for sale | $6,049 | $1,582 |
Fair_Value_Carrying_Amounts_an
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | $516,009 | $174,889 | $103,555 | $136,748 |
Cash and cash equivalents, fair value | ' | 174,889 | ' | ' |
Trading securities, at fair value | 89 | ' | ' | ' |
Investment securities available for sale, at fair value | 542,149 | 457,086 | ' | ' |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 17,176 | 8,189 | ' | ' |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | ' | ' | ' | ' |
Loans held for sale, carrying amount | 1,596 | 1,010 | ' | ' |
Loans held for sale, fair value | 1,596 | 1,010 | ' | ' |
Loans, less allowance for loan losses, carrying amount | 2,376,819 | 1,453,725 | ' | ' |
Loans, less allowance for loan losses, fair value | 2,383,572 | 1,456,295 | ' | ' |
FDIC indemnification asset, carrying amount | 61,311 | 73,877 | ' | 119,691 |
FDIC Indemnification asset, fair value | ' | ' | ' | ' |
Interest rate swap derivatives, carrying amount assets | 3,467 | 2,603 | ' | ' |
Interest rate swap derivatives, assets fair value | 3,467 | 2,603 | ' | ' |
Accrued interest receivable, carrying amount | 8,216 | 6,337 | ' | ' |
Accrued interest receivable, fair value | 8,216 | 6,337 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits- without stated maturities, carrying amount | 2,595,030 | 1,671,356 | ' | ' |
Deposits- without stated maturities, fair value | 2,595,030 | 1,671,356 | ' | ' |
Deposits- with stated maturities, carrying amount | 526,313 | 384,875 | ' | ' |
Deposits- with stated maturities, fair value | 529,428 | 389,115 | ' | ' |
Deposits held for sale, carrying amount | 185,646 | ' | ' | ' |
Securities sold under agreement to repurchase, fair value | 33,619 | ' | ' | ' |
Securities sold under agreement to repurchase | 33,619 | 20,457 | ' | ' |
Federal funds purchased, carrying amount | 43,080 | 29,909 | ' | ' |
Corporate debentures, carrying amount | 23,829 | 16,996 | ' | ' |
Federal funds purchased, fair value | 43,080 | 29,909 | ' | ' |
Interest rate swap derivatives, carrying amount | 3,796 | 2,496 | ' | ' |
Corporate debentures, fair value | 19,888 | 11,091 | ' | ' |
Accrued interest payable, carrying amount | 411 | 333 | ' | ' |
Interest rate swap derivatives, fair value | 3,796 | 2,496 | ' | ' |
Accrued interest payable, fair value | 411 | 333 | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 516,009 | ' | ' | ' |
Cash and cash equivalents, fair value | ' | 174,889 | ' | ' |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | ' | ' | ' | ' |
FDIC Indemnification asset, fair value | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits- without stated maturities, fair value | 2,595,030 | 1,671,356 | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Trading securities, at fair value | 89 | ' | ' | ' |
Investment securities available for sale, at fair value | 542,149 | 457,086 | ' | ' |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | ' | ' | ' | ' |
Loans held for sale, fair value | 1,596 | 1,010 | ' | ' |
FDIC Indemnification asset, fair value | ' | ' | ' | ' |
Interest rate swap derivatives, assets fair value | 3,467 | 2,603 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits- with stated maturities, fair value | 529,428 | 389,115 | ' | ' |
Deposits held for sale, carrying amount | 185,646 | ' | ' | ' |
Securities sold under agreement to repurchase, fair value | 33,619 | ' | ' | ' |
Securities sold under agreement to repurchase | ' | 20,457 | ' | ' |
Federal funds purchased, fair value | 43,080 | 29,909 | ' | ' |
Interest rate swap derivatives, fair value | 3,796 | 2,496 | ' | ' |
Accrued interest payable, fair value | 411 | 333 | ' | ' |
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 | 2,383,572 | 1,456,295 | ' | ' |
FDIC Indemnification asset, fair value | ' | ' | ' | ' |
Accrued interest receivable, fair value | 8,216 | 6,337 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Corporate debentures, fair value | $19,888 | $11,091 | ' | ' |
Fair_Value_Carrying_Amounts_an1
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Fair Value Disclosures [Abstract] | ' | ' | ' | ' | ' | ' |
Deduction of Allowance for loan losses from loans | $19,200 | $20,096 | $20,454 | $23,820 | $25,254 | $26,682 |
Reportable_Segments_Reconcilia
Reportable Segments - Reconciliation of Reportable Segment Revenues, Expenses and Profit (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income | $33,079 | $24,487 | $62,861 | $48,865 | ' |
Interest expense | -1,822 | -1,507 | -3,411 | -3,063 | ' |
Net interest income (expense) | 31,257 | 22,980 | 59,450 | 45,802 | ' |
Recovery of prior loan loss provision | 106 | -1,374 | 147 | -1,014 | ' |
Non interest income | 6,372 | 9,863 | 12,132 | 20,142 | ' |
Non interest expense | -36,153 | -27,373 | -68,556 | -54,463 | ' |
Income before provision for income taxes | 1,582 | 4,096 | 3,173 | 10,467 | ' |
Income tax (provision) benefit | -545 | -1,338 | -1,083 | -3,133 | ' |
Net income (loss) | 1,037 | 2,758 | 2,090 | 7,334 | ' |
Total assets | 3,901,582 | 2,355,353 | 3,901,582 | 2,355,353 | 2,416,011 |
Operating Segments [Member] | Commercial and Retail Banking [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income | 32,333 | 23,875 | 61,403 | 47,473 | ' |
Interest expense | -1,578 | -1,352 | -2,939 | -2,752 | ' |
Net interest income (expense) | 30,755 | 22,523 | 58,464 | 44,721 | ' |
Recovery of prior loan loss provision | 106 | -1,374 | 147 | -1,014 | ' |
Non interest income | 1,087 | 4,254 | 2,916 | 7,528 | ' |
Non interest expense | -30,215 | -21,212 | -57,382 | -41,297 | ' |
Income before provision for income taxes | 1,733 | 4,191 | 4,145 | 9,938 | ' |
Income tax (provision) benefit | -589 | -1,368 | -1,438 | -3,066 | ' |
Net income (loss) | 1,144 | 2,823 | 2,707 | 6,872 | ' |
Total assets | 3,716,281 | 2,201,379 | 3,716,281 | 2,201,379 | ' |
Operating Segments [Member] | Correspondent Banking And Capital Markets Division [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income | 746 | 612 | 1,458 | 1,392 | ' |
Interest expense | -6 | -5 | -11 | -11 | ' |
Net interest income (expense) | 740 | 607 | 1,447 | 1,381 | ' |
Non interest income | 5,285 | 5,609 | 9,216 | 12,614 | ' |
Non interest expense | -5,063 | -5,363 | -9,441 | -11,438 | ' |
Income before provision for income taxes | 962 | 853 | 1,222 | 2,557 | ' |
Income tax (provision) benefit | -371 | -329 | -471 | -986 | ' |
Net income (loss) | 591 | 524 | 751 | 1,571 | ' |
Total assets | 173,516 | 150,679 | 173,516 | 150,679 | ' |
Corporate Overhead and Administration [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest expense | -238 | -150 | -461 | -300 | ' |
Net interest income (expense) | -238 | -150 | -461 | -300 | ' |
Non interest expense | -875 | -798 | -1,733 | -1,728 | ' |
Income before provision for income taxes | -1,113 | -948 | -2,194 | -2,028 | ' |
Income tax (provision) benefit | 415 | 359 | 826 | 919 | ' |
Net income (loss) | -698 | -589 | -1,368 | -1,109 | ' |
Total assets | 495,677 | 293,127 | 495,677 | 293,127 | ' |
Elimination Entries [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total assets | ($483,892) | ($289,832) | ($483,892) | ($289,832) | ' |
Reportable_Segments_Additional
Reportable Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Location | |
County | |
Subsidiary | |
Segment Reporting Measurement Disclosures [Abstract] | ' |
Number of non bank subsidiary | 1 |
Number of counties in which company operates | 21 |
Number of bank locations | 68 |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $539,557 | $464,386 |
Gross Unrealized Gains | 7,922 | 5,544 |
Gross Unrealized Losses | 5,330 | 12,844 |
Fair Value | 542,149 | 457,086 |
Obligations of U.S. government sponsored entities and agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 4 | 4 |
Fair Value | 4 | 4 |
Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 501,286 | 424,654 |
Gross Unrealized Gains | 6,494 | 4,623 |
Gross Unrealized Losses | 5,190 | 12,396 |
Fair Value | 502,590 | 416,881 |
Municipal Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 38,267 | 39,728 |
Gross Unrealized Gains | 1,428 | 921 |
Gross Unrealized Losses | 140 | 448 |
Fair Value | $39,555 | $40,201 |
Investment_Securities_Availabl3
Investment Securities Available for Sale - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Security | Security | ||
Investments Debt And Equity Securities [Abstract] | ' | ' | ' |
Gain (loss) on sale of securities acquired through Gulfstream acquisition | $0 | ' | ' |
Tax provision related to net realized gains | 18 | 400 | ' |
Securities estimated fair value | $145,760 | ' | $108,528 |
Percentage of AFS securities held by any one issuer as a percentage of stockholders' equity | 10.00% | ' | 10.00% |
Number of securities representing specified criteria | 0 | ' | 0 |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% | ' | ' |
Investment_Securities_Availabl4
Investment Securities Available for Sale - Schedule of Sales of Available for Sale Securities (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Proceeds | $323,542 | $68,892 |
Gross gains | 1,175 | 1,038 |
Gross losses | $1,129 | ' |
Investment_Securities_Availabl5
Investment Securities Available for Sale - Fair Value and Amortized Cost of Available for Sale Securities by Contractual Maturity (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Investment securities available for sale, Due in one year or less, Fair Value | $584 | ' |
Investment securities available for sale, Due after one year through five years, Fair Value | 2,129 | ' |
Investment securities available for sale, Due after five years through ten years, Fair Value | 14,358 | ' |
Investment securities available for sale, Due after ten years through thirty years, Fair Value | 22,488 | ' |
Investment securities available for sale, Mortgage backed securities, Fair Value | 502,590 | ' |
Fair Value | 542,149 | 457,086 |
Investment securities available for sale, Due in one year or less, Amortized Cost | 579 | ' |
Investment securities available for sale, Due after one year through five years, Amortized Cost | 2,017 | ' |
Investment securities available for sale, Due after five years through ten years, Amortized Cost | 13,878 | ' |
Investment securities available for sale, Due after ten years through thirty years, Amortized Cost | 21,797 | ' |
Investment securities available for sale, Mortgage backed securities, Amortized Cost | 501,286 | ' |
Amortized Cost | $539,557 | $464,386 |
Investment_Securities_Availabl6
Investment Securities Available for Sale - Investments Gross Unrealized Losses and Fair Value (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total, Unrealized Losses | $5,330 | $12,844 |
Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 16,877 | 239,641 |
Less than 12 months, Unrealized Losses | 115 | 10,221 |
12 months or more, Fair Value | 144,279 | 18,793 |
12 months or more, Unrealized Losses | 5,075 | 2,175 |
Total, Fair Value | 161,156 | 258,434 |
Total, Unrealized Losses | 5,190 | 12,396 |
Municipal Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | ' | 7,603 |
Less than 12 months, Unrealized Losses | ' | 333 |
12 months or more, Fair Value | 3,845 | 1,010 |
12 months or more, Unrealized Losses | 140 | 115 |
Total, Fair Value | 3,845 | 8,613 |
Total, Unrealized Losses | 140 | 448 |
Total Temporarily Impaired Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 16,877 | 247,244 |
Less than 12 months, Unrealized Losses | 115 | 10,554 |
12 months or more, Fair Value | 148,124 | 19,803 |
12 months or more, Unrealized Losses | 5,215 | 2,290 |
Total, Fair Value | 165,001 | 267,047 |
Total, Unrealized Losses | $5,330 | $12,844 |
Loans_Summary_of_Information_C
Loans - Summary of Information Concerning Loan Portfolio by Collateral Types (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Receivables with Imputed Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Total FDIC covered loans, excluding PCI loans | $2,042,149 | ' | $1,242,758 | ' | ' | ' |
Total loans, net of allowance for loan losses | 2,376,819 | ' | 1,453,725 | ' | ' | ' |
Allowance for loan losses for loans that are not PCI loans [Member] | ' | ' | ' | ' | ' | ' |
Receivables with Imputed Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Real estate loans, Residential | 563,293 | ' | 458,331 | ' | ' | ' |
Real estate loans, Commercial | 1,091,660 | ' | 528,710 | ' | ' | ' |
Land, development and construction | 78,444 | ' | 62,503 | ' | ' | ' |
Total real estate | 1,733,397 | ' | 1,049,544 | ' | ' | ' |
Commercial | 251,741 | ' | 143,263 | ' | ' | ' |
Consumer and other loans | 56,191 | ' | 49,547 | ' | ' | ' |
Loans before unearned fees and deferred cost | 2,041,329 | ' | 1,242,354 | ' | ' | ' |
Net unearned fees and costs | 820 | ' | 404 | ' | ' | ' |
Total FDIC covered loans, excluding PCI loans | 2,042,149 | ' | 1,242,758 | ' | ' | ' |
Allowance for loan losses for PCI loans | ' | ' | ' | ' | ' | -24,033 |
Allowance for loan losses on PCI loans [Member] | ' | ' | ' | ' | ' | ' |
Receivables with Imputed Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Real estate loans, Residential | 119,005 | ' | 120,030 | ' | ' | ' |
Real estate loans, Commercial | 195,157 | ' | 100,012 | ' | ' | ' |
Land, development and construction | 27,885 | ' | 6,381 | ' | ' | ' |
Total real estate | 342,047 | ' | 226,423 | ' | ' | ' |
Commercial | 10,759 | ' | 3,850 | ' | ' | ' |
Consumer and other loans | 1,064 | ' | 1,148 | ' | ' | ' |
Total PCI loans | 353,870 | ' | 231,421 | ' | ' | ' |
Allowance for loan losses for loans that are not PCI loans | -18,240 | ' | -19,694 | ' | ' | ' |
Allowance for loan losses for PCI loans | -960 | -1,183 | -760 | -2,020 | -2,623 | -2,649 |
Fdic Covered Loans Excluding Purchased Credit Impaired Loans [Member] | ' | ' | ' | ' | ' | ' |
Receivables with Imputed Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Real estate loans, Residential | 6,457 | ' | ' | ' | ' | ' |
Real estate loans, Commercial | 35,668 | ' | ' | ' | ' | ' |
Land, development and construction | 857 | ' | ' | ' | ' | ' |
Total real estate | 42,982 | ' | ' | ' | ' | ' |
Commercial | 459 | ' | ' | ' | ' | ' |
Total FDIC covered loans, excluding PCI loans | 43,441 | ' | ' | ' | ' | ' |
Allowance for loan losses for FDIC covered loans that are not PCI loans | ' | ' | ' | ' | ' | ' |
Fdic Covered Loans Purchased Credit Impaired Loans [Member] | ' | ' | ' | ' | ' | ' |
Receivables with Imputed Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Real estate loans, Residential | 115,306 | ' | 120,030 | ' | ' | ' |
Real estate loans, Commercial | 166,932 | ' | 100,012 | ' | ' | ' |
Land, development and construction | 20,509 | ' | 6,381 | ' | ' | ' |
Total real estate | 302,747 | ' | 226,423 | ' | ' | ' |
Commercial | 5,184 | ' | 3,850 | ' | ' | ' |
Total FDIC covered PCI loans | 307,931 | ' | 230,273 | ' | ' | ' |
Allowance for loan losses for PCI loans | -960 | ' | -760 | ' | ' | ' |
Total covered loans, net of allowance for loan losses | $350,412 | ' | $229,513 | ' | ' | ' |
Loans_Summary_of_Allowance_for
Loans - Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolios (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Commercial Real Estate [Member] | Commercial Real Estate [Member] | Land, Development, Construction [Member] | Land, Development, Construction [Member] | Commercial and Industrial [Member] | Commercial and Industrial [Member] | Consumer and Other [Member] | Consumer and Other [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses on PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | |||||
Residential Portfolio Segment [Member] | Residential Portfolio Segment [Member] | Residential Portfolio Segment [Member] | Residential Portfolio Segment [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Land, Development, Construction [Member] | Land, Development, Construction [Member] | Land, Development, Construction [Member] | Land, Development, Construction [Member] | Commercial and Industrial [Member] | Commercial and Industrial [Member] | Commercial and Industrial [Member] | Commercial and Industrial [Member] | Residential Portfolio Segment [Member] | Residential Portfolio Segment [Member] | Residential Portfolio Segment [Member] | Residential Portfolio Segment [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Land, Development, Construction [Member] | Land, Development, Construction [Member] | Land, Development, Construction [Member] | Land, Development, Construction [Member] | Commercial and Industrial [Member] | Commercial and Industrial [Member] | Commercial and Industrial [Member] | Commercial and Industrial [Member] | Consumer and Other [Member] | Consumer and Other [Member] | Consumer and Other [Member] | Consumer and Other [Member] | |||||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18,913 | $22,631 | $19,694 | $24,033 | $7,812 | $8,100 | $8,785 | ' | $7,338 | $7,093 | $6,441 | ' | $1,788 | $5,326 | $3,069 | ' | $956 | $1,224 | $510 | ' | $1,019 | $888 | $889 | ' |
Balance at beginning of period, Covered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,183 | 2,623 | 760 | 2,649 | ' | ' | ' | ' | 623 | 2,310 | 138 | 2,335 | 89 | ' | 89 | ' | 471 | 533 | 314 | 313 | ' | ' | ' | 24,033 | ' | ' | ' | 6,831 | ' | ' | ' | 8,272 | ' | ' | ' | 6,211 | ' | ' | ' | 1,745 | ' | ' | ' | 974 |
Balance at beginning of period | 20,096 | 25,254 | 20,454 | 26,682 | 8,066 | 6,579 | 711 | 3,158 | 1,461 | 1,043 | 1,143 | 889 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans charged-off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -515 | ' | -515 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recoveries of loans previously charged-off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charge-offs | -902 | -3,118 | -2,062 | -4,349 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -515 | ' | -515 | ' | ' | ' | ' | ' | -515 | ' | -515 | ' | ' | ' | ' | ' | ' | ' | ' | -902 | -2,603 | -2,062 | -3,834 | -228 | -1,569 | -915 | -2,181 | -299 | -650 | -315 | -1,074 | -23 | -144 | -100 | -183 | -67 | -7 | -267 | -59 | -285 | -233 | -465 | -337 |
Recoveries | 112 | 310 | 955 | 473 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112 | 310 | 955 | 473 | -20 | 153 | 435 | 233 | 61 | 13 | 375 | 40 | 25 | 106 | 48 | 120 | 3 | 11 | 4 | 21 | 43 | 27 | 93 | 59 |
Net charge-offs | -790 | -2,808 | -1,107 | -3,876 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -515 | ' | -515 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -790 | -2,293 | -1,107 | -3,361 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for loan losses | -106 | 1,374 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117 | 1,462 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Recovery) provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -223 | -88 | 200 | -114 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Recovery) provision for loan losses | -106 | 1,374 | -147 | 1,014 | ' | ' | ' | ' | ' | ' | ' | ' | -223 | -88 | 200 | -114 | ' | ' | ' | ' | -101 | -218 | 384 | -243 | -12 | 130 | -12 | 130 | -110 | -172 | -1 | ' | 117 | 1,462 | -347 | 1,128 | 255 | 3,107 | -486 | 4,908 | 444 | -430 | 1,043 | -1,212 | -1,156 | -1,217 | -2,383 | -2,077 | 208 | -164 | 853 | -643 | 366 | 166 | 626 | 152 |
Balance at end of period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,240 | 21,800 | 18,240 | 21,800 | 7,819 | 9,791 | 7,819 | 9,791 | 7,544 | 6,026 | 7,544 | 6,026 | 634 | 4,071 | 634 | 4,071 | 1,100 | 1,064 | 1,100 | 1,064 | 1,143 | 848 | 1,143 | 848 |
Balance at end of period | 19,200 | 23,820 | 19,200 | 23,820 | 8,066 | 6,579 | 711 | 3,158 | 1,461 | 1,043 | 1,143 | 889 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $960 | $2,020 | $960 | $2,020 | ' | ' | ' | ' | $522 | $1,577 | $522 | $1,577 | $77 | $130 | $77 | $130 | $361 | $361 | $313 | $313 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | $1,857 | ' | $1,811 | ' | ' | ' |
Collectively evaluated for impairment | 16,383 | ' | 17,883 | ' | ' | ' |
Purchased credit impaired | 960 | ' | 760 | ' | ' | ' |
Total ending allowance balance | 19,200 | 20,096 | 20,454 | 23,820 | 25,254 | 26,682 |
Loans: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 27,263 | ' | 24,110 | ' | ' | ' |
Loans collectively evaluated for impairment | 2,014,066 | ' | 1,218,244 | ' | ' | ' |
Purchased credit impaired | 353,870 | ' | 231,421 | ' | ' | ' |
Total ending loan balance | 2,395,199 | ' | 1,473,775 | ' | ' | ' |
Residential Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 559 | ' | 395 | ' | ' | ' |
Collectively evaluated for impairment | 7,260 | ' | 8,390 | ' | ' | ' |
Purchased credit impaired | 0 | ' | ' | ' | ' | ' |
Total ending allowance balance | 7,819 | ' | 8,785 | ' | ' | ' |
Loans: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 9,725 | ' | 8,610 | ' | ' | ' |
Loans collectively evaluated for impairment | 553,568 | ' | 449,721 | ' | ' | ' |
Purchased credit impaired | 119,005 | ' | 120,030 | ' | ' | ' |
Total ending loan balance | 682,298 | ' | 578,361 | ' | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 1,262 | ' | 1,377 | ' | ' | ' |
Collectively evaluated for impairment | 6,282 | ' | 5,064 | ' | ' | ' |
Purchased credit impaired | 522 | ' | 138 | ' | ' | ' |
Total ending allowance balance | 8,066 | ' | 6,579 | ' | ' | ' |
Loans: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 13,028 | ' | 12,564 | ' | ' | ' |
Loans collectively evaluated for impairment | 1,078,632 | ' | 516,146 | ' | ' | ' |
Purchased credit impaired | 195,157 | ' | 100,012 | ' | ' | ' |
Total ending loan balance | 1,286,817 | ' | 628,722 | ' | ' | ' |
Land, Development, Construction [Member] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 6 | ' | 16 | ' | ' | ' |
Collectively evaluated for impairment | 628 | ' | 3,053 | ' | ' | ' |
Purchased credit impaired | 77 | ' | 89 | ' | ' | ' |
Total ending allowance balance | 711 | ' | 3,158 | ' | ' | ' |
Loans: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 2,068 | ' | 1,307 | ' | ' | ' |
Loans collectively evaluated for impairment | 76,376 | ' | 61,196 | ' | ' | ' |
Purchased credit impaired | 27,885 | ' | 6,381 | ' | ' | ' |
Total ending loan balance | 106,329 | ' | 68,884 | ' | ' | ' |
Commercial and Industrial [Member] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 10 | ' | 2 | ' | ' | ' |
Collectively evaluated for impairment | 1,090 | ' | 508 | ' | ' | ' |
Purchased credit impaired | 361 | ' | 533 | ' | ' | ' |
Total ending allowance balance | 1,461 | ' | 1,043 | ' | ' | ' |
Loans: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 2,127 | ' | 1,297 | ' | ' | ' |
Loans collectively evaluated for impairment | 249,614 | ' | 141,966 | ' | ' | ' |
Purchased credit impaired | 10,759 | ' | 3,850 | ' | ' | ' |
Total ending loan balance | 262,500 | ' | 147,113 | ' | ' | ' |
Consumer and Other [Member] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 20 | ' | 21 | ' | ' | ' |
Collectively evaluated for impairment | 1,123 | ' | 868 | ' | ' | ' |
Purchased credit impaired | 0 | ' | ' | ' | ' | ' |
Total ending allowance balance | 1,143 | ' | 889 | ' | ' | ' |
Loans: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 315 | ' | 332 | ' | ' | ' |
Loans collectively evaluated for impairment | 55,876 | ' | 49,215 | ' | ' | ' |
Purchased credit impaired | 1,064 | ' | 1,148 | ' | ' | ' |
Total ending loan balance | $57,255 | ' | $50,695 | ' | ' | ' |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Loans [Line Items] | ' | ' |
Loans modification, modified terms allowance period minimum | ' | '12 months |
Loans modification, modified terms allowance period maximum | ' | '24 months |
Provision for loan loss expense | $339 | $398 |
Partial charge offs for troubled debt restructured | 40 | 96 |
Percentage of troubled debt restructured current pursuant to modified terms | ' | 85.00% |
Percentage of troubled debt restructured not performing pursuant to their modified terms | ' | 15.00% |
Provision for loan loss expense within twelve months | 18 | 30 |
Partial charge offs for troubled debt restructured | 0 | 4 |
Loans at credit risk outstanding | 500 | 500 |
Non-accretable expected cash flows | 7,946 | 15,240 |
First Southern Bank Inc And Gulfstream Bancshares Inc [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Allowance for loan losses | ' | $0 |
Loans_Summary_of_Impaired_Loan
Loans - Summary of Impaired Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | Scenario, Forecast [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' |
Performing TDRs,(these are not included in NPLs) | $12,659 | $10,763 | $10,763 |
Non performing TDRs,(these are included in NPLs) | 2,281 | 4,684 | 4,684 |
Total TDRs (these are included in impaired loans) | 14,940 | 15,447 | 15,447 |
Impaired loans that are not TDRs | 12,323 | ' | 8,663 |
Total impaired loans | $27,263 | $24,110 | $24,110 |
Loans_Troubled_Debt_Restructur
Loans - Troubled Debt Restructured Loans by Loans Type (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Performing TDRs | $12,659 | $10,763 |
Non performing TDRs | 2,281 | 4,684 |
Total TDRs | 14,940 | 15,447 |
Commercial Loans and Industrial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Performing TDRs | 699 | 555 |
Non performing TDRs | 37 | 49 |
Total TDRs | 736 | 604 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Performing TDRs | 7,932 | 7,221 |
Non performing TDRs | 806 | 1,389 |
Total TDRs | 8,738 | 8,610 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Performing TDRs | 3,247 | 2,169 |
Non performing TDRs | 1,292 | 3,077 |
Total TDRs | 4,539 | 5,246 |
Land, Development, Construction [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Performing TDRs | 569 | 608 |
Non performing TDRs | 43 | 47 |
Total TDRs | 612 | 655 |
Total Real Estate Loans [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Performing TDRs | 11,748 | 9,998 |
Non performing TDRs | 2,141 | 4,513 |
Total TDRs | 13,889 | 14,511 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Performing TDRs | 212 | 210 |
Non performing TDRs | 103 | 122 |
Total TDRs | $315 | $332 |
Loans_Summary_of_Loans_by_Clas
Loans - Summary of Loans by Class Modified (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
SecurityLoan | SecurityLoan | |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of loans | 1 | 12 |
Recorded investment | $196 | $2,848 |
Residential Real Estate [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of loans | ' | 3 |
Recorded investment | ' | 553 |
Commercial Real Estate [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of loans | 1 | 6 |
Recorded investment | 196 | 2,244 |
Commercial Loans and Industrial [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of loans | ' | 2 |
Recorded investment | ' | 34 |
Consumer and Other [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Number of loans | ' | 1 |
Recorded investment | ' | $17 |
Loans_Summary_of_Loans_Individ
Loans - Summary of Loans Individually Evaluated for Impairment by Class of Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid principal balance | $28,841 | $26,882 |
Total impaired loans | 27,263 | 24,110 |
Amount of allowance for loan losses allocated to impaired loans | 1,857 | 1,811 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid principal balance, With no allowance recorded | 7,253 | 5,052 |
Unpaid principal balance, With an allowance recorded | 2,885 | 3,942 |
Recorded investment, With no related allowance | 6,992 | 4,803 |
Recorded investment, With an allowance recorded | 2,733 | 3,807 |
Amount of allowance for loan losses allocated to impaired loans | 559 | 395 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid principal balance, With no allowance recorded | 6,920 | 9,330 |
Unpaid principal balance, With an allowance recorded | 6,459 | 5,257 |
Recorded investment, With no related allowance | 6,812 | 7,439 |
Recorded investment, With an allowance recorded | 6,216 | 5,125 |
Amount of allowance for loan losses allocated to impaired loans | 1,262 | 1,377 |
Land, Development, Construction [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid principal balance, With no allowance recorded | 2,550 | 1,377 |
Unpaid principal balance, With an allowance recorded | 138 | 147 |
Recorded investment, With no related allowance | 1,938 | 1,168 |
Recorded investment, With an allowance recorded | 130 | 139 |
Amount of allowance for loan losses allocated to impaired loans | 6 | 16 |
Commercial Loans and Industrial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid principal balance, With no allowance recorded | 2,055 | 1,330 |
Unpaid principal balance, With an allowance recorded | 251 | 102 |
Recorded investment, With no related allowance | 1,922 | 1,241 |
Recorded investment, With an allowance recorded | 205 | 56 |
Amount of allowance for loan losses allocated to impaired loans | 10 | 2 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid principal balance, With no allowance recorded | ' | 5 |
Unpaid principal balance, With an allowance recorded | 330 | 340 |
Recorded investment, With no related allowance | ' | 5 |
Recorded investment, With an allowance recorded | 315 | 327 |
Amount of allowance for loan losses allocated to impaired loans | $20 | $21 |
Loans_Summary_of_Impairment_by
Loans - Summary of Impairment by Class of Loans (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average of impaired loans during the period | $26,909 | $39,398 | $26,125 | $41,757 |
Interest income recognized during impairment | 161 | 375 | 299 | 718 |
Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average of impaired loans during the period | 9,635 | 8,777 | 9,358 | 9,108 |
Interest income recognized during impairment | 87 | 70 | 164 | 143 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average of impaired loans during the period | 12,858 | 27,192 | 12,742 | 28,730 |
Interest income recognized during impairment | 43 | 288 | 71 | 545 |
Land, Development, Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average of impaired loans during the period | 1,764 | 1,407 | 1,575 | 1,417 |
Interest income recognized during impairment | 10 | 6 | 19 | 8 |
Total Real Estate Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average of impaired loans during the period | 24,257 | 37,376 | 23,675 | 39,255 |
Interest income recognized during impairment | 140 | 364 | 254 | 696 |
Commercial Loans and Industrial [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average of impaired loans during the period | 2,332 | 1,656 | 2,126 | 2,124 |
Interest income recognized during impairment | 18 | 8 | 39 | 16 |
Consumer and Other Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average of impaired loans during the period | 320 | 366 | 324 | 378 |
Interest income recognized during impairment | $3 | $3 | $6 | $6 |
Loans_Summary_of_Nonperforming
Loans - Summary of Nonperforming Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary Of Nonperforming Loans [Abstract] | ' | ' |
Non accrual loans | $29,667 | $27,077 |
Loans past due over 90 days and still accruing interest | 0 | ' |
Total non performing loans | $29,667 | $27,077 |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual, Total | $29,667 | $27,077 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual, Total | 11,292 | 10,162 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual, Total | 13,991 | 13,925 |
Land, Development, Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual, Total | 1,900 | 1,099 |
Commercial Loans and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual, Total | 2,216 | 1,582 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccrual, Total | $268 | $309 |
Loans_Summary_Aging_of_Recorde
Loans - Summary Aging of Recorded Investment in Past Due Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | $2,041,329 | $1,242,354 |
30 - 59 days past due | 9,403 | 6,143 |
60 - 89 days past due | 3,747 | 4,365 |
Total Past Due | 13,150 | 10,508 |
Loans Not Past Due | 1,998,512 | 1,204,769 |
Nonaccrual Loans | 29,667 | 27,077 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 563,293 | 458,331 |
30 - 59 days past due | 2,402 | 2,801 |
60 - 89 days past due | 1,892 | 1,942 |
Total Past Due | 4,294 | 4,743 |
Loans Not Past Due | 547,707 | 443,426 |
Nonaccrual Loans | 11,292 | 10,162 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 1,091,660 | 528,710 |
30 - 59 days past due | 3,001 | 2,420 |
60 - 89 days past due | 473 | 1,941 |
Total Past Due | 3,474 | 4,361 |
Loans Not Past Due | 1,074,195 | 510,424 |
Nonaccrual Loans | 13,991 | 13,925 |
Land, Development, Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 78,444 | 62,503 |
30 - 59 days past due | 1,866 | 136 |
60 - 89 days past due | 254 | 241 |
Total Past Due | 2,120 | 377 |
Loans Not Past Due | 74,424 | 61,027 |
Nonaccrual Loans | 1,900 | 1,099 |
Commercial Loans and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 251,741 | 143,263 |
30 - 59 days past due | 1,909 | 491 |
60 - 89 days past due | 1,048 | 1 |
Total Past Due | 2,957 | 492 |
Loans Not Past Due | 246,568 | 141,189 |
Nonaccrual Loans | 2,216 | 1,582 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 56,191 | 49,547 |
30 - 59 days past due | 225 | 295 |
60 - 89 days past due | 80 | 240 |
Total Past Due | 305 | 535 |
Loans Not Past Due | 55,618 | 48,703 |
Nonaccrual Loans | $268 | $309 |
Loans_Risk_Category_of_Loans_b
Loans - Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $563,293 | $458,331 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 56,191 | 49,547 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,912,188 | 1,110,946 |
Pass [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 534,622 | 428,671 |
Pass [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,012,363 | 448,762 |
Pass [Member] | Land, Development, Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 66,080 | 50,164 |
Pass [Member] | Commercial Loans and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 243,632 | 134,901 |
Pass [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 55,491 | 49,448 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 56,761 | 67,447 |
Special Mention [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 5,313 | 6,438 |
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 39,951 | 46,427 |
Special Mention [Member] | Land, Development, Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 8,637 | 9,566 |
Special Mention [Member] | Commercial Loans and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 2,586 | 4,490 |
Special Mention [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 274 | 526 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 72,380 | 63,961 |
Substandard [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 23,358 | 23,222 |
Substandard [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 39,346 | 33,521 |
Substandard [Member] | Land, Development, Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 3,727 | 2,773 |
Substandard [Member] | Commercial Loans and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 5,523 | 3,872 |
Substandard [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $426 | $573 |
Loans_Investment_in_Residentia
Loans - Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $563,293 | $458,331 |
Residential Real Estate [Member] | Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 552,001 | 448,169 |
Residential Real Estate [Member] | Nonperforming [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 11,292 | 10,162 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 56,191 | 49,547 |
Consumer and Other [Member] | Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 55,923 | 49,238 |
Consumer and Other [Member] | Nonperforming [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $268 | $309 |
Loans_Summary_of_Total_Contrac
Loans - Summary of Total Contractually Required Principal and Interest Cash Payments, Management's Estimate of Expected Total Cash Payments and Carrying Value of Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Contractually required principal and interest | $566,948 | $389,537 |
Non-accretable difference | -79,985 | -55,304 |
Cash flows expected to be collected | 486,963 | 334,233 |
Accretable yield | -133,093 | -102,812 |
Carrying value of acquired loans | 353,870 | 231,421 |
Allowance for loan losses | -960 | -760 |
Carrying value less allowance for loan losses | $352,910 | $230,661 |
Loans_Summary_of_Changes_in_To
Loans - Summary of Changes in Total Contractually Required Principal and Interest Cash Payments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
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 | $566,948 | $389,537 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $414,385 | $486,531 | $389,537 | $534,989 |
Non-accretable difference, beginning balance | -79,985 | -55,304 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -56,062 | -110,243 | -55,304 | -142,855 | ' | ' | ' | ' |
Cash flows expected to be collected, beginning balance | 486,963 | 334,233 | ' | ' | ' | ' | ' | ' | ' | ' | 358,323 | 376,288 | 334,233 | 392,134 | ' | ' | ' | ' | ' | ' | ' | ' |
Accretable yield, beginning balance | -133,093 | -102,812 | ' | ' | ' | ' | -107,523 | -95,499 | -102,812 | -93,107 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of acquired loans | 353,870 | 231,421 | 250,800 | 280,789 | 231,421 | 299,027 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of acquisitions | ' | ' | 121,684 | ' | 151,752 | ' | -25,749 | ' | -32,204 | ' | 147,433 | ' | 183,956 | ' | -33,527 | ' | -45,293 | ' | 180,960 | ' | 229,249 | ' |
Income accretion | ' | ' | 8,231 | 8,020 | 16,462 | 15,847 | 8,231 | 8,020 | 16,462 | 15,847 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
All other adjustments | ' | ' | -26,845 | -29,130 | -45,765 | -55,195 | -8,052 | -11,928 | -14,539 | -22,147 | -18,793 | -17,202 | -31,226 | -33,048 | 9,604 | 20,183 | 20,612 | 52,795 | -28,397 | -37,385 | -51,838 | -85,843 |
Contractually required principal and interest, ending balance | 566,948 | 389,537 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 566,948 | 449,146 | 566,948 | 449,146 |
Non-accretable difference, ending balance | -79,985 | -55,304 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -79,985 | -90,060 | -79,985 | -90,060 | ' | ' | ' | ' |
Cash flows expected to be collected, ending balance | 486,963 | 334,233 | ' | ' | ' | ' | ' | ' | ' | ' | 486,963 | 359,086 | 486,963 | 359,086 | ' | ' | ' | ' | ' | ' | ' | ' |
Accretable yield, ending balance | -133,093 | -102,812 | ' | ' | ' | ' | -133,093 | -99,407 | -133,093 | -99,407 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of acquired loans | $353,870 | $231,421 | $353,870 | $259,679 | $353,870 | $259,679 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FDIC_Indemnification_Asset_Add
FDIC Indemnification Asset - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Bank | Bank | Bank | ||
Fdic Indemnification Asset [Abstract] | ' | ' | ' | ' |
Number of acquisitions under agreement | 2 | ' | 2 | 3 |
Federal Deposit Insurance Corporation reimbursable expenses | $160 | ($513) | ' | ' |
FDIC_Indemnification_Asset_FDI
FDIC Indemnification Asset - FDIC Loss Share Indemnification Asset (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Fdic Loss Share Indemnification Asset [Abstract] | ' | ' |
Beginning of the year | $73,877 | $119,691 |
Effect of acquisition | 2,636 | ' |
Amortization, net | -10,161 | -13,765 |
Indemnification revenue | 1,529 | 6,055 |
Indemnification of foreclosure expense | 780 | 4,413 |
Proceeds from FDIC | -7,510 | -42,004 |
Impairment (recovery) of loan pool | 160 | -513 |
Period end balance | $61,311 | $73,877 |
FDIC_Indemnification_Asset_FDI1
FDIC Indemnification Asset - FDIC Activity In True-up Payment Liability (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Fdic Loss Share Indemnification Asset [Abstract] | ' | ' |
Beginning of the year | $444 | $402 |
Effect of acquisition | 682 | ' |
True-up liability accrual | 30 | 42 |
Period end balance | $1,156 | $444 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jan. 17, 2014 | Jun. 30, 2014 | Jan. 17, 2014 | Jun. 30, 2014 | Jan. 17, 2014 | Jan. 17, 2014 | Jun. 04, 2014 | Jun. 01, 2014 | Jan. 16, 2014 | Jun. 04, 2014 | Jun. 01, 2014 | 30-May-14 | Jan. 16, 2014 | Jun. 04, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 01, 2014 | Jun. 01, 2014 | |
Subsequent Event [Member] | Gulfstream Bancshares, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | |||
Branch | Core Deposits [Member] | Purchased Credit-Impaired [Member] | Common Stock [Member] | Branch | Sales [Member] | Core Deposits [Member] | Purchased Credit-Impaired [Member] | Purchased Credit-Impaired [Member] | Common Stock [Member] | ||||||||||||
Branch | |||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in total assets | ' | ' | ' | 23.00% | ' | ' | ' | ' | ' | ' | 32.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in total deposits | ' | ' | ' | 23.00% | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill on the acquisition | $76,981,000 | $44,924,000 | ' | ' | ' | $31,516,000 | ' | ' | ' | ' | ' | ' | ' | $541,000 | ' | ' | ' | ' | ' | ' | ' |
Fair value estimates change period | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding common stock acquired percentage | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Exchanged price | ' | ' | ' | ' | ' | $14.65 | ' | ' | ' | ' | ' | ' | ' | $3 | ' | $3 | ' | ' | ' | ' | ' |
Exchanged ratio for share | ' | ' | ' | ' | ' | 3.012 | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.3 | ' | ' | ' | ' | ' | ' |
Total purchase consideration | ' | ' | ' | 82,040,000 | ' | ' | ' | ' | ' | 6,500,000 | 195,404,000 | 195,404,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans at fair value | ' | ' | ' | ' | ' | 359,583,000 | ' | ' | ' | ' | ' | ' | ' | 599,525,000 | ' | ' | ' | ' | ' | ' | ' |
Net Outstanding principal balance | ' | ' | ' | 18,267,000 | ' | ' | ' | ' | ' | ' | 30,811,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated discount to outstanding principal balance | ' | ' | ' | ' | ' | 4.80% | ' | ' | ' | ' | ' | ' | ' | 4.90% | ' | ' | ' | ' | ' | ' | ' |
Percentage of loans acquired | ' | ' | ' | ' | ' | 24.40% | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' |
Loans with credit deficiencies | ' | ' | ' | ' | ' | ' | ' | 30,068,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121,684,000 | 121,684,000 | ' |
Loan relationship balances | ' | ' | ' | ' | 'Greater than $500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposit intangible asset | ' | ' | ' | ' | ' | ' | 4,173,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,396,000 | ' | ' | ' |
Estimated economic life | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Maximum period for refinement of fair values | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of branch offices sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' |
Percentage of premium on purchase consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposit balances to be assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of branches closed | ' | ' | 3 | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of branches in leased facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of branches owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized expense related to future lease | $0 | ' | $1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Combinations_Summary_
Business Combinations - Summary of Purchase Price Calculation (Detail) (USD $) | 0 Months Ended | 0 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Jan. 17, 2014 | Jan. 17, 2014 | Jun. 04, 2014 | Jun. 01, 2014 | 30-May-14 | Jan. 16, 2014 | Jun. 01, 2014 | 30-May-14 | Jan. 16, 2014 |
Gulfstream Bancshares, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of FSB common stock outstanding at May 30, 2014 | ' | 1,569,364 | ' | ' | ' | ' | ' | 31,539,698 | ' |
FSB preferred shares that convert to FSB common shares upon a change in control | ' | 155,629 | ' | ' | ' | ' | ' | 48,375 | ' |
Total FSB common shares including conversion of preferred shares | ' | 1,724,993 | ' | ' | ' | ' | ' | 31,588,073 | 31,588,073 |
Per share exchange ratio | ' | 3.012 | ' | ' | ' | ' | 0.3 | 0.3 | ' |
Number of shares of CenterState common stock | 5,195,541 | ' | ' | ' | 9,476,424 | ' | ' | ' | ' |
Multiplied by CenterState common stock price per share on January 16, 2014 | ' | $10.23 | ' | ' | ' | ' | ' | ' | $10.62 |
Fair value of CenterState common stock issued | $53,150 | ' | ' | ' | ' | $100,639 | ' | ' | ' |
Total FSB common shares including conversion of preferred shares | ' | 1,724,993 | ' | ' | ' | ' | ' | 31,588,073 | 31,588,073 |
Multiplied by the cash consideration each FSB share is entitled to receive | ' | $14.65 | ' | ' | ' | ' | $3 | ' | $3 |
Total Cash Consideration | 25,271 | ' | ' | ' | ' | 94,765 | ' | ' | ' |
Total Stock Consideration | 53,150 | ' | ' | ' | ' | 100,639 | ' | ' | ' |
Total Cash Consideration | 25,273 | ' | ' | ' | ' | 94,765 | ' | ' | ' |
Total consideration to be paid to Gulfstream common shareholders | 78,423 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of current Gulfstream stock options to be converted to CenterState stock options | ' | 3,617 | ' | ' | ' | ' | ' | ' | ' |
Total purchase price | $82,040 | ' | $6,500 | $195,404 | ' | $195,404 | ' | ' | ' |
Business_Combinations_Summary_1
Business Combinations - Summary of Purchase Price Calculation (Parenthetical) (Detail) (Gulfstream Bancshares, Inc. [Member], USD $) | Jan. 17, 2014 |
In Thousands, except Share data, unless otherwise specified | |
Gulfstream Bancshares, Inc. [Member] | ' |
Business Acquisition [Line Items] | ' |
Fractional shares | 138 |
Fractional shares amount | $2 |
Business_Combinations_Summary_2
Business Combinations - Summary of Preliminary Estimates of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jan. 17, 2014 | Jun. 01, 2014 |
In Thousands, unless otherwise specified | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | ||
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | $102,278 | $148,257 |
Loans, excluding purchased credit impaired loans | ' | ' | 329,515 | 477,841 |
Purchased credit impaired loans | ' | ' | 30,068 | 121,684 |
Loans held for sale | ' | ' | 247 | ' |
Investments | ' | ' | 60,816 | 204,723 |
Interest receivable | ' | ' | 1,087 | 2,007 |
Branch real estate | ' | ' | 5,519 | 1,594 |
Furniture and fixtures | ' | ' | 262 | 1,282 |
Bank property held for sale | ' | ' | ' | 7,119 |
Federal Reserve Bank and Federal Home Loan Bank stock | ' | ' | 885 | 5,576 |
Bank owned life insurance | ' | ' | 4,939 | 2,555 |
Other repossessed real estate owned covered by FDIC loss share agreements | 30,698 | 19,111 | ' | 22,731 |
Other repossessed real estate owned | ' | ' | 2,694 | 454 |
Core deposit intangible | ' | ' | 4,173 | 7,396 |
Goodwill | 76,981 | 44,924 | 31,516 | 541 |
Deferred tax asset | ' | ' | ' | 43,889 |
Other assets | ' | ' | 11,261 | 4,581 |
Total assets acquired | ' | ' | 585,260 | 1,052,230 |
Liabilities: | ' | ' | ' | ' |
Deposits | ' | ' | 478,999 | 662,959 |
Federal Home loan advances | ' | ' | 5,708 | ' |
Deposits held for sale | ' | ' | ' | 189,674 |
Repurchase agreements | ' | ' | 7,576 | ' |
Interest payable | ' | ' | 125 | 58 |
Official checks outstanding | ' | ' | 826 | ' |
Corporate debentures | ' | ' | 6,745 | ' |
Other liabilities | ' | ' | 3,241 | 4,135 |
Total liabilities assumed | ' | ' | $503,220 | $856,826 |
Business_Combinations_Summary_3
Business Combinations - Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans (Detail) (Purchased Credit-Impaired [Member], USD $) | Jan. 17, 2014 | Jun. 30, 2014 | Jun. 01, 2014 |
In Thousands, unless otherwise specified | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member] |
Business Acquisition [Line Items] | ' | ' | ' |
Contractually required principal and interest | $48,289 | ' | $180,960 |
Non-accretable difference | -11,766 | ' | -33,527 |
Cash flows expected to be collected | 36,523 | ' | 147,433 |
Accretable yield | -6,455 | ' | -25,749 |
Total purchased credit-impaired loans acquired | $30,068 | $121,684 | $121,684 |
Business_Combinations_Summary_4
Business Combinations - Summary of Fair Value of Acquired Loans and Unpaid Principal Balance (Detail) (USD $) | Jan. 17, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Jun. 01, 2014 |
In Thousands, unless otherwise specified | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | Book Balance [Member] | Book Balance [Member] | Book Balance [Member] | Book Balance [Member] | Book Balance [Member] | Book Balance [Member] | Book Balance [Member] | Book Balance [Member] | Book Balance [Member] | Book Balance [Member] | Book Balance [Member] | Book Balance [Member] | Book Balance [Member] | Book Balance [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] |
Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | Single Family Residential Real Estate [Member] | Single Family Residential Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Land, Development, Construction [Member] | Land, Development, Construction [Member] | Commercial Loans and Industrial [Member] | Commercial Loans and Industrial [Member] | Consumer and Other Loans [Member] | Consumer and Other Loans [Member] | Purchased Credit-Impaired [Member] | Purchased Credit-Impaired [Member] | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | Single Family Residential Real Estate [Member] | Single Family Residential Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Land, Development, Construction [Member] | Land, Development, Construction [Member] | Commercial Loans and Industrial [Member] | Commercial Loans and Industrial [Member] | Consumer and Other Loans [Member] | Consumer and Other Loans [Member] | Purchased Credit-Impaired [Member] | Purchased Credit-Impaired [Member] | |||
Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | First Southern Bancorp, Inc. [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value and Fair value of acquired loans | $359,583 | $599,525 | $377,850 | $630,336 | $33,506 | $60,332 | $185,250 | $387,589 | $30,387 | $17,238 | $85,940 | $20,267 | $2,112 | $2,496 | $40,655 | $142,414 | $359,583 | $599,525 | $32,319 | $57,693 | $183,189 | $382,162 | $27,704 | $15,942 | $84,203 | $19,906 | $2,100 | $2,138 | $30,068 | $121,684 |
Business_Combinations_Schedule
Business Combinations - Schedule of Measurement Period Adjustments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jan. 17, 2014 | Jan. 17, 2014 | Jan. 17, 2014 |
In Thousands, unless otherwise specified | Gulfstream Bancshares, Inc. [Member] | As Initially Reported [Member] | Measurement Period Adjustments [Member] | ||
Gulfstream Bancshares, Inc. [Member] | Gulfstream Bancshares, Inc. [Member] | ||||
Assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | $102,278 | $102,278 | $0 |
Loans, held for investment | ' | ' | 329,515 | 329,515 | ' |
Purchased credit impaired loans | ' | ' | 30,068 | 30,068 | ' |
Loans held for sale | ' | ' | 247 | 247 | ' |
Investments | ' | ' | 60,816 | 60,816 | ' |
Interest receivable | ' | ' | 1,087 | 1,087 | ' |
Branch real estate | ' | ' | 5,519 | 5,519 | ' |
Furniture and fixtures | ' | ' | 262 | 262 | ' |
FHLB stock | ' | ' | 885 | 885 | ' |
Bank owned life insurance | ' | ' | 4,939 | 4,939 | ' |
Other repossessed real estate owned | ' | ' | 2,694 | 3,365 | -671 |
Core deposit intangible | ' | ' | 4,173 | 4,173 | ' |
Goodwill | 76,981 | 44,924 | 31,516 | 31,104 | 412 |
Other assets | ' | ' | 11,261 | 11,002 | 259 |
Total assets acquired | ' | ' | 585,260 | 585,260 | 0 |
Liabilities: | ' | ' | ' | ' | ' |
Deposits | ' | ' | 478,999 | 478,999 | 0 |
Federal Home loan advances | ' | ' | 5,708 | 5,708 | ' |
Repurchase agreements | ' | ' | 7,576 | 7,576 | ' |
Interest payable | ' | ' | 125 | 125 | ' |
Official checks outstanding | ' | ' | 826 | 826 | ' |
Trust Preferred Security | ' | ' | 6,745 | 6,745 | ' |
Other liabilities | ' | ' | 3,241 | 3,241 | ' |
Total liabilities assumed | ' | ' | $503,220 | $503,220 | $0 |
Business_Combinations_ProForma
Business Combinations - Pro-Forma Financial Information And Actual Results of Acquisition (Detail) (First Southern Bank Inc And Gulfstream Bancshares Inc [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
First Southern Bank Inc And Gulfstream Bancshares Inc [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Net interest income | $37,617 | $37,252 | $75,434 | $74,835 |
Net income available to common shareholders | $5,277 | $5,129 | $8,524 | $11,525 |
EPS - basic | $0.12 | $0.11 | $0.19 | $0.26 |
EPS - diluted | $0.12 | $0.11 | $0.19 | $0.26 |