Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | CenterState Banks, Inc. | |
Entity Central Index Key | 1,102,266 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 45,468,894 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 42,624 | $ 52,067 |
Federal funds sold and Federal Reserve Bank deposits | 185,807 | 106,346 |
Cash and cash equivalents | 228,431 | 158,413 |
Trading securities, at fair value | 1,266 | 3,420 |
Investment securities available for sale, at fair value | 490,458 | 517,457 |
Investment securities held to maturity (fair value of $248,922 and $238,431 at September 30, 2015 and December 31, 2014, respectively) | 248,310 | 237,362 |
Loans held for sale, at lower of cost or fair value | 806 | 1,251 |
Loans, excluding purchased credit impaired | 2,331,853 | 2,152,759 |
Purchased credit impaired loans | 231,778 | 276,766 |
Allowance for loan losses | (22,648) | (19,898) |
Net Loans | 2,540,983 | 2,409,627 |
Bank premises and equipment, net | 102,675 | 98,848 |
Accrued interest receivable | 9,687 | 8,999 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 14,035 | 14,219 |
Goodwill | 76,739 | 76,739 |
Core deposit intangible | 12,744 | 14,417 |
Trust intangible | 873 | 984 |
Bank owned life insurance | 85,316 | 83,544 |
Other repossessed real estate owned covered by FDIC loss share agreements | 7,687 | 19,404 |
Other repossessed real estate owned | 2,993 | 8,896 |
FDIC indemnification asset | 28,596 | 49,054 |
Deferred income tax asset, net | 47,516 | 49,587 |
Bank property held for sale | 1,489 | 2,675 |
Prepaid expense and other assets | 32,468 | 21,973 |
TOTAL ASSETS | 3,933,072 | 3,776,869 |
Deposits: | ||
Demand - non-interest bearing | 1,145,474 | 1,048,874 |
Demand - interest bearing | 621,582 | 607,359 |
Savings and money market accounts | 983,655 | 947,995 |
Time deposits | 434,478 | 487,812 |
Total deposits | 3,185,189 | 3,092,040 |
Securities sold under agreement to repurchase | 28,512 | 27,022 |
Federal funds purchased | 161,303 | 151,992 |
Corporate debentures | 24,049 | 23,917 |
Accrued interest payable | 231 | 336 |
Payables and accrued expenses | 53,976 | 29,085 |
Total liabilities | 3,453,260 | 3,324,392 |
Stockholders' equity: | ||
Common stock, $.01 par value: 100,000,000 shares authorized; 45,468,894 and 45,323,553 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | 455 | 453 |
Additional paid-in capital | 390,016 | 388,698 |
Retained earnings | 85,943 | 59,273 |
Accumulated other comprehensive income | 3,398 | 4,053 |
Total stockholders' equity | 479,812 | 452,477 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 3,933,072 | $ 3,776,869 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 248,922 | $ 238,431 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 45,468,894 | 45,323,553 |
Common stock, shares outstanding | 45,468,894 | 45,323,553 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Interest income: | |||||
Loans | $ 35,134 | $ 33,519 | $ 106,188 | $ 87,757 | |
Investment securities available for sale: | |||||
Taxable | 3,895 | 3,073 | 11,981 | 10,368 | |
Tax-exempt | 728 | 338 | 1,933 | 1,003 | |
Federal funds sold and other | 355 | 417 | 1,120 | 1,080 | |
Total interest income | 40,112 | 37,347 | 121,222 | 100,208 | |
Interest expense: | |||||
Deposits | 1,339 | 1,799 | 4,155 | 4,659 | |
Securities sold under agreement to repurchase | 51 | 52 | 154 | 131 | |
Federal funds purchased | 150 | 6 | 436 | 17 | |
Corporate debentures | 244 | 240 | 722 | 701 | |
Total interest expense | 1,784 | 2,097 | 5,467 | 5,508 | |
Net interest income | 38,328 | 35,250 | 115,755 | 94,700 | |
Provision for loan losses | 0 | 955 | 3,950 | 808 | |
Net interest income after loan loss provision | 38,328 | 34,295 | 111,805 | 93,892 | |
Non interest income: | |||||
Correspondent banking capital markets revenue | 4,943 | 4,184 | 17,971 | 11,524 | |
Other correspondent banking related revenue | 992 | 958 | 3,351 | 2,834 | |
Service charges on deposit accounts | 2,488 | 2,496 | 7,169 | 7,091 | |
Debit, prepaid, ATM and merchant card related fees | 1,659 | 1,612 | 5,183 | 4,613 | |
Wealth management related revenue | 940 | 993 | 2,900 | 3,314 | |
FDIC indemnification income | 27 | 213 | 1,053 | 1,902 | |
FDIC indemnification asset amortization | (4,144) | (4,953) | (13,143) | (15,144) | |
Bank owned life insurance income | 580 | 451 | 1,772 | 1,159 | |
Other service charges and fees | 641 | 605 | 1,524 | 1,352 | |
Net gain on sale of securities available for sale | 4 | 0 | 4 | 46 | |
Total other income | 8,130 | 6,559 | 27,784 | 18,691 | |
Non interest expense: | |||||
Salaries, wages and employee benefits | 18,916 | 18,799 | 58,421 | 51,665 | |
Occupancy expense | 2,586 | 3,038 | 7,597 | 7,477 | |
Depreciation of premises and equipment | 1,438 | 1,542 | 4,274 | 4,583 | |
Supplies, stationary and printing | 382 | 375 | 1,098 | 936 | |
Marketing expenses | 630 | 746 | 1,649 | 1,985 | |
Data processing expense | 1,153 | 1,673 | 3,610 | 4,018 | |
Legal, audit and other professional fees | 779 | 1,099 | 2,204 | 3,250 | |
Core deposit intangible ("CDI") amortization | 579 | 656 | 1,810 | 1,459 | |
Postage and delivery | 348 | 386 | 1,052 | 1,019 | |
ATM and debit card related expenses | 515 | 466 | 1,398 | 1,408 | |
Bank regulatory expenses | 774 | 916 | 2,567 | 2,300 | |
Gain on sale of repossessed real estate (“OREO”) | (282) | (577) | (1,783) | (121) | |
Valuation write down of repossessed real estate (“OREO”) | 237 | 329 | 1,016 | 2,234 | |
Loss on repossessed assets other than real estate | 15 | 17 | 14 | 34 | |
Foreclosure related expenses | 423 | 646 | 1,742 | 2,467 | |
Merger and acquisition related expenses | 169 | 3,450 | 169 | 10,694 | |
Branch closure and efficiency initiatives | 0 | (6) | 0 | 3,181 | |
Other expenses | 2,193 | 1,979 | 7,158 | 5,501 | |
Total other expenses | 30,855 | 35,534 | 93,996 | 104,090 | |
Income before provision for income taxes | 15,603 | 5,320 | 45,593 | 8,493 | |
Provision for income taxes | 5,687 | 1,727 | 16,651 | 2,810 | |
Net income | 9,916 | 3,593 | 28,942 | 5,683 | |
Other comprehensive income, net of tax: | |||||
Unrealized securities holding gain (loss), net of income taxes | 1,869 | (665) | (653) | 5,439 | |
Less: reclassified adjustments for gain included in net income, net of income taxes, of $2, $0, $2, and $18 ,respectively | (2) | 0 | (2) | (28) | |
Net unrealized gain (loss) on available for sale securities, net of income taxes | 1,867 | (665) | (655) | 5,411 | |
Total comprehensive income | $ 11,783 | $ 2,928 | $ 28,287 | $ 11,094 | |
Earnings per share: | |||||
Basic | $ 0.22 | $ 0.08 | $ 0.64 | $ 0.14 | |
Diluted | $ 0.22 | $ 0.08 | $ 0.63 | $ 0.14 | |
Common shares used in the calculation of earnings per share: | |||||
Basic | [1] | 45,200,366 | 45,061,356 | 45,163,766 | 39,435,947 |
Diluted | [1] | 45,826,153 | 45,413,275 | 45,732,665 | 39,801,560 |
[1] | Excludes participating shares. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Reclassifications of gain included in net income, income taxes | $ 2 | $ 0 | $ 2 | $ 18 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Gulf Stream [Member] | Gulf Stream [Member]Common Stock [Member] | Gulf Stream [Member]Additional Paid in Capital [Member] | First Southern Bancorp, Inc. [Member] | First Southern Bancorp, Inc. [Member]Common Stock [Member] | First Southern Bancorp, Inc. [Member]Additional Paid in Capital [Member] |
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 | ||||||||||
Net income | 5,683 | 5,683 | |||||||||
Unrealized holding gain/loss on available for sale securities, net of deferred income tax | 5,411 | 5,411 | |||||||||
Dividends paid - common | (1,256) | (1,256) | |||||||||
Stock grants issued | 554 | $ 2 | 552 | ||||||||
Stock grants issued, shares | 194,830 | ||||||||||
Stock based compensation expense | 220 | 220 | |||||||||
Stock options exercised, including tax benefit | 968 | $ 2 | 966 | ||||||||
Stock options exercised including tax benefit, Shares | 229,945 | ||||||||||
Stock issued pursuant to acquisition | $ 53,150 | $ 52 | $ 53,098 | $ 100,636 | $ 95 | $ 100,541 | |||||
Stock issued pursuant to acquisition, Shares | 5,195,541 | 9,476,045 | |||||||||
Stock options acquired and converted pursuant to Gulfstream acquisition | $ 3,617 | $ 3,617 | |||||||||
Balances at ending at Sep. 30, 2014 | 442,362 | $ 452 | 388,538 | 52,445 | 927 | ||||||
Balances at ending, shares at Sep. 30, 2014 | 45,208,836 | ||||||||||
Balances at beginning at Dec. 31, 2014 | $ 452,477 | $ 453 | 388,698 | 59,273 | 4,053 | ||||||
Balances at beginning, shares at Dec. 31, 2014 | 45,323,553 | 45,323,553 | |||||||||
Net income | $ 28,942 | 28,942 | |||||||||
Unrealized holding gain/loss on available for sale securities, net of deferred income tax | (655) | (655) | |||||||||
Dividends paid - common | (2,272) | (2,272) | |||||||||
Stock grants issued | 1,173 | $ 1 | 1,172 | ||||||||
Stock grants issued, shares | 69,416 | ||||||||||
Stock based compensation expense | 163 | 163 | |||||||||
Stock options exercised, including tax benefit | 782 | $ 2 | 780 | ||||||||
Stock options exercised including tax benefit, Shares | 141,190 | ||||||||||
Balances at ending at Sep. 30, 2015 | $ 479,812 | $ 455 | 390,016 | $ 85,943 | $ 3,398 | ||||||
Balances at ending, shares at Sep. 30, 2015 | 45,468,894 | 45,468,894 | |||||||||
Stock repurchase | $ (798) | $ (1) | $ (797) | ||||||||
Stock repurchase, Shares | (65,265) |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Unrealized holding gain/loss on available for sale securities, deferred income tax benefit | $ 411 | $ 3,398 |
Retained Earnings [Member] | ||
Dividends paid - common, per share | $ 0.05 | $ 0.03 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 28,942 | $ 5,683 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 3,950 | 808 |
Depreciation of premises and equipment | 4,274 | 4,583 |
Accretion of purchase accounting adjustments | (33,091) | (27,602) |
Net amortization of investment securities | 6,824 | 4,604 |
Net deferred loan origination fees | 343 | (452) |
Gain on sale of securities available for sale | (4) | (46) |
Trading securities revenue | (337) | (126) |
Purchases of trading securities | (114,101) | (117,031) |
Proceeds from sale of trading securities | 116,592 | 116,501 |
Repossessed real estate owned valuation write down | 1,016 | 2,234 |
Gain on sale of repossessed real estate owned | (1,783) | (121) |
Loss on repossessed assets other than real estate | 14 | 34 |
Gain on sale of loans held for sale | (454) | (380) |
Loans originated and held for sale | (23,592) | (18,751) |
Proceeds from sale of loans held for sale | 24,491 | 19,866 |
Gain on disposal of and or sale of fixed assets | (19) | (18) |
Gain on disposal of bank property held for sale | (57) | 0 |
Impairment on bank property held for sale | 694 | 2,500 |
Deferred income taxes | 2,486 | (3,595) |
Stock based compensation expense | 2,417 | 573 |
Bank owned life insurance income | (1,772) | (1,159) |
Net cash from changes in: | ||
Net changes in accrued interest receivable, prepaid expenses, and other assets | 2,009 | 10,204 |
Net change in accrued interest payable, accrued expense, and other liabilities | 23,949 | 5,939 |
Net cash provided by operating activities | 42,791 | 4,248 |
Cash flows from investing activities: | ||
Purchases of investment securities | (3,867) | 0 |
Purchases of mortgage backed securities | (65,459) | (195,943) |
Proceeds from pay-downs of mortgage backed securities | 71,336 | 61,355 |
Proceeds from sales of investment securities | 0 | 62,111 |
Proceeds from sales of mortgage backed securities | 16,305 | 261,426 |
Proceeds from called investment securities | 2,190 | 1,935 |
Purchases of investment securities | (53,789) | (5,377) |
Purchases of mortgage backed securities | (30,776) | 0 |
Proceeds from called investment securities | 44,425 | 0 |
Proceeds from pay-downs of mortgage backed securities | 27,799 | 0 |
Purchases of FHLB and FRB stock | (23) | (3,580) |
Proceeds from sales of FHLB and FRB stock | 208 | 1,054 |
Net (increase) decrease in loans | (110,363) | 12,039 |
Cash received from FDIC loss sharing agreements | 6,291 | 9,593 |
Purchase of bank owned life insurance | 0 | (25,000) |
Purchases of premises and equipment, net | (6,181) | (628) |
Proceeds from sale of repossessed real estate | 27,696 | 25,675 |
Proceeds from sale of fixed assets | 49 | 18 |
Proceeds from sale of bank property held for sale | 1,518 | 7,134 |
Net cash from bank acquisitions | 12,537 | 130,494 |
Net cash (used in) / provided by investing activities | (60,104) | 342,306 |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 79,087 | (151,150) |
Sale of deposits | 0 | (169,748) |
Net increase in securities sold under agreement to repurchase | 1,490 | 2,423 |
Net increase in federal funds purchased | 9,311 | 12,161 |
Net decrease in other borrowings | (5,708) | |
Net (decrease) increase in payable to shareholders for acquisitions | (269) | 1,433 |
Stock options exercised, including tax benefit | 782 | 968 |
Stock repurchased | (798) | |
Dividends paid | (2,272) | (1,256) |
Net cash provided by / (used in) financing activities | 87,331 | (310,877) |
Net increase in cash and cash equivalents | 70,018 | 35,677 |
Cash and cash equivalents, beginning of period | 158,413 | 174,889 |
Cash and cash equivalents, end of period | 228,431 | 210,566 |
Transfer of loans to other real estate owned | 9,309 | 12,741 |
Transfers of bank property to held for sale | 970 | 4,647 |
Cash paid during the period for: | ||
Interest | 6,252 | 6,350 |
Income taxes | $ 11,553 | $ 5,761 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | NOTE 1: Nature of operations and basis of presentation The consolidated financial statements include the accounts of CenterState Banks, Inc. (the “Parent Company,” “Company” or “CSFL”), and its wholly owned subsidiary bank, CenterState Bank of Florida, N.A. (“CenterState”), and non bank subsidiary, R4ALL, Inc. The subsidiary bank operates through 57 full service banking locations in 20 counties throughout Florida, providing traditional deposit and lending products and services to its commercial and retail customers. R4ALL, Inc. is a separate non bank subsidiary of CSFL. Its purpose is to purchase troubled loans from the subsidiary bank and manage their eventual disposition. In addition, the Company also operates a correspondent banking and capital markets division. The division is integrated with and part of the subsidiary bank located in Winter Haven, Florida, although the majority of its 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, fees from hedging services, loan brokerage fees and consulting fees for services related to these activities. 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 the Annual Report on Form 10-K for the year ended December 31, 2014. In the Company’s 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 and nine month periods ended September 30, 2015 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 period net income or shareholders’ equity. |
Common Stock Outstanding and Ea
Common Stock Outstanding and Earnings Per Share Data | 9 Months Ended |
Sep. 30, 2015 | |
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 nine month periods ending September 30, 2015 and 2014 were 462,004, 893,620, 473,501 and 956,882, 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 Sept. 30, Nine months ended Sept. 30, 2015 2014 2015 2014 Basic Net income available to common shareholders $ 9,916 $ 3,593 $ 28,942 $ 5,683 Less: Earnings allocated to participating securities (54 ) - (160 ) - Net income allocated to common shareholders $ 9,862 $ 3,593 $ 28,782 $ 5,683 Weighted average common shares outstanding including participating securities 45,447,962 45,061,356 45,414,202 39,435,947 Less: Participating securities (1) (247,596 ) - (250,436 ) - Average shares 45,200,366 45,061,356 45,163,766 39,435,947 Basic earnings per common share $ 0.22 $ 0.08 $ 0.64 $ 0.14 Diluted Net income available to common shareholders $ 9,862 $ 3,593 $ 28,782 $ 5,683 Weighted average common shares outstanding for basic earnings per common share 45,200,366 45,061,356 45,163,766 39,435,947 Add: Dilutive effects of stock based compensation awards 625,787 351,919 568,899 365,613 Average shares and dilutive potential common shares 45,826,153 45,413,275 45,732,665 39,801,560 Diluted earnings per common share $ 0.22 $ 0.08 $ 0.63 $ 0.14 1. Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2015 | |
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 Significant Quoted prices in other Significant active markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at September 30, 2015 Assets: Trading securities $ 1,266 — $ 1,266 — Available for sale securities U.S. Treasury securities 1,005 — 1,005 — Mortgage backed securities 450,447 — 450,447 — Municipal securities 39,006 — 39,006 — Interest rate swap derivatives 21,036 — 21,036 — Liabilities: Interest rate swap derivatives 22,451 — 22,451 — at December 31, 2014 Assets: Trading securities $ 3,420 — $ 3,420 — Available for sale securities U.S. government sponsored entities and agencies 3 — 3 — Mortgage backed securities 478,633 — 478,633 — Municipal securities 38,821 — 38,821 — Interest rate swap derivatives 6,800 — 6,800 — Liabilities: Interest rate swap derivatives 7,575 — 7,575 — The fair value of impaired loans with specific valuation allowance for loan losses and other real estate owned is based on recent real estate appraisals. For residential real estate impaired loans and other real estate owned, appraised values are based on the comparative sales approach. For commercial and commercial real estate impaired loans, and other real estate owned, appraisers may use either a single valuation approach or a combination of approaches such as comparative sales, cost or the income approach. A significant unobservable input in the income approach is the estimated income capitalization rate for a given piece of collateral. At September 30, 2015, the range of capitalization rates utilized to determine the fair value of the underlying collateral ranged from 7% to 10%. 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 Significant Quoted prices in other Significant active markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at September 30, 2015 Assets: Impaired loans Residential real estate $ 3,319 — — $ 3,319 Commercial real estate 9,446 — — 9,446 Land, land development and construction 1,181 — — 1,181 Commercial 553 — — 553 Consumer 94 — — 94 Other real estate owned Residential real estate 97 — — 97 Commercial real estate 2,874 — — 2,874 Land, land development and construction 2,325 — — 2,325 Bank property held for sale 1,489 — — 1,489 at December 31, 2014 Assets: Impaired loans Residential real estate $ 2,971 — — $ 2,971 Commercial real estate 4,854 — — 4,854 Land, land development and construction 1,731 — — 1,731 Commercial 167 — — 167 Consumer 102 — — 102 Other real estate owned Residential real estate 448 — — 448 Commercial real estate 2,363 — — 2,363 Land, land development and construction 2,240 — — 2,240 Bank property held for sale 2,675 — — 2,675 Impaired loans with specific valuation allowances and/or partial charge-offs had a recorded investment of $15,524 with a valuation allowance of $931, at September 30, 2015, and a recorded investment of $10,677, with a valuation allowance of $852, at December 31, 2014. The Company recorded a provision for loan loss expense of $241 and $516 on these loans during the three and nine month periods ending September 30, 2015. The Company recorded a provision for loan loss expense of $452 and $857 on impaired loans carried at fair value during the three and nine month periods ending September 30, 2014, respectively. Other real estate owned had a decline in fair value of $237, $329, $1,016 and $2,234 during the three and nine month periods ending September 30, 2015 and 2014, 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 with other existing branches. The real estate was transferred out of the Bank Premises and Equipment category into bank property held for sale 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 recognized an impairment charge (recovery) of $12, ($6), $637 and $2,500 during the three and nine month periods ending September 30, 2015 and 2014, respectively, related to bank properties held-for-sale. 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: FHLB and FRB Stock Investment securities held to maturity Loans held for sale Loans, net FDIC Indemnification Asset Accrued Interest Receivable Deposits Short-term Borrowings Corporate Debentures Accrued Interest Payable Off-balance Sheet Instruments The following table presents the carry amounts and estimated fair values of the Company’s financial instruments: Fair value measurements at September 30, 2015 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 228,431 $ 228,431 $ - $ - $ 228,431 Trading securities 1,266 - 1,266 - 1,266 Investment securities available for sale 490,458 - 490,458 - 490,458 Investment securities held to maturity 248,310 - 248,922 - 248,922 FHLB and FRB stock 14,035 - - - n/a Loans held for sale 806 - 806 - 806 Loans, less allowance for loan losses of $22,648 2,540,983 - - 2,545,630 2,545,630 FDIC indemnification asset 28,596 - - - n/a Interest rate swap derivatives 21,036 - 21,036 - 21,036 Accrued interest receivable 9,687 - - 9,687 9,687 Financial liabilities: Deposits- without stated maturities $ 2,750,711 $ 2,750,711 $ - $ - $ 2,750,711 Deposits- with stated maturities 434,478 - 434,677 - 434,677 Securities sold under agreement to repurchase 28,512 - 28,512 - 28,512 Federal funds purchased 161,303 - 161,303 - 161,303 Corporate debentures 24,049 - - 19,501 19,501 Interest rate swap derivatives 22,451 - 22,451 - 22,451 Accrued interest payable 231 - 231 - 231 Fair value measurements at December 31, 2014 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 158,413 $ 158,413 $ - $ - $ 158,413 Trading securities 3,420 — 3,420 — 3,420 Investment securities available for sale 517,457 — 517,457 — 517,457 Investment securities held to maturity 237,362 — 238,431 — 238,431 FHLB and FRB stock 14,219 — — — n/a Loans held for sale 1,251 — 1,251 — 1,251 Loans, less allowance for loan losses of $19,898 2,409,627 — — 2,418,405 2,418,405 FDIC indemnification asset 49,054 — — — n/a Interest rate swap derivatives 6,800 — 6,800 — 6,800 Accrued interest receivable 8,999 — — 8,999 8,999 Financial liabilities: Deposits- without stated maturities $ 2,604,228 $ 2,604,228 $ - $ - $ 2,604,228 Deposits- with stated maturities 487,812 — 491,999 — 491,999 Securities sold under agreement to repurchase 27,022 — 27,022 — 27,022 Federal funds purchased 151,992 — 151,992 — 151,992 Corporate debentures 23,917 — — 19,722 19,722 Interest rate swap derivatives 7,575 — 7,575 — 7,575 Accrued interest payable 336 — 336 — 336 |
Reportable Segments
Reportable Segments | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segments | NOTE 4: Reportable segments The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning purposes by management. The table below is a reconciliation of the reportable segment revenues, expenses, and profit to the Company’s consolidated total for the three and nine month periods ending September 30, 2015 and 2014. Three month period ending September 30, 2015 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 38,417 $ 1,695 $ - $ - $ 40,112 Interest expense (1,390 ) (150 ) (244 ) - (1,784 ) Net interest income (expense) 37,027 1,545 (244 ) - 38,328 Provision for loan losses (1 ) 1 - - - Non interest income 2,195 5,935 - - 8,130 Non interest expense (24,663 ) (5,063 ) (1,129 ) - (30,855 ) Net income (loss) before taxes 14,558 2,418 (1,373 ) - 15,603 Income tax (provision) benefit (5,279 ) (934 ) 526 - (5,687 ) Net income (loss) $ 9,279 $ 1,484 $ (847 ) $ - $ 9,916 Total assets $ 3,616,330 $ 308,046 $ 511,223 $ (502,527 ) $ 3,933,072 Nine month period ending September 30, 2015 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 116,173 $ 5,049 $ - $ - $ 121,222 Interest expense (4,310 ) (435 ) (722 ) - (5,467 ) Net interest income (expense) $ 111,863 $ 4,614 $ (722 ) - $ 115,755 Provision for loan losses (3,796 ) (154 ) - - (3,950 ) Non interest income 6,462 21,322 - - 27,784 Non interest expense (73,962 ) (16,666 ) (3,368 ) - (93,996 ) Net income (loss) before taxes $ 40,567 $ 9,116 $ (4,090 ) - $ 45,593 Income tax (provision) benefit (14,700 ) (3,517 ) 1,566 - (16,651 ) Net income (loss) $ 25,867 $ 5,599 $ (2,524 ) $ - $ 28,942 Total assets $ 3,616,330 $ 308,046 $ 511,223 $ (502,527 ) $ 3,933,072 Three month period ending September 30, 2014 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 36,541 $ 806 $ - - $ 37,347 Interest expense (1,852 ) (5 ) (240 ) - (2,097 ) Net interest income (expense) 34,689 801 (240 ) - 35,250 Provision for loan losses (955 ) - - - (955 ) Non interest income 1,417 5,142 - - 6,559 Non interest expense (29,601 ) (5,036 ) (897 ) - (35,534 ) Net income before taxes 5,550 907 (1,137 ) - 5,320 Income tax (provision) benefit (1,812 ) (350 ) 435 - (1,727 ) Net income (loss) $ 3,738 $ 557 $ (702 ) - $ 3,593 Total assets $ 3,473,586 $ 153,243 $ 472,431 $ (460,117 ) $ 3,639,143 Nine month period ending September 30, 2014 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 97,944 $ 2,264 $ - $ - $ 100,208 Interest expense (4,791 ) (16 ) (701 ) - (5,508 ) Net interest income 93,153 2,248 (701 ) - 94,700 Provision for loan losses (808 ) - - - (808 ) Non interest income 4,333 14,358 - - 18,691 Non interest expense (86,983 ) (14,477 ) (2,630 ) - (104,090 ) Net income before taxes 9,695 2,129 (3,331 ) - 8,493 Income tax (provision) benefit (3,250 ) (821 ) 1,261 - (2,810 ) Net income (loss) $ 6,445 $ 1,308 $ (2,070 ) $ - $ 5,683 Total assets $ 3,473,586 $ 153,243 $ 472,431 $ (460,117 ) $ 3,639,143 Commercial and retail banking Correspondent banking and capital markets division Corporate overhead and administration |
Investment securities
Investment securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Investment securities | NOTE 5: Investment securities Available-for-Sale All of the mortgage backed securities listed below were issued by U.S. government sponsored entities and agencies, primarily Fannie Mae, Freddie Mac and Ginnie Mae, institutions which the government has affirmed its commitment to support. The fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: September 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 1,003 $ 2 $ - $ 1,005 Mortgage backed securities 446,001 5,803 1,357 450,447 Municipal securities 37,922 1,119 35 39,006 Total available-for-sale $ 484,926 $ 6,924 $ 1,392 $ 490,458 December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Obligations of U.S. government sponsored entities and agencies $ 3 $ - $ - $ 3 Mortgage backed securities 473,396 6,897 1,660 478,633 Municipal securities 37,460 1,412 51 38,821 Total available-for-sale $ 510,859 $ 8,309 $ 1,711 $ 517,457 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 Business Bank (“GSB”) acquisition and the securities sold during the second quarter of 2014 included the securities acquired through the First Southern Bancorp (“FSB”) acquisitions. These acquired securities were marked to fair value and subsequently sold after the acquisition date, and no gain or loss was recognized from the sale of these securities. Sales of available for sale securities for the nine months ended September 30, 2015 and 2014 were as follows: For the nine months ended: September 30, 2015 September 30, 2014 Proceeds $ 16,305 $ 323,542 Gross gains 303 1,175 Gross losses 299 1,129 The tax provision related to these net realized gains was $2 and $18, respectively. The fair value of available for sale securities at September 30, 2015 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Amortized Investment securities available for sale: Fair Value Cost Due in one year or less $ 517 $ 515 Due after one year through five years 4,758 4,655 Due after five years through ten years 16,801 16,362 Due after ten years through thirty years 17,935 17,393 Mortgage backed securities 450,447 446,001 Total available-for-sale $ 490,458 $ 484,926 Available for sale securities pledged at September 30, 2015 and December 31, 2014 had a carrying amount (estimated fair value) of $133,998 and $139,297 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At September 30, 2015 and December 31, 2014, 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 available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2015 and December 31, 2014. September 30, 2015 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Mortgage backed securities $ 83,428 $ 243 $ 42,532 $ 1,114 $ 125,960 $ 1,357 Municipal securities 3,184 35 - - 3,184 35 Total temporarily impaired available-for-sale securities $ 86,612 $ 278 $ 42,532 $ 1,114 $ 129,144 $ 1,392 December 31, 2014 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Mortgage backed securities $ 15,876 $ 41 $ 99,010 $ 1,619 $ 114,886 $ 1,660 Municipal securities - - 3,194 51 3,194 51 Total temporarily impaired available-for-sale securities $ 15,876 $ 41 $ 102,204 $ 1,670 $ 118,080 $ 1,711 At September 30, 2015, 100% of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae, Freddie Mac, and Ginnie Mae, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2015. 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. Held-to-Maturity The following reflects the fair value of held to maturity securities and the related gross unrecognized gains and losses as of September 30, 2015 and December 31, 2014. September 30, 2015 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Obligations of U.S. government sponsored entities and agencies $ 35,472 $ 37 $ 155 $ 35,354 Mortgage backed securities 163,373 685 53 164,005 Municipal securities 49,465 426 328 49,563 Total held-to-maturity $ 248,310 $ 1,148 $ 536 $ 248,922 December 31, 2014 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Obligations of U.S. government sponsored entities and agencies $ 49,793 $ 122 $ - $ 49,915 Mortgage backed securities 161,727 654 - 162,381 Municipal securities 25,842 305 12 26,135 Total held to maturity $ 237,362 $ 1,081 $ 12 $ 238,431 Held to maturity securities pledged at September 30, 2015 and December 31, 2014 had an estimated fair value of $50,346 and $51,531 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At September 30, 2015, there were no holdings of held to maturity securities of any one issuer in an amount greater than 10% of stockholders’ equity. The fair value and amortized cost of held to maturity securities at September 30, 2015 by contractual maturity were as follows. Mortgage-backed securities are not due at a single maturity date and are shown separately. Amortized Investment securities held to maturity Fair Value Cost Due after five years through ten years $ 22,392 $ 22,446 Due after ten years through thirty years 62,525 62,491 Mortgage backed securities 164,005 163,373 Total held-to-maturity $ 248,922 $ 248,310 The following table shows the Company’s held to maturity investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at September 30, 2015 and December 31, 2014. September 30, 2015 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses Obligations of U.S. government sponsored entities and agencies $ 27,852 $ 155 $ - $ - $ 27,852 $ 155 Mortgage backed securities 21,635 53 - - 21,635 53 Municipal securities 23,874 328 - - 23,874 328 Total temporarily impaired held-to-maturity securities $ 73,361 $ 536 $ - $ - $ 73,361 $ 536 December 31, 2014 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses Municipal securities $ 2,475 $ 12 $ - $ - 2,475 12 Total temporarily impaired held-to-maturity securities $ 2,475 $ 12 $ - $ - $ 2,475 $ 12 At September 30, 2015, 100% of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae, Freddie Mac, and Ginnie Mae, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2015. Unrealized losses on municipal securities have not been recognized into income because the issuers bonds are of high quality, and because management does not intend to sell these investments or more likely than not will not be required to sell these investments before their anticipated recovery. The fair value is expected to recover as the securities approach maturity. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans | NOTE 6: Loans The following table sets forth information concerning the loan portfolio by collateral types as of the dates indicated. September 30, 2015 December 31, 2014 Loans excluding PCI loans Real estate loans Residential $ 634,106 $ 589,068 Commercial 1,234,383 1,132,933 Land, development and construction 100,200 79,002 Total real estate 1,968,689 1,801,003 Commercial 297,389 294,493 Consumer and other loans 65,397 56,334 Loans before unearned fees and deferred cost 2,331,475 2,151,830 Net unearned fees and costs 378 929 Total loans excluding PCI loans 2,331,853 2,152,759 PCI loans (note 1) Real estate loans Residential 92,243 102,009 Commercial 119,379 140,977 Land, development and construction 16,851 24,032 Total real estate 228,473 267,018 Commercial 2,848 8,953 Consumer and other loans 457 795 Total PCI loans 231,778 276,766 Total loans 2,563,631 2,429,525 Allowance for loan losses for loans that are not PCI loans (22,586 ) (19,384 ) Allowance for loan losses for PCI loans (62 ) (514 ) Total loans, net of allowance for loan losses $ 2,540,983 $ 2,409,627 The following sets forth the covered FDIC loans included in the table above. September 30, 2015 December 31, 2014 FDIC covered loans that are not PCI loans Real estate loans Residential $ 3,166 $ 3,895 Commercial 27,009 33,606 Land, development and construction 844 866 Total real estate 31,019 38,367 Commercial 1,052 1,253 FDIC covered loans, excluding PCI loans 32,071 39,620 FDIC covered PCI loans (note 1) Real estate loans Residential 85,596 98,075 Commercial 69,855 116,457 Land, development and construction 11,368 15,395 Total real estate 166,819 229,927 Commercial 2,131 4,974 Total FDIC covered PCI loans 168,950 234,901 Total FDIC covered loans 201,021 274,521 Allowance for loan losses for FDIC covered loans that are not PCI loans (138 ) - Allowance for loan losses for FDIC covered PCI loans (46 ) (514 ) Total covered loans, net of allowance for loan losses $ 200,837 $ 274,007 note 1: Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. The table below set forth the activity in the allowance for loan losses for the periods presented. Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Three months ended September 30, 2015 Balance at beginning of period $ 22,818 $ 116 $ 22,934 Loans charged-off (893 ) (50 ) (943 ) Recoveries of loans previously charged-off 657 - 657 Net charge-offs (236 ) (50 ) (286 ) Provision (recovery) for loan losses 4 (4 ) - Balance at end of period $ 22,586 $ 62 $ 22,648 Three months ended September 30, 2014 Balance at beginning of period $ 18,240 $ 960 $ 19,200 Loans charged-off (869 ) - (869 ) Recoveries of loans previously charged-off 556 - 556 Net charge-offs (313 ) - (313 ) (Recovery) provision for loan losses 1,108 (153 ) 955 Balance at end of period $ 19,035 $ 807 $ 19,842 Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Nine months ended September 30, 2015 Balance at beginning of period $ 19,384 $ 514 $ 19,898 Loans charged-off (2,625 ) (127 ) (2,752 ) Recoveries of loans previously charged-off 1,552 - 1,552 Net charge-offs (1,073 ) (127 ) (1,200 ) Provision for loan losses 4,275 (325 ) 3,950 Balance at end of period $ 22,586 $ 62 $ 22,648 Nine months ended September 30, 2014 Balance at beginning of period $ 19,694 $ 760 $ 20,454 Loans charged-off (2,931 ) - (2,931 ) Recoveries of loans previously charged-off 1,511 - 1,511 Net charge-offs (1,420 ) - (1,420 ) Provision for loan losses 761 47 808 Balance at end of period $ 19,035 $ 807 $ 19,842 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, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Three months ended September 30, 2015 Beginning of the period $ 6,764 $ 10,649 $ 867 $ 3,035 $ 1,503 $ 22,818 Charge-offs (634 ) - (58 ) (37 ) (164 ) (893 ) Recoveries 213 328 - 83 33 657 Provision for loan losses (68 ) 143 (221 ) 24 126 4 Balance at end of period $ 6,275 $ 11,120 $ 588 $ 3,105 $ 1,498 $ 22,586 Three months ended September 30, 2014 Beginning of the period $ 7,819 $ 7,544 $ 634 $ 1,100 $ 1,143 $ 18,240 Charge-offs (260 ) (37 ) (24 ) (327 ) (221 ) (869 ) Recoveries 349 107 45 15 40 556 (Recovery) provision for loan losses (1,415 ) 1,133 154 1,032 204 1,108 Balance at end of period $ 6,493 $ 8,747 $ 809 $ 1,820 $ 1,166 $ 19,035 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Three months ended September 30, 2015 Beginning of the period $ - $ 111 $ 2 $ 3 $ - $ 116 Charge-offs - - - - (50 ) (50 ) Recoveries - - - - - - (Recovery) provision for loan losses - (70 ) - - 66 (4 ) Balance at end of period $ - $ 41 $ 2 $ 3 $ 16 $ 62 Three months ended September 30, 2014 Beginning of the period $ - $ 522 $ 77 $ 361 $ - $ 960 Charge-offs - - - - - - Recoveries - - - - - - Provision (recovery) for loan losses - (27 ) (47 ) (79 ) - (153 ) Balance at end of period $ - $ 495 $ 30 $ 282 $ - $ 807 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Nine months ended September 30, 2015 Beginning of the period $ 6,743 $ 8,269 $ 752 $ 2,330 $ 1,290 $ 19,384 Charge-offs (1,037 ) (60 ) (129 ) (849 ) (550 ) (2,625 ) Recoveries 800 448 4 172 128 1,552 Provision for loan losses (231 ) 2,463 (39 ) 1,452 630 4,275 Balance at end of period $ 6,275 $ 11,120 $ 588 $ 3,105 $ 1,498 $ 22,586 Nine months ended September 30, 2014 Beginning of the period $ 8,785 $ 6,441 $ 3,069 $ 510 $ 889 $ 19,694 Charge-offs (1,175 ) (352 ) (124 ) (594 ) (686 ) (2,931 ) Recoveries 784 482 93 19 133 1,511 Provision for loan losses (1,901 ) 2,176 (2,229 ) 1,885 830 761 Balance at end of period $ 6,493 $ 8,747 $ 809 $ 1,820 $ 1,166 $ 19,035 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Nine months ended September 30, 2015 Beginning of the period $ - $ 372 $ 6 $ 136 $ - $ 514 Charge-offs - (77 ) - - (50 ) (127 ) Recoveries - - - - - - Provision for loan losses - (254 ) (4 ) (133 ) 66 (325 ) Balance at end of period $ - $ 41 $ 2 $ 3 $ 16 $ 62 Nine months ended September 30, 2014 Beginning of the period $ - $ 138 $ 89 $ 533 $ - $ 760 Charge-offs - - - - - - Recoveries - - - - - - Provision for loan losses - 357 (59 ) (251 ) - 47 Balance at end of period $ - $ 495 $ 30 $ 282 $ - $ 807 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2015 and December 31, 2014. Accrued interest receivable and unearned loan fees and costs are not included in the recorded investment because they are not material. Real Estate Loans As of September 30, 2015 Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 413 $ 503 $ 252 $ 10 $ 34 $ 1,212 Collectively evaluated for impairment 5,862 10,617 336 3,095 1,464 21,374 Purchased credit impaired - 41 2 3 16 62 Total ending allowance balance $ 6,275 $ 11,161 $ 590 $ 3,108 $ 1,514 $ 22,648 Loans: Individually evaluated for impairment $ 8,167 $ 10,654 $ 1,782 $ 963 $ 292 $ 21,858 Collectively evaluated for impairment 625,939 1,223,729 98,418 296,426 65,105 2,309,617 Purchased credit impaired 92,243 119,379 16,851 2,848 457 231,778 Total ending loan balances $ 726,349 $ 1,353,762 $ 117,051 $ 300,237 $ 65,854 $ 2,563,253 Real Estate Loans As of December 31, 2014 Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 419 $ 403 $ 272 $ 4 $ 17 $ 1,115 Collectively evaluated for impairment 6,324 7,866 480 2,326 1,273 18,269 Purchased credit impaired - 372 6 136 - 514 Total ending allowance balance $ 6,743 $ 8,641 $ 758 $ 2,466 $ 1,290 $ 19,898 Loans: Individually evaluated for impairment $ 9,980 $ 10,902 $ 2,748 $ 1,365 $ 255 $ 25,250 Collectively evaluated for impairment 579,088 1,122,031 76,254 293,128 56,079 2,126,580 Purchased credit impaired 102,009 140,977 24,032 8,953 795 276,766 Total ending loan balance $ 691,077 $ 1,273,910 $ 103,034 $ 303,446 $ 57,129 $ 2,428,596 Loans collectively evaluated for impairment reported at September 30, 2015 include loans acquired from First Southern Bank (“FSB”) on June 1, 2014 and from Gulfstream Business Bank (“GSB”) on January 17, 2014 that are not PCI loans. These loans were performing loans recorded at estimated fair value at the acquisition date. The fair value adjustment for loans acquired from GSB at the acquisition date was approximately $7,680, or approximately 2.3% of the outstanding aggregate loan balances, and the fair value adjustment for loans acquired from FSB at the acquisition date was approximately $10,081, or approximately 2.0% of the outstanding aggregate loan balances. The unamortized fair value adjustment for loans acquired from GSB was approximately $5,078 and $6,042 at September 30, 2015 and December 31, 2014, respectively. The unamortized fair value adjustment for loans acquired from FSB was approximately $5,074 and $7,032 at September 30, 2015 and December 31, 2014, respectively. As of the end of the current quarter, the Company has a 20 month history with the performing loans acquired from GSB. Management evaluated the performance of this group of loans over the period subsequent to the acquisition date and, based on this evaluation, has recorded an allowance for loan losses at September 30, 2015 of $2,328. Management considered the levels of and trends in non-performing loans, past-due loans, adverse loan grade classification changes, net charge-offs and impaired loans in arriving at its estimate. As of the end of the current quarter, the Company has a 16 month history with the performing loans acquired from FSB. Management evaluated the performance of this group of loans over the period subsequent to the acquisition date and, based on this evaluation, has recorded an allowance for loan losses at September 30, 2015 of $1,487. Management considered the levels of and trends in non-performing loans, past-due loans, adverse loan grade classification changes, net charge-offs, impaired loans, and those loans that were covered by FDIC loss share agreements and those loans guaranteed by the California State University System in arriving at its estimate. The table below summarizes impaired loan data for the periods presented. Sept. 30, 2015 Dec. 31, 2014 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $ 10,553 $ 11,418 Nonperforming TDRs (these are included in NPLs) 4,651 3,648 Total TDRs (these are included in impaired loans) 15,204 15,066 Impaired loans that are not TDRs 6,654 10,184 Total impaired loans $ 21,858 $ 25,250 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 a distressed sale. 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 September 30, 2015 and December 31, 2014 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non performing loans) are presented in the tables below. As of September 30, 2015 Accruing Non Accrual Total Real estate loans: Residential $ 6,313 $ 1,854 $ 8,167 Commercial 2,485 2,592 5,077 Land, development, construction 610 95 705 Total real estate loans 9,408 4,541 13,949 Commercial 896 67 963 Consumer and other 249 43 292 Total TDRs $ 10,553 $ 4,651 $ 15,204 As of December 31, 2014 Accruing Non-Accrual Total Real estate loans: Residential $ 7,201 $ 1,523 $ 8,724 Commercial 2,762 1,794 4,556 Land, development, construction 547 241 788 Total real estate loans 10,510 3,558 14,068 Commercial 706 37 743 Consumer and other 202 53 255 Total TDRs $ 11,418 $ 3,648 $ 15,066 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 $70 and $321 and partial charge offs of $50 and $224 on the TDR loans described above during the three and nine month periods ending September 30, 2015. The Company recorded a provision for loan loss expense of $126 and $342 and partial charge-offs of $63 and $161 on TDR loans during the three and nine month periods ending September 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 69% of our TDRs are current pursuant to their modified terms, and $4,651, or approximately 31% 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. Loans modified as TDRs during the three and nine month periods ending September 30, 2015 were $225 and $3,225. The Company recorded a loan loss provision of $3 and $194 for loans modified during the three and nine month periods ending September 30, 2015. Loans modified as TDRs during the three and nine month periods ending September 30, 2014 were $1,351 and $2,781. The Company recorded a loan loss provision of $56 and $161 for loans modified during the three and nine month periods ending September 30, 2014. The following table presents loans by class modified and for which there was a payment default within twelve months following the modification during the periods ending September 30, 2015 and 2014. Period ending Period ending September 30, 2015 September 30, 2014 Number Recorded Number Recorded of loans investment of loans investment Residential 3 $ 596 - $ - Commercial real estate 3 1,364 3 566 Land, development, construction 1 95 1 142 Commercial and Industrial - - - - Consumer and other - - - - Total 7 $ 2,055 4 $ 708 The Company recorded a provision for loan loss expense of $25, $62, $123 and $66, and partial charge offs of $28, $31, $125 and $40 on TDR loans that subsequently defaulted as described above during the three and nine month periods ending September 30, 2015 and 2014, respectively. The following tables present loans individually evaluated for impairment by class of loans as of September 30, 2015 and December 31, 2014, 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 September 30, 2015 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 5,920 $ 5,618 $ - Commercial real estate 9,083 8,647 - Land, development, construction 1,365 742 - Commercial and industrial 196 189 - Consumer, other 111 106 - With an allowance recorded: Residential real estate 2,598 2,549 413 Commercial real estate 2,148 2,007 503 Land, development, construction 1,067 1,040 252 Commercial and industrial 777 774 10 Consumer, other 194 186 34 Total $ 23,459 $ 21,858 $ 1,212 As of December 31, 2014 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 6,797 $ 6,672 $ - Commercial real estate 8,208 8,059 - Land, development, construction 2,234 1,606 - Commercial and industrial 1,132 1,129 - Consumer, other - - - With an allowance recorded: Residential real estate 3,451 3,308 419 Commercial real estate 3,024 2,843 403 Land, development, construction 1,187 1,142 272 Commercial and industrial 283 236 4 Consumer, other 267 255 17 Total $ 26,583 $ 25,250 $ 1,115 Three month period ending September 30, 2015 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,446 $ 61 $ - Commercial 10,938 66 - Land, development, construction 1,802 7 - Total real estate loans 21,186 134 - Commercial and industrial 871 10 - Consumer and other loans 295 3 - Total $ 22,352 $ 147 $ - Nine month period ending September 30, 2015 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,789 $ 184 $ - Commercial 10,808 193 - Land, development, construction 1,990 21 - Total real estate loans 21,587 398 - Commercial and industrial 924 27 - Consumer and other loans 345 11 - Total $ 22,856 $ 436 $ - Three month period ending September 30, 2014 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 9,745 $ 83 $ - Commercial 12,362 39 - Land, development, construction 2,521 11 - Total real estate loans 24,628 133 - Commercial and industrial 2,068 19 - Consumer and other loans 283 3 - Total $ 26,979 $ 155 $ - Nine month period ending September 30, 2014 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 9,488 $ 247 $ - Commercial 12,614 110 - Land, development, construction 1,894 30 - Total real estate loans 23,996 387 - Commercial and industrial 2,107 58 - Consumer and other loans 310 9 - Total $ 26,413 $ 454 $ - 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: Sept. 30, 2015 Dec. 31, 2014 Non accrual loans $ 22,450 $ 25,595 Loans past due over 90 days and still accruing interest - - Total non performing loans $ 22,450 $ 25,595 The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of September 30, 2015 and December 31, 2014, excluding purchased credit impaired loans: As of September 30, 2015 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 10,714 $ - Commercial real estate 8,684 - Land, development, construction 1,519 - Commercial 934 - Consumer, other 599 - Total $ 22,450 $ - As of December 31, 2014 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 11,901 $ - Commercial real estate 8,470 - Land, development, construction 2,374 - Commercial 2,475 - Consumer, other 375 - Total $ 25,595 $ - The following table presents the aging of the recorded investment in past due loans as of September 30, 2015 and December 31, 2014, excluding purchased credit impaired loans: Accruing Loans Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans As of September 30, 2015 Residential real estate $ 634,106 $ 2,646 $ 994 $ - $ 3,640 $ 619,752 $ 10,714 Commercial real estate 1,234,383 6,089 1,633 - 7,722 1,217,977 8,684 Land/dev/construction 100,200 84 1,383 - 1,467 97,214 1,519 Commercial 297,389 1,979 381 - 2,360 294,095 934 Consumer 65,397 383 71 - 454 64,344 599 $ 2,331,475 $ 11,181 $ 4,462 $ - $ 15,643 $ 2,293,382 $ 22,450 Accruing Loans Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans As of December 31, 2014 Residential real estate $ 589,068 $ 2,162 $ 1,451 $ - $ 3,613 $ 573,554 $ 11,901 Commercial real estate 1,132,933 1,840 3,394 - 5,234 1,119,229 8,470 Land/dev/construction 79,002 378 404 - 782 75,846 2,374 Commercial 294,493 1,427 1,492 - 2,919 289,099 2,475 Consumer 56,334 411 149 - 560 55,399 375 $ 2,151,830 $ 6,218 $ 6,890 $ - $ 13,108 $ 2,113,127 $ 25,595 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 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 September 30, 2015 and December 31, 2014, 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 September 30, 2015 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 605,608 $ 7,676 $ 20,822 $ - Commercial real estate 1,171,459 31,486 31,438 - Land/dev/construction 91,530 5,758 2,912 - Commercial 291,344 2,700 3,345 - Consumer 64,506 317 574 - Total $ 2,224,447 $ 47,937 $ 59,091 $ - As of December 31, 2014 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 558,312 $ 7,053 $ 23,703 $ - Commercial real estate 1,063,979 34,953 34,001 - Land/dev/construction 65,216 9,731 4,055 - Commercial 285,549 4,419 4,525 - Consumer 55,590 278 466 - Total $ 2,028,646 $ 56,434 $ 66,750 $ - 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 September 30, 2015 and December 31, 2014: As of September 30, 2015 Residential Consumer Performing $ 623,392 $ 64,798 Nonperforming 10,714 599 Total $ 634,106 $ 65,397 As of December 31, 2014 Residential Consumer Performing $ 577,167 $ 55,959 Nonperforming 11,901 375 Total $ 589,068 $ 56,334 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 September 30, 2015 and December 31, 2014. Contractually required principal and interest payments have been adjusted for estimated prepayments. Sept. 30, 2015 Dec. 31, 2014 Contractually required principal and interest $ 355,320 $ 460,836 Non-accretable difference (19,998 ) (68,757 ) Cash flows expected to be collected 335,322 392,079 Accretable yield (103,544 ) (115,313 ) Carrying value of acquired loans 231,778 276,766 Allowance for loan losses (62 ) (514 ) Carrying value less allowance for loan losses $ 231,716 $ 276,252 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 $6,722, $1,727, $19,147 and $16,967 from non-accretable difference to accretable yield during the three and nine month periods ending September 30, 2015 and 2014 to reflect our adjusted estimates of future expected cash flows. The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the three and nine month periods ending September 30, 2015 and 2014. Activity during the Effect of income all other three month period ending September 30, 2015 Jun. 30, 2015 acquisitions accretion adjustments Sept. 30, 2015 Contractually required principal and interest $ 379,776 $ - $ - $ (24,456 ) $ 355,320 Non-accretable difference (25,188 ) - - 5,190 (19,998 ) Cash flows expected to be collected 354,588 - - (19,266 ) 335,322 Accretable yield (107,059 ) - 9,898 (6,383 ) (103,544 ) Carry value of acquired loans $ 247,529 $ - $ 9,898 $ (25,649 ) $ 231,778 Activity during the Effect of income all other nine month period ending September 30, 2015 Dec. 31, 2014 acquisitions accretion adjustments Sept. 30, 2015 Contractually required principal and interest $ 460,836 $ - $ - $ (105,516 ) $ 355,320 Non-accretable difference (68,757 ) - - 48,759 (19,998 ) Cash flows expected to be collected 392,079 - - (56,757 ) 335,322 Accretable yield (115,313 ) - 31,226 (19,457 ) (103,544 ) Carry value of acquired loans $ 276,766 $ - $ 31,226 $ (76,214 ) $ 231,778 Activity during the Effect of income all other three month period ending September 30, 2014 Jun. 30, 2014 acquisitions accretion adjustments Sept. 30, 2014 Contractually required principal and interest $ 566,948 $ - $ - $ (57,676 ) $ 509,272 Non-accretable difference (79,985 ) - - 6,194 (73,791 ) Cash flows expected to be collected 486,963 - - (51,482 ) 435,481 Accretable yield (133,093 ) - 9,099 (1,849 ) (125,843 ) Carry value of acquired loans $ 353,870 $ - $ 9,099 $ (53,331 ) $ 309,638 Activity during the Effect of income all other nine month period ending September 30, 2014 Dec. 31, 2013 acquisitions accretion adjustments Sept. 30, 2014 Contractually required principal and interest $ 389,537 $ 229,249 $ - $ (109,514 ) $ 509,272 Non-accretable difference (55,304 ) (45,293 ) - 26,806 (73,791 ) Cash flows expected to be collected 334,233 183,956 - (82,708 ) 435,481 Accretable yield (102,812 ) (32,204 ) 25,561 (16,388 ) (125,843 ) Carry value of acquired loans $ 231,421 $ 151,752 $ 25,561 $ (99,096 ) $ 309,638 |
FDIC Indemnification Asset
FDIC Indemnification Asset | 9 Months Ended |
Sep. 30, 2015 | |
Fdic Loss Share Indemnification Asset [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 FSB in June 2014. The activity in the FDIC loss share indemnification asset is as follows: Nine month period ended Sept. 30, 2015 Twelve month period ended Dec. 31, 2014 Beginning of the year $ 49,054 $ 73,877 Effect of acquisition - 2,636 Amortization, net (12,954 ) (20,664 ) Indemnification revenue 1,316 3,098 Indemnification of foreclosure expense (2,266 ) 237 Proceeds from FDIC (6,291 ) (10,014 ) Impairment (recovery) of loan pool (263 ) (116 ) Period end balance $ 28,596 $ 49,054 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: Nine month period ended Sept. 30, 2015 Twelve month period ended Dec. 31, 2014 Beginning of the year $ 1,205 $ 444 Effect of acquisition - 682 True-up liability accrual 189 79 Period end balance $ 1,394 $ 1,205 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 nine month period ended September 30, 2015, there was a recovery of a prior period impairment, as such, the estimated amount of impairment decreased, which resulted in a reduction of indemnification income of ($263). 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. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 9 Months Ended |
Sep. 30, 2015 | |
Banking And Thrift [Abstract] | |
Securities Sold Under Agreement to Repurchase | Our subsidiary bank enters into borrowing arrangements with our retail business customers by agreements to repurchase (“securities sold under agreements to repurchase”) under which the bank pledges investment securities owned and under their control as collateral against these one-day borrowing arrangement. These short-term borrowings totaled $28,512 at September 30, 2015 compared to $27,022 at December 31, 2014. The following table provides additional details as of September 30, 2015. MBS Municipal As of September 30, 2015 Securities Securities Total Market value of securities pledged $ 47,551 $ 2,180 $ 49,731 Borrowings related to pledged amounts 28,120 392 28,512 Market value pledged as a % of borrowings 169 % 556 % 174 % Any risk related to these arrangements, primarily market value changes, are minimized due to the overnight (one day) maturity and the additional collateral pledged over the borrowed amounts. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 9: Subsequent events On October 5, 2015, the Company entered into an Agreement and Plan of Merger (“Agreement”) with Community Bank of South Florida, Inc. (“Community Bank”), whereby Community Bank will be merged with and into the Company (the “Merger”), with the Company continuing as the surviving corporation in the Merger. Pursuant to and simultaneously with entering into the Agreement, the Company’s wholly owned subsidiary bank, CenterState Bank of Florida, N.A. (“CenterState Bank”) and Community Bank’s wholly owned subsidiary bank, Community Bank of Florida, Inc., will merge with CenterState Bank as the surviving bank. Under the terms and subject to the conditions of the Agreement each outstanding share of Community Bank common stock is entitled to receive either a $13.31 cash payment or 0.9148 shares of the Company’s common stock. The Agreement has been unanimously approved by the board of directors of the Company and Community Bank. The transaction is expected to close in the first quarter of 2016 subject to customary conditions, including receipt of all applicable regulatory approvals and Community Bank shareholder approval. Community Bank, which is headquartered in Homestead, Florida, currently operates 11 banking locations in the Miami-Fort Lauderdale-West Palm Beach, Key West and Lakeland-Winter Haven MSAs. At September 30, 2015, Community Bank reported total assets of $486,392, gross loans of $334,548 and deposits of $437,526. On October 27, 2015, the Company entered into an Agreement and Plan of Merger (“Agreement”) with Hometown of Homestead Banking Company (“Hometown”), whereby Hometown will be merged with and into the Company (the “Merger”), with the Company continuing as the surviving corporation in the Merger. Pursuant to and simultaneously with entering into the Agreement, the Company’s wholly owned subsidiary bank, CenterState Bank of Florida, N.A. (“CenterState Bank”) and Hometown’s wholly owned subsidiary bank, 1 st |
Common Stock Outstanding and 18
Common Stock Outstanding and Earnings Per Share Data (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 Sept. 30, Nine months ended Sept. 30, 2015 2014 2015 2014 Basic Net income available to common shareholders $ 9,916 $ 3,593 $ 28,942 $ 5,683 Less: Earnings allocated to participating securities (54 ) - (160 ) - Net income allocated to common shareholders $ 9,862 $ 3,593 $ 28,782 $ 5,683 Weighted average common shares outstanding including participating securities 45,447,962 45,061,356 45,414,202 39,435,947 Less: Participating securities (1) (247,596 ) - (250,436 ) - Average shares 45,200,366 45,061,356 45,163,766 39,435,947 Basic earnings per common share $ 0.22 $ 0.08 $ 0.64 $ 0.14 Diluted Net income available to common shareholders $ 9,862 $ 3,593 $ 28,782 $ 5,683 Weighted average common shares outstanding for basic earnings per common share 45,200,366 45,061,356 45,163,766 39,435,947 Add: Dilutive effects of stock based compensation awards 625,787 351,919 568,899 365,613 Average shares and dilutive potential common shares 45,826,153 45,413,275 45,732,665 39,801,560 Diluted earnings per common share $ 0.22 $ 0.08 $ 0.63 $ 0.14 1. Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 Significant Quoted prices in other Significant active markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at September 30, 2015 Assets: Trading securities $ 1,266 — $ 1,266 — Available for sale securities U.S. Treasury securities 1,005 — 1,005 — Mortgage backed securities 450,447 — 450,447 — Municipal securities 39,006 — 39,006 — Interest rate swap derivatives 21,036 — 21,036 — Liabilities: Interest rate swap derivatives 22,451 — 22,451 — at December 31, 2014 Assets: Trading securities $ 3,420 — $ 3,420 — Available for sale securities U.S. government sponsored entities and agencies 3 — 3 — Mortgage backed securities 478,633 — 478,633 — Municipal securities 38,821 — 38,821 — Interest rate swap derivatives 6,800 — 6,800 — Liabilities: Interest rate swap derivatives 7,575 — 7,575 — |
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 Significant Quoted prices in other Significant active markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at September 30, 2015 Assets: Impaired loans Residential real estate $ 3,319 — — $ 3,319 Commercial real estate 9,446 — — 9,446 Land, land development and construction 1,181 — — 1,181 Commercial 553 — — 553 Consumer 94 — — 94 Other real estate owned Residential real estate 97 — — 97 Commercial real estate 2,874 — — 2,874 Land, land development and construction 2,325 — — 2,325 Bank property held for sale 1,489 — — 1,489 at December 31, 2014 Assets: Impaired loans Residential real estate $ 2,971 — — $ 2,971 Commercial real estate 4,854 — — 4,854 Land, land development and construction 1,731 — — 1,731 Commercial 167 — — 167 Consumer 102 — — 102 Other real estate owned Residential real estate 448 — — 448 Commercial real estate 2,363 — — 2,363 Land, land development and construction 2,240 — — 2,240 Bank property held for sale 2,675 — — 2,675 |
Carrying Amounts and Estimated Fair Values of Company's Financial Instruments | The following table presents the carry amounts and estimated fair values of the Company’s financial instruments: Fair value measurements at September 30, 2015 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 228,431 $ 228,431 $ - $ - $ 228,431 Trading securities 1,266 - 1,266 - 1,266 Investment securities available for sale 490,458 - 490,458 - 490,458 Investment securities held to maturity 248,310 - 248,922 - 248,922 FHLB and FRB stock 14,035 - - - n/a Loans held for sale 806 - 806 - 806 Loans, less allowance for loan losses of $22,648 2,540,983 - - 2,545,630 2,545,630 FDIC indemnification asset 28,596 - - - n/a Interest rate swap derivatives 21,036 - 21,036 - 21,036 Accrued interest receivable 9,687 - - 9,687 9,687 Financial liabilities: Deposits- without stated maturities $ 2,750,711 $ 2,750,711 $ - $ - $ 2,750,711 Deposits- with stated maturities 434,478 - 434,677 - 434,677 Securities sold under agreement to repurchase 28,512 - 28,512 - 28,512 Federal funds purchased 161,303 - 161,303 - 161,303 Corporate debentures 24,049 - - 19,501 19,501 Interest rate swap derivatives 22,451 - 22,451 - 22,451 Accrued interest payable 231 - 231 - 231 Fair value measurements at December 31, 2014 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 158,413 $ 158,413 $ - $ - $ 158,413 Trading securities 3,420 — 3,420 — 3,420 Investment securities available for sale 517,457 — 517,457 — 517,457 Investment securities held to maturity 237,362 — 238,431 — 238,431 FHLB and FRB stock 14,219 — — — n/a Loans held for sale 1,251 — 1,251 — 1,251 Loans, less allowance for loan losses of $19,898 2,409,627 — — 2,418,405 2,418,405 FDIC indemnification asset 49,054 — — — n/a Interest rate swap derivatives 6,800 — 6,800 — 6,800 Accrued interest receivable 8,999 — — 8,999 8,999 Financial liabilities: Deposits- without stated maturities $ 2,604,228 $ 2,604,228 $ - $ - $ 2,604,228 Deposits- with stated maturities 487,812 — 491,999 — 491,999 Securities sold under agreement to repurchase 27,022 — 27,022 — 27,022 Federal funds purchased 151,992 — 151,992 — 151,992 Corporate debentures 23,917 — — 19,722 19,722 Interest rate swap derivatives 7,575 — 7,575 — 7,575 Accrued interest payable 336 — 336 — 336 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Reportable Segment Revenues, Expenses and Profit | The table below is a reconciliation of the reportable segment revenues, expenses, and profit to the Company’s consolidated total for the three and nine month periods ending September 30, 2015 and 2014. Three month period ending September 30, 2015 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 38,417 $ 1,695 $ - $ - $ 40,112 Interest expense (1,390 ) (150 ) (244 ) - (1,784 ) Net interest income (expense) 37,027 1,545 (244 ) - 38,328 Provision for loan losses (1 ) 1 - - - Non interest income 2,195 5,935 - - 8,130 Non interest expense (24,663 ) (5,063 ) (1,129 ) - (30,855 ) Net income (loss) before taxes 14,558 2,418 (1,373 ) - 15,603 Income tax (provision) benefit (5,279 ) (934 ) 526 - (5,687 ) Net income (loss) $ 9,279 $ 1,484 $ (847 ) $ - $ 9,916 Total assets $ 3,616,330 $ 308,046 $ 511,223 $ (502,527 ) $ 3,933,072 Nine month period ending September 30, 2015 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 116,173 $ 5,049 $ - $ - $ 121,222 Interest expense (4,310 ) (435 ) (722 ) - (5,467 ) Net interest income (expense) $ 111,863 $ 4,614 $ (722 ) - $ 115,755 Provision for loan losses (3,796 ) (154 ) - - (3,950 ) Non interest income 6,462 21,322 - - 27,784 Non interest expense (73,962 ) (16,666 ) (3,368 ) - (93,996 ) Net income (loss) before taxes $ 40,567 $ 9,116 $ (4,090 ) - $ 45,593 Income tax (provision) benefit (14,700 ) (3,517 ) 1,566 - (16,651 ) Net income (loss) $ 25,867 $ 5,599 $ (2,524 ) $ - $ 28,942 Total assets $ 3,616,330 $ 308,046 $ 511,223 $ (502,527 ) $ 3,933,072 Three month period ending September 30, 2014 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 36,541 $ 806 $ - - $ 37,347 Interest expense (1,852 ) (5 ) (240 ) - (2,097 ) Net interest income (expense) 34,689 801 (240 ) - 35,250 Provision for loan losses (955 ) - - - (955 ) Non interest income 1,417 5,142 - - 6,559 Non interest expense (29,601 ) (5,036 ) (897 ) - (35,534 ) Net income before taxes 5,550 907 (1,137 ) - 5,320 Income tax (provision) benefit (1,812 ) (350 ) 435 - (1,727 ) Net income (loss) $ 3,738 $ 557 $ (702 ) - $ 3,593 Total assets $ 3,473,586 $ 153,243 $ 472,431 $ (460,117 ) $ 3,639,143 Nine month period ending September 30, 2014 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 97,944 $ 2,264 $ - $ - $ 100,208 Interest expense (4,791 ) (16 ) (701 ) - (5,508 ) Net interest income 93,153 2,248 (701 ) - 94,700 Provision for loan losses (808 ) - - - (808 ) Non interest income 4,333 14,358 - - 18,691 Non interest expense (86,983 ) (14,477 ) (2,630 ) - (104,090 ) Net income before taxes 9,695 2,129 (3,331 ) - 8,493 Income tax (provision) benefit (3,250 ) (821 ) 1,261 - (2,810 ) Net income (loss) $ 6,445 $ 1,308 $ (2,070 ) $ - $ 5,683 Total assets $ 3,473,586 $ 153,243 $ 472,431 $ (460,117 ) $ 3,639,143 |
Investment securities (Tables)
Investment securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) | The fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: September 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 1,003 $ 2 $ - $ 1,005 Mortgage backed securities 446,001 5,803 1,357 450,447 Municipal securities 37,922 1,119 35 39,006 Total available-for-sale $ 484,926 $ 6,924 $ 1,392 $ 490,458 December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Obligations of U.S. government sponsored entities and agencies $ 3 $ - $ - $ 3 Mortgage backed securities 473,396 6,897 1,660 478,633 Municipal securities 37,460 1,412 51 38,821 Total available-for-sale $ 510,859 $ 8,309 $ 1,711 $ 517,457 |
Schedule of Sales of Available for Sale Securities | Sales of available for sale securities for the nine months ended September 30, 2015 and 2014 were as follows: For the nine months ended: September 30, 2015 September 30, 2014 Proceeds $ 16,305 $ 323,542 Gross gains 303 1,175 Gross losses 299 1,129 |
Fair Value of Held to Maturity Securities and Related Gross Unrecognized Gains and Losses | The following reflects the fair value of held to maturity securities and the related gross unrecognized gains and losses as of September 30, 2015 and December 31, 2014. September 30, 2015 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Obligations of U.S. government sponsored entities and agencies $ 35,472 $ 37 $ 155 $ 35,354 Mortgage backed securities 163,373 685 53 164,005 Municipal securities 49,465 426 328 49,563 Total held-to-maturity $ 248,310 $ 1,148 $ 536 $ 248,922 December 31, 2014 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Obligations of U.S. government sponsored entities and agencies $ 49,793 $ 122 $ - $ 49,915 Mortgage backed securities 161,727 654 - 162,381 Municipal securities 25,842 305 12 26,135 Total held to maturity $ 237,362 $ 1,081 $ 12 $ 238,431 |
Available-for-sale Securities [Member] | |
Fair Value and Amortized Cost of Investment Securities by Contractual Maturity | The fair value of available for sale securities at September 30, 2015 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Amortized Investment securities available for sale: Fair Value Cost Due in one year or less $ 517 $ 515 Due after one year through five years 4,758 4,655 Due after five years through ten years 16,801 16,362 Due after ten years through thirty years 17,935 17,393 Mortgage backed securities 450,447 446,001 Total available-for-sale $ 490,458 $ 484,926 |
Investments Gross Unrealized Losses and Fair Value | The following tables show the Company’s available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2015 and December 31, 2014. September 30, 2015 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Mortgage backed securities $ 83,428 $ 243 $ 42,532 $ 1,114 $ 125,960 $ 1,357 Municipal securities 3,184 35 - - 3,184 35 Total temporarily impaired available-for-sale securities $ 86,612 $ 278 $ 42,532 $ 1,114 $ 129,144 $ 1,392 December 31, 2014 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Mortgage backed securities $ 15,876 $ 41 $ 99,010 $ 1,619 $ 114,886 $ 1,660 Municipal securities - - 3,194 51 3,194 51 Total temporarily impaired available-for-sale securities $ 15,876 $ 41 $ 102,204 $ 1,670 $ 118,080 $ 1,711 |
Held-to-maturity Securities [Member] | |
Fair Value and Amortized Cost of Investment Securities by Contractual Maturity | The fair value and amortized cost of held to maturity securities at September 30, 2015 by contractual maturity were as follows. Mortgage-backed securities are not due at a single maturity date and are shown separately. Amortized Investment securities held to maturity Fair Value Cost Due after five years through ten years $ 22,392 $ 22,446 Due after ten years through thirty years 62,525 62,491 Mortgage backed securities 164,005 163,373 Total held-to-maturity $ 248,922 $ 248,310 |
Investments Gross Unrealized Losses and Fair Value | The following table shows the Company’s held to maturity investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at September 30, 2015 and December 31, 2014. September 30, 2015 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses Obligations of U.S. government sponsored entities and agencies $ 27,852 $ 155 $ - $ - $ 27,852 $ 155 Mortgage backed securities 21,635 53 - - 21,635 53 Municipal securities 23,874 328 - - 23,874 328 Total temporarily impaired held-to-maturity securities $ 73,361 $ 536 $ - $ - $ 73,361 $ 536 December 31, 2014 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses Municipal securities $ 2,475 $ 12 $ - $ - 2,475 12 Total temporarily impaired held-to-maturity securities $ 2,475 $ 12 $ - $ - $ 2,475 $ 12 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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. September 30, 2015 December 31, 2014 Loans excluding PCI loans Real estate loans Residential $ 634,106 $ 589,068 Commercial 1,234,383 1,132,933 Land, development and construction 100,200 79,002 Total real estate 1,968,689 1,801,003 Commercial 297,389 294,493 Consumer and other loans 65,397 56,334 Loans before unearned fees and deferred cost 2,331,475 2,151,830 Net unearned fees and costs 378 929 Total loans excluding PCI loans 2,331,853 2,152,759 PCI loans (note 1) Real estate loans Residential 92,243 102,009 Commercial 119,379 140,977 Land, development and construction 16,851 24,032 Total real estate 228,473 267,018 Commercial 2,848 8,953 Consumer and other loans 457 795 Total PCI loans 231,778 276,766 Total loans 2,563,631 2,429,525 Allowance for loan losses for loans that are not PCI loans (22,586 ) (19,384 ) Allowance for loan losses for PCI loans (62 ) (514 ) Total loans, net of allowance for loan losses $ 2,540,983 $ 2,409,627 The following sets forth the covered FDIC loans included in the table above. September 30, 2015 December 31, 2014 FDIC covered loans that are not PCI loans Real estate loans Residential $ 3,166 $ 3,895 Commercial 27,009 33,606 Land, development and construction 844 866 Total real estate 31,019 38,367 Commercial 1,052 1,253 FDIC covered loans, excluding PCI loans 32,071 39,620 FDIC covered PCI loans (note 1) Real estate loans Residential 85,596 98,075 Commercial 69,855 116,457 Land, development and construction 11,368 15,395 Total real estate 166,819 229,927 Commercial 2,131 4,974 Total FDIC covered PCI loans 168,950 234,901 Total FDIC covered loans 201,021 274,521 Allowance for loan losses for FDIC covered loans that are not PCI loans (138 ) - Allowance for loan losses for FDIC covered PCI loans (46 ) (514 ) Total covered loans, net of allowance for loan losses $ 200,837 $ 274,007 |
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 loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Three months ended September 30, 2015 Balance at beginning of period $ 22,818 $ 116 $ 22,934 Loans charged-off (893 ) (50 ) (943 ) Recoveries of loans previously charged-off 657 - 657 Net charge-offs (236 ) (50 ) (286 ) Provision (recovery) for loan losses 4 (4 ) - Balance at end of period $ 22,586 $ 62 $ 22,648 Three months ended September 30, 2014 Balance at beginning of period $ 18,240 $ 960 $ 19,200 Loans charged-off (869 ) - (869 ) Recoveries of loans previously charged-off 556 - 556 Net charge-offs (313 ) - (313 ) (Recovery) provision for loan losses 1,108 (153 ) 955 Balance at end of period $ 19,035 $ 807 $ 19,842 Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Nine months ended September 30, 2015 Balance at beginning of period $ 19,384 $ 514 $ 19,898 Loans charged-off (2,625 ) (127 ) (2,752 ) Recoveries of loans previously charged-off 1,552 - 1,552 Net charge-offs (1,073 ) (127 ) (1,200 ) Provision for loan losses 4,275 (325 ) 3,950 Balance at end of period $ 22,586 $ 62 $ 22,648 Nine months ended September 30, 2014 Balance at beginning of period $ 19,694 $ 760 $ 20,454 Loans charged-off (2,931 ) - (2,931 ) Recoveries of loans previously charged-off 1,511 - 1,511 Net charge-offs (1,420 ) - (1,420 ) Provision for loan losses 761 47 808 Balance at end of period $ 19,035 $ 807 $ 19,842 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, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Three months ended September 30, 2015 Beginning of the period $ 6,764 $ 10,649 $ 867 $ 3,035 $ 1,503 $ 22,818 Charge-offs (634 ) - (58 ) (37 ) (164 ) (893 ) Recoveries 213 328 - 83 33 657 Provision for loan losses (68 ) 143 (221 ) 24 126 4 Balance at end of period $ 6,275 $ 11,120 $ 588 $ 3,105 $ 1,498 $ 22,586 Three months ended September 30, 2014 Beginning of the period $ 7,819 $ 7,544 $ 634 $ 1,100 $ 1,143 $ 18,240 Charge-offs (260 ) (37 ) (24 ) (327 ) (221 ) (869 ) Recoveries 349 107 45 15 40 556 (Recovery) provision for loan losses (1,415 ) 1,133 154 1,032 204 1,108 Balance at end of period $ 6,493 $ 8,747 $ 809 $ 1,820 $ 1,166 $ 19,035 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Three months ended September 30, 2015 Beginning of the period $ - $ 111 $ 2 $ 3 $ - $ 116 Charge-offs - - - - (50 ) (50 ) Recoveries - - - - - - (Recovery) provision for loan losses - (70 ) - - 66 (4 ) Balance at end of period $ - $ 41 $ 2 $ 3 $ 16 $ 62 Three months ended September 30, 2014 Beginning of the period $ - $ 522 $ 77 $ 361 $ - $ 960 Charge-offs - - - - - - Recoveries - - - - - - Provision (recovery) for loan losses - (27 ) (47 ) (79 ) - (153 ) Balance at end of period $ - $ 495 $ 30 $ 282 $ - $ 807 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Nine months ended September 30, 2015 Beginning of the period $ 6,743 $ 8,269 $ 752 $ 2,330 $ 1,290 $ 19,384 Charge-offs (1,037 ) (60 ) (129 ) (849 ) (550 ) (2,625 ) Recoveries 800 448 4 172 128 1,552 Provision for loan losses (231 ) 2,463 (39 ) 1,452 630 4,275 Balance at end of period $ 6,275 $ 11,120 $ 588 $ 3,105 $ 1,498 $ 22,586 Nine months ended September 30, 2014 Beginning of the period $ 8,785 $ 6,441 $ 3,069 $ 510 $ 889 $ 19,694 Charge-offs (1,175 ) (352 ) (124 ) (594 ) (686 ) (2,931 ) Recoveries 784 482 93 19 133 1,511 Provision for loan losses (1,901 ) 2,176 (2,229 ) 1,885 830 761 Balance at end of period $ 6,493 $ 8,747 $ 809 $ 1,820 $ 1,166 $ 19,035 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Nine months ended September 30, 2015 Beginning of the period $ - $ 372 $ 6 $ 136 $ - $ 514 Charge-offs - (77 ) - - (50 ) (127 ) Recoveries - - - - - - Provision for loan losses - (254 ) (4 ) (133 ) 66 (325 ) Balance at end of period $ - $ 41 $ 2 $ 3 $ 16 $ 62 Nine months ended September 30, 2014 Beginning of the period $ - $ 138 $ 89 $ 533 $ - $ 760 Charge-offs - - - - - - Recoveries - - - - - - Provision for loan losses - 357 (59 ) (251 ) - 47 Balance at end of period $ - $ 495 $ 30 $ 282 $ - $ 807 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2015 and December 31, 2014. Accrued interest receivable and unearned loan fees and costs are not included in the recorded investment because they are not material. Real Estate Loans As of September 30, 2015 Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 413 $ 503 $ 252 $ 10 $ 34 $ 1,212 Collectively evaluated for impairment 5,862 10,617 336 3,095 1,464 21,374 Purchased credit impaired - 41 2 3 16 62 Total ending allowance balance $ 6,275 $ 11,161 $ 590 $ 3,108 $ 1,514 $ 22,648 Loans: Individually evaluated for impairment $ 8,167 $ 10,654 $ 1,782 $ 963 $ 292 $ 21,858 Collectively evaluated for impairment 625,939 1,223,729 98,418 296,426 65,105 2,309,617 Purchased credit impaired 92,243 119,379 16,851 2,848 457 231,778 Total ending loan balances $ 726,349 $ 1,353,762 $ 117,051 $ 300,237 $ 65,854 $ 2,563,253 Real Estate Loans As of December 31, 2014 Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 419 $ 403 $ 272 $ 4 $ 17 $ 1,115 Collectively evaluated for impairment 6,324 7,866 480 2,326 1,273 18,269 Purchased credit impaired - 372 6 136 - 514 Total ending allowance balance $ 6,743 $ 8,641 $ 758 $ 2,466 $ 1,290 $ 19,898 Loans: Individually evaluated for impairment $ 9,980 $ 10,902 $ 2,748 $ 1,365 $ 255 $ 25,250 Collectively evaluated for impairment 579,088 1,122,031 76,254 293,128 56,079 2,126,580 Purchased credit impaired 102,009 140,977 24,032 8,953 795 276,766 Total ending loan balance $ 691,077 $ 1,273,910 $ 103,034 $ 303,446 $ 57,129 $ 2,428,596 |
Summary of Impaired Loans | The table below summarizes impaired loan data for the periods presented. Sept. 30, 2015 Dec. 31, 2014 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $ 10,553 $ 11,418 Nonperforming TDRs (these are included in NPLs) 4,651 3,648 Total TDRs (these are included in impaired loans) 15,204 15,066 Impaired loans that are not TDRs 6,654 10,184 Total impaired loans $ 21,858 $ 25,250 |
Troubled Debt Restructured Loans by Loans Type | TDRs as of September 30, 2015 and December 31, 2014 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non performing loans) are presented in the tables below. As of September 30, 2015 Accruing Non Accrual Total Real estate loans: Residential $ 6,313 $ 1,854 $ 8,167 Commercial 2,485 2,592 5,077 Land, development, construction 610 95 705 Total real estate loans 9,408 4,541 13,949 Commercial 896 67 963 Consumer and other 249 43 292 Total TDRs $ 10,553 $ 4,651 $ 15,204 As of December 31, 2014 Accruing Non-Accrual Total Real estate loans: Residential $ 7,201 $ 1,523 $ 8,724 Commercial 2,762 1,794 4,556 Land, development, construction 547 241 788 Total real estate loans 10,510 3,558 14,068 Commercial 706 37 743 Consumer and other 202 53 255 Total TDRs $ 11,418 $ 3,648 $ 15,066 |
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 periods ending September 30, 2015 and 2014. Period ending Period ending September 30, 2015 September 30, 2014 Number Recorded Number Recorded of loans investment of loans investment Residential 3 $ 596 - $ - Commercial real estate 3 1,364 3 566 Land, development, construction 1 95 1 142 Commercial and Industrial - - - - Consumer and other - - - - Total 7 $ 2,055 4 $ 708 |
Summary of Loans Individually Evaluated for Impairment by Class of Loans | The following tables present loans individually evaluated for impairment by class of loans as of September 30, 2015 and December 31, 2014, 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 September 30, 2015 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 5,920 $ 5,618 $ - Commercial real estate 9,083 8,647 - Land, development, construction 1,365 742 - Commercial and industrial 196 189 - Consumer, other 111 106 - With an allowance recorded: Residential real estate 2,598 2,549 413 Commercial real estate 2,148 2,007 503 Land, development, construction 1,067 1,040 252 Commercial and industrial 777 774 10 Consumer, other 194 186 34 Total $ 23,459 $ 21,858 $ 1,212 As of December 31, 2014 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 6,797 $ 6,672 $ - Commercial real estate 8,208 8,059 - Land, development, construction 2,234 1,606 - Commercial and industrial 1,132 1,129 - Consumer, other - - - With an allowance recorded: Residential real estate 3,451 3,308 419 Commercial real estate 3,024 2,843 403 Land, development, construction 1,187 1,142 272 Commercial and industrial 283 236 4 Consumer, other 267 255 17 Total $ 26,583 $ 25,250 $ 1,115 |
Summary of Impairment by Class of Loans | Three month period ending September 30, 2015 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,446 $ 61 $ - Commercial 10,938 66 - Land, development, construction 1,802 7 - Total real estate loans 21,186 134 - Commercial and industrial 871 10 - Consumer and other loans 295 3 - Total $ 22,352 $ 147 $ - Nine month period ending September 30, 2015 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,789 $ 184 $ - Commercial 10,808 193 - Land, development, construction 1,990 21 - Total real estate loans 21,587 398 - Commercial and industrial 924 27 - Consumer and other loans 345 11 - Total $ 22,856 $ 436 $ - Three month period ending September 30, 2014 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 9,745 $ 83 $ - Commercial 12,362 39 - Land, development, construction 2,521 11 - Total real estate loans 24,628 133 - Commercial and industrial 2,068 19 - Consumer and other loans 283 3 - Total $ 26,979 $ 155 $ - Nine month period ending September 30, 2014 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 9,488 $ 247 $ - Commercial 12,614 110 - Land, development, construction 1,894 30 - Total real estate loans 23,996 387 - Commercial and industrial 2,107 58 - Consumer and other loans 310 9 - Total $ 26,413 $ 454 $ - |
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: Sept. 30, 2015 Dec. 31, 2014 Non accrual loans $ 22,450 $ 25,595 Loans past due over 90 days and still accruing interest - - Total non performing loans $ 22,450 $ 25,595 |
Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans | The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of September 30, 2015 and December 31, 2014, excluding purchased credit impaired loans: As of September 30, 2015 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 10,714 $ - Commercial real estate 8,684 - Land, development, construction 1,519 - Commercial 934 - Consumer, other 599 - Total $ 22,450 $ - As of December 31, 2014 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 11,901 $ - Commercial real estate 8,470 - Land, development, construction 2,374 - Commercial 2,475 - Consumer, other 375 - Total $ 25,595 $ - |
Summary Aging of Recorded Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due loans as of September 30, 2015 and December 31, 2014, excluding purchased credit impaired loans: Accruing Loans Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans As of September 30, 2015 Residential real estate $ 634,106 $ 2,646 $ 994 $ - $ 3,640 $ 619,752 $ 10,714 Commercial real estate 1,234,383 6,089 1,633 - 7,722 1,217,977 8,684 Land/dev/construction 100,200 84 1,383 - 1,467 97,214 1,519 Commercial 297,389 1,979 381 - 2,360 294,095 934 Consumer 65,397 383 71 - 454 64,344 599 $ 2,331,475 $ 11,181 $ 4,462 $ - $ 15,643 $ 2,293,382 $ 22,450 Accruing Loans Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans As of December 31, 2014 Residential real estate $ 589,068 $ 2,162 $ 1,451 $ - $ 3,613 $ 573,554 $ 11,901 Commercial real estate 1,132,933 1,840 3,394 - 5,234 1,119,229 8,470 Land/dev/construction 79,002 378 404 - 782 75,846 2,374 Commercial 294,493 1,427 1,492 - 2,919 289,099 2,475 Consumer 56,334 411 149 - 560 55,399 375 $ 2,151,830 $ 6,218 $ 6,890 $ - $ 13,108 $ 2,113,127 $ 25,595 |
Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans | As of September 30, 2015 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 605,608 $ 7,676 $ 20,822 $ - Commercial real estate 1,171,459 31,486 31,438 - Land/dev/construction 91,530 5,758 2,912 - Commercial 291,344 2,700 3,345 - Consumer 64,506 317 574 - Total $ 2,224,447 $ 47,937 $ 59,091 $ - As of December 31, 2014 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 558,312 $ 7,053 $ 23,703 $ - Commercial real estate 1,063,979 34,953 34,001 - Land/dev/construction 65,216 9,731 4,055 - Commercial 285,549 4,419 4,525 - Consumer 55,590 278 466 - Total $ 2,028,646 $ 56,434 $ 66,750 $ - |
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 September 30, 2015 and December 31, 2014: As of September 30, 2015 Residential Consumer Performing $ 623,392 $ 64,798 Nonperforming 10,714 599 Total $ 634,106 $ 65,397 As of December 31, 2014 Residential Consumer Performing $ 577,167 $ 55,959 Nonperforming 11,901 375 Total $ 589,068 $ 56,334 |
Summary of Total Contractually Required Principal and Interest Cash Payments, Management's Estimate of Expected Total Cash Payments and Carrying Value of Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans as of September 30, 2015 and December 31, 2014. Contractually required principal and interest payments have been adjusted for estimated prepayments. Sept. 30, 2015 Dec. 31, 2014 Contractually required principal and interest $ 355,320 $ 460,836 Non-accretable difference (19,998 ) (68,757 ) Cash flows expected to be collected 335,322 392,079 Accretable yield (103,544 ) (115,313 ) Carrying value of acquired loans 231,778 276,766 Allowance for loan losses (62 ) (514 ) Carrying value less allowance for loan losses $ 231,716 $ 276,252 |
Summary of Changes in Total Contractually Required Principal and Interest Cash Payments | The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the three and nine month periods ending September 30, 2015 and 2014. Activity during the Effect of income all other three month period ending September 30, 2015 Jun. 30, 2015 acquisitions accretion adjustments Sept. 30, 2015 Contractually required principal and interest $ 379,776 $ - $ - $ (24,456 ) $ 355,320 Non-accretable difference (25,188 ) - - 5,190 (19,998 ) Cash flows expected to be collected 354,588 - - (19,266 ) 335,322 Accretable yield (107,059 ) - 9,898 (6,383 ) (103,544 ) Carry value of acquired loans $ 247,529 $ - $ 9,898 $ (25,649 ) $ 231,778 Activity during the Effect of income all other nine month period ending September 30, 2015 Dec. 31, 2014 acquisitions accretion adjustments Sept. 30, 2015 Contractually required principal and interest $ 460,836 $ - $ - $ (105,516 ) $ 355,320 Non-accretable difference (68,757 ) - - 48,759 (19,998 ) Cash flows expected to be collected 392,079 - - (56,757 ) 335,322 Accretable yield (115,313 ) - 31,226 (19,457 ) (103,544 ) Carry value of acquired loans $ 276,766 $ - $ 31,226 $ (76,214 ) $ 231,778 Activity during the Effect of income all other three month period ending September 30, 2014 Jun. 30, 2014 acquisitions accretion adjustments Sept. 30, 2014 Contractually required principal and interest $ 566,948 $ - $ - $ (57,676 ) $ 509,272 Non-accretable difference (79,985 ) - - 6,194 (73,791 ) Cash flows expected to be collected 486,963 - - (51,482 ) 435,481 Accretable yield (133,093 ) - 9,099 (1,849 ) (125,843 ) Carry value of acquired loans $ 353,870 $ - $ 9,099 $ (53,331 ) $ 309,638 Activity during the Effect of income all other nine month period ending September 30, 2014 Dec. 31, 2013 acquisitions accretion adjustments Sept. 30, 2014 Contractually required principal and interest $ 389,537 $ 229,249 $ - $ (109,514 ) $ 509,272 Non-accretable difference (55,304 ) (45,293 ) - 26,806 (73,791 ) Cash flows expected to be collected 334,233 183,956 - (82,708 ) 435,481 Accretable yield (102,812 ) (32,204 ) 25,561 (16,388 ) (125,843 ) Carry value of acquired loans $ 231,421 $ 151,752 $ 25,561 $ (99,096 ) $ 309,638 |
FDIC Indemnification Asset (Tab
FDIC Indemnification Asset (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fdic Loss Share Indemnification Asset [Abstract] | |
FDIC Loss Share Indemnification Asset | The activity in the FDIC loss share indemnification asset is as follows: Nine month period ended Sept. 30, 2015 Twelve month period ended Dec. 31, 2014 Beginning of the year $ 49,054 $ 73,877 Effect of acquisition - 2,636 Amortization, net (12,954 ) (20,664 ) Indemnification revenue 1,316 3,098 Indemnification of foreclosure expense (2,266 ) 237 Proceeds from FDIC (6,291 ) (10,014 ) Impairment (recovery) of loan pool (263 ) (116 ) Period end balance $ 28,596 $ 49,054 |
FDIC Activity In True-up Payment Liability | The activity in the true-up payment liability is as follows: Nine month period ended Sept. 30, 2015 Twelve month period ended Dec. 31, 2014 Beginning of the year $ 1,205 $ 444 Effect of acquisition - 682 True-up liability accrual 189 79 Period end balance $ 1,394 $ 1,205 |
Securities Sold Under Agreeme24
Securities Sold Under Agreements to Repurchase (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Banking And Thrift [Abstract] | |
Summary of Repurchase Agreement | MBS Municipal As of September 30, 2015 Securities Securities Total Market value of securities pledged $ 47,551 $ 2,180 $ 49,731 Borrowings related to pledged amounts 28,120 392 28,512 Market value pledged as a % of borrowings 169 % 556 % 174 % |
Nature of Operations and Basi25
Nature of Operations and Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015LocationCountyRevenue_Generating_Activities | |
Nature Of Operations And Basis Of Presentation [Abstract] | |
Number of service banking locations | Location | 57 |
Number of counties in which company operates | 20 |
Number of inter-related revenue generating activities | Revenue_Generating_Activities | 3 |
Common Stock Outstanding and 26
Common Stock Outstanding and Earnings Per Share Data - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Anti dilutive stock options | 462,004 | 893,620 | 473,501 | 956,882 |
Common Stock Outstanding and 27
Common Stock Outstanding and Earnings Per Share Data - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Basic | |||||
Net income available to common shareholders | $ 9,916 | $ 3,593 | $ 28,942 | $ 5,683 | |
Less: Earnings allocated to participating securities | (54) | 0 | (160) | 0 | |
Net income allocated to common shareholders | $ 9,862 | $ 3,593 | $ 28,782 | $ 5,683 | |
Weighted average common shares outstanding including participating securities | 45,447,962 | 45,061,356 | 45,414,202 | 39,435,947 | |
Less: Participating securities | (247,596) | 0 | (250,436) | 0 | |
Average shares | [1] | 45,200,366 | 45,061,356 | 45,163,766 | 39,435,947 |
Basic earnings per common share | $ 0.22 | $ 0.08 | $ 0.64 | $ 0.14 | |
Diluted | |||||
Net income available to common shareholders | $ 9,862 | $ 3,593 | $ 28,782 | $ 5,683 | |
Weighted average common shares outstanding for basic earnings per common share | [1] | 45,200,366 | 45,061,356 | 45,163,766 | 39,435,947 |
Add: Dilutive effects of stock based compensation awards | 625,787 | 351,919 | 568,899 | 365,613 | |
Average shares and dilutive potential common shares | [1] | 45,826,153 | 45,413,275 | 45,732,665 | 39,801,560 |
Diluted earnings per common share | $ 0.22 | $ 0.08 | $ 0.63 | $ 0.14 | |
[1] | Excludes participating shares. |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Trading securities, at fair value | $ 1,266 | $ 3,420 |
Available for sale securities | 490,458 | 517,457 |
US Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,005 | |
Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 450,447 | 478,633 |
Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | 39,006 | 38,821 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 1,266 | 3,420 |
Available for sale securities | 490,458 | 517,457 |
Fair Value Measurements on Recurring [Member] | ||
Assets: | ||
Trading securities, at fair value | 1,266 | 3,420 |
Interest rate swap derivatives, carrying amount assets | 21,036 | 6,800 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 22,451 | 7,575 |
Fair Value Measurements on Recurring [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,005 | |
Fair Value Measurements on Recurring [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 450,447 | 478,633 |
Fair Value Measurements on Recurring [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | 39,006 | 38,821 |
Fair Value Measurements on Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Assets: | ||
Available for sale securities | 3 | |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 1,266 | 3,420 |
Interest rate swap derivatives, carrying amount assets | 21,036 | 6,800 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 22,451 | 7,575 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,005 | |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 450,447 | 478,633 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | $ 39,006 | 38,821 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Assets: | ||
Available for sale securities | $ 3 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Impaired loans with allocated allowance for loan losses | $ 15,524 | $ 15,524 | $ 10,677 | ||
Impaired valuation allowance | 931 | 931 | $ 852 | ||
Provision for loan loss expense on impaired loans | 241 | $ 452 | 516 | $ 857 | |
Repossessed real estate owned valuation write down | 237 | 329 | 1,016 | 2,234 | |
Impairment charge (recovery) recognized | $ 12 | $ (6) | $ 637 | $ 2,500 | |
Minimum [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Capitalization rates to determine fair value of collateral | 7.00% | 7.00% | |||
Maximum [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Capitalization rates to determine fair value of collateral | 10.00% | 10.00% |
Fair Value - Assets and Liabi30
Fair Value - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans on Residential real estate at Carrying value | $ 3,319 | $ 2,971 |
Impaired loans on Commercial real estate at Carrying value | 9,446 | 4,854 |
Impaired loans on Land, land development and construction at Carrying value | 1,181 | 1,731 |
Impaired loans on Commercial at Carrying value | 553 | 167 |
Impaired loans on Consumer at Carrying value | 94 | 102 |
Other real estate owned on Residential real estate at Carrying value | 97 | 448 |
Other real estate owned on Commercial real estate at Carrying value | 2,874 | 2,363 |
Other real estate owned on Land, land development and construction at Carrying value | 2,325 | 2,240 |
Bank owned real estate held for sale | 1,489 | 2,675 |
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 | 3,319 | 2,971 |
Impaired loans on Commercial real estate | 9,446 | 4,854 |
Impaired loans on Land, land development and construction | 1,181 | 1,731 |
Impaired loans on Commercial | 553 | 167 |
Impaired loans on Consumer | 94 | 102 |
Other real estate owned on Residential real estate | 97 | 448 |
Other real estate owned on Commercial real estate | 2,874 | 2,363 |
Other real estate owned on Land, land development and construction | 2,325 | 2,240 |
Bank owned real estate held for sale | $ 1,489 | $ 2,675 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Financial assets: | ||||
Cash and cash equivalents | $ 228,431 | $ 158,413 | $ 210,566 | $ 174,889 |
Cash and cash equivalents, fair value | 228,431 | 158,413 | ||
Trading securities, at fair value | 1,266 | 3,420 | ||
Investment securities available for sale, at fair value | 490,458 | 517,457 | ||
Investment securities held to maturity, carrying amount | 248,310 | 237,362 | ||
Investment securities held to maturity, at fair value | 248,922 | 238,431 | ||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 14,035 | 14,219 | ||
Loans held for sale, carrying amount | 806 | 1,251 | ||
Loans held for sale, fair value | 806 | 1,251 | ||
Loans, less allowance for loan losses, carrying amount | 2,540,983 | 2,409,627 | ||
Loans, less allowance for loan losses, fair value | 2,545,630 | 2,418,405 | ||
FDIC indemnification asset, carrying amount | 28,596 | 49,054 | $ 73,877 | |
Interest rate swap derivatives, carrying amount assets | 21,036 | 6,800 | ||
Interest rate swap derivatives, assets fair value | 21,036 | 6,800 | ||
Accrued interest receivable, carrying amount | 9,687 | 8,999 | ||
Accrued interest receivable, fair value | 9,687 | 8,999 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, carrying amount | 2,750,711 | 2,604,228 | ||
Deposits- without stated maturities, fair value | 2,750,711 | 2,604,228 | ||
Deposits- with stated maturities, carrying amount | 434,478 | 487,812 | ||
Deposits- with stated maturities, fair value | 434,677 | 491,999 | ||
Securities sold under agreement to repurchase, fair value | 28,512 | 27,022 | ||
Securities sold under agreement to repurchase | 28,512 | 27,022 | ||
Federal funds purchased, carrying amount | 161,303 | 151,992 | ||
Corporate debentures, carrying amount | 24,049 | 23,917 | ||
Federal funds purchased, fair value | 161,303 | 151,992 | ||
Interest rate swap derivatives, carrying amount | 22,451 | 7,575 | ||
Corporate debentures, fair value | 19,501 | 19,722 | ||
Accrued interest payable, carrying amount | 231 | 336 | ||
Interest rate swap derivatives, fair value | 22,451 | 7,575 | ||
Accrued interest payable, fair value | 231 | 336 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents, fair value | 228,431 | 158,413 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, fair value | 2,750,711 | 2,604,228 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Trading securities, at fair value | 1,266 | 3,420 | ||
Investment securities available for sale, at fair value | 490,458 | 517,457 | ||
Investment securities held to maturity, at fair value | 248,922 | 238,431 | ||
Loans held for sale, fair value | 806 | 1,251 | ||
Interest rate swap derivatives, assets fair value | 21,036 | 6,800 | ||
Financial liabilities: | ||||
Deposits- with stated maturities, fair value | 434,677 | 491,999 | ||
Securities sold under agreement to repurchase, fair value | 28,512 | 27,022 | ||
Federal funds purchased, fair value | 161,303 | 151,992 | ||
Interest rate swap derivatives, fair value | 22,451 | 7,575 | ||
Accrued interest payable, fair value | 231 | 336 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Loans, less allowance for loan losses, fair value | 2,545,630 | 2,418,405 | ||
Accrued interest receivable, fair value | 9,687 | 8,999 | ||
Financial liabilities: | ||||
Corporate debentures, fair value | $ 19,501 | $ 19,722 |
Fair Value - Carrying Amounts32
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||||||
Deduction of Allowance for loan losses from loans | $ 22,648 | $ 22,934 | $ 19,898 | $ 19,842 | $ 19,200 | $ 20,454 |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of Reportable Segment Revenues, Expenses and Profit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 40,112 | $ 37,347 | $ 121,222 | $ 100,208 | |
Interest expense | (1,784) | (2,097) | (5,467) | (5,508) | |
Net interest income | 38,328 | 35,250 | 115,755 | 94,700 | |
Provision for loan losses | 0 | (955) | (3,950) | (808) | |
Non interest income | 8,130 | 6,559 | 27,784 | 18,691 | |
Non interest expense | (30,855) | (35,534) | (93,996) | (104,090) | |
Net income (loss) before taxes | 15,603 | 5,320 | 45,593 | 8,493 | |
Income tax (provision) benefit | (5,687) | (1,727) | (16,651) | (2,810) | |
Net income | 9,916 | 3,593 | 28,942 | 5,683 | |
Total assets | 3,933,072 | 3,639,143 | 3,933,072 | 3,639,143 | $ 3,776,869 |
Operating Segments [Member] | Commercial and Retail Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 38,417 | 36,541 | 116,173 | 97,944 | |
Interest expense | (1,390) | (1,852) | (4,310) | (4,791) | |
Net interest income | 37,027 | 34,689 | 111,863 | 93,153 | |
Provision for loan losses | (1) | (955) | (3,796) | (808) | |
Non interest income | 2,195 | 1,417 | 6,462 | 4,333 | |
Non interest expense | (24,663) | (29,601) | (73,962) | (86,983) | |
Net income (loss) before taxes | 14,558 | 5,550 | 40,567 | 9,695 | |
Income tax (provision) benefit | (5,279) | (1,812) | (14,700) | (3,250) | |
Net income | 9,279 | 3,738 | 25,867 | 6,445 | |
Total assets | 3,616,330 | 3,473,586 | 3,616,330 | 3,473,586 | |
Operating Segments [Member] | Correspondent Banking And Capital Markets Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 1,695 | 806 | 5,049 | 2,264 | |
Interest expense | (150) | (5) | (435) | (16) | |
Net interest income | 1,545 | 801 | 4,614 | 2,248 | |
Provision for loan losses | 1 | (154) | |||
Non interest income | 5,935 | 5,142 | 21,322 | 14,358 | |
Non interest expense | (5,063) | (5,036) | (16,666) | (14,477) | |
Net income (loss) before taxes | 2,418 | 907 | 9,116 | 2,129 | |
Income tax (provision) benefit | (934) | (350) | (3,517) | (821) | |
Net income | 1,484 | 557 | 5,599 | 1,308 | |
Total assets | 308,046 | 153,243 | 308,046 | 153,243 | |
Corporate Overhead and Administration [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense | (244) | (240) | (722) | (701) | |
Net interest income | (244) | (240) | (722) | (701) | |
Non interest expense | (1,129) | (897) | (3,368) | (2,630) | |
Net income (loss) before taxes | (1,373) | (1,137) | (4,090) | (3,331) | |
Income tax (provision) benefit | 526 | 435 | 1,566 | 1,261 | |
Net income | (847) | (702) | (2,524) | (2,070) | |
Total assets | 511,223 | 472,431 | 511,223 | 472,431 | |
Elimination Entries [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | $ (502,527) | $ (460,117) | $ (502,527) | $ (460,117) |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015LocationCountySubsidiary | |
Segment Reporting Information [Line Items] | |
Number of counties in which company operates | 20 |
Number of bank locations | Location | 57 |
Commercial and Retail Banking [Member] | |
Segment Reporting Information [Line Items] | |
Number of non bank subsidiary | Subsidiary | 1 |
Number of counties in which company operates | 20 |
Number of bank locations | Location | 57 |
Investment Securities Available
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 ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 484,926 | $ 510,859 |
Gross Unrealized Gains | 6,924 | 8,309 |
Gross Unrealized Losses | 1,392 | 1,711 |
Available for sale securities | 490,458 | 517,457 |
Obligations of U.S. government sponsored entities and agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3 | |
Available for sale securities | 3 | |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,003 | |
Gross Unrealized Gains | 2 | |
Available for sale securities | 1,005 | |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 446,001 | 473,396 |
Gross Unrealized Gains | 5,803 | 6,897 |
Gross Unrealized Losses | 1,357 | 1,660 |
Available for sale securities | 450,447 | 478,633 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 37,922 | 37,460 |
Gross Unrealized Gains | 1,119 | 1,412 |
Gross Unrealized Losses | 35 | 51 |
Available for sale securities | $ 39,006 | $ 38,821 |
Investment Securities Availab36
Investment Securities Available for Sale - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2015USD ($)Security | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Tax provision related to net realized gains | $ 2,000 | $ 18,000 | |||
Securities estimated fair value | $ 133,998,000 | $ 139,297,000 | |||
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 | Security | 0 | 0 | |||
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% | ||||
Gulfstream Bancshares Inc [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Gain (loss) on sale of securities acquired through acquisition | $ 0 | ||||
First Southern Bancorp, Inc. [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Gain (loss) on sale of securities acquired through acquisition | $ 0 |
Investment Securities Availab37
Investment Securities Available for Sale - Schedule of Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds | $ 16,305 | $ 323,542 |
Gross gains | 303 | 1,175 |
Gross losses | $ 299 | $ 1,129 |
Investment Securities Availab38
Investment Securities Available for Sale - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities available for sale, Due in one year or less, Fair Value | $ 517 | |
Investment securities available for sale, Due after one year through five years, Fair Value | 4,758 | |
Investment securities available for sale, Due after five years through ten years, Fair Value | 16,801 | |
Investment securities available for sale, Due after ten years through thirty years, Fair Value | 17,935 | |
Investment securities available for sale, Mortgage backed securities, Fair Value | 450,447 | |
Fair Value | 490,458 | $ 517,457 |
Investment securities available for sale, Due in one year or less, Amortized Cost | 515 | |
Investment securities available for sale, Due after one year through five years, Amortized Cost | 4,655 | |
Investment securities available for sale, Due after five years through ten years, Amortized Cost | 16,362 | |
Investment securities available for sale, Due after ten years through thirty years, Amortized Cost | 17,393 | |
Investment securities available for sale, Mortgage backed securities, Amortized Cost | 446,001 | |
Amortized Cost | $ 484,926 | $ 510,859 |
Investment Securities Availab39
Investment Securities Available for Sale - Investments Gross Unrealized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 86,612 | $ 15,876 |
Less than 12 months, Unrealized Losses | 278 | 41 |
12 months or more, Fair Value | 42,532 | 102,204 |
12 months or more, Unrealized Losses | 1,114 | 1,670 |
Total, Fair Value | 129,144 | 118,080 |
Total, Unrealized Losses | 1,392 | 1,711 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 83,428 | 15,876 |
Less than 12 months, Unrealized Losses | 243 | 41 |
12 months or more, Fair Value | 42,532 | 99,010 |
12 months or more, Unrealized Losses | 1,114 | 1,619 |
Total, Fair Value | 125,960 | 114,886 |
Total, Unrealized Losses | 1,357 | 1,660 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 3,184 | |
Less than 12 months, Unrealized Losses | 35 | |
12 months or more, Fair Value | 3,194 | |
12 months or more, Unrealized Losses | 51 | |
Total, Fair Value | 3,184 | 3,194 |
Total, Unrealized Losses | $ 35 | $ 51 |
Investment Securities Held to M
Investment Securities Held to Maturity - Fair Value of Held to Maturity Securities and Related Gross Unrecognized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 248,310 | $ 237,362 |
Gross Unrecognized Gains | 1,148 | 1,081 |
Gross Unrecognized Losses | 536 | 12 |
Held-to-maturity securities, fair value | 248,922 | 238,431 |
Obligations of U.S. government sponsored entities and agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 35,472 | 49,793 |
Gross Unrecognized Gains | 37 | 122 |
Gross Unrecognized Losses | 155 | |
Held-to-maturity securities, fair value | 35,354 | 49,915 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 163,373 | 161,727 |
Gross Unrecognized Gains | 685 | 654 |
Gross Unrecognized Losses | 53 | |
Held-to-maturity securities, fair value | 164,005 | 162,381 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 49,465 | 25,842 |
Gross Unrecognized Gains | 426 | 305 |
Gross Unrecognized Losses | 328 | 12 |
Held-to-maturity securities, fair value | $ 49,563 | $ 26,135 |
Investment Securities Held to41
Investment Securities Held to Maturity - Additional Information (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)Security | Dec. 31, 2014USD ($)Security | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of securities representing specified criteria | 0 | 0 |
Percentage of HTM securities held by any one issuer as a percentage of stockholders' equity | 10.00% | |
Held to maturity securities pledged, estimated fair value | $ | $ 50,346 | $ 51,531 |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% | |
Held-to-maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of securities representing specified criteria | 0 | |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% |
Investment Securities Held to42
Investment Securities Held to Maturity - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities available for sale, Due after five years through ten years, Fair Value | $ 22,392 | |
Investment securities available for sale, Due after ten years through thirty years, Fair Value | 62,525 | |
Investment securities available for sale, Mortgage backed securities, Fair Value | 164,005 | |
Fair Value | 248,922 | $ 238,431 |
Investment securities available for sale, Due after five years through ten years, Amortized Cost | 22,446 | |
Investment securities available for sale, Due after ten years through thirty years, Amortized Cost | 62,491 | |
Investment securities available for sale, Mortgage backed securities, Amortized Cost | 163,373 | |
Amortized Cost | $ 248,310 | $ 237,362 |
Investment Securities Held to43
Investment Securities Held to Maturity - Investments Gross Unrecognized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 73,361 | $ 2,475 |
Less than 12 months, Unrecognized Losses | 536 | 12 |
Total, Fair Value | 73,361 | 2,475 |
Total, Unrecognized Losses | 536 | 12 |
Obligations of U.S. government sponsored entities and agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 27,852 | |
Less than 12 months, Unrecognized Losses | 155 | |
Total, Fair Value | 27,852 | |
Total, Unrecognized Losses | 155 | |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 21,635 | |
Less than 12 months, Unrecognized Losses | 53 | |
Total, Fair Value | 21,635 | |
Total, Unrecognized Losses | 53 | |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 23,874 | 2,475 |
Less than 12 months, Unrecognized Losses | 328 | 12 |
Total, Fair Value | 23,874 | 2,475 |
Total, Unrecognized Losses | $ 328 | $ 12 |
Loans - Summary of Information
Loans - Summary of Information Concerning Loan Portfolio by Collateral Types (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Receivables with Imputed Interest [Line Items] | ||||||
Total loans excluding purchased credit impaired loans | $ 2,331,853 | $ 2,152,759 | ||||
Total PCI loans | 231,778 | 276,766 | ||||
Total loans | 2,563,631 | 2,429,525 | ||||
Allowance for loan losses for loans that are not PCI loans | (22,586) | (19,384) | ||||
Net Loans | 2,540,983 | 2,409,627 | ||||
Allowance for loan losses for loans that are not PCI loans [Member] | ||||||
Receivables with Imputed Interest [Line Items] | ||||||
Real estate loans, Residential | 634,106 | 589,068 | ||||
Real estate loans, Commercial | 1,234,383 | 1,132,933 | ||||
Land, development and construction | 100,200 | 79,002 | ||||
Total real estate | 1,968,689 | 1,801,003 | ||||
Commercial | 297,389 | 294,493 | ||||
Consumer and other loans | 65,397 | 56,334 | ||||
Loans before unearned fees and deferred cost | 2,331,475 | 2,151,830 | ||||
Net unearned fees and costs | 378 | 929 | ||||
Allowance for loan losses on PCI loans [Member] | ||||||
Receivables with Imputed Interest [Line Items] | ||||||
Real estate loans, Residential | 92,243 | 102,009 | ||||
Real estate loans, Commercial | 119,379 | 140,977 | ||||
Land, development and construction | 16,851 | 24,032 | ||||
Total real estate | 228,473 | 267,018 | ||||
Commercial | 2,848 | 8,953 | ||||
Consumer and other loans | 457 | 795 | ||||
Allowance for loan losses for PCI loans | (62) | $ (116) | (514) | $ (807) | $ (960) | $ (760) |
FDIC Covered Loans Excluding Purchased Credit Impaired Loans [Member] | ||||||
Receivables with Imputed Interest [Line Items] | ||||||
Real estate loans, Residential | 3,166 | 3,895 | ||||
Real estate loans, Commercial | 27,009 | 33,606 | ||||
Land, development and construction | 844 | 866 | ||||
Total real estate | 31,019 | 38,367 | ||||
Commercial | 1,052 | 1,253 | ||||
Total loans excluding purchased credit impaired loans | 32,071 | 39,620 | ||||
FDIC Covered Loans Purchased Credit Impaired Loans [Member] | ||||||
Receivables with Imputed Interest [Line Items] | ||||||
Real estate loans, Residential | 85,596 | 98,075 | ||||
Real estate loans, Commercial | 69,855 | 116,457 | ||||
Land, development and construction | 11,368 | 15,395 | ||||
Total real estate | 166,819 | 229,927 | ||||
Commercial | 2,131 | 4,974 | ||||
Allowance for loan losses for loans that are not PCI loans | (138) | |||||
Total FDIC covered PCI loans | 168,950 | 234,901 | ||||
Allowance for loans losses for FDIC covered PCI loans | (46) | (514) | ||||
Total covered loans, net of allowance for loan losses | 200,837 | 274,007 | ||||
FDIC Covered Loans [Member] | ||||||
Receivables with Imputed Interest [Line Items] | ||||||
Total FDIC covered loans | $ 201,021 | $ 274,521 |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolios (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans charged-off | $ (943) | $ (869) | $ (2,752) | $ (2,931) |
Recoveries of loans previously charged-off | 657 | 556 | 1,552 | 1,511 |
Net charge-offs | (286) | (313) | (1,200) | (1,420) |
Provision (recovery) for loan losses | 0 | 955 | 3,950 | 808 |
Balance at beginning of period | 22,934 | 19,200 | 19,898 | 20,454 |
Balance at end of period | 22,648 | 19,842 | 22,648 | 19,842 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 6,743 | |||
Balance at end of period | 6,275 | 6,275 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 8,641 | |||
Balance at end of period | 11,161 | 11,161 | ||
Land, Development, Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 758 | |||
Balance at end of period | 590 | 590 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 2,466 | |||
Balance at end of period | 3,108 | 3,108 | ||
Consumer and Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 1,290 | |||
Balance at end of period | 1,514 | 1,514 | ||
Allowance for loan losses for loans that are not PCI loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 22,818 | 18,240 | 19,384 | 19,694 |
Loans charged-off | (893) | (869) | (2,625) | (2,931) |
Recoveries of loans previously charged-off | 657 | 556 | 1,552 | 1,511 |
Net charge-offs | (236) | (313) | (1,073) | (1,420) |
Provision (recovery) for loan losses | 4 | 1,108 | 4,275 | 761 |
Balance at end of period | 22,586 | 19,035 | 22,586 | 19,035 |
Allowance for loan losses for loans that are not PCI loans [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 6,764 | 7,819 | 6,743 | 8,785 |
Loans charged-off | (634) | (260) | (1,037) | (1,175) |
Recoveries of loans previously charged-off | 213 | 349 | 800 | 784 |
Provision (recovery) for loan losses | (68) | (1,415) | (231) | (1,901) |
Balance at end of period | 6,275 | 6,493 | 6,275 | 6,493 |
Allowance for loan losses for loans that are not PCI loans [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 10,649 | 7,544 | 8,269 | 6,441 |
Loans charged-off | (37) | (60) | (352) | |
Recoveries of loans previously charged-off | 328 | 107 | 448 | 482 |
Provision (recovery) for loan losses | 143 | 1,133 | 2,463 | 2,176 |
Balance at end of period | 11,120 | 8,747 | 11,120 | 8,747 |
Allowance for loan losses for loans that are not PCI loans [Member] | Land, Development, Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 867 | 634 | 752 | 3,069 |
Loans charged-off | (58) | (24) | (129) | (124) |
Recoveries of loans previously charged-off | 45 | 4 | 93 | |
Provision (recovery) for loan losses | (221) | 154 | (39) | (2,229) |
Balance at end of period | 588 | 809 | 588 | 809 |
Allowance for loan losses for loans that are not PCI loans [Member] | Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 3,035 | 1,100 | 2,330 | 510 |
Loans charged-off | (37) | (327) | (849) | (594) |
Recoveries of loans previously charged-off | 83 | 15 | 172 | 19 |
Provision (recovery) for loan losses | 24 | 1,032 | 1,452 | 1,885 |
Balance at end of period | 3,105 | 1,820 | 3,105 | 1,820 |
Allowance for loan losses for loans that are not PCI loans [Member] | Consumer and Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 1,503 | 1,143 | 1,290 | 889 |
Loans charged-off | (164) | (221) | (550) | (686) |
Recoveries of loans previously charged-off | 33 | 40 | 128 | 133 |
Provision (recovery) for loan losses | 126 | 204 | 630 | 830 |
Balance at end of period | 1,498 | 1,166 | 1,498 | 1,166 |
Allowance for loan losses on PCI loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Net charge-offs | (50) | (127) | ||
Provision (recovery) for loan losses | (4) | (153) | (325) | 47 |
Balance at beginning of period | 116 | 960 | 514 | 760 |
Loans charged-off | (50) | (127) | ||
Balance at end of period | 62 | 807 | 62 | 807 |
Allowance for loan losses on PCI loans [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Provision (recovery) for loan losses | (70) | (27) | (254) | 357 |
Balance at beginning of period | 111 | 522 | 372 | 138 |
Loans charged-off | (77) | |||
Balance at end of period | 41 | 495 | 41 | 495 |
Allowance for loan losses on PCI loans [Member] | Land, Development, Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Provision (recovery) for loan losses | (47) | (4) | (59) | |
Balance at beginning of period | 2 | 77 | 6 | 89 |
Balance at end of period | 2 | 30 | 2 | 30 |
Allowance for loan losses on PCI loans [Member] | Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Provision (recovery) for loan losses | (79) | (133) | (251) | |
Balance at beginning of period | 3 | 361 | 136 | 533 |
Balance at end of period | 3 | $ 282 | 3 | $ 282 |
Allowance for loan losses on PCI loans [Member] | Consumer and Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Provision (recovery) for loan losses | 66 | 66 | ||
Loans charged-off | (50) | (50) | ||
Balance at end of period | $ 16 | $ 16 |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Allowance for loan losses: | ||||||
Individually evaluated for impairment | $ 1,212 | $ 1,115 | ||||
Collectively evaluated for impairment | 21,374 | 18,269 | ||||
Purchased credit impaired | 62 | 514 | ||||
Total ending allowance balance | 22,648 | $ 22,934 | 19,898 | $ 19,842 | $ 19,200 | $ 20,454 |
Loans: | ||||||
Individually evaluated for impairment | 21,858 | 25,250 | ||||
Collectively evaluated for impairment | 2,309,617 | 2,126,580 | ||||
Purchased credit impaired | 231,778 | 276,766 | ||||
Total ending loan balances | 2,563,253 | 2,428,596 | ||||
Residential Real Estate [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 413 | 419 | ||||
Collectively evaluated for impairment | 5,862 | 6,324 | ||||
Total ending allowance balance | 6,275 | 6,743 | ||||
Loans: | ||||||
Individually evaluated for impairment | 8,167 | 9,980 | ||||
Collectively evaluated for impairment | 625,939 | 579,088 | ||||
Purchased credit impaired | 92,243 | 102,009 | ||||
Total ending loan balances | 726,349 | 691,077 | ||||
Commercial Real Estate [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 503 | 403 | ||||
Collectively evaluated for impairment | 10,617 | 7,866 | ||||
Purchased credit impaired | 41 | 372 | ||||
Total ending allowance balance | 11,161 | 8,641 | ||||
Loans: | ||||||
Individually evaluated for impairment | 10,654 | 10,902 | ||||
Collectively evaluated for impairment | 1,223,729 | 1,122,031 | ||||
Purchased credit impaired | 119,379 | 140,977 | ||||
Total ending loan balances | 1,353,762 | 1,273,910 | ||||
Land, Development, Construction [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 252 | 272 | ||||
Collectively evaluated for impairment | 336 | 480 | ||||
Purchased credit impaired | 2 | 6 | ||||
Total ending allowance balance | 590 | 758 | ||||
Loans: | ||||||
Individually evaluated for impairment | 1,782 | 2,748 | ||||
Collectively evaluated for impairment | 98,418 | 76,254 | ||||
Purchased credit impaired | 16,851 | 24,032 | ||||
Total ending loan balances | 117,051 | 103,034 | ||||
Commercial and Industrial [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 10 | 4 | ||||
Collectively evaluated for impairment | 3,095 | 2,326 | ||||
Purchased credit impaired | 3 | 136 | ||||
Total ending allowance balance | 3,108 | 2,466 | ||||
Loans: | ||||||
Individually evaluated for impairment | 963 | 1,365 | ||||
Collectively evaluated for impairment | 296,426 | 293,128 | ||||
Purchased credit impaired | 2,848 | 8,953 | ||||
Total ending loan balances | 300,237 | 303,446 | ||||
Consumer and Other [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 34 | 17 | ||||
Collectively evaluated for impairment | 1,464 | 1,273 | ||||
Purchased credit impaired | 16 | |||||
Total ending allowance balance | 1,514 | 1,290 | ||||
Loans: | ||||||
Individually evaluated for impairment | 292 | 255 | ||||
Collectively evaluated for impairment | 65,105 | 56,079 | ||||
Purchased credit impaired | 457 | 795 | ||||
Total ending loan balances | $ 65,854 | $ 57,129 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 01, 2014 | Jan. 17, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 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 | $ 70 | $ 126 | $ 321 | $ 342 | |||
Partial charge offs for troubled debt restructured | 50 | 63 | $ 224 | 161 | |||
Percentage of troubled debt restructured current pursuant to modified terms | 69.00% | ||||||
Non performing TDRs | 4,651 | $ 4,651 | |||||
Percentage of troubled debt restructured not performing pursuant to their modified terms | 31.00% | ||||||
Loans modified as TDRs | 225 | 1,351 | $ 3,225 | 2,781 | |||
Loan loss provision modified as TDRs | 3 | 56 | 194 | 161 | |||
Provision for loan loss expense within twelve months | 25 | 62 | 123 | 66 | |||
Partial charge offs for troubled debt restructured | 28 | 31 | 125 | 40 | |||
Reclassification from non-accretable difference | $ 6,722 | $ 1,727 | 19,147 | $ 16,967 | |||
Gulfstream Bancshares Inc [Member] | |||||||
Loans [Line Items] | |||||||
Fair value adjustment for loans | $ 7,680 | ||||||
Fair value adjustment for loans, percentage | 2.30% | ||||||
Unamortized fair value adjustment on loans | 5,078 | $ 6,042 | |||||
Allowance for loan losses from loans acquired | $ 2,328 | ||||||
Performing loans acquired, period since acquisitions | 20 months | ||||||
First Southern Bank Inc [Member] | |||||||
Loans [Line Items] | |||||||
Fair value adjustment for loans | $ 10,081 | ||||||
Fair value adjustment for loans, percentage | 2.00% | ||||||
Unamortized fair value adjustment on loans | $ 5,074 | $ 7,032 | |||||
Allowance for loan losses from loans acquired | $ 1,487 | ||||||
Performing loans acquired, period since acquisitions | 16 months |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 15,204 | $ 15,066 |
Impaired loans that are not TDRs | 6,654 | 10,184 |
Total impaired loans | 21,858 | 25,250 |
Performing TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | 10,553 | 11,418 |
Nonperforming TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 4,651 | $ 3,648 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructured Loans by Loans Type (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 15,204 | $ 15,066 |
Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 10,553 | 11,418 |
Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 4,651 | 3,648 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 8,167 | 8,724 |
Residential Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 6,313 | 7,201 |
Residential Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,854 | 1,523 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 5,077 | 4,556 |
Commercial Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 2,485 | 2,762 |
Commercial Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 2,592 | 1,794 |
Land, Development, Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 705 | 788 |
Land, Development, Construction [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 610 | 547 |
Land, Development, Construction [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 95 | 241 |
Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 13,949 | 14,068 |
Total Real Estate Loans [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 9,408 | 10,510 |
Total Real Estate Loans [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 4,541 | 3,558 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 963 | 743 |
Commercial and Industrial [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 896 | 706 |
Commercial and Industrial [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 67 | 37 |
Consumer and Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 292 | 255 |
Consumer and Other [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 249 | 202 |
Consumer and Other [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 43 | $ 53 |
Loans - Summary of Loans by Cla
Loans - Summary of Loans by Class Modified (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($)SecurityLoan | Sep. 30, 2014USD ($)SecurityLoan | |
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | 7 | 4 |
Recorded investment | $ | $ 2,055 | $ 708 |
Residential Real Estate [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | 3 | |
Recorded investment | $ | $ 596 | |
Commercial Real Estate [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | 3 | 3 |
Recorded investment | $ | $ 1,364 | $ 566 |
Land, Development, Construction [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | 1 | 1 |
Recorded investment | $ | $ 95 | $ 142 |
Loans - Summary of Loans Indivi
Loans - Summary of Loans Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance | $ 23,459 | $ 26,583 |
Total impaired loans | 21,858 | 25,250 |
Amount of allowance for loan losses allocated to impaired loans | 1,212 | 1,115 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 5,920 | 6,797 |
Unpaid principal balance, With an allowance recorded | 2,598 | 3,451 |
Recorded investment, With no related allowance | 5,618 | 6,672 |
Recorded investment, With an allowance recorded | 2,549 | 3,308 |
Total impaired loans | 8,167 | 9,980 |
Amount of allowance for loan losses allocated to impaired loans | 413 | 419 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 9,083 | 8,208 |
Unpaid principal balance, With an allowance recorded | 2,148 | 3,024 |
Recorded investment, With no related allowance | 8,647 | 8,059 |
Recorded investment, With an allowance recorded | 2,007 | 2,843 |
Total impaired loans | 10,654 | 10,902 |
Amount of allowance for loan losses allocated to impaired loans | 503 | 403 |
Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 1,365 | 2,234 |
Unpaid principal balance, With an allowance recorded | 1,067 | 1,187 |
Recorded investment, With no related allowance | 742 | 1,606 |
Recorded investment, With an allowance recorded | 1,040 | 1,142 |
Total impaired loans | 1,782 | 2,748 |
Amount of allowance for loan losses allocated to impaired loans | 252 | 272 |
Commercial Loans and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 196 | 1,132 |
Unpaid principal balance, With an allowance recorded | 777 | 283 |
Recorded investment, With no related allowance | 189 | 1,129 |
Recorded investment, With an allowance recorded | 774 | 236 |
Total impaired loans | 963 | 1,365 |
Amount of allowance for loan losses allocated to impaired loans | 10 | 4 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 111 | |
Unpaid principal balance, With an allowance recorded | 194 | 267 |
Recorded investment, With no related allowance | 106 | |
Recorded investment, With an allowance recorded | 186 | 255 |
Total impaired loans | 292 | 255 |
Amount of allowance for loan losses allocated to impaired loans | $ 34 | $ 17 |
Loans - Summary of Impairment b
Loans - Summary of Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | $ 22,352 | $ 26,979 | $ 22,856 | $ 26,413 |
Interest income recognized during impairment | 147 | 155 | 436 | 454 |
Residential Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 8,446 | 9,745 | 8,789 | 9,488 |
Interest income recognized during impairment | 61 | 83 | 184 | 247 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 10,938 | 12,362 | 10,808 | 12,614 |
Interest income recognized during impairment | 66 | 39 | 193 | 110 |
Land, Development, Construction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 1,802 | 2,521 | 1,990 | 1,894 |
Interest income recognized during impairment | 7 | 11 | 21 | 30 |
Total Real Estate Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 21,186 | 24,628 | 21,587 | 23,996 |
Interest income recognized during impairment | 134 | 133 | 398 | 387 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 871 | 2,068 | 924 | 2,107 |
Interest income recognized during impairment | 10 | 19 | 27 | 58 |
Consumer and Other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 295 | 283 | 345 | 310 |
Interest income recognized during impairment | $ 3 | $ 3 | $ 11 | $ 9 |
Loans - Summary of Nonperformin
Loans - Summary of Nonperforming Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Non accrual loans | $ 22,450 | $ 25,595 |
Total non performing loans | $ 22,450 | $ 25,595 |
Loans - Summary of Recorded Inv
Loans - Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 22,450 | $ 25,595 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 10,714 | 11,901 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 8,684 | 8,470 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,519 | 2,374 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 934 | 2,475 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 599 | $ 375 |
Loans - Summary Aging of Record
Loans - Summary Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 2,331,475 | $ 2,151,830 |
Total Past Due | 15,643 | 13,108 |
Loans Not Past Due | 2,293,382 | 2,113,127 |
Non accrual loans | 22,450 | 25,595 |
30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,181 | 6,218 |
60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,462 | 6,890 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 634,106 | 589,068 |
Total Past Due | 3,640 | 3,613 |
Loans Not Past Due | 619,752 | 573,554 |
Non accrual loans | 10,714 | 11,901 |
Residential Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,646 | 2,162 |
Residential Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 994 | 1,451 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,234,383 | 1,132,933 |
Total Past Due | 7,722 | 5,234 |
Loans Not Past Due | 1,217,977 | 1,119,229 |
Non accrual loans | 8,684 | 8,470 |
Commercial Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,089 | 1,840 |
Commercial Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,633 | 3,394 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 100,200 | 79,002 |
Total Past Due | 1,467 | 782 |
Loans Not Past Due | 97,214 | 75,846 |
Non accrual loans | 1,519 | 2,374 |
Land, Development, Construction [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 84 | 378 |
Land, Development, Construction [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,383 | 404 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 297,389 | 294,493 |
Total Past Due | 2,360 | 2,919 |
Loans Not Past Due | 294,095 | 289,099 |
Non accrual loans | 934 | 2,475 |
Commercial and Industrial [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,979 | 1,427 |
Commercial and Industrial [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 381 | 1,492 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 65,397 | 56,334 |
Total Past Due | 454 | 560 |
Loans Not Past Due | 64,344 | 55,399 |
Non accrual loans | 599 | 375 |
Consumer and Other [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 383 | 411 |
Consumer and Other [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 71 | $ 149 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 634,106 | $ 589,068 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 65,397 | 56,334 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,224,447 | 2,028,646 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 605,608 | 558,312 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,171,459 | 1,063,979 |
Pass [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 91,530 | 65,216 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 291,344 | 285,549 |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 64,506 | 55,590 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 47,937 | 56,434 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,676 | 7,053 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 31,486 | 34,953 |
Special Mention [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,758 | 9,731 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,700 | 4,419 |
Special Mention [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 317 | 278 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 59,091 | 66,750 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 20,822 | 23,703 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 31,438 | 34,001 |
Substandard [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,912 | 4,055 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,345 | 4,525 |
Substandard [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 574 | $ 466 |
Loans - Investment in Residenti
Loans - Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 634,106 | $ 589,068 |
Residential Real Estate [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 623,392 | 577,167 |
Residential Real Estate [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,714 | 11,901 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 65,397 | 56,334 |
Consumer and Other [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 64,798 | 55,959 |
Consumer and Other [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 599 | $ 375 |
Loans - Summary of Total Contra
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 ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Contractually required principal and interest | $ 355,320 | $ 460,836 |
Non-accretable difference | (19,998) | (68,757) |
Cash flows expected to be collected | 335,322 | 392,079 |
Accretable yield | (103,544) | (115,313) |
Carrying value of acquired loans | 231,778 | 276,766 |
Allowance for loan losses | (62) | (514) |
Carrying value less allowance for loan losses | $ 231,716 | $ 276,252 |
Loans - Summary of Changes in T
Loans - Summary of Changes in Total Contractually Required Principal and Interest Cash Payments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | ||||
Contractually required principal and interest, beginning balance | $ 460,836 | |||
Non-accretable difference, beginning balance | (68,757) | |||
Cash flows expected to be collected, beginning balance | 392,079 | |||
Accretable yield, beginning balance | (115,313) | |||
Carrying value of acquired loans, beginning balance | 276,766 | |||
Contractually required principal and interest, ending balance | $ 355,320 | 355,320 | ||
Non-accretable difference, ending balance | (19,998) | (19,998) | ||
Cash flows expected to be collected, ending balance | 335,322 | 335,322 | ||
Accretable yield, ending balance | (103,544) | (103,544) | ||
Carrying value of acquired loans, ending balance | 231,778 | 231,778 | ||
Contractually Required Principal and Interest [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Contractually required principal and interest, beginning balance | 379,776 | $ 566,948 | 460,836 | $ 389,537 |
Effect of acquisitions | 229,249 | |||
All other adjustments | (24,456) | (57,676) | (105,516) | (109,514) |
Contractually required principal and interest, ending balance | 355,320 | 509,272 | 355,320 | 509,272 |
Non-Accretable Difference [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-accretable difference, beginning balance | (25,188) | (79,985) | (68,757) | (55,304) |
Effect of acquisitions | (45,293) | |||
All other adjustments | 5,190 | 6,194 | 48,759 | 26,806 |
Non-accretable difference, ending balance | (19,998) | (73,791) | (19,998) | (73,791) |
Cash Flows Expected to be Collected [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Cash flows expected to be collected, beginning balance | 354,588 | 486,963 | 392,079 | 334,233 |
Effect of acquisitions | 183,956 | |||
All other adjustments | (19,266) | (51,482) | (56,757) | (82,708) |
Cash flows expected to be collected, ending balance | 335,322 | 435,481 | 335,322 | 435,481 |
Accretable Yield [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Accretable yield, beginning balance | (107,059) | (133,093) | (115,313) | (102,812) |
Effect of acquisitions | (32,204) | |||
Income accretion | 9,898 | 9,099 | 31,226 | 25,561 |
All other adjustments | (6,383) | (1,849) | (19,457) | (16,388) |
Accretable yield, ending balance | (103,544) | (125,843) | (103,544) | (125,843) |
Carry Value of Acquired Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Carrying value of acquired loans, beginning balance | 247,529 | 353,870 | 276,766 | 231,421 |
Effect of acquisitions | 151,752 | |||
Income accretion | 9,898 | 9,099 | 31,226 | 25,561 |
All other adjustments | (25,649) | (53,331) | (76,214) | (99,096) |
Carrying value of acquired loans, ending balance | $ 231,778 | $ 309,638 | $ 231,778 | $ 309,638 |
FDIC Indemnification Asset - Ad
FDIC Indemnification Asset - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2014Bank | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012Bank | Dec. 31, 2010Bank | |
Fdic Indemnification Asset [Abstract] | |||||
Number of acquisitions under agreement | Bank | 2 | 2 | 3 | ||
Impairment (recovery) of loan pool | $ (263) | $ (116) |
FDIC Indemnification Asset - FD
FDIC Indemnification Asset - FDIC Loss Share Indemnification Asset (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fdic Loss Share Indemnification Asset [Abstract] | ||
Beginning of the year | $ 49,054 | $ 73,877 |
Effect of acquisition | 2,636 | |
Amortization, net | (12,954) | (20,664) |
Indemnification revenue | 1,316 | 3,098 |
Indemnification of foreclosure expense | (2,266) | 237 |
Proceeds from FDIC | (6,291) | (10,014) |
Impairment (recovery) of loan pool | (263) | (116) |
Period end balance | $ 28,596 | $ 49,054 |
FDIC Indemnification Asset - 62
FDIC Indemnification Asset - FDIC Activity In True-up Payment Liability (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fdic Loss Share Indemnification Asset [Abstract] | ||
Beginning of the year | $ 1,205 | $ 444 |
Effect of acquisition | 682 | |
True-up liability accrual | 189 | 79 |
Period end balance | $ 1,394 | $ 1,205 |
Securities Sold Under Agreeme63
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Banking And Thrift [Abstract] | ||
Securities sold under agreement to repurchase | $ 28,512 | $ 27,022 |
Securities Sold Under Agreeme64
Securities Sold Under Agreements to Repurchase - Summary of Repurchase Agreement (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 49,731 | |
Securities sold under agreement to repurchase | $ 28,512 | $ 27,022 |
Market value pledged as a % of borrowings | 174.00% | |
Mortgage Backed Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 47,551 | |
Securities sold under agreement to repurchase | $ 28,120 | |
Market value pledged as a % of borrowings | 169.00% | |
Municipal Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 2,180 | |
Securities sold under agreement to repurchase | $ 392 | |
Market value pledged as a % of borrowings | 556.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | Oct. 27, 2015Location$ / shares | Oct. 05, 2015Location$ / sharesshares | Sep. 30, 2015USD ($)Location | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) |
Subsequent Event [Line Items] | |||||
Total assets | $ 3,933,072 | $ 3,776,869 | $ 3,639,143 | ||
Deposits | $ 3,185,189 | $ 3,092,040 | |||
Number of bank locations | Location | 57 | ||||
Community Bank [Member] | |||||
Subsequent Event [Line Items] | |||||
Total assets | $ 486,392 | ||||
Gross loans | 334,548 | ||||
Deposits | 437,526 | ||||
Community Bank [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of bank locations | Location | 11 | ||||
Cash Paid Per Share Business Combination | $ / shares | $ 13.31 | ||||
Conversion of Stock, Shares Issued | shares | 0.9148 | ||||
Hometown [Member] | |||||
Subsequent Event [Line Items] | |||||
Total assets | 347,504 | ||||
Gross loans | 206,000 | ||||
Deposits | $ 281,041 | ||||
Hometown [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of bank locations | Location | 6 | ||||
Cash Paid Per Share Business Combination | $ / shares | $ 1.25 |