Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CenterState Banks, Inc. | ||
Trading Symbol | CSFL | ||
Entity Central Index Key | 1,102,266 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 45,651,827 | ||
Entity Public Float | $ 423,413 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 50,902 | $ 52,067 |
Federal funds sold and Federal Reserve Bank deposits | 101,580 | 106,346 |
Cash and cash equivalents | 152,482 | 158,413 |
Trading securities, at fair value | 2,107 | 3,420 |
Investment securities available for sale, at fair value | 604,739 | 517,457 |
Investment securities held to maturity (fair value of $273,983 and $238,431 at December 31, 2015 and December 31, 2014, respectively) | 272,840 | 237,362 |
Loans held for sale | 1,529 | 1,251 |
Loans, excluding purchased credit impaired | 2,383,248 | 2,152,759 |
Purchased credit impaired loans | 210,528 | 276,766 |
Allowance for loan losses | (22,264) | (19,898) |
Net Loans | 2,571,512 | 2,409,627 |
Bank premises and equipment, net | 101,821 | 98,848 |
Accrued interest receivable | 10,286 | 8,999 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 14,041 | 14,219 |
Goodwill | 76,739 | 76,739 |
Core deposit intangible, net | 12,164 | 14,417 |
Trust intangible, net | 837 | 984 |
Bank owned life insurance | 85,890 | 83,544 |
Other repossessed real estate owned covered by FDIC loss share agreements | 9,629 | 19,404 |
Other repossessed real estate owned | 1,567 | 8,896 |
FDIC indemnification asset | 25,795 | 49,054 |
Deferred income tax asset, net | 46,220 | 49,587 |
Bank property held for sale | 1,665 | 2,675 |
Prepaid expense and other assets | 30,854 | 21,973 |
TOTAL ASSETS | 4,022,717 | 3,776,869 |
Deposits: | ||
Interest bearing | 2,082,040 | 2,043,166 |
Non-interest bearing | 1,133,138 | 1,048,874 |
Total deposits | 3,215,178 | 3,092,040 |
Securities sold under agreement to repurchase | 27,472 | 27,022 |
Federal funds purchased | 200,250 | 151,992 |
Other borrowed funds | 25,000 | 0 |
Corporate debentures | 24,093 | 23,917 |
Accrued interest payable | 218 | 336 |
Payables and accrued expenses | 39,992 | 29,085 |
Total liabilities | 3,532,203 | 3,324,392 |
Stockholders' equity: | ||
Common stock, $.01 par value: 100,000,000 shares authorized; 45,459,195 and 45,323,553 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively | 455 | 453 |
Additional paid-in capital | 393,191 | 388,698 |
Retained earnings | 95,430 | 59,273 |
Accumulated other comprehensive income | 1,438 | 4,053 |
Total stockholders' equity | 490,514 | 452,477 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 4,022,717 | $ 3,776,869 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 273,983 | $ 238,431 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 45,459,195 | 45,323,553 |
Common stock, shares outstanding | 45,459,195 | 45,323,553 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Interest income: | ||||
Loans | $ 141,696 | $ 121,262 | $ 88,274 | |
Investment securities available for sale: | ||||
Taxable | 16,460 | 13,991 | 9,889 | |
Tax-exempt | 2,641 | 1,435 | 1,430 | |
Federal funds sold and other | 1,523 | 1,539 | 785 | |
Total interest income | 162,320 | 138,227 | 100,378 | |
Interest expense: | ||||
Deposits | 5,506 | 6,182 | 5,184 | |
Securities sold under agreement to repurchase | 186 | 181 | 78 | |
Federal funds purchased | 622 | 51 | 21 | |
Federal Home Loan Bank advances and other borrowings | 4 | 0 | 0 | |
Corporate debentures | 968 | 942 | 602 | |
Total interest expense | 7,286 | 7,356 | 5,885 | |
Net interest income | 155,034 | 130,871 | 94,493 | |
Provision for loan losses | 4,493 | 826 | (76) | |
Net interest income after loan loss provision | 150,541 | 130,045 | 94,569 | |
Non interest income: | ||||
Correspondent banking capital markets revenue | 23,225 | 16,400 | 17,023 | |
Other correspondent banking related revenue | 4,338 | 3,753 | 3,387 | |
Service charges on deposit accounts | 9,745 | 9,542 | 8,457 | |
Debit, prepaid, ATM and merchant card related fees | 6,913 | 6,250 | 5,420 | |
Wealth management related revenue | 3,813 | 4,239 | 4,551 | |
FDIC indemnification income | 1,686 | 2,982 | 5,542 | |
FDIC indemnification asset amortization | (16,563) | (20,743) | (13,807) | |
Bank owned life insurance income | 2,346 | 1,767 | 1,328 | |
Other service charges and fees | 1,943 | 1,990 | 985 | |
Net gain on sale of securities available for sale | 4 | 46 | 1,060 | |
Total other income | 37,450 | 26,226 | 33,946 | |
Non interest expense: | ||||
Salaries, wages and employee benefits | 77,398 | 70,375 | 60,369 | |
Occupancy expense | 9,957 | 10,163 | 7,702 | |
Depreciation of premises and equipment | 5,716 | 6,066 | 5,876 | |
Supplies, stationary and printing | 1,436 | 1,319 | 1,121 | |
Marketing expenses | 2,317 | 2,731 | 2,517 | |
Data processing expense | 4,679 | 5,484 | 3,784 | |
Legal, audit and other professional fees | 2,954 | 4,066 | 3,754 | |
Core deposit intangible ("CDI") amortization | 2,390 | 2,110 | 986 | |
Postage and delivery | 1,389 | 1,413 | 1,084 | |
ATM and debit card related expenses | 1,893 | 1,892 | 1,788 | |
Bank regulatory expenses | 3,173 | 3,209 | 2,369 | |
(Gain)/loss on sale of repossessed real estate (“OREO”) | (1,253) | (788) | 3,122 | |
Valuation write down of repossessed real estate (“OREO”) | 1,207 | 3,250 | 6,012 | |
Loss on repossessed assets other than real estate | 7 | 45 | 401 | |
Foreclosure related expenses | 2,334 | 2,775 | 3,191 | |
Merger and acquisition related expenses | 693 | 11,542 | 722 | |
Branch closure and efficiency initiatives | 0 | 2,764 | 0 | |
Other expenses | 9,792 | 7,765 | 5,964 | |
Total other expenses | 126,082 | 136,181 | 110,762 | |
Income before provision for income taxes | 61,909 | 20,090 | 17,753 | |
Provision for income taxes | 22,571 | 7,126 | 5,510 | |
Net income | 39,338 | 12,964 | 12,243 | |
Other comprehensive income, net of tax: | ||||
Unrealized securities holding (loss) gain, net of income taxes | (2,613) | 8,565 | (11,132) | |
Less: reclassified adjustments for gain included in net income, net of income taxes, of $2, $18 and $409, respectively | (2) | (28) | (651) | |
Net unrealized (loss) gain on available for sale securities, net of income taxes | (2,615) | 8,537 | (11,783) | |
Total comprehensive income | $ 36,723 | $ 21,501 | $ 460 | |
Earnings per share: | ||||
Basic | $ 0.87 | $ 0.32 | $ 0.41 | |
Diluted | $ 0.85 | $ 0.31 | $ 0.41 | |
Common shares used in the calculation of earnings per share: | ||||
Basic | [1] | 45,182,224 | 40,852,002 | 30,102,777 |
Diluted | [1] | 45,788,632 | 41,235,552 | 30,220,127 |
[1] | Excludes participating securities. |
Consolidated Statements of Ope5
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Reclassifications of gain included in net income, income taxes | $ 2 | $ 18 | $ 409 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 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, 2012 | $ 273,531 | $ 301 | $ 228,952 | $ 36,979 | $ 7,299 | ||||||
Balances at beginning, shares at Dec. 31, 2012 | 30,079,767 | ||||||||||
Comprehensive income: | |||||||||||
Net income | 12,243 | 12,243 | |||||||||
Unrealized holding loss on available for sale securities, net of deferred income tax | (11,783) | (11,783) | |||||||||
Total comprehensive income | 460 | ||||||||||
Dividends paid - common | (1,204) | (1,204) | |||||||||
Stock grants issued | 300 | 300 | |||||||||
Stock grants issued, shares | 30,994 | ||||||||||
Stock based compensation expense | $ 292 | 292 | |||||||||
Stock options exercised, including tax benefit, Shares | 1,714 | 1,714 | |||||||||
Balances at ending at Dec. 31, 2013 | $ 273,379 | $ 301 | 229,544 | 48,018 | (4,484) | ||||||
Balances at ending, shares at Dec. 31, 2013 | 30,112,475 | ||||||||||
Comprehensive income: | |||||||||||
Net income | 12,964 | 12,964 | |||||||||
Unrealized holding loss on available for sale securities, net of deferred income tax | 8,537 | 8,537 | |||||||||
Total comprehensive income | 21,501 | ||||||||||
Dividends paid - common | (1,709) | (1,709) | |||||||||
Stock grants issued | 681 | $ 3 | 678 | ||||||||
Stock grants issued, shares | 305,730 | ||||||||||
Stock based compensation expense | 238 | 238 | |||||||||
Stock options exercised, including tax benefit | $ 984 | $ 2 | 982 | ||||||||
Stock options exercised, including tax benefit, Shares | 233,762 | 233,762 | |||||||||
Balances at ending at Dec. 31, 2014 | $ 452,477 | $ 453 | 388,698 | 59,273 | 4,053 | ||||||
Balances at ending, shares at Dec. 31, 2014 | 45,323,553 | 45,323,553 | |||||||||
Comprehensive income: | |||||||||||
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 | |||||||||
Net income | $ 39,338 | 39,338 | |||||||||
Unrealized holding loss on available for sale securities, net of deferred income tax | (2,615) | (2,615) | |||||||||
Total comprehensive income | 36,723 | ||||||||||
Dividends paid - common | (3,181) | (3,181) | |||||||||
Stock grants issued | 1,362 | $ 1 | 1,361 | ||||||||
Stock grants issued, shares | 73,821 | ||||||||||
Stock based compensation expense | 3,365 | 3,365 | |||||||||
Stock options exercised, including tax benefit | $ 784 | $ 2 | 782 | ||||||||
Stock options exercised, including tax benefit, Shares | 142,476 | 142,476 | |||||||||
Balances at ending at Dec. 31, 2015 | $ 490,514 | $ 455 | 393,191 | $ 95,430 | $ 1,438 | ||||||
Balances at ending, shares at Dec. 31, 2015 | 45,459,195 | 45,459,195 | |||||||||
Comprehensive income: | |||||||||||
Stock repurchase | $ (1,016) | $ (1) | $ (1,015) | ||||||||
Stock repurchase, Shares | (80,655) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Unrealized holding gain/loss on available for sale securities, deferred income tax benefit | $ 1,642 | $ 5,361 | $ 7,220 |
Retained Earnings [Member] | |||
Dividends paid - common, per share | $ 0.07 | $ 0.04 | $ 0.04 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 39,338 | $ 12,964 | $ 12,243 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 4,493 | 826 | (76) |
Depreciation of premises and equipment | 5,716 | 6,066 | 5,876 |
Accretion of purchase accounting adjustments | (42,852) | (36,198) | (32,571) |
Net amortization of investment securities | 9,047 | 6,397 | 6,473 |
Net deferred loan origination fees | (295) | (525) | (862) |
Net gain on sale of securities available for sale | (4) | (46) | (1,060) |
Trading securities revenue | (403) | (169) | (255) |
Purchases of trading securities | (147,693) | (171,089) | (198,186) |
Proceeds from sale of trading securities | 149,409 | 167,838 | 203,489 |
Repossessed real estate owned valuation write down | 1,207 | 3,250 | 6,012 |
(Gain) loss on sale of repossessed real estate owned | (1,253) | (788) | 3,122 |
Repossessed assets other than real estate valuation write down | 7 | 32 | 70 |
Loss on sale of repossessed assets other than real estate | 13 | 331 | |
Gain on sale of loans held for sale | (566) | (511) | (333) |
Loans originated and held for sale | (29,930) | (26,056) | (20,824) |
Proceeds from sale of loans held for sale | 30,218 | 26,573 | 22,856 |
Loss (gain) on disposal of and or sale of fixed assets | 19 | (19) | (12) |
Gain on disposal of bank property held for sale | (41) | (174) | 0 |
Impairment on bank property held for sale | 772 | 2,256 | 0 |
Deferred income taxes | 5,012 | 1,733 | 32 |
Stock based compensation expense | 3,283 | 1,577 | 609 |
Bank owned life insurance income | (2,346) | (1,767) | (1,328) |
FDIC indemnification asset amortization | 16,563 | 20,743 | 13,807 |
Net cash from changes in: | |||
Net changes in accrued interest receivable, prepaid expenses, and other assets | (9,372) | (12,276) | (7,841) |
Net change in accrued interest payable, accrued expense, and other liabilities | 12,674 | 727 | 2,687 |
Net cash provided by operating activities | 43,003 | 1,377 | 14,259 |
Cash flows from investing activities: | |||
Purchases of investment securities | 0 | 0 | (31,132) |
Purchases of mortgage backed securities | (215,262) | (195,943) | (205,005) |
Proceeds from maturities of investment securities | 0 | 0 | 165 |
Proceeds from called investment securities | 5,905 | 2,050 | 9,400 |
Proceeds from pay-downs of mortgage backed securities | 94,258 | 82,929 | 101,333 |
Proceeds from sales of investment securities | 0 | 62,111 | 31,804 |
Proceeds from sales of mortgage backed securities | 16,305 | 261,426 | 37,691 |
Purchases of investment securities | (93,263) | (75,654) | 0 |
Purchases of mortgage backed securities | (30,776) | (162,377) | 0 |
Proceeds from called investment securities | 51,925 | 0 | 0 |
Proceeds from pay-downs of mortgage backed securities | 34,849 | 581 | 0 |
Purchases of FRB and FHLB stock | (30) | (3,580) | 0 |
Proceeds from sales of FHLB and FRB stock | 208 | 4,011 | 1,560 |
Net (increase) decrease in loans | (135,984) | 24,191 | (39,813) |
Cash received from FDIC loss sharing agreements | 4,662 | 10,014 | 42,004 |
Purchase of bank owned life insurance | 0 | (25,000) | 0 |
Purchases of premises and equipment, net | (7,147) | (1,987) | (4,665) |
Proceeds from sale of repossessed real estate | 31,941 | 36,995 | 28,585 |
Proceeds from sale of fixed assets | 389 | 19 | 136 |
Proceeds from sale of bank property held for sale | 1,518 | 10,783 | 931 |
Net cash from bank acquisitions | 12,537 | 130,494 | 0 |
Net cash (used in) / provided by investing activities | (227,965) | 161,063 | (27,006) |
Cash flows from financing activities: | |||
Net increase (decrease) in deposits | 109,202 | (125,063) | 59,450 |
Sale of deposits | 0 | (169,748) | 0 |
Net increase (decrease) in securities sold under agreement to repurchase | 450 | (1,011) | 1,665 |
Net increase (decrease) in federal funds purchased | 48,258 | 122,083 | (9,023) |
Net increase (decrease) in other borrowings | 25,000 | (5,708) | 0 |
Net (decrease) increase in payable to shareholders for acquisitions | (466) | 1,256 | 0 |
Stock options exercised, including tax benefit | 784 | 984 | 0 |
Stock repurchased | (1,016) | 0 | 0 |
Dividends paid | (3,181) | (1,709) | (1,204) |
Net cash provided by / (used in) financing activities | 179,031 | (178,916) | 50,888 |
Net (decrease) increase in cash and cash equivalents | (5,931) | (16,476) | 38,141 |
Cash and cash equivalents, beginning of period | 158,413 | 174,889 | 136,748 |
Cash and cash equivalents, end of period | 152,482 | 158,413 | 174,889 |
Transfer of loans to other real estate owned | 14,791 | 16,359 | 29,581 |
Transfers of bank property to held for sale | 1,239 | 4,647 | 0 |
Cash paid during the period for: | |||
Interest | 8,255 | 8,543 | 6,607 |
Income taxes | $ 14,602 | $ 8,447 | $ 3,473 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of significant accounting policies (a) Nature of operations and principles of consolidation The consolidated financial statements of CenterState Banks, Inc. (the “Company”) include the accounts of CenterState Banks, Inc. (the “Parent Company”), and its wholly owned subsidiaries CenterState Bank of Florida, N.A., R4ALL, Inc. and CSFL Insurance Corp. All significant intercompany accounts and transactions have been eliminated in consolidation. At December 31, 2015, the Company, through its subsidiary bank, operates through 57 full service banking locations in 20 counties throughout Central, Northeast and Southeast Florida, providing traditional deposit and lending products and services to its commercial and retail customers. The Company’s primary deposit products are checking, savings and term certificate accounts, and its primary lending products include commercial real estate loans, residential real estate loans, commercial loans and consumer loans. Substantially all loans are secured by commercial real estate, residential real estate, business assets or consumer assets. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the area. The Company also provides correspondent banking and capital markets services to approximately 600 community banks nationwide. R4ALL, Inc. is a non bank subsidiary incorporated during the third quarter of 2009. The primary purpose of this subsidiary is to purchase, hold, and dispose of troubled assets acquired from the Company’s subsidiary bank. CSFL Insurance Corp. is a non bank subsidiary incorporated during the fourth quarter of 2015. The primary purpose of this subsidiary is to function as a captive insurance subsidiary pursuant to Section 831(b) of the U.S. Tax Code. The following is a description of the basis of presentation and the significant accounting and reporting policies, which the Company follows in preparing and presenting its consolidated financial statements. (b) Use of estimates To prepare financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided. Significant items subject to estimates and assumptions include allowance for loan losses, FDIC indemnification asset, fair values of financial instruments, useful life of intangibles and valuation of goodwill, fair value estimates of stock-based compensation, fair value estimates of OREO, and deferred tax assets. Actual results could differ from these estimates. (c) Cash flow reporting For purposes of the statement of cash flows, the Company considers cash and due from banks, federal funds sold, money market and non interest bearing deposits in other banks with a purchased maturity of three months or less to be cash equivalents. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, federal funds purchased, repurchase agreements, proceeds from capital offering and other borrowed funds. (d) Interest bearing deposits in other financial institutions Interest bearing deposits in other financial institutions mature within one year and are carried at cost and are included in cash and due from banks in the Consolidated Balance Sheets. (e) Trading securities The Company engages in trading activities for its own account. Securities that are held principally for resale in the near term are recorded at fair value with changes in fair value included in earnings. Interest is included in net interest income. (f) Securities Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities not classified as held to maturity or trading are classified as available for sale. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Securities are evaluated for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) other-than-temporary impairment related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. (g) Bond commissions revenue recognition Bond sales transactions and related revenue and expenses are recorded on a settlement date basis. The effect on the financial statements of using the settlement date basis rather than the trade date basis is not material. (h) Loans held for sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Mortgage loans held for sale are generally sold with servicing rights released. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. ( i ) Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balance net of purchase premiums and discounts, deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. The recorded investment in a loan excludes accrued interest receivable, deferred fees, and deferred costs because they are not considered material. A loan is considered a troubled debt restructured loan based on individual facts and circumstances. A modification may include either an increase or reduction in interest rate or deferral of principal payments or both. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings. The Company classifies troubled debt restructured loans as impaired and evaluates the need for an allowance for loan losses on a loan-by-loan basis. An allowance for loan losses is based on either the present value of estimated future cash flows or the estimated fair value of the underlying collateral. Loans retain their interest accrual status at the time of modification. Loan origination fees and the incremental direct cost of loan origination, are deferred and recognized in interest income without anticipating prepayments over the contractual life of the loans. If the loan is prepaid, the remaining unamortized fees and costs are charged or credited to interest income. Amortization ceases for nonaccrual loans. A loan is moved to nonaccrual status in accordance with the Company’s policy typically after 90 days of non-payment, or less than 90 days of non-payment if management determines that the full timely collection of principal and interest becomes doubtful. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Single family home loans, consumer loans and smaller commercial, land, development and construction loans (less than $500) are monitored by payment history, and as such, past due payments is generally the triggering mechanism to determine nonaccrual status. Larger (greater than $500) commercial, land, development and construction loans are monitored on a loan level basis, and therefore in these cases it is more likely that a loan may be placed on nonaccrual status before it becomes 90 days past due. All interest accrued but not received for loans placed on nonaccrual, is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Non real estate consumer loans are typically charged off no later than 120 days past due. The Company, considering current information and events regarding the borrower’s ability to repay their obligations, considers a loan to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is considered to be impaired, the amount of the impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the secondary market value of the loan, or the fair value of the collateral for collateral dependent loans. Interest income on impaired loans is recognized in accordance with the Company’s non-accrual policy. Impaired loans are written down to the extent that principal is judged to be uncollectible and, in the case of impaired collateral dependent loans where repayment is expected to be provided solely by the underlying collateral and there is no other available and reliable sources of repayment, are written down to the lower of cost or collateral value less estimated selling costs. Impairment losses are included in the allowance for loan losses. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. (j) Purchased credit-impaired loans As a part of business acquisitions, the Company acquires loans, some of which have shown evidence of credit deterioration since origination. These purchased credit-impaired (“PCI”) loans were determined to be credit impaired based on specific risk characteristics of the loan, including product type, domicile of the borrower, past due status, owner occupancy status, geographic location of the collateral, and loan to value ratios. Purchasers are permitted to aggregate credit impaired loans acquired in the same fiscal quarter into one or more pools, provided that the loans have common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. For the loan portfolios acquired through failed bank acquisitions, the Company aggregated the commercial, consumer, and residential loans into ten pools of loans with common risk characteristics for each FDIC failed institution acquired. These acquired loans were recorded at the acquisition date fair value, and after acquisition, losses are recognized through the allowance for loan losses. The Company estimates the amount and timing of expected cash flows for each acquired loan pool and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan pools. On a quarterly basis, the Company updates the amount of loan principal and interest cash flows expected to be collected, incorporating assumptions regarding default rates, loss severities, the amounts and timing of prepayments and other factors that are reflective of current market conditions. Probable decreases in expected loan principal cash flows trigger the recognition of impairment, which is then measured as the present value of the expected principal loss plus any related foregone interest cash flows discounted at the pool’s effective interest rate. Impairments that occur after the acquisition date are recognized through the provision for loan losses. Probable and significant increases in expected principal cash flows would first reverse any previously recorded allowance for loan losses; any remaining increases are recognized prospectively as interest income. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. Disposals of loans, which may include sales of loans, receipt of payments in full by the borrower, or foreclosure, result in removal of the loan from the purchased credit impaired portfolio. (k) Concentration of credit risk Most of the Company’s business activity is with customers located within Florida. Therefore, the Company’s exposure to credit risk is significantly affected by changes in the economy and the real estate market within Florida, primarily central, southeastern and northeastern Florida. (l) Allowance for loan losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers loans that are not individually classified as impaired and is based on historical loss experience adjusted for current factors. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Commercial, commercial real estate, land, acquisition and development, and construction loans over $500 are individually evaluated for impairment. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent two years. The portfolio segments identified by the Company are residential loans, commercial real estate loans, construction and land development loans, commercial and industrial and consumer and other. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; volume and severity of adversely classified or graded loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The Company segregates and evaluates its loan portfolio through the five portfolio segments: residential real estate, commercial real estate, land/ land development/construction, commercial and consumer/other. Residential real estate loans are a mixture of fixed rate and adjustable rate residential mortgage loans, including first mortgages, second mortgages or home equity lines of credit. As a policy, the Company holds adjustable rate loans and sells a portion of its fixed rate loan originations into the secondary market. Changes in interest rates or market conditions may impact a borrower’s ability to meet contractual principal and interest payments. Residential real estate loans are secured by real property. Commercial real estate loans include loans secured by office buildings, warehouses, retail stores and other property located in or near our markets. These loans are originated based on the borrower’s ability to service the debt and secondarily based on the fair value of the underlying collateral. Land/land development/construction loans include residential and commercial real estate loans and include a mixture of owner occupied and non-owner occupied. The majority of the loans in this category are land related, either undeveloped land, land held for development, residential building lots and commercial building lots. Generally the terms are three to five years, with a potential for renewal at maturity. Commercial loans consist of small-to medium-sized businesses including professional associations, medical services, retail trade, transportation, wholesale trade, manufacturing and tourism. Commercial loans are derived from our market areas and underwritten based on the borrower’s ability to service debt from the business’s underlying cash flows. As a general practice, we obtain collateral such as inventory, accounts receivable, equipment or other assets although such loans may be uncollateralized but guaranteed. Consumer and other loans include automobiles, boats, mobile homes without land, or uncollateralized but personally guaranteed loans. These loans are originated based primarily on credit scores, debt-to-income ratios and loan-to-value ratios. The Company evaluates the loans acquired from the Gulfstream Business Bank (“GSB”) acquisition that were not PCI loans as a sixth loan portfolio segment. The Company considered the levels of and trends in non-performing loans, past-due loans, adverse loan grade classification changes, historical loss rates, environmental factors and impaired loans in arriving at its estimate. The general loan loss allowance recorded for these performing loans acquired from GSB is allocated between the five portfolio segments described above in Note 4. The Company evaluates the loans acquired from the First Southern Bank (“FSB”) acquisition that were not PCI loans as a seventh loan portfolio segment. The Company considered the levels of and trends in non-performing loans, past-due loans, adverse loan grade classification changes, historical loss rates, environmental factors, 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 general loan loss allowance recorded for these performing loans acquired from FSB is allocated between the five portfolio segments described above in Note 4. (m) Transfer of financial assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. (n) Other repossessed real estate owned Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. Repossessed real estate is included in other repossessed real estate owned and other repossessed assets other than real estate is included in prepaid expenses and other assets in the Consolidated Balance Sheets. (o) Premises and equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives of the related assets. Buildings are depreciated over a 39 year period, and furniture, fixtures and equipment are depreciated over their related useful life (3 to 15 years). Leasehold improvements are depreciated over the shorter of their useful lives or the term of the lease. Major renewals and betterments of property are capitalized; maintenance, repairs, and minor renewals and betterments are expensed in the period incurred. Upon retirement or other disposition of the asset, the asset cost and related accumulated depreciation are removed from the accounts, and gains or losses are included in income. (p) Software costs Costs of software developed for internal use, such as those related to software licenses, programming, testing, configuration, direct materials and integration, are capitalized and included in premises and equipment. Included in the capitalized costs are those costs related to both our personnel and third party consultants involved in the software development and installation. Once placed in service, the capitalized asset is amortized on a straight-line basis over its estimated useful life, generally three to five years. Capitalized costs of software developed for internal use are reviewed periodically for impairment. (q) Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock The Company’s subsidiary bank is a member of the FHLB and FRB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB and FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. (r) Bank owned life insurance (BOLI) The Company, through its subsidiary bank, has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. (s) Goodwill and other intangible assets Goodwill resulting from business combinations prior to January 1, 2009 represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill resulting from business combinations after January 1, 2009, is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually. The Company has selected November 30 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. The core deposit intangibles are intangible assets arising from either whole bank acquisitions or branch acquisitions. They are initially measured at fair value and then amortized over a ten-year period on an accelerated basis using the projected decay rates of the underlying core deposits. The trust intangible represents the value of the Trust business (“Trust”) acquired pursuant to the Company’s January 27, 2012 acquisition of First Guaranty Bank and Trust of Jacksonville (“FGB”) in Jacksonville, Florida. The intangible was initially measured at fair value and then amortized over a ten-year period on an accelerated basis. (t) FDIC Indemnification Asset The FDIC Indemnification Asset represents the estimated amounts due from the FDIC pursuant to the Loss Share Agreements related to the acquisitions of the three failed banks acquired in 2010, two in 2012 and assumed two additional pursuant to the Company’s 2014 acquisition of First Southern Bank. At acquisition, the FDIC Indemnification Asset represented the discounted value of the FDIC’s reimbursed portion of the estimated losses the Company expects to realize on the loans and other real estate (“Covered Assets”) acquired as a result of the acquisitions. The range of discount rates used on the FDIC Indemnification Asset was 1.21% to 4.53%. As losses were realized on Covered Assets, the portion that the FDIC paid the Company in cash for principal and up to 90 days of interest reduced the FDIC Indemnification Asset. On a quarterly basis, the Company evaluated the FDIC Indemnification Asset to determine if the estimated losses on Covered Assets supported the amount recorded as the FDIC Indemnification Asset. Income accretion was recognized during the loss share period. If the expectation of future losses declined, the income accretion was reduced prospectively over the lesser of the term of the loss share agreement and the estimated remaining life of the Covered Asset. On February 3, 2016, the FDIC bought out the remaining FDIC loss share agreements. As such, the FDIC indemnification asset was written-off effectively accelerating all future FDIC indemnification asset amortization expense as well as ending any future FDIC indemnification income. (u) Loan commitments and related financial instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. (v) Stock-based compensation Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. During 2014 the Company initiated a Long-Term Incentive Plan which included Performance Share Units (“PSUs”). The Monte-Carlo Simulation model was used to estimate fair value of the PSUs at the grant date. Compensation cost is recognized over the required service period, generally defined as the vesting period. (w) Income taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in other expenses. (x) Retirement plans Employee 401(k) plan expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. (y) Marketing and advertising costs Marketing and advertising costs are expensed as incurred. (z) Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options and unvested restricted stock awards where shares are not issued until vested. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of issuance of the financial statements. ( aa ) Comprehensive income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale, which are also recognized as separate components of shareholders’ equity. ( ab ) Loss contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. ( ac ) Restrictions on cash Cash on hand or on deposit with the Federal Reserve Bank is generally required to meet regulatory reserve and clearing requ |
Trading Securities
Trading Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Trading Securities | (2) Trading Securities Realized and unrealized gains and losses are included in trading securities revenue, a component of non interest income. Securities purchased for this portfolio have primarily been municipal securities. A list of the activity in this portfolio for 2015 and 2014 is summarized below. 2015 2014 Beginning balance $ 3,420 $ — Purchases 147,693 171,089 Proceeds from sales (149,409 ) (167,838 ) Net realized gain on sales 379 156 Mark-to- market adjustment 24 13 Ending balance $ 2,107 $ 3,420 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | (3) Investment Securities Available for Sale All of the mortgage backed securities (“MBS”) listed below are residential FNMA, FHLMC, and GNMA MBSs. 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: December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 1,002 $ - $ 2 $ 1,000 Mortgage backed securities 567,264 4,102 2,914 568,452 Municipal securities 34,131 1,156 - 35,287 Total available-for-sale $ 602,397 $ 5,258 $ 2,916 $ 604,739 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 Sales of available for sale securities were as follows: 2015 2014 2013 Proceeds $ 16,305 $ 323,537 $ 69,495 Gross gains $ 303 $ 1,175 $ 1,060 Gross losses $ 299 $ 1,129 $ — The tax provisions related to these net realized gains were $2, $18 and $409, respectively. Available for sale securities pledged at December 31, 2015 and 2014 had a carrying amount (estimated fair value) of $195,753 and $139,297, respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At year-end 2015 and 2014, there were no holdings of available for sale securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. The fair value and amortized cost of available for sale securities at year end 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 available for sale: Fair Value Cost Due in one year or less $ 634 $ 617 Due after one year through five years 6,013 5,875 Due after five years through ten years 13,397 13,046 Due after ten years through thirty years 16,243 15,595 Mortgage backed securities 568,452 567,264 Total available-for-sale $ 604,739 $ 602,397 The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2015 and 2014. December 31, 2015 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury securities $ 1,000 $ 2 $ - $ - $ 1,000 $ 2 Mortgage backed securities 282,299 1,599 32,892 1,315 315,191 2,914 Total temporarily impaired available-for-sale securities $ 283,299 $ 1,601 $ 32,892 $ 1,315 $ 316,191 $ 2,916 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 Mortgage-backed securities: At December 31, 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 December 31, 2015. Municipal securities: 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 December 31, 2015 and 2014. December 31, 2015 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Obligations of U.S. government sponsored entities and agencies $ 57,610 $ 141 $ 23 $ 57,728 Mortgage backed securities 155,942 71 601 155,412 Municipal securities 59,288 1,566 11 60,843 Total held to maturity $ 272,840 $ 1,778 $ 635 $ 273,983 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 December 31, 2015 and 2014 had a carrying amount of $48,246 and $51,531. These securities were pledged primarily to secure public deposits and repurchase agreements. At year-end 2015 and 2014, there were no holdings of held to maturity securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. The fair value and amortized cost of held to maturity securities at year end 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 $ 40,266 $ 40,233 Due after ten years through thirty years 78,305 76,665 Mortgage backed securities 155,412 155,942 Total held-to-maturity $ 273,983 $ 272,840 The following tables show 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 December 31, 2015 and 2014. December 31, 2015 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Obligations of U.S. government sponsored entities and agencies $ 9,958 $ 23 $ - $ - $ 9,958 $ 23 Mortgage backed securities 119,546 601 - - 119,546 601 Municipal securities 1,735 11 - - 1,735 11 Total temporarily impaired available-for-sale securities $ 131,239 $ 635 $ - $ - $ 131,239 $ 635 December 31, 2014 Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Municipal securities $ 2,475 $ 12 $ - $ - $ 2,475 $ 12 Total temporarily impaired available-for-sale securities $ 2,475 $ 12 $ - $ - $ 2,475 $ 12 Mortgage-backed securities: At December 31, 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 December 31, 2015. Municipal securities: Unrecognized 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 | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans | (4) Loans Major categories of loans included in the loan portfolio as of December 31, 2015 and 2014 are: December 31, 2015 2014 Loans excluding PCI loans Real estate loans Residential $ 647,496 $ 589,068 Commercial 1,254,782 1,132,933 Land, development and construction 105,276 79,002 Total real estate 2,007,554 1,801,003 Commercial 307,321 294,493 Consumer and other loans 67,500 56,334 Loans before unearned fees and deferred cost 2,382,375 2,151,830 Net unearned fees and costs 873 929 Total loans excluding PCI loans 2,383,248 2,152,759 PCI loans (note 1) Real estate loans Residential 86,104 102,009 Commercial 105,629 140,977 Land, development and construction 15,548 24,032 Total real estate 207,281 267,018 Commercial 2,771 8,953 Consumer and other loans 476 795 Total PCI loans 210,528 276,766 Total loans 2,593,776 2,429,525 Allowance for loan losses for loans that are not PCI loans (22,143 ) (19,384 ) Allowance for loan losses for PCI loans (121 ) (514 ) Total loans, net of allowance for loan losses $ 2,571,512 $ 2,409,627 note 1: Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. The following sets forth the covered FDIC loans included in the table above. December 31, 2015 2014 FDIC covered loans that are not PCI loans Real estate loans Residential $ 3,126 $ 3,895 Commercial 22,401 33,606 Land, development and construction 627 866 Total real estate 26,154 38,367 Commercial 828 1,253 FDIC covered loans, excluding PCI loans 26,982 39,620 FDIC covered PCI loans (note 1) Real estate loans Residential 79,398 98,075 Commercial 58,692 116,457 Land, development and construction 10,161 15,395 Total real estate 148,251 229,927 Commercial 2,087 4,974 Total FDIC covered PCI loans 150,338 234,901 Total FDIC covered loans 177,320 274,521 Allowance for loan losses for FDIC covered loans that are not PCI loans (72 ) - Allowance for loans losses for FDIC covered PCI loans (107 ) (514 ) Total covered loans, net of allowance for loan losses $ 177,141 $ 274,007 note 1: Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. The Company acquired FDIC covered loans that are not PCI loans pursuant to the acquisition of FSB on June 1, 2014. Prior to the FSB acquisition, the Company’s FDIC covered loans were all PCI loans. Changes in the allowance for loan losses by portfolio segment for the years ended December 31, 2015, 2014 and 2013, are below. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Twelve months ended December 31, 2015 Beginning of the period $ 6,743 $ 8,269 $ 752 $ 2,330 $ 1,290 $ 19,384 Charge-offs (1,283 ) (173 ) (461 ) (1,121 ) (853 ) (3,891 ) Recoveries 901 485 5 344 156 1,891 Provision for loan losses (346 ) 1,978 640 1,659 828 4,759 Balance at end of period $ 6,015 $ 10,559 $ 936 $ 3,212 $ 1,421 $ 22,143 Twelve months ended December 31, 2014 Beginning of the period $ 8,785 $ 6,441 $ 3,069 $ 510 $ 889 $ 19,694 Charge-offs (1,382 ) (353 ) (124 ) (699 ) (879 ) (3,437 ) Recoveries 1,018 763 106 85 184 2,156 Provision for loan losses (1,678 ) 1,418 (2,299 ) 2,434 1,096 971 Balance at end of period $ 6,743 $ 8,269 $ 752 $ 2,330 $ 1,290 $ 19,384 Twelve months ended December 31, 2013 Beginning of the period $ 6,831 $ 8,272 $ 6,211 $ 1,745 $ 974 $ 24,033 Charge-offs (3,701 ) (1,144 ) (310 ) (120 ) (903 ) (6,178 ) Recoveries 432 417 193 51 181 1,274 Provision for loan losses 5,223 (1,104 ) (3,025 ) (1,166 ) 637 565 Balance at end of period $ 8,785 $ 6,441 $ 3,069 $ 510 $ 889 $ 19,694 Allowance for loan losses for loans that are PCI loans: Twelve months ended December 31, 2015 Beginning of the period $ - $ 372 $ 6 $ 136 $ - $ 514 Charge-offs - (77 ) - - (50 ) (127 ) Recoveries - - - - - - Provision for loan losses - (192 ) (5 ) (133 ) 64 (266 ) Balance at end of period $ - $ 103 $ 1 $ 3 $ 14 $ 121 Twelve months ended December 31, 2014 Beginning of the period $ - $ 138 $ 89 $ 533 $ - $ 760 Charge-offs - - - (101 ) - (101 ) Recoveries - - - - - - Provision for loan losses - 234 (83 ) (296 ) - (145 ) Balance at end of period $ - $ 372 $ 6 $ 136 $ - $ 514 Twelve months ended December 31, 2013 Beginning of the period $ - $ 2,335 $ - $ 314 $ - $ 2,649 Charge-offs - (1,248 ) - - - (1,248 ) Recoveries - - - - - - Provision for loan losses - (949 ) 89 219 - (641 ) Balance at end of period $ - $ 138 $ 89 $ 533 $ - $ 760 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2015 and 2014. Accrued interest receivable and unearned fees/costs are not included in the recorded investment because they are not material. Real Estate Loans As of December 31, 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 $ 402 $ 478 $ 164 $ 7 $ 29 $ 1,080 Collectively evaluated for impairment 5,613 10,081 772 3,205 1,392 21,063 Purchased credit impaired - 103 1 3 14 121 Total ending allowance balance $ 6,015 $ 10,662 $ 937 $ 3,215 $ 1,435 $ 22,264 Loans: Individually evaluated for impairment $ 8,096 $ 11,482 $ 2,267 $ 1,057 $ 273 $ 23,175 Collectively evaluated for impairment 639,400 1,243,300 103,009 306,264 67,227 2,359,200 Purchased credit impaired 86,104 105,629 15,548 2,771 476 210,528 Total ending loan balances $ 733,600 $ 1,360,411 $ 120,824 $ 310,092 $ 67,976 $ 2,592,903 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 December 31, 2015 include loans acquired from FSB on June 1, 2014 and from 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 aggregate fair value adjustment for these loans at their respective acquisition dates was approximately $17,761, or approximately 2.1% of the aggregate acquisition date balances. The amount is accreted into interest income over the remaining lives of the related loans on a level yield basis. The aggregate unamortized acquisition date fair value adjustment was approximately $9,354 and $13,074, which represents approximately 1.59% and 1.82% of the remaining outstanding balance of these acquired loans at December 31, 2015 and 2014, respectively. Management has also estimated probable incurred losses based on performance since the respective acquisition dates, and based on these estimates, has included $2,712 in the Company’s general loan allowance with respect to these acquired loans. Management believes the Company’s allowance for loan losses is adequate at December 31, 2015. The following is a summary of information regarding impaired loans at December 31, 2015 and 2014: December 31, 2015 2014 Performing TDRs (these are not included in nonperforming loans (“NPLs”)) $ 10,254 $ 11,418 Nonperforming TDRs (these are included in NPLs) 4,873 3,648 Total TDRs (these are included in impaired loans) 15,127 15,066 Impaired loans that are not TDRs 8,048 10,184 Total impaired loans $ 23,175 $ 25,250 Troubled Debt Restructurings: In certain circumstances it may be beneficial to modify or restructure the terms of a loan (i.e. troubled debt restructure or “TDR”) and work with the borrower for the benefit of both parties, versus forcing the property into foreclosure and having to dispose of it in an unfavorable real estate market. When the Company modifies the terms of a loan, it usually either reduces the monthly payment and/or interest rate for generally twelve to twenty-four months. The Company has not forgiven any material principal amounts on any loan modifications to date. The Company has $15,127 of TDRs. Of this amount $10,254 are performing pursuant to their modified terms, and $4,873 are not performing and have been placed on non-accrual status and included in our nonperforming loans (“NPLs”). TDRs as of December 31, 2015 and 2014 quantified by loan type classified separately as accrual (performing loans) and non-accrual (nonperforming loans) are presented in the table below. As of December 31, 2015 Accruing Non Accrual Total Real estate loans: Residential $ 5,987 $ 2,108 $ 8,095 Commercial 2,458 2,558 5,016 Land, development, construction 593 93 686 Total real estate loans 9,038 4,759 13,797 Commercial 991 66 1,057 Consumer and other 225 48 273 Total TDRs $ 10,254 $ 4,873 $ 15,127 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 The Company’s 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. The Company’s 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 $350, $422 and $890 and partial charge offs of $272, $251 and $449 on TDR loans during the periods ending December 31, 2015, 2014 and 2013, respectively. Loans are modified to minimize loan losses when management believes the modification will improve the borrower’s financial condition and ability to repay the loan. The Company typically does not forgive principal. The Company generally either reduces interest rates or decreases monthly payments for a temporary period of time and those reductions of cash flows are capitalized into the loan balance. The Company 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 management tries to accommodate the borrower and minimize the Company’s potential losses. Approximately 68% of the Company’s TDRs are current pursuant to their modified terms, and $4,873, or approximately 32% of the Company’s 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 twelve month periods ending December 31, 2015, 2014 and 2013 were $4,442, $3,518 and $5,864. The Company recorded a loan loss provision of $221, $200 and $656 for loans modified during the twelve month periods ending December 31, 2015, 2014 and 2013. The following table presents loans by class modified as TDRs for which there was a payment default within twelve months following the modification during the years ending December 31, 2015, 2014 and 2013. Year Ending Year Ending Year Ending December 31, 2015 December 31, 2014 December 31, 2013 Number Recorded Number Recorded Number Recorded of loans investment of loans investment of loans investment Residential 3 $ 588 1 $ 188 3 $ 562 Commercial real estate 3 1,341 5 747 5 1,662 Land, development, construction - - 2 241 — — Commercial and Industrial 1 66 — — 1 25 Consumer and other - - 2 36 1 18 Total 7 $ 1,995 10 1,212 10 $ 2,267 The Company recorded $152, $97 and $574 in provision for loan loss expense and $153, $65 and $197 in partial charge offs on TDR loans that subsequently defaulted as described above during the years ending December 31, 2015, 2014 and 2013, respectively. The Company has allocated $720 and $779 of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of December 31, 2015 and 2014. The Company has not committed to lend additional amounts to customers with outstanding loans that are classified as troubled debt restructurings. The following tables present loans individually evaluated for impairment by class of loans as of December 31, 2015 and 2014 excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance primarily due to partial charge-offs. As of December 31, 2015 Unpaid principal Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 5,784 $ 5,465 $ - Commercial real estate 9,595 9,202 - Land, development, construction 1,869 1,229 - Commercial and industrial 585 577 - Consumer, other 109 103 - With an allowance recorded: Residential real estate 2,682 2,631 402 Commercial real estate 2,538 2,280 478 Land, development, construction 1,065 1,038 164 Commercial and industrial 484 480 7 Consumer, other 179 170 29 Total $ 24,890 $ 23,175 $ 1,080 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 December 31, 2015 Average of impaired loans Interest income recognized during Cash basis interest income Real estate loans: Residential $ 8,623 $ 241 $ - Commercial 10,874 259 - Land, development, construction 1,998 31 - Total real estate loans 21,495 531 - Commercial and industrial 946 39 - Consumer and other loans 329 14 - Total $ 22,770 $ 584 $ - December 31, 2014 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 9,584 $ 318 $ - Commercial 12,282 145 - Land, development, construction 2,138 37 - Total real estate loans 24,004 500 - Commercial and industrial 2,001 67 - Consumer and other loans 296 12 - Total $ 26,301 $ 579 $ - December 31, 2013 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,968 $ 290 $ - Commercial 26,060 870 - Land, development, construction 1,405 17 - Total real estate loans 36,433 1,177 - Commercial and industrial 1,878 35 - Consumer and other loans 363 11 - Total $ 38,674 $ 1,223 $ - The following tables present the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of December 31, 2015 and 2014 excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30: As of December 31, 2015 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 9,540 $ - Commercial real estate 9,145 - Land, development, construction 1,608 - Commercial 187 - Consumer, other 353 - Total $ 20,833 $ - 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 tables present the aging of the recorded investment in past due loans as of December 31, 2015 and 2014, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30: 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, 2015 Residential real estate $ 647,496 $ 2,118 $ 3,089 $ - $ 5,207 $ 632,749 $ 9,540 Commercial real estate 1,254,782 4,647 2,170 - 6,817 1,238,820 9,145 Land/dev/construction 105,276 280 595 - 875 102,793 1,608 Commercial 307,321 1,101 348 - 1,449 305,685 187 Consumer 67,500 285 90 - 375 66,772 353 $ 2,382,375 $ 8,431 $ 6,292 $ - $ 14,723 $ 2,346,819 $ 20,833 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 December 31, 2015 and 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, is as follows: As of December 31, 2015 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 620,735 $ 9,585 $ 17,598 $ - Commercial real estate 1,194,368 47,885 31,907 - Land/dev/construction 96,629 5,896 3,495 - Commercial 301,838 4,077 3,502 - Consumer 66,798 297 520 - Total $ 2,280,368 $ 67,740 $ 57,022 $ - 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 accounted for pursuant to ASC Topic 310-30, based on payment activity as of December 31, 2015 and 2014: As of December 31, 2015 Residential Consumer Performing $ 637,956 $ 67,147 Nonperforming 9,540 353 Total $ 647,496 $ 67,500 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 December 31, 2015, 2014 and 2013. Contractually required principal and interest payments have been adjusted for estimated prepayments. December 31, 2015 2014 2013 Contractually required principal and interest $ 332,570 $ 460,836 $ 389,537 Non-accretable difference (19,452 ) (68,757 ) (55,304 ) Cash flows expected to be collected 313,118 392,079 334,233 Accretable yield (102,590 ) (115,313 ) (102,812 ) Carrying value of acquired loans 210,528 276,766 231,421 Allowance for loan losses (121 ) (514 ) (760 ) Carrying value less allowance for loan losses $ 210,407 $ 276,252 $ 230,661 The Company recorded $(266), $(145) and $(641) in loan loss provision expense on PCI loans during the years ending December 31, 2015, 2014 and 2013, respectively. There were no reversals in the loan loss allowance for recoveries in 2015, 2014 and 2013, respectively. The Company adjusted its estimates of future expected losses, cash flows and renewal assumptions during the current year. These adjustments resulted in an increase in expected cash flows and accretable yield, and a decrease in the non-accretable difference. The Company reclassified approximately $28,394, $14,892 and $41,454 from non-accretable difference to accretable yield during the twelve month periods ending December 31, 2015, 2014 and 2013, respectively, to reflect the adjusted estimates of future expected cash flows. The Company recognized approximately $40,645 of accretion income during the twelve month period ending December 31, 2015. 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 periods ending December 31, 2015, 2014 and 2013. income all other December 31, 2014 accretion adjustments December 31, 2015 Contractually required principal and interest $ 460,836 $ - $ (128,266 ) $ 332,570 Non-accretable difference (68,757 ) - 49,305 (19,452 ) Cash flows expected to be collected 392,079 - (78,961 ) 313,118 Accretable yield (115,313 ) 40,645 (27,922 ) (102,590 ) Carry value of acquired loans $ 276,766 $ 40,645 $ (106,883 ) $ 210,528 Effect of income all other December 31, 2013 acquisitions accretion adjustments December 31, 2014 Contractually required principal and interest $ 389,537 $ 229,249 $ - $ (157,950 ) $ 460,836 Non-accretable difference (55,304 ) (45,293 ) - 31,840 (68,757 ) Cash flows expected to be collected 334,233 183,956 - (126,110 ) 392,079 Accretable yield (102,812 ) (32,204 ) 34,168 (14,465 ) (115,313 ) Carry value of acquired loans $ 231,421 $ 151,752 $ 34,168 $ (140,575 ) $ 276,766 income accretion all other adjustments December 31, 2012 December 31, 2013 Contractually required principal and interest $ 534,989 $ - $ (145,452 ) $ 389,537 Non-accretable difference (142,855 ) - 87,551 (55,304 ) Cash flows expected to be collected 392,134 - (57,901 ) 334,233 Accretable yield (93,107 ) 32,725 (42,430 ) (102,812 ) Carry value of acquired loans $ 299,027 $ 32,725 $ (100,331 ) $ 231,421 |
FDIC Indemnification Asset
FDIC Indemnification Asset | 12 Months Ended |
Dec. 31, 2015 | |
F D I C Loss Share Indemnification Asset [Abstract] | |
FDIC Indemnification Asset | (5) FDIC indemnification asset The FDIC indemnification asset represents the estimated amounts due from the FDIC pursuant to the Loss Share Agreements related to the acquisition of the three failed banks acquired in 2010, the acquisition of two failed banks in 2012 and the assumption of Loss Share Agreements of two failed banks assumed by the Company pursuant to its acquisition of First Southern Bank in June 2014. On February 3, 2016, the FDIC bought out the remaining FDIC loss share agreements. As such, the FDIC indemnification asset was written-off effectively accelerating all future FDIC indemnification asset amortization expense as well as ending any future FDIC indemnification income. The activity in the FDIC loss share indemnification asset for periods presented was as follows: 2015 2014 Beginning of the year $ 49,054 $ 73,877 Effect of acquisition - 2,636 Amortization, net (16,282 ) (20,664 ) Indemnification revenue 1,900 3,098 Indemnification of foreclosure expense (4,001 ) 237 Proceeds from FDIC (4,662 ) (10,014 ) Impairment (recovery) of loan pool (214 ) (116 ) Period end balance $ 25,795 $ 49,054 The FDIC agreements allowed 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 was estimated and accrued for as part of the overall FDIC indemnification asset analysis and was reflected as a separate liability. The accrual for this liability was reflected as additional amortization income or expense in noninterest income. The activity in the true-up payment liability was as follows: 2015 2014 Beginning of the year $ 1,205 $ 444 Effect of acquisition - 682 True-up liability accrual 281 79 Period end balance $ 1,486 $ 1,205 Impairment of loan pools When a loan pool (with loss share) was impaired, the impairment expense was included in provision for loan losses, and the percentage of that loss to be reimbursed by the FDIC was recognized as income from FDIC reimbursement, and included in this line item. During the twelve month period ended December 31, 2015, the estimated amount of impairment decreased, which resulted in a reduction of $(214) of indemnification income. Indemnification revenue Indemnification revenue represents the percentage of the cost incurred that was 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 estimated the amount and the timing of expected future losses that would be covered by the FDIC loss sharing agreements. The FDIC indemnification asset was initially recorded as the discounted value of the reimbursement of losses from the FDIC. Discount accretion was recognized over the estimated period of losses. The Company also updated its estimate of future losses and the timing of the losses each quarter. To the extent management estimated that future losses were less than initial estimate of future losses, management adjusted its estimates of future expected reimbursements and any decrease in the expected future reimbursements was 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 expected less reimbursements from the FDIC and was 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 was included in non interest expense. The amount of the reimbursable portion of the expense reduced foreclosure expense included in non interest expense. |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Other Real Estate Owned | (6) Other real estate owned Other real estate owned means real estate acquired through or instead of loan foreclosure. Activity in the valuation allowance was as follows: 2015 2014 2013 Beginning of year $ 3,103 $ 5,887 $ 5,407 Valuation write down of repossessed real estate 1,207 3,250 6,012 Sales and/or dispositions (3,013 ) (6,034 ) (5,532 ) End of year $ 1,297 $ 3,103 $ 5,887 Expenses related to foreclosed real estate include: 2015 2014 2013 (Gain) loss on sale of repossessed real estate $ (1,253 ) $ (788 ) $ 3,122 Valuation write down of repossessed real estate 1,207 3,250 6,012 Operating expenses, net of rental income 2,334 2,775 3,191 Total $ 2,288 $ 5,237 $ 12,325 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | (7) 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 an 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 mortgage backed securities held by the Company were issued by U. S. government sponsored entities and agencies. Assets and liabilities measured at fair value on a recurring basis are summarized below. 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 less estimated costs of sale. 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 December 31, 2015, the range of capitalization rates utilized to determine the fair value of the underlying collateral ranged from 7% to 10%. Adjustments to comparable sales 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. The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2). 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 December 31, 2015 Assets: Trading securities $ 2,107 - $ 2,107 - Available for sale securities U.S. Treasury securities 1,000 - 1,000 - Mortgage backed securities 568,452 - 568,452 - Municipal securities 35,287 - 35,287 - Interest rate swap derivatives 18,619 - 18,619 - Liabilities: Interest rate swap derivatives 19,822 - 19,822 - 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 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 December 31, 2015 Assets: Impaired loans Residential real estate $ 3,288 - - $ 3,288 Commercial real estate 7,061 - - 7,061 Land, land development and construction 1,767 - - 1,767 Commercial 280 - - 280 Consumer 90 - - 90 Other real estate owned Residential real estate 85 - - 85 Commercial real estate 1,506 - - 1,506 Land, land development and construction 2,002 - - 2,002 Bank property held for sale 1,665 - - 1,665 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 measured at fair value had a recorded investment of $13,293 with a valuation allowance of $807 at December 31, 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 $600 and $554 on these loans during the years ending 2015 and 2014, respectively. Other real estate owned had a decline in fair value of $1,207 and $3,250 during the twelve month periods ending December 31, 2015 and 2014, respectively. Changes in fair value were recorded directly as an adjustment 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. The real estate was transferred at the lower of amortized cost or fair value less estimated costs to sell. The fair values were based upon comparative sales data provided by real estate brokers. The real estate was transferred at the lower of amortized cost or fair value less estimated costs to sell. The Company closed eight bank branch offices during the year 2014, seven owned by the Company and one leased. Five of the properties owned by the Company were transferred to held for sale, the remaining two are being used as loan production offices, back office support staff offices and a portion of the second floor of one of the buildings is leased to an existing tenant. Six of the properties transferred to held for sale were sold in 2014 resulting in a recovery of $649 from a previous impairment charge of $1,753 recorded during the same year. Excluding the properties sold in 2014, the Company recognized an impairment charge of $1,152 during the twelve month period ending December 31, 2014 related to the transfer to held for sale. The Company recorded an impairment charge of $731 during the twelve month period ending December 31, 2015 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 December 31, 2015 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 152,482 $ 152,482 $ - $ - $ 152,482 Trading securities 2,107 - 2,107 - 2,107 Investment securities available for sale 604,739 - 604,739 - 604,739 Investment securities held to maturity 272,840 - 273,983 - 273,983 FHLB and FRB stock 14,041 - - - n/a Loans held for sale 1,529 - 1,529 - 1,529 Loans, less allowance for loan losses of $22,264 2,571,512 - - 2,574,516 2,574,516 FDIC indemnification asset 25,795 - - - n/a Interest rate swap derivatives 18,619 - 18,619 - 18,619 Accrued interest receivable 10,286 - - 10,286 10,286 Financial liabilities: Deposits- without stated maturities $ 2,792,758 $ 2,792,758 $ - $ - $ 2,792,758 Deposits- with stated maturities 422,420 - 423,391 - 423,391 Securities sold under agreement to repurchase 27,472 - 27,472 - 27,472 Federal funds purchased 200,250 - 200,250 - 200,250 Other borrowed funds 25,000 - 25,000 - 25,000 Corporate debentures 24,093 - - 19,734 19,734 Interest rate swap derivatives 19,822 - 19,822 - 19,822 Accrued interest payable 218 - 218 - 218 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 |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Bank Premises and Equipment | (8) Bank Premises and Equipment A summary of bank premises and equipment as of December 31, 2015 and 2014 is as follows: December 31, 2015 2014 Land $ 35,941 $ 34,387 Land improvements 995 949 Buildings 62,109 60,168 Leasehold improvements 5,917 3,520 Furniture, fixtures and equipment 31,666 30,906 Construction in progress 1,263 1,587 137,891 131,517 Less: Accumulated depreciation 36,070 32,669 $ 101,821 $ 98,848 The Company leases land and certain facilities under noncancellable operating leases. The following is a schedule of future minimum annual rentals under the noncancellable operating leases: Year ending December 31, 2016 $ 2,411 2017 2,085 2018 1,817 2019 1,313 2020 972 Thereafter 4,456 $ 13,054 Rent expense, net of rental income, for the years ended December 31, 2015, 2014 and 2013, was $2,117, $2,309 and $1,099, respectively, and is included in occupancy expense in the accompanying Consolidated Statements of Operations. Rental income for the years ended December 31, 2015, 2014 and 2013, was $650, $632, and $540, respectively, and is included in occupancy expense. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | (9) Goodwill and Intangible Assets Goodwill was a result of whole bank acquisitions, all within the Company’s commercial and retail banking segment. The change in balance for goodwill during the years 2015, 2014 and 2013 is as follows: 2015 2014 2013 Beginning of year $ 76,739 $ 44,924 $ 44,924 Acquired goodwill — 31,815 — Impairment — — — End of year $ 76,739 $ 76,739 $ 44,924 The Company performed a step 1 annual impairment analysis of the goodwill recorded at the commercial and retail banking (“Bank”) reporting unit as of November 30, 2015. Step 1 includes the determination of the carrying value of the reporting unit, including the existing goodwill and intangible assets, and estimating the fair value of the reporting unit. The carrying amount of the reporting unit did not exceed its fair value resulting in no impairment. Acquired intangible assets consists of core deposit intangibles (“CDI”) and Trust intangible (“Trust”) which are intangible assets arising from either whole bank or branch acquisitions. They are initially measured at fair value and then amortized over a ten-year period on an accelerated basis using the projected decay rates of the underlying core deposits in the case of CDI and an accelerated method in the case of the Trust intangible. The change in balance for CDI and the Trust during the years 2015, 2014 and 2013 is as follows: 2015 2014 2013 Beginning of year $ 15,401 $ 6,116 $ 7,307 Acquired CDI 137 11,569 — Amortization expense (2,537 ) (2,284 ) (1,191 ) Impairment expense — — — End of year $ 13,001 $ 15,401 $ 6,116 Acquired intangible assets were as follows for years ended December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Amortized intangible assets: Core deposit intangibles $ 23,313 $ 11,149 $ 23,176 $ 8,760 Trust intangible 1,580 743 1,580 595 Total acquired intangibles $ 24,893 $ 11,892 $ 24,756 $ 9,355 Estimated amortization expense for each of the next five years: 2016 $ 2,289 2017 1,892 2018 1,738 2019 1,682 2020 1,608 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Banking And Thrift [Abstract] | |
Deposits | (10) Deposits A detail of deposits at December 31, 2015 and 2014 is as follows: December 31, Weighted Weighted Average Average Interest Interest 2015 Rate 2014 Rate Non-interest bearing deposits $ 1,133,138 — % $ 1,048,874 — % Interest bearing deposits: Interest bearing demand deposits 679,714 0.1 % 607,359 0.1 % Savings deposits 241,605 0.1 % 231,039 0.1 % Money market accounts 738,301 0.3 % 716,956 0.3 % Time deposits less than $100 177,288 0.6 % 219,021 0.8 % Time deposits of $100 or greater 245,132 0.8 % 268,791 1.1 % $ 3,215,178 0.2 % $ 3,092,040 0.2 % The following table presents the amount of certificate accounts at December 31, 2015, maturing during the periods reflected below: Year Amount 2016 $ 270,473 2017 76,295 2018 29,038 2019 21,314 2020 25,035 Thereafter 265 Total $ 422,420 Time deposits that meet or exceed the FDIC insurance limit of $250 at year end 2015 and 2014 were $123,994 and $116,861. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2015 | |
Banking And Thrift [Abstract] | |
Securities Sold Under Agreements to Repurchase | (11) Securities Sold Under Agreements to Repurchase The Company’s subsidiary bank enters into borrowing arrangements with its retail business customers by agreements to repurchase (“repurchase agreements”) under which the bank pledges investment securities owned and under its control as collateral against the one-day borrowing arrangement. At December 31, 2015 and 2014, the Company had $27,472 and $27,022 in repurchase agreements. Repurchase agreements are secured by obligations of U.S. government agencies and municipal securities with fair values of $47,398 and $52,714 at December 31, 2015 and 2014, respectively. Any risk related to these arrangements, primarily market value changes, is minimized due to the overnight (one-day) maturity and the additional collateral pledged over the borrowed amounts. The following tables provide additional details as of December 31, 2015 and 2014. MBS Municipal As of December 31, 2015 Securities Securities Total Market value of securities pledged $ 45,745 $ 1,653 $ 47,398 Borrowings related to pledged amounts 27,179 293 27,472 Market value pledged as a % of borrowings 168 % 564 % 173 % MBS Municipal As of December 31, 2014 Securities Securities Total Market value of securities pledged $ 49,380 $ 3,334 $ 52,714 Borrowings related to pledged amounts 26,003 1,019 27,022 Market value pledged as a % of borrowings 190 % 327 % 195 % Information concerning repurchase agreements is summarized as follows: 2015 2014 2013 Average daily balance during the year $ 30,727 $ 30,289 $ 21,693 Average interest rate during the year 0.61 % 0.60 % 0.36 % Maximum month-end balance during the year $ 40,198 $ 34,681 $ 24,483 Weighted average interest rate at year end 0.36 % 0.72 % 0.40 % |
Federal Funds Purchased
Federal Funds Purchased | 12 Months Ended |
Dec. 31, 2015 | |
Banking And Thrift [Abstract] | |
Federal Funds Purchased | (12) Federal Funds Purchased Federal funds purchased, as listed below, are overnight deposits from correspondent banks. Information concerning these deposits is summarized as follows: 2015 2014 2013 Average daily balance during the year $ 184,451 $ 49,899 $ 37,958 Average interest rate during the period 0.34 % 0.10 % 0.05 % Maximum month-end balance during the year $ 223,151 $ 151,992 $ 53,274 Weighted average interest rate at year end 0.33 % 0.29 % 0.05 % |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances and Other Borrowed Funds | 12 Months Ended |
Dec. 31, 2015 | |
Banking And Thrift [Abstract] | |
Federal Home Loan Bank Advances and Other Borrowed Funds | (13) Federal Home Loan Bank advances and other borrowed funds From time to time, the Company borrows either through Federal Home Loan Bank advances or one-day borrowings, other than correspondent bank deposits listed in note 12 above. The Company had $25,000 in overnight borrowings with the Federal Reserve Bank during the period ending December 31, 2015. The Company had no advances from the Federal Home Loan Bank during the periods ending December 31, 2015 and 2014. Federal Home Loan Bank advances are collateralized by residential and commercial loans under a blanket lien arrangement and based on this collateral, and the Company’s holdings of FHLB stock, the Company is eligible to borrow up to $202,402 at year end 2015. |
Corporate Debentures
Corporate Debentures | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Corporate Debentures | (14) Corporate Debentures In September 2003, the Company formed CenterState Banks of Florida Statutory Trust I (the “Trust”) for the purpose of issuing trust preferred securities. On September 22, 2003, the Company issued a floating rate corporate debenture in the amount of $10,000. The Trust used the proceeds from the issuance of a trust preferred security to acquire the corporate debenture. The trust preferred security essentially mirrors the corporate debenture, carrying a cumulative preferred dividend at a variable rate equal to the interest rate on the corporate debenture (three month LIBOR plus 305 basis points). The corporate debenture and the trust preferred security each have 30-year lives. The trust preferred security and the corporate debenture are callable by the Company or the Trust, at their respective option after five years, and sooner in specific events, subject to prior approval by the Federal Reserve, if then required. The Company has treated the corporate debenture as Tier 1 capital up to the maximum amount allowed under the Federal Reserve guidelines for federal regulatory purposes. The Company is not considered the primary beneficiary of this Trust (variable interest entity), therefore the trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are shown as a liability. The Company’s investment in the common stock of the trust was $310 and is included in other assets. In September 2004, Valrico Bancorp Inc. (“VBI”) formed Valrico Capital Statutory Trust (“Valrico Trust”) for the purpose of issuing trust preferred securities. On September 9, 2004, VBI issued a floating rate corporate debenture in the amount of $2,500. The Trust used the proceeds from the issuance of a trust preferred security to acquire the corporate debenture. On April 2, 2007, the Company acquired all the assets and assumed all the liabilities of VBI pursuant to the merger agreement, including VBI’s corporate debenture and related trust preferred security discussed above. The trust preferred security essentially mirrors the corporate debenture, carrying a cumulative preferred dividend at a variable rate equal to the interest rate on the corporate debenture (three month LIBOR plus 270 basis points). The corporate debenture and the trust preferred security each have 30-year lives. The trust preferred security and the corporate debenture are callable by the Company or the Valrico Trust, at their respective option after five years, and sooner in specific events, subject to prior approval by the Federal Reserve, if then required. The Company has treated the corporate debenture as Tier 1 capital up to the maximum amount allowed under the Federal Reserve guidelines for federal regulatory purposes. The Company is not considered the primary beneficiary of this Trust (variable interest entity), therefore the trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are shown as a liability. The Company’s investment in the common stock of the trust was $77 and is included in other assets. In September 2003, Federal Trust Corporation (“FTC”) formed Federal Trust Statutory I (“FTC Trust”) for the purpose of issuing trust preferred securities. On September 17, 2003, FTC issued a floating rate corporate debenture in the amount of $5,000. The Trust used the proceeds from the issuance of a trust preferred security to acquire the corporate debenture. In November 2011, the Company acquired certain assets and assumed certain liabilities of FTC from The Hartford Financial Services Group, Inc. (“Hartford”) pursuant to an acquisition agreement, including FTC’s corporate debenture and related trust preferred security issued through FTC’s finance subsidiary FTC Trust. The trust preferred security essentially mirrors the corporate debenture, carrying a cumulative preferred dividend at a variable rate equal to the interest rate on the corporate debenture (three month LIBOR plus 295 basis points). The corporate debenture and the trust preferred security each have 30-year lives maturing in 2033. The trust preferred security and the corporate debenture are callable by the Company or the FTC Trust, at their respective option after five years, and sooner in specific events, subject to prior approval by the Federal Reserve, if then required. The Company has treated the corporate debenture as Tier 1 capital up to the maximum amount allowed under the Federal Reserve guidelines for federal regulatory purposes. The Company is not considered the primary beneficiary of this Trust (variable interest entity), therefore the trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are shown as a liability. The Company’s investment in the common stock of the trust was $155 and is included in other assets. In December 2004, Gulfstream Bancshares, Inc. (“GBI”) formed Gulfstream Bancshares Capital Trust I (“GBI Trust I”) for the purpose of issuing trust preferred securities. On December 1, 2004, GBI issued a floating rate corporate debenture in the amount of $7,000. The Trust used the proceeds from the issuance of a trust preferred security to acquire the corporate debenture. The trust preferred security essentially mirrors the corporate debenture, carrying a cumulative preferred dividend at a variable rate equal to the interest rate on the corporate debenture (three month LIBOR plus 190 bps). The rate is subject to change quarterly. The corporate debenture and the trust preferred security each have 30-year lives. The trust preferred security and the corporate debenture are callable by the Company or the GBI Trust I, at their respective option, subject to prior approval by the Federal Reserve, if then required. On January 17, 2014, the Company acquired all the assets and assumed all the liabilities of GBI by merger, including GBI’s corporate debenture and related trust preferred security discussed above. The Company has treated the corporate debenture as Tier 1 capital up to the maximum amount allowed under the Federal Reserve guidelines for federal regulatory purposes. On January 22, 2016, the Company cancelled, dissolved and terminated GBI Trust I. The Company will recognize a pre-tax gain on extinguishment of debt of approximately $308 in the first quarter of 2016. In December 2006, GBI formed Gulfstream Bancshares Capital Trust II (“GBI Trust II”) for the purpose of issuing trust preferred securities. On December 28, 2006, GBI issued a floating rate corporate debenture in the amount of $3,000. The Trust used the proceeds from the issuance of a trust preferred security to acquire the corporate debenture. The trust preferred security essentially mirrors the corporate debenture, carrying a cumulative preferred dividend at a variable rate equal to the interest rate on the corporate debenture (three month LIBOR plus 170 bps). The rate is subject to change quarterly. The corporate debenture and the trust preferred security each have 30-year lives. The trust preferred security and the corporate debenture are callable by the Company or the GBI Trust II, at their respective option, subject to prior approval by the Federal Reserve, if then required. On January 17, 2014, the Company acquired all the assets and assumed all the liabilities of GBI by merger, including GBI’s corporate debenture and related trust preferred security discussed above. The Company has treated the corporate debenture as Tier 1 capital up to the maximum amount allowed under the Federal Reserve guidelines for federal regulatory purposes. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (15) Income Taxes Allocation of federal and state income tax expense between current and deferred portions for the years ended December 31, 2015, 2014 and 2013, is as follows: Current Deferred Total December 31, 2015: Federal $ 14,639 $ 4,297 $ 18,936 State 2,920 715 3,635 $ 17,559 $ 5,012 $ 22,571 December 31, 2014: Federal $ 4,384 $ 1,486 $ 5,870 State 1,009 247 1,256 $ 5,393 $ 1,733 $ 7,126 December 31, 2013: Federal $ 4,423 $ 27 $ 4,450 State 1,055 5 1,060 $ 5,478 $ 32 $ 5,510 The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2015 and 2014, are presented below: December 31, 2015 2014 Deferred tax assets: Allowance for loan losses $ 8,588 $ 7,675 Stock based compensation 1,377 771 Deferred compensation 2,186 2,425 Impairment expenses 959 463 Net operating loss carryforward 18,153 20,308 Other real estate owned expenses 742 2,391 Fair value adjustments 16,751 18,386 Nonaccrual interest 2,040 2,579 Other 99 75 Total deferred tax assets 50,895 55,073 Deferred tax liabilities: Premises and equipment, due to differences in depreciation methods and useful lives (2,685 ) (2,264 ) Deferred loan costs, net (337 ) (358 ) Prepaid expense (432 ) 0 Like kind exchange (300 ) (300 ) Unrealized gain on investment securities available for sale (903 ) (2,548 ) Accretion of discounts on investments (18 ) (16 ) Total deferred tax liabilities (4,675 ) (5,486 ) Net deferred tax asset $ 46,220 $ 49,587 As a result of the acquisition of FSB on June 1, 2014, the Company obtained net operating loss carryforwards of approximately $57,375 which are subject to Internal Revenue Code Section 382 limitation of approximately $6,487 per year. At December 31, 2015, the Company had net operating carryforwards of approximately $47,059 which will begin to expire as follows. 2030 24,408 2031 10,463 2032 2,028 2033 4,027 2034 6,133 $ 47,059 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. In performing this analysis, the Company considers all evidence currently available, both positive and negative, in determining whether based on the weight of that evidence, it is more likely than not the deferred tax asset will be realized. Based on management’s analysis, it was determined that it is more likely than not that the deferred tax asset will be realized as of December 31, 2015 and 2014. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the states of Florida, Georgia, Alabama, California, Colorado, North Carolina and Tennessee. CSFL Insurance Corp. will file a tax return in South Carolina. The Company is currently in the early stages of an Internal Revenue Service examination of FSB’s 2014 tax return, and has not been informed of any material findings. The Company is no longer subject to examination by taxing authorities for the years before 2012. The Company was not subject to any material interest or penalties on its income tax liabilities for the years 2013, 2014 and 2015. A reconciliation between the actual tax expense and the “expected” tax expense, computed by applying the U.S. federal corporate rate of 35 percent is as follows: December 31, 2015 2014 2013 “Expected” tax expense $ 21,668 $ 7,032 $ 6,214 Tax exempt interest, net (851 ) (910 ) (907 ) Bank owned life insurance (753 ) (549 ) (391 ) State income taxes, net of federal income tax benefits 2,363 817 689 Stock based compensation 76 83 100 Merger and acquisition related expenses 10 536 68 Other, net 58 117 (263 ) $ 22,571 $ 7,126 $ 5,510 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | (16) Related-Party Transactions Loans to principal officers, directors, and their affiliates during 2015 and 2014 were as follows: 2015 2014 Beginning balance $ 5,580 $ 3,261 New loans 14,654 4,135 Repayments (259 ) (1,816 ) Ending balance $ 19,975 $ 5,580 At December 31, 2015 and 2014 principal officers, directors, and their affiliates had $6,303 and $2,671, respectively, of available lines of credit. Deposits from principal officers, directors, and their affiliates at year-end 2015 and 2014 were approximately $29,614 and $29,746, respectively. |
Regulatory Capital Matters
Regulatory Capital Matters | 12 Months Ended |
Dec. 31, 2015 | |
Banking And Thrift [Abstract] | |
Regulatory Capital Matters | (17) Regulatory Capital Matters The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective for the Company on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Capital amounts and ratios for December 31, 2014 are calculated using Basel I rules. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total capital, Tier I capital and common equity Tier 1 capital (as defined in the regulations) to risk-weighted assets. Management believes, as of December 31, 2015, that the Company and the Bank meet all capital adequacy requirements to which they are subject. As of December 31, 2015 and 2014, the most recent notifications from the Office of Comptroller of the Currency (“OCC”) and the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain total risk-based, Tier I risk-based, common equity Tier 1 risk-based and Tier I leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the institution’s category. The Company’s subsidiary bank has agreed with its primary regulator, OCC, to maintain a Tier 1 leverage ratio of at least 8%. A summary of actual, required, and capital levels necessary for capital adequacy purposes for the Company as of December 31, 2015 and 2014, are presented in the table below. There is no threshold for “well-capitalized” status for bank holding companies. To be well capitalized under For capital Prompt corrective Actual Adequacy purposes action provision Amount Ratio Amount Ratio Amount Ratio December 31, 2015 Total capital (to risk weighted assets) $ 438,748 15.8% $ 222,322 >8.0% n/a n/a Tier 1 capital (to risk weighted assets) 416,484 15.0% 166,742 >6.0% n/a n/a Common equity tier 1 capital (to risk weighted assets) 399,876 14.4% 125,056 >4.5% n/a n/a Tier 1 capital (to average assets) 416,484 10.5% 158,206 >4.0% n/a n/a December 31, 2014 Total capital (to risk weighted assets) $ 384,162 15.1% $ 202,946 >8% n/a n/a Tier 1 capital (to risk weighted assets) 364,264 14.4% 101,473 >4% n/a n/a Tier 1 capital (to average assets) 364,264 10.1% 144,051 >4% n/a n/a A summary of actual, required, and capital levels necessary for capital adequacy purposes in the case of the Company’s subsidiary bank as of December 31, 2015 and 2014, are presented in the table below. To be well capitalized under For capital Prompt corrective Actual Adequacy purposes action provision Amount Ratio Amount Ratio Amount Ratio December 31, 2015 Total capital (to risk weighted assets) $ 411,627 14.7% $ 223,613 >8.0% $ 279,517 >10.0% Tier 1 capital (to risk weighted assets) 389,371 13.9% 167,710 >6.0% 223,613 >8.0% Common equity tier 1 capital (to risk weighted assets) 389,371 13.9% 125,783 >4.5% 181,686 >6.5% Tier 1 capital (to average assets) 389,371 9.9% 158,011 >4.0% 197,514 >5.0% December 31, 2014 Total capital (to risk weighted assets) $ 360,278 14.2% $ 203,268 >8% $ 254,085 >10% Tier 1 capital (to risk weighted assets) 340,389 13.4% 101,634 >4% 152,451 >6% Tier 1 capital (to average assets) 340,389 9.4% 144,185 >4% 180,231 >5% |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Dividends | (18) Dividends The Company declared and paid cash dividends on its common stock of $3,181, $1,709 and $1,204 during the years ended December 31, 2015, 2014 and 2013, respectively. Banking regulations limit the amount of dividends that may be paid by the subsidiary banks to the Company without prior approval of the Bank’s regulatory agency. In November 2013, the Company received a $34,000 dividend from its subsidiary bank. At December 31, 2015, dividends from the subsidiary bank available to be paid to the Company, without prior approval of the Bank’s regulatory agency, was $38,948, subject to the Bank meeting or exceeding regulatory capital requirements. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | (19) Stock-Based Compensation The Company assumed the obligations of GBI under the Gulfstream 2009 Stock Option Plan, the Gulfstream Officers’ and Employees’ Stock Option Plan and the Gulfstream Directors’ Stock Option Plan (collectively, the “Gulfstream Plans”) pursuant to the closing on January 17, 2014 by CenterState of the merger of Gulfstream with and into CenterState. All of the Gulfstream stock options awarded pursuant to the Gulfstream Plans outstanding at the merger closing date were converted to stock options for 774,104 of the Company’s common shares with an average exercise price of $6.99 per share. At December 31, 2015 there were options outstanding for 263,584 shares of the Company’s common stock with an average exercise price of $7.30 per share and an average remaining contractual life of approximately 4.4 years. On April 25, 2013, the Company’s shareholders approved the CenterState Banks, Inc. 2013 Equity Incentive Plan (the “2013 Plan”). The 2013 Plan replaces the 2007 Plan discussed below. The 2013 Plan authorizes the issuance of up to 1,600,000 shares through the 2023 expiration of the plan. Of this amount 1,525,000 shares are allocated to employees, all of which may be issued as incentive stock options, and 75,000 shares are allocated to directors. The Company’s Board of Directors froze the Company’s 2007 Equity Incentive Plan whereby no additional future grants and/or awards will be awarded pursuant to that plan effective with the shareholder approval of the 2013 Plan. During 2015 the Company did not grant any incentive stock options to its employees. The Company awarded 208,082 shares of Restricted Stock (“RSAs”) during 2015 with an average fair value of $11.96 per share at the date of grant. These restricted stock awards vest over periods ranging from two to seven years. The Company also awarded Performance Share Units (“PSUs”) during 2015. These PSUs will cliff vest on January 1, 2019. The units may be converted into common shares based upon the Company’s Total Shareholder Return compared to its peer group and the Company’s absolute earnings per share growth rate over a three year period ending January 1, 2019 pursuant to the Company’s Long-Term Incentive Plan as described in the Company’s 2016 Proxy Statement. The range of the units that may vest in the future is a minimum of 0 and a maximum of 46,258 with an expected target of 30,837 shares. In addition, the Company also awarded 29,092 Restricted Share Units (“RSUs”) during 2015 with an average fair value of $12.22 per unit at the date of grant. The RSUs will vest at a rate of one third each January 1, 2017, 2018 and 2019. At December 31, 2015, there were a total of 614,079 shares available for future grants pursuant to the 2013 Plan, assuming maximum future vesting of PSUs outstanding. On April 24, 2007, the Company’s shareholders approved the CenterState 2007 Equity Incentive Plan (the “2007 Plan”) and approved an amendment to the 2007 Plan on April 28, 2009. The 2007 Plan, as amended, replaced the 1999 Plan. The 2007 Plan, as amended, authorize the issuance of up to 1,350,000 shares of the Company stock. In 2013, the 2007 Plan was frozen whereby no additional grants and/or awards were awarded pursuant to this plan subsequent to April 2013. The Company’s stock-based compensation consists of stock options, RSAs, RSUs and PSUs. During the twelve month period ended December 31, 2015, 2014 and 2013, the Company recognized total stock-based compensation expense as listed in the table below. 2015 2014 2013 Stock option expense $ 216 $ 238 $ 292 RSA expense 2,712 1,264 317 RSU expense 27 - - PSU expense 328 75 - Total stock-based compensation expense $ 3,283 $ 1,577 $ 609 There is no income tax benefit provided for in the Company’s tax provision for qualified incentive stock options. The Company receives a tax benefit when a non qualified stock option is exercised. The total income tax benefit related to the exercise of non qualified stock options was approximately $113, $350 and $0 during the twelve month periods ending December 31, 2015, 2014 and 2013, respectively. The Company provided an income tax benefit in its tax provision for RSA, RSU and PSU expenses of approximately $1,183, $517 and $122 during the twelve month periods ending December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, the total remaining unrecognized compensation cost related to non-vested stock options, net of estimated forfeitures, was approximately $434 and will be recognized over the next 6 years. The weighted average period over which this expense is expected to be recognized is approximately 1.9 years. As of December 31, 2015, the total remaining unrecognized compensation cost related to non-vested RSAs, net of estimated forfeitures, was approximately $4,980 and will be recognized over the next 9 years. The weighted average period over which this expense is expected to be recognized is approximately 2.3 years. As of December 31, 2015, the total remaining unrecognized compensation cost related to non-vested PSUs, net of estimated forfeitures, was approximately $925 and will be recognized over the next 3 years. The weighted average period over which this expense is expected to be recognized is approximately 1.7 years. As of December 31, 2015 the total remaining unrecognized compensation cost related to non-vested RSUs, net of estimated forfeitures, was approximately $328 and will be recognized over the next 3 years. The weighted average period over which this expense is expected to be recognized is approximately 2.0 years. The Company granted stock options for 3,000 shares of common stock during the twelve month period ending December 31, 2013. The Company did not grant any stock options during 2014 and 2015. However, pursuant to the Company’s agreement to acquire Gulfstream, the Company converted all outstanding Gulfstream stock options into CenterState options for 774,104 shares of common stock on the January 17, 2014 acquisition date. The estimated fair value of options granted, or acquired in the case of Gulfstream, during these periods were calculated as of the grant date, or the acquisition date in the case of Gulfstream, using the Black-Scholes option-pricing model. The weighted-average assumptions as of the grant date are as follows: 2015 2014 2013 Expected option life - 0.5 years 7.7 years Risk-free interest rate - 0.07 % 1.91 % Expected volatility - 0.01 % 44.5 % Dividend yield - 0.00 % 0.39 % The Company determined the expected life of the stock options using the simplified method approach allowed for plain-vanilla share options as described in SAB 107. The risk-free interest rate is based on the U.S. Treasury yield curve in effect as of the grant date. Expected volatility was determined using historical volatility. ASC 718 requires the recognition of stock-based compensation for the number of awards that are ultimately expected to vest. As a result, for most awards, recognized stock compensation is reduced for estimated forfeitures prior to vesting. Estimated forfeitures will be reassessed in subsequent periods and may change based on new facts and circumstances. The weighted-average estimated fair value of stock options granted, or acquired in the case of Gulfstream, during the twelve month periods ended December 31, 2014 and 2013 was $4.67 per share and $4.91 per share respectively. The table below present’s information related to stock option activity for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Total intrinsic value of stock options exercised $ 827 $ 1,114 $ 2 Cash received from stock options exercised $ 895 1,129 - Gross income tax benefit from the exercise of stock options $ 113 350 - A summary of stock option activity for the years ended December 31, 2015, 2014 and 2013 is as follows: 2015 2014 2013 Weighted- Weighted- Weighted- Average Average Average Number of Exercise Number of Exercise Number of Exercise Options Price Options Price Options Price Outstanding, beginning of period 1,138,404 $ 11.23 1,073,716 $ 13.83 1,158,646 $ 13.64 Granted - - - - 3,000 $ 10.22 Issued Gulfstream (note 1) - - 774,104 $ 6.99 - - Exercised (142,476 ) $ 6.63 (233,762 ) $ 6.09 (1,714 ) $ 8.90 Forfeited (55,294 ) $ 14.57 (475,654 ) $ 12.73 (86,216 ) $ 11.22 Outstanding, end of period 940,634 $ 11.73 1,138,404 $ 11.23 1,073,716 $ 13.83 note 1: Pursuant to the Company’s agreement to acquire Gulfstream in January 2014, all outstanding Gulfstream stock options were converted to CenterState stock options as of the acquisition date. Weighted- Weighted- Average Average Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Options outstanding, December 31, 2015 940,634 $ 11.73 3.3 years $ 3,796 Options fully vested and expected to vest, December 31, 2015 916,685 $ 11.75 3.3 years $ 3,687 Options exercisable, December 31, 2015 733,504 $ 11.68 3.2 years $ 3,015 At December 31, 2015 there were restricted stock awards (“RSAs”) for 721,715 shares of the Company’s common stock outstanding and not vested. Of this amount 189,588 restricted shares have been issued and included in the Company’s total common stock outstanding, but have not vested as of December 31, 2015. The remaining 532,127 represent common shares to be issued at the end of their respective vesting period. A summary of the RSA activity for the years ended December 31, 2015, 2014 and 2013 is presented in the table below. 2015 2014 2013 Number Number Number Number of RSAs of RSAs Weighted of RSAs of RSAs Weighted Weighted underlying underlying Total average underlying underlying Total average average shares not shares number fair value at shares not shares number fair value at Number fair value at issued issued of RSAs grant date issued issued of RSAs grant date of RSAs grant date Outstanding, beginning period 410,128 249,542 659,670 $ 10.30 240,341 - 240,341 $ 9.76 209,384 $ 9.62 Granted 205,082 3,000 208,082 $ 11.96 241,739 250,375 492,114 $ 10.55 59,500 $ 10.22 Vested (62,170 ) (57,954 ) (120,124 ) $ 10.12 (35,753 ) (833 ) (36,586 ) $ 9.77 (28,543 ) $ 9.66 Forfeited (20,913 ) (5,000 ) (25,913 ) $ 10.64 (36,199 ) - (36,199 ) $ 10.79 - $ 0.00 Outstanding, end of period 532,127 189,588 721,715 $ 10.79 410,128 249,542 659,670 $ 10.30 240,341 $ 9.76 In September 2014 the Company initiated a Long-Term Incentive Plan that includes a Performance Share Unit (“PSU”) award that could be awarded in PSUs, which can eventually be converted to common stock, based on the Company’s relative Total Shareholder Return as compared to a peer group of similar companies selected by the Company’s Compensation Committee over a 39 month period beginning on September 18, 2014 and ending on December 31, 2017. The Company expects to recognize an expense of $980 over the 39 month period ending December 31, 2017. The expense recognized during 2015 was $301. In September 2015, the Company also awarded PSUs pursuant to its Long-Term Incentive Plan that could eventually be converted to the Company’s common stock based equally upon the Company’s relative Total Shareholder Return and the Company’s absolute earnings per share growth over a three year period ending on January 1, 2019. The Company expects to recognize an expense of $348 over the 39 month period ending January 1, 2019. The expense recognized during 2015 was $27. In addition, the Company also awarded RSUs during September 2015 pursuant to its Long-Term Incentive Plan that also could eventually be converted into the Company’s common stock. The total RSUs awarded was 29,092 units with an estimated fair value at date of grant equal to $12.22 per unit, or a total expected expense of $356. The RSUs will vest at a rate of one third each January 1, 2017, 2018 and 2019. The expense recognized during 2015 was $27. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plan | (20) Employee Benefit Plan Substantially all of the Company’s employees are covered under its 401(k) defined contribution retirement plan. Employees are eligible to participate in the plan after completing six months of continuous employment. The Company contributes an amount equal to a certain percentage of the employees’ contributions based on the discretion of the Board of Directors. In addition, the Company may also make additional contributions to the plan each year, subject to profitability and other factors, and based solely on the discretion of the Board of Directors. For the years ended December 31, 2015, 2014 and 2013, the Company’s contributions to the plan were $1,617, $1,398 and $1,219, respectively, which are included in salary and benefits on the Consolidated Statements of Operations. In 2008, the Company entered into a salary continuation agreement with its chief executive officer. Five additional Company executive officers entered into salary continuation agreements during 2010. In 2007, an additional four pre-existing salary continuation agreements with certain Valrico State Bank’s executive officers were assumed as part of the acquisition. The plans are nonqualified deferred compensation arrangements that are designed to provide supplemental retirement income benefits to participants. The Company expensed $618, $580 and $569 for the accrual of future salary continuation benefits in 2015, 2014 and 2013, respectively. Other liabilities included salary continuation benefits payable of $3,836, $3,621 and $3,143 at December 31, 2015, 2014 and 2013, respectively. In 2007, the Company entered into deferred compensation arrangements, through Rabbi Trust agreements, with two Valrico State Bank’s executive officers pursuant to the acquisition. The Rabbi Trust asset is included in other assets, and the related deferred compensation payable is included in other liabilities. The Rabbi Trust asset and the related deferred compensation payable at December 31, 2015, 2014, and 2013 were $1,493, $1,484 and $1,355, respectively. Earnings from the Rabbi Trust increase the asset and increase the deferred compensation payable. Losses from the Rabbi Trust decrease the asset and decrease the deferred compensation payable. There is no net income statement effect other than the administration expenses of the Trust which approximates $5 per year. |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | (21) Parent Company Only Financial Statements Condensed financial statements of CenterState Banks, Inc. (parent company only) follow: Condensed Balance Sheet December 31, 2015 and 2014 Assets: 2015 2014 Cash and due from banks $ 15 $ 2,808 Inter-company receivable from bank subsidiary 25,000 27,000 Investment in wholly-owned bank subsidiary 484,993 441,710 Investment in other wholly-owned subsidiary 693 1,381 Prepaid expenses and other assets 9,701 9,782 Total assets $ 520,402 $ 482,681 Liabilities: Accounts payable and accrued expenses $ 5,795 $ 6,287 Corporate debenture 24,093 23,917 Total liabilities 29,888 30,204 Stockholders’ Equity: Common stock 455 453 Additional paid-in capital 393,191 388,698 Retained earnings 95,430 59,273 Accumulated other comprehensive income 1,438 4,053 Total stockholders’ equity 490,514 452,477 Total liabilities and stockholders’ equity $ 520,402 $ 482,681 Condensed Statements of Operations Years ended December 31, 2015, 2014 and 2013 2015 2014 2013 Dividend income $ 1,232 $ 1,155 $ 45,725 Other income - - - Interest expense (968 ) (942 ) (602 ) Operating expenses (4,422 ) (3,875 ) (3,538 ) Income before equity in undistributed income of subsidiaries (4,158 ) (3,662 ) 41,585 Equity in undistributed income (losses) of subsidiaries 41,431 14,828 (31,040 ) Net income before income tax benefit 37,273 11,166 10,545 Income tax benefit (2,065 ) (1,798 ) (1,698 ) Net income $ 39,338 $ 12,964 $ 12,243 Condensed Statements of Cash Flows Years ended December 31, 2015, 2014 and 2013 2015 2014 2013 Cash flows from operating activities: Net income $ 39,338 $ 12,964 $ 12,243 Adjustments to reconcile net income to net cash used in operating activities: Equity in net earnings of subsidiaries (42,663 ) (15,983 ) (14,686 ) Increase in payables and accrued expenses 340 (608 ) 371 Decrease in other assets 89 2,294 1,843 Stock based compensation expense 1,235 497 107 Net cash flows used in operating activities (1,661 ) (836 ) (122 ) Cash flows from investing activities: Inter-company receivables (payables) from (to) subsidiary banks 1,991 18,703 (43,703 ) Net cash from bank acquisition - (16,455 ) - Cash payments to shareholders (466) - - Investment in subsidiaries (476) - - Dividends from bank subsidiaries - - 34,000 Dividends from nonbank subsidiary 1,232 1,155 11,725 Net cash flows provided by investing activities 2,281 3,403 2,022 Cash flows from financing activities: Stock options exercised, net of tax benefit 784 984 –– Stock repurchase (1,016 ) Dividends paid to shareholders (3,181 ) (1,709 ) (1,204 ) Net cash flows used in financing activities (3,413 ) (725 ) (1,204 ) Net (decrease) increase in cash and cash equivalents (2,793 ) 1,842 696 Cash and cash equivalents at beginning of year 2,808 966 270 Cash and cash equivalents at end of year $ 15 $ 2,808 $ 966 |
Credit Commitments
Credit Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Credit Commitments | (22) Credit Commitments The Company has outstanding at any time a significant number of commitments to extend credit. These arrangements are subject to strict credit control assessments and each customer’s credit worthiness is evaluated on a case-by-case basis. A summary of commitments to extend credit and standby letters of credit written at December 31, 2015 and 2014, are as follows: December 31, 2015 2014 Standby letters of credit $ 8,737 $ 10,299 Available lines of credit 429,231 244,016 Unfunded loan commitments – fixed 53,640 62,450 Unfunded loan commitments – variable 32,265 17,416 Because many commitments expire without being funded in whole or part, the contract amounts are not estimates of future cash flows. Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed completely to perform as contracted. The credit risk amounts are equal to the contractual amounts, assuming that the amounts are fully advanced and that the collateral or other security is of no value. The Company’s policy is to require customers to provide collateral prior to the disbursement of approved loans. The amount of collateral obtained, if it is deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, real estate and income providing commercial properties. Standby letters of credit are contractual commitments issued by the Company to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Outstanding commitments are deemed to approximate fair value due to the variable nature of the interest rates involved and the short-term nature of the commitments. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2015 | |
Risks And Uncertainties [Abstract] | |
Concentrations of Credit Risk | (23) Concentrations of Credit Risk Most of the Company’s business activity is with customers located throughout Central, Southeastern and Northeastern Florida. The majority of commercial and mortgage loans are granted to customers doing business or residing in these areas. Generally, commercial loans are secured by real estate, and mortgage loans are secured by either first or second mortgages on residential or commercial property. As of December 31, 2015, substantially all of the Company’s loan portfolio was secured. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent upon the economy of those areas listed above. The Company does not have significant exposure to any individual customer or counterparty. |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share | (24) Basic and Diluted Earnings Per Share The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. There were an average of 470,852, 928,692, and 1,110,465 stock options that were not considered in computing diluted earnings per common share because they were anti-dilutive during the years ending December 31, 2015, 2014, and 2013, respectively. The following table presents the factors used in the earnings per share computations for the periods indicated. 2015 2014 2013 Basic Net income available to common shareholders $39,338 $12,964 $12,243 Less: Earnings allocated to participating securities (212) (17) — Net income allocated to common shareholders $39,126 $12,947 $12,243 Weighted average common shares outstanding including participating securities 45,427,857 40,904,988 30,102,777 Less: Participating securities (1) (245,633) (52,986) — Average shares 45,182,224 40,852,002 30,102,777 Basic earnings per common share $0.87 $0.32 $0.41 Diluted Net income available to common shareholders $39,126 $12,947 $12,243 Weighted average common shares outstanding for basic earnings per common share 45,182,224 40,852,002 30,102,777 Add: Dilutive effects of stock based compensation awards 606,408 383,550 117,350 Average shares and dilutive potential common shares 45,788,632 41,235,552 30,220,127 Dilutive earnings per common share $0.85 $0.31 $0.41 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. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segments | (25) 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 tables below are reconciliations of the reportable segment revenues, expenses, and profit as viewed by management to the Company’s consolidated total for the year ending December 31, 2015, 2014 and 2013. Year ending December 31, 2015 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 155,369 $ 6,951 $ - $ - $ 162,320 Interest expense (5,697 ) (621 ) (968 ) - (7,286 ) Net interest income (expense) $ 149,672 $ 6,330 $ (968 ) - $ 155,034 Provision for loan losses (4,335 ) (158 ) - - (4,493 ) Non interest income 9,887 27,563 - - 37,450 Non interest expense (99,900 ) (21,760 ) (4,422 ) - (126,082 ) Net income (loss) before taxes $ 55,324 $ 11,975 $ (5,390 ) - $ 61,909 Income tax (provision) benefit (20,016 ) (4,620 ) 2,065 - (22,571 ) Net income (loss) $ 35,308 $ 7,355 $ (3,325 ) $ - $ 39,338 Total assets $ 3,679,946 $ 335,643 $ 518,107 $ (510,979 ) $ 4,022,717 Year ending December 31, 2014 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 134,938 $ 3,289 $ - $ - $ 138,227 Interest expense (6,365 ) (50 ) (941 ) - (7,356 ) Net interest income (expense) 128,573 $ 3,239 $ (941 ) - $ 130,871 Provision for loan losses (826 ) - - - (826 ) Other non interest income 6,073 20,153 - - 26,226 Other non interest expense (112,836 ) (19,470 ) (3,875 ) - (136,181 ) Net income (loss) before taxes 20,984 $ 3,922 $ (4,816 ) - $ 20,090 Income tax (provision) benefit (7,411 ) (1,513 ) 1,798 - (7,126 ) Net income (loss) $ 13,573 $ 2,409 $ (3,018 ) $ - $ 12,964 Total assets $ 3,487,014 $ 280,079 $ 482,681 $ (472,905 ) $ 3,776,869 Year ending December 31, 2013 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 97,504 $ 2,874 $ - - $ 100,378 Interest expense (5,263 ) (20 ) (602 ) - (5,885 ) Net interest income (expense) 92,241 2,854 (602 ) - 94,493 Provision for loan losses 76 - - - 76 Other non interest income 13,536 20,410 - - 33,946 Other non interest expense (86,726 ) (20,498 ) (3,538 ) - (110,762 ) Net income (loss) before taxes 19,127 2,766 (4,140 ) - 17,753 Income tax (provision) benefit (6,140 ) (1,067 ) 1,697 - (5,510 ) Net income (loss) $ 12,987 $ 1,699 $ (2,443 ) - $ 12,243 Total assets $ 2,279,221 $ 132,821 $ 294,976 $ (291,007 ) $ 2,416,011 Commercial and retail banking Correspondent banking and capital markets division Corporate overhead and administration |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | (26) Business combinations Acquisition of Gulfstream Bancshares, Inc. On January 17, 2014, the Company completed its acquisition of Gulfstream Bancshares, Inc. (“Gulfstream”) whereby Gulfstream merged with and into the Company. Pursuant to and simultaneously with the merger of Gulfstream with and into the Company, Gulfstream’s wholly owned subsidiary bank, Gulfstream Business Bank (“GSB”), merged with and into the Company’s subsidiary bank, CenterState Bank of Florida, N.A. The Company’s primary reasons for the transaction were to further solidify its market share in the southeast Florida market and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. The acquisition increased the Company’s total assets and total deposits by approximately 23% and 23%, respectively, as compared with the balances at December 31, 2013, and is expected to positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations The Company acquired 100% of the outstanding common stock of Gulfstream. The purchase price consisted of both cash and stock. Each share of Gulfstream common stock was exchanged for $14.65 cash and 3.012 shares of the Company’s common stock. Based on the closing price of the Company’s common stock on January 16, 2014, the resulting purchase price was $82,040. The table below summarizes the purchase price calculation. Number of shares of Gulfstream common stock outstanding at January 16, 2014 1,569,364 Gulfstream preferred shares that converted to Gulfstream common shares upon a change in control 155,629 Total Gulfstream common shares including conversion of preferred shares 1,724,993 Per share exchange ratio 3.012 Number of shares of CenterState common stock less 138 of fractional shares 5,195,541 Multiplied by CenterState common stock price per share on January 16, 2014 $ 10.23 Fair value of CenterState common stock issued $ 53,150 Total Gulfstream common shares including conversion of preferred shares 1,724,993 Multiplied by the cash consideration each Gulfstream share is entitled to receive $ 14.65 Total cash consideration, not including cash for fractional shares $ 25,271 Total stock consideration $ 53,150 Total cash consideration plus $2 for 138 of fractional shares 25,273 Total consideration paid to Gulfstream common shareholders $ 78,423 Fair value of current Gulfstream stock options converted to CenterState stock options 3,617 Total purchase price $ 82,040 The list below summarizes the estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the January 17, 2014 purchase date. Jan 17, 2014 Assets: Cash and cash equivalents $ 102,278 Loans, held for investment 329,515 Purchased credit impaired loans 30,068 Loans held for sale 247 Investments 60,816 Interest receivable 1,087 Branch real estate 5,519 Furniture and fixtures 262 FHLB stock 885 Bank owned life insurance 4,939 Other repossessed real estate owned 2,694 Core deposit intangible 4,173 Goodwill 31,516 Other assets 11,261 Total assets acquired $ 585,260 Liabilities Deposits $ 478,999 Federal Home Loan Bank advances 5,708 Repurchase agreements 7,576 Interest payable 125 Official checks outstanding 826 Corporate debentures 6,745 Other liabilities 3,241 Total liabilities assumed $ 503,220 In the acquisition, the Company purchased $359,583 of loans at fair value, net of $18,267, or 4.8%, estimated discount to the outstanding principal balance, representing 24.4% of the Company’s total loans at December 31, 2013. Of the total loans acquired, management identified $30,068 with credit deficiencies. All loans that were on non-accrual status and all loan relationships that were greater than $500 and identified as impaired as of the acquisition date were considered by management to be credit impaired and are accounted for pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of January 17, 2014 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 48,289 Non-accretable difference (11,766 ) Cash flows expected to be collected 36,523 Accretable yield (6,455 ) Total purchased credit-impaired loans acquired $ 30,068 The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Balance Fair Value Loans: Single family residential real estate $ 33,506 $ 32,319 Commercial real estate 185,250 183,189 Construction/development/land 30,387 27,704 Commercial loans 85,940 84,203 Consumer and other loans 2,112 2,100 Purchased credit-impaired 40,655 30,068 Total earning assets $ 377,850 $ 359,583 In its assumption of the deposit liabilities, the Company believed the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. The Company determined the estimated fair value of the core deposit intangible asset totaled $4,173, which will be amortized utilizing an accelerated amortization method over an estimated economic life not to exceed ten years. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Measurement period adjustments On January 17, 2014 the Company purchased Gulfstream. As previously disclosed, the fair values initially assigned to the assets acquired and liabilities assumed were preliminary and subject to refinement for up to one year after the closing date of the acquisition as new information relative to closing date fair values became available. Based on appraisals received subsequent to the acquisition date, the Company adjusted its initial fair value estimates of certain other real estate owned acquired. Jan 17, 2014 (as initially reported) measurement period adjustments Jan 17, 2014 (as adjusted) Assets: Cash and cash equivalents $ 102,278 $ — $ 102,278 Loans, held for investment 329,515 329,515 Purchased credit impaired loans 30,068 30,068 Loans held for sale 247 247 Investments 60,816 60,816 Interest receivable 1,087 1,087 Branch real estate 5,519 5,519 Furniture and fixtures 262 262 FHLB stock 885 885 Bank owned life insurance 4,939 4,939 Other repossessed real estate owned 3,365 (671 ) 2,694 Core deposit intangible 4,173 4,173 Goodwill 31,104 412 31,516 Other assets 11,002 259 11,261 Total assets acquired $ 585,260 $ — $ 585,260 Liabilities: Deposits $ 478,999 $ — $ 478,999 Federal Home Loan Bank advances 5,708 5,708 Repurchase agreements 7,576 7,576 Interest payable 125 125 Official checks outstanding 826 826 Corporate debenture 6,745 6,745 Other liabilities 3,241 3,241 Total liabilities assumed $ 503,220 $ — $ 503,220 Acquisition of First Southern Bancorp, Inc. On June 1, 2014, the Company completed its acquisition of First Southern Bancorp, Inc. (“FSB”) whereby FSB merged with and into the Company. Pursuant to and simultaneously with the merger of FSB with and into the Company, FSB’s subsidiary bank, First Southern Bank, merged with and into the Company’s subsidiary bank, CenterState Bank of Florida, N.A. The Company’s primary reasons for the transaction were to further solidify its market share in the southeast Florida market as well as in central and northeastern Florida and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. The acquisition increased the Company’s total assets and total deposits by approximately 32% and 33%, respectively, as compared with the balances at March 31, 2014, and is expected to positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations The Company acquired 100% of the outstanding common stock of FSB. The purchase price consisted of both cash and stock. Each share of FSB common stock was exchanged for $3.00 cash and 0.30 shares of the Company’s common stock. Based on the closing price of the Company’s common stock on May 30, 2014 (the last trading day prior to the June 1, 2014 acquisition date), the resulting purchase price was $195,404. The table below summarizes the purchase price calculation. Number of shares of FSB common stock outstanding at May 30, 2014 31,539,698 FSB preferred shares that converted to FSB common shares upon a change in control 48,375 Total FSB common shares including conversion of preferred shares 31,588,073 Per share exchange ratio 0.3 Number of shares of CenterState common stock, less 377 of fractional shares 9,476,045 Multiplied by CenterState common stock price per share on May 30, 2014 $ 10.62 Fair value of CenterState common stock issued $ 100,636 Total FSB common shares including conversion of preferred shares 31,588,073 Multiplied by the cash consideration each FSB share is entitled to receive $ 3.00 Total cash consideration, not including cash for fractional shares $ 94,765 Total stock consideration $ 100,636 Total cash consideration, plus $3 for 377 of fractional shares 94,768 Total purchase price $ 195,404 The list below summarizes the preliminary estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the June 1, 2014 purchase date. June 1, 2014 Assets: Cash and cash equivalents $ 148,257 Loans, excluding purchased credit impaired loans 477,841 Purchased credit impaired loans 121,684 Investments 204,723 Interest receivable 2,007 Branch real estate 1,594 Furniture and fixtures 1,282 Bank property held for sale 7,119 Federal Reserve Bank and Federal Home Loan Bank stock 5,576 Bank owned life insurance 2,555 Other repossessed real estate owned covered by FDIC loss share agreements 22,731 Other repossessed real estate owned 454 Core deposit intangible 7,396 Goodwill 299 Deferred tax asset 44,131 Other assets 4,581 Total assets acquired $ 1,052,230 Liabilities: Deposits $ 662,959 Deposits held for sale 189,674 Interest payable 58 Other liabilities 4,135 Total liabilities assumed $ 856,826 In the acquisition, the Company purchased $599,525 of loans at fair value, net of $30,811, or 4.9%, estimated discount to the outstanding principal balance, representing 33% of the Company’s total loans at March 31, 2014. Of the total loans acquired, management identified $121,684 with credit deficiencies. All loans that were on non-accrual status, all TDRs, all impaired loans, all loans previously identified by FSB with credit deficiencies and any other loan identified by the Company with a probable credit deficiency were considered by management to be credit impaired and are accounted for pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of June 1, 2014 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 180,960 Non-accretable difference (33,527 ) Cash flows expected to be collected 147,433 Accretable yield (25,749 ) Total purchased credit-impaired loans acquired $ 121,684 The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $ 60,332 $ 57,693 Commercial real estate 387,589 382,162 Construction/development/land 17,238 15,942 Commercial loans 20,267 19,906 Consumer and other loans 2,496 2,138 Purchased credit-impaired 142,414 121,684 Total earning assets $ 630,336 $ 599,525 In its assumption of the deposit liabilities, the Company believed the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. The Company determined the estimated fair value of the core deposit intangible asset totaled $7,396, which will be amortized utilizing an accelerated amortization method over an estimated economic life not to exceed ten years. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Measurement period adjustments On June 1, 2014 the Company purchased FSB. As previously disclosed, the fair values initially assigned to the assets acquired and liabilities assumed were preliminary and subject to refinement for up to one year after the closing date of the acquisition as new information relative to closing date fair values became available. Based on income tax returns filed subsequent to the acquisition date, the Company adjusted its initial fair value estimate of the deferred tax asset acquired. June 1, 2014 (as initially reported) measurement period adjustments June 1, 2014 (as adjusted) Assets: Cash and cash equivalents $ 148,257 $ — $ 148,257 Loans, excluding purchased credit impaired loans 477,841 477,841 Purchased credit impaired loans 121,684 121,684 Investments 204,723 204723 Interest receivable 2,007 2,007 Branch real estate 1,594 1,594 Furniture and fixtures 1,282 1,282 Bank property held for sale 7,119 7119 Federal Reserve Bank and Federal Home Loan Bank stock 5,576 5576 Bank owned life insurance 2,555 2,555 OREO covered by FDIC loss share agreements 22,731 22,731 Other repossessed real estate owned (“OREO”) 454 454 Core deposit intangible 7,396 7,396 Goodwill 541 (242 ) 299 Deferred tax asset 43,889 242 44,131 Other assets 4,581 4,581 Total assets acquired $ 1,052,230 — $ 1,052,230 Liabilities: Deposits 662,959 662,959 Deposits held for sale 189,674 189,674 Interest payable 58 58 Other liabilities 4,135 4,135 Total liabilities assumed $ 856,826 $ — $ 856,826 Pro-forma information Pro-forma data for the twelve month period ending December 31, 2013 listed in the table below presents pro-forma information as if the Gulfstream acquisition occurred at the beginning of 2013. Because the Gulfstream transaction closed on January 17, 2014 and its actual results are included in the Company’s actual operating results for 2014, its actual results were used in the table below for the twelve month period ending December 31, 2014 instead of a pro-forma amount. The pro-forma information for the twelve month periods ending December 31, 2014 and 2013 assumes the FSB acquisition occurred at the beginning of 2013. Years ended December 31, 2014 2013 Net interest income $ 143,527 $ 153,719 Net income available to common shareholders 20,066 21,390 EPS - basic $ 0.45 $ 0.48 EPS - diluted $ 0.44 $ 0.47 Disposition of certain branches acquired pursuant to the FSB acquisition. The Company consummated its previously announced sale of deposits and certain branch real estate acquired pursuant to its FSB acquisition. On September 18, 2014, the Company sold approximately $170 million of deposits from six prior FSB branches for a premium of 1.5% and the related real estate for five branch offices for approximately $6 million. On September 19, 2014, the Company also closed and consolidated four additional branch offices which were also acquired from FSB. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | (27) Derivatives The Company enters into interest rate swaps in order to provide commercial loan clients the ability to swap from fixed to variable interest rates. Under these agreements, the Company enters into a fixed-rate loan with a client in addition to a swap agreement. This swap agreement effectively converts the client’s fixed rate loan into a variable rate. The Company then enters into a matching swap agreement with a third party dealer in order to offset its exposure on the customer swap. At years ended December 31, 2015 and 2014, the notional amount of such arrangements was $939,831 and $240,779, respectively, and investment securities with a fair value of $31,801 and $10,445 were pledged as collateral to the third party dealers. As the interest rate swaps with the clients and third parties are not designated as hedges under ASC 815, changes in market values are reported in earnings. Summary information about the derivative instruments is as follows: 2015 2014 Notional amount $ 939,831 $ 240,779 Weighted average pay rate on interest-rate swaps 2.61 % 2.77 % Weighted average receive rate on interest rate swaps 2.57 % 2.69 % Weighted average maturity (years) 12 11 Fair value of interest rate swap derivatives (asset) $ 18,619 $ 6,800 Fair value of interest rate swap derivatives (liability) $ 19,822 $ 7,575 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | (28) Subsequent Events Announced acquisitions On March 1, 2016, the Company closed its previously announced acquisition of Community Bank of South Florida, Inc. (“Community”) in Homestead, Florida. The purchase price was approximately $64,986 comprised of both stock and cash consideration. The Company’s primary reasons for the transaction were to further solidify its market share in the Central and South Florida markets and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. During the year 2015, the Company incurred approximately $272 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Consolidated Statements of Operations and Comprehensive Income. The majority of the acquisition costs for this transaction are expected to be recorded in 2016. Additional disclosures required by ASC 805 have been omitted because the information needed for the disclosures is not available due to the close proximity of the closing of this transaction with the date these financial statements are being issued. On December 31, 2015, Community, with 11 banking branch offices, reported total assets of $484,602, total loans of $334,349 and total deposits of $436,765. On March 1, 2016, the Company closed its previously announced acquisition of Hometown of Homestead Banking Company (“Hometown”) also located in Homestead, Florida. The purchase price was approximately $19,150, which was all cash consideration. The Company’s primary reasons for the transaction were to expand its market share in the southeast Florida market, together with its acquisition of Community as described above, and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. During the year 2015, the Company incurred approximately $263 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Consolidated Statements of Operations and Comprehensive Income. The majority of the acquisition costs for this transaction are expected to be recorded in 2016. Additional disclosures required by ASC 805 have been omitted because the information needed for the disclosures is not available due to the close proximity of the closing of this transaction with the date these financial statements are being issued. On December 31, 2015, Community, with 6 banking branch offices reported total assets of $331,187, total loans of $201,930 and total deposits of $265,761. Other subsequent events On February 3, 2016, the Company entered into an agreement with the FDIC to terminate all existing loss share arrangements. The Company received a payment of $5,482 from the FDIC and expects to recognize a loss of approximately $17,560 On January 22, 2016, the Company bought-out, redeemed and terminated its Gulfstream Bancshares Capital Trust I ($7,000 par value). The Company will recognize a gain on extinguishment of debt of approximately $308 during the first quarter of 2016. In addition, the transaction will reduce the Company’s 2016 interest expense by approximately $250. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations and Principles of Consolidation | (a) Nature of operations and principles of consolidation The consolidated financial statements of CenterState Banks, Inc. (the “Company”) include the accounts of CenterState Banks, Inc. (the “Parent Company”), and its wholly owned subsidiaries CenterState Bank of Florida, N.A., R4ALL, Inc. and CSFL Insurance Corp. All significant intercompany accounts and transactions have been eliminated in consolidation. At December 31, 2015, the Company, through its subsidiary bank, operates through 57 full service banking locations in 20 counties throughout Central, Northeast and Southeast Florida, providing traditional deposit and lending products and services to its commercial and retail customers. The Company’s primary deposit products are checking, savings and term certificate accounts, and its primary lending products include commercial real estate loans, residential real estate loans, commercial loans and consumer loans. Substantially all loans are secured by commercial real estate, residential real estate, business assets or consumer assets. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the area. The Company also provides correspondent banking and capital markets services to approximately 600 community banks nationwide. R4ALL, Inc. is a non bank subsidiary incorporated during the third quarter of 2009. The primary purpose of this subsidiary is to purchase, hold, and dispose of troubled assets acquired from the Company’s subsidiary bank. CSFL Insurance Corp. is a non bank subsidiary incorporated during the fourth quarter of 2015. The primary purpose of this subsidiary is to function as a captive insurance subsidiary pursuant to Section 831(b) of the U.S. Tax Code. The following is a description of the basis of presentation and the significant accounting and reporting policies, which the Company follows in preparing and presenting its consolidated financial statements. |
Use of Estimates | (b) Use of estimates To prepare financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided. Significant items subject to estimates and assumptions include allowance for loan losses, FDIC indemnification asset, fair values of financial instruments, useful life of intangibles and valuation of goodwill, fair value estimates of stock-based compensation, fair value estimates of OREO, and deferred tax assets. Actual results could differ from these estimates. |
Cash Flow Reporting | (c) Cash flow reporting For purposes of the statement of cash flows, the Company considers cash and due from banks, federal funds sold, money market and non interest bearing deposits in other banks with a purchased maturity of three months or less to be cash equivalents. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, federal funds purchased, repurchase agreements, proceeds from capital offering and other borrowed funds. |
Interest Bearing Deposits in Other Financial Institutions | (d) Interest bearing deposits in other financial institutions Interest bearing deposits in other financial institutions mature within one year and are carried at cost and are included in cash and due from banks in the Consolidated Balance Sheets. |
Trading Securities | (e) Trading securities The Company engages in trading activities for its own account. Securities that are held principally for resale in the near term are recorded at fair value with changes in fair value included in earnings. Interest is included in net interest income. |
Securities | (f) Securities Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities not classified as held to maturity or trading are classified as available for sale. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Securities are evaluated for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) other-than-temporary impairment related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. |
Bond Commissions Revenue Recognition | (g) Bond commissions revenue recognition Bond sales transactions and related revenue and expenses are recorded on a settlement date basis. The effect on the financial statements of using the settlement date basis rather than the trade date basis is not material. |
Loans Held for Sale | (h) Loans held for sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Mortgage loans held for sale are generally sold with servicing rights released. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. |
Loans | ( i ) Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balance net of purchase premiums and discounts, deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. The recorded investment in a loan excludes accrued interest receivable, deferred fees, and deferred costs because they are not considered material. A loan is considered a troubled debt restructured loan based on individual facts and circumstances. A modification may include either an increase or reduction in interest rate or deferral of principal payments or both. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings. The Company classifies troubled debt restructured loans as impaired and evaluates the need for an allowance for loan losses on a loan-by-loan basis. An allowance for loan losses is based on either the present value of estimated future cash flows or the estimated fair value of the underlying collateral. Loans retain their interest accrual status at the time of modification. Loan origination fees and the incremental direct cost of loan origination, are deferred and recognized in interest income without anticipating prepayments over the contractual life of the loans. If the loan is prepaid, the remaining unamortized fees and costs are charged or credited to interest income. Amortization ceases for nonaccrual loans. A loan is moved to nonaccrual status in accordance with the Company’s policy typically after 90 days of non-payment, or less than 90 days of non-payment if management determines that the full timely collection of principal and interest becomes doubtful. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Single family home loans, consumer loans and smaller commercial, land, development and construction loans (less than $500) are monitored by payment history, and as such, past due payments is generally the triggering mechanism to determine nonaccrual status. Larger (greater than $500) commercial, land, development and construction loans are monitored on a loan level basis, and therefore in these cases it is more likely that a loan may be placed on nonaccrual status before it becomes 90 days past due. All interest accrued but not received for loans placed on nonaccrual, is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Non real estate consumer loans are typically charged off no later than 120 days past due. The Company, considering current information and events regarding the borrower’s ability to repay their obligations, considers a loan to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is considered to be impaired, the amount of the impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the secondary market value of the loan, or the fair value of the collateral for collateral dependent loans. Interest income on impaired loans is recognized in accordance with the Company’s non-accrual policy. Impaired loans are written down to the extent that principal is judged to be uncollectible and, in the case of impaired collateral dependent loans where repayment is expected to be provided solely by the underlying collateral and there is no other available and reliable sources of repayment, are written down to the lower of cost or collateral value less estimated selling costs. Impairment losses are included in the allowance for loan losses. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. |
Purchased Credit-Impaired Loans | (j) Purchased credit-impaired loans As a part of business acquisitions, the Company acquires loans, some of which have shown evidence of credit deterioration since origination. These purchased credit-impaired (“PCI”) loans were determined to be credit impaired based on specific risk characteristics of the loan, including product type, domicile of the borrower, past due status, owner occupancy status, geographic location of the collateral, and loan to value ratios. Purchasers are permitted to aggregate credit impaired loans acquired in the same fiscal quarter into one or more pools, provided that the loans have common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. For the loan portfolios acquired through failed bank acquisitions, the Company aggregated the commercial, consumer, and residential loans into ten pools of loans with common risk characteristics for each FDIC failed institution acquired. These acquired loans were recorded at the acquisition date fair value, and after acquisition, losses are recognized through the allowance for loan losses. The Company estimates the amount and timing of expected cash flows for each acquired loan pool and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan pools. On a quarterly basis, the Company updates the amount of loan principal and interest cash flows expected to be collected, incorporating assumptions regarding default rates, loss severities, the amounts and timing of prepayments and other factors that are reflective of current market conditions. Probable decreases in expected loan principal cash flows trigger the recognition of impairment, which is then measured as the present value of the expected principal loss plus any related foregone interest cash flows discounted at the pool’s effective interest rate. Impairments that occur after the acquisition date are recognized through the provision for loan losses. Probable and significant increases in expected principal cash flows would first reverse any previously recorded allowance for loan losses; any remaining increases are recognized prospectively as interest income. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. Disposals of loans, which may include sales of loans, receipt of payments in full by the borrower, or foreclosure, result in removal of the loan from the purchased credit impaired portfolio. |
Concentration of Credit Risk | (k) Concentration of credit risk Most of the Company’s business activity is with customers located within Florida. Therefore, the Company’s exposure to credit risk is significantly affected by changes in the economy and the real estate market within Florida, primarily central, southeastern and northeastern Florida. |
Allowance for Loan Losses | (l) Allowance for loan losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers loans that are not individually classified as impaired and is based on historical loss experience adjusted for current factors. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Commercial, commercial real estate, land, acquisition and development, and construction loans over $500 are individually evaluated for impairment. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent two years. The portfolio segments identified by the Company are residential loans, commercial real estate loans, construction and land development loans, commercial and industrial and consumer and other. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; volume and severity of adversely classified or graded loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The Company segregates and evaluates its loan portfolio through the five portfolio segments: residential real estate, commercial real estate, land/ land development/construction, commercial and consumer/other. Residential real estate loans are a mixture of fixed rate and adjustable rate residential mortgage loans, including first mortgages, second mortgages or home equity lines of credit. As a policy, the Company holds adjustable rate loans and sells a portion of its fixed rate loan originations into the secondary market. Changes in interest rates or market conditions may impact a borrower’s ability to meet contractual principal and interest payments. Residential real estate loans are secured by real property. Commercial real estate loans include loans secured by office buildings, warehouses, retail stores and other property located in or near our markets. These loans are originated based on the borrower’s ability to service the debt and secondarily based on the fair value of the underlying collateral. Land/land development/construction loans include residential and commercial real estate loans and include a mixture of owner occupied and non-owner occupied. The majority of the loans in this category are land related, either undeveloped land, land held for development, residential building lots and commercial building lots. Generally the terms are three to five years, with a potential for renewal at maturity. Commercial loans consist of small-to medium-sized businesses including professional associations, medical services, retail trade, transportation, wholesale trade, manufacturing and tourism. Commercial loans are derived from our market areas and underwritten based on the borrower’s ability to service debt from the business’s underlying cash flows. As a general practice, we obtain collateral such as inventory, accounts receivable, equipment or other assets although such loans may be uncollateralized but guaranteed. Consumer and other loans include automobiles, boats, mobile homes without land, or uncollateralized but personally guaranteed loans. These loans are originated based primarily on credit scores, debt-to-income ratios and loan-to-value ratios. The Company evaluates the loans acquired from the Gulfstream Business Bank (“GSB”) acquisition that were not PCI loans as a sixth loan portfolio segment. The Company considered the levels of and trends in non-performing loans, past-due loans, adverse loan grade classification changes, historical loss rates, environmental factors and impaired loans in arriving at its estimate. The general loan loss allowance recorded for these performing loans acquired from GSB is allocated between the five portfolio segments described above in Note 4. The Company evaluates the loans acquired from the First Southern Bank (“FSB”) acquisition that were not PCI loans as a seventh loan portfolio segment. The Company considered the levels of and trends in non-performing loans, past-due loans, adverse loan grade classification changes, historical loss rates, environmental factors, 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 general loan loss allowance recorded for these performing loans acquired from FSB is allocated between the five portfolio segments described above in Note 4. |
Transfer of Financial Assets | (m) Transfer of financial assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Other Repossessed Real Estate Owned | (n) Other repossessed real estate owned Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. Repossessed real estate is included in other repossessed real estate owned and other repossessed assets other than real estate is included in prepaid expenses and other assets in the Consolidated Balance Sheets. |
Premises and Equipment | (o) Premises and equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives of the related assets. Buildings are depreciated over a 39 year period, and furniture, fixtures and equipment are depreciated over their related useful life (3 to 15 years). Leasehold improvements are depreciated over the shorter of their useful lives or the term of the lease. Major renewals and betterments of property are capitalized; maintenance, repairs, and minor renewals and betterments are expensed in the period incurred. Upon retirement or other disposition of the asset, the asset cost and related accumulated depreciation are removed from the accounts, and gains or losses are included in income. |
Software Costs | (p) Software costs Costs of software developed for internal use, such as those related to software licenses, programming, testing, configuration, direct materials and integration, are capitalized and included in premises and equipment. Included in the capitalized costs are those costs related to both our personnel and third party consultants involved in the software development and installation. Once placed in service, the capitalized asset is amortized on a straight-line basis over its estimated useful life, generally three to five years. Capitalized costs of software developed for internal use are reviewed periodically for impairment. |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock | (q) Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock The Company’s subsidiary bank is a member of the FHLB and FRB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB and FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. |
Bank Owned Life Insurance (BOLI) | (r) Bank owned life insurance (BOLI) The Company, through its subsidiary bank, has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Goodwill and Other Intangible Assets | (s) Goodwill and other intangible assets Goodwill resulting from business combinations prior to January 1, 2009 represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill resulting from business combinations after January 1, 2009, is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually. The Company has selected November 30 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. The core deposit intangibles are intangible assets arising from either whole bank acquisitions or branch acquisitions. They are initially measured at fair value and then amortized over a ten-year period on an accelerated basis using the projected decay rates of the underlying core deposits. The trust intangible represents the value of the Trust business (“Trust”) acquired pursuant to the Company’s January 27, 2012 acquisition of First Guaranty Bank and Trust of Jacksonville (“FGB”) in Jacksonville, Florida. The intangible was initially measured at fair value and then amortized over a ten-year period on an accelerated basis. |
FDIC Indemnification Asset | (t) FDIC Indemnification Asset The FDIC Indemnification Asset represents the estimated amounts due from the FDIC pursuant to the Loss Share Agreements related to the acquisitions of the three failed banks acquired in 2010, two in 2012 and assumed two additional pursuant to the Company’s 2014 acquisition of First Southern Bank. At acquisition, the FDIC Indemnification Asset represented the discounted value of the FDIC’s reimbursed portion of the estimated losses the Company expects to realize on the loans and other real estate (“Covered Assets”) acquired as a result of the acquisitions. The range of discount rates used on the FDIC Indemnification Asset was 1.21% to 4.53%. As losses were realized on Covered Assets, the portion that the FDIC paid the Company in cash for principal and up to 90 days of interest reduced the FDIC Indemnification Asset. On a quarterly basis, the Company evaluated the FDIC Indemnification Asset to determine if the estimated losses on Covered Assets supported the amount recorded as the FDIC Indemnification Asset. Income accretion was recognized during the loss share period. If the expectation of future losses declined, the income accretion was reduced prospectively over the lesser of the term of the loss share agreement and the estimated remaining life of the Covered Asset. On February 3, 2016, the FDIC bought out the remaining FDIC loss share agreements. As such, the FDIC indemnification asset was written-off effectively accelerating all future FDIC indemnification asset amortization expense as well as ending any future FDIC indemnification income. |
Loan Commitments and Related Financial Instruments | (u) Loan commitments and related financial instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Stock-Based Compensation | (v) Stock-based compensation Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. During 2014 the Company initiated a Long-Term Incentive Plan which included Performance Share Units (“PSUs”). The Monte-Carlo Simulation model was used to estimate fair value of the PSUs at the grant date. Compensation cost is recognized over the required service period, generally defined as the vesting period. |
Income Taxes | (w) Income taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in other expenses. |
Retirement Plans | (x) Retirement plans Employee 401(k) plan expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. |
Marketing and Advertising Costs | (y) Marketing and advertising costs Marketing and advertising costs are expensed as incurred. |
Earnings Per Common Share | (z) Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options and unvested restricted stock awards where shares are not issued until vested. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of issuance of the financial statements. |
Comprehensive Income | ( aa ) Comprehensive income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale, which are also recognized as separate components of shareholders’ equity. |
Loss Contingencies | ( ab ) Loss contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. |
Restrictions on Cash | ( ac ) Restrictions on cash Cash on hand or on deposit with the Federal Reserve Bank is generally required to meet regulatory reserve and clearing requirements. |
Dividend Restriction | ( ad ) Dividend restriction Banking regulations require maintaining certain capital levels and may limit the dividends paid by the banks to the holding company or by the holding company to stockholders. |
Fair Value of Financial Instruments | ( ae ) Fair value of financial instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. |
Segment Reporting | ( af ) Segment reporting The Company’s correspondent banking and capital markets division represents a distinct reportable segment which differs from the Company’s primary business of commercial and retail banking in Florida. Accordingly, a reconciliation of reportable segment revenues, expenses and profit to the Company’s consolidated total has been presented in note 25. |
Derivatives | ( ag ) Derivatives The Company enters into interest rate swaps in order to provide commercial loan clients the ability to swap from fixed to variable interest rates. Under these agreements, the Company enters into a fixed-rate loan with a client in addition to a swap agreement. This swap agreement effectively converts the client’s fixed rate loan into a variable rate. The Company then enters into a matching swap agreement with a third party dealer in order to offset its exposure on the customer swap. The Company does not use derivatives for trading purposes. The derivative transactions are considered instruments with no hedging designation, otherwise known as stand-alone derivatives. Changes in the fair value of the derivatives are reported currently in earnings. |
Reclassifications | ( ah ) Reclassifications Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior years’ net income or shareholders’ equity. |
Effect of New Pronouncements | ( ai ) Effect of new pronouncements In January 2014, the FASB amended existing guidance to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. These amendments clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additional disclosures are required. These amendments are effective for public business entities for annual periods and interim periods within those annual periods beginning after December 15, 2014. Amendments in this standard can be applied using a modified retrospective or prospective transition method. The adoption of this standard did not have a material effect on the Company’s operating results or financial condition. In May 2014, the FASB amended existing guidance related to revenue from contracts with customers . In June 2014, the FASB amended existing guidance related to repurchase-to-maturity transactions, repurchase financings, and disclosures. These amendments align the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. Going forward, these transactions would all be accounted for as secured borrowings. The guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement, which has resulted in outcomes referred to as off-balance-sheet accounting. These amendments require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. These amendments also require expanded disclosures about the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. These amendments are effective for the first interim or annual period beginning after December 15, 2014. In addition, for public companies, the disclosure for certain transactions accounted for as a sale is effective for the first interim or annual period beginning on or after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The adoption of this standard did not have a material effect on the Company’s operating results or financial condition. In June 2014, the FASB amended existing guidance related to the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. These amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation – Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. These amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in this amendment either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition. In August 2014, the FASB amended existing guidance related to the classification of certain government-guaranteed mortgage loans, including those guaranteed by the FHA and the VA, upon foreclosure. It requires that a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if the following conditions are met: 1) The loan has a government guarantee that is not separable from the loan before foreclosure; 2) At the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and 3) At the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. These amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted if the amendments under ASU 2014-04 Receivables – Troubled Debt Restructurings by Creditors – Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure In September 2015, the FASB amended existing guidance related to accounting for measurement-period adjustments for business combinations. The amendments require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change in the estimated amounts, calculated as if the accounting had been completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. These amendments are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. These amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The adoption of this standard did not have a material effect on the Company’s operating results or financial condition. In January 2016, the FASB amended existing guidance related to the recognition and measurement of financial assets and financial liabilities. The amendments in this update impact public business entities as follows: 1) Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. 2) Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 3) Eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 4) Require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 5) Require an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. 6) Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. 7) Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. These amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The Company is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. |
Trading Securities (Tables)
Trading Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Trading Securities Portfolio Realized and Unrealized Gains and Losses | A list of the activity in this portfolio for 2015 and 2014 is summarized below. 2015 2014 Beginning balance $ 3,420 $ — Purchases 147,693 171,089 Proceeds from sales (149,409 ) (167,838 ) Net realized gain on sales 379 156 Mark-to- market adjustment 24 13 Ending balance $ 2,107 $ 3,420 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 1,002 $ - $ 2 $ 1,000 Mortgage backed securities 567,264 4,102 2,914 568,452 Municipal securities 34,131 1,156 - 35,287 Total available-for-sale $ 602,397 $ 5,258 $ 2,916 $ 604,739 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 were as follows: 2015 2014 2013 Proceeds $ 16,305 $ 323,537 $ 69,495 Gross gains $ 303 $ 1,175 $ 1,060 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 December 31, 2015 and 2014. December 31, 2015 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Obligations of U.S. government sponsored entities and agencies $ 57,610 $ 141 $ 23 $ 57,728 Mortgage backed securities 155,942 71 601 155,412 Municipal securities 59,288 1,566 11 60,843 Total held to maturity $ 272,840 $ 1,778 $ 635 $ 273,983 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 and amortized cost of available for sale securities at year end 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 available for sale: Fair Value Cost Due in one year or less $ 634 $ 617 Due after one year through five years 6,013 5,875 Due after five years through ten years 13,397 13,046 Due after ten years through thirty years 16,243 15,595 Mortgage backed securities 568,452 567,264 Total available-for-sale $ 604,739 $ 602,397 |
Investments Gross Unrealized Losses and Fair Value | The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2015 and 2014. December 31, 2015 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury securities $ 1,000 $ 2 $ - $ - $ 1,000 $ 2 Mortgage backed securities 282,299 1,599 32,892 1,315 315,191 2,914 Total temporarily impaired available-for-sale securities $ 283,299 $ 1,601 $ 32,892 $ 1,315 $ 316,191 $ 2,916 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 year end 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 $ 40,266 $ 40,233 Due after ten years through thirty years 78,305 76,665 Mortgage backed securities 155,412 155,942 Total held-to-maturity $ 273,983 $ 272,840 |
Investments Gross Unrealized Losses and Fair Value | The following tables show 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 December 31, 2015 and 2014. December 31, 2015 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Obligations of U.S. government sponsored entities and agencies $ 9,958 $ 23 $ - $ - $ 9,958 $ 23 Mortgage backed securities 119,546 601 - - 119,546 601 Municipal securities 1,735 11 - - 1,735 11 Total temporarily impaired available-for-sale securities $ 131,239 $ 635 $ - $ - $ 131,239 $ 635 December 31, 2014 Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Municipal securities $ 2,475 $ 12 $ - $ - $ 2,475 $ 12 Total temporarily impaired available-for-sale securities $ 2,475 $ 12 $ - $ - $ 2,475 $ 12 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Summary of Information Concerning Loan Portfolio by Collateral Types | Major categories of loans included in the loan portfolio as of December 31, 2015 and 2014 are: December 31, 2015 2014 Loans excluding PCI loans Real estate loans Residential $ 647,496 $ 589,068 Commercial 1,254,782 1,132,933 Land, development and construction 105,276 79,002 Total real estate 2,007,554 1,801,003 Commercial 307,321 294,493 Consumer and other loans 67,500 56,334 Loans before unearned fees and deferred cost 2,382,375 2,151,830 Net unearned fees and costs 873 929 Total loans excluding PCI loans 2,383,248 2,152,759 PCI loans (note 1) Real estate loans Residential 86,104 102,009 Commercial 105,629 140,977 Land, development and construction 15,548 24,032 Total real estate 207,281 267,018 Commercial 2,771 8,953 Consumer and other loans 476 795 Total PCI loans 210,528 276,766 Total loans 2,593,776 2,429,525 Allowance for loan losses for loans that are not PCI loans (22,143 ) (19,384 ) Allowance for loan losses for PCI loans (121 ) (514 ) Total loans, net of allowance for loan losses $ 2,571,512 $ 2,409,627 The following sets forth the covered FDIC loans included in the table above. December 31, 2015 2014 FDIC covered loans that are not PCI loans Real estate loans Residential $ 3,126 $ 3,895 Commercial 22,401 33,606 Land, development and construction 627 866 Total real estate 26,154 38,367 Commercial 828 1,253 FDIC covered loans, excluding PCI loans 26,982 39,620 FDIC covered PCI loans (note 1) Real estate loans Residential 79,398 98,075 Commercial 58,692 116,457 Land, development and construction 10,161 15,395 Total real estate 148,251 229,927 Commercial 2,087 4,974 Total FDIC covered PCI loans 150,338 234,901 Total FDIC covered loans 177,320 274,521 Allowance for loan losses for FDIC covered loans that are not PCI loans (72 ) - Allowance for loans losses for FDIC covered PCI loans (107 ) (514 ) Total covered loans, net of allowance for loan losses $ 177,141 $ 274,007 |
Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio | Changes in the allowance for loan losses by portfolio segment for the years ended December 31, 2015, 2014 and 2013, are below. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Twelve months ended December 31, 2015 Beginning of the period $ 6,743 $ 8,269 $ 752 $ 2,330 $ 1,290 $ 19,384 Charge-offs (1,283 ) (173 ) (461 ) (1,121 ) (853 ) (3,891 ) Recoveries 901 485 5 344 156 1,891 Provision for loan losses (346 ) 1,978 640 1,659 828 4,759 Balance at end of period $ 6,015 $ 10,559 $ 936 $ 3,212 $ 1,421 $ 22,143 Twelve months ended December 31, 2014 Beginning of the period $ 8,785 $ 6,441 $ 3,069 $ 510 $ 889 $ 19,694 Charge-offs (1,382 ) (353 ) (124 ) (699 ) (879 ) (3,437 ) Recoveries 1,018 763 106 85 184 2,156 Provision for loan losses (1,678 ) 1,418 (2,299 ) 2,434 1,096 971 Balance at end of period $ 6,743 $ 8,269 $ 752 $ 2,330 $ 1,290 $ 19,384 Twelve months ended December 31, 2013 Beginning of the period $ 6,831 $ 8,272 $ 6,211 $ 1,745 $ 974 $ 24,033 Charge-offs (3,701 ) (1,144 ) (310 ) (120 ) (903 ) (6,178 ) Recoveries 432 417 193 51 181 1,274 Provision for loan losses 5,223 (1,104 ) (3,025 ) (1,166 ) 637 565 Balance at end of period $ 8,785 $ 6,441 $ 3,069 $ 510 $ 889 $ 19,694 Allowance for loan losses for loans that are PCI loans: Twelve months ended December 31, 2015 Beginning of the period $ - $ 372 $ 6 $ 136 $ - $ 514 Charge-offs - (77 ) - - (50 ) (127 ) Recoveries - - - - - - Provision for loan losses - (192 ) (5 ) (133 ) 64 (266 ) Balance at end of period $ - $ 103 $ 1 $ 3 $ 14 $ 121 Twelve months ended December 31, 2014 Beginning of the period $ - $ 138 $ 89 $ 533 $ - $ 760 Charge-offs - - - (101 ) - (101 ) Recoveries - - - - - - Provision for loan losses - 234 (83 ) (296 ) - (145 ) Balance at end of period $ - $ 372 $ 6 $ 136 $ - $ 514 Twelve months ended December 31, 2013 Beginning of the period $ - $ 2,335 $ - $ 314 $ - $ 2,649 Charge-offs - (1,248 ) - - - (1,248 ) Recoveries - - - - - - Provision for loan losses - (949 ) 89 219 - (641 ) Balance at end of period $ - $ 138 $ 89 $ 533 $ - $ 760 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2015 and 2014. Accrued interest receivable and unearned fees/costs are not included in the recorded investment because they are not material. Real Estate Loans As of December 31, 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 $ 402 $ 478 $ 164 $ 7 $ 29 $ 1,080 Collectively evaluated for impairment 5,613 10,081 772 3,205 1,392 21,063 Purchased credit impaired - 103 1 3 14 121 Total ending allowance balance $ 6,015 $ 10,662 $ 937 $ 3,215 $ 1,435 $ 22,264 Loans: Individually evaluated for impairment $ 8,096 $ 11,482 $ 2,267 $ 1,057 $ 273 $ 23,175 Collectively evaluated for impairment 639,400 1,243,300 103,009 306,264 67,227 2,359,200 Purchased credit impaired 86,104 105,629 15,548 2,771 476 210,528 Total ending loan balances $ 733,600 $ 1,360,411 $ 120,824 $ 310,092 $ 67,976 $ 2,592,903 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 following is a summary of information regarding impaired loans at December 31, 2015 and 2014: December 31, 2015 2014 Performing TDRs (these are not included in nonperforming loans (“NPLs”)) $ 10,254 $ 11,418 Nonperforming TDRs (these are included in NPLs) 4,873 3,648 Total TDRs (these are included in impaired loans) 15,127 15,066 Impaired loans that are not TDRs 8,048 10,184 Total impaired loans $ 23,175 $ 25,250 |
Troubled Debt Restructured Loans by Loans Type | TDRs as of December 31, 2015 and 2014 quantified by loan type classified separately as accrual (performing loans) and non-accrual (nonperforming loans) are presented in the table below. As of December 31, 2015 Accruing Non Accrual Total Real estate loans: Residential $ 5,987 $ 2,108 $ 8,095 Commercial 2,458 2,558 5,016 Land, development, construction 593 93 686 Total real estate loans 9,038 4,759 13,797 Commercial 991 66 1,057 Consumer and other 225 48 273 Total TDRs $ 10,254 $ 4,873 $ 15,127 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 as TDRs for which there was a payment default within twelve months following the modification during the years ending December 31, 2015, 2014 and 2013. Year Ending Year Ending Year Ending December 31, 2015 December 31, 2014 December 31, 2013 Number Recorded Number Recorded Number Recorded of loans investment of loans investment of loans investment Residential 3 $ 588 1 $ 188 3 $ 562 Commercial real estate 3 1,341 5 747 5 1,662 Land, development, construction - - 2 241 — — Commercial and Industrial 1 66 — — 1 25 Consumer and other - - 2 36 1 18 Total 7 $ 1,995 10 1,212 10 $ 2,267 |
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 December 31, 2015 and 2014 excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance primarily due to partial charge-offs. As of December 31, 2015 Unpaid principal Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 5,784 $ 5,465 $ - Commercial real estate 9,595 9,202 - Land, development, construction 1,869 1,229 - Commercial and industrial 585 577 - Consumer, other 109 103 - With an allowance recorded: Residential real estate 2,682 2,631 402 Commercial real estate 2,538 2,280 478 Land, development, construction 1,065 1,038 164 Commercial and industrial 484 480 7 Consumer, other 179 170 29 Total $ 24,890 $ 23,175 $ 1,080 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 | December 31, 2015 Average of impaired loans Interest income recognized during Cash basis interest income Real estate loans: Residential $ 8,623 $ 241 $ - Commercial 10,874 259 - Land, development, construction 1,998 31 - Total real estate loans 21,495 531 - Commercial and industrial 946 39 - Consumer and other loans 329 14 - Total $ 22,770 $ 584 $ - December 31, 2014 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 9,584 $ 318 $ - Commercial 12,282 145 - Land, development, construction 2,138 37 - Total real estate loans 24,004 500 - Commercial and industrial 2,001 67 - Consumer and other loans 296 12 - Total $ 26,301 $ 579 $ - December 31, 2013 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,968 $ 290 $ - Commercial 26,060 870 - Land, development, construction 1,405 17 - Total real estate loans 36,433 1,177 - Commercial and industrial 1,878 35 - Consumer and other loans 363 11 - Total $ 38,674 $ 1,223 $ - |
Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans | The following tables present the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of December 31, 2015 and 2014 excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30: As of December 31, 2015 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 9,540 $ - Commercial real estate 9,145 - Land, development, construction 1,608 - Commercial 187 - Consumer, other 353 - Total $ 20,833 $ - 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 tables present the aging of the recorded investment in past due loans as of December 31, 2015 and 2014, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30: 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, 2015 Residential real estate $ 647,496 $ 2,118 $ 3,089 $ - $ 5,207 $ 632,749 $ 9,540 Commercial real estate 1,254,782 4,647 2,170 - 6,817 1,238,820 9,145 Land/dev/construction 105,276 280 595 - 875 102,793 1,608 Commercial 307,321 1,101 348 - 1,449 305,685 187 Consumer 67,500 285 90 - 375 66,772 353 $ 2,382,375 $ 8,431 $ 6,292 $ - $ 14,723 $ 2,346,819 $ 20,833 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 December 31, 2015 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 620,735 $ 9,585 $ 17,598 $ - Commercial real estate 1,194,368 47,885 31,907 - Land/dev/construction 96,629 5,896 3,495 - Commercial 301,838 4,077 3,502 - Consumer 66,798 297 520 - Total $ 2,280,368 $ 67,740 $ 57,022 $ - 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 accounted for pursuant to ASC Topic 310-30, based on payment activity as of December 31, 2015 and 2014: As of December 31, 2015 Residential Consumer Performing $ 637,956 $ 67,147 Nonperforming 9,540 353 Total $ 647,496 $ 67,500 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 December 31, 2015, 2014 and 2013. Contractually required principal and interest payments have been adjusted for estimated prepayments. December 31, 2015 2014 2013 Contractually required principal and interest $ 332,570 $ 460,836 $ 389,537 Non-accretable difference (19,452 ) (68,757 ) (55,304 ) Cash flows expected to be collected 313,118 392,079 334,233 Accretable yield (102,590 ) (115,313 ) (102,812 ) Carrying value of acquired loans 210,528 276,766 231,421 Allowance for loan losses (121 ) (514 ) (760 ) Carrying value less allowance for loan losses $ 210,407 $ 276,252 $ 230,661 |
Summary of Changes in Total Contractually Required Principal and Interest Cash Payments | The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the periods ending December 31, 2015, 2014 and 2013. income all other December 31, 2014 accretion adjustments December 31, 2015 Contractually required principal and interest $ 460,836 $ - $ (128,266 ) $ 332,570 Non-accretable difference (68,757 ) - 49,305 (19,452 ) Cash flows expected to be collected 392,079 - (78,961 ) 313,118 Accretable yield (115,313 ) 40,645 (27,922 ) (102,590 ) Carry value of acquired loans $ 276,766 $ 40,645 $ (106,883 ) $ 210,528 Effect of income all other December 31, 2013 acquisitions accretion adjustments December 31, 2014 Contractually required principal and interest $ 389,537 $ 229,249 $ - $ (157,950 ) $ 460,836 Non-accretable difference (55,304 ) (45,293 ) - 31,840 (68,757 ) Cash flows expected to be collected 334,233 183,956 - (126,110 ) 392,079 Accretable yield (102,812 ) (32,204 ) 34,168 (14,465 ) (115,313 ) Carry value of acquired loans $ 231,421 $ 151,752 $ 34,168 $ (140,575 ) $ 276,766 income accretion all other adjustments December 31, 2012 December 31, 2013 Contractually required principal and interest $ 534,989 $ - $ (145,452 ) $ 389,537 Non-accretable difference (142,855 ) - 87,551 (55,304 ) Cash flows expected to be collected 392,134 - (57,901 ) 334,233 Accretable yield (93,107 ) 32,725 (42,430 ) (102,812 ) Carry value of acquired loans $ 299,027 $ 32,725 $ (100,331 ) $ 231,421 Effect of income all other December 31, 2013 acquisitions accretion adjustments December 31, 2014 Contractually required principal and interest $ 389,537 $ 229,249 $ - $ (157,950 ) $ 460,836 Non-accretable difference (55,304 ) (45,293 ) - 31,840 (68,757 ) Cash flows expected to be collected 334,233 183,956 - (126,110 ) 392,079 Accretable yield (102,812 ) (32,204 ) 34,168 (14,465 ) (115,313 ) Carry value of acquired loans $ 231,421 $ 151,752 $ 34,168 $ (140,575 ) $ 276,766 |
FDIC Indemnification Asset (Tab
FDIC Indemnification Asset (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
F D I C Loss Share Indemnification Asset [Abstract] | |
FDIC Loss Share Indemnification Asset | The activity in the FDIC loss share indemnification asset for periods presented was as follows: 2015 2014 Beginning of the year $ 49,054 $ 73,877 Effect of acquisition - 2,636 Amortization, net (16,282 ) (20,664 ) Indemnification revenue 1,900 3,098 Indemnification of foreclosure expense (4,001 ) 237 Proceeds from FDIC (4,662 ) (10,014 ) Impairment (recovery) of loan pool (214 ) (116 ) Period end balance $ 25,795 $ 49,054 |
FDIC Activity In True-up Payment Liability | The activity in the true-up payment liability was as follows: 2015 2014 Beginning of the year $ 1,205 $ 444 Effect of acquisition - 682 True-up liability accrual 281 79 Period end balance $ 1,486 $ 1,205 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Activity of Valuation Allowance in Other Real Estate Owned and Expense Related to Foreclosed Assets | Other real estate owned means real estate acquired through or instead of loan foreclosure. Activity in the valuation allowance was as follows: 2015 2014 2013 Beginning of year $ 3,103 $ 5,887 $ 5,407 Valuation write down of repossessed real estate 1,207 3,250 6,012 Sales and/or dispositions (3,013 ) (6,034 ) (5,532 ) End of year $ 1,297 $ 3,103 $ 5,887 Expenses related to foreclosed real estate include: 2015 2014 2013 (Gain) loss on sale of repossessed real estate $ (1,253 ) $ (788 ) $ 3,122 Valuation write down of repossessed real estate 1,207 3,250 6,012 Operating expenses, net of rental income 2,334 2,775 3,191 Total $ 2,288 $ 5,237 $ 12,325 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Derivatives Based on Valuation Models Using Observable Market Data as of the Measurement | The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2). 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 December 31, 2015 Assets: Trading securities $ 2,107 - $ 2,107 - Available for sale securities U.S. Treasury securities 1,000 - 1,000 - Mortgage backed securities 568,452 - 568,452 - Municipal securities 35,287 - 35,287 - Interest rate swap derivatives 18,619 - 18,619 - Liabilities: Interest rate swap derivatives 19,822 - 19,822 - 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 December 31, 2015 Assets: Impaired loans Residential real estate $ 3,288 - - $ 3,288 Commercial real estate 7,061 - - 7,061 Land, land development and construction 1,767 - - 1,767 Commercial 280 - - 280 Consumer 90 - - 90 Other real estate owned Residential real estate 85 - - 85 Commercial real estate 1,506 - - 1,506 Land, land development and construction 2,002 - - 2,002 Bank property held for sale 1,665 - - 1,665 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 December 31, 2015 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 152,482 $ 152,482 $ - $ - $ 152,482 Trading securities 2,107 - 2,107 - 2,107 Investment securities available for sale 604,739 - 604,739 - 604,739 Investment securities held to maturity 272,840 - 273,983 - 273,983 FHLB and FRB stock 14,041 - - - n/a Loans held for sale 1,529 - 1,529 - 1,529 Loans, less allowance for loan losses of $22,264 2,571,512 - - 2,574,516 2,574,516 FDIC indemnification asset 25,795 - - - n/a Interest rate swap derivatives 18,619 - 18,619 - 18,619 Accrued interest receivable 10,286 - - 10,286 10,286 Financial liabilities: Deposits- without stated maturities $ 2,792,758 $ 2,792,758 $ - $ - $ 2,792,758 Deposits- with stated maturities 422,420 - 423,391 - 423,391 Securities sold under agreement to repurchase 27,472 - 27,472 - 27,472 Federal funds purchased 200,250 - 200,250 - 200,250 Other borrowed funds 25,000 - 25,000 - 25,000 Corporate debentures 24,093 - - 19,734 19,734 Interest rate swap derivatives 19,822 - 19,822 - 19,822 Accrued interest payable 218 - 218 - 218 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 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Summary of Bank Premises and Equipment | A summary of bank premises and equipment as of December 31, 2015 and 2014 is as follows: December 31, 2015 2014 Land $ 35,941 $ 34,387 Land improvements 995 949 Buildings 62,109 60,168 Leasehold improvements 5,917 3,520 Furniture, fixtures and equipment 31,666 30,906 Construction in progress 1,263 1,587 137,891 131,517 Less: Accumulated depreciation 36,070 32,669 $ 101,821 $ 98,848 |
Minimum Future Contractual Annual Rentals | The Company leases land and certain facilities under noncancellable operating leases. The following is a schedule of future minimum annual rentals under the noncancellable operating leases: Year ending December 31, 2016 $ 2,411 2017 2,085 2018 1,817 2019 1,313 2020 972 Thereafter 4,456 $ 13,054 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Change in Balance for Goodwill | The change in balance for goodwill during the years 2015, 2014 and 2013 is as follows: 2015 2014 2013 Beginning of year $ 76,739 $ 44,924 $ 44,924 Acquired goodwill — 31,815 — Impairment — — — End of year $ 76,739 $ 76,739 $ 44,924 |
Acquired Intangible Assets for Core Deposit Intangibles and Trust | The change in balance for CDI and the Trust during the years 2015, 2014 and 2013 is as follows: 2015 2014 2013 Beginning of year $ 15,401 $ 6,116 $ 7,307 Acquired CDI 137 11,569 — Amortization expense (2,537 ) (2,284 ) (1,191 ) Impairment expense — — — End of year $ 13,001 $ 15,401 $ 6,116 |
Schedule of Acquired Intangible Assets | Acquired intangible assets were as follows for years ended December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Amortized intangible assets: Core deposit intangibles $ 23,313 $ 11,149 $ 23,176 $ 8,760 Trust intangible 1,580 743 1,580 595 Total acquired intangibles $ 24,893 $ 11,892 $ 24,756 $ 9,355 |
Estimated Amortization Expense | Estimated amortization expense for each of the next five years: 2016 $ 2,289 2017 1,892 2018 1,738 2019 1,682 2020 1,608 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking And Thrift [Abstract] | |
Summary of Deposits | A detail of deposits at December 31, 2015 and 2014 is as follows: December 31, Weighted Weighted Average Average Interest Interest 2015 Rate 2014 Rate Non-interest bearing deposits $ 1,133,138 — % $ 1,048,874 — % Interest bearing deposits: Interest bearing demand deposits 679,714 0.1 % 607,359 0.1 % Savings deposits 241,605 0.1 % 231,039 0.1 % Money market accounts 738,301 0.3 % 716,956 0.3 % Time deposits less than $100 177,288 0.6 % 219,021 0.8 % Time deposits of $100 or greater 245,132 0.8 % 268,791 1.1 % $ 3,215,178 0.2 % $ 3,092,040 0.2 % |
Summary of Certificate Accounts | The following table presents the amount of certificate accounts at December 31, 2015, maturing during the periods reflected below: Year Amount 2016 $ 270,473 2017 76,295 2018 29,038 2019 21,314 2020 25,035 Thereafter 265 Total $ 422,420 |
Securities Sold Under Agreeme47
Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking And Thrift [Abstract] | |
Summary of Repurchase Agreement | The following tables provide additional details as of December 31, 2015 and 2014. MBS Municipal As of December 31, 2015 Securities Securities Total Market value of securities pledged $ 45,745 $ 1,653 $ 47,398 Borrowings related to pledged amounts 27,179 293 27,472 Market value pledged as a % of borrowings 168 % 564 % 173 % MBS Municipal As of December 31, 2014 Securities Securities Total Market value of securities pledged $ 49,380 $ 3,334 $ 52,714 Borrowings related to pledged amounts 26,003 1,019 27,022 Market value pledged as a % of borrowings 190 % 327 % 195 % Information concerning repurchase agreements is summarized as follows: 2015 2014 2013 Average daily balance during the year $ 30,727 $ 30,289 $ 21,693 Average interest rate during the year 0.61 % 0.60 % 0.36 % Maximum month-end balance during the year $ 40,198 $ 34,681 $ 24,483 Weighted average interest rate at year end 0.36 % 0.72 % 0.40 % |
Federal Funds Purchased (Tables
Federal Funds Purchased (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking And Thrift [Abstract] | |
Federal Funds Purchased, Overnight Deposits from Correspondent Banks | Federal funds purchased, as listed below, are overnight deposits from correspondent banks. Information concerning these deposits is summarized as follows: 2015 2014 2013 Average daily balance during the year $ 184,451 $ 49,899 $ 37,958 Average interest rate during the period 0.34 % 0.10 % 0.05 % Maximum month-end balance during the year $ 223,151 $ 151,992 $ 53,274 Weighted average interest rate at year end 0.33 % 0.29 % 0.05 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Allocation of Federal and State Income Tax Expense (Benefit) Between Current and Deferred Portions | Allocation of federal and state income tax expense between current and deferred portions for the years ended December 31, 2015, 2014 and 2013, is as follows: Current Deferred Total December 31, 2015: Federal $ 14,639 $ 4,297 $ 18,936 State 2,920 715 3,635 $ 17,559 $ 5,012 $ 22,571 December 31, 2014: Federal $ 4,384 $ 1,486 $ 5,870 State 1,009 247 1,256 $ 5,393 $ 1,733 $ 7,126 December 31, 2013: Federal $ 4,423 $ 27 $ 4,450 State 1,055 5 1,060 $ 5,478 $ 32 $ 5,510 |
Components of Deferred Tax Assets and Deferred Tax Liabilities | The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2015 and 2014, are presented below: December 31, 2015 2014 Deferred tax assets: Allowance for loan losses $ 8,588 $ 7,675 Stock based compensation 1,377 771 Deferred compensation 2,186 2,425 Impairment expenses 959 463 Net operating loss carryforward 18,153 20,308 Other real estate owned expenses 742 2,391 Fair value adjustments 16,751 18,386 Nonaccrual interest 2,040 2,579 Other 99 75 Total deferred tax assets 50,895 55,073 Deferred tax liabilities: Premises and equipment, due to differences in depreciation methods and useful lives (2,685 ) (2,264 ) Deferred loan costs, net (337 ) (358 ) Prepaid expense (432 ) 0 Like kind exchange (300 ) (300 ) Unrealized gain on investment securities available for sale (903 ) (2,548 ) Accretion of discounts on investments (18 ) (16 ) Total deferred tax liabilities (4,675 ) (5,486 ) Net deferred tax asset $ 46,220 $ 49,587 |
Summary of Net Operating Loss Carryforwards | At December 31, 2015, the Company had net operating carryforwards of approximately $47,059 which will begin to expire as follows. 2030 24,408 2031 10,463 2032 2,028 2033 4,027 2034 6,133 $ 47,059 |
Reconciliation Between the Actual Tax Expense and the Expected Tax (Benefit) Expense | A reconciliation between the actual tax expense and the “expected” tax expense, computed by applying the U.S. federal corporate rate of 35 percent is as follows: December 31, 2015 2014 2013 “Expected” tax expense $ 21,668 $ 7,032 $ 6,214 Tax exempt interest, net (851 ) (910 ) (907 ) Bank owned life insurance (753 ) (549 ) (391 ) State income taxes, net of federal income tax benefits 2,363 817 689 Stock based compensation 76 83 100 Merger and acquisition related expenses 10 536 68 Other, net 58 117 (263 ) $ 22,571 $ 7,126 $ 5,510 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Summary Loans to Principal Officers, Directors and Their Affiliates | Loans to principal officers, directors, and their affiliates during 2015 and 2014 were as follows: 2015 2014 Beginning balance $ 5,580 $ 3,261 New loans 14,654 4,135 Repayments (259 ) (1,816 ) Ending balance $ 19,975 $ 5,580 |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking And Thrift [Abstract] | |
Summary of Actual, Required, and Capital Levels Necessary for Capital Adequacy Purposes | A summary of actual, required, and capital levels necessary for capital adequacy purposes for the Company as of December 31, 2015 and 2014, are presented in the table below. There is no threshold for “well-capitalized” status for bank holding companies. To be well capitalized under For capital Prompt corrective Actual Adequacy purposes action provision Amount Ratio Amount Ratio Amount Ratio December 31, 2015 Total capital (to risk weighted assets) $ 438,748 15.8% $ 222,322 >8.0% n/a n/a Tier 1 capital (to risk weighted assets) 416,484 15.0% 166,742 >6.0% n/a n/a Common equity tier 1 capital (to risk weighted assets) 399,876 14.4% 125,056 >4.5% n/a n/a Tier 1 capital (to average assets) 416,484 10.5% 158,206 >4.0% n/a n/a December 31, 2014 Total capital (to risk weighted assets) $ 384,162 15.1% $ 202,946 >8% n/a n/a Tier 1 capital (to risk weighted assets) 364,264 14.4% 101,473 >4% n/a n/a Tier 1 capital (to average assets) 364,264 10.1% 144,051 >4% n/a n/a A summary of actual, required, and capital levels necessary for capital adequacy purposes in the case of the Company’s subsidiary bank as of December 31, 2015 and 2014, are presented in the table below. To be well capitalized under For capital Prompt corrective Actual Adequacy purposes action provision Amount Ratio Amount Ratio Amount Ratio December 31, 2015 Total capital (to risk weighted assets) $ 411,627 14.7% $ 223,613 >8.0% $ 279,517 >10.0% Tier 1 capital (to risk weighted assets) 389,371 13.9% 167,710 >6.0% 223,613 >8.0% Common equity tier 1 capital (to risk weighted assets) 389,371 13.9% 125,783 >4.5% 181,686 >6.5% Tier 1 capital (to average assets) 389,371 9.9% 158,011 >4.0% 197,514 >5.0% December 31, 2014 Total capital (to risk weighted assets) $ 360,278 14.2% $ 203,268 >8% $ 254,085 >10% Tier 1 capital (to risk weighted assets) 340,389 13.4% 101,634 >4% 152,451 >6% Tier 1 capital (to average assets) 340,389 9.4% 144,185 >4% 180,231 >5% |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Based Compensation Expense Recognized | 2015 2014 2013 Stock option expense $ 216 $ 238 $ 292 RSA expense 2,712 1,264 317 RSU expense 27 - - PSU expense 328 75 - Total stock-based compensation expense $ 3,283 $ 1,577 $ 609 |
Summary of Estimated Fair Value of Options Granted Weighted-Average Assumptions | The weighted-average assumptions as of the grant date are as follows: 2015 2014 2013 Expected option life - 0.5 years 7.7 years Risk-free interest rate - 0.07 % 1.91 % Expected volatility - 0.01 % 44.5 % Dividend yield - 0.00 % 0.39 % |
Information Related to Stock Option Activity | The table below present’s information related to stock option activity for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Total intrinsic value of stock options exercised $ 827 $ 1,114 $ 2 Cash received from stock options exercised $ 895 1,129 - Gross income tax benefit from the exercise of stock options $ 113 350 - |
Summary of Stock Option Activity | A summary of stock option activity for the years ended December 31, 2015, 2014 and 2013 is as follows: 2015 2014 2013 Weighted- Weighted- Weighted- Average Average Average Number of Exercise Number of Exercise Number of Exercise Options Price Options Price Options Price Outstanding, beginning of period 1,138,404 $ 11.23 1,073,716 $ 13.83 1,158,646 $ 13.64 Granted - - - - 3,000 $ 10.22 Issued Gulfstream (note 1) - - 774,104 $ 6.99 - - Exercised (142,476 ) $ 6.63 (233,762 ) $ 6.09 (1,714 ) $ 8.90 Forfeited (55,294 ) $ 14.57 (475,654 ) $ 12.73 (86,216 ) $ 11.22 Outstanding, end of period 940,634 $ 11.73 1,138,404 $ 11.23 1,073,716 $ 13.83 note 1: Pursuant to the Company’s agreement to acquire Gulfstream in January 2014, all outstanding Gulfstream stock options were converted to CenterState stock options as of the acquisition date. Weighted- Weighted- Average Average Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Options outstanding, December 31, 2015 940,634 $ 11.73 3.3 years $ 3,796 Options fully vested and expected to vest, December 31, 2015 916,685 $ 11.75 3.3 years $ 3,687 Options exercisable, December 31, 2015 733,504 $ 11.68 3.2 years $ 3,015 A summary of stock option activity for the years ended December 31, 2015, 2014 and 2013 is as follows: 2015 2014 2013 Weighted- Weighted- Weighted- Average Average Average Number of Exercise Number of Exercise Number of Exercise Options Price Options Price Options Price Outstanding, beginning of period 1,138,404 $ 11.23 1,073,716 $ 13.83 1,158,646 $ 13.64 Granted - - - - 3,000 $ 10.22 Issued Gulfstream (note 1) - - 774,104 $ 6.99 - - Exercised (142,476 ) $ 6.63 (233,762 ) $ 6.09 (1,714 ) $ 8.90 Forfeited (55,294 ) $ 14.57 (475,654 ) $ 12.73 (86,216 ) $ 11.22 Outstanding, end of period 940,634 $ 11.73 1,138,404 $ 11.23 1,073,716 $ 13.83 |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Stock Awards Activity | A summary of the RSA activity for the years ended December 31, 2015, 2014 and 2013 is presented in the table below. 2015 2014 2013 Number Number Number Number of RSAs of RSAs Weighted of RSAs of RSAs Weighted Weighted underlying underlying Total average underlying underlying Total average average shares not shares number fair value at shares not shares number fair value at Number fair value at issued issued of RSAs grant date issued issued of RSAs grant date of RSAs grant date Outstanding, beginning period 410,128 249,542 659,670 $ 10.30 240,341 - 240,341 $ 9.76 209,384 $ 9.62 Granted 205,082 3,000 208,082 $ 11.96 241,739 250,375 492,114 $ 10.55 59,500 $ 10.22 Vested (62,170 ) (57,954 ) (120,124 ) $ 10.12 (35,753 ) (833 ) (36,586 ) $ 9.77 (28,543 ) $ 9.66 Forfeited (20,913 ) (5,000 ) (25,913 ) $ 10.64 (36,199 ) - (36,199 ) $ 10.79 - $ 0.00 Outstanding, end of period 532,127 189,588 721,715 $ 10.79 410,128 249,542 659,670 $ 10.30 240,341 $ 9.76 |
Parent Company Only Financial53
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet | Condensed financial statements of CenterState Banks, Inc. (parent company only) follow: Condensed Balance Sheet December 31, 2015 and 2014 Assets: 2015 2014 Cash and due from banks $ 15 $ 2,808 Inter-company receivable from bank subsidiary 25,000 27,000 Investment in wholly-owned bank subsidiary 484,993 441,710 Investment in other wholly-owned subsidiary 693 1,381 Prepaid expenses and other assets 9,701 9,782 Total assets $ 520,402 $ 482,681 Liabilities: Accounts payable and accrued expenses $ 5,795 $ 6,287 Corporate debenture 24,093 23,917 Total liabilities 29,888 30,204 Stockholders’ Equity: Common stock 455 453 Additional paid-in capital 393,191 388,698 Retained earnings 95,430 59,273 Accumulated other comprehensive income 1,438 4,053 Total stockholders’ equity 490,514 452,477 Total liabilities and stockholders’ equity $ 520,402 $ 482,681 |
Condensed Statements of Operations | Condensed Statements of Operations Years ended December 31, 2015, 2014 and 2013 2015 2014 2013 Dividend income $ 1,232 $ 1,155 $ 45,725 Other income - - - Interest expense (968 ) (942 ) (602 ) Operating expenses (4,422 ) (3,875 ) (3,538 ) Income before equity in undistributed income of subsidiaries (4,158 ) (3,662 ) 41,585 Equity in undistributed income (losses) of subsidiaries 41,431 14,828 (31,040 ) Net income before income tax benefit 37,273 11,166 10,545 Income tax benefit (2,065 ) (1,798 ) (1,698 ) Net income $ 39,338 $ 12,964 $ 12,243 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years ended December 31, 2015, 2014 and 2013 2015 2014 2013 Cash flows from operating activities: Net income $ 39,338 $ 12,964 $ 12,243 Adjustments to reconcile net income to net cash used in operating activities: Equity in net earnings of subsidiaries (42,663 ) (15,983 ) (14,686 ) Increase in payables and accrued expenses 340 (608 ) 371 Decrease in other assets 89 2,294 1,843 Stock based compensation expense 1,235 497 107 Net cash flows used in operating activities (1,661 ) (836 ) (122 ) Cash flows from investing activities: Inter-company receivables (payables) from (to) subsidiary banks 1,991 18,703 (43,703 ) Net cash from bank acquisition - (16,455 ) - Cash payments to shareholders (466) - - Investment in subsidiaries (476) - - Dividends from bank subsidiaries - - 34,000 Dividends from nonbank subsidiary 1,232 1,155 11,725 Net cash flows provided by investing activities 2,281 3,403 2,022 Cash flows from financing activities: Stock options exercised, net of tax benefit 784 984 –– Stock repurchase (1,016 ) Dividends paid to shareholders (3,181 ) (1,709 ) (1,204 ) Net cash flows used in financing activities (3,413 ) (725 ) (1,204 ) Net (decrease) increase in cash and cash equivalents (2,793 ) 1,842 696 Cash and cash equivalents at beginning of year 2,808 966 270 Cash and cash equivalents at end of year $ 15 $ 2,808 $ 966 |
Credit Commitments (Tables)
Credit Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Credit Commitments | A summary of commitments to extend credit and standby letters of credit written at December 31, 2015 and 2014, are as follows: December 31, 2015 2014 Standby letters of credit $ 8,737 $ 10,299 Available lines of credit 429,231 244,016 Unfunded loan commitments – fixed 53,640 62,450 Unfunded loan commitments – variable 32,265 17,416 |
Basic and Diluted Earnings Pe55
Basic and Diluted Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Factors Used in Earnings Per Share Computations | The following table presents the factors used in the earnings per share computations for the periods indicated. 2015 2014 2013 Basic Net income available to common shareholders $39,338 $12,964 $12,243 Less: Earnings allocated to participating securities (212) (17) — Net income allocated to common shareholders $39,126 $12,947 $12,243 Weighted average common shares outstanding including participating securities 45,427,857 40,904,988 30,102,777 Less: Participating securities (1) (245,633) (52,986) — Average shares 45,182,224 40,852,002 30,102,777 Basic earnings per common share $0.87 $0.32 $0.41 Diluted Net income available to common shareholders $39,126 $12,947 $12,243 Weighted average common shares outstanding for basic earnings per common share 45,182,224 40,852,002 30,102,777 Add: Dilutive effects of stock based compensation awards 606,408 383,550 117,350 Average shares and dilutive potential common shares 45,788,632 41,235,552 30,220,127 Dilutive earnings per common share $0.85 $0.31 $0.41 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. |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Reportable Segment Revenues, Expenses and Profit | The tables below are reconciliations of the reportable segment revenues, expenses, and profit as viewed by management to the Company’s consolidated total for the year ending December 31, 2015, 2014 and 2013. Year ending December 31, 2015 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 155,369 $ 6,951 $ - $ - $ 162,320 Interest expense (5,697 ) (621 ) (968 ) - (7,286 ) Net interest income (expense) $ 149,672 $ 6,330 $ (968 ) - $ 155,034 Provision for loan losses (4,335 ) (158 ) - - (4,493 ) Non interest income 9,887 27,563 - - 37,450 Non interest expense (99,900 ) (21,760 ) (4,422 ) - (126,082 ) Net income (loss) before taxes $ 55,324 $ 11,975 $ (5,390 ) - $ 61,909 Income tax (provision) benefit (20,016 ) (4,620 ) 2,065 - (22,571 ) Net income (loss) $ 35,308 $ 7,355 $ (3,325 ) $ - $ 39,338 Total assets $ 3,679,946 $ 335,643 $ 518,107 $ (510,979 ) $ 4,022,717 Year ending December 31, 2014 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 134,938 $ 3,289 $ - $ - $ 138,227 Interest expense (6,365 ) (50 ) (941 ) - (7,356 ) Net interest income (expense) 128,573 $ 3,239 $ (941 ) - $ 130,871 Provision for loan losses (826 ) - - - (826 ) Other non interest income 6,073 20,153 - - 26,226 Other non interest expense (112,836 ) (19,470 ) (3,875 ) - (136,181 ) Net income (loss) before taxes 20,984 $ 3,922 $ (4,816 ) - $ 20,090 Income tax (provision) benefit (7,411 ) (1,513 ) 1,798 - (7,126 ) Net income (loss) $ 13,573 $ 2,409 $ (3,018 ) $ - $ 12,964 Total assets $ 3,487,014 $ 280,079 $ 482,681 $ (472,905 ) $ 3,776,869 Year ending December 31, 2013 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 97,504 $ 2,874 $ - - $ 100,378 Interest expense (5,263 ) (20 ) (602 ) - (5,885 ) Net interest income (expense) 92,241 2,854 (602 ) - 94,493 Provision for loan losses 76 - - - 76 Other non interest income 13,536 20,410 - - 33,946 Other non interest expense (86,726 ) (20,498 ) (3,538 ) - (110,762 ) Net income (loss) before taxes 19,127 2,766 (4,140 ) - 17,753 Income tax (provision) benefit (6,140 ) (1,067 ) 1,697 - (5,510 ) Net income (loss) $ 12,987 $ 1,699 $ (2,443 ) - $ 12,243 Total assets $ 2,279,221 $ 132,821 $ 294,976 $ (291,007 ) $ 2,416,011 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Gulfstream Bancshares, Inc. [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of Gulfstream common stock outstanding at January 16, 2014 1,569,364 Gulfstream preferred shares that converted to Gulfstream common shares upon a change in control 155,629 Total Gulfstream common shares including conversion of preferred shares 1,724,993 Per share exchange ratio 3.012 Number of shares of CenterState common stock less 138 of fractional shares 5,195,541 Multiplied by CenterState common stock price per share on January 16, 2014 $ 10.23 Fair value of CenterState common stock issued $ 53,150 Total Gulfstream common shares including conversion of preferred shares 1,724,993 Multiplied by the cash consideration each Gulfstream share is entitled to receive $ 14.65 Total cash consideration, not including cash for fractional shares $ 25,271 Total stock consideration $ 53,150 Total cash consideration plus $2 for 138 of fractional shares 25,273 Total consideration paid to Gulfstream common shareholders $ 78,423 Fair value of current Gulfstream stock options converted to CenterState stock options 3,617 Total purchase price $ 82,040 |
Summary of Preliminary Estimates of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | The list below summarizes the estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the January 17, 2014 purchase date. Jan 17, 2014 Assets: Cash and cash equivalents $ 102,278 Loans, held for investment 329,515 Purchased credit impaired loans 30,068 Loans held for sale 247 Investments 60,816 Interest receivable 1,087 Branch real estate 5,519 Furniture and fixtures 262 FHLB stock 885 Bank owned life insurance 4,939 Other repossessed real estate owned 2,694 Core deposit intangible 4,173 Goodwill 31,516 Other assets 11,261 Total assets acquired $ 585,260 Liabilities Deposits $ 478,999 Federal Home Loan Bank advances 5,708 Repurchase agreements 7,576 Interest payable 125 Official checks outstanding 826 Corporate debentures 6,745 Other liabilities 3,241 Total liabilities assumed $ 503,220 |
Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of January 17, 2014 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 48,289 Non-accretable difference (11,766 ) Cash flows expected to be collected 36,523 Accretable yield (6,455 ) Total purchased credit-impaired loans acquired $ 30,068 |
Summary of Fair Value of Acquired Loans and Unpaid Principal Balance | The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Balance Fair Value Loans: Single family residential real estate $ 33,506 $ 32,319 Commercial real estate 185,250 183,189 Construction/development/land 30,387 27,704 Commercial loans 85,940 84,203 Consumer and other loans 2,112 2,100 Purchased credit-impaired 40,655 30,068 Total earning assets $ 377,850 $ 359,583 |
Schedule of Measurement Period Adjustments | Based on appraisals received subsequent to the acquisition date, the Company adjusted its initial fair value estimates of certain other real estate owned acquired. Jan 17, 2014 (as initially reported) measurement period adjustments Jan 17, 2014 (as adjusted) Assets: Cash and cash equivalents $ 102,278 $ — $ 102,278 Loans, held for investment 329,515 329,515 Purchased credit impaired loans 30,068 30,068 Loans held for sale 247 247 Investments 60,816 60,816 Interest receivable 1,087 1,087 Branch real estate 5,519 5,519 Furniture and fixtures 262 262 FHLB stock 885 885 Bank owned life insurance 4,939 4,939 Other repossessed real estate owned 3,365 (671 ) 2,694 Core deposit intangible 4,173 4,173 Goodwill 31,104 412 31,516 Other assets 11,002 259 11,261 Total assets acquired $ 585,260 $ — $ 585,260 Liabilities: Deposits $ 478,999 $ — $ 478,999 Federal Home Loan Bank advances 5,708 5,708 Repurchase agreements 7,576 7,576 Interest payable 125 125 Official checks outstanding 826 826 Corporate debenture 6,745 6,745 Other liabilities 3,241 3,241 Total liabilities assumed $ 503,220 $ — $ 503,220 |
First Southern Bancorp, Inc. [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of FSB common stock outstanding at May 30, 2014 31,539,698 FSB preferred shares that converted to FSB common shares upon a change in control 48,375 Total FSB common shares including conversion of preferred shares 31,588,073 Per share exchange ratio 0.3 Number of shares of CenterState common stock, less 377 of fractional shares 9,476,045 Multiplied by CenterState common stock price per share on May 30, 2014 $ 10.62 Fair value of CenterState common stock issued $ 100,636 Total FSB common shares including conversion of preferred shares 31,588,073 Multiplied by the cash consideration each FSB share is entitled to receive $ 3.00 Total cash consideration, not including cash for fractional shares $ 94,765 Total stock consideration $ 100,636 Total cash consideration, plus $3 for 377 of fractional shares 94,768 Total purchase price $ 195,404 |
Summary of Preliminary Estimates of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | The list below summarizes the preliminary estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the June 1, 2014 purchase date. June 1, 2014 Assets: Cash and cash equivalents $ 148,257 Loans, excluding purchased credit impaired loans 477,841 Purchased credit impaired loans 121,684 Investments 204,723 Interest receivable 2,007 Branch real estate 1,594 Furniture and fixtures 1,282 Bank property held for sale 7,119 Federal Reserve Bank and Federal Home Loan Bank stock 5,576 Bank owned life insurance 2,555 Other repossessed real estate owned covered by FDIC loss share agreements 22,731 Other repossessed real estate owned 454 Core deposit intangible 7,396 Goodwill 299 Deferred tax asset 44,131 Other assets 4,581 Total assets acquired $ 1,052,230 Liabilities: Deposits $ 662,959 Deposits held for sale 189,674 Interest payable 58 Other liabilities 4,135 Total liabilities assumed $ 856,826 |
Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of June 1, 2014 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 180,960 Non-accretable difference (33,527 ) Cash flows expected to be collected 147,433 Accretable yield (25,749 ) Total purchased credit-impaired loans acquired $ 121,684 |
Summary of Fair Value of Acquired Loans and Unpaid Principal Balance | The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $ 60,332 $ 57,693 Commercial real estate 387,589 382,162 Construction/development/land 17,238 15,942 Commercial loans 20,267 19,906 Consumer and other loans 2,496 2,138 Purchased credit-impaired 142,414 121,684 Total earning assets $ 630,336 $ 599,525 |
Schedule of Measurement Period Adjustments | Based on income tax returns filed subsequent to the acquisition date, the Company adjusted its initial fair value estimate of the deferred tax asset acquired. June 1, 2014 (as initially reported) measurement period adjustments June 1, 2014 (as adjusted) Assets: Cash and cash equivalents $ 148,257 $ — $ 148,257 Loans, excluding purchased credit impaired loans 477,841 477,841 Purchased credit impaired loans 121,684 121,684 Investments 204,723 204723 Interest receivable 2,007 2,007 Branch real estate 1,594 1,594 Furniture and fixtures 1,282 1,282 Bank property held for sale 7,119 7119 Federal Reserve Bank and Federal Home Loan Bank stock 5,576 5576 Bank owned life insurance 2,555 2,555 OREO covered by FDIC loss share agreements 22,731 22,731 Other repossessed real estate owned (“OREO”) 454 454 Core deposit intangible 7,396 7,396 Goodwill 541 (242 ) 299 Deferred tax asset 43,889 242 44,131 Other assets 4,581 4,581 Total assets acquired $ 1,052,230 — $ 1,052,230 Liabilities: Deposits 662,959 662,959 Deposits held for sale 189,674 189,674 Interest payable 58 58 Other liabilities 4,135 4,135 Total liabilities assumed $ 856,826 $ — $ 856,826 |
First Southern Bank Inc And Gulfstream Bancshares Inc [Member] | |
Pro-Forma Financial Information of Acquisition | Pro-forma data for the twelve month period ending December 31, 2013 listed in the table below presents pro-forma information as if the Gulfstream acquisition occurred at the beginning of 2013. Because the Gulfstream transaction closed on January 17, 2014 and its actual results are included in the Company’s actual operating results for 2014, its actual results were used in the table below for the twelve month period ending December 31, 2014 instead of a pro-forma amount. The pro-forma information for the twelve month periods ending December 31, 2014 and 2013 assumes the FSB acquisition occurred at the beginning of 2013. Years ended December 31, 2014 2013 Net interest income $ 143,527 $ 153,719 Net income available to common shareholders 20,066 21,390 EPS - basic $ 0.45 $ 0.48 EPS - diluted $ 0.44 $ 0.47 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary Information about the Derivative Instruments | Summary information about the derivative instruments is as follows: 2015 2014 Notional amount $ 939,831 $ 240,779 Weighted average pay rate on interest-rate swaps 2.61 % 2.77 % Weighted average receive rate on interest rate swaps 2.57 % 2.69 % Weighted average maturity (years) 12 11 Fair value of interest rate swap derivatives (asset) $ 18,619 $ 6,800 Fair value of interest rate swap derivatives (liability) $ 19,822 $ 7,575 |
Summary of Significant Accoun59
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2015USD ($)LocationCountyCommunityBankClientPoolsSegments | Dec. 31, 2014USD ($)Bank | Dec. 31, 2012Bank | Dec. 31, 2010Bank | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Number of service banking locations | Location | 57 | |||
Number of counties in which company operates | County | 20 | |||
Number of community bank clients | CommunityBankClient | 600 | |||
Interest bearing deposits in other financial institutions, Maximum maturity period | 1 year | |||
Loans maximum value to be monitored by payment history for nonaccrual status | $ 500,000 | |||
Loans minimum value of commercial, land, development and construction loans to be monitored for nonaccrual status | $ 500,000 | |||
Non real estate consumer loans typically charged off | 120 days | |||
Number of pools of loans with common risk characteristics for each FDIC failed institution acquired | Pools | 10 | |||
Loans individually evaluated for impairment | $ 23,175,000 | $ 25,250,000 | ||
Number of loan portfolio segments | Segments | 5 | |||
Number of failed banks acquired | Bank | 2 | 3 | ||
Tax benefit likelihood percentage | 50.00% | |||
Core Deposits [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Useful life of intangible assets | 10 years | |||
Buildings [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Useful life of assets | 39 years | |||
Gulfstream Bancshares, Inc. [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Number of loan portfolio segments | Segments | 6 | |||
Gulfstream Bancshares, Inc. [Member] | Core Deposits [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Useful life of intangible assets | 10 years | |||
First Southern Bancorp, Inc. [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Number of loan portfolio segments | Segments | 7 | |||
Number of failed banks acquired | Bank | 2 | |||
Minimum [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans individually evaluated for impairment | $ 500,000 | |||
Majority loans terms | 3 years | |||
Useful life of intangible assets | 3 years | |||
Range of discount rates | 1.21% | |||
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Useful life of assets | 3 years | |||
Maximum [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Majority loans terms | 5 years | |||
Useful life of intangible assets | 5 years | |||
Range of discount rates | 4.53% | |||
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Useful life of assets | 15 years |
Trading Securities - Trading Se
Trading Securities - Trading Securities Portfolio Realized and Unrealized Gains and Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments Debt And Equity Securities [Abstract] | |||
Beginning balance | $ 3,420 | ||
Purchases | 147,693 | $ 171,089 | $ 198,186 |
Proceeds from sales | (149,409) | (167,838) | $ (203,489) |
Net realized gain on sales | 379 | 156 | |
Mark-to- market adjustment | 24 | 13 | |
Ending balance | $ 2,107 | $ 3,420 |
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 602,397 | $ 510,859 |
Gross Unrealized Gains | 5,258 | 8,309 |
Gross Unrealized Losses | 2,916 | 1,711 |
Available for sale securities | 604,739 | 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 | |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,002 | |
Gross Unrealized Losses | 2 | |
Available for sale securities | 1,000 | |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 567,264 | 473,396 |
Gross Unrealized Gains | 4,102 | 6,897 |
Gross Unrealized Losses | 2,914 | 1,660 |
Available for sale securities | 568,452 | 478,633 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 34,131 | 37,460 |
Gross Unrealized Gains | 1,156 | 1,412 |
Gross Unrealized Losses | 51 | |
Available for sale securities | $ 35,287 | $ 38,821 |
Investment Securities Availab62
Investment Securities Available for Sale - Schedule of Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments Debt And Equity Securities [Abstract] | |||
Proceeds | $ 16,305 | $ 323,537 | $ 69,495 |
Gross gains | 303 | 1,175 | $ 1,060 |
Gross losses | $ 299 | $ 1,129 |
Investment Securities Availab63
Investment Securities Available for Sale - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Security | Dec. 31, 2014USD ($)Security | Dec. 31, 2013USD ($) | |
Investments Debt And Equity Securities [Abstract] | |||
Reclassifications of gain included in net income, income taxes | $ 2 | $ 18 | $ 409 |
Securities estimated fair value | $ 195,753 | $ 139,297 | |
Number of securities representing specified criteria | Security | 0 | 0 | |
Percentage of AFS securities held by any one issuer as a percentage of stockholders' equity | 10.00% | 10.00% | |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% |
Investment Securities Availab64
Investment Securities Available for Sale - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities available for sale, Due in one year or less, Fair Value | $ 634 | |
Investment securities available for sale, Due after one year through five years, Fair Value | 6,013 | |
Investment securities available for sale, Due after five years through ten years, Fair Value | 13,397 | |
Investment securities available for sale, Due after ten years through thirty years, Fair Value | 16,243 | |
Investment securities available for sale, Mortgage backed securities, Fair Value | 568,452 | |
Fair Value | 604,739 | $ 517,457 |
Investment securities available for sale, Due in one year or less, Amortized Cost | 617 | |
Investment securities available for sale, Due after one year through five years, Amortized Cost | 5,875 | |
Investment securities available for sale, Due after five years through ten years, Amortized Cost | 13,046 | |
Investment securities available for sale, Due after ten years through thirty years, Amortized Cost | 15,595 | |
Investment securities available for sale, Mortgage backed securities, Amortized Cost | 567,264 | |
Amortized Cost | $ 602,397 | $ 510,859 |
Investment Securities Availab65
Investment Securities Available for Sale - Investments Gross Unrealized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 283,299 | $ 15,876 |
Less than 12 months, Unrealized Losses | 1,601 | 41 |
12 months or more, Fair Value | 32,892 | 102,204 |
12 months or more, Unrealized Losses | 1,315 | 1,670 |
Total, Fair Value | 316,191 | 118,080 |
Total, Unrealized Losses | 2,916 | 1,711 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 1,000 | |
Less than 12 months, Unrealized Losses | 2 | |
12 months or more, Fair Value | 0 | |
12 months or more, Unrealized Losses | 0 | |
Total, Fair Value | 1,000 | |
Total, Unrealized Losses | 2 | |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 282,299 | 15,876 |
Less than 12 months, Unrealized Losses | 1,599 | 41 |
12 months or more, Fair Value | 32,892 | 99,010 |
12 months or more, Unrealized Losses | 1,315 | 1,619 |
Total, Fair Value | 315,191 | 114,886 |
Total, Unrealized Losses | $ 2,914 | 1,660 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 0 | |
Less than 12 months, Unrealized Losses | 0 | |
12 months or more, Fair Value | 3,194 | |
12 months or more, Unrealized Losses | 51 | |
Total, Fair Value | 3,194 | |
Total, Unrealized Losses | $ 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 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 272,840 | $ 237,362 |
Gross Unrecognized Gains | 1,778 | 1,081 |
Gross Unrecognized Losses | 635 | 12 |
Held-to-maturity securities, fair value | 273,983 | 238,431 |
Obligations of U.S. government sponsored entities and agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 57,610 | 49,793 |
Gross Unrecognized Gains | 141 | 122 |
Gross Unrecognized Losses | 23 | |
Held-to-maturity securities, fair value | 57,728 | 49,915 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 155,942 | 161,727 |
Gross Unrecognized Gains | 71 | 654 |
Gross Unrecognized Losses | 601 | |
Held-to-maturity securities, fair value | 155,412 | 162,381 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 59,288 | 25,842 |
Gross Unrecognized Gains | 1,566 | 305 |
Gross Unrecognized Losses | 11 | 12 |
Held-to-maturity securities, fair value | $ 60,843 | $ 26,135 |
Investment Securities Held to67
Investment Securities Held to Maturity - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Security | Dec. 31, 2014USD ($)Security | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity securities pledged, carrying amount | $ | $ 48,246 | $ 51,531 |
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% | 10.00% |
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 | 0 |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% |
Investment Securities Held to68
Investment Securities Held to Maturity - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities available for sale, Due after five years through ten years, Fair Value | $ 40,266 | |
Investment securities available for sale, Due after ten years through thirty years, Fair Value | 78,305 | |
Investment securities available for sale, Mortgage backed securities, Fair Value | 155,412 | |
Fair Value | 273,983 | $ 238,431 |
Investment securities available for sale, Due after five years through ten years, Amortized Cost | 40,233 | |
Investment securities available for sale, Due after ten years through thirty years, Amortized Cost | 76,665 | |
Investment securities available for sale, Mortgage backed securities, Amortized Cost | 155,942 | |
Amortized Cost | $ 272,840 | $ 237,362 |
Investment Securities Held to69
Investment Securities Held to Maturity - Investments Gross Unrecognized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 131,239 | $ 2,475 |
Less than 12 months, Unrecognized Losses | 635 | 12 |
Total, Fair Value | 131,239 | 2,475 |
Total, Unrecognized Losses | 635 | 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 | 9,958 | |
Less than 12 months, Unrecognized Losses | 23 | |
Total, Fair Value | 9,958 | |
Total, Unrecognized Losses | 23 | |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 119,546 | |
Less than 12 months, Unrecognized Losses | 601 | |
Total, Fair Value | 119,546 | |
Total, Unrecognized Losses | 601 | |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 1,735 | 2,475 |
Less than 12 months, Unrecognized Losses | 11 | 12 |
Total, Fair Value | 1,735 | 2,475 |
Total, Unrecognized Losses | $ 11 | $ 12 |
Loans - Summary of Information
Loans - Summary of Information Concerning Loan Portfolio by Collateral Types (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables with Imputed Interest [Line Items] | ||
Total loans excluding purchased credit impaired loans | $ 2,383,248 | $ 2,152,759 |
Total PCI loans | 210,528 | 276,766 |
Total loans | 2,593,776 | 2,429,525 |
Allowance for loan losses for loans that are not PCI loans | (22,143) | (19,384) |
Net Loans | 2,571,512 | 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 | 647,496 | 589,068 |
Real estate loans, Commercial | 1,254,782 | 1,132,933 |
Land, development and construction | 105,276 | 79,002 |
Total real estate | 2,007,554 | 1,801,003 |
Commercial | 307,321 | 294,493 |
Consumer and other loans | 67,500 | 56,334 |
Loans before unearned fees and deferred cost | 2,382,375 | 2,151,830 |
Net unearned fees and costs | 873 | 929 |
Allowance for loan losses on PCI loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 86,104 | 102,009 |
Real estate loans, Commercial | 105,629 | 140,977 |
Land, development and construction | 15,548 | 24,032 |
Total real estate | 207,281 | 267,018 |
Commercial | 2,771 | 8,953 |
Consumer and other loans | 476 | 795 |
Allowance for loan losses for PCI loans | (121) | (514) |
FDIC Covered Loans Excluding Purchased Credit Impaired Loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 3,126 | 3,895 |
Real estate loans, Commercial | 22,401 | 33,606 |
Land, development and construction | 627 | 866 |
Total real estate | 26,154 | 38,367 |
Commercial | 828 | 1,253 |
Total loans excluding purchased credit impaired loans | 26,982 | 39,620 |
FDIC Covered Loans Purchased Credit Impaired Loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 79,398 | 98,075 |
Real estate loans, Commercial | 58,692 | 116,457 |
Land, development and construction | 10,161 | 15,395 |
Total real estate | 148,251 | 229,927 |
Commercial | 2,087 | 4,974 |
Allowance for loan losses for loans that are not PCI loans | (72) | |
Total FDIC covered PCI loans | 150,338 | 234,901 |
Allowance for loans losses for FDIC covered PCI loans | (107) | (514) |
Total covered loans, net of allowance for loan losses | 177,141 | 274,007 |
FDIC Covered Loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Total FDIC covered loans | $ 177,320 | $ 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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recoveries | $ 0 | $ 0 | $ 0 |
Provision for loan losses | 4,493 | 826 | (76) |
Allowance for loan losses for loans that are not PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 19,384 | 19,694 | 24,033 |
Charge-offs | (3,891) | (3,437) | (6,178) |
Recoveries | 1,891 | 2,156 | 1,274 |
Provision for loan losses | 4,759 | 971 | 565 |
Balance at end of period | 22,143 | 19,384 | 19,694 |
Allowance for loan losses on PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 514 | 760 | 2,649 |
Charge-offs | (127) | (101) | (1,248) |
Provision for loan losses | (266) | (145) | (641) |
Balance at end of period | 121 | 514 | 760 |
Residential Real Estate [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 6,743 | 8,785 | 6,831 |
Charge-offs | (1,283) | (1,382) | (3,701) |
Recoveries | 901 | 1,018 | 432 |
Provision for loan losses | (346) | (1,678) | 5,223 |
Balance at end of period | 6,015 | 6,743 | 8,785 |
Commercial Real Estate [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 8,269 | 6,441 | 8,272 |
Charge-offs | (173) | (353) | (1,144) |
Recoveries | 485 | 763 | 417 |
Provision for loan losses | 1,978 | 1,418 | (1,104) |
Balance at end of period | 10,559 | 8,269 | 6,441 |
Commercial Real Estate [Member] | Allowance for loan losses on PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 372 | 138 | 2,335 |
Charge-offs | (77) | (1,248) | |
Provision for loan losses | (192) | 234 | (949) |
Balance at end of period | 103 | 372 | 138 |
Land, Development, Construction [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 752 | 3,069 | 6,211 |
Charge-offs | (461) | (124) | (310) |
Recoveries | 5 | 106 | 193 |
Provision for loan losses | 640 | (2,299) | (3,025) |
Balance at end of period | 936 | 752 | 3,069 |
Land, Development, Construction [Member] | Allowance for loan losses on PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 6 | 89 | |
Provision for loan losses | (5) | (83) | 89 |
Balance at end of period | 1 | 6 | 89 |
Commercial and Industrial [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 2,330 | 510 | 1,745 |
Charge-offs | (1,121) | (699) | (120) |
Recoveries | 344 | 85 | 51 |
Provision for loan losses | 1,659 | 2,434 | (1,166) |
Balance at end of period | 3,212 | 2,330 | 510 |
Commercial and Industrial [Member] | Allowance for loan losses on PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 136 | 533 | 314 |
Charge-offs | (101) | ||
Provision for loan losses | (133) | (296) | 219 |
Balance at end of period | 3 | 136 | 533 |
Consumer and Other [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 1,290 | 889 | 974 |
Charge-offs | (853) | (879) | (903) |
Recoveries | 156 | 184 | 181 |
Provision for loan losses | 828 | 1,096 | 637 |
Balance at end of period | 1,421 | $ 1,290 | $ 889 |
Consumer and Other [Member] | Allowance for loan losses on PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Charge-offs | (50) | ||
Provision for loan losses | 64 | ||
Balance at end of period | $ 14 |
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for loan losses: | ||
Individually evaluated for impairment | $ 1,080 | $ 1,115 |
Collectively evaluated for impairment | 21,063 | 18,269 |
Purchased credit impaired | 121 | 514 |
Total ending allowance balance | 22,264 | 19,898 |
Loans: | ||
Individually evaluated for impairment | 23,175 | 25,250 |
Collectively evaluated for impairment | 2,359,200 | 2,126,580 |
Purchased credit impaired | 210,528 | 276,766 |
Total ending loan balances | 2,592,903 | 2,428,596 |
Residential Real Estate [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 402 | 419 |
Collectively evaluated for impairment | 5,613 | 6,324 |
Total ending allowance balance | 6,015 | 6,743 |
Loans: | ||
Individually evaluated for impairment | 8,096 | 9,980 |
Collectively evaluated for impairment | 639,400 | 579,088 |
Purchased credit impaired | 86,104 | 102,009 |
Total ending loan balances | 733,600 | 691,077 |
Commercial Real Estate [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 478 | 403 |
Collectively evaluated for impairment | 10,081 | 7,866 |
Purchased credit impaired | 103 | 372 |
Total ending allowance balance | 10,662 | 8,641 |
Loans: | ||
Individually evaluated for impairment | 11,482 | 10,902 |
Collectively evaluated for impairment | 1,243,300 | 1,122,031 |
Purchased credit impaired | 105,629 | 140,977 |
Total ending loan balances | 1,360,411 | 1,273,910 |
Land, Development, Construction [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 164 | 272 |
Collectively evaluated for impairment | 772 | 480 |
Purchased credit impaired | 1 | 6 |
Total ending allowance balance | 937 | 758 |
Loans: | ||
Individually evaluated for impairment | 2,267 | 2,748 |
Collectively evaluated for impairment | 103,009 | 76,254 |
Purchased credit impaired | 15,548 | 24,032 |
Total ending loan balances | 120,824 | 103,034 |
Commercial and Industrial [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 7 | 4 |
Collectively evaluated for impairment | 3,205 | 2,326 |
Purchased credit impaired | 3 | 136 |
Total ending allowance balance | 3,215 | 2,466 |
Loans: | ||
Individually evaluated for impairment | 1,057 | 1,365 |
Collectively evaluated for impairment | 306,264 | 293,128 |
Purchased credit impaired | 2,771 | 8,953 |
Total ending loan balances | 310,092 | 303,446 |
Consumer and Other [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 29 | 17 |
Collectively evaluated for impairment | 1,392 | 1,273 |
Purchased credit impaired | 14 | |
Total ending allowance balance | 1,435 | 1,290 |
Loans: | ||
Individually evaluated for impairment | 273 | 255 |
Collectively evaluated for impairment | 67,227 | 56,079 |
Purchased credit impaired | 476 | 795 |
Total ending loan balances | $ 67,976 | $ 57,129 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans [Line Items] | |||
Loans modification, modified terms allowance period minimum | 12 years | ||
Loans modification, modified terms allowance period maximum | 24 years | ||
Troubled debt restructured loans total | $ 15,127 | ||
Performing TDRs (these are not included in nonperforming loans ("NPLs")) | 10,254 | ||
Non performing TDRs | 4,873 | ||
Provision for loan loss expense | 350 | $ 422 | $ 890 |
Partial charge offs for troubled debt restructured | $ 272 | 251 | 449 |
Percentage of troubled debt restructured current pursuant to modified terms | 68.00% | ||
Percentage of troubled debt restructured not performing pursuant to their modified terms | 32.00% | ||
Loans Modified As Troubled Debt Restructurings During Period | $ 4,442 | 3,518 | 5,864 |
Provision For Loan Losses on Modified TDRs During Period | 221 | 200 | 656 |
Provision for loan loss expense within twelve months | 152 | 97 | 574 |
Partial charge offs for troubled debt restructured | 153 | 65 | 197 |
Loan receivable modification, Specific reserve for customers | 720 | 779 | |
Allowances for loan losses | 4,493 | 826 | (76) |
Reversals in loan loss allowance for recoveries | 0 | 0 | 0 |
Reclassification from non-accretable difference | 28,394 | 14,892 | 41,454 |
Income accretion | 40,645 | ||
Allowance for loan losses on PCI loans [Member] | |||
Loans [Line Items] | |||
Allowances for loan losses | (266) | (145) | $ (641) |
First Southern Bank Inc And Gulfstream Bancshares Inc [Member] | |||
Loans [Line Items] | |||
Unamortized fair value adjustment on loans | $ 9,354 | $ 13,074 | |
Unamortized Fair Value Adjustment On Loans Percentage | 1.59% | 1.82% | |
Allowance For Loan And Lease Losses On Acquired Loans | $ 2,712 | ||
Gulfstream Bancshares, Inc. [Member] | |||
Loans [Line Items] | |||
Fair value adjustment for loans | $ 17,761 | ||
Fair value adjustment for loans, percentage | 2.10% |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 15,127 | $ 15,066 |
Impaired loans that are not TDRs | 8,048 | 10,184 |
Total impaired loans | 23,175 | 25,250 |
Performing TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | 10,254 | 11,418 |
Nonperforming TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 4,873 | $ 3,648 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructured Loans by Loans Type (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 15,127 | $ 15,066 |
Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 13,797 | 14,068 |
Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 10,254 | 11,418 |
Accruing [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 9,038 | 10,510 |
Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 4,873 | 3,648 |
Non Accrual [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 4,759 | 3,558 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 8,095 | 8,724 |
Residential Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 5,987 | 7,201 |
Residential Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 2,108 | 1,523 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 5,016 | 4,556 |
Commercial Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 2,458 | 2,762 |
Commercial Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 2,558 | 1,794 |
Land, Development, Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 686 | 788 |
Land, Development, Construction [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 593 | 547 |
Land, Development, Construction [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 93 | 241 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,057 | 743 |
Commercial and Industrial [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 991 | 706 |
Commercial and Industrial [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 66 | 37 |
Consumer and Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 273 | 255 |
Consumer and Other [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 225 | 202 |
Consumer and Other [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 48 | $ 53 |
Loans - Summary of Loans by Cla
Loans - Summary of Loans by Class Modified (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)SecurityLoan | Dec. 31, 2014USD ($)SecurityLoan | Dec. 31, 2013USD ($)SecurityLoan | |
Mortgage Loans On Real Estate [Line Items] | |||
Number of loans | SecurityLoan | 7 | 10 | 10 |
Recorded investment | $ | $ 1,995 | $ 1,212 | $ 2,267 |
Residential Real Estate [Member] | |||
Mortgage Loans On Real Estate [Line Items] | |||
Number of loans | SecurityLoan | 3 | 1 | 3 |
Recorded investment | $ | $ 588 | $ 188 | $ 562 |
Commercial Real Estate [Member] | |||
Mortgage Loans On Real Estate [Line Items] | |||
Number of loans | SecurityLoan | 3 | 5 | 5 |
Recorded investment | $ | $ 1,341 | $ 747 | $ 1,662 |
Land, Development, Construction [Member] | |||
Mortgage Loans On Real Estate [Line Items] | |||
Number of loans | SecurityLoan | 0 | 2 | 0 |
Recorded investment | $ | $ 0 | $ 241 | $ 0 |
Commercial and Industrial [Member] | |||
Mortgage Loans On Real Estate [Line Items] | |||
Number of loans | SecurityLoan | 1 | 0 | 1 |
Recorded investment | $ | $ 66 | $ 0 | $ 25 |
Consumer and Other [Member] | |||
Mortgage Loans On Real Estate [Line Items] | |||
Number of loans | SecurityLoan | 0 | 2 | 1 |
Recorded investment | $ | $ 0 | $ 36 | $ 18 |
Loans - Summary of Loans Indivi
Loans - Summary of Loans Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance | $ 24,890 | $ 26,583 |
Total impaired loans | 23,175 | 25,250 |
Amount of allowance for loan losses allocated to impaired loans | 1,080 | 1,115 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 5,784 | 6,797 |
Unpaid principal balance, With an allowance recorded | 2,682 | 3,451 |
Recorded investment, With no related allowance | 5,465 | 6,672 |
Recorded investment, With an allowance recorded | 2,631 | 3,308 |
Total impaired loans | 8,096 | 9,980 |
Amount of allowance for loan losses allocated to impaired loans | 402 | 419 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 9,595 | 8,208 |
Unpaid principal balance, With an allowance recorded | 2,538 | 3,024 |
Recorded investment, With no related allowance | 9,202 | 8,059 |
Recorded investment, With an allowance recorded | 2,280 | 2,843 |
Total impaired loans | 11,482 | 10,902 |
Amount of allowance for loan losses allocated to impaired loans | 478 | 403 |
Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 1,869 | 2,234 |
Unpaid principal balance, With an allowance recorded | 1,065 | 1,187 |
Recorded investment, With no related allowance | 1,229 | 1,606 |
Recorded investment, With an allowance recorded | 1,038 | 1,142 |
Total impaired loans | 2,267 | 2,748 |
Amount of allowance for loan losses allocated to impaired loans | 164 | 272 |
Commercial Loans and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 585 | 1,132 |
Unpaid principal balance, With an allowance recorded | 484 | 283 |
Recorded investment, With no related allowance | 577 | 1,129 |
Recorded investment, With an allowance recorded | 480 | 236 |
Total impaired loans | 1,057 | 1,365 |
Amount of allowance for loan losses allocated to impaired loans | 7 | 4 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 109 | |
Unpaid principal balance, With an allowance recorded | 179 | 267 |
Recorded investment, With no related allowance | 103 | |
Recorded investment, With an allowance recorded | 170 | 255 |
Total impaired loans | 273 | 255 |
Amount of allowance for loan losses allocated to impaired loans | $ 29 | $ 17 |
Loans - Summary of Impairment b
Loans - Summary of Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Average of impaired loans during the period | $ 22,770 | $ 26,301 | $ 38,674 |
Interest income recognized during impairment | 584 | 579 | 1,223 |
Total Real Estate Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average of impaired loans during the period | 21,495 | 24,004 | 36,433 |
Interest income recognized during impairment | 531 | 500 | 1,177 |
Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average of impaired loans during the period | 8,623 | 9,584 | 8,968 |
Interest income recognized during impairment | 241 | 318 | 290 |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average of impaired loans during the period | 10,874 | 12,282 | 26,060 |
Interest income recognized during impairment | 259 | 145 | 870 |
Land, Development, Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average of impaired loans during the period | 1,998 | 2,138 | 1,405 |
Interest income recognized during impairment | 31 | 37 | 17 |
Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average of impaired loans during the period | 946 | 2,001 | 1,878 |
Interest income recognized during impairment | 39 | 67 | 35 |
Consumer and Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average of impaired loans during the period | 329 | 296 | 363 |
Interest income recognized during impairment | $ 14 | $ 12 | $ 11 |
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 20,833 | $ 25,595 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 9,540 | 11,901 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 9,145 | 8,470 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,608 | 2,374 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 187 | 2,475 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 353 | $ 375 |
Loans - Summary Aging of Record
Loans - Summary Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 2,382,375 | $ 2,151,830 |
Total Past Due | 14,723 | 13,108 |
Loans Not Past Due | 2,346,819 | 2,113,127 |
Non accrual loans | 20,833 | 25,595 |
30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,431 | 6,218 |
60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,292 | 6,890 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 647,496 | 589,068 |
Total Past Due | 5,207 | 3,613 |
Loans Not Past Due | 632,749 | 573,554 |
Non accrual loans | 9,540 | 11,901 |
Residential Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,118 | 2,162 |
Residential Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,089 | 1,451 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,254,782 | 1,132,933 |
Total Past Due | 6,817 | 5,234 |
Loans Not Past Due | 1,238,820 | 1,119,229 |
Non accrual loans | 9,145 | 8,470 |
Commercial Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,647 | 1,840 |
Commercial Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,170 | 3,394 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 105,276 | 79,002 |
Total Past Due | 875 | 782 |
Loans Not Past Due | 102,793 | 75,846 |
Non accrual loans | 1,608 | 2,374 |
Land, Development, Construction [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 280 | 378 |
Land, Development, Construction [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 595 | 404 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 307,321 | 294,493 |
Total Past Due | 1,449 | 2,919 |
Loans Not Past Due | 305,685 | 289,099 |
Non accrual loans | 187 | 2,475 |
Commercial and Industrial [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,101 | 1,427 |
Commercial and Industrial [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 348 | 1,492 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 67,500 | 56,334 |
Total Past Due | 375 | 560 |
Loans Not Past Due | 66,772 | 55,399 |
Non accrual loans | 353 | 375 |
Consumer and Other [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 285 | 411 |
Consumer and Other [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 90 | $ 149 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 647,496 | $ 589,068 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 67,500 | 56,334 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,280,368 | 2,028,646 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 620,735 | 558,312 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,194,368 | 1,063,979 |
Pass [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 96,629 | 65,216 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 301,838 | 285,549 |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 66,798 | 55,590 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 67,740 | 56,434 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,585 | 7,053 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 47,885 | 34,953 |
Special Mention [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,896 | 9,731 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,077 | 4,419 |
Special Mention [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 297 | 278 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 57,022 | 66,750 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,598 | 23,703 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 31,907 | 34,001 |
Substandard [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,495 | 4,055 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,502 | 4,525 |
Substandard [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 520 | $ 466 |
Loans - Investment in Residenti
Loans - Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 647,496 | $ 589,068 |
Residential Real Estate [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 637,956 | 577,167 |
Residential Real Estate [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,540 | 11,901 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 67,500 | 56,334 |
Consumer and Other [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 67,147 | 55,959 |
Consumer and Other [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 353 | $ 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 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Receivables [Abstract] | |||
Contractually required principal and interest | $ 332,570 | $ 460,836 | $ 389,537 |
Non-accretable difference | (19,452) | (68,757) | (55,304) |
Cash flows expected to be collected | 313,118 | 392,079 | 334,233 |
Accretable yield | (102,590) | (115,313) | (102,812) |
Carrying value of acquired loans | 210,528 | 276,766 | 231,421 |
Allowance for loan losses | (121) | (514) | (760) |
Carrying value less allowance for loan losses | $ 210,407 | $ 276,252 | $ 230,661 |
Loans - Summary of Changes in T
Loans - Summary of Changes in Total Contractually Required Principal and Interest Cash Payments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Contractually required principal and interest, beginning balance | $ 460,836 | $ 389,537 | |
Non-accretable difference, beginning balance | (68,757) | (55,304) | |
Cash flows expected to be collected, beginning balance | 392,079 | 334,233 | |
Accretable yield, beginning balance | (115,313) | (102,812) | |
Carrying value of acquired loans, beginning balance | 276,766 | 231,421 | |
Income accretion | 40,645 | ||
Contractually required principal and interest, ending balance | 332,570 | 460,836 | $ 389,537 |
Non-accretable difference, ending balance | (19,452) | (68,757) | (55,304) |
Cash flows expected to be collected, ending balance | 313,118 | 392,079 | 334,233 |
Accretable yield, ending balance | (102,590) | (115,313) | (102,812) |
Carrying value of acquired loans, ending balance | 210,528 | 276,766 | 231,421 |
Contractually Required Principal and Interest [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Contractually required principal and interest, beginning balance | 460,836 | 389,537 | 534,989 |
All other adjustments | (128,266) | (157,950) | (145,452) |
Contractually required principal and interest, ending balance | 332,570 | 460,836 | 389,537 |
Effect of acquisitions | 229,249 | ||
Non-Accretable Difference [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-accretable difference, beginning balance | (68,757) | (55,304) | (142,855) |
All other adjustments | 49,305 | 31,840 | 87,551 |
Non-accretable difference, ending balance | (19,452) | (68,757) | (55,304) |
Effect of acquisitions | (45,293) | ||
Cash Flows Expected to be Collected [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Cash flows expected to be collected, beginning balance | 392,079 | 334,233 | 392,134 |
All other adjustments | (78,961) | (126,110) | (57,901) |
Cash flows expected to be collected, ending balance | 313,118 | 392,079 | 334,233 |
Effect of acquisitions | 183,956 | ||
Accretable Yield [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Accretable yield, beginning balance | (115,313) | (102,812) | (93,107) |
Income accretion | 40,645 | 34,168 | 32,725 |
All other adjustments | (27,922) | (14,465) | (42,430) |
Accretable yield, ending balance | (102,590) | (115,313) | (102,812) |
Effect of acquisitions | (32,204) | ||
Carry Value of Acquired Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Carrying value of acquired loans, beginning balance | 276,766 | 231,421 | 299,027 |
Income accretion | 40,645 | 34,168 | 32,725 |
All other adjustments | (106,883) | (140,575) | (100,331) |
Carrying value of acquired loans, ending balance | $ 210,528 | 276,766 | $ 231,421 |
Effect of acquisitions | $ 151,752 |
FDIC Indemnification Asset - Ad
FDIC Indemnification Asset - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2014Bank | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012Bank | Dec. 31, 2010Bank | |
F D I C Indemnification Asset [Abstract] | |||||
Number of acquisitions under agreement | Bank | 2 | 2 | 3 | ||
Impairment (recovery) of loan pool | $ | $ (214) | $ (116) |
FDIC Indemnification Asset - FD
FDIC Indemnification Asset - FDIC Loss Share Indemnification Asset (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
F D I C Loss Share Indemnification Asset [Abstract] | ||
Beginning of the year | $ 49,054 | $ 73,877 |
Effect of acquisition | 2,636 | |
Amortization, net | (16,282) | (20,664) |
Indemnification revenue | 1,900 | 3,098 |
Indemnification of foreclosure expense | (4,001) | 237 |
Proceeds from FDIC | (4,662) | (10,014) |
Impairment (recovery) of loan pool | (214) | (116) |
Period end balance | $ 25,795 | $ 49,054 |
FDIC Indemnification Asset - 87
FDIC Indemnification Asset - FDIC Activity In True-up Payment Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
F D I C Loss Share Indemnification Asset [Abstract] | ||
Beginning of the year | $ 1,205 | $ 444 |
Effect of acquisition | 682 | |
True-up liability accrual | 281 | 79 |
Period end balance | $ 1,486 | $ 1,205 |
Other Real Estate Owned - Activ
Other Real Estate Owned - Activity of Valuation Allowance in Other Real Estate Owned and Expense Related to Foreclosed Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate [Abstract] | |||
Beginning of year | $ 3,103 | $ 5,887 | $ 5,407 |
Valuation write down of repossessed real estate (“OREO”) | 1,207 | 3,250 | 6,012 |
Sales and/or dispositions | (3,013) | (6,034) | (5,532) |
End of year | 1,297 | 3,103 | 5,887 |
Expenses related to foreclosed real estate include: | |||
(Gain)/loss on sale of repossessed real estate (“OREO”) | (1,253) | (788) | 3,122 |
Valuation write down of repossessed real estate (“OREO”) | 1,207 | 3,250 | 6,012 |
Operating expenses, net of rental income | 2,334 | 2,775 | 3,191 |
Total | $ 2,288 | $ 5,237 | $ 12,325 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)BranchPropertyOffice | Dec. 31, 2013USD ($) | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans with allocated allowance for loan losses | $ 13,293 | $ 10,677 | |
Impaired valuation allowance | 807 | 852 | |
Provision for loan loss expense on impaired loans | 600 | 554 | |
Repossessed real estate owned valuation write down | 1,207 | $ 3,250 | $ 6,012 |
Number of branches closed | Branch | 8 | ||
Company owned branches | Branch | 7 | ||
Company leased branches | Branch | 1 | ||
Number properties owned by the Company were transferred to held for sale | Property | 5 | ||
Number of loan production office | Office | 2 | ||
Impairment charges recognized | $ 1,753 | ||
Additional impairment charges | 649 | ||
Impairment charges recognized | $ 731 | $ 1,152 | |
Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Capitalization rates to determine fair value of collateral | 7.00% | ||
Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Capitalization rates to determine fair value of collateral | 10.00% |
Fair Value - Fair Value Derivat
Fair Value - Fair Value Derivatives Based on Valuation Models Using Observable Market Data as of the Measurement (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Trading securities, at fair value | $ 2,107 | $ 3,420 |
Available for sale securities | 604,739 | 517,457 |
Interest rate swap derivatives, carrying amount assets | 18,619 | 6,800 |
U.S. Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,000 | |
Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 568,452 | 478,633 |
Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | 35,287 | 38,821 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 2,107 | 3,420 |
Available for sale securities | 604,739 | 517,457 |
Fair Value Measurements on Recurring [Member] | ||
Assets: | ||
Trading securities, at fair value | 2,107 | 3,420 |
Interest rate swap derivatives, carrying amount assets | 18,619 | 6,800 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 19,822 | 7,575 |
Fair Value Measurements on Recurring [Member] | U.S. Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,000 | |
Fair Value Measurements on Recurring [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 568,452 | 478,633 |
Fair Value Measurements on Recurring [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | 35,287 | 38,821 |
Fair Value Measurements on Recurring [Member] | Obligations of U.S. government sponsored entities and agencies [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 | 2,107 | 3,420 |
Interest rate swap derivatives, carrying amount assets | 18,619 | 6,800 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 19,822 | 7,575 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,000 | |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 568,452 | 478,633 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | $ 35,287 | 38,821 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of U.S. government sponsored entities and agencies [Member] | ||
Assets: | ||
Available for sale securities | $ 3 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | $ 3,288 | $ 2,971 |
Impaired loans on Commercial real estate at Carrying value | 7,061 | 4,854 |
Impaired loans on Land, land development and construction at Carrying value | 1,767 | 1,731 |
Impaired loans on Commercial at Carrying value | 280 | 167 |
Impaired loans on Consumer at Carrying value | 90 | 102 |
Other real estate owned on Residential real estate at Carrying value | 85 | 448 |
Other real estate owned on Commercial real estate at Carrying value | 1,506 | 2,363 |
Other real estate owned on Land, land development and construction at Carrying value | 2,002 | 2,240 |
Bank owned real estate held for sale | 1,665 | 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 | 3,288 | 2,971 |
Impaired loans on Commercial real estate | 7,061 | 4,854 |
Impaired loans on Land, land development and construction | 1,767 | 1,731 |
Impaired loans on Commercial | 280 | 167 |
Impaired loans on Consumer | 90 | 102 |
Other real estate owned on Residential real estate | 85 | 448 |
Other real estate owned on Commercial real estate | 1,506 | 2,363 |
Other real estate owned on Land, land development and construction | 2,002 | 2,240 |
Bank owned real estate held for sale | $ 1,665 | $ 2,675 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial assets: | ||||
Cash and cash equivalents | $ 152,482 | $ 158,413 | $ 174,889 | $ 136,748 |
Cash and cash equivalents, fair value | 152,482 | 158,413 | ||
Trading securities, at fair value | 2,107 | 3,420 | ||
Investment securities available for sale, at fair value | 604,739 | 517,457 | ||
Investment securities held to maturity, carrying amount | 272,840 | 237,362 | ||
Investment securities held to maturity, at fair value | 273,983 | 238,431 | ||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 14,041 | 14,219 | ||
Loans held for sale, carrying amount | 1,529 | 1,251 | ||
Loans held for sale, fair value | 1,529 | 1,251 | ||
Loans, less allowance for loan losses, carrying amount | 2,571,512 | 2,409,627 | ||
Loans, less allowance for loan losses, fair value | 2,574,516 | 2,418,405 | ||
FDIC indemnification asset, carrying amount | 25,795 | 49,054 | $ 73,877 | |
Interest rate swap derivatives, carrying amount assets | 18,619 | 6,800 | ||
Interest rate swap derivatives, assets fair value | 18,619 | 6,800 | ||
Accrued interest receivable, carrying amount | 10,286 | 8,999 | ||
Accrued interest receivable, fair value | 10,286 | 8,999 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, carrying amount | 2,792,758 | 2,604,228 | ||
Deposits- without stated maturities, fair value | 2,792,758 | 2,604,228 | ||
Deposits- with stated maturities, carrying amount | 422,420 | 487,812 | ||
Deposits- with stated maturities, fair value | 423,391 | 491,999 | ||
Securities sold under agreement to repurchase, fair value | 27,472 | 27,022 | ||
Securities sold under agreement to repurchase | 27,472 | 27,022 | ||
Federal funds purchased, carrying amount | 200,250 | 151,992 | ||
Other borrowed funds | 25,000 | 0 | ||
Corporate debentures, carrying amount | 24,093 | 23,917 | ||
Federal funds purchased, fair value | 200,250 | 151,992 | ||
Interest rate swap derivatives, carrying amount | 19,822 | 7,575 | ||
Corporate debentures, fair value | 19,734 | 19,722 | ||
Accrued interest payable, carrying amount | 218 | 336 | ||
Interest rate swap derivatives, fair value | 19,822 | 7,575 | ||
Accrued interest payable, fair value | 218 | 336 | ||
Other borrowed funds, fair value | 25,000 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents, fair value | 152,482 | 158,413 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, fair value | 2,792,758 | 2,604,228 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Trading securities, at fair value | 2,107 | 3,420 | ||
Investment securities available for sale, at fair value | 604,739 | 517,457 | ||
Investment securities held to maturity, at fair value | 273,983 | 238,431 | ||
Loans held for sale, fair value | 1,529 | 1,251 | ||
Interest rate swap derivatives, assets fair value | 18,619 | 6,800 | ||
Financial liabilities: | ||||
Deposits- with stated maturities, fair value | 423,391 | 491,999 | ||
Securities sold under agreement to repurchase, fair value | 27,472 | 27,022 | ||
Federal funds purchased, fair value | 200,250 | 151,992 | ||
Interest rate swap derivatives, fair value | 19,822 | 7,575 | ||
Accrued interest payable, fair value | 218 | 336 | ||
Other borrowed funds, fair value | 25,000 | |||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Loans, less allowance for loan losses, fair value | 2,574,516 | 2,418,405 | ||
Accrued interest receivable, fair value | 10,286 | 8,999 | ||
Financial liabilities: | ||||
Corporate debentures, fair value | $ 19,734 | $ 19,722 |
Fair Value - Carrying Amounts93
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Deduction of Allowance for loan losses from loans | $ 22,264 | $ 19,898 |
Bank Premises and Equipment - S
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | $ 137,891 | $ 131,517 |
Less: Accumulated depreciation | 36,070 | 32,669 |
Bank premises and equipment, Net | 101,821 | 98,848 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 35,941 | 34,387 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 995 | 949 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 62,109 | 60,168 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 5,917 | 3,520 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 31,666 | 30,906 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | $ 1,263 | $ 1,587 |
Bank Premises and Equipment - M
Bank Premises and Equipment - Minimum Future Contractual Annual Rentals (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Property Plant And Equipment [Abstract] | |
2,016 | $ 2,411 |
2,017 | 2,085 |
2,018 | 1,817 |
2,019 | 1,313 |
2,020 | 972 |
Thereafter | 4,456 |
Total | $ 13,054 |
Bank Premises and Equipment - A
Bank Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Plant And Equipment [Abstract] | |||
Rental expense, net | $ 2,117 | $ 2,309 | $ 1,099 |
Annual rental income | $ 650 | $ 632 | $ 540 |
Goodwill and Intangible Asset97
Goodwill and Intangible Assets - Change in Balance for Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Beginning of year | $ 76,739 | $ 44,924 | $ 44,924 |
Acquired goodwill | 0 | 31,815 | 0 |
Impairment | 0 | 0 | 0 |
End of year | $ 76,739 | $ 76,739 | $ 44,924 |
Goodwill and Intangible Asset98
Goodwill and Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Amortized period on accelerated basis | 10 years |
Goodwill and Intangible Asset99
Goodwill and Intangible Assets - Acquired Intangible Assets for Core Deposit Intangibles and Trust (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Beginning of year | $ 15,401 | $ 6,116 | $ 7,307 |
Acquired | 24,893 | 24,756 | |
Amortization expense | (2,537) | (2,284) | (1,191) |
Impairment expense | 0 | 0 | 0 |
End of year | 13,001 | 15,401 | 6,116 |
Core Deposits [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Acquired | $ 137 | $ 11,569 | $ 0 |
Goodwill and Intangible Asse100
Goodwill and Intangible Assets - Schedule of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Amortized intangible assets: | ||
Core deposit intangibles, Gross Carrying Amount | $ 23,313 | $ 23,176 |
Trust Intangible, Gross Carrying Amount | 1,580 | 1,580 |
Total acquired intangibles, Gross Carrying Amount | 24,893 | 24,756 |
Core deposit intangibles, Accumulated Amortization | 11,149 | 8,760 |
Trust intangible, Accumulated Amortization | 743 | 595 |
Total acquired intangibles, Accumulated Amortization | $ 11,892 | $ 9,355 |
Goodwill and Intangible Asse101
Goodwill and Intangible Assets - Estimated Amortization Expense (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,016 | $ 2,289 |
2,017 | 1,892 |
2,018 | 1,738 |
2,019 | 1,682 |
2,020 | $ 1,608 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Banking And Thrift [Abstract] | ||
Non-interest bearing deposits | $ 1,133,138 | $ 1,048,874 |
Interest bearing deposits: | ||
Interest bearing demand deposits | 679,714 | 607,359 |
Savings deposits | 241,605 | 231,039 |
Money market accounts | 738,301 | 716,956 |
Time deposits less than $100 | 177,288 | 219,021 |
Time deposits of $100 or greater | 245,132 | 268,791 |
Total deposits | $ 3,215,178 | $ 3,092,040 |
Interest bearing demand deposits, Weighted Average Interest Rate | 0.10% | 0.10% |
Savings deposits, Weighted Average Interest Rate | 0.10% | 0.10% |
Money market accounts, Weighted Average Interest Rate | 0.30% | 0.30% |
Time deposits less than $100, Weighted Average Interest Rate | 0.60% | 0.80% |
Time deposits of $100 or greater, Weighted Average Interest Rate | 0.80% | 1.10% |
Total deposits, Weighted Average Interest Rate | 0.20% | 0.20% |
Deposits - Summary of Certifica
Deposits - Summary of Certificate Accounts (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Banking And Thrift [Abstract] | ||
2,016 | $ 270,473 | |
2,017 | 76,295 | |
2,018 | 29,038 | |
2,019 | 21,314 | |
2,020 | 25,035 | |
Thereafter | 265 | |
Total | $ 422,420 | $ 487,812 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
FDIC [Member] | ||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||
Time deposits of $250 thousands or greater | $ 123,994 | $ 116,861 |
Securities Sold Under Agreem105
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Banking And Thrift [Abstract] | ||
Securities sold under agreement to repurchase | $ 27,472 | $ 27,022 |
Collateral pledged against repurchase agreement | $ 47,398 | $ 52,714 |
Securities Sold Under Agreem106
Securities Sold Under Agreements to Repurchase - Summary of Repurchase Agreement (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets Sold Under Agreements To Repurchase [Line Items] | |||
Market value of securities pledged | $ 47,398 | $ 52,714 | |
Securities sold under agreement to repurchase | $ 27,472 | $ 27,022 | |
Market value pledged as a % of borrowings | 173.00% | 195.00% | |
Average daily balance during the year | $ 30,727 | $ 30,289 | $ 21,693 |
Average interest rate during the year | 0.61% | 0.60% | 0.36% |
Maximum month-end balance during the year | $ 40,198 | $ 34,681 | $ 24,483 |
Weighted average interest rate at year end | 0.36% | 0.72% | 0.40% |
Mortgage Backed Securities [Member] | |||
Assets Sold Under Agreements To Repurchase [Line Items] | |||
Market value of securities pledged | $ 45,745 | $ 49,380 | |
Securities sold under agreement to repurchase | $ 27,179 | $ 26,003 | |
Market value pledged as a % of borrowings | 168.00% | 190.00% | |
Municipal Securities [Member] | |||
Assets Sold Under Agreements To Repurchase [Line Items] | |||
Market value of securities pledged | $ 1,653 | $ 3,334 | |
Securities sold under agreement to repurchase | $ 293 | $ 1,019 | |
Market value pledged as a % of borrowings | 564.00% | 327.00% |
Federal Funds Purchased - Feder
Federal Funds Purchased - Federal Funds Purchased Overnight Deposits from Correspondent Banks (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Banking And Thrift [Abstract] | |||
Average daily balance during the year | $ 184,451 | $ 49,899 | $ 37,958 |
Average interest rate during the period | 0.34% | 0.10% | 0.05% |
Maximum month-end balance during the year | $ 223,151 | $ 151,992 | $ 53,274 |
Weighted average interest rate at year end | 0.33% | 0.29% | 0.05% |
Federal Home Loan Bank Advan108
Federal Home Loan Bank Advances and Other Borrowed Funds - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Banking And Thrift [Abstract] | ||
Advances from the Federal Home Loan Bank | $ 0 | $ 0 |
Other borrowed funds | 25,000 | $ 0 |
Federal Home Loan Bank advances, maximum eligible amount under collateralized transaction | $ 202,402 |
Corporate Debentures - Addition
Corporate Debentures - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 28, 2006 | Dec. 01, 2004 | Sep. 09, 2004 | Sep. 22, 2003 | Sep. 17, 2003 | Nov. 30, 2011 | Mar. 31, 2016 | Dec. 31, 2015 | Nov. 01, 2011 |
Corporate Debenture [Line Items] | |||||||||
Floating rate corporate debenture issued, amount | $ 2,500 | ||||||||
Corporate debenture lives | 30 years | ||||||||
Corporate debenture callable, Call option period | 5 years | ||||||||
Debt instrument maturity year | 2,033 | ||||||||
Forecast [Member] | |||||||||
Corporate Debenture [Line Items] | |||||||||
Gains (Losses) on Extinguishment of Debt, Total | $ 308 | ||||||||
Valrico Bancorp [Member] | |||||||||
Corporate Debenture [Line Items] | |||||||||
Debenture interest rate description | Three month LIBOR plus 270 basis points | ||||||||
Corporate debenture, basis spread on LIBOR rate | 2.70% | ||||||||
Corporate debenture lives | 30 years | ||||||||
Corporate debenture callable, Call option period | 5 years | ||||||||
Gulfstream Bancshares, Inc. [Member] | |||||||||
Corporate Debenture [Line Items] | |||||||||
Floating rate corporate debenture issued, amount | $ 7,000 | ||||||||
Trust [Member] | |||||||||
Corporate Debenture [Line Items] | |||||||||
Floating rate corporate debenture issued, amount | $ 10,000 | ||||||||
Trust preferred securities, basis spread on LIBOR rate | 3.05% | ||||||||
Debenture interest rate description | Three month LIBOR plus 305 basis points | ||||||||
Trust preferred security lives | 30 years | ||||||||
Trust preferred securities callable, call option period | 5 years | ||||||||
Investment in the common stock of the trust | $ 310 | ||||||||
Corporate debenture, basis spread on LIBOR rate | 3.05% | ||||||||
Valrico Trust [Member] | |||||||||
Corporate Debenture [Line Items] | |||||||||
Trust preferred securities, basis spread on LIBOR rate | 2.70% | ||||||||
Trust preferred security lives | 30 years | ||||||||
Trust preferred securities callable, call option period | 5 years | ||||||||
Investment in the common stock of the trust | $ 77 | ||||||||
Federal Trust Statutory I [Member] | |||||||||
Corporate Debenture [Line Items] | |||||||||
Floating rate corporate debenture issued, amount | $ 5,000 | ||||||||
Trust preferred securities, basis spread on LIBOR rate | 2.95% | ||||||||
Debenture interest rate description | Three month LIBOR plus 295 basis points | ||||||||
Trust preferred security lives | 30 years | ||||||||
Trust preferred securities callable, call option period | 5 years | ||||||||
Investment in the common stock of the trust | $ 155 | ||||||||
Corporate debenture, basis spread on LIBOR rate | 2.95% | ||||||||
Corporate debenture lives | 30 years | ||||||||
Corporate debenture callable, Call option period | 5 years | ||||||||
Gulfstream Bancshares Capital Trust I [Member] | |||||||||
Corporate Debenture [Line Items] | |||||||||
Trust preferred securities, basis spread on LIBOR rate | 1.90% | ||||||||
Debenture interest rate description | Three month LIBOR plus 190 bps | ||||||||
Trust preferred security lives | 30 years | ||||||||
Corporate debenture, basis spread on LIBOR rate | 1.90% | ||||||||
Corporate debenture lives | 30 years | ||||||||
Gulfstream Bancshares Capital Trust II [Member] | |||||||||
Corporate Debenture [Line Items] | |||||||||
Floating rate corporate debenture issued, amount | $ 3,000 | ||||||||
Trust preferred securities, basis spread on LIBOR rate | 1.70% | ||||||||
Debenture interest rate description | Three month LIBOR plus 170 bps | ||||||||
Trust preferred security lives | 30 years | ||||||||
Corporate debenture, basis spread on LIBOR rate | 1.70% | ||||||||
Corporate debenture lives | 30 years |
Income Taxes - Allocation of Fe
Income Taxes - Allocation of Federal and State Income Tax Expense (Benefit) Between Current and Deferred Portions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal Tax Expense | $ 14,639 | $ 4,384 | $ 4,423 |
Current, State Tax Expense | 2,920 | 1,009 | 1,055 |
Current, Total | 17,559 | 5,393 | 5,478 |
Deferred, Federal Tax Expense | 4,297 | 1,486 | 27 |
Deferred, State Tax Expense | 715 | 247 | 5 |
Deferred, Total | 5,012 | 1,733 | 32 |
Federal, Total | 18,936 | 5,870 | 4,450 |
State, Total | 3,635 | 1,256 | 1,060 |
Total | $ 22,571 | $ 7,126 | $ 5,510 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowance for loan losses | $ 8,588 | $ 7,675 |
Stock based compensation | 1,377 | 771 |
Deferred compensation | 2,186 | 2,425 |
Impairment expenses | 959 | 463 |
Net operating loss carryforward | 18,153 | 20,308 |
Other real estate owned expenses | 742 | 2,391 |
Fair value adjustments | 16,751 | 18,386 |
Nonaccrual interest | 2,040 | 2,579 |
Other | 99 | 75 |
Total deferred tax assets | 50,895 | 55,073 |
Deferred tax liabilities: | ||
Premises and equipment, due to differences in depreciation methods and useful lives | (2,685) | (2,264) |
Deferred loan costs, net | (337) | (358) |
Prepaid expense | (432) | 0 |
Like kind exchange | (300) | (300) |
Unrealized gain on investment securities available for sale | (903) | (2,548) |
Accretion of discounts on investments | (18) | (16) |
Total deferred tax liabilities | (4,675) | (5,486) |
Net deferred tax asset | $ 46,220 | $ 49,587 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 01, 2014 | |
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 47,059 | |||
Per year tax credit carryforwards | $ 6,487 | |||
U.S. federal corporate rate | 35.00% | 35.00% | 35.00% | |
First Southern Bank Inc [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 57,375 |
Income Taxes - Summary of Net O
Income Taxes - Summary of Net Operating Loss Carryforwards (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 47,059 |
2030 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 24,408 |
2031 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 10,463 |
2032 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 2,028 |
2033 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 4,027 |
2034 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 6,133 |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between the Actual Tax Expense and the Expected Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
“Expected” tax expense | $ 21,668 | $ 7,032 | $ 6,214 |
Tax exempt interest, net | (851) | (910) | (907) |
Bank owned life insurance | (753) | (549) | (391) |
State income taxes, net of federal income tax benefits | 2,363 | 817 | 689 |
Stock based compensation | 76 | 83 | 100 |
Merger and acquisition related expenses | 10 | 536 | 68 |
Other, net | 58 | 117 | (263) |
Total | $ 22,571 | $ 7,126 | $ 5,510 |
Related-Party Transactions - Su
Related-Party Transactions - Summary Loans to Principal Officers, Directors and Their Affiliates (Detail) - Principal Officers, Directors and Their Affiliates [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Beginning balance | $ 5,580 | $ 3,261 |
New loans | 14,654 | 4,135 |
Repayments | (259) | (1,816) |
Ending balance | $ 19,975 | $ 5,580 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - Principal Officers, Directors and Their Affiliates [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Line of credit available for principal officers, directors, and their affiliates | $ 6,303 | $ 2,671 |
Deposits from principal officers, directors, and their affiliates | $ 29,614 | $ 29,746 |
Regulatory Capital Matters - Ad
Regulatory Capital Matters - Additional Information (Detail) | Dec. 31, 2015 |
Banking And Thrift [Abstract] | |
Tier 1 leverage ratio | 8.00% |
Regulatory Capital Matters - Su
Regulatory Capital Matters - Summary of Actual, Required, and Capital Levels Necessary for Capital Adequacy Purposes (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets), Amount | $ 438,748 | $ 384,162 |
Tier 1 capital (to risk weighted assets), Amount | 416,484 | 364,264 |
Common equity tier 1 capital (to risk weighted assets), Amount | 399,876 | |
Tier 1 capital (to average assets), Amount | $ 416,484 | $ 364,264 |
Total capital (to risk weighted assets), Ratio | 15.80% | 15.10% |
Tier 1 capital (to risk weighted assets), Ratio | 15.00% | 14.40% |
Common equity tier 1 capital (to risk weighted assets), Ratio | 14.40% | |
Tier 1 capital (to average assets), Ratio | 10.50% | 10.10% |
Total capital (to risk weighted assets) For capital adequacy purposes, Amount | $ 222,322 | $ 202,946 |
Tier 1 capital (to risk weighted assets) For capital adequacy purposes, Amount | 166,742 | 101,473 |
Common equity tier 1 capital (to risk weighted assets) For capital adequacy purposes, Amount | 125,056 | |
Tier 1 capital (to average assets) For capital adequacy purposes, Amount | 158,206 | 144,051 |
CenterState Bank of Florida, N.A. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets), Amount | 411,627 | 360,278 |
Tier 1 capital (to risk weighted assets), Amount | 389,371 | 340,389 |
Common equity tier 1 capital (to risk weighted assets), Amount | 389,371 | |
Tier 1 capital (to average assets), Amount | $ 389,371 | $ 340,389 |
Total capital (to risk weighted assets), Ratio | 14.70% | 14.20% |
Tier 1 capital (to risk weighted assets), Ratio | 13.90% | 13.40% |
Common equity tier 1 capital (to risk weighted assets), Ratio | 13.90% | |
Tier 1 capital (to average assets), Ratio | 9.90% | 9.40% |
Total capital (to risk weighted assets) For capital adequacy purposes, Amount | $ 223,613 | $ 203,268 |
Tier 1 capital (to risk weighted assets) For capital adequacy purposes, Amount | 167,710 | 101,634 |
Common equity tier 1 capital (to risk weighted assets) For capital adequacy purposes, Amount | 125,783 | |
Tier 1 capital (to average assets) For capital adequacy purposes, Amount | 158,011 | 144,185 |
Total capital (to risk weighted assets) To be well capitalized under Prompt corrective action provision, Amount | 279,517 | 254,085 |
Tier 1 capital (to risk weighted assets) To be well capitalized under Prompt corrective action provision, Amount | 223,613 | 152,451 |
Common equity tier 1 capital (to risk weighted assets) To be well capitalized under Prompt corrective action provision, Amount | 181,686 | |
Tier 1 capital (to average assets) To be well capitalized under Prompt corrective action provision, Amount | $ 197,514 | $ 180,231 |
Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets) For capital adequacy purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk weighted assets) For capital adequacy purposes, Ratio | 6.00% | 4.00% |
Common equity tier 1 capital (to risk weighted assets) For capital adequacy purposes, Ratio | 4.50% | |
Tier 1 capital (to average assets) For capital adequacy purposes, Ratio | 4.00% | 4.00% |
Minimum [Member] | CenterState Bank of Florida, N.A. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets) For capital adequacy purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk weighted assets) For capital adequacy purposes, Ratio | 6.00% | 4.00% |
Common equity tier 1 capital (to risk weighted assets) For capital adequacy purposes, Ratio | 4.50% | |
Tier 1 capital (to average assets) For capital adequacy purposes, Ratio | 4.00% | 4.00% |
Total capital (to risk weighted assets) To be well capitalized under Prompt corrective action provision, Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk weighted assets) To be well capitalized under Prompt corrective action provision, Ratio | 8.00% | 6.00% |
Common equity tier 1 capital (to risk weighted assets) To be well capitalized under Prompt corrective action provision, Ratio | 6.50% | |
Tier 1 capital (to average assets) To be well capitalized under Prompt corrective action provision, Ratio | 5.00% | 5.00% |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | ||||
Cash dividends declared & paid on common stock | $ 3,181 | $ 1,709 | $ 1,204 | |
Dividend received from subsidiary banks | $ 34,000 | |||
Available dividends from subsidiary bank | $ 38,948 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 25, 2013 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jan. 17, 2014 | Dec. 31, 2012 | Apr. 24, 2007 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock options outstanding | 940,634 | 1,138,404 | 1,073,716 | 1,158,646 | |||||
Average exercise price of shares outstanding | $ 11.73 | $ 11.23 | $ 13.83 | $ 13.64 | |||||
Fair value of restricted stock granted | $ 4.67 | $ 4.91 | |||||||
Number of shares expected to vest in future | 916,685 | ||||||||
Employee incentive stock options, granted | 0 | 0 | 3,000 | ||||||
Income tax benefit provided by share based awards | $ 113 | $ 350 | $ 0 | ||||||
Expense Recognized | 328 | 75 | |||||||
RSU expense | $ 2,712 | $ 1,264 | $ 317 | ||||||
2013 Equity Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Maximum number of shares available for issuance | 1,600,000 | ||||||||
2013 Plan expiration | 2,023 | ||||||||
Shares available for future grants | 614,079 | ||||||||
2007 Equity Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Maximum number of shares available for issuance | 1,350,000 | ||||||||
Employee [Member] | 2013 Equity Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Maximum number of shares available for issuance | 1,525,000 | ||||||||
Employee [Member] | 2007 Equity Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Employee incentive stock options, granted | 0 | ||||||||
Director [Member] | 2013 Equity Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Maximum number of shares available for issuance | 75,000 | ||||||||
Stock Option [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock options outstanding | 263,584 | 774,104 | |||||||
Average exercise price of shares outstanding | $ 7.30 | $ 6.99 | |||||||
Stock option expiration period | 4 years 4 months 26 days | ||||||||
Remaining unrecognized compensation cost related to non-vested stock options | $ 434 | ||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 6 years | ||||||||
Stock Option [Member] | Weighted Average [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 1 year 10 months 24 days | ||||||||
Restricted Stock [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of RSAs, granted | 208,082 | 492,114 | 59,500 | ||||||
Remaining unrecognized compensation cost related to non-vested stock options | $ 4,980 | ||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 9 years | ||||||||
Number of RSAs, outstanding | 721,715 | 659,670 | 240,341 | 209,384 | |||||
Restricted Stock [Member] | Underlying Shares Issued [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of RSAs, granted | 3,000 | 250,375 | |||||||
Number of RSAs, outstanding | 189,588 | 249,542 | |||||||
Restricted Stock [Member] | Underlying Shares Not Issued [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of RSAs, granted | 205,082 | 241,739 | |||||||
Number of RSAs, outstanding | 532,127 | 410,128 | 240,341 | ||||||
Restricted Stock [Member] | 2013 Equity Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of RSAs, granted | 208,082 | ||||||||
Fair value of restricted stock granted | $ 11.96 | ||||||||
Restricted Stock [Member] | Minimum [Member] | 2013 Equity Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Restricted stock awards vesting period | 2 years | ||||||||
Restricted Stock [Member] | Maximum [Member] | 2013 Equity Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Restricted stock awards vesting period | 7 years | ||||||||
Restricted Stock [Member] | Weighted Average [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 2 years 3 months 19 days | ||||||||
Performance Share Units [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Remaining unrecognized compensation cost related to non-vested stock options | $ 925 | ||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 3 years | ||||||||
Performance Share Units [Member] | Grant Year2014 | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Compensation Not yet Recognized, Share-based Awards Other than Options, PSUs | $ 980 | ||||||||
Expense Recognized | $ 301 | ||||||||
Performance Share Units [Member] | Grant Year2015 | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Compensation Not yet Recognized, Share-based Awards Other than Options, PSUs | $ 348 | ||||||||
Expense Recognized | $ 27 | ||||||||
Performance Share Units [Member] | 2013 Equity Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Performance share units vesting date | Jan. 1, 2019 | ||||||||
Number of shares expected to vest in future | 30,837 | ||||||||
Performance Share Units [Member] | Minimum [Member] | 2013 Equity Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares expected to vest in future | 0 | ||||||||
Performance Share Units [Member] | Maximum [Member] | 2013 Equity Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares expected to vest in future | 46,258 | ||||||||
Performance Share Units [Member] | Weighted Average [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 1 year 8 months 12 days | ||||||||
Restricted Stock Units [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Remaining unrecognized compensation cost related to non-vested stock options | $ 328 | ||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 3 years | ||||||||
RSU expense | $ 27 | ||||||||
Restricted Stock Units [Member] | Grant Year2015 | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of RSAs, granted | 29,092 | ||||||||
Fair value of restricted stock granted | $ 12.22 | ||||||||
Compensation Not yet Recognized, Share-based Awards Other than Options, PSUs | $ 356 | ||||||||
RSU expense | $ 27 | ||||||||
Restricted Stock Units [Member] | 2013 Equity Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of RSAs, granted | 29,092 | ||||||||
Fair value of restricted stock granted | $ 12.22 | ||||||||
Restricted Stock Units [Member] | Weighted Average [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 2 years | ||||||||
Restricted Stock Units [Member] | Vest in January 1, 2017 [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting percentage for each year | 33.33% | ||||||||
Restricted Stock Units [Member] | Vest in January 1, 2018 [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting percentage for each year | 33.33% | ||||||||
Restricted Stock Units [Member] | Vest in January 1, 2019 [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting percentage for each year | 33.33% | ||||||||
Qualified Incentive Stock Options [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Income tax benefit provided by share based awards | $ 0 | ||||||||
Non Qualified Incentive Stock Options [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Income tax benefit provided by share based awards | 113 | $ 350 | $ 0 | ||||||
RSA,RSU and PSU [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Income tax benefit provided by share based awards | $ 1,183 | $ 517 | $ 122 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock option expense | $ 216 | $ 238 | $ 292 |
Stock-based compensation expense | 2,712 | 1,264 | 317 |
PSU expense | 328 | 75 | |
Total stock-based compensation expense | 3,283 | $ 1,577 | $ 609 |
RSU Expense [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 27 |
Stock-Based Compensation - S122
Stock-Based Compensation - Summary of Estimated Fair Value of Options Granted Weighted-Average Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Expected option life | 6 months | 7 years 8 months 13 days |
Risk-free interest rate | 0.07% | 1.91% |
Expected volatility | 0.01% | 44.50% |
Dividend yield | 0.00% | 0.39% |
Stock-Based Compensation - Info
Stock-Based Compensation - Information Related to Stock Option Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Total intrinsic value of stock options exercised | $ 827 | $ 1,114 | $ 2 |
Cash received from stock options exercised | 895 | 1,129 | 0 |
Gross income tax benefit from the exercise of stock options | $ 113 | $ 350 | $ 0 |
Stock-Based Compensation - S124
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Options outstanding, beginning of period, Number of Options | 1,138,404 | 1,073,716 | 1,158,646 |
Options granted, Number of Options | 0 | 0 | 3,000 |
Options issued, Number of Options | 0 | 774,104 | 0 |
Options exercised, Number of Options | (142,476) | (233,762) | (1,714) |
Options forfeited, Number of Options | (55,294) | (475,654) | (86,216) |
Options outstanding, end of period, Number of Options | 940,634 | 1,138,404 | 1,073,716 |
Options outstanding, beginning of period, Weighted-Average Exercise Price | $ 11.23 | $ 13.83 | $ 13.64 |
Options granted, Weighted-Average Exercise Price | 0 | 0 | 10.22 |
Options issued, Weighted-Average Exercise Price | 0 | 6.99 | 0 |
Options exercised, Weighted-Average Exercise Price | 6.63 | 6.09 | 8.90 |
Options forfeited, Weighted-Average Exercise Price | 14.57 | 12.73 | 11.22 |
Options outstanding, end of period, Weighted-Average Exercise Price | $ 11.73 | $ 11.23 | $ 13.83 |
Options fully vested and expected to vest, Number of Options | 916,685 | ||
Options exercisable, Number of Options | 733,504 | ||
Options fully vested and expected to vest, Weighted Average Exercise Price | $ 11.75 | ||
Options exercisable, end of period, Weighted-Average Exercise Price | $ 11.68 | ||
Options outstanding, Weighted-Average Contractual Term | 3 years 3 months 19 days | ||
Options fully vested and expected to vest, Weighted-Average Contractual Term | 3 years 3 months 19 days | ||
Options exercisable, Weighted-Average Contractual Term | 3 years 2 months 13 days | ||
Options outstanding, Aggregate Intrinsic Value | $ 3,796 | ||
Options fully vested and expected to vest, Aggregate Intrinsic Value | 3,687 | ||
Options exercisable, Aggregate Intrinsic Value | $ 3,015 |
Stock-Based Compensation - S125
Stock-Based Compensation - Summary of Restricted Stock Awards Activity (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of RSAs outstanding, beginning of period | 659,670 | 240,341 | 209,384 |
Number of RSAs, granted | 208,082 | 492,114 | 59,500 |
Number of RSAs, vested | (120,124) | (36,586) | (28,543) |
Number of RSAs, forfeited | (25,913) | (36,199) | |
Number of RSAs, outstanding, end of period | 721,715 | 659,670 | 240,341 |
Weighted-Average fair value Stock price, outstanding, beginning of period | $ 10.30 | $ 9.76 | $ 9.62 |
Weighted-Average fair value Stock price, Granted | 11.96 | 10.55 | 10.22 |
Weighted-Average fair value Stock price, Vested | 10.12 | 9.77 | 9.66 |
Weighted-Average fair value Stock price, Forfeited | 10.64 | 10.79 | 0 |
Weighted-Average fair value Stock price, outstanding, ending of period | $ 10.79 | $ 10.30 | $ 9.76 |
Underlying Shares Not Issued [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of RSAs outstanding, beginning of period | 410,128 | 240,341 | |
Number of RSAs, granted | 205,082 | 241,739 | |
Number of RSAs, vested | (62,170) | (35,753) | |
Number of RSAs, forfeited | (20,913) | (36,199) | |
Number of RSAs, outstanding, end of period | 532,127 | 410,128 | 240,341 |
Underlying Shares Issued [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of RSAs outstanding, beginning of period | 249,542 | ||
Number of RSAs, granted | 3,000 | 250,375 | |
Number of RSAs, vested | (57,954) | (833) | |
Number of RSAs, forfeited | (5,000) | ||
Number of RSAs, outstanding, end of period | 189,588 | 249,542 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2010Officers | Dec. 31, 2007Officers | |
Compensation And Retirement Disclosure [Abstract] | |||||
Company's contributions for the plan | $ 1,617 | $ 1,398 | $ 1,219 | ||
Eligibility period to participate in the plan | 6 months | ||||
Additional number of executive officers entered into salary continuation agreements | Officers | 5 | ||||
Number of executive officers entered into salary continuation agreements due to acquisition | Officers | 4 | ||||
Company expensed for the accrual of future salary continuation benefits | $ 618 | 580 | 569 | ||
Salary continuation benefits payable | 3,836 | 3,621 | 3,143 | ||
Asset and the related deferred compensation payable | 1,493 | $ 1,484 | $ 1,355 | ||
Administration expenses of the trust | $ 5 | ||||
Number of Valrico state bank executive officers pursuant to acquisition entered into rabbi trust agreement | Officers | 2 |
Parent Company Only Financia127
Parent Company Only Financial Statements - Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ||||
Cash and due from banks | $ 50,902 | $ 52,067 | ||
Prepaid expenses and other assets | 30,854 | 21,973 | ||
TOTAL ASSETS | 4,022,717 | 3,776,869 | $ 2,416,011 | |
Liabilities: | ||||
Accounts payable and accrued expenses | 39,992 | 29,085 | ||
Corporate debentures | 24,093 | 23,917 | ||
Total liabilities | 3,532,203 | 3,324,392 | ||
Stockholders' equity: | ||||
Common stock | 455 | 453 | ||
Additional paid-in capital | 393,191 | 388,698 | ||
Retained earnings | 95,430 | 59,273 | ||
Accumulated other comprehensive income | 1,438 | 4,053 | ||
Total stockholders' equity | 490,514 | 452,477 | $ 273,379 | $ 273,531 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 4,022,717 | 3,776,869 | ||
Parent Company [Member] | ||||
Assets: | ||||
Cash and due from banks | 15 | 2,808 | ||
Inter-company receivable from bank subsidiary | 25,000 | 27,000 | ||
Investment in wholly-owned bank subsidiary | 484,993 | 441,710 | ||
Investment in other wholly-owned subsidiary | 693 | 1,381 | ||
Prepaid expenses and other assets | 9,701 | 9,782 | ||
TOTAL ASSETS | 520,402 | 482,681 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 5,795 | 6,287 | ||
Corporate debentures | 24,093 | 23,917 | ||
Total liabilities | 29,888 | 30,204 | ||
Stockholders' equity: | ||||
Common stock | 455 | 453 | ||
Additional paid-in capital | 393,191 | 388,698 | ||
Retained earnings | 95,430 | 59,273 | ||
Accumulated other comprehensive income | 1,438 | 4,053 | ||
Total stockholders' equity | 490,514 | 452,477 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 520,402 | $ 482,681 |
Parent Company Only Financia128
Parent Company Only Financial Statements - Condensed Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements Captions [Line Items] | |||
Interest expense | $ (7,286) | $ (7,356) | $ (5,885) |
Net income before income tax benefit | 61,909 | 20,090 | 17,753 |
Income tax benefit | 22,571 | 7,126 | 5,510 |
Net income | 39,338 | 12,964 | 12,243 |
Parent Company [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Dividend income | 1,232 | 1,155 | 45,725 |
Interest expense | (968) | (942) | (602) |
Operating expenses | (4,422) | (3,875) | (3,538) |
Income before equity in undistributed income of subsidiaries | (4,158) | (3,662) | 41,585 |
Equity in undistributed income (losses) of subsidiaries | 41,431 | 14,828 | (31,040) |
Net income before income tax benefit | 37,273 | 11,166 | 10,545 |
Income tax benefit | (2,065) | (1,798) | (1,698) |
Net income | $ 39,338 | $ 12,964 | $ 12,243 |
Parent Company Only Financia129
Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||||
Net income | $ 39,338 | $ 12,964 | $ 12,243 | |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Stock based compensation expense | 3,283 | 1,577 | 609 | |
Cash flows from investing activities: | ||||
Dividends from bank subsidiaries | $ 34,000 | |||
Cash flows from financing activities: | ||||
Stock options exercised, net of tax benefit | 895 | 1,129 | 0 | |
Stock repurchased | (1,016) | 0 | 0 | |
Dividends paid to shareholders | (3,181) | (1,709) | (1,204) | |
Net (decrease) increase in cash and cash equivalents | (5,931) | (16,476) | 38,141 | |
Cash and cash equivalents, beginning of period | 158,413 | 174,889 | 136,748 | |
Cash and cash equivalents, end of period | 152,482 | 158,413 | 174,889 | |
Parent Company [Member] | ||||
Cash flows from operating activities: | ||||
Net income | 39,338 | 12,964 | 12,243 | |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Equity in net earnings of subsidiaries | (42,663) | (15,983) | (14,686) | |
Increase in payables and accrued expenses | 340 | (608) | 371 | |
Decrease in other assets | 89 | 2,294 | 1,843 | |
Stock based compensation expense | 1,235 | 497 | 107 | |
Net cash flows used in operating activities | (1,661) | (836) | (122) | |
Cash flows from investing activities: | ||||
Inter-company receivables (payables) from (to) subsidiary banks | 1,991 | 18,703 | (43,703) | |
Net cash from bank acquisition | (16,455) | |||
Cash payments to shareholders | (466) | |||
Investment in subsidiaries | (476) | |||
Dividends from bank subsidiaries | 34,000 | |||
Dividends from nonbank subsidiary | 1,232 | 1,155 | 11,725 | |
Net cash flows provided by investing activities | 2,281 | 3,403 | 2,022 | |
Cash flows from financing activities: | ||||
Stock options exercised, net of tax benefit | 784 | 984 | ||
Stock repurchased | (1,016) | |||
Dividends paid to shareholders | (3,181) | (1,709) | (1,204) | |
Net cash flows used in financing activities | (3,413) | (725) | (1,204) | |
Net (decrease) increase in cash and cash equivalents | (2,793) | 1,842 | 696 | |
Cash and cash equivalents, beginning of period | 2,808 | 966 | 270 | |
Cash and cash equivalents, end of period | $ 15 | $ 2,808 | $ 966 |
Credit Commitments - Summary of
Credit Commitments - Summary of Credit Commitments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Credit Commitments, Total | $ 8,737 | $ 10,299 |
Unfunded Loan Commitments - Fixed [Member] | ||
Loss Contingencies [Line Items] | ||
Credit Commitments, Total | 53,640 | 62,450 |
Unfunded Loan Commitments - Variable [Member] | ||
Loss Contingencies [Line Items] | ||
Credit Commitments, Total | 32,265 | 17,416 |
Available Lines of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Credit Commitments, Total | $ 429,231 | $ 244,016 |
Basic and Diluted Earnings P131
Basic and Diluted Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Anti dilutive stock options | 470,852 | 928,692 | 1,110,465 |
Basic and Diluted Earnings P132
Basic and Diluted Earnings Per Share - Factors Used in Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Basic | ||||
Net income available to common shareholders | $ 39,338 | $ 12,964 | $ 12,243 | |
Less: Earnings allocated to participating securities | (212) | (17) | ||
Net income allocated to common shareholders | $ 39,126 | $ 12,947 | $ 12,243 | |
Weighted average common shares outstanding including participating securities | 45,427,857 | 40,904,988 | 30,102,777 | |
Less: Participating securities | (245,633) | (52,986) | ||
Average shares | [1] | 45,182,224 | 40,852,002 | 30,102,777 |
Basic earnings per common share | $ 0.87 | $ 0.32 | $ 0.41 | |
Diluted | ||||
Net income available to common shareholders | $ 39,126 | $ 12,947 | $ 12,243 | |
Weighted average common shares outstanding for basic earnings per common share | [1] | 45,182,224 | 40,852,002 | 30,102,777 |
Add: Dilutive effects of stock based compensation awards | 606,408 | 383,550 | 117,350 | |
Average shares and dilutive potential common shares | [1] | 45,788,632 | 41,235,552 | 30,220,127 |
Dilutive earnings per common share | $ 0.85 | $ 0.31 | $ 0.41 | |
[1] | Excludes participating securities. |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of Reportable Segment Revenues, Expenses and Profit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 162,320 | $ 138,227 | $ 100,378 |
Interest expense | (7,286) | (7,356) | (5,885) |
Net interest income | 155,034 | 130,871 | 94,493 |
Provision for loan losses | (4,493) | (826) | 76 |
Non interest income | 37,450 | 26,226 | 33,946 |
Non interest expense | (126,082) | (136,181) | (110,762) |
Net income before income tax benefit | 61,909 | 20,090 | 17,753 |
Income tax (provision) benefit | (22,571) | (7,126) | (5,510) |
Net income | 39,338 | 12,964 | 12,243 |
Total assets | 4,022,717 | 3,776,869 | 2,416,011 |
Operating Segments [Member] | Commercial and Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 155,369 | 134,938 | 97,504 |
Interest expense | (5,697) | (6,365) | (5,263) |
Net interest income | 149,672 | 128,573 | 92,241 |
Provision for loan losses | (4,335) | (826) | 76 |
Non interest income | 9,887 | 6,073 | 13,536 |
Non interest expense | (99,900) | (112,836) | (86,726) |
Net income before income tax benefit | 55,324 | 20,984 | 19,127 |
Income tax (provision) benefit | (20,016) | (7,411) | (6,140) |
Net income | 35,308 | 13,573 | 12,987 |
Total assets | 3,679,946 | 3,487,014 | 2,279,221 |
Operating Segments [Member] | Correspondent Banking And Capital Markets Division [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 6,951 | 3,289 | 2,874 |
Interest expense | (621) | (50) | (20) |
Net interest income | 6,330 | 3,239 | 2,854 |
Provision for loan losses | (158) | ||
Non interest income | 27,563 | 20,153 | 20,410 |
Non interest expense | (21,760) | (19,470) | (20,498) |
Net income before income tax benefit | 11,975 | 3,922 | 2,766 |
Income tax (provision) benefit | (4,620) | (1,513) | (1,067) |
Net income | 7,355 | 2,409 | 1,699 |
Total assets | 335,643 | 280,079 | 132,821 |
Corporate Overhead and Administration [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | (968) | (941) | (602) |
Net interest income | (968) | (941) | (602) |
Non interest expense | (4,422) | (3,875) | (3,538) |
Net income before income tax benefit | (5,390) | (4,816) | (4,140) |
Income tax (provision) benefit | 2,065 | 1,798 | 1,697 |
Net income | (3,325) | (3,018) | (2,443) |
Total assets | 518,107 | 482,681 | 294,976 |
Elimination Entries [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ (510,979) | $ (472,905) | $ (291,007) |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015LocationCountySubsidiary | |
Segment Reporting Information [Line Items] | |
Number of counties in which company operates | County | 20 |
Number of bank locations | Location | 57 |
Commercial and Retail Banking [Member] | |
Segment Reporting Information [Line Items] | |
Number of Bank Subsidiary | Subsidiary | 1 |
Number of non bank subsidiary | Subsidiary | 2 |
Number of counties in which company operates | County | 20 |
Number of bank locations | Location | 57 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ / shares in Units, $ in Thousands | Sep. 19, 2014Branch | Sep. 18, 2014USD ($)Branch | Jun. 01, 2014USD ($)$ / shares | Jan. 17, 2014USD ($)$ / shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | May. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Business Acquisition [Line Items] | ||||||||||
Goodwill on the acquisition | $ 76,739 | $ 76,739 | $ 44,924 | $ 44,924 | ||||||
Core Deposits [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated economic life | 10 years | |||||||||
Gulfstream Bancshares, Inc. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Effective date of acquisition | Jan. 17, 2014 | |||||||||
Increase in total assets | 23.00% | |||||||||
Increase in total deposits | 23.00% | |||||||||
Goodwill on the acquisition | $ 31,516 | |||||||||
Fair value estimates change period | 1 year | |||||||||
Multiplied by the cash consideration each FSB share is entitled to receive | $ / shares | $ 14.65 | |||||||||
Per share exchange ratio | 3.012 | |||||||||
Total purchase consideration | $ 82,040 | |||||||||
Loans at fair value | 359,583 | |||||||||
Net Outstanding principal balance | $ 18,267 | |||||||||
Estimated discount to outstanding principal balance | 4.80% | |||||||||
Percentage of loans acquired | 24.40% | |||||||||
Loan relationship balances | Greater than $500 | |||||||||
Gulfstream Bancshares, Inc. [Member] | Core Deposits [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deposit intangible asset | $ 4,173 | |||||||||
Estimated economic life | 10 years | |||||||||
Gulfstream Bancshares, Inc. [Member] | Purchased Credit-Impaired [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Loans with credit deficiencies | $ 30,068 | |||||||||
Gulfstream Bancshares, Inc. [Member] | Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Outstanding common stock acquired percentage | 100.00% | |||||||||
First Southern Bancorp, Inc. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Effective date of acquisition | Jun. 1, 2014 | |||||||||
Increase in total assets | 32.00% | |||||||||
Increase in total deposits | 33.00% | |||||||||
Goodwill on the acquisition | $ 299 | |||||||||
Fair value estimates change period | 1 year | |||||||||
Multiplied by the cash consideration each FSB share is entitled to receive | $ / shares | $ 3 | |||||||||
Per share exchange ratio | 0.30 | 0.3 | ||||||||
Total purchase consideration | $ 6,000 | $ 195,404 | ||||||||
Loans at fair value | 599,525 | |||||||||
Net Outstanding principal balance | $ 30,811 | |||||||||
Estimated discount to outstanding principal balance | 4.90% | |||||||||
Percentage of loans acquired | 33.00% | |||||||||
Number of branch offices sold | Branch | 6 | |||||||||
Number of branch offices sold | Branch | 5 | |||||||||
Deposits transferred | $ 170,000 | |||||||||
Number of branches closed | Branch | 4 | |||||||||
Percentage of premium on purchase consideration | 1.50% | |||||||||
First Southern Bancorp, Inc. [Member] | Core Deposits [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deposit intangible asset | $ 7,396 | |||||||||
Estimated economic life | 10 years | |||||||||
First Southern Bancorp, Inc. [Member] | Purchased Credit-Impaired [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Loans with credit deficiencies | $ 121,684 | |||||||||
First Southern Bancorp, Inc. [Member] | Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Outstanding common stock acquired percentage | 100.00% |
Business Combinations - Summary
Business Combinations - Summary of Purchase Price Calculation (Detail) $ / shares in Units, $ in Thousands | Sep. 18, 2014USD ($) | Jun. 01, 2014USD ($)$ / shares | May. 30, 2014shares | Jan. 17, 2014USD ($)$ / sharesshares |
Gulfstream Bancshares, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of shares of common stock outstanding | shares | 1,569,364 | |||
Preferred shares that convert to common shares upon a change in control | shares | 155,629 | |||
Total common shares including conversion of preferred shares | shares | 1,724,993 | |||
Per share exchange ratio | 3.012 | |||
Number of shares of CenterState common stock | shares | 5,195,541 | |||
Multiplied by CenterState common stock price per share | $ / shares | $ 10.23 | |||
Fair value of CenterState common stock issued | $ 53,150 | |||
Multiplied by the cash consideration each FSB share is entitled to receive | $ / shares | $ 14.65 | |||
Total cash consideration, not including cash for fractional shares | $ 25,271 | |||
Total cash consideration | 25,273 | |||
Total consideration to be paid to common shareholders | 78,423 | |||
Fair value of current stock options to be converted to CenterState stock options | 3,617 | |||
Total purchase price | $ 82,040 | |||
First Southern Bancorp, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of shares of common stock outstanding | shares | 31,539,698 | |||
Preferred shares that convert to common shares upon a change in control | shares | 48,375 | |||
Total common shares including conversion of preferred shares | shares | 31,588,073 | |||
Per share exchange ratio | 0.30 | 0.3 | ||
Number of shares of CenterState common stock | shares | 9,476,045 | |||
Multiplied by CenterState common stock price per share | $ / shares | $ 10.62 | |||
Fair value of CenterState common stock issued | $ 100,636 | |||
Multiplied by the cash consideration each FSB share is entitled to receive | $ / shares | $ 3 | |||
Total cash consideration, not including cash for fractional shares | $ 94,765 | |||
Total cash consideration | 94,768 | |||
Total purchase price | $ 6,000 | $ 195,404 |
Business Combinations - Summ137
Business Combinations - Summary of Purchase Price Calculation (Parenthetical) (Detail) - USD ($) $ in Thousands | May. 30, 2014 | Jan. 17, 2014 |
Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Fractional shares | 138 | |
Fractional shares amount | $ 2 | |
First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Fractional shares | 377 | |
Fractional shares amount | $ 3 |
Business Combinations - Summ138
Business Combinations - Summary of Preliminary Estimates of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ||||||
Other repossessed real estate owned covered by FDIC loss share agreements | $ 9,629 | $ 19,404 | ||||
Goodwill | $ 76,739 | $ 76,739 | $ 44,924 | $ 44,924 | ||
Gulfstream Bancshares, Inc. [Member] | ||||||
Assets: | ||||||
Cash and cash equivalents | $ 102,278 | |||||
Loans, excluding purchased credit impaired loans | 329,515 | |||||
Purchased credit impaired loans | 30,068 | |||||
Loans held for sale | 247 | |||||
Investments | 60,816 | |||||
Interest receivable | 1,087 | |||||
Branch real estate | 5,519 | |||||
Furniture and fixtures | 262 | |||||
Federal Reserve Bank and Federal Home Loan Bank stock | 885 | |||||
Bank owned life insurance | 4,939 | |||||
Other repossessed real estate owned | 2,694 | |||||
Core deposit intangible | 4,173 | |||||
Goodwill | 31,516 | |||||
Other assets | 11,261 | |||||
Total assets acquired | 585,260 | |||||
Liabilities: | ||||||
Deposits | 478,999 | |||||
Federal Home Loan Bank advances | 5,708 | |||||
Repurchase agreements | 7,576 | |||||
Interest payable | 125 | |||||
Official checks outstanding | 826 | |||||
Corporate debentures | 6,745 | |||||
Other liabilities | 3,241 | |||||
Total liabilities assumed | $ 503,220 | |||||
First Southern Bancorp, Inc. [Member] | ||||||
Assets: | ||||||
Cash and cash equivalents | $ 148,257 | |||||
Loans, excluding purchased credit impaired loans | 477,841 | |||||
Purchased credit impaired loans | 121,684 | |||||
Investments | 204,723 | |||||
Interest receivable | 2,007 | |||||
Branch real estate | 1,594 | |||||
Furniture and fixtures | 1,282 | |||||
Bank property held for sale | 7,119 | |||||
Federal Reserve Bank and Federal Home Loan Bank stock | 5,576 | |||||
Bank owned life insurance | 2,555 | |||||
Other repossessed real estate owned covered by FDIC loss share agreements | 22,731 | |||||
Other repossessed real estate owned | 454 | |||||
Core deposit intangible | 7,396 | |||||
Goodwill | 299 | |||||
Deferred tax asset | 44,131 | |||||
Other assets | 4,581 | |||||
Total assets acquired | 1,052,230 | |||||
Liabilities: | ||||||
Deposits | 662,959 | |||||
Deposits held for sale | 189,674 | |||||
Interest payable | 58 | |||||
Other liabilities | 4,135 | |||||
Total liabilities assumed | $ 856,826 |
Business Combinations - Summ139
Business Combinations - Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans (Detail) - Purchased Credit-Impaired [Member] - USD ($) $ in Thousands | Jun. 01, 2014 | Jan. 17, 2014 |
Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Contractually required principal and interest | $ 48,289 | |
Non-accretable difference | (11,766) | |
Cash flows expected to be collected | 36,523 | |
Accretable yield | (6,455) | |
Total purchased credit-impaired loans acquired | $ 30,068 | |
First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Contractually required principal and interest | $ 180,960 | |
Non-accretable difference | (33,527) | |
Cash flows expected to be collected | 147,433 | |
Accretable yield | (25,749) | |
Total purchased credit-impaired loans acquired | $ 121,684 |
Business Combinations - Summ140
Business Combinations - Summary of Fair Value of Acquired Loans and Unpaid Principal Balance (Detail) - USD ($) $ in Thousands | Jun. 01, 2014 | Jan. 17, 2014 |
Book Balance [Member] | Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | $ 377,850 | |
Book Balance [Member] | First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | $ 630,336 | |
Book Balance [Member] | Single Family Residential Real Estate [Member] | Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 33,506 | |
Book Balance [Member] | Single Family Residential Real Estate [Member] | First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 60,332 | |
Book Balance [Member] | Commercial Real Estate [Member] | Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 185,250 | |
Book Balance [Member] | Commercial Real Estate [Member] | First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 387,589 | |
Book Balance [Member] | Land, Development, Construction [Member] | Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 30,387 | |
Book Balance [Member] | Land, Development, Construction [Member] | First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 17,238 | |
Book Balance [Member] | Commercial Loans and Industrial [Member] | Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 85,940 | |
Book Balance [Member] | Commercial Loans and Industrial [Member] | First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 20,267 | |
Book Balance [Member] | Consumer and Other Loans [Member] | Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 2,112 | |
Book Balance [Member] | Consumer and Other Loans [Member] | First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 2,496 | |
Book Balance [Member] | Purchased Credit-Impaired [Member] | Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 40,655 | |
Book Balance [Member] | Purchased Credit-Impaired [Member] | First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 142,414 | |
Fair Value [Member] | Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 359,583 | |
Fair Value [Member] | First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 599,525 | |
Fair Value [Member] | Single Family Residential Real Estate [Member] | Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 32,319 | |
Fair Value [Member] | Single Family Residential Real Estate [Member] | First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 57,693 | |
Fair Value [Member] | Commercial Real Estate [Member] | Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 183,189 | |
Fair Value [Member] | Commercial Real Estate [Member] | First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 382,162 | |
Fair Value [Member] | Land, Development, Construction [Member] | Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 27,704 | |
Fair Value [Member] | Land, Development, Construction [Member] | First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 15,942 | |
Fair Value [Member] | Commercial Loans and Industrial [Member] | Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 84,203 | |
Fair Value [Member] | Commercial Loans and Industrial [Member] | First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 19,906 | |
Fair Value [Member] | Consumer and Other Loans [Member] | Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 2,100 | |
Fair Value [Member] | Consumer and Other Loans [Member] | First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | 2,138 | |
Fair Value [Member] | Purchased Credit-Impaired [Member] | Gulfstream Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | $ 30,068 | |
Fair Value [Member] | Purchased Credit-Impaired [Member] | First Southern Bancorp, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value and Fair value of acquired loans | $ 121,684 |
Business Combinations - Schedul
Business Combinations - Schedule of Measurement Period Adjustments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 01, 2014 | Jan. 17, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ||||||
Other repossessed real estate owned covered by FDIC loss share agreements | $ 9,629 | $ 19,404 | ||||
Goodwill | $ 76,739 | $ 76,739 | $ 44,924 | $ 44,924 | ||
Gulfstream Bancshares, Inc. [Member] | ||||||
Assets: | ||||||
Cash and cash equivalents | $ 102,278 | |||||
Loans, excluding purchased credit impaired loans | 329,515 | |||||
Purchased credit impaired loans | 30,068 | |||||
Loans held for sale | 247 | |||||
Investments | 60,816 | |||||
Interest receivable | 1,087 | |||||
Branch real estate | 5,519 | |||||
Furniture and fixtures | 262 | |||||
Federal Reserve Bank and Federal Home Loan Bank stock | 885 | |||||
Bank owned life insurance | 4,939 | |||||
Other repossessed real estate owned | 2,694 | |||||
Core deposit intangible | 4,173 | |||||
Goodwill | 31,516 | |||||
Other assets | 11,261 | |||||
Total assets acquired | 585,260 | |||||
Liabilities: | ||||||
Deposits | 478,999 | |||||
Federal Home Loan Bank advances | 5,708 | |||||
Repurchase agreements | 7,576 | |||||
Interest payable | 125 | |||||
Official checks outstanding | 826 | |||||
Corporate debenture | 6,745 | |||||
Other liabilities | 3,241 | |||||
Total liabilities assumed | 503,220 | |||||
Gulfstream Bancshares, Inc. [Member] | As Initially Reported [Member] | ||||||
Assets: | ||||||
Cash and cash equivalents | 102,278 | |||||
Loans, excluding purchased credit impaired loans | 329,515 | |||||
Purchased credit impaired loans | 30,068 | |||||
Loans held for sale | 247 | |||||
Investments | 60,816 | |||||
Interest receivable | 1,087 | |||||
Branch real estate | 5,519 | |||||
Furniture and fixtures | 262 | |||||
Federal Reserve Bank and Federal Home Loan Bank stock | 885 | |||||
Bank owned life insurance | 4,939 | |||||
Other repossessed real estate owned | 3,365 | |||||
Core deposit intangible | 4,173 | |||||
Goodwill | 31,104 | |||||
Other assets | 11,002 | |||||
Total assets acquired | 585,260 | |||||
Liabilities: | ||||||
Deposits | 478,999 | |||||
Federal Home Loan Bank advances | 5,708 | |||||
Repurchase agreements | 7,576 | |||||
Interest payable | 125 | |||||
Official checks outstanding | 826 | |||||
Corporate debenture | 6,745 | |||||
Other liabilities | 3,241 | |||||
Total liabilities assumed | 503,220 | |||||
Gulfstream Bancshares, Inc. [Member] | Measurement Period Adjustments [Member] | ||||||
Assets: | ||||||
Other repossessed real estate owned | (671) | |||||
Goodwill | 412 | |||||
Other assets | $ 259 | |||||
First Southern Bancorp, Inc. [Member] | ||||||
Assets: | ||||||
Cash and cash equivalents | $ 148,257 | |||||
Loans, excluding purchased credit impaired loans | 477,841 | |||||
Purchased credit impaired loans | 121,684 | |||||
Investments | 204,723 | |||||
Interest receivable | 2,007 | |||||
Branch real estate | 1,594 | |||||
Furniture and fixtures | 1,282 | |||||
Bank property held for sale | 7,119 | |||||
Federal Reserve Bank and Federal Home Loan Bank stock | 5,576 | |||||
Bank owned life insurance | 2,555 | |||||
Other repossessed real estate owned covered by FDIC loss share agreements | 22,731 | |||||
Other repossessed real estate owned | 454 | |||||
Core deposit intangible | 7,396 | |||||
Goodwill | 299 | |||||
Deferred tax asset | 44,131 | |||||
Other assets | 4,581 | |||||
Total assets acquired | 1,052,230 | |||||
Liabilities: | ||||||
Deposits | 662,959 | |||||
Deposits held for sale | 189,674 | |||||
Interest payable | 58 | |||||
Other liabilities | 4,135 | |||||
Total liabilities assumed | 856,826 | |||||
First Southern Bancorp, Inc. [Member] | As Initially Reported [Member] | ||||||
Assets: | ||||||
Cash and cash equivalents | 148,257 | |||||
Loans, excluding purchased credit impaired loans | 477,841 | |||||
Purchased credit impaired loans | 121,684 | |||||
Investments | 204,723 | |||||
Interest receivable | 2,007 | |||||
Branch real estate | 1,594 | |||||
Furniture and fixtures | 1,282 | |||||
Bank property held for sale | 7,119 | |||||
Federal Reserve Bank and Federal Home Loan Bank stock | 5,576 | |||||
Bank owned life insurance | 2,555 | |||||
Other repossessed real estate owned covered by FDIC loss share agreements | 22,731 | |||||
Other repossessed real estate owned | 454 | |||||
Core deposit intangible | 7,396 | |||||
Goodwill | 541 | |||||
Deferred tax asset | 43,889 | |||||
Other assets | 4,581 | |||||
Total assets acquired | 1,052,230 | |||||
Liabilities: | ||||||
Deposits | 662,959 | |||||
Deposits held for sale | 189,674 | |||||
Interest payable | 58 | |||||
Other liabilities | 4,135 | |||||
Total liabilities assumed | 856,826 | |||||
First Southern Bancorp, Inc. [Member] | Measurement Period Adjustments [Member] | ||||||
Assets: | ||||||
Goodwill | (242) | |||||
Deferred tax asset | $ 242 |
Business Combinations - Pro-For
Business Combinations - Pro-Forma Financial Information And Actual Results of Acquisition (Detail) - First Southern Bank Inc And Gulfstream Bancshares Inc [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||
Net interest income | $ 143,527 | $ 153,719 |
Net income available to common shareholders | $ 20,066 | $ 21,390 |
EPS - basic | $ 0.45 | $ 0.48 |
EPS - diluted | $ 0.44 | $ 0.47 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative Instruments Notional And Fair Value [Line Items] | ||
Collateral pledged against repurchase agreement | $ 47,398 | $ 52,714 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments Notional And Fair Value [Line Items] | ||
Notional amount | 939,831 | 240,779 |
Collateral pledged against repurchase agreement | $ 31,801 | $ 10,445 |
Derivatives - Summary Informati
Derivatives - Summary Information about the Derivative Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Fair value of interest rate swap derivatives (asset) | $ 18,619 | $ 6,800 |
Fair value of interest rate swap derivatives (liability) | 19,822 | 7,575 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 939,831 | $ 240,779 |
Weighted average pay rate on interest-rate swaps | 2.61% | 2.77% |
Weighted average receive rate on interest rate swaps | 2.57% | 2.69% |
Weighted average maturity (years) | 12 years | 11 years |
Fair value of interest rate swap derivatives (asset) | $ 18,619 | $ 6,800 |
Fair value of interest rate swap derivatives (liability) | $ 19,822 | $ 7,575 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands | Mar. 01, 2016USD ($) | Feb. 03, 2016USD ($) | Jan. 22, 2016USD ($) | Sep. 09, 2004USD ($) | Dec. 31, 2015USD ($)Location | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Subsequent Event [Line Items] | |||||||
Total assets | $ 4,022,717 | $ 3,776,869 | $ 2,416,011 | ||||
Deposits | 3,215,178 | 3,092,040 | |||||
Merger and acquisition related expenses | $ 693 | $ 11,542 | $ 722 | ||||
Number of bank locations | Location | 57 | ||||||
Floating rate corporate debenture issued, amount | $ 2,500 | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds received from termination of FDIC loss share agreements | $ 5,482 | ||||||
Loss on termination of FDIC loss share agreements | $ 17,560 | ||||||
Subsequent Event [Member] | Gulfstream Bancshares Capital Trust I [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Floating rate corporate debenture issued, amount | $ 7,000 | ||||||
Gains (Losses) on Extinguishment of Debt, Total | 308 | ||||||
Reduction in corporate debentures interest expense | $ 250 | ||||||
Community Bank [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Total assets | $ 484,602 | ||||||
Gross loans | 334,349 | ||||||
Deposits | 436,765 | ||||||
Merger and acquisition related expenses | $ 272 | ||||||
Number of bank locations | Location | 11 | ||||||
Community Bank [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Total purchase consideration | $ 64,986 | ||||||
Hometown [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Total assets | $ 331,187 | ||||||
Gross loans | 201,930 | ||||||
Deposits | 265,761 | ||||||
Merger and acquisition related expenses | $ 263 | ||||||
Number of bank locations | Location | 6 | ||||||
Hometown [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Total purchase consideration | $ 19,150 |