Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 28, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CenterState Banks, Inc. | |
Trading Symbol | CSFL | |
Entity Central Index Key | 1,102,266 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 47,958,486 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 65,560 | $ 50,902 |
Federal funds sold and Federal Reserve Bank deposits | 296,459 | 101,580 |
Cash and cash equivalents | 362,019 | 152,482 |
Trading securities, at fair value | 2,719 | 2,107 |
Investment securities available for sale, at fair value | 707,573 | 604,739 |
Investment securities held to maturity (fair value of $259,599 and $273,983 at March 31, 2016 and December 31, 2015, respectively) | 256,849 | 272,840 |
Loans held for sale | 2,186 | 1,529 |
Loans, excluding purchased credit impaired | 2,911,705 | 2,383,248 |
Purchased credit impaired loans | 236,516 | 210,528 |
Allowance for loan losses | (23,122) | (22,264) |
Net Loans | 3,125,099 | 2,571,512 |
Bank premises and equipment, net | 116,734 | 101,821 |
Accrued interest receivable | 11,677 | 10,286 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 17,003 | 14,041 |
Goodwill | 105,492 | 76,739 |
Core deposit intangible, net | 17,803 | 12,164 |
Trust intangible, net | 802 | 837 |
Bank owned life insurance | 86,455 | 85,890 |
Other repossessed real estate owned covered by FDIC loss share agreements | 9,629 | |
Other repossessed real estate owned | 15,937 | 1,567 |
FDIC indemnification asset | 25,795 | |
Deferred income tax asset, net | 69,470 | 46,220 |
Bank property held for sale | 8,069 | 1,665 |
Prepaid expense and other assets | 63,768 | 30,854 |
TOTAL ASSETS | 4,969,655 | 4,022,717 |
Deposits: | ||
Demand - non-interest bearing | 1,489,530 | 1,133,138 |
Demand - interest bearing | 756,129 | 679,714 |
Savings and money market accounts | 1,214,083 | 979,906 |
Time deposits | 632,425 | 422,420 |
Total deposits | 4,092,167 | 3,215,178 |
Securities sold under agreement to repurchase | 31,474 | 27,472 |
Federal funds purchased | 225,298 | 200,250 |
Other borrowed funds | 650 | 25,000 |
Corporate debentures | 25,782 | 24,093 |
Accrued interest payable | 1,056 | 218 |
Payables and accrued expenses | 73,767 | 39,992 |
Total liabilities | 4,450,194 | 3,532,203 |
Stockholders' equity: | ||
Common stock, $.01 par value: 100,000,000 shares authorized; 47,942,643 and 45,459,195 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | 479 | 455 |
Additional paid-in capital | 426,267 | 393,191 |
Retained earnings | 88,708 | 95,430 |
Accumulated other comprehensive income | 4,007 | 1,438 |
Total stockholders' equity | 519,461 | 490,514 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 4,969,655 | $ 4,022,717 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 259,599 | $ 273,983 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 47,942,643 | 45,459,195 |
Common stock, shares outstanding | 47,942,643 | 45,459,195 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Interest income: | |||
Loans | $ 37,118 | $ 34,268 | |
Investment securities available for sale: | |||
Taxable | 5,062 | 4,282 | |
Tax-exempt | 780 | 539 | |
Federal funds sold and other | 538 | 396 | |
Total interest income | 43,498 | 39,485 | |
Interest expense: | |||
Deposits | 1,481 | 1,447 | |
Securities sold under agreement to repurchase | 27 | 49 | |
Federal funds purchased | 267 | 132 | |
Corporate debentures | 248 | 237 | |
Total interest expense | 2,023 | 1,865 | |
Net interest income | 41,475 | 37,620 | |
Provision for loan losses | 510 | 1,642 | |
Net interest income after loan loss provision | 40,965 | 35,978 | |
Non interest income: | |||
Correspondent banking capital markets revenue | 7,371 | 5,694 | |
Other correspondent banking related revenue | 1,404 | 1,106 | |
Service charges on deposit accounts | 2,736 | 2,261 | |
Debit, prepaid, ATM and merchant card related fees | 2,046 | 1,701 | |
Wealth management related revenue | 735 | 970 | |
FDIC indemnification income | 96 | 667 | |
FDIC indemnification asset amortization | (1,166) | (4,350) | |
Bank owned life insurance income | 565 | 593 | |
Other service charges and fees | 774 | 439 | |
Total other income | 14,561 | 9,081 | |
Non interest expense: | |||
Salaries, wages and employee benefits | 21,455 | 19,580 | |
Occupancy expense | 2,147 | 2,080 | |
Depreciation of premises and equipment | 1,497 | 1,433 | |
Supplies, stationary and printing | 299 | 365 | |
Marketing expenses | 690 | 538 | |
Data processing expense | 1,527 | 1,695 | |
Legal, audit and other professional fees | 903 | 735 | |
Core deposit intangible ("CDI") amortization | 643 | 628 | |
Postage and delivery | 355 | 368 | |
ATM and debit card related expenses | 596 | 433 | |
Bank regulatory expenses | 810 | 910 | |
Gain on sale of repossessed real estate (“OREO”) | (158) | (1,528) | |
Valuation write down of repossessed real estate (“OREO”) | 22 | 389 | |
Loss (gain) on repossessed assets other than real estate | 6 | (1) | |
Foreclosure related expenses | 489 | 589 | |
Merger and acquisition related expenses | 11,172 | ||
Branch closure and efficiency initiatives | 456 | ||
Loss from termination of FDIC loss share agreements | 17,560 | ||
Other expenses | 2,384 | 2,389 | |
Total other expenses | 62,853 | 30,603 | |
(Loss) income before provision for income taxes | (7,327) | 14,456 | |
(Benefit) provision for income taxes | (2,523) | 5,308 | |
Net (loss) income | (4,804) | 9,148 | |
Other comprehensive income, net of tax: | |||
Unrealized securities holding gain, net of income taxes | 2,569 | 1,014 | |
Net unrealized gain (loss) on available for sale securities, net of income taxes | 2,569 | 1,014 | |
Total comprehensive (loss) income | $ (2,235) | $ 10,162 | |
(Loss) earnings per share: | |||
Basic | $ (0.10) | $ 0.20 | |
Diluted | $ (0.10) | $ 0.20 | |
Common shares used in the calculation of (loss) earnings per share: | |||
Basic | [1] | 46,343,033 | 45,127,940 |
Diluted | [1] | 46,343,033 | 45,657,624 |
[1] | Excludes participating shares. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (LOSS) (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Reclassifications of gain included in net income, income taxes | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Community Bank Of South Florida Inc [Member] | Community Bank Of South Florida Inc [Member]Common Stock [Member] | Community Bank Of South Florida Inc [Member]Additional Paid in Capital [Member] |
Balances at beginning at Dec. 31, 2014 | $ 452,477 | $ 453 | $ 388,698 | $ 59,273 | $ 4,053 | |||
Balances at beginning, shares at Dec. 31, 2014 | 45,323,553 | |||||||
Net income (loss) | 9,148 | 9,148 | ||||||
Unrealized holding gain on available for sale securities, net of deferred income tax | 1,014 | 1,014 | ||||||
Dividends paid - common | (455) | (455) | ||||||
Stock grants issued | 608 | $ 1 | 607 | |||||
Stock grants issued, shares | 45,053 | |||||||
Stock based compensation expense | 56 | 56 | ||||||
Stock options exercised, including tax benefit | 217 | 217 | ||||||
Stock options exercised including tax benefit, Shares | 40,318 | |||||||
Balances at ending at Mar. 31, 2015 | 463,065 | $ 454 | 389,578 | 67,966 | 5,067 | |||
Balances at ending, shares at Mar. 31, 2015 | 45,408,924 | |||||||
Balances at beginning at Dec. 31, 2015 | $ 490,514 | $ 455 | 393,191 | 95,430 | 1,438 | |||
Balances at beginning, shares at Dec. 31, 2015 | 45,459,195 | 45,459,195 | ||||||
Net income (loss) | $ (4,804) | (4,804) | ||||||
Unrealized holding gain on available for sale securities, net of deferred income tax | 2,569 | 2,569 | ||||||
Dividends paid - common | (1,918) | (1,918) | ||||||
Stock grants issued | 199 | $ 1 | 198 | |||||
Stock grants issued, shares | 171,709 | |||||||
Stock based compensation expense | 1,080 | 1,080 | ||||||
Stock options exercised, including tax benefit | 303 | $ 1 | 302 | |||||
Stock options exercised including tax benefit, Shares | 59,980 | |||||||
Stock repurchase | (347) | $ (1) | (346) | |||||
Stock repurchase, Shares | (24,283) | |||||||
Stock issued pursuant to acquisition | $ 31,865 | $ 23 | $ 31,842 | |||||
Stock issued pursuant to acquisition, shares | 2,276,042 | |||||||
Balances at ending at Mar. 31, 2016 | $ 519,461 | $ 479 | $ 426,267 | $ 88,708 | $ 4,007 | |||
Balances at ending, shares at Mar. 31, 2016 | 47,942,643 | 47,942,643 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income [Member] | ||
Unrealized holding gain on available for sale securities, deferred income tax | $ 1,613 | $ 637 |
Retained Earnings [Member] | ||
Dividends paid - common, per share | $ 0.04 | $ 0.01 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (4,804) | $ 9,148 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Provision for loan losses | 510 | 1,642 |
Depreciation of premises and equipment | 1,497 | 1,433 |
Accretion of purchase accounting adjustments | (9,523) | (10,523) |
Net amortization of investment securities | 2,061 | 2,013 |
Net deferred loan origination fees | (77) | 139 |
Trading securities revenue | (354) | (174) |
Purchases of trading securities | (47,734) | (38,082) |
Proceeds from sale of trading securities | 47,476 | 40,659 |
Repossessed real estate owned valuation write down | 22 | 389 |
Gain on sale of repossessed real estate owned | (158) | (1,528) |
Loss (gain) on repossessed assets other than real estate | 6 | (1) |
Gain on sale of loans held for sale | (98) | (164) |
Loans originated and held for sale | (5,425) | (7,431) |
Proceeds from sale of loans held for sale | 5,598 | 8,324 |
Gain on disposal of bank property held for sale | (2) | (41) |
Impairment on bank property held for sale | 458 | 682 |
Deferred income taxes | (9,979) | 452 |
Stock based compensation expense | 1,080 | 830 |
Bank owned life insurance income | (565) | (593) |
FDIC indemnification asset amortization | 1,166 | 4,350 |
Loss from termination of FDIC loss share agreements | 17,560 | |
Net cash from changes in: | ||
Net changes in accrued interest receivable, prepaid expenses, and other assets | (28,966) | (4,177) |
Net change in accrued interest payable, accrued expense, and other liabilities | 31,180 | 3,804 |
Net cash provided by operating activities | 929 | 11,151 |
Cash flows from investing activities: | ||
Purchases of investment securities | 0 | (1,004) |
Purchases of mortgage backed securities | (122,807) | (22,306) |
Proceeds from pay-downs of mortgage backed securities | 21,486 | 20,554 |
Proceeds from sales of investment securities | 79,297 | 0 |
Proceeds from sales of mortgage backed securities | 62,418 | 0 |
Proceeds from called investment securities | 920 | 0 |
Purchases of investment securities | (11,149) | (37,882) |
Purchases of mortgage backed securities | 0 | 0 |
Proceeds from called investment securities | 20,600 | 37,110 |
Proceeds from pay-downs of mortgage backed securities | 6,227 | 8,868 |
Purchases of FHLB and FRB stock | 0 | 0 |
Proceeds from sales of FHLB and FRB stock | 29 | 208 |
Net (increase) decrease in loans | (32,123) | (28,103) |
Cash received from FDIC loss sharing agreements | 5,482 | 3,654 |
Purchases of premises and equipment, net | (1,604) | (3,111) |
Proceeds from sale of repossessed real estate | 4,541 | 11,589 |
Proceeds from sale of fixed assets | 0 | 0 |
Proceeds from sale of bank property held for sale | 690 | 555 |
Net cash from bank acquisitions | 41,885 | 0 |
Net cash provided by (used in) investing activities | 75,892 | (9,868) |
Cash flows from financing activities: | ||
Net increase in deposits | 171,278 | 57,567 |
Net increase in securities sold under agreement to repurchase | 3,458 | 4,049 |
Net increase in federal funds purchased | 25,048 | 35,451 |
Net decrease in other borrowings | (56,768) | 0 |
Extinguishment of debt | (8,680) | 0 |
Net (decrease) increase in payable to shareholders for acquisitions | 342 | (184) |
Stock options exercised, including tax benefit | 303 | 217 |
Stock repurchased | (347) | 0 |
Dividends paid | (1,918) | (455) |
Net cash provided by financing activities | 132,716 | 96,645 |
Net increase in cash and cash equivalents | 209,537 | 97,928 |
Cash and cash equivalents, beginning of period | 152,482 | 158,413 |
Cash and cash equivalents, end of period | 362,019 | 256,341 |
Transfer of loans to other real estate owned | 2,372 | 3,264 |
Transfers of bank property to held for sale | 2,803 | 970 |
Cash paid during the period for: | ||
Interest | 1,421 | 2,187 |
Income taxes | $ 2,923 | $ 170 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | NOTE 1: Nature of operations and basis of presentation The consolidated financial statements include the accounts of CenterState Banks, Inc. (the “Parent Company,” “Company” or “CSFL”), and its wholly owned subsidiary bank, CenterState Bank of Florida, N.A. (“CenterState”), and non bank subsidiaries, R4ALL, Inc. and CSFL Insurance Corp. The subsidiary bank operates through 72 full service banking locations in 22 counties throughout Florida, providing traditional deposit and lending products and services to its commercial and retail customers. R4ALL, Inc. is a separate non bank subsidiary of CSFL. Its purpose is to purchase troubled loans from the subsidiary bank and manage their eventual disposition. CSFL Insurance Corp. is a non bank subsidiary of CSFL and its primary purpose is to function as a captive insurance subsidiary pursuant to Section 831(b) of the U.S. Tax Code. In addition, the Company also operates a correspondent banking and capital markets division. The division is integrated with and part of the subsidiary bank located in Winter Haven, Florida, although the majority of its bond salesmen, traders and operational personnel are physically housed in leased facilities located in Birmingham, Alabama, Atlanta, Georgia and Winston Salem, North Carolina. The business lines of this division are primarily divided into three inter-related revenue generating activities. The first, and largest, revenue generator is commissions earned on fixed income security sales, fees from hedging services, loan brokerage fees and consulting fees for services related to these activities. The second category includes correspondent bank deposits (i.e. federal funds purchased) and correspondent bank checking account deposits. The third revenue generating category includes fees from safe-keeping activities, bond accounting services for correspondents, asset/liability consulting related activities, international wires, and other clearing and corporate checking account services. The customer base includes small to medium size financial institutions primarily located in the Southeastern United States. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These statements should be read in conjunction with the consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2015. In the Company’s opinion, all adjustments, consisting primarily of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods have been made. The results of operations of the three month periods ended March 31, 2016 are not necessarily indicative of the results expected for the full year. Some items in the prior period financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior period net income or shareholders’ equity. |
Common Stock Outstanding and Ea
Common Stock Outstanding and Earnings Per Share Data | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Common Stock Outstanding and Earnings Per Share Data | NOTE 2: Common stock outstanding and earnings per share data 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 890,410 and 586,620 stock options that were not considered in computing diluted earnings per common share because they were anti-dilutive during the three month periods ending March 31, 2016 and 2015, respectively. The following table presents the factors used in the earnings per share computations for the periods indicated. Three months ended March 31, 2016 2015 Basic Net (loss) income available to common shareholders $ (4,804 ) $ 9,148 Less: Earnings allocated to participating securities - (51 ) Net (loss) income allocated to common shareholders $ (4,804 ) $ 9,097 Weighted average common shares outstanding including participating securities 46,343,033 45,379,982 Less: Participating securities (1) - (252,042 ) Average shares 46,343,033 45,127,940 Basic (loss) earnings per common share $ (0.10 ) $ 0.20 Diluted Net income available to common shareholders $ (4,804 ) $ 9,097 Weighted average common shares outstanding for basic earnings per common share 46,343,033 45,127,940 Add: Dilutive effects of stock based compensation awards - 529,684 Average shares and dilutive potential common shares 46,343,033 45,657,624 Diluted (loss) earnings per common share $ (0.10 ) $ 0.20 1. Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 3: Fair value Generally accepted accounting principles establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing and asset or liability. The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The fair values of trading securities are determined as follows: (1) for those securities that have traded prior to the date of the consolidated balance sheet but have not settled (date of sale) until after such date, the sales price is used as the fair value; and, (2) for those securities which have not traded as of the date of the consolidated balance sheet, the fair value was determined by broker price indications of similar or same securities. The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2). Assets and liabilities measured at fair value on a recurring basis are summarized below. Fair value measurements using Significant Quoted prices in other Significant active markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at March 31, 2016 Assets: Trading securities $ 2,719 — $ 2,719 — Available for sale securities U.S. Treasury securities 1,002 — 1,002 — Mortgage backed securities 672,328 — 672,328 — Municipal securities 34,243 — 34,243 — Interest rate swap derivatives 41,111 — 41,111 — Liabilities: Interest rate swap derivatives 42,893 — 42,893 — 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 — The fair value of impaired loans with specific valuation allowance for loan losses and other real estate owned is based on recent real estate appraisals. For residential real estate impaired loans and other real estate owned, appraised values are based on the comparative sales approach. For commercial and commercial real estate impaired loans, and other real estate owned, appraisers may use either a single valuation approach or a combination of approaches such as comparative sales, cost or the income approach. A significant unobservable input in the income approach is the estimated income capitalization rate for a given piece of collateral. At March 31, 2016, the range of capitalization rates utilized to determine the fair value of the underlying collateral ranged from 7% to 10%. Adjustments to appraisals may be made by the appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of a given asset over time. As such, the fair value of impaired loans and other real estate owned are considered a Level 3 in the fair value hierarchy. Assets and liabilities measured at fair value on a non-recurring basis are summarized below. Fair value measurements using Significant Quoted prices in other Significant active markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at March 31, 2016 Assets: Impaired loans Residential real estate $ 3,593 — — $ 3,593 Commercial real estate 7,475 — — 7,475 Land, land development and construction 1,540 — — 1,540 Commercial 1,257 — — 1,257 Consumer 87 — — 87 Other real estate owned Residential real estate — — — — Commercial real estate 1,725 — — 1,725 Land, land development and construction 1,543 — — 1,543 Bank property held for sale 8,069 — — 8,069 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 Impaired loans measured at fair value had a recorded investment of $13,952 with a valuation allowance of $805, at March 31, 2016, and a recorded investment of $13,293, with a valuation allowance of $807, at December 31, 2015. The Company recorded a provision for loan loss expense of $115 on these loans during the three month period ending March 31, 2016. The Company recorded a provision for loan loss expense of $120 on impaired loans carried at fair value during the three month period ending March 31, 2015. Other real estate owned had a decline in fair value of $22 and $389 during the three month periods ending March 31, 2016 and 2015, respectively. Changes in fair value were recorded directly to current earnings through non interest expense. Bank property held for sale represents certain branch office buildings which the Company has closed and consolidated with other existing branches. The real estate was transferred out of the Bank Premises and Equipment category into bank property held for sale at the lower of amortized cost or fair value less estimated costs to sell. The fair values were based upon comparative sales data provided by real estate brokers. The Company transferred five properties from bank premises to bank property held for sale during the first quarter of 2016. The Company recognized an impairment charge of $456 and $682 during the three month periods ending March 31, 2016 and 2015, respectively, related to bank properties held for sale. In addition, the Company acquired seven branch properties held for sale as a result of the acquisitions of Community Bank of South Florida, Inc. (“Community”) and Hometown of Homestead Banking Company (“Hometown”) on March 1, 2016. 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 March 31, 2016 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 362,019 $ 362,019 $ - $ - $ 362,019 Trading securities 2,719 - 2,719 - 2,719 Investment securities available for sale 707,573 - 707,573 - 707,573 Investment securities held to maturity 256,849 - 259,599 - 259,599 FHLB and FRB stock 17,003 - - - n/a Loans held for sale 2,186 - 2,186 - 2,186 Loans, less allowance for loan losses of $23,122 3,125,099 - - 3,127,172 3,127,172 Interest rate swap derivatives 41,111 - 41,111 - 41,111 Accrued interest receivable 11,677 - 3,601 8,076 11,677 Financial liabilities: Deposits- without stated maturities $ 3,459,742 $ 3,459,742 $ - $ - $ 3,459,742 Deposits- with stated maturities 632,425 - 633,637 - 633,637 Securities sold under agreement to repurchase 31,474 - 31,474 - 31,474 Federal funds purchased 225,298 - 225,298 - 225,298 Corporate debentures 25,782 - - 21,912 21,912 Interest rate swap derivatives 42,893 - 42,893 - 42,893 Accrued interest payable 1,056 - 1,056 - 1,056 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 |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Reportable Segments | NOTE 4: Reportable segments The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning purposes by management. The table below is a reconciliation of the reportable segment revenues, expenses, and profit to the Company’s consolidated total for the three month periods ending March 31, 2016 and 2015. Three month period ending March 31, 2016 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 41,434 $ 2,064 $ - $ - $ 43,498 Interest expense (1,513 ) (262 ) (248 ) - (2,023 ) Net interest income (expense) 39,921 1,802 (248 ) - 41,475 Provision for loan losses (458 ) (52 ) - - (510 ) Non interest income 5,478 8,775 308 - 14,561 Non interest expense (56,022 ) (5,782 ) (1,049 ) - (62,853 ) Net (loss) income before taxes (11,081 ) 4,743 (989 ) - (7,327 ) Income tax benefit (provision) 3,983 (1,830 ) 370 - 2,523 Net (loss) income $ (7,098 ) $ 2,913 $ (619 ) $ - $ (4,804 ) Total assets $ 4,596,420 $ 366,956 $ 552,369 $ (546,090 ) $ 4,969,655 Three month period ending March 31, 2015 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 37,751 $ 1,734 $ - - $ 39,485 Interest expense (1,496 ) (132 ) (237 ) - (1,865 ) Net interest income (expense) 36,255 1,602 (237 ) - 37,620 Provision for loan losses (1,511 ) (131 ) - - (1,642 ) Non interest income 2,281 6,800 - - 9,081 Non interest expense (23,899 ) (5,595 ) (1,109 ) - (30,603 ) Net income before taxes 13,126 2,676 (1,346 ) - 14,456 Income tax (provision) benefit (4,792 ) (1,032 ) 516 - (5,308 ) Net income (loss) $ 8,334 $ 1,644 $ (830 ) - $ 9,148 Total assets $ 3,573,573 $ 305,667 $ 493,374 $ (484,042 ) $ 3,888,572 Commercial and retail banking Correspondent banking and capital markets division Corporate overhead and administration |
Investment securities
Investment securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Investment securities | NOTE 5: Investment securities Available-for-Sale All of the mortgage backed securities listed below were issued by U.S. government sponsored entities and agencies, primarily Fannie Mae, Freddie Mac and Ginnie Mae, institutions which the government has affirmed its commitment to support. The fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: March 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 1,002 $ - $ - $ 1,002 Mortgage backed securities 666,911 6,472 1,055 672,328 Municipal securities 33,137 1,106 - 34,243 Total available-for-sale $ 701,050 $ 7,578 $ 1,055 $ 707,573 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 The cost of securities sold is determined using the specific identification method. The securities sold during the first quarter of 2016 were securities acquired through the acquisitions of Community and Hometown on March 1, 2016. These acquired securities were marked to fair value and subsequently sold after the acquisition date, and no gain or loss was recognized from the sale of these securities. Sales of available for sale securities for the three months ended March 31, 2016 and 2015 were as follows: For the three months ended: March 31, 2016 March 31, 2015 Proceeds $ 141,715 $ - Gross gains - - Gross losses - - The tax provision related to these net realized gains was $0 and $0, respectively. The fair value of available for sale securities at March 31, 2016 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Fair Amortized Investment securities available for sale: Value Cost Due in one year or less $ 1,630 $ 1,618 Due after one year through five years 5,004 4,868 Due after five years through ten years 12,431 12,119 Due after ten years through thirty years 16,180 15,534 Mortgage backed securities 672,328 666,911 Total available-for-sale $ 707,573 $ 701,050 Available for sale securities pledged at March 31, 2016 and December 31, 2015 had a carrying amount (estimated fair value) of $198,002 and $195,753 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At March 31, 2016 and December 31, 2015, there were no holdings of securities of any one issuer, other than mortgage backed securities issued by U.S. Government sponsored entities and agencies, in an amount greater than 10% of stockholders’ equity. The following tables show the Company’s available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2016 and December 31, 2015. March 31, 2016 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Treasury securities $ - $ - $ - $ - $ - $ - Mortgage backed securities 107,881 325 31,900 730 139,781 1,055 Total temporarily impaired available-for-sale securities $ 107,881 $ 325 $ 31,900 $ 730 $ 139,781 $ 1,055 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 At March 31, 2016, 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 March 31, 2016. 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 March 31, 2016 and December 31, 2015. March 31, 2016 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Obligations of U.S. government sponsored entities and agencies $ 37,114 $ 91 $ 35 $ 37,170 Mortgage backed securities 149,368 644 73 149,939 Municipal securities 70,367 2,153 30 72,490 Total held-to-maturity $ 256,849 $ 2,888 $ 138 $ 259,599 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 Held-to-maturity securities pledged at March 31, 2016 and December 31, 2015 had an estimated fair value of $45,997 and $48,246 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At March 31, 2016, there were no holdings of held-to-maturity securities of any one issuer in an amount greater than 10% of stockholders’ equity. The fair value and amortized cost of held to maturity securities at March 31, 2016 by contractual maturity were as follows. Mortgage-backed securities are not due at a single maturity date and are shown separately. Fair Amortized Investment securities held-to-maturity Value Cost Due after five years through ten years $ 32,802 $ 32,763 Due after ten years through thirty years 76,858 74,718 Mortgage backed securities 149,939 149,368 Total held-to-maturity $ 259,599 $ 256,849 The following table shows the Company’s held to maturity investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at March 31, 2016 and December 31, 2015. March 31, 2016 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 $ 9,947 $ 35 $ - $ - $ 9,947 $ 35 Mortgage backed securities 28,072 73 - - 28,072 73 Municipal securities 1,687 30 - - 1,687 30 Total temporarily impaired held-to-maturity securities $ 39,706 $ 138 $ - $ - $ 39,706 $ 138 December 31, 2015 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses Obligations of U.S. government sponsored entities and agencies $ 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 held-to-maturity securities $ 131,239 $ 635 $ - $ - $ 131,239 $ 635 At March 31, 2016, 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 March 31, 2016. Unrealized losses on municipal securities have not been recognized into income because the issuers bonds are of high quality, and because management does not intend to sell these investments or more likely than not will not be required to sell these investments before their anticipated recovery. The fair value is expected to recover as the securities approach maturity. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans | NOTE 6: Loans The following table sets forth information concerning the loan portfolio by collateral types as of the dates indicated. March 31, 2016 December 31, 2015 Loans excluding PCI loans Real estate loans Residential $ 799,721 $ 647,496 Commercial 1,530,579 1,254,782 Land, development and construction 131,146 105,276 Total real estate 2,461,446 2,007,554 Commercial 373,628 307,321 Consumer and other loans 75,835 67,500 Loans before unearned fees and deferred cost 2,910,909 2,382,375 Net unearned fees and costs 796 873 Total loans excluding PCI loans 2,911,705 2,383,248 PCI loans (note 1) Real estate loans Residential 82,595 86,104 Commercial 127,354 105,629 Land, development and construction 19,912 15,548 Total real estate 229,861 207,281 Commercial 6,020 2,771 Consumer and other loans 635 476 Total PCI loans 236,516 210,528 Total loans 3,148,221 2,593,776 Allowance for loan losses for loans that are not PCI loans (23,002 ) (22,143 ) Allowance for loan losses for PCI loans (120 ) (121 ) Total loans, net of allowance for loan losses $ 3,125,099 $ 2,571,512 note 1: Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. The table below set forth the activity in the allowance for loan losses for the periods presented. Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Three months ended March 31, 2016 Balance at beginning of period $ 22,143 $ 121 $ 22,264 Loans charged-off (495 ) - (495 ) Recoveries of loans previously charged-off 843 - 843 Net recoveries 348 - 348 Provision (recovery) for loan losses 511 (1 ) 510 Balance at end of period $ 23,002 $ 120 $ 23,122 Three months ended March 31, 2015 Balance at beginning of period $ 19,384 $ 514 $ 19,898 Loans charged-off (949 ) (77 ) (1,026 ) Recoveries of loans previously charged-off 466 - 466 Net charge-offs (483 ) (77 ) (560 ) Provision (recovery) for loan losses 1,941 (299 ) 1,642 Balance at end of period $ 20,842 $ 138 $ 20,980 The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Three months ended March 31, 2016 Beginning of the period $ 6,015 $ 10,559 $ 936 $ 3,212 $ 1,421 $ 22,143 Charge-offs (81 ) (225 ) (34 ) - (155 ) (495 ) Recoveries 318 204 205 58 58 843 (Recovery) provision for loan losses (428 ) 871 (211 ) 163 116 511 Balance at end of period $ 5,824 $ 11,409 $ 896 $ 3,433 $ 1,440 $ 23,002 Three months ended March 31, 2015 Beginning of the period $ 6,743 $ 8,269 $ 752 $ 2,330 $ 1,290 $ 19,384 Charge-offs (328 ) (60 ) (71 ) (278 ) (212 ) (949 ) Recoveries 314 45 1 46 60 466 Provision for loan losses 37 1,057 147 435 265 1,941 Balance at end of period $ 6,766 $ 9,311 $ 829 $ 2,533 $ 1,403 $ 20,842 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Three months ended March 31, 2016 Beginning of the period $ - $ 103 $ 1 $ 3 $ 14 $ 121 Charge-offs - - - - - - Recoveries - - - - - - Recovery of loan losses - - - (1 ) - (1 ) Balance at end of period $ - $ 103 $ 1 $ 2 $ 14 $ 120 Three months ended March 31, 2015 Beginning of the period $ - $ 372 $ 6 $ 136 $ - $ 514 Charge-offs - (77 ) - - - (77 ) Recoveries - - - - - - Recovery of loan losses - (165 ) (2 ) (132 ) - (299 ) Balance at end of period $ - $ 130 $ 4 $ 4 $ - $ 138 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2016 and December 31, 2015. Accrued interest receivable and unearned loan fees and costs are not included in the recorded investment because they are not material. Real Estate Loans As of March 31, 2016 Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 445 $ 441 $ 163 $ 7 $ 28 $ 1,084 Collectively evaluated for impairment 5,379 10,968 733 3,426 1,412 21,918 Purchased credit impaired - 103 1 2 14 120 Total ending allowance balance $ 5,824 $ 11,512 $ 897 $ 3,435 $ 1,454 $ 23,122 Loans: Individually evaluated for impairment $ 8,462 $ 15,169 $ 2,025 $ 1,992 $ 266 $ 27,914 Collectively evaluated for impairment 791,259 1,515,410 129,121 371,636 75,569 2,882,995 Purchased credit impaired 82,595 127,354 19,912 6,020 635 236,516 Total ending loan balances $ 882,316 $ 1,657,933 $ 151,058 $ 379,648 $ 76,470 $ 3,147,425 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 balance $ 733,600 $ 1,360,411 $ 120,824 $ 310,092 $ 67,976 $ 2,592,903 Loans collectively evaluated for impairment reported at March 31, 2016 include loans acquired from First Southern Bank (“FSB”) on June 1, 2014 and from Gulfstream Business Bank (“GSB”) on January 17, 2014 that are not PCI loans. These loans were performing loans recorded at estimated fair value at the acquisition date. The aggregate fair value adjustment for these loans at their respective acquisition dates was approximately $17,761, or approximately 2.10% 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 $8,639 and $9,354, which represents approximately 1.52% and 1.59% of the remaining outstanding balance of these acquired loans at March 31, 2016 and December 31, 2015, respectively. Management has also estimated probable incurred losses based on performance since the respective acquisition dates, and based on these estimates, has included $2,571 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 March 31, 2016. However, management recognizes that many factors can adversely impact various segments of the Company’s markets and customers, and therefore there is no assurance as to the amount of losses or probable losses which may develop in the future. Loans collectively evaluated for impairment reported at March 31, 2016 also include loans acquired from Community and Hometown on March 1, 2016. The acquired loans were recorded at estimated fair value at acquisition; therefore, no allowance for loan losses was recorded for these loans at March 31, 2016. The table below summarizes impaired loan data for the periods presented. Mar. 31, 2016 Dec. 31, 2015 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $ 9,969 $ 10,254 Nonperforming TDRs (these are included in NPLs) 5,381 4,873 Total TDRs (these are included in impaired loans) 15,350 15,127 Impaired loans that are not TDRs 12,564 8,048 Total impaired loans $ 27,914 $ 23,175 In certain situations it has become more common to restructure or modify the terms of certain loans under certain conditions (i.e. troubled debt restructure or “TDRs”). In those circumstances it may be beneficial to restructure the terms of a loan and work with the borrower for the benefit of both parties, versus forcing the property into foreclosure and having to dispose of it in a distressed sale. When the terms of a loan have been modified, usually the monthly payment and/or interest rate is reduced for generally twelve to twenty-four months. Material principal amounts on any loan modifications have not been forgiven to date. TDRs as of March 31, 2016 and December 31, 2015 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non performing loans) are presented in the tables below. As of March 31, 2016 Accruing Non Accrual Total Real estate loans: Residential $ 6,290 $ 2,172 $ 8,462 Commercial 1,944 3,008 4,952 Land, development, construction 575 91 666 Total real estate loans 8,809 5,271 14,080 Commercial 940 63 1,003 Consumer and other 220 47 267 Total TDRs $ 9,969 $ 5,381 $ 15,350 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 Our policy is to return non accrual TDR loans to accrual status when all the principal and interest amounts contractually due, pursuant to its modified terms, are brought current and future payments are reasonably assured. Our policy also considers the payment history of the borrower, but is not dependent upon a specific number of payments. The Company recorded a provision for loan loss expense of $112 and partial charge offs of $63 on the TDR loans described above during the three month period ending March 31, 2016. The Company recorded a provision for loan loss expense of $94 and partial charge-offs of $63 on TDR loans during the three month period ending March 31, 2015. Loans are modified to minimize loan losses when we believe the modification will improve the borrower’s financial condition and ability to repay the loan. We typically do not forgive principal. We generally either reduce interest rates or decrease monthly payments for a temporary period of time and those reductions of cash flows are capitalized into the loan balance. We may also extend maturities, convert balloon loans to longer term amortizing loans, or vice versa, or change interest rates between variable and fixed rate. Each borrower and situation is unique and we try to accommodate the borrower and minimize the Company’s potential losses. Approximately 65% of our TDRs are current pursuant to their modified terms, and $5,381, or approximately 35% of our total TDRs are not performing pursuant to their modified terms. There does not appear to be any significant difference in success rates with one type of concession versus another. Loans modified as TDRs during the three period ending March 31, 2016 were $1,049. The Company recorded a loan loss provision of $23 for loans modified during the three month period ending March 31, 2016. Loans modified as TDRs during the three month period ending March 31, 2015 were $909. The Company recorded a loan loss provision of $48 for loans modified during the three month period ending March 31, 2015. The following table presents loans by class modified and for which there was a payment default within twelve months following the modification during the periods ending March 31, 2016 and 2015. Period ending Period ending March 31, 2016 March 31, 2015 Number Recorded Number Recorded of loans investment of loans investment Residential - $ - 3 $ 529 Commercial real estate 2 1,004 3 467 Land, development, construction - - 2 235 Commercial and Industrial 1 63 1 43 Consumer and other - - 2 34 Total 3 $ 1,067 11 $ 1,308 The Company recorded a provision for loan loss expense of $7 and $40 and partial charge offs of $19 and $31 on TDR loans that subsequently defaulted as described above during the three month periods ending March 31, 2016 and 2015, respectively. The following tables present loans individually evaluated for impairment by class of loans as of March 31, 2016 and December 31, 2015, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance due to partial charge-offs. As of March 31, 2016 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 5,719 $ 5,394 $ - Commercial real estate 13,354 12,929 - Land, development, construction 1,033 989 - Commercial and industrial 1,651 1,635 - Consumer, other 106 100 - With an allowance recorded: Residential real estate 3,141 3,068 445 Commercial real estate 2,525 2,240 441 Land, development, construction 1,062 1,036 163 Commercial and industrial 357 357 7 Consumer, other 176 166 28 Total $ 29,124 $ 27,914 $ 1,084 As of December 31, 2015 Unpaid principal balance 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 Three month period ending March 31, 2016 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,278 $ 57 $ - Commercial 13,326 55 - Land, development, construction 2,146 12 - Total real estate loans 23,750 124 - Commercial and industrial 1,525 12 - Consumer and other loans 270 3 - Total $ 25,545 $ 139 $ - Three month period ending March 31, 2015 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 9,279 $ 63 $ - Commercial 10,661 63 - Land, development, construction 2,317 6 - Total real estate loans 22,257 132 - Commercial and industrial 1,099 8 - Consumer and other loans 360 5 - Total $ 23,716 $ 145 $ - Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. Nonperforming loans were as follows: Mar. 31, 2016 Dec. 31, 2015 Non accrual loans $ 24,865 $ 20,833 Loans past due over 90 days and still accruing interest - - Total non performing loans $ 24,865 $ 20,833 The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of March 31, 2016 and December 31, 2015, excluding purchased credit impaired loans: As of March 31, 2016 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 8,678 $ - Commercial real estate 13,012 - Land, development, construction 1,384 - Commercial 1,531 - Consumer, other 260 - Total $ 24,865 $ - 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 $ - The following table presents the aging of the recorded investment in past due loans as of March 31, 2016 and December 31, 2015, excluding purchased credit impaired loans: Accruing Loans Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans As of March 31, 2016 Residential real estate $ 799,721 $ 3,525 $ 180 $ - $ 3,705 $ 787,338 $ 8,678 Commercial real estate 1,530,579 4,071 602 - 4,673 1,512,894 13,012 Land/dev/construction 131,146 101 157 - 258 129,504 1,384 Commercial 373,628 2,642 152 - 2,794 369,303 1,531 Consumer 75,835 286 63 - 349 75,226 260 $ 2,910,909 $ 10,625 $ 1,154 $ - $ 11,779 $ 2,874,265 $ 24,865 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 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 March 31, 2016 and December 31, 2015, and based on the most recent analysis performed, the risk category of loans by class of loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30: As of March 31, 2016 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 771,539 $ 9,980 $ 18,202 $ - Commercial real estate 1,437,536 65,336 27,707 - Land/dev/construction 121,837 6,570 2,739 - Commercial 365,368 4,506 3,754 - Consumer 75,014 287 534 - Total $ 2,771,294 $ 86,679 $ 52,936 $ - As of December 31, 2015 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 620,313 $ 9,585 $ 17,598 $ - Commercial real estate 1,174,990 47,885 31,907 - Land/dev/construction 95,885 5,896 3,495 - Commercial 299,742 4,077 3,502 - Consumer 66,683 297 520 - Total $ 2,257,613 $ 67,740 $ 57,022 $ - The Company considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential and consumer loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in residential and consumer loans, excluding purchased credit impaired loans, based on payment activity as of March 31, 2016 and December 31, 2015: As of March 31, 2016 Residential Consumer Performing $ 791,043 $ 75,575 Nonperforming 8,678 260 Total $ 799,721 $ 75,835 As of December 31, 2015 Residential Consumer Performing $ 637,956 $ 67,147 Nonperforming 9,540 353 Total $ 647,496 $ 67,500 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 March 31, 2016 and December 31, 2015. Contractually required principal and interest payments have been adjusted for estimated prepayments. Mar. 31, 2016 Dec. 31, 2015 Contractually required principal and interest $ 373,886 $ 332,570 Non-accretable difference (22,227 ) (19,452 ) Cash flows expected to be collected 351,659 313,118 Accretable yield (115,143 ) (102,590 ) Carrying value of acquired loans 236,516 210,528 Allowance for loan losses (120 ) (121 ) Carrying value less allowance for loan losses $ 236,396 $ 210,407 We adjusted our estimates of future expected losses, cash flows and renewal assumptions during the current quarter. These adjustments resulted in an increase in expected cash flows and accretable yield, and a decrease in the non-accretable difference. We reclassified approximately $3,364 and $6,057 from non-accretable difference to accretable yield during the three month periods ending March 31, 2016 and 2015 to reflect our adjusted estimates of future expected cash flows. The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the three month periods ending March 31, 2016 and 2015. Activity during the Effect of income all other three month period ending March 31, 2016 Dec. 31, 2015 acquisitions accretion adjustments Mar. 31, 2016 Contractually required principal and interest $ 332,570 $ 73,005 $ - $ (31,689 ) $ 373,886 Non-accretable difference (19,452 ) (9,295 ) - 6,520 (22,227 ) Cash flows expected to be collected 313,118 63,710 - (25,169 ) 351,659 Accretable yield (102,590 ) (18,585 ) 8,908 (2,876 ) (115,143 ) Carry value of acquired loans $ 210,528 $ 45,125 $ 8,908 $ (28,045 ) $ 236,516 Activity during the Effect of income all other three month period ending March 31, 2015 Dec. 31, 2014 acquisitions accretion adjustments Mar. 31, 2015 Contractually required principal and interest $ 460,836 $ - $ - $ (49,601 ) $ 411,235 Non-accretable difference (68,757 ) - - 32,448 (36,309 ) Cash flows expected to be collected 392,079 - - (17,153 ) 374,926 Accretable yield (115,313 ) - 9,930 (6,275 ) (111,658 ) Carry value of acquired loans $ 276,766 $ - $ 9,930 $ (23,428 ) $ 263,268 |
FDIC Indemnification Asset
FDIC Indemnification Asset | 3 Months Ended |
Mar. 31, 2016 | |
Fdic Loss Share Indemnification Asset [Abstract] | |
FDIC Indemnification Asset | NOTE 7: FDIC indemnification asset The FDIC indemnification asset represents the estimated amounts due from the FDIC pursuant to the Loss Share Agreements related to the acquisition of the three failed banks acquired in 2010, the acquisition of two failed banks in 2012 and the assumption of Loss Share Agreements of two failed banks assumed by the Company pursuant to its acquisition of FSB in June 2014. 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 is as follows: Three month period ended Mar. 31, 2016 Twelve month period ended Dec. 31, 2015 Beginning of the year $ 25,795 $ 49,054 Amortization, net (1,133 ) (16,282 ) Indemnification revenue 96 1,900 Indemnification of foreclosure expense (197 ) (4,001 ) Proceeds from FDIC (5,482 ) (4,662 ) Impairment (recovery) of loan pool - (214 ) Loss from termination of loss share agreements (19,079 ) - Period end balance $ - $ 25,795 The FDIC agreements allow for the recovery of some payments made for loss share reimbursements under certain conditions based on the actual performance of the portfolios acquired. This true-up payment 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. On February 3, 2016, the FDIC clawback liability was written-off as a result of the termination of FDIC loss share agreements as discussed above. The activity in the true-up payment liability is as follows: Three month period ended Mar. 31, 2016 Twelve month period ended Dec. 31, 2015 Beginning of the year $ 1,486 $ 1,205 True-up liability accrual 33 281 Gain from termination of loss share agreements (1,519 ) - Period end balance $ - $ 1,486 Impairment of loan pools When a loan pool (with loss share) is impaired, the impairment expense is included in provision for loan losses, and the percentage of that loss to be reimbursed by the FDIC is recognized as income from FDIC reimbursement, and included in this line item. During the three month period ended March 31, 2016, there was no recovery of a prior period impairment, and therefore no reduction of indemnification income was recognized. Indemnification revenue Indemnification revenue represents the percentage of the cost incurred that is reimbursable by the FDIC pursuant to the related Loss Share Agreement for expenses related to the repossession process and losses incurred on the sale of OREO, or writedown of OREO values to current fair value. Amortization, net On the date of an FDIC acquisition, the Company 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. Indemnification of foreclosure expense Indemnification of foreclosure expense represents the percentage of foreclosure related expenses incurred and reimbursable from the FDIC. Foreclosure expense is included in non interest expense. The amount of the reimbursable portion of the expense reduces foreclosure expense included in non interest expense. |
Securities Sold Under Agreement
Securities Sold Under Agreement to Repurchase | 3 Months Ended |
Mar. 31, 2016 | |
Banking And Thrift [Abstract] | |
Securities Sold Under Agreement to Repurchase | NOTE 8: Securities sold under agreement to repurchase Our subsidiary bank enters into borrowing arrangements with our retail business customers by agreements to repurchase (“securities sold under agreements to repurchase”) under which the bank pledges investment securities owned and under their control as collateral against these one-day borrowing arrangement. These short-term borrowings totaled $31,474 at March 31, 2016 compared to $27,472 at December 31, 2015. The following table provides additional details for the periods presented. MBS Municipal As of March 31, 2016 Securities Securities Total Market value of securities pledged $ 46,039 $ 1,145 $ 47,184 Borrowings related to pledged amounts 30,977 497 31,474 Market value pledged as a % of borrowings 149 % 230 % 150 % As of December 31, 2015 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 % Any risk related to these arrangements, primarily market value changes, are minimized due to the overnight (one day) maturity and the additional collateral pledged over the borrowed amounts. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 9: Business Combinations Acquisition of Community Bank of South Florida, Inc. On March 1, 2016, the Company completed its acquisition of Community Bank of South Florida, Inc. (“Community”) whereby Community merged with and into the Company. Pursuant to and simultaneously with the merger of Community with and into the Company, Community’s wholly owned subsidiary bank, Community Bank of Florida, Inc. 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 Central and South Florida markets 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 12% and 14%, respectively, as compared with the balances at December 31, 2015, 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 Community. The purchase price consisted of both cash and stock. Each share of Community common stock was either exchanged for $13.31 cash or 0.9148 shares of the Company’s common stock. Based on the closing price of the Company’s common stock on February 29, 2016, the resulting purchase price was $64,986. The table below summarizes the purchase price calculation. Number of shares of Community 2,488,260 Per share exchange ratio 0.9148 Number of shares of CenterState common stock less 218 of fractional shares 2,276,042 Multiplied by CenterState common stock price per share on February 29, 2016 $ 14.00 Fair value of CenterState common stock issued $ 31,865 Total Community 2,488,261 Multiplied by the cash consideration each Community $ 13.31 Total cash consideration, plus $3 for 218 of fractional shares $ 33,121 Total purchase price $ 64,986 The list below summarizes the estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the March 31, 2016 purchase date. March 1, 2016 Assets: Cash and cash equivalents $ 79,800 Loans, held for investment 273,146 Purchased credit impaired loans 43,298 Loans held for sale 732 Investments 63,716 Accrued interest receivable 995 Branch real estate 10,646 Furniture and fixtures 459 Bank property held for sale 850 FHLB stock 420 Other repossessed real estate owned 4,819 Core deposit intangible 3,684 Goodwill 25,464 Deferred tax asset 11,754 Other assets 758 Total assets acquired $ 520,541 Liabilities Deposits $ 452,935 Notes payable 650 Accrued interest payable 604 Other liabilities 1,366 Total liabilities assumed $ 455,555 In the acquisition, the Company purchased $316,444 of loans at fair value, net of $20,439, or 6.1%, estimated discount to the outstanding principal balance, representing 12.2% of the Company’s total loans at December 31, 2015. Of the total loans acquired, management identified $43,298 with credit deficiencies. All loans that were on non-accrual status, impaired loans including TDRs and other substandard loans 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 March 1, 2016 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 69,400 Non-accretable difference (8,383 ) Cash flows expected to be collected 61,017 Accretable yield (17,719 ) Total purchased credit-impaired loans acquired $ 43,298 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 $ 76,035 $ 73,737 Commercial real estate 160,875 155,678 Construction/development/land 18,391 17,587 Commercial loans 19,467 19,294 Consumer and other loans 6,914 6,850 Purchased credit-impaired 55,201 43,298 Total earning assets $ 336,883 $ 316,444 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 $3,684, Acquisition of Hometown of Homestead Banking Company On March 1, 2016, the Company completed its acquisition of Hometown of Homestead Banking Company (“Hometown”) whereby a newly formed wholly-owned subsidiary of the Company merged with and into Hometown and, immediately thereafter, Hometown merged with and into the Company. Pursuant to and simultaneously with the merger of Hometown with and into the Company, Hometown’s subsidiary bank, 1 st 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. The acquisition increased the Company’s total assets and total deposits by approximately 8% and 8%, respectively, as compared with the balances at December 31, 2015, 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 Hometown. Each share of Hometown common stock was exchanged for $1.25, resulting in a purchase price of $19,150. The table below summarizes the purchase price calculation. Number of shares of Hometown 15,319,622 Multiplied by the cash consideration each Hometown $ 1.25 Total purchase price $ 19,150 The list below summarizes the preliminary estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the March 1, 2016 purchase date. March 1, 2016 Assets: Cash and cash equivalents $ 14,356 Loans, held for investment 195,960 Purchased credit impaired loans 1,827 Investments 77,999 Accrued interest receivable 1,163 Branch real estate 6,830 Furniture and fixtures 132 Bank property held for sale 3,897 Federal Reserve Bank and Federal Home Loan Bank stock 2,571 Other repossessed real estate owned 1,955 Core deposit intangible 2,598 Goodwill 3,289 Deferred tax asset 3,130 Other assets 842 Total assets acquired $ 316,549 Liabilities: Deposits $ 252,977 Repurchase agreements 544 FHLB advances 31,768 Corporate debentures 10,640 Accrued interest payable 314 Other liabilities 1,156 Total liabilities assumed $ 297,399 In the acquisition, the Company purchased $197,787 of loans at fair value, net of $3,051, or 1.5%, estimated discount to the outstanding principal balance, representing 7.6% of the Company’s total loans at December 31, 2015. Of the total loans acquired, management identified $1,827 with credit deficiencies. All loans that were on non-accrual status, impaired loans including TDRs and other substandard loans 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 March 1, 2016 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 3,605 Non-accretable difference (912 ) Cash flows expected to be collected 2,693 Accretable yield (866 ) Total purchased credit-impaired loans acquired $ 1,827 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 $ 73,178 $ 72,994 Commercial real estate 111,175 109,837 Construction/development/land 6,491 6,173 Commercial loans 3,531 3,482 Consumer and other loans 3,529 3,474 Purchased credit-impaired 2,934 1,827 Total earning assets $ 200,838 $ 197,787 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 $2,598, which will be amortized utilizing an accelerated amortization method over an estimated economic life not to exceed ten years. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Pro-forma information The pro-forma information for the periods presented below assumes the Community and Hometown acquisitions occurred at the beginning of 2015. Three month periods ended Mar. 31, 2016 Mar. 31, 2015 Net interest income $46,376 $45,879 Net income available to common shareholders $1,774 $10,995 EPS - basic $0.04 $0.23 EPS - diluted $0.04 $0.23 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | NOTE 11: Recently Issued Accounting Standards In May 2014, the FASB amended existing guidance related to revenue from contracts with customers . 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. In February 2016, the FASB amended existing guidance related to the recognition of lease assets and lease liabilities on the balance sheet and disclosures on key information about leasing arrangements. The amendments in this update affect any entity that enters into a lease, with some specified scope exemptions. The main difference between previous guidance and this amendment is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The Board decided that lessees should be required to recognize the assets and liabilities arising from leases on the balance sheet. In addition, disclosures are required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. To meet that objective, the Board decided to require qualitative disclosures along with specific quantitative disclosures. The Board’s intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous guidance unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous guidance. The transition guidance in the amendment also provides specific guidance for sale and leaseback transactions, build-to-suit leases, leveraged leases, and amounts previously recognized in accordance with the business combinations guidance for leases. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this update is permitted. The Company is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. |
Common Stock Outstanding and 19
Common Stock Outstanding and Earnings Per Share Data (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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. Three months ended March 31, 2016 2015 Basic Net (loss) income available to common shareholders $ (4,804 ) $ 9,148 Less: Earnings allocated to participating securities - (51 ) Net (loss) income allocated to common shareholders $ (4,804 ) $ 9,097 Weighted average common shares outstanding including participating securities 46,343,033 45,379,982 Less: Participating securities (1) - (252,042 ) Average shares 46,343,033 45,127,940 Basic (loss) earnings per common share $ (0.10 ) $ 0.20 Diluted Net income available to common shareholders $ (4,804 ) $ 9,097 Weighted average common shares outstanding for basic earnings per common share 46,343,033 45,127,940 Add: Dilutive effects of stock based compensation awards - 529,684 Average shares and dilutive potential common shares 46,343,033 45,657,624 Diluted (loss) earnings per common share $ (0.10 ) $ 0.20 1. Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2). Assets and liabilities measured at fair value on a recurring basis are summarized below. Fair value measurements using Significant Quoted prices in other Significant active markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at March 31, 2016 Assets: Trading securities $ 2,719 — $ 2,719 — Available for sale securities U.S. Treasury securities 1,002 — 1,002 — Mortgage backed securities 672,328 — 672,328 — Municipal securities 34,243 — 34,243 — Interest rate swap derivatives 41,111 — 41,111 — Liabilities: Interest rate swap derivatives 42,893 — 42,893 — 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 — |
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 March 31, 2016 Assets: Impaired loans Residential real estate $ 3,593 — — $ 3,593 Commercial real estate 7,475 — — 7,475 Land, land development and construction 1,540 — — 1,540 Commercial 1,257 — — 1,257 Consumer 87 — — 87 Other real estate owned Residential real estate — — — — Commercial real estate 1,725 — — 1,725 Land, land development and construction 1,543 — — 1,543 Bank property held for sale 8,069 — — 8,069 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 |
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 March 31, 2016 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 362,019 $ 362,019 $ - $ - $ 362,019 Trading securities 2,719 - 2,719 - 2,719 Investment securities available for sale 707,573 - 707,573 - 707,573 Investment securities held to maturity 256,849 - 259,599 - 259,599 FHLB and FRB stock 17,003 - - - n/a Loans held for sale 2,186 - 2,186 - 2,186 Loans, less allowance for loan losses of $23,122 3,125,099 - - 3,127,172 3,127,172 Interest rate swap derivatives 41,111 - 41,111 - 41,111 Accrued interest receivable 11,677 - 3,601 8,076 11,677 Financial liabilities: Deposits- without stated maturities $ 3,459,742 $ 3,459,742 $ - $ - $ 3,459,742 Deposits- with stated maturities 632,425 - 633,637 - 633,637 Securities sold under agreement to repurchase 31,474 - 31,474 - 31,474 Federal funds purchased 225,298 - 225,298 - 225,298 Corporate debentures 25,782 - - 21,912 21,912 Interest rate swap derivatives 42,893 - 42,893 - 42,893 Accrued interest payable 1,056 - 1,056 - 1,056 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 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Reconciliation of Reportable Segment Revenues, Expenses and Profit | The table below is a reconciliation of the reportable segment revenues, expenses, and profit to the Company’s consolidated total for the three month periods ending March 31, 2016 and 2015. Three month period ending March 31, 2016 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 41,434 $ 2,064 $ - $ - $ 43,498 Interest expense (1,513 ) (262 ) (248 ) - (2,023 ) Net interest income (expense) 39,921 1,802 (248 ) - 41,475 Provision for loan losses (458 ) (52 ) - - (510 ) Non interest income 5,478 8,775 308 - 14,561 Non interest expense (56,022 ) (5,782 ) (1,049 ) - (62,853 ) Net (loss) income before taxes (11,081 ) 4,743 (989 ) - (7,327 ) Income tax benefit (provision) 3,983 (1,830 ) 370 - 2,523 Net (loss) income $ (7,098 ) $ 2,913 $ (619 ) $ - $ (4,804 ) Total assets $ 4,596,420 $ 366,956 $ 552,369 $ (546,090 ) $ 4,969,655 Three month period ending March 31, 2015 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 37,751 $ 1,734 $ - - $ 39,485 Interest expense (1,496 ) (132 ) (237 ) - (1,865 ) Net interest income (expense) 36,255 1,602 (237 ) - 37,620 Provision for loan losses (1,511 ) (131 ) - - (1,642 ) Non interest income 2,281 6,800 - - 9,081 Non interest expense (23,899 ) (5,595 ) (1,109 ) - (30,603 ) Net income before taxes 13,126 2,676 (1,346 ) - 14,456 Income tax (provision) benefit (4,792 ) (1,032 ) 516 - (5,308 ) Net income (loss) $ 8,334 $ 1,644 $ (830 ) - $ 9,148 Total assets $ 3,573,573 $ 305,667 $ 493,374 $ (484,042 ) $ 3,888,572 |
Investment securities (Tables)
Investment securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 1,002 $ - $ - $ 1,002 Mortgage backed securities 666,911 6,472 1,055 672,328 Municipal securities 33,137 1,106 - 34,243 Total available-for-sale $ 701,050 $ 7,578 $ 1,055 $ 707,573 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 |
Schedule of Sales of Available for Sale Securities | Sales of available for sale securities for the three months ended March 31, 2016 and 2015 were as follows: For the three months ended: March 31, 2016 March 31, 2015 Proceeds $ 141,715 $ - Gross gains - - Gross losses - - |
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 March 31, 2016 and December 31, 2015. March 31, 2016 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Obligations of U.S. government sponsored entities and agencies $ 37,114 $ 91 $ 35 $ 37,170 Mortgage backed securities 149,368 644 73 149,939 Municipal securities 70,367 2,153 30 72,490 Total held-to-maturity $ 256,849 $ 2,888 $ 138 $ 259,599 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 |
Available-for-sale Securities [Member] | |
Fair Value and Amortized Cost of Investment Securities by Contractual Maturity | The fair value of available for sale securities at March 31, 2016 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Fair Amortized Investment securities available for sale: Value Cost Due in one year or less $ 1,630 $ 1,618 Due after one year through five years 5,004 4,868 Due after five years through ten years 12,431 12,119 Due after ten years through thirty years 16,180 15,534 Mortgage backed securities 672,328 666,911 Total available-for-sale $ 707,573 $ 701,050 |
Investments Gross Unrealized Losses and Fair Value | The following tables show the Company’s available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2016 and December 31, 2015. March 31, 2016 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Treasury securities $ - $ - $ - $ - $ - $ - Mortgage backed securities 107,881 325 31,900 730 139,781 1,055 Total temporarily impaired available-for-sale securities $ 107,881 $ 325 $ 31,900 $ 730 $ 139,781 $ 1,055 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 |
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 March 31, 2016 by contractual maturity were as follows. Mortgage-backed securities are not due at a single maturity date and are shown separately. Fair Amortized Investment securities held-to-maturity Value Cost Due after five years through ten years $ 32,802 $ 32,763 Due after ten years through thirty years 76,858 74,718 Mortgage backed securities 149,939 149,368 Total held-to-maturity $ 259,599 $ 256,849 |
Investments Gross Unrealized Losses and Fair Value | The following table shows the Company’s held to maturity investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at March 31, 2016 and December 31, 2015. March 31, 2016 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 $ 9,947 $ 35 $ - $ - $ 9,947 $ 35 Mortgage backed securities 28,072 73 - - 28,072 73 Municipal securities 1,687 30 - - 1,687 30 Total temporarily impaired held-to-maturity securities $ 39,706 $ 138 $ - $ - $ 39,706 $ 138 December 31, 2015 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses Obligations of U.S. government sponsored entities and agencies $ 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 held-to-maturity securities $ 131,239 $ 635 $ - $ - $ 131,239 $ 635 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Summary of Information Concerning Loan Portfolio by Collateral Types | The following table sets forth information concerning the loan portfolio by collateral types as of the dates indicated. March 31, 2016 December 31, 2015 Loans excluding PCI loans Real estate loans Residential $ 799,721 $ 647,496 Commercial 1,530,579 1,254,782 Land, development and construction 131,146 105,276 Total real estate 2,461,446 2,007,554 Commercial 373,628 307,321 Consumer and other loans 75,835 67,500 Loans before unearned fees and deferred cost 2,910,909 2,382,375 Net unearned fees and costs 796 873 Total loans excluding PCI loans 2,911,705 2,383,248 PCI loans (note 1) Real estate loans Residential 82,595 86,104 Commercial 127,354 105,629 Land, development and construction 19,912 15,548 Total real estate 229,861 207,281 Commercial 6,020 2,771 Consumer and other loans 635 476 Total PCI loans 236,516 210,528 Total loans 3,148,221 2,593,776 Allowance for loan losses for loans that are not PCI loans (23,002 ) (22,143 ) Allowance for loan losses for PCI loans (120 ) (121 ) Total loans, net of allowance for loan losses $ 3,125,099 $ 2,571,512 |
Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio | The table below set forth the activity in the allowance for loan losses for the periods presented. Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Three months ended March 31, 2016 Balance at beginning of period $ 22,143 $ 121 $ 22,264 Loans charged-off (495 ) - (495 ) Recoveries of loans previously charged-off 843 - 843 Net recoveries 348 - 348 Provision (recovery) for loan losses 511 (1 ) 510 Balance at end of period $ 23,002 $ 120 $ 23,122 Three months ended March 31, 2015 Balance at beginning of period $ 19,384 $ 514 $ 19,898 Loans charged-off (949 ) (77 ) (1,026 ) Recoveries of loans previously charged-off 466 - 466 Net charge-offs (483 ) (77 ) (560 ) Provision (recovery) for loan losses 1,941 (299 ) 1,642 Balance at end of period $ 20,842 $ 138 $ 20,980 The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Three months ended March 31, 2016 Beginning of the period $ 6,015 $ 10,559 $ 936 $ 3,212 $ 1,421 $ 22,143 Charge-offs (81 ) (225 ) (34 ) - (155 ) (495 ) Recoveries 318 204 205 58 58 843 (Recovery) provision for loan losses (428 ) 871 (211 ) 163 116 511 Balance at end of period $ 5,824 $ 11,409 $ 896 $ 3,433 $ 1,440 $ 23,002 Three months ended March 31, 2015 Beginning of the period $ 6,743 $ 8,269 $ 752 $ 2,330 $ 1,290 $ 19,384 Charge-offs (328 ) (60 ) (71 ) (278 ) (212 ) (949 ) Recoveries 314 45 1 46 60 466 Provision for loan losses 37 1,057 147 435 265 1,941 Balance at end of period $ 6,766 $ 9,311 $ 829 $ 2,533 $ 1,403 $ 20,842 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Three months ended March 31, 2016 Beginning of the period $ - $ 103 $ 1 $ 3 $ 14 $ 121 Charge-offs - - - - - - Recoveries - - - - - - Recovery of loan losses - - - (1 ) - (1 ) Balance at end of period $ - $ 103 $ 1 $ 2 $ 14 $ 120 Three months ended March 31, 2015 Beginning of the period $ - $ 372 $ 6 $ 136 $ - $ 514 Charge-offs - (77 ) - - - (77 ) Recoveries - - - - - - Recovery of loan losses - (165 ) (2 ) (132 ) - (299 ) Balance at end of period $ - $ 130 $ 4 $ 4 $ - $ 138 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2016 and December 31, 2015. Accrued interest receivable and unearned loan fees and costs are not included in the recorded investment because they are not material. Real Estate Loans As of March 31, 2016 Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 445 $ 441 $ 163 $ 7 $ 28 $ 1,084 Collectively evaluated for impairment 5,379 10,968 733 3,426 1,412 21,918 Purchased credit impaired - 103 1 2 14 120 Total ending allowance balance $ 5,824 $ 11,512 $ 897 $ 3,435 $ 1,454 $ 23,122 Loans: Individually evaluated for impairment $ 8,462 $ 15,169 $ 2,025 $ 1,992 $ 266 $ 27,914 Collectively evaluated for impairment 791,259 1,515,410 129,121 371,636 75,569 2,882,995 Purchased credit impaired 82,595 127,354 19,912 6,020 635 236,516 Total ending loan balances $ 882,316 $ 1,657,933 $ 151,058 $ 379,648 $ 76,470 $ 3,147,425 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 balance $ 733,600 $ 1,360,411 $ 120,824 $ 310,092 $ 67,976 $ 2,592,903 |
Summary of Impaired Loans | The table below summarizes impaired loan data for the periods presented. Mar. 31, 2016 Dec. 31, 2015 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $ 9,969 $ 10,254 Nonperforming TDRs (these are included in NPLs) 5,381 4,873 Total TDRs (these are included in impaired loans) 15,350 15,127 Impaired loans that are not TDRs 12,564 8,048 Total impaired loans $ 27,914 $ 23,175 |
Troubled Debt Restructured Loans by Loans Type | TDRs as of March 31, 2016 and December 31, 2015 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non performing loans) are presented in the tables below. As of March 31, 2016 Accruing Non Accrual Total Real estate loans: Residential $ 6,290 $ 2,172 $ 8,462 Commercial 1,944 3,008 4,952 Land, development, construction 575 91 666 Total real estate loans 8,809 5,271 14,080 Commercial 940 63 1,003 Consumer and other 220 47 267 Total TDRs $ 9,969 $ 5,381 $ 15,350 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 |
Summary of Loans by Class Modified | The following table presents loans by class modified and for which there was a payment default within twelve months following the modification during the periods ending March 31, 2016 and 2015. Period ending Period ending March 31, 2016 March 31, 2015 Number Recorded Number Recorded of loans investment of loans investment Residential - $ - 3 $ 529 Commercial real estate 2 1,004 3 467 Land, development, construction - - 2 235 Commercial and Industrial 1 63 1 43 Consumer and other - - 2 34 Total 3 $ 1,067 11 $ 1,308 |
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 March 31, 2016 and December 31, 2015, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance due to partial charge-offs. As of March 31, 2016 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 5,719 $ 5,394 $ - Commercial real estate 13,354 12,929 - Land, development, construction 1,033 989 - Commercial and industrial 1,651 1,635 - Consumer, other 106 100 - With an allowance recorded: Residential real estate 3,141 3,068 445 Commercial real estate 2,525 2,240 441 Land, development, construction 1,062 1,036 163 Commercial and industrial 357 357 7 Consumer, other 176 166 28 Total $ 29,124 $ 27,914 $ 1,084 As of December 31, 2015 Unpaid principal balance 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 |
Summary of Impairment by Class of Loans | Three month period ending March 31, 2016 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,278 $ 57 $ - Commercial 13,326 55 - Land, development, construction 2,146 12 - Total real estate loans 23,750 124 - Commercial and industrial 1,525 12 - Consumer and other loans 270 3 - Total $ 25,545 $ 139 $ - Three month period ending March 31, 2015 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 9,279 $ 63 $ - Commercial 10,661 63 - Land, development, construction 2,317 6 - Total real estate loans 22,257 132 - Commercial and industrial 1,099 8 - Consumer and other loans 360 5 - Total $ 23,716 $ 145 $ - |
Summary of Nonperforming Loans | Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. Nonperforming loans were as follows: Mar. 31, 2016 Dec. 31, 2015 Non accrual loans $ 24,865 $ 20,833 Loans past due over 90 days and still accruing interest - - Total non performing loans $ 24,865 $ 20,833 |
Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans | The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of March 31, 2016 and December 31, 2015, excluding purchased credit impaired loans: As of March 31, 2016 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 8,678 $ - Commercial real estate 13,012 - Land, development, construction 1,384 - Commercial 1,531 - Consumer, other 260 - Total $ 24,865 $ - 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 $ - |
Summary Aging of Recorded Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due loans as of March 31, 2016 and December 31, 2015, excluding purchased credit impaired loans: Accruing Loans Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans As of March 31, 2016 Residential real estate $ 799,721 $ 3,525 $ 180 $ - $ 3,705 $ 787,338 $ 8,678 Commercial real estate 1,530,579 4,071 602 - 4,673 1,512,894 13,012 Land/dev/construction 131,146 101 157 - 258 129,504 1,384 Commercial 373,628 2,642 152 - 2,794 369,303 1,531 Consumer 75,835 286 63 - 349 75,226 260 $ 2,910,909 $ 10,625 $ 1,154 $ - $ 11,779 $ 2,874,265 $ 24,865 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 |
Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans | As of March 31, 2016 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 771,539 $ 9,980 $ 18,202 $ - Commercial real estate 1,437,536 65,336 27,707 - Land/dev/construction 121,837 6,570 2,739 - Commercial 365,368 4,506 3,754 - Consumer 75,014 287 534 - Total $ 2,771,294 $ 86,679 $ 52,936 $ - As of December 31, 2015 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 620,313 $ 9,585 $ 17,598 $ - Commercial real estate 1,174,990 47,885 31,907 - Land/dev/construction 95,885 5,896 3,495 - Commercial 299,742 4,077 3,502 - Consumer 66,683 297 520 - Total $ 2,257,613 $ 67,740 $ 57,022 $ - |
Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans | The following table presents the recorded investment in residential and consumer loans, excluding purchased credit impaired loans, based on payment activity as of March 31, 2016 and December 31, 2015: As of March 31, 2016 Residential Consumer Performing $ 791,043 $ 75,575 Nonperforming 8,678 260 Total $ 799,721 $ 75,835 As of December 31, 2015 Residential Consumer Performing $ 637,956 $ 67,147 Nonperforming 9,540 353 Total $ 647,496 $ 67,500 |
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 March 31, 2016 and December 31, 2015. Contractually required principal and interest payments have been adjusted for estimated prepayments. Mar. 31, 2016 Dec. 31, 2015 Contractually required principal and interest $ 373,886 $ 332,570 Non-accretable difference (22,227 ) (19,452 ) Cash flows expected to be collected 351,659 313,118 Accretable yield (115,143 ) (102,590 ) Carrying value of acquired loans 236,516 210,528 Allowance for loan losses (120 ) (121 ) Carrying value less allowance for loan losses $ 236,396 $ 210,407 |
Summary of Changes in Total Contractually Required Principal and Interest Cash Payments | The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the three month periods ending March 31, 2016 and 2015. Activity during the Effect of income all other three month period ending March 31, 2016 Dec. 31, 2015 acquisitions accretion adjustments Mar. 31, 2016 Contractually required principal and interest $ 332,570 $ 73,005 $ - $ (31,689 ) $ 373,886 Non-accretable difference (19,452 ) (9,295 ) - 6,520 (22,227 ) Cash flows expected to be collected 313,118 63,710 - (25,169 ) 351,659 Accretable yield (102,590 ) (18,585 ) 8,908 (2,876 ) (115,143 ) Carry value of acquired loans $ 210,528 $ 45,125 $ 8,908 $ (28,045 ) $ 236,516 Activity during the Effect of income all other three month period ending March 31, 2015 Dec. 31, 2014 acquisitions accretion adjustments Mar. 31, 2015 Contractually required principal and interest $ 460,836 $ - $ - $ (49,601 ) $ 411,235 Non-accretable difference (68,757 ) - - 32,448 (36,309 ) Cash flows expected to be collected 392,079 - - (17,153 ) 374,926 Accretable yield (115,313 ) - 9,930 (6,275 ) (111,658 ) Carry value of acquired loans $ 276,766 $ - $ 9,930 $ (23,428 ) $ 263,268 |
FDIC Indemnification Asset (Tab
FDIC Indemnification Asset (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fdic Loss Share Indemnification Asset [Abstract] | |
FDIC Loss Share Indemnification Asset | The activity in the FDIC loss share indemnification asset is as follows: Three month period ended Mar. 31, 2016 Twelve month period ended Dec. 31, 2015 Beginning of the year $ 25,795 $ 49,054 Amortization, net (1,133 ) (16,282 ) Indemnification revenue 96 1,900 Indemnification of foreclosure expense (197 ) (4,001 ) Proceeds from FDIC (5,482 ) (4,662 ) Impairment (recovery) of loan pool - (214 ) Loss from termination of loss share agreements (19,079 ) - Period end balance $ - $ 25,795 |
FDIC Activity In True-up Payment Liability | The activity in the true-up payment liability is as follows: Three month period ended Mar. 31, 2016 Twelve month period ended Dec. 31, 2015 Beginning of the year $ 1,486 $ 1,205 True-up liability accrual 33 281 Gain from termination of loss share agreements (1,519 ) - Period end balance $ - $ 1,486 |
Securities Sold Under Agreeme25
Securities Sold Under Agreement to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Banking And Thrift [Abstract] | |
Summary of Repurchase Agreement | The following table provides additional details for the periods presented. MBS Municipal As of March 31, 2016 Securities Securities Total Market value of securities pledged $ 46,039 $ 1,145 $ 47,184 Borrowings related to pledged amounts 30,977 497 31,474 Market value pledged as a % of borrowings 149 % 230 % 150 % As of December 31, 2015 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 % |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Community Bank Of South Florida Inc [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of Community 2,488,260 Per share exchange ratio 0.9148 Number of shares of CenterState common stock less 218 of fractional shares 2,276,042 Multiplied by CenterState common stock price per share on February 29, 2016 $ 14.00 Fair value of CenterState common stock issued $ 31,865 Total Community 2,488,261 Multiplied by the cash consideration each Community $ 13.31 Total cash consideration, plus $3 for 218 of fractional shares $ 33,121 Total purchase price $ 64,986 |
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 March 31, 2016 purchase date. March 1, 2016 Assets: Cash and cash equivalents $ 79,800 Loans, held for investment 273,146 Purchased credit impaired loans 43,298 Loans held for sale 732 Investments 63,716 Accrued interest receivable 995 Branch real estate 10,646 Furniture and fixtures 459 Bank property held for sale 850 FHLB stock 420 Other repossessed real estate owned 4,819 Core deposit intangible 3,684 Goodwill 25,464 Deferred tax asset 11,754 Other assets 758 Total assets acquired $ 520,541 Liabilities Deposits $ 452,935 Notes payable 650 Accrued interest payable 604 Other liabilities 1,366 Total liabilities assumed $ 455,555 |
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 March 1, 2016 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 69,400 Non-accretable difference (8,383 ) Cash flows expected to be collected 61,017 Accretable yield (17,719 ) Total purchased credit-impaired loans acquired $ 43,298 |
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 $ 76,035 $ 73,737 Commercial real estate 160,875 155,678 Construction/development/land 18,391 17,587 Commercial loans 19,467 19,294 Consumer and other loans 6,914 6,850 Purchased credit-impaired 55,201 43,298 Total earning assets $ 336,883 $ 316,444 |
Hometown of Homestead Banking Company [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of Hometown 15,319,622 Multiplied by the cash consideration each Hometown $ 1.25 Total purchase price $ 19,150 |
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 March 1, 2016 purchase date. March 1, 2016 Assets: Cash and cash equivalents $ 14,356 Loans, held for investment 195,960 Purchased credit impaired loans 1,827 Investments 77,999 Accrued interest receivable 1,163 Branch real estate 6,830 Furniture and fixtures 132 Bank property held for sale 3,897 Federal Reserve Bank and Federal Home Loan Bank stock 2,571 Other repossessed real estate owned 1,955 Core deposit intangible 2,598 Goodwill 3,289 Deferred tax asset 3,130 Other assets 842 Total assets acquired $ 316,549 Liabilities: Deposits $ 252,977 Repurchase agreements 544 FHLB advances 31,768 Corporate debentures 10,640 Accrued interest payable 314 Other liabilities 1,156 Total liabilities assumed $ 297,399 |
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 March 1, 2016 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 3,605 Non-accretable difference (912 ) Cash flows expected to be collected 2,693 Accretable yield (866 ) Total purchased credit-impaired loans acquired $ 1,827 |
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 $ 73,178 $ 72,994 Commercial real estate 111,175 109,837 Construction/development/land 6,491 6,173 Commercial loans 3,531 3,482 Consumer and other loans 3,529 3,474 Purchased credit-impaired 2,934 1,827 Total earning assets $ 200,838 $ 197,787 |
Community Bank of South Florida Inc And Hometown of Homestead Banking Company [Member] | |
Pro-Forma Financial Information of Acquisition | The pro-forma information for the periods presented below assumes the Community and Hometown acquisitions occurred at the beginning of 2015. Three month periods ended Mar. 31, 2016 Mar. 31, 2015 Net interest income $46,376 $45,879 Net income available to common shareholders $1,774 $10,995 EPS - basic $0.04 $0.23 EPS - diluted $0.04 $0.23 |
Nature of Operations and Basi27
Nature of Operations and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016LocationCountyRevenue_Generating_Activities | |
Nature Of Operations And Basis Of Presentation [Abstract] | |
Number of service banking locations | Location | 72 |
Number of counties in which company operates | County | 22 |
Number of inter-related revenue generating activities | Revenue_Generating_Activities | 3 |
Common Stock Outstanding and 28
Common Stock Outstanding and Earnings Per Share Data - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Anti dilutive stock options | 890,410 | 586,620 |
Common Stock Outstanding and 29
Common Stock Outstanding and Earnings Per Share Data - Factors Used in Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Basic | |||
Net (loss) income available to common shareholders | $ (4,804) | $ 9,148 | |
Less: Earnings allocated to participating securities | (51) | ||
Net (loss) income allocated to common shareholders | $ (4,804) | $ 9,097 | |
Weighted average common shares outstanding including participating securities | 46,343,033 | 45,379,982 | |
Less: Participating securities | [1] | (252,042) | |
Average shares | [2] | 46,343,033 | 45,127,940 |
Basic (loss) earnings per common share | $ (0.10) | $ 0.20 | |
Diluted | |||
Net income available to common shareholders | $ (4,804) | $ 9,097 | |
Weighted average common shares outstanding for basic earnings per common share | [2] | 46,343,033 | 45,127,940 |
Add: Dilutive effects of stock based compensation awards | 529,684 | ||
Average shares and dilutive potential common shares | [2] | 46,343,033 | 45,657,624 |
Diluted (loss) earnings per common share | $ (0.10) | $ 0.20 | |
[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. | ||
[2] | Excludes participating shares. |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Trading securities, at fair value | $ 2,719 | $ 2,107 |
Available for sale securities | 707,573 | 604,739 |
Interest rate swap derivatives, carrying amount assets | 41,111 | 18,619 |
US Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,002 | 1,000 |
Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 672,328 | 568,452 |
Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | 34,243 | 35,287 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 2,719 | 2,107 |
Available for sale securities | 707,573 | 604,739 |
Fair Value Measurements on Recurring [Member] | ||
Assets: | ||
Trading securities, at fair value | 2,719 | 2,107 |
Interest rate swap derivatives, carrying amount assets | 41,111 | 18,619 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 42,893 | 19,822 |
Fair Value Measurements on Recurring [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,002 | 1,000 |
Fair Value Measurements on Recurring [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 672,328 | 568,452 |
Fair Value Measurements on Recurring [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | 34,243 | 35,287 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 2,719 | 2,107 |
Interest rate swap derivatives, carrying amount assets | 41,111 | 18,619 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 42,893 | 19,822 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,002 | 1,000 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 672,328 | 568,452 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | $ 34,243 | $ 35,287 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) $ in Thousands | Mar. 01, 2016Property | Mar. 31, 2016USD ($)Property | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Impaired loans with allocated allowance for loan losses | $ 13,952 | $ 13,293 | ||
Impaired valuation allowance | 805 | $ 807 | ||
Provision for loan loss expense on impaired loans | 510 | $ 1,642 | ||
Repossessed real estate owned valuation write down | 22 | 389 | ||
Impairment charges recognized | $ 456 | 682 | ||
Number properties owned by the Company were transferred to held for sale | Property | 5 | |||
Community Bank of South Florida Inc And Hometown of Homestead Banking Company [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Number of branch properties acquired | Property | 7 | |||
Impaired Loans [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Provision for loan loss expense on impaired loans | $ 115 | $ 120 | ||
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 - Assets and Liabi32
Fair Value - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans on Residential real estate at Carrying value | $ 3,593 | $ 3,288 |
Impaired loans on Commercial real estate at Carrying value | 7,475 | 7,061 |
Impaired loans on Land, land development and construction at Carrying value | 1,540 | 1,767 |
Impaired loans on Commercial at Carrying value | 1,257 | 280 |
Impaired loans on Consumer at Carrying value | 87 | 90 |
Other real estate owned on Residential real estate at Carrying value | 85 | |
Other real estate owned on Commercial real estate at Carrying value | 1,725 | 1,506 |
Other real estate owned on Land, land development and construction at Carrying value | 1,543 | 2,002 |
Bank owned real estate held for sale | 8,069 | 1,665 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank owned real estate held for sale | 8,069 | 1,665 |
Impaired loans on Residential real estate | 3,593 | 3,288 |
Impaired loans on Commercial real estate | 7,475 | 7,061 |
Impaired loans on Land, land development and construction | 1,540 | 1,767 |
Impaired loans on Commercial | 1,257 | 280 |
Impaired loans on Consumer | 87 | 90 |
Other real estate owned on Residential real estate | 85 | |
Other real estate owned on Commercial real estate | 1,725 | 1,506 |
Other real estate owned on Land, land development and construction | $ 1,543 | $ 2,002 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financial assets: | ||||
Cash and cash equivalents | $ 362,019 | $ 152,482 | $ 256,341 | $ 158,413 |
Cash and cash equivalents, fair value | 362,019 | 152,482 | ||
Trading securities, at fair value | 2,719 | 2,107 | ||
Investment securities available for sale, at fair value | 707,573 | 604,739 | ||
Investment securities held to maturity, carrying amount | 256,849 | 272,840 | ||
Investment securities held to maturity, at fair value | 259,599 | 273,983 | ||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 17,003 | 14,041 | ||
Loans held for sale, carrying amount | 2,186 | 1,529 | ||
Loans held for sale, fair value | 2,186 | 1,529 | ||
Loans, less allowance for loan losses, carrying amount | 3,125,099 | 2,571,512 | ||
Loans, less allowance for loan losses, fair value | 3,127,172 | 2,574,516 | ||
FDIC Indemnification asset, fair value | 25,795 | $ 49,054 | ||
Interest rate swap derivatives, carrying amount assets | 41,111 | 18,619 | ||
Interest rate swap derivatives, assets fair value | 41,111 | 18,619 | ||
Accrued interest receivable, carrying amount | 11,677 | 10,286 | ||
Accrued interest receivable, fair value | 11,677 | 10,286 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, carrying amount | 3,459,742 | 2,792,758 | ||
Deposits- without stated maturities, fair value | 3,459,742 | 2,792,758 | ||
Deposits- with stated maturities, carrying amount | 632,425 | 422,420 | ||
Deposits- with stated maturities, fair value | 633,637 | 423,391 | ||
Securities sold under agreement to repurchase, fair value | 31,474 | 27,472 | ||
Securities sold under agreement to repurchase | 31,474 | 27,472 | ||
Federal funds purchased, carrying amount | 225,298 | 200,250 | ||
Corporate debentures, carrying amount | 25,782 | 24,093 | ||
Federal funds purchased, fair value | 225,298 | 200,250 | ||
Interest rate swap derivatives, carrying amount | 42,893 | 19,822 | ||
Corporate debentures, fair value | 21,912 | 19,734 | ||
Accrued interest payable, carrying amount | 1,056 | 218 | ||
Interest rate swap derivatives, fair value | 42,893 | 19,822 | ||
Accrued interest payable, fair value | 1,056 | 218 | ||
Other borrowed funds | 650 | 25,000 | ||
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 | 362,019 | 152,482 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, fair value | 3,459,742 | 2,792,758 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Trading securities, at fair value | 2,719 | 2,107 | ||
Investment securities available for sale, at fair value | 707,573 | 604,739 | ||
Investment securities held to maturity, at fair value | 259,599 | 273,983 | ||
Loans held for sale, fair value | 2,186 | 1,529 | ||
Interest rate swap derivatives, assets fair value | 41,111 | 18,619 | ||
Accrued interest receivable, fair value | 3,601 | |||
Financial liabilities: | ||||
Deposits- with stated maturities, fair value | 633,637 | 423,391 | ||
Securities sold under agreement to repurchase, fair value | 31,474 | 27,472 | ||
Federal funds purchased, fair value | 225,298 | 200,250 | ||
Interest rate swap derivatives, fair value | 42,893 | 19,822 | ||
Accrued interest payable, fair value | 1,056 | 218 | ||
Other borrowed funds, fair value | 25,000 | |||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Loans, less allowance for loan losses, fair value | 3,127,172 | 2,574,516 | ||
Accrued interest receivable, fair value | 8,076 | 10,286 | ||
Financial liabilities: | ||||
Corporate debentures, fair value | $ 21,912 | $ 19,734 |
Fair Value - Carrying Amounts34
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||||
Deduction of Allowance for loan losses from loans | $ 23,122 | $ 22,264 | $ 20,980 | $ 19,898 |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of Reportable Segment Revenues, Expenses and Profit (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 43,498 | $ 39,485 | |
Interest expense | (2,023) | (1,865) | |
Net interest income | 41,475 | 37,620 | |
Provision for loan losses | (510) | (1,642) | |
Non interest income | 14,561 | 9,081 | |
Non interest expense | (62,853) | (30,603) | |
Net (loss) income before taxes | (7,327) | 14,456 | |
Income tax benefit (provision) | 2,523 | (5,308) | |
Net (loss) income | (4,804) | 9,148 | |
Total assets | 4,969,655 | 3,888,572 | $ 4,022,717 |
Operating Segments [Member] | Commercial and Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 41,434 | 37,751 | |
Interest expense | (1,513) | (1,496) | |
Net interest income | 39,921 | 36,255 | |
Provision for loan losses | (458) | (1,511) | |
Non interest income | 5,478 | 2,281 | |
Non interest expense | (56,022) | (23,899) | |
Net (loss) income before taxes | (11,081) | 13,126 | |
Income tax benefit (provision) | 3,983 | (4,792) | |
Net (loss) income | (7,098) | 8,334 | |
Total assets | 4,596,420 | 3,573,573 | |
Operating Segments [Member] | Correspondent Banking And Capital Markets Division [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 2,064 | 1,734 | |
Interest expense | (262) | (132) | |
Net interest income | 1,802 | 1,602 | |
Provision for loan losses | (52) | (131) | |
Non interest income | 8,775 | 6,800 | |
Non interest expense | (5,782) | (5,595) | |
Net (loss) income before taxes | 4,743 | 2,676 | |
Income tax benefit (provision) | (1,830) | (1,032) | |
Net (loss) income | 2,913 | 1,644 | |
Total assets | 366,956 | 305,667 | |
Corporate Overhead and Administration [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | (248) | (237) | |
Net interest income | (248) | (237) | |
Non interest income | 308 | ||
Non interest expense | (1,049) | (1,109) | |
Net (loss) income before taxes | (989) | (1,346) | |
Income tax benefit (provision) | 370 | 516 | |
Net (loss) income | (619) | (830) | |
Total assets | 552,369 | 493,374 | |
Elimination Entries [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ (546,090) | $ (484,042) |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016LocationCountySubsidiary | |
Segment Reporting Information [Line Items] | |
Number of counties in which company operates | County | 22 |
Number of bank locations | Location | 72 |
Commercial and Retail Banking [Member] | |
Segment Reporting Information [Line Items] | |
Number of non bank subsidiary | Subsidiary | 2 |
Number of counties in which company operates | County | 22 |
Number of bank locations | Location | 72 |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 701,050 | $ 602,397 |
Gross Unrealized Gains | 7,578 | 5,258 |
Gross Unrealized Losses | 1,055 | 2,916 |
Available for sale securities | 707,573 | 604,739 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,002 | 1,002 |
Gross Unrealized Losses | 2 | |
Available for sale securities | 1,002 | 1,000 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 666,911 | 567,264 |
Gross Unrealized Gains | 6,472 | 4,102 |
Gross Unrealized Losses | 1,055 | 2,914 |
Available for sale securities | 672,328 | 568,452 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 33,137 | 34,131 |
Gross Unrealized Gains | 1,106 | 1,156 |
Available for sale securities | $ 34,243 | $ 35,287 |
Investment Securities Availab38
Investment Securities Available for Sale - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)Security | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | |||
Reclassifications of gain included in net income, income taxes | $ 0 | $ 0 | |
Securities estimated fair value | $ 198,002,000 | $ 195,753,000 | |
Percentage of AFS securities held by any one issuer as a percentage of stockholders' equity | 10.00% | 10.00% | |
Number of securities representing specified criteria | Security | 0 | 0 | |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% | ||
Community Bank Of South Florida Inc [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gain (loss) on sale of securities acquired through acquisition | $ 0 | ||
Hometown of Homestead Banking Company [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gain (loss) on sale of securities acquired through acquisition | $ 0 |
Investment Securities Availab39
Investment Securities Available for Sale - Schedule of Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds | $ 141,715 | $ 0 |
Gross gains | 0 | 0 |
Gross losses | $ 0 | $ 0 |
Investment Securities Availab40
Investment Securities Available for Sale - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities available for sale, Due in one year or less, Fair Value | $ 1,630 | |
Investment securities available for sale, Due after one year through five years, Fair Value | 5,004 | |
Investment securities available for sale, Due after five years through ten years, Fair Value | 12,431 | |
Investment securities available for sale, Due after ten years through thirty years, Fair Value | 16,180 | |
Investment securities available for sale, Mortgage backed securities, Fair Value | 672,328 | |
Fair Value | 707,573 | $ 604,739 |
Investment securities available for sale, Due in one year or less, Amortized Cost | 1,618 | |
Investment securities available for sale, Due after one year through five years, Amortized Cost | 4,868 | |
Investment securities available for sale, Due after five years through ten years, Amortized Cost | 12,119 | |
Investment securities available for sale, Due after ten years through thirty years, Amortized Cost | 15,534 | |
Investment securities available for sale, Mortgage backed securities, Amortized Cost | 666,911 | |
Amortized Cost | $ 701,050 | $ 602,397 |
Investment Securities Availab41
Investment Securities Available for Sale - Investments Gross Unrealized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 107,881 | $ 283,299 |
Less than 12 months, Unrealized Losses | 325 | 1,601 |
12 months or more, Fair Value | 31,900 | 32,892 |
12 months or more, Unrealized Losses | 730 | 1,315 |
Total, Fair Value | 139,781 | 316,191 |
Total, Unrealized Losses | 1,055 | 2,916 |
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 | |
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 | 107,881 | 282,299 |
Less than 12 months, Unrealized Losses | 325 | 1,599 |
12 months or more, Fair Value | 31,900 | 32,892 |
12 months or more, Unrealized Losses | 730 | 1,315 |
Total, Fair Value | 139,781 | 315,191 |
Total, Unrealized Losses | $ 1,055 | $ 2,914 |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 256,849 | $ 272,840 |
Gross Unrecognized Gains | 2,888 | 1,778 |
Gross Unrecognized Losses | 138 | 635 |
Held-to-maturity securities, fair value | 259,599 | 273,983 |
Obligations of U.S. government sponsored entities and agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 37,114 | 57,610 |
Gross Unrecognized Gains | 91 | 141 |
Gross Unrecognized Losses | 35 | 23 |
Held-to-maturity securities, fair value | 37,170 | 57,728 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 149,368 | 155,942 |
Gross Unrecognized Gains | 644 | 71 |
Gross Unrecognized Losses | 73 | 601 |
Held-to-maturity securities, fair value | 149,939 | 155,412 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 70,367 | 59,288 |
Gross Unrecognized Gains | 2,153 | 1,566 |
Gross Unrecognized Losses | 30 | 11 |
Held-to-maturity securities, fair value | $ 72,490 | $ 60,843 |
Investment Securities Held to43
Investment Securities Held to Maturity - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)Security | Dec. 31, 2015USD ($)Security | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of securities representing specified criteria | 0 | 0 |
Percentage of HTM securities held by any one issuer as a percentage of stockholders' equity | 10.00% | |
Held to maturity securities pledged, estimated fair value | $ | $ 45,997 | $ 48,246 |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% | |
Held-to-maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of securities representing specified criteria | 0 | |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% |
Investment Securities Held to44
Investment Securities Held to Maturity - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities available for sale, Due after five years through ten years, Fair Value | $ 32,802 | |
Investment securities available for sale, Due after ten years through thirty years, Fair Value | 76,858 | |
Investment securities available for sale, Mortgage backed securities, Fair Value | 149,939 | |
Fair Value | 259,599 | $ 273,983 |
Investment securities available for sale, Due after five years through ten years, Amortized Cost | 32,763 | |
Investment securities available for sale, Due after ten years through thirty years, Amortized Cost | 74,718 | |
Investment securities available for sale, Mortgage backed securities, Amortized Cost | 149,368 | |
Amortized Cost | $ 256,849 | $ 272,840 |
Investment Securities Held to45
Investment Securities Held to Maturity - Investments Gross Unrecognized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 39,706 | $ 131,239 |
Less than 12 months, Unrecognized Losses | 138 | 635 |
Total, Fair Value | 39,706 | 131,239 |
Total, Unrecognized Losses | 138 | 635 |
Obligations of U.S. government sponsored entities and agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 9,947 | 9,958 |
Less than 12 months, Unrecognized Losses | 35 | 23 |
Total, Fair Value | 9,947 | 9,958 |
Total, Unrecognized Losses | 35 | 23 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 28,072 | 119,546 |
Less than 12 months, Unrecognized Losses | 73 | 601 |
Total, Fair Value | 28,072 | 119,546 |
Total, Unrecognized Losses | 73 | 601 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 1,687 | 1,735 |
Less than 12 months, Unrecognized Losses | 30 | 11 |
Total, Fair Value | 1,687 | 1,735 |
Total, Unrecognized Losses | $ 30 | $ 11 |
Loans - Summary of Information
Loans - Summary of Information Concerning Loan Portfolio by Collateral Types (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Receivables with Imputed Interest [Line Items] | ||
Total loans excluding purchased credit impaired loans | $ 2,911,705 | $ 2,383,248 |
Total PCI loans | 236,516 | 210,528 |
Total loans | 3,148,221 | 2,593,776 |
Allowance for loan losses for loans that are not PCI loans | (23,002) | (22,143) |
Net Loans | 3,125,099 | 2,571,512 |
Allowance for loan losses for loans that are not PCI loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 799,721 | 647,496 |
Real estate loans, Commercial | 1,530,579 | 1,254,782 |
Land, development and construction | 131,146 | 105,276 |
Total real estate | 2,461,446 | 2,007,554 |
Commercial | 373,628 | 307,321 |
Consumer and other loans | 75,835 | 67,500 |
Loans before unearned fees and deferred cost | 2,910,909 | 2,382,375 |
Net unearned fees and costs | 796 | 873 |
Allowance for loan losses on PCI loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 82,595 | 86,104 |
Real estate loans, Commercial | 127,354 | 105,629 |
Land, development and construction | 19,912 | 15,548 |
Total real estate | 229,861 | 207,281 |
Commercial | 6,020 | 2,771 |
Consumer and other loans | 635 | 476 |
Allowance for loan losses for PCI loans | $ (120) | $ (121) |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolios (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | $ 22,264 | $ 19,898 |
Loans charged-off | (495) | (1,026) |
Recoveries of loans previously charged-off | 843 | 466 |
Net recoveries | 348 | (560) |
Provision (recovery) for loan losses | 510 | 1,642 |
Balance at end of period | 23,122 | 20,980 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 6,015 | |
Balance at end of period | 5,824 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 10,662 | |
Balance at end of period | 11,512 | |
Land, Development, Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 937 | |
Balance at end of period | 897 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 3,215 | |
Balance at end of period | 3,435 | |
Consumer and Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1,435 | |
Balance at end of period | 1,454 | |
Allowance for loan losses for loans that are not PCI loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 22,143 | 19,384 |
Loans charged-off | (495) | (949) |
Recoveries of loans previously charged-off | 843 | 466 |
Net recoveries | 348 | (483) |
Provision (recovery) for loan losses | 511 | 1,941 |
Balance at end of period | 23,002 | 20,842 |
Allowance for loan losses for loans that are not PCI loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 6,015 | 6,743 |
Loans charged-off | (81) | (328) |
Recoveries of loans previously charged-off | 318 | 314 |
Provision (recovery) for loan losses | (428) | 37 |
Balance at end of period | 5,824 | 6,766 |
Allowance for loan losses for loans that are not PCI loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 10,559 | 8,269 |
Loans charged-off | (225) | (60) |
Recoveries of loans previously charged-off | 204 | 45 |
Provision (recovery) for loan losses | 871 | 1,057 |
Balance at end of period | 11,409 | 9,311 |
Allowance for loan losses for loans that are not PCI loans [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 936 | 752 |
Loans charged-off | (34) | (71) |
Recoveries of loans previously charged-off | 205 | 1 |
Provision (recovery) for loan losses | (211) | 147 |
Balance at end of period | 896 | 829 |
Allowance for loan losses for loans that are not PCI loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 3,212 | 2,330 |
Loans charged-off | (278) | |
Recoveries of loans previously charged-off | 58 | 46 |
Provision (recovery) for loan losses | 163 | 435 |
Balance at end of period | 3,433 | 2,533 |
Allowance for loan losses for loans that are not PCI loans [Member] | Consumer and Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1,421 | 1,290 |
Loans charged-off | (155) | (212) |
Recoveries of loans previously charged-off | 58 | 60 |
Provision (recovery) for loan losses | 116 | 265 |
Balance at end of period | 1,440 | 1,403 |
Allowance for loan losses on PCI loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 121 | 514 |
Loans charged-off | (77) | |
Net recoveries | (77) | |
Provision (recovery) for loan losses | (1) | (299) |
Balance at end of period | 120 | 138 |
Allowance for loan losses on PCI loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 103 | 372 |
Loans charged-off | (77) | |
Provision (recovery) for loan losses | (165) | |
Balance at end of period | 103 | 130 |
Allowance for loan losses on PCI loans [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1 | 6 |
Provision (recovery) for loan losses | (2) | |
Balance at end of period | 1 | 4 |
Allowance for loan losses on PCI loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 3 | 136 |
Provision (recovery) for loan losses | (1) | (132) |
Balance at end of period | 2 | $ 4 |
Allowance for loan losses on PCI loans [Member] | Consumer and Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 14 | |
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 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Allowance for loan losses: | ||||
Individually evaluated for impairment | $ 1,084 | $ 1,080 | ||
Collectively evaluated for impairment | 21,918 | 21,063 | ||
Purchased credit impaired | 120 | 121 | ||
Total ending allowance balance | 23,122 | 22,264 | $ 20,980 | $ 19,898 |
Loans: | ||||
Individually evaluated for impairment | 27,914 | 23,175 | ||
Collectively evaluated for impairment | 2,882,995 | 2,359,200 | ||
Purchased credit impaired | 236,516 | 210,528 | ||
Total ending loan balances | 3,147,425 | 2,592,903 | ||
Residential Real Estate [Member] | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 445 | 402 | ||
Collectively evaluated for impairment | 5,379 | 5,613 | ||
Total ending allowance balance | 5,824 | 6,015 | ||
Loans: | ||||
Individually evaluated for impairment | 8,462 | 8,096 | ||
Collectively evaluated for impairment | 791,259 | 639,400 | ||
Purchased credit impaired | 82,595 | 86,104 | ||
Total ending loan balances | 882,316 | 733,600 | ||
Commercial Real Estate [Member] | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 441 | 478 | ||
Collectively evaluated for impairment | 10,968 | 10,081 | ||
Purchased credit impaired | 103 | 103 | ||
Total ending allowance balance | 11,512 | 10,662 | ||
Loans: | ||||
Individually evaluated for impairment | 15,169 | 11,482 | ||
Collectively evaluated for impairment | 1,515,410 | 1,243,300 | ||
Purchased credit impaired | 127,354 | 105,629 | ||
Total ending loan balances | 1,657,933 | 1,360,411 | ||
Land, Development, Construction [Member] | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 163 | 164 | ||
Collectively evaluated for impairment | 733 | 772 | ||
Purchased credit impaired | 1 | 1 | ||
Total ending allowance balance | 897 | 937 | ||
Loans: | ||||
Individually evaluated for impairment | 2,025 | 2,267 | ||
Collectively evaluated for impairment | 129,121 | 103,009 | ||
Purchased credit impaired | 19,912 | 15,548 | ||
Total ending loan balances | 151,058 | 120,824 | ||
Commercial and Industrial [Member] | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 7 | 7 | ||
Collectively evaluated for impairment | 3,426 | 3,205 | ||
Purchased credit impaired | 2 | 3 | ||
Total ending allowance balance | 3,435 | 3,215 | ||
Loans: | ||||
Individually evaluated for impairment | 1,992 | 1,057 | ||
Collectively evaluated for impairment | 371,636 | 306,264 | ||
Purchased credit impaired | 6,020 | 2,771 | ||
Total ending loan balances | 379,648 | 310,092 | ||
Consumer and Other [Member] | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 28 | 29 | ||
Collectively evaluated for impairment | 1,412 | 1,392 | ||
Purchased credit impaired | 14 | 14 | ||
Total ending allowance balance | 1,454 | 1,435 | ||
Loans: | ||||
Individually evaluated for impairment | 266 | 273 | ||
Collectively evaluated for impairment | 75,569 | 67,227 | ||
Purchased credit impaired | 635 | 476 | ||
Total ending loan balances | $ 76,470 | $ 67,976 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans [Line Items] | ||||
Allowance For Loan And Lease Losses On Acquired Loans | $ 0 | |||
Loans modification, modified terms allowance period minimum | 12 months | |||
Loans modification, modified terms allowance period maximum | 24 months | |||
Provision for loan loss expense | $ 112,000 | $ 94,000 | ||
Partial charge offs for troubled debt restructured | $ 63,000 | 63,000 | ||
Percentage of troubled debt restructured current pursuant to modified terms | 65.00% | |||
Non performing TDRs | $ 5,381,000 | |||
Percentage of troubled debt restructured not performing pursuant to their modified terms | 35.00% | |||
Loans modified as TDRs | $ 1,049,000 | 909,000 | ||
Loan loss provision modified as TDRs | 23,000 | 48,000 | ||
Provision for loan loss expense within twelve months | 7,000 | 40,000 | ||
Partial charge offs for troubled debt restructured | 19,000 | 31,000 | ||
Reclassification from non-accretable difference | 3,364,000 | $ 6,057,000 | ||
First Southern Bank Inc and Gulf Stream Bancshares Inc [Member] | ||||
Loans [Line Items] | ||||
Fair value adjustment for loans | $ 17,761,000 | |||
Fair value adjustment for loans, percentage | 2.10% | |||
Unamortized fair value adjustment on loans | $ 8,639,000 | $ 9,354,000 | ||
Unamortized Fair Value Adjustment On Loans Percentage | 1.52% | 1.59% | ||
Allowance For Loan And Lease Losses On Acquired Loans | $ 2,571,000 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 15,350 | $ 15,127 |
Impaired loans that are not TDRs | 12,564 | 8,048 |
Total impaired loans | 27,914 | 23,175 |
Performing TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | 9,969 | 10,254 |
Nonperforming TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 5,381 | $ 4,873 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructured Loans by Loans Type (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 15,350 | $ 15,127 |
Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 14,080 | 13,797 |
Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 9,969 | 10,254 |
Accruing [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 8,809 | 9,038 |
Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 5,381 | 4,873 |
Non Accrual [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 5,271 | 4,759 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 8,462 | 8,095 |
Residential Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 6,290 | 5,987 |
Residential Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 2,172 | 2,108 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 4,952 | 5,016 |
Commercial Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,944 | 2,458 |
Commercial Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 3,008 | 2,558 |
Land, Development, Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 666 | 686 |
Land, Development, Construction [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 575 | 593 |
Land, Development, Construction [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 91 | 93 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,003 | 1,057 |
Commercial and Industrial [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 940 | 991 |
Commercial and Industrial [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 63 | 66 |
Consumer and Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 267 | 273 |
Consumer and Other [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 220 | 225 |
Consumer and Other [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 47 | $ 48 |
Loans - Summary of Loans by Cla
Loans - Summary of Loans by Class Modified (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)SecurityLoan | Mar. 31, 2015USD ($)SecurityLoan | |
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 3 | 11 |
Recorded investment | $ | $ 1,067 | $ 1,308 |
Residential Real Estate [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 3 | |
Recorded investment | $ | $ 529 | |
Commercial Real Estate [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 2 | 3 |
Recorded investment | $ | $ 1,004 | $ 467 |
Land, Development, Construction [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 2 | |
Recorded investment | $ | $ 235 | |
Commercial and Industrial [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 1 | 1 |
Recorded investment | $ | $ 63 | $ 43 |
Consumer and Other [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 2 | |
Recorded investment | $ | $ 34 |
Loans - Summary of Loans Indivi
Loans - Summary of Loans Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance | $ 29,124 | $ 24,890 |
Total impaired loans | 27,914 | 23,175 |
Amount of allowance for loan losses allocated to impaired loans | 1,084 | 1,080 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 5,719 | 5,784 |
Unpaid principal balance, With an allowance recorded | 3,141 | 2,682 |
Recorded investment, With no related allowance | 5,394 | 5,465 |
Recorded investment, With an allowance recorded | 3,068 | 2,631 |
Total impaired loans | 8,462 | 8,096 |
Amount of allowance for loan losses allocated to impaired loans | 445 | 402 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 13,354 | 9,595 |
Unpaid principal balance, With an allowance recorded | 2,525 | 2,538 |
Recorded investment, With no related allowance | 12,929 | 9,202 |
Recorded investment, With an allowance recorded | 2,240 | 2,280 |
Total impaired loans | 15,169 | 11,482 |
Amount of allowance for loan losses allocated to impaired loans | 441 | 478 |
Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 1,033 | 1,869 |
Unpaid principal balance, With an allowance recorded | 1,062 | 1,065 |
Recorded investment, With no related allowance | 989 | 1,229 |
Recorded investment, With an allowance recorded | 1,036 | 1,038 |
Total impaired loans | 2,025 | 2,267 |
Amount of allowance for loan losses allocated to impaired loans | 163 | 164 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 1,651 | 585 |
Unpaid principal balance, With an allowance recorded | 357 | 484 |
Recorded investment, With no related allowance | 1,635 | 577 |
Recorded investment, With an allowance recorded | 357 | 480 |
Total impaired loans | 1,992 | 1,057 |
Amount of allowance for loan losses allocated to impaired loans | 7 | 7 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 106 | 109 |
Unpaid principal balance, With an allowance recorded | 176 | 179 |
Recorded investment, With no related allowance | 100 | 103 |
Recorded investment, With an allowance recorded | 166 | 170 |
Total impaired loans | 266 | 273 |
Amount of allowance for loan losses allocated to impaired loans | $ 28 | $ 29 |
Loans - Summary of Impairment b
Loans - Summary of Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | $ 25,545 | $ 23,716 |
Interest income recognized during impairment | 139 | 145 |
Total Real Estate Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 23,750 | 22,257 |
Interest income recognized during impairment | 124 | 132 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 8,278 | 9,279 |
Interest income recognized during impairment | 57 | 63 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 13,326 | 10,661 |
Interest income recognized during impairment | 55 | 63 |
Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 2,146 | 2,317 |
Interest income recognized during impairment | 12 | 6 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 1,525 | 1,099 |
Interest income recognized during impairment | 12 | 8 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 270 | 360 |
Interest income recognized during impairment | $ 3 | $ 5 |
Loans - Summary of Nonperformin
Loans - Summary of Nonperforming Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Non accrual loans | $ 24,865 | $ 20,833 |
Loans past due over 90 days and still accruing interest | 0 | 0 |
Total non performing loans | $ 24,865 | $ 20,833 |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 24,865 | $ 20,833 |
Loans past due over 90 days still accruing | 0 | 0 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 8,678 | 9,540 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 13,012 | 9,145 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,384 | 1,608 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,531 | 187 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 260 | $ 353 |
Loans - Summary Aging of Record
Loans - Summary Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 2,910,909 | $ 2,382,375 |
Total Past Due | 11,779 | 14,723 |
Loans Not Past Due | 2,874,265 | 2,346,819 |
Non accrual loans | 24,865 | 20,833 |
30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,625 | 8,431 |
60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,154 | 6,292 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 799,721 | 647,496 |
Total Past Due | 3,705 | 5,207 |
Loans Not Past Due | 787,338 | 632,749 |
Non accrual loans | 8,678 | 9,540 |
Residential Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,525 | 2,118 |
Residential Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 180 | 3,089 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,530,579 | 1,254,782 |
Total Past Due | 4,673 | 6,817 |
Loans Not Past Due | 1,512,894 | 1,238,820 |
Non accrual loans | 13,012 | 9,145 |
Commercial Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,071 | 4,647 |
Commercial Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 602 | 2,170 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 131,146 | 105,276 |
Total Past Due | 258 | 875 |
Loans Not Past Due | 129,504 | 102,793 |
Non accrual loans | 1,384 | 1,608 |
Land, Development, Construction [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 101 | 280 |
Land, Development, Construction [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 157 | 595 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 373,628 | 307,321 |
Total Past Due | 2,794 | 1,449 |
Loans Not Past Due | 369,303 | 305,685 |
Non accrual loans | 1,531 | 187 |
Commercial and Industrial [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,642 | 1,101 |
Commercial and Industrial [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 152 | 348 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 75,835 | 67,500 |
Total Past Due | 349 | 375 |
Loans Not Past Due | 75,226 | 66,772 |
Non accrual loans | 260 | 353 |
Consumer and Other [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 286 | 285 |
Consumer and Other [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 63 | $ 90 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 799,721 | $ 647,496 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 75,835 | 67,500 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,771,294 | 2,257,613 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 771,539 | 620,313 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,437,536 | 1,174,990 |
Pass [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 121,837 | 95,885 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 365,368 | 299,742 |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 75,014 | 66,683 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 86,679 | 67,740 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,980 | 9,585 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 65,336 | 47,885 |
Special Mention [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,570 | 5,896 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,506 | 4,077 |
Special Mention [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 287 | 297 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 52,936 | 57,022 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 18,202 | 17,598 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 27,707 | 31,907 |
Substandard [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,739 | 3,495 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,754 | 3,502 |
Substandard [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 534 | $ 520 |
Loans - Investment in Residenti
Loans - Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 799,721 | $ 647,496 |
Residential Real Estate [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 791,043 | 637,956 |
Residential Real Estate [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,678 | 9,540 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 75,835 | 67,500 |
Consumer and Other [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 75,575 | 67,147 |
Consumer and Other [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 260 | $ 353 |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Contractually required principal and interest | $ 373,886 | $ 332,570 |
Non-accretable difference | (22,227) | (19,452) |
Cash flows expected to be collected | 351,659 | 313,118 |
Accretable yield | (115,143) | (102,590) |
Carrying value of acquired loans | 236,516 | 210,528 |
Allowance for loan losses | (120) | (121) |
Carrying value less allowance for loan losses | $ 236,396 | $ 210,407 |
Loans - Summary of Changes in T
Loans - Summary of Changes in Total Contractually Required Principal and Interest Cash Payments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Contractually required principal and interest, beginning balance | $ 332,570 | |
Non-accretable difference, beginning balance | (19,452) | |
Cash flows expected to be collected, beginning balance | 313,118 | |
Accretable yield, beginning balance | (102,590) | |
Carrying value of acquired loans, beginning balance | 210,528 | |
Contractually required principal and interest, ending balance | 373,886 | |
Non-accretable difference, ending balance | (22,227) | |
Cash flows expected to be collected, ending balance | 351,659 | |
Accretable yield, ending balance | (115,143) | |
Carrying value of acquired loans, ending balance | 236,516 | |
Contractually Required Principal and Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Contractually required principal and interest, beginning balance | 332,570 | $ 460,836 |
Effect of acquisitions | 73,005 | |
All other adjustments | (31,689) | (49,601) |
Contractually required principal and interest, ending balance | 373,886 | 411,235 |
Non-Accretable Difference [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-accretable difference, beginning balance | (19,452) | (68,757) |
Effect of acquisitions | (9,295) | |
All other adjustments | 6,520 | 32,448 |
Non-accretable difference, ending balance | (22,227) | (36,309) |
Cash Flows Expected to be Collected [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Cash flows expected to be collected, beginning balance | 313,118 | 392,079 |
Effect of acquisitions | 63,710 | |
All other adjustments | (25,169) | (17,153) |
Cash flows expected to be collected, ending balance | 351,659 | 374,926 |
Accretable Yield [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Accretable yield, beginning balance | (102,590) | (115,313) |
Effect of acquisitions | (18,585) | |
Income accretion | 8,908 | 9,930 |
All other adjustments | (2,876) | (6,275) |
Accretable yield, ending balance | (115,143) | (111,658) |
Carry Value of Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of acquired loans, beginning balance | 210,528 | 276,766 |
Effect of acquisitions | 45,125 | |
Income accretion | 8,908 | 9,930 |
All other adjustments | (28,045) | (23,428) |
Carrying value of acquired loans, ending balance | $ 236,516 | $ 263,268 |
FDIC Indemnification Asset - Ad
FDIC Indemnification Asset - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016USD ($) | Jun. 30, 2014Bank | Dec. 31, 2015USD ($) | Dec. 31, 2012Bank | Dec. 31, 2010Bank | |
Fdic Indemnification Asset [Abstract] | |||||
Number of acquisitions under agreement | Bank | 2 | 2 | 3 | ||
Recovery of a prior period impairment | $ 0 | ||||
Impairment (recovery) of loan pool | $ 0 | $ (214,000) |
FDIC Indemnification Asset - FD
FDIC Indemnification Asset - FDIC Loss Share Indemnification Asset (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fdic Loss Share Indemnification Asset [Abstract] | ||
Beginning of the year | $ 25,795,000 | $ 49,054,000 |
Amortization, net | (1,133,000) | (16,282,000) |
Indemnification revenue | 96,000 | 1,900,000 |
Indemnification of foreclosure expense | (197,000) | (4,001,000) |
Proceeds from FDIC | (5,482,000) | (4,662,000) |
Impairment (recovery) of loan pool | 0 | (214,000) |
Loss from termination of loss share agreements | $ (19,079,000) | |
Period end balance | $ 25,795,000 |
FDIC Indemnification Asset - 64
FDIC Indemnification Asset - FDIC Activity In True-up Payment Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fdic Loss Share Indemnification Asset [Abstract] | ||
Beginning of the year | $ 1,486 | $ 1,205 |
True-up liability accrual | 33 | 281 |
Gain from termination of loss share agreements | $ (1,519) | |
Period end balance | $ 1,486 |
Securities Sold Under Agreeme65
Securities Sold Under Agreement to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Banking And Thrift [Abstract] | ||
Securities sold under agreement to repurchase | $ 31,474 | $ 27,472 |
Securities Sold Under Agreeme66
Securities Sold Under Agreement to Repurchase - Summary of Repurchase Agreement (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 47,184 | $ 47,398 |
Securities sold under agreement to repurchase | $ 31,474 | $ 27,472 |
Market value pledged as a % of borrowings | 150.00% | 173.00% |
Mortgage Backed Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 46,039 | $ 45,745 |
Securities sold under agreement to repurchase | $ 30,977 | $ 27,179 |
Market value pledged as a % of borrowings | 149.00% | 168.00% |
Municipal Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 1,145 | $ 1,653 |
Securities sold under agreement to repurchase | $ 497 | $ 293 |
Market value pledged as a % of borrowings | 230.00% | 564.00% |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ / shares in Units, $ in Thousands | Mar. 01, 2016USD ($)$ / shares | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||
Goodwill on the acquisition | $ 105,492 | $ 76,739 | |
Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Effective date of acquisition | Mar. 1, 2016 | ||
Increase in total assets | 12.00% | ||
Increase in total deposits | 14.00% | ||
Goodwill on the acquisition | $ 25,464 | ||
Fair value estimates change period | 1 year | ||
Multiplied by the cash consideration each Community share is entitled to receive | $ / shares | $ 13.31 | ||
Per share exchange ratio | 0.9148 | ||
Total purchase consideration | $ 64,986 | ||
Loans at fair value | 316,444 | ||
Net Outstanding principal balance | $ 20,439 | ||
Estimated discount to outstanding principal balance | 6.10% | ||
Percentage of loans acquired | 12.20% | ||
Community Bank Of South Florida Inc [Member] | Core Deposits [Member] | |||
Business Acquisition [Line Items] | |||
Deposit intangible asset | $ 3,684 | ||
Community Bank Of South Florida Inc [Member] | Core Deposits [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Estimated economic life | 10 years | ||
Community Bank Of South Florida Inc [Member] | Purchased Credit-Impaired [Member] | |||
Business Acquisition [Line Items] | |||
Loans with credit deficiencies | $ 43,298 | ||
Community Bank Of South Florida Inc [Member] | Common Stock [Member] | |||
Business Acquisition [Line Items] | |||
Outstanding common stock acquired percentage | 100.00% | ||
Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Effective date of acquisition | Mar. 1, 2016 | ||
Increase in total assets | 8.00% | ||
Increase in total deposits | 8.00% | ||
Goodwill on the acquisition | $ 3,289 | ||
Fair value estimates change period | 1 year | ||
Multiplied by the cash consideration each Community share is entitled to receive | $ / shares | $ 1.25 | ||
Total purchase consideration | $ 19,150 | ||
Loans at fair value | 197,787 | ||
Net Outstanding principal balance | $ 3,051 | ||
Estimated discount to outstanding principal balance | 1.50% | ||
Percentage of loans acquired | 7.60% | ||
Hometown of Homestead Banking Company [Member] | Core Deposits [Member] | |||
Business Acquisition [Line Items] | |||
Deposit intangible asset | $ 2,598 | ||
Hometown of Homestead Banking Company [Member] | Core Deposits [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Estimated economic life | 10 years | ||
Hometown of Homestead Banking Company [Member] | Purchased Credit-Impaired [Member] | |||
Business Acquisition [Line Items] | |||
Loans with credit deficiencies | $ 1,827 | ||
Hometown of Homestead Banking Company [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 | Mar. 01, 2016USD ($)$ / sharesshares |
Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Number of shares of common stock outstanding | shares | 2,488,260 |
Per share exchange ratio | 0.9148 |
Number of shares of CenterState common stock | shares | 2,276,042 |
Multiplied by CenterState common stock price per share | $ / shares | $ 14 |
Fair value of CenterState common stock issued | $ | $ 31,865 |
Total Community common shares exchanged for cash | shares | 2,488,261 |
Multiplied by the cash consideration each Community share is entitled to receive | $ / shares | $ 13.31 |
Total cash consideration | $ | $ 33,121 |
Total purchase price | $ | $ 64,986 |
Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Number of shares of common stock outstanding | shares | 15,319,622 |
Multiplied by the cash consideration each Community share is entitled to receive | $ / shares | $ 1.25 |
Total purchase price | $ | $ 19,150 |
Business Combinations - Summa69
Business Combinations - Summary of Purchase Price Calculation (Parenthetical) (Detail) - Community Bank Of South Florida Inc [Member] $ in Thousands | Mar. 01, 2016USD ($)shares |
Business Acquisition [Line Items] | |
Fractional shares | shares | 218 |
Fractional shares amount | $ | $ 3 |
Business Combinations - Summa70
Business Combinations - Summary of Preliminary Estimates of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 01, 2016 | Dec. 31, 2015 |
Assets: | |||
Goodwill | $ 105,492 | $ 76,739 | |
Community Bank Of South Florida Inc [Member] | |||
Assets: | |||
Cash and cash equivalents | $ 79,800 | ||
Loans, held for investment | 273,146 | ||
Purchased credit impaired loans | 43,298 | ||
Loans held for sale | 732 | ||
Investments | 63,716 | ||
Accrued interest receivable | 995 | ||
Branch real estate | 10,646 | ||
Furniture and fixtures | 459 | ||
Bank property held for sale | 850 | ||
Federal Reserve Bank and Federal Home Loan Bank stock | 420 | ||
Other repossessed real estate owned | 4,819 | ||
Core deposit intangible | 3,684 | ||
Goodwill | 25,464 | ||
Deferred tax asset | 11,754 | ||
Other assets | 758 | ||
Total assets acquired | 520,541 | ||
Liabilities: | |||
Deposits | 452,935 | ||
Notes payable | 650 | ||
Accrued interest payable | 604 | ||
Other liabilities | 1,366 | ||
Total liabilities assumed | 455,555 | ||
Hometown of Homestead Banking Company [Member] | |||
Assets: | |||
Cash and cash equivalents | 14,356 | ||
Loans, held for investment | 195,960 | ||
Purchased credit impaired loans | 1,827 | ||
Investments | 77,999 | ||
Accrued interest receivable | 1,163 | ||
Branch real estate | 6,830 | ||
Furniture and fixtures | 132 | ||
Bank property held for sale | 3,897 | ||
Federal Reserve Bank and Federal Home Loan Bank stock | 2,571 | ||
Other repossessed real estate owned | 1,955 | ||
Core deposit intangible | 2,598 | ||
Goodwill | 3,289 | ||
Deferred tax asset | 3,130 | ||
Other assets | 842 | ||
Total assets acquired | 316,549 | ||
Liabilities: | |||
Deposits | 252,977 | ||
Repurchase agreements | 544 | ||
FHLB advances | 31,768 | ||
Corporate debentures | 10,640 | ||
Accrued interest payable | 314 | ||
Other liabilities | 1,156 | ||
Total liabilities assumed | $ 297,399 |
Business Combinations - Summa71
Business Combinations - Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans (Detail) - Purchased Credit-Impaired [Member] $ in Thousands | Mar. 01, 2016USD ($) |
Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Contractually required principal and interest | $ 69,400 |
Non-accretable difference | (8,383) |
Cash flows expected to be collected | 61,017 |
Accretable yield | (17,719) |
Total purchased credit-impaired loans acquired | 43,298 |
Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Contractually required principal and interest | 3,605 |
Non-accretable difference | (912) |
Cash flows expected to be collected | 2,693 |
Accretable yield | (866) |
Total purchased credit-impaired loans acquired | $ 1,827 |
Business Combinations - Summa72
Business Combinations - Summary of Fair Value of Acquired Loans and Unpaid Principal Balance (Detail) $ in Thousands | Mar. 01, 2016USD ($) |
Book Balance [Member] | Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | $ 336,883 |
Book Balance [Member] | Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 200,838 |
Book Balance [Member] | Residential Real Estate [Member] | Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 76,035 |
Book Balance [Member] | Residential Real Estate [Member] | Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 73,178 |
Book Balance [Member] | Commercial Real Estate [Member] | Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 160,875 |
Book Balance [Member] | Commercial Real Estate [Member] | Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 111,175 |
Book Balance [Member] | Land, Development, Construction [Member] | Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 18,391 |
Book Balance [Member] | Land, Development, Construction [Member] | Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 6,491 |
Book Balance [Member] | Commercial and Industrial [Member] | Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 19,467 |
Book Balance [Member] | Commercial and Industrial [Member] | Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 3,531 |
Book Balance [Member] | Consumer and Other [Member] | Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 6,914 |
Book Balance [Member] | Consumer and Other [Member] | Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 3,529 |
Book Balance [Member] | Purchased Credit-Impaired [Member] | Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 55,201 |
Book Balance [Member] | Purchased Credit-Impaired [Member] | Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 2,934 |
Fair Value [Member] | Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 316,444 |
Fair Value [Member] | Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 197,787 |
Fair Value [Member] | Residential Real Estate [Member] | Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 73,737 |
Fair Value [Member] | Residential Real Estate [Member] | Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 72,994 |
Fair Value [Member] | Commercial Real Estate [Member] | Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 155,678 |
Fair Value [Member] | Commercial Real Estate [Member] | Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 109,837 |
Fair Value [Member] | Land, Development, Construction [Member] | Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 17,587 |
Fair Value [Member] | Land, Development, Construction [Member] | Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 6,173 |
Fair Value [Member] | Commercial and Industrial [Member] | Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 19,294 |
Fair Value [Member] | Commercial and Industrial [Member] | Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 3,482 |
Fair Value [Member] | Consumer and Other [Member] | Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 6,850 |
Fair Value [Member] | Consumer and Other [Member] | Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 3,474 |
Fair Value [Member] | Purchased Credit-Impaired [Member] | Community Bank Of South Florida Inc [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | 43,298 |
Fair Value [Member] | Purchased Credit-Impaired [Member] | Hometown of Homestead Banking Company [Member] | |
Business Acquisition [Line Items] | |
Carrying value and Fair value of acquired loans | $ 1,827 |
Business Combinations - Pro-For
Business Combinations - Pro-Forma Financial Information And Actual Results of Acquisition (Detail) - Community Bank of South Florida Inc And Hometown of Homestead Banking Company [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Business Acquisition [Line Items] | ||
Net interest income | $ 46,376 | $ 45,879 |
Net income available to common shareholders | $ 1,774 | $ 10,995 |
EPS - basic | $ 0.04 | $ 0.23 |
EPS - diluted | $ 0.04 | $ 0.23 |