Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 | 48,018,388 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 37,460 | $ 50,902 |
Federal funds sold and Federal Reserve Bank deposits | 161,406 | 101,580 |
Cash and cash equivalents | 198,866 | 152,482 |
Trading securities, at fair value | 2,166 | 2,107 |
Investment securities available for sale, at fair value | 761,648 | 604,739 |
Investment securities held to maturity (fair value of $269,721 and $273,983 at September 30, 2016 and December 31, 2015, respectively) | 263,692 | 272,840 |
Loans held for sale | 2,333 | 1,529 |
Loans, excluding purchased credit impaired | 3,097,194 | 2,383,248 |
Purchased credit impaired loans | 197,288 | 210,528 |
Allowance for loan losses | (25,499) | (22,264) |
Net Loans | 3,268,983 | 2,571,512 |
Bank premises and equipment, net | 114,567 | 101,821 |
Accrued interest receivable | 11,782 | 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 | 16,267 | 12,164 |
Trust intangible, net | 733 | 837 |
Bank owned life insurance | 97,767 | 85,890 |
Other repossessed real estate owned | 9,005 | 11,196 |
FDIC indemnification asset | 25,795 | |
Deferred income tax asset, net | 58,614 | 46,220 |
Bank property held for sale | 9,355 | 1,665 |
Interest rate swap derivatives, at fair value | 63,207 | 18,619 |
Prepaid expense and other assets | 13,032 | 12,235 |
TOTAL ASSETS | 5,014,512 | 4,022,717 |
Deposits: | ||
Demand - non-interest bearing | 1,406,030 | 1,133,138 |
Demand - interest bearing | 814,123 | 679,714 |
Savings and money market accounts | 1,256,244 | 979,906 |
Time deposits | 579,537 | 422,420 |
Total deposits | 4,055,934 | 3,215,178 |
Securities sold under agreement to repurchase | 26,889 | 27,472 |
Federal funds purchased | 258,329 | 200,250 |
Other borrowed funds | 25,000 | |
Corporate debentures | 25,899 | 24,093 |
Accrued interest payable | 928 | 218 |
Interest rate swap derivatives, at fair value | 65,165 | 19,822 |
Payables and accrued expenses | 28,597 | 20,170 |
Total liabilities | 4,461,741 | 3,532,203 |
Stockholders' equity: | ||
Common stock, $.01 par value: 100,000,000 shares authorized; 48,016,624 and 45,459,195 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 480 | 455 |
Additional paid-in capital | 428,798 | 393,191 |
Retained earnings | 115,985 | 95,430 |
Accumulated other comprehensive income | 7,508 | 1,438 |
Total stockholders' equity | 552,771 | 490,514 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 5,014,512 | $ 4,022,717 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 269,721 | $ 273,983 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 48,016,624 | 45,459,195 |
Common stock, shares outstanding | 48,016,624 | 45,459,195 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Interest income: | |||||
Loans | $ 41,445 | $ 35,134 | $ 119,540 | $ 106,188 | |
Investment securities available for sale: | |||||
Taxable | 4,693 | 3,895 | 14,523 | 11,981 | |
Tax-exempt | 1,053 | 728 | 2,775 | 1,933 | |
Federal funds sold and other | 512 | 355 | 1,672 | 1,120 | |
Total interest income | 47,703 | 40,112 | 138,510 | 121,222 | |
Interest expense: | |||||
Deposits | 1,821 | 1,339 | 5,042 | 4,155 | |
Securities sold under agreement to repurchase | 25 | 51 | 80 | 154 | |
Federal funds purchased | 240 | 150 | 761 | 436 | |
Corporate debentures | 298 | 244 | 836 | 722 | |
Total interest expense | 2,384 | 1,784 | 6,719 | 5,467 | |
Net interest income | 45,319 | 38,328 | 131,791 | 115,755 | |
Provision for loan losses | 1,275 | 2,696 | 3,950 | ||
Net interest income after loan loss provision | 44,044 | 38,328 | 129,095 | 111,805 | |
Non interest income: | |||||
Correspondent banking capital markets revenue | 6,381 | 4,943 | 21,801 | 17,971 | |
Other correspondent banking related revenue | 1,147 | 992 | 3,793 | 3,351 | |
Service charges on deposit accounts | 3,770 | 2,488 | 9,835 | 7,169 | |
Debit, prepaid, ATM and merchant card related fees | 2,017 | 1,659 | 6,245 | 5,183 | |
Wealth management related revenue | 892 | 940 | 2,422 | 2,900 | |
FDIC indemnification income | 0 | 27 | 96 | 1,053 | |
FDIC indemnification asset amortization | (4,144) | (1,166) | (13,143) | ||
Bank owned life insurance income | 658 | 580 | 1,877 | 1,772 | |
Other service charges and fees | 736 | 641 | 2,230 | 1,524 | |
Net gain on sale of securities available for sale | 13 | 4 | 13 | 4 | |
Total other income | 15,614 | 8,130 | 47,146 | 27,784 | |
Non interest expense: | |||||
Salaries, wages and employee benefits | 22,418 | 18,916 | 66,832 | 58,421 | |
Occupancy expense | 2,414 | 2,586 | 7,038 | 7,597 | |
Depreciation of premises and equipment | 1,629 | 1,438 | 4,714 | 4,274 | |
Supplies, stationary and printing | 341 | 382 | 1,020 | 1,098 | |
Marketing expenses | 700 | 630 | 2,216 | 1,649 | |
Data processing expense | 1,761 | 1,153 | 5,053 | 3,610 | |
Legal, audit and other professional fees | 904 | 779 | 2,756 | 2,204 | |
Core deposit intangible ("CDI") amortization | 756 | 579 | 2,179 | 1,810 | |
Postage and delivery | 423 | 348 | 1,264 | 1,052 | |
ATM and debit card related expenses | 725 | 515 | 2,137 | 1,398 | |
Bank regulatory expenses | 863 | 774 | 2,641 | 2,567 | |
(Gain) loss on sale of repossessed real estate (“OREO”) | (558) | (282) | (1,270) | (1,783) | |
Valuation write down of repossessed real estate (“OREO”) | 237 | 237 | 651 | 1,016 | |
(Gain) loss on repossessed assets other than real estate | (4) | 15 | 33 | 14 | |
Foreclosure related expenses | 512 | 423 | 1,743 | 1,742 | |
Merger and acquisition related expenses | 0 | 169 | 11,172 | 169 | |
Branch closure and efficiency initiatives | 549 | 12 | 967 | 637 | |
Loss from termination of FDIC loss share agreements | 0 | 0 | 17,560 | 0 | |
Other expenses | 2,658 | 2,181 | 7,524 | 6,521 | |
Total other expenses | 36,328 | 30,855 | 136,230 | 93,996 | |
Income before provision for income taxes | 23,330 | 15,603 | 40,011 | 45,593 | |
Provision for income taxes | 7,946 | 5,687 | 13,697 | 16,651 | |
Net income | 15,384 | 9,916 | 26,314 | 28,942 | |
Other comprehensive income, net of tax: | |||||
Unrealized securities holding gain (loss), net of income taxes | 232 | 1,869 | 6,078 | (653) | |
Less: reclassified adjustments for gain included in net income, net of income taxes, of $5, $2, $5 and $2 ,respectively | (8) | (2) | (8) | (2) | |
Net unrealized gain (loss) on available for sale securities, net of income taxes | 224 | 1,867 | 6,070 | (655) | |
Total comprehensive income | $ 15,608 | $ 11,783 | $ 32,384 | $ 28,287 | |
Earnings per share: | |||||
Basic | $ 0.32 | $ 0.22 | $ 0.55 | $ 0.64 | |
Diluted | $ 0.32 | $ 0.22 | $ 0.55 | $ 0.63 | |
Common shares used in the calculation of (loss) earnings per share: | |||||
Basic | [1] | 47,820,543 | 45,200,366 | 47,254,255 | 45,163,766 |
Diluted | [1] | 48,602,566 | 45,826,153 | 47,954,759 | 45,732,665 |
[1] | Excludes participating shares. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Reclassifications of gain included in net income, income taxes | $ 5 | $ 2 | $ 5 | $ 2 |
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 | 28,942 | 28,942 | ||||||
Unrealized holding gain (loss) on available for sale securities, net of deferred income tax | (655) | (655) | ||||||
Dividends paid - common | (2,272) | (2,272) | ||||||
Stock grants issued | 1,173 | $ 1 | 1,172 | |||||
Stock grants issued, shares | 69,416 | |||||||
Stock based compensation expense | 163 | 163 | ||||||
Stock options exercised, including tax benefit | 782 | $ 2 | 780 | |||||
Stock options exercised including tax benefit, Shares | 141,190 | |||||||
Stock repurchase | (798) | $ (1) | (797) | |||||
Stock repurchase, shares | (65,265) | |||||||
Balances at ending at Sep. 30, 2015 | 479,812 | $ 455 | 390,016 | 85,943 | 3,398 | |||
Balances at ending, shares at Sep. 30, 2015 | 45,468,894 | |||||||
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 | $ 26,314 | 26,314 | ||||||
Unrealized holding gain (loss) on available for sale securities, net of deferred income tax | 6,070 | 6,070 | ||||||
Dividends paid - common | (5,759) | (5,759) | ||||||
Stock grants issued | 200 | $ 2 | 198 | |||||
Stock grants issued, shares | 205,628 | |||||||
Stock based compensation expense | 3,251 | 3,251 | ||||||
Stock options exercised, including tax benefit | 718 | $ 1 | 717 | |||||
Stock options exercised including tax benefit, Shares | 103,381 | |||||||
Stock repurchase | (402) | $ (1) | (401) | |||||
Stock repurchase, shares | (27,622) | |||||||
Stock issued pursuant to acquisition | $ 31,865 | $ 23 | $ 31,842 | |||||
Stock issued pursuant to acquisition, shares | 2,276,042 | |||||||
Balances at ending at Sep. 30, 2016 | $ 552,771 | $ 480 | $ 428,798 | $ 115,985 | $ 7,508 | |||
Balances at ending, shares at Sep. 30, 2016 | 48,016,624 | 48,016,624 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income [Member] | ||
Unrealized holding gain on available for sale securities, deferred income tax | $ 3,811 | $ 411 |
Retained Earnings [Member] | ||
Dividends paid - common, per share | $ 0.12 | $ 0.05 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 26,314 | $ 28,942 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 2,696 | 3,950 |
Depreciation of premises and equipment | 4,714 | 4,274 |
Accretion of purchase accounting adjustments | (27,786) | (33,091) |
Net amortization of investment securities | 8,297 | 6,824 |
Net deferred loan origination fees | (354) | 343 |
Gain on sale of securities available for sale | (13) | (4) |
Trading securities revenue | (418) | (337) |
Purchases of trading securities | (122,383) | (114,101) |
Proceeds from sale of trading securities | 122,742 | 116,592 |
Repossessed real estate owned valuation write down | 651 | 1,016 |
Gain on sale of repossessed real estate owned | (1,270) | (1,783) |
Loss on repossessed assets other than real estate | 33 | 14 |
Gain on sale of loans held for sale | (623) | (454) |
Loans originated and held for sale | (30,883) | (23,592) |
Proceeds from sale of loans held for sale | 31,434 | 24,491 |
Loss (gain) on disposal of and or sale of fixed assets | 1 | (19) |
Gain on disposal of bank property held for sale | (107) | (57) |
Impairment on bank property held for sale | 1,074 | 694 |
Gain on extinguishment of debt | (308) | 0 |
Deferred income taxes | (1,321) | 2,486 |
Stock based compensation expense | 3,251 | 2,417 |
Bank owned life insurance income | (1,877) | (1,772) |
FDIC indemnification asset amortization | 1,166 | 13,143 |
Loss from termination of FDIC loss share agreements | 17,560 | 0 |
Net cash from changes in: | ||
Net changes in accrued interest receivable, prepaid expenses, and other assets | 2,042 | 3,102 |
Net change in accrued interest payable, accrued expense, and other liabilities | 7,507 | 9,713 |
Net cash provided by operating activities | 42,139 | 42,791 |
Cash flows from investing activities: | ||
Purchases of investment securities | (10,025) | (3,867) |
Purchases of mortgage backed securities | (245,190) | (65,459) |
Proceeds from pay-downs of mortgage backed securities | 90,984 | 71,336 |
Proceeds from sales of investment securities | 79,657 | 0 |
Proceeds from sales of mortgage backed securities | 62,418 | 16,305 |
Proceeds from called investment securities | 10,113 | 2,190 |
Purchases of investment securities | (58,458) | (53,789) |
Purchases of mortgage backed securities | (3,730) | (30,776) |
Proceeds from called investment securities | 42,936 | 44,425 |
Proceeds from pay-downs of mortgage backed securities | 26,875 | 27,799 |
Purchases of FHLB and FRB stock | 0 | (23) |
Proceeds from sales of FHLB and FRB stock | 29 | 208 |
Net increase in loans | (161,807) | (110,363) |
Cash received from FDIC loss sharing agreements | 5,482 | 6,291 |
Purchases of premises and equipment, net | (4,776) | (6,181) |
Proceeds from sale of repossessed real estate | 15,227 | 27,696 |
Proceeds from sale of fixed assets | 0 | 49 |
Proceeds from sale of bank property held for sale | 1,482 | 1,518 |
Purchase of bank owned life insurance | (10,000) | 0 |
Net cash from bank acquisitions | 41,885 | 12,537 |
Net cash used in investing activities | (116,898) | (60,104) |
Cash flows from financing activities: | ||
Net increase in deposits | 135,650 | 79,087 |
Net (decrease) increase in securities sold under agreement to repurchase | (1,127) | 1,490 |
Net increase in federal funds purchased | 58,079 | 9,311 |
Net decrease in other borrowings | (57,418) | 0 |
Extinguishment of debt | (8,680) | 0 |
Net increase (decrease) in payable to shareholders for acquisitions | 82 | (269) |
Stock options exercised, including tax benefit | 718 | 782 |
Stock repurchased | (402) | (798) |
Dividends paid | (5,759) | (2,272) |
Net cash provided by financing activities | 121,143 | 87,331 |
Net increase in cash and cash equivalents | 46,384 | 70,018 |
Cash and cash equivalents, beginning of period | 152,482 | 158,413 |
Cash and cash equivalents, end of period | 198,866 | 228,431 |
Transfer of loans to other real estate owned | 5,643 | 9,309 |
Transfers of bank property to held for sale | 4,415 | 970 |
Cash paid during the period for: | ||
Interest | 6,968 | 6,252 |
Income taxes | $ 14,909 | $ 11,553 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 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 66 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, Winston Salem, North Carolina and San Francisco, California. 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 and nine month periods ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 24,500, 462,004, 67,609 and 473,501 stock options that were not considered in computing diluted earnings per common share because Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Basic Net income available to common shareholders $ 15,384 $ 9,916 $ 26,314 $ 28,942 Less: Earnings allocated to participating securities (60 ) (54 ) (104 ) (160 ) Net income allocated to common shareholders $ 15,324 $ 9,862 $ 26,210 $ 28,782 Weighted average common shares outstanding including participating securities 48,006,824 45,447,962 47,441,952 45,414,202 Less: Participating securities (1) (186,281 ) (247,596 ) (187,697 ) (250,436 ) Average shares 47,820,543 45,200,366 47,254,255 45,163,766 Basic earnings per common share $ 0.32 $ 0.22 $ 0.55 $ 0.64 Diluted Net income available to common shareholders $ 15,324 $ 9,862 $ 26,210 $ 28,782 Weighted average common shares outstanding for basic earnings per common share 47,820,543 45,200,366 47,254,255 45,163,766 Add: Dilutive effects of stock based compensation awards 782,023 625,787 700,504 568,899 Average shares and dilutive potential common shares 48,602,566 45,826,153 47,954,759 45,732,665 Diluted earnings per common share $ 0.32 $ 0.22 $ 0.55 $ 0.63 1. Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 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 (Level 1); 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 (Level 2). 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 Quoted prices Significant in active other Significant markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at September 30, 2016 Assets: Trading securities $ 2,166 — $ 2,166 — Available for sale securities U.S. Treasury securities 1,002 — 1,002 — Obligations of U.S. government sponsored entities and agencies 10,023 — 10,023 — Mortgage backed securities 726,092 — 726,092 — Municipal securities 24,531 — 24,531 — Interest rate swap derivatives 63,207 — 63,207 — Liabilities: Interest rate swap derivatives 65,165 — 65,165 — 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 September 30, 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 September 30, 2016 Assets: Impaired loans Residential real estate $ 2,870 — — $ 2,870 Commercial real estate 7,469 — — 7,469 Land, land development and construction 1,011 — — 1,011 Commercial 1,220 — — 1,220 Consumer 65 — — 65 Other real estate owned Residential real estate 715 — — 715 Commercial real estate 938 — — 938 Land, land development and construction 1,515 — — 1,515 Bank property held for sale 1,136 — — 1,136 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 $13,034 $399 expense of $86 and $458 on these The Company recorded a provision for loan loss expense of $241 and $516 on impaired loans carried at fair value during the three and nine month periods ending September 30, 2015. Other real estate owned had a decline in fair value of $237, $237, $651 and $1,016 during 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 appraisals. The Company recognized an impairment charge of $549, $12, $967 and $637 during the three and nine month periods ending September 30, 2016 and 2015, respectively, related to bank properties held for sale Fair Value of Financial Instruments The methods and assumptions, not previously presented, used to estimate fair value are described as follows: Cash and Cash Equivalents: FHLB and FRB Stock Investment securities held to maturity Loans held for sale Loans, net FDIC Indemnification Asset Accrued Interest Receivable Deposits Short-term Borrowings Corporate Debentures Accrued Interest Payable Off-balance Sheet Instruments The following table presents the carry amounts and estimated fair values of the Company’s financial instruments: Fair value measurements at September 30, 2016 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 198,866 $ 198,866 $ - $ - $ 198,866 Trading securities 2,166 - 2,166 - 2,166 Investment securities available for sale 761,648 - 761,648 - 761,648 Investment securities held to maturity 263,692 - 269,721 - 269,721 FHLB and FRB stock 17,003 - - - n/a Loans held for sale 2,333 - 2,333 - 2,333 Loans, less allowance for loan losses of $25,499 3,268,983 - - 3,267,908 3,267,908 Interest rate swap derivatives 63,207 - 63,207 - 63,207 Accrued interest receivable 11,782 - 4,077 7,705 11,782 Financial liabilities: Deposits- without stated maturities $ 3,476,397 $ 3,476,397 $ - $ - $ 3,476,397 Deposits- with stated maturities 579,537 - 581,527 - 581,527 Securities sold under agreement to repurchase 26,889 - 26,889 - 26,889 Federal funds purchased 258,329 - 258,329 - 258,329 Corporate debentures 25,899 - - 22,226 22,226 Interest rate swap derivatives 65,165 - 65,165 - 65,165 Accrued interest payable 928 - 928 - 928 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 | 9 Months Ended |
Sep. 30, 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 and nine month periods ending September 30, 2016 and 2015. Three month period ending September 30, 2016 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 45,840 $ 1,863 $ - $ - $ 47,703 Interest expense (1,848 ) (238 ) (298 ) - (2,384 ) Net interest income (expense) 43,992 1,625 (298 ) - 45,319 Provision for loan losses (1,303 ) 28 - - (1,275 ) Non interest income 8,086 7,528 - - 15,614 Non interest expense (29,958 ) (5,456 ) (914 ) - (36,328 ) Net income (loss) before taxes 20,817 3,725 (1,212 ) - 23,330 Income tax (provision) benefit (6,973 ) (1,437 ) 464 - (7,946 ) Net income (loss) $ 13,844 $ 2,288 $ (748 ) $ - $ 15,384 Total assets $ 4,612,833 $ 394,475 $ 585,561 $ (578,357 ) $ 5,014,512 Nine month period ending September 30, 2016 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 132,783 $ 5,727 $ - $ - $ 138,510 Interest expense (5,129 ) (745 ) (845 ) - (6,719 ) Net interest income (expense) $ 127,654 $ 4,982 $ (845 ) - $ 131,791 Provision for loan losses (2,648 ) (48 ) - - (2,696 ) Non interest income 21,244 25,594 308 - 47,146 Non interest expense (115,867 ) (17,397 ) (2,966 ) - (136,230 ) Net income (loss) before taxes $ 30,383 $ 13,131 $ (3,503 ) - $ 40,011 Income tax (provision) benefit (9,964 ) (5,064 ) 1,331 - (13,697 ) Net income (loss) $ 20,419 $ 8,067 $ (2,172 ) $ - $ 26,314 Total assets $ 4,612,833 $ 394,475 $ 585,561 $ (578,357 ) $ 5,014,512 Three month period ending September 30, 2015 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income 38,417 1,695 - - 40,112 Interest expense (1,390 ) (150 ) (244 ) - (1,784 ) Net interest income (expense) 37,027 1,545 (244 ) - 38,328 Provision for loan losses (1 ) 1 - - - Non interest income 2,195 5,935 - - 8,130 Non interest expense (24,663 ) (5,063 ) (1,129 ) - (30,855 ) Net income (loss) before taxes 14,558 2,418 (1,373 ) - 15,603 Income tax (provision) benefit (5,279 ) (934 ) 526 - (5,687 ) Net income (loss) 9,279 1,484 (847 ) - 9,916 Total assets 3,616,330 308,046 511,223 (502,527 ) 3,933,072 Nine month period ending September 30, 2015 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 116,173 $ 5,049 $ - $ - $ 121,222 Interest expense (4,310 ) (435 ) (722 ) - (5,467 ) Net interest income 111,863 4,614 (722 ) - 115,755 Provision for loan losses (3,796 ) (154 ) - - (3,950 ) Non interest income 6,462 21,322 - - 27,784 Non interest expense (73,962 ) (16,666 ) (3,368 ) - (93,996 ) Net income (loss) before taxes 40,567 9,116 (4,090 ) - 45,593 Income tax (provision) benefit (14,700 ) (3,517 ) 1,566 - (16,651 ) Net income (loss) $ 25,867 $ 5,599 $ (2,524 ) $ - $ 28,942 Total assets $ 3,616,330 $ 308,046 $ 511,223 $ (502,527 ) $ 3,933,072 Commercial and retail banking Correspondent banking and capital markets division Corporate overhead and administration |
Investment securities
Investment securities | 9 Months Ended |
Sep. 30, 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: September 30, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 1,001 $ 1 $ - $ 1,002 Obligations of U.S. government sponsored entities and agencies 10,041 - 18 10,023 Mortgage backed securities 714,938 11,399 245 726,092 Municipal securities 23,445 1,086 - 24,531 Total available-for-sale $ 749,425 $ 12,486 $ 263 $ 761,648 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 Bank of South Florida, Inc. (“Community”) and Hometown of Homestead Banking Company (“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 nine months ended September 30, 2016 and 2015 were as follows: For the nine months ended: September 30, 2016 September 30, 2015 Proceeds $ 142,075 $ 16,305 Gross gains 13 303 Gross losses - 299 The tax provision related to these net realized gains was $5 and $2, respectively. The fair value of available for sale securities at September 30, 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 $ 1,621 $ 1,616 Due after one year through five years 3,747 3,583 Due after five years through ten years 8,611 8,227 Due after ten years through thirty years 21,577 21,061 Mortgage backed securities 726,092 714,938 Total available-for-sale $ 761,648 $ 749,425 Available for sale securities pledged at September 30, 2016 and December 31, 2015 had a carrying amount (estimated fair value) of $235,957 and $195,753 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At September 30, 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 September 30, 2016 and December 31, 2015. September 30, 2016 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Obligations of U.S. government sponsored entities and agencies $ 10,023 $ 18 $ - $ - $ 10,023 $ 18 Mortgage backed securities 54,879 141 18,857 104 73,736 245 Total temporarily impaired available-for-sale securities $ 64,902 $ 159 $ 18,857 $ 104 $ 83,759 $ 263 December 31, 2015 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 $ 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 September 30, 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 September 30, 2016. Held-to-Maturity The following reflects the fair value of held-to-maturity securities and the related gross unrecognized gains and losses as of September 30, 2016 and December 31, 2015. September 30, 2016 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Obligations of U.S. government sponsored entities and agencies $ 14,797 $ 37 $ - $ 14,834 Mortgage backed securities 131,452 1,764 - 133,216 Municipal securities 117,443 4,420 192 121,671 Total held-to-maturity $ 263,692 $ 6,221 $ 192 $ 269,721 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 September 30, 2016 and December 31, 2015 had a carrying amount of $44,436 and $48,246 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At September 30, 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 September 30, 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 $ 10,474 $ 10,446 Due after ten years through thirty years 126,031 121,794 Mortgage backed securities 133,216 131,452 Total held-to-maturity $ 269,721 $ 263,692 The following table shows the Company’s held to maturity investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at September 30, 2016 and December 31, 2015. September 30, 2016 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Municipal securities $ 13,917 $ 192 $ - $ - 13,917 192 Total temporarily impaired held-to-maturity securities $ 13,917 $ 192 $ - $ - $ 13,917 $ 192 December 31, 2015 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Obligations of U.S. government sponsored entities and agencies $ 9,958 $ 23 $ - $ - 9,958 23 Mortgage backed securities 119,546 601 - - 119,546 601 Municipal securities 1,735 11 - - 1,735 11 Total temporarily impaired held-to-maturity securities $ 131,239 $ 635 $ - $ - $ 131,239 $ 635 At September 30, 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 September 30, 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 | 9 Months Ended |
Sep. 30, 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. September 30, 2016 December 31, 2015 Loans excluding PCI loans Real estate loans Residential $ 806,489 $ 647,496 Commercial 1,682,375 1,254,782 Land, development and construction 120,331 105,276 Total real estate 2,609,195 2,007,554 Commercial 402,713 307,321 Consumer and other loans 84,767 67,500 Loans before unearned fees and deferred cost 3,096,675 2,382,375 Net unearned fees and costs 519 873 Total loans excluding PCI loans 3,097,194 2,383,248 PCI loans (note 1) Real estate loans Residential 74,825 86,104 Commercial 106,482 105,629 Land, development and construction 10,928 15,548 Total real estate 192,235 207,281 Commercial 4,649 2,771 Consumer and other loans 404 476 Total PCI loans 197,288 210,528 Total loans 3,294,482 2,593,776 Allowance for loan losses for loans that are not PCI loans (25,274 ) (22,143 ) Allowance for loan losses for PCI loans (225 ) (121 ) Total loans, net of allowance for loan losses $ 3,268,983 $ 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 September 30, 2016 Balance at beginning of period $ 24,066 $ 106 $ 24,172 Loans charged-off (821 ) (66 ) (887 ) Recoveries of loans previously charged-off 939 - 939 Net recoveries 118 (66 ) 52 Provision for loan losses 1,090 185 1,275 Balance at end of period $ 25,274 $ 225 $ 25,499 Three months ended September 30, 2015 Balance at beginning of period $ 22,818 $ 116 $ 22,934 Loans charged-off (893 ) (50 ) (943 ) Recoveries of loans previously charged-off 657 - 657 Net charge-offs (236 ) (50 ) (286 ) Provision for loan losses 4 (4 ) - Balance at end of period $ 22,586 $ 62 $ 22,648 Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Nine months ended September 30, 2016 Balance at beginning of period $ 22,143 $ 121 $ 22,264 Loans charged-off (1,642 ) (66 ) (1,708 ) Recoveries of loans previously charged-off 2,247 - 2,247 Net recoveries 605 (66 ) 539 Provision for loan losses 2,526 170 2,696 Balance at end of period $ 25,274 $ 225 $ 25,499 Nine months ended September 30, 2015 Balance at beginning of period $ 19,384 $ 514 $ 19,898 Loans charged-off (2,625 ) (127 ) (2,752 ) Recoveries of loans previously charged-off 1,552 - 1,552 Net charge-offs (1,073 ) (127 ) (1,200 ) Provision for loan losses 4,275 (325 ) 3,950 Balance at end of period $ 22,586 $ 62 $ 22,648 The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Three months ended September 30, 2016 Beginning of the period $ 5,909 $ 12,454 $ 799 $ 3,497 $ 1,407 $ 24,066 Charge-offs (93 ) (155 ) (198 ) (138 ) (237 ) (821 ) Recoveries 496 293 15 91 44 939 Provision for loan losses (453 ) 924 133 194 292 1,090 Balance at end of period $ 5,859 $ 13,516 $ 749 $ 3,644 $ 1,506 $ 25,274 Three months ended September 30, 2015 Beginning of the period $ 6,764 $ 10,649 $ 867 $ 3,035 $ 1,503 $ 22,818 Charge-offs (634 ) - (58 ) (37 ) (164 ) (893 ) Recoveries 213 328 - 83 33 657 Provision for loan losses (68 ) 143 (221 ) 24 126 4 Balance at end of period $ 6,275 $ 11,120 $ 588 $ 3,105 $ 1,498 $ 22,586 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Three months ended September 30, 2016 Beginning of the period $ - $ 92 $ - $ - $ 14 $ 106 Charge-offs - - (66 ) - - (66 ) Recoveries - - - - - - Provision for loan losses 61 - 124 - - 185 Balance at end of period $ 61 $ 92 $ 58 $ - $ 14 $ 225 Three months ended September 30, 2015 Beginning of the period $ - $ 111 $ 2 $ 3 $ - $ 116 Charge-offs - - - - (50 ) (50 ) Recoveries - - - - - - Provision for loan losses - (70 ) - - 66 (4 ) Balance at end of period $ - $ 41 $ 2 $ 3 $ 16 $ 62 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Nine months ended September 30, 2016 Beginning of the period $ 6,015 $ 10,559 $ 936 $ 3,212 $ 1,421 $ 22,143 Charge-offs (226 ) (421 ) (232 ) (161 ) (602 ) (1,642 ) Recoveries 1,056 590 250 210 141 2,247 Provision for loan losses (986 ) 2,788 (205 ) 383 546 2,526 Balance at end of period $ 5,859 $ 13,516 $ 749 $ 3,644 $ 1,506 $ 25,274 Nine months ended September 30, 2015 Beginning of the period $ 6,743 $ 8,269 $ 752 $ 2,330 $ 1,290 $ 19,384 Charge-offs (1,037 ) (60 ) (129 ) (849 ) (550 ) (2,625 ) Recoveries 800 448 4 172 128 1,552 Provision for loan losses (231 ) 2,463 (39 ) 1,452 630 4,275 Balance at end of period $ 6,275 $ 11,120 $ 588 $ 3,105 $ 1,498 $ 22,586 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Nine months ended September 30, 2016 Beginning of the period $ - $ 103 $ 1 $ 3 $ 14 $ 121 Charge-offs - - (66 ) - - (66 ) Recoveries - - - - - - Provision for loan losses 61 (11 ) 123 (3 ) - 170 Balance at end of period $ 61 $ 92 $ 58 $ - $ 14 $ 225 Nine months ended September 30, 2015 Beginning of the period $ - $ 372 $ 6 $ 136 $ - $ 514 Charge-offs - (77 ) - - (50 ) (127 ) Recoveries - - - - - - Provision for loan losses - (254 ) (4 ) (133 ) 66 (325 ) Balance at end of period $ - $ 41 $ 2 $ 3 $ 16 $ 62 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 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 September 30, 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 $ 683 $ 2 $ 11 $ 15 $ 25 $ 736 Collectively evaluated for impairment 5,176 13,514 738 3,629 1,481 24,538 Purchased credit impaired 61 92 58 - 14 225 Total ending allowance balance $ 5,920 $ 13,608 $ 807 $ 3,644 $ 1,520 $ 25,499 Loans: Individually evaluated for impairment $ 8,152 $ 8,139 $ 1,068 $ 1,921 $ 236 $ 19,516 Collectively evaluated for impairment 798,337 1,674,236 119,263 400,792 84,531 3,077,159 Purchased credit impaired 74,825 106,482 10,928 4,649 404 197,288 Total ending loan balances $ 881,314 $ 1,788,857 $ 131,259 $ 407,362 $ 85,171 $ 3,293,963 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 September 30, 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 $7,207 and $9,354, which represents approximately 1.40% and 1.59% of the remaining outstanding balance of these acquired loans at September 30, 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 $2,323 in the Company’s general loan allowance with respect to these acquired loans. Loans collectively evaluated for impairment reported at September 30, 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 September 30, 2016. The table below summarizes impaired loan data for the periods presented. Sept. 30, 2016 Dec. 31, 2015 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $ 10,528 $ 10,254 Nonperforming TDRs (these are included in NPLs) 3,064 4,873 Total TDRs (these are included in impaired loans) 13,592 15,127 Impaired loans that are not TDRs 5,924 8,048 Total impaired loans $ 19,516 $ 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 September 30, 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 September 30, 2016 Accruing Non Accrual Total Real estate loans: Residential $ 7,081 $ 1,073 $ 8,154 Commercial 2,003 1,873 3,876 Land, development, construction 287 87 374 Total real estate loans 9,371 3,033 12,404 Commercial 952 - 952 Consumer and other 205 31 236 Total TDRs $ 10,528 $ 3,064 $ 13,592 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 $87 and $447 and partial charge offs of $51 and $169 on the TDR loans described above during the three and nine month periods ending September 30, 2016. The Company recorded a provision 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 77% of our TDRs are current pursuant to their modified terms, and $3,064, or approximately 23% of Loans modified as TDRs during the three and nine month periods ending September 30, 2016 were $400 and $2,395. The provision of $48 and $201 for loans modified The following table presents loans by class modified and for which there was a payment default within twelve months following the modification during the periods ending September 30, 2016 and 2015. Period ending Period ending September 30, 2016 September 30, 2015 Number Recorded Number Recorded of loans investment of loans investment Residential 2 $ 170 3 $ 596 Commercial real estate 2 948 3 1,364 Land, development, construction - - 1 95 Commercial and Industrial - - - - Consumer and other - - - - Total 4 $ 1,118 7 $ 2,055 The Company recorded a provision for loan loss expense of $12, $25, $86 and $123 and partial charge offs of $20, $28, $73 and $125 on TDR loans that subsequently defaulted as described above during the three and nine month periods ending September 30, 2016 The following tables present loans individually evaluated for impairment by class of loans as of September 30, 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 September 30, 2016 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 3,981 $ 3,881 $ - Commercial real estate 8,356 7,838 - Land, development, construction 1,070 881 - Commercial and industrial 1,506 1,468 - Consumer, other 89 86 - With an allowance recorded: Residential real estate 4,449 4,271 683 Commercial real estate 401 301 2 Land, development, construction 213 187 11 Commercial and industrial 452 453 15 Consumer, other 169 150 25 Total $ 20,686 $ 19,516 $ 736 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 months ended September 30, 2016 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,356 $ 67 $ - Commercial 10,530 24 - Land, development, construction 1,148 4 - Total real estate loans 20,034 95 - Commercial and industrial 1,923 12 - Consumer and other loans 243 3 - Total $ 22,200 $ 110 $ - Nine months ended September 30, 2016 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,447 $ 185 $ - Commercial 12,744 101 - Land, development, construction 1,650 20 - Total real estate loans 22,841 306 - Commercial and industrial 1,806 35 - Consumer and other loans 260 8 - Total $ 24,907 $ 349 $ - Three months ended September 30, 2015 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,446 $ 61 $ - Commercial 10,938 66 - Land, development, construction 1,802 7 - Total real estate loans 21,186 134 - Commercial and industrial 871 10 - Consumer and other loans 295 3 - Total $ 22,352 $ 147 $ - Nine months ended September 30, 2015 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,789 $ 184 $ - Commercial 10,808 193 - Land, development, construction 1,990 21 - Total real estate loans 21,587 398 - Commercial and industrial 924 27 - Consumer and other loans 345 11 - Total $ 22,856 $ 436 $ - Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. Nonperforming loans were as follows: Sept. 30, 2016 Dec. 31, 2015 Non accrual loans $ 19,704 $ 20,833 Loans past due over 90 days and still accruing interest - - Total non performing loans $ 19,704 $ 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 September 30, 2016 and December 31, 2015, excluding purchased credit impaired loans: As of September 30, 2016 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 7,005 $ - Commercial real estate 9,335 - Land, development, construction 1,289 - Commercial 1,668 - Consumer, other 407 - Total $ 19,704 $ - 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 September 30, 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 September 30, 2016 Residential real estate $ 806,489 $ 4,307 $ 2,329 $ - $ 6,636 $ 792,848 $ 7,005 Commercial real estate 1,682,375 1,506 829 - 2,335 1,670,705 9,335 Land/dev/construction 120,331 1,068 39 - 1,107 117,935 1,289 Commercial 402,713 642 180 - 822 400,223 1,668 Consumer 84,767 329 26 - 355 84,005 407 $ 3,096,675 $ 7,852 $ 3,403 $ - $ 11,255 $ 3,065,716 $ 19,704 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. The following table presents the risk category of loans by class of loans based on the most recent analysis performed, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30, as of September 30, 2016 and December 31, 2015. The increase in loans categorized as special mention between the periods presented is due to the acquisitions of Community and Hometown on March 1, 2016. As of September 30, 2016 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 776,343 $ 12,357 $ 17,789 $ - Commercial real estate 1,568,768 88,257 25,350 - Land/dev/construction 107,742 10,510 2,079 - Commercial 393,811 5,503 3,399 - Consumer 83,846 274 647 - Total $ 2,930,510 $ 116,901 $ 49,264 $ - 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 September 30, 2016 and December 31, 2015: As of September 30, 2016 Residential Consumer Performing $ 799,484 $ 84,360 Nonperforming 7,005 407 Total $ 806,489 $ 84,767 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 September 30, 2016 and December 31, 2015. Contractually required principal and interest payments have been adjusted for estimated prepayments. Sept. 30, 2016 Dec. 31, 2015 Contractually required principal and interest $ 316,667 $ 332,570 Non-accretable difference (19,290 ) (19,452 ) Cash flows expected to be collected 297,377 313,118 Accretable yield (100,089 ) (102,590 ) Carrying value of acquired loans 197,288 210,528 Allowance for loan losses (225 ) (121 ) Carrying value less allowance for loan losses $ 197,063 $ 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 $1,130, $6,722, $4,731 and $19,147 from non-accretable Activity during the Effect of income all other three month period ending September 30, 2016 Jun. 30, 2016 acquisitions accretion adjustments Sept. 30, 2016 Contractually required principal and interest $ 344,464 $ - $ - $ (27,797 ) $ 316,667 Non-accretable difference (20,462 ) - - 1,172 (19,290 ) Cash flows expected to be collected 324,002 - - (26,625 ) 297,377 Accretable yield (107,143 ) - 7,795 (741 ) (100,089 ) Carry value of acquired loans $ 216,859 $ - $ 7,795 $ (27,366 ) $ 197,288 Activity during the Effect of income all other nine month period ending September 30, 2016 Dec. 31, 2015 acquisitions accretion adjustments Sept. 30, 2016 Contractually required principal and interest $ 332,570 $ 73,005 $ - $ (88,908 ) $ 316,667 Non-accretable difference (19,452 ) (9,295 ) - 9,457 (19,290 ) Cash flows expected to be collected 313,118 63,710 - (79,451 ) 297,377 Accretable yield (102,590 ) (18,585 ) 24,750 (3,664 ) (100,089 ) Carry value of acquired loans $ 210,528 $ 45,125 $ 24,750 $ (83,115 ) $ 197,288 Activity during the Effect of income all other three month period ending September 30, 2015 Jun. 30, 2015 acquisitions accretion adjustments Sept. 30, 2015 Contractually required principal and interest $ 379,776 $ - $ - $ (24,456 ) $ 355,320 Non-accretable difference (25,188 ) - - 5,190 (19,998 ) Cash flows expected to be collected 354,588 - - (19,266 ) 335,322 Accretable yield (107,059 ) - 9,898 (6,383 ) (103,544 ) Carry value of acquired loans $ 247,529 $ - $ 9,898 $ (25,649 ) $ 231,778 Activity during the Effect of income all other nine month period ending September 30, 2015 Dec. 31, 2014 acquisitions accretion adjustments Sept. 30, 2015 Contractually required principal and interest $ 460,836 $ - $ - $ (105,516 ) $ 355,320 Non-accretable difference (68,757 ) - - 48,759 (19,998 ) Cash flows expected to be collected 392,079 - - (56,757 ) 335,322 Accretable yield (115,313 ) - 31,226 (19,457 ) (103,544 ) Carry value of acquired loans $ 276,766 $ - $ 31,226 $ (76,214 ) $ 231,778 |
FDIC Indemnification Asset
FDIC Indemnification Asset | 9 Months Ended |
Sep. 30, 2016 | |
Fdic Loss Share Indemnification Asset [Abstract] | |
FDIC Indemnification Asset | NOTE 7: FDIC indemnification asset The FDIC indemnification asset represented the estimated amounts due from the FDIC pursuant to the Loss Share Agreements related to the acquisition of the three failed banks in 2010, the acquisition of two failed banks in 2012 and the 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 was as follows: Nine months period ended Sept. 30, 2016 Twelve months 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 allowed for the recovery of some payments made for loss share reimbursements under certain conditions based on the actual performance of the portfolios acquired. This true-up payment was estimated and accrued for as part of the overall FDIC indemnification asset analysis and was reflected as a separate liability. The accrual for this liability was reflected as additional amortization income or expense in noninterest income. 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 was as follows: Nine months period ended Sept. 30, 2016 Twelve months 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 Agreement
Securities Sold Under Agreement to Repurchase | 9 Months Ended |
Sep. 30, 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 its control as collateral against these one-day borrowing arrangement. These short-term borrowings totaled $26,889 at September 30, MBS Municipal As of September 30, 2016 Securities Securities Total Market value of securities pledged $ 39,119 $ 1,496 $ 40,615 Borrowings related to pledged amounts 26,032 857 26,889 Market value pledged as a % of borrowings 150 % 175 % 151 % 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 | 9 Months Ended |
Sep. 30, 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 1, 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 acquired $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 South 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 acquired $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 Pro-forma data for the three and nine month periods ending September 30, 2015 and nine month period ending September 30, 2016 listed in the table below presents pro-forma information as if the Community and Hometown acquisitions occurred at the beginning of 2015. Because the Community and Hometown transactions closed on March 1, 2016, there is no pro-forma information for the three month period ending September 30, 2016 as both Community and Hometown actual results are included in the current reported figures. Three months ended Sept. 30, Nine months ended Sept. 30, 2015 2016 2015 Net interest income $46,779 $133,900 $140,692 Net income available to common shareholders $10,895 $31,071 $33,320 EPS - basic $0.23 $0.65 $0.71 EPS - diluted $0.23 $0.64 $0.70 |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | NOTE 10: Derivatives The Company enters into interest rate swaps in order to provide commercial loan clients the ability to swap from fixed to variable interest rates. Under these agreements, the Company enters into a fixed-rate loan with a client in addition to a swap agreement. This swap agreement effectively converts the client’s fixed rate loan into a variable rate. The Company then enters into a matching swap agreement with a third party dealer in order to offset its exposure on the customer swap. At September 30, 2016 and December 31, 2015, the notional amount of such arrangements was $2,006,466 Summary information about the derivative instruments is as follows: Sept. 30, 2016 Dec. 31, 2015 Notional amount $ 2,006,466 $ 939,831 Weighted average pay rate on interest-rate swaps 2.46 % 2.61 % Weighted average receive rate on interest rate swaps 2.45 % 2.57 % Weighted average maturity (years) 11 12 Fair value of interest rate swap derivatives (asset) $ 63,207 $ 18,619 Fair value of interest rate swap derivatives (liability) $ 65,165 $ 19,822 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11: Subsequent Events On October 17, 2016, the Company entered into an Agreement and Plan of Merger (“Agreement”) with Platinum Bank Holding Company (“Platinum”), whereby Platinum will be merged with and into the Company (the “Merger”), with the Company continuing as the surviving corporation in the Merger. Pursuant to and simultaneously with entering into the Agreement, the Company’s wholly owned subsidiary bank, CenterState Bank of Florida, N.A. (“CenterState Bank”) and Platinum’s wholly owned subsidiary bank, Platinum Bank., will merge with CenterState Bank as the surviving bank. Under the terms and subject to the conditions of the Agreement each outstanding share of Platinum common stock is entitled to receive a $7.60 cash payment and 3.7832 shares of the Company’s common stock. The Agreement has been unanimously approved by the boards of directors of the Company and Platinum. The transaction is expected to close early in the second quarter of 2017 subject to customary conditions, including receipt of all applicable regulatory approvals and Platinum shareholder approval. Platinum, which is headquartered in Brandon, Florida, currently operates seven banking locations in the Tampa-St. Petersburg-Clearwater and Lakeland-Winter Haven MSAs. At September 30, 2016, Platinum reported total assets of $584,050, gross loans of $452,264 and deposits of $495,002. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | NOTE 12: Recently Issued Accounting Standards In May 2014, the FASB and the International Accounting Standards Board (the "IASB") jointly issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP and International Financial Reporting Standards ("IFRS"). Previous revenue recognition guidance in GAAP consisted of broad revenue recognition concepts together with numerous revenue requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. In contrast, IFRS provided limited revenue recognition guidance and, consequently, could be difficult to apply to complex transactions. Accordingly, the FASB and the IASB initiated a joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS that would: (1) remove inconsistencies and weaknesses in revenue requirements; (2) provide a more robust framework for addressing revenue issues; (3) improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; (4) provide more useful information to users of financial statements through improved disclosure requirements; and (5) simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. To meet those objectives, the FASB issued ASU No. 2014-09,"Revenue from Contracts with Customers." The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies generally will be required to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The standard was initially effective for public entities for interim and annual reporting periods beginning after December 15, 2016; early adoption was not permitted. However, in August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers - Deferral of the Effective Date" which deferred the effective date by one year (i.e., interim and annual reporting periods beginning after December 15, 2017). For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied to all of the periods presented, or modified retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. In addition, the FASB has begun to issue targeted updates to clarify specific implementation issues of ASU 2014-09. These updates include ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” ASU No. 2016-10, “Identifying Performance Obligations and Licensing,” and ASU No. 2016-12 “Narrow-Scope Improvements and Practical Expedients.” The Company is currently evaluating the provisions of ASU No. 2014-09 and its related updates and will be closely monitoring developments and additional guidance to determine the potential impact the new standard will have on the Company's Consolidated Financial Statements. In January 2016, the FASB issued ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments by making targeted improvements to GAAP 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. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer; (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 fair value of financial instruments measured at amortized cost for entities that are not public business entities; (4) eliminate the requirement for public business entities to disclose the method(s) 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; (5) require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (6) require an entity to present separately in other comprehensive income the portion of the total change in the 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; (7) 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; and (8) 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. ASU No. 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted as of the beginning of the fiscal year of adoption only for provisions (3) and (6) above. Early adoption of the other provisions mentioned above is not permitted. The Company has performed a preliminary evaluation of the provisions of ASU No. 2016-01. Based on this evaluation, the Company has determined that ASU No. 2016-01 is not expected to have a material impact on the Company's Consolidated Financial Statements; however, the Company will continue to closely monitor developments and additional guidance. In February 2016, the FASB issued ASU No. 2016-02, "Leases." Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases): 1) a lease liability, which is the present value of a lessee's obligation to make lease payments, and 2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures will be 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. The 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. ASU No. 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. All entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. They have the option to use certain relief; full retrospective application is prohibited. The Company is currently evaluating the provisions of ASU No. 2016-02 and will be closely monitoring developments and additional guidance to determine the potential impact the new standard will have on the Company's Consolidated Financial Statements. In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting.” This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. Some of the key provisions of this new ASU include: (1) companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in capital (“APIC”). Instead, they will record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, and APIC pools will be eliminated. The guidance also eliminates the requirement that excess tax benefits be realized before companies can recognize them. In addition, the guidance requires companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity; (2) increase the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer’s statutory income tax withholding obligation. The new guidance will also require an employer to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on its statement of cash flows (current guidance did not specify how these cash flows should be classified); and (3) permit companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards. Forfeitures can be estimated, as required today, or recognized when they occur. ASU No. 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted, but all of the guidance must be adopted in the same period. The Company is currently evaluating the provisions of ASU No. 2016-09 to determine the potential impact the new standard will have on the Company's Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. In issuing the standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company is currently evaluating the provisions of ASU No. 2016-13 to determine the potential impact the new standard will have on the Company's Consolidated Financial Statements. |
Common Stock Outstanding and 21
Common Stock Outstanding and Earnings Per Share Data (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 Basic Net income available to common shareholders $ 15,384 $ 9,916 $ 26,314 $ 28,942 Less: Earnings allocated to participating securities (60 ) (54 ) (104 ) (160 ) Net income allocated to common shareholders $ 15,324 $ 9,862 $ 26,210 $ 28,782 Weighted average common shares outstanding including participating securities 48,006,824 45,447,962 47,441,952 45,414,202 Less: Participating securities (1) (186,281 ) (247,596 ) (187,697 ) (250,436 ) Average shares 47,820,543 45,200,366 47,254,255 45,163,766 Basic earnings per common share $ 0.32 $ 0.22 $ 0.55 $ 0.64 Diluted Net income available to common shareholders $ 15,324 $ 9,862 $ 26,210 $ 28,782 Weighted average common shares outstanding for basic earnings per common share 47,820,543 45,200,366 47,254,255 45,163,766 Add: Dilutive effects of stock based compensation awards 782,023 625,787 700,504 568,899 Average shares and dilutive potential common shares 48,602,566 45,826,153 47,954,759 45,732,665 Diluted earnings per common share $ 0.32 $ 0.22 $ 0.55 $ 0.63 1. Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 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 Quoted prices Significant in active other Significant markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at September 30, 2016 Assets: Trading securities $ 2,166 — $ 2,166 — Available for sale securities U.S. Treasury securities 1,002 — 1,002 — Obligations of U.S. government sponsored entities and agencies 10,023 — 10,023 — Mortgage backed securities 726,092 — 726,092 — Municipal securities 24,531 — 24,531 — Interest rate swap derivatives 63,207 — 63,207 — Liabilities: Interest rate swap derivatives 65,165 — 65,165 — 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 September 30, 2016 Assets: Impaired loans Residential real estate $ 2,870 — — $ 2,870 Commercial real estate 7,469 — — 7,469 Land, land development and construction 1,011 — — 1,011 Commercial 1,220 — — 1,220 Consumer 65 — — 65 Other real estate owned Residential real estate 715 — — 715 Commercial real estate 938 — — 938 Land, land development and construction 1,515 — — 1,515 Bank property held for sale 1,136 — — 1,136 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 September 30, 2016 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 198,866 $ 198,866 $ - $ - $ 198,866 Trading securities 2,166 - 2,166 - 2,166 Investment securities available for sale 761,648 - 761,648 - 761,648 Investment securities held to maturity 263,692 - 269,721 - 269,721 FHLB and FRB stock 17,003 - - - n/a Loans held for sale 2,333 - 2,333 - 2,333 Loans, less allowance for loan losses of $25,499 3,268,983 - - 3,267,908 3,267,908 Interest rate swap derivatives 63,207 - 63,207 - 63,207 Accrued interest receivable 11,782 - 4,077 7,705 11,782 Financial liabilities: Deposits- without stated maturities $ 3,476,397 $ 3,476,397 $ - $ - $ 3,476,397 Deposits- with stated maturities 579,537 - 581,527 - 581,527 Securities sold under agreement to repurchase 26,889 - 26,889 - 26,889 Federal funds purchased 258,329 - 258,329 - 258,329 Corporate debentures 25,899 - - 22,226 22,226 Interest rate swap derivatives 65,165 - 65,165 - 65,165 Accrued interest payable 928 - 928 - 928 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) | 9 Months Ended |
Sep. 30, 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 and nine month periods ending September 30, 2016 and 2015. Three month period ending September 30, 2016 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 45,840 $ 1,863 $ - $ - $ 47,703 Interest expense (1,848 ) (238 ) (298 ) - (2,384 ) Net interest income (expense) 43,992 1,625 (298 ) - 45,319 Provision for loan losses (1,303 ) 28 - - (1,275 ) Non interest income 8,086 7,528 - - 15,614 Non interest expense (29,958 ) (5,456 ) (914 ) - (36,328 ) Net income (loss) before taxes 20,817 3,725 (1,212 ) - 23,330 Income tax (provision) benefit (6,973 ) (1,437 ) 464 - (7,946 ) Net income (loss) $ 13,844 $ 2,288 $ (748 ) $ - $ 15,384 Total assets $ 4,612,833 $ 394,475 $ 585,561 $ (578,357 ) $ 5,014,512 Nine month period ending September 30, 2016 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 132,783 $ 5,727 $ - $ - $ 138,510 Interest expense (5,129 ) (745 ) (845 ) - (6,719 ) Net interest income (expense) $ 127,654 $ 4,982 $ (845 ) - $ 131,791 Provision for loan losses (2,648 ) (48 ) - - (2,696 ) Non interest income 21,244 25,594 308 - 47,146 Non interest expense (115,867 ) (17,397 ) (2,966 ) - (136,230 ) Net income (loss) before taxes $ 30,383 $ 13,131 $ (3,503 ) - $ 40,011 Income tax (provision) benefit (9,964 ) (5,064 ) 1,331 - (13,697 ) Net income (loss) $ 20,419 $ 8,067 $ (2,172 ) $ - $ 26,314 Total assets $ 4,612,833 $ 394,475 $ 585,561 $ (578,357 ) $ 5,014,512 Three month period ending September 30, 2015 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income 38,417 1,695 - - 40,112 Interest expense (1,390 ) (150 ) (244 ) - (1,784 ) Net interest income (expense) 37,027 1,545 (244 ) - 38,328 Provision for loan losses (1 ) 1 - - - Non interest income 2,195 5,935 - - 8,130 Non interest expense (24,663 ) (5,063 ) (1,129 ) - (30,855 ) Net income (loss) before taxes 14,558 2,418 (1,373 ) - 15,603 Income tax (provision) benefit (5,279 ) (934 ) 526 - (5,687 ) Net income (loss) 9,279 1,484 (847 ) - 9,916 Total assets 3,616,330 308,046 511,223 (502,527 ) 3,933,072 Nine month period ending September 30, 2015 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 116,173 $ 5,049 $ - $ - $ 121,222 Interest expense (4,310 ) (435 ) (722 ) - (5,467 ) Net interest income 111,863 4,614 (722 ) - 115,755 Provision for loan losses (3,796 ) (154 ) - - (3,950 ) Non interest income 6,462 21,322 - - 27,784 Non interest expense (73,962 ) (16,666 ) (3,368 ) - (93,996 ) Net income (loss) before taxes 40,567 9,116 (4,090 ) - 45,593 Income tax (provision) benefit (14,700 ) (3,517 ) 1,566 - (16,651 ) Net income (loss) $ 25,867 $ 5,599 $ (2,524 ) $ - $ 28,942 Total assets $ 3,616,330 $ 308,046 $ 511,223 $ (502,527 ) $ 3,933,072 |
Investment securities (Tables)
Investment securities (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 1,001 $ 1 $ - $ 1,002 Obligations of U.S. government sponsored entities and agencies 10,041 - 18 10,023 Mortgage backed securities 714,938 11,399 245 726,092 Municipal securities 23,445 1,086 - 24,531 Total available-for-sale $ 749,425 $ 12,486 $ 263 $ 761,648 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 nine months ended September 30, 2016 and 2015 were as follows: For the nine months ended: September 30, 2016 September 30, 2015 Proceeds $ 142,075 $ 16,305 Gross gains 13 303 Gross losses - 299 |
Fair Value of Held to Maturity Securities and Related Gross Unrecognized Gains and Losses | The following reflects the fair value of held-to-maturity securities and the related gross unrecognized gains and losses as of September 30, 2016 and December 31, 2015. September 30, 2016 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Obligations of U.S. government sponsored entities and agencies $ 14,797 $ 37 $ - $ 14,834 Mortgage backed securities 131,452 1,764 - 133,216 Municipal securities 117,443 4,420 192 121,671 Total held-to-maturity $ 263,692 $ 6,221 $ 192 $ 269,721 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 September 30, 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 $ 1,621 $ 1,616 Due after one year through five years 3,747 3,583 Due after five years through ten years 8,611 8,227 Due after ten years through thirty years 21,577 21,061 Mortgage backed securities 726,092 714,938 Total available-for-sale $ 761,648 $ 749,425 |
Investments Gross Unrealized Losses and Fair Value | The following tables show the Company’s available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2016 and December 31, 2015. September 30, 2016 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Obligations of U.S. government sponsored entities and agencies $ 10,023 $ 18 $ - $ - $ 10,023 $ 18 Mortgage backed securities 54,879 141 18,857 104 73,736 245 Total temporarily impaired available-for-sale securities $ 64,902 $ 159 $ 18,857 $ 104 $ 83,759 $ 263 December 31, 2015 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 $ 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 September 30, 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 $ 10,474 $ 10,446 Due after ten years through thirty years 126,031 121,794 Mortgage backed securities 133,216 131,452 Total held-to-maturity $ 269,721 $ 263,692 |
Investments Gross Unrealized Losses and Fair Value | The following table shows the Company’s held to maturity investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at September 30, 2016 and December 31, 2015. September 30, 2016 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Municipal securities $ 13,917 $ 192 $ - $ - 13,917 192 Total temporarily impaired held-to-maturity securities $ 13,917 $ 192 $ - $ - $ 13,917 $ 192 December 31, 2015 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Obligations of U.S. government sponsored entities and agencies $ 9,958 $ 23 $ - $ - 9,958 23 Mortgage backed securities 119,546 601 - - 119,546 601 Municipal securities 1,735 11 - - 1,735 11 Total temporarily impaired held-to-maturity securities $ 131,239 $ 635 $ - $ - $ 131,239 $ 635 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 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. September 30, 2016 December 31, 2015 Loans excluding PCI loans Real estate loans Residential $ 806,489 $ 647,496 Commercial 1,682,375 1,254,782 Land, development and construction 120,331 105,276 Total real estate 2,609,195 2,007,554 Commercial 402,713 307,321 Consumer and other loans 84,767 67,500 Loans before unearned fees and deferred cost 3,096,675 2,382,375 Net unearned fees and costs 519 873 Total loans excluding PCI loans 3,097,194 2,383,248 PCI loans (note 1) Real estate loans Residential 74,825 86,104 Commercial 106,482 105,629 Land, development and construction 10,928 15,548 Total real estate 192,235 207,281 Commercial 4,649 2,771 Consumer and other loans 404 476 Total PCI loans 197,288 210,528 Total loans 3,294,482 2,593,776 Allowance for loan losses for loans that are not PCI loans (25,274 ) (22,143 ) Allowance for loan losses for PCI loans (225 ) (121 ) Total loans, net of allowance for loan losses $ 3,268,983 $ 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 September 30, 2016 Balance at beginning of period $ 24,066 $ 106 $ 24,172 Loans charged-off (821 ) (66 ) (887 ) Recoveries of loans previously charged-off 939 - 939 Net recoveries 118 (66 ) 52 Provision for loan losses 1,090 185 1,275 Balance at end of period $ 25,274 $ 225 $ 25,499 Three months ended September 30, 2015 Balance at beginning of period $ 22,818 $ 116 $ 22,934 Loans charged-off (893 ) (50 ) (943 ) Recoveries of loans previously charged-off 657 - 657 Net charge-offs (236 ) (50 ) (286 ) Provision for loan losses 4 (4 ) - Balance at end of period $ 22,586 $ 62 $ 22,648 Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Nine months ended September 30, 2016 Balance at beginning of period $ 22,143 $ 121 $ 22,264 Loans charged-off (1,642 ) (66 ) (1,708 ) Recoveries of loans previously charged-off 2,247 - 2,247 Net recoveries 605 (66 ) 539 Provision for loan losses 2,526 170 2,696 Balance at end of period $ 25,274 $ 225 $ 25,499 Nine months ended September 30, 2015 Balance at beginning of period $ 19,384 $ 514 $ 19,898 Loans charged-off (2,625 ) (127 ) (2,752 ) Recoveries of loans previously charged-off 1,552 - 1,552 Net charge-offs (1,073 ) (127 ) (1,200 ) Provision for loan losses 4,275 (325 ) 3,950 Balance at end of period $ 22,586 $ 62 $ 22,648 The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Three months ended September 30, 2016 Beginning of the period $ 5,909 $ 12,454 $ 799 $ 3,497 $ 1,407 $ 24,066 Charge-offs (93 ) (155 ) (198 ) (138 ) (237 ) (821 ) Recoveries 496 293 15 91 44 939 Provision for loan losses (453 ) 924 133 194 292 1,090 Balance at end of period $ 5,859 $ 13,516 $ 749 $ 3,644 $ 1,506 $ 25,274 Three months ended September 30, 2015 Beginning of the period $ 6,764 $ 10,649 $ 867 $ 3,035 $ 1,503 $ 22,818 Charge-offs (634 ) - (58 ) (37 ) (164 ) (893 ) Recoveries 213 328 - 83 33 657 Provision for loan losses (68 ) 143 (221 ) 24 126 4 Balance at end of period $ 6,275 $ 11,120 $ 588 $ 3,105 $ 1,498 $ 22,586 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Three months ended September 30, 2016 Beginning of the period $ - $ 92 $ - $ - $ 14 $ 106 Charge-offs - - (66 ) - - (66 ) Recoveries - - - - - - Provision for loan losses 61 - 124 - - 185 Balance at end of period $ 61 $ 92 $ 58 $ - $ 14 $ 225 Three months ended September 30, 2015 Beginning of the period $ - $ 111 $ 2 $ 3 $ - $ 116 Charge-offs - - - - (50 ) (50 ) Recoveries - - - - - - Provision for loan losses - (70 ) - - 66 (4 ) Balance at end of period $ - $ 41 $ 2 $ 3 $ 16 $ 62 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Nine months ended September 30, 2016 Beginning of the period $ 6,015 $ 10,559 $ 936 $ 3,212 $ 1,421 $ 22,143 Charge-offs (226 ) (421 ) (232 ) (161 ) (602 ) (1,642 ) Recoveries 1,056 590 250 210 141 2,247 Provision for loan losses (986 ) 2,788 (205 ) 383 546 2,526 Balance at end of period $ 5,859 $ 13,516 $ 749 $ 3,644 $ 1,506 $ 25,274 Nine months ended September 30, 2015 Beginning of the period $ 6,743 $ 8,269 $ 752 $ 2,330 $ 1,290 $ 19,384 Charge-offs (1,037 ) (60 ) (129 ) (849 ) (550 ) (2,625 ) Recoveries 800 448 4 172 128 1,552 Provision for loan losses (231 ) 2,463 (39 ) 1,452 630 4,275 Balance at end of period $ 6,275 $ 11,120 $ 588 $ 3,105 $ 1,498 $ 22,586 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Nine months ended September 30, 2016 Beginning of the period $ - $ 103 $ 1 $ 3 $ 14 $ 121 Charge-offs - - (66 ) - - (66 ) Recoveries - - - - - - Provision for loan losses 61 (11 ) 123 (3 ) - 170 Balance at end of period $ 61 $ 92 $ 58 $ - $ 14 $ 225 Nine months ended September 30, 2015 Beginning of the period $ - $ 372 $ 6 $ 136 $ - $ 514 Charge-offs - (77 ) - - (50 ) (127 ) Recoveries - - - - - - Provision for loan losses - (254 ) (4 ) (133 ) 66 (325 ) Balance at end of period $ - $ 41 $ 2 $ 3 $ 16 $ 62 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 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 September 30, 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 $ 683 $ 2 $ 11 $ 15 $ 25 $ 736 Collectively evaluated for impairment 5,176 13,514 738 3,629 1,481 24,538 Purchased credit impaired 61 92 58 - 14 225 Total ending allowance balance $ 5,920 $ 13,608 $ 807 $ 3,644 $ 1,520 $ 25,499 Loans: Individually evaluated for impairment $ 8,152 $ 8,139 $ 1,068 $ 1,921 $ 236 $ 19,516 Collectively evaluated for impairment 798,337 1,674,236 119,263 400,792 84,531 3,077,159 Purchased credit impaired 74,825 106,482 10,928 4,649 404 197,288 Total ending loan balances $ 881,314 $ 1,788,857 $ 131,259 $ 407,362 $ 85,171 $ 3,293,963 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. Sept. 30, 2016 Dec. 31, 2015 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $ 10,528 $ 10,254 Nonperforming TDRs (these are included in NPLs) 3,064 4,873 Total TDRs (these are included in impaired loans) 13,592 15,127 Impaired loans that are not TDRs 5,924 8,048 Total impaired loans $ 19,516 $ 23,175 |
Troubled Debt Restructured Loans by Loans Type | TDRs as of September 30, 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 September 30, 2016 Accruing Non Accrual Total Real estate loans: Residential $ 7,081 $ 1,073 $ 8,154 Commercial 2,003 1,873 3,876 Land, development, construction 287 87 374 Total real estate loans 9,371 3,033 12,404 Commercial 952 - 952 Consumer and other 205 31 236 Total TDRs $ 10,528 $ 3,064 $ 13,592 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 September 30, 2016 and 2015. Period ending Period ending September 30, 2016 September 30, 2015 Number Recorded Number Recorded of loans investment of loans investment Residential 2 $ 170 3 $ 596 Commercial real estate 2 948 3 1,364 Land, development, construction - - 1 95 Commercial and Industrial - - - - Consumer and other - - - - Total 4 $ 1,118 7 $ 2,055 |
Summary of Loans Individually Evaluated for Impairment by Class of Loans | The following tables present loans individually evaluated for impairment by class of loans as of September 30, 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 September 30, 2016 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 3,981 $ 3,881 $ - Commercial real estate 8,356 7,838 - Land, development, construction 1,070 881 - Commercial and industrial 1,506 1,468 - Consumer, other 89 86 - With an allowance recorded: Residential real estate 4,449 4,271 683 Commercial real estate 401 301 2 Land, development, construction 213 187 11 Commercial and industrial 452 453 15 Consumer, other 169 150 25 Total $ 20,686 $ 19,516 $ 736 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 months ended September 30, 2016 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,356 $ 67 $ - Commercial 10,530 24 - Land, development, construction 1,148 4 - Total real estate loans 20,034 95 - Commercial and industrial 1,923 12 - Consumer and other loans 243 3 - Total $ 22,200 $ 110 $ - Nine months ended September 30, 2016 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,447 $ 185 $ - Commercial 12,744 101 - Land, development, construction 1,650 20 - Total real estate loans 22,841 306 - Commercial and industrial 1,806 35 - Consumer and other loans 260 8 - Total $ 24,907 $ 349 $ - Three months ended September 30, 2015 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,446 $ 61 $ - Commercial 10,938 66 - Land, development, construction 1,802 7 - Total real estate loans 21,186 134 - Commercial and industrial 871 10 - Consumer and other loans 295 3 - Total $ 22,352 $ 147 $ - Nine months ended September 30, 2015 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,789 $ 184 $ - Commercial 10,808 193 - Land, development, construction 1,990 21 - Total real estate loans 21,587 398 - Commercial and industrial 924 27 - Consumer and other loans 345 11 - Total $ 22,856 $ 436 $ - |
Summary of Nonperforming Loans | Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. Nonperforming loans were as follows: Sept. 30, 2016 Dec. 31, 2015 Non accrual loans $ 19,704 $ 20,833 Loans past due over 90 days and still accruing interest - - Total non performing loans $ 19,704 $ 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 September 30, 2016 and December 31, 2015, excluding purchased credit impaired loans: As of September 30, 2016 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 7,005 $ - Commercial real estate 9,335 - Land, development, construction 1,289 - Commercial 1,668 - Consumer, other 407 - Total $ 19,704 $ - 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 September 30, 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 September 30, 2016 Residential real estate $ 806,489 $ 4,307 $ 2,329 $ - $ 6,636 $ 792,848 $ 7,005 Commercial real estate 1,682,375 1,506 829 - 2,335 1,670,705 9,335 Land/dev/construction 120,331 1,068 39 - 1,107 117,935 1,289 Commercial 402,713 642 180 - 822 400,223 1,668 Consumer 84,767 329 26 - 355 84,005 407 $ 3,096,675 $ 7,852 $ 3,403 $ - $ 11,255 $ 3,065,716 $ 19,704 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 September 30, 2016 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 776,343 $ 12,357 $ 17,789 $ - Commercial real estate 1,568,768 88,257 25,350 - Land/dev/construction 107,742 10,510 2,079 - Commercial 393,811 5,503 3,399 - Consumer 83,846 274 647 - Total $ 2,930,510 $ 116,901 $ 49,264 $ - 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 September 30, 2016 and December 31, 2015: As of September 30, 2016 Residential Consumer Performing $ 799,484 $ 84,360 Nonperforming 7,005 407 Total $ 806,489 $ 84,767 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 September 30, 2016 and December 31, 2015. Contractually required principal and interest payments have been adjusted for estimated prepayments. Sept. 30, 2016 Dec. 31, 2015 Contractually required principal and interest $ 316,667 $ 332,570 Non-accretable difference (19,290 ) (19,452 ) Cash flows expected to be collected 297,377 313,118 Accretable yield (100,089 ) (102,590 ) Carrying value of acquired loans 197,288 210,528 Allowance for loan losses (225 ) (121 ) Carrying value less allowance for loan losses $ 197,063 $ 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 and nine month periods ending September 30, 2016 and 2015. Activity during the Effect of income all other three month period ending September 30, 2016 Jun. 30, 2016 acquisitions accretion adjustments Sept. 30, 2016 Contractually required principal and interest $ 344,464 $ - $ - $ (27,797 ) $ 316,667 Non-accretable difference (20,462 ) - - 1,172 (19,290 ) Cash flows expected to be collected 324,002 - - (26,625 ) 297,377 Accretable yield (107,143 ) - 7,795 (741 ) (100,089 ) Carry value of acquired loans $ 216,859 $ - $ 7,795 $ (27,366 ) $ 197,288 Activity during the Effect of income all other nine month period ending September 30, 2016 Dec. 31, 2015 acquisitions accretion adjustments Sept. 30, 2016 Contractually required principal and interest $ 332,570 $ 73,005 $ - $ (88,908 ) $ 316,667 Non-accretable difference (19,452 ) (9,295 ) - 9,457 (19,290 ) Cash flows expected to be collected 313,118 63,710 - (79,451 ) 297,377 Accretable yield (102,590 ) (18,585 ) 24,750 (3,664 ) (100,089 ) Carry value of acquired loans $ 210,528 $ 45,125 $ 24,750 $ (83,115 ) $ 197,288 Activity during the Effect of income all other three month period ending September 30, 2015 Jun. 30, 2015 acquisitions accretion adjustments Sept. 30, 2015 Contractually required principal and interest $ 379,776 $ - $ - $ (24,456 ) $ 355,320 Non-accretable difference (25,188 ) - - 5,190 (19,998 ) Cash flows expected to be collected 354,588 - - (19,266 ) 335,322 Accretable yield (107,059 ) - 9,898 (6,383 ) (103,544 ) Carry value of acquired loans $ 247,529 $ - $ 9,898 $ (25,649 ) $ 231,778 Activity during the Effect of income all other nine month period ending September 30, 2015 Dec. 31, 2014 acquisitions accretion adjustments Sept. 30, 2015 Contractually required principal and interest $ 460,836 $ - $ - $ (105,516 ) $ 355,320 Non-accretable difference (68,757 ) - - 48,759 (19,998 ) Cash flows expected to be collected 392,079 - - (56,757 ) 335,322 Accretable yield (115,313 ) - 31,226 (19,457 ) (103,544 ) Carry value of acquired loans $ 276,766 $ - $ 31,226 $ (76,214 ) $ 231,778 |
FDIC Indemnification Asset (Tab
FDIC Indemnification Asset (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fdic Loss Share Indemnification Asset [Abstract] | |
FDIC Loss Share Indemnification Asset | The activity in the FDIC loss share indemnification asset was as follows: Nine months period ended Sept. 30, 2016 Twelve months 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 was as follows: Nine months period ended Sept. 30, 2016 Twelve months 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 Agreeme27
Securities Sold Under Agreement to Repurchase (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Banking And Thrift [Abstract] | |
Summary of Repurchase Agreement | The following table provides additional details for the periods presented. MBS Municipal As of September 30, 2016 Securities Securities Total Market value of securities pledged $ 39,119 $ 1,496 $ 40,615 Borrowings related to pledged amounts 26,032 857 26,889 Market value pledged as a % of borrowings 150 % 175 % 151 % 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) | 9 Months Ended |
Sep. 30, 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 1, 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 | Pro-forma data for the three and nine month periods ending September 30, 2015 and nine month period ending September 30, 2016 listed in the table below presents pro-forma information as if the Community and Hometown acquisitions occurred at the beginning of 2015. Because the Community and Hometown transactions closed on March 1, 2016, there is no pro-forma information for the three month period ending September 30, 2016 as both Community and Hometown actual results are included in the current reported figures. Three months ended Sept. 30, Nine months ended Sept. 30, 2015 2016 2015 Net interest income $46,779 $133,900 $140,692 Net income available to common shareholders $10,895 $31,071 $33,320 EPS - basic $0.23 $0.65 $0.71 EPS - diluted $0.23 $0.64 $0.70 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary Information about the Derivative Instruments | Summary information about the derivative instruments is as follows: Sept. 30, 2016 Dec. 31, 2015 Notional amount $ 2,006,466 $ 939,831 Weighted average pay rate on interest-rate swaps 2.46 % 2.61 % Weighted average receive rate on interest rate swaps 2.45 % 2.57 % Weighted average maturity (years) 11 12 Fair value of interest rate swap derivatives (asset) $ 63,207 $ 18,619 Fair value of interest rate swap derivatives (liability) $ 65,165 $ 19,822 |
Nature of Operations and Basi30
Nature of Operations and Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016LocationCountyRevenue_Generating_Activities | |
Nature Of Operations And Basis Of Presentation [Abstract] | |
Number of service banking locations | Location | 66 |
Number of counties in which company operates | County | 22 |
Number of inter-related revenue generating activities | Revenue_Generating_Activities | 3 |
Common Stock Outstanding and 31
Common Stock Outstanding and Earnings Per Share Data - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Anti dilutive stock options | 24,500 | 462,004 | 67,609 | 473,501 |
Common Stock Outstanding and 32
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 | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Basic | |||||
Net income available to common shareholders | $ 15,384 | $ 9,916 | $ 26,314 | $ 28,942 | |
Less: Earnings allocated to participating securities | (60) | (54) | (104) | (160) | |
Net income allocated to common shareholders | $ 15,324 | $ 9,862 | $ 26,210 | $ 28,782 | |
Weighted average common shares outstanding including participating securities | 48,006,824 | 45,447,962 | 47,441,952 | 45,414,202 | |
Less: Participating securities | [1] | (186,281) | (247,596) | (187,697) | (250,436) |
Average shares | [2] | 47,820,543 | 45,200,366 | 47,254,255 | 45,163,766 |
Basic earnings per common share | $ 0.32 | $ 0.22 | $ 0.55 | $ 0.64 | |
Diluted | |||||
Net income available to common shareholders | $ 15,324 | $ 9,862 | $ 26,210 | $ 28,782 | |
Weighted average common shares outstanding for basic earnings per common share | [2] | 47,820,543 | 45,200,366 | 47,254,255 | 45,163,766 |
Add: Dilutive effects of stock based compensation awards | 782,023 | 625,787 | 700,504 | 568,899 | |
Average shares and dilutive potential common shares | [2] | 48,602,566 | 45,826,153 | 47,954,759 | 45,732,665 |
Diluted earnings per common share | $ 0.32 | $ 0.22 | $ 0.55 | $ 0.63 | |
[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 | Sep. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Trading securities, at fair value | $ 2,166 | $ 2,107 |
Available for sale securities | 761,648 | 604,739 |
Interest rate swap derivatives, at fair value | 63,207 | 18,619 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 65,165 | 19,822 |
US Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,002 | 1,000 |
Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 726,092 | 568,452 |
Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | 24,531 | 35,287 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 2,166 | 2,107 |
Available for sale securities | 761,648 | 604,739 |
Interest rate swap derivatives, at fair value | 63,207 | 18,619 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 65,165 | 19,822 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | ||
Assets: | ||
Trading securities, at fair value | 2,166 | 2,107 |
Interest rate swap derivatives, at fair value | 63,207 | 18,619 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 65,165 | 19,822 |
Fair Value Measurements on Recurring [Member] | US Treasury Securities [Member] | Carrying value [Member] | ||
Assets: | ||
Available for sale securities | 1,002 | 1,000 |
Fair Value Measurements on Recurring [Member] | Obligations of U.S. Government Sponsored Entities and Agencies [Member] | Carrying value [Member] | ||
Assets: | ||
Available for sale securities | 10,023 | |
Fair Value Measurements on Recurring [Member] | Mortgage Backed Securities [Member] | Carrying value [Member] | ||
Assets: | ||
Available for sale securities | 726,092 | 568,452 |
Fair Value Measurements on Recurring [Member] | Municipal Securities [Member] | Carrying value [Member] | ||
Assets: | ||
Available for sale securities | 24,531 | 35,287 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 2,166 | 2,107 |
Interest rate swap derivatives, at fair value | 63,207 | 18,619 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 65,165 | 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] | Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Assets: | ||
Available for sale securities | 10,023 | |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 726,092 | 568,452 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | $ 24,531 | $ 35,287 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Impaired loans with allocated allowance for loan losses | $ 13,034 | $ 13,034 | $ 13,293 | ||
Impaired valuation allowance | 399 | 399 | $ 807 | ||
Provision for loan loss expense on impaired loans | 1,275 | 2,696 | $ 3,950 | ||
Repossessed real estate owned valuation write down | 237 | $ 237 | 651 | 1,016 | |
Impairment charge recognized | 549 | 12 | 967 | 637 | |
Impaired Loans [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Provision for loan loss expense on impaired loans | $ 86 | $ 241 | $ 458 | $ 516 | |
Minimum [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Capitalization rates to determine fair value of collateral | 7.00% | 7.00% | |||
Maximum [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Capitalization rates to determine fair value of collateral | 10.00% | 10.00% |
Fair Value - Assets and Liabi35
Fair Value - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value Measurements on Non-Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 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 | $ 2,870 | $ 3,288 |
Impaired loans on Commercial real estate at Carrying value | 7,469 | 7,061 |
Impaired loans on Land, land development and construction at Carrying value | 1,011 | 1,767 |
Impaired loans on Commercial at Carrying value | 1,220 | 280 |
Impaired loans on Consumer at Carrying value | 65 | 90 |
Other real estate owned on Residential real estate at Carrying value | 715 | 85 |
Other real estate owned on Commercial real estate at Carrying value | 938 | 1,506 |
Other real estate owned on Land, land development and construction at Carrying value | 1,515 | 2,002 |
Bank owned real estate held for sale | 1,136 | 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 | 1,136 | 1,665 |
Impaired loans on Residential real estate | 2,870 | 3,288 |
Impaired loans on Commercial real estate | 7,469 | 7,061 |
Impaired loans on Land, land development and construction | 1,011 | 1,767 |
Impaired loans on Commercial | 1,220 | 280 |
Impaired loans on Consumer | 65 | 90 |
Other real estate owned on Residential real estate | 715 | 85 |
Other real estate owned on Commercial real estate | 938 | 1,506 |
Other real estate owned on Land, land development and construction | $ 1,515 | $ 2,002 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Financial assets: | ||||
Cash and cash equivalents | $ 198,866 | $ 152,482 | $ 228,431 | $ 158,413 |
Cash and cash equivalents, fair value | 198,866 | 152,482 | ||
Trading securities, at fair value | 2,166 | 2,107 | ||
Investment securities available for sale, at fair value | 761,648 | 604,739 | ||
Investment securities held to maturity, carrying amount | 263,692 | 272,840 | ||
Investment securities held to maturity, at fair value | 269,721 | 273,983 | ||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 17,003 | 14,041 | ||
Loans held for sale, carrying amount | 2,333 | 1,529 | ||
Loans held for sale, fair value | 2,333 | 1,529 | ||
Loans, less allowance for loan losses, carrying amount | 3,268,983 | 2,571,512 | ||
Loans, less allowance for loan losses, fair value | 3,267,908 | 2,574,516 | ||
FDIC Indemnification asset, fair value | 25,795 | $ 49,054 | ||
Interest rate swap derivatives, carrying amount assets | 63,207 | 18,619 | ||
Interest rate swap derivatives, assets fair value | 63,207 | 18,619 | ||
Accrued interest receivable, carrying amount | 11,782 | 10,286 | ||
Accrued interest receivable, fair value | 11,782 | 10,286 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, carrying amount | 3,476,397 | 2,792,758 | ||
Deposits- without stated maturities, fair value | 3,476,397 | 2,792,758 | ||
Deposits- with stated maturities, carrying amount | 579,537 | 422,420 | ||
Deposits- with stated maturities, fair value | 581,527 | 423,391 | ||
Securities sold under agreement to repurchase, fair value | 26,889 | 27,472 | ||
Securities sold under agreement to repurchase | 26,889 | 27,472 | ||
Federal funds purchased, carrying amount | 258,329 | 200,250 | ||
Corporate debentures, carrying amount | 25,899 | 24,093 | ||
Federal funds purchased, fair value | 258,329 | 200,250 | ||
Interest rate swap derivatives, carrying amount | 65,165 | 19,822 | ||
Corporate debentures, fair value | 22,226 | 19,734 | ||
Accrued interest payable, carrying amount | 928 | 218 | ||
Interest rate swap derivatives, at fair value | 65,165 | 19,822 | ||
Accrued interest payable, fair value | 928 | 218 | ||
Other borrowed funds | 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 | 198,866 | 152,482 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, fair value | 3,476,397 | 2,792,758 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Trading securities, at fair value | 2,166 | 2,107 | ||
Investment securities available for sale, at fair value | 761,648 | 604,739 | ||
Investment securities held to maturity, at fair value | 269,721 | 273,983 | ||
Loans held for sale, fair value | 2,333 | 1,529 | ||
Interest rate swap derivatives, assets fair value | 63,207 | 18,619 | ||
Accrued interest receivable, fair value | 4,077 | |||
Financial liabilities: | ||||
Deposits- with stated maturities, fair value | 581,527 | 423,391 | ||
Securities sold under agreement to repurchase, fair value | 26,889 | 27,472 | ||
Federal funds purchased, fair value | 258,329 | 200,250 | ||
Interest rate swap derivatives, at fair value | 65,165 | 19,822 | ||
Accrued interest payable, fair value | 928 | 218 | ||
Other borrowed funds, fair value | 25,000 | |||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Loans, less allowance for loan losses, fair value | 3,267,908 | 2,574,516 | ||
Accrued interest receivable, fair value | 7,705 | 10,286 | ||
Financial liabilities: | ||||
Corporate debentures, fair value | $ 22,226 | $ 19,734 |
Fair Value - Carrying Amounts37
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||||||
Deduction of Allowance for loan losses from loans | $ 25,499 | $ 24,172 | $ 22,264 | $ 22,648 | $ 22,934 | $ 19,898 |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of Reportable Segment Revenues, Expenses and Profit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 47,703 | $ 40,112 | $ 138,510 | $ 121,222 | |
Interest expense | (2,384) | (1,784) | (6,719) | (5,467) | |
Net interest income | 45,319 | 38,328 | 131,791 | 115,755 | |
Provision for loan losses | (1,275) | (2,696) | (3,950) | ||
Non interest income | 15,614 | 8,130 | 47,146 | 27,784 | |
Non interest expense | (36,328) | (30,855) | (136,230) | (93,996) | |
Net income (loss) before taxes | 23,330 | 15,603 | 40,011 | 45,593 | |
Income tax (provision) benefit | (7,946) | (5,687) | (13,697) | (16,651) | |
Net income | 15,384 | 9,916 | 26,314 | 28,942 | |
Total assets | 5,014,512 | 3,933,072 | 5,014,512 | 3,933,072 | $ 4,022,717 |
Operating Segments [Member] | Commercial and Retail Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 45,840 | 38,417 | 132,783 | 116,173 | |
Interest expense | (1,848) | (1,390) | (5,129) | (4,310) | |
Net interest income | 43,992 | 37,027 | 127,654 | 111,863 | |
Provision for loan losses | (1,303) | (1) | (2,648) | (3,796) | |
Non interest income | 8,086 | 2,195 | 21,244 | 6,462 | |
Non interest expense | (29,958) | (24,663) | (115,867) | (73,962) | |
Net income (loss) before taxes | 20,817 | 14,558 | 30,383 | 40,567 | |
Income tax (provision) benefit | (6,973) | (5,279) | (9,964) | (14,700) | |
Net income | 13,844 | 9,279 | 20,419 | 25,867 | |
Total assets | 4,612,833 | 3,616,330 | 4,612,833 | 3,616,330 | |
Operating Segments [Member] | Correspondent Banking And Capital Markets Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 1,863 | 1,695 | 5,727 | 5,049 | |
Interest expense | (238) | (150) | (745) | (435) | |
Net interest income | 1,625 | 1,545 | 4,982 | 4,614 | |
Provision for loan losses | 28 | 1 | (48) | (154) | |
Non interest income | 7,528 | 5,935 | 25,594 | 21,322 | |
Non interest expense | (5,456) | (5,063) | (17,397) | (16,666) | |
Net income (loss) before taxes | 3,725 | 2,418 | 13,131 | 9,116 | |
Income tax (provision) benefit | (1,437) | (934) | (5,064) | (3,517) | |
Net income | 2,288 | 1,484 | 8,067 | 5,599 | |
Total assets | 394,475 | 308,046 | 394,475 | 308,046 | |
Corporate Overhead and Administration [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense | (298) | (244) | (845) | (722) | |
Net interest income | (298) | (244) | (845) | (722) | |
Non interest income | 308 | ||||
Non interest expense | (914) | (1,129) | (2,966) | (3,368) | |
Net income (loss) before taxes | (1,212) | (1,373) | (3,503) | (4,090) | |
Income tax (provision) benefit | 464 | 526 | 1,331 | 1,566 | |
Net income | (748) | (847) | (2,172) | (2,524) | |
Total assets | 585,561 | 511,223 | 585,561 | 511,223 | |
Elimination Entries [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | $ (578,357) | $ (502,527) | $ (578,357) | $ (502,527) |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016LocationCountySubsidiary | |
Segment Reporting Information [Line Items] | |
Number of counties in which company operates | County | 22 |
Number of bank locations | Location | 66 |
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 | 66 |
Investment Securities Available
Investment Securities Available for Sale - Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 749,425 | $ 602,397 |
Gross Unrealized Gains | 12,486 | 5,258 |
Gross Unrealized Losses | 263 | 2,916 |
Available for sale securities | 761,648 | 604,739 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,001 | 1,002 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 0 | 2 |
Available for sale securities | 1,002 | 1,000 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 714,938 | 567,264 |
Gross Unrealized Gains | 11,399 | 4,102 |
Gross Unrealized Losses | 245 | 2,914 |
Available for sale securities | 726,092 | 568,452 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 23,445 | 34,131 |
Gross Unrealized Gains | 1,086 | 1,156 |
Gross Unrealized Losses | 0 | 0 |
Available for sale securities | 24,531 | $ 35,287 |
Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,041 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 18 | |
Available for sale securities | $ 10,023 |
Investment Securities Availab41
Investment Securities Available for Sale - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Security | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Reclassifications of gain included in net income, income taxes | $ 5,000 | $ 2,000 | $ 5,000 | $ 2,000 | |
Securities estimated fair value | $ 235,957,000 | $ 235,957,000 | $ 195,753,000 | ||
Percentage of AFS securities held by any one issuer as a percentage of stockholders' equity | 10.00% | 10.00% | 10.00% | ||
Number of securities representing specified criteria | Security | 0 | 0 | |||
Available-for-sale Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% | 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 Availab42
Investment Securities Available for Sale - Schedule of Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds | $ 142,075 | $ 16,305 |
Gross gains | 13 | 303 |
Gross losses | $ 0 | $ 299 |
Investment Securities Availab43
Investment Securities Available for Sale - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities available for sale, Due in one year or less, Fair Value | $ 1,621 | |
Investment securities available for sale, Due after one year through five years, Fair Value | 3,747 | |
Investment securities available for sale, Due after five years through ten years, Fair Value | 8,611 | |
Investment securities available for sale, Due after ten years through thirty years, Fair Value | 21,577 | |
Investment securities available for sale, Mortgage backed securities, Fair Value | 726,092 | |
Fair Value | 761,648 | $ 604,739 |
Investment securities available for sale, Due in one year or less, Amortized Cost | 1,616 | |
Investment securities available for sale, Due after one year through five years, Amortized Cost | 3,583 | |
Investment securities available for sale, Due after five years through ten years, Amortized Cost | 8,227 | |
Investment securities available for sale, Due after ten years through thirty years, Amortized Cost | 21,061 | |
Investment securities available for sale, Mortgage backed securities, Amortized Cost | 714,938 | |
Amortized Cost | $ 749,425 | $ 602,397 |
Investment Securities Availab44
Investment Securities Available for Sale - Investments Gross Unrealized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 64,902 | $ 283,299 |
Less than 12 months, Unrealized Losses | 159 | 1,601 |
12 months or more, Fair Value | 18,857 | 32,892 |
12 months or more, Unrealized Losses | 104 | 1,315 |
Total, Fair Value | 83,759 | 316,191 |
Total, Unrealized Losses | 263 | 2,916 |
Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 10,023 | |
Less than 12 months, Unrealized Losses | 18 | |
Total, Fair Value | 10,023 | |
Total, Unrealized Losses | 18 | |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 54,879 | 282,299 |
Less than 12 months, Unrealized Losses | 141 | 1,599 |
12 months or more, Fair Value | 18,857 | 32,892 |
12 months or more, Unrealized Losses | 104 | 1,315 |
Total, Fair Value | 73,736 | 315,191 |
Total, Unrealized Losses | $ 245 | 2,914 |
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 |
Investment Securities Held to M
Investment Securities Held to Maturity - Fair Value of Held to Maturity Securities and Related Gross Unrecognized Gains and Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 263,692 | $ 272,840 |
Gross Unrecognized Gains | 6,221 | 1,778 |
Gross Unrecognized Losses | 192 | 635 |
Held-to-maturity securities, fair value | 269,721 | 273,983 |
Obligations of U.S. government sponsored entities and agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 14,797 | 57,610 |
Gross Unrecognized Gains | 37 | 141 |
Gross Unrecognized Losses | 23 | |
Held-to-maturity securities, fair value | 14,834 | 57,728 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 131,452 | 155,942 |
Gross Unrecognized Gains | 1,764 | 71 |
Gross Unrecognized Losses | 601 | |
Held-to-maturity securities, fair value | 133,216 | 155,412 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 117,443 | 59,288 |
Gross Unrecognized Gains | 4,420 | 1,566 |
Gross Unrecognized Losses | 192 | 11 |
Held-to-maturity securities, fair value | $ 121,671 | $ 60,843 |
Investment Securities Held to46
Investment Securities Held to Maturity - Additional Information (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 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, carrying amount | $ | $ 44,436 | $ 48,246 |
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 to47
Investment Securities Held to Maturity - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities held-to-maturity, Due after five years through ten years, Fair Value | $ 10,474 | |
Investment securities held-to-maturity, Due after ten years through thirty years, Fair Value | 126,031 | |
Investment securities held-to-maturity, Mortgage backed securities, Fair Value | 133,216 | |
Investment securities held-to- maturity, Fair Value | 269,721 | $ 273,983 |
Investment securities held-to-maturity, Due after five years through ten years, Amortized Cost | 10,446 | |
Investment securities held-to-maturity, Due after ten years through thirty years, Amortized Cost | 121,794 | |
Investment securities held-to-maturity, Mortgage backed securities, Amortized Cost | 131,452 | |
Amortized Cost | $ 263,692 | $ 272,840 |
Investment Securities Held to48
Investment Securities Held to Maturity - Investments Gross Unrecognized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 13,917 | $ 131,239 |
Less than 12 months, Unrecognized Losses | 192 | 635 |
Total, Fair Value | 13,917 | 131,239 |
Total, Unrecognized Losses | 192 | 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 | 9,958 | |
Less than 12 months, Unrecognized Losses | 23 | |
Total, Fair Value | 9,958 | |
Total, Unrecognized Losses | 23 | |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 13,917 | 1,735 |
Less than 12 months, Unrecognized Losses | 192 | 11 |
Total, Fair Value | 13,917 | 1,735 |
Total, Unrecognized Losses | $ 192 | 11 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 119,546 | |
Less than 12 months, Unrecognized Losses | 601 | |
Total, Fair Value | 119,546 | |
Total, Unrecognized Losses | $ 601 |
Loans - Summary of Information
Loans - Summary of Information Concerning Loan Portfolio by Collateral Types (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables with Imputed Interest [Line Items] | ||
Total loans excluding purchased credit impaired loans | $ 3,097,194 | $ 2,383,248 |
Total PCI loans | 197,288 | 210,528 |
Total loans | 3,294,482 | 2,593,776 |
Allowance for loan losses for loans that are not PCI loans | (25,274) | (22,143) |
Net Loans | 3,268,983 | 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 | 806,489 | 647,496 |
Real estate loans, Commercial | 1,682,375 | 1,254,782 |
Land, development and construction | 120,331 | 105,276 |
Total real estate | 2,609,195 | 2,007,554 |
Commercial | 402,713 | 307,321 |
Consumer and other loans | 84,767 | 67,500 |
Loans before unearned fees and deferred cost | 3,096,675 | 2,382,375 |
Net unearned fees and costs | 519 | 873 |
Allowance for loan losses on PCI loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 74,825 | 86,104 |
Real estate loans, Commercial | 106,482 | 105,629 |
Land, development and construction | 10,928 | 15,548 |
Total real estate | 192,235 | 207,281 |
Commercial | 4,649 | 2,771 |
Consumer and other loans | 404 | 476 |
Allowance for loan losses for PCI loans | $ (225) | $ (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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | $ 24,172 | $ 22,934 | $ 22,264 | $ 19,898 |
Loans charged-off | (887) | (943) | (1,708) | (2,752) |
Recoveries of loans previously charged-off | 939 | 657 | 2,247 | 1,552 |
Net recoveries | 52 | (286) | 539 | (1,200) |
Provision for loan losses | 1,275 | 2,696 | 3,950 | |
Balance at end of period | 25,499 | 22,648 | 25,499 | 22,648 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 6,015 | |||
Balance at end of period | 5,920 | 5,920 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 10,662 | |||
Balance at end of period | 13,608 | 13,608 | ||
Land, Development, Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 937 | |||
Balance at end of period | 807 | 807 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 3,215 | |||
Balance at end of period | 3,644 | 3,644 | ||
Consumer and Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 1,435 | |||
Balance at end of period | 1,520 | 1,520 | ||
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 | 24,066 | 22,818 | 22,143 | 19,384 |
Loans charged-off | (821) | (893) | (1,642) | (2,625) |
Recoveries of loans previously charged-off | 939 | 657 | 2,247 | 1,552 |
Net recoveries | 118 | (236) | 605 | (1,073) |
Provision for loan losses | 1,090 | 4 | 2,526 | 4,275 |
Balance at end of period | 25,274 | 22,586 | 25,274 | 22,586 |
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 | 5,909 | 6,764 | 6,015 | 6,743 |
Loans charged-off | (93) | (634) | (226) | (1,037) |
Recoveries of loans previously charged-off | 496 | 213 | 1,056 | 800 |
Provision for loan losses | (453) | (68) | (986) | (231) |
Balance at end of period | 5,859 | 6,275 | 5,859 | 6,275 |
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 | 12,454 | 10,649 | 10,559 | 8,269 |
Loans charged-off | (155) | (421) | (60) | |
Recoveries of loans previously charged-off | 293 | 328 | 590 | 448 |
Provision for loan losses | 924 | 143 | 2,788 | 2,463 |
Balance at end of period | 13,516 | 11,120 | 13,516 | 11,120 |
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 | 799 | 867 | 936 | 752 |
Loans charged-off | (198) | (58) | (232) | (129) |
Recoveries of loans previously charged-off | 15 | 250 | 4 | |
Provision for loan losses | 133 | (221) | (205) | (39) |
Balance at end of period | 749 | 588 | 749 | 588 |
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 | 3,497 | 3,035 | 3,212 | 2,330 |
Loans charged-off | (138) | (37) | (161) | (849) |
Recoveries of loans previously charged-off | 91 | 83 | 210 | 172 |
Provision for loan losses | 194 | 24 | 383 | 1,452 |
Balance at end of period | 3,644 | 3,105 | 3,644 | 3,105 |
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 | 1,407 | 1,503 | 1,421 | 1,290 |
Loans charged-off | (237) | (164) | (602) | (550) |
Recoveries of loans previously charged-off | 44 | 33 | 141 | 128 |
Provision for loan losses | 292 | 126 | 546 | 630 |
Balance at end of period | 1,506 | 1,498 | 1,506 | 1,498 |
Allowance for loan losses on PCI loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 106 | 116 | 121 | 514 |
Loans charged-off | (66) | (50) | (66) | (127) |
Net recoveries | (66) | (50) | (66) | (127) |
Provision for loan losses | 185 | (4) | 170 | (325) |
Balance at end of period | 225 | 62 | 225 | 62 |
Allowance for loan losses on PCI loans [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Provision for loan losses | 61 | 61 | ||
Balance at end of period | 61 | 61 | ||
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 | 92 | 111 | 103 | 372 |
Loans charged-off | (77) | |||
Provision for loan losses | (70) | (11) | (254) | |
Balance at end of period | 92 | 41 | 92 | 41 |
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 | 2 | 1 | 6 | |
Loans charged-off | (66) | (66) | ||
Provision for loan losses | 124 | 123 | (4) | |
Balance at end of period | 58 | 2 | 58 | 2 |
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 | 3 | 136 | |
Provision for loan losses | (3) | (133) | ||
Balance at end of period | 3 | 3 | ||
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 | 14 | ||
Loans charged-off | (50) | (50) | ||
Provision for loan losses | 66 | 66 | ||
Balance at end of period | $ 14 | $ 16 | $ 14 | $ 16 |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Allowance for loan losses: | ||||||
Individually evaluated for impairment | $ 736 | $ 1,080 | ||||
Collectively evaluated for impairment | 24,538 | 21,063 | ||||
Purchased credit impaired | 225 | 121 | ||||
Total ending allowance balance | 25,499 | $ 24,172 | 22,264 | $ 22,648 | $ 22,934 | $ 19,898 |
Loans: | ||||||
Individually evaluated for impairment | 19,516 | 23,175 | ||||
Collectively evaluated for impairment | 3,077,159 | 2,359,200 | ||||
Purchased credit impaired | 197,288 | 210,528 | ||||
Total ending loan balances | 3,293,963 | 2,592,903 | ||||
Residential Real Estate [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 683 | 402 | ||||
Collectively evaluated for impairment | 5,176 | 5,613 | ||||
Purchased credit impaired | 61 | |||||
Total ending allowance balance | 5,920 | 6,015 | ||||
Loans: | ||||||
Individually evaluated for impairment | 8,152 | 8,096 | ||||
Collectively evaluated for impairment | 798,337 | 639,400 | ||||
Purchased credit impaired | 74,825 | 86,104 | ||||
Total ending loan balances | 881,314 | 733,600 | ||||
Commercial Real Estate [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 2 | 478 | ||||
Collectively evaluated for impairment | 13,514 | 10,081 | ||||
Purchased credit impaired | 92 | 103 | ||||
Total ending allowance balance | 13,608 | 10,662 | ||||
Loans: | ||||||
Individually evaluated for impairment | 8,139 | 11,482 | ||||
Collectively evaluated for impairment | 1,674,236 | 1,243,300 | ||||
Purchased credit impaired | 106,482 | 105,629 | ||||
Total ending loan balances | 1,788,857 | 1,360,411 | ||||
Land, Development, Construction [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 11 | 164 | ||||
Collectively evaluated for impairment | 738 | 772 | ||||
Purchased credit impaired | 58 | 1 | ||||
Total ending allowance balance | 807 | 937 | ||||
Loans: | ||||||
Individually evaluated for impairment | 1,068 | 2,267 | ||||
Collectively evaluated for impairment | 119,263 | 103,009 | ||||
Purchased credit impaired | 10,928 | 15,548 | ||||
Total ending loan balances | 131,259 | 120,824 | ||||
Commercial and Industrial [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 15 | 7 | ||||
Collectively evaluated for impairment | 3,629 | 3,205 | ||||
Purchased credit impaired | 3 | |||||
Total ending allowance balance | 3,644 | 3,215 | ||||
Loans: | ||||||
Individually evaluated for impairment | 1,921 | 1,057 | ||||
Collectively evaluated for impairment | 400,792 | 306,264 | ||||
Purchased credit impaired | 4,649 | 2,771 | ||||
Total ending loan balances | 407,362 | 310,092 | ||||
Consumer and Other [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 25 | 29 | ||||
Collectively evaluated for impairment | 1,481 | 1,392 | ||||
Purchased credit impaired | 14 | 14 | ||||
Total ending allowance balance | 1,520 | 1,435 | ||||
Loans: | ||||||
Individually evaluated for impairment | 236 | 273 | ||||
Collectively evaluated for impairment | 84,531 | 67,227 | ||||
Purchased credit impaired | 404 | 476 | ||||
Total ending loan balances | $ 85,171 | $ 67,976 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans [Line Items] | ||||||
Loans modification, modified terms allowance period minimum | 12 months | |||||
Loans modification, modified terms allowance period maximum | 24 months | |||||
Provision for loan loss expense | $ 87,000 | $ 70,000 | $ 447,000 | $ 321,000 | ||
Partial charge offs for troubled debt restructured | 51,000 | 50,000 | $ 169,000 | 224,000 | ||
Percentage of troubled debt restructured current pursuant to modified terms | 77.00% | |||||
Non performing TDRs | 3,064,000 | $ 3,064,000 | ||||
Percentage of troubled debt restructured not performing pursuant to their modified terms | 23.00% | |||||
Loans modified as TDRs | 400,000 | 225,000 | $ 2,395,000 | 3,225,000 | ||
Loan loss provision modified as TDRs | 48,000 | 3,000 | 201,000 | 194,000 | ||
Provision for loan loss expense within twelve months | 12,000 | 25,000 | 86,000 | 123,000 | ||
Partial charge offs for troubled debt restructured | 20,000 | 28,000 | 73,000 | 125,000 | ||
Reclassification from non-accretable difference | $ 1,130,000 | $ 6,722,000 | 4,731,000 | $ 19,147,000 | ||
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 | $ 7,207,000 | $ 9,354,000 | ||||
Unamortized Fair Value Adjustment On Loans Percentage | 1.40% | 1.59% | ||||
Allowance For Loan And Lease Losses On Acquired Loans | $ 2,323,000 | |||||
Community Bank of South Florida Inc And Hometown of Homestead Banking Company [Member] | ||||||
Loans [Line Items] | ||||||
Allowance For Loan And Lease Losses On Acquired Loans | $ 0 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 13,592 | $ 15,127 |
Impaired loans that are not TDRs | 5,924 | 8,048 |
Total impaired loans | 19,516 | 23,175 |
Performing TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | 10,528 | 10,254 |
Nonperforming TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 3,064 | $ 4,873 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructured Loans by Loans Type (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 13,592 | $ 15,127 |
Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 12,404 | 13,797 |
Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 10,528 | 10,254 |
Accruing [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 9,371 | 9,038 |
Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 3,064 | 4,873 |
Non Accrual [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 3,033 | 4,759 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 8,154 | 8,095 |
Residential Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 7,081 | 5,987 |
Residential Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,073 | 2,108 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 3,876 | 5,016 |
Commercial Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 2,003 | 2,458 |
Commercial Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,873 | 2,558 |
Land, Development, Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 374 | 686 |
Land, Development, Construction [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 287 | 593 |
Land, Development, Construction [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 87 | 93 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 952 | 1,057 |
Commercial and Industrial [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 952 | 991 |
Commercial and Industrial [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 66 | |
Consumer and Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 236 | 273 |
Consumer and Other [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 205 | 225 |
Consumer and Other [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 31 | $ 48 |
Loans - Summary of Loans by Cla
Loans - Summary of Loans by Class Modified (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | |
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 4 | 7 |
Recorded investment | $ | $ 1,118 | $ 2,055 |
Residential Real Estate [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 2 | 3 |
Recorded investment | $ | $ 170 | $ 596 |
Commercial Real Estate [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 2 | 3 |
Recorded investment | $ | $ 948 | $ 1,364 |
Land, Development, Construction [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 1 | |
Recorded investment | $ | $ 95 |
Loans - Summary of Loans Indivi
Loans - Summary of Loans Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance | $ 20,686 | $ 24,890 |
Total impaired loans | 19,516 | 23,175 |
Amount of allowance for loan losses allocated to impaired loans | 736 | 1,080 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 3,981 | 5,784 |
Unpaid principal balance, With an allowance recorded | 4,449 | 2,682 |
Recorded investment, With no related allowance | 3,881 | 5,465 |
Recorded investment, With an allowance recorded | 4,271 | 2,631 |
Total impaired loans | 8,152 | 8,096 |
Amount of allowance for loan losses allocated to impaired loans | 683 | 402 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 8,356 | 9,595 |
Unpaid principal balance, With an allowance recorded | 401 | 2,538 |
Recorded investment, With no related allowance | 7,838 | 9,202 |
Recorded investment, With an allowance recorded | 301 | 2,280 |
Total impaired loans | 8,139 | 11,482 |
Amount of allowance for loan losses allocated to impaired loans | 2 | 478 |
Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 1,070 | 1,869 |
Unpaid principal balance, With an allowance recorded | 213 | 1,065 |
Recorded investment, With no related allowance | 881 | 1,229 |
Recorded investment, With an allowance recorded | 187 | 1,038 |
Total impaired loans | 1,068 | 2,267 |
Amount of allowance for loan losses allocated to impaired loans | 11 | 164 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 1,506 | 585 |
Unpaid principal balance, With an allowance recorded | 452 | 484 |
Recorded investment, With no related allowance | 1,468 | 577 |
Recorded investment, With an allowance recorded | 453 | 480 |
Total impaired loans | 1,921 | 1,057 |
Amount of allowance for loan losses allocated to impaired loans | 15 | 7 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 89 | 109 |
Unpaid principal balance, With an allowance recorded | 169 | 179 |
Recorded investment, With no related allowance | 86 | 103 |
Recorded investment, With an allowance recorded | 150 | 170 |
Total impaired loans | 236 | 273 |
Amount of allowance for loan losses allocated to impaired loans | $ 25 | $ 29 |
Loans - Summary of Impairment b
Loans - Summary of Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | $ 22,200 | $ 22,352 | $ 24,907 | $ 22,856 |
Interest income recognized during impairment | 110 | 147 | 349 | 436 |
Total Real Estate Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 20,034 | 21,186 | 22,841 | 21,587 |
Interest income recognized during impairment | 95 | 134 | 306 | 398 |
Residential Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 8,356 | 8,446 | 8,447 | 8,789 |
Interest income recognized during impairment | 67 | 61 | 185 | 184 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 10,530 | 10,938 | 12,744 | 10,808 |
Interest income recognized during impairment | 24 | 66 | 101 | 193 |
Land, Development, Construction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 1,148 | 1,802 | 1,650 | 1,990 |
Interest income recognized during impairment | 4 | 7 | 20 | 21 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 1,923 | 871 | 1,806 | 924 |
Interest income recognized during impairment | 12 | 10 | 35 | 27 |
Consumer and Other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 243 | 295 | 260 | 345 |
Interest income recognized during impairment | $ 3 | $ 3 | $ 8 | $ 11 |
Loans - Summary of Nonperformin
Loans - Summary of Nonperforming Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Non accrual loans | $ 19,704 | $ 20,833 |
Loans past due over 90 days and still accruing interest | 0 | 0 |
Total non performing loans | $ 19,704 | $ 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 | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 19,704 | $ 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 | 7,005 | 9,540 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 9,335 | 9,145 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,289 | 1,608 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,668 | 187 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 407 | $ 353 |
Loans - Summary Aging of Record
Loans - Summary Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 3,096,675 | $ 2,382,375 |
Total Past Due | 11,255 | 14,723 |
Loans Not Past Due | 3,065,716 | 2,346,819 |
Non accrual loans | 19,704 | 20,833 |
30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,852 | 8,431 |
60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,403 | 6,292 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 806,489 | 647,496 |
Total Past Due | 6,636 | 5,207 |
Loans Not Past Due | 792,848 | 632,749 |
Non accrual loans | 7,005 | 9,540 |
Residential Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,307 | 2,118 |
Residential Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,329 | 3,089 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,682,375 | 1,254,782 |
Total Past Due | 2,335 | 6,817 |
Loans Not Past Due | 1,670,705 | 1,238,820 |
Non accrual loans | 9,335 | 9,145 |
Commercial Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,506 | 4,647 |
Commercial Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 829 | 2,170 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 120,331 | 105,276 |
Total Past Due | 1,107 | 875 |
Loans Not Past Due | 117,935 | 102,793 |
Non accrual loans | 1,289 | 1,608 |
Land, Development, Construction [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,068 | 280 |
Land, Development, Construction [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 39 | 595 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 402,713 | 307,321 |
Total Past Due | 822 | 1,449 |
Loans Not Past Due | 400,223 | 305,685 |
Non accrual loans | 1,668 | 187 |
Commercial and Industrial [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 642 | 1,101 |
Commercial and Industrial [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 180 | 348 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 84,767 | 67,500 |
Total Past Due | 355 | 375 |
Loans Not Past Due | 84,005 | 66,772 |
Non accrual loans | 407 | 353 |
Consumer and Other [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 329 | 285 |
Consumer and Other [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 26 | $ 90 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 806,489 | $ 647,496 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 84,767 | 67,500 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,930,510 | 2,257,613 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 776,343 | 620,313 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,568,768 | 1,174,990 |
Pass [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 107,742 | 95,885 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 393,811 | 299,742 |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 83,846 | 66,683 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 116,901 | 67,740 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 12,357 | 9,585 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 88,257 | 47,885 |
Special Mention [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,510 | 5,896 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,503 | 4,077 |
Special Mention [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 274 | 297 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 49,264 | 57,022 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,789 | 17,598 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 25,350 | 31,907 |
Substandard [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,079 | 3,495 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,399 | 3,502 |
Substandard [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 647 | $ 520 |
Loans - Investment in Residenti
Loans - Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 806,489 | $ 647,496 |
Residential Real Estate [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 799,484 | 637,956 |
Residential Real Estate [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,005 | 9,540 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 84,767 | 67,500 |
Consumer and Other [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 84,360 | 67,147 |
Consumer and Other [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 407 | $ 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 | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Contractually required principal and interest | $ 316,667 | $ 332,570 |
Non-accretable difference | (19,290) | (19,452) |
Cash flows expected to be collected | 297,377 | 313,118 |
Accretable yield | (100,089) | (102,590) |
Carrying value of acquired loans | 197,288 | 210,528 |
Allowance for loan losses | (225) | (121) |
Carrying value less allowance for loan losses | $ 197,063 | $ 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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 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 | $ 316,667 | 316,667 | ||
Non-accretable difference, ending balance | (19,290) | (19,290) | ||
Cash flows expected to be collected, ending balance | 297,377 | 297,377 | ||
Accretable yield, ending balance | (100,089) | (100,089) | ||
Carrying value of acquired loans, ending balance | 197,288 | 197,288 | ||
Contractually Required Principal and Interest [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Contractually required principal and interest, beginning balance | 344,464 | $ 379,776 | 332,570 | $ 460,836 |
Effect of acquisitions | 73,005 | |||
All other adjustments | (27,797) | (24,456) | (88,908) | (105,516) |
Contractually required principal and interest, ending balance | 316,667 | 355,320 | 316,667 | 355,320 |
Non-Accretable Difference [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-accretable difference, beginning balance | (20,462) | (25,188) | (19,452) | (68,757) |
Effect of acquisitions | (9,295) | |||
All other adjustments | 1,172 | 5,190 | 9,457 | 48,759 |
Non-accretable difference, ending balance | (19,290) | (19,998) | (19,290) | (19,998) |
Cash Flows Expected to be Collected [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Cash flows expected to be collected, beginning balance | 324,002 | 354,588 | 313,118 | 392,079 |
Effect of acquisitions | 63,710 | |||
All other adjustments | (26,625) | (19,266) | (79,451) | (56,757) |
Cash flows expected to be collected, ending balance | 297,377 | 335,322 | 297,377 | 335,322 |
Accretable Yield [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Accretable yield, beginning balance | (107,143) | (107,059) | (102,590) | (115,313) |
Effect of acquisitions | (18,585) | |||
Income accretion | 7,795 | 9,898 | 24,750 | 31,226 |
All other adjustments | (741) | (6,383) | (3,664) | (19,457) |
Accretable yield, ending balance | (100,089) | (103,544) | (100,089) | (103,544) |
Carry Value of Acquired Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Carrying value of acquired loans, beginning balance | 216,859 | 247,529 | 210,528 | 276,766 |
Effect of acquisitions | 45,125 | |||
Income accretion | 7,795 | 9,898 | 24,750 | 31,226 |
All other adjustments | (27,366) | (25,649) | (83,115) | (76,214) |
Carrying value of acquired loans, ending balance | $ 197,288 | $ 231,778 | $ 197,288 | $ 231,778 |
FDIC Indemnification Asset - Ad
FDIC Indemnification Asset - Additional Information (Detail) - Bank | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2010 | |
Fdic Indemnification Asset [Abstract] | |||
Number of acquisitions under agreement | 2 | 2 | 3 |
FDIC Indemnification Asset - FD
FDIC Indemnification Asset - FDIC Loss Share Indemnification Asset (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fdic Loss Share Indemnification Asset [Abstract] | ||
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 Indemnification Asset - 67
FDIC Indemnification Asset - FDIC Activity In True-up Payment Liability (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 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 Agreeme68
Securities Sold Under Agreement to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Banking And Thrift [Abstract] | ||
Securities sold under agreement to repurchase | $ 26,889 | $ 27,472 |
Securities Sold Under Agreeme69
Securities Sold Under Agreement to Repurchase - Summary of Repurchase Agreement (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 40,615 | $ 47,398 |
Securities sold under agreement to repurchase | $ 26,889 | $ 27,472 |
Market value pledged as a % of borrowings | 151.00% | 173.00% |
Mortgage Backed Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 39,119 | $ 45,745 |
Securities sold under agreement to repurchase | $ 26,032 | $ 27,179 |
Market value pledged as a % of borrowings | 150.00% | 168.00% |
Municipal Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 1,496 | $ 1,653 |
Securities sold under agreement to repurchase | $ 857 | $ 293 |
Market value pledged as a % of borrowings | 175.00% | 564.00% |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ / shares in Units, $ in Thousands | Mar. 01, 2016USD ($)$ / shares | Sep. 30, 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 was 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 was entitled to receive | $ / shares | $ 1.25 |
Total purchase price | $ | $ 19,150 |
Business Combinations - Summa72
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 - Summa73
Business Combinations - Summary of Preliminary Estimates of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Sep. 30, 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 - Summa74
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 - Summa75
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 | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | |||
Net interest income | $ 46,779 | $ 133,900 | $ 140,692 |
Net income available to common shareholders | $ 10,895 | $ 31,071 | $ 33,320 |
EPS - basic | $ 0.23 | $ 0.65 | $ 0.71 |
EPS - diluted | $ 0.23 | $ 0.64 | $ 0.70 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivative Instruments Notional And Fair Value [Line Items] | ||
Market value of securities pledged | $ 40,615 | $ 47,398 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments Notional And Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,006,466 | 939,831 |
Market value of securities pledged | $ 85,785 | $ 31,801 |
Derivatives - Summary Informati
Derivatives - Summary Information about the Derivative Instruments (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Interest rate swap derivatives, at fair value | $ 63,207 | $ 18,619 |
Interest rate swap derivatives, at fair value | 65,165 | 19,822 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 2,006,466 | $ 939,831 |
Weighted average pay rate on interest-rate swaps | 2.46% | 2.61% |
Weighted average receive rate on interest rate swaps | 2.45% | 2.57% |
Weighted average maturity (years) | 11 years | 12 years |
Interest rate swap derivatives, at fair value | $ 63,207 | $ 18,619 |
Interest rate swap derivatives, at fair value | $ 65,165 | $ 19,822 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | Oct. 17, 2016Location$ / shares | Sep. 30, 2016USD ($)Location | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) |
Subsequent Event [Line Items] | ||||
Number of bank locations | Location | 66 | |||
Total assets | $ 5,014,512 | $ 4,022,717 | $ 3,933,072 | |
Deposits | 4,055,934 | $ 3,215,178 | ||
Platinum Bank Holding Company [Member] | ||||
Subsequent Event [Line Items] | ||||
Total assets | 584,050 | |||
Gross Loans | 452,264 | |||
Deposits | $ 495,002 | |||
Platinum Bank Holding Company [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Conversion Of Stock Cash Paid Per Share | $ / shares | $ 7.60 | |||
Conversion Of Stock Conversion Ratio | 3.7832 | |||
Number of bank locations | Location | 7 |