Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CenterState Banks, Inc. | |
Trading Symbol | CSFL | |
Entity Central Index Key | 1,102,266 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 55,413,925 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 65,114 | $ 66,368 |
Federal funds sold and Federal Reserve Bank deposits | 214,369 | 109,286 |
Cash and cash equivalents | 279,483 | 175,654 |
Trading securities, at fair value | 12,383 | |
Investment securities available for sale, at fair value | 819,352 | 740,702 |
Investment securities held to maturity (fair value of $238,348 and $242,693 at March 31, 2017 and December 31, 2016, respectively) | 243,812 | 250,543 |
Loans held for sale | 2,637 | 2,285 |
Loans, excluding purchased credit impaired | 3,343,946 | 3,243,823 |
Purchased credit impaired loans | 176,058 | 185,924 |
Allowance for loan losses | (27,819) | (27,041) |
Net Loans | 3,492,185 | 3,402,706 |
Bank premises and equipment, net | 115,400 | 114,815 |
Accrued interest receivable | 12,971 | 12,112 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 17,910 | 17,669 |
Goodwill | 106,028 | 106,028 |
Core deposit intangible, net | 14,785 | 15,510 |
Trust intangible, net | 665 | 699 |
Bank owned life insurance | 99,065 | 98,424 |
Other repossessed real estate owned | 7,201 | 7,090 |
Deferred income tax asset, net | 56,792 | 63,208 |
Bank property held for sale | 5,307 | 8,599 |
Interest rate swap derivatives, at fair value | 35,107 | 31,817 |
Prepaid expense and other assets | 20,296 | 18,315 |
TOTAL ASSETS | 5,328,996 | 5,078,559 |
Deposits: | ||
Demand - non-interest bearing | 1,585,963 | 1,426,624 |
Demand - interest bearing | 893,945 | 917,004 |
Savings and money market accounts | 1,294,258 | 1,263,479 |
Time deposits | 522,957 | 545,437 |
Total deposits | 4,297,123 | 4,152,544 |
Securities sold under agreement to repurchase | 37,866 | 28,427 |
Federal funds purchased | 268,377 | 261,986 |
Corporate debentures | 26,016 | 25,958 |
Accrued interest payable | 711 | 851 |
Interest rate swap derivatives, at fair value | 35,979 | 32,691 |
Payables and accrued expenses | 28,523 | 23,645 |
Total liabilities | 4,694,595 | 4,526,102 |
Stockholders' equity: | ||
Common stock, $.01 par value: 100,000,000 shares authorized; 51,126,126 and 48,146,981 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 511 | 482 |
Additional paid-in capital | 495,642 | 430,459 |
Retained earnings | 143,623 | 130,090 |
Accumulated other comprehensive loss | (5,375) | (8,574) |
Total stockholders' equity | 634,401 | 552,457 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 5,328,996 | $ 5,078,559 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 238,348 | $ 242,693 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 51,126,126 | 48,146,981 |
Common stock, shares outstanding | 51,126,126 | 48,146,981 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Interest income: | |||
Loans | $ 44,249 | $ 37,118 | |
Investment securities available for sale: | |||
Taxable | 5,001 | 5,062 | |
Tax-exempt | 1,202 | 780 | |
Federal funds sold and other | 651 | 538 | |
Total interest income | 51,103 | 43,498 | |
Interest expense: | |||
Deposits | 1,897 | 1,481 | |
Securities sold under agreement to repurchase | 30 | 27 | |
Federal funds purchased | 537 | 267 | |
Corporate debentures | 318 | 248 | |
Total interest expense | 2,782 | 2,023 | |
Net interest income (expense) | 48,321 | 41,475 | |
Provision for loan losses | 995 | 510 | |
Net interest income after loan loss provision | 47,326 | 40,965 | |
Non interest income: | |||
Correspondent banking capital markets revenue | 5,376 | 7,371 | |
Other correspondent banking related revenue | 1,073 | 1,404 | |
Service charges on deposit accounts | 3,575 | 2,736 | |
Debit, prepaid, ATM and merchant card related fees | 2,265 | 2,046 | |
Wealth management related revenue | 893 | 735 | |
FDIC indemnification income | 0 | 96 | |
FDIC indemnification asset amortization | 0 | (1,166) | |
Bank owned life insurance income | 641 | 565 | |
Other non interest income | 679 | 774 | |
Total other income | 14,502 | 14,561 | |
Non interest expense: | |||
Salaries, wages and employee benefits | 22,882 | 21,455 | |
Occupancy expense | 2,749 | 2,147 | |
Depreciation of premises and equipment | 1,684 | 1,497 | |
Supplies, stationary and printing | 354 | 299 | |
Marketing expenses | 852 | 690 | |
Data processing expense | 1,826 | 1,527 | |
Legal, audit and other professional fees | 888 | 903 | |
Core deposit intangible ("CDI") amortization | 725 | 643 | |
Postage and delivery | 428 | 355 | |
ATM and debit card related expenses | 706 | 596 | |
Bank regulatory expenses | 727 | 810 | |
Gain on sale of repossessed real estate (“OREO”) | (104) | (158) | |
Valuation write down of repossessed real estate (“OREO”) | 161 | 22 | |
(Gain) loss on repossessed assets other than real estate | (7) | 6 | |
Foreclosure related expenses | 605 | 489 | |
Merger and acquisition related expenses | 870 | 11,172 | |
Branch closure and efficiency initiatives | 77 | 456 | |
Loss from termination of FDIC loss share agreements | 0 | 17,560 | |
Other expenses | 2,620 | 2,384 | |
Total other expenses | 38,043 | 62,853 | |
Income (loss) before provision for income taxes | 23,785 | (7,327) | |
Provision (benefit) for income taxes | 7,185 | (2,523) | |
Net income (loss) | 16,600 | (4,804) | |
Other comprehensive income, net of tax: | |||
Unrealized securities holding gain, net of income taxes | 3,199 | 2,569 | |
Less: reclassified adjustments for gain included in net income, net of income taxes, of $0 and $0, respectively | 0 | 0 | |
Net unrealized gain on available for sale securities, net of income taxes | 3,199 | 2,569 | |
Total comprehensive income (loss) | $ 19,799 | $ (2,235) | |
Earnings (loss) per share: | |||
Basic | $ 0.33 | $ (0.10) | |
Diluted | $ 0.32 | $ (0.10) | |
Common shares used in the calculation of earnings (loss) per share: | |||
Basic | [1] | 50,632,011 | 46,343,033 |
Diluted | [1] | 51,407,704 | 46,343,033 |
[1] | Excludes participating shares. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Reclassifications of gain included in net income, income taxes | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Community Bank Of South Florida Inc [Member] | Common Stock [Member] | Common Stock [Member]Community Bank Of South Florida Inc [Member] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member]Community Bank Of South Florida Inc [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
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 | |||||||
Net income (loss) | (4,804) | (4,804) | ||||||
Unrealized holding gain on available for sale securities, net of deferred income tax | 2,569 | 2,569 | ||||||
Dividends paid - common | (1,918) | (1,918) | ||||||
Stock grants issued | 199 | $ 1 | 198 | |||||
Stock grants issued, shares | 171,709 | |||||||
Stock based compensation expense | 1,080 | 1,080 | ||||||
Stock options exercised, including tax benefit | 303 | $ 1 | 302 | |||||
Stock options exercised, including tax benefit, Shares | 59,980 | |||||||
Stock repurchase | (347) | $ (1) | (346) | |||||
Stock repurchase, shares | (24,283) | |||||||
Stock issued pursuant to acquisition, shares | 2,276,042 | |||||||
Stock issued pursuant to acquisition | $ 31,865 | $ 23 | $ 31,842 | |||||
Balances at ending at Mar. 31, 2016 | 519,461 | $ 479 | 426,267 | 88,708 | 4,007 | |||
Balances at ending, shares at Mar. 31, 2016 | 47,942,643 | |||||||
Balances at beginning at Dec. 31, 2016 | $ 552,457 | $ 482 | 430,459 | 130,090 | (8,574) | |||
Balances at beginning, shares at Dec. 31, 2016 | 48,146,981 | 48,146,981 | ||||||
Net income (loss) | $ 16,600 | 16,600 | ||||||
Unrealized holding gain on available for sale securities, net of deferred income tax | 3,199 | 3,199 | ||||||
Dividends paid - common | (3,067) | (3,067) | ||||||
Stock grants issued | 206 | $ 2 | 204 | |||||
Stock grants issued, shares | 199,718 | |||||||
Stock based compensation expense | 1,139 | 1,139 | ||||||
Stock options exercised, including tax benefit | 1,348 | $ 1 | 1,347 | |||||
Stock options exercised, including tax benefit, Shares | 114,901 | |||||||
Stock repurchase | (743) | $ (1) | (742) | |||||
Stock repurchase, shares | (30,474) | |||||||
Stock issued pursuant to public offering, net of costs of $529 | 63,262 | $ 27 | 63,235 | |||||
Stock issued pursuant to public offering, net of costs, shares | 2,695,000 | |||||||
Balances at ending at Mar. 31, 2017 | $ 634,401 | $ 511 | $ 495,642 | $ 143,623 | $ (5,375) | |||
Balances at ending, shares at Mar. 31, 2017 | 51,126,126 | 51,126,126 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Unrealized holding gain on available for sale securities, deferred income tax | $ 2,009 | $ 1,613 |
Retained Earnings [Member] | ||
Dividends paid - common, per share | $ 0.06 | $ 0.04 |
Additional Paid in Capital [Member] | ||
Public Offering Costs | $ 529 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 16,600 | $ (4,804) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 995 | 510 |
Depreciation of premises and equipment | 1,684 | 1,497 |
Accretion of purchase accounting adjustments | (9,289) | (9,523) |
Net amortization of investment securities | 2,582 | 2,061 |
Net deferred loan origination fees | 384 | (77) |
Trading securities revenue | (81) | (354) |
Purchases of trading securities | (25,934) | (47,734) |
Proceeds from sale of trading securities | 38,398 | 47,476 |
Repossessed real estate owned valuation write down | 161 | 22 |
Gain on sale of repossessed real estate owned | (104) | (158) |
(Gain) loss on repossessed assets other than real estate | (7) | 6 |
Gain on sale of residential loans held for sale | (231) | (98) |
Residential loans originated and held for sale | (10,722) | (5,425) |
Proceeds from sale of residential loans held for sale | 10,601 | 5,598 |
Gain on disposal of bank property held for sale | (129) | (2) |
Impairment on bank property held for sale | 77 | 458 |
Gain on extinguishment of debt | 0 | (308) |
Gain on sale of small business administration loans | (14) | 0 |
Small business administration loans originated for sale | (326) | 0 |
Proceeds from sale of small business administration loans | 340 | 0 |
Deferred income taxes | 4,408 | (9,979) |
Tax deduction in excess of book deduction for stock awards | (1,083) | 0 |
Stock based compensation expense | 1,139 | 1,080 |
Bank owned life insurance income | (641) | (565) |
FDIC indemnification asset amortization | 0 | 1,166 |
Loss from termination of FDIC loss share agreements | 0 | 17,560 |
Net cash from changes in: | ||
Net changes in accrued interest receivable, prepaid expenses, and other assets | (5,065) | (13,342) |
Net change in accrued interest payable, accrued expense, and other liabilities | 8,280 | 15,864 |
Net cash provided by operating activities | 32,023 | 929 |
Cash flows from investing activities: | ||
Purchases of investment securities | (5,000) | 0 |
Purchases of mortgage backed securities | (102,253) | (122,807) |
Proceeds from pay-downs of mortgage backed securities | 30,685 | 21,486 |
Proceeds from sales of investment securities | 0 | 79,297 |
Proceeds from sales of mortgage backed securities | 0 | 62,418 |
Proceeds from called investment securities | 0 | 920 |
Proceeds from maturities of investment securities | 1,000 | 0 |
Purchases of investment securities | 0 | (11,149) |
Proceeds from called investment securities | 0 | 20,600 |
Proceeds from pay-downs of mortgage backed securities | 6,274 | 6,227 |
Purchases of FHLB and FRB stock | (241) | 0 |
Proceeds from sales of FHLB and FRB stock | 0 | 29 |
Net increase in loans | (82,699) | (32,123) |
Cash received from FDIC loss sharing agreements | 0 | 5,482 |
Purchases of premises and equipment, net | (2,269) | (1,604) |
Proceeds from sale of repossessed real estate | 1,656 | 4,541 |
Proceeds from sale of bank property held for sale | 3,344 | 690 |
Net cash from bank acquisitions | 0 | 41,885 |
Net cash (used in) provided by investing activities | (149,503) | 75,892 |
Cash flows from financing activities: | ||
Net increase in deposits | 144,691 | 171,278 |
Net increase in securities sold under agreement to repurchase | 9,439 | 3,458 |
Net increase in federal funds purchased | 6,391 | 25,048 |
Net decrease in other borrowings | 0 | (56,768) |
Extinguishment of debt | 0 | (8,680) |
Net (decrease) increase in payable to shareholders for acquisitions | (12) | 342 |
Stock options exercised | 1,348 | 303 |
Proceeds from stock offering, net of offering costs | 63,262 | 0 |
Stock repurchased | (743) | (347) |
Dividends paid | (3,067) | (1,918) |
Net cash provided by financing activities | 221,309 | 132,716 |
Net increase in cash and cash equivalents | 103,829 | 209,537 |
Cash and cash equivalents, beginning of period | 175,654 | 152,482 |
Cash and cash equivalents, end of period | 279,483 | 362,019 |
Transfer of loans to other real estate owned | 1,824 | 2,372 |
Transfers of bank property to held for sale | 0 | 2,803 |
Cash paid during the period for: | ||
Interest | 2,980 | 1,421 |
Income taxes | $ 0 | $ 2,923 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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” or “Bank”), and non bank subsidiaries, R4ALL, Inc. and CSFL Insurance Corp. As of March 31, 2017, the Bank provides traditional deposit and lending products and services to its commercial and retail customers through 69 full service banking locations in 24 counties throughout Florida. The Bank also operates a correspondent banking and capital markets division headquartered 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. This division’s primary revenue generating activities are related to its capital markets division, which includes commissions earned on fixed income security sales, fees from hedging services, loan brokerage fees and consulting fees for services related to these activities; and its correspondent banking division, which includes spread income earned on correspondent bank deposits (i.e. federal funds purchased) and correspondent bank checking account deposits and 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. R4ALL, Inc. purchases troubled loans from the Bank and manages their eventual disposition. CSFL Insurance Corp. is a captive insurance subsidiary pursuant to Section 831(b) of the U.S. Tax Code. 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, 2016. In the Company’s opinion, all adjustments, consisting primarily of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods have been made. The results of operations of the three month period ended March 31, 2017 are not necessarily indicative of the results expected for the full year. Some items in the prior period financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior period net income or shareholders’ equity. |
Common Stock Outstanding and Ea
Common Stock Outstanding and Earnings Per Share Data | 3 Months Ended |
Mar. 31, 2017 | |
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 no anti-dilutive stock options for 890,410 shares of common stock were not considered in computing diluted earnings per common share because Three months ended March 31, 2017 2016 Basic Net income (loss) available to common shareholders $ 16,600 $ (4,804 ) Less: Earnings allocated to participating securities (41 ) — Net income (loss) allocated to common shareholders $ 16,559 $ (4,804 ) Weighted average common shares outstanding including participating securities 50,759,345 46,343,033 Less: Participating securities (1) (127,334 ) — Average shares 50,632,011 46,343,033 Basic earnings (loss) per common share $ 0.33 $ (0.10 ) Diluted Net income (loss) available to common shareholders $ 16,559 $ (4,804 ) Weighted average common shares outstanding for basic earnings per common share 50,632,011 46,343,033 Add: Dilutive effects of stock based compensation awards 775,693 — Average shares and dilutive potential common shares 51,407,704 46,343,033 Diluted earnings (loss) per common share $ 0.32 $ (0.10 ) 1. Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2017 | |
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, excluding corporate debt securities, 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 corporate debt securities are calculated using market indicators such as broker quotes (Level 2). 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). The derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. 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 March 31, 2017 Assets: Available for sale securities Corporate debt securities $ 5,000 — $ 5,000 — Obligations of U.S. government sponsored entities and agencies 9,515 — 9,515 — Mortgage backed securities 782,303 — 782,303 — Municipal securities 22,534 — 22,534 — Interest rate swap derivatives 35,107 — 35,107 — Liabilities: Interest rate swap derivatives 35,979 — 35,979 — at December 31, 2016 Assets: Trading securities $ 12,383 — $ 12,383 — Available for sale securities U.S. Treasury securities 1,001 — 1,001 — Obligations of U.S. government sponsored entities and agencies 9,301 — 9,301 — Mortgage backed securities 707,957 — 707,957 — Municipal securities 22,443 — 22,443 — Interest rate swap derivatives 31,817 — 31,817 — Liabilities: Interest rate swap derivatives 32,691 — 32,691 — The fair value of impaired loans with specific valuation allowance for loan losses and other real estate owned is based on recent real estate appraisals. For residential real estate impaired loans and other real estate owned, appraised values are based on the comparative sales approach. For commercial and commercial real estate impaired loans, and other real estate owned, appraisers may use either a single valuation approach or a combination of approaches such as comparative sales, cost or the income approach. A significant unobservable input in the income approach is the estimated income capitalization rate for a given piece of collateral. At March 31, 2017, the range of capitalization rates utilized to determine the fair value of the underlying collateral ranged from 7% to 10.5%. Adjustments to appraisals may be made by the appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of a given asset over time. As such, the fair value of impaired loans and other real estate owned are considered a Level 3 in the fair value hierarchy. Assets and liabilities measured at fair value on a non-recurring basis are summarized below. Fair value measurements using Significant Quoted prices in other Significant active markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at March 31, 2017 Assets: Impaired loans Residential real estate $ 2,401 — — $ 2,401 Commercial real estate 8,146 — — 8,146 Land, land development and construction 303 — — 303 Commercial 1,099 — — 1,099 Consumer 61 — — 61 Other real estate owned Residential real estate 842 — — 842 Commercial real estate 887 — — 887 Land, land development and construction 1,853 — — 1,853 Bank property held for sale 123 — — 123 at December 31, 2016 Assets: Impaired loans Residential real estate $ 2,937 — — $ 2,937 Commercial real estate 8,355 — — 8,355 Land, land development and construction 1,004 — — 1,004 Commercial 1,207 — — 1,207 Consumer 62 — — 62 Other real estate owned Residential real estate 137 — — 137 Commercial real estate 873 — — 873 Land, land development and construction 1,385 — — 1,385 Bank property held for sale 868 — — 868 Impaired loans measured at fair value had a recorded investment of $12,334 with a valuation allowance of $324, at March 31, 2017, and a recorded investment of $13,951, with a valuation allowance of $386, at December 31, 2016. The Company recorded a provision for loan loss expense of $87 on these loans during the three month period ending March 31, 2017. The Company recorded provision for loan loss expense of $115 on impaired loans carried at fair value during three month period ending March 31, 2016. Other real estate owned had a decline in fair value of $161 and $22 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, net of recoveries and gains on sale, of ($52) and $456 during the three month periods ending , 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 Accrued Interest Receivable Deposits Short-term Borrowings Corporate Debentures Accrued Interest Payable Off-balance Sheet Instruments The following table presents the carry amounts and estimated fair values of the Company’s financial instruments: Fair value measurements at March 31, 2017 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 279,483 $ 279,483 $ — $ — $ 279,483 Trading securities — — — — — Investment securities available for sale 819,352 — 819,352 — 819,352 Investment securities held to maturity 243,812 — 238,348 — 238,348 FHLB and FRB stock 17,910 — — — n/a Loans held for sale 2,637 — 2,637 — 2,637 Loans, less allowance for loan losses of $27,819 3,492,185 — — 3,480,845 3,480,845 Interest rate swap derivatives 35,107 — 35,107 — 35,107 Accrued interest receivable 12,971 — 4,220 8,751 12,971 Financial liabilities: Deposits- without stated maturities $ 3,774,166 $ 3,774,166 $ — $ — $ 3,774,166 Deposits- with stated maturities 522,957 — 525,196 — 525,196 Securities sold under agreement to repurchase 37,866 — 37,866 — 37,866 Federal funds purchased 268,377 — 268,377 — 268,377 Corporate debentures 26,016 — — 22,496 22,496 Interest rate swap derivatives 35,979 — 35,979 — 35,979 Accrued interest payable 711 — 711 — 711 Fair value measurements at December 31, 2016 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 175,654 $ 175,654 $ — $ — $ 175,654 Trading securities 12,383 — 12,383 — 12,383 Investment securities available for sale 740,702 — 740,702 — 740,702 Investment securities held to maturity 250,543 — 242,693 — 242,693 FHLB and FRB stock 17,669 — — — n/a Loans held for sale 2,285 — 2,285 — 2,285 Loans, less allowance for loan losses of $27,041 3,402,706 — — 3,395,975 3,395,975 Interest rate swap derivatives 31,817 — 31,817 — 31,817 Accrued interest receivable 12,112 — 3,979 8,133 12,112 Financial liabilities: Deposits- without stated maturities $ 3,607,107 $ 3,607,107 $ — $ — $ 3,607,107 Deposits- with stated maturities 545,437 — 547,570 — 547,570 Securities sold under agreement to repurchase 28,427 — 28,427 — 28,427 Federal funds purchased 261,986 — 261,986 — 261,986 Corporate debentures 25,958 — — 22,363 22,363 Interest rate swap derivatives 32,691 — 32,691 — 32,691 Accrued interest payable 851 — 851 — 851 |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Reportable Segments | NOTE 4: Reportable segments The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning purposes by management. The table below is a reconciliation of the reportable segment revenues, expenses, and profit to the Company’s consolidated total for the three month periods ending March 31, 2017 and 2016. Three month period ending March 31, 2017 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 48,471 $ 2,632 $ — $ — $ 51,103 Interest expense (1,927 ) (537 ) (318 ) — (2,782 ) Net interest income (expense) 46,544 2,095 (318 ) — 48,321 Provision for loan losses (1,024 ) 29 — — (995 ) Non interest income 8,053 6,449 — — 14,502 Non interest expense (32,443 ) (4,746 ) (854 ) — (38,043 ) Net income (loss) before taxes 21,130 3,827 (1,172 ) — 23,785 Income tax (provision) benefit (6,414 ) (1,476 ) 705 — (7,185 ) Net income (loss) $ 14,716 $ 2,351 $ (467 ) $ — $ 16,600 Total assets $ 4,858,409 $ 465,219 $ 666,542 $ (661,174 ) $ 5,328,996 Three month period ending March 31, 2016 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income 41,434 2,064 $ — $ — 43,498 Interest expense (1,513 ) (262 ) (248 ) — (2,023 ) Net interest income (expense) 39,921 1,802 (248 ) — 41,475 Provision for loan losses (458 ) (52 ) — — (510 ) Non interest income 5,478 8,775 308 — 14,561 Non interest expense (56,022 ) (5,782 ) (1,049 ) — (62,853 ) Net income (loss) before taxes (11,081 ) 4,743 (989 ) — (7,327 ) Income tax (provision) benefit 3,983 (1,830 ) 370 — 2,523 Net income (loss) (7,098 ) 2,913 (619 ) $ — (4,804 ) Total assets 4,596,420 366,956 552,369 (546,090 ) 4,969,655 Commercial and retail banking Correspondent banking and capital markets division Corporate overhead and administration |
Investment securities
Investment securities | 3 Months Ended |
Mar. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Investment securities | NOTE 5: Investment securities Available-for-Sale All of the mortgage backed securities listed below were issued by U.S. government sponsored entities and agencies, primarily Fannie Mae, Freddie Mac and Ginnie Mae, institutions which the government has affirmed its commitment to support. The fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: March 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $ 5,000 $ — $ — $ 5,000 Obligations of U.S. government sponsored entities and agencies 10,013 — 498 9,515 Mortgage backed securities 791,193 2,287 11,177 782,303 Municipal securities 21,898 657 21 22,534 Total available-for-sale $ 828,104 $ 2,944 $ 11,696 $ 819,352 December 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 1,000 $ 1 $ — $ 1,001 Obligations of U.S. government sponsored entities and agencies 10,027 — 726 9,301 Mortgage backed securities 721,657 1,795 15,495 707,957 Municipal securities 21,976 505 38 22,443 Total available-for-sale $ 754,660 $ 2,301 $ 16,259 $ 740,702 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 three months ended March 31, 2017 and 2016 were as follows: For the nine months ended: March 31, 2017 March 31, 2016 Proceeds $ — $ 141,715 Gross gains — — Gross losses — — The tax provision related to these net realized gains was $0 and $0, respectively. The fair value of available for sale securities at March 31, 2017 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 after one year through five years $ 4,371 $ 4,188 Due after five years through ten years 11,920 11,787 Due after ten years through thirty years 20,758 20,936 Mortgage backed securities 782,303 791,193 Total available-for-sale $ 819,352 $ 828,104 Available for sale securities pledged at March 31, 2017 and December 31, 2016 had a carrying amount (estimated fair value) of $245,887 and $220,560 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At March 31, 2017 and December 31, 2016, there were no holdings of securities of any one issuer, other than mortgage backed securities issued by U.S. Government sponsored entities, in an amount greater than 10% of stockholders’ equity. The following tables show the Company’s available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2017 and December 31, 2016. March 31, 2017 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 $ 9,515 $ 498 $ — $ — $ 9,515 $ 498 Mortgage backed securities 537,827 9,918 30,508 1,259 568,335 11,177 Municipal securities 2,092 21 — — 2,092 21 Total temporarily impaired available-for-sale securities $ 549,434 $ 10,437 $ 30,508 $ 1,259 $ 579,942 $ 11,696 December 31, 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 $ 9,301 $ 726 $ — $ — $ 9,301 $ 726 Mortgage backed securities 591,064 13,941 31,121 1,554 622,185 15,495 Municipal securities 2,081 38 — — 2,081 38 Total temporarily impaired available-for-sale securities $ 602,446 $ 14,705 $ 31,121 $ 1,554 $ 633,567 $ 16,259 At March 31, 2017, 100% of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae, Freddie Mac, and Ginnie Mae, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at March 31, 2017. Unrealized losses on municipal securities have not been recognized into income because the issuers bonds are of high quality, and because management does not intend to sell these investments or more likely than not will not be required to sell these investments before their anticipated recovery. The fair value is expected to recover as the securities approach maturity. Held-to-Maturity The following reflects the fair value of held-to-maturity securities and the related gross unrecognized gains and losses as of March 31, 2017 and December 31, 2016. March 31, 2017 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Mortgage backed securities $ 113,763 $ — $ 1,098 $ 112,665 Municipal securities 130,049 734 5,100 125,683 Total held-to-maturity $ 243,812 $ 734 $ 6,198 $ 238,348 December 31, 2016 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Mortgage backed securities $ 120,367 $ — $ 1,986 $ 118,381 Municipal securities 130,176 434 6,298 124,312 Total held to maturity $ 250,543 $ 434 $ 8,284 $ 242,693 Held-to-maturity securities pledged at March 31, 2017 and December 31, 2016 had a carrying amount of $26,175 and $27,757 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At March 31, 2017, there were no holdings of held-to-maturity securities of any one issuer in an amount greater than 10% of stockholders’ equity. The fair value and amortized cost of held-to-maturity securities at March 31, 2017 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 $ 1,541 $ 1,538 Due after ten years through thirty years 124,142 128,511 Mortgage backed securities 112,665 113,763 Total held-to-maturity $ 238,348 $ 243,812 The following table shows the Company’s held-to-maturity investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at March 31, 2017 and December 31, 2016. March 31, 2017 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Mortgage backed securities $ 112,665 $ 1,098 $ — $ — $ 112,665 $ 1,098 Municipal securities 85,969 5,100 — — 85,969 5,100 Total temporarily impaired held-to-maturity securities $ 198,634 $ 6,198 $ — $ — $ 198,634 $ 6,198 December 31, 2016 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Mortgage backed securities $ 118,381 $ 1,986 $ — $ — $ 118,381 $ 1,986 Municipal securities 95,552 6,298 — — 95,552 6,298 Total temporarily impaired held-to-maturity securities $ 213,933 $ 8,284 $ — $ — $ 213,933 $ 8,284 At March 31, 2017, 100% of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae, Freddie Mac, and Ginnie Mae, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at March 31, 2017. Unrealized losses on municipal securities have not been recognized into income because the issuers bonds are of high quality, and because management does not intend to sell these investments or more likely than not will not be required to sell these investments before their anticipated recovery. The fair value is expected to recover as the securities approach maturity. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Loans | NOTE 6: Loans The following table sets forth information concerning the loan portfolio by collateral types as of the dates indicated. March 31, 2017 December 31, 2016 Loans excluding PCI loans Real estate loans Residential $ 818,537 $ 816,304 Commercial 1,824,100 1,755,922 Land, development and construction 148,585 142,044 Total real estate 2,791,222 2,714,270 Commercial 462,925 439,540 Consumer and other loans 88,941 89,538 Loans before unearned fees and deferred cost 3,343,088 3,243,348 Net unearned fees and costs 858 475 Total loans excluding PCI loans 3,343,946 3,243,823 PCI loans (note 1) Real estate loans Residential 67,234 72,179 Commercial 94,751 99,566 Land, development and construction 9,522 9,944 Total real estate 171,507 181,689 Commercial 4,177 3,825 Consumer and other loans 374 410 Total PCI loans 176,058 185,924 Total loans 3,520,004 3,429,747 Allowance for loan losses for loans that are not PCI loans (27,521 ) (26,569 ) Allowance for loan losses for PCI loans (298 ) (472 ) Total loans, net of allowance for loan losses $ 3,492,185 $ 3,402,706 note 1: Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. The table below set forth the activity in the allowance for loan losses for the periods presented. Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Three months ended March 31, 2017 Balance at beginning of period $ 26,569 $ 472 $ 27,041 Loans charged-off (902 ) — (902 ) Recoveries of loans previously charged-off 685 — 685 Net charge-offs (217 ) — (217 ) Provision for loan losses 1,169 (174 ) 995 Balance at end of period $ 27,521 $ 298 $ 27,819 Three months ended March 31, 2016 Balance at beginning of period $ 22,143 $ 121 $ 22,264 Loans charged-off (495 ) — (495 ) Recoveries of loans previously charged-off 843 — 843 Net recoveries 348 — 348 Provision for loan losses 511 (1 ) 510 Balance at end of period $ 23,002 $ 120 $ 23,122 The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Three months ended March 31, 2017 Beginning of the period $ 5,640 $ 14,713 $ 883 $ 3,785 $ 1,548 $ 26,569 Charge-offs (86 ) (14 ) — (528 ) (274 ) (902 ) Recoveries 216 279 37 53 100 685 Provision for loan losses (7 ) 635 143 234 164 1,169 Balance at end of period $ 5,763 $ 15,613 $ 1,063 $ 3,544 $ 1,538 $ 27,521 Three months ended March 31, 2016 Beginning of the period $ 6,015 $ 10,559 $ 936 $ 3,212 $ 1,421 $ 22,143 Charge-offs (81 ) (225 ) (34 ) — (155 ) (495 ) Recoveries 318 204 205 58 58 843 Provision for loan losses (428 ) 871 (211 ) 163 116 511 Balance at end of period $ 5,824 $ 11,409 $ 896 $ 3,433 $ 1,440 $ 23,002 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Three months ended March 31, 2017 Beginning of the period $ 54 $ 92 $ 312 $ — $ 14 $ 472 Charge-offs — — — — — — Recoveries — — — — — — Provision for loan losses (4 ) (34 ) (136 ) — — (174 ) Balance at end of period $ 50 $ 58 $ 176 $ — $ 14 $ 298 Three months ended March 31, 2016 Beginning of the period $ — $ 103 $ 1 $ 3 $ 14 $ 121 Charge-offs — — — — — — Recoveries — — — — — — Provision for loan losses — — — (1 ) — (1 ) Balance at end of period $ — $ 103 $ 1 $ 2 $ 14 $ 120 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2017 and December 31, 2016. Accrued interest receivable and unearned loan fees and costs are not included in the recorded investment because they are not material. Real Estate Loans As of March 31, 2017 Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 585 $ 2 $ 9 $ 5 $ 22 $ 623 Collectively evaluated for impairment 5,178 15,611 1,054 3,539 1,516 26,898 Purchased credit impaired 50 58 176 — 14 298 Total ending allowance balance $ 5,813 $ 15,671 $ 1,239 $ 3,544 $ 1,552 $ 27,819 Loans: Individually evaluated for impairment $ 7,687 $ 8,804 $ 354 $ 1,538 $ 223 $ 18,606 Collectively evaluated for impairment 810,850 1,815,296 148,231 461,387 88,718 3,324,482 Purchased credit impaired 67,234 94,751 9,522 4,177 374 176,058 Total ending loan balances $ 885,771 $ 1,918,851 $ 158,107 $ 467,102 $ 89,315 $ 3,519,146 Real Estate Loans As of December 31, 2016 Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 653 $ — $ 10 $ 7 $ 25 $ 695 Collectively evaluated for impairment 4,987 14,713 873 3,778 1,523 25,874 Purchased credit impaired 54 92 312 — 14 472 Total ending allowance balance $ 5,694 $ 14,805 $ 1,195 $ 3,785 $ 1,562 $ 27,041 Loans: Individually evaluated for impairment $ 8,237 $ 9,017 $ 1,059 $ 1,710 $ 230 $ 20,253 Collectively evaluated for impairment 808,067 1,746,905 140,985 437,830 89,308 3,223,095 Purchased credit impaired 72,179 99,566 9,944 3,825 410 185,924 Total ending loan balance $ 888,483 $ 1,855,488 $ 151,988 $ 443,365 $ 89,948 $ 3,429,272 Loans collectively evaluated for impairment reported at March 31, 2017 include loans acquired from Gulfstream Business Bank (“GSB”) on January 17, 2014 and from First Southern Bank (“FSB”) on June 1, 2014 and 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 $5,683 and $6,473, which represents approximately 1.19% and 1.29% of the remaining outstanding balance of these acquired loans at , respectively. Management has also estimated probable incurred losses based on performance since the respective acquisition dates, and based on these estimates, has included $2,089 and $2,230 in the Company’s general loan allowance with respect to these acquired loans at March 31, 2017 and December 31, 2016, respectively. Loans collectively evaluated for impairment reported at March 31, 2017 also include loans acquired from Community and Hometown on March 1, 2016. Management evaluated the performance of these groups of loans over the period subsequent to the acquisition date and considered the accretion of the credit discount, levels of and trends in non-performing loans, past-due loans, adverse loan grade classification changes, net charge-offs and impaired loans. The loans acquired from Community and Hometown are performing as expected and therefore no allowance for loan losses was recorded for these loans at March 31, 2017. The table below summarizes impaired loan data for the periods presented. Mar. 31, 2017 Dec. 31, 2016 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $ 10,976 $ 11,030 Nonperforming TDRs (these are included in NPLs) 1,295 2,075 Total TDRs (these are included in impaired loans) 12,271 13,105 Impaired loans that are not TDRs 6,335 7,148 Total impaired loans $ 18,606 $ 20,253 In certain situations it is more common to restructure or modify the terms of troubled loans (i.e. troubled debt restructure or “TDRs”). In those circumstances it may be beneficial to restructure the terms of a loan and work with the borrower for the benefit of both parties, versus forcing the property into foreclosure and having to dispose of it in a distressed sale. When the terms of a loan have been modified, usually the monthly payment and/or interest rate is reduced for generally twelve to twenty-four months. Material principal amounts on any loan modifications have not been forgiven to date. TDRs as of March 31, 2017 and December 31, 2016 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non performing loans) are presented in the tables below. As of March 31, 2017 Accruing Non Accrual Total Real estate loans: Residential $ 7,098 $ 588 $ 7,686 Commercial 2,821 597 3,418 Land, development, construction 272 82 354 Total real estate loans 10,191 1,267 11,458 Commercial 590 — 590 Consumer and other 195 28 223 Total TDRs $ 10,976 $ 1,295 $ 12,271 As of December 31, 2016 Accruing Non-Accrual Total Real estate loans: Residential $ 7,358 $ 879 $ 8,237 Commercial 2,442 1,082 3,524 Land, development, construction 281 84 365 Total real estate loans 10,081 2,045 12,126 Commercial 749 — 749 Consumer and other 200 30 230 Total TDRs $ 11,030 $ 2,075 $ 13,105 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 $22 and partial charge offs of $23 on the TDR loans described above during the three month period ending March 31, 2017. 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 89% of our TDRs are current pursuant to their modified terms, and $1,295, or approximately 11% of Loans modified as TDRs during the three month period ending March 31, 2017 were $70. The provision of $2 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 March 31, 2017 and 2016. Period ending Period ending March 31, 2017 March 31, 2016 Number Recorded Number Recorded of loans investment of loans investment Residential — $ — — $ — Commercial real estate 1 456 2 1,004 Land, development, construction — — — — Commercial and Industrial — — 1 63 Consumer and other — — — — Total 1 $ 456 3 $ 1,067 The Company recorded a provision for loan loss expense of $5 and $7 and partial charge offs of $5 and $19, on TDR loans that subsequently defaulted as described above during the three month periods ending The following tables present loans individually evaluated for impairment by class of loans as of March 31, 2017 and December 31, 2016, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance due to partial charge-offs. As of March 31, 2017 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 4,324 $ 4,218 $ — Commercial real estate 10,043 8,735 — Land, development, construction 213 172 — Commercial and industrial 1,389 1,335 — Consumer, other 126 109 — With an allowance recorded: Residential real estate 3,626 3,469 585 Commercial real estate 70 69 2 Land, development, construction 209 182 9 Commercial and industrial 204 203 5 Consumer, other 119 114 22 Total $ 20,323 $ 18,606 $ 623 As of December 31, 2016 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 3,950 $ 3,847 $ — Commercial real estate 10,288 9,017 — Land, development, construction 1,064 874 — Commercial and industrial 1,493 1,448 — Consumer, other 87 83 — With an allowance recorded: Residential real estate 4,592 4,390 653 Commercial real estate — — — Land, development, construction 212 185 10 Commercial and industrial 263 262 7 Consumer, other 165 147 25 Total $ 22,114 $ 20,253 $ 695 Three months ended March 31, 2017 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 7,962 $ 61 $ — Commercial 8,910 35 — Land, development, construction 706 4 — Total real estate loans 17,578 100 — Commercial and industrial 1,625 8 — Consumer and other loans 227 2 — Total $ 19,430 $ 110 $ — Three months ended March 31, 2016 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,278 $ 57 $ — Commercial 13,326 55 — Land, development, construction 2,146 12 — Total real estate loans 23,750 124 — Commercial and industrial 1,525 12 — Consumer and other loans 270 3 — Total $ 25,545 $ 139 $ — Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. Nonperforming loans were as follows: Mar. 31, 2017 Dec. 31, 2016 Non accrual loans $ 17,569 $ 19,003 Loans past due over 90 days and still accruing interest — — Total non performing loans $ 17,569 $ 19,003 The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of March 31, 2017 and December 31, 2016, excluding purchased credit impaired loans: As of March 31, 2017 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 7,964 $ — Commercial real estate 7,499 — Land, development, construction 372 — Commercial 1,453 — Consumer, other 281 — Total $ 17,569 $ — As of December 31, 2016 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 7,068 $ — Commercial real estate 9,116 — Land, development, construction 1,060 — Commercial 1,421 — Consumer, other 338 — Total $ 19,003 $ — The following table presents the aging of the recorded investment in past due loans as of March 31, 2017 and December 31, 2016, excluding purchased credit impaired loans: Accruing Loans Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans As of March 31, 2017 Residential real estate $ 818,537 $ 2,120 $ 4,655 $ — $ 6,775 $ 803,798 $ 7,964 Commercial real estate 1,824,100 3,965 2 — 3,967 1,812,634 7,499 Land/dev/construction 148,585 765 — — 765 147,448 372 Commercial 462,925 2,508 1,050 — 3,558 457,914 1,453 Consumer 88,941 499 151 — 650 88,010 281 $ 3,343,088 $ 9,857 $ 5,858 $ — $ 15,715 $ 3,309,804 $ 17,569 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, 2016 Residential real estate $ 816,304 $ 3,739 $ 4,561 $ — $ 8,300 $ 800,936 $ 7,068 Commercial real estate 1,755,922 3,580 1,179 — 4,759 1,742,047 9,116 Land/dev/construction 142,044 2,111 71 — 2,182 138,802 1,060 Commercial 439,540 2,584 322 — 2,906 435,213 1,421 Consumer 89,538 501 178 — 679 88,521 338 $ 3,243,348 $ 12,515 $ 6,311 $ — $ 18,826 $ 3,205,519 $ 19,003 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 March 31, 2017 and December 31, 2016. As of March 31, 2017 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 786,646 $ 13,270 $ 18,621 $ — Commercial real estate 1,705,877 92,195 26,028 — Land/dev/construction 138,354 8,998 1,233 — Commercial 449,928 10,204 2,793 — Consumer 88,204 265 472 — Total $ 3,169,009 $ 124,932 $ 49,147 $ — As of December 31, 2016 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 784,491 $ 13,820 $ 17,993 $ — Commercial real estate 1,636,473 94,897 24,552 — Land/dev/construction 129,781 10,278 1,985 — Commercial 426,894 9,570 3,076 — Consumer 88,714 270 554 — Total $ 3,066,353 $ 128,835 $ 48,160 $ — The Company considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential and consumer loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in residential and consumer loans, excluding purchased credit impaired loans, based on payment activity as of March 31, 2017 and December 31, 2016: As of March 31, 2017 Residential Consumer Performing $ 810,573 $ 88,660 Nonperforming 7,964 281 Total $ 818,537 $ 88,941 As of December 31, 2016 Residential Consumer Performing $ 809,236 $ 89,200 Nonperforming 7,068 338 Total $ 816,304 $ 89,538 Purchased Credit Impaired (“PCI”) loans: Income is recognized on PCI loans pursuant to ASC Topic 310-30. A portion of the fair value discount has been ascribed as an accretable yield that is accreted into interest income over the estimated remaining life of the loans. The remaining non-accretable difference represents cash flows not expected to be collected. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans as of March 31, 2017 and December 31, 2016. Contractually required principal and interest payments have been adjusted for estimated prepayments. Mar. 31, 2017 Dec. 31, 2016 Contractually required principal and interest $ 275,938 $ 297,821 Non-accretable difference (10,426 ) (18,372 ) Cash flows expected to be collected 265,512 279,449 Accretable yield (89,454 ) (93,525 ) Carrying value of acquired loans 176,058 185,924 Allowance for loan losses (298 ) (472 ) Carrying value less allowance for loan losses $ 175,760 $ 185,452 We adjusted our estimates of future expected losses, cash flows and renewal assumptions during the current quarter. These adjustments resulted in an increase in expected cash flows and accretable yield, and a decrease in the non-accretable difference. We reclassified approximately $3,804 and $3,364 from non-accretable Activity during the Effect of income all other three month period ending March 31, 2017 Dec. 31, 2016 acquisitions accretion adjustments Mar. 31, 2017 Contractually required principal and interest $ 297,821 $ — $ — $ (21,883 ) $ 275,938 Non-accretable difference (18,372 ) — — 7,946 (10,426 ) Cash flows expected to be collected 279,449 — — (13,937 ) 265,512 Accretable yield (93,525 ) — 8,525 (4,454 ) (89,454 ) Carry value of acquired loans $ 185,924 $ — $ 8,525 $ (18,391 ) $ 176,058 Activity during the Effect of income all other three month period ending March 31, 2016 Dec. 31, 2015 acquisitions accretion adjustments Mar. 31, 2016 Contractually required principal and interest $ 332,570 $ 73,005 $ — $ (31,689 ) $ 373,886 Non-accretable difference (19,452 ) (9,295 ) — 6,520 (22,227 ) Cash flows expected to be collected 313,118 63,710 — (25,169 ) 351,659 Accretable yield (102,590 ) (18,585 ) 8,908 (2,876 ) (115,143 ) Carry value of acquired loans $ 210,528 $ 45,125 $ 8,908 $ (28,045 ) $ 236,516 |
Securities Sold Under Agreement
Securities Sold Under Agreement to Repurchase | 3 Months Ended |
Mar. 31, 2017 | |
Banking And Thrift [Abstract] | |
Securities Sold Under Agreement to Repurchase | NOTE 7: Securities sold under agreement to repurchase Our 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 $ at March 31, 2017 MBS Municipal As of March 31, 2017 Securities Securities Total Market value of securities pledged $ 45,910 $ 440 $ 46,350 Borrowings related to pledged amounts 37,683 183 37,866 Market value pledged as a % of borrowings 122 % 240 % 122 % As of December 31, 2016 Market value of securities pledged $ 34,159 $ 1,363 $ 35,522 Borrowings related to pledged amounts 27,558 869 28,427 Market value pledged as a % of borrowings 124 % 157 % 125 % 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. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | NOTE 8: 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 March 31, 2017 and December 31, 2016, the notional amount of such arrangements was $2,706,598 Summary information about the derivative instruments is as follows: Mar. 31, 2017 Dec. 31, 2016 Notional amount $ 2,706,598 $ 2,441,768 Weighted average pay rate on interest-rate swaps 2.68 % 2.56 % Weighted average receive rate on interest rate swaps 2.68 % 2.55 % Weighted average maturity (years) 11 11 Fair value of interest rate swap derivatives (asset) $ 35,107 31,817 Fair value of interest rate swap derivatives (liability) $ 35,979 $ 32,691 |
Stock Offering
Stock Offering | 3 Months Ended |
Mar. 31, 2017 | |
Public Offering [Abstract] | |
Stock Offering | NOTE 09: Stock Offering On January 13, 2017, the Company raised approximately $63,791 through a public offering by issuing 2,695,000 shares of common stock, including 245,000 shares pursuant to the exercise of the underwriters’ over-allotment option. Net proceeds of the offering, after all expenses, were approximately $63,262. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | NOTE 10: 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. 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. 2016-04, Liabilities – Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products. The amendments of this ASU narrowly address breakage, which is the monetary amount of the card that ultimately is not redeemed by the cardholder for prepaid stored-value products that are redeemable for monetary values of goods or services but may also be redeemable for cash. Examples of prepaid stored-value products included in this amendment are prepaid gift cards issued by specific payment networks and redeemable at network-accepting merchant locations, prepaid telecommunication cards, and traveler’s checks. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements, but it is not expected to have a material impact. 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 no longer record excess tax benefits and certain tax deficiencies in additional paid-in capital (“APIC”). Instead, they record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, and APIC pools are 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 requires 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 (previous guidance did not specify how these cash flows were to 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. On January 1, 2017, the Company adopted this update which resulted in a reduction of income tax expense of approximately $1,083, or $0.02 per diluted earnings per share, for the three month period ending March 31, 2017. These excess tax benefits are also reported as an operating activity on the Condensed Consolidated Statement of Cash Flows. The Company also elected to recognize the impact of forfeitures when they occur. 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. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. Current guidance prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This prohibition on recognition is an exception to the principle of comprehensive recognition of current and deferred income taxes in generally accepted accounting principles. The exception has led to diversity in practice and is a source of complexity in financial reporting. FASB decided that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in this update eliminate the exception for an intra-entity transfer of an asset other than inventory. The amendments in this update do not include new disclosure requirements; however, existing disclosure requirements might be applicable when accounting for the current and deferred income taxes for an intra-entity transfer of an asset other than inventory. For public business entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. The amendments in this update should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements, but it is not expected to have a material impact. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The amendments in this update provide a more robust framework to use in determining when a set of assets and activities is a business. Because the current definition of a business is interpreted broadly and can be difficult to apply, stakeholders indicated that analyzing transactions is inefficient and costly and that the definition does not permit the use of reasonable judgment. The amendments provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements, but it is not expected to have a material impact. In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment”, to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. In An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. In March 2017, the FASB issued ASU No. 2017-08, “Premium Amortization on Purchased Callable Debt Securities”, to amend the amortization period for certain purchased callable debt securities held at a premium. Under current GAAP, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. The amendments in this update require the premium to be amortized to the earliest call date. No accounting change is required for securities held at a discount. For public business entities, the amendments in this update become effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments in this update on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements, but it is not expected to have a material impact. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11: Subsequent Events On April 1, 2017, the Company closed its previously announced acquisition of Platinum Bank Holding Company (“Platinum”) in Brandon, Florida. The purchase price was approximately $119,431 comprised of both stock and cash consideration. The Company’s primary reasons for the transaction were to further solidify its market share in the West Central Florida market and expand its customer base to enhance deposit fee income and leverage operating costs through economies of scale. During the first quarter of 2017, the Company incurred approximately $232 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income. The majority of the acquisition costs for this transaction are expected to be recorded during the second quarter of 2017. Additional disclosures required by ASC 805 have been omitted because the information needed for the disclosures is not available due to the close proximity of the closing of this transaction with the date these financial statements are being issued. On March 31, 2017, Platinum, with seven banking locations, reported total assets of $606,155, gross loans of $463,149 and deposits of $518,614. Five banking locations were consolidated on April 20, 2017. On May 1, 2017, the Company closed its previously announced acquisition of Gateway Financial Holdings of Florida, Inc. (“Gateway”) located in Daytona, Florida. The purchase price was approximately $157,372 comprised of both stock and cash consideration. The Company’s primary reasons for the transaction were to expand its market share in the Central Florida market, together with its acquisition of Platinum as described above, and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. During the first quarter of 2017, the Company incurred approximately $627 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Consolidated Statements of Operations and Comprehensive Income. The majority of the acquisition costs for this transaction are expected to be recorded during the second quarter of 2017. Additional disclosures required by ASC 805 have been omitted because the information needed for the disclosures is not available due to the close proximity of the closing of this transaction with the date these financial statements are being issued. On March 31, 2017, Gateway, with nine banking branch offices, reported total assets of $879,898, total loans of $571,549 and total deposits of $731,002 . |
Common Stock Outstanding and 20
Common Stock Outstanding and Earnings Per Share Data (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Factors Used in Earnings Per Share Computations | The following table presents the factors used in the earnings per share computations for the periods indicated. Three months ended March 31, 2017 2016 Basic Net income (loss) available to common shareholders $ 16,600 $ (4,804 ) Less: Earnings allocated to participating securities (41 ) — Net income (loss) allocated to common shareholders $ 16,559 $ (4,804 ) Weighted average common shares outstanding including participating securities 50,759,345 46,343,033 Less: Participating securities (1) (127,334 ) — Average shares 50,632,011 46,343,033 Basic earnings (loss) per common share $ 0.33 $ (0.10 ) Diluted Net income (loss) available to common shareholders $ 16,559 $ (4,804 ) Weighted average common shares outstanding for basic earnings per common share 50,632,011 46,343,033 Add: Dilutive effects of stock based compensation awards 775,693 — Average shares and dilutive potential common shares 51,407,704 46,343,033 Diluted earnings (loss) per common share $ 0.32 $ (0.10 ) 1. Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | 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 March 31, 2017 Assets: Available for sale securities Corporate debt securities $ 5,000 — $ 5,000 — Obligations of U.S. government sponsored entities and agencies 9,515 — 9,515 — Mortgage backed securities 782,303 — 782,303 — Municipal securities 22,534 — 22,534 — Interest rate swap derivatives 35,107 — 35,107 — Liabilities: Interest rate swap derivatives 35,979 — 35,979 — at December 31, 2016 Assets: Trading securities $ 12,383 — $ 12,383 — Available for sale securities U.S. Treasury securities 1,001 — 1,001 — Obligations of U.S. government sponsored entities and agencies 9,301 — 9,301 — Mortgage backed securities 707,957 — 707,957 — Municipal securities 22,443 — 22,443 — Interest rate swap derivatives 31,817 — 31,817 — Liabilities: Interest rate swap derivatives 32,691 — 32,691 — |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are summarized below. Fair value measurements using Significant Quoted prices in other Significant active markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at March 31, 2017 Assets: Impaired loans Residential real estate $ 2,401 — — $ 2,401 Commercial real estate 8,146 — — 8,146 Land, land development and construction 303 — — 303 Commercial 1,099 — — 1,099 Consumer 61 — — 61 Other real estate owned Residential real estate 842 — — 842 Commercial real estate 887 — — 887 Land, land development and construction 1,853 — — 1,853 Bank property held for sale 123 — — 123 at December 31, 2016 Assets: Impaired loans Residential real estate $ 2,937 — — $ 2,937 Commercial real estate 8,355 — — 8,355 Land, land development and construction 1,004 — — 1,004 Commercial 1,207 — — 1,207 Consumer 62 — — 62 Other real estate owned Residential real estate 137 — — 137 Commercial real estate 873 — — 873 Land, land development and construction 1,385 — — 1,385 Bank property held for sale 868 — — 868 |
Carrying Amounts and Estimated Fair Values of Company's Financial Instruments | The following table presents the carry amounts and estimated fair values of the Company’s financial instruments: Fair value measurements at March 31, 2017 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 279,483 $ 279,483 $ — $ — $ 279,483 Trading securities — — — — — Investment securities available for sale 819,352 — 819,352 — 819,352 Investment securities held to maturity 243,812 — 238,348 — 238,348 FHLB and FRB stock 17,910 — — — n/a Loans held for sale 2,637 — 2,637 — 2,637 Loans, less allowance for loan losses of $27,819 3,492,185 — — 3,480,845 3,480,845 Interest rate swap derivatives 35,107 — 35,107 — 35,107 Accrued interest receivable 12,971 — 4,220 8,751 12,971 Financial liabilities: Deposits- without stated maturities $ 3,774,166 $ 3,774,166 $ — $ — $ 3,774,166 Deposits- with stated maturities 522,957 — 525,196 — 525,196 Securities sold under agreement to repurchase 37,866 — 37,866 — 37,866 Federal funds purchased 268,377 — 268,377 — 268,377 Corporate debentures 26,016 — — 22,496 22,496 Interest rate swap derivatives 35,979 — 35,979 — 35,979 Accrued interest payable 711 — 711 — 711 Fair value measurements at December 31, 2016 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 175,654 $ 175,654 $ — $ — $ 175,654 Trading securities 12,383 — 12,383 — 12,383 Investment securities available for sale 740,702 — 740,702 — 740,702 Investment securities held to maturity 250,543 — 242,693 — 242,693 FHLB and FRB stock 17,669 — — — n/a Loans held for sale 2,285 — 2,285 — 2,285 Loans, less allowance for loan losses of $27,041 3,402,706 — — 3,395,975 3,395,975 Interest rate swap derivatives 31,817 — 31,817 — 31,817 Accrued interest receivable 12,112 — 3,979 8,133 12,112 Financial liabilities: Deposits- without stated maturities $ 3,607,107 $ 3,607,107 $ — $ — $ 3,607,107 Deposits- with stated maturities 545,437 — 547,570 — 547,570 Securities sold under agreement to repurchase 28,427 — 28,427 — 28,427 Federal funds purchased 261,986 — 261,986 — 261,986 Corporate debentures 25,958 — — 22,363 22,363 Interest rate swap derivatives 32,691 — 32,691 — 32,691 Accrued interest payable 851 — 851 — 851 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Reconciliation of Reportable Segment Revenues, Expenses and Profit | The table below is a reconciliation of the reportable segment revenues, expenses, and profit to the Company’s consolidated total for the three month periods ending March 31, 2017 and 2016. Three month period ending March 31, 2017 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 48,471 $ 2,632 $ — $ — $ 51,103 Interest expense (1,927 ) (537 ) (318 ) — (2,782 ) Net interest income (expense) 46,544 2,095 (318 ) — 48,321 Provision for loan losses (1,024 ) 29 — — (995 ) Non interest income 8,053 6,449 — — 14,502 Non interest expense (32,443 ) (4,746 ) (854 ) — (38,043 ) Net income (loss) before taxes 21,130 3,827 (1,172 ) — 23,785 Income tax (provision) benefit (6,414 ) (1,476 ) 705 — (7,185 ) Net income (loss) $ 14,716 $ 2,351 $ (467 ) $ — $ 16,600 Total assets $ 4,858,409 $ 465,219 $ 666,542 $ (661,174 ) $ 5,328,996 Three month period ending March 31, 2016 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income 41,434 2,064 $ — $ — 43,498 Interest expense (1,513 ) (262 ) (248 ) — (2,023 ) Net interest income (expense) 39,921 1,802 (248 ) — 41,475 Provision for loan losses (458 ) (52 ) — — (510 ) Non interest income 5,478 8,775 308 — 14,561 Non interest expense (56,022 ) (5,782 ) (1,049 ) — (62,853 ) Net income (loss) before taxes (11,081 ) 4,743 (989 ) — (7,327 ) Income tax (provision) benefit 3,983 (1,830 ) 370 — 2,523 Net income (loss) (7,098 ) 2,913 (619 ) $ — (4,804 ) Total assets 4,596,420 366,956 552,369 (546,090 ) 4,969,655 |
Investment securities (Tables)
Investment securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) | The fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: March 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $ 5,000 $ — $ — $ 5,000 Obligations of U.S. government sponsored entities and agencies 10,013 — 498 9,515 Mortgage backed securities 791,193 2,287 11,177 782,303 Municipal securities 21,898 657 21 22,534 Total available-for-sale $ 828,104 $ 2,944 $ 11,696 $ 819,352 December 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 1,000 $ 1 $ — $ 1,001 Obligations of U.S. government sponsored entities and agencies 10,027 — 726 9,301 Mortgage backed securities 721,657 1,795 15,495 707,957 Municipal securities 21,976 505 38 22,443 Total available-for-sale $ 754,660 $ 2,301 $ 16,259 $ 740,702 |
Schedule of Sales of Available for Sale Securities | Sales of available for sale securities for the three months ended March 31, 2017 and 2016 were as follows: For the nine months ended: March 31, 2017 March 31, 2016 Proceeds $ — $ 141,715 Gross gains — — Gross losses — — |
Fair Value of Held to Maturity Securities and Related Gross Unrecognized Gains and Losses | The following reflects the fair value of held-to-maturity securities and the related gross unrecognized gains and losses as of March 31, 2017 and December 31, 2016. March 31, 2017 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Mortgage backed securities $ 113,763 $ — $ 1,098 $ 112,665 Municipal securities 130,049 734 5,100 125,683 Total held-to-maturity $ 243,812 $ 734 $ 6,198 $ 238,348 December 31, 2016 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Mortgage backed securities $ 120,367 $ — $ 1,986 $ 118,381 Municipal securities 130,176 434 6,298 124,312 Total held to maturity $ 250,543 $ 434 $ 8,284 $ 242,693 |
Available-for-sale Securities [Member] | |
Fair Value and Amortized Cost of Investment Securities by Contractual Maturity | The fair value of available for sale securities at March 31, 2017 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 after one year through five years $ 4,371 $ 4,188 Due after five years through ten years 11,920 11,787 Due after ten years through thirty years 20,758 20,936 Mortgage backed securities 782,303 791,193 Total available-for-sale $ 819,352 $ 828,104 |
Investments Gross Unrealized Losses and Fair Value | The following tables show the Company’s available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2017 and December 31, 2016. March 31, 2017 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 $ 9,515 $ 498 $ — $ — $ 9,515 $ 498 Mortgage backed securities 537,827 9,918 30,508 1,259 568,335 11,177 Municipal securities 2,092 21 — — 2,092 21 Total temporarily impaired available-for-sale securities $ 549,434 $ 10,437 $ 30,508 $ 1,259 $ 579,942 $ 11,696 December 31, 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 $ 9,301 $ 726 $ — $ — $ 9,301 $ 726 Mortgage backed securities 591,064 13,941 31,121 1,554 622,185 15,495 Municipal securities 2,081 38 — — 2,081 38 Total temporarily impaired available-for-sale securities $ 602,446 $ 14,705 $ 31,121 $ 1,554 $ 633,567 $ 16,259 |
Held-to-maturity Securities [Member] | |
Fair Value and Amortized Cost of Investment Securities by Contractual Maturity | The fair value and amortized cost of held-to-maturity securities at March 31, 2017 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 $ 1,541 $ 1,538 Due after ten years through thirty years 124,142 128,511 Mortgage backed securities 112,665 113,763 Total held-to-maturity $ 238,348 $ 243,812 |
Investments Gross Unrealized Losses and Fair Value | The following table shows the Company’s held-to-maturity investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at March 31, 2017 and December 31, 2016. March 31, 2017 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Mortgage backed securities $ 112,665 $ 1,098 $ — $ — $ 112,665 $ 1,098 Municipal securities 85,969 5,100 — — 85,969 5,100 Total temporarily impaired held-to-maturity securities $ 198,634 $ 6,198 $ — $ — $ 198,634 $ 6,198 December 31, 2016 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Mortgage backed securities $ 118,381 $ 1,986 $ — $ — $ 118,381 $ 1,986 Municipal securities 95,552 6,298 — — 95,552 6,298 Total temporarily impaired held-to-maturity securities $ 213,933 $ 8,284 $ — $ — $ 213,933 $ 8,284 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Summary of Information Concerning Loan Portfolio by Collateral Types | The following table sets forth information concerning the loan portfolio by collateral types as of the dates indicated. March 31, 2017 December 31, 2016 Loans excluding PCI loans Real estate loans Residential $ 818,537 $ 816,304 Commercial 1,824,100 1,755,922 Land, development and construction 148,585 142,044 Total real estate 2,791,222 2,714,270 Commercial 462,925 439,540 Consumer and other loans 88,941 89,538 Loans before unearned fees and deferred cost 3,343,088 3,243,348 Net unearned fees and costs 858 475 Total loans excluding PCI loans 3,343,946 3,243,823 PCI loans (note 1) Real estate loans Residential 67,234 72,179 Commercial 94,751 99,566 Land, development and construction 9,522 9,944 Total real estate 171,507 181,689 Commercial 4,177 3,825 Consumer and other loans 374 410 Total PCI loans 176,058 185,924 Total loans 3,520,004 3,429,747 Allowance for loan losses for loans that are not PCI loans (27,521 ) (26,569 ) Allowance for loan losses for PCI loans (298 ) (472 ) Total loans, net of allowance for loan losses $ 3,492,185 $ 3,402,706 note 1: Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. |
Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio | The table below set forth the activity in the allowance for loan losses for the periods presented. Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Three months ended March 31, 2017 Balance at beginning of period $ 26,569 $ 472 $ 27,041 Loans charged-off (902 ) — (902 ) Recoveries of loans previously charged-off 685 — 685 Net charge-offs (217 ) — (217 ) Provision for loan losses 1,169 (174 ) 995 Balance at end of period $ 27,521 $ 298 $ 27,819 Three months ended March 31, 2016 Balance at beginning of period $ 22,143 $ 121 $ 22,264 Loans charged-off (495 ) — (495 ) Recoveries of loans previously charged-off 843 — 843 Net recoveries 348 — 348 Provision for loan losses 511 (1 ) 510 Balance at end of period $ 23,002 $ 120 $ 23,122 The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Three months ended March 31, 2017 Beginning of the period $ 5,640 $ 14,713 $ 883 $ 3,785 $ 1,548 $ 26,569 Charge-offs (86 ) (14 ) — (528 ) (274 ) (902 ) Recoveries 216 279 37 53 100 685 Provision for loan losses (7 ) 635 143 234 164 1,169 Balance at end of period $ 5,763 $ 15,613 $ 1,063 $ 3,544 $ 1,538 $ 27,521 Three months ended March 31, 2016 Beginning of the period $ 6,015 $ 10,559 $ 936 $ 3,212 $ 1,421 $ 22,143 Charge-offs (81 ) (225 ) (34 ) — (155 ) (495 ) Recoveries 318 204 205 58 58 843 Provision for loan losses (428 ) 871 (211 ) 163 116 511 Balance at end of period $ 5,824 $ 11,409 $ 896 $ 3,433 $ 1,440 $ 23,002 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Three months ended March 31, 2017 Beginning of the period $ 54 $ 92 $ 312 $ — $ 14 $ 472 Charge-offs — — — — — — Recoveries — — — — — — Provision for loan losses (4 ) (34 ) (136 ) — — (174 ) Balance at end of period $ 50 $ 58 $ 176 $ — $ 14 $ 298 Three months ended March 31, 2016 Beginning of the period $ — $ 103 $ 1 $ 3 $ 14 $ 121 Charge-offs — — — — — — Recoveries — — — — — — Provision for loan losses — — — (1 ) — (1 ) Balance at end of period $ — $ 103 $ 1 $ 2 $ 14 $ 120 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2017 and December 31, 2016. Accrued interest receivable and unearned loan fees and costs are not included in the recorded investment because they are not material. Real Estate Loans As of March 31, 2017 Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 585 $ 2 $ 9 $ 5 $ 22 $ 623 Collectively evaluated for impairment 5,178 15,611 1,054 3,539 1,516 26,898 Purchased credit impaired 50 58 176 — 14 298 Total ending allowance balance $ 5,813 $ 15,671 $ 1,239 $ 3,544 $ 1,552 $ 27,819 Loans: Individually evaluated for impairment $ 7,687 $ 8,804 $ 354 $ 1,538 $ 223 $ 18,606 Collectively evaluated for impairment 810,850 1,815,296 148,231 461,387 88,718 3,324,482 Purchased credit impaired 67,234 94,751 9,522 4,177 374 176,058 Total ending loan balances $ 885,771 $ 1,918,851 $ 158,107 $ 467,102 $ 89,315 $ 3,519,146 Real Estate Loans As of December 31, 2016 Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 653 $ — $ 10 $ 7 $ 25 $ 695 Collectively evaluated for impairment 4,987 14,713 873 3,778 1,523 25,874 Purchased credit impaired 54 92 312 — 14 472 Total ending allowance balance $ 5,694 $ 14,805 $ 1,195 $ 3,785 $ 1,562 $ 27,041 Loans: Individually evaluated for impairment $ 8,237 $ 9,017 $ 1,059 $ 1,710 $ 230 $ 20,253 Collectively evaluated for impairment 808,067 1,746,905 140,985 437,830 89,308 3,223,095 Purchased credit impaired 72,179 99,566 9,944 3,825 410 185,924 Total ending loan balance $ 888,483 $ 1,855,488 $ 151,988 $ 443,365 $ 89,948 $ 3,429,272 |
Summary of Impaired Loans | The table below summarizes impaired loan data for the periods presented. Mar. 31, 2017 Dec. 31, 2016 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $ 10,976 $ 11,030 Nonperforming TDRs (these are included in NPLs) 1,295 2,075 Total TDRs (these are included in impaired loans) 12,271 13,105 Impaired loans that are not TDRs 6,335 7,148 Total impaired loans $ 18,606 $ 20,253 |
Troubled Debt Restructured Loans by Loans Type | TDRs as of March 31, 2017 and December 31, 2016 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non performing loans) are presented in the tables below. As of March 31, 2017 Accruing Non Accrual Total Real estate loans: Residential $ 7,098 $ 588 $ 7,686 Commercial 2,821 597 3,418 Land, development, construction 272 82 354 Total real estate loans 10,191 1,267 11,458 Commercial 590 — 590 Consumer and other 195 28 223 Total TDRs $ 10,976 $ 1,295 $ 12,271 As of December 31, 2016 Accruing Non-Accrual Total Real estate loans: Residential $ 7,358 $ 879 $ 8,237 Commercial 2,442 1,082 3,524 Land, development, construction 281 84 365 Total real estate loans 10,081 2,045 12,126 Commercial 749 — 749 Consumer and other 200 30 230 Total TDRs $ 11,030 $ 2,075 $ 13,105 |
Summary of Loans by Class Modified | The following table presents loans by class modified and for which there was a payment default within twelve months following the modification during the periods ending March 31, 2017 and 2016. Period ending Period ending March 31, 2017 March 31, 2016 Number Recorded Number Recorded of loans investment of loans investment Residential — $ — — $ — Commercial real estate 1 456 2 1,004 Land, development, construction — — — — Commercial and Industrial — — 1 63 Consumer and other — — — — Total 1 $ 456 3 $ 1,067 |
Summary of Loans Individually Evaluated for Impairment by Class of Loans | The following tables present loans individually evaluated for impairment by class of loans as of March 31, 2017 and December 31, 2016, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance due to partial charge-offs. As of March 31, 2017 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 4,324 $ 4,218 $ — Commercial real estate 10,043 8,735 — Land, development, construction 213 172 — Commercial and industrial 1,389 1,335 — Consumer, other 126 109 — With an allowance recorded: Residential real estate 3,626 3,469 585 Commercial real estate 70 69 2 Land, development, construction 209 182 9 Commercial and industrial 204 203 5 Consumer, other 119 114 22 Total $ 20,323 $ 18,606 $ 623 As of December 31, 2016 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 3,950 $ 3,847 $ — Commercial real estate 10,288 9,017 — Land, development, construction 1,064 874 — Commercial and industrial 1,493 1,448 — Consumer, other 87 83 — With an allowance recorded: Residential real estate 4,592 4,390 653 Commercial real estate — — — Land, development, construction 212 185 10 Commercial and industrial 263 262 7 Consumer, other 165 147 25 Total $ 22,114 $ 20,253 $ 695 |
Summary of Impairment by Class of Loans | Three months ended March 31, 2017 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 7,962 $ 61 $ — Commercial 8,910 35 — Land, development, construction 706 4 — Total real estate loans 17,578 100 — Commercial and industrial 1,625 8 — Consumer and other loans 227 2 — Total $ 19,430 $ 110 $ — Three months ended March 31, 2016 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,278 $ 57 $ — Commercial 13,326 55 — Land, development, construction 2,146 12 — Total real estate loans 23,750 124 — Commercial and industrial 1,525 12 — Consumer and other loans 270 3 — Total $ 25,545 $ 139 $ — |
Summary of Nonperforming Loans | Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. Nonperforming loans were as follows: Mar. 31, 2017 Dec. 31, 2016 Non accrual loans $ 17,569 $ 19,003 Loans past due over 90 days and still accruing interest — — Total non performing loans $ 17,569 $ 19,003 |
Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans | The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of March 31, 2017 and December 31, 2016, excluding purchased credit impaired loans: As of March 31, 2017 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 7,964 $ — Commercial real estate 7,499 — Land, development, construction 372 — Commercial 1,453 — Consumer, other 281 — Total $ 17,569 $ — As of December 31, 2016 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 7,068 $ — Commercial real estate 9,116 — Land, development, construction 1,060 — Commercial 1,421 — Consumer, other 338 — Total $ 19,003 $ — |
Summary Aging of Recorded Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due loans as of March 31, 2017 and December 31, 2016, excluding purchased credit impaired loans: Accruing Loans Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans As of March 31, 2017 Residential real estate $ 818,537 $ 2,120 $ 4,655 $ — $ 6,775 $ 803,798 $ 7,964 Commercial real estate 1,824,100 3,965 2 — 3,967 1,812,634 7,499 Land/dev/construction 148,585 765 — — 765 147,448 372 Commercial 462,925 2,508 1,050 — 3,558 457,914 1,453 Consumer 88,941 499 151 — 650 88,010 281 $ 3,343,088 $ 9,857 $ 5,858 $ — $ 15,715 $ 3,309,804 $ 17,569 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, 2016 Residential real estate $ 816,304 $ 3,739 $ 4,561 $ — $ 8,300 $ 800,936 $ 7,068 Commercial real estate 1,755,922 3,580 1,179 — 4,759 1,742,047 9,116 Land/dev/construction 142,044 2,111 71 — 2,182 138,802 1,060 Commercial 439,540 2,584 322 — 2,906 435,213 1,421 Consumer 89,538 501 178 — 679 88,521 338 $ 3,243,348 $ 12,515 $ 6,311 $ — $ 18,826 $ 3,205,519 $ 19,003 |
Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans | As of March 31, 2017 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 786,646 $ 13,270 $ 18,621 $ — Commercial real estate 1,705,877 92,195 26,028 — Land/dev/construction 138,354 8,998 1,233 — Commercial 449,928 10,204 2,793 — Consumer 88,204 265 472 — Total $ 3,169,009 $ 124,932 $ 49,147 $ — As of December 31, 2016 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 784,491 $ 13,820 $ 17,993 $ — Commercial real estate 1,636,473 94,897 24,552 — Land/dev/construction 129,781 10,278 1,985 — Commercial 426,894 9,570 3,076 — Consumer 88,714 270 554 — Total $ 3,066,353 $ 128,835 $ 48,160 $ — |
Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans | The following table presents the recorded investment in residential and consumer loans, excluding purchased credit impaired loans, based on payment activity as of March 31, 2017 and December 31, 2016: As of March 31, 2017 Residential Consumer Performing $ 810,573 $ 88,660 Nonperforming 7,964 281 Total $ 818,537 $ 88,941 As of December 31, 2016 Residential Consumer Performing $ 809,236 $ 89,200 Nonperforming 7,068 338 Total $ 816,304 $ 89,538 |
Summary of Total Contractually Required Principal and Interest Cash Payments, Management's Estimate of Expected Total Cash Payments and Carrying Value of Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans as of March 31, 2017 and December 31, 2016. Contractually required principal and interest payments have been adjusted for estimated prepayments. Mar. 31, 2017 Dec. 31, 2016 Contractually required principal and interest $ 275,938 $ 297,821 Non-accretable difference (10,426 ) (18,372 ) Cash flows expected to be collected 265,512 279,449 Accretable yield (89,454 ) (93,525 ) Carrying value of acquired loans 176,058 185,924 Allowance for loan losses (298 ) (472 ) Carrying value less allowance for loan losses $ 175,760 $ 185,452 |
Summary of Changes in Total Contractually Required Principal and Interest Cash Payments | The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the three month periods ending March 31, 2017 and 2016. Activity during the Effect of income all other three month period ending March 31, 2017 Dec. 31, 2016 acquisitions accretion adjustments Mar. 31, 2017 Contractually required principal and interest $ 297,821 $ — $ — $ (21,883 ) $ 275,938 Non-accretable difference (18,372 ) — — 7,946 (10,426 ) Cash flows expected to be collected 279,449 — — (13,937 ) 265,512 Accretable yield (93,525 ) — 8,525 (4,454 ) (89,454 ) Carry value of acquired loans $ 185,924 $ — $ 8,525 $ (18,391 ) $ 176,058 Activity during the Effect of income all other three month period ending March 31, 2016 Dec. 31, 2015 acquisitions accretion adjustments Mar. 31, 2016 Contractually required principal and interest $ 332,570 $ 73,005 $ — $ (31,689 ) $ 373,886 Non-accretable difference (19,452 ) (9,295 ) — 6,520 (22,227 ) Cash flows expected to be collected 313,118 63,710 — (25,169 ) 351,659 Accretable yield (102,590 ) (18,585 ) 8,908 (2,876 ) (115,143 ) Carry value of acquired loans $ 210,528 $ 45,125 $ 8,908 $ (28,045 ) $ 236,516 |
Securities Sold Under Agreeme25
Securities Sold Under Agreement to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Banking And Thrift [Abstract] | |
Summary of Repurchase Agreement | The following table provides additional details for the periods presented. MBS Municipal As of March 31, 2017 Securities Securities Total Market value of securities pledged $ 45,910 $ 440 $ 46,350 Borrowings related to pledged amounts 37,683 183 37,866 Market value pledged as a % of borrowings 122 % 240 % 122 % As of December 31, 2016 Market value of securities pledged $ 34,159 $ 1,363 $ 35,522 Borrowings related to pledged amounts 27,558 869 28,427 Market value pledged as a % of borrowings 124 % 157 % 125 % |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary Information about the Derivative Instruments | Summary information about the derivative instruments is as follows: Mar. 31, 2017 Dec. 31, 2016 Notional amount $ 2,706,598 $ 2,441,768 Weighted average pay rate on interest-rate swaps 2.68 % 2.56 % Weighted average receive rate on interest rate swaps 2.68 % 2.55 % Weighted average maturity (years) 11 11 Fair value of interest rate swap derivatives (asset) $ 35,107 31,817 Fair value of interest rate swap derivatives (liability) $ 35,979 $ 32,691 |
Nature of Operations and Basi27
Nature of Operations and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017LocationCounty | |
Nature Of Operations And Basis Of Presentation [Abstract] | |
Number of service banking locations | Location | 69 |
Number of counties in which company operates | County | 24 |
Common Stock Outstanding and 28
Common Stock Outstanding and Earnings Per Share Data - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Anti dilutive stock options | 0 | 890,410 |
Common Stock Outstanding and 29
Common Stock Outstanding and Earnings Per Share Data - Factors Used in Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Basic | |||
Net income (loss) available to common shareholders | $ 16,600 | $ (4,804) | |
Less: Earnings allocated to participating securities | (41) | 0 | |
Net income (loss) allocated to common shareholders | $ 16,559 | $ (4,804) | |
Weighted average common shares outstanding including participating securities | 50,759,345 | 46,343,033 | |
Less: Participating securities | [1] | (127,334) | 0 |
Average shares | [2] | 50,632,011 | 46,343,033 |
Basic earnings (loss) per common share | $ 0.33 | $ (0.10) | |
Diluted | |||
Net income (loss) available to common shareholders | $ 16,559 | $ (4,804) | |
Weighted average common shares outstanding for basic earnings per common share | [2] | 50,632,011 | 46,343,033 |
Add: Dilutive effects of stock based compensation awards | 775,693 | 0 | |
Average shares and dilutive potential common shares | [2] | 51,407,704 | 46,343,033 |
Diluted earnings (loss) per common share | $ 0.32 | $ (0.10) | |
[1] | Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. | ||
[2] | Excludes participating shares. |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Trading securities, at fair value | $ 12,383 | |
Available for sale securities | $ 819,352 | 740,702 |
Interest rate swap derivatives, carrying amount assets | 35,107 | 31,817 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 35,979 | 32,691 |
Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 782,303 | 707,957 |
Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | 22,534 | 22,443 |
U.S. Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,001 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 12,383 | |
Available for sale securities | 819,352 | 740,702 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | ||
Assets: | ||
Trading securities, at fair value | 12,383 | |
Interest rate swap derivatives, carrying amount assets | 35,107 | 31,817 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 35,979 | 32,691 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Corporate Debt Securities [Member] | ||
Assets: | ||
Available for sale securities | 5,000 | |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Assets: | ||
Available for sale securities | 9,515 | 9,301 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 782,303 | 707,957 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | 22,534 | 22,443 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | U.S. Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,001 | |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 12,383 | |
Interest rate swap derivatives, carrying amount assets | 35,107 | 31,817 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 35,979 | 32,691 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
Assets: | ||
Available for sale securities | 5,000 | |
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 | 9,515 | 9,301 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 782,303 | 707,957 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | $ 22,534 | 22,443 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | $ 1,001 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans with allocated allowance for loan losses | $ 12,334 | $ 13,951 | |
Impaired valuation allowance | 324 | $ 386 | |
Provision for loan loss expense on impaired loans | 995 | $ 510 | |
Repossessed real estate owned valuation write down | 161 | 22 | |
Impairment charge, net of recoveries and gains on sale recognized | (52) | 456 | |
Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Provision for loan loss expense on impaired loans | $ 87 | $ 115 | |
Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Capitalization rates to determine fair value of collateral | 7.00% | ||
Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Capitalization rates to determine fair value of collateral | 10.50% |
Fair Value - Assets and Liabi32
Fair Value - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value Measurements on Non-Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans on Residential real estate at Carrying value | $ 2,401 | $ 2,937 |
Impaired loans on Commercial real estate at Carrying value | 8,146 | 8,355 |
Impaired loans on Land, land development and construction at Carrying value | 303 | 1,004 |
Impaired loans on Commercial at Carrying value | 1,099 | 1,207 |
Impaired loans on Consumer at Carrying value | 61 | 62 |
Other real estate owned on Residential real estate at Carrying value | 842 | 137 |
Other real estate owned on Commercial real estate at Carrying value | 887 | 873 |
Other real estate owned on Land, land development and construction at Carrying value | 1,853 | 1,385 |
Bank owned real estate held for sale | 123 | 868 |
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 | 123 | 868 |
Impaired loans on Residential real estate | 2,401 | 2,937 |
Impaired loans on Commercial real estate | 8,146 | 8,355 |
Impaired loans on Land, land development and construction | 303 | 1,004 |
Impaired loans on Commercial | 1,099 | 1,207 |
Impaired loans on Consumer | 61 | 62 |
Other real estate owned on Residential real estate | 842 | 137 |
Other real estate owned on Commercial real estate | 887 | 873 |
Other real estate owned on Land, land development and construction | $ 1,853 | $ 1,385 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||||
Cash and cash equivalents | $ 279,483 | $ 175,654 | $ 362,019 | $ 152,482 |
Cash and cash equivalents, fair value | 279,483 | 175,654 | ||
Trading securities, at fair value | 12,383 | |||
Investment securities available for sale, at fair value | 819,352 | 740,702 | ||
Investment securities held to maturity, carrying amount | 243,812 | 250,543 | ||
Investment securities held to maturity, at fair value | 238,348 | 242,693 | ||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 17,910 | 17,669 | ||
Loans held for sale, carrying amount | 2,637 | 2,285 | ||
Loans held for sale, fair value | 2,637 | 2,285 | ||
Loans, less allowance for loan losses, carrying amount | 3,492,185 | 3,402,706 | ||
Loans, less allowance for loan losses, fair value | 3,480,845 | 3,395,975 | ||
Interest rate swap derivatives, carrying amount assets | 35,107 | 31,817 | ||
Interest rate swap derivatives, assets fair value | 35,107 | 31,817 | ||
Accrued interest receivable, carrying amount | 12,971 | 12,112 | ||
Accrued interest receivable, fair value | 12,971 | 12,112 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, carrying amount | 3,774,166 | 3,607,107 | ||
Deposits- without stated maturities, fair value | 3,774,166 | 3,607,107 | ||
Deposits- with stated maturities, carrying amount | 522,957 | 545,437 | ||
Deposits- with stated maturities, fair value | 525,196 | 547,570 | ||
Securities sold under agreement to repurchase, fair value | 37,866 | 28,427 | ||
Securities sold under agreement to repurchase | 37,866 | 28,427 | ||
Federal funds purchased, carrying amount | 268,377 | 261,986 | ||
Corporate debentures, carrying amount | 26,016 | 25,958 | ||
Federal funds purchased, fair value | 268,377 | 261,986 | ||
Interest rate swap derivatives, carrying amount | 35,979 | 32,691 | ||
Corporate debentures, fair value | 22,496 | 22,363 | ||
Accrued interest payable, carrying amount | 711 | 851 | ||
Interest rate swap derivatives, fair value | 35,979 | 32,691 | ||
Accrued interest payable, fair value | 711 | 851 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents, fair value | 279,483 | 175,654 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, fair value | 3,774,166 | 3,607,107 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Trading securities, at fair value | 12,383 | |||
Investment securities available for sale, at fair value | 819,352 | 740,702 | ||
Investment securities held to maturity, at fair value | 238,348 | 242,693 | ||
Loans held for sale, fair value | 2,637 | 2,285 | ||
Interest rate swap derivatives, assets fair value | 35,107 | 31,817 | ||
Accrued interest receivable, fair value | 4,220 | 3,979 | ||
Financial liabilities: | ||||
Deposits- with stated maturities, fair value | 525,196 | 547,570 | ||
Securities sold under agreement to repurchase, fair value | 37,866 | 28,427 | ||
Federal funds purchased, fair value | 268,377 | 261,986 | ||
Interest rate swap derivatives, fair value | 35,979 | 32,691 | ||
Accrued interest payable, fair value | 711 | 851 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Loans, less allowance for loan losses, fair value | 3,480,845 | 3,395,975 | ||
Accrued interest receivable, fair value | 8,751 | 8,133 | ||
Financial liabilities: | ||||
Corporate debentures, fair value | $ 22,496 | $ 22,363 |
Fair Value - Carrying Amounts34
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||||
Deduction of Allowance for loan losses from loans | $ 27,819 | $ 27,041 | $ 23,122 | $ 22,264 |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of Reportable Segment Revenues, Expenses and Profit (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 51,103 | $ 43,498 | |
Interest expense | (2,782) | (2,023) | |
Net interest income (expense) | 48,321 | 41,475 | |
Provision for loan losses | (995) | (510) | |
Non interest income | 14,502 | 14,561 | |
Non interest expense | (38,043) | (62,853) | |
Net income (loss) before taxes | 23,785 | (7,327) | |
Income tax (provision) benefit | (7,185) | 2,523 | |
Net income (loss) | 16,600 | (4,804) | |
Total assets | 5,328,996 | 4,969,655 | $ 5,078,559 |
Operating Segments [Member] | Commercial and Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 48,471 | 41,434 | |
Interest expense | (1,927) | (1,513) | |
Net interest income (expense) | 46,544 | 39,921 | |
Provision for loan losses | (1,024) | (458) | |
Non interest income | 8,053 | 5,478 | |
Non interest expense | (32,443) | (56,022) | |
Net income (loss) before taxes | 21,130 | (11,081) | |
Income tax (provision) benefit | (6,414) | 3,983 | |
Net income (loss) | 14,716 | (7,098) | |
Total assets | 4,858,409 | 4,596,420 | |
Operating Segments [Member] | Correspondent Banking And Capital Markets Division [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 2,632 | 2,064 | |
Interest expense | (537) | (262) | |
Net interest income (expense) | 2,095 | 1,802 | |
Provision for loan losses | 29 | (52) | |
Non interest income | 6,449 | 8,775 | |
Non interest expense | (4,746) | (5,782) | |
Net income (loss) before taxes | 3,827 | 4,743 | |
Income tax (provision) benefit | (1,476) | (1,830) | |
Net income (loss) | 2,351 | 2,913 | |
Total assets | 465,219 | 366,956 | |
Corporate Overhead and Administration [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | (318) | (248) | |
Net interest income (expense) | (318) | (248) | |
Non interest income | 308 | ||
Non interest expense | (854) | (1,049) | |
Net income (loss) before taxes | (1,172) | (989) | |
Income tax (provision) benefit | 705 | 370 | |
Net income (loss) | (467) | (619) | |
Total assets | 666,542 | 552,369 | |
Elimination Entries [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ (661,174) | $ (546,090) |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017LocationCounty | |
Segment Reporting Information [Line Items] | |
Number of counties in which company operates | County | 24 |
Number of bank locations | Location | 69 |
Commercial and Retail Banking [Member] | |
Segment Reporting Information [Line Items] | |
Number of counties in which company operates | County | 24 |
Number of bank locations | Location | 69 |
Investment Securities Available
Investment Securities Available for Sale - Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 828,104 | $ 754,660 |
Gross Unrealized Gains | 2,944 | 2,301 |
Gross Unrealized Losses | 11,696 | 16,259 |
Fair Value | 819,352 | 740,702 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 791,193 | 721,657 |
Gross Unrealized Gains | 2,287 | 1,795 |
Gross Unrealized Losses | 11,177 | 15,495 |
Fair Value | 782,303 | 707,957 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 21,898 | 21,976 |
Gross Unrealized Gains | 657 | 505 |
Gross Unrealized Losses | 21 | 38 |
Fair Value | 22,534 | 22,443 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,000 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | 0 | |
Fair Value | 1,001 | |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 5,000 | |
Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,013 | 10,027 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 498 | 726 |
Fair Value | $ 9,515 | $ 9,301 |
Investment Securities Availab38
Investment Securities Available for Sale - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($)Security | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | |||
Tax provision related to net realized gains | $ 0 | $ 0 | |
Securities estimated fair value | $ 245,887,000 | $ 220,560,000 | |
Percentage of AFS securities held by any one issuer as a percentage of stockholders' equity | 10.00% | 10.00% | |
Number of securities representing specified criteria | Security | 0 | 0 | |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% | ||
Community Bank Of South Florida Inc [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gain (loss) on sale of securities acquired through acquisition | $ 0 | ||
Hometown of Homestead Banking Company [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gain (loss) on sale of securities acquired through acquisition | $ 0 |
Investment Securities Availab39
Investment Securities Available for Sale - Schedule of Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds | $ 0 | $ 141,715 |
Gross gains | 0 | 0 |
Gross losses | $ 0 | $ 0 |
Investment Securities Availab40
Investment Securities Available for Sale - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities available for sale, Due after one year through five years, Fair Value | $ 4,371 | |
Investment securities available for sale, Due after five years through ten years, Fair Value | 11,920 | |
Investment securities available for sale, Due after ten years through thirty years, Fair Value | 20,758 | |
Investment securities available for sale, Mortgage backed securities, Fair Value | 782,303 | |
Fair Value | 819,352 | $ 740,702 |
Investment securities available for sale, Due after one year through five years, Amortized Cost | 4,188 | |
Investment securities available for sale, Due after five years through ten years, Amortized Cost | 11,787 | |
Investment securities available for sale, Due after ten years through thirty years, Amortized Cost | 20,936 | |
Investment securities available for sale, Mortgage backed securities, Amortized Cost | 791,193 | |
Amortized Cost | $ 828,104 | $ 754,660 |
Investment Securities Availab41
Investment Securities Available for Sale - Investments Gross Unrealized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 549,434 | $ 602,446 |
Less than 12 months, Unrealized Losses | 10,437 | 14,705 |
12 months or more, Fair Value | 30,508 | 31,121 |
12 months or more, Unrealized Losses | 1,259 | 1,554 |
Total, Fair Value | 579,942 | 633,567 |
Total, Unrealized Losses | 11,696 | 16,259 |
Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 9,515 | 9,301 |
Less than 12 months, Unrealized Losses | 498 | 726 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Total, Fair Value | 9,515 | 9,301 |
Total, Unrealized Losses | 498 | 726 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 537,827 | 591,064 |
Less than 12 months, Unrealized Losses | 9,918 | 13,941 |
12 months or more, Fair Value | 30,508 | 31,121 |
12 months or more, Unrealized Losses | 1,259 | 1,554 |
Total, Fair Value | 568,335 | 622,185 |
Total, Unrealized Losses | 11,177 | 15,495 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 2,092 | 2,081 |
Less than 12 months, Unrealized Losses | 21 | 38 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Total, Fair Value | 2,092 | 2,081 |
Total, Unrealized Losses | $ 21 | $ 38 |
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 243,812 | $ 250,543 |
Gross Unrecognized Gains | 734 | 434 |
Gross Unrecognized Losses | 6,198 | 8,284 |
Held-to-maturity securities, fair value | 238,348 | 242,693 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 113,763 | 120,367 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 1,098 | 1,986 |
Held-to-maturity securities, fair value | 112,665 | 118,381 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 130,049 | 130,176 |
Gross Unrecognized Gains | 734 | 434 |
Gross Unrecognized Losses | 5,100 | 6,298 |
Held-to-maturity securities, fair value | $ 125,683 | $ 124,312 |
Investment Securities Held to43
Investment Securities Held to Maturity - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017USD ($)Security | Dec. 31, 2016USD ($)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 | $ | $ 26,175 | $ 27,757 |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% | |
Held-to-maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of securities representing specified criteria | 0 | |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% |
Investment Securities Held to44
Investment Securities Held to Maturity - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities held-to-maturity, Due after five years through ten years, Fair Value | $ 1,541 | |
Investment securities held-to-maturity, Due after ten years through thirty years, Fair Value | 124,142 | |
Investment securities held-to-maturity, Mortgage backed securities, Fair Value | 112,665 | |
Investment securities held-to- maturity, Fair Value | 238,348 | $ 242,693 |
Investment securities held-to-maturity, Due after five years through ten years, Amortized Cost | 1,538 | |
Investment securities held-to-maturity, Due after ten years through thirty years, Amortized Cost | 128,511 | |
Investment securities held-to-maturity, Mortgage backed securities, Amortized Cost | 113,763 | |
Amortized Cost | $ 243,812 | $ 250,543 |
Investment Securities Held to45
Investment Securities Held to Maturity - Investments Gross Unrecognized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 198,634 | $ 213,933 |
Less than 12 months, Unrecognized Losses | 6,198 | 8,284 |
Total, Fair Value | 198,634 | 213,933 |
Total, Unrecognized Losses | 6,198 | 8,284 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 112,665 | 118,381 |
Less than 12 months, Unrecognized Losses | 1,098 | 1,986 |
Total, Fair Value | 112,665 | 118,381 |
Total, Unrecognized Losses | 1,098 | 1,986 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 85,969 | 95,552 |
Less than 12 months, Unrecognized Losses | 5,100 | 6,298 |
Total, Fair Value | 85,969 | 95,552 |
Total, Unrecognized Losses | $ 5,100 | $ 6,298 |
Loans - Summary of Information
Loans - Summary of Information Concerning Loan Portfolio by Collateral Types (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Receivables with Imputed Interest [Line Items] | ||
Total loans excluding purchased credit impaired loans | $ 3,343,946 | $ 3,243,823 |
Total PCI loans | 176,058 | 185,924 |
Total loans | 3,520,004 | 3,429,747 |
Allowance for loan losses for loans that are not PCI loans | (27,521) | (26,569) |
Net Loans | 3,492,185 | 3,402,706 |
Allowance for loan losses for loans that are not PCI loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 818,537 | 816,304 |
Real estate loans, Commercial | 1,824,100 | 1,755,922 |
Land, development and construction | 148,585 | 142,044 |
Total real estate | 2,791,222 | 2,714,270 |
Commercial | 462,925 | 439,540 |
Consumer and other loans | 88,941 | 89,538 |
Loans before unearned fees and deferred cost | 3,343,088 | 3,243,348 |
Net unearned fees and costs | 858 | 475 |
Allowance for loan losses on PCI loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 67,234 | 72,179 |
Real estate loans, Commercial | 94,751 | 99,566 |
Land, development and construction | 9,522 | 9,944 |
Total real estate | 171,507 | 181,689 |
Commercial | 4,177 | 3,825 |
Consumer and other loans | 374 | 410 |
Allowance for loan losses for PCI loans | $ (298) | $ (472) |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolios (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | $ 27,041 | $ 22,264 |
Loans charged-off | (902) | (495) |
Recoveries of loans previously charged-off | 685 | 843 |
Net charge-offs / recoveries | (217) | 348 |
Provision for loan losses | 995 | 510 |
Balance at end of period | 27,819 | 23,122 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 5,694 | |
Balance at end of period | 5,813 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 14,805 | |
Balance at end of period | 15,671 | |
Land, Development, Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1,195 | |
Balance at end of period | 1,239 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 3,785 | |
Balance at end of period | 3,544 | |
Consumer and Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1,562 | |
Balance at end of period | 1,552 | |
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 | 26,569 | 22,143 |
Loans charged-off | (902) | (495) |
Recoveries of loans previously charged-off | 685 | 843 |
Net charge-offs / recoveries | (217) | 348 |
Provision for loan losses | 1,169 | 511 |
Balance at end of period | 27,521 | 23,002 |
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 | 5,640 | 6,015 |
Loans charged-off | (86) | (81) |
Recoveries of loans previously charged-off | 216 | 318 |
Provision for loan losses | (7) | (428) |
Balance at end of period | 5,763 | 5,824 |
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 | 14,713 | 10,559 |
Loans charged-off | (14) | (225) |
Recoveries of loans previously charged-off | 279 | 204 |
Provision for loan losses | 635 | 871 |
Balance at end of period | 15,613 | 11,409 |
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 | 883 | 936 |
Loans charged-off | (34) | |
Recoveries of loans previously charged-off | 37 | 205 |
Provision for loan losses | 143 | (211) |
Balance at end of period | 1,063 | 896 |
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 | 3,785 | 3,212 |
Loans charged-off | (528) | |
Recoveries of loans previously charged-off | 53 | 58 |
Provision for loan losses | 234 | 163 |
Balance at end of period | 3,544 | 3,433 |
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 | 1,548 | 1,421 |
Loans charged-off | (274) | (155) |
Recoveries of loans previously charged-off | 100 | 58 |
Provision for loan losses | 164 | 116 |
Balance at end of period | 1,538 | 1,440 |
Allowance for loan losses on PCI loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 472 | 121 |
Provision for loan losses | (174) | (1) |
Balance at end of period | 298 | 120 |
Allowance for loan losses on PCI loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 54 | |
Provision for loan losses | (4) | |
Balance at end of period | 50 | |
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 | 103 |
Provision for loan losses | (34) | |
Balance at end of period | 58 | 103 |
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 | 312 | 1 |
Provision for loan losses | (136) | |
Balance at end of period | 176 | 1 |
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 | |
Provision for loan losses | (1) | |
Balance at end of period | 2 | |
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 |
Balance at end of period | $ 14 | $ 14 |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Allowance for loan losses: | ||||
Individually evaluated for impairment | $ 623 | $ 695 | ||
Collectively evaluated for impairment | 26,898 | 25,874 | ||
Purchased credit impaired | 298 | 472 | ||
Total ending allowance balance | 27,819 | 27,041 | $ 23,122 | $ 22,264 |
Loans: | ||||
Individually evaluated for impairment | 18,606 | 20,253 | ||
Collectively evaluated for impairment | 3,324,482 | 3,223,095 | ||
Purchased credit impaired | 176,058 | 185,924 | ||
Total ending loan balances | 3,519,146 | 3,429,272 | ||
Residential Real Estate [Member] | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 585 | 653 | ||
Collectively evaluated for impairment | 5,178 | 4,987 | ||
Purchased credit impaired | 50 | 54 | ||
Total ending allowance balance | 5,813 | 5,694 | ||
Loans: | ||||
Individually evaluated for impairment | 7,687 | 8,237 | ||
Collectively evaluated for impairment | 810,850 | 808,067 | ||
Purchased credit impaired | 67,234 | 72,179 | ||
Total ending loan balances | 885,771 | 888,483 | ||
Commercial Real Estate [Member] | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 2 | |||
Collectively evaluated for impairment | 15,611 | 14,713 | ||
Purchased credit impaired | 58 | 92 | ||
Total ending allowance balance | 15,671 | 14,805 | ||
Loans: | ||||
Individually evaluated for impairment | 8,804 | 9,017 | ||
Collectively evaluated for impairment | 1,815,296 | 1,746,905 | ||
Purchased credit impaired | 94,751 | 99,566 | ||
Total ending loan balances | 1,918,851 | 1,855,488 | ||
Land, Development, Construction [Member] | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 9 | 10 | ||
Collectively evaluated for impairment | 1,054 | 873 | ||
Purchased credit impaired | 176 | 312 | ||
Total ending allowance balance | 1,239 | 1,195 | ||
Loans: | ||||
Individually evaluated for impairment | 354 | 1,059 | ||
Collectively evaluated for impairment | 148,231 | 140,985 | ||
Purchased credit impaired | 9,522 | 9,944 | ||
Total ending loan balances | 158,107 | 151,988 | ||
Commercial and Industrial [Member] | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 5 | 7 | ||
Collectively evaluated for impairment | 3,539 | 3,778 | ||
Total ending allowance balance | 3,544 | 3,785 | ||
Loans: | ||||
Individually evaluated for impairment | 1,538 | 1,710 | ||
Collectively evaluated for impairment | 461,387 | 437,830 | ||
Purchased credit impaired | 4,177 | 3,825 | ||
Total ending loan balances | 467,102 | 443,365 | ||
Consumer and Other [Member] | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 22 | 25 | ||
Collectively evaluated for impairment | 1,516 | 1,523 | ||
Purchased credit impaired | 14 | 14 | ||
Total ending allowance balance | 1,552 | 1,562 | ||
Loans: | ||||
Individually evaluated for impairment | 223 | 230 | ||
Collectively evaluated for impairment | 88,718 | 89,308 | ||
Purchased credit impaired | 374 | 410 | ||
Total ending loan balances | $ 89,315 | $ 89,948 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | 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 | $ 22,000 | $ 94,000 | ||
Partial charge offs for troubled debt restructured | $ 23,000 | 63,000 | ||
Percentage of troubled debt restructured current pursuant to modified terms | 89.00% | |||
Non performing TDRs | $ 1,295,000 | |||
Percentage of troubled debt restructured not performing pursuant to their modified terms | 11.00% | |||
Loans modified as TDRs | $ 70,000 | 1,049,000 | ||
Loan loss provision modified as TDRs | 2,000 | 23,000 | ||
Provision for loan loss expense within twelve months | 5,000 | 7,000 | ||
Partial charge offs for troubled debt restructured | 5,000 | 19,000 | ||
Reclassification from non-accretable difference | 3,804,000 | $ 3,364,000 | ||
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 | $ 5,683,000 | $ 6,473,000 | ||
Unamortized Fair Value Adjustment On Loans Percentage | 1.19% | 1.29% | ||
Allowance For Loan And Lease Losses On Acquired Loans | $ 2,089,000 | $ 2,230,000 | ||
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 12,271 | $ 13,105 |
Impaired loans that are not TDRs | 6,335 | 7,148 |
Total impaired loans | 18,606 | 20,253 |
Performing TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | 10,976 | 11,030 |
Nonperforming TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 1,295 | $ 2,075 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructured Loans by Loans Type (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 12,271 | $ 13,105 |
Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 11,458 | 12,126 |
Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 10,976 | 11,030 |
Accruing [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 10,191 | 10,081 |
Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,295 | 2,075 |
Non Accrual [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,267 | 2,045 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 7,686 | 8,237 |
Residential Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 7,098 | 7,358 |
Residential Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 588 | 879 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 3,418 | 3,524 |
Commercial Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 2,821 | 2,442 |
Commercial Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 597 | 1,082 |
Land, Development, Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 354 | 365 |
Land, Development, Construction [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 272 | 281 |
Land, Development, Construction [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 82 | 84 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 590 | 749 |
Commercial and Industrial [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 590 | 749 |
Consumer and Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 223 | 230 |
Consumer and Other [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 195 | 200 |
Consumer and Other [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 28 | $ 30 |
Loans - Summary of Loans by Cla
Loans - Summary of Loans by Class Modified (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)SecurityLoan | Mar. 31, 2016USD ($)SecurityLoan | |
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 1 | 3 |
Recorded investment | $ | $ 456 | $ 1,067 |
Commercial Real Estate [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 1 | 2 |
Recorded investment | $ | $ 456 | $ 1,004 |
Commercial and Industrial [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 1 | |
Recorded investment | $ | $ 63 |
Loans - Summary of Loans Indivi
Loans - Summary of Loans Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance | $ 20,323 | $ 22,114 |
Total impaired loans | 18,606 | 20,253 |
Amount of allowance for loan losses allocated to impaired loans | 623 | 695 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 4,324 | 3,950 |
Unpaid principal balance, With an allowance recorded | 3,626 | 4,592 |
Recorded investment, With no related allowance | 4,218 | 3,847 |
Recorded investment, With an allowance recorded | 3,469 | 4,390 |
Total impaired loans | 7,687 | 8,237 |
Amount of allowance for loan losses allocated to impaired loans | 585 | 653 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 10,043 | 10,288 |
Unpaid principal balance, With an allowance recorded | 70 | |
Recorded investment, With no related allowance | 8,735 | 9,017 |
Recorded investment, With an allowance recorded | 69 | |
Total impaired loans | 8,804 | 9,017 |
Amount of allowance for loan losses allocated to impaired loans | 2 | |
Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 213 | 1,064 |
Unpaid principal balance, With an allowance recorded | 209 | 212 |
Recorded investment, With no related allowance | 172 | 874 |
Recorded investment, With an allowance recorded | 182 | 185 |
Total impaired loans | 354 | 1,059 |
Amount of allowance for loan losses allocated to impaired loans | 9 | 10 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 1,389 | 1,493 |
Unpaid principal balance, With an allowance recorded | 204 | 263 |
Recorded investment, With no related allowance | 1,335 | 1,448 |
Recorded investment, With an allowance recorded | 203 | 262 |
Total impaired loans | 1,538 | 1,710 |
Amount of allowance for loan losses allocated to impaired loans | 5 | 7 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 126 | 87 |
Unpaid principal balance, With an allowance recorded | 119 | 165 |
Recorded investment, With no related allowance | 109 | 83 |
Recorded investment, With an allowance recorded | 114 | 147 |
Total impaired loans | 223 | 230 |
Amount of allowance for loan losses allocated to impaired loans | $ 22 | $ 25 |
Loans - Summary of Impairment b
Loans - Summary of Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | $ 19,430 | $ 25,545 |
Interest income recognized during impairment | 110 | 139 |
Total Real Estate Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 17,578 | 23,750 |
Interest income recognized during impairment | 100 | 124 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 7,962 | 8,278 |
Interest income recognized during impairment | 61 | 57 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 8,910 | 13,326 |
Interest income recognized during impairment | 35 | 55 |
Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 706 | 2,146 |
Interest income recognized during impairment | 4 | 12 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 1,625 | 1,525 |
Interest income recognized during impairment | 8 | 12 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 227 | 270 |
Interest income recognized during impairment | $ 2 | $ 3 |
Loans - Summary of Nonperformin
Loans - Summary of Nonperforming Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Non accrual loans | $ 17,569 | $ 19,003 |
Loans past due over 90 days and still accruing interest | 0 | 0 |
Total non performing loans | $ 17,569 | $ 19,003 |
Loans - Summary of Recorded Inv
Loans - Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 17,569 | $ 19,003 |
Loans past due over 90 days still accruing | 0 | 0 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 7,964 | 7,068 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 7,499 | 9,116 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 372 | 1,060 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,453 | 1,421 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 281 | $ 338 |
Loans - Summary Aging of Record
Loans - Summary Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 3,343,088 | $ 3,243,348 |
Total Past Due | 15,715 | 18,826 |
Loans Not Past Due | 3,309,804 | 3,205,519 |
Non accrual loans | 17,569 | 19,003 |
30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,857 | 12,515 |
60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,858 | 6,311 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 818,537 | 816,304 |
Total Past Due | 6,775 | 8,300 |
Loans Not Past Due | 803,798 | 800,936 |
Non accrual loans | 7,964 | 7,068 |
Residential Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,120 | 3,739 |
Residential Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,655 | 4,561 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,824,100 | 1,755,922 |
Total Past Due | 3,967 | 4,759 |
Loans Not Past Due | 1,812,634 | 1,742,047 |
Non accrual loans | 7,499 | 9,116 |
Commercial Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,965 | 3,580 |
Commercial Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2 | 1,179 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 148,585 | 142,044 |
Total Past Due | 765 | 2,182 |
Loans Not Past Due | 147,448 | 138,802 |
Non accrual loans | 372 | 1,060 |
Land, Development, Construction [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 765 | 2,111 |
Land, Development, Construction [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 71 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 462,925 | 439,540 |
Total Past Due | 3,558 | 2,906 |
Loans Not Past Due | 457,914 | 435,213 |
Non accrual loans | 1,453 | 1,421 |
Commercial and Industrial [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,508 | 2,584 |
Commercial and Industrial [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,050 | 322 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 88,941 | 89,538 |
Total Past Due | 650 | 679 |
Loans Not Past Due | 88,010 | 88,521 |
Non accrual loans | 281 | 338 |
Consumer and Other [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 499 | 501 |
Consumer and Other [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 151 | $ 178 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 818,537 | $ 816,304 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 88,941 | 89,538 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,169,009 | 3,066,353 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 786,646 | 784,491 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,705,877 | 1,636,473 |
Pass [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 138,354 | 129,781 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 449,928 | 426,894 |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 88,204 | 88,714 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 124,932 | 128,835 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 13,270 | 13,820 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 92,195 | 94,897 |
Special Mention [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,998 | 10,278 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,204 | 9,570 |
Special Mention [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 265 | 270 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 49,147 | 48,160 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 18,621 | 17,993 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 26,028 | 24,552 |
Substandard [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,233 | 1,985 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,793 | 3,076 |
Substandard [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 472 | $ 554 |
Loans - Investment in Residenti
Loans - Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 818,537 | $ 816,304 |
Residential Real Estate [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 810,573 | 809,236 |
Residential Real Estate [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,964 | 7,068 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 88,941 | 89,538 |
Consumer and Other [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 88,660 | 89,200 |
Consumer and Other [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 281 | $ 338 |
Loans - Summary of Total Contra
Loans - Summary of Total Contractually Required Principal and Interest Cash Payments, Management's Estimate of Expected Total Cash Payments and Carrying Value of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Contractually required principal and interest | $ 275,938 | $ 297,821 |
Non-accretable difference | (10,426) | (18,372) |
Cash flows expected to be collected | 265,512 | 279,449 |
Accretable yield | (89,454) | (93,525) |
Carrying value of acquired loans | 176,058 | 185,924 |
Allowance for loan losses | (298) | (472) |
Carrying value less allowance for loan losses | $ 175,760 | $ 185,452 |
Loans - Summary of Changes in T
Loans - Summary of Changes in Total Contractually Required Principal and Interest Cash Payments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Contractually required principal and interest, beginning balance | $ 297,821 | |
Non-accretable difference, beginning balance | (18,372) | |
Cash flows expected to be collected, beginning balance | 279,449 | |
Accretable yield, beginning balance | (93,525) | |
Carrying value of acquired loans, beginning balance | 185,924 | |
Contractually required principal and interest, ending balance | 275,938 | |
Non-accretable difference, ending balance | (10,426) | |
Cash flows expected to be collected, ending balance | 265,512 | |
Accretable yield, ending balance | (89,454) | |
Carrying value of acquired loans, ending balance | 176,058 | |
Contractually Required Principal and Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Contractually required principal and interest, beginning balance | 297,821 | $ 332,570 |
Effect of acquisitions | 73,005 | |
All other adjustments | (21,883) | (31,689) |
Contractually required principal and interest, ending balance | 275,938 | 373,886 |
Non-Accretable Difference [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-accretable difference, beginning balance | (18,372) | (19,452) |
Effect of acquisitions | (9,295) | |
All other adjustments | 7,946 | 6,520 |
Non-accretable difference, ending balance | (10,426) | (22,227) |
Cash Flows Expected to be Collected [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Cash flows expected to be collected, beginning balance | 279,449 | 313,118 |
Effect of acquisitions | 63,710 | |
All other adjustments | (13,937) | (25,169) |
Cash flows expected to be collected, ending balance | 265,512 | 351,659 |
Accretable Yield [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Accretable yield, beginning balance | (93,525) | (102,590) |
Effect of acquisitions | (18,585) | |
Income accretion | 8,525 | 8,908 |
All other adjustments | (4,454) | (2,876) |
Accretable yield, ending balance | (89,454) | (115,143) |
Carry Value of Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of acquired loans, beginning balance | 185,924 | 210,528 |
Effect of acquisitions | 45,125 | |
Income accretion | 8,525 | 8,908 |
All other adjustments | (18,391) | (28,045) |
Carrying value of acquired loans, ending balance | $ 176,058 | $ 236,516 |
Securities Sold Under Agreeme62
Securities Sold Under Agreement to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Banking And Thrift [Abstract] | ||
Securities sold under agreement to repurchase | $ 37,866 | $ 28,427 |
Securities Sold Under Agreeme63
Securities Sold Under Agreement to Repurchase - Summary of Repurchase Agreement (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 46,350 | $ 35,522 |
Securities sold under agreement to repurchase | $ 37,866 | $ 28,427 |
Market value pledged as a % of borrowings | 122.00% | 125.00% |
Mortgage Backed Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 45,910 | $ 34,159 |
Securities sold under agreement to repurchase | $ 37,683 | $ 27,558 |
Market value pledged as a % of borrowings | 122.00% | 124.00% |
Municipal Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 440 | $ 1,363 |
Securities sold under agreement to repurchase | $ 183 | $ 869 |
Market value pledged as a % of borrowings | 240.00% | 157.00% |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative Instruments Notional And Fair Value [Line Items] | ||
Market value of securities pledged | $ 46,350 | $ 35,522 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments Notional And Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,706,598 | 2,441,768 |
Market value of securities pledged | $ 16,601 | $ 22,562 |
Derivatives - Summary Informati
Derivatives - Summary Information about the Derivative Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Fair value of interest rate swap derivatives (asset) | $ 35,107 | $ 31,817 |
Fair value of interest rate swap derivatives (liability) | 35,979 | 32,691 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 2,706,598 | $ 2,441,768 |
Weighted average pay rate on interest-rate swaps | 2.68% | 2.56% |
Weighted average receive rate on interest rate swaps | 2.68% | 2.55% |
Weighted average maturity (years) | 11 years | 11 years |
Fair value of interest rate swap derivatives (asset) | $ 35,107 | $ 31,817 |
Fair value of interest rate swap derivatives (liability) | $ 35,979 | $ 32,691 |
Stock Offering - Additional Inf
Stock Offering - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 13, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Public Offering [Abstract] | |||
Proceeds From Public Offering | $ 63,791 | ||
Net Proceeds From Public Offering | $ 63,262 | $ (63,262) | $ 0 |
Common Stock Issued In Public Offering Shares | 2,695,000 | ||
Underwriters Over Allotment In Public Offering Shares | 245,000 |
Recently Issued Accounting St67
Recently Issued Accounting Standards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Recently Issued Accounting Standards [Line Items] | ||
Reduction of income tax expense due to adoption of new accounting standard | $ 1,083 | $ 0 |
Diluted earnings (loss) per common share | $ 0.32 | $ (0.10) |
Adjustments for New Accounting Pronouncement [Member] | ||
Recently Issued Accounting Standards [Line Items] | ||
Diluted earnings (loss) per common share | $ 0.02 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands | May 01, 2017USD ($) | Apr. 20, 2017Location | Apr. 01, 2017USD ($) | Mar. 31, 2017USD ($)Location | Mar. 31, 2017USD ($)Location | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) |
Subsequent Event [Line Items] | |||||||
Number of bank locations | Location | 69 | ||||||
Merger and acquisition related expenses | $ 870 | $ 11,172 | |||||
Total assets | $ 5,328,996 | 5,328,996 | $ 4,969,655 | $ 5,078,559 | |||
Deposits | $ 4,297,123 | 4,297,123 | $ 4,152,544 | ||||
Platinum Bank Holding Company [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of bank locations | Location | 7 | ||||||
Merger and acquisition related expenses | 232 | ||||||
Total assets | $ 606,155 | 606,155 | |||||
Gross Loans | 463,149 | 463,149 | |||||
Deposits | $ 518,614 | 518,614 | |||||
Platinum Bank Holding Company [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Total purchase consideration | $ 119,431 | ||||||
Number of consolidated banking locations | Location | 5 | ||||||
Gateway Financial Holdings of Florida, Inc. [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of bank locations | Location | 9 | ||||||
Merger and acquisition related expenses | 627 | ||||||
Total assets | $ 879,898 | 879,898 | |||||
Gross Loans | 571,549 | 571,549 | |||||
Deposits | $ 731,002 | $ 731,002 | |||||
Gateway Financial Holdings of Florida, Inc. [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Total purchase consideration | $ 157,372 |