Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | CenterState Bank Corporation | |
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 | 60,107,229 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 100,795 | $ 66,368 |
Deposits in other financial institutions (restricted cash) | 18,438 | |
Federal funds sold and Federal Reserve Bank deposits | 182,996 | 109,286 |
Cash and cash equivalents | 302,229 | 175,654 |
Trading securities, at fair value | 2,973 | 12,383 |
Investment securities available for sale, at fair value | 866,657 | 740,702 |
Investment securities held to maturity (fair value of $238,462 and $242,693 at September 30, 2017 and December 31, 2016, respectively) | 237,874 | 250,543 |
Loans held for sale | 12,243 | 2,285 |
Loans, excluding purchased credit impaired | 4,517,592 | 3,243,823 |
Purchased credit impaired loans | 163,975 | 185,924 |
Allowance for loan losses | (31,828) | (27,041) |
Net Loans | 4,649,739 | 3,402,706 |
Bank premises and equipment, net | 141,605 | 114,815 |
Accrued interest receivable | 16,835 | 12,112 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 28,262 | 17,669 |
Goodwill | 257,683 | 106,028 |
Core deposit intangible, net | 25,140 | 15,510 |
Other intangible assets, net | 1,035 | 784 |
Bank owned life insurance | 145,755 | 98,424 |
Other repossessed real estate owned | 5,904 | 7,090 |
Deferred income tax asset, net | 56,160 | 63,208 |
Bank property held for sale | 11,993 | 8,599 |
Interest rate swap derivatives, at fair value | 42,398 | 31,817 |
Prepaid expense and other assets | 18,376 | 18,230 |
TOTAL ASSETS | 6,822,861 | 5,078,559 |
Deposits: | ||
Demand - non-interest bearing | 1,915,662 | 1,426,624 |
Demand - interest bearing | 996,861 | 917,004 |
Savings and money market accounts | 1,667,503 | 1,263,479 |
Time deposits | 845,444 | 545,437 |
Total deposits | 5,425,470 | 4,152,544 |
Securities sold under agreement to repurchase | 46,100 | 28,427 |
Federal funds purchased | 335,531 | 261,986 |
Corporate debentures | 26,134 | 25,958 |
Accrued interest payable | 1,154 | 851 |
Interest rate swap derivatives, at fair value | 43,314 | 32,691 |
Payables and accrued expenses | 35,536 | 23,645 |
Total liabilities | 5,913,239 | 4,526,102 |
Stockholders' equity: | ||
Common stock, $.01 par value: 100,000,000 shares authorized; 60,053,392 and 48,146,981 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 601 | 482 |
Additional paid-in capital | 735,595 | 430,459 |
Retained earnings | 173,704 | 130,090 |
Accumulated other comprehensive loss | (278) | (8,574) |
Total stockholders' equity | 909,622 | 552,457 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 6,822,861 | $ 5,078,559 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 238,462 | $ 242,693 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 60,053,392 | 48,146,981 |
Common stock, shares outstanding | 60,053,392 | 48,146,981 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Interest income: | |||||
Loans | $ 59,122 | $ 41,445 | $ 159,990 | $ 119,540 | |
Investment securities: | |||||
Taxable | 5,648 | 4,693 | 16,622 | 14,523 | |
Tax-exempt | 1,400 | 1,053 | 3,918 | 2,775 | |
Federal funds sold and other | 887 | 512 | 2,374 | 1,672 | |
Total interest income | 67,057 | 47,703 | 182,904 | 138,510 | |
Interest expense: | |||||
Deposits | 3,178 | 1,821 | 7,694 | 5,042 | |
Securities sold under agreement to repurchase | 80 | 25 | 157 | 80 | |
Federal funds purchased | 866 | 240 | 2,131 | 761 | |
Corporate debentures | 347 | 298 | 998 | 836 | |
Total interest expense | 4,471 | 2,384 | 10,980 | 6,719 | |
Net interest income | 62,586 | 45,319 | 171,924 | 131,791 | |
Provision for loan losses | 1,096 | 1,275 | 3,990 | 2,696 | |
Net interest income after loan loss provision | 61,490 | 44,044 | 167,934 | 129,095 | |
Non interest income: | |||||
Correspondent banking capital markets revenue | 5,823 | 6,381 | 18,067 | 21,801 | |
Other correspondent banking related revenue | 1,390 | 1,147 | 3,658 | 3,793 | |
Service charges on deposit accounts | 3,870 | 3,770 | 11,267 | 9,835 | |
Debit, prepaid, ATM and merchant card related fees | 2,127 | 2,017 | 6,716 | 6,245 | |
Wealth management related revenue | 914 | 892 | 2,698 | 2,422 | |
FDIC indemnification income | 0 | 0 | 0 | 96 | |
FDIC indemnification asset amortization | 0 | 0 | 0 | (1,166) | |
Bank owned life insurance income | 975 | 658 | 2,310 | 1,877 | |
Gain on sale of residential loans held for sale | 404 | 302 | 932 | 623 | |
Net gain on sale of securities available for sale | 0 | 13 | 0 | 13 | |
Other non interest income | 1,238 | 501 | 2,569 | 1,674 | |
Total other income | 16,741 | 15,681 | 48,217 | 47,213 | |
Non interest expense: | |||||
Salaries, wages and employee benefits | 28,515 | 22,418 | 79,714 | 66,832 | |
Occupancy expense | 3,422 | 2,532 | 9,453 | 7,329 | |
Depreciation of premises and equipment | 1,842 | 1,629 | 5,363 | 4,714 | |
Supplies, stationary and printing | 392 | 341 | 1,180 | 1,020 | |
Marketing expenses | 955 | 700 | 2,885 | 2,216 | |
Data processing expense | 2,006 | 1,761 | 6,251 | 5,053 | |
Legal, audit and other professional fees | 854 | 904 | 2,674 | 2,756 | |
Amortization of intangibles | 1,133 | 756 | 2,937 | 2,179 | |
Postage and delivery | 512 | 423 | 1,431 | 1,264 | |
ATM and debit card related expenses | 746 | 607 | 2,102 | 1,846 | |
Bank regulatory expenses | 666 | 863 | 2,284 | 2,641 | |
Gain on sale of repossessed real estate (“OREO”) | (38) | (558) | (200) | (1,270) | |
Valuation write down of repossessed real estate (“OREO”) | 141 | 237 | 612 | 651 | |
(Gain) loss on repossessed assets other than real estate | (13) | (4) | (19) | 33 | |
Foreclosure related expenses | 437 | 512 | 1,665 | 1,743 | |
Merger related expenses | 0 | 0 | 10,328 | 11,172 | |
Branch closure and efficiency initiatives | 0 | 616 | 507 | 1,034 | |
Loss from termination of FDIC loss share agreements | 0 | 0 | 0 | 17,560 | |
Other expenses | 3,052 | 2,658 | 8,307 | 7,524 | |
Total other expenses | 44,622 | 36,395 | 137,474 | 136,297 | |
Income before provision for income taxes | 33,609 | 23,330 | 78,677 | 40,011 | |
Provision for income taxes | 11,559 | 7,946 | 24,794 | 13,697 | |
Net income | 22,050 | 15,384 | 53,883 | 26,314 | |
Other comprehensive income, net of tax: | |||||
Unrealized securities holding gain, net of income taxes | (620) | 232 | 8,296 | 6,078 | |
Less: reclassified adjustments for gain included in net income, net of income taxes, of $0, $5, $0 and $5, respectively | 0 | (8) | 0 | (8) | |
Net unrealized gain on available for sale securities, net of income taxes | (620) | 224 | 8,296 | 6,070 | |
Total comprehensive income | $ 21,430 | $ 15,608 | $ 62,179 | $ 32,384 | |
Earnings per share: | |||||
Basic | $ 0.37 | $ 0.32 | $ 0.95 | $ 0.55 | |
Diluted | $ 0.36 | $ 0.32 | $ 0.94 | $ 0.55 | |
Common shares used in the calculation of earnings per share: | |||||
Basic | [1] | 59,906,610 | 47,820,543 | 56,315,700 | 47,254,255 |
Diluted | [1] | 61,115,005 | 48,602,566 | 57,330,267 | 47,954,759 |
[1] | Excludes participating shares. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Reclassifications of gain included in net income, income taxes | $ 0 | $ 5 | $ 0 | $ 5 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Community Bank Of South Florida Inc [Member] | Platinum Bank Holding Company [Member] | Gateway Financial Holdings Of Florida Inc [Member] | Common Stock [Member] | Common Stock [Member]Community Bank Of South Florida Inc [Member] | Common Stock [Member]Platinum Bank Holding Company [Member] | Common Stock [Member]Gateway Financial Holdings Of Florida Inc [Member] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member]Community Bank Of South Florida Inc [Member] | Additional Paid in Capital [Member]Platinum Bank Holding Company [Member] | Additional Paid in Capital [Member]Gateway Financial Holdings Of 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 | 26,314 | 26,314 | ||||||||||||
Unrealized holding gain on available for sale securities, net of deferred income tax | 6,070 | 6,070 | ||||||||||||
Dividends paid - common | (5,759) | (5,759) | ||||||||||||
Stock grants issued | 200 | $ 2 | 198 | |||||||||||
Stock grants issued, shares | 205,628 | |||||||||||||
Stock based compensation expense | 3,251 | 3,251 | ||||||||||||
Stock options exercised, including tax benefit | 718 | $ 1 | 717 | |||||||||||
Stock options exercised, including tax benefit, Shares | 103,381 | |||||||||||||
Stock repurchase | (402) | $ (1) | (401) | |||||||||||
Stock repurchase, shares | (27,622) | |||||||||||||
Stock issued pursuant to acquisition | $ 31,865 | $ 23 | $ 31,842 | |||||||||||
Stock issued pursuant to acquisition, shares | 2,276,042 | |||||||||||||
Balances at ending at Sep. 30, 2016 | 552,771 | $ 480 | 428,798 | 115,985 | 7,508 | |||||||||
Balances at ending, shares at Sep. 30, 2016 | 48,016,624 | |||||||||||||
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 | $ 53,883 | 53,883 | ||||||||||||
Unrealized holding gain on available for sale securities, net of deferred income tax | 8,296 | 8,296 | ||||||||||||
Dividends paid - common | (10,269) | (10,269) | ||||||||||||
Stock grants issued | 403 | $ 2 | 401 | |||||||||||
Stock grants issued, shares | 240,075 | |||||||||||||
Stock based compensation expense | 3,333 | 3,333 | ||||||||||||
Stock options exercised, including tax benefit | 5,313 | $ 5 | 5,308 | |||||||||||
Stock options exercised, including tax benefit, Shares | 479,864 | |||||||||||||
Stock repurchase | (787) | $ (1) | (786) | |||||||||||
Stock repurchase, shares | (32,224) | |||||||||||||
Stock issued pursuant to acquisition | $ 110,833 | $ 107,087 | $ 43 | $ 43 | $ 110,790 | $ 107,044 | ||||||||
Stock issued pursuant to acquisition, shares | 4,279,255 | 4,244,441 | ||||||||||||
Stock options acquired and converted pursuant to Gateway Bank acquisition | $ 15,811 | $ 15,811 | ||||||||||||
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 Sep. 30, 2017 | $ 909,622 | $ 601 | $ 735,595 | $ 173,704 | $ (278) | |||||||||
Balances at ending, shares at Sep. 30, 2017 | 60,053,392 | 60,053,392 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Unrealized holding gain on available for sale securities, deferred income tax | $ 5,210 | $ 3,811 |
Retained Earnings [Member] | ||
Dividends paid - common, per share | $ 0.18 | $ 0.12 |
Additional Paid in Capital [Member] | ||
Public Offering Costs | $ 529 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 53,883 | $ 26,314 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 3,990 | 2,696 |
Depreciation of premises and equipment | 5,363 | 4,714 |
Accretion of purchase accounting adjustments | (26,653) | (27,786) |
Net amortization of investment securities | 7,389 | 8,297 |
Net deferred loan origination fees | 314 | (354) |
Gain on sale of securities available for sale | 0 | (13) |
Trading securities revenue | (192) | (418) |
Purchases of trading securities | (186,523) | (122,383) |
Proceeds from sale of trading securities | 196,125 | 122,742 |
Repossessed real estate owned valuation write down | 612 | 651 |
Gain on sale of repossessed real estate owned | (200) | (1,270) |
(Gain) loss on repossessed assets other than real estate | (19) | 33 |
Gain on sale of residential loans held for sale | (932) | (623) |
Residential loans originated and held for sale | (53,806) | (30,883) |
Proceeds from sale of residential loans held for sale | 44,780 | 31,434 |
(Gain) loss on disposal of and or sale of fixed assets | (217) | 1 |
Gain on disposal of bank property held for sale | (304) | (107) |
Impairment on bank property held for sale | 507 | 1,074 |
Gain on extinguishment of debt | 0 | (308) |
Gain on sale of small business administration loans | (442) | 0 |
Small business administration loans originated for sale | (6,623) | 0 |
Proceeds from sale of small business administration loans | 7,065 | 0 |
Deferred income taxes | 10,018 | (1,321) |
Tax deduction in excess of book deduction for stock awards | (2,407) | 0 |
Stock based compensation expense | 3,333 | 3,251 |
Bank owned life insurance income | (2,310) | (1,877) |
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 | 5,447 | 2,042 |
Net change in accrued interest payable, accrued expense, and other liabilities | 7,973 | 7,507 |
Net cash provided by operating activities | 66,171 | 42,139 |
Cash flows from investing activities: | ||
Purchases of investment securities | (46,472) | (10,025) |
Purchases of mortgage backed securities | (165,347) | (245,190) |
Proceeds from pay-downs of mortgage backed securities | 91,530 | 90,984 |
Proceeds from sales of investment securities | 104,260 | 79,657 |
Proceeds from sales of mortgage backed securities | 156,564 | 62,418 |
Proceeds from called investment securities | 710 | 10,113 |
Proceeds from maturities of investment securities | 1,000 | 0 |
Purchases of investment securities | (2,693) | (58,458) |
Purchases of mortgage backed securities | (1,695) | (3,730) |
Proceeds from called investment securities | 0 | 42,936 |
Proceeds from pay-downs of mortgage backed securities | 15,797 | 26,875 |
Purchases of FHLB and FRB stock | (9,304) | 0 |
Proceeds from sales of FHLB and FRB stock | 5,572 | 29 |
Net increase in loans | (202,434) | (161,807) |
Cash received from FDIC loss sharing agreements | 0 | 5,482 |
Purchases of premises and equipment, net | (8,124) | (4,776) |
Proceeds from sale of repossessed real estate | 3,794 | 15,227 |
Proceeds from sale of fixed assets | 548 | |
Proceeds from sale of bank property held for sale | 6,413 | 1,482 |
Purchase of bank owned life insurance | (30,000) | (10,000) |
Net cash from bank acquisitions | 86,530 | 41,885 |
Net cash provided by (used in) investing activities | 6,649 | (116,898) |
Cash flows from financing activities: | ||
Net increase in deposits | 45,367 | 135,650 |
Net increase in federal funds purchased | 73,545 | 58,079 |
Net decrease in other borrowings | (134,732) | (57,418) |
Extinguishment of debt | 0 | (8,680) |
Net (decrease) increase in payable to shareholders for acquisitions | (48) | 82 |
Stock options exercised | 5,313 | 718 |
Proceeds from stock offering, net of offering costs | 63,262 | 0 |
Stock repurchased | (787) | (402) |
Dividends paid | (10,269) | (5,759) |
Net cash provided by financing activities | 53,755 | 121,143 |
Net increase (decrease) in securities sold under agreement to repurchase | 12,104 | (1,127) |
Net increase in cash and cash equivalents | 126,575 | 46,384 |
Cash and cash equivalents, beginning of period | 175,654 | 152,482 |
Cash and cash equivalents, end of period | 302,229 | 198,866 |
Transfer of loans to other real estate owned | 2,614 | 5,643 |
Transfers of bank property to held for sale | 4,136 | 4,415 |
Cash paid during the period for: | ||
Interest | 12,323 | 6,968 |
Income taxes | $ 8,893 | $ 14,909 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 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 Bank Corporation (the “Parent Company,” “Company” or “CSFL”), and its wholly owned subsidiary bank, CenterState Bank, N.A. (“CenterState” or “Bank”), and non bank subsidiaries, R4ALL, Inc. and CSFL Insurance Corp. As of September 30, 2017, the Bank provides traditional deposit and lending products and services to its commercial and retail customers through 78 full service banking locations in 28 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, New York, New York, 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 and nine month periods ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 24,500 and 67,609 shares of common stock were not considered in computing diluted earnings per common share because Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Basic Net income available to common shareholders $ 22,050 $ 15,384 $ 53,883 $ 26,314 Less: Earnings allocated to participating securities (46 ) (60 ) (121 ) (104 ) Net income allocated to common shareholders $ 22,004 $ 15,324 $ 53,762 $ 26,210 Weighted average common shares outstanding including participating securities 60,032,804 48,006,824 56,442,506 47,441,952 Less: Participating securities (1) (126,194 ) (186,281 ) (126,806 ) (187,697 ) Average shares 59,906,610 47,820,543 56,315,700 47,254,255 Basic earnings per common share $ 0.37 $ 0.32 $ 0.95 $ 0.55 Diluted Net income available to common shareholders $ 22,004 $ 15,324 $ 53,762 $ 26,210 Weighted average common shares outstanding for basic earnings per common share 59,906,610 47,820,543 56,315,700 47,254,255 Add: Dilutive effects of stock based compensation awards 1,208,395 782,023 1,014,567 700,504 Average shares and dilutive potential common shares 61,115,005 48,602,566 57,330,267 47,954,759 Diluted earnings per common share $ 0.36 $ 0.32 $ 0.94 $ 0.55 1. Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 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 September 30, 2017 Assets: Trading securities $ 2,973 — $ 2,973 — Available for sale securities Corporate debt securities 5,175 — 5,175 — Obligations of U.S. government sponsored entities and agencies 9,773 — 9,773 — Mortgage backed securities 788,016 — 788,016 — Municipal securities 63,693 — 63,693 — Interest rate swap derivatives 42,398 — 42,398 — Liabilities: Interest rate swap derivatives 43,314 — 43,314 — 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 September 30, 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 September 30, 2017 Assets: Impaired loans Residential real estate $ 2,105 — — $ 2,105 Commercial real estate 7,200 — — 7,200 Land, land development and construction 295 — — 295 Commercial 1,171 — — 1,171 Consumer 59 — — 59 Other real estate owned Residential real estate 689 — — 689 Commercial real estate 342 — — 342 Land, land development and construction 1,652 — — 1,652 Bank property held for sale 1,516 — — 1,516 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 $11,312 with a valuation allowance of $482, at September 30, 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 $384 and $779 on these loans during the three and nine month periods ending September 30, 2017. The Company recorded provision for loan loss expense of $86 and $458 on impaired loans carried at fair value during three and nine month periods ending September 30, 2016. Other real estate owned had a decline in fair value of $141, $237, $612 and $651 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 ($175), $549, $(203) and $967 during the three and nine 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 September 30, 2017 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 302,229 $ 302,229 $ — $ — $ 302,229 Trading securities 2,973 — 2,973 — 2,973 Investment securities available for sale 866,657 — 866,657 — 866,657 Investment securities held to maturity 237,874 — 238,462 — 238,462 FHLB and FRB stock 28,262 — — — n/a Loans held for sale 12,243 — 12,243 — 12,243 Loans, less allowance for loan losses of $31,828 4,649,739 — — 4,644,316 4,644,316 Interest rate swap derivatives 42,398 — 42,398 — 42,398 Accrued interest receivable 16,835 — 4,495 12,340 16,835 Financial liabilities: Deposits- without stated maturities $ 4,580,026 $ 4,580,026 $ — $ — $ 4,580,026 Deposits- with stated maturities 845,444 — 849,664 — 849,664 Securities sold under agreement to repurchase 46,100 — 46,100 — 46,100 Federal funds purchased 335,531 — 335,531 — 335,531 Corporate debentures 26,134 — — 22,139 22,139 Interest rate swap derivatives 43,314 — 43,314 — 43,314 Accrued interest payable 1,154 — 1,154 — 1,154 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 | 9 Months Ended |
Sep. 30, 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 and nine month periods ending September 30, 2017 and 2016. Three month period ending September 30, 2017 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 64,410 $ 2,647 $ — $ — $ 67,057 Interest expense (3,305 ) (819 ) (347 ) — (4,471 ) Net interest income (expense) 61,105 1,828 (347 ) — 62,586 Provision for loan losses (1,113 ) 17 — — (1,096 ) Non interest income 9,528 7,213 — — 16,741 Non interest expense (38,432 ) (5,304 ) (886 ) — (44,622 ) Net income (loss) before taxes 31,088 3,754 (1,233 ) — 33,609 Income tax (provision) benefit (10,579 ) (1,448 ) 468 — (11,559 ) Net income $ 20,509 $ 2,306 $ (765 ) $ — $ 22,050 Total assets $ 6,319,532 $ 498,669 $ 940,571 $ (935,911 ) $ 6,822,861 Nine month period ending September 30, 2017 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 175,015 $ 7,889 $ — $ — $ 182,904 Interest expense (7,934 ) (2,048 ) (998 ) — (10,980 ) Net interest income (expense) 167,081 5,841 (998 ) — 171,924 Provision for loan losses (4,073 ) 83 — — (3,990 ) Non interest income 26,493 21,724 — — 48,217 Non interest expense (119,304 ) (15,594 ) (2,576 ) — (137,474 ) Net income (loss) before taxes 70,197 12,054 (3,574 ) — 78,677 Income tax (provision) benefit (22,900 ) (4,649 ) 2,755 — (24,794 ) Net income (loss) $ 47,297 $ 7,405 $ (819 ) $ — $ 53,883 Total assets $ 6,319,532 $ 498,669 $ 940,571 $ (935,911 ) $ 6,822,861 Three month period ending September 30, 2016 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 45,840 $ 1,863 $ — $ — $ 47,703 Interest expense (1,848 ) (238 ) (298 ) — (2,384 ) Net interest income (expense) 43,992 1,625 (298 ) — 45,319 Provision for loan losses (1,303 ) 28 — — (1,275 ) Non interest income 8,153 7,528 — — 15,681 Non interest expense (30,025 ) (5,456 ) (914 ) — (36,395 ) Net income (loss) before taxes 20,817 3,725 (1,212 ) — 23,330 Income tax (provision) benefit (6,973 ) (1,437 ) 464 — (7,946 ) Net income (loss) $ 13,844 $ 2,288 $ (748 ) $ — $ 15,384 Total assets $ 4,612,833 $ 394,475 $ 585,561 $ (578,357 ) $ 5,014,512 Nine month period ending September 30, 2016 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 132,783 $ 5,727 $ — $ — $ 138,510 Interest expense (5,129 ) (745 ) (845 ) — (6,719 ) Net interest income (expense) 127,654 4,982 (845 ) — 131,791 Provision for loan losses (2,648 ) (48 ) — — (2,696 ) Non interest income 21,311 25,594 308 — 47,213 Non interest expense (115,934 ) (17,397 ) (2,966 ) — (136,297 ) Net income (loss) before taxes 30,383 13,131 (3,503 ) — 40,011 Income tax (provision) benefit (9,964 ) (5,064 ) 1,331 — (13,697 ) Net income (loss) $ 20,419 $ 8,067 $ (2,172 ) $ — $ 26,314 Total assets $ 4,612,833 $ 394,475 $ 585,561 $ (578,357 ) $ 5,014,512 Commercial and retail banking Correspondent banking and capital markets division Corporate overhead and administration |
Investment securities
Investment securities | 9 Months Ended |
Sep. 30, 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: September 30, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $ 5,000 $ 175 $ — $ 5,175 Obligations of U.S. government sponsored entities and agencies 10,000 — 227 9,773 Mortgage backed securities 789,921 3,501 5,406 788,016 Municipal securities 62,188 1,508 3 63,693 Total available-for-sale $ 867,109 $ 5,184 $ 5,636 $ 866,657 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. The securities sold during the second quarter of 2017 were securities acquired through the acquisitions of Platinum Bank Holding Company (“Platinum”) and Gateway Financial Holding of Florida, Inc. (“Gateway”) on April 1, 2017 and May 1, 2017, respectively. These acquired securities were marked to fair value and subsequently sold after the acquisition dates and no gain or loss was recognized from the sale of these securities. Sales of available for sale securities for the nine months ended September 30, 2017 and 2016 were as follows: For the nine months ended: September 30, 2017 September 30, 2016 Proceeds $ 260,824 $ 142,075 Gross gains — 13 Gross losses — — The tax provision related to these net realized gains was $0 and $5, respectively. The fair value of available for sale securities at September 30, 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 $ 4,913 $ 4,717 Due after five years through ten years 17,866 17,437 Due after ten years through thirty years 55,862 55,034 Mortgage backed securities 788,016 789,921 Total available-for-sale $ 866,657 $ 867,109 Available for sale securities pledged at September 30, 2017 and December 31, 2016 had a carrying amount (estimated fair value) of $263,611 and $220,560 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At September 30, 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 September 30, 2017 and December 31, 2016. September 30, 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 $ — $ — $ 9,773 $ 227 $ 9,773 $ 227 Mortgage backed securities 371,035 2,862 90,130 2,544 461,165 5,406 Municipal securities 1,057 3 — — 1,057 3 Total temporarily impaired available-for-sale securities $ 372,092 $ 2,865 $ 99,903 $ 2,771 $ 471,995 $ 5,636 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 September 30, 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 intend to sell these mortgage-backed securities or more likely than not will not be required to sell these securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 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 September 30, 2017 and December 31, 2016. September 30, 2017 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Mortgage backed securities $ 105,387 $ 74 $ 346 $ 105,115 Municipal securities 132,487 2,206 1,346 133,347 Total held-to-maturity $ 237,874 $ 2,280 $ 1,692 $ 238,462 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 September 30, 2017 and December 31, 2016 had a carrying amount of $95,626 and $27,757 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At September 30, 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 September 30, 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 $ 1,554 $ 1,533 Due after ten years through thirty years 131,793 130,954 Mortgage backed securities 105,115 105,387 Total held-to-maturity $ 238,462 $ 237,874 The following table shows the Company’s held-to-maturity investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at September 30, 2017 and December 31, 2016. September 30, 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 $ 71,952 $ 309 $ 5,317 $ 37 $ 77,269 $ 346 Municipal securities 23,300 239 28,175 1,107 51,475 1,346 Total temporarily impaired held-to-maturity securities $ 95,252 $ 548 $ 33,492 $ 1,144 $ 128,744 $ 1,692 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 September 30, 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 intend to sell these mortgage-backed securities or more likely than not will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 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 | 9 Months Ended |
Sep. 30, 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. September 30, 2017 December 31, 2016 Loans excluding PCI loans Real estate loans Residential $ 1,027,248 $ 816,304 Commercial 2,512,130 1,755,922 Land, development and construction 241,130 142,044 Total real estate 3,780,508 2,714,270 Commercial 633,209 439,540 Consumer and other loans 103,087 89,538 Loans before unearned fees and deferred cost 4,516,804 3,243,348 Net unearned fees and costs 788 475 Total loans excluding PCI loans 4,517,592 3,243,823 PCI loans (note 1) Real estate loans Residential 63,227 72,179 Commercial 88,543 99,566 Land, development and construction 7,612 9,944 Total real estate 159,382 181,689 Commercial 4,267 3,825 Consumer and other loans 326 410 Total PCI loans 163,975 185,924 Total loans 4,681,567 3,429,747 Allowance for loan losses for loans that are not PCI loans (31,543 ) (26,569 ) Allowance for loan losses for PCI loans (285 ) (472 ) Total loans, net of allowance for loan losses $ 4,649,739 $ 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 September 30, 2017 Balance at beginning of period $ 29,769 $ 363 $ 30,132 Loans charged-off (472 ) — (472 ) Recoveries of loans previously charged-off 1,072 — 1,072 Net recoveries 600 — 600 Provision for loan losses 1,174 (78 ) 1,096 Balance at end of period $ 31,543 $ 285 $ 31,828 Three months ended September 30, 2016 Balance at beginning of period $ 24,066 $ 106 $ 24,172 Loans charged-off (821 ) (66 ) (887 ) Recoveries of loans previously charged-off 939 — 939 Net recoveries (charge-offs) 118 (66 ) 52 Provision for loan losses 1,090 185 1,275 Balance at end of period $ 25,274 $ 225 $ 25,499 Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Nine months ended September 30, 2017 Balance at beginning of period $ 26,569 472 $ 27,041 Loans charged-off (1,722 ) — (1,722 ) Recoveries of loans previously charged-off 2,454 65 2,519 Net recoveries 732 65 797 Provision for loan losses 4,242 (252 ) 3,990 Balance at end of period $ 31,543 285 $ 31,828 Nine months ended September 30, 2016 Balance at beginning of period $ 22,143 $ 121 $ 22,264 Loans charged-off (1,642 ) (66 ) (1,708 ) Recoveries of loans previously charged-off 2,247 — 2,247 Net recoveries (charge-offs) 605 (66 ) 539 Provision for loan losses 2,526 170 2,696 Balance at end of period $ 25,274 $ 225 $ 25,499 The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Three months ended September 30, 2017 Beginning of the period $ 6,134 $ 17,238 $ 1,175 $ 3,590 $ 1,632 $ 29,769 Charge-offs (108 ) (8 ) — (140 ) (216 ) (472 ) Recoveries 290 320 353 82 27 1,072 Provision for loan losses (292 ) 1,074 (393 ) 458 327 1,174 Balance at end of period $ 6,024 $ 18,624 $ 1,135 $ 3,990 $ 1,770 $ 31,543 Three months ended September 30, 2016 Beginning of the period $ 5,909 $ 12,454 $ 799 $ 3,497 $ 1,407 $ 24,066 Charge-offs (93 ) (155 ) (198 ) (138 ) (237 ) $ (821 ) Recoveries 496 293 15 91 44 $ 939 Provision for loan losses (453 ) 924 133 194 292 $ 1,090 Balance at end of period $ 5,859 $ 13,516 $ 749 $ 3,644 $ 1,506 $ 25,274 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Three months ended September 30, 2017 Beginning of the period $ 50 $ 123 $ 176 $ — $ 14 $ 363 Charge-offs — — — — — — Recoveries — — — — — — Provision for loan losses (50 ) (65 ) 37 — — (78 ) Balance at end of period $ — $ 58 $ 213 $ — $ 14 $ 285 Three months ended September 30, 2016 Beginning of the period $ — $ 92 $ — $ — $ 14 $ 106 Charge-offs — — (66 ) — — (66 ) Recoveries — — — — — — Provision for loan losses 61 — 124 — — 185 Balance at end of period $ 61 $ 92 $ 58 $ — $ 14 $ 225 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Nine months ended September 30, 2017 Beginning of the period $ 5,640 $ 14,713 $ 883 $ 3,785 $ 1,548 $ 26,569 Charge-offs (250 ) (72 ) — (677 ) (723 ) (1,722 ) Recoveries 816 626 596 254 162 2,454 Provision for loan losses (182 ) 3,357 (344 ) 628 783 4,242 Balance at end of period $ 6,024 $ 18,624 $ 1,135 $ 3,990 $ 1,770 $ 31,543 Nine months ended September 30, 2016 Beginning of the period $ 6,015 $ 10,559 $ 936 $ 3,212 $ 1,421 $ 22,143 Charge-offs (226 ) (421 ) (232 ) (161 ) (602 ) (1,642 ) Recoveries 1,056 590 250 210 141 2,247 Provision for loan losses (986 ) 2,788 (205 ) 383 546 2,526 Balance at end of period $ 5,859 $ 13,516 $ 749 $ 3,644 $ 1,506 $ 25,274 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Nine months ended September 30, 2017 Beginning of the period $ 54 $ 92 $ 312 $ — $ 14 $ 472 Charge-offs — — — — — — Recoveries — 65 — — — 65 Provision for loan losses (54 ) (99 ) (99 ) — — (252 ) Balance at end of period $ — $ 58 $ 213 $ — $ 14 $ 285 Nine months ended September 30, 2016 Beginning of the period $ — $ 103 $ 1 $ 3 $ 14 $ 121 Charge-offs — — (66 ) — — (66 ) Recoveries — — — — — — Provision for loan losses 61 (11 ) 123 (3 ) — 170 Balance at end of period $ 61 $ 92 $ 58 $ — $ 14 $ 225 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 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 September 30, 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 $ 510 $ 97 $ 5 $ 207 $ 24 $ 843 Collectively evaluated for impairment 5,514 18,527 1,130 3,783 1,746 30,700 Purchased credit impaired — 58 213 — 14 285 Total ending allowance balance $ 6,024 $ 18,682 $ 1,348 $ 3,990 $ 1,784 $ 31,828 Loans: Individually evaluated for impairment $ 7,143 $ 9,557 $ 338 $ 2,016 $ 253 $ 19,307 Collectively evaluated for impairment 1,020,105 2,502,573 240,792 631,193 102,834 4,497,497 Purchased credit impaired 63,227 88,543 7,612 4,267 326 163,975 Total ending loan balances $ 1,090,475 $ 2,600,673 $ 248,742 $ 637,476 $ 103,413 $ 4,680,779 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 The table below summarizes impaired loan data for the periods presented. Sept. 30, 2017 Dec. 31, 2016 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $ 11,491 $ 11,030 Nonperforming TDRs (these are included in NPLs) 1,220 2,075 Total TDRs (these are included in impaired loans) 12,711 13,105 Impaired loans that are not TDRs 6,596 7,148 Total impaired loans $ 19,307 $ 20,253 In certain situations it is 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 September 30, 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 September 30, 2017 Accruing Non Accrual Total Real estate loans: Residential $ 7,496 $ 444 $ 7,940 Commercial 2,892 749 3,641 Land, development, construction 338 — 338 Total real estate loans 10,726 1,193 11,919 Commercial 539 — 539 Consumer and other 226 27 253 Total TDRs $ 11,491 $ 1,220 $ 12,711 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 $20 and $264 and partial charge offs of $13 and $55 on the TDR loans described above during the three and nine month periods ending September 30, 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 90% of our TDRs are current pursuant to their modified terms, and $1,220, or approximately 10% of Loans modified as TDRs during the three and nine month periods ending September 30, 2017 were $85 and $784. The provision of $0 and $8 for loans modified The following table presents loans by class modified and for which there was a payment default within twelve months following the modification during the periods ending September 30, 2017 and 2016. Period ending Period ending September 30, 2017 September 30, 2016 Number Recorded Number Recorded of loans investment of loans investment Residential 1 $ 72 2 $ 170 Commercial real estate 2 616 2 948 Land, development, construction — — — — Commercial and Industrial — — — — Consumer and other — — — — Total 3 $ 688 4 $ 1,118 The Company recorded a provision for loan loss expense of $8 and $24 and partial charge offs of $8 and $24 on TDR loans that subsequently defaulted as described above during the three and nine month periods ending of $12 and $86 and partial charge offs of $20 and $73 on TDR loans that subsequently defaulted as described above during the three and nine month periods ending The following tables present loans individually evaluated for impairment by class of loans as of September 30, 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 September 30, 2017 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 4,084 $ 3,961 $ — Commercial real estate 9,830 9,126 — Land, development, construction 265 215 — Commercial and industrial 1,876 1,478 — Consumer, other 144 138 — With an allowance recorded: Residential real estate 3,283 3,182 510 Commercial real estate 472 431 97 Land, development, construction 141 123 5 Commercial and industrial 539 538 207 Consumer, other 131 115 24 Total $ 20,765 $ 19,307 $ 843 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 September 30, 2017 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 7,536 $ 70 $ — Commercial 9,200 35 — Land, development, construction 343 5 — Total real estate loans 17,079 110 — Commercial and industrial 1,859 7 — Consumer and other loans 262 3 — Total $ 19,200 $ 120 $ — Nine months ended September 30, 2017 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 7,767 $ 207 $ — Commercial 8,979 104 — Land, development, construction 465 13 — Total real estate loans 17,211 324 — Commercial and industrial 1,702 22 — Consumer and other loans 245 8 — Total $ 19,158 $ 354 $ — Three months ended September 30, 2016 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,356 $ 67 $ — Commercial 10,530 24 — Land, development, construction 1,148 4 — Total real estate loans 20,034 95 — Commercial and industrial 1,923 12 — Consumer and other loans 243 3 — Total $ 22,200 $ 110 $ — Nine months ended September 30, 2016 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,447 $ 185 $ — Commercial 12,744 101 — Land, development, construction 1,650 20 — Total real estate loans 22,841 306 — Commercial and industrial 1,806 35 — Consumer and other loans 260 8 — Total $ 24,907 $ 349 $ — Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. Nonperforming loans were as follows: Sept. 30, 2017 Dec. 31, 2016 Non accrual loans $ 19,319 $ 19,003 Loans past due over 90 days and still accruing interest — — Total non performing loans $ 19,319 $ 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 September 30, 2017 and December 31, 2016, excluding purchased credit impaired loans: As of September 30, 2017 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 7,989 $ — Commercial real estate 8,568 — Land, development, construction 169 — Commercial 2,188 — Consumer, other 405 — Total $ 19,319 $ — 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 September 30, 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 September 30, 2017 Residential real estate $ 1,027,248 $ 4,293 $ 2,421 $ — $ 6,714 $ 1,012,545 $ 7,989 Commercial real estate 2,512,130 3,396 8,764 — 12,160 2,491,402 8,568 Land/dev/construction 241,130 1,202 437 — 1,639 239,322 169 Commercial 633,209 1,638 1,153 — 2,791 628,230 2,188 Consumer 103,087 659 275 — 934 101,748 405 $ 4,516,804 $ 11,188 $ 13,050 $ — $ 24,238 $ 4,473,247 $ 19,319 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 September 30, 2017 and December 31, 2016. The increase in loans categorized as special mention between the periods presented is due to the acquisitions of Platinum and Gateway on April 1, 2017 and May 1, 2017, respectively. As of September 30, 2017 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 992,544 $ 17,340 $ 17,364 $ — Commercial real estate 2,365,247 126,646 20,237 — Land/dev/construction 223,695 16,351 1,084 — Commercial 614,611 15,419 3,179 — Consumer 102,153 239 695 — Total $ 4,298,250 $ 175,995 $ 42,559 $ — 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 September 30, 2017 and December 31, 2016: As of September 30, 2017 Residential Consumer Performing $ 1,019,259 $ 102,682 Nonperforming 7,989 405 Total $ 1,027,248 $ 103,087 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 September 30, 2017 and December 31, 2016. Contractually required principal and interest payments have been adjusted for estimated prepayments. Sept. 30, 2017 Dec. 31, 2016 Contractually required principal and interest $ 258,338 $ 297,821 Non-accretable difference (12,899 ) (18,372 ) Cash flows expected to be collected 245,439 279,449 Accretable yield (81,464 ) (93,525 ) Carrying value of acquired loans 163,975 185,924 Allowance for loan losses (285 ) (472 ) Carrying value less allowance for loan losses $ 163,690 $ 185,452 The Company adjusted its 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. The Company reclassified non-accretable non-accretable Activity during the Effect of income all other three month period ending September 30, 2017 Jun. 30, 2017 acquisitions accretion adjustments Sept. 30, 2017 Contractually required principal and interest $ 280,114 $ — $ — $ (21,776 ) $ 258,338 Non-accretable difference (14,047 ) — — 1,148 (12,899 ) Cash flows expected to be collected 266,067 — — (20,628 ) 245,439 Accretable yield (86,703 ) — 7,696 (2,457 ) (81,464 ) Carry value of acquired loans $ 179,364 $ — $ 7,696 $ (23,085 ) $ 163,975 Activity during the Effect of income all other nine month period ending September 30, 2017 Dec. 31, 2016 acquisitions accretion adjustments Sept. 30, 2017 Contractually required principal and interest $ 297,821 $ 20,729 $ — $ (60,212 ) $ 258,338 Non-accretable difference (18,372 ) (6,347 ) — 11,820 (12,899 ) Cash flows expected to be collected 279,449 14,382 — (48,392 ) 245,439 Accretable yield (93,525 ) (3,266 ) 24,780 (9,453 ) (81,464 ) Carry value of acquired loans $ 185,924 $ 11,116 $ 24,780 $ (57,845 ) $ 163,975 Activity during the Effect of income all other three month period ending September 30, 2016 Jun. 30, 2016 acquisitions accretion adjustments Sep. 30, 2016 Contractually required principal and interest $ 344,464 $ — $ — $ (27,797 ) $ 316,667 Non-accretable difference (20,462 ) — — 1,172 (19,290 ) Cash flows expected to be collected 324,002 — — (26,625 ) 297,377 Accretable yield (107,143 ) — 7,795 (741 ) (100,089 ) Carry value of acquired loans $ 216,859 $ — $ 7,795 $ (27,366 ) $ 197,288 Activity during the Effect of income all other nine month period ending September 30, 2016 Dec. 31, 2015 acquisitions accretion adjustments Sep. 30, 2016 Contractually required principal and interest $ 332,570 $ 73,005 $ — $ (88,908 ) $ 316,667 Non-accretable difference (19,452 ) (9,295 ) — 9,457 (19,290 ) Cash flows expected to be collected 313,118 63,710 — (79,451 ) 297,377 Accretable yield (102,590 ) (18,585 ) 24,750 (3,664 ) (100,089 ) Carry value of acquired loans $ 210,528 $ 45,125 $ 24,750 $ (83,115 ) $ 197,288 |
Securities Sold Under Agreement
Securities Sold Under Agreement to Repurchase | 9 Months Ended |
Sep. 30, 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 September 30, 2017 MBS Municipal As of September 30, 2017 Securities Securities Total Market value of securities pledged $ 64,825 $ 449 $ 65,274 Borrowings related to pledged amounts 45,729 371 46,100 Market value pledged as a % of borrowings 142 % 121 % 142 % 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. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 8: Business Combinations Acquisition of Platinum Bank Holding Company On April 1, 2017, the Company completed its acquisition of Platinum whereby Platinum merged with and into the Company. Pursuant to and simultaneously with the merger of Platinum with and into the Company, Platinum’s wholly owned subsidiary bank, Platinum Bank, merged with and into the Company’s subsidiary bank, CenterState Bank, N.A. The Company’s primary reasons for the transaction were to further solidify its market share in the Central Florida markets and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. The acquisition increased the Company’s total assets and total deposits by approximately 14% and 13%, respectively, as compared with the balances at December 31, 2016, and is expected to positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. During the nine month period ending September 30, 2017, the Company incurred approximately $3,927 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 Income and Comprehensive Income. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations The Company acquired 100% of the outstanding common stock of Platinum. The purchase price consisted of both cash and stock. Each share of Platinum common stock was exchanged for $7.60 cash and 3.7832 shares of the Company’s common stock. Based on the closing price of the Company’s common stock on March 31, 2017, the resulting purchase price was $119,431. The table below summarizes the purchase price calculation. Number of shares of Platinum common stock outstanding at March 31, 2017 1,131,134 Per share exchange ratio 3.7832 Number of shares of CenterState common stock less 51 of fractional shares 4,279,255 Multiplied by CenterState common stock price per share on March 31, 2017 $ 25.90 Fair value of CenterState common stock issued $ 110,833 Total Platinum common shares 1,131,134 Multiplied by the cash consideration each Platinum share is entitled to receive $ 7.60 Total cash consideration, not including cash for fractional shares $ 8,597 Total stock consideration $ 110,833 Total cash consideration plus $1 for 51 of fractional shares $ 8,598 Total purchase price $ 119,431 The list below summarizes the estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the April 1, 2017 purchase date. April 1, 2017 Assets: Cash and cash equivalents $ 106,537 Loans, held for investment 451,295 Purchased credit impaired loans 3,289 Investments 28,873 Accrued interest receivable 1,216 Branch real estate 9,600 Furniture and fixtures 402 Bank property held for sale 4,382 FHLB stock 2,220 Other repossessed real estate owned 272 Core deposit intangible 3,992 Goodwill 73,829 Deferred tax asset 227 Other assets 29 Total assets acquired $ 686,163 Liabilities: Deposits $ 520,423 Federal Home Loan Bank advances 40,546 Securities sold under agreement to repurchase 5,569 Accrued interest payable 94 Other liabilities 100 Total liabilities assumed $ 566,732 In the acquisition, the Company acquired $454,584 of loans at fair value, net of $8,980, or 1.9%, estimated discount to the outstanding principal balance, representing 13.3% of the Company’s total loans at December 31, 2016. Of the total loans acquired, management identified $3,289 with credit deficiencies. All loans that were on non-accrual status, impaired loans including TDRs and other substandard loans were considered by management to be credit impaired and are accounted for pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of April 1, 2017 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 8,206 Non-accretable difference (3,882 ) Cash flows expected to be collected 4,324 Accretable yield (1,035 ) Total purchased credit-impaired loans acquired $ 3,289 The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $ 37,206 $ 37,419 Commercial real estate 272,298 268,656 Construction/development/land 47,675 46,618 Commercial loans 96,587 95,701 Consumer and other loans 2,954 2,901 Purchased credit-impaired 6,844 3,289 Total earning assets $ 463,564 $ 454,584 In its assumption of the deposit liabilities, the Company believed the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. The Company determined the estimated fair value of the core deposit intangible asset totaled $3,992, Acquisition of Gateway Financial Holdings of Florida, Inc. On May 1, 2017, the Company completed its acquisition of Gateway whereby Gateway merged with and into the Company. Pursuant to and simultaneously with the merger of Gateway with and into the Company, Gateway’s three subsidiary banks, Gateway Bank of Florida, Gateway Bank of Central Florida and Gateway Bank of Southwest Florida, merged with and into the Company’s subsidiary bank, CenterState Bank, N.A. 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. The acquisition increased the Company’s total assets and total deposits by approximately 19% and 17%, respectively, as compared with the balances at December 31, 2016, and is expected to positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. During the nine month period ending September 30, 2017, the Company incurred approximately $6,401 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 Income and Comprehensive Income. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations The Company acquired 100% of the outstanding common stock of Gateway. The purchase price consisted of both cash and stock. Each share of Gateway common stock was either exchanged for $18.00 cash or 0.95 shares of the Company’s common stock. In addition, the Company assumed Gateway’s stock options, which were converted to the Company’s stock options. Based on the closing price of the Company’s common stock on April 30, 2017, the resulting purchase price was $157,372. The table below summarizes the purchase price calculation. Number of shares of Gateway common stock outstanding at April 30, 2017 5,463,764 Gateway preferred shares that converted to Gateway common shares upon a change in control 919,236 Total Gateway common shares including conversion of preferred shares 6,383,000 Number of shares of Gateway common shares exchanged for CenterState common stock 4,468,100 Per share exchange ratio 0.95 Number of shares of CenterState common stock less 254 of fractional shares 4,244,441 Multiplied by CenterState common stock price per share on April 30, 2017 $ 25.23 Fair value of CenterState common stock issued $ 107,087 Number of shares of Gateway common shares exchanged for cash 1,914,900 Multiplied by the cash consideration each Gateway share is entitled to receive $ 18.00 Total cash consideration, not including cash for fractional shares $ 34,468 Total stock consideration $ 107,087 Total cash consideration plus $6 for 254 of fractional shares $ 34,474 Total consideration paid to Gateway common shareholders $ 141,561 Fair value of Gateway stock options converted to CenterState stock options $ 15,811 Total purchase price $ 157,372 The list below summarizes the preliminary estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the May 1, 2017 purchase date. May 1, 2017 Assets: Cash and cash equivalents $ 23,065 Loans, held for investment 560,413 Purchased credit impaired loans 7,827 Investments 231,951 Accrued interest receivable 2,422 Branch real estate 18,160 Furniture and fixtures 702 Bank property held for sale 1,087 Federal Reserve Bank and Federal Home Loan Bank stock 4,640 Other repossessed real estate owned 134 Bank owned life insurance 15,475 Servicing asset 271 Core deposit intangible 8,432 Goodwill 77,826 Deferred tax asset 7,953 Other assets 510 Total assets acquired $ 960,868 Liabilities: Deposits $ 708,209 Federal Home Loan Bank advances 90,598 Federal funds purchased 3,588 Accrued interest payable 304 Other liabilities 797 Total liabilities assumed $ 803,496 In the acquisition, the Company acquired $568,240 of loans at fair value, net of $9,479, or 1.6%, estimated discount to the outstanding principal balance, representing 16.6% of the Company’s total loans at December 31, 2016. Of the total loans acquired, management identified $7,827 with credit deficiencies. All loans that were on non-accrual status, impaired loans including TDRs and other substandard loans were considered by management to be credit impaired and are accounted for pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of May 1, 2017 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 12,523 Non-accretable difference (2,465 ) Cash flows expected to be collected 10,058 Accretable yield (2,231 ) Total purchased credit-impaired loans acquired $ 7,827 The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $ 142,881 $ 142,468 Commercial real estate 321,262 317,578 Construction/development/land 47,727 46,489 Commercial loans 46,953 46,274 Consumer and other loans 7,803 7,604 Purchased credit-impaired 11,093 7,827 Total earning assets $ 577,719 $ 568,240 In its assumption of the deposit liabilities, the Company believed the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. The Company determined the estimated fair value of the core deposit intangible asset totaled $8,432, which will be amortized utilizing an accelerated amortization method over an estimated economic life not to exceed ten years. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Pro-forma information Pro-forma data for the three and nine month periods ending September 30, 2016 and nine month period ending September 30, 2017 listed in the table below presents pro-forma information as if the Platinum and Gateway acquisitions occurred at the beginning of 2016. Because the Platinum and Gateway transactions closed on April 1, 2017 and May 1, 2017, respectively, there is no pro-forma information for the three month period ending September 30, 2017 as both Platinum and Gateway actual results are included in the current reported figures. Merger related expenses for both Platinum and Gateway have not been included in the pro forma data below as the pro forma adjustments do not give consideration to non-recurring items, the impact of possible cost savings, expense efficiencies, synergies, strategy modifications, asset dispositions or other actions that may resulted from the acquisitions of Platinum and Gateway. Three months ended Sept. 30, Nine months ended Sept. 30, 2016 2017 2016 Net interest income $ 57,934 $ 183,792 $ 169,159 Net income available to common shareholders $ 18,202 $ 59,522 $ 34,853 EPS - basic $ 0.32 $ 1.00 $ 0.63 EPS - diluted $ 0.32 $ 0.98 $ 0.62 The disclosures regarding the results of operations for both Platinum and Gateway subsequent to their respective acquisition dates are omitted as this information is not practical to obtain. The Company converted Platinum and Gateway’s core systems in the same quarter as their respective acquisition date. Announced Acquisitions of HCBF Holding Company, Inc. and Sunshine Bancorp, Inc. On August 12, 2017, the Company entered into a definitive agreement to acquire HCBF Holding Company, Inc. (“HCBF”), whereby HCBF will be merged with and into the Company, with the Company continuing as the surviving corporation in the merger. Immediately after the merger, the Company’s subsidiary bank and HCBF’s subsidiary bank will merge with CenterState Bank as the surviving bank. Under the terms of the agreement, each outstanding share of HCBF common stock will be converted into the right to receive 0.675 shares of the Company’s common stock and $1.925 in cash. The transaction was unanimously approved by the boards of directors of both companies. The transaction is expected to close in the first quarter of 2018 subject to customary closing conditions, including receipt of all applicable regulatory approvals and shareholder approval of both companies. The Company’s primary reasons for the transaction are to further solidify its market share in the Florida market and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. HCBF, which is headquartered in Fort Pierce, Florida, currently operates 46 banking locations throughout 19 counties in Florida. As of September 30, 2017, HCBF reported total assets of $2,179,606, total loans of $1,314,484 and total deposits of $1,739,552. On August 12, 2017, the Company entered into a definitive agreement to acquire Sunshine Bancorp, Inc. (“Sunshine”), whereby Sunshine will be merged with and into the Company, with the Company continuing as the surviving corporation in the merger. Immediately after the merger, the Company’s wholly owned subsidiary bank and Sunshine’s wholly owned subsidiary bank, Sunshine Bank, will merge with CenterState Bank as the surviving bank. Under the terms of the agreement, each outstanding share of Sunshine common stock will be converted into the right to receive 0.89 shares of the Company’s common stock. The transaction was unanimously approved by the boards of directors of both companies and all required regulatory approvals have been received. The transaction is expected to close in the first quarter of 2018 subject to customary closing conditions, including receipt of Sunshine’s stockholder approval. The Company’s primary reasons for the transaction are to further solidify its market share in the Florida market and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. Sunshine, which is headquartered in Plant City, Florida, currently operates 18 banking locations along Florida’s I-4 corridor in Brevard, Hillsborough, Manatee, Orange, Pasco, Polk and Sarasota counties. As of September 30, 2017, Sunshine reported total assets of $943,633, total loans of $705,104 and total deposits of $749,050. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | NOTE 9: Derivatives The Company enters into interest rate swaps in order to provide commercial loan clients the ability to swap from fixed to variable interest rates. Under these agreements, the Company enters into a fixed-rate loan with a client in addition to a swap agreement. This swap agreement effectively converts the client’s fixed rate loan into a variable rate. The Company then enters into a matching swap agreement with a third party dealer in order to offset its exposure on the customer swap. At September 30, 2017 and December 31, 2016, the notional amount of such arrangements was $3,434,537 Summary information about the derivative instruments is as follows: Sept. 30, 2017 Dec. 31, 2016 Notional amount $ 3,434,537 $ 2,441,768 Weighted average pay rate on interest-rate swaps 2.86 % 2.56 % Weighted average receive rate on interest rate swaps 2.86 % 2.55 % Weighted average maturity (years) 11 11 Fair value of interest rate swap derivatives (asset) $ 42,398 31,817 Fair value of interest rate swap derivatives (liability) $ 43,314 $ 32,691 |
Stock Offering
Stock Offering | 9 Months Ended |
Sep. 30, 2017 | |
Public Offering [Abstract] | |
Stock Offering | NOTE 10: 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 | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | NOTE 11: 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, however, adoption of the new standard is not expected to have a significant impact. The Company’s primary sources of revenues are derived from interest and dividends earned on loans, investment securities and other financial instruments that are not within the scope of ASU 2014-09. The Company expects to adopt ASU 2014-09 in the first quarter of 2018 using the modified retrospective approach with a cumulative effect of initial application along with supplementary disclosures. 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. Adoption of ASU 2016-02 is not expected to have a material impact on the Company's Consolidated Financial Statements. The Company leases certain properties and equipment under operating leases that will result in the recognition of lease assets and lease liabilities on the Company’s Consolidated Balance Sheet. 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 $205 and $2,407, or $0.00 and $0.04 per diluted earnings per share, for the three and nine month periods ending September 30, 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 formed a CECL committee to assist with the implementation process and 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, including different methodologies that may be employed to estimate credit losses as well as additional data gathering that will be needed to adopt the standard. The standard will add new disclosures related to factors that influenced management’s estimate, including current expected credit losses, the changes in those factors, and reasons for the changes as well as the method applied to revert to historical credit loss experience, and the Company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but has not yet determined the magnitude of any such one-time adjustment or the overall impact on the Company’s 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 adopted this update in July 2017 but it did not have a material impact on the Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, “Scope of Modification Accounting”, to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless all the following are met: (1) the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification; (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; (3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The current disclosure requirements in Topic 718 apply regardless of whether an entity is required to apply modification accounting under the amendments in this update . In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendments in this update more closely align the results of cash flow and fair value hedge accounting with risk management activities through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results in the financial statements. The amendments address specific limitations in current GAAP by expanding hedge accounting for both nonfinancial and financial risk components and by refining the measurement of hedge results to better reflect an entity’s hedging strategies. Thus, the amendments will enable an entity to report more faithfully the economic results of hedging activities for certain fair value and cash flow hedges and will avoid mismatches in earnings by allowing for greater precision when measuring changes in fair value of the hedged item for certain fair value hedges. Additionally, by aligning the timing of recognition of hedge results with the earnings effect of the hedged item for cash flow and net investment hedges, and by including the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is presented, the results of an entity’s hedging program and the cost of executing that program will be more visible to users of financial statements. Overall, those amendments are an improvement because an entity’s financial statements will reflect more accurately and comprehensively the intent and outcome of its hedging strategies. The tabular disclosure related to effects on the income statement of fair value and cash flow hedges and the disclosure of cumulative basis adjustments for fair value hedges provide users with a more complete picture of the effect of hedge accounting on an entity’s income statement and balance sheet. When considered together, the amendments to presentation and disclosures are an improvement because they will provide users with more decision-useful information about the effect of an entity’s risk management activities on the financial statements. Additionally, the amendments in this Update should ease the operational burden of applying hedge accounting by allowing more time to prepare hedge documentation and, allowing effectiveness assessments to be performed on a qualitative basis after hedge inception. For public business entities, the amendments in this update become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. All transition requirements and elections should be applied to hedging relationships existing (that is, hedging relationships in which the hedging instrument has not expired, been sold, terminated, or exercised or the entity has not removed the designation of the hedging relationship) on the date of adoption. The effect of adoption should be reflected as of the beginning of the fiscal year of adoption (that is, the initial application date). For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the amendments in this Update. The amended presentation and disclosure guidance is required only prospectively. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements. |
Common Stock Outstanding and 20
Common Stock Outstanding and Earnings Per Share Data (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine months ended September 30, 2017 2016 2017 2016 Basic Net income available to common shareholders $ 22,050 $ 15,384 $ 53,883 $ 26,314 Less: Earnings allocated to participating securities (46 ) (60 ) (121 ) (104 ) Net income allocated to common shareholders $ 22,004 $ 15,324 $ 53,762 $ 26,210 Weighted average common shares outstanding including participating securities 60,032,804 48,006,824 56,442,506 47,441,952 Less: Participating securities (1) (126,194 ) (186,281 ) (126,806 ) (187,697 ) Average shares 59,906,610 47,820,543 56,315,700 47,254,255 Basic earnings per common share $ 0.37 $ 0.32 $ 0.95 $ 0.55 Diluted Net income available to common shareholders $ 22,004 $ 15,324 $ 53,762 $ 26,210 Weighted average common shares outstanding for basic earnings per common share 59,906,610 47,820,543 56,315,700 47,254,255 Add: Dilutive effects of stock based compensation awards 1,208,395 782,023 1,014,567 700,504 Average shares and dilutive potential common shares 61,115,005 48,602,566 57,330,267 47,954,759 Diluted earnings per common share $ 0.36 $ 0.32 $ 0.94 $ 0.55 1. Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2017 Assets: Trading securities $ 2,973 — $ 2,973 — Available for sale securities Corporate debt securities 5,175 — 5,175 — Obligations of U.S. government sponsored entities and agencies 9,773 — 9,773 — Mortgage backed securities 788,016 — 788,016 — Municipal securities 63,693 — 63,693 — Interest rate swap derivatives 42,398 — 42,398 — Liabilities: Interest rate swap derivatives 43,314 — 43,314 — 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 September 30, 2017 Assets: Impaired loans Residential real estate $ 2,105 — — $ 2,105 Commercial real estate 7,200 — — 7,200 Land, land development and construction 295 — — 295 Commercial 1,171 — — 1,171 Consumer 59 — — 59 Other real estate owned Residential real estate 689 — — 689 Commercial real estate 342 — — 342 Land, land development and construction 1,652 — — 1,652 Bank property held for sale 1,516 — — 1,516 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 September 30, 2017 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 302,229 $ 302,229 $ — $ — $ 302,229 Trading securities 2,973 — 2,973 — 2,973 Investment securities available for sale 866,657 — 866,657 — 866,657 Investment securities held to maturity 237,874 — 238,462 — 238,462 FHLB and FRB stock 28,262 — — — n/a Loans held for sale 12,243 — 12,243 — 12,243 Loans, less allowance for loan losses of $31,828 4,649,739 — — 4,644,316 4,644,316 Interest rate swap derivatives 42,398 — 42,398 — 42,398 Accrued interest receivable 16,835 — 4,495 12,340 16,835 Financial liabilities: Deposits- without stated maturities $ 4,580,026 $ 4,580,026 $ — $ — $ 4,580,026 Deposits- with stated maturities 845,444 — 849,664 — 849,664 Securities sold under agreement to repurchase 46,100 — 46,100 — 46,100 Federal funds purchased 335,531 — 335,531 — 335,531 Corporate debentures 26,134 — — 22,139 22,139 Interest rate swap derivatives 43,314 — 43,314 — 43,314 Accrued interest payable 1,154 — 1,154 — 1,154 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) | 9 Months Ended |
Sep. 30, 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 and nine month periods ending September 30, 2017 and 2016. Three month period ending September 30, 2017 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 64,410 $ 2,647 $ — $ — $ 67,057 Interest expense (3,305 ) (819 ) (347 ) — (4,471 ) Net interest income (expense) 61,105 1,828 (347 ) — 62,586 Provision for loan losses (1,113 ) 17 — — (1,096 ) Non interest income 9,528 7,213 — — 16,741 Non interest expense (38,432 ) (5,304 ) (886 ) — (44,622 ) Net income (loss) before taxes 31,088 3,754 (1,233 ) — 33,609 Income tax (provision) benefit (10,579 ) (1,448 ) 468 — (11,559 ) Net income $ 20,509 $ 2,306 $ (765 ) $ — $ 22,050 Total assets $ 6,319,532 $ 498,669 $ 940,571 $ (935,911 ) $ 6,822,861 Nine month period ending September 30, 2017 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 175,015 $ 7,889 $ — $ — $ 182,904 Interest expense (7,934 ) (2,048 ) (998 ) — (10,980 ) Net interest income (expense) 167,081 5,841 (998 ) — 171,924 Provision for loan losses (4,073 ) 83 — — (3,990 ) Non interest income 26,493 21,724 — — 48,217 Non interest expense (119,304 ) (15,594 ) (2,576 ) — (137,474 ) Net income (loss) before taxes 70,197 12,054 (3,574 ) — 78,677 Income tax (provision) benefit (22,900 ) (4,649 ) 2,755 — (24,794 ) Net income (loss) $ 47,297 $ 7,405 $ (819 ) $ — $ 53,883 Total assets $ 6,319,532 $ 498,669 $ 940,571 $ (935,911 ) $ 6,822,861 Three month period ending September 30, 2016 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 45,840 $ 1,863 $ — $ — $ 47,703 Interest expense (1,848 ) (238 ) (298 ) — (2,384 ) Net interest income (expense) 43,992 1,625 (298 ) — 45,319 Provision for loan losses (1,303 ) 28 — — (1,275 ) Non interest income 8,153 7,528 — — 15,681 Non interest expense (30,025 ) (5,456 ) (914 ) — (36,395 ) Net income (loss) before taxes 20,817 3,725 (1,212 ) — 23,330 Income tax (provision) benefit (6,973 ) (1,437 ) 464 — (7,946 ) Net income (loss) $ 13,844 $ 2,288 $ (748 ) $ — $ 15,384 Total assets $ 4,612,833 $ 394,475 $ 585,561 $ (578,357 ) $ 5,014,512 Nine month period ending September 30, 2016 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 132,783 $ 5,727 $ — $ — $ 138,510 Interest expense (5,129 ) (745 ) (845 ) — (6,719 ) Net interest income (expense) 127,654 4,982 (845 ) — 131,791 Provision for loan losses (2,648 ) (48 ) — — (2,696 ) Non interest income 21,311 25,594 308 — 47,213 Non interest expense (115,934 ) (17,397 ) (2,966 ) — (136,297 ) Net income (loss) before taxes 30,383 13,131 (3,503 ) — 40,011 Income tax (provision) benefit (9,964 ) (5,064 ) 1,331 — (13,697 ) Net income (loss) $ 20,419 $ 8,067 $ (2,172 ) $ — $ 26,314 Total assets $ 4,612,833 $ 394,475 $ 585,561 $ (578,357 ) $ 5,014,512 |
Investment securities (Tables)
Investment securities (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $ 5,000 $ 175 $ — $ 5,175 Obligations of U.S. government sponsored entities and agencies 10,000 — 227 9,773 Mortgage backed securities 789,921 3,501 5,406 788,016 Municipal securities 62,188 1,508 3 63,693 Total available-for-sale $ 867,109 $ 5,184 $ 5,636 $ 866,657 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 nine months ended September 30, 2017 and 2016 were as follows: For the nine months ended: September 30, 2017 September 30, 2016 Proceeds $ 260,824 $ 142,075 Gross gains — 13 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 September 30, 2017 and December 31, 2016. September 30, 2017 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Mortgage backed securities $ 105,387 $ 74 $ 346 $ 105,115 Municipal securities 132,487 2,206 1,346 133,347 Total held-to-maturity $ 237,874 $ 2,280 $ 1,692 $ 238,462 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 September 30, 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 $ 4,913 $ 4,717 Due after five years through ten years 17,866 17,437 Due after ten years through thirty years 55,862 55,034 Mortgage backed securities 788,016 789,921 Total available-for-sale $ 866,657 $ 867,109 |
Investments Gross Unrealized Losses and Fair Value | The following tables show the Company’s available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2017 and December 31, 2016. September 30, 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 $ — $ — $ 9,773 $ 227 $ 9,773 $ 227 Mortgage backed securities 371,035 2,862 90,130 2,544 461,165 5,406 Municipal securities 1,057 3 — — 1,057 3 Total temporarily impaired available-for-sale securities $ 372,092 $ 2,865 $ 99,903 $ 2,771 $ 471,995 $ 5,636 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 September 30, 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 $ 1,554 $ 1,533 Due after ten years through thirty years 131,793 130,954 Mortgage backed securities 105,115 105,387 Total held-to-maturity $ 238,462 $ 237,874 |
Investments Gross Unrealized Losses and Fair Value | The following table shows the Company’s held-to-maturity investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at September 30, 2017 and December 31, 2016. September 30, 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 $ 71,952 $ 309 $ 5,317 $ 37 $ 77,269 $ 346 Municipal securities 23,300 239 28,175 1,107 51,475 1,346 Total temporarily impaired held-to-maturity securities $ 95,252 $ 548 $ 33,492 $ 1,144 $ 128,744 $ 1,692 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) | 9 Months Ended |
Sep. 30, 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. September 30, 2017 December 31, 2016 Loans excluding PCI loans Real estate loans Residential $ 1,027,248 $ 816,304 Commercial 2,512,130 1,755,922 Land, development and construction 241,130 142,044 Total real estate 3,780,508 2,714,270 Commercial 633,209 439,540 Consumer and other loans 103,087 89,538 Loans before unearned fees and deferred cost 4,516,804 3,243,348 Net unearned fees and costs 788 475 Total loans excluding PCI loans 4,517,592 3,243,823 PCI loans (note 1) Real estate loans Residential 63,227 72,179 Commercial 88,543 99,566 Land, development and construction 7,612 9,944 Total real estate 159,382 181,689 Commercial 4,267 3,825 Consumer and other loans 326 410 Total PCI loans 163,975 185,924 Total loans 4,681,567 3,429,747 Allowance for loan losses for loans that are not PCI loans (31,543 ) (26,569 ) Allowance for loan losses for PCI loans (285 ) (472 ) Total loans, net of allowance for loan losses $ 4,649,739 $ 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 September 30, 2017 Balance at beginning of period $ 29,769 $ 363 $ 30,132 Loans charged-off (472 ) — (472 ) Recoveries of loans previously charged-off 1,072 — 1,072 Net recoveries 600 — 600 Provision for loan losses 1,174 (78 ) 1,096 Balance at end of period $ 31,543 $ 285 $ 31,828 Three months ended September 30, 2016 Balance at beginning of period $ 24,066 $ 106 $ 24,172 Loans charged-off (821 ) (66 ) (887 ) Recoveries of loans previously charged-off 939 — 939 Net recoveries (charge-offs) 118 (66 ) 52 Provision for loan losses 1,090 185 1,275 Balance at end of period $ 25,274 $ 225 $ 25,499 Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Nine months ended September 30, 2017 Balance at beginning of period $ 26,569 472 $ 27,041 Loans charged-off (1,722 ) — (1,722 ) Recoveries of loans previously charged-off 2,454 65 2,519 Net recoveries 732 65 797 Provision for loan losses 4,242 (252 ) 3,990 Balance at end of period $ 31,543 285 $ 31,828 Nine months ended September 30, 2016 Balance at beginning of period $ 22,143 $ 121 $ 22,264 Loans charged-off (1,642 ) (66 ) (1,708 ) Recoveries of loans previously charged-off 2,247 — 2,247 Net recoveries (charge-offs) 605 (66 ) 539 Provision for loan losses 2,526 170 2,696 Balance at end of period $ 25,274 $ 225 $ 25,499 The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Three months ended September 30, 2017 Beginning of the period $ 6,134 $ 17,238 $ 1,175 $ 3,590 $ 1,632 $ 29,769 Charge-offs (108 ) (8 ) — (140 ) (216 ) (472 ) Recoveries 290 320 353 82 27 1,072 Provision for loan losses (292 ) 1,074 (393 ) 458 327 1,174 Balance at end of period $ 6,024 $ 18,624 $ 1,135 $ 3,990 $ 1,770 $ 31,543 Three months ended September 30, 2016 Beginning of the period $ 5,909 $ 12,454 $ 799 $ 3,497 $ 1,407 $ 24,066 Charge-offs (93 ) (155 ) (198 ) (138 ) (237 ) $ (821 ) Recoveries 496 293 15 91 44 $ 939 Provision for loan losses (453 ) 924 133 194 292 $ 1,090 Balance at end of period $ 5,859 $ 13,516 $ 749 $ 3,644 $ 1,506 $ 25,274 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Three months ended September 30, 2017 Beginning of the period $ 50 $ 123 $ 176 $ — $ 14 $ 363 Charge-offs — — — — — — Recoveries — — — — — — Provision for loan losses (50 ) (65 ) 37 — — (78 ) Balance at end of period $ — $ 58 $ 213 $ — $ 14 $ 285 Three months ended September 30, 2016 Beginning of the period $ — $ 92 $ — $ — $ 14 $ 106 Charge-offs — — (66 ) — — (66 ) Recoveries — — — — — — Provision for loan losses 61 — 124 — — 185 Balance at end of period $ 61 $ 92 $ 58 $ — $ 14 $ 225 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Nine months ended September 30, 2017 Beginning of the period $ 5,640 $ 14,713 $ 883 $ 3,785 $ 1,548 $ 26,569 Charge-offs (250 ) (72 ) — (677 ) (723 ) (1,722 ) Recoveries 816 626 596 254 162 2,454 Provision for loan losses (182 ) 3,357 (344 ) 628 783 4,242 Balance at end of period $ 6,024 $ 18,624 $ 1,135 $ 3,990 $ 1,770 $ 31,543 Nine months ended September 30, 2016 Beginning of the period $ 6,015 $ 10,559 $ 936 $ 3,212 $ 1,421 $ 22,143 Charge-offs (226 ) (421 ) (232 ) (161 ) (602 ) (1,642 ) Recoveries 1,056 590 250 210 141 2,247 Provision for loan losses (986 ) 2,788 (205 ) 383 546 2,526 Balance at end of period $ 5,859 $ 13,516 $ 749 $ 3,644 $ 1,506 $ 25,274 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Nine months ended September 30, 2017 Beginning of the period $ 54 $ 92 $ 312 $ — $ 14 $ 472 Charge-offs — — — — — — Recoveries — 65 — — — 65 Provision for loan losses (54 ) (99 ) (99 ) — — (252 ) Balance at end of period $ — $ 58 $ 213 $ — $ 14 $ 285 Nine months ended September 30, 2016 Beginning of the period $ — $ 103 $ 1 $ 3 $ 14 $ 121 Charge-offs — — (66 ) — — (66 ) Recoveries — — — — — — Provision for loan losses 61 (11 ) 123 (3 ) — 170 Balance at end of period $ 61 $ 92 $ 58 $ — $ 14 $ 225 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 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 September 30, 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 $ 510 $ 97 $ 5 $ 207 $ 24 $ 843 Collectively evaluated for impairment 5,514 18,527 1,130 3,783 1,746 30,700 Purchased credit impaired — 58 213 — 14 285 Total ending allowance balance $ 6,024 $ 18,682 $ 1,348 $ 3,990 $ 1,784 $ 31,828 Loans: Individually evaluated for impairment $ 7,143 $ 9,557 $ 338 $ 2,016 $ 253 $ 19,307 Collectively evaluated for impairment 1,020,105 2,502,573 240,792 631,193 102,834 4,497,497 Purchased credit impaired 63,227 88,543 7,612 4,267 326 163,975 Total ending loan balances $ 1,090,475 $ 2,600,673 $ 248,742 $ 637,476 $ 103,413 $ 4,680,779 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. Sept. 30, 2017 Dec. 31, 2016 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $ 11,491 $ 11,030 Nonperforming TDRs (these are included in NPLs) 1,220 2,075 Total TDRs (these are included in impaired loans) 12,711 13,105 Impaired loans that are not TDRs 6,596 7,148 Total impaired loans $ 19,307 $ 20,253 |
Troubled Debt Restructured Loans by Loans Type | TDRs as of September 30, 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 September 30, 2017 Accruing Non Accrual Total Real estate loans: Residential $ 7,496 $ 444 $ 7,940 Commercial 2,892 749 3,641 Land, development, construction 338 — 338 Total real estate loans 10,726 1,193 11,919 Commercial 539 — 539 Consumer and other 226 27 253 Total TDRs $ 11,491 $ 1,220 $ 12,711 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 September 30, 2017 and 2016. Period ending Period ending September 30, 2017 September 30, 2016 Number Recorded Number Recorded of loans investment of loans investment Residential 1 $ 72 2 $ 170 Commercial real estate 2 616 2 948 Land, development, construction — — — — Commercial and Industrial — — — — Consumer and other — — — — Total 3 $ 688 4 $ 1,118 |
Summary of Loans Individually Evaluated for Impairment by Class of Loans | The following tables present loans individually evaluated for impairment by class of loans as of September 30, 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 September 30, 2017 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 4,084 $ 3,961 $ — Commercial real estate 9,830 9,126 — Land, development, construction 265 215 — Commercial and industrial 1,876 1,478 — Consumer, other 144 138 — With an allowance recorded: Residential real estate 3,283 3,182 510 Commercial real estate 472 431 97 Land, development, construction 141 123 5 Commercial and industrial 539 538 207 Consumer, other 131 115 24 Total $ 20,765 $ 19,307 $ 843 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 September 30, 2017 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 7,536 $ 70 $ — Commercial 9,200 35 — Land, development, construction 343 5 — Total real estate loans 17,079 110 — Commercial and industrial 1,859 7 — Consumer and other loans 262 3 — Total $ 19,200 $ 120 $ — Nine months ended September 30, 2017 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 7,767 $ 207 $ — Commercial 8,979 104 — Land, development, construction 465 13 — Total real estate loans 17,211 324 — Commercial and industrial 1,702 22 — Consumer and other loans 245 8 — Total $ 19,158 $ 354 $ — Three months ended September 30, 2016 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,356 $ 67 $ — Commercial 10,530 24 — Land, development, construction 1,148 4 — Total real estate loans 20,034 95 — Commercial and industrial 1,923 12 — Consumer and other loans 243 3 — Total $ 22,200 $ 110 $ — Nine months ended September 30, 2016 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,447 $ 185 $ — Commercial 12,744 101 — Land, development, construction 1,650 20 — Total real estate loans 22,841 306 — Commercial and industrial 1,806 35 — Consumer and other loans 260 8 — Total $ 24,907 $ 349 $ — |
Summary of Nonperforming Loans | Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. Nonperforming loans were as follows: Sept. 30, 2017 Dec. 31, 2016 Non accrual loans $ 19,319 $ 19,003 Loans past due over 90 days and still accruing interest — — Total non performing loans $ 19,319 $ 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 September 30, 2017 and December 31, 2016, excluding purchased credit impaired loans: As of September 30, 2017 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 7,989 $ — Commercial real estate 8,568 — Land, development, construction 169 — Commercial 2,188 — Consumer, other 405 — Total $ 19,319 $ — 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 September 30, 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 September 30, 2017 Residential real estate $ 1,027,248 $ 4,293 $ 2,421 $ — $ 6,714 $ 1,012,545 $ 7,989 Commercial real estate 2,512,130 3,396 8,764 — 12,160 2,491,402 8,568 Land/dev/construction 241,130 1,202 437 — 1,639 239,322 169 Commercial 633,209 1,638 1,153 — 2,791 628,230 2,188 Consumer 103,087 659 275 — 934 101,748 405 $ 4,516,804 $ 11,188 $ 13,050 $ — $ 24,238 $ 4,473,247 $ 19,319 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 September 30, 2017 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 992,544 $ 17,340 $ 17,364 $ — Commercial real estate 2,365,247 126,646 20,237 — Land/dev/construction 223,695 16,351 1,084 — Commercial 614,611 15,419 3,179 — Consumer 102,153 239 695 — Total $ 4,298,250 $ 175,995 $ 42,559 $ — 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 September 30, 2017 and December 31, 2016: As of September 30, 2017 Residential Consumer Performing $ 1,019,259 $ 102,682 Nonperforming 7,989 405 Total $ 1,027,248 $ 103,087 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 September 30, 2017 and December 31, 2016. Contractually required principal and interest payments have been adjusted for estimated prepayments. Sept. 30, 2017 Dec. 31, 2016 Contractually required principal and interest $ 258,338 $ 297,821 Non-accretable difference (12,899 ) (18,372 ) Cash flows expected to be collected 245,439 279,449 Accretable yield (81,464 ) (93,525 ) Carrying value of acquired loans 163,975 185,924 Allowance for loan losses (285 ) (472 ) Carrying value less allowance for loan losses $ 163,690 $ 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 and nine month periods ending September 30, 2017 and 2016. Activity during the Effect of income all other three month period ending September 30, 2017 Jun. 30, 2017 acquisitions accretion adjustments Sept. 30, 2017 Contractually required principal and interest $ 280,114 $ — $ — $ (21,776 ) $ 258,338 Non-accretable difference (14,047 ) — — 1,148 (12,899 ) Cash flows expected to be collected 266,067 — — (20,628 ) 245,439 Accretable yield (86,703 ) — 7,696 (2,457 ) (81,464 ) Carry value of acquired loans $ 179,364 $ — $ 7,696 $ (23,085 ) $ 163,975 Activity during the Effect of income all other nine month period ending September 30, 2017 Dec. 31, 2016 acquisitions accretion adjustments Sept. 30, 2017 Contractually required principal and interest $ 297,821 $ 20,729 $ — $ (60,212 ) $ 258,338 Non-accretable difference (18,372 ) (6,347 ) — 11,820 (12,899 ) Cash flows expected to be collected 279,449 14,382 — (48,392 ) 245,439 Accretable yield (93,525 ) (3,266 ) 24,780 (9,453 ) (81,464 ) Carry value of acquired loans $ 185,924 $ 11,116 $ 24,780 $ (57,845 ) $ 163,975 Activity during the Effect of income all other three month period ending September 30, 2016 Jun. 30, 2016 acquisitions accretion adjustments Sep. 30, 2016 Contractually required principal and interest $ 344,464 $ — $ — $ (27,797 ) $ 316,667 Non-accretable difference (20,462 ) — — 1,172 (19,290 ) Cash flows expected to be collected 324,002 — — (26,625 ) 297,377 Accretable yield (107,143 ) — 7,795 (741 ) (100,089 ) Carry value of acquired loans $ 216,859 $ — $ 7,795 $ (27,366 ) $ 197,288 Activity during the Effect of income all other nine month period ending September 30, 2016 Dec. 31, 2015 acquisitions accretion adjustments Sep. 30, 2016 Contractually required principal and interest $ 332,570 $ 73,005 $ — $ (88,908 ) $ 316,667 Non-accretable difference (19,452 ) (9,295 ) — 9,457 (19,290 ) Cash flows expected to be collected 313,118 63,710 — (79,451 ) 297,377 Accretable yield (102,590 ) (18,585 ) 24,750 (3,664 ) (100,089 ) Carry value of acquired loans $ 210,528 $ 45,125 $ 24,750 $ (83,115 ) $ 197,288 |
Securities Sold Under Agreeme25
Securities Sold Under Agreement to Repurchase (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Banking And Thrift [Abstract] | |
Summary of Repurchase Agreement | The following table provides additional details for the periods presented. MBS Municipal As of September 30, 2017 Securities Securities Total Market value of securities pledged $ 64,825 $ 449 $ 65,274 Borrowings related to pledged amounts 45,729 371 46,100 Market value pledged as a % of borrowings 142 % 121 % 142 % 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 % |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Pro-Forma Financial Information of Acquisition | Pro-forma data for the three and nine month periods ending September 30, 2016 and nine month period ending September 30, 2017 listed in the table below presents pro-forma information as if the Platinum and Gateway acquisitions occurred at the beginning of 2016. Because the Platinum and Gateway transactions closed on April 1, 2017 and May 1, 2017, respectively, there is no pro-forma information for the three month period ending September 30, 2017 as both Platinum and Gateway actual results are included in the current reported figures. Merger related expenses for both Platinum and Gateway have not been included in the pro forma data below as the pro forma adjustments do not give consideration to non-recurring items, the impact of possible cost savings, expense efficiencies, synergies, strategy modifications, asset dispositions or other actions that may resulted from the acquisitions of Platinum and Gateway. Three months ended Sept. 30, Nine months ended Sept. 30, 2016 2017 2016 Net interest income $ 57,934 $ 183,792 $ 169,159 Net income available to common shareholders $ 18,202 $ 59,522 $ 34,853 EPS - basic $ 0.32 $ 1.00 $ 0.63 EPS - diluted $ 0.32 $ 0.98 $ 0.62 |
Platinum Bank Holding Company [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of Platinum common stock outstanding at March 31, 2017 1,131,134 Per share exchange ratio 3.7832 Number of shares of CenterState common stock less 51 of fractional shares 4,279,255 Multiplied by CenterState common stock price per share on March 31, 2017 $ 25.90 Fair value of CenterState common stock issued $ 110,833 Total Platinum common shares 1,131,134 Multiplied by the cash consideration each Platinum share is entitled to receive $ 7.60 Total cash consideration, not including cash for fractional shares $ 8,597 Total stock consideration $ 110,833 Total cash consideration plus $1 for 51 of fractional shares $ 8,598 Total purchase price $ 119,431 |
Summary of Preliminary Estimates of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | The list below summarizes the estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the April 1, 2017 purchase date. April 1, 2017 Assets: Cash and cash equivalents $ 106,537 Loans, held for investment 451,295 Purchased credit impaired loans 3,289 Investments 28,873 Accrued interest receivable 1,216 Branch real estate 9,600 Furniture and fixtures 402 Bank property held for sale 4,382 FHLB stock 2,220 Other repossessed real estate owned 272 Core deposit intangible 3,992 Goodwill 73,829 Deferred tax asset 227 Other assets 29 Total assets acquired $ 686,163 Liabilities: Deposits $ 520,423 Federal Home Loan Bank advances 40,546 Securities sold under agreement to repurchase 5,569 Accrued interest payable 94 Other liabilities 100 Total liabilities assumed $ 566,732 |
Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of April 1, 2017 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 8,206 Non-accretable difference (3,882 ) Cash flows expected to be collected 4,324 Accretable yield (1,035 ) Total purchased credit-impaired loans acquired $ 3,289 |
Summary of Fair Value of Acquired Loans and Unpaid Principal Balance | The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $ 37,206 $ 37,419 Commercial real estate 272,298 268,656 Construction/development/land 47,675 46,618 Commercial loans 96,587 95,701 Consumer and other loans 2,954 2,901 Purchased credit-impaired 6,844 3,289 Total earning assets $ 463,564 $ 454,584 |
Gateway Financial Holdings Of Florida Inc [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of Gateway common stock outstanding at April 30, 2017 5,463,764 Gateway preferred shares that converted to Gateway common shares upon a change in control 919,236 Total Gateway common shares including conversion of preferred shares 6,383,000 Number of shares of Gateway common shares exchanged for CenterState common stock 4,468,100 Per share exchange ratio 0.95 Number of shares of CenterState common stock less 254 of fractional shares 4,244,441 Multiplied by CenterState common stock price per share on April 30, 2017 $ 25.23 Fair value of CenterState common stock issued $ 107,087 Number of shares of Gateway common shares exchanged for cash 1,914,900 Multiplied by the cash consideration each Gateway share is entitled to receive $ 18.00 Total cash consideration, not including cash for fractional shares $ 34,468 Total stock consideration $ 107,087 Total cash consideration plus $6 for 254 of fractional shares $ 34,474 Total consideration paid to Gateway common shareholders $ 141,561 Fair value of Gateway stock options converted to CenterState stock options $ 15,811 Total purchase price $ 157,372 |
Summary of Preliminary Estimates of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | The list below summarizes the preliminary estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the May 1, 2017 purchase date. May 1, 2017 Assets: Cash and cash equivalents $ 23,065 Loans, held for investment 560,413 Purchased credit impaired loans 7,827 Investments 231,951 Accrued interest receivable 2,422 Branch real estate 18,160 Furniture and fixtures 702 Bank property held for sale 1,087 Federal Reserve Bank and Federal Home Loan Bank stock 4,640 Other repossessed real estate owned 134 Bank owned life insurance 15,475 Servicing asset 271 Core deposit intangible 8,432 Goodwill 77,826 Deferred tax asset 7,953 Other assets 510 Total assets acquired $ 960,868 Liabilities: Deposits $ 708,209 Federal Home Loan Bank advances 90,598 Federal funds purchased 3,588 Accrued interest payable 304 Other liabilities 797 Total liabilities assumed $ 803,496 |
Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of May 1, 2017 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 12,523 Non-accretable difference (2,465 ) Cash flows expected to be collected 10,058 Accretable yield (2,231 ) Total purchased credit-impaired loans acquired $ 7,827 |
Summary of Fair Value of Acquired Loans and Unpaid Principal Balance | The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $ 142,881 $ 142,468 Commercial real estate 321,262 317,578 Construction/development/land 47,727 46,489 Commercial loans 46,953 46,274 Consumer and other loans 7,803 7,604 Purchased credit-impaired 11,093 7,827 Total earning assets $ 577,719 $ 568,240 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary Information about the Derivative Instruments | Summary information about the derivative instruments is as follows: Sept. 30, 2017 Dec. 31, 2016 Notional amount $ 3,434,537 $ 2,441,768 Weighted average pay rate on interest-rate swaps 2.86 % 2.56 % Weighted average receive rate on interest rate swaps 2.86 % 2.55 % Weighted average maturity (years) 11 11 Fair value of interest rate swap derivatives (asset) $ 42,398 31,817 Fair value of interest rate swap derivatives (liability) $ 43,314 $ 32,691 |
Nature of Operations and Basi28
Nature of Operations and Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017LocationCounty | |
Nature Of Operations And Basis Of Presentation [Abstract] | |
Number of service banking locations | Location | 78 |
Number of counties in which company operates | County | 28 |
Common Stock Outstanding and 29
Common Stock Outstanding and Earnings Per Share Data - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Anti dilutive stock options | 0 | 24,500 | 0 | 67,609 |
Common Stock Outstanding and 30
Common Stock Outstanding and Earnings Per Share Data - Factors Used in Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Basic | |||||
Net income available to common shareholders | $ 22,050 | $ 15,384 | $ 53,883 | $ 26,314 | |
Less: Earnings allocated to participating securities | (46) | (60) | (121) | (104) | |
Net income allocated to common shareholders | $ 22,004 | $ 15,324 | $ 53,762 | $ 26,210 | |
Weighted average common shares outstanding including participating securities | 60,032,804 | 48,006,824 | 56,442,506 | 47,441,952 | |
Less: Participating securities | [1] | (126,194) | (186,281) | (126,806) | (187,697) |
Average shares | [2] | 59,906,610 | 47,820,543 | 56,315,700 | 47,254,255 |
Basic earnings per common share | $ 0.37 | $ 0.32 | $ 0.95 | $ 0.55 | |
Diluted | |||||
Net income available to common shareholders | $ 22,004 | $ 15,324 | $ 53,762 | $ 26,210 | |
Weighted average common shares outstanding for basic earnings per common share | [2] | 59,906,610 | 47,820,543 | 56,315,700 | 47,254,255 |
Add: Dilutive effects of stock based compensation awards | 1,208,395 | 782,023 | 1,014,567 | 700,504 | |
Average shares and dilutive potential common shares | [2] | 61,115,005 | 48,602,566 | 57,330,267 | 47,954,759 |
Diluted earnings per common share | $ 0.36 | $ 0.32 | $ 0.94 | $ 0.55 | |
[1] | Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. | ||||
[2] | Excludes participating shares. |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Trading securities, at fair value | $ 2,973 | $ 12,383 |
Available for sale securities | 866,657 | 740,702 |
Interest rate swap derivatives, carrying amount assets | 42,398 | 31,817 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 43,314 | 32,691 |
Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 788,016 | 707,957 |
Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | 63,693 | 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 | 2,973 | 12,383 |
Available for sale securities | 866,657 | 740,702 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | ||
Assets: | ||
Trading securities, at fair value | 2,973 | 12,383 |
Interest rate swap derivatives, carrying amount assets | 42,398 | 31,817 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 43,314 | 32,691 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Corporate Debt Securities [Member] | ||
Assets: | ||
Available for sale securities | 5,175 | |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Assets: | ||
Available for sale securities | 9,773 | 9,301 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 788,016 | 707,957 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | 63,693 | 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 | 2,973 | 12,383 |
Interest rate swap derivatives, carrying amount assets | 42,398 | 31,817 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 43,314 | 32,691 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
Assets: | ||
Available for sale securities | 5,175 | |
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 | 9,773 | 9,301 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 788,016 | 707,957 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | $ 63,693 | 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 | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Impaired loans with allocated allowance for loan losses | $ 11,312 | $ 11,312 | $ 13,951 | ||
Impaired valuation allowance | 482 | 482 | $ 386 | ||
Provision for loan loss expense on impaired loans | 1,096 | $ 1,275 | 3,990 | $ 2,696 | |
Repossessed real estate owned valuation write down | 141 | 237 | 612 | 651 | |
Impairment charge, net of recoveries and gains on sale recognized | (175) | 549 | (203) | 967 | |
Impaired Loans [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Provision for loan loss expense on impaired loans | $ 384 | $ 86 | $ 779 | $ 458 | |
Minimum [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Capitalization rates to determine fair value of collateral | 7.00% | 7.00% | |||
Maximum [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Capitalization rates to determine fair value of collateral | 10.50% | 10.50% |
Fair Value - Assets and Liabi33
Fair Value - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value Measurements on Non-Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 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 | $ 2,105 | $ 2,937 |
Impaired loans on Commercial real estate at Carrying value | 7,200 | 8,355 |
Impaired loans on Land, land development and construction at Carrying value | 295 | 1,004 |
Impaired loans on Commercial at Carrying value | 1,171 | 1,207 |
Impaired loans on Consumer at Carrying value | 59 | 62 |
Other real estate owned on Residential real estate at Carrying value | 689 | 137 |
Other real estate owned on Commercial real estate at Carrying value | 342 | 873 |
Other real estate owned on Land, land development and construction at Carrying value | 1,652 | 1,385 |
Bank owned real estate held for sale | 1,516 | 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 | 1,516 | 868 |
Impaired loans on Residential real estate | 2,105 | 2,937 |
Impaired loans on Commercial real estate | 7,200 | 8,355 |
Impaired loans on Land, land development and construction | 295 | 1,004 |
Impaired loans on Commercial | 1,171 | 1,207 |
Impaired loans on Consumer | 59 | 62 |
Other real estate owned on Residential real estate | 689 | 137 |
Other real estate owned on Commercial real estate | 342 | 873 |
Other real estate owned on Land, land development and construction | $ 1,652 | $ 1,385 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Financial assets: | ||||
Cash and cash equivalents | $ 302,229 | $ 175,654 | $ 198,866 | $ 152,482 |
Cash and cash equivalents, fair value | 302,229 | 175,654 | ||
Trading securities, at fair value | 2,973 | 12,383 | ||
Investment securities available for sale, at fair value | 866,657 | 740,702 | ||
Investment securities held to maturity, carrying amount | 237,874 | 250,543 | ||
Investment securities held to maturity, at fair value | 238,462 | 242,693 | ||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 28,262 | 17,669 | ||
Loans held for sale, carrying amount | 12,243 | 2,285 | ||
Loans held for sale, fair value | 12,243 | 2,285 | ||
Loans, less allowance for loan losses, carrying amount | 4,649,739 | 3,402,706 | ||
Loans, less allowance for loan losses, fair value | 4,644,316 | 3,395,975 | ||
Interest rate swap derivatives, carrying amount assets | 42,398 | 31,817 | ||
Interest rate swap derivatives, assets fair value | 42,398 | 31,817 | ||
Accrued interest receivable, carrying amount | 16,835 | 12,112 | ||
Accrued interest receivable, fair value | 16,835 | 12,112 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, carrying amount | 4,580,026 | 3,607,107 | ||
Deposits- without stated maturities, fair value | 4,580,026 | 3,607,107 | ||
Deposits- with stated maturities, carrying amount | 845,444 | 545,437 | ||
Deposits- with stated maturities, fair value | 849,664 | 547,570 | ||
Securities sold under agreement to repurchase, fair value | 46,100 | 28,427 | ||
Securities sold under agreement to repurchase | 46,100 | 28,427 | ||
Federal funds purchased, carrying amount | 335,531 | 261,986 | ||
Corporate debentures, carrying amount | 26,134 | 25,958 | ||
Federal funds purchased, fair value | 335,531 | 261,986 | ||
Interest rate swap derivatives, carrying amount | 43,314 | 32,691 | ||
Corporate debentures, fair value | 22,139 | 22,363 | ||
Accrued interest payable, carrying amount | 1,154 | 851 | ||
Interest rate swap derivatives, fair value | 43,314 | 32,691 | ||
Accrued interest payable, fair value | 1,154 | 851 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents, fair value | 302,229 | 175,654 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, fair value | 4,580,026 | 3,607,107 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Trading securities, at fair value | 2,973 | 12,383 | ||
Investment securities available for sale, at fair value | 866,657 | 740,702 | ||
Investment securities held to maturity, at fair value | 238,462 | 242,693 | ||
Loans held for sale, fair value | 12,243 | 2,285 | ||
Interest rate swap derivatives, assets fair value | 42,398 | 31,817 | ||
Accrued interest receivable, fair value | 4,495 | 3,979 | ||
Financial liabilities: | ||||
Deposits- with stated maturities, fair value | 849,664 | 547,570 | ||
Securities sold under agreement to repurchase, fair value | 46,100 | 28,427 | ||
Federal funds purchased, fair value | 335,531 | 261,986 | ||
Interest rate swap derivatives, fair value | 43,314 | 32,691 | ||
Accrued interest payable, fair value | 1,154 | 851 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Loans, less allowance for loan losses, fair value | 4,644,316 | 3,395,975 | ||
Accrued interest receivable, fair value | 12,340 | 8,133 | ||
Financial liabilities: | ||||
Corporate debentures, fair value | $ 22,139 | $ 22,363 |
Fair Value - Carrying Amounts35
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||||||
Deduction of Allowance for loan losses from loans | $ 31,828 | $ 30,132 | $ 27,041 | $ 25,499 | $ 24,172 | $ 22,264 |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of Reportable Segment Revenues, Expenses and Profit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 67,057 | $ 47,703 | $ 182,904 | $ 138,510 | |
Interest expense | (4,471) | (2,384) | (10,980) | (6,719) | |
Net interest income | 62,586 | 45,319 | 171,924 | 131,791 | |
Provision for loan losses | (1,096) | (1,275) | (3,990) | (2,696) | |
Non interest income | 16,741 | 15,681 | 48,217 | 47,213 | |
Non interest expense | (44,622) | (36,395) | (137,474) | (136,297) | |
Net income (loss) before taxes | 33,609 | 23,330 | 78,677 | 40,011 | |
Income tax (provision) benefit | (11,559) | (7,946) | (24,794) | (13,697) | |
Net income | 22,050 | 15,384 | 53,883 | 26,314 | |
Total assets | 6,822,861 | 5,014,512 | 6,822,861 | 5,014,512 | $ 5,078,559 |
Operating Segments [Member] | Commercial and Retail Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 64,410 | 45,840 | 175,015 | 132,783 | |
Interest expense | (3,305) | (1,848) | (7,934) | (5,129) | |
Net interest income | 61,105 | 43,992 | 167,081 | 127,654 | |
Provision for loan losses | (1,113) | (1,303) | (4,073) | (2,648) | |
Non interest income | 9,528 | 8,153 | 26,493 | 21,311 | |
Non interest expense | (38,432) | (30,025) | (119,304) | (115,934) | |
Net income (loss) before taxes | 31,088 | 20,817 | 70,197 | 30,383 | |
Income tax (provision) benefit | (10,579) | (6,973) | (22,900) | (9,964) | |
Net income | 20,509 | 13,844 | 47,297 | 20,419 | |
Total assets | 6,319,532 | 4,612,833 | 6,319,532 | 4,612,833 | |
Operating Segments [Member] | Correspondent Banking And Capital Markets Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 2,647 | 1,863 | 7,889 | 5,727 | |
Interest expense | (819) | (238) | (2,048) | (745) | |
Net interest income | 1,828 | 1,625 | 5,841 | 4,982 | |
Provision for loan losses | 17 | 28 | 83 | (48) | |
Non interest income | 7,213 | 7,528 | 21,724 | 25,594 | |
Non interest expense | (5,304) | (5,456) | (15,594) | (17,397) | |
Net income (loss) before taxes | 3,754 | 3,725 | 12,054 | 13,131 | |
Income tax (provision) benefit | (1,448) | (1,437) | (4,649) | (5,064) | |
Net income | 2,306 | 2,288 | 7,405 | 8,067 | |
Total assets | 498,669 | 394,475 | 498,669 | 394,475 | |
Corporate Overhead and Administration [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense | (347) | (298) | (998) | (845) | |
Net interest income | (347) | (298) | (998) | (845) | |
Non interest income | 308 | ||||
Non interest expense | (886) | (914) | (2,576) | (2,966) | |
Net income (loss) before taxes | (1,233) | (1,212) | (3,574) | (3,503) | |
Income tax (provision) benefit | 468 | 464 | 2,755 | 1,331 | |
Net income | (765) | (748) | (819) | (2,172) | |
Total assets | 940,571 | 585,561 | 940,571 | 585,561 | |
Elimination Entries [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | $ (935,911) | $ (578,357) | $ (935,911) | $ (578,357) |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017LocationCounty | |
Segment Reporting Information [Line Items] | |
Number of counties in which company operates | County | 28 |
Number of bank locations | Location | 78 |
Commercial and Retail Banking [Member] | |
Segment Reporting Information [Line Items] | |
Number of counties in which company operates | County | 28 |
Number of bank locations | Location | 78 |
Investment Securities Available
Investment Securities Available for Sale - Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 867,109 | $ 754,660 |
Gross Unrealized Gains | 5,184 | 2,301 |
Gross Unrealized Losses | 5,636 | 16,259 |
Fair Value | 866,657 | 740,702 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 789,921 | 721,657 |
Gross Unrealized Gains | 3,501 | 1,795 |
Gross Unrealized Losses | 5,406 | 15,495 |
Fair Value | 788,016 | 707,957 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 62,188 | 21,976 |
Gross Unrealized Gains | 1,508 | 505 |
Gross Unrealized Losses | 3 | 38 |
Fair Value | 63,693 | 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 | 175 | |
Gross Unrealized Losses | 0 | |
Fair Value | 5,175 | |
Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,000 | 10,027 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 227 | 726 |
Fair Value | $ 9,773 | $ 9,301 |
Investment Securities Availab39
Investment Securities Available for Sale - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2017USD ($)Security | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | |||||||
Tax provision related to net realized gains | $ 0 | $ 5,000 | $ 0 | $ 5,000 | |||
Securities estimated fair value | $ 263,611,000 | $ 263,611,000 | $ 220,560,000 | ||||
Percentage of AFS securities held by any one issuer as a percentage of stockholders' equity | 10.00% | 10.00% | 10.00% | ||||
Number of securities representing specified criteria | Security | 0 | 0 | |||||
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% | 100.00% | |||||
Community Bank Of South Florida Inc [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Gain (loss) on sale of securities acquired through acquisition | $ 0 | ||||||
Hometown of Homestead Banking Company [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Gain (loss) on sale of securities acquired through acquisition | $ 0 | ||||||
Platinum Bank Holding Company [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Gain (loss) on sale of securities acquired through acquisition | $ 0 | ||||||
Gateway Financial Holdings Of Florida Inc [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Gain (loss) on sale of securities acquired through acquisition | $ 0 |
Investment Securities Availab40
Investment Securities Available for Sale - Schedule of Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds | $ 260,824 | $ 142,075 |
Gross gains | 0 | 13 |
Gross losses | $ 0 | $ 0 |
Investment Securities Availab41
Investment Securities Available for Sale - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities available for sale, Due after one year through five years, Fair Value | $ 4,913 | |
Investment securities available for sale, Due after five years through ten years, Fair Value | 17,866 | |
Investment securities available for sale, Due after ten years through thirty years, Fair Value | 55,862 | |
Investment securities available for sale, Mortgage backed securities, Fair Value | 788,016 | |
Fair Value | 866,657 | $ 740,702 |
Investment securities available for sale, Due after one year through five years, Amortized Cost | 4,717 | |
Investment securities available for sale, Due after five years through ten years, Amortized Cost | 17,437 | |
Investment securities available for sale, Due after ten years through thirty years, Amortized Cost | 55,034 | |
Investment securities available for sale, Mortgage backed securities, Amortized Cost | 789,921 | |
Amortized Cost | $ 867,109 | $ 754,660 |
Investment Securities Availab42
Investment Securities Available for Sale - Investments Gross Unrealized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 372,092 | $ 602,446 |
Less than 12 months, Unrealized Losses | 2,865 | 14,705 |
12 months or more, Fair Value | 99,903 | 31,121 |
12 months or more, Unrealized Losses | 2,771 | 1,554 |
Total, Fair Value | 471,995 | 633,567 |
Total, Unrealized Losses | 5,636 | 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 | 0 | 9,301 |
Less than 12 months, Unrealized Losses | 0 | 726 |
12 months or more, Fair Value | 9,773 | 0 |
12 months or more, Unrealized Losses | 227 | 0 |
Total, Fair Value | 9,773 | 9,301 |
Total, Unrealized Losses | 227 | 726 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 371,035 | 591,064 |
Less than 12 months, Unrealized Losses | 2,862 | 13,941 |
12 months or more, Fair Value | 90,130 | 31,121 |
12 months or more, Unrealized Losses | 2,544 | 1,554 |
Total, Fair Value | 461,165 | 622,185 |
Total, Unrealized Losses | 5,406 | 15,495 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 1,057 | 2,081 |
Less than 12 months, Unrealized Losses | 3 | 38 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Total, Fair Value | 1,057 | 2,081 |
Total, Unrealized Losses | $ 3 | $ 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 | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 237,874 | $ 250,543 |
Gross Unrecognized Gains | 2,280 | 434 |
Gross Unrecognized Losses | 1,692 | 8,284 |
Held-to-maturity securities, fair value | 238,462 | 242,693 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 105,387 | 120,367 |
Gross Unrecognized Gains | 74 | 0 |
Gross Unrecognized Losses | 346 | 1,986 |
Held-to-maturity securities, fair value | 105,115 | 118,381 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 132,487 | 130,176 |
Gross Unrecognized Gains | 2,206 | 434 |
Gross Unrecognized Losses | 1,346 | 6,298 |
Held-to-maturity securities, fair value | $ 133,347 | $ 124,312 |
Investment Securities Held to44
Investment Securities Held to Maturity - Additional Information (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 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 | $ | $ 95,626 | $ 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 to45
Investment Securities Held to Maturity - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities held-to-maturity, Due after five years through ten years, Fair Value | $ 1,554 | |
Investment securities held-to-maturity, Due after ten years through thirty years, Fair Value | 131,793 | |
Investment securities held-to-maturity, Mortgage backed securities, Fair Value | 105,115 | |
Investment securities held-to- maturity, Fair Value | 238,462 | $ 242,693 |
Investment securities held-to-maturity, Due after five years through ten years, Amortized Cost | 1,533 | |
Investment securities held-to-maturity, Due after ten years through thirty years, Amortized Cost | 130,954 | |
Investment securities held-to-maturity, Mortgage backed securities, Amortized Cost | 105,387 | |
Amortized Cost | $ 237,874 | $ 250,543 |
Investment Securities Held to46
Investment Securities Held to Maturity - Investments Gross Unrecognized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 95,252 | $ 213,933 |
Less than 12 months, Unrecognized Losses | 548 | 8,284 |
12 months or more, Fair Value | 33,492 | |
12 months or more, Unrealized Losses | 1,144 | |
Total, Fair Value | 128,744 | 213,933 |
Total, Unrecognized Losses | 1,692 | 8,284 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 71,952 | 118,381 |
Less than 12 months, Unrecognized Losses | 309 | 1,986 |
12 months or more, Fair Value | 5,317 | |
12 months or more, Unrealized Losses | 37 | |
Total, Fair Value | 77,269 | 118,381 |
Total, Unrecognized Losses | 346 | 1,986 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 23,300 | 95,552 |
Less than 12 months, Unrecognized Losses | 239 | 6,298 |
12 months or more, Fair Value | 28,175 | |
12 months or more, Unrealized Losses | 1,107 | |
Total, Fair Value | 51,475 | 95,552 |
Total, Unrecognized Losses | $ 1,346 | $ 6,298 |
Loans - Summary of Information
Loans - Summary of Information Concerning Loan Portfolio by Collateral Types (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Receivables with Imputed Interest [Line Items] | ||
Total loans excluding purchased credit impaired loans | $ 4,517,592 | $ 3,243,823 |
Total PCI loans | 163,975 | 185,924 |
Total loans | 4,681,567 | 3,429,747 |
Allowance for loan losses for loans that are not PCI loans | (31,543) | (26,569) |
Net Loans | 4,649,739 | 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 | 1,027,248 | 816,304 |
Real estate loans, Commercial | 2,512,130 | 1,755,922 |
Land, development and construction | 241,130 | 142,044 |
Total real estate | 3,780,508 | 2,714,270 |
Commercial | 633,209 | 439,540 |
Consumer and other loans | 103,087 | 89,538 |
Loans before unearned fees and deferred cost | 4,516,804 | 3,243,348 |
Net unearned fees and costs | 788 | 475 |
Allowance for loan losses on PCI loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 63,227 | 72,179 |
Real estate loans, Commercial | 88,543 | 99,566 |
Land, development and construction | 7,612 | 9,944 |
Total real estate | 159,382 | 181,689 |
Commercial | 4,267 | 3,825 |
Consumer and other loans | 326 | 410 |
Allowance for loan losses for PCI loans | $ (285) | $ (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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | $ 30,132 | $ 24,172 | $ 27,041 | $ 22,264 |
Loans charged-off | (472) | (887) | (1,722) | (1,708) |
Recoveries of loans previously charged-off | 1,072 | 939 | 2,519 | 2,247 |
Net recoveries (charge-offs) | 600 | 52 | 797 | 539 |
Provision for loan losses | 1,096 | 1,275 | 3,990 | 2,696 |
Balance at end of period | 31,828 | 25,499 | 31,828 | 25,499 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 5,694 | |||
Balance at end of period | 6,024 | 6,024 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 14,805 | |||
Balance at end of period | 18,682 | 18,682 | ||
Land, Development, Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 1,195 | |||
Balance at end of period | 1,348 | 1,348 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 3,785 | |||
Balance at end of period | 3,990 | 3,990 | ||
Consumer and Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 1,562 | |||
Balance at end of period | 1,784 | 1,784 | ||
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 | 29,769 | 24,066 | 26,569 | 22,143 |
Loans charged-off | (472) | (821) | (1,722) | (1,642) |
Recoveries of loans previously charged-off | 1,072 | 939 | 2,454 | 2,247 |
Net recoveries (charge-offs) | 600 | 118 | 732 | 605 |
Provision for loan losses | 1,174 | 1,090 | 4,242 | 2,526 |
Balance at end of period | 31,543 | 25,274 | 31,543 | 25,274 |
Allowance for loan losses for loans that are not PCI loans [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 6,134 | 5,909 | 5,640 | 6,015 |
Loans charged-off | (108) | (93) | (250) | (226) |
Recoveries of loans previously charged-off | 290 | 496 | 816 | 1,056 |
Provision for loan losses | (292) | (453) | (182) | (986) |
Balance at end of period | 6,024 | 5,859 | 6,024 | 5,859 |
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 | 17,238 | 12,454 | 14,713 | 10,559 |
Loans charged-off | (8) | (155) | (72) | (421) |
Recoveries of loans previously charged-off | 320 | 293 | 626 | 590 |
Provision for loan losses | 1,074 | 924 | 3,357 | 2,788 |
Balance at end of period | 18,624 | 13,516 | 18,624 | 13,516 |
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 | 1,175 | 799 | 883 | 936 |
Loans charged-off | (198) | (232) | ||
Recoveries of loans previously charged-off | 353 | 15 | 596 | 250 |
Provision for loan losses | (393) | 133 | (344) | (205) |
Balance at end of period | 1,135 | 749 | 1,135 | 749 |
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 | 3,590 | 3,497 | 3,785 | 3,212 |
Loans charged-off | (140) | (138) | (677) | (161) |
Recoveries of loans previously charged-off | 82 | 91 | 254 | 210 |
Provision for loan losses | 458 | 194 | 628 | 383 |
Balance at end of period | 3,990 | 3,644 | 3,990 | 3,644 |
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 | 1,632 | 1,407 | 1,548 | 1,421 |
Loans charged-off | (216) | (237) | (723) | (602) |
Recoveries of loans previously charged-off | 27 | 44 | 162 | 141 |
Provision for loan losses | 327 | 292 | 783 | 546 |
Balance at end of period | 1,770 | 1,506 | 1,770 | 1,506 |
Allowance for loan losses on PCI loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 363 | 106 | 472 | 121 |
Loans charged-off | (66) | (66) | ||
Recoveries of loans previously charged-off | 65 | |||
Net recoveries (charge-offs) | (66) | 65 | (66) | |
Provision for loan losses | (78) | 185 | (252) | 170 |
Balance at end of period | 285 | 225 | 285 | 225 |
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 | 50 | 54 | ||
Provision for loan losses | (50) | 61 | (54) | 61 |
Balance at end of period | 61 | 61 | ||
Allowance for loan losses on PCI loans [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 123 | 92 | 92 | 103 |
Recoveries of loans previously charged-off | 65 | |||
Provision for loan losses | (65) | (99) | (11) | |
Balance at end of period | 58 | 92 | 58 | 92 |
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 | 176 | 312 | 1 | |
Loans charged-off | (66) | (66) | ||
Provision for loan losses | 37 | 124 | (99) | 123 |
Balance at end of period | 213 | 58 | 213 | 58 |
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 | (3) | |||
Allowance for loan losses on PCI loans [Member] | Consumer and Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 14 | 14 | 14 | 14 |
Balance at end of period | $ 14 | $ 14 | $ 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 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Allowance for loan losses: | ||||||
Individually evaluated for impairment | $ 843 | $ 695 | ||||
Collectively evaluated for impairment | 30,700 | 25,874 | ||||
Purchased credit impaired | 285 | 472 | ||||
Total ending allowance balance | 31,828 | $ 30,132 | 27,041 | $ 25,499 | $ 24,172 | $ 22,264 |
Loans: | ||||||
Individually evaluated for impairment | 19,307 | 20,253 | ||||
Collectively evaluated for impairment | 4,497,497 | 3,223,095 | ||||
Purchased credit impaired | 163,975 | 185,924 | ||||
Total ending loan balances | 4,680,779 | 3,429,272 | ||||
Residential Real Estate [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 510 | 653 | ||||
Collectively evaluated for impairment | 5,514 | 4,987 | ||||
Purchased credit impaired | 54 | |||||
Total ending allowance balance | 6,024 | 5,694 | ||||
Loans: | ||||||
Individually evaluated for impairment | 7,143 | 8,237 | ||||
Collectively evaluated for impairment | 1,020,105 | 808,067 | ||||
Purchased credit impaired | 63,227 | 72,179 | ||||
Total ending loan balances | 1,090,475 | 888,483 | ||||
Commercial Real Estate [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 97 | |||||
Collectively evaluated for impairment | 18,527 | 14,713 | ||||
Purchased credit impaired | 58 | 92 | ||||
Total ending allowance balance | 18,682 | 14,805 | ||||
Loans: | ||||||
Individually evaluated for impairment | 9,557 | 9,017 | ||||
Collectively evaluated for impairment | 2,502,573 | 1,746,905 | ||||
Purchased credit impaired | 88,543 | 99,566 | ||||
Total ending loan balances | 2,600,673 | 1,855,488 | ||||
Land, Development, Construction [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 5 | 10 | ||||
Collectively evaluated for impairment | 1,130 | 873 | ||||
Purchased credit impaired | 213 | 312 | ||||
Total ending allowance balance | 1,348 | 1,195 | ||||
Loans: | ||||||
Individually evaluated for impairment | 338 | 1,059 | ||||
Collectively evaluated for impairment | 240,792 | 140,985 | ||||
Purchased credit impaired | 7,612 | 9,944 | ||||
Total ending loan balances | 248,742 | 151,988 | ||||
Commercial and Industrial [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 207 | 7 | ||||
Collectively evaluated for impairment | 3,783 | 3,778 | ||||
Total ending allowance balance | 3,990 | 3,785 | ||||
Loans: | ||||||
Individually evaluated for impairment | 2,016 | 1,710 | ||||
Collectively evaluated for impairment | 631,193 | 437,830 | ||||
Purchased credit impaired | 4,267 | 3,825 | ||||
Total ending loan balances | 637,476 | 443,365 | ||||
Consumer and Other [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 24 | 25 | ||||
Collectively evaluated for impairment | 1,746 | 1,523 | ||||
Purchased credit impaired | 14 | 14 | ||||
Total ending allowance balance | 1,784 | 1,562 | ||||
Loans: | ||||||
Individually evaluated for impairment | 253 | 230 | ||||
Collectively evaluated for impairment | 102,834 | 89,308 | ||||
Purchased credit impaired | 326 | 410 | ||||
Total ending loan balances | $ 103,413 | $ 89,948 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 12,711 | $ 13,105 |
Impaired loans that are not TDRs | 6,596 | 7,148 |
Total impaired loans | 19,307 | 20,253 |
Performing TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | 11,491 | 11,030 |
Nonperforming TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 1,220 | $ 2,075 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Receivables [Abstract] | ||||
Loans modification, modified terms allowance period minimum | 12 months | |||
Loans modification, modified terms allowance period maximum | 24 months | |||
Provision for loan loss expense | $ 20 | $ 87 | $ 264 | $ 447 |
Partial charge offs for troubled debt restructured | 13 | 51 | $ 55 | 169 |
Percentage of troubled debt restructured current pursuant to modified terms | 90.00% | |||
Non performing TDRs | 1,220 | $ 1,220 | ||
Percentage of troubled debt restructured not performing pursuant to their modified terms | 10.00% | |||
Loans modified as TDRs | 85 | 400 | $ 784 | 2,395 |
Loan loss provision modified as TDRs | 0 | 48 | 8 | 201 |
Provision for loan loss expense within twelve months | 8 | 12 | 24 | 86 |
Partial charge offs for troubled debt restructured | 8 | 20 | 24 | 73 |
Reclassification from non-accretable difference | $ 2,286 | $ 1,130 | $ 8,364 | $ 4,731 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructured Loans by Loans Type (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 12,711 | $ 13,105 |
Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 11,919 | 12,126 |
Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 11,491 | 11,030 |
Accruing [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 10,726 | 10,081 |
Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,220 | 2,075 |
Non Accrual [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,193 | 2,045 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 7,940 | 8,237 |
Residential Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 7,496 | 7,358 |
Residential Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 444 | 879 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 3,641 | 3,524 |
Commercial Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 2,892 | 2,442 |
Commercial Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 749 | 1,082 |
Land, Development, Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 338 | 365 |
Land, Development, Construction [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 338 | 281 |
Land, Development, Construction [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 84 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 539 | 749 |
Commercial and Industrial [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 539 | 749 |
Consumer and Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 253 | 230 |
Consumer and Other [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 226 | 200 |
Consumer and Other [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 27 | $ 30 |
Loans - Summary of Loans by Cla
Loans - Summary of Loans by Class Modified (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017USD ($)SecurityLoan | Sep. 30, 2016USD ($)SecurityLoan | |
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 3 | 4 |
Recorded investment | $ | $ 688 | $ 1,118 |
Residential Real Estate [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 1 | 2 |
Recorded investment | $ | $ 72 | $ 170 |
Commercial Real Estate [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 2 | 2 |
Recorded investment | $ | $ 616 | $ 948 |
Loans - Summary of Loans Indivi
Loans - Summary of Loans Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance | $ 20,765 | $ 22,114 |
Total impaired loans | 19,307 | 20,253 |
Amount of allowance for loan losses allocated to impaired loans | 843 | 695 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 4,084 | 3,950 |
Unpaid principal balance, With an allowance recorded | 3,283 | 4,592 |
Recorded investment, With no related allowance | 3,961 | 3,847 |
Recorded investment, With an allowance recorded | 3,182 | 4,390 |
Total impaired loans | 7,143 | 8,237 |
Amount of allowance for loan losses allocated to impaired loans | 510 | 653 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 9,830 | 10,288 |
Unpaid principal balance, With an allowance recorded | 472 | |
Recorded investment, With no related allowance | 9,126 | 9,017 |
Recorded investment, With an allowance recorded | 431 | |
Total impaired loans | 9,557 | 9,017 |
Amount of allowance for loan losses allocated to impaired loans | 97 | |
Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 265 | 1,064 |
Unpaid principal balance, With an allowance recorded | 141 | 212 |
Recorded investment, With no related allowance | 215 | 874 |
Recorded investment, With an allowance recorded | 123 | 185 |
Total impaired loans | 338 | 1,059 |
Amount of allowance for loan losses allocated to impaired loans | 5 | 10 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 1,876 | 1,493 |
Unpaid principal balance, With an allowance recorded | 539 | 263 |
Recorded investment, With no related allowance | 1,478 | 1,448 |
Recorded investment, With an allowance recorded | 538 | 262 |
Total impaired loans | 2,016 | 1,710 |
Amount of allowance for loan losses allocated to impaired loans | 207 | 7 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 144 | 87 |
Unpaid principal balance, With an allowance recorded | 131 | 165 |
Recorded investment, With no related allowance | 138 | 83 |
Recorded investment, With an allowance recorded | 115 | 147 |
Total impaired loans | 253 | 230 |
Amount of allowance for loan losses allocated to impaired loans | $ 24 | $ 25 |
Loans - Summary of Impairment b
Loans - Summary of Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | $ 19,200 | $ 22,200 | $ 19,158 | $ 24,907 |
Interest income recognized during impairment | 120 | 110 | 354 | 349 |
Total Real Estate Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 17,079 | 20,034 | 17,211 | 22,841 |
Interest income recognized during impairment | 110 | 95 | 324 | 306 |
Residential Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 7,536 | 8,356 | 7,767 | 8,447 |
Interest income recognized during impairment | 70 | 67 | 207 | 185 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 9,200 | 10,530 | 8,979 | 12,744 |
Interest income recognized during impairment | 35 | 24 | 104 | 101 |
Land, Development, Construction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 343 | 1,148 | 465 | 1,650 |
Interest income recognized during impairment | 5 | 4 | 13 | 20 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 1,859 | 1,923 | 1,702 | 1,806 |
Interest income recognized during impairment | 7 | 12 | 22 | 35 |
Consumer and Other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 262 | 243 | 245 | 260 |
Interest income recognized during impairment | $ 3 | $ 3 | $ 8 | $ 8 |
Loans - Summary of Nonperformin
Loans - Summary of Nonperforming Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Non accrual loans | $ 19,319 | $ 19,003 |
Loans past due over 90 days and still accruing interest | 0 | 0 |
Total non performing loans | $ 19,319 | $ 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 | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 19,319 | $ 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 | 7,989 | 7,068 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 8,568 | 9,116 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 169 | 1,060 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,188 | 1,421 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 405 | $ 338 |
Loans - Summary Aging of Record
Loans - Summary Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 4,516,804 | $ 3,243,348 |
Total Past Due | 24,238 | 18,826 |
Loans Not Past Due | 4,473,247 | 3,205,519 |
Non accrual loans | 19,319 | 19,003 |
30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,188 | 12,515 |
60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,050 | 6,311 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,027,248 | 816,304 |
Total Past Due | 6,714 | 8,300 |
Loans Not Past Due | 1,012,545 | 800,936 |
Non accrual loans | 7,989 | 7,068 |
Residential Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,293 | 3,739 |
Residential Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,421 | 4,561 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 2,512,130 | 1,755,922 |
Total Past Due | 12,160 | 4,759 |
Loans Not Past Due | 2,491,402 | 1,742,047 |
Non accrual loans | 8,568 | 9,116 |
Commercial Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,396 | 3,580 |
Commercial Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,764 | 1,179 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 241,130 | 142,044 |
Total Past Due | 1,639 | 2,182 |
Loans Not Past Due | 239,322 | 138,802 |
Non accrual loans | 169 | 1,060 |
Land, Development, Construction [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,202 | 2,111 |
Land, Development, Construction [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 437 | 71 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 633,209 | 439,540 |
Total Past Due | 2,791 | 2,906 |
Loans Not Past Due | 628,230 | 435,213 |
Non accrual loans | 2,188 | 1,421 |
Commercial and Industrial [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,638 | 2,584 |
Commercial and Industrial [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,153 | 322 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 103,087 | 89,538 |
Total Past Due | 934 | 679 |
Loans Not Past Due | 101,748 | 88,521 |
Non accrual loans | 405 | 338 |
Consumer and Other [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 659 | 501 |
Consumer and Other [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 275 | $ 178 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 1,027,248 | $ 816,304 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 103,087 | 89,538 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,298,250 | 3,066,353 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 992,544 | 784,491 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,365,247 | 1,636,473 |
Pass [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 223,695 | 129,781 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 614,611 | 426,894 |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 102,153 | 88,714 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 175,995 | 128,835 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,340 | 13,820 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 126,646 | 94,897 |
Special Mention [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 16,351 | 10,278 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15,419 | 9,570 |
Special Mention [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 239 | 270 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 42,559 | 48,160 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,364 | 17,993 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 20,237 | 24,552 |
Substandard [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,084 | 1,985 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,179 | 3,076 |
Substandard [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 695 | $ 554 |
Loans - Investment in Residenti
Loans - Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 1,027,248 | $ 816,304 |
Residential Real Estate [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,019,259 | 809,236 |
Residential Real Estate [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,989 | 7,068 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 103,087 | 89,538 |
Consumer and Other [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 102,682 | 89,200 |
Consumer and Other [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 405 | $ 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 | Sep. 30, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Contractually required principal and interest | $ 258,338 | $ 297,821 |
Non-accretable difference | (12,899) | (18,372) |
Cash flows expected to be collected | 245,439 | 279,449 |
Accretable yield | (81,464) | (93,525) |
Carrying value of acquired loans | 163,975 | 185,924 |
Allowance for loan losses | (285) | (472) |
Carrying value less allowance for loan losses | $ 163,690 | $ 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 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 | $ 258,338 | 258,338 | ||
Non-accretable difference, ending balance | (12,899) | (12,899) | ||
Cash flows expected to be collected, ending balance | 245,439 | 245,439 | ||
Accretable yield, ending balance | (81,464) | (81,464) | ||
Carrying value of acquired loans, ending balance | 163,975 | 163,975 | ||
Contractually Required Principal and Interest [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Contractually required principal and interest, beginning balance | 280,114 | $ 344,464 | 297,821 | $ 332,570 |
Effect of acquisitions | 20,729 | 73,005 | ||
All other adjustments | (21,776) | (27,797) | (60,212) | (88,908) |
Contractually required principal and interest, ending balance | 258,338 | 316,667 | 258,338 | 316,667 |
Non-Accretable Difference [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-accretable difference, beginning balance | (14,047) | (20,462) | (18,372) | (19,452) |
Effect of acquisitions | (6,347) | (9,295) | ||
All other adjustments | 1,148 | 1,172 | 11,820 | 9,457 |
Non-accretable difference, ending balance | (12,899) | (19,290) | (12,899) | (19,290) |
Cash Flows Expected to be Collected [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Cash flows expected to be collected, beginning balance | 266,067 | 324,002 | 279,449 | 313,118 |
Effect of acquisitions | 14,382 | 63,710 | ||
All other adjustments | (20,628) | (26,625) | (48,392) | (79,451) |
Cash flows expected to be collected, ending balance | 245,439 | 297,377 | 245,439 | 297,377 |
Accretable Yield [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Accretable yield, beginning balance | (86,703) | (107,143) | (93,525) | (102,590) |
Effect of acquisitions | (3,266) | (18,585) | ||
Income accretion | 7,696 | 7,795 | 24,780 | 24,750 |
All other adjustments | (2,457) | (741) | (9,453) | (3,664) |
Accretable yield, ending balance | (81,464) | (100,089) | (81,464) | (100,089) |
Carry Value of Acquired Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Carrying value of acquired loans, beginning balance | 179,364 | 216,859 | 185,924 | 210,528 |
Effect of acquisitions | 11,116 | 45,125 | ||
Income accretion | 7,696 | 7,795 | 24,780 | 24,750 |
All other adjustments | (23,085) | (27,366) | (57,845) | (83,115) |
Carrying value of acquired loans, ending balance | $ 163,975 | $ 197,288 | $ 163,975 | $ 197,288 |
Securities Sold Under Agreeme63
Securities Sold Under Agreement to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Banking And Thrift [Abstract] | ||
Securities sold under agreement to repurchase | $ 46,100 | $ 28,427 |
Securities Sold Under Agreeme64
Securities Sold Under Agreement to Repurchase - Summary of Repurchase Agreement (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 65,274 | $ 35,522 |
Securities sold under agreement to repurchase | $ 46,100 | $ 28,427 |
Market value pledged as a % of borrowings | 142.00% | 125.00% |
Mortgage Backed Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 64,825 | $ 34,159 |
Securities sold under agreement to repurchase | $ 45,729 | $ 27,558 |
Market value pledged as a % of borrowings | 142.00% | 124.00% |
Municipal Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 449 | $ 1,363 |
Securities sold under agreement to repurchase | $ 371 | $ 869 |
Market value pledged as a % of borrowings | 121.00% | 157.00% |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ / shares in Units, $ in Thousands | Aug. 12, 2017$ / shares | May 01, 2017USD ($)$ / shares | Apr. 01, 2017USD ($)$ / shares | Sep. 30, 2017USD ($)LocationCounty | Sep. 30, 2017USD ($)LocationCounty | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) |
Business Acquisition [Line Items] | |||||||
Goodwill on the acquisition | $ 257,683 | $ 257,683 | $ 106,028 | ||||
Number of bank locations | Location | 78 | ||||||
Number of counties in which company operates | County | 28 | ||||||
Total assets | 6,822,861 | $ 6,822,861 | 5,078,559 | $ 5,014,512 | |||
Total deposits | $ 5,425,470 | $ 5,425,470 | $ 4,152,544 | ||||
Platinum Bank Holding Company [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effective date of acquisition | Apr. 1, 2017 | ||||||
Increase in total assets | 14.00% | ||||||
Increase in total deposits | 13.00% | ||||||
Merger and acquisition related expenses | $ 3,927 | ||||||
Goodwill on the acquisition | $ 73,829 | ||||||
Determination period for fair value estimates | 1 year | ||||||
Multiplied by the cash consideration each Platinum share is entitled to receive | $ / shares | $ 7.60 | ||||||
Per share exchange ratio | 3.7832 | ||||||
Total purchase consideration | $ 119,431 | ||||||
Loans at fair value | 454,584 | ||||||
Estimated discount on loans acquired | $ 8,980 | ||||||
Estimated discount to outstanding principal balance | 1.90% | ||||||
Percentage of loan acquired | 13.30% | ||||||
Platinum Bank Holding Company [Member] | Core Deposits | |||||||
Business Acquisition [Line Items] | |||||||
Deposit intangible asset | $ 3,992 | ||||||
Platinum Bank Holding Company [Member] | Core Deposits | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated economic life | 10 years | ||||||
Platinum Bank Holding Company [Member] | Purchased Credit-Impaired [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Loans with credit deficiencies | $ 3,289 | ||||||
Platinum Bank Holding Company [Member] | Common Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of outstanding stock acquired | 100.00% | ||||||
Gateway Financial Holdings Of Florida Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effective date of acquisition | May 1, 2017 | ||||||
Increase in total assets | 19.00% | ||||||
Increase in total deposits | 17.00% | ||||||
Merger and acquisition related expenses | $ 6,401 | ||||||
Goodwill on the acquisition | $ 77,826 | ||||||
Determination period for fair value estimates | 1 year | ||||||
Multiplied by the cash consideration each Platinum share is entitled to receive | $ / shares | $ 18 | ||||||
Per share exchange ratio | 0.95 | ||||||
Total purchase consideration | $ 157,372 | ||||||
Loans at fair value | 568,240 | ||||||
Estimated discount on loans acquired | $ 9,479 | ||||||
Estimated discount to outstanding principal balance | 1.60% | ||||||
Percentage of loan acquired | 16.60% | ||||||
Gateway Financial Holdings Of Florida Inc [Member] | Core Deposits | |||||||
Business Acquisition [Line Items] | |||||||
Deposit intangible asset | $ 8,432 | ||||||
Gateway Financial Holdings Of Florida Inc [Member] | Core Deposits | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated economic life | 10 years | ||||||
Gateway Financial Holdings Of Florida Inc [Member] | Purchased Credit-Impaired [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Loans with credit deficiencies | $ 7,827 | ||||||
Gateway Financial Holdings Of Florida Inc [Member] | Common Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of outstanding stock acquired | 100.00% | ||||||
HCBF Holding Company, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, date of definitive agreement | Aug. 12, 2017 | ||||||
Conversion Of Stock Conversion Ratio | 0.675 | ||||||
Conversion Of Stock Cash Paid Per Share | $ / shares | $ 1.925 | ||||||
Number of bank locations | Location | 46 | ||||||
Number of counties in which company operates | County | 19 | ||||||
Total assets | $ 2,179,606 | $ 2,179,606 | |||||
Gross loans | 1,314,484 | 1,314,484 | |||||
Total deposits | $ 1,739,552 | $ 1,739,552 | |||||
Sunshine Bancorp, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, date of definitive agreement | Aug. 12, 2017 | ||||||
Conversion Of Stock Conversion Ratio | 0.89 | ||||||
Number of bank locations | Location | 18 | ||||||
Total assets | $ 943,633 | $ 943,633 | |||||
Gross loans | 705,104 | 705,104 | |||||
Total deposits | $ 749,050 | $ 749,050 |
Business Combinations - Summary
Business Combinations - Summary of Purchase Price Calculation (Detail) $ / shares in Units, $ in Thousands | May 01, 2017USD ($)$ / sharesshares | Apr. 01, 2017USD ($)$ / sharesshares |
Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Number of shares of common stock outstanding | shares | 1,131,134 | |
Per share exchange ratio | 3.7832 | |
Number of shares of CenterState common stock less fractional shares | shares | 4,279,255 | |
Multiplied by CenterState common stock price per share | $ / shares | $ 25.90 | |
Fair value of CenterState common stock issued | $ 110,833 | |
Multiplied by the cash consideration each share is entitled to receive | $ / shares | $ 7.60 | |
Total cash consideration, not including cash for fractional shares | $ 8,597 | |
Total cash consideration | 8,598 | |
Total purchase price | $ 119,431 | |
Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Number of shares of common stock outstanding | shares | 5,463,764 | |
Preferred shares that converted to common shares upon a change in control | shares | 919,236 | |
Total common shares including conversion of preferred shares | shares | 6,383,000 | |
Number of shares of common shares exchanged for CenterState common stock | shares | 4,468,100 | |
Per share exchange ratio | 0.95 | |
Number of shares of CenterState common stock less fractional shares | shares | 4,244,441 | |
Multiplied by CenterState common stock price per share | $ / shares | $ 25.23 | |
Fair value of CenterState common stock issued | $ 107,087 | |
Number of shares of Gateway common shares exchanged for cash | shares | 1,914,900 | |
Multiplied by the cash consideration each share is entitled to receive | $ / shares | $ 18 | |
Total cash consideration, not including cash for fractional shares | $ 34,468 | |
Total cash consideration | 34,474 | |
Total consideration paid to Gateway common shareholders | 141,561 | |
Fair value of Gateway stock options converted to CenterState stock options | 15,811 | |
Total purchase price | $ 157,372 |
Business Combinations - Summa67
Business Combinations - Summary of Purchase Price Calculation (Parenthetical) (Detail) - USD ($) $ in Thousands | May 01, 2017 | Apr. 01, 2017 |
Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Fractional shares | 51 | |
Fractional shares amount | $ 1 | |
Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Fractional shares | 254 | |
Fractional shares amount | $ 6 |
Business Combinations - Summa68
Business Combinations - Summary of Preliminary Estimates of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | May 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 |
Assets: | ||||
Goodwill | $ 257,683 | $ 106,028 | ||
Platinum Bank Holding Company [Member] | ||||
Assets: | ||||
Cash and cash equivalents | $ 106,537 | |||
Loans, held for investment | 451,295 | |||
Purchased credit impaired loans | 3,289 | |||
Investments | 28,873 | |||
Accrued interest receivable | 1,216 | |||
Branch real estate | 9,600 | |||
Furniture and fixtures | 402 | |||
Bank property held for sale | 4,382 | |||
FHLB stock | 2,220 | |||
Other repossessed real estate owned | 272 | |||
Core deposit intangible | 3,992 | |||
Goodwill | 73,829 | |||
Deferred tax asset | 227 | |||
Other assets | 29 | |||
Total assets acquired | 686,163 | |||
Liabilities: | ||||
Deposits | 520,423 | |||
Federal Home Loan Bank advances | 40,546 | |||
Securities sold under agreement to repurchase | 5,569 | |||
Accrued interest payable | 94 | |||
Other liabilities | 100 | |||
Total liabilities assumed | $ 566,732 | |||
Gateway Financial Holdings Of Florida Inc [Member] | ||||
Assets: | ||||
Cash and cash equivalents | $ 23,065 | |||
Loans, held for investment | 560,413 | |||
Purchased credit impaired loans | 7,827 | |||
Investments | 231,951 | |||
Accrued interest receivable | 2,422 | |||
Branch real estate | 18,160 | |||
Furniture and fixtures | 702 | |||
Bank property held for sale | 1,087 | |||
Federal Reserve Bank and Federal Home Loan Bank stock | 4,640 | |||
Other repossessed real estate owned | 134 | |||
Bank owned life insurance | 15,475 | |||
Servicing asset intangible | 271 | |||
Core deposit intangible | 8,432 | |||
Goodwill | 77,826 | |||
Deferred tax asset | 7,953 | |||
Other assets | 510 | |||
Total assets acquired | 960,868 | |||
Liabilities: | ||||
Deposits | 708,209 | |||
Federal Home Loan Bank advances | 90,598 | |||
Federal funds purchased | 3,588 | |||
Accrued interest payable | 304 | |||
Other liabilities | 797 | |||
Total liabilities assumed | $ 803,496 |
Business Combinations - Summa69
Business Combinations - Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans (Detail) - Purchased Credit-Impaired [Member] - USD ($) $ in Thousands | May 01, 2017 | Apr. 01, 2017 |
Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Contractually required principal and interest | $ 8,206 | |
Non-accretable difference | (3,882) | |
Cash flows expected to be collected | 4,324 | |
Accretable yield | (1,035) | |
Total purchased credit-impaired loans acquired | $ 3,289 | |
Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Contractually required principal and interest | $ 12,523 | |
Non-accretable difference | (2,465) | |
Cash flows expected to be collected | 10,058 | |
Accretable yield | (2,231) | |
Total purchased credit-impaired loans acquired | $ 7,827 |
Business Combinations - Summa70
Business Combinations - Summary of Fair Value of Acquired Loans and Unpaid Principal Balance (Detail) - USD ($) $ in Thousands | May 01, 2017 | Apr. 01, 2017 |
Book Balance [Member] | Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | $ 463,564 | |
Book Balance [Member] | Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | $ 577,719 | |
Book Balance [Member] | Residential Real Estate [Member] | Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 37,206 | |
Book Balance [Member] | Residential Real Estate [Member] | Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 142,881 | |
Book Balance [Member] | Commercial Real Estate [Member] | Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 272,298 | |
Book Balance [Member] | Commercial Real Estate [Member] | Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 321,262 | |
Book Balance [Member] | Land, Development, Construction [Member] | Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 47,675 | |
Book Balance [Member] | Land, Development, Construction [Member] | Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 47,727 | |
Book Balance [Member] | Commercial and Industrial [Member] | Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 96,587 | |
Book Balance [Member] | Commercial and Industrial [Member] | Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 46,953 | |
Book Balance [Member] | Consumer and Other [Member] | Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 2,954 | |
Book Balance [Member] | Consumer and Other [Member] | Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 7,803 | |
Book Balance [Member] | Purchased Credit-Impaired [Member] | Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 6,844 | |
Book Balance [Member] | Purchased Credit-Impaired [Member] | Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 11,093 | |
Fair Value [Member] | Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 454,584 | |
Fair Value [Member] | Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 568,240 | |
Fair Value [Member] | Residential Real Estate [Member] | Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 37,419 | |
Fair Value [Member] | Residential Real Estate [Member] | Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 142,468 | |
Fair Value [Member] | Commercial Real Estate [Member] | Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 268,656 | |
Fair Value [Member] | Commercial Real Estate [Member] | Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 317,578 | |
Fair Value [Member] | Land, Development, Construction [Member] | Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 46,618 | |
Fair Value [Member] | Land, Development, Construction [Member] | Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 46,489 | |
Fair Value [Member] | Commercial and Industrial [Member] | Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 95,701 | |
Fair Value [Member] | Commercial and Industrial [Member] | Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 46,274 | |
Fair Value [Member] | Consumer and Other [Member] | Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 2,901 | |
Fair Value [Member] | Consumer and Other [Member] | Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | 7,604 | |
Fair Value [Member] | Purchased Credit-Impaired [Member] | Platinum Bank Holding Company [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | $ 3,289 | |
Fair Value [Member] | Purchased Credit-Impaired [Member] | Gateway Financial Holdings Of Florida Inc [Member] | ||
Business Acquisition [Line Items] | ||
Book Balance and Fair Value of acquired loans | $ 7,827 |
Business Combinations - Pro-For
Business Combinations - Pro-Forma Financial Information And Actual Results of Acquisition (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Business Combinations [Abstract] | |||
Net interest income | $ 57,934 | $ 183,792 | $ 169,159 |
Net income available to common shareholders | $ 18,202 | $ 59,522 | $ 34,853 |
EPS - basic | $ 0.32 | $ 1 | $ 0.63 |
EPS - diluted | $ 0.32 | $ 0.98 | $ 0.62 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivative Instruments Notional And Fair Value [Line Items] | ||
Market value of securities pledged | $ 65,274 | $ 35,522 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments Notional And Fair Value [Line Items] | ||
Derivative, Notional Amount | 3,434,537 | 2,441,768 |
Market value of securities pledged | 22,152 | $ 22,562 |
Collateral reserve for derivatives | $ 18,438 |
Derivatives - Summary Informati
Derivatives - Summary Information about the Derivative Instruments (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Fair value of interest rate swap derivatives (asset) | $ 42,398 | $ 31,817 |
Fair value of interest rate swap derivatives (liability) | 43,314 | 32,691 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 3,434,537 | $ 2,441,768 |
Weighted average pay rate on interest-rate swaps | 2.86% | 2.56% |
Weighted average receive rate on interest rate swaps | 2.86% | 2.55% |
Weighted average maturity (years) | 11 years | 11 years |
Fair value of interest rate swap derivatives (asset) | $ 42,398 | $ 31,817 |
Fair value of interest rate swap derivatives (liability) | $ 43,314 | $ 32,691 |
Stock Offering - Additional Inf
Stock Offering - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 13, 2017 | Sep. 30, 2017 | Sep. 30, 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 St75
Recently Issued Accounting Standards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Recently Issued Accounting Standards [Line Items] | ||||
Reduction of income tax expense due to adoption of new accounting standard | $ 205 | $ 2,407 | $ 0 | |
Diluted earnings per common share | $ 0.36 | $ 0.32 | $ 0.94 | $ 0.55 |
Adjustments for New Accounting Pronouncement [Member] | ||||
Recently Issued Accounting Standards [Line Items] | ||||
Diluted earnings per common share | $ 0 | $ 0.04 |