Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 26, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CenterState Bank Corporation | ||
Trading Symbol | CSFL | ||
Entity Central Index Key | 1,102,266 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 83,605,133 | ||
Entity Public Float | $ 1,267,157 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 68,571 | $ 66,368 |
Restricted deposits in other financial institutions | 16,991 | |
Federal funds sold and Federal Reserve Bank deposits | 195,057 | 109,286 |
Cash and cash equivalents | 280,619 | 175,654 |
Trading securities, at fair value | 6,777 | 12,383 |
Investment securities available for sale, at fair value | 1,060,143 | 740,702 |
Investment securities held to maturity (fair value of $231,615 and $242,693 at December 31, 2017 and December 31, 2016, respectively) | 232,399 | 250,543 |
Loans held for sale | 19,647 | 2,285 |
Loans, excluding purchased credit impaired | 4,609,063 | 3,243,823 |
Purchased credit impaired loans | 164,158 | 185,924 |
Allowance for loan losses | (32,825) | (27,041) |
Net Loans | 4,740,396 | 3,402,706 |
Bank premises and equipment, net | 141,886 | 114,815 |
Accrued interest receivable | 18,628 | 12,112 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 34,876 | 17,669 |
Goodwill | 257,683 | 106,028 |
Core deposit intangible, net | 24,063 | 15,510 |
Other intangible assets, net | 551 | 784 |
Bank owned life insurance | 146,739 | 98,424 |
Other repossessed real estate owned | 3,987 | 7,090 |
Deferred income tax asset, net | 37,725 | 63,208 |
Bank property held for sale | 11,354 | 8,599 |
Interest rate swap derivatives, at fair value | 42,480 | 31,817 |
Prepaid expense and other assets | 64,022 | 18,230 |
TOTAL ASSETS | 7,123,975 | 5,078,559 |
Deposits: | ||
Interest bearing | 3,560,622 | 2,725,920 |
Non-interest bearing | 1,999,901 | 1,426,624 |
Total deposits | 5,560,523 | 4,152,544 |
Securities sold under agreement to repurchase | 52,080 | 28,427 |
Federal funds purchased | 331,490 | 261,986 |
Other borrowed funds | 175,000 | |
Corporate debentures | 26,192 | 25,958 |
Accrued interest payable | 1,169 | 851 |
Interest rate swap derivatives, at fair value | 43,259 | 32,691 |
Payables and accrued expenses | 29,512 | 23,645 |
Total liabilities | 6,219,225 | 4,526,102 |
Shareholders' equity: | ||
Common stock, $.01 par value: 100,000,000 shares authorized; 60,161,334 and 48,146,981 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 602 | 482 |
Additional paid-in capital | 737,905 | 430,459 |
Retained earnings | 173,248 | 130,090 |
Accumulated other comprehensive loss | (7,005) | (8,574) |
Total shareholders' equity | 904,750 | 552,457 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 7,123,975 | $ 5,078,559 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 231,615 | $ 242,693 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 60,161,334 | 48,146,981 |
Common stock, shares outstanding | 60,161,334 | 48,146,981 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Interest income: | ||||
Loans | $ 219,972 | $ 163,625 | $ 141,696 | |
Investment securities: | ||||
Taxable | 22,598 | 18,920 | 16,460 | |
Tax-exempt | 5,324 | 3,909 | 2,641 | |
Federal funds sold and other | 3,432 | 2,211 | 1,523 | |
Total interest income | 251,326 | 188,665 | 162,320 | |
Interest expense: | ||||
Deposits | 11,079 | 6,934 | 5,506 | |
Securities sold under agreement to repurchase | 246 | 103 | 186 | |
Federal funds purchased | 2,989 | 1,137 | 622 | |
Federal Home Loan Bank advances and other borrowings | 119 | 17 | 4 | |
Corporate debentures | 1,350 | 1,149 | 968 | |
Total interest expense | 15,783 | 9,340 | 7,286 | |
Net interest income | 235,543 | 179,325 | 155,034 | |
Provision for loan losses | 4,958 | 4,962 | 4,493 | |
Net interest income after loan loss provision | 230,585 | 174,363 | 150,541 | |
Non interest income: | ||||
Correspondent banking capital markets revenue | 23,520 | 28,817 | 23,225 | |
Other correspondent banking related revenue | 4,821 | 4,868 | 4,338 | |
Service charges on deposit accounts | 14,986 | 13,564 | 9,745 | |
Debit, prepaid, ATM and merchant card related fees | 9,035 | 8,254 | 6,913 | |
Wealth management related revenue | 3,554 | 3,237 | 3,813 | |
FDIC indemnification income | 96 | 1,686 | ||
FDIC indemnification asset amortization | 0 | (1,166) | (16,563) | |
Bank owned life insurance income | 3,293 | 2,534 | 2,346 | |
Gain on sale of trust department | 1,224 | |||
Gain on sale of residential loans held for sale | 1,511 | 833 | 566 | |
Net (loss) gain on sale of securities available for sale | (7) | 13 | 4 | |
Other non interest income | 3,238 | 3,319 | 1,377 | |
Total other income | 65,175 | 64,369 | 37,450 | |
Non interest expense: | ||||
Salaries, wages and employee benefits | 109,412 | 90,881 | 77,398 | |
Occupancy expense | 12,777 | 9,805 | 9,957 | |
Depreciation of premises and equipment | 7,247 | 6,373 | 5,716 | |
Supplies, stationary and printing | 1,610 | 1,340 | 1,436 | |
Marketing expenses | 3,929 | 3,125 | 2,317 | |
Data processing expense | 8,436 | 6,867 | 4,679 | |
Legal, audit and other professional fees | 3,644 | 3,657 | 2,954 | |
Amortization of intangibles | 4,066 | 3,074 | 2,537 | |
Postage and delivery | 1,938 | 1,684 | 1,389 | |
ATM and debit card related expenses | 2,746 | 2,850 | 1,893 | |
Bank regulatory expenses | 3,051 | 3,420 | 3,173 | |
Gain on sale of repossessed real estate (“OREO”) | (876) | (1,528) | (1,253) | |
Valuation write down of repossessed real estate (“OREO”) | 682 | 871 | 1,207 | |
(Gain) loss on repossessed assets other than real estate | (23) | 46 | 7 | |
Foreclosure related expenses | 2,252 | 2,392 | 2,334 | |
Merger and acquisition related expenses | 13,046 | 11,444 | 693 | |
Impairment on bank property held for sale | 519 | 1,150 | 0 | |
Loss on termination of FDIC loss share agreements | 0 | 17,560 | 0 | |
Other expenses | 12,029 | 9,470 | 9,645 | |
Total other expenses | 186,485 | 174,481 | 126,082 | |
Income before provision for income taxes | 109,275 | 64,251 | 61,909 | |
Provision for income taxes | 53,480 | 21,910 | 22,571 | |
Net income | 55,795 | 42,341 | 39,338 | |
Other comprehensive gain (loss) income, net of tax: | ||||
Unrealized securities holding gain (loss) | 4,571 | (16,292) | (4,255) | |
Tax effect of unrealized securities holding gain or loss | (1,765) | 6,288 | 1,642 | |
Less: reclassified adjustments for (loss) gain included in net income, net of income tax (benefit) expense, of ($3), $5 and $2, respectively | 4 | (8) | (2) | |
Net unrealized gain (loss) on available for sale securities, net of income taxes | 2,810 | (10,012) | (2,615) | |
Total comprehensive income | $ 58,605 | $ 32,329 | $ 36,723 | |
Earnings per share: | ||||
Basic | $ 0.97 | $ 0.89 | $ 0.87 | |
Diluted | $ 0.95 | $ 0.88 | $ 0.85 | |
Common shares used in the calculation of earnings per share: | ||||
Basic | [1] | 57,244,698 | 47,409,142 | 45,182,224 |
Diluted | [1] | 58,340,813 | 48,191,523 | 45,788,632 |
[1] | Excludes participating securities. |
Consolidated Statements of Inc5
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Reclassifications of gain included in net income, income tax | $ (3) | $ 5 | $ 2 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - 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, 2014 | $ 452,477 | $ 453 | $ 388,698 | $ 59,273 | $ 4,053 | |||||||||
Balances at beginning, shares at Dec. 31, 2014 | 45,323,553 | |||||||||||||
Comprehensive income: | ||||||||||||||
Net income | 39,338 | 39,338 | ||||||||||||
Unrealized holding gain (loss) on available for sale securities, net of deferred income tax | (2,615) | (2,615) | ||||||||||||
Total comprehensive income | 36,723 | |||||||||||||
Dividends paid - common | (3,181) | (3,181) | ||||||||||||
Stock grants issued | 1,362 | $ 1 | 1,361 | |||||||||||
Stock grants issued, shares | 73,821 | |||||||||||||
Stock based compensation expense | 3,365 | 3,365 | ||||||||||||
Stock options exercised, including tax benefit | $ 784 | $ 2 | 782 | |||||||||||
Stock options exercised, including tax benefit, shares | 142,476 | 142,476 | ||||||||||||
Stock repurchase | $ (1,016) | $ (1) | (1,015) | |||||||||||
Stock repurchase, shares | (80,655) | |||||||||||||
Balances at ending at Dec. 31, 2015 | 490,514 | $ 455 | 393,191 | 95,430 | 1,438 | |||||||||
Balances at ending, shares at Dec. 31, 2015 | 45,459,195 | |||||||||||||
Comprehensive income: | ||||||||||||||
Net income | 42,341 | 42,341 | ||||||||||||
Unrealized holding gain (loss) on available for sale securities, net of deferred income tax | (10,012) | (10,012) | ||||||||||||
Total comprehensive income | 32,329 | |||||||||||||
Dividends paid - common | (7,681) | (7,681) | ||||||||||||
Stock grants issued | 200 | $ 2 | 198 | |||||||||||
Stock grants issued, shares | 232,489 | |||||||||||||
Stock based compensation expense | 4,423 | 4,423 | ||||||||||||
Stock options exercised, including tax benefit | $ 1,769 | $ 3 | 1,766 | |||||||||||
Stock options exercised, including tax benefit, shares | 229,583 | 229,583 | ||||||||||||
Stock issued pursuant to acquisition | $ 31,865 | $ 23 | $ 31,842 | |||||||||||
Stock issued pursuant to acquisition, shares | 2,276,042 | |||||||||||||
Stock repurchase | $ (962) | $ (1) | (961) | |||||||||||
Stock repurchase, shares | (50,328) | |||||||||||||
Balances at ending at Dec. 31, 2016 | $ 552,457 | $ 482 | 430,459 | 130,090 | (8,574) | |||||||||
Balances at ending, shares at Dec. 31, 2016 | 48,146,981 | 48,146,981 | ||||||||||||
Comprehensive income: | ||||||||||||||
Net income | $ 55,795 | 55,795 | ||||||||||||
Unrealized holding gain (loss) on available for sale securities, net of deferred income tax | 2,810 | 2,810 | ||||||||||||
Total comprehensive income | 58,605 | |||||||||||||
Reclassification of the disproportionate tax effect on unrealized losses on available for sale securities resulting from the change in federal tax rate | 1,241 | (1,241) | ||||||||||||
Dividends paid - common | (13,878) | (13,878) | ||||||||||||
Stock grants issued | 403 | $ 2 | 401 | |||||||||||
Stock grants issued, shares | 242,854 | |||||||||||||
Stock based compensation expense | 4,586 | 4,586 | ||||||||||||
Stock options exercised, including tax benefit | $ 6,715 | $ 6 | 6,709 | |||||||||||
Stock options exercised, including tax benefit, shares | 598,039 | 598,039 | ||||||||||||
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 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 | |||||||||||||
Stock repurchase | (1,131) | $ (1) | (1,130) | |||||||||||
Stock repurchase, shares | (45,236) | |||||||||||||
Balances at ending at Dec. 31, 2017 | $ 904,750 | $ 602 | $ 737,905 | $ 173,248 | $ (7,005) | |||||||||
Balances at ending, shares at Dec. 31, 2017 | 60,161,334 | 60,161,334 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unrealized holding gain (loss) on available for sale securities, deferred income tax | $ 1,765 | $ (6,288) | $ (1,642) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Unrealized holding gain (loss) on available for sale securities, deferred income tax | $ 1,765 | $ 6,288 | $ 1,642 |
Retained Earnings [Member] | |||
Dividends paid - common, per share | $ 0.24 | $ 0.16 | $ 0.07 |
Additional Paid in Capital [Member] | |||
Public Offering Costs | $ 529 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 55,795 | $ 42,341 | $ 39,338 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 4,958 | 4,962 | 4,493 |
Depreciation of premises and equipment | 7,247 | 6,373 | 5,716 |
Accretion of purchase accounting adjustments | (34,264) | (37,972) | (42,852) |
Net amortization of investment securities | 9,954 | 11,509 | 9,047 |
Net deferred loan origination fees | 345 | (398) | (295) |
Net loss (gain) on sale of securities available for sale | 7 | (13) | (4) |
Trading securities revenue | (242) | (519) | (403) |
Purchases of trading securities | (230,074) | (186,150) | (147,693) |
Proceeds from sale of trading securities | 235,922 | 176,393 | 149,409 |
Repossessed real estate owned valuation write down | 682 | 871 | 1,207 |
Gain on sale of repossessed real estate owned | (876) | (1,528) | (1,253) |
Repossessed assets other than real estate valuation write down | 11 | 15 | 7 |
(Gain) loss on sale of repossessed assets other than real estate | (34) | 31 | |
Gain on extinguishment of debt | 0 | (308) | 0 |
Gain on sale of trust department | (1,224) | ||
Gain on sale of small business administration loans | (775) | (150) | |
Small business administration loans originated for sale | (12,268) | (2,672) | |
Proceeds from sale of small business administration loans | 13,043 | 2,822 | 0 |
Gain on sale of residential loans held for sale | (1,511) | (833) | (566) |
Loans originated and held for sale | (93,642) | (39,748) | (29,930) |
Proceeds from sale of loans held for sale | 77,791 | 40,557 | 30,218 |
(Gain) loss on disposal of and or sale of bank premises and equipment | (225) | 1 | 19 |
Gain on disposal of bank property held for sale | (340) | (797) | (41) |
Impairment on bank property held for sale | 519 | 1,150 | 772 |
Deferred income taxes | 31,192 | 3,647 | 5,012 |
Excess tax benefit from stock based compensation | (3,007) | 0 | 0 |
Stock based compensation expense | 4,586 | 4,423 | 3,283 |
Bank owned life insurance income | (3,293) | (2,534) | (2,346) |
FDIC indemnification asset amortization | 0 | 1,166 | 16,563 |
Loss from termination of FDIC loss share agreements | 0 | 17,560 | 0 |
Net cash from changes in: | |||
Net changes in accrued interest receivable, prepaid expenses, and other assets | (48,145) | (3,585) | 2,447 |
Net change in accrued interest payable, accrued expense, and other liabilities | 10,625 | 131 | 855 |
Net cash provided by operating activities | 22,757 | 36,745 | 43,003 |
Cash flows from investing activities: | |||
Purchases of investment securities | (56,673) | (10,054) | 0 |
Purchases of mortgage backed securities | (444,146) | (294,209) | (215,262) |
Proceeds from maturities of investment securities | 1,000 | 615 | |
Proceeds from called investment securities | 865 | 10,890 | 5,905 |
Proceeds from pay-downs of mortgage backed securities | 123,917 | 130,773 | 94,258 |
Proceeds from sales of investment securities | 104,260 | 79,657 | 0 |
Proceeds from sales of mortgage backed securities | 208,432 | 62,418 | 16,305 |
Purchases of investment securities | (2,693) | (71,316) | (93,263) |
Purchases of mortgage backed securities | (1,695) | (3,730) | (30,776) |
Proceeds from called investment securities | 0 | 57,760 | 51,925 |
Proceeds from pay-downs of mortgage backed securities | 20,874 | 37,449 | 34,849 |
Purchases of FRB and FHLB stock | (15,919) | (666) | (30) |
Proceeds from sales of FHLB and FRB stock | 5,572 | 29 | 208 |
Net increase in loans | (286,110) | (287,901) | (135,984) |
Cash received from FDIC loss sharing agreements | 0 | 5,482 | 4,662 |
Purchase of bank owned life insurance | (30,000) | (10,000) | 0 |
Purchases of premises and equipment, net | (10,289) | (6,683) | (7,147) |
Proceeds from sale of repossessed real estate | 6,811 | 18,008 | 31,941 |
Proceeds from sale of premises and equipment, net | 556 | 389 | |
Proceeds from sale of bank property held for sale | 7,437 | 4,340 | 1,518 |
Net cash from bank acquisitions | 86,530 | 41,885 | 12,537 |
Net cash provided by investing activities | (281,271) | (235,253) | (227,965) |
Cash flows from financing activities: | |||
Net increase in deposits | 180,744 | 232,467 | 109,202 |
Net increase in securities sold under agreement to repurchase | 18,084 | 411 | 450 |
Net increase in federal funds purchased | 69,504 | 61,736 | 48,258 |
Net increase (decrease) in other borrowings | 40,268 | (57,418) | 25,000 |
Extinguishment of debt | 0 | (8,680) | 0 |
Net (decrease) increase in payable to shareholders for acquisitions | (89) | 38 | (466) |
Stock options exercised | 6,715 | 1,769 | 784 |
Proceeds from stock offering, net of offering costs | 63,262 | 0 | 0 |
Stock repurchased | (1,131) | (962) | (1,016) |
Dividends paid | (13,878) | (7,681) | (3,181) |
Net cash provided by / (used in) financing activities | 363,479 | 221,680 | 179,031 |
Net increase (decrease) in cash and cash equivalents | 104,965 | 23,172 | (5,931) |
Cash and cash equivalents, beginning of period | 175,654 | 152,482 | 158,413 |
Cash and cash equivalents, end of period | 280,619 | 175,654 | 152,482 |
Transfer of loans to other real estate owned | 3,108 | 7,959 | 14,791 |
Transfers of bank property to held for sale | 4,534 | 4,936 | 1,239 |
Cash paid during the period for: | |||
Interest | 17,493 | 8,920 | 8,255 |
Income taxes | $ 17,818 | $ 20,519 | $ 14,602 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of significant accounting policies (a) Nature of operations and principles of consolidation The consolidated financial statements of CenterState Bank Corporation (the “Company”) include the accounts of the Company, and its wholly owned subsidiaries CenterState Bank, N.A., R4ALL, Inc. and CSFL Insurance Corp. All significant intercompany accounts and transactions have been eliminated in consolidation. At December 31, 2017, the Company, through its subsidiary bank, operated through 78 full service banking locations in 28 counties throughout Central, Northeast and Southeast Florida, providing traditional deposit and lending products and services to its commercial and retail customers. The Company’s primary deposit products are checking, savings and term certificate accounts, and its primary lending products include commercial real estate loans, residential real estate loans, commercial loans and consumer loans. Substantially all loans are secured by commercial real estate, residential real estate, business assets or consumer assets. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the area. The Company also provides correspondent banking and capital markets services to approximately 600 community banks nationwide. R4ALL, Inc. is a non bank subsidiary incorporated during the third quarter of 2009. The primary purpose of this subsidiary is to purchase, hold, and dispose of troubled assets acquired from the Company’s subsidiary bank. CSFL Insurance Corp. is a non bank subsidiary incorporated during the fourth quarter of 2015. The primary purpose of this subsidiary is to function as a captive insurance subsidiary pursuant to Section 831(b) of the U.S. Tax Code. The following is a description of the basis of presentation and the significant accounting and reporting policies, which the Company follows in preparing and presenting its consolidated financial statements. (b) Use of estimates To prepare financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided. Significant items subject to estimates and assumptions include allowance for loan losses, fair values of financial instruments, useful life of intangibles and valuation of goodwill, fair value estimates of stock-based compensation, fair value estimates of OREO, and deferred tax assets. Actual results could differ from these estimates. (c) Cash flow reporting For purposes of the statement of cash flows, the Company considers cash and due from banks, federal funds sold, money market and non interest bearing deposits in other banks with a purchased maturity of three months or less to be cash equivalents. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, federal funds purchased, repurchase agreements, proceeds from capital offering and other borrowed funds. (d) Interest bearing deposits in other financial institutions Interest bearing deposits in other financial institutions mature within one year and are carried at cost and are included in cash and due from banks in the Consolidated Balance Sheets. (e) Trading securities The Company engages in trading activities for its own account. Securities that are held principally for resale in the near term are recorded at fair value with changes in fair value included in earnings. Interest is included in net interest income. (f) Securities Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities not classified as held to maturity or trading are classified as available for sale. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Securities are evaluated for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) other-than-temporary impairment related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. (g) Bond commissions revenue recognition Bond sales transactions and related revenue and expenses are recorded on a settlement date basis. The effect on the financial statements of using the settlement date basis rather than the trade date basis is not material. (h) Loans held for sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Mortgage loans held for sale are generally sold with servicing rights released. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. ( i ) Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balance net of purchase premiums and discounts, deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. The recorded investment in a loan excludes accrued interest receivable, deferred fees, and deferred costs because they are not considered material. A loan is considered a troubled debt restructured loan based on individual facts and circumstances. A modification may include either an increase or reduction in interest rate or deferral of principal payments or both. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings. The Company classifies troubled debt restructured loans as impaired and evaluates the need for an allowance for loan losses on a loan-by-loan basis. An allowance for loan losses is based on either the present value of estimated future cash flows or the estimated fair value of the underlying collateral. Loans retain their accruing or non-accruing status at the time of modification. Loan origination fees and the incremental direct cost of loan origination, are deferred and recognized in interest income without anticipating prepayments over the contractual life of the loans. If the loan is prepaid, the remaining unamortized fees and costs are charged or credited to interest income. Amortization ceases for nonaccrual loans. A loan is moved to nonaccrual status in accordance with the Company’s policy typically after 90 days of non-payment, or less than 90 days of non-payment if management determines that the full timely collection of principal and interest becomes doubtful. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Single family home loans, consumer loans and smaller commercial, land, development and construction loans (less than $500) are monitored by payment history, and as such, past due payments is generally the triggering mechanism to determine nonaccrual status. Larger (greater than $500) commercial, land, development and construction loans are monitored on a loan level basis, and therefore in these cases it is more likely that a loan may be placed on nonaccrual status before it becomes 90 days past due. All interest accrued but not received for loans placed on nonaccrual, is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Non real estate consumer loans are typically charged off no later than 120 days past due. The Company, considering current information and events regarding the borrower’s ability to repay their obligations, considers a loan to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is considered to be impaired, the amount of the impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the secondary market value of the loan, or the fair value of the collateral for collateral dependent loans. Interest income on impaired loans is recognized in accordance with the Company’s non-accrual policy. Impaired loans are written down to the extent that principal is judged to be uncollectible and, in the case of impaired collateral dependent loans where repayment is expected to be provided solely by the underlying collateral and there is no other available and reliable sources of repayment, are written down to the lower of cost or collateral value less estimated selling costs. Impairment losses are included in the allowance for loan losses. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. (j) Purchased credit-impaired loans As a part of business acquisitions, the Company acquires loans, some of which have shown evidence of credit deterioration since origination. These purchased credit-impaired (“PCI”) loans were determined to be credit impaired based on specific risk characteristics of the loan, including product type, domicile of the borrower, past due status, owner occupancy status, geographic location of the collateral, and loan to value ratios. Purchasers are permitted to aggregate credit impaired loans acquired in the same fiscal quarter into one or more pools, provided that the loans have common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. For the loan portfolios acquired through failed bank acquisitions, the Company aggregated the commercial, consumer, and residential loans into ten pools of loans with common risk characteristics for each FDIC failed institution acquired. These acquired loans were recorded at the acquisition date fair value, and after acquisition, losses are recognized through the allowance for loan losses. The Company estimates the amount and timing of expected cash flows for each acquired loan pool and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan pools. On a quarterly basis, the Company updates the amount of loan principal and interest cash flows expected to be collected, incorporating assumptions regarding default rates, loss severities, the amounts and timing of prepayments and other factors that are reflective of current market conditions. Probable decreases in expected loan principal cash flows trigger the recognition of impairment, which is then measured as the present value of the expected principal loss plus any related foregone interest cash flows discounted at the pool’s effective interest rate. Impairments that occur after the acquisition date are recognized through the provision for loan losses. Probable and significant increases in expected principal cash flows would first reverse any previously recorded allowance for loan losses; any remaining increases are recognized prospectively as interest income. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. Disposals of loans, which may include sales of loans, receipt of payments in full by the borrower, or foreclosure, result in removal of the loan from the purchased credit impaired portfolio. (k) Concentration of credit risk Most of the Company’s business activity is with customers located within Florida. Therefore, the Company’s exposure to credit risk is significantly affected by changes in the economy and the real estate market within Florida, primarily central, southeastern and northeastern Florida. (l) Allowance for loan losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers loans that are not individually classified as impaired and is based on historical loss experience adjusted for current factors. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Commercial, commercial real estate, land, acquisition and development, and construction loans over $500 are individually evaluated for impairment. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent two years. The portfolio segments identified by the Company are residential loans, commercial real estate loans, construction and land development loans, commercial and industrial and consumer and other. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; volume and severity of adversely classified or graded loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The Company segregates and evaluates its loan portfolio through the five portfolio segments: residential real estate, commercial real estate, land/ land development/construction, commercial and consumer/other. Residential real estate loans are a mixture of fixed rate and adjustable rate residential mortgage loans, including first mortgages, second mortgages or home equity lines of credit. As a policy, the Company holds adjustable rate loans and sells a portion of its fixed rate loan originations into the secondary market. Changes in interest rates or market conditions may impact a borrower’s ability to meet contractual principal and interest payments. Residential real estate loans are secured by real property. Commercial real estate loans include loans secured by office buildings, warehouses, retail stores and other property located in or near our markets. These loans are originated based on the borrower’s ability to service the debt and secondarily based on the fair value of the underlying collateral. Land/land development/construction loans include residential and commercial real estate loans and include a mixture of owner occupied and non-owner occupied. The majority of the loans in this category are land related, either undeveloped land, land held for development, residential building lots and commercial building lots. Generally the terms are three to five years, with a potential for renewal at maturity. Commercial loans consist of small-to medium-sized businesses including professional associations, medical services, retail trade, transportation, wholesale trade, manufacturing and tourism. Commercial loans are derived from our market areas and underwritten based on the borrower’s ability to service debt from the business’s underlying cash flows. As a general practice, we obtain collateral such as inventory, accounts receivable, equipment or other assets although such loans may be uncollateralized but guaranteed. Consumer and other loans include automobiles, boats, mobile homes without land, or uncollateralized but personally guaranteed loans. These loans are originated based primarily on credit scores, debt-to-income ratios and loan-to-value ratios. The Company evaluates the loans acquired from the Gulfstream acquisition that were not PCI loans as a sixth loan portfolio segment. The Company considered the levels of and trends in non-performing loans, past-due loans, adverse loan grade classification changes, historical loss rates, environmental factors and impaired loans in arriving at its estimate. The general loan loss allowance recorded for these performing loans acquired from Gulfstream is allocated between the five portfolio segments described above in Note 4. The Company evaluates the loans acquired from the First Southern acquisition that were not PCI loans as a seventh loan portfolio segment. The Company considered the levels of and trends in non-performing loans, past-due loans, adverse loan grade classification changes, historical loss rates, environmental factors, impaired loans and those loans guaranteed by the California State University System in arriving at its estimate. The general loan loss allowance recorded for these performing loans acquired from First Southern is allocated between the five portfolio segments described above in Note 4. (m) Transfer of financial assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. (n) Other repossessed real estate owned Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. Repossessed real estate is included in other repossessed real estate owned and other repossessed assets other than real estate is included in prepaid expenses and other assets in the Consolidated Balance Sheets. (o) Premises and equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives of the related assets. Buildings are depreciated over a 39 year period, and furniture, fixtures and equipment are depreciated over their related useful life (3 to 15 years). Leasehold improvements are depreciated over the shorter of their useful lives or the term of the lease. Major renewals and betterments of property are capitalized; maintenance, repairs, and minor renewals and betterments are expensed in the period incurred. Upon retirement or other disposition of the asset, the asset cost and related accumulated depreciation are removed from the accounts, and gains or losses are included in income. (p) Software costs Costs of software developed for internal use, such as those related to software licenses, programming, testing, configuration, direct materials and integration, are capitalized and included in premises and equipment. Included in the capitalized costs are those costs related to both our personnel and third party consultants involved in the software development and installation. Once placed in service, the capitalized asset is amortized on a straight-line basis over its estimated useful life, generally three to five years. Capitalized costs of software developed for internal use are reviewed periodically for impairment. (q) Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock The Company’s subsidiary bank is a member of the FHLB and FRB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB and FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. (r) Bank owned life insurance (BOLI) The Company, through its subsidiary bank, has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. (s) Goodwill and other intangible assets Goodwill resulting from business combinations prior to January 1, 2009 represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill resulting from business combinations after January 1, 2009, is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually. The Company has selected November 30 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. The core deposit intangibles are intangible assets arising from either whole bank acquisitions or branch acquisitions. They are initially measured at fair value and then amortized over a ten-year period on an accelerated basis using the projected decay rates of the underlying core deposits. (t) FDIC Indemnification Asset The FDIC Indemnification Asset represented the estimated amounts due from the FDIC pursuant to the Loss Share Agreements related to the acquisitions of the three failed banks acquired in 2010, two in 2012 and assumed two additional pursuant to the Company’s 2014 acquisition of First Southern. At acquisition, the FDIC Indemnification Asset represented the discounted value of the FDIC’s reimbursed portion of the estimated losses the Company expects to realize on the loans and other real estate (“Covered Assets”) acquired as a result of the acquisitions. The range of discount rates used on the FDIC Indemnification Asset was 1.21% to 4.53%. As losses were realized on Covered Assets, the portion that the FDIC paid the Company in cash for principal and up to 90 days of interest reduced the FDIC Indemnification Asset. On a quarterly basis, the Company evaluated the FDIC Indemnification Asset to determine if the estimated losses on Covered Assets supported the amount recorded as the FDIC Indemnification Asset. Income accretion was recognized during the loss share period. If the expectation of future losses declined, the income accretion was reduced prospectively over the lesser of the term of the loss share agreement and the estimated remaining life of the Covered Asset. On February 3, 2016, the FDIC bought out the remaining FDIC loss share agreements. As such, the FDIC indemnification asset was written-off effectively accelerating all future FDIC indemnification asset amortization expense as well as ending any future FDIC indemnification income. (u) Loan commitments and related financial instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. (v) Stock-based compensation Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. During 2014 the Company initiated a Long-Term Incentive Plan which included Performance Share Units (“PSUs”). The Monte-Carlo Simulation model was used to estimate fair value of the PSUs at the grant date. Compensation cost is recognized over the required service period, generally defined as the vesting period. (w) Income taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in other expenses. On December 22, 2017, the U.S. federal government enacted a tax bill, H.R1 (“Tax Act”) which reduced the federal corporate tax rates effective for fiscal year 2018. As a result of this new tax bill, the Company evaluated its deferred tax assets and deferred tax liabilities to account for the future impact of lower corporate tax rates on its deferred tax assets. The reduction in the federal corporate tax rate resulted in a one-time charge to the Company’s 2017 earnings and reduction to its net deferred tax assets. See Note 14 for more details regarding Income Taxes. (x) Retirement plans Employee 401(k) plan expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. (y) Marketing and advertising costs Marketing and advertising costs are expensed as incurred. (z) Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options and unvested restricted stock awards where shares are not issued until vested. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of issuance of the financial statements. ( aa ) Comprehensive income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale, which are also recognized as separate components of shareholders’ equity. ( ab ) Loss contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. ( ac ) Restrictions on cash Cash on hand or on deposit with the Federal Reserv |
Trading Securities
Trading Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Trading Securities | (2) Trading Securities Realized and unrealized gains and losses are included in trading securities revenue, a component of non interest income. Securities purchased for this portfolio have primarily been municipal securities. A list of the activity in this portfolio for 2017 and 2016 is summarized below. 2017 2016 Beginning balance $ 12,383 $ 2,107 Purchases 230,074 186,150 Proceeds from sales (235,922 ) (176,393 ) Net realized gain on sales 195 323 Mark-to- market adjustment 47 196 Ending balance $ 6,777 $ 12,383 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | (3) Investment Securities Available for Sale All of the mortgage backed securities (“MBS”) listed below are residential FNMA, FHLMC, and GNMA MBSs. The fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $ 5,000 $ 200 $ — $ 5,200 Obligations of U.S. government sponsored entities and agencies 10,000 — 426 9,574 Mortgage backed securities 982,565 752 10,706 972,611 Municipal securities 71,961 863 66 72,758 Total available-for-sale $ 1,069,526 $ 1,815 $ 11,198 $ 1,060,143 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 Sales of available for sale securities were as follows: 2017 2016 2015 Proceeds $ 312,692 $ 142,075 $ 16,305 Gross gains $ 740 $ 13 $ 303 Gross losses $ 747 $ — $ 299 The tax provisions related to these net realized gains were $(3), $5 and $2, respectively. Available for sale securities pledged at December 31, 2017 and 2016 had a carrying amount (estimated fair value) of $255,788 and $220,560, respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At year-end 2017 and 2016, there were no holdings of available for sale securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity. The fair value and amortized cost of available for sale securities at year end 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 available for sale: Value Cost Due in one year or less $ — $ — Due after one year through five years 5,699 5,604 Due after five years through ten years 17,604 17,318 Due after ten years through thirty years 64,229 64,039 Mortgage backed securities 972,611 982,565 Total available-for-sale $ 1,060,143 $ 1,069,526 The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2017 and 2016. December 31, 2017 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Obligations of U.S. government sponsored entities and agencies $ — $ — $ 9,574 $ 426 $ 9,574 $ 426 Mortgage backed securities 477,925 3,298 316,066 7,408 793,991 10,706 Municipal securities 11,698 66 — — 11,698 66 Total temporarily impaired available-for-sale securities $ 489,623 $ 3,364 $ 325,640 $ 7,834 $ 815,263 $ 11,198 December 31, 2016 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury securities 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 Mortgage-backed securities: At December 31, 2017, 100% of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae, Freddie Mac, and Ginnie Mae, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2017. Municipal securities: Unrealized losses on municipal securities have not been recognized into income because the issuers bonds are of high quality, and because management does not intend to sell these investments or more likely than not will not be required to sell these investments before their anticipated recovery. The fair value is expected to recover as the securities approach maturity. Held to Maturity The following reflects the fair value of held to maturity securities and the related gross unrecognized gains and losses as of December 31, 2017 and 2016. December 31, 2017 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Mortgage backed securities $ 100,039 $ — $ 1,068 $ 98,971 Municipal securities 132,360 1,781 1,497 132,644 Total held to maturity $ 232,399 $ 1,781 $ 2,565 $ 231,615 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 December 31, 2017 and 2016 had a carrying amount of $97,389 and $27,757. These securities were pledged primarily to secure public deposits and repurchase agreements. At year-end 2017 and 2016, there were no holdings of held to maturity securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity. The fair value and amortized cost of held to maturity securities at year end 2017 by contractual maturity were as follows. Mortgage-backed securities are not due at a single maturity date and are shown separately. Amortized Investment securities held to maturity Fair Value Cost Due after five years through ten years $ 2,079 $ 2,059 Due after ten years through thirty years 130,565 130,301 Mortgage backed securities 98,971 100,039 Total held-to-maturity $ 231,615 $ 232,399 The following tables show the Company’s held to maturity investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at December 31, 2017 and 2016. December 31, 2017 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Mortgage backed securities $ 57,266 $ 451 $ 41,705 $ 617 $ 98,971 $ 1,068 Municipal securities 13,350 186 37,963 1,311 51,313 1,497 Total temporarily impaired available-for-sale securities $ 70,616 $ 637 $ 79,668 $ 1,928 $ 150,284 $ 2,565 December 31, 2016 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair 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 available-for-sale securities $ 213,933 $ 8,284 $ — $ — $ 213,933 $ 8,284 Mortgage-backed securities: At December 31, 2017, 100% of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae, Freddie Mac, and Ginnie Mae, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2017. Municipal securities: Unrecognized losses on municipal securities have not been recognized into income because the issuers bonds are of high quality, and because management does not intend to sell these investments or more likely than not will not be required to sell these investments before their anticipated recovery. The fair value is expected to recover as the securities approach maturity. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans | (4) Loans Major categories of loans included in the loan portfolio as of December 31, 2017 and 2016 are: December 31, 2017 December 30, 2016 Loans excluding PCI loans Real estate loans Residential $ 1,025,303 $ 816,304 Commercial 2,546,143 1,755,922 Land, development and construction 235,816 142,044 Total real estate 3,807,262 2,714,270 Commercial 693,501 439,540 Consumer and other loans 107,480 89,538 Loans before unearned fees and deferred cost 4,608,243 3,243,348 Net unearned fees and costs 820 475 Total loans excluding PCI loans 4,609,063 3,243,823 PCI loans (note 1) Real estate loans Residential 59,975 72,179 Commercial 92,791 99,566 Land, development and construction 6,656 9,944 Total real estate 159,422 181,689 Commercial 4,444 3,825 Consumer and other loans 292 410 Total PCI loans 164,158 185,924 Total loans 4,773,221 3,429,747 Allowance for loan losses for loans that are not PCI loans (32,530 ) (26,569 ) Allowance for loan losses for PCI loans (295 ) (472 ) Total loans, net of allowance for loan losses $ 4,740,396 $ 3,402,706 note 1: Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. Changes in the allowance for loan losses by portfolio segment for the years ended December 31, 2017, 2016 and 2015, are below. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Twelve months ended December 31, 2017 Beginning of the period $ 5,640 $ 14,713 $ 883 $ 3,785 $ 1,548 $ 26,569 Charge-offs (254 ) (74 ) - (677 ) (994 ) (1,999 ) Recoveries 950 662 596 334 217 2,759 Provision for loan losses (333 ) 4,003 (300 ) 688 1,143 5,201 Balance at end of period $ 6,003 $ 19,304 $ 1,179 $ 4,130 $ 1,914 $ 32,530 Twelve months ended December 31, 2016 Beginning of the period $ 6,015 $ 10,559 $ 936 $ 3,212 $ 1,421 $ 22,143 Charge-offs (290 ) (1,190 ) (232 ) (186 ) (849 ) (2,747 ) Recoveries 1,220 625 269 325 189 2,628 Provision for loan losses (1,305 ) 4,719 (90 ) 434 787 4,545 Balance at end of period $ 5,640 $ 14,713 $ 883 $ 3,785 $ 1,548 $ 26,569 Twelve months ended December 31, 2015 Beginning of the period $ 6,743 $ 8,269 $ 752 $ 2,330 $ 1,290 $ 19,384 Charge-offs (1,283 ) (173 ) (461 ) (1,121 ) (853 ) (3,891 ) Recoveries 901 485 5 344 156 1,891 Provision for loan losses (346 ) 1,978 640 1,659 828 4,759 Balance at end of period $ 6,015 $ 10,559 $ 936 $ 3,212 $ 1,421 $ 22,143 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Twelve months ended December 31, 2017 Beginning of the period $ 54 $ 92 $ 312 $ - $ 14 $ 472 Charge-offs — — — — — — Recoveries — 66 — — — 66 Provision for loan losses (54 ) (99 ) (90 ) — — (243 ) Balance at end of period $ — $ 59 $ 222 $ — $ 14 $ 295 Twelve months ended December 31, 2016 Beginning of the period $ — $ 103 $ 1 $ 3 $ 14 $ 121 Charge-offs — — (66 ) — — (66 ) Recoveries — — — — — — Provision for loan losses 54 (11 ) 377 (3 ) — 417 Balance at end of period $ 54 $ 92 $ 312 $ — $ 14 $ 472 Twelve months ended December 31, 2015 Beginning of the period $ — $ 372 $ 6 $ 136 $ — $ 514 Charge-offs — (77 ) — — (50 ) (127 ) Recoveries — — — — — — Provision for loan losses — (192 ) (5 ) (133 ) 64 (266 ) Balance at end of period $ — $ 103 $ 1 $ 3 $ 14 $ 121 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2017 and 2016. Accrued interest receivable and unearned fees/costs are not included in the recorded investment because they are not material. Real Estate Loans As of December 31, 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 $ 586 $ — $ 4 $ 206 $ 8 $ 804 Collectively evaluated for impairment 5,417 19,304 1,175 3,924 1,906 31,726 Purchased credit impaired — 59 222 — 14 295 Total ending allowance balance $ 6,003 $ 19,363 $ 1,401 $ 4,130 $ 1,928 $ 32,825 Loans: Individually evaluated for impairment $ 8,101 $ 8,218 $ 331 $ 3,497 $ 198 $ 20,345 Collectively evaluated for impairment 1,017,202 2,537,925 235,485 690,004 107,282 4,587,898 Purchased credit impaired 59,975 92,791 6,656 4,444 292 164,158 Total ending loan balances $ 1,085,278 $ 2,638,934 $ 242,472 $ 697,945 $ 107,772 $ 4,772,401 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 following is a summary of information regarding impaired loans at December 31, 2017 and 2016: December 31, 2017 2016 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $ 12,081 $ 11,030 Nonperforming TDRs (these are included in NPLs) 698 2,075 Total TDRs (these are included in impaired loans) 12,779 13,105 Impaired loans that are not TDRs 7,566 7,148 Total impaired loans $ 20,345 $ 20,253 Troubled Debt Restructurings: In certain circumstances it may be beneficial to modify or restructure the terms of a loan (i.e. troubled debt restructure or “TDR”) and work with the borrower for the benefit of both parties, versus forcing the property into foreclosure and having to dispose of it in an unfavorable real estate market. When the Company modifies the terms of a loan, it usually either reduces the monthly payment and/or interest rate for generally twelve to twenty-four months. The Company has not forgiven any material principal amounts on any loan modifications to date. The Company has $12,779 of TDRs. Of this amount $12,081 are performing pursuant to their modified terms, and $698 are not performing and have been placed on non-accrual status and included in our nonperforming loans (“NPLs”). TDRs as of December 31, 2017 and 2016 quantified by loan type classified separately as accrual (performing loans) and non-accrual (nonperforming loans) are presented in the table below. As of December 31, 2017 Accruing Non Accrual Total Real estate loans: Residential $ $7,737 $ $364 $ $8,101 Commercial 3,286 306 3,592 Land, development, construction 332 — 332 Total real estate loans 11,355 670 12,025 Commercial 556 — 556 Consumer and other 170 28 198 Total TDRs $ $12,081 $ $698 $ $12,779 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 The Company’s policy is to return non-accrual TDR loans to accrual status when all the principal and interest amounts contractually due, pursuant to its modified terms, are brought current and future payments are reasonably assured. The Company’s policy also considers the payment history of the borrower, but is not dependent upon a specific number of payments. The Company recorded a provision for loan loss expense of $265, $454 and $350 and partial charge offs of $72, $209 and $272 on TDR loans during the periods ending December 31, 2017, 2016 and 2015, respectively. Loans are modified to minimize loan losses when management believes the modification will improve the borrower’s financial condition and ability to repay the loan. The Company typically does not forgive principal. The Company generally either reduces interest rates or decreases monthly payments for a temporary period of time and those reductions of cash flows are capitalized into the loan balance. The Company may also extend maturities, convert balloon loans to longer term amortizing loans, or vice versa, or change interest rates between variable and fixed rate. Each borrower and situation is unique and management tries to accommodate the borrower and minimize the Company’s potential losses. Approximately 94% of the Company’s TDRs are current pursuant to their modified terms, and $698, or approximately 6% of the Company’s total TDRs are not performing pursuant to their modified terms. There does not appear to be any significant difference in success rates with one type of concession versus another. Loans modified as TDRs during the twelve month periods ending December 31, 2017, 2016 and 2015 were $2,258, $4,079 and $4,442. The Company recorded a loan loss provision of $14, $229 and $221 for loans modified during the twelve month periods ending December 31, 2017, 2016 and 2015. The following table presents loans by class modified as TDRs for which there was a payment default within twelve months following the modification during the years ending December 31, 2017, 2016 and 2015. Year Ending Year Ending Year Ending December 31, 2017 December 31, 2016 December 31, 2015 Number Recorded Number Recorded Number Recorded of loans investment of loans investment of loans investment Residential — $ — 2 $ 167 3 $ 588 Commercial real estate 1 177 2 936 3 1,341 Land, development, construction — — — — — Commercial and Industrial — — — 1 66 Consumer and other — — — — — Total 1 $ 177 4 $ 1,103 7 1,995 The Company recorded $8, $76 and $152 in provision for loan loss expense and $8, $77 and $153 in partial charge offs on TDR loans that subsequently defaulted as described above during the years ending December 31, 2017, 2016 and 2015, respectively. The Company has allocated $601 and $695 of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of December 31, 2017 and 2016. The Company has not committed to lend additional amounts to customers with outstanding loans that are classified as troubled debt restructurings. The following tables present loans individually evaluated for impairment by class of loans as of December 31, 2017 and 2016 excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance primarily due to partial charge-offs. As of December 31, 2017 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 4,945 $ 4,818 $ — Commercial real estate 8,973 8,218 — Land, development, construction 260 210 — Commercial and industrial 3,374 2,968 — Consumer, other 142 127 — With an allowance recorded: Residential real estate 3,426 3,283 586 Commercial real estate — — — Land, development, construction 140 121 4 Commercial and industrial 531 529 206 Consumer, other 78 71 8 Total $ 21,869 $ 20,345 $ 804 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 December 31, 2017 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 7,731 $ 267 $ — Commercial 8,956 145 — Land, development, construction 432 18 — Total real estate loans 17,119 430 — Commercial and industrial 1,968 29 — Consumer and other loans 240 10 — Total $ 19,327 $ 469 $ — December 31, 2016 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,384 $ 257 $ — Commercial 11,696 131 — Land, development, construction 1,503 24 — Total real estate loans 21,583 412 — Commercial and industrial 1,808 44 — Consumer and other loans 253 11 — Total $ 23,644 $ 467 $ — December 31, 2015 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,623 $ 241 $ — Commercial 10,874 259 — Land, development, construction 1,998 31 — Total real estate loans 21,495 531 — Commercial and industrial 946 39 — Consumer and other loans 329 14 — Total $ 22,770 $ 584 $ — The following tables present the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of December 31, 2017 and 2016 excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30: As of December 31, 2017 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 7,107 $ — Commercial real estate 6,549 — Land, development, construction 138 — Commercial 3,121 — Consumer, other 373 — Total $ 17,288 $ — 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 tables present the aging of the recorded investment in past due loans as of December 31, 2017 and 2016, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30: Accruing Loans Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans As of December 31, 2017 Residential real estate $ 1,025,303 $ 3,568 $ 1,821 $ — $ 5,389 $ 1,012,807 $ 7,107 Commercial real estate 2,546,143 1,158 2,272 — 3,430 2,536,164 6,549 Land/dev/construction 235,816 2,807 189 — 2,996 232,682 138 Commercial 693,501 568 763 — 1,331 689,049 3,121 Consumer 107,480 471 48 — 519 106,588 373 $ 4,608,243 $ 8,572 $ 5,093 $ — $ 13,665 $ 4,577,290 $ 17,288 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. As of December 31, 2017 and 2016, and based on the most recent analysis performed, the risk category of loans by class of loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30, is presented below. 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 December 31, 2017 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 987,472 $ 20,435 $ 17,396 $ — Commercial real estate 2,411,085 115,942 19,116 — Land/dev/construction 217,555 17,699 562 — Commercial 674,764 14,186 4,551 — Consumer 106,735 139 606 — Total $ 4,397,611 $ 168,401 $ 42,231 $ — 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 accounted for pursuant to ASC Topic 310-30, based on payment activity as of December 31, 2017 and 2016: As of December 31, 2017 Residential Consumer Performing 1,018,196 107,107 Nonperforming 7,107 373 Total 1,025,303 107,480 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 December 31, 2017, 2016 and 2015. Contractually required principal and interest payments have been adjusted for estimated prepayments. December 31, 2017 2016 2015 Contractually required principal and interest $ 248,283 $ 297,821 $ 332,570 Non-accretable difference (13,183 ) (18,372 ) (19,452 ) Cash flows expected to be collected 235,100 279,449 313,118 Accretable yield (70,942 ) (93,525 ) (102,590 ) Carrying value of acquired loans 164,158 185,924 210,528 Allowance for loan losses (295 ) (472 ) (121 ) Carrying value less allowance for loan losses $ 163,863 $ 185,452 $ 210,407 The Company recorded $(243), $417 and $(266) in loan loss provision expense on PCI loans during the years ending December 31, 2017, 2016 and 2015, respectively. The Company adjusted its estimates of future expected losses, cash flows and renewal assumptions during the current year. These adjustments resulted in an increase in expected cash flows and accretable yield, and a decrease in the non-accretable difference. The Company reclassified approximately $4,707, $6,220 and $28,394 from non-accretable difference to accretable yield during the twelve month periods ending December 31, 2017, 2016 and 2015, respectively, to reflect the adjusted estimates of future expected cash flows. The Company recognized approximately $32,388 of accretion income during the twelve month period ending December 31, 2017. The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the periods ending December 31, 2017, 2016 and 2015. effect of income all other December 31, 2016 acquisitions accretion adjustments December 31, 2017 Contractually required principal and interest $ 297,821 $ 31,334 $ — $ (80,872 ) $ 248,283 Non-accretable difference (18,372 ) (7,104 ) — 12,293 (13,183 ) Cash flows expected to be collected 279,449 24,230 — (68,579 ) 235,100 Accretable yield (93,525 ) (4,185 ) 32,388 (5,620 ) (70,942 ) Carry value of acquired loans $ 185,924 $ 20,045 $ 32,388 $ (74,199 ) $ 164,158 effect of income all other December 31, 2015 acquisitions accretion adjustments December 31, 2016 Contractually required principal and interest $ 332,570 $ 73,005 $ — $ (107,754 ) $ 297,821 Non-accretable difference (19,452 ) (9,295 ) — 10,375 (18,372 ) Cash flows expected to be collected 313,118 63,710 — (97,379 ) 279,449 Accretable yield (102,590 ) (18,585 ) 34,006 (6,356 ) (93,525 ) Carry value of acquired loans $ 210,528 $ 45,125 $ 34,006 $ (103,735 ) $ 185,924 effect of income all other December 31, 2014 acquisitions accretion adjustments December 31, 2015 Contractually required principal and interest $ 460,836 $ - $ — $ (128,266 ) $ 332,570 Non-accretable difference (68,757 ) - — 49,305 (19,452 ) Cash flows expected to be collected 392,079 - — (78,961 ) 313,118 Accretable yield (115,313 ) - 40,645 (27,922 ) (102,590 ) Carry value of acquired loans $ 276,766 $ - $ 40,645 $ (106,883 ) $ 210,528 |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Other Real Estate Owned | (5) Other real estate owned Other real estate owned means real estate acquired through or instead of loan foreclosure. Activity in the valuation allowance was as follows: 2017 2016 2015 Beginning of year $ 869 $ 1,297 $ 3,103 Valuation write down of repossessed real estate 682 871 1,207 Sales and/or dispositions (690 ) (1,299 ) (3,013 ) End of year $ 861 $ 869 $ 1,297 Expenses related to foreclosed real estate include: 2017 2016 2015 (Gain) loss on sale of repossessed real estate $ (876 ) (1,528 ) (1,253 ) Valuation write down of repossessed real estate 682 871 1,207 Operating expenses, net of rental income 2,252 2,392 2,334 Total $ 2,058 $ 1,735 $ 2,288 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | (6) Fair value Generally accepted accounting principles establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The fair values of 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; and, (2) for those securities which have not traded as of the date of the consolidated balance sheet, the fair value was determined by broker price indications of similar or same securities. The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2). 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. 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 December 31, 2017, the range of capitalization rates utilized to determine the fair value of the underlying collateral ranged from 7% to 10%. Adjustments to comparable sales may be made by the appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of a given asset over time. As such, the fair value of impaired loans and other real estate owned are considered a Level 3 in the fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis are summarized below. Fair value measurements using Significant Quoted prices in other Significant active markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at December 31, 2017 Assets: Trading securities $ 6,777 — $ 6,777 — Available for sale securities Corporate debt securities 5,200 — 5,200 — Obligations of U.S. government sponsored entities and agencies 9,574 — 9,574 — Mortgage backed securities 972,611 — 972,611 — Municipal securities 72,758 — 72,758 — Interest rate swap derivatives 42,480 — 42,480 — Liabilities: Interest rate swap derivatives 43,259 — 43,259 — 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 a non-recurring basis are summarized below. Fair value measurements using Significant Quoted prices in other Significant active markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at December 31, 2017 Assets: Impaired loans Residential real estate $ 2,423 — — $ 2,423 Commercial real estate 6,293 — — 6,293 Land, land development and construction 292 — — 292 Commercial 2,131 — — 2,131 Consumer 57 — — 57 Other real estate owned Residential real estate 635 — — 635 Commercial real estate 261 — — 261 Land, land development and construction 1,481 — — 1,481 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 $11,673 with a valuation allowance of $477 at December 31, 2017, and a recorded investment of $13,951, with a valuation allowance of $386, at December 31, 2016. The Company recorded a provision for loan loss expense of $842 and $1,221 on these loans during the years ending 2017 and 2016, respectively. Other real estate owned had a decline in fair value of $682 and $871 during the twelve month periods ending December 31, 2017 and 2016, respectively. Changes in fair value were recorded directly as an adjustment to current earnings through non interest expense. Bank property held for sale represents certain branch office buildings which the Company has closed and consolidated with other existing branches. The real estate was transferred out of the Bank Premises and Equipment category into bank property held for sale at the lower of amortized cost or fair value less estimated costs to sell. The fair values were based upon appraisals. The Company recorded an impairment charge, net of gains on sales, of $519 and $353 during the twelve month periods ending December 31, 2017 and 2016 related to bank properties held for sale. Fair Value of Financial Instruments The methods and assumptions, not previously presented, used to estimate fair value are described as follows: Cash and Cash Equivalents: FHLB and FRB Stock Investment securities held to maturity Loans held for sale Loans, net FDIC Indemnification Asset Accrued Interest Receivable Deposits Short-term Borrowings Corporate Debentures Accrued Interest Payable Off-balance Sheet Instruments The following table presents the carry amounts and estimated fair values of the Company’s financial instruments: Fair value measurements at December 31, 2017 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 280,619 $ 280,619 $ — $ — $ 280,619 Trading securities 6,777 — 6,777 — 6,777 Investment securities available for sale 1,060,143 — 1,060,143 — 1,060,143 Investment securities held to maturity 232,399 — 231,615 — 231,615 FHLB and FRB stock 34,876 — — — n/a Loans held for sale 19,647 — 19,647 — 19,647 Loans, less allowance for loan losses of $32,825 4,740,396 — — 4,731,514 4,731,514 Interest rate swap derivatives 42,480 — 42,480 — 42,480 Accrued interest receivable 18,628 — 5,370 13,258 18,628 Financial liabilities: Deposits- without stated maturities $ 4,727,840 $ 4,727,840 $ — $ — $ 4,727,840 Deposits- with stated maturities 832,683 — 845,039 — 845,039 Securities sold under agreement to repurchase 52,080 — 52,080 — 52,080 Federal funds purchased 331,490 — 331,490 — 331,490 Corporate debentures 26,192 — — 22,363 22,363 Interest rate swap derivatives 43,259 — 43,259 — 43,259 Accrued interest payable 1,169 — 1,169 — 1,169 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 |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Bank Premises and Equipment | (7) Bank Premises and Equipment A summary of bank premises and equipment as of December 31, 2017 and 2016 is as follows: December 31, 2017 2016 Land $ 51,724 $ 40,952 Land improvements 1,251 1,146 Buildings 85,625 71,069 Leasehold improvements 6,575 5,310 Furniture, fixtures and equipment 38,662 34,912 Construction in progress 4,783 2,878 188,620 156,267 Less: Accumulated depreciation 46,734 41,452 $ 141,886 $ 114,815 The Company leases land and certain facilities under noncancellable operating leases. The following is a schedule of future minimum annual rentals under the noncancellable operating leases: Year ending December 31, 2018 $ 4,093 2019 3,223 2020 1,790 2021 1,670 2022 941 Thereafter 4,312 $ 16,029 Rent expense, net of rental income, for the years ended December 31, 2017, 2016 and 2015, was $2,996, $1,955 and $2,117, respectively, and is included in occupancy expense in the accompanying Consolidated Statements of Income. Rental income for the years ended December 31, 2017, 2016 and 2015, was $930, $892, and $650, respectively, and is included in occupancy expense. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | (8) Goodwill and Intangible Assets Goodwill was a result of whole bank acquisitions, all within the Company’s commercial and retail banking segment. The change in balance for goodwill during the years 2017, 2016 and 2015 is as follows: 2017 2016 2015 Beginning of year $ 106,028 $ 76,739 $ 76,739 Acquired goodwill 151,655 29,289 — Impairment — — — End of year $ 257,683 $ 106,028 $ 76,739 The Company performed a step 1 annual impairment analysis of the goodwill recorded at the commercial and retail banking (“Bank”) reporting unit as of November 30, 2017. Step 1 includes the determination of the carrying value of the reporting unit, including the existing goodwill and intangible assets, and estimating the fair value of the reporting unit. The carrying amount of the reporting unit did not exceed its fair value resulting in no impairment. Acquired intangible assets consists of core deposit intangibles (“CDI”) and Trust intangible (“Trust”) which are intangible assets arising from either whole bank or branch acquisitions. They are initially measured at fair value and then amortized over a ten-year period on an accelerated basis using the projected decay rates of the underlying core deposits in the case of CDI and an accelerated method in the case of the Trust intangible. In December 2017, the Company sold its trust department resulting in the disposal of its related trust intangible asset. The change in balance for CDI and the Trust during the years 2017, 2016 and 2015 is as follows: 2017 2016 2015 Beginning of year $ 16,209 $ 13,001 $ 15,401 Acquired CDI 12,424 6,282 137 Amortization expense (3,997 ) (3,074 ) (2,537 ) Disposal of trust intangible asset (573 ) — — End of year $ 24,063 $ 16,209 $ 13,001 Acquired intangible assets were as follows for years ended December 31, 2017 and 2016: December 31, 2017 December 31, 2016 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Amortized intangible assets: Core deposit intangibles $ 42,019 $ 17,956 $ 29,595 $ 14,085 Trust intangible — — 1,580 881 Total acquired intangibles $ 42,019 $ 17,956 $ 31,175 $ 14,966 Estimated amortization expense for each of the next five years: 2018 $ 3,971 2019 3,559 2020 3,229 2021 2,924 2022 2,659 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Banking And Thrift [Abstract] | |
Deposits | (9) Deposits A detail of deposits at December 31, 2017 and 2016 is as follows: December 31, Weighted Weighted Average Average Interest Interest 2017 Rate 2016 Rate Non-interest bearing deposits $ 1,999,901 — % $ 1,426,624 — % Interest bearing deposits: Interest bearing demand deposits 1,058,985 0.1 % 917,004 0.1 % Savings deposits 501,014 0.1 % 362,947 0.1 % Money market accounts 1,167,940 0.4 % 900,532 0.3 % Time deposits less than $100,000 384,347 1.0 % 230,192 0.7 % Time deposits of $100,000 or greater 448,336 1.2 % 315,245 0.9 % $ 5,560,523 0.3 % $ 4,152,544 0.2 % The following table presents the amount of certificate accounts at December 31, 2017, maturing during the periods reflected below: Year Amount 2018 $ 547,516 2019 158,356 2020 63,737 2021 39,250 2022 23,824 Thereafter - Total 832,683 Time deposits that meet or exceed the FDIC insurance limit of $250 at year end 2017 and 2016 were $197,247 and $139,807. Total brokered deposits were $222,368 and $112,164 at year end 2017 and 2016, respectively. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2017 | |
Banking And Thrift [Abstract] | |
Securities Sold Under Agreements to Repurchase | (10) Securities Sold Under Agreements to Repurchase The Company’s subsidiary bank enters into borrowing arrangements with its retail business customers by agreements to repurchase (“repurchase agreements”) under which the bank pledges investment securities owned and under its control as collateral against the one-day borrowing arrangement. At December 31, 2017 and 2016, the Company had $52,080 and $28,427 in repurchase agreements. Repurchase agreements are secured by obligations of U.S. government agencies and municipal securities with fair values of $59,682 and $35,522 at December 31, 2017 and 2016, respectively. Any risk related to these arrangements, primarily market value changes, is minimized due to the overnight (one-day) maturity and the additional collateral pledged over the borrowed amounts. The following tables provide additional details as of December 31, 2017 and 2016. MBS Municipal As of December 31, 2017 Securities Securities Total Market value of securities pledged 59,239 $ 443 59,682 Borrowings related to pledged amounts 52,030 50 52,080 Market value pledged as a % of borrowings 114 % 886 % 115 % MBS Municipal As of December 31, 2016 Securities Securities Total 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 % Information concerning repurchase agreements is summarized as follows: 2017 2016 2015 Average daily balance during the year 43,850 $ 29,435 $ 30,727 Average interest rate during the year 0.56 % 0.35 % 0.61 % Maximum month-end balance during the year 52,080 $ 35,500 $ 40,198 Weighted average interest rate at year end 0.88 % 0.33 % 0.36 % |
Federal Funds Purchased
Federal Funds Purchased | 12 Months Ended |
Dec. 31, 2017 | |
Banking And Thrift [Abstract] | |
Federal Funds Purchased | (11) Federal Funds Purchased Federal funds purchased, as listed below, are overnight deposits from correspondent banks. Information concerning these deposits is summarized as follows: 2017 2016 2015 Average daily balance during the year $ 263,669 $ 210,276 $ 184,451 Average interest rate during the period 1.13 % 0.55 % 0.34 % Maximum month-end balance during the year $ 302,799 $ 288,582 $ 223,151 Weighted average interest rate at year end 1.39 % 0.72 % 0.33 % |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances and Other Borrowed Funds | 12 Months Ended |
Dec. 31, 2017 | |
Banking And Thrift [Abstract] | |
Federal Home Loan Bank Advances and Other Borrowed Funds | (12) Federal Home Loan Bank advances and other borrowed funds From time to time, the Company borrows either through Federal Home Loan Bank advances or one-day borrowings, other than correspondent bank deposits listed in note 11 above. The Company had $70,000 in overnight borrowings, with a weighted average interest rate of 1.63%, with the Federal Reserve Bank and financial institutions. These borrowings are included in federal funds purchased on the Company’s Consolidated Balance Sheet. In addition, the Company had $20,000 in a revolving line of credit, with an interest rate of 4.84%, during the period ending December 31, 2017. The Company had $155,000 in an overnight variable advance, with an interest rate of 1.59%, from the Federal Home Loan Bank during the period ending December 31, 2017 and no advances during the period ending December 31, 2016. Federal Home Loan Bank advances are collateralized by residential and commercial loans under a blanket lien arrangement and investment securities. Based on this collateral, and the Company’s holdings of FHLB stock, the Company is eligible to borrow up to $235,830 at year end 2017. |
Corporate Debentures
Corporate Debentures | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Corporate Debentures | (13) Corporate Debentures In September 2003, the Company formed CenterState Banks of Florida Statutory Trust I (the “Trust”) for the purpose of issuing trust preferred securities. On September 22, 2003, the Company issued a floating rate corporate debenture in the amount of $10,000. The Trust used the proceeds from the issuance of a trust preferred security to acquire the corporate debenture. The trust preferred security essentially mirrors the corporate debenture, carrying a cumulative preferred dividend at a variable rate equal to the interest rate on the corporate debenture (three month LIBOR plus 305 basis points). The corporate debenture and the trust preferred security each have 30-year lives. The trust preferred security and the corporate debenture are callable by the Company or the Trust, at their respective option after five years, and sooner in specific events, subject to prior approval by the Federal Reserve, if then required. The Company has treated the corporate debenture as Tier 1 capital up to the maximum amount allowed under the Federal Reserve guidelines for federal regulatory purposes. The Company is not considered the primary beneficiary of this Trust (variable interest entity), therefore the trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are shown as a liability. The Company’s investment in the common stock of the trust was $310 and is included in other assets. In September 2004, Valrico Bancorp Inc. (“VBI”) formed Valrico Capital Statutory Trust (“Valrico Trust”) for the purpose of issuing trust preferred securities. On September 9, 2004, VBI issued a floating rate corporate debenture in the amount of $2,500. The Trust used the proceeds from the issuance of a trust preferred security to acquire the corporate debenture. On April 2, 2007, the Company acquired all the assets and assumed all the liabilities of VBI pursuant to the merger agreement, including VBI’s corporate debenture and related trust preferred security discussed above. The trust preferred security essentially mirrors the corporate debenture, carrying a cumulative preferred dividend at a variable rate equal to the interest rate on the corporate debenture (three month LIBOR plus 270 basis points). The corporate debenture and the trust preferred security each have 30-year lives. The trust preferred security and the corporate debenture are callable by the Company or the Valrico Trust, at their respective option after five years, and sooner in specific events, subject to prior approval by the Federal Reserve, if then required. The Company has treated the corporate debenture as Tier 1 capital up to the maximum amount allowed under the Federal Reserve guidelines for federal regulatory purposes. The Company is not considered the primary beneficiary of this Trust (variable interest entity), therefore the trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are shown as a liability. The Company’s investment in the common stock of the trust was $77 and is included in other assets. In September 2003, Federal Trust Corporation (“FTC”) formed Federal Trust Statutory I (“FTC Trust”) for the purpose of issuing trust preferred securities. On September 17, 2003, FTC issued a floating rate corporate debenture in the amount of $5,000. The Trust used the proceeds from the issuance of a trust preferred security to acquire the corporate debenture. In November 2011, the Company acquired certain assets and assumed certain liabilities of FTC from The Hartford Financial Services Group, Inc. (“Hartford”) pursuant to an acquisition agreement, including FTC’s corporate debenture and related trust preferred security issued through FTC’s finance subsidiary FTC Trust. The trust preferred security essentially mirrors the corporate debenture, carrying a cumulative preferred dividend at a variable rate equal to the interest rate on the corporate debenture (three month LIBOR plus 295 basis points). The corporate debenture and the trust preferred security each have 30-year lives maturing in 2033. The trust preferred security and the corporate debenture are callable by the Company or the FTC Trust, at their respective option after five years, and sooner in specific events, subject to prior approval by the Federal Reserve, if then required. The Company has treated the corporate debenture as Tier 1 capital up to the maximum amount allowed under the Federal Reserve guidelines for federal regulatory purposes. The Company is not considered the primary beneficiary of this Trust (variable interest entity), therefore the trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are shown as a liability. The Company’s investment in the common stock of the trust was $155 and is included in other assets. In December 2004, Gulfstream Bancshares, Inc. (“GBI”) formed Gulfstream Bancshares Capital Trust I (“GBI Trust I”) for the purpose of issuing trust preferred securities. On December 1, 2004, GBI issued a floating rate corporate debenture in the amount of $7,000. The Trust used the proceeds from the issuance of a trust preferred security to acquire the corporate debenture. The trust preferred security essentially mirrors the corporate debenture, carrying a cumulative preferred dividend at a variable rate equal to the interest rate on the corporate debenture (three month LIBOR plus 190 bps). The rate is subject to change quarterly. The corporate debenture and the trust preferred security each have 30-year lives. The trust preferred security and the corporate debenture are callable by the Company or the GBI Trust I, at their respective option, subject to prior approval by the Federal Reserve, if then required. On January 17, 2014, the Company acquired all the assets and assumed all the liabilities of GBI by merger, including GBI’s corporate debenture and related trust preferred security discussed above. The Company has treated the corporate debenture as Tier 1 capital up to the maximum amount allowed under the Federal Reserve guidelines for federal regulatory purposes. On January 22, 2016, the Company cancelled, dissolved and terminated GBI Trust I. The Company recognized a pre-tax gain on extinguishment of debt of approximately $308 in the first quarter of 2016. In December 2006, GBI formed Gulfstream Bancshares Capital Trust II (“GBI Trust II”) for the purpose of issuing trust preferred securities. On December 28, 2006, GBI issued a floating rate corporate debenture in the amount of $3,000. The Trust used the proceeds from the issuance of a trust preferred security to acquire the corporate debenture. The trust preferred security essentially mirrors the corporate debenture, carrying a cumulative preferred dividend at a variable rate equal to the interest rate on the corporate debenture (three month LIBOR plus 170 bps). The rate is subject to change quarterly. The corporate debenture and the trust preferred security each have 30-year lives. The trust preferred security and the corporate debenture are callable by the Company or the GBI Trust II, at their respective option, subject to prior approval by the Federal Reserve, if then required. On January 17, 2014, the Company acquired all the assets and assumed all the liabilities of GBI by merger, including GBI’s corporate debenture and related trust preferred security discussed above. The Company has treated the corporate debenture as Tier 1 capital up to the maximum amount allowed under the Federal Reserve guidelines for federal regulatory purposes. In July 2006, Hometown formed Homestead Statutory Trust I (“Homestead Trust I”) for the purpose of issuing trust preferred securities. On July 17, 2006, Hometown issued a floating rate corporate debenture in the amount of $16,000. The Trust used the proceeds from the issuance of a trust preferred security to acquire the corporate debenture. The trust preferred security essentially mirrors the corporate debenture, carrying a cumulative preferred dividend at a variable rate equal to the interest rate on the corporate debenture (three month LIBOR plus 165 bps). The rate is subject to change quarterly. The corporate debenture and the trust preferred security each have 30-year lives. The trust preferred security and the corporate debenture are callable by the Company or the GBI Trust II, at their respective option, subject to prior approval by the Federal Reserve, if then required. On March 1, 2016, the Company acquired all the assets and assumed all the liabilities of Hometown by merger, including Hometown’s corporate debenture and related trust preferred security. On March 16, 2016, the Company partially redeemed and terminated $6,000 of Homestead Trust I. The Company has treated the remaining corporate debenture as Tier 1 capital up to the maximum amount allowed under the Federal Reserve guidelines for federal regulatory purposes. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (14) Income Taxes Allocation of federal and state income tax expense between current and deferred portions for the years ended December 31, 2017, 2016 and 2015, is as follows: Current Deferred Total December 31, 2017: Federal $ 18,243 $ 29,393 $ 47,636 State 4,045 1,799 5,844 $ 22,288 $ 31,192 $ 53,480 December 31, 2016: Federal $ 15,172 $ 3,127 $ 18,299 State 3,091 520 3,611 $ 18,263 $ 3,647 $ 21,910 December 31, 2015: Federal $ 14,639 $ 4,297 $ 18,936 State 2,920 715 3,635 $ 17,559 $ 5,012 $ 22,571 The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2017 and 2016, are presented below: December 31, 2017 2016 Deferred tax assets: Allowance for loan losses $ 8,320 $ 10,431 Stock based compensation 1,609 1,792 Deferred compensation 1,488 2,145 Impairment expenses 572 459 Net operating loss carryforward 13,278 22,633 Other real estate owned expenses 557 580 Fair value adjustments 13,414 27,241 Nonaccrual interest 1,385 1,856 Unrealized loss on investment securities available for sale 2,378 5,384 Other 2,339 371 Total deferred tax assets 45,340 72,892 Deferred tax liabilities: Premises and equipment, due to differences in depreciation methods and useful lives (5,441 ) (7,320 ) Deferred loan costs, net (208 ) (183 ) Prepaid expense (1,752 ) (1,867 ) Like kind exchange (197 ) (300 ) Accretion of discounts on investments (17 ) (14 ) Total deferred tax liabilities (7,615 ) (9,684 ) Net deferred tax asset $ 37,725 $ 63,208 As a result of the acquisition of First Southern on June 1, 2014, the Company obtained net operating loss carryforwards of approximately $57,375 which are subject to an Internal Revenue Code Section 382 annual limitation of approximately $6,487 per year. The Company obtained net operating loss carryforwards of approximately $11,526 and $8,763 as a result of the acquisitions of Community and Hometown, respectively, on March 1, 2016 which are also subject to Internal Revenue Code Section 382 limitations of approximately $1,722 and $507, respectively. On May 1, 2017, the Company completed its acquisition of Gateway and as a result obtained net operating loss carryforwards of approximately $5,407, which are subject to Internal Revenue Code Section 382 limitations of approximately $3,289. At December 31, 2017, the Company had net operating loss carryforwards of approximately $53,499 which will begin to expire as follows. 2028 $ 1,267 2029 14,101 2030 13,534 2031 7,745 2032 6,567 2033 6,313 2035 759 2036 3,213 $ 53,499 As a result of the enactment of the Tax Act on December 22, 2017, the Company evaluated its deferred tax assets and deferred tax liabilities to account for the future impact of lower corporate tax rates on its deferred tax assets. The reduction in the federal corporate tax rate resulted in a one-time charge to the Company’s earnings and reduction to its net deferred tax assets of approximately $18,575. Shortly after the enactment date, the SEC issued Staff Accounting Bulletin (“SAB”) 118, which addresses the situations where the accounting for changes in tax laws is complete, incomplete but can be reasonably estimated, and incomplete and cannot be reasonably estimated. SAB 118 also permits a measurement period of up to one year from the date of enactment to refine the provisional accounting. The Company’s financial results reflect the income tax effects for which the accounting is complete and provisional amounts for those specific income tax effects of the Tax Act for which the accounting is incomplete but a reasonable estimate could be determined. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. In performing this analysis, the Company considers all evidence currently available, both positive and negative, in determining whether based on the weight of that evidence, it is more likely than not the deferred tax asset will be realized. Based on management’s analysis, it was determined that it is more likely than not that the net deferred tax asset, net of the one-time charge mentioned above, will be realized as of December 31, 2017 and 2016. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the states of Florida, Georgia, Alabama, California, Colorado, North Carolina and Tennessee. CSFL Insurance Corp. files a tax return in South Carolina. The Company is no longer subject to examination by taxing authorities for the years before 2014. The Company has not recorded any material interest or penalties on its income tax liabilities for the years 2017, 2016 and 2015. A reconciliation between the actual tax expense and the “expected” tax expense, computed by applying the U.S. federal corporate rate of 35 percent is as follows: December 31, 2017 2016 2015 “Expected” tax expense $ 38,246 $ 22,488 $ 21,668 Tax exempt interest, net (4,104 ) (2,364 ) (851 ) Bank owned life insurance (1,251 ) (825 ) (753 ) State income taxes, net of federal income tax benefits 4,077 2,347 2,363 Stock based compensation 40 81 76 Merger and acquisition related expenses 1,049 388 10 Excess tax benefit from stock based compensation (3,007 ) — — Revaluation of net deferred tax asset due to change in federal income tax rate 18,575 — — Other, net (145 ) (205 ) 58 $ 53,480 $ 21,910 $ 22,571 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | (15) Related-Party Transactions Loans to principal officers, directors, and their affiliates during 2017 and 2016 were as follows: 2017 2016 Beginning balance $ 26,515 $ 19,975 New loans and advances on existing loans 21,753 18,397 Repayments (17,810 ) (11,857 ) Ending balance $ 30,458 $ 26,515 At December 31, 2017 and 2016 principal officers, directors, and their affiliates had $8,835 and $10,194, respectively, of available lines of credit. Deposits from principal officers, directors, and their affiliates at year-end 2017 and 2016 were approximately $4,777 and $5,310, respectively. |
Regulatory Capital Matters
Regulatory Capital Matters | 12 Months Ended |
Dec. 31, 2017 | |
Banking And Thrift [Abstract] | |
Regulatory Capital Matters | (16) Regulatory Capital Matters The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective for the Company on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. Under these rules, banks are required to maintain a minimum CET1 ratio of 4.5%, a minimum Tier 1 capital to risk-weighted assets of 6%, a total risk-based capital ratio of 8%, and a minimum leverage capital ratio of 4%. In addition, the rules require a capital conservation buffer of up to 2.5% above each of CET1, tier 1, and total risk-based capital which must be met for a bank to be able to pay dividends, engage in share buybacks or make discretionary bonus payments to executive management without restriction. This capital conservation buffer is being phased in over a four year period starting on January 1, 2016. The capital conservation buffer was 1.25% in 2017 and 1.875% as of January 1, 2018. When fully implemented, a banking organization would need to maintain a CET1 capital ratio of at least 7%, a total Tier 1 capital ratio of at least 8.5% and a total risk-based capital ratio of at least 10.5%. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total capital, Tier I capital and CET1 (as defined in the regulations) to risk-weighted assets. Management believes, as of December 31, 2017, that the Company and the Bank meet all capital adequacy requirements to which they are subject. As of December 31, 2017 and 2016, the most recent notifications from the Office of Comptroller of the Currency (“OCC”) categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” the Bank must maintain total risk-based, Tier I risk-based, common equity Tier 1 risk-based and Tier I leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the institution’s category. A summary of actual, required, and capital levels necessary for capital adequacy purposes for the Company as of December 31, 2017 and 2016, are presented in the table below. The ratios for capital adequacy purposes do not include capital conservation buffer requirements. To be well capitalized under For capital prompt corrective Actual adequacy purposes action provision Amount Ratio Amount Ratio Amount Ratio December 31, 2017 Total capital (to risk weighted assets) $ 682,175 12.6% $ 434,245 >8.0% n/a n/a Tier 1 capital (to risk weighted assets) 649,350 12.0% 325,684 >6.0% n/a n/a Common equity tier 1 capital (to risk weighted assets) 621,956 11.5% 244,263 >4.5% n/a n/a Tier 1 capital (to average assets) 649,350 9.8% 264,616 >4.0% n/a n/a December 31, 2016 Total capital (to risk weighted assets) $ 479,966 12.5% $ 306,281 >8.0% n/a n/a Tier 1 capital (to risk weighted assets) 452,925 11.8% 229,711 >6.0% n/a n/a Common equity tier 1 capital (to risk weighted assets) 431,546 11.3% 172,283 >4.5% n/a n/a Tier 1 capital (to average assets) 452,925 9.1% 198,891 >4.0% n/a n/a A summary of actual, required, and capital levels necessary for capital adequacy purposes in the case of the Company’s subsidiary bank as of December 31, 2017 and 2016, are presented in the table below. The ratios for capital adequacy purposes do not include capital conservation buffer requirements. To be well capitalized under For capital prompt corrective Actual adequacy purposes action provision Amount Ratio Amount Ratio Amount Ratio December 31, 2017 Total capital (to risk weighted assets) $ 654,018 12.2% $ 430,561 >8.0% $ 538,202 >10.0% Tier 1 capital (to risk weighted assets) 621,199 11.5% 322,921 >6.0% 430,561 >8.0% Common equity tier 1 capital (to risk weighted assets) 621,199 11.5% 242,191 >4.5% 349,831 >6.5% Tier 1 capital (to average assets) 621,199 9.4% 264,577 >4.0% 330,721 >5.0% December 31, 2016 Total capital (to risk weighted assets) $ 451,152 11.8% $ 306,145 >8.0% $ 382,682 >10.0% Tier 1 capital (to risk weighted assets) 424,118 11.1% 229,609 >6.0% 306,145 >8.0% Common equity tier 1 capital (to risk weighted assets) 424,118 11.1% 172,207 >4.5% 248,743 >6.5% Tier 1 capital (to average assets) 424,118 8.5% 198,852 >4.0% 248,565 >5.0% |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Dividends | (17) Dividends The Company declared and paid cash dividends on its common stock of $13,878, $7,681 and $3,181 during the years ended December 31, 2017, 2016 and 2015, respectively. Banking regulations limit the amount of dividends that may be paid by the subsidiary banks to the Company without prior approval of the Bank’s regulatory agency. The Company received a $58,000 and $10,000 dividend from its subsidiary bank in 2016 and 2017, respectively. At December 31, 2017, dividends from the subsidiary bank available to be paid to the Company, without prior approval of the Bank’s regulatory agency, was $34,766, subject to the Bank meeting or exceeding regulatory capital requirements. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | (18) Stock-Based Compensation The Company assumed the obligations of Gateway under the Gateway Officers’ and Employees’ Stock Option Plan and the Gateway Directors’ Stock Option Plan (collectively, the “Gateway Plans”) pursuant to the closing on May 1, 2017 by CenterState of the merger of Gateway with and into CenterState. All of the Gateway stock options awarded pursuant to the Gateway Plans outstanding at the merger closing date were converted to stock options for 1,150,517 of the Company’s common shares with an average exercise price of $11.32 per share. At December 31, 2017, there were options outstanding for 757,583 shares of the Company’s common stock with an average exercise price of $11.41 per share and an average remaining contractual life of approximately 2.1 years. The Company assumed the obligations of GBI under the Gulfstream 2009 Stock Option Plan, the Gulfstream Officers’ and Employees’ Stock Option Plan and the Gulfstream Directors’ Stock Option Plan (collectively, the “Gulfstream Plans”) pursuant to the closing on January 17, 2014 by CenterState of the merger of Gulfstream with and into CenterState. All of the Gulfstream stock options awarded pursuant to the Gulfstream Plans outstanding at the merger closing date were converted to stock options for 774,104 of the Company’s common shares with an average exercise price of $6.99 per share. At December 31, 2017 there were options outstanding for 77,300 shares of the Company’s common stock with an average exercise price of $6.94 per share and an average remaining contractual life of approximately 3.5 years. On April 25, 2013, the Company’s shareholders approved the CenterState Banks, Inc. 2013 Equity Incentive Plan (the “2013 Plan”). The 2013 Plan replaces the 2007 Plan discussed below. The 2013 Plan authorizes the issuance of up to 1,600,000 shares through the 2023 expiration of the plan. Of this amount 1,525,000 shares are allocated to employees, all of which may be issued as incentive stock options, and 75,000 shares are allocated to directors. The Company’s Board of Directors froze the Company’s 2007 Equity Incentive Plan whereby no additional future grants and/or awards will be awarded pursuant to that plan effective with the shareholder approval of the 2013 Plan. During 2016 the Company did not grant any incentive stock options to its employees. The Company awarded 148,232 shares of Restricted Stock (“RSAs”) during 2017 with an average fair value of $24.94 per share at the date of grant. These restricted stock awards vest over periods ranging from two to ten years. The Company awarded Performance Share Units (“PSUs”) during 2017 pursuant to the Company’s Long-Term Incentive Plan as described in the Company’s 2017 Proxy Statement. These PSUs will cliff vest on January 1, 2021. The units may be converted into common shares based upon the Company’s Total Shareholder Return compared to its peer group and the Company’s absolute earnings per share growth rate over a three year period ending January 1, 2021. The range of the units that may vest in the future is a minimum of 0 and a maximum of 51,488 with an expected target of 34,325 shares. The Company also awarded 32,441 Restricted Share Units (“RSUs”) during 2017 with an average fair value of $22.19 per unit at the date of grant. The RSUs will vest at a rate of one third each January 1, 2019, 2020 and 2021. In addition, the Company issued 16,248 shares to non-employee directors in lieu of cash for director fees during 2017. At December 31, 2016, there were a total of 108,800 shares available for future grants pursuant to the 2013 Plan, assuming maximum future vesting of PSUs outstanding. On April 24, 2007, the Company’s shareholders approved the CenterState 2007 Equity Incentive Plan (the “2007 Plan”) and approved an amendment to the 2007 Plan on April 28, 2009. The 2007 Plan, as amended, replaced the 1999 Plan. The 2007 Plan, as amended, authorize the issuance of up to 1,350,000 shares of the Company stock. In 2013, the 2007 Plan was frozen whereby no additional grants and/or awards were awarded pursuant to this plan subsequent to April 2013. The Company’s stock-based compensation consists of stock options, RSAs, RSUs and PSUs. During the twelve month period ended December 31, 2017, 2016 and 2015, the Company recognized total stock-based compensation expense as listed in the table below. 2017 2016 2015 Stock option expense $ 115 $ 230 $ 216 RSA expense 3,560 3,605 2,712 RSU expense 287 169 27 PSU expense 624 419 328 Total stock-based compensation expense $ 4,586 $ 4,423 $ 3,283 There is no income tax benefit provided for in the Company’s tax provision for qualified incentive stock options. The Company receives a tax benefit when a non-qualified stock option is exercised. The total income tax benefit related to the exercise of non qualified stock options was approximately $1,545, $140 and $113 during the twelve month periods ending December 31, 2017, 2016 and 2015, respectively. The Company provided an income tax benefit in its tax provision for RSA, RSU and PSU expenses of approximately $1,725, $1,617 and $1,183 during the twelve month periods ending December 31, 2017, 2016 and 2015, respectively. As of December 31, 2017, the total remaining unrecognized compensation cost related to non-vested stock options, net of estimated forfeitures, was approximately $110 and will be recognized over the next 5 years. The weighted average period over which this expense is expected to be recognized is approximately 1.7 years . As of December 31, 2017, the total remaining unrecognized compensation cost related to non-vested RSAs, net of estimated forfeitures, was approximately $5,108 and will be recognized over the next 10 years. The weighted average period over which this expense is expected to be recognized is approximately 2.6 years. As of December 31, 2017, the total remaining unrecognized compensation cost related to non-vested PSUs, net of estimated forfeitures, was approximately $1,093 and will be recognized over the next 3 years. The weighted average period over which this expense is expected to be recognized is approximately 1.8 years. As of December 31, 2017 the total remaining unrecognized compensation cost related to non-vested RSUs, net of estimated forfeitures, was approximately $1,033 and will be recognized over the next 3 years. The weighted average period over which this expense is expected to be recognized is approximately 1.8 years. The Company did not grant any stock options during 2015, 2016 and 2017. However, pursuant to the Company’s agreement to acquire Gateway, the Company converted all outstanding Gateway stock options into CenterState options for 1,150,517 shares of common stock on the May 1, 2017 acquisition date. The estimated fair value of options granted, or acquired in the case of Gateway, during these periods were calculated as of the grant date, or the acquisition date in the case of Gateway, using the Black-Scholes option-pricing model. The Company determined the expected life of the stock options using the simplified method approach allowed for plain-vanilla share options as described in SAB 107. The risk-free interest rate is based on the U.S. Treasury yield curve in effect as of the grant date. Expected volatility was determined using historical volatility. ASC 718 requires the recognition of stock-based compensation for the number of awards that are ultimately expected to vest. As a result, for most awards, recognized stock compensation is reduced for estimated forfeitures prior to vesting. Estimated forfeitures will be reassessed in subsequent periods and may change based on new facts and circumstances. The weighted-average estimated fair value of stock options granted, or acquired in the case of Gateway, during the twelve month period ended December 31, 2017 was $13.84 per share. The table below present’s information related to stock option activity for the years ended December 31, 2017, 2016 and 2015: 2017 2016 2015 Total intrinsic value of stock options exercised $ 8,039 $ 2,716 $ 827 Net proceeds from stock options exercised $ 6,715 $ 1,769 $ 784 Gross income tax benefit from the exercise of stock options $ 1,545 $ 140 113 A summary of stock option activity for the years ended December 31, 2017, 2016 and 2015 is as follows: December 31, 2017 December 31, 2016 December 31, 2015 Weighted- Weighted- Weighted- Average Average Average Number of Exercise Number of Exercise Number of Exercise Options Price Options Price Options Price Outstanding, beginning of period 623,490 $ 12.30 940,634 $ 11.73 1,138,404 $ 11.23 Issued Gateway (note 1) 1,150,517 $ 11.32 — — — — Exercised (598,039 ) $ 12.11 (229,583 ) $ 8.74 (142,476 ) $ 6.63 Forfeited (56,485 ) $ 15.00 (87,561 ) $ 15.51 (55,294 ) $ 14.57 Outstanding, end of period 1,119,483 $ 11.26 623,490 $ 12.30 940,634 $ 11.73 note 1: Pursuant to the Company’s agreement to acquire Gateway in May 2017, all outstanding Gateway stock options were converted to CenterState stock options as of the acquisition date. Weighted- Weighted- Average Average Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Options outstanding, December 31, 2017 1,119,483 $ 11.26 2.1 years $ 16,195 Options fully vested and expected to vest, December 31, 2017 1,112,926 $ 11.27 2.1 years $ 16,090 Options exercisable, December 31, 2017 1,051,853 $ 11.41 2.0 years $ 15,062 At December 31, 2017 there were restricted stock awards (“RSAs”) for 559,124 shares of the Company’s common stock outstanding and not vested. Of this amount 69,700 restricted shares have been issued and included in the Company’s total common stock outstanding, but have not vested as of December 31, 2017. The remaining 489,424 represent common shares to be issued at the end of their respective vesting period. A summary of the RSA activity for the years ended December 31, 2017, 2016 and 2015 is presented in the table below. 2017 2016 2015 Number Number Weighted Number Number Weighted Number Number Weighted of RSAs of RSAs average of RSAs of RSAs average of RSAs of RSAs average underlying underlying Total fair value underlying underlying Total fair value underlying underlying Total fair value shares not shares number at grant shares not shares number at grant shares not shares number at grant issued issued of RSAs date issued issued of RSAs date issued issued of RSAs date Outstanding, beginning period 572,064 127,901 699,965 $ 12.20 532,127 189,588 721,715 $ 10.79 410,128 249,542 659,670 $ 10.30 Granted 148,232 — 148,232 $ 24.94 262,934 — 262,934 $ 14.68 205,082 3,000 208,082 $ 11.96 Vested (226,606 ) (58,201 ) (284,807 ) $ 11.52 (219,032 ) (60,087 ) (279,119 ) $ 10.88 (62,170 ) (57,954 ) (120,124 ) $ 10.12 Forfeited (4,266 ) — (4,266 ) $ 15.76 (3,965 ) (1,600 ) (5,565 ) $ 12.07 (20,913 ) (5,000 ) (25,913 ) $ 10.64 Outstanding, end of period 489,424 69,700 559,124 $ 15.89 572,064 127,901 699,965 $ 12.20 532,127 189,588 721,715 $ 10.79 In September 2014, the Company initiated a Long-Term Incentive Plan (“LTI”) that includes a Performance Share Unit (“PSU”) award that could be awarded in PSUs, which can eventually be converted to common stock, based on the Company’s relative Total Shareholder Return and absolute Earnings Per Share growth as compared to a peer group of similar companies selected by the Company’s Compensation Committee over a 39 month period beginning in September of each grant year. The Company awarded similar PSUs in 2015, 2016 and 2017. The Company expects to recognize an expense of $939, $307, $412 and $687 over the vesting period for PSUs granted in 2014, 2015, 2016 and 2017, respectively. The expense recognized during 2017 for all PSUs awarded pursuant to all LTI plans was $564. In September 2016, the Company also awarded PSUs pursuant to a productive incentive plan to one of its divisions that could eventually be converted to the Company’s common stock based upon the division’s financial performance over three and four year periods ending August 31, 2019 and 2020, respectively. The Company expects to recognize a total expense of $192 during the performance periods. The expense recognized during 2017 was $60. The Company awarded RSUs during September 2015, 2016 and 2017 pursuant to its LTI plans as mentioned above that could eventually be converted into the Company’s common stock. The Company expects to recognize an expense of $356, $442 and $720 for the RSUs awarded in 2015, 2016 and 2017, respectively. Generally, the RSUs will vest at a rate of one third each January 1 st December 31, 2017 December 31, 2016 December 31, 2015 Weighted Weighted Weighted average average average fair value fair value fair value Number of at grant Number of at grant Number of at grant Units date Units date Units date Outstanding, beginning of period 54,376 $ 14.00 29,092 $ 12.22 — $ — Granted 32,441 22.19 28,725 15.37 29,092 12.22 Vested and issued — — (3,441 ) 12.22 — — Forfeited — — — — — — Outstanding, end of period 86,817 $ 17.00 54,376 $ 14.00 29,092 $ 12.22 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plan | (19) Employee Benefit Plan Substantially all of the Company’s employees are covered under its 401(k) defined contribution retirement plan. Employees are eligible to participate in the plan after completing six months of continuous employment. The Company contributes an amount equal to a certain percentage of the employees’ contributions based on the discretion of the Board of Directors. In addition, the Company may also make additional contributions to the plan each year, subject to profitability and other factors, and based solely on the discretion of the Board of Directors. For the years ended December 31, 2017, 2016 and 2015, the Company’s contributions to the plan were $2,249, $1,849 and $1,617, respectively, which are included in salary and benefits on the Consolidated Statements of Income. In 2008, the Company entered into a salary continuation agreement with its chief executive officer. Five additional Company executive officers entered into salary continuation agreements during 2010. In 2007, an additional four pre-existing salary continuation agreements with certain Valrico State Bank’s executive officers were assumed as part of the acquisition. The plans are nonqualified deferred compensation arrangements that are designed to provide supplemental retirement income benefits to participants. The Company expensed $568, $609 and $618 for the accrual of future salary continuation benefits in 2017, 2016 and 2015, respectively. Other liabilities included salary continuation benefits payable of $4,834, $4,211 and $3,836 at December 31, 2017, 2016 and 2015, respectively. In 2007, the Company entered into deferred compensation arrangements, through Rabbi Trust agreements, with two Valrico State Bank’s executive officers pursuant to the acquisition. The Rabbi Trust asset is included in other assets, and the related deferred compensation payable is included in other liabilities. The Rabbi Trust asset and the related deferred compensation payable at December 31, 2017, 2016 and 2015 were $1,761, $1,560 and $1,493, respectively. Earnings from the Rabbi Trust increase the asset and increase the deferred compensation payable. Losses from the Rabbi Trust decrease the asset and decrease the deferred compensation payable. There is no net income statement effect other than the administration expenses of the Trust which approximates $5 per year. |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | (20) Parent Company Only Financial Statements Condensed financial statements of CenterState Bank Corpoartion (parent company only) follow: Condensed Balance Sheet December 31, 2017 and 2016 Assets: 2017 2016 Cash and due from banks $ 1,569 $ 970 Inter-company receivable from bank subsidiary 840 25,250 Investment in wholly-owned bank subsidiary 903,882 548,653 Investment in other wholly-owned subsidiary 1,951 1,592 Prepaid expenses and other assets 49,011 8,107 Total assets $ 957,253 $ 584,572 Liabilities: Accounts payable and accrued expenses $ 6,311 $ 6,157 Other borrowings 20,000 — Corporate debenture 26,192 25,958 Total liabilities 52,503 32,115 Shareholders’ Equity: Common stock 602 482 Additional paid-in capital 737,905 430,459 Retained earnings 173,248 130,090 Accumulated other comprehensive loss (7,005 ) (8,574 ) Total shareholders’ equity 904,750 552,457 Total liabilities and shareholders' equity $ 957,253 $ 584,572 Condensed Statements of Operations Years ended December 31, 2017, 2016 and 2015 2017 2016 2015 Dividend income $ 10,000 $ 58,000 $ 1,232 Other income — 308 — Interest expense (1,363 ) (1,159 ) (968 ) Operating expenses (3,960 ) (3,869 ) (4,422 ) Income before equity in undistributed income of subsidiaries 4,677 53,280 (4,158 ) Equity in undistributed income (losses) of subsidiaries 48,760 (12,736 ) 41,431 Net income before income tax benefit 53,437 40,544 37,273 Income tax benefit (2,358 ) (1,797 ) (2,065 ) Net income $ 55,795 $ 42,341 $ 39,338 Condensed Statements of Cash Flows Years ended December 31, 2017, 2016 and 2015 2017 2016 2015 Cash flows from operating activities: Net income $ 55,795 $ 42,341 $ 39,338 Adjustments to reconcile net income to net cash used in operating activities: Equity in net (earnings) losses of subsidiaries (58,760 ) 12,736 (42,663 ) Increase in payables and accrued expenses 463 (25 ) 340 Gain on extinguishment of debt — (308 ) — (Increase) decrease in other assets (40,369 ) 84 89 Stock based compensation expense 1,048 1,001 1,235 Net cash flows used in operating activities (41,823 ) 55,829 (1,661 ) Cash flows from investing activities: Inter-company receivables from subsidiary banks 25,145 (58,241 ) 1,991 Net cash from bank acquisition (42,601 ) (38,918 ) — Investment in subsidiaries (25,000 ) 450 (476 ) Cash payments to shareholders (90 ) 39 (466 ) Dividends from bank subsidiaries 10,000 58,000 — Dividends from nonbank subsidiary — — 1,232 Net cash flows provided by investing activities (32,546 ) (38,670 ) 2,281 Cash flows from financing activities: Stock options exercised, net of tax benefit 6,715 1,769 784 Stock repurchase (1,131 ) (962 ) (1,016 ) Extinguishment of debt — (8,680 ) — Increase in other borrowings 20,000 (650 ) — Proceeds from stock offering, net of offering costs 63,262 — — Dividends paid to shareholders (13,878 ) (7,681 ) (3,181 ) Net cash flows used in financing activities 74,968 (16,204 ) (3,413 ) Net increase (decrease) in cash and cash equivalents 599 955 (2,793 ) Cash and cash equivalents at beginning of year 970 15 2,808 Cash and cash equivalents at end of year $ 1,569 $ 970 $ 15 |
Credit Commitments
Credit Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Credit Commitments | (21) Credit Commitments The Company has outstanding at any time a significant number of commitments to extend credit. These arrangements are subject to strict credit control assessments and each customer’s credit worthiness is evaluated on a case-by-case basis. A summary of commitments to extend credit and standby letters of credit written at December 31, 2017 and 2016, are as follows: December 31, 2017 2016 Standby letters of credit $ 15,740 $ 10,551 Available lines of credit 824,958 512,268 Unfunded loan commitments – fixed 140,750 101,586 Unfunded loan commitments – variable 35,814 15,062 Commitments to make loans are generally made for periods of 30 days or less. At December 31, 2017, the fixed rate loan commitments have interest rates ranging from 2.75% to 7.15% and maturities ranging from 1 year to 20 years. Because many commitments expire without being funded in whole or part, the contract amounts are not estimates of future cash flows. Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed completely to perform as contracted. The credit risk amounts are equal to the contractual amounts, assuming that the amounts are fully advanced and that the collateral or other security is of no value. The Company’s policy is to require customers to provide collateral prior to the disbursement of approved loans. The amount of collateral obtained, if it is deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, real estate and income providing commercial properties. Standby letters of credit are contractual commitments issued by the Company to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Outstanding commitments are deemed to approximate fair value due to the variable nature of the interest rates involved and the short-term nature of the commitments. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Risks And Uncertainties [Abstract] | |
Concentrations of Credit Risk | (22) Concentrations of Credit Risk Most of the Company’s business activity is with customers located throughout Central, Southeastern and Northeastern Florida. The majority of commercial and mortgage loans are granted to customers doing business or residing in these areas. Generally, commercial loans are secured by real estate, and mortgage loans are secured by either first or second mortgages on residential or commercial property. As of December 31, 2017, substantially all of the Company’s loan portfolio was secured. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent upon the economy of those areas listed above. The Company does not have significant exposure to any individual customer or counterparty. |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share | (23) Basic and Diluted Earnings Per Share The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. There were no anti-dilutive stock options for the year ending December 31, 2017. There were an average of 30,784, and 470,852 stock options that were not considered in computing diluted earnings per common share because they were anti-dilutive during the years ending December 31, 2016 and 2015, respectively. The following table presents the factors used in the earnings per share computations for the periods indicated. 2017 2016 2015 Basic Net income available to common shareholders $ 55,795 $ 42,341 $ 39,338 Less: Earnings allocated to participating securities (120 ) (163 ) (212 ) Net income allocated to common shareholders $ 55,675 $ 42,178 $ 39,126 Weighted average common shares outstanding including participating securities 57,368,322 47,592,500 45,427,857 Less: Participating securities (1) (123,624 ) (183,358 ) (245,633 ) Average shares 57,244,698 47,409,142 45,182,224 Basic earnings per common share $ 0.97 $ 0.89 $ 0.87 Diluted Net income available to common shareholders $ 55,675 $ 42,178 $ 39,126 Weighted average common shares outstanding for basic earnings per common share 57,244,698 47,409,142 45,182,224 Add: Dilutive effects of stock based compensation awards 1,096,115 782,381 606,408 Average shares and dilutive potential common shares 58,340,813 48,191,523 45,788,632 Dilutive earnings per common share $ 0.95 $ 0.88 $ 0.85 1. Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Reportable Segments | (24) Reportable segments The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning purposes by management. The tables below are reconciliations of the reportable segment revenues, expenses, and profit as viewed by management to the Company’s consolidated total for the year ending December 31, 2017, 2016 and 2015. Year ending December 31, 2017 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 240,583 $ 10,743 $ — — $ 251,326 Interest expense (11,431 ) (2,989 ) (1,363 ) — (15,783 ) Net interest income (expense) 229,152 7,754 (1,363 ) — 235,543 Provision for loan losses (5,037 ) 79 — — (4,958 ) Non interest income 36,834 28,341 — — 65,175 Non interest expense (161,946 ) (20,579 ) (3,960 ) — (186,485 ) Net income (loss) before taxes 99,003 15,595 (5,323 ) — 109,275 Income tax (provision) benefit (49,823 ) (6,015 ) 2,358 — (53,480 ) Net income (loss) $ 49,180 $ 9,580 $ (2,965 ) $ — $ 55,795 Total assets $ $6,572,636 $ 506,234 $ 957,253 $ (912,148) $ 7,123,975 Year ending December 31, 2016 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 180,696 $ 7,969 $ — — $ 188,665 Interest expense (7,044 ) (1,137 ) (1,159 ) — (9,340 ) Net interest income (expense) 173,652 6,832 (1,159 ) — 179,325 Provision for loan losses (4,938 ) (24 ) — — (4,962 ) Non interest income 30,376 33,685 308 — 64,369 Non interest expense (147,228 ) (23,384 ) (3,869 ) — (174,481 ) Net income before taxes 51,862 17,109 (4,720 ) — 64,251 Income tax (provision) benefit (17,107 ) (6,600 ) 1,797 — (21,910 ) Net income (loss) $ 34,755 $ 10,509 $ (2,923 ) $ — $ 42,341 Total assets $ 4,676,375 $ 397,323 $ 584,572 $ (579,711 ) $ 5,078,559 Year ending December 31, 2015 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 155,369 $ 6,951 $ — — $ 162,320 Interest expense (5,697 ) (621 ) (968 ) — (7,286 ) Net interest income 149,672 6,330 (968 ) — 155,034 Provision for loan losses (4,335 ) (158 ) — — (4,493 ) Non interest income 9,887 27,563 — — 37,450 Non interest expense (99,900 ) (21,760 ) (4,422 ) — (126,082 ) Net income before taxes 55,324 11,975 (5,390 ) — 61,909 Income tax (provision) benefit (20,016 ) (4,620 ) 2,065 — (22,571 ) Net income (loss) $ 35,308 $ 7,355 $ (3,325 ) $ — $ 39,338 Total assets $ 3,679,946 $ 335,643 $ 518,107 $ (510,979 ) $ 4,022,717 Commercial and retail banking Correspondent banking and capital markets division Corporate overhead and administration |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | (25) Business combinations Acquisition of Community Bank of South Florida, Inc. On March 1, 2016, the Company completed its acquisition of Community Bank of South Florida, Inc. (“Community”) whereby Community merged with and into the Company. Pursuant to and simultaneously with the merger of Community with and into the Company, Community’s wholly owned subsidiary bank, Community Bank of Florida, Inc. merged with and into the Company’s subsidiary bank, CenterState Bank of Florida, N.A. The Company’s primary reasons for the transaction were to further solidify its market share in the Central and South Florida markets and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. The acquisition increased the Company’s total assets and total deposits by approximately 12% and 14%, respectively, as compared with the balances at December 31, 2015, and is expected to positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations The Company acquired 100% of the outstanding common stock of Community. The purchase price consisted of both cash and stock. Each share of Community common stock was either exchanged for $13.31 cash or 0.9148 shares of the Company’s common stock. Based on the closing price of the Company’s common stock on February 29, 2016, the resulting purchase price was $64,986. The table below summarizes the purchase price calculation. Number of shares of Community common stock exchanged for CenterState common stock 2,488,260 Per share exchange ratio 0.9148 Number of shares of CenterState common stock less 218 of fractional shares 2,276,042 CenterState common stock price per share on February 29, 2016 $ 14.00 Fair value of CenterState common stock issued $ 31,865 Total Community common shares exchanged for cash 2,488,261 Cash consideration each Community share was entitled to receive $ 13.31 Total cash consideration, plus $3 for 218 of fractional shares $ 33,121 Total purchase price $ 64,986 The list below summarizes the estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the March 1, 2016 purchase date. March 1, 2016 Assets: Cash and cash equivalents $ 79,800 Loans, held for investment 273,146 Purchased credit impaired loans 43,298 Loans held for sale 732 Investments 63,716 Accrued interest receivable 995 Branch real estate 10,646 Furniture and fixtures 459 Bank property held for sale 850 Federal Home Loan Bank stock 420 Other repossessed real estate owned 4,819 Core deposit intangible 3,684 Goodwill 25,391 Deferred tax asset 11,827 Other assets 758 Total assets acquired $ 520,541 Liabilities Deposits $ 452,935 Notes payable 650 Accrued interest payable 604 Other liabilities 1,366 Total liabilities assumed $ 455,555 In the acquisition, the Company acquired $316,444 of loans at fair value, net of $20,439, or 6.1%, estimated discount to the outstanding principal balance, representing 12.2% of the Company’s total loans at December 31, 2015. Of the total loans acquired, management identified $43,298 with credit deficiencies. All loans that were on non-accrual status, impaired loans including TDRs and other substandard loans were considered by management to be credit impaired and are accounted for pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of March 1, 2016 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 69,400 Non-accretable difference (8,383 ) Cash flows expected to be collected 61,017 Accretable yield (17,719 ) Total purchased credit-impaired loans acquired $ 43,298 The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Balance Fair Value Loans: Single family residential real estate $ 76,035 $ 73,737 Commercial real estate 160,875 155,678 Construction/development/land 18,391 17,587 Commercial loans 19,467 19,294 Consumer and other loans 6,914 6,850 Purchased credit-impaired 55,201 43,298 Total earning assets $ 336,883 $ 316,444 In its assumption of the deposit liabilities, the Company believed the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. The Company determined the estimated fair value of the core deposit intangible asset totaled $3,684, Measurement period adjustments On March 1, 2016 the Company purchased Community. As previously disclosed, the fair values initially assigned to the assets acquired and liabilities assumed were preliminary and subject to refinement for up to one year after the closing date of the acquisition as new information relative to closing date fair values became available. Based on income tax returns filed subsequent to the acquisition date, the Company adjusted its initial fair value estimate of the deferred tax asset acquired. measurement March 1, 2016 period March 1, 2016 as initially reported adjustments (as adjusted) Assets: Cash and cash equivalents $ 79,800 $ — $ 79,800 Loans, held for investment 273,146 273,146 Purchased credit impaired loans 43,298 43,298 Loans held for sale 732 732 Investments 63,716 63,716 Accrued interest receivable 995 995 Branch real estate 10,646 10,646 Furniture and fixtures 459 459 Bank property held for sale 850 850 Federal Home Loan Bank stock 420 420 Other repossessed real estate owned 4,819 4,819 Core deposit intangible 3,684 3,684 Goodwill 25,464 (73 ) 25,391 Deferred tax asset 11,754 73 11,827 Other assets 758 758 Total assets acquired $ 520,541 $ — $ 520,541 Liabilities Deposits $ 452,935 $ — $ 452,935 Notes payable 650 650 Accrued interest payable 604 604 Other liabilities 1,366 1,366 Total liabilities assumed $ 455,555 $ — $ 455,555 Acquisition of Hometown of Homestead Banking Company On March 1, 2016, the Company completed its acquisition of Hometown of Homestead Banking Company (“Hometown”) whereby a newly formed wholly-owned subsidiary of the Company merged with and into Hometown and, immediately thereafter, Hometown merged with and into the Company. Pursuant to and simultaneously with the merger of Hometown with and into the Company, Hometown’s subsidiary bank, 1 st The Company’s primary reasons for the transaction were to expand its market share in the South Florida market, together with its acquisition of Community as described above, and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. The acquisition increased the Company’s total assets and total deposits by approximately 8% and 8%, respectively, as compared with the balances at December 31, 2015, and is expected to positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations The Company acquired 100% of the outstanding common stock of Hometown. Each share of Hometown common stock was exchanged for $1.25, resulting in a purchase price of $19,150. The table below summarizes the purchase price calculation. Number of shares of Hometown 15,319,622 Cash consideration each Hometown $ 1.25 Total purchase price $ 19,150 The list below summarizes the preliminary estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the March 1, 2016 purchase date. March 1, 2016 Assets: Cash and cash equivalents $ 14,356 Loans, held for investment 195,960 Purchased credit impaired loans 1,827 Investments 77,999 Accrued interest receivable 1,163 Branch real estate 6,830 Furniture and fixtures 132 Bank property held for sale 3,897 Federal Reserve Bank and Federal Home Loan Bank stock 2,571 Other repossessed real estate owned 1,955 Core deposit intangible 2,598 Goodwill 3,898 Deferred tax asset 2,521 Other assets 842 Total assets acquired $ 316,549 Liabilities: Deposits $ 252,977 Repurchase agreements 544 Federal Home Loan Bank advances 31,768 Corporate debentures 10,640 Accrued interest payable 314 Other liabilities 1,156 Total liabilities assumed $ 297,399 In the acquisition, the Company acquired $197,787 of loans at fair value, net of $3,051, or 1.5%, estimated discount to the outstanding principal balance, representing 7.6% of the Company’s total loans at December 31, 2015. Of the total loans acquired, management identified $1,827 with credit deficiencies. All loans that were on non-accrual status, impaired loans including TDRs and other substandard loans were considered by management to be credit impaired and are accounted for pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of March 1, 2016 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 3,605 Non-accretable difference (912 ) Cash flows expected to be collected 2,693 Accretable yield (866 ) Total purchased credit-impaired loans acquired $ 1,827 The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $ 73,178 $ 72,994 Commercial real estate 111,175 109,837 Construction/development/land 6,491 6,173 Commercial loans 3,531 3,482 Consumer and other loans 3,529 3,474 Purchased credit-impaired 2,934 1,827 Total earning assets $ 200,838 $ 197,787 In its assumption of the deposit liabilities, the Company believed the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. The Company determined the estimated fair value of the core deposit intangible asset totaled $2,598, which will be amortized utilizing an accelerated amortization method over an estimated economic life not to exceed ten years. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Measurement period adjustments On March 1, 2016 the Company purchased Hometown. As previously disclosed, the fair values initially assigned to the assets acquired and liabilities assumed were preliminary and subject to refinement for up to one year after the closing date of the acquisition as new information relative to closing date fair values became available. Subsequent to the acquisition date, the Company identified additional net operating loss carryforwards from the Hometown acquisition that would not be fully realized before the expirations dates, and therefore adjusted its initial fair value estimate of the deferred tax asset acquired. measurement March 1, 2016 period March 1, 2016 as initially reported adjustments (as adjusted) Assets: Cash and cash equivalents $ 14,356 $ — $ 14,356 Loans, held for investment 195,960 195,960 Purchased credit impaired loans 1,827 1,827 Investments 77,999 77,999 Accrued interest receivable 1163 1163 Branch real estate 6,830 6,830 Furniture and fixtures 132 132 Bank property held for sale 3,897 3897 Federal Reserve Bank and Federal Home Loan Bank stock 2 571 2571 Other repossessed real estate owned 1,955 1,955 Core deposit intangible 2,598 2,598 Goodwill 3,289 609 3,898 Deferred tax asset 3,130 (609 ) 2,521 Other assets 842 842 Total assets acquired $ 316,549 $ — $ 316,549 Liabilities Deposits $ 252,977 $ — $ 252,977 Repurchase agreements 544 544 Federal Home Loan Bank advances 31,768 31,768 Corporate debentures 10,640 10,640 Accrued interest payable 314 314 Other liabilities 1,156 1,156 Total liabilities assumed $ 297,399 $ — $ 297,399 Acquisition of Platinum Bank Holding Company On April 1, 2017, the Company completed its acquisition of Platinum Bank Holding Company (“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 twelve month period ending December 31, 2017, the Company incurred approximately $3,924 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Consolidated Statements of 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 exchanged for CenterState common stock 1,131,134 Per share exchange ratio 3.7832 Number of shares of CenterState common stock less 51 of fractional shares 4,279,255 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 Cash consideration each Platinum share was 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 442,366 Purchased credit impaired loans 12,218 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 $12,218 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 $ 18,811 Non-accretable difference (4,639 ) Cash flows expected to be collected 14,172 Accretable yield (1,954 ) Total purchased credit-impaired loans acquired $ 12,218 The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Balance Fair Value Loans: Single family residential real estate $ 37,206 $ 37,419 Commercial real estate 262,612 259,727 Construction/development/land 47,675 46,618 Commercial loans 96,587 95,701 Consumer and other loans 2,954 2,901 Purchased credit-impaired 16,530 12,218 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 Financial Holdings of Florida, Inc. (“Gateway”) 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 twelve month period ending December 31, 2017, the Company incurred approximately $6,203 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Consolidated Statements of 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 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 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 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 7,246 Other assets 1,217 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 twelve month periods ending December 31, 2015 and 2016 listed in the table below presents pro-forma information as if the Community, Hometown, Platinum and Gateway acquisitions occurred at the beginning of 2015. The pro-forma information for the twelve month period ending December 31, 2017 assumes the Platinum and Gateway acquisitions occurred at the beginning of 2015. Because the Community and Hometown transactions closed on March 1, 2016 and actual results for these acquisitions are included the Company’s actual operating results for 2017, actual results for these acquisitions were used in the table below for the twelve month period ending December 31, 2017 instead of a pro-forma amount. Years ended December 31, 2017 2016 2015 Net interest income $ 246,658 $ 234,790 $ 233,073 Net income available to common shareholders $ 65,877 $ 53,786 $ 52,676 EPS - basic $ 1.11 $ 0.96 $ 0.94 EPS - diluted $ 1.09 $ 0.94 $ 0.93 The disclosures regarding the results of operations for Community, Hometown, Platinum and Gateway subsequent to their respective acquisition dates are omitted as this information is not practical to obtain. The Company converted Community, Hometown, Platinum and Gateway’s core systems in the same quarter as their respective acquisition date. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | (26) Derivatives The Company enters into interest rate swaps in order to provide commercial loan clients the ability to swap from fixed to variable interest rates. Under these agreements, the Company enters into a fixed-rate loan with a client in addition to a swap agreement. This swap agreement effectively converts the client’s fixed rate loan into a variable rate. The Company then enters into a matching swap agreement with a third party dealer in order to offset its exposure on the customer swap. At years ended December 31, 2017 and 2016, the notional amount of such arrangements was $3,740,430 and $2,441,768, respectively, and investment securities with a fair value of $19,048 and $22,562 were pledged as collateral to the third party dealers. Due to new regulations effective in 2017, the Company pledged $16,991 of cash as collateral to the third party dealers at December 31, 2017 in addition to the investment securities pledged. As the interest rate swaps with the clients and third parties are not designated as hedges under ASC 815, changes in market values are reported in earnings. Summary information about the derivative instruments is as follows: 2017 2016 Notional amount $ 3,740,430 $ 2,441,768 Weighted average pay rate on interest-rate swaps 3.00 % 2.56 % Weighted average receive rate on interest rate swaps 3.00 % 2.55 % Weighted average maturity (years) 11 11 Fair value of interest rate swap derivatives (asset) 42,480 31,817 Fair value of interest rate swap derivatives (liability) 43,259 32,691 |
Capital Raise
Capital Raise | 12 Months Ended |
Dec. 31, 2017 | |
Capital Raise [Abstract] | |
Capital Raise | (27) Capital Raise 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | (28) Subsequent Events Completion of Acquisitions of HCBF Holding Company, Inc. and Sunshine Bancorp, Inc. On January 1, 2018, the Company completed its previously announced acquisition of HCBF Holding Company, Inc. (“HCBF”), whereby HCBF 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 merged with CenterState Bank as the surviving bank. Under the terms of the agreement, each outstanding share of HCBF common stock converted into the right to receive 0.675 shares of the Company’s common stock and $1.925 in cash. The purchase price was approximately $448,236 comprised of both stock and cash consideration. The Company’s primary reasons for the transaction were 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. During 2017, the Company incurred approximately $2,060 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Consolidated Statements of Income and Comprehensive Income. The majority of the acquisition costs for this transaction are expected to be recorded during the first half of 2018. Additional disclosures required by ASC 805 have been omitted because the information needed for the disclosures is not available due to the close proximity of the closing of this transaction with the date these financial statements are being issued. HCBF, which is headquartered in Fort Pierce, Florida, operated 46 banking locations throughout 19 counties in Florida. As of December 31, 2017, HCBF reported total assets of $2,182,465, total loans of $1,350,760 and total deposits of $1,756,028. On January 1, 2018, the Company completed its previously announced acquisition of Sunshine Bancorp, Inc. (“Sunshine”), whereby Sunshine 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, merged with CenterState Bank as the surviving bank. Under the terms of the agreement, each outstanding share of Sunshine common stock converted into the right to receive 0.89 shares of the Company’s common stock. The purchase price was approximately $187,853. The Company’s primary reasons for the transaction were 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. During 2017, the Company incurred approximately $860 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Consolidated Statements of Income and Comprehensive Income. The majority of the acquisition costs for this transaction are expected to be recorded during the first half of 2018. Additional disclosures required by ASC 805 have been omitted because the information needed for the disclosures is not available due to the close proximity of the closing of this transaction with the date these financial statements are being issued. Sunshine, which is headquartered in Plant City, Florida, operated 18 banking locations along Florida’s I-4 corridor in Brevard, Hillsborough, Manatee, Orange, Pasco, Polk and Sarasota counties. As of December 31, 2017, Sunshine reported total assets of $945,511, total loans of $705,559 and total deposits of $719,177. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations and Principles of Consolidation | (a) Nature of operations and principles of consolidation The consolidated financial statements of CenterState Bank Corporation (the “Company”) include the accounts of the Company, and its wholly owned subsidiaries CenterState Bank, N.A., R4ALL, Inc. and CSFL Insurance Corp. All significant intercompany accounts and transactions have been eliminated in consolidation. At December 31, 2017, the Company, through its subsidiary bank, operated through 78 full service banking locations in 28 counties throughout Central, Northeast and Southeast Florida, providing traditional deposit and lending products and services to its commercial and retail customers. The Company’s primary deposit products are checking, savings and term certificate accounts, and its primary lending products include commercial real estate loans, residential real estate loans, commercial loans and consumer loans. Substantially all loans are secured by commercial real estate, residential real estate, business assets or consumer assets. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the area. The Company also provides correspondent banking and capital markets services to approximately 600 community banks nationwide. R4ALL, Inc. is a non bank subsidiary incorporated during the third quarter of 2009. The primary purpose of this subsidiary is to purchase, hold, and dispose of troubled assets acquired from the Company’s subsidiary bank. CSFL Insurance Corp. is a non bank subsidiary incorporated during the fourth quarter of 2015. The primary purpose of this subsidiary is to function as a captive insurance subsidiary pursuant to Section 831(b) of the U.S. Tax Code. The following is a description of the basis of presentation and the significant accounting and reporting policies, which the Company follows in preparing and presenting its consolidated financial statements. |
Use of Estimates | (b) Use of estimates To prepare financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided. Significant items subject to estimates and assumptions include allowance for loan losses, fair values of financial instruments, useful life of intangibles and valuation of goodwill, fair value estimates of stock-based compensation, fair value estimates of OREO, and deferred tax assets. Actual results could differ from these estimates. |
Cash Flow Reporting | (c) Cash flow reporting For purposes of the statement of cash flows, the Company considers cash and due from banks, federal funds sold, money market and non interest bearing deposits in other banks with a purchased maturity of three months or less to be cash equivalents. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, federal funds purchased, repurchase agreements, proceeds from capital offering and other borrowed funds. |
Interest Bearing Deposits in Other Financial Institutions | (d) Interest bearing deposits in other financial institutions Interest bearing deposits in other financial institutions mature within one year and are carried at cost and are included in cash and due from banks in the Consolidated Balance Sheets. |
Trading Securities | (e) Trading securities The Company engages in trading activities for its own account. Securities that are held principally for resale in the near term are recorded at fair value with changes in fair value included in earnings. Interest is included in net interest income. |
Securities | (f) Securities Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities not classified as held to maturity or trading are classified as available for sale. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Securities are evaluated for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) other-than-temporary impairment related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. |
Bond Commissions Revenue Recognition | (g) Bond commissions revenue recognition Bond sales transactions and related revenue and expenses are recorded on a settlement date basis. The effect on the financial statements of using the settlement date basis rather than the trade date basis is not material. |
Loans Held for Sale | (h) Loans held for sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Mortgage loans held for sale are generally sold with servicing rights released. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. |
Loans | ( i ) Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balance net of purchase premiums and discounts, deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. The recorded investment in a loan excludes accrued interest receivable, deferred fees, and deferred costs because they are not considered material. A loan is considered a troubled debt restructured loan based on individual facts and circumstances. A modification may include either an increase or reduction in interest rate or deferral of principal payments or both. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings. The Company classifies troubled debt restructured loans as impaired and evaluates the need for an allowance for loan losses on a loan-by-loan basis. An allowance for loan losses is based on either the present value of estimated future cash flows or the estimated fair value of the underlying collateral. Loans retain their accruing or non-accruing status at the time of modification. Loan origination fees and the incremental direct cost of loan origination, are deferred and recognized in interest income without anticipating prepayments over the contractual life of the loans. If the loan is prepaid, the remaining unamortized fees and costs are charged or credited to interest income. Amortization ceases for nonaccrual loans. A loan is moved to nonaccrual status in accordance with the Company’s policy typically after 90 days of non-payment, or less than 90 days of non-payment if management determines that the full timely collection of principal and interest becomes doubtful. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Single family home loans, consumer loans and smaller commercial, land, development and construction loans (less than $500) are monitored by payment history, and as such, past due payments is generally the triggering mechanism to determine nonaccrual status. Larger (greater than $500) commercial, land, development and construction loans are monitored on a loan level basis, and therefore in these cases it is more likely that a loan may be placed on nonaccrual status before it becomes 90 days past due. All interest accrued but not received for loans placed on nonaccrual, is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Non real estate consumer loans are typically charged off no later than 120 days past due. The Company, considering current information and events regarding the borrower’s ability to repay their obligations, considers a loan to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is considered to be impaired, the amount of the impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the secondary market value of the loan, or the fair value of the collateral for collateral dependent loans. Interest income on impaired loans is recognized in accordance with the Company’s non-accrual policy. Impaired loans are written down to the extent that principal is judged to be uncollectible and, in the case of impaired collateral dependent loans where repayment is expected to be provided solely by the underlying collateral and there is no other available and reliable sources of repayment, are written down to the lower of cost or collateral value less estimated selling costs. Impairment losses are included in the allowance for loan losses. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. |
Purchased Credit-Impaired Loans | (j) Purchased credit-impaired loans As a part of business acquisitions, the Company acquires loans, some of which have shown evidence of credit deterioration since origination. These purchased credit-impaired (“PCI”) loans were determined to be credit impaired based on specific risk characteristics of the loan, including product type, domicile of the borrower, past due status, owner occupancy status, geographic location of the collateral, and loan to value ratios. Purchasers are permitted to aggregate credit impaired loans acquired in the same fiscal quarter into one or more pools, provided that the loans have common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. For the loan portfolios acquired through failed bank acquisitions, the Company aggregated the commercial, consumer, and residential loans into ten pools of loans with common risk characteristics for each FDIC failed institution acquired. These acquired loans were recorded at the acquisition date fair value, and after acquisition, losses are recognized through the allowance for loan losses. The Company estimates the amount and timing of expected cash flows for each acquired loan pool and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan pools. On a quarterly basis, the Company updates the amount of loan principal and interest cash flows expected to be collected, incorporating assumptions regarding default rates, loss severities, the amounts and timing of prepayments and other factors that are reflective of current market conditions. Probable decreases in expected loan principal cash flows trigger the recognition of impairment, which is then measured as the present value of the expected principal loss plus any related foregone interest cash flows discounted at the pool’s effective interest rate. Impairments that occur after the acquisition date are recognized through the provision for loan losses. Probable and significant increases in expected principal cash flows would first reverse any previously recorded allowance for loan losses; any remaining increases are recognized prospectively as interest income. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. Disposals of loans, which may include sales of loans, receipt of payments in full by the borrower, or foreclosure, result in removal of the loan from the purchased credit impaired portfolio. |
Concentration of Credit Risk | (k) Concentration of credit risk Most of the Company’s business activity is with customers located within Florida. Therefore, the Company’s exposure to credit risk is significantly affected by changes in the economy and the real estate market within Florida, primarily central, southeastern and northeastern Florida. |
Allowance for Loan Losses | (l) Allowance for loan losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers loans that are not individually classified as impaired and is based on historical loss experience adjusted for current factors. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Commercial, commercial real estate, land, acquisition and development, and construction loans over $500 are individually evaluated for impairment. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent two years. The portfolio segments identified by the Company are residential loans, commercial real estate loans, construction and land development loans, commercial and industrial and consumer and other. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; volume and severity of adversely classified or graded loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The Company segregates and evaluates its loan portfolio through the five portfolio segments: residential real estate, commercial real estate, land/ land development/construction, commercial and consumer/other. Residential real estate loans are a mixture of fixed rate and adjustable rate residential mortgage loans, including first mortgages, second mortgages or home equity lines of credit. As a policy, the Company holds adjustable rate loans and sells a portion of its fixed rate loan originations into the secondary market. Changes in interest rates or market conditions may impact a borrower’s ability to meet contractual principal and interest payments. Residential real estate loans are secured by real property. Commercial real estate loans include loans secured by office buildings, warehouses, retail stores and other property located in or near our markets. These loans are originated based on the borrower’s ability to service the debt and secondarily based on the fair value of the underlying collateral. Land/land development/construction loans include residential and commercial real estate loans and include a mixture of owner occupied and non-owner occupied. The majority of the loans in this category are land related, either undeveloped land, land held for development, residential building lots and commercial building lots. Generally the terms are three to five years, with a potential for renewal at maturity. Commercial loans consist of small-to medium-sized businesses including professional associations, medical services, retail trade, transportation, wholesale trade, manufacturing and tourism. Commercial loans are derived from our market areas and underwritten based on the borrower’s ability to service debt from the business’s underlying cash flows. As a general practice, we obtain collateral such as inventory, accounts receivable, equipment or other assets although such loans may be uncollateralized but guaranteed. Consumer and other loans include automobiles, boats, mobile homes without land, or uncollateralized but personally guaranteed loans. These loans are originated based primarily on credit scores, debt-to-income ratios and loan-to-value ratios. The Company evaluates the loans acquired from the Gulfstream acquisition that were not PCI loans as a sixth loan portfolio segment. The Company considered the levels of and trends in non-performing loans, past-due loans, adverse loan grade classification changes, historical loss rates, environmental factors and impaired loans in arriving at its estimate. The general loan loss allowance recorded for these performing loans acquired from Gulfstream is allocated between the five portfolio segments described above in Note 4. The Company evaluates the loans acquired from the First Southern acquisition that were not PCI loans as a seventh loan portfolio segment. The Company considered the levels of and trends in non-performing loans, past-due loans, adverse loan grade classification changes, historical loss rates, environmental factors, impaired loans and those loans guaranteed by the California State University System in arriving at its estimate. The general loan loss allowance recorded for these performing loans acquired from First Southern is allocated between the five portfolio segments described above in Note 4. |
Transfer of Financial Assets | (m) Transfer of financial assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Other Repossessed Real Estate Owned | (n) Other repossessed real estate owned Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. Repossessed real estate is included in other repossessed real estate owned and other repossessed assets other than real estate is included in prepaid expenses and other assets in the Consolidated Balance Sheets. |
Premises and Equipment | (o) Premises and equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives of the related assets. Buildings are depreciated over a 39 year period, and furniture, fixtures and equipment are depreciated over their related useful life (3 to 15 years). Leasehold improvements are depreciated over the shorter of their useful lives or the term of the lease. Major renewals and betterments of property are capitalized; maintenance, repairs, and minor renewals and betterments are expensed in the period incurred. Upon retirement or other disposition of the asset, the asset cost and related accumulated depreciation are removed from the accounts, and gains or losses are included in income. |
Software Costs | (p) Software costs Costs of software developed for internal use, such as those related to software licenses, programming, testing, configuration, direct materials and integration, are capitalized and included in premises and equipment. Included in the capitalized costs are those costs related to both our personnel and third party consultants involved in the software development and installation. Once placed in service, the capitalized asset is amortized on a straight-line basis over its estimated useful life, generally three to five years. Capitalized costs of software developed for internal use are reviewed periodically for impairment. |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock | (q) Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock The Company’s subsidiary bank is a member of the FHLB and FRB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB and FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. |
Bank Owned Life Insurance (BOLI) | (r) Bank owned life insurance (BOLI) The Company, through its subsidiary bank, has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Goodwill and Other Intangible Assets | (s) Goodwill and other intangible assets Goodwill resulting from business combinations prior to January 1, 2009 represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill resulting from business combinations after January 1, 2009, is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually. The Company has selected November 30 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. The core deposit intangibles are intangible assets arising from either whole bank acquisitions or branch acquisitions. They are initially measured at fair value and then amortized over a ten-year period on an accelerated basis using the projected decay rates of the underlying core deposits. |
FDIC Indemnification Asset | (t) FDIC Indemnification Asset The FDIC Indemnification Asset represented the estimated amounts due from the FDIC pursuant to the Loss Share Agreements related to the acquisitions of the three failed banks acquired in 2010, two in 2012 and assumed two additional pursuant to the Company’s 2014 acquisition of First Southern. At acquisition, the FDIC Indemnification Asset represented the discounted value of the FDIC’s reimbursed portion of the estimated losses the Company expects to realize on the loans and other real estate (“Covered Assets”) acquired as a result of the acquisitions. The range of discount rates used on the FDIC Indemnification Asset was 1.21% to 4.53%. As losses were realized on Covered Assets, the portion that the FDIC paid the Company in cash for principal and up to 90 days of interest reduced the FDIC Indemnification Asset. On a quarterly basis, the Company evaluated the FDIC Indemnification Asset to determine if the estimated losses on Covered Assets supported the amount recorded as the FDIC Indemnification Asset. Income accretion was recognized during the loss share period. If the expectation of future losses declined, the income accretion was reduced prospectively over the lesser of the term of the loss share agreement and the estimated remaining life of the Covered Asset. On February 3, 2016, the FDIC bought out the remaining FDIC loss share agreements. As such, the FDIC indemnification asset was written-off effectively accelerating all future FDIC indemnification asset amortization expense as well as ending any future FDIC indemnification income. |
Loan Commitments and Related Financial Instruments | (u) Loan commitments and related financial instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Stock-Based Compensation | (v) Stock-based compensation Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. During 2014 the Company initiated a Long-Term Incentive Plan which included Performance Share Units (“PSUs”). The Monte-Carlo Simulation model was used to estimate fair value of the PSUs at the grant date. Compensation cost is recognized over the required service period, generally defined as the vesting period. |
Income Taxes | (w) Income taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in other expenses. On December 22, 2017, the U.S. federal government enacted a tax bill, H.R1 (“Tax Act”) which reduced the federal corporate tax rates effective for fiscal year 2018. As a result of this new tax bill, the Company evaluated its deferred tax assets and deferred tax liabilities to account for the future impact of lower corporate tax rates on its deferred tax assets. The reduction in the federal corporate tax rate resulted in a one-time charge to the Company’s 2017 earnings and reduction to its net deferred tax assets. See Note 14 for more details regarding Income Taxes. |
Retirement Plans | (x) Retirement plans Employee 401(k) plan expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. |
Marketing and Advertising Costs | (y) Marketing and advertising costs Marketing and advertising costs are expensed as incurred. |
Earnings Per Common Share | (z) Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options and unvested restricted stock awards where shares are not issued until vested. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of issuance of the financial statements. |
Comprehensive Income | ( aa ) Comprehensive income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale, which are also recognized as separate components of shareholders’ equity. |
Loss Contingencies | ( ab ) Loss contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. |
Restrictions on Cash | ( ac ) Restrictions on cash Cash on hand or on deposit with the Federal Reserve Bank is generally required to meet regulatory reserve and clearing requirements. |
Dividend Restriction | ( ad ) Dividend restriction Banking regulations require maintaining certain capital levels and may limit the dividends paid by the banks to the holding company or by the holding company to shareholders. |
Fair Value of Financial Instruments | ( ae ) Fair value of financial instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. |
Segment Reporting | ( af ) Segment reporting The Company’s correspondent banking and capital markets division represents a distinct reportable segment which differs from the Company’s primary business of commercial and retail banking in Florida. Accordingly, a reconciliation of reportable segment revenues, expenses and profit to the Company’s consolidated total has been presented in note 25. |
Derivatives | ( ag ) Derivatives The Company enters into interest rate swaps in order to provide commercial loan clients the ability to swap from fixed to variable interest rates. Under these agreements, the Company enters into a fixed-rate loan with a client in addition to a swap agreement. This swap agreement effectively converts the client’s fixed rate loan into a variable rate. The Company then enters into a matching swap agreement with a third party dealer in order to offset its exposure on the customer swap. The Company does not use derivatives for trading purposes. The derivative transactions are considered instruments with no hedging designation, otherwise known as stand-alone derivatives. Changes in the fair value of the derivatives are reported currently in earnings. |
Reclassifications | ( ah ) Reclassifications Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior years’ net income or shareholders’ equity. |
Effect of New Pronouncements | ( ai ) Effect of new pronouncements In May 2014, the FASB and the International Accounting Standards Board (the "IASB") jointly issued a comprehensive new revenue recognition standard that superseded 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 are now required to use more judgment and make more estimates than under previous 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 evaluated the provisions of ASU No. 2014-09 and its related updates and determined the new standard did 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’s sources of non-interest income that fall within the scope of the new standard, such as service charges on deposits, treasury management fees, wealth advisory fees, fixed income sales, and correspondent bank fees, are structured so that the non-interest income is earned immediately and not over a period of time, which is similar to the treatment under previous revenue recognition standards. The Company adopted ASU 2014-09 and applied the modified retrospective approach with a cumulative effect of initial applicaton in the first quarter of 2018 but there was no impact to retained earnings as a result of the adoption of the new standard. 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 an evaluation of the provisions of ASU No. 2016-01. Based on this evaluation, the Company determined that ASU No. 2016-01 does not have a material impact on the Company's Consolidated Financial Statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases." Under this 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 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 $3,007, or $0.05 per diluted earnings per share, for the twelve month period ending December 31, 2017. These excess tax benefits are also reported as an operating activity on the 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 new guidance effective January 1, 2018 does not have a material impact on the Consolidated Financial Statements. 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 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. In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. On December 22, 2017, the U.S. federal government enacted the Tax Act. Stakeholders in the banking and insurance industries expressed concern about the guidance in current generally accepted accounting principles (GAAP) that requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. That guidance is applicable even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income (rather than in income from continuing operations). Those stakeholders asserted that because the adjustment of deferred taxes due to the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate is required to be included in income from continuing operations, the tax effects of items within accumulated other comprehensive income (referred to as stranded tax effects) do not reflect the appropriate tax rate. The amendments in this update affect any entity that is required to apply the provisions of Topic 220, Income Statement—Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Act and will improve the usefulness of information reported to financial statement users. The amendments only relate to the reclassification of the income tax effects of the Tax Act; the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The amendments in this update also require certain disclosures about stranded tax effects. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company early adopted this update which resulted in a reclassification of $1,241 |
Trading Securities (Tables)
Trading Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Trading Securities Portfolio Realized and Unrealized Gains and Losses | A list of the activity in this portfolio for 2017 and 2016 is summarized below. 2017 2016 Beginning balance $ 12,383 $ 2,107 Purchases 230,074 186,150 Proceeds from sales (235,922 ) (176,393 ) Net realized gain on sales 195 323 Mark-to- market adjustment 47 196 Ending balance $ 6,777 $ 12,383 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) | The fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $ 5,000 $ 200 $ — $ 5,200 Obligations of U.S. government sponsored entities and agencies 10,000 — 426 9,574 Mortgage backed securities 982,565 752 10,706 972,611 Municipal securities 71,961 863 66 72,758 Total available-for-sale $ 1,069,526 $ 1,815 $ 11,198 $ 1,060,143 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 were as follows: 2017 2016 2015 Proceeds $ 312,692 $ 142,075 $ 16,305 Gross gains $ 740 $ 13 $ 303 Gross losses $ 747 $ — $ 299 |
Fair Value of Held to Maturity Securities and Related Gross Unrecognized Gains and Losses | The following reflects the fair value of held to maturity securities and the related gross unrecognized gains and losses as of December 31, 2017 and 2016. December 31, 2017 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Mortgage backed securities $ 100,039 $ — $ 1,068 $ 98,971 Municipal securities 132,360 1,781 1,497 132,644 Total held to maturity $ 232,399 $ 1,781 $ 2,565 $ 231,615 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 and amortized cost of available for sale securities at year end 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 available for sale: Value Cost Due in one year or less $ — $ — Due after one year through five years 5,699 5,604 Due after five years through ten years 17,604 17,318 Due after ten years through thirty years 64,229 64,039 Mortgage backed securities 972,611 982,565 Total available-for-sale $ 1,060,143 $ 1,069,526 |
Investments Gross Unrealized Losses and Fair Value | The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2017 and 2016. December 31, 2017 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Obligations of U.S. government sponsored entities and agencies $ — $ — $ 9,574 $ 426 $ 9,574 $ 426 Mortgage backed securities 477,925 3,298 316,066 7,408 793,991 10,706 Municipal securities 11,698 66 — — 11,698 66 Total temporarily impaired available-for-sale securities $ 489,623 $ 3,364 $ 325,640 $ 7,834 $ 815,263 $ 11,198 December 31, 2016 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury securities 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 year end 2017 by contractual maturity were as follows. Mortgage-backed securities are not due at a single maturity date and are shown separately. Amortized Investment securities held to maturity Fair Value Cost Due after five years through ten years $ 2,079 $ 2,059 Due after ten years through thirty years 130,565 130,301 Mortgage backed securities 98,971 100,039 Total held-to-maturity $ 231,615 $ 232,399 |
Investments Gross Unrealized Losses and Fair Value | The following tables show the Company’s held to maturity investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at December 31, 2017 and 2016. December 31, 2017 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Mortgage backed securities $ 57,266 $ 451 $ 41,705 $ 617 $ 98,971 $ 1,068 Municipal securities 13,350 186 37,963 1,311 51,313 1,497 Total temporarily impaired available-for-sale securities $ 70,616 $ 637 $ 79,668 $ 1,928 $ 150,284 $ 2,565 December 31, 2016 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair 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 available-for-sale securities $ 213,933 $ 8,284 $ — $ — $ 213,933 $ 8,284 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Summary of Information Concerning Loan Portfolio by Collateral Types | Major categories of loans included in the loan portfolio as of December 31, 2017 and 2016 are: December 31, 2017 December 30, 2016 Loans excluding PCI loans Real estate loans Residential $ 1,025,303 $ 816,304 Commercial 2,546,143 1,755,922 Land, development and construction 235,816 142,044 Total real estate 3,807,262 2,714,270 Commercial 693,501 439,540 Consumer and other loans 107,480 89,538 Loans before unearned fees and deferred cost 4,608,243 3,243,348 Net unearned fees and costs 820 475 Total loans excluding PCI loans 4,609,063 3,243,823 PCI loans (note 1) Real estate loans Residential 59,975 72,179 Commercial 92,791 99,566 Land, development and construction 6,656 9,944 Total real estate 159,422 181,689 Commercial 4,444 3,825 Consumer and other loans 292 410 Total PCI loans 164,158 185,924 Total loans 4,773,221 3,429,747 Allowance for loan losses for loans that are not PCI loans (32,530 ) (26,569 ) Allowance for loan losses for PCI loans (295 ) (472 ) Total loans, net of allowance for loan losses $ 4,740,396 $ 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 | Changes in the allowance for loan losses by portfolio segment for the years ended December 31, 2017, 2016 and 2015, are below. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Twelve months ended December 31, 2017 Beginning of the period $ 5,640 $ 14,713 $ 883 $ 3,785 $ 1,548 $ 26,569 Charge-offs (254 ) (74 ) - (677 ) (994 ) (1,999 ) Recoveries 950 662 596 334 217 2,759 Provision for loan losses (333 ) 4,003 (300 ) 688 1,143 5,201 Balance at end of period $ 6,003 $ 19,304 $ 1,179 $ 4,130 $ 1,914 $ 32,530 Twelve months ended December 31, 2016 Beginning of the period $ 6,015 $ 10,559 $ 936 $ 3,212 $ 1,421 $ 22,143 Charge-offs (290 ) (1,190 ) (232 ) (186 ) (849 ) (2,747 ) Recoveries 1,220 625 269 325 189 2,628 Provision for loan losses (1,305 ) 4,719 (90 ) 434 787 4,545 Balance at end of period $ 5,640 $ 14,713 $ 883 $ 3,785 $ 1,548 $ 26,569 Twelve months ended December 31, 2015 Beginning of the period $ 6,743 $ 8,269 $ 752 $ 2,330 $ 1,290 $ 19,384 Charge-offs (1,283 ) (173 ) (461 ) (1,121 ) (853 ) (3,891 ) Recoveries 901 485 5 344 156 1,891 Provision for loan losses (346 ) 1,978 640 1,659 828 4,759 Balance at end of period $ 6,015 $ 10,559 $ 936 $ 3,212 $ 1,421 $ 22,143 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Twelve months ended December 31, 2017 Beginning of the period $ 54 $ 92 $ 312 $ - $ 14 $ 472 Charge-offs — — — — — — Recoveries — 66 — — — 66 Provision for loan losses (54 ) (99 ) (90 ) — — (243 ) Balance at end of period $ — $ 59 $ 222 $ — $ 14 $ 295 Twelve months ended December 31, 2016 Beginning of the period $ — $ 103 $ 1 $ 3 $ 14 $ 121 Charge-offs — — (66 ) — — (66 ) Recoveries — — — — — — Provision for loan losses 54 (11 ) 377 (3 ) — 417 Balance at end of period $ 54 $ 92 $ 312 $ — $ 14 $ 472 Twelve months ended December 31, 2015 Beginning of the period $ — $ 372 $ 6 $ 136 $ — $ 514 Charge-offs — (77 ) — — (50 ) (127 ) Recoveries — — — — — — Provision for loan losses — (192 ) (5 ) (133 ) 64 (266 ) Balance at end of period $ — $ 103 $ 1 $ 3 $ 14 $ 121 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2017 and 2016. Accrued interest receivable and unearned fees/costs are not included in the recorded investment because they are not material. Real Estate Loans As of December 31, 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 $ 586 $ — $ 4 $ 206 $ 8 $ 804 Collectively evaluated for impairment 5,417 19,304 1,175 3,924 1,906 31,726 Purchased credit impaired — 59 222 — 14 295 Total ending allowance balance $ 6,003 $ 19,363 $ 1,401 $ 4,130 $ 1,928 $ 32,825 Loans: Individually evaluated for impairment $ 8,101 $ 8,218 $ 331 $ 3,497 $ 198 $ 20,345 Collectively evaluated for impairment 1,017,202 2,537,925 235,485 690,004 107,282 4,587,898 Purchased credit impaired 59,975 92,791 6,656 4,444 292 164,158 Total ending loan balances $ 1,085,278 $ 2,638,934 $ 242,472 $ 697,945 $ 107,772 $ 4,772,401 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 following is a summary of information regarding impaired loans at December 31, 2017 and 2016: December 31, 2017 2016 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $ 12,081 $ 11,030 Nonperforming TDRs (these are included in NPLs) 698 2,075 Total TDRs (these are included in impaired loans) 12,779 13,105 Impaired loans that are not TDRs 7,566 7,148 Total impaired loans $ 20,345 $ 20,253 |
Troubled Debt Restructured Loans by Loans Type | TDRs as of December 31, 2017 and 2016 quantified by loan type classified separately as accrual (performing loans) and non-accrual (nonperforming loans) are presented in the table below. As of December 31, 2017 Accruing Non Accrual Total Real estate loans: Residential $ $7,737 $ $364 $ $8,101 Commercial 3,286 306 3,592 Land, development, construction 332 — 332 Total real estate loans 11,355 670 12,025 Commercial 556 — 556 Consumer and other 170 28 198 Total TDRs $ $12,081 $ $698 $ $12,779 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 as TDRs for which there was a payment default within twelve months following the modification during the years ending December 31, 2017, 2016 and 2015. Year Ending Year Ending Year Ending December 31, 2017 December 31, 2016 December 31, 2015 Number Recorded Number Recorded Number Recorded of loans investment of loans investment of loans investment Residential — $ — 2 $ 167 3 $ 588 Commercial real estate 1 177 2 936 3 1,341 Land, development, construction — — — — — Commercial and Industrial — — — 1 66 Consumer and other — — — — — Total 1 $ 177 4 $ 1,103 7 1,995 |
Summary of Loans Individually Evaluated for Impairment by Class of Loans | The following tables present loans individually evaluated for impairment by class of loans as of December 31, 2017 and 2016 excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance primarily due to partial charge-offs. As of December 31, 2017 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 4,945 $ 4,818 $ — Commercial real estate 8,973 8,218 — Land, development, construction 260 210 — Commercial and industrial 3,374 2,968 — Consumer, other 142 127 — With an allowance recorded: Residential real estate 3,426 3,283 586 Commercial real estate — — — Land, development, construction 140 121 4 Commercial and industrial 531 529 206 Consumer, other 78 71 8 Total $ 21,869 $ 20,345 $ 804 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 | December 31, 2017 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 7,731 $ 267 $ — Commercial 8,956 145 — Land, development, construction 432 18 — Total real estate loans 17,119 430 — Commercial and industrial 1,968 29 — Consumer and other loans 240 10 — Total $ 19,327 $ 469 $ — December 31, 2016 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,384 $ 257 $ — Commercial 11,696 131 — Land, development, construction 1,503 24 — Total real estate loans 21,583 412 — Commercial and industrial 1,808 44 — Consumer and other loans 253 11 — Total $ 23,644 $ 467 $ — December 31, 2015 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,623 $ 241 $ — Commercial 10,874 259 — Land, development, construction 1,998 31 — Total real estate loans 21,495 531 — Commercial and industrial 946 39 — Consumer and other loans 329 14 — Total $ 22,770 $ 584 $ — |
Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans | The following tables present the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of December 31, 2017 and 2016 excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30: As of December 31, 2017 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 7,107 $ — Commercial real estate 6,549 — Land, development, construction 138 — Commercial 3,121 — Consumer, other 373 — Total $ 17,288 $ — 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 tables present the aging of the recorded investment in past due loans as of December 31, 2017 and 2016, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30: Accruing Loans Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans As of December 31, 2017 Residential real estate $ 1,025,303 $ 3,568 $ 1,821 $ — $ 5,389 $ 1,012,807 $ 7,107 Commercial real estate 2,546,143 1,158 2,272 — 3,430 2,536,164 6,549 Land/dev/construction 235,816 2,807 189 — 2,996 232,682 138 Commercial 693,501 568 763 — 1,331 689,049 3,121 Consumer 107,480 471 48 — 519 106,588 373 $ 4,608,243 $ 8,572 $ 5,093 $ — $ 13,665 $ 4,577,290 $ 17,288 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 December 31, 2017 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 987,472 $ 20,435 $ 17,396 $ — Commercial real estate 2,411,085 115,942 19,116 — Land/dev/construction 217,555 17,699 562 — Commercial 674,764 14,186 4,551 — Consumer 106,735 139 606 — Total $ 4,397,611 $ 168,401 $ 42,231 $ — 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 accounted for pursuant to ASC Topic 310-30, based on payment activity as of December 31, 2017 and 2016: As of December 31, 2017 Residential Consumer Performing 1,018,196 107,107 Nonperforming 7,107 373 Total 1,025,303 107,480 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 December 31, 2017, 2016 and 2015. Contractually required principal and interest payments have been adjusted for estimated prepayments. December 31, 2017 2016 2015 Contractually required principal and interest $ 248,283 $ 297,821 $ 332,570 Non-accretable difference (13,183 ) (18,372 ) (19,452 ) Cash flows expected to be collected 235,100 279,449 313,118 Accretable yield (70,942 ) (93,525 ) (102,590 ) Carrying value of acquired loans 164,158 185,924 210,528 Allowance for loan losses (295 ) (472 ) (121 ) Carrying value less allowance for loan losses $ 163,863 $ 185,452 $ 210,407 |
Summary of Changes in Total Contractually Required Principal and Interest Cash Payments | The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the periods ending December 31, 2017, 2016 and 2015. effect of income all other December 31, 2016 acquisitions accretion adjustments December 31, 2017 Contractually required principal and interest $ 297,821 $ 31,334 $ — $ (80,872 ) $ 248,283 Non-accretable difference (18,372 ) (7,104 ) — 12,293 (13,183 ) Cash flows expected to be collected 279,449 24,230 — (68,579 ) 235,100 Accretable yield (93,525 ) (4,185 ) 32,388 (5,620 ) (70,942 ) Carry value of acquired loans $ 185,924 $ 20,045 $ 32,388 $ (74,199 ) $ 164,158 effect of income all other December 31, 2015 acquisitions accretion adjustments December 31, 2016 Contractually required principal and interest $ 332,570 $ 73,005 $ — $ (107,754 ) $ 297,821 Non-accretable difference (19,452 ) (9,295 ) — 10,375 (18,372 ) Cash flows expected to be collected 313,118 63,710 — (97,379 ) 279,449 Accretable yield (102,590 ) (18,585 ) 34,006 (6,356 ) (93,525 ) Carry value of acquired loans $ 210,528 $ 45,125 $ 34,006 $ (103,735 ) $ 185,924 effect of income all other December 31, 2014 acquisitions accretion adjustments December 31, 2015 Contractually required principal and interest $ 460,836 $ - $ — $ (128,266 ) $ 332,570 Non-accretable difference (68,757 ) - — 49,305 (19,452 ) Cash flows expected to be collected 392,079 - — (78,961 ) 313,118 Accretable yield (115,313 ) - 40,645 (27,922 ) (102,590 ) Carry value of acquired loans $ 276,766 $ - $ 40,645 $ (106,883 ) $ 210,528 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Activity of Valuation Allowance in Other Real Estate Owned and Expense Related to Foreclosed Assets | Other real estate owned means real estate acquired through or instead of loan foreclosure. Activity in the valuation allowance was as follows: 2017 2016 2015 Beginning of year $ 869 $ 1,297 $ 3,103 Valuation write down of repossessed real estate 682 871 1,207 Sales and/or dispositions (690 ) (1,299 ) (3,013 ) End of year $ 861 $ 869 $ 1,297 Expenses related to foreclosed real estate include: 2017 2016 2015 (Gain) loss on sale of repossessed real estate $ (876 ) (1,528 ) (1,253 ) Valuation write down of repossessed real estate 682 871 1,207 Operating expenses, net of rental income 2,252 2,392 2,334 Total $ 2,058 $ 1,735 $ 2,288 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below. Fair value measurements using Significant Quoted prices in other Significant active markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at December 31, 2017 Assets: Trading securities $ 6,777 — $ 6,777 — Available for sale securities Corporate debt securities 5,200 — 5,200 — Obligations of U.S. government sponsored entities and agencies 9,574 — 9,574 — Mortgage backed securities 972,611 — 972,611 — Municipal securities 72,758 — 72,758 — Interest rate swap derivatives 42,480 — 42,480 — Liabilities: Interest rate swap derivatives 43,259 — 43,259 — 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 December 31, 2017 Assets: Impaired loans Residential real estate $ 2,423 — — $ 2,423 Commercial real estate 6,293 — — 6,293 Land, land development and construction 292 — — 292 Commercial 2,131 — — 2,131 Consumer 57 — — 57 Other real estate owned Residential real estate 635 — — 635 Commercial real estate 261 — — 261 Land, land development and construction 1,481 — — 1,481 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 December 31, 2017 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 280,619 $ 280,619 $ — $ — $ 280,619 Trading securities 6,777 — 6,777 — 6,777 Investment securities available for sale 1,060,143 — 1,060,143 — 1,060,143 Investment securities held to maturity 232,399 — 231,615 — 231,615 FHLB and FRB stock 34,876 — — — n/a Loans held for sale 19,647 — 19,647 — 19,647 Loans, less allowance for loan losses of $32,825 4,740,396 — — 4,731,514 4,731,514 Interest rate swap derivatives 42,480 — 42,480 — 42,480 Accrued interest receivable 18,628 — 5,370 13,258 18,628 Financial liabilities: Deposits- without stated maturities $ 4,727,840 $ 4,727,840 $ — $ — $ 4,727,840 Deposits- with stated maturities 832,683 — 845,039 — 845,039 Securities sold under agreement to repurchase 52,080 — 52,080 — 52,080 Federal funds purchased 331,490 — 331,490 — 331,490 Corporate debentures 26,192 — — 22,363 22,363 Interest rate swap derivatives 43,259 — 43,259 — 43,259 Accrued interest payable 1,169 — 1,169 — 1,169 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 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Summary of Bank Premises and Equipment | A summary of bank premises and equipment as of December 31, 2017 and 2016 is as follows: December 31, 2017 2016 Land $ 51,724 $ 40,952 Land improvements 1,251 1,146 Buildings 85,625 71,069 Leasehold improvements 6,575 5,310 Furniture, fixtures and equipment 38,662 34,912 Construction in progress 4,783 2,878 188,620 156,267 Less: Accumulated depreciation 46,734 41,452 $ 141,886 $ 114,815 |
Minimum Future Contractual Annual Rentals | The Company leases land and certain facilities under noncancellable operating leases. The following is a schedule of future minimum annual rentals under the noncancellable operating leases: Year ending December 31, 2018 $ 4,093 2019 3,223 2020 1,790 2021 1,670 2022 941 Thereafter 4,312 $ 16,029 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Change in Balance for Goodwill | The change in balance for goodwill during the years 2017, 2016 and 2015 is as follows: 2017 2016 2015 Beginning of year $ 106,028 $ 76,739 $ 76,739 Acquired goodwill 151,655 29,289 — Impairment — — — End of year $ 257,683 $ 106,028 $ 76,739 |
Acquired Intangible Assets for Core Deposit Intangibles and Trust | The change in balance for CDI and the Trust during the years 2017, 2016 and 2015 is as follows: 2017 2016 2015 Beginning of year $ 16,209 $ 13,001 $ 15,401 Acquired CDI 12,424 6,282 137 Amortization expense (3,997 ) (3,074 ) (2,537 ) Disposal of trust intangible asset (573 ) — — End of year $ 24,063 $ 16,209 $ 13,001 |
Schedule of Acquired Intangible Assets | Acquired intangible assets were as follows for years ended December 31, 2017 and 2016: December 31, 2017 December 31, 2016 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Amortized intangible assets: Core deposit intangibles $ 42,019 $ 17,956 $ 29,595 $ 14,085 Trust intangible — — 1,580 881 Total acquired intangibles $ 42,019 $ 17,956 $ 31,175 $ 14,966 |
Estimated Amortization Expense | Estimated amortization expense for each of the next five years: 2018 $ 3,971 2019 3,559 2020 3,229 2021 2,924 2022 2,659 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking And Thrift [Abstract] | |
Summary of Deposits | A detail of deposits at December 31, 2017 and 2016 is as follows: December 31, Weighted Weighted Average Average Interest Interest 2017 Rate 2016 Rate Non-interest bearing deposits $ 1,999,901 — % $ 1,426,624 — % Interest bearing deposits: Interest bearing demand deposits 1,058,985 0.1 % 917,004 0.1 % Savings deposits 501,014 0.1 % 362,947 0.1 % Money market accounts 1,167,940 0.4 % 900,532 0.3 % Time deposits less than $100,000 384,347 1.0 % 230,192 0.7 % Time deposits of $100,000 or greater 448,336 1.2 % 315,245 0.9 % $ 5,560,523 0.3 % $ 4,152,544 0.2 % |
Summary of Certificate Accounts | The following table presents the amount of certificate accounts at December 31, 2017, maturing during the periods reflected below: Year Amount 2018 $ 547,516 2019 158,356 2020 63,737 2021 39,250 2022 23,824 Thereafter - Total 832,683 |
Securities Sold Under Agreeme46
Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking And Thrift [Abstract] | |
Summary of Repurchase Agreement | The following tables provide additional details as of December 31, 2017 and 2016. MBS Municipal As of December 31, 2017 Securities Securities Total Market value of securities pledged 59,239 $ 443 59,682 Borrowings related to pledged amounts 52,030 50 52,080 Market value pledged as a % of borrowings 114 % 886 % 115 % MBS Municipal As of December 31, 2016 Securities Securities Total 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 % Information concerning repurchase agreements is summarized as follows: 2017 2016 2015 Average daily balance during the year 43,850 $ 29,435 $ 30,727 Average interest rate during the year 0.56 % 0.35 % 0.61 % Maximum month-end balance during the year 52,080 $ 35,500 $ 40,198 Weighted average interest rate at year end 0.88 % 0.33 % 0.36 % |
Federal Funds Purchased (Tables
Federal Funds Purchased (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking And Thrift [Abstract] | |
Federal Funds Purchased, Overnight Deposits from Correspondent Banks | Federal funds purchased, as listed below, are overnight deposits from correspondent banks. Information concerning these deposits is summarized as follows: 2017 2016 2015 Average daily balance during the year $ 263,669 $ 210,276 $ 184,451 Average interest rate during the period 1.13 % 0.55 % 0.34 % Maximum month-end balance during the year $ 302,799 $ 288,582 $ 223,151 Weighted average interest rate at year end 1.39 % 0.72 % 0.33 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Allocation of Federal and State Income Tax Expense (Benefit) Between Current and Deferred Portions | Allocation of federal and state income tax expense between current and deferred portions for the years ended December 31, 2017, 2016 and 2015, is as follows: Current Deferred Total December 31, 2017: Federal $ 18,243 $ 29,393 $ 47,636 State 4,045 1,799 5,844 $ 22,288 $ 31,192 $ 53,480 December 31, 2016: Federal $ 15,172 $ 3,127 $ 18,299 State 3,091 520 3,611 $ 18,263 $ 3,647 $ 21,910 December 31, 2015: Federal $ 14,639 $ 4,297 $ 18,936 State 2,920 715 3,635 $ 17,559 $ 5,012 $ 22,571 |
Components of Deferred Tax Assets and Deferred Tax Liabilities | The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2017 and 2016, are presented below: December 31, 2017 2016 Deferred tax assets: Allowance for loan losses $ 8,320 $ 10,431 Stock based compensation 1,609 1,792 Deferred compensation 1,488 2,145 Impairment expenses 572 459 Net operating loss carryforward 13,278 22,633 Other real estate owned expenses 557 580 Fair value adjustments 13,414 27,241 Nonaccrual interest 1,385 1,856 Unrealized loss on investment securities available for sale 2,378 5,384 Other 2,339 371 Total deferred tax assets 45,340 72,892 Deferred tax liabilities: Premises and equipment, due to differences in depreciation methods and useful lives (5,441 ) (7,320 ) Deferred loan costs, net (208 ) (183 ) Prepaid expense (1,752 ) (1,867 ) Like kind exchange (197 ) (300 ) Accretion of discounts on investments (17 ) (14 ) Total deferred tax liabilities (7,615 ) (9,684 ) Net deferred tax asset $ 37,725 $ 63,208 |
Summary of Net Operating Loss Carryforwards | At December 31, 2017, the Company had net operating loss carryforwards of approximately $53,499 which will begin to expire as follows. 2028 $ 1,267 2029 14,101 2030 13,534 2031 7,745 2032 6,567 2033 6,313 2035 759 2036 3,213 $ 53,499 |
Reconciliation Between the Actual Tax Expense and the Expected Tax (Benefit) Expense | A reconciliation between the actual tax expense and the “expected” tax expense, computed by applying the U.S. federal corporate rate of 35 percent is as follows: December 31, 2017 2016 2015 “Expected” tax expense $ 38,246 $ 22,488 $ 21,668 Tax exempt interest, net (4,104 ) (2,364 ) (851 ) Bank owned life insurance (1,251 ) (825 ) (753 ) State income taxes, net of federal income tax benefits 4,077 2,347 2,363 Stock based compensation 40 81 76 Merger and acquisition related expenses 1,049 388 10 Excess tax benefit from stock based compensation (3,007 ) — — Revaluation of net deferred tax asset due to change in federal income tax rate 18,575 — — Other, net (145 ) (205 ) 58 $ 53,480 $ 21,910 $ 22,571 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Summary Loans to Principal Officers, Directors and Their Affiliates | Loans to principal officers, directors, and their affiliates during 2017 and 2016 were as follows: 2017 2016 Beginning balance $ 26,515 $ 19,975 New loans and advances on existing loans 21,753 18,397 Repayments (17,810 ) (11,857 ) Ending balance $ 30,458 $ 26,515 |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking And Thrift [Abstract] | |
Summary of Actual, Required, and Capital Levels Necessary for Capital Adequacy Purposes | A summary of actual, required, and capital levels necessary for capital adequacy purposes for the Company as of December 31, 2017 and 2016, are presented in the table below. The ratios for capital adequacy purposes do not include capital conservation buffer requirements. To be well capitalized under For capital prompt corrective Actual adequacy purposes action provision Amount Ratio Amount Ratio Amount Ratio December 31, 2017 Total capital (to risk weighted assets) $ 682,175 12.6% $ 434,245 >8.0% n/a n/a Tier 1 capital (to risk weighted assets) 649,350 12.0% 325,684 >6.0% n/a n/a Common equity tier 1 capital (to risk weighted assets) 621,956 11.5% 244,263 >4.5% n/a n/a Tier 1 capital (to average assets) 649,350 9.8% 264,616 >4.0% n/a n/a December 31, 2016 Total capital (to risk weighted assets) $ 479,966 12.5% $ 306,281 >8.0% n/a n/a Tier 1 capital (to risk weighted assets) 452,925 11.8% 229,711 >6.0% n/a n/a Common equity tier 1 capital (to risk weighted assets) 431,546 11.3% 172,283 >4.5% n/a n/a Tier 1 capital (to average assets) 452,925 9.1% 198,891 >4.0% n/a n/a A summary of actual, required, and capital levels necessary for capital adequacy purposes in the case of the Company’s subsidiary bank as of December 31, 2017 and 2016, are presented in the table below. The ratios for capital adequacy purposes do not include capital conservation buffer requirements. To be well capitalized under For capital prompt corrective Actual adequacy purposes action provision Amount Ratio Amount Ratio Amount Ratio December 31, 2017 Total capital (to risk weighted assets) $ 654,018 12.2% $ 430,561 >8.0% $ 538,202 >10.0% Tier 1 capital (to risk weighted assets) 621,199 11.5% 322,921 >6.0% 430,561 >8.0% Common equity tier 1 capital (to risk weighted assets) 621,199 11.5% 242,191 >4.5% 349,831 >6.5% Tier 1 capital (to average assets) 621,199 9.4% 264,577 >4.0% 330,721 >5.0% December 31, 2016 Total capital (to risk weighted assets) $ 451,152 11.8% $ 306,145 >8.0% $ 382,682 >10.0% Tier 1 capital (to risk weighted assets) 424,118 11.1% 229,609 >6.0% 306,145 >8.0% Common equity tier 1 capital (to risk weighted assets) 424,118 11.1% 172,207 >4.5% 248,743 >6.5% Tier 1 capital (to average assets) 424,118 8.5% 198,852 >4.0% 248,565 >5.0% |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Based Compensation Expense Recognized | The Company’s stock-based compensation consists of stock options, RSAs, RSUs and PSUs. During the twelve month period ended December 31, 2017, 2016 and 2015, the Company recognized total stock-based compensation expense as listed in the table below. 2017 2016 2015 Stock option expense $ 115 $ 230 $ 216 RSA expense 3,560 3,605 2,712 RSU expense 287 169 27 PSU expense 624 419 328 Total stock-based compensation expense $ 4,586 $ 4,423 $ 3,283 |
Information Related to Stock Option Activity | 2017 2016 2015 Total intrinsic value of stock options exercised $ 8,039 $ 2,716 $ 827 Net proceeds from stock options exercised $ 6,715 $ 1,769 $ 784 Gross income tax benefit from the exercise of stock options $ 1,545 $ 140 113 |
Summary of Stock Option Activity | A summary of stock option activity for the years ended December 31, 2017, 2016 and 2015 is as follows: December 31, 2017 December 31, 2016 December 31, 2015 Weighted- Weighted- Weighted- Average Average Average Number of Exercise Number of Exercise Number of Exercise Options Price Options Price Options Price Outstanding, beginning of period 623,490 $ 12.30 940,634 $ 11.73 1,138,404 $ 11.23 Issued Gateway (note 1) 1,150,517 $ 11.32 — — — — Exercised (598,039 ) $ 12.11 (229,583 ) $ 8.74 (142,476 ) $ 6.63 Forfeited (56,485 ) $ 15.00 (87,561 ) $ 15.51 (55,294 ) $ 14.57 Outstanding, end of period 1,119,483 $ 11.26 623,490 $ 12.30 940,634 $ 11.73 |
Summary of Outstanding, Vested and Expected to Vest and Exercisable Stock Options | Weighted- Weighted- Average Average Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Options outstanding, December 31, 2017 1,119,483 $ 11.26 2.1 years $ 16,195 Options fully vested and expected to vest, December 31, 2017 1,112,926 $ 11.27 2.1 years $ 16,090 Options exercisable, December 31, 2017 1,051,853 $ 11.41 2.0 years $ 15,062 |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Stock Awards Activity | A summary of the RSA activity for the years ended December 31, 2017, 2016 and 2015 is presented in the table below. 2017 2016 2015 Number Number Weighted Number Number Weighted Number Number Weighted of RSAs of RSAs average of RSAs of RSAs average of RSAs of RSAs average underlying underlying Total fair value underlying underlying Total fair value underlying underlying Total fair value shares not shares number at grant shares not shares number at grant shares not shares number at grant issued issued of RSAs date issued issued of RSAs date issued issued of RSAs date Outstanding, beginning period 572,064 127,901 699,965 $ 12.20 532,127 189,588 721,715 $ 10.79 410,128 249,542 659,670 $ 10.30 Granted 148,232 — 148,232 $ 24.94 262,934 — 262,934 $ 14.68 205,082 3,000 208,082 $ 11.96 Vested (226,606 ) (58,201 ) (284,807 ) $ 11.52 (219,032 ) (60,087 ) (279,119 ) $ 10.88 (62,170 ) (57,954 ) (120,124 ) $ 10.12 Forfeited (4,266 ) — (4,266 ) $ 15.76 (3,965 ) (1,600 ) (5,565 ) $ 12.07 (20,913 ) (5,000 ) (25,913 ) $ 10.64 Outstanding, end of period 489,424 69,700 559,124 $ 15.89 572,064 127,901 699,965 $ 12.20 532,127 189,588 721,715 $ 10.79 |
Restricted Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Stock Units | December 31, 2017 December 31, 2016 December 31, 2015 Weighted Weighted Weighted average average average fair value fair value fair value Number of at grant Number of at grant Number of at grant Units date Units date Units date Outstanding, beginning of period 54,376 $ 14.00 29,092 $ 12.22 — $ — Granted 32,441 22.19 28,725 15.37 29,092 12.22 Vested and issued — — (3,441 ) 12.22 — — Forfeited — — — — — — Outstanding, end of period 86,817 $ 17.00 54,376 $ 14.00 29,092 $ 12.22 |
Parent Company Only Financial52
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet | Condensed financial statements of CenterState Bank Corpoartion (parent company only) follow: Condensed Balance Sheet December 31, 2017 and 2016 Assets: 2017 2016 Cash and due from banks $ 1,569 $ 970 Inter-company receivable from bank subsidiary 840 25,250 Investment in wholly-owned bank subsidiary 903,882 548,653 Investment in other wholly-owned subsidiary 1,951 1,592 Prepaid expenses and other assets 49,011 8,107 Total assets $ 957,253 $ 584,572 Liabilities: Accounts payable and accrued expenses $ 6,311 $ 6,157 Other borrowings 20,000 — Corporate debenture 26,192 25,958 Total liabilities 52,503 32,115 Shareholders’ Equity: Common stock 602 482 Additional paid-in capital 737,905 430,459 Retained earnings 173,248 130,090 Accumulated other comprehensive loss (7,005 ) (8,574 ) Total shareholders’ equity 904,750 552,457 Total liabilities and shareholders' equity $ 957,253 $ 584,572 |
Condensed Statements of Income | Condensed Statements of Operations Years ended December 31, 2017, 2016 and 2015 2017 2016 2015 Dividend income $ 10,000 $ 58,000 $ 1,232 Other income — 308 — Interest expense (1,363 ) (1,159 ) (968 ) Operating expenses (3,960 ) (3,869 ) (4,422 ) Income before equity in undistributed income of subsidiaries 4,677 53,280 (4,158 ) Equity in undistributed income (losses) of subsidiaries 48,760 (12,736 ) 41,431 Net income before income tax benefit 53,437 40,544 37,273 Income tax benefit (2,358 ) (1,797 ) (2,065 ) Net income $ 55,795 $ 42,341 $ 39,338 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years ended December 31, 2017, 2016 and 2015 2017 2016 2015 Cash flows from operating activities: Net income $ 55,795 $ 42,341 $ 39,338 Adjustments to reconcile net income to net cash used in operating activities: Equity in net (earnings) losses of subsidiaries (58,760 ) 12,736 (42,663 ) Increase in payables and accrued expenses 463 (25 ) 340 Gain on extinguishment of debt — (308 ) — (Increase) decrease in other assets (40,369 ) 84 89 Stock based compensation expense 1,048 1,001 1,235 Net cash flows used in operating activities (41,823 ) 55,829 (1,661 ) Cash flows from investing activities: Inter-company receivables from subsidiary banks 25,145 (58,241 ) 1,991 Net cash from bank acquisition (42,601 ) (38,918 ) — Investment in subsidiaries (25,000 ) 450 (476 ) Cash payments to shareholders (90 ) 39 (466 ) Dividends from bank subsidiaries 10,000 58,000 — Dividends from nonbank subsidiary — — 1,232 Net cash flows provided by investing activities (32,546 ) (38,670 ) 2,281 Cash flows from financing activities: Stock options exercised, net of tax benefit 6,715 1,769 784 Stock repurchase (1,131 ) (962 ) (1,016 ) Extinguishment of debt — (8,680 ) — Increase in other borrowings 20,000 (650 ) — Proceeds from stock offering, net of offering costs 63,262 — — Dividends paid to shareholders (13,878 ) (7,681 ) (3,181 ) Net cash flows used in financing activities 74,968 (16,204 ) (3,413 ) Net increase (decrease) in cash and cash equivalents 599 955 (2,793 ) Cash and cash equivalents at beginning of year 970 15 2,808 Cash and cash equivalents at end of year $ 1,569 $ 970 $ 15 |
Credit Commitments (Tables)
Credit Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Credit Commitments | A summary of commitments to extend credit and standby letters of credit written at December 31, 2017 and 2016, are as follows: December 31, 2017 2016 Standby letters of credit $ 15,740 $ 10,551 Available lines of credit 824,958 512,268 Unfunded loan commitments – fixed 140,750 101,586 Unfunded loan commitments – variable 35,814 15,062 |
Basic and Diluted Earnings Pe54
Basic and Diluted Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Factors Used in Earnings Per Share Computations | The following table presents the factors used in the earnings per share computations for the periods indicated. 2017 2016 2015 Basic Net income available to common shareholders $ 55,795 $ 42,341 $ 39,338 Less: Earnings allocated to participating securities (120 ) (163 ) (212 ) Net income allocated to common shareholders $ 55,675 $ 42,178 $ 39,126 Weighted average common shares outstanding including participating securities 57,368,322 47,592,500 45,427,857 Less: Participating securities (1) (123,624 ) (183,358 ) (245,633 ) Average shares 57,244,698 47,409,142 45,182,224 Basic earnings per common share $ 0.97 $ 0.89 $ 0.87 Diluted Net income available to common shareholders $ 55,675 $ 42,178 $ 39,126 Weighted average common shares outstanding for basic earnings per common share 57,244,698 47,409,142 45,182,224 Add: Dilutive effects of stock based compensation awards 1,096,115 782,381 606,408 Average shares and dilutive potential common shares 58,340,813 48,191,523 45,788,632 Dilutive earnings per common share $ 0.95 $ 0.88 $ 0.85 1. Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Reconciliation of Reportable Segment Revenues, Expenses and Profit | The tables below are reconciliations of the reportable segment revenues, expenses, and profit as viewed by management to the Company’s consolidated total for the year ending December 31, 2017, 2016 and 2015. Year ending December 31, 2017 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 240,583 $ 10,743 $ — — $ 251,326 Interest expense (11,431 ) (2,989 ) (1,363 ) — (15,783 ) Net interest income (expense) 229,152 7,754 (1,363 ) — 235,543 Provision for loan losses (5,037 ) 79 — — (4,958 ) Non interest income 36,834 28,341 — — 65,175 Non interest expense (161,946 ) (20,579 ) (3,960 ) — (186,485 ) Net income (loss) before taxes 99,003 15,595 (5,323 ) — 109,275 Income tax (provision) benefit (49,823 ) (6,015 ) 2,358 — (53,480 ) Net income (loss) $ 49,180 $ 9,580 $ (2,965 ) $ — $ 55,795 Total assets $ $6,572,636 $ 506,234 $ 957,253 $ (912,148) $ 7,123,975 Year ending December 31, 2016 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 180,696 $ 7,969 $ — — $ 188,665 Interest expense (7,044 ) (1,137 ) (1,159 ) — (9,340 ) Net interest income (expense) 173,652 6,832 (1,159 ) — 179,325 Provision for loan losses (4,938 ) (24 ) — — (4,962 ) Non interest income 30,376 33,685 308 — 64,369 Non interest expense (147,228 ) (23,384 ) (3,869 ) — (174,481 ) Net income before taxes 51,862 17,109 (4,720 ) — 64,251 Income tax (provision) benefit (17,107 ) (6,600 ) 1,797 — (21,910 ) Net income (loss) $ 34,755 $ 10,509 $ (2,923 ) $ — $ 42,341 Total assets $ 4,676,375 $ 397,323 $ 584,572 $ (579,711 ) $ 5,078,559 Year ending December 31, 2015 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 155,369 $ 6,951 $ — — $ 162,320 Interest expense (5,697 ) (621 ) (968 ) — (7,286 ) Net interest income 149,672 6,330 (968 ) — 155,034 Provision for loan losses (4,335 ) (158 ) — — (4,493 ) Non interest income 9,887 27,563 — — 37,450 Non interest expense (99,900 ) (21,760 ) (4,422 ) — (126,082 ) Net income before taxes 55,324 11,975 (5,390 ) — 61,909 Income tax (provision) benefit (20,016 ) (4,620 ) 2,065 — (22,571 ) Net income (loss) $ 35,308 $ 7,355 $ (3,325 ) $ — $ 39,338 Total assets $ 3,679,946 $ 335,643 $ 518,107 $ (510,979 ) $ 4,022,717 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Pro-Forma Financial Information of Acquisition | Pro-forma data for the twelve month periods ending December 31, 2015 and 2016 listed in the table below presents pro-forma information as if the Community, Hometown, Platinum and Gateway acquisitions occurred at the beginning of 2015. The pro-forma information for the twelve month period ending December 31, 2017 assumes the Platinum and Gateway acquisitions occurred at the beginning of 2015. Because the Community and Hometown transactions closed on March 1, 2016 and actual results for these acquisitions are included the Company’s actual operating results for 2017, actual results for these acquisitions were used in the table below for the twelve month period ending December 31, 2017 instead of a pro-forma amount. Years ended December 31, 2017 2016 2015 Net interest income $ 246,658 $ 234,790 $ 233,073 Net income available to common shareholders $ 65,877 $ 53,786 $ 52,676 EPS - basic $ 1.11 $ 0.96 $ 0.94 EPS - diluted $ 1.09 $ 0.94 $ 0.93 |
Community Bank Of South Florida Inc [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of Community common stock exchanged for CenterState common stock 2,488,260 Per share exchange ratio 0.9148 Number of shares of CenterState common stock less 218 of fractional shares 2,276,042 CenterState common stock price per share on February 29, 2016 $ 14.00 Fair value of CenterState common stock issued $ 31,865 Total Community common shares exchanged for cash 2,488,261 Cash consideration each Community share was entitled to receive $ 13.31 Total cash consideration, plus $3 for 218 of fractional shares $ 33,121 Total purchase price $ 64,986 |
Summary of Preliminary Estimates of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | The list below summarizes the estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the March 1, 2016 purchase date. March 1, 2016 Assets: Cash and cash equivalents $ 79,800 Loans, held for investment 273,146 Purchased credit impaired loans 43,298 Loans held for sale 732 Investments 63,716 Accrued interest receivable 995 Branch real estate 10,646 Furniture and fixtures 459 Bank property held for sale 850 Federal Home Loan Bank stock 420 Other repossessed real estate owned 4,819 Core deposit intangible 3,684 Goodwill 25,391 Deferred tax asset 11,827 Other assets 758 Total assets acquired $ 520,541 Liabilities Deposits $ 452,935 Notes payable 650 Accrued interest payable 604 Other liabilities 1,366 Total liabilities assumed $ 455,555 |
Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of March 1, 2016 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 69,400 Non-accretable difference (8,383 ) Cash flows expected to be collected 61,017 Accretable yield (17,719 ) Total purchased credit-impaired loans acquired $ 43,298 |
Summary of Fair Value of Acquired Loans and Unpaid Principal Balance | The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Balance Fair Value Loans: Single family residential real estate $ 76,035 $ 73,737 Commercial real estate 160,875 155,678 Construction/development/land 18,391 17,587 Commercial loans 19,467 19,294 Consumer and other loans 6,914 6,850 Purchased credit-impaired 55,201 43,298 Total earning assets $ 336,883 $ 316,444 |
Schedule of Measurement Period Adjustments | Based on income tax returns filed subsequent to the acquisition date, the Company adjusted its initial fair value estimate of the deferred tax asset acquired. measurement March 1, 2016 period March 1, 2016 as initially reported adjustments (as adjusted) Assets: Cash and cash equivalents $ 79,800 $ — $ 79,800 Loans, held for investment 273,146 273,146 Purchased credit impaired loans 43,298 43,298 Loans held for sale 732 732 Investments 63,716 63,716 Accrued interest receivable 995 995 Branch real estate 10,646 10,646 Furniture and fixtures 459 459 Bank property held for sale 850 850 Federal Home Loan Bank stock 420 420 Other repossessed real estate owned 4,819 4,819 Core deposit intangible 3,684 3,684 Goodwill 25,464 (73 ) 25,391 Deferred tax asset 11,754 73 11,827 Other assets 758 758 Total assets acquired $ 520,541 $ — $ 520,541 Liabilities Deposits $ 452,935 $ — $ 452,935 Notes payable 650 650 Accrued interest payable 604 604 Other liabilities 1,366 1,366 Total liabilities assumed $ 455,555 $ — $ 455,555 |
Hometown of Homestead Banking Company [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of Hometown 15,319,622 Cash consideration each Hometown $ 1.25 Total purchase price $ 19,150 |
Summary of Preliminary Estimates of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | The list below summarizes the preliminary estimates of the fair value of the assets purchased, including goodwill, and liabilities assumed as of the March 1, 2016 purchase date. March 1, 2016 Assets: Cash and cash equivalents $ 14,356 Loans, held for investment 195,960 Purchased credit impaired loans 1,827 Investments 77,999 Accrued interest receivable 1,163 Branch real estate 6,830 Furniture and fixtures 132 Bank property held for sale 3,897 Federal Reserve Bank and Federal Home Loan Bank stock 2,571 Other repossessed real estate owned 1,955 Core deposit intangible 2,598 Goodwill 3,898 Deferred tax asset 2,521 Other assets 842 Total assets acquired $ 316,549 Liabilities: Deposits $ 252,977 Repurchase agreements 544 Federal Home Loan Bank advances 31,768 Corporate debentures 10,640 Accrued interest payable 314 Other liabilities 1,156 Total liabilities assumed $ 297,399 |
Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans | Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 3,605 Non-accretable difference (912 ) Cash flows expected to be collected 2,693 Accretable yield (866 ) Total purchased credit-impaired loans acquired $ 1,827 |
Summary of Fair Value of Acquired Loans and Unpaid Principal Balance | The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $ 73,178 $ 72,994 Commercial real estate 111,175 109,837 Construction/development/land 6,491 6,173 Commercial loans 3,531 3,482 Consumer and other loans 3,529 3,474 Purchased credit-impaired 2,934 1,827 Total earning assets $ 200,838 $ 197,787 |
Schedule of Measurement Period Adjustments | On March 1, 2016 the Company purchased Hometown. As previously disclosed, the fair values initially assigned to the assets acquired and liabilities assumed were preliminary and subject to refinement for up to one year after the closing date of the acquisition as new information relative to closing date fair values became available. Subsequent to the acquisition date, the Company identified additional net operating loss carryforwards from the Hometown acquisition that would not be fully realized before the expirations dates, and therefore adjusted its initial fair value estimate of the deferred tax asset acquired. measurement March 1, 2016 period March 1, 2016 as initially reported adjustments (as adjusted) Assets: Cash and cash equivalents $ 14,356 $ — $ 14,356 Loans, held for investment 195,960 195,960 Purchased credit impaired loans 1,827 1,827 Investments 77,999 77,999 Accrued interest receivable 1163 1163 Branch real estate 6,830 6,830 Furniture and fixtures 132 132 Bank property held for sale 3,897 3897 Federal Reserve Bank and Federal Home Loan Bank stock 2 571 2571 Other repossessed real estate owned 1,955 1,955 Core deposit intangible 2,598 2,598 Goodwill 3,289 609 3,898 Deferred tax asset 3,130 (609 ) 2,521 Other assets 842 842 Total assets acquired $ 316,549 $ — $ 316,549 Liabilities Deposits $ 252,977 $ — $ 252,977 Repurchase agreements 544 544 Federal Home Loan Bank advances 31,768 31,768 Corporate debentures 10,640 10,640 Accrued interest payable 314 314 Other liabilities 1,156 1,156 Total liabilities assumed $ 297,399 $ — $ 297,399 |
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 exchanged for CenterState common stock 1,131,134 Per share exchange ratio 3.7832 Number of shares of CenterState common stock less 51 of fractional shares 4,279,255 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 Cash consideration each Platinum share was 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 442,366 Purchased credit impaired loans 12,218 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 $ 18,811 Non-accretable difference (4,639 ) Cash flows expected to be collected 14,172 Accretable yield (1,954 ) Total purchased credit-impaired loans acquired $ 12,218 |
Summary of Fair Value of Acquired Loans and Unpaid Principal Balance | The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Balance Fair Value Loans: Single family residential real estate $ 37,206 $ 37,419 Commercial real estate 262,612 259,727 Construction/development/land 47,675 46,618 Commercial loans 96,587 95,701 Consumer and other loans 2,954 2,901 Purchased credit-impaired 16,530 12,218 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 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 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 7,246 Other assets 1,217 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) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary Information about the Derivative Instruments | Summary information about the derivative instruments is as follows: 2017 2016 Notional amount $ 3,740,430 $ 2,441,768 Weighted average pay rate on interest-rate swaps 3.00 % 2.56 % Weighted average receive rate on interest rate swaps 3.00 % 2.55 % Weighted average maturity (years) 11 11 Fair value of interest rate swap derivatives (asset) 42,480 31,817 Fair value of interest rate swap derivatives (liability) 43,259 32,691 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||||
Dec. 31, 2017USD ($)LocationCountyCommunityBankClientPoolsSegments$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014Bank | Dec. 31, 2012Bank | Dec. 31, 2010Bank | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Number of service banking locations | Location | 78 | |||||
Number of counties in which company operated | County | 28 | |||||
Number of community bank clients | CommunityBankClient | 600 | |||||
Interest bearing deposits in other financial institutions, Maximum maturity period | 1 year | |||||
Loans maximum value to be monitored by payment history for nonaccrual status | $ 500,000 | |||||
Loans minimum value of commercial, land, development and construction loans to be monitored for nonaccrual status | $ 500,000 | |||||
Non real estate consumer loans typically charged off | 120 days | |||||
Number of pools of loans with common risk characteristics for each FDIC failed institution acquired | Pools | 10 | |||||
Loans individually evaluated for impairment | $ 20,345,000 | $ 20,253,000 | ||||
Number of loan portfolio segments | Segments | 5 | |||||
Number of failed banks acquired | Bank | 2 | 3 | ||||
Tax benefit likelihood percentage | 50.00% | |||||
Reduction of income tax expense due to adoption of new accounting standard | $ 3,007,000 | $ 0 | $ 0 | |||
Diluted | $ / shares | $ 0.95 | $ 0.88 | $ 0.85 | |||
Retained Earnings [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Reclassification of the disproportionate tax effect on unrealized losses on available for sale securities resulting from the change in federal tax rate | $ 1,241,000 | |||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Reclassification of the disproportionate tax effect on unrealized losses on available for sale securities resulting from the change in federal tax rate | $ (1,241,000) | |||||
Adjustments for New Accounting Pronouncement [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Diluted | $ / shares | $ 0.05 | |||||
Core Deposits [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Useful life of intangible assets | 10 years | |||||
Buildings [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Useful life of assets | 39 years | |||||
Gulfstream Bancshares, Inc. [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Number of loan portfolio segments | Segments | 5 | |||||
First Southern Bancorp, Inc. [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Number of loan portfolio segments | Segments | 5 | |||||
Number of failed banks acquired | Bank | 2 | |||||
Minimum [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | $ 500,000 | |||||
Majority loans terms | 3 years | |||||
Useful life of intangible assets | 3 years | |||||
Range of discount rates | 1.21% | |||||
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Useful life of assets | 3 years | |||||
Maximum [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Majority loans terms | 5 years | |||||
Useful life of intangible assets | 5 years | |||||
Range of discount rates | 4.53% | |||||
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Useful life of assets | 15 years |
Trading Securities - Trading Se
Trading Securities - Trading Securities Portfolio Realized and Unrealized Gains and Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |||
Beginning balance | $ 12,383 | $ 2,107 | |
Purchases | 230,074 | 186,150 | $ 147,693 |
Proceeds from sales | (235,922) | (176,393) | (149,409) |
Net realized gain on sales | 195 | 323 | |
Mark-to- market adjustment | 47 | 196 | |
Ending balance | $ 6,777 | $ 12,383 | $ 2,107 |
Investment Securities Available
Investment Securities Available for Sale - Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,069,526 | $ 754,660 |
Gross Unrealized Gains | 1,815 | 2,301 |
Gross Unrealized Losses | 11,198 | 16,259 |
Available for sale securities | 1,060,143 | 740,702 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,000 | |
Gross Unrealized Gains | 200 | |
Gross Unrealized Losses | 0 | |
Available for sale securities | 5,200 | |
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 | 426 | 726 |
Available for sale securities | 9,574 | 9,301 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 982,565 | 721,657 |
Gross Unrealized Gains | 752 | 1,795 |
Gross Unrealized Losses | 10,706 | 15,495 |
Available for sale securities | 972,611 | 707,957 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 71,961 | 21,976 |
Gross Unrealized Gains | 863 | 505 |
Gross Unrealized Losses | 66 | 38 |
Available for sale securities | $ 72,758 | 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 | |
Available for sale securities | $ 1,001 |
Investment Securities Availab61
Investment Securities Available for Sale - Schedule of Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |||
Proceeds | $ 312,692 | $ 142,075 | $ 16,305 |
Gross gains | 740 | 13 | 303 |
Gross losses | $ 747 | $ 0 | $ 299 |
Investment Securities Availab62
Investment Securities Available for Sale - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Security | Dec. 31, 2016USD ($)Security | Dec. 31, 2015USD ($) | |
Investments Debt And Equity Securities [Abstract] | |||
Tax provisions related to net realized gains | $ (3) | $ 5 | $ 2 |
Securities estimated fair value | $ 255,788 | $ 220,560 | |
Number of securities representing specified criteria | Security | 0 | 0 | |
Percentage of AFS securities held by any one issuer as a percentage of shareholders' equity | 10.00% | 10.00% | |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% |
Investment Securities Availab63
Investment Securities Available for Sale - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities available for sale, Due in one year or less, Amortized Cost | $ 0 | |
Investment securities available for sale, Due after one year through five years, Amortized Cost | 5,604 | |
Investment securities available for sale, Due after five years through ten years, Amortized Cost | 17,318 | |
Investment securities available for sale, Due after ten years through thirty years, Amortized Cost | 64,039 | |
Investment securities available for sale, Mortgage backed securities, Amortized Cost | 982,565 | |
Amortized Cost | 1,069,526 | $ 754,660 |
Investment securities available for sale, Due in one year or less, Fair Value | 0 | |
Investment securities available for sale, Due after one year through five years, Fair Value | 5,699 | |
Investment securities available for sale, Due after five years through ten years, Fair Value | 17,604 | |
Investment securities available for sale, Due after ten years through thirty years, Fair Value | 64,229 | |
Investment securities available for sale, Mortgage backed securities, Fair Value | 972,611 | |
Fair Value | $ 1,060,143 | $ 740,702 |
Investment Securities Availab64
Investment Securities Available for Sale - Investments Gross Unrealized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 489,623 | $ 602,446 |
Less than 12 months, Unrealized Losses | 3,364 | 14,705 |
12 months or more, Fair Value | 325,640 | 31,121 |
12 months or more, Unrealized Losses | 7,834 | 1,554 |
Total, Fair Value | 815,263 | 633,567 |
Total, Unrealized Losses | 11,198 | 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 | 9,574 | 0 |
12 months or more, Unrealized Losses | 426 | 0 |
Total, Fair Value | 9,574 | 9,301 |
Total, Unrealized Losses | 426 | 726 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 477,925 | 591,064 |
Less than 12 months, Unrealized Losses | 3,298 | 13,941 |
12 months or more, Fair Value | 316,066 | 31,121 |
12 months or more, Unrealized Losses | 7,408 | 1,554 |
Total, Fair Value | 793,991 | 622,185 |
Total, Unrealized Losses | 10,706 | 15,495 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 11,698 | 2,081 |
Less than 12 months, Unrealized Losses | 66 | 38 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Total, Fair Value | 11,698 | 2,081 |
Total, Unrealized Losses | $ 66 | $ 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 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 232,399 | $ 250,543 |
Gross Unrecognized Gains | 1,781 | 434 |
Gross Unrecognized Losses | 2,565 | 8,284 |
Held-to-maturity securities, fair value | 231,615 | 242,693 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 100,039 | 120,367 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 1,068 | 1,986 |
Held-to-maturity securities, fair value | 98,971 | 118,381 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 132,360 | 130,176 |
Gross Unrecognized Gains | 1,781 | 434 |
Gross Unrecognized Losses | 1,497 | 6,298 |
Held-to-maturity securities, fair value | $ 132,644 | $ 124,312 |
Investment Securities Held to66
Investment Securities Held to Maturity - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)Security | Dec. 31, 2016USD ($)Security | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity securities pledged, carrying amount | $ | $ 97,389 | $ 27,757 |
Number of securities representing specified criteria | 0 | 0 |
Percentage of HTM securities held by any one issuer as a percentage of shareholders' equity | 10.00% | 10.00% |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% | |
Held-to-maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of securities representing specified criteria | 0 | 0 |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% |
Investment Securities Held to67
Investment Securities Held to Maturity - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities held-to-maturity, Due after five years through ten years, Fair Value | $ 2,079 | |
Investment securities held-to-maturity, Due after ten years through thirty years, Fair Value | 130,565 | |
Investment securities held-to-maturity, Mortgage backed securities, Fair Value | 98,971 | |
Investment securities held-to- maturity, Fair Value | 231,615 | $ 242,693 |
Investment securities held-to-maturity, Due after five years through ten years, Amortized Cost | 2,059 | |
Investment securities held-to-maturity, Due after ten years through thirty years, Amortized Cost | 130,301 | |
Investment securities held-to-maturity, Mortgage backed securities, Amortized Cost | 100,039 | |
Amortized Cost | $ 232,399 | $ 250,543 |
Investment Securities Held to68
Investment Securities Held to Maturity - Investments Gross Unrecognized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 70,616 | $ 213,933 |
Less than 12 months, Unrecognized Losses | 637 | 8,284 |
12 months or more, Fair Value | 79,668 | |
12 months or more, Unrecognized Losses | 1,928 | |
Total, Fair Value | 150,284 | 213,933 |
Total, Unrecognized Losses | 2,565 | 8,284 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 57,266 | 118,381 |
Less than 12 months, Unrecognized Losses | 451 | 1,986 |
12 months or more, Fair Value | 41,705 | |
12 months or more, Unrecognized Losses | 617 | |
Total, Fair Value | 98,971 | 118,381 |
Total, Unrecognized Losses | 1,068 | 1,986 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 13,350 | 95,552 |
Less than 12 months, Unrecognized Losses | 186 | 6,298 |
12 months or more, Fair Value | 37,963 | |
12 months or more, Unrecognized Losses | 1,311 | |
Total, Fair Value | 51,313 | 95,552 |
Total, Unrecognized Losses | $ 1,497 | $ 6,298 |
Loans - Summary of Information
Loans - Summary of Information Concerning Loan Portfolio by Collateral Types (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 30, 2016 |
Receivables with Imputed Interest [Line Items] | |||
Total loans excluding purchased credit impaired loans | $ 4,609,063 | $ 3,243,823 | $ 3,243,823 |
Total PCI loans | 164,158 | 185,924 | |
Total loans | 4,773,221 | 3,429,747 | |
Allowance for loan losses for loans that are not PCI loans | (32,530) | (26,569) | |
Net Loans | 4,740,396 | $ 3,402,706 | 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 | 1,025,303 | 816,304 | |
Real estate loans, Commercial | 2,546,143 | 1,755,922 | |
Land, development and construction | 235,816 | 142,044 | |
Total real estate | 3,807,262 | 2,714,270 | |
Commercial | 693,501 | 439,540 | |
Consumer and other loans | 107,480 | 89,538 | |
Loans before unearned fees and deferred cost | 4,608,243 | 3,243,348 | |
Net unearned fees and costs | 820 | 475 | |
Allowance for loan losses on PCI loans [Member] | |||
Receivables with Imputed Interest [Line Items] | |||
Real estate loans, Residential | 59,975 | 72,179 | |
Real estate loans, Commercial | 92,791 | 99,566 | |
Land, development and construction | 6,656 | 9,944 | |
Total real estate | 159,422 | 181,689 | |
Commercial | 4,444 | 3,825 | |
Consumer and other loans | 292 | 410 | |
Allowance for loan losses for PCI loans | $ (295) | $ (472) |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolios (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | $ 27,041 | ||
Provision for loan losses | 4,958 | $ 4,962 | $ 4,493 |
Balance at end of period | 32,825 | 27,041 | |
Allowance for loan losses for loans that are not PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 26,569 | 22,143 | 19,384 |
Charge-offs | (1,999) | (2,747) | (3,891) |
Recoveries | 2,759 | 2,628 | 1,891 |
Provision for loan losses | 5,201 | 4,545 | 4,759 |
Balance at end of period | 32,530 | 26,569 | 22,143 |
Allowance for loan losses on PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 472 | 121 | 514 |
Charge-offs | (66) | (127) | |
Recoveries | 66 | ||
Provision for loan losses | (243) | 417 | (266) |
Balance at end of period | 295 | 472 | 121 |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 5,694 | ||
Balance at end of period | 6,003 | 5,694 | |
Residential Real Estate [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 5,640 | 6,015 | 6,743 |
Charge-offs | (254) | (290) | (1,283) |
Recoveries | 950 | 1,220 | 901 |
Provision for loan losses | (333) | (1,305) | (346) |
Balance at end of period | 6,003 | 5,640 | 6,015 |
Residential Real Estate [Member] | Allowance for loan losses on PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 54 | ||
Provision for loan losses | (54) | 54 | |
Balance at end of period | 54 | ||
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 14,805 | ||
Balance at end of period | 19,363 | 14,805 | |
Commercial Real Estate [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 14,713 | 10,559 | 8,269 |
Charge-offs | (74) | (1,190) | (173) |
Recoveries | 662 | 625 | 485 |
Provision for loan losses | 4,003 | 4,719 | 1,978 |
Balance at end of period | 19,304 | 14,713 | 10,559 |
Commercial Real Estate [Member] | Allowance for loan losses on PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 92 | 103 | 372 |
Charge-offs | (77) | ||
Recoveries | 66 | ||
Provision for loan losses | (99) | (11) | (192) |
Balance at end of period | 59 | 92 | 103 |
Land, Development, Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 1,195 | ||
Balance at end of period | 1,401 | 1,195 | |
Land, Development, Construction [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 883 | 936 | 752 |
Charge-offs | (232) | (461) | |
Recoveries | 596 | 269 | 5 |
Provision for loan losses | (300) | (90) | 640 |
Balance at end of period | 1,179 | 883 | 936 |
Land, Development, Construction [Member] | Allowance for loan losses on PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 312 | 1 | 6 |
Charge-offs | (66) | ||
Provision for loan losses | (90) | 377 | (5) |
Balance at end of period | 222 | 312 | 1 |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 3,785 | ||
Balance at end of period | 4,130 | 3,785 | |
Commercial and Industrial [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 3,785 | 3,212 | 2,330 |
Charge-offs | (677) | (186) | (1,121) |
Recoveries | 334 | 325 | 344 |
Provision for loan losses | 688 | 434 | 1,659 |
Balance at end of period | 4,130 | 3,785 | 3,212 |
Commercial and Industrial [Member] | Allowance for loan losses on PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 3 | 136 | |
Provision for loan losses | (3) | (133) | |
Balance at end of period | 3 | ||
Consumer and Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 1,562 | ||
Balance at end of period | 1,928 | 1,562 | |
Consumer and Other [Member] | Allowance for loan losses for loans that are not PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 1,548 | 1,421 | 1,290 |
Charge-offs | (994) | (849) | (853) |
Recoveries | 217 | 189 | 156 |
Provision for loan losses | 1,143 | 787 | 828 |
Balance at end of period | 1,914 | 1,548 | 1,421 |
Consumer and Other [Member] | Allowance for loan losses on PCI loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning of the period | 14 | 14 | |
Charge-offs | (50) | ||
Provision for loan losses | 64 | ||
Balance at end of period | $ 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 | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for loan losses: | ||
Individually evaluated for impairment | $ 804 | $ 695 |
Collectively evaluated for impairment | 31,726 | 25,874 |
Purchased credit impaired | 295 | 472 |
Total ending allowance balance | 32,825 | 27,041 |
Loans: | ||
Individually evaluated for impairment | 20,345 | 20,253 |
Collectively evaluated for impairment | 4,587,898 | 3,223,095 |
Purchased credit impaired | 164,158 | 185,924 |
Total ending loan balances | 4,772,401 | 3,429,272 |
Residential Real Estate [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 586 | 653 |
Collectively evaluated for impairment | 5,417 | 4,987 |
Purchased credit impaired | 54 | |
Total ending allowance balance | 6,003 | 5,694 |
Loans: | ||
Individually evaluated for impairment | 8,101 | 8,237 |
Collectively evaluated for impairment | 1,017,202 | 808,067 |
Purchased credit impaired | 59,975 | 72,179 |
Total ending loan balances | 1,085,278 | 888,483 |
Commercial Real Estate [Member] | ||
Allowance for loan losses: | ||
Collectively evaluated for impairment | 19,304 | 14,713 |
Purchased credit impaired | 59 | 92 |
Total ending allowance balance | 19,363 | 14,805 |
Loans: | ||
Individually evaluated for impairment | 8,218 | 9,017 |
Collectively evaluated for impairment | 2,537,925 | 1,746,905 |
Purchased credit impaired | 92,791 | 99,566 |
Total ending loan balances | 2,638,934 | 1,855,488 |
Land, Development, Construction [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 4 | 10 |
Collectively evaluated for impairment | 1,175 | 873 |
Purchased credit impaired | 222 | 312 |
Total ending allowance balance | 1,401 | 1,195 |
Loans: | ||
Individually evaluated for impairment | 331 | 1,059 |
Collectively evaluated for impairment | 235,485 | 140,985 |
Purchased credit impaired | 6,656 | 9,944 |
Total ending loan balances | 242,472 | 151,988 |
Commercial and Industrial [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 206 | 7 |
Collectively evaluated for impairment | 3,924 | 3,778 |
Total ending allowance balance | 4,130 | 3,785 |
Loans: | ||
Individually evaluated for impairment | 3,497 | 1,710 |
Collectively evaluated for impairment | 690,004 | 437,830 |
Purchased credit impaired | 4,444 | 3,825 |
Total ending loan balances | 697,945 | 443,365 |
Consumer and Other [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 8 | 25 |
Collectively evaluated for impairment | 1,906 | 1,523 |
Purchased credit impaired | 14 | 14 |
Total ending allowance balance | 1,928 | 1,562 |
Loans: | ||
Individually evaluated for impairment | 198 | 230 |
Collectively evaluated for impairment | 107,282 | 89,308 |
Purchased credit impaired | 292 | 410 |
Total ending loan balances | $ 107,772 | $ 89,948 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 12,779 | $ 13,105 |
Impaired loans that are not TDRs | 7,566 | 7,148 |
Total impaired loans | 20,345 | 20,253 |
Performing TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | 12,081 | 11,030 |
Nonperforming TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 698 | $ 2,075 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loans [Line Items] | |||
Loans modification, modified terms allowance period minimum | 12 years | ||
Loans modification, modified terms allowance period maximum | 24 months | ||
Troubled debt restructured loans total | $ 12,779 | ||
Performing TDRs (these are not included in nonperforming loans ("NPLs")) | 12,081 | ||
Non performing TDRs | 698 | ||
Provision for loan loss expense | 265 | $ 454 | $ 350 |
Partial charge offs for troubled debt restructured | $ 72 | 209 | 272 |
Percentage of troubled debt restructured current pursuant to modified terms | 94.00% | ||
Percentage of troubled debt restructured not performing pursuant to their modified terms | 6.00% | ||
Loans modified as TDRs | $ 2,258 | 4,079 | 4,442 |
Loan loss provision modified as TDRs | 14 | 229 | 221 |
Provision for loan loss expense within twelve months | 8 | 76 | 152 |
Partial charge offs for troubled debt restructured | 8 | 77 | 153 |
Loan receivable modification, Specific reserve for customers | 601 | 695 | |
Allowances for loan losses | 4,958 | 4,962 | 4,493 |
Reclassification from non-accretable difference | 4,707 | 6,220 | 28,394 |
Income accretion | 32,388 | ||
Allowance for loan losses on PCI loans [Member] | |||
Loans [Line Items] | |||
Allowances for loan losses | $ (243) | $ 417 | $ (266) |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructured Loans by Loans Type (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 12,779 | $ 13,105 |
Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 12,025 | 12,126 |
Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 12,081 | 11,030 |
Accruing [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 11,355 | 10,081 |
Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 698 | 2,075 |
Non Accrual [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 670 | 2,045 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 8,101 | 8,237 |
Residential Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 7,737 | 7,358 |
Residential Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 364 | 879 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 3,592 | 3,524 |
Commercial Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 3,286 | 2,442 |
Commercial Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 306 | 1,082 |
Land, Development, Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 332 | 365 |
Land, Development, Construction [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 332 | 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 | 556 | 749 |
Commercial and Industrial [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 556 | 749 |
Consumer and Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 198 | 230 |
Consumer and Other [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 170 | 200 |
Consumer and Other [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 28 | $ 30 |
Loans - Summary of Loans by Cla
Loans - Summary of Loans by Class Modified (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)SecurityLoan | Dec. 31, 2016USD ($)SecurityLoan | Dec. 31, 2015USD ($)SecurityLoan | |
Mortgage Loans On Real Estate [Line Items] | |||
Number of loans | SecurityLoan | 1 | 4 | 7 |
Recorded investment | $ | $ 177 | $ 1,103 | $ 1,995 |
Residential Real Estate [Member] | |||
Mortgage Loans On Real Estate [Line Items] | |||
Number of loans | SecurityLoan | 0 | 2 | 3 |
Recorded investment | $ | $ 0 | $ 167 | $ 588 |
Commercial Real Estate [Member] | |||
Mortgage Loans On Real Estate [Line Items] | |||
Number of loans | SecurityLoan | 1 | 2 | 3 |
Recorded investment | $ | $ 177 | $ 936 | $ 1,341 |
Land, Development, Construction [Member] | |||
Mortgage Loans On Real Estate [Line Items] | |||
Number of loans | SecurityLoan | 0 | 0 | 0 |
Recorded investment | $ | $ 0 | $ 0 | $ 0 |
Commercial and Industrial [Member] | |||
Mortgage Loans On Real Estate [Line Items] | |||
Number of loans | SecurityLoan | 0 | 0 | 1 |
Recorded investment | $ | $ 0 | $ 0 | $ 66 |
Consumer and Other [Member] | |||
Mortgage Loans On Real Estate [Line Items] | |||
Number of loans | SecurityLoan | 0 | 0 | 0 |
Recorded investment | $ | $ 0 | $ 0 | $ 0 |
Loans - Summary of Loans Indivi
Loans - Summary of Loans Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance | $ 21,869 | $ 22,114 |
Total impaired loans | 20,345 | 20,253 |
Amount of allowance for loan losses allocated to impaired loans | 804 | 695 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 4,945 | 3,950 |
Unpaid principal balance, With an allowance recorded | 3,426 | 4,592 |
Recorded investment, With no related allowance | 4,818 | 3,847 |
Recorded investment, With an allowance recorded | 3,283 | 4,390 |
Total impaired loans | 8,101 | 8,237 |
Amount of allowance for loan losses allocated to impaired loans | 586 | 653 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 8,973 | 10,288 |
Recorded investment, With no related allowance | 8,218 | 9,017 |
Total impaired loans | 8,218 | 9,017 |
Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 260 | 1,064 |
Unpaid principal balance, With an allowance recorded | 140 | 212 |
Recorded investment, With no related allowance | 210 | 874 |
Recorded investment, With an allowance recorded | 121 | 185 |
Total impaired loans | 331 | 1,059 |
Amount of allowance for loan losses allocated to impaired loans | 4 | 10 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 3,374 | 1,493 |
Unpaid principal balance, With an allowance recorded | 531 | 263 |
Recorded investment, With no related allowance | 2,968 | 1,448 |
Recorded investment, With an allowance recorded | 529 | 262 |
Total impaired loans | 3,497 | 1,710 |
Amount of allowance for loan losses allocated to impaired loans | 206 | 7 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 142 | 87 |
Unpaid principal balance, With an allowance recorded | 78 | 165 |
Recorded investment, With no related allowance | 127 | 83 |
Recorded investment, With an allowance recorded | 71 | 147 |
Total impaired loans | 198 | 230 |
Amount of allowance for loan losses allocated to impaired loans | $ 8 | $ 25 |
Loans - Summary of Impairment b
Loans - Summary of Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Average of impaired loans during the period | $ 19,327 | $ 23,644 | $ 22,770 |
Interest income recognized during impairment | 469 | 467 | 584 |
Total Real Estate Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average of impaired loans during the period | 17,119 | 21,583 | 21,495 |
Interest income recognized during impairment | 430 | 412 | 531 |
Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average of impaired loans during the period | 7,731 | 8,384 | 8,623 |
Interest income recognized during impairment | 267 | 257 | 241 |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average of impaired loans during the period | 8,956 | 11,696 | 10,874 |
Interest income recognized during impairment | 145 | 131 | 259 |
Land, Development, Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average of impaired loans during the period | 432 | 1,503 | 1,998 |
Interest income recognized during impairment | 18 | 24 | 31 |
Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average of impaired loans during the period | 1,968 | 1,808 | 946 |
Interest income recognized during impairment | 29 | 44 | 39 |
Consumer and Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average of impaired loans during the period | 240 | 253 | 329 |
Interest income recognized during impairment | $ 10 | $ 11 | $ 14 |
Loans - Summary of Recorded Inv
Loans - Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 17,288 | $ 19,003 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 7,107 | 7,068 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 6,549 | 9,116 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 138 | 1,060 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 3,121 | 1,421 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 373 | $ 338 |
Loans - Summary Aging of Record
Loans - Summary Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 4,608,243 | $ 3,243,348 |
Total Past Due | 13,665 | 18,826 |
Loans Not Past Due | 4,577,290 | 3,205,519 |
Non accrual loans | 17,288 | 19,003 |
30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,572 | 12,515 |
60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,093 | 6,311 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,025,303 | 816,304 |
Total Past Due | 5,389 | 8,300 |
Loans Not Past Due | 1,012,807 | 800,936 |
Non accrual loans | 7,107 | 7,068 |
Residential Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,568 | 3,739 |
Residential Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,821 | 4,561 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 2,546,143 | 1,755,922 |
Total Past Due | 3,430 | 4,759 |
Loans Not Past Due | 2,536,164 | 1,742,047 |
Non accrual loans | 6,549 | 9,116 |
Commercial Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,158 | 3,580 |
Commercial Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,272 | 1,179 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 235,816 | 142,044 |
Total Past Due | 2,996 | 2,182 |
Loans Not Past Due | 232,682 | 138,802 |
Non accrual loans | 138 | 1,060 |
Land, Development, Construction [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,807 | 2,111 |
Land, Development, Construction [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 189 | 71 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 693,501 | 439,540 |
Total Past Due | 1,331 | 2,906 |
Loans Not Past Due | 689,049 | 435,213 |
Non accrual loans | 3,121 | 1,421 |
Commercial and Industrial [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 568 | 2,584 |
Commercial and Industrial [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 763 | 322 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 107,480 | 89,538 |
Total Past Due | 519 | 679 |
Loans Not Past Due | 106,588 | 88,521 |
Non accrual loans | 373 | 338 |
Consumer and Other [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 471 | 501 |
Consumer and Other [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 48 | $ 178 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 1,025,303 | $ 816,304 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 107,480 | 89,538 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,397,611 | 3,066,353 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 987,472 | 784,491 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,411,085 | 1,636,473 |
Pass [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 217,555 | 129,781 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 674,764 | 426,894 |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 106,735 | 88,714 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 168,401 | 128,835 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 20,435 | 13,820 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 115,942 | 94,897 |
Special Mention [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,699 | 10,278 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14,186 | 9,570 |
Special Mention [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 139 | 270 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 42,231 | 48,160 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,396 | 17,993 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 19,116 | 24,552 |
Substandard [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 562 | 1,985 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,551 | 3,076 |
Substandard [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 606 | $ 554 |
Loans - Investment in Residenti
Loans - Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 1,025,303 | $ 816,304 |
Residential Real Estate [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,018,196 | 809,236 |
Residential Real Estate [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,107 | 7,068 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 107,480 | 89,538 |
Consumer and Other [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 107,107 | 89,200 |
Consumer and Other [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 373 | $ 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 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | |||
Contractually required principal and interest | $ 248,283 | $ 297,821 | $ 332,570 |
Non-accretable difference | (13,183) | (18,372) | (19,452) |
Cash flows expected to be collected | 235,100 | 279,449 | 313,118 |
Accretable yield | (70,942) | (93,525) | (102,590) |
Carrying value of acquired loans | 164,158 | 185,924 | 210,528 |
Allowance for loan losses | (295) | (472) | (121) |
Carrying value less allowance for loan losses | $ 163,863 | $ 185,452 | $ 210,407 |
Loans - Summary of Changes in T
Loans - Summary of Changes in Total Contractually Required Principal and Interest Cash Payments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Contractually required principal and interest, beginning balance | $ 297,821 | $ 332,570 | |
Non-accretable difference, beginning balance | (18,372) | (19,452) | |
Cash flows expected to be collected, beginning balance | 279,449 | 313,118 | |
Accretable yield, beginning balance | (93,525) | (102,590) | |
Carrying value of acquired loans, beginning balance | 185,924 | 210,528 | |
Income accretion | 32,388 | ||
Contractually required principal and interest, ending balance | 248,283 | 297,821 | $ 332,570 |
Non-accretable difference, ending balance | (13,183) | (18,372) | (19,452) |
Cash flows expected to be collected, ending balance | 235,100 | 279,449 | 313,118 |
Accretable yield, ending balance | (70,942) | (93,525) | (102,590) |
Carrying value of acquired loans, ending balance | 164,158 | 185,924 | 210,528 |
Contractually Required Principal and Interest [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Contractually required principal and interest, beginning balance | 297,821 | 332,570 | 460,836 |
Effect of acquisitions | 31,334 | 73,005 | |
All other adjustments | (80,872) | (107,754) | (128,266) |
Contractually required principal and interest, ending balance | 248,283 | 297,821 | 332,570 |
Non-Accretable Difference [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-accretable difference, beginning balance | (18,372) | (19,452) | (68,757) |
Effect of acquisitions | (7,104) | (9,295) | |
All other adjustments | 12,293 | 10,375 | 49,305 |
Non-accretable difference, ending balance | (13,183) | (18,372) | (19,452) |
Cash Flows Expected to be Collected [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Cash flows expected to be collected, beginning balance | 279,449 | 313,118 | 392,079 |
Effect of acquisitions | 24,230 | 63,710 | |
All other adjustments | (68,579) | (97,379) | (78,961) |
Cash flows expected to be collected, ending balance | 235,100 | 279,449 | 313,118 |
Accretable Yield [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Accretable yield, beginning balance | (93,525) | (102,590) | (115,313) |
Effect of acquisitions | (4,185) | (18,585) | |
Income accretion | 32,388 | 34,006 | 40,645 |
All other adjustments | (5,620) | (6,356) | (27,922) |
Accretable yield, ending balance | (70,942) | (93,525) | (102,590) |
Carry Value of Acquired Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Carrying value of acquired loans, beginning balance | 185,924 | 210,528 | 276,766 |
Effect of acquisitions | 20,045 | 45,125 | |
Income accretion | 32,388 | 34,006 | 40,645 |
All other adjustments | (74,199) | (103,735) | (106,883) |
Carrying value of acquired loans, ending balance | $ 164,158 | $ 185,924 | 210,528 |
Carrying value of acquired loans | $ 210,528 |
Other Real Estate Owned - Activ
Other Real Estate Owned - Activity of Valuation Allowance in Other Real Estate Owned and Expense Related to Foreclosed Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate [Abstract] | |||
Beginning of year | $ 869 | $ 1,297 | $ 3,103 |
Valuation write down of repossessed real estate (“OREO”) | 682 | 871 | 1,207 |
Sales and/or dispositions | (690) | (1,299) | (3,013) |
End of year | 861 | 869 | 1,297 |
Expenses related to foreclosed real estate include: | |||
Gain on sale of repossessed real estate owned | (876) | (1,528) | (1,253) |
Valuation write down of repossessed real estate (“OREO”) | 682 | 871 | 1,207 |
Operating expenses, net of rental income | 2,252 | 2,392 | 2,334 |
Total | $ 2,058 | $ 1,735 | $ 2,288 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans with allocated allowance for loan losses | $ 11,673 | $ 13,951 | |
Impaired valuation allowance | 477 | 386 | |
Provision for loan loss expense on impaired loans | 4,958 | 4,962 | $ 4,493 |
Repossessed real estate owned valuation write down | 682 | 871 | $ 1,207 |
Impairment charge, net of gains on sale recognized | 519 | 353 | |
Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Provision for loan loss expense on impaired loans | $ 842 | $ 1,221 | |
Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Capitalization rates to determine fair value of collateral | 7.00% | ||
Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Capitalization rates to determine fair value of collateral | 10.00% |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | |||
Trading securities, at fair value | $ 6,777 | $ 12,383 | $ 2,107 |
Available for sale securities | 1,060,143 | 740,702 | |
Interest rate swap derivatives, carrying amount assets | 42,480 | 31,817 | |
Liabilities: | |||
Interest rate swap derivatives, carrying amount liability | 43,259 | 32,691 | |
Mortgage Backed Securities [Member] | |||
Assets: | |||
Available for sale securities | 972,611 | 707,957 | |
Municipal Securities [Member] | |||
Assets: | |||
Available for sale securities | 72,758 | 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 | 6,777 | 12,383 | |
Available for sale securities | 1,060,143 | 740,702 | |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | |||
Assets: | |||
Trading securities, at fair value | 6,777 | 12,383 | |
Interest rate swap derivatives, carrying amount assets | 42,480 | 31,817 | |
Liabilities: | |||
Interest rate swap derivatives, carrying amount liability | 43,259 | 32,691 | |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Corporate Debt Securities [Member] | |||
Assets: | |||
Available for sale securities | 5,200 | ||
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Obligations of U.S. Government Sponsored Entities and Agencies [Member] | |||
Assets: | |||
Available for sale securities | 9,574 | 9,301 | |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Mortgage Backed Securities [Member] | |||
Assets: | |||
Available for sale securities | 972,611 | 707,957 | |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Municipal Securities [Member] | |||
Assets: | |||
Available for sale securities | 72,758 | 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 | 6,777 | 12,383 | |
Interest rate swap derivatives, carrying amount assets | 42,480 | 31,817 | |
Liabilities: | |||
Interest rate swap derivatives, carrying amount liability | 43,259 | 32,691 | |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | |||
Assets: | |||
Available for sale securities | 5,200 | ||
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 | 9,574 | 9,301 | |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | |||
Assets: | |||
Available for sale securities | 972,611 | 707,957 | |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Securities [Member] | |||
Assets: | |||
Available for sale securities | $ 72,758 | 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 - Assets and Liabi87
Fair Value - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value Measurements on Non-Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans on Residential real estate at Carrying value | $ 2,423 | $ 2,937 |
Impaired loans on Commercial real estate at Carrying value | 6,293 | 8,355 |
Impaired loans on Land, land development and construction at Carrying value | 292 | 1,004 |
Impaired loans on Commercial at Carrying value | 2,131 | 1,207 |
Impaired loans on Consumer at Carrying value | 57 | 62 |
Other real estate owned on Residential real estate at Carrying value | 635 | 137 |
Other real estate owned on Commercial real estate at Carrying value | 261 | 873 |
Other real estate owned on Land, land development and construction at Carrying value | 1,481 | 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 | 2,423 | 2,937 |
Impaired loans on Commercial real estate | 6,293 | 8,355 |
Impaired loans on Land, land development and construction | 292 | 1,004 |
Impaired loans on Commercial | 2,131 | 1,207 |
Impaired loans on Consumer | 57 | 62 |
Other real estate owned on Residential real estate | 635 | 137 |
Other real estate owned on Commercial real estate | 261 | 873 |
Other real estate owned on Land, land development and construction | $ 1,481 | $ 1,385 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets: | |||||
Cash and cash equivalents | $ 280,619 | $ 175,654 | $ 152,482 | $ 158,413 | |
Cash and cash equivalents, fair value | 280,619 | 175,654 | |||
Trading securities, at fair value | 6,777 | 12,383 | $ 2,107 | ||
Investment securities available for sale, at fair value | 1,060,143 | 740,702 | |||
Investment securities held to maturity, carrying amount | 232,399 | 250,543 | |||
Investment securities held to maturity, at fair value | 231,615 | 242,693 | |||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 34,876 | 17,669 | |||
Loans held for sale, carrying amount | 19,647 | 2,285 | |||
Loans held for sale, fair value | 19,647 | 2,285 | |||
Loans, less allowance for loan losses, carrying amount | 4,740,396 | 3,402,706 | $ 3,402,706 | ||
Loans, less allowance for loan losses, fair value | 4,731,514 | 3,395,975 | |||
Interest rate swap derivatives, carrying amount assets | 42,480 | 31,817 | |||
Interest rate swap derivatives, assets fair value | 42,480 | 31,817 | |||
Accrued interest receivable, carrying amount | 18,628 | 12,112 | |||
Accrued interest receivable, fair value | 18,628 | 12,112 | |||
Financial liabilities: | |||||
Deposits- without stated maturities, carrying amount | 4,727,840 | 3,607,107 | |||
Deposits- without stated maturities, fair value | 4,727,840 | 3,607,107 | |||
Deposits- with stated maturities, carrying amount | 832,683 | 545,437 | |||
Deposits- with stated maturities, fair value | 845,039 | 547,570 | |||
Securities sold under agreement to repurchase, fair value | 52,080 | 28,427 | |||
Securities sold under agreement to repurchase | 52,080 | 28,427 | |||
Federal funds purchased, carrying amount | 331,490 | 261,986 | |||
Corporate debentures, carrying amount | 26,192 | 25,958 | |||
Federal funds purchased, fair value | 331,490 | 261,986 | |||
Interest rate swap derivatives, carrying amount | 43,259 | 32,691 | |||
Corporate debentures, fair value | 22,363 | 22,363 | |||
Accrued interest payable, carrying amount | 1,169 | 851 | |||
Interest rate swap derivatives, fair value | 43,259 | 32,691 | |||
Accrued interest payable, fair value | 1,169 | 851 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Financial assets: | |||||
Cash and cash equivalents, fair value | 280,619 | 175,654 | |||
Financial liabilities: | |||||
Deposits- without stated maturities, fair value | 4,727,840 | 3,607,107 | |||
Significant Other Observable Inputs (Level 2) [Member] | |||||
Financial assets: | |||||
Trading securities, at fair value | 6,777 | 12,383 | |||
Investment securities available for sale, at fair value | 1,060,143 | 740,702 | |||
Investment securities held to maturity, at fair value | 231,615 | 242,693 | |||
Loans held for sale, fair value | 19,647 | 2,285 | |||
Interest rate swap derivatives, assets fair value | 42,480 | 31,817 | |||
Accrued interest receivable, fair value | 5,370 | 3,979 | |||
Financial liabilities: | |||||
Deposits- with stated maturities, fair value | 845,039 | 547,570 | |||
Securities sold under agreement to repurchase, fair value | 52,080 | 28,427 | |||
Federal funds purchased, fair value | 331,490 | 261,986 | |||
Interest rate swap derivatives, fair value | 43,259 | 32,691 | |||
Accrued interest payable, fair value | 1,169 | 851 | |||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Financial assets: | |||||
Loans, less allowance for loan losses, fair value | 4,731,514 | 3,395,975 | |||
Accrued interest receivable, fair value | 13,258 | 8,133 | |||
Financial liabilities: | |||||
Corporate debentures, fair value | $ 22,363 | $ 22,363 |
Fair Value - Carrying Amounts89
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Deduction of Allowance for loan losses from loans | $ 32,825 | $ 27,041 |
Bank Premises and Equipment - S
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | $ 188,620 | $ 156,267 |
Less: Accumulated depreciation | 46,734 | 41,452 |
Bank premises and equipment, Net | 141,886 | 114,815 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 51,724 | 40,952 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 1,251 | 1,146 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 85,625 | 71,069 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 6,575 | 5,310 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 38,662 | 34,912 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | $ 4,783 | $ 2,878 |
Bank Premises and Equipment - M
Bank Premises and Equipment - Minimum Future Contractual Annual Rentals (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Property Plant And Equipment [Abstract] | |
2,018 | $ 4,093 |
2,019 | 3,223 |
2,020 | 1,790 |
2,021 | 1,670 |
2,022 | 941 |
Thereafter | 4,312 |
Total | $ 16,029 |
Bank Premises and Equipment - A
Bank Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |||
Rental expense, net | $ 2,996 | $ 1,955 | $ 2,117 |
Annual rental income | $ 930 | $ 892 | $ 650 |
Goodwill and Intangible Asset93
Goodwill and Intangible Assets - Change in Balance for Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Beginning of year | $ 106,028 | $ 76,739 | $ 76,739 |
Acquired goodwill | 151,655 | 29,289 | 0 |
Impairment | 0 | 0 | 0 |
End of year | $ 257,683 | $ 106,028 | $ 76,739 |
Goodwill and Intangible Asset94
Goodwill and Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Amortized period on accelerated basis | 10 years |
Goodwill and Intangible Asset95
Goodwill and Intangible Assets - Acquired Intangible Assets for Core Deposit Intangibles and Trust (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Beginning of year | $ 16,209 | $ 13,001 | $ 15,401 |
Amortization expense | (3,997) | (3,074) | (2,537) |
Disposal of trust intangible asset | (573) | 0 | 0 |
End of year | 24,063 | 16,209 | 13,001 |
Core Deposits [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Acquired | $ 12,424 | $ 6,282 | $ 137 |
Goodwill and Intangible Asset96
Goodwill and Intangible Assets - Schedule of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Amortized intangible assets: | ||
Gross Carrying Amount | $ 42,019 | $ 31,175 |
Accumulated Amortization | 17,956 | 14,966 |
Core Deposit Intangibles [Member] | ||
Amortized intangible assets: | ||
Gross Carrying Amount | 42,019 | 29,595 |
Accumulated Amortization | 17,956 | 14,085 |
Trust Intangible [Member] | ||
Amortized intangible assets: | ||
Gross Carrying Amount | 0 | 1,580 |
Accumulated Amortization | $ 0 | $ 881 |
Goodwill and Intangible Asset97
Goodwill and Intangible Assets - Estimated Amortization Expense (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,018 | $ 3,971 |
2,019 | 3,559 |
2,020 | 3,229 |
2,021 | 2,924 |
2,022 | $ 2,659 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Banking And Thrift [Abstract] | ||
Non-interest bearing deposits | $ 1,999,901 | $ 1,426,624 |
Interest bearing deposits: | ||
Interest bearing demand deposits | 1,058,985 | 917,004 |
Savings deposits | 501,014 | 362,947 |
Money market accounts | 1,167,940 | 900,532 |
Time deposits less than $100,000 | 384,347 | 230,192 |
Time deposits of $100,000 or greater | 448,336 | 315,245 |
Total deposits | $ 5,560,523 | $ 4,152,544 |
Interest bearing demand deposits, Weighted Average Interest Rate | 0.10% | 0.10% |
Savings deposits, Weighted Average Interest Rate | 0.10% | 0.10% |
Money market accounts, Weighted Average Interest Rate | 0.40% | 0.30% |
Time deposits less than $100, Weighted Average Interest Rate | 1.00% | 0.70% |
Time deposits of $100 or greater, Weighted Average Interest Rate | 1.20% | 0.90% |
Total deposits, Weighted Average Interest Rate | 0.30% | 0.20% |
Deposits - Summary of Certifica
Deposits - Summary of Certificate Accounts (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Banking And Thrift [Abstract] | ||
2,018 | $ 547,516 | |
2,019 | 158,356 | |
2,020 | 63,737 | |
2,021 | 39,250 | |
2,022 | 23,824 | |
Total | $ 832,683 | $ 545,437 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||
Brokered Deposits | $ 222,368 | $ 112,164 |
FDIC [Member] | ||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||
Time deposits of $250 thousands or greater | $ 197,247 | $ 139,807 |
Securities Sold Under Agreem101
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Banking And Thrift [Abstract] | ||
Securities sold under agreement to repurchase | $ 52,080 | $ 28,427 |
Collateral pledged against repurchase agreement | $ 59,682 | $ 35,522 |
Securities Sold Under Agreem102
Securities Sold Under Agreements to Repurchase - Summary of Repurchase Agreement (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets Sold Under Agreements To Repurchase [Line Items] | |||
Market value of securities pledged | $ 59,682 | $ 35,522 | |
Securities sold under agreement to repurchase | $ 52,080 | $ 28,427 | |
Market value pledged as a % of borrowings | 115.00% | 125.00% | |
Average daily balance during the year | $ 43,850 | $ 29,435 | $ 30,727 |
Average interest rate during the year | 0.56% | 0.35% | 0.61% |
Maximum month-end balance during the year | $ 52,080 | $ 35,500 | $ 40,198 |
Weighted average interest rate at year end | 0.88% | 0.33% | 0.36% |
Mortgage Backed Securities [Member] | |||
Assets Sold Under Agreements To Repurchase [Line Items] | |||
Market value of securities pledged | $ 59,239 | $ 34,159 | |
Securities sold under agreement to repurchase | $ 52,030 | $ 27,558 | |
Market value pledged as a % of borrowings | 114.00% | 124.00% | |
Municipal Securities [Member] | |||
Assets Sold Under Agreements To Repurchase [Line Items] | |||
Market value of securities pledged | $ 443 | $ 1,363 | |
Securities sold under agreement to repurchase | $ 50 | $ 869 | |
Market value pledged as a % of borrowings | 886.00% | 157.00% |
Federal Funds Purchased - Feder
Federal Funds Purchased - Federal Funds Purchased Overnight Deposits from Correspondent Banks (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Banking And Thrift [Abstract] | |||
Average daily balance during the year | $ 263,669 | $ 210,276 | $ 184,451 |
Average interest rate during the period | 1.13% | 0.55% | 0.34% |
Maximum month-end balance during the year | $ 302,799 | $ 288,582 | $ 223,151 |
Weighted average interest rate at year end | 1.39% | 0.72% | 0.33% |
Federal Home Loan Bank Advan104
Federal Home Loan Bank Advances and Other Borrowed Funds - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal funds purchased, carrying amount | $ 331,490 | $ 261,986 |
Overnight borrowings with federal reserve bank, weighted average interest rate | 1.63% | |
Advances from Federal Home Loan Bank, variable interest rate | 1.59% | |
Federal Home Loan Bank advances, maximum eligible amount under collateralized transaction | $ 235,830 | |
Revolving Line of Credit [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Line of credit | $ 20,000 | |
Line of credit, interest rate | 4.84% | |
Overnight Borrowings / Advances [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Overnight variable advances from the Federal Home Loan Bank | $ 155,000 | $ 0 |
Federal funds purchased, carrying amount | $ 70,000 |
Corporate Debentures - Addition
Corporate Debentures - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 16, 2016 | Dec. 28, 2006 | Jul. 17, 2006 | Dec. 01, 2004 | Sep. 09, 2004 | Sep. 22, 2003 | Sep. 17, 2003 | Nov. 30, 2011 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 01, 2011 |
Corporate Debenture [Line Items] | |||||||||||||
Corporate debenture lives | 30 years | ||||||||||||
Corporate debenture callable, Call option period | 5 years | ||||||||||||
Debt instrument maturity year | 2,033 | ||||||||||||
Gains (Losses) on Extinguishment of Debt, Total | $ 0 | $ 308 | $ 0 | ||||||||||
Valrico Bancorp [Member] | |||||||||||||
Corporate Debenture [Line Items] | |||||||||||||
Floating rate corporate debenture issued, amount | $ 2,500 | ||||||||||||
Debenture interest rate description | Three month LIBOR plus 270 basis points | ||||||||||||
Corporate debenture, basis spread on LIBOR rate | 2.70% | ||||||||||||
Corporate debenture lives | 30 years | ||||||||||||
Corporate debenture callable, Call option period | 5 years | ||||||||||||
Gulfstream Bancshares, Inc. [Member] | |||||||||||||
Corporate Debenture [Line Items] | |||||||||||||
Floating rate corporate debenture issued, amount | $ 7,000 | ||||||||||||
Trust [Member] | |||||||||||||
Corporate Debenture [Line Items] | |||||||||||||
Floating rate corporate debenture issued, amount | $ 10,000 | ||||||||||||
Trust preferred securities, basis spread on LIBOR rate | 3.05% | ||||||||||||
Debenture interest rate description | Three month LIBOR plus 305 basis points | ||||||||||||
Trust preferred security lives | 30 years | ||||||||||||
Trust preferred securities callable, call option period | 5 years | ||||||||||||
Investment in the common stock of the trust | $ 310 | ||||||||||||
Corporate debenture, basis spread on LIBOR rate | 3.05% | ||||||||||||
Valrico Trust [Member] | Valrico Bancorp [Member] | |||||||||||||
Corporate Debenture [Line Items] | |||||||||||||
Trust preferred securities, basis spread on LIBOR rate | 2.70% | ||||||||||||
Trust preferred security lives | 30 years | ||||||||||||
Trust preferred securities callable, call option period | 5 years | ||||||||||||
Investment in the common stock of the trust | $ 77 | ||||||||||||
Federal Trust Statutory I [Member] | |||||||||||||
Corporate Debenture [Line Items] | |||||||||||||
Floating rate corporate debenture issued, amount | $ 5,000 | ||||||||||||
Trust preferred securities, basis spread on LIBOR rate | 2.95% | ||||||||||||
Debenture interest rate description | Three month LIBOR plus 295 basis points | ||||||||||||
Trust preferred security lives | 30 years | ||||||||||||
Trust preferred securities callable, call option period | 5 years | ||||||||||||
Investment in the common stock of the trust | $ 155 | ||||||||||||
Corporate debenture, basis spread on LIBOR rate | 2.95% | ||||||||||||
Corporate debenture lives | 30 years | ||||||||||||
Corporate debenture callable, Call option period | 5 years | ||||||||||||
Gulfstream Bancshares Capital Trust I [Member] | |||||||||||||
Corporate Debenture [Line Items] | |||||||||||||
Trust preferred securities, basis spread on LIBOR rate | 1.90% | ||||||||||||
Debenture interest rate description | Three month LIBOR plus 190 bps | ||||||||||||
Trust preferred security lives | 30 years | ||||||||||||
Corporate debenture, basis spread on LIBOR rate | 1.90% | ||||||||||||
Corporate debenture lives | 30 years | ||||||||||||
Gains (Losses) on Extinguishment of Debt, Total | $ 308 | ||||||||||||
Gulfstream Bancshares Capital Trust II [Member] | |||||||||||||
Corporate Debenture [Line Items] | |||||||||||||
Floating rate corporate debenture issued, amount | $ 3,000 | ||||||||||||
Trust preferred securities, basis spread on LIBOR rate | 1.70% | ||||||||||||
Debenture interest rate description | Three month LIBOR plus 170 bps | ||||||||||||
Trust preferred security lives | 30 years | ||||||||||||
Corporate debenture, basis spread on LIBOR rate | 1.70% | ||||||||||||
Corporate debenture lives | 30 years | ||||||||||||
Homestead Statutory Trust I [Member] | |||||||||||||
Corporate Debenture [Line Items] | |||||||||||||
Floating rate corporate debenture issued, amount | $ 16,000 | ||||||||||||
Trust preferred securities, basis spread on LIBOR rate | 1.65% | ||||||||||||
Debenture interest rate description | Three month LIBOR plus 165 bps | ||||||||||||
Trust preferred security lives | 30 years | ||||||||||||
Corporate debenture, basis spread on LIBOR rate | 1.65% | ||||||||||||
Corporate debenture lives | 30 years | ||||||||||||
Partial redemption of long term debt | $ 6,000 |
Income Taxes - Allocation of Fe
Income Taxes - Allocation of Federal and State Income Tax Expense (Benefit) Between Current and Deferred Portions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal Tax Expense | $ 18,243 | $ 15,172 | $ 14,639 |
Current, State Tax Expense | 4,045 | 3,091 | 2,920 |
Current, Total | 22,288 | 18,263 | 17,559 |
Deferred, Federal Tax Expense | 29,393 | 3,127 | 4,297 |
Deferred, State Tax Expense | 1,799 | 520 | 715 |
Deferred, Total | 31,192 | 3,647 | 5,012 |
Federal, Total | 47,636 | 18,299 | 18,936 |
State, Total | 5,844 | 3,611 | 3,635 |
Total | $ 53,480 | $ 21,910 | $ 22,571 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Allowance for loan losses | $ 8,320 | $ 10,431 |
Stock based compensation | 1,609 | 1,792 |
Deferred compensation | 1,488 | 2,145 |
Impairment expenses | 572 | 459 |
Net operating loss carryforward | 13,278 | 22,633 |
Other real estate owned expenses | 557 | 580 |
Fair value adjustments | 13,414 | 27,241 |
Nonaccrual interest | 1,385 | 1,856 |
Unrealized loss on investment securities available for sale | 2,378 | 5,384 |
Other | 2,339 | 371 |
Total deferred tax assets | 45,340 | 72,892 |
Deferred tax liabilities: | ||
Premises and equipment, due to differences in depreciation methods and useful lives | (5,441) | (7,320) |
Deferred loan costs, net | (208) | (183) |
Prepaid expense | (1,752) | (1,867) |
Like kind exchange | (197) | (300) |
Accretion of discounts on investments | (17) | (14) |
Total deferred tax liabilities | (7,615) | (9,684) |
Net deferred tax asset | $ 37,725 | $ 63,208 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 01, 2017 | Mar. 01, 2016 | Jun. 01, 2014 | |
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss carryforwards | $ 53,499 | |||||
Revaluation of deferred tax asset due to change in federal income tax rate | $ 18,575 | |||||
U.S. federal corporate rate | 35.00% | 35.00% | 35.00% | |||
First Southern Bank Inc [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss carryforwards | $ 57,375 | |||||
Per year tax credit carryforwards | $ 6,487 | |||||
Community Bank of South Florida, Inc. [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss carryforwards | $ 11,526 | |||||
Per year tax credit carryforwards | 1,722 | |||||
Hometown of Homestead Banking Company [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss carryforwards | 8,763 | |||||
Per year tax credit carryforwards | $ 507 | |||||
Gateway Financial Holdings Of Florida Inc [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss carryforwards | $ 5,407 | |||||
Per year tax credit carryforwards | $ 3,289 |
Income Taxes - Summary of Net O
Income Taxes - Summary of Net Operating Loss Carryforwards (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 53,499 |
2028 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 1,267 |
2029 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 14,101 |
2030 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 13,534 |
2031 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 7,745 |
2032 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 6,567 |
2033 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 6,313 |
2035 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 759 |
2036 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 3,213 |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between the Actual Tax Expense and the Expected Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
“Expected” tax expense | $ 38,246 | $ 22,488 | $ 21,668 |
Tax exempt interest, net | (4,104) | (2,364) | (851) |
Bank owned life insurance | (1,251) | (825) | (753) |
State income taxes, net of federal income tax benefits | 4,077 | 2,347 | 2,363 |
Stock based compensation | 40 | 81 | 76 |
Merger and acquisition related expenses | 1,049 | 388 | 10 |
Excess tax benefit from stock based compensation | (3,007) | ||
Revaluation of net deferred tax asset due to change in federal income tax rate | 18,575 | ||
Other, net | (145) | (205) | 58 |
Total | $ 53,480 | $ 21,910 | $ 22,571 |
Related-Party Transactions - Su
Related-Party Transactions - Summary Loans to Principal Officers, Directors and Their Affiliates (Detail) - Principal Officers, Directors and Their Affiliates [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Beginning balance | $ 26,515 | $ 19,975 |
New loans and advances on existing loans | 21,753 | 18,397 |
Repayments | (17,810) | (11,857) |
Ending balance | $ 30,458 | $ 26,515 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - Principal Officers, Directors and Their Affiliates [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Line of credit available for principal officers, directors, and their affiliates | $ 8,835 | $ 10,194 |
Deposits from principal officers, directors, and their affiliates | $ 4,777 | $ 5,310 |
Regulatory Capital Matters - Ad
Regulatory Capital Matters - Additional Information (Detail) | Jan. 01, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2016 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common equity tier 1 capital (to risk weighted assets), Ratio | 11.50% | 11.30% | ||
Tier 1 capital (to risk weighted assets), Ratio | 12.00% | 11.80% | ||
Total capital (to risk weighted assets), Ratio | 12.60% | 12.50% | ||
Tier 1 capital (to average assets), Ratio | 9.80% | 9.10% | ||
Capital conservation buffer rate | 1.25% | |||
Effective fully implemented, common equity Tier 1 capital ratio | 7.00% | |||
Effective fully implemented, total Tier 1 capital ratio | 8.50% | |||
Effective fully implemented, total risk-based capital ratio | 10.50% | |||
Subsequent Event [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Capital conservation buffer rate | 1.875% | |||
Minimum [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common equity tier 1 capital (to risk weighted assets), Ratio | 4.50% | |||
Tier 1 capital (to risk weighted assets), Ratio | 6.00% | |||
Total capital (to risk weighted assets), Ratio | 8.00% | |||
Tier 1 capital (to average assets), Ratio | 4.00% | |||
Maximum [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Capital conservation buffer rate | 2.50% |
Regulatory Capital Matters - Su
Regulatory Capital Matters - Summary of Actual, Required, and Capital Levels Necessary for Capital Adequacy Purposes (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets), Amount | $ 682,175 | $ 479,966 |
Tier 1 capital (to risk weighted assets), Amount | 649,350 | 452,925 |
Common equity tier 1 capital (to risk weighted assets), Amount | 621,956 | 431,546 |
Tier 1 capital (to average assets), Amount | $ 649,350 | $ 452,925 |
Total capital (to risk weighted assets), Ratio | 12.60% | 12.50% |
Tier 1 capital (to risk weighted assets), Ratio | 12.00% | 11.80% |
Common equity tier 1 capital (to risk weighted assets), Ratio | 11.50% | 11.30% |
Tier 1 capital (to average assets), Ratio | 9.80% | 9.10% |
Total capital (to risk weighted assets) For capital adequacy purposes, Amount | $ 434,245 | $ 306,281 |
Tier 1 capital (to risk weighted assets) For capital adequacy purposes, Amount | 325,684 | 229,711 |
Common equity tier 1 capital (to risk weighted assets) For capital adequacy purposes, Amount | 244,263 | 172,283 |
Tier 1 capital (to average assets) For capital adequacy purposes, Amount | 264,616 | 198,891 |
CenterState Bank of Florida, N.A. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets), Amount | 654,018 | 451,152 |
Tier 1 capital (to risk weighted assets), Amount | 621,199 | 424,118 |
Common equity tier 1 capital (to risk weighted assets), Amount | 621,199 | 424,118 |
Tier 1 capital (to average assets), Amount | $ 621,199 | $ 424,118 |
Total capital (to risk weighted assets), Ratio | 12.20% | 11.80% |
Tier 1 capital (to risk weighted assets), Ratio | 11.50% | 11.10% |
Common equity tier 1 capital (to risk weighted assets), Ratio | 11.50% | 11.10% |
Tier 1 capital (to average assets), Ratio | 9.40% | 8.50% |
Total capital (to risk weighted assets) For capital adequacy purposes, Amount | $ 430,561 | $ 306,145 |
Tier 1 capital (to risk weighted assets) For capital adequacy purposes, Amount | 322,921 | 229,609 |
Common equity tier 1 capital (to risk weighted assets) For capital adequacy purposes, Amount | 242,191 | 172,207 |
Tier 1 capital (to average assets) For capital adequacy purposes, Amount | 264,577 | 198,852 |
Total capital (to risk weighted assets) To be well capitalized under Prompt corrective action provision, Amount | 538,202 | 382,682 |
Tier 1 capital (to risk weighted assets) To be well capitalized under Prompt corrective action provision, Amount | 430,561 | 306,145 |
Common equity tier 1 capital (to risk weighted assets) To be well capitalized under Prompt corrective action provision, Amount | 349,831 | 248,743 |
Tier 1 capital (to average assets) To be well capitalized under Prompt corrective action provision, Amount | $ 330,721 | $ 248,565 |
Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets), Ratio | 8.00% | |
Tier 1 capital (to risk weighted assets), Ratio | 6.00% | |
Common equity tier 1 capital (to risk weighted assets), Ratio | 4.50% | |
Tier 1 capital (to average assets), Ratio | 4.00% | |
Total capital (to risk weighted assets) For capital adequacy purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk weighted assets) For capital adequacy purposes, Ratio | 6.00% | 6.00% |
Common equity tier 1 capital (to risk weighted assets) For capital adequacy purposes, Ratio | 4.50% | 4.50% |
Tier 1 capital (to average assets) For capital adequacy purposes, Ratio | 4.00% | 4.00% |
Minimum [Member] | CenterState Bank of Florida, N.A. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital (to risk weighted assets), Ratio | 4.50% | 4.50% |
Total capital (to risk weighted assets) For capital adequacy purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk weighted assets) For capital adequacy purposes, Ratio | 6.00% | 6.00% |
Tier 1 capital (to average assets) For capital adequacy purposes, Ratio | 4.00% | 4.00% |
Total capital (to risk weighted assets) To be well capitalized under Prompt corrective action provision, Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk weighted assets) To be well capitalized under Prompt corrective action provision, Ratio | 8.00% | 8.00% |
Common equity tier 1 capital (to risk weighted assets) To be well capitalized under Prompt corrective action provision, Ratio | 6.50% | 6.50% |
Tier 1 capital (to average assets) To be well capitalized under Prompt corrective action provision, Ratio | 5.00% | 5.00% |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | |||
Cash dividends declared & paid on common stock | $ 13,878 | $ 7,681 | $ 3,181 |
Dividend received from subsidiary banks | 10,000 | $ 58,000 | |
Available dividends from subsidiary bank | $ 34,766 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 25, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | May 01, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jan. 17, 2014 | Apr. 24, 2007 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Stock options outstanding | 1,119,483 | 623,490 | 940,634 | 1,138,404 | ||||||||
Average exercise price of shares outstanding | $ 11.26 | $ 12.30 | $ 11.73 | $ 11.23 | ||||||||
Fair value of restricted stock granted | $ 13.84 | |||||||||||
Number of shares expected to vest in future | 1,112,926 | |||||||||||
Employee incentive stock options, granted | 0 | 0 | 0 | |||||||||
Income tax benefit provided by share based awards | $ 1,545 | $ 140 | $ 113 | |||||||||
Expense Recognized | 624 | 419 | 328 | |||||||||
RSU expense | $ 3,560 | $ 3,605 | $ 2,712 | |||||||||
Director [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Stock Issued During Period Shares Share Based Compensation | 16,248 | |||||||||||
2013 Equity Incentive Plan [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Maximum number of shares available for issuance | 1,600,000 | |||||||||||
2013 Plan expiration | 2,023 | |||||||||||
Shares available for future grants | 108,800 | |||||||||||
2013 Equity Incentive Plan [Member] | Employee [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Maximum number of shares available for issuance | 1,525,000 | |||||||||||
2013 Equity Incentive Plan [Member] | Director [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Maximum number of shares available for issuance | 75,000 | |||||||||||
2007 Equity Incentive Plan [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Maximum number of shares available for issuance | 1,350,000 | |||||||||||
2007 Equity Incentive Plan [Member] | Employee [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Employee incentive stock options, granted | 0 | |||||||||||
Stock Option [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Stock options outstanding | 77,300 | 774,104 | ||||||||||
Average exercise price of shares outstanding | $ 6.94 | $ 6.99 | ||||||||||
Stock option expiration period | 3 years 6 months | |||||||||||
Remaining unrecognized compensation cost related to non-vested stock options, net of estimated forfeitures | $ 110 | |||||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 5 years | |||||||||||
Stock Option [Member] | Weighted Average [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 1 year 8 months 12 days | |||||||||||
Stock Option [Member] | Gateway Plans [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Stock options outstanding | 757,583 | 1,150,517 | 1,150,517 | |||||||||
Average exercise price of shares outstanding | $ 11.41 | $ 11.32 | ||||||||||
Stock option expiration period | 2 years 1 month 6 days | |||||||||||
Restricted Stock [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Number of RSAs, granted | 148,232 | 262,934 | 208,082 | |||||||||
Remaining unrecognized compensation cost related to non-vested stock options, net of estimated forfeitures | $ 5,108 | |||||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 10 years | |||||||||||
Number of RSAs, outstanding | 559,124 | 699,965 | 721,715 | 659,670 | ||||||||
Number of RSUs, vested | 284,807 | 279,119 | 120,124 | |||||||||
Restricted Stock [Member] | Underlying Shares Issued [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Number of RSAs, granted | 3,000 | |||||||||||
Number of RSAs, outstanding | 69,700 | 127,901 | 189,588 | 249,542 | ||||||||
Number of RSUs, vested | 58,201 | 60,087 | 57,954 | |||||||||
Restricted Stock [Member] | Underlying Shares Not Issued [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Number of RSAs, granted | 148,232 | 262,934 | 205,082 | |||||||||
Number of RSAs, outstanding | 489,424 | 572,064 | 532,127 | 410,128 | ||||||||
Number of RSUs, vested | 226,606 | 219,032 | 62,170 | |||||||||
Restricted Stock [Member] | Weighted Average [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 2 years 7 months 6 days | |||||||||||
Restricted Stock [Member] | 2013 Equity Incentive Plan [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Number of RSAs, granted | 148,232 | |||||||||||
Fair value of restricted stock granted | $ 24.94 | |||||||||||
Restricted Stock [Member] | 2013 Equity Incentive Plan [Member] | Minimum [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Restricted stock awards vesting period | 2 years | |||||||||||
Restricted Stock [Member] | 2013 Equity Incentive Plan [Member] | Maximum [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Restricted stock awards vesting period | 10 years | |||||||||||
Performance Share Units [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Remaining unrecognized compensation cost related to non-vested stock options, net of estimated forfeitures | $ 1,093 | |||||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 3 years | |||||||||||
Expense Recognized | $ 564 | |||||||||||
Performance Share Units [Member] | Grant Year 2014 [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Compensation Not yet Recognized, Share-based Awards Other than Options, PSUs | $ 939 | |||||||||||
Performance Share Units [Member] | Grant Year 2015 [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Compensation Not yet Recognized, Share-based Awards Other than Options, PSUs | $ 307 | |||||||||||
Performance Share Units [Member] | Grant Year 2016 [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Compensation Not yet Recognized, Share-based Awards Other than Options, PSUs | $ 412 | |||||||||||
Performance Share Units [Member] | Grant Year 2016 [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Compensation Not yet Recognized, Share-based Awards Other than Options, PSUs | $ 687 | |||||||||||
Performance Share Units [Member] | Weighted Average [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 1 year 9 months 18 days | |||||||||||
Performance Share Units [Member] | 2013 Equity Incentive Plan [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Performance share units vesting date | Jan. 1, 2021 | |||||||||||
Number of shares expected to vest in future | 34,325 | |||||||||||
Performance Share Units [Member] | 2013 Equity Incentive Plan [Member] | Minimum [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Number of shares expected to vest in future | 0 | |||||||||||
Performance Share Units [Member] | 2013 Equity Incentive Plan [Member] | Maximum [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Number of shares expected to vest in future | 51,488 | |||||||||||
Restricted Stock Units [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Number of RSAs, granted | 32,441 | 28,725 | 29,092 | |||||||||
Remaining unrecognized compensation cost related to non-vested stock options, net of estimated forfeitures | $ 1,033 | |||||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 3 years | |||||||||||
Number of RSAs, outstanding | 86,817 | 54,376 | 29,092 | |||||||||
RSU expense | $ 287 | $ 169 | $ 27 | |||||||||
Restricted Stock Units [Member] | Grant Year 2015 [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Compensation Not yet Recognized, Share-based Awards Other than Options, PSUs | $ 356 | |||||||||||
Restricted Stock Units [Member] | Grant Year 2016 [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Compensation Not yet Recognized, Share-based Awards Other than Options, PSUs | 442 | |||||||||||
Number of RSUs, vested | 3,441 | |||||||||||
Restricted Stock Units [Member] | Grant Year 2016 [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Compensation Not yet Recognized, Share-based Awards Other than Options, PSUs | $ 720 | |||||||||||
Restricted Stock Units [Member] | Weighted Average [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Non vested stock options, unrecognized compensation cost, recognition period | 1 year 9 months 18 days | |||||||||||
Restricted Stock Units [Member] | Vest in January 1, 2019 [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Vesting percentage for each year | 33.33% | |||||||||||
Restricted Stock Units [Member] | Vest in January 1, 2020 [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Vesting percentage for each year | 33.33% | |||||||||||
Restricted Stock Units [Member] | Vest in January 1, 2021 [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Vesting percentage for each year | 33.33% | |||||||||||
Restricted Stock Units [Member] | 2013 Equity Incentive Plan [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Number of RSAs, granted | 32,441 | |||||||||||
Fair value of restricted stock granted | $ 22.19 | |||||||||||
Qualified Incentive Stock Options [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Income tax benefit provided by share based awards | $ 0 | |||||||||||
Non Qualified Incentive Stock Options [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Income tax benefit provided by share based awards | 1,545 | $ 140 | 113 | |||||||||
RSA,RSU and PSU [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Income tax benefit provided by share based awards | 1,725 | $ 1,617 | $ 1,183 | |||||||||
Performance Share Units Division | Grant Year 2016 [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||
Compensation Not yet Recognized, Share-based Awards Other than Options, PSUs | $ 192 | |||||||||||
Expense Recognized | $ 60 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock option expense | $ 115 | $ 230 | $ 216 |
Stock-based compensation expense | 3,560 | 3,605 | 2,712 |
PSU expense | 624 | 419 | 328 |
Total stock-based compensation expense | 4,586 | 4,423 | 3,283 |
RSU Expense [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 287 | $ 169 | $ 27 |
Stock-Based Compensation - Info
Stock-Based Compensation - Information Related to Stock Option Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Total intrinsic value of stock options exercised | $ 8,039 | $ 2,716 | $ 827 |
Net proceeds from stock options exercised | 6,715 | 1,769 | 784 |
Gross income tax benefit from the exercise of stock options | $ 1,545 | $ 140 | $ 113 |
Stock-Based Compensation - S119
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Options outstanding, beginning of period, Number of Options | 623,490 | 940,634 | 1,138,404 |
Options issued, Number of Options | 1,150,517 | ||
Options exercised, Number of Options | (598,039) | (229,583) | (142,476) |
Options forfeited, Number of Options | (56,485) | (87,561) | (55,294) |
Options outstanding, end of period, Number of Options | 1,119,483 | 623,490 | 940,634 |
Options outstanding, beginning of period, Weighted-Average Exercise Price | $ 12.30 | $ 11.73 | $ 11.23 |
Options issued, Weighted-Average Exercise Price | 11.32 | ||
Options exercised, Weighted-Average Exercise Price | 12.11 | 8.74 | 6.63 |
Options forfeited, Weighted-Average Exercise Price | 15 | 15.51 | 14.57 |
Options outstanding, end of period, Weighted-Average Exercise Price | $ 11.26 | $ 12.30 | $ 11.73 |
Stock-Based Compensation - S120
Stock-Based Compensation - Summary of Outstanding, Vested and Expected to Vest and Exercisable Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Options outstanding, Number of options | 1,119,483 | 623,490 | 940,634 | 1,138,404 |
Options fully vested and expected to vest, Number of Options | 1,112,926 | |||
Options exercisable, Number of Options | 1,051,853 | |||
Options outstanding, Weighted-Average Exercise Price | $ 11.26 | $ 12.30 | $ 11.73 | $ 11.23 |
Options fully vested and expected to vest, Weighted Average Exercise Price | 11.27 | |||
Options exercisable, Weighted-Average Exercise Price | $ 11.41 | |||
Options outstanding, Weighted-Average Contractual Term | 2 years 1 month 6 days | |||
Options fully vested and expected to vest, Weighted-Average Contractual Term | 2 years 1 month 6 days | |||
Options exercisable, Weighted-Average Contractual Term | 2 years | |||
Options outstanding, Aggregate Intrinsic Value | $ 16,195 | |||
Options fully vested and expected to vest, Aggregate Intrinsic Value | 16,090 | |||
Options exercisable, Aggregate Intrinsic Value | $ 15,062 |
Stock-Based Compensation - S121
Stock-Based Compensation - Summary of Restricted Stock Awards Activity (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Awards and Units outstanding, beginning of period | 699,965 | 721,715 | 659,670 |
Number of Awards and Units, Granted | 148,232 | 262,934 | 208,082 |
Number of Awards and Units, Vested | (284,807) | (279,119) | (120,124) |
Number of Awards and Units, Forfeited | (4,266) | (5,565) | (25,913) |
Number of Awards and Units, outstanding, end of period | 559,124 | 699,965 | 721,715 |
Weighted-Average fair value at grant date of Award and Units, outstanding, beginning of period | $ 12.20 | $ 10.79 | $ 10.30 |
Weighted-Average fair value at grant date of Award and Units, Granted | 24.94 | 14.68 | 11.96 |
Weighted-Average fair value at grant date of Award and Units, Vested | 11.52 | 10.88 | 10.12 |
Weighted-Average fair value at grant date of Award and Units, Forfeited | 15.76 | 12.07 | 10.64 |
Weighted-Average fair value at grant date of Award and Units, ending of period | $ 15.89 | $ 12.20 | $ 10.79 |
Underlying Shares Not Issued [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Awards and Units outstanding, beginning of period | 572,064 | 532,127 | 410,128 |
Number of Awards and Units, Granted | 148,232 | 262,934 | 205,082 |
Number of Awards and Units, Vested | (226,606) | (219,032) | (62,170) |
Number of Awards and Units, Forfeited | (4,266) | (3,965) | (20,913) |
Number of Awards and Units, outstanding, end of period | 489,424 | 572,064 | 532,127 |
Underlying Shares Issued [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Awards and Units outstanding, beginning of period | 127,901 | 189,588 | 249,542 |
Number of Awards and Units, Granted | 3,000 | ||
Number of Awards and Units, Vested | (58,201) | (60,087) | (57,954) |
Number of Awards and Units, Forfeited | (1,600) | (5,000) | |
Number of Awards and Units, outstanding, end of period | 69,700 | 127,901 | 189,588 |
Stock-Based Compensation - S122
Stock-Based Compensation - Summary of Restricted Stock Units (Detail) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Awards and Units outstanding, beginning of period | 54,376 | 29,092 | |
Number of Awards and Units, Granted | 32,441 | 28,725 | 29,092 |
Number of Awards and Units, Vested and Issued | (3,441) | ||
Number of Awards and Units, outstanding, end of period | 86,817 | 54,376 | 29,092 |
Weighted-Average fair value at grant date of Award and Units, outstanding, beginning of period | $ 14 | $ 12.22 | |
Weighted-Average fair value at grant date of Award and Units, Granted | 22.19 | 15.37 | $ 12.22 |
Weighted-Average fair value at grant date of Award and Units, Vested and Issued | 12.22 | ||
Weighted-Average fair value at grant date of Award and Units, ending of period | $ 17 | $ 14 | $ 12.22 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2010Officers | Dec. 31, 2007Officers | |
Compensation And Retirement Disclosure [Abstract] | |||||
Company's contributions for the plan | $ 2,249 | $ 1,849 | $ 1,617 | ||
Eligibility period to participate in the plan | 6 months | ||||
Additional number of executive officers entered into salary continuation agreements | Officers | 5 | ||||
Number of executive officers entered into salary continuation agreements due to acquisition | Officers | 4 | ||||
Company expensed for the accrual of future salary continuation benefits | $ 568 | 609 | 618 | ||
Salary continuation benefits payable | 4,834 | 4,211 | 3,836 | ||
Asset and the related deferred compensation payable | 1,761 | $ 1,560 | $ 1,493 | ||
Administration expenses of the trust | $ 5 | ||||
Number of Valrico state bank executive officers pursuant to acquisition entered into rabbi trust agreement | Officers | 2 |
Parent Company Only Financia124
Parent Company Only Financial Statements - Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||||
Cash and due from banks | $ 68,571 | $ 66,368 | ||
Prepaid expenses and other assets | 64,022 | 18,230 | ||
TOTAL ASSETS | 7,123,975 | 5,078,559 | $ 4,022,717 | |
Liabilities: | ||||
Accounts payable and accrued expenses | 29,512 | 23,645 | ||
Corporate debentures | 26,192 | 25,958 | ||
Total liabilities | 6,219,225 | 4,526,102 | ||
Shareholders' equity: | ||||
Common stock | 602 | 482 | ||
Additional paid-in capital | 737,905 | 430,459 | ||
Retained earnings | 173,248 | 130,090 | ||
Accumulated other comprehensive loss | (7,005) | (8,574) | ||
Total shareholders' equity | 904,750 | 552,457 | $ 490,514 | $ 452,477 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 7,123,975 | 5,078,559 | ||
Parent Company [Member] | ||||
Assets: | ||||
Cash and due from banks | 1,569 | 970 | ||
Inter-company receivable from bank subsidiary | 840 | 25,250 | ||
Investment in wholly-owned bank subsidiary | 903,882 | 548,653 | ||
Investment in other wholly-owned subsidiary | 1,951 | 1,592 | ||
Prepaid expenses and other assets | 49,011 | 8,107 | ||
TOTAL ASSETS | 957,253 | 584,572 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 6,311 | 6,157 | ||
Other borrowings | 20,000 | |||
Corporate debentures | 26,192 | 25,958 | ||
Total liabilities | 52,503 | 32,115 | ||
Shareholders' equity: | ||||
Common stock | 602 | 482 | ||
Additional paid-in capital | 737,905 | 430,459 | ||
Retained earnings | 173,248 | 130,090 | ||
Accumulated other comprehensive loss | (7,005) | (8,574) | ||
Total shareholders' equity | 904,750 | 552,457 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 957,253 | $ 584,572 |
Parent Company Only Financia125
Parent Company Only Financial Statements - Condensed Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements Captions [Line Items] | |||
Interest expense | $ (15,783) | $ (9,340) | $ (7,286) |
Net income before income tax benefit | 109,275 | 64,251 | 61,909 |
Income tax benefit | 53,480 | 21,910 | 22,571 |
Net income | 55,795 | 42,341 | 39,338 |
Parent Company [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Dividend income | 10,000 | 58,000 | 1,232 |
Other income | 308 | ||
Interest expense | (1,363) | (1,159) | (968) |
Operating expenses | (3,960) | (3,869) | (4,422) |
Income before equity in undistributed income of subsidiaries | 4,677 | 53,280 | (4,158) |
Equity in undistributed income (losses) of subsidiaries | 48,760 | (12,736) | 41,431 |
Net income before income tax benefit | 53,437 | 40,544 | 37,273 |
Income tax benefit | (2,358) | (1,797) | (2,065) |
Net income | $ 55,795 | $ 42,341 | $ 39,338 |
Parent Company Only Financia126
Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | Jan. 13, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash flows from operating activities: | ||||
Net income | $ 55,795 | $ 42,341 | $ 39,338 | |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Gain on extinguishment of debt | 0 | (308) | 0 | |
(Increase) decrease in other assets | (48,145) | (3,585) | 2,447 | |
Stock based compensation expense | 4,586 | 4,423 | 3,283 | |
Cash flows from investing activities: | ||||
Dividends from bank subsidiaries | 10,000 | 58,000 | ||
Cash flows from financing activities: | ||||
Stock options exercised, net of tax benefit | 6,715 | 1,769 | 784 | |
Stock repurchased | (1,131) | (962) | (1,016) | |
Extinguishment of debt | 0 | (8,680) | 0 | |
Increase in other borrowings | 40,268 | (57,418) | 25,000 | |
Proceeds from stock offering, net of offering costs | $ 63,262 | 63,262 | 0 | 0 |
Dividends paid to shareholders | (13,878) | (7,681) | (3,181) | |
Net increase (decrease) in cash and cash equivalents | 104,965 | 23,172 | (5,931) | |
Cash and cash equivalents, beginning of period | 175,654 | 152,482 | 158,413 | |
Cash and cash equivalents, end of period | 280,619 | 175,654 | 152,482 | |
Parent Company [Member] | ||||
Cash flows from operating activities: | ||||
Net income | 55,795 | 42,341 | 39,338 | |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Equity in net (earnings) losses of subsidiaries | (58,760) | 12,736 | (42,663) | |
Increase in payables and accrued expenses | 463 | (25) | 340 | |
Gain on extinguishment of debt | (308) | |||
(Increase) decrease in other assets | (40,369) | 84 | 89 | |
Stock based compensation expense | 1,048 | 1,001 | 1,235 | |
Net cash flows used in operating activities | (41,823) | 55,829 | (1,661) | |
Cash flows from investing activities: | ||||
Inter-company receivables from subsidiary banks | 25,145 | (58,241) | 1,991 | |
Net cash from bank acquisition | (42,601) | (38,918) | 0 | |
Investment in subsidiaries | (25,000) | 450 | (476) | |
Cash payments to shareholders | (90) | 39 | (466) | |
Dividends from bank subsidiaries | 10,000 | 58,000 | ||
Dividends from nonbank subsidiary | 1,232 | |||
Net cash flows provided by investing activities | (32,546) | (38,670) | 2,281 | |
Cash flows from financing activities: | ||||
Stock options exercised, net of tax benefit | 6,715 | 1,769 | 784 | |
Stock repurchased | (1,131) | (962) | (1,016) | |
Extinguishment of debt | (8,680) | |||
Increase in other borrowings | 20,000 | (650) | ||
Proceeds from stock offering, net of offering costs | 63,262 | |||
Dividends paid to shareholders | (13,878) | (7,681) | (3,181) | |
Net cash flows used in financing activities | 74,968 | (16,204) | (3,413) | |
Net increase (decrease) in cash and cash equivalents | 599 | 955 | (2,793) | |
Cash and cash equivalents, beginning of period | 970 | 15 | 2,808 | |
Cash and cash equivalents, end of period | $ 1,569 | $ 970 | $ 15 |
Credit Commitments - Summary of
Credit Commitments - Summary of Credit Commitments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Credit Commitments, Total | $ 15,740 | $ 10,551 |
Unfunded Loan Commitments - Fixed [Member] | ||
Loss Contingencies [Line Items] | ||
Credit Commitments, Total | 140,750 | 101,586 |
Unfunded Loan Commitments - Variable [Member] | ||
Loss Contingencies [Line Items] | ||
Credit Commitments, Total | 35,814 | 15,062 |
Available Lines of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Credit Commitments, Total | $ 824,958 | $ 512,268 |
Credit Commitments - Additional
Credit Commitments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Loss Contingencies [Line Items] | |
Loan commitments period | 30 days |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loan commitments percentage of fixed interest rate | 2.75% |
Loan commitments fixed interest rate, maturity term | 1 year |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loan commitments percentage of fixed interest rate | 7.15% |
Loan commitments fixed interest rate, maturity term | 20 years |
Basic and Diluted Earnings P129
Basic and Diluted Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Anti dilutive stock options | 0 | 30,784 | 470,852 |
Basic and Diluted Earnings P130
Basic and Diluted Earnings Per Share - Factors Used in Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Basic | ||||
Net income available to common shareholders | $ 55,795 | $ 42,341 | $ 39,338 | |
Less: Earnings allocated to participating securities | (120) | (163) | (212) | |
Net income allocated to common shareholders | $ 55,675 | $ 42,178 | $ 39,126 | |
Weighted average common shares outstanding including participating securities | 57,368,322 | 47,592,500 | 45,427,857 | |
Less: Participating securities | (123,624) | (183,358) | (245,633) | |
Average shares | [1] | 57,244,698 | 47,409,142 | 45,182,224 |
Basic earnings per common share | $ 0.97 | $ 0.89 | $ 0.87 | |
Diluted | ||||
Net income available to common shareholders | $ 55,675 | $ 42,178 | $ 39,126 | |
Weighted average common shares outstanding for basic earnings per common share | [1] | 57,244,698 | 47,409,142 | 45,182,224 |
Add: Dilutive effects of stock based compensation awards | 1,096,115 | 782,381 | 606,408 | |
Average shares and dilutive potential common shares | [1] | 58,340,813 | 48,191,523 | 45,788,632 |
Dilutive earnings per common share | $ 0.95 | $ 0.88 | $ 0.85 | |
[1] | Excludes participating securities. |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of Reportable Segment Revenues, Expenses and Profit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 251,326 | $ 188,665 | $ 162,320 |
Interest expense | (15,783) | (9,340) | (7,286) |
Net interest income | 235,543 | 179,325 | 155,034 |
Provision for loan losses | (4,958) | (4,962) | (4,493) |
Non interest income | 65,175 | 64,369 | 37,450 |
Non interest expense | (186,485) | (174,481) | (126,082) |
Net income before income tax benefit | 109,275 | 64,251 | 61,909 |
Income tax (provision) benefit | (53,480) | (21,910) | (22,571) |
Net income | 55,795 | 42,341 | 39,338 |
Total assets | 7,123,975 | 5,078,559 | 4,022,717 |
Operating Segments [Member] | Commercial and Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 240,583 | 180,696 | 155,369 |
Interest expense | (11,431) | (7,044) | (5,697) |
Net interest income | 229,152 | 173,652 | 149,672 |
Provision for loan losses | (5,037) | (4,938) | (4,335) |
Non interest income | 36,834 | 30,376 | 9,887 |
Non interest expense | (161,946) | (147,228) | (99,900) |
Net income before income tax benefit | 99,003 | 51,862 | 55,324 |
Income tax (provision) benefit | (49,823) | (17,107) | (20,016) |
Net income | 49,180 | 34,755 | 35,308 |
Total assets | 6,572,636 | 4,676,375 | 3,679,946 |
Operating Segments [Member] | Correspondent Banking And Capital Markets Division [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 10,743 | 7,969 | 6,951 |
Interest expense | (2,989) | (1,137) | (621) |
Net interest income | 7,754 | 6,832 | 6,330 |
Provision for loan losses | 79 | (24) | (158) |
Non interest income | 28,341 | 33,685 | 27,563 |
Non interest expense | (20,579) | (23,384) | (21,760) |
Net income before income tax benefit | 15,595 | 17,109 | 11,975 |
Income tax (provision) benefit | (6,015) | (6,600) | (4,620) |
Net income | 9,580 | 10,509 | 7,355 |
Total assets | 506,234 | 397,323 | 335,643 |
Corporate Overhead and Administration [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | (1,363) | (1,159) | (968) |
Net interest income | (1,363) | (1,159) | (968) |
Non interest income | 308 | ||
Non interest expense | (3,960) | (3,869) | (4,422) |
Net income before income tax benefit | (5,323) | (4,720) | (5,390) |
Income tax (provision) benefit | 2,358 | 1,797 | 2,065 |
Net income | (2,965) | (2,923) | (3,325) |
Total assets | 957,253 | 584,572 | 518,107 |
Elimination Entries [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ (912,148) | $ (579,711) | $ (510,979) |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017LocationCountySubsidiary | |
Segment Reporting Information [Line Items] | |
Number of bank locations | Location | 78 |
Commercial and Retail Banking [Member] | |
Segment Reporting Information [Line Items] | |
Number of Bank Subsidiary | Subsidiary | 1 |
Number of non bank subsidiary | Subsidiary | 2 |
Number of counties in which company operates | County | 28 |
Number of bank locations | Location | 78 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ / shares in Units, $ in Thousands | May 01, 2017USD ($)$ / shares | Apr. 01, 2017USD ($)$ / shares | Mar. 01, 2016USD ($)$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||||
Goodwill on the acquisition | $ 257,683 | $ 106,028 | $ 76,739 | $ 76,739 | |||
Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated economic life | 5 years | ||||||
Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated economic life | 3 years | ||||||
Core Deposits [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated economic life | 10 years | ||||||
Community Bank Of South Florida Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effective date of acquisition | Mar. 1, 2016 | ||||||
Increase in total assets | 12.00% | ||||||
Increase in total deposits | 14.00% | ||||||
Goodwill on the acquisition | $ 25,391 | ||||||
Determination period for fair value estimates | 1 year | ||||||
Multiplied by the cash consideration each Platinum share is entitled to receive | $ / shares | $ 13.31 | ||||||
Per share exchange ratio | 0.9148 | ||||||
Total purchase consideration | $ 64,986 | ||||||
Loans at fair value | 316,444 | ||||||
Estimated discount on loans acquired | $ 20,439 | ||||||
Estimated discount to outstanding principal balance | 6.10% | ||||||
Percentage of loans acquired | 12.20% | ||||||
Community Bank Of South Florida Inc [Member] | Core Deposits [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Deposit intangible asset | $ 3,684 | ||||||
Community Bank Of South Florida Inc [Member] | Core Deposits [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated economic life | 10 years | ||||||
Community Bank Of South Florida Inc [Member] | Purchased Credit-Impaired [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Loans with credit deficiencies | $ 43,298 | ||||||
Community Bank Of South Florida Inc [Member] | Common Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Outstanding common stock acquired percentage | 100.00% | ||||||
Hometown of Homestead Banking Company [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effective date of acquisition | Mar. 1, 2016 | ||||||
Increase in total assets | 8.00% | ||||||
Increase in total deposits | 8.00% | ||||||
Goodwill on the acquisition | $ 3,898 | ||||||
Determination period for fair value estimates | 1 year | ||||||
Multiplied by the cash consideration each Platinum share is entitled to receive | $ / shares | $ 1.25 | ||||||
Total purchase consideration | $ 19,150 | ||||||
Loans at fair value | 197,787 | ||||||
Estimated discount on loans acquired | $ 3,051 | ||||||
Estimated discount to outstanding principal balance | 1.50% | ||||||
Percentage of loans acquired | 7.60% | ||||||
Hometown of Homestead Banking Company [Member] | Core Deposits [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Deposit intangible asset | $ 2,598 | ||||||
Hometown of Homestead Banking Company [Member] | Core Deposits [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated economic life | 10 years | ||||||
Hometown of Homestead Banking Company [Member] | Purchased Credit-Impaired [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Loans with credit deficiencies | $ 1,827 | ||||||
Hometown of Homestead Banking Company [Member] | Common Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Outstanding common stock acquired percentage | 100.00% | ||||||
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% | ||||||
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 loans acquired | 13.30% | ||||||
Merger and acquisition related expenses | $ 3,924 | ||||||
Platinum Bank Holding Company [Member] | Core Deposits [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Deposit intangible asset | $ 3,992 | ||||||
Platinum Bank Holding Company [Member] | Core Deposits [Member] | 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 | $ 12,218 | ||||||
Platinum Bank Holding Company [Member] | Common Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Outstanding common stock acquired percentage | 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% | ||||||
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 loans acquired | 16.60% | ||||||
Merger and acquisition related expenses | $ 6,203 | ||||||
Gateway Financial Holdings Of Florida Inc [Member] | Core Deposits [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Deposit intangible asset | $ 8,432 | ||||||
Gateway Financial Holdings Of Florida Inc [Member] | Core Deposits [Member] | 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] | |||||||
Outstanding common stock acquired percentage | 100.00% |
Business Combinations - Summary
Business Combinations - Summary of Purchase Price Calculation (Detail) $ / shares in Units, $ in Thousands | May 01, 2017USD ($)$ / sharesshares | Apr. 01, 2017USD ($)$ / sharesshares | Mar. 01, 2016USD ($)$ / sharesshares |
Community Bank of South Florida, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Number of shares of common stock outstanding | shares | 2,488,260 | ||
Per share exchange ratio | 0.9148 | ||
Number of shares of CenterState common stock less fractional shares | shares | 2,276,042 | ||
CenterState common stock price per share | $ / shares | $ 14 | ||
Fair value of CenterState common stock issued | $ 31,865 | ||
Number of common shares exchanged for cash | shares | 2,488,261 | ||
Cash consideration each share is entitled to receive | $ / shares | $ 13.31 | ||
Total cash consideration | $ 33,121 | ||
Total purchase price | $ 64,986 | ||
Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Number of shares of common stock outstanding | shares | 15,319,622 | ||
Cash consideration each share is entitled to receive | $ / shares | $ 1.25 | ||
Total purchase price | $ 19,150 | ||
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 | ||
CenterState common stock price per share | $ / shares | $ 25.90 | ||
Fair value of CenterState common stock issued | $ 110,833 | ||
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 | ||
CenterState common stock price per share | $ / shares | $ 25.23 | ||
Fair value of CenterState common stock issued | $ 107,087 | ||
Number of common shares exchanged for cash | shares | 1,914,900 | ||
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 - Summ135
Business Combinations - Summary of Purchase Price Calculation (Parenthetical) (Detail) - USD ($) $ in Thousands | May 01, 2017 | Apr. 01, 2017 | Mar. 01, 2016 |
Community Bank of South Florida, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Fractional shares | 218 | ||
Fractional shares amount | $ 3 | ||
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 - Summ136
Business Combinations - Summary of Preliminary Estimates of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | May 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Mar. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | |||||||
Goodwill | $ 257,683 | $ 106,028 | $ 76,739 | $ 76,739 | |||
Community Bank Of South Florida Inc [Member] | |||||||
Assets: | |||||||
Cash and cash equivalents | $ 79,800 | ||||||
Loans, held for investment | 273,146 | ||||||
Purchased credit impaired loans | 43,298 | ||||||
Loans held for sale | 732 | ||||||
Investments | 63,716 | ||||||
Accrued interest receivable | 995 | ||||||
Branch real estate | 10,646 | ||||||
Furniture and fixtures | 459 | ||||||
Bank property held for sale | 850 | ||||||
FHLB stock | 420 | ||||||
Other repossessed real estate owned | 4,819 | ||||||
Core deposit intangible | 3,684 | ||||||
Goodwill | 25,391 | ||||||
Deferred tax asset | 11,827 | ||||||
Other assets | 758 | ||||||
Total assets acquired | 520,541 | ||||||
Liabilities: | |||||||
Deposits | 452,935 | ||||||
Notes payable | 650 | ||||||
Accrued interest payable | 604 | ||||||
Other liabilities | 1,366 | ||||||
Total liabilities assumed | 455,555 | ||||||
Hometown of Homestead Banking Company [Member] | |||||||
Assets: | |||||||
Cash and cash equivalents | 14,356 | ||||||
Loans, held for investment | 195,960 | ||||||
Purchased credit impaired loans | 1,827 | ||||||
Investments | 77,999 | ||||||
Accrued interest receivable | 1,163 | ||||||
Branch real estate | 6,830 | ||||||
Furniture and fixtures | 132 | ||||||
Bank property held for sale | 3,897 | ||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 2,571 | ||||||
Other repossessed real estate owned | 1,955 | ||||||
Core deposit intangible | 2,598 | ||||||
Goodwill | 3,898 | ||||||
Deferred tax asset | 2,521 | ||||||
Other assets | 842 | ||||||
Total assets acquired | 316,549 | ||||||
Liabilities: | |||||||
Deposits | 252,977 | ||||||
Federal Home Loan Bank advances | 31,768 | ||||||
Securities sold under agreement to repurchase | 544 | ||||||
Corporate debentures | 10,640 | ||||||
Accrued interest payable | 314 | ||||||
Other liabilities | 1,156 | ||||||
Total liabilities assumed | $ 297,399 | ||||||
Platinum Bank Holding Company [Member] | |||||||
Assets: | |||||||
Cash and cash equivalents | $ 106,537 | ||||||
Loans, held for investment | 442,366 | ||||||
Purchased credit impaired loans | 12,218 | ||||||
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 | 7,246 | ||||||
Other assets | 1,217 | ||||||
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 - Summ137
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 | Mar. 01, 2016 |
Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | $ 69,400 | ||
Non-accretable difference | (8,383) | ||
Cash flows expected to be collected | 61,017 | ||
Accretable yield | (17,719) | ||
Total purchased credit-impaired loans acquired | 43,298 | ||
Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | 3,605 | ||
Non-accretable difference | (912) | ||
Cash flows expected to be collected | 2,693 | ||
Accretable yield | (866) | ||
Total purchased credit-impaired loans acquired | $ 1,827 | ||
Platinum Bank Holding Company [Member] | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | $ 18,811 | ||
Non-accretable difference | (4,639) | ||
Cash flows expected to be collected | 14,172 | ||
Accretable yield | (1,954) | ||
Total purchased credit-impaired loans acquired | $ 12,218 | ||
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 - Summ138
Business Combinations - Summary of Fair Value of Acquired Loans and Unpaid Principal Balance (Detail) - USD ($) $ in Thousands | May 01, 2017 | Apr. 01, 2017 | Mar. 01, 2016 |
Book Balance [Member] | Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | $ 336,883 | ||
Book Balance [Member] | Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 200,838 | ||
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] | Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 76,035 | ||
Book Balance [Member] | Residential Real Estate [Member] | Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 73,178 | ||
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] | Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 160,875 | ||
Book Balance [Member] | Commercial Real Estate [Member] | Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 111,175 | ||
Book Balance [Member] | Commercial Real Estate [Member] | Platinum Bank Holding Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 262,612 | ||
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] | Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 18,391 | ||
Book Balance [Member] | Land, Development, Construction [Member] | Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 6,491 | ||
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] | Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 19,467 | ||
Book Balance [Member] | Commercial and Industrial [Member] | Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 3,531 | ||
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] | Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 6,914 | ||
Book Balance [Member] | Consumer and Other [Member] | Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 3,529 | ||
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] | Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 55,201 | ||
Book Balance [Member] | Purchased Credit-Impaired [Member] | Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 2,934 | ||
Book Balance [Member] | Purchased Credit-Impaired [Member] | Platinum Bank Holding Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 16,530 | ||
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] | Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 316,444 | ||
Fair Value [Member] | Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 197,787 | ||
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] | Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 73,737 | ||
Fair Value [Member] | Residential Real Estate [Member] | Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 72,994 | ||
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] | Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 155,678 | ||
Fair Value [Member] | Commercial Real Estate [Member] | Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 109,837 | ||
Fair Value [Member] | Commercial Real Estate [Member] | Platinum Bank Holding Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 259,727 | ||
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] | Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 17,587 | ||
Fair Value [Member] | Land, Development, Construction [Member] | Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 6,173 | ||
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] | Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 19,294 | ||
Fair Value [Member] | Commercial and Industrial [Member] | Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 3,482 | ||
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] | Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 6,850 | ||
Fair Value [Member] | Consumer and Other [Member] | Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 3,474 | ||
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] | Community Bank Of South Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 43,298 | ||
Fair Value [Member] | Purchased Credit-Impaired [Member] | Hometown of Homestead Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | $ 1,827 | ||
Fair Value [Member] | Purchased Credit-Impaired [Member] | Platinum Bank Holding Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | $ 12,218 | ||
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 - Schedul
Business Combinations - Schedule of Measurement Period Adjustments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | |||||
Goodwill | $ 257,683 | $ 106,028 | $ 76,739 | $ 76,739 | |
Community Bank Of South Florida Inc [Member] | |||||
Assets: | |||||
Cash and cash equivalents | $ 79,800 | ||||
Loans, held for investment | 273,146 | ||||
Purchased credit impaired loans | 43,298 | ||||
Loans held for sale | 732 | ||||
Investments | 63,716 | ||||
Accrued interest receivable | 995 | ||||
Branch real estate | 10,646 | ||||
Furniture and fixtures | 459 | ||||
Bank property held for sale | 850 | ||||
Federal Home Loan Bank stock | 420 | ||||
Other repossessed real estate owned | 4,819 | ||||
Core deposit intangible | 3,684 | ||||
Goodwill | 25,391 | ||||
Deferred tax asset | 11,827 | ||||
Other assets | 758 | ||||
Total assets acquired | 520,541 | ||||
Liabilities: | |||||
Deposits | 452,935 | ||||
Notes payable | 650 | ||||
Accrued interest payable | 604 | ||||
Other liabilities | 1,366 | ||||
Total liabilities assumed | 455,555 | ||||
Community Bank Of South Florida Inc [Member] | As Initially Reported [Member] | |||||
Assets: | |||||
Cash and cash equivalents | 79,800 | ||||
Loans, held for investment | 273,146 | ||||
Purchased credit impaired loans | 43,298 | ||||
Loans held for sale | 732 | ||||
Investments | 63,716 | ||||
Accrued interest receivable | 995 | ||||
Branch real estate | 10,646 | ||||
Furniture and fixtures | 459 | ||||
Bank property held for sale | 850 | ||||
Federal Home Loan Bank stock | 420 | ||||
Other repossessed real estate owned | 4,819 | ||||
Core deposit intangible | 3,684 | ||||
Goodwill | 25,464 | ||||
Deferred tax asset | 11,754 | ||||
Other assets | 758 | ||||
Total assets acquired | 520,541 | ||||
Liabilities: | |||||
Deposits | 452,935 | ||||
Notes payable | 650 | ||||
Accrued interest payable | 604 | ||||
Other liabilities | 1,366 | ||||
Total liabilities assumed | 455,555 | ||||
Community Bank Of South Florida Inc [Member] | Measurement Period Adjustments [Member] | |||||
Assets: | |||||
Goodwill | (73) | ||||
Deferred tax asset | 73 | ||||
Hometown of Homestead Banking Company [Member] | |||||
Assets: | |||||
Cash and cash equivalents | 14,356 | ||||
Loans, held for investment | 195,960 | ||||
Purchased credit impaired loans | 1,827 | ||||
Investments | 77,999 | ||||
Accrued interest receivable | 1,163 | ||||
Branch real estate | 6,830 | ||||
Furniture and fixtures | 132 | ||||
Bank property held for sale | 3,897 | ||||
Federal Reserve Bank and Federal Home Loan Bank stock | 2,571 | ||||
Other repossessed real estate owned | 1,955 | ||||
Core deposit intangible | 2,598 | ||||
Goodwill | 3,898 | ||||
Deferred tax asset | 2,521 | ||||
Other assets | 842 | ||||
Total assets acquired | 316,549 | ||||
Liabilities: | |||||
Deposits | 252,977 | ||||
Repurchase agreements | 544 | ||||
Federal Home Loan Bank advances | 31,768 | ||||
Corporate debentures | 10,640 | ||||
Accrued interest payable | 314 | ||||
Other liabilities | 1,156 | ||||
Total liabilities assumed | 297,399 | ||||
Hometown of Homestead Banking Company [Member] | As Initially Reported [Member] | |||||
Assets: | |||||
Cash and cash equivalents | 14,356 | ||||
Loans, held for investment | 195,960 | ||||
Purchased credit impaired loans | 1,827 | ||||
Investments | 77,999 | ||||
Accrued interest receivable | 1,163 | ||||
Branch real estate | 6,830 | ||||
Furniture and fixtures | 132 | ||||
Bank property held for sale | 3,897 | ||||
Federal Reserve Bank and Federal Home Loan Bank stock | 2,571 | ||||
Other repossessed real estate owned | 1,955 | ||||
Core deposit intangible | 2,598 | ||||
Goodwill | 3,289 | ||||
Deferred tax asset | 3,130 | ||||
Other assets | 842 | ||||
Total assets acquired | 316,549 | ||||
Liabilities: | |||||
Deposits | 252,977 | ||||
Repurchase agreements | 544 | ||||
Federal Home Loan Bank advances | 31,768 | ||||
Corporate debentures | 10,640 | ||||
Accrued interest payable | 314 | ||||
Other liabilities | 1,156 | ||||
Total liabilities assumed | 297,399 | ||||
Hometown of Homestead Banking Company [Member] | Measurement Period Adjustments [Member] | |||||
Assets: | |||||
Goodwill | 609 | ||||
Deferred tax asset | $ (609) |
Business Combinations - Pro-For
Business Combinations - Pro-Forma Financial Information And Actual Results of Acquisition (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combinations [Abstract] | |||
Net interest income | $ 246,658 | $ 234,790 | $ 233,073 |
Net income available to common shareholders | $ 65,877 | $ 53,786 | $ 52,676 |
EPS - basic | $ 1.11 | $ 0.96 | $ 0.94 |
EPS - diluted | $ 1.09 | $ 0.94 | $ 0.93 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative Instruments Notional And Fair Value [Line Items] | ||
Market value of securities pledged | $ 59,682 | $ 35,522 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments Notional And Fair Value [Line Items] | ||
Derivative, Notional Amount | 3,740,430 | 2,441,768 |
Market value of securities pledged | 19,048 | $ 22,562 |
Collateral reserve for derivatives | $ 16,991 |
Derivatives - Summary Informati
Derivatives - Summary Information about the Derivative Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Fair value of interest rate swap derivatives (asset) | $ 42,480 | $ 31,817 |
Fair value of interest rate swap derivatives (liability) | 43,259 | 32,691 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 3,740,430 | $ 2,441,768 |
Weighted average pay rate on interest-rate swaps | 3.00% | 2.56% |
Weighted average receive rate on interest rate swaps | 3.00% | 2.55% |
Weighted average maturity (years) | 11 years | 11 years |
Fair value of interest rate swap derivatives (asset) | $ 42,480 | $ 31,817 |
Fair value of interest rate swap derivatives (liability) | $ 43,259 | $ 32,691 |
Capital Raise - Additional Info
Capital Raise - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 13, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Raise [Abstract] | ||||
Proceeds From Public Offering | $ 63,791 | |||
Common Stock Issued In Public Offering Shares | 2,695,000 | |||
Underwriters Over Allotment In Public Offering Shares | 245,000 | |||
Net Proceeds From Public Offering | $ 63,262 | $ 63,262 | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jan. 01, 2018USD ($)LocationCounty$ / shares | Dec. 31, 2017USD ($)LocationCounty | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Subsequent Event [Line Items] | ||||
Number of bank locations | Location | 78 | |||
Number of counties in which company operated | County | 28 | |||
Total assets | $ 7,123,975 | $ 5,078,559 | $ 4,022,717 | |
Total deposits | 5,560,523 | $ 4,152,544 | ||
HCBF Holding Company, Inc [Member] | ||||
Subsequent Event [Line Items] | ||||
Merger and acquisition related expenses | 2,060 | |||
Total assets | 2,182,465 | |||
Gross Loans | 1,350,760 | |||
Total deposits | 1,756,028 | |||
HCBF Holding Company, Inc [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Effective date of acquisition | Jan. 1, 2018 | |||
Conversion of stock conversion ratio | 0.675 | |||
Conversion of stock cash paid per share | $ / shares | $ 1.925 | |||
Total purchase consideration | $ 448,236 | |||
Number of bank locations | Location | 46 | |||
Number of counties in which company operated | County | 19 | |||
Sunshine Bancorp, Inc. [Member] | ||||
Subsequent Event [Line Items] | ||||
Merger and acquisition related expenses | 860 | |||
Total assets | 945,511 | |||
Gross Loans | 705,559 | |||
Total deposits | $ 719,177 | |||
Sunshine Bancorp, Inc. [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Effective date of acquisition | Jan. 1, 2018 | |||
Conversion of stock conversion ratio | 0.89 | |||
Total purchase consideration | $ 187,853 | |||
Number of bank locations | Location | 18 |