Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 27, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CenterState Bank Corporation | |
Trading Symbol | CSFL | |
Entity Central Index Key | 1,102,266 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 83,858,875 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 107,076 | $ 68,571 |
Deposits in other financial institutions (restricted cash) | 1,276 | 16,991 |
Federal funds sold and Federal Reserve Bank deposits | 294,267 | 195,057 |
Cash and cash equivalents | 402,619 | 280,619 |
Trading securities, at fair value | 428 | 6,777 |
Investment securities available for sale, at fair value | 1,530,539 | 1,060,143 |
Investment securities held to maturity (fair value of $222,538 and $231,615 at March 31, 2018 and December 31, 2017, respectively) | 227,966 | 232,399 |
Loans held for sale, at fair value | 28,485 | 19,647 |
Loans, excluding purchased credit impaired | 6,684,181 | 4,609,063 |
Purchased credit impaired loans | 193,183 | 164,158 |
Allowance for loan losses | (34,429) | (32,825) |
Net Loans | 6,842,935 | 4,740,396 |
Bank premises and equipment, net | 189,954 | 141,886 |
Accrued interest receivable | 25,896 | 18,628 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 42,237 | 34,876 |
Goodwill | 609,720 | 257,683 |
Core deposit intangible, net | 53,944 | 24,063 |
Other intangible assets, net | 749 | 551 |
Bank owned life insurance | 210,302 | 146,739 |
Other repossessed real estate owned | 6,814 | 3,987 |
Deferred income tax asset, net | 63,004 | 37,725 |
Bank property held for sale | 33,630 | 11,354 |
Interest rate swap derivatives, at fair value | 55,553 | 42,480 |
Prepaid expense and other assets | 23,221 | 64,022 |
TOTAL ASSETS | 10,347,996 | 7,123,975 |
Deposits: | ||
Demand - non-interest bearing | 2,969,854 | 1,999,901 |
Demand - interest bearing | 1,381,888 | 1,058,985 |
Savings and money market accounts | 2,461,674 | 1,668,954 |
Time deposits | 1,298,582 | 832,683 |
Total deposits | 8,111,998 | 5,560,523 |
Securities sold under agreement to repurchase | 49,602 | 52,080 |
Federal funds purchased | 285,652 | 331,490 |
Other borrowed funds | 281,000 | 175,000 |
Corporate debentures | 32,152 | 26,192 |
Accrued interest payable | 2,111 | 1,169 |
Interest rate swap derivatives, at fair value | 55,991 | 43,259 |
Payables and accrued expenses | 11,644 | 29,512 |
Total liabilities | 8,830,150 | 6,219,225 |
Stockholders' equity: | ||
Common stock, $.01 par value: 100,000,000 shares authorized; 83,757,950 and 60,161,334 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 837 | 602 |
Additional paid-in capital | 1,341,986 | 737,905 |
Retained earnings | 200,511 | 173,248 |
Accumulated other comprehensive loss | (25,488) | (7,005) |
Total stockholders' equity | 1,517,846 | 904,750 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 10,347,996 | $ 7,123,975 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 222,538 | $ 231,615 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 83,757,950 | 60,161,334 |
Common stock, shares outstanding | 83,757,950 | 60,161,334 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Interest income: | |||
Loans | $ 89,930 | $ 44,249 | |
Investment securities: | |||
Taxable | 10,419 | 5,001 | |
Tax-exempt | 1,557 | 1,202 | |
Federal funds sold and other | 1,253 | 651 | |
Total interest income | 103,159 | 51,103 | |
Interest expense: | |||
Deposits | 5,136 | 1,897 | |
Securities sold under agreement to repurchase | 122 | 30 | |
Federal funds purchased | 2,419 | 537 | |
Corporate debentures | 464 | 318 | |
Total interest expense | 8,141 | 2,782 | |
Net interest income | 95,018 | 48,321 | |
Provision for loan losses | 1,300 | 995 | |
Net interest income after loan loss provision | 93,718 | 47,326 | |
Non interest income: | |||
Correspondent banking capital markets revenue | 6,890 | 5,376 | |
Other correspondent banking related revenue | 1,233 | 1,073 | |
Mortgage banking revenue | 2,602 | 231 | |
Gain on sale of small business administration loans | 988 | 14 | |
Service charges on deposit accounts | 4,834 | 3,575 | |
Debit, prepaid, ATM and merchant card related fees | 3,727 | 2,265 | |
Wealth management related revenue | 616 | 893 | |
Bank owned life insurance income | 1,394 | 641 | |
Other non interest income | 776 | 434 | |
Net loss on sale of securities available for sale | (22) | 0 | |
Total other income | 23,038 | 14,502 | |
Non interest expense: | |||
Salaries, wages and employee benefits | 41,893 | 22,882 | |
Occupancy expense | 4,868 | 2,840 | |
Depreciation of premises and equipment | 2,275 | 1,684 | |
Supplies, stationary and printing | 536 | 354 | |
Marketing expenses | 1,414 | 852 | |
Data processing expense | 4,505 | 1,826 | |
Legal, audit and other professional fees | 931 | 888 | |
Amortization of intangibles | 2,309 | 762 | |
Postage and delivery | 688 | 428 | |
ATM and debit card related expenses | 764 | 615 | |
Bank regulatory expenses | 1,010 | 727 | |
Gain on sale of repossessed real estate (“OREO”) | (154) | (104) | |
Valuation write down of repossessed real estate (“OREO”) | 187 | 161 | |
Loss (gain) on repossessed assets other than real estate | 25 | (7) | |
Foreclosure related expenses | 559 | 605 | |
Merger related expenses | 8,709 | 870 | |
Impairment on bank property held for sale | 1,449 | 77 | |
Other expenses | 4,028 | 2,583 | |
Total other expenses | 75,996 | 38,043 | |
Income before provision for income taxes | 40,760 | 23,785 | |
Provision for income taxes | 5,124 | 7,185 | |
Net income | 35,636 | 16,600 | |
Other comprehensive (loss) income, net of tax: | |||
Unrealized securities holding (loss) gain, net of income taxes | (18,499) | 3,199 | |
Less: reclassified adjustments for loss included in net income, net of income taxes, of ($6) and $0, respectively | 16 | ||
Net unrealized (loss) gain on available for sale securities, net of income taxes | (18,483) | 3,199 | |
Total comprehensive income | $ 17,153 | $ 19,799 | |
Earnings per share: | |||
Basic | $ 0.43 | $ 0.33 | |
Diluted | $ 0.42 | $ 0.32 | |
Common shares used in the calculation of earnings per share: | |||
Basic | [1] | 83,139,741 | 50,632,011 |
Diluted | [1] | 84,600,924 | 51,407,704 |
[1] | Excludes participating shares. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Reclassifications of loss included in net income, income taxes | $ (6) | $ 0 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Sunshine Bancorp, Inc. [Member] | Harbor Holding Company, Inc [Member] | Common Stock [Member] | Common Stock [Member]Sunshine Bancorp, Inc. [Member] | Common Stock [Member]Harbor Holding Company, Inc [Member] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member]Sunshine Bancorp, Inc. [Member] | Additional Paid in Capital [Member]Harbor Holding Company, Inc [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balances at beginning at Dec. 31, 2016 | $ 552,457 | $ 482 | $ 430,459 | $ 130,090 | $ (8,574) | ||||||
Balances at beginning, shares at Dec. 31, 2016 | 48,146,981 | ||||||||||
Net income | 16,600 | 16,600 | |||||||||
Unrealized holding gain (loss) on available for sale securities, net of deferred income tax | 3,199 | 3,199 | |||||||||
Dividends paid - common | (3,067) | (3,067) | |||||||||
Stock grants issued | 206 | $ 2 | 204 | ||||||||
Stock grants issued, shares | 199,718 | ||||||||||
Stock based compensation expense | 1,139 | 1,139 | |||||||||
Stock options exercised | 1,348 | $ 1 | 1,347 | ||||||||
Stock options exercised, Shares | 114,901 | ||||||||||
Stock repurchase | (743) | $ (1) | (742) | ||||||||
Stock repurchase, shares | (30,474) | ||||||||||
Stock issued pursuant to public offering, net of costs of $529 | 63,262 | $ 27 | 63,235 | ||||||||
Stock issued pursuant to public offering, net of costs, shares | 2,695,000 | ||||||||||
Balances at ending at Mar. 31, 2017 | 634,401 | $ 511 | 495,642 | 143,623 | (5,375) | ||||||
Balances at ending, shares at Mar. 31, 2017 | 51,126,126 | ||||||||||
Balances at beginning at Dec. 31, 2017 | $ 904,750 | $ 602 | 737,905 | 173,248 | (7,005) | ||||||
Balances at beginning, shares at Dec. 31, 2017 | 60,161,334 | 60,161,334 | |||||||||
Net income | $ 35,636 | 35,636 | |||||||||
Unrealized holding gain (loss) on available for sale securities, net of deferred income tax | (18,483) | (18,483) | |||||||||
Dividends paid - common | (8,373) | (8,373) | |||||||||
Stock grants issued | $ 2 | (2) | |||||||||
Stock grants issued, shares | 184,568 | ||||||||||
Stock based compensation expense | 991 | 991 | |||||||||
Stock options exercised | 11,156 | $ 13 | 11,143 | ||||||||
Stock options exercised, Shares | 1,346,692 | ||||||||||
Stock repurchase | (980) | $ (1) | (979) | ||||||||
Stock repurchase, shares | (36,928) | ||||||||||
Stock issued pursuant to acquisition | $ 181,413 | $ 387,279 | $ 70 | $ 151 | $ 181,343 | $ 387,128 | |||||
Stock issued pursuant to acquisition, shares | 7,050,645 | 15,051,639 | |||||||||
Stock options acquired and converted pursuant to acquisition | $ 6,432 | $ 18,025 | $ 6,432 | $ 18,025 | |||||||
Balances at ending at Mar. 31, 2018 | $ 1,517,846 | $ 837 | $ 1,341,986 | $ 200,511 | $ (25,488) | ||||||
Balances at ending, shares at Mar. 31, 2018 | 83,757,950 | 83,757,950 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Unrealized holding gain on available for sale securities, deferred income tax | $ 6,275 | $ 2,009 |
Retained Earnings [Member] | ||
Dividends paid - common, per share | $ 0.10 | $ 0.06 |
Additional Paid in Capital [Member] | ||
Public Offering Costs | $ 529 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 35,636 | $ 16,600 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 1,300 | 995 |
Depreciation of premises and equipment | 2,275 | 1,684 |
Accretion of purchase accounting adjustments | (11,815) | (9,289) |
Net amortization of investment securities | 3,169 | 2,582 |
Net deferred loan origination fees | 1 | 384 |
Loss on sale of securities available for sale | 22 | 0 |
Trading securities revenue | 0 | (81) |
Purchases of trading securities | (46,940) | (25,934) |
Proceeds from sale of trading securities | 53,289 | 38,398 |
Repossessed real estate owned valuation write down | 187 | 161 |
Gain on sale of repossessed real estate owned | (154) | (104) |
Loss (gain) on repossessed assets other than real estate | 25 | (7) |
Gain on sale of residential loans held for sale | (1,574) | (231) |
Residential loans originated and held for sale | (58,098) | (10,722) |
Proceeds from sale of residential loans held for sale | 57,321 | 10,601 |
Change in fair value of residential loans held for sale | (363) | 0 |
Gain on disposal of and or sale of fixed assets | (3) | 0 |
Gain on disposal of bank property held for sale | (159) | (129) |
Impairment on bank property held for sale | 1,449 | 77 |
Gain on sale of small business administration loans | (988) | (14) |
Small business administration loans originated for sale | (10,140) | (326) |
Proceeds from sale of small business administration loans | 11,128 | 340 |
Deferred income taxes | 7,760 | 4,408 |
Tax deduction in excess of book deduction for stock awards | (4,539) | (1,083) |
Stock based compensation expense | 991 | 1,139 |
Bank owned life insurance income | (1,394) | (641) |
Net cash from changes in: | ||
Net changes in accrued interest receivable, prepaid expenses, and other assets | 47,518 | (5,065) |
Net change in accrued interest payable, accrued expense, and other liabilities | (29,430) | 8,280 |
Net cash provided by operating activities | 56,474 | 32,023 |
Cash flows from investing activities: | ||
Purchases of investment securities | (23,944) | (5,000) |
Purchases of mortgage backed securities | (196,692) | (102,253) |
Proceeds from pay-downs of mortgage backed securities | 44,755 | 30,685 |
Proceeds from sales of investment securities | 58,768 | 0 |
Proceeds from sales of mortgage backed securities | 296,884 | 0 |
Proceeds from called investment securities | 540 | 0 |
Proceeds from maturities of investment securities | 0 | 1,000 |
Proceeds from pay-downs of mortgage backed securities | 4,081 | 6,274 |
Purchases of FHLB and FRB stock | (12,723) | (241) |
Proceeds from sales of FHLB and FRB stock | 18,819 | 0 |
Net increase in loans | (81,160) | (82,699) |
Purchases of premises and equipment, net | (4,168) | (2,269) |
Proceeds from sale of repossessed real estate | 3,581 | 1,656 |
Proceeds from sale of fixed assets | 3 | |
Proceeds from sale of bank property held for sale | 2,403 | 3,344 |
Net cash from bank acquisitions | 81,293 | 0 |
Net cash provided by (used in) investing activities | 192,440 | (149,503) |
Cash flows from financing activities: | ||
Net increase in deposits | 77,873 | 144,691 |
Net (decrease) increase in securities sold under agreement to repurchase | (2,831) | 9,439 |
Net (decrease) increase in federal funds purchased | 45,838 | (6,391) |
Net decrease in other borrowings | (157,920) | 0 |
Net (decrease) in payable to shareholders for acquisitions | (1) | (12) |
Stock options exercised | 11,156 | 1,348 |
Proceeds from stock offering, net of offering costs | 0 | 63,262 |
Stock repurchased | (980) | (743) |
Dividends paid | (8,373) | (3,067) |
Net cash (used in) provided by financing activities | (126,914) | 221,309 |
Net increase in cash and cash equivalents | 122,000 | 103,829 |
Cash and cash equivalents, beginning of period | 280,619 | 175,654 |
Cash and cash equivalents, end of period | 402,619 | 279,483 |
Transfer of loans to other real estate owned | 1,297 | 1,824 |
Transfers of bank property to held for sale | 1,410 | 0 |
Cash paid during the period for: | ||
Interest | 8,640 | 2,980 |
Income taxes | $ 0 | $ 0 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | NOTE 1: Nature of operations and basis of presentation The consolidated financial statements include the accounts of CenterState Bank Corporation (the “Parent Company,” “Company” or “CSFL”), and its wholly owned subsidiary bank, CenterState Bank, N.A. (“CenterState” or “Bank”), and non bank subsidiaries, R4ALL, Inc. and CSFL Insurance Corp. As of March 31, 2018, the Bank provides traditional deposit and lending products and services to its commercial and retail customers through 130 full service banking locations in 31 counties throughout Florida. The Bank also operates a correspondent banking and capital markets division headquartered in Winter Haven, Florida, although the majority of its bond salesmen, traders and operational personnel are physically housed in leased facilities located in Birmingham, Alabama and Atlanta, Georgia. This division’s primary revenue generating activities are related to its capital markets division, which includes commissions earned on fixed income security sales, fees from hedging services, loan brokerage fees and consulting fees for services related to these activities; and its correspondent banking division, which includes spread income earned on correspondent bank deposits (i.e. federal funds purchased) and correspondent bank checking account deposits and fees from safe-keeping activities, bond accounting services for correspondents, asset/liability consulting related activities, international wires, and other clearing and corporate checking account services. The customer base includes small to medium size financial institutions primarily located in the Southeastern United States. R4ALL, Inc. purchases troubled loans from the Bank and manages their eventual disposition. CSFL Insurance Corp. is a captive insurance subsidiary pursuant to Section 831(b) of the U.S. Tax Code. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These statements should be read in conjunction with the consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2017. In the Company’s opinion, all adjustments, consisting primarily of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods have been made. The results of operations of the three month periods ended March 31, 2018 are not necessarily indicative of the results expected for the full year. Some items in the prior period financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior period net income or shareholders’ equity. |
Common Stock Outstanding and Ea
Common Stock Outstanding and Earnings Per Share Data | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Common Stock Outstanding and Earnings Per Share Data | NOTE 2: Common stock outstanding and earnings per share data The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. There were no anti-dilutive stock options Three months ended March 31, 2018 2017 Basic Net income available to common shareholders $ 35,636 $ 16,600 Less: Earnings allocated to participating securities (29 ) (41 ) Net income allocated to common shareholders $ 35,607 $ 16,559 Weighted average common shares outstanding including participating securities 83,208,874 50,759,345 Less: Participating securities (1) (69,133 ) (127,334 ) Average shares 83,139,741 50,632,011 Basic earnings per common share $ 0.43 $ 0.33 Diluted Net income available to common shareholders $ 35,607 $ 16,559 Weighted average common shares outstanding for basic earnings per common share 83,139,741 50,632,011 Add: Dilutive effects of stock based compensation awards 1,461,183 775,693 Average shares and dilutive potential common shares 84,600,924 51,407,704 Diluted earnings per common share $ 0.42 $ 0.32 1. Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 3: Fair value Generally accepted accounting principles establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing and asset or liability. The fair values of securities available for sale, excluding corporate debt securities, are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The fair values of corporate debt securities are calculated using market indicators such as broker quotes (Level 2). The fair values of trading securities are determined as follows: (1) for those securities that have traded prior to the date of the consolidated balance sheet but have not settled (date of sale) until after such date, the sales price is used as the fair value (Level 1); and, (2) for those securities which have not traded as of the date of the consolidated balance sheet, the fair value was determined by broker price indications of similar or same securities (Level 2). For periods prior to December 31, 2017, mortgage loans held for sale were valued at the lower of cost or market. Effective January 1, 2018, the Company elected to account for these loans under the fair value option with changes in fair value recognized in current period earnings. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. (Level 2) In conjunction with the fair value election on loans held for sale, Mortgage banking began using derivative forward sales contracts and interest rate lock commitments on residential mortgage loans. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked (Level 3). The fair value of interest rate swap derivatives is based on valuation models using observable market data as of the measurement date (Level 2). The derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Assets and liabilities measured at fair value on a recurring basis are summarized below. Fair value measurements using Quoted prices Significant in active other Significant markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at March 31, 2018 Assets: Trading securities $ 428 — $ 428 — Available for sale securities Corporate debt securities 5,144 — 5,144 — Obligations of U.S. government sponsored entities and agencies 45,351 — 45,351 — Mortgage backed securities 1,408,170 — 1,408,170 — Municipal securities 71,874 — 71,874 — Loans held for sale, at fair value 28,485 — 28,485 — Mortgage banking derivatives 667 — — 667 Interest rate swap derivatives 55,553 — 55,553 — Liabilities: Mortgage banking derivatives 2 — — 2 Interest rate swap derivatives 55,991 — 55,991 — at December 31, 2017 Assets: Trading securities $ 6,777 — $ 6,777 — Available for sale securities U.S. Treasury 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 — The fair value of impaired loans with specific valuation allowance for loan losses and other real estate owned is based on recent real estate appraisals. For residential real estate impaired loans and other real estate owned, appraised values are based on the comparative sales approach. For commercial and commercial real estate impaired loans, and other real estate owned, appraisers may use either a single valuation approach or a combination of approaches such as comparative sales, cost or the income approach. A significant unobservable input in the income approach is the estimated income capitalization rate for a given piece of collateral. At March 31, 2018, the range of capitalization rates utilized to determine the fair value of the underlying collateral ranged from 7% to 10%. Adjustments to appraisals may be made by the appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of a given asset over time. As such, the fair value of impaired loans, other real estate owned and bank property held for sale are considered a Level 3 in the fair value hierarchy. Assets and liabilities measured at fair value on a non-recurring basis are summarized below. Fair value measurements using Significant Quoted prices in other Significant active markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at March 31, 2018 Assets: Impaired loans Commercial real estate $ 3,169 — — $ 3,169 Commercial 1,041 — — 1,041 Other real estate owned Residential real estate 608 — — 608 Commercial real estate 261 — — 261 Land, land development and construction 1,696 — — 1,696 Bank property held for sale 5,003 — — 5,003 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 Impaired loans measured at fair value had a recorded investment of $4,408 with a valuation allowance of $198, at March 31, 2018, and a recorded investment of $11,673, with a valuation allowance of $477, at December 31, 2017. The Company recorded a provision for loan loss expense of $68 on these loans during the three month period ending March 31, 2018. The Company recorded provision for loan loss expense of $87 on impaired loans carried at fair value during three month periods ending March 31, 2017. Other real estate owned had a decline in fair value of $187 and $161, during Bank property held for sale represents certain branch office buildings which the Company has closed and consolidated with other existing branches. The real estate was transferred out of the Bank Premises and Equipment category into bank property held for sale at the lower of amortized cost or fair value less estimated costs to sell. The fair values were based upon appraisals. The Company recognized an impairment charge of $1,449 and $77 during the three month periods ending , respectively, related to bank properties held for sale Fair Value of Financial Instruments The methods and assumptions, not previously presented, used to estimate fair value are described as follows: Cash and Cash Equivalents: FHLB and FRB Stock Investment securities held to maturity Loans, net Accrued Interest Receivable Deposits Short-term Borrowings Corporate Debentures Accrued Interest Payable Off-balance Sheet Instruments The following table presents the carry amounts and estimated fair values of the Company’s financial instruments: Fair value measurements at March 31, 2018 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 402,619 $ 402,619 $ — $ — $ 402,619 Trading securities 428 — 428 — 428 Investment securities available for sale 1,530,539 — 1,530,539 — 1,530,539 Investment securities held to maturity 227,966 — 222,538 — 222,538 FHLB and FRB stock 42,237 — — — n/a Loans held for sale, at fair value 28,485 — 28,485 — 28,485 Loans, less allowance for loan losses of $34,429 6,842,935 — — 6,764,152 6,764,152 Mortgage banking derivatives 667 — — 667 667 Interest rate swap derivatives 55,553 — 55,553 — 55,553 Accrued interest receivable 25,896 — 6,518 19,378 25,896 Financial liabilities: Deposits- without stated maturities $ 6,813,416 $ 6,813,416 $ — $ — $ 6,813,416 Deposits- with stated maturities 1,298,582 — 1,299,335 — 1,299,335 Securities sold under agreement to repurchase 49,602 — 49,602 — 49,602 Federal funds purchased 285,652 — 285,652 — 285,652 Corporate debentures 32,152 — — 28,711 28,711 Mortgage banking derivatives 2 — — 2 2 Interest rate swap derivatives 55,991 — 55,991 — 55,991 Accrued interest payable 2,111 — 2,111 — 2,111 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 |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Reportable Segments | NOTE 4: Reportable segments The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning purposes by management. The table below is a reconciliation of the reportable segment revenues, expenses, and profit to the Company’s consolidated total for the three month periods ending March 31, 2018 and 2017. Three month period ending March 31, 2018 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 100,969 $ 2,190 $ — $ — $ 103,159 Interest expense (6,207 ) (1,072 ) (862 ) — (8,141 ) Net interest income (expense) 94,762 1,118 (862 ) — 95,018 Provision for loan losses (1,162 ) (138 ) — — (1,300 ) Non interest income 14,915 8,123 — — 23,038 Non interest expense (69,997 ) (5,610 ) (389 ) — (75,996 ) Net income (loss) before taxes 38,518 3,493 (1,251 ) — 40,760 Income tax (provision) benefit (8,499 ) (885 ) 4,260 — (5,124 ) Net income $ 30,019 $ 2,608 $ 3,009 $ — $ 35,636 Total assets $ 9,843,219 $ 499,678 $ 1,585,585 $ (1,580,486 ) $ 10,347,996 Three month period ending March 31, 2017 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 48,471 $ 2,632 $ — $ — $ 51,103 Interest expense (1,927 ) (537 ) (318 ) — (2,782 ) Net interest income (expense) 46,544 2,095 (318 ) — 48,321 Provision for loan losses (1,024 ) 29 — — (995 ) Non interest income 8,053 6,449 — — 14,502 Non interest expense (32,443 ) (4,746 ) (854 ) — (38,043 ) Net income (loss) before taxes 21,130 3,827 (1,172 ) — 23,785 Income tax (provision) benefit (6,414 ) (1,476 ) 705 — (7,185 ) Net income (loss) $ 14,716 $ 2,351 $ (467 ) $ — $ 16,600 Total assets $ 4,858,409 $ 465,219 $ 666,542 $ (661,174 ) $ 5,328,996 Commercial and retail banking Correspondent banking and capital markets division Corporate overhead and administration |
Investment securities
Investment securities | 3 Months Ended |
Mar. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investment securities | NOTE 5: Investment securities Available-for-Sale All of the mortgage backed securities listed below were issued by U.S. government sponsored entities and agencies, primarily Fannie Mae, Freddie Mac and Ginnie Mae, institutions which the government has affirmed its commitment to support. The fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: March 31, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $ 5,000 $ 144 $ — $ 5,144 Obligations of U.S. government sponsored entities and agencies 45,754 137 540 45,351 Mortgage backed securities 1,441,918 211 33,959 1,408,170 Municipal securities 72,008 324 458 71,874 Total available-for-sale $ 1,564,680 $ 816 $ 34,957 $ 1,530,539 December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury 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 The cost of securities sold is determined using the specific identification method. The securities sold during the first quarter of 2018 include some securities acquired through the acquisitions of Sunshine Bancorp, Inc. (“Sunshine”) and HCBF Holding Company, Inc. (“Harbor”) on January 1, 2018. These acquired securities were marked to fair value and subsequently sold after the acquisition date, and no gain or loss was recognized from the sale of these securities. Sales of available for sale securities for the three months ended March 31, 2018 and 2017 were as follows: For the three months ended: March 31, 2018 March 31, 2017 Proceeds $ 355,652 $ — Gross gains 68 — Gross losses 90 — The tax provision related to these net realized gains was ($6) and $0, respectively. The fair value of available for sale securities at March 31, 2018 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Fair Amortized Investment securities available for sale: Value Cost Due after one year through five years $ 1,250 $ 1,248 Due after five years through ten years 3,270 3,215 Due after ten years through thirty years 117,849 118,299 Mortgage backed securities 1,408,170 1,441,918 Total available-for-sale $ 1,530,539 $ 1,564,680 Available for sale securities pledged at March 31, 2018 and December 31, 2017 had a carrying amount (estimated fair value) of $828,745 and $255,788 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At March 31, 2018 and December 31, 2017, there were no holdings of securities of any one issuer, other than mortgage backed securities issued by U.S. Government sponsored entities, in an amount greater than 10% of stockholders’ equity. The following tables show the Company’s available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2018 and December 31, 2017. March 31, 2018 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Obligations of U.S. government sponsored entities and agencies $ 7,787 $ 55 $ 9,515 $ 485 $ 17,302 $ 540 Mortgage backed securities 1,091,709 20,991 305,006 12,968 1,396,715 33,959 Municipal securities 38,843 458 — — 38,843 458 Total temporarily impaired available-for-sale securities $ 1,138,339 $ 21,504 $ 314,521 $ 13,453 $ 1,452,860 $ 34,957 December 31, 2017 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Obligations of U.S. government sponsored entities and agencies $ — $ — $ 9,574 $ 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 At March 31, 2018, 100% of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae, Freddie Mac, and Ginnie Mae, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not intend to sell these mortgage-backed securities or more likely than not will not be required to sell these securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at March 31, 2018. Unrealized losses on municipal securities have not been recognized into income because the issuers bonds are of high quality, and because management does not intend to sell these investments or more likely than not will not be required to sell these investments before their anticipated recovery. The fair value is expected to recover as the securities approach maturity. Held-to-Maturity The following reflects the fair value of held-to-maturity securities and the related gross unrecognized gains and losses as of March 31, 2018 and December 31, 2017. March 31, 2018 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Mortgage backed securities $ 95,733 $ — $ 2,742 $ 92,991 Municipal securities 132,233 845 3,531 129,547 Total held-to-maturity $ 227,966 $ 845 $ 6,273 $ 222,538 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 Held-to-maturity securities pledged at March 31, 2018 and December 31, 2017 had a carrying amount of $107,190 and $97,389 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At March 31, 2018, there were no holdings of held-to-maturity securities of any one issuer in an amount greater than 10% of stockholders’ equity. The fair value and amortized cost of held-to-maturity securities at March 31, 2018 by contractual maturity were as follows. Mortgage-backed securities are not due at a single maturity date and are shown separately. Fair Amortized Investment securities held-to-maturity Value Cost Due after five years through ten years $ — $ — Due after ten years through thirty years 129,547 132,233 Mortgage backed securities 92,991 95,733 Total held-to-maturity $ 222,538 $ 227,966 The following table shows the Company’s held-to-maturity investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at March 31, 2018 and December 31, 2017. March 31, 2018 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Mortgage backed securities $ 54,004 $ 1,446 $ 38,987 $ 1,296 $ 92,991 $ 2,742 Municipal securities 41,001 866 36,605 2,665 77,606 3,531 Total temporarily impaired held-to-maturity securities $ 95,005 $ 2,312 $ 75,592 $ 3,961 $ 170,597 $ 6,273 December 31, 2017 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Mortgage backed securities $ 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 held-to-maturity securities $ 70,616 $ 637 $ 79,668 $ 1,928 $ 150,284 $ 2,565 At March 31, 2018, 100% of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae, Freddie Mac, and Ginnie Mae, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not intend to sell these mortgage-backed securities or more likely than not will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at March 31, 2018. Unrealized losses on municipal securities have not been recognized into income because the issuers bonds are of high quality, and because management does not intend to sell these investments or more likely than not will not be required to sell these investments before their anticipated recovery. The fair value is expected to recover as the securities approach maturity. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Loans | NOTE 6: Loans The following table sets forth information concerning the loan portfolio by collateral types as of the dates indicated. March 31, 2018 December 31, 2017 Loans excluding PCI loans Real estate loans Residential $ 1,529,314 $ 1,025,303 Commercial 3,696,369 2,546,143 Land, development and construction 415,853 235,816 Total real estate 5,641,536 3,807,262 Commercial 910,235 693,501 Consumer and other loans 131,590 107,480 Loans before unearned fees and deferred cost 6,683,361 4,608,243 Net unearned fees and costs 820 820 Total loans excluding PCI loans 6,684,181 4,609,063 PCI loans (note 1) Real estate loans Residential 71,644 59,975 Commercial 106,234 92,791 Land, development and construction 7,344 6,656 Total real estate 185,222 159,422 Commercial 7,620 4,444 Consumer and other loans 341 292 Total PCI loans 193,183 164,158 Total loans 6,877,364 4,773,221 Allowance for loan losses for loans that are not PCI loans (34,154 ) (32,530 ) Allowance for loan losses for PCI loans (275 ) (295 ) Total loans, net of allowance for loan losses $ 6,842,935 $ 4,740,396 note 1: Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. The table below set forth the activity in the allowance for loan losses for the periods presented. Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Three months ended March 31, 2018 Balance at beginning of period $ 32,530 $ 295 $ 32,825 Loans charged-off (403 ) — (403 ) Recoveries of loans previously charged-off 632 75 707 Net charge-offs 229 75 304 Provision for loan losses 1,395 (95 ) 1,300 Balance at end of period $ 34,154 $ 275 $ 34,429 Three months ended March 31, 2017 Balance at beginning of period $ 26,569 $ 472 $ 27,041 Loans charged-off (902 ) — (902 ) Recoveries of loans previously charged-off 685 — 685 Net recoveries (217 ) — (217 ) Provision for loan losses 1,169 (174 ) 995 Balance at end of period $ 27,521 $ 298 $ 27,819 The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Three months ended March 31, 2018 Beginning of the period $ 6,003 $ 19,304 $ 1,179 $ 4,130 $ 1,914 $ 32,530 Charge-offs (136 ) — — (7 ) (260 ) (403 ) Recoveries 274 94 — 6 258 632 Provision for loan losses (394 ) 1,577 115 372 (275 ) 1,395 Balance at end of period $ 5,747 $ 20,975 $ 1,294 $ 4,501 $ 1,637 $ 34,154 Three months ended March 31, 2017 Beginning of the period $ 5,640 $ 14,713 $ 883 $ 3,785 $ 1,548 $ 26,569 Charge-offs (86 ) (14 ) — (528 ) (274 ) $ (902 ) Recoveries 216 279 37 53 100 $ 685 Provision for loan losses (7 ) 635 143 234 164 $ 1,169 Balance at end of period $ 5,763 $ 15,613 $ 1,063 $ 3,544 $ 1,538 $ 27,521 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Three months ended March 31, 2018 Beginning of the period $ — $ 59 $ 222 $ — $ 14 $ 295 Charge-offs — — — — — — Recoveries — — 75 — — 75 Provision for loan losses — — (95 ) — — (95 ) Balance at end of period $ — $ 59 $ 202 $ — $ 14 $ 275 Three months ended March 31, 2017 Beginning of the period $ 54 $ 92 $ 312 $ — $ 14 $ 472 Charge-offs — — — — — — Recoveries — — — — — — Provision for loan losses (4 ) (34 ) (136 ) — — (174 ) Balance at end of period $ 50 $ 58 $ 176 $ — $ 14 $ 298 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2018 and December 31, 2017. Accrued interest receivable and unearned loan fees and costs are not included in the recorded investment because they are not material. Real Estate Loans As of March 31, 2018 Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 570 $ — $ 3 $ 205 $ 9 $ 787 Collectively evaluated for impairment 5,177 20,975 1,291 4,296 1,628 33,367 Purchased credit impaired — 59 202 — 14 275 Total ending allowance balance $ 5,747 $ 21,034 $ 1,496 $ 4,501 $ 1,651 $ 34,429 Loans: Individually evaluated for impairment $ 8,165 $ 8,311 $ 196 $ 2,553 $ 193 $ 19,418 Collectively evaluated for impairment 1,521,149 3,688,058 415,657 907,682 131,397 6,663,943 Purchased credit impaired 71,644 106,234 7,344 7,620 341 193,183 Total ending loan balances $ 1,600,958 $ 3,802,603 $ 423,197 $ 917,855 $ 131,931 $ 6,876,544 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 balance $ 1,085,278 $ 2,638,934 $ 242,472 $ 697,945 $ 107,772 $ 4,772,401 The table below summarizes impaired loan data for the periods presented. Mar. 31, 2018 Dec. 31, 2017 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $ 11,294 $ 12,081 Nonperforming TDRs (these are included in NPLs) 1,235 698 Total TDRs (these are included in impaired loans) 12,529 12,779 Impaired loans that are not TDRs 6,889 7,566 Total impaired loans $ 19,418 $ 20,345 In certain situations it is common to restructure or modify the terms of troubled loans (i.e. troubled debt restructure or “TDRs”). In those circumstances it may be beneficial to restructure the terms of a loan and work with the borrower for the benefit of both parties, versus forcing the property into foreclosure and having to dispose of it in a distressed sale. When the terms of a loan have been modified, usually the monthly payment and/or interest rate is reduced for generally twelve to twenty-four months. Material principal amounts on any loan modifications have not been forgiven to date. TDRs as of March 31, 2018 and December 31, 2017 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non performing loans) are presented in the tables below. As of March 31, 2018 Accruing Non Accrual Total Real estate loans: Residential $ 7,656 $ 408 $ 8,064 Commercial 2,828 712 3,540 Land, development, construction 196 — 196 Total real estate loans 10,680 1,120 11,800 Commercial 447 89 536 Consumer and other 167 26 193 Total TDRs $ 11,294 $ 1,235 $ 12,529 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 Our policy is to return non accrual TDR loans to accrual status when all the principal and interest amounts contractually due, pursuant to its modified terms, are brought current and future payments are reasonably assured. Our policy also considers the payment history of the borrower, but is not dependent upon a specific number of payments. The Company recorded a provision for loan loss expense of $11 and partial charge offs of $11 on the TDR loans described above during the three month period ending March 31, 2018. The Company recorded a provision Loans are modified to minimize loan losses when we believe the modification will improve the borrower’s financial condition and ability to repay the loan. We typically do not forgive principal. We generally either reduce interest rates or decrease monthly payments for a temporary period of time and those reductions of cash flows are capitalized into the loan balance. We may also extend maturities, convert balloon loans to longer term amortizing loans, or vice versa, or change interest rates between variable and fixed rate. Each borrower and situation is unique and we try to accommodate the borrower and minimize the Company’s potential losses. Approximately 90% of our TDRs are current pursuant to their modified terms, and $1,235, or approximately 10% of our total TDRs are not performing pursuant to their modified terms. There does not appear to be any significant difference in success rates with one type of concession versus another. Loans modified as TDRs during the three month period ending March 31, 2018 were $1,563. The Company recorded no loan loss provision for loans modified during the three month period ending March 31, 2018. Loans modified as TDRs during the three month periods ending March 31, 2017 were $70. The Company recorded a loan loss provision of $2 for loans modified during the three month period ending March 31, 2017. The following table presents loans by class modified and for which there was a payment default within twelve months following the modification during the periods ending March 31, 2018 and 2017. Period ending Period ending March 31, 2018 March 31, 2017 Number Recorded Number Recorded of loans investment of loans investment Residential — $ — — $ — Commercial real estate 1 174 1 456 Land, development, construction — — — — Commercial and Industrial — — — — Consumer and other — — — — Total 1 $ 174 1 $ 456 The Company recorded a provision for loan loss expense of $2 and partial charge offs of $2 on TDR loans that subsequently defaulted as described above during the three month period ending March 31, 2018. The Company recorded a provision for loan loss expense of $5 and partial charge offs of $5 on TDR loans that subsequently defaulted as described above during the three month period ending March 31, 2017, respectively. The following tables present loans individually evaluated for impairment by class of loans as of March 31, 2018 and December 31, 2017, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance due to partial charge-offs. As of March 31, 2018 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 4,977 $ 4,839 $ — Commercial real estate 8,775 8,311 — Land, development, construction 94 76 — Commercial and industrial 2,366 2,034 — Consumer, other 135 123 — With an allowance recorded: Residential real estate 3,471 3,326 570 Commercial real estate — — — Land, development, construction 138 120 3 Commercial and industrial 522 519 205 Consumer, other 77 70 9 Total $ 20,555 $ 19,418 $ 787 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 Three months ended March 31, 2018 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,133 $ 77 $ — Commercial 8,264 12 — Land, development, construction 264 3 — Total real estate loans 16,661 92 — Commercial and industrial 3,025 6 — Consumer and other loans 195 2 — Total $ 19,881 $ 100 $ — Three months ended March 31, 2017 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 7,962 $ 61 $ — Commercial 8,910 35 — Land, development, construction 706 4 — Total real estate loans 17,578 100 — Commercial and industrial 1,625 8 — Consumer and other loans 227 2 — Total $ 19,430 $ 110 $ — Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. Nonperforming loans were as follows: Mar. 31, 2018 Dec. 31, 2017 Non accrual loans $ 23,096 $ 17,288 Loans past due over 90 days and still accruing interest — — Total non performing loans $ 23,096 $ 17,288 The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of March 31, 2018 and December 31, 2017, excluding purchased credit impaired loans: As of March 31, 2018 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 10,135 $ — Commercial real estate 8,920 — Land, development, construction 664 — Commercial 2,660 — Consumer, other 717 — Total $ 23,096 $ — 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 $ — The following table presents the aging of the recorded investment in past due loans as of March 31, 2018 and December 31, 2017, excluding purchased credit impaired loans: Accruing Loans Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans As of March 31, 2018 Residential real estate $ 1,529,314 $ 5,032 $ 2,093 $ — $ 7,125 $ 1,512,054 $ 10,135 Commercial real estate 3,696,369 10,121 2,484 — 12,605 3,674,844 8,920 Land/dev/construction 415,853 1,633 544 — 2,177 413,012 664 Commercial 910,235 2,018 2,017 — 4,035 903,540 2,660 Consumer 131,590 448 161 — 609 130,264 717 $ 6,683,361 $ 19,252 $ 7,299 $ — $ 26,551 $ 6,633,714 $ 23,096 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 Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on at least an annual basis. The Company uses the following definitions for risk ratings: Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. The following table presents the risk category of loans by class of loans based on the most recent analysis performed, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30, as of March 31, 2018 and December 31, 2017. The increase in loans categorized as special mention between the periods presented is due to the acquisitions of Sunshine and Harbor on January 1, 2018. As of March 31, 2018 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 1,484,417 $ 25,002 $ 19,895 $ — Commercial real estate 3,528,211 139,561 28,597 — Land/dev/construction 397,699 17,376 778 — Commercial 887,748 17,324 5,163 — Consumer 130,814 158 618 — Total $ 6,428,889 $ 199,421 $ 55,051 $ — 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 $ — The Company considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential and consumer loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in residential and consumer loans, excluding purchased credit impaired loans, based on payment activity as of March 31, 2018 and December 31, 2017: As of March 31, 2018 Residential Consumer Performing $ 1,519,179 $ 130,873 Nonperforming 10,135 717 Total $ 1,529,314 $ 131,590 As of December 31, 2017 Residential Consumer Performing $ 1,018,196 $ 107,107 Nonperforming 7,107 373 Total $ 1,025,303 $ 107,480 Purchased Credit Impaired (“PCI”) loans: Income is recognized on PCI loans pursuant to ASC Topic 310-30. A portion of the fair value discount has been ascribed as an accretable yield that is accreted into interest income over the estimated remaining life of the loans. The remaining non-accretable difference represents cash flows not expected to be collected. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans as of March 31, 2018 and December 31, 2017. Contractually required principal and interest payments have been adjusted for estimated prepayments. Mar. 31, 2018 Dec. 31, 2017 Contractually required principal and interest $ 315,277 $ 248,283 Non-accretable difference (50,237 ) (13,183 ) Cash flows expected to be collected 265,040 235,100 Accretable yield (71,857 ) (70,942 ) Carrying value of acquired loans 193,183 164,158 Allowance for loan losses (275 ) (295 ) Carrying value less allowance for loan losses $ 192,908 $ 163,863 The Company adjusted its estimates of future expected losses, cash flows and renewal assumptions during the current quarter. These adjustments resulted in an increase in expected cash flows and accretable yield, and a decrease in the non-accretable difference. The Company reclassified $1,727 and $3,804 from non-accretable difference to accretable yield during the three month periods ending March 31, 2018 and 2017 to reflect its adjusted estimates of future expected cash flows. The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the three month periods ending March 31, 2018 and 2017. Activity during the Effect of income all other three month period ending March 31, 2018 Dec. 31, 2017 acquisitions accretion adjustments Mar. 31, 2018 Contractually required principal and interest $ 248,283 $ 88,705 $ — $ (21,711 ) $ 315,277 Non-accretable difference (13,183 ) (38,164 ) — 1,110 (50,237 ) Cash flows expected to be collected 235,100 50,541 — (20,601 ) 265,040 Accretable yield (70,942 ) (6,278 ) 7,718 (2,355 ) (71,857 ) Carry value of acquired loans $ 164,158 $ 44,263 $ 7,718 $ (22,956 ) $ 193,183 Activity during the Effect of income all other three month period ending March 31, 2017 Dec. 31, 2016 acquisitions accretion adjustments Mar. 31, 2017 Contractually required principal and interest $ 297,821 $ — $ — $ (21,883 ) $ 275,938 Non-accretable difference (18,372 ) — — 7,946 (10,426 ) Cash flows expected to be collected 279,449 — — (13,937 ) 265,512 Accretable yield (93,525 ) — 8,525 (4,454 ) (89,454 ) Carry value of acquired loans $ 185,924 $ — $ 8,525 $ (18,391 ) $ 176,058 |
Loans Held for Sale
Loans Held for Sale | 3 Months Ended |
Mar. 31, 2018 | |
Loans Receivable Held For Sale Net [Abstract] | |
Loans Held for Sale | NOTE 7: Loans Held for Sale For periods prior to December 31, 2017, mortgage loans held for sale were valued at the lower of cost or market. Effective January 1, 2018, the Company elected to account for these loans under the fair value option with changes in fair value recognized in current period earnings. At the date of funding of the loan, the funded amount of the loan, the relative derivative asset or liability of the associated interest rate lock commitment, less direct costs, becomes the initial recorded investment in the loan held for sale. Such amount approximates the fair value of the loan. This change was accounted for on a prospective basis. Net gains from changes in estimated fair value of mortgage loans held for sale were $363 at March 31, 2018. No loans held for sale at March 31, 2018 were past due or on nonaccrual. The table below summarizes the activity in mortgage loans held for sale during the three month periods ending March 31, 2018 and 2017. Three month periods ended Mar. 31, 2018 Mar. 31, 2017 Beginning balance $ 19,647 $ 2,285 Effect from acquisitions 6,124 — Loans originated 58,098 10,722 Proceeds from sales (57,321 ) (10,601 ) Change in fair value 363 — Net realized gain on sales 1,574 231 Ending balance $ 28,485 $ 2,637 As loans are closed, they are typically sold at prices specified in the forward contracts. Gains or losses may arise if the yields of the loans delivered vary from those specified in the forward contracts. Derivative mortgage loan commitments, or interest rate locks, are also utilized and relate to the origination of a mortgage that will be held for sale upon funding. The Company uses these derivative financial instruments on its loans held for sale to manage interest rate risk and not for speculative purposes. The table below summarizes the notional amounts for interest rate lock commitments and best efforts forward trades pertaining to loans held for sale at March 31, 2018. Notional Interest rate lock commitments $ 45,488 Best efforts forward trades 62,426 Total derivative instruments $ 107,914 Mortgage banking derivatives used in the ordinary course of business consist of forward sales contracts and interest rate lock commitments on residential mortgage loans. Forward sales contracts represent future commitments to deliver loans at a specified price and by a specified date and are used to manage interest rate risk on loan commitments and mortgage loans held for sale. Rate lock commitments represent commitments to fund loans at a specific rate and by a specified expiration date. These derivatives involve underlying items, such as interest rates, and are designed to mitigate risk. Notional amounts are amounts on which calculations and payments are based, but which do not represent credit exposure, as credit exposure is limited to the amounts required to be received or paid. |
Securities Sold Under Agreement
Securities Sold Under Agreement to Repurchase | 3 Months Ended |
Mar. 31, 2018 | |
Banking And Thrift [Abstract] | |
Securities Sold Under Agreement to Repurchase | NOTE 8: Securities sold under agreement to repurchase Our Bank enters into borrowing arrangements with our retail business customers by agreements to repurchase (“securities sold under agreements to repurchase”) under which the bank pledges investment securities owned and under its control as collateral against these one-day borrowing arrangement. These short-term borrowings totaled $ at March 31, 2018 MBS Municipal As of March 31, 2018 Securities Securities Total Market value of securities pledged $ 73,813 $ 437 $ 74,250 Borrowings related to pledged amounts 49,537 65 49,602 Market value pledged as a % of borrowings 149 % 672 % 150 % As of December 31, 2017 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 % Any risk related to these arrangements, primarily market value changes, are minimized due to the overnight (one day) maturity and the additional collateral pledged over the borrowed amounts. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 9: Business Combinations Acquisition of Platinum Bank Holding Company On April 1, 2017, the Company completed its acquisition of Platinum whereby Platinum merged with and into the Company. Pursuant to and simultaneously with the merger of Platinum with and into the Company, Platinum’s wholly owned subsidiary bank, Platinum Bank, merged with and into the Company’s subsidiary bank, CenterState Bank, N.A. The Company’s primary reasons for the transaction were to further solidify its market share in the Central Florida markets and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. The acquisition increased the Company’s total assets and total deposits by approximately 14% and 13%, respectively, as compared with the balances at December 31, 2016, and is expected to positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. During the three month periods ending March 31, 2018 and 2017, respectively, the Company incurred approximately $0 and $232 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations The Company acquired 100% of the outstanding common stock of Platinum. The purchase price consisted of both cash and stock. Each share of Platinum common stock was exchanged for $7.60 cash and 3.7832 shares of the Company’s common stock. Based on the closing price of the Company’s common stock on March 31, 2017, the resulting purchase price was $119,431. The table below summarizes the purchase price calculation. Number of shares of Platinum common stock outstanding at March 31, 2017 1,131,134 Per share exchange ratio 3.7832 Number of shares of CenterState common stock less 51 of fractional shares 4,279,255 Multiplied by CenterState common stock price per share on March 31, 2017 $ 25.90 Fair value of CenterState common stock issued $ 110,833 Total Platinum common shares 1,131,134 Multiplied by the cash consideration each Platinum share is entitled to receive $ 7.60 Total cash consideration, not including cash for fractional shares $ 8,597 Total stock consideration $ 110,833 Total cash consideration plus $1 for 51 of fractional shares $ 8,598 Total purchase price $ 119,431 The list below summarizes the 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 Fair Balance 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 whereby Gateway merged with and into the Company. Pursuant to and simultaneously with the merger of Gateway with and into the Company, Gateway’s three subsidiary banks, Gateway Bank of Florida, Gateway Bank of Central Florida and Gateway Bank of Southwest Florida, merged with and into the Company’s subsidiary bank, CenterState Bank, N.A. The Company’s primary reasons for the transaction were to expand its market share in the Central Florida market, together with its acquisition of Platinum as described above, and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. The acquisition increased the Company’s total assets and total deposits by approximately 19% and 17%, respectively, as compared with the balances at December 31, 2016, and is expected to positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. During the three month periods ending March 31, 2018 and 2017, respectively, the Company incurred approximately $148 and $627 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations The Company acquired 100% of the outstanding common stock of Gateway. The purchase price consisted of both cash and stock. Each share of Gateway common stock was either exchanged for $18.00 cash or 0.95 shares of the Company’s common stock. In addition, the Company assumed Gateway’s stock options, which were converted to the Company’s stock options. Based on the closing price of the Company’s common stock on April 30, 2017, the resulting purchase price was $157,372. The table below summarizes the purchase price calculation. Number of shares of Gateway common stock outstanding at April 30, 2017 5,463,764 Gateway preferred shares that converted to Gateway common shares upon a change in control 919,236 Total Gateway common shares including conversion of preferred shares 6,383,000 Number of shares of Gateway common shares exchanged for CenterState common stock 4,468,100 Per share exchange ratio 0.95 Number of shares of CenterState common stock less 254 of fractional shares 4,244,441 Multiplied by CenterState common stock price per share on April 30, 2017 $ 25.23 Fair value of CenterState common stock issued $ 107,087 Number of shares of Gateway common shares exchanged for cash 1,914,900 Multiplied by the cash consideration each Gateway share is entitled to receive $ 18.00 Total cash consideration, not including cash for fractional shares $ 34,468 Total stock consideration $ 107,087 Total cash consideration plus $6 for 254 of fractional shares $ 34,474 Total consideration paid to Gateway common shareholders $ 141,561 Fair value of Gateway stock options converted to CenterState stock options $ 15,811 Total purchase price $ 157,372 The list below summarizes the 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. Acquisition of Sunshine Bancorp, Inc. On January 1, 2018, the Company completed its acquisition of Sunshine Bancorp, Inc. (“Sunshine”) whereby Sunshine merged with and into the Company. Pursuant to and simultaneously with the merger of Sunshine with and into the Company, Sunshine’s wholly owned subsidiary bank, Sunshine 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 Florida market 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, 2017, 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 three month period ending March 31, 2018, the Company incurred approximately $2,071 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations The Company acquired 100% of the outstanding common stock of Sunshine. The purchase price consisted of stock plus cash in lieu of fractional shares. Each share of Sunshine common stock was exchanged for 0.89 shares of the Company’s common stock. Based on the closing price of the Company’s common stock on December 29, 2017, the resulting purchase price was $187,852. The table below summarizes the purchase price calculation. Number of shares of Sunshine common stock outstanding at December 31, 2017 7,922,479 Per share exchange ratio 0.89 Number of shares of CenterState common stock less 361 of fractional shares 7,050,645 CenterState common stock price per share on December 29, 2017 $ 25.73 Fair value of CenterState common stock issued $ 181,413 Cash consideration paid for 361 of fractional shares 7 Total consideration to be paid to Sunshine common shareholders $ 181,420 Fair value of Sunshine stock options converted to CenterState stock options 6,432 Total Purchase Price for Sunshine $ 187,852 The list below summarizes the fair value of the assets purchased, including goodwill, and liabilities assumed as of the January 1, 2018 purchase date. January 1, 2018 Assets: Cash and cash equivalents $ 47,056 Loans, held for investment 676,090 Purchased credit impaired loans 8,232 Loans held for sale 430 Investments 93,006 Accrued interest receivable 2,170 Branch real estate 9,375 Furniture and fixtures 916 Bank property held for sale 9,503 FHLB stock 4,875 Bank owned life insurance 23,101 Core deposit intangible 8,525 Goodwill 118,342 Deferred tax asset 13,067 Other assets 624 Total assets acquired $ 1,015,312 Liabilities: Deposits $ 719,039 Federal Home Loan Bank advances 95,001 Securities sold under agreement to repurchase 353 Subordinated notes 11,000 Accrued interest payable 457 Other liabilities 1,610 Total liabilities assumed $ 827,460 In the acquisition, the Company acquired $684,322 of loans at fair value, net of $22,657, or 3.2%, estimated discount to the outstanding principal balance, representing 14.3% of the Company’s total loans at December 31, 2017. Of the total loans acquired, management identified $8,232 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 January 1, 2018 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 21,598 Non-accretable difference (12,213 ) Cash flows expected to be collected 9,385 Accretable yield (1,153 ) Total purchased credit-impaired loans acquired $ 8,232 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 $ 148,342 $ 146,057 Commercial real estate 375,377 371,323 Construction/development/land 58,530 57,331 Commercial loans 104,811 99,650 Consumer and other loans 1,770 1,729 Purchased credit-impaired 18,149 8,232 Total earning assets $ 706,979 $ 684,322 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 $8,525, Acquisition of HCBF Holding Company, Inc. On January 1, 2018, the Company completed its acquisition of HCBF Holding Company, Inc. (“Harbor”) whereby Harbor merged with and into the Company. Pursuant to and simultaneously with the merger of Harbor with and into the Company, Harbor’s wholly owned subsidiary bank, Harbor 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 Florida market 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 33% and 32%, respectively, as compared with the balances at December 31, 2017, 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 three month period ending March 31, 2018, the Company incurred approximately $5,789 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 Harbor. The purchase price consisted of both cash and stock. Each share of Harbor common stock was exchanged for $1.925 cash and 0.675 shares of the Company’s common stock. Based on the closing price of the Company’s common stock on December 29, 2017, the resulting purchase price was $448,236. The table below summarizes the purchase price calculation. Number of shares of Harbor common stock outstanding at December 31, 2017 22,299,082 Per share exchange ratio 0.675 Number of shares of CenterState common stock less 241 of fractional shares 15,051,639 CenterState common stock price per share on December 29, 2017 $ 25.73 Fair value of CenterState common stock issued $ 387,279 Number of shares of Harbor common stock outstanding at December 31, 2017 22,299,082 Cash consideration each Harbor share is entitled to receive $ 1.925 Total Cash Consideration plus $6 for 241 of fractional shares $ 42,932 Total Stock Consideration $ 387,279 Total Cash Consideration 42,932 Total consideration to be paid to Harbor common shareholders $ 430,211 Fair value of Harbor stock options converted to CenterState stock options $ 18,025 Total Purchase Price for Harbor $ 448,236 The list below summarizes the fair value of the assets purchased, including goodwill, and liabilities assumed as of the January 1, 2018 purchase date. January 1, 2018 Assets: Cash and cash equivalents $ 77,176 Loans, held for investment 1,290,004 Purchased credit impaired loans 36,031 Loans held for sale 5,694 Investments 585,297 Accrued interest receivable 5,847 Branch real estate 34,035 Furniture and fixtures 3,571 Bank property held for sale 14,140 FHLB stock 8,582 Bank owned life insurance 39,089 Other real estate owned 5,144 Core deposit intangible 23,625 Goodwill 233,694 Deferred tax asset 13,698 Other assets 3,442 Total assets acquired $ 2,379,069 Liabilities: Deposits $ 1,755,155 Federal Home Loan Bank advances 157,919 Corporate debentures 5,872 Accrued interest payable 478 Other liabilities 11,409 Total liabilities assumed $ 1,930,833 In the acquisition, the Company acquired $1,326,035 of loans at fair value, net of $40,438, or 3.0%, estimated discount to the outstanding principal balance, representing 27.8% of the Company’s total loans at December 31, 2017. Of the total loans acquired, management identified $36,031 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 January 1, 2018 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 67,107 Non-accretable difference (25,951 ) Cash flows expected to be collected 41,156 Accretable yield (5,125 ) Total purchased credit-impaired loans acquired $ 36,031 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 $ 370,611 $ 363,559 Commercial real estate 636,517 627,900 Construction/development/land 149,547 146,639 Commercial loans 113,818 110,630 Consumer and other loans 41,660 41,276 Purchased credit-impaired 54,320 36,031 Total earning assets $ 1,366,473 $ 1,326,035 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 $23,625, Pro-forma information Pro-forma data for the three month period ending March 31, 2017 listed in the table below presents pro-forma information as if the Platinum, Gateway, Sunshine and Harbor acquisitions occurred at the beginning of 2017. Because the Platinum and Gateway closed on April 1, 2017 and May 1, 2017, respectively, and Sunshine and Harbor transactions both closed on January 1, 2018, there is no pro-forma information for the three month period ending March 31, 2018 as Platinum, Gateway, Sunshine and Harbor actual results are included in the current reported figures. Merger related expenses for both Platinum, Gateway, Sunshine and Harbor have not been included in the pro forma data below as the pro forma adjustments do not give consideration to non-recurring items, the impact of possible cost savings, expense efficiencies, synergies, strategy modifications, asset dispositions or other actions that may resulted from the acquisitions of Platinum, Gateway, Sunshine and Harbor. Three months ended Mar. 31, 2017 Net interest income $ 90,920 Net income available to common shareholders $ 27,154 EPS - basic $ 0.33 EPS - diluted $ 0.32 The disclosures regarding the results of operations for Platinum, Gateway, Sunshine and Harbor subsequent to their respective acquisition dates are omitted as this information is not practical to obtain. The Company converted Platinum, Gateway and Sunshine’s core systems in the same quarter as their respective acquisition date. Although the Company did not convert Harbor’s core system in the first quarter of 2018, the majority of the fixed costs and purchase accounting entries were booked on the Company’s core system making it impractical to determine Harbor’s results of operation on a stand-alone basis. |
Interest Rate Swap Derivatives
Interest Rate Swap Derivatives | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Interest Rate Swap Derivatives | NOTE 10: Interest Rate Swap Derivatives The Company enters into interest rate swaps in order to provide commercial loan clients the ability to swap from fixed to variable interest rates. Under these agreements, the Company enters into a fixed-rate loan with a client in addition to a swap agreement. This swap agreement effectively converts the client’s fixed rate loan into a variable rate. The Company then enters into a matching swap agreement with a third party dealer in order to offset its exposure on the customer swap. At March 31, 2018 and December 31, 2017, the notional amount of such arrangements was $4,077,941 Summary information about the interest rate swap derivative instruments is as follows: Mar. 31, 2018 Dec. 31, 2017 Notional amount $ 4,077,941 $ 3,740,430 Weighted average pay rate on interest-rate swaps 3.19 % 3.00 % Weighted average receive rate on interest rate swaps 3.19 % 3.00 % Weighted average maturity (years) 11 11 Fair value of interest rate swap derivatives (asset) $ 55,553 $ 42,480 Fair value of interest rate swap derivatives (liability) $ 55,991 $ 43,259 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | NOTE 11: Revenue from Contracts with Customers On January 1, 2018, the Company adopted 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The There are two reasons ASU 2014-09 did not have an impact to the Company. First, the majority of revenues are interest earned and gain on sales of loans, investment securities and other financial instruments, all of which are unaffected as they are outside the scope of ASU 2014-09. Secondly, the Company’s non-interest income revenue streams such as service charges on deposits, treasury management fees, wealth advisory fees, fixed income sales, and correspondent bank fees, are all within the scope of ASU 2014-09. However, ASC Topic 606 focuses on revenues from contracts earned over time, but all of these in-scope noninterest income revenue streams are governed by agreements that do not have an enforceable, contractual term. Given the cancellable-at-will structure, ASC Topic 606 views these contracts as agreements-at-will without a defined term, the revenues of which are immediately recognized. The revenue recognition timing is identical compared to previous revenue recognition standards. All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within Non-Interest Income. ASU 2014-09 requires disclosure of sufficient information to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. A description of the Company’s revenue streams accounted for under ASC 606 as well as an explanation of why they are not impacted are as follows: Revenues by Operating Segment/Line of Business Service Charges on Deposit Accounts The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include but are not limited to: services such as ATM use fees, stop payment charges, statement rendering, ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over wich the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Treasury Management The Company earns fees for Treasury Management products and services which include but are not limited to online cash management, remote deposit capture, positive pay, and lockboxes. Similar to the above service charges on deposit accounts above, these fees are also recognized at either the time the transaction or at the end of the month in the case where service obligations are provided over the course of each month. Even though a customer’s Treasury Management agreement may provide for services over an indefinite period of time, the customer is free to end the agreement at will without penalty. This structure is viewed as an at-will agreement under ASC 606, the revenues of which are recognized immediately. Wealth Management &Advisory The Company has contracted with a third party to provide wealth management and investment brokerage services on behalf of the Company. All fees earned by the Company from Wealth Management and Advisory activities are in the form of a revenue sharing agreement. The Company acts as agent in this agreement, and as such, ASC 606 deems the third party to be the customer of the Company as opposed to those individual and entities receiving the wealth advisory services. The agreed-upon portion of revenues generated by the third party for services provided other entities and individuals are owed and remitted to the Company at the end of each month, at which time all performance obligations of the Company are fulfilled. Correspondent Banking The company earns revenues from a variety of services to other financial institutions including but not limited to correspondent banking, cash and clearing, safekeeping, wire transfers, international services, bond accounting, and others. Fixed income sales are discussed separately. While there is a significant variety of a la carte services, all (except fixed income sales) are either billed as incurred or are subject to monthly billing, at which point the performance obligation have been fulfilled. Even though a Correspondent agreement may provide for services over an indefinite period of time, the customer is free to end the agreement at will without penalty. This structure is viewed as an at-will agreement under ASC 606, the revenues of which are recognized immediately. Fixed Income Sales The company earns commission revenues from the sale of fixed income securities to institutional investors. These revenues are earned and collected at each individual sale, and the sale is the sole performance obligation. There are no minimum orders or future performance obligations or deferred recognition requirements. Trust The Company sold its Trust Department in December 2017. While there would have been ASC Topic 606 revenue recognition timing implications, the sale prior to December 31, 2017 removed these revenues from consideration. Trust revenues are displayed for prior periods only. Prepaid Cards The Company earns revenues from prepaid card interchange fees and maintenance fees. Interchange fees from cardholder transactions represent a portion of the underlying transaction value and are recognized daily, concurrently with the transaction processing services to the cardholder. Similar to fees from deposits accounts, maintenance fees are earned over the performance obligation period, after which all obligations have been fulfilled. Credit Cards The Company earns revenues from a revenue sharing agreent with a third party who provides credit card services for Company customers. Similar to the Wealth Management and Advisory revenue sharing agreement discussed above, the Company is the agent and the third party is the customer. The revenue sharing agreement calculates fees owed to the Company based on interchange and application amounts and levels. These share of fees are remitted to the Company each month, at which time the performance obligation is fulfilled. Debit Card Interchange Income The Company earns interchange fees from debit cardholder transactions through the MasterCard payment network. Interchange fees form cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Gains/Losses on Sales of OREO The Company records a gain or loss form the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. There are no ASC 606 implications unless the Company finances the sale of OREO. There are no instances of the Company financing the sale of one of its OREO properties as of March 31, 2018. Contract Balances The Contract Balances disclosure requirement is not relevant, as no revenues are earned over time that would require the monitoring of contract balances. The Performance Obligations disclosure requirements call for a description of when performance obligations are satisfied, significant payment terms, nature of goods or services promised, and obligations for returns, refunds, and warranties. This is already addressed within various areas of our public filings, though some reorganization and clarification will be needed for this purpose. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | NOTE 12: Recently Issued Accounting Standards 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. Starting with the first quarter of 2018, the Company began using an exit price notion when measuring the fair value of its loan portfolio, excluding loans held for sale, for disclosure purposes. The new guidance did not impact 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 adopted ASU 2016-04 during the first quarter of 2018 but there was no material impact to the financial statements as a result of the adoption of the new standard. 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 adopted ASU 2017-01 but there was no impact to the financial statements as a result of the adoption of the new standard. 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 computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. FASB also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2019. 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 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. 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, 2017. Early adoption is permitted, including adoption in an interim period. An entity should apply the amendments in this update prospectively to an award modified on or after the adoption date. The Company adopted the new guidance but it did not have a material impact on the Consolidated Financial Statements. 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 from accumulated other comprehensive income to retained earnings for stranded tax effects for the year ended December 31, 2017. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13: Subsequent Events Announced of Acquisition of Charter Financial Corporation On April 24, 2018, the Company entered into a definitive agreement to acquire Charter Financial Corporation (“Charter”), whereby Charter will merge 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 Charter’s subsidiary bank, CharterBank, will merge with CenterState Bank as the surviving bank. Under the terms of the agreement, each outstanding share of Charter common stock converted into the right to receive 0.738 shares of the Company’s common stock and $2.30 in cash. The transaction was unanimously approved by the boards of directors of both companies. The transaction is expected to close in the fourth quarter of 2018 subject to customary closing conditions, including receipt of all applicable regulatory approvals and shareholder approval of Charter. The Company’s primary reasons for the transaction are to expand its franchise into Georgia and Alabama, further solidify its market share in Florida, expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. CharterBank, which is headquartered in West Point, Georgia, operates 22 banking locations. As of March 31, 2018, Charter reported total assets of $1,653,916, total loans of $1,162,996 and total deposits of $1,349,261. |
Common Stock Outstanding and 22
Common Stock Outstanding and Earnings Per Share Data (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Factors Used in Earnings Per Share Computations | The following table presents the factors used in the earnings per share computations for the periods indicated. Three months ended March 31, 2018 2017 Basic Net income available to common shareholders $ 35,636 $ 16,600 Less: Earnings allocated to participating securities (29 ) (41 ) Net income allocated to common shareholders $ 35,607 $ 16,559 Weighted average common shares outstanding including participating securities 83,208,874 50,759,345 Less: Participating securities (1) (69,133 ) (127,334 ) Average shares 83,139,741 50,632,011 Basic earnings per common share $ 0.43 $ 0.33 Diluted Net income available to common shareholders $ 35,607 $ 16,559 Weighted average common shares outstanding for basic earnings per common share 83,139,741 50,632,011 Add: Dilutive effects of stock based compensation awards 1,461,183 775,693 Average shares and dilutive potential common shares 84,600,924 51,407,704 Diluted earnings per common share $ 0.42 $ 0.32 1. Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below. Fair value measurements using Quoted prices Significant in active other Significant markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at March 31, 2018 Assets: Trading securities $ 428 — $ 428 — Available for sale securities Corporate debt securities 5,144 — 5,144 — Obligations of U.S. government sponsored entities and agencies 45,351 — 45,351 — Mortgage backed securities 1,408,170 — 1,408,170 — Municipal securities 71,874 — 71,874 — Loans held for sale, at fair value 28,485 — 28,485 — Mortgage banking derivatives 667 — — 667 Interest rate swap derivatives 55,553 — 55,553 — Liabilities: Mortgage banking derivatives 2 — — 2 Interest rate swap derivatives 55,991 — 55,991 — at December 31, 2017 Assets: Trading securities $ 6,777 — $ 6,777 — Available for sale securities U.S. Treasury 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 — |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are summarized below. Fair value measurements using Significant Quoted prices in other Significant active markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at March 31, 2018 Assets: Impaired loans Commercial real estate $ 3,169 — — $ 3,169 Commercial 1,041 — — 1,041 Other real estate owned Residential real estate 608 — — 608 Commercial real estate 261 — — 261 Land, land development and construction 1,696 — — 1,696 Bank property held for sale 5,003 — — 5,003 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 |
Carrying Amounts and Estimated Fair Values of Company's Financial Instruments | The following table presents the carry amounts and estimated fair values of the Company’s financial instruments: Fair value measurements at March 31, 2018 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 402,619 $ 402,619 $ — $ — $ 402,619 Trading securities 428 — 428 — 428 Investment securities available for sale 1,530,539 — 1,530,539 — 1,530,539 Investment securities held to maturity 227,966 — 222,538 — 222,538 FHLB and FRB stock 42,237 — — — n/a Loans held for sale, at fair value 28,485 — 28,485 — 28,485 Loans, less allowance for loan losses of $34,429 6,842,935 — — 6,764,152 6,764,152 Mortgage banking derivatives 667 — — 667 667 Interest rate swap derivatives 55,553 — 55,553 — 55,553 Accrued interest receivable 25,896 — 6,518 19,378 25,896 Financial liabilities: Deposits- without stated maturities $ 6,813,416 $ 6,813,416 $ — $ — $ 6,813,416 Deposits- with stated maturities 1,298,582 — 1,299,335 — 1,299,335 Securities sold under agreement to repurchase 49,602 — 49,602 — 49,602 Federal funds purchased 285,652 — 285,652 — 285,652 Corporate debentures 32,152 — — 28,711 28,711 Mortgage banking derivatives 2 — — 2 2 Interest rate swap derivatives 55,991 — 55,991 — 55,991 Accrued interest payable 2,111 — 2,111 — 2,111 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 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Reportable Segment Revenues, Expenses and Profit | The table below is a reconciliation of the reportable segment revenues, expenses, and profit to the Company’s consolidated total for the three month periods ending March 31, 2018 and 2017. Three month period ending March 31, 2018 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 100,969 $ 2,190 $ — $ — $ 103,159 Interest expense (6,207 ) (1,072 ) (862 ) — (8,141 ) Net interest income (expense) 94,762 1,118 (862 ) — 95,018 Provision for loan losses (1,162 ) (138 ) — — (1,300 ) Non interest income 14,915 8,123 — — 23,038 Non interest expense (69,997 ) (5,610 ) (389 ) — (75,996 ) Net income (loss) before taxes 38,518 3,493 (1,251 ) — 40,760 Income tax (provision) benefit (8,499 ) (885 ) 4,260 — (5,124 ) Net income $ 30,019 $ 2,608 $ 3,009 $ — $ 35,636 Total assets $ 9,843,219 $ 499,678 $ 1,585,585 $ (1,580,486 ) $ 10,347,996 Three month period ending March 31, 2017 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $ 48,471 $ 2,632 $ — $ — $ 51,103 Interest expense (1,927 ) (537 ) (318 ) — (2,782 ) Net interest income (expense) 46,544 2,095 (318 ) — 48,321 Provision for loan losses (1,024 ) 29 — — (995 ) Non interest income 8,053 6,449 — — 14,502 Non interest expense (32,443 ) (4,746 ) (854 ) — (38,043 ) Net income (loss) before taxes 21,130 3,827 (1,172 ) — 23,785 Income tax (provision) benefit (6,414 ) (1,476 ) 705 — (7,185 ) Net income (loss) $ 14,716 $ 2,351 $ (467 ) $ — $ 16,600 Total assets $ 4,858,409 $ 465,219 $ 666,542 $ (661,174 ) $ 5,328,996 |
Investment securities (Tables)
Investment securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) | The fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: March 31, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $ 5,000 $ 144 $ — $ 5,144 Obligations of U.S. government sponsored entities and agencies 45,754 137 540 45,351 Mortgage backed securities 1,441,918 211 33,959 1,408,170 Municipal securities 72,008 324 458 71,874 Total available-for-sale $ 1,564,680 $ 816 $ 34,957 $ 1,530,539 December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury 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 |
Schedule of Sales of Available for Sale Securities | Sales of available for sale securities for the three months ended March 31, 2018 and 2017 were as follows: For the three months ended: March 31, 2018 March 31, 2017 Proceeds $ 355,652 $ — Gross gains 68 — Gross losses 90 — |
Fair Value of Held to Maturity Securities and Related Gross Unrecognized Gains and Losses | The following reflects the fair value of held-to-maturity securities and the related gross unrecognized gains and losses as of March 31, 2018 and December 31, 2017. March 31, 2018 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Mortgage backed securities $ 95,733 $ — $ 2,742 $ 92,991 Municipal securities 132,233 845 3,531 129,547 Total held-to-maturity $ 227,966 $ 845 $ 6,273 $ 222,538 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 |
Available-for-sale Securities [Member] | |
Fair Value and Amortized Cost of Investment Securities by Contractual Maturity | The fair value of available for sale securities at March 31, 2018 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Fair Amortized Investment securities available for sale: Value Cost Due after one year through five years $ 1,250 $ 1,248 Due after five years through ten years 3,270 3,215 Due after ten years through thirty years 117,849 118,299 Mortgage backed securities 1,408,170 1,441,918 Total available-for-sale $ 1,530,539 $ 1,564,680 |
Investments Gross Unrealized Losses and Fair Value | The following tables show the Company’s available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2018 and December 31, 2017. March 31, 2018 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Obligations of U.S. government sponsored entities and agencies $ 7,787 $ 55 $ 9,515 $ 485 $ 17,302 $ 540 Mortgage backed securities 1,091,709 20,991 305,006 12,968 1,396,715 33,959 Municipal securities 38,843 458 — — 38,843 458 Total temporarily impaired available-for-sale securities $ 1,138,339 $ 21,504 $ 314,521 $ 13,453 $ 1,452,860 $ 34,957 December 31, 2017 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Obligations of U.S. government sponsored entities and agencies $ — $ — $ 9,574 $ 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 |
Held-to-maturity Securities [Member] | |
Fair Value and Amortized Cost of Investment Securities by Contractual Maturity | The fair value and amortized cost of held-to-maturity securities at March 31, 2018 by contractual maturity were as follows. Mortgage-backed securities are not due at a single maturity date and are shown separately. Fair Amortized Investment securities held-to-maturity Value Cost Due after five years through ten years $ — $ — Due after ten years through thirty years 129,547 132,233 Mortgage backed securities 92,991 95,733 Total held-to-maturity $ 222,538 $ 227,966 |
Investments Gross Unrealized Losses and Fair Value | The following table shows the Company’s held-to-maturity investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at March 31, 2018 and December 31, 2017. March 31, 2018 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Mortgage backed securities $ 54,004 $ 1,446 $ 38,987 $ 1,296 $ 92,991 $ 2,742 Municipal securities 41,001 866 36,605 2,665 77,606 3,531 Total temporarily impaired held-to-maturity securities $ 95,005 $ 2,312 $ 75,592 $ 3,961 $ 170,597 $ 6,273 December 31, 2017 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Mortgage backed securities $ 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 held-to-maturity securities $ 70,616 $ 637 $ 79,668 $ 1,928 $ 150,284 $ 2,565 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Summary of Information Concerning Loan Portfolio by Collateral Types | The following table sets forth information concerning the loan portfolio by collateral types as of the dates indicated. March 31, 2018 December 31, 2017 Loans excluding PCI loans Real estate loans Residential $ 1,529,314 $ 1,025,303 Commercial 3,696,369 2,546,143 Land, development and construction 415,853 235,816 Total real estate 5,641,536 3,807,262 Commercial 910,235 693,501 Consumer and other loans 131,590 107,480 Loans before unearned fees and deferred cost 6,683,361 4,608,243 Net unearned fees and costs 820 820 Total loans excluding PCI loans 6,684,181 4,609,063 PCI loans (note 1) Real estate loans Residential 71,644 59,975 Commercial 106,234 92,791 Land, development and construction 7,344 6,656 Total real estate 185,222 159,422 Commercial 7,620 4,444 Consumer and other loans 341 292 Total PCI loans 193,183 164,158 Total loans 6,877,364 4,773,221 Allowance for loan losses for loans that are not PCI loans (34,154 ) (32,530 ) Allowance for loan losses for PCI loans (275 ) (295 ) Total loans, net of allowance for loan losses $ 6,842,935 $ 4,740,396 note 1: Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. |
Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio | The table below set forth the activity in the allowance for loan losses for the periods presented. Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Three months ended March 31, 2018 Balance at beginning of period $ 32,530 $ 295 $ 32,825 Loans charged-off (403 ) — (403 ) Recoveries of loans previously charged-off 632 75 707 Net charge-offs 229 75 304 Provision for loan losses 1,395 (95 ) 1,300 Balance at end of period $ 34,154 $ 275 $ 34,429 Three months ended March 31, 2017 Balance at beginning of period $ 26,569 $ 472 $ 27,041 Loans charged-off (902 ) — (902 ) Recoveries of loans previously charged-off 685 — 685 Net recoveries (217 ) — (217 ) Provision for loan losses 1,169 (174 ) 995 Balance at end of period $ 27,521 $ 298 $ 27,819 The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Three months ended March 31, 2018 Beginning of the period $ 6,003 $ 19,304 $ 1,179 $ 4,130 $ 1,914 $ 32,530 Charge-offs (136 ) — — (7 ) (260 ) (403 ) Recoveries 274 94 — 6 258 632 Provision for loan losses (394 ) 1,577 115 372 (275 ) 1,395 Balance at end of period $ 5,747 $ 20,975 $ 1,294 $ 4,501 $ 1,637 $ 34,154 Three months ended March 31, 2017 Beginning of the period $ 5,640 $ 14,713 $ 883 $ 3,785 $ 1,548 $ 26,569 Charge-offs (86 ) (14 ) — (528 ) (274 ) $ (902 ) Recoveries 216 279 37 53 100 $ 685 Provision for loan losses (7 ) 635 143 234 164 $ 1,169 Balance at end of period $ 5,763 $ 15,613 $ 1,063 $ 3,544 $ 1,538 $ 27,521 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses for loans that are PCI loans: Three months ended March 31, 2018 Beginning of the period $ — $ 59 $ 222 $ — $ 14 $ 295 Charge-offs — — — — — — Recoveries — — 75 — — 75 Provision for loan losses — — (95 ) — — (95 ) Balance at end of period $ — $ 59 $ 202 $ — $ 14 $ 275 Three months ended March 31, 2017 Beginning of the period $ 54 $ 92 $ 312 $ — $ 14 $ 472 Charge-offs — — — — — — Recoveries — — — — — — Provision for loan losses (4 ) (34 ) (136 ) — — (174 ) Balance at end of period $ 50 $ 58 $ 176 $ — $ 14 $ 298 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2018 and December 31, 2017. Accrued interest receivable and unearned loan fees and costs are not included in the recorded investment because they are not material. Real Estate Loans As of March 31, 2018 Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 570 $ — $ 3 $ 205 $ 9 $ 787 Collectively evaluated for impairment 5,177 20,975 1,291 4,296 1,628 33,367 Purchased credit impaired — 59 202 — 14 275 Total ending allowance balance $ 5,747 $ 21,034 $ 1,496 $ 4,501 $ 1,651 $ 34,429 Loans: Individually evaluated for impairment $ 8,165 $ 8,311 $ 196 $ 2,553 $ 193 $ 19,418 Collectively evaluated for impairment 1,521,149 3,688,058 415,657 907,682 131,397 6,663,943 Purchased credit impaired 71,644 106,234 7,344 7,620 341 193,183 Total ending loan balances $ 1,600,958 $ 3,802,603 $ 423,197 $ 917,855 $ 131,931 $ 6,876,544 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 balance $ 1,085,278 $ 2,638,934 $ 242,472 $ 697,945 $ 107,772 $ 4,772,401 |
Summary of Impaired Loans | The table below summarizes impaired loan data for the periods presented. Mar. 31, 2018 Dec. 31, 2017 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $ 11,294 $ 12,081 Nonperforming TDRs (these are included in NPLs) 1,235 698 Total TDRs (these are included in impaired loans) 12,529 12,779 Impaired loans that are not TDRs 6,889 7,566 Total impaired loans $ 19,418 $ 20,345 |
Troubled Debt Restructured Loans by Loans Type | TDRs as of March 31, 2018 and December 31, 2017 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non performing loans) are presented in the tables below. As of March 31, 2018 Accruing Non Accrual Total Real estate loans: Residential $ 7,656 $ 408 $ 8,064 Commercial 2,828 712 3,540 Land, development, construction 196 — 196 Total real estate loans 10,680 1,120 11,800 Commercial 447 89 536 Consumer and other 167 26 193 Total TDRs $ 11,294 $ 1,235 $ 12,529 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 |
Summary of Loans by Class Modified | The following table presents loans by class modified and for which there was a payment default within twelve months following the modification during the periods ending March 31, 2018 and 2017. Period ending Period ending March 31, 2018 March 31, 2017 Number Recorded Number Recorded of loans investment of loans investment Residential — $ — — $ — Commercial real estate 1 174 1 456 Land, development, construction — — — — Commercial and Industrial — — — — Consumer and other — — — — Total 1 $ 174 1 $ 456 |
Summary of Loans Individually Evaluated for Impairment by Class of Loans | The following tables present loans individually evaluated for impairment by class of loans as of March 31, 2018 and December 31, 2017, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance due to partial charge-offs. As of March 31, 2018 Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded: Residential real estate $ 4,977 $ 4,839 $ — Commercial real estate 8,775 8,311 — Land, development, construction 94 76 — Commercial and industrial 2,366 2,034 — Consumer, other 135 123 — With an allowance recorded: Residential real estate 3,471 3,326 570 Commercial real estate — — — Land, development, construction 138 120 3 Commercial and industrial 522 519 205 Consumer, other 77 70 9 Total $ 20,555 $ 19,418 $ 787 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 |
Summary of Impairment by Class of Loans | Three months ended March 31, 2018 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 8,133 $ 77 $ — Commercial 8,264 12 — Land, development, construction 264 3 — Total real estate loans 16,661 92 — Commercial and industrial 3,025 6 — Consumer and other loans 195 2 — Total $ 19,881 $ 100 $ — Three months ended March 31, 2017 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Real estate loans: Residential $ 7,962 $ 61 $ — Commercial 8,910 35 — Land, development, construction 706 4 — Total real estate loans 17,578 100 — Commercial and industrial 1,625 8 — Consumer and other loans 227 2 — Total $ 19,430 $ 110 $ — |
Summary of Nonperforming Loans | Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. Nonperforming loans were as follows: Mar. 31, 2018 Dec. 31, 2017 Non accrual loans $ 23,096 $ 17,288 Loans past due over 90 days and still accruing interest — — Total non performing loans $ 23,096 $ 17,288 |
Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans | The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of March 31, 2018 and December 31, 2017, excluding purchased credit impaired loans: As of March 31, 2018 Nonaccrual Loans past due over 90 days still accruing Residential real estate $ 10,135 $ — Commercial real estate 8,920 — Land, development, construction 664 — Commercial 2,660 — Consumer, other 717 — Total $ 23,096 $ — 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 $ — |
Summary Aging of Recorded Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due loans as of March 31, 2018 and December 31, 2017, excluding purchased credit impaired loans: Accruing Loans Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans As of March 31, 2018 Residential real estate $ 1,529,314 $ 5,032 $ 2,093 $ — $ 7,125 $ 1,512,054 $ 10,135 Commercial real estate 3,696,369 10,121 2,484 — 12,605 3,674,844 8,920 Land/dev/construction 415,853 1,633 544 — 2,177 413,012 664 Commercial 910,235 2,018 2,017 — 4,035 903,540 2,660 Consumer 131,590 448 161 — 609 130,264 717 $ 6,683,361 $ 19,252 $ 7,299 $ — $ 26,551 $ 6,633,714 $ 23,096 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 |
Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans | As of March 31, 2018 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $ 1,484,417 $ 25,002 $ 19,895 $ — Commercial real estate 3,528,211 139,561 28,597 — Land/dev/construction 397,699 17,376 778 — Commercial 887,748 17,324 5,163 — Consumer 130,814 158 618 — Total $ 6,428,889 $ 199,421 $ 55,051 $ — 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 $ — |
Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans | The following table presents the recorded investment in residential and consumer loans, excluding purchased credit impaired loans, based on payment activity as of March 31, 2018 and December 31, 2017: As of March 31, 2018 Residential Consumer Performing $ 1,519,179 $ 130,873 Nonperforming 10,135 717 Total $ 1,529,314 $ 131,590 As of December 31, 2017 Residential Consumer Performing $ 1,018,196 $ 107,107 Nonperforming 7,107 373 Total $ 1,025,303 $ 107,480 |
Summary of Total Contractually Required Principal and Interest Cash Payments, Management's Estimate of Expected Total Cash Payments and Carrying Value of Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans as of March 31, 2018 and December 31, 2017. Contractually required principal and interest payments have been adjusted for estimated prepayments. Mar. 31, 2018 Dec. 31, 2017 Contractually required principal and interest $ 315,277 $ 248,283 Non-accretable difference (50,237 ) (13,183 ) Cash flows expected to be collected 265,040 235,100 Accretable yield (71,857 ) (70,942 ) Carrying value of acquired loans 193,183 164,158 Allowance for loan losses (275 ) (295 ) Carrying value less allowance for loan losses $ 192,908 $ 163,863 |
Summary of Changes in Total Contractually Required Principal and Interest Cash Payments | The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the three month periods ending March 31, 2018 and 2017. Activity during the Effect of income all other three month period ending March 31, 2018 Dec. 31, 2017 acquisitions accretion adjustments Mar. 31, 2018 Contractually required principal and interest $ 248,283 $ 88,705 $ — $ (21,711 ) $ 315,277 Non-accretable difference (13,183 ) (38,164 ) — 1,110 (50,237 ) Cash flows expected to be collected 235,100 50,541 — (20,601 ) 265,040 Accretable yield (70,942 ) (6,278 ) 7,718 (2,355 ) (71,857 ) Carry value of acquired loans $ 164,158 $ 44,263 $ 7,718 $ (22,956 ) $ 193,183 Activity during the Effect of income all other three month period ending March 31, 2017 Dec. 31, 2016 acquisitions accretion adjustments Mar. 31, 2017 Contractually required principal and interest $ 297,821 $ — $ — $ (21,883 ) $ 275,938 Non-accretable difference (18,372 ) — — 7,946 (10,426 ) Cash flows expected to be collected 279,449 — — (13,937 ) 265,512 Accretable yield (93,525 ) — 8,525 (4,454 ) (89,454 ) Carry value of acquired loans $ 185,924 $ — $ 8,525 $ (18,391 ) $ 176,058 |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Loans Receivable Held For Sale Net [Abstract] | |
Summary of Activity in Mortgage Loans Held for Sale | The table below summarizes the activity in mortgage loans held for sale during the three month periods ending March 31, 2018 and 2017. Three month periods ended Mar. 31, 2018 Mar. 31, 2017 Beginning balance $ 19,647 $ 2,285 Effect from acquisitions 6,124 — Loans originated 58,098 10,722 Proceeds from sales (57,321 ) (10,601 ) Change in fair value 363 — Net realized gain on sales 1,574 231 Ending balance $ 28,485 $ 2,637 |
Summary of Notional Amounts for Interest Rate Lock Commitments and Best Efforts Forward Trades Pertaining to Loans Held for Sale | The table below summarizes the notional amounts for interest rate lock commitments and best efforts forward trades pertaining to loans held for sale at March 31, 2018. Notional Interest rate lock commitments $ 45,488 Best efforts forward trades 62,426 Total derivative instruments $ 107,914 |
Securities Sold Under Agreeme28
Securities Sold Under Agreement to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Banking And Thrift [Abstract] | |
Summary of Repurchase Agreement | The following table provides additional details for the periods presented. MBS Municipal As of March 31, 2018 Securities Securities Total Market value of securities pledged $ 73,813 $ 437 $ 74,250 Borrowings related to pledged amounts 49,537 65 49,602 Market value pledged as a % of borrowings 149 % 672 % 150 % As of December 31, 2017 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 % |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Pro-Forma Financial Information of Acquisition | Pro-forma data for the three month period ending March 31, 2017 listed in the table below presents pro-forma information as if the Platinum, Gateway, Sunshine and Harbor acquisitions occurred at the beginning of 2017. Because the Platinum and Gateway closed on April 1, 2017 and May 1, 2017, respectively, and Sunshine and Harbor transactions both closed on January 1, 2018, there is no pro-forma information for the three month period ending March 31, 2018 as Platinum, Gateway, Sunshine and Harbor actual results are included in the current reported figures. Merger related expenses for both Platinum, Gateway, Sunshine and Harbor have not been included in the pro forma data below as the pro forma adjustments do not give consideration to non-recurring items, the impact of possible cost savings, expense efficiencies, synergies, strategy modifications, asset dispositions or other actions that may resulted from the acquisitions of Platinum, Gateway, Sunshine and Harbor. Three months ended Mar. 31, 2017 Net interest income $ 90,920 Net income available to common shareholders $ 27,154 EPS - basic $ 0.33 EPS - diluted $ 0.32 |
Platinum Bank Holding Company [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of Platinum common stock outstanding at March 31, 2017 1,131,134 Per share exchange ratio 3.7832 Number of shares of CenterState common stock less 51 of fractional shares 4,279,255 Multiplied by CenterState common stock price per share on March 31, 2017 $ 25.90 Fair value of CenterState common stock issued $ 110,833 Total Platinum common shares 1,131,134 Multiplied by the cash consideration each Platinum share is entitled to receive $ 7.60 Total cash consideration, not including cash for fractional shares $ 8,597 Total stock consideration $ 110,833 Total cash consideration plus $1 for 51 of fractional shares $ 8,598 Total purchase price $ 119,431 |
Summary of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | The list below summarizes 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 Fair Balance 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 Multiplied by CenterState common stock price per share on April 30, 2017 $ 25.23 Fair value of CenterState common stock issued $ 107,087 Number of shares of Gateway common shares exchanged for cash 1,914,900 Multiplied by the cash consideration each Gateway share is entitled to receive $ 18.00 Total cash consideration, not including cash for fractional shares $ 34,468 Total stock consideration $ 107,087 Total cash consideration plus $6 for 254 of fractional shares $ 34,474 Total consideration paid to Gateway common shareholders $ 141,561 Fair value of Gateway stock options converted to CenterState stock options $ 15,811 Total purchase price $ 157,372 |
Summary of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | The list below summarizes 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 |
Sunshine Bancorp, Inc. [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of Sunshine common stock outstanding at December 31, 2017 7,922,479 Per share exchange ratio 0.89 Number of shares of CenterState common stock less 361 of fractional shares 7,050,645 CenterState common stock price per share on December 29, 2017 $ 25.73 Fair value of CenterState common stock issued $ 181,413 Cash consideration paid for 361 of fractional shares 7 Total consideration to be paid to Sunshine common shareholders $ 181,420 Fair value of Sunshine stock options converted to CenterState stock options 6,432 Total Purchase Price for Sunshine $ 187,852 |
Summary of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | The list below summarizes the fair value of the assets purchased, including goodwill, and liabilities assumed as of the January 1, 2018 purchase date. January 1, 2018 Assets: Cash and cash equivalents $ 47,056 Loans, held for investment 676,090 Purchased credit impaired loans 8,232 Loans held for sale 430 Investments 93,006 Accrued interest receivable 2,170 Branch real estate 9,375 Furniture and fixtures 916 Bank property held for sale 9,503 FHLB stock 4,875 Bank owned life insurance 23,101 Core deposit intangible 8,525 Goodwill 118,342 Deferred tax asset 13,067 Other assets 624 Total assets acquired $ 1,015,312 Liabilities: Deposits $ 719,039 Federal Home Loan Bank advances 95,001 Securities sold under agreement to repurchase 353 Subordinated notes 11,000 Accrued interest payable 457 Other liabilities 1,610 Total liabilities assumed $ 827,460 |
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 January 1, 2018 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 21,598 Non-accretable difference (12,213 ) Cash flows expected to be collected 9,385 Accretable yield (1,153 ) Total purchased credit-impaired loans acquired $ 8,232 |
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 $ 148,342 $ 146,057 Commercial real estate 375,377 371,323 Construction/development/land 58,530 57,331 Commercial loans 104,811 99,650 Consumer and other loans 1,770 1,729 Purchased credit-impaired 18,149 8,232 Total earning assets $ 706,979 $ 684,322 |
HCBF Holding Company, Inc. [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of Harbor common stock outstanding at December 31, 2017 22,299,082 Per share exchange ratio 0.675 Number of shares of CenterState common stock less 241 of fractional shares 15,051,639 CenterState common stock price per share on December 29, 2017 $ 25.73 Fair value of CenterState common stock issued $ 387,279 Number of shares of Harbor common stock outstanding at December 31, 2017 22,299,082 Cash consideration each Harbor share is entitled to receive $ 1.925 Total Cash Consideration plus $6 for 241 of fractional shares $ 42,932 Total Stock Consideration $ 387,279 Total Cash Consideration 42,932 Total consideration to be paid to Harbor common shareholders $ 430,211 Fair value of Harbor stock options converted to CenterState stock options $ 18,025 Total Purchase Price for Harbor $ 448,236 |
Summary of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | The list below summarizes the fair value of the assets purchased, including goodwill, and liabilities assumed as of the January 1, 2018 purchase date. January 1, 2018 Assets: Cash and cash equivalents $ 77,176 Loans, held for investment 1,290,004 Purchased credit impaired loans 36,031 Loans held for sale 5,694 Investments 585,297 Accrued interest receivable 5,847 Branch real estate 34,035 Furniture and fixtures 3,571 Bank property held for sale 14,140 FHLB stock 8,582 Bank owned life insurance 39,089 Other real estate owned 5,144 Core deposit intangible 23,625 Goodwill 233,694 Deferred tax asset 13,698 Other assets 3,442 Total assets acquired $ 2,379,069 Liabilities: Deposits $ 1,755,155 Federal Home Loan Bank advances 157,919 Corporate debentures 5,872 Accrued interest payable 478 Other liabilities 11,409 Total liabilities assumed $ 1,930,833 |
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 January 1, 2018 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 67,107 Non-accretable difference (25,951 ) Cash flows expected to be collected 41,156 Accretable yield (5,125 ) Total purchased credit-impaired loans acquired $ 36,031 |
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 $ 370,611 $ 363,559 Commercial real estate 636,517 627,900 Construction/development/land 149,547 146,639 Commercial loans 113,818 110,630 Consumer and other loans 41,660 41,276 Purchased credit-impaired 54,320 36,031 Total earning assets $ 1,366,473 $ 1,326,035 |
Interest Rate Swap Derivatives
Interest Rate Swap Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary Information about the Interest Rate Swap Derivative Instruments | Summary information about the interest rate swap derivative instruments is as follows: Mar. 31, 2018 Dec. 31, 2017 Notional amount $ 4,077,941 $ 3,740,430 Weighted average pay rate on interest-rate swaps 3.19 % 3.00 % Weighted average receive rate on interest rate swaps 3.19 % 3.00 % Weighted average maturity (years) 11 11 Fair value of interest rate swap derivatives (asset) $ 55,553 $ 42,480 Fair value of interest rate swap derivatives (liability) $ 55,991 $ 43,259 |
Nature of Operations and Basi31
Nature of Operations and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018LocationCounty | |
Nature Of Operations And Basis Of Presentation [Abstract] | |
Number of service banking locations | Location | 130 |
Number of counties in which company operated | County | 31 |
Common Stock Outstanding and 32
Common Stock Outstanding and Earnings Per Share Data - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Anti dilutive stock options | 0 | 0 |
Common Stock Outstanding and 33
Common Stock Outstanding and Earnings Per Share Data - Factors Used in Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Basic | |||
Net income available to common shareholders | $ 35,636 | $ 16,600 | |
Less: Earnings allocated to participating securities | (29) | (41) | |
Net income allocated to common shareholders | $ 35,607 | $ 16,559 | |
Weighted average common shares outstanding including participating securities | 83,208,874 | 50,759,345 | |
Less: Participating securities | [1] | (69,133) | (127,334) |
Average shares | [2] | 83,139,741 | 50,632,011 |
Basic earnings per common share | $ 0.43 | $ 0.33 | |
Diluted | |||
Net income available to common shareholders | $ 35,607 | $ 16,559 | |
Weighted average common shares outstanding for basic earnings per common share | [2] | 83,139,741 | 50,632,011 |
Add: Dilutive effects of stock based compensation awards | 1,461,183 | 775,693 | |
Average shares and dilutive potential common shares | [2] | 84,600,924 | 51,407,704 |
Diluted earnings per common share | $ 0.42 | $ 0.32 | |
[1] | Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. | ||
[2] | Excludes participating shares. |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Trading securities, at fair value | $ 428 | $ 6,777 |
Available for sale securities | 1,530,539 | 1,060,143 |
Loans held for sale, at fair value, carrying amount | 28,485 | 19,647 |
Mortgage banking derivatives, carrying amount assets | 667 | |
Interest rate swap derivatives, carrying amount assets | 55,553 | 42,480 |
Liabilities: | ||
Mortgage banking derivatives, carrying amount liability | 2 | |
Interest rate swap derivatives, carrying amount liability | 55,991 | 43,259 |
Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,408,170 | 972,611 |
Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | 71,874 | 72,758 |
U.S. Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | 5,200 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 428 | 6,777 |
Available for sale securities | 1,530,539 | 1,060,143 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | ||
Assets: | ||
Trading securities, at fair value | 428 | 6,777 |
Loans held for sale, at fair value, carrying amount | 28,485 | |
Mortgage banking derivatives, carrying amount assets | 667 | |
Interest rate swap derivatives, carrying amount assets | 55,553 | 42,480 |
Liabilities: | ||
Mortgage banking derivatives, carrying amount liability | 2 | |
Interest rate swap derivatives, carrying amount liability | 55,991 | 43,259 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Corporate Debt Securities [Member] | ||
Assets: | ||
Available for sale securities | 5,144 | |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Assets: | ||
Available for sale securities | 45,351 | 9,574 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,408,170 | 972,611 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | 71,874 | 72,758 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | U.S. Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | 5,200 | |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 428 | 6,777 |
Loans held for sale, at fair value, carrying amount | 28,485 | |
Interest rate swap derivatives, carrying amount assets | 55,553 | 42,480 |
Liabilities: | ||
Interest rate swap derivatives, carrying amount liability | 55,991 | 43,259 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
Assets: | ||
Available for sale securities | 5,144 | |
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 | 45,351 | 9,574 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale securities | 1,408,170 | 972,611 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale securities | 71,874 | 72,758 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member] | ||
Assets: | ||
Available for sale securities | $ 5,200 | |
Fair Value Measurements on Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Mortgage banking derivatives, carrying amount assets | 667 | |
Liabilities: | ||
Mortgage banking derivatives, carrying amount liability | $ 2 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans with allocated allowance for loan losses | $ 4,408 | $ 11,673 | |
Impaired valuation allowance | 198 | $ 477 | |
Provision for loan loss expense on impaired loans | 1,300 | $ 995 | |
Repossessed real estate owned valuation write down | 187 | 161 | |
Impairment on bank property held for sale | 1,449 | 77 | |
Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Provision for loan loss expense on impaired loans | $ 68 | $ 87 | |
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 Liabi36
Fair Value - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value Measurements on Non-Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans on Commercial real estate at Carrying value | $ 3,169 | $ 6,293 |
Impaired loans on Commercial at Carrying value | 1,041 | 2,131 |
Other real estate owned on Residential real estate at Carrying value | 608 | 635 |
Other real estate owned on Commercial real estate at Carrying value | 261 | 261 |
Other real estate owned on Land, land development and construction at Carrying value | 1,696 | 1,481 |
Bank owned real estate held for sale | 5,003 | 1,516 |
Impaired loans on Residential real estate at Carrying value | 2,423 | |
Impaired loans on Land, land development and construction at Carrying value | 292 | |
Impaired loans on Consumer at Carrying value | 57 | |
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 | 5,003 | 1,516 |
Impaired loans on Commercial real estate | 3,169 | 6,293 |
Impaired loans on Commercial | 1,041 | 2,131 |
Other real estate owned on Residential real estate | 608 | 635 |
Other real estate owned on Commercial real estate | 261 | 261 |
Other real estate owned on Land, land development and construction | $ 1,696 | 1,481 |
Impaired loans on Residential real estate | 2,423 | |
Impaired loans on Land, land development and construction | 292 | |
Impaired loans on Consumer | $ 57 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Financial assets: | ||||
Cash and cash equivalents | $ 402,619 | $ 280,619 | $ 279,483 | $ 175,654 |
Cash and cash equivalents, fair value | 402,619 | 280,619 | ||
Trading securities, at fair value | 428 | 6,777 | ||
Investment securities available for sale, at fair value | 1,530,539 | 1,060,143 | ||
Investment securities held to maturity, carrying amount | 227,966 | 232,399 | ||
Investment securities held to maturity, at fair value | 222,538 | 231,615 | ||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 42,237 | 34,876 | ||
Loans held for sale, at fair value, carrying amount | 28,485 | 19,647 | ||
Loans held for sale, at fair value | 28,485 | 19,647 | $ 2,637 | $ 2,285 |
Loans, less allowance for loan losses, carrying amount | 6,842,935 | 4,740,396 | ||
Loans, less allowance for loan losses, fair value | 6,764,152 | 4,731,514 | ||
Mortgage banking derivatives, carrying amount assets | 667 | |||
Interest rate swap derivatives, carrying amount assets | 55,553 | 42,480 | ||
Interest rate swap derivatives, assets fair value | 55,553 | 42,480 | ||
Accrued interest receivable, carrying amount | 25,896 | 18,628 | ||
Accrued interest receivable, fair value | 25,896 | 18,628 | ||
Mortgage banking derivatives, assets fair value | 667 | |||
Financial liabilities: | ||||
Deposits- without stated maturities, carrying amount | 6,813,416 | 4,727,840 | ||
Deposits- without stated maturities, fair value | 6,813,416 | 4,727,840 | ||
Deposits- with stated maturities, carrying amount | 1,298,582 | 832,683 | ||
Deposits- with stated maturities, fair value | 1,299,335 | 845,039 | ||
Securities sold under agreement to repurchase, fair value | 49,602 | 52,080 | ||
Securities sold under agreement to repurchase | 49,602 | 52,080 | ||
Federal funds purchased, carrying amount | 285,652 | 331,490 | ||
Corporate debentures, carrying amount | 32,152 | 26,192 | ||
Federal funds purchased, fair value | 285,652 | 331,490 | ||
Mortgage banking derivatives, carrying amount liability | 2 | |||
Interest rate swap derivatives, carrying amount | 55,991 | 43,259 | ||
Corporate debentures, fair value | 28,711 | 22,363 | ||
Accrued interest payable, carrying amount | 2,111 | 1,169 | ||
Interest rate swap derivatives, fair value | 55,991 | 43,259 | ||
Accrued interest payable, fair value | 2,111 | 1,169 | ||
Mortgage banking derivatives, liability fair value | 2 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents, fair value | 402,619 | 280,619 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, fair value | 6,813,416 | 4,727,840 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Trading securities, at fair value | 428 | 6,777 | ||
Investment securities available for sale, at fair value | 1,530,539 | 1,060,143 | ||
Investment securities held to maturity, at fair value | 222,538 | 231,615 | ||
Loans held for sale, at fair value | 28,485 | 19,647 | ||
Interest rate swap derivatives, assets fair value | 55,553 | 42,480 | ||
Accrued interest receivable, fair value | 6,518 | 5,370 | ||
Financial liabilities: | ||||
Deposits- with stated maturities, fair value | 1,299,335 | 845,039 | ||
Securities sold under agreement to repurchase, fair value | 49,602 | 52,080 | ||
Federal funds purchased, fair value | 285,652 | 331,490 | ||
Interest rate swap derivatives, fair value | 55,991 | 43,259 | ||
Accrued interest payable, fair value | 2,111 | 1,169 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Loans, less allowance for loan losses, fair value | 6,764,152 | 4,731,514 | ||
Accrued interest receivable, fair value | 19,378 | 13,258 | ||
Mortgage banking derivatives, assets fair value | 667 | |||
Financial liabilities: | ||||
Corporate debentures, fair value | 28,711 | $ 22,363 | ||
Mortgage banking derivatives, liability fair value | $ 2 |
Fair Value - Carrying Amounts38
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||||
Deduction of Allowance for loan losses from loans | $ 34,429 | $ 32,825 | $ 27,819 | $ 27,041 |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of Reportable Segment Revenues, Expenses and Profit (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 103,159 | $ 51,103 | |
Interest expense | (8,141) | (2,782) | |
Net interest income | 95,018 | 48,321 | |
Provision for loan losses | (1,300) | (995) | |
Non interest income | 23,038 | 14,502 | |
Non interest expense | (75,996) | (38,043) | |
Net income (loss) before taxes | 40,760 | 23,785 | |
Income tax (provision) benefit | (5,124) | (7,185) | |
Net income | 35,636 | 16,600 | |
Total assets | 10,347,996 | 5,328,996 | $ 7,123,975 |
Operating Segments [Member] | Commercial and Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 100,969 | 48,471 | |
Interest expense | (6,207) | (1,927) | |
Net interest income | 94,762 | 46,544 | |
Provision for loan losses | (1,162) | (1,024) | |
Non interest income | 14,915 | 8,053 | |
Non interest expense | (69,997) | (32,443) | |
Net income (loss) before taxes | 38,518 | 21,130 | |
Income tax (provision) benefit | (8,499) | (6,414) | |
Net income | 30,019 | 14,716 | |
Total assets | 9,843,219 | 4,858,409 | |
Operating Segments [Member] | Correspondent Banking And Capital Markets Division [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 2,190 | 2,632 | |
Interest expense | (1,072) | (537) | |
Net interest income | 1,118 | 2,095 | |
Provision for loan losses | (138) | 29 | |
Non interest income | 8,123 | 6,449 | |
Non interest expense | (5,610) | (4,746) | |
Net income (loss) before taxes | 3,493 | 3,827 | |
Income tax (provision) benefit | (885) | (1,476) | |
Net income | 2,608 | 2,351 | |
Total assets | 499,678 | 465,219 | |
Corporate Overhead and Administration [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | (862) | (318) | |
Net interest income | (862) | (318) | |
Non interest expense | (389) | (854) | |
Net income (loss) before taxes | (1,251) | (1,172) | |
Income tax (provision) benefit | 4,260 | 705 | |
Net income | 3,009 | (467) | |
Total assets | 1,585,585 | 666,542 | |
Elimination Entries [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ (1,580,486) | $ (661,174) |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018LocationCounty | |
Segment Reporting Information [Line Items] | |
Number of counties in which company operated | County | 31 |
Number of bank locations | Location | 130 |
Commercial and Retail Banking [Member] | |
Segment Reporting Information [Line Items] | |
Number of counties in which company operated | County | 31 |
Number of bank locations | Location | 130 |
Investment Securities Available
Investment Securities Available for Sale - Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,564,680 | $ 1,069,526 |
Gross Unrealized Gains | 816 | 1,815 |
Gross Unrealized Losses | 34,957 | 11,198 |
Fair Value | 1,530,539 | 1,060,143 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,441,918 | 982,565 |
Gross Unrealized Gains | 211 | 752 |
Gross Unrealized Losses | 33,959 | 10,706 |
Fair Value | 1,408,170 | 972,611 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 72,008 | 71,961 |
Gross Unrealized Gains | 324 | 863 |
Gross Unrealized Losses | 458 | 66 |
Fair Value | 71,874 | 72,758 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,000 | |
Gross Unrealized Gains | 200 | |
Gross Unrealized Losses | 0 | |
Fair Value | 5,200 | |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,000 | |
Gross Unrealized Gains | 144 | |
Gross Unrealized Losses | 0 | |
Fair Value | 5,144 | |
Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 45,754 | 10,000 |
Gross Unrealized Gains | 137 | 0 |
Gross Unrealized Losses | 540 | 426 |
Fair Value | $ 45,351 | $ 9,574 |
Investment Securities Availab42
Investment Securities Available for Sale - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($)Security | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | |||
Tax provision related to net realized gains | $ (6,000) | $ 0 | |
Securities estimated fair value | $ 828,745,000 | $ 255,788,000 | |
Percentage of AFS securities held by any one issuer as a percentage of stockholders' equity | 10.00% | 10.00% | |
Number of securities representing specified criteria | Security | 0 | 0 | |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% | ||
Sunshine Bancorp, Inc. [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gain (loss) on sale of securities acquired through acquisition | $ 0 | ||
HCBF Holding Company, Inc. [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gain (loss) on sale of securities acquired through acquisition | $ 0 |
Investment Securities Availab43
Investment Securities Available for Sale - Schedule of Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds | $ 355,652 | $ 0 |
Gross gains | 68 | 0 |
Gross losses | $ 90 | $ 0 |
Investment Securities Availab44
Investment Securities Available for Sale - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities available for sale, Due after one year through five years, Fair Value | $ 1,248 | |
Investment securities available for sale, Due after five years through ten years, Fair Value | 3,215 | |
Investment securities available for sale, Due after ten years through thirty years, Fair Value | 118,299 | |
Investment securities available for sale, Mortgage backed securities, Fair Value | 1,441,918 | |
Amortized Cost | 1,564,680 | $ 1,069,526 |
Investment securities available for sale, Due after one year through five years, Amortized Cost | 1,250 | |
Investment securities available for sale, Due after five years through ten years, Amortized Cost | 3,270 | |
Investment securities available for sale, Due after ten years through thirty years, Amortized Cost | 117,849 | |
Investment securities available for sale, Mortgage backed securities, Amortized Cost | 1,408,170 | |
Fair Value | $ 1,530,539 | $ 1,060,143 |
Investment Securities Availab45
Investment Securities Available for Sale - Investments Gross Unrealized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 1,138,339 | $ 489,623 |
Less than 12 months, Unrealized Losses | 21,504 | 3,364 |
12 months or more, Fair Value | 314,521 | 325,640 |
12 months or more, Unrealized Losses | 13,453 | 7,834 |
Total, Fair Value | 1,452,860 | 815,263 |
Total, Unrealized Losses | 34,957 | 11,198 |
Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 7,787 | 0 |
Less than 12 months, Unrealized Losses | 55 | 0 |
12 months or more, Fair Value | 9,515 | 9,574 |
12 months or more, Unrealized Losses | 485 | 426 |
Total, Fair Value | 17,302 | 9,574 |
Total, Unrealized Losses | 540 | 426 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 1,091,709 | 477,925 |
Less than 12 months, Unrealized Losses | 20,991 | 3,298 |
12 months or more, Fair Value | 305,006 | 316,066 |
12 months or more, Unrealized Losses | 12,968 | 7,408 |
Total, Fair Value | 1,396,715 | 793,991 |
Total, Unrealized Losses | 33,959 | 10,706 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 38,843 | 11,698 |
Less than 12 months, Unrealized Losses | 458 | 66 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Total, Fair Value | 38,843 | 11,698 |
Total, Unrealized Losses | $ 458 | $ 66 |
Investment Securities Held to M
Investment Securities Held to Maturity - Fair Value of Held to Maturity Securities and Related Gross Unrecognized Gains and Losses (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 227,966 | $ 232,399 |
Gross Unrecognized Gains | 845 | 1,781 |
Gross Unrecognized Losses | 6,273 | 2,565 |
Held-to-maturity securities, fair value | 222,538 | 231,615 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 95,733 | 100,039 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 2,742 | 1,068 |
Held-to-maturity securities, fair value | 92,991 | 98,971 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 132,233 | 132,360 |
Gross Unrecognized Gains | 845 | 1,781 |
Gross Unrecognized Losses | 3,531 | 1,497 |
Held-to-maturity securities, fair value | $ 129,547 | $ 132,644 |
Investment Securities Held to47
Investment Securities Held to Maturity - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018USD ($)Security | Dec. 31, 2017USD ($)Security | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of securities representing specified criteria | 0 | 0 |
Percentage of HTM securities held by any one issuer as a percentage of stockholders' equity | 10.00% | |
Held to maturity securities pledged, carrying amount | $ | $ 107,190 | $ 97,389 |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% | |
Held-to-maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of securities representing specified criteria | 0 | |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% |
Investment Securities Held to48
Investment Securities Held to Maturity - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investments Debt And Equity Securities [Abstract] | ||
Investment securities held-to-maturity, Due after ten years through thirty years, Fair Value | $ 129,547 | |
Investment securities held-to-maturity, Mortgage backed securities, Fair Value | 92,991 | |
Investment securities held-to- maturity, Fair Value | 222,538 | $ 231,615 |
Investment securities held-to-maturity, Due after ten years through thirty years, Amortized Cost | 132,233 | |
Investment securities held-to-maturity, Mortgage backed securities, Amortized Cost | 95,733 | |
Amortized Cost | $ 227,966 | $ 232,399 |
Investment Securities Held to49
Investment Securities Held to Maturity - Investments Gross Unrecognized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 95,005 | $ 70,616 |
Less than 12 months, Unrecognized Losses | 2,312 | 637 |
12 months or more, Fair Value | 75,592 | 79,668 |
12 months or more, Unrealized Losses | 3,961 | 1,928 |
Total, Fair Value | 170,597 | 150,284 |
Total, Unrecognized Losses | 6,273 | 2,565 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 54,004 | 57,266 |
Less than 12 months, Unrecognized Losses | 1,446 | 451 |
12 months or more, Fair Value | 38,987 | 41,705 |
12 months or more, Unrealized Losses | 1,296 | 617 |
Total, Fair Value | 92,991 | 98,971 |
Total, Unrecognized Losses | 2,742 | 1,068 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 41,001 | 13,350 |
Less than 12 months, Unrecognized Losses | 866 | 186 |
12 months or more, Fair Value | 36,605 | 37,963 |
12 months or more, Unrealized Losses | 2,665 | 1,311 |
Total, Fair Value | 77,606 | 51,313 |
Total, Unrecognized Losses | $ 3,531 | $ 1,497 |
Loans - Summary of Information
Loans - Summary of Information Concerning Loan Portfolio by Collateral Types (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Receivables with Imputed Interest [Line Items] | ||
Total loans excluding purchased credit impaired loans | $ 6,684,181 | $ 4,609,063 |
Total PCI loans | 193,183 | 164,158 |
Total loans | 6,877,364 | 4,773,221 |
Allowance for loan losses for loans that are not PCI loans | (34,154) | (32,530) |
Net Loans | 6,842,935 | 4,740,396 |
Allowance for loan losses for loans that are not PCI loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 1,529,314 | 1,025,303 |
Real estate loans, Commercial | 3,696,369 | 2,546,143 |
Land, development and construction | 415,853 | 235,816 |
Total real estate | 5,641,536 | 3,807,262 |
Commercial | 910,235 | 693,501 |
Consumer and other loans | 131,590 | 107,480 |
Loans before unearned fees and deferred cost | 6,683,361 | 4,608,243 |
Net unearned fees and costs | 820 | 820 |
Allowance for loan losses on PCI loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 71,644 | 59,975 |
Real estate loans, Commercial | 106,234 | 92,791 |
Land, development and construction | 7,344 | 6,656 |
Total real estate | 185,222 | 159,422 |
Commercial | 7,620 | 4,444 |
Consumer and other loans | 341 | 292 |
Allowance for loan losses for PCI loans | $ (275) | $ (295) |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolios (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | $ 32,825 | $ 27,041 |
Loans charged-off | (403) | (902) |
Recoveries of loans previously charged-off | 707 | 685 |
Net recoveries (charge-offs) | 304 | (217) |
Provision for loan losses | 1,300 | 995 |
Balance at end of period | 34,429 | 27,819 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 6,003 | |
Balance at end of period | 5,747 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 19,363 | |
Balance at end of period | 21,034 | |
Land, Development, Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1,401 | |
Balance at end of period | 1,496 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 4,130 | |
Balance at end of period | 4,501 | |
Consumer and Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1,928 | |
Balance at end of period | 1,651 | |
Allowance for loan losses for loans that are not PCI loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 32,530 | 26,569 |
Loans charged-off | (403) | (902) |
Recoveries of loans previously charged-off | 632 | 685 |
Net recoveries (charge-offs) | 229 | (217) |
Provision for loan losses | 1,395 | 1,169 |
Balance at end of period | 34,154 | 27,521 |
Allowance for loan losses for loans that are not PCI loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 6,003 | 5,640 |
Loans charged-off | (136) | (86) |
Recoveries of loans previously charged-off | 274 | 216 |
Provision for loan losses | (394) | (7) |
Balance at end of period | 5,747 | 5,763 |
Allowance for loan losses for loans that are not PCI loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 19,304 | 14,713 |
Loans charged-off | (14) | |
Recoveries of loans previously charged-off | 94 | 279 |
Provision for loan losses | 1,577 | 635 |
Balance at end of period | 20,975 | 15,613 |
Allowance for loan losses for loans that are not PCI loans [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1,179 | 883 |
Recoveries of loans previously charged-off | 37 | |
Provision for loan losses | 115 | 143 |
Balance at end of period | 1,294 | 1,063 |
Allowance for loan losses for loans that are not PCI loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 4,130 | 3,785 |
Loans charged-off | (7) | (528) |
Recoveries of loans previously charged-off | 6 | 53 |
Provision for loan losses | 372 | 234 |
Balance at end of period | 4,501 | 3,544 |
Allowance for loan losses for loans that are not PCI loans [Member] | Consumer and Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1,914 | 1,548 |
Loans charged-off | (260) | (274) |
Recoveries of loans previously charged-off | 258 | 100 |
Provision for loan losses | (275) | 164 |
Balance at end of period | 1,637 | 1,538 |
Allowance for loan losses on PCI loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 295 | 472 |
Recoveries of loans previously charged-off | 75 | |
Net recoveries (charge-offs) | 75 | |
Provision for loan losses | (95) | (174) |
Balance at end of period | 275 | 298 |
Allowance for loan losses on PCI loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 54 | |
Provision for loan losses | (4) | |
Balance at end of period | 50 | |
Allowance for loan losses on PCI loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 59 | 92 |
Provision for loan losses | (34) | |
Balance at end of period | 59 | 58 |
Allowance for loan losses on PCI loans [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 222 | 312 |
Recoveries of loans previously charged-off | 75 | |
Provision for loan losses | (95) | (136) |
Balance at end of period | 202 | 176 |
Allowance for loan losses on PCI loans [Member] | Consumer and Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 14 | 14 |
Balance at end of period | $ 14 | $ 14 |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Allowance for loan losses: | ||||
Individually evaluated for impairment | $ 787 | $ 804 | ||
Collectively evaluated for impairment | 33,367 | 31,726 | ||
Purchased credit impaired | 275 | 295 | ||
Total ending allowance balance | 34,429 | 32,825 | $ 27,819 | $ 27,041 |
Loans: | ||||
Individually evaluated for impairment | 19,418 | 20,345 | ||
Collectively evaluated for impairment | 6,663,943 | 4,587,898 | ||
Purchased credit impaired | 193,183 | 164,158 | ||
Total ending loan balances | 6,876,544 | 4,772,401 | ||
Residential Real Estate [Member] | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 570 | 586 | ||
Collectively evaluated for impairment | 5,177 | 5,417 | ||
Total ending allowance balance | 5,747 | 6,003 | ||
Loans: | ||||
Individually evaluated for impairment | 8,165 | 8,101 | ||
Collectively evaluated for impairment | 1,521,149 | 1,017,202 | ||
Purchased credit impaired | 71,644 | 59,975 | ||
Total ending loan balances | 1,600,958 | 1,085,278 | ||
Commercial Real Estate [Member] | ||||
Allowance for loan losses: | ||||
Collectively evaluated for impairment | 20,975 | 19,304 | ||
Purchased credit impaired | 59 | 59 | ||
Total ending allowance balance | 21,034 | 19,363 | ||
Loans: | ||||
Individually evaluated for impairment | 8,311 | 8,218 | ||
Collectively evaluated for impairment | 3,688,058 | 2,537,925 | ||
Purchased credit impaired | 106,234 | 92,791 | ||
Total ending loan balances | 3,802,603 | 2,638,934 | ||
Land, Development, Construction [Member] | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 3 | 4 | ||
Collectively evaluated for impairment | 1,291 | 1,175 | ||
Purchased credit impaired | 202 | 222 | ||
Total ending allowance balance | 1,496 | 1,401 | ||
Loans: | ||||
Individually evaluated for impairment | 196 | 331 | ||
Collectively evaluated for impairment | 415,657 | 235,485 | ||
Purchased credit impaired | 7,344 | 6,656 | ||
Total ending loan balances | 423,197 | 242,472 | ||
Commercial and Industrial [Member] | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 205 | 206 | ||
Collectively evaluated for impairment | 4,296 | 3,924 | ||
Total ending allowance balance | 4,501 | 4,130 | ||
Loans: | ||||
Individually evaluated for impairment | 2,553 | 3,497 | ||
Collectively evaluated for impairment | 907,682 | 690,004 | ||
Purchased credit impaired | 7,620 | 4,444 | ||
Total ending loan balances | 917,855 | 697,945 | ||
Consumer and Other [Member] | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 9 | 8 | ||
Collectively evaluated for impairment | 1,628 | 1,906 | ||
Purchased credit impaired | 14 | 14 | ||
Total ending allowance balance | 1,651 | 1,928 | ||
Loans: | ||||
Individually evaluated for impairment | 193 | 198 | ||
Collectively evaluated for impairment | 131,397 | 107,282 | ||
Purchased credit impaired | 341 | 292 | ||
Total ending loan balances | $ 131,931 | $ 107,772 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 12,529 | $ 12,779 |
Impaired loans that are not TDRs | 6,889 | 7,566 |
Total impaired loans | 19,418 | 20,345 |
Performing TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | 11,294 | 12,081 |
Nonperforming TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 1,235 | $ 698 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Receivables [Abstract] | ||
Loans modification, modified terms allowance period minimum | 12 months | |
Loans modification, modified terms allowance period maximum | 24 months | |
Provision for loan loss expense | $ 11,000 | $ 87,000 |
Partial charge offs for troubled debt restructured | $ 11,000 | 51,000 |
Percentage of troubled debt restructured current pursuant to modified terms | 90.00% | |
Non performing TDRs | $ 1,235,000 | |
Percentage of troubled debt restructured not performing pursuant to their modified terms | 10.00% | |
Loans modified as TDRs | $ 1,563,000 | 70,000 |
Loan loss provision modified as TDRs | 0 | 2,000 |
Provision for loan loss expense within twelve months | 2,000 | 5,000 |
Partial charge offs for troubled debt restructured | 2,000 | 5,000 |
Reclassification from non-accretable difference | $ 1,727,000 | $ 3,804,000 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructured Loans by Loans Type (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 12,529 | $ 12,779 |
Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 11,800 | 12,025 |
Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 11,294 | 12,081 |
Accruing [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 10,680 | 11,355 |
Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,235 | 698 |
Non Accrual [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,120 | 670 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 8,064 | 8,101 |
Residential Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 7,656 | 7,737 |
Residential Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 408 | 364 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 3,540 | 3,592 |
Commercial Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 2,828 | 3,286 |
Commercial Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 712 | 306 |
Land, Development, Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 196 | 332 |
Land, Development, Construction [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 196 | 332 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 536 | 556 |
Commercial and Industrial [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 447 | 556 |
Commercial and Industrial [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 89 | |
Consumer and Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 193 | 198 |
Consumer and Other [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 167 | 170 |
Consumer and Other [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 26 | $ 28 |
Loans - Summary of Loans by Cla
Loans - Summary of Loans by Class Modified (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)SecurityLoan | Mar. 31, 2017USD ($)SecurityLoan | |
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 1 | 1 |
Recorded investment | $ | $ 174 | $ 456 |
Commercial Real Estate [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 1 | 1 |
Recorded investment | $ | $ 174 | $ 456 |
Loans - Summary of Loans Indivi
Loans - Summary of Loans Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance | $ 20,555 | $ 21,869 |
Total impaired loans | 19,418 | 20,345 |
Amount of allowance for loan losses allocated to impaired loans | 787 | 804 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 4,977 | 4,945 |
Unpaid principal balance, With an allowance recorded | 3,471 | 3,426 |
Recorded investment, With no related allowance | 4,839 | 4,818 |
Recorded investment, With an allowance recorded | 3,326 | 3,283 |
Total impaired loans | 8,165 | 8,101 |
Amount of allowance for loan losses allocated to impaired loans | 570 | 586 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 8,775 | 8,973 |
Recorded investment, With no related allowance | 8,311 | 8,218 |
Total impaired loans | 8,311 | 8,218 |
Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 94 | 260 |
Unpaid principal balance, With an allowance recorded | 138 | 140 |
Recorded investment, With no related allowance | 76 | 210 |
Recorded investment, With an allowance recorded | 120 | 121 |
Total impaired loans | 196 | 331 |
Amount of allowance for loan losses allocated to impaired loans | 3 | 4 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 2,366 | 3,374 |
Unpaid principal balance, With an allowance recorded | 522 | 531 |
Recorded investment, With no related allowance | 2,034 | 2,968 |
Recorded investment, With an allowance recorded | 519 | 529 |
Total impaired loans | 2,553 | 3,497 |
Amount of allowance for loan losses allocated to impaired loans | 205 | 206 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 135 | 142 |
Unpaid principal balance, With an allowance recorded | 77 | 78 |
Recorded investment, With no related allowance | 123 | 127 |
Recorded investment, With an allowance recorded | 70 | 71 |
Total impaired loans | 193 | 198 |
Amount of allowance for loan losses allocated to impaired loans | $ 9 | $ 8 |
Loans - Summary of Impairment b
Loans - Summary of Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | $ 19,881 | $ 19,430 |
Interest income recognized during impairment | 100 | 110 |
Total Real Estate Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 16,661 | 17,578 |
Interest income recognized during impairment | 92 | 100 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 8,133 | 7,962 |
Interest income recognized during impairment | 77 | 61 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 8,264 | 8,910 |
Interest income recognized during impairment | 12 | 35 |
Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 264 | 706 |
Interest income recognized during impairment | 3 | 4 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 3,025 | 1,625 |
Interest income recognized during impairment | 6 | 8 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 195 | 227 |
Interest income recognized during impairment | $ 2 | $ 2 |
Loans - Summary of Nonperformin
Loans - Summary of Nonperforming Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Non accrual loans | $ 23,096 | $ 17,288 |
Loans past due over 90 days and still accruing interest | 0 | 0 |
Total non performing loans | $ 23,096 | $ 17,288 |
Loans - Summary of Recorded Inv
Loans - Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 23,096 | $ 17,288 |
Loans past due over 90 days still accruing | 0 | 0 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 10,135 | 7,107 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 8,920 | 6,549 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 664 | 138 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,660 | 3,121 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 717 | $ 373 |
Loans - Summary Aging of Record
Loans - Summary Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 6,683,361 | $ 4,608,243 |
Total Past Due | 26,551 | 13,665 |
Loans Not Past Due | 6,633,714 | 4,577,290 |
Non accrual loans | 23,096 | 17,288 |
30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,252 | 8,572 |
60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,299 | 5,093 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,529,314 | 1,025,303 |
Total Past Due | 7,125 | 5,389 |
Loans Not Past Due | 1,512,054 | 1,012,807 |
Non accrual loans | 10,135 | 7,107 |
Residential Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,032 | 3,568 |
Residential Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,093 | 1,821 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 3,696,369 | 2,546,143 |
Total Past Due | 12,605 | 3,430 |
Loans Not Past Due | 3,674,844 | 2,536,164 |
Non accrual loans | 8,920 | 6,549 |
Commercial Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,121 | 1,158 |
Commercial Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,484 | 2,272 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 415,853 | 235,816 |
Total Past Due | 2,177 | 2,996 |
Loans Not Past Due | 413,012 | 232,682 |
Non accrual loans | 664 | 138 |
Land, Development, Construction [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,633 | 2,807 |
Land, Development, Construction [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 544 | 189 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 910,235 | 693,501 |
Total Past Due | 4,035 | 1,331 |
Loans Not Past Due | 903,540 | 689,049 |
Non accrual loans | 2,660 | 3,121 |
Commercial and Industrial [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,018 | 568 |
Commercial and Industrial [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,017 | 763 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 131,590 | 107,480 |
Total Past Due | 609 | 519 |
Loans Not Past Due | 130,264 | 106,588 |
Non accrual loans | 717 | 373 |
Consumer and Other [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 448 | 471 |
Consumer and Other [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 161 | $ 48 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 1,529,314 | $ 1,025,303 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 131,590 | 107,480 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,428,889 | 4,397,611 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,484,417 | 987,472 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,528,211 | 2,411,085 |
Pass [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 397,699 | 217,555 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 887,748 | 674,764 |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 130,814 | 106,735 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 199,421 | 168,401 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 25,002 | 20,435 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 139,561 | 115,942 |
Special Mention [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,376 | 17,699 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,324 | 14,186 |
Special Mention [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 158 | 139 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 55,051 | 42,231 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 19,895 | 17,396 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 28,597 | 19,116 |
Substandard [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 778 | 562 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,163 | 4,551 |
Substandard [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 618 | $ 606 |
Loans - Investment in Residenti
Loans - Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 1,529,314 | $ 1,025,303 |
Residential Real Estate [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,519,179 | 1,018,196 |
Residential Real Estate [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,135 | 7,107 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 131,590 | 107,480 |
Consumer and Other [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 130,873 | 107,107 |
Consumer and Other [Member] | Nonperforming TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 717 | $ 373 |
Loans - Summary of Total Contra
Loans - Summary of Total Contractually Required Principal and Interest Cash Payments, Management's Estimate of Expected Total Cash Payments and Carrying Value of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Contractually required principal and interest | $ 315,277 | $ 248,283 |
Non-accretable difference | (50,237) | (13,183) |
Cash flows expected to be collected | 265,040 | 235,100 |
Accretable yield | (71,857) | (70,942) |
Carrying value of acquired loans | 193,183 | 164,158 |
Allowance for loan losses | (275) | (295) |
Carrying value less allowance for loan losses | $ 192,908 | $ 163,863 |
Loans - Summary of Changes in T
Loans - Summary of Changes in Total Contractually Required Principal and Interest Cash Payments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Contractually required principal and interest, beginning balance | $ 248,283 | |
Non-accretable difference, beginning balance | (13,183) | |
Cash flows expected to be collected, beginning balance | 235,100 | |
Accretable yield, beginning balance | (70,942) | |
Carrying value of acquired loans, beginning balance | 164,158 | |
Contractually required principal and interest, ending balance | 315,277 | |
Non-accretable difference, ending balance | (50,237) | |
Cash flows expected to be collected, ending balance | 265,040 | |
Accretable yield, ending balance | (71,857) | |
Carrying value of acquired loans, ending balance | 193,183 | |
Contractually Required Principal and Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Contractually required principal and interest, beginning balance | 248,283 | $ 297,821 |
Effect of acquisitions | 88,705 | |
All other adjustments | (21,711) | (21,883) |
Contractually required principal and interest, ending balance | 315,277 | 275,938 |
Non-Accretable Difference [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-accretable difference, beginning balance | (13,183) | (18,372) |
Effect of acquisitions | (38,164) | |
All other adjustments | 1,110 | 7,946 |
Non-accretable difference, ending balance | (50,237) | (10,426) |
Cash Flows Expected to be Collected [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Cash flows expected to be collected, beginning balance | 235,100 | 279,449 |
Effect of acquisitions | 50,541 | |
All other adjustments | (20,601) | (13,937) |
Cash flows expected to be collected, ending balance | 265,040 | 265,512 |
Accretable Yield [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Accretable yield, beginning balance | (70,942) | (93,525) |
Effect of acquisitions | (6,278) | |
Income accretion | 7,718 | 8,525 |
All other adjustments | (2,355) | (4,454) |
Accretable yield, ending balance | (71,857) | (89,454) |
Carry Value of Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of acquired loans, beginning balance | 164,158 | 185,924 |
Effect of acquisitions | 44,263 | |
Income accretion | 7,718 | 8,525 |
All other adjustments | (22,956) | (18,391) |
Carrying value of acquired loans, ending balance | $ 193,183 | $ 176,058 |
Loans Held for Sale - Additiona
Loans Held for Sale - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Loans Receivable Held For Sale Net [Abstract] | |
Net gains from changes in estimated fair value of mortgage loans held for sale | $ 363,000 |
Loans held for sale, past due | 0 |
Loans held for sale, on nonaccrual | $ 0 |
Loans Held for Sale - Summary o
Loans Held for Sale - Summary of Activity in Mortgage Loans Held for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Loans Receivable Held For Sale Net [Abstract] | ||
Beginning balance | $ 19,647 | $ 2,285 |
Effect from acquisitions | 6,124 | |
Loans originated | 58,098 | 10,722 |
Proceeds from sales | (57,321) | (10,601) |
Change in fair value | 363 | |
Net realized gain on sales | 1,574 | 231 |
Ending balance | $ 28,485 | $ 2,637 |
Loans Held for Sale - Schedule
Loans Held for Sale - Schedule of Summarizes The Notional Amounts For Interest Rate Lock Commitments And Best Efforts Forward Trades Pertaining To Loans Held For Sale (Detail) - Loans Held for Sale [Member] $ in Thousands | Mar. 31, 2018USD ($) |
Loans Held For Sale [Line Items] | |
Total derivative instruments | $ 107,914 |
Interest Rate Lock Commitments [Member] | |
Loans Held For Sale [Line Items] | |
Total derivative instruments | 45,488 |
Best Efforts Forward Trades [Member] | |
Loans Held For Sale [Line Items] | |
Total derivative instruments | $ 62,426 |
Securities Sold Under Agreeme69
Securities Sold Under Agreement to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Banking And Thrift [Abstract] | ||
Securities sold under agreement to repurchase | $ 49,602 | $ 52,080 |
Securities Sold Under Agreeme70
Securities Sold Under Agreement to Repurchase - Summary of Repurchase Agreement (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 74,250 | $ 59,682 |
Securities sold under agreement to repurchase | $ 49,602 | $ 52,080 |
Market value pledged as a % of borrowings | 150.00% | 115.00% |
Mortgage Backed Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 73,813 | $ 59,239 |
Securities sold under agreement to repurchase | $ 49,537 | $ 52,030 |
Market value pledged as a % of borrowings | 149.00% | 114.00% |
Municipal Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 437 | $ 443 |
Securities sold under agreement to repurchase | $ 65 | $ 50 |
Market value pledged as a % of borrowings | 672.00% | 886.00% |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jan. 01, 2018USD ($)$ / shares | May 01, 2017USD ($)$ / shares | Apr. 01, 2017USD ($)$ / shares | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||||||
Goodwill on the acquisition | $ 609,720 | $ 257,683 | |||||
Platinum Bank Holding Company [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effective date of acquisition | Apr. 1, 2017 | ||||||
Increase in total assets | 14.00% | ||||||
Increase in total deposits | 13.00% | ||||||
Merger and acquisition related expenses | $ 0 | $ 232 | |||||
Goodwill on the acquisition | $ 73,829 | ||||||
Determination period for fair value estimates | 1 year | ||||||
Multiplied by the cash consideration each Platinum share is entitled to receive | $ / shares | $ 7.60 | ||||||
Per share exchange ratio | 3.7832 | ||||||
Total purchase consideration | $ 119,431 | ||||||
Loans at fair value | 454,584 | ||||||
Estimated discount on loans acquired | $ 8,980 | ||||||
Estimated discount to outstanding principal balance | 1.90% | ||||||
Percentage of loan acquired | 13.30% | ||||||
Platinum Bank Holding Company [Member] | Core Deposits [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] | |||||||
Percentage of outstanding stock acquired | 100.00% | ||||||
Gateway Financial Holdings Of Florida Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effective date of acquisition | May 1, 2017 | ||||||
Increase in total assets | 19.00% | ||||||
Increase in total deposits | 17.00% | ||||||
Merger and acquisition related expenses | $ 148 | $ 627 | |||||
Goodwill on the acquisition | $ 77,826 | ||||||
Determination period for fair value estimates | 1 year | ||||||
Multiplied by the cash consideration each Platinum share is entitled to receive | $ / shares | $ 18 | ||||||
Per share exchange ratio | 0.95 | ||||||
Total purchase consideration | $ 157,372 | ||||||
Loans at fair value | 568,240 | ||||||
Estimated discount on loans acquired | $ 9,479 | ||||||
Estimated discount to outstanding principal balance | 1.60% | ||||||
Percentage of loan acquired | 16.60% | ||||||
Gateway Financial Holdings Of Florida Inc [Member] | Core Deposits [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] | |||||||
Percentage of outstanding stock acquired | 100.00% | ||||||
Sunshine Bancorp, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effective date of acquisition | Jan. 1, 2018 | ||||||
Increase in total assets | 14.00% | ||||||
Increase in total deposits | 13.00% | ||||||
Merger and acquisition related expenses | $ 2,071 | ||||||
Goodwill on the acquisition | $ 118,342 | ||||||
Determination period for fair value estimates | 1 year | ||||||
Per share exchange ratio | 0.89 | ||||||
Total purchase consideration | $ 187,852 | ||||||
Loans at fair value | 684,322 | ||||||
Estimated discount on loans acquired | $ 22,657 | ||||||
Estimated discount to outstanding principal balance | 3.20% | ||||||
Percentage of loan acquired | 14.30% | ||||||
Sunshine Bancorp, Inc. [Member] | Core Deposits [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Deposit intangible asset | $ 8,525 | ||||||
Sunshine Bancorp, Inc. [Member] | Core Deposits [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated economic life | 10 years | ||||||
Sunshine Bancorp, Inc. [Member] | Purchased Credit-Impaired [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Loans with credit deficiencies | $ 8,232 | ||||||
Sunshine Bancorp, Inc. [Member] | Common Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of outstanding stock acquired | 100.00% | ||||||
HCBF Holding Company, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effective date of acquisition | Jan. 1, 2018 | ||||||
Increase in total assets | 33.00% | ||||||
Increase in total deposits | 32.00% | ||||||
Merger and acquisition related expenses | $ 5,789 | ||||||
Goodwill on the acquisition | $ 233,694 | ||||||
Determination period for fair value estimates | 1 year | ||||||
Multiplied by the cash consideration each Platinum share is entitled to receive | $ / shares | $ 1.925 | ||||||
Per share exchange ratio | 0.675 | ||||||
Total purchase consideration | $ 448,236 | ||||||
Loans at fair value | 1,326,035 | ||||||
Estimated discount on loans acquired | $ 40,438 | ||||||
Estimated discount to outstanding principal balance | 3.00% | ||||||
Percentage of loan acquired | 27.80% | ||||||
HCBF Holding Company, Inc. [Member] | Core Deposits [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Deposit intangible asset | $ 23,625 | ||||||
HCBF Holding Company, Inc. [Member] | Core Deposits [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated economic life | 10 years | ||||||
HCBF Holding Company, Inc. [Member] | Purchased Credit-Impaired [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Loans with credit deficiencies | $ 36,031 | ||||||
HCBF Holding Company, Inc. [Member] | Common Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of outstanding stock acquired | 100.00% |
Business Combinations - Summary
Business Combinations - Summary of Purchase Price Calculation (Detail) $ / shares in Units, $ in Thousands | Jan. 01, 2018USD ($)$ / sharesshares | May 01, 2017USD ($)$ / sharesshares | Apr. 01, 2017USD ($)$ / sharesshares |
Platinum Bank Holding Company [Member] | |||
Business Acquisition [Line Items] | |||
Number of shares of common stock outstanding | shares | 1,131,134 | ||
Per share exchange ratio | 3.7832 | ||
Number of shares of CenterState common stock less fractional shares | shares | 4,279,255 | ||
Multiplied by CenterState common stock price per share | $ / shares | $ 25.90 | ||
Fair value of CenterState common stock issued | $ 110,833 | ||
Multiplied by the cash consideration each share is entitled to receive | $ / shares | $ 7.60 | ||
Total cash consideration, not including cash for fractional shares | $ 8,597 | ||
Total cash consideration | 8,598 | ||
Total purchase price | $ 119,431 | ||
Gateway Financial Holdings Of Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Number of shares of common stock outstanding | shares | 5,463,764 | ||
Preferred shares that converted to common shares upon a change in control | shares | 919,236 | ||
Total common shares including conversion of preferred shares | shares | 6,383,000 | ||
Number of shares of common shares exchanged for CenterState common stock | shares | 4,468,100 | ||
Per share exchange ratio | 0.95 | ||
Number of shares of CenterState common stock less fractional shares | shares | 4,244,441 | ||
Multiplied by CenterState common stock price per share | $ / shares | $ 25.23 | ||
Fair value of CenterState common stock issued | $ 107,087 | ||
Number of shares of Gateway common shares exchanged for cash | shares | 1,914,900 | ||
Multiplied by the cash consideration each share is entitled to receive | $ / shares | $ 18 | ||
Total cash consideration, not including cash for fractional shares | $ 34,468 | ||
Total cash consideration | 34,474 | ||
Total consideration paid to common shareholders | 141,561 | ||
Fair value of stock options converted to CenterState stock options | 15,811 | ||
Total purchase price | $ 157,372 | ||
Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Number of shares of common stock outstanding | shares | 7,922,479 | ||
Per share exchange ratio | 0.89 | ||
Number of shares of CenterState common stock less fractional shares | shares | 7,050,645 | ||
Multiplied by CenterState common stock price per share | $ / shares | $ 25.73 | ||
Fair value of CenterState common stock issued | $ 181,413 | ||
Total cash consideration | 7 | ||
Total consideration paid to common shareholders | 181,420 | ||
Fair value of stock options converted to CenterState stock options | 6,432 | ||
Total purchase price | $ 187,852 | ||
HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Number of shares of common stock outstanding | shares | 22,299,082 | ||
Per share exchange ratio | 0.675 | ||
Number of shares of CenterState common stock less fractional shares | shares | 15,051,639 | ||
Multiplied by CenterState common stock price per share | $ / shares | $ 25.73 | ||
Fair value of CenterState common stock issued | $ 387,279 | ||
Multiplied by the cash consideration each share is entitled to receive | $ / shares | $ 1.925 | ||
Total cash consideration, not including cash for fractional shares | $ 42,932 | ||
Total cash consideration | 42,932 | ||
Total consideration paid to common shareholders | 430,211 | ||
Fair value of stock options converted to CenterState stock options | 18,025 | ||
Total purchase price | $ 448,236 |
Business Combinations - Summa73
Business Combinations - Summary of Purchase Price Calculation (Parenthetical) (Detail) - USD ($) $ in Thousands | Jan. 01, 2018 | May 01, 2017 | Apr. 01, 2017 |
Platinum Bank Holding Company [Member] | |||
Business Acquisition [Line Items] | |||
Fractional shares | 51 | ||
Fractional shares amount | $ 1 | ||
Gateway Financial Holdings Of Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Fractional shares | 254 | ||
Fractional shares amount | $ 6 | ||
Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Fractional shares | 361 | ||
HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Fractional shares | 241 | ||
Fractional shares amount | $ 6 |
Business Combinations - Summa74
Business Combinations - Summary of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | May 01, 2017 | Apr. 01, 2017 |
Assets: | |||||
Goodwill | $ 609,720 | $ 257,683 | |||
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 | ||||
Sunshine Bancorp, Inc. [Member] | |||||
Assets: | |||||
Cash and cash equivalents | $ 47,056 | ||||
Loans, held for investment | 676,090 | ||||
Purchased credit impaired loans | 8,232 | ||||
Loans held for sale | 430 | ||||
Investments | 93,006 | ||||
Accrued interest receivable | 2,170 | ||||
Branch real estate | 9,375 | ||||
Furniture and fixtures | 916 | ||||
Bank property held for sale | 9,503 | ||||
Federal Reserve Bank and Federal Home Loan Bank stock | 4,875 | ||||
Bank owned life insurance | 23,101 | ||||
Core deposit intangible | 8,525 | ||||
Goodwill | 118,342 | ||||
Deferred tax asset | 13,067 | ||||
Other assets | 624 | ||||
Total assets acquired | 1,015,312 | ||||
Liabilities: | |||||
Deposits | 719,039 | ||||
Federal Home Loan Bank advances | 95,001 | ||||
Securities sold under agreement to repurchase | 353 | ||||
Subordinated notes | 11,000 | ||||
Accrued interest payable | 457 | ||||
Other liabilities | 1,610 | ||||
Total liabilities assumed | 827,460 | ||||
HCBF Holding Company, Inc. [Member] | |||||
Assets: | |||||
Cash and cash equivalents | 77,176 | ||||
Loans, held for investment | 1,290,004 | ||||
Purchased credit impaired loans | 36,031 | ||||
Loans held for sale | 5,694 | ||||
Investments | 585,297 | ||||
Accrued interest receivable | 5,847 | ||||
Branch real estate | 34,035 | ||||
Furniture and fixtures | 3,571 | ||||
Bank property held for sale | 14,140 | ||||
Federal Reserve Bank and Federal Home Loan Bank stock | 8,582 | ||||
Other repossessed real estate owned | 5,144 | ||||
Bank owned life insurance | 39,089 | ||||
Core deposit intangible | 23,625 | ||||
Goodwill | 233,694 | ||||
Deferred tax asset | 13,698 | ||||
Other assets | 3,442 | ||||
Total assets acquired | 2,379,069 | ||||
Liabilities: | |||||
Deposits | 1,755,155 | ||||
Federal Home Loan Bank advances | 157,919 | ||||
Accrued interest payable | 478 | ||||
Corporate debentures | 5,872 | ||||
Other liabilities | 11,409 | ||||
Total liabilities assumed | $ 1,930,833 |
Business Combinations - Summa75
Business Combinations - Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans (Detail) - Purchased Credit-Impaired [Member] - USD ($) $ in Thousands | Jan. 01, 2018 | May 01, 2017 | Apr. 01, 2017 |
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 | ||
Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | $ 21,598 | ||
Non-accretable difference | (12,213) | ||
Cash flows expected to be collected | 9,385 | ||
Accretable yield | (1,153) | ||
Total purchased credit-impaired loans acquired | 8,232 | ||
HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | 67,107 | ||
Non-accretable difference | (25,951) | ||
Cash flows expected to be collected | 41,156 | ||
Accretable yield | (5,125) | ||
Total purchased credit-impaired loans acquired | $ 36,031 |
Business Combinations - Summa76
Business Combinations - Summary of Fair Value of Acquired Loans and Unpaid Principal Balance (Detail) - USD ($) $ in Thousands | Jan. 01, 2018 | May 01, 2017 | Apr. 01, 2017 |
Book Balance [Member] | Platinum Bank Holding Company [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | $ 463,564 | ||
Book Balance [Member] | Gateway Financial Holdings Of Florida Inc [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | $ 577,719 | ||
Book Balance [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | $ 706,979 | ||
Book Balance [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 1,366,473 | ||
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] | Residential Real Estate [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 148,342 | ||
Book Balance [Member] | Residential Real Estate [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 370,611 | ||
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] | Commercial Real Estate [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 375,377 | ||
Book Balance [Member] | Commercial Real Estate [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 636,517 | ||
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] | Land, Development, Construction [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 58,530 | ||
Book Balance [Member] | Land, Development, Construction [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 149,547 | ||
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] | Commercial and Industrial [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 104,811 | ||
Book Balance [Member] | Commercial and Industrial [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 113,818 | ||
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] | Consumer and Other [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 1,770 | ||
Book Balance [Member] | Consumer and Other [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 41,660 | ||
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 | ||
Book Balance [Member] | Purchased Credit-Impaired [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 18,149 | ||
Book Balance [Member] | Purchased Credit-Impaired [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 54,320 | ||
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] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 684,322 | ||
Fair Value [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 1,326,035 | ||
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] | Residential Real Estate [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 146,057 | ||
Fair Value [Member] | Residential Real Estate [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 363,559 | ||
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] | Commercial Real Estate [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 371,323 | ||
Fair Value [Member] | Commercial Real Estate [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 627,900 | ||
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] | Land, Development, Construction [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 57,331 | ||
Fair Value [Member] | Land, Development, Construction [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 146,639 | ||
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] | Commercial and Industrial [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 99,650 | ||
Fair Value [Member] | Commercial and Industrial [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 110,630 | ||
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] | Consumer and Other [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 1,729 | ||
Fair Value [Member] | Consumer and Other [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 41,276 | ||
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 | ||
Fair Value [Member] | Purchased Credit-Impaired [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 8,232 | ||
Fair Value [Member] | Purchased Credit-Impaired [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | $ 36,031 |
Business Combinations - Pro-For
Business Combinations - Pro-Forma Financial Information And Actual Results of Acquisition (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)$ / shares | |
Business Combinations [Abstract] | |
Net interest income | $ | $ 90,920 |
Net income available to common shareholders | $ | $ 27,154 |
EPS - basic | $ / shares | $ 0.33 |
EPS - diluted | $ / shares | $ 0.32 |
Interest Rate Swap Derivative78
Interest Rate Swap Derivatives - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Derivative Instruments Notional And Fair Value [Line Items] | ||
Market value of securities pledged | $ 74,250 | $ 59,682 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments Notional And Fair Value [Line Items] | ||
Derivative, Notional Amount | 4,077,941 | 3,740,430 |
Market value of securities pledged | 22,152 | 19,048 |
Collateral reserve for derivatives | $ 18,438 | $ 16,991 |
Interest Rate Swap Derivative79
Interest Rate Swap Derivatives - Summary Information about the Interest Rate Swap Derivative Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Fair value of interest rate swap derivatives (asset) | $ 55,553 | $ 42,480 |
Fair value of interest rate swap derivatives (liability) | 55,991 | 43,259 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 4,077,941 | $ 3,740,430 |
Weighted average pay rate on interest-rate swaps | 3.19% | 3.00% |
Weighted average receive rate on interest rate swaps | 3.19% | 3.00% |
Weighted average maturity (years) | 11 years | 11 years |
Fair value of interest rate swap derivatives (asset) | $ 55,553 | $ 42,480 |
Fair value of interest rate swap derivatives (liability) | $ 55,991 | $ 43,259 |
Revenue from Contracts with C80
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Retained earnings | $ 200,511 | $ 173,248 |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ASU 2014-09 [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Retained earnings | $ 0 | |
Revenue, performance obligation, description | There are no minimum orders or future performance obligations or deferred recognition requirements. | |
Contract revenues | $ 0 |
Recently Issued Accounting St81
Recently Issued Accounting Standards - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Retained Earnings [Member] | |
Recently Issued Accounting Standards [Line Items] | |
Reclassification of the stranded tax effects on unrealized losses on AFS securities resulting from the change in federal tax rate | $ 1,241 |
Accumulated Other Comprehensive Income (Loss) [Member] | |
Recently Issued Accounting Standards [Line Items] | |
Reclassification of the stranded tax effects on unrealized losses on AFS securities resulting from the change in federal tax rate | $ (1,241) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | Apr. 24, 2018Location$ / shares | Mar. 31, 2018USD ($)Location | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) |
Subsequent Event [Line Items] | ||||
Number of bank locations | Location | 130 | |||
Total assets | $ 10,347,996 | $ 7,123,975 | $ 5,328,996 | |
Total deposits | 8,111,998 | $ 5,560,523 | ||
Charter Financial Corporation [Member] | ||||
Subsequent Event [Line Items] | ||||
Total assets | 1,653,916 | |||
Gross Loans | 1,162,996 | |||
Total deposits | $ 1,349,261 | |||
Charter Financial Corporation [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Business acquisition, date of definitive agreement | Apr. 24, 2018 | |||
Conversion of stock conversion ratio | 0.738 | |||
Conversion of stock cash paid per share | $ / shares | $ 2.30 | |||
Number of bank locations | Location | 22 |