Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Sep. 24, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Bancorp, Inc. | ||
Entity Central Index Key | 1,295,401 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 431.4 | ||
Entity Common Stock, Shares Outstanding | 37,758,237 | ||
Document Fiscal Year Focus | 2,014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2014 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash and cash equivalents | ||||||||||
Cash and due from banks | $ 8,665 | $ 9,913 | $ 13,288 | $ 13,371 | $ 31,890 | $ 30,056 | $ 21,362 | $ 13,172 | $ 18,477 | |
Interest earning deposits at Federal Reserve Bank | 1,059,320 | 430,117 | 441,422 | 796,385 | 1,196,515 | 657,618 | 622,989 | 1,102,217 | 948,111 | |
Securities purchased under agreements to resell | 46,250 | 55,450 | 15,906 | 24,926 | 7,544 | 40,811 | 40,240 | 22,831 | ||
Total cash and cash equivalents | 1,114,235 | 495,162 | 470,614 | 834,682 | 1,235,949 | 728,485 | 684,591 | 1,138,220 | 966,588 | $ 748,068 |
Investment securities, available-for-sale, at fair value | 1,493,639 | 1,442,049 | 1,459,626 | 1,411,708 | 1,253,117 | 1,083,154 | 1,021,848 | 898,653 | 718,065 | |
Investment securities, held-to-maturity (fair value $91,914 and $95,030, respectively) | 93,765 | 96,951 | 97,130 | 97,149 | 97,205 | 97,459 | 95,662 | 45,064 | 45,179 | |
Commercial loans held for sale | 217,080 | 136,115 | 154,474 | 222,024 | 69,904 | 25,557 | 49,355 | 28,402 | 11,341 | |
Loans, net of deferred loan fees and costs | 874,593 | 856,428 | 801,755 | 735,507 | 636,001 | 620,265 | 564,537 | 565,436 | 535,141 | |
Allowance for loan and lease losses | (3,638) | (5,300) | (5,799) | (5,048) | (3,881) | (4,119) | (3,937) | (3,806) | (3,984) | |
Loans, net | 870,955 | 851,128 | 795,956 | 730,459 | 632,120 | 616,146 | 560,600 | 561,630 | 531,157 | |
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,002 | 3,409 | 3,409 | 3,209 | 3,209 | 3,209 | 3,209 | 3,094 | 3,621 | |
Premises and equipment, net | 17,697 | 17,536 | 16,236 | 15,692 | 15,659 | 14,252 | 13,709 | 10,965 | 10,368 | |
Accrued interest receivable | 11,251 | 11,061 | 10,476 | 10,450 | 8,522 | 7,930 | 7,485 | 6,658 | 4,969 | |
Intangible assets, net | 6,228 | 6,573 | 6,988 | 7,407 | 7,612 | 6,253 | 6,503 | 6,753 | 7,004 | |
Deferred tax asset, net | 33,673 | 71,021 | 54,026 | 56,871 | 59,836 | 65,066 | 66,245 | 61,687 | 61,421 | |
Investment in unconsolidated entity, at fair value | 193,595 | |||||||||
Assets held for sale | 887,929 | 1,066,029 | 1,108,972 | 1,160,794 | 1,179,277 | 1,236,868 | 1,255,559 | 1,253,317 | 1,238,086 | |
Other assets | 45,268 | 39,046 | 36,091 | 38,030 | 31,178 | 28,270 | 27,683 | 26,478 | 28,915 | |
Total assets | 4,986,317 | 4,237,123 | 4,214,000 | 4,588,475 | 4,593,588 | 3,912,649 | 3,792,449 | 4,040,921 | 3,626,714 | |
Deposits | ||||||||||
Demand and interest checking | 4,289,586 | 3,554,484 | 3,563,447 | 3,842,569 | 3,722,602 | 3,050,167 | 2,963,170 | 3,197,039 | 2,775,207 | |
Savings and money market | 330,798 | 324,015 | 307,927 | 393,329 | 536,162 | 504,447 | 469,238 | 495,001 | 517,098 | |
Time deposits | 1,400 | 231 | 8,962 | 9,115 | 9,773 | 9,920 | 12,502 | 12,602 | 12,582 | |
Time deposits, $100,000 and over | 2,895 | 1,474 | 2,195 | 4,452 | 4,683 | 5,747 | 8,343 | 8,334 | ||
Total deposits | 4,621,784 | 3,881,625 | 3,881,810 | 4,247,208 | 4,272,989 | 3,569,217 | 3,450,657 | 3,712,985 | 3,313,221 | |
Securities sold under agreements to repurchase | 19,414 | 21,496 | 17,481 | 16,491 | 21,221 | 22,057 | 19,059 | 16,672 | 18,548 | |
Subordinated debenture | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | |
Other liabilities | 12,695 | 23,603 | 29,978 | 56,353 | 38,850 | 42,274 | 49,186 | 42,961 | 17,812 | |
Total liabilities | 4,667,294 | 3,940,125 | 3,942,670 | 4,333,453 | 4,346,461 | 3,646,949 | 3,532,303 | 3,786,019 | 3,362,982 | |
SHAREHOLDERS' EQUITY | ||||||||||
Common stock - authorized, 50,000,000 shares of $1.00 par value; 37,808,777 and 37,720,945 shares issued at December 31, 2014 and December 31, 2013, respectively | 37,809 | 37,809 | 37,809 | 37,805 | 37,721 | 37,721 | 37,463 | 37,434 | 37,247 | |
Treasury stock, at cost (100,000 shares) | (866) | (866) | (866) | (866) | (866) | (866) | (866) | (866) | (866) | |
Additional paid-in capital | 297,987 | 297,122 | 296,523 | 295,824 | 294,576 | 292,715 | 286,321 | 285,009 | 282,708 | |
Retained earnings | (28,242) | (48,435) | (73,402) | (83,724) | (84,862) | (67,342) | (64,053) | (76,421) | (65,598) | |
Accumulated other comprehensive income | 12,335 | 11,368 | 11,266 | 5,983 | 558 | 3,472 | 1,281 | 9,746 | 10,241 | |
Total shareholders' equity | 319,023 | 296,998 | 271,330 | 255,022 | 247,127 | 265,700 | 260,146 | 254,902 | 263,732 | $ 258,311 |
Total liabilities and shareholders' equity | $ 4,986,317 | $ 4,237,123 | $ 4,214,000 | $ 4,588,475 | $ 4,593,588 | $ 3,912,649 | $ 3,792,449 | $ 4,040,921 | $ 3,626,714 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
ASSETS | ||||||||||
Investment securities, held-to-maturity, fair value | $ 91,914 | $ 94,889 | $ 94,927 | $ 95,077 | $ 95,030 | $ 94,806 | $ 91,777 | $ 40,999 | $ 41,008 | |
SHAREHOLDERS' EQUITY | ||||||||||
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Common stock, issued (in shares) | 37,808,777 | 37,808,777 | 37,808,777 | 37,804,902 | 37,720,945 | 37,720,945 | 37,462,939 | 37,433,594 | 37,246,655 | |
Treasury stock (in shares) | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Interest income | |||||||||||||||
Loans, including fees | $ 9,175,000 | $ 8,802,000 | $ 8,464,000 | $ 7,228,000 | $ 7,198,000 | $ 6,817,000 | $ 6,398,000 | $ 36,459,000 | $ 27,640,000 | $ 20,846,000 | |||||
Interest on investment securities: | |||||||||||||||
Taxable interest | 5,311,000 | 5,356,000 | 5,137,000 | 4,654,000 | 4,057,000 | 3,801,000 | 3,487,000 | 20,662,000 | 15,999,000 | 13,378,000 | |||||
Tax-exempt interest | 3,157,000 | 2,956,000 | 2,084,000 | 1,834,000 | 1,326,000 | 873,000 | 725,000 | 11,345,000 | 4,758,000 | 2,815,000 | |||||
Federal funds sold / securities purchased under agreements to resell | 105,000 | 85,000 | 106,000 | 146,000 | 157,000 | 98,000 | 24,000 | 462,000 | 425,000 | 7,000 | |||||
Interest earning deposits | 285,000 | 411,000 | 764,000 | 546,000 | 438,000 | 505,000 | 838,000 | 1,792,000 | 2,328,000 | 2,433,000 | |||||
Total interest income | $ 18,522,000 | 18,033,000 | 17,610,000 | 16,555,000 | 14,408,000 | 13,176,000 | 12,094,000 | 11,472,000 | 70,720,000 | 51,150,000 | 39,479,000 | ||||
Interest expense | |||||||||||||||
Deposits | 2,635,000 | 2,695,000 | 2,777,000 | 2,614,000 | 2,578,000 | 2,476,000 | 2,498,000 | 10,767,000 | 10,166,000 | 10,447,000 | |||||
Securities sold under agreements to repurchase | 14,000 | 11,000 | 12,000 | 15,000 | 13,000 | 12,000 | 14,000 | 50,000 | 54,000 | 95,000 | |||||
Subordinated debenture | 116,000 | 113,000 | 115,000 | 115,000 | 115,000 | 118,000 | 200,000 | 478,000 | 548,000 | 869,000 | |||||
Total interest expense | 2,765,000 | 2,819,000 | 2,904,000 | 2,744,000 | 2,706,000 | 2,606,000 | 2,712,000 | 11,295,000 | 10,768,000 | 11,411,000 | |||||
Net interest income | 15,715,000 | 15,268,000 | 14,791,000 | 13,651,000 | 11,664,000 | 10,470,000 | 9,488,000 | 8,760,000 | 59,425,000 | 40,382,000 | 28,068,000 | ||||
Provision for loan and lease losses | (1,404,000) | 158,000 | 1,173,000 | 1,275,000 | (106,000) | 379,000 | 247,000 | (165,000) | $ (2,448,000) | $ 82,000 | $ 2,606,000 | $ 461,000 | 1,202,000 | 355,000 | 6,642,000 |
Net interest income after provision for loan and lease losses | 15,110,000 | 13,618,000 | 12,376,000 | 11,770,000 | 10,091,000 | 9,241,000 | 8,925,000 | 58,223,000 | 40,027,000 | 21,426,000 | |||||
Non-interest income | |||||||||||||||
Service fees on deposit accounts | 1,692,000 | 1,377,000 | 1,210,000 | 1,547,000 | 1,286,000 | 1,084,000 | 1,060,000 | 6,339,000 | 4,977,000 | 3,548,000 | |||||
Card payment and ACH processing fees | 1,369,000 | 1,317,000 | 1,303,000 | 1,106,000 | 1,027,000 | 1,046,000 | 867,000 | 5,402,000 | 4,046,000 | 2,977,000 | |||||
Prepaid card fees | 12,307,000 | 12,898,000 | 13,468,000 | 11,657,000 | 10,177,000 | 11,531,000 | 11,974,000 | 51,287,000 | 45,339,000 | 33,311,000 | |||||
Gain on sale of loans | 2,772,000 | 5,212,000 | 5,484,000 | 4,560,000 | 4,739,000 | 5,748,000 | 2,178,000 | 12,542,000 | 17,225,000 | 1,885,000 | |||||
Gain on sales of investment securities | (35,000) | 159,000 | 241,000 | 1,104,000 | 42,000 | 476,000 | 267,000 | 400,000 | 743,000 | 365,000 | 785,000 | 450,000 | 1,889,000 | 661,000 | |
Other than temporary impairment on securities held-to-maturity | (20,000) | (20,000) | (20,000) | (20,000) | (202,000) | ||||||||||
Leasing income | 840,000 | 1,015,000 | 381,000 | 707,000 | 624,000 | 642,000 | 587,000 | 2,899,000 | 2,560,000 | 2,954,000 | |||||
Debit card income | 414,000 | 456,000 | 426,000 | 337,000 | 158,000 | 201,000 | 196,000 | 1,679,000 | 892,000 | 482,000 | |||||
Affinity fees | 649,000 | 668,000 | 534,000 | 558,000 | 722,000 | 850,000 | 856,000 | 2,596,000 | 2,986,000 | 2,794,000 | |||||
Other | 299,000 | 287,000 | 631,000 | 244,000 | 449,000 | 411,000 | 1,075,000 | 1,855,000 | 2,179,000 | 1,091,000 | |||||
Total non-interest income | 17,675,000 | 20,307,000 | 23,389,000 | 23,678,000 | 21,820,000 | 19,224,000 | 21,989,000 | 19,040,000 | 85,049,000 | 82,073,000 | 49,501,000 | ||||
Non-interest expense | |||||||||||||||
Salaries and employee benefits | 13,935,000 | 15,744,000 | 15,145,000 | 13,320,000 | 13,321,000 | 13,438,000 | 12,169,000 | 60,509,000 | 52,248,000 | 39,907,000 | |||||
Depreciation and amortization | 1,178,000 | 1,133,000 | 1,050,000 | 1,029,000 | 934,000 | 935,000 | 796,000 | 4,523,000 | 3,694,000 | 2,762,000 | |||||
Rent and related occupancy cost | 1,274,000 | 1,122,000 | 1,027,000 | 1,031,000 | 986,000 | 1,017,000 | 824,000 | 4,694,000 | 3,858,000 | 3,025,000 | |||||
Data processing expense | 3,315,000 | 3,463,000 | 3,255,000 | 2,931,000 | 2,710,000 | 2,724,000 | 2,523,000 | 13,207,000 | 10,888,000 | 9,938,000 | |||||
Printing and supplies | 492,000 | 589,000 | 556,000 | 407,000 | 352,000 | 422,000 | 417,000 | 2,229,000 | 1,598,000 | 1,637,000 | |||||
Professional fees | 356,000 | 400,000 | 376,000 | 478,000 | 347,000 | 305,000 | 311,000 | 1,427,000 | 1,441,000 | 1,145,000 | |||||
Legal expense | 557,000 | 302,000 | 630,000 | 1,115,000 | 642,000 | 200,000 | 91,000 | 2,102,000 | 2,048,000 | 1,711,000 | |||||
Amortization of intangible assets | 304,000 | 304,000 | 304,000 | 392,000 | 250,000 | 250,000 | 250,000 | 1,211,000 | 1,142,000 | 1,001,000 | |||||
FDIC Insurance | 1,492,000 | 1,116,000 | 1,689,000 | 953,000 | 895,000 | 858,000 | 976,000 | 6,805,000 | 3,682,000 | 3,172,000 | |||||
Software | 1,158,000 | 1,123,000 | 1,168,000 | 881,000 | 933,000 | 965,000 | 774,000 | 4,908,000 | 3,553,000 | 2,351,000 | |||||
Insurance | 404,000 | 485,000 | 451,000 | 415,000 | 352,000 | 298,000 | 246,000 | 1,700,000 | 1,311,000 | 976,000 | |||||
Telecom and IT network communications | 763,000 | 480,000 | 521,000 | 138,000 | 750,000 | 341,000 | 254,000 | 2,531,000 | 1,483,000 | 1,181,000 | |||||
Securitization and servicing expense | 573,000 | 703,000 | 578,000 | 278,000 | 343,000 | 146,000 | 1,843,000 | 767,000 | 98,000 | ||||||
Consulting | 1,157,000 | 409,000 | 696,000 | 501,000 | 464,000 | 308,000 | 427,000 | 3,452,000 | 1,700,000 | 1,123,000 | |||||
Bank Secrecy Act and lookback consulting expenses | 2,749,000 | 2,169,000 | 8,801,000 | ||||||||||||
Other | 3,428,000 | 4,470,000 | 3,759,000 | 3,257,000 | 3,105,000 | 3,292,000 | 2,750,000 | 16,038,000 | 12,404,000 | 10,161,000 | |||||
Total non-interest expense | 37,628,000 | 33,135,000 | 34,012,000 | 31,205,000 | 27,126,000 | 26,384,000 | 25,353,000 | 22,954,000 | 135,980,000 | 101,817,000 | 80,188,000 | ||||
Income (loss) from continuing operations before income taxes | (2,834,000) | 2,282,000 | 2,995,000 | 4,849,000 | 6,464,000 | 2,931,000 | 5,877,000 | 5,011,000 | 7,292,000 | 20,283,000 | (9,261,000) | ||||
Income tax (benefit) provision | (13,929,000) | (3,560,000) | 1,343,000 | 1,623,000 | 2,156,000 | 978,000 | 1,961,000 | 1,672,000 | (14,523,000) | 6,767,000 | (3,492,000) | ||||
Net income (loss) from continuing operations | 11,095,000 | 5,842,000 | 1,652,000 | 3,226,000 | 4,308,000 | 1,953,000 | 3,916,000 | 3,339,000 | 4,878,000 | 7,255,000 | 10,720,000 | 9,208,000 | 21,815,000 | 13,516,000 | (5,769,000) |
Income (loss) from discontinued operations before income taxes | 34,854,000 | 12,063,000 | (2,475,000) | (9,116,000) | (314,000) | 3,677,000 | (5,915,000) | 54,625,000 | (11,669,000) | (57,557,000) | |||||
Income tax (benefit) provision | 15,727,000 | 3,393,000 | (876,000) | 12,711,000 | 438,000 | (5,127,000) | 8,248,000 | 19,331,000 | 16,269,000 | (20,173,000) | |||||
Income (loss) from discontinued operations, net of tax | 9,096,000 | 19,127,000 | 8,670,000 | (1,599,000) | (21,827,000) | (752,000) | 8,804,000 | (14,163,000) | $ 7,071,000 | $ (5,359,000) | $ 26,198,000 | $ (6,111,000) | 35,294,000 | (27,938,000) | (37,384,000) |
Net income (loss) available to common shareholders | $ 20,191,000 | $ 24,969,000 | $ 10,322,000 | $ 1,627,000 | $ (17,520,000) | $ 1,201,000 | $ 12,720,000 | $ (10,824,000) | $ 57,109,000 | $ (14,422,000) | $ (43,153,000) | ||||
Net income (loss) per share from continuing operations - basic | $ 0.31 | $ 0.15 | $ 0.04 | $ 0.08 | $ 0.12 | $ 0.05 | $ 0.10 | $ 0.10 | $ 0.58 | $ 0.36 | $ (0.17) | ||||
Net income (loss) per share from discontinued operations - basic | 0.24 | 0.51 | 0.23 | (0.04) | (0.58) | (0.02) | 0.24 | (0.39) | 0.94 | (0.75) | (1.13) | ||||
Net income (loss) per share - basic | 0.55 | 0.66 | 0.27 | 0.04 | (0.46) | 0.03 | 0.34 | (0.29) | 1.52 | (0.39) | (1.30) | ||||
Net income (loss) per share from continuing operations - diluted | 0.30 | 0.15 | 0.04 | 0.08 | 0.11 | 0.05 | 0.10 | 0.09 | 0.57 | 0.35 | (0.17) | ||||
Net income (loss) per share from discontinued operations - diluted | 0.22 | 0.51 | 0.23 | (0.04) | (0.58) | (0.02) | 0.24 | (0.39) | 0.92 | (0.75) | (1.13) | ||||
Net income (loss) per share - diluted | $ 0.52 | $ 0.66 | $ 0.27 | $ 0.04 | $ (0.47) | $ 0.03 | $ 0.34 | $ (0.30) | $ 1.49 | $ (0.40) | $ (1.30) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net income (loss) | $ 57,109 | $ (14,422) | $ (43,153) |
Other comprehensive income (loss) | |||
Change in net unrealized gain/(loss) during the period | 18,710 | (12,905) | 6,198 |
Reclassification adjustments for gains included in income | (450) | (1,889) | (661) |
Reclassification adjustment for called securities | (133) | 297 | |
Amortization of (gains)/losses previously held as available-for-sale | (141) | 30 | 30 |
Net unrealized gain/(loss) on investment securities | 18,119 | (14,897) | 5,864 |
Deferred tax expense (benefit) | |||
Change in net unrealized gain/(loss) during the period | 6,549 | (4,517) | 2,169 |
Reclassification adjustments for gains included in income | (158) | (661) | (232) |
Reclassification adjustment for called securities | (47) | 104 | |
Amortization of (gains)/losses previously held as available-for-sale | (49) | 11 | 11 |
Income tax expense (benefit) related to items of other comprehensive income | 6,342 | (5,214) | 2,052 |
Other comprehensive income (loss), net of tax and reclassifications into net income | 11,777 | (9,683) | 3,812 |
Comprehensive income (loss) | $ 68,886 | $ (24,105) | $ (39,341) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings / (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance (As Previously Reported [Member]) at Dec. 31, 2011 | $ 33,196 | $ (866) | $ 241,997 | $ (9,277) | $ 6,429 | $ 271,479 |
Balance (Restatement Adjustments [Member]) | (13,168) | (13,168) | ||||
Balance at Dec. 31, 2011 | $ 33,196 | (866) | 241,997 | (22,445) | 6,429 | 258,311 |
Balance (in shares) (As Previously Reported [Member]) at Dec. 31, 2011 | 33,196,281 | |||||
Balance (in shares) at Dec. 31, 2011 | 33,196,281 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (43,153) | (43,153) | ||||
Issuance of common stock | $ 4,000 | 37,713 | 41,713 | |||
Issuance of common stock (in shares) | 4,000,000 | |||||
Common stock issued from option exercises, net of tax benefits | $ 51 | 403 | $ 454 | |||
Common stock issued from option exercises, net of tax benefits (in shares) | 50,374 | 50,374 | ||||
Stock-based compensation | 2,595 | $ 2,595 | ||||
Other comprehensive loss (income), net of reclassification adjustments and tax | 3,812 | 3,812 | ||||
Balance (As Previously Reported [Member]) at Dec. 31, 2012 | 336,677 | |||||
Balance (Restatement Adjustments [Member]) | (72,945) | |||||
Balance at Dec. 31, 2012 | $ 37,247 | (866) | 282,708 | (65,598) | 10,241 | 263,732 |
Balance (in shares) at Dec. 31, 2012 | 37,246,655 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (14,422) | (14,422) | ||||
Issuance of common stock | $ 176 | 1,453 | 1,629 | |||
Issuance of common stock (in shares) | 175,790 | |||||
Common stock issued from option exercises, net of tax benefits | $ 158 | 1,495 | $ 1,653 | |||
Common stock issued from option exercises, net of tax benefits (in shares) | 158,272 | 605,494 | ||||
Common stock issued from cashless option exercises, net of tax benefits | $ 140 | 4,702 | (4,842) | |||
Common stock issued from cashless option exercises, net of tax benefits (in shares) | 140,228 | |||||
Stock-based compensation | 3,157 | $ 3,157 | ||||
Stock-based income tax benefit | 1,061 | 1,061 | ||||
Other comprehensive loss (income), net of reclassification adjustments and tax | (9,683) | (9,683) | ||||
Balance (As Previously Reported [Member]) at Dec. 31, 2013 | 359,604 | |||||
Balance (Restatement Adjustments [Member]) | (112,477) | |||||
Balance at Dec. 31, 2013 | $ 37,721 | (866) | 294,576 | (84,862) | 558 | 247,127 |
Balance (in shares) at Dec. 31, 2013 | 37,720,945 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 57,109 | 57,109 | ||||
Common stock issued from option exercises, net of tax benefits | $ 9 | 94 | $ 103 | |||
Common stock issued from option exercises, net of tax benefits (in shares) | 9,249 | 63,874 | ||||
Common stock issued from cashless option exercises, net of tax benefits | $ 30 | 459 | (489) | |||
Common stock issued from cashless option exercises, net of tax benefits (in shares) | 29,208 | |||||
Common stock issued from vested stock, net of tax benefits | $ 49 | (49) | ||||
Common stock issued from vested stock, net of tax benefits, shares | 49,375 | |||||
Stock-based compensation | 2,641 | $ 2,641 | ||||
Stock-based income tax benefit | 266 | 266 | ||||
Other comprehensive loss (income), net of reclassification adjustments and tax | 11,777 | 11,777 | ||||
Balance at Dec. 31, 2014 | $ 37,809 | $ (866) | $ 297,987 | $ (28,242) | $ 12,335 | $ 319,023 |
Balance (in shares) at Dec. 31, 2014 | 37,808,777 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 45 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | $ 11,095 | $ 5,842 | $ 1,652 | $ 3,226 | $ 4,308 | $ 1,953 | $ 3,916 | $ 3,339 | $ 4,878 | $ 7,255 | $ 10,720 | $ 9,208 | $ 21,815 | $ 13,516 | $ (5,769) | |
Net income (loss) from discontinued operations, net of tax | 9,096 | 19,127 | 8,670 | (1,599) | (21,827) | (752) | 8,804 | (14,163) | 7,071 | (5,359) | 26,198 | (6,111) | 35,294 | (27,938) | (37,384) | |
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Depreciation and amortization | 1,354 | 1,046 | 2,791 | 2,231 | 4,273 | 3,415 | 5,734 | 4,836 | 3,763 | |||||||
Provision for loan and lease losses | (1,404) | 158 | 1,173 | 1,275 | (106) | 379 | 247 | (165) | (2,448) | 82 | 2,606 | 461 | 1,202 | 355 | 6,642 | |
Net amortization of investment securities discounts/premiums | 3,441 | 823 | 4,794 | 2,615 | 7,448 | 4,660 | 14,059 | 6,811 | 2,090 | |||||||
Stock-based compensation expense | 772 | (745) | (1,443) | (1,558) | 2,042 | (2,357) | 2,641 | 3,157 | 2,595 | |||||||
Loans originated for sale | (218,587) | (28,402) | (323,926) | (110,117) | (427,937) | (189,327) | (630,165) | (276,562) | (28,876) | |||||||
Sale of loans originated for resale | 75,441 | (13,519) | (250,052) | (101,721) | 375,194 | (215,092) | 495,531 | 268,019 | 19,420 | |||||||
Gain on sales of loans originated for resale | (17,000) | (5,484) | (2,178) | (10,696) | (7,926) | (13,468) | (12,665) | (12,542) | (17,225) | (1,885) | $ (28,500) | |||||
Deferred income tax expense (benefit) | (13,590) | (200) | (1,188) | |||||||||||||
Gain on sale of fixed assets | (2) | (2) | 1 | (2) | 1 | (14) | (24) | (31) | ||||||||
Other than temporary impairment on securities held-to-maturity | 20 | 20 | 20 | 20 | 202 | |||||||||||
Gain on sales of investment securities | 35 | (159) | (241) | (1,104) | (42) | (476) | (267) | (400) | (743) | (365) | (785) | (450) | (1,889) | (661) | ||
Increase in accrued interest receivable | (1,928) | (1,689) | (1,954) | (2,516) | (2,539) | (2,961) | (2,729) | (3,553) | (1,574) | |||||||
Decrease (increase) in other assets | 36,401 | (3,076) | (3,896) | (4,283) | (67,222) | (4,868) | 21,966 | (222) | (42,056) | |||||||
Increase in discontinued assets held for sale | (43,923) | 11,263 | (24,377) | 3,852 | 34,903 | (8,671) | 37,410 | (23,390) | (2,310) | |||||||
Increase (decrease) in other liabilities | (1,552) | 25,149 | 15,704 | 1,438 | (15,249) | 16,161 | (26,155) | 15,284 | 7,739 | |||||||
Net cash (used in) provided by operating activities | (151,406) | (5,964) | 107,478 | (10,171) | (63,398) | 25,988 | (49,993) | (39,005) | (79,283) | |||||||
Investing activities | ||||||||||||||||
Purchase of investment securities available-for-sale | (222,550) | (250,581) | (343,628) | (442,958) | (402,168) | (607,528) | (533,168) | (884,050) | (473,828) | |||||||
Purchase of investment securities held-to-maturity | (50,875) | (52,899) | (52,899) | |||||||||||||
Proceeds from sale of investment securities available-for-sale | 24,173 | (9,356) | 46,507 | (51,149) | 78,793 | 61,962 | 109,322 | 106,243 | 26,209 | |||||||
Proceeds from redemptions and prepayments of securities held-to-maturity | 38 | 38 | 195 | 606 | 3,022 | 963 | 2,076 | |||||||||
Proceeds from redemptions and prepayments of securities available-for-sale | 64,004 | 59,942 | 109,559 | 103,091 | 144,051 | (174,895) | 188,252 | 233,262 | 154,246 | |||||||
Net increase in loans | (103,103) | (30,309) | (166,285) | (51,218) | (222,338) | (112,767) | (240,036) | (134,114) | (174,110) | |||||||
Net decrease in discontinued loans held for sale | 19,098 | (20,979) | 93,526 | (15,809) | 120,300 | 15,404 | 253,938 | 82,199 | 109,743 | |||||||
Proceeds from sale of fixed assets | 11 | 11 | (79) | 14 | (99) | 64 | 137 | 357 | ||||||||
Purchases of premises and equipment | (1,092) | (1,392) | (2,768) | (5,151) | (5,250) | (6,649) | (6,611) | (9,098) | (5,098) | |||||||
Investment in unconsolidated entity | (193,595) | |||||||||||||||
Net cash used in investing activities | (219,421) | 233,963 | (263,040) | 411,692 | (286,403) | (526,877) | (418,812) | (657,357) | (360,405) | |||||||
Financing activities | ||||||||||||||||
Net increase in deposits | (25,781) | 399,764 | (391,179) | 137,436 | (391,364) | (255,996) | 348,795 | 959,768 | 630,670 | |||||||
Net increase (decrease) in securities sold under agreements to repurchase | (4,730) | (1,876) | (3,740) | 511 | 275 | 3,509 | (1,807) | 2,673 | (14,629) | |||||||
Proceeds from issuance of common stock | (1,629) | 1,629 | 1,629 | 1,629 | 41,713 | |||||||||||
Proceeds from the exercise of options | 71 | 114 | 103 | 290 | 103 | (1,653) | 103 | 1,653 | 454 | |||||||
Net cash provided by financing activities | (30,440) | (399,631) | (394,816) | (139,866) | (390,986) | 262,787 | 347,091 | 965,723 | 658,208 | |||||||
Net (decrease) increase in cash and cash equivalents | (401,267) | 171,632 | (765,334) | (281,997) | (740,787) | (238,102) | (121,714) | 269,361 | 218,520 | |||||||
Cash and cash equivalents, beginning of year | 495,162 | 470,614 | 834,682 | 1,235,949 | 728,485 | 684,591 | 1,138,220 | 966,588 | 1,235,949 | 966,588 | 1,235,949 | 966,588 | 1,235,949 | 966,588 | 748,068 | |
Cash and cash equivalents, end of year | $ 1,114,235 | $ 495,162 | $ 470,614 | 834,682 | $ 1,235,949 | $ 728,485 | $ 684,591 | 1,138,220 | 470,614 | 684,591 | 495,162 | 728,485 | 1,114,235 | 1,235,949 | 966,588 | $ 495,162 |
Supplemental disclosure: | ||||||||||||||||
Interest paid | 2,911 | 2,720 | 5,734 | 5,326 | 8,104 | 8,054 | 10,768 | 10,792 | 11,431 | |||||||
Taxes paid | $ 1,129 | $ 2,244 | $ 2,093 | 2,244 | 2,578 | 11,445 | 2,578 | 17,602 | $ 11,049 | |||||||
Transfers of loans to other real estate owned | $ 725 | $ 725 | ||||||||||||||
Transfers of loans to held for sale | $ 21,692 | $ 27,316 | $ 32,795 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2014 | |
Organization and Nature of Operations [Abstract] | |
Organization and Nature of Operations | Note A—Organization and Nature of Operations The Bancorp, Inc. (the Company) is a Delaware corporation and a registered financial holding company. Its primary subsidiary is a wholly owned subsidiary bank, The Bancorp Bank (the Bank). The Bank is a Delaware chartered commercial bank located in Wilmington, Delaware and is a Federal Deposit Insurance Corporation (FDIC) insured institution. In its continuing operations, the Bank has four primary lines of specialty lending: security backed lines of credit (SBLOC), leasing, Small Business Administration (SBA) loans and loans generated for sale into capital markets primarily through commercial mortgage backed securities (CMBS). Through the Bank, the Company also provides banking services nationally, which include prepaid cards, private label banking, institutional banking, card payment and other payment processing and health savings accounts. European operations are comprised of three operational service subsidiaries, Transact Payment Services Group Limited, Transact Payment Services Limited and Transact Payment Services Group-Bulgaria EOOD and one subsidiary, Transact Payments Limited, which offer prepaid card and electronic money issuing services. The Company and the Bank are subject to regulation by certain state and federal agencies and, accordingly, they are examined periodically by those regulatory authorities. As a consequence of the extensive regulation of commercial banking activities, the Company’s and the Bank’s businesses may be affected by state and federal legislation and regulations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note B—Summary of Significant Accounting Policies 1. Basis of Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (US GAAP) and predominant practices within the banking industry. The consolidated financial statements include the accounts of the Company and all its subsidiaries . All inter-company balances have been eliminated. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates . The principal estimates that are particularly susceptible to a significant change in the near term relate to the allowance for loan and lease losses , investment other than temporary impairment (OTTI) and deferred income taxes . The Company periodically reviews its investment portfolio to determine whether unrealized losses on securities are temporary, based on evaluations of the creditworthiness of the issuers or guarantors, and underlying collateral, as applicable. In addition, it considers the continuing performance of the securities. Credit losses are recognized in the consolidated statement of operations . If management believes market value losses are temporary and it believes the Company has the ability and intention to hold those securities to maturity, for available for sale securities the reduction in value is recognized in other comprehensive income, through equity and for held to maturity securities the securities are held at the amortized cost . Deferred tax assets are recorded on the consolidated balance sheet at their net realizable value. The Company performs an assessment each reporting period to evaluate the amount of deferred tax asset it is more likely than not to realize. Realization of deferred tax assets is dependent upon the amount of taxable income expected in future periods, as tax benefits require taxable income to be realized. If a valuation allowance is required, the deferred tax asset on the consolidated balance sheet is reduced via a corresponding income tax expense in the consolidated statement of operations. 2. Cash and Cash Equivalents Cash and cash equivalents are defined as cash on hand and amounts due from banks with an original maturity of three months or less and federal funds sold. The Company at times maintains balances in excess of insured limits at various financial institutions including the FRB, the FHLB and other private institutions. The Company does not believe these instruments carry a significant risk of loss, but cannot provide assurances that no losses could occur if these institutions were to become insolvent. 3. Investment Securities Investments in debt securities which the Company has both the ability and intent to hold to maturity are carried at cost, adjusted for the amortization of premiums and accretion of discounts computed by the effective interest method. Investments in debt and equity securities which management believes may be sold prior to maturity due to changes in interest rates, prepayment risk, liquidity requirements, or other factors, are classified as available-for-sale. Net unrealized gains for such securities, net of tax effect, are reported as other comprehensive income and excluded from the determination of net income. The unrealized losses for both the held-to-maturity and available-for-sale securities are evaluated to determine first if the impairment is other than temporary then to determine the amount of other than temporary impairment that is attributable to credit loss versus non-credit loss . If a credit loss is determined, an other than temporary charge is recorded within the consolidated statement of operations. The Company does not engage in securities trading. Gains or losses on disposition of investment securities are based on the net proceeds and the adjusted carrying amount of the securities sold using the specific identification method. The Company evaluates whether a n other than temporary impairment exists by considering primarily the following factors: (a) the length of time and extent to which the fair value has been less than the amortized cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on contractually obligated interest and principal payments, (d) changes in the financial condition of the security’s underlying collateral and (e) the payment structure of the security. The Company’s best estimate of expected future cash flows used to determine the amount of other than temporary impairment attributable to credit loss is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions and judgments regarding the future performance of the security. The Company’s best estimate of future cash flows involves assumptions including, but not limited to, various performance indicators, such as historical and projected default and recovery rates, credit ratings, current delinquency rates, loan-to value ratios and the possibility of obligor refinancing. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value. In addition, projections of expected future cash flows from a debt security may change based upon new information regarding the performance of the issuer and/or underlying collateral such as changes in t he projections of the underlying property value estimates. The Company recognized other tha n temporary impairment charges of $0 in 2014 , $20,000 in 2013 and $202,000 in 2012. The $20,000 charge in 2013 resulted from the write-down of the amortized cost to the present value of the cash flows expected to be collected for one pooled trust preferred security. The $202,000 ch arge in 2012 resulted from the write-down of the amortized cost to the present value of the cash flows expected to be collected for one po oled trust preferred security. 4. Loans and Allowance for Loan and Lease Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal and are net of unearned discount s , unearned loan fees and an allowance for loan and lease losses. The allowance for loan and lease losses is established through a provision for loan and lease losses charged to expense. Loan principal considered to be uncollectible by management is charged against the allowance for loan and lease losses. The allowance is an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible based upon an evaluation of known and inherent risks in the loan portfolio. The evaluation takes into consideration such factors as changes in the nature and size of the loan portfolio, overall portfolio quality, specific problem loans and current economic conditions which may affect the borrowers’ ability to pay. The evaluation also details historical losses by loan category, the resulting loss rates for which are projected at current loan total amounts. Loss estimates for specified problem loans are also detailed. Interest income is accrued as earned on a simple interest basis. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. The Company recognizes income on impaired loans when they are placed into non-accrual status on a cash basis when the loans are both current and the collateral on the loan is sufficient to cover the outstanding obligation to the Company. If these factors do not exist, the Company will not recognize income on such loans. When a loan is placed on non-accrual status, all accumulated accrued interest receivable applicable to periods prior to the current year is charged off to the allowance for loan and lease losses. Interest that had accrued in the current year is reversed out of current period income. Loans reported as having missed four or more consecutive monthly payments and still accruing interest must have both principal and accruing interest adequately secured and must be in the process of collection. Such loans are reported as 90 days delinquent and still accruing. For all loan types, the Company uses the method of reporting delinquencies which considers a loan past due or delinquent if a monthly payment has not been received by the close of business on the loan’s next due date. In the Company’s reporting, two missed payments are reflected as 30 to 59 day delinquencies and three missed payments are reflected as 60 to 89 day delinquencies. The allowance for loan losses represents management's estimate of losses inherent in the loan and lease portfolio as of the consolidated balance sheet date and is recorded as a reduction to loans and leases. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. The evaluation of the adequacy of the allowance for loan and lease losses includes, among other factors, an analysis of historical loss rates and environmental factors by category, applied to current loan totals. However, actual losses may be higher or lower than historical trends, which vary. Actual losses on specified problem loans, which also are provided for in the evaluation, may vary from those estimated loss percentages, which are established based upon a limited number of potential loss classifications. Management performs a quarterly evaluation of the adequacy of the allowance, which is based on the Company's past loan loss experience, known and inherent risks in the portfolio, the volume and mix of the existing loan and lease portfolios, including the volume and severity of non-performing and adversely classified credits, an analysis of net charge-offs experienced on previously classified credits, the trend in loan and lease growth, including any rapid increase in loan and lease volume within a relatively short time period, general and local economic conditions affecting the collectability of the Company’s loans and leases, previous loan and lease experience by type, including net charge-offs, as a percentage of average loans and leases over the past several years and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. The specific component relates to loans and leases that are classified as impaired. For such loans and leases, an allowance is established when the discounted cash flows, or collateral value, or observable market price of the impaired loan is lower than the carrying value of that loan. Regardless of the measurement method, a creditor must measure impairment based on the fair value of the collateral when the creditor determines that foreclosure is probable. The allowance calculation methodology includes further segregation of loan classes into regulatory risk rating categories of special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management's close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans rated as special mention and substandard are reserved for based on the average charge-off history for loans and leases previously classified in those categories. Loans classified as doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are included in the general component of the reserve calculation. The general component covers pools of loans by loan type. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for relevant qualitative factors. Separate qualitative adjustments are made for higher-risk criticized loans that are not impaired. These qualitative risk factors include: · Changes in lending policies or procedures; · Changes in economic conditions; · Portfolio growth; · Changes in the nature or volume of the portfolio; · Changes in management’s experience; · Past due volume; · Non-accrual volume; · Adversely classified loans; · Quality of the loan review system; · Changes in the value of underlying collateral; · Concentrations of credit; and · External factors. Applicable factors are considered based on management's best judgment using relevant information available at the time of the evaluation. An unallocated component is also maintained to cover additional uncertainties that could affect management's estimate of probable losses. A loan is considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for all impaired loans by either the present value of expected future cash flows discounted at the loan's effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company's impaired loans are measured based on the estimated fair value of the loan's collateral. For SBA commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals or evaluations. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For SBA commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower's financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management's comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Loans originated from continuing operations and intended for sale in the secondary market are carried at estimated fair value . Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. The Company originates specific commercial mortgage loans for sale in secondary market s . These loans are accounted for under the fair value option and amounted to $217.1 million at December 31, 2014 and $69.9 million at December 31, 2013. These loans were classified as held for sale. Loans from discontinued operations intended for sale primarily to other financial institutions are carried at the lower of cost or market on the balance sheet, determined by loan type or, for larger loans , on a n individual loan basis. See Note W to the financial statements. 5. Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Depreciation expense is computed on the straight-line method over the useful lives of the assets. Leasehold improvements are depreciated over the shorter of the estimated useful lives of the improvements or the terms of the related leases. 6. Internal Use Software The Company capitalizes costs associated with internally developed and/or purchased software systems for new products and enhancements to existing products that have reached the application stage and meet recoverability tests. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal use software, payroll and payroll related expenses for employees who are directly associated with and devote time to the internal use software project and interest costs incurred, if material, while developing internal use software. Capitalization of such costs begins when the preliminary project stage is complete and ceases no later than the point at which the project is substantially complete and ready for its intended purpose. The carrying value of the Company’s software is periodically reviewed and a loss is recognized if the value of the estimated undiscounted cash flow benefit related to the asset falls below the unamortized cost. Amortization is provided using the straight-line method over the estimated useful life of the related software, which is generally seven years. As of December 31, 201 4 and 20 13 , the Company had net capitalized softwar e costs of approximately $5.4 million and $4.2 million, respectively. The Company recorded amortization expense of approximately $1.2 million , $907,000 and $669,000 f or the years ended December 31, 2014, 2013 and 2012 , respectively. 7. Income Taxes The Company accounts for income taxes under the liability method whereby deferred tax assets and liabilities are determined based on the difference between their carrying values on the consolidated financial statements and their tax basis as measured by the enacted tax rates which will be in effect when these differences reverse. Deferred tax expense (benefit) is the result of changes in deferred tax assets and liabilities. The Company recognizes the benefit of a tax position in the consolidated financial statements only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. For these analyses, the Company may engage attorneys to provide opinions related to the positions. T he Company applie s this policy to all tax positions for which the statute of limitations remain open, but this application does not materially impact the Company’s consolidated balance sheet or statement of operations. Any interest and penalties related to uncertain tax positions are recognized in income tax (benefit) expense in the consolidated statement of operations. 8. Share-Based Compensation The Company recognizes compensation expense for stock options in accordance with Accounting Standards Codification (“ASC”) 718 , Stock Based Compensation . The expense of the option is generally measured at fair value at the grant date with compensation expense recognized over the service period, which is usually the vesting period. For grants subject to a service condition, the Company utilizes the Black-Scholes option-pricing model to estimate the fair value of each option on the date of grant. The Black-Scholes model takes into consideration the exercise price and expected life of the options, the current price of the underlying stock and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Company’s estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. In accordance with ASC 718, the Company estimates the number of options for which the requisite service is expected to be rendered. 9. Other Real Estate Owned Other real estate owned is recorded at estimated fair market value less cost of disposa l; which establishes a new cost basis or carrying value . When property is acquired, the excess, if any, of the loan balance over fair market value is charged to the allowance for loan and lease losses. Periodically thereafter, the asset is reviewed for subsequent declines in the estimated fair market value against the carrying value . Subsequent declines, if any, and holding costs, as well as gains and losses on subsequent sale, are included in the consolidated statements of operations. 10. Advertising Costs The Company expenses advertising costs as incurred. Advertising costs amounted to $621,000 , $706,000 and $393,000 for the years ended December 31, 2014, 2013 and 2012, respectively . 11. Earnings P er Share The Company calculates earnings per share under ASC 260, Earnings Per Share . Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. The following tables show the Company’s earnings per share for the periods presented: Year ended December 31, 2014 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings (loss) per share from continuing operations Net income (loss) available to common shareholders $ 21,815 $ 0.58 Effect of dilutive securities Common stock options - Diluted earnings (loss) per share Net income (loss) available to common shareholders $ 21,815 $ 0.57 Year ended December 31, 2014 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings (loss) per share from discontinued operations Net income (loss) available to common shareholders $ 35,294 $ 0.94 Effect of dilutive securities Common stock options - Diluted (loss) earnings per share Net income (loss) available to common shareholders $ 35,294 $ 0.92 Year ended December 31, 2014 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings (loss) per share Net income (loss) available to common shareholders $ 57,109 $ 37,701,306 $ 1.52 Effect of dilutive securities Common stock options - Diluted (loss) earnings per share Net income (loss) available to common shareholders $ 57,109 $ 1.49 Stock options for 505,250 shares, exercisable at prices between $9.82 and $25.43 per share, were outstanding at December 31, 2014 but were not included in the dilutive earnings per share computa t ion because the exercise price per share was greater than the average market price. Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic earnings (loss) per share from continuing operations Net income (loss) available to common shareholders $ 13,516 $ 0.36 Effect of dilutive securities Common stock options - Diluted earnings (loss) per share Net income (loss) available to common shareholders $ 13,516 $ 0.35 Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic earnings (loss) per share from discontinued operations Net income (loss) available to common shareholders $ (27,938) $ (0.75) Effect of dilutive securities Common stock options - - - Diluted (loss) earnings per share Net income (loss) available to common shareholders $ (27,938) $ (0.75) Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic earnings (loss) per share Net income (loss) available to common shareholders $ (14,422) $ 37,425,197 $ (0.39) Effect of dilutive securities Common stock options - - Diluted (loss) earnings per share Net income (loss) available to common shareholders $ (14,422) $ (0.40) Stock options for 13,000 shares, exercisable at prices between $20.98 and $25.43 per share, were outstanding at December 31, 2013 , but were not included in the dilutive earnings per share computation because the C ompany had a net loss available to common shareholders. Year ended December 31, 2012 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic loss per share from continuing operations Net loss available to common shareholders $ (5,769) $ (0.17) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (5,769) $ (0.17) Year ended December 31, 2012 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic loss per share from discontinued operations Net loss available to common shareholders $ (37,384) $ (1.13) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (37,384) $ (1.13) Year ended December 31, 2012 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic loss per share Net loss available to common shareholders $ (43,153) $ 33,227,755 $ (1.30) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (43,153) $ (1.30) Stock options for 2,401,493 shares, exercisable at prices between $7.36 and $25.43 per share, were outstanding at December 31, 2012 but were not included in the diluted earnings per share because the Company had a net loss available to common shareholders. 12. Other Comprehensive Income Other comprehensive income consists of revenues, expenses, gains and losses that bypass the statement of operations and are reported directly in a separate component of equity. For the year ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Other comprehensive income (loss) Change in net unrealized gain/(loss) during the period $ 18,710 $ (12,905) $ 6,198 Reclassification adjustments for gains included in income Reclassification adjustment for called securities - Amortization of (gains)/losses previously held as available-for-sale Net unrealized gain/(loss) on investment securities Deferred tax expense (benefit) Securities available-for-sale: Change in net unrealized gain/(loss) during the period Reclassification adjustments for gains included in income Reclassification adjustment for called securities - Amortization of (gains)/losses previously held as available-for-sale Income tax expense (benefit) related to items of other comprehensive income Other comprehensive income (loss), after tax and net of reclassifications into net income $ 11,777 $ (9,683) $ 3,812 13. Restrictions on Cash and Due from Banks The Bank is required to maintain reserves against customer demand deposits by keeping cash on hand or balances with the Federal Reserve Bank. The amount of those required reserves at December 31, 201 4 and 201 3 was approximately $280.4 million and $238.7 million, respectively. 14. Other Identifiable Intangible Assets On November 29, 2012, the Company acquired certain software rights and personnel of a prepaid program manager in Europe for approximately $1.8 million to establish a European prepaid card presence. The Company allocated the majority of the $1.8 million acquisition cost to software used for fraud monitoring and other utilities for its prepaid card business, with related services provided by its European data processing subsidiary. The software is being amortized over eight years. The Company accounts for its customer list in accordance with ASC 350, Intangibles—Goodwill and Other. The acquisition of the Stored Value Solutions division of Marshall Bank First in 2007 resulted in a customer list intangible of $12.0 million which is being amortized over a 12 year period. Amortization expense is $1.0 million per year ( $5.0 million over the next five years). The gross carrying value and accumulated amortization related to the Company’s intangible items at December 31, 2014 and 2013 are presented below. December 31, 2014 2013 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) Customer list intangible $ 12,006 $ 7,003 $ 12,006 $ 6,003 Software intangible Total $ 13,823 $ 7,595 $ 13,823 $ 6,211 The approximate future annual amortization of both the Company’s intangible items are as follows (in thousands): Year ending December 31, 2015 $ 1,189 2016 2017 2018 2019 Thereafter $ 6,228 15. Reclassifications Certain reclassifications have been made to the 2013 and 2012 restated consolidated financial statements to conform to the 2014 presentation , separate from the restatement of the financial statements and discontinued operations . Reclassifications relating to discontinued operations are presented in Note W. 1 6 . Prepaid Card Fees The Company recognizes prepaid card fees in the periods in which they are earned by performance of the related services. The majority of fees the Company earns result from contractual transaction fees paid by third party sponsors to the Company and monthly service fees. Additionally, the Company earns interchange fees paid through settlement associations such as Visa, which are also determined on a per transaction basis. The Company records this revenue net of costs such as association fees and interchange transaction charges . 1 7 . Common Stock Repurchase Program In 2011, t he Company adopted a common stock repurchase program in which share repurchases reduce the amount of shares outstanding. Repurchased shares may be reissued for various corporate purposes. As of December 31, 2011, the Company had repurchased 100,000 shares of the total 750,000 maximum number |
Restatement Of Annual And Quart
Restatement Of Annual And Quarterly Consolidated Balance Sheets, Statements Of Operations And Statements Of Cash Flows | 12 Months Ended |
Dec. 31, 2014 | |
Restatement Of Annual And Quarterly Consolidated Balance Sheets, Statements Of Operations And Statements Of Cash Flows [Abstract] | |
Restatement Of Annual And Quarterly Consolidated Balance Sheets, Statements Of Operations And Statements Of Cash Flows | Note C— Restatement of Previously Issued Financial Statements In this Note C and subsequent Note T , and prior to the discontinued operations, the financial statements reflect applicable restatement adjustments for periods from 2010 through September 30, 2014, the last date through which financial statements previously had been issued. The restatement reflected the recognition of provisions for loan losses and loan charge-offs for discontinued operations in periods earlier than those in which those charges were initially recognized. The majority of these loan charges were originally recognized in 2014, primarily in the third quarter when commercial loan operations were discontinued . Approximately $ 28.5 million of losses that were not previously reported were restated. Also, $1 2.7 million of losses related to loans made before December 31, 2014 that were resolved after that date but before the issuance dat e of these financial statements, were recognized in the 2014 financial statements. Substantially all of the losses and corresponding restatement adjustments resulted from the discontinued commercial loan operations. The Company performed a strategic evaluation of its businesses in the third quarter of 2014 and decided to discontinue its commercial lending operations and will focus on its specialty finance lending. The loans which constitute the commercial loan portfolio are in the process of disposition to independent purchasers. As such, financial results of the commercial lending operations are presented as separate from continuing operations on the consolidated statements of operations, and the commercial lending operations loans to be disposed are presented as assets held for sale on the consolidated balance sheets. December 31, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 33,883 $ - $ (1,993) $ 31,890 Interest earning deposits at Federal Reserve Bank - - Securities purchased under agreements to resell - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $95,030) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - - Other assets - Total assets $ 4,706,065 $ (112,477) $ 0 $ 4,593,588 LIABILITIES Deposits Demand and interest checking $ 3,722,602 $ - $ - $ 3,722,602 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,720,945 shares issued at December 31, 2013 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 4,706,065 $ (112,477) $ - $ 4,593,588 December 31, 2012 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 19,981 $ - $ (1,504) $ 18,477 Interest earning deposits at Federal Reserve Bank - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $41,008) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - - Other assets - Total assets $ 3,699,659 $ (72,945) $ (0) $ 3,626,714 LIABILITIES Deposits Demand and interest checking $ 2,775,207 $ - $ - $ 2,775,207 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,246,655 shares issued at December 31, 2012 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 3,699,659 $ (72,945) $ - $ 3,626,714 Year ended December 31, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 83,040 $ (1,428) $ (53,972) $ 27,640 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Other than temporary impairment on securities held-to-maturity - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - Securitization and servicing expense - - Consulting - - Other - Total non-interest expense - Income from continuing operations before income taxes Income tax provision Net income from continuing operations Discontinued operations Loss from discontinued operations before income taxes - - Income tax provision - - Loss from discontinued operations, net of tax - - Net income (loss) available to common shareholders $ 25,110 $ (39,533) $ - $ (14,423) Net income per share from continuing operations - basic $ 0.67 $ (1.06) $ 0.75 $ 0.36 Net loss per share from discontinued operations - basic $ - $ - $ (0.75) $ (0.75) Net income (loss) per share - basic $ 0.67 $ (1.06) $ - $ (0.39) Net income per share from continuing operations - diluted $ 0.66 $ (1.06) $ 0.75 $ 0.35 Net loss per share from discontinued operations - diluted $ - $ - $ (0.75) $ (0.75) Net income (loss) per share - diluted $ 0.66 $ (1.06) $ - $ (0.40) Year ended December 31, 2012 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 78,222 $ (747) $ (56,629) $ 20,846 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Other than temporary impairment on securities held-to-maturity - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - - Other real estate owned - - Insurance - - Telecom and IT network communications - Securitization and servicing expense - - Consulting - - Other - Total non-interest expense - Income (loss) from continuing operations before income taxes Income tax provision (benefit) Net income (loss) from continuing operations Discontinued operations Loss from discontinued operations before income taxes - - Income tax benefit - - Loss from discontinued operations, net of tax - - Net income (loss) available to common shareholders $ 16,624 $ (59,777) $ - $ (43,153) Net income (loss) per share from continuing operations - basic $ 0.50 $ (1.80) $ 1.13 $ (0.17) Net loss per share from discontinued operations - basic $ - $ - $ (1.13) $ (1.13) Net income (loss) per share - basic $ 0.50 $ (1.80) $ - $ (1.30) Net income (loss) per share from continuing operations - diluted $ 0.50 $ (1.80) $ 1.13 $ (0.17) Net loss per share from discontinued operations - diluted $ - $ - $ (1.13) $ (1.13) Net income (loss) per share - diluted $ 0.50 $ (1.80) $ - $ (1.30) Year ended December 31, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Operating activities Net income from continuing operations $ 25,110 $ (21,177) $ 9,583 $ 13,516 Net loss from discontinued operations - - Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization - - Provision for loan and lease losses Net amortization of investment securities discounts/premiums - - Stock-based compensation expense - - Loans originated for sale - - Sale of loans originated for resale - - Gain on sales of loans originated for resale - - Deferred income tax benefit Gain on sale of fixed assets - - Other than temporary impairment on securities held-to-maturity - - Losses on sale and write downs on other real estate owned - - Gain on sales of investment securities - - Increase in accrued interest receivable - (Increase) decrease in other assets Increase in discontinued assets held for sale - - Increase in other liabilities - - Net cash provided by operating activities Investing activities Purchase of investment securities available-for-sale - - Purchase of investment securities held-to-maturity - - Proceeds from sale of investment securities available-for-sale - - Proceeds from redemptions and prepayments of securities held-to-maturity - - Proceeds from redemptions and prepayments of securities available-for-sale - - Proceeds from sale of other real estate owned - - Net increase in loans Net decrease in discontinued loans held for sale - - Proceeds from sale of fixed assets - - Purchases of premises and equipment - - Net cash used in investing activities Financing activities Net increase in deposits - - Net increase in securities sold under agreements to repurchase - - Proceeds from issuance of common stock - - Proceeds from the exercise of options - - Net cash provided by financing activities - - Net increase in cash and cash equivalents - - Cash and cash equivalents, beginning of period - Cash and cash equivalents, end of period $ 1,237,942 $ - $ (1,993) $ 1,235,949 Supplemental disclosure: Interest paid $ 10,792 $ - $ - $ 10,792 Taxes paid $ 17,602 $ - $ - $ 17,602 Transfers of loans to held for sale $ 32,795 $ - $ - $ 32,795 Year ended December 31, 2012 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Operating activities Net income (loss) from continuing operations $ 16,624 $ (53,531) $ 31,138 $ (5,769) Net loss from discontinued operations - - Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization - - Provision for loan and lease losses Net amortization of investment securities discounts/premiums - - Stock-based compensation expense - - Loans originated for sale - - Sale of loans originated for resale - - Gain on sales of loans originated for resale - - Deferred income tax benefit Gain on sale of fixed assets - - Other than temporary impairment on securities held-to-maturity - - Losses on sale and write downs on other real estate owned - - Gain on sales of investment securities - - Increase in accrued interest receivable - Increase in other assets Decrease in discontinued assets held for sale - - Increase in other liabilities - - Net cash provided by operating activities Investing activities Purchase of investment securities available-for-sale - - Proceeds from sale of investment securities available-for-sale - - Proceeds from redemptions and prepayments of securities held-to-maturity - - Proceeds from redemptions and prepayments of securities available-for-sale - - Proceeds from sale of other real estate owned - - Net increase in loans Net decrease in discontinued loans held for sale - - Proceeds from sale of fixed assets - - Purchases of premises and equipment - - Net cash used in investing activities Financing activities Net increase in deposits - - Net decrease in securities sold under agreements to repurchase - - Proceeds from issuance of common stock - - Proceeds from the exercise of options - - Net provided by in financing activities - - Net increase in cash and cash equivalents - - Cash and cash equivalents, beginning of period - Cash and cash equivalents, end of period $ 968,092 $ - $ (1,504) $ 966,588 Supplemental disclosure: Interest paid $ 11,431 $ - $ - $ 11,431 Taxes paid $ 11,049 $ - $ - $ 11,049 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note D — Subsequent Events The Company evaluated its December 31, 201 4 consolidated financial statements for subsequent events through the date the consolidated financial statements were issued. In the second quarter of 2015, approximately $150 million of loans from discontinued operations were sold at a net gain of approximately $2.2 million. In August, 2015, the Bank entered into an Amendment to a 2014 Consent Order with the FDIC pursuant to which the Bank may not pay dividends without prior FDIC approval. The Bank took this action without admitting or denying any additional charges of unsafe or unsound banking practices or violations of law or regulation relating to continued weaknesses in the Bank’s BSA compliance program. On May 11, 2015, the Company had received a Supervisory Letter pursuant to which the Company may not pay dividends without prior Federal Reserve approval. The Federal Reserve approved the payment of the interest on the Company’s trust preferred securities due September 15, 2015. Future payments are subject to future approval by the Federal Reserve. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2014 | |
Investment Securities [Abstract] | |
Investment Securities | Note E —Investment Securities The amortized cost, gross unrealized gains and losses and fair values of the Company’s investment securities classified as available-for-sale and held-to-maturity are summarized as follows (in thousands): Available-for-sale December 31, 2014 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 16,519 $ 42 $ - $ 16,561 Federally insured student loan securities Tax-exempt obligations of states and political subdivisions Taxable obligations of states and political subdivisions Residential mortgage-backed securities Commercial mortgage-backed securities Foreign debt securities Corporate and other debt securities $ 1,473,524 $ 24,375 $ (4,260) $ 1,493,639 Held-to-maturity December 31, 2014 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 17,882 $ 531 $ (3,820) $ 14,593 Other debt securities - pooled - $ 93,765 $ 1,969 $ (3,820) $ 91,914 Available-for-sale December 31, 2013 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 10,680 $ 46 $ - $ 10,726 Federally insured student loan securities Tax-exempt obligations of states and political subdivisions Taxable obligations of states and political subdivisions Residential mortgage-backed securities Commercial mortgage-backed securities Foreign debt securities Corporate and other debt securities $ 1,251,262 $ 9,164 $ (7,309) $ 1,253,117 Held-to-maturity December 31, 2013 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 21,027 $ 367 $ (4,222) $ 17,172 Other debt securities - pooled - $ 97,205 $ 2,047 $ (4,222) $ 95,030 The amortized cost and fair value of the Company’s investment securities at December 31, 2014, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-sale Held-to-maturity Amortized Fair Amortized Fair cost value cost value Due before one year $ 104,938 $ 104,828 $ - $ - Due after one year through five years Due after five years through ten years - - Due after ten years $ 1,473,524 $ 1,493,639 $ 93,765 $ 91,914 At December 31, 2014 and 2013, investment securities with a fair value of approximately $25.7 million and $29.1 million, respectively, were pledged to secure securities sold under repurchase agreements as required or permitted by law. Gross gains on sales of securities were $657,000 , $2.1 million and $661,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Gross losses on sales of securities were $207,000 , $182,000 and $0 for the years ended December 31, 2014, 2013 and 2012, respectively. Available-for-sale securities fair values are based on a fair market value supplied by a third-party market data provider while held-to-maturity securities are based on the present value of cash flows, which discounts expected cash flows from principal and interest using yield to maturity at the measurement date. The Company periodically reviews its investment portfolio to determine whether unrealized losses are other than temporary, based on evaluations of the creditworthiness of the issuers/guarantors as well as the underlying collateral if applicable, in addition to the continuing performance of the securities. The Company recognized other-than-temporary impairment charges of $0 in 2014, $20,000 in 2013 and $202,000 in 2012, for securities in its held-to-maturity portfolio. The amount of the credit impairment was calculated by estimating the discounted cash flows for those securities. Investments in Federal Home Loan and Atlantic Central Bankers Bank stock are recorded at cost and amounted to $1.0 million at December 31, 2014 and $3.2 million at December 31, 2013. The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2014 (in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities Federally insured student loan securities 9 $ 28,435 $ (169) $ 34,274 $ (221) $ 62,709 $ (390) Tax-exempt obligations of states and political subdivisions 97 Taxable obligations of states and political subdivisions 24 Residential mortgage-backed securities 29 Commercial mortgage-backed securities 30 Foreign debt securities 53 Corporate and other debt securities 61 Total temporarily impaired investment securities 303 $ 223,234 $ (2,189) $ 247,898 $ (2,071) $ 471,132 $ (4,260) Held-to-maturity Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities Single issuers 1 $ - $ - $ 5,144 $ (3,820) $ 5,144 $ (3,820) Total temporarily impaired investment securities 1 $ - $ - $ 5,144 $ (3,820) $ 5,144 $ (3,820) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2013 (in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities U.S. Government agency securities 4 $ 3,300 $ - $ - $ - $ 3,300 $ - Federally insured student loan securities 9 Tax-exempt obligations of states and political subdivisions 229 - - Taxable obligations of states and political subdivisions 52 Residential mortgage-backed securities 38 Commercial mortgage-backed securities 26 Foreign debt securities 47 - - Corporate and other debt securities 54 Total temporarily impaired investment securities 459 $ 592,970 $ (6,443) $ 67,734 $ (866) $ 660,704 $ (7,309) Held-to-maturity Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities Single issuers 2 $ - $ - $ 7,887 $ (4,222) $ 7,887 $ (4,222) Total temporarily impaired investment securities 2 $ - $ - $ 7,887 $ (4,222) $ 7,887 $ (4,222) The following table provides additional information related to the Company’s single issuer trust preferred securities as of December 31, 2014: Single issuer Book value Fair value Unrealized gain/(loss) Credit rating Security A $ 1,897 $ 2,000 $ 103 Not rated Security B Not rated Class: All of the above are trust preferred securities. The following table provides additional information related to our pooled trust preferred securities as of December 31, 2014: Pooled issue Class Book value Fair value Unrealized gain/(loss) Credit rating Excess subordination Pool A (7 performing issuers) Mezzanine $ 174 $ 260 $ 86 CAA3 * * There is no excess subordination for these securities. The Company has evaluated the securities in the above tables as of December 31, 2014 and has concluded that none of these securities has impairment that is other-than-temporary. The Company evaluates whether an other than temporary impairment exists by considering primarily the following factors: (a) the length of time and extent to which the fair value has been less than the amortized cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on contractually obligated interest and principal payments, (d) changes in the financial condition of the security’s underlying collateral and (e) the payment structure of the security. If other than temporary impairment is determined, the Company estimates expected future cash flows to determine the credit loss amount with a quantitative and qualitative process that incorporates information received from third-party sources along with internal assumptions and judgments regarding the future performance of the security. Based upon this evaluation, the Company concluded that most of the securities that are in an unrealized loss position are in a loss position because of changes in interest rates after the securities were purchased. The securities that have been in an unrealized loss position for 12 months or longer include other securities whose market values are sensitive to interest rates and changes in credit quality. The Company’s unrealized loss for the debt securities, which includes two single issuer trust preferred securities and one pooled trust preferred security, is primarily related to general market conditions and the resultant lack of liquidity in the market. The severity of the impairments in relation to the carrying amounts of the individual investments is consistent with market developments. The Company’s analysis for each investment is performed at the security level. As a result of its review, the Company concluded that other-than-temporary impairment did not exist due to the Company’s ability and intention to hold these securities to recover their amortized cost basis. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2014 | |
Loans [Abstract] | |
Loans | Note F — Loans The Company originates loans for sale to other financial institutions which issue commercial mortgage backed securities or to secondary government guaranteed loan markets . The Company has elected the fair value option for the balance of these loans classified as commercial loans held for sale to better reflect the economics of the transactions. At December 31, 2014 and 2013, the fair value of these loans was $217.1 million and $69.9 million and the unpaid principal balance was $212.8 million and $67.5 million, respectively. Included in gain on sale of loans in the Statement of Operations were gains recognized from changes in fair value of $1.9 million and $2.4 million during the years ended December 31, 2014 and 2013, respectively. There were no amounts of changes in fair value related to instrument-specific credit risk. Interest earned on loans held for sale during the period held are recorded in Interest Income – Loans, including fees on the Statement of Operations. The Company analyzes credit risk prior to making loans, on an individual loan basis. The Company considers relevant aspects of the borrowers’ financial position and cash flow, past borrower performance, management’s knowledge of market conditions, collateral and the ratio of the loan amount to estimated collateral value in making its credit determinations. Major classifications of loans are as follows (in thousands): December 31, December 31, 2014 2013 (restated) SBA non real estate $ 62,425 $ 45,875 SBA commercial mortgage SBA construction Total SBA loans Direct lease financing SBLOC Other specialty lending Other consumer loans Unamortized loan fees and costs Total loans, net of deferred loan costs $ 874,593 $ 636,001 Included in the table above are demand deposit overdrafts reclassified as loan balances totaling $1.8 million and $2.0 million at December 31, 2014 and 2013, respectively. Overdraft charge-offs and recoveries are reflected in the allowance for loan and lease losses. The following table provides information about impaired loans at December 31, 2014 and 2013 (in thousands): Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized December 31, 2014 Without an allowance recorded SBA non real estate $ - $ - $ - $ - $ - Consumer - other - - Consumer - home equity - - With an allowance recorded SBA non real estate - Consumer - other - - - - Consumer - home equity - Total SBA non real estate - Consumer - other - - Consumer - home equity - December 31, 2013 (restated) Without an allowance recorded SBA non real estate $ - $ - $ - $ - $ - Consumer - other - - - - - Consumer - home equity - - With an allowance recorded SBA non real estate - Consumer - other - - - - - Consumer - home equity - Total SBA non real estate - Consumer - other - - - - - Consumer - home equity - The following table summarizes the Company’s non-accrual loans, loans past due 90 days and other real estate owned at December 31, 2014 and 2013, respectively (the Company had no non-accrual leases at December 31, 2014 or December 31, 2013): December 31, 2014 2013 (restated) (in thousands) Non-accrual loans SBA non real estate $ - $ 168 Consumer Total non-accrual loans Loans past due 90 days or more Total non-performing loans Other real estate owned - - Total non-performing assets $ 2,056 $ 1,634 The Company’s loans that were modified during the years ended December 31, 2014 and 2013 and considered troubled debt restructurings are as follows (in thousands): December 31, 2014 December 31, 2013 (restated) Number Pre-modification recorded investment Post-modification recorded investment Number Pre-modification recorded investment Post-modification recorded investment Commercial $ 197 $ 197 $ 217 $ 217 Consumer - - - Total $ 543 $ 543 $ 217 $ 217 The balances below provide information as to how the loans were modified as troubled debt restructured loans at December 31, 2014 and 2013 (in thousands): December 31, 2014 December 31, 2013 (restated) Adjusted interest rate Extended maturity Combined rate and maturity Adjusted interest rate Extended maturity Combined rate and maturity Commercial $ - $ 197 $ - $ - $ 217 $ - Consumer - - - - - Total $ - $ 543 $ - $ - $ 217 $ - As of December 31, 2014 and December 31, 2013, the Company has no commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings. There were no loans that were restructured within the last 12 months that have subsequently defaulted. A detail of the changes in the allowance for loan and lease losses by loan category is as follows (in thousands): SBA non real estate SBA commercial mortgage SBA construction Direct lease financing SBLOC Other specialty lending Other consumer loans Unallocated Total December 31, 2014 Beginning balance (restated) $ 419 $ 496 $ - $ 311 $ 293 $ 1 $ 2,361 $ - $ 3,881 Charge-offs - - - - Recoveries - - - - - Provision (credit) Ending balance $ 385 $ 461 $ 114 $ 836 $ 562 $ 66 $ 1,181 $ 33 $ 3,638 Ending balance: Individually evaluated for impairment $ 40 $ - $ - $ - $ - $ - $ 271 $ - $ 311 Ending balance: Collectively evaluated for impairment $ 345 $ 461 $ 114 $ 836 $ 562 $ 66 $ 910 $ 33 $ 3,327 Loans: Ending balance $ 62,425 $ 82,317 $ 20,392 $ 194,464 $ 421,862 $ 48,625 $ 36,168 $ 8,340 $ 874,593 Ending balance: Individually evaluated for impairment $ 197 $ - $ - $ - $ - $ - $ 2,253 $ - $ 2,450 Ending balance: Collectively evaluated for impairment $ 62,228 $ 82,317 $ 20,392 $ 194,464 $ 421,862 $ 48,625 $ 33,915 $ 8,340 $ 872,143 December 31, 2013 (restated) Beginning balance $ 193 $ 104 $ 42 $ 239 $ 236 $ - $ 3,171 $ - $ 3,985 Charge-offs - - - - - Recoveries - - - - - - Provision (credit) - Ending balance $ 419 $ 496 $ - $ 311 $ 293 $ 1 $ 2,361 $ - $ 3,881 Ending balance: Individually evaluated for impairment $ 95 $ - $ - $ - $ - $ - $ 135 $ - $ 230 Ending balance: Collectively evaluated for impairment $ 324 $ 496 $ - $ 311 $ 293 $ 1 $ 2,226 $ - $ 3,651 Loans: Ending balance $ 45,875 $ 69,730 $ 51 $ 175,610 $ 293,109 $ 1,588 $ 45,152 $ 4,886 $ 636,001 Ending balance: Individually evaluated for impairment $ 385 $ - $ - $ - $ - $ - $ 1,356 $ - $ 1,741 Ending balance: Collectively evaluated for impairment $ 45,490 $ 69,730 $ 51 $ 175,610 $ 293,109 $ 1,588 $ 43,796 $ 4,886 $ 634,260 The Company did no t have loans acquired with deteriorated credit quality at either December 31, 2014 or December 31, 2013. A detail of the Company’s delinquent loans by loan category is as follows (in thousands): December 31, 2014 30-59 Days past due 60-89 Days past due Greater than 90 days Non accrual Total past due Current Total loans SBA non real estate $ - $ - $ - $ - $ - $ 62,425 $ 62,425 SBA commercial mortgage - - - - - SBA construction - - - - - Direct lease financing - SBLOC - - - - - Other specialty lending - - - - - Consumer - other - - Consumer - home equity - - Unamortized loan fees and costs - - - - - $ 5,092 $ 2,289 $ 149 $ 1,907 $ 9,437 $ 865,156 $ 874,593 December 31, 2013 (restated) SBA non real estate $ - $ - $ - $ 168 $ 168 $ 45,707 $ 45,875 SBA commercial mortgage - - - - - SBA construction - - - - - Direct lease financing - SBLOC - - - - - Other specialty lending - - - - - Consumer - other - - Consumer - home equity - - - Unamortized loan fees and costs - - - - - $ 3,870 $ 1,293 $ 110 $ 1,524 $ 6,797 $ 629,204 $ 636,001 The Company evaluates its loans under an internal loan risk rating system as a means of identifying problem loans. The following table provides information by credit risk rating indicator for each segment of the loan portfolio excluding loans held for sale at the dates indicated (in thousands): December 31, 2014 Pass Special mention Substandard Doubtful Loss Unrated subject to review * Unrated not subject to review * Total loans SBA non real estate $ 49,214 $ - $ 197 $ - $ - $ 669 $ 12,345 $ 62,425 SBA commercial mortgage - - - - SBA construction - - - - - Direct lease financing - - - - SBLOC - - - - Other specialty lending - - - - - Consumer - - Unamortized loan fees and costs - - - - - - $ 389,677 $ 346 $ 2,203 $ - $ - $ 59,067 $ 423,300 $ 874,593 December 31, 2013 (restated) SBA non real estate $ 51,645 $ - $ 385 $ - $ - $ 643 $ (6,798) $ 45,875 SBA commercial mortgage - - - - SBA construction - - - - - - Direct lease financing - - - - SBLOC - - - - Other specialty lending - - - - - Consumer - - Unamortized loan fees and costs - - - - - - $ 276,919 $ 1,348 $ 1,741 $ - $ - $ 10,081 $ 345,912 $ 636,001 * The loan review scope does not encompass performing loans in the absence of negative characteristics or which fell below the dollar threshold requiring review. Accordingly, such loans are not rated and not subject to review . The loan portfolio review coverage was approximately 45% at December 31, 2014 and approximately 44% at December 31, 2013. This review is performed by the loan review department, which is independent of the loan department s and reports directly to the audit committee. All classified loans are reviewed by our independent loan review function. Potential problem loans which are identified by either the independent loan review department or line management are also reviewed. L oans are subject to review by their relationship manager and senior loan personnel. As a result of transferring loans into “Discontinued Operations”, management is currently reassessing the review scope for the continuing operations portfolio. |
Premises And Equipment
Premises And Equipment | 12 Months Ended |
Dec. 31, 2014 | |
Premises And Equipment [Abstract] | |
Premises And Equipment | Note G —Premises and Equipment Premises and equipment are as follows (in thousands): December 31, Estimated useful lives 2014 2013 Furniture, fixtures, and equipment 3 to 12 years $ 41,765 $ 35,754 Leasehold improvements 6 to 10 years Accumulated depreciation $ 17,697 $ 15,659 Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was approximately $4.5 million, $3.7 million and $2.8 million, respectively. |
Variable Interest Entity
Variable Interest Entity | 12 Months Ended |
Dec. 31, 2014 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entity | Note H —Variable Interest Entity (“VIE”) VIEs are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The most common type of VIE is a special purpose entity (“SPE”). SPEs are commonly used in securitization transactions in order to isolate certain assets and distribute the cash flows from those assets to investors. The basic SPE structure involves a company selling assets to the SPE with the SPE fund ing the purchase of those assets by issuing securities to investors. The legal documents that govern the transaction specify how the cash earned on the assets must be allocated to the SPE’s investors and other parties that have rights to those cash flows. SPEs are generally structured to insulate investors from claims on the SPE’s assets by creditors of other entities, including the creditors of the seller of the assets. The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (2) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company holds variable interests in Walnut Street 2014-1 LLC (“ WS 2014”), accounted for as a debt security and the Company elected the fair value option, after acquiring a 49% equity interest in WS 2014, as well as 100% of the A-Notes and 49% of the B-Notes that WS 2014 issued in a securitization transaction. The variable interests relate to the economic interests held by the Company in WS 2014 and the asset management contract between the Company and WS 2014. The Company is not the primary beneficiary, as it does not have the controlling financial interest in WS 2014 and therefore does not consolidate. At December 31, 2014, the Company’s investment in the WS 2014 was $193.6 million and was classified as investment in unconsolidated entity in the consolidated balance sheet. The Company’s maximum exposure to loss is equal to the balance of the Company’s interest, or $193.6 million. The following table presents the total unpaid principal amount of assets held in private securitization entities, including those in which the Company has continuing involvement. Continuing involvement includes servicing the loans and holding senior interests or subordinated interests. Principal amount outstanding The Company's Assets held in interest Total assets Assets held in nonconsolidated in securitized held by consolidated VIEs with assets in securitization securitization continuing nonconsolidated December 31, 2014 VIEs VIEs involvement VIEs (b) Commercial and other (a) $ 209,632 - $ 209,632 $ 193,595 (a) Consists of notes backed by commercial loans predominately secured by real estate. (b) The retained interest in the commercial and other securitization trusts are non-rated and are accounted for under the equity method of accounting. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2014 | |
Debt [Abstract] | |
Debt | Note I —Debt 1. Short-term borrowings At December 31, 2014, t he Bank maintained $49.0 million in unsecured lines of credit that bear interest at variable rates and are renewed annually. Additionally, t he Bank has overnight borrowing capacity with the Federal Home Loan Bank of Pittsburgh of $355.8 million at December 31, 201 4 . Borrowings under this arrangement have a variable interest rate. As of December 31, 201 4 , the Bank did not have any borrowings outstanding on these lines. The details of these categories are presented below: As of or for the year ended December 31, 2014 2013 2012 (dollars in thousands) Short-term borrowings and federal funds purchased Balance at year-end $ - $ - $ - Average during the year - - - Maximum month-end balance - - - Weighted average rate during the year Rate at December 31 2. Securities sold under agreements to repurchase Securities sold under agreements to repurchase generally mature within 30 days from the date of the transactions. The detail of securities sold under agreements to repurchase is presented below: As of or for the year ended December 31, 2014 2013 2012 (dollars in thousands) Securities sold under repurchase agreements Balance at year-end $ 19,414 $ 21,221 $ 18,548 Average during the year Maximum month-end balance Weighted average rate during the year Rate at December 31 3. Guaranteed Preferred Beneficiary Interest in Company’s Subordinated Debt As of December 31, 2014 , the Company h el d two statutory business trusts: The Bancorp Capital Trust II and The Bancorp Capital Trust III (Trusts). In each case, the Company owns all the common securities of the trust. The T rusts issued preferred capital securities to investors and invested the proceeds in the Company through the purchase of junior subordinated debentures issued by the Company. These debentures are the sole assets of the T rusts. · The $10.3 million of debentures issued to The Bancorp Capital Trust II on November 28, 2007 mature on March 15, 2038 , and bear interest at an annual rate equal to 3-month LIBOR plus 3.25% . · The $3.1 million of debentures issued to The Bancorp Capital Trust III on November 28, 2007 mature on March 15, 2038 , and b ear interest at a floating annual rate equal to 3-month LIBOR plus 3.25% . As of December 31, 201 4, the Trusts qualify as variable interest entities under ASC 810, Consolidation. T he Company is not considered the primary beneficiary and therefore the T rusts are not consolidated in the Company’s consolidated financial statements. The T rusts are accounted for under the equity method of accounting. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note J —Shareholders’ Equity In December 2012, the Company issued 4,000,000 shares of the Company’s common stock, par value $1.00 , at a public offering price of $11.00 per share in an underwritten public offering. The sale of the common stock resulted in net proceeds to the Company, after underwriting discounts, commissions and expenses, of approximately $41.7 million. In 2011, the Company adopted a common stock repurchase program in which shares repurchases reduce the amount of shares outstanding. Repurchased shares may be reissued for various corporate purposes. As of December 31, 2011, the Company had repurchased 100,000 shares of the total 750,000 maximum number of shares authorized by the Board of Directors. The 100,000 shares were repurchased at an average cost of $8.66 . Shares were repurchased at market price and were recorded as treasury stock at that amount , using the cost method . The Company did no t repurchase shares in 2012 , 2013 or 2014 . In March 2011, the Company issued 7,015,000 shares of the Company’s common stock, par value $1.00 , at a public offering price of $8.25 per share in an underwritten public offering. The sale of the common stock resulted in net proceeds to the Company, after underwriting discounts, commissions and expenses, of approximately $54.5 million. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Benefit Plans [Abstract] | |
Benefit Plans | Note K —Benefit Plans 401 (k) Plan The Company maintains a 401(k) savings plan covering substantially all employees of the Company. Under the plan, the Company matches 50% of the employee contributions for all participants, not to exceed 6% of their salary. Contributions made by the Company were approxima tely $921,000 , $813,000 and $679,000 for the years ended December 31, 2014, 201 3 and 201 2 , respectively. Supplemental Executive Retirement Plan In 2005, the Company began contributing to a supplemental executive retirement plan for its former Chief Executive Officer that provides annual retirement benefits of $25,000 per month until death . There were no disbursements under the plan in 201 4 or prior years . In 2014 the Company expensed $1.3 million based upon actuarial tables for which the appropriate actuarial data for 2014 was utilized. The actuarial assumptions reflected a discount rate of 3.37% , a maximum potential life expectancy of 120 years and a monthly benefit of $25,000. The Company expensed $112,000 and $125,000 for this plan for the years ended December 31, 201 3 and 20 12 respectively. As of December 31, 2014 the Company had accrued $4.3 million for potential future payouts. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Taxes [Abstract] | |
Income Taxes | Note L —Income Taxes The company operates predominately in the United States and is subject to corporate net income taxes for Federal and State purposes. The company also has minimal operations in foreign jurisdictions but these taxes are not considered material to the overall financial statements. The components of income tax expense (benefit) included in the statements of continuing operations are as follows: For the years ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Current tax provision (benefit) Federal $ (3,663) $ 4,723 $ (3,533) State Deferred tax provision (benefit) Federal State $ (14,523) $ 6,767 $ (3,492) The differences between applicable income tax expense (benefit) from continuing operations and the amounts computed by applying the statutory federal income tax rate of 34% for 2014, 2013 and 2012, respectively, are as follows: For the years ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Computed tax expense at statutory rate $ 2,479 $ 6,897 $ (3,150) State taxes Tax-exempt interest income Foreign income tax rate difference - - Valuation allowance - domestic - - Valuation allowance - foreign - - Other $ (14,523) $ 6,767 $ (3,492) Deferred income taxes are provided for the temporary difference between the financial reporting basis and the tax basis of the Company’s assets and liabilities. Cumulative temporary differences recognized in the financial statement of position are as follows: For the years ended December 31, 2014 2013 (restated) (in thousands) Deferred tax assets: Allowance for loan and lease losses $ 1,236 $ 12,983 Non-accrual interest Deferred compensation State taxes Nonqualified stock options Stock appreciation rights Tax deductible goodwill Depreciation Other than temporary impairment Partnership interest, Walnut St basis difference - Loan charges AMT tax credit Federal net operating loss Foreign net operating loss - Other Total gross deferred tax assets Federal and state valuation allowance Foreign valuation allowance - Deferred tax liabilities: Unrealized gains on investment securities available for sale Discount on Class A notes - Leasing - - Total deferred tax liabilities Net deferred tax asset (liability) $ 33,673 $ 59,835 The Company has a federal net operating loss carryforward of approximately $17 million that will expire in 203 4. The Company has approximately $73 million of state net operating losses from several states that will expire at varying times over the next 20 years. Additionally, the Company has alternative minimum tax credits of $1.1 million to offset taxable income in the future that may be carried forward indefinitely . Management assesses all available positive and negative evidence to determine whether it is more likely than not that the Company will able to recognize the existing deferred tax assets. For the year ended December 31, 2013, the Company recorded a valuation allowance on the deferrerd tax assets of approximately $19.7 million. Management determined these assets were no longer more likely-than-not to be realized due to increasing losses and deferred tax assets in discontinued operations. Accordingly, the income tax expense related to the recording of the valuation allowance was allocated to discontinued operations. For the year ended December 31, 2014, the valuation allowance recorded on the deferred tax assets remained consistent until opportunities arose in the fourth quarter of 2014 for a prudent and feasible tax planning strategy. This resulted in a reduction of the required valuation allowance of approximately $14.5 million. The income tax benefit of this reduction was recorded in continuing operations. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if the negative evidence is no longer present or diminishes due to growth of positive evidence. The Company does not provide for deferred taxes on the excess of the financial reporting over the tax basis in our investments in foreign subsidiaries that are essentially permanent in duration. The determination of the additional deferred taxes that have not been provided for is not practicable. From its European operations, t he Company has net operating loss carryforwards of approximately $6.4 million which may be carried forward indefinitely provided there is no change in ownership or nature of trade of the company within a period of expire over the next three years. These losses have generated deferred tax assets in the amount of $637,000 which have a full valuation allowance at December 31, 2014. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: For the years ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Beginning balance at January 1 $ 352 $ 230 $ 119 Increases(decreases) in tax provisions for prior years Gross unrecognized tax benefits at December 31 $ 313 $ 352 $ 230 Management does not believe these amounts will significantly increase or decrease within 12 months of December 31, 2014. The total amount of unrecognized tax benefits, if recognized, will impact the effective tax rate. The Company files federal and state returns in jurisdictions with varying statutes of limitations. The 201 1 through 2013 tax years generally remain subject to examination by federal and most state tax authorities. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in income tax expense for all periods presented. To date, no amounts of interest or penalties relating to unrecognized tax benefits have been recorded. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2014 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note M —Stock-Based Compensation In May 2013, the Company adopted a stock option and equity plan (the 2013 Plan). Employees and directors of the Company and the Bank and consultants (with restrictions) are eligible to participate in the 2013 plan. The option term may not exceed 10 years from the date of the grant. An employee or consultant who possesses more than 10 percent of voting power of all classes of stock of the Company, or any parent or subsidiary, may not have options with terms exceeding 5 years from the date of grant. An aggregate of 2,200,000 shares of common stock were reserved for issuance by the 2013 plan. In May 2011, the Company adopted a Stock Option and Equity Plan (the 2011 Plan). Employees and directors of the Company and the Bank and consultants (with restrictions) are eligible to participate in the 2011 Plan. The option term may not exceed 10 years from the date of the grant. An employee or consultant who possesses more than 10 percent of voting power of all classes of stock of the Company, or any parent or subsidiary, may not have options with terms exceeding 5 years from the date of grant. An aggregate of 1,400,000 shares of common stock were reserved for issuance by the 2011 plan. In June 2005, the Company adopted an omnibus equity compensation plan (the 2005 plan). Employees and directors of the Company and the Bank are eligible to participate in the 2005 Plan. An aggregate of 1,000,000 shares of common stock were reserved for issuance by the 2005 plan. Options granted under the 2005 plan expire on the ten th anniversary of their grant. In October 1999, the Company adopted a stock option plan (the 1999 Plan). Employees and directors of the Company and the Bank were eligible to participate in the 1999 Plan. An aggregate of 1,000,000 shares of common stock were reserved under the 1999 Plan, with no more than 75,000 shares being issuable to non-employee directors. Options vested over four years and expire on the ten th anniversary of the grant. A summary of the status of the Company’s equity compensation plans is presented below. Weighted- average Weighted remaining average contractual Aggregate exercise term intrinsic Shares price (years) value (in thousands except per share data) Outstanding at January 1, 2014 $ 9.70 Granted - Exercised - - Expired - - - - Forfeited - - - - Outstanding at December 31, 2014 $ 9.72 $ 5,010,208 Exercisable at December 31, 2014 $ 9.91 $ 4,006,688 A summary of the Company’s restricted stock units is presented below: Average Weighted remaining average contractual exercise term Shares price (years) Outstanding at January 1, 2014 $ 10.46 Granted - - - Vested - Forfeited - - - Outstanding at December 31, 2014 The Company granted 197,481 restricted stock units with a vesting period of four years at a fair value of $10.46 in 2013. There were no restricted stock units granted in 2014 or 2012. A summary of the status of the Company’s non-vested options under the plans as of December 31, 2014, and changes during the year then ended, is presented below: Weighted- average grant-date Shares fair value Non-Vested at January 1, 2014 $ 4.71 Granted Vested Expired - - Forfeited - - Non-Vested at December 31, 2014 $ 4.72 The Company granted 45,000 common stock options in 2014, with a vesting period of four years. The weighted-average fair value of the stock options issued was $ 4.16 . The Company granted 215,000 common stock options in 2013, 35,000 with a vesting period of one year and 180,000 with a vesting period of four years. The weighted-average fair value of the stock options issued was $4.85 . The Company granted 500,000 common stock options in 2012, 40,000 with a vesting period of one year and 460,000 with a vesting period of four years. The weighted-average fair value of the stock options issued was $5.06 . There were 63,874 options exercised in 2014 and 605,494 options exercised in 2013 and 50,374 options exercised in 2012. The total intrinsic value of the options exercised in 2014, 2013 and 2012 was $1.5 million, $3.0 million and $116,000 , respectively. The total fair value of options that vested during the year ended December 31, 2014 was $2.5 million. As of December 31, 2014, there was a total of $2.6 million of unrecognized compensation cost related to un vested awards under share-based plans. This cost is expected to be recognized over a weighted average period of 1.3 years. For the years ended December 31, 2014, 2013 and 2012 total compensation expense under share based payment arrangements was $2.6 million, $3.2 million and $2.6 million respectively and the related tax benefits recognized were $915 ,000 , $1.1 million and $910,000 , respectively. For the years ended December 31, 2014, 2013 and 2012, the Company estimated the fair value of each grant on the date of grant using the Black-Scholes options pricing model with the following weighted average assumptions: December 31, 2014 2013 2012 Risk-free interest rate Expected dividend yield - - - Expected volatility 49.71% - 55.65% Expected lives (years) 4.03 -4.22 Expected volatility is based on the historical volatility of the Company’s stock and peer group comparisons over the expected life of the grant. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury strip rate in effect at the time of the grant. The life of the option is based on historical factors which include the contractual term, vesting period, exercise behavior and employee terminations. In accordance with the ASC 718, Stock Based Compensation, stock based compensation expense for the year ended December 31, 2014 is based on awards that are ultimately expected to vest and has been reduced for estimated forfeitures. The Company estimates forfeitures using historical data based upon the groups identified by management. |
Transactions With Affiliates
Transactions With Affiliates | 12 Months Ended |
Dec. 31, 2014 | |
Transactions With Affiliates [Abstract] | |
Transactions With Affiliates | Note N —Transactions with Affiliates The Company entered into a space sharing agreement for office space in New York, New York with Resource America Inc. commencing in September 2011. The Company pays only its proportionate share of the lease rate to a lessor which is an unrelated third party. The Chairman of the Board of Resource America, Inc. is the father of the Chairman of the Board and the spouse of the former Chief Executive Officer of the Company. The Chief Executive Officer of Resource America is the brother of the Chairman of the Board and the son of the former Chief Executive Officer of the Company. Rent expense is 50% of the fixed rent, real estate tax payment and the base expense charges. Rent expense was $112,000 , $102,000 and $102,000 for the years ended December 31, 2014, 2013 and 2012, respectively. The Company entered into a space sharing agreement for office space in New York, New York with Atlas Energy, L.P. commencing May 2012. As a result of certain transactions, Atlas Energy, L.P. assigned the lease to its successor, Atlas Energy Group, LLC. in 2015. The Company pays only its proportionate share of the lease rate to a lessor which is an unrelated third party. The Executive Chairman of the Board of Atlas Energy Group. LLC and , prior thereto, of the general partner of Atlas Energy, L.P. is the brother of the Chairman of the Board and son of the former Chief Executive Officer of the Company. The Chief Executive Officer and President of Atlas Energy Group LLC and , prior thereto, of the general partner of Atlas Energy, L.P is the father of the Chairman of the Board and spouse of the former Chief Executive Officer of the Company. Rent expense is 50% of the fixed rent, real estate tax payment, and the base expense charges. Rent expense was $104,000 , $104,000 and $104,000 for the years ended December 31, 2014, 2013 and 2012 , respectively. The Bank maintains deposits for various affiliated companies totaling approximately $15.1 million and $36.7 million as of December 31, 2014 and 2013, respectively. The Bank has entered into lending transactions in the ordinary course of business with directors, executive officers, principal stockholders and affiliates of such persons. All loans were made on substantially the same terms, including interest rate and collateral, as those prevailing at the time for comparable loans with persons not related to the lender. At December 31, 2014, these loans were current as to principal and interest payments, and did not involve more than normal risk of collectability. At December 31, 2014 and 2013, loans to these related parties included in Assets held for sale amounted to $28.1 million and $26.4 million. At December 31, 2014 and 2013, loans to these related parties included in Loans, net of deferred loan fees and costs amounted to $ 2.8 million and $ 2.1 million . In addition to these lending transactions, the Bank periodically purchases securities under agreement to resell and engages in other securities transactions as follows. The Company executed securities transactions through J.V.B. Financial Group, LLC (JVB), a broker dealer in which the Company ’ s Chairman has a minority interest. The Company’s Chairman also serves as Vice Chairman of Institutional Financial Markets Inc., the parent company of JVB. For the twelve months ended December 31, 2014, the Company purchased $3.4 million of AAA rated SBA loans for Community Reinvestment Act purposes through JVB. The Company had no security purchases from JVB for the twelve months ended December 31, 2014. From time to time, the Company may also purchase securities under agreements to resell through JVB primarily consisting of G overnment National Mortgage Association . certificates which are full faith and credit obligations of the United States government issued at competitive rates. JVB was in full compliance with all of the terms of the repurchase agreements at December 31, 2014 and had complied with the terms for all prior repurchase agreements. A total of $46.3 million of such agreements were outstanding at December 31, 2014 and $6.4 million were outstanding at December 31, 2013. The Company entered into a consulting agreement with Betsy Z. Cohen, its former Chief Executive Officer, which was effective January 1, 2015 and expires on December 31, 2016. Under the agreement, Mrs. Cohen will act as an advisor to the Board of Directors and executive management with respect to business strategies, the performance of various lines of business, and other corporate and regulatory matters. The agreement is intended to preserve for the Company Mrs. Cohen’s insight and experience with respect to the Company , the Bank and the financial services industry generally. The agreement provides for a monthly service fee of $30,000 , and the provision of office space and administrative support. We have not paid any monthly fees under this agreement pending regulatory review. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note O —Commitments and Contingencies 1. Operating Leases The Company lease s its operations facility for a term expiring on October 31 , 20 25 , and lease s its Philadelphia offices for a term expiring in 20 25 . The Company also has leases for business production offices in Pennsylvania, Maryland, Florida , Washington and Minnesota that expire at various times through 20 17 . The Company leases space in South Dakota , USA, Gibraltar and Bulgaria for its prepaid card division . The leases on these spaces expire at various times through 2022. The Company leases space in Illinois for its Small Business Lending division for a term expiring in 20 20 . The Company leases space in Florida for compliance operations for a term expiring in 2020. The Company leases executive office space in New York for a term expiring in 2025. These leases require the Company to pay the real estate taxes and insurance on the leased properties in addition to rent . The approximate future minimum annual rental payments , including any additional rents due to escalation clauses, required by these leases are as follows (in thousands): Year ending December 31, $ 3,997 Thereafter $ 37,524 Rent expense for the years ended De cember 31, 201 4 , 201 3 and 201 2 was approximately $4.0 million, $3.1 million and $2.6 million, net of sublease rentals of approximately $78,000 , $110,000 and $122,000 , respectively. The sublease expired in 2014. 2. Legal Proceedings On July 17, 2014, a class action securities complaint, captioned Fletcher v. The Bancorp Inc., et al., was filed in the United States District Court for the District of Delaware. A consolidated version of that class action complaint was filed before the same court on January 23, 2015 on behalf of Lead Plaintiffs Arkansas Public Employees Retirement System and Arkansas Teacher Retirement System. Filed under the caption of In re The Bancorp Inc. Securities Litigation, the consolidated complaint asserts claims against Bancorp, Betsy Z. Cohen, Paul Frenkiel, Frank M. Mastrangelo and Jeremy Kuiper, and alleges that during a class period beginning April 24, 2013 through July 23, 2014, the defendants made materially false and/or misleading statements and/or failed to disclose that (i) Bancorp had wrongfully extended and modified problem loans and under-reserved for loan losses due to adverse loans, (ii) Bancorp’s operations and credit practices were in violation of the BSA, and (iii) as a result, Bancorp’s financial statements, press releases and public statements were materially false and misleading during the relevant period. The consolidated complaint further alleges that, as a result, the price of Bancorp’s common stock was artificially inflated and fell once the defendants’ misstatements and omissions were revealed, causing damage to the plaintiffs and the other members of the class. The complaint asks for an unspecified amount of damages, prejudgment and post-judgment interest and attorneys’ fees. The defendants filed a motion to dismiss the consolidated complaint on March 24, 2015. Following Bancorp’s April 1, 2015 announcement that it would be restating its financial statements, the parties entered into a stipulation dated April 10, 2015 allowing the plaintiffs to file an amended complaint within 28 days of Bancorp filing its restated financial statements, and giving the defendants 28 days to respond to the amended complaint. The court approved the parties’ stipulation on April 14, 2015. This litigation is in its preliminary stages. We have been advised by our counsel in the matter that reasonably possible losses cannot be estimated. We believe that the complaint is without merit and we intend to defend vigorously. In addition, the Company is a party to various routine legal proceedings arising out of the ordinary course of its business. Management believes that none of these actions, individually or in the aggregate, will have a material adverse effect on the Company’s financial condition or operations. |
Financial Instruments With Off-
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk | 12 Months Ended |
Dec. 31, 2014 | |
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk [Abstract] | |
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk | Note P —Financial Instruments with Off-Balance-Sheet Risk and Concentrations of Credit Risk The Company is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the consolidated financial statements when they become payable. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contractual, or notional, amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The approximate contract amounts and maturity term of the Company’s credit commitments are as follows: December 31, 2014 2013 (in thousands) Financial instruments whose contract amounts represent credit risk Commitments to extend credit $ 709,080 $ 590,121 Standby letters of credit $ 731,137 $ 612,545 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds residential or commercial real estate, accounts receivable, inventory and equipment as collateral supporting those commitments for which collateral is deemed necessary. Based upon periodic analysis of the Company’s standby letters of credit, management has determined that a reserve is not necessary at December 31, 2014. The Company reduces any potential liability on its standby letters of credit based upon its estimate of the proceeds obtainable upon the liquidation of the collateral held. Fair values of unrecognized financial instruments, including commitments to extend credit and the fair value of letters of credit, are considered immaterial. The standby letters of credit expire as follows: $607,000 in 2014, $19.8 million in 2015 and the remaining $1.7 million in 2016. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual or notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | Note Q —Fair Value of Financial Instruments ASC 825, Financial Instruments, requires disclosure of the estimated fair value of an entity’s assets and liabilities considered to be financial instruments. For the Company, as for most financial institutions, the majority of its assets and liabilities are considered to be financial instruments. However, many of such instruments lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. Also, it is the Company’s general practice and intent to hold its financial instruments to maturity whether or not categorized as “available-for-sale” and not to engage in trading or sales activities, except for certain loans. For fair value disclosure purposes, the Company utilized certain fair value measurement criteria as required under ASC 820, Fair Value Measurements and Disclosures, and discussed below. Estimated fair values have been determined by the Company using the best available data and an estimation methodology it believes to be suitable for each category of financial instruments. Changes in the assumptions or methodologies used to estimate fair values may materially affect the estimated amounts. Also, there may not be reasonable comparability between institutions due to the wide range of permitted assumptions and methodologies in the absence of active markets. This lack of uniformity gives rise to a high degree of subjectivity in estimating financial instrument fair values. Cash and cash equivalents, which are comprised of cash and due from banks, the Company’s balance at the Federal Reserve Bank and securities purchased under agreements to resell, had recorded values of $1.11 billion and $1.24 billion at December 31, 2014 and 2013, respectively, which approximated fair values. Investment securities have e stimated fair values based on quoted market prices, if available, or by an estimation methodology based on management’s inputs. The fair values of the Company’s investment securities held-to-maturity are based on using “unobservable inputs” that are the best information available in the circumstances. Level 3 investment securities fair values are based on the present value of cash flows, which discounts expected cash flows from principal and interest using yield to maturity at the measurement date. Commercial loans held for sale have estimated fair values based upon market indications of the sales price of such loans from recent sales transactions. Loans, net of deferred loan fees and costs, ha ve an estimated fair value using the present value of discounted cash flow where market prices were not available. The discount rate used in these calculations is the estimated current market rate adjusted for credit risk. The carrying value of accrued interest approximates fair value. Federal Home Loan and Atlantic Central Bankers Bank stock are held as required by those respective institutions and are carried at cost . Federal law requires a member institution of the FHLB to hold stock according to predetermined formulas. Atlantic Central Bankers Bank requires its correspondent banking institutions to hold stock as a condition of membership. Accrued interest receivable has a carrying value that approximates fair value. Investment in unconsolidated entity, senior note has a carrying value based upon the exit price from a December 30, 2014 sale to a private securitization entity. The par value of the principal approximated the carrying value of the underlying notes as determined by a third party valuation. The exit price approximates fair value as December 31, 2014. Investment in unconsolidated entity, subordinated note has a carrying value based upon the closing price from a December 30, 2014 sale to a private securitization entity. The fair value was based on a market rate approach for similar yielding securities. The exit price approximates fair value as December 31, 2014. Assets held for sale a s of December 31, 2014 are held at the lower of cost basis or market value. For loans, market value was determined using the income approach which converts expected cash flows from the loan portfolio by unit of measurement to a present value estimate. Unit of measurement was determined by loan type and for significant loans on an individual loan basis. The fair values of the Company’s loans classified as assets held for sale are based on “unobservable inputs” that are the best information available in the circumstances. Level 3 fair values are based on the present value of cash flows by unit of measurement. For commercial loans, a market adjusted rate to discount expected cash flows from outstanding principal and interest to expected maturity at the measurement date , was utilized . For other real estate owned, market value was based upon appraisals of the underlying collateral by third party appraisers, reduced by 7 - 10% for estimated selling costs. Demand deposits (comprising interest-and noninterest-bearing checking accounts, savings, and certain types of money market accounts) are equal to the amount payable on demand at the reporting date (generally, their carrying amounts). The fair values of securities sold under agreements to repurchase and short term borrowings are equal to their carrying amounts as they are overnight borrowings. Time deposit s and subordinated debentures have a fair value estimated using a discounted cash flow calculation that applies current interest rates to discount expected cash flows. Based upon time deposit maturities at December 31, 2014, the carrying values approximate their fair values. The carrying amount of accrued interest payable approximates its fair value. I nterest rate swaps have a fair value estimated using models that use readily observable market inputs and a market standard methodology applied to the contractual terms of the derivatives, including the period to maturity and interest rate indices. The fair value of commitments to extend credit is estimated based on the amount of unamortized deferred loan commitment fees. The fair value of letters of credit is based on the amount of unearned fees plus the estimated cost to terminate the letters of credit. Fair values of unrecognized financial instruments, including commitments to extend credit, and the fair value of letters of credit are considered immaterial. In addition, ASC 820, Fair Value Measurements and Disclosures, establishes a common definition for fair value to be applied to assets and liabilities. It clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a framework for measuring fair value and expands disclosures concerning fair value measurements. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Level 1 valuation is based on quoted market prices for identical assets or liabilities to which the Company has access at the measurement date. Level 2 valuation is based on other observable inputs for the asset or liability, either directly or indirectly. This includes quoted prices for similar assets in active or inactive markets, inputs other than quoted prices that are observable for the asset or liability such as yield curves, volatilities, prepayment speeds, credit risks, default rates, or inputs that are derived principally from, or corroborated through, observable market data by market-corroborated reports. Level 3 valuation is based on “unobservable inputs” that are the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. There were no transfers between levels in 2014 or 2013. December 31, 2014 Quoted prices Significant in active other Significant markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands) Investment securities available-for-sale $ 1,493,639 $ 1,493,639 $ 66,287 $ 1,425,986 $ 1,366 Investment securities held-to-maturity - Securities purchased under agreements to resell - - Federal Home Loan and Atlantic Central Bankers Bank stock - - Commercial loans held for sale - - Loans, net - - Investment in unconsolidated entity, senior note - - Investment in unconsolidated entity, subordinated note - - Assets held for sale - - Demand and interest checking - - Savings and money market - - Time deposits - - Subordinated debentures - - Securities sold under agreements to repurchase - - Interest rate swaps, liability - - December 31, 2013 (restated) Quoted prices Significant in active other Significant markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands) Investment securities available-for-sale $ 1,253,117 $ 1,253,117 $ 64,971 $ 1,187,595 $ 551 Investment securities held-to-maturity - Securities purchased under agreements to resell - - Federal Home Loan and Atlantic Central Bankers Bank stock - - Commercial loans held for sale - - Loans, net - - Assets held for sale - - Demand and interest checking - - Savings and money market - - Time deposits - - Subordinated debentures - - Securities sold under agreements to repurchase - - Interest rate swaps, asset - - The assets and liabilities measured at fair value on a recurring basis, segregated by fair value hierarchy, are summarized below (in thousands): Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs December 31, 2014 (Level 1) (Level 2) (Level 3) Investment securities available for sale U.S. Government agency securities $ 16,561 $ - $ 16,561 $ - Federally insured student loan securities - - Obligations of states and political subdivisions - Residential mortgage-backed securities - - Commercial mortgage-backed securities - - Foreign debt securities Other debt securities Total investment securities available for sale Loans held for sale - - Investment in unconsolidated entity, senior note - - Investment in unconsolidated entity, subordinated note - - Interest rate swaps, liability - - $ 1,903,372 $ 66,287 $ 1,425,044 $ 412,041 Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs December 31, 2013 (Level 1) (Level 2) (Level 3) (restated) (restated) (restated) (restated) Investment securities available for sale U.S. Government agency securities $ 10,726 $ 400 $ 10,326 $ - Federally insured student loan securities - - Obligations of states and political subdivisions - Residential mortgage-backed securities - - Commercial mortgage-backed securities - - Other debt securities Total investment securities available for sale Loans held for sale - - Interest rate swaps, asset - - $ 1,323,502 $ 64,971 $ 1,188,076 $ 70,455 The Company’s Level 3 assets are listed below (in thousands). Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-sale Commercial loans securities held for sale December 31, 2014 December 31, 2013 December 31, 2014 December 31, 2013 Beginning balance $ 551 $ 597 $ 69,904 $ 11,341 Transfers into level 3 - - - Transfers out of level 3 - - - Total gains or losses (realized/unrealized) Included in earnings - Included in other comprehensive income - - Purchases, issuances, and settlements Purchases - - Issuances - - Sales - - Settlements - - Ending balance $ 1,366 $ 551 $ 217,080 $ 69,904 The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date. $ - $ - $ 3,587 $ 222 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in unconsolidated entity December 31, 2014 December 31, 2013 Beginning balance $ - $ - Transfers into level 3 - - Transfers out of level 3 - - Total gains or losses (realized/unrealized) Included in earnings - - Included in other comprehensive income - - Purchases, issuances, and settlements Purchases - Issuances - - Sales - - Settlements - - Ending balance $ 193,595 $ - The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date. $ - $ - Assets measured at fair value on a nonrecurring basis, segregated by fair value hierarchy, at December 31, 2014 and 2013 are summarized below (in thousands): Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable assets inputs inputs (1) Description December 31, 2014 (Level 1) (Level 2) (Level 3) Impaired loans $ 2,450 $ - $ - $ 2,450 Intangible assets - - $ 8,678 $ - $ - $ 8,678 Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs (1) Description December 31, 2013 (Level 1) (Level 2) (Level 3) (restated) (restated) (restated) (restated) Impaired loans $ 1,741 $ - $ - $ 1,741 Intangible assets - - $ 9,353 $ - $ - $ 9,353 (1) The method of valuation approach for the impaired loans was the market value approach based upon appraisals of the underlying collateral by external appraisers, reduced by 7 - 10% for estimated selling costs. Intangible assets are valued based upon internal analyses. Impaired loans that are measured based on the value of underlying collateral have been presented at their fair value, less costs to sell, of $2.5 million through the establishment of specific reserves and other writedowns of $331,000 or by recording charge-offs when the carrying value exceeds the fair value. Included in the impaired balance at December 31, 2014 , were troubled debt restructured loans with a balance of $543,000 which had specific reserves of $40,000 . Valuation techniques consistent with the market and/or cost approach were used to measure fair value and primarily included observable inputs for the individual impaired loans being evaluated such as recent sales of similar assets or observable market data for operational or carrying costs. In cases where such inputs were unobservable, the loan balance is reflected within the Level 3 hierarchy. The fair value of other real estate owned is based on an appraisal of the property using the market approach for valuation. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2014 | |
Derivatives [Abstract] | |
Derivatives | Note R –Derivatives The Company utilizes derivative instruments to assist in the management of interest rate sensitivity by modifying the repricing, maturity and option characteristics on commercial real estate loans held for sale. These instruments are not accounted for as hedges. As of December 31, 2014 , the Company had entered into fifteen interest rate swap agreements with an aggregate notional amount of $115.8 million. These swap agreements provide for the Company to receive an adjustable rate of interest based upon the three-month London Interbank Offer ed Rate (LIBOR). The Company recorded a loss of $1.4 million for the year ended December 31, 2014 and reco r ded income of $436,000 and $45,000 for the years ended December 31, 2013 and 2012 to recognize the fair value of derivative instruments. The amount payable by the Company under these swap agreements was $1.1 million at December 31, 2014 and the amount receivable by the Company at December 31, 2013 was $423,000 . At December 31, 2014 and 2013, the Company had minimum collateral posting thresholds with certain of its derivative counterparties and had posted cash collateral of $3.6 million and $0 , respectively. The maturity dates, notional amounts, interest rates paid and received and fair value of the Company’s remaining interest rate swap agreements as of December 31, 2014 are summarized below (in thousands): December 31, 2014 Maturity date Notional amount Interest rate paid Interest rate received Fair value December 19, 2019 $ 19,100 $ 31 December 19, 2019 September 2, 2024 September 9, 2024 October 8, 2024 October 10, 2024 October 14, 2024 October 20, 2024 November 10, 2024 November 28, 2024 December 3, 2024 December 5, 2024 January 2, 2025 January 5, 2025 January 5, 2025 Total $ 115,800 $ (942) |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2014 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note S —Regulatory Matters It is the policy of the Federal Reserve that financial holding companies should pay cash dividends on common stock only out of income available over the past year and only if prospective earnings retention is consistent with the organization’s expected future needs and financial condition. The policy provides that financial holding companies should not maintain a level of cash dividends that undermines the financial holding company’s ability to serve as a source of strength to its banking subsidiaries. Various federal and state statutory provisions limit the amount of dividends that subsidiary banks can pay to their holding companies without regulatory approval. Under Delaware banking law, the Bank’s directors may declare dividends on common or preferred stock of so much of its net profits as they judge expedient, but the Bank must, before the declaration of a dividend on common stock from net profits, carry 50% of its net profits from the preceding period for which the dividend is paid to its surplus fund until its surplus fund amounts to 50% of its capital stock and thereafter must carry 25% of its net profits for the preceding period for which the dividend is paid to its surplus fund until its surplus fund amounts to 100% of its capital stock. In addition to these explicit limitations, federal and state regulatory agencies are authorized to prohibit a banking subsidiary or financial holding company from engaging in an unsafe or unsound practice. Depending upon the circumstances, the agencies could take the position that paying a dividend would constitute an unsafe or unsound banking practice. In August, 2015, the Bank entered into an Amendment to the 2014 Consent Order pursuant to which the Bank may not pay dividends without prior FDIC approval. Previously, the Company had received a Supervisory Letter pursuant to which the Company may not pay dividends without prior Federal Reserve approval. The Federal Reserve approved the payment of the interest on the Company’s trust preferred securities due September 15, 2015. Future payments are subject to future approval by the Federal Reserve. (See Note D) The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification of the Company and the Bank are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. To be well capitalized under For capital prompt corrective Actual adequacy purposes action provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of December 31, 2014 Total capital (to risk-weighted assets) The Bancorp $ 302,458 $ 216,440 >=8.00 N/A N/A The Bancorp Bank >= 10.00% Tier I capital (to risk-weighted assets) The Bancorp >=4.00 N/A N/A The Bancorp Bank >= 6.00% Tier I capital (to average assets) The Bancorp >=4.00 N/A N/A The Bancorp Bank >= 5.00% As of December 31, 2013 (restated) Total capital (to risk-weighted assets) The Bancorp $ 283,304 $ 200,072 >=8.00 N/A N/A The Bancorp Bank >= 10.00% Adjustment (1) The Bancorp Bank pro forma Tier I capital (to risk-weighted assets) The Bancorp >=4.00 N/A N/A The Bancorp Bank >= 6.00% Adjustment (1) The Bancorp Bank pro forma Tier I capital (to average assets) The Bancorp >=4.00 N/A N/A The Bancorp Bank >= 5.00% Adjustment (1) The Bancorp Bank pro forma (1) The Company downstreamed $58.0 million in capital to the Bank in 2014. If charges related to the restatement had occurred in 2013 the Company would have made the capital injection at that time. Based on the pro forma ca l culations the Bank would have maintained its well capitalized status at December 31, 2013. As of December 31, 2014, the Company and the Bank met all regulatory requirements for classification as well capitalized under the regulatory framework for prompt corrective action. Effective January 1, 2015, with the first measurement date of March 31, 2015, capital rules will begin to be modified as part of a multi year phase in period. The new rules emphasize common equity capital of which the vast majority of the Company and the Bank’s capital is comprised. In 2012, the Company paid a $172,000 civil money penalty as part of an administrative agreement with the FDIC which also requires additional quarterly reporting on the part of the Bank to the FDIC. On June 4, 2014, an Order with the FDIC became effective and encompassed Bank Secrecy Act, or BSA, Anti-Money Laundering Act , or AML, and other areas. As a result of the Order, the Bank incurred significant remediation expenses for third party consultants in 2014 , which will continue into 2015 , to create an expanded BSA/AML function and to perform “ lookback s” to analyze historical transactions. Additional permanent expenses have and will result due to a significant increase in the number of employees performing BSA/AML related function s. T he 2014 consent order restricts the Bank from signing and boarding new independent sales organizations, establishing new non-benefit reloadable prepaid card programs and originating Automated Clearing House transactions for new merchant-related payments. The removal of these limitations depends upon the Bank’s issuance of a BSA report to the FDIC summarizing the completion of certain corrective action and the FDIC’s approval thereof. |
Restated Quarterly Financial Da
Restated Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2014 | |
Restated Quarterly Financial Data (Unaudited) [Abstract] | |
Restated Quarterly Financial Data (Unaudited) | Note T – Restated Quarterly Financial Data (Unaudited) The following represents summarized quarterly financial data of the Company which, in the opinion of management, reflects all adjustments (comprised of normal accruals) necessary for fair presentation . Following the summarized quarterly data the restated quarterly financial statements shown reflect applicable restatement adjustments for periods from March 31, 2013 through September 30, 2014, the last date through which financial statements previously had been issued. The data reflects restatement of the financial statements and the subsequent discontinued operations. Explanations for the discontinued operations adjustments below are as follows. The amount of cash attributable to discontinued operations was transferred to discontinued operations as the amount of such cash on deposit. The amount of loans transferred to discontinued operations was the book value of discontinued loans, which were then valued at the lower of cost or market. The allowance for loan losses attributable to discontinued loans was netted against the book value of discontinued loans and that net value including accrued interest receivable was adjusted to the lower of cost or market. That amount and other real estate owned were transferred to assets held for sale. Also.s ee Note C. Quarterly amounts shown m ay not equal annual amounts due to rounding. Three months ended 2014 March 31, June 30, September 30, December 31, (restated) (restated) (restated) (in thousands, except per share data) Interest income $ 16,555 $ 17,610 $ 18,033 $ 18,522 Net interest income Provision for loan and lease losses Non-interest income Non-interest expense Income (loss) from continuing operations before income tax expense Income tax expense (benefit) Net income (loss) from continuing operations Net income (loss) from discontinued operations, net of tax Net income available to common shareholders $ 1,627 Net income (loss) per share from continuing operations - basic $ 0.08 $ 0.04 $ 0.15 $ 0.31 Net income (loss) per share from discontinued operations - basic $ (0.04) $ 0.23 $ 0.51 $ 0.24 Net income per share - basic $ 0.04 $ 0.27 $ 0.66 $ 0.55 Net income (loss) per share from continuing operations - diluted $ 0.08 $ 0.04 $ 0.15 $ 0.30 Net income (loss) per share from discontinued operations - diluted $ (0.04) $ 0.23 $ 0.51 $ 0.22 Net income per share - diluted $ 0.04 $ 0.27 $ 0.66 $ 0.52 Three months ended 2013 March 31, June 30, September 30, December 31, (restated) (restated) (restated) (restated) (in thousands, except per share data) Interest income $ 11,472 $ 12,094 $ 13,176 $ 14,408 Net interest income Provision for loan and lease losses Non-interest income Non-interest expense Income from continuing operations before income tax expense Income tax expense Net income from continuing operations Net income (loss) from discontinued operations, net of tax Net income (loss) available to common shareholders $ (10,824) Net income per share from continuing operations - basic $ 0.10 $ 0.10 $ 0.05 $ 0.12 Net income (loss) per share from discontinued operations - basic $ (0.39) $ 0.24 $ (0.02) $ (0.58) Net income (loss) per share - basic $ (0.29) $ 0.34 $ 0.03 $ (0.46) Net income per share from continuing operations - diluted $ 0.09 $ 0.10 $ 0.05 $ 0.11 Net income (loss) per share from discontinued operations - diluted $ (0.39) $ 0.24 $ (0.02) $ (0.58) Net income (loss) per share - diluted $ (0.30) $ 0.34 $ 0.03 $ (0.47) September 30, 2014 As previously reported (1) Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 11,641 $ - $ (1,728) $ 9,913 Interest earning deposits at Federal Reserve Bank - - Securities purchased under agreements to resell - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $94,889) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - Other assets - Total assets $ 4,296,512 $ (59,389) $ - $ 4,237,123 LIABILITIES Deposits Demand and interest checking $ 3,554,484 $ - $ - $ 3,554,484 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Liabilities held for sale - - - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,808,777 shares issued at September 30, 2014 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 4,296,512 $ (59,389) $ - $ 4,237,123 (1) As previously reported excluding adjustments for discontinued operations June 30, 2014 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 15,192 $ - $ (1,904) $ 13,288 Interest earning deposits at Federal Reserve Bank - - Securities purchased under agreements to resell - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $94,927) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - Other assets - Total assets $ 4,315,164 $ (101,164) $ 0 $ 4,214,000 LIABILITIES Deposits Demand and interest checking $ 3,563,447 $ - $ - $ 3,563,447 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,808,777 shares issued at June 30, 2014 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 4,315,164 $ (101,164) $ - $ 4,214,000 March 31, 2014 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 15,298 $ - $ (1,927) $ 13,371 Interest earning deposits at Federal Reserve Bank - - Securities purchased under agreements to resell - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $95,077) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - Other assets - Total assets $ 4,699,623 $ (111,148) $ 0 $ 4,588,475 LIABILITIES Deposits Demand and interest checking $ 3,842,569 $ - $ - $ 3,842,569 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,804,902 shares issued at March 31, 2014 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 4,699,623 $ (111,148) $ - $ 4,588,475 September 30, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 32,026 $ - $ (1,970) $ 30,056 Interest earning deposits at Federal Reserve Bank - - Securities purchased under agreements to resell - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $94,806) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - Other assets - Total assets $ 4,000,282 $ (87,633) $ 0 $ 3,912,649 LIABILITIES Deposits Demand and interest checking $ 3,050,167 $ - $ - $ 3,050,167 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,720,945 shares issued at September 30, 2013 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 4,000,282 $ (87,633) $ - $ 3,912,649 June 30, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 21,560 $ - $ (198) $ 21,362 Interest earning deposits at Federal Reserve Bank - - Securities purchased under agreements to resell - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $91,777) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - Other assets - Total assets $ 3,876,495 $ (84,046) $ 0 $ 3,792,449 LIABILITIES Deposits Demand and interest checking $ 2,963,170 $ - $ - $ 2,963,170 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,462,939 shares issued at June 30, 2013 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 3,876,495 $ (84,046) $ - $ 3,792,449 March 31, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 14,108 $ - $ (936) $ 13,172 Interest earning deposits at Federal Reserve Bank - - Securities purchased under agreements to resell - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $40,999) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - Other assets - Total assets $ 4,132,095 $ (91,174) $ 0 $ 4,040,921 LIABILITIES Deposits Demand and interest checking $ 3,197,039 $ - $ - $ 3,197,039 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,433,594 shares issued at March 31, 2013 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 4,132,095 $ (91,174) $ - $ 4,040,921 Quarter ended September 30, 2014 As previously reported (1) Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 21,864 $ - $ (12,689) $ 9,175 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income - Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Loss on sale of investment securities - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - Securitization and servicing expense - - Consulting - - Bank Secrecy Act and lookback consulting expenses - - Losses on discontinued operations - - Other - Total non-interest expense - Income (loss) from continuing operations before income taxes Income tax benefit Net income (loss) from continuing operations Discontinued operations Income from discontinued operations before income taxes - - Income tax provision - - Income from discontinued operations, net of tax - - Net income (loss) available to common shareholders $ (16,805) $ 41,774 $ - $ 24,969 Net income (loss) per share from continuing operations - basic $ (0.45) $ 1.11 $ (0.51) $ 0.15 Net income per share from discontinued operations - basic $ - $ - $ 0.51 $ 0.51 Net income (loss) per share - basic $ (0.45) $ 1.11 $ - $ 0.66 Net income (loss) per share from continuing operations - diluted $ (0.45) $ 1.11 $ (0.51) $ 0.15 Net income per share from discontinued operations - diluted $ - $ - $ 0.51 $ 0.51 Net income (loss) per share - diluted $ (0.45) $ 1.11 $ - $ 0.66 (1) As previously reported excluding adjustments for discontinued operations Quarter ended June 30, 2014 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 21,926 $ (162) $ (12,962) $ 8,802 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - - Securitization and servicing expense - - Consulting - - Bank Secrecy Act and lookback consulting expenses - - Other - Total non-interest expense - Income from continuing operations before income taxes Income tax (benefit) provision Net income from continuing operations Discontinued operations Income from discontinued operations before income taxes - - Income tax provision - - Income from discontinued operations, net of tax - - Net income available to common shareholders $ 338 $ 9,984 $ - $ 10,322 Net income per share from continuing operations - basic $ 0.01 $ 0.26 $ (0.23) $ 0.04 Net income per share from discontinued operations - basic $ - $ - $ 0.23 $ 0.23 Net income per share - basic $ 0.01 $ 0.26 $ - $ 0.27 Net income per share from continuing operations - diluted $ 0.01 $ 0.26 $ (0.23) $ 0.04 Net income per share from discontinued operations - diluted $ - $ - $ 0.23 $ 0.23 Net income per share - diluted $ 0.01 $ 0.26 $ - $ 0.27 Quarter ended March 31, 2014 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 21,381 $ (257) $ (12,660) $ 8,464 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - - Securitization and servicing expense - - Consulting - - Other - Total non-interest expense - Income from continuing operations before income taxes Income tax provision Net income from continuing operations Discontinued operations Loss from discontinued operations before income taxes - - Income tax benefit - - Loss from discontinued operations, net of tax - - Net income available to common shareholders $ 298 $ 1,329 $ - $ 1,627 Net income per share from continuing operations - basic $ 0.01 $ 0.03 $ 0.04 $ 0.08 Net loss per share from discontinued operations - basic $ - $ - $ (0.04) $ (0.04) Net income per share - basic $ 0.01 $ 0.03 $ - $ 0.04 Net income per share from continuing operations - diluted $ 0.01 $ 0.03 $ 0.09 $ 0.08 Net loss per share from discontinued operations - diluted $ - $ - $ (0.09) $ (0.04) Net income per share - diluted $ 0.01 $ 0.03 $ - $ 0.04 Quarter ended December 31, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 20,966 $ (343) $ (13,395) $ 7,228 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - Securitization and servicing expense - - Consulting - - Other - Total non-interest expense - Income from continuing operations before income taxes Income tax provision Net income from continuing operations Discontinued operations Loss from discontinued operations before income taxes - - Income tax provision - - Loss from discontinued operations, net of tax - - Net income (loss) available to common shareholders $ 7,326 $ (24,845) $ - $ (17,519) Net income per share from continuing operations - basic $ 0.20 $ (0.66) $ 0.58 $ 0.12 Net loss per share from discontinued operations - basic $ - $ - $ (0.58) $ (0.58) Net income (loss) per share - basic $ 0.20 $ (0.66) $ - $ (0.46) Net income per share from continuing operations - diluted $ 0.19 $ (0.66) $ 0.58 $ 0.11 Net loss per share from discontinued operations - diluted $ - $ - $ (0.58) $ (0.58) Net income (loss) per share - diluted $ 0.19 $ (0.66) $ - $ (0.47) Quarter ended September 30, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 20,845 $ (342) $ (13,305) $ 7,198 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - Securitization and servicing expense - - Consulting - - Other - Total non-interest expense - Income from continuing operations before income taxes Income tax provision Net income from continuing operations Discontinued operations Loss from discontinued operations before income taxes - - Income tax provision - - Loss from discontinued operations, net of tax - - Net income available to common shareholders $ 4,788 $ (3,587) $ - $ 1,201 Net income per share from continuing operations - basic $ 0.13 $ (0.10) $ 0.02 $ 0.05 Net loss per share from discontinued operations - basic $ - $ - $ (0.02) $ (0.02) Net income per share - basic $ 0.13 $ (0.10) $ - $ 0.03 Net income per share from continuing operations - diluted $ 0.13 $ (0.10) $ 0.02 $ 0.05 Net loss per share from discontinued operations - diluted $ - $ - $ (0.02) $ (0.02) Net income per share - diluted $ 0.13 $ (0.10) $ - $ 0.03 Quarter ended June 30, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 20,908 $ (340) $ (13,751) $ 6,817 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - Consulting - - Other - Total non-interest expense - Income from continuing operations before income taxes Income tax provision Net income from continuing operations Discontinued operations Income from discontinued operations before income taxes - - Income tax benefit - - Income from discontinued operations, net of tax - - Net income available to common shareholders $ 5,592 $ 7,128 $ - $ 12,720 Net income per share from continuing operations - basic $ 0.15 $ 0.19 $ (0.24) $ 0.10 Net income per share from discontinued operations - basic $ - $ - $ 0.24 $ 0.24 Net income per share - basic $ 0.15 $ 0.19 $ - $ 0.34 Net income per share from continuing operations - diluted $ 0.15 $ 0.19 $ (0.24) $ 0.10 Net income per share from discontinued operations - diluted $ - $ - $ 0.24 $ 0.24 Net income per share - diluted $ 0.15 $ 0.19 $ - $ 0.34 Quarter ended March 31, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 20,322 $ (403) $ (13,521) $ 6,398 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Other than temporary impairment on securities held-to-maturity - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - Securitization and servicing expense - - Consulting - - Other - Total non-interest expense - Income from continuing operations before income taxes Income tax provision Net income from continuing operations Discontinued operations Loss from discontinued operations before income taxes - - Income tax provision - - Loss from discontinued operations, net of tax - - Net income (loss) available to common shareholders $ 7,405 $ (18,229) $ - $ (10,824) Net income per share from continuing operations - basic $ 0.20 $ (0.49) $ 0.39 $ 0.10 Net loss per share from discontinued operations - basic $ - $ - $ (0.39) $ (0.39) Net income (loss) per share - basic $ 0.20 $ (0.49) $ - $ (0.29) Net income per share from continuing operations - diluted $ 0.20 $ (0.50) $ 0.39 $ 0.09 Net loss per share from discontinued operations - diluted $ - $ - $ (0.39) $ (0.39) Net income (loss) per share - diluted $ 0.20 $ (0.50) $ - $ (0.30) For the nine months ended September 30, 2014 As previously reported (1) Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Operating activities Net income (loss) from continuing operations $ (16,169) $ 31,829 $ (4,940) $ 10,720 Net income from discontinued operations - - Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization - - Provision for loan and lease losses Net amortization of investment securities discounts/premiums - - Stock-based compensation expense - - Loans originated for sale - - Sale of loans originated for resale - - Gain on sales of loans originated for resale - - Deferred income tax provision - - Gain on sale of fixed assets - - Loss on sale and write downs on other real estate owned - - Gain on sales of investment securities - - Increase in accrued interest receivable - Increase in other assets - Increase in discontinued assets held for sale - Decrease in other liabilities - Net cash used in operating activities Investing activities Purchase of investment securities available-for-sale - - Proceeds from sale of investment securities available-for-sale - - Proceeds from redemptions and prepayments of securities held-to-maturity - - Proceeds from redemptions and prepayments of securities available-for-sale - - Proceeds from sale of other real estate owned - - Net increase in loans Net decrease in discontinued loans held for sale - - Proceeds from sale of fixed assets - - Purchases of premises and equipment - - Net cash used in investing activities Financing activities Net decrease in deposits - - Net increase in securities sold under agreements to repurchase - - Proceeds from the exercise of options - - Net used in financing activities - - Net decrease in cash and cash equivalents - Cash and cash equivalents, beginning of period - Cash and cash equivalents, end of period $ 497,209 $ - $ (2,047) $ 495,162 Supplemental disclosure: Interest paid $ 8,104 $ - $ - $ 8,104 Taxes paid $ 2,578 $ - $ - $ 2,578 Transfers of loans to other real estate owned $ 725 $ - $ - $ 725 (1) As previously reported excluding adjustments for discontinued operations For the six months ended June 30, 2014 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Operating activities Net income from continuing operations $ 636 $ 6,843 $ (2,601) $ 4,878 Net income from discontinued operations - - Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization - - Provision for loan and lease losses Net amortization of investment securities discounts/premiums - - Stock-based compensation expense - - Loans originated for sale - - Sale of loans originated for resale - - Gain on sales of loans originated for resale - - Deferred income tax provision - - Gain on sale of fixed assets - - Gain on sale and write downs on other real estate owned - - Gain on sales of investment securities - - Increase in accrued interest receivable - Increase in other assets - Increase in discontinued assets held for sale - Decrease in other liabilities - - Net cash used in operating activities Investing activities Purchase of investment securities available-for-sale - - Proceeds from sale of investment securities available-for-sale - - Proceeds from redemptions and prepayments of securities held-to-maturity - - Proceeds from redemptions and prepayments of securities available-for-sale - - Proceeds from sale of other real estat |
Condensed Financial Information
Condensed Financial Information-Parent Only | 12 Months Ended |
Dec. 31, 2014 | |
Condensed Financial Information-Parent Only [Abstract] | |
Condensed Financial Information-Parent Only | Note U —Condensed Financial Information—Parent Only Condensed Balance Sheets December 31, 2014 2013 (restated) (in thousands) Assets Cash and due from banks $ 6,386 $ 70,612 Intercompany loans - Investment in subsidiaries Other assets Total assets $ 332,463 $ 260,546 Liabilities and stockholders' equity Other liabilities $ 39 $ 18 Subordinated debentures Stockholders' equity Total liabilities and stockholders' equity $ 332,463 $ 260,546 Condensed Statements of Operations Years ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Income Interest on intercompany loans $ 13 $ - $ - Other income Total income Expense Interest on subordinated debentures Non-interest expense Total expense Equity in undistributed income of subsidiaries Income (loss) before tax benefit Income tax provision (benefit) Net income (loss) available to common shareholders $ 57,109 $ (14,422) $ (43,153) Condensed Statements of Cash Flows Years ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Operating activities Net income (loss) $ 57,109 $ (14,422) $ (43,153) Increase in other assets Increase (decrease) in other liabilities Stock based compensation expense Equity in undistributed income Net cash used in (provided by) operating activities Investing activities Net increase in loans - - Contribution to subsidiary Net cash used in investing activities Financing activities Proceeds from the issuance of common stock - Proceeds from the exercise of common stock options Net cash provided by financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year $ 6,386 $ 70,612 $ 84,262 |
Segment Financials
Segment Financials | 12 Months Ended |
Dec. 31, 2014 | |
Segment Financials [Abstract] | |
Segment Financials | Note V — Segment Financials The Company performed a strategic evaluation of its businesses in the third quarter of 2014. As a result of the evaluation, the Company decided to discontinue its commercial lending operations, as described in Note W- Discontinued Operations. The shift from a traditional bank balance sheet led the Company to evaluate its remaining business structure. Based on the continuing operations of the Company, it was determined that there would be four segments of the business: specialty finance, payments, corporate and discontinued operations. Specialty finance includes commercial mortgage loan sales, Small Business Administration loans, leasing and security backed lines of credit and any deposits generated by those business lines. Payments include prepaid cards, card payments, ACH processing and healthcare accounts. Corporate includes the Company’s investment portfolio and corporate overhead and other non-allocated expenses. Investment income is allocated to the payments segment. These operating segments reflect the way the Company views its current operations. For the year ended December 31, 2014 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 36,402 $ 58 $ 34,260 $ - $ 70,720 Interest allocation - - - Interest expense - Net interest income - Provision for loan and lease losses - - - Non-interest income - Non-interest expense - Income (loss) from continuing operations before taxes - Income taxes - - - Income (loss) from continuing operations - Income from discontinued operations - - - Net income (loss) $ 12,333 $ 14,546 $ (5,064) $ 35,294 $ 57,109 For the year ended December 31, 2013 Specialty finance Payments Corporate Discontinued operations Total (restated) (restated) (restated) (restated) (restated) (in thousands) Interest income $ 27,577 $ 64 $ 23,509 $ - $ 51,150 Interest allocation - - - Interest expense - Net interest income - Provision for loan and lease losses - - - Non-interest income - Non-interest expense - Income (loss) from continuing operations before taxes - Income taxes - - - Income (loss) from continuing operations - Loss from discontinued operations - - - Net income (loss) $ 16,319 $ 16,705 $ (19,508) $ (27,938) $ (14,422) For the year ended December 31, 2012 Specialty finance Payments Corporate Discontinued operations Total (restated) (restated) (restated) (restated) (restated) (in thousands) Interest income $ 20,776 $ 70 $ 18,633 $ - $ 39,479 Interest allocation - - - Interest expense - Net interest income - Provision for loan and lease losses - - - Non-interest income - Non-interest expense - Income (loss) from continuing operations before taxes - Income taxes - - - Income (loss) from continuing operations - Loss from discontinued operations - - - Net income (loss) $ (3,528) $ 9,388 $ (11,629) $ (37,384) $ (43,153) December 31, 2014 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,099,914 $ 30,503 $ 2,967,971 $ 887,929 $ 4,986,317 Total liabilities $ 1,165,567 $ 3,198,129 $ 303,598 $ - $ 4,667,294 December 31, 2013 Specialty finance Payments Corporate Discontinued operations Total (restated) (restated) (restated) (restated) (restated) (in thousands) Total assets $ 739,559 $ 26,190 $ 2,648,562 $ 1,179,277 $ 4,593,588 Total liabilities $ 1,033,616 $ 2,649,358 $ 663,487 $ - $ 4,346,461 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2014 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Note W — Discontinued Operations The Company performed a strategic evaluation of its businesses in the third quarter of 2014 and decided to discontinue its commercial lending operations and focus on its specialty finance lending. The loans which constitute the commercial loan portfolio are in the process of disposition to independent purchasers. As such, financial results of the commercial lending operations are presented as separate from continuing operations on the consolidated statements of operations, and the assets of the commercial lending operations to be disposed are presented as assets held for sale on the consolidated balance sheets. The following table presents financial results of the commercial lending business included in net income (loss) from discontinued operations for the twelve months ended December 31, 2014, 2013 and 2012. For the year ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Interest income $ 44,097 $ 53,972 $ 56,627 Interest expense - - - Provision for loan and lease losses Net interest income (loss) after provision Non interest income Non interest expense Income (loss) before taxes Income taxes Net income (loss) $ 35,294 $ (27,938) $ (37,384) December 31, December 31, 2014 2013 (restated) (in thousands) Loans, net $ 867,399 $ 1,182,493 Other assets Total assets $ 887,929 $ 1,179,277 Based upon an independent third party review performed as of September 30, 2014, the first reporting date after discontinuance of commercial loan operations, the Company marked the $1.20 billion commercial lending portfolio balance as of that date to lower of cost or market . An independent third party financial advisory firm performed the lower of cost or market valuation, using the income approach in a discounted cash flow model. Large balance commercial loans were modeled on a loan level basis. S mall balance commercial loans were modeled on a pool basis where loans are grouped by common characteristics including loan type, loan collateral, amortization type and coupon. The expected cash flows for the loans or pools were derived from the contractual loan terms, adjusted for prepayments and credit considerations as applicable. The loan level credit analysis was also performed by an independent third party which reviewed the majority of the credit portfolio for credit inputs into the model. Based on that review, weighted average fair values were applied to the loans not specifically reviewed. Discount rates used in the model were derived from observable market interest rates or credit spreads for comparable loans including national and regional commercial loan pricing surveys, dealer market research and market pricing quotations for new issuance. Market quoted interest rates were adjusted for the subject loan or pool to account for differences in loan characteristics including loan term, loan size, loan vintage and loan credit quality. Various elements of the lower of cost or market valuation are as follows: Measured on a recurring basis Valuation techniques Significant unobservable inputs Range Large balance commercial loans Discounted cash flows Discount rate 1.87% -7.93% Small balance commercial loans Discounted cash flows Discount rate 4.12% -6.77% As of December 31, 2014, independent third parties also performed a fair valuation. The results of discontinued operations do not include any future severance payment s. The Company has begun the process of selling the discontinued loan portfolio and has sold loans with a book value of approximately $342 .2 million, of the approximately $1.1 billion in book value of loans in that portfolio as of the September 30, 2014 date of discontinuance of operations. The $342.2 million of loans sold had a face value of approximately $417.1 million. These sales were comprised of the following: Loans with an approximate face and book value of $267.6 million and $192.7 million, respectively, were sold in the fourth quarter of 2014 to a private securitization entity . The securitization is managed by an independent investor, which contributed $16 million of equity to that entity. The balance of the sale was financed by the Bank and is reflected on the consolidated balance sheet as investment in unconsolidated subsidiary. After $74.9 million of loan charges reflected in the difference between the face value and book value of the loans sold to the securitization, the Company recognized a gain on sale of $17.0 million. In the second quarter of 2015, an additional $149.6 million of loans were sold at a gain of approximately $2.2 million . The Company continues to pursue additional loan sales. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis Of Presentation | 1. Basis of Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (US GAAP) and predominant practices within the banking industry. The consolidated financial statements include the accounts of the Company and all its subsidiaries . All inter-company balances have been eliminated. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates . The principal estimates that are particularly susceptible to a significant change in the near term relate to the allowance for loan and lease losses , investment other than temporary impairment (OTTI) and deferred income taxes . The Company periodically reviews its investment portfolio to determine whether unrealized losses on securities are temporary, based on evaluations of the creditworthiness of the issuers or guarantors, and underlying collateral, as applicable. In addition, it considers the continuing performance of the securities. Credit losses are recognized in the consolidated statement of operations . If management believes market value losses are temporary and it believes the Company has the ability and intention to hold those securities to maturity, for available for sale securities the reduction in value is recognized in other comprehensive income, through equity and for held to maturity securities the securities are held at the amortized cost . Deferred tax assets are recorded on the consolidated balance sheet at their net realizable value. The Company performs an assessment each reporting period to evaluate the amount of deferred tax asset it is more likely than not to realize. Realization of deferred tax assets is dependent upon the amount of taxable income expected in future periods, as tax benefits require taxable income to be realized. If a valuation allowance is required, the deferred tax asset on the consolidated balance sheet is reduced via a corresponding income tax expense in the consolidated statement of operations. |
Cash And Cash Equivalents | 2. Cash and Cash Equivalents Cash and cash equivalents are defined as cash on hand and amounts due from banks with an original maturity of three months or less and federal funds sold. The Company at times maintains balances in excess of insured limits at various financial institutions including the FRB, the FHLB and other private institutions. The Company does not believe these instruments carry a significant risk of loss, but cannot provide assurances that no losses could occur if these institutions were to become insolvent. |
Investment Securities | 3. Investment Securities Investments in debt securities which the Company has both the ability and intent to hold to maturity are carried at cost, adjusted for the amortization of premiums and accretion of discounts computed by the effective interest method. Investments in debt and equity securities which management believes may be sold prior to maturity due to changes in interest rates, prepayment risk, liquidity requirements, or other factors, are classified as available-for-sale. Net unrealized gains for such securities, net of tax effect, are reported as other comprehensive income and excluded from the determination of net income. The unrealized losses for both the held-to-maturity and available-for-sale securities are evaluated to determine first if the impairment is other than temporary then to determine the amount of other than temporary impairment that is attributable to credit loss versus non-credit loss . If a credit loss is determined, an other than temporary charge is recorded within the consolidated statement of operations. The Company does not engage in securities trading. Gains or losses on disposition of investment securities are based on the net proceeds and the adjusted carrying amount of the securities sold using the specific identification method. The Company evaluates whether a n other than temporary impairment exists by considering primarily the following factors: (a) the length of time and extent to which the fair value has been less than the amortized cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on contractually obligated interest and principal payments, (d) changes in the financial condition of the security’s underlying collateral and (e) the payment structure of the security. The Company’s best estimate of expected future cash flows used to determine the amount of other than temporary impairment attributable to credit loss is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions and judgments regarding the future performance of the security. The Company’s best estimate of future cash flows involves assumptions including, but not limited to, various performance indicators, such as historical and projected default and recovery rates, credit ratings, current delinquency rates, loan-to value ratios and the possibility of obligor refinancing. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value. In addition, projections of expected future cash flows from a debt security may change based upon new information regarding the performance of the issuer and/or underlying collateral such as changes in t he projections of the underlying property value estimates. The Company recognized other tha n temporary impairment charges of $0 in 2014 , $20,000 in 2013 and $202,000 in 2012. The $20,000 charge in 2013 resulted from the write-down of the amortized cost to the present value of the cash flows expected to be collected for one pooled trust preferred security. The $202,000 ch arge in 2012 resulted from the write-down of the amortized cost to the present value of the cash flows expected to be collected for one po oled trust preferred security. |
Loans And Allowance For Loan And Lease Losses | 4. Loans and Allowance for Loan and Lease Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal and are net of unearned discount s , unearned loan fees and an allowance for loan and lease losses. The allowance for loan and lease losses is established through a provision for loan and lease losses charged to expense. Loan principal considered to be uncollectible by management is charged against the allowance for loan and lease losses. The allowance is an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible based upon an evaluation of known and inherent risks in the loan portfolio. The evaluation takes into consideration such factors as changes in the nature and size of the loan portfolio, overall portfolio quality, specific problem loans and current economic conditions which may affect the borrowers’ ability to pay. The evaluation also details historical losses by loan category, the resulting loss rates for which are projected at current loan total amounts. Loss estimates for specified problem loans are also detailed. Interest income is accrued as earned on a simple interest basis. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. The Company recognizes income on impaired loans when they are placed into non-accrual status on a cash basis when the loans are both current and the collateral on the loan is sufficient to cover the outstanding obligation to the Company. If these factors do not exist, the Company will not recognize income on such loans. When a loan is placed on non-accrual status, all accumulated accrued interest receivable applicable to periods prior to the current year is charged off to the allowance for loan and lease losses. Interest that had accrued in the current year is reversed out of current period income. Loans reported as having missed four or more consecutive monthly payments and still accruing interest must have both principal and accruing interest adequately secured and must be in the process of collection. Such loans are reported as 90 days delinquent and still accruing. For all loan types, the Company uses the method of reporting delinquencies which considers a loan past due or delinquent if a monthly payment has not been received by the close of business on the loan’s next due date. In the Company’s reporting, two missed payments are reflected as 30 to 59 day delinquencies and three missed payments are reflected as 60 to 89 day delinquencies. The allowance for loan losses represents management's estimate of losses inherent in the loan and lease portfolio as of the consolidated balance sheet date and is recorded as a reduction to loans and leases. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. The evaluation of the adequacy of the allowance for loan and lease losses includes, among other factors, an analysis of historical loss rates and environmental factors by category, applied to current loan totals. However, actual losses may be higher or lower than historical trends, which vary. Actual losses on specified problem loans, which also are provided for in the evaluation, may vary from those estimated loss percentages, which are established based upon a limited number of potential loss classifications. Management performs a quarterly evaluation of the adequacy of the allowance, which is based on the Company's past loan loss experience, known and inherent risks in the portfolio, the volume and mix of the existing loan and lease portfolios, including the volume and severity of non-performing and adversely classified credits, an analysis of net charge-offs experienced on previously classified credits, the trend in loan and lease growth, including any rapid increase in loan and lease volume within a relatively short time period, general and local economic conditions affecting the collectability of the Company’s loans and leases, previous loan and lease experience by type, including net charge-offs, as a percentage of average loans and leases over the past several years and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. The specific component relates to loans and leases that are classified as impaired. For such loans and leases, an allowance is established when the discounted cash flows, or collateral value, or observable market price of the impaired loan is lower than the carrying value of that loan. Regardless of the measurement method, a creditor must measure impairment based on the fair value of the collateral when the creditor determines that foreclosure is probable. The allowance calculation methodology includes further segregation of loan classes into regulatory risk rating categories of special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management's close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans rated as special mention and substandard are reserved for based on the average charge-off history for loans and leases previously classified in those categories. Loans classified as doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are included in the general component of the reserve calculation. The general component covers pools of loans by loan type. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for relevant qualitative factors. Separate qualitative adjustments are made for higher-risk criticized loans that are not impaired. These qualitative risk factors include: · Changes in lending policies or procedures; · Changes in economic conditions; · Portfolio growth; · Changes in the nature or volume of the portfolio; · Changes in management’s experience; · Past due volume; · Non-accrual volume; · Adversely classified loans; · Quality of the loan review system; · Changes in the value of underlying collateral; · Concentrations of credit; and · External factors. Applicable factors are considered based on management's best judgment using relevant information available at the time of the evaluation. An unallocated component is also maintained to cover additional uncertainties that could affect management's estimate of probable losses. A loan is considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for all impaired loans by either the present value of expected future cash flows discounted at the loan's effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company's impaired loans are measured based on the estimated fair value of the loan's collateral. For SBA commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals or evaluations. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For SBA commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower's financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management's comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Loans originated from continuing operations and intended for sale in the secondary market are carried at estimated fair value . Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. The Company originates specific commercial mortgage loans for sale in secondary market s . These loans are accounted for under the fair value option and amounted to $217.1 million at December 31, 2014 and $69.9 million at December 31, 2013. These loans were classified as held for sale. Loans from discontinued operations intended for sale primarily to other financial institutions are carried at the lower of cost or market on the balance sheet, determined by loan type or, for larger loans , on a n individual loan basis. See Note W to the financial statements. |
Premises And Equipment | 5. Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Depreciation expense is computed on the straight-line method over the useful lives of the assets. Leasehold improvements are depreciated over the shorter of the estimated useful lives of the improvements or the terms of the related leases. |
Internal Use Software | 6. Internal Use Software The Company capitalizes costs associated with internally developed and/or purchased software systems for new products and enhancements to existing products that have reached the application stage and meet recoverability tests. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal use software, payroll and payroll related expenses for employees who are directly associated with and devote time to the internal use software project and interest costs incurred, if material, while developing internal use software. Capitalization of such costs begins when the preliminary project stage is complete and ceases no later than the point at which the project is substantially complete and ready for its intended purpose. The carrying value of the Company’s software is periodically reviewed and a loss is recognized if the value of the estimated undiscounted cash flow benefit related to the asset falls below the unamortized cost. Amortization is provided using the straight-line method over the estimated useful life of the related software, which is generally seven years. As of December 31, 201 4 and 20 13 , the Company had net capitalized softwar e costs of approximately $5.4 million and $4.2 million, respectively. The Company recorded amortization expense of approximately $1.2 million , $907,000 and $669,000 f or the years ended December 31, 2014, 2013 and 2012 , respectively. |
Income Taxes | 7. Income Taxes The Company accounts for income taxes under the liability method whereby deferred tax assets and liabilities are determined based on the difference between their carrying values on the consolidated financial statements and their tax basis as measured by the enacted tax rates which will be in effect when these differences reverse. Deferred tax expense (benefit) is the result of changes in deferred tax assets and liabilities. The Company recognizes the benefit of a tax position in the consolidated financial statements only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. For these analyses, the Company may engage attorneys to provide opinions related to the positions. T he Company applie s this policy to all tax positions for which the statute of limitations remain open, but this application does not materially impact the Company’s consolidated balance sheet or statement of operations. Any interest and penalties related to uncertain tax positions are recognized in income tax (benefit) expense in the consolidated statement of operations. |
Share-Based Compensation | 8. Share-Based Compensation The Company recognizes compensation expense for stock options in accordance with Accounting Standards Codification (“ASC”) 718 , Stock Based Compensation . The expense of the option is generally measured at fair value at the grant date with compensation expense recognized over the service period, which is usually the vesting period. For grants subject to a service condition, the Company utilizes the Black-Scholes option-pricing model to estimate the fair value of each option on the date of grant. The Black-Scholes model takes into consideration the exercise price and expected life of the options, the current price of the underlying stock and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Company’s estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. In accordance with ASC 718, the Company estimates the number of options for which the requisite service is expected to be rendered. |
Other Real Estate Owned | 9. Other Real Estate Owned Other real estate owned is recorded at estimated fair market value less cost of disposa l; which establishes a new cost basis or carrying value . When property is acquired, the excess, if any, of the loan balance over fair market value is charged to the allowance for loan and lease losses. Periodically thereafter, the asset is reviewed for subsequent declines in the estimated fair market value against the carrying value . Subsequent declines, if any, and holding costs, as well as gains and losses on subsequent sale, are included in the consolidated statements of operations. |
Advertising Costs | 10. Advertising Costs The Company expenses advertising costs as incurred. Advertising costs amounted to $621,000 , $706,000 and $393,000 for the years ended December 31, 2014, 2013 and 2012, respectively . |
Earnings Per Share | 11. Earnings P er Share The Company calculates earnings per share under ASC 260, Earnings Per Share . Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. The following tables show the Company’s earnings per share for the periods presented: Year ended December 31, 2014 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings (loss) per share from continuing operations Net income (loss) available to common shareholders $ 21,815 $ 0.58 Effect of dilutive securities Common stock options - Diluted earnings (loss) per share Net income (loss) available to common shareholders $ 21,815 $ 0.57 Year ended December 31, 2014 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings (loss) per share from discontinued operations Net income (loss) available to common shareholders $ 35,294 $ 0.94 Effect of dilutive securities Common stock options - Diluted (loss) earnings per share Net income (loss) available to common shareholders $ 35,294 $ 0.92 Year ended December 31, 2014 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings (loss) per share Net income (loss) available to common shareholders $ 57,109 $ 37,701,306 $ 1.52 Effect of dilutive securities Common stock options - Diluted (loss) earnings per share Net income (loss) available to common shareholders $ 57,109 $ 1.49 Stock options for 505,250 shares, exercisable at prices between $9.82 and $25.43 per share, were outstanding at December 31, 2014 but were not included in the dilutive earnings per share computa t ion because the exercise price per share was greater than the average market price. Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic earnings (loss) per share from continuing operations Net income (loss) available to common shareholders $ 13,516 $ 0.36 Effect of dilutive securities Common stock options - Diluted earnings (loss) per share Net income (loss) available to common shareholders $ 13,516 $ 0.35 Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic earnings (loss) per share from discontinued operations Net income (loss) available to common shareholders $ (27,938) $ (0.75) Effect of dilutive securities Common stock options - - - Diluted (loss) earnings per share Net income (loss) available to common shareholders $ (27,938) $ (0.75) Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic earnings (loss) per share Net income (loss) available to common shareholders $ (14,422) $ 37,425,197 $ (0.39) Effect of dilutive securities Common stock options - - Diluted (loss) earnings per share Net income (loss) available to common shareholders $ (14,422) $ (0.40) Stock options for 13,000 shares, exercisable at prices between $20.98 and $25.43 per share, were outstanding at December 31, 2013 , but were not included in the dilutive earnings per share computation because the C ompany had a net loss available to common shareholders. Year ended December 31, 2012 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic loss per share from continuing operations Net loss available to common shareholders $ (5,769) $ (0.17) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (5,769) $ (0.17) Year ended December 31, 2012 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic loss per share from discontinued operations Net loss available to common shareholders $ (37,384) $ (1.13) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (37,384) $ (1.13) Year ended December 31, 2012 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic loss per share Net loss available to common shareholders $ (43,153) $ 33,227,755 $ (1.30) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (43,153) $ (1.30) Stock options for 2,401,493 shares, exercisable at prices between $7.36 and $25.43 per share, were outstanding at December 31, 2012 but were not included in the diluted earnings per share because the Company had a net loss available to common shareholders. |
Other Comprehensive Income | 12. Other Comprehensive Income Other comprehensive income consists of revenues, expenses, gains and losses that bypass the statement of operations and are reported directly in a separate component of equity. For the year ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Other comprehensive income (loss) Change in net unrealized gain/(loss) during the period $ 18,710 $ (12,905) $ 6,198 Reclassification adjustments for gains included in income Reclassification adjustment for called securities - Amortization of (gains)/losses previously held as available-for-sale Net unrealized gain/(loss) on investment securities Deferred tax expense (benefit) Securities available-for-sale: Change in net unrealized gain/(loss) during the period Reclassification adjustments for gains included in income Reclassification adjustment for called securities - Amortization of (gains)/losses previously held as available-for-sale Income tax expense (benefit) related to items of other comprehensive income Other comprehensive income (loss), after tax and net of reclassifications into net income $ 11,777 $ (9,683) $ 3,812 |
Restrictions On Cash And Due From Banks | 13. Restrictions on Cash and Due from Banks The Bank is required to maintain reserves against customer demand deposits by keeping cash on hand or balances with the Federal Reserve Bank. The amount of those required reserves at December 31, 201 4 and 201 3 was approximately $280.4 million and $238.7 million, respectively. |
Other Identifiable Intangible Assets | 14. Other Identifiable Intangible Assets On November 29, 2012, the Company acquired certain software rights and personnel of a prepaid program manager in Europe for approximately $1.8 million to establish a European prepaid card presence. The Company allocated the majority of the $1.8 million acquisition cost to software used for fraud monitoring and other utilities for its prepaid card business, with related services provided by its European data processing subsidiary. The software is being amortized over eight years. The Company accounts for its customer list in accordance with ASC 350, Intangibles—Goodwill and Other. The acquisition of the Stored Value Solutions division of Marshall Bank First in 2007 resulted in a customer list intangible of $12.0 million which is being amortized over a 12 year period. Amortization expense is $1.0 million per year ( $5.0 million over the next five years). The gross carrying value and accumulated amortization related to the Company’s intangible items at December 31, 2014 and 2013 are presented below. December 31, 2014 2013 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) Customer list intangible $ 12,006 $ 7,003 $ 12,006 $ 6,003 Software intangible Total $ 13,823 $ 7,595 $ 13,823 $ 6,211 The approximate future annual amortization of both the Company’s intangible items are as follows (in thousands): Year ending December 31, 2015 $ 1,189 2016 2017 2018 2019 Thereafter $ 6,228 |
Reclassifications | 15. Reclassifications Certain reclassifications have been made to the 2013 and 2012 restated consolidated financial statements to conform to the 2014 presentation , separate from the restatement of the financial statements and discontinued operations . Reclassifications relating to discontinued operations are presented in Note W. |
Prepaid Card Fees | 1 6 . Prepaid Card Fees The Company recognizes prepaid card fees in the periods in which they are earned by performance of the related services. The majority of fees the Company earns result from contractual transaction fees paid by third party sponsors to the Company and monthly service fees. Additionally, the Company earns interchange fees paid through settlement associations such as Visa, which are also determined on a per transaction basis. The Company records this revenue net of costs such as association fees and interchange transaction charges . |
Common Stock Repurchase Program | 1 7 . Common Stock Repurchase Program In 2011, t he Company adopted a common stock repurchase program in which share repurchases reduce the amount of shares outstanding. Repurchased shares may be reissued for various corporate purposes. As of December 31, 2011, the Company had repurchased 100,000 shares of the total 750,000 maximum number of shares authorized by the Board of Directors. The 100,000 shares were repurchased at an average cost of $8.66 . The Company did no t repurchase shares in 2014, 2013 or 2012. |
Derivative Financial Instruments | 18. Derivative Financial Instruments The Company utilizes derivatives to hedge interest rate risk on the loans it originates for sale into commercial mortgage backed securities markets. These derivatives are recorded on the consolidated balance sheet at fair value. Changes in the fair value of these derivatives are designated as fair value hedges , which are recorded in earnings together and in the same consolidated income statement line item with , changes in the fair value of the related hedged item. All derivatives are utilized to hedge against interest rate changes between the time commercial mortgages are funded and sold. Accordingly such derivatives serve as a hedge against interest rate movements which might otherwise decrease sales proceeds. |
Recent Accounting Pronouncements | 19. Recent Accounting Pronouncements In January 2014, FASB Accounting Standards Update (ASU) No. 2014-04, amended ASC Sub-Topic 310-40 “Receivables—Troubled Debt Restructurings by Creditors.” The amendments clarify that an in substance repossession or foreclosure occurs, and the Company is considered to have received physical possession of residential real estate property collateralizing a mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments in this update are effective for the annual periods beginning on or after December 15, 2014 and an entity can elect to adopt the amendments in this update using either a modified retrospective transition method or a prospective transition method as allowed in ASU No. 2014-04. The adoption of ASU No. 2014-04 did not have a material effect on the Company’s consolidated financial statements. In April 2014, the FASB issued ASU No. 2014-08 (ASU 2014-08), “ Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)” . ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for annual periods beginning after December 15, 2014. The Company adopted ASU 2014-08 as presented in the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Cash Flows and Note W , Discontinued Operations. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. This ASU establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate and construction industries. The revenue standard’s core principal is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this, the standard requires five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) identify the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, (v) recognize revenue when (or as) the entity satisfies the performance obligation. Three basic transition methods are available - full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. Under the cumulative effect alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. The guidance in this ASU is effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 201 7 . The Company does not expect this ASU to have a significant impact on its financial condition or results of operations. In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing”. The amendments in this update require that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty (a repurchase financing), which will result in secured borrowing accounting for the repurchase agreement. The amendments require an entity to disclose information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements, in which the transferor retains substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. In addition the amendments require disclosure of the types of collateral pledged in repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions and the tenor of those transactions. The guidance in this ASU was effective for annual and interim periods beginning after December 15, 2014. The Company does not expect this ASU to have a significant impact on its financial condition or results of operations. In August 2014, the FASB issued ASU 2014-14, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure”. The guidance in this ASU affects creditors that hold government-guaranteed mortgage loans, including those guaranteed by the Federal Home Administration ( FHA ) and the Veterans Administration ( VA ) . It requires that a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if the following conditions are met: 1. The loan has a government guarantee that is not separable from the loan before foreclosure. 2. At the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under the claim. 3. At the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The guidance in this ASU was effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The guidance may be applied using a prospective transition method in which a reporting entity applies the guidance to foreclosures that occur after the date of adoption, or a modified retrospective transition using a cumulative-effect adjustment (through a reclassification to a separate other receivable) as of the beginning of the annual period of adoption. Prior periods should not be adjusted. A reporting entity must apply the same method of transition as elected under ASU 2014-04. The Company does not expect this ASU to have a significant impact on its financial condition or results of operations. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |
Earnings Per Share | Year ended December 31, 2014 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings (loss) per share from continuing operations Net income (loss) available to common shareholders $ 21,815 $ 0.58 Effect of dilutive securities Common stock options - Diluted earnings (loss) per share Net income (loss) available to common shareholders $ 21,815 $ 0.57 Year ended December 31, 2014 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings (loss) per share from discontinued operations Net income (loss) available to common shareholders $ 35,294 $ 0.94 Effect of dilutive securities Common stock options - Diluted (loss) earnings per share Net income (loss) available to common shareholders $ 35,294 $ 0.92 Year ended December 31, 2014 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings (loss) per share Net income (loss) available to common shareholders $ 57,109 $ 37,701,306 $ 1.52 Effect of dilutive securities Common stock options - Diluted (loss) earnings per share Net income (loss) available to common shareholders $ 57,109 $ 1.49 Stock options for 505,250 shares, exercisable at prices between $9.82 and $25.43 per share, were outstanding at December 31, 2014 but were not included in the dilutive earnings per share computa t ion because the exercise price per share was greater than the average market price. Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic earnings (loss) per share from continuing operations Net income (loss) available to common shareholders $ 13,516 $ 0.36 Effect of dilutive securities Common stock options - Diluted earnings (loss) per share Net income (loss) available to common shareholders $ 13,516 $ 0.35 Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic earnings (loss) per share from discontinued operations Net income (loss) available to common shareholders $ (27,938) $ (0.75) Effect of dilutive securities Common stock options - - - Diluted (loss) earnings per share Net income (loss) available to common shareholders $ (27,938) $ (0.75) Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic earnings (loss) per share Net income (loss) available to common shareholders $ (14,422) $ 37,425,197 $ (0.39) Effect of dilutive securities Common stock options - - Diluted (loss) earnings per share Net income (loss) available to common shareholders $ (14,422) $ (0.40) Stock options for 13,000 shares, exercisable at prices between $20.98 and $25.43 per share, were outstanding at December 31, 2013 , but were not included in the dilutive earnings per share computation because the C ompany had a net loss available to common shareholders. Year ended December 31, 2012 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic loss per share from continuing operations Net loss available to common shareholders $ (5,769) $ (0.17) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (5,769) $ (0.17) Year ended December 31, 2012 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic loss per share from discontinued operations Net loss available to common shareholders $ (37,384) $ (1.13) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (37,384) $ (1.13) Year ended December 31, 2012 Income Shares Per share (numerator) (denominator) amount (restated) (restated) (restated) (dollars in thousands except per share data) Basic loss per share Net loss available to common shareholders $ (43,153) $ 33,227,755 $ (1.30) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (43,153) $ (1.30) Stock options for 2,401,493 shares, exercisable at prices between $7.36 and $25.43 per share, were outstanding at December 31, 2012 but were not included in the diluted earnings per share because the Company had a net loss available to common shareholders. |
Schedule Of Other Comprehensive Income | For the year ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Other comprehensive income (loss) Change in net unrealized gain/(loss) during the period $ 18,710 $ (12,905) $ 6,198 Reclassification adjustments for gains included in income Reclassification adjustment for called securities - Amortization of (gains)/losses previously held as available-for-sale Net unrealized gain/(loss) on investment securities Deferred tax expense (benefit) Securities available-for-sale: Change in net unrealized gain/(loss) during the period Reclassification adjustments for gains included in income Reclassification adjustment for called securities - Amortization of (gains)/losses previously held as available-for-sale Income tax expense (benefit) related to items of other comprehensive income Other comprehensive income (loss), after tax and net of reclassifications into net income $ 11,777 $ (9,683) $ 3,812 |
Summary Of Gross Carrying Value And Accumulated Amortization Related To The Company's Intangible Items | December 31, 2014 2013 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) Customer list intangible $ 12,006 $ 7,003 $ 12,006 $ 6,003 Software intangible Total $ 13,823 $ 7,595 $ 13,823 $ 6,211 |
Schedule Of Approximate Future Annual Amortization Of The Company's Intangible Items | Year ending December 31, 2015 $ 1,189 2016 2017 2018 2019 Thereafter $ 6,228 |
Restatement Of Annual And Qua33
Restatement Of Annual And Quarterly Consolidated Balance Sheets, Statements Of Operations And Statements Of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Restatement Of Annual And Quarterly Consolidated Balance Sheets, Statements Of Operations And Statements Of Cash Flows [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | December 31, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 33,883 $ - $ (1,993) $ 31,890 Interest earning deposits at Federal Reserve Bank - - Securities purchased under agreements to resell - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $95,030) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - - Other assets - Total assets $ 4,706,065 $ (112,477) $ 0 $ 4,593,588 LIABILITIES Deposits Demand and interest checking $ 3,722,602 $ - $ - $ 3,722,602 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,720,945 shares issued at December 31, 2013 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 4,706,065 $ (112,477) $ - $ 4,593,588 December 31, 2012 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 19,981 $ - $ (1,504) $ 18,477 Interest earning deposits at Federal Reserve Bank - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $41,008) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - - Other assets - Total assets $ 3,699,659 $ (72,945) $ (0) $ 3,626,714 LIABILITIES Deposits Demand and interest checking $ 2,775,207 $ - $ - $ 2,775,207 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,246,655 shares issued at December 31, 2012 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 3,699,659 $ (72,945) $ - $ 3,626,714 Year ended December 31, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 83,040 $ (1,428) $ (53,972) $ 27,640 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Other than temporary impairment on securities held-to-maturity - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - Securitization and servicing expense - - Consulting - - Other - Total non-interest expense - Income from continuing operations before income taxes Income tax provision Net income from continuing operations Discontinued operations Loss from discontinued operations before income taxes - - Income tax provision - - Loss from discontinued operations, net of tax - - Net income (loss) available to common shareholders $ 25,110 $ (39,533) $ - $ (14,423) Net income per share from continuing operations - basic $ 0.67 $ (1.06) $ 0.75 $ 0.36 Net loss per share from discontinued operations - basic $ - $ - $ (0.75) $ (0.75) Net income (loss) per share - basic $ 0.67 $ (1.06) $ - $ (0.39) Net income per share from continuing operations - diluted $ 0.66 $ (1.06) $ 0.75 $ 0.35 Net loss per share from discontinued operations - diluted $ - $ - $ (0.75) $ (0.75) Net income (loss) per share - diluted $ 0.66 $ (1.06) $ - $ (0.40) Year ended December 31, 2012 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 78,222 $ (747) $ (56,629) $ 20,846 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Other than temporary impairment on securities held-to-maturity - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - - Other real estate owned - - Insurance - - Telecom and IT network communications - Securitization and servicing expense - - Consulting - - Other - Total non-interest expense - Income (loss) from continuing operations before income taxes Income tax provision (benefit) Net income (loss) from continuing operations Discontinued operations Loss from discontinued operations before income taxes - - Income tax benefit - - Loss from discontinued operations, net of tax - - Net income (loss) available to common shareholders $ 16,624 $ (59,777) $ - $ (43,153) Net income (loss) per share from continuing operations - basic $ 0.50 $ (1.80) $ 1.13 $ (0.17) Net loss per share from discontinued operations - basic $ - $ - $ (1.13) $ (1.13) Net income (loss) per share - basic $ 0.50 $ (1.80) $ - $ (1.30) Net income (loss) per share from continuing operations - diluted $ 0.50 $ (1.80) $ 1.13 $ (0.17) Net loss per share from discontinued operations - diluted $ - $ - $ (1.13) $ (1.13) Net income (loss) per share - diluted $ 0.50 $ (1.80) $ - $ (1.30) Year ended December 31, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Operating activities Net income from continuing operations $ 25,110 $ (21,177) $ 9,583 $ 13,516 Net loss from discontinued operations - - Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization - - Provision for loan and lease losses Net amortization of investment securities discounts/premiums - - Stock-based compensation expense - - Loans originated for sale - - Sale of loans originated for resale - - Gain on sales of loans originated for resale - - Deferred income tax benefit Gain on sale of fixed assets - - Other than temporary impairment on securities held-to-maturity - - Losses on sale and write downs on other real estate owned - - Gain on sales of investment securities - - Increase in accrued interest receivable - (Increase) decrease in other assets Increase in discontinued assets held for sale - - Increase in other liabilities - - Net cash provided by operating activities Investing activities Purchase of investment securities available-for-sale - - Purchase of investment securities held-to-maturity - - Proceeds from sale of investment securities available-for-sale - - Proceeds from redemptions and prepayments of securities held-to-maturity - - Proceeds from redemptions and prepayments of securities available-for-sale - - Proceeds from sale of other real estate owned - - Net increase in loans Net decrease in discontinued loans held for sale - - Proceeds from sale of fixed assets - - Purchases of premises and equipment - - Net cash used in investing activities Financing activities Net increase in deposits - - Net increase in securities sold under agreements to repurchase - - Proceeds from issuance of common stock - - Proceeds from the exercise of options - - Net cash provided by financing activities - - Net increase in cash and cash equivalents - - Cash and cash equivalents, beginning of period - Cash and cash equivalents, end of period $ 1,237,942 $ - $ (1,993) $ 1,235,949 Supplemental disclosure: Interest paid $ 10,792 $ - $ - $ 10,792 Taxes paid $ 17,602 $ - $ - $ 17,602 Transfers of loans to held for sale $ 32,795 $ - $ - $ 32,795 Year ended December 31, 2012 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Operating activities Net income (loss) from continuing operations $ 16,624 $ (53,531) $ 31,138 $ (5,769) Net loss from discontinued operations - - Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization - - Provision for loan and lease losses Net amortization of investment securities discounts/premiums - - Stock-based compensation expense - - Loans originated for sale - - Sale of loans originated for resale - - Gain on sales of loans originated for resale - - Deferred income tax benefit Gain on sale of fixed assets - - Other than temporary impairment on securities held-to-maturity - - Losses on sale and write downs on other real estate owned - - Gain on sales of investment securities - - Increase in accrued interest receivable - Increase in other assets Decrease in discontinued assets held for sale - - Increase in other liabilities - - Net cash provided by operating activities Investing activities Purchase of investment securities available-for-sale - - Proceeds from sale of investment securities available-for-sale - - Proceeds from redemptions and prepayments of securities held-to-maturity - - Proceeds from redemptions and prepayments of securities available-for-sale - - Proceeds from sale of other real estate owned - - Net increase in loans Net decrease in discontinued loans held for sale - - Proceeds from sale of fixed assets - - Purchases of premises and equipment - - Net cash used in investing activities Financing activities Net increase in deposits - - Net decrease in securities sold under agreements to repurchase - - Proceeds from issuance of common stock - - Proceeds from the exercise of options - - Net provided by in financing activities - - Net increase in cash and cash equivalents - - Cash and cash equivalents, beginning of period - Cash and cash equivalents, end of period $ 968,092 $ - $ (1,504) $ 966,588 Supplemental disclosure: Interest paid $ 11,431 $ - $ - $ 11,431 Taxes paid $ 11,049 $ - $ - $ 11,049 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Investment Securities [Abstract] | |
Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity | Available-for-sale December 31, 2014 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 16,519 $ 42 $ - $ 16,561 Federally insured student loan securities Tax-exempt obligations of states and political subdivisions Taxable obligations of states and political subdivisions Residential mortgage-backed securities Commercial mortgage-backed securities Foreign debt securities Corporate and other debt securities $ 1,473,524 $ 24,375 $ (4,260) $ 1,493,639 Held-to-maturity December 31, 2014 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 17,882 $ 531 $ (3,820) $ 14,593 Other debt securities - pooled - $ 93,765 $ 1,969 $ (3,820) $ 91,914 Available-for-sale December 31, 2013 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 10,680 $ 46 $ - $ 10,726 Federally insured student loan securities Tax-exempt obligations of states and political subdivisions Taxable obligations of states and political subdivisions Residential mortgage-backed securities Commercial mortgage-backed securities Foreign debt securities Corporate and other debt securities $ 1,251,262 $ 9,164 $ (7,309) $ 1,253,117 Held-to-maturity December 31, 2013 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 21,027 $ 367 $ (4,222) $ 17,172 Other debt securities - pooled - $ 97,205 $ 2,047 $ (4,222) $ 95,030 |
Amortized Cost And Fair Value Of Investment Securities By Contractual Maturity | Available-for-sale Held-to-maturity Amortized Fair Amortized Fair cost value cost value Due before one year $ 104,938 $ 104,828 $ - $ - Due after one year through five years Due after five years through ten years - - Due after ten years $ 1,473,524 $ 1,493,639 $ 93,765 $ 91,914 |
Available-for-sale And Held-to-maturity Securities, Continuous Unrealized Loss Position | Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities Federally insured student loan securities 9 $ 28,435 $ (169) $ 34,274 $ (221) $ 62,709 $ (390) Tax-exempt obligations of states and political subdivisions 97 Taxable obligations of states and political subdivisions 24 Residential mortgage-backed securities 29 Commercial mortgage-backed securities 30 Foreign debt securities 53 Corporate and other debt securities 61 Total temporarily impaired investment securities 303 $ 223,234 $ (2,189) $ 247,898 $ (2,071) $ 471,132 $ (4,260) Held-to-maturity Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities Single issuers 1 $ - $ - $ 5,144 $ (3,820) $ 5,144 $ (3,820) Total temporarily impaired investment securities 1 $ - $ - $ 5,144 $ (3,820) $ 5,144 $ (3,820) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2013 (in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities U.S. Government agency securities 4 $ 3,300 $ - $ - $ - $ 3,300 $ - Federally insured student loan securities 9 Tax-exempt obligations of states and political subdivisions 229 - - Taxable obligations of states and political subdivisions 52 Residential mortgage-backed securities 38 Commercial mortgage-backed securities 26 Foreign debt securities 47 - - Corporate and other debt securities 54 Total temporarily impaired investment securities 459 $ 592,970 $ (6,443) $ 67,734 $ (866) $ 660,704 $ (7,309) Held-to-maturity Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities Single issuers 2 $ - $ - $ 7,887 $ (4,222) $ 7,887 $ (4,222) Total temporarily impaired investment securities 2 $ - $ - $ 7,887 $ (4,222) $ 7,887 $ (4,222) |
Schedule Of Additional Information Related To Single Issuer And Pooled Trust Preferred Securities | The following table provides additional information related to the Company’s single issuer trust preferred securities as of December 31, 2014: Single issuer Book value Fair value Unrealized gain/(loss) Credit rating Security A $ 1,897 $ 2,000 $ 103 Not rated Security B Not rated Class: All of the above are trust preferred securities. The following table provides additional information related to our pooled trust preferred securities as of December 31, 2014: Pooled issue Class Book value Fair value Unrealized gain/(loss) Credit rating Excess subordination Pool A (7 performing issuers) Mezzanine $ 174 $ 260 $ 86 CAA3 * * There is no excess subordination for these securities. |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Loans [Abstract] | |
Major Classifications Of Loans | December 31, December 31, 2014 2013 (restated) SBA non real estate $ 62,425 $ 45,875 SBA commercial mortgage SBA construction Total SBA loans Direct lease financing SBLOC Other specialty lending Other consumer loans Unamortized loan fees and costs Total loans, net of deferred loan costs $ 874,593 $ 636,001 |
Impaired Loans | Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized December 31, 2014 Without an allowance recorded SBA non real estate $ - $ - $ - $ - $ - Consumer - other - - Consumer - home equity - - With an allowance recorded SBA non real estate - Consumer - other - - - - Consumer - home equity - Total SBA non real estate - Consumer - other - - Consumer - home equity - December 31, 2013 (restated) Without an allowance recorded SBA non real estate $ - $ - $ - $ - $ - Consumer - other - - - - - Consumer - home equity - - With an allowance recorded SBA non real estate - Consumer - other - - - - - Consumer - home equity - Total SBA non real estate - Consumer - other - - - - - Consumer - home equity - |
Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category | December 31, 2014 2013 (restated) (in thousands) Non-accrual loans SBA non real estate $ - $ 168 Consumer Total non-accrual loans Loans past due 90 days or more Total non-performing loans Other real estate owned - - Total non-performing assets $ 2,056 $ 1,634 |
Loans Modified And Considered Troubled Debt Restructurings | December 31, 2014 December 31, 2013 (restated) Number Pre-modification recorded investment Post-modification recorded investment Number Pre-modification recorded investment Post-modification recorded investment Commercial $ 197 $ 197 $ 217 $ 217 Consumer - - - Total $ 543 $ 543 $ 217 $ 217 |
Loans Modified As Troubled Debt Restructurings | December 31, 2014 December 31, 2013 (restated) Adjusted interest rate Extended maturity Combined rate and maturity Adjusted interest rate Extended maturity Combined rate and maturity Commercial $ - $ 197 $ - $ - $ 217 $ - Consumer - - - - - Total $ - $ 543 $ - $ - $ 217 $ - |
Changes In Allowance For Loan And Lease Losses By Loan Category | SBA non real estate SBA commercial mortgage SBA construction Direct lease financing SBLOC Other specialty lending Other consumer loans Unallocated Total December 31, 2014 Beginning balance (restated) $ 419 $ 496 $ - $ 311 $ 293 $ 1 $ 2,361 $ - $ 3,881 Charge-offs - - - - Recoveries - - - - - Provision (credit) Ending balance $ 385 $ 461 $ 114 $ 836 $ 562 $ 66 $ 1,181 $ 33 $ 3,638 Ending balance: Individually evaluated for impairment $ 40 $ - $ - $ - $ - $ - $ 271 $ - $ 311 Ending balance: Collectively evaluated for impairment $ 345 $ 461 $ 114 $ 836 $ 562 $ 66 $ 910 $ 33 $ 3,327 Loans: Ending balance $ 62,425 $ 82,317 $ 20,392 $ 194,464 $ 421,862 $ 48,625 $ 36,168 $ 8,340 $ 874,593 Ending balance: Individually evaluated for impairment $ 197 $ - $ - $ - $ - $ - $ 2,253 $ - $ 2,450 Ending balance: Collectively evaluated for impairment $ 62,228 $ 82,317 $ 20,392 $ 194,464 $ 421,862 $ 48,625 $ 33,915 $ 8,340 $ 872,143 December 31, 2013 (restated) Beginning balance $ 193 $ 104 $ 42 $ 239 $ 236 $ - $ 3,171 $ - $ 3,985 Charge-offs - - - - - Recoveries - - - - - - Provision (credit) - Ending balance $ 419 $ 496 $ - $ 311 $ 293 $ 1 $ 2,361 $ - $ 3,881 Ending balance: Individually evaluated for impairment $ 95 $ - $ - $ - $ - $ - $ 135 $ - $ 230 Ending balance: Collectively evaluated for impairment $ 324 $ 496 $ - $ 311 $ 293 $ 1 $ 2,226 $ - $ 3,651 Loans: Ending balance $ 45,875 $ 69,730 $ 51 $ 175,610 $ 293,109 $ 1,588 $ 45,152 $ 4,886 $ 636,001 Ending balance: Individually evaluated for impairment $ 385 $ - $ - $ - $ - $ - $ 1,356 $ - $ 1,741 Ending balance: Collectively evaluated for impairment $ 45,490 $ 69,730 $ 51 $ 175,610 $ 293,109 $ 1,588 $ 43,796 $ 4,886 $ 634,260 |
Delinquent Loans By Loan Category | December 31, 2014 30-59 Days past due 60-89 Days past due Greater than 90 days Non accrual Total past due Current Total loans SBA non real estate $ - $ - $ - $ - $ - $ 62,425 $ 62,425 SBA commercial mortgage - - - - - SBA construction - - - - - Direct lease financing - SBLOC - - - - - Other specialty lending - - - - - Consumer - other - - Consumer - home equity - - Unamortized loan fees and costs - - - - - $ 5,092 $ 2,289 $ 149 $ 1,907 $ 9,437 $ 865,156 $ 874,593 December 31, 2013 (restated) SBA non real estate $ - $ - $ - $ 168 $ 168 $ 45,707 $ 45,875 SBA commercial mortgage - - - - - SBA construction - - - - - Direct lease financing - SBLOC - - - - - Other specialty lending - - - - - Consumer - other - - Consumer - home equity - - - Unamortized loan fees and costs - - - - - $ 3,870 $ 1,293 $ 110 $ 1,524 $ 6,797 $ 629,204 $ 636,001 |
Loans By Categories | December 31, 2014 Pass Special mention Substandard Doubtful Loss Unrated subject to review * Unrated not subject to review * Total loans SBA non real estate $ 49,214 $ - $ 197 $ - $ - $ 669 $ 12,345 $ 62,425 SBA commercial mortgage - - - - SBA construction - - - - - Direct lease financing - - - - SBLOC - - - - Other specialty lending - - - - - Consumer - - Unamortized loan fees and costs - - - - - - $ 389,677 $ 346 $ 2,203 $ - $ - $ 59,067 $ 423,300 $ 874,593 December 31, 2013 (restated) SBA non real estate $ 51,645 $ - $ 385 $ - $ - $ 643 $ (6,798) $ 45,875 SBA commercial mortgage - - - - SBA construction - - - - - - Direct lease financing - - - - SBLOC - - - - Other specialty lending - - - - - Consumer - - Unamortized loan fees and costs - - - - - - $ 276,919 $ 1,348 $ 1,741 $ - $ - $ 10,081 $ 345,912 $ 636,001 |
Premises And Equipment (Tables)
Premises And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Premises And Equipment [Abstract] | |
Premises And Equipment | December 31, Estimated useful lives 2014 2013 Furniture, fixtures, and equipment 3 to 12 years $ 41,765 $ 35,754 Leasehold improvements 6 to 10 years Accumulated depreciation $ 17,697 $ 15,659 |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Variable Interest Entity [Abstract] | |
Schedule Of The Total Unpaid Principal Amount Of Assets Held In Private Label Securitization Entities, Including Those In Which The Company Has Continuing Involvement | Principal amount outstanding The Company's Assets held in interest Total assets Assets held in nonconsolidated in securitized held by consolidated VIEs with assets in securitization securitization continuing nonconsolidated December 31, 2014 VIEs VIEs involvement VIEs (b) Commercial and other (a) $ 209,632 - $ 209,632 $ 193,595 (a) Consists of notes backed by commercial loans predominately secured by real estate. (b) The retained interest in the commercial and other securitization trusts are non-rated and are accounted for under the equity method of accounting. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Debt [Abstract] | |
Schedule Of Short-term Debt | As of or for the year ended December 31, 2014 2013 2012 (dollars in thousands) Short-term borrowings and federal funds purchased Balance at year-end $ - $ - $ - Average during the year - - - Maximum month-end balance - - - Weighted average rate during the year Rate at December 31 |
Schedule Of Securities Sold Under Agreements To Repurchase | As of or for the year ended December 31, 2014 2013 2012 (dollars in thousands) Securities sold under repurchase agreements Balance at year-end $ 19,414 $ 21,221 $ 18,548 Average during the year Maximum month-end balance Weighted average rate during the year Rate at December 31 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Income Taxes [Abstract] | |
Schedule Of Components Of The Income Taxes (Benefit) | For the years ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Current tax provision (benefit) Federal $ (3,663) $ 4,723 $ (3,533) State Deferred tax provision (benefit) Federal State $ (14,523) $ 6,767 $ (3,492) |
Schedule Of Income Tax Expenses And Statutory Federal Income Tax Rate | For the years ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Computed tax expense at statutory rate $ 2,479 $ 6,897 $ (3,150) State taxes Tax-exempt interest income Foreign income tax rate difference - - Valuation allowance - domestic - - Valuation allowance - foreign - - Other $ (14,523) $ 6,767 $ (3,492) |
Schedule Of Deferred Tax Assets And Liabilities | For the years ended December 31, 2014 2013 (restated) (in thousands) Deferred tax assets: Allowance for loan and lease losses $ 1,236 $ 12,983 Non-accrual interest Deferred compensation State taxes Nonqualified stock options Stock appreciation rights Tax deductible goodwill Depreciation Other than temporary impairment Partnership interest, Walnut St basis difference - Loan charges AMT tax credit Federal net operating loss Foreign net operating loss - Other Total gross deferred tax assets Federal and state valuation allowance Foreign valuation allowance - Deferred tax liabilities: Unrealized gains on investment securities available for sale Discount on Class A notes - Leasing - - Total deferred tax liabilities Net deferred tax asset (liability) $ 33,673 $ 59,835 |
Reconciliation Of Unrecognized Tax Benefits | For the years ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Beginning balance at January 1 $ 352 $ 230 $ 119 Increases(decreases) in tax provisions for prior years Gross unrecognized tax benefits at December 31 $ 313 $ 352 $ 230 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Stock-Based Compensation [Abstract] | |
Summary Of Status Of Company's Equity Compensations Plans | Weighted- average Weighted remaining average contractual Aggregate exercise term intrinsic Shares price (years) value (in thousands except per share data) Outstanding at January 1, 2014 $ 9.70 Granted - Exercised - - Expired - - - - Forfeited - - - - Outstanding at December 31, 2014 $ 9.72 $ 5,010,208 Exercisable at December 31, 2014 $ 9.91 $ 4,006,688 |
Summary Of The Company’s Restricted Stock Units | Average Weighted remaining average contractual exercise term Shares price (years) Outstanding at January 1, 2014 $ 10.46 Granted - - - Vested - Forfeited - - - Outstanding at December 31, 2014 |
Schedule Of Nonvested Options Status | Weighted- average grant-date Shares fair value Non-Vested at January 1, 2014 $ 4.71 Granted Vested Expired - - Forfeited - - Non-Vested at December 31, 2014 $ 4.72 |
Fair Value Of Grant On Date Of Grant Using The Black-Scholes Options Pricing Model | December 31, 2014 2013 2012 Risk-free interest rate Expected dividend yield - - - Expected volatility 49.71% - 55.65% Expected lives (years) 4.03 -4.22 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Future Minimum Annual Rental Payments | Year ending December 31, $ 3,997 Thereafter $ 37,524 |
Financial Instruments With Of42
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk [Abstract] | |
Schedule Of Contract Amounts And Maturity Term Of Credit Commitment | December 31, 2014 2013 (in thousands) Financial instruments whose contract amounts represent credit risk Commitments to extend credit $ 709,080 $ 590,121 Standby letters of credit $ 731,137 $ 612,545 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Carrying Amount And Estimated Fair Value Of Assets And Liabilities | December 31, 2014 Quoted prices Significant in active other Significant markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands) Investment securities available-for-sale $ 1,493,639 $ 1,493,639 $ 66,287 $ 1,425,986 $ 1,366 Investment securities held-to-maturity - Securities purchased under agreements to resell - - Federal Home Loan and Atlantic Central Bankers Bank stock - - Commercial loans held for sale - - Loans, net - - Investment in unconsolidated entity, senior note - - Investment in unconsolidated entity, subordinated note - - Assets held for sale - - Demand and interest checking - - Savings and money market - - Time deposits - - Subordinated debentures - - Securities sold under agreements to repurchase - - Interest rate swaps, liability - - December 31, 2013 (restated) Quoted prices Significant in active other Significant markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands) Investment securities available-for-sale $ 1,253,117 $ 1,253,117 $ 64,971 $ 1,187,595 $ 551 Investment securities held-to-maturity - Securities purchased under agreements to resell - - Federal Home Loan and Atlantic Central Bankers Bank stock - - Commercial loans held for sale - - Loans, net - - Assets held for sale - - Demand and interest checking - - Savings and money market - - Time deposits - - Subordinated debentures - - Securities sold under agreements to repurchase - - Interest rate swaps, asset - - |
Changes In Company's Level 3 Assets | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-sale Commercial loans securities held for sale December 31, 2014 December 31, 2013 December 31, 2014 December 31, 2013 Beginning balance $ 551 $ 597 $ 69,904 $ 11,341 Transfers into level 3 - - - Transfers out of level 3 - - - Total gains or losses (realized/unrealized) Included in earnings - Included in other comprehensive income - - Purchases, issuances, and settlements Purchases - - Issuances - - Sales - - Settlements - - Ending balance $ 1,366 $ 551 $ 217,080 $ 69,904 The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date. $ - $ - $ 3,587 $ 222 |
Fair Value, Measurements, Recurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Measured At Fair Value On A Recurring And Nonrecurring Basis | Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs December 31, 2014 (Level 1) (Level 2) (Level 3) Investment securities available for sale U.S. Government agency securities $ 16,561 $ - $ 16,561 $ - Federally insured student loan securities - - Obligations of states and political subdivisions - Residential mortgage-backed securities - - Commercial mortgage-backed securities - - Foreign debt securities Other debt securities Total investment securities available for sale Loans held for sale - - Investment in unconsolidated entity, senior note - - Investment in unconsolidated entity, subordinated note - - Interest rate swaps, liability - - $ 1,903,372 $ 66,287 $ 1,425,044 $ 412,041 Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs December 31, 2013 (Level 1) (Level 2) (Level 3) (restated) (restated) (restated) (restated) Investment securities available for sale U.S. Government agency securities $ 10,726 $ 400 $ 10,326 $ - Federally insured student loan securities - - Obligations of states and political subdivisions - Residential mortgage-backed securities - - Commercial mortgage-backed securities - - Other debt securities Total investment securities available for sale Loans held for sale - - Interest rate swaps, asset - - $ 1,323,502 $ 64,971 $ 1,188,076 $ 70,455 |
Fair Value, Measurements, Nonrecurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Measured At Fair Value On A Recurring And Nonrecurring Basis | Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable assets inputs inputs (1) Description December 31, 2014 (Level 1) (Level 2) (Level 3) Impaired loans $ 2,450 $ - $ - $ 2,450 Intangible assets - - $ 8,678 $ - $ - $ 8,678 Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs (1) Description December 31, 2013 (Level 1) (Level 2) (Level 3) (restated) (restated) (restated) (restated) Impaired loans $ 1,741 $ - $ - $ 1,741 Intangible assets - - $ 9,353 $ - $ - $ 9,353 (1) The method of valuation approach for the impaired loans was the market value approach based upon appraisals of the underlying collateral by external appraisers, reduced by 7 - 10% for estimated selling costs. Intangible assets are valued based upon internal analyses. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Derivatives [Abstract] | |
Derivatives | December 31, 2014 Maturity date Notional amount Interest rate paid Interest rate received Fair value December 19, 2019 $ 19,100 $ 31 December 19, 2019 September 2, 2024 September 9, 2024 October 8, 2024 October 10, 2024 October 14, 2024 October 20, 2024 November 10, 2024 November 28, 2024 December 3, 2024 December 5, 2024 January 2, 2025 January 5, 2025 January 5, 2025 Total $ 115,800 $ (942) |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Regulatory Matters [Abstract] | |
Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations | To be well capitalized under For capital prompt corrective Actual adequacy purposes action provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of December 31, 2014 Total capital (to risk-weighted assets) The Bancorp $ 302,458 $ 216,440 >=8.00 N/A N/A The Bancorp Bank >= 10.00% Tier I capital (to risk-weighted assets) The Bancorp >=4.00 N/A N/A The Bancorp Bank >= 6.00% Tier I capital (to average assets) The Bancorp >=4.00 N/A N/A The Bancorp Bank >= 5.00% As of December 31, 2013 (restated) Total capital (to risk-weighted assets) The Bancorp $ 283,304 $ 200,072 >=8.00 N/A N/A The Bancorp Bank >= 10.00% Adjustment (1) The Bancorp Bank pro forma Tier I capital (to risk-weighted assets) The Bancorp >=4.00 N/A N/A The Bancorp Bank >= 6.00% Adjustment (1) The Bancorp Bank pro forma Tier I capital (to average assets) The Bancorp >=4.00 N/A N/A The Bancorp Bank >= 5.00% Adjustment (1) The Bancorp Bank pro forma (1) The Company downstreamed $58.0 million in capital to the Bank in 2014. If charges related to the restatement had occurred in 2013 the Company would have made the capital injection at that time. Based on the pro forma ca l culations the Bank would have maintained its well capitalized status at December 31, 2013. |
Restated Quarterly Financial 46
Restated Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Restated Quarterly Financial Data (Unaudited) [Abstract] | |
Schedule Of Quarterly Financial Data | Three months ended 2014 March 31, June 30, September 30, December 31, (restated) (restated) (restated) (in thousands, except per share data) Interest income $ 16,555 $ 17,610 $ 18,033 $ 18,522 Net interest income Provision for loan and lease losses Non-interest income Non-interest expense Income (loss) from continuing operations before income tax expense Income tax expense (benefit) Net income (loss) from continuing operations Net income (loss) from discontinued operations, net of tax Net income available to common shareholders $ 1,627 Net income (loss) per share from continuing operations - basic $ 0.08 $ 0.04 $ 0.15 $ 0.31 Net income (loss) per share from discontinued operations - basic $ (0.04) $ 0.23 $ 0.51 $ 0.24 Net income per share - basic $ 0.04 $ 0.27 $ 0.66 $ 0.55 Net income (loss) per share from continuing operations - diluted $ 0.08 $ 0.04 $ 0.15 $ 0.30 Net income (loss) per share from discontinued operations - diluted $ (0.04) $ 0.23 $ 0.51 $ 0.22 Net income per share - diluted $ 0.04 $ 0.27 $ 0.66 $ 0.52 Three months ended 2013 March 31, June 30, September 30, December 31, (restated) (restated) (restated) (restated) (in thousands, except per share data) Interest income $ 11,472 $ 12,094 $ 13,176 $ 14,408 Net interest income Provision for loan and lease losses Non-interest income Non-interest expense Income from continuing operations before income tax expense Income tax expense Net income from continuing operations Net income (loss) from discontinued operations, net of tax Net income (loss) available to common shareholders $ (10,824) Net income per share from continuing operations - basic $ 0.10 $ 0.10 $ 0.05 $ 0.12 Net income (loss) per share from discontinued operations - basic $ (0.39) $ 0.24 $ (0.02) $ (0.58) Net income (loss) per share - basic $ (0.29) $ 0.34 $ 0.03 $ (0.46) Net income per share from continuing operations - diluted $ 0.09 $ 0.10 $ 0.05 $ 0.11 Net income (loss) per share from discontinued operations - diluted $ (0.39) $ 0.24 $ (0.02) $ (0.58) Net income (loss) per share - diluted $ (0.30) $ 0.34 $ 0.03 $ (0.47) September 30, 2014 As previously reported (1) Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 11,641 $ - $ (1,728) $ 9,913 Interest earning deposits at Federal Reserve Bank - - Securities purchased under agreements to resell - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $94,889) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - Other assets - Total assets $ 4,296,512 $ (59,389) $ - $ 4,237,123 LIABILITIES Deposits Demand and interest checking $ 3,554,484 $ - $ - $ 3,554,484 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Liabilities held for sale - - - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,808,777 shares issued at September 30, 2014 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 4,296,512 $ (59,389) $ - $ 4,237,123 (1) As previously reported excluding adjustments for discontinued operations June 30, 2014 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 15,192 $ - $ (1,904) $ 13,288 Interest earning deposits at Federal Reserve Bank - - Securities purchased under agreements to resell - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $94,927) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - Other assets - Total assets $ 4,315,164 $ (101,164) $ 0 $ 4,214,000 LIABILITIES Deposits Demand and interest checking $ 3,563,447 $ - $ - $ 3,563,447 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,808,777 shares issued at June 30, 2014 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 4,315,164 $ (101,164) $ - $ 4,214,000 March 31, 2014 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 15,298 $ - $ (1,927) $ 13,371 Interest earning deposits at Federal Reserve Bank - - Securities purchased under agreements to resell - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $95,077) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - Other assets - Total assets $ 4,699,623 $ (111,148) $ 0 $ 4,588,475 LIABILITIES Deposits Demand and interest checking $ 3,842,569 $ - $ - $ 3,842,569 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,804,902 shares issued at March 31, 2014 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 4,699,623 $ (111,148) $ - $ 4,588,475 September 30, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 32,026 $ - $ (1,970) $ 30,056 Interest earning deposits at Federal Reserve Bank - - Securities purchased under agreements to resell - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $94,806) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - Other assets - Total assets $ 4,000,282 $ (87,633) $ 0 $ 3,912,649 LIABILITIES Deposits Demand and interest checking $ 3,050,167 $ - $ - $ 3,050,167 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,720,945 shares issued at September 30, 2013 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 4,000,282 $ (87,633) $ - $ 3,912,649 June 30, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 21,560 $ - $ (198) $ 21,362 Interest earning deposits at Federal Reserve Bank - - Securities purchased under agreements to resell - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $91,777) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - Other assets - Total assets $ 3,876,495 $ (84,046) $ 0 $ 3,792,449 LIABILITIES Deposits Demand and interest checking $ 2,963,170 $ - $ - $ 2,963,170 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,462,939 shares issued at June 30, 2013 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 3,876,495 $ (84,046) $ - $ 3,792,449 March 31, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands) ASSETS Cash and cash equivalents Cash and due from banks $ 14,108 $ - $ (936) $ 13,172 Interest earning deposits at Federal Reserve Bank - - Securities purchased under agreements to resell - - Total cash and cash equivalents - Investment securities, available-for-sale, at fair value - - Investment securities, held-to-maturity (fair value $40,999) - - Commercial loans held for sale - - Loans, net of deferred loan fees and costs Allowance for loan and lease losses Loans, net Federal Home Loan and Atlantic Central Bankers Bank stock - - Premises and equipment, net - - Accrued interest receivable - Intangible assets, net - - Other real estate owned - Deferred tax asset, net - Assets held for sale - Other assets - Total assets $ 4,132,095 $ (91,174) $ 0 $ 4,040,921 LIABILITIES Deposits Demand and interest checking $ 3,197,039 $ - $ - $ 3,197,039 Savings and money market - - Time deposits - - Time deposits, $100,000 and over - - Total deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - Other liabilities - - Total liabilities - - SHAREHOLDERS' EQUITY Common stock - authorized, 50,000,000 shares of $1.00 par value: 37,433,594 shares issued at March 31, 2013 - - Treasury stock, at cost (100,000 shares) - - Additional paid-in capital - - Retained earnings - Accumulated other comprehensive income - - Total shareholders' equity - Total liabilities and shareholders' equity $ 4,132,095 $ (91,174) $ - $ 4,040,921 Quarter ended September 30, 2014 As previously reported (1) Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 21,864 $ - $ (12,689) $ 9,175 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income - Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Loss on sale of investment securities - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - Securitization and servicing expense - - Consulting - - Bank Secrecy Act and lookback consulting expenses - - Losses on discontinued operations - - Other - Total non-interest expense - Income (loss) from continuing operations before income taxes Income tax benefit Net income (loss) from continuing operations Discontinued operations Income from discontinued operations before income taxes - - Income tax provision - - Income from discontinued operations, net of tax - - Net income (loss) available to common shareholders $ (16,805) $ 41,774 $ - $ 24,969 Net income (loss) per share from continuing operations - basic $ (0.45) $ 1.11 $ (0.51) $ 0.15 Net income per share from discontinued operations - basic $ - $ - $ 0.51 $ 0.51 Net income (loss) per share - basic $ (0.45) $ 1.11 $ - $ 0.66 Net income (loss) per share from continuing operations - diluted $ (0.45) $ 1.11 $ (0.51) $ 0.15 Net income per share from discontinued operations - diluted $ - $ - $ 0.51 $ 0.51 Net income (loss) per share - diluted $ (0.45) $ 1.11 $ - $ 0.66 (1) As previously reported excluding adjustments for discontinued operations Quarter ended June 30, 2014 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 21,926 $ (162) $ (12,962) $ 8,802 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - - Securitization and servicing expense - - Consulting - - Bank Secrecy Act and lookback consulting expenses - - Other - Total non-interest expense - Income from continuing operations before income taxes Income tax (benefit) provision Net income from continuing operations Discontinued operations Income from discontinued operations before income taxes - - Income tax provision - - Income from discontinued operations, net of tax - - Net income available to common shareholders $ 338 $ 9,984 $ - $ 10,322 Net income per share from continuing operations - basic $ 0.01 $ 0.26 $ (0.23) $ 0.04 Net income per share from discontinued operations - basic $ - $ - $ 0.23 $ 0.23 Net income per share - basic $ 0.01 $ 0.26 $ - $ 0.27 Net income per share from continuing operations - diluted $ 0.01 $ 0.26 $ (0.23) $ 0.04 Net income per share from discontinued operations - diluted $ - $ - $ 0.23 $ 0.23 Net income per share - diluted $ 0.01 $ 0.26 $ - $ 0.27 Quarter ended March 31, 2014 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 21,381 $ (257) $ (12,660) $ 8,464 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - - Securitization and servicing expense - - Consulting - - Other - Total non-interest expense - Income from continuing operations before income taxes Income tax provision Net income from continuing operations Discontinued operations Loss from discontinued operations before income taxes - - Income tax benefit - - Loss from discontinued operations, net of tax - - Net income available to common shareholders $ 298 $ 1,329 $ - $ 1,627 Net income per share from continuing operations - basic $ 0.01 $ 0.03 $ 0.04 $ 0.08 Net loss per share from discontinued operations - basic $ - $ - $ (0.04) $ (0.04) Net income per share - basic $ 0.01 $ 0.03 $ - $ 0.04 Net income per share from continuing operations - diluted $ 0.01 $ 0.03 $ 0.09 $ 0.08 Net loss per share from discontinued operations - diluted $ - $ - $ (0.09) $ (0.04) Net income per share - diluted $ 0.01 $ 0.03 $ - $ 0.04 Quarter ended December 31, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 20,966 $ (343) $ (13,395) $ 7,228 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - Securitization and servicing expense - - Consulting - - Other - Total non-interest expense - Income from continuing operations before income taxes Income tax provision Net income from continuing operations Discontinued operations Loss from discontinued operations before income taxes - - Income tax provision - - Loss from discontinued operations, net of tax - - Net income (loss) available to common shareholders $ 7,326 $ (24,845) $ - $ (17,519) Net income per share from continuing operations - basic $ 0.20 $ (0.66) $ 0.58 $ 0.12 Net loss per share from discontinued operations - basic $ - $ - $ (0.58) $ (0.58) Net income (loss) per share - basic $ 0.20 $ (0.66) $ - $ (0.46) Net income per share from continuing operations - diluted $ 0.19 $ (0.66) $ 0.58 $ 0.11 Net loss per share from discontinued operations - diluted $ - $ - $ (0.58) $ (0.58) Net income (loss) per share - diluted $ 0.19 $ (0.66) $ - $ (0.47) Quarter ended September 30, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 20,845 $ (342) $ (13,305) $ 7,198 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - Securitization and servicing expense - - Consulting - - Other - Total non-interest expense - Income from continuing operations before income taxes Income tax provision Net income from continuing operations Discontinued operations Loss from discontinued operations before income taxes - - Income tax provision - - Loss from discontinued operations, net of tax - - Net income available to common shareholders $ 4,788 $ (3,587) $ - $ 1,201 Net income per share from continuing operations - basic $ 0.13 $ (0.10) $ 0.02 $ 0.05 Net loss per share from discontinued operations - basic $ - $ - $ (0.02) $ (0.02) Net income per share - basic $ 0.13 $ (0.10) $ - $ 0.03 Net income per share from continuing operations - diluted $ 0.13 $ (0.10) $ 0.02 $ 0.05 Net loss per share from discontinued operations - diluted $ - $ - $ (0.02) $ (0.02) Net income per share - diluted $ 0.13 $ (0.10) $ - $ 0.03 Quarter ended June 30, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 20,908 $ (340) $ (13,751) $ 6,817 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - Consulting - - Other - Total non-interest expense - Income from continuing operations before income taxes Income tax provision Net income from continuing operations Discontinued operations Income from discontinued operations before income taxes - - Income tax benefit - - Income from discontinued operations, net of tax - - Net income available to common shareholders $ 5,592 $ 7,128 $ - $ 12,720 Net income per share from continuing operations - basic $ 0.15 $ 0.19 $ (0.24) $ 0.10 Net income per share from discontinued operations - basic $ - $ - $ 0.24 $ 0.24 Net income per share - basic $ 0.15 $ 0.19 $ - $ 0.34 Net income per share from continuing operations - diluted $ 0.15 $ 0.19 $ (0.24) $ 0.10 Net income per share from discontinued operations - diluted $ - $ - $ 0.24 $ 0.24 Net income per share - diluted $ 0.15 $ 0.19 $ - $ 0.34 Quarter ended March 31, 2013 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Interest income Loans, including fees $ 20,322 $ (403) $ (13,521) $ 6,398 Interest on investment securities: Taxable interest - - Tax-exempt interest - - Federal funds sold/securities purchased under agreements to resell - - Interest earning deposits - - Interest expense Deposits - - Securities sold under agreements to repurchase - - Subordinated debenture - - - - Net interest income Provision for loan and lease losses Net interest income after provision for loan and lease losses Non-interest income Service fees on deposit accounts - - Card payment and ACH processing fees - - Prepaid card fees - - Gain on sale of loans - - Gain on sale of investment securities - - Other than temporary impairment on securities held-to-maturity - - Leasing income - - Debit card income - - Affinity fees - - Other - Total non-interest income - Non-interest expense Salaries and employee benefits - Depreciation and amortization - - Rent and related occupancy cost - Data processing expense - Printing and supplies - Professional fees - - Legal expense - Amortization of intangible assets - - Loss on sale and write-downs on other real estate owned - - FDIC Insurance - - Software - Other real estate owned - - Insurance - - Telecom and IT network communications - Securitization and servicing expense - - Consulting - - Other - Total non-interest expense - Income from continuing operations before income taxes Income tax provision Net income from continuing operations Discontinued operations Loss from discontinued operations before income taxes - - Income tax provision - - Loss from discontinued operations, net of tax - - Net income (loss) available to common shareholders $ 7,405 $ (18,229) $ - $ (10,824) Net income per share from continuing operations - basic $ 0.20 $ (0.49) $ 0.39 $ 0.10 Net loss per share from discontinued operations - basic $ - $ - $ (0.39) $ (0.39) Net income (loss) per share - basic $ 0.20 $ (0.49) $ - $ (0.29) Net income per share from continuing operations - diluted $ 0.20 $ (0.50) $ 0.39 $ 0.09 Net loss per share from discontinued operations - diluted $ - $ - $ (0.39) $ (0.39) Net income (loss) per share - diluted $ 0.20 $ (0.50) $ - $ (0.30) For the nine months ended September 30, 2014 As previously reported (1) Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Operating activities Net income (loss) from continuing operations $ (16,169) $ 31,829 $ (4,940) $ 10,720 Net income from discontinued operations - - Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization - - Provision for loan and lease losses Net amortization of investment securities discounts/premiums - - Stock-based compensation expense - - Loans originated for sale - - Sale of loans originated for resale - - Gain on sales of loans originated for resale - - Deferred income tax provision - - Gain on sale of fixed assets - - Loss on sale and write downs on other real estate owned - - Gain on sales of investment securities - - Increase in accrued interest receivable - Increase in other assets - Increase in discontinued assets held for sale - Decrease in other liabilities - Net cash used in operating activities Investing activities Purchase of investment securities available-for-sale - - Proceeds from sale of investment securities available-for-sale - - Proceeds from redemptions and prepayments of securities held-to-maturity - - Proceeds from redemptions and prepayments of securities available-for-sale - - Proceeds from sale of other real estate owned - - Net increase in loans Net decrease in discontinued loans held for sale - - Proceeds from sale of fixed assets - - Purchases of premises and equipment - - Net cash used in investing activities Financing activities Net decrease in deposits - - Net increase in securities sold under agreements to repurchase - - Proceeds from the exercise of options - - Net used in financing activities - - Net decrease in cash and cash equivalents - Cash and cash equivalents, beginning of period - Cash and cash equivalents, end of period $ 497,209 $ - $ (2,047) $ 495,162 Supplemental disclosure: Interest paid $ 8,104 $ - $ - $ 8,104 Taxes paid $ 2,578 $ - $ - $ 2,578 Transfers of loans to other real estate owned $ 725 $ - $ - $ 725 (1) As previously reported excluding adjustments for discontinued operations For the six months ended June 30, 2014 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Operating activities Net income from continuing operations $ 636 $ 6,843 $ (2,601) $ 4,878 Net income from discontinued operations - - Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization - - Provision for loan and lease losses Net amortization of investment securities discounts/premiums - - Stock-based compensation expense - - Loans originated for sale - - Sale of loans originated for resale - - Gain on sales of loans originated for resale - - Deferred income tax provision - - Gain on sale of fixed assets - - Gain on sale and write downs on other real estate owned - - Gain on sales of investment securities - - Increase in accrued interest receivable - Increase in other assets - Increase in discontinued assets held for sale - Decrease in other liabilities - - Net cash used in operating activities Investing activities Purchase of investment securities available-for-sale - - Proceeds from sale of investment securities available-for-sale - - Proceeds from redemptions and prepayments of securities held-to-maturity - - Proceeds from redemptions and prepayments of securities available-for-sale - - Proceeds from sale of other real estate owned - - Net increase in loans Net decrease in discontinued loans held for sale - - Proceeds from sale of fixed assets - - Purchases of premises and equipment - - Net cash used in investing activities Financing activities Net decrease in deposits - - Net decrease in securities sold under agreements to repurchase - - Proceeds from the exercise of options - - Net used in financing activities - - Net decrease in cash and cash equivalents - Cash and cash equivalents, beginning of period - Cash and cash equivalents, end of period $ 472,520 $ - $ (1,904) $ 470,614 Supplemental disclosure: Interest paid $ 5,734 $ - $ - $ 5,734 Taxes paid $ 2,093 $ - $ - $ 2,093 For the three months ended March 31, 2014 As previously reported Restatement adjustments Discontinued operations adjustments As restated (in thousands, except per share data) Operating activities Net income from continuing operations $ 298 $ 1,054 $ 1,874 $ 3,226 Net loss from discontinued operations - - Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization - - Provision for loan and lease losses Net amortization of investment securities discounts/premiums - - Stock-based compensation expense - - Loans originated for sale - - Sale of loans originated for resale - - Gain on sales of loans originated for resale - - Deferred income tax provision - - Gain on sale of fixed |
Condensed Financial Informati47
Condensed Financial Information-Parent Only (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Condensed Financial Information-Parent Only [Abstract] | |
Schedule Of Condensed Balance Sheet | December 31, 2014 2013 (restated) (in thousands) Assets Cash and due from banks $ 6,386 $ 70,612 Intercompany loans - Investment in subsidiaries Other assets Total assets $ 332,463 $ 260,546 Liabilities and stockholders' equity Other liabilities $ 39 $ 18 Subordinated debentures Stockholders' equity Total liabilities and stockholders' equity $ 332,463 $ 260,546 |
Schedule Of Condensed Statements Of Operations | Years ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Income Interest on intercompany loans $ 13 $ - $ - Other income Total income Expense Interest on subordinated debentures Non-interest expense Total expense Equity in undistributed income of subsidiaries Income (loss) before tax benefit Income tax provision (benefit) Net income (loss) available to common shareholders $ 57,109 $ (14,422) $ (43,153) |
Schedule Of Condensed Cash Flow Statement | Years ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Operating activities Net income (loss) $ 57,109 $ (14,422) $ (43,153) Increase in other assets Increase (decrease) in other liabilities Stock based compensation expense Equity in undistributed income Net cash used in (provided by) operating activities Investing activities Net increase in loans - - Contribution to subsidiary Net cash used in investing activities Financing activities Proceeds from the issuance of common stock - Proceeds from the exercise of common stock options Net cash provided by financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year $ 6,386 $ 70,612 $ 84,262 |
Segment Financials (Tables)
Segment Financials (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Financials [Abstract] | |
Schedule Of Segment Financials | For the year ended December 31, 2014 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 36,402 $ 58 $ 34,260 $ - $ 70,720 Interest allocation - - - Interest expense - Net interest income - Provision for loan and lease losses - - - Non-interest income - Non-interest expense - Income (loss) from continuing operations before taxes - Income taxes - - - Income (loss) from continuing operations - Income from discontinued operations - - - Net income (loss) $ 12,333 $ 14,546 $ (5,064) $ 35,294 $ 57,109 For the year ended December 31, 2013 Specialty finance Payments Corporate Discontinued operations Total (restated) (restated) (restated) (restated) (restated) (in thousands) Interest income $ 27,577 $ 64 $ 23,509 $ - $ 51,150 Interest allocation - - - Interest expense - Net interest income - Provision for loan and lease losses - - - Non-interest income - Non-interest expense - Income (loss) from continuing operations before taxes - Income taxes - - - Income (loss) from continuing operations - Loss from discontinued operations - - - Net income (loss) $ 16,319 $ 16,705 $ (19,508) $ (27,938) $ (14,422) For the year ended December 31, 2012 Specialty finance Payments Corporate Discontinued operations Total (restated) (restated) (restated) (restated) (restated) (in thousands) Interest income $ 20,776 $ 70 $ 18,633 $ - $ 39,479 Interest allocation - - - Interest expense - Net interest income - Provision for loan and lease losses - - - Non-interest income - Non-interest expense - Income (loss) from continuing operations before taxes - Income taxes - - - Income (loss) from continuing operations - Loss from discontinued operations - - - Net income (loss) $ (3,528) $ 9,388 $ (11,629) $ (37,384) $ (43,153) December 31, 2014 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,099,914 $ 30,503 $ 2,967,971 $ 887,929 $ 4,986,317 Total liabilities $ 1,165,567 $ 3,198,129 $ 303,598 $ - $ 4,667,294 December 31, 2013 Specialty finance Payments Corporate Discontinued operations Total (restated) (restated) (restated) (restated) (restated) (in thousands) Total assets $ 739,559 $ 26,190 $ 2,648,562 $ 1,179,277 $ 4,593,588 Total liabilities $ 1,033,616 $ 2,649,358 $ 663,487 $ - $ 4,346,461 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Discontinued Operations [Abstract] | |
Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations | The following table presents financial results of the commercial lending business included in net income (loss) from discontinued operations for the twelve months ended December 31, 2014, 2013 and 2012. For the year ended December 31, 2014 2013 2012 (restated) (restated) (in thousands) Interest income $ 44,097 $ 53,972 $ 56,627 Interest expense - - - Provision for loan and lease losses Net interest income (loss) after provision Non interest income Non interest expense Income (loss) before taxes Income taxes Net income (loss) $ 35,294 $ (27,938) $ (37,384) December 31, December 31, 2014 2013 (restated) (in thousands) Loans, net $ 867,399 $ 1,182,493 Other assets Total assets $ 887,929 $ 1,179,277 Based upon an independent third party review performed as of September 30, 2014, the first reporting date after discontinuance of commercial loan operations, the Company marked the $1.20 billion commercial lending portfolio balance as of that date to lower of cost or market . An independent third party financial advisory firm performed the lower of cost or market valuation, using the income approach in a discounted cash flow model. Large balance commercial loans were modeled on a loan level basis. S mall balance commercial loans were modeled on a pool basis where loans are grouped by common characteristics including loan type, loan collateral, amortization type and coupon. The expected cash flows for the loans or pools were derived from the contractual loan terms, adjusted for prepayments and credit considerations as applicable. The loan level credit analysis was also performed by an independent third party which reviewed the majority of the credit portfolio for credit inputs into the model. Based on that review, weighted average fair values were applied to the loans not specifically reviewed. Discount rates used in the model were derived from observable market interest rates or credit spreads for comparable loans including national and regional commercial loan pricing surveys, dealer market research and market pricing quotations for new issuance. Market quoted interest rates were adjusted for the subject loan or pool to account for differences in loan characteristics including loan term, loan size, loan vintage and loan credit quality. Various elements of the lower of cost or market valuation are as follows: Measured on a recurring basis Valuation techniques Significant unobservable inputs Range Large balance commercial loans Discounted cash flows Discount rate 1.87% -7.93% Small balance commercial loans Discounted cash flows Discount rate 4.12% -6.77% As of December 31, 2014, independent third parties also performed a fair valuation. The results of discontinued operations do not include any future severance payment s. |
Schedule Of Various Elements Of The Lower Of Cost Or Market Valuation | Measured on a recurring basis Valuation techniques Significant unobservable inputs Range Large balance commercial loans Discounted cash flows Discount rate 1.87% -7.93% Small balance commercial loans Discounted cash flows Discount rate 4.12% -6.77% |
Organization and Nature of Op50
Organization and Nature of Operations (Details) | 12 Months Ended |
Dec. 31, 2014item | |
Operational Service Subsidiaries [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Number of subsidiaries | 3 |
Subsidiary Offering Prepaid Card Issuing Services [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Number of subsidiaries | 1 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | Nov. 29, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Line Items] | ||||||||||||
Other than temporary impairment charges | $ 0 | $ 20,000 | $ 202,000 | |||||||||
Amortization of intangible assets | $ 304,000 | $ 304,000 | $ 304,000 | $ 392,000 | $ 250,000 | $ 250,000 | $ 250,000 | 1,211,000 | 1,142,000 | 1,001,000 | ||
Advertising costs | $ 621,000 | $ 706,000 | $ 393,000 | |||||||||
Minimum exercisable prices (in dollars per share) | $ 9.82 | $ 20.98 | $ 7.36 | |||||||||
Maximum exercisable prices (in dollars per share) | $ 25.43 | $ 25.43 | $ 25.43 | |||||||||
Restricted cash and cash equivalents | 238,700,000 | $ 280,400,000 | $ 238,700,000 | |||||||||
Acquired software and personnel of a prepaid program manager | $ 1,800,000 | |||||||||||
Gross Carrying Amount | $ 13,823,000 | 13,823,000 | $ 13,823,000 | |||||||||
Amortization expense per year | $ 1,189,000 | |||||||||||
Number of stock repurchased under, Stock repurchase program (in shares) | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | |
Maximum number of shares authorized (in shares) | 750,000 | |||||||||||
Purchase of treasury shares (in shares) | 0 | 0 | 0 | 100,000 | ||||||||
Average cost of repurchased stock (in dollars per share) | $ 8.66 | |||||||||||
Stock Options [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Common stock options (in shares) | 505,250 | 13,000 | 2,401,493 | |||||||||
Internal Use Software [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Estimated useful life | 7 years | |||||||||||
Total capitalized software costs | $ 4,200,000 | $ 5,400,000 | $ 4,200,000 | |||||||||
Amortization of intangible assets | $ 1,200,000 | 907,000 | $ 669,000 | |||||||||
Fraud Monitoring Software [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Estimated useful life | 8 years | |||||||||||
Customer Lists [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Estimated useful life | 12 years | |||||||||||
Gross Carrying Amount | 12,006,000 | $ 12,006,000 | 12,006,000 | |||||||||
Amortization expense per year | 1,000,000 | |||||||||||
Amortization expense over next five years | 5,000,000 | |||||||||||
Fair Value, Measurements, Recurring [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Loans held for sale | $ 69,904,000 | $ 217,080,000 | $ 69,904,000 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income (numerator) [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ 20,191,000 | $ 24,969,000 | $ 10,322,000 | $ 1,627,000 | $ (17,520,000) | $ 1,201,000 | $ 12,720,000 | $ (10,824,000) | $ 57,109,000 | $ (14,422,000) | $ (43,153,000) |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 57,109,000 | $ (14,422,000) | $ (43,153,000) | ||||||||
Shares (denominator) [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,701,306 | 37,425,197 | 33,227,755 | ||||||||
Effect of dilutive securities, Common stock options and Warrants (in shares) | 628,438 | ||||||||||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 38,329,744 | 37,425,197 | 33,227,755 | ||||||||
Per share amount [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.55 | $ 0.66 | $ 0.27 | $ 0.04 | $ (0.46) | $ 0.03 | $ 0.34 | $ (0.29) | $ 1.52 | $ (0.39) | $ (1.30) |
Effect of dilutive securities, Common stock options and warrants (in dollars per share) | (0.03) | (0.01) | |||||||||
Net income (loss) per share - diluted | $ 0.52 | $ 0.66 | $ 0.27 | $ 0.04 | $ (0.47) | $ 0.03 | $ 0.34 | $ (0.30) | $ 1.49 | $ (0.40) | $ (1.30) |
Continuing Operations [Member] | |||||||||||
Income (numerator) [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ 21,815,000 | $ 13,516,000 | $ (5,769,000) | ||||||||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 21,815,000 | $ 13,516,000 | $ (5,769,000) | ||||||||
Shares (denominator) [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,701,306 | 37,425,197 | 33,227,755 | ||||||||
Effect of dilutive securities, Common stock options and Warrants (in shares) | 628,438 | 695,887 | |||||||||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 38,329,744 | 38,121,084 | 33,227,755 | ||||||||
Per share amount [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.58 | $ 0.36 | $ (0.17) | ||||||||
Effect of dilutive securities, Common stock options and warrants (in dollars per share) | (0.01) | (0.01) | |||||||||
Net income (loss) per share - diluted | $ 0.57 | $ 0.35 | $ (0.17) | ||||||||
Discontinued Operations [Member] | |||||||||||
Income (numerator) [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ 35,294,000 | $ (27,938,000) | $ (37,384,000) | ||||||||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 35,294,000 | $ (27,938,000) | $ (37,384,000) | ||||||||
Shares (denominator) [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,701,306 | 37,425,197 | 33,227,755 | ||||||||
Effect of dilutive securities, Common stock options and Warrants (in shares) | 628,438 | ||||||||||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 38,329,744 | 37,425,197 | 33,227,755 | ||||||||
Per share amount [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.94 | $ (0.75) | $ (1.13) | ||||||||
Effect of dilutive securities, Common stock options and warrants (in dollars per share) | (0.02) | ||||||||||
Net income (loss) per share - diluted | $ 0.92 | $ (0.75) | $ (1.13) |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Schedule Of Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other comprehensive income (loss) | |||
Change in net unrealized gain/(loss) during the period | $ 18,710 | $ (12,905) | $ 6,198 |
Reclassification adjustments for gains included in income | (450) | (1,889) | (661) |
Reclassification adjustment for called securities | (133) | 297 | |
Amortization of (gains)/losses previously held as available for sale | (141) | 30 | 30 |
Net unrealized gain/(loss) on investment securities | 18,119 | (14,897) | 5,864 |
Deferred tax expense (benefit) | |||
Change in net unrealized gain/(loss) during the period | 6,549 | (4,517) | 2,169 |
Reclassification adjustments for gains included in income | (158) | (661) | (232) |
Reclassification adjustment for called securities | (47) | 104 | |
Amortization of (gains)/losses previously held as available-for-sale | (49) | 11 | 11 |
Income tax expense (benefit) related to items of other comprehensive income | 6,342 | (5,214) | 2,052 |
Other comprehensive income (loss), net of tax and reclassifications into net income | 11,777 | (9,683) | 3,812 |
Comprehensive income (loss) | $ 68,886 | $ (24,105) | $ (39,341) |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Summary Of Gross Carrying Value And Accumulated Amortization Related To The Company's Intangible Items) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 13,823 | $ 13,823 |
Accumulated Amortization | 7,595 | 6,211 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,006 | 12,006 |
Accumulated Amortization | 7,003 | 6,003 |
Software Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,817 | 1,817 |
Accumulated Amortization | $ 592 | $ 208 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (Schedule Of Approximate Future Annual Amortization Of The Company's Intangible Items) (Details) $ in Thousands | Dec. 31, 2014USD ($) |
Summary of Significant Accounting Policies [Abstract] | |
2,015 | $ 1,189 |
2,016 | 1,189 |
2,017 | 1,189 |
2,018 | 1,189 |
2,019 | 1,189 |
Thereafter | 283 |
Approximate future annual amortization of intangible items | $ 6,228 |
Restatement Of Annual And Qua56
Restatement Of Annual And Quarterly Consolidated Balance Sheets, Statements Of Operations And Statements Of Cash Flows (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 45 Months Ended | |||||||
Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Gain (Loss) on Sale of Mortgage Loans | $ 17,000 | $ 5,484 | $ 2,178 | $ 10,696 | $ 7,926 | $ 13,468 | $ 12,665 | $ 12,542 | $ 17,225 | $ 1,885 | $ 28,500 | |
Subsequent Event [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Gain (Loss) on Sale of Mortgage Loans | $ 2,200 |
Restatement Of Annual And Qua57
Restatement Of Annual And Quarterly Consolidated Balance Sheets, Statements Of Operations And Statements Of Cash Flows (Consolidated Balance Sheets) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash and cash equivalents | ||||||||||
Cash and due from banks | $ 8,665 | $ 9,913 | $ 13,288 | $ 13,371 | $ 31,890 | $ 30,056 | $ 21,362 | $ 13,172 | $ 18,477 | |
Interest earning deposits at Federal Reserve Bank | 1,059,320 | 430,117 | 441,422 | 796,385 | 1,196,515 | 657,618 | 622,989 | 1,102,217 | 948,111 | |
Securities purchased under agreements to resell | 46,250 | 55,450 | 15,906 | 24,926 | 7,544 | 40,811 | 40,240 | 22,831 | ||
Total cash and cash equivalents | 1,114,235 | 495,162 | 470,614 | 834,682 | 1,235,949 | 728,485 | 684,591 | 1,138,220 | 966,588 | $ 748,068 |
Investment securities, available-for-sale, at fair value | 1,493,639 | 1,442,049 | 1,459,626 | 1,411,708 | 1,253,117 | 1,083,154 | 1,021,848 | 898,653 | 718,065 | |
Investment securities, held-to-maturity | 93,765 | 96,951 | 97,130 | 97,149 | 97,205 | 97,459 | 95,662 | 45,064 | 45,179 | |
Commercial loans held for sale | 217,080 | 136,115 | 154,474 | 222,024 | 69,904 | 25,557 | 49,355 | 28,402 | 11,341 | |
Loans, net of deferred loan fees and costs | 874,593 | 856,428 | 801,755 | 735,507 | 636,001 | 620,265 | 564,537 | 565,436 | 535,141 | |
Allowance for loan and lease losses | (3,638) | (5,300) | (5,799) | (5,048) | (3,881) | (4,119) | (3,937) | (3,806) | (3,984) | |
Loans, net | 870,955 | 851,128 | 795,956 | 730,459 | 632,120 | 616,146 | 560,600 | 561,630 | 531,157 | |
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,002 | 3,409 | 3,409 | 3,209 | 3,209 | 3,209 | 3,209 | 3,094 | 3,621 | |
Premises and equipment, net | 17,697 | 17,536 | 16,236 | 15,692 | 15,659 | 14,252 | 13,709 | 10,965 | 10,368 | |
Accrued interest receivable | 11,251 | 11,061 | 10,476 | 10,450 | 8,522 | 7,930 | 7,485 | 6,658 | 4,969 | |
Intangible assets, net | 6,228 | 6,573 | 6,988 | 7,407 | 7,612 | 6,253 | 6,503 | 6,753 | 7,004 | |
Other real estate owned | 725 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Deferred tax asset, net | 33,673 | 71,021 | 54,026 | 56,871 | 59,836 | 65,066 | 66,245 | 61,687 | 61,421 | |
Investment in unconsolidated entity, at fair value | 193,595 | |||||||||
Assets held for sale | 887,929 | 1,066,029 | 1,108,972 | 1,160,794 | 1,179,277 | 1,236,868 | 1,255,559 | 1,253,317 | 1,238,086 | |
Other assets | 45,268 | 39,046 | 36,091 | 38,030 | 31,178 | 28,270 | 27,683 | 26,478 | 28,915 | |
Total assets | 4,986,317 | 4,237,123 | 4,214,000 | 4,588,475 | 4,593,588 | 3,912,649 | 3,792,449 | 4,040,921 | 3,626,714 | |
Deposits | ||||||||||
Demand and interest checking | 4,289,586 | 3,554,484 | 3,563,447 | 3,842,569 | 3,722,602 | 3,050,167 | 2,963,170 | 3,197,039 | 2,775,207 | |
Savings and money market | 330,798 | 324,015 | 307,927 | 393,329 | 536,162 | 504,447 | 469,238 | 495,001 | 517,098 | |
Time deposits | 1,400 | 231 | 8,962 | 9,115 | 9,773 | 9,920 | 12,502 | 12,602 | 12,582 | |
Time deposits, $100,000 and over | 2,895 | 1,474 | 2,195 | 4,452 | 4,683 | 5,747 | 8,343 | 8,334 | ||
Total deposits | 4,621,784 | 3,881,625 | 3,881,810 | 4,247,208 | 4,272,989 | 3,569,217 | 3,450,657 | 3,712,985 | 3,313,221 | |
Securities sold under agreements to repurchase | 19,414 | 21,496 | 17,481 | 16,491 | 21,221 | 22,057 | 19,059 | 16,672 | 18,548 | |
Subordinated debenture | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | |
Other liabilities | 12,695 | 23,603 | 29,978 | 56,353 | 38,850 | 42,274 | 49,186 | 42,961 | 17,812 | |
Total liabilities | 4,667,294 | 3,940,125 | 3,942,670 | 4,333,453 | 4,346,461 | 3,646,949 | 3,532,303 | 3,786,019 | 3,362,982 | |
SHAREHOLDERS' EQUITY | ||||||||||
Common stock | 37,809 | 37,809 | 37,809 | 37,805 | 37,721 | 37,721 | 37,463 | 37,434 | 37,247 | |
Treasury stock, at cost (100,000 shares) | (866) | (866) | (866) | (866) | (866) | (866) | (866) | (866) | (866) | |
Additional paid-in capital | 297,987 | 297,122 | 296,523 | 295,824 | 294,576 | 292,715 | 286,321 | 285,009 | 282,708 | |
Retained earnings | (28,242) | (48,435) | (73,402) | (83,724) | (84,862) | (67,342) | (64,053) | (76,421) | (65,598) | |
Accumulated other comprehensive income | 12,335 | 11,368 | 11,266 | 5,983 | 558 | 3,472 | 1,281 | 9,746 | 10,241 | |
Total shareholders' equity | 319,023 | 296,998 | 271,330 | 255,022 | 247,127 | 265,700 | 260,146 | 254,902 | 263,732 | $ 258,311 |
Total liabilities and shareholders' equity | 4,986,317 | 4,237,123 | 4,214,000 | 4,588,475 | 4,593,588 | 3,912,649 | 3,792,449 | 4,040,921 | 3,626,714 | |
Investment securities, held-to-maturity, fair value | $ 91,914 | $ 94,889 | $ 94,927 | $ 95,077 | $ 95,030 | $ 94,806 | $ 91,777 | $ 40,999 | $ 41,008 | |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Common stock, issued (in shares) | 37,808,777 | 37,808,777 | 37,808,777 | 37,804,902 | 37,720,945 | 37,720,945 | 37,462,939 | 37,433,594 | 37,246,655 | |
Treasury stock (in shares) | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 |
As Previously Reported [Member] | ||||||||||
Cash and cash equivalents | ||||||||||
Cash and due from banks | $ 11,641 | $ 15,192 | $ 15,298 | $ 33,883 | $ 32,026 | $ 21,560 | $ 14,108 | $ 19,981 | ||
Interest earning deposits at Federal Reserve Bank | 430,117 | 441,422 | 796,385 | 1,196,515 | 657,618 | 622,989 | 1,102,217 | 948,111 | ||
Securities purchased under agreements to resell | 55,450 | 15,906 | 24,926 | 7,544 | 40,811 | 40,240 | 22,831 | |||
Total cash and cash equivalents | 497,208 | 472,520 | 836,609 | 1,237,942 | 730,455 | 684,789 | 1,139,156 | 968,092 | $ 749,174 | |
Investment securities, available-for-sale, at fair value | 1,442,049 | 1,459,626 | 1,411,708 | 1,253,117 | 1,083,154 | 1,021,848 | 898,653 | 718,065 | ||
Investment securities, held-to-maturity | 96,951 | 97,130 | 97,149 | 97,205 | 97,459 | 95,662 | 45,064 | 45,179 | ||
Commercial loans held for sale | 136,115 | 154,474 | 222,024 | 69,904 | 25,557 | 49,355 | 28,402 | 11,341 | ||
Loans, net of deferred loan fees and costs | 1,980,567 | 2,049,561 | 2,044,004 | 1,958,445 | 1,991,455 | 1,967,382 | 1,968,890 | 1,902,854 | ||
Allowance for loan and lease losses | (4,390) | (46,945) | (46,409) | (38,182) | (39,151) | (40,274) | (34,883) | (33,040) | ||
Loans, net | 1,976,177 | 2,002,616 | 1,997,595 | 1,920,263 | 1,952,304 | 1,927,108 | 1,934,007 | 1,869,814 | ||
Federal Home Loan and Atlantic Central Bankers Bank stock | 3,409 | 3,409 | 3,209 | 3,209 | 3,209 | 3,209 | 3,094 | 3,621 | ||
Premises and equipment, net | 17,536 | 16,236 | 15,692 | 15,659 | 14,252 | 13,709 | 10,965 | 10,368 | ||
Accrued interest receivable | 15,028 | 14,508 | 14,715 | 13,131 | 12,556 | 12,360 | 11,521 | 9,857 | ||
Intangible assets, net | 6,573 | 6,988 | 7,407 | 7,612 | 6,253 | 6,503 | 6,753 | 7,004 | ||
Other real estate owned | 24,718 | 26,781 | 27,763 | 26,295 | 20,111 | 6,308 | 4,543 | 4,241 | ||
Deferred tax asset, net | 41,601 | 24,606 | 27,451 | 30,415 | 26,434 | 27,613 | 23,055 | 22,789 | ||
Other assets | 39,147 | 36,270 | 38,301 | 31,313 | 28,538 | 28,031 | 26,882 | 29,287 | ||
Total assets | 4,296,512 | 4,315,164 | 4,699,623 | 4,706,065 | 4,000,282 | 3,876,495 | 4,132,095 | 3,699,659 | ||
Deposits | ||||||||||
Demand and interest checking | 3,554,484 | 3,563,447 | 3,842,569 | 3,722,602 | 3,050,167 | 2,963,170 | 3,197,039 | 2,775,207 | ||
Savings and money market | 324,015 | 307,927 | 393,329 | 536,162 | 504,447 | 469,238 | 495,001 | 517,098 | ||
Time deposits | 231 | 8,962 | 9,115 | 9,773 | 9,920 | 12,502 | 12,602 | 12,582 | ||
Time deposits, $100,000 and over | 2,895 | 1,474 | 2,195 | 4,452 | 4,683 | 5,747 | 8,343 | 8,334 | ||
Total deposits | 3,881,625 | 3,881,810 | 4,247,208 | 4,272,989 | 3,569,217 | 3,450,657 | 3,712,985 | 3,313,221 | ||
Securities sold under agreements to repurchase | 21,496 | 17,481 | 16,491 | 21,221 | 22,057 | 19,059 | 16,672 | 18,548 | ||
Subordinated debenture | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | ||
Other liabilities | 23,603 | 29,978 | 56,353 | 38,850 | 42,274 | 49,186 | 42,961 | 17,812 | ||
Total liabilities | 3,940,125 | 3,942,670 | 4,333,453 | 4,346,461 | 3,646,949 | 3,532,303 | 3,786,019 | 3,362,982 | ||
SHAREHOLDERS' EQUITY | ||||||||||
Common stock | 37,809 | 37,809 | 37,805 | 37,721 | 37,721 | 37,463 | 37,434 | 37,247 | ||
Treasury stock, at cost (100,000 shares) | (866) | (866) | (866) | (866) | (866) | (866) | (866) | (866) | ||
Additional paid-in capital | 297,122 | 296,523 | 295,824 | 294,576 | 292,715 | 286,321 | 285,009 | 282,708 | ||
Retained earnings | 10,954 | 27,762 | 27,424 | 27,615 | 20,291 | 19,993 | 14,753 | 7,347 | ||
Accumulated other comprehensive income | 11,368 | 11,266 | 5,983 | 558 | 3,472 | 1,281 | 9,746 | 10,241 | ||
Total shareholders' equity | 356,387 | 372,494 | 366,170 | 359,604 | 353,333 | 344,192 | 346,076 | 336,677 | 271,479 | |
Total liabilities and shareholders' equity | 4,296,512 | 4,315,164 | 4,699,623 | 4,706,065 | 4,000,282 | 3,876,495 | 4,132,095 | 3,699,659 | ||
Restatement Adjustments [Member] | ||||||||||
Cash and cash equivalents | ||||||||||
Loans, net of deferred loan fees and costs | (53,669) | (101,030) | (111,131) | (113,653) | (100,872) | (98,218) | (95,330) | (85,729) | ||
Allowance for loan and lease losses | 558 | (22,966) | (27,628) | (28,245) | (26,951) | (25,400) | (28,988) | (25,848) | ||
Loans, net | (53,111) | (123,996) | (138,759) | (141,898) | (127,823) | (123,618) | (124,318) | (111,577) | ||
Deferred tax asset, net | 29,420 | 29,420 | 29,420 | 29,421 | 38,632 | 38,632 | 38,632 | 38,632 | ||
Assets held for sale | (35,698) | (6,588) | (1,809) | 1,558 | 940 | (5,488) | ||||
Total assets | (59,389) | (101,164) | (111,148) | (112,477) | (87,633) | (84,046) | (91,174) | (72,945) | ||
SHAREHOLDERS' EQUITY | ||||||||||
Retained earnings | (59,389) | (101,164) | (111,148) | (112,477) | (87,633) | (84,046) | (91,174) | (72,945) | ||
Total shareholders' equity | (59,389) | (101,164) | (111,148) | (112,477) | (87,633) | (84,046) | (91,174) | (72,945) | (13,168) | |
Total liabilities and shareholders' equity | (59,389) | (101,164) | (111,148) | (112,477) | (87,633) | (84,046) | (91,174) | (72,945) | ||
Discontinued Operations Adjustments [Member] | ||||||||||
Cash and cash equivalents | ||||||||||
Cash and due from banks | (1,728) | (1,904) | (1,927) | (1,993) | (1,970) | (198) | (936) | (1,504) | ||
Total cash and cash equivalents | (2,047) | (1,904) | (1,927) | (1,993) | (1,970) | (198) | (936) | (1,504) | (1,106) | |
Loans, net of deferred loan fees and costs | (1,070,470) | (1,146,776) | (1,197,366) | (1,208,791) | (1,270,318) | (1,304,627) | (1,308,124) | (1,281,984) | ||
Allowance for loan and lease losses | (1,468) | 64,112 | 68,989 | 62,546 | 61,983 | 61,737 | 60,065 | 54,904 | ||
Loans, net | (1,071,938) | (1,082,664) | (1,128,377) | (1,146,245) | (1,208,335) | (1,242,890) | (1,248,059) | (1,227,080) | ||
Accrued interest receivable | (3,967) | (4,032) | (4,265) | (4,609) | (4,626) | (4,875) | (4,863) | (4,888) | ||
Other real estate owned | (23,993) | (26,781) | (27,763) | (26,295) | (20,111) | (6,308) | (4,543) | (4,241) | ||
Assets held for sale | 1,101,727 | 1,115,560 | 1,162,603 | 1,179,277 | 1,235,310 | 1,254,619 | 1,258,805 | 1,238,086 | ||
Other assets | (101) | (179) | (271) | (135) | (268) | (348) | (404) | (373) | ||
Total assets | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | 0 | |||
The Bancorp [Member] | ||||||||||
Cash and cash equivalents | ||||||||||
Cash and due from banks | $ 6,386 | 70,612 | ||||||||
Total cash and cash equivalents | 6,386 | 70,612 | $ 84,262 | $ 73,291 | ||||||
Investment in unconsolidated entity, at fair value | 310,507 | 181,533 | ||||||||
Other assets | 11,713 | 8,401 | ||||||||
Total assets | 332,463 | 260,546 | ||||||||
Deposits | ||||||||||
Other liabilities | 39 | 18 | ||||||||
SHAREHOLDERS' EQUITY | ||||||||||
Total shareholders' equity | 319,023 | 247,127 | ||||||||
Total liabilities and shareholders' equity | $ 332,463 | $ 260,546 | ||||||||
Cash and Cash Equivalents [Member] | ||||||||||
Cash and cash equivalents | ||||||||||
Total cash and cash equivalents | 495,480 | |||||||||
Cash and Cash Equivalents [Member] | As Previously Reported [Member] | ||||||||||
Cash and cash equivalents | ||||||||||
Total cash and cash equivalents | 497,208 | |||||||||
Cash and Cash Equivalents [Member] | Discontinued Operations Adjustments [Member] | ||||||||||
Cash and cash equivalents | ||||||||||
Total cash and cash equivalents | $ (1,728) |
Restatement Of Annual And Qua58
Restatement Of Annual And Quarterly Consolidated Balance Sheets, Statements Of Operations And Statements Of Cash Flows (Statements Of Operations) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Interest income | |||||||||||||||
Loans, including fees | $ 9,175,000 | $ 8,802,000 | $ 8,464,000 | $ 7,228,000 | $ 7,198,000 | $ 6,817,000 | $ 6,398,000 | $ 36,459,000 | $ 27,640,000 | $ 20,846,000 | |||||
Interest on investment securities: | |||||||||||||||
Taxable interest | 5,311,000 | 5,356,000 | 5,137,000 | 4,654,000 | 4,057,000 | 3,801,000 | 3,487,000 | 20,662,000 | 15,999,000 | 13,378,000 | |||||
Tax-exempt interest | 3,157,000 | 2,956,000 | 2,084,000 | 1,834,000 | 1,326,000 | 873,000 | 725,000 | 11,345,000 | 4,758,000 | 2,815,000 | |||||
Federal funds sold / securities purchased under agreements to resell | 105,000 | 85,000 | 106,000 | 146,000 | 157,000 | 98,000 | 24,000 | 462,000 | 425,000 | 7,000 | |||||
Interest earning deposits | 285,000 | 411,000 | 764,000 | 546,000 | 438,000 | 505,000 | 838,000 | 1,792,000 | 2,328,000 | 2,433,000 | |||||
Total interest income | $ 18,522,000 | 18,033,000 | 17,610,000 | 16,555,000 | 14,408,000 | 13,176,000 | 12,094,000 | 11,472,000 | 70,720,000 | 51,150,000 | 39,479,000 | ||||
Interest expense | |||||||||||||||
Deposits | 2,635,000 | 2,695,000 | 2,777,000 | 2,614,000 | 2,578,000 | 2,476,000 | 2,498,000 | 10,767,000 | 10,166,000 | 10,447,000 | |||||
Securities sold under agreements to repurchase | 14,000 | 11,000 | 12,000 | 15,000 | 13,000 | 12,000 | 14,000 | 50,000 | 54,000 | 95,000 | |||||
Subordinated debenture | 116,000 | 113,000 | 115,000 | 115,000 | 115,000 | 118,000 | 200,000 | 478,000 | 548,000 | 869,000 | |||||
Total interest expense | 2,765,000 | 2,819,000 | 2,904,000 | 2,744,000 | 2,706,000 | 2,606,000 | 2,712,000 | 11,295,000 | 10,768,000 | 11,411,000 | |||||
Net interest income | 15,715,000 | 15,268,000 | 14,791,000 | 13,651,000 | 11,664,000 | 10,470,000 | 9,488,000 | 8,760,000 | 59,425,000 | 40,382,000 | 28,068,000 | ||||
Provision for loan and lease losses | (1,404,000) | 158,000 | 1,173,000 | 1,275,000 | (106,000) | 379,000 | 247,000 | (165,000) | $ (2,448,000) | $ 82,000 | $ 2,606,000 | $ 461,000 | 1,202,000 | 355,000 | 6,642,000 |
Net interest income after provision for loan and lease losses | 15,110,000 | 13,618,000 | 12,376,000 | 11,770,000 | 10,091,000 | 9,241,000 | 8,925,000 | 58,223,000 | 40,027,000 | 21,426,000 | |||||
Non-interest income | |||||||||||||||
Service fees on deposit accounts | 1,692,000 | 1,377,000 | 1,210,000 | 1,547,000 | 1,286,000 | 1,084,000 | 1,060,000 | 6,339,000 | 4,977,000 | 3,548,000 | |||||
Card payment and ACH processing fees | 1,369,000 | 1,317,000 | 1,303,000 | 1,106,000 | 1,027,000 | 1,046,000 | 867,000 | 5,402,000 | 4,046,000 | 2,977,000 | |||||
Prepaid card fees | 12,307,000 | 12,898,000 | 13,468,000 | 11,657,000 | 10,177,000 | 11,531,000 | 11,974,000 | 51,287,000 | 45,339,000 | 33,311,000 | |||||
Gain on sale of loans | 2,772,000 | 5,212,000 | 5,484,000 | 4,560,000 | 4,739,000 | 5,748,000 | 2,178,000 | 12,542,000 | 17,225,000 | 1,885,000 | |||||
Gain (Loss) on sale of investment securities | (35,000) | 159,000 | 241,000 | 1,104,000 | 42,000 | 476,000 | 267,000 | 400,000 | 743,000 | 365,000 | 785,000 | 450,000 | 1,889,000 | 661,000 | |
Other than temporary impairment on securities held-to-maturity | (20,000) | (20,000) | (20,000) | (20,000) | (202,000) | ||||||||||
Leasing income | 840,000 | 1,015,000 | 381,000 | 707,000 | 624,000 | 642,000 | 587,000 | 2,899,000 | 2,560,000 | 2,954,000 | |||||
Debit card income | 414,000 | 456,000 | 426,000 | 337,000 | 158,000 | 201,000 | 196,000 | 1,679,000 | 892,000 | 482,000 | |||||
Affinity fees | 649,000 | 668,000 | 534,000 | 558,000 | 722,000 | 850,000 | 856,000 | 2,596,000 | 2,986,000 | 2,794,000 | |||||
Other | 299,000 | 287,000 | 631,000 | 244,000 | 449,000 | 411,000 | 1,075,000 | 1,855,000 | 2,179,000 | 1,091,000 | |||||
Total non-interest income | 17,675,000 | 20,307,000 | 23,389,000 | 23,678,000 | 21,820,000 | 19,224,000 | 21,989,000 | 19,040,000 | 85,049,000 | 82,073,000 | 49,501,000 | ||||
Non-interest expense | |||||||||||||||
Salaries and employee benefits | 13,935,000 | 15,744,000 | 15,145,000 | 13,320,000 | 13,321,000 | 13,438,000 | 12,169,000 | 60,509,000 | 52,248,000 | 39,907,000 | |||||
Depreciation and amortization | 1,178,000 | 1,133,000 | 1,050,000 | 1,029,000 | 934,000 | 935,000 | 796,000 | 4,523,000 | 3,694,000 | 2,762,000 | |||||
Rent and related occupancy cost | 1,274,000 | 1,122,000 | 1,027,000 | 1,031,000 | 986,000 | 1,017,000 | 824,000 | 4,694,000 | 3,858,000 | 3,025,000 | |||||
Data processing expense | 3,315,000 | 3,463,000 | 3,255,000 | 2,931,000 | 2,710,000 | 2,724,000 | 2,523,000 | 13,207,000 | 10,888,000 | 9,938,000 | |||||
Printing and supplies | 492,000 | 589,000 | 556,000 | 407,000 | 352,000 | 422,000 | 417,000 | 2,229,000 | 1,598,000 | 1,637,000 | |||||
Professional fees | 356,000 | 400,000 | 376,000 | 478,000 | 347,000 | 305,000 | 311,000 | 1,427,000 | 1,441,000 | 1,145,000 | |||||
Legal expense | 557,000 | 302,000 | 630,000 | 1,115,000 | 642,000 | 200,000 | 91,000 | 2,102,000 | 2,048,000 | 1,711,000 | |||||
Amortization of intangible assets | 304,000 | 304,000 | 304,000 | 392,000 | 250,000 | 250,000 | 250,000 | 1,211,000 | 1,142,000 | 1,001,000 | |||||
FDIC Insurance | 1,492,000 | 1,116,000 | 1,689,000 | 953,000 | 895,000 | 858,000 | 976,000 | 6,805,000 | 3,682,000 | 3,172,000 | |||||
Software | 1,158,000 | 1,123,000 | 1,168,000 | 881,000 | 933,000 | 965,000 | 774,000 | 4,908,000 | 3,553,000 | 2,351,000 | |||||
Insurance | 404,000 | 485,000 | 451,000 | 415,000 | 352,000 | 298,000 | 246,000 | 1,700,000 | 1,311,000 | 976,000 | |||||
Telecom and IT network communications | 763,000 | 480,000 | 521,000 | 138,000 | 750,000 | 341,000 | 254,000 | 2,531,000 | 1,483,000 | 1,181,000 | |||||
Securitization and servicing expense | 573,000 | 703,000 | 578,000 | 278,000 | 343,000 | 146,000 | 1,843,000 | 767,000 | 98,000 | ||||||
Consulting | 1,157,000 | 409,000 | 696,000 | 501,000 | 464,000 | 308,000 | 427,000 | 3,452,000 | 1,700,000 | 1,123,000 | |||||
Bank Secrecy Act and lookback consulting expenses | 2,749,000 | 2,169,000 | 8,801,000 | ||||||||||||
Other | 3,428,000 | 4,470,000 | 3,759,000 | 3,257,000 | 3,105,000 | 3,292,000 | 2,750,000 | 16,038,000 | 12,404,000 | 10,161,000 | |||||
Total non-interest expense | 37,628,000 | 33,135,000 | 34,012,000 | 31,205,000 | 27,126,000 | 26,384,000 | 25,353,000 | 22,954,000 | 135,980,000 | 101,817,000 | 80,188,000 | ||||
Income (loss) from continuing operations before income taxes | (2,834,000) | 2,282,000 | 2,995,000 | 4,849,000 | 6,464,000 | 2,931,000 | 5,877,000 | 5,011,000 | 7,292,000 | 20,283,000 | (9,261,000) | ||||
Income tax (benefit) provision | (13,929,000) | (3,560,000) | 1,343,000 | 1,623,000 | 2,156,000 | 978,000 | 1,961,000 | 1,672,000 | (14,523,000) | 6,767,000 | (3,492,000) | ||||
Net income (loss) from continuing operations | 11,095,000 | 5,842,000 | 1,652,000 | 3,226,000 | 4,308,000 | 1,953,000 | 3,916,000 | 3,339,000 | 4,878,000 | 7,255,000 | 10,720,000 | 9,208,000 | 21,815,000 | 13,516,000 | (5,769,000) |
Income (loss) from discontinued operations before income taxes | 34,854,000 | 12,063,000 | (2,475,000) | (9,116,000) | (314,000) | 3,677,000 | (5,915,000) | 54,625,000 | (11,669,000) | (57,557,000) | |||||
Income tax (benefit) provision | 15,727,000 | 3,393,000 | (876,000) | 12,711,000 | 438,000 | (5,127,000) | 8,248,000 | 19,331,000 | 16,269,000 | (20,173,000) | |||||
Income (loss) from discontinued operations, net of tax | 9,096,000 | 19,127,000 | 8,670,000 | (1,599,000) | (21,827,000) | (752,000) | 8,804,000 | (14,163,000) | 7,071,000 | (5,359,000) | 26,198,000 | (6,111,000) | 35,294,000 | (27,938,000) | (37,384,000) |
Net income (loss) available to common shareholders | $ 20,191,000 | $ 24,969,000 | $ 10,322,000 | $ 1,627,000 | $ (17,520,000) | $ 1,201,000 | $ 12,720,000 | $ (10,824,000) | $ 57,109,000 | $ (14,422,000) | $ (43,153,000) | ||||
Net income (loss) per share from continuing operations - basic | $ 0.31 | $ 0.15 | $ 0.04 | $ 0.08 | $ 0.12 | $ 0.05 | $ 0.10 | $ 0.10 | $ 0.58 | $ 0.36 | $ (0.17) | ||||
Net income (loss) per share from discontinued operations - basic | 0.24 | 0.51 | 0.23 | (0.04) | (0.58) | (0.02) | 0.24 | (0.39) | 0.94 | (0.75) | (1.13) | ||||
Net income (loss) per share - basic | 0.55 | 0.66 | 0.27 | 0.04 | (0.46) | 0.03 | 0.34 | (0.29) | 1.52 | (0.39) | (1.30) | ||||
Net income (loss) per share from continuing operations - diluted | 0.30 | 0.15 | 0.04 | 0.08 | 0.11 | 0.05 | 0.10 | 0.09 | 0.57 | 0.35 | (0.17) | ||||
Net income (loss) per share from discontinued operations - diluted | 0.22 | 0.51 | 0.23 | (0.04) | (0.58) | (0.02) | 0.24 | (0.39) | 0.92 | (0.75) | (1.13) | ||||
Net income (loss) per share - diluted | $ 0.52 | $ 0.66 | $ 0.27 | $ 0.04 | $ (0.47) | $ 0.03 | $ 0.34 | $ (0.30) | $ 1.49 | $ (0.40) | $ (1.30) | ||||
The Bancorp [Member] | |||||||||||||||
Interest expense | |||||||||||||||
Subordinated debenture | $ 478,000 | $ 548,000 | $ 869,000 | ||||||||||||
Non-interest expense | |||||||||||||||
Total non-interest expense | 32,351,000 | 29,507,000 | 24,563,000 | ||||||||||||
Income (loss) from continuing operations before income taxes | 56,221,000 | (15,579,000) | (43,971,000) | ||||||||||||
Income tax (benefit) provision | (888,000) | (1,157,000) | (818,000) | ||||||||||||
Net income (loss) available to common shareholders | $ 57,109,000 | (14,422,000) | (43,153,000) | ||||||||||||
As Previously Reported [Member] | |||||||||||||||
Interest income | |||||||||||||||
Loans, including fees | $ 21,864,000 | $ 21,926,000 | $ 21,381,000 | $ 20,966,000 | $ 20,845,000 | $ 20,908,000 | $ 20,322,000 | 83,040,000 | 78,222,000 | ||||||
Interest on investment securities: | |||||||||||||||
Taxable interest | 5,311,000 | 5,356,000 | 5,137,000 | 4,654,000 | 4,057,000 | 3,801,000 | 3,487,000 | 15,999,000 | 13,378,000 | ||||||
Tax-exempt interest | 3,157,000 | 2,956,000 | 2,084,000 | 1,834,000 | 1,326,000 | 873,000 | 725,000 | 4,758,000 | 2,815,000 | ||||||
Federal funds sold / securities purchased under agreements to resell | 105,000 | 85,000 | 106,000 | 146,000 | 157,000 | 98,000 | 24,000 | 425,000 | 7,000 | ||||||
Interest earning deposits | 285,000 | 411,000 | 764,000 | 546,000 | 438,000 | 505,000 | 838,000 | 2,328,000 | 2,433,000 | ||||||
Total interest income | 30,722,000 | 30,734,000 | 29,472,000 | 28,146,000 | 26,823,000 | 26,185,000 | 25,396,000 | 106,550,000 | 96,855,000 | ||||||
Interest expense | |||||||||||||||
Deposits | 2,635,000 | 2,695,000 | 2,777,000 | 2,614,000 | 2,578,000 | 2,476,000 | 2,498,000 | 10,166,000 | 10,447,000 | ||||||
Securities sold under agreements to repurchase | 14,000 | 11,000 | 12,000 | 15,000 | 13,000 | 12,000 | 14,000 | 54,000 | 95,000 | ||||||
Subordinated debenture | 116,000 | 113,000 | 115,000 | 115,000 | 115,000 | 118,000 | 200,000 | 548,000 | 869,000 | ||||||
Total interest expense | 2,765,000 | 2,819,000 | 2,904,000 | 2,744,000 | 2,706,000 | 2,606,000 | 2,712,000 | 10,768,000 | 11,411,000 | ||||||
Net interest income | 27,957,000 | 27,915,000 | 26,568,000 | 25,402,000 | 24,117,000 | 23,579,000 | 22,684,000 | 95,782,000 | 85,444,000 | ||||||
Provision for loan and lease losses | 965,000 | 15,500,000 | 17,300,000 | 6,500,000 | 8,000,000 | 9,500,000 | 5,500,000 | (32,800,000) | 15,000,000 | 33,765,000 | 23,000,000 | 29,500,000 | 22,438,000 | ||
Net interest income after provision for loan and lease losses | 26,992,000 | 12,415,000 | 9,268,000 | 18,902,000 | 16,117,000 | 14,079,000 | 17,184,000 | 66,282,000 | 63,006,000 | ||||||
Non-interest income | |||||||||||||||
Service fees on deposit accounts | 1,692,000 | 1,377,000 | 1,210,000 | 1,547,000 | 1,286,000 | 1,084,000 | 1,060,000 | 4,977,000 | 3,548,000 | ||||||
Card payment and ACH processing fees | 1,369,000 | 1,317,000 | 1,303,000 | 1,106,000 | 1,027,000 | 1,046,000 | 867,000 | 4,046,000 | 2,977,000 | ||||||
Prepaid card fees | 12,307,000 | 12,898,000 | 13,468,000 | 11,657,000 | 10,177,000 | 11,531,000 | 11,974,000 | 45,339,000 | 33,311,000 | ||||||
Gain on sale of loans | 2,772,000 | 5,212,000 | 5,484,000 | 4,560,000 | 4,739,000 | 5,748,000 | 2,178,000 | 17,225,000 | 1,885,000 | ||||||
Gain (Loss) on sale of investment securities | (35,000) | 159,000 | 241,000 | 1,104,000 | 42,000 | 476,000 | 267,000 | 400,000 | 743,000 | 365,000 | 785,000 | 1,889,000 | 661,000 | ||
Other than temporary impairment on securities held-to-maturity | (20,000) | (20,000) | (20,000) | (20,000) | (202,000) | ||||||||||
Leasing income | 840,000 | 1,015,000 | 381,000 | 707,000 | 624,000 | 642,000 | 587,000 | 2,560,000 | 2,954,000 | ||||||
Debit card income | 414,000 | 456,000 | 426,000 | 337,000 | 158,000 | 201,000 | 196,000 | 892,000 | 482,000 | ||||||
Affinity fees | 649,000 | 668,000 | 534,000 | 558,000 | 722,000 | 850,000 | 856,000 | 2,986,000 | 2,794,000 | ||||||
Other | 748,000 | 608,000 | 1,108,000 | 759,000 | 827,000 | 784,000 | 1,167,000 | 3,536,000 | 1,188,000 | ||||||
Total non-interest income | 20,756,000 | 23,710,000 | 24,155,000 | 22,335,000 | 19,602,000 | 22,362,000 | 19,132,000 | 83,430,000 | 49,598,000 | ||||||
Non-interest expense | |||||||||||||||
Salaries and employee benefits | 14,606,000 | 16,324,000 | 15,361,000 | 13,416,000 | 13,766,000 | 13,615,000 | 12,289,000 | 53,086,000 | 40,057,000 | ||||||
Depreciation and amortization | 1,178,000 | 1,133,000 | 1,050,000 | 1,029,000 | 934,000 | 935,000 | 796,000 | 3,694,000 | 2,762,000 | ||||||
Rent and related occupancy cost | 1,309,000 | 1,177,000 | 1,082,000 | 1,087,000 | 1,041,000 | 1,064,000 | 881,000 | 4,073,000 | 3,352,000 | ||||||
Data processing expense | 3,394,000 | 3,535,000 | 3,336,000 | 3,007,000 | 2,783,000 | 2,796,000 | 2,607,000 | 11,193,000 | 10,231,000 | ||||||
Printing and supplies | 542,000 | 626,000 | 571,000 | 422,000 | 369,000 | 437,000 | 432,000 | 1,660,000 | 1,721,000 | ||||||
Professional fees | 356,000 | 400,000 | 376,000 | 478,000 | 347,000 | 305,000 | 311,000 | 1,441,000 | 1,145,000 | ||||||
Legal expense | 1,497,000 | 915,000 | 1,332,000 | 2,785,000 | 1,522,000 | 791,000 | 619,000 | 5,717,000 | 3,888,000 | ||||||
Amortization of intangible assets | 304,000 | 304,000 | 304,000 | 392,000 | 250,000 | 250,000 | 250,000 | 1,142,000 | 1,001,000 | ||||||
Loss on sale and write downs on other real estate owned | 2,568,000 | (92,000) | 62,000 | (8,000) | 403,000 | 815,000 | 251,000 | 30,000 | 1,066,000 | 2,538,000 | 1,469,000 | 1,461,000 | 2,508,000 | ||
FDIC Insurance | 1,492,000 | 1,116,000 | 1,689,000 | 953,000 | 895,000 | 858,000 | 976,000 | 3,682,000 | 3,172,000 | ||||||
Software | 1,166,000 | 1,133,000 | 1,175,000 | 892,000 | 938,000 | 982,000 | 809,000 | 3,621,000 | 2,351,000 | ||||||
Other real estate owned | 434,000 | 325,000 | 326,000 | 320,000 | 286,000 | 125,000 | 110,000 | 840,000 | 560,000 | ||||||
Insurance | 404,000 | 485,000 | 451,000 | 415,000 | 352,000 | 298,000 | 246,000 | 1,311,000 | 976,000 | ||||||
Telecom and IT network communications | 931,000 | 480,000 | 521,000 | 139,000 | 752,000 | 350,000 | 329,000 | 1,570,000 | 1,452,000 | ||||||
Securitization and servicing expense | 573,000 | 703,000 | 578,000 | 278,000 | 343,000 | 146,000 | 767,000 | 98,000 | |||||||
Consulting | 1,157,000 | 409,000 | 696,000 | 501,000 | 464,000 | 308,000 | 427,000 | 1,700,000 | 1,123,000 | ||||||
Bank Secrecy Act and lookback consulting expenses | 2,749,000 | 2,169,000 | |||||||||||||
Other | 3,624,000 | 4,688,000 | 4,047,000 | 3,707,000 | 3,452,000 | 3,658,000 | 3,000,000 | 13,819,000 | 11,789,000 | ||||||
Total non-interest expense | 81,725,000 | 35,830,000 | 32,957,000 | 29,813,000 | 28,897,000 | 27,587,000 | 24,479,000 | 110,777,000 | 88,186,000 | ||||||
Income (loss) from continuing operations before income taxes | (33,977,000) | 295,000 | 466,000 | 11,424,000 | 6,822,000 | 8,854,000 | 11,837,000 | 38,935,000 | 24,418,000 | ||||||
Income tax (benefit) provision | (17,172,000) | (43,000) | 168,000 | 4,098,000 | 2,034,000 | 3,262,000 | 4,432,000 | 13,825,000 | 7,794,000 | ||||||
Net income (loss) from continuing operations | (16,805,000) | 338,000 | 298,000 | $ 7,326,000 | 4,788,000 | 5,592,000 | 7,405,000 | 636,000 | 12,997,000 | (16,169,000) | 17,785,000 | 25,110,000 | |||
Net income (loss) available to common shareholders | $ (16,805,000) | $ 338,000 | $ 298,000 | $ 4,788,000 | $ 5,592,000 | $ 7,405,000 | $ 25,110,000 | $ 16,624,000 | |||||||
Net income (loss) per share from continuing operations - basic | $ (0.45) | $ 0.01 | $ 0.01 | $ 0.20 | $ 0.13 | $ 0.15 | $ 0.20 | $ 0.67 | $ 0.50 | ||||||
Net income (loss) per share - basic | (0.45) | 0.01 | 0.01 | 0.20 | 0.13 | 0.15 | 0.20 | 0.67 | 0.50 | ||||||
Net income (loss) per share from continuing operations - diluted | (0.45) | 0.01 | 0.01 | 0.19 | 0.13 | 0.15 | 0.20 | 0.66 | 0.50 | ||||||
Net income (loss) per share - diluted | $ (0.45) | $ 0.01 | $ 0.01 | $ 0.19 | $ 0.13 | $ 0.15 | $ 0.20 | $ 0.66 | $ 0.50 | ||||||
Restatement Adjustments [Member] | |||||||||||||||
Interest income | |||||||||||||||
Loans, including fees | $ (162,000) | $ (257,000) | $ (343,000) | $ (342,000) | $ (340,000) | $ (403,000) | $ (1,428,000) | $ (747,000) | |||||||
Interest on investment securities: | |||||||||||||||
Total interest income | (162,000) | (257,000) | (343,000) | (342,000) | (340,000) | (403,000) | (1,428,000) | (747,000) | |||||||
Interest expense | |||||||||||||||
Net interest income | (162,000) | (257,000) | (343,000) | (342,000) | (340,000) | (403,000) | (1,428,000) | (747,000) | |||||||
Provision for loan and lease losses | $ (71,113,000) | (14,925,000) | (2,165,000) | 13,733,000 | 3,863,000 | (1,040,000) | 12,904,000 | 21,831,000 | 11,444,000 | (80,062,000) | 14,309,000 | 28,894,000 | 90,489,000 | ||
Net interest income after provision for loan and lease losses | 71,113,000 | 14,763,000 | 1,908,000 | (14,076,000) | (4,205,000) | 700,000 | (12,741,000) | (30,322,000) | (91,236,000) | ||||||
Non-interest expense | |||||||||||||||
Income (loss) from continuing operations before income taxes | 71,113,000 | 14,763,000 | 1,908,000 | (14,076,000) | (4,205,000) | 700,000 | (12,741,000) | (30,322,000) | (91,236,000) | ||||||
Income tax (benefit) provision | 29,339,000 | 4,779,000 | 579,000 | 10,769,000 | (618,000) | (6,428,000) | 5,488,000 | 9,211,000 | (31,459,000) | ||||||
Net income (loss) from continuing operations | 41,774,000 | 9,984,000 | 1,329,000 | $ (24,845,000) | (3,587,000) | 7,128,000 | (8,298,000) | 6,843,000 | (7,828,000) | 31,829,000 | (10,419,000) | (39,533,000) | |||
Net income (loss) available to common shareholders | $ 41,774,000 | $ 9,984,000 | $ 1,329,000 | $ (3,587,000) | $ 7,128,000 | $ (18,229,000) | $ (39,533,000) | $ (59,777,000) | |||||||
Net income (loss) per share from continuing operations - basic | $ 1.11 | $ 0.26 | $ 0.03 | $ (0.66) | $ (0.10) | $ 0.19 | $ (0.49) | $ (1.06) | $ (1.80) | ||||||
Net income (loss) per share - basic | 1.11 | 0.26 | 0.03 | (0.66) | (0.10) | 0.19 | (0.49) | (1.06) | (1.80) | ||||||
Net income (loss) per share from continuing operations - diluted | 1.11 | 0.26 | 0.03 | (0.66) | (0.10) | 0.19 | (0.50) | (1.06) | (1.80) | ||||||
Net income (loss) per share - diluted | $ 1.11 | $ 0.26 | $ 0.03 | $ (0.66) | $ (0.10) | $ 0.19 | $ (0.50) | $ (1.06) | $ (1.80) | ||||||
Discontinued Operations Adjustments [Member] | |||||||||||||||
Interest income | |||||||||||||||
Loans, including fees | $ (12,689,000) | $ (12,962,000) | $ (12,660,000) | $ (13,395,000) | $ (13,305,000) | $ (13,751,000) | $ (13,521,000) | $ (53,972,000) | $ (56,629,000) | ||||||
Interest on investment securities: | |||||||||||||||
Total interest income | (12,689,000) | (12,962,000) | (12,660,000) | (13,395,000) | (13,305,000) | (13,751,000) | (13,521,000) | (53,972,000) | (56,629,000) | ||||||
Interest expense | |||||||||||||||
Net interest income | (12,689,000) | (12,962,000) | (12,660,000) | (13,395,000) | (13,305,000) | (13,751,000) | (13,521,000) | (53,972,000) | (56,629,000) | ||||||
Provision for loan and lease losses | 70,306,000 | 598,000 | (13,860,000) | (20,339,000) | (11,484,000) | (8,213,000) | (18,569,000) | 8,521,000 | (26,362,000) | 48,903,000 | (36,848,000) | (58,039,000) | (106,285,000) | ||
Net interest income after provision for loan and lease losses | (82,995,000) | (13,560,000) | 1,200,000 | 6,944,000 | (1,821,000) | (5,538,000) | 4,482,000 | 4,067,000 | 49,656,000 | ||||||
Non-interest income | |||||||||||||||
Other | (449,000) | (321,000) | (477,000) | (515,000) | (378,000) | (373,000) | (92,000) | (1,357,000) | (97,000) | ||||||
Total non-interest income | (449,000) | (321,000) | (477,000) | (515,000) | (378,000) | (373,000) | (92,000) | (1,357,000) | (97,000) | ||||||
Non-interest expense | |||||||||||||||
Salaries and employee benefits | (671,000) | (580,000) | (216,000) | (96,000) | (445,000) | (177,000) | (120,000) | (838,000) | (150,000) | ||||||
Rent and related occupancy cost | (35,000) | (55,000) | (55,000) | (56,000) | (55,000) | (47,000) | (57,000) | (215,000) | (327,000) | ||||||
Data processing expense | (79,000) | (72,000) | (81,000) | (76,000) | (73,000) | (72,000) | (84,000) | (305,000) | (293,000) | ||||||
Printing and supplies | (50,000) | (37,000) | (15,000) | (15,000) | (17,000) | (15,000) | (15,000) | (62,000) | (84,000) | ||||||
Legal expense | (940,000) | (613,000) | (702,000) | (1,670,000) | (880,000) | (591,000) | (528,000) | (3,669,000) | (2,177,000) | ||||||
Loss on sale and write downs on other real estate owned | (2,568,000) | 92,000 | (62,000) | 8,000 | (403,000) | (815,000) | (251,000) | (30,000) | (1,066,000) | (2,538,000) | (1,469,000) | (1,461,000) | (2,508,000) | ||
Software | (8,000) | (10,000) | (7,000) | (11,000) | (5,000) | (17,000) | (35,000) | (68,000) | |||||||
Other real estate owned | (434,000) | (325,000) | (326,000) | (320,000) | (286,000) | (125,000) | (110,000) | (840,000) | (560,000) | ||||||
Telecom and IT network communications | (168,000) | (1,000) | (2,000) | (9,000) | (75,000) | (87,000) | (271,000) | ||||||||
Other | (196,000) | (218,000) | (288,000) | (450,000) | (347,000) | (366,000) | (250,000) | (1,415,000) | (1,628,000) | ||||||
Total non-interest expense | (48,590,000) | (1,818,000) | (1,752,000) | (2,687,000) | (2,513,000) | (2,234,000) | (1,525,000) | (8,960,000) | (7,998,000) | ||||||
Income (loss) from continuing operations before income taxes | (34,854,000) | (12,063,000) | 2,475,000 | 9,116,000 | 314,000 | (3,677,000) | 5,915,000 | 11,670,000 | 57,557,000 | ||||||
Income tax (benefit) provision | (15,727,000) | (3,393,000) | 876,000 | (12,711,000) | (438,000) | 5,127,000 | (8,248,000) | (16,269,000) | 20,173,000 | ||||||
Net income (loss) from continuing operations | (19,127,000) | (8,670,000) | 1,599,000 | 21,827,000 | 752,000 | (8,804,000) | 4,232,000 | (2,601,000) | 2,086,000 | (4,940,000) | 1,842,000 | 27,939,000 | |||
Income (loss) from discontinued operations before income taxes | 34,854,000 | 12,063,000 | (2,475,000) | (9,116,000) | (314,000) | 3,677,000 | (5,915,000) | (11,670,000) | (57,557,000) | ||||||
Income tax (benefit) provision | 15,727,000 | 3,393,000 | (876,000) | 12,711,000 | 438,000 | (5,127,000) | 8,248,000 | 16,269,000 | (20,173,000) | ||||||
Income (loss) from discontinued operations, net of tax | $ 19,127,000 | $ 8,670,000 | $ (1,599,000) | $ (21,827,000) | $ (752,000) | $ 8,804,000 | $ (14,163,000) | $ 7,071,000 | $ (5,359,000) | $ 26,198,000 | $ (6,111,000) | $ (27,938,000) | $ (37,384,000) | ||
Net income (loss) per share from continuing operations - basic | $ (0.51) | $ (0.23) | $ 0.04 | $ 0.58 | $ 0.02 | $ (0.24) | $ 0.39 | $ 0.75 | $ 1.13 | ||||||
Net income (loss) per share from discontinued operations - basic | 0.51 | 0.23 | (0.04) | (0.58) | (0.02) | 0.24 | (0.39) | (0.75) | (1.13) | ||||||
Net income (loss) per share from continuing operations - diluted | (0.51) | (0.23) | 0.09 | 0.58 | 0.02 | (0.24) | 0.39 | 0.75 | 1.13 | ||||||
Net income (loss) per share from discontinued operations - diluted | $ 0.51 | $ 0.23 | $ (0.09) | $ (0.58) | $ (0.02) | $ 0.24 | $ (0.39) | $ (0.75) | $ (1.13) | ||||||
Net Income From Continuing Operations [Member] | |||||||||||||||
Non-interest expense | |||||||||||||||
Net income (loss) from continuing operations | $ 3,339,000 | $ (5,769,000) | |||||||||||||
Net income (loss) available to common shareholders | $ (17,519,000) | ||||||||||||||
Net Income From Continuing Operations [Member] | As Previously Reported [Member] | |||||||||||||||
Non-interest expense | |||||||||||||||
Net income (loss) from continuing operations | 7,405,000 | 16,624,000 | |||||||||||||
Net income (loss) available to common shareholders | 7,326,000 | ||||||||||||||
Net Income From Continuing Operations [Member] | Restatement Adjustments [Member] | |||||||||||||||
Non-interest expense | |||||||||||||||
Net income (loss) from continuing operations | (18,229,000) | (59,777,000) | |||||||||||||
Net income (loss) available to common shareholders | $ (24,845,000) | ||||||||||||||
Net Income From Continuing Operations [Member] | Discontinued Operations Adjustments [Member] | |||||||||||||||
Non-interest expense | |||||||||||||||
Net income (loss) from continuing operations | $ 14,163,000 | $ 37,384,000 |
Restatement Of Annual And Qua59
Restatement Of Annual And Quarterly Consolidated Balance Sheets, Statements Of Operations And Statements Of Cash Flows (Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 45 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | $ 11,095 | $ 5,842 | $ 1,652 | $ 3,226 | $ 4,308 | $ 1,953 | $ 3,916 | $ 3,339 | $ 4,878 | $ 7,255 | $ 10,720 | $ 9,208 | $ 21,815 | $ 13,516 | $ (5,769) | |
Net income (loss) from discontinued operations, net of tax | 9,096 | 19,127 | 8,670 | (1,599) | (21,827) | (752) | 8,804 | (14,163) | 7,071 | (5,359) | 26,198 | (6,111) | 35,294 | (27,938) | (37,384) | |
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Depreciation and amortization | 1,354 | 1,046 | 2,791 | 2,231 | 4,273 | 3,415 | 5,734 | 4,836 | 3,763 | |||||||
Provision for loan and lease losses | (1,404) | 158 | 1,173 | 1,275 | (106) | 379 | 247 | (165) | (2,448) | 82 | 2,606 | 461 | 1,202 | 355 | 6,642 | |
Net amortization of investment securities discounts/premiums | 3,441 | 823 | 4,794 | 2,615 | 7,448 | 4,660 | 14,059 | 6,811 | 2,090 | |||||||
Stock-based compensation expense | 772 | (745) | (1,443) | (1,558) | 2,042 | (2,357) | 2,641 | 3,157 | 2,595 | |||||||
Loans originated for sale | (218,587) | (28,402) | (323,926) | (110,117) | (427,937) | (189,327) | (630,165) | (276,562) | (28,876) | |||||||
Sale of loans originated for resale | 75,441 | (13,519) | (250,052) | (101,721) | 375,194 | (215,092) | 495,531 | 268,019 | 19,420 | |||||||
Gain on sales of loans originated for resale | (17,000) | (5,484) | (2,178) | (10,696) | (7,926) | (13,468) | (12,665) | (12,542) | (17,225) | (1,885) | $ (28,500) | |||||
Deferred income tax benefit | (13,590) | (200) | (1,188) | |||||||||||||
Gain on sale of fixed assets | (2) | (2) | 1 | (2) | 1 | (14) | (24) | (31) | ||||||||
Other than temporary impairment on securities held-to-maturity | 20 | 20 | 20 | 20 | 202 | |||||||||||
Gain on sales of investment securities | 35 | (159) | (241) | (1,104) | (42) | (476) | (267) | (400) | (743) | (365) | (785) | (450) | (1,889) | (661) | ||
Increase in accrued interest receivable | (1,928) | (1,689) | (1,954) | (2,516) | (2,539) | (2,961) | (2,729) | (3,553) | (1,574) | |||||||
Decrease (increase) in other assets | 36,401 | (3,076) | (3,896) | (4,283) | (67,222) | (4,868) | 21,966 | (222) | (42,056) | |||||||
Increase in discontinued assets held for sale | (43,923) | 11,263 | (24,377) | 3,852 | 34,903 | (8,671) | 37,410 | (23,390) | (2,310) | |||||||
Increase (decrease) in other liabilities | (1,552) | 25,149 | 15,704 | 1,438 | (15,249) | 16,161 | (26,155) | 15,284 | 7,739 | |||||||
Net cash (used in) provided by operating activities | (151,406) | (5,964) | 107,478 | (10,171) | (63,398) | 25,988 | (49,993) | (39,005) | (79,283) | |||||||
Investing activities | ||||||||||||||||
Purchase of investment securities available-for-sale | (222,550) | (250,581) | (343,628) | (442,958) | (402,168) | (607,528) | (533,168) | (884,050) | (473,828) | |||||||
Purchase of investment securities held-to-maturity | (50,875) | (52,899) | (52,899) | |||||||||||||
Proceeds from sale of investment securities available-for-sale | 24,173 | (9,356) | 46,507 | (51,149) | 78,793 | 61,962 | 109,322 | 106,243 | 26,209 | |||||||
Proceeds from redemptions and prepayments of securities held-to-maturity | 38 | 38 | 195 | 606 | 3,022 | 963 | 2,076 | |||||||||
Proceeds from redemptions and prepayments of securities available-for-sale | 64,004 | 59,942 | 109,559 | 103,091 | 144,051 | (174,895) | 188,252 | 233,262 | 154,246 | |||||||
Net increase in loans | (103,103) | (30,309) | (166,285) | (51,218) | (222,338) | (112,767) | (240,036) | (134,114) | (174,110) | |||||||
Net decrease in discontinued loans held for sale | 19,098 | (20,979) | 93,526 | (15,809) | 120,300 | 15,404 | 253,938 | 82,199 | 109,743 | |||||||
Proceeds from sale of fixed assets | 11 | 11 | (79) | 14 | (99) | 64 | 137 | 357 | ||||||||
Purchases of premises and equipment | (1,092) | (1,392) | (2,768) | (5,151) | (5,250) | (6,649) | (6,611) | (9,098) | (5,098) | |||||||
Investment in unconsolidated entity | (193,595) | |||||||||||||||
Net cash used in investing activities | (219,421) | 233,963 | (263,040) | 411,692 | (286,403) | (526,877) | (418,812) | (657,357) | (360,405) | |||||||
Financing activities | ||||||||||||||||
Net increase in deposits | (25,781) | 399,764 | (391,179) | 137,436 | (391,364) | (255,996) | 348,795 | 959,768 | 630,670 | |||||||
Net increase (decrease) in securities sold under agreements to repurchase | (4,730) | (1,876) | (3,740) | 511 | 275 | 3,509 | (1,807) | 2,673 | (14,629) | |||||||
Proceeds from issuance of common stock | (1,629) | 1,629 | 1,629 | 1,629 | 41,713 | |||||||||||
Proceeds from the exercise of options | 71 | 114 | 103 | 290 | 103 | (1,653) | 103 | 1,653 | 454 | |||||||
Net cash provided by financing activities | (30,440) | (399,631) | (394,816) | (139,866) | (390,986) | 262,787 | 347,091 | 965,723 | 658,208 | |||||||
Net (decrease) increase in cash and cash equivalents | (401,267) | 171,632 | (765,334) | (281,997) | (740,787) | (238,102) | (121,714) | 269,361 | 218,520 | |||||||
Cash and cash equivalents, beginning of year | 495,162 | 470,614 | 834,682 | 1,235,949 | 728,485 | 684,591 | 1,138,220 | 966,588 | 1,235,949 | 966,588 | 1,235,949 | 966,588 | 1,235,949 | 966,588 | 748,068 | |
Cash and cash equivalents, end of year | 1,114,235 | 495,162 | 470,614 | 834,682 | 1,235,949 | 728,485 | 684,591 | 1,138,220 | 470,614 | 684,591 | 495,162 | 728,485 | 1,114,235 | 1,235,949 | 966,588 | 495,162 |
Supplemental disclosure: | ||||||||||||||||
Interest paid | 2,911 | 2,720 | 5,734 | 5,326 | 8,104 | 8,054 | 10,768 | 10,792 | 11,431 | |||||||
Taxes paid | 1,129 | 2,244 | 2,093 | 2,244 | 2,578 | 11,445 | 2,578 | 17,602 | 11,049 | |||||||
Transfers of loans to other real estate owned | 725 | 725 | ||||||||||||||
Transfers of loans to held for sale | 21,692 | 27,316 | 32,795 | |||||||||||||
The Bancorp [Member] | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Stock-based compensation expense | 2,641 | 3,157 | 2,595 | |||||||||||||
Decrease (increase) in other assets | (3,441) | (1,735) | (1,749) | |||||||||||||
Increase (decrease) in other liabilities | 21 | (73) | 53 | |||||||||||||
Net cash (used in) provided by operating activities | (2,472) | (134) | 87 | |||||||||||||
Investing activities | ||||||||||||||||
Investment in unconsolidated entity | (58,000) | (16,798) | (31,283) | |||||||||||||
Net cash used in investing activities | (61,857) | (16,798) | (31,283) | |||||||||||||
Financing activities | ||||||||||||||||
Proceeds from issuance of common stock | 1,629 | 41,713 | ||||||||||||||
Proceeds from the exercise of options | 103 | 1,653 | 454 | |||||||||||||
Net cash provided by financing activities | 103 | 3,282 | 42,167 | |||||||||||||
Net (decrease) increase in cash and cash equivalents | (64,226) | (13,650) | 10,971 | |||||||||||||
Cash and cash equivalents, beginning of year | 70,612 | 84,262 | 70,612 | 84,262 | 70,612 | 84,262 | 70,612 | 84,262 | 73,291 | |||||||
Cash and cash equivalents, end of year | 6,386 | 70,612 | 6,386 | 70,612 | 84,262 | |||||||||||
As Previously Reported [Member] | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | (16,805) | 338 | 298 | 7,326 | 4,788 | 5,592 | 7,405 | 636 | 12,997 | (16,169) | 17,785 | 25,110 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Depreciation and amortization | 1,354 | 1,046 | 2,791 | 2,231 | 4,273 | 3,415 | 4,836 | 3,763 | ||||||||
Provision for loan and lease losses | 965 | 15,500 | 17,300 | 6,500 | 8,000 | 9,500 | 5,500 | (32,800) | 15,000 | 33,765 | 23,000 | 29,500 | 22,438 | |||
Net amortization of investment securities discounts/premiums | 3,441 | 823 | 4,794 | 2,615 | 7,448 | 4,660 | 6,811 | 2,090 | ||||||||
Stock-based compensation expense | 772 | (745) | (1,443) | (1,558) | 2,042 | (2,357) | 3,157 | 2,595 | ||||||||
Loans originated for sale | (218,587) | (28,402) | (323,926) | (110,117) | (427,937) | (189,327) | (276,562) | (28,876) | ||||||||
Sale of loans originated for resale | 75,441 | (13,519) | (250,052) | (101,721) | 375,194 | (215,092) | 268,019 | 19,420 | ||||||||
Gain on sales of loans originated for resale | (5,484) | (2,178) | (10,696) | (7,926) | (13,468) | (12,665) | (17,225) | (1,885) | ||||||||
Deferred income tax benefit | (199) | (2,899) | ||||||||||||||
Gain on sale of fixed assets | (2) | (2) | 1 | (2) | 1 | (24) | (31) | |||||||||
Other than temporary impairment on securities held-to-maturity | 20 | 20 | 20 | 20 | 202 | |||||||||||
Loss on sale and write downs on other real estate owned | 2,568 | (92) | 62 | (8) | 403 | 815 | 251 | 30 | 1,066 | 2,538 | 1,469 | 1,461 | 2,508 | |||
Gain on sales of investment securities | 35 | (159) | (241) | (1,104) | (42) | (476) | (267) | (400) | (743) | (365) | (785) | (1,889) | (661) | |||
Increase in accrued interest receivable | (1,584) | (1,664) | (1,377) | (2,503) | (1,897) | (2,699) | (3,274) | (1,381) | ||||||||
Decrease (increase) in other assets | (7,043) | 2,407 | (5,098) | 1,257 | (24,916) | 751 | (9,197) | (8,561) | ||||||||
Increase in discontinued assets held for sale | 0 | 0 | ||||||||||||||
Increase (decrease) in other liabilities | (1,552) | 25,149 | 15,704 | 1,438 | (15,247) | 16,161 | 15,284 | 7,739 | ||||||||
Net cash (used in) provided by operating activities | (135,825) | (24,354) | 64,657 | 18,615 | (74,741) | 79,235 | 45,828 | 33,085 | ||||||||
Investing activities | ||||||||||||||||
Purchase of investment securities available-for-sale | (222,550) | (250,581) | (343,628) | (442,958) | (402,168) | (607,528) | (884,050) | (473,828) | ||||||||
Purchase of investment securities held-to-maturity | (50,875) | (52,899) | (52,899) | |||||||||||||
Proceeds from sale of investment securities available-for-sale | 24,173 | (9,356) | 46,507 | (51,149) | 78,793 | 61,962 | 106,243 | 26,209 | ||||||||
Proceeds from redemptions and prepayments of securities held-to-maturity | 38 | 38 | 195 | 606 | 963 | 2,076 | ||||||||||
Proceeds from redemptions and prepayments of securities available-for-sale | 64,004 | 59,942 | 109,559 | 103,091 | 144,051 | (174,895) | 233,262 | 154,246 | ||||||||
Proceeds from sale of other real estate owned | 2,404 | 693 | 3,844 | 693 | 5,832 | (1,979) | 2,373 | 5,535 | ||||||||
Net increase in loans | (102,056) | (70,939) | (119,512) | (97,812) | (96,473) | (152,124) | (138,632) | (181,872) | ||||||||
Proceeds from sale of fixed assets | 11 | 11 | (79) | 14 | (99) | 137 | 357 | |||||||||
Purchases of premises and equipment | (1,092) | (1,392) | (2,768) | (5,151) | (5,250) | (6,649) | (9,098) | (5,098) | ||||||||
Net cash used in investing activities | (235,068) | 252,921 | (305,949) | 441,784 | (275,006) | (579,659) | (741,701) | (472,375) | ||||||||
Financing activities | ||||||||||||||||
Net increase in deposits | (25,781) | 399,764 | (391,179) | 137,436 | (391,364) | (255,996) | 959,768 | 630,670 | ||||||||
Net increase (decrease) in securities sold under agreements to repurchase | (4,730) | (1,876) | (3,740) | 511 | 275 | 3,509 | 2,673 | (14,629) | ||||||||
Proceeds from issuance of common stock | (1,629) | 1,629 | 1,629 | 1,629 | 41,713 | |||||||||||
Proceeds from the exercise of options | 71 | 114 | 103 | 290 | 103 | (1,653) | 1,653 | 454 | ||||||||
Net cash provided by financing activities | (30,440) | (399,631) | (394,816) | (139,866) | (390,986) | 262,787 | 965,723 | 658,208 | ||||||||
Net (decrease) increase in cash and cash equivalents | (401,333) | 171,064 | (765,422) | (283,303) | (740,733) | (237,637) | 269,850 | 218,918 | ||||||||
Cash and cash equivalents, beginning of year | 497,208 | 472,520 | 836,609 | 1,237,942 | 730,455 | 684,789 | 1,139,156 | 968,092 | 1,237,942 | 968,092 | 1,237,942 | 968,092 | 1,237,942 | 968,092 | 749,174 | |
Cash and cash equivalents, end of year | 497,208 | 472,520 | 836,609 | 1,237,942 | 730,455 | 684,789 | 1,139,156 | 472,520 | 684,789 | 497,208 | 730,455 | 1,237,942 | 968,092 | 497,208 | ||
Supplemental disclosure: | ||||||||||||||||
Interest paid | 2,911 | 2,720 | 5,734 | 5,326 | 8,104 | 8,054 | 10,792 | 11,431 | ||||||||
Taxes paid | 1,129 | 2,244 | 2,093 | 2,244 | 2,578 | 11,445 | 17,602 | 11,049 | ||||||||
Transfers of loans to other real estate owned | 725 | |||||||||||||||
Transfers of loans to held for sale | 21,692 | 27,316 | 32,795 | |||||||||||||
Restatement Adjustments [Member] | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | 41,774 | 9,984 | 1,329 | (24,845) | (3,587) | 7,128 | (8,298) | 6,843 | (7,828) | 31,829 | (10,419) | (39,533) | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Provision for loan and lease losses | (71,113) | (14,925) | (2,165) | 13,733 | 3,863 | (1,040) | 12,904 | 21,831 | 11,444 | (80,062) | 14,309 | 28,894 | 90,489 | |||
Deferred income tax benefit | 2,489 | 5,008 | 14,569 | (4,358) | 47,814 | (4,975) | (13,502) | (25,978) | ||||||||
Decrease (increase) in other assets | 2,214 | (2,070) | ||||||||||||||
Net cash (used in) provided by operating activities | (257) | 402 | 419 | (742) | (419) | (1,085) | (1,428) | (748) | ||||||||
Investing activities | ||||||||||||||||
Net increase in loans | 257 | 402 | 419 | 742 | 419 | 1,085 | 1,428 | 748 | ||||||||
Net cash used in investing activities | 257 | (402) | 419 | (742) | 419 | 1,085 | 1,428 | 748 | ||||||||
Discontinued Operations Adjustments [Member] | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | (19,127) | (8,670) | 1,599 | 21,827 | 752 | (8,804) | 4,232 | (2,601) | 2,086 | (4,940) | 1,842 | 27,939 | ||||
Net income (loss) from discontinued operations, net of tax | 19,127 | 8,670 | (1,599) | (21,827) | (752) | 8,804 | (14,163) | 7,071 | (5,359) | 26,198 | (6,111) | (27,938) | (37,384) | |||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Provision for loan and lease losses | 70,306 | 598 | (13,860) | (20,339) | (11,484) | (8,213) | (18,569) | 8,521 | (26,362) | 48,903 | (36,848) | (58,039) | (106,285) | |||
Deferred income tax benefit | (2,489) | (5,008) | (14,569) | 4,358 | (47,814) | 4,975 | 13,501 | 27,689 | ||||||||
Loss on sale and write downs on other real estate owned | (2,568) | 92 | (62) | 8 | (403) | (815) | (251) | (30) | (1,066) | (2,538) | (1,469) | (1,461) | (2,508) | |||
Increase in accrued interest receivable | (344) | (25) | (577) | (13) | (642) | (262) | (279) | (193) | ||||||||
Decrease (increase) in other assets | 43,444 | (5,483) | 1,202 | (5,540) | (42,306) | (5,619) | 6,761 | (31,425) | ||||||||
Increase in discontinued assets held for sale | (43,923) | 11,263 | (24,376) | 3,852 | 34,903 | (8,671) | (23,390) | (2,310) | ||||||||
Increase (decrease) in other liabilities | (2) | |||||||||||||||
Net cash (used in) provided by operating activities | (15,324) | 17,988 | 42,401 | (28,044) | 11,762 | (52,162) | (83,405) | (111,620) | ||||||||
Investing activities | ||||||||||||||||
Proceeds from sale of other real estate owned | (2,404) | (693) | (3,844) | (693) | (5,832) | 1,979 | (2,373) | (5,535) | ||||||||
Net increase in loans | (1,304) | 40,228 | (47,192) | 45,852 | (126,284) | 38,272 | 3,090 | 7,014 | ||||||||
Net decrease in discontinued loans held for sale | 19,098 | (20,979) | 93,526 | (15,809) | 120,300 | 15,404 | 82,199 | 109,743 | ||||||||
Net cash used in investing activities | 15,390 | (18,556) | 42,490 | (29,350) | (11,816) | 51,697 | 82,916 | 111,222 | ||||||||
Financing activities | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | 66 | 568 | 89 | 1,306 | (54) | (465) | (489) | (398) | ||||||||
Cash and cash equivalents, beginning of year | $ (2,047) | (1,904) | (1,927) | (1,993) | (1,970) | (198) | (936) | (1,504) | (1,993) | (1,504) | (1,993) | (1,504) | $ (1,993) | (1,504) | (1,106) | |
Cash and cash equivalents, end of year | $ (2,047) | $ (1,904) | (1,927) | $ (1,993) | $ (1,970) | $ (198) | $ (936) | $ (1,904) | $ (198) | $ (2,047) | $ (1,970) | (1,993) | (1,504) | $ (2,047) | ||
Net Income From Continuing Operations [Member] | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | 3,226 | 13,516 | (5,769) | |||||||||||||
Net Income From Continuing Operations [Member] | As Previously Reported [Member] | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | 298 | 25,110 | 16,624 | |||||||||||||
Net Income From Continuing Operations [Member] | Restatement Adjustments [Member] | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | 1,054 | (21,177) | (53,531) | |||||||||||||
Net Income From Continuing Operations [Member] | Discontinued Operations Adjustments [Member] | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | 1,874 | 9,583 | 31,138 | |||||||||||||
Provision For Loan And Lease Losses [Member] | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Provision for loan and lease losses | 1,275 | 355 | 6,642 | |||||||||||||
Provision For Loan And Lease Losses [Member] | As Previously Reported [Member] | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Provision for loan and lease losses | 17,300 | 29,500 | 22,438 | |||||||||||||
Provision For Loan And Lease Losses [Member] | Restatement Adjustments [Member] | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Provision for loan and lease losses | (3,800) | 31,037 | 80,831 | |||||||||||||
Provision For Loan And Lease Losses [Member] | Discontinued Operations Adjustments [Member] | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Provision for loan and lease losses | $ (12,225) | $ (60,182) | $ (96,627) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 45 Months Ended | |||||||
Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
Subsequent Event [Line Items] | ||||||||||||
Proceeds from Sale of Loans Held-for-sale | $ 149,600 | |||||||||||
Gain (Loss) on Sale of Mortgage Loans | $ 17,000 | $ 5,484 | $ 2,178 | $ 10,696 | $ 7,926 | $ 13,468 | $ 12,665 | $ 12,542 | $ 17,225 | $ 1,885 | $ 28,500 | |
Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Proceeds from Sale of Loans Held-for-sale | $ 150,000 | |||||||||||
Gain (Loss) on Sale of Mortgage Loans | $ 2,200 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014USD ($)security | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Investment Securities [Abstract] | |||
Investment in Federal Home Loan and Atlantic Central Bankers Bank stock recorded at cost | $ 1,000,000 | $ 3,200,000 | |
Investment securities pledged to secure securities sold under repurchase agreements | 25,700,000 | 29,100,000 | |
Gross gains on sales of securities | 657,000 | 2,100,000 | $ 661,000 |
Gross losses on sales of securities | 207,000 | 182,000 | 0 |
Other than temporary impairment charges on one trust preferred pool security | $ 0 | $ 20,000 | $ 202,000 |
Number of single issuer trust preferred securities | security | 2 | ||
Number of pooled issuer trust preferred securities | security | 1 |
Investment Securities (Schedule
Investment Securities (Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
Available-for-sale [Abstract] | |||||||||
Amortized cost | $ 1,251,262 | ||||||||
Gross unrealized gains | 9,164 | ||||||||
Gross unrealized losses | (7,309) | ||||||||
Fair value | $ 1,493,639 | 1,253,117 | $ 1,442,049 | $ 1,459,626 | $ 1,411,708 | $ 1,083,154 | $ 1,021,848 | $ 898,653 | $ 718,065 |
Held-to-maturity [Abstract] | |||||||||
Amortized cost | 93,765 | 97,205 | |||||||
Gross unrealized gains | 1,969 | 2,047 | |||||||
Gross unrealized losses | (3,820) | (4,222) | |||||||
Fair value | 91,914 | 95,030 | $ 94,889 | $ 94,927 | $ 95,077 | $ 94,806 | $ 91,777 | $ 40,999 | $ 41,008 |
U.S. Government Agency Securities [Member] | |||||||||
Available-for-sale [Abstract] | |||||||||
Amortized cost | 16,519 | 10,680 | |||||||
Gross unrealized gains | 42 | 46 | |||||||
Fair value | 16,561 | 10,726 | |||||||
Federally insured student loan securities [Member] | |||||||||
Available-for-sale [Abstract] | |||||||||
Amortized cost | 125,789 | 147,717 | |||||||
Gross unrealized gains | 613 | 575 | |||||||
Gross unrealized losses | (390) | (719) | |||||||
Fair value | 126,012 | 147,573 | |||||||
Tax-exempt Obligations Of States And Political Subdivisions [Member] | |||||||||
Available-for-sale [Abstract] | |||||||||
Amortized cost | 535,622 | 378,180 | |||||||
Gross unrealized gains | 16,027 | 2,721 | |||||||
Gross unrealized losses | (380) | (1,951) | |||||||
Fair value | 551,269 | 378,950 | |||||||
Taxable obligations of states and political subdivisions [Member] | |||||||||
Available-for-sale [Abstract] | |||||||||
Amortized cost | 58,868 | 78,638 | |||||||
Gross unrealized gains | 2,614 | 1,276 | |||||||
Gross unrealized losses | (103) | (746) | |||||||
Fair value | 61,379 | 79,168 | |||||||
Residential Mortgage-backed Securities [Member] | |||||||||
Available-for-sale [Abstract] | |||||||||
Amortized cost | 419,503 | 323,199 | |||||||
Gross unrealized gains | 3,504 | 1,838 | |||||||
Gross unrealized losses | (878) | (2,263) | |||||||
Fair value | 422,129 | 322,774 | |||||||
Commercial Mortgage-backed Securities [Member] | |||||||||
Available-for-sale [Abstract] | |||||||||
Amortized cost | 123,519 | 118,838 | |||||||
Gross unrealized gains | 1,220 | 1,919 | |||||||
Gross unrealized losses | (1,500) | (410) | |||||||
Fair value | 123,239 | 120,347 | |||||||
Foreign Debt Securities [Member] | |||||||||
Available-for-sale [Abstract] | |||||||||
Amortized cost | 67,094 | 72,729 | |||||||
Gross unrealized gains | 130 | 90 | |||||||
Gross unrealized losses | (346) | (618) | |||||||
Fair value | 66,878 | 72,202 | |||||||
Corporate And Other Debt Securities [Member] | |||||||||
Available-for-sale [Abstract] | |||||||||
Amortized cost | 126,610 | 121,281 | |||||||
Gross unrealized gains | 225 | 699 | |||||||
Gross unrealized losses | (663) | (602) | |||||||
Fair value | 126,172 | 121,377 | |||||||
Single Issuers [Member] | |||||||||
Held-to-maturity [Abstract] | |||||||||
Amortized cost | 17,882 | 21,027 | |||||||
Gross unrealized gains | 531 | 367 | |||||||
Gross unrealized losses | (3,820) | (4,222) | |||||||
Fair value | 14,593 | 17,172 | |||||||
Pooled [Member] | |||||||||
Held-to-maturity [Abstract] | |||||||||
Amortized cost | 75,883 | 76,178 | |||||||
Gross unrealized gains | 1,438 | 1,680 | |||||||
Fair value | $ 77,321 | $ 77,858 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Investment Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Available-for-sale, Amortized cost [Abstract] | |||||||||
Due before one year | $ 104,938 | ||||||||
Due after one year through five years | 307,415 | ||||||||
Due after five years through ten years | 363,759 | ||||||||
Due after ten years | 697,412 | ||||||||
Total | 1,473,524 | ||||||||
Available-for-sale, Fair value [Abstract] | |||||||||
Due before one year | 104,828 | ||||||||
Due after one year through five years | 308,236 | ||||||||
Due after five years through ten years | 370,465 | ||||||||
Due after ten years | 710,110 | ||||||||
Fair value | 1,493,639 | $ 1,442,049 | $ 1,459,626 | $ 1,411,708 | $ 1,253,117 | $ 1,083,154 | $ 1,021,848 | $ 898,653 | $ 718,065 |
Held-to-maturity, Amortized cost [Abstract] | |||||||||
Due after one year through five years | 7,048 | ||||||||
Due after ten years | 86,717 | ||||||||
Held-to-maturity Securities, Total | 93,765 | 96,951 | 97,130 | 97,149 | 97,205 | 97,459 | 95,662 | 45,064 | 45,179 |
Held-to-maturity, Fair value [Abstract] | |||||||||
Due after one year through five years | 7,448 | ||||||||
Due after ten years | 84,466 | ||||||||
Fair value | $ 91,914 | $ 94,889 | $ 94,927 | $ 95,077 | $ 95,030 | $ 94,806 | $ 91,777 | $ 40,999 | $ 41,008 |
Investment Securities (Availabl
Investment Securities (Available-for-sale And Held-to-maturity Securities, Continuous Unrealized Loss Position) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014USD ($)security | Dec. 31, 2013USD ($)security | |
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 303 | 459 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 223,234 | $ 592,970 |
12 months or longer, Fair Value | 247,898 | 67,734 |
Total, Fair Value | 471,132 | 660,704 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (2,189) | (6,443) |
12 months or longer, Unrealized losses | (2,071) | (866) |
Total, Unrealized losses | $ (4,260) | $ (7,309) |
Held-to-maturity, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 1 | 2 |
Held-to-maturity, continuous unrealized loss position, Fair Value [Abstract] | ||
12 months or longer, Fair Value | $ 5,144 | $ 7,887 |
Total, Fair Value | 5,144 | 7,887 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
12 months or longer, Unrealized losses | (3,820) | (4,222) |
Total, Unrealized losses | $ (3,820) | $ (4,222) |
U.S. Government Agency Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 4 | |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 3,300 | |
Total, Fair Value | $ 3,300 | |
Federally insured student loan securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 9 | 9 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 28,435 | $ 50,498 |
12 months or longer, Fair Value | 34,274 | 6,202 |
Total, Fair Value | 62,709 | 56,700 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (169) | (676) |
12 months or longer, Unrealized losses | (221) | (44) |
Total, Unrealized losses | $ (390) | $ (720) |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 97 | 229 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 21,458 | $ 169,995 |
12 months or longer, Fair Value | 46,412 | |
Total, Fair Value | 67,870 | 169,995 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (134) | (1,951) |
12 months or longer, Unrealized losses | (245) | |
Total, Unrealized losses | $ (379) | $ (1,951) |
Taxable obligations of states and political subdivisions [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 24 | 52 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 499 | $ 46,888 |
12 months or longer, Fair Value | 21,088 | 1,808 |
Total, Fair Value | 21,587 | 48,696 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (1) | (737) |
12 months or longer, Unrealized losses | (102) | (9) |
Total, Unrealized losses | $ (103) | $ (746) |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 29 | 38 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 43,946 | $ 147,717 |
12 months or longer, Fair Value | 67,023 | 55,064 |
Total, Fair Value | 110,969 | 202,781 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (231) | (1,656) |
12 months or longer, Unrealized losses | (647) | (606) |
Total, Unrealized losses | $ (878) | $ (2,262) |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 30 | 26 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 41,231 | $ 76,668 |
12 months or longer, Fair Value | 47,549 | 405 |
Total, Fair Value | 88,780 | 77,073 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (883) | (399) |
12 months or longer, Unrealized losses | (617) | (11) |
Total, Unrealized losses | $ (1,500) | $ (410) |
Foreign Debt Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 53 | 47 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 24,681 | $ 50,589 |
12 months or longer, Fair Value | 14,943 | |
Total, Fair Value | 39,624 | 50,589 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (203) | (618) |
12 months or longer, Unrealized losses | (144) | |
Total, Unrealized losses | $ (347) | $ (618) |
Corporate And Other Debt Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 61 | 54 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 62,984 | $ 47,315 |
12 months or longer, Fair Value | 16,609 | 4,255 |
Total, Fair Value | 79,593 | 51,570 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (568) | (406) |
12 months or longer, Unrealized losses | (95) | (196) |
Total, Unrealized losses | $ (663) | $ (602) |
Single Issuers [Member] | ||
Held-to-maturity, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 1 | 2 |
Held-to-maturity, continuous unrealized loss position, Fair Value [Abstract] | ||
12 months or longer, Fair Value | $ 5,144 | $ 7,887 |
Total, Fair Value | 5,144 | 7,887 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
12 months or longer, Unrealized losses | (3,820) | (4,222) |
Total, Unrealized losses | $ (3,820) | $ (4,222) |
Investment Securities (Schedu65
Investment Securities (Schedule Of Additional Information Related To Single Issuer And Pooled Trust Preferred Securities) (Details) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2014USD ($)security | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2013USD ($) | Jun. 30, 2013USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | |||||||||
Book value | $ 93,765 | $ 96,951 | $ 97,130 | $ 97,149 | $ 97,205 | $ 97,459 | $ 95,662 | $ 45,064 | $ 45,179 |
Fair value | 91,914 | $ 94,889 | $ 94,927 | $ 95,077 | 95,030 | $ 94,806 | $ 91,777 | $ 40,999 | $ 41,008 |
Single Issuers [Member] | |||||||||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | |||||||||
Fair value | 14,593 | 17,172 | |||||||
Single Issuers [Member] | Security A [Member] | |||||||||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | |||||||||
Book value | 1,897 | ||||||||
Fair value | 2,000 | ||||||||
Unrealized gain/(loss) | $ 103 | ||||||||
Credit rating | Not rated | ||||||||
Single Issuers [Member] | Security B [Member] | |||||||||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | |||||||||
Book value | $ 8,964 | ||||||||
Fair value | 5,144 | ||||||||
Unrealized gain/(loss) | $ (3,820) | ||||||||
Credit rating | Not rated | ||||||||
Pooled [Member] | |||||||||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | |||||||||
Fair value | $ 77,321 | $ 77,858 | |||||||
Pooled [Member] | Pool A [Member] | |||||||||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | |||||||||
Class | Mezzanine | ||||||||
Book value | $ 174 | ||||||||
Fair value | 260 | ||||||||
Unrealized gain/(loss) | $ 86 | ||||||||
Credit rating | CAA3 | ||||||||
Number of performing issuers | security | 7 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans available for sale, unpaid principal amount | $ 212,800,000 | $ 67,500,000 |
Gains recognized from changes in fair value | 1,900,000 | 2,400,000 |
Changes in fair value related to instrument-specific credit risk | 0 | 0 |
Demand deposit overdrafts reclassified as loan balances | 1,800,000 | 2,000,000 |
Non-accrual leases | 0 | 0 |
Commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings | 0 | 0 |
Restructured Loans Within The Last Twelve Months That Have Subsequently Defaulted | 0 | |
Loans acquired with deteriorated credit quality | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 217,080,000 | $ 69,904,000 |
Loans (Major Classifications Of
Loans (Major Classifications Of Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Major classifications of loans [Abstract] | |||||||||
Total loans, gross | $ 866,253 | $ 631,115 | |||||||
Unamortized loan fees and costs | 8,340 | 4,886 | |||||||
Total loans, net of deferred loan costs | 874,593 | $ 856,428 | $ 801,755 | $ 735,507 | 636,001 | $ 620,265 | $ 564,537 | $ 565,436 | $ 535,141 |
SBA Non Real Estate [Member] | |||||||||
Major classifications of loans [Abstract] | |||||||||
Total loans, gross | 62,425 | 45,875 | |||||||
Total loans, net of deferred loan costs | 62,425 | 45,875 | |||||||
SBA Commercial Mortgage [Member] | |||||||||
Major classifications of loans [Abstract] | |||||||||
Total loans, gross | 82,317 | 69,730 | |||||||
Total loans, net of deferred loan costs | 82,317 | 69,730 | |||||||
SBA Construction [Member] | |||||||||
Major classifications of loans [Abstract] | |||||||||
Total loans, gross | 20,392 | 51 | |||||||
Total loans, net of deferred loan costs | 20,392 | 51 | |||||||
Total Commercial Loans [Member] | |||||||||
Major classifications of loans [Abstract] | |||||||||
Total loans, gross | 165,134 | 115,656 | |||||||
Direct Lease Financing [Member] | |||||||||
Major classifications of loans [Abstract] | |||||||||
Total loans, gross | 194,464 | 175,610 | |||||||
Total loans, net of deferred loan costs | 194,464 | 175,610 | |||||||
SBLOC [Member] | |||||||||
Major classifications of loans [Abstract] | |||||||||
Total loans, gross | 421,862 | 293,109 | |||||||
Total loans, net of deferred loan costs | 421,862 | 293,109 | |||||||
Other Specialty Lending [Member] | |||||||||
Major classifications of loans [Abstract] | |||||||||
Total loans, gross | 48,625 | 1,588 | |||||||
Total loans, net of deferred loan costs | 48,625 | 1,588 | |||||||
Consumer - other [Member] | |||||||||
Major classifications of loans [Abstract] | |||||||||
Total loans, gross | 36,168 | 45,152 | |||||||
Total loans, net of deferred loan costs | $ 8,663 | $ 10,574 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
With an allowance recorded [Abstract] | ||
Related allowance | $ 331,000 | |
SBA Non Real Estate [Member] | ||
With an allowance recorded [Abstract] | ||
Recorded investment | 197,000 | $ 385,000 |
Unpaid principal balance | 197,000 | 385,000 |
Related allowance | 40,000 | 95,000 |
Average recorded investment | 967,000 | 251,000 |
Total allowance recorded [Abstract] | ||
Recorded investment | 197,000 | 385,000 |
Unpaid principal balance | 197,000 | 385,000 |
Related allowance | 40,000 | 95,000 |
Average recorded investment | 967,000 | 251,000 |
Consumer - other [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 346,000 | |
Unpaid principal balance | 346,000 | |
Average recorded investment | 139,000 | |
With an allowance recorded [Abstract] | ||
Average recorded investment | 369,000 | |
Total allowance recorded [Abstract] | ||
Recorded investment | 346,000 | |
Unpaid principal balance | 346,000 | |
Average recorded investment | 508,000 | |
Consumer - Home Equity [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 827,000 | 927,000 |
Unpaid principal balance | 927,000 | 927,000 |
Average recorded investment | 1,043,000 | 927,000 |
With an allowance recorded [Abstract] | ||
Recorded investment | 1,080,000 | 429,000 |
Unpaid principal balance | 1,080,000 | 429,000 |
Related allowance | 271,000 | 135,000 |
Average recorded investment | 885,000 | 190,000 |
Total allowance recorded [Abstract] | ||
Recorded investment | 1,907,000 | 1,356,000 |
Unpaid principal balance | 2,007,000 | 1,356,000 |
Related allowance | 271,000 | 135,000 |
Average recorded investment | $ 1,928,000 | $ 1,117,000 |
Loans (Non-accrual Loans, Loans
Loans (Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014USD ($)loan | Dec. 31, 2013USD ($)loan | |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | $ 1,907 | $ 1,524 |
Loans past due 90 days or more | 149 | 110 |
Total non-performing loans | 866,253 | 631,115 |
Total non-performing assets | $ 2,056 | $ 1,634 |
Number of troubled debt restructured loans | loan | 2 | 1 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-performing loans | $ 2,056 | $ 1,634 |
SBA Non Real Estate [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 168 | |
Total non-performing loans | 62,425 | 45,875 |
Consumer [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | $ 1,907 | $ 1,356 |
Loans (Loans Modified And Consi
Loans (Loans Modified And Considered Troubled Debt Restructurings) (Details) | 12 Months Ended | |
Dec. 31, 2014USD ($)loan | Dec. 31, 2013USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 2 | 1 |
Pre-modification recorded investment | $ 543,000 | $ 217,000 |
Post-modification recorded investment | $ 543,000 | $ 217,000 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | 1 |
Pre-modification recorded investment | $ 197,000 | $ 217,000 |
Post-modification recorded investment | $ 197,000 | $ 217,000 |
Consumer - other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | |
Pre-modification recorded investment | $ 346,000 | |
Post-modification recorded investment | $ 346,000 |
Loans (Loans Modified As Troubl
Loans (Loans Modified As Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | $ 543 | $ 217 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | 197 | $ 217 |
Consumer - other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | $ 346 |
Loans (Changes In Allowance For
Loans (Changes In Allowance For Loan And Lease Losses By Loan Category) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||||||
Beginning balance | $ 3,881 | $ 3,985 | |||||||
Charge-offs | (1,504) | (520) | |||||||
Recoveries | 59 | 61 | |||||||
Provision | 1,202 | 355 | |||||||
Ending balance | 3,638 | 3,881 | |||||||
Ending balance: Individually evaluated for impairment | 311 | 230 | |||||||
Ending balance: Collectively evaluated for impairment | 3,327 | 3,651 | |||||||
Loans [Abstract] | |||||||||
Loans: Ending Balance | 874,593 | 636,001 | $ 856,428 | $ 801,755 | $ 735,507 | $ 620,265 | $ 564,537 | $ 565,436 | $ 535,141 |
Ending balance: Individually evaluated for impairment | 2,450 | 1,741 | |||||||
Ending balance: Collectively evaluated for impairment | 872,143 | 634,260 | |||||||
SBA Non Real Estate [Member] | |||||||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||||||
Beginning balance | 419 | 193 | |||||||
Charge-offs | (307) | (44) | |||||||
Recoveries | 12 | ||||||||
Provision | 261 | 270 | |||||||
Ending balance | 385 | 419 | |||||||
Ending balance: Individually evaluated for impairment | 40 | 95 | |||||||
Ending balance: Collectively evaluated for impairment | 345 | 324 | |||||||
Loans [Abstract] | |||||||||
Loans: Ending Balance | 62,425 | 45,875 | |||||||
Ending balance: Individually evaluated for impairment | 197 | 385 | |||||||
Ending balance: Collectively evaluated for impairment | 62,228 | 45,490 | |||||||
SBA Commercial Mortgage [Member] | |||||||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||||||
Beginning balance | 496 | 104 | |||||||
Provision | (35) | 392 | |||||||
Ending balance | 461 | 496 | |||||||
Ending balance: Collectively evaluated for impairment | 461 | 496 | |||||||
Loans [Abstract] | |||||||||
Loans: Ending Balance | 82,317 | 69,730 | |||||||
Ending balance: Collectively evaluated for impairment | 82,317 | 69,730 | |||||||
SBA Construction [Member] | |||||||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||||||
Beginning balance | 42 | ||||||||
Provision | 114 | (42) | |||||||
Ending balance | 114 | ||||||||
Ending balance: Collectively evaluated for impairment | 114 | ||||||||
Loans [Abstract] | |||||||||
Loans: Ending Balance | 20,392 | 51 | |||||||
Ending balance: Collectively evaluated for impairment | 20,392 | 51 | |||||||
Direct Lease Financing [Member] | |||||||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||||||
Beginning balance | 311 | 239 | |||||||
Charge-offs | (323) | (29) | |||||||
Recoveries | 25 | 8 | |||||||
Provision | 823 | 93 | |||||||
Ending balance | 836 | 311 | |||||||
Ending balance: Collectively evaluated for impairment | 836 | 311 | |||||||
Loans [Abstract] | |||||||||
Loans: Ending Balance | 194,464 | 175,610 | |||||||
Ending balance: Collectively evaluated for impairment | 194,464 | 175,610 | |||||||
SBLOC [Member] | |||||||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||||||
Beginning balance | 293 | 236 | |||||||
Charge-offs | (3) | ||||||||
Provision | 272 | 57 | |||||||
Ending balance | 562 | 293 | |||||||
Ending balance: Collectively evaluated for impairment | 562 | 293 | |||||||
Loans [Abstract] | |||||||||
Loans: Ending Balance | 421,862 | 293,109 | |||||||
Ending balance: Collectively evaluated for impairment | 421,862 | 293,109 | |||||||
Other Specialty Lending [Member] | |||||||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||||||
Beginning balance | 1 | ||||||||
Provision | 65 | 1 | |||||||
Ending balance | 66 | 1 | |||||||
Ending balance: Collectively evaluated for impairment | 66 | 1 | |||||||
Loans [Abstract] | |||||||||
Loans: Ending Balance | 48,625 | 1,588 | |||||||
Ending balance: Collectively evaluated for impairment | 48,625 | 1,588 | |||||||
Consumer [Member] | |||||||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||||||
Beginning balance | 2,361 | 3,171 | |||||||
Charge-offs | (871) | (447) | |||||||
Recoveries | 22 | 53 | |||||||
Provision | (331) | (416) | |||||||
Ending balance | 1,181 | 2,361 | |||||||
Ending balance: Individually evaluated for impairment | 271 | 135 | |||||||
Ending balance: Collectively evaluated for impairment | 910 | 2,226 | |||||||
Loans [Abstract] | |||||||||
Loans: Ending Balance | 36,168 | 45,152 | |||||||
Ending balance: Individually evaluated for impairment | 2,253 | 1,356 | |||||||
Ending balance: Collectively evaluated for impairment | 33,915 | 43,796 | |||||||
Unallocated [Member] | |||||||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||||||
Provision | 33 | ||||||||
Ending balance | 33 | ||||||||
Ending balance: Collectively evaluated for impairment | 33 | ||||||||
Loans [Abstract] | |||||||||
Loans: Ending Balance | 8,340 | 4,886 | |||||||
Ending balance: Collectively evaluated for impairment | $ 8,340 | $ 4,886 |
Loans (Delinquent Loans By Loan
Loans (Delinquent Loans By Loan Category) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
30-59 Days past due | $ 5,092 | $ 3,870 | |||||||
60-89 Days past due | 2,289 | 1,293 | |||||||
Greater than 90 days | 149 | 110 | |||||||
Non-accrual | 1,907 | 1,524 | |||||||
Total past due | 9,437 | 6,797 | |||||||
Current | 865,156 | 629,204 | |||||||
Total loans, net of deferred loan costs | 874,593 | $ 856,428 | $ 801,755 | $ 735,507 | 636,001 | $ 620,265 | $ 564,537 | $ 565,436 | $ 535,141 |
SBA Non Real Estate [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Non-accrual | 168 | ||||||||
Total past due | 168 | ||||||||
Current | 62,425 | 45,707 | |||||||
Total loans, net of deferred loan costs | 62,425 | 45,875 | |||||||
SBA Commercial Mortgage [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Current | 82,317 | 69,730 | |||||||
Total loans, net of deferred loan costs | 82,317 | 69,730 | |||||||
SBA Construction [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Current | 20,392 | 51 | |||||||
Total loans, net of deferred loan costs | 20,392 | 51 | |||||||
Direct Lease Financing [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
30-59 Days past due | 5,083 | 3,427 | |||||||
60-89 Days past due | 1,832 | 1,293 | |||||||
Greater than 90 days | 149 | 110 | |||||||
Total past due | 7,064 | 4,830 | |||||||
Current | 187,400 | 170,780 | |||||||
Total loans, net of deferred loan costs | 194,464 | 175,610 | |||||||
SBLOC [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Current | 421,862 | 293,109 | |||||||
Total loans, net of deferred loan costs | 421,862 | 293,109 | |||||||
Other Specialty Lending [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Current | 48,625 | 1,588 | |||||||
Total loans, net of deferred loan costs | 48,625 | 1,588 | |||||||
Consumer - other [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
30-59 Days past due | 9 | 425 | |||||||
Non-accrual | 1,356 | ||||||||
Total past due | 9 | 1,781 | |||||||
Current | 8,654 | 8,793 | |||||||
Total loans, net of deferred loan costs | 8,663 | 10,574 | |||||||
Consumer - Home Equity [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
30-59 Days past due | 18 | ||||||||
60-89 Days past due | 457 | ||||||||
Non-accrual | 1,907 | ||||||||
Total past due | 2,364 | 18 | |||||||
Current | 25,141 | 34,560 | |||||||
Total loans, net of deferred loan costs | 27,505 | 34,578 | |||||||
Unamortized Loan Fees And Costs [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Current | 8,340 | 4,886 | |||||||
Total loans, net of deferred loan costs | $ 8,340 | $ 4,886 |
Loans (Loans By Categories) (De
Loans (Loans By Categories) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Loans by categories [Abstract] | |||||||||
Total loans | $ 874,593 | $ 856,428 | $ 801,755 | $ 735,507 | $ 636,001 | $ 620,265 | $ 564,537 | $ 565,436 | $ 535,141 |
Percentage of loan portfolio review coverage (in hundredths) | 45.00% | 44.00% | |||||||
SBA Non Real Estate [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | $ 62,425 | $ 45,875 | |||||||
SBA Commercial Mortgage [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 82,317 | 69,730 | |||||||
SBA Construction [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 20,392 | 51 | |||||||
Direct Lease Financing [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 194,464 | 175,610 | |||||||
SBLOC [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 421,862 | 293,109 | |||||||
Other Specialty Lending [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 48,625 | 1,588 | |||||||
Consumer [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 36,168 | 45,152 | |||||||
Unamortized Loan Fees And Costs [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 8,340 | 4,886 | |||||||
Pass [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 389,677 | 276,919 | |||||||
Pass [Member] | SBA Non Real Estate [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 49,214 | 51,645 | |||||||
Pass [Member] | SBA Commercial Mortgage [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 59,086 | 57,162 | |||||||
Pass [Member] | SBA Construction [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 18,911 | ||||||||
Pass [Member] | Direct Lease Financing [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 58,994 | 58,545 | |||||||
Pass [Member] | SBLOC [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 142,286 | 94,487 | |||||||
Pass [Member] | Other Specialty Lending [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 46,990 | 67 | |||||||
Pass [Member] | Consumer [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 14,196 | 15,013 | |||||||
Special Mention [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 346 | 1,348 | |||||||
Special Mention [Member] | Consumer [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 346 | 1,348 | |||||||
Substandard [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 2,203 | 1,741 | |||||||
Substandard [Member] | SBA Non Real Estate [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 197 | 385 | |||||||
Substandard [Member] | Direct Lease Financing [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 99 | ||||||||
Substandard [Member] | Consumer [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 1,907 | 1,356 | |||||||
Unrated subject to review [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 59,067 | 10,081 | |||||||
Unrated subject to review [Member] | SBA Non Real Estate [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 669 | 643 | |||||||
Unrated subject to review [Member] | SBA Commercial Mortgage [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 965 | 6,619 | |||||||
Unrated subject to review [Member] | SBA Construction [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 51 | ||||||||
Unrated subject to review [Member] | Direct Lease Financing [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 2,244 | ||||||||
Unrated subject to review [Member] | SBLOC [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 57,360 | 500 | |||||||
Unrated subject to review [Member] | Consumer [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 73 | 24 | |||||||
Unrated Not Subject To Review [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 423,300 | 345,912 | |||||||
Unrated Not Subject To Review [Member] | SBA Non Real Estate [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 12,345 | (6,798) | |||||||
Unrated Not Subject To Review [Member] | SBA Commercial Mortgage [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 22,266 | 5,949 | |||||||
Unrated Not Subject To Review [Member] | SBA Construction [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 1,481 | ||||||||
Unrated Not Subject To Review [Member] | Direct Lease Financing [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 135,371 | 114,821 | |||||||
Unrated Not Subject To Review [Member] | SBLOC [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 222,216 | 198,122 | |||||||
Unrated Not Subject To Review [Member] | Other Specialty Lending [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 1,635 | 1,521 | |||||||
Unrated Not Subject To Review [Member] | Consumer [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | 19,646 | 27,411 | |||||||
Unrated Not Subject To Review [Member] | Unamortized Loan Fees And Costs [Member] | |||||||||
Loans by categories [Abstract] | |||||||||
Total loans | $ 8,340 | $ 4,886 |
Premises And Equipment (Narrati
Premises And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Premises And Equipment [Abstract] | |||
Depreciation | $ 4.5 | $ 3.7 | $ 2.8 |
Premises And Equipment (Premise
Premises And Equipment (Premises And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||||||||
Premises and equipment, Gross | $ 48,863 | $ 42,377 | |||||||
Accumulated depreciation | (31,166) | (26,718) | |||||||
Premises and equipment, net | 17,697 | $ 17,536 | $ 16,236 | $ 15,692 | 15,659 | $ 14,252 | $ 13,709 | $ 10,965 | $ 10,368 |
Furniture, Fixtures, and Equipment [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Premises and equipment, Gross | $ 41,765 | 35,754 | |||||||
Furniture, Fixtures, and Equipment [Member] | Maximum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Estimated useful lives | 12 years | ||||||||
Furniture, Fixtures, and Equipment [Member] | Minimum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Estimated useful lives | 3 years | ||||||||
Leasehold Improvements [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Premises and equipment, Gross | $ 7,098 | $ 6,623 | |||||||
Leasehold Improvements [Member] | Maximum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Estimated useful lives | 10 years | ||||||||
Leasehold Improvements [Member] | Minimum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Estimated useful lives | 6 years |
Variable Interest Entity (Sched
Variable Interest Entity (Schedule Of The Total Unpaid Principal Amount Of Assets Held In Private Label Securitization Entities, Including Those In Which The Company Has Continuing Involvement) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Variable Interest Entity [Line Items] | |
Equity interest in WS 2014 | 49.00% |
Investments in WS 2014 | $ 193,600 |
A-Notes [Member] | |
Variable Interest Entity [Line Items] | |
Acquisition of notes, percentage | 100.00% |
B-Notes [Member] | |
Variable Interest Entity [Line Items] | |
Acquisition of notes, percentage | 49.00% |
Commercial And Other [Member] | |
Variable Interest Entity [Line Items] | |
Total assets held by securitization VIEs | $ 209,632 |
Assets held in consolidated securitization VIEs | |
Assets held in nonconsolidated VIEs with continuing involvement | $ 209,632 |
The Company's interest in securitized assets in nonconsolidated VIEs | $ 193,595 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2014USD ($)item | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2013USD ($) | Jun. 30, 2013USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Debt [Line Items] | |||||||||
Unsecured lines of credit | $ 49,000 | ||||||||
Overnight borrowing capacity with the federal home loan bank | $ 355,800 | ||||||||
Maturity period | 30 days | ||||||||
Number of statutory business trusts established | item | 2 | ||||||||
Debentures issued | $ 13,401 | $ 13,401 | $ 13,401 | $ 13,401 | $ 13,401 | $ 13,401 | $ 13,401 | $ 13,401 | $ 13,401 |
The Bancorp Capital Trust II [Member] | |||||||||
Debt [Line Items] | |||||||||
Debentures issued | $ 10,300 | ||||||||
Debenture issuance date | Nov. 28, 2007 | ||||||||
Debenture maturity date | Mar. 15, 2038 | ||||||||
Basis spread on variable rate (in hundredths) | 3.25% | ||||||||
The Bancorp Capital Trust III [Member] | |||||||||
Debt [Line Items] | |||||||||
Debentures issued | $ 3,100 | ||||||||
Debenture issuance date | Nov. 28, 2007 | ||||||||
Debenture maturity date | Mar. 15, 2038 | ||||||||
Basis spread on variable rate (in hundredths) | 3.25% |
Debt (Schedule Of Short-term De
Debt (Schedule Of Short-term Debt) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt [Abstract] | |||
Weighted average rate during the year (in hundredths) | 0.00% | 0.00% | 0.00% |
Rate at December 31 (in hundredths) | 0.27% | 0.25% | 0.25% |
Debt (Schedule Of Securities So
Debt (Schedule Of Securities Sold Under Agreements To Repurchase) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Debt [Abstract] | |||||||||
Balance at year-end | $ 19,414 | $ 21,221 | $ 18,548 | $ 21,496 | $ 17,481 | $ 16,491 | $ 22,057 | $ 19,059 | $ 16,672 |
Average during the year | 17,497 | 18,442 | 22,508 | ||||||
Maximum month-end balance | $ 21,496 | $ 22,523 | $ 30,964 | ||||||
Weighted average rate during the year (in hundredths) | 0.29% | 0.29% | 0.42% | ||||||
Rate at December 31 (in hundredths) | 0.29% | 0.28% | 0.37% |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Proceeds from issuance of common stock | $ (1,629) | $ 1,629 | $ 1,629 | $ 1,629 | $ 41,713 | |||||
Treasury Stock, Shares, Acquired | 0 | 0 | 0 | 100,000 | ||||||
Maximum number of shares authorized (in shares) | 750,000 | |||||||||
Average cost of repurchased stock (in dollars per share) | $ 8.66 | |||||||||
Common Stock [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Number of common stock issued (in shares) | 4,000,000 | 7,015,000 | ||||||||
Common stock, par value (in dollars per share) | $ 1 | |||||||||
Public offering Price (in dollars per share) | $ 11 | $ 8.25 | ||||||||
Proceeds from issuance of common stock | $ 41,700 | $ 54,500 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Benefit Plans [Abstract] | |||
Employer contribution (in hundredths) | 50.00% | ||
Maximum annual contribution per employee (in hundredths) | 6.00% | ||
Contributions made by employer | $ 921,000 | $ 813,000 | $ 679,000 |
Retirement benefits paid per month | $ 25,000 | ||
Discount rate | 3.37% | ||
Maximum potential life expectancy | 120 years | ||
Retirement plan expense | $ 1,300,000 | $ 112,000 | $ 125,000 |
Accrued potential future payouts | $ 4,300,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | |||
Statutory federal income tax rate | 34.00% | 34.00% | 34.00% |
Deferred tax assets: relating to OREO, AMT Credits, Federal and State Net Operating Losses, Allowance for Loan, LOCOM Mark | $ 48,330,000 | $ 79,889,000 | |
Deferred tax assets: AMT tax credit | 1,092,000 | ||
Deferred tax asset, valuation allowance | $ 19,700,000 | ||
Deferred tax assets: Foreign net operating loss | 637,000 | ||
Assets Held-for-sale [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Reduction of valuation allowance | 14,500,000 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 17,000,000 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 73,000,000 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | $ 6,400,000 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of The Income Taxes (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | |||||||||||
Current tax provision (benefit): Federal | $ (3,663) | $ 4,723 | $ (3,533) | ||||||||
Current tax provision (benefit): State | 2,730 | 2,244 | 1,229 | ||||||||
Current tax provision (benefit) | (933) | 6,967 | (2,304) | ||||||||
Deferred tax provision (benefit): Federal | (13,705) | (208) | (1,125) | ||||||||
Deferred tax provision (benefit): State | 115 | 8 | (63) | ||||||||
Deferred tax provision (benefit) | (13,590) | (200) | (1,188) | ||||||||
Income Tax Expense (Benefit), Total | $ (13,929) | $ (3,560) | $ 1,343 | $ 1,623 | $ 2,156 | $ 978 | $ 1,961 | $ 1,672 | $ (14,523) | $ 6,767 | $ (3,492) |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expenses And Statutory Federal Income Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | |||||||||||
Computed tax expense at statutory rate | $ 2,479 | $ 6,897 | $ (3,150) | ||||||||
State taxes | 1,877 | 1,486 | 769 | ||||||||
Tax-exempt interest income | (4,304) | (1,898) | (1,213) | ||||||||
Foreign income tax rate difference | (591) | ||||||||||
Valuation allowance - domestic | (14,485) | ||||||||||
Valuation allowance - foreign | 354 | ||||||||||
Other | 147 | 282 | 102 | ||||||||
Income Tax Expense (Benefit), Total | $ (13,929) | $ (3,560) | $ 1,343 | $ 1,623 | $ 2,156 | $ 978 | $ 1,961 | $ 1,672 | $ (14,523) | $ 6,767 | $ (3,492) |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes [Abstract] | ||
Deferred tax assets: Allowance for loan and lease losses | $ 1,236,000 | $ 12,983,000 |
Deferred tax assets: Non-accrual interest | 1,223,000 | 1,402,000 |
Deferred tax assets: Deferred compensation | 1,451,000 | 1,014,000 |
Deferred tax assets: State taxes | 2,107,000 | 2,840,000 |
Deferred tax assets: Nonqualified stock options | 2,962,000 | 2,576,000 |
Deferred tax assets: Stock appreciation rights | 100,000 | 100,000 |
Deferred tax assets: Tax deductible goodwill | 9,082,000 | 10,100,000 |
Deferred tax assets: Depreciation | 206,000 | 205,000 |
Deferred tax assets: Other than temporary impairment | 147,000 | 147,000 |
Deferred tax assets: Partnership interest, Walnut St basis difference | 1,654,000 | |
Deferred tax assets: Loan charges | 16,745,000 | 48,245,000 |
Deferred tax assets: AMT tax credit | 1,092,000 | |
Deferred tax assets: Federal net operating loss | 5,940,000 | |
Deferred tax assets: Foreign net operating loss | 637,000 | |
Deferred tax assets: Other | 3,748,000 | 277,000 |
Total gross deferred tax assets | 48,330,000 | 79,889,000 |
Federal and state valuation allowance | (5,252,000) | (19,754,000) |
Foreign valuation allowance | (637,000) | |
Deferred tax liabilities: Unrealized gains on investment securities available for sale | 6,642,000 | 300,000 |
Deferred tax liabilities: Discount on Class A notes | 2,126,000 | |
Total deferred tax liabilities | 8,768,000 | 300,000 |
Net deferred tax asset (liability) | $ 33,673,000 | $ 59,835,000 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | |||
Beginning balance at January 1 | $ 352 | $ 230 | $ 119 |
Increases(decreases) in tax provisions for prior years | (39) | 122 | 111 |
Gross unrecognized tax benefits at December 31 | $ 313 | $ 352 | $ 230 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock option vested in one year (in shares) | 35,000 | 40,000 | |
Vesting period | 4 years | ||
Common stock option vested in four year (in shares) | 180,000 | 460,000 | |
Stock option exercised (in shares) | 63,874 | 605,494 | 50,374 |
Total intrinsic value of options exercised | $ 1,500,000 | $ 3,000,000 | $ 116,000 |
Granted (in shares) | 45,000 | 215,000 | 500,000 |
Granted (in dollars per share) | $ 4.16 | $ 4.85 | $ 5.06 |
Fair value of options vested during the year | $ 2,500,000 | ||
Unrecognized compensation cost related to unvested awards under share-based plans | $ 2,600,000 | ||
Cost expected to be recognized over a weighted average period | 1 year 3 months 18 days | ||
Stock-based compensation expense | $ 2,641,000 | $ 3,157,000 | $ 2,595,000 |
Stock-based compensation expense, tax benefits recognized | $ 915,000 | $ 1,100,000 | $ 910,000 |
The 2013 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option expiration period | 10 years | ||
Percentage of voting power (in hundredths) | 10.00% | ||
Term of option if an employee or consultant possesses more than 10 percent of voting power | 5 years | ||
Number of common stock reserved for issuance (in shares) | 2,200,000 | ||
The 2011 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option expiration period | 10 years | ||
Percentage of voting power (in hundredths) | 10.00% | ||
Term of option if an employee or consultant possesses more than 10 percent of voting power | 5 years | ||
Number of common stock reserved for issuance (in shares) | 1,400,000 | ||
The 2005 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option expiration period | 10 years | ||
Number of common stock reserved for issuance (in shares) | 1,000,000 | ||
The 1999 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option expiration period | 10 years | ||
Number of common stock reserved for issuance (in shares) | 1,000,000 | ||
Vesting period | 4 years | ||
The 1999 Plan [Member] | Non-employee Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common stock reserved for issuance (in shares) | 75,000 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Granted (in shares) | 0 | 197,481 | 0 |
Granted (in dollars per share) | $ 10.46 | ||
Non Vested Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 45,000 | ||
Granted (in dollars per share) | $ 4.16 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Status Of Company's Equity Compensations Plans) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Shares [Roll Forward] | |||
Exercised (in shares) | (63,874) | (605,494) | (50,374) |
Weighted-average remaining contractual term [Abstract] | |||
Outstanding, beginning of period | 5 years 4 months 21 days | 6 years 3 months 26 days | |
Granted | 9 years 11 months 1 day | ||
Outstanding, end of period | 5 years 4 months 21 days | 6 years 3 months 26 days | |
Exercisable, end of period | 4 years 10 months 21 days | ||
Aggregate intrinsic value [Abstract] | |||
Exercised | $ 1,500,000 | $ 3,000,000 | $ 116,000 |
Equity Compensations Plans [Member] | |||
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 2,620,874 | ||
Granted (in shares) | 45,000 | ||
Exercised (in shares) | (63,874) | ||
Outstanding, end of period (in shares) | 2,602,000 | 2,620,874 | |
Exercisable, end of period (in shares) | 2,099,250 | ||
Weighted average exercise price [Roll Forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 9.70 | ||
Granted (in dollars per share) | 9.82 | ||
Exercised (in dollars per share) | 9.27 | ||
Outstanding, end of period (in dollars per share) | 9.72 | $ 9.70 | |
Exercisable, end of period (in dollars per share) | $ 9.91 | ||
Aggregate intrinsic value [Abstract] | |||
Outstanding, end of period | $ 5,010,208 | ||
Exercisable, end of period | $ 4,006,688 |
Stock-Based Compensation (Sum90
Stock-Based Compensation (Summary Of The Company’s Restricted Stock Units) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Shares [Roll Forward] | |||
Granted (in shares) | 45,000 | 215,000 | 500,000 |
Weighted-average price [Roll forward] | |||
Granted (in dollars per share) | $ 4.16 | $ 4.85 | $ 5.06 |
Average remaining contractual term [Abstract] | |||
Outstanding | 2 years 26 days | 3 years 26 days | |
Restricted Stock Units (RSUs) [Member] | |||
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 197,841 | ||
Granted (in shares) | 0 | 197,481 | 0 |
Vested (in shares) | (49,460) | ||
Outstanding, end of period (in shares) | 148,381 | 197,841 | |
Weighted-average price [Roll forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 10.46 | ||
Granted (in dollars per share) | $ 10.46 | ||
Vested (in dollars per share) | 10.46 | ||
Outstanding, end of period (in dollars per share) | $ 10.46 | $ 10.46 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Nonvested Options Status) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Shares [Roll Forward] | |||
Granted (in shares) | 45,000 | 215,000 | 500,000 |
Weighted-average price [Roll forward] | |||
Granted (in dollars per share) | $ 4.16 | $ 4.85 | $ 5.06 |
Non Vested Options [Member] | |||
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 997,125 | ||
Granted (in shares) | 45,000 | ||
Vested (in shares) | (539,375) | ||
Outstanding, end of period (in shares) | 502,750 | 997,125 | |
Weighted-average price [Roll forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 4.71 | ||
Granted (in dollars per share) | 4.16 | ||
Vested (in dollars per share) | 4.66 | ||
Outstanding, end of period (in dollars per share) | $ 4.72 | $ 4.71 |
Stock-Based Compensation (Fair
Stock-Based Compensation (Fair Value Of Grant On Date Of Grant Using The Black-Scholes Options Pricing Model) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Risk-free interest rate (in hundredths) | 2.36% | 1.86% | 1.97% |
Expected volatility (in hundredths) | 41.74% | 72.90% | |
Expected lives (years) | 5 years 8 months 16 days | 4 years 9 months 29 days | |
Minimum [Member] | |||
Expected volatility (in hundredths) | 49.71% | ||
Expected lives (years) | 4 years 11 days | ||
Maximum [Member] | |||
Expected volatility (in hundredths) | 55.65% | ||
Expected lives (years) | 4 years 2 months 19 days |
Transactions With Affiliates (D
Transactions With Affiliates (Details) - USD ($) | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Related Party Transaction [Line Items] | |||||||||
Deposits | $ 4,621,784,000 | $ 4,272,989,000 | $ 3,313,221,000 | $ 3,881,625,000 | $ 3,881,810,000 | $ 4,247,208,000 | $ 3,569,217,000 | $ 3,450,657,000 | $ 3,712,985,000 |
Securities under agreements to resell, outstanding amount | 46,250,000 | 7,544,000 | $ 55,450,000 | $ 15,906,000 | $ 24,926,000 | $ 40,811,000 | $ 40,240,000 | $ 22,831,000 | |
Resource America, Inc. [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Rent expense | $ 112,000 | 102,000 | 102,000 | ||||||
Percentage of expenses paid as rent (in hundredths) | 50.00% | ||||||||
Atlas Energy, L.P. [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Rent expense | $ 104,000 | 104,000 | $ 104,000 | ||||||
Percentage of expenses paid as rent (in hundredths) | 50.00% | ||||||||
Affiliated Entity [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Deposits | $ 15,100,000 | 36,700,000 | |||||||
Directors, Executive Officers, Principal Stockholders and Affiliates [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due from related parties | 28,100,000 | 26,400,000 | |||||||
Loans to related parties | 2,800,000 | 2,100,000 | |||||||
J.V.B. Financial Group, LLC (Formerly PrinceRidge Group LLC) [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Payments to acquire available-for-sale securities, debt | 3,400,000 | ||||||||
Securities under agreements to resell, outstanding amount | 46,300,000 | $ 6,400,000 | |||||||
Former Chief Executive Officer [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Monthly service fee | $ 30,000 |
Commitments And Contingencies94
Commitments And Contingencies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments And Contingencies [Abstract] | |||
Rent expense | $ 4,000,000 | $ 3,100,000 | $ 2,600,000 |
Rental charged to subtenants | $ 78,000 | $ 110,000 | $ 122,000 |
Commitments And Contingencies95
Commitments And Contingencies (Schedule Of Future Minimum Annual Rental Payments) (Details) $ in Thousands | Dec. 31, 2014USD ($) |
Commitments And Contingencies [Abstract] | |
2,015 | $ 3,997 |
2,016 | 3,786 |
2,017 | 3,757 |
2,018 | 3,749 |
2,019 | 3,815 |
Thereafter | 18,420 |
Approximate future minimum annual rental payments | $ 37,524 |
Financial Instruments With Of96
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk (Narrative) (Details) | Dec. 31, 2014USD ($) |
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk [Abstract] | |
Standby letters of credit expire in 2014 | $ 607,000 |
Standby letters of credit expire in 2015 | 19,800,000 |
Standby letters of credit expire in 2016 | $ 1,700,000 |
Financial Instruments With Of97
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk (Schedule Of Contract Amounts And Maturity Term Of Credit Commitment) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 731,137 | $ 612,545 |
Commitments To Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 709,080 | 590,121 |
Standby Letters Of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 22,057 | $ 22,424 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 1,110,000,000 | $ 1,240,000,000 |
Impaired loans | 2,500,000 | |
Specific reserves and other write downs on impaired loans | 331,000 | |
Troubled debt restructured loans balance | 543,000 | $ 217,000 |
Troubled debt restructured loans, specific reserve | $ 40,000 | |
Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Selling Costs | 7.00% | |
Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Selling Costs | 10.00% |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amount And Estimated Fair Value Of Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Carrying amount and estimated fair value of assets and liabilities [Abstract] | |||||||||
Investment securities available-for-sale | $ 1,493,639 | $ 1,442,049 | $ 1,459,626 | $ 1,411,708 | $ 1,253,117 | $ 1,083,154 | $ 1,021,848 | $ 898,653 | $ 718,065 |
Investment securities held-to-maturity | 91,914 | 94,889 | 94,927 | 95,077 | 95,030 | 94,806 | 91,777 | 40,999 | 41,008 |
Securities Purchased under Agreements to Resell | 46,250 | 55,450 | 15,906 | 24,926 | 7,544 | 40,811 | 40,240 | 22,831 | |
Assets held for sale | 887,929 | $ 1,066,029 | $ 1,108,972 | $ 1,160,794 | 1,179,277 | $ 1,236,868 | $ 1,255,559 | $ 1,253,317 | $ 1,238,086 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||||||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | |||||||||
Investment securities available-for-sale | 66,287 | 64,971 | |||||||
Investment securities held-to-maturity | 7,448 | 7,286 | |||||||
Securities Purchased under Agreements to Resell | 46,250 | 7,544 | |||||||
Demand and interest checking | 4,289,586 | 3,722,602 | |||||||
Savings and money market | 330,798 | 536,162 | |||||||
Securities sold under agreements to repurchase | 19,414 | 21,221 | |||||||
Significant Other Observable Inputs (Level 2) [Member] | |||||||||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | |||||||||
Investment securities available-for-sale | 1,425,986 | 1,187,595 | |||||||
Interest rate swaps, liability | 942 | 481 | |||||||
Significant Unobservable Inputs (Level 3) [Member] | |||||||||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | |||||||||
Investment securities available-for-sale | 1,366 | 551 | |||||||
Investment securities held-to-maturity | 84,466 | 87,744 | |||||||
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,002 | 3,209 | |||||||
Commercial loans held for sale | 217,080 | 69,904 | |||||||
Loans, net | 869,871 | 630,464 | |||||||
Investment in unconsolidated entity, senior note | 178,187 | ||||||||
Investment in unconsolidated entity, subordinated note | 15,408 | ||||||||
Assets held for sale | 887,929 | 1,179,277 | |||||||
Time deposits | 1,412 | 242 | |||||||
Subordinated debentures | 8,042 | 9,287 | |||||||
Carrying Amount [Member] | |||||||||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | |||||||||
Investment securities available-for-sale | 1,493,639 | 1,253,117 | |||||||
Investment securities held-to-maturity | 93,765 | 97,205 | |||||||
Securities Purchased under Agreements to Resell | 46,250 | 7,544 | |||||||
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,002 | 3,209 | |||||||
Commercial loans held for sale | 217,080 | 69,904 | |||||||
Loans, net | 874,593 | 636,001 | |||||||
Investment in unconsolidated entity, senior note | 178,187 | ||||||||
Investment in unconsolidated entity, subordinated note | 15,408 | ||||||||
Assets held for sale | 887,929 | 1,179,277 | |||||||
Demand and interest checking | 4,289,586 | 3,722,602 | |||||||
Savings and money market | 330,798 | 536,162 | |||||||
Time deposits | 1,400 | 14,225 | |||||||
Subordinated debentures | 13,401 | 13,401 | |||||||
Securities sold under agreements to repurchase | 19,414 | 21,221 | |||||||
Interest rate swaps, liability | 942 | 481 | |||||||
Estimated Fair Value [Member] | |||||||||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | |||||||||
Investment securities available-for-sale | 1,493,639 | 1,253,117 | |||||||
Investment securities held-to-maturity | 91,914 | 95,030 | |||||||
Securities Purchased under Agreements to Resell | 46,250 | 7,544 | |||||||
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,002 | 3,209 | |||||||
Commercial loans held for sale | 217,080 | 69,904 | |||||||
Loans, net | 869,871 | 630,464 | |||||||
Investment in unconsolidated entity, senior note | 178,187 | ||||||||
Investment in unconsolidated entity, subordinated note | 15,408 | ||||||||
Assets held for sale | 887,929 | 1,179,277 | |||||||
Demand and interest checking | 4,289,586 | 3,722,602 | |||||||
Savings and money market | 330,798 | 536,162 | |||||||
Time deposits | 1,412 | 242 | |||||||
Subordinated debentures | 8,042 | 9,287 | |||||||
Securities sold under agreements to repurchase | 19,414 | 21,221 | |||||||
Interest rate swaps, liability | $ 942 | $ 481 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Assets measured at fair value on a recurring basis [Abstract] | |||||||||
Fair value | $ 1,493,639 | $ 1,442,049 | $ 1,459,626 | $ 1,411,708 | $ 1,253,117 | $ 1,083,154 | $ 1,021,848 | $ 898,653 | $ 718,065 |
Assets measured on a nonrecurring basis [Abstract] | |||||||||
Impaired loans | 2,500 | ||||||||
Fair Value, Measurements, Recurring [Member] | |||||||||
Assets measured at fair value on a recurring basis [Abstract] | |||||||||
U.S. Government gency securities | 16,561 | 10,726 | |||||||
Federally insured student loan securities | 126,012 | 147,573 | |||||||
Obligation of states and political subdivisions | 612,648 | 458,118 | |||||||
Residential mortgage-backed securities | 422,129 | 322,774 | |||||||
Commercial mortgage-backed securities | 123,239 | 120,347 | |||||||
Foreign debt securities | 66,878 | ||||||||
Other debt securities | 126,172 | 193,579 | |||||||
Fair value | 1,493,639 | 1,253,117 | |||||||
Loans held for sale | 217,080 | 69,904 | |||||||
Investment in unconsolidated entity, senior note | 178,187 | ||||||||
Investment in unconsolidated entity, subordinated note | 15,408 | ||||||||
Interest rate swaps, liability | 942 | 481 | |||||||
Total assets | 1,903,372 | 1,323,502 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | |||||||||
Assets measured on a nonrecurring basis [Abstract] | |||||||||
Impaired loans | 2,450 | 1,741 | |||||||
Intangible assets | 6,228 | 7,612 | |||||||
Assets nonrecurring | 8,678 | 9,353 | |||||||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||||||
Assets measured at fair value on a recurring basis [Abstract] | |||||||||
Fair value | 66,287 | 64,971 | |||||||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||
Assets measured at fair value on a recurring basis [Abstract] | |||||||||
U.S. Government gency securities | 400 | ||||||||
Obligation of states and political subdivisions | 1,182 | 2,277 | |||||||
Foreign debt securities | 14,098 | ||||||||
Other debt securities | 51,007 | 62,294 | |||||||
Fair value | 66,287 | 64,971 | |||||||
Total assets | 66,287 | 64,971 | |||||||
Significant Other Observable Inputs (Level 2) [Member] | |||||||||
Assets measured at fair value on a recurring basis [Abstract] | |||||||||
Fair value | 1,425,986 | 1,187,595 | |||||||
Interest rate swaps, liability | 942 | 481 | |||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||
Assets measured at fair value on a recurring basis [Abstract] | |||||||||
U.S. Government gency securities | 16,561 | 10,326 | |||||||
Federally insured student loan securities | 126,012 | 147,573 | |||||||
Obligation of states and political subdivisions | 611,466 | 455,841 | |||||||
Residential mortgage-backed securities | 422,129 | 322,774 | |||||||
Commercial mortgage-backed securities | 123,239 | 120,347 | |||||||
Foreign debt securities | 52,235 | ||||||||
Other debt securities | 74,344 | 130,734 | |||||||
Fair value | 1,425,986 | 1,187,595 | |||||||
Interest rate swaps, liability | 942 | 481 | |||||||
Total assets | 1,425,044 | 1,188,076 | |||||||
Significant Unobservable Inputs (Level 3) [Member] | |||||||||
Assets measured at fair value on a recurring basis [Abstract] | |||||||||
Fair value | 1,366 | 551 | |||||||
Loans held for sale | 217,080 | 69,904 | |||||||
Investment in unconsolidated entity, senior note | 178,187 | ||||||||
Investment in unconsolidated entity, subordinated note | 15,408 | ||||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||
Assets measured at fair value on a recurring basis [Abstract] | |||||||||
Foreign debt securities | 545 | ||||||||
Other debt securities | 821 | 551 | |||||||
Fair value | 1,366 | 551 | |||||||
Loans held for sale | 217,080 | 69,904 | |||||||
Investment in unconsolidated entity, senior note | 178,187 | ||||||||
Investment in unconsolidated entity, subordinated note | 15,408 | ||||||||
Total assets | 412,041 | 70,455 | |||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||||
Assets measured on a nonrecurring basis [Abstract] | |||||||||
Impaired loans | 2,450 | 1,741 | |||||||
Intangible assets | 6,228 | 7,612 | |||||||
Assets nonrecurring | $ 8,678 | $ 9,353 |
Fair Value Measurements (Unobse
Fair Value Measurements (Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Investment In Unconsolidated Entity [Member] | ||
Purchases, issuances, and settlements [Abstract] | ||
Purchases | $ 193,595 | |
Ending balance | 193,595 | |
Available-for-sale Securities [Member] | ||
Changes in Company's Level 3 assets [Roll Forward] | ||
Beginning balance | 551 | $ 597 |
Transfers into level 3 | 1,279 | |
Transfers out of level 3 | (551) | |
Total gains or losses (realized/unrealized) Included in earnings | (1) | |
Included in other comprehensive income | 87 | 21 |
Purchases, issuances, and settlements [Abstract] | ||
Settlements | (66) | |
Ending balance | 1,366 | 551 |
Held-to-maturity Securities [Member] | ||
Changes in Company's Level 3 assets [Roll Forward] | ||
Beginning balance | 69,904 | 11,341 |
Total gains or losses (realized/unrealized) Included in earnings | 1,846 | 3,082 |
Purchases, issuances, and settlements [Abstract] | ||
Issuances | 630,165 | 309,358 |
Sales | (484,835) | (253,832) |
Settlements | (45) | |
Ending balance | 217,080 | 69,904 |
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | $ 3,587 | $ 222 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014USD ($)agreement | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Derivative [Line Items] | |||
Notional Amount | $ 115,800,000 | ||
Cash collateral | $ 3,600,000 | $ 0 | |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Number of interest rate swap agreements | agreement | 15 | ||
Fair value adjustment on derivatives | $ (1,400,000) | 436,000 | $ 45,000 |
Payable under agreements | $ 1,100,000 | $ 423,000 |
Derivatives (Derivatives) (Deta
Derivatives (Derivatives) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Derivative [Line Items] | |
Notional Amount | $ 115,800 |
Fair Value | $ (942) |
Interest Rate Swaps, Maturing December 19, 2019 (1) [Member] | |
Derivative [Line Items] | |
Maturity Date | Dec. 19, 2019 |
Notional Amount | $ 19,100 |
Interest rate paid (in hundredths) | 1.70% |
Interest rate received (in hundredths) | 0.25% |
Fair Value | $ 31 |
Interest Rate Swaps, Maturing December 19, 2019 (2) [Member] | |
Derivative [Line Items] | |
Maturity Date | Dec. 19, 2019 |
Notional Amount | $ 9,000 |
Interest rate paid (in hundredths) | 1.70% |
Interest rate received (in hundredths) | 0.25% |
Fair Value | $ 15 |
Interest Rate Swaps, Maturing September 2, 2024 [Member] | |
Derivative [Line Items] | |
Maturity Date | Sep. 2, 2024 |
Notional Amount | $ 4,800 |
Interest rate paid (in hundredths) | 2.50% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | $ (103) |
Interest Rate Swaps, Maturing September 9, 2024 [Member] | |
Derivative [Line Items] | |
Maturity Date | Sep. 9, 2024 |
Notional Amount | $ 1,000 |
Interest rate paid (in hundredths) | 2.59% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | $ (30) |
Interest Rate Swaps, Maturing October 8, 2024 [Member] | |
Derivative [Line Items] | |
Maturity Date | Oct. 8, 2024 |
Notional Amount | $ 6,500 |
Interest rate paid (in hundredths) | 2.60% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | $ (199) |
Interest Rate Swaps, Maturing October 10, 2024 [Member] | |
Derivative [Line Items] | |
Maturity Date | Oct. 10, 2024 |
Notional Amount | $ 4,000 |
Interest rate paid (in hundredths) | 2.47% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | $ (77) |
Interest Rate Swaps, Maturing October 14, 2024 [Member] | |
Derivative [Line Items] | |
Maturity Date | Oct. 14, 2024 |
Notional Amount | $ 4,300 |
Interest rate paid (in hundredths) | 2.47% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | $ (82) |
Interest Rate Swaps, Maturing October 20, 2024 [Member] | |
Derivative [Line Items] | |
Maturity Date | Oct. 20, 2024 |
Notional Amount | $ 3,100 |
Interest rate paid (in hundredths) | 2.28% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | $ (4) |
Interest Rate Swaps, Maturing November 10, 2024 [Member] | |
Derivative [Line Items] | |
Maturity Date | Nov. 10, 2024 |
Notional Amount | $ 10,800 |
Interest rate paid (in hundredths) | 2.52% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | $ (251) |
Interest Rate Swaps, Maturing November 28, 2024 [Member] | |
Derivative [Line Items] | |
Maturity Date | Nov. 28, 2024 |
Notional Amount | $ 4,800 |
Interest rate paid (in hundredths) | 2.42% |
Interest rate received (in hundredths) | 0.24% |
Fair Value | $ (68) |
Interest Rate Swaps, Maturing December 3, 2024 [Member] | |
Derivative [Line Items] | |
Maturity Date | Dec. 3, 2024 |
Notional Amount | $ 4,300 |
Interest rate paid (in hundredths) | 2.33% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | $ (22) |
Interest Rate Swaps, Maturing December 5, 2024 [Member] | |
Derivative [Line Items] | |
Maturity Date | Dec. 5, 2024 |
Notional Amount | $ 4,300 |
Interest rate paid (in hundredths) | 2.43% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | $ (64) |
Interest Rate Swaps, Maturing January 2, 2025 [Member] | |
Derivative [Line Items] | |
Maturity Date | Jan. 2, 2025 |
Notional Amount | $ 15,500 |
Interest rate paid (in hundredths) | 2.31% |
Interest rate received (in hundredths) | 0.26% |
Fair Value | $ (46) |
Interest Rate Swaps, Maturing January 5, 2025 (1) [Member] | |
Derivative [Line Items] | |
Maturity Date | Jan. 5, 2025 |
Notional Amount | $ 3,700 |
Interest rate paid (in hundredths) | 2.29% |
Interest rate received (in hundredths) | 0.26% |
Fair Value | $ (5) |
Interest Rate Swaps, Maturing January 5, 2025 (2) [Member] | |
Derivative [Line Items] | |
Maturity Date | Jan. 5, 2025 |
Notional Amount | $ 20,600 |
Interest rate paid (in hundredths) | 2.30% |
Interest rate received (in hundredths) | 0.26% |
Fair Value | $ (37) |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Regulatory Matters [Abstract] | |
Percentage of net profits from preceding period for which dividend is paid to surplus fund (in hundredths) | 50.00% |
Percentage of capital stock (in hundredths) | 50.00% |
Percentage of net profits from preceding period for which dividend is paid to surplus fund thereafter (in hundredths) | 25.00% |
Percentage of capital stock thereafter (in hundredths) | 100.00% |
Civil money penalty paid to FDIC | $ 172,000 |
Regulatory Matters (Schedule Of
Regulatory Matters (Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 |
Restatement Adjustments [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets): Actual Amount | $ 58,000 | |
Tier 1 capital (to risk-weighted assets): Actual Amount | 58,000 | |
Tier 1 capital (to average assets): Actual Amount | 58,000 | |
The Bancorp Bank Pro Forma [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets): Actual Amount | $ 260,798 | |
Total capital (to risk-weighted assets): Actual Ratio (in hundredths) | 10.92% | |
Tier 1 capital (to risk-weighted assets): Actual Amount | $ 229,578 | |
Tier 1 capital (to risk-weighted assets): Actual Ratio (in hundredths) | 9.62% | |
Tier 1 capital (to average assets): Actual Amount | $ 229,578 | |
Tier 1 capital (to average assets): Actual Ratio (in hundredths) | 5.58% | |
The Bancorp [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets): Actual Amount | $ 302,458 | $ 283,304 |
Total capital (to risk-weighted assets): For capital adequacy purposes | $ 216,440 | $ 200,072 |
Total capital (to risk-weighted assets): Actual Ratio (in hundredths) | 11.67% | 11.87% |
Tier 1 capital (to risk-weighted assets): Actual Amount | $ 298,819 | $ 251,957 |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes | $ 108,220 | $ 100,036 |
Tier 1 capital (to risk-weighted assets): Actual Ratio (in hundredths) | 11.54% | 10.55% |
Tier 1 capital (to average assets): Actual Amount | $ 298,819 | $ 251,957 |
Tier 1 capital (to average assets): For capital adequacy purposes | $ 175,209 | $ 169,994 |
Tier 1 capital (to average assets): Actual Ratio (in hundredths) | 7.07% | 6.09% |
The Bancorp [Member] | Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 4.00% | 4.00% |
Tier 1 capital (to average assets): For capital adequacy purposes (in hundredths) | 4.00% | 4.00% |
The Bancorp Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets): Actual Amount | $ 276,003 | $ 202,798 |
Total capital (to risk-weighted assets): For capital adequacy purposes | 217,778 | 199,251 |
Total capital (to risk-weighted assets): To be well capitalized under prompt corrective action provisions | $ 272,222 | $ 249,064 |
Total capital (to risk-weighted assets): Actual Ratio (in hundredths) | 10.59% | 8.53% |
Total capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets): Actual Amount | $ 272,366 | $ 171,578 |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes | 108,889 | 99,626 |
Tier 1 capital (to risk-weighted assets): To be well capitalized under prompt corrective action provisions | $ 163,333 | $ 149,438 |
Tier 1 capital (to risk-weighted assets): Actual Ratio (in hundredths) | 10.46% | 7.22% |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 4.00% | 4.00% |
Tier 1 capital (to average assets): Actual Amount | $ 272,366 | $ 171,578 |
Tier 1 capital (to average assets): For capital adequacy purposes | 175,258 | 169,120 |
Tier 1 capital (to average assets): To be well capitalized under prompt corrective action provisions | $ 219,073 | $ 211,400 |
Tier 1 capital (to average assets): Actual Ratio (in hundredths) | 6.46% | 4.17% |
Tier 1 capital (to average assets): For capital adequacy purposes (in hundredths) | 4.00% | 4.00% |
The Bancorp Bank [Member] | Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets): To be well capitalized under prompt corrective action provisions (in hundredths) | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets): To be well capitalized under prompt corrective action provisions (in hundredths) | 6.00% | 6.00% |
Tier 1 capital (to average assets): To be well capitalized under prompt corrective action provisions (in hundredths) | 5.00% | 5.00% |
Restated Quarterly Financial106
Restated Quarterly Financial Data (Unaudited) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 45 Months Ended | |||||||
Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
Gain (Loss) on Sale of Mortgage Loans | $ 17,000 | $ 5,484 | $ 2,178 | $ 10,696 | $ 7,926 | $ 13,468 | $ 12,665 | $ 12,542 | $ 17,225 | $ 1,885 | $ 28,500 | |
Subsequent Event [Member] | ||||||||||||
Gain (Loss) on Sale of Mortgage Loans | $ 2,200 |
Restated Quarterly Financial107
Restated Quarterly Financial Data (Unaudited) (Consolidated Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash and cash equivalents | ||||||||||
Cash and due from banks | $ 8,665 | $ 9,913 | $ 13,288 | $ 13,371 | $ 31,890 | $ 30,056 | $ 21,362 | $ 13,172 | $ 18,477 | |
Interest earning deposits at Federal Reserve Bank | 1,059,320 | 430,117 | 441,422 | 796,385 | 1,196,515 | 657,618 | 622,989 | 1,102,217 | 948,111 | |
Securities purchased under agreements to resell | 46,250 | 55,450 | 15,906 | 24,926 | 7,544 | 40,811 | 40,240 | 22,831 | ||
Total cash and cash equivalents | 1,114,235 | 495,162 | 470,614 | 834,682 | 1,235,949 | 728,485 | 684,591 | 1,138,220 | 966,588 | $ 748,068 |
Investment securities, available-for-sale, at fair value | 1,493,639 | 1,442,049 | 1,459,626 | 1,411,708 | 1,253,117 | 1,083,154 | 1,021,848 | 898,653 | 718,065 | |
Investment securities, held-to-maturity | 93,765 | 96,951 | 97,130 | 97,149 | 97,205 | 97,459 | 95,662 | 45,064 | 45,179 | |
Commercial loans held for sale | 217,080 | 136,115 | 154,474 | 222,024 | 69,904 | 25,557 | 49,355 | 28,402 | 11,341 | |
Loans, net of deferred loan fees and costs | 874,593 | 856,428 | 801,755 | 735,507 | 636,001 | 620,265 | 564,537 | 565,436 | 535,141 | |
Allowance for loan and lease losses | (3,638) | (5,300) | (5,799) | (5,048) | (3,881) | (4,119) | (3,937) | (3,806) | (3,984) | |
Loans, net | 870,955 | 851,128 | 795,956 | 730,459 | 632,120 | 616,146 | 560,600 | 561,630 | 531,157 | |
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,002 | 3,409 | 3,409 | 3,209 | 3,209 | 3,209 | 3,209 | 3,094 | 3,621 | |
Premises and equipment, net | 17,697 | 17,536 | 16,236 | 15,692 | 15,659 | 14,252 | 13,709 | 10,965 | 10,368 | |
Accrued interest receivable | 11,251 | 11,061 | 10,476 | 10,450 | 8,522 | 7,930 | 7,485 | 6,658 | 4,969 | |
Intangible assets, net | 6,228 | 6,573 | 6,988 | 7,407 | 7,612 | 6,253 | 6,503 | 6,753 | 7,004 | |
Other real estate owned | 725 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Deferred tax asset, net | 33,673 | 71,021 | 54,026 | 56,871 | 59,836 | 65,066 | 66,245 | 61,687 | 61,421 | |
Investment in unconsolidated entity, at fair value | 193,595 | |||||||||
Assets held for sale | 887,929 | 1,066,029 | 1,108,972 | 1,160,794 | 1,179,277 | 1,236,868 | 1,255,559 | 1,253,317 | 1,238,086 | |
Other assets | 45,268 | 39,046 | 36,091 | 38,030 | 31,178 | 28,270 | 27,683 | 26,478 | 28,915 | |
Total assets | 4,986,317 | 4,237,123 | 4,214,000 | 4,588,475 | 4,593,588 | 3,912,649 | 3,792,449 | 4,040,921 | 3,626,714 | |
Deposits | ||||||||||
Demand and interest checking | 4,289,586 | 3,554,484 | 3,563,447 | 3,842,569 | 3,722,602 | 3,050,167 | 2,963,170 | 3,197,039 | 2,775,207 | |
Savings and money market | 330,798 | 324,015 | 307,927 | 393,329 | 536,162 | 504,447 | 469,238 | 495,001 | 517,098 | |
Time deposits | 1,400 | 231 | 8,962 | 9,115 | 9,773 | 9,920 | 12,502 | 12,602 | 12,582 | |
Time deposits, $100,000 and over | 2,895 | 1,474 | 2,195 | 4,452 | 4,683 | 5,747 | 8,343 | 8,334 | ||
Total deposits | 4,621,784 | 3,881,625 | 3,881,810 | 4,247,208 | 4,272,989 | 3,569,217 | 3,450,657 | 3,712,985 | 3,313,221 | |
Securities sold under agreements to repurchase | 19,414 | 21,496 | 17,481 | 16,491 | 21,221 | 22,057 | 19,059 | 16,672 | 18,548 | |
Subordinated debenture | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | |
Other liabilities | 12,695 | 23,603 | 29,978 | 56,353 | 38,850 | 42,274 | 49,186 | 42,961 | 17,812 | |
Total liabilities | 4,667,294 | 3,940,125 | 3,942,670 | 4,333,453 | 4,346,461 | 3,646,949 | 3,532,303 | 3,786,019 | 3,362,982 | |
SHAREHOLDERS' EQUITY | ||||||||||
Common stock | 37,809 | 37,809 | 37,809 | 37,805 | 37,721 | 37,721 | 37,463 | 37,434 | 37,247 | |
Treasury stock, at cost (100,000 shares) | (866) | (866) | (866) | (866) | (866) | (866) | (866) | (866) | (866) | |
Additional paid-in capital | 297,987 | 297,122 | 296,523 | 295,824 | 294,576 | 292,715 | 286,321 | 285,009 | 282,708 | |
Retained earnings | (28,242) | (48,435) | (73,402) | (83,724) | (84,862) | (67,342) | (64,053) | (76,421) | (65,598) | |
Accumulated other comprehensive income | 12,335 | 11,368 | 11,266 | 5,983 | 558 | 3,472 | 1,281 | 9,746 | 10,241 | |
Total shareholders' equity | 319,023 | 296,998 | 271,330 | 255,022 | 247,127 | 265,700 | 260,146 | 254,902 | 263,732 | $ 258,311 |
Total liabilities and shareholders' equity | 4,986,317 | 4,237,123 | 4,214,000 | 4,588,475 | 4,593,588 | 3,912,649 | 3,792,449 | 4,040,921 | 3,626,714 | |
Investment securities, held-to-maturity, fair value | $ 91,914 | $ 94,889 | $ 94,927 | $ 95,077 | $ 95,030 | $ 94,806 | $ 91,777 | $ 40,999 | $ 41,008 | |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Common stock, issued (in shares) | 37,808,777 | 37,808,777 | 37,808,777 | 37,804,902 | 37,720,945 | 37,720,945 | 37,462,939 | 37,433,594 | 37,246,655 | |
Treasury stock (in shares) | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 |
Cash and Cash Equivalents [Member] | ||||||||||
Cash and cash equivalents | ||||||||||
Total cash and cash equivalents | $ 495,480 | |||||||||
As Previously Reported [Member] | ||||||||||
Cash and cash equivalents | ||||||||||
Cash and due from banks | 11,641 | $ 15,192 | $ 15,298 | $ 33,883 | $ 32,026 | $ 21,560 | $ 14,108 | $ 19,981 | ||
Interest earning deposits at Federal Reserve Bank | 430,117 | 441,422 | 796,385 | 1,196,515 | 657,618 | 622,989 | 1,102,217 | 948,111 | ||
Securities purchased under agreements to resell | 55,450 | 15,906 | 24,926 | 7,544 | 40,811 | 40,240 | 22,831 | |||
Total cash and cash equivalents | 497,208 | 472,520 | 836,609 | 1,237,942 | 730,455 | 684,789 | 1,139,156 | 968,092 | $ 749,174 | |
Investment securities, available-for-sale, at fair value | 1,442,049 | 1,459,626 | 1,411,708 | 1,253,117 | 1,083,154 | 1,021,848 | 898,653 | 718,065 | ||
Investment securities, held-to-maturity | 96,951 | 97,130 | 97,149 | 97,205 | 97,459 | 95,662 | 45,064 | 45,179 | ||
Commercial loans held for sale | 136,115 | 154,474 | 222,024 | 69,904 | 25,557 | 49,355 | 28,402 | 11,341 | ||
Loans, net of deferred loan fees and costs | 1,980,567 | 2,049,561 | 2,044,004 | 1,958,445 | 1,991,455 | 1,967,382 | 1,968,890 | 1,902,854 | ||
Allowance for loan and lease losses | (4,390) | (46,945) | (46,409) | (38,182) | (39,151) | (40,274) | (34,883) | (33,040) | ||
Loans, net | 1,976,177 | 2,002,616 | 1,997,595 | 1,920,263 | 1,952,304 | 1,927,108 | 1,934,007 | 1,869,814 | ||
Federal Home Loan and Atlantic Central Bankers Bank stock | 3,409 | 3,409 | 3,209 | 3,209 | 3,209 | 3,209 | 3,094 | 3,621 | ||
Premises and equipment, net | 17,536 | 16,236 | 15,692 | 15,659 | 14,252 | 13,709 | 10,965 | 10,368 | ||
Accrued interest receivable | 15,028 | 14,508 | 14,715 | 13,131 | 12,556 | 12,360 | 11,521 | 9,857 | ||
Intangible assets, net | 6,573 | 6,988 | 7,407 | 7,612 | 6,253 | 6,503 | 6,753 | 7,004 | ||
Other real estate owned | 24,718 | 26,781 | 27,763 | 26,295 | 20,111 | 6,308 | 4,543 | 4,241 | ||
Deferred tax asset, net | 41,601 | 24,606 | 27,451 | 30,415 | 26,434 | 27,613 | 23,055 | 22,789 | ||
Other assets | 39,147 | 36,270 | 38,301 | 31,313 | 28,538 | 28,031 | 26,882 | 29,287 | ||
Total assets | 4,296,512 | 4,315,164 | 4,699,623 | 4,706,065 | 4,000,282 | 3,876,495 | 4,132,095 | 3,699,659 | ||
Deposits | ||||||||||
Demand and interest checking | 3,554,484 | 3,563,447 | 3,842,569 | 3,722,602 | 3,050,167 | 2,963,170 | 3,197,039 | 2,775,207 | ||
Savings and money market | 324,015 | 307,927 | 393,329 | 536,162 | 504,447 | 469,238 | 495,001 | 517,098 | ||
Time deposits | 231 | 8,962 | 9,115 | 9,773 | 9,920 | 12,502 | 12,602 | 12,582 | ||
Time deposits, $100,000 and over | 2,895 | 1,474 | 2,195 | 4,452 | 4,683 | 5,747 | 8,343 | 8,334 | ||
Total deposits | 3,881,625 | 3,881,810 | 4,247,208 | 4,272,989 | 3,569,217 | 3,450,657 | 3,712,985 | 3,313,221 | ||
Securities sold under agreements to repurchase | 21,496 | 17,481 | 16,491 | 21,221 | 22,057 | 19,059 | 16,672 | 18,548 | ||
Subordinated debenture | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | 13,401 | ||
Other liabilities | 23,603 | 29,978 | 56,353 | 38,850 | 42,274 | 49,186 | 42,961 | 17,812 | ||
Total liabilities | 3,940,125 | 3,942,670 | 4,333,453 | 4,346,461 | 3,646,949 | 3,532,303 | 3,786,019 | 3,362,982 | ||
SHAREHOLDERS' EQUITY | ||||||||||
Common stock | 37,809 | 37,809 | 37,805 | 37,721 | 37,721 | 37,463 | 37,434 | 37,247 | ||
Treasury stock, at cost (100,000 shares) | (866) | (866) | (866) | (866) | (866) | (866) | (866) | (866) | ||
Additional paid-in capital | 297,122 | 296,523 | 295,824 | 294,576 | 292,715 | 286,321 | 285,009 | 282,708 | ||
Retained earnings | 10,954 | 27,762 | 27,424 | 27,615 | 20,291 | 19,993 | 14,753 | 7,347 | ||
Accumulated other comprehensive income | 11,368 | 11,266 | 5,983 | 558 | 3,472 | 1,281 | 9,746 | 10,241 | ||
Total shareholders' equity | 356,387 | 372,494 | 366,170 | 359,604 | 353,333 | 344,192 | 346,076 | 336,677 | 271,479 | |
Total liabilities and shareholders' equity | 4,296,512 | 4,315,164 | 4,699,623 | 4,706,065 | 4,000,282 | 3,876,495 | 4,132,095 | 3,699,659 | ||
As Previously Reported [Member] | Cash and Cash Equivalents [Member] | ||||||||||
Cash and cash equivalents | ||||||||||
Total cash and cash equivalents | 497,208 | |||||||||
Restatement Adjustments [Member] | ||||||||||
Cash and cash equivalents | ||||||||||
Loans, net of deferred loan fees and costs | (53,669) | (101,030) | (111,131) | (113,653) | (100,872) | (98,218) | (95,330) | (85,729) | ||
Allowance for loan and lease losses | 558 | (22,966) | (27,628) | (28,245) | (26,951) | (25,400) | (28,988) | (25,848) | ||
Loans, net | (53,111) | (123,996) | (138,759) | (141,898) | (127,823) | (123,618) | (124,318) | (111,577) | ||
Deferred tax asset, net | 29,420 | 29,420 | 29,420 | 29,421 | 38,632 | 38,632 | 38,632 | 38,632 | ||
Assets held for sale | (35,698) | (6,588) | (1,809) | 1,558 | 940 | (5,488) | ||||
Total assets | (59,389) | (101,164) | (111,148) | (112,477) | (87,633) | (84,046) | (91,174) | (72,945) | ||
SHAREHOLDERS' EQUITY | ||||||||||
Retained earnings | (59,389) | (101,164) | (111,148) | (112,477) | (87,633) | (84,046) | (91,174) | (72,945) | ||
Total shareholders' equity | (59,389) | (101,164) | (111,148) | (112,477) | (87,633) | (84,046) | (91,174) | (72,945) | (13,168) | |
Total liabilities and shareholders' equity | (59,389) | (101,164) | (111,148) | (112,477) | (87,633) | (84,046) | (91,174) | (72,945) | ||
Discontinued Operations Adjustments [Member] | ||||||||||
Cash and cash equivalents | ||||||||||
Cash and due from banks | (1,728) | (1,904) | (1,927) | (1,993) | (1,970) | (198) | (936) | (1,504) | ||
Total cash and cash equivalents | (2,047) | (1,904) | (1,927) | (1,993) | (1,970) | (198) | (936) | (1,504) | (1,106) | |
Loans, net of deferred loan fees and costs | (1,070,470) | (1,146,776) | (1,197,366) | (1,208,791) | (1,270,318) | (1,304,627) | (1,308,124) | (1,281,984) | ||
Allowance for loan and lease losses | (1,468) | 64,112 | 68,989 | 62,546 | 61,983 | 61,737 | 60,065 | 54,904 | ||
Loans, net | (1,071,938) | (1,082,664) | (1,128,377) | (1,146,245) | (1,208,335) | (1,242,890) | (1,248,059) | (1,227,080) | ||
Accrued interest receivable | (3,967) | (4,032) | (4,265) | (4,609) | (4,626) | (4,875) | (4,863) | (4,888) | ||
Other real estate owned | (23,993) | (26,781) | (27,763) | (26,295) | (20,111) | (6,308) | (4,543) | (4,241) | ||
Assets held for sale | 1,101,727 | 1,115,560 | 1,162,603 | 1,179,277 | 1,235,310 | 1,254,619 | 1,258,805 | 1,238,086 | ||
Other assets | (101) | (179) | (271) | (135) | (268) | (348) | (404) | (373) | ||
Total assets | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | 0 | |||
Discontinued Operations Adjustments [Member] | Cash and Cash Equivalents [Member] | ||||||||||
Cash and cash equivalents | ||||||||||
Total cash and cash equivalents | $ (1,728) | |||||||||
The Bancorp [Member] | ||||||||||
Cash and cash equivalents | ||||||||||
Cash and due from banks | $ 6,386 | 70,612 | ||||||||
Total cash and cash equivalents | 6,386 | 70,612 | $ 84,262 | $ 73,291 | ||||||
Investment in unconsolidated entity, at fair value | 310,507 | 181,533 | ||||||||
Other assets | 11,713 | 8,401 | ||||||||
Total assets | 332,463 | 260,546 | ||||||||
Deposits | ||||||||||
Other liabilities | 39 | 18 | ||||||||
SHAREHOLDERS' EQUITY | ||||||||||
Total shareholders' equity | 319,023 | 247,127 | ||||||||
Total liabilities and shareholders' equity | $ 332,463 | $ 260,546 |
Restated Quarterly Financial108
Restated Quarterly Financial Data (Unaudited) (Statement of Operations) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Interest income | |||||||||||||||
Loans, including fees | $ 9,175,000 | $ 8,802,000 | $ 8,464,000 | $ 7,228,000 | $ 7,198,000 | $ 6,817,000 | $ 6,398,000 | $ 36,459,000 | $ 27,640,000 | $ 20,846,000 | |||||
Interest on investment securities: | |||||||||||||||
Taxable interest | 5,311,000 | 5,356,000 | 5,137,000 | 4,654,000 | 4,057,000 | 3,801,000 | 3,487,000 | 20,662,000 | 15,999,000 | 13,378,000 | |||||
Tax-exempt interest | 3,157,000 | 2,956,000 | 2,084,000 | 1,834,000 | 1,326,000 | 873,000 | 725,000 | 11,345,000 | 4,758,000 | 2,815,000 | |||||
Federal funds sold / securities purchased under agreements to resell | 105,000 | 85,000 | 106,000 | 146,000 | 157,000 | 98,000 | 24,000 | 462,000 | 425,000 | 7,000 | |||||
Interest earning deposits | 285,000 | 411,000 | 764,000 | 546,000 | 438,000 | 505,000 | 838,000 | 1,792,000 | 2,328,000 | 2,433,000 | |||||
Total interest income | $ 18,522,000 | 18,033,000 | 17,610,000 | 16,555,000 | 14,408,000 | 13,176,000 | 12,094,000 | 11,472,000 | 70,720,000 | 51,150,000 | 39,479,000 | ||||
Interest expense | |||||||||||||||
Deposits | 2,635,000 | 2,695,000 | 2,777,000 | 2,614,000 | 2,578,000 | 2,476,000 | 2,498,000 | 10,767,000 | 10,166,000 | 10,447,000 | |||||
Securities sold under agreements to repurchase | 14,000 | 11,000 | 12,000 | 15,000 | 13,000 | 12,000 | 14,000 | 50,000 | 54,000 | 95,000 | |||||
Subordinated debenture | 116,000 | 113,000 | 115,000 | 115,000 | 115,000 | 118,000 | 200,000 | 478,000 | 548,000 | 869,000 | |||||
Total interest expense | 2,765,000 | 2,819,000 | 2,904,000 | 2,744,000 | 2,706,000 | 2,606,000 | 2,712,000 | 11,295,000 | 10,768,000 | 11,411,000 | |||||
Net interest income | 15,715,000 | 15,268,000 | 14,791,000 | 13,651,000 | 11,664,000 | 10,470,000 | 9,488,000 | 8,760,000 | 59,425,000 | 40,382,000 | 28,068,000 | ||||
Provision for loan and lease losses | (1,404,000) | 158,000 | 1,173,000 | 1,275,000 | (106,000) | 379,000 | 247,000 | (165,000) | $ (2,448,000) | $ 82,000 | $ 2,606,000 | $ 461,000 | 1,202,000 | 355,000 | 6,642,000 |
Net interest income after provision for loan and lease losses | 15,110,000 | 13,618,000 | 12,376,000 | 11,770,000 | 10,091,000 | 9,241,000 | 8,925,000 | 58,223,000 | 40,027,000 | 21,426,000 | |||||
Non-interest income | |||||||||||||||
Service fees on deposit accounts | 1,692,000 | 1,377,000 | 1,210,000 | 1,547,000 | 1,286,000 | 1,084,000 | 1,060,000 | 6,339,000 | 4,977,000 | 3,548,000 | |||||
Card payment and ACH processing fees | 1,369,000 | 1,317,000 | 1,303,000 | 1,106,000 | 1,027,000 | 1,046,000 | 867,000 | 5,402,000 | 4,046,000 | 2,977,000 | |||||
Prepaid card fees | 12,307,000 | 12,898,000 | 13,468,000 | 11,657,000 | 10,177,000 | 11,531,000 | 11,974,000 | 51,287,000 | 45,339,000 | 33,311,000 | |||||
Gain on sale of loans | 2,772,000 | 5,212,000 | 5,484,000 | 4,560,000 | 4,739,000 | 5,748,000 | 2,178,000 | 12,542,000 | 17,225,000 | 1,885,000 | |||||
Gain (Loss) on sale of investment securities | (35,000) | 159,000 | 241,000 | 1,104,000 | 42,000 | 476,000 | 267,000 | 400,000 | 743,000 | 365,000 | 785,000 | 450,000 | 1,889,000 | 661,000 | |
Other than temporary impairment on securities held-to-maturity | (20,000) | (20,000) | (20,000) | (20,000) | (202,000) | ||||||||||
Leasing income | 840,000 | 1,015,000 | 381,000 | 707,000 | 624,000 | 642,000 | 587,000 | 2,899,000 | 2,560,000 | 2,954,000 | |||||
Debit card income | 414,000 | 456,000 | 426,000 | 337,000 | 158,000 | 201,000 | 196,000 | 1,679,000 | 892,000 | 482,000 | |||||
Affinity fees | 649,000 | 668,000 | 534,000 | 558,000 | 722,000 | 850,000 | 856,000 | 2,596,000 | 2,986,000 | 2,794,000 | |||||
Other | 299,000 | 287,000 | 631,000 | 244,000 | 449,000 | 411,000 | 1,075,000 | 1,855,000 | 2,179,000 | 1,091,000 | |||||
Total non-interest income | 17,675,000 | 20,307,000 | 23,389,000 | 23,678,000 | 21,820,000 | 19,224,000 | 21,989,000 | 19,040,000 | 85,049,000 | 82,073,000 | 49,501,000 | ||||
Non-interest expense | |||||||||||||||
Salaries and employee benefits | 13,935,000 | 15,744,000 | 15,145,000 | 13,320,000 | 13,321,000 | 13,438,000 | 12,169,000 | 60,509,000 | 52,248,000 | 39,907,000 | |||||
Depreciation and amortization | 1,178,000 | 1,133,000 | 1,050,000 | 1,029,000 | 934,000 | 935,000 | 796,000 | 4,523,000 | 3,694,000 | 2,762,000 | |||||
Rent and related occupancy cost | 1,274,000 | 1,122,000 | 1,027,000 | 1,031,000 | 986,000 | 1,017,000 | 824,000 | 4,694,000 | 3,858,000 | 3,025,000 | |||||
Data processing expense | 3,315,000 | 3,463,000 | 3,255,000 | 2,931,000 | 2,710,000 | 2,724,000 | 2,523,000 | 13,207,000 | 10,888,000 | 9,938,000 | |||||
Printing and supplies | 492,000 | 589,000 | 556,000 | 407,000 | 352,000 | 422,000 | 417,000 | 2,229,000 | 1,598,000 | 1,637,000 | |||||
Professional fees | 356,000 | 400,000 | 376,000 | 478,000 | 347,000 | 305,000 | 311,000 | 1,427,000 | 1,441,000 | 1,145,000 | |||||
Legal expense | 557,000 | 302,000 | 630,000 | 1,115,000 | 642,000 | 200,000 | 91,000 | 2,102,000 | 2,048,000 | 1,711,000 | |||||
Amortization of intangible assets | 304,000 | 304,000 | 304,000 | 392,000 | 250,000 | 250,000 | 250,000 | 1,211,000 | 1,142,000 | 1,001,000 | |||||
FDIC Insurance | 1,492,000 | 1,116,000 | 1,689,000 | 953,000 | 895,000 | 858,000 | 976,000 | 6,805,000 | 3,682,000 | 3,172,000 | |||||
Software | 1,158,000 | 1,123,000 | 1,168,000 | 881,000 | 933,000 | 965,000 | 774,000 | 4,908,000 | 3,553,000 | 2,351,000 | |||||
Insurance | 404,000 | 485,000 | 451,000 | 415,000 | 352,000 | 298,000 | 246,000 | 1,700,000 | 1,311,000 | 976,000 | |||||
Telecom and IT network communications | 763,000 | 480,000 | 521,000 | 138,000 | 750,000 | 341,000 | 254,000 | 2,531,000 | 1,483,000 | 1,181,000 | |||||
Securitization and servicing expense | 573,000 | 703,000 | 578,000 | 278,000 | 343,000 | 146,000 | 1,843,000 | 767,000 | 98,000 | ||||||
Consulting | 1,157,000 | 409,000 | 696,000 | 501,000 | 464,000 | 308,000 | 427,000 | 3,452,000 | 1,700,000 | 1,123,000 | |||||
Bank Secrecy Act and lookback consulting expenses | 2,749,000 | 2,169,000 | 8,801,000 | ||||||||||||
Other | 3,428,000 | 4,470,000 | 3,759,000 | 3,257,000 | 3,105,000 | 3,292,000 | 2,750,000 | 16,038,000 | 12,404,000 | 10,161,000 | |||||
Total non-interest expense | 37,628,000 | 33,135,000 | 34,012,000 | 31,205,000 | 27,126,000 | 26,384,000 | 25,353,000 | 22,954,000 | 135,980,000 | 101,817,000 | 80,188,000 | ||||
Income (loss) from continuing operations before income taxes | (2,834,000) | 2,282,000 | 2,995,000 | 4,849,000 | 6,464,000 | 2,931,000 | 5,877,000 | 5,011,000 | 7,292,000 | 20,283,000 | (9,261,000) | ||||
Income tax (benefit) provision | (13,929,000) | (3,560,000) | 1,343,000 | 1,623,000 | 2,156,000 | 978,000 | 1,961,000 | 1,672,000 | (14,523,000) | 6,767,000 | (3,492,000) | ||||
Net income (loss) from continuing operations | 11,095,000 | 5,842,000 | 1,652,000 | 3,226,000 | 4,308,000 | 1,953,000 | 3,916,000 | 3,339,000 | 4,878,000 | 7,255,000 | 10,720,000 | 9,208,000 | 21,815,000 | 13,516,000 | (5,769,000) |
Income (loss) from discontinued operations before income taxes | 34,854,000 | 12,063,000 | (2,475,000) | (9,116,000) | (314,000) | 3,677,000 | (5,915,000) | 54,625,000 | (11,669,000) | (57,557,000) | |||||
Income tax (benefit) provision | 15,727,000 | 3,393,000 | (876,000) | 12,711,000 | 438,000 | (5,127,000) | 8,248,000 | 19,331,000 | 16,269,000 | (20,173,000) | |||||
Income (loss) from discontinued operations, net of tax | 9,096,000 | 19,127,000 | 8,670,000 | (1,599,000) | (21,827,000) | (752,000) | 8,804,000 | (14,163,000) | 7,071,000 | (5,359,000) | 26,198,000 | (6,111,000) | 35,294,000 | (27,938,000) | (37,384,000) |
Net income (loss) available to common shareholders | $ 20,191,000 | $ 24,969,000 | $ 10,322,000 | $ 1,627,000 | $ (17,520,000) | $ 1,201,000 | $ 12,720,000 | $ (10,824,000) | $ 57,109,000 | $ (14,422,000) | $ (43,153,000) | ||||
Net income (loss) per share from continuing operations - basic | $ 0.31 | $ 0.15 | $ 0.04 | $ 0.08 | $ 0.12 | $ 0.05 | $ 0.10 | $ 0.10 | $ 0.58 | $ 0.36 | $ (0.17) | ||||
Net income (loss) per share from discontinued operations - basic | 0.24 | 0.51 | 0.23 | (0.04) | (0.58) | (0.02) | 0.24 | (0.39) | 0.94 | (0.75) | (1.13) | ||||
Net income (loss) per share - basic | 0.55 | 0.66 | 0.27 | 0.04 | (0.46) | 0.03 | 0.34 | (0.29) | 1.52 | (0.39) | (1.30) | ||||
Net income (loss) per share from continuing operations - diluted | 0.30 | 0.15 | 0.04 | 0.08 | 0.11 | 0.05 | 0.10 | 0.09 | 0.57 | 0.35 | (0.17) | ||||
Net income (loss) per share from discontinued operations - diluted | 0.22 | 0.51 | 0.23 | (0.04) | (0.58) | (0.02) | 0.24 | (0.39) | 0.92 | (0.75) | (1.13) | ||||
Net income (loss) per share - diluted | $ 0.52 | $ 0.66 | $ 0.27 | $ 0.04 | $ (0.47) | $ 0.03 | $ 0.34 | $ (0.30) | $ 1.49 | $ (0.40) | $ (1.30) | ||||
The Bancorp [Member] | |||||||||||||||
Interest expense | |||||||||||||||
Subordinated debenture | $ 478,000 | $ 548,000 | $ 869,000 | ||||||||||||
Non-interest expense | |||||||||||||||
Total non-interest expense | 32,351,000 | 29,507,000 | 24,563,000 | ||||||||||||
Income (loss) from continuing operations before income taxes | 56,221,000 | (15,579,000) | (43,971,000) | ||||||||||||
Income tax (benefit) provision | (888,000) | (1,157,000) | (818,000) | ||||||||||||
Net income (loss) available to common shareholders | $ 57,109,000 | (14,422,000) | (43,153,000) | ||||||||||||
As Previously Reported [Member] | |||||||||||||||
Interest income | |||||||||||||||
Loans, including fees | $ 21,864,000 | $ 21,926,000 | $ 21,381,000 | $ 20,966,000 | $ 20,845,000 | $ 20,908,000 | $ 20,322,000 | 83,040,000 | 78,222,000 | ||||||
Interest on investment securities: | |||||||||||||||
Taxable interest | 5,311,000 | 5,356,000 | 5,137,000 | 4,654,000 | 4,057,000 | 3,801,000 | 3,487,000 | 15,999,000 | 13,378,000 | ||||||
Tax-exempt interest | 3,157,000 | 2,956,000 | 2,084,000 | 1,834,000 | 1,326,000 | 873,000 | 725,000 | 4,758,000 | 2,815,000 | ||||||
Federal funds sold / securities purchased under agreements to resell | 105,000 | 85,000 | 106,000 | 146,000 | 157,000 | 98,000 | 24,000 | 425,000 | 7,000 | ||||||
Interest earning deposits | 285,000 | 411,000 | 764,000 | 546,000 | 438,000 | 505,000 | 838,000 | 2,328,000 | 2,433,000 | ||||||
Total interest income | 30,722,000 | 30,734,000 | 29,472,000 | 28,146,000 | 26,823,000 | 26,185,000 | 25,396,000 | 106,550,000 | 96,855,000 | ||||||
Interest expense | |||||||||||||||
Deposits | 2,635,000 | 2,695,000 | 2,777,000 | 2,614,000 | 2,578,000 | 2,476,000 | 2,498,000 | 10,166,000 | 10,447,000 | ||||||
Securities sold under agreements to repurchase | 14,000 | 11,000 | 12,000 | 15,000 | 13,000 | 12,000 | 14,000 | 54,000 | 95,000 | ||||||
Subordinated debenture | 116,000 | 113,000 | 115,000 | 115,000 | 115,000 | 118,000 | 200,000 | 548,000 | 869,000 | ||||||
Total interest expense | 2,765,000 | 2,819,000 | 2,904,000 | 2,744,000 | 2,706,000 | 2,606,000 | 2,712,000 | 10,768,000 | 11,411,000 | ||||||
Net interest income | 27,957,000 | 27,915,000 | 26,568,000 | 25,402,000 | 24,117,000 | 23,579,000 | 22,684,000 | 95,782,000 | 85,444,000 | ||||||
Provision for loan and lease losses | 965,000 | 15,500,000 | 17,300,000 | 6,500,000 | 8,000,000 | 9,500,000 | 5,500,000 | (32,800,000) | 15,000,000 | 33,765,000 | 23,000,000 | 29,500,000 | 22,438,000 | ||
Net interest income after provision for loan and lease losses | 26,992,000 | 12,415,000 | 9,268,000 | 18,902,000 | 16,117,000 | 14,079,000 | 17,184,000 | 66,282,000 | 63,006,000 | ||||||
Non-interest income | |||||||||||||||
Service fees on deposit accounts | 1,692,000 | 1,377,000 | 1,210,000 | 1,547,000 | 1,286,000 | 1,084,000 | 1,060,000 | 4,977,000 | 3,548,000 | ||||||
Card payment and ACH processing fees | 1,369,000 | 1,317,000 | 1,303,000 | 1,106,000 | 1,027,000 | 1,046,000 | 867,000 | 4,046,000 | 2,977,000 | ||||||
Prepaid card fees | 12,307,000 | 12,898,000 | 13,468,000 | 11,657,000 | 10,177,000 | 11,531,000 | 11,974,000 | 45,339,000 | 33,311,000 | ||||||
Gain on sale of loans | 2,772,000 | 5,212,000 | 5,484,000 | 4,560,000 | 4,739,000 | 5,748,000 | 2,178,000 | 17,225,000 | 1,885,000 | ||||||
Gain (Loss) on sale of investment securities | (35,000) | 159,000 | 241,000 | 1,104,000 | 42,000 | 476,000 | 267,000 | 400,000 | 743,000 | 365,000 | 785,000 | 1,889,000 | 661,000 | ||
Other than temporary impairment on securities held-to-maturity | (20,000) | (20,000) | (20,000) | (20,000) | (202,000) | ||||||||||
Leasing income | 840,000 | 1,015,000 | 381,000 | 707,000 | 624,000 | 642,000 | 587,000 | 2,560,000 | 2,954,000 | ||||||
Debit card income | 414,000 | 456,000 | 426,000 | 337,000 | 158,000 | 201,000 | 196,000 | 892,000 | 482,000 | ||||||
Affinity fees | 649,000 | 668,000 | 534,000 | 558,000 | 722,000 | 850,000 | 856,000 | 2,986,000 | 2,794,000 | ||||||
Other | 748,000 | 608,000 | 1,108,000 | 759,000 | 827,000 | 784,000 | 1,167,000 | 3,536,000 | 1,188,000 | ||||||
Total non-interest income | 20,756,000 | 23,710,000 | 24,155,000 | 22,335,000 | 19,602,000 | 22,362,000 | 19,132,000 | 83,430,000 | 49,598,000 | ||||||
Non-interest expense | |||||||||||||||
Salaries and employee benefits | 14,606,000 | 16,324,000 | 15,361,000 | 13,416,000 | 13,766,000 | 13,615,000 | 12,289,000 | 53,086,000 | 40,057,000 | ||||||
Depreciation and amortization | 1,178,000 | 1,133,000 | 1,050,000 | 1,029,000 | 934,000 | 935,000 | 796,000 | 3,694,000 | 2,762,000 | ||||||
Rent and related occupancy cost | 1,309,000 | 1,177,000 | 1,082,000 | 1,087,000 | 1,041,000 | 1,064,000 | 881,000 | 4,073,000 | 3,352,000 | ||||||
Data processing expense | 3,394,000 | 3,535,000 | 3,336,000 | 3,007,000 | 2,783,000 | 2,796,000 | 2,607,000 | 11,193,000 | 10,231,000 | ||||||
Printing and supplies | 542,000 | 626,000 | 571,000 | 422,000 | 369,000 | 437,000 | 432,000 | 1,660,000 | 1,721,000 | ||||||
Professional fees | 356,000 | 400,000 | 376,000 | 478,000 | 347,000 | 305,000 | 311,000 | 1,441,000 | 1,145,000 | ||||||
Legal expense | 1,497,000 | 915,000 | 1,332,000 | 2,785,000 | 1,522,000 | 791,000 | 619,000 | 5,717,000 | 3,888,000 | ||||||
Amortization of intangible assets | 304,000 | 304,000 | 304,000 | 392,000 | 250,000 | 250,000 | 250,000 | 1,142,000 | 1,001,000 | ||||||
Loss on sale and write downs on other real estate owned | 2,568,000 | (92,000) | 62,000 | (8,000) | 403,000 | 815,000 | 251,000 | 30,000 | 1,066,000 | 2,538,000 | 1,469,000 | 1,461,000 | 2,508,000 | ||
FDIC Insurance | 1,492,000 | 1,116,000 | 1,689,000 | 953,000 | 895,000 | 858,000 | 976,000 | 3,682,000 | 3,172,000 | ||||||
Software | 1,166,000 | 1,133,000 | 1,175,000 | 892,000 | 938,000 | 982,000 | 809,000 | 3,621,000 | 2,351,000 | ||||||
Other real estate owned | 434,000 | 325,000 | 326,000 | 320,000 | 286,000 | 125,000 | 110,000 | 840,000 | 560,000 | ||||||
Insurance | 404,000 | 485,000 | 451,000 | 415,000 | 352,000 | 298,000 | 246,000 | 1,311,000 | 976,000 | ||||||
Telecom and IT network communications | 931,000 | 480,000 | 521,000 | 139,000 | 752,000 | 350,000 | 329,000 | 1,570,000 | 1,452,000 | ||||||
Securitization and servicing expense | 573,000 | 703,000 | 578,000 | 278,000 | 343,000 | 146,000 | 767,000 | 98,000 | |||||||
Consulting | 1,157,000 | 409,000 | 696,000 | 501,000 | 464,000 | 308,000 | 427,000 | 1,700,000 | 1,123,000 | ||||||
Bank Secrecy Act and lookback consulting expenses | 2,749,000 | 2,169,000 | |||||||||||||
Losses on discontinued operations | 43,441,000 | ||||||||||||||
Other | 3,624,000 | 4,688,000 | 4,047,000 | 3,707,000 | 3,452,000 | 3,658,000 | 3,000,000 | 13,819,000 | 11,789,000 | ||||||
Total non-interest expense | 81,725,000 | 35,830,000 | 32,957,000 | 29,813,000 | 28,897,000 | 27,587,000 | 24,479,000 | 110,777,000 | 88,186,000 | ||||||
Income (loss) from continuing operations before income taxes | (33,977,000) | 295,000 | 466,000 | 11,424,000 | 6,822,000 | 8,854,000 | 11,837,000 | 38,935,000 | 24,418,000 | ||||||
Income tax (benefit) provision | (17,172,000) | (43,000) | 168,000 | 4,098,000 | 2,034,000 | 3,262,000 | 4,432,000 | 13,825,000 | 7,794,000 | ||||||
Net income (loss) from continuing operations | (16,805,000) | 338,000 | 298,000 | $ 7,326,000 | 4,788,000 | 5,592,000 | 7,405,000 | 636,000 | 12,997,000 | (16,169,000) | 17,785,000 | 25,110,000 | |||
Net income (loss) available to common shareholders | $ (16,805,000) | $ 338,000 | $ 298,000 | $ 4,788,000 | $ 5,592,000 | $ 7,405,000 | $ 25,110,000 | $ 16,624,000 | |||||||
Net income (loss) per share from continuing operations - basic | $ (0.45) | $ 0.01 | $ 0.01 | $ 0.20 | $ 0.13 | $ 0.15 | $ 0.20 | $ 0.67 | $ 0.50 | ||||||
Net income (loss) per share - basic | (0.45) | 0.01 | 0.01 | 0.20 | 0.13 | 0.15 | 0.20 | 0.67 | 0.50 | ||||||
Net income (loss) per share from continuing operations - diluted | (0.45) | 0.01 | 0.01 | 0.19 | 0.13 | 0.15 | 0.20 | 0.66 | 0.50 | ||||||
Net income (loss) per share - diluted | $ (0.45) | $ 0.01 | $ 0.01 | $ 0.19 | $ 0.13 | $ 0.15 | $ 0.20 | $ 0.66 | $ 0.50 | ||||||
Restatement Adjustments [Member] | |||||||||||||||
Interest income | |||||||||||||||
Loans, including fees | $ (162,000) | $ (257,000) | $ (343,000) | $ (342,000) | $ (340,000) | $ (403,000) | $ (1,428,000) | $ (747,000) | |||||||
Interest on investment securities: | |||||||||||||||
Total interest income | (162,000) | (257,000) | (343,000) | (342,000) | (340,000) | (403,000) | (1,428,000) | (747,000) | |||||||
Interest expense | |||||||||||||||
Net interest income | (162,000) | (257,000) | (343,000) | (342,000) | (340,000) | (403,000) | (1,428,000) | (747,000) | |||||||
Provision for loan and lease losses | $ (71,113,000) | (14,925,000) | (2,165,000) | 13,733,000 | 3,863,000 | (1,040,000) | 12,904,000 | 21,831,000 | 11,444,000 | (80,062,000) | 14,309,000 | 28,894,000 | 90,489,000 | ||
Net interest income after provision for loan and lease losses | 71,113,000 | 14,763,000 | 1,908,000 | (14,076,000) | (4,205,000) | 700,000 | (12,741,000) | (30,322,000) | (91,236,000) | ||||||
Non-interest expense | |||||||||||||||
Income (loss) from continuing operations before income taxes | 71,113,000 | 14,763,000 | 1,908,000 | (14,076,000) | (4,205,000) | 700,000 | (12,741,000) | (30,322,000) | (91,236,000) | ||||||
Income tax (benefit) provision | 29,339,000 | 4,779,000 | 579,000 | 10,769,000 | (618,000) | (6,428,000) | 5,488,000 | 9,211,000 | (31,459,000) | ||||||
Net income (loss) from continuing operations | 41,774,000 | 9,984,000 | 1,329,000 | $ (24,845,000) | (3,587,000) | 7,128,000 | (8,298,000) | 6,843,000 | (7,828,000) | 31,829,000 | (10,419,000) | (39,533,000) | |||
Net income (loss) available to common shareholders | $ 41,774,000 | $ 9,984,000 | $ 1,329,000 | $ (3,587,000) | $ 7,128,000 | $ (18,229,000) | $ (39,533,000) | $ (59,777,000) | |||||||
Net income (loss) per share from continuing operations - basic | $ 1.11 | $ 0.26 | $ 0.03 | $ (0.66) | $ (0.10) | $ 0.19 | $ (0.49) | $ (1.06) | $ (1.80) | ||||||
Net income (loss) per share - basic | 1.11 | 0.26 | 0.03 | (0.66) | (0.10) | 0.19 | (0.49) | (1.06) | (1.80) | ||||||
Net income (loss) per share from continuing operations - diluted | 1.11 | 0.26 | 0.03 | (0.66) | (0.10) | 0.19 | (0.50) | (1.06) | (1.80) | ||||||
Net income (loss) per share - diluted | $ 1.11 | $ 0.26 | $ 0.03 | $ (0.66) | $ (0.10) | $ 0.19 | $ (0.50) | $ (1.06) | $ (1.80) | ||||||
Discontinued Operations Adjustments [Member] | |||||||||||||||
Interest income | |||||||||||||||
Loans, including fees | $ (12,689,000) | $ (12,962,000) | $ (12,660,000) | $ (13,395,000) | $ (13,305,000) | $ (13,751,000) | $ (13,521,000) | $ (53,972,000) | $ (56,629,000) | ||||||
Interest on investment securities: | |||||||||||||||
Total interest income | (12,689,000) | (12,962,000) | (12,660,000) | (13,395,000) | (13,305,000) | (13,751,000) | (13,521,000) | (53,972,000) | (56,629,000) | ||||||
Interest expense | |||||||||||||||
Net interest income | (12,689,000) | (12,962,000) | (12,660,000) | (13,395,000) | (13,305,000) | (13,751,000) | (13,521,000) | (53,972,000) | (56,629,000) | ||||||
Provision for loan and lease losses | 70,306,000 | 598,000 | (13,860,000) | (20,339,000) | (11,484,000) | (8,213,000) | (18,569,000) | 8,521,000 | (26,362,000) | 48,903,000 | (36,848,000) | (58,039,000) | (106,285,000) | ||
Net interest income after provision for loan and lease losses | (82,995,000) | (13,560,000) | 1,200,000 | 6,944,000 | (1,821,000) | (5,538,000) | 4,482,000 | 4,067,000 | 49,656,000 | ||||||
Non-interest income | |||||||||||||||
Other | (449,000) | (321,000) | (477,000) | (515,000) | (378,000) | (373,000) | (92,000) | (1,357,000) | (97,000) | ||||||
Total non-interest income | (449,000) | (321,000) | (477,000) | (515,000) | (378,000) | (373,000) | (92,000) | (1,357,000) | (97,000) | ||||||
Non-interest expense | |||||||||||||||
Salaries and employee benefits | (671,000) | (580,000) | (216,000) | (96,000) | (445,000) | (177,000) | (120,000) | (838,000) | (150,000) | ||||||
Rent and related occupancy cost | (35,000) | (55,000) | (55,000) | (56,000) | (55,000) | (47,000) | (57,000) | (215,000) | (327,000) | ||||||
Data processing expense | (79,000) | (72,000) | (81,000) | (76,000) | (73,000) | (72,000) | (84,000) | (305,000) | (293,000) | ||||||
Printing and supplies | (50,000) | (37,000) | (15,000) | (15,000) | (17,000) | (15,000) | (15,000) | (62,000) | (84,000) | ||||||
Legal expense | (940,000) | (613,000) | (702,000) | (1,670,000) | (880,000) | (591,000) | (528,000) | (3,669,000) | (2,177,000) | ||||||
Loss on sale and write downs on other real estate owned | (2,568,000) | 92,000 | (62,000) | 8,000 | (403,000) | (815,000) | (251,000) | (30,000) | (1,066,000) | (2,538,000) | (1,469,000) | (1,461,000) | (2,508,000) | ||
Software | (8,000) | (10,000) | (7,000) | (11,000) | (5,000) | (17,000) | (35,000) | (68,000) | |||||||
Other real estate owned | (434,000) | (325,000) | (326,000) | (320,000) | (286,000) | (125,000) | (110,000) | (840,000) | (560,000) | ||||||
Telecom and IT network communications | (168,000) | (1,000) | (2,000) | (9,000) | (75,000) | (87,000) | (271,000) | ||||||||
Losses on discontinued operations | (43,441,000) | ||||||||||||||
Other | (196,000) | (218,000) | (288,000) | (450,000) | (347,000) | (366,000) | (250,000) | (1,415,000) | (1,628,000) | ||||||
Total non-interest expense | (48,590,000) | (1,818,000) | (1,752,000) | (2,687,000) | (2,513,000) | (2,234,000) | (1,525,000) | (8,960,000) | (7,998,000) | ||||||
Income (loss) from continuing operations before income taxes | (34,854,000) | (12,063,000) | 2,475,000 | 9,116,000 | 314,000 | (3,677,000) | 5,915,000 | 11,670,000 | 57,557,000 | ||||||
Income tax (benefit) provision | (15,727,000) | (3,393,000) | 876,000 | (12,711,000) | (438,000) | 5,127,000 | (8,248,000) | (16,269,000) | 20,173,000 | ||||||
Net income (loss) from continuing operations | (19,127,000) | (8,670,000) | 1,599,000 | 21,827,000 | 752,000 | (8,804,000) | 4,232,000 | (2,601,000) | 2,086,000 | (4,940,000) | 1,842,000 | 27,939,000 | |||
Income (loss) from discontinued operations before income taxes | 34,854,000 | 12,063,000 | (2,475,000) | (9,116,000) | (314,000) | 3,677,000 | (5,915,000) | (11,670,000) | (57,557,000) | ||||||
Income tax (benefit) provision | 15,727,000 | 3,393,000 | (876,000) | 12,711,000 | 438,000 | (5,127,000) | 8,248,000 | 16,269,000 | (20,173,000) | ||||||
Income (loss) from discontinued operations, net of tax | $ 19,127,000 | $ 8,670,000 | $ (1,599,000) | $ (21,827,000) | $ (752,000) | $ 8,804,000 | $ (14,163,000) | $ 7,071,000 | $ (5,359,000) | $ 26,198,000 | $ (6,111,000) | $ (27,938,000) | $ (37,384,000) | ||
Net income (loss) per share from continuing operations - basic | $ (0.51) | $ (0.23) | $ 0.04 | $ 0.58 | $ 0.02 | $ (0.24) | $ 0.39 | $ 0.75 | $ 1.13 | ||||||
Net income (loss) per share from discontinued operations - basic | 0.51 | 0.23 | (0.04) | (0.58) | (0.02) | 0.24 | (0.39) | (0.75) | (1.13) | ||||||
Net income (loss) per share from continuing operations - diluted | (0.51) | (0.23) | 0.09 | 0.58 | 0.02 | (0.24) | 0.39 | 0.75 | 1.13 | ||||||
Net income (loss) per share from discontinued operations - diluted | $ 0.51 | $ 0.23 | $ (0.09) | $ (0.58) | $ (0.02) | $ 0.24 | $ (0.39) | $ (0.75) | $ (1.13) | ||||||
Net Income From Continuing Operations [Member] | |||||||||||||||
Non-interest expense | |||||||||||||||
Net income (loss) from continuing operations | $ 3,339,000 | $ (5,769,000) | |||||||||||||
Net income (loss) available to common shareholders | $ (17,519,000) | ||||||||||||||
Net Income From Continuing Operations [Member] | As Previously Reported [Member] | |||||||||||||||
Non-interest expense | |||||||||||||||
Net income (loss) from continuing operations | 7,405,000 | 16,624,000 | |||||||||||||
Net income (loss) available to common shareholders | 7,326,000 | ||||||||||||||
Net Income From Continuing Operations [Member] | Restatement Adjustments [Member] | |||||||||||||||
Non-interest expense | |||||||||||||||
Net income (loss) from continuing operations | (18,229,000) | (59,777,000) | |||||||||||||
Net income (loss) available to common shareholders | $ (24,845,000) | ||||||||||||||
Net Income From Continuing Operations [Member] | Discontinued Operations Adjustments [Member] | |||||||||||||||
Non-interest expense | |||||||||||||||
Net income (loss) from continuing operations | 14,163,000 | $ 37,384,000 | |||||||||||||
Provision For Loan And Lease Losses [Member] | |||||||||||||||
Interest expense | |||||||||||||||
Provision for loan and lease losses | (165,000) | ||||||||||||||
Provision For Loan And Lease Losses [Member] | As Previously Reported [Member] | |||||||||||||||
Interest expense | |||||||||||||||
Provision for loan and lease losses | 5,500,000 | ||||||||||||||
Provision For Loan And Lease Losses [Member] | Restatement Adjustments [Member] | |||||||||||||||
Interest expense | |||||||||||||||
Provision for loan and lease losses | 12,338,000 | ||||||||||||||
Provision For Loan And Lease Losses [Member] | Discontinued Operations Adjustments [Member] | |||||||||||||||
Interest expense | |||||||||||||||
Provision for loan and lease losses | $ (18,003,000) |
Restated Quarterly Financial109
Restated Quarterly Financial Data (Unaudited) (Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 45 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | $ 11,095 | $ 5,842 | $ 1,652 | $ 3,226 | $ 4,308 | $ 1,953 | $ 3,916 | $ 3,339 | $ 4,878 | $ 7,255 | $ 10,720 | $ 9,208 | $ 21,815 | $ 13,516 | $ (5,769) | |
Net income (loss) from discontinued operations, net of tax | 9,096 | 19,127 | 8,670 | (1,599) | (21,827) | (752) | 8,804 | (14,163) | 7,071 | (5,359) | 26,198 | (6,111) | 35,294 | (27,938) | (37,384) | |
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Depreciation and amortization | 1,354 | 1,046 | 2,791 | 2,231 | 4,273 | 3,415 | 5,734 | 4,836 | 3,763 | |||||||
Provision for loan and lease losses | (1,404) | 158 | 1,173 | 1,275 | (106) | 379 | 247 | (165) | (2,448) | 82 | 2,606 | 461 | 1,202 | 355 | 6,642 | |
Net amortization of investment securities discounts/premiums | 3,441 | 823 | 4,794 | 2,615 | 7,448 | 4,660 | 14,059 | 6,811 | 2,090 | |||||||
Stock-based compensation expense | 772 | (745) | (1,443) | (1,558) | 2,042 | (2,357) | 2,641 | 3,157 | 2,595 | |||||||
Loans originated for sale | (218,587) | (28,402) | (323,926) | (110,117) | (427,937) | (189,327) | (630,165) | (276,562) | (28,876) | |||||||
Sale of loans originated for resale | 75,441 | (13,519) | (250,052) | (101,721) | 375,194 | (215,092) | 495,531 | 268,019 | 19,420 | |||||||
Gain on sales of loans originated for resale | (17,000) | (5,484) | (2,178) | (10,696) | (7,926) | (13,468) | (12,665) | (12,542) | (17,225) | (1,885) | $ (28,500) | |||||
Deferred income tax benefit | (13,590) | (200) | (1,188) | |||||||||||||
Gain (loss) on sale of fixed assets | (2) | (2) | 1 | (2) | 1 | (14) | (24) | (31) | ||||||||
Other than temporary impairment on securities held-to-maturity | 20 | 20 | 20 | 20 | 202 | |||||||||||
Gain on sales of investment securities | 35 | (159) | (241) | (1,104) | (42) | (476) | (267) | (400) | (743) | (365) | (785) | (450) | (1,889) | (661) | ||
Increase in accrued interest receivable | (1,928) | (1,689) | (1,954) | (2,516) | (2,539) | (2,961) | (2,729) | (3,553) | (1,574) | |||||||
Decrease (increase) in other assets | 36,401 | (3,076) | (3,896) | (4,283) | (67,222) | (4,868) | 21,966 | (222) | (42,056) | |||||||
Increase in discontinued assets held for sale | (43,923) | 11,263 | (24,377) | 3,852 | 34,903 | (8,671) | 37,410 | (23,390) | (2,310) | |||||||
Increase (decrease) in other liabilities | (1,552) | 25,149 | 15,704 | 1,438 | (15,249) | 16,161 | (26,155) | 15,284 | 7,739 | |||||||
Net cash (used in) provided by operating activities | (151,406) | (5,964) | 107,478 | (10,171) | (63,398) | 25,988 | (49,993) | (39,005) | (79,283) | |||||||
Investing activities | ||||||||||||||||
Purchase of investment securities available-for-sale | (222,550) | (250,581) | (343,628) | (442,958) | (402,168) | (607,528) | (533,168) | (884,050) | (473,828) | |||||||
Purchase of investment securities held-to-maturity | (50,875) | (52,899) | (52,899) | |||||||||||||
Proceeds from sale of investment securities available-for-sale | 24,173 | (9,356) | 46,507 | (51,149) | 78,793 | 61,962 | 109,322 | 106,243 | 26,209 | |||||||
Proceeds from redemptions and prepayments of securities held-to-maturity | 38 | 38 | 195 | 606 | 3,022 | 963 | 2,076 | |||||||||
Proceeds from redemptions and prepayments of securities available-for-sale | 64,004 | 59,942 | 109,559 | 103,091 | 144,051 | (174,895) | 188,252 | 233,262 | 154,246 | |||||||
Net increase in loans | (103,103) | (30,309) | (166,285) | (51,218) | (222,338) | (112,767) | (240,036) | (134,114) | (174,110) | |||||||
Net decrease in discontinued loans held for sale | 19,098 | (20,979) | 93,526 | (15,809) | 120,300 | 15,404 | 253,938 | 82,199 | 109,743 | |||||||
Proceeds from sale of fixed assets | 11 | 11 | (79) | 14 | (99) | 64 | 137 | 357 | ||||||||
Purchases of premises and equipment | (1,092) | (1,392) | (2,768) | (5,151) | (5,250) | (6,649) | (6,611) | (9,098) | (5,098) | |||||||
Investment in unconsolidated entity | (193,595) | |||||||||||||||
Net cash used in investing activities | (219,421) | 233,963 | (263,040) | 411,692 | (286,403) | (526,877) | (418,812) | (657,357) | (360,405) | |||||||
Financing activities | ||||||||||||||||
Net increase in deposits | (25,781) | 399,764 | (391,179) | 137,436 | (391,364) | (255,996) | 348,795 | 959,768 | 630,670 | |||||||
Net increase (decrease) in securities sold under agreements to repurchase | (4,730) | (1,876) | (3,740) | 511 | 275 | 3,509 | (1,807) | 2,673 | (14,629) | |||||||
Proceeds from issuance of common stock | (1,629) | 1,629 | 1,629 | 1,629 | 41,713 | |||||||||||
Proceeds from the exercise of options | 71 | 114 | 103 | 290 | 103 | (1,653) | 103 | 1,653 | 454 | |||||||
Net cash provided by financing activities | (30,440) | (399,631) | (394,816) | (139,866) | (390,986) | 262,787 | 347,091 | 965,723 | 658,208 | |||||||
Net (decrease) increase in cash and cash equivalents | (401,267) | 171,632 | (765,334) | (281,997) | (740,787) | (238,102) | (121,714) | 269,361 | 218,520 | |||||||
Cash and cash equivalents, beginning of year | 495,162 | 470,614 | 834,682 | 1,235,949 | 728,485 | 684,591 | 1,138,220 | 966,588 | 1,235,949 | 966,588 | 1,235,949 | 966,588 | 1,235,949 | 966,588 | 748,068 | |
Cash and cash equivalents, end of year | 1,114,235 | 495,162 | 470,614 | 834,682 | 1,235,949 | 728,485 | 684,591 | 1,138,220 | 470,614 | 684,591 | 495,162 | 728,485 | 1,114,235 | 1,235,949 | 966,588 | 495,162 |
Supplemental disclosure: | ||||||||||||||||
Interest paid | 2,911 | 2,720 | 5,734 | 5,326 | 8,104 | 8,054 | 10,768 | 10,792 | 11,431 | |||||||
Taxes paid | 1,129 | 2,244 | 2,093 | 2,244 | 2,578 | 11,445 | 2,578 | 17,602 | 11,049 | |||||||
Transfers of loans to other real estate owned | 725 | 725 | ||||||||||||||
Transfers of loans to held for sale | 21,692 | 27,316 | 32,795 | |||||||||||||
The Bancorp [Member] | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Stock-based compensation expense | 2,641 | 3,157 | 2,595 | |||||||||||||
Decrease (increase) in other assets | (3,441) | (1,735) | (1,749) | |||||||||||||
Increase (decrease) in other liabilities | 21 | (73) | 53 | |||||||||||||
Net cash (used in) provided by operating activities | (2,472) | (134) | 87 | |||||||||||||
Investing activities | ||||||||||||||||
Investment in unconsolidated entity | (58,000) | (16,798) | (31,283) | |||||||||||||
Net cash used in investing activities | (61,857) | (16,798) | (31,283) | |||||||||||||
Financing activities | ||||||||||||||||
Proceeds from issuance of common stock | 1,629 | 41,713 | ||||||||||||||
Proceeds from the exercise of options | 103 | 1,653 | 454 | |||||||||||||
Net cash provided by financing activities | 103 | 3,282 | 42,167 | |||||||||||||
Net (decrease) increase in cash and cash equivalents | (64,226) | (13,650) | 10,971 | |||||||||||||
Cash and cash equivalents, beginning of year | 70,612 | 84,262 | 70,612 | 84,262 | 70,612 | 84,262 | 70,612 | 84,262 | 73,291 | |||||||
Cash and cash equivalents, end of year | 6,386 | 70,612 | 6,386 | 70,612 | 84,262 | |||||||||||
As Previously Reported [Member] | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | (16,805) | 338 | 298 | 7,326 | 4,788 | 5,592 | 7,405 | 636 | 12,997 | (16,169) | 17,785 | 25,110 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Depreciation and amortization | 1,354 | 1,046 | 2,791 | 2,231 | 4,273 | 3,415 | 4,836 | 3,763 | ||||||||
Provision for loan and lease losses | 965 | 15,500 | 17,300 | 6,500 | 8,000 | 9,500 | 5,500 | (32,800) | 15,000 | 33,765 | 23,000 | 29,500 | 22,438 | |||
Net amortization of investment securities discounts/premiums | 3,441 | 823 | 4,794 | 2,615 | 7,448 | 4,660 | 6,811 | 2,090 | ||||||||
Stock-based compensation expense | 772 | (745) | (1,443) | (1,558) | 2,042 | (2,357) | 3,157 | 2,595 | ||||||||
Loans originated for sale | (218,587) | (28,402) | (323,926) | (110,117) | (427,937) | (189,327) | (276,562) | (28,876) | ||||||||
Sale of loans originated for resale | 75,441 | (13,519) | (250,052) | (101,721) | 375,194 | (215,092) | 268,019 | 19,420 | ||||||||
Gain on sales of loans originated for resale | (5,484) | (2,178) | (10,696) | (7,926) | (13,468) | (12,665) | (17,225) | (1,885) | ||||||||
Deferred income tax benefit | (199) | (2,899) | ||||||||||||||
Gain (loss) on sale of fixed assets | (2) | (2) | 1 | (2) | 1 | (24) | (31) | |||||||||
Other than temporary impairment on securities held-to-maturity | 20 | 20 | 20 | 20 | 202 | |||||||||||
Loss (Gain) on sale and write downs on other real estate owned | 2,568 | (92) | 62 | (8) | 403 | 815 | 251 | 30 | 1,066 | 2,538 | 1,469 | 1,461 | 2,508 | |||
Gain on sales of investment securities | 35 | (159) | (241) | (1,104) | (42) | (476) | (267) | (400) | (743) | (365) | (785) | (1,889) | (661) | |||
Increase in accrued interest receivable | (1,584) | (1,664) | (1,377) | (2,503) | (1,897) | (2,699) | (3,274) | (1,381) | ||||||||
Decrease (increase) in other assets | (7,043) | 2,407 | (5,098) | 1,257 | (24,916) | 751 | (9,197) | (8,561) | ||||||||
Increase in discontinued assets held for sale | 0 | 0 | ||||||||||||||
Increase (decrease) in other liabilities | (1,552) | 25,149 | 15,704 | 1,438 | (15,247) | 16,161 | 15,284 | 7,739 | ||||||||
Net cash (used in) provided by operating activities | (135,825) | (24,354) | 64,657 | 18,615 | (74,741) | 79,235 | 45,828 | 33,085 | ||||||||
Investing activities | ||||||||||||||||
Purchase of investment securities available-for-sale | (222,550) | (250,581) | (343,628) | (442,958) | (402,168) | (607,528) | (884,050) | (473,828) | ||||||||
Purchase of investment securities held-to-maturity | (50,875) | (52,899) | (52,899) | |||||||||||||
Proceeds from sale of investment securities available-for-sale | 24,173 | (9,356) | 46,507 | (51,149) | 78,793 | 61,962 | 106,243 | 26,209 | ||||||||
Proceeds from redemptions and prepayments of securities held-to-maturity | 38 | 38 | 195 | 606 | 963 | 2,076 | ||||||||||
Proceeds from redemptions and prepayments of securities available-for-sale | 64,004 | 59,942 | 109,559 | 103,091 | 144,051 | (174,895) | 233,262 | 154,246 | ||||||||
Proceeds from sale of other real estate owned | 2,404 | 693 | 3,844 | 693 | 5,832 | (1,979) | 2,373 | 5,535 | ||||||||
Net increase in loans | (102,056) | (70,939) | (119,512) | (97,812) | (96,473) | (152,124) | (138,632) | (181,872) | ||||||||
Proceeds from sale of fixed assets | 11 | 11 | (79) | 14 | (99) | 137 | 357 | |||||||||
Purchases of premises and equipment | (1,092) | (1,392) | (2,768) | (5,151) | (5,250) | (6,649) | (9,098) | (5,098) | ||||||||
Net cash used in investing activities | (235,068) | 252,921 | (305,949) | 441,784 | (275,006) | (579,659) | (741,701) | (472,375) | ||||||||
Financing activities | ||||||||||||||||
Net increase in deposits | (25,781) | 399,764 | (391,179) | 137,436 | (391,364) | (255,996) | 959,768 | 630,670 | ||||||||
Net increase (decrease) in securities sold under agreements to repurchase | (4,730) | (1,876) | (3,740) | 511 | 275 | 3,509 | 2,673 | (14,629) | ||||||||
Proceeds from issuance of common stock | (1,629) | 1,629 | 1,629 | 1,629 | 41,713 | |||||||||||
Proceeds from the exercise of options | 71 | 114 | 103 | 290 | 103 | (1,653) | 1,653 | 454 | ||||||||
Net cash provided by financing activities | (30,440) | (399,631) | (394,816) | (139,866) | (390,986) | 262,787 | 965,723 | 658,208 | ||||||||
Net (decrease) increase in cash and cash equivalents | (401,333) | 171,064 | (765,422) | (283,303) | (740,733) | (237,637) | 269,850 | 218,918 | ||||||||
Cash and cash equivalents, beginning of year | 497,208 | 472,520 | 836,609 | 1,237,942 | 730,455 | 684,789 | 1,139,156 | 968,092 | 1,237,942 | 968,092 | 1,237,942 | 968,092 | 1,237,942 | 968,092 | 749,174 | |
Cash and cash equivalents, end of year | 497,208 | 472,520 | 836,609 | 1,237,942 | 730,455 | 684,789 | 1,139,156 | 472,520 | 684,789 | 497,208 | 730,455 | 1,237,942 | 968,092 | 497,208 | ||
Supplemental disclosure: | ||||||||||||||||
Interest paid | 2,911 | 2,720 | 5,734 | 5,326 | 8,104 | 8,054 | 10,792 | 11,431 | ||||||||
Taxes paid | 1,129 | 2,244 | 2,093 | 2,244 | 2,578 | 11,445 | 17,602 | 11,049 | ||||||||
Transfers of loans to other real estate owned | 725 | |||||||||||||||
Transfers of loans to held for sale | 21,692 | 27,316 | 32,795 | |||||||||||||
Restatement Adjustments [Member] | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | 41,774 | 9,984 | 1,329 | (24,845) | (3,587) | 7,128 | (8,298) | 6,843 | (7,828) | 31,829 | (10,419) | (39,533) | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Provision for loan and lease losses | (71,113) | (14,925) | (2,165) | 13,733 | 3,863 | (1,040) | 12,904 | 21,831 | 11,444 | (80,062) | 14,309 | 28,894 | 90,489 | |||
Deferred income tax benefit | 2,489 | 5,008 | 14,569 | (4,358) | 47,814 | (4,975) | (13,502) | (25,978) | ||||||||
Decrease (increase) in other assets | 2,214 | (2,070) | ||||||||||||||
Net cash (used in) provided by operating activities | (257) | 402 | 419 | (742) | (419) | (1,085) | (1,428) | (748) | ||||||||
Investing activities | ||||||||||||||||
Net increase in loans | 257 | 402 | 419 | 742 | 419 | 1,085 | 1,428 | 748 | ||||||||
Net cash used in investing activities | 257 | (402) | 419 | (742) | 419 | 1,085 | 1,428 | 748 | ||||||||
Discontinued Operations Adjustments [Member] | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | (19,127) | (8,670) | 1,599 | 21,827 | 752 | (8,804) | 4,232 | (2,601) | 2,086 | (4,940) | 1,842 | 27,939 | ||||
Net income (loss) from discontinued operations, net of tax | 19,127 | 8,670 | (1,599) | (21,827) | (752) | 8,804 | (14,163) | 7,071 | (5,359) | 26,198 | (6,111) | (27,938) | (37,384) | |||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Provision for loan and lease losses | 70,306 | 598 | (13,860) | (20,339) | (11,484) | (8,213) | (18,569) | 8,521 | (26,362) | 48,903 | (36,848) | (58,039) | (106,285) | |||
Deferred income tax benefit | (2,489) | (5,008) | (14,569) | 4,358 | (47,814) | 4,975 | 13,501 | 27,689 | ||||||||
Loss (Gain) on sale and write downs on other real estate owned | (2,568) | 92 | (62) | 8 | (403) | (815) | (251) | (30) | (1,066) | (2,538) | (1,469) | (1,461) | (2,508) | |||
Increase in accrued interest receivable | (344) | (25) | (577) | (13) | (642) | (262) | (279) | (193) | ||||||||
Decrease (increase) in other assets | 43,444 | (5,483) | 1,202 | (5,540) | (42,306) | (5,619) | 6,761 | (31,425) | ||||||||
Increase in discontinued assets held for sale | (43,923) | 11,263 | (24,376) | 3,852 | 34,903 | (8,671) | (23,390) | (2,310) | ||||||||
Increase (decrease) in other liabilities | (2) | |||||||||||||||
Net cash (used in) provided by operating activities | (15,324) | 17,988 | 42,401 | (28,044) | 11,762 | (52,162) | (83,405) | (111,620) | ||||||||
Investing activities | ||||||||||||||||
Proceeds from sale of other real estate owned | (2,404) | (693) | (3,844) | (693) | (5,832) | 1,979 | (2,373) | (5,535) | ||||||||
Net increase in loans | (1,304) | 40,228 | (47,192) | 45,852 | (126,284) | 38,272 | 3,090 | 7,014 | ||||||||
Net decrease in discontinued loans held for sale | 19,098 | (20,979) | 93,526 | (15,809) | 120,300 | 15,404 | 82,199 | 109,743 | ||||||||
Net cash used in investing activities | 15,390 | (18,556) | 42,490 | (29,350) | (11,816) | 51,697 | 82,916 | 111,222 | ||||||||
Financing activities | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | 66 | 568 | 89 | 1,306 | (54) | (465) | (489) | (398) | ||||||||
Cash and cash equivalents, beginning of year | $ (2,047) | (1,904) | (1,927) | (1,993) | (1,970) | (198) | (936) | (1,504) | (1,993) | (1,504) | (1,993) | (1,504) | $ (1,993) | (1,504) | (1,106) | |
Cash and cash equivalents, end of year | $ (2,047) | $ (1,904) | (1,927) | $ (1,993) | $ (1,970) | $ (198) | $ (936) | $ (1,904) | $ (198) | $ (2,047) | $ (1,970) | (1,993) | (1,504) | $ (2,047) | ||
Net Income From Continuing Operations [Member] | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | 3,226 | 13,516 | (5,769) | |||||||||||||
Net Income From Continuing Operations [Member] | As Previously Reported [Member] | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | 298 | 25,110 | 16,624 | |||||||||||||
Net Income From Continuing Operations [Member] | Restatement Adjustments [Member] | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | 1,054 | (21,177) | (53,531) | |||||||||||||
Net Income From Continuing Operations [Member] | Discontinued Operations Adjustments [Member] | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income (loss) from continuing operations | 1,874 | 9,583 | 31,138 | |||||||||||||
Provision For Loan And Lease Losses [Member] | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Provision for loan and lease losses | 1,275 | 355 | 6,642 | |||||||||||||
Provision For Loan And Lease Losses [Member] | As Previously Reported [Member] | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Provision for loan and lease losses | 17,300 | 29,500 | 22,438 | |||||||||||||
Provision For Loan And Lease Losses [Member] | Restatement Adjustments [Member] | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Provision for loan and lease losses | (3,800) | 31,037 | 80,831 | |||||||||||||
Provision For Loan And Lease Losses [Member] | Discontinued Operations Adjustments [Member] | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Provision for loan and lease losses | $ (12,225) | $ (60,182) | $ (96,627) |
Condensed Financial Informat110
Condensed Financial Information-Parent Only (Schedule Of Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets | ||||||||||
Cash and due from banks | $ 8,665 | $ 9,913 | $ 13,288 | $ 13,371 | $ 31,890 | $ 30,056 | $ 21,362 | $ 13,172 | $ 18,477 | |
Investment in subsidiaries | 193,595 | |||||||||
Other assets | 45,268 | 39,046 | 36,091 | 38,030 | 31,178 | 28,270 | 27,683 | 26,478 | 28,915 | |
Total assets | 4,986,317 | 4,237,123 | 4,214,000 | 4,588,475 | 4,593,588 | 3,912,649 | 3,792,449 | 4,040,921 | 3,626,714 | |
Liabilities and stockholders'equity | ||||||||||
Other liabilities | 12,695 | 23,603 | 29,978 | 56,353 | 38,850 | 42,274 | 49,186 | 42,961 | 17,812 | |
Stockholders' equity | 319,023 | 296,998 | 271,330 | 255,022 | 247,127 | 265,700 | 260,146 | 254,902 | 263,732 | $ 258,311 |
Total liabilities and shareholders' equity | 4,986,317 | $ 4,237,123 | $ 4,214,000 | $ 4,588,475 | 4,593,588 | $ 3,912,649 | $ 3,792,449 | $ 4,040,921 | $ 3,626,714 | |
The Bancorp [Member] | ||||||||||
Assets | ||||||||||
Cash and due from banks | 6,386 | 70,612 | ||||||||
Intercompay loans | 3,857 | |||||||||
Investment in subsidiaries | 310,507 | 181,533 | ||||||||
Other assets | 11,713 | 8,401 | ||||||||
Total assets | 332,463 | 260,546 | ||||||||
Liabilities and stockholders'equity | ||||||||||
Other liabilities | 39 | 18 | ||||||||
Subordinated debenture | 13,401 | 13,401 | ||||||||
Stockholders' equity | 319,023 | 247,127 | ||||||||
Total liabilities and shareholders' equity | $ 332,463 | $ 260,546 |
Condensed Financial Informat111
Condensed Financial Information-Parent Only (Schedule Of Condensed Statements Of Operations) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Expense | |||||||||||
Interest on subordinated debentures | $ 116,000 | $ 113,000 | $ 115,000 | $ 115,000 | $ 115,000 | $ 118,000 | $ 200,000 | $ 478,000 | $ 548,000 | $ 869,000 | |
Non-interest expense | $ 37,628,000 | 33,135,000 | 34,012,000 | 31,205,000 | 27,126,000 | 26,384,000 | 25,353,000 | 22,954,000 | 135,980,000 | 101,817,000 | 80,188,000 |
Income before income tax | (2,834,000) | 2,282,000 | 2,995,000 | 4,849,000 | 6,464,000 | 2,931,000 | 5,877,000 | 5,011,000 | 7,292,000 | 20,283,000 | (9,261,000) |
Income tax (benefit) provision | (13,929,000) | (3,560,000) | 1,343,000 | 1,623,000 | 2,156,000 | 978,000 | 1,961,000 | 1,672,000 | (14,523,000) | 6,767,000 | (3,492,000) |
Net income (loss) available to common shareholders | $ 20,191,000 | $ 24,969,000 | $ 10,322,000 | $ 1,627,000 | $ (17,520,000) | $ 1,201,000 | $ 12,720,000 | $ (10,824,000) | 57,109,000 | (14,422,000) | (43,153,000) |
The Bancorp [Member] | |||||||||||
Income | |||||||||||
Interest on intercompany loans | 13,000 | ||||||||||
Other income | 30,235,000 | 27,415,000 | 23,802,000 | ||||||||
Total income | 30,248,000 | 27,415,000 | 23,802,000 | ||||||||
Expense | |||||||||||
Interest on subordinated debentures | 478,000 | 548,000 | 869,000 | ||||||||
Non-interest expense | 32,351,000 | 29,507,000 | 24,563,000 | ||||||||
Total expense | 32,829,000 | 30,055,000 | 25,432,000 | ||||||||
Equity in undistributed income of subsidiaries | 58,802,000 | (12,939,000) | (42,341,000) | ||||||||
Income before income tax | 56,221,000 | (15,579,000) | (43,971,000) | ||||||||
Income tax (benefit) provision | (888,000) | (1,157,000) | (818,000) | ||||||||
Net income (loss) available to common shareholders | $ 57,109,000 | $ (14,422,000) | $ (43,153,000) |
Condensed Financial Informat112
Condensed Financial Information-Parent Only (Schedule Of Condensed Cash Flow Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating activities | |||||||||
Net income (loss) | $ 57,109 | $ (14,422) | $ (43,153) | ||||||
Decrease (increase) in other assets | $ 36,401 | $ (3,076) | $ (3,896) | $ (4,283) | $ (67,222) | $ (4,868) | 21,966 | (222) | (42,056) |
Increase (decrease) in other liabilities | (1,552) | 25,149 | 15,704 | 1,438 | (15,249) | 16,161 | (26,155) | 15,284 | 7,739 |
Stock-based compensation expense | 772 | (745) | (1,443) | (1,558) | 2,042 | (2,357) | 2,641 | 3,157 | 2,595 |
Net cash (used in) provided by operating activities | (151,406) | (5,964) | 107,478 | (10,171) | (63,398) | 25,988 | (49,993) | (39,005) | (79,283) |
Investing activities | |||||||||
Contribution to subsidiary | (193,595) | ||||||||
Net cash used in investing activities | (219,421) | 233,963 | (263,040) | 411,692 | (286,403) | (526,877) | (418,812) | (657,357) | (360,405) |
Financing activities | |||||||||
Proceeds from issuance of common stock | (1,629) | 1,629 | 1,629 | 1,629 | 41,713 | ||||
Proceeds from the exercise of common stock options | 71 | 114 | 103 | 290 | 103 | (1,653) | 103 | 1,653 | 454 |
Net cash provided by financing activities | (30,440) | (399,631) | (394,816) | (139,866) | (390,986) | 262,787 | 347,091 | 965,723 | 658,208 |
Net (decrease) increase in cash and cash equivalents | (401,267) | 171,632 | (765,334) | (281,997) | (740,787) | (238,102) | (121,714) | 269,361 | 218,520 |
Cash and cash equivalents, beginning of year | 1,235,949 | 966,588 | 1,235,949 | 966,588 | 1,235,949 | 966,588 | 1,235,949 | 966,588 | 748,068 |
Cash and cash equivalents, end of year | 834,682 | 1,138,220 | 470,614 | 684,591 | 495,162 | 728,485 | 1,114,235 | 1,235,949 | 966,588 |
The Bancorp [Member] | |||||||||
Operating activities | |||||||||
Net income (loss) | 57,109 | (14,422) | (43,153) | ||||||
Decrease (increase) in other assets | (3,441) | (1,735) | (1,749) | ||||||
Increase (decrease) in other liabilities | 21 | (73) | 53 | ||||||
Stock-based compensation expense | 2,641 | 3,157 | 2,595 | ||||||
Equity in undistributed income | (58,802) | 12,939 | 42,341 | ||||||
Net cash (used in) provided by operating activities | (2,472) | (134) | 87 | ||||||
Investing activities | |||||||||
Purchase of equity security | (3,857) | ||||||||
Contribution to subsidiary | (58,000) | (16,798) | (31,283) | ||||||
Net cash used in investing activities | (61,857) | (16,798) | (31,283) | ||||||
Financing activities | |||||||||
Proceeds from issuance of common stock | 1,629 | 41,713 | |||||||
Proceeds from the exercise of common stock options | 103 | 1,653 | 454 | ||||||
Net cash provided by financing activities | 103 | 3,282 | 42,167 | ||||||
Net (decrease) increase in cash and cash equivalents | (64,226) | (13,650) | 10,971 | ||||||
Cash and cash equivalents, beginning of year | $ 70,612 | $ 84,262 | $ 70,612 | $ 84,262 | $ 70,612 | $ 84,262 | 70,612 | 84,262 | 73,291 |
Cash and cash equivalents, end of year | $ 6,386 | $ 70,612 | $ 84,262 |
Segment Financials (Narrative)
Segment Financials (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014segment | |
Segment Financials [Abstract] | |
Continuing operation segments | 4 |
Segment Financials (Operating S
Segment Financials (Operating Segments) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Interest income | $ 18,522,000 | $ 18,033,000 | $ 17,610,000 | $ 16,555,000 | $ 14,408,000 | $ 13,176,000 | $ 12,094,000 | $ 11,472,000 | $ 70,720,000 | $ 51,150,000 | $ 39,479,000 | ||||
Interest expense | 2,765,000 | 2,819,000 | 2,904,000 | 2,744,000 | 2,706,000 | 2,606,000 | 2,712,000 | 11,295,000 | 10,768,000 | 11,411,000 | |||||
Net interest income | 15,715,000 | 15,268,000 | 14,791,000 | 13,651,000 | 11,664,000 | 10,470,000 | 9,488,000 | 8,760,000 | 59,425,000 | 40,382,000 | 28,068,000 | ||||
Provision for loan and lease losses | (1,404,000) | 158,000 | 1,173,000 | 1,275,000 | (106,000) | 379,000 | 247,000 | (165,000) | $ (2,448,000) | $ 82,000 | $ 2,606,000 | $ 461,000 | 1,202,000 | 355,000 | 6,642,000 |
Non-interest income | 17,675,000 | 20,307,000 | 23,389,000 | 23,678,000 | 21,820,000 | 19,224,000 | 21,989,000 | 19,040,000 | 85,049,000 | 82,073,000 | 49,501,000 | ||||
Non-interest expense | 37,628,000 | 33,135,000 | 34,012,000 | 31,205,000 | 27,126,000 | 26,384,000 | 25,353,000 | 22,954,000 | 135,980,000 | 101,817,000 | 80,188,000 | ||||
Income before income tax | (2,834,000) | 2,282,000 | 2,995,000 | 4,849,000 | 6,464,000 | 2,931,000 | 5,877,000 | 5,011,000 | 7,292,000 | 20,283,000 | (9,261,000) | ||||
Income taxes | (13,929,000) | (3,560,000) | 1,343,000 | 1,623,000 | 2,156,000 | 978,000 | 1,961,000 | 1,672,000 | (14,523,000) | 6,767,000 | (3,492,000) | ||||
Net income (loss) from continuing operations | 11,095,000 | 5,842,000 | 1,652,000 | 3,226,000 | 4,308,000 | 1,953,000 | 3,916,000 | 3,339,000 | 4,878,000 | 7,255,000 | 10,720,000 | 9,208,000 | 21,815,000 | 13,516,000 | (5,769,000) |
Net income (loss) from discontinued operations, net of tax | 9,096,000 | 19,127,000 | 8,670,000 | (1,599,000) | (21,827,000) | (752,000) | 8,804,000 | (14,163,000) | 7,071,000 | (5,359,000) | 26,198,000 | (6,111,000) | 35,294,000 | (27,938,000) | (37,384,000) |
Net income (loss) available to common shareholders | 20,191,000 | 24,969,000 | 10,322,000 | 1,627,000 | (17,520,000) | 1,201,000 | 12,720,000 | (10,824,000) | 57,109,000 | (14,422,000) | (43,153,000) | ||||
Total assets | 4,986,317,000 | 4,237,123,000 | 4,214,000,000 | 4,588,475,000 | 4,593,588,000 | 3,912,649,000 | 3,792,449,000 | 4,040,921,000 | 4,214,000,000 | 3,792,449,000 | 4,237,123,000 | 3,912,649,000 | 4,986,317,000 | 4,593,588,000 | 3,626,714,000 |
Total liabilities | 4,667,294,000 | $ 3,940,125,000 | $ 3,942,670,000 | $ 4,333,453,000 | 4,346,461,000 | $ 3,646,949,000 | $ 3,532,303,000 | $ 3,786,019,000 | $ 3,942,670,000 | $ 3,532,303,000 | $ 3,940,125,000 | $ 3,646,949,000 | 4,667,294,000 | 4,346,461,000 | 3,362,982,000 |
Specialty Finance [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Interest income | 36,402,000 | 27,577,000 | 20,776,000 | ||||||||||||
Interest expense | 3,964,000 | 3,762,000 | 3,155,000 | ||||||||||||
Net interest income | 32,438,000 | 23,815,000 | 17,621,000 | ||||||||||||
Provision for loan and lease losses | 1,202,000 | 355,000 | 6,642,000 | ||||||||||||
Non-interest income | 19,030,000 | 23,049,000 | 6,387,000 | ||||||||||||
Non-interest expense | 37,933,000 | 30,190,000 | 20,894,000 | ||||||||||||
Income before income tax | 12,333,000 | 16,319,000 | (3,528,000) | ||||||||||||
Net income (loss) from continuing operations | 12,333,000 | 16,319,000 | (3,528,000) | ||||||||||||
Net income (loss) available to common shareholders | 12,333,000 | 16,319,000 | (3,528,000) | ||||||||||||
Total assets | 1,099,914,000 | 739,559,000 | 1,099,914,000 | 739,559,000 | |||||||||||
Total liabilities | 1,165,567,000 | 1,033,616,000 | 1,165,567,000 | 1,033,616,000 | |||||||||||
Payments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Interest income | 58,000 | 64,000 | 70,000 | ||||||||||||
Interest allocation | 34,261,000 | 23,510,000 | 18,633,000 | ||||||||||||
Interest expense | 6,137,000 | 4,796,000 | 4,979,000 | ||||||||||||
Net interest income | 28,182,000 | 18,778,000 | 13,724,000 | ||||||||||||
Non-interest income | 65,509,000 | 57,129,000 | 42,654,000 | ||||||||||||
Non-interest expense | 79,145,000 | 59,202,000 | 46,990,000 | ||||||||||||
Income before income tax | 14,546,000 | 16,705,000 | 9,388,000 | ||||||||||||
Net income (loss) from continuing operations | 14,546,000 | 16,705,000 | 9,388,000 | ||||||||||||
Net income (loss) available to common shareholders | 14,546,000 | 16,705,000 | 9,388,000 | ||||||||||||
Total assets | 30,503,000 | 26,190,000 | 30,503,000 | 26,190,000 | |||||||||||
Total liabilities | 3,198,129,000 | 2,649,358,000 | 3,198,129,000 | 2,649,358,000 | |||||||||||
Corporate [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Interest income | 34,260,000 | 23,509,000 | 18,633,000 | ||||||||||||
Interest allocation | (34,261,000) | (23,510,000) | (18,633,000) | ||||||||||||
Interest expense | 1,194,000 | 2,210,000 | 3,277,000 | ||||||||||||
Net interest income | (1,195,000) | (2,211,000) | (3,277,000) | ||||||||||||
Non-interest income | 510,000 | 1,895,000 | 460,000 | ||||||||||||
Non-interest expense | 18,902,000 | 12,425,000 | 12,304,000 | ||||||||||||
Income before income tax | (19,587,000) | (12,741,000) | (15,121,000) | ||||||||||||
Income taxes | (14,523,000) | 6,767,000 | (3,492,000) | ||||||||||||
Net income (loss) from continuing operations | (5,064,000) | (19,508,000) | (11,629,000) | ||||||||||||
Net income (loss) available to common shareholders | (5,064,000) | (19,508,000) | (11,629,000) | ||||||||||||
Total assets | 2,967,971,000 | 2,648,562,000 | 2,967,971,000 | 2,648,562,000 | |||||||||||
Total liabilities | 303,598,000 | 663,487,000 | 303,598,000 | 663,487,000 | |||||||||||
Discontinued Operations [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net income (loss) from discontinued operations, net of tax | 35,294,000 | (27,938,000) | (37,384,000) | ||||||||||||
Net income (loss) available to common shareholders | 35,294,000 | (27,938,000) | $ (37,384,000) | ||||||||||||
Total assets | $ 887,929,000 | $ 1,179,277,000 | $ 887,929,000 | $ 1,179,277,000 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 45 Months Ended | |||||||
Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
Discontinued Operations [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Marked To Fair Value | $ 1,200,000 | |||||||||||
Disposal Group, Including Discontinued Operation, Other Expense | $ 74,900 | |||||||||||
Proceeds from Sale of Loans Held-for-sale | 149,600 | |||||||||||
Loans, book value | 192,700 | 342,200 | ||||||||||
Loans, face value | 267,600 | 417,100 | ||||||||||
Gain (Loss) on Sale of Mortgage Loans | 17,000 | $ 5,484 | $ 2,178 | $ 10,696 | $ 7,926 | $ 13,468 | $ 12,665 | 12,542 | $ 17,225 | $ 1,885 | $ 28,500 | |
Equity contributed to securitization entity by an independent investor | $ 16,000 | $ 16,000 | ||||||||||
Subsequent Event [Member] | ||||||||||||
Discontinued Operations [Line Items] | ||||||||||||
Proceeds from Sale of Loans Held-for-sale | $ 150,000 | |||||||||||
Gain (Loss) on Sale of Mortgage Loans | $ 2,200 |
Discontinued Operations (Financ
Discontinued Operations (Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Discontinued Operations [Abstract] | ||||||||||
Interest income | $ 44,097 | $ 53,972 | $ 56,627 | |||||||
Provision for loan and lease losses | 26,919 | 58,038 | 106,285 | |||||||
Net interest income | 17,178 | (4,066) | (49,658) | |||||||
Non interest income | 1,624 | 1,357 | 97 | |||||||
Non interest expense | (35,823) | 8,960 | 7,996 | |||||||
Income (loss) before taxes | $ 34,854 | $ 12,063 | $ (2,475) | $ (9,116) | $ (314) | $ 3,677 | $ (5,915) | 54,625 | (11,669) | (57,557) |
Income taxes | 19,331 | 16,269 | (20,173) | |||||||
Net income (loss) | 35,294 | (27,938) | (37,384) | |||||||
Loans, net | 1,182,493 | 867,399 | 1,182,493 | |||||||
Other assets | (3,216) | 20,530 | (3,216) | |||||||
Assets, Total | $ 1,066,029 | $ 1,108,972 | $ 1,160,794 | $ 1,179,277 | $ 1,236,868 | $ 1,255,559 | $ 1,253,317 | $ 887,929 | $ 1,179,277 | $ 1,238,086 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Discontinued Assets, Liabilities And Related Adjustments) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations [Abstract] | |||||||||
Other assets | $ 20,530 | $ (3,216) | |||||||
Assets, Total | $ 887,929 | $ 1,066,029 | $ 1,108,972 | $ 1,160,794 | $ 1,179,277 | $ 1,236,868 | $ 1,255,559 | $ 1,253,317 | $ 1,238,086 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule Of Various Elements Of The Lower Of Cost Or Market Valuation) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 3.37% |
Large Balance Commercial Loans [Member] | Maximum [Member] | Discounted Cash Flows [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 7.93% |
Large Balance Commercial Loans [Member] | Minimum [Member] | Discounted Cash Flows [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 1.87% |
Small Balance Commercial Loans [Member] | Maximum [Member] | Discounted Cash Flows [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 6.77% |
Small Balance Commercial Loans [Member] | Minimum [Member] | Discounted Cash Flows [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 4.12% |