Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 05, 2015 | |
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 Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,758,237 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Cash and cash equivalents | ||||
Cash and due from banks | $ 4,002 | $ 8,665 | $ 9,913 | |
Interest earning deposits at Federal Reserve Bank | 995,441 | 1,059,320 | 430,117 | |
Securities purchased under agreements to resell | 37,970 | 46,250 | 55,450 | |
Total cash and cash equivalents | 1,037,413 | 1,114,235 | 495,162 | $ 1,235,949 |
Investment securities, available-for-sale, at fair value | 1,316,705 | 1,493,639 | 1,442,049 | |
Investment securities, held-to-maturity (fair value $91,612 and $91,914, respectively) | 93,604 | 93,765 | 96,951 | |
Commercial loans held for sale | 354,600 | 217,080 | 136,115 | |
Loans, net of deferred loan fees and costs | 994,518 | 874,593 | 856,428 | |
Allowance for loan and lease losses | (4,194) | (3,638) | (5,300) | |
Loans, net | 990,324 | 870,955 | 851,128 | |
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,063 | 1,002 | 3,409 | |
Premises and equipment, net | 18,893 | 17,697 | 17,536 | |
Accrued interest receivable | 11,232 | 11,251 | 11,061 | |
Intangible assets, net | 5,248 | 6,228 | 6,573 | |
Deferred tax asset, net | 33,857 | 33,673 | 71,021 | |
Investment in unconsolidated entity, at fair value | 186,656 | 193,595 | ||
Assets held for sale | 611,729 | 887,929 | 1,066,029 | |
Other assets | 53,123 | 45,268 | 39,046 | |
Total assets | 4,714,447 | 4,986,317 | 4,237,123 | |
Deposits | ||||
Demand and interest checking | 4,002,638 | 4,289,586 | 3,554,484 | |
Savings and money market | 376,577 | 330,798 | 324,015 | |
Time deposits | 1,400 | 231 | ||
Time deposits, $100,000 and over | 2,895 | |||
Total deposits | 4,379,215 | 4,621,784 | 3,881,625 | |
Securities sold under agreements to repurchase | 1,034 | 19,414 | 21,496 | |
Subordinated debenture | 13,401 | 13,401 | 13,401 | |
Other liabilities | 7,100 | 12,695 | 23,603 | |
Total liabilities | 4,400,750 | 4,667,294 | 3,940,125 | |
SHAREHOLDERS' EQUITY | ||||
Common stock - authorized, 50,000,000 shares of $1.00 par value; 37,858,322 and 37,808,777 shares issued at September 30, 2015 and December 31, 2014, respectively | 37,858 | 37,809 | 37,809 | |
Treasury stock, at cost (100,000 shares) | (866) | (866) | (866) | |
Additional paid-in capital | 299,470 | 297,987 | 297,122 | |
Retained earnings | (33,429) | (28,242) | (48,435) | |
Accumulated other comprehensive income | 10,664 | 12,335 | 11,368 | |
Total shareholders' equity | 313,697 | 319,023 | 296,998 | |
Total liabilities and shareholders' equity | $ 4,714,447 | $ 4,986,317 | $ 4,237,123 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
ASSETS | |||
Investment securities, held-to-maturity, fair value | $ 91,612 | $ 91,914 | $ 94,889 |
SHAREHOLDERS' EQUITY | |||
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Common stock, issued (in shares) | 37,858,322 | 37,808,777 | 37,808,777 |
Treasury stock (in shares) | 100,000 | 100,000 | 100,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income | ||||
Loans, including fees | $ 12,811 | $ 9,175 | $ 35,042 | $ 26,441 |
Interest on investment securities: | ||||
Taxable interest | 4,562 | 5,311 | 14,628 | 15,804 |
Tax-exempt interest | 3,097 | 3,157 | 9,388 | 8,197 |
Federal funds sold/securities purchased under agreements to resell | 143 | 105 | 465 | 296 |
Interest earning deposits | 580 | 285 | 1,759 | 1,460 |
Total interest income | 21,193 | 18,033 | 61,282 | 52,198 |
Interest expense | ||||
Deposits | 3,277 | 2,635 | 9,591 | 8,107 |
Securities sold under agreements to repurchase | 1 | 14 | 14 | 37 |
Subordinated debenture | 117 | 116 | 328 | 344 |
Total interest expense | 3,395 | 2,765 | 9,933 | 8,488 |
Net interest income | 17,798 | 15,268 | 51,349 | 43,710 |
Provision for loan and lease losses | 625 | 158 | 1,800 | 2,606 |
Net interest income after provision for loan and lease losses | 17,173 | 15,110 | 49,549 | 41,104 |
Non-interest income | ||||
Service fees on deposit accounts | 1,919 | 1,692 | 5,579 | 4,279 |
Card payment and ACH processing fees | 1,493 | 1,369 | 4,242 | 3,989 |
Prepaid card fees | 11,492 | 12,307 | 35,752 | 38,673 |
Gain (loss) on sale of loans | (830) | 2,772 | 6,747 | 13,468 |
Gain (loss) on sale of investment securities | (335) | (35) | (62) | 365 |
Leasing fee income | 552 | 840 | 1,727 | 2,236 |
Debit card income | 427 | 414 | 1,358 | 1,296 |
Affinity fees | 1,083 | 649 | 2,391 | 1,851 |
Other | 1,498 | 299 | 5,066 | 1,217 |
Total non-interest income | 17,299 | 20,307 | 62,800 | 67,374 |
Non-interest expense | ||||
Salaries and employee benefits | 16,768 | 13,935 | 49,677 | 44,824 |
Depreciation and amortization | 1,171 | 1,178 | 3,568 | 3,361 |
Rent and related occupancy cost | 1,445 | 1,274 | 4,231 | 3,423 |
Data processing expense | 3,747 | 3,315 | 10,735 | 10,033 |
Printing and supplies | 622 | 492 | 1,805 | 1,637 |
Audit expense | 397 | 356 | 1,596 | 1,132 |
Legal expense | 427 | 557 | 2,480 | 1,489 |
Amortization of intangible assets | 298 | 304 | 893 | 912 |
FDIC insurance | 2,700 | 1,492 | 8,306 | 4,297 |
Software | 1,920 | 1,158 | 4,793 | 3,449 |
Insurance | 482 | 404 | 1,441 | 1,340 |
Telecom and IT network communications | 458 | 763 | 1,420 | 1,764 |
Securitization and servicing expense | 398 | 573 | 1,250 | 1,854 |
Consulting | 1,125 | 1,157 | 3,345 | 2,262 |
Bank Secrecy Act and lookback consulting expenses | 11,687 | 2,749 | 26,643 | 4,918 |
Other | 4,150 | 3,428 | 12,906 | 11,657 |
Total non-interest expense | 47,795 | 33,135 | 135,089 | 98,352 |
Income (loss) from continuing operations before income taxes | (13,323) | 2,282 | (22,740) | 10,126 |
Income tax benefit | (5,706) | (3,560) | (10,817) | (594) |
Net income (loss) from continuing operations | (7,617) | 5,842 | (11,923) | 10,720 |
Income from discontinued operations before income taxes | 2,997 | 34,854 | 10,193 | 44,442 |
Income tax provision | 955 | 15,727 | 3,457 | 18,244 |
Income from discontinued operations, net of tax | 2,042 | 19,127 | 6,736 | 26,198 |
Net income (loss) available to common shareholders | $ (5,575) | $ 24,969 | $ (5,187) | $ 36,918 |
Net income (loss) per share from continuing operations - basic | $ (0.20) | $ 0.15 | $ (0.32) | $ 0.28 |
Net income (loss) per share from discontinued operations - basic | 0.05 | 0.51 | 0.18 | 0.70 |
Net income (loss) per share - basic (in dollars per share) | (0.15) | 0.66 | (0.14) | 0.98 |
Net income (loss) per share from continuing operations - diluted | (0.20) | 0.15 | (0.32) | 0.28 |
Net income (loss) per share from discontinued operations - diluted | 0.05 | 0.51 | 0.18 | 0.68 |
Net income per share - diluted (in dollars per share) | $ (0.15) | $ 0.66 | $ (0.14) | $ 0.96 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Other comprehensive income (loss) net of reclassifications into net income: | $ (5,187) | $ 36,918 |
Other comprehensive income (loss) | ||
Change in net unrealized (gain)/loss) during the period | (1,598) | 16,979 |
Reclassification adjustments for (gains)/losses included in income | 62 | (364) |
Reclassification adjustments for foreign currency translation losses | (449) | |
Amortization of losses previously held as available-for-sale | 42 | 16 |
Net unrealized gain (loss) on investment securities | (1,943) | 16,631 |
Deferred tax expense | ||
Change in net unrealized (gain)/loss during the period | (315) | 5,943 |
Reclassification adjustments for (gains)/losses included in income | 29 | (128) |
Amortization of losses previously held as available-for-sale | 14 | 6 |
Income tax expense (benefit) related to items of other comprehensive income | (272) | 5,821 |
Other comprehensive income (loss) net of tax and reclassifications into net income | (1,671) | 10,810 |
Comprehensive income (loss) | $ (6,858) | $ 47,728 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earning (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income [Member] | Total |
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 | |||||
Net income | (5,187) | $ (5,187) | ||||
Common stock issued from option exercises, net of tax benefits (in shares) | 0 | |||||
Common stock issued as restricted shares, net of tax benefits | $ 49 | (49) | ||||
Common stock issued as restricted shares, net of tax benefits (in shares) | 49,545 | |||||
Stock-based compensation | 1,532 | $ 1,532 | ||||
Other comprehensive income net of reclassification adjustments and tax | (1,671) | (1,671) | ||||
Balance at Sep. 30, 2015 | $ 37,858 | $ (866) | $ 299,470 | $ (33,429) | $ 10,664 | $ 313,697 |
Balance (in shares) at Sep. 30, 2015 | 37,858,322 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities | ||
Net income (loss) from continuing operations | $ (11,923) | $ 10,720 |
Net income from discontinued operations, net of tax | 6,736 | 26,198 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 4,461 | 4,273 |
Provision for loan and lease losses | 1,800 | 2,606 |
Net amortization of investment securities discounts/premiums | 10,279 | 7,448 |
Stock-based compensation expense | 1,532 | 2,042 |
Loans originated for sale | (427,680) | (427,937) |
Sale of loans originated for resale | 296,907 | 375,194 |
Gain on sales of loans originated for resale | (6,747) | (13,468) |
Gain on sale of fixed assets | (10) | (2) |
Loss (gain) on sales of investment securities | 62 | (365) |
Decrease (increase) in accrued interest receivable | 19 | (2,539) |
Increase in other assets | (8,190) | (67,222) |
Increase (decrease) in discontinued assets held for sale | (2,516) | 34,903 |
Decrease in other liabilities | (5,595) | (15,249) |
Net cash used in operating activities | (140,865) | (63,398) |
Investing activities | ||
Purchase of investment securities available-for-sale | (97,045) | (402,168) |
Proceeds from sale of investment securities available-for-sale | 94,288 | 78,793 |
Proceeds from redemptions and prepayments of securities held-to-maturity | 118 | 195 |
Proceeds from redemptions and prepayments of securities available-for-sale | 167,898 | 144,051 |
Net increase in loans | (121,169) | (222,338) |
Net decrease in discontinued loans held for sale | 278,717 | 120,300 |
Proceeds from sale of fixed assets | 220 | 14 |
Purchases of premises and equipment | (4,974) | (5,250) |
Investment in unconsolidated entity | 6,939 | |
Net cash provided by (used in) investing activities | 324,992 | (286,403) |
Financing activities | ||
Net decrease in deposits | (242,569) | (391,364) |
Net increase (decrease) in securities sold under agreements to repurchase | (18,380) | 275 |
Proceeds from the exercise of options | 103 | |
Net cash used in financing activities | (260,949) | (390,986) |
Net decrease in cash and cash equivalents | (76,822) | (740,787) |
Cash and cash equivalents, beginning of period | 1,114,235 | 1,235,949 |
Cash and cash equivalents, end of period | 1,037,413 | 495,162 |
Supplemental disclosure: | ||
Interest paid | 9,584 | 8,104 |
Taxes paid | $ 592 | 2,578 |
Transfers of loans to other real estate owned | $ 725 |
Structure Of Company
Structure Of Company | 9 Months Ended |
Sep. 30, 2015 | |
Structure Of Company [Abstract] | |
Structure Of Company | Note 1. Structure of Company The Bancorp, Inc. (the Company) is a Delaware corporation and a registered financial holding company . Its primary subsidiary is The Bancorp Bank (the Bank) which is wholly owned by the Company . The Bank is a Delaware chartered comme r cial 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. 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 . |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation The financial statements of the Company, as of September 30, 2015 and for the three and nine month periods ended September 30, 2015 and 2014, are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. However, in the opinion of management, these interim financial statements include all necessary adjustments to fairly present the results of the interim periods presented. The unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (Form 10-K report). Note T in those financial statements present restated interim financial statements as described therein. The results of operations for the nine month period ended September 30, 2015 may not necessarily be indicative of the results of operations for the full year ending December 31, 2015. |
Share-based Compensation
Share-based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Share-based Compensation | Note 3. Share-based Compensation The Company recognizes compensation expense for stock options in accordance with Financial Accounting Standards Board ( FASB ) 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 . At September 30, 201 5 , the Company ha d three s tock-based compensation plans, which are more fully described in its Annual Report on Form 10-K for the year ended December 31, 2014 . The Company did no t grant stock option s in the first nine months of 2015 or 2014. There were no stock options exercised in the first nine month period ended September 30, 2015 and 63,874 common stock options exercised in the nine month period ended September 30, 2014. The total intrinsic value of the options exercised during the nine months ended September 30, 2015 and 2014 was $0 and $619,000 , respectively. The Company estimate s the fair value of each grant on the date of grant using the Black-Scholes options pricing model with the following weighted average assumptions: September 30, 2015 2014 Risk-free interest rate - - Expected dividend yield - - Expected volatility - - Expected lives (years) - - 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 ASC 718 , stock based compensation expense for the nine month period ended September 30, 201 5 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. 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, 2015 $ 9.72 $ 5,010,208 Granted - - - - Exercised - - - - Expired - - Forfeited - - Outstanding at September 30, 2015 $ 9.28 $ 110,020 Exercisable at September 30, 2015 $ 9.26 $ 110,020 The Company granted 86,992 restricted stock units with a vesting period of two years at a fair value of $9.11 in the first nine months of 2015. There were no re stricted stock units granted in the first nine months of 2014. The total fair value of restricted stock units vested for the nine months ended September 30, 2015 and 2014 was $517,000 and $886,000 , respectively. A summary of the status of the Company’s restricted stock units is presented below. Average Weighted- remaining average contractual grant date term Shares fair value (years) Outstanding at January 1, 2015 $ 10.46 Granted Vested - Forfeited - Outstanding at September 30, 2015 As of September 30, 2015 , there was a total of $1.9 million of unrecognized compensation cost related to unvested awards under share-based plans. This cost is expected to be recognized over a weighted average period o f approximately 1 year . Related compensation expense for the nine months ended September 30, 201 5 and 201 4 was $1.5 million and $2.0 million respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 4. Earnings Per 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 takes 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: For the three months ended September 30, 2015 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 $ (7,617) $ (0.20) Effect of dilutive securities Common stock options - - - Diluted income (loss) per share Net income (loss) available to common shareholders $ (7,617) $ (0.20) For the three months ended September 30, 2015 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 $ 2,042 $ 0.05 Effect of dilutive securities Common stock options - - Diluted earnings (loss) per share Net income (loss) available to common shareholders $ 2,042 $ 0.05 For the three months ended September 30, 2015 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 $ (5,575) $ (0.15) Effect of dilutive securities Common stock options - - - Diluted earnings (loss) per share Net income (loss) available to common shareholders $ (5,575) $ (0.15) Stock options for 2,348,750 shares, exercisable at prices between $7.36 and $25.43 per share, were outstanding at September 30, 2015, but were not included in the dilutive shares because the Company had a net loss available to common shareholders. For the nine months ended September 30, 2015 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 $ (11,923) $ (0.32) Effect of dilutive securities Common stock options - - - Diluted earnings (loss)per share Net income available (loss) to common shareholders $ (11,923) $ (0.32) For the nine months ended September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic income (loss) per share from discontinued operations Net income (loss) available to common shareholders $ 6,736 $ 0.18 Effect of dilutive securities Common stock options - - Diluted income (loss) per share Net income (loss) available to common shareholders $ 6,736 $ 0.18 For the nine months ended September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic income(loss) per share Net income (loss) available to common shareholders $ (5,187) $ (0.14) Effect of dilutive securities Common stock options - - - Diluted income (loss) per share Net income (loss) available to common shareholders $ (5,187) $ (0.14) Stock options for 2,348,750 shares, exercisable at prices between $7.36 and $25.43 per share, were outstanding at September 30, 2015, but were not included in the dilutive shares because the Company had a net loss available to common shareholders. For the three months ended September 30, 2014 (restated) Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share from continuing operations Net income available to common shareholders $ 5,842 $ 0.15 Effect of dilutive securities Common stock options - - Diluted earnings per share Net income available to common shareholders $ 5,842 $ 0.15 For the three months ended September 30, 2014 (restated) Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share from continuing operations Net income available to common shareholders $ 19,127 $ 0.51 Effect of dilutive securities Common stock options - - Diluted income per share Net income available to common shareholders $ 19,127 $ 0.51 For the three months ended September 30, 2014 (restated) Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share Net income available to common shareholders $ 24,969 $ 0.66 Effect of dilutive securities Common stock options - - Diluted earnings per share Net income available to common shareholders $ 24,969 $ 0.66 Stock options for 662,000 shares, exercisable at prices between $10.45 and $25.43 per share, were outstanding at September 30, 2014 but were not included in dilutive shares because the exercise price per share was greater than the average market price. For the nine months ended September 30, 2014 (restated) Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share from continuing operations Net income available to common shareholders $ 10,720 $ 0.28 Effect of dilutive securities Common stock options - - Diluted earnings per share Net income available to common shareholders $ 10,720 $ 0.28 For the nine months ended September 30, 2014 (restated) Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share from discontinued operations Net income available to common shareholders $ 26,198 $ 0.70 Effect of dilutive securities Common stock options - Diluted earnings per share Net income available to common shareholders $ 26,198 $ 0.68 For the nine months ended September 30, 2014 (restated) Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share Net income available to common shareholders $ 36,918 $ 0.98 Effect of dilutive securities Common stock options - Diluted earnings per share Net income available to common shareholders $ 36,918 $ 0.96 Stock options for 227,750 shares exercisable at prices between $15.94 and $25.43 per share, were outstanding at September 30, 2014 but were not included in dilutive shares because the exercise price per share was greater than the average market price. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investment Securities [Abstract] | |
Investment Securities | Note 5. 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 at September 30, 201 5 and December 31, 201 4 are summarized as follows (in thousands): Available-for-sale September 30, 2015 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 17,120 $ 52 $ - $ 17,172 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 $ 1,298,127 $ 23,265 $ (4,687) $ 1,316,705 Held-to-maturity September 30, 2015 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 17,921 $ 578 $ (3,739) $ 14,760 Other debt securities - pooled - $ 93,604 $ 1,747 $ (3,739) $ 91,612 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 Investments in Federal Home Loan and Atlantic Central Bankers Bank stock are recorded at cost and amounted to $1.1 million and $1.0 million, respectively, at September 30, 201 5 and December 31, 201 4 . The amortized cost and fair value of the Company’s investment securities at September 30, 2015 , by contractual maturity , are shown below (in thousands). Expected maturities may differ from contractual maturities because borrowers 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 $ 96,207 $ 96,317 $ - $ - Due after one year through five years Due after five years through ten years - - Due after ten years $ 1,298,127 $ 1,316,705 $ 93,604 $ 91,612 At September 30, 201 5 and December 31, 201 4 , investment securities with a book value of approximately $20.8 million and $25.7 million , respectively, were pledged to secure securities sold under repurchase agreements as required or permitted by law. Fair value of a vailable-for-sale securities are based on the fair market value supplied by a third-party market data provider while the fair value of 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 an 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 amount of the credit impairment i s calculated by estimating the discounted cash flows for those securities. The Company did no t recognize any other-than-temporary impairment charges in the first nine months of 2015. The table below indicates the length of time individual securities had been in a continuous unrealized loss position at September 30, 201 5 (dollars 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 19 $ 91,640 $ (2,038) $ 20,850 $ (777) $ 112,490 $ (2,815) Tax-exempt obligations of states and political subdivisions 32 Taxable obligations of states and political subdivisions 4 Residential mortgage-backed securities 32 Commercial mortgage-backed securities 32 Foreign debt securities 22 Corporate and other debt securities 39 Total temporarily impaired investment securities 180 $ 197,876 $ (2,596) $ 115,961 $ (2,091) $ 313,837 $ (4,687) 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 $ - $ - $ 5,262 $ (3,739) $ 5,262 $ (3,739) Total temporarily impaired investment securities 1 $ - $ - $ 5,262 $ (3,739) $ 5,262 $ (3,739) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2014 (dollars 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) Other securities included in the held - to - maturity classification at September 30, 201 5 consisted of three securities secured by diversified portfolios of corporate securities, one bank senior note, two single - issuer trust preferred securities and one pooled trust preferred security. A total of $18.0 million of other debt securities - single issuers is comprised of the following: (i) amortized cost of the two single - issuer trust preferred securities of $10.9 million, of which one security for $1.9 million was issued by a bank and one security for $9.0 million was issued by an insurance company; and (ii) the book value of a bank senior note of $7.0 million. A total of $75.7 million of other debt securities – pooled is comprised of the following: (i) one pooled trust preferred security for $52,000 , which was collateralized by bank trust preferred securities; and (ii) three securities consisting of diversified portfolios of corporate securities with a book value of $75.7 million. The following table provides additional information related to the Company’s single issuer trust preferred securities as of September 30, 201 5 (in thousands): Single issuer Book value Fair value Unrealized gain/(loss) Credit rating Security A $ 1,904 $ 2,000 $ 96 Not rated Security B Not rated Class: All of the above are trust preferred securities. The following table provides additional information related to the Company’s pooled trust preferred securities as of September 30, 2015: Pooled issue Class Book value Fair value Unrealized gain Credit rating Excess subordination Pool A (7 performing issuers) Mezzanine $ 52 $ 52 $ - CAA1 * * There is no excess subordination for these securities. The Company has evaluated the securities in the above tables and has concluded that none of these securities has impairment that is other-than-temporary. The Company evaluates whether a credit 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 , which is used to determine the credit loss amount , is 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. The Company concluded that most of the securities that are in an unrealized loss position are in a loss position because of changes in market interest rates after the securities were purchased. S ecurities that have been in an unrealized loss position for 12 months or longer include other securities whose market values are sensitive to market interest rates and changes in credit quality. The Company’s unrealized loss for other of the debt securities, which include three single issuer trust preferred securities and one pooled trust preferred securit y , is primarily related to general market conditions , including a lack of liquidity in the market. The severity of the temporary 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 | 9 Months Ended |
Sep. 30, 2015 | |
Loans [Abstract] | |
Loans | Note 6. Loans The Company has several lending lines of business including SBA loans, direct lease financing, SBLOC and other specialty and consumer lending. The Company also originates loans for sale to other financial institutions which issue commercial mortgage backed securities or to secondary government guaranteed loan markets. These sales are accounted for as true sales and there is no continuing involvement in these loans after the sale. Servicing rights on these loans are not retained. The Company has elected fair value treatment for these loans to better reflect the economics of the transactions. At September 3 0, 201 5, the fair value of these loans held for sale was $354.6 million and the unpaid principal balance was $348.3 million . Included in the gain on sale of loans in the Statement of Operations were gains recognized from changes in fair value of $2.1 million for the nine months ended September 30, 2015. There were no changes in fair value related to 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 loan amounts to estimated collateral value in making its credit determinations. Major classifications of loans, excluding loans held for sale, are as follows (in thousands): September 30, December 31, 2015 2014 SBA non real estate $ 64,988 $ 62,425 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 $ 994,518 $ 874,593 Included in the table above are demand deposit overdrafts reclassified as loan balances totaling $1.3 million and $1.8 million at September 30, 2015 and December 31, 2014, 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 September 30, 201 5 and December 31, 201 4 (in thousands): Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized September 30, 2015 Without an allowance recorded SBA non real estate $ 263 $ 263 $ - $ 219 $ - 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, 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 - The following tables summarize the Company’s non-accrual loans, loans past due 90 days and still accruing and other real estate owned for the periods indicated (the Company had no non-accrual leases at September 30, 201 5 , September 30, 201 4 , or December 31, 201 4 (in thousands) : September 30, September 30, December 31, 2015 2014 2014 (restated) Non-accrual loans SBA non real estate $ 1,107 $ 1,060 $ - Consumer Total non-accrual loans Loans past due 90 days or more Total non-performing loans Other real estate owned - - Total non-performing assets $ 2,451 $ 5,484 $ 2,056 The Company’s loans that were modified as of September 30, 201 5 and December 31, 201 4 and considered troubled debt restructurings are as follows ( dollars in thousands): September 30, 2015 December 31, 2014 Number Pre-modification recorded investment Post-modification recorded investment Number Pre-modification recorded investment Post-modification recorded investment SBA non real estate $ 178 $ 178 $ 197 $ 197 Consumer Total $ 616 $ 616 $ 543 $ 543 The balances below provide information as to how the loans were modified as troubled debt restructurings loans as of September 30, 201 5 and December 31, 201 4 (in thousands): September 30, 2015 December 31, 2014 Adjusted interest rate Extended maturity Combined rate and maturity Adjusted interest rate Extended maturity Combined rate and maturity SBA non real estate $ - $ 178 $ - $ - $ 197 $ - Consumer - - - Total $ - $ 512 $ 104 $ - $ 543 $ - The following table summarizes as o f September 30, 201 5 loans that had been restructured within the last 12 months that have subsequently defaulted . Number Pre-modification recorded investment Consumer $ 105 Total $ 105 As of September 30, 201 5 and December 31, 201 4 , the Company ha d no commitments to lend additional funds to loan customers whose loan terms have been modified in troubled debt restructurings. 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 September 30, 2015 Beginning balance $ 385 $ 461 $ 114 $ 836 $ 562 $ 66 $ 1,181 $ 33 $ 3,638 Charge-offs - - - - - Recoveries - - - - - - - Provision (credit) Ending balance $ 785 $ 738 $ 26 $ 905 $ 715 $ 33 $ 855 $ 137 $ 4,194 Ending balance: Individually evaluated for impairment $ 158 $ - $ - $ - $ - $ - $ - $ - $ 158 Ending balance: Collectively evaluated for impairment $ 627 $ 738 $ 26 $ 905 $ 715 $ 33 $ 855 $ 137 $ 4,036 Loans: Ending balance $ 64,988 $ 116,545 $ 5,191 $ 223,929 $ 539,240 $ 12,119 $ 23,502 $ 9,004 $ 994,518 Ending balance: Individually evaluated for impairment $ 1,107 $ - $ - $ - $ - $ - $ 1,562 $ - $ 2,669 Ending balance: Collectively evaluated for impairment $ 63,881 $ 116,545 $ 5,191 $ 223,929 $ 539,240 $ 12,119 $ 21,940 $ 9,004 $ 991,849 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 September 30, 2014 (restated) Beginning balance $ 419 $ 496 $ - $ 311 $ 293 $ 1 $ 2,361 $ - $ 3,881 Charge-offs - - - - - Recoveries - - - - - - - Provision (credit) Ending balance $ 664 $ 630 $ 98 $ 764 $ 526 $ 49 $ 2,180 $ 389 $ 5,300 Ending balance: Individually evaluated for impairment $ 385 $ - $ - $ - $ - $ - $ 607 $ - $ 992 Ending balance: Collectively evaluated for impairment $ 279 $ 630 $ 98 $ 764 $ 526 $ 49 $ 1,573 $ 389 $ 4,308 Loans: Ending balance $ 56,773 $ 95,492 $ 16,472 $ 201,825 $ 399,365 $ 36,247 $ 41,854 $ 8,400 $ 856,428 Ending balance: Individually evaluated for impairment $ 1,307 $ - $ - $ - $ - $ - $ 2,969 $ - $ 4,276 Ending balance: Collectively evaluated for impairment $ 55,466 $ 95,492 $ 16,472 $ 201,825 $ 399,365 $ 36,247 $ 38,885 $ 8,400 $ 852,152 The Company did no t have loans acquired with deteriorated credit quality at either September 30, 201 5 or December 31, 201 4 . A detail of the Company’s delinquent loans by loan category is as follows (in thousands): 30-59 Days 60-89 Days Greater than Total Total September 30, 2015 past due past due 90 days Non-accrual past due Current loans SBA non real estate $ - $ - $ - $ 929 $ 929 $ 64,059 $ 64,988 SBA commercial mortgage - - - - - SBA construction - - - - - Direct lease financing - SBLOC - - - - - Other specialty lending - - - - - Consumer - other - - - Consumer - home equity - - Unamortized loan fees and costs - - - - - $ 4,761 $ 982 $ 295 $ 2,157 $ 8,195 $ 986,323 $ 994,518 30-59 Days 60-89 Days Greater than Total Total December 31, 2014 past due past due 90 days Non-accrual past due Current 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 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): September 30, 2015 Pass Special mention Substandard Doubtful Loss Unrated subject to review * Unrated not subject to review * Total loans SBA non real estate $ 42,871 $ - $ 1,107 $ - $ - $ - $ 21,010 $ 64,988 SBA commercial mortgage - - - - SBA construction - - - - - - Direct lease financing - - - - SBLOC - - - - Other specialty lending - - - - - Consumer - - - - Unamortized loan fees and costs - - - - - - $ 413,876 $ - $ 4,113 $ - $ - $ 33,381 $ 543,148 $ 994,518 December 31, 2014 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 * Unrated loans consist of performing loans which did not exhibit any negative characteristics which would require the loan to be evaluated, or fell below the dollar threshold requiring review under the Bank’s internal policy and are not loans otherwise selected in ongoing portfolio evaluation. The scope of the Bank’s loan review policy encompasses commercial and construction loans and leases which singly, or in aggregate for loans to related borrowers, exceed $3.0 million. The loan portfolio review coverage was approximately 42% at September 30, 2015 and approximately 45% at December 31, 2014. As a result of transferring loans into “Discontinued Operations” (see Note 15), management is currently assessing the review scope for the remaining portfolio to ensure appropriate coverage levels are maintained. This review is performed by the loan review department, which is independent of the loan origination department and reports directly to the audit committee. Potential problem loans, which are identified by either the independent loan review department or line management, are reviewed. Adversely classified loans are reviewed quarterly by the independent loan review function of the Bank. Additionally, all loans are subject to ongoing monitoring by portfolio managers and loan officers. Also, many of the Bank’s loans are relatively short term, and are subject to reconsideration with a full review in loan committee between one and three years after the loan is made and after the prior review . |
Transactions with Affiliates
Transactions with Affiliates | 9 Months Ended |
Sep. 30, 2015 | |
Transactions with Affiliates [Abstract] | |
Transactions with Affiliates | N ote 7. 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 which terminated January 31, 2015 . The C ompany pa id only its proportionate share of the lease rate to a lessor which wa s 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 , Inc. is the brother of the Chairman of the Board and the son of the former Chief Executive Officer of the Company. Rent expense wa s 50% of the fixed rent, real estate tax and the base expense charges. Rent expense was $9,000 for the nine months ended September 30, 201 5 and $85,000 for the nine months ended September 30, 201 4 . The Company entered into a space sharing agreement for office space in New York, New York with Atlas Energy, L.P. commencing in May 2012. This agreement expired in May 2015. The C ompany pa id only its proportionate share of the lease rate to a lessor which wa s an unrelated third party. The Chairman of the Board of the general partner of Atlas Energy, L.P. is the brother of the Chairman of the Board and the son of the former Chief Executive Officer of the Company. The Chief Executive Officer and President of Atlas Energy, L.P. is the father of the Chairman of the Board and the spouse of the former Chief Executive Officer of the Company. Rent expense was 50% of the fixed rent, real estate tax payment and the base expense charges. Rent expense was $35,000 and $78,000 for the nine months ended September 30, 201 5 and 201 4, respectively . The Bank maintains deposits for various affiliated companies totaling approximately $19.9 million and $15.1 million as of September 30, 201 5 and December 31, 201 4 , 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 on the same terms as those prevailing for comparable transactions with other borrowers. 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 September 30, 201 5 , these loans were current as to principal and interest payments and did not involve more than normal risk of collectability. L oans to these related parties included in Assets held for sale amounted to $0 at September 30, 2015 and $28.1 million at December 31, 201 4. Loans to these related parties included in Loans, net of deferred loan fees and costs amounted to $2.2 million at September 30, 2015 and $2.8 million at December 31, 2014. The Bank periodically purchases securities under agreements to resell and engages in other securities transactions as follows. The Company executed transactions through PrinceRidge Group LLC, now know n as 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. T he Company purchase d securities under agreements to resell through JVB primarily consisting of G.N.M.A. certific ates which are full faith and credit obligations of the United States government issued at competitive rates. JVB was in compliance with all of the terms of the agreements at September 30, 2015 and had complied with all terms for all prior repurchase agreements. A total of $38.0 million of such agreements were outstanding at September 30, 2015 and $46.3 million were outstanding at December 31, 2014 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 8. Fair Value Measurements 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 the sale of commercial loans to secondary markets . For fair value disclosure purposes, the Company utilized certain value measurement criteria required under the 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 $1.04 bi llion and $1.11 billion as of September 30, 201 5 and December 31, 201 4 , respectively, which approximated fair values. The estimated fair values of investment securities are based on quoted market prices, if available, or estimated using a methodology based on management’s inputs. The fair values of the Company’s investment securities held-to-maturity and loans held for sale are based on using “unobservable inputs” that are the best information available in the circumstances. The net loan portfolio at September 30, 201 5 and December 31, 201 4 has been valued 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 receivable approximates fair value. Investment in unconsolidated entity, senior note has a carrying value based upon an impairment review and a discounted cash flow analysis. The fair value was based on a market rate approach for similar yielding securities. The sales price of the December 30, 2014 loan sale which was partially financed by the note approximated fair value as of December 31, 2014. Investment in unconsolidated entity, subordinated note has a carrying value based upon an impairment review and a discounted cash flow analysis . The fair value was based on a market rate approach for similar yielding securities. The sales price of the December 30, 2014 loan sale which was partially financed by the note approximated fair value as of December 31, 2014. For the senior and subordinated notes discussed above, based upon a third party review, there has not been material impairment since December 31, 2014. The market rate for those notes approximate stated rates. Assets held for sale at September 30, 2015 have been valued b ased upon an independent third party review. The third party reviewed the majority of the credit portfolio and determined fair value for each specific loan that was reviewed. Based on that review, weighted average fair values were applied to the loans not specifically reviewed. Assets held for sale at December 31, 2014 have been valued 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 receivable approximates fair value. The estimated fair values of demand deposits ( comprising interest-and noninterest-bearing checking accounts, savings, and certain types of demand and money market accounts ) are equal to the amount payable on demand at the reporting date ( generally, their carrying amounts). Liabilities held for sale primarily consist of deposit accounts with fair values approximating carrying values. 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. The fair values of interest rate swaps are determined 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 values of certificates of deposit and subordinated debentures are estimated using a discounted cash flow calculation that applies current interest rates to discounted expected cash flows. Based upon time deposit maturities at September 30, 201 5 , the carrying values approximate their fair values. The carrying amount of accrued interest payable approximates its fair value . The following tables provide information regarding carrying amounts and estimated fair values (in thousands ) : September 30, 2015 Quoted prices in Significant other Significant active 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 $ 1,316,705 $ 1,316,705 $ 38,523 $ 1,278,182 $ - 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 - - Subordinated debentures - - Securities sold under agreements to repurchase - - Interest rate swaps, liability - - December 31, 2014 Quoted prices in Significant other Significant active 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 - - 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. Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs September 30, 2015 (Level 1) (Level 2) (Level 3) Investment securities available for sale U.S. Government agency securities $ 17,172 $ - $ 17,172 $ - 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 - - $ 1,856,190 $ 38,523 $ 1,276,411 $ 541,256 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 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” which the Company believes is 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. The changes in the Company’s Level 3 assets measured at fair value on a recurring basis, segregated by fair value hierarchy level, are summarized below (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-sale Commercial loans securities held for sale September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Beginning balance $ 1,366 $ 551 $ 217,080 $ 69,904 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 $ 354,600 $ 217,080 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. $ - $ - $ 4,718 $ 3,587 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in unconsolidated entity September 30, 2015 December 31, 2014 Beginning balance $ 193,595 $ - 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 $ 186,656 $ 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, during the periods shown 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 (1) Description September 30, 2015 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 2,669 $ - $ - $ 2,669 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, 2014 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 2,450 $ - $ - $ 2,450 Intangible assets - - $ 8,678 $ - $ - $ 8,678 (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. At September 30, 2015, impaired loans that are measured based on the value of underlying collateral have been presented at their fair value, less costs to sell , of $2.7 million through specific reserves and other write downs of $158,000 or by recording charge-offs when the carrying value exceeds the fair value. Included in the impaired balance at September 30, 2015 were troubled debt restructured loans with a balance of $512,000 which had specific reserves of $21,000 . 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 | 9 Months Ended |
Sep. 30, 2015 | |
Derivatives [Abstract] | |
Derivatives | Note 9. 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 a s hedges. As of September 30, 201 5 , the Company had entered into sixteen interest rate swap agreements with an aggregate notional amount of $ 67.9 million . These swap agreements provide for the Company to receive an adjustable rate of interest based upon the three-month London In terbank Offering Rate (LIBOR). The Company recorded a loss of $830,000 f or the nine months ended September 30, 201 5 on derivative instruments. The amount payable by the Company under these swap agreements wa s $1.9 million at September 30, 201 5 . At September 30, 2015, the Company had minimum collateral posting thresholds with certain of its derivative counterparties and had posted cash collateral of $2.2 million. The maturity dates, notional amounts, interest rates paid and received and fair value of the Company’s remaining interest rate swap agreements as of September 30, 201 5 are summarized below (in thousands): September 30, 2015 Maturity date Notional amount Interest rate paid Interest rate received Fair value July 28, 2025 $ 8,500 $ (277) July 31, 2025 August 5, 2025 August 13, 2025 August 17, 2025 August 17, 2025 August 17, 2025 August 24, 2025 August 25, 2025 August 28, 2025 September 10, 2025 September 11, 2025 September 21, 2025 September 30, 2025 September 30, 2025 October 1, 2025 Total $ 67,900 $ (1,771) |
Other Identifiable Intangible A
Other Identifiable Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Other Identifiable Intangible Assets [Abstract] | |
Other Identifiable Intangible Assets | Note 10. Other Identifiable Intangible Assets On November 29, 2012 , the Company acquired certain software rights and personnel of a prepaid card program manager in Europe for approximately $1.8 million. With this acquisition the Company expects to establish a European prepaid card presence. The Company allocated the majority of the $1.8 acquisition cost to software used for its prepaid card business, with related services provided by its European data processing subsidiary. The software is being amortized over eight years. Amortization expense is $217,000 per year ($1.1 million over the next five years). The gross carrying amount of the software is $1.8 million and as of September 30, 201 5 and the accumulated amortization was $735,000 . 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 amount of the customer list intangible is $12.0 million and as of September 30, 201 5 the accumulated amortization was $7.7 million. For both 201 5 and 201 4 , amortization expense for the third quarter was $250,000 and for the nine months was $750,000 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 1 1 . 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 implementation 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, 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, and (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, 2016. The Company is currently evaluating the new guidance to determine the impact, if any, that it will have on the consolidated financial statements . 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 adoption of this ASU did not have a significant impact on the Company’s 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 Housing Administration and the Veterans Administration. 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 adoption of this ASU did not have a significant impact on the Company's financial condition or results of operations. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2015 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 1 2 . 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 a financial holding company 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 a 2014 Consent Order with the FDIC pursuant to which the Bank may not pay dividends without prior FDIC approval. 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. The Company and 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 . |
Legal
Legal | 9 Months Ended |
Sep. 30, 2015 | |
Legal [Abstract] | |
Legal | Note 13. Legal 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 under the caption of In re The Bancorp Inc. Securities Litigation. On October 26, 2015, Lead Plaintiffs filed an amended consolidated complaint against Bancorp, Betsy Z. Cohen, Paul Frenkiel, Frank M. Mastrangelo and Jeremy Kuiper, which alleges that during a class period beginning January 26, 2011 through June 26, 2015, 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 amended 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 have until November 23, 2015, to file a motion to dismiss the amended consolidated complaint. 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, we are a party to various routine legal proceedings arising out of the ordinary course of our business. Management believes that none of these actions, individually or in the aggregate, will have a material adverse effect on our financial condition or operations. |
Segment Financials
Segment Financials | 9 Months Ended |
Sep. 30, 2015 | |
Segment Financials [Abstract] | |
Segment Financials | Note 14. 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 15. Discontinued Operations. The shift from a traditional bank balance sheet led the Company to evaluate its continuing operations . 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 loan sales, SBA loans, leasing and SBLOCs and any deposits generated by those business lines. Payments include prepaid cards, merchant payments and healthcare accounts. Corporate includes the investment portfolio, 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 operations. For the three months ended September 30, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 12,789 $ - $ 8,404 $ - $ 21,193 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) $ 190 $ (10,586) $ 2,779 $ 2,042 $ (5,575) For the three months ended September 30, 2014 Specialty finance Payments Corporate Discontinued operations Total (restated) (restated) (restated) (restated) (restated) (in thousands) Interest income $ 9,160 $ 15 $ 8,858 $ - $ 18,033 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) $ 3,581 $ 10,791 $ (8,531) $ 19,127 $ 24,969 For the nine months ended September 30, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 34,993 $ 11 $ 26,278 $ - $ 61,282 Interest allocation - - - Interest expense - Net interest income - Provision - - - 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) $ 9,354 $ (20,732) $ (545) $ 6,736 $ (5,187) For the nine months ended September 30, 2014 Specialty finance Payments Corporate Discontinued operations Total (restated) (restated) (restated) (restated) (restated) (in thousands) Interest income $ 26,396 $ 43 $ 25,759 $ - $ 52,198 Interest allocation - - - Interest expense - Net interest income - Provision - - - 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) $ 10,299 $ 13,656 $ (13,235) $ 26,198 $ 36,918 September 30, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,420,811 $ 34,656 $ 2,647,251 $ 611,729 $ 4,714,447 Total liabilities $ 1,287,252 $ 2,877,916 $ 235,582 $ - $ 4,400,750 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 |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Note 15. 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 to focus on its specialty finance lending. The loans which constitute the commercial loan portfolio are in the process of disposition. As such, financial results of the commercial lending operations are presented as separate from continuing operations on the consolidated statements of operations and 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 three months and nine months ended September 30, 2015 and 2014. For the three months ended September 30, For the nine months ended September 30, 2015 2014 2015 2014 (restated) (restated) (in thousands) Interest income $ 6,343 $ 12,689 $ 22,275 $ 38,311 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) $ 2,042 $ 19,127 $ 6,736 $ 26,198 September 30, December 31, 2015 2014 (in thousands) Loans, net $ 588,682 $ 867,399 Other assets Total assets $ 611,729 $ 887,929 Based upon an independent third party review, the Company marked the commercial lending portfolio in discontinued operations to lower of cost or market. The third party reviewed the majority of the credit portfolio and determined fair value for each specific loan that was reviewed. Based on that review, weighted average fair values were applied to the loans not specifically reviewed . The results of discontinued operations do not include any future severance payments. 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, $588.7 million of loans remain in assets held for sale on the balance sheet, reflecting related sales and paydowns. The Company is attempting to sell those remaining loans. Additionally, the balance sheet reflects $186.7 million in investment in unconsolidated entity , which is comprised of notes owned by the Company as a result of the sale of certain discontinued loans. A table showing the balance sheet prior to discontinued operations as of September 30, 2014, the date of discontinuance, and the adjustments reflecting transfers to discontinued operations is as follows. September 30, 2014 As previously reported 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 $ 4,237,123 $ - $ 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 - 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 $ 4,237,123 $ - $ 4,237,123 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 1 6 . Subsequent Events The Company evaluated its September 30, 201 5 financial statements for subsequent events through the date the financial statements were issued. On October 23, 2015, the Bank entered into an Asset Purchase Agreement (the " Agreemen t ") with HealthEquity, Inc. ( HealthEquity ), pursuant to which Bancorp on such date (i) sold to HealthEquity all of Bancorp's right, title and interest in certain assets consisting primarily of approximately 170,000 health savings accounts totaling more than $400 million in deposits, and certain related contracts (the Disposed Assets ), and (ii) transferred to HealthEquity, and HealthEquity assumed from the Bank, certain related liabilities. The purchase price paid by HealthEquity was $34,425,000 . Prior to closing, the Bank served as trustee or custodian for the health savings accounts included in the Disposed Assets; the Bank will continue acting as such for a transition period. The $34,425,000 gain upon sale, net of disposition and transaction expenses, will be recorded as income in the fourth quarter of 2015. As a result of the sale, approximately $400 million of related deposits are planned to be transferred to the purchaser in December, 2015. |
Significant Accounting Polici24
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Significant Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation The financial statements of the Company, as of September 30, 2015 and for the three and nine month periods ended September 30, 2015 and 2014, are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. However, in the opinion of management, these interim financial statements include all necessary adjustments to fairly present the results of the interim periods presented. The unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (Form 10-K report). Note T in those financial statements present restated interim financial statements as described therein. The results of operations for the nine month period ended September 30, 2015 may not necessarily be indicative of the results of operations for the full year ending December 31, 2015. |
Share-based Compensation (Table
Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Schedule Of Share Based Payment Awrad Stock Options Valuation Assumptions | September 30, 2015 2014 Risk-free interest rate - - Expected dividend yield - - Expected volatility - - Expected lives (years) - - |
Summary Of Status Of Company's Equity Compensation 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, 2015 $ 9.72 $ 5,010,208 Granted - - - - Exercised - - - - Expired - - Forfeited - - Outstanding at September 30, 2015 $ 9.28 $ 110,020 Exercisable at September 30, 2015 $ 9.26 $ 110,020 |
Summary Of Status Of Company's Restricted Stock Units | Average Weighted- remaining average contractual grant date term Shares fair value (years) Outstanding at January 1, 2015 $ 10.46 Granted Vested - Forfeited - Outstanding at September 30, 2015 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | For the three months ended September 30, 2015 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 $ (7,617) $ (0.20) Effect of dilutive securities Common stock options - - - Diluted income (loss) per share Net income (loss) available to common shareholders $ (7,617) $ (0.20) For the three months ended September 30, 2015 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 $ 2,042 $ 0.05 Effect of dilutive securities Common stock options - - Diluted earnings (loss) per share Net income (loss) available to common shareholders $ 2,042 $ 0.05 For the three months ended September 30, 2015 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 $ (5,575) $ (0.15) Effect of dilutive securities Common stock options - - - Diluted earnings (loss) per share Net income (loss) available to common shareholders $ (5,575) $ (0.15) Stock options for 2,348,750 shares, exercisable at prices between $7.36 and $25.43 per share, were outstanding at September 30, 2015, but were not included in the dilutive shares because the Company had a net loss available to common shareholders. For the nine months ended September 30, 2015 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 $ (11,923) $ (0.32) Effect of dilutive securities Common stock options - - - Diluted earnings (loss)per share Net income available (loss) to common shareholders $ (11,923) $ (0.32) For the nine months ended September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic income (loss) per share from discontinued operations Net income (loss) available to common shareholders $ 6,736 $ 0.18 Effect of dilutive securities Common stock options - - Diluted income (loss) per share Net income (loss) available to common shareholders $ 6,736 $ 0.18 For the nine months ended September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic income(loss) per share Net income (loss) available to common shareholders $ (5,187) $ (0.14) Effect of dilutive securities Common stock options - - - Diluted income (loss) per share Net income (loss) available to common shareholders $ (5,187) $ (0.14) Stock options for 2,348,750 shares, exercisable at prices between $7.36 and $25.43 per share, were outstanding at September 30, 2015, but were not included in the dilutive shares because the Company had a net loss available to common shareholders. For the three months ended September 30, 2014 (restated) Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share from continuing operations Net income available to common shareholders $ 5,842 $ 0.15 Effect of dilutive securities Common stock options - - Diluted earnings per share Net income available to common shareholders $ 5,842 $ 0.15 For the three months ended September 30, 2014 (restated) Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share from continuing operations Net income available to common shareholders $ 19,127 $ 0.51 Effect of dilutive securities Common stock options - - Diluted income per share Net income available to common shareholders $ 19,127 $ 0.51 For the three months ended September 30, 2014 (restated) Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share Net income available to common shareholders $ 24,969 $ 0.66 Effect of dilutive securities Common stock options - - Diluted earnings per share Net income available to common shareholders $ 24,969 $ 0.66 Stock options for 662,000 shares, exercisable at prices between $10.45 and $25.43 per share, were outstanding at September 30, 2014 but were not included in dilutive shares because the exercise price per share was greater than the average market price. For the nine months ended September 30, 2014 (restated) Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share from continuing operations Net income available to common shareholders $ 10,720 $ 0.28 Effect of dilutive securities Common stock options - - Diluted earnings per share Net income available to common shareholders $ 10,720 $ 0.28 For the nine months ended September 30, 2014 (restated) Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share from discontinued operations Net income available to common shareholders $ 26,198 $ 0.70 Effect of dilutive securities Common stock options - Diluted earnings per share Net income available to common shareholders $ 26,198 $ 0.68 For the nine months ended September 30, 2014 (restated) Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share Net income available to common shareholders $ 36,918 $ 0.98 Effect of dilutive securities Common stock options - Diluted earnings per share Net income available to common shareholders $ 36,918 $ 0.96 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investment Securities [Abstract] | |
Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity | Available-for-sale September 30, 2015 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 17,120 $ 52 $ - $ 17,172 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 $ 1,298,127 $ 23,265 $ (4,687) $ 1,316,705 Held-to-maturity September 30, 2015 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 17,921 $ 578 $ (3,739) $ 14,760 Other debt securities - pooled - $ 93,604 $ 1,747 $ (3,739) $ 91,612 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 |
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 $ 96,207 $ 96,317 $ - $ - Due after one year through five years Due after five years through ten years - - Due after ten years $ 1,298,127 $ 1,316,705 $ 93,604 $ 91,612 |
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 19 $ 91,640 $ (2,038) $ 20,850 $ (777) $ 112,490 $ (2,815) Tax-exempt obligations of states and political subdivisions 32 Taxable obligations of states and political subdivisions 4 Residential mortgage-backed securities 32 Commercial mortgage-backed securities 32 Foreign debt securities 22 Corporate and other debt securities 39 Total temporarily impaired investment securities 180 $ 197,876 $ (2,596) $ 115,961 $ (2,091) $ 313,837 $ (4,687) 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 $ - $ - $ 5,262 $ (3,739) $ 5,262 $ (3,739) Total temporarily impaired investment securities 1 $ - $ - $ 5,262 $ (3,739) $ 5,262 $ (3,739) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2014 (dollars 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) |
Schedule Of Additional Information Related To Single Issuer And Pooled Trust Preferred Securities | Single issuer Book value Fair value Unrealized gain/(loss) Credit rating Security A $ 1,904 $ 2,000 $ 96 Not rated Security B Not rated Class: All of the above are trust preferred securities. The following table provides additional information related to the Company’s pooled trust preferred securities as of September 30, 2015: Pooled issue Class Book value Fair value Unrealized gain Credit rating Excess subordination Pool A (7 performing issuers) Mezzanine $ 52 $ 52 $ - CAA1 * * There is no excess subordination for these securities. |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Loans [Abstract] | |
Major Classifications Of Loans | September 30, December 31, 2015 2014 SBA non real estate $ 64,988 $ 62,425 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 $ 994,518 $ 874,593 |
Impaired Loans | Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized September 30, 2015 Without an allowance recorded SBA non real estate $ 263 $ 263 $ - $ 219 $ - 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, 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 - |
Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category | September 30, September 30, December 31, 2015 2014 2014 (restated) Non-accrual loans SBA non real estate $ 1,107 $ 1,060 $ - Consumer Total non-accrual loans Loans past due 90 days or more Total non-performing loans Other real estate owned - - Total non-performing assets $ 2,451 $ 5,484 $ 2,056 |
Loans Modified And Considered Troubled Debt Restructurings | September 30, 2015 December 31, 2014 Number Pre-modification recorded investment Post-modification recorded investment Number Pre-modification recorded investment Post-modification recorded investment SBA non real estate $ 178 $ 178 $ 197 $ 197 Consumer Total $ 616 $ 616 $ 543 $ 543 |
Loans Modified As Troubled Debt Restructurings | September 30, 2015 December 31, 2014 Adjusted interest rate Extended maturity Combined rate and maturity Adjusted interest rate Extended maturity Combined rate and maturity SBA non real estate $ - $ 178 $ - $ - $ 197 $ - Consumer - - - Total $ - $ 512 $ 104 $ - $ 543 $ - |
Summary Of Restructured Loans Within The Last Twelve Months That Have Subsequently Defaulted | Number Pre-modification recorded investment Consumer $ 105 Total $ 105 |
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 September 30, 2015 Beginning balance $ 385 $ 461 $ 114 $ 836 $ 562 $ 66 $ 1,181 $ 33 $ 3,638 Charge-offs - - - - - Recoveries - - - - - - - Provision (credit) Ending balance $ 785 $ 738 $ 26 $ 905 $ 715 $ 33 $ 855 $ 137 $ 4,194 Ending balance: Individually evaluated for impairment $ 158 $ - $ - $ - $ - $ - $ - $ - $ 158 Ending balance: Collectively evaluated for impairment $ 627 $ 738 $ 26 $ 905 $ 715 $ 33 $ 855 $ 137 $ 4,036 Loans: Ending balance $ 64,988 $ 116,545 $ 5,191 $ 223,929 $ 539,240 $ 12,119 $ 23,502 $ 9,004 $ 994,518 Ending balance: Individually evaluated for impairment $ 1,107 $ - $ - $ - $ - $ - $ 1,562 $ - $ 2,669 Ending balance: Collectively evaluated for impairment $ 63,881 $ 116,545 $ 5,191 $ 223,929 $ 539,240 $ 12,119 $ 21,940 $ 9,004 $ 991,849 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 September 30, 2014 (restated) Beginning balance $ 419 $ 496 $ - $ 311 $ 293 $ 1 $ 2,361 $ - $ 3,881 Charge-offs - - - - - Recoveries - - - - - - - Provision (credit) Ending balance $ 664 $ 630 $ 98 $ 764 $ 526 $ 49 $ 2,180 $ 389 $ 5,300 Ending balance: Individually evaluated for impairment $ 385 $ - $ - $ - $ - $ - $ 607 $ - $ 992 Ending balance: Collectively evaluated for impairment $ 279 $ 630 $ 98 $ 764 $ 526 $ 49 $ 1,573 $ 389 $ 4,308 Loans: Ending balance $ 56,773 $ 95,492 $ 16,472 $ 201,825 $ 399,365 $ 36,247 $ 41,854 $ 8,400 $ 856,428 Ending balance: Individually evaluated for impairment $ 1,307 $ - $ - $ - $ - $ - $ 2,969 $ - $ 4,276 Ending balance: Collectively evaluated for impairment $ 55,466 $ 95,492 $ 16,472 $ 201,825 $ 399,365 $ 36,247 $ 38,885 $ 8,400 $ 852,152 |
Delinquent Loans By Loan Category | 30-59 Days 60-89 Days Greater than Total Total September 30, 2015 past due past due 90 days Non-accrual past due Current loans SBA non real estate $ - $ - $ - $ 929 $ 929 $ 64,059 $ 64,988 SBA commercial mortgage - - - - - SBA construction - - - - - Direct lease financing - SBLOC - - - - - Other specialty lending - - - - - Consumer - other - - - Consumer - home equity - - Unamortized loan fees and costs - - - - - $ 4,761 $ 982 $ 295 $ 2,157 $ 8,195 $ 986,323 $ 994,518 30-59 Days 60-89 Days Greater than Total Total December 31, 2014 past due past due 90 days Non-accrual past due Current 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 |
Loans By Categories | September 30, 2015 Pass Special mention Substandard Doubtful Loss Unrated subject to review * Unrated not subject to review * Total loans SBA non real estate $ 42,871 $ - $ 1,107 $ - $ - $ - $ 21,010 $ 64,988 SBA commercial mortgage - - - - SBA construction - - - - - - Direct lease financing - - - - SBLOC - - - - Other specialty lending - - - - - Consumer - - - - Unamortized loan fees and costs - - - - - - $ 413,876 $ - $ 4,113 $ - $ - $ 33,381 $ 543,148 $ 994,518 December 31, 2014 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 * Unrated loans consist of performing loans which did not exhibit any negative characteristics which would require the loan to be evaluated, or fell below the dollar threshold requiring review under the Bank’s internal policy and are not loans otherwise selected in ongoing portfolio evaluation. The scope of the Bank’s loan review policy encompasses commercial and construction loans and leases which singly, or in aggregate for loans to related borrowers, exceed $3.0 million. The loan portfolio review coverage was approximately 42% at September 30, 2015 and approximately 45% at December 31, 2014. As a result of transferring loans into “Discontinued Operations” (see Note 15), management is currently assessing the review scope for the remaining portfolio to ensure appropriate coverage levels are maintained. This review is performed by the loan review department, which is independent of the loan origination department and reports directly to the audit committee. Potential problem loans, which are identified by either the independent loan review department or line management, are reviewed. Adversely classified loans are reviewed quarterly by the independent loan review function of the Bank. Additionally, all loans are subject to ongoing monitoring by portfolio managers and loan officers. Also, many of the Bank’s loans are relatively short term, and are subject to reconsideration with a full review in loan committee between one and three years after the loan is made and after the prior review |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Carrying Amount And Estimated Fair Value Of Assets And Liabilities | September 30, 2015 Quoted prices in Significant other Significant active 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 $ 1,316,705 $ 1,316,705 $ 38,523 $ 1,278,182 $ - 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 - - Subordinated debentures - - Securities sold under agreements to repurchase - - Interest rate swaps, liability - - December 31, 2014 Quoted prices in Significant other Significant active 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 - - |
Company's Level 3 Assets | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-sale Commercial loans securities held for sale September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Beginning balance $ 1,366 $ 551 $ 217,080 $ 69,904 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 $ 354,600 $ 217,080 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. $ - $ - $ 4,718 $ 3,587 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in unconsolidated entity September 30, 2015 December 31, 2014 Beginning balance $ 193,595 $ - 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 $ 186,656 $ 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. $ - $ - |
Fair Value, Measurements, Recurring [Member] | |
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 September 30, 2015 (Level 1) (Level 2) (Level 3) Investment securities available for sale U.S. Government agency securities $ 17,172 $ - $ 17,172 $ - 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 - - $ 1,856,190 $ 38,523 $ 1,276,411 $ 541,256 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, Nonrecurring [Member] | |
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 (1) Description September 30, 2015 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 2,669 $ - $ - $ 2,669 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, 2014 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 2,450 $ - $ - $ 2,450 Intangible assets - - $ 8,678 $ - $ - $ 8,678 (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) | 9 Months Ended |
Sep. 30, 2015 | |
Derivatives [Abstract] | |
Derivatives | September 30, 2015 Maturity date Notional amount Interest rate paid Interest rate received Fair value July 28, 2025 $ 8,500 $ (277) July 31, 2025 August 5, 2025 August 13, 2025 August 17, 2025 August 17, 2025 August 17, 2025 August 24, 2025 August 25, 2025 August 28, 2025 September 10, 2025 September 11, 2025 September 21, 2025 September 30, 2025 September 30, 2025 October 1, 2025 Total $ 67,900 $ (1,771) |
Segment Financials (Tables)
Segment Financials (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Financials [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | For the three months ended September 30, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 12,789 $ - $ 8,404 $ - $ 21,193 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) $ 190 $ (10,586) $ 2,779 $ 2,042 $ (5,575) For the three months ended September 30, 2014 Specialty finance Payments Corporate Discontinued operations Total (restated) (restated) (restated) (restated) (restated) (in thousands) Interest income $ 9,160 $ 15 $ 8,858 $ - $ 18,033 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) $ 3,581 $ 10,791 $ (8,531) $ 19,127 $ 24,969 For the nine months ended September 30, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 34,993 $ 11 $ 26,278 $ - $ 61,282 Interest allocation - - - Interest expense - Net interest income - Provision - - - 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) $ 9,354 $ (20,732) $ (545) $ 6,736 $ (5,187) For the nine months ended September 30, 2014 Specialty finance Payments Corporate Discontinued operations Total (restated) (restated) (restated) (restated) (restated) (in thousands) Interest income $ 26,396 $ 43 $ 25,759 $ - $ 52,198 Interest allocation - - - Interest expense - Net interest income - Provision - - - 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) $ 10,299 $ 13,656 $ (13,235) $ 26,198 $ 36,918 September 30, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,420,811 $ 34,656 $ 2,647,251 $ 611,729 $ 4,714,447 Total liabilities $ 1,287,252 $ 2,877,916 $ 235,582 $ - $ 4,400,750 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 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations [Abstract] | |
Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations | For the three months ended September 30, For the nine months ended September 30, 2015 2014 2015 2014 (restated) (restated) (in thousands) Interest income $ 6,343 $ 12,689 $ 22,275 $ 38,311 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) $ 2,042 $ 19,127 $ 6,736 $ 26,198 September 30, December 31, 2015 2014 (in thousands) Loans, net $ 588,682 $ 867,399 Other assets Total assets $ 611,729 $ 887,929 |
Summary Of Discontinued Assets, Liabilities And Related Adjustments | September 30, 2014 As previously reported 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 $ 4,237,123 $ - $ 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 - 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 $ 4,237,123 $ - $ 4,237,123 |
Structure of Company (Details)
Structure of Company (Details) | 9 Months Ended |
Sep. 30, 2015entity | |
Operational Service Subsidiaries [Member] | |
Structure Of Company [Line Items] | |
Number of subsidiaries | 3 |
Subsidiary Offering Prepaid Card Issuing Services [Member] | |
Structure Of Company [Line Items] | |
Number of subsidiaries | 1 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 0 | 0 |
Stock option exercised (in shares) | 0 | 63,874 |
Total intrinsic value of options exercised | $ 0 | $ 619,000 |
Fair value of restricted stock units vested | 517,000 | 886,000 |
Unrecognized compensation cost related to unvested awards under share-based plans | $ 1,900,000 | |
Cost expected to be recognized over a weighted average period | 1 year | |
Related compensation expense | $ 1,500,000 | $ 2,000,000 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 86,992 | 0 |
Vesting period | 2 years | |
Granted (in dollars per share) | $ 9.11 |
Share-based Compensation (Fair
Share-based Compensation (Fair Value Of Grant On Date Of Grant Using The Black-Scholes Options Pricing Model) (Details) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation [Abstract] | ||
Expected lives (years) | 0 years | 0 years |
Share-based Compensation (Summa
Share-based Compensation (Summary Of Status Of Company's Equity Compensations Plans) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Shares [Roll Forward] | |||
Granted (in shares) | 0 | 0 | |
Exercised (in shares) | 0 | (63,874) | |
Aggregate intrinsic value [Abstract] | |||
Exercised | $ 0 | $ 619,000 | |
Equity Compensations Plans [Member] | Stock Options [Member] | |||
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 2,602,000 | ||
Expired (in shares) | (232,500) | ||
Forfeited (in shares) | (20,750) | ||
Outstanding, end of period (in shares) | 2,348,750 | 2,602,000 | |
Exercisable, end of period (in shares) | 2,118,125 | ||
Weighted average exercise price [Roll Forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 9.72 | ||
Expired (in dollars per share) | 14.24 | ||
Forfeited (in dollars per share) | 8.45 | ||
Outstanding, end of period (in dollars per share) | 9.28 | $ 9.72 | |
Exercisable, end of period (in dollars per share) | $ 9.26 | ||
Weighted-average remaining contractual term (years) [Abstract] | |||
Outstanding, end of period | 5 years 1 month 24 days | 5 years 4 months 21 days | |
Exercisable, end of period | 4 years 11 months 5 days | ||
Aggregate intrinsic value [Abstract] | |||
Outstanding, beginning of period | $ 5,010,208 | ||
Outstanding, end of period | 110,020 | $ 5,010,208 | |
Exercisable, end of period | $ 110,020 |
Share-based Compensation (Sum37
Share-based Compensation (Summary Of Status Of Company’s Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 148,381 | ||
Granted (in shares) | 86,992 | 0 | |
Vested (in shares) | (49,460) | ||
Expired/forfeited (in shares) | (16,221) | ||
Outstanding, end of period (in shares) | 169,692 | 148,381 | |
Weighted-average grant date fair value [Roll Forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 10.46 | ||
Granted (in dollars per share) | 9.11 | ||
Vested (in dollars per share) | 10.46 | ||
Expired/forfeited (in dollars per share) | $ 9.32 | ||
Outstanding, end of period (in dollars per share) | $ 10.46 | ||
Average remaining contractual term (years) [Abstract] | |||
Outstanding | 1 year 4 months 13 days | 2 years 26 days | |
Granted | 1 year 6 months |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Minimum exercisable prices (in dollars per share) | $ 7.36 | $ 10.45 | $ 7.36 | $ 15.94 |
Maximum exercisable prices (in dollars per share) | $ 25.43 | $ 25.43 | $ 25.43 | $ 25.43 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Common stock options (in shares) | 2,348,750 | 662,000 | 2,348,750 | 227,750 |
Earnings Per Share (Earnings Pe
Earnings Per Share (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income (numerator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ (5,575) | $ 24,969 | $ (5,187) | $ 36,918 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ (5,575) | $ 24,969 | $ (5,187) | $ 36,918 |
Shares (denominator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,758,322 | 37,608,862 | 37,754,110 | 37,698,759 |
Effect of dilutive securities, Common stock options (in shares) | 393,777 | 730,443 | ||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,758,322 | 38,002,639 | 37,754,110 | 38,429,202 |
Per share amount [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ (0.15) | $ 0.66 | $ (0.14) | $ 0.98 |
Effect of dilutive securities, Common stock options (in dollars per share) | (0.02) | |||
Net income per share - diluted (in dollars per share) | $ (0.15) | $ 0.66 | $ (0.14) | $ 0.96 |
Continuing Operations [Member] | ||||
Income (numerator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ (7,617) | $ 5,842 | $ (11,923) | $ 10,720 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ (7,617) | $ 5,842 | $ (11,923) | $ 10,720 |
Shares (denominator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,758,322 | 37,608,862 | 37,754,110 | 37,698,759 |
Effect of dilutive securities, Common stock options (in shares) | 393,777 | 730,443 | ||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,758,322 | 38,002,639 | 37,754,110 | 38,429,202 |
Per share amount [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ (0.20) | $ 0.15 | $ (0.32) | $ 0.28 |
Net income per share - diluted (in dollars per share) | $ (0.20) | $ 0.15 | $ (0.32) | $ 0.28 |
Discontinued Operations [Member] | ||||
Income (numerator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ 2,042 | $ 19,127 | $ 6,736 | $ 26,198 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 2,042 | $ 19,127 | $ 6,736 | $ 26,198 |
Shares (denominator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,758,322 | 37,608,862 | 37,754,110 | 37,698,759 |
Effect of dilutive securities, Common stock options (in shares) | 262,608 | 393,777 | 342,338 | 730,443 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 38,020,930 | 38,002,639 | 38,096,448 | 38,429,202 |
Per share amount [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.05 | $ 0.51 | $ 0.18 | $ 0.70 |
Effect of dilutive securities, Common stock options (in dollars per share) | (0.02) | |||
Net income per share - diluted (in dollars per share) | $ 0.05 | $ 0.51 | $ 0.18 | $ 0.68 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2015USD ($)security | Dec. 31, 2014USD ($) | |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Investment in Federal Home Loan and Atlantic Central Bankers Bank stock recorded at cost | $ 1,100,000 | $ 1,000,000 |
Investment securities pledged to secure securities sold under repurchase agreements | 20,800,000 | 25,700,000 |
Other than temporary impairment charges | $ 0 | |
Number of securities issued by an insurance company | security | 1 | |
Amortized cost of securities | $ 93,604,000 | 93,765,000 |
Held-to-maturity [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Number of securities secured by diversified portfolios of corporate securities | security | 3 | |
Number of bank senior notes | security | 1 | |
Number of single issuer trust preferred securities | security | 2 | |
Number of pooled issuer trust preferred securities | security | 1 | |
Single Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Number of single issuer trust preferred securities | security | 2 | |
Amortized cost of securities | $ 17,921,000 | 17,882,000 |
Single Issuers [Member] | Senior Notes [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Amortized cost of securities | 7,000,000 | |
Bank And Insurance Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Amortized cost of securities | 10,900,000 | |
Bank Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Amortized cost of securities | 1,900,000 | |
Insurance Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Amortized cost of securities | $ 9,000,000 | |
Pooled [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Number of pooled issuer trust preferred securities | security | 1 | |
Amortized cost of securities | $ 75,683,000 | $ 75,883,000 |
Collateralized By Bank Trust Preferred Securities [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Amortized cost of securities | $ 52,000 | |
Diversified Portfolios Of Corporate Securities [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Number of securities secured by diversified portfolios of corporate securities | security | 3 | |
Amortized cost of securities | $ 75,700,000 |
Investment Securities (Schedule
Investment Securities (Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Available-for-sale [Abstract] | |||
Amortized cost | $ 1,298,127 | $ 1,473,524 | |
Gross unrealized gains | 23,265 | 24,375 | |
Gross unrealized losses | (4,687) | (4,260) | |
Fair value | 1,316,705 | 1,493,639 | $ 1,442,049 |
Held-to-maturity [Abstract] | |||
Amortized cost | 93,604 | 93,765 | |
Gross unrealized gains | 1,747 | 1,969 | |
Gross unrealized losses | (3,739) | (3,820) | |
Fair value | 91,612 | 91,914 | $ 94,889 |
U.S. Government Agency Securities [Member] | |||
Available-for-sale [Abstract] | |||
Amortized cost | 17,120 | 16,519 | |
Gross unrealized gains | 52 | 42 | |
Fair value | 17,172 | 16,561 | |
Federally insured student loan securities [Member] | |||
Available-for-sale [Abstract] | |||
Amortized cost | 120,320 | 125,789 | |
Gross unrealized gains | 27 | 613 | |
Gross unrealized losses | (2,815) | (390) | |
Fair value | 117,532 | 126,012 | |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | |||
Available-for-sale [Abstract] | |||
Amortized cost | 501,280 | 535,622 | |
Gross unrealized gains | 15,986 | 16,027 | |
Gross unrealized losses | (118) | (380) | |
Fair value | 517,148 | 551,269 | |
Taxable obligations of states and political subdivisions [Member] | |||
Available-for-sale [Abstract] | |||
Amortized cost | 51,532 | 58,868 | |
Gross unrealized gains | 2,768 | 2,614 | |
Gross unrealized losses | (15) | (103) | |
Fair value | 54,285 | 61,379 | |
Residential Mortgage-backed Securities [Member] | |||
Available-for-sale [Abstract] | |||
Amortized cost | 367,593 | 419,503 | |
Gross unrealized gains | 2,943 | 3,504 | |
Gross unrealized losses | (606) | (878) | |
Fair value | 369,930 | 422,129 | |
Commercial Mortgage-backed Securities [Member] | |||
Available-for-sale [Abstract] | |||
Amortized cost | 72,884 | 123,519 | |
Gross unrealized gains | 624 | 1,220 | |
Gross unrealized losses | (742) | (1,500) | |
Fair value | 72,766 | 123,239 | |
Foreign Debt Securities [Member] | |||
Available-for-sale [Abstract] | |||
Amortized cost | 58,294 | 67,094 | |
Gross unrealized gains | 297 | 130 | |
Gross unrealized losses | (137) | (346) | |
Fair value | 58,454 | 66,878 | |
Corporate And Other Debt Securities [Member] | |||
Available-for-sale [Abstract] | |||
Amortized cost | 109,104 | 126,610 | |
Gross unrealized gains | 568 | 225 | |
Gross unrealized losses | (254) | (663) | |
Fair value | 109,418 | 126,172 | |
Single Issuers [Member] | |||
Held-to-maturity [Abstract] | |||
Amortized cost | 17,921 | 17,882 | |
Gross unrealized gains | 578 | 531 | |
Gross unrealized losses | (3,739) | (3,820) | |
Fair value | 14,760 | 14,593 | |
Pooled [Member] | |||
Held-to-maturity [Abstract] | |||
Amortized cost | 75,683 | 75,883 | |
Gross unrealized gains | 1,169 | 1,438 | |
Fair value | $ 76,852 | $ 77,321 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Investment Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Available-for-sale, Amortized cost [Abstract] | |||
Due before one year | $ 96,207 | ||
Due after one year through five years | 268,338 | ||
Due after five years through ten years | 384,079 | ||
Due after ten years | 549,503 | ||
Amortized cost | 1,298,127 | ||
Available-for-sale, Fair value [Abstract] | |||
Due before one year | 96,317 | ||
Due after one year through five years | 270,139 | ||
Due after five years through ten years | 392,048 | ||
Due after ten years | 558,201 | ||
Fair value | 1,316,705 | $ 1,493,639 | $ 1,442,049 |
Held-to-maturity, Amortized cost [Abstract] | |||
Due after one year through five years | 7,017 | ||
Due after ten years | 86,587 | ||
Amortized cost | 93,604 | 93,765 | 96,951 |
Held-to-maturity, Fair value [Abstract] | |||
Due after one year through five years | 7,499 | ||
Due after ten years | 84,113 | ||
Fair value | $ 91,612 | $ 91,914 | $ 94,889 |
Investment Securities (Availabl
Investment Securities (Available-for-sale And Held-to-maturity Securities, Continuous Unrealized Loss Position) (Details) $ in Thousands | Sep. 30, 2015USD ($)security | Dec. 31, 2014USD ($)security |
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 180 | 303 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 197,876 | $ 223,234 |
12 months or longer, Fair Value | 115,961 | 247,898 |
Total, Fair Value | 313,837 | 471,132 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (2,596) | (2,189) |
12 months or longer, Unrealized losses | (2,091) | (2,071) |
Total, Unrealized losses | $ (4,687) | $ (4,260) |
Held-to-maturity, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 1 | 1 |
Held-to-maturity, continuous unrealized loss position, Fair Value [Abstract] | ||
12 months or longer, Fair Value | $ 5,262 | $ 5,144 |
Total, Fair Value | 5,262 | 5,144 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
12 months or longer, Unrealized losses | (3,739) | (3,820) |
Total, Unrealized losses | $ (3,739) | $ (3,820) |
Federally insured student loan securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 19 | 9 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 91,640 | $ 28,435 |
12 months or longer, Fair Value | 20,850 | 34,274 |
Total, Fair Value | 112,490 | 62,709 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (2,038) | (169) |
12 months or longer, Unrealized losses | (777) | (221) |
Total, Unrealized losses | $ (2,815) | $ (390) |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 32 | 97 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 8,792 | $ 21,458 |
12 months or longer, Fair Value | 9,923 | 46,412 |
Total, Fair Value | 18,715 | 67,870 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (48) | (134) |
12 months or longer, Unrealized losses | (70) | (245) |
Total, Unrealized losses | $ (118) | $ (379) |
Taxable obligations of states and political subdivisions [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 4 | 24 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 2,453 | $ 499 |
12 months or longer, Fair Value | 2,235 | 21,088 |
Total, Fair Value | 4,688 | 21,587 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (6) | (1) |
12 months or longer, Unrealized losses | (9) | (102) |
Total, Unrealized losses | $ (15) | $ (103) |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 32 | 29 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 51,848 | $ 43,946 |
12 months or longer, Fair Value | 43,748 | 67,023 |
Total, Fair Value | 95,596 | 110,969 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (169) | (231) |
12 months or longer, Unrealized losses | (437) | (647) |
Total, Unrealized losses | $ (606) | $ (878) |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 32 | 30 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 12,165 | $ 41,231 |
12 months or longer, Fair Value | 28,212 | 47,549 |
Total, Fair Value | 40,377 | 88,780 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (41) | (883) |
12 months or longer, Unrealized losses | (701) | (617) |
Total, Unrealized losses | $ (742) | $ (1,500) |
Foreign Debt Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 22 | 53 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 8,669 | $ 24,681 |
12 months or longer, Fair Value | 3,707 | 14,943 |
Total, Fair Value | 12,376 | 39,624 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (87) | (203) |
12 months or longer, Unrealized losses | (50) | (144) |
Total, Unrealized losses | $ (137) | $ (347) |
Corporate And Other Debt Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 39 | 61 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 22,309 | $ 62,984 |
12 months or longer, Fair Value | 7,286 | 16,609 |
Total, Fair Value | 29,595 | 79,593 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (207) | (568) |
12 months or longer, Unrealized losses | (47) | (95) |
Total, Unrealized losses | $ (254) | $ (663) |
Single Issuers [Member] | ||
Held-to-maturity, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 1 | 1 |
Held-to-maturity, continuous unrealized loss position, Fair Value [Abstract] | ||
12 months or longer, Fair Value | $ 5,262 | $ 5,144 |
Total, Fair Value | 5,262 | 5,144 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
12 months or longer, Unrealized losses | (3,739) | (3,820) |
Total, Unrealized losses | $ (3,739) | $ (3,820) |
Investment Securities (Schedu44
Investment Securities (Schedule Of Additional Information Related To Single Issuer And Pooled Trust Preferred Securities) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | |||
Book value | $ 93,604 | $ 93,765 | $ 96,951 |
Fair value | 91,612 | 91,914 | $ 94,889 |
Single Issuers [Member] | |||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | |||
Fair value | 14,760 | 14,593 | |
Single Issuers [Member] | Security A [Member] | |||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | |||
Book value | 1,904 | ||
Fair value | 2,000 | ||
Unrealized gain/(loss) | $ 96 | ||
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 | $ 9,001 | ||
Fair value | 5,262 | ||
Unrealized gain/(loss) | $ (3,739) | ||
Credit rating | Not rated | ||
Pooled [Member] | |||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | |||
Fair value | $ 76,852 | $ 77,321 | |
Pooled [Member] | Pool A [Member] | |||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | |||
Class | Mezzanine | ||
Book value | $ 52 | ||
Fair value | $ 52 | ||
Credit rating | * |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Loans [Abstract] | |||
Loans held for sale | $ 354,600,000 | $ 136,115,000 | $ 217,080,000 |
Loans available for sale, unpaid principal amount | 348,300,000 | ||
Gains recognized from changes in fair value | 2,100,000 | ||
Gain on sale of loans | 6,747,000 | 13,468,000 | |
Demand deposit overdrafts reclassified as loan balances | 1,300,000 | 1,800,000 | |
Non-accrual leases | 0 | $ 0 | |
Pre-modification recorded investment | 105,000 | ||
Commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings | 0 | 0 | |
Loans acquired with deteriorated credit quality | $ 0 | $ 0 |
Loans (Major Classifications Of
Loans (Major Classifications Of Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Major classifications of loans [Abstract] | |||
Total loans, gross | $ 985,514 | $ 866,253 | |
Unamortized loan fees and costs | 9,004 | 8,340 | |
Total loans, net of deferred loan fees and costs | 994,518 | 874,593 | $ 856,428 |
SBA Non Real Estate [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 64,988 | 62,425 | |
Total loans, net of deferred loan fees and costs | 64,988 | 62,425 | 56,773 |
SBA Commercial Mortgage [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 116,545 | 82,317 | |
Total loans, net of deferred loan fees and costs | 116,545 | 82,317 | 95,492 |
SBA Construction [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 5,191 | 20,392 | |
Total loans, net of deferred loan fees and costs | 5,191 | 20,392 | 16,472 |
Total SBA Loans [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 186,724 | 165,134 | |
Direct Lease Financing [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 223,929 | 194,464 | |
Total loans, net of deferred loan fees and costs | 223,929 | 194,464 | 201,825 |
SBLOC [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 539,240 | 421,862 | |
Total loans, net of deferred loan fees and costs | 539,240 | 421,862 | 399,365 |
Other Specialty Lending [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 12,119 | 48,625 | |
Total loans, net of deferred loan fees and costs | 12,119 | 48,625 | $ 36,247 |
Consumer - other [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 23,502 | 36,168 | |
Total loans, net of deferred loan fees and costs | $ 5,616 | $ 8,663 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
With an allowance recorded [Abstract] | ||
Related allowance | $ 158,000 | |
SBA Non Real Estate [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 263,000 | |
Unpaid principal balance | 263,000 | |
Average recorded investment | 219,000 | |
With an allowance recorded [Abstract] | ||
Recorded investment | 844,000 | $ 197,000 |
Unpaid principal balance | 844,000 | 197,000 |
Related allowance | 158,000 | 40,000 |
Average recorded investment | 678,000 | 967,000 |
Total allowance recorded [Abstract] | ||
Recorded investment | 1,107,000 | 197,000 |
Unpaid principal balance | 1,107,000 | 197,000 |
Related allowance | 158,000 | 40,000 |
Average recorded investment | 897,000 | 967,000 |
Consumer - other [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 334,000 | 346,000 |
Unpaid principal balance | 334,000 | 346,000 |
Average recorded investment | 340,000 | 139,000 |
With an allowance recorded [Abstract] | ||
Average recorded investment | 369,000 | |
Total allowance recorded [Abstract] | ||
Recorded investment | 334,000 | 346,000 |
Unpaid principal balance | 334,000 | 346,000 |
Average recorded investment | 340,000 | 508,000 |
Consumer - Home Equity [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 1,228,000 | 827,000 |
Unpaid principal balance | 1,257,000 | 927,000 |
Average recorded investment | 1,116,000 | 1,043,000 |
With an allowance recorded [Abstract] | ||
Recorded investment | 1,080,000 | |
Unpaid principal balance | 1,080,000 | |
Related allowance | 271,000 | |
Average recorded investment | 885,000 | |
Total allowance recorded [Abstract] | ||
Recorded investment | 1,228,000 | 1,907,000 |
Unpaid principal balance | 1,257,000 | 2,007,000 |
Related allowance | 271,000 | |
Average recorded investment | $ 1,116,000 | $ 1,928,000 |
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) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | |||
Total non-accrual loans | $ 2,157 | $ 1,907 | |
Loans past due 90 days or more | 294 | 149 | $ 264 |
Total non-performing loans | 985,514 | 866,253 | |
Other real estate owned | 725 | ||
Total non-performing assets | 2,451 | 2,056 | 5,484 |
Nonperforming Financing Receivable [Member] | |||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | |||
Total non-performing loans | 2,451 | 2,056 | 4,759 |
Non-accrual Loans [Member] | |||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | |||
Total non-accrual loans | 2,157 | 1,907 | 4,495 |
SBA Non Real Estate [Member] | |||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | |||
Total non-accrual loans | 929 | ||
Total non-performing loans | 64,988 | 62,425 | |
SBA Non Real Estate [Member] | Non-accrual Loans [Member] | |||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | |||
Total non-accrual loans | 1,107 | 1,060 | |
Consumer [Member] | Non-accrual Loans [Member] | |||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | |||
Total non-accrual loans | $ 1,050 | $ 1,907 | $ 3,435 |
Loans (Loans Modified And Consi
Loans (Loans Modified And Considered Troubled Debt Restructurings) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 3 | 2 |
Pre-modification recorded investment | $ 616 | $ 543 |
Post-modification recorded investment | $ 616 | $ 543 |
SBA Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | 1 |
Pre-modification recorded investment | $ 178 | $ 197 |
Post-modification recorded investment | $ 178 | $ 197 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 2 | 1 |
Pre-modification recorded investment | $ 438 | $ 346 |
Post-modification recorded investment | $ 438 | $ 346 |
Loans (Loans Modified As Troubl
Loans (Loans Modified As Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | $ 512 | $ 543 |
Combined rate and maturity | 104 | |
SBA Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | 178 | 197 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | 334 | $ 346 |
Combined rate and maturity | $ 104 |
Loans (Summary Of Restructured
Loans (Summary Of Restructured Loans Within The Last Twelve Months That Have Subsequently Defaulted) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($)security | |
Financing Receivable, Modifications [Line Items] | |
Number | security | 1 |
Pre-modification recorded investment | $ 105 |
Consumer [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number | security | 1 |
Pre-modification recorded investment | $ 105 |
Loans (Changes In Allowance For
Loans (Changes In Allowance For Loan And Lease Losses By Loan Category) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | $ 3,638 | $ 3,881 | $ 3,881 |
Charge-offs | (1,251) | (1,212) | (1,504) |
Recoveries | 7 | 25 | 59 |
Provision (credit) | 1,800 | 2,606 | 1,202 |
Ending balance | 4,194 | 5,300 | 3,638 |
Ending balance: Individually evaluated for impairment | 158 | 992 | 311 |
Ending balance: Collectively evaluated for impairment | 4,036 | 4,308 | 3,327 |
Loans [Abstract] | |||
Ending balance | 994,518 | 856,428 | 874,593 |
Ending balance: Individually evaluated for impairment | 2,669 | 4,276 | 2,450 |
Ending balance: Collectively evaluated for impairment | 991,849 | 852,152 | 872,143 |
SBA Non Real Estate [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 385 | 419 | 419 |
Charge-offs | (65) | (42) | (307) |
Recoveries | 12 | ||
Provision (credit) | 465 | 287 | 261 |
Ending balance | 785 | 664 | 385 |
Ending balance: Individually evaluated for impairment | 158 | 385 | 40 |
Ending balance: Collectively evaluated for impairment | 627 | 279 | 345 |
Loans [Abstract] | |||
Ending balance | 64,988 | 56,773 | 62,425 |
Ending balance: Individually evaluated for impairment | 1,107 | 1,307 | 197 |
Ending balance: Collectively evaluated for impairment | 63,881 | 55,466 | 62,228 |
SBA Commercial Mortgage [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 461 | 496 | 496 |
Provision (credit) | 277 | 134 | (35) |
Ending balance | 738 | 630 | 461 |
Ending balance: Collectively evaluated for impairment | 738 | 630 | 461 |
Loans [Abstract] | |||
Ending balance | 116,545 | 95,492 | 82,317 |
Ending balance: Collectively evaluated for impairment | 116,545 | 95,492 | 82,317 |
SBA Construction [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 114 | ||
Provision (credit) | (88) | 98 | 114 |
Ending balance | 26 | 98 | 114 |
Ending balance: Collectively evaluated for impairment | 26 | 98 | 114 |
Loans [Abstract] | |||
Ending balance | 5,191 | 16,472 | 20,392 |
Ending balance: Collectively evaluated for impairment | 5,191 | 16,472 | 20,392 |
Direct Lease Financing [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 836 | 311 | 311 |
Charge-offs | (9) | (323) | (323) |
Recoveries | 25 | ||
Provision (credit) | 78 | 776 | 823 |
Ending balance | 905 | 764 | 836 |
Ending balance: Collectively evaluated for impairment | 905 | 764 | 836 |
Loans [Abstract] | |||
Ending balance | 223,929 | 201,825 | 194,464 |
Ending balance: Collectively evaluated for impairment | 223,929 | 201,825 | 194,464 |
SBLOC [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 562 | 293 | 293 |
Charge-offs | (3) | ||
Provision (credit) | 153 | 233 | 272 |
Ending balance | 715 | 526 | 562 |
Ending balance: Collectively evaluated for impairment | 715 | 526 | 562 |
Loans [Abstract] | |||
Ending balance | 539,240 | 399,365 | 421,862 |
Ending balance: Collectively evaluated for impairment | 539,240 | 399,365 | 421,862 |
Other Specialty Lending [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 66 | 1 | 1 |
Provision (credit) | (33) | 48 | 65 |
Ending balance | 33 | 49 | 66 |
Ending balance: Collectively evaluated for impairment | 33 | 49 | 66 |
Loans [Abstract] | |||
Ending balance | 12,119 | 36,247 | 48,625 |
Ending balance: Collectively evaluated for impairment | 12,119 | 36,247 | 48,625 |
Other Consumer Loans [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 1,181 | 2,361 | 2,361 |
Charge-offs | (1,177) | (847) | (871) |
Recoveries | 7 | 25 | 22 |
Provision (credit) | 844 | 641 | (331) |
Ending balance | 855 | 2,180 | 1,181 |
Ending balance: Individually evaluated for impairment | 607 | 271 | |
Ending balance: Collectively evaluated for impairment | 855 | 1,573 | 910 |
Loans [Abstract] | |||
Ending balance | 23,502 | 41,854 | 36,168 |
Ending balance: Individually evaluated for impairment | 1,562 | 2,969 | 2,253 |
Ending balance: Collectively evaluated for impairment | 21,940 | 38,885 | 33,915 |
Unallocated [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 33 | ||
Provision (credit) | 104 | 389 | 33 |
Ending balance | 137 | 389 | 33 |
Ending balance: Collectively evaluated for impairment | 137 | 389 | 33 |
Loans [Abstract] | |||
Ending balance | 9,004 | 8,400 | 8,340 |
Ending balance: Collectively evaluated for impairment | $ 9,004 | $ 8,400 | $ 8,340 |
Loans (Delinquent Loans By Loan
Loans (Delinquent Loans By Loan Category) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days past due | $ 4,761 | $ 5,092 | |
60-89 Days past due | 982 | 2,289 | |
Greater than 90 days | 295 | 149 | |
Non-accrual | 2,157 | 1,907 | |
Total past due | 8,195 | 9,437 | |
Current | 986,323 | 865,156 | |
Total loans, net of deferred loan fees and costs | 994,518 | 874,593 | $ 856,428 |
SBA Non Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual | 929 | ||
Total past due | 929 | ||
Current | 64,059 | 62,425 | |
Total loans, net of deferred loan fees and costs | 64,988 | 62,425 | 56,773 |
SBA Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 116,545 | 82,317 | |
Total loans, net of deferred loan fees and costs | 116,545 | 82,317 | 95,492 |
SBA Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 5,191 | 20,392 | |
Total loans, net of deferred loan fees and costs | 5,191 | 20,392 | 16,472 |
Direct Lease Financing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days past due | 4,389 | 5,083 | |
60-89 Days past due | 982 | 1,832 | |
Greater than 90 days | 294 | 149 | |
Total past due | 5,665 | 7,064 | |
Current | 218,264 | 187,400 | |
Total loans, net of deferred loan fees and costs | 223,929 | 194,464 | 201,825 |
SBLOC [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 539,240 | 421,862 | |
Total loans, net of deferred loan fees and costs | 539,240 | 421,862 | 399,365 |
Other Specialty Lending [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 12,119 | 48,625 | |
Total loans, net of deferred loan fees and costs | 12,119 | 48,625 | $ 36,247 |
Consumer - other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days past due | 9 | ||
Greater than 90 days | 1 | ||
Total past due | 1 | 9 | |
Current | 5,615 | 8,654 | |
Total loans, net of deferred loan fees and costs | 5,616 | 8,663 | |
Consumer - Home Equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days past due | 372 | ||
60-89 Days past due | 457 | ||
Non-accrual | 1,228 | 1,907 | |
Total past due | 1,600 | 2,364 | |
Current | 16,286 | 25,141 | |
Total loans, net of deferred loan fees and costs | 17,886 | 27,505 | |
Unamortized Loan Fees And Costs [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 9,004 | 8,340 | |
Total loans, net of deferred loan fees and costs | $ 9,004 | $ 8,340 |
Loans (Loans By Categories) (De
Loans (Loans By Categories) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Loans by categories [Abstract] | |||
Total loans | $ 994,518 | $ 874,593 | $ 856,428 |
Threshold Amount Of Commercial And Construction Loans And Leases Subject To Loan Review | $ 3,000 | ||
Percentage of loan portfolio review coverage (in hundredths) | 42.00% | 45.00% | |
Period Of Full Review In Loan Committee For Loans With Relatively Short Term Minimum | 1 year | ||
Period Of Full Review In Loan Committee For Loans With Relatively Short Term Maximum | 3 years | ||
SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | $ 64,988 | $ 62,425 | 56,773 |
SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 116,545 | 82,317 | 95,492 |
SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 5,191 | 20,392 | 16,472 |
Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 223,929 | 194,464 | 201,825 |
SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 539,240 | 421,862 | 399,365 |
Other Specialty Lending [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 12,119 | 48,625 | $ 36,247 |
Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 23,502 | 36,168 | |
Unamortized Loan Fees And Costs [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 9,004 | 8,340 | |
Pass [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 413,876 | 389,677 | |
Pass [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 42,871 | 49,214 | |
Pass [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 76,079 | 59,086 | |
Pass [Member] | SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 5,191 | 18,911 | |
Pass [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 84,509 | 58,994 | |
Pass [Member] | SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 188,218 | 142,286 | |
Pass [Member] | Other Specialty Lending [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 10,345 | 46,990 | |
Pass [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 6,663 | 14,196 | |
Special Mention [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 346 | ||
Substandard [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 4,113 | 2,203 | |
Substandard [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 1,107 | 197 | |
Substandard [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 510 | 99 | |
Substandard [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 2,496 | 1,907 | |
Unrated subject to review [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 33,381 | 59,067 | |
Unrated subject to review [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 669 | ||
Unrated subject to review [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 16,714 | 965 | |
Unrated subject to review [Member] | SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 16,667 | 57,360 | |
Unrated subject to review [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 73 | ||
Unrated Not Subject To Review [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 543,148 | 423,300 | |
Unrated Not Subject To Review [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 21,010 | 12,345 | |
Unrated Not Subject To Review [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 23,752 | 22,266 | |
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 | 138,910 | 135,371 | |
Unrated Not Subject To Review [Member] | SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 334,355 | 222,216 | |
Unrated Not Subject To Review [Member] | Other Specialty Lending [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 1,774 | 1,635 | |
Unrated Not Subject To Review [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 14,343 | 19,646 | |
Unrated Not Subject To Review [Member] | Unamortized Loan Fees And Costs [Member] | |||
Loans by categories [Abstract] | |||
Total loans | $ 9,004 | $ 8,340 |
Transactions With Affiliates (D
Transactions With Affiliates (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Deposits | $ 4,379,215,000 | $ 3,881,625,000 | $ 4,621,784,000 |
Securities purchased under agreements to resell | $ 37,970,000 | 55,450,000 | 46,250,000 |
Resource America, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of expenses paid as rent (in hundredths) | 50.00% | ||
Rent expense | $ 9,000 | 85,000 | |
Atlas Energy, L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of expenses paid as rent (in hundredths) | 50.00% | ||
Rent expense | $ 35,000 | $ 78,000 | |
Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Deposits | 19,900,000 | 15,100,000 | |
Directors, Executive Officers, Principal Stockholders and Affiliates [Member] | Other Assets Held For Sale [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 0 | 28,100,000 | |
Directors, Executive Officers, Principal Stockholders and Affiliates [Member] | Loans, Net Of Deferred Loan Fees And Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 2,200,000 | 2,800,000 | |
J.V.B. Financial Group, LLC (Formerly PrinceRidge Group LLC) [Member] | |||
Related Party Transaction [Line Items] | |||
Securities purchased under agreements to resell | $ 38,000,000 | $ 46,300,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Cash and cash equivalents | $ 1,040,000,000 | $ 1,110,000,000 |
Specific reserves and other write downs on impaired loans | 158,000 | |
Troubled debt restructured loans balance | 616,000 | 543,000 |
Troubled debt restructured loans, specific reserve | 21,000 | |
Extended maturity | $ 512,000 | 543,000 |
Minimum [Member] | ||
Estimated selling costs | 7.00% | |
Maximum [Member] | ||
Estimated selling costs | 10.00% | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Impaired loans | $ 2,669,000 | $ 2,450,000 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amount And Estimated Fair Value Of Assets And Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Carrying amount and estimated fair value of assets and liabilities [Abstract] | |||
Investment securities available-for-sale | $ 1,316,705 | $ 1,493,639 | $ 1,442,049 |
Investment securities held-to-maturity | 91,612 | 91,914 | 94,889 |
Securities purchased under agreements to resell | 37,970 | 46,250 | $ 55,450 |
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 | 38,523 | 66,287 | |
Investment securities held-to-maturity | 7,599 | 7,448 | |
Securities purchased under agreements to resell | 37,970 | 46,250 | |
Demand and interest checking | 4,002,638 | 4,289,586 | |
Savings and money market | 376,577 | 330,798 | |
Securities sold under agreements to repurchase | 1,034 | 19,414 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | |||
Investment securities available-for-sale | 1,278,182 | 1,425,986 | |
Interest rate swaps, liability | 1,771 | 942 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | |||
Investment securities available-for-sale | 1,366 | ||
Investment securities held-to-maturity | 84,013 | 84,466 | |
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,063 | 1,002 | |
Commercial loans held for sale | 354,600 | 217,080 | |
Loans, net | 983,825 | 869,871 | |
Investment in unconsolidated entity, senior note | 171,800 | 178,187 | |
Investment in unconsolidated entity, subordinated note | 14,856 | 15,408 | |
Assets held for sale | 611,729 | 887,929 | |
Time deposits | 1,412 | ||
Subordinated debentures | 8,242 | 8,042 | |
Carrying Amount [Member] | |||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | |||
Investment securities available-for-sale | 1,316,705 | 1,493,639 | |
Investment securities held-to-maturity | 93,604 | 93,765 | |
Securities purchased under agreements to resell | 37,970 | 46,250 | |
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,063 | 1,002 | |
Commercial loans held for sale | 354,600 | 217,080 | |
Loans, net | 994,518 | 874,593 | |
Investment in unconsolidated entity, senior note | 171,800 | 178,187 | |
Investment in unconsolidated entity, subordinated note | 14,856 | 15,408 | |
Assets held for sale | 611,729 | 887,929 | |
Demand and interest checking | 4,002,638 | 4,289,586 | |
Savings and money market | 376,577 | 330,798 | |
Time deposits | 1,400 | ||
Subordinated debentures | 13,401 | 13,401 | |
Securities sold under agreements to repurchase | 1,034 | 19,414 | |
Interest rate swaps, liability | 1,771 | 942 | |
Estimated Fair Value [Member] | |||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | |||
Investment securities available-for-sale | 1,316,705 | 1,493,639 | |
Investment securities held-to-maturity | 91,612 | 91,914 | |
Securities purchased under agreements to resell | 37,970 | 46,250 | |
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,063 | 1,002 | |
Commercial loans held for sale | 354,600 | 217,080 | |
Loans, net | 983,825 | 869,871 | |
Investment in unconsolidated entity, senior note | 171,800 | 178,187 | |
Investment in unconsolidated entity, subordinated note | 14,856 | 15,408 | |
Assets held for sale | 611,729 | 887,929 | |
Demand and interest checking | 4,002,638 | 4,289,586 | |
Savings and money market | 376,577 | 330,798 | |
Time deposits | 1,412 | ||
Subordinated debentures | 8,242 | 8,042 | |
Securities sold under agreements to repurchase | 1,034 | 19,414 | |
Interest rate swaps, liability | $ 1,771 | $ 942 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Assets measured at fair value on a recurring basis [Abstract] | |||
Fair value | $ 1,316,705 | $ 1,493,639 | $ 1,442,049 |
Fair Value, Measurements, Recurring [Member] | |||
Assets measured at fair value on a recurring basis [Abstract] | |||
U.S. Government agency securities | 17,172 | 16,561 | |
Federally insured student loan securities | 117,532 | 126,012 | |
Obligations of states and political subdivisions | 571,433 | 612,648 | |
Residential mortgage-backed securities | 369,930 | 422,129 | |
Commercial mortgage-backed securities | 72,766 | 123,239 | |
Foreign debt securities | 58,454 | 66,878 | |
Other debt securities | 109,418 | 126,172 | |
Fair value | 1,316,705 | 1,493,639 | |
Loans held for sale | 354,600 | 217,080 | |
Investment in unconsolidated entity, senior note | 171,800 | 178,187 | |
Investment in unconsolidated entity, subordinated note | 14,856 | 15,408 | |
Interest rate swaps, liability | 1,771 | 942 | |
Total assets | 1,856,190 | 1,903,372 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Assets measured on a nonrecurring basis [Abstract] | |||
Impaired loans | 2,669 | 2,450 | |
Intangible assets | 6,228 | ||
Assets nonrecurring | 8,678 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Assets measured at fair value on a recurring basis [Abstract] | |||
Fair value | 38,523 | 66,287 | |
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] | |||
Obligations of states and political subdivisions | 1,147 | 1,182 | |
Foreign debt securities | 8,824 | 14,098 | |
Other debt securities | 28,552 | 51,007 | |
Fair value | 38,523 | 66,287 | |
Total assets | 38,523 | 66,287 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Assets measured at fair value on a recurring basis [Abstract] | |||
Fair value | 1,278,182 | 1,425,986 | |
Interest rate swaps, liability | 1,771 | 942 | |
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 agency securities | 17,172 | 16,561 | |
Federally insured student loan securities | 117,532 | 126,012 | |
Obligations of states and political subdivisions | 570,286 | 611,466 | |
Residential mortgage-backed securities | 369,930 | 422,129 | |
Commercial mortgage-backed securities | 72,766 | 123,239 | |
Foreign debt securities | 49,630 | 52,235 | |
Other debt securities | 80,866 | 74,344 | |
Fair value | 1,278,182 | 1,425,986 | |
Interest rate swaps, liability | 1,771 | 942 | |
Total assets | 1,276,411 | 1,425,044 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Assets measured at fair value on a recurring basis [Abstract] | |||
Fair value | 1,366 | ||
Loans held for sale | 354,600 | 217,080 | |
Investment in unconsolidated entity, senior note | 171,800 | 178,187 | |
Investment in unconsolidated entity, subordinated note | 14,856 | 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 | ||
Fair value | 1,366 | ||
Loans held for sale | 354,600 | 217,080 | |
Investment in unconsolidated entity, senior note | 171,800 | 178,187 | |
Investment in unconsolidated entity, subordinated note | 14,856 | 15,408 | |
Total assets | 541,256 | 412,041 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Assets measured on a nonrecurring basis [Abstract] | |||
Impaired loans | $ 2,669 | 2,450 | |
Intangible assets | 6,228 | ||
Assets nonrecurring | $ 8,678 |
Fair Value Measurements (Compan
Fair Value Measurements (Company's Level 3 Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Minimum [Member] | ||
Purchases, issuances, and settlements [Abstract] | ||
Estimated Selling Costs | 7.00% | |
Maximum [Member] | ||
Purchases, issuances, and settlements [Abstract] | ||
Estimated Selling Costs | 10.00% | |
Available For Sale Securities [Member] | ||
Company's Level 3 assets [Roll Forward] | ||
Beginning balance | $ 1,366 | $ 551 |
Transfers into level 3 | 1,279 | |
Transfers out of level 3 | (551) | |
Total gains or losses (realized/unrealized) Included in earnings | (23) | |
Included in other comprehensive income | 87 | |
Purchases, issuances, and settlements [Abstract] | ||
Sales | (1,343) | |
Ending balance | 1,366 | |
Held-to-maturity [Member] | ||
Company's Level 3 assets [Roll Forward] | ||
Beginning balance | 217,080 | 69,904 |
Total gains or losses (realized/unrealized) Included in earnings | 2,055 | 1,846 |
Purchases, issuances, and settlements [Abstract] | ||
Issuances | 427,680 | 630,165 |
Sales | (292,215) | (484,835) |
Ending balance | 354,600 | 217,080 |
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 | 4,718 | 3,587 |
Investment In Unconsolidated Entity [Member] | ||
Company's Level 3 assets [Roll Forward] | ||
Beginning balance | 193,595 | |
Purchases, issuances, and settlements [Abstract] | ||
Purchases | 193,595 | |
Settlements | (6,939) | |
Ending balance | $ 186,656 | $ 193,595 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)agreement | |
Derivative [Line Items] | |
Notional Amount | $ 67,900,000 |
Payable under agreements | 1,900,000 |
Cash collateral | $ 2,200,000 |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Number of interest rate swap agreements | agreement | 16 |
Fair value adjustment on derivatives | $ 830,000 |
Derivatives (Derivatives) (Deta
Derivatives (Derivatives) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Derivative [Line Items] | |
Notional amount | $ 67,900 |
Fair value | $ (1,771) |
Interest Rate Swaps, Maturing July 28, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Jul. 28, 2025 |
Notional amount | $ 8,500 |
Interest rate paid (in hundredths) | 2.40% |
Interest rate received (in hundredths) | 0.29% |
Fair value | $ (277) |
Interest Rate Swaps, Maturing July 31, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Jul. 31, 2025 |
Notional amount | $ 8,500 |
Interest rate paid (in hundredths) | 2.40% |
Interest rate received (in hundredths) | 0.30% |
Fair value | $ (284) |
Interest Rate Swaps, Maturing August 5, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 5, 2025 |
Notional amount | $ 6,600 |
Interest rate paid (in hundredths) | 2.20% |
Interest rate received (in hundredths) | 0.30% |
Fair value | $ (145) |
Interest Rate Swaps, Maturing August 13, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 13, 2025 |
Notional amount | $ 1,800 |
Interest rate paid (in hundredths) | 2.20% |
Interest rate received (in hundredths) | 0.31% |
Fair value | $ (36) |
Interest Rate Swaps, Maturing August 17, 2025 1 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 17, 2025 |
Notional amount | $ 4,000 |
Interest rate paid (in hundredths) | 2.30% |
Interest rate received (in hundredths) | 0.32% |
Fair value | $ (98) |
Interest Rate Swaps, Maturing August 17, 2025 2 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 17, 2025 |
Notional amount | $ 2,500 |
Interest rate paid (in hundredths) | 2.30% |
Interest rate received (in hundredths) | 0.32% |
Fair value | $ (61) |
Interest Rate Swaps, Maturing August 17, 2025 3 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 17, 2025 |
Notional amount | $ 2,500 |
Interest rate paid (in hundredths) | 2.30% |
Interest rate received (in hundredths) | 0.32% |
Fair value | $ (61) |
Interest Rate Swaps, Maturing August 24, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 24, 2025 |
Notional amount | $ 3,100 |
Interest rate paid (in hundredths) | 2.20% |
Interest rate received (in hundredths) | 0.33% |
Fair value | $ (48) |
Interest Rate Swaps, Maturing August 25, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 25, 2025 |
Notional amount | $ 3,100 |
Interest rate paid (in hundredths) | 2.20% |
Interest rate received (in hundredths) | 0.33% |
Fair value | $ (43) |
Interest Rate Swaps, Maturing August 28, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 28, 2025 |
Notional amount | $ 2,200 |
Interest rate paid (in hundredths) | 2.20% |
Interest rate received (in hundredths) | 0.33% |
Fair value | $ (43) |
Interest Rate Swaps, Maturing September 10, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Sep. 10, 2025 |
Notional amount | $ 2,300 |
Interest rate paid (in hundredths) | 2.20% |
Interest rate received (in hundredths) | 0.33% |
Fair value | $ (48) |
Interest Rate Swaps, Maturing September 11, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Sep. 11, 2025 |
Notional amount | $ 11,300 |
Interest rate paid (in hundredths) | 2.50% |
Interest rate received (in hundredths) | 0.33% |
Fair value | $ (492) |
Interest Rate Swaps, Maturing September 21, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Sep. 21, 2025 |
Notional amount | $ 2,500 |
Interest rate paid (in hundredths) | 2.30% |
Interest rate received (in hundredths) | 0.35% |
Fair value | $ (68) |
Interest Rate Swaps, Maturing September 30, 2025 1 [Member] | |
Derivative [Line Items] | |
Maturity date | Sep. 30, 2025 |
Notional amount | $ 3,800 |
Interest rate paid (in hundredths) | 2.10% |
Interest rate received (in hundredths) | 0.33% |
Fair value | $ (32) |
Interest Rate Swaps, Maturing September 30, 2025 2 [Member] | |
Derivative [Line Items] | |
Maturity date | Sep. 30, 2025 |
Notional amount | $ 3,400 |
Interest rate paid (in hundredths) | 2.10% |
Interest rate received (in hundredths) | 0.33% |
Fair value | $ (28) |
Interest Rate Swaps, Maturing October 1, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Oct. 1, 2025 |
Notional amount | $ 1,800 |
Interest rate paid (in hundredths) | 2.10% |
Interest rate received (in hundredths) | 0.33% |
Fair value | $ (7) |
Other Identifiable Intangible62
Other Identifiable Intangible Assets (Details) - USD ($) | Nov. 29, 2012 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2007 |
Finite-Lived Intangible Assets [Line Items] | ||||||
Acquisition date | Nov. 29, 2012 | |||||
Acquisition purchase price | $ 1,800,000 | |||||
Intangible asset amortization period | 8 years | 12 years | ||||
Amortization of intangible assets per year | $ 217,000 | $ 1,000,000 | ||||
Amortization of intangible assets over five years | 1,100,000 | 5,000,000 | ||||
Gross intangible assets | $ 12,000,000 | $ 12,000,000 | $ 12,000,000 | |||
Accumulated amortization | $ 735,000 | 7,700,000 | 7,700,000 | |||
Amortization of intangible assets | 298,000 | $ 304,000 | 893,000 | $ 912,000 | ||
Customer List [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization of intangible assets | 250,000 | $ 250,000 | 750,000 | $ 750,000 | ||
Software [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross intangible assets | $ 1,800,000 | $ 1,800,000 |
Regulatory Matters (Details)
Regulatory Matters (Details) | 9 Months Ended |
Sep. 30, 2015 | |
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% |
Segment Financials (Narrative)
Segment Financials (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015segment | |
Segment Financials [Abstract] | |
Number of Operating Segments | 4 |
Segment Financials (Schedule Of
Segment Financials (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 21,193 | $ 18,033 | $ 61,282 | $ 52,198 | |
Interest expense | 3,395 | 2,765 | 9,933 | 8,488 | |
Net interest income | 17,798 | 15,268 | 51,349 | 43,710 | |
Provision for loan and lease losses | 625 | 158 | 1,800 | 2,606 | |
Non-interest income | 17,299 | 20,307 | 62,800 | 67,374 | |
Non-interest expense | 47,795 | 33,135 | 135,089 | 98,352 | |
Income (loss) from continuing operations before income taxes | (13,323) | 2,282 | (22,740) | 10,126 | |
Income taxes | (5,706) | (3,560) | (10,817) | (594) | |
Net income (loss) from continuing operations | (7,617) | 5,842 | (11,923) | 10,720 | |
Income from discontinued operations | 2,042 | 19,127 | 6,736 | 26,198 | |
Net income (loss) available to common shareholders | (5,575) | 24,969 | (5,187) | 36,918 | |
Total assets | 4,714,447 | 4,237,123 | 4,714,447 | 4,237,123 | $ 4,986,317 |
Total liabilities | 4,400,750 | 3,940,125 | 4,400,750 | 3,940,125 | 4,667,294 |
Specialty Finance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 12,789 | 9,160 | 34,993 | 26,396 | |
Interest expense | 1,267 | 985 | 3,745 | 2,977 | |
Net interest income | 11,522 | 8,175 | 31,248 | 23,419 | |
Provision for loan and lease losses | 625 | 158 | 1,800 | 2,606 | |
Non-interest income | 1,329 | 4,313 | 14,017 | 18,394 | |
Non-interest expense | 12,036 | 8,749 | 34,111 | 28,909 | |
Income (loss) from continuing operations before income taxes | 190 | 3,581 | 9,354 | 10,299 | |
Net income (loss) from continuing operations | 190 | 3,581 | 9,354 | 10,299 | |
Net income (loss) available to common shareholders | 190 | 3,581 | 9,354 | 10,299 | |
Total assets | 1,420,811 | 1,420,811 | 1,099,914 | ||
Total liabilities | 1,287,252 | 1,287,252 | 1,165,567 | ||
Payments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 15 | 11 | 43 | ||
Interest allocation | 8,404 | 8,858 | 26,278 | 25,759 | |
Interest expense | 1,918 | 1,537 | 5,568 | 4,565 | |
Net interest income | 6,486 | 7,336 | 20,721 | 21,237 | |
Non-interest income | 15,949 | 15,975 | 48,721 | 48,931 | |
Non-interest expense | 33,021 | 12,519 | 90,174 | 56,512 | |
Income (loss) from continuing operations before income taxes | (10,586) | 10,791 | (20,732) | 13,656 | |
Net income (loss) from continuing operations | (10,586) | 10,791 | (20,732) | 13,656 | |
Net income (loss) available to common shareholders | (10,586) | 10,791 | (20,732) | 13,656 | |
Total assets | 34,656 | 34,656 | 30,503 | ||
Total liabilities | 2,877,916 | 2,877,916 | 3,198,129 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 8,404 | 8,858 | 26,278 | 25,759 | |
Interest allocation | (8,404) | (8,858) | (26,278) | (25,759) | |
Interest expense | 209 | 243 | 620 | 946 | |
Net interest income | (209) | (243) | (620) | (946) | |
Non-interest income | 21 | 19 | 62 | 49 | |
Non-interest expense | 2,739 | 11,867 | 10,804 | 12,932 | |
Income (loss) from continuing operations before income taxes | (2,927) | (12,091) | (11,362) | (13,829) | |
Income taxes | (5,706) | (3,560) | (10,817) | (594) | |
Net income (loss) from continuing operations | 2,779 | (8,531) | (545) | (13,235) | |
Net income (loss) available to common shareholders | 2,779 | (8,531) | (545) | (13,235) | |
Total assets | 2,647,251 | 2,647,251 | 2,967,971 | ||
Total liabilities | 235,582 | 235,582 | 303,598 | ||
Discontinued Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income from discontinued operations | 2,042 | 19,127 | 6,736 | 26,198 | |
Net income (loss) available to common shareholders | 2,042 | $ 19,127 | 6,736 | $ 26,198 | |
Total assets | $ 611,729 | $ 611,729 | $ 887,929 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Discontinued Operations [Abstract] | |||
Disposal Group, Including Discontinued Operation, Loan Portfolio, Book Value | $ 1,100,000 | ||
Loans, net | $ 588,682 | $ 867,399 | |
Investment in unconsolidated entity, at fair value | 186,656 | $ 193,595 | |
Gain (loss) on sale of loans | $ 6,747 | $ 13,468 |
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 | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Discontinued Operations [Abstract] | |||||
Interest income | $ 6,343 | $ 12,689 | $ 22,275 | $ 38,311 | |
Provision | (70,306) | (57,044) | |||
Net interest income | 6,343 | 82,995 | 22,275 | 95,355 | |
Non interest income | 120 | 449 | 2,456 | 1,247 | |
Non interest expense | 3,466 | 48,590 | 14,538 | 52,160 | |
Income (loss) before taxes | 2,997 | 34,854 | 10,193 | 44,442 | |
Income taxes | 955 | 15,727 | 3,457 | 18,244 | |
Net income (loss) | 2,042 | 19,127 | 6,736 | 26,198 | |
Loans, net | 588,682 | 588,682 | $ 867,399 | ||
Other assets | 23,047 | 23,047 | 20,530 | ||
Total assets | $ 611,729 | $ 1,066,029 | $ 611,729 | $ 1,066,029 | $ 887,929 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Discontinued Assets, Liabilities And Related Adjustments) (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Cash and cash equivalents | ||||
Cash and due from banks | $ 4,002 | $ 8,665 | $ 9,913 | |
Interest earning deposits at Federal Reserve Bank | 995,441 | 1,059,320 | 430,117 | |
Securities purchased under agreements to resell | 37,970 | 46,250 | 55,450 | |
Total cash and cash equivalents | 1,037,413 | 1,114,235 | 495,162 | $ 1,235,949 |
Investment securities, available-for-sale, at fair value | 1,316,705 | 1,493,639 | 1,442,049 | |
Investment securities, held-to-maturity | 93,604 | 93,765 | 96,951 | |
Commercial loans held for sale | 354,600 | 217,080 | 136,115 | |
Loans, net of deferred loan fees and costs | 994,518 | 874,593 | 856,428 | |
Allowance for loan and lease losses | (4,194) | (3,638) | (5,300) | |
Loans, net | 990,324 | 870,955 | 851,128 | |
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,063 | 1,002 | 3,409 | |
Premises and equipment, net | 18,893 | 17,697 | 17,536 | |
Accrued interest receivable | 11,232 | 11,251 | 11,061 | |
Intangible assets, net | 5,248 | 6,228 | 6,573 | |
Other real estate owned | 725 | |||
Deferred tax asset, net | 33,857 | 33,673 | 71,021 | |
Investment in unconsolidated entity | 186,656 | 193,595 | ||
Assets held for sale | 611,729 | 887,929 | 1,066,029 | |
Other assets | 53,123 | 45,268 | 39,046 | |
Total assets | 4,714,447 | 4,986,317 | 4,237,123 | |
Deposits | ||||
Demand and interest checking | 4,002,638 | 4,289,586 | 3,554,484 | |
Savings and money market | 376,577 | 330,798 | 324,015 | |
Time deposits | 1,400 | 231 | ||
Time deposits, $100,000 and over | 2,895 | |||
Total deposits | 4,379,215 | 4,621,784 | 3,881,625 | |
Securities sold under agreements to repurchase | 1,034 | 19,414 | 21,496 | |
Subordinated debenture | 13,401 | 13,401 | 13,401 | |
Other liabilities | 7,100 | 12,695 | 23,603 | |
Total liabilities | 4,400,750 | 4,667,294 | 3,940,125 | |
SHAREHOLDERS' EQUITY | ||||
Common stock | 37,858 | 37,809 | 37,809 | |
Treasury stock, at cost (100,000 shares) | (866) | (866) | (866) | |
Additional paid-in capital | 299,470 | 297,987 | 297,122 | |
Retained earnings | (33,429) | (28,242) | (48,435) | |
Accumulated other comprehensive income | 10,664 | 12,335 | 11,368 | |
Total shareholders' equity | 313,697 | 319,023 | 296,998 | |
Total liabilities and shareholders' equity | 4,714,447 | 4,986,317 | 4,237,123 | |
Investment securities, held-to-maturity, fair value | $ 91,612 | $ 91,914 | $ 94,889 | |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | |
Common stock, issued (in shares) | 37,858,322 | 37,808,777 | 37,808,777 | |
Treasury stock (in shares) | 100,000 | 100,000 | 100,000 | |
As Previously Reported [Member] | ||||
Cash and cash equivalents | ||||
Cash and due from banks | $ 11,641 | |||
Interest earning deposits at Federal Reserve Bank | 430,117 | |||
Securities purchased under agreements to resell | 55,450 | |||
Investment securities, available-for-sale, at fair value | 1,442,049 | |||
Investment securities, held-to-maturity | 96,951 | |||
Commercial loans held for sale | 136,115 | |||
Loans, net of deferred loan fees and costs | 1,926,898 | |||
Allowance for loan and lease losses | (3,832) | |||
Loans, net | 1,923,066 | |||
Federal Home Loan and Atlantic Central Bankers Bank stock | 3,409 | |||
Premises and equipment, net | 17,536 | |||
Accrued interest receivable | 15,028 | |||
Intangible assets, net | 6,573 | |||
Other real estate owned | 24,718 | |||
Deferred tax asset, net | 71,021 | |||
Assets held for sale | (35,698) | |||
Other assets | 39,147 | |||
Total assets | 4,237,123 | |||
Deposits | ||||
Demand and interest checking | 3,554,484 | |||
Savings and money market | 324,015 | |||
Time deposits | 231 | |||
Time deposits, $100,000 and over | 2,895 | |||
Total deposits | 3,881,625 | |||
Securities sold under agreements to repurchase | 21,496 | |||
Subordinated debenture | 13,401 | |||
Other liabilities | 23,603 | |||
Total liabilities | 3,940,125 | |||
SHAREHOLDERS' EQUITY | ||||
Common stock | 37,809 | |||
Treasury stock, at cost (100,000 shares) | (866) | |||
Additional paid-in capital | 297,122 | |||
Retained earnings | (48,435) | |||
Accumulated other comprehensive income | 11,368 | |||
Total shareholders' equity | 296,998 | |||
Total liabilities and shareholders' equity | 4,237,123 | |||
Discontinued Operations Adjustments [Member] | ||||
Cash and cash equivalents | ||||
Cash and due from banks | (1,728) | |||
Loans, net of deferred loan fees and costs | (1,070,470) | |||
Allowance for loan and lease losses | (1,468) | |||
Loans, net | (1,071,938) | |||
Accrued interest receivable | (3,967) | |||
Other real estate owned | (23,993) | |||
Assets held for sale | 1,101,727 | |||
Other assets | (101) | |||
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) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | 1 Months Ended | 3 Months Ended |
Oct. 23, 2015USD ($)item | Dec. 31, 2015USD ($) | |
Subsequent Event [Line Items] | ||
Number of health savings accounts | item | 170,000 | |
Purchase price paid by HealthEquity | $ 34,425,000 | |
Scenario, Forecast [Member] | ||
Subsequent Event [Line Items] | ||
Gain upon sale, net of disposition and transaction expenses | $ 34,425,000 | |
Minimum [Member] | ||
Subsequent Event [Line Items] | ||
HSA deposits | $ 400,000,000 |