Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 08, 2016 | Jun. 30, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 319.4 | ||
Entity Common Stock, Shares Outstanding | 37,879,428 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and cash equivalents | ||
Cash and due from banks | $ 7,643 | $ 8,665 |
Interest earning deposits at Federal Reserve Bank | 1,147,519 | 1,059,320 |
Securities purchased under agreements to resell | 46,250 | |
Total cash and cash equivalents | 1,155,162 | 1,114,235 |
Investment securities, available-for-sale, at fair value | 1,070,098 | 1,493,639 |
Investment securities, held-to-maturity (fair value $91,599 and $91,914, respectively) | 93,590 | 93,765 |
Commercial loans held for sale | 489,938 | 217,080 |
Loans, net of deferred loan fees and costs | 1,078,077 | 874,593 |
Allowance for loan and lease losses | (4,400) | (3,638) |
Loans, net | 1,073,677 | 870,955 |
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,062 | 1,002 |
Premises and equipment, net | 21,631 | 17,697 |
Accrued interest receivable | 9,471 | 11,251 |
Intangible assets, net | 4,929 | 6,228 |
Deferred tax asset, net | 36,207 | 33,673 |
Investment in unconsolidated entity, at fair value | 178,520 | 193,595 |
Assets held for sale from discontinued operations | 583,909 | 887,929 |
Other assets | 47,629 | 45,268 |
Total assets | 4,765,823 | 4,986,317 |
Deposits | ||
Demand and interest checking | 3,602,376 | 4,289,586 |
Savings and money market | 383,832 | 330,798 |
Time deposits | $ 428,549 | $ 1,400 |
Time deposits, $100,000 and over | ||
Total deposits | $ 4,414,757 | $ 4,621,784 |
Securities sold under agreements to repurchase | 925 | 19,414 |
Subordinated debenture | 13,401 | 13,401 |
Other liabilities | 16,739 | 12,695 |
Total liabilities | 4,445,822 | 4,667,294 |
SHAREHOLDERS' EQUITY | ||
Common stock - authorized, 50,000,000 shares of $1.00 par value; 37,861,218 and 37,808,777 shares issued at December 31, 2015 and December 31, 2014, respectively | 37,861 | 37,809 |
Treasury stock, at cost (100,000 shares) | (866) | (866) |
Additional paid-in capital | 300,549 | 297,987 |
Accumulated deficit | (15,449) | (28,242) |
Accumulated other comprehensive income (loss) | (2,094) | 12,335 |
Total shareholders' equity | 320,001 | 319,023 |
Total liabilities and shareholders' equity | $ 4,765,823 | $ 4,986,317 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Investment securities, held-to-maturity, fair value | $ 91,599 | $ 91,914 |
SHAREHOLDERS' EQUITY | ||
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, issued (in shares) | 37,861,218 | 37,808,777 |
Treasury stock (in shares) | 100,000 | 100,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income | |||
Loans, including fees | $ 49,861 | $ 36,459 | $ 27,640 |
Interest on investment securities: | |||
Taxable interest | 19,918 | 20,662 | 15,999 |
Tax-exempt interest | 10,820 | 11,345 | 4,758 |
Federal funds sold / securities purchased under agreements to resell | 577 | 462 | 425 |
Interest earning deposits | 2,354 | 1,792 | 2,328 |
Total interest income | 83,530 | 70,720 | 51,150 |
Interest expense | |||
Deposits | 13,124 | 10,767 | 10,166 |
Securities sold under agreements to repurchase | 15 | 50 | 54 |
Short-term borrowings | 12 | ||
Subordinated debenture | 448 | 478 | 548 |
Total interest expense | 13,599 | 11,295 | 10,768 |
Net interest income | 69,931 | 59,425 | 40,382 |
Provision for loan and lease losses | 2,100 | 1,202 | 355 |
Net interest income after provision for loan and lease losses | 67,831 | 58,223 | 40,027 |
Non-interest income | |||
Service fees on deposit accounts | 7,468 | 6,339 | 4,977 |
Card payment and ACH processing fees | 5,731 | 5,402 | 4,046 |
Prepaid card fees | 47,496 | 51,287 | 45,339 |
Gain on sale of loans | 10,080 | 12,542 | 17,225 |
Gain on sales of investment securities | 14,435 | 450 | 1,889 |
Gain on sale of health savings portfolio | 33,531 | ||
Change in value of investment in unconsolidated entity | 1,729 | ||
Other than temporary impairment on securities held-to-maturity | (20) | ||
Leasing income | 2,291 | 2,899 | 2,560 |
Debit card income | 1,611 | 1,679 | 892 |
Affinity fees | 3,358 | 2,596 | 2,986 |
Other | 5,337 | 1,855 | 2,179 |
Total non-interest income | 133,067 | 85,049 | 82,073 |
Non-interest expense | |||
Salaries and employee benefits | 68,390 | 60,509 | 52,248 |
Depreciation and amortization | 4,747 | 4,523 | 3,694 |
Rent and related occupancy cost | 5,659 | 4,694 | 3,858 |
Data processing expense | 14,359 | 13,207 | 10,888 |
Printing and supplies | 2,651 | 2,229 | 1,598 |
Audit expense | 2,003 | 1,427 | 1,441 |
Legal expense | 3,828 | 2,102 | 2,048 |
Amortization of intangible assets | 1,186 | 1,211 | 1,142 |
FDIC Insurance | 11,315 | 6,805 | 3,682 |
Software | 7,222 | 4,908 | 3,553 |
Insurance | 1,923 | 1,700 | 1,311 |
Telecom and IT network communications | 2,016 | 2,531 | 1,483 |
Securitization and servicing expense | 1,948 | 1,843 | 767 |
Consulting | 4,333 | 3,452 | 1,700 |
Bank Secrecy Act and lookback consulting expenses | 41,444 | 8,801 | |
Other | 21,064 | 16,038 | 12,404 |
Total non-interest expense | 194,088 | 135,980 | 101,817 |
Income from continuing operations before income taxes | 6,810 | 7,292 | 20,283 |
Income tax (benefit) provision | 1,450 | (14,523) | 6,767 |
Net income from continuing operations | 5,360 | 21,815 | 13,516 |
Income (loss) from discontinued operations before income taxes | 12,793 | 54,625 | (11,669) |
Income tax provision | 4,721 | 19,331 | 16,269 |
Income (loss) from discontinued operations, net of tax | 8,072 | 35,294 | (27,938) |
Net income (loss) available to common shareholders | $ 13,432 | $ 57,109 | $ (14,422) |
Net income (loss) per share from continuing operations - basic | $ 0.14 | $ 0.58 | $ 0.36 |
Net income (loss) per share from discontinued operations - basic | 0.21 | 0.94 | (0.75) |
Net income (loss) per share - basic | 0.35 | 1.52 | (0.39) |
Net income (loss) per share from continuing operations - diluted | 0.14 | 0.57 | 0.35 |
Net income (loss) per share from discontinued operations - diluted | 0.21 | 0.92 | (0.75) |
Net income (loss) per share - diluted | $ 0.35 | $ 1.49 | $ (0.40) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net income (loss) | $ 13,432 | $ 57,109 | $ (14,422) |
Other comprehensive income (loss) | |||
Change in net unrealized gain/(loss) during the period | (7,169) | 18,710 | (12,905) |
Reclassification adjustments for gains included in income | (14,436) | (450) | (1,889) |
Reclassification adjustments for foreign currency translation losses | (551) | ||
Reclassification adjustment for called securities | (133) | ||
Amortization of (gains)/losses previously held as available-for-sale | 56 | (141) | 30 |
Net unrealized gain/(loss) on investment securities | (22,100) | 18,119 | (14,897) |
Deferred tax expense (benefit) | |||
Change in net unrealized gain/(loss) during the period | (2,544) | 6,549 | (4,517) |
Reclassification adjustments for gains included in income | (5,147) | (158) | (661) |
Reclassification adjustment for called securities | (47) | ||
Amortization of (gains)/losses previously held as available-for-sale | 20 | (49) | 11 |
Income tax expense (benefit) related to items of other comprehensive income | (7,671) | 6,342 | (5,214) |
Other comprehensive income (loss), net of tax and reclassifications into net income | (14,429) | 11,777 | (9,683) |
Comprehensive income (loss) | $ (997) | $ 68,886 | $ (24,105) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance at Dec. 31, 2012 | $ 37,247 | $ (866) | $ 282,708 | $ (65,598) | $ 10,241 | $ 263,732 |
Balance, shares at Dec. 31, 2012 | 37,246,655 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (14,422) | (14,422) | ||||
Issuance of common stock | $ 176 | 1,453 | 1,629 | |||
Issuance of common stock, shares | 175,790 | |||||
Common stock issued from option exercises, net of tax benefits | $ 158 | 1,495 | $ 1,653 | |||
Common stock issued from option exercises, net of tax benefits, shares | 158,272 | 605,494 | ||||
Common stock issued from cashless option exercises, net of tax benefits | $ 140 | 4,702 | (4,842) | |||
Common stock issued from cashless option exercises, net of tax benefits, shares | 140,228 | |||||
Stock-based compensation | 3,157 | $ 3,157 | ||||
Stock-based income tax benefit | 1,061 | 1,061 | ||||
Other comprehensive loss (income), net of reclassification adjustments and tax | (9,683) | (9,683) | ||||
Balance at Dec. 31, 2013 | $ 37,721 | (866) | 294,576 | (84,862) | 558 | 247,127 |
Balance (in shares) at Dec. 31, 2013 | 37,720,945 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 57,109 | 57,109 | ||||
Common stock issued from option exercises, net of tax benefits | $ 9 | 94 | $ 103 | |||
Common stock issued from option exercises, net of tax benefits, shares | 9,249 | 113,334 | ||||
Common stock issued from cashless option exercises, net of tax benefits | $ 30 | 459 | (489) | |||
Common stock issued from cashless option exercises, net of tax benefits, shares | 29,208 | |||||
Common stock issued from vested stock, net of tax benefits | $ 49 | (49) | ||||
Common stock issued from vested stock, net of tax benefits, shares | 49,375 | |||||
Stock-based compensation | 2,641 | $ 2,641 | ||||
Stock-based income tax benefit | 266 | 266 | ||||
Other comprehensive loss (income), net of reclassification adjustments and tax | 11,777 | 11,777 | ||||
Balance at Dec. 31, 2014 | $ 37,809 | (866) | 297,987 | (28,242) | 12,335 | 319,023 |
Balance (in shares) at Dec. 31, 2014 | 37,808,777 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 13,432 | $ 13,432 | ||||
Common stock issued from option exercises, net of tax benefits, shares | 132,960 | |||||
Common stock issued from restricted shares, cashless exercise, net of tax benefits | $ 52 | 587 | (639) | |||
Common stock issued from restricted shares, cashless exercise, net of tax benefits, shares | 52,441 | |||||
Stock-based compensation | 1,975 | $ 1,975 | ||||
Other comprehensive loss (income), net of reclassification adjustments and tax | (14,429) | (14,429) | ||||
Balance at Dec. 31, 2015 | $ 37,861 | $ (866) | $ 300,549 | $ (15,449) | $ (2,094) | $ 320,001 |
Balance (in shares) at Dec. 31, 2015 | 37,861,218 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income from continuing operations | $ 5,360 | $ 21,815 | $ 13,516 |
Net income (loss) from discontinued operations, net of tax | 8,072 | 35,294 | (27,938) |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 5,933 | 5,734 | 4,836 |
Provision for loan and lease losses | 2,100 | 1,202 | 355 |
Net amortization of investment securities discounts/premiums | 12,884 | 14,059 | 6,811 |
Stock-based compensation expense | 1,975 | 2,641 | 3,157 |
Loans originated for sale | (681,526) | (630,165) | (276,562) |
Sale of loans originated for resale | 418,748 | 495,531 | 268,019 |
Gain on sales of loans originated for resale | (10,080) | (12,542) | (17,225) |
Deferred income tax expense (benefit) | 84 | (13,590) | (200) |
Gain on sale of fixed assets | (9) | (14) | (24) |
Other than temporary impairment on securities held-to-maturity | 20 | ||
Gain on sales of investment securities | (14,435) | (450) | (1,889) |
Fair value adjustment on investment in unconsolidated entity | 2,430 | ||
Decrease (increase) in accrued interest receivable | 1,780 | (2,729) | (3,553) |
Decrease (increase) in other assets | 2,391 | 21,966 | (222) |
Decrease (increase) in discontinued assets held for sale | 5,369 | 37,410 | (23,390) |
Increase (decrease) in other liabilities | 4,044 | (26,155) | 15,284 |
Net cash used in operating activities | (234,880) | (49,993) | (39,005) |
Investing activities | |||
Purchase of investment securities available-for-sale | (346,227) | (533,168) | (884,050) |
Purchase of investment securities held-to-maturity | (52,899) | ||
Proceeds from sale of investment securities available-for-sale | 505,534 | 109,322 | 106,243 |
Proceeds from redemptions and prepayments of securities held-to-maturity | 118 | 3,022 | 963 |
Proceeds from redemptions and prepayments of securities available-for-sale | 244,293 | 188,252 | 233,262 |
Net increase in loans | (205,019) | (240,036) | (134,114) |
Net decrease in discontinued loans held for sale | 298,651 | 253,938 | 82,199 |
Proceeds from sale of fixed assets | 327 | 64 | 137 |
Purchases of premises and equipment | (8,999) | (6,611) | (9,098) |
Investment in unconsolidated entity | 12,645 | (193,595) | |
Net cash provided by (used in) investing activities | 501,323 | (418,812) | (657,357) |
Financing activities | |||
Net (decrease) increase in deposits | (207,027) | 348,795 | 959,768 |
Net (decrease) increase in securities sold under agreements to repurchase | (18,489) | (1,807) | 2,673 |
Proceeds from issuance of common stock | 1,629 | ||
Proceeds from the exercise of options | 103 | 1,653 | |
Net cash (used in) provided by financing activities | (225,516) | 347,091 | 965,723 |
Net increase (decrease) in cash and cash equivalents | 40,927 | (121,714) | 269,361 |
Cash and cash equivalents, beginning of year | 1,114,235 | 1,235,949 | 966,588 |
Cash and cash equivalents, end of year | 1,155,162 | 1,114,235 | 1,235,949 |
Supplemental disclosure: | |||
Interest paid | 13,397 | 10,768 | 10,792 |
Taxes paid | $ 592 | 2,578 | 17,602 |
Transfers of loans to other real estate owned | $ 725 | ||
Transfers of loans to held for sale | $ 32,795 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2015 | |
Organization and Nature of Operations [Abstract] | |
Organization and Nature of Operations | Note A—Organization and Nature of Operations The Bancorp, Inc. (the Company) is a Delaware corporation and a registered financial holding company. Its primary subsidiary is a wholly owned subsidiary bank, The Bancorp Bank (the Bank). The Bank is a Delaware chartered commercial bank located in Wilmington, Delaware and is a Federal Deposit Insurance Corporation (FDIC) insured institution. In its continuing operations, the Bank has four primary lines of specialty lending: security backed lines of credit (SBLOC), leasing, Small Business Administration (SBA) loans and loans generated for sale into capital markets through commercial mortgage backed securities (CMBS) and collateralized loan obligations (CLO) . Through the Bank, the Company also provides deposit generating banking services nationally, which include prepaid cards, private label banking, institutional banking to investment advisors and 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note B—Summary of Significant Accounting Policies 1. Basis of Presentation The accounting and reporting policies of the Company conform to generally accepted accounting principles in the United States of America (US GAAP) and predominant practices within the banking industry. The consolidated financial statements include the accounts of the Company and all its subsidiaries. All inter-company balances have been eliminated. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The principal estimates that are particularly susceptible to a significant change in the near term relate to the allowance for loan and lease losses, investment other than temporary impairment (OTTI) and deferred income taxes. The Company periodically reviews its investment portfolio to determine whether unrealized losses on securities are temporary, based on evaluations of the creditworthiness of the issuers or guarantors, and underlying collateral, as applicable. In addition, it considers the continuing performance of the securities. Credit losses are recognized in the consolidated statement of operations. If management believes market value losses are temporary and it believes the Company has the ability and intention to hold those securities to maturity, for available for sale securities the reduction in value is recognized in other comprehensive income, through equity and for held to maturity securities the securities are held at amortized cost. Deferred tax assets are recorded on the consolidated balance sheet at their net realizable value. The Company performs an assessment each reporting period to evaluate the amount of the deferred tax asset it is more likely than not to realize. Realization of deferred tax assets is dependent upon the amount of taxable income expected in future periods, as tax benefits require taxable income to be realized. If a valuation allowance is required, the deferred tax asset on the consolidated balance sheet is reduced via a corresponding income tax expense in the consolidated statement of operations. 2. Cash and Cash Equivalents Cash and cash equivalents are defined as cash on hand and amounts due from banks with an original maturity of three months or less and federal funds sold. The Company at times maintains balances in excess of insured limits at various financial institutions including the Federal Reserve Bank (FRB) , the F ederal Home Loan Bank (FHLB) and other private institutions. The Company does not believe these instruments carry a significant risk of loss, but cannot provide assurances that no losses could occur if these institutions were to become insolvent. 3. Investment Securities Investments in debt securities which the Company has both the ability and intent to hold to maturity are carried at cost, adjusted for the amortization of premiums and accretion of discounts computed by the effective interest method. Investments in debt and equity securities which management believes may be sold prior to maturity due to changes in interest rates, prepayment risk, liquidity requirements, or other factors, are classified as available-for-sale. Net unrealized gains for such securities, net of tax effect, are reported as other comprehensive income and excluded from the determination of net income. The unrealized losses for both the held-to-maturity and available-for-sale securities are evaluated to determine first if the impairment is other than temporary then to determine the amount of other than temporary impairment that is attributable to credit loss versus non-credit loss. If a credit loss is determined, an other than temporary impairment charge is recorded within the consolidated statement of operations. The Company does not engage in securities trading. Gains or losses on disposition of investment securities are based on the net proceeds and the adjusted carrying amount of the securities sold using the specific identification method. The Company evaluates whether an other than temporary impairment exists by considering primarily the following factors: (a) the length of time and extent to which the fair value has been less than the amortized cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on contractually obligated interest and principal payments, (d) changes in the financial condition of the security’s underlying collateral and (e) the payment structure of the security. The Company’s best estimate of expected future cash flows used to determine the amount of other than temporary impairment attributable to credit loss is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions and judgments regarding the future performance of the security. The Company’s best estimate of future cash flows involves assumptions including, but not limited to, various performance indicators, such as historical and projected default and recovery rates, credit ratings, current delinquency rates, loan-to value ratios and the possibility of obligor refinancing. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value. In addition, projections of expected future cash flows from a debt security may change based upon new information regarding the performance of the issuer and/or underlying collateral such as changes in the projections of the underlying property value estimates. The Company recognized OTTI charges of $0 in 2015, $0 in 2014 and $20,000 in 2013. The $20,000 charge in 2013 resulted from the write-down of the amortized cost to the present value of the cash flows expected to be collected for one pooled trust preferred security. 4. Loans and Allowance for Loan and Lease Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal and are net of unearned discounts, unearned loan fees and an allowance for loan and lease losses. The allowance for loan and lease losses is established through a provision for loan and lease losses charged to expense. Loan principal considered to be uncollectible by management is charged against the allowance for loan and lease losses. The allowance is an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible based upon an evaluation of known and inherent risks in the loan portfolio. The evaluation takes into consideration such factors as changes in the nature and size of the loan portfolio, overall portfolio quality, specific problem loans and current economic conditions which may affect the borrowers’ ability to pay. The evaluation also details historical losses by loan category, the resulting loss rates for which are projected at current loan total amounts. Loss estimates for specified problem loans are also detailed. Interest income is accrued as earned on a simple interest basis. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. The Company recognizes income on impaired loans when they are placed into non-accrual status on a cash basis when the loans are both current and the collateral on the loan is sufficient to cover the outstanding obligation to the Company. If these factors do not exist, the Company will not recognize income on such loans. When a loan is placed on non-accrual status, all accumulated accrued interest receivable applicable to periods prior to the current year is charged off to the allowance for loan and lease losses. Interest that had accrued in the current year is reversed out of current period income. Loans reported as having missed four or more consecutive monthly payments and still accruing interest must have both principal and accruing interest adequately secured and must be in the process of collection. Such loans are reported as 90 days delinquent and still accruing. For all loan types, the Company uses the method of reporting delinquencies which considers a loan past due or delinquent if a monthly payment has not been received by the close of business on the loan’s next due date. In the Company’s reporting, two missed payments are reflected as 30 to 59 day delinquencies and three missed payments are reflected as 60 to 89 day delinquencies. The allowance for loan losses represents management's estimate of losses inherent in the loan and lease portfolio as of the consolidated balance sheet date and is recorded as a reduction to loans and leases. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. The evaluation of the adequacy of the allowance for loan and lease losses includes, among other factors, an analysis of historical loss rates and environmental factors by category, applied to current loan totals. However, actual losses may be higher or lower than historical trends, which vary. Actual losses on specified problem loans, which also are provided for in the evaluation, may vary from those estimated loss percentages, which are established based upon a limited number of potential loss classifications. Management performs a quarterly evaluation of the adequacy of the allowance, which is based on the Company's past loan loss experience, known and inherent risks in the portfolio, the volume and mix of the existing loan and lease portfolios, including the volume and severity of non-performing and adversely classified credits, an analysis of net charge-offs experienced on previously classified credits, the trend in loan and lease growth, including any rapid increase in loan and lease volume within a relatively short time period, general and local economic conditions affecting the collectability of the Company’s loans and leases, previous loan and lease experience by type, including net charge-offs, as a percentage of average loans and leases over the past several years and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. The specific component relates to loans and leases that are classified as impaired. For such loans and leases, an allowance is established when the discounted cash flows, or collateral value, or observable market price of the impaired loan is lower than the carrying value of that loan. Regardless of the measurement method, a creditor must measure impairment based on the fair value of the collateral when the creditor determines that foreclosure is probable. The allowance calculation methodology includes further segregation of loan classes into regulatory risk rating categories of special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management's close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans rated as special mention and substandard are reserved for based on the average charge-off history for loans and leases previously classified in those categories. Loans classified as doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are included in the general component of the reserve calculation. The general component covers pools of loans by loan type. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for relevant qualitative factors. Separate qualitative adjustments are made for higher-risk criticized loans that are not impaired. These qualitative risk factors include: · Changes in lending policies or procedures; · Changes in economic conditions; · Portfolio growth; · Changes in the nature or volume of the portfolio; · Changes in management’s experience; · Past due volume; · Non-accrual volume; · Adversely classified loans; · Quality of the loan review system; · Changes in the value of underlying collateral; · Concentrations of credit; and · External factors. Applicable factors are considered based on management's best judgment using relevant information available at the time of the evaluation. An unallocated component is also maintained to cover additional uncertainties that could affect management's estimate of probable losses. A loan is considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for all impaired loans by either the present value of expected future cash flows discounted at the loan's effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company's impaired loans are measured based on the estimated fair value of the loan's collateral. For SBA commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals or evaluations. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For SBA commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower's financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management's analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Loans originated from continuing operations and intended for sale in the secondary market are carried at estimated fair value. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. The Company originates specific commercial mortgage loans for sale in secondary markets. These loans are accounted for under the fair value option and amounted to $489.9 million at December 31, 2015 and $217.1 million at December 31, 2014. These loans were classified as held for sale. Loans from discontinued operations intended for sale primarily to other financial institutions are carried at the lower of cost or market on the balance sheet, determined by loan type or, for larger loans, on an individual loan basis. See Note W to the financial statements. 5. Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Depreciation expense is computed on the straight-line method over the useful lives of the assets. Leasehold improvements are depreciated over the shorter of the estimated useful lives of the improvements or the terms of the related leases. 6. Internal Use Software The Company capitalizes costs associated with internally developed and/or purchased software systems for new products and enhancements to existing products that have reached the application stage and meet recoverability tests. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal use software, payroll and payroll related expenses for employees who are directly associated with and devote time to the internal use software project and interest costs incurred, if material, while developing internal use software. Capitalization of such costs begins when the preliminary project stage is complete and ceases no later than the point at which the project is substantially complete and ready for its intended purpose. The carrying value of the Company’s software is periodically reviewed and a loss is recognized if the value of the estimated undiscounted cash flow benefit related to the asset falls below the unamortized cost. Amortization is provided using the straight-line method over the estimated useful life of the related software, which is generally seven years. As of December 31, 2015 and 2014, the Company had net capitalized software costs of approximately $5.2 million and $5.4 million, respectively. The Company recorded amortization expense of approximately $1.2 million, $1.2 million and $907,000 for the years ended December 31, 2015, 2014 and 2013, respectively. 7. Income Taxes The Company accounts for income taxes under the liability method whereby deferred tax assets and liabilities are determined based on the difference between their carrying values on the consolidated financial statements and their tax basis as measured by the enacted tax rates which will be in effect when these differences reverse. Deferred tax expense (benefit) is the result of changes in deferred tax assets and liabilities. The Company recognizes the benefit of a tax position in the consolidated financial statements only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. For these analyses, the Company may engage attorneys to provide opinions related to the positions. The Company applies this policy to all tax positions for which the statute of limitations remain open, but this application does not materially impact the Company’s consolidated balance sheet or statement of operations. Any interest and penalties related to uncertain tax positions are recognized in income tax (benefit) expense in the consolidated statement of operations. 8. Share-Based Compensation The Company recognizes compensation expense for stock options in accordance with Accounting Standards Codification (ASC ) 718, Stock Based Compensation. The expense of the option is generally measured at fair value at the grant date with compensation expense recognized over the service period, which is usually the vesting period. For grants subject to a service condition, the Company utilizes the Black-Scholes option-pricing model to estimate the fair value of each option on the date of grant. The Black-Scholes model takes into consideration the exercise price and expected life of the options, the current price of the underlying stock and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Company’s estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. In accordance with ASC 718, the Company estimates the number of options for which the requisite service is expected to be rendered. 9. Other Real Estate Owned Other real estate owned is recorded at estimated fair market value less cost of disposal; which establishes a new cost basis or carrying value. When property is acquired, the excess, if any, of the loan balance over fair market value is charged to the allowance for loan and lease losses. Periodically thereafter, the asset is reviewed for subsequent declines in the estimated fair market value against the carrying value. Subsequent declines, if any, and holding costs, as well as gains and losses on subsequent sale, are included in the consolidated statements of operations. 10. Advertising Costs The Company expenses advertising costs as incurred. Advertising costs amounted to $387,000 , $621,000 and $706,000 for the years ended December 31, 2015, 2014 and 2013, respectively. 11. 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 take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. The following tables show the Company’s earnings per share for the periods presented: Year ended December 31, 2015 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 $ 5,360 37,755,588 $ 0.14 Effect of dilutive securities Common stock options - 318,630 - Diluted earnings per share Net income available to common shareholders $ 5,360 38,074,218 $ 0.14 Year ended December 31, 2015 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 $ 8,072 37,755,588 $ 0.21 Effect of dilutive securities Common stock options - 318,630 - Diluted earnings per share Net income available to common shareholders $ 8,072 38,074,218 $ 0.21 Year ended December 31, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share Net income available to common shareholders $ 13,432 $ 37,755,588 $ 0.35 Effect of dilutive securities Common stock options - 318,630 - Diluted earnings per share Net income available to common shareholders $ 13,432 38,074,218 $ 0.35 Stock options for 619,250 shares, exercisable at prices between $9.58 and $25.43 per share, were outstanding at December 31, 2015 but were not included in the dilutive earnings per share computation because the exercise price per share was greater than the average market price. Year ended December 31, 2014 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 $ 21,815 37,701,306 $ 0.58 Effect of dilutive securities Common stock options - 628,438 (0.01) Diluted earnings per share Net income available to common shareholders $ 21,815 38,329,744 $ 0.57 Year ended December 31, 2014 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 $ 35,294 37,701,306 $ 0.94 Effect of dilutive securities Common stock options - 628,438 (0.02) Diluted earnings per share Net income available to common shareholders $ 35,294 38,329,744 $ 0.92 Year ended December 31, 2014 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share Net income available to common shareholders $ 57,109 $ 37,701,306 $ 1.52 Effect of dilutive securities Common stock options - 628,438 (0.03) Diluted earnings per share Net income available to common shareholders $ 57,109 38,329,744 $ 1.49 Stock options for 505,250 shares, exercisable at prices between $9.82 and $25.43 per share, were outstanding at December 31, 2014, but were not included in the dilutive earnings per share computation because the exercise price per share was greater than the average market price. Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share from continuing operations Net income available to common shareholders $ 13,516 37,425,197 $ 0.36 Effect of dilutive securities Common stock options - 695,887 (0.01) Diluted earnings per share Net income available to common shareholders $ 13,516 38,121,084 $ 0.35 Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic loss per share from discontinued operations Net loss available to common shareholders $ (27,938) 37,425,197 $ (0.75) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (27,938) 37,425,197 $ (0.75) Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic loss per share Net loss available to common shareholders $ (14,422) $ 37,425,197 $ (0.39) Effect of dilutive securities Common stock options - - (0.01) Diluted loss per share Net loss available to common shareholders $ (14,422) 37,425,197 $ (0.40) Stock options for 13,000 shares, exercisable at prices between $20.98 and $25.43 per share, were outstanding at December 31, 201 3, but were not included in the dilutive earnings per share computation because the Company had a net loss available to common shareholders. 12. Other Comprehensive Income Other comprehensive income consists of revenues, expenses, gains and losses that bypass the statement of operations and are reported directly in a separate component of equity. For the year ended December 31, 2015 2014 2013 (in thousands) Other comprehensive income (loss) Change in net unrealized gain/(loss) during the period $ (7,169) $ 18,710 $ (12,905) Reclassification adjustments for gains included in income (14,436) (450) (1,889) Reclassification adjustments for foreign currency translation losses (551) - - Reclassification adjustment for called securities - - (133) Amortization of (gains)/losses previously held as available-for-sale 56 (141) 30 Net unrealized gain/(loss) on investment securities (22,100) 18,119 (14,897) Deferred tax expense (benefit) Securities available-for-sale: Change in net unrealized gain/(loss) during the period (2,544) 6,549 (4,517) Reclassification adjustments for gains included in income (5,147) (158) (661) Reclassification adjustment for called securities - - (47) Amortization of (gains)/losses previously held as available-for-sale 20 (49) 11 Income tax expense (benefit) related to items of other comprehensive income (7,671) 6,342 (5,214) Other comprehensive income (loss), after tax and net of reclassifications into net income $ (14,429) $ 11,777 $ (9,683) 13. Restrictions on Cash and Due from Banks The Bank is required to maintain reserves against customer demand deposits by keeping cash on hand or balances with the F ederal Reserve Bank . The amount of those required reserves at December 31, 2015 and 2014 was approximately $266.8 million and $280.4 million, respectively. 14. Other Identifiable Intangible Assets On November 29, 2012, the Company acquired certain software rights and personnel of a prepaid program manager in Europe for approximately $1.8 million to establish a European prepaid card presence. The Company allocated the majority of the $1.8 million acquisition cost to software used for fraud monitoring and other utilities for its prepaid card business, with related services provided by its European data processing subsidiary. The software is being amortized over eight years. The Company accounts for its customer list in accordance with ASC 350, Intangibles—Goodwill and Other. The acquisition of the Stored Value Solutions division of Marshall Bank First in 2007 resulted in a customer list intangible of $12.0 million which is being amortized over a 12 year period. Amortization expense is $1.0 million per year ( $4.0 million over the next four years). The gross carrying value and accumulated amortization related to the Company’s intangible items at December 31, 2015 and 2014 are presented below. December 31, 2015 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) Customer list intangible $ 12,006 $ 8,004 $ 12,006 $ 7,003 Software intangible 1,817 890 1,817 592 Total $ 13,823 $ 8,894 $ 13,823 $ 7,595 The approximate future annual amortization of both the Company’s intangible items are as follows (in thousands): Year ending December 31, 2016 $ 1,189 2017 1,189 2018 1,189 2019 1,189 2020 173 Thereafter - $ 4,929 15. Reclassifications Certain reclassifications have been made to the 2014 and 2013 restated consolidated financial statements to conform to the 2015 presentation. 16. Prepaid Card Fees The Company recognizes prepaid card fees in the periods in which they are earned by performance of the related services. The majority of fees the Company earns result from contractual transaction fees paid by third party sponsors to the Company and monthly service fees. Additionally, the Company earns interchange fees paid through settlement associations such as Visa, which are also determined on a per transaction basis. The Company records this revenue net of costs such as association fees and interchange transaction charges. 17. Common Stock Repurchase Program In 2011, the Company adopted a common stock repurchase program in which share repurchases reduce the amount of shares outstanding. Repurchased shares may be reissued for various corporate purposes. As of December 31, 2011, the Company had repurchased 100,000 shares of the total 750,000 maximum number of shares authorized by the Board of Directors. The 100,000 shares were repurchased at an average cost of $8.66 . The Company did no t repurchase shares in 2015, 2014 or 2013. 18. Derivative Financial Instruments The Company utiliz |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note C — Subsequent Events The Company evaluated its December 31, 201 5 consolidated financial statements for subsequent events through the date the consolidated financial statements were issued. The Company is not aware of any subsequent events which would require recognition or disclosure in the consolidated financial statements. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities [Abstract] | |
Investment Securities | Note D —Investment Securities The amortized cost, gross unrealized gains and losses and fair values of the Company’s investment securities classified as available-for-sale and held-to-maturity are summarized as follows (in thousands): Available-for-sale December 31, 2015 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 29,315 $ 18 $ (95) $ 29,238 Federally insured student loan securities 118,651 28 (3,530) 115,149 Tax-exempt obligations of states and political subdivisions 94,572 2,665 (74) 97,163 Taxable obligations of states and political subdivisions 95,802 2,370 (476) 97,696 Residential mortgage-backed securities 451,432 1,540 (2,865) 450,107 Commercial mortgage-backed securities 58,512 361 (570) 58,303 Commercial loan obligation securities 70,573 - (81) 70,492 Foreign debt securities 57,375 65 (308) 57,132 Corporate and other debt securities 95,354 188 (724) 94,818 $ 1,071,586 $ 7,235 $ (8,723) $ 1,070,098 Held-to-maturity December 31, 2015 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 17,934 $ 569 $ (3,456) $ 15,047 Other debt securities - pooled 75,656 938 (42) 76,552 $ 93,590 $ 1,507 $ (3,498) $ 91,599 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 125,789 613 (390) $ 126,012 Tax-exempt obligations of states and political subdivisions 535,622 16,027 (380) $ 551,269 Taxable obligations of states and political subdivisions 58,868 2,614 (103) $ 61,379 Residential mortgage-backed securities 419,503 3,504 (878) $ 422,129 Commercial mortgage-backed securities 123,519 1,220 (1,500) $ 123,239 Foreign debt securities 67,094 130 (346) $ 66,878 Corporate and other debt securities 126,610 225 (663) $ 126,172 $ 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 75,883 1,438 - $ 77,321 $ 93,765 $ 1,969 $ (3,820) $ 91,914 The amortized cost and fair value of the Company’s investment securities at December 31, 201 5 , by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-sale Held-to-maturity Amortized Fair Amortized Fair cost value cost value Due before one year $ 71,697 $ 71,786 $ - $ - Due after one year through five years 204,707 204,012 7,016 7,490 Due after five years through ten years 338,966 338,005 - - Due after ten years 456,216 456,295 86,574 84,109 $ 1,071,586 $ 1,070,098 $ 93,590 $ 91,599 At December 31, 201 5 and 201 4 , investment securities with a fair value of approximately $19.2 million and $25.7 million, respectively, were pledged to secure securities sold under repurchase agreements as required or permitted by law. At December 31, 2015 and 2014, investment securities with a fair value of approximately $453.4 million and $0 , respectively, were pledged to secure a line of credit at FHLB. Gross gains on sales of securities were $15.0 million, $657,000 and $2.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. Gross losses on sales of securities were $543,000 , $207,000 and $182,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Available-for-sale securities fair values are based on a fair market value supplied by a third-party market data provider . H eld-to-maturity securities fair values are based on the present value of cash flows, which discounts expected cash flows from principal and interest using yield to maturity at the measurement date , when market information is not available . The Company periodically reviews its investment portfolio to determine whether unrealized losses are other than temporary, based on evaluations of the creditworthiness of the issuers/guarantors as well as the underlying collateral if applicable, in addition to the continuing performance of the securities. The Company recognized other-than-temporary impairment charges of $0 in 2015, $0 in 2014 and $20,000 in 2013 for securities in its held-to-maturity portfolio. The amount of the credit impairment was calculated by estimating the discounted cash flows for those securities. Investments in FHLB and Atlantic Central Bankers Bank stock are recorded at cost and amounted to $1.1 million at December 31, 201 5 and $1.0 million at December 31, 201 4 . The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 201 5 (in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities U.S. Government agency securities 3 $ 16,500 $ (95) $ - $ - $ 16,500 $ (95) Federally insured student loan securities 18 39,880 (1,832) 64,883 (1,698) 104,763 (3,530) Tax-exempt obligations of states and political subdivisions 31 1,510 (22) 18,976 (52) 20,486 (74) Taxable obligations of states and political subdivisions 30 40,310 (450) 7,023 (26) 47,333 (476) Residential mortgage-backed securities 63 200,820 (2,155) 71,043 (710) 271,863 (2,865) Commercial mortgage-backed securities 37 25,899 (233) 17,539 (337) 43,438 (570) Commercial loan obligation securities 5 56,638 (81) 13,855 - 70,493 (81) Foreign debt securities 51 24,274 (245) 18,272 (63) 42,546 (308) Corporate and other debt securities 75 50,073 (687) 10,761 (37) 60,834 (724) Total temporarily impaired investment securities 313 $ 455,904 $ (5,800) $ 222,352 $ (2,923) $ 678,256 $ (8,723) 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 $ - $ - $ 5,558 $ (3,456) $ 5,558 $ (3,456) Pooled 1 25,563 (42) - - 25,563 (42) Total temporarily impaired investment securities 2 $ 25,563 $ (42) $ 5,558 $ (3,456) $ 31,121 $ (3,498) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2014 (in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities Federally insured student loan securities 9 $ 28,435 $ (169) $ 34,274 $ (221) $ 62,709 $ (390) Tax-exempt obligations of states and political subdivisions 97 21,458 (134) 46,412 (245) 67,870 (379) Taxable obligations of states and political subdivisions 24 499 (1) 21,088 (102) 21,587 (103) Residential mortgage-backed securities 29 43,946 (231) 67,023 (647) 110,969 (878) Commercial mortgage-backed securities 30 41,231 (883) 47,549 (617) 88,780 (1,500) Foreign debt securities 53 24,681 (203) 14,943 (144) 39,624 (347) Corporate and other debt securities 61 62,984 (568) 16,609 (95) 79,593 (663) Total temporarily impaired investment securities 303 $ 223,234 $ (2,189) $ 247,898 $ (2,071) $ 471,132 $ (4,260) Held-to-maturity Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities Single issuers 1 - - 5,144 (3,820) 5,144 (3,820) Total temporarily impaired investment securities 1 $ - $ - $ 5,144 $ (3,820) $ 5,144 $ (3,820) The following table provides additional information related to the Company’s single issuer trust preferred securities as of December 31, 2015: Single issuer Book value Fair value Unrealized gain/(loss) Credit rating Security A $ 1,904 $ 2,000 $ 96 Not rated Security B 9,014 5,558 (3,456) Not rated Class: All of the above are trust preferred securities. The following table provides additional information related to our pooled trust preferred securities as of December 31, 201 5 : Pooled issue Class Book value Fair value Unrealized gain/(loss) Credit rating Excess subordination Pool A (7 performing issuers) Mezzanine $ 52 $ 52 $ - CAA3 * * There is no excess subordination for these securities. The Company has evaluated the securities in the above tables as of December 31, 201 5 and has concluded that none of these securities has impairment that is other-than-temporary. The Company evaluates whether an other than temporary impairment exists by considering primarily the following factors: (a) the length of time and extent to which the fair value has been less than the amortized cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on contractually obligated interest and principal payments, (d) changes in the financial condition of the security’s underlying collateral and (e) the payment structure of the security. If other than temporary impairment is determined, the Company estimates expected future cash flows to determine the credit loss amount with a quantitative and qualitative process that incorporates information received from third-party sources along with internal assumptions and judgments regarding the future performance of the security. Based upon this evaluation, the Company concluded that most of the securities that are in an unrealized loss position are in a loss position because of changes in interest rates after the securities were purchased. The securities that have been in an unrealized loss position for 12 months or longer include other securities whose market values are sensitive to interest rates and changes in credit quality. The Company’s unrealized loss for the debt securities, which includes two single issuer trust preferred securities and one pooled trust preferred security, is primarily related to general market conditions and the resultant lack of liquidity in the market. The severity of the impairments in relation to the carrying amounts of the individual investments is consistent with market developments. The Company’s analysis for each investment is performed at the security level. As a result of its review, the Company concluded that other-than-temporary impairment did not exist due to the Company’s ability and intention to hold these securities to recover their amortized cost basis. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2015 | |
Loans [Abstract] | |
Loans | Note E — Loans The Company originates loans for sale to other financial institutions which issue commercial mortgage backed securities or to other commercial loan purchasers and to secondary government guaranteed loan markets . The Company has elected the fair value option for the balance of these loans classified as commercial loans held for sale to better reflect the economics of the transactions. At December 31, 201 5 and 2014 the fair value of these loans was $ 489.9 million and $ 217.1 m illion and the unpaid principal balance was $484.0 million and $212.8 million, respectively. Included in gain on sale of loans in the Statement of Operations were gains recognized from changes in fair value of $1.7 million and $1.9 million during the years ended December 31, 201 5 and 201 4 , respectively. There were no amounts of changes in fair value related to instrument-specific credit risk. Interest earned on loans held for sale during the period held are recorded in Interest Income – Loans, including fees on the Statement of Operations. The Company analyzes credit risk prior to making loans, on an individual loan basis. The Company considers relevant aspects of the borrowers’ financial position and cash flow, past borrower performance, management’s knowledge of market conditions, collateral and the ratio of the loan amount to estimated collateral value in making its credit determinations. Major classifications of loans are as follows (in thousands): December 31, December 31, 2015 2014 SBA non real estate $ 68,887 $ 62,425 SBA commercial mortgage 114,029 82,317 SBA construction 6,977 20,392 SBA loans * 189,893 165,134 Direct lease financing 231,514 194,464 SBLOC 575,948 421,862 Other specialty lending 48,315 48,625 Other consumer loans 23,180 36,168 1,068,850 866,253 Unamortized loan fees and costs 9,227 8,340 Total loans, net of deferred loan costs $ 1,078,077 $ 874,593 Included in the table above are demand deposit overdrafts reclassified as loan balances totaling $2.8 mi llion and $1.8 million at December 31, 201 5 and 201 4 , respectively. Overdraft charge-offs and recoveries are reflected in the allowance for loan and lease losses. *The following table shows SBA loans and SBA loans included in held for sale for the periods indicated (in thousands): December 31, December 31, 2015 2014 SBA loans, including deferred fees and costs $ 197,966 $ 172,660 SBA loans included in held for sale 109,174 $ 38,704 Total SBA loans $ 307,140 $ 211,364 The following table provides information about impaired loans at December 31, 201 5 and 2014 (in thousands): Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized December 31, 2015 Without an allowance recorded SBA non real estate $ 263 $ 263 $ - $ 228 $ - Consumer - other 330 330 - 338 - Consumer - home equity 368 368 - 966 - With an allowance recorded SBA non real estate 640 640 123 670 - Consumer - other - - - - - Consumer - home equity 827 927 26 800 - Total SBA non real estate 903 903 123 898 - Consumer - other 330 330 - 338 - Consumer - home equity 1,195 1,295 26 1,766 - December 31, 2014 Without an allowance recorded SBA non real estate $ - $ - $ - $ - $ - Consumer - other 346 346 - 139 - Consumer - home equity 827 927 - 1,043 - With an allowance recorded SBA non real estate 197 197 40 967 - Consumer - other - - - 369 - Consumer - home equity 1,080 1,080 271 885 - Total SBA non real estate 197 197 40 967 - Consumer - other 346 346 - 508 - Consumer - home equity 1,907 2,007 271 1,928 - The following table summarizes the Company’s non-accrual loans, loans past due 90 days and other real e state owned at December 31, 2015 and 201 4 , respectively ( the Company had no non-accrual leases at December 31, 2015 or December 31, 2014 ): December 31, 2015 2014 (in thousands) Non-accrual loans SBA non real estate $ 733 $ - Consumer 1,194 1,907 Total non-accrual loans 1,927 1,907 Loans past due 90 days or more 403 149 Total non-performing loans 2,330 2,056 Other real estate owned - - Total non-performing assets $ 2,330 $ 2,056 The Company’s loans that were modified during the years ended December 31 ,2015 and 2014 c onsidered troubled debt restructurings are as follows (in thousands): December 31, 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 1 $ 171 $ 171 1 $ 197 $ 197 Consumer 2 434 434 1 346 346 Total 3 $ 605 $ 605 2 $ 543 $ 543 The balances below provide information as to how the loans were modified as troubled debt restructured loans at December 31, 201 5 and 201 4 (in thousands): December 31, 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 $ - $ 171 $ - $ - $ 197 $ - Consumer - 330 104 - 346 - Total $ - $ 501 $ 104 $ - $ 543 $ - As of Decembe r 31, 2015 and December 31, 2014 , the Company ha d no commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings. The following table summarizes as of December 31, 2015 loans that were restructured within the last 12 months that have subsequently defaulted (in thousands) . December 31, 2015 Number Pre-modification recorded investment Consumer 1 $ 104 Total 1 $ 104 A detail of the changes in the allowance for loan and lease losses by loan category is as follows (in thousands): SBA non real estate SBA commercial mortgage SBA construction Direct lease financing SBLOC Other specialty lending Other consumer loans Unallocated Total December 31, 2015 Beginning balance $ 385 $ 461 $ 114 $ 836 $ 562 $ 66 $ 1,181 $ 33 $ 3,638 Charge-offs (111) - - (30) - - (1,220) - (1,361) Recoveries - - - - - - 23 - 23 Provision (credit) 570 (53) (66) 216 200 133 952 148 2,100 Ending balance $ 844 $ 408 $ 48 $ 1,022 $ 762 $ 199 $ 936 $ 181 $ 4,400 Ending balance: Individually evaluated for impairment $ 123 $ - $ - $ - $ - $ - $ 26 $ - $ 149 Ending balance: Collectively evaluated for impairment $ 721 $ 408 $ 48 $ 1,022 $ 762 $ 199 $ 910 $ 181 $ 4,251 Loans: Ending balance $ 68,887 $ 114,029 $ 6,977 $ 231,514 $ 575,948 $ 48,315 $ 23,180 $ 9,227 $ 1,078,077 Ending balance: Individually evaluated for impairment $ 904 $ - $ - $ - $ - $ - $ 1,524 $ - $ 2,428 Ending balance: Collectively evaluated for impairment $ 67,983 $ 114,029 $ 6,977 $ 231,514 $ 575,948 $ 48,315 $ 21,656 $ 9,227 $ 1,075,649 December 31, 2014 Beginning balance $ 419 $ 496 $ - $ 311 $ 293 $ 1 $ 2,361 $ - $ 3,881 Charge-offs (307) - - (323) (3) - (871) - (1,504) Recoveries 12 - - 25 - - 22 - 59 Provision (credit) 261 (35) 114 823 272 65 (331) 33 1,202 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 The Company did no t have loans acquired with deteriorated credit quality at either December 31, 201 5 or December 31, 201 4 . A detail of the Company’s delinquent loans by loan category is as follows (in thousands): December 31, 2015 30-59 Days past due 60-89 Days past due Greater than 90 days Non accrual Total past due Current Total loans SBA non real estate $ - $ - $ - $ 733 $ 733 $ 68,154 $ 68,887 SBA commercial mortgage - - - - - 114,029 114,029 SBA construction - - - - - 6,977 6,977 Direct lease financing 3,957 3,108 403 - 7,468 224,046 231,514 SBLOC - - - - - 575,948 575,948 Other specialty lending - - - - - 48,315 48,315 Consumer - other - 1 - - 1 6,844 6,845 Consumer - home equity - 1,398 - 1,194 2,592 13,743 16,335 Unamortized loan fees and costs - - - - - 9,227 9,227 $ 3,957 $ 4,507 $ 403 $ 1,927 $ 10,794 $ 1,067,283 $ 1,078,077 December 31, 2014 SBA non real estate $ - $ - $ - $ - $ - $ 62,425 $ 62,425 SBA commercial mortgage - - - - - 82,317 82,317 SBA construction - - - - - 20,392 20,392 Direct lease financing 5,083 1,832 149 - 7,064 187,400 194,464 SBLOC - - - - - 421,862 421,862 Other specialty lending - - - - - 48,625 48,625 Consumer - other 9 - - - 9 8,654 8,663 Consumer - home equity - 457 - 1,907 2,364 25,141 27,505 Unamortized loan fees and costs - - - - - 8,340 8,340 $ 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): December 31, 2015 Pass Special mention Substandard Doubtful Loss Unrated subject to review * Unrated not subject to review * Total loans SBA non real estate $ 55,682 $ - $ 904 $ - $ - $ 8,610 $ 3,691 $ 68,887 SBA commercial mortgage 92,859 - - - - 3,894 17,276 114,029 SBA construction 6,977 - - - - - - 6,977 Direct lease financing 90,588 - 670 - - 17,200 123,056 231,514 SBLOC 204,201 - - - - 19,372 352,375 575,948 Other specialty lending 46,520 - - - - - 1,795 48,315 Consumer 7,631 70 3,473 - - 457 11,549 23,180 Unamortized loan fees and costs - - - - - - 9,227 9,227 $ 504,458 $ 70 $ 5,047 $ - $ - $ 49,533 $ 518,969 $ 1,078,077 December 31, 2014 SBA non real estate $ 49,214 $ - $ 197 $ - $ - $ 669 $ 12,345 $ 62,425 SBA commercial mortgage 59,086 - - - - 965 22,266 82,317 SBA construction 18,911 - - - - - 1,481 20,392 Direct lease financing 58,994 - 99 - - - 135,371 194,464 SBLOC 142,286 - - - - 57,360 222,216 421,862 Other specialty lending 46,990 - - - - - 1,635 48,625 Consumer 14,196 346 1,907 - - 73 19,646 36,168 Unamortized loan fees and costs - - - - - - 8,340 8,340 $ 389,677 $ 346 $ 2,203 $ - $ - $ 59,067 $ 423,300 $ 874,593 * Loan review is performed by staff independent of the loan department s and who report directly to the chief credit officer. L oans are also subject to review by their relationship manager and senior loan personnel. At December 31, 2015, approximately 47% of the total continuing loan portfolio was reviewed as a result of the coverage of each loan portfolio type. The loan review policy guidelines were revised in December 2015 to establish minimum coverages for each loan portfolio. The targeted coverages and scope of the reviews are risk-based and vary according to each portfolio. The Company plans to achieve t hese thresholds by December 31, 2016 and to maintain them as follows. Se curity Backed Lines of Credit ( SBLOC ) – The targeted review threshold for 2016 is 40% with the largest 25% of SBLOCs by commitment to be reviewed annually. At December 31, 2015 approximately 35% of the SBLOC portfolio had been reviewed. SBA Loans – The targeted review threshold for 2016 is 100% , less guaranteed portions of any loans purchased and loans funded within 90 days of quarter end. Although loans are not typically purchased, loans for CRA purposes are periodically purchased. At December 31, 2015, approximately 89% of the Government Guaranteed Loan portfolio had been reviewed. The portion not reviewed includes $29 million in purchased loans which are subject to government guarantees and $3 million in newly funded loans. Leasing – The targeted review threshold for 2016 is 50% . At December 31, 2015, approximately 40% of the Leasing portfolio had been reviewed. Commercial Mortgaged Backed Securities (Floating Rate) – The targeted review threshold for 2016 is 100% . Floating r ate l oans will be reviewed initially within 90 days of funding and will be monitored on an ongoing basis as to payment status. Subsequent reviews will be performed based on a sampling each quarter. Each f loating r ate l oan will be reviewed if any available extension options are exercised. At December 31, 2015, approximately 57% of the CMBS f loating r ate portfolio had been reviewed. The portion not reviewed includes $122 million in newly funded loans. CMBS (Fixed Rate) - CMBS f ixed r ate l oans will generally not be reviewed as they are sold on the secondary market in a relatively short period of time. 100% of fixed rate Loans that are unable to be readily sold on the secondary market and remain on the bank's books after nine months will be reviewed at least annually. At December 31, 2015, none of the CMBS (Fixed Rate) portfolio loans met the scope for review. Specialty Lending - Specialty Lending, defined as commercial loans unique in nature that do not fit into other established categories, will have a review coverage threshold of 100% for non-Community Reinvestment Act (“CRA”) loans. At December 31, 2015, approximately 100% of the non CRA loans had been reviewed. Home Equity Lines of Credit, or HELOC – The targeted review threshold for 2016 is 50% . The largest 25% of HELOCs by commitment will be reviewed annually. At December 31, 2105 approximately 52% of the HELOC portfolio had been reviewed. |
Premises And Equipment
Premises And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Premises And Equipment [Abstract] | |
Premises And Equipment | Note F —Premises and Equipment Premises and equipment are as follows (in thousands): December 31, Estimated useful lives 2015 2014 Furniture, fixtures, and equipment 3 to 12 years $ 46,409 $ 41,765 Leasehold improvements 6 to 10 years 10,770 7,098 57,179 48,863 Accumulated depreciation (35,548) (31,166) $ 21,631 $ 17,697 Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was approximately $4.7 million, $4.5 million and $3.7 million, respectively. |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Time Deposits [Abstract] | |
Time Deposits | Note G — Time Deposits At December 31, 2015, the scheduled maturities of time deposits (certificates of deposit) are as follows (in thousands): 2016 $ 428,549 2017 - 2018 - 2019 - 2020 - $ 428,549 |
Variable Interest Entity
Variable Interest Entity | 12 Months Ended |
Dec. 31, 2015 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entity | Note H —Variable Interest Entity (VIE) VIEs are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The most common type of VIE is a special purpose entity (SPE). SPEs are commonly used in securitization transactions in order to isolate certain assets and distribute the cash flows from those assets to investors. The basic SPE structure involves a company selling assets to the SPE with the SPE fund ing the purchase of those assets by issuing securities to investors. The agreements that govern the transaction specify how the cash earned on the assets must be allocated to the SPE’s investors and other parties that have rights to those cash flows. SPEs are generally structured to insulate investors from claims on the SPE’s assets by creditors of other entities, including the creditors of the seller of the assets. The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (2) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company holds variable interests in Walnut Street 2014-1 LLC (WS 2014), accounted for as a debt security, and the Company elected the fair value option, after acquiring a 49% equity interest in WS 2014 as well as 100% of the A-Notes and 49% of the B-Notes that WS 2014 issued in a securitization transaction. The variable interests relate to the economic interests held by the Company in WS 2014 and the asset management contract between the Company and WS 2014. The Company is not the primary beneficiary, as it does not have the controlling financial interest in WS 2014 and therefore does not consolidate. At December 31, 2015, the Company’s investment in the WS 2014 was $178.5 m illion and was classified as investment in unconsolidated entity in the consolidated balance sheet. The Company’s maximum exposure to loss is equal to the balance of the Company’s interest, or $1 78 . 5 million. The following table presents the total unpaid principal amount of assets held in WS 2014 at December 31, 201 5 and 2014 (in thousands) . Continuing involvement includes servicing the loans and holding senior interests or subordinated interests. December 31, 2015 Principal amount outstanding The Company's Assets held in interest Total assets Assets held in nonconsolidated in securitized held by consolidated VIEs with assets in securitization securitization continuing nonconsolidated VIEs VIEs involvement VIEs (b) Commercial and other (a) $ 195,939 $ 195,939 $ 178,520 December 31, 2014 Principal amount outstanding The Company's Assets held in interest Total assets Assets held in nonconsolidated in securitized held by consolidated VIEs with assets in securitization securitization continuing nonconsolidated VIEs VIEs involvement VIEs (b) Commercial and other (a) $ 209,632 $ 209,632 $ 193,595 (a) Consists of notes backed by commercial loans predominately secured by real estate. (b) The retained interest in the commercial and other securitization trusts are non-rated and are accounted for at fair value utilizing cash flow analysis. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Debt | Note I —Debt 1. Short-term borrowings T he Bank has overnight borrowing capacity with the Federal Home Loan Bank of Pittsburgh of $580.6 million at December 31, 201 5 . Borrowings under this arrangement have a variable interest rate . The Bank also had a $136.2 million line in process with the Federal Reserve Bank as of that date which was subsequently approved. As of December 31, 201 5 , the B ank did not have any borrowings outstanding on these lines. The details of these categories are presented below: As of or for the year ended December 31, 2015 2014 2013 (dollars in thousands) Short-term borrowings and federal funds purchased Balance at year-end $ - $ - $ - Average during the year 4,575 - - Maximum month-end balance - - - Weighted average rate during the year 0.26% 0.00% 0.00% Rate at December 31 0.23% 0.27% 0.25% 2. Securities sold under agreements to repurchase Securities sold under agreements to repurchase generally mature within 30 days from the date of the transactions. The detail of securities sold under agreements to repurchase is presented below: As of or for the year ended December 31, 2015 2014 2013 (dollars in thousands) Securities sold under repurchase agreements Balance at year-end $ 925 $ 19,414 $ 21,221 Average during the year 5,225 17,497 18,442 Maximum month-end balance 15,857 21,496 22,523 Weighted average rate during the year 0.29% 0.29% 0.29% Rate at December 31 0.24% 0.29% 0.28% 3. Guaranteed Preferred Beneficiary Interest in Company’s Subordinated Debt As of December 31, 2015 , the Company held two statutory business trusts: The Bancorp Capital Trust II and The Bancorp Capital Trust III (Trusts). In each case, the Company owns all the common securities of the trust. The T rusts issued preferred capital securities to investors and invested the proceeds in the Company through the purchase of junior subordinated debentures issued by the Company. These debentures are the sole assets of the T rusts. · The $10.3 million of debentures issued to The Bancorp Capital Trust II on November 28, 2007 mature on March 15, 2038 , and bear interest at an annual rate equal to 3-month LIBOR plus 3.25% . · The $3.1 million of debentures issued to The Bancorp Capital Trust III on November 28, 2007 mature on March 15, 2038 , and b ear interest at a floating annual rate equal to 3-month LIBOR plus 3.25% . As of December 31, 201 5, the Trusts qualify as VIEs under ASC 810, Consolidation. T he Company is not considered the primary beneficiary and therefore the T rusts are not consolidated in the Company’s consolidated financial statements. The T rusts are accounted for under the equity method of accounting. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note J —Shareholders’ Equity In 2011, the Company adopted a common stock repurchase program in which shares repurchases reduce the amount of shares outstanding. Repurchased shares may be reissued for various corporate purposes. As of December 31, 2011, the Company had repurchased 100,000 shares of the total 750,000 maximum number of shares authorized by the Board of Directors. The 100,000 shares were repurchased at an average cost of $8.66 . Shares were repurchased at market price and were recorded as treasury stock at that amount , using the cost method . The Company did no t repurchase shares in 2015, 2014 or 2013 . |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Benefit Plans [Abstract] | |
Benefit Plans | Note K —Benefit Plans 401 (k) Plan The Company maintains a 401(k) savings plan covering substantially all employees of the Company. Under the plan, the Company matches 50% of the employee contributions for all participants, not to exceed 6% of their salary. Contributions made by the Company were approximately $1.2 million, $921,000 and $813,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Supplemental Executive Retirement Plan In 2005, the Company began contributing to a supplemental executive retirement plan for its former Chief Executive Officer that provides annual retirement benefits of $25,000 per month until death. There were $300,000 of disbursements under the plan in 2015 and there were no disbursements for 2014 or 2013. In 2014 the Company expensed $1.3 million based upon actuarial tables for which the appropriate actuarial data for 2014 was utilized. The actuarial assumptions reflected a discount rate of 3.37% , a maximum potential life expectancy of 120 years and a monthly benefit of $25,000. The Company credited expense for $115,000 in 2015 based upon other changes to actuarial tables. In 2013 the Company expensed $112,000 for th is plan. As of December 31, 2015 the Company had accrued $3.8 million for potential future payouts. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note L —Income Taxes The company operates predominantly in the United States and is subject to corporate net income taxes for federal and state purposes. The company also has minimal operations in foreign jurisdictions. In prior years these taxes were not considered material to the overall financial statements. The components of income tax expense (benefit) included in the statements of continuing operations are as follows: For the years ended December 31, 2015 2014 2013 (in thousands) Current tax provision (benefit) Federal $ 286 $ (3,663) $ 4,723 Foreign 353 State 727 2,730 2,244 1,366 (933) 6,967 Deferred tax provision (benefit) Federal 132 (13,705) (208) State (48) 115 8 84 (13,590) (200) $ 1,450 $ (14,523) $ 6,767 The differences between applicable income tax expense (benefit) from continuing operations and the amounts computed by applying the statutory federal income tax rate of 34% for 2015, 2014 and 2013 , respectively, are as follows: For the years ended December 31, 2015 2014 2013 (in thousands) Computed tax expense at statutory rate $ 2,713 $ 2,479 $ 6,897 State taxes 448 1,877 1,486 Tax-exempt interest income (4,165) (4,304) (1,898) Foreign income tax rate difference (163) (591) - Meals and entertainment 196 - - Other nondeductible items 1,020 - - Valuation allowance - domestic 884 (14,485) - Valuation allowance - foreign 395 354 - Other 122 147 282 $ 1,450 $ (14,523) $ 6,767 Deferred income taxes are provided for the temporary difference between the financial reporting basis and the tax basis of the Company’s assets and liabilities. Cumulative temporary differences recognized in the financial statement of position are as follows: For the years ended December 31, 2015 2014 (in thousands) Deferred tax assets: Allowance for loan and lease losses $ 1,496 $ 1,236 Non-accrual interest 1,994 1,223 Deferred compensation 1,309 1,451 State taxes 1,029 2,107 Nonqualified stock options 3,195 2,962 Stock appreciation rights 100 100 Tax deductible goodwill 8,063 9,082 Depreciation - 206 Other than temporary impairment 147 147 Partnership interest, Walnut St basis difference 1,654 1,654 Fair value adjustment to investments 362 - Loan charges 14,372 16,745 Unrealized loss on AFS securities 1,028 - AMT tax credit 1,535 1,092 Federal net operating loss 6,124 5,940 Foreign net operating loss 1,032 637 Other 1,822 3,748 Total gross deferred tax assets 45,262 48,330 Federal and state valuation allowance (5,304) (5,252) Foreign valuation allowance (1,032) (637) Deferred tax liabilities: Unrealized gains on investment securities available for sale - 6,642 Discount on Class A notes 2,126 2,126 Depreciation 593 - Total deferred tax liabilities 2,719 8,768 Net deferred tax asset $ 36,207 $ 33,673 The Company has a federal net operating loss carryforward of approximately $18 million that will expire in 203 5. The Company has approximately $55 million of state net operating losses from several states that will expire at varying times over the next 20 years. Additionally, the Company has alternative minimum tax credits of $1. 5 million to offset taxable income in the future that may be carried forward indefinitely . Management assesses all available positive and negative evidence to determine whether it is more likely than not that the Company will able to recognize the existing deferred tax assets. As part of the restatement of the Company’s financial statements for the years ended December 31, 2010, 2011, 2012 and 2013 and for the interim periods included within such years and for the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014, additional deferred tax assets were generated and available for the year ended December 31, 2014. Management evaluated those newly-generated assets and increased the valuation allowance accordingly. The majority of the increase in assets and corresponding increase in the valuation allowance is recognized as a component of discontinued operations. The federal and state valuation allowance at December 31, 2015 and 2014, respectively, was $5.3 million and $5.2 million and is primarily related to assets included in discontinued operations. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if the negative evidence is no longer present or diminishes due to growth of positive evidence. The Company does not provide for deferred taxes on the excess of the financial reporting over the tax basis in our investments in foreign subsidiaries that are essentially permanent in duration. The determination of the additional deferred taxes that have not been provided for is not practicable. From its European operations, the Company has net operating loss carryforwards of approximately $10.3 million which may be carried forward indefinitely provided there is no change in ownership or nature of trade of the company within a period of expire over the next three years. These losses have generated deferred tax assets in the amount of $1.0 million w hich have a full valuation allowance at December 31, 201 5 . A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: For the years ended December 31, 2015 2014 2013 (in thousands) Beginning balance at January 1 $ 313 $ 352 $ 230 Increases (decreases) in tax provisions for prior years 27 (39) 122 Gross unrecognized tax benefits at December 31 $ 340 $ 313 $ 352 Management does not believe these amounts will significantly increase or decrease within 12 months of December 31, 2015. The total amount of unrecognized tax benefits, if recognized, will impact the effective tax rate. The Company files federal and state returns in jurisdictions with varying statutes of limitations. The 201 2 through 201 4 tax years generally remain subject to examination by federal and most state tax authorities. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in income tax expense for all periods presented. To date, no amounts of interest or penalties relating to unrecognized tax benefits have been recorded. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note M —Stock-Based Compensation In May 2013, the Company adopted a stock option and equity plan (the 2013 Plan). Employees and directors of the Company and the Bank and consultants (with restrictions) are eligible to participate in the 2013 plan. The option term may not exceed 10 years from the date of the grant. An employee or consultant who possesses more than 10 percent of voting power of all classes of stock of the Company, or any parent or subsidiary, may not have options with terms exceeding 5 years from the date of grant. An aggregate of 2,200,000 shares of common stock were reserved for issuance by the 2013 plan. In May 2011, the Company adopted a Stock Option and Equity Plan (the 2011 Plan). Employees and directors of the Company and the Bank and consultants (with restrictions) are eligible to participate in the 2011 Plan. The option term may not exceed 10 years from the date of the grant. An employee or consultant who possesses more than 10 percent of voting power of all classes of stock of the Company, or any parent or subsidiary, may not have options with terms exceeding 5 years from the date of grant. An aggregate of 1,400,000 shares of common stock were reserved for issuance by the 2011 plan. In June 2005, the Company adopted an omnibus equity compensation plan (the 2005 plan). Employees and directors of the Company and the Bank are eligible to participate in the 2005 Plan. An employee or consultant who possesses more than 10 percent of voting power of all classes of stock of the Company, or any parent or subsidiary, may not have options with terms exceeding 5 years from the date of grant . An aggregate of 1,000,000 shares of common stock were reserved for issuance by the 2005 plan. Options granted under the 2005 plan expire on the ten th anniversary of their grant. In October 1999, the Company adopted a stock option plan (the 1999 Plan). Employees and directors of the Company and the Bank were eligible to participate in the 1999 Plan. An employee or consultant who possesses more than 10 percent of voting power of all classes of stock of the Company, or any parent or subsidiary, may not have options with terms exceeding 5 years from the date of grant . An aggregate of 1,000,000 shares of common stock were reserved under the 1999 Plan, with no more than 75,000 shares being issuable to non-employee directors. Options vested over four years and expire on the ten th anniversary of the grant. A summary of the status of the Company’s equity compensation plans is presented below. Weighted- average Weighted remaining average contractual Aggregate exercise term intrinsic Shares price (years) value (in thousands except per share data) Outstanding at January 1, 2015 2,602,000 $ 9.72 5.39 Granted - - - - Exercised (83,500) 7.66 - - Expired (457,250) 15.08 - - Forfeited (83,750) 9.20 - - Outstanding at December 31, 2015 1,977,500 $ 8.58 5.47 $ - Exercisable at December 31, 2015 1,758,125 $ 8.48 5.29 $ - A summary of the Company’s restricted stock units is presented below: Average Weighted remaining average contractual exercise term Shares price (years) Outstanding at January 1, 2015 148,381 $ 10.46 2.07 Granted 86,992 9.11 1.25 Vested (49,460) 10.46 Forfeited (17,868) 9.30 Outstanding at December 31, 2015 168,045 9.88 1.12 The Company granted 86,992 restricted stock units with a vesting period of two years at a fair value of $9.11 in 2015. There were no restricted stock units granted in 2014 . The Company granted 197,481 restricted stock units with a vesting period of four years at a fair value of $10.46 in 2013. A summary of the status of the Company’s non-vested options under the plans as of December 31, 201 5 , and changes during the year then ended, is presented below: Weighted- average grant-date Shares fair value Non-Vested at January 1, 2015 502,750 $ 4.72 Granted - - Vested (238,875) 4.48 Expired - - Forfeited (44,500) 4.81 Non-Vested at December 31, 2015 219,375 $ 4.91 The Company did no t grant any common stock options in 2015. The Company granted 45,000 common stock options in 2014, with a vesting period of four years. The weighted-average fair value of the stock options issued was $ 4.16 . The Company granted 215,000 common stock options in 2013, 35,000 with a vesting period of one year and 180,000 with a vesting period of four years. The weighted-average fair value of the stock options issued was $4.85 . There were 132,960 options exercised and restricted stock units vested in 2015, 113,334 options exercised and restricted stock units vested in 2014 and 605,494 options exercised in 2013. The total intrinsic value of the options exercised and stock units vested in 2015, 2014 and 2013 was $455,000 , $1.5 million and $3.0 million, respectively. The total fair value of options that vested during the year ended December 31, 2015 was $1.2 million. As of December 31, 2015, there was a total of $1.4 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 of approximately one year. For the years ended December 31, 2015, 2014 and 2013 total compensation expense under share based payment arrangements was $2.0 million, $2.6 million and $3.2 million respectively and the related tax benefits recognized were $672,000 , $915,000 and $1.1 million , respectively . For the years ended December 31, 201 5, 2014 and 201 3 , the Company estimated the fair value of each grant on the date of grant using the Black-Scholes options pricing model with the following weighted average assumptions: December 31, 2015 2014 2013 Risk-free interest rate 0.00% 2.36% 1.86% Expected dividend yield - - - Expected volatility 0.00% 41.74% 49.71% -55.65% Expected lives (years) 2.00 5.71 4.03- 4.22 Expected volatility is based on the historical volatility of the Company’s stock and peer group comparisons over the expected life of the grant. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury strip rate in effect at the time of the grant. The life of the option is based on historical factors which include the contractual term, vesting period, exercise behavior and employee terminations. In accordance with the ASC 718, Stock Based Compensation, stock based compensation expense for the year ended December 31, 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. |
Transactions With Affiliates
Transactions With Affiliates | 12 Months Ended |
Dec. 31, 2015 | |
Transactions With Affiliates [Abstract] | |
Transactions With Affiliates | Note N —Transactions with Affiliates The Company entered into a space sharing agreement for office space in New York, New York with Resource America Inc. commencing in September 2011 , which terminated on January 31, 2015 . The Company pays only its proportionate share of the lease rate to a lessor which is an unrelated third party. The Chairman of the Board of Resource America, Inc. is the father of the Chairman of the Board and the spouse of the former Chief Executive Officer of the Company . The Chief Executive Officer of Resource America is the brother of the Chairman of the Board and the son of the former Chief Executive Officer of the Company. Rent expense is 50% of the fixed rent, real estate tax payment and the base expense charges. Rent expense was $9,000 , $112,000 and $102,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The Company entered into a space sharing agreement for office space in New York, New York with Atlas Energy, L.P. commencing May 2012, which expired in May 2015. As a result of certain transactions, Atlas Energy, L.P. assigned the lease to its successor, Atlas Energy Group, LLC. in 2015. The Company pays only its proportionate share of the lease rate to a lessor which is an unrelated third party. The Executive Chairman of the Board of Atlas Energy Group. LLC and , prior thereto, of the general partner of Atlas Energy, L.P. is the brother of the Chairman of the Board and son of the former Chief Executive Officer of the Company. The Chief Executive Officer and President of Atlas Energy Group LLC and , prior thereto, of the general partner of Atlas Energy, L.P is the father of the Chairman of the Board and spouse of the former Chief Executive Officer of the Company. Rent expense is 50% of the fixed rent, real estate tax payment, and the base expense charges. Rent expense was $35,000 , $104,000 and $104,000 for the years ended December 31, 201 5, 2014 and 201 3 , respectively. The Bank maintains deposits for various affiliated companies totaling approximately $33.4 million and $15.1 million as of December 31, 2015 and 2014 , respectively. The Bank has entered into lending transactions in the ordinary course of business with directors, executive officers, principal stockholders and affiliates of such persons. All loans were made on substantially the same terms, including interest rate and collateral, as those prevailing at the time for comparable loans with persons not related to t he lender. At December 31, 2015 , these loans were current as to principal and interest payments, and did not involve more than normal risk of collectability. At December 31, 2015 and 2014, loans to these related parties included in Assets held for sale amounted to $1.8 million and $28.1 million. At December 31, 2015 and 2014, loans to these related parties included in Loans, net of deferred loan fees and costs amounted to $1.8 million and $30 .9 million . T he Bank has periodically purchased securities under agreement s to resell and engages in other securities transactions through J.V.B. Financial Group, LLC (JVB), a broker dealer in which the Company ’ s Chairman has a minority interest. The Company’s Chairman also serves as Vice Chairman of Institutional Financial Markets Inc., the parent company of JVB . Th e Company purchase d securities under agreements to resell through JVB primarily consisting of G overnment National Mortgage Association certificates which are full faith and credit obligations of the United States government issued at competitive rates. JVB was in full compliance with all of the terms of the repurchase agreements at December 31, 201 5 and had complied with the terms for all prior repurchase agreements. There were no repurchase transaction outstanding at December 31, 201 5; $46.3 million of such transactions were outstanding at December 31, 201 4 . The Company entered into a consulting agreement with Betsy Z. Cohen, its former Chief Executive Officer, which was effective January 1, 2015 and expires on December 31, 2016. Under the agreement, Mrs. Cohen will act as an advisor to the Board of Directors and executive management with respect to business strategies, the performance of various lines of business, and other corporate and regulatory matters. The agreement is intended to preserve for the Company Mrs. Cohen’s insight and experience with respect to the Company , the Bank and the financial services industry generally. The agreement provides for a monthly service fee of $30,000 , and the provision of office space and administrative support. We have not paid any monthly fees under this agreement pending regulatory review. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note O —Commitments and Contingencies 1. Operating Leases The Company lease s its operations facility for a term expiring on October 31 , 20 25 , and lease s its Philadelphia offices for a term expiring in 20 25 . The Company also has leases for business production offices in Pennsylvania, Maryland, Florida , Washington and Minnesota that expire at various times through 20 18 . The Company leases space in South Dakota , USA, Gibraltar and Bulgaria for its prepaid card division . The leases on these spaces expire at various times through 2022. The Company leases space in Illinois for its Small Business Lending division for a term expiring in 20 20 . The Company leases space in Florida for compliance operations for a term expiring in 2020. The Company leases executive office space in New York for a term expiring in 2025. The Company leases a sales office in San Francisco, California for its payments businesses which expires in 2020. These leases require the Company to pay the real estate taxes and insurance on the leased properties in addition to rent . The approximate future minimum annual rental payments , including any additional rents due to escalation clauses, required by these leases are as follows (in thousands): Year ending December 31, 2016 $ 3,805 2017 3,933 2018 3,890 2019 3,960 2020 3,898 Thereafter 14,720 $ 34,206 Rent expense for the years ended December 31, 2015, 2014 and 2013 was approximately $4.6 million, $4.0 million and $3.1 million, net of sublease rentals of approximately $0 , $78,000 and $110,000 , respectively . The sublease expired in 2014. 2. Legal Proceedings On July 17, 2014, a class action securities complaint captioned Fletcher v. The Bancorp Inc., et al., was filed in the United States District Court for the District of Delaware. A consolidated version of that class action complaint was filed before the same court on January 23, 2015 on behalf of Lead Plaintiffs Arkansas Public Employees Retirement System and Arkansas Teacher Retirement System under the caption of In re The Bancorp Inc. Securities Litigation. On October 26, 2015, Lead Plaintiffs filed an amended consolidated complaint against the Company, 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) the Company had wrongfully extended and modified problem loans and under-reserved for loan losses due to adverse loans, (ii) the Company’s operations and credit practices were in violation of the BSA, and (iii) as a result, the Company’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 the Company’s common stock was artificially inflated and fell once the defendants’ misstatements and omissions were revealed, causing damage to the plaintiffs and the other members of the class. The complaint asks for an unspecified amount of damages, prejudgment and post-judgment interest and attorneys’ fees. The defendants filed a motion to dismiss the amended consolidated complaint on November 23, 2015. Oral argument on the defendants’ motion was held on January 29, 2016. This litigation is in its preliminary stages. The Company has been advised by its counsel in the matter that reasonably possible losses cannot be estimated. The Company believes that the complaint is without merit and intends to continue to defend vigorously. In addition, the Company is a party to various routine legal proceedings arising out of the ordinary course of its business. The Company believes that none of these actions, individually or in the aggregate, will have a material adverse effect on our financial condition or operations. |
Financial Instruments With Off-
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk [Abstract] | |
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk | Note P —Financial Instruments with Off-Balance-Sheet Risk and Concentrations of Credit Risk The Company is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the consolidated financial statements when they become payable. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contractual, or notional, amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The approximate contract amounts and maturity term of the Company’s credit commitments are as follows: December 31, 2015 2014 (in thousands) Financial instruments whose contract amounts represent credit risk Commitments to extend credit $ 831,457 $ 709,080 Standby letters of credit 18,536 22,057 $ 849,993 $ 731,137 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds residential or commercial real estate, accounts receivable, inventory and equipment as collateral supporting those commitments for which collateral is deemed necessary. Based upon periodic analysis of the Company’s standby letters of credit, management has determined that a reserve is not necessary at December 31, 201 5 . The Company reduces any potential liability on its standby letters of credit based upon its estimate of the proceeds obtainable upon the liquidation of the collateral held. Fair values of unrecognized financial instruments, including commitments to extend credit and the fair value of letters of credit, are considered immaterial. The standby letters of credit expire as follows: $250,000 in 2015, $16.9 million in 2016 and the remaining $1.4 million in 201 7 . The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual or notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | Note Q —Fair Value of Financial Instruments ASC 825, Financial Instruments, requires disclosure of the estimated fair value of an entity’s assets and liabilities considered to be financial instruments. For the Company, as for most financial institutions, the majority of its assets and liabilities are considered to be financial instruments. However, many of such instruments lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. Also, it is the Company’s general practice and intent to hold its financial instruments to maturity whether or not categorized as “available-for-sale” and not to engage in trading or sales activities, except for certain loans. For fair value disclosure purposes, the Company utilized the fair value measurement criteria of ASC 820, Fair Value Measurements and Disclosures. ASC 820, Fair Value Measurements and Disclosures, establishes a common definition for fair value to be applied to assets and liabilities. It clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a framework for measuring fair value and expands disclosures concerning fair value measurements. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Level 1 valuation is based on quoted market prices for identical assets or liabilities to which the Company has access at the measurement date. Level 2 valuation is based on other observable inputs for the asset or liability, either directly or indirectly. This includes quoted prices for similar assets in active or inactive markets, inputs other than quoted prices that are observable for the asset or liability such as yield curves, volatilities, prepayment speeds, credit risks, default rates, or inputs that are derived principally from, or corroborated through, observable market data by market-corroborated reports. Level 3 valuation is based on “unobservable inputs” that are the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. In 2015, certain securities were reclassified to level 2 from level 3 based upon current market information. There were no transfers between levels in 2014. 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 $1.16 billion and $1.11 billion at December 31, 201 5 and 201 4 , respectively, which approximated fair values. Investment securities have e stimated fair values based on quoted market prices, if available, or by an estimation methodology based on management’s inputs. The fair values of the Company’s investment securities held-to-maturity are based on using “unobservable inputs” that are the best information available in the circumstances when market information is not available . Level 3 investment securities fair values are based on the present value of cash flows, which discounts expected cash flows from principal and interest using yield to maturity at the measurement date. Commercial loans held for sale have estimated fair values based upon market indications of the sales price of such loans from recent sales transactions. Loans, net of deferred loan fees and costs, ha ve an estimated fair value using the present value of discounted cash flow where market prices were not available. The discount rate used in these calculations is the estimated current market rate adjusted for credit risk. The carrying value of accrued interest approximates fair value. FHLB and Atlantic Central Bankers Bank stock are held as required by those respective institutions and are carried at cost . Federal law requires a member institution of the FHLB to hold stock according to predetermined formulas. Atlantic Central Bankers Bank requires its correspondent banking institutions to hold stock as a condition of membership. Accrued interest receivable has a carrying value that approximates fair value. Investment in unconsolidated entity. On December 30, 2014, the Bank entered into an agreement for, and closed on, the sale of a portion of its discontinued commercial loan portfolio. The purchaser of the loan portfolio was a newly formed entity, Walnut Street. The price paid to the Bank for the loan portfolio which had a face value of approximately $267.6 million, was approximately $209.6 million, of which approximately $193.6 million was in the form of two notes issued by Walnut Street to the Bank; a senior note in the principal amount of approximately $178.2 million bearing interest at 1.5% per year and maturing in December 2024 and a subordinate note in the principal amount of approximately $15.4 million, bearing interest at 10.0% per year and maturing in December 2024. The balance of these notes comprise the balance of the investment in unconsolidated entity. The fair value was established by the sales price and subsequently subjected to cash flow analysis. The change in value of investment in unconsolidated entity in the income statement includes interest paid and changes in estimated fair value. Assets held for sale a s of December 31, 201 5 are held at the lower of cost basis or market value. For loans, market value was determined using the income approach which converts expected cash flows from the loan portfolio by unit of measurement to a present value estimate. Unit of measurement was determined by loan type and for significant loans on an individual loan basis. The fair values of the Company’s loans classified as assets held for sale are based on “unobservable inputs” that are the best information available in the circumstances. Level 3 fair values are based on the present value of cash flows by unit of measurement. For commercial loans, a market adjusted rate to discount expected cash flows from outstanding principal and interest to expected maturity at the measurement date , was utilized . For other real estate owned, market value was based upon appraisals of the underlying collateral by third party appraisers, reduced by 7 - 10% for estimated selling costs. Demand deposits (comprising interest-and noninterest-bearing checking accounts, savings, and certain types of money market accounts) are equal to the amount payable on demand at the reporting date (generally, their carrying amounts). The fair values of securities sold under agreements to repurchase and short term borrowings are equal to their carrying amounts as they are overnight borrowings. Time deposit s and subordinated debentures have a fair value estimated using a discounted cash flow calculation that applies current interest rates to discount expected cash flows. Based upon time deposit maturities at December 31, 201 5 , the carrying values approximate their fair values. The carrying amount of accrued interest payable approximates its fair value. I nterest rate swaps have a fair value estimated using models that use readily observable market inputs and a market standard methodology applied to the contractual terms of the derivatives, including the period to maturity and interest rate indices. The fair value of commitments to extend credit is estimated based on the amount of unamortized deferred loan commitment fees. The fair value of letters of credit is based on the amount of unearned fees plus the estimated cost to terminate the letters of credit. Fair values of unrecognized financial instruments, including commitments to extend credit, and the fair value of letters of credit are considered immaterial. December 31, 2015 Quoted prices Significant in active other Significant markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands) Investment securities available-for-sale $ 1,070,098 $ 1,070,098 $ - $ 1,070,098 $ - Investment securities held-to-maturity 93,590 91,599 7,490 76,552 7,557 Federal Home Loan and Atlantic Central Bankers Bank stock 1,062 1,062 - - 1,062 Commercial loans held for sale 489,938 489,938 - - 489,938 Loans, net 1,078,077 1,068,718 - - 1,068,718 Investment in unconsolidated entity, senior note 166,548 166,548 - - 166,548 Investment in unconsolidated entity, subordinated note 11,972 11,972 - - 11,972 Assets held for sale 583,909 583,909 - - 583,909 Demand and interest checking 3,602,376 3,602,376 3,602,376 - - Savings and money market 383,832 383,832 383,832 - - Time deposits 428,549 428,711 - - 428,711 Subordinated debentures 13,401 8,529 - - 8,529 Securities sold under agreements to repurchase 925 925 925 - - Interest rate swaps, asset 43 43 - 43 - December 31, 2014 Quoted prices Significant in active other Significant markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands) Investment securities available-for-sale $ 1,493,639 $ 1,493,639 $ 66,287 $ 1,425,986 $ 1,366 Investment securities held-to-maturity 93,765 91,914 7,448 - 84,466 Securities purchased under agreements to resell 46,250 46,250 46,250 - - Federal Home Loan and Atlantic Central Bankers Bank stock 1,002 1,002 - - 1,002 Commercial loans held for sale 217,080 217,080 - - 217,080 Loans, net 874,593 869,871 - - 869,871 Investment in unconsolidated entity, senior note 178,187 178,187 - - 178,187 Investment in unconsolidated entity, subordinated note 15,408 15,408 - - 15,408 Assets held for sale 887,929 887,929 - - 887,929 Demand and interest checking 4,289,586 4,289,586 4,289,586 - - Savings and money market 330,798 330,798 330,798 - - Time deposits 1,400 1,412 - - 1,412 Subordinated debentures 13,401 8,042 - - 8,042 Securities sold under agreements to repurchase 19,414 19,414 19,414 - - Interest rate swaps, liability 942 942 - 942 - The assets and liabilities measured at fair value on a recurring basis, segregated by fair value hierarchy, are summarized below (in thousands): Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs December 31, 2015 (Level 1) (Level 2) (Level 3) Investment securities available for sale U.S. Government agency securities $ 29,238 $ - $ 29,238 $ - Federally insured student loan securities 115,149 - 115,149 - Obligations of states and political subdivisions 194,859 - 194,859 - Residential mortgage-backed securities 450,107 - 450,107 - Commercial mortgage-backed securities 58,303 - 58,303 - Commercial loan obligation securities 70,492 - 70,492 - Foreign debt securities 57,132 - 57,132 - Other debt securities 94,818 - 94,818 - Total investment securities available for sale 1,070,098 - 1,070,098 - Loans held for sale 489,938 - - 489,938 Investment in unconsolidated entity, senior note 166,548 - - 166,548 Investment in unconsolidated entity, subordinated note 11,972 - - 11,972 Interest rate swaps, asset 43 - 43 - $ 1,738,599 $ - $ 1,070,141 $ 668,458 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 126,012 - 126,012 - Obligations of states and political subdivisions 612,648 1,182 611,466 - Residential mortgage-backed securities 422,129 - 422,129 - Commercial mortgage-backed securities 123,239 - 123,239 - Foreign debt securities 66,878 14,098 52,235 545 Other debt securities 126,172 51,007 74,344 821 Total investment securities available for sale 1,493,639 66,287 1,425,986 1,366 Loans held for sale 217,080 - - 217,080 Investment in unconsolidated entity, senior note 178,187 - - 178,187 Investment in unconsolidated entity, subordinated note 15,408 - - 15,408 Interest rate swaps, liability 942 - 942 - $ 1,903,372 $ 66,287 $ 1,425,044 $ 412,041 The Company’s Level 3 assets are listed below (in thousands). Fair Value Measurements Using 0 Significant Unobservable Inputs (Level 3) Available-for-sale Commercial loans securities held for sale December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Beginning balance $ 1,366 $ 551 $ 217,080 $ 69,904 Transfers into level 3 - 1,279 - - Transfers out of level 3 - (551) - - Total gains or losses (realized/unrealized) Included in earnings (23) - 1,677 1,846 Included in other comprehensive income - 87 - - Purchases, issuances, and settlements Purchases - - Issuances - - 681,526 630,165 Sales (1,343) - (410,345) (484,835) Settlements - - - - Ending balance $ - $ 1,366 $ 489,938 $ 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. $ - $ - $ 4,321 $ 3,587 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in unconsolidated entity December 31, 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 (2,430) - Included in other comprehensive income - - Purchases, issuances, and settlements Purchases - 193,595 Issuances - - Sales - - Settlements (12,645) - Ending balance $ 178,520 $ 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. $ (2,430) $ - Assets measured at fair value on a nonrecurring basis, segregated by fair value hierarchy, at December 31, 2014 and 2013 are summarized below (in thousands): Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable assets inputs inputs (1) Description December 31, 2015 (Level 1) (Level 2) (Level 3) Impaired loans $ 2,428 $ - $ - $ 2,428 Intangible assets 4,929 - - 4,929 $ 7,357 $ - $ - $ 7,357 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 $ 2,450 $ - $ - $ 2,450 Intangible assets 6,228 - - 6,228 $ 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. Impaired loans that are measured based on the value of underlying collateral have been presented at their fair value, less costs to sell, of $2.4 million through the establishment of specific reserves and other writedowns of $149,000 or by recording charge-offs when the carrying value exceeds the fair value. Included in the impaired balance at December 31, 201 5 , were troubled debt restructured loans with a balance of $605,000 which had specific reserves of $43,000 . Valuation techniques consistent with the market and/or cost approach were used to measure fair value and primarily included observable inputs for the individual impaired loans being evaluated such as recent sales of similar assets or observable market data for operational or carrying costs. In cases where such inputs were unobservable, the loan balance is reflected within the Level 3 hierarchy. The fair value of other real estate owned is based on an appraisal of the property using the market approach for valuation. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Derivatives [Abstract] | |
Derivatives | Note R –Derivatives The Company utilizes derivative instruments to assist in the management of interest rate sensitivity by modifying the repricing, maturity and option characteristics on commercial real estate loans held for sale. These instruments are not accounted for as hedges. As of December 31, 2015, the Company had entered into thirteen interest rate swap agreements with an aggregate notional amount of $68.7 million. These swap agreements provide for the Company to receive an adjustable rate of interest based upon LIBOR. The Company recorded income of $984,000 for the year ended December 31, 201 5 and a loss of $1.4 million and income of $436,000 , respectively, f or the years ended December 31, 201 4 and 2013 to recognize the fair value of derivative instruments. At December 31, 2015 and 2014, t he amount payable by the Company under these swap agreements was $60,000 and $1.1 million, respectively. At December 31, 201 5 and 201 4 , the Company had minimum collateral posting thresholds with certain of its derivative counterparties and had posted cash collateral of $400,000 and $3.6 million, respectively. The maturity dates, notional amounts, interest rates paid and received and fair value of the Company’s remaining interest rate swap agreements as of December 31, 201 5 are summarized below (in thousands): December 31, 2015 Maturity date Notional amount Interest rate paid Interest rate received Fair value August 17, 2025 $ 4,000 2.27% 0.36% $ (39) August 17, 2025 2,500 2.27% 0.36% (24) August 17, 2025 2,500 2.27% 0.36% (24) October 7, 2025 3,200 2.06% 0.62% 33 November 27, 2025 1,700 2.10% 0.41% 11 December 11, 2025 2,400 2.14% 0.49% 10 December 15, 2025 5,300 2.10% 0.51% 40 December 17, 2025 3,300 2.18% 0.53% 1 December 22, 2025 4,100 2.14% 0.59% 17 December 23, 2025 6,800 2.16% 0.59% 20 December 24, 2025 8,200 2.17% 0.59% 10 December 29, 2025 9,900 2.20% 0.60% (13) December 30, 2025 14,800 2.19% 0.60% 1 Total $ 68,700 $ 43 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note S —Regulatory Matters It is the policy of the Federal Reserve that financial holding companies should pay cash dividends on common stock only out of income available over the past year and only if prospective earnings retention is consistent with the organization’s expected future needs and financial condition. The policy provides that financial holding companies should not maintain a level of cash dividends that undermines the financial holding company’s ability to serve as a source of strength to its banking subsidiaries. Various federal and state statutory provisions limit the amount of dividends that subsidiary banks can pay to their holding companies without regulatory approval. Under Delaware banking law, the Bank’s directors may declare dividends on common or preferred stock of so much of its net profits as they judge expedient, but the Bank must, before the declaration of a dividend on common stock from net profits, carry 50% of its net profits from the preceding period for which the dividend is paid to its surplus fund until its surplus fund amounts to 50% of its capital stock and thereafter must carry 25% of its net profits for the preceding period for which the dividend is paid to its surplus fund until its surplus fund amounts to 100% of its capital stock. In addition to these explicit limitations, federal and state regulatory agencies are authorized to prohibit a banking subsidiary or financial holding company from engaging in an unsafe or unsound practice. Depending upon the circumstances, the agencies could take the position that paying a dividend would constitute an unsafe or unsound banking practice. In August, 2015, the Bank entered into an Amendment to the 2014 Consent Order pursuant to which the Bank may not pay dividends without prior FDIC approval. Previously, the Company had received a Supervisory Letter pursuant to which the Company may not pay dividends without prior Federal Reserve approval. The Federal Reserve approved the payment of the distributions on the Company’s trust preferred securities due December 15, 2015. Future payments are subject to future approval by the Federal Reserve. (See Note I ) The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification of the Company and the Bank are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. To be well capitalized under For capital prompt corrective Actual adequacy purposes action provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of December 31, 2015 Total capital (to risk-weighted assets) The Bancorp $ 323,900 14.88% $ 174,197 >=8.00 N/A N/A The Bancorp Bank 310,361 14.18% 175,111 8.00 219,067 >= 10.00% Tier I capital (to risk-weighted assets) The Bancorp 319,500 14.67% 87,099 >=6.00 N/A N/A The Bancorp Bank 305,961 13.98% 87,556 6.00 175,254 >= 8.00% Tier I capital (to average assets) The Bancorp 319,500 7.17% 178,227 >=4.00 N/A N/A The Bancorp Bank 305,961 6.90% 177,292 4.00 221,621 >= 5.00% Common equity tier 1 (to risk-weighted assets) The Bancorp 319,500 14.67% 97,986 >=4.00 N/A N/A The Bancorp Bank 305,961 13.98% 98,500 4.50 175,254 >= 6.50% As of December 31, 2014 Total capital (to risk-weighted assets) The Bancorp $ 302,458 11.67% $ 216,440 >=8.00 N/A N/A The Bancorp Bank 276,003 10.59% 217,778 8.00 272,222 >= 10.00% Tier I capital (to risk-weighted assets) The Bancorp 298,819 11.54% 108,220 >=4.00 N/A N/A The Bancorp Bank 272,366 10.46% 108,889 4.00 163,333 >= 6.00% Tier I capital (to average assets) The Bancorp 298,819 7.07% 175,209 >=4.00 N/A N/A The Bancorp Bank 272,366 6.46% 175,258 4.00 219,073 >= 5.00% As of December 31, 2015 , the Company and the Bank met all regulatory requirements for classification as well capitalized under the regulatory framework for prompt corrective action. Effective January 1, 2015 , capital rules were modified as part of a multi year phase in period. The new rules emphasize common equity capital of which the vast majority of the Company and the Bank’s capital is comprised. In 2015 the Company paid a $3,000,000 civil money penalty as part of an amendment and restatement of the 2012 Consent Order with the FDIC. The 2015 Consent Order requires additional quarterly reporting on the part of the Bank to the FDIC. On June 4, 2014, an Order with the FDIC became effective and encompassed Bank Secrecy Act, or BSA, Anti-Money Laundering Act, or AML, and other areas. As a result of the Order, the Bank incurred significant remediation expenses for third party consultants in 2015 and 2014, which will continue into 2016. The vast majority of the expense is to perform a “lookback” to analyze historical transactions. Additional permanent expenses have and will result due to a significant increase in the number of employees performing BSA/AML related functions. T he 2014 Consent Order, as amended, restricts the Bank from signing and boarding new independent sales organizations, establishing new non-benefit reloadable prepaid card programs and originating Automated Clearing House transactions for new merchant-related payments. The removal of these limitations depends upon the Bank’s issuance of a BSA report to the FDIC summarizing the completion of certain corrective action and the FDIC’s approval thereof. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Quarterly Financial Data (Unaudited) | Note T –Quarterly Financial Data (Unaudited) The following represents summarized quarterly financial data of the Company which, in the opinion of management, reflects all adjustments (comprised of normal accruals) necessary for fair presentation . Quarterly amounts shown m ay not equal annual amounts due to rounding. Three months ended 2015 March 31, June 30, September 30, December 31, (in thousands, except per share data) Interest income $ 19,717 $ 20,372 $ 21,193 $ 22,248 Net interest income 16,514 17,037 17,798 18,582 Provision for loan and lease losses 665 510 625 300 Non-interest income 20,777 24,724 17,299 70,267 Non-interest expense 40,860 46,434 47,795 58,999 Income (loss) from continuing operations before income tax expense (4,234) (5,183) (13,323) 29,550 Income tax expense (benefit) (2,427) (2,684) (5,706) 12,267 Net income (loss) from continuing operations (1,807) (2,499) (7,617) 17,283 Net income from discontinued operations, net of tax 2,021 2,673 2,042 1,336 Net income (loss) available to common shareholders $ 214 $ 174 $ (5,575) $ 18,619 Net income (loss) per share from continuing operations - basic $ (0.05) $ (0.07) $ (0.20) $ 0.46 Net income per share from discontinued operations - basic $ 0.05 $ 0.07 $ 0.05 $ 0.04 Net income (loss) per share - basic $ - $ - $ (0.15) $ 0.50 Net income (loss) per share from continuing operations - diluted $ (0.05) $ (0.07) $ (0.20) $ 0.46 Net income per share from discontinued operations - diluted $ 0.05 $ 0.07 $ 0.05 $ 0.04 Net income (loss) per share - diluted $ - $ - $ (0.15) $ 0.50 Three months ended 2014 March 31, June 30, September 30, December 31, (in thousands, except per share data) Interest income $ 16,555 $ 17,610 $ 18,033 $ 18,522 Net interest income 13,651 14,791 15,268 15,715 Provision for loan and lease losses 1,275 1,173 158 (1,404) Non-interest income 23,678 23,389 20,307 17,675 Non-interest expense 31,205 34,012 33,135 37,628 Income (loss) from continuing operations before income tax expense 4,849 2,995 2,282 (2,834) Income tax expense (benefit) 1,623 1,343 (3,560) (13,929) Net income from continuing operations 3,226 1,652 5,842 11,095 Net income (loss) from discontinued operations, net of tax (1,599) 8,670 19,127 9,096 Net income (loss) available to common shareholders $ 1,627 10,322 24,969 20,191 Net income per share from continuing operations - basic $ 0.08 $ 0.04 $ 0.15 $ 0.31 Net income (loss) per share from discontinued operations - basic $ (0.04) $ 0.23 $ 0.51 $ 0.24 Net income per share - basic $ 0.04 $ 0.27 $ 0.66 $ 0.55 Net income per share from continuing operations - diluted $ 0.08 $ 0.04 $ 0.15 $ 0.30 Net income (loss) per share from discontinued operations - diluted $ (0.04) $ 0.23 $ 0.51 $ 0.22 Net income per share - diluted $ 0.04 $ 0.27 $ 0.66 $ 0.52 |
Condensed Financial Information
Condensed Financial Information-Parent Only | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information-Parent Only [Abstract] | |
Condensed Financial Information-Parent Only | Note U —Condensed Financial Information—Parent Only Condensed Balance Sheets December 31, 2015 2014 (in thousands) Assets Cash and due from banks 9,473 $ 6,386 Intercompany loans - 3,857 Investment in subsidiaries 313,817 310,507 Other assets 10,133 11,713 Total assets $ 333,423 $ 332,463 Liabilities and stockholders' equity Other liabilities $ 21 $ 39 Subordinated debentures 13,401 13,401 Stockholders' equity 320,001 319,023 Total liabilities and stockholders' equity $ 333,423 $ 332,463 Condensed Statements of Operations Years ended December 31, 2015 2014 2013 (in thousands) Income Interest on intercompany loans $ 4 $ 13 $ - Other income 36,283 30,235 27,415 Total income 36,287 30,248 27,415 Expense Interest on subordinated debentures 448 478 548 Non-interest expense 37,137 32,351 29,507 Total expense 37,585 32,829 30,055 Equity in undistributed income of subsidiaries 14,730 58,802 (12,939) Income (loss) before tax benefit 13,432 56,221 (15,579) Income tax provision (benefit) - (888) (1,157) Net income (loss) available to common shareholders $ 13,432 $ 57,109 $ (14,422) Condensed Statements of Cash Flows Years ended December 31, 2015 2014 2013 (in thousands) Operating activities Net income (loss) $ 13,432 $ 57,109 $ (14,422) (Increase) decrease in other assets 1,580 (3,441) (1,735) Increase (decrease) in other liabilities (18) 21 (73) Stock based compensation expense 1,975 2,641 3,157 Equity in undistributed income (14,730) (58,802) 12,939 Net cash used in (provided by) operating activities 2,239 (2,472) (134) Investing activities Net (increase) decrease in loans 3,857 (3,857) - Contribution to subsidiary (3,009) (58,000) (16,798) Net cash used in investing activities 848 (61,857) (16,798) Financing activities Proceeds from the issuance of common stock - - 1,629 Proceeds from the exercise of common stock options - 103 1,653 Net cash provided by financing activities - 103 3,282 Net increase (decrease) in cash and cash equivalents 3,087 (64,226) (13,650) Cash and cash equivalents, beginning of year 6,386 70,612 84,262 Cash and cash equivalents, end of year $ 9,473 $ 6,386 $ 70,612 |
Segment Financials
Segment Financials | 12 Months Ended |
Dec. 31, 2015 | |
Segment Financials [Abstract] | |
Segment Financials | Note V — Segment Financials The Company performed a strategic evaluation of its businesses in the third quarter of 2014. As a result of the evaluation, the Company decided to discontinue its commercial lending operations, as described in Note W- Discontinued Operations. The shift from a traditional bank balance sheet led the Company to evaluate its remaining business structure. Based on the continuing operations of the Company, it was determined that there would be four segments of the business: specialty finance, payments, corporate and discontinued operations. Specialty finance includes commercial mortgage loan sales, Small Business Administration loans, leasing and security backed lines of credit and any deposits generated by those business lines. Payments include prepaid cards, card payments, ACH processing and healthcare accounts. Corporate includes the Company’s investment portfolio and corporate overhead and other non-allocated expenses. Investment income is allocated to the payments segment. These operating segments reflect the way the Company views its current operations. For the year ended December 31, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 49,789 $ 11 $ 33,730 $ - $ 83,530 Interest allocation - 33,730 (33,730) - - Interest expense 5,039 7,445 1,115 - 13,599 Net interest income 44,750 26,296 (1,115) - 69,931 Provision for loan and lease losses 2,100 - - - 2,100 Non-interest income 17,891 97,963 17,213 - 133,067 Non-interest expense 47,863 128,828 17,397 - 194,088 Income (loss) from continuing operations before taxes 12,678 (4,569) (1,299) - 6,810 Income taxes - - 1,450 - 1,450 Income (loss) from continuing operations 12,678 (4,569) (2,749) - 5,360 Income from discontinued operations - - - 8,072 8,072 Net income (loss) $ 12,678 $ (4,569) $ (2,749) $ 8,072 $ 13,432 For the year ended December 31, 2014 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 36,402 $ 58 $ 34,260 $ - $ 70,720 Interest allocation - 34,261 (34,261) - - Interest expense 3,964 6,137 1,194 - 11,295 Net interest income 32,438 28,182 (1,195) - 59,425 Provision for loan and lease losses 1,202 - - - 1,202 Non-interest income 19,030 65,509 510 - 85,049 Non-interest expense 37,933 79,145 18,902 - 135,980 Income (loss) from continuing operations before taxes 12,333 14,546 (19,587) - 7,292 Income taxes - - (14,523) - (14,523) Income (loss) from continuing operations 12,333 14,546 (5,064) - 21,815 Income from discontinued operations - - - 35,294 35,294 Net income (loss) $ 12,333 $ 14,546 $ (5,064) $ 35,294 $ 57,109 For the year ended December 31, 2013 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 27,577 $ 64 $ 23,509 $ - $ 51,150 Interest allocation - 23,510 (23,510) - - Interest expense 3,762 4,796 2,210 - 10,768 Net interest income 23,815 18,778 (2,211) - 40,382 Provision for loan and lease losses 355 - - - 355 Non-interest income 23,049 57,129 1,895 - 82,073 Non-interest expense 30,190 59,202 12,425 - 101,817 Income (loss) from continuing operations before taxes 16,319 16,705 (12,741) - 20,283 Income taxes - - 6,767 - 6,767 Income (loss) from continuing operations 16,319 16,705 (19,508) - 13,516 Loss from discontinued operations - - - (27,938) (27,938) Net income (loss) $ 16,319 $ 16,705 $ (19,508) $ (27,938) $ (14,422) December 31, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,747,558 $ 35,165 $ 2,399,191 $ 583,909 $ 4,765,823 Total liabilities $ 783,866 $ 2,991,856 $ 670,100 $ - $ 4,445,822 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 | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Note W — Discontinued Operations The Company performed a strategic evaluation of its businesses in the third quarter of 2014 and decided to discontinue its commercial lending operations and focus on its specialty finance lending. The loans which constitute the commercial loan portfolio are in the process of disposition to independent purchasers. As such, financial results of the commercial lending operations are presented as separate from continuing operations on the consolidated statements of operations, and the assets of the commercial lending operations to be disposed are presented as assets held for sale on the consolidated balance sheets. The following table presents financial results of the commercial lending business included in net income (loss) from discontinued operations for the twelve months ended December 31, 2015, 2014 and 2013. For the year ended December 31, 2015 2014 2013 (in thousands) Interest income $ 28,925 $ 44,097 $ 53,972 Interest expense - - - Provision for loan and lease losses - 26,919 58,038 Net interest income (loss) after provision 28,925 17,178 (4,066) Non interest income 2,513 1,624 1,357 Non interest expense 18,645 (35,823) 8,960 Income (loss) before taxes 12,793 54,625 (11,669) Income taxes 4,721 19,331 16,269 Net income (loss) $ 8,072 $ 35,294 $ (27,938) December 31, December 31, 2015 2014 (in thousands) Loans, net $ 568,748 $ 867,399 Other assets 15,161 20,530 Total assets $ 583,909 $ 887,929 Based upon an independent third party review performed as of September 30, 2014, the first reporting date after discontinuance of commercial loan operations, the Company marked the $1.20 billion commercial lending portfolio balance as of that date to lower of cost or market. An independent third party financial advisory firm performed the lower of cost or market valuation, using the income approach in a discounted cash flow model. Large balance commercial loans were modeled on a loan level basis. Small balance commercial loans were modeled on a pool basis where loans are grouped by common characteristics including loan type, loan collateral, amortization type and coupon. The expected cash flows for the loans or pools were derived from the contractual loan terms, adjusted for prepayments and credit considerations as applicable. The loan level credit analysis was also performed by an independent third party which reviewed the majority of the credit portfolio for credit inputs into the model. Based on that review, weighted average fair values were applied to the loans not specifically reviewed. Discount rates used in the model were derived from observable market interest rates or credit spreads for comparable loans including national and regional commercial loan pricing surveys, dealer market research and market pricing quotations for new issuance. Market quoted interest rates were adjusted for the subject loan or pool to account for differences in loan characteristics including loan term, loan size, loan vintage and loan credit quality. These analyses are performed at each quarterly and annual reporting period. Various elements of the lower of cost or market valuation are as follows: Measured on a recurring basis Valuation techniques Significant unobservable inputs Range Large balance commercial loans Discounted cash flows Discount rate 3.13% -9.09% Small balance commercial loans Discounted cash flows Discount rate 4.18% -7.08% The Company has sold loans with a book value of approximately $342 .2 million, of the approximately $1.1 billion in book value of loans in that portfolio as of the September 30, 2014 date of discontinuance of operations. The $342.2 million of loans sold had a face value of approximately $417.1 million. These sales were comprised of the following: Loans with an approximate face and book value of $267.6 million and $192.7 million, respectively , were sold in the fourth quarter of 2014 to a private securitization entity . The securitization is managed by an independent investor, which contributed $16 million of equity to that entity. The balance of the sale was financed by the Bank and is reflected on the consolidated balance sheet as investment in unconsolidated entity . After $74.9 million of loan charges reflected in the difference between the face value and book value of the loans sold to the securitization, the Company recognized a gain on sale of $17.0 million. In the second quarter of 2015, an additional $149.6 million of loans were sold at a gain of approximately $2.2 million . The Company continues to pursue additional loan sales. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis Of Presentation | 1. Basis of Presentation The accounting and reporting policies of the Company conform to generally accepted accounting principles in the United States of America (US GAAP) and predominant practices within the banking industry. The consolidated financial statements include the accounts of the Company and all its subsidiaries. All inter-company balances have been eliminated. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The principal estimates that are particularly susceptible to a significant change in the near term relate to the allowance for loan and lease losses, investment other than temporary impairment (OTTI) and deferred income taxes. The Company periodically reviews its investment portfolio to determine whether unrealized losses on securities are temporary, based on evaluations of the creditworthiness of the issuers or guarantors, and underlying collateral, as applicable. In addition, it considers the continuing performance of the securities. Credit losses are recognized in the consolidated statement of operations. If management believes market value losses are temporary and it believes the Company has the ability and intention to hold those securities to maturity, for available for sale securities the reduction in value is recognized in other comprehensive income, through equity and for held to maturity securities the securities are held at amortized cost. Deferred tax assets are recorded on the consolidated balance sheet at their net realizable value. The Company performs an assessment each reporting period to evaluate the amount of the deferred tax asset it is more likely than not to realize. Realization of deferred tax assets is dependent upon the amount of taxable income expected in future periods, as tax benefits require taxable income to be realized. If a valuation allowance is required, the deferred tax asset on the consolidated balance sheet is reduced via a corresponding income tax expense in the consolidated statement of operations. |
Cash And Cash Equivalents | 2. Cash and Cash Equivalents Cash and cash equivalents are defined as cash on hand and amounts due from banks with an original maturity of three months or less and federal funds sold. The Company at times maintains balances in excess of insured limits at various financial institutions including the Federal Reserve Bank (FRB) , the F ederal Home Loan Bank (FHLB) and other private institutions. The Company does not believe these instruments carry a significant risk of loss, but cannot provide assurances that no losses could occur if these institutions were to become insolvent. |
Investment Securities | 3. Investment Securities Investments in debt securities which the Company has both the ability and intent to hold to maturity are carried at cost, adjusted for the amortization of premiums and accretion of discounts computed by the effective interest method. Investments in debt and equity securities which management believes may be sold prior to maturity due to changes in interest rates, prepayment risk, liquidity requirements, or other factors, are classified as available-for-sale. Net unrealized gains for such securities, net of tax effect, are reported as other comprehensive income and excluded from the determination of net income. The unrealized losses for both the held-to-maturity and available-for-sale securities are evaluated to determine first if the impairment is other than temporary then to determine the amount of other than temporary impairment that is attributable to credit loss versus non-credit loss. If a credit loss is determined, an other than temporary impairment charge is recorded within the consolidated statement of operations. The Company does not engage in securities trading. Gains or losses on disposition of investment securities are based on the net proceeds and the adjusted carrying amount of the securities sold using the specific identification method. The Company evaluates whether an other than temporary impairment exists by considering primarily the following factors: (a) the length of time and extent to which the fair value has been less than the amortized cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on contractually obligated interest and principal payments, (d) changes in the financial condition of the security’s underlying collateral and (e) the payment structure of the security. The Company’s best estimate of expected future cash flows used to determine the amount of other than temporary impairment attributable to credit loss is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions and judgments regarding the future performance of the security. The Company’s best estimate of future cash flows involves assumptions including, but not limited to, various performance indicators, such as historical and projected default and recovery rates, credit ratings, current delinquency rates, loan-to value ratios and the possibility of obligor refinancing. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value. In addition, projections of expected future cash flows from a debt security may change based upon new information regarding the performance of the issuer and/or underlying collateral such as changes in the projections of the underlying property value estimates. The Company recognized OTTI charges of $0 in 2015, $0 in 2014 and $20,000 in 2013. The $20,000 charge in 2013 resulted from the write-down of the amortized cost to the present value of the cash flows expected to be collected for one pooled trust preferred security. |
Loans And Allowance For Loan And Lease Losses | 4. Loans and Allowance for Loan and Lease Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal and are net of unearned discounts, unearned loan fees and an allowance for loan and lease losses. The allowance for loan and lease losses is established through a provision for loan and lease losses charged to expense. Loan principal considered to be uncollectible by management is charged against the allowance for loan and lease losses. The allowance is an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible based upon an evaluation of known and inherent risks in the loan portfolio. The evaluation takes into consideration such factors as changes in the nature and size of the loan portfolio, overall portfolio quality, specific problem loans and current economic conditions which may affect the borrowers’ ability to pay. The evaluation also details historical losses by loan category, the resulting loss rates for which are projected at current loan total amounts. Loss estimates for specified problem loans are also detailed. Interest income is accrued as earned on a simple interest basis. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. The Company recognizes income on impaired loans when they are placed into non-accrual status on a cash basis when the loans are both current and the collateral on the loan is sufficient to cover the outstanding obligation to the Company. If these factors do not exist, the Company will not recognize income on such loans. When a loan is placed on non-accrual status, all accumulated accrued interest receivable applicable to periods prior to the current year is charged off to the allowance for loan and lease losses. Interest that had accrued in the current year is reversed out of current period income. Loans reported as having missed four or more consecutive monthly payments and still accruing interest must have both principal and accruing interest adequately secured and must be in the process of collection. Such loans are reported as 90 days delinquent and still accruing. For all loan types, the Company uses the method of reporting delinquencies which considers a loan past due or delinquent if a monthly payment has not been received by the close of business on the loan’s next due date. In the Company’s reporting, two missed payments are reflected as 30 to 59 day delinquencies and three missed payments are reflected as 60 to 89 day delinquencies. The allowance for loan losses represents management's estimate of losses inherent in the loan and lease portfolio as of the consolidated balance sheet date and is recorded as a reduction to loans and leases. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. The evaluation of the adequacy of the allowance for loan and lease losses includes, among other factors, an analysis of historical loss rates and environmental factors by category, applied to current loan totals. However, actual losses may be higher or lower than historical trends, which vary. Actual losses on specified problem loans, which also are provided for in the evaluation, may vary from those estimated loss percentages, which are established based upon a limited number of potential loss classifications. Management performs a quarterly evaluation of the adequacy of the allowance, which is based on the Company's past loan loss experience, known and inherent risks in the portfolio, the volume and mix of the existing loan and lease portfolios, including the volume and severity of non-performing and adversely classified credits, an analysis of net charge-offs experienced on previously classified credits, the trend in loan and lease growth, including any rapid increase in loan and lease volume within a relatively short time period, general and local economic conditions affecting the collectability of the Company’s loans and leases, previous loan and lease experience by type, including net charge-offs, as a percentage of average loans and leases over the past several years and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. The specific component relates to loans and leases that are classified as impaired. For such loans and leases, an allowance is established when the discounted cash flows, or collateral value, or observable market price of the impaired loan is lower than the carrying value of that loan. Regardless of the measurement method, a creditor must measure impairment based on the fair value of the collateral when the creditor determines that foreclosure is probable. The allowance calculation methodology includes further segregation of loan classes into regulatory risk rating categories of special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management's close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans rated as special mention and substandard are reserved for based on the average charge-off history for loans and leases previously classified in those categories. Loans classified as doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are included in the general component of the reserve calculation. The general component covers pools of loans by loan type. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for relevant qualitative factors. Separate qualitative adjustments are made for higher-risk criticized loans that are not impaired. These qualitative risk factors include: · Changes in lending policies or procedures; · Changes in economic conditions; · Portfolio growth; · Changes in the nature or volume of the portfolio; · Changes in management’s experience; · Past due volume; · Non-accrual volume; · Adversely classified loans; · Quality of the loan review system; · Changes in the value of underlying collateral; · Concentrations of credit; and · External factors. Applicable factors are considered based on management's best judgment using relevant information available at the time of the evaluation. An unallocated component is also maintained to cover additional uncertainties that could affect management's estimate of probable losses. A loan is considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for all impaired loans by either the present value of expected future cash flows discounted at the loan's effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company's impaired loans are measured based on the estimated fair value of the loan's collateral. For SBA commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals or evaluations. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For SBA commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower's financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management's analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Loans originated from continuing operations and intended for sale in the secondary market are carried at estimated fair value. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. The Company originates specific commercial mortgage loans for sale in secondary markets. These loans are accounted for under the fair value option and amounted to $489.9 million at December 31, 2015 and $217.1 million at December 31, 2014. These loans were classified as held for sale. Loans from discontinued operations intended for sale primarily to other financial institutions are carried at the lower of cost or market on the balance sheet, determined by loan type or, for larger loans, on an individual loan basis. See Note W to the financial statements. |
Premises And Equipment | 5. Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Depreciation expense is computed on the straight-line method over the useful lives of the assets. Leasehold improvements are depreciated over the shorter of the estimated useful lives of the improvements or the terms of the related leases. |
Internal Use Software | 6. Internal Use Software The Company capitalizes costs associated with internally developed and/or purchased software systems for new products and enhancements to existing products that have reached the application stage and meet recoverability tests. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal use software, payroll and payroll related expenses for employees who are directly associated with and devote time to the internal use software project and interest costs incurred, if material, while developing internal use software. Capitalization of such costs begins when the preliminary project stage is complete and ceases no later than the point at which the project is substantially complete and ready for its intended purpose. The carrying value of the Company’s software is periodically reviewed and a loss is recognized if the value of the estimated undiscounted cash flow benefit related to the asset falls below the unamortized cost. Amortization is provided using the straight-line method over the estimated useful life of the related software, which is generally seven years. As of December 31, 2015 and 2014, the Company had net capitalized software costs of approximately $5.2 million and $5.4 million, respectively. The Company recorded amortization expense of approximately $1.2 million, $1.2 million and $907,000 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Income Taxes | 7. Income Taxes The Company accounts for income taxes under the liability method whereby deferred tax assets and liabilities are determined based on the difference between their carrying values on the consolidated financial statements and their tax basis as measured by the enacted tax rates which will be in effect when these differences reverse. Deferred tax expense (benefit) is the result of changes in deferred tax assets and liabilities. The Company recognizes the benefit of a tax position in the consolidated financial statements only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. For these analyses, the Company may engage attorneys to provide opinions related to the positions. The Company applies this policy to all tax positions for which the statute of limitations remain open, but this application does not materially impact the Company’s consolidated balance sheet or statement of operations. Any interest and penalties related to uncertain tax positions are recognized in income tax (benefit) expense in the consolidated statement of operations. |
Share-Based Compensation | 8. Share-Based Compensation The Company recognizes compensation expense for stock options in accordance with Accounting Standards Codification (ASC ) 718, Stock Based Compensation. The expense of the option is generally measured at fair value at the grant date with compensation expense recognized over the service period, which is usually the vesting period. For grants subject to a service condition, the Company utilizes the Black-Scholes option-pricing model to estimate the fair value of each option on the date of grant. The Black-Scholes model takes into consideration the exercise price and expected life of the options, the current price of the underlying stock and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Company’s estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. In accordance with ASC 718, the Company estimates the number of options for which the requisite service is expected to be rendered. |
Other Real Estate Owned | 9. Other Real Estate Owned Other real estate owned is recorded at estimated fair market value less cost of disposal; which establishes a new cost basis or carrying value. When property is acquired, the excess, if any, of the loan balance over fair market value is charged to the allowance for loan and lease losses. Periodically thereafter, the asset is reviewed for subsequent declines in the estimated fair market value against the carrying value. Subsequent declines, if any, and holding costs, as well as gains and losses on subsequent sale, are included in the consolidated statements of operations. |
Advertising Costs | 10. Advertising Costs The Company expenses advertising costs as incurred. Advertising costs amounted to $387,000 , $621,000 and $706,000 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Earnings Per Share | 11. 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 take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. The following tables show the Company’s earnings per share for the periods presented: Year ended December 31, 2015 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 $ 5,360 37,755,588 $ 0.14 Effect of dilutive securities Common stock options - 318,630 - Diluted earnings per share Net income available to common shareholders $ 5,360 38,074,218 $ 0.14 Year ended December 31, 2015 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 $ 8,072 37,755,588 $ 0.21 Effect of dilutive securities Common stock options - 318,630 - Diluted earnings per share Net income available to common shareholders $ 8,072 38,074,218 $ 0.21 Year ended December 31, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share Net income available to common shareholders $ 13,432 $ 37,755,588 $ 0.35 Effect of dilutive securities Common stock options - 318,630 - Diluted earnings per share Net income available to common shareholders $ 13,432 38,074,218 $ 0.35 Stock options for 619,250 shares, exercisable at prices between $9.58 and $25.43 per share, were outstanding at December 31, 2015 but were not included in the dilutive earnings per share computation because the exercise price per share was greater than the average market price. Year ended December 31, 2014 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 $ 21,815 37,701,306 $ 0.58 Effect of dilutive securities Common stock options - 628,438 (0.01) Diluted earnings per share Net income available to common shareholders $ 21,815 38,329,744 $ 0.57 Year ended December 31, 2014 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 $ 35,294 37,701,306 $ 0.94 Effect of dilutive securities Common stock options - 628,438 (0.02) Diluted earnings per share Net income available to common shareholders $ 35,294 38,329,744 $ 0.92 Year ended December 31, 2014 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share Net income available to common shareholders $ 57,109 $ 37,701,306 $ 1.52 Effect of dilutive securities Common stock options - 628,438 (0.03) Diluted earnings per share Net income available to common shareholders $ 57,109 38,329,744 $ 1.49 Stock options for 505,250 shares, exercisable at prices between $9.82 and $25.43 per share, were outstanding at December 31, 2014, but were not included in the dilutive earnings per share computation because the exercise price per share was greater than the average market price. Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share from continuing operations Net income available to common shareholders $ 13,516 37,425,197 $ 0.36 Effect of dilutive securities Common stock options - 695,887 (0.01) Diluted earnings per share Net income available to common shareholders $ 13,516 38,121,084 $ 0.35 Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic loss per share from discontinued operations Net loss available to common shareholders $ (27,938) 37,425,197 $ (0.75) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (27,938) 37,425,197 $ (0.75) Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic loss per share Net loss available to common shareholders $ (14,422) $ 37,425,197 $ (0.39) Effect of dilutive securities Common stock options - - (0.01) Diluted loss per share Net loss available to common shareholders $ (14,422) 37,425,197 $ (0.40) Stock options for 13,000 shares, exercisable at prices between $20.98 and $25.43 per share, were outstanding at December 31, 201 3, but were not included in the dilutive earnings per share computation because the Company had a net loss available to common shareholders. |
Other Comprehensive Income | 12. Other Comprehensive Income Other comprehensive income consists of revenues, expenses, gains and losses that bypass the statement of operations and are reported directly in a separate component of equity. For the year ended December 31, 2015 2014 2013 (in thousands) Other comprehensive income (loss) Change in net unrealized gain/(loss) during the period $ (7,169) $ 18,710 $ (12,905) Reclassification adjustments for gains included in income (14,436) (450) (1,889) Reclassification adjustments for foreign currency translation losses (551) - - Reclassification adjustment for called securities - - (133) Amortization of (gains)/losses previously held as available-for-sale 56 (141) 30 Net unrealized gain/(loss) on investment securities (22,100) 18,119 (14,897) Deferred tax expense (benefit) Securities available-for-sale: Change in net unrealized gain/(loss) during the period (2,544) 6,549 (4,517) Reclassification adjustments for gains included in income (5,147) (158) (661) Reclassification adjustment for called securities - - (47) Amortization of (gains)/losses previously held as available-for-sale 20 (49) 11 Income tax expense (benefit) related to items of other comprehensive income (7,671) 6,342 (5,214) Other comprehensive income (loss), after tax and net of reclassifications into net income $ (14,429) $ 11,777 $ (9,683) |
Restrictions On Cash And Due From Banks | 13. Restrictions on Cash and Due from Banks The Bank is required to maintain reserves against customer demand deposits by keeping cash on hand or balances with the F ederal Reserve Bank . The amount of those required reserves at December 31, 2015 and 2014 was approximately $266.8 million and $280.4 million, respectively. |
Other Identifiable Intangible Assets | 14. Other Identifiable Intangible Assets On November 29, 2012, the Company acquired certain software rights and personnel of a prepaid program manager in Europe for approximately $1.8 million to establish a European prepaid card presence. The Company allocated the majority of the $1.8 million acquisition cost to software used for fraud monitoring and other utilities for its prepaid card business, with related services provided by its European data processing subsidiary. The software is being amortized over eight years. The Company accounts for its customer list in accordance with ASC 350, Intangibles—Goodwill and Other. The acquisition of the Stored Value Solutions division of Marshall Bank First in 2007 resulted in a customer list intangible of $12.0 million which is being amortized over a 12 year period. Amortization expense is $1.0 million per year ( $4.0 million over the next four years). The gross carrying value and accumulated amortization related to the Company’s intangible items at December 31, 2015 and 2014 are presented below. December 31, 2015 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) Customer list intangible $ 12,006 $ 8,004 $ 12,006 $ 7,003 Software intangible 1,817 890 1,817 592 Total $ 13,823 $ 8,894 $ 13,823 $ 7,595 The approximate future annual amortization of both the Company’s intangible items are as follows (in thousands): Year ending December 31, 2016 $ 1,189 2017 1,189 2018 1,189 2019 1,189 2020 173 Thereafter - $ 4,929 |
Reclassifications | 15. Reclassifications Certain reclassifications have been made to the 2014 and 2013 restated consolidated financial statements to conform to the 2015 presentation. |
Prepaid Card Fees | 16. Prepaid Card Fees The Company recognizes prepaid card fees in the periods in which they are earned by performance of the related services. The majority of fees the Company earns result from contractual transaction fees paid by third party sponsors to the Company and monthly service fees. Additionally, the Company earns interchange fees paid through settlement associations such as Visa, which are also determined on a per transaction basis. The Company records this revenue net of costs such as association fees and interchange transaction charges. |
Common Stock Repurchase Program | 17. Common Stock Repurchase Program In 2011, the Company adopted a common stock repurchase program in which share repurchases reduce the amount of shares outstanding. Repurchased shares may be reissued for various corporate purposes. As of December 31, 2011, the Company had repurchased 100,000 shares of the total 750,000 maximum number of shares authorized by the Board of Directors. The 100,000 shares were repurchased at an average cost of $8.66 . The Company did no t repurchase shares in 2015, 2014 or 2013. |
Derivative Financial Instruments | 18. Derivative Financial Instruments The Company utilizes derivatives to hedge interest rate risk on the loans it originates for sale into commercial mortgage backed securities markets. These derivatives are recorded on the consolidated balance sheet at fair value. Changes in the fair value of these derivatives are designated as fair value hedges, which are recorded in earnings together and in the same consolidated income statement line item with, changes in the fair value of the related hedged item. All derivatives are utilized to hedge against interest rate changes between the time commercial mortgages are funded and sold. Accordingly such derivatives serve as a hedge against interest rate movements which might otherwise decrease sales proceeds. |
Sale Of Health Savings Account Portfolio | 19. Sale of Health Savings Account Portfolio The Company sold the majority of its health savings account portfolio in fourth quarter 2015. The gain was realized after the contractually required transfer of approximately $400 million of related deposit accounts to the purchaser. |
Recent Accounting Pronouncements | 20. 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 were effective for the annual periods beginning on or after December 15, 2014 and an entity can elect to adopt the amendments in this update using either a modified retrospective transition method or a prospective transition method as allowed in ASU No. 2014-04. The adoption of ASU No. 2014-04 did not have a material effect on the Company’s consolidated financial statements. In April 2014, the FASB issued ASU No. 2014-08 (ASU 2014-08), Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) . ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for annual periods beginning after December 15, 2014. The Company adopted ASU 2014-08 as presented in the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Cash Flows and Note W, Discontinued Operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This ASU establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate and construction industries. The revenue standard’s core principal is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this, the standard requires five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) identify the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, (v) recognize revenue when (or as) the entity satisfies the performance obligation. Three basic transition methods are available - full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. Under the cumulative effect alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. The guidance in this ASU is effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2017. The Company does not expect this ASU to have a significant impact on its financial condition or results of operations. In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing. The amendments in this update require that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty (a repurchase financing), which will result in secured borrowing accounting for the repurchase agreement. The amendments require an entity to disclose information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements, in which the transferor retains substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. In addition the amendments require disclosure of the types of collateral pledged in repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions and the tenor of those transactions. The guidance in this ASU was effective for annual and interim periods beginning after December 15, 2014. The guidance 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 Home Administration (FHA) and the Veterans Administration (VA). It requires that a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if the following conditions are met: 1. The loan has a government guarantee that is not separable from the loan before foreclosure. 2. At the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under the claim. 3. At the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The guidance in this ASU was effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The guidance may be applied using a prospective transition method in which a reporting entity applies the guidance to foreclosures that occur after the date of adoption, or a modified retrospective transition using a cumulative-effect adjustment (through a reclassification to a separate other receivable) as of the beginning of the annual period of adoption. Prior periods should not be adjusted. A reporting entity must apply the same method of transition as elected under ASU 2014-04. The guidance of this ASU did not have a significant impact on the Company’s financial condition or results of operations. In February 2016, the FASB issued ASU 2016-02, “Leases”. The FASB issued this ASU to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet by lessees for those leases classified as operating leases under current U.S. GAAP and disclosing key information about leasing arrangements. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of this ASU is permitted for all entities. The Company is currently assessing the impact that the adoption of this standard will have on the financial condition and results of operations of the Company. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Earnings Per Share | Year ended December 31, 2015 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 $ 5,360 37,755,588 $ 0.14 Effect of dilutive securities Common stock options - 318,630 - Diluted earnings per share Net income available to common shareholders $ 5,360 38,074,218 $ 0.14 Year ended December 31, 2015 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 $ 8,072 37,755,588 $ 0.21 Effect of dilutive securities Common stock options - 318,630 - Diluted earnings per share Net income available to common shareholders $ 8,072 38,074,218 $ 0.21 Year ended December 31, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share Net income available to common shareholders $ 13,432 $ 37,755,588 $ 0.35 Effect of dilutive securities Common stock options - 318,630 - Diluted earnings per share Net income available to common shareholders $ 13,432 38,074,218 $ 0.35 Stock options for 619,250 shares, exercisable at prices between $9.58 and $25.43 per share, were outstanding at December 31, 2015 but were not included in the dilutive earnings per share computation because the exercise price per share was greater than the average market price. Year ended December 31, 2014 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 $ 21,815 37,701,306 $ 0.58 Effect of dilutive securities Common stock options - 628,438 (0.01) Diluted earnings per share Net income available to common shareholders $ 21,815 38,329,744 $ 0.57 Year ended December 31, 2014 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 $ 35,294 37,701,306 $ 0.94 Effect of dilutive securities Common stock options - 628,438 (0.02) Diluted earnings per share Net income available to common shareholders $ 35,294 38,329,744 $ 0.92 Year ended December 31, 2014 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share Net income available to common shareholders $ 57,109 $ 37,701,306 $ 1.52 Effect of dilutive securities Common stock options - 628,438 (0.03) Diluted earnings per share Net income available to common shareholders $ 57,109 38,329,744 $ 1.49 Stock options for 505,250 shares, exercisable at prices between $9.82 and $25.43 per share, were outstanding at December 31, 2014, but were not included in the dilutive earnings per share computation because the exercise price per share was greater than the average market price. Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic earnings per share from continuing operations Net income available to common shareholders $ 13,516 37,425,197 $ 0.36 Effect of dilutive securities Common stock options - 695,887 (0.01) Diluted earnings per share Net income available to common shareholders $ 13,516 38,121,084 $ 0.35 Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic loss per share from discontinued operations Net loss available to common shareholders $ (27,938) 37,425,197 $ (0.75) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (27,938) 37,425,197 $ (0.75) Year ended December 31, 2013 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data) Basic loss per share Net loss available to common shareholders $ (14,422) $ 37,425,197 $ (0.39) Effect of dilutive securities Common stock options - - (0.01) Diluted loss per share Net loss available to common shareholders $ (14,422) 37,425,197 $ (0.40) |
Schedule Of Other Comprehensive Income | For the year ended December 31, 2015 2014 2013 (in thousands) Other comprehensive income (loss) Change in net unrealized gain/(loss) during the period $ (7,169) $ 18,710 $ (12,905) Reclassification adjustments for gains included in income (14,436) (450) (1,889) Reclassification adjustments for foreign currency translation losses (551) - - Reclassification adjustment for called securities - - (133) Amortization of (gains)/losses previously held as available-for-sale 56 (141) 30 Net unrealized gain/(loss) on investment securities (22,100) 18,119 (14,897) Deferred tax expense (benefit) Securities available-for-sale: Change in net unrealized gain/(loss) during the period (2,544) 6,549 (4,517) Reclassification adjustments for gains included in income (5,147) (158) (661) Reclassification adjustment for called securities - - (47) Amortization of (gains)/losses previously held as available-for-sale 20 (49) 11 Income tax expense (benefit) related to items of other comprehensive income (7,671) 6,342 (5,214) Other comprehensive income (loss), after tax and net of reclassifications into net income $ (14,429) $ 11,777 $ (9,683) |
Summary Of Gross Carrying Value And Accumulated Amortization Related To The Company's Intangible Items | December 31, 2015 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) Customer list intangible $ 12,006 $ 8,004 $ 12,006 $ 7,003 Software intangible 1,817 890 1,817 592 Total $ 13,823 $ 8,894 $ 13,823 $ 7,595 |
Schedule Of Approximate Future Annual Amortization Of The Company's Intangible Items | Year ending December 31, 2016 $ 1,189 2017 1,189 2018 1,189 2019 1,189 2020 173 Thereafter - $ 4,929 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities [Abstract] | |
Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity | Available-for-sale December 31, 2015 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 29,315 $ 18 $ (95) $ 29,238 Federally insured student loan securities 118,651 28 (3,530) 115,149 Tax-exempt obligations of states and political subdivisions 94,572 2,665 (74) 97,163 Taxable obligations of states and political subdivisions 95,802 2,370 (476) 97,696 Residential mortgage-backed securities 451,432 1,540 (2,865) 450,107 Commercial mortgage-backed securities 58,512 361 (570) 58,303 Commercial loan obligation securities 70,573 - (81) 70,492 Foreign debt securities 57,375 65 (308) 57,132 Corporate and other debt securities 95,354 188 (724) 94,818 $ 1,071,586 $ 7,235 $ (8,723) $ 1,070,098 Held-to-maturity December 31, 2015 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 17,934 $ 569 $ (3,456) $ 15,047 Other debt securities - pooled 75,656 938 (42) 76,552 $ 93,590 $ 1,507 $ (3,498) $ 91,599 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 125,789 613 (390) $ 126,012 Tax-exempt obligations of states and political subdivisions 535,622 16,027 (380) $ 551,269 Taxable obligations of states and political subdivisions 58,868 2,614 (103) $ 61,379 Residential mortgage-backed securities 419,503 3,504 (878) $ 422,129 Commercial mortgage-backed securities 123,519 1,220 (1,500) $ 123,239 Foreign debt securities 67,094 130 (346) $ 66,878 Corporate and other debt securities 126,610 225 (663) $ 126,172 $ 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 75,883 1,438 - $ 77,321 $ 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 $ 71,697 $ 71,786 $ - $ - Due after one year through five years 204,707 204,012 7,016 7,490 Due after five years through ten years 338,966 338,005 - - Due after ten years 456,216 456,295 86,574 84,109 $ 1,071,586 $ 1,070,098 $ 93,590 $ 91,599 |
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 U.S. Government agency securities 3 $ 16,500 $ (95) $ - $ - $ 16,500 $ (95) Federally insured student loan securities 18 39,880 (1,832) 64,883 (1,698) 104,763 (3,530) Tax-exempt obligations of states and political subdivisions 31 1,510 (22) 18,976 (52) 20,486 (74) Taxable obligations of states and political subdivisions 30 40,310 (450) 7,023 (26) 47,333 (476) Residential mortgage-backed securities 63 200,820 (2,155) 71,043 (710) 271,863 (2,865) Commercial mortgage-backed securities 37 25,899 (233) 17,539 (337) 43,438 (570) Commercial loan obligation securities 5 56,638 (81) 13,855 - 70,493 (81) Foreign debt securities 51 24,274 (245) 18,272 (63) 42,546 (308) Corporate and other debt securities 75 50,073 (687) 10,761 (37) 60,834 (724) Total temporarily impaired investment securities 313 $ 455,904 $ (5,800) $ 222,352 $ (2,923) $ 678,256 $ (8,723) 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 $ - $ - $ 5,558 $ (3,456) $ 5,558 $ (3,456) Pooled 1 25,563 (42) - - 25,563 (42) Total temporarily impaired investment securities 2 $ 25,563 $ (42) $ 5,558 $ (3,456) $ 31,121 $ (3,498) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2014 (in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities Federally insured student loan securities 9 $ 28,435 $ (169) $ 34,274 $ (221) $ 62,709 $ (390) Tax-exempt obligations of states and political subdivisions 97 21,458 (134) 46,412 (245) 67,870 (379) Taxable obligations of states and political subdivisions 24 499 (1) 21,088 (102) 21,587 (103) Residential mortgage-backed securities 29 43,946 (231) 67,023 (647) 110,969 (878) Commercial mortgage-backed securities 30 41,231 (883) 47,549 (617) 88,780 (1,500) Foreign debt securities 53 24,681 (203) 14,943 (144) 39,624 (347) Corporate and other debt securities 61 62,984 (568) 16,609 (95) 79,593 (663) 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 | The following table provides additional information related to the Company’s single issuer trust preferred securities as of December 31, 2015: Single issuer Book value Fair value Unrealized gain/(loss) Credit rating Security A $ 1,904 $ 2,000 $ 96 Not rated Security B 9,014 5,558 (3,456) Not rated Class: All of the above are trust preferred securities. The following table provides additional information related to our pooled trust preferred securities as of December 31, 201 5 : Pooled issue Class Book value Fair value Unrealized gain/(loss) Credit rating Excess subordination Pool A (7 performing issuers) Mezzanine $ 52 $ 52 $ - CAA3 * * There is no excess subordination for these securities. |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans [Abstract] | |
Major Classifications Of Loans | December 31, December 31, 2015 2014 SBA non real estate $ 68,887 $ 62,425 SBA commercial mortgage 114,029 82,317 SBA construction 6,977 20,392 SBA loans * 189,893 165,134 Direct lease financing 231,514 194,464 SBLOC 575,948 421,862 Other specialty lending 48,315 48,625 Other consumer loans 23,180 36,168 1,068,850 866,253 Unamortized loan fees and costs 9,227 8,340 Total loans, net of deferred loan costs $ 1,078,077 $ 874,593 |
Schedule Of Small Business Administation Loans and Held For Sale | December 31, December 31, 2015 2014 SBA loans, including deferred fees and costs $ 197,966 $ 172,660 SBA loans included in held for sale 109,174 $ 38,704 Total SBA loans $ 307,140 $ 211,364 |
Impaired Loans | Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized December 31, 2015 Without an allowance recorded SBA non real estate $ 263 $ 263 $ - $ 228 $ - Consumer - other 330 330 - 338 - Consumer - home equity 368 368 - 966 - With an allowance recorded SBA non real estate 640 640 123 670 - Consumer - other - - - - - Consumer - home equity 827 927 26 800 - Total SBA non real estate 903 903 123 898 - Consumer - other 330 330 - 338 - Consumer - home equity 1,195 1,295 26 1,766 - December 31, 2014 Without an allowance recorded SBA non real estate $ - $ - $ - $ - $ - Consumer - other 346 346 - 139 - Consumer - home equity 827 927 - 1,043 - With an allowance recorded SBA non real estate 197 197 40 967 - Consumer - other - - - 369 - Consumer - home equity 1,080 1,080 271 885 - Total SBA non real estate 197 197 40 967 - Consumer - other 346 346 - 508 - Consumer - home equity 1,907 2,007 271 1,928 - |
Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category | December 31, 2015 2014 (in thousands) Non-accrual loans SBA non real estate $ 733 $ - Consumer 1,194 1,907 Total non-accrual loans 1,927 1,907 Loans past due 90 days or more 403 149 Total non-performing loans 2,330 2,056 Other real estate owned - - Total non-performing assets $ 2,330 $ 2,056 |
Loans Modified And Considered Troubled Debt Restructurings | December 31, 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 1 $ 171 $ 171 1 $ 197 $ 197 Consumer 2 434 434 1 346 346 Total 3 $ 605 $ 605 2 $ 543 $ 543 |
Loans Modified As Troubled Debt Restructurings | December 31, 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 $ - $ 171 $ - $ - $ 197 $ - Consumer - 330 104 - 346 - Total $ - $ 501 $ 104 $ - $ 543 $ - |
Summary Of Restructured Loans Within The Last Twelve Months That Have Subsequently Defaulted | December 31, 2015 Number Pre-modification recorded investment Consumer 1 $ 104 Total 1 $ 104 |
Changes In Allowance For Loan And Lease Losses By Loan Category | SBA non real estate SBA commercial mortgage SBA construction Direct lease financing SBLOC Other specialty lending Other consumer loans Unallocated Total December 31, 2015 Beginning balance $ 385 $ 461 $ 114 $ 836 $ 562 $ 66 $ 1,181 $ 33 $ 3,638 Charge-offs (111) - - (30) - - (1,220) - (1,361) Recoveries - - - - - - 23 - 23 Provision (credit) 570 (53) (66) 216 200 133 952 148 2,100 Ending balance $ 844 $ 408 $ 48 $ 1,022 $ 762 $ 199 $ 936 $ 181 $ 4,400 Ending balance: Individually evaluated for impairment $ 123 $ - $ - $ - $ - $ - $ 26 $ - $ 149 Ending balance: Collectively evaluated for impairment $ 721 $ 408 $ 48 $ 1,022 $ 762 $ 199 $ 910 $ 181 $ 4,251 Loans: Ending balance $ 68,887 $ 114,029 $ 6,977 $ 231,514 $ 575,948 $ 48,315 $ 23,180 $ 9,227 $ 1,078,077 Ending balance: Individually evaluated for impairment $ 904 $ - $ - $ - $ - $ - $ 1,524 $ - $ 2,428 Ending balance: Collectively evaluated for impairment $ 67,983 $ 114,029 $ 6,977 $ 231,514 $ 575,948 $ 48,315 $ 21,656 $ 9,227 $ 1,075,649 December 31, 2014 Beginning balance $ 419 $ 496 $ - $ 311 $ 293 $ 1 $ 2,361 $ - $ 3,881 Charge-offs (307) - - (323) (3) - (871) - (1,504) Recoveries 12 - - 25 - - 22 - 59 Provision (credit) 261 (35) 114 823 272 65 (331) 33 1,202 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 |
Delinquent Loans By Loan Category | December 31, 2015 30-59 Days past due 60-89 Days past due Greater than 90 days Non accrual Total past due Current Total loans SBA non real estate $ - $ - $ - $ 733 $ 733 $ 68,154 $ 68,887 SBA commercial mortgage - - - - - 114,029 114,029 SBA construction - - - - - 6,977 6,977 Direct lease financing 3,957 3,108 403 - 7,468 224,046 231,514 SBLOC - - - - - 575,948 575,948 Other specialty lending - - - - - 48,315 48,315 Consumer - other - 1 - - 1 6,844 6,845 Consumer - home equity - 1,398 - 1,194 2,592 13,743 16,335 Unamortized loan fees and costs - - - - - 9,227 9,227 $ 3,957 $ 4,507 $ 403 $ 1,927 $ 10,794 $ 1,067,283 $ 1,078,077 December 31, 2014 SBA non real estate $ - $ - $ - $ - $ - $ 62,425 $ 62,425 SBA commercial mortgage - - - - - 82,317 82,317 SBA construction - - - - - 20,392 20,392 Direct lease financing 5,083 1,832 149 - 7,064 187,400 194,464 SBLOC - - - - - 421,862 421,862 Other specialty lending - - - - - 48,625 48,625 Consumer - other 9 - - - 9 8,654 8,663 Consumer - home equity - 457 - 1,907 2,364 25,141 27,505 Unamortized loan fees and costs - - - - - 8,340 8,340 $ 5,092 $ 2,289 $ 149 $ 1,907 $ 9,437 $ 865,156 $ 874,593 |
Loans By Categories | December 31, 2015 Pass Special mention Substandard Doubtful Loss Unrated subject to review * Unrated not subject to review * Total loans SBA non real estate $ 55,682 $ - $ 904 $ - $ - $ 8,610 $ 3,691 $ 68,887 SBA commercial mortgage 92,859 - - - - 3,894 17,276 114,029 SBA construction 6,977 - - - - - - 6,977 Direct lease financing 90,588 - 670 - - 17,200 123,056 231,514 SBLOC 204,201 - - - - 19,372 352,375 575,948 Other specialty lending 46,520 - - - - - 1,795 48,315 Consumer 7,631 70 3,473 - - 457 11,549 23,180 Unamortized loan fees and costs - - - - - - 9,227 9,227 $ 504,458 $ 70 $ 5,047 $ - $ - $ 49,533 $ 518,969 $ 1,078,077 December 31, 2014 SBA non real estate $ 49,214 $ - $ 197 $ - $ - $ 669 $ 12,345 $ 62,425 SBA commercial mortgage 59,086 - - - - 965 22,266 82,317 SBA construction 18,911 - - - - - 1,481 20,392 Direct lease financing 58,994 - 99 - - - 135,371 194,464 SBLOC 142,286 - - - - 57,360 222,216 421,862 Other specialty lending 46,990 - - - - - 1,635 48,625 Consumer 14,196 346 1,907 - - 73 19,646 36,168 Unamortized loan fees and costs - - - - - - 8,340 8,340 $ 389,677 $ 346 $ 2,203 $ - $ - $ 59,067 $ 423,300 $ 874,593 * Loan review is performed by staff independent of the loan department s and who report directly to the chief credit officer. L oans are also subject to review by their relationship manager and senior loan personnel. At December 31, 2015, approximately 47% of the total continuing loan portfolio was reviewed as a result of the coverage of each loan portfolio type. The loan review policy guidelines were revised in December 2015 to establish minimum coverages for each loan portfolio. The targeted coverages and scope of the reviews are risk-based and vary according to each portfolio. The Company plans to achieve t hese thresholds by December 31, 2016 and to maintain them as follows. Se curity Backed Lines of Credit ( SBLOC ) – The targeted review threshold for 2016 is 40% with the largest 25% of SBLOCs by commitment to be reviewed annually. At December 31, 2015 approximately 35% of the SBLOC portfolio had been reviewed. SBA Loans – The targeted review threshold for 2016 is 100% , less guaranteed portions of any loans purchased and loans funded within 90 days of quarter end. Although loans are not typically purchased, loans for CRA purposes are periodically purchased. At December 31, 2015, approximately 89% of the Government Guaranteed Loan portfolio had been reviewed. The portion not reviewed includes $29 million in purchased loans which are subject to government guarantees and $3 million in newly funded loans. Leasing – The targeted review threshold for 2016 is 50% . At December 31, 2015, approximately 40% of the Leasing portfolio had been reviewed. Commercial Mortgaged Backed Securities (Floating Rate) – The targeted review threshold for 2016 is 100% . Floating r ate l oans will be reviewed initially within 90 days of funding and will be monitored on an ongoing basis as to payment status. Subsequent reviews will be performed based on a sampling each quarter. Each f loating r ate l oan will be reviewed if any available extension options are exercised. At December 31, 2015, approximately 57% of the CMBS f loating r ate portfolio had been reviewed. The portion not reviewed includes $122 million in newly funded loans. CMBS (Fixed Rate) - CMBS f ixed r ate l oans will generally not be reviewed as they are sold on the secondary market in a relatively short period of time. 100% of fixed rate Loans that are unable to be readily sold on the secondary market and remain on the bank's books after nine months will be reviewed at least annually. At December 31, 2015, none of the CMBS (Fixed Rate) portfolio loans met the scope for review. Specialty Lending - Specialty Lending, defined as commercial loans unique in nature that do not fit into other established categories, will have a review coverage threshold of 100% for non-Community Reinvestment Act (“CRA”) loans. At December 31, 2015, approximately 100% of the non CRA loans had been reviewed. Home Equity Lines of Credit, or HELOC – The targeted review threshold for 2016 is 50% . The largest 25% of HELOCs by commitment will be reviewed annually. At December 31, 2105 approximately 52% of the HELOC portfolio had been reviewed. |
Premises And Equipment (Tables)
Premises And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Premises And Equipment [Abstract] | |
Premises And Equipment | December 31, Estimated useful lives 2015 2014 Furniture, fixtures, and equipment 3 to 12 years $ 46,409 $ 41,765 Leasehold improvements 6 to 10 years 10,770 7,098 57,179 48,863 Accumulated depreciation (35,548) (31,166) $ 21,631 $ 17,697 |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Time Deposits [Abstract] | |
Scheduled Maturities Of Time Deposits | 2016 $ 428,549 2017 - 2018 - 2019 - 2020 - $ 428,549 |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Variable Interest Entity [Abstract] | |
Schedule Of The Total Unpaid Principal Amount Of Assets Held In Private Label Securitization Entities, Including Those In Which The Company Has Continuing Involvement | December 31, 2015 Principal amount outstanding The Company's Assets held in interest Total assets Assets held in nonconsolidated in securitized held by consolidated VIEs with assets in securitization securitization continuing nonconsolidated VIEs VIEs involvement VIEs (b) Commercial and other (a) $ 195,939 $ 195,939 $ 178,520 December 31, 2014 Principal amount outstanding The Company's Assets held in interest Total assets Assets held in nonconsolidated in securitized held by consolidated VIEs with assets in securitization securitization continuing nonconsolidated VIEs VIEs involvement VIEs (b) Commercial and other (a) $ 209,632 $ 209,632 $ 193,595 (a) Consists of notes backed by commercial loans predominately secured by real estate. (b) The retained interest in the commercial and other securitization trusts are non-rated and are accounted for at fair value utilizing cash flow analysis. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Schedule Of Short-term Debt | As of or for the year ended December 31, 2015 2014 2013 (dollars in thousands) Short-term borrowings and federal funds purchased Balance at year-end $ - $ - $ - Average during the year 4,575 - - Maximum month-end balance - - - Weighted average rate during the year 0.26% 0.00% 0.00% Rate at December 31 0.23% 0.27% 0.25% |
Schedule Of Securities Sold Under Agreements To Repurchase | As of or for the year ended December 31, 2015 2014 2013 (dollars in thousands) Securities sold under repurchase agreements Balance at year-end $ 925 $ 19,414 $ 21,221 Average during the year 5,225 17,497 18,442 Maximum month-end balance 15,857 21,496 22,523 Weighted average rate during the year 0.29% 0.29% 0.29% Rate at December 31 0.24% 0.29% 0.28% |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Components Of The Income Taxes (Benefit) | For the years ended December 31, 2015 2014 2013 (in thousands) Current tax provision (benefit) Federal $ 286 $ (3,663) $ 4,723 Foreign 353 State 727 2,730 2,244 1,366 (933) 6,967 Deferred tax provision (benefit) Federal 132 (13,705) (208) State (48) 115 8 84 (13,590) (200) $ 1,450 $ (14,523) $ 6,767 |
Schedule Of Income Tax Expenses And Statutory Federal Income Tax Rate | For the years ended December 31, 2015 2014 2013 (in thousands) Computed tax expense at statutory rate $ 2,713 $ 2,479 $ 6,897 State taxes 448 1,877 1,486 Tax-exempt interest income (4,165) (4,304) (1,898) Foreign income tax rate difference (163) (591) - Meals and entertainment 196 - - Other nondeductible items 1,020 - - Valuation allowance - domestic 884 (14,485) - Valuation allowance - foreign 395 354 - Other 122 147 282 $ 1,450 $ (14,523) $ 6,767 |
Schedule Of Deferred Tax Assets And Liabilities | For the years ended December 31, 2015 2014 (in thousands) Deferred tax assets: Allowance for loan and lease losses $ 1,496 $ 1,236 Non-accrual interest 1,994 1,223 Deferred compensation 1,309 1,451 State taxes 1,029 2,107 Nonqualified stock options 3,195 2,962 Stock appreciation rights 100 100 Tax deductible goodwill 8,063 9,082 Depreciation - 206 Other than temporary impairment 147 147 Partnership interest, Walnut St basis difference 1,654 1,654 Fair value adjustment to investments 362 - Loan charges 14,372 16,745 Unrealized loss on AFS securities 1,028 - AMT tax credit 1,535 1,092 Federal net operating loss 6,124 5,940 Foreign net operating loss 1,032 637 Other 1,822 3,748 Total gross deferred tax assets 45,262 48,330 Federal and state valuation allowance (5,304) (5,252) Foreign valuation allowance (1,032) (637) Deferred tax liabilities: Unrealized gains on investment securities available for sale - 6,642 Discount on Class A notes 2,126 2,126 Depreciation 593 - Total deferred tax liabilities 2,719 8,768 Net deferred tax asset $ 36,207 $ 33,673 |
Reconciliation Of Unrecognized Tax Benefits | For the years ended December 31, 2015 2014 2013 (in thousands) Beginning balance at January 1 $ 313 $ 352 $ 230 Increases (decreases) in tax provisions for prior years 27 (39) 122 Gross unrecognized tax benefits at December 31 $ 340 $ 313 $ 352 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |
Summary Of Status Of Company's Equity Compensations Plans | Weighted- average Weighted remaining average contractual Aggregate exercise term intrinsic Shares price (years) value (in thousands except per share data) Outstanding at January 1, 2015 2,602,000 $ 9.72 5.39 Granted - - - - Exercised (83,500) 7.66 - - Expired (457,250) 15.08 - - Forfeited (83,750) 9.20 - - Outstanding at December 31, 2015 1,977,500 $ 8.58 5.47 $ - Exercisable at December 31, 2015 1,758,125 $ 8.48 5.29 $ - |
Summary Of The Company’s Restricted Stock Units | Average Weighted remaining average contractual exercise term Shares price (years) Outstanding at January 1, 2015 148,381 $ 10.46 2.07 Granted 86,992 9.11 1.25 Vested (49,460) 10.46 Forfeited (17,868) 9.30 Outstanding at December 31, 2015 168,045 9.88 1.12 |
Schedule Of Nonvested Options Status | Weighted- average grant-date Shares fair value Non-Vested at January 1, 2015 502,750 $ 4.72 Granted - - Vested (238,875) 4.48 Expired - - Forfeited (44,500) 4.81 Non-Vested at December 31, 2015 219,375 $ 4.91 |
Fair Value Of Grant On Date Of Grant Using The Black-Scholes Options Pricing Model | December 31, 2015 2014 2013 Risk-free interest rate 0.00% 2.36% 1.86% Expected dividend yield - - - Expected volatility 0.00% 41.74% 49.71% -55.65% Expected lives (years) 2.00 5.71 4.03- 4.22 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Future Minimum Annual Rental Payments | Year ending December 31, 2016 $ 3,805 2017 3,933 2018 3,890 2019 3,960 2020 3,898 Thereafter 14,720 $ 34,206 |
Financial Instruments With Of42
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk [Abstract] | |
Schedule Of Contract Amounts And Maturity Term Of Credit Commitment | December 31, 2015 2014 (in thousands) Financial instruments whose contract amounts represent credit risk Commitments to extend credit $ 831,457 $ 709,080 Standby letters of credit 18,536 22,057 $ 849,993 $ 731,137 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Carrying Amount And Estimated Fair Value Of Assets And Liabilities | December 31, 2015 Quoted prices Significant in active other Significant markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands) Investment securities available-for-sale $ 1,070,098 $ 1,070,098 $ - $ 1,070,098 $ - Investment securities held-to-maturity 93,590 91,599 7,490 76,552 7,557 Federal Home Loan and Atlantic Central Bankers Bank stock 1,062 1,062 - - 1,062 Commercial loans held for sale 489,938 489,938 - - 489,938 Loans, net 1,078,077 1,068,718 - - 1,068,718 Investment in unconsolidated entity, senior note 166,548 166,548 - - 166,548 Investment in unconsolidated entity, subordinated note 11,972 11,972 - - 11,972 Assets held for sale 583,909 583,909 - - 583,909 Demand and interest checking 3,602,376 3,602,376 3,602,376 - - Savings and money market 383,832 383,832 383,832 - - Time deposits 428,549 428,711 - - 428,711 Subordinated debentures 13,401 8,529 - - 8,529 Securities sold under agreements to repurchase 925 925 925 - - Interest rate swaps, asset 43 43 - 43 - December 31, 2014 Quoted prices Significant in active other Significant markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands) Investment securities available-for-sale $ 1,493,639 $ 1,493,639 $ 66,287 $ 1,425,986 $ 1,366 Investment securities held-to-maturity 93,765 91,914 7,448 - 84,466 Securities purchased under agreements to resell 46,250 46,250 46,250 - - Federal Home Loan and Atlantic Central Bankers Bank stock 1,002 1,002 - - 1,002 Commercial loans held for sale 217,080 217,080 - - 217,080 Loans, net 874,593 869,871 - - 869,871 Investment in unconsolidated entity, senior note 178,187 178,187 - - 178,187 Investment in unconsolidated entity, subordinated note 15,408 15,408 - - 15,408 Assets held for sale 887,929 887,929 - - 887,929 Demand and interest checking 4,289,586 4,289,586 4,289,586 - - Savings and money market 330,798 330,798 330,798 - - Time deposits 1,400 1,412 - - 1,412 Subordinated debentures 13,401 8,042 - - 8,042 Securities sold under agreements to repurchase 19,414 19,414 19,414 - - Interest rate swaps, liability 942 942 - 942 - |
Changes In Company's Level 3 Assets | Fair Value Measurements Using 0 Significant Unobservable Inputs (Level 3) Available-for-sale Commercial loans securities held for sale December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Beginning balance $ 1,366 $ 551 $ 217,080 $ 69,904 Transfers into level 3 - 1,279 - - Transfers out of level 3 - (551) - - Total gains or losses (realized/unrealized) Included in earnings (23) - 1,677 1,846 Included in other comprehensive income - 87 - - Purchases, issuances, and settlements Purchases - - Issuances - - 681,526 630,165 Sales (1,343) - (410,345) (484,835) Settlements - - - - Ending balance $ - $ 1,366 $ 489,938 $ 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. $ - $ - $ 4,321 $ 3,587 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in unconsolidated entity December 31, 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 (2,430) - Included in other comprehensive income - - Purchases, issuances, and settlements Purchases - 193,595 Issuances - - Sales - - Settlements (12,645) - Ending balance $ 178,520 $ 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. $ (2,430) $ - |
Fair Value, Measurements, Recurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Measured At Fair Value On A Recurring And Nonrecurring Basis | Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs December 31, 2015 (Level 1) (Level 2) (Level 3) Investment securities available for sale U.S. Government agency securities $ 29,238 $ - $ 29,238 $ - Federally insured student loan securities 115,149 - 115,149 - Obligations of states and political subdivisions 194,859 - 194,859 - Residential mortgage-backed securities 450,107 - 450,107 - Commercial mortgage-backed securities 58,303 - 58,303 - Commercial loan obligation securities 70,492 - 70,492 - Foreign debt securities 57,132 - 57,132 - Other debt securities 94,818 - 94,818 - Total investment securities available for sale 1,070,098 - 1,070,098 - Loans held for sale 489,938 - - 489,938 Investment in unconsolidated entity, senior note 166,548 - - 166,548 Investment in unconsolidated entity, subordinated note 11,972 - - 11,972 Interest rate swaps, asset 43 - 43 - $ 1,738,599 $ - $ 1,070,141 $ 668,458 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 126,012 - 126,012 - Obligations of states and political subdivisions 612,648 1,182 611,466 - Residential mortgage-backed securities 422,129 - 422,129 - Commercial mortgage-backed securities 123,239 - 123,239 - Foreign debt securities 66,878 14,098 52,235 545 Other debt securities 126,172 51,007 74,344 821 Total investment securities available for sale 1,493,639 66,287 1,425,986 1,366 Loans held for sale 217,080 - - 217,080 Investment in unconsolidated entity, senior note 178,187 - - 178,187 Investment in unconsolidated entity, subordinated note 15,408 - - 15,408 Interest rate swaps, liability 942 - 942 - $ 1,903,372 $ 66,287 $ 1,425,044 $ 412,041 |
Fair Value, Measurements, Nonrecurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Measured At Fair Value On A Recurring And Nonrecurring Basis | Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable assets inputs inputs (1) Description December 31, 2015 (Level 1) (Level 2) (Level 3) Impaired loans $ 2,428 $ - $ - $ 2,428 Intangible assets 4,929 - - 4,929 $ 7,357 $ - $ - $ 7,357 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 $ 2,450 $ - $ - $ 2,450 Intangible assets 6,228 - - 6,228 $ 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) | 12 Months Ended |
Dec. 31, 2015 | |
Derivatives [Abstract] | |
Derivatives | December 31, 2015 Maturity date Notional amount Interest rate paid Interest rate received Fair value August 17, 2025 $ 4,000 2.27% 0.36% $ (39) August 17, 2025 2,500 2.27% 0.36% (24) August 17, 2025 2,500 2.27% 0.36% (24) October 7, 2025 3,200 2.06% 0.62% 33 November 27, 2025 1,700 2.10% 0.41% 11 December 11, 2025 2,400 2.14% 0.49% 10 December 15, 2025 5,300 2.10% 0.51% 40 December 17, 2025 3,300 2.18% 0.53% 1 December 22, 2025 4,100 2.14% 0.59% 17 December 23, 2025 6,800 2.16% 0.59% 20 December 24, 2025 8,200 2.17% 0.59% 10 December 29, 2025 9,900 2.20% 0.60% (13) December 30, 2025 14,800 2.19% 0.60% 1 Total $ 68,700 $ 43 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Matters [Abstract] | |
Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations | To be well capitalized under For capital prompt corrective Actual adequacy purposes action provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of December 31, 2015 Total capital (to risk-weighted assets) The Bancorp $ 323,900 14.88% $ 174,197 >=8.00 N/A N/A The Bancorp Bank 310,361 14.18% 175,111 8.00 219,067 >= 10.00% Tier I capital (to risk-weighted assets) The Bancorp 319,500 14.67% 87,099 >=6.00 N/A N/A The Bancorp Bank 305,961 13.98% 87,556 6.00 175,254 >= 8.00% Tier I capital (to average assets) The Bancorp 319,500 7.17% 178,227 >=4.00 N/A N/A The Bancorp Bank 305,961 6.90% 177,292 4.00 221,621 >= 5.00% Common equity tier 1 (to risk-weighted assets) The Bancorp 319,500 14.67% 97,986 >=4.00 N/A N/A The Bancorp Bank 305,961 13.98% 98,500 4.50 175,254 >= 6.50% As of December 31, 2014 Total capital (to risk-weighted assets) The Bancorp $ 302,458 11.67% $ 216,440 >=8.00 N/A N/A The Bancorp Bank 276,003 10.59% 217,778 8.00 272,222 >= 10.00% Tier I capital (to risk-weighted assets) The Bancorp 298,819 11.54% 108,220 >=4.00 N/A N/A The Bancorp Bank 272,366 10.46% 108,889 4.00 163,333 >= 6.00% Tier I capital (to average assets) The Bancorp 298,819 7.07% 175,209 >=4.00 N/A N/A The Bancorp Bank 272,366 6.46% 175,258 4.00 219,073 >= 5.00% |
Quarterly Financial Data (Una46
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Schedule Of Quarterly Financial Data | Three months ended 2015 March 31, June 30, September 30, December 31, (in thousands, except per share data) Interest income $ 19,717 $ 20,372 $ 21,193 $ 22,248 Net interest income 16,514 17,037 17,798 18,582 Provision for loan and lease losses 665 510 625 300 Non-interest income 20,777 24,724 17,299 70,267 Non-interest expense 40,860 46,434 47,795 58,999 Income (loss) from continuing operations before income tax expense (4,234) (5,183) (13,323) 29,550 Income tax expense (benefit) (2,427) (2,684) (5,706) 12,267 Net income (loss) from continuing operations (1,807) (2,499) (7,617) 17,283 Net income from discontinued operations, net of tax 2,021 2,673 2,042 1,336 Net income (loss) available to common shareholders $ 214 $ 174 $ (5,575) $ 18,619 Net income (loss) per share from continuing operations - basic $ (0.05) $ (0.07) $ (0.20) $ 0.46 Net income per share from discontinued operations - basic $ 0.05 $ 0.07 $ 0.05 $ 0.04 Net income (loss) per share - basic $ - $ - $ (0.15) $ 0.50 Net income (loss) per share from continuing operations - diluted $ (0.05) $ (0.07) $ (0.20) $ 0.46 Net income per share from discontinued operations - diluted $ 0.05 $ 0.07 $ 0.05 $ 0.04 Net income (loss) per share - diluted $ - $ - $ (0.15) $ 0.50 Three months ended 2014 March 31, June 30, September 30, December 31, (in thousands, except per share data) Interest income $ 16,555 $ 17,610 $ 18,033 $ 18,522 Net interest income 13,651 14,791 15,268 15,715 Provision for loan and lease losses 1,275 1,173 158 (1,404) Non-interest income 23,678 23,389 20,307 17,675 Non-interest expense 31,205 34,012 33,135 37,628 Income (loss) from continuing operations before income tax expense 4,849 2,995 2,282 (2,834) Income tax expense (benefit) 1,623 1,343 (3,560) (13,929) Net income from continuing operations 3,226 1,652 5,842 11,095 Net income (loss) from discontinued operations, net of tax (1,599) 8,670 19,127 9,096 Net income (loss) available to common shareholders $ 1,627 10,322 24,969 20,191 Net income per share from continuing operations - basic $ 0.08 $ 0.04 $ 0.15 $ 0.31 Net income (loss) per share from discontinued operations - basic $ (0.04) $ 0.23 $ 0.51 $ 0.24 Net income per share - basic $ 0.04 $ 0.27 $ 0.66 $ 0.55 Net income per share from continuing operations - diluted $ 0.08 $ 0.04 $ 0.15 $ 0.30 Net income (loss) per share from discontinued operations - diluted $ (0.04) $ 0.23 $ 0.51 $ 0.22 Net income per share - diluted $ 0.04 $ 0.27 $ 0.66 $ 0.52 |
Condensed Financial Informati47
Condensed Financial Information-Parent Only (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information-Parent Only [Abstract] | |
Schedule Of Condensed Balance Sheet | December 31, 2015 2014 (in thousands) Assets Cash and due from banks 9,473 $ 6,386 Intercompany loans - 3,857 Investment in subsidiaries 313,817 310,507 Other assets 10,133 11,713 Total assets $ 333,423 $ 332,463 Liabilities and stockholders' equity Other liabilities $ 21 $ 39 Subordinated debentures 13,401 13,401 Stockholders' equity 320,001 319,023 Total liabilities and stockholders' equity $ 333,423 $ 332,463 |
Schedule Of Condensed Statements Of Operations | Years ended December 31, 2015 2014 2013 (in thousands) Income Interest on intercompany loans $ 4 $ 13 $ - Other income 36,283 30,235 27,415 Total income 36,287 30,248 27,415 Expense Interest on subordinated debentures 448 478 548 Non-interest expense 37,137 32,351 29,507 Total expense 37,585 32,829 30,055 Equity in undistributed income of subsidiaries 14,730 58,802 (12,939) Income (loss) before tax benefit 13,432 56,221 (15,579) Income tax provision (benefit) - (888) (1,157) Net income (loss) available to common shareholders $ 13,432 $ 57,109 $ (14,422) |
Schedule Of Condensed Cash Flow Statement | Years ended December 31, 2015 2014 2013 (in thousands) Operating activities Net income (loss) $ 13,432 $ 57,109 $ (14,422) (Increase) decrease in other assets 1,580 (3,441) (1,735) Increase (decrease) in other liabilities (18) 21 (73) Stock based compensation expense 1,975 2,641 3,157 Equity in undistributed income (14,730) (58,802) 12,939 Net cash used in (provided by) operating activities 2,239 (2,472) (134) Investing activities Net (increase) decrease in loans 3,857 (3,857) - Contribution to subsidiary (3,009) (58,000) (16,798) Net cash used in investing activities 848 (61,857) (16,798) Financing activities Proceeds from the issuance of common stock - - 1,629 Proceeds from the exercise of common stock options - 103 1,653 Net cash provided by financing activities - 103 3,282 Net increase (decrease) in cash and cash equivalents 3,087 (64,226) (13,650) Cash and cash equivalents, beginning of year 6,386 70,612 84,262 Cash and cash equivalents, end of year $ 9,473 $ 6,386 $ 70,612 |
Segment Financials (Tables)
Segment Financials (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Financials [Abstract] | |
Schedule Of Segment Financials | For the year ended December 31, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 49,789 $ 11 $ 33,730 $ - $ 83,530 Interest allocation - 33,730 (33,730) - - Interest expense 5,039 7,445 1,115 - 13,599 Net interest income 44,750 26,296 (1,115) - 69,931 Provision for loan and lease losses 2,100 - - - 2,100 Non-interest income 17,891 97,963 17,213 - 133,067 Non-interest expense 47,863 128,828 17,397 - 194,088 Income (loss) from continuing operations before taxes 12,678 (4,569) (1,299) - 6,810 Income taxes - - 1,450 - 1,450 Income (loss) from continuing operations 12,678 (4,569) (2,749) - 5,360 Income from discontinued operations - - - 8,072 8,072 Net income (loss) $ 12,678 $ (4,569) $ (2,749) $ 8,072 $ 13,432 For the year ended December 31, 2014 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 36,402 $ 58 $ 34,260 $ - $ 70,720 Interest allocation - 34,261 (34,261) - - Interest expense 3,964 6,137 1,194 - 11,295 Net interest income 32,438 28,182 (1,195) - 59,425 Provision for loan and lease losses 1,202 - - - 1,202 Non-interest income 19,030 65,509 510 - 85,049 Non-interest expense 37,933 79,145 18,902 - 135,980 Income (loss) from continuing operations before taxes 12,333 14,546 (19,587) - 7,292 Income taxes - - (14,523) - (14,523) Income (loss) from continuing operations 12,333 14,546 (5,064) - 21,815 Income from discontinued operations - - - 35,294 35,294 Net income (loss) $ 12,333 $ 14,546 $ (5,064) $ 35,294 $ 57,109 For the year ended December 31, 2013 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 27,577 $ 64 $ 23,509 $ - $ 51,150 Interest allocation - 23,510 (23,510) - - Interest expense 3,762 4,796 2,210 - 10,768 Net interest income 23,815 18,778 (2,211) - 40,382 Provision for loan and lease losses 355 - - - 355 Non-interest income 23,049 57,129 1,895 - 82,073 Non-interest expense 30,190 59,202 12,425 - 101,817 Income (loss) from continuing operations before taxes 16,319 16,705 (12,741) - 20,283 Income taxes - - 6,767 - 6,767 Income (loss) from continuing operations 16,319 16,705 (19,508) - 13,516 Loss from discontinued operations - - - (27,938) (27,938) Net income (loss) $ 16,319 $ 16,705 $ (19,508) $ (27,938) $ (14,422) December 31, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,747,558 $ 35,165 $ 2,399,191 $ 583,909 $ 4,765,823 Total liabilities $ 783,866 $ 2,991,856 $ 670,100 $ - $ 4,445,822 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) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations | For the year ended December 31, 2015 2014 2013 (in thousands) Interest income $ 28,925 $ 44,097 $ 53,972 Interest expense - - - Provision for loan and lease losses - 26,919 58,038 Net interest income (loss) after provision 28,925 17,178 (4,066) Non interest income 2,513 1,624 1,357 Non interest expense 18,645 (35,823) 8,960 Income (loss) before taxes 12,793 54,625 (11,669) Income taxes 4,721 19,331 16,269 Net income (loss) $ 8,072 $ 35,294 $ (27,938) December 31, December 31, 2015 2014 (in thousands) Loans, net $ 568,748 $ 867,399 Other assets 15,161 20,530 Total assets $ 583,909 $ 887,929 |
Schedule Of Various Elements Of The Lower Of Cost Or Market Valuation | Measured on a recurring basis Valuation techniques Significant unobservable inputs Range Large balance commercial loans Discounted cash flows Discount rate 3.13% -9.09% Small balance commercial loans Discounted cash flows Discount rate 4.18% -7.08% |
Organization and Nature of Op50
Organization and Nature of Operations (Details) | 12 Months Ended |
Dec. 31, 2015item | |
Operational Service Subsidiaries [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Number of subsidiaries | 3 |
Subsidiary Offering Prepaid Card Issuing Services [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Number of subsidiaries | 1 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | Nov. 29, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 |
Accounting Policies [Line Items] | |||||
Other than temporary impairment charges | $ 0 | $ 0 | $ 20,000 | ||
Amortization of intangible assets | 1,186,000 | 1,211,000 | 1,142,000 | ||
Advertising costs | $ 387,000 | $ 621,000 | $ 706,000 | ||
Common stock options (in shares) | 619,250 | 505,250 | 13,000 | ||
Minimum exercisable prices (in dollars per share) | $ 9.58 | $ 9.82 | $ 20.98 | ||
Maximum exercisable prices (in dollars per share) | $ 25.43 | $ 25.43 | $ 25.43 | ||
Restricted cash and cash equivalents | $ 266,800,000 | $ 280,400,000 | |||
Acquired software and personnel of a prepaid program manager | $ 1,800,000 | ||||
Gross Carrying Amount | 13,823,000 | $ 13,823,000 | |||
Amortization expense per year | $ 1,189,000 | ||||
Number of stock repurchased under, Stock repurchase program (in shares) | 100,000 | 100,000 | 100,000 | ||
Maximum number of shares authorized (in shares) | 750,000 | ||||
Purchase of treasury shares (in shares) | 0 | 0 | 0 | 100,000 | |
Health savings account portfolio, amount transferred to purchaser | $ 400,000,000 | ||||
Average cost of repurchased stock (in dollars per share) | $ 8.66 | ||||
Internal Use Software [Member] | |||||
Accounting Policies [Line Items] | |||||
Estimated useful life | 7 years | ||||
Total capitalized software costs | $ 5,200,000 | $ 5,400,000 | |||
Amortization of intangible assets | $ 1,200,000 | 1,200,000 | $ 907,000 | ||
Fraud Monitoring Software [Member] | |||||
Accounting Policies [Line Items] | |||||
Estimated useful life | 8 years | ||||
Customer List Intangible [Member] | |||||
Accounting Policies [Line Items] | |||||
Estimated useful life | 12 years | ||||
Gross Carrying Amount | $ 12,006,000 | 12,006,000 | |||
Amortization expense per year | 1,000,000 | ||||
Amortization expense over next five years | 4,000,000 | ||||
Fair Value, Measurements, Recurring [Member] | |||||
Accounting Policies [Line Items] | |||||
Loans held for sale | $ 489,938,000 | $ 217,080,000 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (numerator) [Abstract] | |||||||||||
Net income | $ 18,619,000 | $ (5,575,000) | $ 174,000 | $ 214,000 | $ 20,191,000 | $ 24,969,000 | $ 10,322,000 | $ 1,627,000 | $ 13,432,000 | $ 57,109,000 | $ (14,422,000) |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 13,432,000 | $ 57,109,000 | $ (14,422,000) | ||||||||
Shares (denominator) [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,755,588 | 37,701,306 | 37,425,197 | ||||||||
Effect of dilutive securities, Common stock options (in shares) | 318,630 | 628,438 | |||||||||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 38,074,218 | 38,329,744 | 37,425,197 | ||||||||
Per share amount [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.50 | $ (0.15) | $ 0.55 | $ 0.66 | $ 0.27 | $ 0.04 | $ 0.35 | $ 1.52 | $ (0.39) | ||
Effect of dilutive securities, Common stock options (in dollars per share) | (0.03) | (0.01) | |||||||||
Net income (loss) per share - diluted | $ 0.50 | $ (0.15) | $ 0.52 | $ 0.66 | $ 0.27 | $ 0.04 | $ 0.35 | $ 1.49 | $ (0.40) | ||
Continuing Operations [Member] | |||||||||||
Income (numerator) [Abstract] | |||||||||||
Net income | $ 5,360,000 | $ 21,815,000 | $ 13,516,000 | ||||||||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 5,360,000 | $ 21,815,000 | $ 13,516,000 | ||||||||
Shares (denominator) [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,755,588 | 37,701,306 | 37,425,197 | ||||||||
Effect of dilutive securities, Common stock options (in shares) | 318,630 | 628,438 | 695,887 | ||||||||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 38,074,218 | 38,329,744 | 38,121,084 | ||||||||
Per share amount [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.14 | $ 0.58 | $ 0.36 | ||||||||
Effect of dilutive securities, Common stock options (in dollars per share) | (0.01) | (0.01) | |||||||||
Net income (loss) per share - diluted | $ 0.14 | $ 0.57 | $ 0.35 | ||||||||
Discontinued Operations [Member] | |||||||||||
Income (numerator) [Abstract] | |||||||||||
Net income | $ 8,072,000 | $ 35,294,000 | $ (27,938,000) | ||||||||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 8,072,000 | $ 35,294,000 | $ (27,938,000) | ||||||||
Shares (denominator) [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,755,588 | 37,701,306 | 37,425,197 | ||||||||
Effect of dilutive securities, Common stock options (in shares) | 318,630 | 628,438 | |||||||||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 38,074,218 | 38,329,744 | 37,425,197 | ||||||||
Per share amount [Abstract] | |||||||||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.21 | $ 0.94 | $ (0.75) | ||||||||
Effect of dilutive securities, Common stock options (in dollars per share) | (0.02) | ||||||||||
Net income (loss) per share - diluted | $ 0.21 | $ 0.92 | $ (0.75) |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Schedule Of Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other comprehensive income (loss) | |||
Change in net unrealized gain/(loss) during the period | $ (7,169) | $ 18,710 | $ (12,905) |
Reclassification adjustments for gains included in income | (14,436) | (450) | (1,889) |
Reclassification adjustments for foreign currency translation losses | (551) | ||
Reclassification adjustment for called securities | (133) | ||
Amortization of (gains)/losses previously held as available for sale | 56 | (141) | 30 |
Net unrealized gain/(loss) on investment securities | (22,100) | 18,119 | (14,897) |
Deferred tax expense (benefit) | |||
Change in net unrealized gain/(loss) during the period | (2,544) | 6,549 | (4,517) |
Reclassification adjustments for gains included in income | (5,147) | (158) | (661) |
Reclassification adjustment for called securities | (47) | ||
Amortization of (gains)/losses previously held as available-for-sale | 20 | (49) | 11 |
Income tax expense (benefit) related to items of other comprehensive income | (7,671) | 6,342 | (5,214) |
Other comprehensive income (loss), net of tax and reclassifications into net income | (14,429) | 11,777 | (9,683) |
Comprehensive income (loss) | $ (997) | $ 68,886 | $ (24,105) |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Summary Of Gross Carrying Value And Accumulated Amortization Related To The Company's Intangible Items) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 13,823 | $ 13,823 |
Accumulated Amortization | 8,894 | 7,595 |
Customer List Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,006 | 12,006 |
Accumulated Amortization | 8,004 | 7,003 |
Software Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,817 | 1,817 |
Accumulated Amortization | $ 890 | $ 592 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (Schedule Of Approximate Future Annual Amortization Of The Company's Intangible Items) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Summary of Significant Accounting Policies [Abstract] | |
2,016 | $ 1,189 |
2,017 | 1,189 |
2,018 | 1,189 |
2,019 | 1,189 |
2,020 | 173 |
Approximate future annual amortization of intangible items | $ 4,929 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)security | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Investment in Federal Home Loan and Atlantic Central Bankers Bank stock recorded at cost | $ 1,100,000 | $ 1,000,000 | |
Gross gains on sales of securities | 15,000,000 | 657,000 | $ 2,100,000 |
Gross losses on sales of securities | 543,000 | 207,000 | 182,000 |
Other than temporary impairment charges on one trust preferred pool security | $ 0 | 0 | $ 20,000 |
Number of single issuer trust preferred securities | security | 2 | ||
Number of pooled issuer trust preferred securities | security | 1 | ||
Securities Sold under Agreements to Repurchase [Member] | |||
Investment securities pledged as collateral | $ 19,200,000 | 25,700,000 | |
Federal Home Loan Bank Advances [Member] | |||
Investment securities pledged as collateral | $ 453,400,000 | $ 0 |
Investment Securities (Schedule
Investment Securities (Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale [Abstract] | ||
Amortized cost | $ 1,071,586 | $ 1,473,524 |
Gross unrealized gains | 7,235 | 24,375 |
Gross unrealized losses | (8,723) | (4,260) |
Fair value | 1,070,098 | 1,493,639 |
Held-to-maturity [Abstract] | ||
Amortized cost | 93,590 | 93,765 |
Gross unrealized gains | 1,507 | 1,969 |
Gross unrealized losses | (3,498) | (3,820) |
Fair value | 91,599 | 91,914 |
U.S. Government Agency Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 29,315 | 16,519 |
Gross unrealized gains | 18 | 42 |
Gross unrealized losses | (95) | |
Fair value | 29,238 | 16,561 |
Federally insured student loan securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 118,651 | 125,789 |
Gross unrealized gains | 28 | 613 |
Gross unrealized losses | (3,530) | (390) |
Fair value | 115,149 | 126,012 |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 94,572 | 535,622 |
Gross unrealized gains | 2,665 | 16,027 |
Gross unrealized losses | (74) | (380) |
Fair value | 97,163 | 551,269 |
Taxable obligations of states and political subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 95,802 | 58,868 |
Gross unrealized gains | 2,370 | 2,614 |
Gross unrealized losses | (476) | (103) |
Fair value | 97,696 | 61,379 |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 451,432 | 419,503 |
Gross unrealized gains | 1,540 | 3,504 |
Gross unrealized losses | (2,865) | (878) |
Fair value | 450,107 | 422,129 |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 58,512 | 123,519 |
Gross unrealized gains | 361 | 1,220 |
Gross unrealized losses | (570) | (1,500) |
Fair value | 58,303 | 123,239 |
Commercial Loan Obligation Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 70,573 | |
Gross unrealized losses | (81) | |
Fair value | 70,492 | |
Foreign Debt Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 57,375 | 67,094 |
Gross unrealized gains | 65 | 130 |
Gross unrealized losses | (308) | (346) |
Fair value | 57,132 | 66,878 |
Corporate And Other Debt Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 95,354 | 126,610 |
Gross unrealized gains | 188 | 225 |
Gross unrealized losses | (724) | (663) |
Fair value | 94,818 | 126,172 |
Single Issuers [Member] | ||
Held-to-maturity [Abstract] | ||
Amortized cost | 17,934 | 17,882 |
Gross unrealized gains | 569 | 531 |
Gross unrealized losses | (3,456) | (3,820) |
Fair value | 15,047 | 14,593 |
Pooled [Member] | ||
Held-to-maturity [Abstract] | ||
Amortized cost | 75,656 | 75,883 |
Gross unrealized gains | 938 | 1,438 |
Gross unrealized losses | (42) | |
Fair value | $ 76,552 | $ 77,321 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Investment Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale, Amortized cost [Abstract] | ||
Due before one year | $ 71,697 | |
Due after one year through five years | 204,707 | |
Due after five years through ten years | 338,966 | |
Due after ten years | 456,216 | |
Total | 1,071,586 | |
Available-for-sale, Fair value [Abstract] | ||
Due before one year | 71,786 | |
Due after one year through five years | 204,012 | |
Due after five years through ten years | 338,005 | |
Due after ten years | 456,295 | |
Fair value | 1,070,098 | $ 1,493,639 |
Held-to-maturity, Amortized cost [Abstract] | ||
Due after one year through five years | 7,016 | |
Due after ten years | 86,574 | |
Held-to-maturity Securities, Total | 93,590 | 93,765 |
Held-to-maturity, Fair value [Abstract] | ||
Due after one year through five years | 7,490 | |
Due after ten years | 84,109 | |
Fair value | $ 91,599 | $ 91,914 |
Investment Securities (Availabl
Investment Securities (Available-for-sale And Held-to-maturity Securities, Continuous Unrealized Loss Position) (Details) $ in Thousands | Dec. 31, 2015USD ($)security | Dec. 31, 2014USD ($)security |
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 313 | 303 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 455,904 | $ 223,234 |
12 months or longer, Fair Value | 222,352 | 247,898 |
Total, Fair Value | 678,256 | 471,132 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (5,800) | (2,189) |
12 months or longer, Unrealized losses | (2,923) | (2,071) |
Total, Unrealized losses | $ (8,723) | $ (4,260) |
Held-to-maturity, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 2 | 1 |
Held-to-maturity, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 25,563 | |
12 months or longer, Fair Value | 5,558 | $ 5,144 |
Total, Fair Value | 31,121 | 5,144 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (42) | |
12 months or longer, Unrealized losses | (3,456) | (3,820) |
Total, Unrealized losses | $ (3,498) | $ (3,820) |
U.S. Government Agency Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 3 | |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 16,500 | |
Total, Fair Value | 16,500 | |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (95) | |
Total, Unrealized losses | $ (95) | |
Federally insured student loan securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 18 | 9 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 39,880 | $ 28,435 |
12 months or longer, Fair Value | 64,883 | 34,274 |
Total, Fair Value | 104,763 | 62,709 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (1,832) | (169) |
12 months or longer, Unrealized losses | (1,698) | (221) |
Total, Unrealized losses | $ (3,530) | $ (390) |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 31 | 97 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 1,510 | $ 21,458 |
12 months or longer, Fair Value | 18,976 | 46,412 |
Total, Fair Value | 20,486 | 67,870 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (22) | (134) |
12 months or longer, Unrealized losses | (52) | (245) |
Total, Unrealized losses | $ (74) | $ (379) |
Taxable obligations of states and political subdivisions [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 30 | 24 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 40,310 | $ 499 |
12 months or longer, Fair Value | 7,023 | 21,088 |
Total, Fair Value | 47,333 | 21,587 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (450) | (1) |
12 months or longer, Unrealized losses | (26) | (102) |
Total, Unrealized losses | $ (476) | $ (103) |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 63 | 29 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 200,820 | $ 43,946 |
12 months or longer, Fair Value | 71,043 | 67,023 |
Total, Fair Value | 271,863 | 110,969 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (2,155) | (231) |
12 months or longer, Unrealized losses | (710) | (647) |
Total, Unrealized losses | $ (2,865) | $ (878) |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 37 | 30 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 25,899 | $ 41,231 |
12 months or longer, Fair Value | 17,539 | 47,549 |
Total, Fair Value | 43,438 | 88,780 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (233) | (883) |
12 months or longer, Unrealized losses | (337) | (617) |
Total, Unrealized losses | $ (570) | $ (1,500) |
Commercial Loan Obligation Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 5 | |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 56,638 | |
12 months or longer, Fair Value | 13,855 | |
Total, Fair Value | 70,493 | |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (81) | |
Total, Unrealized losses | $ (81) | |
Foreign Debt Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 51 | 53 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 24,274 | $ 24,681 |
12 months or longer, Fair Value | 18,272 | 14,943 |
Total, Fair Value | 42,546 | 39,624 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (245) | (203) |
12 months or longer, Unrealized losses | (63) | (144) |
Total, Unrealized losses | $ (308) | $ (347) |
Corporate And Other Debt Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 75 | 61 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 50,073 | $ 62,984 |
12 months or longer, Fair Value | 10,761 | 16,609 |
Total, Fair Value | 60,834 | 79,593 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (687) | (568) |
12 months or longer, Unrealized losses | (37) | (95) |
Total, Unrealized losses | $ (724) | $ (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 | $ 5,558 | $ 5,144 |
Total, Fair Value | 5,558 | 5,144 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
12 months or longer, Unrealized losses | (3,456) | (3,820) |
Total, Unrealized losses | $ (3,456) | $ (3,820) |
Pooled [Member] | ||
Held-to-maturity, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 1 | |
Held-to-maturity, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 25,563 | |
Total, Fair Value | 25,563 | |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (42) | |
Total, Unrealized losses | $ (42) |
Investment Securities (Schedu60
Investment Securities (Schedule Of Additional Information Related To Single Issuer And Pooled Trust Preferred Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Book value | $ 93,590 | $ 93,765 |
Fair value | 91,599 | 91,914 |
Single Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Fair value | 15,047 | 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 | $ 9,014 | |
Fair value | 5,558 | |
Unrealized gain/(loss) | $ (3,456) | |
Credit rating | Not rated | |
Pooled [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Fair value | $ 76,552 | $ 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 | CAA3 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans available for sale, unpaid principal amount | $ 484,000,000 | $ 212,800,000 |
Gains recognized from changes in fair value | 1,700,000 | 1,900,000 |
Changes in fair value related to instrument-specific credit risk | 0 | 0 |
Demand deposit overdrafts reclassified as loan balances | 2,800,000 | 1,800,000 |
Non-accrual leases | 0 | 0 |
Commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings | 0 | 0 |
Restructured Loans Within The Last Twelve Months That Have Subsequently Defaulted | 104,000 | |
Loans acquired with deteriorated credit quality | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 489,938,000 | $ 217,080,000 |
Loans (Major Classifications Of
Loans (Major Classifications Of Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Major classifications of loans [Abstract] | ||
Total loans, gross | $ 1,068,850 | $ 866,253 |
Unamortized loan fees and costs | 9,227 | 8,340 |
Total loans, net of deferred loan costs | 1,078,077 | 874,593 |
SBA Non Real Estate [Member] | ||
Major classifications of loans [Abstract] | ||
Total loans, gross | 68,887 | 62,425 |
Total loans, net of deferred loan costs | 68,887 | 62,425 |
SBA Commercial Mortgage [Member] | ||
Major classifications of loans [Abstract] | ||
Total loans, gross | 114,029 | 82,317 |
Total loans, net of deferred loan costs | 114,029 | 82,317 |
SBA Construction [Member] | ||
Major classifications of loans [Abstract] | ||
Total loans, gross | 6,977 | 20,392 |
Total loans, net of deferred loan costs | 6,977 | 20,392 |
Total commercial loans [Member] | ||
Major classifications of loans [Abstract] | ||
Total loans, gross | 189,893 | 165,134 |
Direct Lease Financing [Member] | ||
Major classifications of loans [Abstract] | ||
Total loans, gross | 231,514 | 194,464 |
Total loans, net of deferred loan costs | 231,514 | 194,464 |
SBLOC [Member] | ||
Major classifications of loans [Abstract] | ||
Total loans, gross | 575,948 | 421,862 |
Total loans, net of deferred loan costs | 575,948 | 421,862 |
Other Specialty Lending [Member] | ||
Major classifications of loans [Abstract] | ||
Total loans, gross | 48,315 | 48,625 |
Total loans, net of deferred loan costs | 48,315 | 48,625 |
Consumer - other [Member] | ||
Major classifications of loans [Abstract] | ||
Total loans, gross | 23,180 | 36,168 |
Total loans, net of deferred loan costs | $ 6,845 | $ 8,663 |
Loans (Schedule Of Small Busine
Loans (Schedule Of Small Business Administation Loans and Held For Sale) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loans [Abstract] | ||
SBA loans, including deferred fees and costs | $ 197,966 | $ 172,660 |
SBA loans included in held for sale | 109,174 | 38,704 |
Total SBA loans | $ 307,140 | $ 211,364 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
With an allowance recorded [Abstract] | ||
Related allowance | $ 149,000 | |
SBA Non Real Estate [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 263,000 | |
Unpaid principal balance | 263,000 | |
Average recorded investment | 228,000 | |
With an allowance recorded [Abstract] | ||
Recorded investment | 640,000 | $ 197,000 |
Unpaid principal balance | 640,000 | 197,000 |
Related allowance | 123,000 | 40,000 |
Average recorded investment | 670,000 | 967,000 |
Total allowance recorded [Abstract] | ||
Recorded investment | 903,000 | 197,000 |
Unpaid principal balance | 903,000 | 197,000 |
Related allowance | 123,000 | 40,000 |
Average recorded investment | 898,000 | 967,000 |
Consumer - other [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 330,000 | 346,000 |
Unpaid principal balance | 330,000 | 346,000 |
Average recorded investment | 338,000 | 139,000 |
With an allowance recorded [Abstract] | ||
Average recorded investment | 369,000 | |
Total allowance recorded [Abstract] | ||
Recorded investment | 330,000 | 346,000 |
Unpaid principal balance | 330,000 | 346,000 |
Average recorded investment | 338,000 | 508,000 |
Consumer - Home Equity [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 368,000 | 827,000 |
Unpaid principal balance | 368,000 | 927,000 |
Average recorded investment | 966,000 | 1,043,000 |
With an allowance recorded [Abstract] | ||
Recorded investment | 827,000 | 1,080,000 |
Unpaid principal balance | 927,000 | 1,080,000 |
Related allowance | 26,000 | 271,000 |
Average recorded investment | 800,000 | 885,000 |
Total allowance recorded [Abstract] | ||
Recorded investment | 1,195,000 | 1,907,000 |
Unpaid principal balance | 1,295,000 | 2,007,000 |
Related allowance | 26,000 | 271,000 |
Average recorded investment | $ 1,766,000 | $ 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) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | $ 1,927 | $ 1,907 |
Loans past due 90 days or more | 403 | 149 |
Total non-performing loans | 1,068,850 | 866,253 |
Total non-performing assets | $ 2,330 | $ 2,056 |
Number of troubled debt restructured loans | loan | 3 | 2 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-performing loans | $ 2,330 | $ 2,056 |
SBA Non Real Estate [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 733 | |
Total non-performing loans | 68,887 | 62,425 |
Consumer [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | $ 1,194 | $ 1,907 |
Loans (Loans Modified And Consi
Loans (Loans Modified And Considered Troubled Debt Restructurings) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 3 | 2 |
Pre-modification recorded investment | $ 605 | $ 543 |
Post-modification recorded investment | $ 605 | $ 543 |
SBA Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | 1 |
Pre-modification recorded investment | $ 171 | $ 197 |
Post-modification recorded investment | $ 171 | $ 197 |
Consumer - other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 2 | 1 |
Pre-modification recorded investment | $ 434 | $ 346 |
Post-modification recorded investment | $ 434 | $ 346 |
Loans (Loans Modified As Troubl
Loans (Loans Modified As Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | $ 501 | $ 543 |
Combined rate and maturity | 104 | |
SBA Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | 171 | 197 |
Consumer - other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | 330 | $ 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 | 12 Months Ended |
Dec. 31, 2015USD ($)security | |
Financing Receivable, Modifications [Line Items] | |
Number | security | 1 |
Pre-modification recorded investment | $ | $ 104 |
Consumer Loan [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number | security | 1 |
Pre-modification recorded investment | $ | $ 104 |
Loans (Changes In Allowance For
Loans (Changes In Allowance For Loan And Lease Losses By Loan Category) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | $ 3,638 | $ 3,881 |
Charge-offs | (1,361) | (1,504) |
Recoveries | 23 | 59 |
Provision (credit) | 2,100 | 1,202 |
Ending balance | 4,400 | 3,638 |
Ending balance: Individually evaluated for impairment | 149 | 311 |
Ending balance: Collectively evaluated for impairment | 4,251 | 3,327 |
Loans [Abstract] | ||
Loans: Ending Balance | 1,078,077 | 874,593 |
Ending balance: Individually evaluated for impairment | 2,428 | 2,450 |
Ending balance: Collectively evaluated for impairment | 1,075,649 | 872,143 |
SBA Non Real Estate [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 385 | 419 |
Charge-offs | (111) | (307) |
Recoveries | 12 | |
Provision (credit) | 570 | 261 |
Ending balance | 844 | 385 |
Ending balance: Individually evaluated for impairment | 123 | 40 |
Ending balance: Collectively evaluated for impairment | 721 | 345 |
Loans [Abstract] | ||
Loans: Ending Balance | 68,887 | 62,425 |
Ending balance: Individually evaluated for impairment | 904 | 197 |
Ending balance: Collectively evaluated for impairment | 67,983 | 62,228 |
SBA Commercial Mortgage [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 461 | 496 |
Provision (credit) | (53) | (35) |
Ending balance | 408 | 461 |
Ending balance: Collectively evaluated for impairment | 408 | 461 |
Loans [Abstract] | ||
Loans: Ending Balance | 114,029 | 82,317 |
Ending balance: Collectively evaluated for impairment | 114,029 | 82,317 |
SBA Construction [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 114 | |
Provision (credit) | (66) | 114 |
Ending balance | 48 | 114 |
Ending balance: Collectively evaluated for impairment | 48 | 114 |
Loans [Abstract] | ||
Loans: Ending Balance | 6,977 | 20,392 |
Ending balance: Collectively evaluated for impairment | 6,977 | 20,392 |
Direct Lease Financing [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 836 | 311 |
Charge-offs | (30) | (323) |
Recoveries | 25 | |
Provision (credit) | 216 | 823 |
Ending balance | 1,022 | 836 |
Ending balance: Collectively evaluated for impairment | 1,022 | 836 |
Loans [Abstract] | ||
Loans: Ending Balance | 231,514 | 194,464 |
Ending balance: Collectively evaluated for impairment | 231,514 | 194,464 |
SBLOC [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 562 | 293 |
Charge-offs | (3) | |
Provision (credit) | 200 | 272 |
Ending balance | 762 | 562 |
Ending balance: Collectively evaluated for impairment | 762 | 562 |
Loans [Abstract] | ||
Loans: Ending Balance | 575,948 | 421,862 |
Ending balance: Collectively evaluated for impairment | 575,948 | 421,862 |
Other Specialty Lending [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 66 | 1 |
Provision (credit) | 133 | 65 |
Ending balance | 199 | 66 |
Ending balance: Collectively evaluated for impairment | 199 | 66 |
Loans [Abstract] | ||
Loans: Ending Balance | 48,315 | 48,625 |
Ending balance: Collectively evaluated for impairment | 48,315 | 48,625 |
Consumer [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 1,181 | 2,361 |
Charge-offs | (1,220) | (871) |
Recoveries | 23 | 22 |
Provision (credit) | 952 | (331) |
Ending balance | 936 | 1,181 |
Ending balance: Individually evaluated for impairment | 26 | 271 |
Ending balance: Collectively evaluated for impairment | 910 | 910 |
Loans [Abstract] | ||
Loans: Ending Balance | 23,180 | 36,168 |
Ending balance: Individually evaluated for impairment | 1,524 | 2,253 |
Ending balance: Collectively evaluated for impairment | 21,656 | 33,915 |
Unallocated [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 33 | |
Provision (credit) | 148 | 33 |
Ending balance | 181 | 33 |
Ending balance: Collectively evaluated for impairment | 181 | 33 |
Loans [Abstract] | ||
Loans: Ending Balance | 9,227 | 8,340 |
Ending balance: Collectively evaluated for impairment | $ 9,227 | $ 8,340 |
Loans (Delinquent Loans By Loan
Loans (Delinquent Loans By Loan Category) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days past due | $ 3,957 | $ 5,092 |
60-89 Days past due | 4,507 | 2,289 |
Greater than 90 days | 403 | 149 |
Non-accrual | 1,927 | 1,907 |
Total past due | 10,794 | 9,437 |
Current | 1,067,283 | 865,156 |
Total loans, net of deferred loan costs | 1,078,077 | 874,593 |
SBA Non Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 733 | |
Total past due | 733 | |
Current | 68,154 | 62,425 |
Total loans, net of deferred loan costs | 68,887 | 62,425 |
SBA Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 114,029 | 82,317 |
Total loans, net of deferred loan costs | 114,029 | 82,317 |
SBA Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,977 | 20,392 |
Total loans, net of deferred loan costs | 6,977 | 20,392 |
Direct Lease Financing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days past due | 3,957 | 5,083 |
60-89 Days past due | 3,108 | 1,832 |
Greater than 90 days | 403 | 149 |
Total past due | 7,468 | 7,064 |
Current | 224,046 | 187,400 |
Total loans, net of deferred loan costs | 231,514 | 194,464 |
SBLOC [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 575,948 | 421,862 |
Total loans, net of deferred loan costs | 575,948 | 421,862 |
Other Specialty Lending [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 48,315 | 48,625 |
Total loans, net of deferred loan costs | 48,315 | 48,625 |
Consumer - other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days past due | 9 | |
60-89 Days past due | 1 | |
Total past due | 1 | 9 |
Current | 6,844 | 8,654 |
Total loans, net of deferred loan costs | 6,845 | 8,663 |
Consumer - Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
60-89 Days past due | 1,398 | 457 |
Non-accrual | 1,194 | 1,907 |
Total past due | 2,592 | 2,364 |
Current | 13,743 | 25,141 |
Total loans, net of deferred loan costs | 16,335 | 27,505 |
Unamortized Loan Fees And Costs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 9,227 | 8,340 |
Total loans, net of deferred loan costs | $ 9,227 | $ 8,340 |
Loans (Loans By Categories) (De
Loans (Loans By Categories) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loans by categories [Abstract] | ||
Total loans | $ 1,078,077 | $ 874,593 |
Percentage of loan portfolio review coverage (in hundredths) | 47.00% | |
SBA Non Real Estate [Member] | ||
Loans by categories [Abstract] | ||
Total loans | $ 68,887 | 62,425 |
SBA Commercial Mortgage [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 114,029 | 82,317 |
SBA Construction [Member] | ||
Loans by categories [Abstract] | ||
Total loans | $ 6,977 | 20,392 |
SBA Loan [Member] | Scenario, Plan [Member] | ||
Loans by categories [Abstract] | ||
Threshold amount of commercial and construction loans and leases subject to loan review | 100.00% | |
Government Guaranteed Loan Portfolio [Member] | ||
Loans by categories [Abstract] | ||
Percentage of loan portfolio review coverage (in hundredths) | 89.00% | |
Purchased loans | $ 29,000 | |
Newly funded loans | 3,000 | |
Direct Lease Financing [Member] | ||
Loans by categories [Abstract] | ||
Total loans | $ 231,514 | 194,464 |
Percentage of loan portfolio review coverage (in hundredths) | 40.00% | |
Direct Lease Financing [Member] | Scenario, Plan [Member] | ||
Loans by categories [Abstract] | ||
Threshold amount of leases subject to loan review | 50.00% | |
Commercial Mortgage Backed Securities, Floating Rate For CLOs [Member] | ||
Loans by categories [Abstract] | ||
Percentage of loan portfolio review coverage (in hundredths) | 57.00% | |
Newly funded loans | $ 122,000 | |
Commercial Mortgage Backed Securities, Floating Rate For CLOs [Member] | Scenario, Plan [Member] | ||
Loans by categories [Abstract] | ||
Threshold amount of leases subject to loan review | 100.00% | |
Commercial Mortgage Backed Securities, Fixed Rate Loan [Member] | ||
Loans by categories [Abstract] | ||
Threshold amount of leases subject to loan review | 100.00% | |
SBLOC [Member] | ||
Loans by categories [Abstract] | ||
Total loans | $ 575,948 | 421,862 |
Percentage of loan portfolio review coverage (in hundredths) | 35.00% | |
Percentage of total SBLOCs | 25.00% | |
SBLOC [Member] | Scenario, Plan [Member] | ||
Loans by categories [Abstract] | ||
Threshold amount of commercial and construction loans and leases subject to loan review | 40.00% | |
Other Specialty Lending [Member] | ||
Loans by categories [Abstract] | ||
Total loans | $ 48,315 | 48,625 |
Percentage of loan portfolio review coverage (in hundredths) | 100.00% | |
Other Specialty Lending [Member] | Scenario, Plan [Member] | ||
Loans by categories [Abstract] | ||
Threshold amount of commercial and construction loans and leases subject to loan review | 100.00% | |
Home Equity Line Of Credit [Member] | ||
Loans by categories [Abstract] | ||
Threshold amount of commercial and construction loans and leases subject to loan review | 50.00% | |
Percentage of loan portfolio review coverage (in hundredths) | 52.00% | |
Percentage of total HELOCs | 25.00% | |
Consumer [Member] | ||
Loans by categories [Abstract] | ||
Total loans | $ 23,180 | 36,168 |
Unamortized Loan Fees And Costs [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 9,227 | 8,340 |
Pass [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 504,458 | 389,677 |
Pass [Member] | SBA Non Real Estate [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 55,682 | 49,214 |
Pass [Member] | SBA Commercial Mortgage [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 92,859 | 59,086 |
Pass [Member] | SBA Construction [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 6,977 | 18,911 |
Pass [Member] | Direct Lease Financing [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 90,588 | 58,994 |
Pass [Member] | SBLOC [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 204,201 | 142,286 |
Pass [Member] | Other Specialty Lending [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 46,520 | 46,990 |
Pass [Member] | Consumer [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 7,631 | 14,196 |
Special Mention [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 70 | 346 |
Special Mention [Member] | Consumer [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 70 | 346 |
Substandard [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 5,047 | 2,203 |
Substandard [Member] | SBA Non Real Estate [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 904 | 197 |
Substandard [Member] | Direct Lease Financing [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 670 | 99 |
Substandard [Member] | Consumer [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 3,473 | 1,907 |
Unrated subject to review [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 49,533 | 59,067 |
Unrated subject to review [Member] | SBA Non Real Estate [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 8,610 | 669 |
Unrated subject to review [Member] | SBA Commercial Mortgage [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 3,894 | 965 |
Unrated subject to review [Member] | Direct Lease Financing [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 17,200 | |
Unrated subject to review [Member] | SBLOC [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 19,372 | 57,360 |
Unrated subject to review [Member] | Consumer [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 457 | 73 |
Unrated Not Subject To Review [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 518,969 | 423,300 |
Unrated Not Subject To Review [Member] | SBA Non Real Estate [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 3,691 | 12,345 |
Unrated Not Subject To Review [Member] | SBA Commercial Mortgage [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 17,276 | 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 | 123,056 | 135,371 |
Unrated Not Subject To Review [Member] | SBLOC [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 352,375 | 222,216 |
Unrated Not Subject To Review [Member] | Other Specialty Lending [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 1,795 | 1,635 |
Unrated Not Subject To Review [Member] | Consumer [Member] | ||
Loans by categories [Abstract] | ||
Total loans | 11,549 | 19,646 |
Unrated Not Subject To Review [Member] | Unamortized Loan Fees And Costs [Member] | ||
Loans by categories [Abstract] | ||
Total loans | $ 9,227 | $ 8,340 |
Premises And Equipment (Narrati
Premises And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Premises And Equipment [Abstract] | |||
Depreciation | $ 4.7 | $ 4.5 | $ 3.7 |
Premises And Equipment (Premise
Premises And Equipment (Premises And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | $ 57,179 | $ 48,863 |
Accumulated depreciation | (35,548) | (31,166) |
Premises and equipment, net | 21,631 | 17,697 |
Furniture, Fixtures, and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | $ 46,409 | 41,765 |
Furniture, Fixtures, and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 12 years | |
Furniture, Fixtures, and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 3 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | $ 10,770 | $ 7,098 |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 10 years | |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 6 years |
Time Deposits (Scheduled Maturi
Time Deposits (Scheduled Maturities Of Time Deposits) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Time Deposits [Abstract] | |
2,016 | $ 428,549 |
Time Deposits, Total | $ 428,549 |
Variable Interest Entity (Sched
Variable Interest Entity (Schedule Of The Total Unpaid Principal Amount Of Assets Held In Private Label Securitization Entities, Including Those In Which The Company Has Continuing Involvement) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | ||
Investments in WS 2014 | $ 178,500 | |
A-Notes [Member] | ||
Variable Interest Entity [Line Items] | ||
Acquisition of notes, percentage | 100.00% | |
B-Notes [Member] | ||
Variable Interest Entity [Line Items] | ||
Acquisition of notes, percentage | 49.00% | |
WS 2014 [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity interest in WS 2014 | 49.00% | |
Commercial And Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Total assets held by securitization VIEs | $ 195,939 | $ 209,632 |
Assets held in consolidated securitization VIEs | ||
Assets held in nonconsolidated VIEs with continuing involvement | $ 195,939 | $ 209,632 |
The Company's interest in securitized assets in nonconsolidated VIEs | $ 178,520 | $ 193,595 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)item | Jan. 31, 2016USD ($) | Dec. 31, 2014USD ($) | |
Debt [Line Items] | |||
Overnight borrowing capacity with the federal home loan bank | $ 580,600 | ||
Maturity period | 30 days | ||
Number of statutory business trusts established | item | 2 | ||
Debentures issued | $ 13,401 | $ 13,401 | |
Subsequent Event [Member] | |||
Debt [Line Items] | |||
Line with Federal Reserve Bank | $ 136,200 | ||
The Bancorp Capital Trust II [Member] | |||
Debt [Line Items] | |||
Debentures issued | $ 10,300 | ||
Debenture issuance date | Nov. 28, 2007 | ||
Debenture maturity date | Mar. 15, 2038 | ||
Basis spread on variable rate (in hundredths) | 3.25% | ||
The Bancorp Capital Trust III [Member] | |||
Debt [Line Items] | |||
Debentures issued | $ 3,100 | ||
Debenture issuance date | Nov. 28, 2007 | ||
Debenture maturity date | Mar. 15, 2038 | ||
Basis spread on variable rate (in hundredths) | 3.25% |
Debt (Schedule Of Short-term De
Debt (Schedule Of Short-term Debt) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt [Abstract] | |||
Average during the year | $ 4,575,000 | ||
Weighted average rate during the year (in hundredths) | 0.26% | 0.00% | 0.00% |
Rate at December 31 (in hundredths) | 0.23% | 0.27% | 0.25% |
Debt (Schedule Of Securities So
Debt (Schedule Of Securities Sold Under Agreements To Repurchase) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt [Abstract] | |||
Balance at year-end | $ 925 | $ 19,414 | $ 21,221 |
Average during the year | 5,225 | 17,497 | 18,442 |
Maximum month-end balance | $ 15,857 | $ 21,496 | $ 22,523 |
Weighted average rate during the year (in hundredths) | 0.29% | 0.29% | 0.29% |
Rate at December 31 (in hundredths) | 0.24% | 0.29% | 0.28% |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Shareholders' Equity [Abstract] | ||||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | ||
Proceeds from issuance of common stock | $ 1,629 | |||
Treasury Stock, Shares, Acquired | 0 | 0 | 0 | 100,000 |
Maximum number of shares authorized (in shares) | 750,000 | |||
Average cost of repurchased stock (in dollars per share) | $ 8.66 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Benefit Plans [Abstract] | |||
Employer contribution (in hundredths) | 50.00% | ||
Maximum annual contribution per employee (in hundredths) | 6.00% | ||
Contributions made by employer | $ 1,200,000 | $ 921,000 | $ 813,000 |
Retirement benefits paid per month | $ 25,000 | ||
Discount rate | 3.37% | ||
Maximum potential life expectancy | 120 years | ||
Disbursements under plan | $ 300,000 | 0 | 0 |
Retirement plan expense | (115,000) | $ 1,300,000 | $ 112,000 |
Accrued potential future payouts | $ 3,800,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Statutory federal income tax rate | 34.00% | 34.00% | 34.00% |
Federal and state valuation allowance | $ 5,304 | $ 5,252 | |
Deferred tax assets: relating to OREO, AMT Credits, Federal and State Net Operating Losses, Allowance for Loan, LOCOM Mark | 45,262 | 48,330 | |
Deferred tax assets: AMT tax credit | 1,535 | 1,092 | |
Deferred tax assets: Foreign net operating loss | 1,032 | $ 637 | |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 18,000 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 55,000 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | $ 10,300 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of The Income Taxes (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||||||||||
Current tax provision (benefit): Federal | $ 286 | $ (3,663) | $ 4,723 | ||||||||
Current tax provision (benefit): Foreign | 353 | ||||||||||
Current tax provision (benefit): State | 727 | 2,730 | 2,244 | ||||||||
Current tax provision (benefit) | 1,366 | (933) | 6,967 | ||||||||
Deferred tax provision (benefit): Federal | 132 | (13,705) | (208) | ||||||||
Deferred tax provision (benefit): State | (48) | 115 | 8 | ||||||||
Deferred tax provision (benefit) | 84 | (13,590) | (200) | ||||||||
Income Tax Expense (Benefit), Total | $ 12,267 | $ (5,706) | $ (2,684) | $ (2,427) | $ (13,929) | $ (3,560) | $ 1,343 | $ 1,623 | $ 1,450 | $ (14,523) | $ 6,767 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expenses And Statutory Federal Income Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||||||||||
Computed tax expense at statutory rate | $ 2,713 | $ 2,479 | $ 6,897 | ||||||||
State taxes | 448 | 1,877 | 1,486 | ||||||||
Tax-exempt interest income | (4,165) | (4,304) | (1,898) | ||||||||
Foreign income tax rate difference | (163) | (591) | |||||||||
Meals and entertainment | 196 | ||||||||||
Other nondeductible items | 1,020 | ||||||||||
Valuation allowance - domestic | 884 | (14,485) | |||||||||
Valuation allowance - foreign | 395 | 354 | |||||||||
Other | 122 | 147 | 282 | ||||||||
Income Tax Expense (Benefit), Total | $ 12,267 | $ (5,706) | $ (2,684) | $ (2,427) | $ (13,929) | $ (3,560) | $ 1,343 | $ 1,623 | $ 1,450 | $ (14,523) | $ 6,767 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||
Deferred tax assets: Allowance for loan and lease losses | $ 1,496 | $ 1,236 |
Deferred tax assets: Non-accrual interest | 1,994 | 1,223 |
Deferred tax assets: Deferred compensation | 1,309 | 1,451 |
Deferred tax assets: State taxes | 1,029 | 2,107 |
Deferred tax assets: Nonqualified stock options | 3,195 | 2,962 |
Deferred tax assets: Stock appreciation rights | 100 | 100 |
Deferred tax assets: Tax deductible goodwill | 8,063 | 9,082 |
Deferred tax assets: Depreciation | 206 | |
Deferred tax assets: Other than temporary impairment | 147 | 147 |
Deferred tax assets: Partnership interest, Walnut St basis difference | 1,654 | 1,654 |
Deferred tax assets: Fair value adjustment to investments | 362 | |
Deferred tax assets: Loan charges | 14,372 | 16,745 |
Deferred tax assets: Unrealized loss on AFS securities | 1,028 | |
Deferred tax assets: AMT tax credit | 1,535 | 1,092 |
Deferred tax assets: Federal net operating loss | 6,124 | 5,940 |
Deferred tax assets: Foreign net operating loss | 1,032 | 637 |
Deferred tax assets: Other | 1,822 | 3,748 |
Total gross deferred tax assets | 45,262 | 48,330 |
Federal and state valuation allowance | (5,304) | (5,252) |
Foreign valuation allowance | (1,032) | (637) |
Deferred tax liabilities: Unrealized gains on investment securities available for sale | 6,642 | |
Deferred tax liabilities: Discount on Class A notes | 2,126 | 2,126 |
Deferred tax liabilities: Depreciation | 593 | |
Total deferred tax liabilities | 2,719 | 8,768 |
Net deferred tax asset | $ 36,207 | $ 33,673 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Beginning balance at January 1 | $ 313 | $ 352 | $ 230 |
Increases in tax provisions for prior years | 27 | 122 | |
Decreases in tax provisions for prior years | (39) | ||
Gross unrecognized tax benefits at December 31 | $ 340 | $ 313 | $ 352 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 45,000 | 215,000 | |
Common stock option vested in one year (in shares) | 35,000 | ||
Vesting period | 4 years | ||
Common stock option vested in four year (in shares) | 180,000 | ||
Stock option exercised (in shares) | 132,960 | 113,334 | 605,494 |
Total intrinsic value of options exercised | $ 455,000 | $ 1,500,000 | $ 3,000,000 |
Granted (in dollars per share) | $ 4.16 | $ 4.85 | |
Fair value of options vested during the year | 1,200,000 | ||
Unrecognized compensation cost related to unvested awards under share-based plans | $ 1,400,000 | ||
Cost expected to be recognized over a weighted average period | 1 year | ||
Stock-based compensation expense | $ 1,975,000 | $ 2,641,000 | $ 3,157,000 |
Stock-based compensation expense, tax benefits recognized | $ 672,000 | $ 915,000 | $ 1,100,000 |
The 2013 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option expiration period | 10 years | ||
Percentage of voting power (in hundredths) | 10.00% | ||
Term of option if an employee or consultant possesses more than 10 percent of voting power | 5 years | ||
Number of common stock reserved for issuance (in shares) | 2,200,000 | ||
The 2011 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option expiration period | 10 years | ||
Percentage of voting power (in hundredths) | 10.00% | ||
Term of option if an employee or consultant possesses more than 10 percent of voting power | 5 years | ||
Number of common stock reserved for issuance (in shares) | 1,400,000 | ||
The 2005 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option expiration period | 10 years | ||
Percentage of voting power (in hundredths) | 10.00% | ||
Term of option if an employee or consultant possesses more than 10 percent of voting power | 5 years | ||
Number of common stock reserved for issuance (in shares) | 1,000,000 | ||
The 1999 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option expiration period | 10 years | ||
Percentage of voting power (in hundredths) | 10.00% | ||
Term of option if an employee or consultant possesses more than 10 percent of voting power | 5 years | ||
Number of common stock reserved for issuance (in shares) | 1,000,000 | ||
Vesting period | 4 years | ||
The 1999 Plan [Member] | Non-employee Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common stock reserved for issuance (in shares) | 75,000 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years | 4 years | |
Granted (in shares) | 86,992 | 197,481 | |
Granted (in dollars per share) | $ 9.11 | $ 10.46 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Status Of Company's Equity Compensations Plans) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares [Roll Forward] | |||
Granted (in shares) | 45,000 | 215,000 | |
Exercised (in shares) | (132,960) | (113,334) | (605,494) |
Weighted-average remaining contractual term [Abstract] | |||
Outstanding, beginning of period | 5 years 5 months 19 days | 5 years 4 months 21 days | |
Outstanding, end of period | 5 years 5 months 19 days | 5 years 4 months 21 days | |
Exercisable, end of period | 5 years 3 months 15 days | ||
Aggregate intrinsic value [Abstract] | |||
Exercised | $ 455,000 | $ 1,500,000 | $ 3,000,000 |
Equity Compensations Plans [Member] | |||
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 2,602,000 | ||
Exercised (in shares) | (83,500) | ||
Expired (in shares) | (457,250) | ||
Forfeited (in shares) | (83,750) | ||
Outstanding, end of period (in shares) | 1,977,500 | 2,602,000 | |
Exercisable, end of period (in shares) | 1,758,125 | ||
Weighted average exercise price [Roll Forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 9.72 | ||
Exercised (in dollars per share) | 7.66 | ||
Expired (in dollars per share) | 15.08 | ||
Forfeited (in dollars per share) | 9.20 | ||
Outstanding, end of period (in dollars per share) | 8.58 | $ 9.72 | |
Exercisable, end of period (in dollars per share) | $ 8.48 |
Stock-Based Compensation (Sum88
Stock-Based Compensation (Summary Of The Company’s Restricted Stock Units) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted-average price [Roll forward] | |||
Granted (in dollars per share) | $ 4.16 | $ 4.85 | |
Average remaining contractual term [Abstract] | |||
Granted | 1 year 3 months | ||
Outstanding | 1 year 1 month 13 days | 2 years 26 days | |
Restricted Stock Units (RSUs) [Member] | |||
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 148,381 | ||
Granted (in shares) | 86,992 | 197,481 | |
Vested (in shares) | (49,460) | ||
Forfeited (in shares) | (17,868) | ||
Outstanding, end of period (in shares) | 168,045 | 148,381 | |
Weighted-average price [Roll forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 10.46 | ||
Granted (in dollars per share) | 9.11 | $ 10.46 | |
Vested (in dollars per share) | 10.46 | ||
Forfeited (in dollars per share) | 9.30 | ||
Outstanding, end of period (in dollars per share) | $ 9.88 | $ 10.46 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Nonvested Options Status) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted-average price [Roll forward] | |||
Granted (in dollars per share) | $ 4.16 | $ 4.85 | |
Non Vested Options [Member] | |||
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 502,750 | ||
Vested (in shares) | (238,875) | ||
Forfeited (in shares) | (44,500) | ||
Outstanding, end of period (in shares) | 219,375 | 502,750 | |
Weighted-average price [Roll forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 4.72 | ||
Vested (in dollars per share) | 4.48 | ||
Forfeited (in dollars per share) | 4.81 | ||
Outstanding, end of period (in dollars per share) | $ 4.91 | $ 4.72 |
Stock-Based Compensation (Fair
Stock-Based Compensation (Fair Value Of Grant On Date Of Grant Using The Black-Scholes Options Pricing Model) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Risk-free interest rate (in hundredths) | 0.00% | 2.36% | 1.86% |
Expected volatility (in hundredths) | 0.00% | ||
Expected lives (years) | 2 years | ||
Minimum [Member] | |||
Expected volatility (in hundredths) | 49.71% | 41.74% | |
Expected lives (years) | 5 years 8 months 16 days | 4 years 11 days | |
Maximum [Member] | |||
Expected volatility (in hundredths) | 55.65% | ||
Expected lives (years) | 4 years 2 months 19 days |
Transactions With Affiliates (D
Transactions With Affiliates (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Deposits | $ 4,414,757,000 | $ 4,621,784,000 | |
Securities under agreements to resell, outstanding amount | 46,250,000 | ||
Resource America, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Rent expense | $ 9,000 | 112,000 | $ 102,000 |
Percentage of expenses paid as rent (in hundredths) | 50.00% | ||
Atlas Energy, L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Rent expense | $ 35,000 | 104,000 | $ 104,000 |
Percentage of expenses paid as rent (in hundredths) | 50.00% | ||
Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Deposits | $ 33,400,000 | 15,100,000 | |
Directors, Executive Officers, Principal Stockholders and Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 1,800,000 | 28,100,000 | |
Loans to related parties | 1,800,000 | 30,900,000 | |
J.V.B. Financial Group, LLC (Formerly PrinceRidge Group LLC) [Member] | |||
Related Party Transaction [Line Items] | |||
Securities under agreements to resell, outstanding amount | $ 46,300,000 | ||
Former Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Monthly service fee | $ 30,000 |
Commitments And Contingencies92
Commitments And Contingencies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies [Abstract] | |||
Rent expense | $ 4,600,000 | $ 4,000,000 | $ 3,100,000 |
Rental charged to subtenants | $ 0 | $ 78,000 | $ 110,000 |
Commitments And Contingencies93
Commitments And Contingencies (Schedule Of Future Minimum Annual Rental Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments And Contingencies [Abstract] | |
2,016 | $ 3,805 |
2,017 | 3,933 |
2,018 | 3,890 |
2,019 | 3,960 |
2,020 | 3,898 |
Thereafter | 14,720 |
Approximate future minimum annual rental payments | $ 34,206 |
Financial Instruments With Of94
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk (Narrative) (Details) | Dec. 31, 2015USD ($) |
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk [Abstract] | |
Standby letters of credit expire in 2015 | $ 250,000 |
Standby letters of credit expire in 2016 | 16,900,000 |
Standby letters of credit expire in 2017 | $ 1,400,000 |
Financial Instruments With Of95
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk (Schedule Of Contract Amounts And Maturity Term Of Credit Commitment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 849,993 | $ 731,137 |
Commitments To Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 831,457 | 709,080 |
Standby Letters Of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 18,536 | $ 22,057 |
Fair Value of Financial Instr96
Fair Value of Financial Instruments (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 1,160,000,000 | $ 1,160,000,000 | $ 1,110,000,000 |
Loans, face value | 267,600,000 | 417,100,000 | |
Impaired loans | 2,400,000 | 2,400,000 | |
Specific reserves and other write downs on impaired loans | 149,000 | 149,000 | |
Troubled debt restructured loans balance | 605,000 | $ 543,000 | |
Troubled debt restructured loans, specific reserve | 43,000 | $ 43,000 | |
Minimum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated Selling Costs | 7.00% | ||
Maximum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated Selling Costs | 10.00% | ||
Walnut Street [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number of notes | loan | 2 | ||
Walnut Street [Member] | Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior Notes | $ 178,200,000 | $ 178,200,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | |
Walnut Street [Member] | Junior Subordinated Debt [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Junior Subordinated Notes | $ 15,400,000 | $ 15,400,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% |
Fair Value of Financial Instr97
Fair Value of Financial Instruments (Carrying Amount And Estimated Fair Value Of Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | $ 1,070,098 | $ 1,493,639 |
Investment securities held-to-maturity | 91,599 | 91,914 |
Securities Purchased under Agreements to Resell | 46,250 | |
Assets held for sale from discontinued operations | 583,909 | 887,929 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 66,287 | |
Investment securities held-to-maturity | 7,490 | 7,448 |
Securities Purchased under Agreements to Resell | 46,250 | |
Demand and interest checking | 3,602,376 | 4,289,586 |
Savings and money market | 383,832 | 330,798 |
Securities sold under agreements to repurchase | 925 | 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 | 1,070,098 | 1,425,986 |
Investment securities held-to-maturity | 76,552 | |
Interest rate swaps, asset | 43 | |
Interest rate swaps, liability | 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 | 7,557 | 84,466 |
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,062 | 1,002 |
Commercial loans held for sale | 489,938 | 217,080 |
Loans, net | 1,068,718 | 869,871 |
Investment in unconsolidated entity, senior note | 166,548 | 178,187 |
Investment in unconsolidated entity, subordinated note | 11,972 | 15,408 |
Assets held for sale from discontinued operations | 583,909 | 887,929 |
Time deposits | 428,711 | 1,412 |
Subordinated debentures | 8,529 | 8,042 |
Carrying Amount [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 1,070,098 | 1,493,639 |
Investment securities held-to-maturity | 93,590 | 93,765 |
Securities Purchased under Agreements to Resell | 46,250 | |
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,062 | 1,002 |
Commercial loans held for sale | 489,938 | 217,080 |
Loans, net | 1,078,077 | 874,593 |
Investment in unconsolidated entity, senior note | 166,548 | 178,187 |
Investment in unconsolidated entity, subordinated note | 11,972 | 15,408 |
Assets held for sale from discontinued operations | 583,909 | 887,929 |
Demand and interest checking | 3,602,376 | 4,289,586 |
Savings and money market | 383,832 | 330,798 |
Time deposits | 428,549 | 1,400 |
Subordinated debentures | 13,401 | 13,401 |
Securities sold under agreements to repurchase | 925 | 19,414 |
Interest rate swaps, asset | 43 | |
Interest rate swaps, liability | 942 | |
Estimated Fair Value [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 1,070,098 | 1,493,639 |
Investment securities held-to-maturity | 91,599 | 91,914 |
Securities Purchased under Agreements to Resell | 46,250 | |
Federal Home Loan and Atlantic Central Bankers Bank stock | 1,062 | 1,002 |
Commercial loans held for sale | 489,938 | 217,080 |
Loans, net | 1,068,718 | 869,871 |
Investment in unconsolidated entity, senior note | 166,548 | 178,187 |
Investment in unconsolidated entity, subordinated note | 11,972 | 15,408 |
Assets held for sale from discontinued operations | 583,909 | 887,929 |
Demand and interest checking | 3,602,376 | 4,289,586 |
Savings and money market | 383,832 | 330,798 |
Time deposits | 428,711 | 1,412 |
Subordinated debentures | 8,529 | 8,042 |
Securities sold under agreements to repurchase | 925 | 19,414 |
Interest rate swaps, asset | $ 43 | |
Interest rate swaps, liability | $ 942 |
Fair Value of Financial Instr98
Fair Value of Financial Instruments (Assets Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets measured at fair value on a recurring basis [Abstract] | ||
Fair value | $ 1,070,098 | $ 1,493,639 |
Assets measured on a nonrecurring basis [Abstract] | ||
Impaired loans | 2,400 | |
Fair Value, Measurements, Recurring [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
U.S. Government agency securities | 29,238 | 16,561 |
Federally insured student loan securities | 115,149 | 126,012 |
Obligation of states and political subdivisions | 194,859 | 612,648 |
Residential mortgage-backed securities | 450,107 | 422,129 |
Commercial mortgage-backed securities | 58,303 | 123,239 |
Commercial loan obligation securities | 70,492 | |
Foreign debt securities | 57,132 | 66,878 |
Other debt securities | 94,818 | 126,172 |
Fair value | 1,070,098 | 1,493,639 |
Loans held for sale | 489,938 | 217,080 |
Investment in unconsolidated entity, senior note | 166,548 | 178,187 |
Investment in unconsolidated entity, subordinated note | 11,972 | 15,408 |
Interest rate swaps, asset | 43 | |
Interest rate swaps, liability | 942 | |
Total assets | 1,738,599 | 1,903,372 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets measured on a nonrecurring basis [Abstract] | ||
Impaired loans | 2,428 | 2,450 |
Intangible assets | 4,929 | 6,228 |
Assets nonrecurring | 7,357 | 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 | 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] | ||
Obligation of states and political subdivisions | 1,182 | |
Foreign debt securities | 14,098 | |
Other debt securities | 51,007 | |
Fair value | 66,287 | |
Total assets | 66,287 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Fair value | 1,070,098 | 1,425,986 |
Interest rate swaps, asset | 43 | |
Interest rate swaps, liability | 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 | 29,238 | 16,561 |
Federally insured student loan securities | 115,149 | 126,012 |
Obligation of states and political subdivisions | 194,859 | 611,466 |
Residential mortgage-backed securities | 450,107 | 422,129 |
Commercial mortgage-backed securities | 58,303 | 123,239 |
Commercial loan obligation securities | 70,492 | |
Foreign debt securities | 57,132 | 52,235 |
Other debt securities | 94,818 | 74,344 |
Fair value | 1,070,098 | 1,425,986 |
Interest rate swaps, asset | 43 | |
Interest rate swaps, liability | 942 | |
Total assets | 1,070,141 | 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 | 489,938 | 217,080 |
Investment in unconsolidated entity, senior note | 166,548 | 178,187 |
Investment in unconsolidated entity, subordinated note | 11,972 | 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 | 489,938 | 217,080 |
Investment in unconsolidated entity, senior note | 166,548 | 178,187 |
Investment in unconsolidated entity, subordinated note | 11,972 | 15,408 |
Total assets | 668,458 | 412,041 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets measured on a nonrecurring basis [Abstract] | ||
Impaired loans | 2,428 | 2,450 |
Intangible assets | 4,929 | 6,228 |
Assets nonrecurring | $ 7,357 | $ 8,678 |
Fair Value of Financial Instr99
Fair Value of Financial Instruments (Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investment In Unconsolidated Entity [Member] | ||
Changes in Company's Level 3 assets [Roll Forward] | ||
Beginning balance | $ 193,595 | |
Total gains or losses (realized/unrealized) Included in earnings | 2,430 | |
Purchases, issuances, and settlements [Abstract] | ||
Purchases | $ 193,595 | |
Settlements | (12,645) | |
Ending balance | 178,520 | 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 | (2,430) | |
Available-for-sale Securities [Member] | ||
Changes in 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 Securities [Member] | ||
Changes in Company's Level 3 assets [Roll Forward] | ||
Beginning balance | 217,080 | 69,904 |
Total gains or losses (realized/unrealized) Included in earnings | 1,677 | 1,846 |
Purchases, issuances, and settlements [Abstract] | ||
Issuances | 681,526 | 630,165 |
Sales | (410,345) | (484,835) |
Ending balance | 489,938 | 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 | $ 4,321 | $ 3,587 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)agreement | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Derivative [Line Items] | |||
Notional Amount | $ 68,700,000 | ||
Cash collateral | $ 400,000 | $ 3,600,000 | |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Number of interest rate swap agreements | agreement | 13 | ||
Fair value adjustment on derivatives | $ 984,000 | (1,400,000) | $ 436,000 |
Payable under agreements | $ 60,000 | $ 1,100,000 |
Derivatives (Derivatives) (Deta
Derivatives (Derivatives) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |
Notional Amount | $ 68,700 |
Fair Value | $ 43 |
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) | 2.27% |
Interest rate received (in hundredths) | 0.36% |
Fair Value | $ (39) |
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) | 2.27% |
Interest rate received (in hundredths) | 0.36% |
Fair Value | $ (24) |
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) | 2.27% |
Interest rate received (in hundredths) | 0.36% |
Fair Value | $ (24) |
Interest Rate Swaps, Maturing October 7, 2025 [Member] | |
Derivative [Line Items] | |
Maturity Date | Oct. 7, 2025 |
Notional Amount | $ 3,200 |
Interest rate paid (in hundredths) | 2.06% |
Interest rate received (in hundredths) | 0.62% |
Fair Value | $ 33 |
Interest Rate Swaps, Maturing November 27, 2025 [Member] | |
Derivative [Line Items] | |
Maturity Date | Nov. 27, 2025 |
Notional Amount | $ 1,700 |
Interest rate paid (in hundredths) | 2.10% |
Interest rate received (in hundredths) | 0.41% |
Fair Value | $ 11 |
Interest Rate Swaps, Maturing December 11, 2025 [Member] | |
Derivative [Line Items] | |
Maturity Date | Dec. 11, 2025 |
Notional Amount | $ 2,400 |
Interest rate paid (in hundredths) | 2.14% |
Interest rate received (in hundredths) | 0.49% |
Fair Value | $ 10 |
Interest Rate Swaps, Maturing December 15, 2025 [Member] | |
Derivative [Line Items] | |
Maturity Date | Dec. 15, 2025 |
Notional Amount | $ 5,300 |
Interest rate paid (in hundredths) | 2.10% |
Interest rate received (in hundredths) | 0.51% |
Fair Value | $ 40 |
Interest Rate Swaps, Maturing December 17, 2025 [Member] | |
Derivative [Line Items] | |
Maturity Date | Dec. 17, 2025 |
Notional Amount | $ 3,300 |
Interest rate paid (in hundredths) | 2.18% |
Interest rate received (in hundredths) | 0.53% |
Fair Value | $ 1 |
Interest Rate Swaps, Maturing December 22, 2025 [Member] | |
Derivative [Line Items] | |
Maturity Date | Dec. 22, 2025 |
Notional Amount | $ 4,100 |
Interest rate paid (in hundredths) | 2.14% |
Interest rate received (in hundredths) | 0.59% |
Fair Value | $ 17 |
Interest Rate Swaps, Maturing December 23, 2025 [Member] | |
Derivative [Line Items] | |
Maturity Date | Dec. 23, 2025 |
Notional Amount | $ 6,800 |
Interest rate paid (in hundredths) | 2.16% |
Interest rate received (in hundredths) | 0.59% |
Fair Value | $ 20 |
Interest Rate Swaps, Maturing December 24, 2025 [Member] | |
Derivative [Line Items] | |
Maturity Date | Dec. 24, 2025 |
Notional Amount | $ 8,200 |
Interest rate paid (in hundredths) | 2.17% |
Interest rate received (in hundredths) | 0.59% |
Fair Value | $ 10 |
Interest Rate Swaps, Maturing December 29, 2025 [Member] | |
Derivative [Line Items] | |
Maturity Date | Dec. 29, 2025 |
Notional Amount | $ 9,900 |
Interest rate paid (in hundredths) | 2.20% |
Interest rate received (in hundredths) | 0.60% |
Fair Value | $ (13) |
Interest Rate Swaps, Maturing December 30, 2025 [Member] | |
Derivative [Line Items] | |
Maturity Date | Dec. 30, 2025 |
Notional Amount | $ 14,800 |
Interest rate paid (in hundredths) | 2.19% |
Interest rate received (in hundredths) | 0.60% |
Fair Value | $ 1 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | 12 Months Ended |
Dec. 31, 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% |
Regulatory Matters (Schedule Of
Regulatory Matters (Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
The Bancorp [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets): Actual Amount | $ 323,900 | $ 302,458 |
Total capital (to risk-weighted assets): For capital adequacy purposes | $ 174,197 | $ 216,440 |
Total capital (to risk-weighted assets): Actual Ratio (in hundredths) | 14.88% | 11.67% |
Tier 1 capital (to risk-weighted assets): Actual Amount | $ 319,500 | $ 298,819 |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes | $ 87,099 | $ 108,220 |
Tier 1 capital (to risk-weighted assets): Actual Ratio (in hundredths) | 14.67% | 11.54% |
Tier 1 capital (to average assets): Actual Amount | $ 319,500 | $ 298,819 |
Tier 1 capital (to average assets): For capital adequacy purposes | $ 178,227 | $ 175,209 |
Tier 1 capital (to average assets): Actual Ratio (in hundredths) | 7.17% | 7.07% |
The Bancorp [Member] | Common Equity [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital (to risk-weighted assets): Actual Amount | $ 319,500 | |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes | $ 97,986 | |
Tier 1 capital (to risk-weighted assets): Actual Ratio (in hundredths) | 14.67% | |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 4.00% | |
The Bancorp [Member] | Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 6.00% | 4.00% |
Tier 1 capital (to average assets): For capital adequacy purposes (in hundredths) | 4.00% | 4.00% |
The Bancorp Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets): Actual Amount | $ 310,361 | $ 276,003 |
Total capital (to risk-weighted assets): For capital adequacy purposes | 175,111 | 217,778 |
Total capital (to risk-weighted assets): To be well capitalized under prompt corrective action provisions | $ 219,067 | $ 272,222 |
Total capital (to risk-weighted assets): Actual Ratio (in hundredths) | 14.18% | 10.59% |
Total capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets): Actual Amount | $ 305,961 | $ 272,366 |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes | 87,556 | 108,889 |
Tier 1 capital (to risk-weighted assets): To be well capitalized under prompt corrective action provisions | $ 175,254 | $ 163,333 |
Tier 1 capital (to risk-weighted assets): Actual Ratio (in hundredths) | 13.98% | 10.46% |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 6.00% | 4.00% |
Tier 1 capital (to average assets): Actual Amount | $ 305,961 | $ 272,366 |
Tier 1 capital (to average assets): For capital adequacy purposes | 177,292 | 175,258 |
Tier 1 capital (to average assets): To be well capitalized under prompt corrective action provisions | $ 221,621 | $ 219,073 |
Tier 1 capital (to average assets): Actual Ratio (in hundredths) | 6.90% | 6.46% |
Tier 1 capital (to average assets): For capital adequacy purposes (in hundredths) | 4.00% | 4.00% |
The Bancorp Bank [Member] | Common Equity [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital (to risk-weighted assets): Actual Amount | $ 305,961 | |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes | 98,500 | |
Tier 1 capital (to risk-weighted assets): To be well capitalized under prompt corrective action provisions | $ 175,254 | |
Tier 1 capital (to risk-weighted assets): Actual Ratio (in hundredths) | 13.98% | |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 4.50% | |
Tier 1 capital (to risk-weighted assets): To be well capitalized under prompt corrective action provisions (in hundredths) | 6.50% | |
The Bancorp Bank [Member] | Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets): To be well capitalized under prompt corrective action provisions (in hundredths) | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets): To be well capitalized under prompt corrective action provisions (in hundredths) | 8.00% | 6.00% |
Tier 1 capital (to average assets): To be well capitalized under prompt corrective action provisions (in hundredths) | 5.00% | 5.00% |
Quarterly Financial Data (Un104
Quarterly Financial Data (Unaudited) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data (Unaudited) [Abstract] | |||||
Gain (Loss) on Sale of Mortgage Loans | $ 17,000 | $ 2,200 | $ 10,080 | $ 12,542 | $ 17,225 |
Quarterly Financial Data (Un105
Quarterly Financial Data (Unaudited) (Statement of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income | $ 22,248 | $ 21,193 | $ 20,372 | $ 19,717 | $ 18,522 | $ 18,033 | $ 17,610 | $ 16,555 | $ 83,530 | $ 70,720 | $ 51,150 |
Net interest income | 18,582 | 17,798 | 17,037 | 16,514 | 15,715 | 15,268 | 14,791 | 13,651 | 69,931 | 59,425 | 40,382 |
Provision for loan and lease losses | 300 | 625 | 510 | 665 | (1,404) | 158 | 1,173 | 1,275 | 2,100 | 1,202 | 355 |
Non-interest income | 70,267 | 17,299 | 24,724 | 20,777 | 17,675 | 20,307 | 23,389 | 23,678 | 133,067 | 85,049 | 82,073 |
Non-interest expense | 58,999 | 47,795 | 46,434 | 40,860 | 37,628 | 33,135 | 34,012 | 31,205 | 194,088 | 135,980 | 101,817 |
Income (loss) from continuing operations before income tax expense | 29,550 | (13,323) | (5,183) | (4,234) | (2,834) | 2,282 | 2,995 | 4,849 | 6,810 | 7,292 | 20,283 |
Income tax (benefit) provision | 12,267 | (5,706) | (2,684) | (2,427) | (13,929) | (3,560) | 1,343 | 1,623 | 1,450 | (14,523) | 6,767 |
Net income (loss) from continuing operations | 17,283 | (7,617) | (2,499) | (1,807) | 11,095 | 5,842 | 1,652 | 3,226 | 5,360 | 21,815 | 13,516 |
Net income (loss) from discontinued operations, net of tax | 1,336 | 2,042 | 2,673 | 2,021 | 9,096 | 19,127 | 8,670 | (1,599) | 8,072 | 35,294 | (27,938) |
Net income (loss) available to common shareholders | $ 18,619 | $ (5,575) | $ 174 | $ 214 | $ 20,191 | $ 24,969 | $ 10,322 | $ 1,627 | $ 13,432 | $ 57,109 | $ (14,422) |
Net income (loss) per share from continuing operations - basic | $ 0.46 | $ (0.20) | $ (0.07) | $ (0.05) | $ 0.31 | $ 0.15 | $ 0.04 | $ 0.08 | $ 0.14 | $ 0.58 | $ 0.36 |
Net income (loss) per share from discontinued operations - basic | 0.04 | 0.05 | 0.07 | 0.05 | 0.24 | 0.51 | 0.23 | (0.04) | 0.21 | 0.94 | (0.75) |
Net income (loss) per share - basic | 0.50 | (0.15) | 0.55 | 0.66 | 0.27 | 0.04 | 0.35 | 1.52 | (0.39) | ||
Net income (loss) per share from continuing operations - diluted | 0.46 | (0.20) | (0.07) | (0.05) | 0.30 | 0.15 | 0.04 | 0.08 | 0.14 | 0.57 | 0.35 |
Net income (loss) per share from discontinued operations - diluted | 0.04 | 0.05 | $ 0.07 | $ 0.05 | 0.22 | 0.51 | 0.23 | (0.04) | 0.21 | 0.92 | (0.75) |
Net income (loss) per share - diluted | $ 0.50 | $ (0.15) | $ 0.52 | $ 0.66 | $ 0.27 | $ 0.04 | $ 0.35 | $ 1.49 | $ (0.40) | ||
The Bancorp [Member] | |||||||||||
Non-interest expense | $ 37,137 | $ 32,351 | $ 29,507 | ||||||||
Income (loss) from continuing operations before income tax expense | 13,432 | 56,221 | (15,579) | ||||||||
Income tax (benefit) provision | (888) | (1,157) | |||||||||
Net income (loss) available to common shareholders | $ 13,432 | $ 57,109 | $ (14,422) |
Condensed Financial Informat106
Condensed Financial Information-Parent Only (Schedule Of Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash and due from banks | $ 7,643 | $ 8,665 | ||
Investment in subsidiaries | 178,520 | 193,595 | ||
Other assets | 47,629 | 45,268 | ||
Total assets | 4,765,823 | 4,986,317 | ||
Liabilities and stockholders'equity | ||||
Other liabilities | 16,739 | 12,695 | ||
Stockholders' equity | 320,001 | 319,023 | $ 247,127 | $ 263,732 |
Total liabilities and shareholders' equity | 4,765,823 | 4,986,317 | ||
The Bancorp [Member] | ||||
Assets | ||||
Cash and due from banks | 9,473 | 6,386 | ||
Intercompay loans | 3,857 | |||
Investment in subsidiaries | 313,817 | 310,507 | ||
Other assets | 10,133 | 11,713 | ||
Total assets | 333,423 | 332,463 | ||
Liabilities and stockholders'equity | ||||
Other liabilities | 21 | 39 | ||
Subordinated debenture | 13,401 | 13,401 | ||
Stockholders' equity | 320,001 | 319,023 | ||
Total liabilities and shareholders' equity | $ 333,423 | $ 332,463 |
Condensed Financial Informat107
Condensed Financial Information-Parent Only (Schedule Of Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Expense | |||||||||||
Interest on subordinated debentures | $ 448 | $ 478 | $ 548 | ||||||||
Non-interest expense | $ 58,999 | $ 47,795 | $ 46,434 | $ 40,860 | $ 37,628 | $ 33,135 | $ 34,012 | $ 31,205 | 194,088 | 135,980 | 101,817 |
Income before income tax | 29,550 | (13,323) | (5,183) | (4,234) | (2,834) | 2,282 | 2,995 | 4,849 | 6,810 | 7,292 | 20,283 |
Income tax (benefit) provision | 12,267 | (5,706) | (2,684) | (2,427) | (13,929) | (3,560) | 1,343 | 1,623 | 1,450 | (14,523) | 6,767 |
Net income (loss) available to common shareholders | $ 18,619 | $ (5,575) | $ 174 | $ 214 | $ 20,191 | $ 24,969 | $ 10,322 | $ 1,627 | 13,432 | 57,109 | (14,422) |
The Bancorp [Member] | |||||||||||
Income | |||||||||||
Interest on intercompany loans | 4 | 13 | |||||||||
Other income | 36,283 | 30,235 | 27,415 | ||||||||
Total income | 36,287 | 30,248 | 27,415 | ||||||||
Expense | |||||||||||
Interest on subordinated debentures | 448 | 478 | 548 | ||||||||
Non-interest expense | 37,137 | 32,351 | 29,507 | ||||||||
Total expense | 37,585 | 32,829 | 30,055 | ||||||||
Equity in undistributed income of subsidiaries | 14,730 | 58,802 | (12,939) | ||||||||
Income before income tax | 13,432 | 56,221 | (15,579) | ||||||||
Income tax (benefit) provision | (888) | (1,157) | |||||||||
Net income (loss) available to common shareholders | $ 13,432 | $ 57,109 | $ (14,422) |
Condensed Financial Informat108
Condensed Financial Information-Parent Only (Schedule Of Condensed Cash Flow Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||||||||||
Net income (loss) | $ 18,619 | $ (5,575) | $ 174 | $ 214 | $ 20,191 | $ 24,969 | $ 10,322 | $ 1,627 | $ 13,432 | $ 57,109 | $ (14,422) |
Decrease (increase) in other assets | 2,391 | 21,966 | (222) | ||||||||
Increase (decrease) in other liabilities | 4,044 | (26,155) | 15,284 | ||||||||
Stock-based compensation expense | 1,975 | 2,641 | 3,157 | ||||||||
Net cash used in operating activities | (234,880) | (49,993) | (39,005) | ||||||||
Investing activities | |||||||||||
Contribution to subsidiary | 12,645 | (193,595) | |||||||||
Net cash provided by (used in) investing activities | 501,323 | (418,812) | (657,357) | ||||||||
Financing activities | |||||||||||
Proceeds from issuance of common stock | 1,629 | ||||||||||
Proceeds from the exercise of common stock options | 103 | 1,653 | |||||||||
Net cash (used in) provided by financing activities | (225,516) | 347,091 | 965,723 | ||||||||
Net increase (decrease) in cash and cash equivalents | 40,927 | (121,714) | 269,361 | ||||||||
Cash and cash equivalents, beginning of year | 1,114,235 | 1,235,949 | 1,114,235 | 1,235,949 | 966,588 | ||||||
Cash and cash equivalents, end of year | 1,155,162 | 1,114,235 | 1,155,162 | 1,114,235 | 1,235,949 | ||||||
The Bancorp [Member] | |||||||||||
Operating activities | |||||||||||
Net income (loss) | 13,432 | 57,109 | (14,422) | ||||||||
Decrease (increase) in other assets | 1,580 | (3,441) | (1,735) | ||||||||
Increase (decrease) in other liabilities | (18) | 21 | (73) | ||||||||
Stock-based compensation expense | 1,975 | 2,641 | 3,157 | ||||||||
Equity in undistributed income | (14,730) | (58,802) | 12,939 | ||||||||
Net cash used in operating activities | 2,239 | (2,472) | (134) | ||||||||
Investing activities | |||||||||||
Purchase of equity security | 3,857 | (3,857) | |||||||||
Contribution to subsidiary | (3,009) | (58,000) | (16,798) | ||||||||
Net cash provided by (used in) investing activities | 848 | (61,857) | (16,798) | ||||||||
Financing activities | |||||||||||
Proceeds from issuance of common stock | 1,629 | ||||||||||
Proceeds from the exercise of common stock options | 103 | 1,653 | |||||||||
Net cash (used in) provided by financing activities | 103 | 3,282 | |||||||||
Net increase (decrease) in cash and cash equivalents | 3,087 | (64,226) | (13,650) | ||||||||
Cash and cash equivalents, beginning of year | $ 6,386 | $ 70,612 | 6,386 | 70,612 | 84,262 | ||||||
Cash and cash equivalents, end of year | $ 9,473 | $ 6,386 | $ 9,473 | $ 6,386 | $ 70,612 |
Segment Financials (Narrative)
Segment Financials (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Financials [Abstract] | |
Continuing operation segments | 4 |
Segment Financials (Operating S
Segment Financials (Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Interest income | $ 22,248 | $ 21,193 | $ 20,372 | $ 19,717 | $ 18,522 | $ 18,033 | $ 17,610 | $ 16,555 | $ 83,530 | $ 70,720 | $ 51,150 |
Interest expense | 13,599 | 11,295 | 10,768 | ||||||||
Net interest income | 18,582 | 17,798 | 17,037 | 16,514 | 15,715 | 15,268 | 14,791 | 13,651 | 69,931 | 59,425 | 40,382 |
Provision for loan and lease losses | 300 | 625 | 510 | 665 | (1,404) | 158 | 1,173 | 1,275 | 2,100 | 1,202 | 355 |
Non-interest income | 70,267 | 17,299 | 24,724 | 20,777 | 17,675 | 20,307 | 23,389 | 23,678 | 133,067 | 85,049 | 82,073 |
Non-interest expense | 58,999 | 47,795 | 46,434 | 40,860 | 37,628 | 33,135 | 34,012 | 31,205 | 194,088 | 135,980 | 101,817 |
Income before income tax | 29,550 | (13,323) | (5,183) | (4,234) | (2,834) | 2,282 | 2,995 | 4,849 | 6,810 | 7,292 | 20,283 |
Income taxes | 12,267 | (5,706) | (2,684) | (2,427) | (13,929) | (3,560) | 1,343 | 1,623 | 1,450 | (14,523) | 6,767 |
Net income from continuing operations | 17,283 | (7,617) | (2,499) | (1,807) | 11,095 | 5,842 | 1,652 | 3,226 | 5,360 | 21,815 | 13,516 |
Net income (loss) from discontinued operations, net of tax | 1,336 | 2,042 | 2,673 | 2,021 | 9,096 | 19,127 | 8,670 | (1,599) | 8,072 | 35,294 | (27,938) |
Net income (loss) available to common shareholders | 18,619 | $ (5,575) | $ 174 | $ 214 | 20,191 | $ 24,969 | $ 10,322 | $ 1,627 | 13,432 | 57,109 | (14,422) |
Total assets | 4,765,823 | 4,986,317 | 4,765,823 | 4,986,317 | |||||||
Total liabilities | 4,445,822 | 4,667,294 | 4,445,822 | 4,667,294 | |||||||
Specialty Finance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 49,789 | 36,402 | 27,577 | ||||||||
Interest expense | 5,039 | 3,964 | 3,762 | ||||||||
Net interest income | 44,750 | 32,438 | 23,815 | ||||||||
Provision for loan and lease losses | 2,100 | 1,202 | 355 | ||||||||
Non-interest income | 17,891 | 19,030 | 23,049 | ||||||||
Non-interest expense | 47,863 | 37,933 | 30,190 | ||||||||
Income before income tax | 12,678 | 12,333 | 16,319 | ||||||||
Net income from continuing operations | 12,678 | 12,333 | 16,319 | ||||||||
Net income (loss) available to common shareholders | 12,678 | 12,333 | 16,319 | ||||||||
Total assets | 1,747,558 | 1,099,914 | 1,747,558 | 1,099,914 | |||||||
Total liabilities | 783,866 | 1,165,567 | 783,866 | 1,165,567 | |||||||
Payments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 11 | 58 | 64 | ||||||||
Interest allocation | 33,730 | 34,261 | 23,510 | ||||||||
Interest expense | 7,445 | 6,137 | 4,796 | ||||||||
Net interest income | 26,296 | 28,182 | 18,778 | ||||||||
Non-interest income | 97,963 | 65,509 | 57,129 | ||||||||
Non-interest expense | 128,828 | 79,145 | 59,202 | ||||||||
Income before income tax | (4,569) | 14,546 | 16,705 | ||||||||
Net income from continuing operations | (4,569) | 14,546 | 16,705 | ||||||||
Net income (loss) available to common shareholders | (4,569) | 14,546 | 16,705 | ||||||||
Total assets | 35,165 | 30,503 | 35,165 | 30,503 | |||||||
Total liabilities | 2,991,856 | 3,198,129 | 2,991,856 | 3,198,129 | |||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 33,730 | 34,260 | 23,509 | ||||||||
Interest allocation | (33,730) | (34,261) | (23,510) | ||||||||
Interest expense | 1,115 | 1,194 | 2,210 | ||||||||
Net interest income | (1,115) | (1,195) | (2,211) | ||||||||
Non-interest income | 17,213 | 510 | 1,895 | ||||||||
Non-interest expense | 17,397 | 18,902 | 12,425 | ||||||||
Income before income tax | (1,299) | (19,587) | (12,741) | ||||||||
Income taxes | 1,450 | (14,523) | 6,767 | ||||||||
Net income from continuing operations | (2,749) | (5,064) | (19,508) | ||||||||
Net income (loss) available to common shareholders | (2,749) | (5,064) | (19,508) | ||||||||
Total assets | 2,399,191 | 2,967,971 | 2,399,191 | 2,967,971 | |||||||
Total liabilities | 670,100 | 303,598 | 670,100 | 303,598 | |||||||
Discontinued Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net income (loss) from discontinued operations, net of tax | 8,072 | 35,294 | (27,938) | ||||||||
Net income (loss) available to common shareholders | 8,072 | 35,294 | $ (27,938) | ||||||||
Total assets | $ 583,909 | $ 887,929 | $ 583,909 | $ 887,929 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations [Abstract] | |||||
Disposal Group, Including Discontinued Operation, Marked To Fair Value | $ 1,200,000 | ||||
Disposal Group, Including Discontinued Operation, Other Expense | $ 74,900 | ||||
Proceeds from Sale of Loans Held-for-sale | $ 149,600 | ||||
Loans, book value | 192,700 | 342,200 | $ 1,100,000 | ||
Loans, face value | 267,600 | 417,100 | |||
Gain (Loss) on Sale of Mortgage Loans | 17,000 | $ 2,200 | 10,080 | $ 12,542 | $ 17,225 |
Equity contributed to securitization entity by an independent investor | $ 16,000 | $ 16,000 |
Discontinued Operations (Financ
Discontinued Operations (Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations [Abstract] | |||
Interest income | $ 28,925 | $ 44,097 | $ 53,972 |
Provision for loan and lease losses | 26,919 | 58,038 | |
Net interest income | 28,925 | 17,178 | (4,066) |
Non interest income | 2,513 | 1,624 | 1,357 |
Non interest expense | 18,645 | (35,823) | 8,960 |
Income (loss) before taxes | 12,793 | 54,625 | (11,669) |
Income taxes | 4,721 | 19,331 | 16,269 |
Net income (loss) | 8,072 | 35,294 | $ (27,938) |
Loans, net | 568,748 | 867,399 | |
Other assets | 15,161 | 20,530 | |
Assets, Total | $ 583,909 | $ 887,929 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Discontinued Assets, Liabilities And Related Adjustments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Discontinued Operations [Abstract] | ||
Other assets | $ 15,161 | $ 20,530 |
Assets, Total | $ 583,909 | $ 887,929 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule Of Various Elements Of The Lower Of Cost Or Market Valuation) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 3.37% |
Large Balance Commercial Loans [Member] | Maximum [Member] | Discounted Cash Flows [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 9.09% |
Large Balance Commercial Loans [Member] | Minimum [Member] | Discounted Cash Flows [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 3.13% |
Small Balance Commercial Loans [Member] | Maximum [Member] | Discounted Cash Flows [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 7.08% |
Small Balance Commercial Loans [Member] | Minimum [Member] | Discounted Cash Flows [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 4.18% |