Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 01, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Bancorp, Inc. | |
Entity Central Index Key | 1,295,401 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,945,153 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | ||
Cash and due from banks | $ 8,542 | $ 7,643 |
Interest earning deposits at Federal Reserve Bank | 757,773 | 1,147,519 |
Securities purchased under agreements to resell | 10,208 | |
Total cash and cash equivalents | 776,523 | 1,155,162 |
Investment securities, available-for-sale, at fair value | 1,252,754 | 1,070,098 |
Investment securities, held-to-maturity (fair value $91,498 and $91,599, respectively) | 93,550 | 93,590 |
Commercial loans held for sale | 313,595 | 489,938 |
Loans, net of deferred loan fees and costs | 1,114,053 | 1,078,077 |
Allowance for loan and lease losses | (4,378) | (4,400) |
Loans, net | 1,109,675 | 1,073,677 |
Federal Home Loan Bank and Atlantic Community Bancshares stock | 1,063 | 1,062 |
Premises and equipment, net | 21,692 | 21,631 |
Accrued interest receivable | 9,172 | 9,471 |
Intangible assets, net | 4,672 | 4,929 |
Deferred tax asset, net | 32,462 | 36,207 |
Investment in unconsolidated entity, at fair value | 177,211 | 178,520 |
Assets held for sale from discontinued operations | 536,548 | 583,909 |
Other assets | 50,802 | 47,629 |
Total assets | 4,379,719 | 4,765,823 |
Deposits | ||
Demand and interest checking | 3,610,003 | 3,602,376 |
Savings and money market | 388,953 | 383,832 |
Time deposits | 428,549 | |
Total deposits | 3,998,956 | 4,414,757 |
Securities sold under agreements to repurchase | 671 | 925 |
Subordinated debenture | 13,401 | 13,401 |
Other liabilities | 51,102 | 16,739 |
Total liabilities | 4,064,130 | 4,445,822 |
SHAREHOLDERS' EQUITY | ||
Common stock - authorized, 50,000,000 shares of $1.00 par value; 37,945,153 and 37,861,218 shares issued at March 31, 2016 and December 31, 2015, respectively | 37,945 | 37,861 |
Treasury stock, at cost (100,000 shares) | (866) | (866) |
Additional paid-in capital | 301,018 | 300,549 |
Accumulated deficit | (26,361) | (15,449) |
Accumulated other comprehensive income (loss) | 3,853 | (2,094) |
Total shareholders' equity | 315,589 | 320,001 |
Total liabilities and shareholders' equity | $ 4,379,719 | $ 4,765,823 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Investment securities, held-to-maturity, fair value | $ 91,498 | $ 91,599 |
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) | 37,945,153 | 37,861,218 |
Treasury stock (in shares) | 100,000 | 100,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income | ||
Loans, including fees | $ 15,869 | $ 10,697 |
Interest on investment securities: | ||
Taxable interest | 6,532 | 5,060 |
Tax-exempt interest | 321 | 3,174 |
Federal funds sold/securities purchased under agreements to resell | 27 | 164 |
Interest earning deposits | 902 | 622 |
Total interest income | 23,651 | 19,717 |
Interest expense | ||
Deposits | 2,971 | 3,099 |
Securities sold under agreements to repurchase | 9 | |
Subordinated debenture | 124 | 95 |
Total interest expense | 3,095 | 3,203 |
Net interest income | 20,556 | 16,514 |
Provision for loan and lease losses | 665 | |
Net interest income after provision for loan and lease losses | 20,556 | 15,849 |
Non-interest income | ||
Service fees on deposit accounts | 847 | 1,760 |
Card payment and ACH processing fees | 1,267 | 1,253 |
Prepaid card fees | 13,574 | 13,132 |
Gain (loss) on sale of loans | (1,433) | 1,676 |
Gain on sale of investment securities | 2,026 | 80 |
Change in value of investment in unconsolidated entity | 812 | 1,045 |
Leasing income | 404 | 519 |
Debit card income (loss) | (92) | 460 |
Affinity fees | 1,094 | 412 |
Other | 189 | 440 |
Total non-interest income | 18,688 | 20,777 |
Non-interest expense | ||
Salaries and employee benefits | 19,584 | 15,525 |
Depreciation and amortization | 1,239 | 1,202 |
Rent and related occupancy cost | 1,459 | 1,385 |
Data processing expense | 3,960 | 3,228 |
Printing and supplies | 543 | 615 |
Audit expense | 255 | 426 |
Legal expense | 749 | 1,405 |
Amortization of intangible assets | 294 | 297 |
FDIC insurance | 2,350 | 2,853 |
Software | 2,168 | 1,350 |
Insurance | 510 | 458 |
Telecom and IT network communications | 378 | 550 |
Securitization and servicing expense | 569 | 479 |
Consulting | 1,677 | 1,488 |
Bank Secrecy Act and lookback consulting expenses | 14,315 | 5,744 |
Other | 5,088 | 3,855 |
Total non-interest expense | 55,138 | 40,860 |
Loss from continuing operations before income taxes | (15,894) | (4,234) |
Income tax benefit | (5,272) | (2,427) |
Net loss from continuing operations | (10,622) | (1,807) |
Income (loss) from discontinued operations before income taxes | (369) | 3,099 |
Income tax provision (benefit) | (79) | 1,078 |
Income (loss) from discontinued operations, net of tax | (290) | 2,021 |
Net income (loss) available to common shareholders | $ (10,912) | $ 214 |
Net loss per share from continuing operations - basic | $ (0.28) | $ (0.05) |
Net income (loss) per share from discontinued operations - basic | (0.01) | 0.05 |
Net loss per share - basic (in dollars per share) | (0.29) | |
Net loss per share from continuing operations - diluted | (0.28) | (0.05) |
Net income (loss) per share from discontinued operations - diluted | (0.01) | $ 0.05 |
Net loss per share - diluted (in dollars per share) | $ (0.29) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Other comprehensive income (loss) net of reclassifications into net income: | $ (10,912) | $ 214 |
Other comprehensive income (loss) | ||
Change in net unrealized gain during the period | 11,373 | 4,522 |
Reclassification adjustments for losses included in income | (2,026) | (80) |
Reclassification adjustments for foreign currency translation (gains)/losses | 335 | (552) |
Amortization of losses previously held as available-for-sale | 8 | 28 |
Net unrealized gain | 9,690 | 3,918 |
Deferred tax expense | ||
Change in net unrealized gain during the period | 4,550 | 1,583 |
Reclassification adjustments for losses included in income | (810) | (28) |
Amortization of losses previously held as available-for-sale | 3 | 10 |
Income tax expense (benefit) related to items of other comprehensive income | 3,743 | 1,565 |
Other comprehensive income net of tax and reclassifications into net income | 5,947 | 2,353 |
Comprehensive income (loss) | $ (4,965) | $ 2,567 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earning (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance at Dec. 31, 2015 | $ 37,861 | $ (866) | $ 300,549 | $ (15,449) | $ (2,094) | $ 320,001 |
Balance (in shares) at Dec. 31, 2015 | 37,861,218 | |||||
Net income (loss) available to common shareholders | (10,912) | (10,912) | ||||
Common stock issued as restricted shares, net of tax benefits | $ 84 | (84) | ||||
Common stock issued as restricted shares, net of tax benefits (in shares) | 83,935 | |||||
Stock-based compensation | 553 | 553 | ||||
Other comprehensive income net of reclassification adjustments and tax | 5,947 | 5,947 | ||||
Balance at Mar. 31, 2016 | $ 37,945 | $ (866) | $ 301,018 | $ (26,361) | $ 3,853 | $ 315,589 |
Balance (in shares) at Mar. 31, 2016 | 37,945,153 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities | ||
Net loss from continuing operations | $ (10,622) | $ (1,807) |
Net income (loss) from discontinued operations | (290) | 2,021 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 1,533 | 1,499 |
Provision for loan and lease losses | 665 | |
Net amortization of investment securities discounts/premiums | 2,057 | 3,573 |
Stock-based compensation expense | 553 | 464 |
Loans originated for sale | (75,313) | (125,923) |
Sale of loans originated for resale | 250,223 | 104,859 |
Loss (gain)on sales of loans originated for resale | 1,433 | (1,676) |
Gain on sale of fixed assets | (6) | (2) |
Fair value adjustment on investment in unconsolidated entity | 179 | |
Gain on sale of investment securities | (2,026) | (80) |
Decrease (increase) in accrued interest receivable | 299 | (39) |
(Increase) decrease in other assets | (2,873) | 1,203 |
Decrease (increase) in discontinued assets held for sale | 2,223 | (20,392) |
Increase in other liabilities | 34,363 | 297 |
Net cash provided by (used in) operating activities | 201,733 | (35,338) |
Investing activities | ||
Purchase of investment securities available-for-sale | (292,345) | (30,401) |
Proceeds from sale of investment securities available-for-sale | 78,971 | 35,226 |
Proceeds from redemptions and prepayments of securities held-to-maturity | 28 | 89 |
Proceeds from redemptions and prepayments of securities available-for-sale | 40,053 | 47,140 |
Net (increase) decrease in loans | (35,998) | 3,632 |
Net decrease in discontinued loans held for sale | 45,138 | 65,747 |
Proceeds from sale of fixed assets | 8 | 144 |
Purchases of premises and equipment | (1,302) | (2,805) |
Investment in unconsolidated entity | 1,130 | 2,812 |
Net cash provided by (used in) investing activities | (164,317) | 121,584 |
Financing activities | ||
Net decrease in deposits | (415,801) | (129,740) |
Net decrease in securities sold under agreements to repurchase | (254) | (11,455) |
Net cash used in financing activities | (416,055) | (141,195) |
Net decrease in cash and cash equivalents | (378,639) | (54,949) |
Cash and cash equivalents, beginning of period | 1,155,162 | 1,114,235 |
Cash and cash equivalents, end of period | 776,523 | 1,059,286 |
Supplemental disclosure: | ||
Interest paid | 3,268 | $ 3,129 |
Taxes paid | $ 141 |
Structure Of Company
Structure Of Company | 3 Months Ended |
Mar. 31, 2016 | |
Structure Of Company [Abstract] | |
Structure Of Company | N ote 1. Structure of Company The Bancorp, Inc. (the Company) is a Delaware corporation and a registered financial holding company . Its primary subsidiary is The Bancorp Bank (the Bank) which is wholly owned by the Company . The Bank is a Delaware chartered comme r cial bank located in Wilmington, Delaware and is a Federal Deposit Insurance Corporation (FDIC) insured institution. In its continuing operations, the Bank has four primary lines of specialty lending: securit ies backed lines of credit (SBLOC), leasing, Small Business Administration (SBA) loans and loans generated for sale into capital markets primarily through commercial mortgage backed securities (CMBS). Through the Bank, the Company also provides banking services nationally, which include prepaid cards, private label banking, institutional banking, card payment and other payment processing. European operations are comprised of three operational service subsidiaries, Transact Payment Services Group Limited, Transact Payment Services Limited and Transact Payment Services Group-Bulgaria EOOD and one subsidiary, Transact Payments Limited, which offer prepaid card and electronic money issuing services. The Company and the Bank are subject to regulation by certain state and federal agencies and, accordingly, they are examined periodically by those regulatory authorities. As a consequence of the extensive regulation of commercial banking activities, the Company’s and the Bank’s businesses may be affected by state and federal legislation and regulations . |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation The financial statements of the Company, as of March 31, 2016 and for the three month periods ended March 31, 2016 and 2015, are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. However, in the opinion of management, these interim financial statements include all necessary adjustments to fairly present the results of the interim periods presented. The unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (Form 10-K report). The results of operations for the three month period ended March 31, 2016 may not necessarily be indicative of the results of operations for the full year ending December 31, 2016. |
Share-based Compensation
Share-based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation [Abstract] | |
Share-based Compensation | Note 3. Share-based Compensation The Company recognizes compensation expense for stock options in accordance with Financial Accounting Standards Board ( FASB ) Accounting Standards Codification ( ASC ) 718, “ Stock Based Compensation ” . The expense of the option is generally measured at fair value at the grant date with compensation expense recognized over the service period, which is usually the vesting period. For grants subject to a service condition, the Company utilizes the Black-Scholes option-pricing model to estimate the fair value of each option on the date of grant. The Black-Scholes model takes into consideration the exercise price and expected life of the options, the current price of the underlying stock and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Company’s estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. In accordance with ASC 718, the Company estimates the number of options for which the requisite service is expected to be rendered . At March 3 1 , 201 6 , the Company ha d three s tock-based compensation plans, which are described in its Annual Report on Form 10-K for the year ended December 31, 2015 . The Company did no t grant stock options during the three month period s ended March 31, 2016 or March 31, 2015. There were no common sto ck options exercised in the three month period s ended March 31, 2016 or March 31, 2015. 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 Outstanding at January 1, 2016 1,977,500 $ 8.58 5.47 $ - Granted - - - - Exercised - - - - Expired (1,000) 20.98 - - Forfeited - - - - Outstanding at March 31, 2016 1,976,500 $ 8.58 5.22 $ - Exercisable at March 31, 2016 1,901,500 $ 8.52 5.13 $ - The Company granted 489,000 restricted stock units (RSUs) in the first three months of 2016 of which 320,000 RSUs have a vesting period of three year s and 169,000 have a vesting period of one year. All 489,000 RSUs have a fair value of $4.50 . The Company granted 86,992 RSUs with a vesting period of two years at a fair value of $9.11 in the first three months of 2015. The total fair value of RSUs vested for the three months ended M arch 31, 2016 and 2015 was $829,000 and $430,000 , respectively. A summary of the status of the Company’s RSUs is presented below. Average Weighted- remaining average contractual grant date term Shares fair value (years) Outstanding at January 1, 2016 168,045 $ 9.88 1.12 Shares - - - Granted 489,000 4.50 2.14 Vested (83,935) 9.88 - Forfeited - - - Outstanding at March 31, 2016 573,110 1.96 As of March 31, 2016 , there was a total of $3.0 million of unrecognized compensation cost related to unvested awards under share-based plans. This cost is expected to be recognized over a weighted average period o f approximately 1.6 y ear s. Related compensation expense for the three months ended March 31, 2016 and 2015 was $55 3 ,000 a nd $464,000 , r espectively . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 4. Earnings Per Share The Company calculates earnings per share under ASC 260, “Earnings Per Share”. Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. The following tables show the Company’s earnings per share for the periods presented: For the three months ended March 31, 2016 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic loss per share from continuing operations Net loss available to common shareholders $ (10,622) 37,804,741 $ (0.28) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (10,622) 37,804,741 $ (0.28) For the three months ended March 31, 2016 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic loss per share from discontinued operations Net loss available to common shareholders $ (290) 37,804,741 $ (0.01) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (290) 37,804,741 $ (0.01) For the three months ended March 31, 2016 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic loss per share Net loss available to common shareholders $ (10,912) 37,804,741 $ (0.29) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (10,912) 37,804,741 $ (0.29) Stock options for 1,976,5 00 shares, exercisable at prices between $7.36 and $25.43 per share, were outstanding at March 31, 2016, but were not included in the dilutive shares because the Company had a net loss available to common shareholders. For the three months ended March 31, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic loss per share from continuing operations Net loss available to common shareholders $ (1,807) 37,745,619 $ (0.05) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (1,807) 37,745,619 $ (0.05) For the three months ended March 31, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from continuing operations Net income available to common shareholders $ 2,021 37,745,619 $ 0.05 Effect of dilutive securities Common stock options - 312,782 - Diluted income per share Net income available to common shareholders $ 2,021 38,058,401 $ 0.05 For the three months ended March 31, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share Net income available to common shareholders $ 214 37,745,619 $ - Effect of dilutive securities Common stock options - 312,782 - Diluted earnings per share Net income available to common shareholders $ 214 38,058,401 $ - Stock options for 892,000 shares, exercisable at prices between $9.58 and $25.43 per share, were outstanding at March 31, 2015 but were not included in dilutive shares because the exercise price per share was greater than the average market price. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investment Securities [Abstract] | |
Investment Securities | Note 5. Investment Securities The amortized cost, gross unrealized gains and losses, and fair values of the Company’s investment securities classified as available-for-sale and held-to-maturity at March 31 , 201 6 and December 31, 201 5 are summarized as follows (in thousands): Available-for-sale March 31, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 27,604 $ 147 $ (42) $ 27,709 Federally insured student loan securities 116,871 - (3,789) 113,082 Tax-exempt obligations of states and political subdivisions 59,939 454 (34) 60,359 Taxable obligations of states and political subdivisions 88,810 4,353 - 93,163 Residential mortgage-backed securities 534,700 6,399 (1,217) 539,882 Commercial mortgage-backed securities 67,355 351 (493) 67,213 Collateralized loan obligation securities 195,065 280 (222) 195,123 Foreign debt securities 48,586 415 (70) 48,931 Corporate and other debt securities 105,975 1,499 (182) 107,292 $ 1,244,905 $ 13,898 $ (6,049) $ 1,252,754 Held-to-maturity March 31, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 17,948 $ 478 $ (3,419) $ 15,007 Other debt securities - pooled 75,602 906 (17) 76,491 $ 93,550 $ 1,384 $ (3,436) $ 91,498 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 Collateralized 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 Investments in Federal Home Loan Bank and Atlantic Community Bancshares stock are recorded at cost and amounted to $1.1 million at March 31 , 201 6 and December 31, 201 5 . The amortized cost and fair value of the Company’s investment securities at March 31, 2016 , by contractual maturity , are shown below (in thousands). Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-sale Held-to-maturity Amortized Fair Amortized Fair cost value cost value Due before one year $ 68,298 $ 68,351 $ - $ - Due after one year through five years 213,082 214,504 7,015 7,400 Due after five years through ten years 468,106 471,849 - - Due after ten years 495,419 498,050 86,535 84,098 $ 1,244,905 $ 1,252,754 $ 93,550 $ 91,498 At March 31, 2016 and December 31, 201 5 , investment securities with a book value of approximately $529.3 million and $472.3 million , respectively, were pledged as collateral to Federal Home Loan Bank advances and to secure securities sold under repurchase agreements as required or permitted by law. Fair value of a vailable-for-sale securities is based on the fair market value supplied by a third-party market data provider while the fair value of held-to-maturity securities is based on the present value of cash flows, which discounts expected cash flows from principal and interest using yield to maturity at the measurement date. The Company periodically reviews its investment portfolio to determine whether unrealized losses are other than temporary, based on an evaluations of the creditworthiness of the issuers/guarantors as well as the underlying collateral if applicable, in addition to the continuing performance of the securities. The amount of the credit impairment i s calculated by estimating the discounted cash flows for those securities. The Company did no t recognize any other-than-temporary impairment charges in the first three months of 2016. The table below indicates the length of time individual securities had been in a continuous unrealized loss position at March 31 , 201 6 (dollars in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities U.S. Government agency securities 3 $ 10,879 $ (42) $ - $ - $ 10,879 $ (42) Federally insured student loan securities 20 58,522 (1,667) 54,560 (2,122) 113,082 (3,789) Tax-exempt obligations of states and political subdivisions 30 11,353 (5) 6,891 (29) 18,244 (34) Residential mortgage-backed securities 53 151,221 (729) 38,867 (488) 190,088 (1,217) Commercial mortgage-backed securities 33 34,149 (316) 8,475 (177) 42,624 (493) Collateralized loan obligation securities 7 85,103 (222) - - 85,103 (222) Foreign debt securities 16 7,837 (56) 2,694 (14) 10,531 (70) Corporate and other debt securities 29 15,183 (144) 3,469 (38) 18,652 (182) Total temporarily impaired investment securities 191 $ 374,247 $ (3,181) $ 114,956 $ (2,868) $ 489,203 $ (6,049) 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 Corporate and other debt securities: Single issuers 1 $ - $ - $ 5,607 $ (3,419) $ 5,607 $ (3,419) Pooled 1 25,563 (17) - - 25,563 (17) Total temporarily impaired investment securities 2 $ 25,563 $ (17) $ 5,607 $ (3,419) $ 31,170 $ (3,436) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2015 (dollars in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities 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) Collateralized 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 Corporate and other debt 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) Other securities included in the held - to - maturity classification at March 31, 2016 consisted of three securities secured by diversified portfolios of corporate securities, one bank senior note, two single-issuer trust preferred securities and one pooled trust preferred security. A total of $1 7.9 million of other debt securities - single issuers is comprised of the following: (i) amortized cost of the two single-issuer trust preferred securities of $10.9 million, of which one security for $1.9 million was issued by a bank and one security for $9.0 million was issued by an insurance company; and (ii) the book value of a bank senior note of $7.0 million. A total of $75.6 million of other debt securities - pooled is comprised of the following: (i) one pooled trust preferred security for $22,000 , which was collateralized by bank trust preferred securities; and (ii) three securities consisting of diversified portfolios of corporate securities with a book value of $75.6 million. The following table provides additional information related to the Company’s single issuer trust preferred securities as of March 31 , 201 6 (in thousands): Single issuer Book value Fair value Unrealized gain/(loss) Credit rating Security A $ 1,906 $ 2,000 $ 94 Not rated Security B 9,027 5,607 (3,420) Not rated Class: All of the above are trust preferred securities. The following table provides additional information related to the Company’s pooled trust preferred securities as of March 31, 2016: Pooled issue Class Book value Fair value Unrealized gain Credit rating Excess subordination Pool A (7 performing issuers) Mezzanine $ 22 $ 22 $ - CAA1 * * There is no excess subordination for these securities. The Company has evaluated the securities in the above tables and has concluded that none of these securities has impairment that is other-than-temporary. The Company evaluates whether a credit impairment exists by considering primarily the following factors: (a) the length of time and extent to which the fair value has been less than the amortized cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on contractually obligated interest and principal payments, (d) changes in the financial condition of the security’s underlying collateral and (e) the payment structure of the security. The Company’s best estimate of expected future cash flows , which is used to determine the credit loss amount , is a quantitative and qualitative process that incorporates information received from third-party sources along with internal assumptions and judgments regarding the future performance of the security. The Company concluded that most of the securities that are in an unrealized loss position are in a loss position because of changes in market interest rates after the securities were purchased. S ecurities that have been in an unrealized loss position for 12 months or longer include other securities whose market values are sensitive to market interest rates and changes in credit quality. The Company’s unrealized loss for other of the debt securities, which include three single issuer trust preferred securities and one pooled trust preferred securit y , is primarily related to general market conditions , including a lack of liquidity in the market. The severity of the temporary impairments in relation to the carrying amounts of the individual investments is consistent with market developments. The Company’s analysis for each investment is performed at the security level. As a result of its review, the Company concluded that other-than-temporary impairment did not exist due to the Company’s ability and intention to hold these securities to recover their amortized cost basis. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2016 | |
Loans [Abstract] | |
Loans | Note 6. Loans The Company has several lending lines of business including SBA loans, direct lease financing, SBLOC and other specialty and consumer lending. The Company also originates loans for sale to other financial institutions which issue commercial mortgage backed securities or to secondary government guaranteed loan markets. These sales are accounted for as true sales and there is no continuing involvement in these loans after the sale. Servicing rights on these loans are not retained. The Company has elected fair value treatment for these loans to better reflect the economics of the transactions. At March 31, 2016, the fair value of these loans held for sale was $313.6 million and the unpaid principal balance was $303.5 million. Included in the loss on sale of loans in the Statement of Operations were gains recognized from changes in fair value of $4.2 million for the three months ended March 31, 2016. There were no changes in fair value related to credit risk. Interest earned on loans held for sale during the period held are recorded in Interest Income-Loans, including fees on the Statement of Operations. The Company analyzes credit risk prior to making loans on an individual loan basis. The Company considers relevant aspects of the borrowers’ financial position and cash flow, past borrower performance, management’s knowledge of market conditions, collateral and the ratio of loan amounts to estimated collateral value in making its credit determinations. Major classifications of loans, excluding loans held for sale, are as follows (in thousands): March 31, December 31, 2016 2015 SBA non real estate $ 71,220 $ 68,887 SBA commercial mortgage 120,415 114,029 SBA construction 9,736 6,977 SBA loans * 201,371 189,893 Direct lease financing 240,670 231,514 SBLOC 592,656 575,948 Other specialty lending 48,153 48,315 Other consumer loans 21,782 23,180 1,104,632 1,068,850 Unamortized loan fees and costs 9,421 9,227 Total loans, net of deferred loan costs $ 1,114,053 $ 1,078,077 Included in the table above are demand deposit overdrafts reclassified as loan balances totaling $2.3 million and $2.8 million at March 31, 2016 and December 31, 2015 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 hel d for sale for the period indic ated (in thousands): March 31, December 31, 2016 2015 SBA loans, including deferred fees and costs $ 209,605 $ 197,966 SBA loans included in held for sale 125,315 109,174 Total SBA loans $ 334,920 $ 307,140 The following table provides information about impaired loans at March 31 , 201 6 and December 31, 201 5 (in thousands): Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized March 31, 2016 Without an allowance recorded SBA non real estate $ 262 $ 262 $ - $ 262 $ - Consumer - other 326 326 - 328 - Consumer - home equity 1,002 1,102 - 685 - With an allowance recorded - SBA non real estate 546 546 121 593 - Consumer - other - - - - - Consumer - home equity 263 263 44 545 - Total SBA non real estate 808 808 121 855 - Consumer - other 326 326 - 328 - Consumer - home equity 1,265 1,365 44 1,230 - 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 - The following tables summarize the Company’s non-accrual loans, loans past due 90 days and still accruing and other real estate owned for the periods indicated (the Company had no non-accrual leases at March 31 , 201 6 or December 31, 201 5 (in thousands) : March 31, December 31, 2016 2015 Non-accrual loans SBA non real estate $ 643 $ 733 Consumer 1,265 1,194 Total non-accrual loans 1,908 1,927 Loans past due 90 days or more 787 403 Total non-performing loans 2,695 2,330 Other real estate owned - - Total non-performing assets $ 2,695 $ 2,330 The Company’s loans that were modified as of March 31 , 201 6 and December 31, 201 5 and considered troubled debt restructurings are as follows ( dollars in thousands): March 31, 2016 December 31, 2015 Number Pre-modification recorded investment Post-modification recorded investment Number Pre-modification recorded investment Post-modification recorded investment SBA non real estate 2 $ 427 $ 427 1 $ 171 $ 171 Consumer 2 430 430 2 434 434 Total 4 $ 857 $ 857 3 $ 605 $ 605 The balances below provide information as to how the loans were modified as troubled debt restructurings loans as of March 31 , 201 6 and December 31, 201 5 (in thousands): March 31, 2016 December 31, 2015 Adjusted interest rate Extended maturity Combined rate and maturity Adjusted interest rate Extended maturity Combined rate and maturity SBA non real estate $ - $ 164 $ 262 $ - $ 171 $ - Consumer - 326 105 - 330 104 Total $ - $ 490 $ 367 $ - $ 501 $ 104 There were no loans that had been restructured within the last 12 months that have subsequently defaulted as of March 31, 2016. As of March 31, 201 6 and December 31, 201 5 , the Company ha d no commitments to lend additional funds to loan customers whose loan terms have been modified in troubled debt restructurings. A detail of the changes in the allowance for loan and lease losses by loan category is as follows (in thousands): SBA non real estate SBA commercial mortgage SBA construction Direct lease financing SBLOC Other specialty lending Other consumer loans Unallocated Total March 31, 2016 Beginning balance $ 844 $ 408 $ 48 $ 1,022 $ 762 $ 199 $ 936 $ 181 $ 4,400 Charge-offs - - - (20) - - (12) - (32) Recoveries - - - 6 - - 4 - 10 Provision (credit) 78 302 37 (174) (169) (69) (1) (4) - Ending balance $ 922 $ 710 $ 85 $ 834 $ 593 $ 130 $ 927 $ 177 $ 4,378 Ending balance: Individually evaluated for impairment $ 121 $ - $ - $ - $ - $ - $ 44 $ - $ 165 Ending balance: Collectively evaluated for impairment $ 801 $ 710 $ 85 $ 834 $ 593 $ 130 $ 883 $ 177 $ 4,213 Loans: Ending balance $ 71,220 $ 120,415 $ 9,736 $ 240,670 $ 592,656 $ 48,153 $ 21,782 $ 9,421 $ 1,114,053 Ending balance: Individually evaluated for impairment $ 808 $ - $ - $ - $ - $ - $ 1,591 $ - $ 2,399 Ending balance: Collectively evaluated for impairment $ 70,412 $ 120,415 $ 9,736 $ 240,670 $ 592,656 $ 48,153 $ 20,191 $ 9,421 $ 1,111,654 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 March 31, 2015 Beginning balance $ 385 $ 461 $ 114 $ 836 $ 562 $ 66 $ 1,181 $ 33 3,638 Charge-offs (9) - - - - - (52) - (61) Recoveries - - - - - - 1 - 1 Provision (credit) 517 (167) (40) 236 28 (65) 97 59 665 Ending balance $ 893 $ 294 $ 74 $ 1,072 $ 590 $ 1 $ 1,227 $ 92 $ 4,243 Ending balance: Individually evaluated for impairment $ 280 $ - $ - $ - $ - $ - $ 439 $ - $ 719 Ending balance: Collectively evaluated for impairment $ 613 $ 294 $ 74 $ 1,072 $ 590 $ 1 $ 788 $ 92 $ 3,524 Loans: Ending balance $ 62,385 $ 84,430 $ 15,181 $ 220,559 $ 447,649 $ 1,862 $ 30,120 $ 8,715 $ 870,901 Ending balance: Individually evaluated for impairment $ 1,307 $ - $ - $ - $ - $ - $ 2,969 $ - $ 4,276 Ending balance: Collectively evaluated for impairment $ 61,078 $ 84,430 $ 15,181 $ 220,559 $ 447,649 $ 1,862 $ 27,151 $ 8,715 $ 866,625 The Company did no t have loans acquired with deteriorated credit quality at either March 31 , 201 6 or December 31, 201 5 . A detail of the Company’s delinquent loans by loan category is as follows (in thousands): 30-59 Days 60-89 Days Greater than Total Total March 31, 2016 past due past due 90 days Non-accrual past due Current loans SBA non real estate $ - $ - $ - $ 643 $ 643 $ 70,577 $ 71,220 SBA commercial mortgage - - - - - 120,415 120,415 SBA construction - - - - - 9,736 9,736 Direct lease financing 2,360 510 786 - 3,656 237,014 240,670 SBLOC - - - - - 592,656 592,656 Other specialty lending - - - - - 48,153 48,153 Consumer - other - 10 1 - 11 6,328 6,339 Consumer - home equity 294 1,099 - 1,265 2,658 12,785 15,443 Unamortized loan fees and costs - - - - - 9,421 9,421 $ 2,654 $ 1,619 $ 787 $ 1,908 $ 6,968 $ 1,107,085 $ 1,114,053 30-59 Days 60-89 Days Greater than Total Total December 31, 2015 past due past due 90 days Non-accrual past due Current 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 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): March 31, 2016 Pass Special mention Substandard Doubtful Loss Unrated subject to review * Unrated not subject to review * Total loans SBA non real estate $ 55,815 $ - $ 1,188 $ - $ - $ 12,766 $ 1,451 $ 71,220 SBA commercial mortgage 93,998 - - - - 8,088 18,329 120,415 SBA construction 9,349 - - - - 387 - 9,736 Direct lease financing 96,813 - 752 - - 21,653 121,452 240,670 SBLOC 223,417 - - - - 10,795 358,444 592,656 Other specialty lending 46,479 - - - - - 1,674 48,153 Consumer 9,964 - 4,177 - - - 7,641 21,782 Unamortized loan fees and costs - - - - - - 9,421 9,421 $ 535,835 $ - $ 6,117 $ - $ - $ 53,689 $ 518,412 $ 1,114,053 December 31, 2015 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 * For information on targeted loan review thresholds see “Allowance for Loan Losses” |
Transactions with Affiliates
Transactions with Affiliates | 3 Months Ended |
Mar. 31, 2016 | |
Transactions with Affiliates [Abstract] | |
Transactions with Affiliates | N ote 7. Transactions with Affiliates The Company entered into a space sharing agreement for office space in New York, New York with Resource America , Inc. commencing in September 2011 which terminated January 31, 2015 . The C ompany pa id only its proportionate share of the lease rate to a lessor which wa s an unrelated third party. The Chairman of the Board of Resource America, Inc . is the father of the Chairman of the Board and the spouse of the former Chief Executive Officer of the Company. The Chief Executive Officer of Resource America , Inc. is the brother of the Chairman of the Board and the son of the former Chief Executive Officer of the Company. Rent expense wa s 50% of the fixed rent, real estate tax and the base expense charges. Rent expense was $0 and $9,000 for the three months ended March 31 , 2016 and 201 5, respectively . The Company entered into a space sharing agreement for office space in New York, New York with Atlas Energy, L.P. commencing in May 2012. This agreement expired in May 2015. The C ompany pa id only its proportionate share of the lease rate to a lessor which wa s an unrelated third party. The Chairman of the Board of the general partner of Atlas Energy, L.P. is the brother of the Chairman of the Board and the son of the former Chief Executive Officer of the Company. The Chief Executive Officer and President of Atlas Energy, L.P. is the father of the Chairman of the Board and the spouse of the former Chief Executive Officer of the Company. Rent expense was 50% of the fixed rent, real estate tax payment and the base expense charges. Rent expense was $0 and $ 26 ,000 for the three months ended March 3 1 , 201 6 and 201 5, respectively . The Bank maintains deposits for various affiliated companies totaling approximately $16.1 million and $33.4 million as of March 31 , 201 6 and December 31, 201 5 , respectively. The Bank has entered into lending transactions in the ordinary course of business with directors, executive officers, principal stockholders and affiliates of such persons on the same terms as those prevailing for comparable transactions with other borrowers. All loans were made on substantially the same terms, including interest rate and collateral, as those prevailing at the time for comparable loans with persons not related to the lender. At March 31 , 201 6 , these loans were current as to principal and interest payments and did not involve more than normal risk of collectability. Loans to these related parties included in Loans, net of deferred loan fees and costs, amounted to $1.5 million at March 31, 2016 and $1.8 million at December 31, 2015. The Bank periodically purchases securities under agreements to resell and engages in other securities transactions as follows. The Company executed 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. T he Company purchase d securities under agreements to resell through JVB primarily consisting of G.N.M.A. certific ates which are full faith and credit obligations of the United States government issued at competitive rates. JVB was in compliance with all of the terms of the agreements at March 31, 2016 and had complied with all terms for all prior repurchase agreements. There were $10.2 million of repurchase transactions outstanding at March 31, 2016 and none outstanding at December 31, 201 5. 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 act s 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 consulting 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. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 8. Fair Value Measurements ASC 825, ” Financial Instruments ” , requires disclosure of the estimated fair value of an entity’s assets and liabilities considered to be financial instruments. For the Company, as for most financial institutions, the majority of its assets and liabilities are considered to be financial instruments. However, many of such instruments lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. Also, it is the Company’s general practice and intent to hold its financial instruments to maturity whether or not categorized as “available-for-sale” and not to engage in trading or sales activities, except for the sale of commercial loans to secondary markets . For fair value disclosure purposes, the Company utilized certain value measurement criteria required under the ASC 820, Fair Value Measurements and Disclosures . 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 $776.5 million and $1.16 billion as of March 31, 2016 and December 31, 201 5 , respectively, which approximated fair values. The estimated fair values of investment securities are based on quoted market prices, if available, or estimated using a methodology based on management’s inputs. The fair values of the Company’s investment securities held-to-maturity and loans held for sale are based on using “unobservable inputs” that are the best information available in the circumstances. 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. FHLB and Atlantic Community Bancshares stock is held as required by those respective institutions and is carried at cost. Federal law requires a member institution of the FHLB to hold stock according to predetermined formulas. Atlantic Community Bancshares requires its correspondent banking institutions to hold stock as a condition of membership . Commercial loans held for sale have estimated fair values based upon market indications of the sales price of such loans from recent sales transactions. The net loan portfolio at March 31 , 201 6 and December 31, 201 5 has been valued using the present value of discounted cash flow where market prices were not available. The discount rate used in these calculations is the estimated current market rate adjusted for credit risk. Accrued interest receivable has a carrying value that approximates fair value 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, 2014-1 LLC (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 as of March 31, 201 6 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 . The estimated fair values of demand deposits ( comprising interest and non - interest 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 deposits 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 March 31, 201 6 , the carrying values approximate their fair values. The carrying amount of accrued interest payable approximates its fair value. The fair values of interest rate swaps are determined using models that use readily observable market inputs and a market standard methodology applied to the contractual terms of the derivatives, including the period to maturity and interest rate indices. The fair 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 The following tables provide information regarding carrying amounts and estimated fair values : March 31, 2016 Quoted prices in Significant other Significant active markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands) Investment securities available-for-sale $ 1,252,754 $ 1,252,754 $ - $ 1,252,754 $ - Investment securities held-to-maturity 93,550 91,498 7,599 - 83,899 Securities purchased under agreements to resell 10,208 10,208 10,208 - - Federal Home Loan and Atlantic Community Bancshares stock 1,063 1,063 - - 1,063 Commercial loans held for sale 313,595 313,595 - - 313,595 Loans, net of deferred loan fees and costs 1,114,053 1,107,860 - - 1,107,860 Investment in unconsolidated entity, senior note 165,509 165,509 - - 165,509 Investment in unconsolidated entity, subordinated note 11,702 11,702 - - 11,702 Assets held for sale 536,548 536,548 - - 536,548 Demand and interest checking 3,610,003 3,610,003 3,610,003 - - Savings and money market 388,953 388,953 388,953 - - Subordinated debentures 13,401 8,735 - - 8,735 Securities sold under agreements to repurchase 671 671 671 - - Interest rate swaps, liability 3,763 3,763 - 3,763 - December 31, 2015 Quoted prices in Significant other Significant active markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands) Investment securities available-for-sale $ 1,070,098 $ 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 Community Bancshares stock 1,062 1,062 - - 1,062 Commercial loans held for sale 489,938 489,938 - - 489,938 Loans, net of deferred loan fees and costs 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 - The assets and liabilities measured at fair value on a recurring basis, segregated by fair value hierarch, 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 March 31, 2016 (Level 1) (Level 2) (Level 3) Investment securities available for sale U.S. Government agency securities $ 27,709 $ - $ 27,709 $ - Federally insured student loan securities 113,082 - 113,082 - Obligations of states and political subdivisions 153,522 - 153,522 - Residential mortgage-backed securities 539,882 - 539,882 - Commercial mortgage-backed securities 67,213 - 67,213 - Collateralized loan obligation securities 195,123 - 195,123 - Foreign debt securities 48,931 - 48,931 - Other debt securities 107,292 - 107,292 - Total investment securities available for sale 1,252,754 - 1,252,754 - Loans held for sale 313,595 - - 313,595 Investment in unconsolidated entity, senior note 165,509 - - 165,509 Investment in unconsolidated entity, subordinated note 11,702 - - 11,702 Assets held for sale 536,548 - - 536,548 Interest rate swaps, liability 3,763 - 3,763 - $ 2,276,345 $ - $ 1,248,991 $ 1,027,354 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 - Collateralized 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 Assets held for sale 583,909 - - 583,909 Interest rate swaps, asset 43 - 43 - $ 2,322,508 $ - $ 1,070,141 $ 1,252,367 In addition, ASC 820, “ Fair Value Measurements and Disclosures ” , establishes a common definition for fair value to be applied to assets and liabilities. It clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a framework for measuring fair value and expands disclosures concerning fair value measurements. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Level 1 valuation is based on quoted market prices for identical assets or liabilities to which the Company has access at the measurement date. Level 2 valuation is based on other observable inputs for the asset or liability, either directly or indirectly. This includes quoted prices for similar assets in active or inactive markets, inputs other than quoted prices that are observable for the asset or liability such as yield curves, volatilities, prepayment speeds, credit risks, default rates, or inputs that are derived principally from, or corroborated through, observable market data by market-corroborated reports. Level 3 valuation is based on “unobservable inputs” which the Company believes is the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The changes in the Company’s Level 3 assets measured at fair value on a recurring basis, segregated by fair value hierarchy level, are summarized below (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-sale Commercial loans securities held for sale March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Beginning balance $ - $ 1,366 $ 489,938 $ 217,080 Transfers into level 3 - - - - Transfers out of level 3 - - - - Total gains or losses (realized/unrealized) Included in earnings - (23) 4,157 1,677 Included in other comprehensive income - - - - Purchases, issuances, and settlements Purchases - - - - Issuances - - 75,313 681,526 Sales - (1,343) (255,813) (410,345) Settlements - - - - Ending balance $ - $ - $ 313,595 $ 489,938 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. $ - $ - $ 4,094 $ 4,321 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in unconsolidated entity March 31, 2016 December 31, 2015 Beginning balance $ 178,520 $ 193,595 Transfers into level 3 - - Transfers out of level 3 - - Total gains or losses (realized/unrealized) Included in earnings (179) (2,430) Included in other comprehensive income - - Purchases, issuances, and settlements Purchases - - Issuances - - Sales - - Settlements (1,130) (12,645) Ending balance $ 177,211 $ 178,520 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. $ (179) $ (2,430) Assets measured at fair value on a nonrecurring basis, segregated by fair value hierarchy, during the periods shown are summarized below (in thousands): Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs * Description March 31, 2016 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 2,399 $ - $ - $ 2,399 Intangible assets 4,672 - - 4,672 $ 7,071 $ - $ - $ 7,071 Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs * Description December 31, 2015 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 2,428 $ - $ - 2,428 Intangible assets 4,929 - - 4,929 $ 7,357 $ - $ - $ 7,357 * The method of valuation approach for the impaired loans was the market value approach based upon appraisals of the underlying collateral by external appraisers, reduced by 7 - 10% for estimated selling costs. Intangible assets are valued based upon internal analyses. At March 31, 2016 , impaired loans that are measured based on the value of underlying collateral have been presented at their fair value, less costs to sell, are $2.4 million through specific reserves and other write downs of $165,000 or by recording charge-offs when the carrying value exceeds the fair value. Included in the impaired balance at March 31, 2016 were troubled debt restructured loans with a balance of $857,000 which had specific reserves of $41,000 . 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 | 3 Months Ended |
Mar. 31, 2016 | |
Derivatives [Abstract] | |
Derivatives | Note 9. Derivatives The Company utilizes derivative instruments to assist in the management of interest rate sensitivity by modifying the repricing, maturity and option characteristics on commercial real estate loans held for sale. These instruments are not accounted for as hedges. As of March 31, 2016, the Company had entered into twenty interest rate swap agreements with an aggregate notional amount of $ 96.5 million. These swap agreements provide for the Company to receive an adjustable rate of interest based upon the three-month London Interbank Offering Rate (LIBOR). The Company recorded a loss of $3.8 million f or the three months ended March 31, 2016 to recognize the fair value of the derivative instruments which is reported in gain (loss) on sale of loans . The amount payable by the Company under these swap agreements was $4.2 million at March 31, 2016 which is reported in other liabilities . T he Company had minimum collateral posting thresholds with certain of its derivative counterparties and had posted cash collateral of $4.5 million as of March 31, 2016. The maturity dates, notional amounts, interest rates paid and received , and fair value of the Company’s remaining interest rate swap agreements as of March 31, 2016 are summarized below (in thousands): March 31, 2016 Maturity date Notional amount Interest rate paid Interest rate received Fair value August 17, 2025 $ 4,000 2.3% 0.62% $ (241) August 17, 2025 2,500 2.3% 0.62% (150) August 17, 2025 2,500 2.3% 0.62% (151) October 7, 2025 3,200 2.1% 0.62% (130) November 27, 2025 1,700 2.1% 0.64% (76) December 11, 2025 2,400 2.1% 0.63% (114) December 15, 2025 5,300 2.1% 0.63% (235) December 17, 2025 3,300 2.2% 0.64% (171) December 22, 2025 4,100 2.1% 0.62% (196) December 23, 2025 6,800 2.2% 0.62% (335) December 24, 2025 8,200 2.2% 0.63% (417) December 29, 2025 9,900 2.2% 0.63% (530) December 30, 2025 14,800 2.2% 0.63% (772) January 28, 2026 3,000 1.9% 0.62% (68) February 8, 2026 7,700 1.8% 0.62% (90) February 8, 2026 6,600 1.8% 0.62% (82) February 16, 2026 4,600 1.5% 0.62% 70 March 10, 2026 1,200 1.7% 0.64% (5) March 15, 2026 3,000 1.8% 0.63% (54) March 29, 2026 1,700 1.7% 0.63% (16) Total $ 96,500 $ (3,763) |
Other Identifiable Intangible A
Other Identifiable Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Other Identifiable Intangible Assets [Abstract] | |
Other Identifiable Intangible Assets | Note 10. Other Identifiable Intangible Assets On November 29, 2012 , the Company acquired certain software rights and personnel of a prepaid card program manager in Europe for approximately $1.8 million. With this acquisition , the Company expects to establish a European prepaid card presence. The Company allocated the majority of the $1.8 million acquisition cost to software used for its prepaid card business, with related services provided by its European data processing subsidiary. The software is being amortized over eight years. Amortization expense is $217,000 per year ($1.1 million over the next five years). The gross carrying amount of the software is $1.8 million and the accumulated amortization is $900,000 as of March 31, 2016 . 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 $1.0 million per year ($ 4.7 million over the next five years). The gross carrying amount of the customer list intangible is $12.0 million and as of March 31, 2016 the accumulated amortization was $8.2 million. For both 2016 and 2015, amortization expense for the first quarter was $250,000 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 1 1 . Recent Accounting Pronouncements 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 February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) Amendments to the Consolidation Analysis . This ASU changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity (“VIE”), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. It also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. This update is effective for annual and interim periods beginning after December 15, 2015 . 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. In January 2016, the FASB issued ASU 2016-11, Financial Instruments-Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities . This ASU revises an entity’s accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. 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. 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. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting. This ASU simplifies several areas of accounting for share based payment award transactions, including the income tax consequences, classification of awards as either equity or liabilities, and the classification on the statement of cash flows. For public companies, this is effective for annual periods beginning after December 15, 2016, and the interim periods within those annual periods. 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 . |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 1 2 . Regulatory Matters It is the policy of the Federal Reserve that financial holding companies should pay cash dividends on common stock only out of income available over the past year and only if prospective earnings retention is consistent with the organization’s expected future needs and financial condition. The policy provides that a financial holding company should not maintain a level of cash dividends that undermines the financial holding company’s ability to serve as a source of strength to its banking subsidiaries . Various federal and state statutory provisions limit the amount of dividends that subsidiary banks can pay to their holding companies without regulatory approval. Under Delaware banking law, the Bank’s directors may declare dividends on common or preferred stock of so much of its net profits as they judge expedient, but the Bank must, before the declaration of a dividend on common stock from net profits, carry 50% of its net profits from the preceding period for which the dividend is paid to its surplus fund until its surplus fund amounts to 50% of its capital stock and thereafter must carry 25% of its net profits for the preceding period for which the dividend is paid to its surplus fund until its surplus fund amounts to 100% of its capital stock. In addition to these explicit limitations, federal and state regulatory agencies are authorized to prohibit a banking subsidiary or financial holding company from engaging in an unsafe or unsound practice. Depending upon the circumstances, the agencies could take the position that paying a dividend would constitute an unsafe or unsound banking practice. In August, 2015, the Bank entered into an Amendment to a 2014 Consent Order with the FDIC pursuant to which the Bank may not pay dividends without prior FDIC approval. On May 11, 2015, the Company had received a Supervisory Letter pursuant to which the Company may not pay dividends without prior Federal Reserve approval. The Federal Reserve approved the payment of the interest on the Company’s trust preferred securities due March 15, 201 6 . Future payments are subject to future approval by the Federal Reserve. 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 . |
Legal
Legal | 3 Months Ended |
Mar. 31, 2016 | |
Legal [Abstract] | |
Legal | Note 13. Legal On July 17, 2014, a class action securities complaint captioned Fletcher v. The Bancorp Inc., et al ., was filed in the United States District Court for the District of Delaware. A consolidated version of that class action complaint was filed before the same court on January 23, 2015 on behalf of Lead Plaintiffs Arkansas Public Employees Retirement System and Arkansas Teacher Retirement System under the caption of In Re The Bancorp, Inc. Securities Litigation . On October 26, 2015, Lead Plaintiffs filed an amended consolidated complaint against Bancorp, Betsy Z. Cohen, Paul Frenkiel, Frank M. Mastrangelo and Jeremy Kuiper, which alleges that during a class period beginning January 26, 2011 through June 26, 2015, the defendants made materially false and/or misleading statements and/or failed to disclose that (i) Bancorp had wrongfully extended and modified problem loans and under-reserved for loan losses due to adverse loans, (ii) Bancorp’s operations and credit practices were in violation of the BSA, and (iii) as a result, Bancorp’s financial statements, press releases and public statements were materially false and misleading during the relevant period. The amended consolidated complaint further alleges that, as a result, the price of Bancorp’s common stock was artificially inflated and fell once the defendants’ misstatements and omissions were revealed, causing damage to the plaintiffs and the other members of the class. The complaint asks for an unspecified amount of damages, prejudgment and post-judgment interest and attorneys’ fees. This litigation is in its preliminary stages. 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 and a court ruling on the motion is pending. We have been advised by our counsel in the matter that reasonably possible losses cannot be estimated. We believe that the complaint is without merit and we intend to defend vigorously. In addition, we are a party to various routine legal proceedings arising out of the ordinary course of our business. Management believes that none of these actions, individually or in the aggregate, will have a material adverse effect on our financial condition or operations. |
Segment Financials
Segment Financials | 3 Months Ended |
Mar. 31, 2016 | |
Segment Financials [Abstract] | |
Segment Financials | Note 14. Segment Financials The Company performed a strategic evaluation of its businesses in the third quarter of 2014. As a result of the evaluation the Company decided to discontinue its commercial lending operations, as described in Note 15 , Discontinued Operations. The shift from a traditional bank balance sheet led the Company to evaluate its continuing operations . Based on the continuing operations of the Company, it was determined that there would be four segments of the business; specialty finance, payments, corporate and discontinued operations. Specialty finance includes commercial loan sales, SBA loans, leasing and SBLOCs and any deposits generated by those business lines. Payments include prepaid cards, merchant payments and healthcare accounts. The vast majority of the healthcare accounts were sold in fourth quarter 2015 and the balance of such accounts are in the process of being sold. Corporate includes the investment portfolio, corporate overhead and other non-allocated expenses. Investment income is allocated to the payments segment. These operating segments reflect the way the Company views its current operations. For the three months ended March 31, 2016 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 15,851 $ 1 $ 7,799 $ - $ 23,651 Interest allocation - 7,799 (7,799) - - Interest expense 684 1,871 540 - 3,095 Net interest income 15,167 5,929 (540) - 20,556 Provision for loan and lease losses - - - - - Non-interest income 282 16,350 2,056 - 18,688 Non-interest expense 14,655 35,901 4,582 - 55,138 Income (loss) from continuing operations before taxes 794 (13,622) (3,066) - (15,894) Income tax benefit - - (5,272) - (5,272) Income (loss) from continuing operations 794 (13,622) 2,206 - (10,622) Loss from discontinued operations - - - (290) (290) Net income (loss) $ 794 $ (13,622) $ 2,206 $ (290) $ (10,912) For the three months ended March 31, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 10,688 $ 10 $ 9,019 $ - $ 19,717 Interest allocation - 9,019 (9,019) - - Interest expense 1,212 1,790 200 - 3,203 Net interest income 9,476 7,239 (200) - 16,514 Provision for loan and lease losses 665 - - - 665 Non-interest income 4,012 16,739 26 - 20,777 Non-interest expense 10,449 25,979 4,433 - 40,860 Income (loss) from continuing operations before taxes 2,374 (2,001) (4,607) - (4,234) Income tax benefit - - (2,427) - (2,427) Income (loss) from continuing operations 2,374 (2,001) (2,180) - (1,807) Income from discontinued operations - - - 2,021 2,021 Net income (loss) $ 2,374 $ (2,001) $ (2,180) $ 2,021 $ 214 March 31, 2016 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,582,447 $ 36,984 $ 2,223,739 $ 536,548 $ 4,379,719 Total liabilities $ 535,429 $ 3,273,265 $ 255,436 $ - $ 4,064,130 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 |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Note 15. Discontinued Operations The Company performed a strategic evaluation of its businesses in the third quarter of 2014 and decided to discontinue its commercial lending operations to focus on its specialty finance lending. The loans which constitute the commercial loan portfolio are in the process of disposition. As such, financial results of the commercial lending operations are presented as separate from continuing operations on the consolidated statements of operations and assets of the commercial lending operations to be disposed are presented as assets held for sale on the consolidated balance sheets. The following table presents financial results of the commercial lending business included in net income (loss) from discontinued operations fo r the three months ended March 3 1 , 201 6 and 201 5 . For the three months ended March 31, 2016 2015 (in thousands) Interest income $ 5,819 $ 8,535 Interest expense - - Provision for loan and lease losses - - Net interest income after provision 5,819 8,535 Non interest income 52 48 Non interest expense 6,240 5,484 Income (loss) before taxes (369) 3,099 Income tax (benefit) provision (79) 1,078 Net income (loss) $ (290) $ 2,021 March 31, December 31, 2016 2015 (in thousands) Loans, net $ 523,611 $ 568,748 Other assets 12,938 15,161 Total assets $ 536,548 $ 583,909 Based upon an independent third party review, the Company marked the commercial lending portfolio in discontinued operations to lower of cost or market. The third party reviewed the majority of the credit portfolio and determined fair value for each specific loan that was reviewed. Based on that review, weighted average fair values were applied to the loans not specifically reviewed . The results of discontinued operations do not include any future severance payments. Of the approximately $1.1 billion in book value of loans in that portfolio as of the September 30, 2014 date of discontinuance of operations, $523.6 million of loans remain in assets held for sale on the balance sheet, reflecting related sales and paydowns. The Company is attempting to sell those remaining l o ans. Additionally, the balance sheet reflects $177.2 million in investment in unconsolidated entity , which is comprised of notes owned by the Company as a result of the sale of certain discontinued loans to Walnut Street, see Note 8, Fair Value Measurements . Various elements of the lower of cost of 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 2.77% -9.11% Small balance commercial loans Discounted cash flows Discount rate 3.16% -6.39% |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 1 6 . Subsequent Events The Company evaluated its March 3 1 , 201 6 financial statements for subsequent events through the date the fin ancial statements were issued. The Company is not aware of any subsequent events which would require recognition or disclosure in the financial statements, not otherwise disclosed herein. |
Significant Accounting Polici24
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation The financial statements of the Company, as of March 31, 2016 and for the three month periods ended March 31, 2016 and 2015, are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. However, in the opinion of management, these interim financial statements include all necessary adjustments to fairly present the results of the interim periods presented. The unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (Form 10-K report). The results of operations for the three month period ended March 31, 2016 may not necessarily be indicative of the results of operations for the full year ending December 31, 2016. |
Share-based Compensation (Table
Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation [Abstract] | |
Summary Of Status Of Company's Equity Compensation Plans | Weighted- average Weighted remaining average contractual Aggregate exercise term intrinsic Shares price (years) value Outstanding at January 1, 2016 1,977,500 $ 8.58 5.47 $ - Granted - - - - Exercised - - - - Expired (1,000) 20.98 - - Forfeited - - - - Outstanding at March 31, 2016 1,976,500 $ 8.58 5.22 $ - Exercisable at March 31, 2016 1,901,500 $ 8.52 5.13 $ - |
Summary Of Status Of Company's Restricted Stock Units | Average Weighted- remaining average contractual grant date term Shares fair value (years) Outstanding at January 1, 2016 168,045 $ 9.88 1.12 Shares - - - Granted 489,000 4.50 2.14 Vested (83,935) 9.88 - Forfeited - - - Outstanding at March 31, 2016 573,110 1.96 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | For the three months ended March 31, 2016 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic loss per share from continuing operations Net loss available to common shareholders $ (10,622) 37,804,741 $ (0.28) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (10,622) 37,804,741 $ (0.28) For the three months ended March 31, 2016 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic loss per share from discontinued operations Net loss available to common shareholders $ (290) 37,804,741 $ (0.01) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (290) 37,804,741 $ (0.01) For the three months ended March 31, 2016 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic loss per share Net loss available to common shareholders $ (10,912) 37,804,741 $ (0.29) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (10,912) 37,804,741 $ (0.29) Stock options for 1,976,5 00 shares, exercisable at prices between $7.36 and $25.43 per share, were outstanding at March 31, 2016, but were not included in the dilutive shares because the Company had a net loss available to common shareholders. For the three months ended March 31, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic loss per share from continuing operations Net loss available to common shareholders $ (1,807) 37,745,619 $ (0.05) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (1,807) 37,745,619 $ (0.05) For the three months ended March 31, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from continuing operations Net income available to common shareholders $ 2,021 37,745,619 $ 0.05 Effect of dilutive securities Common stock options - 312,782 - Diluted income per share Net income available to common shareholders $ 2,021 38,058,401 $ 0.05 For the three months ended March 31, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share Net income available to common shareholders $ 214 37,745,619 $ - Effect of dilutive securities Common stock options - 312,782 - Diluted earnings per share Net income available to common shareholders $ 214 38,058,401 $ - |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investment Securities [Abstract] | |
Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity | Available-for-sale March 31, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 27,604 $ 147 $ (42) $ 27,709 Federally insured student loan securities 116,871 - (3,789) 113,082 Tax-exempt obligations of states and political subdivisions 59,939 454 (34) 60,359 Taxable obligations of states and political subdivisions 88,810 4,353 - 93,163 Residential mortgage-backed securities 534,700 6,399 (1,217) 539,882 Commercial mortgage-backed securities 67,355 351 (493) 67,213 Collateralized loan obligation securities 195,065 280 (222) 195,123 Foreign debt securities 48,586 415 (70) 48,931 Corporate and other debt securities 105,975 1,499 (182) 107,292 $ 1,244,905 $ 13,898 $ (6,049) $ 1,252,754 Held-to-maturity March 31, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 17,948 $ 478 $ (3,419) $ 15,007 Other debt securities - pooled 75,602 906 (17) 76,491 $ 93,550 $ 1,384 $ (3,436) $ 91,498 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 Collateralized 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 |
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 $ 68,298 $ 68,351 $ - $ - Due after one year through five years 213,082 214,504 7,015 7,400 Due after five years through ten years 468,106 471,849 - - Due after ten years 495,419 498,050 86,535 84,098 $ 1,244,905 $ 1,252,754 $ 93,550 $ 91,498 |
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 $ 10,879 $ (42) $ - $ - $ 10,879 $ (42) Federally insured student loan securities 20 58,522 (1,667) 54,560 (2,122) 113,082 (3,789) Tax-exempt obligations of states and political subdivisions 30 11,353 (5) 6,891 (29) 18,244 (34) Residential mortgage-backed securities 53 151,221 (729) 38,867 (488) 190,088 (1,217) Commercial mortgage-backed securities 33 34,149 (316) 8,475 (177) 42,624 (493) Collateralized loan obligation securities 7 85,103 (222) - - 85,103 (222) Foreign debt securities 16 7,837 (56) 2,694 (14) 10,531 (70) Corporate and other debt securities 29 15,183 (144) 3,469 (38) 18,652 (182) Total temporarily impaired investment securities 191 $ 374,247 $ (3,181) $ 114,956 $ (2,868) $ 489,203 $ (6,049) 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 Corporate and other debt securities: Single issuers 1 $ - $ - $ 5,607 $ (3,419) $ 5,607 $ (3,419) Pooled 1 25,563 (17) - - 25,563 (17) Total temporarily impaired investment securities 2 $ 25,563 $ (17) $ 5,607 $ (3,419) $ 31,170 $ (3,436) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2015 (dollars in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities 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) Collateralized 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 Corporate and other debt 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) |
Schedule Of Additional Information Related To Single Issuer And Pooled Trust Preferred Securities | Single issuer Book value Fair value Unrealized gain/(loss) Credit rating Security A $ 1,906 $ 2,000 $ 94 Not rated Security B 9,027 5,607 (3,420) Not rated Class: All of the above are trust preferred securities. The following table provides additional information related to the Company’s pooled trust preferred securities as of March 31, 2016: Pooled issue Class Book value Fair value Unrealized gain Credit rating Excess subordination Pool A (7 performing issuers) Mezzanine $ 22 $ 22 $ - CAA1 * * There is no excess subordination for these securities. |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loans [Abstract] | |
Major Classifications Of Loans | March 31, December 31, 2016 2015 SBA non real estate $ 71,220 $ 68,887 SBA commercial mortgage 120,415 114,029 SBA construction 9,736 6,977 SBA loans * 201,371 189,893 Direct lease financing 240,670 231,514 SBLOC 592,656 575,948 Other specialty lending 48,153 48,315 Other consumer loans 21,782 23,180 1,104,632 1,068,850 Unamortized loan fees and costs 9,421 9,227 Total loans, net of deferred loan costs $ 1,114,053 $ 1,078,077 Included in the table above are demand deposit overdrafts reclassified as loan balances totaling $2.3 million and $2.8 million at March 31, 2016 and December 31, 2015 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 hel d for sale for the period indic ated (in thousands): March 31, December 31, 2016 2015 SBA loans, including deferred fees and costs $ 209,605 $ 197,966 SBA loans included in held for sale 125,315 109,174 Total SBA loans $ 334,920 $ 307,140 |
Schedule Of Small Business Administation Loans And Held For Sale | March 31, December 31, 2016 2015 SBA loans, including deferred fees and costs $ 209,605 $ 197,966 SBA loans included in held for sale 125,315 109,174 Total SBA loans $ 334,920 $ 307,140 |
Impaired Loans | Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized March 31, 2016 Without an allowance recorded SBA non real estate $ 262 $ 262 $ - $ 262 $ - Consumer - other 326 326 - 328 - Consumer - home equity 1,002 1,102 - 685 - With an allowance recorded - SBA non real estate 546 546 121 593 - Consumer - other - - - - - Consumer - home equity 263 263 44 545 - Total SBA non real estate 808 808 121 855 - Consumer - other 326 326 - 328 - Consumer - home equity 1,265 1,365 44 1,230 - 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 - |
Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category | March 31, December 31, 2016 2015 Non-accrual loans SBA non real estate $ 643 $ 733 Consumer 1,265 1,194 Total non-accrual loans 1,908 1,927 Loans past due 90 days or more 787 403 Total non-performing loans 2,695 2,330 Other real estate owned - - Total non-performing assets $ 2,695 $ 2,330 |
Loans Modified And Considered Troubled Debt Restructurings | March 31, 2016 December 31, 2015 Number Pre-modification recorded investment Post-modification recorded investment Number Pre-modification recorded investment Post-modification recorded investment SBA non real estate 2 $ 427 $ 427 1 $ 171 $ 171 Consumer 2 430 430 2 434 434 Total 4 $ 857 $ 857 3 $ 605 $ 605 |
Loans Modified As Troubled Debt Restructurings | March 31, 2016 December 31, 2015 Adjusted interest rate Extended maturity Combined rate and maturity Adjusted interest rate Extended maturity Combined rate and maturity SBA non real estate $ - $ 164 $ 262 $ - $ 171 $ - Consumer - 326 105 - 330 104 Total $ - $ 490 $ 367 $ - $ 501 $ 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 March 31, 2016 Beginning balance $ 844 $ 408 $ 48 $ 1,022 $ 762 $ 199 $ 936 $ 181 $ 4,400 Charge-offs - - - (20) - - (12) - (32) Recoveries - - - 6 - - 4 - 10 Provision (credit) 78 302 37 (174) (169) (69) (1) (4) - Ending balance $ 922 $ 710 $ 85 $ 834 $ 593 $ 130 $ 927 $ 177 $ 4,378 Ending balance: Individually evaluated for impairment $ 121 $ - $ - $ - $ - $ - $ 44 $ - $ 165 Ending balance: Collectively evaluated for impairment $ 801 $ 710 $ 85 $ 834 $ 593 $ 130 $ 883 $ 177 $ 4,213 Loans: Ending balance $ 71,220 $ 120,415 $ 9,736 $ 240,670 $ 592,656 $ 48,153 $ 21,782 $ 9,421 $ 1,114,053 Ending balance: Individually evaluated for impairment $ 808 $ - $ - $ - $ - $ - $ 1,591 $ - $ 2,399 Ending balance: Collectively evaluated for impairment $ 70,412 $ 120,415 $ 9,736 $ 240,670 $ 592,656 $ 48,153 $ 20,191 $ 9,421 $ 1,111,654 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 March 31, 2015 Beginning balance $ 385 $ 461 $ 114 $ 836 $ 562 $ 66 $ 1,181 $ 33 3,638 Charge-offs (9) - - - - - (52) - (61) Recoveries - - - - - - 1 - 1 Provision (credit) 517 (167) (40) 236 28 (65) 97 59 665 Ending balance $ 893 $ 294 $ 74 $ 1,072 $ 590 $ 1 $ 1,227 $ 92 $ 4,243 Ending balance: Individually evaluated for impairment $ 280 $ - $ - $ - $ - $ - $ 439 $ - $ 719 Ending balance: Collectively evaluated for impairment $ 613 $ 294 $ 74 $ 1,072 $ 590 $ 1 $ 788 $ 92 $ 3,524 Loans: Ending balance $ 62,385 $ 84,430 $ 15,181 $ 220,559 $ 447,649 $ 1,862 $ 30,120 $ 8,715 $ 870,901 Ending balance: Individually evaluated for impairment $ 1,307 $ - $ - $ - $ - $ - $ 2,969 $ - $ 4,276 Ending balance: Collectively evaluated for impairment $ 61,078 $ 84,430 $ 15,181 $ 220,559 $ 447,649 $ 1,862 $ 27,151 $ 8,715 $ 866,625 |
Delinquent Loans By Loan Category | 30-59 Days 60-89 Days Greater than Total Total March 31, 2016 past due past due 90 days Non-accrual past due Current loans SBA non real estate $ - $ - $ - $ 643 $ 643 $ 70,577 $ 71,220 SBA commercial mortgage - - - - - 120,415 120,415 SBA construction - - - - - 9,736 9,736 Direct lease financing 2,360 510 786 - 3,656 237,014 240,670 SBLOC - - - - - 592,656 592,656 Other specialty lending - - - - - 48,153 48,153 Consumer - other - 10 1 - 11 6,328 6,339 Consumer - home equity 294 1,099 - 1,265 2,658 12,785 15,443 Unamortized loan fees and costs - - - - - 9,421 9,421 $ 2,654 $ 1,619 $ 787 $ 1,908 $ 6,968 $ 1,107,085 $ 1,114,053 30-59 Days 60-89 Days Greater than Total Total December 31, 2015 past due past due 90 days Non-accrual past due Current 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 |
Loans By Categories | March 31, 2016 Pass Special mention Substandard Doubtful Loss Unrated subject to review * Unrated not subject to review * Total loans SBA non real estate $ 55,815 $ - $ 1,188 $ - $ - $ 12,766 $ 1,451 $ 71,220 SBA commercial mortgage 93,998 - - - - 8,088 18,329 120,415 SBA construction 9,349 - - - - 387 - 9,736 Direct lease financing 96,813 - 752 - - 21,653 121,452 240,670 SBLOC 223,417 - - - - 10,795 358,444 592,656 Other specialty lending 46,479 - - - - - 1,674 48,153 Consumer 9,964 - 4,177 - - - 7,641 21,782 Unamortized loan fees and costs - - - - - - 9,421 9,421 $ 535,835 $ - $ 6,117 $ - $ - $ 53,689 $ 518,412 $ 1,114,053 December 31, 2015 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 * For information on targeted loan review thresholds see “Allowance for Loan Losses” |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Carrying Amount And Estimated Fair Value Of Assets And Liabilities | March 31, 2016 Quoted prices in Significant other Significant active markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands) Investment securities available-for-sale $ 1,252,754 $ 1,252,754 $ - $ 1,252,754 $ - Investment securities held-to-maturity 93,550 91,498 7,599 - 83,899 Securities purchased under agreements to resell 10,208 10,208 10,208 - - Federal Home Loan and Atlantic Community Bancshares stock 1,063 1,063 - - 1,063 Commercial loans held for sale 313,595 313,595 - - 313,595 Loans, net of deferred loan fees and costs 1,114,053 1,107,860 - - 1,107,860 Investment in unconsolidated entity, senior note 165,509 165,509 - - 165,509 Investment in unconsolidated entity, subordinated note 11,702 11,702 - - 11,702 Assets held for sale 536,548 536,548 - - 536,548 Demand and interest checking 3,610,003 3,610,003 3,610,003 - - Savings and money market 388,953 388,953 388,953 - - Subordinated debentures 13,401 8,735 - - 8,735 Securities sold under agreements to repurchase 671 671 671 - - Interest rate swaps, liability 3,763 3,763 - 3,763 - December 31, 2015 Quoted prices in Significant other Significant active markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands) Investment securities available-for-sale $ 1,070,098 $ 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 Community Bancshares stock 1,062 1,062 - - 1,062 Commercial loans held for sale 489,938 489,938 - - 489,938 Loans, net of deferred loan fees and costs 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 - |
Company's Level 3 Assets | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-sale Commercial loans securities held for sale March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Beginning balance $ - $ 1,366 $ 489,938 $ 217,080 Transfers into level 3 - - - - Transfers out of level 3 - - - - Total gains or losses (realized/unrealized) Included in earnings - (23) 4,157 1,677 Included in other comprehensive income - - - - Purchases, issuances, and settlements Purchases - - - - Issuances - - 75,313 681,526 Sales - (1,343) (255,813) (410,345) Settlements - - - - Ending balance $ - $ - $ 313,595 $ 489,938 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. $ - $ - $ 4,094 $ 4,321 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in unconsolidated entity March 31, 2016 December 31, 2015 Beginning balance $ 178,520 $ 193,595 Transfers into level 3 - - Transfers out of level 3 - - Total gains or losses (realized/unrealized) Included in earnings (179) (2,430) Included in other comprehensive income - - Purchases, issuances, and settlements Purchases - - Issuances - - Sales - - Settlements (1,130) (12,645) Ending balance $ 177,211 $ 178,520 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. $ (179) $ (2,430) |
Fair Value, Measurements, Recurring [Member] | |
Assets Measured At Fair Value On A Recurring And Nonrecurring Basis | Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs March 31, 2016 (Level 1) (Level 2) (Level 3) Investment securities available for sale U.S. Government agency securities $ 27,709 $ - $ 27,709 $ - Federally insured student loan securities 113,082 - 113,082 - Obligations of states and political subdivisions 153,522 - 153,522 - Residential mortgage-backed securities 539,882 - 539,882 - Commercial mortgage-backed securities 67,213 - 67,213 - Collateralized loan obligation securities 195,123 - 195,123 - Foreign debt securities 48,931 - 48,931 - Other debt securities 107,292 - 107,292 - Total investment securities available for sale 1,252,754 - 1,252,754 - Loans held for sale 313,595 - - 313,595 Investment in unconsolidated entity, senior note 165,509 - - 165,509 Investment in unconsolidated entity, subordinated note 11,702 - - 11,702 Assets held for sale 536,548 - - 536,548 Interest rate swaps, liability 3,763 - 3,763 - $ 2,276,345 $ - $ 1,248,991 $ 1,027,354 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 - Collateralized 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 Assets held for sale 583,909 - - 583,909 Interest rate swaps, asset 43 - 43 - $ 2,322,508 $ - $ 1,070,141 $ 1,252,367 |
Fair Value, Measurements, Nonrecurring [Member] | |
Assets Measured At Fair Value On A Recurring And Nonrecurring Basis | Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs * Description March 31, 2016 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 2,399 $ - $ - $ 2,399 Intangible assets 4,672 - - 4,672 $ 7,071 $ - $ - $ 7,071 Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs * Description December 31, 2015 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 2,428 $ - $ - 2,428 Intangible assets 4,929 - - 4,929 $ 7,357 $ - $ - $ 7,357 * 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) | 3 Months Ended |
Mar. 31, 2016 | |
Derivatives [Abstract] | |
Derivatives | March 31, 2016 Maturity date Notional amount Interest rate paid Interest rate received Fair value August 17, 2025 $ 4,000 2.3% 0.62% $ (241) August 17, 2025 2,500 2.3% 0.62% (150) August 17, 2025 2,500 2.3% 0.62% (151) October 7, 2025 3,200 2.1% 0.62% (130) November 27, 2025 1,700 2.1% 0.64% (76) December 11, 2025 2,400 2.1% 0.63% (114) December 15, 2025 5,300 2.1% 0.63% (235) December 17, 2025 3,300 2.2% 0.64% (171) December 22, 2025 4,100 2.1% 0.62% (196) December 23, 2025 6,800 2.2% 0.62% (335) December 24, 2025 8,200 2.2% 0.63% (417) December 29, 2025 9,900 2.2% 0.63% (530) December 30, 2025 14,800 2.2% 0.63% (772) January 28, 2026 3,000 1.9% 0.62% (68) February 8, 2026 7,700 1.8% 0.62% (90) February 8, 2026 6,600 1.8% 0.62% (82) February 16, 2026 4,600 1.5% 0.62% 70 March 10, 2026 1,200 1.7% 0.64% (5) March 15, 2026 3,000 1.8% 0.63% (54) March 29, 2026 1,700 1.7% 0.63% (16) Total $ 96,500 $ (3,763) |
Segment Financials (Tables)
Segment Financials (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Financials [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | For the three months ended March 31, 2016 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 15,851 $ 1 $ 7,799 $ - $ 23,651 Interest allocation - 7,799 (7,799) - - Interest expense 684 1,871 540 - 3,095 Net interest income 15,167 5,929 (540) - 20,556 Provision for loan and lease losses - - - - - Non-interest income 282 16,350 2,056 - 18,688 Non-interest expense 14,655 35,901 4,582 - 55,138 Income (loss) from continuing operations before taxes 794 (13,622) (3,066) - (15,894) Income tax benefit - - (5,272) - (5,272) Income (loss) from continuing operations 794 (13,622) 2,206 - (10,622) Loss from discontinued operations - - - (290) (290) Net income (loss) $ 794 $ (13,622) $ 2,206 $ (290) $ (10,912) For the three months ended March 31, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 10,688 $ 10 $ 9,019 $ - $ 19,717 Interest allocation - 9,019 (9,019) - - Interest expense 1,212 1,790 200 - 3,203 Net interest income 9,476 7,239 (200) - 16,514 Provision for loan and lease losses 665 - - - 665 Non-interest income 4,012 16,739 26 - 20,777 Non-interest expense 10,449 25,979 4,433 - 40,860 Income (loss) from continuing operations before taxes 2,374 (2,001) (4,607) - (4,234) Income tax benefit - - (2,427) - (2,427) Income (loss) from continuing operations 2,374 (2,001) (2,180) - (1,807) Income from discontinued operations - - - 2,021 2,021 Net income (loss) $ 2,374 $ (2,001) $ (2,180) $ 2,021 $ 214 March 31, 2016 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,582,447 $ 36,984 $ 2,223,739 $ 536,548 $ 4,379,719 Total liabilities $ 535,429 $ 3,273,265 $ 255,436 $ - $ 4,064,130 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 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations [Abstract] | |
Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations | For the three months ended March 31, 2016 2015 (in thousands) Interest income $ 5,819 $ 8,535 Interest expense - - Provision for loan and lease losses - - Net interest income after provision 5,819 8,535 Non interest income 52 48 Non interest expense 6,240 5,484 Income (loss) before taxes (369) 3,099 Income tax (benefit) provision (79) 1,078 Net income (loss) $ (290) $ 2,021 March 31, December 31, 2016 2015 (in thousands) Loans, net $ 523,611 $ 568,748 Other assets 12,938 15,161 Total assets $ 536,548 $ 583,909 |
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 2.77% -9.11% Small balance commercial loans Discounted cash flows Discount rate 3.16% -6.39% |
Structure of Company (Details)
Structure of Company (Details) | 3 Months Ended |
Mar. 31, 2016entity | |
Operational Service Subsidiaries [Member] | |
Structure Of Company [Line Items] | |
Number of subsidiaries | 3 |
Subsidiary Offering Prepaid Card Issuing Services [Member] | |
Structure Of Company [Line Items] | |
Number of subsidiaries | 1 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 0 | 0 |
Stock option exercised (in shares) | 0 | 0 |
Fair value of restricted stock units vested | $ 829,000 | $ 430,000 |
Unrecognized compensation cost related to unvested awards under share-based plans | $ 3,000,000 | |
Cost expected to be recognized over a weighted average period | 1 year 7 months 6 days | |
Related compensation expense | $ 553,000 | $ 464,000 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 489,000 | 86,992 |
Vesting period | 2 years | |
Granted (in dollars per share) | $ 4.50 | $ 9.11 |
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 320,000 | |
Vesting period | 3 years | |
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 169,000 | |
Vesting period | 1 year |
Share-based Compensation (Summa
Share-based Compensation (Summary Of Status Of Company's Equity Compensations Plans) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Shares [Roll Forward] | |||
Granted (in shares) | 0 | 0 | |
Exercised (in shares) | 0 | 0 | |
Equity Compensations Plans [Member] | Stock Options [Member] | |||
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 1,977,500 | ||
Expired (in shares) | (1,000) | ||
Outstanding, end of period (in shares) | 1,976,500 | 1,977,500 | |
Exercisable, end of period (in shares) | 1,901,500 | ||
Weighted average exercise price [Roll Forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 8.58 | ||
Expired (in dollars per share) | 20.98 | ||
Outstanding, end of period (in dollars per share) | 8.58 | $ 8.58 | |
Exercisable, end of period (in dollars per share) | $ 8.52 | ||
Weighted-average remaining contractual term (years) [Abstract] | |||
Outstanding, end of period | 5 years 2 months 19 days | 5 years 5 months 19 days | |
Exercisable, end of period | 5 years 1 month 17 days |
Share-based Compensation (Sum36
Share-based Compensation (Summary Of Status Of Company’s Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 168,045 | ||
Granted (in shares) | 489,000 | 86,992 | |
Vested (in shares) | (83,935) | ||
Outstanding, end of period (in shares) | 573,110 | 168,045 | |
Weighted-average grant date fair value [Roll Forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 9.88 | ||
Granted (in dollars per share) | 4.50 | $ 9.11 | |
Vested (in dollars per share) | $ 9.88 | ||
Outstanding, end of period (in dollars per share) | $ 9.88 | ||
Average remaining contractual term (years) [Abstract] | |||
Outstanding | 1 year 11 months 16 days | 1 year 1 month 13 days | |
Granted | 2 years 1 month 21 days |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Minimum exercisable prices (in dollars per share) | $ 7.36 | $ 9.58 |
Maximum exercisable prices (in dollars per share) | $ 25.43 | $ 25.43 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock options (in shares) | 1,976,500 | 892,000 |
Earnings Per Share (Earnings Pe
Earnings Per Share (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income (numerator) [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ (10,912) | $ 214 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ (10,912) | $ 214 |
Shares (denominator) [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,804,741 | 37,745,619 |
Effect of dilutive securities, Common stock options (in shares) | 312,782 | |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,804,741 | 38,058,401 |
Per share amount [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ (0.29) | |
Net loss per share - diluted (in dollars per share) | $ (0.29) | |
Continuing Operations [Member] | ||
Income (numerator) [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ (10,622) | $ (1,807) |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ (10,622) | $ (1,807) |
Shares (denominator) [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,804,741 | 37,745,619 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,804,741 | 37,745,619 |
Per share amount [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ (0.28) | $ (0.05) |
Net loss per share - diluted (in dollars per share) | $ (0.28) | $ (0.05) |
Discontinued Operations [Member] | ||
Income (numerator) [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ (290) | $ 2,021 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ (290) | $ 2,021 |
Shares (denominator) [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,804,741 | 37,745,619 |
Effect of dilutive securities, Common stock options (in shares) | 312,782 | |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 37,804,741 | 38,058,401 |
Per share amount [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ (0.01) | $ 0.05 |
Net loss per share - diluted (in dollars per share) | $ (0.01) | $ 0.05 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2016USD ($)security | Dec. 31, 2015USD ($) | |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Investment in Federal Home Loan and Atlantic Central Bankers Bank stock recorded at cost | $ 1,100,000 | $ 1,100,000 |
Investment securities pledged to secure securities sold under repurchase agreements | 529,300,000 | 472,300,000 |
Other than temporary impairment charges | $ 0 | |
Number of securities issued by an insurance company | security | 1 | |
Amortized cost of securities | $ 93,550,000 | 93,590,000 |
Held-to-maturity [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Number of securities secured by diversified portfolios of corporate securities | security | 3 | |
Number of bank senior notes | security | 1 | |
Number of single issuer trust preferred securities | security | 2 | |
Number of pooled issuer trust preferred securities | security | 1 | |
Single Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Number of single issuer trust preferred securities | security | 2 | |
Amortized cost of securities | $ 17,948,000 | 17,934,000 |
Single Issuers [Member] | Senior Notes [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Amortized cost of securities | 7,000,000 | |
Bank And Insurance Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Amortized cost of securities | 10,900,000 | |
Bank Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Amortized cost of securities | 1,900,000 | |
Insurance Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Amortized cost of securities | $ 9,000,000 | |
Pooled [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Number of pooled issuer trust preferred securities | security | 1 | |
Amortized cost of securities | $ 75,602,000 | $ 75,656,000 |
Collateralized By Bank Trust Preferred Securities [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Amortized cost of securities | $ 22,000 | |
Diversified Portfolios Of Corporate Securities [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Number of securities secured by diversified portfolios of corporate securities | security | 3 | |
Amortized cost of securities | $ 75,600,000 |
Investment Securities (Schedule
Investment Securities (Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale [Abstract] | ||
Amortized cost | $ 1,244,905 | $ 1,071,586 |
Gross unrealized gains | 13,898 | 7,235 |
Gross unrealized losses | (6,049) | (8,723) |
Fair value | 1,252,754 | 1,070,098 |
Held-to-maturity [Abstract] | ||
Amortized cost | 93,550 | 93,590 |
Gross unrealized gains | 1,384 | 1,507 |
Gross unrealized losses | (3,436) | (3,498) |
Fair value | 91,498 | 91,599 |
U.S. Government Agency Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 27,604 | 29,315 |
Gross unrealized gains | 147 | 18 |
Gross unrealized losses | (42) | (95) |
Fair value | 27,709 | 29,238 |
Federally Insured Student Loan Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 116,871 | 118,651 |
Gross unrealized gains | 28 | |
Gross unrealized losses | (3,789) | (3,530) |
Fair value | 113,082 | 115,149 |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 59,939 | 94,572 |
Gross unrealized gains | 454 | 2,665 |
Gross unrealized losses | (34) | (74) |
Fair value | 60,359 | 97,163 |
Taxable Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 88,810 | 95,802 |
Gross unrealized gains | 4,353 | 2,370 |
Gross unrealized losses | (476) | |
Fair value | 93,163 | 97,696 |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 534,700 | 451,432 |
Gross unrealized gains | 6,399 | 1,540 |
Gross unrealized losses | (1,217) | (2,865) |
Fair value | 539,882 | 450,107 |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 67,355 | 58,512 |
Gross unrealized gains | 351 | 361 |
Gross unrealized losses | (493) | (570) |
Fair value | 67,213 | 58,303 |
Collateralized Loan Obligation Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 195,065 | 70,573 |
Gross unrealized gains | 280 | |
Gross unrealized losses | (222) | (81) |
Fair value | 195,123 | 70,492 |
Foreign Debt Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 48,586 | 57,375 |
Gross unrealized gains | 415 | 65 |
Gross unrealized losses | (70) | (308) |
Fair value | 48,931 | 57,132 |
Corporate And Other Debt Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 105,975 | 95,354 |
Gross unrealized gains | 1,499 | 188 |
Gross unrealized losses | (182) | (724) |
Fair value | 107,292 | 94,818 |
Single Issuers [Member] | ||
Held-to-maturity [Abstract] | ||
Amortized cost | 17,948 | 17,934 |
Gross unrealized gains | 478 | 569 |
Gross unrealized losses | (3,419) | (3,456) |
Fair value | 15,007 | 15,047 |
Pooled [Member] | ||
Held-to-maturity [Abstract] | ||
Amortized cost | 75,602 | 75,656 |
Gross unrealized gains | 906 | 938 |
Gross unrealized losses | (17) | (42) |
Fair value | $ 76,491 | $ 76,552 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Investment Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale, Amortized cost [Abstract] | ||
Due before one year | $ 68,298 | |
Due after one year through five years | 213,082 | |
Due after five years through ten years | 468,106 | |
Due after ten years | 495,419 | |
Amortized cost | 1,244,905 | |
Available-for-sale, Fair value [Abstract] | ||
Due before one year | 68,351 | |
Due after one year through five years | 214,504 | |
Due after five years through ten years | 471,849 | |
Due after ten years | 498,050 | |
Fair value | 1,252,754 | $ 1,070,098 |
Held-to-maturity, Amortized cost [Abstract] | ||
Due after one year through five years | 7,015 | |
Due after ten years | 86,535 | |
Amortized cost | 93,550 | 93,590 |
Held-to-maturity, Fair value [Abstract] | ||
Due after one year through five years | 7,400 | |
Due after ten years | 84,098 | |
Fair value | $ 91,498 | $ 91,599 |
Investment Securities (Availabl
Investment Securities (Available-for-sale And Held-to-maturity Securities, Continuous Unrealized Loss Position) (Details) $ in Thousands | Mar. 31, 2016USD ($)security | Dec. 31, 2015USD ($)security |
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 191 | 313 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 374,247 | $ 455,904 |
12 months or longer, Fair Value | 114,956 | 222,352 |
Total, Fair Value | 489,203 | 678,256 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (3,181) | (5,800) |
12 months or longer, Unrealized losses | (2,868) | (2,923) |
Total, Unrealized losses | $ (6,049) | $ (8,723) |
Held-to-maturity, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 2 | 2 |
Held-to-maturity, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 25,563 | $ 25,563 |
12 months or longer, Fair Value | 5,607 | 5,558 |
Total, Fair Value | 31,170 | 31,121 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (17) | (42) |
12 months or longer, Unrealized losses | (3,419) | (3,456) |
Total, Unrealized losses | $ (3,436) | $ (3,498) |
U.S. Government Agency Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 3 | 3 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 10,879 | $ 16,500 |
Total, Fair Value | 10,879 | 16,500 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (42) | (95) |
Total, Unrealized losses | $ (42) | $ (95) |
Federally Insured Student Loan Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 20 | 18 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 58,522 | $ 39,880 |
12 months or longer, Fair Value | 54,560 | 64,883 |
Total, Fair Value | 113,082 | 104,763 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (1,667) | (1,832) |
12 months or longer, Unrealized losses | (2,122) | (1,698) |
Total, Unrealized losses | $ (3,789) | $ (3,530) |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 30 | 31 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 11,353 | $ 1,510 |
12 months or longer, Fair Value | 6,891 | 18,976 |
Total, Fair Value | 18,244 | 20,486 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (5) | (22) |
12 months or longer, Unrealized losses | (29) | (52) |
Total, Unrealized losses | $ (34) | $ (74) |
Taxable Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 30 | |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 40,310 | |
12 months or longer, Fair Value | 7,023 | |
Total, Fair Value | 47,333 | |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (450) | |
12 months or longer, Unrealized losses | (26) | |
Total, Unrealized losses | $ (476) | |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 53 | 63 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 151,221 | $ 200,820 |
12 months or longer, Fair Value | 38,867 | 71,043 |
Total, Fair Value | 190,088 | 271,863 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (729) | (2,155) |
12 months or longer, Unrealized losses | (488) | (710) |
Total, Unrealized losses | $ (1,217) | $ (2,865) |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 33 | 37 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 34,149 | $ 25,899 |
12 months or longer, Fair Value | 8,475 | 17,539 |
Total, Fair Value | 42,624 | 43,438 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (316) | (233) |
12 months or longer, Unrealized losses | (177) | (337) |
Total, Unrealized losses | $ (493) | $ (570) |
Collateralized Loan Obligation Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 7 | 5 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 85,103 | $ 56,638 |
12 months or longer, Fair Value | 13,855 | |
Total, Fair Value | 85,103 | 70,493 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (222) | (81) |
Total, Unrealized losses | $ (222) | $ (81) |
Foreign Debt Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 16 | 51 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 7,837 | $ 24,274 |
12 months or longer, Fair Value | 2,694 | 18,272 |
Total, Fair Value | 10,531 | 42,546 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (56) | (245) |
12 months or longer, Unrealized losses | (14) | (63) |
Total, Unrealized losses | $ (70) | $ (308) |
Corporate And Other Debt Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 29 | 75 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 15,183 | $ 50,073 |
12 months or longer, Fair Value | 3,469 | 10,761 |
Total, Fair Value | 18,652 | 60,834 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (144) | (687) |
12 months or longer, Unrealized losses | (38) | (37) |
Total, Unrealized losses | $ (182) | $ (724) |
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 | $ 5,607 | $ 5,558 |
Total, Fair Value | 5,607 | 5,558 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
12 months or longer, Unrealized losses | (3,419) | (3,456) |
Total, Unrealized losses | $ (3,419) | $ (3,456) |
Pooled [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] | ||
Less than 12 months, Fair Value | $ 25,563 | $ 25,563 |
Total, Fair Value | 25,563 | 25,563 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (17) | (42) |
Total, Unrealized losses | $ (17) | $ (42) |
Investment Securities (Schedu43
Investment Securities (Schedule Of Additional Information Related To Single Issuer And Pooled Trust Preferred Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Book value | $ 93,550 | $ 93,590 |
Fair value | 91,498 | 91,599 |
Single Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Fair value | 15,007 | 15,047 |
Single Issuers [Member] | Security A [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Book value | 1,906 | |
Fair value | 2,000 | |
Unrealized gain/(loss) | $ 94 | |
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 | $ 9,027 | |
Fair value | 5,607 | |
Unrealized gain/(loss) | $ (3,420) | |
Credit rating | Not rated | |
Pooled [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Fair value | $ 76,491 | $ 76,552 |
Pooled [Member] | Pool A [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Class | Mezzanine | |
Book value | $ 22 | |
Fair value | $ 22 | |
Credit rating | CAA1 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Loans [Abstract] | |||
Loans held for sale | $ 313,595,000 | $ 489,938,000 | |
Loans available for sale, unpaid principal amount | 303,500,000 | ||
Gains recognized from changes in fair value | 4,200,000 | ||
Gain on sale of loans | (1,433,000) | $ 1,676,000 | |
Demand deposit overdrafts reclassified as loan balances | 2,300,000 | 2,800,000 | |
Non-accrual leases | 0 | $ 0 | 0 |
Pre-modification recorded investment | 0 | ||
Commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings | 0 | 0 | |
Loans acquired with deteriorated credit quality | $ 0 | $ 0 |
Loans (Major Classifications Of
Loans (Major Classifications Of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Major classifications of loans [Abstract] | |||
Total loans, gross | $ 1,104,632 | $ 1,068,850 | |
Unamortized loan fees and costs | 9,421 | 9,227 | |
Total loans, net of deferred loan fees and costs | 1,114,053 | 1,078,077 | $ 870,901 |
SBA Non Real Estate [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 71,220 | 68,887 | |
Total loans, net of deferred loan fees and costs | 71,220 | 68,887 | 62,385 |
SBA Commercial Mortgage [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 120,415 | 114,029 | |
Total loans, net of deferred loan fees and costs | 120,415 | 114,029 | 84,430 |
SBA Construction [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 9,736 | 6,977 | |
Total loans, net of deferred loan fees and costs | 9,736 | 6,977 | 15,181 |
Total SBA Loans [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 201,371 | 189,893 | |
Direct Lease Financing [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 240,670 | 231,514 | |
Total loans, net of deferred loan fees and costs | 240,670 | 231,514 | 220,559 |
SBLOC [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 592,656 | 575,948 | |
Total loans, net of deferred loan fees and costs | 592,656 | 575,948 | 447,649 |
Other Specialty Lending [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 48,153 | 48,315 | |
Total loans, net of deferred loan fees and costs | 48,153 | 48,315 | $ 1,862 |
Consumer - other [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 21,782 | 23,180 | |
Total loans, net of deferred loan fees and costs | $ 6,339 | $ 6,845 |
Loans (Schedule Of Small Busine
Loans (Schedule Of Small Business Administation Loans and Held For Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Loans [Abstract] | ||
SBA loans, including deferred fees and costs | $ 209,605 | $ 197,966 |
SBA loans included in held for sale | 125,315 | 109,174 |
Total SBA loans | $ 334,920 | $ 307,140 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
With an allowance recorded [Abstract] | ||
Related allowance | $ 165,000 | |
SBA Non Real Estate [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 262,000 | $ 263,000 |
Unpaid principal balance | 262,000 | 263,000 |
Average recorded investment | 262,000 | 228,000 |
With an allowance recorded [Abstract] | ||
Recorded investment | 546,000 | 640,000 |
Unpaid principal balance | 546,000 | 640,000 |
Related allowance | 121,000 | 123,000 |
Average recorded investment | 593,000 | 670,000 |
Total allowance recorded [Abstract] | ||
Recorded investment | 808,000 | 903,000 |
Unpaid principal balance | 808,000 | 903,000 |
Related allowance | 121,000 | 123,000 |
Average recorded investment | 855,000 | 898,000 |
Consumer - other [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 326,000 | 330,000 |
Unpaid principal balance | 326,000 | 330,000 |
Average recorded investment | 328,000 | 338,000 |
Total allowance recorded [Abstract] | ||
Recorded investment | 326,000 | 330,000 |
Unpaid principal balance | 326,000 | 330,000 |
Average recorded investment | 328,000 | 338,000 |
Consumer - Home Equity [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 1,002,000 | 368,000 |
Unpaid principal balance | 1,102,000 | 368,000 |
Average recorded investment | 685,000 | 966,000 |
With an allowance recorded [Abstract] | ||
Recorded investment | 263,000 | 827,000 |
Unpaid principal balance | 263,000 | 927,000 |
Related allowance | 44,000 | 26,000 |
Average recorded investment | 545,000 | 800,000 |
Total allowance recorded [Abstract] | ||
Recorded investment | 1,265,000 | 1,195,000 |
Unpaid principal balance | 1,365,000 | 1,295,000 |
Related allowance | 44,000 | 26,000 |
Average recorded investment | $ 1,230,000 | $ 1,766,000 |
Loans (Non-accrual Loans, Loans
Loans (Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | $ 1,908 | $ 1,927 |
Loans past due 90 days or more | 787 | 403 |
Total non-performing loans | 1,104,632 | 1,068,850 |
Total non-performing assets | 2,695 | 2,330 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-performing loans | 2,695 | 2,330 |
Non-accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 1,908 | 1,927 |
SBA Non Real Estate [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 643 | 733 |
Total non-performing loans | 71,220 | 68,887 |
SBA Non Real Estate [Member] | Non-accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 643 | 733 |
Consumer [Member] | Non-accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | $ 1,265 | $ 1,194 |
Loans (Loans Modified And Consi
Loans (Loans Modified And Considered Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 4 | 3 |
Pre-modification recorded investment | $ 857 | $ 605 |
Post-modification recorded investment | $ 857 | $ 605 |
SBA Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 2 | 1 |
Pre-modification recorded investment | $ 427 | $ 171 |
Post-modification recorded investment | $ 427 | $ 171 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 2 | 2 |
Pre-modification recorded investment | $ 430 | $ 434 |
Post-modification recorded investment | $ 430 | $ 434 |
Loans (Loans Modified As Troubl
Loans (Loans Modified As Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | $ 490 | $ 501 |
Combined rate and maturity | 367 | 104 |
SBA Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | 164 | 171 |
Combined rate and maturity | 262 | |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | 326 | 330 |
Combined rate and maturity | $ 105 | $ 104 |
Loans (Summary Of Restructured
Loans (Summary Of Restructured Loans Within The Last Twelve Months That Have Subsequently Defaulted) (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Loans [Abstract] | |
Pre-modification recorded investment | $ 0 |
Loans (Changes In Allowance For
Loans (Changes In Allowance For Loan And Lease Losses By Loan Category) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | $ 4,400 | $ 3,638 | $ 3,638 |
Charge-offs | (32) | (61) | (1,361) |
Recoveries | 10 | 1 | 23 |
Provision (credit) | 665 | 2,100 | |
Ending balance | 4,378 | 4,243 | 4,400 |
Ending balance: Individually evaluated for impairment | 165 | 719 | 149 |
Ending balance: Collectively evaluated for impairment | 4,213 | 3,524 | 4,251 |
Loans [Abstract] | |||
Ending balance | 1,114,053 | 870,901 | 1,078,077 |
Ending balance: Individually evaluated for impairment | 2,399 | 4,276 | 2,428 |
Ending balance: Collectively evaluated for impairment | 1,111,654 | 866,625 | 1,075,649 |
SBA Non Real Estate [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 844 | 385 | 385 |
Charge-offs | (9) | (111) | |
Provision (credit) | 78 | 517 | 570 |
Ending balance | 922 | 893 | 844 |
Ending balance: Individually evaluated for impairment | 121 | 280 | 123 |
Ending balance: Collectively evaluated for impairment | 801 | 613 | 721 |
Loans [Abstract] | |||
Ending balance | 71,220 | 62,385 | 68,887 |
Ending balance: Individually evaluated for impairment | 808 | 1,307 | 904 |
Ending balance: Collectively evaluated for impairment | 70,412 | 61,078 | 67,983 |
SBA Commercial Mortgage [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 408 | 461 | 461 |
Provision (credit) | 302 | (167) | (53) |
Ending balance | 710 | 294 | 408 |
Ending balance: Collectively evaluated for impairment | 710 | 294 | 408 |
Loans [Abstract] | |||
Ending balance | 120,415 | 84,430 | 114,029 |
Ending balance: Collectively evaluated for impairment | 120,415 | 84,430 | 114,029 |
SBA Construction [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 48 | 114 | 114 |
Provision (credit) | 37 | (40) | (66) |
Ending balance | 85 | 74 | 48 |
Ending balance: Collectively evaluated for impairment | 85 | 74 | 48 |
Loans [Abstract] | |||
Ending balance | 9,736 | 15,181 | 6,977 |
Ending balance: Collectively evaluated for impairment | 9,736 | 15,181 | 6,977 |
Direct Lease Financing [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 1,022 | 836 | 836 |
Charge-offs | (20) | (30) | |
Recoveries | 6 | ||
Provision (credit) | (174) | 236 | 216 |
Ending balance | 834 | 1,072 | 1,022 |
Ending balance: Collectively evaluated for impairment | 834 | 1,072 | 1,022 |
Loans [Abstract] | |||
Ending balance | 240,670 | 220,559 | 231,514 |
Ending balance: Collectively evaluated for impairment | 240,670 | 220,559 | 231,514 |
SBLOC [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 762 | 562 | 562 |
Provision (credit) | (169) | 28 | 200 |
Ending balance | 593 | 590 | 762 |
Ending balance: Collectively evaluated for impairment | 593 | 590 | 762 |
Loans [Abstract] | |||
Ending balance | 592,656 | 447,649 | 575,948 |
Ending balance: Collectively evaluated for impairment | 592,656 | 447,649 | 575,948 |
Other Specialty Lending [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 199 | 66 | 66 |
Provision (credit) | (69) | (65) | 133 |
Ending balance | 130 | 1 | 199 |
Ending balance: Collectively evaluated for impairment | 130 | 1 | 199 |
Loans [Abstract] | |||
Ending balance | 48,153 | 1,862 | 48,315 |
Ending balance: Collectively evaluated for impairment | 48,153 | 1,862 | 48,315 |
Other Consumer Loans [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 936 | 1,181 | 1,181 |
Charge-offs | (12) | (52) | (1,220) |
Recoveries | 4 | 1 | 23 |
Provision (credit) | (1) | 97 | 952 |
Ending balance | 927 | 1,227 | 936 |
Ending balance: Individually evaluated for impairment | 44 | 439 | 26 |
Ending balance: Collectively evaluated for impairment | 883 | 788 | 910 |
Loans [Abstract] | |||
Ending balance | 21,782 | 30,120 | 23,180 |
Ending balance: Individually evaluated for impairment | 1,591 | 2,969 | 1,524 |
Ending balance: Collectively evaluated for impairment | 20,191 | 27,151 | 21,656 |
Unallocated [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 181 | 33 | 33 |
Provision (credit) | (4) | 59 | 148 |
Ending balance | 177 | 92 | 181 |
Ending balance: Collectively evaluated for impairment | 177 | 92 | 181 |
Loans [Abstract] | |||
Ending balance | 9,421 | 8,715 | 9,227 |
Ending balance: Collectively evaluated for impairment | $ 9,421 | $ 8,715 | $ 9,227 |
Loans (Delinquent Loans By Loan
Loans (Delinquent Loans By Loan Category) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual | $ 1,908 | $ 1,927 | |
Total past due | 6,968 | 10,794 | |
Current | 1,107,085 | 1,067,283 | |
Total loans, net of deferred loan fees and costs | 1,114,053 | 1,078,077 | $ 870,901 |
30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,654 | 3,957 | |
60 - 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 1,619 | 4,507 | |
Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 787 | 403 | |
SBA Non Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual | 643 | 733 | |
Total past due | 643 | 733 | |
Current | 70,577 | 68,154 | |
Total loans, net of deferred loan fees and costs | 71,220 | 68,887 | 62,385 |
SBA Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 120,415 | 114,029 | |
Total loans, net of deferred loan fees and costs | 120,415 | 114,029 | 84,430 |
SBA Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 9,736 | 6,977 | |
Total loans, net of deferred loan fees and costs | 9,736 | 6,977 | 15,181 |
Direct Lease Financing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 3,656 | 7,468 | |
Current | 237,014 | 224,046 | |
Total loans, net of deferred loan fees and costs | 240,670 | 231,514 | 220,559 |
Direct Lease Financing [Member] | 30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,360 | 3,957 | |
Direct Lease Financing [Member] | 60 - 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 510 | 3,108 | |
Direct Lease Financing [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 786 | 403 | |
SBLOC [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 592,656 | 575,948 | |
Total loans, net of deferred loan fees and costs | 592,656 | 575,948 | 447,649 |
Other Specialty Lending [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 48,153 | 48,315 | |
Total loans, net of deferred loan fees and costs | 48,153 | 48,315 | $ 1,862 |
Consumer - other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 11 | 1 | |
Current | 6,328 | 6,844 | |
Total loans, net of deferred loan fees and costs | 6,339 | 6,845 | |
Consumer - other [Member] | 60 - 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 10 | 1 | |
Consumer - other [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 1 | ||
Consumer - Home Equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual | 1,265 | 1,194 | |
Total past due | 2,658 | 2,592 | |
Current | 12,785 | 13,743 | |
Total loans, net of deferred loan fees and costs | 15,443 | 16,335 | |
Consumer - Home Equity [Member] | 30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 294 | ||
Consumer - Home Equity [Member] | 60 - 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 1,099 | 1,398 | |
Unamortized Loan Fees And Costs [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 9,421 | 9,227 | |
Total loans, net of deferred loan fees and costs | $ 9,421 | $ 9,227 |
Loans (Loans By Categories) (De
Loans (Loans By Categories) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Loans by categories [Abstract] | |||
Total loans | $ 1,114,053 | $ 1,078,077 | $ 870,901 |
SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 71,220 | 68,887 | 62,385 |
SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 120,415 | 114,029 | 84,430 |
SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 9,736 | 6,977 | 15,181 |
Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 240,670 | 231,514 | 220,559 |
SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 592,656 | 575,948 | 447,649 |
Other Specialty Lending [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 48,153 | 48,315 | 1,862 |
Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 21,782 | 23,180 | |
Other Consumer Loans [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 21,782 | 23,180 | $ 30,120 |
Unamortized Loan Fees And Costs [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 9,421 | 9,227 | |
Pass [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 535,835 | 504,458 | |
Pass [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 55,815 | 55,682 | |
Pass [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 93,998 | 92,859 | |
Pass [Member] | SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 9,349 | 6,977 | |
Pass [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 96,813 | 90,588 | |
Pass [Member] | SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 223,417 | 204,201 | |
Pass [Member] | Other Specialty Lending [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 46,479 | 46,520 | |
Pass [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 9,964 | 7,631 | |
Special Mention [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 70 | ||
Special Mention [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 70 | ||
Substandard [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 6,117 | 5,047 | |
Substandard [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 1,188 | 904 | |
Substandard [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 752 | 670 | |
Substandard [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 4,177 | 3,473 | |
Unrated subject to review [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 53,689 | 49,533 | |
Unrated subject to review [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 12,766 | 8,610 | |
Unrated subject to review [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 8,088 | 3,894 | |
Unrated subject to review [Member] | SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 387 | ||
Unrated subject to review [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 21,653 | 17,200 | |
Unrated subject to review [Member] | SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 10,795 | 19,372 | |
Unrated subject to review [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 457 | ||
Unrated Not Subject To Review [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 518,412 | 518,969 | |
Unrated Not Subject To Review [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 1,451 | 3,691 | |
Unrated Not Subject To Review [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 18,329 | 17,276 | |
Unrated Not Subject To Review [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 121,452 | 123,056 | |
Unrated Not Subject To Review [Member] | SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 358,444 | 352,375 | |
Unrated Not Subject To Review [Member] | Other Specialty Lending [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 1,674 | 1,795 | |
Unrated Not Subject To Review [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 7,641 | 11,549 | |
Unrated Not Subject To Review [Member] | Unamortized Loan Fees And Costs [Member] | |||
Loans by categories [Abstract] | |||
Total loans | $ 9,421 | $ 9,227 |
Transactions With Affiliates (D
Transactions With Affiliates (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Deposits | $ 3,998,956,000 | $ 4,414,757,000 | |
Securities purchased under agreements to resell | $ 10,208,000 | ||
Resource America, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of expenses paid as rent (in hundredths) | 50.00% | ||
Rent expense | $ 0 | $ 9,000 | |
Atlas Energy, L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of expenses paid as rent (in hundredths) | 50.00% | ||
Rent expense | $ 0 | $ 26,000 | |
Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Deposits | 16,100,000 | 33,400,000 | |
Directors, Executive Officers, Principal Stockholders and Affiliates [Member] | Loans, Net Of Deferred Loan Fees And Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 1,500,000 | $ 1,800,000 | |
Former Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Monthly service fee | $ 30,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)loan | |
Cash and cash equivalents | $ 776,500,000 | $ 1,160,000,000 | |
Specific reserves and other write downs on impaired loans | 165,000 | ||
Troubled debt restructured loans balance | 857,000 | 605,000 | |
Troubled debt restructured loans, specific reserve | 41,000 | ||
Extended maturity | $ 490,000 | 501,000 | |
Minimum [Member] | |||
Estimated selling costs | 7.00% | ||
Maximum [Member] | |||
Estimated selling costs | 10.00% | ||
Walnut Street [Member] | |||
Loans, face value | $ 267,600,000 | ||
Price paid for a portion of the commercial loan portfolio | 209,600,000 | ||
Notes payable | $ 193,600,000 | ||
Number of notes | loan | 2 | ||
Fair Value, Measurements, Nonrecurring [Member] | |||
Impaired loans | $ 2,399,000 | $ 2,428,000 | |
Senior Notes [Member] | Walnut Street [Member] | |||
Senior notes | $ 178,200,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||
Junior Subordinated Debt [Member] | Walnut Street [Member] | |||
Junior Subordinated Notes | $ 15,400,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amount And Estimated Fair Value Of Assets And Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | $ 1,252,754 | $ 1,070,098 |
Investment securities held-to-maturity | 91,498 | 91,599 |
Securities purchased under agreements to resell | 10,208 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities held-to-maturity | 7,599 | 7,490 |
Securities purchased under agreements to resell | 10,208 | |
Demand and interest checking | 3,610,003 | 3,602,376 |
Savings and money market | 388,953 | 383,832 |
Securities sold under agreements to repurchase | 671 | 925 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 1,252,754 | 1,070,098 |
Investment securities held-to-maturity | 76,552 | |
Interest rate swaps, asset | 43 | |
Interest rate swaps, liability | 3,763 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities held-to-maturity | 83,899 | 7,557 |
Federal Home Loan and Atlantic Community Bancshares stock | 1,063 | 1,062 |
Commercial loans held for sale | 313,595 | 489,938 |
Loans, net of deferred loan fees and costs | 1,107,860 | 1,068,718 |
Investment in unconsolidated entity, senior note | 165,509 | 166,548 |
Investment in unconsolidated entity, subordinated note | 11,702 | 11,972 |
Assets held for sale | 536,548 | 583,909 |
Time deposits | 428,711 | |
Subordinated debentures | 8,735 | 8,529 |
Carrying Amount [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 1,252,754 | 1,070,098 |
Investment securities held-to-maturity | 93,550 | 93,590 |
Securities purchased under agreements to resell | 10,208 | |
Federal Home Loan and Atlantic Community Bancshares stock | 1,063 | 1,062 |
Commercial loans held for sale | 313,595 | 489,938 |
Loans, net of deferred loan fees and costs | 1,114,053 | 1,078,077 |
Investment in unconsolidated entity, senior note | 165,509 | 166,548 |
Investment in unconsolidated entity, subordinated note | 11,702 | 11,972 |
Assets held for sale | 536,548 | 583,909 |
Demand and interest checking | 3,610,003 | 3,602,376 |
Savings and money market | 388,953 | 383,832 |
Time deposits | 428,549 | |
Subordinated debentures | 13,401 | 13,401 |
Securities sold under agreements to repurchase | 671 | 925 |
Interest rate swaps, asset | 43 | |
Interest rate swaps, liability | 3,763 | |
Estimated Fair Value [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 1,252,754 | 1,070,098 |
Investment securities held-to-maturity | 91,498 | 91,599 |
Securities purchased under agreements to resell | 10,208 | |
Federal Home Loan and Atlantic Community Bancshares stock | 1,063 | 1,062 |
Commercial loans held for sale | 313,595 | 489,938 |
Loans, net of deferred loan fees and costs | 1,107,860 | 1,068,718 |
Investment in unconsolidated entity, senior note | 165,509 | 166,548 |
Investment in unconsolidated entity, subordinated note | 11,702 | 11,972 |
Assets held for sale | 536,548 | 583,909 |
Demand and interest checking | 3,610,003 | 3,602,376 |
Savings and money market | 388,953 | 383,832 |
Time deposits | 428,711 | |
Subordinated debentures | 8,735 | 8,529 |
Securities sold under agreements to repurchase | 671 | 925 |
Interest rate swaps, asset | $ 43 | |
Interest rate swaps, liability | $ 3,763 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets measured at fair value on a recurring basis [Abstract] | ||
Fair value | $ 1,252,754 | $ 1,070,098 |
Fair Value, Measurements, Recurring [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
U.S. Government agency securities | 27,709 | 29,238 |
Federally insured student loan securities | 113,082 | 115,149 |
Obligations of states and political subdivisions | 153,522 | 194,859 |
Residential mortgage-backed securities | 539,882 | 450,107 |
Commercial mortgage-backed securities | 67,213 | 58,303 |
Commercial loan obligation securities | 195,123 | 70,492 |
Foreign debt securities | 48,931 | 57,132 |
Other debt securities | 107,292 | 94,818 |
Fair value | 1,252,754 | 1,070,098 |
Loans held for sale | 313,595 | 489,938 |
Investment in unconsolidated entity, senior note | 165,509 | 166,548 |
Investment in unconsolidated entity, subordinated note | 11,702 | 11,972 |
Assets held for sale | 536,548 | 583,909 |
Interest rate swaps, asset | 43 | |
Interest rate swaps, liability | 3,763 | |
Total assets | 2,276,345 | 2,322,508 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets measured on a nonrecurring basis [Abstract] | ||
Impaired loans | 2,399 | 2,428 |
Intangible assets | 4,672 | 4,929 |
Assets nonrecurring | 7,071 | 7,357 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Fair value | 1,252,754 | 1,070,098 |
Interest rate swaps, asset | 43 | |
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 | 27,709 | 29,238 |
Federally insured student loan securities | 113,082 | 115,149 |
Obligations of states and political subdivisions | 153,522 | 194,859 |
Residential mortgage-backed securities | 539,882 | 450,107 |
Commercial mortgage-backed securities | 67,213 | 58,303 |
Commercial loan obligation securities | 195,123 | 70,492 |
Foreign debt securities | 48,931 | 57,132 |
Other debt securities | 107,292 | 94,818 |
Fair value | 1,252,754 | 1,070,098 |
Interest rate swaps, asset | 43 | |
Interest rate swaps, liability | 3,763 | |
Total assets | 1,248,991 | 1,070,141 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Loans held for sale | 313,595 | 489,938 |
Investment in unconsolidated entity, senior note | 165,509 | 166,548 |
Investment in unconsolidated entity, subordinated note | 11,702 | 11,972 |
Assets held for sale | 536,548 | 583,909 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Loans held for sale | 313,595 | 489,938 |
Investment in unconsolidated entity, senior note | 165,509 | 166,548 |
Investment in unconsolidated entity, subordinated note | 11,702 | 11,972 |
Assets held for sale | 536,548 | 583,909 |
Total assets | 1,027,354 | 1,252,367 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets measured on a nonrecurring basis [Abstract] | ||
Impaired loans | 2,399 | 2,428 |
Intangible assets | 4,672 | 4,929 |
Assets nonrecurring | $ 7,071 | $ 7,357 |
Fair Value Measurements (Compan
Fair Value Measurements (Company's Level 3 Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Minimum [Member] | ||
Purchases, issuances, and settlements [Abstract] | ||
Estimated Selling Costs | 7.00% | |
Maximum [Member] | ||
Purchases, issuances, and settlements [Abstract] | ||
Estimated Selling Costs | 10.00% | |
Available For Sale Securities [Member] | ||
Company's Level 3 assets [Roll Forward] | ||
Beginning balance | $ 1,366 | |
Total gains or losses (realized/unrealized) Included in earnings | (23) | |
Purchases, issuances, and settlements [Abstract] | ||
Sales | (1,343) | |
Held-to-maturity [Member] | ||
Company's Level 3 assets [Roll Forward] | ||
Beginning balance | $ 489,938 | 217,080 |
Total gains or losses (realized/unrealized) Included in earnings | 4,157 | 1,677 |
Purchases, issuances, and settlements [Abstract] | ||
Issuances | 75,313 | 681,526 |
Sales | (255,813) | (410,345) |
Ending balance | 313,595 | 489,938 |
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 | 4,094 | 4,321 |
Investment In Unconsolidated Entity [Member] | ||
Company's Level 3 assets [Roll Forward] | ||
Beginning balance | 178,520 | 193,595 |
Total gains or losses (realized/unrealized) Included in earnings | (179) | (2,430) |
Purchases, issuances, and settlements [Abstract] | ||
Settlements | (1,130) | (12,645) |
Ending balance | 177,211 | 178,520 |
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 | $ (179) | $ (2,430) |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)agreement | |
Derivative [Line Items] | |
Notional Amount | $ 96,500 |
Payable under agreements | 4,200 |
Cash collateral | $ 4,500 |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Number of interest rate swap agreements | agreement | 20 |
Fair value adjustment on derivatives | $ 3,800 |
Derivatives (Derivatives) (Deta
Derivatives (Derivatives) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Derivative [Line Items] | |
Notional amount | $ 96,500 |
Fair value | $ (3,763) |
Interest Rate Swaps, Maturing August 17, 2025 1 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 17, 2025 |
Notional amount | $ 4,000 |
Interest rate paid (in hundredths) | 2.30% |
Interest rate received (in hundredths) | 0.62% |
Fair value | $ (241) |
Interest Rate Swaps, Maturing August 17, 2025 2 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 17, 2025 |
Notional amount | $ 2,500 |
Interest rate paid (in hundredths) | 2.30% |
Interest rate received (in hundredths) | 0.62% |
Fair value | $ (150) |
Interest Rate Swaps, Maturing August 17, 2025 3 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 17, 2025 |
Notional amount | $ 2,500 |
Interest rate paid (in hundredths) | 2.30% |
Interest rate received (in hundredths) | 0.62% |
Fair value | $ (151) |
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) | 2.10% |
Interest rate received (in hundredths) | 0.62% |
Fair value | $ (130) |
Interest Rate Swaps, Maturing Novenber 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) | 0.64% |
Fair value | $ (76) |
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) | 2.10% |
Interest rate received (in hundredths) | 0.63% |
Fair value | $ (114) |
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) | 0.63% |
Fair value | $ (235) |
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) | 2.20% |
Interest rate received (in hundredths) | 0.64% |
Fair value | $ (171) |
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) | 2.10% |
Interest rate received (in hundredths) | 0.62% |
Fair value | $ (196) |
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) | 2.20% |
Interest rate received (in hundredths) | 0.62% |
Fair value | $ (335) |
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) | 2.20% |
Interest rate received (in hundredths) | 0.63% |
Fair value | $ (417) |
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) | 0.63% |
Fair value | $ (530) |
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) | 2.20% |
Interest rate received (in hundredths) | 0.63% |
Fair value | $ (772) |
Interest Rate Swaps, Maturing January 28, 2026 [Member] | |
Derivative [Line Items] | |
Maturity date | Jan. 28, 2026 |
Notional amount | $ 3,000 |
Interest rate paid (in hundredths) | 1.90% |
Interest rate received (in hundredths) | 0.62% |
Fair value | $ (68) |
Interest Rate Swaps, Maturing February 8, 2026 1 [Member] | |
Derivative [Line Items] | |
Maturity date | Feb. 8, 2026 |
Notional amount | $ 7,700 |
Interest rate paid (in hundredths) | 1.80% |
Interest rate received (in hundredths) | 0.62% |
Fair value | $ (90) |
Interest Rate Swaps, Maturing February 8, 2026 2 [Member] | |
Derivative [Line Items] | |
Maturity date | Feb. 8, 2026 |
Notional amount | $ 6,600 |
Interest rate paid (in hundredths) | 1.80% |
Interest rate received (in hundredths) | 0.62% |
Fair value | $ (82) |
Interest Rate Swaps, Maturing February 16, 2026 [Member] | |
Derivative [Line Items] | |
Maturity date | Feb. 16, 2026 |
Notional amount | $ 4,600 |
Interest rate paid (in hundredths) | 1.50% |
Interest rate received (in hundredths) | 0.62% |
Fair value | $ 70 |
Interest Rate Swaps, Maturing March 10, 2026 [Member] | |
Derivative [Line Items] | |
Maturity date | Mar. 10, 2026 |
Notional amount | $ 1,200 |
Interest rate paid (in hundredths) | 1.70% |
Interest rate received (in hundredths) | 0.64% |
Fair value | $ (5) |
Interest Rate Swaps, Maturing March 15, 2026 [Member] | |
Derivative [Line Items] | |
Maturity date | Mar. 15, 2026 |
Notional amount | $ 3,000 |
Interest rate paid (in hundredths) | 1.80% |
Interest rate received (in hundredths) | 0.63% |
Fair value | $ (54) |
Interest Rate Swaps, Maturing March 29, 2026 [Member] | |
Derivative [Line Items] | |
Maturity date | Mar. 29, 2026 |
Notional amount | $ 1,700 |
Interest rate paid (in hundredths) | 1.70% |
Interest rate received (in hundredths) | 0.63% |
Fair value | $ (16) |
Other Identifiable Intangible62
Other Identifiable Intangible Assets (Details) - USD ($) | Nov. 29, 2012 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2007 |
Finite-Lived Intangible Assets [Line Items] | ||||
Acquisition date | Nov. 29, 2012 | |||
Acquisition purchase price | $ 1,800,000 | |||
Intangible asset amortization period | 8 years | 12 years | ||
Amortization of intangible assets per year | $ 217,000 | $ 1,000,000 | ||
Amortization of intangible assets over five years | $ 1,100,000 | 4,700,000 | ||
Gross intangible assets | $ 12,000,000 | $ 12,000,000 | ||
Accumulated amortization | 8,200,000 | |||
Amortization of intangible assets | 294,000 | $ 297,000 | ||
Customer List [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 250,000 | $ 250,000 | ||
Software [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross intangible assets | 1,800,000 | |||
Accumulated amortization | $ 900,000 |
Regulatory Matters (Details)
Regulatory Matters (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Matters [Abstract] | |
Percentage of net profits from preceding period for which dividend is paid to surplus fund (in hundredths) | 50.00% |
Percentage of capital stock (in hundredths) | 50.00% |
Percentage of net profits from preceding period for which dividend is paid to surplus fund thereafter (in hundredths) | 25.00% |
Percentage of capital stock thereafter (in hundredths) | 100.00% |
Segment Financials (Narrative)
Segment Financials (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016segment | |
Segment Financials [Abstract] | |
Number of Operating Segments | 4 |
Segment Financials (Schedule Of
Segment Financials (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 23,651 | $ 19,717 | |
Interest expense | 3,095 | 3,203 | |
Net interest income | 20,556 | 16,514 | |
Provision for loan and lease losses | 665 | ||
Non-interest income | 18,688 | 20,777 | |
Non-interest expense | 55,138 | 40,860 | |
Loss from continuing operations before income taxes | (15,894) | (4,234) | |
Income taxes | (5,272) | (2,427) | |
Net loss from continuing operations | (10,622) | (1,807) | |
Income from discontinued operations | (290) | 2,021 | |
Net income (loss) available to common shareholders | (10,912) | 214 | |
Total assets | 4,379,719 | $ 4,765,823 | |
Total liabilities | 4,064,130 | 4,445,822 | |
Specialty Finance [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 15,851 | 10,688 | |
Interest expense | 684 | 1,212 | |
Net interest income | 15,167 | 9,476 | |
Provision for loan and lease losses | 665 | ||
Non-interest income | 282 | 4,012 | |
Non-interest expense | 14,655 | 10,449 | |
Loss from continuing operations before income taxes | 794 | 2,374 | |
Net loss from continuing operations | 794 | 2,374 | |
Net income (loss) available to common shareholders | 794 | 2,374 | |
Total assets | 1,582,447 | 1,747,558 | |
Total liabilities | 535,429 | 783,866 | |
Payments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 1 | 10 | |
Interest allocation | 7,799 | 9,019 | |
Interest expense | 1,871 | 1,790 | |
Net interest income | 5,929 | 7,239 | |
Non-interest income | 16,350 | 16,739 | |
Non-interest expense | 35,901 | 25,979 | |
Loss from continuing operations before income taxes | (13,622) | (2,001) | |
Net loss from continuing operations | (13,622) | (2,001) | |
Net income (loss) available to common shareholders | (13,622) | (2,001) | |
Total assets | 36,984 | 35,165 | |
Total liabilities | 3,273,265 | 2,991,856 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 7,799 | 9,019 | |
Interest allocation | (7,799) | (9,019) | |
Interest expense | 540 | 200 | |
Net interest income | (540) | (200) | |
Non-interest income | 2,056 | 26 | |
Non-interest expense | 4,582 | 4,433 | |
Loss from continuing operations before income taxes | (3,066) | (4,607) | |
Income taxes | (5,272) | (2,427) | |
Net loss from continuing operations | 2,206 | (2,180) | |
Net income (loss) available to common shareholders | 2,206 | (2,180) | |
Total assets | 2,223,739 | 2,399,191 | |
Total liabilities | 255,436 | 670,100 | |
Discontinued Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Income from discontinued operations | (290) | 2,021 | |
Net income (loss) available to common shareholders | (290) | $ 2,021 | |
Total assets | $ 536,548 | $ 583,909 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |||
Disposal Group, Including Discontinued Operation, Loan Portfolio, Book Value | $ 1,100,000 | ||
Loans, net | $ 523,611 | $ 568,748 | |
Investment in unconsolidated entity, at fair value | 177,211 | $ 178,520 | |
Gain (loss) on sale of loans | $ (1,433) | $ 1,676 |
Discontinued Operations (Financ
Discontinued Operations (Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |||
Interest income | $ 5,819 | $ 8,535 | |
Net interest income | 5,819 | 8,535 | |
Non interest income | 52 | 48 | |
Non interest expense | 6,240 | 5,484 | |
Income (loss) before taxes | (369) | 3,099 | |
Income tax (benefit) provision | (79) | 1,078 | |
Net income (loss) | (290) | $ 2,021 | |
Loans, net | 523,611 | $ 568,748 | |
Other assets | 12,938 | 15,161 | |
Total assets | $ 536,548 | $ 583,909 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule Of Various Elements Of The Lower Of Cost Or Market Valuation) (Details) - Discounted Cash Flows [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Large Balance Commercial Loans [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 9.11% |
Large Balance Commercial Loans [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 2.77% |
Small Balance Commercial Loans [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 6.39% |
Small Balance Commercial Loans [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 3.16% |