Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 04, 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 | 55,319,204 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | ||
Cash and due from banks | $ 4,061 | $ 7,643 |
Interest earning deposits at Federal Reserve Bank | 312,605 | 1,147,519 |
Securities purchased under agreements to resell | 39,463 | |
Total cash and cash equivalents | 356,129 | 1,155,162 |
Investment securities, available-for-sale, at fair value | 1,334,927 | 1,070,098 |
Investment securities, held-to-maturity (fair value $91,787 and $91,599, respectively) | 93,495 | 93,590 |
Commercial loans held for sale | 562,957 | 489,938 |
Loans, net of deferred loan fees and costs | 1,198,237 | 1,078,077 |
Allowance for loan and lease losses | (6,058) | (4,400) |
Loans, net | 1,192,179 | 1,073,677 |
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 11,014 | 1,062 |
Premises and equipment, net | 21,797 | 21,631 |
Accrued interest receivable | 10,496 | 9,471 |
Intangible assets, net | 5,682 | 4,929 |
Deferred tax asset, net | 29,765 | 36,207 |
Investment in unconsolidated entity, at fair value | 157,396 | 178,520 |
Assets held for sale from discontinued operations | 386,155 | 583,909 |
Other assets | 55,519 | 47,629 |
Total assets | 4,217,511 | 4,765,823 |
Deposits | ||
Demand and interest checking | 3,364,103 | 3,602,376 |
Savings and money market | 402,832 | 383,832 |
Time deposits | 428,549 | |
Total deposits | 3,766,935 | 4,414,757 |
Securities sold under agreements to repurchase | 353 | 925 |
Short-term borrowings | 70,000 | |
Subordinated debenture | 13,401 | 13,401 |
Other liabilities | 27,744 | 16,739 |
Total liabilities | 3,878,433 | 4,445,822 |
SHAREHOLDERS' EQUITY | ||
Common stock - authorized, 75,000,000 shares of $1.00 par value; 55,419,204 and 37,861,218 shares issued at September 30, 2016 and December 31, 2015, respectively | 55,419 | 37,861 |
Treasury stock, at cost (100,000 shares) | (866) | (866) |
Additional paid-in capital | 359,793 | 300,549 |
Accumulated deficit | (83,169) | (15,449) |
Accumulated other comprehensive income (loss) | 7,901 | (2,094) |
Total shareholders' equity | 339,078 | 320,001 |
Total liabilities and shareholders' equity | $ 4,217,511 | $ 4,765,823 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Investment securities, held-to-maturity, fair value | $ 91,787 | $ 91,599 |
SHAREHOLDERS' EQUITY | ||
Common stock, authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, issued (in shares) | 55,419,204 | 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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income | ||||
Loans, including fees | $ 17,697 | $ 12,811 | $ 48,928 | $ 35,042 |
Interest on investment securities: | ||||
Taxable interest | 8,350 | 4,562 | 22,782 | 14,628 |
Tax-exempt interest | 142 | 3,097 | 639 | 9,388 |
Federal funds sold/securities purchased under agreements to resell | 146 | 143 | 301 | 465 |
Interest earning deposits | 397 | 580 | 1,677 | 1,759 |
Total interest income | 26,732 | 21,193 | 74,327 | 61,282 |
Interest expense | ||||
Deposits | 2,906 | 3,277 | 8,692 | 9,591 |
Securities sold under agreements to repurchase | 1 | 1 | 14 | |
Short-term borrowings | 153 | 263 | ||
Subordinated debenture | 131 | 117 | 383 | 328 |
Total interest expense | 3,190 | 3,395 | 9,339 | 9,933 |
Net interest income | 23,542 | 17,798 | 64,988 | 51,349 |
Provision for loan and lease losses | 750 | 625 | 1,810 | 1,800 |
Net interest income after provision for loan and lease losses | 22,792 | 17,173 | 63,178 | 49,549 |
Non-interest income | ||||
Service fees on deposit accounts | 1,510 | 1,919 | 3,335 | 5,579 |
Card payment and ACH processing fees | 1,459 | 1,493 | 4,183 | 4,242 |
Prepaid card fees | 12,249 | 11,492 | 39,333 | 35,752 |
Gain (loss) on sale of loans | 903 | (830) | 809 | 6,747 |
Gain on sale of investment securities | 981 | (335) | 3,131 | (62) |
Change in value of investment in unconsolidated entity | 811 | 1,040 | (12,313) | 3,141 |
Leasing income | 588 | 552 | 1,456 | 1,727 |
Debit card income (loss) | (45) | 427 | (202) | 1,358 |
Affinity fees | 1,091 | 1,083 | 3,507 | 2,391 |
Other | 357 | 458 | 4,893 | 1,925 |
Total non-interest income | 19,904 | 17,299 | 48,132 | 62,800 |
Non-interest expense | ||||
Salaries and employee benefits | 21,508 | 16,768 | 62,400 | 49,677 |
Depreciation and amortization | 1,241 | 1,171 | 3,751 | 3,568 |
Rent and related occupancy cost | 1,638 | 1,558 | 4,797 | 4,471 |
Data processing expense | 3,769 | 3,747 | 11,459 | 10,735 |
Printing and supplies | 825 | 622 | 2,194 | 1,805 |
Audit expense | 246 | 397 | 746 | 1,596 |
Legal expense | 814 | 427 | 3,786 | 2,480 |
Amortization of intangible assets | 394 | 298 | 1,032 | 893 |
FDIC insurance | 2,436 | 2,700 | 7,118 | 8,306 |
Software | 2,770 | 1,920 | 7,756 | 4,793 |
Insurance | 631 | 482 | 1,695 | 1,441 |
Telecom and IT network communications | 582 | 458 | 1,547 | 1,420 |
Securitization and servicing expense | 398 | 747 | 1,250 | |
Consulting | 1,701 | 1,125 | 4,214 | 3,345 |
Bank Secrecy Act and lookback consulting expenses | 1,340 | 11,687 | 29,076 | 26,643 |
Other | 4,276 | 4,037 | 14,127 | 12,666 |
Total non-interest expense | 44,171 | 47,795 | 156,445 | 135,089 |
Loss from continuing operations before income taxes | (1,475) | (13,323) | (45,135) | (22,740) |
Income tax provision (benefit) | 55 | (5,706) | (15,324) | (10,817) |
Net loss from continuing operations | (1,530) | (7,617) | (29,811) | (11,923) |
Income (loss) from discontinued operations before income taxes | (21,490) | 2,997 | (38,073) | 10,193 |
Income tax provision (benefit) | 2,531 | 955 | (164) | 3,457 |
Income (loss) from discontinued operations, net of tax | (24,021) | 2,042 | (37,909) | 6,736 |
Net income (loss) available to common shareholders | $ (25,551) | $ (5,575) | $ (67,720) | $ (5,187) |
Net loss per share from continuing operations - basic | $ (0.03) | $ (0.20) | $ (0.73) | $ (0.32) |
Net income (loss) per share from discontinued operations - basic | (0.51) | 0.05 | (0.92) | 0.18 |
Net income (loss) per share - basic (in dollars per share) | (0.54) | (0.15) | (1.65) | (0.14) |
Net loss per share from continuing operations - diluted | (0.03) | (0.20) | (0.73) | (0.32) |
Net income (loss) per share from discontinued operations - diluted | (0.51) | 0.05 | (0.92) | 0.18 |
Net income (loss) per share - diluted (in dollars per share) | $ (0.54) | $ (0.15) | $ (1.65) | $ (0.14) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Other comprehensive income (loss) net of reclassifications into net income: | $ (67,720) | $ (5,187) |
Other comprehensive income (loss) | ||
Change in net unrealized gain (loss) during the period | 19,207 | (1,598) |
Reclassification adjustments for losses included in income | (3,131) | 62 |
Reclassification adjustments for foreign currency translation (gains)/losses | 335 | (449) |
Amortization of losses previously held as available-for-sale | 25 | 42 |
Net unrealized gain (loss) | 16,436 | (1,943) |
Deferred tax expense | ||
Change in net unrealized gain during the period | 7,683 | (315) |
Reclassification adjustments for losses included in income | (1,252) | 29 |
Amortization of losses previously held as available-for-sale | 10 | 14 |
Income tax expense (benefit) related to items of other comprehensive income | 6,441 | (272) |
Other comprehensive income (loss) net of tax and reclassifications into net income | 9,995 | (1,671) |
Comprehensive loss | $ (57,725) | $ (6,858) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earning [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) | (67,720) | (67,720) | ||||
Issuance of common stock | $ 17,474 | 57,338 | 74,812 | |||
Issuance of common stock (in shares) | 17,473,881 | |||||
Common stock issued as restricted shares, net of tax benefits | $ 84 | (84) | ||||
Common stock issued as restricted shares, net of tax benefits (in shares) | 84,020 | |||||
Stock-based compensation | 1,990 | 1,990 | ||||
Other comprehensive income net of reclassification adjustments and tax | 9,995 | 9,995 | ||||
Balance at Sep. 30, 2016 | $ 55,419 | $ (866) | $ 359,793 | $ (83,169) | $ 7,901 | $ 339,078 |
Balance (in shares) at Sep. 30, 2016 | 55,419,119 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities | ||
Net loss from continuing operations | $ (29,811) | $ (11,923) |
Net income (loss) from discontinued operations | (37,909) | 6,736 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 4,783 | 4,461 |
Provision for loan and lease losses | 1,810 | 1,800 |
Net amortization of investment securities discounts/premiums | 6,066 | 10,279 |
Stock-based compensation expense | 1,990 | 1,532 |
Loans originated for sale | (372,065) | (427,680) |
Sale of loans originated for resale | 299,855 | 296,907 |
Loss (gain)on sales of loans originated for resale | (809) | (6,747) |
Gain on sale of fixed assets | (21) | (10) |
Fair value adjustment on investment in unconsolidated entity | 14,753 | |
Loss (gain) on sales of investment securities | (3,131) | 62 |
Decrease (increase) in accrued interest receivable | (1,025) | 19 |
Increase in other assets | (19,290) | (8,190) |
Increase in discontinued assets held for sale | (5,779) | (2,516) |
Increase (decrease) in other liabilities | 10,505 | (5,595) |
Net cash provided by (used in) operating activities | (130,078) | (140,865) |
Investing activities | ||
Purchase of investment securities available-for-sale | (499,969) | (97,045) |
Proceeds from sale of investment securities available-for-sale | 115,637 | 94,288 |
Proceeds from redemptions and prepayments of securities held-to-maturity | 51 | 118 |
Proceeds from redemptions and prepayments of securities available-for-sale | 133,212 | 167,898 |
Net increase in loans | (120,312) | (121,169) |
Net decrease in discontinued loans held for sale | 203,533 | 278,717 |
Proceeds from sale of fixed assets | 341 | 220 |
Purchases of premises and equipment | (4,237) | (4,974) |
Investment in unconsolidated entity | 6,371 | 6,939 |
Net cash provided by (used in) investing activities | (165,373) | 324,992 |
Financing activities | ||
Net decrease in deposits | (647,822) | (242,569) |
Net decrease in securities sold under agreements to repurchase | (572) | (18,380) |
Proceeds of short-term borrowings and federal funds purchased | 70,000 | |
Proceeds from issuance of common stock | 74,812 | |
Net cash used in financing activities | (503,582) | (260,949) |
Net decrease in cash and cash equivalents | (799,033) | (76,822) |
Cash and cash equivalents, beginning of period | 1,155,162 | 1,114,235 |
Cash and cash equivalents, end of period | 356,129 | 1,037,413 |
Supplemental disclosure: | ||
Interest paid | 9,514 | 9,584 |
Taxes paid | $ 366 | $ 592 |
Structure Of Company
Structure Of Company | 9 Months Ended |
Sep. 30, 2016 | |
Structure Of Company [Abstract] | |
Structure Of Company | Note 1. Structure of Company The Bancorp, Inc. (the Company) is a Delaware corporation and a registered financial holding company . Its primary subsidiary is The Bancorp Bank (the Bank) which is wholly owned by the Company . The Bank is a Delaware chartered comme r cial bank located in Wilmington, Delaware and is a Federal Deposit Insurance Corporation (FDIC) insured institution. In its continuing operations, the Bank has four primary lines of specialty lending: 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 its subsidiary, Transact Payments Limited, which offer prepaid card and electronic money issuing services. The Company and the Bank are subject to regulation by certain state and federal agencies and, accordingly, they are examined periodically by those regulatory authorities. As a consequence of the extensive regulation of commercial banking activities, the Company’s and the Bank’s businesses may be affected by state and federal legislation and regulations . |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation The financial statements of the Company, as of September 30, 2016 and for the three and nine month periods ended September 30, 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 ( 2015 Form 10-K R eport). Note T in those financial statements present s restated interim financial statements as described therein. The results of operations for the nine month period ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 typically the vesting period. For grants subject to a service condition, the Company utilizes the Black-Scholes option-pricing model to estimate the fair value of each option on the date of grant. The Black-Scholes model takes into consideration the exercise price and expected life of the options, the current price of the underlying stock and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Company’s estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. In accordance with ASC 718, the Company estimates the number of options for which the requisite service is expected to be rendered . At September 30, 201 6 , the Company ha d three s tock-based compensation plans, which are more fully described in its 2015 Form 10-K Report . The Company granted 300,000 stock options with a vesting period of four years in the first nine months of 2016. The weighted average grant-date fair value was $2.89 . The Company did no t grant stock options in the first nine months of 2015 . There were no stock options exe rcised in the nine month periods ended September 30, 2016 or September 30, 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 300,000 6.75 3.67 - Exercised - - - - Expired (1,000) 20.98 - - Forfeited (240,000) 8.28 - - Outstanding at September 30, 2016 2,036,500 $ 8.34 5.49 $ - Exercisable at September 30, 2016 1,661,500 $ 8.55 4.66 $ - The Company granted 789,000 restricted stock units (RSUs) in the first nine months of 2016 of which 620,000 have a vesting period of three years and 169,000 have a vesting period of one year . 489,000 RSUs have a fair value of $4.50 and 300,000 RSUs have a fair value of $6.75 . The Company granted 86,992 RSUs with a vesting period of two years at a fair value of $9.11 in the first nine months of 2015. The total fair value of RSUs vested for the nine months ended September 30, 2016 and 2015 was $830,000 and $517,000 , 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 Granted 789,000 5.36 - Vested (84,020) 9.88 - Forfeited (41,250) 6.12 - Outstanding at September 30, 2016 831,775 $ 5.77 1.88 As of September 30, 2016, there was a total of $4.3 million of unrecognized compensation cost related to unvested awards under share-based plans. This cost is expected to be recognized over a weighted average period of approximately two years. Related compensation expense for the nine months ended September 30, 2016 and 2015 was $2.0 million and $1.5 million, respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 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 September 30, 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 $ (1,530) 47,153,658 $ (0.03) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (1,530) 47,153,658 $ (0.03) For the three months ended September 30, 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 $ (24,021) 47,153,658 $ (0.51) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (24,021) 47,153,658 $ (0.51) For the three months ended September 30, 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 $ (25,551) 47,153,658 $ (0.54) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (25,551) 47,153,658 $ (0.54) Stock options for 2,036,500 shares, exercisable at prices between $6.75 and $25.43 per share, were outstanding at September 30, 2016, but were not included in the dilutive shares because the Company had a net loss available to common shareholders. For the nine months ended September 30, 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 $ (29,811) 40,957,247 $ (0.73) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (29,811) 40,957,247 $ (0.73) For the nine months ended September 30, 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 $ (37,909) 40,957,247 $ (0.92) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (37,909) 40,957,247 $ (0.92) For the nine months ended September 30, 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 $ (67,720) 40,957,247 $ (1.65) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (67,720) 40,957,247 $ (1.65) Stock options for 2,036,500 shares, exercisable at prices between $6.75 and $25.43 per share, were outstanding at September 30, 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 September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings (loss) per share from continuing operations Net income (loss) available to common shareholders $ (7,617) 37,758,322 $ (0.20) Effect of dilutive securities Common stock options - - - Diluted income (loss) per share Net income (loss) available to common shareholders $ (7,617) 37,758,322 $ (0.20) For the three months ended September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings (loss) per share from discontinued operations Net income (loss) available to common shareholders $ 2,042 37,758,322 $ 0.05 Effect of dilutive securities Common stock options - 262,608 - Diluted income (loss) per share Net income (loss) available to common shareholders $ 2,042 38,020,930 $ 0.05 For the three months ended September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings (loss) per share Net income (loss) available to common shareholders $ (5,575) 37,758,322 $ (0.15) Effect of dilutive securities Common stock options - - - Diluted earnings (loss) per share Net income (loss) available to common shareholders $ (5,575) 37,758,322 $ (0.15) Stock options for 2,348,750 shares, exercisable at prices between $7.36 and $25.43 per share, were outstanding at September 30, 201 5 but were not included in dilutive shares because the exercise price per share was greater than the average market price. For the nine months ended September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings (loss) per share from continuing operations Net income (loss) available to common shareholders $ (11,923) 37,754,110 $ (0.32) Effect of dilutive securities Common stock options - - - Diluted income (loss) per share Net income (loss) available to common shareholders $ (11,923) 37,754,110 $ (0.32) For the nine months ended September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings (loss) per share from discontinued operations Net income (loss) available to common shareholders $ 6,736 37,754,110 $ 0.18 Effect of dilutive securities Common stock options - 342,338 - Diluted income (loss) per share Net income (loss) available to common shareholders $ 6,736 38,096,448 $ 0.18 For the nine months ended September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings (loss) per share Net income (loss) available to common shareholders $ (5,187) 37,754,110 $ (0.14) Effect of dilutive securities Common stock options - - - Diluted earnings (loss) per share Net income (loss) available to common shareholders $ (5,187) 37,754,110 $ (0.14) Stock options for 2,348,750 shares exercisable at prices between $7.36 and $25.43 per share, were outstanding at September 30, 2015 but were not included in dilutive shares because the exercise price per share was greater than the average market price. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 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 September 30, 201 6 and December 31, 201 5 are summarized as follows (in thousands): Available-for-sale September 30, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 29,468 $ 299 $ (51) $ 29,716 Asset-backed securities 382,750 1,386 (2,793) 381,343 Tax-exempt obligations of states and political subdivisions 44,434 364 (51) 44,747 Taxable obligations of states and political subdivisions 79,260 4,336 (7) 83,589 Residential mortgage-backed securities 331,004 3,625 (813) 333,816 Collaterized mortgage obligation securities 174,640 1,981 (373) 176,248 Commercial mortgage-backed securities 127,364 3,978 (107) 131,235 Foreign debt securities 55,800 875 (8) 56,667 Corporate debt securities 95,639 1,956 (29) 97,566 $ 1,320,359 $ 18,800 $ (4,232) $ 1,334,927 Held-to-maturity September 30, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 17,973 $ 413 $ (3,181) $ 15,205 Other debt securities - pooled 75,522 1,060 - 76,582 $ 93,495 $ 1,473 $ (3,181) $ 91,787 Available-for-sale December 31, 2015 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 29,316 $ 18 $ (95) $ 29,239 Asset-backed securities 194,690 46 (3,642) 191,094 Tax-exempt obligations of states and political subdivisions 95,792 2,728 (74) 98,446 Taxable obligations of states and political subdivisions 94,582 2,307 (476) 96,413 Residential mortgage-backed securities 210,051 697 (882) 209,866 Collaterized mortgage obligation securities 172,623 819 (1,190) 172,252 Commercial mortgage-backed securities 127,085 386 (1,361) 126,110 Foreign debt securities 58,077 64 (333) 57,808 Corporate debt securities 89,370 170 (670) 88,870 $ 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 and Atlantic Central Bankers Bank stock are recorded at cost and amounted to $11.0 million and $1.1 million, respectively, at September 30, 201 6 and December 31, 201 5 . The amortized cost and fair value of the Company’s investment securities at September 30, 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 $ 26,420 $ 26,412 $ - $ - Due after one year through five years 167,777 170,450 7,012 7,309 Due after five years through ten years 428,966 436,257 - - Due after ten years 697,196 701,808 86,483 84,478 $ 1,320,359 $ 1,334,927 $ 93,495 $ 91,787 At September 30, 201 6 and December 31, 201 5 , investment securities with a carrying value of approximately $614.0 million and $472.3 million , respectively, were pledged as collateral to secure Federal Home Loan Bank advances, letters of credit and securities sold under repurchase agreements as required or permitted by law. Fair value of a vailable-for-sale securities are based on the fair market value supplied by a third-party market data provider , while the fair value of held-to-maturity securities are based on the present value of cash flows, which discounts expected cash flows from principal and interest using yield to maturity at the measurement date. The Company periodically reviews its investment portfolio to determine whether unrealized losses are other than temporary, based on an evaluation of the creditworthiness of the issuers/guarantors as well as the underlying collateral , if applicable, in addition to the continuing performance of the securities. The amount of the credit impairment i s calculated by estimating the discounted cash flows for those securities. The Company did no t recognize any other-than-temporary impairment charges in the first nine months of 2016. The table below indicates the length of time individual securities had been in a continuous unrealized loss position at September 30, 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 $ 10,037 $ (51) $ - $ - $ 10,037 $ (51) Asset-backed securities 24 78,621 (685) 64,595 (2,108) 143,216 (2,793) Tax-exempt obligations of states and political subdivisions 42 17,515 (13) 7,435 (38) 24,950 (51) Taxable obligations of states and political subdivisions 4 2,726 (7) - - 2,726 (7) Residential mortgage-backed securities 43 147,529 (670) 9,992 (143) 157,521 (813) Collaterized mortgage obligation securities 23 39,552 (136) 19,823 (237) 59,375 (373) Commercial mortgage-backed securities 21 12,151 (64) 3,762 (43) 15,913 (107) Foreign debt securities 6 3,273 (6) 1,451 (2) 4,724 (8) Corporate debt securities 8 3,715 (21) 1,189 (8) 4,904 (29) Total temporarily impaired investment securities 174 $ 315,119 $ (1,653) $ 108,247 $ (2,579) $ 423,366 $ (4,232) 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 $ - $ - $ 5,871 $ (3,181) $ 5,871 $ (3,181) Total temporarily impaired investment securities 1 $ - $ - $ 5,871 $ (3,181) $ 5,871 $ (3,181) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 201 5 (dollars in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities U.S. Government agency securities 3 $ 16,500 $ (95) $ - $ - $ 16,500 $ (95) Asset-backed securities 33 138,244 (1,944) 41,955 (1,698) 180,199 (3,642) Tax-exempt obligations of states and political subdivisions 31 13,580 (22) 6,905 (52) 20,485 (74) Taxable obligations of states and political subdivisions 30 45,136 (450) 2,197 (26) 47,333 (476) Residential mortgage-backed securities 29 121,997 (761) 5,964 (121) 127,961 (882) Collaterized mortgage obligation securities 26 56,142 (600) 34,508 (590) 90,650 (1,190) Commercial mortgage-backed securities 43 81,990 (1,024) 14,520 (337) 96,510 (1,361) Foreign debt securities 51 40,586 (273) 2,636 (60) 43,222 (333) Corporate debt securities 67 54,069 (631) 1,327 (39) 55,396 (670) Total temporarily impaired investment securities 313 $ 568,244 $ (5,800) $ 110,012 $ (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 September 30, 201 6 consisted of three securities secured by diversified portfolios of corporate securities, one bank senior note, two single - issuer trust preferred securities and one pooled trust preferred security. A total of $18.0 million of other debt securities - single issuers is comprised of the following: (i) amortized cost of the two single-issuer trust preferred securities of $10.9 million, of which one security for $1.9 million was issued by a bank and one security for $9.0 million was issued by an insurance company; and (ii) the book value of a bank senior note of $7.0 million. A total of $75.5 million of other debt securities – pooled is comprised of three securities consisting of diversified portfolios of corporate securities . The following table provides additional information related to the Company’s single issuer trust preferred securities as of September 30, 201 6 (in thousands): Single issuer Book value Fair value Unrealized gain/(loss) Credit rating Security A $ 1,909 $ 2,025 $ 116 Not rated Security B 9,052 5,871 (3,181) Not rated Class: All of the above are trust preferred securities. The Company has evaluated the securities in the above tables and has concluded that none of these securities has impairment that is other-than-temporary. The Company evaluates whether a credit impairment exists by considering primarily the following factors: (a) the length of time and extent to which the fair value has been less than the amortized cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on contractually obligated interest and principal payments, (d) changes in the financial condition of the security’s underlying collateral and (e) the payment structure of the security. The Company’s best estimate of expected future cash flows , which is used to determine the credit loss amount , is a quantitative and qualitative process that incorporates information received from third-party sources along with internal assumptions and judgments regarding the future performance of the security. The Company concluded that most of the securities that are in an unrealized loss position are in a loss position because of changes in market interest rates after the securities were purchased. S ecurities that have been in an unrealized loss position for 12 months or longer include other securities whose market values are sensitive to market interest rates and changes in credit quality. The Company’s unrealized loss for other of the debt securities, which include three single issuer trust preferred securities and one pooled trust preferred securit y , is primarily related to general market conditions , including a lack of liquidity in the market. The severity of the temporary impairments in relation to the carrying amounts of the individual investments is consistent with market developments. The Company’s analysis for each investment is performed at the security level. As a result of its review, the Company concluded that other-than-temporary impairment did not exist due to the Company’s ability and intention to hold these securities to recover their amortized cost basis. |
Loans
Loans | 9 Months Ended |
Sep. 30, 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 September 3 0, 201 6, the fair value of the loans held for sale was $563.0 million and the unpaid principal balance was $550.6 million . Included in the gain on sale of loans in the Statements of Operations were gains recognized from changes in fair value of $6.3 million for the nine months ended September 30, 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 Statements of Operations. In the second quarter of 2016, the Company purchased approximately $60 million in fleet vehicle leases which resulted in a customer list intangible of $1.8 million . . The balance of the $8.9 million purchase price was allocated to premium which is being amortized over the estimated average lives of the leases. The Company expects to complete its accounting for this purchase by the end of the fourth quarter of 2016. The Company analyzes credit risk prior to making loans on an individual loan basis. The Company considers relevant aspects of the borrowers’ financial position and cash flow, past borrower performance, management’s knowledge of market conditions, collateral and the ratio of loan amounts to estimated collateral value in making its credit determinations. Major classifications of loans, excluding loans held for sale, are as follows (in thousands): September 30, December 31, 2016 2015 SBA non real estate $ 74,262 $ 68,887 SBA commercial mortgage 117,053 114,029 SBA construction 6,317 6,977 SBA loans * 197,632 189,893 Direct lease financing 332,632 231,514 SBLOC 621,456 575,948 Other specialty lending 20,076 48,315 Other consumer loans 19,375 23,180 1,191,171 1,068,850 Unamortized loan fees and costs 7,066 9,227 Total loans, net of deferred loan costs $ 1,198,237 $ 1,078,077 Included in the table above are demand deposit overdrafts reclassified as loan balances totaling $1.8 million and $2.8 million at September 30, 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 held for sale at the dates indicated (in thousands): September 30, December 31, 2016 2015 SBA loans, including deferred fees and costs $ 203,196 $ 197,966 SBA loans included in held for sale 146,450 109,174 Total SBA loans $ 349,646 $ 307,140 The following table provides information about impaired loans at September 30, 201 6 and December 31, 201 5 (in thousands): Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized September 30, 2016 Without an allowance recorded SBA non real estate $ 704 $ 704 $ - $ 372 $ - Consumer - other 317 317 - 324 - Consumer - home equity 1,563 1,563 - 1,052 - With an allowance recorded - SBA non real estate 2,070 2,070 939 1,050 - Consumer - other - - - - - Consumer - home equity 827 927 474 686 - Total SBA non real estate 2,774 2,774 939 1,422 - Consumer - other 317 317 - 324 - Consumer - home equity 2,390 2,490 474 1,738 - 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 September 30, 201 6 or December 31, 201 5) (in thousands) : September 30, December 31, 2016 2015 Non-accrual loans SBA non real estate $ 1,921 $ 733 Consumer 2,100 1,194 Total non-accrual loans 4,021 1,927 Loans past due 90 days or more 2,933 403 Total non-performing loans 6,954 2,330 Other real estate owned - - Total non-performing assets $ 6,954 $ 2,330 The Company’s loans that were modified as of September 30, 201 6 and December 31, 201 5 and considered troubled debt restructurings are as follows ( dollars in thousands): September 30, 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 3 $ 917 $ 917 1 $ 171 $ 171 Consumer 3 711 711 2 434 434 Total 6 $ 1,628 $ 1,628 3 $ 605 $ 605 The balances below provide information as to how the loans were modified as troubled debt restructurings loans as of September 30, 201 6 and December 31, 201 5 (in thousands): September 30, 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 $ - $ 151 $ 766 $ - $ 171 $ - Consumer - 317 394 - 330 104 Total $ - $ 468 $ 1,160 $ - $ 501 $ 104 There were no loans that had been restructured within the last 12 months that have subsequently defaulted as of September 30, 2016. As of September 30, 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 September 30, 2016 Beginning balance $ 844 $ 408 $ 48 $ 1,022 $ 762 $ 199 $ 936 $ 181 $ 4,400 Charge-offs (76) - - (63) - - (39) - (178) Recoveries 1 - - 18 - - 7 - 26 Provision (credit) 1,179 343 7 568 (451) (143) 176 131 1,810 Ending balance $ 1,948 $ 751 $ 55 $ 1,545 $ 311 $ 56 $ 1,080 $ 312 $ 6,058 Ending balance: Individually evaluated for impairment $ 939 $ - $ - $ - $ - $ - $ 474 $ - $ 1,413 Ending balance: Collectively evaluated for impairment $ 1,009 $ 751 $ 55 $ 1,545 $ 311 $ 56 $ 606 $ 312 $ 4,645 Loans: Ending balance $ 74,262 $ 117,053 $ 6,317 $ 332,632 $ 621,456 $ 20,076 $ 19,375 $ 7,066 $ 1,198,237 Ending balance: Individually evaluated for impairment $ 2,774 $ - $ - $ - $ - $ - $ 2,707 $ - $ 5,481 Ending balance: Collectively evaluated for impairment $ 71,488 $ 117,053 $ 6,317 $ 332,632 $ 621,456 $ 20,076 $ 16,668 $ 7,066 $ 1,192,756 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 September 30, 2015 Beginning balance $ 385 $ 461 $ 114 $ 836 $ 562 $ 66 $ 1,181 $ 33 3,638 Charge-offs (65) - - (9) - - (1,177) - (1,251) Recoveries - - - - - - 7 - 7 Provision (credit) 465 277 (88) 78 153 (33) 844 104 1,800 Ending balance $ 785 $ 738 $ 26 $ 905 $ 715 $ 33 $ 855 $ 137 $ 4,194 Ending balance: Individually evaluated for impairment $ 158 $ - $ - $ - $ - $ - $ - $ - $ 158 Ending balance: Collectively evaluated for impairment $ 627 $ 738 $ 26 $ 905 $ 715 $ 33 $ 855 $ 137 $ 4,036 Loans: Ending balance $ 64,988 $ 116,545 $ 5,191 $ 223,929 $ 539,240 $ 12,119 $ 23,502 $ 9,004 $ 994,518 Ending balance: Individually evaluated for impairment $ 1,107 $ - $ - $ - $ - $ - $ 1,562 $ - $ 2,669 Ending balance: Collectively evaluated for impairment $ 63,881 $ 116,545 $ 5,191 $ 223,929 $ 539,240 $ 12,119 $ 21,940 $ 9,004 $ 991,849 The Company did no t have loans acquired with deteriorated credit quality at either September 30, 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 September 30, 2016 past due past due 90 days Non-accrual past due Current loans SBA non real estate $ - $ - $ - $ 1,920 $ 1,920 $ 72,342 $ 74,262 SBA commercial mortgage - - - - - 117,053 117,053 SBA construction - - - - - 6,317 6,317 Direct lease financing 14,410 1,289 2,933 - 18,632 314,000 332,632 SBLOC 16 - - - 16 621,440 621,456 Other specialty lending - - - - - 20,076 20,076 Consumer - other - - - - - 5,235 5,235 Consumer - home equity 159 275 - 2,101 2,535 11,605 14,140 Unamortized loan fees and costs - - - - - 7,066 7,066 $ 14,585 $ 1,564 $ 2,933 $ 4,021 $ 23,103 $ 1,175,134 $ 1,198,237 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): September 30, 2016 Pass Special mention Substandard Doubtful Loss Unrated subject to review * Unrated not subject to review * Total loans SBA non real estate $ 56,403 $ 139 $ 3,401 $ - $ - $ 1,030 $ 13,289 $ 74,262 SBA commercial mortgage 97,211 - 901 - - 688 18,253 117,053 SBA construction 5,828 - - - - 489 - 6,317 Direct lease financing 119,008 - 3,265 - - 9,849 200,510 332,632 SBLOC 275,373 - - - - 1,000 345,083 621,456 Other specialty lending 20,076 - - - - - - 20,076 Consumer 10,970 290 3,573 - - - 4,542 19,375 Unamortized loan fees and costs - - - - - - 7,066 7,066 $ 584,869 $ 429 $ 11,140 $ - $ - $ 13,056 $ 588,743 $ 1,198,237 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 | 9 Months Ended |
Sep. 30, 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 former 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 former 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 for the nine months ended September 30, 201 6 and $9,000 for the nine months ended September 30, 201 5 . 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 and was terminated 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 $35,000 for the nine months ended September 30, 201 6 and 201 5, respectively . The Bank maintains deposits for various affiliated companies totaling approximately $14.6 million and $33.4 million as of September 30, 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 . 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 Bank . At September 30, 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 $947,000 at September 30, 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 September 30, 201 6 and had complied with all terms for all prior repurchase agreements. There were $39. 4 million of repurchase agreements outstanding at September 30, 201 6 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 acts 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 continuing regulatory review. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 8. Fair Value Measurements ASC 825, “ Financial Instruments Available for Sale” , 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. Accordingly, estimated fair values are determined by the Company using the best available data and an estimation methodology it believes to be suitable for each category of financial instruments. Also, it is the Company’s general practice and intent to hold its financial instruments to maturity whether or not categorized as “available-for-sale” and not to engage in trading or sales activities, except for the sale of commercial loans to secondary markets . For fair value disclosure purposes, the Company utilized certain value measurement criteria required under the ASC 820, “ Fair Value Measurements and Disclosures ” , and discussed below. Estimated fair values have been determined by the Company using the best available data and an estimation methodology it believes to be suitable for each category of financial instruments. Changes in the assumptions or methodologies used to estimate fair values may materially affect the estimated amounts. Also, there may not be reasonable comparability between institutions due to the wide range of permitted assumptions and methodologies in the absence of active markets. This lack of uniformity gives rise to a high degree of subjectivity in estimating financial instrument fair values. Cash and cash equivalents, which are comprised of cash and due from banks, the Company’s balance at the Federal Reserve Bank and securities purchased under agreements to resell, had recorded values of $356.1 mi llion and $1.16 billion as of September 30, 201 6 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 Central Bankers Bank 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 Central Bankers Bank 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 September 30, 2016 and December 31, 2015 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 comprises 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 September 30, 2016 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% to 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 September 30, 2016, 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 (in thousands ) : September 30, 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 $ 1,334,927 $ 1,334,927 $ - $ 1,334,927 $ - Investment securities held-to-maturity 93,495 91,787 - 85,916 5,871 Securities purchased under agreements to resell 39,463 39,463 39,463 - - Federal Home Loan and Atlantic Central Bankers Bank stock 11,014 11,014 - - 11,014 Commercial loans held for sale 562,957 562,957 - - 562,957 Loans, net of deferred loan fees and costs 1,198,237 1,193,085 - - 1,193,085 Investment in unconsolidated entity, senior note 150,686 150,686 - - 150,686 Investment in unconsolidated entity, subordinated note 6,710 6,710 - - 6,710 Assets held for sale 386,155 386,155 - - 386,155 Demand and interest checking 3,364,103 3,364,103 3,364,103 - - Savings and money market 402,832 402,832 402,832 - - Subordinated debentures 13,401 9,101 - - 9,101 Securities sold under agreements to repurchase 353 353 353 - - Interest rate swaps, liability 5,321 5,321 - 5,321 - 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 Central Bankers Bank 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 hierarchy, are summarized below (in thousands): Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs September 30, 2016 (Level 1) (Level 2) (Level 3) Investment securities available for sale U.S. Government agency securities $ 29,716 $ - $ 29,716 $ - Asset-backed securities 381,343 - 381,343 - Obligations of states and political subdivisions 128,336 - 128,336 - Residential mortgage-backed securities 333,816 - 333,816 - Collaterized mortgage obligation securities 176,248 - 176,248 - Commercial mortgage-backed securities 131,235 - 131,235 - Foreign debt securities 56,667 - 56,667 - Corporate debt securities 97,566 - 97,566 - Total investment securities available for sale 1,334,927 - 1,334,927 - Loans held for sale 562,957 - - 562,957 Investment in unconsolidated entity, senior note 150,686 - - 150,686 Investment in unconsolidated entity, subordinated note 6,710 - - 6,710 Assets held for sale 386,155 - - 386,155 Interest rate swaps, liability 5,321 - 5,321 - $ 2,436,114 $ - $ 1,329,606 $ 1,106,508 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 $ 29,240 $ - $ 29,240 $ - Asset-backed securities 191,093 - 191,093 - Obligations of states and political subdivisions 194,859 - 194,859 - Residential mortgage-backed securities 209,866 - 209,866 - Collaterized mortgage obligation securities 172,252 - 172,252 - Commercial mortgage-backed securities 126,110 - 126,110 - Foreign debt securities 57,808 - 57,808 - Corporate debt securities 88,870 - 88,870 - 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 September 30, 2016 December 31, 2015 September 30, 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) 6,350 1,677 Included in other comprehensive income - - - - Purchases, issuances, and settlements Purchases - - - - Issuances - - 372,065 681,526 Sales - (1,343) (305,396) (410,345) Settlements - - - - Ending balance $ - $ - $ 562,957 $ 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. $ - $ - $ 7,735 $ 4,321 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in Assets unconsolidated entity held for sale September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 Beginning balance $ 178,520 $ 193,595 $ 583,909 $ 887,929 Transfers into level 3 - - - - Transfers out of level 3 - - - - Total gains or losses (realized/unrealized) Included in earnings (14,753) (2,430) (45,443) (4,662) Included in other comprehensive income - - - - Purchases, issuances, and settlements Purchases - - - - Issuances - - - - Sales - - (64,605) (149,560) Settlements (6,371) (12,645) (87,706) (149,798) Ending balance $ 157,396 $ 178,520 $ 386,155 $ 583,909 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. $ (14,753) $ (2,430) $ 44,884 $ 4,662 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 September 30, 2016 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 5,481 $ - $ - $ 5,481 Intangible assets 5,682 - - 5,682 $ 11,163 $ - $ - $ 11,163 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 (1) The method of valuation approach for the impaired loans was the market value approach based upon appraisals of the underlying collateral by external appraisers, reduced by 7 - 10% for estimated selling costs. Intangible assets are valued based upon internal analyses. At September 30, 201 6 , impaired loans and troubled debt restructuring that are measured based on the value of underlying collateral have been presented at their fair value, less costs to sell , of $5.5 million through specific reserves and other write downs of $1.4 million o r by recording charge-offs when the carrying value exceeds the fair value. Included in the impaired balance at September 30, 2016 were six troubled debt restructured loans with a balance of $ 1.6 million which had specific reserves of $565,000 . Valuation techniques consistent with the market and/or cost approach were used to measure fair value and primarily included observable inputs for the individual impaired loans being evaluated such as recent sales of similar assets or observable market data for operational or carrying costs. In cases where such inputs were unobservable, the loan balance is reflected within the Level 3 hierarchy. The fair value of other real estate owned is based on an appraisal of the property using the market approach for valuation. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 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 September 30, 2016, the Company had entered into twenty-two interest rate swap agreements with an aggregate notional amount of $ 142.8 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 $5.4 million for the nine months ended September 30, 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 $5.3 million at September 30, 2016 which is reported in other liabilities. The Company had minimum collateral posting thresholds with certain of its derivative counterparties and had posted cash collateral of $7.0 million as of September 30, 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 September 30, 201 6 are summarized below (in thousands): September 30, 2016 Maturity date Notional amount Interest rate paid Interest rate received Fair value May 9, 2021 $ 3,400 1.18% 0.79% $ (3) August 4, 2021 10,300 1.12% 0.77% 24 October 4, 2021 5,600 1.19% 0.00% (2) August 17, 2025 4,000 2.27% 0.80% (296) August 17, 2025 2,500 2.27% 0.80% (185) August 17, 2025 2,500 2.27% 0.80% (185) October 7, 2025 3,200 2.06% 0.66% (179) November 27, 2025 1,700 2.10% 0.83% (103) December 11, 2025 2,400 2.14% 0.85% (152) December 15, 2025 5,300 2.10% 0.85% (320) December 17, 2025 3,300 2.18% 0.86% (222) December 23, 2025 6,800 2.16% 0.86% (442) December 24, 2025 8,200 2.17% 0.86% (546) December 29, 2025 9,900 2.20% 0.85% (686) December 30, 2025 14,800 2.19% 0.84% (1,006) January 28, 2026 3,000 1.87% 0.74% (120) March 10, 2026 1,200 1.69% 0.85% (28) March 29, 2026 1,700 1.74% 0.85% (47) April 18, 2026 12,500 1.66% 0.68% (252) April 18, 2026 6,600 1.67% 0.68% (140) June 8, 2026 27,600 1.61% 0.84% (434) July 20, 2026 6,300 1.44% 0.70% 3 Total $ 142,800 $ (5,321) |
Other Identifiable Intangible A
Other Identifiable Intangible Assets | 9 Months Ended |
Sep. 30, 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. 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 ( $800,000 over the next five years). The gross carrying amount of the software is $1.8 million and as of September 30, 201 6 the accumulated amortization was $ 1.0 million . 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 $1.0 million per year ($ 3.9 million over the next five years). The gross carrying amount of the customer list intangible is $12.0 million and as of September 30, 2016 the accumulated amortization was $8.8 million . For both 201 6 and 201 5 , amortization expense for the third quarter was $250,000 and for the nine months was $750,000 . In the second quarter of 2016, the Company purchased approximately $60 million in fleet vehicle leases which resulted in a customer list intangible of $1.8 million which is being amortized over a 12 year period. Amortization expense is $176,000 per year ( $880,000 over the next five years). The Company preliminarily allocated the $1.8 million to the customer list and expects to complete its accounting for this purchase by the fourth quarter of 2016. Until completion, the above allocation of purchase price is considered preliminary. A s of September 30, 2016 t he gross carrying amount of the customer list intangible is $1.8 million and the accumulated amortization was $149,000 . For 201 6 , estimated amortization expense for the third quarter was $100,000 and for the nine months was $149,000 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 11. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (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 principle 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 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. In June 2016 the FASB issued ASU 2016-13 , “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments-Update” . The Update changes the accounting for credit losses on loans and debt securities. For loans and held-to-maturity debt securities, the Update requires an expected credit loss model to determine the allowance for credit losses. The expected credit loss model estimates losses for the estimated life of the financial asset. E xpected credit losses reflect losses over the remaining contractual life of an asset, considering the effect of voluntary prepayments and considering available information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The resulting allowance for credit losses reflects the portion of the amortized cost basis that the entity does not expect to collect. Additional quantitative and qualitative disclosures are required upon adoption. In addition, the Update modifies the other-than-temporary impairment model for available-for-sale debt securities to require an allowance for credit impairment instead of a direct write-down, which allows for reversal of credit impairments in future periods. The guidance is effective in first quarter 2020 with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. Early adoption is permitted beginning in first quarter 2019. The Company is evaluating the impact the Update will have on the consolidated financial statements. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 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 September 15, 2016. 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 | 9 Months Ended |
Sep. 30, 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, Case No. 14-cv-0952 (SLR). 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 Bank Secrecy Act (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 has been pending. On July 27, 2016, we and all other individually-named defendants entered into a Stipulation and Agreement of Settlement (Settlement Agreement) with respect to the consolidated class action. Under the terms of the Settlement Agreement, we will pay $17.5 million to the plaintiffs as full and complete settlement of the litigation. All amounts paid by us will be fully funded by the Company’s insurance carriers. All terms of the Settlement Agreement are subject to court approval which is pending. The Company received a subpoena from the SEC, dated March 22, 2016, relating to an investigation by the SEC of the Company's restatement of its financial statements for the years ended December 31, 2010 through December 31, 2013 and the interim periods ended March 31, 2014, June 30, 2014 and September 30, 2014, which restatement was filed with the SEC on September 28, 2015, and the facts and circumstances underlying the restatement. The Company is cooperating fully with the SEC's investigation. The costs to respond to the subpoena and cooperate with the SEC's investigation could be material. On June 30, 2016, the Company received written notice from the Internal Revenue Service that it will be conducting an audit of the Company's tax returns for the tax years 2012, 2013 and 2014. The audit is in process. The Company received a letter, dated August 1, 2016, demanding inspection of its books and records pursuant to Section 220 of the Delaware General Corporation Law from legal counsel representing a shareholder (the "Demand Letter"). In addition to demanding access to certain of the Company's books and records, the Demand Letter states that the shareholder intends to investigate the actions of the Company's officers and directors, and that the shareholder contemplates the commencement of a shareholder's derivative suit against certain officers and directors of the Company seeking the recovery of the Company's damages and other remedies. The Company has engaged outside counsel to represent it in this matter and is in the process of responding to the Demand Letter and analyzing its rights and obligations. We have been advised by our counsel in the matter that reasonably possible losses cannot be estimated. In addition, we are a party to various routine legal proceedings arising out of the ordinary course of our business. Management believes that none of these actions, individually or in the aggregate, will have a material adverse effect on our financial condition or operations. |
Segment Financials
Segment Financials | 9 Months Ended |
Sep. 30, 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. 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 September 30, 2016 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 17,727 $ 0 $ 9,005 $ - $ 26,732 Interest allocation - 9,005 (9,005) - - Interest expense 740 1,975 475 - 3,190 Net interest income 16,987 7,030 (475) - 23,542 Provision for loan and lease losses 750 - - - 750 Non-interest income 4,215 15,180 509 - 19,904 Non-interest expense 16,352 24,081 3,738 - 44,171 Income (loss) from continuing operations before taxes 4,100 (1,871) (3,704) - (1,475) Income tax benefit - - 55 - 55 Income (loss) from continuing operations 4,100 (1,871) (3,759) - (1,530) Loss from discontinued operations - - - (24,021) (24,021) Net income (loss) $ 4,100 $ (1,871) $ (3,759) $ (24,021) $ (25,551) For the three months ended September 30, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 12,789 $ - $ 8,404 $ - $ 21,193 Interest allocation - 8,404 (8,404) - - Interest expense 1,267 1,918 209 - 3,395 Net interest income 11,521 6,486 (209) - 17,798 Provision for loan and lease losses 625 - - - 625 Non-interest income 1,329 15,949 21 - 17,299 Non-interest expense 12,036 33,021 2,739 - 47,795 Income (loss) from continuing operations before taxes 190 (10,586) (2,927) - (13,323) Income tax benefit - - (5,706) - (5,706) Income (loss) from continuing operations 190 (10,586) 2,779 - (7,617) Income from discontinued operations - - - 2,042 2,042 Net income (loss) $ 190 $ (10,586) $ 2,779 $ 2,042 $ (5,575) For the nine months ended September 30, 2016 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 48,712 $ 2 $ 25,613 $ - $ 74,327 Interest allocation - 25,613 (25,613) - - Interest expense 2,139 5,779 1,421 - 9,339 Net interest income 46,573 19,836 (1,421) - 64,988 Provision 1,810 - - - 1,810 Non-interest income (6,787) * 48,245 6,674 - 48,132 Non-interest expense 47,828 96,376 12,241 - 156,445 Income (loss) from continuing operations before taxes (9,852) (28,295) (6,988) - (45,135) Income taxes - - (15,324) - (15,324) Income (loss) from continuing operations (9,852) (28,295) 8,336 - (29,811) Income from discontinued operations - - - (37,909) (37,909) Net income (loss) $ (9,852) $ (28,295) $ 8,336 $ (37,909) $ (67,720) * Reflects writedown of investment in unconsolidated entity For the nine months ended September 30, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 34,993 $ 11 $ 26,278 $ - $ 61,282 Interest allocation - 26,278 (26,278) - - Interest expense 3,745 5,568 620 - 9,933 Net interest income 31,248 20,721 (620) - 51,349 Provision 1,800 - - - 1,800 Non-interest income 14,017 48,721 62 - 62,800 Non-interest expense 34,111 90,174 10,804 - 135,089 Income (loss) from continuing operations before taxes 9,354 (20,732) (11,362) - (22,740) Income taxes - - (10,817) - (10,817) Income (loss) from continuing operations 9,354 (20,732) (545) - (11,923) Income from discontinued operations - - - 6,736 6,736 Net income (loss) $ 9,354 $ (20,732) $ (545) $ 6,736 $ (5,187) September 30, 2016 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,918,907 $ 35,330 $ 1,877,119 $ 386,155 $ 4,217,511 Total liabilities $ 561,254 $ 2,982,569 $ 334,610 $ - $ 3,878,433 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 | 9 Months Ended |
Sep. 30, 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 results of the third quarter of 2016 reflected a fair value charge in connection with a secured commercial real estate lending relationship held in discontinued operations. Related loans, in the principal amount of $41.9 million, became 90 days delinquent after the quarter ended September 30, 2016 due to the failure to make required principal payments. The loans are secured by a Florida shopping mall with multiple major department store anchors and over 70 various retail tenants. Based on an appraisal of the collateral value by an independent certified appraiser, the fair value was reduced by $23.9 million, and that amount was recorded as a charge to earnings. The reduction in the carrying value of the loan does not reflect any recovery on a personal guarantee that the Bank also has as additional security. There can be no assurance that any recovery will be made on the personal guarantee. V aluation allowances against resulting cumulative deferred tax assets offset tax benefits related to the loss and no benefit was recognized. Accordingly, the after tax loss was not reduced by the statutory 34% tax rate. The following table presents financial results of the commercial lending business included in net income (loss) from discontinued operations for the three months and nine months ended September 30, 201 6 and 201 5 . For the three months ended September 30, For the nine months ended September 30, 2016 2015 2016 2015 (in thousands) Interest income $ 3,891 $ 6,343 $ 15,037 $ 22,275 Interest expense - - - - Provision for loan and lease losses - - - - Net interest income after provision 3,891 6,343 15,037 22,275 Non interest income 575 120 678 2,456 Non interest expense 25,956 3,466 53,788 14,538 Income (loss) before taxes (21,490) 2,997 (38,073) 10,193 Income tax (benefit) provision 2,531 955 (164) 3,457 Net income (loss) $ (24,021) $ 2,042 $ (37,909) $ 6,736 September 30, December 31, 2016 2015 (in thousands) Loans, net $ 365,215 $ 568,748 Other assets 20,940 15,161 Total assets $ 386,155 $ 583,909 The Company utilizes lowe r of cost or market valuations for discontinued operations loans which are updated based on internal loan officers’ information, third party consultant information, internal loan review analysis and third party review of impairments. 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, $365.2 million of loans remain in assets held for sale on the balance sheet as a result of loan sales, principal paydowns and fair value charges. The Company is attempting to sell those remaining loans. Additionally, the balance sheet reflects $157.4 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 or market valuation are as follows: Measured on a recurring basis Valuation techniques Significant unobservable inputs Range Large balance commercial loans Discounted cash flows Discount rate 3.53% - 9.15% Small balance commercial loans Discounted cash flows Discount rate 3.59% - 8.94% |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16. Subsequent Events The Company evaluated its September 30, 2016 financial statements for subsequent events through the date the financial 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. Final Prepaid Card Rule Released by the Consumer Financial Protection Bureau On October 5, 2016, the Consumer Financial Protection Bureau (CFPB) released its final Prepaid Card Rule (Final Prepaid Rule), which it first proposed by publication on December 23, 2014. The effective date of the Final Prepaid Rule is October 1, 2017, but applicability of certain requirements of the Final Prepaid Rule are delayed until October 1, 2018. The Final Prepaid Rule regulates certain prepaid products, including physical cards as well as codes and other access devices. The Final Prepaid Rule did not materially deviate from the terms of the proposed rule that we have disclosed in previous filing. The Final Prepaid Rule among other things, causes prepaid products to be fully-covered by Regulation E, which implements the Electronic Fund Transfer Act, and to be covered by Regulation Z, which implements the Truth in Lending Act, to the extent the prepaid product accesses a “credit” feature. The Final Prepaid Rule and related commentary is over 1,600 pages in length and provides significant discussion, materials and commentary that we are currently assessing. The Final Prepaid Rule includes a significant number of changes to the regulatory framework for prepaid products, some of which include: (a) establishing a definition of “prepaid account” within Regulation E that includes reloadable and non-reloadable physical cards, as well as codes or other devices, and focuses on how the product is issued and used; (b) modifying Regulation E to require that short form and long form disclosures be provided to a consumer prior to a consumer agreeing to acquire a prepaid account with certain exceptions and with specified forms that, if used, would provide a safe harbor for financial institutions; (c) extending to prepaid accounts the periodic transaction history and statement requirements of Regulation E, with certain specified permissible alternatives to the provision of periodic statements; (d) extending the error resolution and limited liability provisions of Regulation E to prepaid cards, with some modifications specific to prepaid cards; (e) requiring financial institutions to provide prepaid account agreements to the CFPB and to either post them to the issuer’s website or provide them upon request of the consumer in specified manner and timeframes; (f) extending Regulation Z’s credit card rules and disclosure requirements to prepaid accounts that provide overdraft protection and other credit features and incorporating into Regulation Z a new definition of “hybrid prepaid-credit card”; (g) requiring an issuer to obtain a prepaid account holder’s consent prior to adding overdraft services or other credit features and prohibiting the issuer from adding overdraft services or other credit features for at least 30 calendar days after a consumer registers the prepaid account; (h) prohibiting the application of different terms and conditions, such as charging different fees, to a prepaid account depending on whether the consumer elects to link the prepaid account to overdraft services or other credit features. The Final Prepaid Rule represents a material change in the rules and regulations governing prepaid cards. We rely on prepaid cards as the largest single component of our deposits and the largest single component of our noninterest income. We are continuing to evaluate the Prepaid Card Rule and the impact it may have on our business and our results of operations. We are in the preliminary stages of evaluating and building implementation plans for the Prepaid Card Rule and, as such, we cannot reasonably quantify the financial impact, if any, that implementation of the Prepaid Card Rule may have on the Bank’s business, financial condition, or results of operations. |
Significant Accounting Polici24
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Significant Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation The financial statements of the Company, as of September 30, 2016 and for the three and nine month periods ended September 30, 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 ( 2015 Form 10-K R eport). Note T in those financial statements present s restated interim financial statements as described therein. The results of operations for the nine month period ended September 30, 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) | 9 Months Ended |
Sep. 30, 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 300,000 6.75 3.67 - Exercised - - - - Expired (1,000) 20.98 - - Forfeited (240,000) 8.28 - - Outstanding at September 30, 2016 2,036,500 $ 8.34 5.49 $ - Exercisable at September 30, 2016 1,661,500 $ 8.55 4.66 $ - |
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 Granted 789,000 5.36 - Vested (84,020) 9.88 - Forfeited (41,250) 6.12 - Outstanding at September 30, 2016 831,775 $ 5.77 1.88 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | For the three months ended September 30, 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 $ (1,530) 47,153,658 $ (0.03) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (1,530) 47,153,658 $ (0.03) For the three months ended September 30, 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 $ (24,021) 47,153,658 $ (0.51) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (24,021) 47,153,658 $ (0.51) For the three months ended September 30, 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 $ (25,551) 47,153,658 $ (0.54) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (25,551) 47,153,658 $ (0.54) Stock options for 2,036,500 shares, exercisable at prices between $6.75 and $25.43 per share, were outstanding at September 30, 2016, but were not included in the dilutive shares because the Company had a net loss available to common shareholders. For the nine months ended September 30, 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 $ (29,811) 40,957,247 $ (0.73) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (29,811) 40,957,247 $ (0.73) For the nine months ended September 30, 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 $ (37,909) 40,957,247 $ (0.92) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (37,909) 40,957,247 $ (0.92) For the nine months ended September 30, 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 $ (67,720) 40,957,247 $ (1.65) Effect of dilutive securities Common stock options - - - Diluted loss per share Net loss available to common shareholders $ (67,720) 40,957,247 $ (1.65) Stock options for 2,036,500 shares, exercisable at prices between $6.75 and $25.43 per share, were outstanding at September 30, 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 September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings (loss) per share from continuing operations Net income (loss) available to common shareholders $ (7,617) 37,758,322 $ (0.20) Effect of dilutive securities Common stock options - - - Diluted income (loss) per share Net income (loss) available to common shareholders $ (7,617) 37,758,322 $ (0.20) For the three months ended September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings (loss) per share from discontinued operations Net income (loss) available to common shareholders $ 2,042 37,758,322 $ 0.05 Effect of dilutive securities Common stock options - 262,608 - Diluted income (loss) per share Net income (loss) available to common shareholders $ 2,042 38,020,930 $ 0.05 For the three months ended September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings (loss) per share Net income (loss) available to common shareholders $ (5,575) 37,758,322 $ (0.15) Effect of dilutive securities Common stock options - - - Diluted earnings (loss) per share Net income (loss) available to common shareholders $ (5,575) 37,758,322 $ (0.15) Stock options for 2,348,750 shares, exercisable at prices between $7.36 and $25.43 per share, were outstanding at September 30, 201 5 but were not included in dilutive shares because the exercise price per share was greater than the average market price. For the nine months ended September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings (loss) per share from continuing operations Net income (loss) available to common shareholders $ (11,923) 37,754,110 $ (0.32) Effect of dilutive securities Common stock options - - - Diluted income (loss) per share Net income (loss) available to common shareholders $ (11,923) 37,754,110 $ (0.32) For the nine months ended September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings (loss) per share from discontinued operations Net income (loss) available to common shareholders $ 6,736 37,754,110 $ 0.18 Effect of dilutive securities Common stock options - 342,338 - Diluted income (loss) per share Net income (loss) available to common shareholders $ 6,736 38,096,448 $ 0.18 For the nine months ended September 30, 2015 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings (loss) per share Net income (loss) available to common shareholders $ (5,187) 37,754,110 $ (0.14) Effect of dilutive securities Common stock options - - - Diluted earnings (loss) per share Net income (loss) available to common shareholders $ (5,187) 37,754,110 $ (0.14) |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investment Securities [Abstract] | |
Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity | Available-for-sale September 30, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 29,468 $ 299 $ (51) $ 29,716 Asset-backed securities 382,750 1,386 (2,793) 381,343 Tax-exempt obligations of states and political subdivisions 44,434 364 (51) 44,747 Taxable obligations of states and political subdivisions 79,260 4,336 (7) 83,589 Residential mortgage-backed securities 331,004 3,625 (813) 333,816 Collaterized mortgage obligation securities 174,640 1,981 (373) 176,248 Commercial mortgage-backed securities 127,364 3,978 (107) 131,235 Foreign debt securities 55,800 875 (8) 56,667 Corporate debt securities 95,639 1,956 (29) 97,566 $ 1,320,359 $ 18,800 $ (4,232) $ 1,334,927 Held-to-maturity September 30, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 17,973 $ 413 $ (3,181) $ 15,205 Other debt securities - pooled 75,522 1,060 - 76,582 $ 93,495 $ 1,473 $ (3,181) $ 91,787 Available-for-sale December 31, 2015 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 29,316 $ 18 $ (95) $ 29,239 Asset-backed securities 194,690 46 (3,642) 191,094 Tax-exempt obligations of states and political subdivisions 95,792 2,728 (74) 98,446 Taxable obligations of states and political subdivisions 94,582 2,307 (476) 96,413 Residential mortgage-backed securities 210,051 697 (882) 209,866 Collaterized mortgage obligation securities 172,623 819 (1,190) 172,252 Commercial mortgage-backed securities 127,085 386 (1,361) 126,110 Foreign debt securities 58,077 64 (333) 57,808 Corporate debt securities 89,370 170 (670) 88,870 $ 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 $ 26,420 $ 26,412 $ - $ - Due after one year through five years 167,777 170,450 7,012 7,309 Due after five years through ten years 428,966 436,257 - - Due after ten years 697,196 701,808 86,483 84,478 $ 1,320,359 $ 1,334,927 $ 93,495 $ 91,787 |
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 $ 10,037 $ (51) $ - $ - $ 10,037 $ (51) Asset-backed securities 24 78,621 (685) 64,595 (2,108) 143,216 (2,793) Tax-exempt obligations of states and political subdivisions 42 17,515 (13) 7,435 (38) 24,950 (51) Taxable obligations of states and political subdivisions 4 2,726 (7) - - 2,726 (7) Residential mortgage-backed securities 43 147,529 (670) 9,992 (143) 157,521 (813) Collaterized mortgage obligation securities 23 39,552 (136) 19,823 (237) 59,375 (373) Commercial mortgage-backed securities 21 12,151 (64) 3,762 (43) 15,913 (107) Foreign debt securities 6 3,273 (6) 1,451 (2) 4,724 (8) Corporate debt securities 8 3,715 (21) 1,189 (8) 4,904 (29) Total temporarily impaired investment securities 174 $ 315,119 $ (1,653) $ 108,247 $ (2,579) $ 423,366 $ (4,232) 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 $ - $ - $ 5,871 $ (3,181) $ 5,871 $ (3,181) Total temporarily impaired investment securities 1 $ - $ - $ 5,871 $ (3,181) $ 5,871 $ (3,181) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 201 5 (dollars in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities U.S. Government agency securities 3 $ 16,500 $ (95) $ - $ - $ 16,500 $ (95) Asset-backed securities 33 138,244 (1,944) 41,955 (1,698) 180,199 (3,642) Tax-exempt obligations of states and political subdivisions 31 13,580 (22) 6,905 (52) 20,485 (74) Taxable obligations of states and political subdivisions 30 45,136 (450) 2,197 (26) 47,333 (476) Residential mortgage-backed securities 29 121,997 (761) 5,964 (121) 127,961 (882) Collaterized mortgage obligation securities 26 56,142 (600) 34,508 (590) 90,650 (1,190) Commercial mortgage-backed securities 43 81,990 (1,024) 14,520 (337) 96,510 (1,361) Foreign debt securities 51 40,586 (273) 2,636 (60) 43,222 (333) Corporate debt securities 67 54,069 (631) 1,327 (39) 55,396 (670) Total temporarily impaired investment securities 313 $ 568,244 $ (5,800) $ 110,012 $ (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 $ 1,909 $ 2,025 $ 116 Not rated Security B 9,052 5,871 (3,181) Not rated Class: All of the above are trust preferred securities. |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Loans [Abstract] | |
Major Classifications Of Loans | September 30, December 31, 2016 2015 SBA non real estate $ 74,262 $ 68,887 SBA commercial mortgage 117,053 114,029 SBA construction 6,317 6,977 SBA loans * 197,632 189,893 Direct lease financing 332,632 231,514 SBLOC 621,456 575,948 Other specialty lending 20,076 48,315 Other consumer loans 19,375 23,180 1,191,171 1,068,850 Unamortized loan fees and costs 7,066 9,227 Total loans, net of deferred loan costs $ 1,198,237 $ 1,078,077 |
Schedule Of Small Business Administation Loans And Held For Sale | September 30, December 31, 2016 2015 SBA loans, including deferred fees and costs $ 203,196 $ 197,966 SBA loans included in held for sale 146,450 109,174 Total SBA loans $ 349,646 $ 307,140 |
Impaired Loans | Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized September 30, 2016 Without an allowance recorded SBA non real estate $ 704 $ 704 $ - $ 372 $ - Consumer - other 317 317 - 324 - Consumer - home equity 1,563 1,563 - 1,052 - With an allowance recorded - SBA non real estate 2,070 2,070 939 1,050 - Consumer - other - - - - - Consumer - home equity 827 927 474 686 - Total SBA non real estate 2,774 2,774 939 1,422 - Consumer - other 317 317 - 324 - Consumer - home equity 2,390 2,490 474 1,738 - 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 | September 30, December 31, 2016 2015 Non-accrual loans SBA non real estate $ 1,921 $ 733 Consumer 2,100 1,194 Total non-accrual loans 4,021 1,927 Loans past due 90 days or more 2,933 403 Total non-performing loans 6,954 2,330 Other real estate owned - - Total non-performing assets $ 6,954 $ 2,330 |
Loans Modified And Considered Troubled Debt Restructurings | September 30, 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 3 $ 917 $ 917 1 $ 171 $ 171 Consumer 3 711 711 2 434 434 Total 6 $ 1,628 $ 1,628 3 $ 605 $ 605 |
Loans Modified As Troubled Debt Restructurings | September 30, 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 $ - $ 151 $ 766 $ - $ 171 $ - Consumer - 317 394 - 330 104 Total $ - $ 468 $ 1,160 $ - $ 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 September 30, 2016 Beginning balance $ 844 $ 408 $ 48 $ 1,022 $ 762 $ 199 $ 936 $ 181 $ 4,400 Charge-offs (76) - - (63) - - (39) - (178) Recoveries 1 - - 18 - - 7 - 26 Provision (credit) 1,179 343 7 568 (451) (143) 176 131 1,810 Ending balance $ 1,948 $ 751 $ 55 $ 1,545 $ 311 $ 56 $ 1,080 $ 312 $ 6,058 Ending balance: Individually evaluated for impairment $ 939 $ - $ - $ - $ - $ - $ 474 $ - $ 1,413 Ending balance: Collectively evaluated for impairment $ 1,009 $ 751 $ 55 $ 1,545 $ 311 $ 56 $ 606 $ 312 $ 4,645 Loans: Ending balance $ 74,262 $ 117,053 $ 6,317 $ 332,632 $ 621,456 $ 20,076 $ 19,375 $ 7,066 $ 1,198,237 Ending balance: Individually evaluated for impairment $ 2,774 $ - $ - $ - $ - $ - $ 2,707 $ - $ 5,481 Ending balance: Collectively evaluated for impairment $ 71,488 $ 117,053 $ 6,317 $ 332,632 $ 621,456 $ 20,076 $ 16,668 $ 7,066 $ 1,192,756 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 September 30, 2015 Beginning balance $ 385 $ 461 $ 114 $ 836 $ 562 $ 66 $ 1,181 $ 33 3,638 Charge-offs (65) - - (9) - - (1,177) - (1,251) Recoveries - - - - - - 7 - 7 Provision (credit) 465 277 (88) 78 153 (33) 844 104 1,800 Ending balance $ 785 $ 738 $ 26 $ 905 $ 715 $ 33 $ 855 $ 137 $ 4,194 Ending balance: Individually evaluated for impairment $ 158 $ - $ - $ - $ - $ - $ - $ - $ 158 Ending balance: Collectively evaluated for impairment $ 627 $ 738 $ 26 $ 905 $ 715 $ 33 $ 855 $ 137 $ 4,036 Loans: Ending balance $ 64,988 $ 116,545 $ 5,191 $ 223,929 $ 539,240 $ 12,119 $ 23,502 $ 9,004 $ 994,518 Ending balance: Individually evaluated for impairment $ 1,107 $ - $ - $ - $ - $ - $ 1,562 $ - $ 2,669 Ending balance: Collectively evaluated for impairment $ 63,881 $ 116,545 $ 5,191 $ 223,929 $ 539,240 $ 12,119 $ 21,940 $ 9,004 $ 991,849 |
Delinquent Loans By Loan Category | 30-59 Days 60-89 Days Greater than Total Total September 30, 2016 past due past due 90 days Non-accrual past due Current loans SBA non real estate $ - $ - $ - $ 1,920 $ 1,920 $ 72,342 $ 74,262 SBA commercial mortgage - - - - - 117,053 117,053 SBA construction - - - - - 6,317 6,317 Direct lease financing 14,410 1,289 2,933 - 18,632 314,000 332,632 SBLOC 16 - - - 16 621,440 621,456 Other specialty lending - - - - - 20,076 20,076 Consumer - other - - - - - 5,235 5,235 Consumer - home equity 159 275 - 2,101 2,535 11,605 14,140 Unamortized loan fees and costs - - - - - 7,066 7,066 $ 14,585 $ 1,564 $ 2,933 $ 4,021 $ 23,103 $ 1,175,134 $ 1,198,237 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 | September 30, 2016 Pass Special mention Substandard Doubtful Loss Unrated subject to review * Unrated not subject to review * Total loans SBA non real estate $ 56,403 $ 139 $ 3,401 $ - $ - $ 1,030 $ 13,289 $ 74,262 SBA commercial mortgage 97,211 - 901 - - 688 18,253 117,053 SBA construction 5,828 - - - - 489 - 6,317 Direct lease financing 119,008 - 3,265 - - 9,849 200,510 332,632 SBLOC 275,373 - - - - 1,000 345,083 621,456 Other specialty lending 20,076 - - - - - - 20,076 Consumer 10,970 290 3,573 - - - 4,542 19,375 Unamortized loan fees and costs - - - - - - 7,066 7,066 $ 584,869 $ 429 $ 11,140 $ - $ - $ 13,056 $ 588,743 $ 1,198,237 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) | 9 Months Ended |
Sep. 30, 2016 | |
Carrying Amount And Estimated Fair Value Of Assets And Liabilities | September 30, 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 $ 1,334,927 $ 1,334,927 $ - $ 1,334,927 $ - Investment securities held-to-maturity 93,495 91,787 - 85,916 5,871 Securities purchased under agreements to resell 39,463 39,463 39,463 - - Federal Home Loan and Atlantic Central Bankers Bank stock 11,014 11,014 - - 11,014 Commercial loans held for sale 562,957 562,957 - - 562,957 Loans, net of deferred loan fees and costs 1,198,237 1,193,085 - - 1,193,085 Investment in unconsolidated entity, senior note 150,686 150,686 - - 150,686 Investment in unconsolidated entity, subordinated note 6,710 6,710 - - 6,710 Assets held for sale 386,155 386,155 - - 386,155 Demand and interest checking 3,364,103 3,364,103 3,364,103 - - Savings and money market 402,832 402,832 402,832 - - Subordinated debentures 13,401 9,101 - - 9,101 Securities sold under agreements to repurchase 353 353 353 - - Interest rate swaps, liability 5,321 5,321 - 5,321 - 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 Central Bankers Bank 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 September 30, 2016 December 31, 2015 September 30, 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) 6,350 1,677 Included in other comprehensive income - - - - Purchases, issuances, and settlements Purchases - - - - Issuances - - 372,065 681,526 Sales - (1,343) (305,396) (410,345) Settlements - - - - Ending balance $ - $ - $ 562,957 $ 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. $ - $ - $ 7,735 $ 4,321 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in Assets unconsolidated entity held for sale September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 Beginning balance $ 178,520 $ 193,595 $ 583,909 $ 887,929 Transfers into level 3 - - - - Transfers out of level 3 - - - - Total gains or losses (realized/unrealized) Included in earnings (14,753) (2,430) (45,443) (4,662) Included in other comprehensive income - - - - Purchases, issuances, and settlements Purchases - - - - Issuances - - - - Sales - - (64,605) (149,560) Settlements (6,371) (12,645) (87,706) (149,798) Ending balance $ 157,396 $ 178,520 $ 386,155 $ 583,909 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. $ (14,753) $ (2,430) $ 44,884 $ 4,662 |
Fair Value, Measurements, Recurring [Member] | |
Assets Measured At Fair Value On A Recurring And Nonrecurring Basis | Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs September 30, 2016 (Level 1) (Level 2) (Level 3) Investment securities available for sale U.S. Government agency securities $ 29,716 $ - $ 29,716 $ - Asset-backed securities 381,343 - 381,343 - Obligations of states and political subdivisions 128,336 - 128,336 - Residential mortgage-backed securities 333,816 - 333,816 - Collaterized mortgage obligation securities 176,248 - 176,248 - Commercial mortgage-backed securities 131,235 - 131,235 - Foreign debt securities 56,667 - 56,667 - Corporate debt securities 97,566 - 97,566 - Total investment securities available for sale 1,334,927 - 1,334,927 - Loans held for sale 562,957 - - 562,957 Investment in unconsolidated entity, senior note 150,686 - - 150,686 Investment in unconsolidated entity, subordinated note 6,710 - - 6,710 Assets held for sale 386,155 - - 386,155 Interest rate swaps, liability 5,321 - 5,321 - $ 2,436,114 $ - $ 1,329,606 $ 1,106,508 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 $ 29,240 $ - $ 29,240 $ - Asset-backed securities 191,093 - 191,093 - Obligations of states and political subdivisions 194,859 - 194,859 - Residential mortgage-backed securities 209,866 - 209,866 - Collaterized mortgage obligation securities 172,252 - 172,252 - Commercial mortgage-backed securities 126,110 - 126,110 - Foreign debt securities 57,808 - 57,808 - Corporate debt securities 88,870 - 88,870 - 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 September 30, 2016 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 5,481 $ - $ - $ 5,481 Intangible assets 5,682 - - 5,682 $ 11,163 $ - $ - $ 11,163 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 (1) The method of valuation approach for the impaired loans was the market value approach based upon appraisals of the underlying collateral by external appraisers, reduced by 7 - 10% for estimated selling costs. Intangible assets are valued based upon internal analyses. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivatives [Abstract] | |
Derivatives | September 30, 2016 Maturity date Notional amount Interest rate paid Interest rate received Fair value May 9, 2021 $ 3,400 1.18% 0.79% $ (3) August 4, 2021 10,300 1.12% 0.77% 24 October 4, 2021 5,600 1.19% 0.00% (2) August 17, 2025 4,000 2.27% 0.80% (296) August 17, 2025 2,500 2.27% 0.80% (185) August 17, 2025 2,500 2.27% 0.80% (185) October 7, 2025 3,200 2.06% 0.66% (179) November 27, 2025 1,700 2.10% 0.83% (103) December 11, 2025 2,400 2.14% 0.85% (152) December 15, 2025 5,300 2.10% 0.85% (320) December 17, 2025 3,300 2.18% 0.86% (222) December 23, 2025 6,800 2.16% 0.86% (442) December 24, 2025 8,200 2.17% 0.86% (546) December 29, 2025 9,900 2.20% 0.85% (686) December 30, 2025 14,800 2.19% 0.84% (1,006) January 28, 2026 3,000 1.87% 0.74% (120) March 10, 2026 1,200 1.69% 0.85% (28) March 29, 2026 1,700 1.74% 0.85% (47) April 18, 2026 12,500 1.66% 0.68% (252) April 18, 2026 6,600 1.67% 0.68% (140) June 8, 2026 27,600 1.61% 0.84% (434) July 20, 2026 6,300 1.44% 0.70% 3 Total $ 142,800 $ (5,321) |
Segment Financials (Tables)
Segment Financials (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Financials [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | For the three months ended September 30, 2016 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 17,727 $ 0 $ 9,005 $ - $ 26,732 Interest allocation - 9,005 (9,005) - - Interest expense 740 1,975 475 - 3,190 Net interest income 16,987 7,030 (475) - 23,542 Provision for loan and lease losses 750 - - - 750 Non-interest income 4,215 15,180 509 - 19,904 Non-interest expense 16,352 24,081 3,738 - 44,171 Income (loss) from continuing operations before taxes 4,100 (1,871) (3,704) - (1,475) Income tax benefit - - 55 - 55 Income (loss) from continuing operations 4,100 (1,871) (3,759) - (1,530) Loss from discontinued operations - - - (24,021) (24,021) Net income (loss) $ 4,100 $ (1,871) $ (3,759) $ (24,021) $ (25,551) For the three months ended September 30, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 12,789 $ - $ 8,404 $ - $ 21,193 Interest allocation - 8,404 (8,404) - - Interest expense 1,267 1,918 209 - 3,395 Net interest income 11,521 6,486 (209) - 17,798 Provision for loan and lease losses 625 - - - 625 Non-interest income 1,329 15,949 21 - 17,299 Non-interest expense 12,036 33,021 2,739 - 47,795 Income (loss) from continuing operations before taxes 190 (10,586) (2,927) - (13,323) Income tax benefit - - (5,706) - (5,706) Income (loss) from continuing operations 190 (10,586) 2,779 - (7,617) Income from discontinued operations - - - 2,042 2,042 Net income (loss) $ 190 $ (10,586) $ 2,779 $ 2,042 $ (5,575) For the nine months ended September 30, 2016 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 48,712 $ 2 $ 25,613 $ - $ 74,327 Interest allocation - 25,613 (25,613) - - Interest expense 2,139 5,779 1,421 - 9,339 Net interest income 46,573 19,836 (1,421) - 64,988 Provision 1,810 - - - 1,810 Non-interest income (6,787) * 48,245 6,674 - 48,132 Non-interest expense 47,828 96,376 12,241 - 156,445 Income (loss) from continuing operations before taxes (9,852) (28,295) (6,988) - (45,135) Income taxes - - (15,324) - (15,324) Income (loss) from continuing operations (9,852) (28,295) 8,336 - (29,811) Income from discontinued operations - - - (37,909) (37,909) Net income (loss) $ (9,852) $ (28,295) $ 8,336 $ (37,909) $ (67,720) * Reflects writedown of investment in unconsolidated entity For the nine months ended September 30, 2015 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 34,993 $ 11 $ 26,278 $ - $ 61,282 Interest allocation - 26,278 (26,278) - - Interest expense 3,745 5,568 620 - 9,933 Net interest income 31,248 20,721 (620) - 51,349 Provision 1,800 - - - 1,800 Non-interest income 14,017 48,721 62 - 62,800 Non-interest expense 34,111 90,174 10,804 - 135,089 Income (loss) from continuing operations before taxes 9,354 (20,732) (11,362) - (22,740) Income taxes - - (10,817) - (10,817) Income (loss) from continuing operations 9,354 (20,732) (545) - (11,923) Income from discontinued operations - - - 6,736 6,736 Net income (loss) $ 9,354 $ (20,732) $ (545) $ 6,736 $ (5,187) September 30, 2016 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,918,907 $ 35,330 $ 1,877,119 $ 386,155 $ 4,217,511 Total liabilities $ 561,254 $ 2,982,569 $ 334,610 $ - $ 3,878,433 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) | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations [Abstract] | |
Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations | For the three months ended September 30, For the nine months ended September 30, 2016 2015 2016 2015 (in thousands) Interest income $ 3,891 $ 6,343 $ 15,037 $ 22,275 Interest expense - - - - Provision for loan and lease losses - - - - Net interest income after provision 3,891 6,343 15,037 22,275 Non interest income 575 120 678 2,456 Non interest expense 25,956 3,466 53,788 14,538 Income (loss) before taxes (21,490) 2,997 (38,073) 10,193 Income tax (benefit) provision 2,531 955 (164) 3,457 Net income (loss) $ (24,021) $ 2,042 $ (37,909) $ 6,736 September 30, December 31, 2016 2015 (in thousands) Loans, net $ 365,215 $ 568,748 Other assets 20,940 15,161 Total assets $ 386,155 $ 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 3.53% - 9.15% Small balance commercial loans Discounted cash flows Discount rate 3.59% - 8.94% |
Structure of Company (Details)
Structure of Company (Details) | 9 Months Ended |
Sep. 30, 2016entityitem | |
Structure Of Company [Line Items] | |
Number of specialty lending lines | item | 4 |
Operational Service Subsidiaries [Member] | |
Structure Of Company [Line Items] | |
Number of subsidiaries | entity | 3 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost related to unvested awards under share-based plans | $ 4,300,000 | |
Cost expected to be recognized over a weighted average period | 2 years | |
Related compensation expense | $ 2,000,000 | $ 1,500,000 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 300,000 | 0 |
Vesting period | 4 years | |
Weighted average grant-date fair value | $ 2.89 | |
Stock option exercised (in shares) | 0 | 0 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 2 years | |
Granted (in shares) | 789,000 | 86,992 |
Granted (in dollars per share) | $ 5.36 | $ 9.11 |
Fair value of restricted stock units vested | $ 830,000 | $ 517,000 |
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Granted (in shares) | 620,000 | |
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year | |
Granted (in shares) | 169,000 | |
Restricted Stock Units (RSUs) Portion 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 489,000 | |
Granted (in dollars per share) | $ 4.50 | |
Restricted Stock Units (RSUs) Portion 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 300,000 | |
Granted (in dollars per share) | $ 6.75 |
Share-based Compensation (Summa
Share-based Compensation (Summary Of Status Of Company's Equity Compensations Plans) (Details) - Stock Options [Member] - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Shares [Roll Forward] | |||
Granted (in shares) | 300,000 | 0 | |
Exercised (in shares) | 0 | 0 | |
Equity Compensations Plans [Member] | |||
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 1,977,500 | ||
Granted (in shares) | 300,000 | ||
Expired (in shares) | (1,000) | ||
Forfeited (in shares) | (240,000) | ||
Outstanding, end of period (in shares) | 2,036,500 | 1,977,500 | |
Exercisable, end of period (in shares) | 1,661,500 | ||
Weighted average exercise price [Roll Forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 8.58 | ||
Granted (in dollars per share) | 6.75 | ||
Expired (in dollars per share) | 20.98 | ||
Forfeited (in dollars per share) | 8.28 | ||
Outstanding, end of period (in dollars per share) | 8.34 | $ 8.58 | |
Exercisable, end of period (in dollars per share) | $ 8.55 | ||
Weighted-average remaining contractual term (years) [Abstract] | |||
Granted | 3 years 8 months 1 day | ||
Outstanding, end of period | 5 years 5 months 27 days | 5 years 5 months 19 days | |
Exercisable, end of period | 4 years 7 months 28 days | ||
Aggregate intrinsic value [Abstract] | |||
Outstanding, beginning of period | |||
Granted | |||
Exercised | |||
Expired | |||
Forfeited | |||
Outstanding, end of period | |||
Exercisable, end of period |
Share-based Compensation (Sum36
Share-based Compensation (Summary Of Status Of Company’s Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 168,045 | ||
Granted (in shares) | 789,000 | 86,992 | |
Vested (in shares) | (84,020) | ||
Expired/forfeited (in shares) | (41,250) | ||
Outstanding, end of period (in shares) | 831,775 | 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) | 5.36 | $ 9.11 | |
Vested (in dollars per share) | 9.88 | ||
Expired/forfeited (in dollars per share) | 6.12 | ||
Outstanding, end of period (in dollars per share) | $ 5.77 | $ 9.88 | |
Average remaining contractual term (years) [Abstract] | |||
Outstanding | 1 year 10 months 17 days | 1 year 1 month 13 days |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Minimum exercisable prices (in dollars per share) | $ 6.75 | $ 7.36 | $ 6.75 | $ 7.36 |
Maximum exercisable prices (in dollars per share) | $ 25.43 | $ 25.43 | $ 25.43 | $ 25.43 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Common stock options (in shares) | 2,036,500 | 2,348,750 | 2,036,500 | 2,348,750 |
Earnings Per Share (Earnings Pe
Earnings Per Share (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income (numerator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ (25,551) | $ (5,575) | $ (67,720) | $ (5,187) |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ (25,551) | $ (5,575) | $ (67,720) | $ (5,187) |
Shares (denominator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 47,153,658 | 37,758,322 | 40,957,247 | 37,754,110 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 47,153,658 | 37,758,322 | 40,957,247 | 37,754,110 |
Per share amount [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ (0.54) | $ (0.15) | $ (1.65) | $ (0.14) |
Net income (loss) per share - diluted (in dollars per share) | $ (0.54) | $ (0.15) | $ (1.65) | $ (0.14) |
Continuing Operations [Member] | ||||
Income (numerator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ (1,530) | $ (7,617) | $ (29,811) | $ (11,923) |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ (1,530) | $ (7,617) | $ (29,811) | $ (11,923) |
Shares (denominator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 47,153,658 | 37,758,322 | 40,957,247 | 37,754,110 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 47,153,658 | 37,758,322 | 40,957,247 | 37,754,110 |
Per share amount [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ (0.03) | $ (0.20) | $ (0.73) | $ (0.32) |
Net income (loss) per share - diluted (in dollars per share) | $ (0.03) | $ (0.20) | $ (0.73) | $ (0.32) |
Discontinued Operations [Member] | ||||
Income (numerator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ (24,021) | $ 2,042 | $ (37,909) | $ 6,736 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ (24,021) | $ 2,042 | $ (37,909) | $ 6,736 |
Shares (denominator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 47,153,658 | 37,758,322 | 40,957,247 | 37,754,110 |
Effect of dilutive securities, Common stock options (in shares) | 262,608 | 342,338 | ||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 47,153,658 | 38,020,930 | 40,957,247 | 38,096,448 |
Per share amount [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ (0.51) | $ 0.05 | $ (0.92) | $ 0.18 |
Net income (loss) per share - diluted (in dollars per share) | $ (0.51) | $ 0.05 | $ (0.92) | $ 0.18 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 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 | $ 11,000,000 | $ 1,100,000 |
Investment securities pledged to secure securities sold under repurchase agreements | 614,000,000 | 472,300,000 |
Other than temporary impairment charges | $ 0 | |
Number of securities issued by an insurance company | security | 1 | |
Amortized cost of securities | $ 93,495,000 | 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 | $ 17,973,000 | 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 | $ 75,522,000 | $ 75,656,000 |
Investment Securities (Schedule
Investment Securities (Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Available-for-sale [Abstract] | ||
Amortized cost | $ 1,320,359 | $ 1,071,586 |
Gross unrealized gains | 18,800 | 7,235 |
Gross unrealized losses | (4,232) | (8,723) |
Fair value | 1,334,927 | 1,070,098 |
Held-to-maturity [Abstract] | ||
Amortized cost | 93,495 | 93,590 |
Gross unrealized gains | 1,473 | 1,507 |
Gross unrealized losses | (3,181) | (3,498) |
Fair value | 91,787 | 91,599 |
U.S. Government Agency Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 29,468 | 29,316 |
Gross unrealized gains | 299 | 18 |
Gross unrealized losses | (51) | (95) |
Fair value | 29,716 | 29,239 |
Asset-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 382,750 | 194,690 |
Gross unrealized gains | 1,386 | 46 |
Gross unrealized losses | (2,793) | (3,642) |
Fair value | 381,343 | 191,094 |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 44,434 | 95,792 |
Gross unrealized gains | 364 | 2,728 |
Gross unrealized losses | (51) | (74) |
Fair value | 44,747 | 98,446 |
Taxable Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 79,260 | 94,582 |
Gross unrealized gains | 4,336 | 2,307 |
Gross unrealized losses | (7) | (476) |
Fair value | 83,589 | 96,413 |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 331,004 | 210,051 |
Gross unrealized gains | 3,625 | 697 |
Gross unrealized losses | (813) | (882) |
Fair value | 333,816 | 209,866 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 174,640 | 172,623 |
Gross unrealized gains | 1,981 | 819 |
Gross unrealized losses | (373) | (1,190) |
Fair value | 176,248 | 172,252 |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 127,364 | 127,085 |
Gross unrealized gains | 3,978 | 386 |
Gross unrealized losses | (107) | (1,361) |
Fair value | 131,235 | 126,110 |
Foreign Debt Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 55,800 | 58,077 |
Gross unrealized gains | 875 | 64 |
Gross unrealized losses | (8) | (333) |
Fair value | 56,667 | 57,808 |
Corporate Debt Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 95,639 | 89,370 |
Gross unrealized gains | 1,956 | 170 |
Gross unrealized losses | (29) | (670) |
Fair value | 97,566 | 88,870 |
Single Issuers [Member] | ||
Held-to-maturity [Abstract] | ||
Amortized cost | 17,973 | 17,934 |
Gross unrealized gains | 413 | 569 |
Gross unrealized losses | (3,181) | (3,456) |
Fair value | 15,205 | 15,047 |
Pooled [Member] | ||
Held-to-maturity [Abstract] | ||
Amortized cost | 75,522 | 75,656 |
Gross unrealized gains | 1,060 | 938 |
Gross unrealized losses | (42) | |
Fair value | $ 76,582 | $ 76,552 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Investment Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Available-for-sale, Amortized cost [Abstract] | ||
Due before one year | $ 26,420 | |
Due after one year through five years | 167,777 | |
Due after five years through ten years | 428,966 | |
Due after ten years | 697,196 | |
Amortized cost | 1,320,359 | |
Available-for-sale, Fair value [Abstract] | ||
Due before one year | 26,412 | |
Due after one year through five years | 170,450 | |
Due after five years through ten years | 436,257 | |
Due after ten years | 701,808 | |
Fair value | 1,334,927 | $ 1,070,098 |
Held-to-maturity, Amortized cost [Abstract] | ||
Due after one year through five years | 7,012 | |
Due after ten years | 86,483 | |
Amortized cost | 93,495 | 93,590 |
Held-to-maturity, Fair value [Abstract] | ||
Due after one year through five years | 7,309 | |
Due after ten years | 84,478 | |
Fair value | $ 91,787 | $ 91,599 |
Investment Securities (Availabl
Investment Securities (Available-for-sale And Held-to-maturity Securities, Continuous Unrealized Loss Position) (Details) $ in Thousands | Sep. 30, 2016USD ($)security | Dec. 31, 2015USD ($)security |
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 174 | 313 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 315,119 | $ 568,244 |
12 months or longer, Fair Value | 108,247 | 110,012 |
Total, Fair Value | 423,366 | 678,256 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (1,653) | (5,800) |
12 months or longer, Unrealized losses | (2,579) | (2,923) |
Total, Unrealized losses | $ (4,232) | $ (8,723) |
Held-to-maturity, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 1 | 2 |
Held-to-maturity, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 25,563 | |
12 months or longer, Fair Value | $ 5,871 | 5,558 |
Total, Fair Value | 5,871 | 31,121 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (42) | |
12 months or longer, Unrealized losses | (3,181) | (3,456) |
Total, Unrealized losses | $ (3,181) | $ (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 | $ 10,037 | $ 16,500 |
Total, Fair Value | 10,037 | 16,500 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (51) | (95) |
Total, Unrealized losses | $ (51) | $ (95) |
Asset-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 24 | 33 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 78,621 | $ 138,244 |
12 months or longer, Fair Value | 64,595 | 41,955 |
Total, Fair Value | 143,216 | 180,199 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (685) | (1,944) |
12 months or longer, Unrealized losses | (2,108) | (1,698) |
Total, Unrealized losses | $ (2,793) | $ (3,642) |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 42 | 31 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 17,515 | $ 13,580 |
12 months or longer, Fair Value | 7,435 | 6,905 |
Total, Fair Value | 24,950 | 20,485 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (13) | (22) |
12 months or longer, Unrealized losses | (38) | (52) |
Total, Unrealized losses | $ (51) | $ (74) |
Taxable Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 4 | 30 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 2,726 | $ 45,136 |
12 months or longer, Fair Value | 2,197 | |
Total, Fair Value | 2,726 | 47,333 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (7) | (450) |
12 months or longer, Unrealized losses | (26) | |
Total, Unrealized losses | $ (7) | $ (476) |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 43 | 29 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 147,529 | $ 121,997 |
12 months or longer, Fair Value | 9,992 | 5,964 |
Total, Fair Value | 157,521 | 127,961 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (670) | (761) |
12 months or longer, Unrealized losses | (143) | (121) |
Total, Unrealized losses | $ (813) | $ (882) |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 23 | 26 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 39,552 | $ 56,142 |
12 months or longer, Fair Value | 19,823 | 34,508 |
Total, Fair Value | 59,375 | 90,650 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (136) | (600) |
12 months or longer, Unrealized losses | (237) | (590) |
Total, Unrealized losses | $ (373) | $ (1,190) |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 21 | 43 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 12,151 | $ 81,990 |
12 months or longer, Fair Value | 3,762 | 14,520 |
Total, Fair Value | 15,913 | 96,510 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (64) | (1,024) |
12 months or longer, Unrealized losses | (43) | (337) |
Total, Unrealized losses | $ (107) | $ (1,361) |
Foreign Debt Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 6 | 51 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 3,273 | $ 40,586 |
12 months or longer, Fair Value | 1,451 | 2,636 |
Total, Fair Value | 4,724 | 43,222 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (6) | (273) |
12 months or longer, Unrealized losses | (2) | (60) |
Total, Unrealized losses | $ (8) | $ (333) |
Corporate Debt Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 8 | 67 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 3,715 | $ 54,069 |
12 months or longer, Fair Value | 1,189 | 1,327 |
Total, Fair Value | 4,904 | 55,396 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (21) | (631) |
12 months or longer, Unrealized losses | (8) | (39) |
Total, Unrealized losses | $ (29) | $ (670) |
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 | $ 5,871 | $ 5,558 |
Total, Fair Value | 5,871 | 5,558 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
12 months or longer, Unrealized losses | (3,181) | (3,456) |
Total, Unrealized losses | $ (3,181) | $ (3,456) |
Pooled [Member] | ||
Held-to-maturity, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 1 | |
Held-to-maturity, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 25,563 | |
Total, Fair Value | 25,563 | |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (42) | |
Total, Unrealized losses | $ (42) |
Investment Securities (Schedu43
Investment Securities (Schedule Of Additional Information Related To Single Issuer And Pooled Trust Preferred Securities) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Book value | $ 93,495 | $ 93,590 |
Fair value | 91,787 | 91,599 |
Single Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Fair value | 15,205 | 15,047 |
Single Issuers [Member] | Security A [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Book value | 1,909 | |
Fair value | 2,025 | |
Unrealized gain/(loss) | $ 116 | |
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 | $ 9,052 | |
Fair value | 5,871 | |
Unrealized gain/(loss) | $ (3,181) | |
Credit rating | Not rated | |
Pooled [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Fair value | $ 76,582 | $ 76,552 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | Nov. 29, 2012 | Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 |
Loans held for sale | $ 562,957,000 | $ 562,957,000 | $ 489,938,000 | ||
Loans available for sale, unpaid principal amount | 550,600,000 | 550,600,000 | |||
Gains recognized from changes in fair value | 6,300,000 | ||||
Fleet vehicle leases | 60,000,000 | 60,000,000 | |||
Gross intangible assets | 12,000,000 | 12,000,000 | |||
Intangible asset amortization period | 8 years | ||||
Acquisition purchase price | $ 1,800,000 | ||||
Gain on sale of loans | 809,000 | $ 6,747,000 | |||
Demand deposit overdrafts reclassified as loan balances | 1,800,000 | 1,800,000 | 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 | 0 | ||
Loans acquired with deteriorated credit quality | 0 | 0 | $ 0 | ||
Customer List [Member] | |||||
Gross intangible assets | 1,800,000 | $ 1,800,000 | |||
Acquisition purchase price | $ 8,900,000 |
Loans (Major Classifications Of
Loans (Major Classifications Of Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Major classifications of loans [Abstract] | |||
Total loans, gross | $ 1,191,171 | $ 1,068,850 | |
Unamortized loan fees and costs | 7,066 | 9,227 | |
Total loans, net of deferred loan fees and costs | 1,198,237 | 1,078,077 | $ 994,518 |
SBA Non Real Estate [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 74,262 | 68,887 | |
Total loans, net of deferred loan fees and costs | 74,262 | 68,887 | 64,988 |
SBA Commercial Mortgage [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 117,053 | 114,029 | |
Total loans, net of deferred loan fees and costs | 117,053 | 114,029 | 116,545 |
SBA Construction [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 6,317 | 6,977 | |
Total loans, net of deferred loan fees and costs | 6,317 | 6,977 | 5,191 |
SBA Loans [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 197,632 | 189,893 | |
Direct Lease Financing [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 332,632 | 231,514 | |
Total loans, net of deferred loan fees and costs | 332,632 | 231,514 | 223,929 |
SBLOC [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 621,456 | 575,948 | |
Total loans, net of deferred loan fees and costs | 621,456 | 575,948 | 539,240 |
Other Specialty Lending [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 20,076 | 48,315 | |
Total loans, net of deferred loan fees and costs | 20,076 | 48,315 | $ 12,119 |
Consumer - other [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 19,375 | 23,180 | |
Total loans, net of deferred loan fees and costs | $ 5,235 | $ 6,845 |
Loans (Schedule Of Small Busine
Loans (Schedule Of Small Business Administation Loans and Held For Sale) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Loans [Abstract] | ||
SBA loans, including deferred fees and costs | $ 203,196 | $ 197,966 |
SBA loans included in held for sale | 146,450 | 109,174 |
Total SBA loans | $ 349,646 | $ 307,140 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
With an allowance recorded [Abstract] | ||
Related allowance | $ 1,400 | |
SBA Non Real Estate [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 704 | $ 263 |
Unpaid principal balance | 704 | 263 |
Average recorded investment | 372 | 228 |
With an allowance recorded [Abstract] | ||
Recorded investment | 2,070 | 640 |
Unpaid principal balance | 2,070 | 640 |
Related allowance | 939 | 123 |
Average recorded investment | 1,050 | 670 |
Total allowance recorded [Abstract] | ||
Recorded investment | 2,774 | 903 |
Unpaid principal balance | 2,774 | 903 |
Related allowance | 939 | 123 |
Average recorded investment | 1,422 | 898 |
Consumer - other [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 317 | 330 |
Unpaid principal balance | 317 | 330 |
Average recorded investment | 324 | 338 |
Total allowance recorded [Abstract] | ||
Recorded investment | 317 | 330 |
Unpaid principal balance | 317 | 330 |
Average recorded investment | 324 | 338 |
Consumer - Home Equity [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 1,563 | 368 |
Unpaid principal balance | 1,563 | 368 |
Average recorded investment | 1,052 | 966 |
With an allowance recorded [Abstract] | ||
Recorded investment | 827 | 827 |
Unpaid principal balance | 927 | 927 |
Related allowance | 474 | 26 |
Average recorded investment | 686 | 800 |
Total allowance recorded [Abstract] | ||
Recorded investment | 2,390 | 1,195 |
Unpaid principal balance | 2,490 | 1,295 |
Related allowance | 474 | 26 |
Average recorded investment | $ 1,738 | $ 1,766 |
Loans (Non-accrual Loans, Loans
Loans (Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | $ 4,021 | $ 1,927 |
Loans past due 90 days or more | 2,933 | 403 |
Total non-performing loans | 1,191,171 | 1,068,850 |
Total non-performing assets | 6,954 | 2,330 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-performing loans | 6,954 | 2,330 |
Non-accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 4,021 | 1,927 |
SBA Non Real Estate [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 1,920 | 733 |
Total non-performing loans | 74,262 | 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 | 1,921 | 733 |
Consumer [Member] | Non-accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | $ 2,100 | $ 1,194 |
Loans (Loans Modified And Consi
Loans (Loans Modified And Considered Troubled Debt Restructurings) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 6 | 3 |
Pre-modification recorded investment | $ 1,628 | $ 605 |
Post-modification recorded investment | $ 1,628 | $ 605 |
SBA Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 3 | 1 |
Pre-modification recorded investment | $ 917 | $ 171 |
Post-modification recorded investment | $ 917 | $ 171 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 3 | 2 |
Pre-modification recorded investment | $ 711 | $ 434 |
Post-modification recorded investment | $ 711 | $ 434 |
Loans (Loans Modified As Troubl
Loans (Loans Modified As Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | $ 468 | $ 501 |
Combined rate and maturity | 1,160 | 104 |
SBA Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | 151 | 171 |
Combined rate and maturity | 766 | |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | 317 | 330 |
Combined rate and maturity | $ 394 | $ 104 |
Loans (Summary Of Restructured
Loans (Summary Of Restructured Loans Within The Last Twelve Months That Have Subsequently Defaulted) (Details) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 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 | (178) | (1,251) | (1,361) |
Recoveries | 26 | 7 | 23 |
Provision (credit) | 1,810 | 1,800 | 2,100 |
Ending balance | 6,058 | 4,194 | 4,400 |
Ending balance: Individually evaluated for impairment | 1,413 | 158 | 149 |
Ending balance: Collectively evaluated for impairment | 4,645 | 4,036 | 4,251 |
Loans [Abstract] | |||
Ending balance | 1,198,237 | 994,518 | 1,078,077 |
Ending balance: Individually evaluated for impairment | 5,481 | 2,669 | 2,428 |
Ending balance: Collectively evaluated for impairment | 1,192,756 | 991,849 | 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 | (76) | (65) | (111) |
Recoveries | 1 | ||
Provision (credit) | 1,179 | 465 | 570 |
Ending balance | 1,948 | 785 | 844 |
Ending balance: Individually evaluated for impairment | 939 | 158 | 123 |
Ending balance: Collectively evaluated for impairment | 1,009 | 627 | 721 |
Loans [Abstract] | |||
Ending balance | 74,262 | 64,988 | 68,887 |
Ending balance: Individually evaluated for impairment | 2,774 | 1,107 | 904 |
Ending balance: Collectively evaluated for impairment | 71,488 | 63,881 | 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) | 343 | 277 | (53) |
Ending balance | 751 | 738 | 408 |
Ending balance: Collectively evaluated for impairment | 751 | 738 | 408 |
Loans [Abstract] | |||
Ending balance | 117,053 | 116,545 | 114,029 |
Ending balance: Collectively evaluated for impairment | 117,053 | 116,545 | 114,029 |
SBA Construction [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 48 | 114 | 114 |
Provision (credit) | 7 | (88) | (66) |
Ending balance | 55 | 26 | 48 |
Ending balance: Collectively evaluated for impairment | 55 | 26 | 48 |
Loans [Abstract] | |||
Ending balance | 6,317 | 5,191 | 6,977 |
Ending balance: Collectively evaluated for impairment | 6,317 | 5,191 | 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 | (63) | (9) | (30) |
Recoveries | 18 | ||
Provision (credit) | 568 | 78 | 216 |
Ending balance | 1,545 | 905 | 1,022 |
Ending balance: Collectively evaluated for impairment | 1,545 | 905 | 1,022 |
Loans [Abstract] | |||
Ending balance | 332,632 | 223,929 | 231,514 |
Ending balance: Collectively evaluated for impairment | 332,632 | 223,929 | 231,514 |
SBLOC [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 762 | 562 | 562 |
Provision (credit) | (451) | 153 | 200 |
Ending balance | 311 | 715 | 762 |
Ending balance: Collectively evaluated for impairment | 311 | 715 | 762 |
Loans [Abstract] | |||
Ending balance | 621,456 | 539,240 | 575,948 |
Ending balance: Collectively evaluated for impairment | 621,456 | 539,240 | 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) | (143) | (33) | 133 |
Ending balance | 56 | 33 | 199 |
Ending balance: Collectively evaluated for impairment | 56 | 33 | 199 |
Loans [Abstract] | |||
Ending balance | 20,076 | 12,119 | 48,315 |
Ending balance: Collectively evaluated for impairment | 20,076 | 12,119 | 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 | (39) | (1,177) | (1,220) |
Recoveries | 7 | 7 | 23 |
Provision (credit) | 176 | 844 | 952 |
Ending balance | 1,080 | 855 | 936 |
Ending balance: Individually evaluated for impairment | 474 | 26 | |
Ending balance: Collectively evaluated for impairment | 606 | 855 | 910 |
Loans [Abstract] | |||
Ending balance | 19,375 | 23,502 | 23,180 |
Ending balance: Individually evaluated for impairment | 2,707 | 1,562 | 1,524 |
Ending balance: Collectively evaluated for impairment | 16,668 | 21,940 | 21,656 |
Unallocated [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 181 | 33 | 33 |
Provision (credit) | 131 | 104 | 148 |
Ending balance | 312 | 137 | 181 |
Ending balance: Collectively evaluated for impairment | 312 | 137 | 181 |
Loans [Abstract] | |||
Ending balance | 7,066 | 9,004 | 9,227 |
Ending balance: Collectively evaluated for impairment | $ 7,066 | $ 9,004 | $ 9,227 |
Loans (Delinquent Loans By Loan
Loans (Delinquent Loans By Loan Category) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual | $ 4,021 | $ 1,927 | |
Total past due | 23,103 | 10,794 | |
Current | 1,175,134 | 1,067,283 | |
Total loans, net of deferred loan fees and costs | 1,198,237 | 1,078,077 | $ 994,518 |
30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 14,585 | 3,957 | |
60 - 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 1,564 | 4,507 | |
Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,933 | 403 | |
SBA Non Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual | 1,920 | 733 | |
Total past due | 1,920 | 733 | |
Current | 72,342 | 68,154 | |
Total loans, net of deferred loan fees and costs | 74,262 | 68,887 | 64,988 |
SBA Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 117,053 | 114,029 | |
Total loans, net of deferred loan fees and costs | 117,053 | 114,029 | 116,545 |
SBA Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 6,317 | 6,977 | |
Total loans, net of deferred loan fees and costs | 6,317 | 6,977 | 5,191 |
Direct Lease Financing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 18,632 | 7,468 | |
Current | 314,000 | 224,046 | |
Total loans, net of deferred loan fees and costs | 332,632 | 231,514 | 223,929 |
Direct Lease Financing [Member] | 30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 14,410 | 3,957 | |
Direct Lease Financing [Member] | 60 - 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 1,289 | 3,108 | |
Direct Lease Financing [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,933 | 403 | |
SBLOC [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 16 | ||
Current | 621,440 | 575,948 | |
Total loans, net of deferred loan fees and costs | 621,456 | 575,948 | 539,240 |
SBLOC [Member] | 30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 16 | ||
Other Specialty Lending [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 20,076 | 48,315 | |
Total loans, net of deferred loan fees and costs | 20,076 | 48,315 | $ 12,119 |
Consumer - other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 1 | ||
Current | 5,235 | 6,844 | |
Total loans, net of deferred loan fees and costs | 5,235 | 6,845 | |
Consumer - other [Member] | 60 - 89 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 | 2,101 | 1,194 | |
Total past due | 2,535 | 2,592 | |
Current | 11,605 | 13,743 | |
Total loans, net of deferred loan fees and costs | 14,140 | 16,335 | |
Consumer - Home Equity [Member] | 30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 159 | ||
Consumer - Home Equity [Member] | 60 - 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 275 | 1,398 | |
Unamortized Loan Fees And Costs [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 7,066 | 9,227 | |
Total loans, net of deferred loan fees and costs | $ 7,066 | $ 9,227 |
Loans (Loans By Categories) (De
Loans (Loans By Categories) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Loans by categories [Abstract] | |||
Total loans | $ 1,198,237 | $ 1,078,077 | $ 994,518 |
SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 74,262 | 68,887 | 64,988 |
SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 117,053 | 114,029 | 116,545 |
SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 6,317 | 6,977 | 5,191 |
Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 332,632 | 231,514 | 223,929 |
SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 621,456 | 575,948 | 539,240 |
Other Specialty Lending [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 20,076 | 48,315 | 12,119 |
Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 19,375 | 23,180 | |
Other Consumer Loans [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 19,375 | 23,180 | $ 23,502 |
Unamortized Loan Fees And Costs [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 7,066 | 9,227 | |
Pass [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 584,869 | 504,458 | |
Pass [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 56,403 | 55,682 | |
Pass [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 97,211 | 92,859 | |
Pass [Member] | SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 5,828 | 6,977 | |
Pass [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 119,008 | 90,588 | |
Pass [Member] | SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 275,373 | 204,201 | |
Pass [Member] | Other Specialty Lending [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 20,076 | 46,520 | |
Pass [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 10,970 | 7,631 | |
Special Mention [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 429 | ||
Special Mention [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 139 | ||
Special Mention [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 70 | ||
Special Mention [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 290 | 70 | |
Substandard [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 11,140 | 5,047 | |
Substandard [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 3,401 | 904 | |
Substandard [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 901 | ||
Substandard [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 3,265 | 670 | |
Substandard [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 3,573 | 3,473 | |
Unrated subject to review [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 13,056 | 49,533 | |
Unrated subject to review [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 1,030 | 8,610 | |
Unrated subject to review [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 688 | 3,894 | |
Unrated subject to review [Member] | SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 489 | ||
Unrated subject to review [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 9,849 | 17,200 | |
Unrated subject to review [Member] | SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 1,000 | 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 | 588,743 | 518,969 | |
Unrated Not Subject To Review [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 13,289 | 3,691 | |
Unrated Not Subject To Review [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 18,253 | 17,276 | |
Unrated Not Subject To Review [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 200,510 | 123,056 | |
Unrated Not Subject To Review [Member] | SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 345,083 | 352,375 | |
Unrated Not Subject To Review [Member] | Other Specialty Lending [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 1,795 | ||
Unrated Not Subject To Review [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 4,542 | 11,549 | |
Unrated Not Subject To Review [Member] | Unamortized Loan Fees And Costs [Member] | |||
Loans by categories [Abstract] | |||
Total loans | $ 7,066 | $ 9,227 |
Transactions With Affiliates (D
Transactions With Affiliates (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Deposits | $ 3,766,935,000 | $ 4,414,757,000 | |
Securities purchased under agreements to resell | $ 39,463,000 | ||
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 | $ 35,000 | |
Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Deposits | 14,600,000 | 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 | 947,000 | 1,800,000 | |
J.V.B. Financial Group, LLC (Formerly PrinceRidge Group LLC) [Member] | |||
Related Party Transaction [Line Items] | |||
Securities purchased under agreements to resell | 39,400,000 | $ 0 | |
Former Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Monthly service fee | $ 30,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Cash and cash equivalents | $ 356,100,000 | $ 1,160,000,000 | |
Impaired loans | 5,500,000 | ||
Specific reserves and other write downs on impaired loans | 1,400,000 | ||
Troubled debt restructured loans balance | 1,628,000 | $ 605,000 | |
Troubled debt restructured loans, specific reserve | $ 565,000 | ||
Number of troubled debt restructured loans | loan | 6 | 3 | |
Extended maturity | $ 468,000 | $ 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 | $ 5,481,000 | $ 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 | Sep. 30, 2016 | Dec. 31, 2015 |
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | $ 1,334,927 | $ 1,070,098 |
Investment securities held-to-maturity | 91,787 | 91,599 |
Securities purchased under agreements to resell | 39,463 | |
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 | 7,490 | |
Securities purchased under agreements to resell | 39,463 | |
Demand and interest checking | 3,364,103 | 3,602,376 |
Savings and money market | 402,832 | 383,832 |
Securities sold under agreements to repurchase | 353 | 925 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 1,334,927 | 1,070,098 |
Investment securities held-to-maturity | 85,916 | 76,552 |
Interest rate swaps, asset | 5,321 | 43 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities held-to-maturity | 5,871 | 7,557 |
Federal Home Loan and Atlantic Central Bankers Bank stock | 11,014 | 1,062 |
Commercial loans held for sale | 562,957 | 489,938 |
Loans, net of deferred loan fees and costs | 1,193,085 | 1,068,718 |
Investment in unconsolidated entity, senior note | 150,686 | 166,548 |
Investment in unconsolidated entity, subordinated note | 6,710 | 11,972 |
Assets held for sale | 386,155 | 583,909 |
Time deposits | 428,711 | |
Subordinated debentures | 9,101 | 8,529 |
Carrying Amount [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 1,334,927 | 1,070,098 |
Investment securities held-to-maturity | 93,495 | 93,590 |
Securities purchased under agreements to resell | 39,463 | |
Federal Home Loan and Atlantic Central Bankers Bank stock | 11,014 | 1,062 |
Commercial loans held for sale | 562,957 | 489,938 |
Loans, net of deferred loan fees and costs | 1,198,237 | 1,078,077 |
Investment in unconsolidated entity, senior note | 150,686 | 166,548 |
Investment in unconsolidated entity, subordinated note | 6,710 | 11,972 |
Assets held for sale | 386,155 | 583,909 |
Demand and interest checking | 3,364,103 | 3,602,376 |
Savings and money market | 402,832 | 383,832 |
Time deposits | 428,549 | |
Subordinated debentures | 13,401 | 13,401 |
Securities sold under agreements to repurchase | 353 | 925 |
Interest rate swaps, asset | 5,321 | 43 |
Estimated Fair Value [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 1,334,927 | 1,070,098 |
Investment securities held-to-maturity | 91,787 | 91,599 |
Securities purchased under agreements to resell | 39,463 | |
Federal Home Loan and Atlantic Central Bankers Bank stock | 11,014 | 1,062 |
Commercial loans held for sale | 562,957 | 489,938 |
Loans, net of deferred loan fees and costs | 1,193,085 | 1,068,718 |
Investment in unconsolidated entity, senior note | 150,686 | 166,548 |
Investment in unconsolidated entity, subordinated note | 6,710 | 11,972 |
Assets held for sale | 386,155 | 583,909 |
Demand and interest checking | 3,364,103 | 3,602,376 |
Savings and money market | 402,832 | 383,832 |
Time deposits | 428,711 | |
Subordinated debentures | 9,101 | 8,529 |
Securities sold under agreements to repurchase | 353 | 925 |
Interest rate swaps, asset | $ 5,321 | $ 43 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets measured at fair value on a recurring basis [Abstract] | ||
Fair value | $ 1,334,927 | $ 1,070,098 |
Assets measured on a nonrecurring basis [Abstract] | ||
Impaired loans | 5,500 | |
Fair Value, Measurements, Recurring [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
U.S. Government agency securities | 29,716 | 29,240 |
Asset-backed securities | 381,343 | 191,093 |
Obligations of states and political subdivisions | 128,336 | 194,859 |
Residential mortgage-backed securities | 333,816 | 209,866 |
Collaterized mortgage obligation securities | 176,248 | 172,252 |
Commercial mortgage-backed securities | 131,235 | 126,110 |
Foreign debt securities | 56,667 | 57,808 |
Corporate debt securities | 97,566 | 88,870 |
Fair value | 1,334,927 | 1,070,098 |
Loans held for sale | 562,957 | 489,938 |
Investment in unconsolidated entity, senior note | 150,686 | 166,548 |
Investment in unconsolidated entity, subordinated note | 6,710 | 11,972 |
Assets held for sale | 386,155 | 583,909 |
Interest rate swaps, asset | 43 | |
Interest rate swaps, liability | 5,321 | |
Total assets | 2,436,114 | 2,322,508 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets measured on a nonrecurring basis [Abstract] | ||
Impaired loans | 5,481 | 2,428 |
Intangible assets | 5,682 | 4,929 |
Assets nonrecurring | 11,163 | 7,357 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Fair value | 1,334,927 | 1,070,098 |
Interest rate swaps, asset | 5,321 | 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 | 29,716 | 29,240 |
Asset-backed securities | 381,343 | 191,093 |
Obligations of states and political subdivisions | 128,336 | 194,859 |
Residential mortgage-backed securities | 333,816 | 209,866 |
Collaterized mortgage obligation securities | 176,248 | 172,252 |
Commercial mortgage-backed securities | 131,235 | 126,110 |
Foreign debt securities | 56,667 | 57,808 |
Corporate debt securities | 97,566 | 88,870 |
Fair value | 1,334,927 | 1,070,098 |
Interest rate swaps, asset | 43 | |
Interest rate swaps, liability | 5,321 | |
Total assets | 1,329,606 | 1,070,141 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Loans held for sale | 562,957 | 489,938 |
Investment in unconsolidated entity, senior note | 150,686 | 166,548 |
Investment in unconsolidated entity, subordinated note | 6,710 | 11,972 |
Assets held for sale | 386,155 | 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 | 562,957 | 489,938 |
Investment in unconsolidated entity, senior note | 150,686 | 166,548 |
Investment in unconsolidated entity, subordinated note | 6,710 | 11,972 |
Assets held for sale | 386,155 | 583,909 |
Total assets | 1,106,508 | 1,252,367 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets measured on a nonrecurring basis [Abstract] | ||
Impaired loans | 5,481 | 2,428 |
Intangible assets | 5,682 | 4,929 |
Assets nonrecurring | $ 11,163 | $ 7,357 |
Fair Value Measurements (Compan
Fair Value Measurements (Company's Level 3 Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Assets Held For Sale [Member] | ||
Company's Level 3 assets [Roll Forward] | ||
Beginning balance | $ 583,909 | $ 887,929 |
Total gains or losses (realized/unrealized) Included in earnings | (45,443) | (4,662) |
Purchases, issuances, and settlements [Abstract] | ||
Sales | (64,605) | (149,560) |
Settlements | (87,706) | (149,798) |
Ending balance | 386,155 | 583,909 |
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 | $ 44,884 | 4,662 |
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 | 6,350 | 1,677 |
Purchases, issuances, and settlements [Abstract] | ||
Issuances | 372,065 | 681,526 |
Sales | (305,396) | (410,345) |
Ending balance | 562,957 | 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 | 7,735 | 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 | (14,753) | (2,430) |
Purchases, issuances, and settlements [Abstract] | ||
Settlements | (6,371) | (12,645) |
Ending balance | 157,396 | 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 | $ (14,753) | $ (2,430) |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)agreement | |
Derivative [Line Items] | |
Notional Amount | $ 142,800 |
Payable under agreements | 5,300 |
Cash collateral | $ 7,000 |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Number of interest rate swap agreements | agreement | 22 |
Fair value adjustment on derivatives | $ 5,400 |
Derivatives (Derivatives) (Deta
Derivatives (Derivatives) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Derivative [Line Items] | |
Notional amount | $ 142,800 |
Fair value | $ (5,321) |
Interest Rate Swaps, Maturing May 9, 2021 [Member] | |
Derivative [Line Items] | |
Maturity date | May 9, 2021 |
Notional amount | $ 3,400 |
Interest rate paid (in hundredths) | 1.18% |
Interest rate received (in hundredths) | 0.79% |
Fair value | $ (3) |
Interest Rate Swaps, Maturing August 4, 2021 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 4, 2021 |
Notional amount | $ 10,300 |
Interest rate paid (in hundredths) | 1.12% |
Interest rate received (in hundredths) | 0.77% |
Fair value | $ 24 |
Interest Rate Swaps, Maturing October 4, 2021 [Member] | |
Derivative [Line Items] | |
Maturity date | Oct. 4, 2021 |
Notional amount | $ 5,600 |
Interest rate paid (in hundredths) | 1.19% |
Interest rate received (in hundredths) | 0.00% |
Fair value | $ (2) |
Interest Rate Swaps, Maturing August 17, 2025 1 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 17, 2025 |
Notional amount | $ 4,000 |
Interest rate paid (in hundredths) | 2.27% |
Interest rate received (in hundredths) | 0.80% |
Fair value | $ (296) |
Interest Rate Swaps, Maturing August 17, 2025 2 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 17, 2025 |
Notional amount | $ 2,500 |
Interest rate paid (in hundredths) | 2.27% |
Interest rate received (in hundredths) | 0.80% |
Fair value | $ (185) |
Interest Rate Swaps, Maturing August 17, 2025 3 [Member] | |
Derivative [Line Items] | |
Maturity date | Aug. 17, 2025 |
Notional amount | $ 2,500 |
Interest rate paid (in hundredths) | 2.27% |
Interest rate received (in hundredths) | 0.80% |
Fair value | $ (185) |
Interest Rate Swaps, Maturing October 7, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Oct. 7, 2025 |
Notional amount | $ 3,200 |
Interest rate paid (in hundredths) | 2.06% |
Interest rate received (in hundredths) | 0.66% |
Fair value | $ (179) |
Interest Rate Swaps, Maturing November 27, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Nov. 27, 2025 |
Notional amount | $ 1,700 |
Interest rate paid (in hundredths) | 2.10% |
Interest rate received (in hundredths) | 0.83% |
Fair value | $ (103) |
Interest Rate Swaps, Maturing December 11, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Dec. 11, 2025 |
Notional amount | $ 2,400 |
Interest rate paid (in hundredths) | 2.14% |
Interest rate received (in hundredths) | 0.85% |
Fair value | $ (152) |
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) | 0.85% |
Fair value | $ (320) |
Interest Rate Swaps, Maturing December 17, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Dec. 17, 2025 |
Notional amount | $ 3,300 |
Interest rate paid (in hundredths) | 2.18% |
Interest rate received (in hundredths) | 0.86% |
Fair value | $ (222) |
Interest Rate Swaps, Maturing December 23, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Dec. 23, 2025 |
Notional amount | $ 6,800 |
Interest rate paid (in hundredths) | 2.16% |
Interest rate received (in hundredths) | 0.86% |
Fair value | $ (442) |
Interest Rate Swaps, Maturing December 24, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Dec. 24, 2025 |
Notional amount | $ 8,200 |
Interest rate paid (in hundredths) | 2.17% |
Interest rate received (in hundredths) | 0.86% |
Fair value | $ (546) |
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) | 0.85% |
Fair value | $ (686) |
Interest Rate Swaps, Maturing December 30, 2025 [Member] | |
Derivative [Line Items] | |
Maturity date | Dec. 30, 2025 |
Notional amount | $ 14,800 |
Interest rate paid (in hundredths) | 2.19% |
Interest rate received (in hundredths) | 0.84% |
Fair value | $ (1,006) |
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) | 1.87% |
Interest rate received (in hundredths) | 0.74% |
Fair value | $ (120) |
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) | 1.69% |
Interest rate received (in hundredths) | 0.85% |
Fair value | $ (28) |
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) | 1.74% |
Interest rate received (in hundredths) | 0.85% |
Fair value | $ (47) |
Interest Rate Swaps, Maturing April 18, 2026 1 [Member] | |
Derivative [Line Items] | |
Maturity date | Apr. 18, 2026 |
Notional amount | $ 12,500 |
Interest rate paid (in hundredths) | 1.66% |
Interest rate received (in hundredths) | 0.68% |
Fair value | $ (252) |
Interest Rate Swaps, Maturing April 18, 2026 2 [Member] | |
Derivative [Line Items] | |
Maturity date | Apr. 18, 2026 |
Notional amount | $ 6,600 |
Interest rate paid (in hundredths) | 1.67% |
Interest rate received (in hundredths) | 0.68% |
Fair value | $ (140) |
Interest Rate Swaps, Maturing June 8, 2026 [Member] | |
Derivative [Line Items] | |
Maturity date | Jun. 8, 2026 |
Notional amount | $ 27,600 |
Interest rate paid (in hundredths) | 1.61% |
Interest rate received (in hundredths) | 0.84% |
Fair value | $ (434) |
Interest Rate Swaps, Maturing July 20, 2026 [Member] | |
Derivative [Line Items] | |
Maturity date | Jul. 20, 2026 |
Notional amount | $ 6,300 |
Interest rate paid (in hundredths) | 1.44% |
Interest rate received (in hundredths) | 0.70% |
Fair value | $ 3 |
Other Identifiable Intangible62
Other Identifiable Intangible Assets (Details) - USD ($) | Nov. 29, 2012 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 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 | |||||
Amortization of intangible assets per year | $ 217,000 | |||||
Amortization of intangible assets over five years | 800,000 | |||||
Fleet vehicle leases | $ 60,000,000 | $ 60,000,000 | ||||
Gross intangible assets | 12,000,000 | 12,000,000 | ||||
Accumulated amortization | $ 1,000,000 | |||||
Amortization of intangible assets | 394,000 | $ 298,000 | 1,032,000 | $ 893,000 | ||
Stored Value Solutions Division Of Marshall Bank First [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible asset amortization period | 12 years | |||||
Amortization of intangible assets per year | $ 1,000,000 | |||||
Amortization of intangible assets over five years | 3,900,000 | |||||
Gross intangible assets | $ 12,000,000 | |||||
Accumulated amortization | 8,800,000 | $ 8,800,000 | ||||
New Concepts Leasing, Inc. [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible asset amortization period | 12 years | |||||
Amortization of intangible assets per year | $ 176,000 | |||||
Amortization of intangible assets over five years | 880,000 | |||||
Gross intangible assets | 1,800,000 | 1,800,000 | ||||
Accumulated amortization | 149,000 | 149,000 | ||||
Amortization of intangible assets | 100,000 | 149,000 | ||||
Customer List [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Acquisition purchase price | 8,900,000 | |||||
Gross intangible assets | 1,800,000 | 1,800,000 | ||||
Customer List [Member] | Stored Value Solutions Division Of Marshall Bank First [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization of intangible assets | 250,000 | $ 250,000 | 750,000 | $ 750,000 | ||
Software [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross intangible assets | $ 1,800,000 | $ 1,800,000 |
Regulatory Matters (Details)
Regulatory Matters (Details) | 9 Months Ended |
Sep. 30, 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% |
Legal (Details)
Legal (Details) $ in Millions | 1 Months Ended |
Jul. 27, 2016USD ($) | |
Stipulation and Agreement of Settlement (“Settlement Agreement”) [Member] | |
Loss Contingencies [Line Items] | |
Litigation Settlement, Amount | $ 17.5 |
Segment Financials (Narrative)
Segment Financials (Narrative) (Details) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 26,732 | $ 21,193 | $ 74,327 | $ 61,282 | |
Interest expense | 3,190 | 3,395 | 9,339 | 9,933 | |
Net interest income | 23,542 | 17,798 | 64,988 | 51,349 | |
Provision for loan and lease losses | 750 | 625 | 1,810 | 1,800 | |
Non-interest income | 19,904 | 17,299 | 48,132 | 62,800 | |
Non-interest expense | 44,171 | 47,795 | 156,445 | 135,089 | |
Loss from continuing operations before income taxes | (1,475) | (13,323) | (45,135) | (22,740) | |
Income taxes | 55 | (5,706) | (15,324) | (10,817) | |
Net loss from continuing operations | (1,530) | (7,617) | (29,811) | (11,923) | |
Income from discontinued operations | (24,021) | 2,042 | (37,909) | 6,736 | |
Net income (loss) | (25,551) | (5,575) | (67,720) | (5,187) | |
Total assets | 4,217,511 | 4,217,511 | $ 4,765,823 | ||
Total liabilities | 3,878,433 | 3,878,433 | 4,445,822 | ||
Specialty Finance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 17,727 | 12,789 | 48,712 | 34,993 | |
Interest expense | 740 | 1,267 | 2,139 | 3,745 | |
Net interest income | 16,987 | 11,521 | 46,573 | 31,248 | |
Provision for loan and lease losses | 750 | 625 | 1,810 | 1,800 | |
Non-interest income | 4,215 | 1,329 | (6,787) | 14,017 | |
Non-interest expense | 16,352 | 12,036 | 47,828 | 34,111 | |
Loss from continuing operations before income taxes | 4,100 | 190 | (9,852) | 9,354 | |
Net loss from continuing operations | 4,100 | 190 | (9,852) | 9,354 | |
Net income (loss) | 4,100 | 190 | (9,852) | 9,354 | |
Total assets | 1,918,907 | 1,918,907 | 1,747,558 | ||
Total liabilities | 561,254 | 561,254 | 783,866 | ||
Payments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 0 | 2 | 11 | ||
Interest allocation | 9,005 | 8,404 | 25,613 | 26,278 | |
Interest expense | 1,975 | 1,918 | 5,779 | 5,568 | |
Net interest income | 7,030 | 6,486 | 19,836 | 20,721 | |
Non-interest income | 15,180 | 15,949 | 48,245 | 48,721 | |
Non-interest expense | 24,081 | 33,021 | 96,376 | 90,174 | |
Loss from continuing operations before income taxes | (1,871) | (10,586) | (28,295) | (20,732) | |
Net loss from continuing operations | (1,871) | (10,586) | (28,295) | (20,732) | |
Net income (loss) | (1,871) | (10,586) | (28,295) | (20,732) | |
Total assets | 35,330 | 35,330 | 35,165 | ||
Total liabilities | 2,982,569 | 2,982,569 | 2,991,856 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 9,005 | 8,404 | 25,613 | 26,278 | |
Interest allocation | (9,005) | (8,404) | (25,613) | (26,278) | |
Interest expense | 475 | 209 | 1,421 | 620 | |
Net interest income | (475) | (209) | (1,421) | (620) | |
Non-interest income | 509 | 21 | 6,674 | 62 | |
Non-interest expense | 3,738 | 2,739 | 12,241 | 10,804 | |
Loss from continuing operations before income taxes | (3,704) | (2,927) | (6,988) | (11,362) | |
Income taxes | 55 | (5,706) | (15,324) | (10,817) | |
Net loss from continuing operations | (3,759) | 2,779 | 8,336 | (545) | |
Net income (loss) | (3,759) | 2,779 | 8,336 | (545) | |
Total assets | 1,877,119 | 1,877,119 | 2,399,191 | ||
Total liabilities | 334,610 | 334,610 | 670,100 | ||
Discontinued Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income from discontinued operations | (24,021) | 2,042 | (37,909) | 6,736 | |
Net income (loss) | (24,021) | $ 2,042 | (37,909) | $ 6,736 | |
Total assets | $ 386,155 | $ 386,155 | $ 583,909 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Thousands | Nov. 01, 2016USD ($)property | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2014USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loans past due 90 days or more | $ 2,933 | $ 403 | |||
Disposal Group, Including Discontinued Operation, Loan Portfolio, Book Value | $ 1,100,000 | ||||
Loans, net | 365,215 | 568,748 | |||
Investment in unconsolidated entity, at fair value | 157,396 | $ 178,520 | |||
Gain (loss) on sale of loans | $ 809 | $ 6,747 | |||
Subsequent Event [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loans past due 90 days or more | $ 41,900 | ||||
Number of retail tenants | property | 70 | ||||
Fair value reduction | $ 23,900 |
Discontinued Operations (Financ
Discontinued Operations (Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |||||
Interest income | $ 3,891 | $ 6,343 | $ 15,037 | $ 22,275 | |
Net interest income | 3,891 | 6,343 | 15,037 | 22,275 | |
Non interest income | 575 | 120 | 678 | 2,456 | |
Non interest expense | 25,956 | 3,466 | 53,788 | 14,538 | |
Income (loss) before taxes | (21,490) | 2,997 | (38,073) | 10,193 | |
Income tax (benefit) provision | 2,531 | 955 | (164) | 3,457 | |
Net income (loss) | (24,021) | $ 2,042 | (37,909) | $ 6,736 | |
Loans, net | 365,215 | 365,215 | $ 568,748 | ||
Other assets | 20,940 | 20,940 | 15,161 | ||
Total assets | $ 386,155 | $ 386,155 | $ 583,909 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule Of Various Elements Of The Lower Of Cost Or Market Valuation) (Details) - Discounted Cash Flows [Member] | 9 Months Ended |
Sep. 30, 2016 | |
Large Balance Commercial Loans [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 9.15% |
Large Balance Commercial Loans [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 3.53% |
Small Balance Commercial Loans [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 8.94% |
Small Balance Commercial Loans [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 3.59% |