Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 07, 2017 | |
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 | 55,859,660 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Trading Symbol | tbbk |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | ||
Cash and due from banks | $ 5,813 | $ 4,127 |
Interest earning deposits at Federal Reserve Bank | 328,023 | 955,733 |
Securities purchased under agreements to resell | 65,095 | 39,199 |
Total cash and cash equivalents | 398,931 | 999,059 |
Investment securities, available-for-sale, at fair value | 1,196,956 | 1,248,614 |
Investment securities, held-to-maturity (fair value $85,099 and $91,799, respectively) | 86,402 | 93,467 |
Commercial loans held for sale | 380,272 | 663,140 |
Loans, net of deferred loan fees and costs | 1,374,060 | 1,222,911 |
Allowance for loan and lease losses | (7,283) | (6,332) |
Loans, net | 1,366,777 | 1,216,579 |
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 991 | 1,613 |
Premises and equipment, net | 21,087 | 24,125 |
Accrued interest receivable | 10,131 | 10,589 |
Intangible assets, net | 5,185 | 6,906 |
Other real estate owned | 104 | |
Deferred tax asset, net | 53,017 | 55,666 |
Investment in unconsolidated entity, at fair value | 107,711 | 126,930 |
Assets held for sale from discontinued operations | 314,994 | 360,711 |
Other assets | 51,164 | 50,611 |
Total assets | 3,993,618 | 4,858,114 |
Deposits | ||
Demand and interest checking | 3,113,212 | 3,816,524 |
Savings and money market | 452,183 | 421,780 |
Total deposits | 3,565,395 | 4,238,304 |
Securities sold under agreements to repurchase | 180 | 274 |
Subordinated debentures | 13,401 | 13,401 |
Long-term borrowings | 42,482 | 263,099 |
Other liabilities | 32,699 | 44,073 |
Total liabilities | 3,654,157 | 4,559,151 |
SHAREHOLDERS' EQUITY | ||
Common stock - authorized, 75,000,000 shares of $1.00 par value; 55,859,660 and 55,419,204 shares issued at September 30, 2017 and December 31, 2016, respectively | 55,860 | 55,419 |
Treasury stock, at cost (100,000 shares) | (866) | (866) |
Additional paid-in capital | 362,340 | 360,564 |
Accumulated deficit | (77,850) | (111,941) |
Accumulated other comprehensive loss | (23) | (4,213) |
Total shareholders' equity | 339,461 | 298,963 |
Total liabilities and shareholders' equity | $ 3,993,618 | $ 4,858,114 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Investment securities, held-to-maturity, fair value | $ 85,099 | $ 91,799 |
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) | 55,859,660 | 55,419,204 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest income | ||||
Loans, including fees | $ 21,420 | $ 17,697 | $ 59,066 | $ 48,928 |
Interest on investment securities: | ||||
Taxable interest | 8,847 | 8,350 | 26,990 | 22,782 |
Tax-exempt interest | 86 | 142 | 228 | 639 |
Federal funds sold/securities purchased under agreements to resell | 371 | 146 | 931 | 301 |
Interest earning deposits | 1,190 | 397 | 3,961 | 1,677 |
Total interest income | 31,914 | 26,732 | 91,176 | 74,327 |
Interest expense | ||||
Deposits | 3,688 | 2,906 | 10,554 | 8,692 |
Securities sold under agreements to repurchase | 1 | |||
Short-term borrowings | 175 | 153 | 197 | 263 |
Subordinated debenture | 150 | 131 | 432 | 383 |
Total interest expense | 4,013 | 3,190 | 11,183 | 9,339 |
Net interest income | 27,901 | 23,542 | 79,993 | 64,988 |
Provision for loan and lease losses | 800 | 750 | 2,150 | 1,810 |
Net interest income after provision for loan and lease losses | 27,101 | 22,792 | 77,843 | 63,178 |
Non-interest income | ||||
Service fees on deposit accounts | 1,700 | 1,510 | 4,895 | 3,335 |
Card payment and ACH processing fees | 1,564 | 1,459 | 4,596 | 4,183 |
Prepaid card fees | 12,491 | 12,249 | 39,272 | 39,333 |
Gain on sale of loans | 11,394 | 903 | 17,535 | 809 |
Gain on sale of investment securities | 506 | 981 | 1,595 | 3,131 |
Change in value of investment in unconsolidated entity | (4) | 811 | (20) | (12,313) |
Leasing income | 705 | 588 | 2,088 | 1,456 |
Affinity fees | 275 | 1,091 | 1,445 | 3,507 |
Gain on sale of health savings accounts | 2,538 | |||
Loss from sale of European prepaid operations | (3,437) | |||
Other | 376 | 312 | 892 | 4,691 |
Total non-interest income | 29,007 | 19,904 | 71,399 | 48,132 |
Non-interest expense | ||||
Salaries and employee benefits | 21,788 | 21,508 | 57,902 | 62,400 |
Depreciation and amortization | 1,080 | 1,241 | 3,405 | 3,751 |
Rent and related occupancy cost | 1,368 | 1,638 | 4,227 | 4,797 |
Data processing expense | 1,926 | 3,507 | 8,047 | 10,949 |
One time fee to exit data processing contract | 1,136 | 1,136 | ||
Printing and supplies | 282 | 825 | 1,120 | 2,194 |
Audit expense | 393 | 246 | 1,270 | 746 |
Legal expense | 2,744 | 814 | 5,909 | 3,786 |
Amortization of intangible assets | 377 | 394 | 1,133 | 1,032 |
Losses on sale and write downs on other real estate owned | 19 | |||
FDIC insurance | 2,063 | 2,436 | 7,586 | 7,118 |
Software | 3,088 | 3,032 | 9,328 | 8,266 |
Insurance | 633 | 631 | 1,853 | 1,695 |
Telecom and IT network communications | 426 | 582 | 1,443 | 1,547 |
Securitization and servicing expense | 100 | 747 | ||
Consulting | 505 | 1,701 | 1,745 | 4,214 |
Bank Secrecy Act and lookback consulting expenses | 1,340 | 29,076 | ||
Civil money penalty | 2,500 | 2,500 | ||
Other | 3,574 | 4,276 | 10,306 | 14,127 |
Total non-interest expense | 43,883 | 44,171 | 119,029 | 156,445 |
Income (loss) from continuing operations before income taxes | 12,225 | (1,475) | 30,213 | (45,135) |
Income tax expense (benefit) | 5,455 | 55 | (457) | (15,324) |
Net income (loss) from continuing operations | 6,770 | (1,530) | 30,670 | (29,811) |
Income (loss) from discontinued operations before income taxes | 829 | (21,490) | 5,488 | (38,073) |
Income tax expense (benefit) | 318 | 2,531 | 2,050 | (164) |
Income (loss) from discontinued operations, net of tax | 511 | (24,021) | 3,438 | (37,909) |
Net income (loss) available to common shareholders | $ 7,281 | $ (25,551) | $ 34,108 | $ (67,720) |
Net income (loss) per share from continuing operations - basic | $ 0.12 | $ (0.03) | $ 0.55 | $ (0.73) |
Net income (loss) per share from discontinued operations - basic | 0.01 | (0.51) | 0.06 | (0.92) |
Net income (loss) per share - basic (in dollars per share) | 0.13 | (0.54) | 0.61 | (1.65) |
Net income (loss) per share from continuing operations - diluted | 0.12 | (0.03) | 0.55 | (0.73) |
Net income (loss) per share from discontinued operations - diluted | 0.01 | (0.51) | 0.06 | (0.92) |
Net income (loss) per share - diluted (in dollars per share) | $ 0.13 | $ (0.54) | $ 0.61 | $ (1.65) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net income (loss) | $ 34,108 | $ (67,720) |
Other comprehensive income (loss) | ||
Change in net unrealized gain during the period | 8,194 | 19,207 |
Reclassification adjustments for gains included in income | (1,595) | (3,131) |
Reclassification adjustments for foreign currency translation gains | 216 | 335 |
Amortization of losses previously held as available-for-sale | 25 | 25 |
Net unrealized gain | 6,840 | 16,436 |
Deferred tax expense | ||
Change in net unrealized gain during the period | 3,278 | 7,683 |
Reclassification adjustments for gains included in income | (638) | (1,252) |
Amortization of losses previously held as available-for-sale | 10 | 10 |
Income tax expense related to items of other comprehensive income | 2,650 | 6,441 |
Other comprehensive income net of tax and reclassifications into net income | 4,190 | 9,995 |
Comprehensive income (loss) | $ 38,298 | $ (57,725) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings/(Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2016 | $ 55,419 | $ (866) | $ 360,564 | $ (111,941) | $ (4,213) | $ 298,963 |
Balance (in shares) at Dec. 31, 2016 | 55,419,204 | |||||
Net income | 34,108 | 34,108 | ||||
Common stock issuance expense | (200) | (200) | ||||
Common stock issued from restricted shares, net of tax benefits | $ 441 | (424) | (17) | |||
Common stock issued from restricted shares, net of tax benefits (in shares) | 440,456 | |||||
Stock-based compensation | 2,400 | 2,400 | ||||
Other comprehensive income net of reclassification adjustments and tax | 4,190 | 4,190 | ||||
Balance at Sep. 30, 2017 | $ 55,860 | $ (866) | $ 362,340 | $ (77,850) | $ (23) | $ 339,461 |
Balance (in shares) at Sep. 30, 2017 | 55,859,660 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities | ||
Net income (loss) from continuing operations | $ 30,670 | $ (29,811) |
Net income (loss) from discontinued operations | 3,438 | (37,909) |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 4,538 | 4,783 |
Provision for loan and lease losses | 2,150 | 1,810 |
Net amortization of investment securities discounts/premiums | 6,955 | 6,066 |
Stock-based compensation expense | 2,400 | 1,990 |
Loans originated for sale | (398,410) | (372,065) |
Sale of loans originated for resale | 453,976 | 299,855 |
Gain on sales of loans originated for resale | (13,119) | (809) |
Loss (gain) on sale of fixed assets | 28 | (21) |
Loss on sale of other real estate owned | 19 | |
Fair value adjustment on investment in unconsolidated entity | (20) | 14,753 |
Gain on sales of investment securities | (1,595) | (3,131) |
Decrease (increase) in accrued interest receivable | 458 | (1,025) |
Decrease (increase) in other assets | 872 | (19,290) |
Decrease (increase) in discontinued assets held for sale | 1,123 | (5,779) |
Increase (decrease) in other liabilities | (18,794) | 10,505 |
Net cash provided by (used in) operating activities | 74,689 | (130,078) |
Investing activities | ||
Purchase of investment securities available-for-sale | (237,870) | (499,969) |
Proceeds from sale of investment securities available-for-sale | 83,918 | 115,637 |
Proceeds from redemptions and prepayments of securities held-to-maturity | 7,000 | 51 |
Proceeds from redemptions and prepayments of securities available-for-sale | 234,163 | 133,212 |
Proceeds from sale of other real estate owned | 85 | |
Net increase in loans | (152,484) | (120,312) |
Net decrease in discontinued loans held for sale | 44,594 | 203,533 |
Proceeds from sale of fixed assets | 366 | 341 |
Purchases of premises and equipment | (625) | (4,237) |
Investment in unconsolidated entity | 19,239 | 6,371 |
Net cash used in investing activities | (1,614) | (165,373) |
Financing activities | ||
Net decrease in deposits | (672,909) | (647,822) |
Net decrease in securities sold under agreements to repurchase | (94) | (572) |
Proceeds of short-term borrowings and federal funds purchased | 70,000 | |
Common stock issuance expense | (200) | |
Proceeds from the issuance of common stock | 74,812 | |
Net cash used in financing activities | (673,203) | (503,582) |
Net decrease in cash and cash equivalents | (600,128) | (799,033) |
Cash and cash equivalents, beginning of period | 999,059 | 1,155,162 |
Cash and cash equivalents, end of period | 398,931 | 356,129 |
Supplemental disclosure: | ||
Interest paid | 11,176 | 9,514 |
Taxes paid | $ 1,051 | $ 366 |
Structure Of Company
Structure Of Company | 9 Months Ended |
Sep. 30, 2017 | |
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 commercial bank located in Wilmington, Delaware and is a Federal Deposit Insurance Corporation (FDIC) insured institution. In its continuing operations, the Bank has four primary lines of specialty lending: securit ies- backed lines of credit (SBLOC), leasing, Small Business Administration (SBA) loans and loans generated for sale into capital markets primarily through commercial loan securitizations (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. 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, 2017 | |
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, 201 7 and for the three and nine month periods ended September 30, 2017 and 201 6 , 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, 201 6 ( 2016 Form 10-K R eport). The results of operations for the nine month period ended September 30, 201 7 may not necessarily be indicative of the results of operations for the full year ending December 31, 201 7 . |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | Note 3. S tock -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 7 , the Company ha d two active s tock-based compensation plans, which are more fully described in its 2016 Form 10-K Report . The Company did no t grant stock options during the nine month period ended September 30, 2017. The Company granted 300,000 stock op tions with a vesting period of four years in the first nine months of 2016. There were 28,500 common stock options exercised in the nine month periods ended September 30, 2017 , and no common stock options were exercised during the nine month period ended September 30, 2016. A summary of the status of the Company’s equity compensation plans is presented below. Weighted average remaining Weighted average contractual Aggregate Shares exercise price term (years) intrinsic value Outstanding at January 1, 2017 2,021,625 $ 8.32 5.24 $ - Granted - - - - Exercised (28,500) 7.36 - - Expired (1,000) 25.43 - - Forfeited (38,750) 8.37 - - Outstanding at September 30, 2017 1,953,375 $ 8.31 4.51 $ 941,090 Exercisable at September 30, 2017 1,705,875 $ 8.50 3.93 $ 599,090 The Company granted 955,024 restricted stock units (RSUs) in the first nine months of 2017 of which 820,024 have a vesting period of three years and 135,000 have a vesting period of one year. At issuance, for the RSUs granted in the first nine months of 2017 : 799,559 had a fair value of $5.06 , 7,923 had a fair value of $6.31 and 147,542 had a fair value of $7.65 . In the first nine months of 2016, the Company granted 789,000 restricted RSUs of which 620,000 had a vesting period of three years and 169,000 had a vesting period of one year. Of the RSUs granted in the first nine months of 2016, 489,000 had a fair value of $4.50 and 300,000 had a fair value of $6.75 at issuance. The total fair value of RSUs vested for the nine months ended September 30, 2017 and 2016 was $2.6 million and $830,000 , respectively . A summary of the status of the Company’s RSUs is presented below. Weighted average Average remaining grant date contractual Shares fair value term (years) Outstanding at January 1, 2017 831,775 $ 5.77 1.62 Granted 955,024 5.47 Vested (438,441) 5.89 Forfeited (83,904) 5.93 Outstanding at September 30, 2017 1,264,454 $ 5.49 1.92 As of September 30, 2017, there was a total of $5.9 million of unrecognized compensation cost related to unvested awards under share-based plans. This cost is expected to be recognized over a weighted average period of approximately 2.0 years . Related compensation expense for the nine months ended September 30, 2017 and 2016 was $2.4 million and $2.0 million, respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from continuing operations Net earnings available to common shareholders $ 6,770 55,758,433 $ 0.12 Effect of dilutive securities Common stock options - 554,405 - Diluted earnings per share Net earnings available to common shareholders $ 6,770 56,312,838 $ 0.12 For the three months ended September 30, 2017 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 511 55,758,433 $ 0.01 Effect of dilutive securities Common stock options - 554,405 - Diluted earnings per share Net earnings available to common shareholders $ 511 56,312,838 $ 0.01 For the three months ended September 30, 2017 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share Net earnings available to common shareholders $ 7,281 55,758,433 $ 0.13 Effect of dilutive securities Common stock options - 554,405 - Diluted earnings per share Net earnings available to common shareholders $ 7,281 56,312,838 $ 0.13 Stock options for 1 ,633,375 shares, exercisable at prices between $6.75 and $10.45 per share, were outstanding at September 30, 2017, but were not included in the dilutive shares because the exercise price per share was greater than the average market price. For the nine months ended September 30, 2017 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from continuing operations Net earnings available to common shareholders $ 30,670 55,661,538 $ 0.55 Effect of dilutive securities Common stock options - 382,371 - Diluted earnings per share Net earnings available to common shareholders $ 30,670 56,043,909 $ 0.55 For the nine months ended September 30, 2017 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 3,438 55,661,538 $ 0.06 Effect of dilutive securities Common stock options - 382,371 - Diluted earnings per share Net earnings available to common shareholders $ 3,438 56,043,909 $ 0.06 For the nine months ended September 30, 2017 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share Net earnings available to common shareholders $ 34,108 55,661,538 $ 0.61 Effect of dilutive securities Common stock options - 382,371 - Diluted earnings per share Net earnings available to common shareholders $ 34,108 56,043,909 $ 0.61 Stock options for 1 ,953,375 shares, exercisable at prices between $6.75 and $10.45 per share, were outstanding at September 30, 2017, but were not included in the dilutive shares because the exercise price per share was greater than the average market price. 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, 201 6 but were not included in 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 dilutive shares because the Company had a net loss available to common shareholders. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2017 | |
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 7 and December 31, 201 6 are summarized as follows (in thousands): Available-for-sale September 30, 2017 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 35,162 $ 87 $ (24) $ 35,225 Asset-backed securities * 264,196 1,182 (439) 264,939 Tax-exempt obligations of states and political subdivisions 13,157 179 (17) 13,319 Taxable obligations of states and political subdivisions 71,592 1,671 (150) 73,113 Residential mortgage-backed securities 367,017 840 (3,420) 364,437 Collateralized mortgage obligation securities 129,722 294 (923) 129,093 Commercial mortgage-backed securities 153,274 488 (114) 153,648 Foreign debt securities 59,685 398 (88) 59,995 Corporate debt securities 102,205 1,047 (65) 103,187 $ 1,196,010 $ 6,186 $ (5,240) $ 1,196,956 September 30, 2017 Gross Gross Amortized unrealized unrealized Fair * Asset-backed securities as shown above cost gains losses value Federally insured student loan securities $ 94,409 $ 254 $ (418) $ 94,245 Collateralized loan obligation securities 153,369 800 (19) 154,150 Other 16,418 128 (2) 16,544 $ 264,196 $ 1,182 $ (439) $ 264,939 Held-to-maturity September 30, 2017 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 11,017 $ 118 $ (2,761) $ 8,374 Other debt securities - pooled 75,385 1,340 - 76,725 $ 86,402 $ 1,458 $ (2,761) $ 85,099 Available-for-sale December 31, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 27,771 $ 23 $ (92) $ 27,702 Asset-backed securities * 355,622 1,811 (2,037) 355,396 Tax-exempt obligations of states and political subdivisions 15,492 129 (137) 15,484 Taxable obligations of states and political subdivisions 78,143 1,539 (633) 79,049 Residential mortgage-backed securities 347,120 598 (5,149) 342,569 Collateralized mortgage obligation securities 160,649 619 (1,445) 159,823 Commercial mortgage-backed securities 117,844 250 (1,008) 117,086 Foreign debt securities 56,603 168 (274) 56,497 Corporate debt securities 95,005 421 (418) 95,008 $ 1,254,249 $ 5,558 $ (11,193) $ 1,248,614 December 31, 2016 Gross Gross Amortized unrealized unrealized Fair * Asset-backed securities as shown above cost gains losses value Federally insured student loan securities $ 122,579 $ 346 $ (2,000) $ 120,925 Collateralized loan obligation securities 215,117 1,294 (14) 216,397 Other 17,926 171 (23) 18,074 $ 355,622 $ 1,811 $ (2,037) $ 355,396 Held-to-maturity December 31, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 17,983 $ 179 $ (3,026) $ 15,136 Other debt securities - pooled 75,484 1,179 - 76,663 $ 93,467 $ 1,358 $ (3,026) $ 91,799 Investments in Federal Home Loan and Atlantic Central Bankers Bank stock are recorded at cost and amounted to $991,000 and $1.6 million, respectively, at September 30, 201 7 and December 31, 201 6 . The amortized cost and fair value of the Company’s investment securities at September 30, 2017 , 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 $ 6,433 $ 6,441 $ - $ - Due after one year through five years 170,145 171,473 - - Due after five years through ten years 361,549 362,268 - - Due after ten years 657,883 656,774 86,402 85,099 $ 1,196,010 $ 1,196,956 $ 86,402 $ 85,099 At September 30, 201 7 and December 31, 201 6 , there were no investment securities pledged for securities sold under repurchase agreements as required or permitted by law. At September 30, 2017 and December 31, 2016, investment securities with a fair value of approximately $606.8 million and $607.2 million, respectively, were pledged to secure a line of credit with the FHLB. 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 201 7 . The table below indicates the length of time individual securities had been in a continuous unrealized loss position at September 30, 201 7 (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 4 $ 17,266 $ (24) $ - $ - $ 17,266 $ (24) Asset-backed securities 16 16,453 (20) 58,961 (419) 75,414 (439) Tax-exempt obligations of states and political subdivisions 2 - - 2,148 (17) 2,148 (17) Taxable obligations of states and political subdivisions 14 14,844 (127) 977 (23) 15,821 (150) Residential mortgage-backed securities 93 173,175 (1,573) 98,021 (1,847) 271,196 (3,420) Collateralized mortgage obligation securities 26 62,244 (468) 30,937 (455) 93,181 (923) Commercial mortgage-backed securities 8 23,434 (114) 243 - 23,677 (114) Foreign debt securities 21 15,869 (68) 1,180 (20) 17,049 (88) Corporate debt securities 20 11,658 (30) 4,514 (35) 16,172 (65) Total temporarily impaired investment securities 204 $ 334,943 $ (2,424) $ 196,981 $ (2,816) $ 531,924 $ (5,240) 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 $ - $ - $ 6,343 $ (2,761) $ 6,343 $ (2,761) Total temporarily impaired investment securities 1 $ - $ - $ 6,343 $ (2,761) $ 6,343 $ (2,761) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 201 6 (dollars in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities U.S. Government agency securities 5 $ 7,414 $ (36) $ 7,824 $ (56) $ 15,238 $ (92) Asset-backed securities 23 10,186 (49) 93,375 (1,988) 103,561 (2,037) Tax-exempt obligations of states and political subdivisions 8 6,056 (118) 3,301 (19) 9,357 (137) Taxable obligations of states and political subdivisions 27 42,963 (633) - - 42,963 (633) Residential mortgage-backed securities 68 180,357 (4,833) 54,254 (316) 234,611 (5,149) Collateralized mortgage obligation securities 28 88,936 (1,004) 30,386 (441) 119,322 (1,445) Commercial mortgage-backed securities 28 79,345 (963) 4,547 (45) 83,892 (1,008) Foreign debt securities 34 26,696 (274) 700 - 27,396 (274) Corporate debt securities 39 30,418 (414) 645 (4) 31,063 (418) Total temporarily impaired investment securities 260 $ 472,371 $ (8,324) $ 195,032 $ (2,869) $ 667,403 $ (11,193) 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 $ - $ - $ 6,039 $ (3,026) $ 6,039 $ (3,026) Total temporarily impaired investment securities 1 $ - $ - $ 6,039 $ (3,026) $ 6,039 $ (3,026) Other securities included in the held - to - maturity classification at September 30, 2017 consisted of three securities secured by diversified portfolios of corporate securities and two single-is suer trust preferred securities . A total of $11.0 million of other debt securities - single issuers is comprised of the following: amortized cost of the two single-issuer trust preferred securities of $11.0 million, of which one security for $1.9 million was issued by a bank and one security for $9.1 million was issued by an insurance company. A total of $75.4 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 7 (in thousands): Single issuer Book value Fair value Unrealized gain/(loss) Credit rating Security A $ 1,913 $ 2,031 $ 118 Not rated Security B 9,104 6,343 (2,761) 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 . The Company’s unrealized loss for other debt securities, which include two single issuer trust preferred securities, 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 of 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, 2017 | |
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 into commercial mortgage backed securitizations or to secondary government guaranteed loan markets. These sales are accounted for as true sales and 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 7, the fair value of the loans held for sale was $383. 0 million and their book value was $378.2 m illion . Included in the gain on sale of loans in the Statements of Operations were gains recognized from changes in fair value of $1.9 million for the nine months ended September 30, 2017. 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. 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, 2017 2016 SBA non real estate $ 72,055 $ 74,644 SBA commercial mortgage 132,997 126,159 SBA construction 14,205 8,826 SBA loans * 219,257 209,629 Direct lease financing 369,069 346,645 SBLOC 720,279 630,400 Other specialty lending 36,664 11,073 Other consumer loans 20,107 17,374 1,365,376 1,215,121 Unamortized loan fees and costs 8,684 7,790 Total loans, net of deferred loan fees and costs $ 1,374,060 $ 1,222,911 Included in the table above are demand deposit overdrafts reclassified as loan balances totaling $7.1 m illion and $2.4 million at September 30, 2017 and December 31, 2016, 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, 2017 2016 SBA loans, including deferred fees and costs $ 225,909 $ 215,786 SBA loans included in held for sale 160,855 154,016 Total SBA loans $ 386,764 $ 369,802 The following table provides information about impaired loans at September 30, 201 7 and December 31, 201 6 (in thousands): Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized September 30, 2017 Without an allowance recorded SBA non real estate $ 357 $ 357 $ - $ 274 $ - SBA commercial mortgage - - - - - Direct lease financing 284 396 - 71 - Consumer - other - - - - - Consumer - home equity 1,700 1,700 - 1,716 - With an allowance recorded - SBA non real estate 2,288 2,288 1,659 2,534 - SBA commercial mortgage 1,226 1,226 185 761 - Direct lease financing - - - 506 - Consumer - other - - - 18 - Consumer - home equity - - - - - Total SBA non real estate 2,645 2,645 1,659 2,808 - SBA commercial mortgage 1,226 1,226 185 761 - Direct lease financing 284 396 - 577 - Consumer - other - - - 18 - Consumer - home equity 1,700 1,700 - 1,716 - 5,855 5,967 1,844 5,880 - December 31, 2016 Without an allowance recorded SBA non real estate $ 191 $ 191 $ - $ 336 $ - Direct lease financing - - - - - Consumer - other - - - 259 - Consumer - home equity 1,730 1,730 - 1,187 - With an allowance recorded SBA non real estate 2,183 2,183 938 1,277 - Direct lease financing 734 734 216 147 - Consumer - other - - - - - Consumer - home equity - - - 549 - Total SBA non real estate 2,374 2,374 938 1,613 - Direct lease financing 734 734 216 147 - Consumer - other - - - 259 - Consumer - home equity 1,730 1,730 - 1,736 - 4,838 4,838 1,154 3,755 - 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 7 or December 31, 201 6) (in thousands) : September 30, December 31, 2017 2016 Non-accrual loans SBA non real estate $ 2,310 $ 1,530 SBA commercial mortgage 1,226 - Consumer 1,417 1,442 Total non-accrual loans 4,953 2,972 Loans past due 90 days or more 354 661 Total non-performing loans 5,307 3,633 Other real estate owned - 104 Total non-performing assets $ 5,307 $ 3,737 The Company’s loans that were modified as of September 30, 201 7 and December 31, 201 6 and considered troubled debt restructurings are as follows ( dollars in thousands): September 30, 2017 December 31, 2016 Number Pre-modification recorded investment Post-modification recorded investment Number Pre-modification recorded investment Post-modification recorded investment SBA non real estate 4 $ 1,013 $ 1,013 2 $ 844 $ 844 Direct lease financing 1 285 285 1 734 734 Consumer 2 541 541 1 288 288 Total 7 $ 1,839 $ 1,839 4 $ 1,866 $ 1,866 The balances below provide information as to how the loans were modified as troubled debt restructurings loans as of September 30, 201 7 and December 31, 201 6 (in thousands): September 30, 2017 December 31, 2016 Adjusted interest rate Extended maturity Combined rate and maturity Adjusted interest rate Extended maturity Combined rate and maturity SBA non real estate $ - $ 144 $ 869 $ - $ 144 $ 700 Direct lease financing - - 285 - - 734 Consumer - - 541 - - 288 Total $ - $ 144 $ 1,695 $ - $ 144 $ 1,722 The following table summarizes, as of September 30, 2017, loans that had been restructured within the last 12 months that have subsequently defaulted. Number Pre-modification recorded investment SBA non real estate 2 $ 679 Total 2 $ 679 As of September 30, 201 7 and December 31, 201 6 , 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, 2017 Beginning balance $ 1,976 $ 737 $ 76 $ 1,994 $ 315 $ 32 $ 975 $ 227 $ 6,332 Charge-offs (343) - - (780) - - (113) - (1,236) Recoveries 13 - - - - - 24 - 37 Provision (credit) 1,576 521 22 196 45 36 (220) (26) 2,150 Ending balance $ 3,222 $ 1,258 $ 98 $ 1,410 $ 360 $ 68 $ 666 $ 201 $ 7,283 Ending balance: Individually evaluated for impairment $ 1,659 $ 185 $ - $ - $ - $ - $ - $ - $ 1,844 Ending balance: Collectively evaluated for impairment $ 1,563 $ 1,073 $ 98 $ 1,410 $ 360 $ 68 $ 666 $ 201 $ 5,439 Loans: Ending balance $ 72,055 $ 132,997 $ 14,205 $ 369,069 $ 720,279 $ 36,664 $ 20,107 $ 8,684 $ 1,374,060 Ending balance: Individually evaluated for impairment $ 2,645 $ 1,226 $ - $ 284 $ - $ - $ 1,700 $ - $ 5,855 Ending balance: Collectively evaluated for impairment $ 69,410 $ 131,771 $ 14,205 $ 368,785 $ 720,279 $ 36,664 $ 18,407 $ 8,684 $ 1,368,205 December 31, 2016 Beginning balance $ 844 $ 408 $ 48 $ 1,022 $ 762 $ 199 $ 936 $ 181 $ 4,400 Charge-offs (128) - - (119) - - (1,211) - (1,458) Recoveries 1 - - 17 12 - 30 Provision (credit) 1,259 329 28 1,074 (447) (167) 1,238 46 3,360 Ending balance $ 1,976 $ 737 $ 76 $ 1,994 $ 315 $ 32 $ 975 $ 227 $ 6,332 Ending balance: Individually evaluated for impairment $ 938 $ - $ - $ 216 $ - $ - $ - $ - $ 1,154 Ending balance: Collectively evaluated for impairment $ 1,038 $ 737 $ 76 $ 1,778 $ 315 $ 32 $ 975 $ 227 $ 5,178 Loans: Ending balance $ 74,644 $ 126,159 $ 8,826 $ 346,645 $ 630,400 $ 11,073 $ 17,374 $ 7,790 $ 1,222,911 Ending balance: Individually evaluated for impairment $ 2,374 $ - $ - $ 734 $ - $ - $ 1,730 $ - $ 4,838 Ending balance: Collectively evaluated for impairment $ 72,270 $ 126,159 $ 8,826 $ 345,911 $ 630,400 $ 11,073 $ 15,644 $ 7,790 $ 1,218,073 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 The Company did no t have loans acquired with deteriorated credit quality at either September 30, 201 7 or December 31, 201 6 . A detail of the Company’s delinquent loans by loan category is as follows (in thousands): 30-59 Days 60-89 Days 90 Days Total Total September 30, 2017 past due past due or greater Non-accrual past due Current loans SBA non real estate $ 272 $ 165 $ - $ 2,310 $ 2,747 $ 69,308 $ 72,055 SBA commercial mortgage - - - 1,226 1,226 131,771 132,997 SBA construction - - - - - 14,205 14,205 Direct lease financing 5,065 1,060 354 - 6,479 362,590 369,069 SBLOC - - - - - 720,279 720,279 Other specialty lending - - - - - 36,664 36,664 Consumer - other - - - - - 9,585 9,585 Consumer - home equity 144 - - 1,417 1,561 8,961 10,522 Unamortized loan fees and costs - - - - - 8,684 8,684 $ 5,481 $ 1,225 $ 354 $ 4,953 $ 12,013 $ 1,362,047 $ 1,374,060 30-59 Days 60-89 Days 90 Days Total Total December 31, 2016 past due past due or greater Non-accrual past due Current loans SBA non real estate $ 559 $ - $ - $ 1,530 $ 2,089 $ 72,555 $ 74,644 SBA commercial mortgage - - - - - 126,159 126,159 SBA construction - - - - - 8,826 8,826 Direct lease financing 11,856 1,998 661 - 14,515 332,130 346,645 SBLOC - - - - - 630,400 630,400 Other specialty lending - - - - - 11,073 11,073 Consumer - other - - - - - 5,403 5,403 Consumer - home equity 155 - - 1,442 1,597 10,374 11,971 Unamortized loan fees and costs - - - - - 7,790 7,790 $ 12,570 $ 1,998 $ 661 $ 2,972 $ 18,201 $ 1,204,710 $ 1,222,911 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, 2017 Pass Special mention Substandard Doubtful Loss Unrated subject to review * Unrated not subject to review * Total loans SBA non real estate $ 44,996 $ 3,981 $ 4,107 $ - $ - $ - $ 18,971 $ 72,055 SBA commercial mortgage 110,059 279 1,226 - - 2,163 19,270 132,997 SBA construction 14,205 - - - - - - 14,205 Direct lease financing 193,792 - 2,770 - - 8,733 163,774 369,069 SBLOC 357,906 - - - - - 362,373 720,279 Other specialty lending 36,664 - - - - - - 36,664 Consumer 8,791 283 1,885 - - - 9,148 20,107 Unamortized loan fees and costs - - - - - - 8,684 8,684 $ 766,413 $ 4,543 $ 9,988 $ - $ - $ 10,896 $ 582,220 $ 1,374,060 December 31, 2016 SBA non real estate $ 51,437 $ 2,723 $ 3,628 $ - $ - $ - $ 16,856 $ 74,644 SBA commercial mortgage 92,485 - - - - 15,164 18,510 126,159 SBA construction 8,060 - - - - - 766 8,826 Direct lease financing 122,571 - 3,736 - - 30,881 189,457 346,645 SBLOC 277,489 - - - - - 352,911 630,400 Other specialty lending 11,073 - - - - - - 11,073 Consumer 9,837 288 2,312 - - - 4,937 17,374 Unamortized loan fees and costs - - - - - - 7,790 7,790 $ 572,952 $ 3,011 $ 9,676 $ - $ - $ 46,045 $ 591,227 $ 1,222,911 * For information on targeted loan review thresholds see “Allowance for Loan Losses ” |
Transactions with Affiliates
Transactions with Affiliates | 9 Months Ended |
Sep. 30, 2017 | |
Transactions with Affiliates [Abstract] | |
Transactions with Affiliates | N ote 7. Transactions with Affiliates The Bank maintains deposits for various affiliated companies totaling approximately $3.5 m illion and $5.5 million as of September 30, 201 7 and December 31, 201 6 , 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 7 , these loans were current as to principal and interest payments and did not involve more than normal risk of collectability. Loans to these related parties included in Loans, net of deferred loan fees and costs, amounted to $1.4 million at September 30, 2017 and $649,000 at December 31, 2016. 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. In 2017, the Company purchased $2.8 million of government guaranteed SBA loans from JVB for Community Reinvestment Act purposes. T he Company also 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, 2017 and had complied with all terms for all prior repurchase agreements. There were $65.1 million and $39.2 million of repurchase agreements outstanding at September 30, 201 7 and December 31, 201 6, respectively. Mr. Hersh Kozlov, a director of the Company, is a partner at Duane Morris LLP, an international law firm. The Company paid Duane Morris LLP $2.5 million and $2.4 million for legal services for the nine months ended September 30, 2017 and September 30, 2016, respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
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 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 $398.9 million and $999.1 mi llion as of September 30, 201 7 and December 31, 201 6 , 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 either market indications of the sales price of such loans from recent sales transactions or discounted cash flow analysis. The net loan portfolio at September 30, 2017 and December 31, 2016 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 . Discontinued assets held for sale as of September 30, 2017 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 of interest and non-interest bearing checking accounts, savings accounts, 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 short term 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, 2017, 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, 2017 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) Investment securities available-for-sale $ 1,196,956 $ 1,196,956 $ - $ 1,153,403 $ 43,553 Investment securities held-to-maturity 86,402 85,099 - 78,756 6,343 Securities purchased under agreements to resell 65,095 65,095 65,095 - - Federal Home Loan Bank and Atlantic Central Bankers Bank stock 991 991 - - 991 Commercial loans held for sale 380,272 380,272 - - 380,272 Loans, net of deferred loan fees and costs 1,374,060 1,373,325 - - 1,373,325 Investment in unconsolidated entity, senior note 103,950 103,950 - - 103,950 Investment in unconsolidated entity, subordinated note 3,761 3,761 - - 3,761 Assets held for sale 314,994 314,994 - - 314,994 Demand and interest checking 3,113,212 3,113,212 3,113,212 - - Savings and money market 452,183 452,183 452,183 - - Subordinated debentures 13,401 9,873 - - 9,873 Securities sold under agreements to repurchase 180 180 180 - - Interest rate swaps, asset 722 722 - 722 - December 31, 2016 Quoted prices in Significant other Significant active markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) Investment securities available-for-sale $ 1,248,614 $ 1,248,614 $ - $ 1,248,614 $ - Investment securities held-to-maturity 93,467 91,799 - 85,760 6,039 Securities purchased under agreements to resell 39,199 39,199 39,199 - - Federal Home Loan Bank and Atlantic Central Bankers Bank stock 1,613 1,613 - - 1,613 Commercial loans held for sale 663,140 663,140 - - 663,140 Loans, net of deferred loan fees and costs 1,222,911 1,219,625 - - 1,219,625 Investment in unconsolidated entity, senior note 118,389 118,389 - - 118,389 Investment in unconsolidated entity, subordinated note 8,541 8,541 - - 8,541 Assets held for sale 360,711 360,711 - - 360,711 Demand and interest checking 3,816,524 3,816,524 3,816,524 - - Savings and money market 421,780 421,780 421,780 - - Subordinated debentures 13,401 9,290 - - 9,290 Securities sold under agreements to repurchase 274 274 274 - - Interest rate swaps, asset 3,207 3,207 - 3,207 - 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, 2017 (Level 1) (Level 2) (Level 3) Investment securities available-for-sale U.S. Government agency securities $ 35,225 $ - $ 35,225 $ - Asset-backed securities 264,939 - 264,939 - Obligations of states and political subdivisions 86,432 - 86,432 - Residential mortgage-backed securities 364,437 - 364,437 - Collateralized mortgage obligation securities 129,093 - 129,093 - Commercial mortgage-backed securities 153,648 - 110,095 43,553 Foreign debt securities 59,995 - 59,995 - Corporate debt securities 103,187 - 103,187 - Total investment securities available-for-sale 1,196,956 - 1,153,403 43,553 Loans held for sale 380,272 - - 380,272 Investment in unconsolidated entity, senior note 103,950 - - 103,950 Investment in unconsolidated entity, subordinated note 3,761 - - 3,761 Interest rate swaps, asset 722 - 722 - $ 1,685,661 $ - $ 1,154,125 $ 531,536 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, 2016 (Level 1) (Level 2) (Level 3) Investment securities available-for-sale U.S. Government agency securities $ 27,702 $ - $ 27,702 $ - Asset-backed securities 355,396 - 355,396 - Obligations of states and political subdivisions 94,533 - 94,533 - Residential mortgage-backed securities 342,569 - 342,569 - Collateralized mortgage obligation securities 159,823 - 159,823 - Commercial mortgage-backed securities 117,086 - 117,086 - Foreign debt securities 56,497 - 56,497 - Corporate debt securities 95,008 - 95,008 - Total investment securities available-for-sale 1,248,614 - 1,248,614 - Loans held for sale 663,140 - - 663,140 Investment in unconsolidated entity, senior note 118,389 - - 118,389 Investment in unconsolidated entity, subordinated note 8,541 - - 8,541 Interest rate swaps, asset 3,207 - 3,207 - $ 2,041,891 $ - $ 1,251,821 $ 790,070 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, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Beginning balance $ - $ - $ 663,140 $ 489,938 Transfers into level 3 - - - - Transfers out of level 3 - - - - Total gains or losses (realized/unrealized) Included in earnings - - 20,019 (3,078) Included in other comprehensive income - - - - Purchases, issuances, and settlements Purchases 43,553 Issuances - - 398,410 528,584 Sales - - (701,297) (352,304) Settlements - - - - Ending balance $ 43,553 $ - $ 380,272 $ 663,140 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. $ - $ - $ 703 $ (2,674) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in Assets unconsolidated entity held for sale September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Beginning balance $ 126,930 $ 178,520 $ 360,711 $ 583,909 Transfers into level 3 - - - - Transfers out of level 3 - - - - Total gains or losses (realized/unrealized) Included in earnings (20) (39,816) 638 (48,836) Included in other comprehensive income - - - - Purchases, issuances, and settlements Purchases - - - - Issuances - - - - Sales - - - (63,712) Settlements (19,199) (11,774) (33,400) (110,650) Charge-offs - - (12,955) - Ending balance $ 107,711 $ 126,930 $ 314,994 $ 360,711 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. $ (20) $ (39,816) $ (1,776) $ (48,836) Fair value at Fair value at Level 3 instruments only September 30, 2017 December 31, 2016 Valuation techniques Unobservable inputs Range Investment securities available-for-sale $ 43,553 $ - Discounted cash flow Discount rate 7.0% -9.5% Investment securities held-to-maturity 6,343 6,039 Discounted cash flow Discount rate 8.00% Federal Home Loan Bank and Atlantic 991 1,613 Cost N/A N/A Central Bankers Bank stock Loans, net of deferred loan fees and costs 1,373,325 1,219,625 Discounted cash flow Discount rate 3.5% -7.2% Commercial loans held for sale 380,272 663,140 Discounted cash flow Discount rate 4.85% -7.05% Investment in unconsolidated entity, 103,950 118,389 Discounted cash flow Discount rate 4.75% senior note Default rate 1.00% Investment in unconsolidated entity, 3,761 8,541 Discounted cash flow Discount rate 11.00% subordinated note Default rate 1.00% Assets held for sale 314,994 360,711 Discounted cash flow Discount rate 3.67% -9.32% Subordinated debentures 9,873 9,290 Discounted cash flow Discount rate 7.00% 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 (1) September 30, 2017 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 4,011 $ - $ - $ 4,011 Other real estate owned - - - - Intangible assets 5,185 - - 5,185 $ 9,196 $ - $ - $ 9,196 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 (1) December 31, 2016 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 3,685 $ - $ - 3,685 Other real estate owned 104 - - 104 Intangible assets 6,906 - - 6,906 $ 10,695 $ - $ - $ 10,695 (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 % to 10% for estimated selling costs. Intangible assets are valued based upon internal analyses. At September 30, 201 7 , principal on impaired loans and troubled debt restructurings that is accounted for on the basis of the valu e of underlying collateral is shown at estimated fair value of $4.0 m illion . To arrive at that fair value, related loan principal of $5.8 million was reduced by s pecific reserves of $1.8 million within the allowance for loan losses as of that date, representing the deficiency between principal and estimated collateral values, which were reduced by costs to sell. When the deficiency is deemed uncollectible, it is charged off by reducing the specific reserve and decreasing principal. Included in the impaired balance at September 30, 2017 were seven troubled debt restructured loans with a balance of $1.8 million which had specific reserves of $534,000 . 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, 2017 | |
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, 2017, the Company had entered into eleven interest rate swap agreements with an aggregate notional amount of $ 59.7 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 $2.5 million for the nine months ended September 30, 2017 to recognize the fair value of the derivative instruments which is reported in gain (loss) on sale of loans. The amount receivable by the Company under these swap agreements was $722,000 at September 30, 2017 which is reported in other assets. The Company had minimum collateral posting thresholds with certain of its derivative counterparties and had posted cash collateral of $756,000 as of September 30, 2017. 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 7 are summarized below ( dollars in thousands): September 30, 2017 Maturity date Notional amount Interest rate paid Interest rate received Fair value August 4, 2021 $ 10,300 1.12% 1.31% $ 306 August 17, 2025 2,500 2.27% 1.31% (15) August 17, 2025 2,500 2.27% 1.31% (15) December 11, 2025 2,400 2.14% 1.32% 13 December 23, 2025 6,800 2.16% 1.33% 27 December 24, 2025 8,200 2.17% 1.33% 22 January 28, 2026 3,000 1.87% 1.31% 79 July 20, 2026 6,300 1.44% 1.31% 405 December 12, 2026 3,200 2.26% 1.31% (2) January 4, 2027 10,100 2.35% 1.30% (79) April 27, 2027 4,400 2.32% 1.32% (19) Total $ 59,700 $ 722 |
Other Identifiable Intangible A
Other Identifiable Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
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 for approximately $1.8 million for use in managing prepaid cards in connection with an acquisition. The software is being amortized over eight years. Amortization expense is $217,000 per year ( $610,000 over the remainder of the amortization period). The gross carrying amount of the software is $1.8 million, and as of September 30, 2017, the accumulated amortization was $1.3 million. The Company accounts for its prepaid card 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 ( $2.3 million over the remainder of the amortization period). The gross carrying amount of the customer list intangible is $12.0 million, and as of September 30, 2017, the accumulated amortization was $ 9.8 million. For both 2017 and 2016, amortization expense for the first nine months was $750,000 . In May 2016, the Company purchased approximately $60 million of lease receivables which resulted in a customer list intangible of $3.4 million which is being amortized over a 10 year period. A mortization expense is $340,000 per year ( $1.7 million over the next five years) . The gross carrying amount of the customer list intangible is $3.4 million, and as of September 30, 2017, the accumulated amortization was $471,000 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
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 utilizing 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 , and (v) recognize revenue when (or as) the entity satisfies the performance obligation. Three basic transition methods are available - full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. We plan to adopt the standard using the 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. Since the standard does not apply to revenue from loans, securities and other financial instruments, based on our evaluation to date, we do not expect the adoption of this standard to have a significant impact on our consolidated results of operations or our consolidated financial position. We are still evaluating the presentation of certain in-scope revenue on the income statement related to our payments business. We have commenced a contract review for those in-scope revenue streams. The Company’s contracts with its various third parties generally do not entail significant amounts of deferred revenues. Instead, services are performed monthly and amounts are billed either monthly or quarterly. Nonetheless, the Company is in process of conducting a review of its contracts and sources of income to ascertain that the standard will not have a material impact on the consolidated statement of operations or financial position. The review will include the non interest income producing categories of the Company which include prepaid cards, merchant acquiring, ACH, service fees on deposit accounts, gains and losses on other real estate owned, gains and losses on the sale of loans and other categories. In August 2014, the FASB issued ASU 2014-14, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure”. The guidance in this ASU affects creditors that hold government-guaranteed mortgage loans, including those guaranteed by the Federal Home Administration (FHA) and the Veterans Administration (VA). It requires that a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if the following conditions are met: 1. The loan has a government guarantee that is not separable from the loan before foreclosure. 2. At the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under the claim. 3. At the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. This standard did not have a significant impact on our consolidated results of operations or our consolidated financial position. 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 adopted the guidance in the first quarter of 2017, and the adoption did not have a material impact on first quarter results. In September 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 the first quarter of 2020 with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. Early adoption is permitted beginning in the first quarter of 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, 2017 | |
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 which were due September 15, 2017. 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, 2017 | |
Legal [Abstract] | |
Legal | Note 1 3 . Legal 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, September 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 have been material, and we expect such costs to continue to be material at least through the completion of the SEC’s investigation. On September 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, or DCGL, from legal counsel representing a shareholder (the "Demand Letter"). The Company, through outside legal counsel, responded to the Demand Letter by permitting the shareholder to inspect certain of the Company’s books and records and by objecting to other requests. On January 30, 2017, the shareholder filed a complaint in the Court of Chancery of the State of Delaware seeking an order from the court, pursuant to Section 220 of the DGCL, compelling the Company to permit the shareholder to inspect additional books and records of the Company. The Company believes that its original response to the Demand Letter was appropriate in all respects and continues to defend against the complaint. On July 27, 2017, the Court of Chancery ruled in favor of the Company and granted an Order of Final Judgment Denying Plaintiff’s Demand To Inspect The Books And Records of Defendant. The court’s Order was subject to an appeal right which has now expired; no appeal was filed. Both the Demand Letter and the complaint threaten the commencement of a shareholder’s derivative suit against certain officers and directors of the Company seeking damages and other remedies on behalf of the Company. We have been advised by our counsel in the matter that reasonably possible losses cannot be estimated, but we and our counsel continue to believe the claim is without merit. On October 17, 2017, the Federal Deposit Insurance Corporation (the “FDIC”) informed The Bancorp Bank (the “Bank”), a wholly owned subsidiary of The Bancorp, Inc. (the “Company”), that it intends to pursue an Order For Restitution (“Restitution Order”) and Order to Pay Civil Money Penalty (“CMP Order”) in an amount up to $2,576,000 . The FDIC’s action principally emanates from one of the Bank’s third-party payment processors (“Third Party Processor”) suffering an internal system programming glitch. This inadvertently resulted in consumers that engaged in signature-based point of sale transactions during the period from December 2010 to November 2014 being charged a greater fee than what was disclosed by the Bank. Impacted consumers are being reimbursed by the Third Party Processor at its own expense. The Restitution Order would require the Bank to make such reimbursements if not otherwise made by the Third Party Processor, however, the Bank is indemnified by the Third Party Processor for such reimbursements. Although the Bank is still evaluating its position with regard to the Restitution Order and the CMP Order, the Company accrued $2,500,000 of related expense in its financial statements for the quarter ended September 30, 2017 in connection with the CMP Order. Any amounts owed from the CMP Order would not be subject to any indemnification or recovery from any third party. The independent investor in Walnut Street, the securitization into which the Bank sold certain loans when it discontinued its Philadelphia commercial loan operations, has taken actions which may result in litigation. Specifically, counsel for the independent investor has requested that the Note Administrator hold monthly distribution payments in escrow until the independent investor’s alternative interpretation of the order of payments, as compared to the interpretation of the Bank and the Note Administrator, is resolved. Based on the independent investor’s request, the Note Administrator withheld the September 2017 payment to the independent investor and the Bank and indicated that it would continue to do so until this issue was resolved. Management of the Company, based on advice of its counsel, believes it is unlikely that the Bank and Note Administrator’s interpretation will be overturned. However, if such interpretation is overturned, based upon the current model used to value Walnut Street, an estimated $8 million loss may be recognized, based on currently estimated cash flows which would be redirected from the Bank to the independent investor. 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, 2017 | |
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 affinity 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, 2017 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 21,631 $ - $ 10,283 $ - $ 31,914 Interest allocation - 10,283 (10,283) - - Interest expense 848 2,709 456 - 4,013 Net interest income 20,783 7,574 (456) - 27,901 Provision for loan and lease losses 800 - - - 800 Non-interest income 13,834 14,638 535 - 29,007 Non-interest expense 14,844 16,384 12,655 - 43,883 Income (loss) from continuing operations before taxes 18,973 5,828 (12,576) - 12,225 Income tax expense - - 5,455 - 5,455 Income (loss) from continuing operations 18,973 5,828 (18,031) - 6,770 Income from discontinued operations - - - 511 511 Net income (loss) $ 18,973 $ 5,828 $ (18,031) $ 511 $ 7,281 For the three months ended September 30, 2016 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 17,727 $ - $ 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 expense - - 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 nine months ended September 30, 2017 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 59,861 $ - $ 31,315 $ - $ 91,176 Interest allocation - 31,315 (31,315) - - Interest expense 2,627 7,567 989 - 11,183 Net interest income 57,234 23,748 (989) - 79,993 Provision 2,150 - - - 2,150 Non-interest income 24,507 45,625 1,267 - 71,399 Non-interest expense 42,251 54,829 21,949 - 119,029 Income (loss) from continuing operations before taxes 37,340 14,544 (21,671) - 30,213 Income tax benefit - - (457) - (457) Income (loss) from continuing operations 37,340 14,544 (21,214) - 30,670 Income from discontinued operations - - - 3,438 3,438 Net income (loss) $ 37,340 $ 14,544 $ (21,214) $ 3,438 $ 34,108 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 Loss from continuing operations before taxes (9,852) (28,295) (6,988) - (45,135) Income tax benefit - - (15,324) - (15,324) Income (loss) from continuing operations (9,852) (28,295) 8,336 - (29,811) Loss 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 September 30, 2017 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,818,646 $ 38,155 $ 1,821,823 $ 314,994 $ 3,993,618 Total liabilities $ 645,265 $ 2,702,958 $ 305,934 $ - $ 3,654,157 December 31, 2016 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 2,019,180 $ 27,935 $ 2,450,288 $ 360,711 $ 4,858,114 Total liabilities $ 596,574 $ 3,401,142 $ 561,435 $ - $ 4,559,151 |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Note 15. Discontinued Operations The Company performed a strategic evaluation of its businesses in the third quarter of 2014 and decided to discontinue its commercial lending operations to focus on its specialty finance lending. The loans which constitute the commercial loan portfolio are in the process of disposition. As such, financial results of the commercial lending operations are presented as separate from continuing operations on the consolidated statements of operations and assets of the commercial lending operations to be disposed are presented as assets held for sale on the consolidated balance sheets. The following table presents financial results of the commercial lending business included in net income (loss) from discontinued operations for the three months and nine months ended September 30, 201 7 and 201 6 (in thousands) . For the three months ended September 30, For the nine months ended September 30, 2017 2016 2017 2016 Interest income $ 3,098 $ 3,891 $ 9,594 $ 15,037 Interest expense - - - - Provision for loan and lease losses - - - - Net interest income after provision 3,098 3,891 9,594 15,037 Non interest income 549 575 1,001 678 Non interest expense 2,818 25,956 5,107 53,788 Income (loss) before taxes 829 (21,490) 5,488 (38,073) Income tax (benefit) provision 318 2,531 2,050 (164) Net income (loss) $ 511 $ (24,021) $ 3,438 $ (37,909) September 30, December 31, 2017 2016 Loans, net $ 277,385 $ 340,396 Other real estate owned 37,609 20,315 Total assets $ 314,994 $ 360,711 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 , $31 5 . 0 million of loans and other real estate owned 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 $107.7 million in investment in unconsolidated entity, which is comprised of notes owned by the Company as a result of the sale of certain discontinued loans to Walnut Street, see Note 8, Fair Value Measurements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16. Subsequent Events The Company evaluated its September 3 0 , 2017 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. |
Significant Accounting Polici24
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Significant Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation The financial statements of the Company, as of September 30, 201 7 and for the three and nine month periods ended September 30, 2017 and 201 6 , 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, 201 6 ( 2016 Form 10-K R eport). The results of operations for the nine month period ended September 30, 201 7 may not necessarily be indicative of the results of operations for the full year ending December 31, 201 7 . |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stock-based Compensation [Abstract] | |
Summary Of Status Of Company's Equity Compensation Plans | Weighted average remaining Weighted average contractual Aggregate Shares exercise price term (years) intrinsic value Outstanding at January 1, 2017 2,021,625 $ 8.32 5.24 $ - Granted - - - - Exercised (28,500) 7.36 - - Expired (1,000) 25.43 - - Forfeited (38,750) 8.37 - - Outstanding at September 30, 2017 1,953,375 $ 8.31 4.51 $ 941,090 Exercisable at September 30, 2017 1,705,875 $ 8.50 3.93 $ 599,090 |
Summary Of Status Of Company's Restricted Stock Units | Weighted average Average remaining grant date contractual Shares fair value term (years) Outstanding at January 1, 2017 831,775 $ 5.77 1.62 Granted 955,024 5.47 Vested (438,441) 5.89 Forfeited (83,904) 5.93 Outstanding at September 30, 2017 1,264,454 $ 5.49 1.92 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | For the three months ended September 30, 2017 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from continuing operations Net earnings available to common shareholders $ 6,770 55,758,433 $ 0.12 Effect of dilutive securities Common stock options - 554,405 - Diluted earnings per share Net earnings available to common shareholders $ 6,770 56,312,838 $ 0.12 For the three months ended September 30, 2017 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 511 55,758,433 $ 0.01 Effect of dilutive securities Common stock options - 554,405 - Diluted earnings per share Net earnings available to common shareholders $ 511 56,312,838 $ 0.01 For the three months ended September 30, 2017 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share Net earnings available to common shareholders $ 7,281 55,758,433 $ 0.13 Effect of dilutive securities Common stock options - 554,405 - Diluted earnings per share Net earnings available to common shareholders $ 7,281 56,312,838 $ 0.13 Stock options for 1 ,633,375 shares, exercisable at prices between $6.75 and $10.45 per share, were outstanding at September 30, 2017, but were not included in the dilutive shares because the exercise price per share was greater than the average market price. For the nine months ended September 30, 2017 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from continuing operations Net earnings available to common shareholders $ 30,670 55,661,538 $ 0.55 Effect of dilutive securities Common stock options - 382,371 - Diluted earnings per share Net earnings available to common shareholders $ 30,670 56,043,909 $ 0.55 For the nine months ended September 30, 2017 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 3,438 55,661,538 $ 0.06 Effect of dilutive securities Common stock options - 382,371 - Diluted earnings per share Net earnings available to common shareholders $ 3,438 56,043,909 $ 0.06 For the nine months ended September 30, 2017 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share Net earnings available to common shareholders $ 34,108 55,661,538 $ 0.61 Effect of dilutive securities Common stock options - 382,371 - Diluted earnings per share Net earnings available to common shareholders $ 34,108 56,043,909 $ 0.61 Stock options for 1 ,953,375 shares, exercisable at prices between $6.75 and $10.45 per share, were outstanding at September 30, 2017, but were not included in the dilutive shares because the exercise price per share was greater than the average market price. 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, 201 6 but were not included in 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) |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investment Securities [Abstract] | |
Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity | Available-for-sale September 30, 2017 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 35,162 $ 87 $ (24) $ 35,225 Asset-backed securities * 264,196 1,182 (439) 264,939 Tax-exempt obligations of states and political subdivisions 13,157 179 (17) 13,319 Taxable obligations of states and political subdivisions 71,592 1,671 (150) 73,113 Residential mortgage-backed securities 367,017 840 (3,420) 364,437 Collateralized mortgage obligation securities 129,722 294 (923) 129,093 Commercial mortgage-backed securities 153,274 488 (114) 153,648 Foreign debt securities 59,685 398 (88) 59,995 Corporate debt securities 102,205 1,047 (65) 103,187 $ 1,196,010 $ 6,186 $ (5,240) $ 1,196,956 September 30, 2017 Gross Gross Amortized unrealized unrealized Fair * Asset-backed securities as shown above cost gains losses value Federally insured student loan securities $ 94,409 $ 254 $ (418) $ 94,245 Collateralized loan obligation securities 153,369 800 (19) 154,150 Other 16,418 128 (2) 16,544 $ 264,196 $ 1,182 $ (439) $ 264,939 Held-to-maturity September 30, 2017 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 11,017 $ 118 $ (2,761) $ 8,374 Other debt securities - pooled 75,385 1,340 - 76,725 $ 86,402 $ 1,458 $ (2,761) $ 85,099 Available-for-sale December 31, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 27,771 $ 23 $ (92) $ 27,702 Asset-backed securities * 355,622 1,811 (2,037) 355,396 Tax-exempt obligations of states and political subdivisions 15,492 129 (137) 15,484 Taxable obligations of states and political subdivisions 78,143 1,539 (633) 79,049 Residential mortgage-backed securities 347,120 598 (5,149) 342,569 Collateralized mortgage obligation securities 160,649 619 (1,445) 159,823 Commercial mortgage-backed securities 117,844 250 (1,008) 117,086 Foreign debt securities 56,603 168 (274) 56,497 Corporate debt securities 95,005 421 (418) 95,008 $ 1,254,249 $ 5,558 $ (11,193) $ 1,248,614 December 31, 2016 Gross Gross Amortized unrealized unrealized Fair * Asset-backed securities as shown above cost gains losses value Federally insured student loan securities $ 122,579 $ 346 $ (2,000) $ 120,925 Collateralized loan obligation securities 215,117 1,294 (14) 216,397 Other 17,926 171 (23) 18,074 $ 355,622 $ 1,811 $ (2,037) $ 355,396 Held-to-maturity December 31, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 17,983 $ 179 $ (3,026) $ 15,136 Other debt securities - pooled 75,484 1,179 - 76,663 $ 93,467 $ 1,358 $ (3,026) $ 91,799 |
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 $ 6,433 $ 6,441 $ - $ - Due after one year through five years 170,145 171,473 - - Due after five years through ten years 361,549 362,268 - - Due after ten years 657,883 656,774 86,402 85,099 $ 1,196,010 $ 1,196,956 $ 86,402 $ 85,099 |
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 4 $ 17,266 $ (24) $ - $ - $ 17,266 $ (24) Asset-backed securities 16 16,453 (20) 58,961 (419) 75,414 (439) Tax-exempt obligations of states and political subdivisions 2 - - 2,148 (17) 2,148 (17) Taxable obligations of states and political subdivisions 14 14,844 (127) 977 (23) 15,821 (150) Residential mortgage-backed securities 93 173,175 (1,573) 98,021 (1,847) 271,196 (3,420) Collateralized mortgage obligation securities 26 62,244 (468) 30,937 (455) 93,181 (923) Commercial mortgage-backed securities 8 23,434 (114) 243 - 23,677 (114) Foreign debt securities 21 15,869 (68) 1,180 (20) 17,049 (88) Corporate debt securities 20 11,658 (30) 4,514 (35) 16,172 (65) Total temporarily impaired investment securities 204 $ 334,943 $ (2,424) $ 196,981 $ (2,816) $ 531,924 $ (5,240) 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 $ - $ - $ 6,343 $ (2,761) $ 6,343 $ (2,761) Total temporarily impaired investment securities 1 $ - $ - $ 6,343 $ (2,761) $ 6,343 $ (2,761) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 201 6 (dollars in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities U.S. Government agency securities 5 $ 7,414 $ (36) $ 7,824 $ (56) $ 15,238 $ (92) Asset-backed securities 23 10,186 (49) 93,375 (1,988) 103,561 (2,037) Tax-exempt obligations of states and political subdivisions 8 6,056 (118) 3,301 (19) 9,357 (137) Taxable obligations of states and political subdivisions 27 42,963 (633) - - 42,963 (633) Residential mortgage-backed securities 68 180,357 (4,833) 54,254 (316) 234,611 (5,149) Collateralized mortgage obligation securities 28 88,936 (1,004) 30,386 (441) 119,322 (1,445) Commercial mortgage-backed securities 28 79,345 (963) 4,547 (45) 83,892 (1,008) Foreign debt securities 34 26,696 (274) 700 - 27,396 (274) Corporate debt securities 39 30,418 (414) 645 (4) 31,063 (418) Total temporarily impaired investment securities 260 $ 472,371 $ (8,324) $ 195,032 $ (2,869) $ 667,403 $ (11,193) 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 $ - $ - $ 6,039 $ (3,026) $ 6,039 $ (3,026) Total temporarily impaired investment securities 1 $ - $ - $ 6,039 $ (3,026) $ 6,039 $ (3,026) |
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 $ 1,913 $ 2,031 $ 118 Not rated Security B 9,104 6,343 (2,761) Not rated Class: All of the above are trust preferred securities. |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Loans [Abstract] | |
Major Classifications Of Loans | September 30, December 31, 2017 2016 SBA non real estate $ 72,055 $ 74,644 SBA commercial mortgage 132,997 126,159 SBA construction 14,205 8,826 SBA loans * 219,257 209,629 Direct lease financing 369,069 346,645 SBLOC 720,279 630,400 Other specialty lending 36,664 11,073 Other consumer loans 20,107 17,374 1,365,376 1,215,121 Unamortized loan fees and costs 8,684 7,790 Total loans, net of deferred loan fees and costs $ 1,374,060 $ 1,222,911 |
Schedule Of Small Business Administation Loans And Held For Sale | September 30, December 31, 2017 2016 SBA loans, including deferred fees and costs $ 225,909 $ 215,786 SBA loans included in held for sale 160,855 154,016 Total SBA loans $ 386,764 $ 369,802 |
Impaired Loans | Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized September 30, 2017 Without an allowance recorded SBA non real estate $ 357 $ 357 $ - $ 274 $ - SBA commercial mortgage - - - - - Direct lease financing 284 396 - 71 - Consumer - other - - - - - Consumer - home equity 1,700 1,700 - 1,716 - With an allowance recorded - SBA non real estate 2,288 2,288 1,659 2,534 - SBA commercial mortgage 1,226 1,226 185 761 - Direct lease financing - - - 506 - Consumer - other - - - 18 - Consumer - home equity - - - - - Total SBA non real estate 2,645 2,645 1,659 2,808 - SBA commercial mortgage 1,226 1,226 185 761 - Direct lease financing 284 396 - 577 - Consumer - other - - - 18 - Consumer - home equity 1,700 1,700 - 1,716 - 5,855 5,967 1,844 5,880 - December 31, 2016 Without an allowance recorded SBA non real estate $ 191 $ 191 $ - $ 336 $ - Direct lease financing - - - - - Consumer - other - - - 259 - Consumer - home equity 1,730 1,730 - 1,187 - With an allowance recorded SBA non real estate 2,183 2,183 938 1,277 - Direct lease financing 734 734 216 147 - Consumer - other - - - - - Consumer - home equity - - - 549 - Total SBA non real estate 2,374 2,374 938 1,613 - Direct lease financing 734 734 216 147 - Consumer - other - - - 259 - Consumer - home equity 1,730 1,730 - 1,736 - 4,838 4,838 1,154 3,755 - |
Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category | September 30, December 31, 2017 2016 Non-accrual loans SBA non real estate $ 2,310 $ 1,530 SBA commercial mortgage 1,226 - Consumer 1,417 1,442 Total non-accrual loans 4,953 2,972 Loans past due 90 days or more 354 661 Total non-performing loans 5,307 3,633 Other real estate owned - 104 Total non-performing assets $ 5,307 $ 3,737 |
Loans Modified And Considered Troubled Debt Restructurings | September 30, 2017 December 31, 2016 Number Pre-modification recorded investment Post-modification recorded investment Number Pre-modification recorded investment Post-modification recorded investment SBA non real estate 4 $ 1,013 $ 1,013 2 $ 844 $ 844 Direct lease financing 1 285 285 1 734 734 Consumer 2 541 541 1 288 288 Total 7 $ 1,839 $ 1,839 4 $ 1,866 $ 1,866 |
Loans Modified As Troubled Debt Restructurings | September 30, 2017 December 31, 2016 Adjusted interest rate Extended maturity Combined rate and maturity Adjusted interest rate Extended maturity Combined rate and maturity SBA non real estate $ - $ 144 $ 869 $ - $ 144 $ 700 Direct lease financing - - 285 - - 734 Consumer - - 541 - - 288 Total $ - $ 144 $ 1,695 $ - $ 144 $ 1,722 |
Summary Of Restructured Loans Within The Last Twelve Months That Have Subsequently Defaulted | Number Pre-modification recorded investment SBA non real estate 2 $ 679 Total 2 $ 679 |
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, 2017 Beginning balance $ 1,976 $ 737 $ 76 $ 1,994 $ 315 $ 32 $ 975 $ 227 $ 6,332 Charge-offs (343) - - (780) - - (113) - (1,236) Recoveries 13 - - - - - 24 - 37 Provision (credit) 1,576 521 22 196 45 36 (220) (26) 2,150 Ending balance $ 3,222 $ 1,258 $ 98 $ 1,410 $ 360 $ 68 $ 666 $ 201 $ 7,283 Ending balance: Individually evaluated for impairment $ 1,659 $ 185 $ - $ - $ - $ - $ - $ - $ 1,844 Ending balance: Collectively evaluated for impairment $ 1,563 $ 1,073 $ 98 $ 1,410 $ 360 $ 68 $ 666 $ 201 $ 5,439 Loans: Ending balance $ 72,055 $ 132,997 $ 14,205 $ 369,069 $ 720,279 $ 36,664 $ 20,107 $ 8,684 $ 1,374,060 Ending balance: Individually evaluated for impairment $ 2,645 $ 1,226 $ - $ 284 $ - $ - $ 1,700 $ - $ 5,855 Ending balance: Collectively evaluated for impairment $ 69,410 $ 131,771 $ 14,205 $ 368,785 $ 720,279 $ 36,664 $ 18,407 $ 8,684 $ 1,368,205 December 31, 2016 Beginning balance $ 844 $ 408 $ 48 $ 1,022 $ 762 $ 199 $ 936 $ 181 $ 4,400 Charge-offs (128) - - (119) - - (1,211) - (1,458) Recoveries 1 - - 17 12 - 30 Provision (credit) 1,259 329 28 1,074 (447) (167) 1,238 46 3,360 Ending balance $ 1,976 $ 737 $ 76 $ 1,994 $ 315 $ 32 $ 975 $ 227 $ 6,332 Ending balance: Individually evaluated for impairment $ 938 $ - $ - $ 216 $ - $ - $ - $ - $ 1,154 Ending balance: Collectively evaluated for impairment $ 1,038 $ 737 $ 76 $ 1,778 $ 315 $ 32 $ 975 $ 227 $ 5,178 Loans: Ending balance $ 74,644 $ 126,159 $ 8,826 $ 346,645 $ 630,400 $ 11,073 $ 17,374 $ 7,790 $ 1,222,911 Ending balance: Individually evaluated for impairment $ 2,374 $ - $ - $ 734 $ - $ - $ 1,730 $ - $ 4,838 Ending balance: Collectively evaluated for impairment $ 72,270 $ 126,159 $ 8,826 $ 345,911 $ 630,400 $ 11,073 $ 15,644 $ 7,790 $ 1,218,073 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 |
Delinquent Loans By Loan Category | 30-59 Days 60-89 Days 90 Days Total Total September 30, 2017 past due past due or greater Non-accrual past due Current loans SBA non real estate $ 272 $ 165 $ - $ 2,310 $ 2,747 $ 69,308 $ 72,055 SBA commercial mortgage - - - 1,226 1,226 131,771 132,997 SBA construction - - - - - 14,205 14,205 Direct lease financing 5,065 1,060 354 - 6,479 362,590 369,069 SBLOC - - - - - 720,279 720,279 Other specialty lending - - - - - 36,664 36,664 Consumer - other - - - - - 9,585 9,585 Consumer - home equity 144 - - 1,417 1,561 8,961 10,522 Unamortized loan fees and costs - - - - - 8,684 8,684 $ 5,481 $ 1,225 $ 354 $ 4,953 $ 12,013 $ 1,362,047 $ 1,374,060 30-59 Days 60-89 Days 90 Days Total Total December 31, 2016 past due past due or greater Non-accrual past due Current loans SBA non real estate $ 559 $ - $ - $ 1,530 $ 2,089 $ 72,555 $ 74,644 SBA commercial mortgage - - - - - 126,159 126,159 SBA construction - - - - - 8,826 8,826 Direct lease financing 11,856 1,998 661 - 14,515 332,130 346,645 SBLOC - - - - - 630,400 630,400 Other specialty lending - - - - - 11,073 11,073 Consumer - other - - - - - 5,403 5,403 Consumer - home equity 155 - - 1,442 1,597 10,374 11,971 Unamortized loan fees and costs - - - - - 7,790 7,790 $ 12,570 $ 1,998 $ 661 $ 2,972 $ 18,201 $ 1,204,710 $ 1,222,911 |
Loans By Categories | September 30, 2017 Pass Special mention Substandard Doubtful Loss Unrated subject to review * Unrated not subject to review * Total loans SBA non real estate $ 44,996 $ 3,981 $ 4,107 $ - $ - $ - $ 18,971 $ 72,055 SBA commercial mortgage 110,059 279 1,226 - - 2,163 19,270 132,997 SBA construction 14,205 - - - - - - 14,205 Direct lease financing 193,792 - 2,770 - - 8,733 163,774 369,069 SBLOC 357,906 - - - - - 362,373 720,279 Other specialty lending 36,664 - - - - - - 36,664 Consumer 8,791 283 1,885 - - - 9,148 20,107 Unamortized loan fees and costs - - - - - - 8,684 8,684 $ 766,413 $ 4,543 $ 9,988 $ - $ - $ 10,896 $ 582,220 $ 1,374,060 December 31, 2016 SBA non real estate $ 51,437 $ 2,723 $ 3,628 $ - $ - $ - $ 16,856 $ 74,644 SBA commercial mortgage 92,485 - - - - 15,164 18,510 126,159 SBA construction 8,060 - - - - - 766 8,826 Direct lease financing 122,571 - 3,736 - - 30,881 189,457 346,645 SBLOC 277,489 - - - - - 352,911 630,400 Other specialty lending 11,073 - - - - - - 11,073 Consumer 9,837 288 2,312 - - - 4,937 17,374 Unamortized loan fees and costs - - - - - - 7,790 7,790 $ 572,952 $ 3,011 $ 9,676 $ - $ - $ 46,045 $ 591,227 $ 1,222,911 * 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, 2017 | |
Carrying Amount And Estimated Fair Value Of Assets And Liabilities | September 30, 2017 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) Investment securities available-for-sale $ 1,196,956 $ 1,196,956 $ - $ 1,153,403 $ 43,553 Investment securities held-to-maturity 86,402 85,099 - 78,756 6,343 Securities purchased under agreements to resell 65,095 65,095 65,095 - - Federal Home Loan Bank and Atlantic Central Bankers Bank stock 991 991 - - 991 Commercial loans held for sale 380,272 380,272 - - 380,272 Loans, net of deferred loan fees and costs 1,374,060 1,373,325 - - 1,373,325 Investment in unconsolidated entity, senior note 103,950 103,950 - - 103,950 Investment in unconsolidated entity, subordinated note 3,761 3,761 - - 3,761 Assets held for sale 314,994 314,994 - - 314,994 Demand and interest checking 3,113,212 3,113,212 3,113,212 - - Savings and money market 452,183 452,183 452,183 - - Subordinated debentures 13,401 9,873 - - 9,873 Securities sold under agreements to repurchase 180 180 180 - - Interest rate swaps, asset 722 722 - 722 - December 31, 2016 Quoted prices in Significant other Significant active markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) Investment securities available-for-sale $ 1,248,614 $ 1,248,614 $ - $ 1,248,614 $ - Investment securities held-to-maturity 93,467 91,799 - 85,760 6,039 Securities purchased under agreements to resell 39,199 39,199 39,199 - - Federal Home Loan Bank and Atlantic Central Bankers Bank stock 1,613 1,613 - - 1,613 Commercial loans held for sale 663,140 663,140 - - 663,140 Loans, net of deferred loan fees and costs 1,222,911 1,219,625 - - 1,219,625 Investment in unconsolidated entity, senior note 118,389 118,389 - - 118,389 Investment in unconsolidated entity, subordinated note 8,541 8,541 - - 8,541 Assets held for sale 360,711 360,711 - - 360,711 Demand and interest checking 3,816,524 3,816,524 3,816,524 - - Savings and money market 421,780 421,780 421,780 - - Subordinated debentures 13,401 9,290 - - 9,290 Securities sold under agreements to repurchase 274 274 274 - - Interest rate swaps, asset 3,207 3,207 - 3,207 - |
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, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Beginning balance $ - $ - $ 663,140 $ 489,938 Transfers into level 3 - - - - Transfers out of level 3 - - - - Total gains or losses (realized/unrealized) Included in earnings - - 20,019 (3,078) Included in other comprehensive income - - - - Purchases, issuances, and settlements Purchases 43,553 Issuances - - 398,410 528,584 Sales - - (701,297) (352,304) Settlements - - - - Ending balance $ 43,553 $ - $ 380,272 $ 663,140 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. $ - $ - $ 703 $ (2,674) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in Assets unconsolidated entity held for sale September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Beginning balance $ 126,930 $ 178,520 $ 360,711 $ 583,909 Transfers into level 3 - - - - Transfers out of level 3 - - - - Total gains or losses (realized/unrealized) Included in earnings (20) (39,816) 638 (48,836) Included in other comprehensive income - - - - Purchases, issuances, and settlements Purchases - - - - Issuances - - - - Sales - - - (63,712) Settlements (19,199) (11,774) (33,400) (110,650) Charge-offs - - (12,955) - Ending balance $ 107,711 $ 126,930 $ 314,994 $ 360,711 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. $ (20) $ (39,816) $ (1,776) $ (48,836) |
Fair Value, Measurements, Recurring [Member] | |
Assets And Liabilities 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, 2017 (Level 1) (Level 2) (Level 3) Investment securities available-for-sale U.S. Government agency securities $ 35,225 $ - $ 35,225 $ - Asset-backed securities 264,939 - 264,939 - Obligations of states and political subdivisions 86,432 - 86,432 - Residential mortgage-backed securities 364,437 - 364,437 - Collateralized mortgage obligation securities 129,093 - 129,093 - Commercial mortgage-backed securities 153,648 - 110,095 43,553 Foreign debt securities 59,995 - 59,995 - Corporate debt securities 103,187 - 103,187 - Total investment securities available-for-sale 1,196,956 - 1,153,403 43,553 Loans held for sale 380,272 - - 380,272 Investment in unconsolidated entity, senior note 103,950 - - 103,950 Investment in unconsolidated entity, subordinated note 3,761 - - 3,761 Interest rate swaps, asset 722 - 722 - $ 1,685,661 $ - $ 1,154,125 $ 531,536 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, 2016 (Level 1) (Level 2) (Level 3) Investment securities available-for-sale U.S. Government agency securities $ 27,702 $ - $ 27,702 $ - Asset-backed securities 355,396 - 355,396 - Obligations of states and political subdivisions 94,533 - 94,533 - Residential mortgage-backed securities 342,569 - 342,569 - Collateralized mortgage obligation securities 159,823 - 159,823 - Commercial mortgage-backed securities 117,086 - 117,086 - Foreign debt securities 56,497 - 56,497 - Corporate debt securities 95,008 - 95,008 - Total investment securities available-for-sale 1,248,614 - 1,248,614 - Loans held for sale 663,140 - - 663,140 Investment in unconsolidated entity, senior note 118,389 - - 118,389 Investment in unconsolidated entity, subordinated note 8,541 - - 8,541 Interest rate swaps, asset 3,207 - 3,207 - $ 2,041,891 $ - $ 1,251,821 $ 790,070 |
Fair Value Inputs, Assets, Quantitative Information | Fair value at Fair value at Level 3 instruments only September 30, 2017 December 31, 2016 Valuation techniques Unobservable inputs Range Investment securities available-for-sale $ 43,553 $ - Discounted cash flow Discount rate 7.0% -9.5% Investment securities held-to-maturity 6,343 6,039 Discounted cash flow Discount rate 8.00% Federal Home Loan Bank and Atlantic 991 1,613 Cost N/A N/A Central Bankers Bank stock Loans, net of deferred loan fees and costs 1,373,325 1,219,625 Discounted cash flow Discount rate 3.5% -7.2% Commercial loans held for sale 380,272 663,140 Discounted cash flow Discount rate 4.85% -7.05% Investment in unconsolidated entity, 103,950 118,389 Discounted cash flow Discount rate 4.75% senior note Default rate 1.00% Investment in unconsolidated entity, 3,761 8,541 Discounted cash flow Discount rate 11.00% subordinated note Default rate 1.00% Assets held for sale 314,994 360,711 Discounted cash flow Discount rate 3.67% -9.32% Subordinated debentures 9,873 9,290 Discounted cash flow Discount rate 7.00% |
Fair Value, Measurements, Nonrecurring [Member] | |
Assets And Liabilities 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 (1) September 30, 2017 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 4,011 $ - $ - $ 4,011 Other real estate owned - - - - Intangible assets 5,185 - - 5,185 $ 9,196 $ - $ - $ 9,196 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 (1) December 31, 2016 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 3,685 $ - $ - 3,685 Other real estate owned 104 - - 104 Intangible assets 6,906 - - 6,906 $ 10,695 $ - $ - $ 10,695 (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 % to 10% for estimated selling costs. Intangible assets are valued based upon internal analyses. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivatives [Abstract] | |
Derivatives | September 30, 2017 Maturity date Notional amount Interest rate paid Interest rate received Fair value August 4, 2021 $ 10,300 1.12% 1.31% $ 306 August 17, 2025 2,500 2.27% 1.31% (15) August 17, 2025 2,500 2.27% 1.31% (15) December 11, 2025 2,400 2.14% 1.32% 13 December 23, 2025 6,800 2.16% 1.33% 27 December 24, 2025 8,200 2.17% 1.33% 22 January 28, 2026 3,000 1.87% 1.31% 79 July 20, 2026 6,300 1.44% 1.31% 405 December 12, 2026 3,200 2.26% 1.31% (2) January 4, 2027 10,100 2.35% 1.30% (79) April 27, 2027 4,400 2.32% 1.32% (19) Total $ 59,700 $ 722 |
Segment Financials (Tables)
Segment Financials (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Financials [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | For the three months ended September 30, 2017 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 21,631 $ - $ 10,283 $ - $ 31,914 Interest allocation - 10,283 (10,283) - - Interest expense 848 2,709 456 - 4,013 Net interest income 20,783 7,574 (456) - 27,901 Provision for loan and lease losses 800 - - - 800 Non-interest income 13,834 14,638 535 - 29,007 Non-interest expense 14,844 16,384 12,655 - 43,883 Income (loss) from continuing operations before taxes 18,973 5,828 (12,576) - 12,225 Income tax expense - - 5,455 - 5,455 Income (loss) from continuing operations 18,973 5,828 (18,031) - 6,770 Income from discontinued operations - - - 511 511 Net income (loss) $ 18,973 $ 5,828 $ (18,031) $ 511 $ 7,281 For the three months ended September 30, 2016 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 17,727 $ - $ 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 expense - - 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 nine months ended September 30, 2017 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 59,861 $ - $ 31,315 $ - $ 91,176 Interest allocation - 31,315 (31,315) - - Interest expense 2,627 7,567 989 - 11,183 Net interest income 57,234 23,748 (989) - 79,993 Provision 2,150 - - - 2,150 Non-interest income 24,507 45,625 1,267 - 71,399 Non-interest expense 42,251 54,829 21,949 - 119,029 Income (loss) from continuing operations before taxes 37,340 14,544 (21,671) - 30,213 Income tax benefit - - (457) - (457) Income (loss) from continuing operations 37,340 14,544 (21,214) - 30,670 Income from discontinued operations - - - 3,438 3,438 Net income (loss) $ 37,340 $ 14,544 $ (21,214) $ 3,438 $ 34,108 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 Loss from continuing operations before taxes (9,852) (28,295) (6,988) - (45,135) Income tax benefit - - (15,324) - (15,324) Income (loss) from continuing operations (9,852) (28,295) 8,336 - (29,811) Loss 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 September 30, 2017 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,818,646 $ 38,155 $ 1,821,823 $ 314,994 $ 3,993,618 Total liabilities $ 645,265 $ 2,702,958 $ 305,934 $ - $ 3,654,157 December 31, 2016 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 2,019,180 $ 27,935 $ 2,450,288 $ 360,711 $ 4,858,114 Total liabilities $ 596,574 $ 3,401,142 $ 561,435 $ - $ 4,559,151 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 2016 2017 2016 Interest income $ 3,098 $ 3,891 $ 9,594 $ 15,037 Interest expense - - - - Provision for loan and lease losses - - - - Net interest income after provision 3,098 3,891 9,594 15,037 Non interest income 549 575 1,001 678 Non interest expense 2,818 25,956 5,107 53,788 Income (loss) before taxes 829 (21,490) 5,488 (38,073) Income tax (benefit) provision 318 2,531 2,050 (164) Net income (loss) $ 511 $ (24,021) $ 3,438 $ (37,909) September 30, December 31, 2017 2016 Loans, net $ 277,385 $ 340,396 Other real estate owned 37,609 20,315 Total assets $ 314,994 $ 360,711 |
Structure of Company (Details)
Structure of Company (Details) | 9 Months Ended |
Sep. 30, 2017item | |
Structure Of Company [Abstract] | |
Number of specialty lending lines | 4 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2017USD ($)$ / sharesitemshares | Sep. 30, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock-based compensation plans | item | 2 | |
Unrecognized compensation cost related to unvested awards under share-based plans | $ | $ 5,900,000 | |
Cost expected to be recognized over a weighted average period | 2 years | |
Related compensation expense | $ | $ 2,400,000 | $ 2,000,000 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 0 | 300,000 |
Vesting period | 4 years | |
Stock option exercised (in shares) | 28,500 | 0 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 955,024 | 789,000 |
Granted (in dollars per share) | $ / shares | $ 5.47 | |
Fair value of restricted stock units vested | $ | $ 2,600,000 | $ 830,000 |
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 | 3 years |
Granted (in shares) | 820,024 | 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 | 1 year |
Granted (in shares) | 135,000 | 169,000 |
Restricted Stock Units (RSUs) Portion 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 799,559 | 489,000 |
Granted (in dollars per share) | $ / shares | $ 5.06 | $ 4.50 |
Restricted Stock Units (RSUs) Portion 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 7,923 | 300,000 |
Granted (in dollars per share) | $ / shares | $ 6.31 | $ 6.75 |
Restricted Stock Units (RSUs) Portion 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 147,542 | |
Granted (in dollars per share) | $ / shares | $ 7.65 |
Stock-based Compensation (Summa
Stock-based Compensation (Summary Of Status Of Company's Equity Compensations Plans) (Details) - Stock Options [Member] - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Shares [Roll Forward] | |||
Granted (in shares) | 0 | 300,000 | |
Exercised (in shares) | (28,500) | 0 | |
Equity Compensations Plans [Member] | |||
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 2,021,625 | ||
Exercised (in shares) | (28,500) | ||
Expired (in shares) | (1,000) | ||
Forfeited (in shares) | (38,750) | ||
Outstanding, end of period (in shares) | 1,953,375 | 2,021,625 | |
Exercisable, end of period (in shares) | 1,705,875 | ||
Weighted average exercise price [Roll Forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 8.32 | ||
Exercised (in dollars per share) | 7.36 | ||
Expired (in dollars per share) | 25.43 | ||
Forfeited (in dollars per share) | 8.37 | ||
Outstanding, end of period (in dollars per share) | 8.31 | $ 8.32 | |
Exercisable, end of period (in dollars per share) | $ 8.50 | ||
Weighted-average remaining contractual term (years) [Abstract] | |||
Outstanding, end of period | 4 years 6 months 4 days | 5 years 2 months 27 days | |
Exercisable, end of period | 3 years 11 months 5 days | ||
Aggregate intrinsic value [Abstract] | |||
Outstanding, beginning of period | |||
Granted | |||
Exercised | |||
Expired | |||
Forfeited | |||
Outstanding, end of period | 941,090 | ||
Exercisable, end of period | $ 599,090 |
Stock-based Compensation (Sum36
Stock-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, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 831,775 | ||
Granted (in shares) | 955,024 | 789,000 | |
Vested (in shares) | (438,441) | ||
Forfeited (in shares) | (83,904) | ||
Outstanding, end of period (in shares) | 1,264,454 | 831,775 | |
Weighted-average grant date fair value [Roll Forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 5.77 | ||
Granted (in dollars per share) | 5.47 | ||
Vested (in dollars per share) | 5.89 | ||
Forfeited (in dollars per share) | 5.93 | ||
Outstanding, end of period (in dollars per share) | $ 5.49 | $ 5.77 | |
Average remaining contractual term (years) [Abstract] | |||
Outstanding | 1 year 11 months 1 day | 1 year 7 months 13 days |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Minimum exercisable prices (in dollars per share) | $ 6.75 | $ 6.75 | $ 6.75 | $ 6.75 |
Maximum exercisable prices (in dollars per share) | $ 10.45 | $ 25.43 | $ 10.45 | $ 25.43 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Common stock options (in shares) | 1,633,375 | 2,036,500 | 1,953,375 | 2,036,500 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income (numerator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ 7,281 | $ (25,551) | $ 34,108 | $ (67,720) |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 7,281 | $ (25,551) | $ 34,108 | $ (67,720) |
Shares (denominator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 55,758,433 | 47,153,658 | 55,661,538 | 40,957,247 |
Effect of dilutive securities, Common stock options (in shares) | 554,405 | 382,371 | ||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 56,312,838 | 47,153,658 | 56,043,909 | 40,957,247 |
Per share amount [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.13 | $ (0.54) | $ 0.61 | $ (1.65) |
Net income (loss) per share - diluted (in dollars per share) | $ 0.13 | $ (0.54) | $ 0.61 | $ (1.65) |
Continuing Operations [Member] | ||||
Income (numerator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ 6,770 | $ (1,530) | $ 30,670 | $ (29,811) |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 6,770 | $ (1,530) | $ 30,670 | $ (29,811) |
Shares (denominator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 55,758,433 | 47,153,658 | 55,661,538 | 40,957,247 |
Effect of dilutive securities, Common stock options (in shares) | 554,405 | 382,371 | ||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 56,312,838 | 47,153,658 | 56,043,909 | 40,957,247 |
Per share amount [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.12 | $ (0.03) | $ 0.55 | $ (0.73) |
Net income (loss) per share - diluted (in dollars per share) | $ 0.12 | $ (0.03) | $ 0.55 | $ (0.73) |
Discontinued Operations [Member] | ||||
Income (numerator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ 511 | $ (24,021) | $ 3,438 | $ (37,909) |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 511 | $ (24,021) | $ 3,438 | $ (37,909) |
Shares (denominator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 55,758,433 | 47,153,658 | 55,661,538 | 40,957,247 |
Effect of dilutive securities, Common stock options (in shares) | 554,405 | 382,371 | ||
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 56,312,838 | 47,153,658 | 56,043,909 | 40,957,247 |
Per share amount [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.01 | $ (0.51) | $ 0.06 | $ (0.92) |
Net income (loss) per share - diluted (in dollars per share) | $ 0.01 | $ (0.51) | $ 0.06 | $ (0.92) |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2017USD ($)security | Dec. 31, 2016USD ($) | |
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 | $ 991,000 | $ 1,600,000 |
Investment securities pledged to secure securities sold under repurchase agreements | 0 | 0 |
Investment securities pledged to secure a line of credit with the FHLB and a letter of credit with that institution, fair value | 606,800,000 | 607,200,000 |
Other than temporary impairment charges | 0 | |
Amortized cost of securities | $ 86,402,000 | 93,467,000 |
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 single issuer trust preferred securities | security | 2 | |
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 | $ 11,017,000 | 17,983,000 |
Bank And Insurance Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Amortized cost of securities | $ 11,000,000 | |
Bank Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Number of bank senior notes | security | 1 | |
Amortized cost of securities | $ 1,900,000 | |
Insurance Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Number of securities issued by an insurance company | security | 1 | |
Amortized cost of securities | $ 9,100,000 | |
Pooled [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Amortized cost of securities | $ 75,385,000 | $ 75,484,000 |
Investment Securities (Schedule
Investment Securities (Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale [Abstract] | ||
Amortized cost | $ 1,196,010 | $ 1,254,249 |
Gross unrealized gains | 6,186 | 5,558 |
Gross unrealized losses | (5,240) | (11,193) |
Fair value | 1,196,956 | 1,248,614 |
Held-to-maturity [Abstract] | ||
Amortized cost | 86,402 | 93,467 |
Gross unrealized gains | 1,458 | 1,358 |
Gross unrealized losses | (2,761) | (3,026) |
Fair value | 85,099 | 91,799 |
U.S. Government Agency Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 35,162 | 27,771 |
Gross unrealized gains | 87 | 23 |
Gross unrealized losses | (24) | (92) |
Fair value | 35,225 | 27,702 |
Asset-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 264,196 | 355,622 |
Gross unrealized gains | 1,182 | 1,811 |
Gross unrealized losses | (439) | (2,037) |
Fair value | 264,939 | 355,396 |
Federally Insured Student Loan Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 94,409 | 122,579 |
Gross unrealized gains | 254 | 346 |
Gross unrealized losses | (418) | (2,000) |
Fair value | 94,245 | 120,925 |
Collateralized Loan Obligations [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 153,369 | 215,117 |
Gross unrealized gains | 800 | 1,294 |
Gross unrealized losses | (19) | (14) |
Fair value | 154,150 | 216,397 |
Asset Backed Securities Other [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 16,418 | 17,926 |
Gross unrealized gains | 128 | 171 |
Gross unrealized losses | (2) | (23) |
Fair value | 16,544 | 18,074 |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 13,157 | 15,492 |
Gross unrealized gains | 179 | 129 |
Gross unrealized losses | (17) | (137) |
Fair value | 13,319 | 15,484 |
Taxable Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 71,592 | 78,143 |
Gross unrealized gains | 1,671 | 1,539 |
Gross unrealized losses | (150) | (633) |
Fair value | 73,113 | 79,049 |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 367,017 | 347,120 |
Gross unrealized gains | 840 | 598 |
Gross unrealized losses | (3,420) | (5,149) |
Fair value | 364,437 | 342,569 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 129,722 | 160,649 |
Gross unrealized gains | 294 | 619 |
Gross unrealized losses | (923) | (1,445) |
Fair value | 129,093 | 159,823 |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 153,274 | 117,844 |
Gross unrealized gains | 488 | 250 |
Gross unrealized losses | (114) | (1,008) |
Fair value | 153,648 | 117,086 |
Foreign Debt Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 59,685 | 56,603 |
Gross unrealized gains | 398 | 168 |
Gross unrealized losses | (88) | (274) |
Fair value | 59,995 | 56,497 |
Corporate Debt Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 102,205 | 95,005 |
Gross unrealized gains | 1,047 | 421 |
Gross unrealized losses | (65) | (418) |
Fair value | 103,187 | 95,008 |
Single Issuers [Member] | ||
Held-to-maturity [Abstract] | ||
Amortized cost | 11,017 | 17,983 |
Gross unrealized gains | 118 | 179 |
Gross unrealized losses | (2,761) | (3,026) |
Fair value | 8,374 | 15,136 |
Pooled [Member] | ||
Held-to-maturity [Abstract] | ||
Amortized cost | 75,385 | 75,484 |
Gross unrealized gains | 1,340 | 1,179 |
Fair value | $ 76,725 | $ 76,663 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Investment Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale, Amortized cost [Abstract] | ||
Due before one year | $ 6,433 | |
Due after one year through five years | 170,145 | |
Due after five years through ten years | 361,549 | |
Due after ten years | 657,883 | |
Amortized cost | 1,196,010 | |
Available-for-sale, Fair value [Abstract] | ||
Due before one year | 6,441 | |
Due after one year through five years | 171,473 | |
Due after five years through ten years | 362,268 | |
Due after ten years | 656,774 | |
Fair value | 1,196,956 | $ 1,248,614 |
Held-to-maturity, Amortized cost [Abstract] | ||
Due after ten years | 86,402 | |
Amortized cost | 86,402 | 93,467 |
Held-to-maturity, Fair value [Abstract] | ||
Due after ten years | 85,099 | |
Fair value | $ 85,099 | $ 91,799 |
Investment Securities (Availabl
Investment Securities (Available-for-sale And Held-to-maturity Securities, Continuous Unrealized Loss Position) (Details) $ in Thousands | Sep. 30, 2017USD ($)security | Dec. 31, 2016USD ($)security |
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 204 | 260 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 334,943 | $ 472,371 |
12 months or longer, Fair Value | 196,981 | 195,032 |
Total, Fair Value | 531,924 | 667,403 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (2,424) | (8,324) |
12 months or longer, Unrealized losses | (2,816) | (2,869) |
Total, Unrealized losses | $ (5,240) | $ (11,193) |
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 | $ 6,343 | $ 6,039 |
Total, Fair Value | 6,343 | 6,039 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
12 months or longer, Unrealized losses | (2,761) | (3,026) |
Total, Unrealized losses | $ (2,761) | $ (3,026) |
U.S. Government Agency Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 4 | 5 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 17,266 | $ 7,414 |
12 months or longer, Fair Value | 7,824 | |
Total, Fair Value | 17,266 | 15,238 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (24) | (36) |
12 months or longer, Unrealized losses | (56) | |
Total, Unrealized losses | $ (24) | $ (92) |
Asset-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 16 | 23 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 16,453 | $ 10,186 |
12 months or longer, Fair Value | 58,961 | 93,375 |
Total, Fair Value | 75,414 | 103,561 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (20) | (49) |
12 months or longer, Unrealized losses | (419) | (1,988) |
Total, Unrealized losses | $ (439) | $ (2,037) |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 2 | 8 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 6,056 | |
12 months or longer, Fair Value | $ 2,148 | 3,301 |
Total, Fair Value | 2,148 | 9,357 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (118) | |
12 months or longer, Unrealized losses | (17) | (19) |
Total, Unrealized losses | $ (17) | $ (137) |
Taxable Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 14 | 27 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 14,844 | $ 42,963 |
12 months or longer, Fair Value | 977 | |
Total, Fair Value | 15,821 | 42,963 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (127) | (633) |
12 months or longer, Unrealized losses | (23) | |
Total, Unrealized losses | $ (150) | $ (633) |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 93 | 68 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 173,175 | $ 180,357 |
12 months or longer, Fair Value | 98,021 | 54,254 |
Total, Fair Value | 271,196 | 234,611 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (1,573) | (4,833) |
12 months or longer, Unrealized losses | (1,847) | (316) |
Total, Unrealized losses | $ (3,420) | $ (5,149) |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 26 | 28 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 62,244 | $ 88,936 |
12 months or longer, Fair Value | 30,937 | 30,386 |
Total, Fair Value | 93,181 | 119,322 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (468) | (1,004) |
12 months or longer, Unrealized losses | (455) | (441) |
Total, Unrealized losses | $ (923) | $ (1,445) |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 8 | 28 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 23,434 | $ 79,345 |
12 months or longer, Fair Value | 243 | 4,547 |
Total, Fair Value | 23,677 | 83,892 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (114) | (963) |
12 months or longer, Unrealized losses | (45) | |
Total, Unrealized losses | $ (114) | $ (1,008) |
Foreign Debt Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 21 | 34 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 15,869 | $ 26,696 |
12 months or longer, Fair Value | 1,180 | 700 |
Total, Fair Value | 17,049 | 27,396 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (68) | (274) |
12 months or longer, Unrealized losses | (20) | |
Total, Unrealized losses | $ (88) | $ (274) |
Corporate Debt Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 20 | 39 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 11,658 | $ 30,418 |
12 months or longer, Fair Value | 4,514 | 645 |
Total, Fair Value | 16,172 | 31,063 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (30) | (414) |
12 months or longer, Unrealized losses | (35) | (4) |
Total, Unrealized losses | $ (65) | $ (418) |
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 | $ 6,343 | $ 6,039 |
Total, Fair Value | 6,343 | 6,039 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
12 months or longer, Unrealized losses | (2,761) | (3,026) |
Total, Unrealized losses | $ (2,761) | $ (3,026) |
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, 2017 | Dec. 31, 2016 | |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Book value | $ 86,402 | $ 93,467 |
Fair value | 85,099 | 91,799 |
Single Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Fair value | 8,374 | 15,136 |
Single Issuers [Member] | Security A [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Book value | 1,913 | |
Fair value | 2,031 | |
Unrealized gain/(loss) | $ 118 | |
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 | $ 9,104 | |
Fair value | 6,343 | |
Unrealized gain/(loss) | $ (2,761) | |
Credit rating | Not rated | |
Pooled [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Fair value | $ 76,725 | $ 76,663 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||
May 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Loans held for sale | $ 380,272,000 | $ 663,140,000 | ||
Loans available for sale, unpaid principal amount | 378,200,000 | |||
Gains recognized from changes in fair value | 1,900,000 | |||
Gain on sale of loans | 13,119,000 | $ 809,000 | ||
Demand deposit overdrafts reclassified as loan balances | 7,100,000 | 2,400,000 | ||
Non-accrual leases | 0 | 0 | ||
Pre-modification recorded investment | 679,000 | |||
Commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings | 0 | 0 | ||
Loans acquired with deteriorated credit quality | 0 | $ 0 | ||
Customer List [Member] | ||||
Gross intangible assets | $ 3,400,000 | $ 3,400,000 | ||
Intangible asset amortization period | 10 years | |||
Acquisition purchase price | $ 60,000,000 |
Loans (Major Classifications Of
Loans (Major Classifications Of Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Major classifications of loans [Abstract] | |||
Total loans, gross | $ 1,365,376 | $ 1,215,121 | |
Unamortized loan fees and costs | 8,684 | 7,790 | |
Total loans, net of deferred loan fees and costs | 1,374,060 | 1,222,911 | $ 1,198,237 |
SBA Non Real Estate [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 72,055 | 74,644 | |
Total loans, net of deferred loan fees and costs | 72,055 | 74,644 | 74,262 |
SBA Commercial Mortgage [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 132,997 | 126,159 | |
Total loans, net of deferred loan fees and costs | 132,997 | 126,159 | 117,053 |
SBA Construction [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 14,205 | 8,826 | |
Total loans, net of deferred loan fees and costs | 14,205 | 8,826 | 6,317 |
SBA Loans [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 219,257 | 209,629 | |
Direct Lease Financing [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 369,069 | 346,645 | |
Total loans, net of deferred loan fees and costs | 369,069 | 346,645 | 332,632 |
SBLOC [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 720,279 | 630,400 | |
Total loans, net of deferred loan fees and costs | 720,279 | 630,400 | 621,456 |
Other Specialty Lending [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 36,664 | 11,073 | |
Total loans, net of deferred loan fees and costs | 36,664 | 11,073 | $ 20,076 |
Consumer - Other [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 20,107 | 17,374 | |
Total loans, net of deferred loan fees and costs | $ 9,585 | $ 5,403 |
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, 2017 | Dec. 31, 2016 | |
Loans [Abstract] | ||
SBA loans, including deferred fees and costs | $ 225,909 | $ 215,786 |
SBA loans included in held for sale | 160,855 | 154,016 |
Total SBA loans | $ 386,764 | $ 369,802 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
With an allowance recorded [Abstract] | ||
Related allowance | $ 1,800 | |
Total allowance recorded [Abstract] | ||
Recorded investment | 5,855 | $ 4,838 |
Unpaid principal balance | 5,967 | 4,838 |
Related allowance | 1,844 | 1,154 |
Average recorded investment | 5,880 | 3,755 |
SBA Non Real Estate [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 357 | 191 |
Unpaid principal balance | 357 | 191 |
Average recorded investment | 274 | 336 |
With an allowance recorded [Abstract] | ||
Recorded investment | 2,288 | 2,183 |
Unpaid principal balance | 2,288 | 2,183 |
Related allowance | 1,659 | 938 |
Average recorded investment | 2,534 | 1,277 |
Total allowance recorded [Abstract] | ||
Recorded investment | 2,645 | 2,374 |
Unpaid principal balance | 2,645 | 2,374 |
Related allowance | 1,659 | 938 |
Average recorded investment | 2,808 | 1,613 |
SBA Commercial Mortgage [Member] | ||
With an allowance recorded [Abstract] | ||
Recorded investment | 1,226 | |
Unpaid principal balance | 1,226 | |
Related allowance | 185 | |
Average recorded investment | 761 | |
Total allowance recorded [Abstract] | ||
Recorded investment | 1,226 | |
Unpaid principal balance | 1,226 | |
Related allowance | 185 | |
Average recorded investment | 761 | |
Direct Lease Financing [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 284 | |
Unpaid principal balance | 396 | |
Average recorded investment | 71 | |
With an allowance recorded [Abstract] | ||
Recorded investment | 734 | |
Unpaid principal balance | 734 | |
Related allowance | 216 | |
Average recorded investment | 506 | 147 |
Total allowance recorded [Abstract] | ||
Recorded investment | 284 | 734 |
Unpaid principal balance | 396 | 734 |
Related allowance | 216 | |
Average recorded investment | 577 | 147 |
Consumer - Other [Member] | ||
Without an allowance recorded [Abstract] | ||
Average recorded investment | 259 | |
With an allowance recorded [Abstract] | ||
Average recorded investment | 18 | |
Total allowance recorded [Abstract] | ||
Average recorded investment | 18 | 259 |
Consumer - Home Equity [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 1,700 | 1,730 |
Unpaid principal balance | 1,700 | 1,730 |
Average recorded investment | 1,716 | 1,187 |
With an allowance recorded [Abstract] | ||
Average recorded investment | 549 | |
Total allowance recorded [Abstract] | ||
Recorded investment | 1,700 | 1,730 |
Unpaid principal balance | 1,700 | 1,730 |
Average recorded investment | $ 1,716 | $ 1,736 |
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, 2017 | Dec. 31, 2016 |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | $ 4,953 | $ 2,972 |
Loans past due 90 days or more | 354 | 661 |
Total non-performing loans | 1,365,376 | 1,215,121 |
Other real estate owned | 104 | |
Total non-performing assets | 5,307 | 3,737 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-performing loans | 5,307 | 3,633 |
Non-accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 4,953 | 2,972 |
SBA Non Real Estate [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 2,310 | 1,530 |
Total non-performing loans | 72,055 | 74,644 |
SBA Non Real Estate [Member] | Non-accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 2,310 | 1,530 |
SBA Commercial Mortgage [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 1,226 | |
Total non-performing loans | 132,997 | 126,159 |
SBA Commercial Mortgage [Member] | Non-accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 1,226 | |
Consumer [Member] | Non-accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | $ 1,417 | $ 1,442 |
Loans (Loans Modified And Consi
Loans (Loans Modified And Considered Troubled Debt Restructurings) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 7 | 4 |
Pre-modification recorded investment | $ 1,839 | $ 1,866 |
Post-modification recorded investment | $ 1,839 | $ 1,866 |
SBA Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 4 | 2 |
Pre-modification recorded investment | $ 1,013 | $ 844 |
Post-modification recorded investment | $ 1,013 | $ 844 |
Direct Lease Financing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | 1 |
Pre-modification recorded investment | $ 285 | $ 734 |
Post-modification recorded investment | $ 285 | $ 734 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 2 | 1 |
Pre-modification recorded investment | $ 541 | $ 288 |
Post-modification recorded investment | $ 541 | $ 288 |
Loans (Loans Modified As Troubl
Loans (Loans Modified As Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | $ 144 | $ 144 |
Combined rate and maturity | 1,695 | 1,722 |
SBA Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | 144 | 144 |
Combined rate and maturity | 869 | 700 |
Direct Lease Financing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Combined rate and maturity | 285 | 734 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Combined rate and maturity | $ 541 | $ 288 |
Loans (Summary Of Restructured
Loans (Summary Of Restructured Loans Within The Last Twelve Months That Have Subsequently Defaulted) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |
Number | loan | 2 |
Pre-modification recorded investment | $ | $ 679 |
SBA Non Real Estate [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number | loan | 2 |
Pre-modification recorded investment | $ | $ 679 |
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, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | $ 6,332 | $ 4,400 | $ 4,400 |
Charge-offs | (1,236) | (178) | (1,458) |
Recoveries | 37 | 26 | 30 |
Provision (credit) | 2,150 | 1,810 | 3,360 |
Ending balance | 7,283 | 6,058 | 6,332 |
Ending balance: Individually evaluated for impairment | 1,844 | 1,413 | 1,154 |
Ending balance: Collectively evaluated for impairment | 5,439 | 4,645 | 5,178 |
Loans [Abstract] | |||
Ending balance | 1,374,060 | 1,198,237 | 1,222,911 |
Ending balance: Individually evaluated for impairment | 5,855 | 5,481 | 4,838 |
Ending balance: Collectively evaluated for impairment | 1,368,205 | 1,192,756 | 1,218,073 |
SBA Non Real Estate [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 1,976 | 844 | 844 |
Charge-offs | (343) | (76) | (128) |
Recoveries | 13 | 1 | 1 |
Provision (credit) | 1,576 | 1,179 | 1,259 |
Ending balance | 3,222 | 1,948 | 1,976 |
Ending balance: Individually evaluated for impairment | 1,659 | 939 | 938 |
Ending balance: Collectively evaluated for impairment | 1,563 | 1,009 | 1,038 |
Loans [Abstract] | |||
Ending balance | 72,055 | 74,262 | 74,644 |
Ending balance: Individually evaluated for impairment | 2,645 | 2,774 | 2,374 |
Ending balance: Collectively evaluated for impairment | 69,410 | 71,488 | 72,270 |
SBA Commercial Mortgage [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 737 | 408 | 408 |
Provision (credit) | 521 | 343 | 329 |
Ending balance | 1,258 | 751 | 737 |
Ending balance: Individually evaluated for impairment | 185 | ||
Ending balance: Collectively evaluated for impairment | 1,073 | 751 | 737 |
Loans [Abstract] | |||
Ending balance | 132,997 | 117,053 | 126,159 |
Ending balance: Individually evaluated for impairment | 1,226 | ||
Ending balance: Collectively evaluated for impairment | 131,771 | 117,053 | 126,159 |
SBA Construction [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 76 | 48 | 48 |
Provision (credit) | 22 | 7 | 28 |
Ending balance | 98 | 55 | 76 |
Ending balance: Collectively evaluated for impairment | 98 | 55 | 76 |
Loans [Abstract] | |||
Ending balance | 14,205 | 6,317 | 8,826 |
Ending balance: Collectively evaluated for impairment | 14,205 | 6,317 | 8,826 |
Direct Lease Financing [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 1,994 | 1,022 | 1,022 |
Charge-offs | (780) | (63) | (119) |
Recoveries | 18 | 17 | |
Provision (credit) | 196 | 568 | 1,074 |
Ending balance | 1,410 | 1,545 | 1,994 |
Ending balance: Individually evaluated for impairment | 216 | ||
Ending balance: Collectively evaluated for impairment | 1,410 | 1,545 | 1,778 |
Loans [Abstract] | |||
Ending balance | 369,069 | 332,632 | 346,645 |
Ending balance: Individually evaluated for impairment | 284 | 734 | |
Ending balance: Collectively evaluated for impairment | 368,785 | 332,632 | 345,911 |
SBLOC [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 315 | 762 | 762 |
Provision (credit) | 45 | (451) | (447) |
Ending balance | 360 | 311 | 315 |
Ending balance: Collectively evaluated for impairment | 360 | 311 | 315 |
Loans [Abstract] | |||
Ending balance | 720,279 | 621,456 | 630,400 |
Ending balance: Collectively evaluated for impairment | 720,279 | 621,456 | 630,400 |
Other Specialty Lending [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 32 | 199 | 199 |
Provision (credit) | 36 | (143) | (167) |
Ending balance | 68 | 56 | 32 |
Ending balance: Collectively evaluated for impairment | 68 | 56 | 32 |
Loans [Abstract] | |||
Ending balance | 36,664 | 20,076 | 11,073 |
Ending balance: Collectively evaluated for impairment | 36,664 | 20,076 | 11,073 |
Other Consumer Loans [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 975 | 936 | 936 |
Charge-offs | (113) | (39) | (1,211) |
Recoveries | 24 | 7 | 12 |
Provision (credit) | (220) | 176 | 1,238 |
Ending balance | 666 | 1,080 | 975 |
Ending balance: Individually evaluated for impairment | 474 | ||
Ending balance: Collectively evaluated for impairment | 666 | 606 | 975 |
Loans [Abstract] | |||
Ending balance | 20,107 | 19,375 | 17,374 |
Ending balance: Individually evaluated for impairment | 1,700 | 2,707 | 1,730 |
Ending balance: Collectively evaluated for impairment | 18,407 | 16,668 | 15,644 |
Unallocated [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 227 | 181 | 181 |
Provision (credit) | (26) | 131 | 46 |
Ending balance | 201 | 312 | 227 |
Ending balance: Collectively evaluated for impairment | 201 | 312 | 227 |
Loans [Abstract] | |||
Ending balance | 8,684 | 7,066 | 7,790 |
Ending balance: Collectively evaluated for impairment | $ 8,684 | $ 7,066 | $ 7,790 |
Loans (Delinquent Loans By Loan
Loans (Delinquent Loans By Loan Category) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual | $ 4,953 | $ 2,972 | |
Total past due | 12,013 | 18,201 | |
Current | 1,362,047 | 1,204,710 | |
Total loans, net of deferred loan fees and costs | 1,374,060 | 1,222,911 | $ 1,198,237 |
30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 5,481 | 12,570 | |
60 - 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 1,225 | 1,998 | |
90 Days Or Greater [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 354 | 661 | |
SBA Non Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual | 2,310 | 1,530 | |
Total past due | 2,747 | 2,089 | |
Current | 69,308 | 72,555 | |
Total loans, net of deferred loan fees and costs | 72,055 | 74,644 | 74,262 |
SBA Non Real Estate [Member] | 30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 272 | 559 | |
SBA Non Real Estate [Member] | 60 - 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 165 | ||
SBA Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual | 1,226 | ||
Total past due | 1,226 | ||
Current | 131,771 | 126,159 | |
Total loans, net of deferred loan fees and costs | 132,997 | 126,159 | 117,053 |
SBA Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 14,205 | 8,826 | |
Total loans, net of deferred loan fees and costs | 14,205 | 8,826 | 6,317 |
Direct Lease Financing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 6,479 | 14,515 | |
Current | 362,590 | 332,130 | |
Total loans, net of deferred loan fees and costs | 369,069 | 346,645 | 332,632 |
Direct Lease Financing [Member] | 30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 5,065 | 11,856 | |
Direct Lease Financing [Member] | 60 - 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 1,060 | 1,998 | |
Direct Lease Financing [Member] | 90 Days Or Greater [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 354 | 661 | |
SBLOC [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 720,279 | 630,400 | |
Total loans, net of deferred loan fees and costs | 720,279 | 630,400 | 621,456 |
Other Specialty Lending [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 36,664 | 11,073 | |
Total loans, net of deferred loan fees and costs | 36,664 | 11,073 | $ 20,076 |
Consumer - Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 9,585 | 5,403 | |
Total loans, net of deferred loan fees and costs | 9,585 | 5,403 | |
Consumer - Home Equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual | 1,417 | 1,442 | |
Total past due | 1,561 | 1,597 | |
Current | 8,961 | 10,374 | |
Total loans, net of deferred loan fees and costs | 10,522 | 11,971 | |
Consumer - Home Equity [Member] | 30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 144 | 155 | |
Unamortized Loan Fees And Costs [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 8,684 | 7,790 | |
Total loans, net of deferred loan fees and costs | $ 8,684 | $ 7,790 |
Loans (Loans By Categories) (De
Loans (Loans By Categories) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Loans by categories [Abstract] | |||
Total loans | $ 1,374,060 | $ 1,222,911 | $ 1,198,237 |
SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 72,055 | 74,644 | 74,262 |
SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 132,997 | 126,159 | 117,053 |
SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 14,205 | 8,826 | 6,317 |
Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 369,069 | 346,645 | 332,632 |
SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 720,279 | 630,400 | 621,456 |
Other Specialty Lending [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 36,664 | 11,073 | $ 20,076 |
Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 20,107 | 17,374 | |
Unamortized Loan Fees And Costs [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 8,684 | 7,790 | |
Pass [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 766,413 | 572,952 | |
Pass [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 44,996 | 51,437 | |
Pass [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 110,059 | 92,485 | |
Pass [Member] | SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 14,205 | 8,060 | |
Pass [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 193,792 | 122,571 | |
Pass [Member] | SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 357,906 | 277,489 | |
Pass [Member] | Other Specialty Lending [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 36,664 | 11,073 | |
Pass [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 8,791 | 9,837 | |
Special Mention [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 4,543 | 3,011 | |
Special Mention [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 3,981 | 2,723 | |
Special Mention [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 279 | ||
Special Mention [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 283 | 288 | |
Substandard [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 9,988 | 9,676 | |
Substandard [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 4,107 | 3,628 | |
Substandard [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 1,226 | ||
Substandard [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 2,770 | 3,736 | |
Substandard [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 1,885 | 2,312 | |
Unrated subject to review [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 10,896 | 46,045 | |
Unrated subject to review [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 2,163 | 15,164 | |
Unrated subject to review [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 8,733 | 30,881 | |
Unrated Not Subject To Review [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 582,220 | 591,227 | |
Unrated Not Subject To Review [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 18,971 | 16,856 | |
Unrated Not Subject To Review [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 19,270 | 18,510 | |
Unrated Not Subject To Review [Member] | SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 766 | ||
Unrated Not Subject To Review [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 163,774 | 189,457 | |
Unrated Not Subject To Review [Member] | SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 362,373 | 352,911 | |
Unrated Not Subject To Review [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 9,148 | 4,937 | |
Unrated Not Subject To Review [Member] | Unamortized Loan Fees And Costs [Member] | |||
Loans by categories [Abstract] | |||
Total loans | $ 8,684 | $ 7,790 |
Transactions With Affiliates (D
Transactions With Affiliates (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||
Deposits | $ 3,565,395,000 | $ 3,565,395,000 | $ 4,238,304,000 | ||
Securities purchased under agreements to resell | 65,095,000 | 65,095,000 | 39,199,000 | ||
Legal expense | 2,744,000 | $ 814,000 | 5,909,000 | $ 3,786,000 | |
Affiliated Entity [Member] | |||||
Related Party Transaction [Line Items] | |||||
Deposits | 3,500,000 | 3,500,000 | 5,500,000 | ||
Directors, Executive Officers, Principal Stockholders and Affiliates [Member] | Loans, Net Of Deferred Loan Fees And Costs [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | 1,400,000 | 1,400,000 | 649,000 | ||
J.V.B. Financial Group, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Securities purchased under agreements to resell | $ 65,100,000 | 65,100,000 | $ 39,200,000 | ||
J.V.B. Financial Group, LLC [Member] | SBA Loan [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payments to acquire available-for-sale securities, debt | 2,800,000 | ||||
Duane Morris LLP [Member] | |||||
Related Party Transaction [Line Items] | |||||
Legal expense | $ 2,500,000 | $ 2,400,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | Dec. 31, 2014USD ($)loan | |
Cash and cash equivalents | $ 398,900,000 | $ 999,100,000 | |
Impaired loans | 5,800,000 | ||
Specific reserves and other write downs on impaired loans | 1,800,000 | ||
Troubled debt restructured loans balance | 1,839,000 | $ 1,866,000 | |
Troubled debt restructured loans, specific reserve | $ 534,000 | ||
Number of troubled debt restructured loans | loan | 7 | 4 | |
Extended maturity | $ 144,000 | $ 144,000 | |
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 | $ 4,011,000 | $ 3,685,000 | |
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, 2017 | Dec. 31, 2016 |
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | $ 1,196,956 | $ 1,248,614 |
Investment securities held-to-maturity | 85,099 | 91,799 |
Securities purchased under agreements to resell | 65,095 | 39,199 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Securities purchased under agreements to resell | 65,095 | 39,199 |
Demand and interest checking | 3,113,212 | 3,816,524 |
Savings and money market | 452,183 | 421,780 |
Securities sold under agreements to repurchase | 180 | 274 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 1,153,403 | 1,248,614 |
Investment securities held-to-maturity | 78,756 | 85,760 |
Interest rate swaps, asset | 722 | 3,207 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 43,553 | |
Investment securities held-to-maturity | 6,343 | 6,039 |
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 991 | 1,613 |
Commercial loans held for sale | 380,272 | 663,140 |
Loans, net of deferred loan fees and costs | 1,373,325 | 1,219,625 |
Investment in unconsolidated entity, senior note | 103,950 | 118,389 |
Investment in unconsolidated entity, subordinated note | 3,761 | 8,541 |
Assets held for sale | 314,994 | 360,711 |
Subordinated debentures | 9,873 | 9,290 |
Carrying Amount [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 1,196,956 | 1,248,614 |
Investment securities held-to-maturity | 86,402 | 93,467 |
Securities purchased under agreements to resell | 65,095 | 39,199 |
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 991 | 1,613 |
Commercial loans held for sale | 380,272 | 663,140 |
Loans, net of deferred loan fees and costs | 1,374,060 | 1,222,911 |
Investment in unconsolidated entity, senior note | 103,950 | 118,389 |
Investment in unconsolidated entity, subordinated note | 3,761 | 8,541 |
Assets held for sale | 314,994 | 360,711 |
Demand and interest checking | 3,113,212 | 3,816,524 |
Savings and money market | 452,183 | 421,780 |
Subordinated debentures | 13,401 | 13,401 |
Securities sold under agreements to repurchase | 180 | 274 |
Interest rate swaps, asset | 722 | 3,207 |
Estimated Fair Value [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 1,196,956 | 1,248,614 |
Investment securities held-to-maturity | 85,099 | 91,799 |
Securities purchased under agreements to resell | 65,095 | 39,199 |
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 991 | 1,613 |
Commercial loans held for sale | 380,272 | 663,140 |
Loans, net of deferred loan fees and costs | 1,373,325 | 1,219,625 |
Investment in unconsolidated entity, senior note | 103,950 | 118,389 |
Investment in unconsolidated entity, subordinated note | 3,761 | 8,541 |
Assets held for sale | 314,994 | 360,711 |
Demand and interest checking | 3,113,212 | 3,816,524 |
Savings and money market | 452,183 | 421,780 |
Subordinated debentures | 9,873 | 9,290 |
Securities sold under agreements to repurchase | 180 | 274 |
Interest rate swaps, asset | $ 722 | $ 3,207 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets measured at fair value on a recurring basis [Abstract] | ||
Fair value | $ 1,196,956 | $ 1,248,614 |
Assets measured on a nonrecurring basis [Abstract] | ||
Impaired loans - collateral dependent | 5,800 | |
Fair Value, Measurements, Recurring [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
U.S. Government agency securities | 35,225 | 27,702 |
Asset-backed securities | 264,939 | 355,396 |
Obligations of states and political subdivisions | 86,432 | 94,533 |
Residential mortgage-backed securities | 364,437 | 342,569 |
Collaterized mortgage obligation securities | 129,093 | 159,823 |
Commercial mortgage-backed securities | 153,648 | 117,086 |
Foreign debt securities | 59,995 | 56,497 |
Corporate debt securities | 103,187 | 95,008 |
Fair value | 1,196,956 | 1,248,614 |
Loans held for sale | 380,272 | 663,140 |
Investment in unconsolidated entity, senior note | 103,950 | 118,389 |
Investment in unconsolidated entity, subordinated note | 3,761 | 8,541 |
Interest rate swaps, asset | 722 | 3,207 |
Total assets | 1,685,661 | 2,041,891 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets measured on a nonrecurring basis [Abstract] | ||
Impaired loans - collateral dependent | 4,011 | 3,685 |
Other real estate owned | 104 | |
Intangible assets | 5,185 | 6,906 |
Assets nonrecurring | 9,196 | 10,695 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Fair value | 1,153,403 | 1,248,614 |
Interest rate swaps, asset | 722 | 3,207 |
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 | 35,225 | 27,702 |
Asset-backed securities | 264,939 | 355,396 |
Obligations of states and political subdivisions | 86,432 | 94,533 |
Residential mortgage-backed securities | 364,437 | 342,569 |
Collaterized mortgage obligation securities | 129,093 | 159,823 |
Commercial mortgage-backed securities | 110,095 | 117,086 |
Foreign debt securities | 59,995 | 56,497 |
Corporate debt securities | 103,187 | 95,008 |
Fair value | 1,153,403 | 1,248,614 |
Interest rate swaps, asset | 722 | 3,207 |
Total assets | 1,154,125 | 1,251,821 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Fair value | 43,553 | |
Loans held for sale | 380,272 | 663,140 |
Investment in unconsolidated entity, senior note | 103,950 | 118,389 |
Investment in unconsolidated entity, subordinated note | 3,761 | 8,541 |
Assets held for sale | 314,994 | 360,711 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Commercial mortgage-backed securities | 43,553 | |
Fair value | 43,553 | |
Loans held for sale | 380,272 | 663,140 |
Investment in unconsolidated entity, senior note | 103,950 | 118,389 |
Investment in unconsolidated entity, subordinated note | 3,761 | 8,541 |
Total assets | 531,536 | 790,070 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets measured on a nonrecurring basis [Abstract] | ||
Impaired loans - collateral dependent | 4,011 | 3,685 |
Other real estate owned | 104 | |
Intangible assets | 5,185 | 6,906 |
Assets nonrecurring | $ 9,196 | $ 10,695 |
Fair Value Measurements (Compan
Fair Value Measurements (Company's Level 3 Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Assets Held For Sale [Member] | ||
Company's Level 3 assets [Roll Forward] | ||
Beginning balance | $ 360,711 | $ 583,909 |
Total gains or losses (realized/unrealized) Included in earnings | 638 | (48,836) |
Purchases, issuances, and settlements [Abstract] | ||
Sales | (63,712) | |
Settlements | (33,400) | (110,650) |
Charge-offs | 12,955 | |
Ending balance | 314,994 | 360,711 |
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 | $ (1,776) | (48,836) |
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] | ||
Purchases, issuances, and settlements [Abstract] | ||
Purchases | $ 43,553 | |
Ending balance | 43,553 | |
Held-to-maturity [Member] | ||
Company's Level 3 assets [Roll Forward] | ||
Beginning balance | 663,140 | 489,938 |
Total gains or losses (realized/unrealized) Included in earnings | 20,019 | (3,078) |
Purchases, issuances, and settlements [Abstract] | ||
Issuances | 398,410 | 528,584 |
Sales | (701,297) | (352,304) |
Ending balance | 380,272 | 663,140 |
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 | 703 | (2,674) |
Investment In Unconsolidated Entity [Member] | ||
Company's Level 3 assets [Roll Forward] | ||
Beginning balance | 126,930 | 178,520 |
Total gains or losses (realized/unrealized) Included in earnings | (20) | (39,816) |
Purchases, issuances, and settlements [Abstract] | ||
Settlements | (19,199) | (11,774) |
Ending balance | 107,711 | 126,930 |
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 | $ (20) | $ (39,816) |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Inputs, Assets, Quantitative Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Available For Sale Securities [Member] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Available For Sale Securities [Member] | Minimum [Member] | ||
Discount rate | 7.00% | |
Available For Sale Securities [Member] | Maximum [Member] | ||
Discount rate | 9.50% | |
Held-to-maturity [Member] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Held-to-maturity [Member] | Weighted Average [Member] | ||
Discount rate | 8.00% | |
Federal Home Loan And Atlantic Central Bank Stock [Member] | ||
Fair Value Measurements, Valuation Techniques | Cost | |
Loans, Net Of Deferred Loan Fees And Costs [Member] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Loans, Net Of Deferred Loan Fees And Costs [Member] | Minimum [Member] | ||
Discount rate | 3.50% | |
Loans, Net Of Deferred Loan Fees And Costs [Member] | Maximum [Member] | ||
Discount rate | 7.20% | |
Commercial Loan Held For Sale [Member] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Commercial Loan Held For Sale [Member] | Minimum [Member] | ||
Discount rate | 4.85% | |
Commercial Loan Held For Sale [Member] | Maximum [Member] | ||
Discount rate | 7.05% | |
Investment In Unconsolidated Entity, Senior Note [Member] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Investment In Unconsolidated Entity, Senior Note [Member] | Weighted Average [Member] | ||
Default rate | 1.00% | |
Discount rate | 4.75% | |
Investment In Unconsolidated Entity, Subordinated Note [Member] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Investment In Unconsolidated Entity, Subordinated Note [Member] | Weighted Average [Member] | ||
Default rate | 1.00% | |
Discount rate | 11.00% | |
Assets Held For Sale [Member] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Assets Held For Sale [Member] | Minimum [Member] | ||
Discount rate | 3.67% | |
Assets Held For Sale [Member] | Maximum [Member] | ||
Discount rate | 9.32% | |
Subordinated Debentures [Member] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Subordinated Debentures [Member] | Weighted Average [Member] | ||
Discount rate | 7.00% | |
Significant Unobservable Inputs (Level 3) [Member] | Available For Sale Securities [Member] | ||
Assets, Fair Value Disclosure | $ 43,553 | |
Significant Unobservable Inputs (Level 3) [Member] | Held-to-maturity [Member] | ||
Assets, Fair Value Disclosure | 6,343 | $ 6,039 |
Significant Unobservable Inputs (Level 3) [Member] | Federal Home Loan And Atlantic Central Bank Stock [Member] | ||
Assets, Fair Value Disclosure | 991 | 1,613 |
Significant Unobservable Inputs (Level 3) [Member] | Loans, Net Of Deferred Loan Fees And Costs [Member] | ||
Assets, Fair Value Disclosure | 1,373,325 | 1,219,625 |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Loan Held For Sale [Member] | ||
Assets, Fair Value Disclosure | 380,272 | 663,140 |
Significant Unobservable Inputs (Level 3) [Member] | Investment In Unconsolidated Entity, Senior Note [Member] | ||
Assets, Fair Value Disclosure | 103,950 | 118,389 |
Significant Unobservable Inputs (Level 3) [Member] | Investment In Unconsolidated Entity, Subordinated Note [Member] | ||
Assets, Fair Value Disclosure | 3,761 | 8,541 |
Significant Unobservable Inputs (Level 3) [Member] | Assets Held For Sale [Member] | ||
Assets, Fair Value Disclosure | 314,994 | 360,711 |
Significant Unobservable Inputs (Level 3) [Member] | Subordinated Debentures [Member] | ||
Assets, Fair Value Disclosure | $ 9,873 | $ 9,290 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2017USD ($)agreement | |
Derivative [Line Items] | |
Notional Amount | $ 59,700,000 |
Payable under agreements | 722,000 |
Cash collateral | $ 756,000 |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Number of interest rate swap agreements | agreement | 11 |
Fair value adjustment on derivatives | $ 2,500,000 |
Derivatives (Derivatives) (Deta
Derivatives (Derivatives) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Derivative [Line Items] | |
Notional amount | $ 59,700 |
Fair value | $ 722 |
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) | 1.31% |
Fair value | $ 306 |
Interest Rate Swaps, Maturing August 17, 2025 1 [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) | 1.31% |
Fair value | $ (15) |
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) | 1.31% |
Fair value | $ (15) |
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) | 1.32% |
Fair value | $ 13 |
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) | 1.33% |
Fair value | $ 27 |
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) | 1.33% |
Fair value | $ 22 |
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) | 1.31% |
Fair value | $ 79 |
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) | 1.31% |
Fair value | $ 405 |
Interest Rate Swaps, Maturing December 12, 2026 [Member] | |
Derivative [Line Items] | |
Maturity date | Dec. 12, 2026 |
Notional amount | $ 3,200 |
Interest rate paid (in hundredths) | 2.26% |
Interest rate received (in hundredths) | 1.31% |
Fair value | $ (2) |
Interest Rate Swaps, Maturing January 4, 2027 [Member] | |
Derivative [Line Items] | |
Maturity date | Jan. 4, 2027 |
Notional amount | $ 10,100 |
Interest rate paid (in hundredths) | 2.35% |
Interest rate received (in hundredths) | 1.30% |
Fair value | $ (79) |
Interest Rate Swaps, Maturing April 27, 2027 [Member] | |
Derivative [Line Items] | |
Maturity date | Apr. 27, 2027 |
Notional amount | $ 4,400 |
Interest rate paid (in hundredths) | 2.32% |
Interest rate received (in hundredths) | 1.32% |
Fair value | $ (19) |
Other Identifiable Intangible63
Other Identifiable Intangible Assets (Details) - USD ($) | Nov. 29, 2012 | May 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2007 |
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization of intangible assets | $ 377,000 | $ 394,000 | $ 1,133,000 | $ 1,032,000 | |||
Customer List [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Acquisition purchase price | $ 60,000,000 | ||||||
Intangible asset amortization period | 10 years | ||||||
Amortization of intangible assets over five years | 1,700,000 | ||||||
Gross intangible assets | $ 3,400,000 | 3,400,000 | 3,400,000 | ||||
Accumulated amortization | 471,000 | 471,000 | |||||
Amortization of intangible assets | 340,000 | ||||||
Customer List [Member] | Stored Value Solutions Division Of Marshall Bank First [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Acquisition purchase price | $ 12,000,000 | ||||||
Intangible asset amortization period | 12 years | ||||||
Amortization of intangible assets per year | $ 1,000,000 | ||||||
Amortization of intangible assets over remainder of amortization period | $ 2,300,000 | ||||||
Gross intangible assets | 12,000,000 | 12,000,000 | |||||
Accumulated amortization | 9,800,000 | 9,800,000 | |||||
Amortization of intangible assets | 750,000 | $ 750,000 | |||||
Software [Member] | |||||||
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 | $ 610,000 | ||||||
Gross intangible assets | 1,800,000 | 1,800,000 | |||||
Accumulated amortization | $ 1,300,000 | $ 1,300,000 |
Regulatory Matters (Details)
Regulatory Matters (Details) | 9 Months Ended |
Sep. 30, 2017 | |
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) - USD ($) | Oct. 17, 2017 | Sep. 30, 2017 |
Walnut Street Possible Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 8,000,000 | |
Subsequent Event [Member] | Order For Restitution (“Restitution Order”) and Order to Pay Civil Money Penalty (“CMP Order”) [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Damages Sought, Value | $ 2,576,000 | |
Loss Contingency Accrual, Provision | $ 2,500,000 |
Segment Financials (Narrative)
Segment Financials (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2017segment | |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 31,914 | $ 26,732 | $ 91,176 | $ 74,327 | |
Interest expense | 4,013 | 3,190 | 11,183 | 9,339 | |
Net interest income | 27,901 | 23,542 | 79,993 | 64,988 | |
Provision for loan and lease losses | 800 | 750 | 2,150 | 1,810 | |
Non-interest income | 29,007 | 19,904 | 71,399 | 48,132 | |
Non-interest expense | 43,883 | 44,171 | 119,029 | 156,445 | |
Income (loss) from continuing operations before income taxes | 12,225 | (1,475) | 30,213 | (45,135) | |
Income taxes | 5,455 | 55 | (457) | (15,324) | |
Net income (loss) from continuing operations | 6,770 | (1,530) | 30,670 | (29,811) | |
Income from discontinued operations | 511 | (24,021) | 3,438 | (37,909) | |
Net income | 7,281 | (25,551) | 34,108 | (67,720) | |
Total assets | 3,993,618 | 3,993,618 | $ 4,858,114 | ||
Total liabilities | 3,654,157 | 3,654,157 | 4,559,151 | ||
Specialty Finance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 21,631 | 17,727 | 59,861 | 48,712 | |
Interest expense | 848 | 740 | 2,627 | 2,139 | |
Net interest income | 20,783 | 16,987 | 57,234 | 46,573 | |
Provision for loan and lease losses | 800 | 750 | 2,150 | 1,810 | |
Non-interest income | 13,834 | 4,215 | 24,507 | (6,787) | |
Non-interest expense | 14,844 | 16,352 | 42,251 | 47,828 | |
Income (loss) from continuing operations before income taxes | 18,973 | 4,100 | 37,340 | (9,852) | |
Net income (loss) from continuing operations | 18,973 | 4,100 | 37,340 | (9,852) | |
Net income | 18,973 | 4,100 | 37,340 | (9,852) | |
Total assets | 1,818,646 | 1,818,646 | 2,019,180 | ||
Total liabilities | 645,265 | 645,265 | 596,574 | ||
Payments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 2 | ||||
Interest allocation | 10,283 | 9,005 | 31,315 | 25,613 | |
Interest expense | 2,709 | 1,975 | 7,567 | 5,779 | |
Net interest income | 7,574 | 7,030 | 23,748 | 19,836 | |
Non-interest income | 14,638 | 15,180 | 45,625 | 48,245 | |
Non-interest expense | 16,384 | 24,081 | 54,829 | 96,376 | |
Income (loss) from continuing operations before income taxes | 5,828 | (1,871) | 14,544 | (28,295) | |
Net income (loss) from continuing operations | 5,828 | (1,871) | 14,544 | (28,295) | |
Net income | 5,828 | (1,871) | 14,544 | (28,295) | |
Total assets | 38,155 | 38,155 | 27,935 | ||
Total liabilities | 2,702,958 | 2,702,958 | 3,401,142 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 10,283 | 9,005 | 31,315 | 25,613 | |
Interest allocation | (10,283) | (9,005) | (31,315) | (25,613) | |
Interest expense | 456 | 475 | 989 | 1,421 | |
Net interest income | (456) | (475) | (989) | (1,421) | |
Non-interest income | 535 | 509 | 1,267 | 6,674 | |
Non-interest expense | 12,655 | 3,738 | 21,949 | 12,241 | |
Income (loss) from continuing operations before income taxes | (12,576) | (3,704) | (21,671) | (6,988) | |
Income taxes | 5,455 | 55 | (457) | (15,324) | |
Net income (loss) from continuing operations | (18,031) | (3,759) | (21,214) | 8,336 | |
Net income | (18,031) | (3,759) | (21,214) | 8,336 | |
Total assets | 1,821,823 | 1,821,823 | 2,450,288 | ||
Total liabilities | 305,934 | 305,934 | 561,435 | ||
Discontinued Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income from discontinued operations | 511 | (24,021) | 3,438 | (37,909) | |
Net income | 511 | $ (24,021) | 3,438 | $ (37,909) | |
Total assets | $ 314,994 | $ 314,994 | $ 360,711 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Sep. 30, 2014 | |
Discontinued Operations [Abstract] | ||||
Loans past due 90 days or more | $ 354 | $ 661 | ||
Disposal Group, Including Discontinued Operation, Loan Portfolio, Book Value | $ 1,100,000 | |||
Loans, net | 277,385 | 340,396 | ||
Investment in unconsolidated entity, at fair value | 107,711 | 126,930 | ||
Assets held for sale, included in discontinued operations and transferred to level 3 | 314,994 | $ 360,711 | ||
Gain (loss) on sale of loans | $ 13,119 | $ 809 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Discontinued Operations [Abstract] | |||||
Interest income | $ 3,098 | $ 3,891 | $ 9,594 | $ 15,037 | |
Net interest income | 3,098 | 3,891 | 9,594 | 15,037 | |
Non interest income | 549 | 575 | 1,001 | 678 | |
Non interest expense | 2,818 | 25,956 | 5,107 | 53,788 | |
Income (loss) before taxes | 829 | (21,490) | 5,488 | (38,073) | |
Income tax (benefit) provision | 318 | 2,531 | 2,050 | (164) | |
Net income (loss) | 511 | $ (24,021) | 3,438 | $ (37,909) | |
Loans, net | 277,385 | 277,385 | $ 340,396 | ||
Other real estate owned | 37,609 | 37,609 | 20,315 | ||
Total assets | $ 314,994 | $ 314,994 | $ 360,711 |