Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 04, 2018 | |
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 | 56,307,238 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Trading Symbol | tbbk |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | ||
Cash and due from banks | $ 1,999 | $ 3,152 |
Interest earning deposits at Federal Reserve Bank | 508,847 | 841,471 |
Securities purchased under agreements to resell | 64,312 | 64,312 |
Total cash and cash equivalents | 575,158 | 908,935 |
Investment securities, available-for-sale, at fair value | 1,381,020 | 1,294,484 |
Investment securities, held-to-maturity (fair value $85,949 and $85,345, respectively) | 86,370 | 86,380 |
Commercial loans held for sale | 349,806 | 503,316 |
Loans, net of deferred loan fees and costs | 1,463,064 | 1,392,228 |
Allowance for loan and lease losses | (7,285) | (7,096) |
Loans, net | 1,455,779 | 1,385,132 |
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 991 | 991 |
Premises and equipment, net | 19,052 | 20,051 |
Accrued interest receivable | 11,778 | 10,900 |
Intangible assets, net | 4,995 | 5,377 |
Other real estate owned | 405 | 450 |
Deferred tax asset, net | 38,139 | 34,802 |
Investment in unconsolidated entity, at fair value | 70,016 | 74,473 |
Assets held for sale from discontinued operations | 289,038 | 304,313 |
Other assets | 86,553 | 78,543 |
Total assets | 4,369,100 | 4,708,147 |
Deposits | ||
Demand and interest checking | 3,461,881 | 3,806,965 |
Savings and money market | 493,288 | 453,877 |
Total deposits | 3,955,169 | 4,260,842 |
Securities sold under agreements to repurchase | 182 | 217 |
Subordinated debentures | 13,401 | 13,401 |
Long-term borrowings | 42,157 | 42,323 |
Other liabilities | 28,299 | 67,215 |
Total liabilities | 4,039,208 | 4,383,998 |
SHAREHOLDERS' EQUITY | ||
Common stock - authorized, 75,000,000 shares of $1.00 par value; 56,307,088 and 55,861,150 shares issued at March 31, 2018 and December 31, 2017, respectively | 56,307 | 55,861 |
Treasury stock, at cost (100,000 shares) | (866) | (866) |
Additional paid-in capital | 363,605 | 363,196 |
Accumulated deficit | (75,345) | (89,485) |
Accumulated other comprehensive loss | (13,809) | (4,557) |
Total shareholders' equity | 329,892 | 324,149 |
Total liabilities and shareholders' equity | $ 4,369,100 | $ 4,708,147 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Investment securities, held-to-maturity, fair value | $ 85,949 | $ 85,345 |
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) | 56,307,088 | 55,861,150 |
Treasury stock (in shares) | 100,000 | 100,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest income | ||
Loans, including fees | $ 23,302 | $ 17,629 |
Interest on investment securities: | ||
Taxable interest | 9,699 | 9,005 |
Tax-exempt interest | 60 | 72 |
Federal funds sold/securities purchased under agreements to resell | 414 | 227 |
Interest earning deposits | 1,832 | 1,516 |
Total interest income | 35,307 | 28,449 |
Interest expense | ||
Deposits | 4,969 | 3,434 |
Short-term borrowings | 104 | |
Subordinated debenture | 160 | 138 |
Total interest expense | 5,233 | 3,572 |
Net interest income | 30,074 | 24,877 |
Provision for loan and lease losses | 700 | 1,000 |
Net interest income after provision for loan and lease losses | 29,374 | 23,877 |
Non-interest income | ||
Service fees on deposit accounts | 1,576 | 1,675 |
Card payment and ACH processing fees | 1,692 | 1,528 |
Prepaid card fees | 14,282 | 13,547 |
Gain on sale of loans | 11,729 | 5,383 |
Gain on sale of investment securities | 26 | 503 |
Change in value of investment in unconsolidated entity | (1,171) | (19) |
Leasing income | 487 | 551 |
Affinity fees | 102 | 1,021 |
Other | 372 | 30 |
Total non-interest income | 29,095 | 24,219 |
Non-interest expense | ||
Salaries and employee benefits | 21,073 | 18,006 |
Depreciation and amortization | 1,031 | 1,206 |
Rent and related occupancy cost | 1,359 | 1,461 |
Data processing expense | 2,005 | 3,480 |
Printing and supplies | 189 | 505 |
Audit expense | 469 | 421 |
Legal expense | 2,431 | 1,738 |
Amortization of intangible assets | 383 | 379 |
Losses on sale and write downs on other real estate owned | 45 | |
FDIC insurance | 2,219 | 2,065 |
Software | 3,291 | 3,228 |
Insurance | 621 | 678 |
Telecom and IT network communications | 326 | 592 |
Consulting | 665 | 534 |
Civil money penalty | (290) | |
Other | 3,232 | 3,490 |
Total non-interest expense | 39,049 | 37,783 |
Income from continuing operations before income taxes | 19,420 | 10,313 |
Income tax expense | 5,399 | 4,011 |
Net income from continuing operations | 14,021 | 6,302 |
Income from discontinued operations before income taxes | 156 | 2,667 |
Income tax expense | 37 | 1,006 |
Income from discontinued operations, net of tax | 119 | 1,661 |
Net income available to common shareholders | $ 14,140 | $ 7,963 |
Net income per share from continuing operations - basic | $ 0.25 | $ 0.11 |
Net income per share from discontinued operations - basic | 0.03 | |
Net income per share - basic | 0.25 | 0.14 |
Net income per share from continuing operations - diluted | 0.25 | 0.11 |
Net income per share from discontinued operations - diluted | 0.03 | |
Net income per share - diluted | $ 0.25 | $ 0.14 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net income | $ 14,140 | $ 7,963 |
Other comprehensive income (loss) | ||
Change in net unrealized gain (loss) during the period | (12,658) | 4,273 |
Reclassification adjustments for gains included in income | (26) | (503) |
Amortization of losses previously held as available-for-sale | 10 | 9 |
Net unrealized gain (loss) | (12,674) | 3,779 |
Available-for-sale [Abstract] | ||
Change in net unrealized gain (loss) during the period | (3,418) | 1,709 |
Reclassification adjustments for gains included in income | (7) | (201) |
Amortization of losses previously held as available-for-sale | 3 | 4 |
Income tax (benefit) expense related to items of other comprehensive income | (3,422) | 1,512 |
Other comprehensive income (loss) net of tax and reclassifications into net income | (9,252) | 2,267 |
Comprehensive income | $ 4,888 | $ 10,230 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2017 | $ 55,861 | $ (866) | $ 363,196 | $ (89,485) | $ (4,557) | $ 324,149 |
Balance (in shares) at Dec. 31, 2017 | 55,861,150 | |||||
Net income | 14,140 | 14,140 | ||||
Common stock issued from option exercises, net of tax benefits | $ 13 | 99 | 112 | |||
Common stock issued from option exercises, net of tax benefits (in shares) | 12,594 | |||||
Common stock issued from restricted shares, net of tax benefits | $ 433 | (433) | ||||
Common stock issued from restricted shares, net of tax benefits (in shares) | 433,344 | |||||
Stock-based compensation | 743 | 743 | ||||
Other comprehensive loss net of reclassification adjustments and tax | (9,252) | (9,252) | ||||
Balance at Mar. 31, 2018 | $ 56,307 | $ (866) | $ 363,605 | $ (75,345) | $ (13,809) | $ 329,892 |
Balance (in shares) at Mar. 31, 2018 | 56,307,088 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities | ||
Net income from continuing operations | $ 14,021 | $ 6,302 |
Net income from discontinued operations | 119 | 1,661 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 1,414 | 1,585 |
Provision for loan and lease losses | 700 | 1,000 |
Net amortization of investment securities discounts/premiums | 3,580 | 2,219 |
Stock-based compensation expense | 743 | 775 |
Loans originated for sale | (152,574) | (100,618) |
Sale of loans originated for resale | 316,124 | 24,974 |
Gain on sales of loans originated for resale | (11,661) | (5,383) |
Gain on sale of fixed assets | (13) | |
Fair value adjustment on investment in unconsolidated entity | 1,171 | (19) |
Writedown of other real estate | 45 | |
Change in fair value loans held for sale | 1,455 | 155 |
Change in fair value of derivatives | (1,524) | (450) |
Gain on sales of investment securities | (26) | (503) |
Decrease (increase) in accrued interest receivable | (878) | 293 |
Increase in other assets | (8,011) | (5,033) |
Change in fair value discontinued loans held for sale | 960 | |
Decrease (increase) in discontinued assets held for sale | (263) | 5,102 |
Increase (decrease) in other liabilities | (22,357) | 1,778 |
Net cash provided by (used in) operating activities | 143,038 | (66,175) |
Investing activities | ||
Purchase of investment securities available-for-sale | (157,980) | (36,693) |
Proceeds from sale of investment securities available-for-sale | 30,374 | |
Proceeds from redemptions and prepayments of securities available-for-sale | 40,276 | 41,127 |
Net increase in loans | (71,379) | (41,254) |
Net decrease in discontinued loans held for sale | 14,578 | 14,323 |
Proceeds from sale of fixed assets | 132 | |
Purchases of premises and equipment | (193) | |
Investment in unconsolidated entity | 3,286 | 967 |
Net cash (used in) provided by investing activities | (171,219) | 8,783 |
Financing activities | ||
Net decrease in deposits | (305,673) | (202,505) |
Net decrease in securities sold under agreements to repurchase | (35) | (1) |
Common stock issuance expense | (200) | |
Proceeds from the issuance of common stock | 112 | |
Net cash used in financing activities | (305,596) | (202,706) |
Net decrease in cash and cash equivalents | (333,777) | (260,098) |
Cash and cash equivalents, beginning of period | 908,935 | 999,059 |
Cash and cash equivalents, end of period | 575,158 | 738,961 |
Supplemental disclosure: | ||
Interest paid | 5,114 | 3,566 |
Taxes paid | $ 40 | $ 35 |
Structure Of Company
Structure Of Company | 3 Months Ended |
Mar. 31, 2018 | |
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), vehicle fleet and other equipment leasing, Small Business Administration (SBA) loans and commercial mortgage-backed loans (CMBS) generated for sale into commercial mortgage-backed securities markets primarily through securitizations . Through the Bank, the Company also provides banking services nationally, which include prepaid card accounts , 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 | 3 Months Ended |
Mar. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation The financial statements of the Company, as of March 31, 2018 and for the three month periods ended March 31, 2018 and 2017, 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, 2017 (2017 Form 10-K Report). The results of operations for the three month period ended March 31, 2018 may not necessarily be indicative of the results of operations for the full year ending December 31, 2018. Revenue Recognition The Company recognizes revenue when the performance obligations related to the transfer of goods or services under the terms of a contract are satisfied. Some obligations are satisfied at a point in time while others are satisfied over a period of time. Revenue is recognized as the amount of consideration to which the Company expects to be entitled to in exchange for transferring goods or services to a customer. When consideration includes a variable component, the amount of consideration attributable to variability is included in the transaction price only to the extent it is probable that significant revenue recognized will not be reversed when uncertainty associated with the variable consideration is subsequently resolved. The Company’s contracts generally do not contain terms that require significant judgement to determine the variability impacting the transaction price. A performance obligation is deemed satisfied when the control over goods or services is transferred to the customer. Control is transferred to a customer either at a point in time or over time. To determine when control is transferred at a point in time, the Company considers indicators, including but not limited to the right to payment for the asset, transfer of significant risk and rewards of ownership of the asset and acceptance of the asset by the customer. When control is transferred over a period of time, for different performance obligations, either the input or output method is used to measure progress for the transfer. The measure of progress used to assess completion of the performance obligation varies between performance obligations and may be based on time throughout the period of service or on the value of goods and services transferred to the customer. As each distinct service or activity is performed, the Company transfers control to the customer based on the services performed as the customer simultaneously receives the benefits of those services. This timing of revenue recognition aligns with the resolution of any uncertainty related to variable consideration. Costs incurred to obtain a revenue producing contract generally are expensed when incurred as a practical expedient as the contractual period for the majority of contracts is one year or less. The Company’s revenue streams that are in scope include prepaid card, card payment, ACH and deposit processing and other fees. The fees on those revenue streams are generally assessed and collected as the transaction occurs, or on a monthly or quarterly basis. The Company has completed its review of the contracts and other agreements that are within scope of revenue guidance and did not identify any material changes to the timing or amount of revenue recognition. The Company’s accounting policies did not change materially since the principles of revenue recognition in the ASU are largely consistent with current practices applied by the Company. The vast majority of the Company’s services related to its revenues are performed, earned and recognized monthly. Prepaid card fees primarily include fees for services related to reconciliation, fraud detection, regulatory compliance and other services which are performed and earned daily or monthly and are also billed and collected on a monthly basis. Accordingly, there is no significant component of the services the Company performs or related revenues which are deferred. The Company earns transactional and/or interchange fees on prepaid card accounts when transactions occur and revenue is billed and collected monthly or quarterly. Certain volume or transaction based interchange expenses paid to payment networks such as Visa, reduce revenue which is presented net on the income statement. Card payment and ACH processing fees include transaction fees earned for processing merchant transactions. Revenue is recognized when a cardholder’s transaction is approved and settled, or monthly. ACH processing fees are earned on a per item basis as the transactions are processed for third party clients and are also billed and collected monthly. Service charges on deposit accounts include fees and other charges the Company receives to provide various services, including but not limited to, account maintenance, check writing, wire transfer and other services normally associated with deposit accounts. Revenue for these services is recognized monthly as the services are performed. The Company’s customer contracts do not typically have performance obligations and fees are collected and earned when the transaction occurs. The Company may, from time to time, waive certain fees for customers but generally does not reduce the transaction price to reflect variability for future reversals due to the insignificance of the amounts. Waiver of fees reduces the revenue in the period the waiver is granted to the customer . |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31 , 201 8 , the Company ha d two active s tock-based compensation plans, which are more fully described in its 2017 Form 10-K Report . The Company did no t grant stock options during the three month period ended March 31, 2018 or 2017 . There were 15,000 c ommon stock options exercised in the three month period ended March 31, 2018. There were no common stock options exercised in the three month period ended March 31, 2017 . 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, 2018 1,452,625 $ 8.30 4.64 $ - Granted - - - - Exercised (15,000) 9.13 - - Expired - - - - Forfeited - - - - Outstanding at March 31, 2018 1,437,625 $ 8.29 4.40 $ 3,608,029 Exercisable at March 31, 2018 1,201,375 $ 8.56 3.67 $ 2,685,754 The Company did no t grant restricted stoc k units (RSUs) in the first three months of 2018. In the first three months of 2017 , the Company granted 799,559 restricted RSUs of which 664,559 had a vesting period of three years and 135,000 had a vesting period of one year. All the RSUs granted in the first quarter of 2017 had a fair value of $5.06 at issuance. 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, 2018 1,264,454 $ 5.49 1.67 Granted - - Vested (433,344) 4.94 Forfeited - - Outstanding at March 31, 2018 831,110 $ 5.78 1.64 As of March 31, 2018, there was a total of $4.3 million of unrecognized compensation cost related to unvested awards under share-based plans. This cost is expected to be recognized over a weighted average period of approximately 1.7 years . Related compensation expense for the three months ended March 31, 2018 and 2017 was $743,000 and $775,000 , respectively. The total intrinsic value of options that were exercised and restricted units which vested during the first three months of 2018 and 2017 was $4.6 million and $2.4 million, respectively. The total issuance date fair value of RSUs vested and options exercised during the three months ended March 31, 2018 and 2017 was $2.1 million and $1.9 million, respectively . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 4. Earnings Per Share The Company calculates earnings per share under ASC 260, “ Earnings Per Share ” . Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. The following tables show the Company’s earnings per share for the periods presented: For the three months ended March 31, 2018 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 $ 14,021 56,141,830 $ 0.25 Effect of dilutive securities Common stock options - 881,291 - Diluted earnings per share Net earnings available to common shareholders $ 14,021 57,023,121 $ 0.25 For the three months ended March 31, 2018 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 $ 119 56,141,830 $ - Effect of dilutive securities Common stock options - 881,291 - Diluted earnings per share Net earnings available to common shareholders $ 119 57,023,121 $ - For the three months ended March 31, 2018 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 $ 14,140 56,141,830 $ 0.25 Effect of dilutive securities Common stock options - 881,291 - Diluted earnings per share Net earnings available to common shareholders $ 14,140 57,023,121 $ 0.25 Stock options for 1 ,437,625 shares, exercisable at prices between $6.75 and $10.45 per share, were outstanding at March 31, 2018 , and included in the dilutive shares because the exercise price per share was less than the average market price. For the three months ended March 31, 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 $ 6,302 55,534,279 $ 0.11 Effect of dilutive securities Common stock options - 218,217 - Diluted earnings per share Net earnings available to common shareholders $ 6,302 55,752,496 $ 0.11 For the three months ended March 31, 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 $ 1,661 55,534,279 $ 0.03 Effect of dilutive securities Common stock options - 218,217 - Diluted earnings per share Net earnings available to common shareholders $ 1,661 55,752,496 $ 0.03 For the three months ended March 31, 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 $ 7,963 55,534,279 $ 0.14 Effect of dilutive securities Common stock options - 218,217 - Diluted earnings per share Net earnings available to common shareholders $ 7,963 55,752,496 $ 0.14 Stock options for 2,019,125 shares, exercisable at prices between $6.75 and $25.43 per share, were outstanding at March 31, 2017 but were not included in dilutive shares because the exercise price per share was less than the average market price . |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2018 | |
Investment Securities [Abstract] | |
Investment Securities | Note 5. Investment Securities The amortized cost, gross unrealized gains and losses, and fair values of the Company’s investment securities classified as available-for-sale and held-to-maturity at March 31, 2018 and December 31, 201 7 are summarized as follows (in thousands): Available-for-sale March 31, 2018 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 58,376 $ 3 $ (898) $ 57,481 Asset-backed securities * 264,753 1,237 (429) 265,561 Tax-exempt obligations of states and political subdivisions 9,894 50 (67) 9,877 Taxable obligations of states and political subdivisions 60,850 964 (764) 61,050 Residential mortgage-backed securities 429,891 597 (9,647) 420,841 Collateralized mortgage obligation securities 292,802 146 (4,786) 288,162 Commercial mortgage-backed securities 282,416 4 (4,372) 278,048 $ 1,398,982 $ 3,001 $ (20,963) $ 1,381,020 March 31, 2018 Gross Gross Amortized unrealized unrealized Fair * Asset-backed securities as shown above cost gains losses value Federally insured student loan securities $ 86,515 $ 183 $ (429) $ 86,269 Collateralized loan obligation securities 170,843 1,015 - 171,858 Other 7,395 39 - 7,434 $ 264,753 $ 1,237 $ (429) $ 265,561 Held-to-maturity March 31, 2018 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 11,046 $ 94 $ (1,928) $ 9,212 Other debt securities - pooled 75,324 1,413 - 76,737 $ 86,370 $ 1,507 $ (1,928) $ 85,949 Available-for-sale December 31, 2017 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 50,107 $ 21 $ (226) $ 49,902 Asset-backed securities * 269,164 1,196 (275) 270,085 Tax-exempt obligations of states and political subdivisions 9,893 131 (36) 9,988 Taxable obligations of states and political subdivisions 64,739 1,377 (255) 65,861 Residential mortgage-backed securities 452,723 727 (4,598) 448,852 Collateralized mortgage obligation securities 248,663 148 (2,318) 246,493 Commercial mortgage-backed securities 204,469 585 (1,751) 203,303 $ 1,299,758 $ 4,185 $ (9,459) $ 1,294,484 December 31, 2017 Gross Gross Amortized unrealized unrealized Fair * Asset-backed securities as shown above cost gains losses value Federally insured student loan securities $ 90,140 $ 271 $ (270) $ 90,141 Collateralized loan obligation securities 170,825 880 (5) 171,700 Other 8,199 45 - 8,244 $ 269,164 $ 1,196 $ (275) $ 270,085 Held-to-maturity December 31, 2017 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 11,031 $ 105 $ (2,516) $ 8,620 Other debt securities - pooled 75,349 1,376 - 76,725 $ 86,380 $ 1,481 $ (2,516) $ 85,345 Investments in Federal Home Loan and Atlantic Central Bankers Bank stock are recorded at cost and amounted to $991,000 at March 31, 2018 and December 31, 201 7, respectively . The amortized cost and fair value of the Company’s investment securities at March 31, 2018 , 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 $ 1,998 $ 1,994 $ - $ - Due after one year through five years 41,475 41,204 - - Due after five years through ten years 317,468 311,934 - - Due after ten years 1,038,041 1,025,888 86,370 85,949 $ 1,398,982 $ 1,381,020 $ 86,370 $ 85,949 At March 31, 2018 and December 31, 2017 , investment securities with a fair value of approximately $496.1 million and $310.9 million, respectively, were pledged to secure a line of credit with the Federal Home Loan Bank . At March 31, 2018 and December 31, 2017 , investment securities with a fair value of approximately $281.4 million and $225.6 million, respectively, were pledged to secure a line of credit with the Federal Reserve Bank. 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 , or prices provided by securities dealers with expertise in the securities being evaluated, or actual trade data from an independent pricing service . 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 rec ognize any other-than-temporary impairment charges in the first three months of 201 8 . The table below indicates the length of time individual securities had been in a continuous unrealized loss position at March 31, 2018 (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 11 $ 56,423 $ (898) $ - $ - $ 56,423 $ (898) Asset-backed securities 11 18,631 (65) 36,637 (364) 55,268 (429) Tax-exempt obligations of states and political subdivisions 4 2,982 (18) 1,111 (49) 4,093 (67) Taxable obligations of states and political subdivisions 23 36,376 (636) 3,056 (128) 39,432 (764) Residential mortgage-backed securities 122 245,285 (4,632) 137,063 (5,015) 382,348 (9,647) Collateralized mortgage obligation securities 45 161,315 (2,742) 59,657 (2,044) 220,972 (4,786) Commercial mortgage-backed securities 28 253,799 (4,246) 3,133 (126) 256,932 (4,372) Total temporarily impaired investment securities 244 $ 774,811 $ (13,237) $ 240,657 $ (7,726) $ 1,015,468 $ (20,963) 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 $ - $ - $ 7,201 $ (1,928) $ 7,201 $ (1,928) Total temporarily impaired investment securities 1 $ - $ - $ 7,201 $ (1,928) $ 7,201 $ (1,928) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 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 9 $ 44,808 $ (226) $ - $ - $ 44,808 $ (226) Asset-backed securities 8 11,264 (6) 37,894 (269) 49,158 (275) Tax-exempt obligations of states and political subdivisions 5 3,982 (19) 1,143 (17) 5,125 (36) Taxable obligations of states and political subdivisions 15 22,231 (181) 2,853 (74) 25,084 (255) Residential mortgage-backed securities 116 249,572 (1,771) 125,096 (2,827) 374,668 (4,598) Collateralized mortgage obligation securities 41 148,655 (921) 63,274 (1,397) 211,929 (2,318) Commercial mortgage-backed securities 16 150,530 (1,681) 3,299 (70) 153,829 (1,751) Total temporarily impaired investment securities 210 $ 631,042 $ (4,805) $ 233,559 $ (4,654) $ 864,601 $ (9,459) 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 $ - $ - $ 6,600 $ (2,516) $ 6,600 $ (2,516) Total temporarily impaired investment securities 1 $ - $ - $ 6,600 $ (2,516) $ 6,600 $ (2,516) Other securities included in the held - to - maturity classification at March 31, 2018 consisted of three securities secured by diversified portfolios of corporate securities and two single-issuer 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 March 31, 2018 (in thousands): Single issuer Book value Fair value Unrealized gain/(loss) Credit rating Security A $ 1,916 $ 2,010 $ 94 Not rated Security B 9,129 7,201 (1,928) 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 | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018, the fair value of the loans held for sale was $349.8 million and their book value was $346.6 million. Included in the gain on sale of loans in the Statements of Operations were losses recognized from changes in fair value of $1.5 million for the three months ended March 31, 2018. 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): March 31, December 31, 2018 2017 SBA non-real estate $ 75,225 $ 70,379 SBA commercial mortgage 149,227 142,086 SBA construction 20,143 16,740 SBA loans * 244,595 229,205 Direct lease financing 385,467 377,660 SBLOC 759,369 730,462 Other specialty lending 45,729 30,720 Other consumer loans 17,416 14,133 1,452,576 1,382,180 Unamortized loan fees and costs 10,488 10,048 Total loans, net of deferred loan fees and costs $ 1,463,064 $ 1,392,228 Included in the table above are demand deposit overdrafts reclassified as loan balances totaling $6.2 million and $2.3 million at March 31, 2018 and December 31, 2017, 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): March 31, December 31, 2018 2017 SBA loans, including deferred fees and costs $ 252,457 $ 236,724 SBA loans included in held for sale 172,030 165,177 Total SBA loans $ 424,487 $ 401,901 The following table provides information about impaired loans at March 31, 2018 and December 31, 201 7 (in thousands): Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized March 31, 2018 Without an allowance recorded SBA non-real estate $ 652 $ 1,204 $ - $ 555 $ - SBA commercial mortgage - 83 - - - Direct lease financing 526 637 - 378 - Consumer - other - - - - - Consumer - home equity 1,690 1,690 - 1,692 - With an allowance recorded - SBA non-real estate 1,954 1,954 1,464 2,177 - SBA commercial mortgage 458 458 74 575 - Direct lease financing 1,006 1,006 74 503 - Consumer - other - - - - - Consumer - home equity - - - - - Total SBA non-real estate 2,606 3,158 1,464 2,732 - SBA commercial mortgage 458 541 74 575 - Direct lease financing 1,532 1,643 74 881 - Consumer - other - - - - - Consumer - home equity 1,690 1,690 - 1,692 - $ 6,286 $ 7,032 $ 1,612 $ 5,880 $ - December 31, 2017 Without an allowance recorded SBA non-real estate $ 459 $ 1,286 $ - $ 311 $ - SBA commercial mortgage - - - - - Direct lease financing 229 341 - 103 - Consumer - other - - - 259 - Consumer - home equity 1,695 1,695 - 1,712 - With an allowance recorded SBA non-real estate 2,399 2,399 1,689 2,507 - SBA commercial mortgage 693 693 225 747 - Direct lease financing - - - 405 - Consumer - other - - - 14 - Consumer - home equity - - - - - Total SBA non-real estate 2,858 3,685 1,689 2,818 - SBA commercial mortgage 693 693 225 747 - Direct lease financing 229 341 - 508 - Consumer - other - - - 273 - Consumer - home equity 1,695 1,695 - 1,712 - $ 5,475 $ 6,414 $ 1,914 $ 6,058 $ - The following tables summarize the Company’s non-accrual loans, loans past due 90 days and still accrui ng and other real estate owned as of the date s indicated (the Company had no non -accrual leases at March 31, 2018 or December 31, 201 7) (in thousands) : March 31, December 31, 2018 2017 Non-accrual loans SBA non-real estate $ 1,647 $ 1,889 SBA commercial mortgage 458 693 Consumer 1,411 1,414 Total non-accrual loans 3,516 3,996 Loans past due 90 days or more 2,643 227 Total non-performing loans 6,159 4,223 Other real estate owned 405 450 Total non-performing assets $ 6,564 $ 4,673 The Company’s loans that were modified as of March 31, 2018 and December 31, 201 7 and considered troubled debt restructurings are as follows ( dollars in thousands): March 31, 2018 December 31, 2017 Number Pre-modification recorded investment Post-modification recorded investment Number Pre-modification recorded investment Post-modification recorded investment SBA non-real estate 3 $ 959 $ 959 5 $ 1,476 $ 1,476 Direct lease financing 3 1,532 1,532 1 230 230 Consumer 2 530 530 2 535 535 Total 8 $ 3,021 $ 3,021 8 $ 2,241 $ 2,241 The balances below provide information as to how the loans were modified as troubled debt restructurings loans as of March 31, 2018 and December 31, 201 7 (in thousands): March 31, 2018 December 31, 2017 Adjusted interest rate Extended maturity Combined rate and maturity Adjusted interest rate Extended maturity Combined rate and maturity SBA non-real estate $ - $ 108 $ 851 $ - $ 115 $ 1,361 Direct lease financing - 1,006 526 - - 230 Consumer - - 530 - - 535 Total $ - $ 1,114 $ 1,907 $ - $ 115 $ 2,126 The following table summarizes, as of March 31, 2018 , loans that had been restructured within the last 12 months that have subsequently defaulted. Number Pre-modification recorded investment SBA non-real estate 1 $ 185 Total 1 $ 185 As of March 31, 2018 and December 31, 2017, the Company had a commitment to extend $228,000 on one loan classified as a troubled debt restructuring. However, based upon available information , the borrower does not intend to draw on the commitment. A detail of the changes in the allowance for loan and lease losses by loan category is as follows (in thousands): SBA non-real estate SBA commercial mortgage SBA construction Direct lease financing SBLOC Other specialty lending Other consumer loans Unallocated Total March 31, 2018 Beginning balance $ 3,145 $ 1,120 $ 136 $ 1,495 $ 365 $ 57 $ 581 $ 197 $ 7,096 Charge-offs (388) (157) - (56) - - (14) - (615) Recoveries 40 6 - 58 - - - - 104 Provision (credit) 391 130 97 (23) 15 92 15 (17) 700 Ending balance $ 3,188 $ 1,099 $ 233 $ 1,474 $ 380 $ 149 $ 582 $ 180 $ 7,285 Ending balance: Individually evaluated for impairment $ 1,464 $ 74 $ - $ - $ - $ 74 $ - $ - $ 1,612 Ending balance: Collectively evaluated for impairment $ 1,724 $ 1,025 $ 233 $ 1,474 $ 380 $ 75 $ 582 $ 180 $ 5,673 Loans: Ending balance $ 75,225 $ 149,227 $ 20,143 $ 385,467 $ 759,369 $ 45,729 $ 17,416 $ 10,488 $ 1,463,064 Ending balance: Individually evaluated for impairment $ 2,606 $ 458 $ - $ 1,532 $ - $ - $ 1,690 $ - $ 6,286 Ending balance: Collectively evaluated for impairment $ 72,619 $ 148,769 $ 20,143 $ 383,935 $ 759,369 $ 45,729 $ 15,726 $ 10,488 $ 1,456,778 December 31, 2017 Beginning balance $ 1,976 $ 737 $ 76 $ 1,994 $ 315 $ 32 $ 975 $ 227 $ 6,332 Charge-offs (1,171) - - (927) - - (109) - (2,207) Recoveries 19 - - 8 - - 24 - 51 Provision (credit) 2,321 383 60 420 50 25 (309) (30) 2,920 Ending balance $ 3,145 $ 1,120 $ 136 $ 1,495 $ 365 $ 57 $ 581 $ 197 $ 7,096 Ending balance: Individually evaluated for impairment $ 1,689 $ 225 $ - $ - $ - $ - $ - $ - $ 1,914 Ending balance: Collectively evaluated for impairment $ 1,456 $ 895 $ 136 $ 1,495 $ 365 $ 57 $ 581 $ 197 $ 5,182 Loans: Ending balance $ 70,379 $ 142,086 $ 16,740 $ 377,660 $ 730,462 $ 30,720 $ 14,133 $ 10,048 $ 1,392,228 Ending balance: Individually evaluated for impairment $ 2,858 $ 693 $ - $ 229 $ - $ - $ 1,695 $ - $ 5,475 Ending balance: Collectively evaluated for impairment $ 67,521 $ 141,393 $ 16,740 $ 377,431 $ 730,462 $ 30,720 $ 12,438 $ 10,048 $ 1,386,753 March 31, 2017 Beginning balance $ 1,976 $ 737 $ 76 $ 1,994 $ 315 $ 32 $ 975 $ 227 6,332 Charge-offs - - - (35) - - (12) - (47) Recoveries - - - - - - 9 - 9 Provision (credit) 1,096 151 38 (372) 15 10 100 (38) 1,000 Ending balance $ 3,072 $ 888 $ 114 $ 1,587 $ 330 $ 42 $ 1,072 $ 189 $ 7,294 Ending balance: Individually evaluated for impairment $ 1,569 $ 145 $ - $ 166 $ - $ - $ - $ - $ 1,880 Ending balance: Collectively evaluated for impairment $ 1,503 $ 743 $ 114 $ 1,421 $ 330 $ 42 $ 1,072 $ 189 $ 5,414 Loans: Ending balance $ 75,800 $ 114,703 $ 12,985 $ 363,172 $ 660,423 $ 12,443 $ 16,318 $ 8,283 $ 1,264,127 Ending balance: Individually evaluated for impairment $ 3,171 $ 908 $ - $ 684 $ - $ - $ 1,719 $ - $ 6,482 Ending balance: Collectively evaluated for impairment $ 72,629 $ 113,795 $ 12,985 $ 362,488 $ 660,423 $ 12,443 $ 14,599 $ 8,283 $ 1,257,645 The Company did no t have loans acquired with deteriorated credit quality at either March 31, 2018 or December 31, 201 7 . 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 March 31, 2018 past due past due or greater Non-accrual past due Current loans SBA non-real estate $ 658 $ - $ 268 $ 1,647 $ 2,573 $ 72,652 $ 75,225 SBA commercial mortgage - - - 458 458 148,769 149,227 SBA construction - - - - - 20,143 20,143 Direct lease financing 1,435 794 2,375 - 4,604 380,863 385,467 SBLOC 86 - - - 86 759,283 759,369 Other specialty lending - - - - - 45,729 45,729 Consumer - other - - - - - 8,329 8,329 Consumer - home equity 69 - - 1,411 1,480 7,607 9,087 Unamortized loan fees and costs - - - - - 10,488 10,488 $ 2,248 $ 794 $ 2,643 $ 3,516 $ 9,201 $ 1,453,863 $ 1,463,064 30-59 Days 60-89 Days 90 Days Total Total December 31, 2017 past due past due or greater Non-accrual past due Current loans SBA non-real estate $ 58 $ 268 $ - $ 1,889 $ 2,215 $ 68,164 $ 70,379 SBA commercial mortgage - - - 693 693 141,393 142,086 SBA construction - - - - - 16,740 16,740 Direct lease financing 3,789 2,233 227 - 6,249 371,411 377,660 SBLOC - - - - - 730,462 730,462 Other specialty lending - - - - - 30,720 30,720 Consumer - other - - - - - 4,482 4,482 Consumer - home equity 142 73 - 1,414 1,629 8,022 9,651 Unamortized loan fees and costs - - - - - 10,048 10,048 $ 3,989 $ 2,574 $ 227 $ 3,996 $ 10,786 $ 1,381,442 $ 1,392,228 The Company evaluates its loans under an internal loan risk rating system as a means of identifying problem loans. The following table provides information by credit risk rating indicator for each segment of the loan portfolio , excluding loans held for sale , at the dates indicated (in thousands): March 31, 2018 Pass Special mention Substandard Doubtful Loss Unrated subject to review * Unrated not subject to review * Total loans SBA non-real estate $ 66,000 $ 3,481 $ 3,588 $ - $ - $ 176 $ 1,980 $ 75,225 SBA commercial mortgage 142,845 276 458 - - 4,087 1,561 149,227 SBA construction 19,384 - 682 - - - 77 20,143 Direct lease financing 214,198 - 2,890 - - 5,132 163,247 385,467 SBLOC 370,497 - - - - 3,653 385,219 759,369 Other specialty lending 45,729 - - - - - - 45,729 Consumer 7,970 - 1,616 - - - 7,830 17,416 Unamortized loan fees and costs - - - - - - 10,488 10,488 $ 866,623 $ 3,757 $ 9,234 $ - $ - $ 13,048 $ 570,402 $ 1,463,064 December 31, 2017 SBA non-real estate $ 63,547 $ 3,392 $ 3,450 $ - $ - $ - $ (10) $ 70,379 SBA commercial mortgage 141,084 277 693 - - - 32 142,086 SBA construction 16,740 - - - - - - 16,740 Direct lease financing 204,906 - 2,895 - - 8,820 161,039 377,660 SBLOC 357,050 - - - - - 373,412 730,462 Other specialty lending 30,720 - - - - - - 30,720 Consumer 7,910 281 1,947 - - - 3,995 14,133 Unamortized loan fees and costs - - - - - - 10,048 10,048 $ 821,957 $ 3,950 $ 8,985 $ - $ - $ 8,820 $ 548,516 $ 1,392,228 * For information on targeted loan review thresholds see “Allowance for Loan Losses ” |
Transactions with Affiliates
Transactions with Affiliates | 3 Months Ended |
Mar. 31, 2018 | |
Transactions with Affiliates [Abstract] | |
Transactions with Affiliates | N ote 7. Transactions with Affiliates The Bank maintains deposits for various affiliated companies totaling approximately $2.2 million and $4.7 million as of March 31, 2018 and December 31, 201 7 , 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 lender . At March 31, 2018 , 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 amounted to $1.6 million at March 31, 2018 and $1.7 million at December 31, 2017. The Bank has periodically purchased securities under agreements to resell and engaged in other securities transactions through J.V.B. Financial Group, LLC (JVB), a broker dealer in which the Company’s Chairman is Chairman and has a minority interest. The Company’s Chairman also serves as the President of Cohen & Company Financial Limited (formerly Euro Dekania Management Ltd.), a wholly-owned subsidiary of Cohen & Company Inc. (formerly Institutional Financial Markets Inc.), the parent company of JVB . In 2018, the Company purchased $3.2 million of government guaranteed SBA loans for Community Reinvestment Act purposes from JVB. The Company purchased securities under agreements to resell through JVB primarily consisting of Government National Mortgage Association certificates which are full faith and credit obligations of the United States government issued at competitive rates. JVB was in compliance with all of the terms of the agreements at March 31, 2018 and had complied with all terms for all prior repurchase agreements. There were $64.3 million of repurchase agreements outstanding at March 31, 2018 and December 31, 201 7, 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 $812,000 a nd $1.0 million for legal services for the three months ended March 31, 2018 and March 31, 2017, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 8. Fair Value Measurements ASC 825, “ Financial Instruments ” , requires disclosure of the estimated fair value of an entity’s assets and liabilities considered to be financial instruments. For the Company, as for most financial institutions, the majority of its assets and liabilities are considered to be financial instruments. However, many 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 $575.2 million and $908.9 mi llion as of March 31, 2018 and December 31, 201 7 , 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 on an individual loan basis. The net loan portfolio at March 31, 2018 and December 31, 2017 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 March 31, 2018 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 held for sale are based on “unobservable inputs” that are based on available information. 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 March 31, 2018 , 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 ) : March 31, 2018 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 $ 1,381,020 $ 1,381,020 $ - $ 1,314,769 $ 66,251 Investment securities held-to-maturity 86,370 85,949 - 78,748 7,201 Securities purchased under agreements to resell 64,312 64,312 64,312 - - Federal Home Loan Bank and Atlantic Central Bankers Bank stock 991 991 - - 991 Commercial loans held for sale 349,806 349,806 - - 349,806 Loans, net of deferred loan fees and costs 1,463,064 1,461,268 - - 1,461,268 Investment in unconsolidated entity, senior note 70,016 70,016 - - 70,016 Assets held for sale 289,038 289,038 - - 289,038 Demand and interest checking 3,461,881 3,461,881 3,461,881 - - Savings and money market 493,288 493,288 493,288 - - Subordinated debentures 13,401 9,822 - - 9,822 Securities sold under agreements to repurchase 182 182 182 - - Interest rate swaps, asset 2,767 2,767 - 2,767 - December 31, 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 $ 1,294,484 $ 1,294,484 $ - $ 1,253,840 $ 40,644 Investment securities held-to-maturity 86,380 85,345 - 78,745 6,600 Securities purchased under agreements to resell 64,312 64,312 64,312 - - Federal Home Loan Bank and Atlantic Central Bankers Bank stock 991 991 - - 991 Commercial loans held for sale 503,316 503,316 - - 503,316 Loans, net of deferred loan fees and costs 1,392,228 1,391,701 - - 1,391,701 Investment in unconsolidated entity, senior note 74,473 74,473 - - 74,473 Assets held for sale 304,313 304,313 - - 304,313 Demand and interest checking 3,806,965 3,806,965 3,806,965 - - Savings and money market 453,877 453,877 453,877 - - Subordinated debentures 13,401 9,173 - - 9,173 Securities sold under agreements to repurchase 217 217 217 - - Interest rate swaps, asset 1,243 1,243 - 1,243 - 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 March 31, 2018 (Level 1) (Level 2) (Level 3) Investment securities available-for-sale U.S. Government agency securities $ 57,481 $ - $ 57,481 $ - Asset-backed securities 265,561 - 265,561 - Obligations of states and political subdivisions 70,927 - 70,927 - Residential mortgage-backed securities 420,841 - 420,841 - Collateralized mortgage obligation securities 288,162 - 288,162 - Commercial mortgage-backed securities 278,048 - 211,797 66,251 Total investment securities available-for-sale 1,381,020 - 1,314,769 66,251 Loans held for sale 349,806 - - 349,806 Investment in unconsolidated entity, senior note 70,016 - - 70,016 Interest rate swaps, asset 2,767 - 2,767 - $ 1,803,609 $ - $ 1,317,536 $ 486,073 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, 2017 (Level 1) (Level 2) (Level 3) Investment securities available-for-sale U.S. Government agency securities $ 49,902 $ - $ 49,902 $ - Asset-backed securities 270,085 - 270,085 - Obligations of states and political subdivisions 75,849 - 75,849 - Residential mortgage-backed securities 448,852 - 448,852 - Collateralized mortgage obligation securities 246,493 - 246,493 - Commercial mortgage-backed securities 203,303 - 162,659 40,644 Total investment securities available-for-sale 1,294,484 - 1,253,840 40,644 Loans held for sale 503,316 - - 503,316 Investment in unconsolidated entity, senior note 74,473 - - 74,473 Interest rate swaps, asset 1,243 - 1,243 - $ 1,873,516 $ - $ 1,255,083 $ 618,433 In addition, ASC 820 establishes a common definition for fair value to be applied to assets and liabilities. It clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a framework for measuring fair value and expands disclosures concerning fair value measurements. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Level 1 valuation is based on quoted market prices for identical assets or liabilities to which the Company has access at the measurement date. Level 2 valuation is based on other observable inputs for the asset or liability, either directly or indirectly. This includes quoted prices for similar assets in active or inactive markets, inputs other than quoted prices that are observable for the asset or liability such as yield curves, volatilities, prepayment speeds, credit risks, default rates, or inputs that are derived principally from, or corroborated through, observable market data by market-corroborated reports. Level 3 valuation is based on “unobservable inputs” which the Company believes is the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The changes in the Company’s Level 3 assets measured at fair value on a recurring basis, segregated by fair value hierarchy level, are summarized below (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-sale Commercial loans securities held for sale March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Beginning balance $ 40,644 $ - $ 503,316 $ 663,140 Transfers into level 3 - 19,441 - - Transfers out of level 3 - - - - Total gains or losses (realized/unrealized) Included in earnings - - 10,206 19,883 Included in other comprehensive loss (385) (497) - - Purchases, issuances, sales and settlements Purchases 28,365 24,112 Issuances - - 152,574 521,914 Sales - - (316,290) (701,621) Settlements (2,373) (2,412) - - Ending balance $ 66,251 $ 40,644 $ 349,806 $ 503,316 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. $ - $ - $ (1,406) $ 911 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in Assets unconsolidated entity held for sale March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Beginning balance $ 74,473 $ 126,930 $ 304,313 $ 360,711 Transfers into level 3 - - - - Transfers out of level 3 - - - - Total gains or losses (realized/unrealized) Included in earnings (1,171) (20) (960) 557 Included in other comprehensive income - - - - Purchases, issuances, sales, settlements and charge-offs Purchases - - - - Issuances - - 215 11,450 Sales - - - - Settlements (3,286) (52,437) (14,530) (52,450) Charge-offs - - - (15,955) Ending balance $ 70,016 $ 74,473 $ 289,038 $ 304,313 The amount of total 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. $ (1,171) $ (20) $ (960) $ (4,776) Fair value at Fair value at Level 3 instruments only March 31, 2018 December 31, 2017 Valuation techniques Unobservable inputs Range Investment securities available-for-sale $ 66,251 $ 40,644 Discounted cash flow Discount rate 5.46% - 9.61% Investment securities held-to-maturity 7,201 6,600 Discounted cash flow Discount rate 8.00% Federal Home Loan Bank and Atlantic 991 991 Cost N/A N/A Central Bankers Bank stock Loans, net of deferred loan fees and costs 1,461,268 1,391,701 Discounted cash flow Discount rate 3.67% - 7.20% Commercial loans held for sale 349,806 503,316 Discounted cash flow Discount rate 4.74% - 7.19% Investment in unconsolidated entity, 70,016 74,473 Discounted cash flow Discount rate 5.10% senior note Default rate 1.00% Assets held for sale 289,038 304,313 Discounted cash flow Discount rate 4.65% - 9.95% Subordinated debentures 9,822 9,173 Discounted cash flow Discount rate 8.08% 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) March 31, 2018 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 4,673 $ - $ - $ 4,673 Other real estate owned 405 - - 405 Intangible assets 4,995 - - 4,995 $ 10,073 $ - $ - $ 10,073 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, 2017 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 3,559 $ - $ - 3,559 Other real estate owned 450 - - 450 Intangible assets 5,377 - - 5,377 $ 9,386 $ - $ - $ 9,386 (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 March 31, 2018 , principal on impaired loans and troubled debt restructurings that is accounted for on the basis of the value of underlying collateral is shown at estimated fair value of $4.7 million. To arrive at that fair value, related loan principal of $6.3 million was reduced by specific reserves of $1.6 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 March 31, 2018 were eight troubled debt restructured loans with a balance of $3.0 million which had specific reserves of $574,000 . Valuation techniques consistent with the market and/or cost approach were used to measure fair value and primarily included observable inputs for the individual impaired loans being evaluated such as recent sales of similar assets or observable market data for operational or carrying costs. In cases where such inputs were unobservable, the loan balance is reflected within the Level 3 hierarchy. The fair value of other real estate owned is based on an appraisal of the property using the market approach for valuation. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2018 | |
Derivatives [Abstract] | |
Derivatives | Note 9. Derivatives The Company utilizes derivative instruments to assist in the management of interest rate sensitivity by modifying the repricing, maturity and option characteristics on commercial real estate loans held for sale. These instruments are not accounted for as hedges. As of March 31, 2018, 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 gain of $1.5 million for the three months ended March 31, 2018 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 $2.8 million at March 31, 2018 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 $251,000 as of March 31, 2018. The maturity dates, notional amounts, interest rates paid and received and fair value of the Company’s remaining interest rate swap agreements as of March 31, 2018 are summarized below ( dollars in thousands): March 31, 2018 Maturity date Notional amount Interest rate paid Interest rate received Fair value August 4, 2021 $ 10,300 1.12% 1.79% $ 503 August 17, 2025 2,500 2.27% 1.88% 77 August 17, 2025 2,500 2.27% 1.88% 77 December 11, 2025 2,400 2.14% 2.07% 100 December 23, 2025 6,800 2.16% 2.27% 279 December 24, 2025 8,200 2.17% 2.29% 327 January 28, 2026 3,000 1.87% 1.76% 185 July 20, 2026 6,300 1.44% 1.75% 616 December 12, 2026 3,200 2.26% 2.07% 122 January 4, 2027 10,100 2.35% 1.70% 324 April 27, 2027 4,400 2.32% 1.76% 157 Total $ 59,700 $ 2,767 |
Other Identifiable Intangible A
Other Identifiable Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
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 ( $492,000 over the remainder of the amortization period). The gross carrying amount of the software is $1.8 million, and as of March 31, 2018 , 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 ( $1.8 million over the remainder of the amortization period). The gross carrying amount of the customer list intangible is $12.0 million, and as of March 31, 2018 , the accumulated amortization was $10.2 million. 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 March 31, 2018, the accumulated amortization was $653,000 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
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 conforming to U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate and construction industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this, the standard requires five basic steps: (i) identify the contract with the customer ; (ii) identify the performance obligations in the contract ; (iii) identify the transaction price ; (iv) allocate the transaction price to the performance obligations in the contract ; (v) recognize revenue when (or as) the entity satisfies the performance obligation. Three basic transition methods are available: full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. Under the cumulative effect alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. The guidance in this ASU is effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2017. Our payments business contracts encompass our services which are performed, and earned on a daily or monthly basis; accordingly, these contracts with various third parties generally do not entail significant amounts of deferred revenues. These services consist of reconciliation, fraud detection, regulatory compliance and other services which are performed and earned daily or monthly , and are also billed and collected on a monthly basis. Accordingly, there is no significant component of the services we perform or related revenues which are deferred. We have nonetheless reviewed a significant number of such contracts for prepaid card accounts, merchant acquiring (processing card payments for merchants) and automated clearing house, or ACH , for any potentially significant ramifications of the guidance. We also reviewed other non-interest income producing categories of the Company which include service fees on deposit accounts, gains and losses on other real estate owned, gains and losses on the sale of loans and others. Additionally, the standard does not apply to revenue from loans, securities and other financial instruments. Based upon the nature of our businesses and the reviews we have performed to ascertain potential applicability, the adoption of this standard in the first quarter of 2018 did not have a significant impact on our consolidated results of operations or our consolidated financial position. In January 2016, the FASB issued Subtopic 825-10, “Financial Instruments-Overall” Recognition and Measurement of Financial Assets and Financial Liabilities”. The main provisions of the guidance include, (i) the measurement of most equity investments at fair value with changes in fair value recorded through net income, except those accounted for under the equity method of accounting, or those that do not have a readily determinable fair value (for which a practical expedient can be elected); (ii) the required use of the exit price notion when valuing financial instruments for disclosure purposes; (iii) the separate presentation in other comprehensive income of the instrument-specific credit risk portion of the total change in the fair value of a liability under the fair value option; (iv) the determination of the need for a valuation allowance on a deferred tax asset related to available for sale securities must be made in combination with other deferred tax assets. The guidance eliminates the current classifications of equity securities as trading or available for sale securities and will require separate presentation of financial assets and liabilities by category and form of the financial assets on the face of the balance sheet or within the accompanying notes. The guidance also eliminates the requirement to disclose the methods and significant assumptions used to estimate fair value of financial instruments measured at amortized cost on the balance sheet. The Company adopted this guidance in the first quarter of 2018. The adoption did not have a material impact on our consolidated financial statements. 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 (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The Update simplifies several areas of accounting for share-based payment awards issued to employees. There are income tax effects resulting from changes in stock price from the grant date to the vesting date of the employee stock compensation. The Update will require these income tax effects to be recognized in the statement of income within income tax expense instead of within additional paid-in capital. In addition, the Update requires changes to the Statement of Cash Flows including the classification between the operating and financing section for tax activity related to employee stock compensation. The Company adopted the guidance in the first quarter of 2017, and the adoption has not had a material impact . In June 2016, the FASB issued an update ASU 2016-13 – “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The Update changes the accounting for credit losses on loans and debt securities. For loans and held-to-maturity debt securities, the Update requires a current expected credit loss (CECL) approach to determine the allowance for credit losses. CECL requires loss estimates for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts. Also, the Update eliminates the existing guidance for purchased credit impaired loans, but requires an allowance for purchased financial assets with more than insignificant deterioration since origination. In addition, the Update modifies the OTTI 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 based on improvements in credit. The guidance is effective in first quarter 2020 with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. While early adoption is permitted beginning in first quarter 2019, the Company does not expect to elect that option. The Company is evaluating the impact of the Update on the consolidated financial statements. The Company expects the Update will result in an increase in the allowance for credit losses given the change to estimated losses over the contractual life adjusted for expected prepayments, as well as the addition of an allowance for debt securities. The amount of the increase will be impacted by the portfolio composition and credit quality at the adoption date as well as economic conditions and forecasts at that time. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act (the “2017 Act”). This guidance provided registrants with three scenarios : 1) Measurement of certain income tax effects is complete, 2) Measurement of certain income tax effects can be reasonably estimated , and 3) Measurement of certain income tax effects cannot be reasonably estimated. The Company has acted in good faith to estimate the effects of the 2017 Act. The results have been recognized and were reflected in the tax accounts in the 2017 year end financial statements. In February 2018, the FASB issued ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220); Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”. ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendment eliminates the stranded tax effect resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. ASU 2018-02 is effective for financial statements issued for annual periods beginning after December 15, 2018. The Company early adopted ASU 2018-02. The effect of this adoption was a reclassification of $812,000 from accumulated other comprehensive income to retained earnings on the Company’s December 31, 2017 consolidated financial statements. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2018 | |
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 March 15, 2018. Future payments are subject to future approval by the Federal Reserve. The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification of the Company and the Bank are also subject to qualitative judgments by the regulators about components, risk weightings and other factors . |
Legal
Legal | 3 Months Ended |
Mar. 31, 2018 | |
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, June 30, 2014 and September 30, 2014, which restatement was filed with the SEC on September 28, 2015, and the facts and circumstances underlying the restatement. The Company is cooperating fully with the SEC's investigation. The costs to respond to the subpoena and cooperate with the SEC's investigation have been material and we expect such costs to continue to be material at least through the completion of the SEC’s investigation. On June 30, 2016, the Company received written notice from the Internal Revenue Service that it will be conducting an audit of the Company's tax returns for the tax years 2011, 2012, 2013 and 2014. The audit is in process. In addition, the Company is a party to various routine legal proceedings arising out of the ordinary course of its business. The Company believes that none of these actions, individually or in the aggregate, will have a material adverse effect on our financial condition or operations. |
Segment Financials
Segment Financials | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 22,813 $ - $ 12,494 $ - $ 35,307 Interest allocation - 12,494 (12,494) - - Interest expense 928 3,902 403 - 5,233 Net interest income (loss) 21,885 8,592 (403) - 30,074 Provision for loan and lease losses 700 - - - 700 Non-interest income 12,710 16,354 31 - 29,095 Non-interest expense 15,140 16,194 7,715 - 39,049 Income (loss) from continuing operations before taxes 18,755 8,752 (8,087) - 19,420 Income tax expense - - 5,399 - 5,399 Income (loss) from continuing operations 18,755 8,752 (13,486) - 14,021 Income from discontinued operations - - - 119 119 Net income (loss) $ 18,755 $ 8,752 $ (13,486) $ 119 $ 14,140 For the three months ended March 31, 2017 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 17,929 $ - $ 10,520 $ - $ 28,449 Interest allocation - 10,520 (10,520) - - Interest expense 966 2,364 242 - 3,572 Net interest income (loss) 16,963 8,156 (242) - 24,877 Provision for loan and lease losses 1,000 - - - 1,000 Non-interest income 7,440 16,640 139 - 24,219 Non-interest expense 13,674 19,647 4,463 - 37,783 Income (loss) from continuing operations before taxes 9,729 5,149 (4,565) - 10,313 Income tax expense - - 4,011 - 4,011 Income (loss) from continuing operations 9,729 5,149 (8,576) - 6,302 Income from discontinued operations - - - 1,661 1,661 Net income (loss) $ 9,729 $ 5,149 $ (8,576) $ 1,661 $ 7,963 March 31, 2018 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,767,877 $ 38,517 $ 2,273,668 $ 289,038 $ 4,369,100 Total liabilities $ 684,286 $ 3,089,032 $ 265,890 $ - $ 4,039,208 December 31, 2017 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,865,572 $ 29,615 $ 2,508,647 $ 304,313 $ 4,708,147 Total liabilities $ 653,952 $ 3,371,730 $ 358,316 $ - $ 4,383,998 |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2018 | |
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 from discontinued operations for the three months ended March 31, 2018 and 201 7 (in thousands) . For the three months ended March 31, 2018 2017 Interest income $ 2,527 $ 3,361 Interest expense - - Provision for loan and lease losses - - Net interest income after provision 2,527 3,361 Non-interest income 364 106 Non-interest expense 2,735 800 Income before taxes 156 2,667 Income tax provision 37 1,006 Net income $ 119 $ 1,661 March 31, December 31, 2018 2017 Loans, net $ 253,523 $ 270,050 Other real estate owned 35,515 34,262 Total assets $ 289,038 $ 304,313 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 and internal loan review analysis. 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 , $ 289.0 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 $70.0 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 | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16. Subsequent Events The Company evaluated its March 31, 2018 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) | 3 Months Ended |
Mar. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation The financial statements of the Company, as of March 31, 2018 and for the three month periods ended March 31, 2018 and 2017, 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, 2017 (2017 Form 10-K Report). The results of operations for the three month period ended March 31, 2018 may not necessarily be indicative of the results of operations for the full year ending December 31, 2018. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when the performance obligations related to the transfer of goods or services under the terms of a contract are satisfied. Some obligations are satisfied at a point in time while others are satisfied over a period of time. Revenue is recognized as the amount of consideration to which the Company expects to be entitled to in exchange for transferring goods or services to a customer. When consideration includes a variable component, the amount of consideration attributable to variability is included in the transaction price only to the extent it is probable that significant revenue recognized will not be reversed when uncertainty associated with the variable consideration is subsequently resolved. The Company’s contracts generally do not contain terms that require significant judgement to determine the variability impacting the transaction price. A performance obligation is deemed satisfied when the control over goods or services is transferred to the customer. Control is transferred to a customer either at a point in time or over time. To determine when control is transferred at a point in time, the Company considers indicators, including but not limited to the right to payment for the asset, transfer of significant risk and rewards of ownership of the asset and acceptance of the asset by the customer. When control is transferred over a period of time, for different performance obligations, either the input or output method is used to measure progress for the transfer. The measure of progress used to assess completion of the performance obligation varies between performance obligations and may be based on time throughout the period of service or on the value of goods and services transferred to the customer. As each distinct service or activity is performed, the Company transfers control to the customer based on the services performed as the customer simultaneously receives the benefits of those services. This timing of revenue recognition aligns with the resolution of any uncertainty related to variable consideration. Costs incurred to obtain a revenue producing contract generally are expensed when incurred as a practical expedient as the contractual period for the majority of contracts is one year or less. The Company’s revenue streams that are in scope include prepaid card, card payment, ACH and deposit processing and other fees. The fees on those revenue streams are generally assessed and collected as the transaction occurs, or on a monthly or quarterly basis. The Company has completed its review of the contracts and other agreements that are within scope of revenue guidance and did not identify any material changes to the timing or amount of revenue recognition. The Company’s accounting policies did not change materially since the principles of revenue recognition in the ASU are largely consistent with current practices applied by the Company. The vast majority of the Company’s services related to its revenues are performed, earned and recognized monthly. Prepaid card fees primarily include fees for services related to reconciliation, fraud detection, regulatory compliance and other services which are performed and earned daily or monthly and are also billed and collected on a monthly basis. Accordingly, there is no significant component of the services the Company performs or related revenues which are deferred. The Company earns transactional and/or interchange fees on prepaid card accounts when transactions occur and revenue is billed and collected monthly or quarterly. Certain volume or transaction based interchange expenses paid to payment networks such as Visa, reduce revenue which is presented net on the income statement. Card payment and ACH processing fees include transaction fees earned for processing merchant transactions. Revenue is recognized when a cardholder’s transaction is approved and settled, or monthly. ACH processing fees are earned on a per item basis as the transactions are processed for third party clients and are also billed and collected monthly. Service charges on deposit accounts include fees and other charges the Company receives to provide various services, including but not limited to, account maintenance, check writing, wire transfer and other services normally associated with deposit accounts. Revenue for these services is recognized monthly as the services are performed. The Company’s customer contracts do not typically have performance obligations and fees are collected and earned when the transaction occurs. The Company may, from time to time, waive certain fees for customers but generally does not reduce the transaction price to reflect variability for future reversals due to the insignificance of the amounts. Waiver of fees reduces the revenue in the period the waiver is granted to the customer |
Recent Accounting Pronounceme25
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Recent Accounting Pronouncements [Abstract] | |
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 conforming to U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate and construction industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this, the standard requires five basic steps: (i) identify the contract with the customer ; (ii) identify the performance obligations in the contract ; (iii) identify the transaction price ; (iv) allocate the transaction price to the performance obligations in the contract ; (v) recognize revenue when (or as) the entity satisfies the performance obligation. Three basic transition methods are available: full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. Under the cumulative effect alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. The guidance in this ASU is effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2017. Our payments business contracts encompass our services which are performed, and earned on a daily or monthly basis; accordingly, these contracts with various third parties generally do not entail significant amounts of deferred revenues. These services consist of reconciliation, fraud detection, regulatory compliance and other services which are performed and earned daily or monthly , and are also billed and collected on a monthly basis. Accordingly, there is no significant component of the services we perform or related revenues which are deferred. We have nonetheless reviewed a significant number of such contracts for prepaid card accounts, merchant acquiring (processing card payments for merchants) and automated clearing house, or ACH , for any potentially significant ramifications of the guidance. We also reviewed other non-interest income producing categories of the Company which include service fees on deposit accounts, gains and losses on other real estate owned, gains and losses on the sale of loans and others. Additionally, the standard does not apply to revenue from loans, securities and other financial instruments. Based upon the nature of our businesses and the reviews we have performed to ascertain potential applicability, the adoption of this standard in the first quarter of 2018 did not have a significant impact on our consolidated results of operations or our consolidated financial position. In January 2016, the FASB issued Subtopic 825-10, “Financial Instruments-Overall” Recognition and Measurement of Financial Assets and Financial Liabilities”. The main provisions of the guidance include, (i) the measurement of most equity investments at fair value with changes in fair value recorded through net income, except those accounted for under the equity method of accounting, or those that do not have a readily determinable fair value (for which a practical expedient can be elected); (ii) the required use of the exit price notion when valuing financial instruments for disclosure purposes; (iii) the separate presentation in other comprehensive income of the instrument-specific credit risk portion of the total change in the fair value of a liability under the fair value option; (iv) the determination of the need for a valuation allowance on a deferred tax asset related to available for sale securities must be made in combination with other deferred tax assets. The guidance eliminates the current classifications of equity securities as trading or available for sale securities and will require separate presentation of financial assets and liabilities by category and form of the financial assets on the face of the balance sheet or within the accompanying notes. The guidance also eliminates the requirement to disclose the methods and significant assumptions used to estimate fair value of financial instruments measured at amortized cost on the balance sheet. The Company adopted this guidance in the first quarter of 2018. The adoption did not have a material impact on our consolidated financial statements. 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 (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The Update simplifies several areas of accounting for share-based payment awards issued to employees. There are income tax effects resulting from changes in stock price from the grant date to the vesting date of the employee stock compensation. The Update will require these income tax effects to be recognized in the statement of income within income tax expense instead of within additional paid-in capital. In addition, the Update requires changes to the Statement of Cash Flows including the classification between the operating and financing section for tax activity related to employee stock compensation. The Company adopted the guidance in the first quarter of 2017, and the adoption has not had a material impact . In June 2016, the FASB issued an update ASU 2016-13 – “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The Update changes the accounting for credit losses on loans and debt securities. For loans and held-to-maturity debt securities, the Update requires a current expected credit loss (CECL) approach to determine the allowance for credit losses. CECL requires loss estimates for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts. Also, the Update eliminates the existing guidance for purchased credit impaired loans, but requires an allowance for purchased financial assets with more than insignificant deterioration since origination. In addition, the Update modifies the OTTI 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 based on improvements in credit. The guidance is effective in first quarter 2020 with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. While early adoption is permitted beginning in first quarter 2019, the Company does not expect to elect that option. The Company is evaluating the impact of the Update on the consolidated financial statements. The Company expects the Update will result in an increase in the allowance for credit losses given the change to estimated losses over the contractual life adjusted for expected prepayments, as well as the addition of an allowance for debt securities. The amount of the increase will be impacted by the portfolio composition and credit quality at the adoption date as well as economic conditions and forecasts at that time. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act (the “2017 Act”). This guidance provided registrants with three scenarios : 1) Measurement of certain income tax effects is complete, 2) Measurement of certain income tax effects can be reasonably estimated , and 3) Measurement of certain income tax effects cannot be reasonably estimated. The Company has acted in good faith to estimate the effects of the 2017 Act. The results have been recognized and were reflected in the tax accounts in the 2017 year end financial statements. In February 2018, the FASB issued ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220); Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”. ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendment eliminates the stranded tax effect resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. ASU 2018-02 is effective for financial statements issued for annual periods beginning after December 15, 2018. The Company early adopted ASU 2018-02. The effect of this adoption was a reclassification of $812,000 from accumulated other comprehensive income to retained earnings on the Company’s December 31, 2017 consolidated financial statements. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 1,452,625 $ 8.30 4.64 $ - Granted - - - - Exercised (15,000) 9.13 - - Expired - - - - Forfeited - - - - Outstanding at March 31, 2018 1,437,625 $ 8.29 4.40 $ 3,608,029 Exercisable at March 31, 2018 1,201,375 $ 8.56 3.67 $ 2,685,754 |
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, 2018 1,264,454 $ 5.49 1.67 Granted - - Vested (433,344) 4.94 Forfeited - - Outstanding at March 31, 2018 831,110 $ 5.78 1.64 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | For the three months ended March 31, 2018 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 $ 14,021 56,141,830 $ 0.25 Effect of dilutive securities Common stock options - 881,291 - Diluted earnings per share Net earnings available to common shareholders $ 14,021 57,023,121 $ 0.25 For the three months ended March 31, 2018 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 $ 119 56,141,830 $ - Effect of dilutive securities Common stock options - 881,291 - Diluted earnings per share Net earnings available to common shareholders $ 119 57,023,121 $ - For the three months ended March 31, 2018 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 $ 14,140 56,141,830 $ 0.25 Effect of dilutive securities Common stock options - 881,291 - Diluted earnings per share Net earnings available to common shareholders $ 14,140 57,023,121 $ 0.25 Stock options for 1 ,437,625 shares, exercisable at prices between $6.75 and $10.45 per share, were outstanding at March 31, 2018 , and included in the dilutive shares because the exercise price per share was less than the average market price. For the three months ended March 31, 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 $ 6,302 55,534,279 $ 0.11 Effect of dilutive securities Common stock options - 218,217 - Diluted earnings per share Net earnings available to common shareholders $ 6,302 55,752,496 $ 0.11 For the three months ended March 31, 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 $ 1,661 55,534,279 $ 0.03 Effect of dilutive securities Common stock options - 218,217 - Diluted earnings per share Net earnings available to common shareholders $ 1,661 55,752,496 $ 0.03 For the three months ended March 31, 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 $ 7,963 55,534,279 $ 0.14 Effect of dilutive securities Common stock options - 218,217 - Diluted earnings per share Net earnings available to common shareholders $ 7,963 55,752,496 $ 0.14 Stock options for 2,019,125 shares, exercisable at prices between $6.75 and $25.43 per share, were outstanding at March 31, 2017 but were not included in dilutive shares because the exercise price per share was less than the average market price . |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investment Securities [Abstract] | |
Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity | Available-for-sale March 31, 2018 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 58,376 $ 3 $ (898) $ 57,481 Asset-backed securities * 264,753 1,237 (429) 265,561 Tax-exempt obligations of states and political subdivisions 9,894 50 (67) 9,877 Taxable obligations of states and political subdivisions 60,850 964 (764) 61,050 Residential mortgage-backed securities 429,891 597 (9,647) 420,841 Collateralized mortgage obligation securities 292,802 146 (4,786) 288,162 Commercial mortgage-backed securities 282,416 4 (4,372) 278,048 $ 1,398,982 $ 3,001 $ (20,963) $ 1,381,020 March 31, 2018 Gross Gross Amortized unrealized unrealized Fair * Asset-backed securities as shown above cost gains losses value Federally insured student loan securities $ 86,515 $ 183 $ (429) $ 86,269 Collateralized loan obligation securities 170,843 1,015 - 171,858 Other 7,395 39 - 7,434 $ 264,753 $ 1,237 $ (429) $ 265,561 Held-to-maturity March 31, 2018 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 11,046 $ 94 $ (1,928) $ 9,212 Other debt securities - pooled 75,324 1,413 - 76,737 $ 86,370 $ 1,507 $ (1,928) $ 85,949 Available-for-sale December 31, 2017 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 50,107 $ 21 $ (226) $ 49,902 Asset-backed securities * 269,164 1,196 (275) 270,085 Tax-exempt obligations of states and political subdivisions 9,893 131 (36) 9,988 Taxable obligations of states and political subdivisions 64,739 1,377 (255) 65,861 Residential mortgage-backed securities 452,723 727 (4,598) 448,852 Collateralized mortgage obligation securities 248,663 148 (2,318) 246,493 Commercial mortgage-backed securities 204,469 585 (1,751) 203,303 $ 1,299,758 $ 4,185 $ (9,459) $ 1,294,484 December 31, 2017 Gross Gross Amortized unrealized unrealized Fair * Asset-backed securities as shown above cost gains losses value Federally insured student loan securities $ 90,140 $ 271 $ (270) $ 90,141 Collateralized loan obligation securities 170,825 880 (5) 171,700 Other 8,199 45 - 8,244 $ 269,164 $ 1,196 $ (275) $ 270,085 Held-to-maturity December 31, 2017 Gross Gross Amortized unrealized unrealized Fair cost gains losses value Other debt securities - single issuers $ 11,031 $ 105 $ (2,516) $ 8,620 Other debt securities - pooled 75,349 1,376 - 76,725 $ 86,380 $ 1,481 $ (2,516) $ 85,345 |
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 $ 1,998 $ 1,994 $ - $ - Due after one year through five years 41,475 41,204 - - Due after five years through ten years 317,468 311,934 - - Due after ten years 1,038,041 1,025,888 86,370 85,949 $ 1,398,982 $ 1,381,020 $ 86,370 $ 85,949 |
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 11 $ 56,423 $ (898) $ - $ - $ 56,423 $ (898) Asset-backed securities 11 18,631 (65) 36,637 (364) 55,268 (429) Tax-exempt obligations of states and political subdivisions 4 2,982 (18) 1,111 (49) 4,093 (67) Taxable obligations of states and political subdivisions 23 36,376 (636) 3,056 (128) 39,432 (764) Residential mortgage-backed securities 122 245,285 (4,632) 137,063 (5,015) 382,348 (9,647) Collateralized mortgage obligation securities 45 161,315 (2,742) 59,657 (2,044) 220,972 (4,786) Commercial mortgage-backed securities 28 253,799 (4,246) 3,133 (126) 256,932 (4,372) Total temporarily impaired investment securities 244 $ 774,811 $ (13,237) $ 240,657 $ (7,726) $ 1,015,468 $ (20,963) 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 $ - $ - $ 7,201 $ (1,928) $ 7,201 $ (1,928) Total temporarily impaired investment securities 1 $ - $ - $ 7,201 $ (1,928) $ 7,201 $ (1,928) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 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 9 $ 44,808 $ (226) $ - $ - $ 44,808 $ (226) Asset-backed securities 8 11,264 (6) 37,894 (269) 49,158 (275) Tax-exempt obligations of states and political subdivisions 5 3,982 (19) 1,143 (17) 5,125 (36) Taxable obligations of states and political subdivisions 15 22,231 (181) 2,853 (74) 25,084 (255) Residential mortgage-backed securities 116 249,572 (1,771) 125,096 (2,827) 374,668 (4,598) Collateralized mortgage obligation securities 41 148,655 (921) 63,274 (1,397) 211,929 (2,318) Commercial mortgage-backed securities 16 150,530 (1,681) 3,299 (70) 153,829 (1,751) Total temporarily impaired investment securities 210 $ 631,042 $ (4,805) $ 233,559 $ (4,654) $ 864,601 $ (9,459) 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 $ - $ - $ 6,600 $ (2,516) $ 6,600 $ (2,516) Total temporarily impaired investment securities 1 $ - $ - $ 6,600 $ (2,516) $ 6,600 $ (2,516) |
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 $ 1,916 $ 2,010 $ 94 Not rated Security B 9,129 7,201 (1,928) Not rated Class: All of the above are trust preferred securities. |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Loans [Abstract] | |
Major Classifications Of Loans | March 31, December 31, 2018 2017 SBA non-real estate $ 75,225 $ 70,379 SBA commercial mortgage 149,227 142,086 SBA construction 20,143 16,740 SBA loans * 244,595 229,205 Direct lease financing 385,467 377,660 SBLOC 759,369 730,462 Other specialty lending 45,729 30,720 Other consumer loans 17,416 14,133 1,452,576 1,382,180 Unamortized loan fees and costs 10,488 10,048 Total loans, net of deferred loan fees and costs $ 1,463,064 $ 1,392,228 |
Schedule Of Small Business Administation Loans And Held For Sale | March 31, December 31, 2018 2017 SBA loans, including deferred fees and costs $ 252,457 $ 236,724 SBA loans included in held for sale 172,030 165,177 Total SBA loans $ 424,487 $ 401,901 |
Impaired Loans | Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized March 31, 2018 Without an allowance recorded SBA non-real estate $ 652 $ 1,204 $ - $ 555 $ - SBA commercial mortgage - 83 - - - Direct lease financing 526 637 - 378 - Consumer - other - - - - - Consumer - home equity 1,690 1,690 - 1,692 - With an allowance recorded - SBA non-real estate 1,954 1,954 1,464 2,177 - SBA commercial mortgage 458 458 74 575 - Direct lease financing 1,006 1,006 74 503 - Consumer - other - - - - - Consumer - home equity - - - - - Total SBA non-real estate 2,606 3,158 1,464 2,732 - SBA commercial mortgage 458 541 74 575 - Direct lease financing 1,532 1,643 74 881 - Consumer - other - - - - - Consumer - home equity 1,690 1,690 - 1,692 - $ 6,286 $ 7,032 $ 1,612 $ 5,880 $ - December 31, 2017 Without an allowance recorded SBA non-real estate $ 459 $ 1,286 $ - $ 311 $ - SBA commercial mortgage - - - - - Direct lease financing 229 341 - 103 - Consumer - other - - - 259 - Consumer - home equity 1,695 1,695 - 1,712 - With an allowance recorded SBA non-real estate 2,399 2,399 1,689 2,507 - SBA commercial mortgage 693 693 225 747 - Direct lease financing - - - 405 - Consumer - other - - - 14 - Consumer - home equity - - - - - Total SBA non-real estate 2,858 3,685 1,689 2,818 - SBA commercial mortgage 693 693 225 747 - Direct lease financing 229 341 - 508 - Consumer - other - - - 273 - Consumer - home equity 1,695 1,695 - 1,712 - $ 5,475 $ 6,414 $ 1,914 $ 6,058 $ - |
Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category | March 31, December 31, 2018 2017 Non-accrual loans SBA non-real estate $ 1,647 $ 1,889 SBA commercial mortgage 458 693 Consumer 1,411 1,414 Total non-accrual loans 3,516 3,996 Loans past due 90 days or more 2,643 227 Total non-performing loans 6,159 4,223 Other real estate owned 405 450 Total non-performing assets $ 6,564 $ 4,673 |
Loans Modified And Considered Troubled Debt Restructurings | March 31, 2018 December 31, 2017 Number Pre-modification recorded investment Post-modification recorded investment Number Pre-modification recorded investment Post-modification recorded investment SBA non-real estate 3 $ 959 $ 959 5 $ 1,476 $ 1,476 Direct lease financing 3 1,532 1,532 1 230 230 Consumer 2 530 530 2 535 535 Total 8 $ 3,021 $ 3,021 8 $ 2,241 $ 2,241 |
Loans Modified As Troubled Debt Restructurings | March 31, 2018 December 31, 2017 Adjusted interest rate Extended maturity Combined rate and maturity Adjusted interest rate Extended maturity Combined rate and maturity SBA non-real estate $ - $ 108 $ 851 $ - $ 115 $ 1,361 Direct lease financing - 1,006 526 - - 230 Consumer - - 530 - - 535 Total $ - $ 1,114 $ 1,907 $ - $ 115 $ 2,126 |
Summary Of Restructured Loans Within The Last Twelve Months That Have Subsequently Defaulted | Number Pre-modification recorded investment SBA non-real estate 1 $ 185 Total 1 $ 185 |
Changes In Allowance For Loan And Lease Losses By Loan Category | SBA non-real estate SBA commercial mortgage SBA construction Direct lease financing SBLOC Other specialty lending Other consumer loans Unallocated Total March 31, 2018 Beginning balance $ 3,145 $ 1,120 $ 136 $ 1,495 $ 365 $ 57 $ 581 $ 197 $ 7,096 Charge-offs (388) (157) - (56) - - (14) - (615) Recoveries 40 6 - 58 - - - - 104 Provision (credit) 391 130 97 (23) 15 92 15 (17) 700 Ending balance $ 3,188 $ 1,099 $ 233 $ 1,474 $ 380 $ 149 $ 582 $ 180 $ 7,285 Ending balance: Individually evaluated for impairment $ 1,464 $ 74 $ - $ - $ - $ 74 $ - $ - $ 1,612 Ending balance: Collectively evaluated for impairment $ 1,724 $ 1,025 $ 233 $ 1,474 $ 380 $ 75 $ 582 $ 180 $ 5,673 Loans: Ending balance $ 75,225 $ 149,227 $ 20,143 $ 385,467 $ 759,369 $ 45,729 $ 17,416 $ 10,488 $ 1,463,064 Ending balance: Individually evaluated for impairment $ 2,606 $ 458 $ - $ 1,532 $ - $ - $ 1,690 $ - $ 6,286 Ending balance: Collectively evaluated for impairment $ 72,619 $ 148,769 $ 20,143 $ 383,935 $ 759,369 $ 45,729 $ 15,726 $ 10,488 $ 1,456,778 December 31, 2017 Beginning balance $ 1,976 $ 737 $ 76 $ 1,994 $ 315 $ 32 $ 975 $ 227 $ 6,332 Charge-offs (1,171) - - (927) - - (109) - (2,207) Recoveries 19 - - 8 - - 24 - 51 Provision (credit) 2,321 383 60 420 50 25 (309) (30) 2,920 Ending balance $ 3,145 $ 1,120 $ 136 $ 1,495 $ 365 $ 57 $ 581 $ 197 $ 7,096 Ending balance: Individually evaluated for impairment $ 1,689 $ 225 $ - $ - $ - $ - $ - $ - $ 1,914 Ending balance: Collectively evaluated for impairment $ 1,456 $ 895 $ 136 $ 1,495 $ 365 $ 57 $ 581 $ 197 $ 5,182 Loans: Ending balance $ 70,379 $ 142,086 $ 16,740 $ 377,660 $ 730,462 $ 30,720 $ 14,133 $ 10,048 $ 1,392,228 Ending balance: Individually evaluated for impairment $ 2,858 $ 693 $ - $ 229 $ - $ - $ 1,695 $ - $ 5,475 Ending balance: Collectively evaluated for impairment $ 67,521 $ 141,393 $ 16,740 $ 377,431 $ 730,462 $ 30,720 $ 12,438 $ 10,048 $ 1,386,753 March 31, 2017 Beginning balance $ 1,976 $ 737 $ 76 $ 1,994 $ 315 $ 32 $ 975 $ 227 6,332 Charge-offs - - - (35) - - (12) - (47) Recoveries - - - - - - 9 - 9 Provision (credit) 1,096 151 38 (372) 15 10 100 (38) 1,000 Ending balance $ 3,072 $ 888 $ 114 $ 1,587 $ 330 $ 42 $ 1,072 $ 189 $ 7,294 Ending balance: Individually evaluated for impairment $ 1,569 $ 145 $ - $ 166 $ - $ - $ - $ - $ 1,880 Ending balance: Collectively evaluated for impairment $ 1,503 $ 743 $ 114 $ 1,421 $ 330 $ 42 $ 1,072 $ 189 $ 5,414 Loans: Ending balance $ 75,800 $ 114,703 $ 12,985 $ 363,172 $ 660,423 $ 12,443 $ 16,318 $ 8,283 $ 1,264,127 Ending balance: Individually evaluated for impairment $ 3,171 $ 908 $ - $ 684 $ - $ - $ 1,719 $ - $ 6,482 Ending balance: Collectively evaluated for impairment $ 72,629 $ 113,795 $ 12,985 $ 362,488 $ 660,423 $ 12,443 $ 14,599 $ 8,283 $ 1,257,645 |
Delinquent Loans By Loan Category | 30-59 Days 60-89 Days 90 Days Total Total March 31, 2018 past due past due or greater Non-accrual past due Current loans SBA non-real estate $ 658 $ - $ 268 $ 1,647 $ 2,573 $ 72,652 $ 75,225 SBA commercial mortgage - - - 458 458 148,769 149,227 SBA construction - - - - - 20,143 20,143 Direct lease financing 1,435 794 2,375 - 4,604 380,863 385,467 SBLOC 86 - - - 86 759,283 759,369 Other specialty lending - - - - - 45,729 45,729 Consumer - other - - - - - 8,329 8,329 Consumer - home equity 69 - - 1,411 1,480 7,607 9,087 Unamortized loan fees and costs - - - - - 10,488 10,488 $ 2,248 $ 794 $ 2,643 $ 3,516 $ 9,201 $ 1,453,863 $ 1,463,064 30-59 Days 60-89 Days 90 Days Total Total December 31, 2017 past due past due or greater Non-accrual past due Current loans SBA non-real estate $ 58 $ 268 $ - $ 1,889 $ 2,215 $ 68,164 $ 70,379 SBA commercial mortgage - - - 693 693 141,393 142,086 SBA construction - - - - - 16,740 16,740 Direct lease financing 3,789 2,233 227 - 6,249 371,411 377,660 SBLOC - - - - - 730,462 730,462 Other specialty lending - - - - - 30,720 30,720 Consumer - other - - - - - 4,482 4,482 Consumer - home equity 142 73 - 1,414 1,629 8,022 9,651 Unamortized loan fees and costs - - - - - 10,048 10,048 $ 3,989 $ 2,574 $ 227 $ 3,996 $ 10,786 $ 1,381,442 $ 1,392,228 |
Loans By Categories | March 31, 2018 Pass Special mention Substandard Doubtful Loss Unrated subject to review * Unrated not subject to review * Total loans SBA non-real estate $ 66,000 $ 3,481 $ 3,588 $ - $ - $ 176 $ 1,980 $ 75,225 SBA commercial mortgage 142,845 276 458 - - 4,087 1,561 149,227 SBA construction 19,384 - 682 - - - 77 20,143 Direct lease financing 214,198 - 2,890 - - 5,132 163,247 385,467 SBLOC 370,497 - - - - 3,653 385,219 759,369 Other specialty lending 45,729 - - - - - - 45,729 Consumer 7,970 - 1,616 - - - 7,830 17,416 Unamortized loan fees and costs - - - - - - 10,488 10,488 $ 866,623 $ 3,757 $ 9,234 $ - $ - $ 13,048 $ 570,402 $ 1,463,064 December 31, 2017 SBA non-real estate $ 63,547 $ 3,392 $ 3,450 $ - $ - $ - $ (10) $ 70,379 SBA commercial mortgage 141,084 277 693 - - - 32 142,086 SBA construction 16,740 - - - - - - 16,740 Direct lease financing 204,906 - 2,895 - - 8,820 161,039 377,660 SBLOC 357,050 - - - - - 373,412 730,462 Other specialty lending 30,720 - - - - - - 30,720 Consumer 7,910 281 1,947 - - - 3,995 14,133 Unamortized loan fees and costs - - - - - - 10,048 10,048 $ 821,957 $ 3,950 $ 8,985 $ - $ - $ 8,820 $ 548,516 $ 1,392,228 * For information on targeted loan review thresholds see “Allowance for Loan Losses |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Carrying Amount And Estimated Fair Value Of Assets And Liabilities | March 31, 2018 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 $ 1,381,020 $ 1,381,020 $ - $ 1,314,769 $ 66,251 Investment securities held-to-maturity 86,370 85,949 - 78,748 7,201 Securities purchased under agreements to resell 64,312 64,312 64,312 - - Federal Home Loan Bank and Atlantic Central Bankers Bank stock 991 991 - - 991 Commercial loans held for sale 349,806 349,806 - - 349,806 Loans, net of deferred loan fees and costs 1,463,064 1,461,268 - - 1,461,268 Investment in unconsolidated entity, senior note 70,016 70,016 - - 70,016 Assets held for sale 289,038 289,038 - - 289,038 Demand and interest checking 3,461,881 3,461,881 3,461,881 - - Savings and money market 493,288 493,288 493,288 - - Subordinated debentures 13,401 9,822 - - 9,822 Securities sold under agreements to repurchase 182 182 182 - - Interest rate swaps, asset 2,767 2,767 - 2,767 - December 31, 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 $ 1,294,484 $ 1,294,484 $ - $ 1,253,840 $ 40,644 Investment securities held-to-maturity 86,380 85,345 - 78,745 6,600 Securities purchased under agreements to resell 64,312 64,312 64,312 - - Federal Home Loan Bank and Atlantic Central Bankers Bank stock 991 991 - - 991 Commercial loans held for sale 503,316 503,316 - - 503,316 Loans, net of deferred loan fees and costs 1,392,228 1,391,701 - - 1,391,701 Investment in unconsolidated entity, senior note 74,473 74,473 - - 74,473 Assets held for sale 304,313 304,313 - - 304,313 Demand and interest checking 3,806,965 3,806,965 3,806,965 - - Savings and money market 453,877 453,877 453,877 - - Subordinated debentures 13,401 9,173 - - 9,173 Securities sold under agreements to repurchase 217 217 217 - - Interest rate swaps, asset 1,243 1,243 - 1,243 - |
Company's Level 3 Assets | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-sale Commercial loans securities held for sale March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Beginning balance $ 40,644 $ - $ 503,316 $ 663,140 Transfers into level 3 - 19,441 - - Transfers out of level 3 - - - - Total gains or losses (realized/unrealized) Included in earnings - - 10,206 19,883 Included in other comprehensive loss (385) (497) - - Purchases, issuances, sales and settlements Purchases 28,365 24,112 Issuances - - 152,574 521,914 Sales - - (316,290) (701,621) Settlements (2,373) (2,412) - - Ending balance $ 66,251 $ 40,644 $ 349,806 $ 503,316 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. $ - $ - $ (1,406) $ 911 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in Assets unconsolidated entity held for sale March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Beginning balance $ 74,473 $ 126,930 $ 304,313 $ 360,711 Transfers into level 3 - - - - Transfers out of level 3 - - - - Total gains or losses (realized/unrealized) Included in earnings (1,171) (20) (960) 557 Included in other comprehensive income - - - - Purchases, issuances, sales, settlements and charge-offs Purchases - - - - Issuances - - 215 11,450 Sales - - - - Settlements (3,286) (52,437) (14,530) (52,450) Charge-offs - - - (15,955) Ending balance $ 70,016 $ 74,473 $ 289,038 $ 304,313 The amount of total 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. $ (1,171) $ (20) $ (960) $ (4,776) |
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 March 31, 2018 (Level 1) (Level 2) (Level 3) Investment securities available-for-sale U.S. Government agency securities $ 57,481 $ - $ 57,481 $ - Asset-backed securities 265,561 - 265,561 - Obligations of states and political subdivisions 70,927 - 70,927 - Residential mortgage-backed securities 420,841 - 420,841 - Collateralized mortgage obligation securities 288,162 - 288,162 - Commercial mortgage-backed securities 278,048 - 211,797 66,251 Total investment securities available-for-sale 1,381,020 - 1,314,769 66,251 Loans held for sale 349,806 - - 349,806 Investment in unconsolidated entity, senior note 70,016 - - 70,016 Interest rate swaps, asset 2,767 - 2,767 - $ 1,803,609 $ - $ 1,317,536 $ 486,073 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, 2017 (Level 1) (Level 2) (Level 3) Investment securities available-for-sale U.S. Government agency securities $ 49,902 $ - $ 49,902 $ - Asset-backed securities 270,085 - 270,085 - Obligations of states and political subdivisions 75,849 - 75,849 - Residential mortgage-backed securities 448,852 - 448,852 - Collateralized mortgage obligation securities 246,493 - 246,493 - Commercial mortgage-backed securities 203,303 - 162,659 40,644 Total investment securities available-for-sale 1,294,484 - 1,253,840 40,644 Loans held for sale 503,316 - - 503,316 Investment in unconsolidated entity, senior note 74,473 - - 74,473 Interest rate swaps, asset 1,243 - 1,243 - $ 1,873,516 $ - $ 1,255,083 $ 618,433 |
Fair Value Inputs, Assets, Quantitative Information | Fair value at Fair value at Level 3 instruments only March 31, 2018 December 31, 2017 Valuation techniques Unobservable inputs Range Investment securities available-for-sale $ 66,251 $ 40,644 Discounted cash flow Discount rate 5.46% - 9.61% Investment securities held-to-maturity 7,201 6,600 Discounted cash flow Discount rate 8.00% Federal Home Loan Bank and Atlantic 991 991 Cost N/A N/A Central Bankers Bank stock Loans, net of deferred loan fees and costs 1,461,268 1,391,701 Discounted cash flow Discount rate 3.67% - 7.20% Commercial loans held for sale 349,806 503,316 Discounted cash flow Discount rate 4.74% - 7.19% Investment in unconsolidated entity, 70,016 74,473 Discounted cash flow Discount rate 5.10% senior note Default rate 1.00% Assets held for sale 289,038 304,313 Discounted cash flow Discount rate 4.65% - 9.95% Subordinated debentures 9,822 9,173 Discounted cash flow Discount rate 8.08% |
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) March 31, 2018 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 4,673 $ - $ - $ 4,673 Other real estate owned 405 - - 405 Intangible assets 4,995 - - 4,995 $ 10,073 $ - $ - $ 10,073 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, 2017 (Level 1) (Level 2) (Level 3) Impaired loans - collateral dependent $ 3,559 $ - $ - 3,559 Other real estate owned 450 - - 450 Intangible assets 5,377 - - 5,377 $ 9,386 $ - $ - $ 9,386 (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) | 3 Months Ended |
Mar. 31, 2018 | |
Derivatives [Abstract] | |
Derivatives | March 31, 2018 Maturity date Notional amount Interest rate paid Interest rate received Fair value August 4, 2021 $ 10,300 1.12% 1.79% $ 503 August 17, 2025 2,500 2.27% 1.88% 77 August 17, 2025 2,500 2.27% 1.88% 77 December 11, 2025 2,400 2.14% 2.07% 100 December 23, 2025 6,800 2.16% 2.27% 279 December 24, 2025 8,200 2.17% 2.29% 327 January 28, 2026 3,000 1.87% 1.76% 185 July 20, 2026 6,300 1.44% 1.75% 616 December 12, 2026 3,200 2.26% 2.07% 122 January 4, 2027 10,100 2.35% 1.70% 324 April 27, 2027 4,400 2.32% 1.76% 157 Total $ 59,700 $ 2,767 |
Segment Financials (Tables)
Segment Financials (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Financials [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | For the three months ended March 31, 2018 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 22,813 $ - $ 12,494 $ - $ 35,307 Interest allocation - 12,494 (12,494) - - Interest expense 928 3,902 403 - 5,233 Net interest income (loss) 21,885 8,592 (403) - 30,074 Provision for loan and lease losses 700 - - - 700 Non-interest income 12,710 16,354 31 - 29,095 Non-interest expense 15,140 16,194 7,715 - 39,049 Income (loss) from continuing operations before taxes 18,755 8,752 (8,087) - 19,420 Income tax expense - - 5,399 - 5,399 Income (loss) from continuing operations 18,755 8,752 (13,486) - 14,021 Income from discontinued operations - - - 119 119 Net income (loss) $ 18,755 $ 8,752 $ (13,486) $ 119 $ 14,140 For the three months ended March 31, 2017 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 17,929 $ - $ 10,520 $ - $ 28,449 Interest allocation - 10,520 (10,520) - - Interest expense 966 2,364 242 - 3,572 Net interest income (loss) 16,963 8,156 (242) - 24,877 Provision for loan and lease losses 1,000 - - - 1,000 Non-interest income 7,440 16,640 139 - 24,219 Non-interest expense 13,674 19,647 4,463 - 37,783 Income (loss) from continuing operations before taxes 9,729 5,149 (4,565) - 10,313 Income tax expense - - 4,011 - 4,011 Income (loss) from continuing operations 9,729 5,149 (8,576) - 6,302 Income from discontinued operations - - - 1,661 1,661 Net income (loss) $ 9,729 $ 5,149 $ (8,576) $ 1,661 $ 7,963 March 31, 2018 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,767,877 $ 38,517 $ 2,273,668 $ 289,038 $ 4,369,100 Total liabilities $ 684,286 $ 3,089,032 $ 265,890 $ - $ 4,039,208 December 31, 2017 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 1,865,572 $ 29,615 $ 2,508,647 $ 304,313 $ 4,708,147 Total liabilities $ 653,952 $ 3,371,730 $ 358,316 $ - $ 4,383,998 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Discontinued Operations [Abstract] | |
Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations | For the three months ended March 31, 2018 2017 Interest income $ 2,527 $ 3,361 Interest expense - - Provision for loan and lease losses - - Net interest income after provision 2,527 3,361 Non-interest income 364 106 Non-interest expense 2,735 800 Income before taxes 156 2,667 Income tax provision 37 1,006 Net income $ 119 $ 1,661 March 31, December 31, 2018 2017 Loans, net $ 253,523 $ 270,050 Other real estate owned 35,515 34,262 Total assets $ 289,038 $ 304,313 |
Structure of Company (Details)
Structure of Company (Details) | 3 Months Ended |
Mar. 31, 2018item | |
Structure Of Company [Abstract] | |
Number of specialty lending lines | 4 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 15 Months Ended | |
Mar. 31, 2018USD ($)itemshares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2018USD ($)itemshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock-based compensation plans | item | 2 | 2 | |
Unrecognized compensation cost related to unvested awards under share-based plans | $ | $ 4,300 | $ 4,300 | |
Cost expected to be recognized over a weighted average period | 1 year 8 months 12 days | ||
Related compensation expense | $ | $ 743 | $ 775 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 0 | ||
Stock option exercised (in shares) | 15,000 | 0 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant-date fair value | $ / shares | $ 5.06 | ||
Total intrinsic value of options exercised | $ | $ 4,600 | $ 2,400 | |
Granted (in shares) | 0 | 799,559 | |
Fair value of restricted stock units vested | $ | $ 2,100 | $ 1,900 | |
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Granted (in shares) | 664,559 | ||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Granted (in shares) | 135,000 |
Stock-based Compensation (Summa
Stock-based Compensation (Summary Of Status Of Company's Equity Compensations Plans) (Details) - Stock Options [Member] - USD ($) | 3 Months Ended | 12 Months Ended | 15 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2018 | |
Shares [Roll Forward] | ||||
Granted (in shares) | 0 | |||
Exercised (in shares) | (15,000) | 0 | ||
Equity Compensations Plans [Member] | ||||
Shares [Roll Forward] | ||||
Outstanding, beginning of period (in shares) | 1,452,625 | |||
Exercised (in shares) | (15,000) | |||
Outstanding, end of period (in shares) | 1,437,625 | 1,452,625 | 1,437,625 | |
Exercisable, end of period (in shares) | 1,201,375 | 1,201,375 | ||
Weighted average exercise price [Roll Forward] | ||||
Outstanding, beginning of period (in dollars per share) | $ 8.30 | |||
Exercised (in dollars per share) | 9.13 | |||
Outstanding, end of period (in dollars per share) | 8.29 | $ 8.30 | $ 8.29 | |
Exercisable, end of period (in dollars per share) | $ 8.56 | $ 8.56 | ||
Weighted-average remaining contractual term (years) [Abstract] | ||||
Outstanding, end of period | 4 years 4 months 24 days | 4 years 7 months 21 days | ||
Exercisable, end of period | 3 years 8 months 1 day | |||
Aggregate intrinsic value [Abstract] | ||||
Outstanding, beginning of period | ||||
Granted | ||||
Exercised | ||||
Expired | ||||
Forfeited | ||||
Outstanding, end of period | 3,608,029 | $ 3,608,029 | ||
Exercisable, end of period | $ 2,685,754 | $ 2,685,754 |
Stock-based Compensation (Sum37
Stock-based Compensation (Summary Of Status Of Company’s Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 1,264,454 | ||
Granted (in shares) | 0 | 799,559 | |
Vested (in shares) | (433,344) | ||
Outstanding, end of period (in shares) | 831,110 | 1,264,454 | |
Weighted-average grant date fair value [Roll Forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 5.49 | ||
Vested (in dollars per share) | 4.94 | ||
Outstanding, end of period (in dollars per share) | $ 5.78 | $ 5.49 | |
Average remaining contractual term (years) [Abstract] | |||
Outstanding | 1 year 7 months 21 days | 1 year 8 months 1 day |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Minimum exercisable prices (in dollars per share) | $ 6.75 | $ 6.75 |
Maximum exercisable prices (in dollars per share) | $ 10.45 | $ 25.43 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock options (in shares) | 1,437,625 | 2,019,125 |
Earnings Per Share (Earnings Pe
Earnings Per Share (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income (numerator) [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ 14,140 | $ 7,963 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 14,140 | $ 7,963 |
Shares (denominator) [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 56,141,830 | 55,534,279 |
Effect of dilutive securities, Common stock options (in shares) | 881,291 | 218,217 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 57,023,121 | 55,752,496 |
Per share amount [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.25 | $ 0.14 |
Net income per share - diluted | $ 0.25 | $ 0.14 |
Continuing Operations [Member] | ||
Income (numerator) [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ 14,021 | $ 6,302 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 14,021 | $ 6,302 |
Shares (denominator) [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 56,141,830 | 55,534,279 |
Effect of dilutive securities, Common stock options (in shares) | 881,291 | 218,217 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 57,023,121 | 55,752,496 |
Per share amount [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.25 | $ 0.11 |
Net income per share - diluted | $ 0.25 | $ 0.11 |
Discontinued Operations [Member] | ||
Income (numerator) [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders | $ 119 | $ 1,661 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 119 | $ 1,661 |
Shares (denominator) [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 56,141,830 | 55,534,279 |
Effect of dilutive securities, Common stock options (in shares) | 881,291 | 218,217 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 57,023,121 | 55,752,496 |
Per share amount [Abstract] | ||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.03 | |
Net income per share - diluted | $ 0.03 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2018USD ($)security | Dec. 31, 2017USD ($) | |
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 | $ 991,000 |
Other than temporary impairment charges | 0 | |
Amortized cost of securities | 86,370,000 | 86,380,000 |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Investment securities pledged to secure securities sold under repurchase agreements | 496,100,000 | 310,900,000 |
Federal Reserve Bank Advances [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Investment securities pledged to secure securities sold under repurchase agreements | $ 281,400,000 | 225,600,000 |
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 | $ 11,046,000 | 11,031,000 |
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 | $ 75,324,000 | $ 75,349,000 |
Investment Securities (Schedule
Investment Securities (Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Available-for-sale [Abstract] | ||
Amortized cost | $ 1,398,982 | $ 1,299,758 |
Gross unrealized gains | 3,001 | 4,185 |
Gross unrealized losses | (20,963) | (9,459) |
Fair value | 1,381,020 | 1,294,484 |
Held-to-maturity [Abstract] | ||
Amortized cost | 86,370 | 86,380 |
Gross unrealized gains | 1,507 | 1,481 |
Gross unrealized losses | (1,928) | (2,516) |
Fair value | 85,949 | 85,345 |
U.S. Government Agency Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 58,376 | 50,107 |
Gross unrealized gains | 3 | 21 |
Gross unrealized losses | (898) | (226) |
Fair value | 57,481 | 49,902 |
Asset-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 264,753 | 269,164 |
Gross unrealized gains | 1,237 | 1,196 |
Gross unrealized losses | (429) | (275) |
Fair value | 265,561 | 270,085 |
Federally Insured Student Loan Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 86,515 | 90,140 |
Gross unrealized gains | 183 | 271 |
Gross unrealized losses | (429) | (270) |
Fair value | 86,269 | 90,141 |
Collateralized Loan Obligation Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 170,843 | 170,825 |
Gross unrealized gains | 1,015 | 880 |
Gross unrealized losses | (5) | |
Fair value | 171,858 | 171,700 |
Asset Backed Securities Other [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 7,395 | 8,199 |
Gross unrealized gains | 39 | 45 |
Fair value | 7,434 | 8,244 |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 9,894 | 9,893 |
Gross unrealized gains | 50 | 131 |
Gross unrealized losses | (67) | (36) |
Fair value | 9,877 | 9,988 |
Taxable Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 60,850 | 64,739 |
Gross unrealized gains | 964 | 1,377 |
Gross unrealized losses | (764) | (255) |
Fair value | 61,050 | 65,861 |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 429,891 | 452,723 |
Gross unrealized gains | 597 | 727 |
Gross unrealized losses | (9,647) | (4,598) |
Fair value | 420,841 | 448,852 |
Collateralized Mortgage Obligation Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 292,802 | 248,663 |
Gross unrealized gains | 146 | 148 |
Gross unrealized losses | (4,786) | (2,318) |
Fair value | 288,162 | 246,493 |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Amortized cost | 282,416 | 204,469 |
Gross unrealized gains | 4 | 585 |
Gross unrealized losses | (4,372) | (1,751) |
Fair value | 278,048 | 203,303 |
Single Issuers [Member] | ||
Held-to-maturity [Abstract] | ||
Amortized cost | 11,046 | 11,031 |
Gross unrealized gains | 94 | 105 |
Gross unrealized losses | (1,928) | (2,516) |
Fair value | 9,212 | 8,620 |
Pooled [Member] | ||
Held-to-maturity [Abstract] | ||
Amortized cost | 75,324 | 75,349 |
Gross unrealized gains | 1,413 | 1,376 |
Fair value | $ 76,737 | $ 76,725 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Investment Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Available-for-sale, Amortized cost [Abstract] | ||
Due before one year | $ 1,998 | |
Due after one year through five years | 41,475 | |
Due after five years through ten years | 317,468 | |
Due after ten years | 1,038,041 | |
Amortized cost | 1,398,982 | |
Available-for-sale, Fair value [Abstract] | ||
Due before one year | 1,994 | |
Due after one year through five years | 41,204 | |
Due after five years through ten years | 311,934 | |
Due after ten years | 1,025,888 | |
Fair value | 1,381,020 | $ 1,294,484 |
Held-to-maturity, Amortized cost [Abstract] | ||
Due after ten years | 86,370 | |
Amortized cost | 86,370 | 86,380 |
Held-to-maturity, Fair value [Abstract] | ||
Due after ten years | 85,949 | |
Fair value | $ 85,949 | $ 85,345 |
Investment Securities (Availabl
Investment Securities (Available-for-sale And Held-to-maturity Securities, Continuous Unrealized Loss Position) (Details) $ in Thousands | Mar. 31, 2018USD ($)security | Dec. 31, 2017USD ($)security |
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 244 | 210 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 774,811 | $ 631,042 |
12 months or longer, Fair Value | 240,657 | 233,559 |
Total, Fair Value | 1,015,468 | 864,601 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (13,237) | (4,805) |
12 months or longer, Unrealized losses | (7,726) | (4,654) |
Total, Unrealized losses | $ (20,963) | $ (9,459) |
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 | $ 7,201 | $ 6,600 |
Total, Fair Value | 7,201 | 6,600 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
12 months or longer, Unrealized losses | (1,928) | (2,516) |
Total, Unrealized losses | $ (1,928) | $ (2,516) |
U.S. Government Agency Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 11 | 9 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 56,423 | $ 44,808 |
Total, Fair Value | 56,423 | 44,808 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (898) | (226) |
Total, Unrealized losses | $ (898) | $ (226) |
Asset-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 11 | 8 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 18,631 | $ 11,264 |
12 months or longer, Fair Value | 36,637 | 37,894 |
Total, Fair Value | 55,268 | 49,158 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (65) | (6) |
12 months or longer, Unrealized losses | (364) | (269) |
Total, Unrealized losses | $ (429) | $ (275) |
Tax-exempt Obligations Of States And Political Subdivisions [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 | $ 2,982 | $ 3,982 |
12 months or longer, Fair Value | 1,111 | 1,143 |
Total, Fair Value | 4,093 | 5,125 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (18) | (19) |
12 months or longer, Unrealized losses | (49) | (17) |
Total, Unrealized losses | $ (67) | $ (36) |
Taxable Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 23 | 15 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 36,376 | $ 22,231 |
12 months or longer, Fair Value | 3,056 | 2,853 |
Total, Fair Value | 39,432 | 25,084 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (636) | (181) |
12 months or longer, Unrealized losses | (128) | (74) |
Total, Unrealized losses | $ (764) | $ (255) |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 122 | 116 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 245,285 | $ 249,572 |
12 months or longer, Fair Value | 137,063 | 125,096 |
Total, Fair Value | 382,348 | 374,668 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (4,632) | (1,771) |
12 months or longer, Unrealized losses | (5,015) | (2,827) |
Total, Unrealized losses | $ (9,647) | $ (4,598) |
Collateralized Mortgage Obligation Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 45 | 41 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 161,315 | $ 148,655 |
12 months or longer, Fair Value | 59,657 | 63,274 |
Total, Fair Value | 220,972 | 211,929 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (2,742) | (921) |
12 months or longer, Unrealized losses | (2,044) | (1,397) |
Total, Unrealized losses | $ (4,786) | $ (2,318) |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 28 | 16 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 253,799 | $ 150,530 |
12 months or longer, Fair Value | 3,133 | 3,299 |
Total, Fair Value | 256,932 | 153,829 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (4,246) | (1,681) |
12 months or longer, Unrealized losses | (126) | (70) |
Total, Unrealized losses | $ (4,372) | $ (1,751) |
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 | $ 7,201 | $ 6,600 |
Total, Fair Value | 7,201 | 6,600 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ||
12 months or longer, Unrealized losses | (1,928) | (2,516) |
Total, Unrealized losses | $ (1,928) | $ (2,516) |
Investment Securities (Schedu44
Investment Securities (Schedule Of Additional Information Related To Single Issuer And Pooled Trust Preferred Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Book value | $ 86,370 | $ 86,380 |
Fair value | 85,949 | 85,345 |
Single Issuers [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Fair value | 9,212 | 8,620 |
Single Issuers [Member] | Security A [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Book value | 1,916 | |
Fair value | 2,010 | |
Unrealized gain/(loss) | $ 94 | |
Credit rating | Not rated | |
Single Issuers [Member] | Security B [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Book value | $ 9,129 | |
Fair value | 7,201 | |
Unrealized gain/(loss) | $ (1,928) | |
Credit rating | Not rated | |
Pooled [Member] | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Fair value | $ 76,737 | $ 76,725 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Loans held for sale | $ 349,806,000 | $ 503,316,000 |
Loans available for sale, unpaid principal amount | 346,600,000 | |
Gains recognized from changes in fair value | (1,500,000) | |
Demand deposit overdrafts reclassified as loan balances | 6,200,000 | 2,300,000 |
Non-accrual leases | $ 0 | $ 0 |
Number of troubled debt restructured loans | loan | 8 | 8 |
Loans acquired with deteriorated credit quality | $ 0 | $ 0 |
Commitments to Extend Credit [Member] | ||
Commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings | $ 228,000 | $ 228,000 |
Number of troubled debt restructured loans | loan | 1 | 1 |
Loans (Major Classifications Of
Loans (Major Classifications Of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Major classifications of loans [Abstract] | |||
Total loans, gross | $ 1,452,576 | $ 1,382,180 | |
Unamortized loan fees and costs | 10,488 | 10,048 | |
Total loans, net of deferred loan fees and costs | 1,463,064 | 1,392,228 | $ 1,264,127 |
SBA Non Real Estate [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 75,225 | 70,379 | |
Total loans, net of deferred loan fees and costs | 75,225 | 70,379 | 75,800 |
SBA Commercial Mortgage [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 149,227 | 142,086 | |
Total loans, net of deferred loan fees and costs | 149,227 | 142,086 | 114,703 |
SBA Construction [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 20,143 | 16,740 | |
Total loans, net of deferred loan fees and costs | 20,143 | 16,740 | 12,985 |
SBA Loans [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 244,595 | 229,205 | |
Direct Lease Financing [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 385,467 | 377,660 | |
Total loans, net of deferred loan fees and costs | 385,467 | 377,660 | 363,172 |
SBLOC [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 759,369 | 730,462 | |
Total loans, net of deferred loan fees and costs | 759,369 | 730,462 | 660,423 |
Other Specialty Lending [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 45,729 | 30,720 | |
Total loans, net of deferred loan fees and costs | 45,729 | 30,720 | $ 12,443 |
Consumer - Other [Member] | |||
Major classifications of loans [Abstract] | |||
Total loans, gross | 17,416 | 14,133 | |
Total loans, net of deferred loan fees and costs | $ 8,329 | $ 4,482 |
Loans (Schedule Of Small Busine
Loans (Schedule Of Small Business Administation Loans and Held For Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Loans [Abstract] | ||
SBA loans, including deferred fees and costs | $ 252,457 | $ 236,724 |
SBA loans included in held for sale | 172,030 | 165,177 |
Total SBA loans | $ 424,487 | $ 401,901 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
With an allowance recorded [Abstract] | ||
Related allowance | $ 1,600 | |
Total allowance recorded [Abstract] | ||
Recorded investment | 6,286 | $ 5,475 |
Unpaid principal balance | 7,032 | 6,414 |
Related allowance | 1,612 | 1,914 |
Average recorded investment | 5,880 | 6,058 |
SBA Non Real Estate [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 652 | 459 |
Unpaid principal balance | 1,204 | 1,286 |
Average recorded investment | 555 | 311 |
With an allowance recorded [Abstract] | ||
Recorded investment | 1,954 | 2,399 |
Unpaid principal balance | 1,954 | 2,399 |
Related allowance | 1,464 | 1,689 |
Average recorded investment | 2,177 | 2,507 |
Total allowance recorded [Abstract] | ||
Recorded investment | 2,606 | 2,858 |
Unpaid principal balance | 3,158 | 3,685 |
Related allowance | 1,464 | 1,689 |
Average recorded investment | 2,732 | 2,818 |
SBA Commercial Mortgage [Member] | ||
Without an allowance recorded [Abstract] | ||
Unpaid principal balance | 83 | |
With an allowance recorded [Abstract] | ||
Recorded investment | 458 | 693 |
Unpaid principal balance | 458 | 693 |
Related allowance | 74 | 225 |
Average recorded investment | 575 | 747 |
Total allowance recorded [Abstract] | ||
Recorded investment | 458 | 693 |
Unpaid principal balance | 541 | 693 |
Related allowance | 74 | 225 |
Average recorded investment | 575 | 747 |
Direct Lease Financing [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 526 | 229 |
Unpaid principal balance | 637 | 341 |
Average recorded investment | 378 | 103 |
With an allowance recorded [Abstract] | ||
Recorded investment | 1,006 | |
Unpaid principal balance | 1,006 | |
Related allowance | 74 | |
Average recorded investment | 503 | 405 |
Total allowance recorded [Abstract] | ||
Recorded investment | 1,532 | 229 |
Unpaid principal balance | 1,643 | 341 |
Related allowance | 74 | |
Average recorded investment | 881 | 508 |
Consumer - Other [Member] | ||
Without an allowance recorded [Abstract] | ||
Average recorded investment | 259 | |
With an allowance recorded [Abstract] | ||
Average recorded investment | 14 | |
Total allowance recorded [Abstract] | ||
Average recorded investment | 273 | |
Consumer - Home Equity [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 1,690 | 1,695 |
Unpaid principal balance | 1,690 | 1,695 |
Average recorded investment | 1,692 | 1,712 |
Total allowance recorded [Abstract] | ||
Recorded investment | 1,690 | 1,695 |
Unpaid principal balance | 1,690 | 1,695 |
Average recorded investment | $ 1,692 | $ 1,712 |
Loans (Non-accrual Loans, Loans
Loans (Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | $ 3,516 | $ 3,996 |
Loans past due 90 days or more | 2,643 | 227 |
Total non-performing loans | 1,452,576 | 1,382,180 |
Other real estate owned | 405 | 450 |
Total non-performing assets | 6,564 | 4,673 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-performing loans | 6,159 | 4,223 |
Non-accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 3,516 | 3,996 |
SBA Non Real Estate [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 1,647 | 1,889 |
Total non-performing loans | 75,225 | 70,379 |
SBA Non Real Estate [Member] | Non-accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 1,647 | 1,889 |
SBA Commercial Mortgage [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 458 | 693 |
Total non-performing loans | 149,227 | 142,086 |
SBA Commercial Mortgage [Member] | Non-accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 458 | 693 |
Consumer [Member] | Non-accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | $ 1,411 | $ 1,414 |
Loans (Loans Modified And Consi
Loans (Loans Modified And Considered Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 8 | 8 |
Pre-modification recorded investment | $ 3,021 | $ 2,241 |
Post-modification recorded investment | $ 3,021 | $ 2,241 |
SBA Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 3 | 5 |
Pre-modification recorded investment | $ 959 | $ 1,476 |
Post-modification recorded investment | $ 959 | $ 1,476 |
Direct Lease Financing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 3 | 1 |
Pre-modification recorded investment | $ 1,532 | $ 230 |
Post-modification recorded investment | $ 1,532 | $ 230 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 2 | 2 |
Pre-modification recorded investment | $ 530 | $ 535 |
Post-modification recorded investment | $ 530 | $ 535 |
Loans (Loans Modified As Troubl
Loans (Loans Modified As Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | $ 1,114 | $ 115 |
Combined rate and maturity | 1,907 | 2,126 |
SBA Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | 108 | 115 |
Combined rate and maturity | 851 | 1,361 |
Direct Lease Financing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | 1,006 | |
Combined rate and maturity | 526 | 230 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Combined rate and maturity | $ 530 | $ 535 |
Loans (Summary Of Restructured
Loans (Summary Of Restructured Loans Within The Last Twelve Months That Have Subsequently Defaulted) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |
Number | loan | 1 |
Pre-modification recorded investment | $ | $ 185 |
SBA Non Real Estate [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number | loan | 1 |
Pre-modification recorded investment | $ | $ 185 |
Loans (Changes In Allowance For
Loans (Changes In Allowance For Loan And Lease Losses By Loan Category) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | $ 7,096 | $ 6,332 | $ 6,332 |
Charge-offs | (615) | (47) | (2,207) |
Recoveries | 104 | 9 | 51 |
Provision (credit) | 700 | 1,000 | 2,920 |
Ending balance | 7,285 | 7,294 | 7,096 |
Ending balance: Individually evaluated for impairment | 1,612 | 1,880 | 1,914 |
Ending balance: Collectively evaluated for impairment | 5,673 | 5,414 | 5,182 |
Loans [Abstract] | |||
Ending balance | 1,463,064 | 1,264,127 | 1,392,228 |
Ending balance: Individually evaluated for impairment | 6,286 | 6,482 | 5,475 |
Ending balance: Collectively evaluated for impairment | 1,456,778 | 1,257,645 | 1,386,753 |
SBA Non Real Estate [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 3,145 | 1,976 | 1,976 |
Charge-offs | (388) | (1,171) | |
Recoveries | 40 | 19 | |
Provision (credit) | 391 | 1,096 | 2,321 |
Ending balance | 3,188 | 3,072 | 3,145 |
Ending balance: Individually evaluated for impairment | 1,464 | 1,569 | 1,689 |
Ending balance: Collectively evaluated for impairment | 1,724 | 1,503 | 1,456 |
Loans [Abstract] | |||
Ending balance | 75,225 | 75,800 | 70,379 |
Ending balance: Individually evaluated for impairment | 2,606 | 3,171 | 2,858 |
Ending balance: Collectively evaluated for impairment | 72,619 | 72,629 | 67,521 |
SBA Commercial Mortgage [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 1,120 | 737 | 737 |
Charge-offs | (157) | ||
Recoveries | 6 | ||
Provision (credit) | 130 | 151 | 383 |
Ending balance | 1,099 | 888 | 1,120 |
Ending balance: Individually evaluated for impairment | 74 | 145 | 225 |
Ending balance: Collectively evaluated for impairment | 1,025 | 743 | 895 |
Loans [Abstract] | |||
Ending balance | 149,227 | 114,703 | 142,086 |
Ending balance: Individually evaluated for impairment | 458 | 908 | 693 |
Ending balance: Collectively evaluated for impairment | 148,769 | 113,795 | 141,393 |
SBA Construction [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 136 | 76 | 76 |
Provision (credit) | 97 | 38 | 60 |
Ending balance | 233 | 114 | 136 |
Ending balance: Collectively evaluated for impairment | 233 | 114 | 136 |
Loans [Abstract] | |||
Ending balance | 20,143 | 12,985 | 16,740 |
Ending balance: Collectively evaluated for impairment | 20,143 | 12,985 | 16,740 |
Direct Lease Financing [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 1,495 | 1,994 | 1,994 |
Charge-offs | (56) | (35) | (927) |
Recoveries | 58 | 8 | |
Provision (credit) | (23) | (372) | 420 |
Ending balance | 1,474 | 1,587 | 1,495 |
Ending balance: Individually evaluated for impairment | 166 | ||
Ending balance: Collectively evaluated for impairment | 1,474 | 1,421 | 1,495 |
Loans [Abstract] | |||
Ending balance | 385,467 | 363,172 | 377,660 |
Ending balance: Individually evaluated for impairment | 1,532 | 684 | 229 |
Ending balance: Collectively evaluated for impairment | 383,935 | 362,488 | 377,431 |
SBLOC [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 365 | 315 | 315 |
Provision (credit) | 15 | 15 | 50 |
Ending balance | 380 | 330 | 365 |
Ending balance: Collectively evaluated for impairment | 380 | 330 | 365 |
Loans [Abstract] | |||
Ending balance | 759,369 | 660,423 | 730,462 |
Ending balance: Collectively evaluated for impairment | 759,369 | 660,423 | 730,462 |
Other Specialty Lending [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 57 | 32 | 32 |
Provision (credit) | 92 | 10 | 25 |
Ending balance | 149 | 42 | 57 |
Ending balance: Individually evaluated for impairment | 74 | ||
Ending balance: Collectively evaluated for impairment | 75 | 42 | 57 |
Loans [Abstract] | |||
Ending balance | 45,729 | 12,443 | 30,720 |
Ending balance: Collectively evaluated for impairment | 45,729 | 12,443 | 30,720 |
Other Consumer Loans [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 581 | 975 | 975 |
Charge-offs | (14) | (12) | (109) |
Recoveries | 9 | 24 | |
Provision (credit) | 15 | 100 | (309) |
Ending balance | 582 | 1,072 | 581 |
Ending balance: Collectively evaluated for impairment | 582 | 1,072 | 581 |
Loans [Abstract] | |||
Ending balance | 17,416 | 16,318 | 14,133 |
Ending balance: Individually evaluated for impairment | 1,690 | 1,719 | 1,695 |
Ending balance: Collectively evaluated for impairment | 15,726 | 14,599 | 12,438 |
Unallocated [Member] | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||
Beginning balance | 197 | 227 | 227 |
Provision (credit) | (17) | (38) | (30) |
Ending balance | 180 | 189 | 197 |
Ending balance: Collectively evaluated for impairment | 180 | 189 | 197 |
Loans [Abstract] | |||
Ending balance | 10,488 | 8,283 | 10,048 |
Ending balance: Collectively evaluated for impairment | $ 10,488 | $ 8,283 | $ 10,048 |
Loans (Delinquent Loans By Loan
Loans (Delinquent Loans By Loan Category) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual | $ 3,516 | $ 3,996 | |
Total past due | 9,201 | 10,786 | |
Current | 1,453,863 | 1,381,442 | |
Total loans, net of deferred loan fees and costs | 1,463,064 | 1,392,228 | $ 1,264,127 |
30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,248 | 3,989 | |
60 - 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 794 | 2,574 | |
90 Days Or Greater [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,643 | 227 | |
SBA Non Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual | 1,647 | 1,889 | |
Total past due | 2,573 | 2,215 | |
Current | 72,652 | 68,164 | |
Total loans, net of deferred loan fees and costs | 75,225 | 70,379 | 75,800 |
SBA Non Real Estate [Member] | 30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 658 | 58 | |
SBA Non Real Estate [Member] | 60 - 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 268 | ||
SBA Non Real Estate [Member] | 90 Days Or Greater [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 268 | ||
SBA Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual | 458 | 693 | |
Total past due | 458 | 693 | |
Current | 148,769 | 141,393 | |
Total loans, net of deferred loan fees and costs | 149,227 | 142,086 | 114,703 |
SBA Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 20,143 | 16,740 | |
Total loans, net of deferred loan fees and costs | 20,143 | 16,740 | 12,985 |
Direct Lease Financing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 4,604 | 6,249 | |
Current | 380,863 | 371,411 | |
Total loans, net of deferred loan fees and costs | 385,467 | 377,660 | 363,172 |
Direct Lease Financing [Member] | 30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 1,435 | 3,789 | |
Direct Lease Financing [Member] | 60 - 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 794 | 2,233 | |
Direct Lease Financing [Member] | 90 Days Or Greater [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,375 | 227 | |
SBLOC [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 86 | ||
Current | 759,283 | 730,462 | |
Total loans, net of deferred loan fees and costs | 759,369 | 730,462 | 660,423 |
SBLOC [Member] | 30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 86 | ||
Other Specialty Lending [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 45,729 | 30,720 | |
Total loans, net of deferred loan fees and costs | 45,729 | 30,720 | $ 12,443 |
Consumer - Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 8,329 | 4,482 | |
Total loans, net of deferred loan fees and costs | 8,329 | 4,482 | |
Consumer - Home Equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual | 1,411 | 1,414 | |
Total past due | 1,480 | 1,629 | |
Current | 7,607 | 8,022 | |
Total loans, net of deferred loan fees and costs | 9,087 | 9,651 | |
Consumer - Home Equity [Member] | 30 - 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 69 | 142 | |
Consumer - Home Equity [Member] | 60 - 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 73 | ||
Unamortized Loan Fees And Costs [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 10,488 | 10,048 | |
Total loans, net of deferred loan fees and costs | $ 10,488 | $ 10,048 |
Loans (Loans By Categories) (De
Loans (Loans By Categories) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Loans by categories [Abstract] | |||
Total loans | $ 1,463,064 | $ 1,392,228 | $ 1,264,127 |
SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 75,225 | 70,379 | 75,800 |
SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 149,227 | 142,086 | 114,703 |
SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 20,143 | 16,740 | 12,985 |
Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 385,467 | 377,660 | 363,172 |
SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 759,369 | 730,462 | 660,423 |
Other Specialty Lending [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 45,729 | 30,720 | $ 12,443 |
Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 17,416 | 14,133 | |
Unamortized Loan Fees And Costs [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 10,488 | 10,048 | |
Pass [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 866,623 | 821,957 | |
Pass [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 66,000 | 63,547 | |
Pass [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 142,845 | 141,084 | |
Pass [Member] | SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 19,384 | 16,740 | |
Pass [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 214,198 | 204,906 | |
Pass [Member] | SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 370,497 | 357,050 | |
Pass [Member] | Other Specialty Lending [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 45,729 | 30,720 | |
Pass [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 7,970 | 7,910 | |
Special Mention [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 3,757 | 3,950 | |
Special Mention [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 3,481 | 3,392 | |
Special Mention [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 276 | 277 | |
Special Mention [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 281 | ||
Substandard [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 9,234 | 8,985 | |
Substandard [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 3,588 | 3,450 | |
Substandard [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 458 | 693 | |
Substandard [Member] | SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 682 | ||
Substandard [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 2,890 | 2,895 | |
Substandard [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 1,616 | 1,947 | |
Unrated subject to review [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 13,048 | 8,820 | |
Unrated subject to review [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 176 | ||
Unrated subject to review [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 4,087 | ||
Unrated subject to review [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 5,132 | 8,820 | |
Unrated subject to review [Member] | SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 3,653 | ||
Unrated Not Subject To Review [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 570,402 | 548,516 | |
Unrated Not Subject To Review [Member] | SBA Non Real Estate [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 1,980 | (10) | |
Unrated Not Subject To Review [Member] | SBA Commercial Mortgage [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 1,561 | 32 | |
Unrated Not Subject To Review [Member] | SBA Construction [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 77 | ||
Unrated Not Subject To Review [Member] | Direct Lease Financing [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 163,247 | 161,039 | |
Unrated Not Subject To Review [Member] | SBLOC [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 385,219 | 373,412 | |
Unrated Not Subject To Review [Member] | Consumer [Member] | |||
Loans by categories [Abstract] | |||
Total loans | 7,830 | 3,995 | |
Unrated Not Subject To Review [Member] | Unamortized Loan Fees And Costs [Member] | |||
Loans by categories [Abstract] | |||
Total loans | $ 10,488 | $ 10,048 |
Transactions With Affiliates (D
Transactions With Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Deposits | $ 3,955,169 | $ 4,260,842 | |
Securities purchased under agreements to resell | 64,312 | 64,312 | |
Legal expense | 2,431 | $ 1,738 | |
Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Deposits | 2,200 | 4,700 | |
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 | 1,600 | 1,700 | |
J.V.B. Financial Group, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Securities purchased under agreements to resell | 64,300 | $ 64,300 | |
J.V.B. Financial Group, LLC [Member] | SBA Loan [Member] | |||
Related Party Transaction [Line Items] | |||
Payments to acquire available-for-sale securities, debt | 3,200 | ||
Duane Morris LLP [Member] | |||
Related Party Transaction [Line Items] | |||
Legal expense | $ 812 | $ 1,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | Dec. 31, 2014USD ($)loan | |
Cash and cash equivalents | $ 575,200,000 | $ 908,900,000 | |
Impaired loans | 6,300,000 | ||
Specific reserves and other write downs on impaired loans | 1,600,000 | ||
Troubled debt restructured loans balance | 3,021,000 | $ 2,241,000 | |
Troubled debt restructured loans, specific reserve | $ 574,000 | ||
Number of troubled debt restructured loans | loan | 8 | 8 | |
Extended maturity | $ 1,114,000 | $ 115,000 | |
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 | $ 4,673,000 | $ 3,559,000 | |
Senior Notes [Member] | Walnut Street [Member] | |||
Senior notes | $ 178,200,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||
Junior Subordinated Debt [Member] | Walnut Street [Member] | |||
Junior Subordinated Notes | $ 15,400,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amount And Estimated Fair Value Of Assets And Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | $ 1,381,020 | $ 1,294,484 |
Investment securities held-to-maturity | 85,949 | 85,345 |
Securities purchased under agreements to resell | 64,312 | 64,312 |
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 | 64,312 | 64,312 |
Demand and interest checking | 3,461,881 | 3,806,965 |
Savings and money market | 493,288 | 453,877 |
Securities sold under agreements to repurchase | 182 | 217 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 1,314,769 | 1,253,840 |
Investment securities held-to-maturity | 78,748 | 78,745 |
Interest rate swaps, asset | 2,767 | 1,243 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 66,251 | 40,644 |
Investment securities held-to-maturity | 7,201 | 6,600 |
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 991 | 991 |
Commercial loans held for sale | 349,806 | 503,316 |
Loans, net of deferred loan fees and costs | 1,461,268 | 1,391,701 |
Investment in unconsolidated entity, senior note | 70,016 | 74,473 |
Assets held for sale | 289,038 | 304,313 |
Subordinated debentures | 9,822 | 9,173 |
Carrying Amount [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 1,381,020 | 1,294,484 |
Investment securities held-to-maturity | 86,370 | 86,380 |
Securities purchased under agreements to resell | 64,312 | 64,312 |
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 991 | 991 |
Commercial loans held for sale | 349,806 | 503,316 |
Loans, net of deferred loan fees and costs | 1,463,064 | 1,392,228 |
Investment in unconsolidated entity, senior note | 70,016 | 74,473 |
Assets held for sale | 289,038 | 304,313 |
Demand and interest checking | 3,461,881 | 3,806,965 |
Savings and money market | 493,288 | 453,877 |
Subordinated debentures | 13,401 | 13,401 |
Securities sold under agreements to repurchase | 182 | 217 |
Interest rate swaps, asset | 2,767 | 1,243 |
Estimated Fair Value [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 1,381,020 | 1,294,484 |
Investment securities held-to-maturity | 85,949 | 85,345 |
Securities purchased under agreements to resell | 64,312 | 64,312 |
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 991 | 991 |
Commercial loans held for sale | 349,806 | 503,316 |
Loans, net of deferred loan fees and costs | 1,461,268 | 1,391,701 |
Investment in unconsolidated entity, senior note | 70,016 | 74,473 |
Assets held for sale | 289,038 | 304,313 |
Demand and interest checking | 3,461,881 | 3,806,965 |
Savings and money market | 493,288 | 453,877 |
Subordinated debentures | 9,822 | 9,173 |
Securities sold under agreements to repurchase | 182 | 217 |
Interest rate swaps, asset | $ 2,767 | $ 1,243 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets measured at fair value on a recurring basis [Abstract] | ||
Fair value | $ 1,381,020 | $ 1,294,484 |
Assets measured on a nonrecurring basis [Abstract] | ||
Impaired loans - collateral dependent | 6,300 | |
Fair Value, Measurements, Recurring [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
U.S. Government agency securities | 57,481 | 49,902 |
Asset-backed securities | 265,561 | 270,085 |
Obligations of states and political subdivisions | 70,927 | 75,849 |
Residential mortgage-backed securities | 420,841 | 448,852 |
Collaterized mortgage obligation securities | 288,162 | 246,493 |
Commercial mortgage-backed securities | 278,048 | 203,303 |
Fair value | 1,381,020 | 1,294,484 |
Loans held for sale | 349,806 | 503,316 |
Investment in unconsolidated entity, senior note | 70,016 | 74,473 |
Interest rate swaps, asset | 2,767 | 1,243 |
Total assets | 1,803,609 | 1,873,516 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets measured on a nonrecurring basis [Abstract] | ||
Impaired loans - collateral dependent | 4,673 | 3,559 |
Other real estate owned | 405 | 450 |
Intangible assets | 4,995 | 5,377 |
Assets nonrecurring | 10,073 | 9,386 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Fair value | 1,314,769 | 1,253,840 |
Interest rate swaps, asset | 2,767 | 1,243 |
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 | 57,481 | 49,902 |
Asset-backed securities | 265,561 | 270,085 |
Obligations of states and political subdivisions | 70,927 | 75,849 |
Residential mortgage-backed securities | 420,841 | 448,852 |
Collaterized mortgage obligation securities | 288,162 | 246,493 |
Commercial mortgage-backed securities | 211,797 | 162,659 |
Fair value | 1,314,769 | 1,253,840 |
Interest rate swaps, asset | 2,767 | 1,243 |
Total assets | 1,317,536 | 1,255,083 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Fair value | 66,251 | 40,644 |
Loans held for sale | 349,806 | 503,316 |
Investment in unconsolidated entity, senior note | 70,016 | 74,473 |
Assets held for sale | 289,038 | 304,313 |
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 | 66,251 | 40,644 |
Fair value | 66,251 | 40,644 |
Loans held for sale | 349,806 | 503,316 |
Investment in unconsolidated entity, senior note | 70,016 | 74,473 |
Total assets | 486,073 | 618,433 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets measured on a nonrecurring basis [Abstract] | ||
Impaired loans - collateral dependent | 4,673 | 3,559 |
Other real estate owned | 405 | 450 |
Intangible assets | 4,995 | 5,377 |
Assets nonrecurring | $ 10,073 | $ 9,386 |
Fair Value Measurements (Compan
Fair Value Measurements (Company's Level 3 Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Assets Held For Sale [Member] | ||
Company's Level 3 assets [Roll Forward] | ||
Beginning balance | $ 304,313 | $ 360,711 |
Total gains or losses (realized/unrealized) Included in earnings | (960) | 557 |
Purchases, issuances, and settlements [Abstract] | ||
Issuances | 215 | 11,450 |
Settlements | (14,530) | (52,450) |
Charge-offs | 15,955 | |
Ending balance | 289,038 | 304,313 |
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 | (960) | (4,776) |
Commercial Loans Held For Sale [Member] | ||
Company's Level 3 assets [Roll Forward] | ||
Beginning balance | 503,316 | 663,140 |
Total gains or losses (realized/unrealized) Included in earnings | 10,206 | 19,883 |
Purchases, issuances, and settlements [Abstract] | ||
Issuances | 152,574 | 521,914 |
Sales | (316,290) | (701,621) |
Ending balance | 349,806 | 503,316 |
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 | $ (1,406) | 911 |
Minimum [Member] | ||
Purchases, issuances, and settlements [Abstract] | ||
Estimated Selling Costs | 7.00% | |
Maximum [Member] | ||
Purchases, issuances, and settlements [Abstract] | ||
Estimated Selling Costs | 10.00% | |
Available For Sale Securities [Member] | ||
Company's Level 3 assets [Roll Forward] | ||
Beginning balance | $ 40,644 | |
Transfers into level 3 | 19,441 | |
Included in other comprehensive income (loss) | (385) | (497) |
Purchases, issuances, and settlements [Abstract] | ||
Purchases | 28,365 | 24,112 |
Settlements | (2,373) | (2,412) |
Ending balance | 66,251 | 40,644 |
Investment In Unconsolidated Entity [Member] | ||
Company's Level 3 assets [Roll Forward] | ||
Beginning balance | 74,473 | 126,930 |
Total gains or losses (realized/unrealized) Included in earnings | (1,171) | (20) |
Purchases, issuances, and settlements [Abstract] | ||
Settlements | (3,286) | (52,437) |
Ending balance | 70,016 | 74,473 |
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 | $ (1,171) | $ (20) |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Inputs, Assets, Quantitative Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Available For Sale Securities [Member] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Available For Sale Securities [Member] | Minimum [Member] | ||
Discount rate | 5.46% | |
Available For Sale Securities [Member] | Maximum [Member] | ||
Discount rate | 9.61% | |
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 | 3.67% | |
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 | 4.74% | |
Commercial Loan Held For Sale [Member] | Maximum [Member] | ||
Discount rate | 7.19% | |
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 | 5.10% | |
Assets Held For Sale [Member] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Assets Held For Sale [Member] | Minimum [Member] | ||
Discount rate | 4.65% | |
Assets Held For Sale [Member] | Maximum [Member] | ||
Discount rate | 9.95% | |
Subordinated Debentures [Member] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Subordinated Debentures [Member] | Weighted Average [Member] | ||
Discount rate | 8.08% | |
Significant Unobservable Inputs (Level 3) [Member] | Available For Sale Securities [Member] | ||
Assets, Fair Value Disclosure | $ 66,251 | $ 40,644 |
Significant Unobservable Inputs (Level 3) [Member] | Held-to-maturity [Member] | ||
Assets, Fair Value Disclosure | 7,201 | 6,600 |
Significant Unobservable Inputs (Level 3) [Member] | Federal Home Loan And Atlantic Central Bank Stock [Member] | ||
Assets, Fair Value Disclosure | 991 | 991 |
Significant Unobservable Inputs (Level 3) [Member] | Loans, Net Of Deferred Loan Fees And Costs [Member] | ||
Assets, Fair Value Disclosure | 1,461,268 | 1,391,701 |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Loan Held For Sale [Member] | ||
Assets, Fair Value Disclosure | 349,806 | 503,316 |
Significant Unobservable Inputs (Level 3) [Member] | Investment In Unconsolidated Entity, Senior Note [Member] | ||
Assets, Fair Value Disclosure | 70,016 | 74,473 |
Significant Unobservable Inputs (Level 3) [Member] | Assets Held For Sale [Member] | ||
Assets, Fair Value Disclosure | 289,038 | 304,313 |
Significant Unobservable Inputs (Level 3) [Member] | Subordinated Debentures [Member] | ||
Assets, Fair Value Disclosure | $ 9,822 | $ 9,173 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018USD ($)agreement | |
Derivative [Line Items] | |
Notional Amount | $ 59,700,000 |
Payable under agreements | 2,800,000 |
Cash collateral | $ 251,000 |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Number of interest rate swap agreements | agreement | 11 |
Fair value adjustment on derivatives | $ 1,500,000 |
Derivatives (Derivatives) (Deta
Derivatives (Derivatives) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Derivative [Line Items] | |
Notional amount | $ 59,700 |
Fair value | $ 2,767 |
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) | 1.79% |
Fair value | $ 503 |
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) | 1.88% |
Fair value | $ 77 |
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) | 1.88% |
Fair value | $ 77 |
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) | 2.07% |
Fair value | $ 100 |
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) | 2.27% |
Fair value | $ 279 |
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) | 2.29% |
Fair value | $ 327 |
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) | 1.76% |
Fair value | $ 185 |
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) | 1.75% |
Fair value | $ 616 |
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) | 2.07% |
Fair value | $ 122 |
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) | 1.70% |
Fair value | $ 324 |
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) | 1.76% |
Fair value | $ 157 |
Other Identifiable Intangible64
Other Identifiable Intangible Assets (Details) - USD ($) | Nov. 29, 2012 | May 31, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2007 |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 383,000 | $ 379,000 | |||
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 | |||
Accumulated amortization | 653,000 | ||||
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 | $ 1,800,000 | ||||
Gross intangible assets | 12,000,000 | ||||
Accumulated amortization | 10,200,000 | ||||
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 | $ 492,000 | ||||
Gross intangible assets | 1,800,000 | ||||
Accumulated amortization | $ 1,300,000 |
Recent Accounting Pronounceme65
Recent Accounting Pronouncements (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Recent Accounting Pronouncements [Abstract] | |
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | $ 812 |
Regulatory Matters (Details)
Regulatory Matters (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Regulatory Matters [Abstract] | |
Percentage of net profits from preceding period for which dividend is paid to surplus fund (in hundredths) | 50.00% |
Percentage of capital stock (in hundredths) | 50.00% |
Percentage of net profits from preceding period for which dividend is paid to surplus fund thereafter (in hundredths) | 25.00% |
Percentage of capital stock thereafter (in hundredths) | 100.00% |
Segment Financials (Narrative)
Segment Financials (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018segment | |
Segment Financials [Abstract] | |
Number of Operating Segments | 4 |
Segment Financials (Schedule Of
Segment Financials (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 35,307 | $ 28,449 | |
Interest expense | 5,233 | 3,572 | |
Net interest income | 30,074 | 24,877 | |
Provision for loan and lease losses | 700 | 1,000 | |
Non-interest income | 29,095 | 24,219 | |
Non-interest expense | 39,049 | 37,783 | |
Income from continuing operations before income taxes | 19,420 | 10,313 | |
Income taxes | 5,399 | 4,011 | |
Net income from continuing operations | 14,021 | 6,302 | |
Income from discontinued operations | 119 | 1,661 | |
Net income | 14,140 | 7,963 | |
Total assets | 4,369,100 | $ 4,708,147 | |
Total liabilities | 4,039,208 | 4,383,998 | |
Specialty Finance [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 22,813 | 17,929 | |
Interest expense | 928 | 966 | |
Net interest income | 21,885 | 16,963 | |
Provision for loan and lease losses | 700 | 1,000 | |
Non-interest income | 12,710 | 7,440 | |
Non-interest expense | 15,140 | 13,674 | |
Income from continuing operations before income taxes | 18,755 | 9,729 | |
Net income from continuing operations | 18,755 | 9,729 | |
Net income | 18,755 | 9,729 | |
Total assets | 1,767,877 | 1,865,572 | |
Total liabilities | 684,286 | 653,952 | |
Payments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest allocation | 12,494 | 10,520 | |
Interest expense | 3,902 | 2,364 | |
Net interest income | 8,592 | 8,156 | |
Non-interest income | 16,354 | 16,640 | |
Non-interest expense | 16,194 | 19,647 | |
Income from continuing operations before income taxes | 8,752 | 5,149 | |
Net income from continuing operations | 8,752 | 5,149 | |
Net income | 8,752 | 5,149 | |
Total assets | 38,517 | 29,615 | |
Total liabilities | 3,089,032 | 3,371,730 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 12,494 | 10,520 | |
Interest allocation | (12,494) | (10,520) | |
Interest expense | 403 | 242 | |
Net interest income | (403) | (242) | |
Non-interest income | 31 | 139 | |
Non-interest expense | 7,715 | 4,463 | |
Income from continuing operations before income taxes | (8,087) | (4,565) | |
Income taxes | 5,399 | 4,011 | |
Net income from continuing operations | (13,486) | (8,576) | |
Net income | (13,486) | (8,576) | |
Total assets | 2,273,668 | 2,508,647 | |
Total liabilities | 265,890 | 358,316 | |
Discontinued Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Income from discontinued operations | 119 | 1,661 | |
Net income | 119 | $ 1,661 | |
Total assets | $ 289,038 | $ 304,313 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2014 | |
Discontinued Operations [Abstract] | ||||
Disposal Group, Including Discontinued Operation, Loan Portfolio, Book Value | $ 1,100,000 | |||
Investment in unconsolidated entity, at fair value | $ 70,016 | $ 74,473 | ||
Assets held for sale, included in discontinued operations and transferred to level 3 | 289,038 | $ 304,313 | ||
Gain (loss) on sale of loans | $ 11,661 | $ 5,383 |
Discontinued Operations (Financ
Discontinued Operations (Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Discontinued Operations [Abstract] | |||
Interest income | $ 2,527 | $ 3,361 | |
Net interest income | 2,527 | 3,361 | |
Non interest income | 364 | 106 | |
Non interest expense | 2,735 | 800 | |
Income before taxes | 156 | 2,667 | |
Income tax provision | 37 | 1,006 | |
Net income | 119 | $ 1,661 | |
Loans, net | 253,523 | $ 270,050 | |
Other real estate owned | 35,515 | 34,262 | |
Total assets | $ 289,038 | $ 304,313 |