Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 27, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SFBS | ||
Entity Registrant Name | ServisFirst Bancshares, Inc. | ||
Entity Central Index Key | 1430723 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 24,846,518 | ||
Entity Public Float | $647,999,850 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $48,519 | $61,370 |
Interest-bearing balances due from depository institutions | 248,054 | 188,411 |
Federal funds sold | 891 | 8,634 |
Cash and cash equivalents | 297,464 | 258,415 |
Available for sale debt securities, at fair value | 298,310 | 265,728 |
Held to maturity debt securities (fair value of $29,974 and $31,315 at December 31, 2014 and 2013, respectively) | 29,355 | 32,274 |
Restricted equity securities | 3,921 | 4,230 |
Mortgage loans held for sale | 5,984 | 8,134 |
Loans | 3,359,858 | 2,858,868 |
Less allowance for loan losses | -35,629 | -30,663 |
Loans, net | 3,324,229 | 2,828,205 |
Premises and equipment, net | 7,815 | 8,351 |
Accrued interest and dividends receivable | 11,214 | 10,262 |
Deferred tax asset, net | 15,716 | 11,018 |
Other real estate owned and repossessed assets | 6,840 | 12,861 |
Bank owned life insurance contracts | 86,288 | 69,008 |
Other assets | 11,543 | 12,213 |
Total assets | 4,098,679 | 3,520,699 |
Deposits: | ||
Noninterest-bearing | 810,460 | 650,456 |
Interest-bearing | 2,587,700 | 2,369,186 |
Total deposits | 3,398,160 | 3,019,642 |
Federal funds purchased | 264,315 | 174,380 |
Other borrowings | 19,973 | 19,940 |
Accrued interest payable | 1,940 | 769 |
Other liabilities | 7,078 | 8,776 |
Total liabilities | 3,691,466 | 3,223,507 |
Stockholders' equity: | ||
Common stock, par value $0.001 per share; 50,000,000 shares authorized; 24,801,518 shares issued and outstanding at December 31, 2014 and 22,050,036 shares issued and outstanding at December 31, 2013 | 25 | 7 |
Additional paid-in capital | 185,397 | 123,325 |
Retained earnings | 177,091 | 130,011 |
Accumulated other comprehensive income | 4,490 | 3,891 |
Total stockholders' equity attributable to ServisFirst Bancshares, Inc. | 406,961 | 297,192 |
Noncontrolling interest | 252 | 0 |
Total stockholders' equity | 407,213 | 297,192 |
Total liabilities and stockholders' equity | 4,098,679 | 3,520,699 |
Series A Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock | 39,958 | 39,958 |
Undesignated Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock | $0 | $0 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Held to maturity debt securities, fair value | $29,974,000 | $31,315,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 24,801,518 | 22,050,036 |
Common stock, shares outstanding | 24,801,518 | 22,050,036 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred Stock, Liquidation Preference, Value | $1,000,000 | $1,000,000 |
Preferred stock, authorized | 40,000 | 40,000 |
Preferred stock, shares issued | 40,000 | 40,000 |
Preferred stock, shares outstanding | 40,000 | 40,000 |
Undesignated Preferred Stock [Member] | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, undesignated | 960,000 | 960,000 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income: | |||
Interest and fees on loans | $136,066 | $118,285 | $100,462 |
Taxable securities | 4,497 | 3,888 | 4,814 |
Nontaxable securities | 3,489 | 3,407 | 3,246 |
Federal funds sold | 159 | 128 | 196 |
Other interest and dividends | 514 | 373 | 305 |
Total interest income | 144,725 | 126,081 | 109,023 |
Interest expense: | |||
Deposits | 12,420 | 11,830 | 12,249 |
Borrowed funds | 1,699 | 1,789 | 2,652 |
Total interest expense | 14,119 | 13,619 | 14,901 |
Net interest income | 130,606 | 112,462 | 94,122 |
Provision for loan losses | 10,259 | 13,008 | 9,100 |
Net interest income after provision for loan losses | 120,347 | 99,454 | 85,022 |
Noninterest income: | |||
Service charges on deposit accounts | 4,265 | 3,228 | 2,756 |
Mortgage banking | 2,047 | 2,513 | 3,560 |
Securities gains | 3 | 131 | 0 |
Increase in cash surrender value life insurance | 2,280 | 1,994 | 1,624 |
Other operating income | 2,634 | 2,144 | 1,703 |
Total noninterest income | 11,229 | 10,010 | 9,643 |
Noninterest expenses: | |||
Salaries and employee benefits | 31,017 | 26,324 | 22,587 |
Equipment and occupancy expense | 5,547 | 5,202 | 4,014 |
Professional services | 2,435 | 1,809 | 1,455 |
FDIC and other regulatory assessments | 2,094 | 1,799 | 1,595 |
Other real estate owned expense | 1,533 | 1,426 | 2,727 |
Other operating expenses | 14,972 | 10,929 | 10,722 |
Total noninterest expenses | 57,598 | 47,489 | 43,100 |
Income before income taxes | 73,978 | 61,975 | 51,565 |
Provision for income taxes | 21,601 | 20,358 | 17,120 |
Net income | 52,377 | 41,617 | 34,445 |
Dividends on preferred stock | 431 | 416 | 400 |
Net income available to common stockholders | $51,946 | $41,201 | $34,045 |
Basic earnings per common share | $2.18 | $2 | $1.89 |
Diluted earnings per common share | $2.09 | $1.90 | $1.66 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $52,377 | $41,617 | $34,445 |
Other comprehensive income (loss), net of tax: | |||
Unrealized holding gains (losses) arising during period from securities available for sale, net of tax of $316, $(1,781) and $191 for 2014, 2013 and 2012, respectively | 601 | -3,319 | 354 |
Reclassification adjustment for net gains on sale of securities in net income, net of tax of $1 and $45 for 2014 and 2013, respectively | -2 | -86 | 0 |
Other comprehensive income (loss), net of tax | 599 | -3,405 | 354 |
Comprehensive income | $52,976 | $38,212 | $34,799 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unrealized holding (losses) gains arising during period from securities available for sale | $316 | ($1,781) | $191 |
Reclassification adjustment for net gains on sale of securities in net income | $1 | $45 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interest [Member] |
In Thousands | |||||||
Beginning Balance at Dec. 31, 2011 | $196,292 | $39,958 | $6 | $87,805 | $61,581 | $6,942 | $0 |
Common dividends paid $0.167 per share | -3,134 | 0 | 0 | 0 | -3,134 | 0 | 0 |
Common dividends declared | 0 | ||||||
Preferred dividends paid | -400 | 0 | 0 | 0 | -400 | 0 | 0 |
Issue 1,875,000 shares of common stock, net of issuance cost of $4,777 | 0 | ||||||
Issue 250 shares of REIT preferred stock | 0 | ||||||
Exercise stock options and warrants,including tax benefit | 4,651 | 0 | 0 | 4,651 | 0 | 0 | 0 |
Stock-based compensation expense | 1,049 | 0 | 0 | 1,049 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 354 | 0 | 0 | 0 | 0 | 354 | 0 |
Net income | 34,445 | 0 | 0 | 0 | 34,445 | 0 | 0 |
Ending Balance at Dec. 31, 2012 | 233,257 | 39,958 | 6 | 93,505 | 92,492 | 7,296 | 0 |
Common dividends paid $0.167 per share | -3,682 | 0 | 0 | 0 | -3,682 | 0 | 0 |
Common dividends declared | 0 | ||||||
Preferred dividends paid | -416 | 0 | 0 | 0 | -416 | 0 | 0 |
Issue 1,875,000 shares of common stock, net of issuance cost of $4,777 | 10,337 | ||||||
Issue 250 shares of REIT preferred stock | 0 | ||||||
Exercise stock options and warrants,including tax benefit | 3,279 | 0 | 0 | 3,279 | 0 | 0 | 0 |
Sale of 750,000 shares of common stock | 10,337 | 0 | 0 | 10,337 | 0 | 0 | 0 |
Issuance of 1,800,000 shares upon mandatory conversion of subordinated mandatorily convertible debentures | 15,000 | 0 | 1 | 14,999 | 0 | 0 | 0 |
Stock-based compensation expense | 1,205 | 0 | 0 | 1,205 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | -3,405 | 0 | 0 | 0 | 0 | -3,405 | 0 |
Net income | 41,617 | 0 | 0 | 0 | 41,617 | 0 | 0 |
Ending Balance at Dec. 31, 2013 | 297,192 | 39,958 | 7 | 123,325 | 130,011 | 3,891 | 0 |
Common dividends paid $0.167 per share | -3,609 | 0 | 0 | 0 | -3,609 | 0 | 0 |
Common dividends declared | -1,240 | 0 | 0 | 0 | -1,240 | 0 | 0 |
Preferred dividends paid | -431 | 0 | 0 | 0 | -431 | 0 | 0 |
3-for-1 common stock split, in the form of a stock dividend | 0 | 0 | 17 | 0 | -17 | 0 | 0 |
Issue 1,875,000 shares of common stock, net of issuance cost of $4,777 | 52,076 | 0 | 1 | 52,075 | 0 | 0 | 0 |
Issue 250 shares of REIT preferred stock | 250 | 0 | 0 | 0 | 0 | 0 | 250 |
Exercise stock options and warrants,including tax benefit | 6,316 | 0 | 0 | 6,316 | 0 | 0 | 0 |
Stock-based compensation expense | 3,681 | 0 | 0 | 3,681 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 599 | 0 | 0 | 0 | 0 | 599 | 0 |
Net income | 52,379 | 0 | 0 | 0 | 52,377 | 0 | 2 |
Ending Balance at Dec. 31, 2014 | $407,213 | $39,958 | $25 | $185,397 | $177,091 | $4,490 | $252 |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options And Warrants Exercised | 883,983 | 494,100 | 997,890 |
Stock option and Warrants Exercised Tax Benefits | $971 | $262 | $381 |
Conversion of Stock, Shares Issued | 1,800,000 | ||
Payments of Stock Issuance Costs | $4,777 | ||
Common Stock, Dividends, Per Share, Cash Paid | $0.15 | $0.50 | $0.17 |
Common Stock, Dividends, Per Share, Declared | $0.05 | ||
Common Stock [Member] | |||
Stock Issued During Period, Shares, New Issues | 1,875,000 | ||
Stock Issued During Period, Shares, Issued for Services | 750,000 | ||
Preferred Stock [Member] | |||
Stock Issued During Period, Shares, New Issues | 250 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOW (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES | |||
Net income | $52,377 | $41,617 | $34,445 |
Adjustments to reconcile net income to net cash provided by | |||
Deferred tax benefit | -5,021 | -1,805 | -2,181 |
Provision for loan losses | 10,259 | 13,008 | 9,100 |
Depreciation and amortization | 1,838 | 1,841 | 1,218 |
Net amortization of investments | 3,247 | 1,122 | 1,079 |
Market value adjustment of interest rate cap | 0 | 0 | 9 |
Increase in accrued interest and dividends receivable | -952 | -1,104 | -966 |
Stock-based compensation expense | 3,681 | 1,205 | 1,049 |
Increase (decrease) in accrued interest payable | 1,171 | -173 | -3 |
Proceeds from sale of mortgage loans held for sale | 107,678 | 192,576 | 239,292 |
Originations of mortgage loans held for sale | -103,481 | -172,371 | -243,699 |
Gain on sale of securities available for sale | -3 | -131 | 0 |
Gain on sale of mortgage loans held for sale | -2,047 | -2,513 | -3,560 |
Net loss on sale of other real estate owned and repossessed assets | 413 | 159 | 105 |
Write down of other real estate owned | 811 | 433 | 2,189 |
Decrease in special prepaid FDIC insurance assessments | 0 | 2,498 | 1,322 |
Increase in cash surrender value of life insurance contracts | -2,280 | -1,994 | -1,624 |
Losses of tax credit partnerships | 207 | 0 | 0 |
Excess tax benefits from the exercise of warrants | -971 | -262 | -381 |
Net change in other assets, liabilities, and other operating activities | -2,812 | 92 | 3,790 |
Net cash provided by operating activities | 64,115 | 74,198 | 41,184 |
INVESTMENT ACTIVITIES | |||
Purchase of debt securities available for sale | -65,398 | -83,455 | -47,867 |
Proceeds from maturities, calls and paydowns of debt securities available for sale | 32,833 | 40,959 | 106,783 |
Proceeds from sale of debt securities available for sale | 173 | 4,140 | 0 |
Purchase of debt securities held to maturity | 0 | -10,668 | -11,701 |
Proceeds from maturities, calls and paydowns of debt securities held to maturity | 2,919 | 4,361 | 943 |
Increase in loans | -508,026 | -515,644 | -540,019 |
Purchase of premises and equipment | -1,307 | -1,346 | -5,474 |
Purchase of equity securities | 0 | 0 | -787 |
Purchase of bank-owned life insurance contracts | -15,000 | -10,000 | -15,000 |
Proceeds from sale of equity securities | 320 | 203 | 347 |
Proceeds from sale of other real estate owned and repossessed assets | 6,539 | 7,664 | 2,967 |
Investment in tax credit partnerships | -2,145 | -7,907 | 0 |
Net cash used in investing activities | -549,092 | -571,693 | -509,808 |
FINANCING ACTIVITIES | |||
Net increase in non-interest-bearing deposits | 160,004 | 105,282 | 126,364 |
Net increase in interest-bearing deposits | 218,514 | 402,788 | 241,321 |
Net increase in federal funds purchased | 89,935 | 57,315 | 37,800 |
Proceeds from other borrowings | 0 | 0 | 19,917 |
Redemption of subordinated debentures | 0 | 0 | -15,464 |
Proceeds from sale of common stock, net | 52,076 | 10,337 | 0 |
Proceeds from sale of preferred stock, net | 250 | 0 | 0 |
Proceeds from exercise of stock options and warrants | 6,316 | 3,279 | 4,651 |
Excess tax benefits from exercise of stock options and warrants | 971 | 262 | 381 |
Repayment of other borrowings | 0 | 0 | -5,000 |
Dividends paid on common stock | -3,609 | -3,682 | -3,134 |
Dividends paid on preferred stock | -431 | -416 | -400 |
Net cash provided by financing activities | 524,026 | 575,165 | 406,436 |
Net increase (decrease) in cash and cash equivalents | 39,049 | 77,670 | -62,188 |
Cash and cash equivalents at beginning of year | 258,415 | 180,745 | 242,933 |
Cash and cash equivalents at end of year | 297,464 | 258,415 | 180,745 |
Cash paid for: | |||
Interest | 12,948 | 13,792 | 14,904 |
Income taxes | 27,278 | 20,878 | 17,714 |
NONCASH TRANSACTIONS | |||
Conversion of mandatorily convertible subordinated debentures | 0 | -15,000 | 0 |
Other real estate acquired in settlement of loans | 2,417 | 11,355 | 2,695 |
Internally financed sales of other real estate owned and repossessed assets | 675 | 0 | 24 |
Dividends declared | $1,240 | $0 | $0 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Nature of Operations | |
ServisFirst Bancshares, Inc. (the “Company”) was formed on August 16, 2007 and is a bank holding company whose business is conducted by its wholly-owned subsidiary ServisFirst Bank (the “Bank”). The Bank is headquartered in Birmingham, Alabama, and provides a full range of banking services to individual and corporate customers throughout the Birmingham market since opening for business in May 2005. The Bank has since expanded into the Huntsville, Montgomery, Dothan, Mobile, Alabama and Pensacola, Florida markets. The Bank has a subsidiary, SF Holding 1, Inc., which has subsidiaries, SF Realty 1, Inc., SF FLA Realty, Inc. and SF GA Realty, Inc. which operate as real estate investment trusts. More details about SF Holding 1, Inc. and its subsidiaries are included in Note 10. | |
Basis of Presentation and Accounting Estimates | |
To prepare consolidated financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and future results could differ. The allowance for loan losses, valuation of foreclosed real estate, deferred taxes, and fair values of financial instruments are particularly subject to change. All numbers are in thousands except share and per share data. | |
Cash, Due from Banks, Interest-Bearing Balances due from Financial Institutions | |
Cash and due from banks includes cash on hand, cash items in process of collection, amounts due from banks and interest bearing balances due from financial institutions. For purposes of cash flows, cash and cash equivalents include cash and due from banks and federal funds sold. Generally, federal funds are purchased and sold for one-day periods. Cash flows from loans, mortgage loans held for sale, federal funds sold, and deposits are reported net. | |
The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank based on a percentage of deposits. The total of those reserve balances was approximately $36.9 million at December 31, 2014 and $24.4 million at December 31, 2013. | |
Debt Securities | |
Securities are classified as available-for-sale when they might be sold before maturity. Unrealized holding gains and losses, net of tax, on securities available for sale are reported as a net amount in a separate component of stockholders’ equity until realized. Gains and losses on the sale of securities available for sale are determined using the specific-identification method. The amortization of premiums and the accretion of discounts are recognized in interest income using methods approximating the interest method over the period to maturity. | |
Declines in the fair value of available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. Securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are reported at amortized cost. In determining the existence of other-than-temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |
Investments in Restricted Equity Securities Carried at Cost | |
Investments in restricted equity securities without a readily determinable market value are carried at cost. | |
Mortgage Loans Held for Sale | |
The Company classifies certain residential mortgage loans as held for sale. Typically mortgage loans held for sale are sold to a third party investor within a very short time period. The loans are sold without recourse and servicing is not retained. Net fees earned from this banking service are recorded in noninterest income. | |
In the course of originating mortgage loans and selling those loans in the secondary market, the Company makes various representations and warranties to the purchaser of the mortgage loans. Each loan is underwritten using government agency guidelines. Any exceptions noted during this process are remedied prior to sale. These representations and warranties also apply to underwriting the real estate appraisal opinion of value for the collateral securing these loans. Under the representations and warranties, failure by the Company to comply with the underwriting and/or appraisal standards could result in the Company being required to repurchase the mortgage loan or to reimburse the investor for losses incurred (make whole requests) if such failure cannot be cured by the Company within the specified period following discovery. The Company continues to experience a insignificant level of investor repurchase demands. There were no expenses incurred as part of these buyback obligations for the years ended December 31, 2014 and 2013. | |
Loans | |
Loans are reported at unpaid principal balances, less unearned fees and the allowance for loan losses. Interest on all loans is recognized as income based upon the applicable rate applied to the daily outstanding principal balance of the loans. Interest income on nonaccrual loans is recognized on a cash basis or cost recovery basis until the loan is returned to accrual status. A loan may be returned to accrual status if the Company is reasonably assured of repayment of principal and interest and the borrower has demonstrated sustained performance for a period of at least six months. Loan fees, net of direct costs, are reflected as an adjustment to the yield of the related loan over the term of the loan. The Company does not have a concentration of loans to any one industry or geographic market. | |
The accrual of interest on loans is discontinued when there is a significant deterioration in the financial condition of the borrower and full repayment of principal and interest is not expected or the principal or interest is more than 90 days past due, unless the loan is both well-collateralized and in the process of collection. Generally, all interest accrued but not collected for loans that are placed on nonaccrual status are reversed against current interest income. Interest collections on nonaccrual loans are generally applied as principal reductions. The Company determines past due or delinquency status of a loan based on contractual payment terms. | |
A loan is considered impaired when it is probable the Company will be unable to collect all principal and interest payments due according to the contractual terms of the loan agreement. Individually identified impaired loans are measured based on the present value of expected payments using the loan’s original effective rate as the discount rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. If the recorded investment in the impaired loan exceeds the measure of fair value, a valuation allowance may be established as part of the allowance for loan losses. Changes to the valuation allowance are recorded as a component of the provision for loan losses. | |
Impaired loans also include troubled debt restructurings (“TDRs”). In the normal course of business management grants concessions to borrowers, which would not otherwise be considered, where the borrowers are experiencing financial difficulty. The concessions granted most frequently for TDRs involve reductions or delays in required payments of principal and interest for a specified time, the rescheduling of payments in accordance with a bankruptcy plan or the charge-off of a portion of the loan. In some cases, the conditions of the credit also warrant nonaccrual status, even after the restructure occurs. As part of the credit approval process, the restructured loans are evaluated for adequate collateral protection in determining the appropriate accrual status at the time of restructure. TDR loans may be returned to accrual status if there has been at least a six month sustained period of repayment performance by the borrower. | |
Allowance for Loan Losses | |
The allowance for loan losses is maintained at a level which, in management’s judgment, is adequate to absorb credit losses inherent in the loan portfolio. The amount of the allowance is based on management’s evaluation of the collectability of the loan portfolio, including the nature of the portfolio, credit concentrations, trends in historical loss experience, specific impaired loans, economic conditions, and other risks inherent in the portfolio. Allowances for impaired loans are generally determined based on collateral values or the present value of the estimated cash flows. The allowance is increased by a provision for loan losses, which is charged to expense, and reduced by charge-offs, net of recoveries. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the allowance for losses on loans. Such agencies may require the Company to recognize adjustments to the allowance based on their judgments about information available to them at the time of their examination. | |
Foreclosed Real Estate | |
Foreclosed real estate includes both formally foreclosed property and in-substance foreclosed property. At the time of foreclosure, foreclosed real estate is recorded at fair value less cost to sell, which becomes the property’s new basis. Any write downs based on the asset’s fair value at date of acquisition are charged to the allowance for loan losses. After foreclosure, these assets are carried at the lower of their new cost basis or fair value less cost to sell. Costs incurred in maintaining foreclosed real estate and subsequent adjustments to the carrying amount of the property are included in other operating expenses. | |
Premises and Equipment | |
Premises and equipment are stated at cost less accumulated depreciation. Expenditures for additions and major improvements that significantly extend the useful lives of the assets are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Assets which are disposed of are removed from the accounts and the resulting gains or losses are recorded in operations. Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets (3 to 10 years). | |
Leasehold improvements are amortized on a straight-line basis over the lesser of the lease terms or the estimated useful lives of the improvements. | |
Derivatives and Hedging Activities | |
As part of its overall interest rate risk management, the Company uses derivative instruments, which can include interest rate swaps, caps, and floors. Financial Accounting Standards Board (“FASB”) ASC 815-10, Derivatives and Hedging, requires all derivative instruments to be carried at fair value on the balance sheet. This accounting standard provides special accounting provisions for derivative instruments that qualify for hedge accounting. To be eligible, the Company must specifically identify a derivative as a hedging instrument and identify the risk being hedged. The derivative instrument must be shown to meet specific requirements under this accounting standard. | |
The Company designates the derivative on the date the derivative contract is entered into as (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (a “fair-value” hedge) or (2) a hedge of a forecasted transaction of the variability of cash flows to be received or paid related to a recognized asset or liability (a “cash-flow” hedge). Changes in the fair value of a derivative that is highly effective as a fair-value hedge, and that is designated and qualifies as a fair-value hedge, along with the loss or gain on the hedged asset or liability that is attributable to the hedged risk (including losses or gains on firm commitments), are recorded in current-period earnings. The effective portion of the changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash-flow hedge is recorded in other comprehensive income, until earnings are affected by the variability of cash flows (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). The remaining gain or loss on the derivative, if any, in excess of the cumulative change in the present value of future cash flows of the hedged item is recognized in earnings. | |
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair-value or cash-flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assessed, both at the hedge’s inception and on an ongoing basis (if the hedges do not qualify for short-cut accounting), whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively, as discussed below. The Company discontinues hedge accounting prospectively when: (1) it is determined that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item (including firm commitments or forecasted transactions); (2) the derivative expires or is sold, terminated, or exercised; (3) the derivative is re-designated as a hedge instrument, because it is unlikely that a forecasted transaction will occur; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) management determines that designation of the derivative as a hedge instrument is no longer appropriate. | |
When hedge accounting is discontinued because it is determined that the derivative no longer qualifies as an effective fair-value hedge, hedge accounting is discontinued prospectively and the derivative will continue to be carried on the balance sheet at its fair value with all changes in fair value being recorded in earnings but with no offsetting being recorded on the hedged item or in other comprehensive income for cash flow hedges. | |
The Company uses derivatives to hedge interest rate exposures associated with mortgage loans held for sale and mortgage loans in process. The Company regularly enters into derivative financial instruments in the form of forward contracts, as part of its normal asset/liability management strategies. The Company’s obligations under forward contracts consist of “best effort” commitments to deliver mortgage loans originated in the secondary market at a future date. Interest rate lock commitments related to loans that are originated for later sale are classified as derivatives. In the normal course of business, the Company regularly extends these rate lock commitments to customers during the loan origination process. The fair values of the Company’s forward contract and rate lock commitments to customers as of December 31, 2014 and 2013 were not material and have not been recorded. | |
Income Taxes | |
Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | |
The Company follows the provisions of ASC 740-10, Income Taxes. ASC 740-10 establishes a single model to address accounting for uncertain tax positions. ASC 740-10 clarifies the accounting for income taxes by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. ASC 740-10 also provides guidance on derecognition measurement classification interest and penalties, accounting in interim periods, disclosure, and transition. ASC 740-10 provides a two-step process in the evaluation of a tax position. The first step is recognition. A Company determines whether it is more likely than not that a tax position will be sustained upon examination, including a resolution of any related appeals or litigation processes, based upon the technical merits of the position. The second step is measurement. A tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. | |
Stock-Based Compensation | |
At December 31, 2014, the Company had two stock-based compensation plans for grants of equity compensation to key employees and directors. These plans have been accounted for under the provisions of FASB ASC 718-10, Compensation – Stock Compensation with respect to employee stock options and under the provisions of FASB ASC 505-50, Equity-Based Payments to Non-Employees, with respect to non-employee stock options. The stock-based employee compensation plans are more fully described in Note 13. | |
Earnings per Common Share | |
Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options and warrants. | |
Loan Commitments and Related Financial Instruments | |
Financial instruments, which include credit card arrangements, commitments to make loans and standby letters of credit, are issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Instruments such as stand-by letters of credit are considered financial guarantees in accordance with FASB ASC 460-10. The fair value of these financial guarantees is not material. | |
Fair Value of Financial Instruments | |
Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 22. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. | |
Comprehensive Income | |
Comprehensive income consists of net income and other comprehensive income. Accumulated comprehensive income, which is recognized as a separate component of equity, includes unrealized gains and losses on securities available for sale. | |
Advertising | |
Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2014, 2013 and 2012 was $477,000, $532,000 and $454,000, respectively. Advertising typically consists of local print media aimed at businesses that the Company targets as well as sponsorships of local events that the Company’s clients and prospects are involved with. | |
Recently Adopted Accounting Pronouncements | |
In July 2013, the FASB issued ASU No. 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes, which permits the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to the U.S. Treasury and London Interbank Offered Rate. The ASU also amends previous rules by removing the restriction on using different benchmark rates for similar hedges. This amendment applies to all entities that elect to apply hedge accounting of the benchmark interest rate. The amendments in this ASU were effective for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The Company has adopted this update, but such adoption had no impact on its financial position or results of operations. | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which provides that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability. These amendments in this ASU are effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. Early adoption and retrospective application is permitted. The Company has adopted this update, but such adoption had no impact on its financial position or results of operations. | |
In January 2014, the FASB issued ASU No. 2014-1, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects, which provides guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. It permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial investment in proportion to the tax credits and other tax benefits received, and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments are effective for public entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014, and interim reporting periods within annual periods beginning after December 15, 2015. Early adoption is permitted and retrospective application is required for all periods presented. The Company made an investment in a limited partnership during the first quarter of 2014 which has invested in a qualified affordable housing project. The Company has made an election to account for this investment as provided for in this update, and will recognize the net investment performance of its share of the partnership as tax credits become available. | |
Recent Accounting Pronouncements | |
In January 2014, the FASB issued ASU No. 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. These amendments are intended to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. The amendments clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (1) the creditor obtaining legal title to the residential real estate property upon completion of residential foreclosure, or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additional disclosures about such activities are required by these amendments. The amendments in this ASU become effective for public companies for annual periods and interim periods within those annual periods beginning after December 15, 2014, and early adoption is permitted. The Company is assessing the impact that these amendments will have on its financial position and results of operations, but does not currently anticipate that it will have a material impact. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). These amendments affect any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g. insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance, and creates a Topic 606, Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This ASU will be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The ASU allows for either full retrospective or modified retrospective adoption. The Company is assessing the effects of this ASU, which exclude financial instruments from its scope, but does not anticipate that it will have a material impact on its financial position or results of operations. | |
In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period. The amendments clarify the proper method of accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. This ASU requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. None of the Company’s share-based payment awards have service components, so the Company does not believe this ASU will have an impact on its financial position or results of operations. | |
In August 2014, the FASB issued ASU No. 2014-14 – Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. These amendments address the diversity in practice regarding the classification and measurement of foreclosed loans which were part of a government-sponsored loan guarantee program (e.g. HUD, FHA, VA). The ASU outlines certain criteria that, if met, the loan (residential or commercial) should be derecognized and a separate other receivable should be recorded upon foreclosure at the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. This ASU will be effective for annual reporting periods beginning after December 15, 2014, including interim periods within that reporting period. Early adoption is permitted, provided the entity has adopted ASU 2014-04. The ASU should be adopted either prospectively or on a modified retrospective basis. The Company is assessing the impact that these amendments will have on its financial position and results of operations, but does not currently anticipate that it will have a material impact. | |
In August 2014, the FASB issued ASU No. 2014-15 Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. These amendments are intended to reduce diversity in the timing and content of going concern disclosures. This ASU clarifies management’s responsibility to evaluate and provide related disclosures if there are any conditions or events, as a whole, that raise substantial doubt about the entity’s ability to continue as a going concern for one year after the date the financial statements are issued (or, if applicable, available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The Company does not believe this ASU will have an impact on its financial position or results of operations. | |
DEBT_SECURITIES
DEBT SECURITIES | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
DEBT SECURITIES | NOTE 2. | DEBT SECURITIES | ||||||||||||||||||
The amortized cost and fair values of available-for-sale and held-to-maturity debt securities at December 31, 2014 and 2013 are summarized as follows: | ||||||||||||||||||||
Gross | Gross | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | |||||||||||||||||
Cost | Gain | Loss | Value | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Securities Available for Sale | ||||||||||||||||||||
U.S. Treasury and government sponsored agencies | $ | 50,363 | $ | 775 | $ | - | $ | 51,138 | ||||||||||||
Mortgage-backed securities | 92,439 | 3,095 | -11 | 95,523 | ||||||||||||||||
State and municipal securities | 132,780 | 3,211 | -328 | 135,663 | ||||||||||||||||
Corporate debt | 15,821 | 165 | - | 15,986 | ||||||||||||||||
Total | $ | 291,403 | $ | 7,246 | $ | -339 | $ | 298,310 | ||||||||||||
Securities Held to Maturity | ||||||||||||||||||||
Mortgage-backed securities | 23,804 | 449 | -320 | 23,933 | ||||||||||||||||
State and municipal securities | 5,551 | 490 | - | 6,041 | ||||||||||||||||
Total | $ | 29,355 | $ | 939 | $ | -320 | $ | 29,974 | ||||||||||||
31-Dec-13 | ||||||||||||||||||||
Securities Available for Sale | ||||||||||||||||||||
U.S. Treasury and government sponsored agencies | $ | 31,641 | $ | 674 | $ | -41 | $ | 32,274 | ||||||||||||
Mortgage-backed securities | 85,272 | 2,574 | -98 | 87,748 | ||||||||||||||||
State and municipal securities | 127,083 | 3,430 | -682 | 129,831 | ||||||||||||||||
Corporate debt | 15,738 | 163 | -26 | 15,875 | ||||||||||||||||
Total | $ | 259,734 | $ | 6,841 | $ | -847 | $ | 265,728 | ||||||||||||
Securities Held to Maturity | ||||||||||||||||||||
Mortgage-backed securities | 26,730 | 266 | -1,422 | 25,574 | ||||||||||||||||
State and municipal securities | 5,544 | 197 | - | 5,741 | ||||||||||||||||
Total | $ | 32,274 | $ | 463 | $ | -1,422 | $ | 31,315 | ||||||||||||
All mortgage-backed debt securities are with government sponsored enterprises (GSEs) such as Federal National Mortgage Association, Government National Mortgage Association, Federal Home Loan Bank, and Federal Home Loan Mortgage Corporation. | ||||||||||||||||||||
At year-end 2014 and 2013, there were no holdings of debt securities of any issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity. | ||||||||||||||||||||
The amortized cost and fair value of debt securities as of December 31, 2014 and 2013 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Amortized Cost | Market Value | Amortized Cost | Market Value | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Debt securities available for sale | ||||||||||||||||||||
Due within one year | $ | 16,944 | $ | 17,246 | $ | 5,659 | $ | 5,717 | ||||||||||||
Due from one to five years | 121,591 | 123,962 | 102,535 | 104,887 | ||||||||||||||||
Due from five to ten years | 60,079 | 61,221 | 65,174 | 66,229 | ||||||||||||||||
Due after ten years | 350 | 358 | 1,094 | 1,147 | ||||||||||||||||
Mortgage-backed securities | 92,439 | 95,523 | 85,272 | 87,748 | ||||||||||||||||
$ | 291,403 | $ | 298,310 | $ | 259,734 | $ | 265,728 | |||||||||||||
Debt securities held to maturity | ||||||||||||||||||||
Due from five to ten years | $ | 298 | $ | 325 | $ | - | $ | - | ||||||||||||
Due after ten years | 5,253 | 5,716 | 5,544 | 5,741 | ||||||||||||||||
Mortgage-backed securities | 23,804 | 23,933 | 26,730 | 25,574 | ||||||||||||||||
$ | 29,355 | $ | 29,974 | $ | 32,274 | $ | 31,315 | |||||||||||||
The following table shows the gross unrealized losses and fair value of debt securities, aggregated by category and length of time that securities have been in a continuous unrealized loss position at December 31, 2014 and 2013. In estimating other-than-temporary impairment losses, management considers, among other things, the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The unrealized losses shown in the following table are primarily due to increases in market rates over the yields available at the time of purchase of the underlying securities and not credit quality. Because the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost basis, which may be maturity, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2014. There were no other-than-temporary impairments for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | ||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Losses | Fair Value | Losses | Fair Value | Losses | Fair Value | |||||||||||||||
(In Thousands) | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
U.S. Treasury and government sponsored agencies | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage-backed securities | - | - | -331 | 17,751 | -331 | 17,751 | ||||||||||||||
State and municipal securities | -162 | 19,945 | -166 | 10,820 | -328 | 30,765 | ||||||||||||||
Corporate debt | - | - | - | - | - | - | ||||||||||||||
Total | $ | -162 | $ | 19,945 | $ | -497 | $ | 28,571 | $ | -659 | $ | 48,516 | ||||||||
31-Dec-13 | ||||||||||||||||||||
U.S. Treasury and government sponsored agencies | $ | -41 | $ | 5,854 | $ | - | $ | - | $ | -41 | $ | 5,854 | ||||||||
Mortgage-backed securities | -852 | 21,365 | -668 | 6,691 | -1,520 | 28,056 | ||||||||||||||
State and municipal securities | -607 | 30,666 | -75 | 3,443 | -682 | 34,109 | ||||||||||||||
Corporate debt | -26 | 5,958 | - | - | -26 | 5,958 | ||||||||||||||
Total | $ | -1,526 | $ | 63,843 | $ | -743 | $ | 10,134 | $ | -2,269 | $ | 73,977 | ||||||||
At December 31, 2014, 46 of the Company’s 707 debt securities were in an unrealized loss position for more than 12 months. | ||||||||||||||||||||
The following table summarizes information about sales of debt securities available for sale. | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Sale proceeds | $ | 173 | $ | 4,140 | $ | - | ||||||||||||||
Gross realized gains | $ | 3 | $ | 131 | $ | - | ||||||||||||||
Gross realized losses | - | - | - | |||||||||||||||||
Net realized gain (loss) | $ | 3 | $ | 131 | $ | - | ||||||||||||||
The carrying value of debt securities pledged to secure public funds on deposits and for other purposes as required by law as of December 31, 2014 and 2013 was $230.6 million and $200.9 million, respectively. | ||||||||||||||||||||
Equity securities include (1) a restricted investment in Federal Home Loan Bank of Atlanta stock for membership requirement and to secure available lines of credit, (2) an investment in First National Bankers Bank stock, and (3) an investment in a Community Reinvestment Act (“CRA”)-qualified mutual fund. The amount of investment in the Federal Home Loan Bank of Atlanta stock was $3.2 million and $3.5 million at December 31, 2014 and 2013, respectively. The amount of investment in the First National Bankers Bank stock was $250,000 at December 31, 2014 and 2013. The amount of investment in the CRA-qualified mutual fund was $503,000 and $493,000 at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
LOANS
LOANS | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||
LOANS | NOTE 3. | LOANS | |||||||||||||||||||||
The composition of loans at December 31, 2014 and 2013 is summarized as follows: | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,495,092 | $ | 1,278,649 | |||||||||||||||||||
Real estate - construction | 208,769 | 151,868 | |||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 793,917 | 710,372 | |||||||||||||||||||||
1-4 family mortgage | 333,455 | 278,621 | |||||||||||||||||||||
Other mortgage | 471,363 | 391,396 | |||||||||||||||||||||
Total real estate - mortgage | 1,598,735 | 1,380,389 | |||||||||||||||||||||
Consumer | 57,262 | 47,962 | |||||||||||||||||||||
Total Loans | 3,359,858 | 2,858,868 | |||||||||||||||||||||
Less: Allowance for loan losses | -35,629 | -30,663 | |||||||||||||||||||||
Net Loans | $ | 3,324,229 | $ | 2,828,205 | |||||||||||||||||||
Changes in the allowance for loan losses during the years ended December 31, 2014, 2013 and 2012, respectively are as follows: | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Balance, beginning of year | $ | 30,663 | $ | 26,258 | $ | 22,030 | |||||||||||||||||
Loans charged off | -5,771 | -9,012 | -5,755 | ||||||||||||||||||||
Recoveries | 478 | 409 | 883 | ||||||||||||||||||||
Provision for loan losses | 10,259 | 13,008 | 9,100 | ||||||||||||||||||||
Balance, end of year | $ | 35,629 | $ | 30,663 | $ | 26,258 | |||||||||||||||||
The Company assesses the adequacy of its allowance for loan losses at the end of each calendar quarter. The level of the allowance is based on management’s evaluation of the loan portfolios, past loan loss experience, current asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay (including the timing of future payment), the estimated value of any underlying collateral, composition of the loan portfolio, economic conditions, industry and peer bank loan quality indications and other pertinent factors, including regulatory recommendations. This evaluation is inherently subjective as it requires material estimates including the amounts and timing of future cash flows expected to be received on impaired loans that may be susceptible to significant change. Loan losses are charged off when management believes that the full collectability of the loan is unlikely. A loan may be partially charged-off after a “confirming event” has occurred which serves to validate that full repayment pursuant to the terms of the loan is unlikely. Allocation of the allowance is made for specific loans, but the entire allowance is available for any loan that in management’s judgment deteriorates and is uncollectible. The portion of the reserve classified as qualitative factors, is management’s evaluation of potential future losses that would arise in the loan portfolio should management’s assumption about qualitative and environmental conditions materialize. This qualitative factor portion of the allowance for loan losses is based on management’s judgment regarding various external and internal factors including macroeconomic trends, management’s assessment of the Company’s loan growth prospects, and evaluations of internal risk controls. | |||||||||||||||||||||||
The following table presents an analysis of the allowance for loan losses by portfolio segment as of December 31, 2014 and 2013. The total allowance for loan losses is disaggregated into those amounts associated with loans individually evaluated and those associated with loans collectively evaluated. | |||||||||||||||||||||||
Changes in the allowance for loan losses, segregated by loan type, during the years ended December 31, 2014 and 2013, respectively, are as follows: | |||||||||||||||||||||||
Commercial, | |||||||||||||||||||||||
financial and | Real estate - | Real estate - | |||||||||||||||||||||
agricultural | construction | mortgage | Consumer | Total | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 13,576 | $ | 6,078 | $ | 10,065 | $ | 944 | $ | 30,663 | |||||||||||||
Charge-offs | -2,311 | -1,267 | -1,965 | -228 | -5,771 | ||||||||||||||||||
Recoveries | 48 | 322 | 74 | 34 | 478 | ||||||||||||||||||
Provision | 4,766 | 1,262 | 3,938 | 293 | 10,259 | ||||||||||||||||||
Balance at December 31, 2014 | $ | 16,079 | $ | 6,395 | $ | 12,112 | $ | 1,043 | $ | 35,629 | |||||||||||||
31-Dec-14 | |||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 1,344 | $ | 1,448 | $ | 1,636 | $ | 666 | $ | 5,094 | |||||||||||||
Collectively Evaluated for Impairment | 14,735 | 4,947 | 10,476 | 377 | 30,535 | ||||||||||||||||||
Loans: | |||||||||||||||||||||||
Ending Balance | $ | 1,495,092 | $ | 208,769 | $ | 1,598,735 | $ | 57,262 | $ | 3,359,858 | |||||||||||||
Individually Evaluated for Impairment | 10,350 | 5,680 | 10,029 | 666 | 26,725 | ||||||||||||||||||
Collectively Evaluated for Impairment | 1,484,742 | 203,089 | 1,588,706 | 56,596 | 3,333,133 | ||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Balance at December 31, 2012 | $ | 11,061 | $ | 6,907 | $ | 7,964 | $ | 326 | $ | 26,258 | |||||||||||||
Charge-offs | -1,932 | -4,829 | -2,041 | -210 | -9,012 | ||||||||||||||||||
Recoveries | 66 | 296 | 36 | 11 | 409 | ||||||||||||||||||
Provision | 4,381 | 3,704 | 4,106 | 817 | 13,008 | ||||||||||||||||||
Balance at December 31, 2013 | $ | 13,576 | $ | 6,078 | $ | 10,065 | $ | 944 | $ | 30,663 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 1,992 | $ | 1,597 | $ | 1,982 | $ | 699 | $ | 6,270 | |||||||||||||
Collectively Evaluated for Impairment | 11,584 | 4,481 | 8,083 | 245 | 24,393 | ||||||||||||||||||
Loans: | |||||||||||||||||||||||
Ending Balance | $ | 1,278,649 | $ | 151,868 | $ | 1,380,389 | $ | 47,962 | $ | 2,858,868 | |||||||||||||
Individually Evaluated for Impairment | 3,827 | 9,238 | 18,202 | 699 | 31,966 | ||||||||||||||||||
Collectively Evaluated for Impairment | 1,274,822 | 142,630 | 1,362,187 | 47,263 | 2,826,902 | ||||||||||||||||||
The credit quality of the loan portfolio is summarized no less frequently than quarterly using categories similar to the standard asset classification system used by the federal banking agencies. The following table presents credit quality indicators for the loan loss portfolio segments and classes. These categories are utilized to develop the associated allowance for loan losses using historical losses adjusted for current economic conditions defined as follows: | |||||||||||||||||||||||
· | Pass – loans which are well protected by the current net worth and paying capacity of the obligor (or obligors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral. | ||||||||||||||||||||||
· | Special Mention – loans with potential weakness that may, if not reversed or corrected, weaken the credit or inadequately protect the Company’s position at some future date. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification. | ||||||||||||||||||||||
· | Substandard – loans that exhibit well-defined weakness or weaknesses that presently jeopardize debt repayment. These loans are characterized by the distinct possibility that the institution will sustain some loss if the weaknesses are not corrected. | ||||||||||||||||||||||
· | Doubtful – loans that have all the weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. | ||||||||||||||||||||||
Loans by credit quality indicator as of December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||
Special | |||||||||||||||||||||||
December 31, 2014 | Pass | Mention | Substandard | Doubtful | Total | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,459,356 | $ | 25,416 | $ | 10,320 | $ | - | $ | 1,495,092 | |||||||||||||
Real estate - construction | 197,727 | 5,332 | 5,710 | - | 208,769 | ||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 784,492 | 6,848 | 2,577 | - | 793,917 | ||||||||||||||||||
1-4 family mortgage | 326,316 | 4,253 | 2,886 | - | 333,455 | ||||||||||||||||||
Other mortgage | 457,782 | 9,015 | 4,566 | - | 471,363 | ||||||||||||||||||
Total real estate mortgage | 1,568,590 | 20,116 | 10,029 | - | 1,598,735 | ||||||||||||||||||
Consumer | 56,559 | 37 | 666 | - | 57,262 | ||||||||||||||||||
Total | $ | 3,282,232 | $ | 50,901 | $ | 26,725 | $ | - | $ | 3,359,858 | |||||||||||||
Special | |||||||||||||||||||||||
December 31, 2013 | Pass | Mention | Substandard | Doubtful | Total | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,238,109 | $ | 34,883 | $ | 5,657 | $ | - | $ | 1,278,649 | |||||||||||||
Real estate - construction | 139,239 | 3,392 | 9,237 | - | 151,868 | ||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 696,687 | 11,545 | 2,140 | - | 710,372 | ||||||||||||||||||
1-4 family mortgage | 265,019 | 1,253 | 12,349 | - | 278,621 | ||||||||||||||||||
Other mortgage | 379,419 | 8,179 | 3,798 | - | 391,396 | ||||||||||||||||||
Total real estate mortgage | 1,341,125 | 20,977 | 18,287 | - | 1,380,389 | ||||||||||||||||||
Consumer | 47,243 | 3 | 716 | - | 47,962 | ||||||||||||||||||
Total | $ | 2,765,716 | $ | 59,255 | $ | 33,897 | $ | - | $ | 2,858,868 | |||||||||||||
Loans by performance status as of December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||
December 31, 2014 | Performing | Nonperforming | Total | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,493,995 | $ | 1,097 | $ | 1,495,092 | |||||||||||||||||
Real estate - construction | 203,720 | 5,049 | 208,769 | ||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 793,234 | 683 | 793,917 | ||||||||||||||||||||
1-4 family mortgage | 331,859 | 1,596 | 333,455 | ||||||||||||||||||||
Other mortgage | 470,404 | 959 | 471,363 | ||||||||||||||||||||
Total real estate mortgage | 1,595,497 | 3,238 | 1,598,735 | ||||||||||||||||||||
Consumer | 56,596 | 666 | 57,262 | ||||||||||||||||||||
Total | $ | 3,349,808 | $ | 10,050 | $ | 3,359,858 | |||||||||||||||||
December 31, 2013 | Performing | Nonperforming | Total | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,276,935 | $ | 1,714 | $ | 1,278,649 | |||||||||||||||||
Real estate - construction | 148,118 | 3,750 | 151,868 | ||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 708,937 | 1,435 | 710,372 | ||||||||||||||||||||
1-4 family mortgage | 276,725 | 1,896 | 278,621 | ||||||||||||||||||||
Other mortgage | 391,153 | 243 | 391,396 | ||||||||||||||||||||
Total real estate mortgage | 1,376,815 | 3,574 | 1,380,389 | ||||||||||||||||||||
Consumer | 47,264 | 698 | 47,962 | ||||||||||||||||||||
Total | $ | 2,849,132 | $ | 9,736 | $ | 2,858,868 | |||||||||||||||||
Loans by past due status as of December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||
December 31, 2014 | Past Due Status (Accruing Loans) | ||||||||||||||||||||||
Total Past | |||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Due | Non-Accrual | Current | Total Loans | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,388 | $ | 3,490 | $ | 925 | $ | 5,803 | $ | 172 | $ | 1,489,117 | $ | 1,495,092 | |||||||||
Real estate - construction | - | - | - | - | 5,049 | 203,720 | 208,769 | ||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | - | - | - | - | 683 | 793,234 | 793,917 | ||||||||||||||||
1-4 family mortgage | 14 | - | - | 14 | 1,596 | 331,845 | 333,455 | ||||||||||||||||
Other mortgage | - | - | - | - | 959 | 470,404 | 471,363 | ||||||||||||||||
Total real estate - mortgage | 14 | - | - | 14 | 3,238 | 1,595,483 | 1,598,735 | ||||||||||||||||
Consumer | 21 | - | - | 21 | 666 | 56,575 | 57,262 | ||||||||||||||||
Total | $ | 1,423 | $ | 3,490 | $ | 925 | $ | 5,838 | $ | 9,125 | $ | 3,344,895 | $ | 3,359,858 | |||||||||
December 31, 2013 | Past Due Status (Accruing Loans) | ||||||||||||||||||||||
Total Past | |||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Due | Non-Accrual | Current | Total Loans | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 73 | $ | - | $ | - | $ | 73 | $ | 1,714 | $ | 1,276,862 | $ | 1,278,649 | |||||||||
Real estate - construction | - | - | - | - | 3,750 | 148,118 | 151,868 | ||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | - | - | - | - | 1,435 | 708,937 | 710,372 | ||||||||||||||||
1-4 family mortgage | 177 | - | 19 | 196 | 1,877 | 276,548 | 278,621 | ||||||||||||||||
Other mortgage | - | - | - | - | 243 | 391,153 | 391,396 | ||||||||||||||||
Total real estate - mortgage | 177 | - | 19 | 196 | 3,555 | 1,376,638 | 1,380,389 | ||||||||||||||||
Consumer | 89 | 97 | 96 | 282 | 602 | 47,078 | 47,962 | ||||||||||||||||
Total | $ | 339 | $ | 97 | $ | 115 | $ | 551 | $ | 9,621 | $ | 2,848,696 | $ | 2,858,868 | |||||||||
Fair value estimates for specifically impaired loans are derived from appraised values based on the current market value or as is value of the property, normally from recently received and reviewed appraisals. Appraisals are obtained from state-certified appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. These appraisals are reviewed by our credit administration department to ensure they are acceptable, and values are adjusted down for costs associated with asset disposal. Once this estimated net realizable value has been determined, the value used in the impairment assessment is updated. As subsequent events dictate and estimated net realizable values decline, required reserves may be established or further adjustments recorded. | |||||||||||||||||||||||
The following table presents details of the Company’s impaired loans as of December 31, 2014 and 2013, respectively. Loans which have been fully charged off do not appear in the tables. | |||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
Unpaid | Average | Interest Income | |||||||||||||||||||||
Recorded | Principal | Related | Recorded | Recognized | |||||||||||||||||||
Investment | Balance | Allowance | Investment | in Period | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 7,059 | $ | 7,059 | $ | - | $ | 7,104 | $ | 406 | |||||||||||||
Real estate - construction | 1,527 | 1,527 | - | 1,493 | 40 | ||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 1,576 | 1,576 | - | 236 | 12 | ||||||||||||||||||
1-4 family mortgage | 542 | 592 | - | 592 | 19 | ||||||||||||||||||
Other mortgage | 1,944 | 1,944 | - | 2,283 | 142 | ||||||||||||||||||
Total real estate - mortgage | 4,062 | 4,112 | - | 3,111 | 173 | ||||||||||||||||||
Consumer | - | - | - | - | - | ||||||||||||||||||
Total with no allowance recorded | 12,648 | 12,698 | - | 11,708 | 619 | ||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Commercial, financial and agricultural | 3,291 | 3,291 | 1,344 | 3,262 | 156 | ||||||||||||||||||
Real estate - construction | 4,153 | 4,633 | 1,448 | 4,382 | 19 | ||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 1,001 | 1,001 | 160 | 1,140 | 29 | ||||||||||||||||||
1-4 family mortgage | 2,344 | 2,344 | 694 | 2,743 | 56 | ||||||||||||||||||
Other mortgage | 2,622 | 2,622 | 782 | 2,767 | 84 | ||||||||||||||||||
Total real estate - mortgage | 5,967 | 5,967 | 1,636 | 6,650 | 169 | ||||||||||||||||||
Consumer | 666 | 666 | 666 | 681 | - | ||||||||||||||||||
Total with allowance recorded | 14,077 | 14,557 | 5,094 | 14,975 | 344 | ||||||||||||||||||
Total Impaired Loans: | |||||||||||||||||||||||
Commercial, financial and agricultural | 10,350 | 10,350 | 1,344 | 10,366 | 562 | ||||||||||||||||||
Real estate - construction | 5,680 | 6,160 | 1,448 | 5,875 | 59 | ||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 2,577 | 2,577 | 160 | 1,376 | 41 | ||||||||||||||||||
1-4 family mortgage | 2,886 | 2,936 | 694 | 3,335 | 75 | ||||||||||||||||||
Other mortgage | 4,566 | 4,566 | 782 | 5,050 | 226 | ||||||||||||||||||
Total real estate - mortgage | 10,029 | 10,079 | 1,636 | 9,761 | 342 | ||||||||||||||||||
Consumer | 666 | 666 | 666 | 681 | - | ||||||||||||||||||
Total impaired loans | $ | 26,725 | $ | 27,255 | $ | 5,094 | $ | 26,683 | $ | 963 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Unpaid | Average | Interest Income | |||||||||||||||||||||
Recorded | Principal | Related | Recorded | Recognized in | |||||||||||||||||||
Investment | Balance | Allowance | Investment | Period | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,210 | $ | 1,210 | $ | - | $ | 1,196 | $ | 63 | |||||||||||||
Real estate - construction | 1,967 | 2,405 | - | 1,363 | 32 | ||||||||||||||||||
Owner-occupied commercial | 577 | 577 | - | 603 | 32 | ||||||||||||||||||
1-4 family mortgage | 1,198 | 1,198 | - | 1,200 | 55 | ||||||||||||||||||
Other mortgage | 2,311 | 2,311 | - | 1,901 | 123 | ||||||||||||||||||
Total real estate - mortgage | 4,086 | 4,086 | - | 3,704 | 210 | ||||||||||||||||||
Total with no allowance recorded | 7,263 | 7,701 | - | 6,263 | 305 | ||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Commercial, financial and agricultural | 2,617 | 2,958 | 1,992 | 2,844 | 98 | ||||||||||||||||||
Real estate - construction | 7,271 | 7,750 | 1,597 | 6,564 | 200 | ||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 1,509 | 1,509 | 620 | 1,573 | 38 | ||||||||||||||||||
1-4 family mortgage | 11,120 | 11,120 | 1,210 | 10,743 | 342 | ||||||||||||||||||
Other mortgage | 1,487 | 1,586 | 152 | 1,873 | 96 | ||||||||||||||||||
Total real estate - mortgage | 14,116 | 14,215 | 1,982 | 14,189 | 476 | ||||||||||||||||||
Consumer | 699 | 699 | 699 | 790 | 28 | ||||||||||||||||||
Total with allowance recorded | 24,703 | 25,622 | 6,270 | 24,387 | 802 | ||||||||||||||||||
Total Impaired Loans: | |||||||||||||||||||||||
Commercial, financial and agricultural | 3,827 | 4,168 | 1,992 | 4,040 | 161 | ||||||||||||||||||
Real estate - construction | 9,238 | 10,155 | 1,597 | 7,927 | 232 | ||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 2,086 | 2,086 | 620 | 2,176 | 70 | ||||||||||||||||||
1-4 family mortgage | 12,318 | 12,318 | 1,210 | 11,943 | 397 | ||||||||||||||||||
Other mortgage | 3,798 | 3,897 | 152 | 3,774 | 219 | ||||||||||||||||||
Total real estate - mortgage | 18,202 | 18,301 | 1,982 | 17,893 | 686 | ||||||||||||||||||
Consumer | 699 | 699 | 699 | 790 | 28 | ||||||||||||||||||
Total impaired loans | $ | 31,966 | $ | 33,323 | $ | 6,270 | $ | 30,650 | $ | 1,107 | |||||||||||||
Troubled Debt Restructurings (“TDR”) at December 31, 2014 and 2013 totaled $9.0 million and $14.2 million, respectively. At December 31, 2014, the Company had a related allowance for loan losses of $1.0 million allocated to these TDRs, compared to $2.4 million at December 31, 2013. The Company’s TDRs for the years ended December 31, 2014 and 2013 have all resulted from term extensions rather than from interest rate reductions or debt forgiveness. The following tables present loans modified in a TDR during the periods presented by portfolio segment and the financial impact of those modifications. The tables include modifications made to new TDRs, as well as renewals of existing TDRs. | |||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Pre- | Post- | ||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||
Commercial, financial and agricultural | 9 | $ | 7,139 | $ | 7,139 | ||||||||||||||||||
Real estate - construction | - | - | - | ||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | - | - | - | ||||||||||||||||||||
1-4 family mortgage | 1 | 4,449 | 4,449 | ||||||||||||||||||||
Other mortgage | 2 | 1,684 | 1,684 | ||||||||||||||||||||
Total real estate mortgage | 3 | 6,133 | 6,133 | ||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||
12 | $ | 13,272 | $ | 13,272 | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Pre- | Post- | ||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||
Commercial, financial and agricultural | 5 | $ | 2,177 | $ | 2,177 | ||||||||||||||||||
Real estate - construction | 7 | 1,781 | 1,781 | ||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | - | - | - | ||||||||||||||||||||
1-4 family mortgage | 4 | 10,073 | 10,073 | ||||||||||||||||||||
Other mortgage | 1 | 293 | 293 | ||||||||||||||||||||
Total real estate - mortgage | 5 | 10,366 | 10,366 | ||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||
17 | $ | 14,324 | $ | 14,324 | |||||||||||||||||||
The following table presents TDRs by portfolio segment which defaulted during the years ended December 31, 2014 and 2013, and which were modified in the previous twelve months (i.e., the twelve months prior to default). For purposes of this disclosure default is defined as 90 days past due and still accruing or placement on nonaccrual status. | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Defaulted during the period, where modified in a TDR twelve months prior to default | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 925 | $ | 1,067 | |||||||||||||||||||
Real estate - construction | - | 1,781 | |||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner occupied commercial | - | 3,121 | |||||||||||||||||||||
1-4 family mortgage | 4,313 | 1,847 | |||||||||||||||||||||
Other mortgage | - | - | |||||||||||||||||||||
Total real estate mortgage | 4,313 | 4,968 | |||||||||||||||||||||
Consumer | - | - | |||||||||||||||||||||
$ | 5,238 | $ | 7,816 | ||||||||||||||||||||
In the ordinary course of business, the Company has granted loans to certain related parties, including directors, and their affiliates. The interest rates on these loans were substantially the same as rates prevailing at the time of the transaction and repayment terms are customary for the type of loan. Changes in related party loans for the years ended December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Balance, beginning of year | $ | 13,117 | $ | 12,400 | |||||||||||||||||||
Advances | 4,080 | 4,975 | |||||||||||||||||||||
Repayments | -4,114 | -4,258 | |||||||||||||||||||||
Balance, end of year | $ | 13,083 | $ | 13,117 | |||||||||||||||||||
FORECLOSED_PROPERTIES
FORECLOSED PROPERTIES | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Foreclosed Properties [Abstract] | |||||||||||
FORECLOSED PROPERTIES | NOTE 4. | FORECLOSED PROPERTIES | |||||||||
Other real estate and certain other assets acquired in foreclosure are carried at the lower of the recorded investment in the loan or fair value less estimated costs to sell the property. | |||||||||||
An analysis of foreclosed properties for the years ended December 31, 2014, 2013 and 2012 follows: | |||||||||||
2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 12,861 | $ | 9,685 | $ | 12,275 | |||||
Transfers from loans and capitalized expenses | 2,417 | 11,355 | 2,695 | ||||||||
Foreclosed properties sold | -6,539 | -7,664 | -2,967 | ||||||||
Writedowns and partial liquidations | -1,899 | -515 | -2,318 | ||||||||
Balance at end of year | $ | 6,840 | $ | 12,861 | $ | 9,685 | |||||
PREMISES_AND_EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
PREMISES AND EQUIPMENT | NOTE 5. PREMISES AND EQUIPMENT | |||||||
Premises and equipment are summarized as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Land and building | $ | 1,733 | $ | 1,724 | ||||
Furniture and equipment | 10,240 | 9,579 | ||||||
Leasehold improvements | 5,748 | 5,131 | ||||||
17,721 | 16,434 | |||||||
Accumulated depreciation | -9,906 | -8,083 | ||||||
$ | 7,815 | $ | 8,351 | |||||
The provisions for depreciation charged to occupancy and equipment expense for the years ended December 31, 2014, 2013 and 2012 were $1,838,000, $1,841,000 and $1,218,000, respectively. | ||||||||
The Company leases land and building space under non-cancellable operating leases. Future minimum lease payments under non-cancellable operating leases at December 31, 2014 are summarized as follows: | ||||||||
(In Thousands) | ||||||||
2015 | $ | 2,500 | ||||||
2016 | 2,468 | |||||||
2017 | 2,220 | |||||||
2018 | 1,973 | |||||||
2019 | 1,483 | |||||||
Thereafter | 3,624 | |||||||
$ | 14,268 | |||||||
For the years ended December 31, 2014, 2013 and 2012, annual rental expense on operating leases was $2,674,000, $2,488,000 and $2,195,000, respectively. | ||||||||
VARIABLE_INTEREST_ENTITIES_VIE
VARIABLE INTEREST ENTITIES (VIEs) | 12 Months Ended | |
Dec. 31, 2014 | ||
Variable Interest Entities [Abstract] | ||
VARIABLE INTEREST ENTITIES (VIEs) | NOTE 6. | VARIABLE INTEREST ENTITIES (VIEs) |
The Company utilizes special purpose entities (SPEs) that constitute investments in limited partnerships that undertake certain development projects to achieve federal and state tax credits. These SPEs are typically structured as VIEs and are thus subject to consolidation by the reporting enterprise that absorbs the majority of the economic risks and rewards of the VIE. To determine whether it must consolidate a VIE, the Company analyzes the design of the VIE to identify the sources of variability within the VIE, including an assessment of the nature of risks created by the assets and other contractual obligations of the VIE, and determines whether it will absorb a majority of that variability. | ||
The Company has invested in a limited partnership for which it determined it is not the primary beneficiary, and which thus is not subject to consolidation by the Company. The Company reports its investment in this partnership at its net realizable value, estimated to be the discounted value of the remaining amount of tax credits to be received. The amount recorded as investment in this partnership at December 31, 2014 and 2013 was $265,000 and $313,000, respectively, and is included in other assets. | ||
The Company has invested in limited partnerships as funding investor. The partnerships are single purpose entities that lend money to real estate investors for the purpose of acquiring and operating commercial property. The investments qualify for New Market Tax Credits under Internal Revenue Code Section 45D, as amended. The Company has determined that it is the primary beneficiary of the economic risks and rewards of the VIEs, and thus has consolidated these partnership assets and liabilities into its consolidated financial statements. The amount of recorded investment in these partnerships as of December 31, 2014 and 2013 was $25,460,000 and $26,005,000, respectively, of which $17,386,000 in 2014 and 2013 is included in loans of the Company. The remaining amounts are included in other assets. | ||
DEPOSITS
DEPOSITS | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
DEPOSITS | NOTE 7. | DEPOSITS | ||||||
Deposits at December 31, 2014 and 2013 were as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Noninterest-bearing demand | $ | 810,460 | $ | 650,456 | ||||
Interest-bearing checking | 2,158,984 | 1,930,676 | ||||||
Savings | 29,125 | 23,890 | ||||||
Time | 205,414 | 218,455 | ||||||
Time, over $250,000 | 194,177 | 196,165 | ||||||
$ | 3,398,160 | $ | 3,019,642 | |||||
The scheduled maturities of time deposits at December 31, 2014 were as follows: | ||||||||
(In Thousands) | ||||||||
2015 | $ | 218,837 | ||||||
2016 | 84,774 | |||||||
2017 | 44,360 | |||||||
2018 | 30,252 | |||||||
2019 | 17,182 | |||||||
2020 | 4,186 | |||||||
$ | 399,591 | |||||||
At December 31, 2014 and 2013, overdraft deposits reclassified to loans were $3,544,000 and $1,602,000, respectively. | ||||||||
FEDERAL_FUNDS_PURCHASED
FEDERAL FUNDS PURCHASED | 12 Months Ended | |
Dec. 31, 2014 | ||
Federal Funds Purchased [Abstract] | ||
FEDERAL FUNDS PURCHASED | NOTE 8. | FEDERAL FUNDS PURCHASED |
At December 31, 2014, the Company had $264.3 million in federal funds purchased from its respondent banks that are clients of its correspondent banking unit, compared to $174.4 million at December 31, 2013. Rates paid on these funds were between 0.25% and 0.30% as of December 31, 2014 and 2013. | ||
At December 31, 2014, the Company had available lines of credit totaling approximately $160.0 million with various financial institutions for borrowing on a short-term basis, with no amount outstanding. Available lines with these same banks totaled approximately $130.0 million at December 31, 2013. These lines are subject to annual renewals with varying interest rates. | ||
OTHER_BORROWINGS
OTHER BORROWINGS | 12 Months Ended | ||
Dec. 31, 2014 | |||
Debt Disclosure [Abstract] | |||
OTHER BORROWINGS | NOTE 9. | OTHER BORROWINGS | |
Other borrowings of $20.0 million are comprised of the Company’s 5.5% Subordinated Notes due November 9, 2022, which were issued in a private placement in November 2012. The notes pay interest semi-annually. | |||
SF_HOLDING_1_INC_SF_REALTY_1_I
SF HOLDING 1, INC., SF REALTY 1, INC., SF FLA REALTY, INC. AND SF GA REALTY, INC. | 12 Months Ended | |
Dec. 31, 2014 | ||
Investments In Subsidiaries [Abstract] | ||
SF HOLDING 1, INC., SF REALTY 1, INC., SF FLA REALTY, INC. AND SF GA REALTY, INC. | NOTE 10. | SF HOLDING 1, INC., SF REALTY 1, INC., SF FLA REALTY, INC. AND SF GA REALTY, INC. |
In January 2012, the Company formed SF Holding 1, Inc., an Alabama corporation, and its subsidiary, SF Realty 1, Inc., an Alabama corporation. In September 2013, the Company formed SF FLA Realty, Inc., an Alabama corporation and a subsidiary of SF Holding 1, Inc. In May 2014, the Company formed SF GA Realty, Inc., an Alabama corporation and a subsidiary of SF Holding 1, Inc. SF Realty 1, SF FLA Realty and SF GA Realty all hold and manage participations in residential mortgages and commercial real estate loans originated by ServisFirst Bank and have elected to be treated as real estate investment trusts (“REIT”) for U.S. income tax purposes. SF Holding 1, Inc., SF Realty 1, Inc., SF FLA Realty, Inc. and SF GA Realty, Inc. are all consolidated into the Company. | ||
PARTICIPATION_IN_THE_SMALL_BUS
PARTICIPATION IN THE SMALL BUSINESS LENDING FUND OF THE U.S. TREASURY DEPARTMENT | 12 Months Ended | ||
Dec. 31, 2014 | |||
Banking and Thrift [Abstract] | |||
PARTICIPATION IN THE SMALL BUSINESS LENDING FUND OF THE U.S. TREASURY DEPARTMENT | NOTE 11. | PARTICIPATION IN THE SMALL BUSINESS LENDING FUND OF THE U.S. TREASURY DEPARTMENT | |
On June 21, 2011, the Company entered into a Securities Purchase Agreement with the Secretary of the Treasury, pursuant to which the Company issued and sold to the Treasury 40,000 shares of its Senior Non-Cumulative Perpetual Preferred Stock, Series A, having a liquidation preference of $1,000 per share (the “Series A Preferred Stock”), for aggregate proceeds of $40,000,000. The issuance was pursuant to the Treasury’s Small Business Lending Fund program, a $30 billion fund established under the Small Business Jobs Act of 2010, which encourages lending to small businesses by providing capital to qualified community banks with assets of less than $10 billion. The Series A Preferred Stock is entitled to receive non-cumulative dividends payable quarterly on each January 1, April 1, July 1 and October 1, commencing October 1, 2011. The dividend rate, which is calculated on the aggregate Liquidation Amount, has been initially set at 1% per annum based upon the current level of “Qualified Small Business Lending” (“QSBL”) by the Bank. The dividend rate for future dividend periods will be set based upon the percentage change in qualified lending between each dividend period and the baseline QSBL level established at the time the Agreement was effective. Such dividend rate may vary from 1% per annum to 5% per annum for the second through tenth dividend periods, and from 1% per annum to 7% per annum for the eleventh through the first half of the nineteenth dividend periods. If the Series A Preferred Stock remains outstanding for more than four-and-one-half years, the dividend rate will be fixed at 9%. Prior to that time, in general, the dividend rate decreases as the level of the Bank’s QSBL increases. Such dividends are not cumulative, but the Company may only declare and pay dividends on its common stock (or any other equity securities junior to the Series A Preferred Stock) if it has declared and paid dividends for the current dividend period on the Series A Preferred Stock, and will be subject to other restrictions on its ability to repurchase or redeem other securities. In addition, if (i) the Company has not timely declared and paid dividends on the Series A Preferred Stock for six dividend periods or more, whether or not consecutive, and (ii) shares of Series A Preferred Stock with an aggregate liquidation preference of at least $25,000,000 are still outstanding, the Treasury (or any successor holder of Series A Preferred Stock) may designate two additional directors to be elected to the Company’s Board of Directors. | |||
As is more completely described in the Certificate of Designation, holders of the Series A Preferred Stock have the right to vote as a separate class on certain matters relating to the rights of holders of Series A Preferred Stock and on certain corporate transactions. Except with respect to such matters and, if applicable, the election of the additional directors described above, the Series A Preferred Stock does not have voting rights. | |||
The Company may redeem the shares of Series A Preferred Stock, in whole or in part, at any time at a redemption price equal to the sum of the Liquidation Amount per share and the per-share amount of any unpaid dividends for the then-current period, subject to any required prior approval by the Company’s primary federal banking regulator. | |||
DERIVATIVES
DERIVATIVES | 12 Months Ended | ||
Dec. 31, 2014 | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
DERIVATIVES | NOTE 12. | DERIVATIVES | |
The Company has entered into agreements with secondary market investors to deliver loans on a “best efforts delivery” basis. When a rate is committed to a borrower, it is based on the best price that day and locked with the investor for the customer for a 30-day period. In the event the loan is not delivered to the investor, the Company has no risk or exposure with the investor. The interest rate lock commitments related to loans that are originated for later sale are classified as derivatives. The fair values of the Company’s agreements with investors and rate lock commitments to customers as of December 31, 2014 and December 31, 2013 were not material. | |||
EMPLOYEE_AND_DIRECTOR_BENEFITS
EMPLOYEE AND DIRECTOR BENEFITS | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||||||||||||||
EMPLOYEE AND DIRECTOR BENEFITS | NOTE 13. | EMPLOYEE AND DIRECTOR BENEFITS | |||||||||||||
At December 31, 2014, the Company has two stock incentive plans, which are described below. The compensation cost that has been charged against income for the plans was approximately $3,681,000, $1,205,000 and $1,049,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Included in the expense for 2014 are non-routine expenses of approximately $703,000 in the first quarter of 2014 resulting from a correction of our accounting for vested stock options previously granted to members of our advisory boards in our Huntsville, Montgomery and Dothan, Alabama markets, and approximately $1,800,000 in the second quarter of 2014 resulting from the acceleration of vesting of stock options granted to members of our advisory boards in our Mobile, Alabama and Pensacola, Florida markets. We historically accounted for such options to advisory board members under the provisions of FASB ASC Topic 718-10, Compensation – Stock Compensation, and now have determined to recognize as an expense the fair value of these vested options in accordance with the provisions of the FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees. | |||||||||||||||
Stock Incentive Plans | |||||||||||||||
The Company’s 2005 Stock Incentive Plan (the “2005 Plan”), originally permitted the grant of stock options to its officers, employees, directors and organizers of the Company for up to 1,575,000 shares of common stock. However, upon stockholder approval during 2006, the 2005 Plan was amended in order to allow the Company to grant stock options for up to 3,075,000 shares of common stock. Both incentive stock options and non-qualified stock options may be granted under the 2005 Plan. Option awards are generally granted with an exercise price equal to the estimated fair market value of the Company’s stock at the date of grant; those option awards vest in varying amounts through 2016 and are based on continuous service during that vesting period and have a ten-year contractual term. Dividends are not paid on unexercised options and dividends are not subject to vesting. The 2005 Plan provides for accelerated vesting if there is a change in control (as defined in the 2005 Plan). | |||||||||||||||
On March 23, 2009, the Company’s board of directors adopted the 2009 Stock Incentive Plan (the “2009 Plan”), which was effective upon approval by the stockholders at the 2009 Annual Meeting of Stockholders. The 2009 Plan originally permitted the grant of up to 1,275,000 shares of common stock. However, upon stockholder approval during 2014, the 2009 Plan was amended in order to allow the Company to grant stock options for up to 2,775,000 shares of common stock. The 2009 Plan authorizes the grant of stock appreciation rights, restricted stock, incentive stock options, non-qualified stock options, non-stock share equivalents, performance shares or performance units and other equity-based awards. Option awards are generally granted with an exercise price equal to the estimated fair market value of the Company’s stock at the date of grant. | |||||||||||||||
As of December 31, 2014, there are a total of 2,019,000 shares available to be granted under the 2009 Amended and Restated Stock Incentive Plan. | |||||||||||||||
The fair value of each stock option award is estimated on the date of grant using a Black-Scholes-Merton valuation model that uses the assumptions noted in the following table. Expected volatilities are based on an index of approximately 79 publicly traded banks in the southeast United States. The expected term of options granted is based on the short-cut method and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Expected volatility | 19.25 | % | 18.65 | % | 19.8 | % | |||||||||
Expected dividends | 1.31 | % | - | % | - | % | |||||||||
Expected term (in years) | 8 | 7 | 6 | ||||||||||||
Risk-free rate | 2.24 | % | 1.72 | % | 1.05 | % | |||||||||
The weighted average grant-date fair value of options granted during the years ended December 31, 2014, December 31, 2013 and December 31, 2012 was $3.69, $3.04 and $2.20, respectively. | |||||||||||||||
The following tables summarize stock option activity: | |||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||
Average | Average | Intrinsic Value | |||||||||||||
Exercise | Remaining | ||||||||||||||
Price | Contractual | ||||||||||||||
Term (years) | |||||||||||||||
(In Thousands) | |||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||
Outstanding at beginning of year | 2,328,900 | $ | 7.69 | 5.5 | $ | 14,300 | |||||||||
Granted | 139,000 | 16.83 | 9.3 | 2,339 | |||||||||||
Exercised | -838,983 | 5.92 | 2.5 | 22,679 | |||||||||||
Forfeited | -6,000 | 11.92 | 7.9 | - | |||||||||||
Outstanding at end of year | 1,622,917 | $ | 9.38 | 5.9 | $ | 38,256 | |||||||||
Exercisable at December 31, 2014 | 591,418 | $ | 7.75 | 4.1 | $ | 14,901 | |||||||||
Year Ended December 31, 2013: | |||||||||||||||
Outstanding at beginning of year | 2,449,500 | $ | 6.96 | 5.8 | $ | 9,905 | |||||||||
Granted | 180,000 | 12.65 | 9.7 | 213 | |||||||||||
Exercised | -282,600 | 4.48 | 2.8 | 2,532 | |||||||||||
Forfeited | -18,000 | 7.5 | 5.6 | - | |||||||||||
Outstanding at end of year | 2,328,900 | $ | 7.69 | 5.5 | $ | 14,300 | |||||||||
Exercisable at December 31, 2013 | 1,161,732 | $ | 5.4 | 3.2 | $ | 9,797 | |||||||||
Year Ended December 31, 2012: | |||||||||||||||
Outstanding at beginning of year | 3,221,400 | $ | 6.11 | 6 | $ | 12,508 | |||||||||
Granted | 136,500 | 10 | 9.3 | 130 | |||||||||||
Exercised | -864,390 | 4.24 | 2.4 | 5,846 | |||||||||||
Forfeited | -44,010 | 8.18 | - | - | |||||||||||
Outstanding at end of year | 2,449,500 | $ | 6.96 | 5.8 | $ | 9,905 | |||||||||
Exercisable at December 31, 2012 | 1,238,475 | $ | 4.68 | 3.6 | $ | 7,831 | |||||||||
Exercisable options at December 31, 2014 were as follows: | |||||||||||||||
Range of | Shares | Weighted | Weighted | Aggregate | |||||||||||
Exercise Price | Average | Average | Intrinsic Value | ||||||||||||
Exercise Price | Remaining | ||||||||||||||
Contractual | |||||||||||||||
Term (years) | |||||||||||||||
(In Thousands) | |||||||||||||||
$ | 3.33 | 13,500 | $ | 3.33 | 0.5 | $ | 400 | ||||||||
3.67 | 150,000 | 3.67 | 1.3 | 4,392 | |||||||||||
5 | 10,500 | 5 | 2.2 | 293 | |||||||||||
6.67 | 45,000 | 6.67 | 2.5 | 1,183 | |||||||||||
8.33 | 267,418 | 8.33 | 4.3 | 6,583 | |||||||||||
11 | 15,000 | 11 | 8.2 | 329 | |||||||||||
13.83 | 90,000 | 13.83 | 9 | 1,721 | |||||||||||
591,418 | 7.75 | 4.1 | 14,901 | ||||||||||||
As of December 31, 2014, there was $1,218,000 of total unrecognized compensation cost related to non-vested stock options. The cost is expected to be recognized on the straight-line method over the next 2.3 years. The total fair value of shares vested during the years ended December 31, 2014, 2013 and 2012 was $2,025,000 , $705,000 and $404,000, respectively. The fair value of shares vested during 2014 includes the accelerated vesting of nonemployee options awarded to the Company’s advisory directors in its Mobile, Alabama and Pensacola, Florida markets. | |||||||||||||||
Restricted Stock | |||||||||||||||
The Company has awarded 235,500 shares of restricted stock to certain officers, of which 60,000 shares are vested. The value of restricted stock is determined to be the current value of the Company’s stock at the grant date, and this total value will be recognized as compensation expense over the vesting period. As of December 31, 2014, there was $852,000 of total unrecognized compensation cost related to non-vested restricted stock. The cost is expected to be recognized evenly over the remaining 1.7 years of the restricted stock’s vesting period. | |||||||||||||||
Stock Warrants | |||||||||||||||
In recognition of the efforts and financial risks undertaken by the organizers of ServisFirst Bank (the “Bank”) in 2005, the Bank granted warrants to organizers for 180,000 shares of Bank common stock with an exercise price of $3.333 per share. The warrants became warrants to purchase a like number of shares of the Company’s common stock upon the formation of the Company as a holding company for the Bank. 60,000 of these warrants were exercised in 2011 and the remaining 120,000 were exercised in 2012. | |||||||||||||||
The Company granted warrants for 225,000 shares of common stock with an exercise price of $8.333 per share in the third quarter of 2008. These warrants were issued in connection with trust preferred securities and 13,500 of these warrants were exercised in 2012, with the remaining 211,500 warrants exercised in 2013. | |||||||||||||||
The Company granted warrants for 45,000 shares of common stock with an exercise price of $8.333 per share in the second quarter of 2009. These warrants were issued in connection with the issuance of the Company’s 8.25% Subordinated Note. All of these warrants were exercised on May 14, 2014. | |||||||||||||||
Retirement Plans | |||||||||||||||
The Company has a retirement savings 401(k) and profit-sharing plan in which all employees age 21 and older may participate after completion of one year of service. For employees in service with the Company at June 15, 2005, the length of service and age requirements were waived. The Company matches employees’ contributions based on a percentage of salary contributed by participants and may make additional discretionary profit sharing contributions. The Company’s expense for the plan was $811,000, $878,000 and $1,167,000 for 2014, 2013 and 2012, respectively. The Company’s board of directors approved additional discretionary matches for 2013 and 2012 based on the profits of the Company during those years. The additional matches were 1% and 4%, respectively, and amounted to $200,000 and $576,000, respectively, and are included in the expenses above. | |||||||||||||||
COMMON_STOCK
COMMON STOCK | 12 Months Ended | ||
Dec. 31, 2014 | |||
Equity [Abstract] | |||
COMMON STOCK | NOTE 14. | COMMON STOCK | |
On May 19, 2014, the Company completed its initial public offering of 1,875,000 shares of common stock at a public offering price of $30.33 per share. The Company received net proceeds of approximately $52.1 million from the offering, after deducting the underwriting discount and offering expenses. | |||
On June 16, 2014, the Company declared a three-for-one split of its common stock in the form of a stock dividend. On July 16, 2014, stockholders of record as of the close of business on July 9, 2014 received a distribution of two additional shares of Company common stock for each common share owned. All share and per share amounts for all periods presented are reported giving effect to this three-for-one stock split. | |||
During 2013, the Company completed private placements of 750,000 shares of common stock. The shares were issued and sold at $13.83 per share to 110 accredited investors and 14 non-accredited investors. This sale of stock resulted in net proceeds of $10,337,000. This includes stock offering expenses of $38,000. | |||
REGULATORY_MATTERS
REGULATORY MATTERS | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||||
REGULATORY MATTERS | NOTE 15. | REGULATORY MATTERS | ||||||||||||||||||||
The Bank is subject to dividend restrictions set forth in the Alabama Banking Code and by the Alabama State Banking Department. Under such restrictions, the Bank may not, without the prior approval of the Alabama State Banking Department, declare dividends in excess of the sum of the current year’s earnings plus the retained earnings from the prior two years. Based on these restrictions, the Bank would be limited to paying $129.1 million in dividends as of December 31, 2014. | ||||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the state and 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 Bank and the financial statements. Under regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification under the prompt corrective guidelines are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | ||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total risk-based capital and Tier 1 capital to risk-weighted assets (as defined in the regulations), and Tier 1 capital to adjusted total assets (as defined). Management believes, as of December 31, 2014, that the Bank meets all capital adequacy requirements to which it is subject. | ||||||||||||||||||||||
As of December 31, 2014, the most recent notification from the Federal Deposit Insurance Corporation categorized ServisFirst Bank as well capitalized under the regulatory framework for prompt corrective action. To remain categorized as well capitalized, the Bank will have to maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as disclosed in the table below. Management believes that it is well capitalized under the prompt corrective action provisions as of December 31, 2014. | ||||||||||||||||||||||
The Company’s and Bank’s actual capital amounts and ratios are presented in the following table: | ||||||||||||||||||||||
Actual | For Capital Adequacy | To Be Well Capitalized Under | ||||||||||||||||||||
Purposes | Prompt Corrective Action | |||||||||||||||||||||
Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||||
Total Capital to Risk Weighted Assets: | ||||||||||||||||||||||
Consolidated | $ | 458,073 | 13.38 | % | $ | 273,943 | 8 | % | N/A | N/A | ||||||||||||
ServisFirst Bank | 397,748 | 11.62 | % | 273,939 | 8 | % | $ | 342,424 | 10 | % | ||||||||||||
Tier I Capital to Risk Weighted Assets: | ||||||||||||||||||||||
Consolidated | 402,471 | 11.75 | % | 136,972 | 4 | % | N/A | N/A | ||||||||||||||
ServisFirst Bank | 362,119 | 10.58 | % | 136,970 | 4 | % | 205,454 | 6 | % | |||||||||||||
Tier I Capital to Average Assets: | ||||||||||||||||||||||
Consolidated | 402,471 | 9.91 | % | 162,377 | 4 | % | N/A | N/A | ||||||||||||||
ServisFirst Bank | 362,119 | 8.92 | % | 162,375 | 4 | % | 202,969 | 5 | % | |||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||
Total Capital to Risk Weighted Assets: | ||||||||||||||||||||||
Consolidated | $ | 343,904 | 11.73 | % | $ | 234,617 | 8 | % | N/A | N/A | ||||||||||||
ServisFirst Bank | 341,256 | 11.64 | % | 234,601 | 8 | % | $ | 293,252 | 10 | % | ||||||||||||
Tier I Capital to Risk Weighted Assets: | ||||||||||||||||||||||
Consolidated | 293,301 | 10 | % | 117,308 | 4 | % | N/A | N/A | ||||||||||||||
ServisFirst Bank | 310,593 | 10.59 | % | 117,301 | 4 | % | 175,951 | 6 | % | |||||||||||||
Tier I Capital to Average Assets: | ||||||||||||||||||||||
Consolidated | 293,301 | 8.48 | % | 138,373 | 4 | % | N/A | N/A | ||||||||||||||
ServisFirst Bank | 310,593 | 8.98 | % | 138,331 | 4 | % | 172,913 | 5 | % | |||||||||||||
OTHER_OPERATING_INCOME_AND_EXP
OTHER OPERATING INCOME AND EXPENSES | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Other Operating Income And Expenses [Abstract] | |||||||||||
OTHER OPERATING INCOME AND EXPENSES | NOTE 16. | OTHER OPERATING INCOME AND EXPENSES | |||||||||
The major components of other operating income and expense included in noninterest income and noninterest expense are as follows: | |||||||||||
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In Thousands) | |||||||||||
Other Operating Income | |||||||||||
(Loss) gain on sale of other real estate owned | $ | -413 | $ | -159 | $ | -105 | |||||
Credit card income | 2,041 | 1,425 | 1,064 | ||||||||
Other | 1,006 | 878 | 744 | ||||||||
$ | 2,634 | $ | 2,144 | $ | 1,703 | ||||||
Other Operating Expenses | |||||||||||
Postage | $ | 264 | $ | 195 | $ | 159 | |||||
Telephone | 555 | 465 | 385 | ||||||||
Data processing | 3,126 | 2,535 | 2,202 | ||||||||
Other loan expenses | 1,296 | 1,882 | 2,836 | ||||||||
Supplies | 399 | 380 | 320 | ||||||||
Customer and public relations | 959 | 838 | 791 | ||||||||
Marketing | 477 | 532 | 454 | ||||||||
Sales and use tax | 259 | 309 | 198 | ||||||||
Donations and contributions | 466 | 370 | 482 | ||||||||
Directors fees | 364 | 341 | 286 | ||||||||
Write-down investment in tax credit partnerships | 2,552 | 356 | 330 | ||||||||
Other operational losses | 575 | 113 | 22 | ||||||||
Other | 3,680 | 2,613 | 2,257 | ||||||||
$ | 14,972 | $ | 10,929 | $ | 10,722 | ||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
INCOME TAXES | NOTE 17. | INCOME TAXES | |||||||||
The components of income tax expense are as follows: | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In Thousands) | |||||||||||
Current tax expense: | |||||||||||
Federal | $ | 25,929 | $ | 21,264 | $ | 17,993 | |||||
State | 693 | 899 | 1,308 | ||||||||
Total current tax expense | 26,622 | 22,163 | 19,301 | ||||||||
Deferred tax expense (benefit): | |||||||||||
Federal | -3,778 | -1,616 | -1,999 | ||||||||
State | -1,243 | -189 | -182 | ||||||||
Total deferred tax expense | -5,021 | -1,805 | -2,181 | ||||||||
Total income tax expense | $ | 21,601 | $ | 20,358 | $ | 17,120 | |||||
The Company’s total income tax expense differs from the amounts computed by applying the Federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows: | |||||||||||
Year Ended December 31, 2014 | |||||||||||
Amount | % of Pre-tax | ||||||||||
Earnings | |||||||||||
(In Thousands) | |||||||||||
Income tax at statutory federal rate | $ | 25,892 | 35 | % | |||||||
Effect on rate of: | |||||||||||
State income tax, net of federal tax effect | -358 | -0.49 | % | ||||||||
Tax-exempt income, net of expenses | -1,316 | -1.78 | % | ||||||||
Bank owned life insurance contracts | -798 | -1.08 | % | ||||||||
Incentive stock option expense | -18 | -0.02 | % | ||||||||
Federal tax credits | -1,659 | -2.24 | % | ||||||||
Other | -142 | -0.19 | % | ||||||||
Effective income tax and rate | $ | 21,601 | 29.2 | % | |||||||
Year Ended December 31, 2013 | |||||||||||
Amount | % of Pre-tax | ||||||||||
Earnings | |||||||||||
(In Thousands) | |||||||||||
Income tax at statutory federal rate | $ | 21,691 | 35 | % | |||||||
Effect on rate of: | |||||||||||
State income tax, net of federal tax effect | 462 | 0.75 | % | ||||||||
Tax-exempt income, net of expenses | -1,200 | -1.94 | % | ||||||||
Bank owned life insurance contracts | -698 | -1.13 | % | ||||||||
Incentive stock option expense | 66 | 0.11 | % | ||||||||
Other | -37 | -0.06 | % | ||||||||
Effective income tax and rate | $ | 20,284 | 32.85 | % | |||||||
Year Ended December 31, 2012 | |||||||||||
Amount | % of Pre-tax | ||||||||||
Earnings | |||||||||||
(In Thousands) | |||||||||||
Income tax at statutory federal rate | $ | 18,047 | 35 | % | |||||||
Effect on rate of: | |||||||||||
State income tax, net of federal tax effect | 732 | 1.42 | % | ||||||||
Tax-exempt income, net of expenses | -1,007 | -1.95 | % | ||||||||
Bank owned life insurance contracts | -568 | -1.1 | % | ||||||||
Incentive stock option expense | 121 | 0.23 | % | ||||||||
Other | -206 | -0.4 | % | ||||||||
Effective income tax and rate | $ | 17,119 | 33.2 | % | |||||||
The components of net deferred tax asset are as follows: | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
(In Thousands) | |||||||||||
Deferred tax assets: | |||||||||||
Allowance for loan losses | $ | 13,491 | $ | 11,844 | |||||||
Other real estate owned | 1,319 | 1,222 | |||||||||
Nonqualified equity awards | 1,594 | 773 | |||||||||
Nonaccrual interest | 444 | 374 | |||||||||
State tax credits | 987 | - | |||||||||
Investments | 667 | - | |||||||||
Deferred loan fees | 87 | - | |||||||||
Other deferred tax assets | 117 | 141 | |||||||||
Total deferred tax assets | 18,706 | 14,354 | |||||||||
Deferred tax liabilities: | |||||||||||
Net unrealized gain on securities available for sale | 2,418 | 2,102 | |||||||||
Depreciation | 421 | 514 | |||||||||
Prepaid expenses | 151 | 161 | |||||||||
Deferred loan fees | - | 83 | |||||||||
Investments | - | 229 | |||||||||
Other deferred tax liabilities | - | 247 | |||||||||
Total deferred tax liabilities | 2,990 | 3,336 | |||||||||
Net deferred income tax assets | $ | 15,716 | $ | 11,018 | |||||||
The Company believes its net deferred tax asset is recoverable as of December 31, 2014 based on the expectation of future taxable income and other relevant considerations. | |||||||||||
The Company and its subsidiaries file a consolidated U.S. Federal income tax return and various consolidated and separate company state income tax returns. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2011 through 2014. The Company is also currently open to audit by several state departments of revenue for the years ended December 31, 2011 through 2014. The audit periods differ depending on the date the Company began business activities in each state. Currently, there are no years for which the Company filed a federal or state income tax return that are under examination by the IRS or any state department of revenue. | |||||||||||
Accrued interest and penalties on unrecognized income tax benefits totaled $6,000 and $12,000 as of January 1, 2014 and December 31, 2014, respectively. Unrecognized income tax benefits as of December 31, 2013 and December 31, 2014, that, if recognized, would impact the effective income tax rate totaled $437,000 and $804,000 (net of the federal benefit on state income tax issues), respectively. The Company does not expect any of the uncertain tax positions to be settled or resolved during the next twelve months. | |||||||||||
The following table presents a summary of the changes during 2014, 2013 and 2012 in the amount of unrecognized tax benefits that are included in the consolidated balance sheets. | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In Thousands) | |||||||||||
Balance, beginning of year | $ | 437 | $ | 161 | $ | - | |||||
Increases related to prior year tax positions | 367 | 276 | - | ||||||||
Decreases related to prior year tax positions | - | - | - | ||||||||
Increases related to current year tax positions | - | - | 161 | ||||||||
Settlements | - | - | - | ||||||||
Lapse of statute | - | - | - | ||||||||
Balance, end of year | $ | 804 | $ | 437 | $ | 161 | |||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||
COMMITMENTS AND CONTINGENCIES | NOTE 18. | COMMITMENTS AND CONTINGENCIES | |||||||||
Loan Commitments | |||||||||||
The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, credit card arrangements, and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheets. A summary of the Company’s approximate commitments and contingent liabilities is as follows: | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In Thousands) | |||||||||||
Commitments to extend credit | $ | 1,156,682 | $ | 1,052,902 | $ | 824,047 | |||||
Credit card arrangements | 45,155 | 38,122 | 25,699 | ||||||||
Standby letters of credit and financial guarantees | 33,280 | 40,371 | 36,374 | ||||||||
Total | $ | 1,235,117 | $ | 1,131,395 | $ | 886,120 | |||||
Commitments to extend credit, credit card arrangements, commercial letters of credit and standby letters of credit all include exposure to some credit loss in the event of nonperformance of the customer. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. Because these instruments have fixed maturity dates, and because many of them expire without being drawn upon, they do not generally present any significant liquidity risk to the Company. | |||||||||||
CONCENTRATIONS_OF_CREDIT
CONCENTRATIONS OF CREDIT | 12 Months Ended | |
Dec. 31, 2014 | ||
Risks and Uncertainties [Abstract] | ||
CONCENTRATIONS OF CREDIT | NOTE 19. | CONCENTRATIONS OF CREDIT |
The Company originates primarily commercial, residential, and consumer loans to customers in the Company’s market area. The ability of the majority of the Company’s customers to honor their contractual loan obligations is dependent on the economy in the market area. | ||
The Company’s loan portfolio is concentrated primarily in loans secured by real estate, of which 54% is secured by real estate in the Company’s primary market areas. In addition, a substantial portion of the other real estate owned is located in that same market. Accordingly, the ultimate collectability of the loan portfolio and the recovery of the carrying amount of other real estate owned are susceptible to changes in market conditions in the Company’s primary market area. | ||
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
EARNINGS PER COMMON SHARE | NOTE 20. | EARNINGS PER COMMON SHARE | |||||||||
Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options and warrants. | |||||||||||
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(Dollar Amounts In Thousands Except Per Share | |||||||||||
Amounts) | |||||||||||
Earnings Per Share | |||||||||||
Weighted average common shares outstanding | 23,855,001 | 20,607,213 | 17,989,311 | ||||||||
Net income available to common stockholders | $ | 51,946 | $ | 41,201 | $ | 34,045 | |||||
Basic earnings per common share | $ | 2.18 | 2 | $ | 1.89 | ||||||
Weighted average common shares outstanding | 23,855,001 | 20,607,213 | 17,989,311 | ||||||||
Dilutive effects of assumed conversions and exercise of stock options and warrants | 963,220 | 1,198,812 | 2,835,945 | ||||||||
Weighted average common and dilutive potential common shares outstanding | 24,818,221 | 21,806,025 | 20,825,256 | ||||||||
Net income available to common stockholders | $ | 51,946 | $ | 41,201 | $ | 34,045 | |||||
Effect of interest expense on convertible debt, net of tax and discretionary expenditures related to conversion | $ | - | $ | 115 | $ | 569 | |||||
Net income available to common stockholders, adjusted for effect of debt conversion | $ | 51,946 | $ | 41,316 | $ | 34,614 | |||||
Diluted earnings per common share | $ | 2.09 | $ | 1.9 | $ | 1.66 | |||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | |
Dec. 31, 2014 | ||
Related Party Transactions [Abstract] | ||
RELATED PARTY TRANSACTIONS | NOTE 21. | RELATED PARTY TRANSACTIONS |
As more fully described in Note 3, the Company had outstanding loan balances to related parties as of December 31, 2014 and 2013 in the amount of $13.1 million and $13.1 million, respectively. Related party deposits totaled approximately $5.6 million and $6.2 million at December 31, 2014 and 2013, respectively. | ||
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
FAIR VALUE MEASUREMENT | NOTE 22. | FAIR VALUE MEASUREMENT | ||||||||||||
Measurement of fair value under U.S. GAAP establishes a hierarchy that prioritizes observable and unobservable inputs used to measure fair value, as of the measurement date, into three broad levels, which are described below: | ||||||||||||||
Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. | ||||||||||||||
Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. | ||||||||||||||
Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. | ||||||||||||||
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and also considers counterparty credit risk in its assessment of fair value. | ||||||||||||||
Debt Securities. Where quoted prices are available in an active market, securities are classified within Level 1 of the hierarchy. Level 1 securities include highly liquid government securities such as U.S. treasuries and exchange-traded equity securities. For securities traded in secondary markets for which quoted market prices are not available, the Company generally relies on prices obtained from independent vendors. Such independent pricing services are to advise the Company on the carrying value of the securities available for sale portfolio. As part of the Company’s procedures, the price provided from the service is evaluated for reasonableness given market changes. When a questionable price exists, the Company investigates further to determine if the price is valid. If needed, other market participants may be utilized to determine the correct fair value. The Company has also reviewed and confirmed its determinations in discussions with the pricing service regarding their methods of price discovery. Securities measured with these techniques are classified within Level 2 of the hierarchy and often involve using quoted market prices for similar securities, pricing models or discounted cash flow calculations using inputs observable in the market where available. Examples include U.S. government agency securities, mortgage-backed securities, obligations of states and political subdivisions, and certain corporate, asset-backed and other securities. In cases where Level 1 or Level 2 inputs are not available, securities are classified in Level 3 of the hierarchy. | ||||||||||||||
Interest Rate Swap Agreements. The fair value is estimated by a third party using inputs that are observable or that can be corroborated by observable market data and, therefore, are classified within Level 2 of the hierarchy. These fair value estimations include primarily market observable inputs such as yield curves and option volatilities, and include the value associated with counterparty credit risk. | ||||||||||||||
Impaired Loans. Impaired loans are measured and reported at fair value when full payment under the loan terms is not probable. Specific allowances for impaired loans are based on comparisons of the recorded carrying values of the loans to the present value of the estimated cash flows of these loans at each loan’s original effective interest rate, the fair value of the collateral or the observable market prices of the loans. Fair value is generally determined based on appraisals performed by certified and licensed appraisers using inputs such as absorption rates, capitalization rates and market comparables, adjusted for estimated costs to sell. Management modifies the appraised values, if needed, to take into account recent developments in the market or other factors, such as changes in absorption rates or market conditions from the time of valuation, and anticipated sales values considering management’s plans for disposition. Such modifications to the appraised values could result in lower valuations of such collateral. Estimated costs to sell are based on current amounts of disposal costs for similar assets. These measurements are classified as Level 3 within the valuation hierarchy. Impaired loans are subject to nonrecurring fair value adjustment upon initial recognition or subsequent impairment. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly based on the same factors identified above. The amount recognized as an impairment charge related to impaired loans that are measured at fair value on a nonrecurring basis was $4,961,000 and $9,589,000 during the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||
Other Real Estate Owned. Other real estate owned (“OREO”) acquired through, or in lieu of, foreclosure are held for sale and are initially recorded at the lower of cost or fair value, less selling costs. Any write-downs to fair value at the time of transfer to OREO are charged to the allowance for loan losses subsequent to foreclosure. Values are derived from appraisals of underlying collateral and discounted cash flow analysis. Net losses on the sale and write-downs of OREO of $1,297,000 and $868,000 was recognized during the years ended December 31, 2014 and 2013, respectively. These charges were for write-downs in the value of OREO subsequent to foreclosure and losses on the disposal of OREO. OREO is classified within Level 3 of the hierarchy. | ||||||||||||||
The following table presents the Company’s financial assets and financial liabilities carried at fair value on a recurring basis as of December 31, 2014 and December 31, 2013: | ||||||||||||||
Fair Value Measurements at December 31, 2014 Using | ||||||||||||||
Quoted Prices in | ||||||||||||||
Active Markets | Significant Other | Significant | ||||||||||||
for Identical | Observable Inputs | Unobservable | ||||||||||||
Assets (Level 1) | (Level 2) | Inputs (Level 3) | Total | |||||||||||
(In Thousands) | ||||||||||||||
Assets Measured on a Recurring Basis: | ||||||||||||||
Available-for-sale securities: | ||||||||||||||
U.S. Treasury and government sponsored agencies | $ | - | $ | 51,138 | $ | - | $ | 51,138 | ||||||
Mortgage-backed securities | - | 95,523 | - | 95,523 | ||||||||||
State and municipal securities | - | 135,663 | - | 135,663 | ||||||||||
Corporate debt | - | 15,986 | - | 15,986 | ||||||||||
Total assets at fair value | $ | - | $ | 298,310 | $ | - | $ | 298,310 | ||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||
Quoted Prices in | ||||||||||||||
Active Markets | Significant Other | Significant | ||||||||||||
for Identical | Observable Inputs | Unobservable | ||||||||||||
Assets (Level 1) | (Level 2) | Inputs (Level 3) | Total | |||||||||||
(In Thousands) | ||||||||||||||
Assets Measured on a Recurring Basis: | ||||||||||||||
Available-for-sale securities | ||||||||||||||
U.S. Treasury and government sponsored agencies | $ | - | $ | 32,274 | $ | - | $ | 32,274 | ||||||
Mortgage-backed securities | - | 87,748 | - | 87,748 | ||||||||||
State and municipal securities | - | 129,831 | - | 129,831 | ||||||||||
Corporate debt | - | 15,875 | - | 15,875 | ||||||||||
Total assets at fair value | $ | - | $ | 265,728 | $ | - | $ | 265,728 | ||||||
The carrying amount and estimated fair value of the Company’s financial instruments were as follows:: | ||||||||||||||
Fair Value Measurements at December 31, 2014 Using | ||||||||||||||
Quoted Prices in | ||||||||||||||
Active Markets | Significant Other | Significant | ||||||||||||
for Identical | Observable | Unobservable | ||||||||||||
Assets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | Total | |||||||||||
(In Thousands) | ||||||||||||||
Assets Measured on a Nonrecurring Basis: | ||||||||||||||
Impaired loans | $ | - | - | $ | 21,631 | $ | 21,631 | |||||||
Other real estate owned and repossessed assets | - | - | 6,840 | 6,840 | ||||||||||
Total assets at fair value | - | - | $ | 28,471 | $ | 28,471 | ||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||
Quoted Prices in | ||||||||||||||
Active Markets | Significant Other | Significant | ||||||||||||
for Identical | Observable | Unobservable | ||||||||||||
Assets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | Total | |||||||||||
(In Thousands) | ||||||||||||||
Assets Measured on a Nonrecurring Basis: | ||||||||||||||
Impaired loans | $ | - | $ | - | $ | 25,696 | $ | 25,696 | ||||||
Other real estate owned | - | - | 12,861 | 12,861 | ||||||||||
Total assets at fair value | $ | - | $ | - | $ | 38,557 | $ | 38,557 | ||||||
The fair value of a financial instrument is the current amount that would be exchanged in a sale between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Current U.S. GAAP excludes certain financial instruments and all nonfinancial instruments from its fair value disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. | ||||||||||||||
The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments. | ||||||||||||||
Cash and cash equivalents: The carrying amounts in the statements of condition approximate these assets’ fair value. | ||||||||||||||
Debt securities: Where quoted prices are available in an active market, securities are classified within Level 1 of the hierarchy. Level 1 securities include highly liquid government securities such as U.S. treasuries and exchange-traded equity securities. For securities traded in secondary markets for which quoted market prices are not available, the Company generally relies on prices obtained from independent vendors. Such independent pricing services are to advise the Company on the carrying value of the securities available for sale portfolio. As part of the Company’s procedures, the price provided from the service is evaluated for reasonableness given market changes. When a questionable price exists, the Company investigates further to determine if the price is valid. If needed, other market participants may be utilized to determine the correct fair value. The Company has also reviewed and confirmed its determinations in discussions with the pricing service regarding their methods of price discovery. Securities measured with these techniques are classified within Level 2 of the hierarchy and often involve using quoted market prices for similar securities, pricing models or discounted cash flow calculations using inputs observable in the market where available. Examples include U.S. government agency securities, mortgage-backed securities, obligations of states and political subdivisions, and certain corporate, asset-backed and other securities. In cases where Level 1 or Level 2 inputs are not available, securities are classified in Level 3 of the fair value hierarchy. | ||||||||||||||
Equity securities: Fair values for FHLB stock and FNBB stock are considered to be their cost as they are redeemed at par value. The carrying amounts of investments in CRA-qualified mutual funds approximate their fair value. | ||||||||||||||
Loans, net: For variable-rate loans that re-price frequently and with no significant change in credit risk, fair value is based on carrying amounts. The fair value of other loans (for example, fixed-rate commercial real estate loans, mortgage loans, and industrial loans) is estimated using discounted cash flow analysis, based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Loan fair value estimates include judgments regarding future expected loss experience and risk characteristics. The method of estimating fair value does not incorporate the exit-price concept of fair value as prescribed by ASC 820 and generally produces a higher value than an exit-price approach. The measurement of the fair value of loans is classified within Level 3 of the fair value hierarchy. | ||||||||||||||
Mortgage loans held for sale: Loans are committed to be delivered to investors on a “best efforts delivery” basis within 30 days of origination. Due to this short turn-around time, the carrying amounts of the Company’s agreements approximate their fair values. | ||||||||||||||
Bank owned life insurance contracts: The carrying amounts in the statements of condition approximate these assets’ fair value. | ||||||||||||||
Deposits: The fair values disclosed for demand deposits are, by definition, equal to the amount payable on demand at the reporting date (that is, their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation using interest rates currently offered for deposits with similar remaining maturities. The fair value of the Company’s time deposits do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. Measurements of the fair value of certificates of deposit are classified within Level 2 of the fair value hierarchy. | ||||||||||||||
Other borrowings: The fair values of borrowings are estimated using discounted cash flow analysis, based on interest rates currently being offered by the Federal Home Loan Bank for borrowings of similar terms as those being valued. These measurements are classified as Level 2 in the fair value hierarchy. | ||||||||||||||
Federal funds purchased: The carrying amounts in the statements of condition approximate these liabilities’ fair value. | ||||||||||||||
Loan commitments: The fair values of the Company’s off-balance-sheet financial instruments are based on fees currently charged to enter into similar agreements. Since the majority of the Company’s other off-balance-sheet financial instruments consists of non-fee-producing, variable-rate commitments, the Company has determined they do not have a distinguishable fair value. | ||||||||||||||
The carrying amount, estimated fair value and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2014 and December 31, 2013 are presented in the following table. This table includes those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. | ||||||||||||||
The Company’s financial assets and financial liabilities which are carried at fair value were as follows: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||
Amount | Amount | |||||||||||||
(In Thousands) | ||||||||||||||
Financial Assets: | ||||||||||||||
Level 1 Inputs: | ||||||||||||||
Cash and cash equivalents | $ | 297,464 | $ | 297,464 | $ | 258,415 | $ | 258,415 | ||||||
Level 2 Inputs: | ||||||||||||||
Debt securities available for sale | $ | 298,310 | $ | 298,310 | $ | 265,728 | $ | 265,728 | ||||||
Debt securities held to maturity | 29,355 | 29,974 | 32,274 | 31,315 | ||||||||||
Restricted equity securities | 3,921 | 3,921 | 4,230 | 4,230 | ||||||||||
Federal funds sold | 891 | 891 | 8,634 | 8,634 | ||||||||||
Mortgage loans held for sale | 5,984 | 5,984 | 8,134 | 8,134 | ||||||||||
Bank owned life insurance contracts | 86,288 | 86,288 | 69,008 | 69,008 | ||||||||||
Level 3 Inputs: | ||||||||||||||
Loans, net | $ | 3,324,229 | $ | 3,327,371 | $ | 2,828,205 | $ | 2,825,924 | ||||||
Financial Liabilities: | ||||||||||||||
Level 2 Inputs: | ||||||||||||||
Deposits | $ | 3,398,160 | $ | 3,399,261 | $ | 3,019,642 | $ | 3,024,390 | ||||||
Federal funds purchased | 264,315 | 264,315 | 174,380 | 174,380 | ||||||||||
Other borrowings | 19,973 | 19,973 | 19,940 | 19,940 | ||||||||||
PARENT_COMPANY_FINANCIAL_INFOR
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||
PARENT COMPANY FINANCIAL INFORMATION | NOTE 23. | ||||||||||
PARENT COMPANY FINANCIAL INFORMATION | |||||||||||
The following information presents the condensed balance sheet of the Company as of December 31, 2014 and 2013 and the condensed statements of income and cash flows for the years ended December 31, 2014, 2013 and 2012. | |||||||||||
CONDENSED BALANCE SHEETS | |||||||||||
(In Thousands) | |||||||||||
December | December 31, | ||||||||||
31, 2014 | 2013 | ||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 61,611 | $ | 2,562 | |||||||
Investment in subsidiary | 366,609 | 314,489 | |||||||||
Other assets | 51 | 194 | |||||||||
Total assets | $ | 428,271 | $ | 317,245 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Liabilities: | |||||||||||
Other borrowings | $ | 19,973 | $ | 19,940 | |||||||
Other liabilities | 1,337 | 113 | |||||||||
Total liabilities | 21,310 | 20,053 | |||||||||
Stockholders' equity: | |||||||||||
Preferred stock, Series A Senior Non-Cumulative Perpetual, par value $.001 (liquidation preference $1,000), net of discount; 40,000 shares authorized, 40,000 shares issued and outstanding at December 31, 2014 and 2013 | 39,958 | 39,958 | |||||||||
Common stock, par value $.001 per share; 50,000,000 shares authorized; 24,801,518 shares issued and outstanding at December 31, 2014 and 22,050,036 shares issued and outstanding at December 31, 2013 | 25 | 7 | |||||||||
Additional paid-in capital | 185,397 | 123,325 | |||||||||
Retained earnings | 177,091 | 130,011 | |||||||||
Accumulated other comprehensive income | 4,490 | 3,891 | |||||||||
Total stockholders' equity | 406,961 | 297,192 | |||||||||
Total liabilites and stockholders' equity | $ | 428,271 | $ | 317,245 | |||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||
FOR THE YEARS ENDED DECEMBER 31, | |||||||||||
(In Thousands) | |||||||||||
2014 | 2013 | 2012 | |||||||||
Income: | |||||||||||
Dividends received from subsidiary | $ | 12,000 | $ | 4,750 | $ | - | |||||
Other income | - | 1 | 41 | ||||||||
Total income | 12,000 | 4,751 | 41 | ||||||||
Expense: | |||||||||||
Other expenses | 1,183 | 1,147 | 1,594 | ||||||||
Total expenses | 1,183 | 1,147 | 1,594 | ||||||||
Equity in undistributed earnings of subsidiary | 41,529 | 37,997 | 35,998 | ||||||||
Net income | 52,346 | 41,601 | 34,445 | ||||||||
Dividends on preferred stock | 400 | 400 | 400 | ||||||||
Net income available to common stockholders | 51,946 | 41,201 | 34,045 | ||||||||
STATEMENTS OF CASH FLOW | |||||||||||
FOR THE YEARS ENDED DECEMBER 31, | |||||||||||
(In Thousands) | |||||||||||
2014 | 2013 | 2012 | |||||||||
Operating activities | |||||||||||
Net income | $ | 52,346 | $ | 41,601 | $ | 34,445 | |||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Other | 165 | -224 | 878 | ||||||||
Equity in undistributed earnings of subsidiary | -41,529 | -37,997 | -35,998 | ||||||||
Net cash (used in) provided by operating activities | 10,982 | 3,380 | -675 | ||||||||
Investing activities | |||||||||||
Investment in subsidiary | - | -10,499 | - | ||||||||
Net cash used in investing activities | - | -10,499 | - | ||||||||
Financing activities | |||||||||||
Proceeds from other borrowings | - | - | 19,917 | ||||||||
Repayment of subordinated debentures | - | - | -15,464 | ||||||||
Proceeds from issuance of common stock, net | 52,076 | 10,499 | 112 | ||||||||
Dividends paid on common stock | -3,609 | -3,682 | -3,134 | ||||||||
Dividends paid on preferred stock | -400 | -400 | -400 | ||||||||
Net cash provided by financing activities | 48,067 | 6,417 | 1,031 | ||||||||
Increase (decrease) in cash and cash equivalents | 59,049 | -702 | 356 | ||||||||
Cash and cash equivalents at beginning of year | 2,562 | 3,264 | 2,908 | ||||||||
Cash and cash equivalents at end of year | $ | 61,611 | $ | 2,562 | $ | 3,264 | |||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | NOTE 24. | SUBSEQUENT EVENTS |
On January 31, 2015, we completed the merger with Metro Bancshares, Inc. (“Metro”), which resulted in the acquisition of 100% of all the outstanding shares of Metro, including all outstanding options and warrants, for an aggregate of 636,720 shares of ServisFirst common stock and approximately $20.9 million in cash, representing aggregate consideration value of approximately $40.3 million (based on the closing price of ServisFirst Bancshares, Inc. on January 30, 2015). The acquisition of Metro represents our first strategic acquisition and our entry into the Atlanta metropolitan market. At December 31, 2014, Metro had total assets of approximately $211 million, total loans of approximately $154 million, total deposits of approximately $182 million and total stockholders’ equity of approximately $28 million. The cash portion of the merger consideration was paid from the Company’s cash on hand. Because the acquisition closed on January 31, 2015, after the end of the fiscal period covered by this Annual Report on Form 10-K, the Company’s financial information does not include any of the results of operations from Metro or its subsidiary, Metro Bank. | ||
QUARTERLY_FINANCIAL_DATA_UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
The following table sets forth certain unaudited quarterly financial data derived from our consolidated financial statements. Such data is only a summary and should be read in conjunction with our historical consolidated financial statements and related notes continued in this annual report on Form 10-K. | |||||||||||||||||
2014 Quarter Ended | |||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Interest income | $ | 34,281 | $ | 35,424 | $ | 36,857 | $ | 38,163 | |||||||||
Interest expense | 3,432 | 3,446 | 3,538 | 3,703 | |||||||||||||
Net interest income | 30,849 | 31,978 | 33,319 | 34,460 | |||||||||||||
Provision for loan losses | 2,314 | 2,438 | 2,748 | 2,759 | |||||||||||||
Net income available to common stockholders | 11,658 | 11,469 | 13,902 | 14,917 | |||||||||||||
Net income per common share, basic | $ | 0.53 | $ | 0.49 | $ | 0.56 | $ | 0.6 | |||||||||
Net income per common share, diluted | $ | 0.51 | $ | 0.46 | $ | 0.54 | $ | 0.58 | |||||||||
2013 Quarter Ended | |||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Interest income | $ | 29,165 | $ | 30,692 | $ | 32,499 | $ | 33,725 | |||||||||
Interest expense | 3,264 | 3,211 | 3,534 | 3,610 | |||||||||||||
Net interest income | 25,901 | 27,481 | 28,965 | 30,115 | |||||||||||||
Provision for loan losses | 4,284 | 3,334 | 3,034 | 2,356 | |||||||||||||
Net income available to common stockholders | 9,151 | 9,586 | 10,712 | 11,752 | |||||||||||||
Net income per common share, basic | $ | 0.48 | $ | 0.46 | $ | 0.51 | $ | 0.55 | |||||||||
Net income per common share, diluted | $ | 0.43 | $ | 0.45 | $ | 0.49 | $ | 0.53 | |||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations |
ServisFirst Bancshares, Inc. (the “Company”) was formed on August 16, 2007 and is a bank holding company whose business is conducted by its wholly-owned subsidiary ServisFirst Bank (the “Bank”). The Bank is headquartered in Birmingham, Alabama, and provides a full range of banking services to individual and corporate customers throughout the Birmingham market since opening for business in May 2005. The Bank has since expanded into the Huntsville, Montgomery, Dothan, Mobile, Alabama and Pensacola, Florida markets. The Bank has a subsidiary, SF Holding 1, Inc., which has subsidiaries, SF Realty 1, Inc., SF FLA Realty, Inc. and SF GA Realty, Inc. which operate as real estate investment trusts. More details about SF Holding 1, Inc. and its subsidiaries are included in Note 10. | |
Basis of Presentation and Accounting Estimates | Basis of Presentation and Accounting Estimates |
To prepare consolidated financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and future results could differ. The allowance for loan losses, valuation of foreclosed real estate, deferred taxes, and fair values of financial instruments are particularly subject to change. All numbers are in thousands except share and per share data. | |
Cash, Due from Banks, Interest-Bearing Balances due from Financial Institutions | Cash, Due from Banks, Interest-Bearing Balances due from Financial Institutions |
Cash and due from banks includes cash on hand, cash items in process of collection, amounts due from banks and interest bearing balances due from financial institutions. For purposes of cash flows, cash and cash equivalents include cash and due from banks and federal funds sold. Generally, federal funds are purchased and sold for one-day periods. Cash flows from loans, mortgage loans held for sale, federal funds sold, and deposits are reported net. | |
The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank based on a percentage of deposits. The total of those reserve balances was approximately $36.9 million at December 31, 2014 and $24.4 million at December 31, 2013. | |
Debt Securities | Debt Securities |
Securities are classified as available-for-sale when they might be sold before maturity. Unrealized holding gains and losses, net of tax, on securities available for sale are reported as a net amount in a separate component of stockholders’ equity until realized. Gains and losses on the sale of securities available for sale are determined using the specific-identification method. The amortization of premiums and the accretion of discounts are recognized in interest income using methods approximating the interest method over the period to maturity. | |
Declines in the fair value of available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. Securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are reported at amortized cost. In determining the existence of other-than-temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |
Investments in Restricted Equity Securities Carried at Cost | Investments in Restricted Equity Securities Carried at Cost |
Investments in restricted equity securities without a readily determinable market value are carried at cost. | |
Mortgage Loans Held for Sale | Mortgage Loans Held for Sale |
The Company classifies certain residential mortgage loans as held for sale. Typically mortgage loans held for sale are sold to a third party investor within a very short time period. The loans are sold without recourse and servicing is not retained. Net fees earned from this banking service are recorded in noninterest income. | |
In the course of originating mortgage loans and selling those loans in the secondary market, the Company makes various representations and warranties to the purchaser of the mortgage loans. Each loan is underwritten using government agency guidelines. Any exceptions noted during this process are remedied prior to sale. These representations and warranties also apply to underwriting the real estate appraisal opinion of value for the collateral securing these loans. Under the representations and warranties, failure by the Company to comply with the underwriting and/or appraisal standards could result in the Company being required to repurchase the mortgage loan or to reimburse the investor for losses incurred (make whole requests) if such failure cannot be cured by the Company within the specified period following discovery. The Company continues to experience a insignificant level of investor repurchase demands. There were no expenses incurred as part of these buyback obligations for the years ended December 31, 2014 and 2013. | |
Loans | Loans |
Loans are reported at unpaid principal balances, less unearned fees and the allowance for loan losses. Interest on all loans is recognized as income based upon the applicable rate applied to the daily outstanding principal balance of the loans. Interest income on nonaccrual loans is recognized on a cash basis or cost recovery basis until the loan is returned to accrual status. A loan may be returned to accrual status if the Company is reasonably assured of repayment of principal and interest and the borrower has demonstrated sustained performance for a period of at least six months. Loan fees, net of direct costs, are reflected as an adjustment to the yield of the related loan over the term of the loan. The Company does not have a concentration of loans to any one industry or geographic market. | |
The accrual of interest on loans is discontinued when there is a significant deterioration in the financial condition of the borrower and full repayment of principal and interest is not expected or the principal or interest is more than 90 days past due, unless the loan is both well-collateralized and in the process of collection. Generally, all interest accrued but not collected for loans that are placed on nonaccrual status are reversed against current interest income. Interest collections on nonaccrual loans are generally applied as principal reductions. The Company determines past due or delinquency status of a loan based on contractual payment terms. | |
A loan is considered impaired when it is probable the Company will be unable to collect all principal and interest payments due according to the contractual terms of the loan agreement. Individually identified impaired loans are measured based on the present value of expected payments using the loan’s original effective rate as the discount rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. If the recorded investment in the impaired loan exceeds the measure of fair value, a valuation allowance may be established as part of the allowance for loan losses. Changes to the valuation allowance are recorded as a component of the provision for loan losses. | |
Impaired loans also include troubled debt restructurings (“TDRs”). In the normal course of business management grants concessions to borrowers, which would not otherwise be considered, where the borrowers are experiencing financial difficulty. The concessions granted most frequently for TDRs involve reductions or delays in required payments of principal and interest for a specified time, the rescheduling of payments in accordance with a bankruptcy plan or the charge-off of a portion of the loan. In some cases, the conditions of the credit also warrant nonaccrual status, even after the restructure occurs. As part of the credit approval process, the restructured loans are evaluated for adequate collateral protection in determining the appropriate accrual status at the time of restructure. TDR loans may be returned to accrual status if there has been at least a six month sustained period of repayment performance by the borrower. | |
Allowance for Loan Losses | Allowance for Loan Losses |
The allowance for loan losses is maintained at a level which, in management’s judgment, is adequate to absorb credit losses inherent in the loan portfolio. The amount of the allowance is based on management’s evaluation of the collectability of the loan portfolio, including the nature of the portfolio, credit concentrations, trends in historical loss experience, specific impaired loans, economic conditions, and other risks inherent in the portfolio. Allowances for impaired loans are generally determined based on collateral values or the present value of the estimated cash flows. The allowance is increased by a provision for loan losses, which is charged to expense, and reduced by charge-offs, net of recoveries. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the allowance for losses on loans. Such agencies may require the Company to recognize adjustments to the allowance based on their judgments about information available to them at the time of their examination. | |
Foreclosed Real Estate | Foreclosed Real Estate |
Foreclosed real estate includes both formally foreclosed property and in-substance foreclosed property. At the time of foreclosure, foreclosed real estate is recorded at fair value less cost to sell, which becomes the property’s new basis. Any write downs based on the asset’s fair value at date of acquisition are charged to the allowance for loan losses. After foreclosure, these assets are carried at the lower of their new cost basis or fair value less cost to sell. Costs incurred in maintaining foreclosed real estate and subsequent adjustments to the carrying amount of the property are included in other operating expenses. | |
Premises and Equipment | Premises and Equipment |
Premises and equipment are stated at cost less accumulated depreciation. Expenditures for additions and major improvements that significantly extend the useful lives of the assets are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Assets which are disposed of are removed from the accounts and the resulting gains or losses are recorded in operations. Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets (3 to 10 years). | |
Leasehold improvements are amortized on a straight-line basis over the lesser of the lease terms or the estimated useful lives of the improvements. | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities |
As part of its overall interest rate risk management, the Company uses derivative instruments, which can include interest rate swaps, caps, and floors. Financial Accounting Standards Board (“FASB”) ASC 815-10, Derivatives and Hedging, requires all derivative instruments to be carried at fair value on the balance sheet. This accounting standard provides special accounting provisions for derivative instruments that qualify for hedge accounting. To be eligible, the Company must specifically identify a derivative as a hedging instrument and identify the risk being hedged. The derivative instrument must be shown to meet specific requirements under this accounting standard. | |
The Company designates the derivative on the date the derivative contract is entered into as (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (a “fair-value” hedge) or (2) a hedge of a forecasted transaction of the variability of cash flows to be received or paid related to a recognized asset or liability (a “cash-flow” hedge). Changes in the fair value of a derivative that is highly effective as a fair-value hedge, and that is designated and qualifies as a fair-value hedge, along with the loss or gain on the hedged asset or liability that is attributable to the hedged risk (including losses or gains on firm commitments), are recorded in current-period earnings. The effective portion of the changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash-flow hedge is recorded in other comprehensive income, until earnings are affected by the variability of cash flows (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). The remaining gain or loss on the derivative, if any, in excess of the cumulative change in the present value of future cash flows of the hedged item is recognized in earnings. | |
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair-value or cash-flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assessed, both at the hedge’s inception and on an ongoing basis (if the hedges do not qualify for short-cut accounting), whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively, as discussed below. The Company discontinues hedge accounting prospectively when: (1) it is determined that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item (including firm commitments or forecasted transactions); (2) the derivative expires or is sold, terminated, or exercised; (3) the derivative is re-designated as a hedge instrument, because it is unlikely that a forecasted transaction will occur; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) management determines that designation of the derivative as a hedge instrument is no longer appropriate. | |
When hedge accounting is discontinued because it is determined that the derivative no longer qualifies as an effective fair-value hedge, hedge accounting is discontinued prospectively and the derivative will continue to be carried on the balance sheet at its fair value with all changes in fair value being recorded in earnings but with no offsetting being recorded on the hedged item or in other comprehensive income for cash flow hedges. | |
The Company uses derivatives to hedge interest rate exposures associated with mortgage loans held for sale and mortgage loans in process. The Company regularly enters into derivative financial instruments in the form of forward contracts, as part of its normal asset/liability management strategies. The Company’s obligations under forward contracts consist of “best effort” commitments to deliver mortgage loans originated in the secondary market at a future date. Interest rate lock commitments related to loans that are originated for later sale are classified as derivatives. In the normal course of business, the Company regularly extends these rate lock commitments to customers during the loan origination process. The fair values of the Company’s forward contract and rate lock commitments to customers as of December 31, 2014 and 2013 were not material and have not been recorded. | |
Income Taxes | Income Taxes |
Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | |
The Company follows the provisions of ASC 740-10, Income Taxes. ASC 740-10 establishes a single model to address accounting for uncertain tax positions. ASC 740-10 clarifies the accounting for income taxes by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. ASC 740-10 also provides guidance on derecognition measurement classification interest and penalties, accounting in interim periods, disclosure, and transition. ASC 740-10 provides a two-step process in the evaluation of a tax position. The first step is recognition. A Company determines whether it is more likely than not that a tax position will be sustained upon examination, including a resolution of any related appeals or litigation processes, based upon the technical merits of the position. The second step is measurement. A tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. | |
Stock-Based Compensation | Stock-Based Compensation |
At December 31, 2014, the Company had two stock-based compensation plans for grants of equity compensation to key employees and directors. These plans have been accounted for under the provisions of FASB ASC 718-10, Compensation – Stock Compensation with respect to employee stock options and under the provisions of FASB ASC 505-50, Equity-Based Payments to Non-Employees, with respect to non-employee stock options. The stock-based employee compensation plans are more fully described in Note 13. | |
Earnings per Common Share | Earnings per Common Share |
Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options and warrants. | |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments |
Financial instruments, which include credit card arrangements, commitments to make loans and standby letters of credit, are issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Instruments such as stand-by letters of credit are considered financial guarantees in accordance with FASB ASC 460-10. The fair value of these financial guarantees is not material. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 22. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. | |
Comprehensive Income | Comprehensive Income |
Comprehensive income consists of net income and other comprehensive income. Accumulated comprehensive income, which is recognized as a separate component of equity, includes unrealized gains and losses on securities available for sale. | |
Advertising | Advertising |
Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2014, 2013 and 2012 was $477,000, $532,000 and $454,000, respectively. Advertising typically consists of local print media aimed at businesses that the Company targets as well as sponsorships of local events that the Company’s clients and prospects are involved with. | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements |
In July 2013, the FASB issued ASU No. 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes, which permits the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to the U.S. Treasury and London Interbank Offered Rate. The ASU also amends previous rules by removing the restriction on using different benchmark rates for similar hedges. This amendment applies to all entities that elect to apply hedge accounting of the benchmark interest rate. The amendments in this ASU were effective for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The Company has adopted this update, but such adoption had no impact on its financial position or results of operations. | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which provides that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability. These amendments in this ASU are effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. Early adoption and retrospective application is permitted. The Company has adopted this update, but such adoption had no impact on its financial position or results of operations. | |
In January 2014, the FASB issued ASU No. 2014-1, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects, which provides guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. It permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial investment in proportion to the tax credits and other tax benefits received, and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments are effective for public entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014, and interim reporting periods within annual periods beginning after December 15, 2015. Early adoption is permitted and retrospective application is required for all periods presented. The Company made an investment in a limited partnership during the first quarter of 2014 which has invested in a qualified affordable housing project. The Company has made an election to account for this investment as provided for in this update, and will recognize the net investment performance of its share of the partnership as tax credits become available. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In January 2014, the FASB issued ASU No. 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. These amendments are intended to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. The amendments clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (1) the creditor obtaining legal title to the residential real estate property upon completion of residential foreclosure, or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additional disclosures about such activities are required by these amendments. The amendments in this ASU become effective for public companies for annual periods and interim periods within those annual periods beginning after December 15, 2014, and early adoption is permitted. The Company is assessing the impact that these amendments will have on its financial position and results of operations, but does not currently anticipate that it will have a material impact. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). These amendments affect any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g. insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance, and creates a Topic 606, Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This ASU will be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The ASU allows for either full retrospective or modified retrospective adoption. The Company is assessing the effects of this ASU, which exclude financial instruments from its scope, but does not anticipate that it will have a material impact on its financial position or results of operations. | |
In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period. The amendments clarify the proper method of accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. This ASU requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. None of the Company’s share-based payment awards have service components, so the Company does not believe this ASU will have an impact on its financial position or results of operations. | |
In August 2014, the FASB issued ASU No. 2014-14 – Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. These amendments address the diversity in practice regarding the classification and measurement of foreclosed loans which were part of a government-sponsored loan guarantee program (e.g. HUD, FHA, VA). The ASU outlines certain criteria that, if met, the loan (residential or commercial) should be derecognized and a separate other receivable should be recorded upon foreclosure at the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. This ASU will be effective for annual reporting periods beginning after December 15, 2014, including interim periods within that reporting period. Early adoption is permitted, provided the entity has adopted ASU 2014-04. The ASU should be adopted either prospectively or on a modified retrospective basis. The Company is assessing the impact that these amendments will have on its financial position and results of operations, but does not currently anticipate that it will have a material impact. | |
In August 2014, the FASB issued ASU No. 2014-15 Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. These amendments are intended to reduce diversity in the timing and content of going concern disclosures. This ASU clarifies management’s responsibility to evaluate and provide related disclosures if there are any conditions or events, as a whole, that raise substantial doubt about the entity’s ability to continue as a going concern for one year after the date the financial statements are issued (or, if applicable, available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The Company does not believe this ASU will have an impact on its financial position or results of operations. | |
DEBT_SECURITIES_Tables
DEBT SECURITIES (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
Amortized Cost and Fair Value of Available for Sale and Held to Maturity Securities | The amortized cost and fair values of available-for-sale and held-to-maturity debt securities at December 31, 2014 and 2013 are summarized as follows: | |||||||||||||||||||
Gross | Gross | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | |||||||||||||||||
Cost | Gain | Loss | Value | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Securities Available for Sale | ||||||||||||||||||||
U.S. Treasury and government sponsored agencies | $ | 50,363 | $ | 775 | $ | - | $ | 51,138 | ||||||||||||
Mortgage-backed securities | 92,439 | 3,095 | -11 | 95,523 | ||||||||||||||||
State and municipal securities | 132,780 | 3,211 | -328 | 135,663 | ||||||||||||||||
Corporate debt | 15,821 | 165 | - | 15,986 | ||||||||||||||||
Total | $ | 291,403 | $ | 7,246 | $ | -339 | $ | 298,310 | ||||||||||||
Securities Held to Maturity | ||||||||||||||||||||
Mortgage-backed securities | 23,804 | 449 | -320 | 23,933 | ||||||||||||||||
State and municipal securities | 5,551 | 490 | - | 6,041 | ||||||||||||||||
Total | $ | 29,355 | $ | 939 | $ | -320 | $ | 29,974 | ||||||||||||
31-Dec-13 | ||||||||||||||||||||
Securities Available for Sale | ||||||||||||||||||||
U.S. Treasury and government sponsored agencies | $ | 31,641 | $ | 674 | $ | -41 | $ | 32,274 | ||||||||||||
Mortgage-backed securities | 85,272 | 2,574 | -98 | 87,748 | ||||||||||||||||
State and municipal securities | 127,083 | 3,430 | -682 | 129,831 | ||||||||||||||||
Corporate debt | 15,738 | 163 | -26 | 15,875 | ||||||||||||||||
Total | $ | 259,734 | $ | 6,841 | $ | -847 | $ | 265,728 | ||||||||||||
Securities Held to Maturity | ||||||||||||||||||||
Mortgage-backed securities | 26,730 | 266 | -1,422 | 25,574 | ||||||||||||||||
State and municipal securities | 5,544 | 197 | - | 5,741 | ||||||||||||||||
Total | $ | 32,274 | $ | 463 | $ | -1,422 | $ | 31,315 | ||||||||||||
Amortized Cost and Fair Value of Securities | The amortized cost and fair value of debt securities as of December 31, 2014 and 2013 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Amortized Cost | Market Value | Amortized Cost | Market Value | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Debt securities available for sale | ||||||||||||||||||||
Due within one year | $ | 16,944 | $ | 17,246 | $ | 5,659 | $ | 5,717 | ||||||||||||
Due from one to five years | 121,591 | 123,962 | 102,535 | 104,887 | ||||||||||||||||
Due from five to ten years | 60,079 | 61,221 | 65,174 | 66,229 | ||||||||||||||||
Due after ten years | 350 | 358 | 1,094 | 1,147 | ||||||||||||||||
Mortgage-backed securities | 92,439 | 95,523 | 85,272 | 87,748 | ||||||||||||||||
$ | 291,403 | $ | 298,310 | $ | 259,734 | $ | 265,728 | |||||||||||||
Debt securities held to maturity | ||||||||||||||||||||
Due from five to ten years | $ | 298 | $ | 325 | $ | - | $ | - | ||||||||||||
Due after ten years | 5,253 | 5,716 | 5,544 | 5,741 | ||||||||||||||||
Mortgage-backed securities | 23,804 | 23,933 | 26,730 | 25,574 | ||||||||||||||||
$ | 29,355 | $ | 29,974 | $ | 32,274 | $ | 31,315 | |||||||||||||
Investment Securities Continuous Unrealized Loss Position | Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Losses | Fair Value | Losses | Fair Value | Losses | Fair Value | |||||||||||||||
(In Thousands) | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
U.S. Treasury and government sponsored agencies | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage-backed securities | - | - | -331 | 17,751 | -331 | 17,751 | ||||||||||||||
State and municipal securities | -162 | 19,945 | -166 | 10,820 | -328 | 30,765 | ||||||||||||||
Corporate debt | - | - | - | - | - | - | ||||||||||||||
Total | $ | -162 | $ | 19,945 | $ | -497 | $ | 28,571 | $ | -659 | $ | 48,516 | ||||||||
31-Dec-13 | ||||||||||||||||||||
U.S. Treasury and government sponsored agencies | $ | -41 | $ | 5,854 | $ | - | $ | - | $ | -41 | $ | 5,854 | ||||||||
Mortgage-backed securities | -852 | 21,365 | -668 | 6,691 | -1,520 | 28,056 | ||||||||||||||
State and municipal securities | -607 | 30,666 | -75 | 3,443 | -682 | 34,109 | ||||||||||||||
Corporate debt | -26 | 5,958 | - | - | -26 | 5,958 | ||||||||||||||
Total | $ | -1,526 | $ | 63,843 | $ | -743 | $ | 10,134 | $ | -2,269 | $ | 73,977 | ||||||||
Available-for-sale Securities | The following table summarizes information about sales of debt securities available for sale. | |||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Sale proceeds | $ | 173 | $ | 4,140 | $ | - | ||||||||||||||
Gross realized gains | $ | 3 | $ | 131 | $ | - | ||||||||||||||
Gross realized losses | - | - | - | |||||||||||||||||
Net realized gain (loss) | $ | 3 | $ | 131 | $ | - | ||||||||||||||
LOANS_Tables
LOANS (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||
Details Of Loans | The composition of loans at December 31, 2014 and 2013 is summarized as follows: | ||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,495,092 | $ | 1,278,649 | |||||||||||||||||||
Real estate - construction | 208,769 | 151,868 | |||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 793,917 | 710,372 | |||||||||||||||||||||
1-4 family mortgage | 333,455 | 278,621 | |||||||||||||||||||||
Other mortgage | 471,363 | 391,396 | |||||||||||||||||||||
Total real estate - mortgage | 1,598,735 | 1,380,389 | |||||||||||||||||||||
Consumer | 57,262 | 47,962 | |||||||||||||||||||||
Total Loans | 3,359,858 | 2,858,868 | |||||||||||||||||||||
Less: Allowance for loan losses | -35,629 | -30,663 | |||||||||||||||||||||
Net Loans | $ | 3,324,229 | $ | 2,828,205 | |||||||||||||||||||
Schedule Of Allowance For Loan Losses | Changes in the allowance for loan losses during the years ended December 31, 2014, 2013 and 2012, respectively are as follows: | ||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Balance, beginning of year | $ | 30,663 | $ | 26,258 | $ | 22,030 | |||||||||||||||||
Loans charged off | -5,771 | -9,012 | -5,755 | ||||||||||||||||||||
Recoveries | 478 | 409 | 883 | ||||||||||||||||||||
Provision for loan losses | 10,259 | 13,008 | 9,100 | ||||||||||||||||||||
Balance, end of year | $ | 35,629 | $ | 30,663 | $ | 26,258 | |||||||||||||||||
Changes In Allowance For Loan Losses Segregated By Loan Type | Changes in the allowance for loan losses, segregated by loan type, during the years ended December 31, 2014 and 2013, respectively, are as follows: | ||||||||||||||||||||||
Commercial, | |||||||||||||||||||||||
financial and | Real estate - | Real estate - | |||||||||||||||||||||
agricultural | construction | mortgage | Consumer | Total | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 13,576 | $ | 6,078 | $ | 10,065 | $ | 944 | $ | 30,663 | |||||||||||||
Charge-offs | -2,311 | -1,267 | -1,965 | -228 | -5,771 | ||||||||||||||||||
Recoveries | 48 | 322 | 74 | 34 | 478 | ||||||||||||||||||
Provision | 4,766 | 1,262 | 3,938 | 293 | 10,259 | ||||||||||||||||||
Balance at December 31, 2014 | $ | 16,079 | $ | 6,395 | $ | 12,112 | $ | 1,043 | $ | 35,629 | |||||||||||||
31-Dec-14 | |||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 1,344 | $ | 1,448 | $ | 1,636 | $ | 666 | $ | 5,094 | |||||||||||||
Collectively Evaluated for Impairment | 14,735 | 4,947 | 10,476 | 377 | 30,535 | ||||||||||||||||||
Loans: | |||||||||||||||||||||||
Ending Balance | $ | 1,495,092 | $ | 208,769 | $ | 1,598,735 | $ | 57,262 | $ | 3,359,858 | |||||||||||||
Individually Evaluated for Impairment | 10,350 | 5,680 | 10,029 | 666 | 26,725 | ||||||||||||||||||
Collectively Evaluated for Impairment | 1,484,742 | 203,089 | 1,588,706 | 56,596 | 3,333,133 | ||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Balance at December 31, 2012 | $ | 11,061 | $ | 6,907 | $ | 7,964 | $ | 326 | $ | 26,258 | |||||||||||||
Charge-offs | -1,932 | -4,829 | -2,041 | -210 | -9,012 | ||||||||||||||||||
Recoveries | 66 | 296 | 36 | 11 | 409 | ||||||||||||||||||
Provision | 4,381 | 3,704 | 4,106 | 817 | 13,008 | ||||||||||||||||||
Balance at December 31, 2013 | $ | 13,576 | $ | 6,078 | $ | 10,065 | $ | 944 | $ | 30,663 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 1,992 | $ | 1,597 | $ | 1,982 | $ | 699 | $ | 6,270 | |||||||||||||
Collectively Evaluated for Impairment | 11,584 | 4,481 | 8,083 | 245 | 24,393 | ||||||||||||||||||
Loans: | |||||||||||||||||||||||
Ending Balance | $ | 1,278,649 | $ | 151,868 | $ | 1,380,389 | $ | 47,962 | $ | 2,858,868 | |||||||||||||
Individually Evaluated for Impairment | 3,827 | 9,238 | 18,202 | 699 | 31,966 | ||||||||||||||||||
Collectively Evaluated for Impairment | 1,274,822 | 142,630 | 1,362,187 | 47,263 | 2,826,902 | ||||||||||||||||||
Loans By Credit Quality Indicator | Loans by credit quality indicator as of December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||
Special | |||||||||||||||||||||||
December 31, 2014 | Pass | Mention | Substandard | Doubtful | Total | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,459,356 | $ | 25,416 | $ | 10,320 | $ | - | $ | 1,495,092 | |||||||||||||
Real estate - construction | 197,727 | 5,332 | 5,710 | - | 208,769 | ||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 784,492 | 6,848 | 2,577 | - | 793,917 | ||||||||||||||||||
1-4 family mortgage | 326,316 | 4,253 | 2,886 | - | 333,455 | ||||||||||||||||||
Other mortgage | 457,782 | 9,015 | 4,566 | - | 471,363 | ||||||||||||||||||
Total real estate mortgage | 1,568,590 | 20,116 | 10,029 | - | 1,598,735 | ||||||||||||||||||
Consumer | 56,559 | 37 | 666 | - | 57,262 | ||||||||||||||||||
Total | $ | 3,282,232 | $ | 50,901 | $ | 26,725 | $ | - | $ | 3,359,858 | |||||||||||||
Special | |||||||||||||||||||||||
December 31, 2013 | Pass | Mention | Substandard | Doubtful | Total | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,238,109 | $ | 34,883 | $ | 5,657 | $ | - | $ | 1,278,649 | |||||||||||||
Real estate - construction | 139,239 | 3,392 | 9,237 | - | 151,868 | ||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 696,687 | 11,545 | 2,140 | - | 710,372 | ||||||||||||||||||
1-4 family mortgage | 265,019 | 1,253 | 12,349 | - | 278,621 | ||||||||||||||||||
Other mortgage | 379,419 | 8,179 | 3,798 | - | 391,396 | ||||||||||||||||||
Total real estate mortgage | 1,341,125 | 20,977 | 18,287 | - | 1,380,389 | ||||||||||||||||||
Consumer | 47,243 | 3 | 716 | - | 47,962 | ||||||||||||||||||
Total | $ | 2,765,716 | $ | 59,255 | $ | 33,897 | $ | - | $ | 2,858,868 | |||||||||||||
Loans By Performance Status | Loans by performance status as of December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||
December 31, 2014 | Performing | Nonperforming | Total | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,493,995 | $ | 1,097 | $ | 1,495,092 | |||||||||||||||||
Real estate - construction | 203,720 | 5,049 | 208,769 | ||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 793,234 | 683 | 793,917 | ||||||||||||||||||||
1-4 family mortgage | 331,859 | 1,596 | 333,455 | ||||||||||||||||||||
Other mortgage | 470,404 | 959 | 471,363 | ||||||||||||||||||||
Total real estate mortgage | 1,595,497 | 3,238 | 1,598,735 | ||||||||||||||||||||
Consumer | 56,596 | 666 | 57,262 | ||||||||||||||||||||
Total | $ | 3,349,808 | $ | 10,050 | $ | 3,359,858 | |||||||||||||||||
December 31, 2013 | Performing | Nonperforming | Total | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,276,935 | $ | 1,714 | $ | 1,278,649 | |||||||||||||||||
Real estate - construction | 148,118 | 3,750 | 151,868 | ||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 708,937 | 1,435 | 710,372 | ||||||||||||||||||||
1-4 family mortgage | 276,725 | 1,896 | 278,621 | ||||||||||||||||||||
Other mortgage | 391,153 | 243 | 391,396 | ||||||||||||||||||||
Total real estate mortgage | 1,376,815 | 3,574 | 1,380,389 | ||||||||||||||||||||
Consumer | 47,264 | 698 | 47,962 | ||||||||||||||||||||
Total | $ | 2,849,132 | $ | 9,736 | $ | 2,858,868 | |||||||||||||||||
Loans By Past Due Status | Loans by past due status as of December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||
December 31, 2014 | Past Due Status (Accruing Loans) | ||||||||||||||||||||||
Total Past | |||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Due | Non-Accrual | Current | Total Loans | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,388 | $ | 3,490 | $ | 925 | $ | 5,803 | $ | 172 | $ | 1,489,117 | $ | 1,495,092 | |||||||||
Real estate - construction | - | - | - | - | 5,049 | 203,720 | 208,769 | ||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | - | - | - | - | 683 | 793,234 | 793,917 | ||||||||||||||||
1-4 family mortgage | 14 | - | - | 14 | 1,596 | 331,845 | 333,455 | ||||||||||||||||
Other mortgage | - | - | - | - | 959 | 470,404 | 471,363 | ||||||||||||||||
Total real estate - mortgage | 14 | - | - | 14 | 3,238 | 1,595,483 | 1,598,735 | ||||||||||||||||
Consumer | 21 | - | - | 21 | 666 | 56,575 | 57,262 | ||||||||||||||||
Total | $ | 1,423 | $ | 3,490 | $ | 925 | $ | 5,838 | $ | 9,125 | $ | 3,344,895 | $ | 3,359,858 | |||||||||
December 31, 2013 | Past Due Status (Accruing Loans) | ||||||||||||||||||||||
Total Past | |||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Due | Non-Accrual | Current | Total Loans | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 73 | $ | - | $ | - | $ | 73 | $ | 1,714 | $ | 1,276,862 | $ | 1,278,649 | |||||||||
Real estate - construction | - | - | - | - | 3,750 | 148,118 | 151,868 | ||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | - | - | - | - | 1,435 | 708,937 | 710,372 | ||||||||||||||||
1-4 family mortgage | 177 | - | 19 | 196 | 1,877 | 276,548 | 278,621 | ||||||||||||||||
Other mortgage | - | - | - | - | 243 | 391,153 | 391,396 | ||||||||||||||||
Total real estate - mortgage | 177 | - | 19 | 196 | 3,555 | 1,376,638 | 1,380,389 | ||||||||||||||||
Consumer | 89 | 97 | 96 | 282 | 602 | 47,078 | 47,962 | ||||||||||||||||
Total | $ | 339 | $ | 97 | $ | 115 | $ | 551 | $ | 9,621 | $ | 2,848,696 | $ | 2,858,868 | |||||||||
Details Of Company's Impaired Loans | The following table presents details of the Company’s impaired loans as of December 31, 2014 and 2013, respectively. Loans which have been fully charged off do not appear in the tables. | ||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
Unpaid | Average | Interest Income | |||||||||||||||||||||
Recorded | Principal | Related | Recorded | Recognized | |||||||||||||||||||
Investment | Balance | Allowance | Investment | in Period | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 7,059 | $ | 7,059 | $ | - | $ | 7,104 | $ | 406 | |||||||||||||
Real estate - construction | 1,527 | 1,527 | - | 1,493 | 40 | ||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 1,576 | 1,576 | - | 236 | 12 | ||||||||||||||||||
1-4 family mortgage | 542 | 592 | - | 592 | 19 | ||||||||||||||||||
Other mortgage | 1,944 | 1,944 | - | 2,283 | 142 | ||||||||||||||||||
Total real estate - mortgage | 4,062 | 4,112 | - | 3,111 | 173 | ||||||||||||||||||
Consumer | - | - | - | - | - | ||||||||||||||||||
Total with no allowance recorded | 12,648 | 12,698 | - | 11,708 | 619 | ||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Commercial, financial and agricultural | 3,291 | 3,291 | 1,344 | 3,262 | 156 | ||||||||||||||||||
Real estate - construction | 4,153 | 4,633 | 1,448 | 4,382 | 19 | ||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 1,001 | 1,001 | 160 | 1,140 | 29 | ||||||||||||||||||
1-4 family mortgage | 2,344 | 2,344 | 694 | 2,743 | 56 | ||||||||||||||||||
Other mortgage | 2,622 | 2,622 | 782 | 2,767 | 84 | ||||||||||||||||||
Total real estate - mortgage | 5,967 | 5,967 | 1,636 | 6,650 | 169 | ||||||||||||||||||
Consumer | 666 | 666 | 666 | 681 | - | ||||||||||||||||||
Total with allowance recorded | 14,077 | 14,557 | 5,094 | 14,975 | 344 | ||||||||||||||||||
Total Impaired Loans: | |||||||||||||||||||||||
Commercial, financial and agricultural | 10,350 | 10,350 | 1,344 | 10,366 | 562 | ||||||||||||||||||
Real estate - construction | 5,680 | 6,160 | 1,448 | 5,875 | 59 | ||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 2,577 | 2,577 | 160 | 1,376 | 41 | ||||||||||||||||||
1-4 family mortgage | 2,886 | 2,936 | 694 | 3,335 | 75 | ||||||||||||||||||
Other mortgage | 4,566 | 4,566 | 782 | 5,050 | 226 | ||||||||||||||||||
Total real estate - mortgage | 10,029 | 10,079 | 1,636 | 9,761 | 342 | ||||||||||||||||||
Consumer | 666 | 666 | 666 | 681 | - | ||||||||||||||||||
Total impaired loans | $ | 26,725 | $ | 27,255 | $ | 5,094 | $ | 26,683 | $ | 963 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Unpaid | Average | Interest Income | |||||||||||||||||||||
Recorded | Principal | Related | Recorded | Recognized in | |||||||||||||||||||
Investment | Balance | Allowance | Investment | Period | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,210 | $ | 1,210 | $ | - | $ | 1,196 | $ | 63 | |||||||||||||
Real estate - construction | 1,967 | 2,405 | - | 1,363 | 32 | ||||||||||||||||||
Owner-occupied commercial | 577 | 577 | - | 603 | 32 | ||||||||||||||||||
1-4 family mortgage | 1,198 | 1,198 | - | 1,200 | 55 | ||||||||||||||||||
Other mortgage | 2,311 | 2,311 | - | 1,901 | 123 | ||||||||||||||||||
Total real estate - mortgage | 4,086 | 4,086 | - | 3,704 | 210 | ||||||||||||||||||
Total with no allowance recorded | 7,263 | 7,701 | - | 6,263 | 305 | ||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Commercial, financial and agricultural | 2,617 | 2,958 | 1,992 | 2,844 | 98 | ||||||||||||||||||
Real estate - construction | 7,271 | 7,750 | 1,597 | 6,564 | 200 | ||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 1,509 | 1,509 | 620 | 1,573 | 38 | ||||||||||||||||||
1-4 family mortgage | 11,120 | 11,120 | 1,210 | 10,743 | 342 | ||||||||||||||||||
Other mortgage | 1,487 | 1,586 | 152 | 1,873 | 96 | ||||||||||||||||||
Total real estate - mortgage | 14,116 | 14,215 | 1,982 | 14,189 | 476 | ||||||||||||||||||
Consumer | 699 | 699 | 699 | 790 | 28 | ||||||||||||||||||
Total with allowance recorded | 24,703 | 25,622 | 6,270 | 24,387 | 802 | ||||||||||||||||||
Total Impaired Loans: | |||||||||||||||||||||||
Commercial, financial and agricultural | 3,827 | 4,168 | 1,992 | 4,040 | 161 | ||||||||||||||||||
Real estate - construction | 9,238 | 10,155 | 1,597 | 7,927 | 232 | ||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | 2,086 | 2,086 | 620 | 2,176 | 70 | ||||||||||||||||||
1-4 family mortgage | 12,318 | 12,318 | 1,210 | 11,943 | 397 | ||||||||||||||||||
Other mortgage | 3,798 | 3,897 | 152 | 3,774 | 219 | ||||||||||||||||||
Total real estate - mortgage | 18,202 | 18,301 | 1,982 | 17,893 | 686 | ||||||||||||||||||
Consumer | 699 | 699 | 699 | 790 | 28 | ||||||||||||||||||
Total impaired loans | $ | 31,966 | $ | 33,323 | $ | 6,270 | $ | 30,650 | $ | 1,107 | |||||||||||||
Analysis Of Troubled Debt Restructuring | The tables include modifications made to new TDRs, as well as renewals of existing TDRs. | ||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Pre- | Post- | ||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||
Commercial, financial and agricultural | 9 | $ | 7,139 | $ | 7,139 | ||||||||||||||||||
Real estate - construction | - | - | - | ||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | - | - | - | ||||||||||||||||||||
1-4 family mortgage | 1 | 4,449 | 4,449 | ||||||||||||||||||||
Other mortgage | 2 | 1,684 | 1,684 | ||||||||||||||||||||
Total real estate mortgage | 3 | 6,133 | 6,133 | ||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||
12 | $ | 13,272 | $ | 13,272 | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Pre- | Post- | ||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||
Commercial, financial and agricultural | 5 | $ | 2,177 | $ | 2,177 | ||||||||||||||||||
Real estate - construction | 7 | 1,781 | 1,781 | ||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner-occupied commercial | - | - | - | ||||||||||||||||||||
1-4 family mortgage | 4 | 10,073 | 10,073 | ||||||||||||||||||||
Other mortgage | 1 | 293 | 293 | ||||||||||||||||||||
Total real estate - mortgage | 5 | 10,366 | 10,366 | ||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||
17 | $ | 14,324 | $ | 14,324 | |||||||||||||||||||
The following table presents TDRs by portfolio segment which defaulted during the years ended December 31, 2014 and 2013, and which were modified in the previous twelve months (i.e., the twelve months prior to default). For purposes of this disclosure default is defined as 90 days past due and still accruing or placement on nonaccrual status. | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Defaulted during the period, where modified in a TDR twelve months prior to default | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 925 | $ | 1,067 | |||||||||||||||||||
Real estate - construction | - | 1,781 | |||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||
Owner occupied commercial | - | 3,121 | |||||||||||||||||||||
1-4 family mortgage | 4,313 | 1,847 | |||||||||||||||||||||
Other mortgage | - | - | |||||||||||||||||||||
Total real estate mortgage | 4,313 | 4,968 | |||||||||||||||||||||
Consumer | - | - | |||||||||||||||||||||
$ | 5,238 | $ | 7,816 | ||||||||||||||||||||
Schedule Of Changes In Related Party Loans | Changes in related party loans for the years ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Balance, beginning of year | $ | 13,117 | $ | 12,400 | |||||||||||||||||||
Advances | 4,080 | 4,975 | |||||||||||||||||||||
Repayments | -4,114 | -4,258 | |||||||||||||||||||||
Balance, end of year | $ | 13,083 | $ | 13,117 | |||||||||||||||||||
FORECLOSED_PROPERTIES_Tables
FORECLOSED PROPERTIES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Foreclosed Properties [Abstract] | |||||||||||
Analysis of Foreclosed Properties | An analysis of foreclosed properties for the years ended December 31, 2014, 2013 and 2012 follows: | ||||||||||
2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 12,861 | $ | 9,685 | $ | 12,275 | |||||
Transfers from loans and capitalized expenses | 2,417 | 11,355 | 2,695 | ||||||||
Foreclosed properties sold | -6,539 | -7,664 | -2,967 | ||||||||
Writedowns and partial liquidations | -1,899 | -515 | -2,318 | ||||||||
Balance at end of year | $ | 6,840 | $ | 12,861 | $ | 9,685 | |||||
PREMISES_AND_EQUIPMENT_Tables
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of Premises and Equipment | Premises and equipment are summarized as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Land and building | $ | 1,733 | $ | 1,724 | ||||
Furniture and equipment | 10,240 | 9,579 | ||||||
Leasehold improvements | 5,748 | 5,131 | ||||||
17,721 | 16,434 | |||||||
Accumulated depreciation | -9,906 | -8,083 | ||||||
$ | 7,815 | $ | 8,351 | |||||
Schedule of Future Minimum Lease Payments | The Company leases land and building space under non-cancellable operating leases. Future minimum lease payments under non-cancellable operating leases at December 31, 2014 are summarized as follows: | |||||||
(In Thousands) | ||||||||
2015 | $ | 2,500 | ||||||
2016 | 2,468 | |||||||
2017 | 2,220 | |||||||
2018 | 1,973 | |||||||
2019 | 1,483 | |||||||
Thereafter | 3,624 | |||||||
$ | 14,268 | |||||||
DEPOSITS_Tables
DEPOSITS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Schedule of Deposits | Deposits at December 31, 2014 and 2013 were as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Noninterest-bearing demand | $ | 810,460 | $ | 650,456 | ||||
Interest-bearing checking | 2,158,984 | 1,930,676 | ||||||
Savings | 29,125 | 23,890 | ||||||
Time | 205,414 | 218,455 | ||||||
Time, over $250,000 | 194,177 | 196,165 | ||||||
$ | 3,398,160 | $ | 3,019,642 | |||||
Schedule of Maturities of Deposits | The scheduled maturities of time deposits at December 31, 2014 were as follows: | |||||||
(In Thousands) | ||||||||
2015 | $ | 218,837 | ||||||
2016 | 84,774 | |||||||
2017 | 44,360 | |||||||
2018 | 30,252 | |||||||
2019 | 17,182 | |||||||
2020 | 4,186 | |||||||
$ | 399,591 | |||||||
EMPLOYEE_AND_DIRECTOR_BENEFITS1
EMPLOYEE AND DIRECTOR BENEFITS (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||||||||||||||
Assumptions Used To Estimates Fair Value Of Stock Option Award Using Black Scholes Merton Valuation Model | Treasury yield curve in effect at the time of grant. | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Expected volatility | 19.25 | % | 18.65 | % | 19.8 | % | |||||||||
Expected dividends | 1.31 | % | - | % | - | % | |||||||||
Expected term (in years) | 8 | 7 | 6 | ||||||||||||
Risk-free rate | 2.24 | % | 1.72 | % | 1.05 | % | |||||||||
Summary Of Stock Option Activity | The following tables summarize stock option activity: | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||
Average | Average | Intrinsic Value | |||||||||||||
Exercise | Remaining | ||||||||||||||
Price | Contractual | ||||||||||||||
Term (years) | |||||||||||||||
(In Thousands) | |||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||
Outstanding at beginning of year | 2,328,900 | $ | 7.69 | 5.5 | $ | 14,300 | |||||||||
Granted | 139,000 | 16.83 | 9.3 | 2,339 | |||||||||||
Exercised | -838,983 | 5.92 | 2.5 | 22,679 | |||||||||||
Forfeited | -6,000 | 11.92 | 7.9 | - | |||||||||||
Outstanding at end of year | 1,622,917 | $ | 9.38 | 5.9 | $ | 38,256 | |||||||||
Exercisable at December 31, 2014 | 591,418 | $ | 7.75 | 4.1 | $ | 14,901 | |||||||||
Year Ended December 31, 2013: | |||||||||||||||
Outstanding at beginning of year | 2,449,500 | $ | 6.96 | 5.8 | $ | 9,905 | |||||||||
Granted | 180,000 | 12.65 | 9.7 | 213 | |||||||||||
Exercised | -282,600 | 4.48 | 2.8 | 2,532 | |||||||||||
Forfeited | -18,000 | 7.5 | 5.6 | - | |||||||||||
Outstanding at end of year | 2,328,900 | $ | 7.69 | 5.5 | $ | 14,300 | |||||||||
Exercisable at December 31, 2013 | 1,161,732 | $ | 5.4 | 3.2 | $ | 9,797 | |||||||||
Year Ended December 31, 2012: | |||||||||||||||
Outstanding at beginning of year | 3,221,400 | $ | 6.11 | 6 | $ | 12,508 | |||||||||
Granted | 136,500 | 10 | 9.3 | 130 | |||||||||||
Exercised | -864,390 | 4.24 | 2.4 | 5,846 | |||||||||||
Forfeited | -44,010 | 8.18 | - | - | |||||||||||
Outstanding at end of year | 2,449,500 | $ | 6.96 | 5.8 | $ | 9,905 | |||||||||
Exercisable at December 31, 2012 | 1,238,475 | $ | 4.68 | 3.6 | $ | 7,831 | |||||||||
Summary Of Stock Option Exercisable | Exercisable options at December 31, 2014 were as follows: | ||||||||||||||
Range of | Shares | Weighted | Weighted | Aggregate | |||||||||||
Exercise Price | Average | Average | Intrinsic Value | ||||||||||||
Exercise Price | Remaining | ||||||||||||||
Contractual | |||||||||||||||
Term (years) | |||||||||||||||
(In Thousands) | |||||||||||||||
$ | 3.33 | 13,500 | $ | 3.33 | 0.5 | $ | 400 | ||||||||
3.67 | 150,000 | 3.67 | 1.3 | 4,392 | |||||||||||
5 | 10,500 | 5 | 2.2 | 293 | |||||||||||
6.67 | 45,000 | 6.67 | 2.5 | 1,183 | |||||||||||
8.33 | 267,418 | 8.33 | 4.3 | 6,583 | |||||||||||
11 | 15,000 | 11 | 8.2 | 329 | |||||||||||
13.83 | 90,000 | 13.83 | 9 | 1,721 | |||||||||||
591,418 | 7.75 | 4.1 | 14,901 | ||||||||||||
REGULATORY_MATTERS_Tables
REGULATORY MATTERS (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||||
Summary of Capital Adequacy Requirements | The Company’s and Bank’s actual capital amounts and ratios are presented in the following table: | |||||||||||||||||||||
Actual | For Capital Adequacy | To Be Well Capitalized Under | ||||||||||||||||||||
Purposes | Prompt Corrective Action | |||||||||||||||||||||
Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||||
Total Capital to Risk Weighted Assets: | ||||||||||||||||||||||
Consolidated | $ | 458,073 | 13.38 | % | $ | 273,943 | 8 | % | N/A | N/A | ||||||||||||
ServisFirst Bank | 397,748 | 11.62 | % | 273,939 | 8 | % | $ | 342,424 | 10 | % | ||||||||||||
Tier I Capital to Risk Weighted Assets: | ||||||||||||||||||||||
Consolidated | 402,471 | 11.75 | % | 136,972 | 4 | % | N/A | N/A | ||||||||||||||
ServisFirst Bank | 362,119 | 10.58 | % | 136,970 | 4 | % | 205,454 | 6 | % | |||||||||||||
Tier I Capital to Average Assets: | ||||||||||||||||||||||
Consolidated | 402,471 | 9.91 | % | 162,377 | 4 | % | N/A | N/A | ||||||||||||||
ServisFirst Bank | 362,119 | 8.92 | % | 162,375 | 4 | % | 202,969 | 5 | % | |||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||
Total Capital to Risk Weighted Assets: | ||||||||||||||||||||||
Consolidated | $ | 343,904 | 11.73 | % | $ | 234,617 | 8 | % | N/A | N/A | ||||||||||||
ServisFirst Bank | 341,256 | 11.64 | % | 234,601 | 8 | % | $ | 293,252 | 10 | % | ||||||||||||
Tier I Capital to Risk Weighted Assets: | ||||||||||||||||||||||
Consolidated | 293,301 | 10 | % | 117,308 | 4 | % | N/A | N/A | ||||||||||||||
ServisFirst Bank | 310,593 | 10.59 | % | 117,301 | 4 | % | 175,951 | 6 | % | |||||||||||||
Tier I Capital to Average Assets: | ||||||||||||||||||||||
Consolidated | 293,301 | 8.48 | % | 138,373 | 4 | % | N/A | N/A | ||||||||||||||
ServisFirst Bank | 310,593 | 8.98 | % | 138,331 | 4 | % | 172,913 | 5 | % | |||||||||||||
OTHER_OPERATING_INCOME_AND_EXP1
OTHER OPERATING INCOME AND EXPENSES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Other Operating Income Expenses [Abstract] | |||||||||||
Components Of Other Operating Income And Expense | The major components of other operating income and expense included in noninterest income and noninterest expense are as follows: | ||||||||||
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In Thousands) | |||||||||||
Other Operating Income | |||||||||||
(Loss) gain on sale of other real estate owned | $ | -413 | $ | -159 | $ | -105 | |||||
Credit card income | 2,041 | 1,425 | 1,064 | ||||||||
Other | 1,006 | 878 | 744 | ||||||||
$ | 2,634 | $ | 2,144 | $ | 1,703 | ||||||
Other Operating Expenses | |||||||||||
Postage | $ | 264 | $ | 195 | $ | 159 | |||||
Telephone | 555 | 465 | 385 | ||||||||
Data processing | 3,126 | 2,535 | 2,202 | ||||||||
Other loan expenses | 1,296 | 1,882 | 2,836 | ||||||||
Supplies | 399 | 380 | 320 | ||||||||
Customer and public relations | 959 | 838 | 791 | ||||||||
Marketing | 477 | 532 | 454 | ||||||||
Sales and use tax | 259 | 309 | 198 | ||||||||
Donations and contributions | 466 | 370 | 482 | ||||||||
Directors fees | 364 | 341 | 286 | ||||||||
Write-down investment in tax credit partnerships | 2,552 | 356 | 330 | ||||||||
Other operational losses | 575 | 113 | 22 | ||||||||
Other | 3,680 | 2,613 | 2,257 | ||||||||
$ | 14,972 | $ | 10,929 | $ | 10,722 | ||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows: | ||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In Thousands) | |||||||||||
Current tax expense: | |||||||||||
Federal | $ | 25,929 | $ | 21,264 | $ | 17,993 | |||||
State | 693 | 899 | 1,308 | ||||||||
Total current tax expense | 26,622 | 22,163 | 19,301 | ||||||||
Deferred tax expense (benefit): | |||||||||||
Federal | -3,778 | -1,616 | -1,999 | ||||||||
State | -1,243 | -189 | -182 | ||||||||
Total deferred tax expense | -5,021 | -1,805 | -2,181 | ||||||||
Total income tax expense | $ | 21,601 | $ | 20,358 | $ | 17,120 | |||||
Effective Income Tax Rate Reconciliation | The Company’s total income tax expense differs from the amounts computed by applying the Federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows: | ||||||||||
Year Ended December 31, 2014 | |||||||||||
Amount | % of Pre-tax | ||||||||||
Earnings | |||||||||||
(In Thousands) | |||||||||||
Income tax at statutory federal rate | $ | 25,892 | 35 | % | |||||||
Effect on rate of: | |||||||||||
State income tax, net of federal tax effect | -358 | -0.49 | % | ||||||||
Tax-exempt income, net of expenses | -1,316 | -1.78 | % | ||||||||
Bank owned life insurance contracts | -798 | -1.08 | % | ||||||||
Incentive stock option expense | -18 | -0.02 | % | ||||||||
Federal tax credits | -1,659 | -2.24 | % | ||||||||
Other | -142 | -0.19 | % | ||||||||
Effective income tax and rate | $ | 21,601 | 29.2 | % | |||||||
Year Ended December 31, 2013 | |||||||||||
Amount | % of Pre-tax | ||||||||||
Earnings | |||||||||||
(In Thousands) | |||||||||||
Income tax at statutory federal rate | $ | 21,691 | 35 | % | |||||||
Effect on rate of: | |||||||||||
State income tax, net of federal tax effect | 462 | 0.75 | % | ||||||||
Tax-exempt income, net of expenses | -1,200 | -1.94 | % | ||||||||
Bank owned life insurance contracts | -698 | -1.13 | % | ||||||||
Incentive stock option expense | 66 | 0.11 | % | ||||||||
Other | -37 | -0.06 | % | ||||||||
Effective income tax and rate | $ | 20,284 | 32.85 | % | |||||||
Year Ended December 31, 2012 | |||||||||||
Amount | % of Pre-tax | ||||||||||
Earnings | |||||||||||
(In Thousands) | |||||||||||
Income tax at statutory federal rate | $ | 18,047 | 35 | % | |||||||
Effect on rate of: | |||||||||||
State income tax, net of federal tax effect | 732 | 1.42 | % | ||||||||
Tax-exempt income, net of expenses | -1,007 | -1.95 | % | ||||||||
Bank owned life insurance contracts | -568 | -1.1 | % | ||||||||
Incentive stock option expense | 121 | 0.23 | % | ||||||||
Other | -206 | -0.4 | % | ||||||||
Effective income tax and rate | $ | 17,119 | 33.2 | % | |||||||
Deferred Tax Assets and Liabilities | The components of net deferred tax asset are as follows: | ||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
(In Thousands) | |||||||||||
Deferred tax assets: | |||||||||||
Allowance for loan losses | $ | 13,491 | $ | 11,844 | |||||||
Other real estate owned | 1,319 | 1,222 | |||||||||
Nonqualified equity awards | 1,594 | 773 | |||||||||
Nonaccrual interest | 444 | 374 | |||||||||
State tax credits | 987 | - | |||||||||
Investments | 667 | - | |||||||||
Deferred loan fees | 87 | - | |||||||||
Other deferred tax assets | 117 | 141 | |||||||||
Total deferred tax assets | 18,706 | 14,354 | |||||||||
Deferred tax liabilities: | |||||||||||
Net unrealized gain on securities available for sale | 2,418 | 2,102 | |||||||||
Depreciation | 421 | 514 | |||||||||
Prepaid expenses | 151 | 161 | |||||||||
Deferred loan fees | - | 83 | |||||||||
Investments | - | 229 | |||||||||
Other deferred tax liabilities | - | 247 | |||||||||
Total deferred tax liabilities | 2,990 | 3,336 | |||||||||
Net deferred income tax assets | $ | 15,716 | $ | 11,018 | |||||||
Summary of the changes in the amount of unrecognized benefits | The following table presents a summary of the changes during 2014, 2013 and 2012 in the amount of unrecognized tax benefits that are included in the consolidated balance sheets. | ||||||||||
2014 | 2013 | 2012 | |||||||||
(In Thousands) | |||||||||||
Balance, beginning of year | $ | 437 | $ | 161 | $ | - | |||||
Increases related to prior year tax positions | 367 | 276 | - | ||||||||
Decreases related to prior year tax positions | - | - | - | ||||||||
Increases related to current year tax positions | - | - | 161 | ||||||||
Settlements | - | - | - | ||||||||
Lapse of statute | - | - | - | ||||||||
Balance, end of year | $ | 804 | $ | 437 | $ | 161 | |||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||
Schedule Of Commitments And Contingent Liabilities | A summary of the Company’s approximate commitments and contingent liabilities is as follows: | ||||||||||
2014 | 2013 | 2012 | |||||||||
(In Thousands) | |||||||||||
Commitments to extend credit | $ | 1,156,682 | $ | 1,052,902 | $ | 824,047 | |||||
Credit card arrangements | 45,155 | 38,122 | 25,699 | ||||||||
Standby letters of credit and financial guarantees | 33,280 | 40,371 | 36,374 | ||||||||
Total | $ | 1,235,117 | $ | 1,131,395 | $ | 886,120 | |||||
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Basic And Diluted Earning Per Share | Years Ended December 31, | ||||||||||
2014 | 2013 | 2012 | |||||||||
(Dollar Amounts In Thousands Except Per Share | |||||||||||
Amounts) | |||||||||||
Earnings Per Share | |||||||||||
Weighted average common shares outstanding | 23,855,001 | 20,607,213 | 17,989,311 | ||||||||
Net income available to common stockholders | $ | 51,946 | $ | 41,201 | $ | 34,045 | |||||
Basic earnings per common share | $ | 2.18 | 2 | $ | 1.89 | ||||||
Weighted average common shares outstanding | 23,855,001 | 20,607,213 | 17,989,311 | ||||||||
Dilutive effects of assumed conversions and exercise of stock options and warrants | 963,220 | 1,198,812 | 2,835,945 | ||||||||
Weighted average common and dilutive potential common shares outstanding | 24,818,221 | 21,806,025 | 20,825,256 | ||||||||
Net income available to common stockholders | $ | 51,946 | $ | 41,201 | $ | 34,045 | |||||
Effect of interest expense on convertible debt, net of tax and discretionary expenditures related to conversion | $ | - | $ | 115 | $ | 569 | |||||
Net income available to common stockholders, adjusted for effect of debt conversion | $ | 51,946 | $ | 41,316 | $ | 34,614 | |||||
Diluted earnings per common share | $ | 2.09 | $ | 1.9 | $ | 1.66 | |||||
FAIR_VALUE_MEASUREMENT_Tables
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Financial Assets And Liabilities Carried At Fair Value On Recurring Basis | The following table presents the Company’s financial assets and financial liabilities carried at fair value on a recurring basis as of December 31, 2014 and December 31, 2013: | |||||||||||||
Fair Value Measurements at December 31, 2014 Using | ||||||||||||||
Quoted Prices in | ||||||||||||||
Active Markets | Significant Other | Significant | ||||||||||||
for Identical | Observable Inputs | Unobservable | ||||||||||||
Assets (Level 1) | (Level 2) | Inputs (Level 3) | Total | |||||||||||
(In Thousands) | ||||||||||||||
Assets Measured on a Recurring Basis: | ||||||||||||||
Available-for-sale securities: | ||||||||||||||
U.S. Treasury and government sponsored agencies | $ | - | $ | 51,138 | $ | - | $ | 51,138 | ||||||
Mortgage-backed securities | - | 95,523 | - | 95,523 | ||||||||||
State and municipal securities | - | 135,663 | - | 135,663 | ||||||||||
Corporate debt | - | 15,986 | - | 15,986 | ||||||||||
Total assets at fair value | $ | - | $ | 298,310 | $ | - | $ | 298,310 | ||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||
Quoted Prices in | ||||||||||||||
Active Markets | Significant Other | Significant | ||||||||||||
for Identical | Observable Inputs | Unobservable | ||||||||||||
Assets (Level 1) | (Level 2) | Inputs (Level 3) | Total | |||||||||||
(In Thousands) | ||||||||||||||
Assets Measured on a Recurring Basis: | ||||||||||||||
Available-for-sale securities | ||||||||||||||
U.S. Treasury and government sponsored agencies | $ | - | $ | 32,274 | $ | - | $ | 32,274 | ||||||
Mortgage-backed securities | - | 87,748 | - | 87,748 | ||||||||||
State and municipal securities | - | 129,831 | - | 129,831 | ||||||||||
Corporate debt | - | 15,875 | - | 15,875 | ||||||||||
Total assets at fair value | $ | - | $ | 265,728 | $ | - | $ | 265,728 | ||||||
Financial Assets And Liabilities Carried At Fair Value On Nonrecurring Basis | The carrying amount and estimated fair value of the Company’s financial instruments were as follows:: | |||||||||||||
Fair Value Measurements at December 31, 2014 Using | ||||||||||||||
Quoted Prices in | ||||||||||||||
Active Markets | Significant Other | Significant | ||||||||||||
for Identical | Observable | Unobservable | ||||||||||||
Assets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | Total | |||||||||||
(In Thousands) | ||||||||||||||
Assets Measured on a Nonrecurring Basis: | ||||||||||||||
Impaired loans | $ | - | - | $ | 21,631 | $ | 21,631 | |||||||
Other real estate owned and repossessed assets | - | - | 6,840 | 6,840 | ||||||||||
Total assets at fair value | - | - | $ | 28,471 | $ | 28,471 | ||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||
Quoted Prices in | ||||||||||||||
Active Markets | Significant Other | Significant | ||||||||||||
for Identical | Observable | Unobservable | ||||||||||||
Assets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | Total | |||||||||||
(In Thousands) | ||||||||||||||
Assets Measured on a Nonrecurring Basis: | ||||||||||||||
Impaired loans | $ | - | $ | - | $ | 25,696 | $ | 25,696 | ||||||
Other real estate owned | - | - | 12,861 | 12,861 | ||||||||||
Total assets at fair value | $ | - | $ | - | $ | 38,557 | $ | 38,557 | ||||||
Carrying Amount And Estimated Fair Value Of Financial Instruments | The Company’s financial assets and financial liabilities which are carried at fair value were as follows: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||
Amount | Amount | |||||||||||||
(In Thousands) | ||||||||||||||
Financial Assets: | ||||||||||||||
Level 1 Inputs: | ||||||||||||||
Cash and cash equivalents | $ | 297,464 | $ | 297,464 | $ | 258,415 | $ | 258,415 | ||||||
Level 2 Inputs: | ||||||||||||||
Debt securities available for sale | $ | 298,310 | $ | 298,310 | $ | 265,728 | $ | 265,728 | ||||||
Debt securities held to maturity | 29,355 | 29,974 | 32,274 | 31,315 | ||||||||||
Restricted equity securities | 3,921 | 3,921 | 4,230 | 4,230 | ||||||||||
Federal funds sold | 891 | 891 | 8,634 | 8,634 | ||||||||||
Mortgage loans held for sale | 5,984 | 5,984 | 8,134 | 8,134 | ||||||||||
Bank owned life insurance contracts | 86,288 | 86,288 | 69,008 | 69,008 | ||||||||||
Level 3 Inputs: | ||||||||||||||
Loans, net | $ | 3,324,229 | $ | 3,327,371 | $ | 2,828,205 | $ | 2,825,924 | ||||||
Financial Liabilities: | ||||||||||||||
Level 2 Inputs: | ||||||||||||||
Deposits | $ | 3,398,160 | $ | 3,399,261 | $ | 3,019,642 | $ | 3,024,390 | ||||||
Federal funds purchased | 264,315 | 264,315 | 174,380 | 174,380 | ||||||||||
Other borrowings | 19,973 | 19,973 | 19,940 | 19,940 | ||||||||||
PARENT_COMPANY_FINANCIAL_INFOR1
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||
Condensed Balance Sheets | CONDENSED BALANCE SHEETS | ||||||||||
(In Thousands) | |||||||||||
December | December 31, | ||||||||||
31, 2014 | 2013 | ||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 61,611 | $ | 2,562 | |||||||
Investment in subsidiary | 366,609 | 314,489 | |||||||||
Other assets | 51 | 194 | |||||||||
Total assets | $ | 428,271 | $ | 317,245 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Liabilities: | |||||||||||
Other borrowings | $ | 19,973 | $ | 19,940 | |||||||
Other liabilities | 1,337 | 113 | |||||||||
Total liabilities | 21,310 | 20,053 | |||||||||
Stockholders' equity: | |||||||||||
Preferred stock, Series A Senior Non-Cumulative Perpetual, par value $.001 (liquidation preference $1,000), net of discount; 40,000 shares authorized, 40,000 shares issued and outstanding at December 31, 2014 and 2013 | 39,958 | 39,958 | |||||||||
Common stock, par value $.001 per share; 50,000,000 shares authorized; 24,801,518 shares issued and outstanding at December 31, 2014 and 22,050,036 shares issued and outstanding at December 31, 2013 | 25 | 7 | |||||||||
Additional paid-in capital | 185,397 | 123,325 | |||||||||
Retained earnings | 177,091 | 130,011 | |||||||||
Accumulated other comprehensive income | 4,490 | 3,891 | |||||||||
Total stockholders' equity | 406,961 | 297,192 | |||||||||
Total liabilites and stockholders' equity | $ | 428,271 | $ | 317,245 | |||||||
Condensed Statements of Income | CONDENSED STATEMENTS OF INCOME | ||||||||||
FOR THE YEARS ENDED DECEMBER 31, | |||||||||||
(In Thousands) | |||||||||||
2014 | 2013 | 2012 | |||||||||
Income: | |||||||||||
Dividends received from subsidiary | $ | 12,000 | $ | 4,750 | $ | - | |||||
Other income | - | 1 | 41 | ||||||||
Total income | 12,000 | 4,751 | 41 | ||||||||
Expense: | |||||||||||
Other expenses | 1,183 | 1,147 | 1,594 | ||||||||
Total expenses | 1,183 | 1,147 | 1,594 | ||||||||
Equity in undistributed earnings of subsidiary | 41,529 | 37,997 | 35,998 | ||||||||
Net income | 52,346 | 41,601 | 34,445 | ||||||||
Dividends on preferred stock | 400 | 400 | 400 | ||||||||
Net income available to common stockholders | 51,946 | 41,201 | 34,045 | ||||||||
Statement of Cash Flows | STATEMENTS OF CASH FLOW | ||||||||||
FOR THE YEARS ENDED DECEMBER 31, | |||||||||||
(In Thousands) | |||||||||||
2014 | 2013 | 2012 | |||||||||
Operating activities | |||||||||||
Net income | $ | 52,346 | $ | 41,601 | $ | 34,445 | |||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Other | 165 | -224 | 878 | ||||||||
Equity in undistributed earnings of subsidiary | -41,529 | -37,997 | -35,998 | ||||||||
Net cash (used in) provided by operating activities | 10,982 | 3,380 | -675 | ||||||||
Investing activities | |||||||||||
Investment in subsidiary | - | -10,499 | - | ||||||||
Net cash used in investing activities | - | -10,499 | - | ||||||||
Financing activities | |||||||||||
Proceeds from other borrowings | - | - | 19,917 | ||||||||
Repayment of subordinated debentures | - | - | -15,464 | ||||||||
Proceeds from issuance of common stock, net | 52,076 | 10,499 | 112 | ||||||||
Dividends paid on common stock | -3,609 | -3,682 | -3,134 | ||||||||
Dividends paid on preferred stock | -400 | -400 | -400 | ||||||||
Net cash provided by financing activities | 48,067 | 6,417 | 1,031 | ||||||||
Increase (decrease) in cash and cash equivalents | 59,049 | -702 | 356 | ||||||||
Cash and cash equivalents at beginning of year | 2,562 | 3,264 | 2,908 | ||||||||
Cash and cash equivalents at end of year | $ | 61,611 | $ | 2,562 | $ | 3,264 | |||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Line Items] | |||
Unrecognized Tax Benefits Threshold Percentage | 50.00% | ||
Advertising Expense | $477,000 | $532,000 | $454,000 |
Federal Reserve Bank [Member] | |||
Accounting Policies [Line Items] | |||
Cash Reserve Deposit Required and Made | $36,900,000 | $24,400,000 | |
Maximum [Member] | |||
Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum [Member] | |||
Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years |
DEBT_SECURITIES_Amortized_Cost
DEBT SECURITIES (Amortized Cost And Fair Value Of Available For Sale And Held To Maturity Securities) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Securities Available For Sale | ||
Available-For-Sale Securities, Amortized Cost Basis | $291,403 | $259,734 |
Available-for-sale Securities, Gross Unrealized Gain | 7,246 | 6,841 |
Available-for-sale Securities, Gross Unrealized Loss | -339 | -847 |
Available-for-sale Securities | 298,310 | 265,728 |
Held-To-Maturity Securities, Classified [Abstract] | ||
Held-To-Maturity Securities, Amortized Cost Before Other Than Temporary Impairment | 29,355 | 32,274 |
Held-to-maturity Securities, Unrecognized Holding Gain | 939 | 463 |
Held-to-maturity Securities, Unrecognized Holding Loss | -320 | -1,422 |
Held To Maturity Securities Fair Value | 29,974 | 31,315 |
U.S. Treasury and Government Sponsored Agencies [Member] | ||
Securities Available For Sale | ||
Available-For-Sale Securities, Amortized Cost Basis | 50,363 | 31,641 |
Available-for-sale Securities, Gross Unrealized Gain | 775 | 674 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | -41 |
Available-for-sale Securities | 51,138 | 32,274 |
Mortgage-Backed Securities [Member] | ||
Securities Available For Sale | ||
Available-For-Sale Securities, Amortized Cost Basis | 92,439 | 85,272 |
Available-for-sale Securities, Gross Unrealized Gain | 3,095 | 2,574 |
Available-for-sale Securities, Gross Unrealized Loss | -11 | -98 |
Available-for-sale Securities | 95,523 | 87,748 |
Held-To-Maturity Securities, Classified [Abstract] | ||
Held-To-Maturity Securities, Amortized Cost Before Other Than Temporary Impairment | 23,804 | 26,730 |
Held-to-maturity Securities, Unrecognized Holding Gain | 449 | 266 |
Held-to-maturity Securities, Unrecognized Holding Loss | -320 | -1,422 |
Held To Maturity Securities Fair Value | 23,933 | 25,574 |
State and Municipal Securities [Member] | ||
Securities Available For Sale | ||
Available-For-Sale Securities, Amortized Cost Basis | 132,780 | 127,083 |
Available-for-sale Securities, Gross Unrealized Gain | 3,211 | 3,430 |
Available-for-sale Securities, Gross Unrealized Loss | -328 | -682 |
Available-for-sale Securities | 135,663 | 129,831 |
Held-To-Maturity Securities, Classified [Abstract] | ||
Held-To-Maturity Securities, Amortized Cost Before Other Than Temporary Impairment | 5,551 | 5,544 |
Held-to-maturity Securities, Unrecognized Holding Gain | 490 | 197 |
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | 0 |
Held To Maturity Securities Fair Value | 6,041 | 5,741 |
Corporate Debt [Member] | ||
Securities Available For Sale | ||
Available-For-Sale Securities, Amortized Cost Basis | 15,821 | 15,738 |
Available-for-sale Securities, Gross Unrealized Gain | 165 | 163 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | -26 |
Available-for-sale Securities | $15,986 | $15,875 |
DEBT_SECURITIES_Amortized_Cost1
DEBT SECURITIES (Amortized Cost And Fair Value Of Contractual Securities) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale | ||
Amortized Cost | $291,403 | $259,734 |
Fair Value | 298,310 | 265,728 |
Held-to-maturity | ||
Amortized Cost | 29,355 | 32,274 |
Fair Value | 29,974 | 31,315 |
Less than one year [Member] | ||
Available-for-sale | ||
Amortized Cost | 16,944 | 5,659 |
Fair Value | 17,246 | 5,717 |
One year to five years [Member] | ||
Available-for-sale | ||
Amortized Cost | 121,591 | 102,535 |
Fair Value | 123,962 | 104,887 |
Five years to ten years [Member] | ||
Available-for-sale | ||
Amortized Cost | 60,079 | 65,174 |
Fair Value | 61,221 | 66,229 |
Held-to-maturity | ||
Amortized Cost | 298 | 0 |
Fair Value | 325 | 0 |
More than Ten years [Member] | ||
Available-for-sale | ||
Amortized Cost | 350 | 1,094 |
Fair Value | 358 | 1,147 |
Held-to-maturity | ||
Amortized Cost | 5,253 | 5,544 |
Fair Value | 5,716 | 5,741 |
Mortgage-backed securities [Member] | ||
Available-for-sale | ||
Amortized Cost | 92,439 | 85,272 |
Fair Value | 95,523 | 87,748 |
Held-to-maturity | ||
Amortized Cost | 23,804 | 26,730 |
Fair Value | $23,933 | $25,574 |
DEBT_SECURITIES_Investment_Sec
DEBT SECURITIES (Investment Securities Continuous Unrealized Loss Position) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Gross Unrealized Losses | ($659) | ($2,269) |
Fair Value | 48,516 | 73,977 |
U.S. Treasury and Government Sponsored Agencies [Member] | ||
Gross Unrealized Losses | 0 | -41 |
Fair Value | 0 | 5,854 |
Mortgage-Backed Securities [Member] | ||
Gross Unrealized Losses | -331 | -1,520 |
Fair Value | 17,751 | 28,056 |
State and Municipal Securities [Member] | ||
Gross Unrealized Losses | -328 | -682 |
Fair Value | 30,765 | 34,109 |
Corporate Debt [Member] | ||
Gross Unrealized Losses | 0 | -26 |
Fair Value | 0 | 5,958 |
Less Than Twelve Months [Member] | ||
Gross Unrealized Losses | -162 | -1,526 |
Fair Value | 19,945 | 63,843 |
Less Than Twelve Months [Member] | U.S. Treasury and Government Sponsored Agencies [Member] | ||
Gross Unrealized Losses | 0 | -41 |
Fair Value | 0 | 5,854 |
Less Than Twelve Months [Member] | Mortgage-Backed Securities [Member] | ||
Gross Unrealized Losses | 0 | -852 |
Fair Value | 0 | 21,365 |
Less Than Twelve Months [Member] | State and Municipal Securities [Member] | ||
Gross Unrealized Losses | -162 | -607 |
Fair Value | 19,945 | 30,666 |
Less Than Twelve Months [Member] | Corporate Debt [Member] | ||
Gross Unrealized Losses | 0 | -26 |
Fair Value | 0 | 5,958 |
Twelve Months Or More [Member] | ||
Gross Unrealized Losses | -497 | -743 |
Fair Value | 28,571 | 10,134 |
Twelve Months Or More [Member] | U.S. Treasury and Government Sponsored Agencies [Member] | ||
Gross Unrealized Losses | 0 | 0 |
Fair Value | 0 | 0 |
Twelve Months Or More [Member] | Mortgage-Backed Securities [Member] | ||
Gross Unrealized Losses | -331 | -668 |
Fair Value | 17,751 | 6,691 |
Twelve Months Or More [Member] | State and Municipal Securities [Member] | ||
Gross Unrealized Losses | -166 | -75 |
Fair Value | 10,820 | 3,443 |
Twelve Months Or More [Member] | Corporate Debt [Member] | ||
Gross Unrealized Losses | 0 | 0 |
Fair Value | $0 | $0 |
DEBT_SECURITIES_Summary_Inform
DEBT SECURITIES (Summary Information About Sales Of Debt Securities Available For Sale) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Sale proceeds | $173 | $4,140 | $0 |
Gross realized gains | 3 | 131 | 0 |
Gross realized losses | 0 | 0 | 0 |
Net realized gain (loss) | $3 | $131 | $0 |
DEBT_SECURITIES_Additional_Inf
DEBT SECURITIES (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Description For Unrealized Loss Position | 46 of the Company’s 707 debt securities were in an unrealized loss position for more than 12 months. | |
Carrying Value Of Investment Securities Pledged | $230,600,000 | $200,900,000 |
Federal Home Loan Bank Of Atlanta Stock [Member] | ||
Restricted Investments | 3,200,000 | 3,500,000 |
First National Bankers Bank Stock [Member] | ||
Restricted Investments | 250,000 | 250,000,000,000 |
CRA-Qualified Mutual Fund [Member] | ||
Restricted Investments | $503,000 | $493,000 |
LOANS_Details_Of_Loans_Detail
LOANS (Details Of Loans) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accounts Notes and Loans Receivable [Line Items] | ||||
Total Loans | $3,359,858 | $2,858,868 | ||
Less allowance for loan losses | -35,629 | -30,663 | -26,258 | -22,030 |
Net Loans | 3,324,229 | 2,828,205 | ||
Commercial Financial and Agricultural Financing Receivable [Member] | ||||
Accounts Notes and Loans Receivable [Line Items] | ||||
Total Loans | 1,495,092 | 1,278,649 | ||
Less allowance for loan losses | -16,079 | -13,576 | -11,061 | |
Commercial Real Estate Construction Financing Receivable [Member] | ||||
Accounts Notes and Loans Receivable [Line Items] | ||||
Total Loans | 208,769 | 151,868 | ||
Less allowance for loan losses | -6,395 | -6,078 | -6,907 | |
Commercial Mortgage Loans Owner Occupied [Member] | ||||
Accounts Notes and Loans Receivable [Line Items] | ||||
Total Loans | 793,917 | 710,372 | ||
One To Four Family Mortgage Loans [Member] | ||||
Accounts Notes and Loans Receivable [Line Items] | ||||
Total Loans | 333,455 | 278,621 | ||
Other Real Estate Mortgage Loans [Member] | ||||
Accounts Notes and Loans Receivable [Line Items] | ||||
Total Loans | 471,363 | 391,396 | ||
Residential Real Estate Mortgage Loans [Member] | ||||
Accounts Notes and Loans Receivable [Line Items] | ||||
Total Loans | 1,598,735 | 1,380,389 | ||
Less allowance for loan losses | -12,112 | -10,065 | -7,964 | |
Consumer Portfolio Segment [Member] | ||||
Accounts Notes and Loans Receivable [Line Items] | ||||
Total Loans | 57,262 | 47,962 | ||
Less allowance for loan losses | ($1,043) | ($944) | ($326) |
LOANS_Allowance_for_loan_losse
LOANS (Allowance for loan losses) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Loan Losses: | |||
Balance, beginning of year | $30,663 | $26,258 | $22,030 |
Loans charged off | -5,771 | -9,012 | -5,755 |
Recoveries | 478 | 409 | 883 |
Provision for loan losses | 10,259 | 13,008 | 9,100 |
Balance, end of year | $35,629 | $30,663 | $26,258 |
LOANS_Analysis_of_Allowance_Fo
LOANS (Analysis of Allowance For Loan Losses By Portfolio Segment) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance For Loan Losses | |||
Balance, beginning of year | $30,663 | $26,258 | $22,030 |
Charge-offs | -5,771 | -9,012 | -5,755 |
Recoveries | 478 | 409 | 883 |
Provision | 10,259 | 13,008 | 9,100 |
Balance, end of year | 35,629 | 30,663 | 26,258 |
Individually Evaluated for Impairment | 5,094 | 6,270 | |
Collectively Evaluated for Impairment | 30,535 | 24,393 | |
Ending Balance | 3,359,858 | 2,858,868 | |
Individually Evaluated for Impairment | 26,725 | 31,966 | |
Collectively Evaluated for Impairment | 3,333,133 | 2,826,902 | |
Commercial Financial and Agricultural Financing Receivable [Member] | |||
Allowance For Loan Losses | |||
Balance, beginning of year | 13,576 | 11,061 | |
Charge-offs | -2,311 | -1,932 | |
Recoveries | 48 | 66 | |
Provision | 4,766 | 4,381 | |
Balance, end of year | 16,079 | 13,576 | |
Individually Evaluated for Impairment | 1,344 | 1,992 | |
Collectively Evaluated for Impairment | 14,735 | 11,584 | |
Ending Balance | 1,495,092 | 1,278,649 | |
Individually Evaluated for Impairment | 10,350 | 3,827 | |
Collectively Evaluated for Impairment | 1,484,742 | 1,274,822 | |
Commercial Real Estate Construction Financing Receivable [Member] | |||
Allowance For Loan Losses | |||
Balance, beginning of year | 6,078 | 6,907 | |
Charge-offs | -1,267 | -4,829 | |
Recoveries | 322 | 296 | |
Provision | 1,262 | 3,704 | |
Balance, end of year | 6,395 | 6,078 | |
Individually Evaluated for Impairment | 1,448 | 1,597 | |
Collectively Evaluated for Impairment | 4,947 | 4,481 | |
Ending Balance | 208,769 | 151,868 | |
Individually Evaluated for Impairment | 5,680 | 9,238 | |
Collectively Evaluated for Impairment | 203,089 | 142,630 | |
Residential Real Estate Mortgage Loans [Member] | |||
Allowance For Loan Losses | |||
Balance, beginning of year | 10,065 | 7,964 | |
Charge-offs | -1,965 | -2,041 | |
Recoveries | 74 | 36 | |
Provision | 3,938 | 4,106 | |
Balance, end of year | 12,112 | 10,065 | |
Individually Evaluated for Impairment | 1,636 | 1,982 | |
Collectively Evaluated for Impairment | 10,476 | 8,083 | |
Ending Balance | 1,598,735 | 1,380,389 | |
Individually Evaluated for Impairment | 10,029 | 18,202 | |
Collectively Evaluated for Impairment | 1,588,706 | 1,362,187 | |
Consumer Portfolio Segment [Member] | |||
Allowance For Loan Losses | |||
Balance, beginning of year | 944 | 326 | |
Charge-offs | -228 | -210 | |
Recoveries | 34 | 11 | |
Provision | 293 | 817 | |
Balance, end of year | 1,043 | 944 | |
Individually Evaluated for Impairment | 666 | 699 | |
Collectively Evaluated for Impairment | 377 | 245 | |
Ending Balance | 57,262 | 47,962 | |
Individually Evaluated for Impairment | 666 | 699 | |
Collectively Evaluated for Impairment | $56,596 | $47,263 |
LOANS_Loans_By_Credit_Quality_
LOANS (Loans By Credit Quality Indicator) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $3,359,858 | $2,858,868 |
Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,495,092 | 1,278,649 |
Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 208,769 | 151,868 |
Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 793,917 | 710,372 |
One To Four Family Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 333,455 | 278,621 |
Other Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 471,363 | 391,396 |
Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,598,735 | 1,380,389 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 57,262 | 47,962 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 3,282,232 | 2,765,716 |
Pass [Member] | Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,459,356 | 1,238,109 |
Pass [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 197,727 | 139,239 |
Pass [Member] | Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 784,492 | 696,687 |
Pass [Member] | One To Four Family Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 326,316 | 265,019 |
Pass [Member] | Other Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 457,782 | 379,419 |
Pass [Member] | Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,568,590 | 1,341,125 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 56,559 | 47,243 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 50,901 | 59,255 |
Special Mention [Member] | Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 25,416 | 34,883 |
Special Mention [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 5,332 | 3,392 |
Special Mention [Member] | Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 6,848 | 11,545 |
Special Mention [Member] | One To Four Family Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 4,253 | 1,253 |
Special Mention [Member] | Other Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 9,015 | 8,179 |
Special Mention [Member] | Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 20,116 | 20,977 |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 37 | 3 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 26,725 | 33,897 |
Substandard [Member] | Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 10,320 | 5,657 |
Substandard [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 5,710 | 9,237 |
Substandard [Member] | Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 2,577 | 2,140 |
Substandard [Member] | One To Four Family Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 2,886 | 12,349 |
Substandard [Member] | Other Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 4,566 | 3,798 |
Substandard [Member] | Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 10,029 | 18,287 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 666 | 716 |
Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | One To Four Family Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Other Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $0 | $0 |
LOANS_Loans_By_Performance_Sta
LOANS (Loans By Performance Status) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $3,359,858 | $2,858,868 |
Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,495,092 | 1,278,649 |
Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 208,769 | 151,868 |
Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 793,917 | 710,372 |
One To Four Family Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 333,455 | 278,621 |
Other Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 471,363 | 391,396 |
Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,598,735 | 1,380,389 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 57,262 | 47,962 |
Performing Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 3,349,808 | 2,849,132 |
Performing Financing Receivable [Member] | Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,493,995 | 1,276,935 |
Performing Financing Receivable [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 203,720 | 148,118 |
Performing Financing Receivable [Member] | Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 793,234 | 708,937 |
Performing Financing Receivable [Member] | One To Four Family Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 331,859 | 276,725 |
Performing Financing Receivable [Member] | Other Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 470,404 | 391,153 |
Performing Financing Receivable [Member] | Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,595,497 | 1,376,815 |
Performing Financing Receivable [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 56,596 | 47,264 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 10,050 | 9,736 |
Nonperforming Financing Receivable [Member] | Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,097 | 1,714 |
Nonperforming Financing Receivable [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 5,049 | 3,750 |
Nonperforming Financing Receivable [Member] | Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 683 | 1,435 |
Nonperforming Financing Receivable [Member] | One To Four Family Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,596 | 1,896 |
Nonperforming Financing Receivable [Member] | Other Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 959 | 243 |
Nonperforming Financing Receivable [Member] | Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 3,238 | 3,574 |
Nonperforming Financing Receivable [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $666 | $698 |
LOANS_Loans_By_Past_Due_Status
LOANS (Loans By Past Due Status) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) 30-59 Days | $1,423 | $339 |
Past Due Status (Accruing Loans) 60-89 Days | 3,490 | 97 |
Past Due Status (Accruing Loans) 90+ Days | 925 | 115 |
Past Due Status (Accruing Loans) Total Past Due | 5,838 | 551 |
Non-Accrual | 9,125 | 9,621 |
Current | 3,344,895 | 2,848,696 |
Total Loans | 3,359,858 | 2,858,868 |
Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) 30-59 Days | 1,388 | 73 |
Past Due Status (Accruing Loans) 60-89 Days | 3,490 | 0 |
Past Due Status (Accruing Loans) 90+ Days | 925 | 0 |
Past Due Status (Accruing Loans) Total Past Due | 5,803 | 73 |
Non-Accrual | 172 | 1,714 |
Current | 1,489,117 | 1,276,862 |
Total Loans | 1,495,092 | 1,278,649 |
Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) 30-59 Days | 0 | 0 |
Past Due Status (Accruing Loans) 60-89 Days | 0 | 0 |
Past Due Status (Accruing Loans) 90+ Days | 0 | 0 |
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 |
Non-Accrual | 5,049 | 3,750 |
Current | 203,720 | 148,118 |
Total Loans | 208,769 | 151,868 |
Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) 30-59 Days | 0 | 0 |
Past Due Status (Accruing Loans) 60-89 Days | 0 | 0 |
Past Due Status (Accruing Loans) 90+ Days | 0 | 0 |
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 |
Non-Accrual | 683 | 1,435 |
Current | 793,234 | 708,937 |
Total Loans | 793,917 | 710,372 |
One To Four Family Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) 30-59 Days | 14 | 177 |
Past Due Status (Accruing Loans) 60-89 Days | 0 | 0 |
Past Due Status (Accruing Loans) 90+ Days | 0 | 19 |
Past Due Status (Accruing Loans) Total Past Due | 14 | 196 |
Non-Accrual | 1,596 | 1,877 |
Current | 331,845 | 276,548 |
Total Loans | 333,455 | 278,621 |
Other Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) 30-59 Days | 0 | 0 |
Past Due Status (Accruing Loans) 60-89 Days | 0 | 0 |
Past Due Status (Accruing Loans) 90+ Days | 0 | 0 |
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 |
Non-Accrual | 959 | 243 |
Current | 470,404 | 391,153 |
Total Loans | 471,363 | 391,396 |
Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) 30-59 Days | 14 | 177 |
Past Due Status (Accruing Loans) 60-89 Days | 0 | 0 |
Past Due Status (Accruing Loans) 90+ Days | 0 | 19 |
Past Due Status (Accruing Loans) Total Past Due | 14 | 196 |
Non-Accrual | 3,238 | 3,555 |
Current | 1,595,483 | 1,376,638 |
Total Loans | 1,598,735 | 1,380,389 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) 30-59 Days | 21 | 89 |
Past Due Status (Accruing Loans) 60-89 Days | 0 | 97 |
Past Due Status (Accruing Loans) 90+ Days | 0 | 96 |
Past Due Status (Accruing Loans) Total Past Due | 21 | 282 |
Non-Accrual | 666 | 602 |
Current | 56,575 | 47,078 |
Total Loans | $57,262 | $47,962 |
LOANS_Details_Of_Companys_Impa
LOANS (Details Of Company's Impaired Loans) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | $12,648 | $7,263 |
Unpaid Principal Balance, with no allowance recorded | 12,698 | 7,701 |
Related Allowance, with no allowance recorded | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 11,708 | 6,263 |
Interest Income Recognized in Period, with no allowance recorded | 619 | 305 |
Recorded Investment, with an allowance recorded | 14,077 | 24,703 |
Unpaid Principal Balance, with an allowance recorded | 14,557 | 25,622 |
Related Allowance with an allowance recorded | 5,094 | 6,270 |
Average Recorded Investment , with an allowance recorded | 14,975 | 24,387 |
Interest Income Recognized in Period, with an allowance recorded | 344 | 802 |
Recorded Investment | 26,725 | 31,966 |
Unpaid Principal Balance | 27,255 | 33,323 |
Related Allowance | 5,094 | 6,270 |
Average Recorded Investment | 26,683 | 30,650 |
Interest Income Recognized in Period | 963 | 1,107 |
Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 7,059 | 1,210 |
Unpaid Principal Balance, with no allowance recorded | 7,059 | 1,210 |
Related Allowance, with no allowance recorded | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 7,104 | 1,196 |
Interest Income Recognized in Period, with no allowance recorded | 406 | 63 |
Recorded Investment, with an allowance recorded | 3,291 | 2,617 |
Unpaid Principal Balance, with an allowance recorded | 3,291 | 2,958 |
Related Allowance with an allowance recorded | 1,344 | 1,992 |
Average Recorded Investment , with an allowance recorded | 3,262 | 2,844 |
Interest Income Recognized in Period, with an allowance recorded | 156 | 98 |
Recorded Investment | 10,350 | 3,827 |
Unpaid Principal Balance | 10,350 | 4,168 |
Related Allowance | 1,344 | 1,992 |
Average Recorded Investment | 10,366 | 4,040 |
Interest Income Recognized in Period | 562 | 161 |
Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 1,527 | 1,967 |
Unpaid Principal Balance, with no allowance recorded | 1,527 | 2,405 |
Related Allowance, with no allowance recorded | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 1,493 | 1,363 |
Interest Income Recognized in Period, with no allowance recorded | 40 | 32 |
Recorded Investment, with an allowance recorded | 4,153 | 7,271 |
Unpaid Principal Balance, with an allowance recorded | 4,633 | 7,750 |
Related Allowance with an allowance recorded | 1,448 | 1,597 |
Average Recorded Investment , with an allowance recorded | 4,382 | 6,564 |
Interest Income Recognized in Period, with an allowance recorded | 19 | 200 |
Recorded Investment | 5,680 | 9,238 |
Unpaid Principal Balance | 6,160 | 10,155 |
Related Allowance | 1,448 | 1,597 |
Average Recorded Investment | 5,875 | 7,927 |
Interest Income Recognized in Period | 59 | 232 |
Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 1,576 | 577 |
Unpaid Principal Balance, with no allowance recorded | 1,576 | 577 |
Related Allowance, with no allowance recorded | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 236 | 603 |
Interest Income Recognized in Period, with no allowance recorded | 12 | 32 |
Recorded Investment, with an allowance recorded | 1,001 | 1,509 |
Unpaid Principal Balance, with an allowance recorded | 1,001 | 1,509 |
Related Allowance with an allowance recorded | 160 | 620 |
Average Recorded Investment , with an allowance recorded | 1,140 | 1,573 |
Interest Income Recognized in Period, with an allowance recorded | 29 | 38 |
Recorded Investment | 2,577 | 2,086 |
Unpaid Principal Balance | 2,577 | 2,086 |
Related Allowance | 160 | 620 |
Average Recorded Investment | 1,376 | 2,176 |
Interest Income Recognized in Period | 41 | 70 |
One To Four Family Mortgage Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 542 | 1,198 |
Unpaid Principal Balance, with no allowance recorded | 592 | 1,198 |
Related Allowance, with no allowance recorded | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 592 | 1,200 |
Interest Income Recognized in Period, with no allowance recorded | 19 | 55 |
Recorded Investment, with an allowance recorded | 2,344 | 11,120 |
Unpaid Principal Balance, with an allowance recorded | 2,344 | 11,120 |
Related Allowance with an allowance recorded | 694 | 1,210 |
Average Recorded Investment , with an allowance recorded | 2,743 | 10,743 |
Interest Income Recognized in Period, with an allowance recorded | 56 | 342 |
Recorded Investment | 2,886 | 12,318 |
Unpaid Principal Balance | 2,936 | 12,318 |
Related Allowance | 694 | 1,210 |
Average Recorded Investment | 3,335 | 11,943 |
Interest Income Recognized in Period | 75 | 397 |
Other Real Estate Mortgage Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 1,944 | 2,311 |
Unpaid Principal Balance, with no allowance recorded | 1,944 | 2,311 |
Related Allowance, with no allowance recorded | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 2,283 | 1,901 |
Interest Income Recognized in Period, with no allowance recorded | 142 | 123 |
Recorded Investment, with an allowance recorded | 2,622 | 1,487 |
Unpaid Principal Balance, with an allowance recorded | 2,622 | 1,586 |
Related Allowance with an allowance recorded | 782 | 152 |
Average Recorded Investment , with an allowance recorded | 2,767 | 1,873 |
Interest Income Recognized in Period, with an allowance recorded | 84 | 96 |
Recorded Investment | 4,566 | 3,798 |
Unpaid Principal Balance | 4,566 | 3,897 |
Related Allowance | 782 | 152 |
Average Recorded Investment | 5,050 | 3,774 |
Interest Income Recognized in Period | 226 | 219 |
Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 4,062 | 4,086 |
Unpaid Principal Balance, with no allowance recorded | 4,112 | 4,086 |
Related Allowance, with no allowance recorded | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 3,111 | 3,704 |
Interest Income Recognized in Period, with no allowance recorded | 173 | 210 |
Recorded Investment, with an allowance recorded | 5,967 | 14,116 |
Unpaid Principal Balance, with an allowance recorded | 5,967 | 14,215 |
Related Allowance with an allowance recorded | 1,636 | 1,982 |
Average Recorded Investment , with an allowance recorded | 6,650 | 14,189 |
Interest Income Recognized in Period, with an allowance recorded | 169 | 476 |
Recorded Investment | 10,029 | 18,202 |
Unpaid Principal Balance | 10,079 | 18,301 |
Related Allowance | 1,636 | 1,982 |
Average Recorded Investment | 9,761 | 17,893 |
Interest Income Recognized in Period | 342 | 686 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 0 | |
Unpaid Principal Balance, with no allowance recorded | 0 | |
Related Allowance, with no allowance recorded | 0 | |
Average Recorded Investment , with no allowance recorded | 0 | |
Interest Income Recognized in Period, with no allowance recorded | 0 | |
Recorded Investment, with an allowance recorded | 666 | 699 |
Unpaid Principal Balance, with an allowance recorded | 666 | 699 |
Related Allowance with an allowance recorded | 666 | 699 |
Average Recorded Investment , with an allowance recorded | 681 | 790 |
Interest Income Recognized in Period, with an allowance recorded | 0 | 28 |
Recorded Investment | 666 | 699 |
Unpaid Principal Balance | 666 | 699 |
Related Allowance | 666 | 699 |
Average Recorded Investment | 681 | 790 |
Interest Income Recognized in Period | $0 | $28 |
LOANS_Analysis_Of_Troubled_Deb
LOANS (Analysis Of Troubled Debt Restructuring) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | 12 | 17 |
Pre- Modification Outstanding Recorded Investment | $13,272 | $14,324 |
Post- Modification Outstanding Recorded Investment | 13,272 | 14,324 |
Previous Twelve Months Recorded Investment | 5,238 | 7,816 |
Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | 9 | 5 |
Pre- Modification Outstanding Recorded Investment | 7,139 | 2,177 |
Post- Modification Outstanding Recorded Investment | 7,139 | 2,177 |
Previous Twelve Months Recorded Investment | 925 | 1,067 |
Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | 0 | 7 |
Pre- Modification Outstanding Recorded Investment | 0 | 1,781 |
Post- Modification Outstanding Recorded Investment | 0 | 1,781 |
Previous Twelve Months Recorded Investment | 0 | 1,781 |
Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | 0 | 0 |
Post- Modification Outstanding Recorded Investment | 0 | 0 |
Previous Twelve Months Recorded Investment | 0 | 3,121 |
One To Four Family Mortgage Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | 1 | 4 |
Pre- Modification Outstanding Recorded Investment | 4,449 | 10,073 |
Post- Modification Outstanding Recorded Investment | 4,449 | 10,073 |
Previous Twelve Months Recorded Investment | 4,313 | 1,847 |
Other Real Estate Mortgage Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | 2 | 1 |
Pre- Modification Outstanding Recorded Investment | 1,684 | 293 |
Post- Modification Outstanding Recorded Investment | 1,684 | 293 |
Previous Twelve Months Recorded Investment | 0 | 0 |
Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | 3 | 5 |
Pre- Modification Outstanding Recorded Investment | 6,133 | 10,366 |
Post- Modification Outstanding Recorded Investment | 6,133 | 10,366 |
Previous Twelve Months Recorded Investment | 4,313 | 4,968 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | 0 | 0 |
Post- Modification Outstanding Recorded Investment | 0 | 0 |
Previous Twelve Months Recorded Investment | $0 | $0 |
LOANS_Changes_in_Related_Party
LOANS (Changes in Related Party Loans) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Balance, beginning of year | $13,117 | $12,400 |
Advances | 4,080 | 4,975 |
Repayments | -4,114 | -4,258 |
Balance, end of year | $13,083 | $13,117 |
LOANS_Additional_Information_D
LOANS (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Troubled Debt Restructuring Debtor Current Period [Line Items] | ||
Troubled Debt Restructurings | $13,272,000 | $14,324,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $1,000,000 | $2,400,000 |
FORECLOSED_PROPERTIES_Summary_
FORECLOSED PROPERTIES (Summary of Foreclosed Properties) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreclosed Properties [Line Items] | |||
Balance at beginning of year | $12,861 | $9,685 | $12,275 |
Transfers from loans and capitalized expenses | 2,417 | 11,355 | 2,695 |
Foreclosed properties sold | -6,539 | -7,664 | -2,967 |
Writedowns and partial liquidations | -1,899 | -515 | -2,318 |
Balance at end of year | $6,840 | $12,861 | $9,685 |
PREMISES_AND_EQUIPMENT_Compone
PREMISES AND EQUIPMENT (Components of Premises and Equipment) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment, Gross | $17,721 | $16,434 |
Accumulated depreciation | -9,906 | -8,083 |
Property, Plant and Equipment, Net | 7,815 | 8,351 |
Land and Building [Member] | ||
Property, Plant and Equipment, Gross | 1,733 | 1,724 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment, Gross | 10,240 | 9,579 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Gross | $5,748 | $5,131 |
PREMISES_AND_EQUIPMENT_Future_
PREMISES AND EQUIPMENT (Future Minimum Lease Payments Under Non-Cancellable Operating Leases) (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
2015 | $2,500 |
2016 | 2,468 |
2017 | 2,220 |
2018 | 1,973 |
2019 | 1,483 |
Thereafter | 3,624 |
Operating Leases, Future Minimum Payments Due | $14,268 |
PREMISES_AND_EQUIPMENT_Additio
PREMISES AND EQUIPMENT (Additional Information) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Depreciation, Depletion and Amortization, Nonproduction | $1,838,000 | $1,841,000 | $1,218,000 |
Operating Leases, Rent Expense | $2,674,000 | $2,488,000 | $2,195,000 |
VARIABLE_INTEREST_ENTITIES_VIE1
VARIABLE INTEREST ENTITIES (VIEs) (Additional Information) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Variable Interest Entities [Line Items] | ||
Other Assets | $11,543,000 | $12,213,000 |
Limited Partners' Capital Account | 25,460,000 | 26,005,000 |
Partnership Investment [Member] | ||
Variable Interest Entities [Line Items] | ||
Other Assets | 265,000 | 313,000 |
Loan [Member] | ||
Variable Interest Entities [Line Items] | ||
Limited Partners' Capital Account | $17,386,000 | $17,386,000 |
DEPOSITS_Summary_of_Deposits_D
DEPOSITS (Summary of Deposits) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Deposits [Line Items] | ||
Deposits | $3,398,160 | $3,019,642 |
Noninterest Bearing Demand [Member] | ||
Summary of Deposits [Line Items] | ||
Deposits | 810,460 | 650,456 |
Interest Bearing Checking [Member] | ||
Summary of Deposits [Line Items] | ||
Deposits | 2,158,984 | 1,930,676 |
Savings [Member] | ||
Summary of Deposits [Line Items] | ||
Deposits | 29,125 | 23,890 |
Time [Member] | ||
Summary of Deposits [Line Items] | ||
Deposits | 205,414 | 218,455 |
Time, over $250,000 [Member] | ||
Summary of Deposits [Line Items] | ||
Deposits | $194,177 | $196,165 |
DEPOSITS_Scheduled_Maturities_
DEPOSITS (Scheduled Maturities Of Time Deposits) (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Scheduled Maturities Of Time Deposits [Line Items] | |
2015 | $218,837 |
2016 | 84,774 |
2017 | 44,360 |
2018 | 30,252 |
2019 | 17,182 |
2020 | 4,186 |
Time Deposits | $399,591 |
DEPOSITS_Additional_Informatio
DEPOSITS (Additional Information) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deposits [Line Items] | ||
Overdraft Deposit Reclassification | $3,544,000 | $1,602,000 |
FEDERAL_FUNDS_PURCHASED_Additi
FEDERAL FUNDS PURCHASED (Additional Information) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Federal Funds Purchased [Line Items] | ||
Line of Credit, Current | $160 | $130 |
Federal Funds Purchased [Member] | ||
Federal Funds Purchased [Line Items] | ||
Short-term Debt | $264.30 | $174.40 |
Debt Instrument, Interest Rate, Stated Percentage | 0.25% | 0.30% |
OTHER_BORROWINGS_Additional_In
OTHER BORROWINGS (Additional Information) (Detail) (USD $) | Nov. 30, 2012 |
In Thousands, unless otherwise specified | |
Short-term Debt [Line Items] | |
Other Borrowings | $20,000 |
Other Borrowings To Subordinated Notes Percentage | 5.50% |
PARTICIPATION_IN_THE_SMALL_BUS1
PARTICIPATION IN THE SMALL BUSINESS LENDING FUND OF THE U.S. TREASURY DEPARTMENT (Additional Information) (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2011 | Jun. 21, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fund Established Under Small Business Job Act 2010 | $30,000,000,000 | |||
Qualified Community Banks | 10,000,000,000 | |||
Second Through Tenth Dividend Periods [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 5.00% | |||
Second Through Tenth Dividend Periods [Member] | Minimum [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 1.00% | |||
Eleventh Through First Half Of Nineteenth Dividend [Member] | Minimum [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 1.00% | |||
Eleventh Through First Half Of Nineteenth Dividend [Member] | Maximum [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 7.00% | |||
Fixed Rate [Member] | More Than Four and One Half Years [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 9.00% | |||
Qualified Small Business Lending [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 1.00% | |||
Senior Non Cumulative Perpetual Preferred Stock [Member] | ||||
Preferred Stock, Shares Issued | 40,000 | |||
Preferred Stock, Liquidation Preference Per Share | $1,000 | |||
Preferred Stock, Liquidation Preference, Value | 40,000,000 | |||
Series Preferred Stock [Member] | ||||
Preferred Stock, Shares Issued | 40,000 | 40,000 | ||
Preferred Stock, Liquidation Preference Per Share | $1,000 | $1,000 | ||
Preferred Stock, Liquidation Preference, Value | $25,000,000 | $1,000,000 | $1,000,000 |
EMPLOYEE_AND_DIRECTOR_BENEFITS2
EMPLOYEE AND DIRECTOR BENEFITS (Assumptions Used To Estimates Fair Value Of Stock Option Award Using Black Scholes Merton Valuation Model) (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 19.25% | 18.65% | 19.80% |
Expected dividends | 1.31% | 0.00% | 0.00% |
Expected term (in years) | 8 years | 7 years | 6 years |
Risk-free rate | 2.24% | 1.72% | 1.05% |
EMPLOYEE_AND_DIRECTOR_BENEFITS3
EMPLOYEE AND DIRECTOR BENEFITS (Summary Of Stock Option Activity) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Outstanding at beginning of year | 2,328,900 | 2,449,500 | 3,221,400 |
Shares, Granted | 139,000 | 180,000 | 136,500 |
Shares, Exercised | -838,983 | -282,600 | -864,390 |
Shares, Forfeited | -6,000 | -18,000 | -44,010 |
Shares, Outstanding at end of year | 1,622,917 | 2,328,900 | 2,449,500 |
Shares, Exercisable | 591,418 | 1,161,732 | 1,238,475 |
Weighted Average Exercise Price, Outstanding at beginning of year | $7.69 | $6.96 | $6.11 |
Weighted Average Exercise Price, Granted | $16.83 | $12.65 | $10 |
Weighted Average Exercise Price, Exercised | $5.92 | $4.48 | $4.24 |
Weighted Average Exercise Price, Forfeited | $11.92 | $7.50 | $8.18 |
Weighted Average Exercise Price, Outstanding at end of year | $9.38 | $7.69 | $6.96 |
Weighted Average Exercise Price, Exercisable | $7.75 | $5.40 | $4.68 |
Weighted Average Remaining Contractual Term (years), Outstanding at beginning | 5 years 6 months | 5 years 9 months 18 days | 6 years |
Weighted Average Remaining Contractual Term (years), Granted | 9 years 3 months 18 days | 9 years 8 months 12 days | 9 years 3 months 18 days |
Weighted Average Remaining Contractual Term (years), Exercised | 2 years 6 months | 2 years 9 months 18 days | 2 years 4 months 24 days |
Weighted Average Remaining Contractual Term (years), Forfeited | 7 years 10 months 24 days | 5 years 7 months 6 days | 0 years |
Weighted Average Remaining Contractual Term (years), Outstanding at ending | 5 years 10 months 24 days | 5 years 6 months | 5 years 9 months 18 days |
Weighted Average Remaining Contractual Term (years), Exercisable | 4 years 1 month 6 days | 3 years 2 months 12 days | 3 years 7 months 6 days |
Aggregate Intrinsic Value, Outstanding at beginning of year | $14,300 | $9,905 | $12,508 |
Aggregate Intrinsic Value, Granted | 2,339 | 213 | 130 |
Aggregate Intrinsic Value, Exercised | 22,679 | 2,532 | 5,846 |
Aggregate Intrinsic Value, Forfeited | 0 | 0 | 0 |
Aggregate Intrinsic Value, Outstanding at end of year | 38,256 | 14,300 | 9,905 |
Aggregate Intrinsic Value, Exercisable | $14,901 | $9,797 | $7,831 |
EMPLOYEE_AND_DIRECTOR_BENEFITS4
EMPLOYEE AND DIRECTOR BENEFITS (Exercisable options) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Shares, Exercisable | 591,418 | 1,161,732 | 1,238,475 |
Weighted Average Exercise Price, Exercisable | $7.75 | $5.40 | $4.68 |
Weighted Average Remaining Contractual Term (years) | 4 years 1 month 6 days | ||
Aggregate Intrinsic Value | $14,901 | $9,797 | $7,831 |
Exercise Price 3.33 [Member] | |||
Shares, Exercisable | 13,500 | ||
Weighted Average Exercise Price, Exercisable | $3.33 | ||
Weighted Average Remaining Contractual Term (years) | 6 months | ||
Aggregate Intrinsic Value | 400 | ||
Exercise Price 3.67 [Member] | |||
Shares, Exercisable | 150,000 | ||
Weighted Average Exercise Price, Exercisable | $3.67 | ||
Weighted Average Remaining Contractual Term (years) | 1 year 3 months 18 days | ||
Aggregate Intrinsic Value | 4,392 | ||
Exercise Price 5 [Member] | |||
Shares, Exercisable | 10,500 | ||
Weighted Average Exercise Price, Exercisable | $5 | ||
Weighted Average Remaining Contractual Term (years) | 2 years 2 months 12 days | ||
Aggregate Intrinsic Value | 293 | ||
Exercise Price 6.67 [Member] | |||
Shares, Exercisable | 45,000 | ||
Weighted Average Exercise Price, Exercisable | $6.67 | ||
Weighted Average Remaining Contractual Term (years) | 2 years 6 months | ||
Aggregate Intrinsic Value | 1,183 | ||
Exercise Price 8.33 [Member] | |||
Shares, Exercisable | 267,418 | ||
Weighted Average Exercise Price, Exercisable | $8.33 | ||
Weighted Average Remaining Contractual Term (years) | 4 years 3 months 18 days | ||
Aggregate Intrinsic Value | 6,583 | ||
Exercise Price 11 [Member] | |||
Shares, Exercisable | 15,000 | ||
Weighted Average Exercise Price, Exercisable | $11 | ||
Weighted Average Remaining Contractual Term (years) | 8 years 2 months 12 days | ||
Aggregate Intrinsic Value | 329 | ||
Exercise Price 13.83 [Member] | |||
Shares, Exercisable | 90,000 | ||
Weighted Average Exercise Price, Exercisable | $13.83 | ||
Weighted Average Remaining Contractual Term (years) | 9 years | ||
Aggregate Intrinsic Value | $1,721 |
EMPLOYEE_AND_DIRECTOR_BENEFITS5
EMPLOYEE AND DIRECTOR BENEFITS (Additional Information) (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
14-May-14 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2009 | Sep. 30, 2008 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation | $3,681,000 | $1,205,000 | $1,049,000 | ||||||
Shares available for grant | 2,019,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $3.69 | $3.04 | $2.20 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 1,218,000 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 18 days | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 235,500 | ||||||||
Non Routine Expenses | 1,800,000 | 703,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 2,025,000 | 705,000 | 404,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 60,000 | ||||||||
Warrants Exercisable | 211,500 | 120,000 | 60,000 | ||||||
Additional Contribution | 1.00% | 4.00% | |||||||
Postemployment Benefits, Period Expense | 811,000 | 878,000 | 1,167,000 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 180,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3.33 | ||||||||
Subordinated Borrowing, Interest Rate | 8.25% | ||||||||
Preferred Securities [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrants Exercisable | 13,500 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 45,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $8.33 | $8.33 | |||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 852,000 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||||||||
Plan 2005 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares available for grant | 1,575,000 | ||||||||
Plan 2006 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares available for grant | 3,075,000 | ||||||||
Plan 2009 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation | 2,775,000 | ||||||||
Shares available for grant | 1,275,000 | ||||||||
Additional Contribution [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Postemployment Benefits, Period Expense | $200,000 | $576,000 |
COMMON_STOCK_Additional_Inform
COMMON STOCK (Additional Information) (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended |
Jun. 16, 2014 | Dec. 31, 2013 | 19-May-14 | |
Stock Offering Cost | $38,000 | ||
Proceeds from Issuance of Private Placement | 10,337,000 | ||
Stockholders' Equity Note, Stock Split | three-for-one split | ||
IPO [Member] | |||
Stock Issued During Period, Shares, New Issues | 1,875,000 | ||
Sale of Stock, Price Per Share | $30.33 | ||
Proceeds from Issuance of Private Placement | $52,100,000 | ||
Private Placement [Member] | |||
Stock Issued During Period, Shares, New Issues | 750,000 | ||
Sale of Stock, Price Per Share | $13.83 |
REGULATORY_MATTERS_The_Company
REGULATORY MATTERS (The Company's And Bank's Actual Capital Amounts And Ratios) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Servisfirst Bank [Member] | ||
Total Capital to Risk Weighted Assets, Actual Amount | $397,748 | $341,256 |
Total Capital to Risk Weighted Assets, Actual Ratio | 11.62% | 11.64% |
Total Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | 273,939 | 234,601 |
Total Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 342,424 | 293,252 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier I Capital to Risk Weighted Assets, Actual Amount | 362,119 | 310,593 |
Tier I Capital to Risk Weighted Assets, Actual Ratio | 10.58% | 10.59% |
Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | 136,970 | 117,301 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier I Capital to Risk Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 205,454 | 175,951 |
Tier I Capital to Risk Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.00% | 6.00% |
Tier I Capital to Average Assets, Actual Amount | 362,119 | 310,593 |
Tier I Capital to Average Assets, Actual Ratio | 8.92% | 8.98% |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Amount | 162,375 | 138,331 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier I Capital to Average Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 202,969 | 172,913 |
Tier I Capital to Average Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Consolidated Entities [Member] | ||
Total Capital to Risk Weighted Assets, Actual Amount | 458,073 | 343,904 |
Total Capital to Risk Weighted Assets, Actual Ratio | 13.38% | 11.73% |
Total Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | 273,943 | 234,617 |
Total Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier I Capital to Risk Weighted Assets, Actual Amount | 402,471 | 293,301 |
Tier I Capital to Risk Weighted Assets, Actual Ratio | 11.75% | 10.00% |
Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | 136,972 | 117,308 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier I Capital to Average Assets, Actual Amount | 402,471 | 293,301 |
Tier I Capital to Average Assets, Actual Ratio | 9.91% | 8.48% |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Amount | $162,377 | $138,373 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
REGULATORY_MATTERS_Additional_
REGULATORY MATTERS (Additional Information) (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Cumulative Dividends | $129.10 |
OTHER_OPERATING_INCOME_AND_EXP2
OTHER OPERATING INCOME AND EXPENSES (Other Operating Income And Expense Included In Noninterest Income And Noninterest Expense) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Operating Income | |||
(Loss) gain on sale of other real estate owned | ($413) | ($159) | ($105) |
Credit card income | 2,041 | 1,425 | 1,064 |
Other | 1,006 | 878 | 744 |
Other Operating Income | 2,634 | 2,144 | 1,703 |
Other Operating Expenses | |||
Postage | 264 | 195 | 159 |
Telephone | 555 | 465 | 385 |
Data processing | 3,126 | 2,535 | 2,202 |
Other loan expenses | 1,296 | 1,882 | 2,836 |
Supplies | 399 | 380 | 320 |
Customer and public relations | 959 | 838 | 791 |
Marketing | 477 | 532 | 454 |
Sales and use tax | 259 | 309 | 198 |
Donations and contributions | 466 | 370 | 482 |
Directors fees | 364 | 341 | 286 |
Write-down investment in tax credit partnerships | 2,552 | 356 | 330 |
Other operational losses | 575 | 113 | 22 |
Other | 3,680 | 2,613 | 2,257 |
Other Operating Expenses | $14,972 | $10,929 | $10,722 |
INCOME_TAXES_Income_Tax_Expens
INCOME TAXES (Income Tax Expense) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current tax expense: | |||
Federal | $25,929 | $21,264 | $17,993 |
State | 693 | 899 | 1,308 |
Total current tax expense | 26,622 | 22,163 | 19,301 |
Deferred tax expense (benefit): | |||
Federal | -3,778 | -1,616 | -1,999 |
State | -1,243 | -189 | -182 |
Total deferred tax expense | -5,021 | -1,805 | -2,181 |
Total income tax expense | $21,601 | $20,358 | $17,120 |
INCOME_TAXES_The_Federal_Incom
INCOME TAXES (The Federal Income Tax Statutory Rates To Income Before Income Taxes) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income tax at statutory federal rate, amount | $25,892 | $21,691 | $18,047 |
Income tax at statutory federal rate, Pre-tax Earnings | 35.00% | 35.00% | 35.00% |
State income tax, net of federal tax effect, amount | -358 | 462 | 732 |
State income tax, net of federal tax effect, Pre-tax Earnings | -0.49% | 0.75% | 1.42% |
Tax-exempt income, net of expenses, amount | -1,316 | -1,200 | -1,007 |
Tax-exempt income, net of expenses, Pre-tax Earnings | -1.78% | -1.94% | -1.95% |
Bank owned life insurance contracts, amount | -798 | -698 | -568 |
Bank owned life insurance contracts, Pre-tax Earnings | -1.08% | -1.13% | -1.10% |
Incentive stock option expense, amount | -18 | 66 | 121 |
Incentive stock option expense, Pre-tax Earnings | -0.02% | 0.11% | 0.23% |
Federal tax credits, amount | -1,659 | ||
Federal tax credits, Pre-tax Earnings | -2.24% | ||
Other, amount | -142 | -37 | -206 |
Other, Pre-tax Earnings | -0.19% | -0.06% | -0.40% |
Effective income tax and rate, amount | $21,601 | $20,358 | $17,120 |
Effective income tax and rate, Pre-tax Earnings | 29.20% | 32.85% | 33.20% |
INCOME_TAXES_Components_Of_Net
INCOME TAXES (Components Of Net Deferred Tax Asset) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Allowance for loan losses | $13,491 | $11,844 |
Other real estate owned | 1,319 | 1,222 |
Nonqualified equity awards | 1,594 | 773 |
Nonaccrual interest | 444 | 374 |
State tax credits | 987 | 0 |
Investments | 667 | 0 |
Deferred loan fees | 87 | 0 |
Other deferred tax assets | 117 | 141 |
Total deferred tax assets | 18,706 | 14,354 |
Deferred tax liabilities: | ||
Net unrealized gain on securities available for sale | 2,418 | 2,102 |
Depreciation | 421 | 514 |
Prepaid expenses | 151 | 161 |
Deferred loan fees | 0 | 83 |
Investments | 0 | 229 |
Other deferred tax liabilities | 0 | 247 |
Total deferred tax liabilities | 2,990 | 3,336 |
Net deferred income tax assets | $15,716 | $11,018 |
INCOME_TAXES_Summary_of_the_ch
INCOME TAXES (Summary of the changes in the amount of unrecognized tax benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Balance, beginning of year | $437 | $161 | $0 |
Increases related to prior year tax positions | 367 | 276 | 0 |
Decreases related to prior year tax positions | 0 | 0 | 0 |
Increases related to current year tax positions | 0 | 0 | 161 |
Settlements | 0 | 0 | 0 |
Lapse of statute | 0 | 0 | 0 |
Balance, end of year | $804 | $437 | $161 |
INCOME_TAXES_Additional_Inform
INCOME TAXES (Additional Information) (Detail) (USD $) | Dec. 31, 2014 | Jan. 02, 2014 | Dec. 31, 2013 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $12,000 | $6,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $804,000 | $437,000 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Summary of Commitments And Contingent Liabilities) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Commitments to extend credit | $1,156,682 | $1,052,902 | $824,047 |
Credit card arrangements | 45,155 | 38,122 | 25,699 |
Standby letters of credit and financial guarantees | 33,280 | 40,371 | 36,374 |
Total | $1,235,117 | $1,131,395 | $886,120 |
CONCENTRATIONS_OF_CREDIT_Addit
CONCENTRATIONS OF CREDIT (Additional Information) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Secured By Real Estate | 54.00% |
EARNINGS_PER_COMMON_SHARE_Summ
EARNINGS PER COMMON SHARE (Summary of Earning Per Common Share) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Basic | |||||||||||
Weighted average common shares outstanding | 23,855,001 | 20,607,213 | 17,989,311 | ||||||||
Net income available to common stockholders | $14,917 | $13,902 | $11,469 | $11,658 | $11,752 | $10,712 | $9,586 | $9,151 | $51,946 | $41,201 | $34,045 |
Basic earnings per common share | $0.60 | $0.56 | $0.49 | $0.53 | $0.55 | $0.51 | $0.46 | $0.48 | $2.18 | $2 | $1.89 |
Weighted average common shares outstanding | 23,855,001 | 20,607,213 | 17,989,311 | ||||||||
Dilutive effects of assumed conversions and exercise of stock options and warrants | 963,220 | 1,198,812 | 2,835,945 | ||||||||
Weighted average common and dilutive potential common shares outstanding | 24,818,221 | 21,806,025 | 20,825,256 | ||||||||
Net income available to common stockholders | 51,946 | 41,201 | 34,045 | ||||||||
Effect of interest expense on convertible debt, net of tax and discretionary expenditures related to conversion | 0 | 115 | 569 | ||||||||
Net income available to common stockholders, adjusted for effect of debt conversion | $51,946 | $41,316 | $34,614 | ||||||||
Diluted earnings per common share | $2.09 | $1.90 | $1.66 |
RELATED_PARTY_TRANSACTIONS_Add
RELATED PARTY TRANSACTIONS (Additional Information) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ||
Loans | $3,359,858,000 | $2,858,868,000 |
Related Party Deposit Liabilities | 5,600,000 | 6,200,000 |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Loans | $13,100,000 | $13,100,000 |
FAIR_VALUE_MEASUREMENT_Financi
FAIR VALUE MEASUREMENT (Financial Assets And Financial Liabilities Carried At Fair Value On A Recurring Basis) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $298,310 | $265,728 |
Fair Value Measurements Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 298,310 | 265,728 |
Fair Value Measurements Recurring [Member] | U.S. Treasury and Government Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 51,138 | 32,274 |
Fair Value Measurements Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 95,523 | 87,748 |
Fair Value Measurements Recurring [Member] | State and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 135,663 | 129,831 |
Fair Value Measurements Recurring [Member] | Corporate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 15,986 | 15,875 |
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Treasury and Government Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | State and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 298,310 | 265,728 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 2 [Member] | U.S. Treasury and Government Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 51,138 | 32,274 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 95,523 | 87,748 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 2 [Member] | State and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 135,663 | 129,831 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 2 [Member] | Corporate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 15,986 | 15,875 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 3 [Member] | U.S. Treasury and Government Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 3 [Member] | State and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 3 [Member] | Corporate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $0 | $0 |
FAIR_VALUE_MEASUREMENT_Carryin
FAIR VALUE MEASUREMENT (Carrying Amount And Estimated Fair Value Of Financial Instruments) (Detail) (Fair Value Measurements Nonrecurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $21,631 | $25,696 |
Other real estate owned and repossessed assets | 6,840 | 12,861 |
Total assets at fair value | 28,471 | 38,557 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned and repossessed assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Fair Value Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned and repossessed assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Fair Value Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 21,631 | 25,696 |
Other real estate owned and repossessed assets | 6,840 | 12,861 |
Total assets at fair value | $28,471 | $38,557 |
FAIR_VALUE_MEASUREMENT_Financi1
FAIR VALUE MEASUREMENT (Financial Assets And Liabilities Carried At Fair Value On Recurring Basis Or Nonrecurring Basis) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ||
Cash and cash equivalents | $297,464 | $258,415 |
Debt securities available for sale | 298,310 | 265,728 |
Debt securities held to maturity | 29,355 | 32,274 |
Restricted equity securities | 3,921 | 4,230 |
Federal funds sold | 891 | 8,634 |
Mortgage loans held for sale | 5,984 | 8,134 |
Bank owned life insurance contracts | 86,288 | 69,008 |
Loans, net | 3,324,229 | 2,828,205 |
Financial Liabilities: | ||
Federal funds purchased | 264,315 | 174,380 |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 297,464 | 258,415 |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | ||
Financial Assets: | ||
Debt securities available for sale | 298,310 | 265,728 |
Debt securities held to maturity | 29,355 | 32,274 |
Restricted equity securities | 3,921 | 4,230 |
Federal funds sold | 891 | 8,634 |
Mortgage loans held for sale | 5,984 | 8,134 |
Bank owned life insurance contracts | 86,288 | 69,008 |
Financial Liabilities: | ||
Deposits | 3,398,160 | 3,019,642 |
Federal funds purchased | 264,315 | 174,380 |
Other borrowings | 19,973 | 19,940 |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | ||
Financial Assets: | ||
Loans, net | 3,324,229 | 2,828,205 |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 297,464 | 258,415 |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | ||
Financial Assets: | ||
Debt securities available for sale | 298,310 | 265,728 |
Debt securities held to maturity | 29,974 | 31,315 |
Restricted equity securities | 3,921 | 4,230 |
Federal funds sold | 891 | 8,634 |
Mortgage loans held for sale | 5,984 | 8,134 |
Bank owned life insurance contracts | 86,288 | 69,008 |
Financial Liabilities: | ||
Deposits | 3,399,261 | 3,024,390 |
Federal funds purchased | 264,315 | 174,380 |
Other borrowings | 19,973 | 19,940 |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | ||
Financial Assets: | ||
Loans, net | $3,327,371 | $2,825,924 |
FAIR_VALUE_MEASUREMENT_Additio
FAIR VALUE MEASUREMENT (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Impairment Charges | $4,961,000 | $9,589,000 |
Real Estate Owned, Amount of Loss at Acquisition | $1,297,000 | $868,000 |
PARENT_COMPANY_FINANCIAL_INFOR2
PARENT COMPANY FINANCIAL INFORMATION (Condensed Balance Sheets) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and due from banks | $48,519 | $61,370 | ||
Other assets | 11,543 | 12,213 | ||
Total assets | 4,098,679 | 3,520,699 | ||
Liabilities: | ||||
Other liabilities | 7,078 | 8,776 | ||
Total liabilities | 3,691,466 | 3,223,507 | ||
Common stock, par value $.001 per share; 50,000,000 shares authorized; 24,801,518 shares issued and outstanding at December 31, 2014 and 22,050,036 shares issued and outstanding at December 31, 2013 | 25 | 7 | ||
Additional paid-in capital | 185,397 | 123,325 | ||
Retained earnings | 177,091 | 130,011 | ||
Accumulated other comprehensive income | 4,490 | 3,891 | ||
Total stockholders' equity | 407,213 | 297,192 | 233,257 | 196,292 |
Total liabilites and stockholders' equity | 4,098,679 | 3,520,699 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and due from banks | 61,611 | 2,562 | ||
Investment in subsidiary | 366,609 | 314,489 | ||
Other assets | 51 | 194 | ||
Total assets | 428,271 | 317,245 | ||
Liabilities: | ||||
Other borrowings | 19,973 | 19,940 | ||
Other liabilities | 1,337 | 113 | ||
Total liabilities | 21,310 | 20,053 | ||
Preferred stock, Series A Senior Non-Cumulative Perpetual, par value $.001 (liquidation preference $1,000), net of discount; 40,000 shares authorized, 40,000 shares issued and outstanding at December 31, 2014 and 2013 | 39,958 | 39,958 | ||
Common stock, par value $.001 per share; 50,000,000 shares authorized; 24,801,518 shares issued and outstanding at December 31, 2014 and 22,050,036 shares issued and outstanding at December 31, 2013 | 25 | 7 | ||
Additional paid-in capital | 185,397 | 123,325 | ||
Retained earnings | 177,091 | 130,011 | ||
Accumulated other comprehensive income | 4,490 | 3,891 | ||
Total stockholders' equity | 406,961 | 297,192 | ||
Total liabilites and stockholders' equity | $428,271 | $317,245 |
PARENT_COMPANY_FINANCIAL_INFOR3
PARENT COMPANY FINANCIAL INFORMATION (Condensed Balance Sheets Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 21, 2011 |
Common stock, par value | $0.00 | $0.00 | |
Common Stock Shares Authorized | 50,000,000 | 50,000,000 | |
Common Stock, Shares, Issued | 24,801,518 | 22,050,036 | |
Common Stock, Shares, Outstanding | 24,801,518 | 22,050,036 | |
Parent Company [Member] | |||
Common stock, par value | $0.00 | $0.00 | |
Common Stock Shares Authorized | 50,000,000 | 50,000,000 | |
Common Stock, Shares, Issued | 24,801,518 | 22,050,036 | |
Common Stock, Shares, Outstanding | 24,801,518 | 22,050,036 | |
Series Preferred Stock [Member] | |||
Preferred stock, par value | $0.00 | $0.00 | |
Preferred Stock, Liquidation Preference, Value | $1,000,000 | $1,000,000 | $25,000,000 |
Preferred Stock Shares Authorized | 40,000 | 40,000 | |
Preferred Stock, Shares Issued | 40,000 | 40,000 | |
Preferred Stock Shares Outstanding | 40,000 | 40,000 | |
Series Preferred Stock [Member] | Parent Company [Member] | |||
Preferred stock, par value | $0.00 | $0.00 | |
Preferred Stock, Liquidation Preference, Value | $1,000,000 | $1,000,000 | |
Preferred Stock Shares Authorized | 40,000 | 40,000 | |
Preferred Stock, Shares Issued | 40,000 | 40,000 | |
Preferred Stock Shares Outstanding | 40,000 | 40,000 |
PARENT_COMPANY_FINANCIAL_INFOR4
PARENT COMPANY FINANCIAL INFORMATION (Condensed Statements of Income) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income: | |||||||||||
Other income | $1,006 | $878 | $744 | ||||||||
Expense: | |||||||||||
Net income | 52,377 | 41,617 | 34,445 | ||||||||
Dividends on preferred stock | 431 | 416 | 400 | ||||||||
Net income available to common stockholders | 14,917 | 13,902 | 11,469 | 11,658 | 11,752 | 10,712 | 9,586 | 9,151 | 51,946 | 41,201 | 34,045 |
Parent Company [Member] | |||||||||||
Income: | |||||||||||
Dividends received from subsidiary | 12,000 | 4,750 | 0 | ||||||||
Other income | 0 | 1 | 41 | ||||||||
Total income | 12,000 | 4,751 | 41 | ||||||||
Expense: | |||||||||||
Other expenses | 1,183 | 1,147 | 1,594 | ||||||||
Total expenses | 1,183 | 1,147 | 1,594 | ||||||||
Equity in undistributed earnings of subsidiary | 41,529 | 37,997 | 35,998 | ||||||||
Net income | 52,346 | 41,601 | 34,445 | ||||||||
Dividends on preferred stock | 400 | 400 | 400 | ||||||||
Net income available to common stockholders | $51,946 | $41,201 | $34,045 |
PARENT_COMPANY_FINANCIAL_INFOR5
PARENT COMPANY FINANCIAL INFORMATION (Statements of Cash Flow) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net income | $52,377 | $41,617 | $34,445 |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Net cash (used in) provided by operating activities | 64,115 | 74,198 | 41,184 |
Investing activities | |||
Net cash used in investing activities | -549,092 | -571,693 | -509,808 |
Financing activities | |||
Proceeds from other borrowings | 0 | 0 | 19,917 |
Repayment of subordinated debentures | 0 | 0 | -15,464 |
Proceeds from issuance of common stock, net | 250 | 0 | 0 |
Dividends paid on common stock | -3,609 | -3,682 | -3,134 |
Dividends paid on preferred stock | -431 | -416 | -400 |
Net cash provided by financing activities | 524,026 | 575,165 | 406,436 |
Increase (decrease) in cash and cash equivalents | 39,049 | 77,670 | -62,188 |
Cash and cash equivalents at beginning of year | 258,415 | 180,745 | 242,933 |
Cash and cash equivalents at end of year | 297,464 | 258,415 | 180,745 |
Parent Company [Member] | |||
Operating activities | |||
Net income | 52,346 | 41,601 | 34,445 |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Other | 165 | -224 | 878 |
Equity in undistributed earnings of subsidiary | -41,529 | -37,997 | -35,998 |
Net cash (used in) provided by operating activities | 10,982 | 3,380 | -675 |
Investing activities | |||
Investment in subsidiary | 0 | -10,499 | 0 |
Net cash used in investing activities | 0 | -10,499 | 0 |
Financing activities | |||
Proceeds from other borrowings | 0 | 0 | 19,917 |
Repayment of subordinated debentures | 0 | 0 | -15,464 |
Proceeds from issuance of common stock, net | 52,076 | 10,499 | 112 |
Dividends paid on common stock | -3,609 | -3,682 | -3,134 |
Dividends paid on preferred stock | -400 | -400 | -400 |
Net cash provided by financing activities | 48,067 | 6,417 | 1,031 |
Increase (decrease) in cash and cash equivalents | 59,049 | -702 | 356 |
Cash and cash equivalents at beginning of year | 2,562 | 3,264 | 2,908 |
Cash and cash equivalents at end of year | $61,611 | $2,562 | $3,264 |
SUBSEQUENT_EVENTS_Additional_I
SUBSEQUENT EVENTS (Additional Information) (Detail) (USD $) | 1 Months Ended | ||
Jan. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Subsequent Event [Line Items] | |||
Assets | $4,098,679,000 | $3,520,699,000 | |
Loans and Leases Receivable, Net Of Deferred Income | 3,359,858,000 | 2,858,868,000 | |
Deposits | 3,398,160,000 | 3,019,642,000 | |
Stockholders' Equity Attributable to Parent | 406,961,000 | 297,192,000 | |
Metro [Member] | |||
Subsequent Event [Line Items] | |||
Assets | 211,000,000 | ||
Loans and Leases Receivable, Net Of Deferred Income | 154,000,000 | ||
Deposits | 182,000,000 | ||
Stockholders' Equity Attributable to Parent | 28,000,000 | ||
Subsequent Event [Member] | Metro [Member] | |||
Subsequent Event [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Stock Issued During Period, Shares, Acquisitions | 636,720 | ||
Payments to Acquire Businesses, Gross | 20,900,000 | ||
Business Combination, Consideration Transferred | $40,300,000 |
Recovered_Sheet1
Quarterly Financial Data (Unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income | $38,163 | $36,857 | $35,424 | $34,281 | $33,725 | $32,499 | $30,692 | $29,165 | $144,725 | $126,081 | $109,023 |
Interest expense | 3,703 | 3,538 | 3,446 | 3,432 | 3,610 | 3,534 | 3,211 | 3,264 | 14,119 | 13,619 | 14,901 |
Net interest income | 34,460 | 33,319 | 31,978 | 30,849 | 30,115 | 28,965 | 27,481 | 25,901 | 130,606 | 112,462 | 94,122 |
Provision for loan losses | 2,759 | 2,748 | 2,438 | 2,314 | 2,356 | 3,034 | 3,334 | 4,284 | 10,259 | 13,008 | 9,100 |
Net income available to common stockholders | $14,917 | $13,902 | $11,469 | $11,658 | $11,752 | $10,712 | $9,586 | $9,151 | $51,946 | $41,201 | $34,045 |
Net income per common share, basic | $0.60 | $0.56 | $0.49 | $0.53 | $0.55 | $0.51 | $0.46 | $0.48 | $2.18 | $2 | $1.89 |
Net income per common share, diluted | $0.58 | $0.54 | $0.46 | $0.51 | $0.53 | $0.49 | $0.45 | $0.43 | $2.09 | $1.90 | $1.66 |