Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ServisFirst Bancshares, Inc. | |
Entity Central Index Key | 1,430,723 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | SFBS | |
Entity Common Stock, Shares Outstanding | 25,896,198 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | [1] |
ASSETS | |||
Cash and due from banks | $ 49,731 | $ 48,519 | |
Interest-bearing balances due from depository institutions | 69,104 | 248,054 | |
Federal funds sold | 17,622 | 891 | |
Cash and cash equivalents | 136,457 | 297,464 | |
Available for sale debt securities, at fair value | 305,985 | 298,310 | |
Held to maturity debt securities (fair value of $29,348 and $29,974 at June 30, 2015 and December 31, 2014, respectively) | 29,023 | 29,355 | |
Restricted equity securities | 4,954 | 3,921 | |
Mortgage loans held for sale | 11,722 | 5,984 | |
Loans | 3,863,734 | 3,359,858 | |
Less: Allowance for loan losses | (40,020) | (35,629) | |
Loans, net | 3,823,714 | 3,324,229 | |
Premises and equipment, net | 15,563 | 7,815 | |
Accrued interest and dividends receivable | 11,905 | 11,214 | |
Deferred tax assets | 16,637 | 15,716 | |
Other real estate owned and repossessed assets | 8,235 | 6,840 | |
Bank owned life insurance contracts | 90,281 | 86,288 | |
Goodwill and other identifiable intangible assets | 18,060 | 0 | |
Other assets | 20,003 | 11,543 | |
Total assets | 4,492,539 | 4,098,679 | |
Deposits: | |||
Noninterest-bearing | 926,577 | 810,460 | |
Interest-bearing | 2,802,555 | 2,587,700 | |
Total deposits | 3,729,132 | 3,398,160 | |
Federal funds purchased | 273,095 | 264,315 | |
Other borrowings | 21,016 | 19,973 | |
Accrued interest payable | 2,340 | 1,940 | |
Other liabilities | 12,469 | 7,078 | |
Total liabilities | 4,038,052 | 3,691,466 | |
Stockholders' equity: | |||
Common stock, par value $.001 per share; 50,000,000 shares authorized; 25,826,198 shares issued and outstanding at June 30, 2015 and 24,801,518 shares issued and outstanding at December 31, 2014 | 26 | 25 | |
Additional paid-in capital | 209,074 | 185,397 | |
Retained earnings | 201,303 | 177,091 | |
Accumulated other comprehensive income | 3,749 | 4,490 | |
Total stockholders' equity attributable to ServisFirst Bancshares, Inc. | 454,110 | 406,961 | |
Noncontrolling interest | 377 | 252 | |
Total stockholders' equity | 454,487 | 407,213 | |
Total liabilities and stockholders' equity | 4,492,539 | 4,098,679 | |
Series A Preferred Stock [Member] | |||
Stockholders' equity: | |||
Preferred stock | 39,958 | 39,958 | |
Undesignated Preferred Stock [Member] | |||
Stockholders' equity: | |||
Preferred stock | $ 0 | $ 0 | |
[1] | derived from audited financial statements |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Held to maturity debt securities, fair value | $ 29,348 | $ 29,974 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 25,826,198 | 24,801,518 |
Common stock, shares outstanding | 25,826,198 | 24,801,518 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, liquidation preference | $ 1,000 | $ 1,000 |
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 | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, undesignated | 960,000 | 960,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income: | ||||
Interest and fees on loans | $ 42,105 | $ 33,250 | $ 80,751 | $ 65,502 |
Taxable securities | 1,104 | 1,126 | 2,232 | 2,223 |
Nontaxable securities | 874 | 870 | 1,734 | 1,741 |
Federal funds sold | 24 | 38 | 101 | 80 |
Other interest and dividends | 102 | 140 | 174 | 159 |
Total interest income | 44,209 | 35,424 | 84,992 | 69,705 |
Interest expense: | ||||
Deposits | 3,512 | 3,027 | 6,782 | 6,041 |
Borrowed funds | 486 | 419 | 962 | 837 |
Total interest expense | 3,998 | 3,446 | 7,744 | 6,878 |
Net interest income | 40,211 | 31,978 | 77,248 | 62,827 |
Provision for loan losses | 4,062 | 2,438 | 6,467 | 4,752 |
Net interest income after provision for loan losses | 36,149 | 29,540 | 70,781 | 58,075 |
Noninterest income: | ||||
Service charges on deposit accounts | 1,276 | 1,057 | 2,483 | 1,925 |
Mortgage banking | 735 | 674 | 1,189 | 958 |
Securities gains | 0 | 0 | 29 | 0 |
Increase in cash surrender value life insurance | 660 | 546 | 1,308 | 1,082 |
Other operating income | 834 | 661 | 1,573 | 1,148 |
Total noninterest income | 3,505 | 2,938 | 6,582 | 5,113 |
Noninterest expenses: | ||||
Salaries and employee benefits | 10,426 | 9,098 | 19,434 | 16,795 |
Equipment and occupancy expense | 1,634 | 1,409 | 3,295 | 2,775 |
Professional services | 665 | 532 | 1,233 | 1,048 |
FDIC and other regulatory assessments | 626 | 528 | 1,246 | 1,045 |
OREO expense | 289 | 298 | 503 | 785 |
Merger expense | 0 | 0 | 2,100 | 0 |
Other operating expenses | 4,573 | 3,552 | 9,153 | 6,692 |
Total noninterest expenses | 18,213 | 15,417 | 36,964 | 29,140 |
Income before income taxes | 21,441 | 17,061 | 40,399 | 34,048 |
Provision for income taxes | 6,972 | 5,476 | 12,875 | 10,705 |
Net income | 14,469 | 11,585 | 27,524 | 23,343 |
Preferred stock dividends | 123 | 116 | 223 | 216 |
Net income available to common stockholders | $ 14,346 | $ 11,469 | $ 27,301 | $ 23,127 |
Basic earnings per common share | $ 0.56 | $ 0.49 | $ 1.07 | $ 1.01 |
Diluted earnings per common share | $ 0.54 | $ 0.46 | $ 1.04 | $ 0.97 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 14,469 | $ 11,585 | $ 27,524 | $ 23,343 |
Other comprehensive (loss) income, net of tax: | ||||
Unrealized holding (losses) gains arising during period from securities available for sale, net of tax of $399 and $390 for the three and six months ended June 30, 2015, respectively, and $528 and $753 for the three and six months ended June 30, 2014, respectively | (1,467) | 996 | (722) | 1,414 |
Reclassification adjustment for net gains on sale of securities in net income, net of tax of $0 and $10 for the three and six months ended June 30, 2015, respectively | 0 | 0 | (19) | 0 |
Other comprehensive (loss) income, net of tax | (1,467) | 996 | (741) | 1,414 |
Comprehensive income | $ 13,002 | $ 12,581 | $ 26,783 | $ 24,757 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Unrealized holding (losses) gains arising during period from securities available for sale | $ 399 | $ 528 | $ 390 | $ 753 |
Reclassification adjustment for net gains on sale of securities in net income | $ 0 | $ 10 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interest [Member] | |
Beginning Balance at Dec. 31, 2013 | $ 297,192 | $ 39,958 | $ 7 | $ 123,325 | $ 130,011 | $ 3,891 | $ 0 | |
Common dividends paid | (1,132) | 0 | 0 | 0 | (1,132) | 0 | 0 | |
Common dividends declared | (1,237) | 0 | 0 | 0 | (1,237) | 0 | 0 | |
Preferred dividends paid | (216) | 0 | 0 | 0 | (216) | 0 | 0 | |
3-for-1 common stock split, in the form of a stock dividend | 0 | 0 | 17 | (17) | 0 | 0 | 0 | |
Exercise stock options, including tax benefit | 5,258 | 0 | 0 | 5,258 | 0 | 0 | 0 | |
Issue 1,875,000 shares of common stock, net of issuance cost of $4,777 | 52,098 | 0 | 1 | 52,097 | 0 | 0 | 0 | |
Issue shares of REIT preferred stock | 250 | 0 | 0 | 0 | 0 | 0 | 250 | |
Stock-based compensation expense | 3,102 | 0 | 0 | 3,102 | 0 | 0 | 0 | |
Other comprehensive income, net of tax | 1,414 | 0 | 0 | 0 | 0 | 1,414 | 0 | |
Net income | 23,345 | 0 | 0 | 0 | 23,343 | 0 | 2 | |
Ending Balance at Jun. 30, 2014 | 380,074 | 39,958 | 25 | 183,765 | 150,769 | 5,305 | 252 | |
Beginning Balance at Dec. 31, 2014 | 407,213 | [1] | 39,958 | 25 | 185,397 | 177,091 | 4,490 | 252 |
Common dividends paid | (1,539) | 0 | 0 | 0 | (1,539) | 0 | 0 | |
Common dividends declared | (1,550) | 0 | 0 | 0 | (1,550) | 0 | 0 | |
Preferred dividends paid | (223) | 0 | 0 | 0 | (223) | 0 | 0 | |
Issue 636,592 shares of common stock as consideration for Metro Bancshares, Inc. acquisition | 19,356 | 0 | 1 | 19,355 | 0 | 0 | 0 | |
Exercise stock options, including tax benefit | 2,693 | 0 | 0 | 2,693 | 0 | 0 | 0 | |
Excess tax benefit on exercise and vesting of stock options | 1,065 | 0 | 0 | 1,065 | 0 | 0 | 0 | |
Issue 1,875,000 shares of common stock, net of issuance cost of $4,777 | 0 | |||||||
Issue shares of REIT preferred stock | 125 | 0 | 0 | 0 | 0 | 0 | 125 | |
Stock-based compensation expense | 564 | 0 | 0 | 564 | 0 | 0 | 0 | |
Other comprehensive income, net of tax | (741) | 0 | 0 | 0 | 0 | (741) | 0 | |
Net income | 27,524 | 0 | 0 | 0 | 27,524 | 0 | 0 | |
Ending Balance at Jun. 30, 2015 | $ 454,487 | $ 39,958 | $ 26 | $ 209,074 | $ 201,303 | $ 3,749 | $ 377 | |
[1] | derived from audited financial statements |
CONSOLIDATED STATEMENT OF STOC8
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Options And Warrants Exercised | 386,500 | 824,000 |
Stock Issued During Period, Shares, New Issues | 1,875,000 | |
Payments of Stock Issuance Costs | $ 4,777 | |
Common Dividends Paid Per Share | $ 0.06 | $ 0.05 |
Common Dividends Declared Per Share | $ 0.06 | $ 0.05 |
Issue shares of REIT preferred | 125 | 250 |
Stockholders' Equity Note, Stock Split | 3-for-1 common stock split | |
Common Stock [Member] | ||
Stock Issued During Period, Shares, New Issues | 636,592 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net income | $ 27,524 | $ 23,343 |
Adjustments to reconcile net income to net cash provided by: | ||
Deferred tax expense (benefit) | 87 | (2,561) |
Provision for loan losses | 6,467 | 4,752 |
Depreciation | 1,124 | 997 |
Accretion on acquired loans | (1,120) | 0 |
Amortization of core deposit intangible | 180 | 0 |
Net amortization of debt securities available for sale | 1,214 | 1,115 |
(Increase) decrease in accrued interest and dividends receivable | (207) | 576 |
Stock-based compensation expense | 564 | 3,102 |
Increase in accrued interest payable | 311 | 1,177 |
Proceeds from sale of mortgage loans held for sale | 61,717 | 64,463 |
Originations of mortgage loans held for sale | (66,266) | (67,046) |
Gain on sale of debt securities available for sale | (29) | 0 |
Gain on sale of mortgage loans held for sale | (1,189) | (958) |
Net loss on sale of other real estate owned | 41 | 272 |
Write down of other real estate owned | 188 | 289 |
Losses on tax credit partnerships | 76 | 0 |
Increase in cash surrender value of life insurance contracts | (1,308) | (1,082) |
Excess tax benefits from exercise of stock options and warrants | (1,065) | (355) |
Net change in other assets, liabilities, and other operating activities | (4,273) | 10,840 |
Net cash provided by operating activities | 24,036 | 38,924 |
INVESTMENT ACTIVITIES | ||
Purchase of debt securities available for sale | (17,497) | (39,428) |
Proceeds from sale of debt securities available for sale | 16,738 | 0 |
Proceeds from maturities, calls and paydowns of debt securities available for sale | 20,611 | 13,209 |
Purchase of debt securities held to maturity | (202) | 0 |
Proceeds from maturities, calls and paydowns of debt securities held to maturity | 534 | 1,096 |
Purchase of equity securities | (534) | 0 |
Proceeds from sale of equity securities | 0 | 320 |
Increase in loans | (357,687) | (197,422) |
Purchase of premises and equipment | (441) | (391) |
Expenditures to complete construction of other real estate owned | (91) | 0 |
Proceeds from sale of other real estate owned and repossessed assets | 2,665 | 5,431 |
Net cash paid in acquisition of Metro Bancshares, Inc. | (12,883) | (1,530) |
Net cash used in investing activities | (348,787) | (218,715) |
FINANCING ACTIVITIES | ||
Net increase in noninterest-bearing deposits | 68,839 | 78,707 |
Net increase in interest-bearing deposits | 86,379 | 59,293 |
Net increase in federal funds purchased | 6,605 | 6,690 |
Repayment of Federal Home Loan Bank advances | (200) | 0 |
Proceeds from sale of common stock, net | 0 | 52,098 |
Proceeds from sale of preferred stock, net | 125 | 250 |
Proceeds from exercise of stock options and warrants | 2,693 | 5,258 |
Excess tax benefits from exercise of stock options and warrants | 1,065 | 355 |
Dividends paid on common stock | (1,539) | (1,132) |
Dividends paid on preferred stock | (223) | (216) |
Net cash provided by financing activities | 163,744 | 201,303 |
Net increase in cash and cash equivalents | (161,007) | 21,512 |
Cash and cash equivalents at beginning of year | 297,464 | 258,415 |
Cash and cash equivalents at end of year | 136,457 | 279,927 |
Cash paid for: | ||
Interest | 7,344 | 5,701 |
Income taxes | 14,855 | 6,993 |
NONCASH TRANSACTIONS | ||
Other real estate acquired in settlement of loans | 1,850 | 0 |
Internally financed sales of other real estate owned | 0 | 130 |
Dividends declared | 1,550 | 1,237 |
Fair value of assets and liabilities from acquisition: | ||
Fair value of tangible assets acquired | 201,821 | 0 |
Other intangible assets acquired | 18,143 | 0 |
Fair value of liabilities assumed | (179,682) | 0 |
Total merger consideration | $ 40,282 | $ 0 |
GENERAL
GENERAL | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 - GENERAL The accompanying consolidated financial statements in this report have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, including Regulation S-X and the instructions for Form 10-Q, and have not been audited. These consolidated financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments necessary to present fairly the consolidated financial position and the consolidated results of operations for the interim periods have been made. All such adjustments are of a normal nature. The consolidated results of operations are not necessarily indicative of the consolidated results of operations which ServisFirst Bancshares, Inc. (the “Company”) may achieve for future interim periods or the entire year. For further information, refer to the consolidated financial statements and footnotes included in the Company’s Form 10-K for the year ended December 31, 2014. The Company’s wholly-owned subsidiary, ServisFirst Bank, is referred to herein as the “Bank.” As a result of its acquisition of Metro Bancshares, Inc. (“Metro”) on January 31, 2015, the Company adopted a new critical accounting policy related to goodwill and other identifiable intangible assets during the first quarter of 2015 as follows: Goodwill and Other Identifiable Intangible Assets Other identifiable intangible assets include a core deposit intangible recorded in connection with the acquisition of Metro. The core deposit intangible is being amortized over 7 years and the estimated useful life is periodically reviewed for reasonableness. The Company tests its goodwill for impairment annually unless interim events or circumstances make it more likely than not that an impairment loss has occurred. Impairment is defined as the amount by which the implied fair value of the goodwill is less than the goodwill’s carrying value. Impairment losses, if incurred, would be charged to operating expense. For the purposes of evaluating goodwill, the Company has determined that it operates only one reporting unit. All reported amounts are in thousands except share and per share data. |
ACQUISITION
ACQUISITION | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
ACQUISITION | NOTE 2 - ACQUISITION On January 31, 2015, the Company completed its acquisition of Metro and Metro Bank, its wholly-owned bank subsidiary, for an aggregate of $ 20.9 636,592 January 31, 2015 As recorded by Preliminary As recorded by (In Thousands) Assets acquired: Cash and cash equivalents $ 8,043 $ - $ 8,043 Debt securities 29,333 (164) a 29,169 Equity securities 499 - 499 Loans 152,869 (3,874) b 148,995 Allowance for loan losses (1,621) 1,621 b - Premises and equipment, net 7,606 831 c 8,437 Accrued interest receivable 484 - 484 Deferred taxes 754 (54) d 700 Other real estate owned 2,373 (25) e 2,348 Bank owned life insurance contracts 2,685 - 2,685 Core deposit intangible - 2,090 f 2,090 Other assets 364 - 364 Total assets acquired $ 203,389 $ 425 $ 203,814 Liabilities assumed: Deposits $ 175,236 $ 518 g $ 175,754 Federal funds purchased 2,175 - 2,175 Other borrowings 1,400 (4) h 1,396 Accrued interest payable 89 - 89 Other liabilities 268 - 268 Total liabilities assumed $ 179,168 $ 514 $ 179,682 Net assets acquired $ 24,221 $ (89) $ 24,132 Consideration Paid: Cash $ (20,926) Stock (19,356) Total consideration paid (40,282) Goodwill $ 16,150 (1) The Company’s acquisition of Metro Bancshares, Inc. closed on January 31, 2015. Accordingly, each of the fair value adjustments shown are preliminary estimates of the purchase accounting adjustments. Management is continuing to evaluate each of these fair value adjustments and may revise one or more of them in future periods based on this continuing evaluation. During the second quarter of 2015, the fair value of other real estate owned was adjusted down by $ 280,000 41,000 Explanation of preliminary fair value adjustments: a- Adjustment reflects the fair value adjustment based on the Company’s pricing of the acquired debt securities portfolio. b- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. c- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment acquired. d- Adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial statement purposes and their basis for federal income tax purposes. e- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other real estate owned acquired. f- Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition. g- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired deposits. h- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the assumed debt. The estimated fair value of the purchased credit impaired loans acquired in the Metro transaction on January 31, 2015 was $ 5.1 Pro forma financial information is not provided because such amounts are immaterial to the Company’s consolidated financial statements. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 6 Months Ended |
Jun. 30, 2015 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 3 - CASH AND CASH EQUIVALENTS Cash on hand, cash items in process of collection, amounts due from banks, and federal funds sold are included in cash and cash equivalents. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | NOTE 4 - 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. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In Thousands, Except Shares and Per Share Data) Earnings per common share Weighted average common shares outstanding 25,715,654 23,627,898 25,507,396 22,917,881 Net income available to common stockholders $ 14,346 $ 11,469 $ 27,301 $ 23,127 Basic earnings per common share $ 0.56 $ 0.49 $ 1.07 $ 1.01 Weighted average common shares outstanding 25,715,654 23,627,898 25,507,396 22,917,881 Dilutive effects of assumed conversions and exercise of stock options and warrants 710,382 1,195,693 825,131 991,827 Weighted average common and dilutive potential common shares outstanding 26,426,036 24,823,591 26,332,527 23,909,708 Net income available to common stockholders $ 14,346 $ 11,469 $ 27,301 $ 23,127 Effect of interest expense on convertible debt, net of tax and discretionary expenditures related to conversion - - - - Net income available to common stockholders, adjusted for effect of debt conversion $ 14,346 $ 11,469 $ 27,301 $ 23,127 Diluted earnings per common share $ 0.54 $ 0.46 $ 1.04 $ 0.97 |
SECURITIES
SECURITIES | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | NOTE 5 - SECURITIES Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value (In Thousands) June 30, 2015 Securities Available for Sale U.S. Treasury and government sponsored agencies $ 50,720 $ 817 $ (165) $ 51,372 Mortgage-backed securities 90,713 2,524 (173) 93,064 State and municipal securities 142,923 2,882 (270) 145,535 Corporate debt 15,863 151 - 16,014 Total 300,219 6,374 (608) 305,985 Securities Held to Maturity Mortgage-backed securities 23,266 399 (455) 23,210 State and municipal securities 5,757 392 (11) 6,138 Total $ 29,023 $ 791 $ (466) $ 29,348 December 31, 2014 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 June 30, 2015 December 31, 2014 Amortized Fair Value Amortized Fair Value (In thousands) Debt securities available for sale Less than one year $ 20,112 $ 20,295 $ 16,944 $ 17,246 One year to five years 138,653 141,104 121,591 123,962 Five years to ten years 50,391 51,144 60,079 61,221 More than ten years 350 378 350 358 Mortgage-backed securities 90,713 93,064 92,439 95,523 $ 300,219 $ 305,985 $ 291,403 $ 298,310 Debt securities held to maturity Due from five to ten years $ 626 $ 647 $ 298 $ 325 Due after ten years 5,131 5,491 5,253 5,716 Mortgage-backed securities 23,266 23,210 23,804 23,933 $ 29,023 $ 29,348 $ 29,355 $ 29,974 The Company sold 18 of the 36 debt securities acquired in the Metro transaction in the period just following the acquisition closing date to align maturity structure. The fair value of these securities was assumed to be the amount for which they were sold, and therefore no gain or loss was recognized on these sales. The Company sold one mortgage-backed debt security from its legacy portfolio during the first quarter of 2015 and recognized a gain of $ 29,000 All mortgage-backed 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. 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) June 30, 2015 U.S. Treasury and government sponsored agencies $ (165) $ 4,864 $ - $ - $ (165) $ 4,864 Mortgage-backed securities (174) 16,009 (454) 13,676 (628) 29,685 State and municipal securities (199) 30,042 (82) 6,052 (281) 36,094 Corporate debt - - - - - - Total $ (538) $ 50,915 $ (536) $ 19,728 $ (1,074) $ 70,643 December 31, 2014 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 |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
LOANS | NOTE 6 LOANS June 30, December 31, 2015 2014 (Dollars In Thousands) Commercial, financial and agricultural $ 1,630,134 $ 1,495,092 Real estate - construction 219,607 208,769 Real estate - mortgage: Owner-occupied commercial 930,719 793,917 1-4 family mortgage 392,245 333,455 Other mortgage 627,099 471,363 Subtotal: Real estate - mortgage 1,950,063 1,598,735 Consumer 63,930 57,262 Total Loans 3,863,734 3,359,858 Less: Allowance for loan losses (40,020) (35,629) Net Loans $ 3,823,714 $ 3,324,229 Commercial, financial and agricultural 42.19 % 44.50 % Real estate - construction 5.68 % 6.21 % Real estate - mortgage: Owner-occupied commercial 24.09 % 23.63 % 1-4 family mortgage 10.15 % 9.92 % Other mortgage 16.23 % 14.03 % Subtotal: Real estate - mortgage 50.47 % 47.58 % Consumer 1.66 % 1.71 % Total Loans 100.00 % 100.00 % 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 currently 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. were as follows: Special June 30, 2015 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 1,566,548 $ 37,582 $ 26,004 $ - $ 1,630,134 Real estate - construction 208,726 5,148 5,733 - 219,607 Real estate - mortgage: Owner-occupied commercial 909,165 18,050 3,504 - 930,719 1-4 family mortgage 387,048 1,848 3,349 - 392,245 Other mortgage 613,360 8,798 4,941 - 627,099 Total real estate mortgage 1,909,573 28,696 11,794 - 1,950,063 Consumer 63,229 37 664 - 63,930 Total $ 3,748,076 $ 71,463 $ 44,195 $ - $ 3,863,734 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 were as follows: June 30, 2015 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 1,629,272 $ 862 $ 1,630,134 Real estate - construction 214,523 5,084 219,607 Real estate - mortgage: Owner-occupied commercial 930,643 76 930,719 1-4 family mortgage 390,831 1,414 392,245 Other mortgage 626,535 564 627,099 Total real estate mortgage 1,948,009 2,054 1,950,063 Consumer 63,266 664 63,930 Total $ 3,855,070 $ 8,664 $ 3,863,734 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 June 30, 2015 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 $ 3,488 $ 238 $ - $ 3,726 $ 862 $ 1,625,546 $ 1,630,134 Real estate - construction - - - - 5,084 214,523 219,607 Real estate - mortgage: Owner-occupied commercial 405 - - 405 76 930,238 930,719 1-4 family mortgage - 156 470 626 944 390,675 392,245 Other mortgage - 449 - 449 564 626,086 627,099 Total real estate - mortgage 405 605 470 1,480 1,584 1,946,999 1,950,063 Consumer 18 2 - 20 664 63,246 63,930 Total $ 3,911 $ 845 $ 470 $ 5,226 $ 8,194 $ 3,850,314 $ 3,863,734 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 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. The methodology utilized for the calculation of the allowance for loan losses is divided into four distinct categories. Those categories include allowances for non-impaired loans (ASC 450), impaired loans (ASC 310), external qualitative factors, and internal qualitative factors. A description of each category of the allowance for loan loss methodology is listed below. Non-Impaired Loans. Impaired Loans. External Qualitative Factors Internal Qualitative Factors Commercial, financial and Real estate - Real estate - agricultural construction mortgage Consumer Total (In Thousands) Three Months Ended June 30, 2015 Allowance for loan losses: Balance at March 31, 2015 $ 16,857 $ 5,889 $ 13,546 $ 1,064 $ 37,356 Charge-offs (1,151) (93) (208) (19) (1,471) Recoveries 6 65 2 - 73 Provision 3,340 (187) 831 78 4,062 Balance at June 30, 2015 $ 19,052 $ 5,674 $ 14,171 $ 1,123 $ 40,020 Three Months Ended June 30, 2014 Allowance for loan losses: Balance at March 31, 2014 $ 13,505 $ 6,341 $ 10,837 $ 1,045 $ 31,728 Charge-offs (142) (325) (890) (18) (1,375) Recoveries 1 180 10 2 193 Provision 273 538 1,566 61 2,438 Balance at June 30, 2014 $ 13,637 $ 6,734 $ 11,523 $ 1,090 $ 32,984 Six Months Ended June 30, 2015 Allowance for loan losses: Balance at December 31, 2014 $ 16,079 $ 6,395 $ 12,112 $ 1,043 $ 35,629 Charge-offs (1,228) (475) (641) (24) (2,368) Recoveries 25 164 103 - 292 Provision 4,176 (410) 2,597 104 6,467 Balance at June 30, 2015 $ 19,052 $ 5,674 $ 14,171 $ 1,123 $ 40,020 Six Months Ended June 30, 2014 Allowance for loan losses: Balance at December 31, 2013 $ 13,576 $ 6,078 $ 10,065 $ 944 $ 30,663 Charge-offs (1,364) (348) (894) (76) (2,682) Recoveries 46 188 14 3 251 Provision 1,379 816 2,338 219 4,752 Balance at June 30, 2014 $ 13,637 $ 6,734 $ 11,523 $ 1,090 $ 32,984 As of June 30, 2015 Allowance for loan losses: Individually Evaluated for Impairment 3,235 1,233 1,252 664 6,384 Collectively Evaluated for Impairment 15,817 4,441 12,919 459 33,636 Loans: Ending Balance $ 1,630,134 $ 219,607 $ 1,950,063 $ 63,930 $ 3,863,734 Individually Evaluated for Impairment 26,030 5,788 14,564 685 47,067 Collectively Evaluated for Impairment 1,604,104 213,819 1,935,499 63,245 3,816,667 As of December 31, 2014 Allowance for loan losses: 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 The following table presents details of the Company’s impaired loans as of June 30, 2015 and December 31, 2014, respectively. Loans which have been fully charged off do not appear in the tables. For the three months For the six months ended June 30, ended June 30, June 30, 2015 2015 2015 Interest Interest Unpaid Average Income Average Income Recorded Principal Related Recorded Recognized Recorded Recognized Investment Balance Allowance Investment in Period Investment in Period (In Thousands) With no allowance recorded: Commercial, financial and agricultural $ 3,315 $ 3,323 $ - $ 3,313 $ 45 $ 3,376 $ 63 Real estate - construction 1,450 1,452 - 1,453 7 1,480 15 Real estate - mortgage: Owner-occupied commercial 4,127 4,285 - 4,127 23 4,133 59 1-4 family mortgage 2,362 2,650 - 2,367 18 2,354 38 Other mortgage 2,606 2,779 - 2,651 41 2,644 83 Total real estate - mortgage 9,095 9,714 - 9,145 82 9,131 180 Consumer 21 26 - 21 - 22 - Total with no allowance recorded 13,881 14,515 - 13,932 134 14,009 258 With an allowance recorded: Commercial, financial and agricultural 22,715 22,715 3,235 22,739 365 22,707 657 Real estate - construction 4,338 4,338 1,233 4,811 - 4,603 - Real estate - mortgage: Owner-occupied commercial 2,054 2,054 105 2,059 31 2,067 62 1-4 family mortgage 1,080 1,080 448 1,082 11 1,082 22 Other mortgage 2,335 2,328 699 2,335 20 2,542 40 Total real estate - mortgage 5,469 5,462 1,252 5,476 62 5,691 124 Consumer 664 664 664 664 - 664 5 Total with allowance recorded 33,186 33,179 6,384 33,690 427 33,665 786 Total Impaired Loans: Commercial, financial and agricultural 26,030 26,038 3,235 26,052 410 26,083 720 Real estate - construction 5,788 5,790 1,233 6,264 7 6,083 15 Real estate - mortgage: Owner-occupied commercial 6,181 6,339 105 6,186 54 6,200 121 1-4 family mortgage 3,442 3,730 448 3,449 29 3,436 60 Other mortgage 4,941 5,107 699 4,986 61 5,186 123 Total real estate - mortgage 14,564 15,176 1,252 14,621 144 14,822 304 Consumer 685 690 664 685 - 686 5 Total impaired loans $ 47,067 $ 47,694 $ 6,384 $ 47,622 $ 561 $ 47,674 $ 1,044 December 31, 2014 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 $ 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 Troubled Debt Restructurings (“TDR”) at June 30, 2015, December 31, 2014 and June 30, 2014 totaled $ 8.3 9.0 9.2 1.2 1.0 2.2 2.2 Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment (In Thousands) Troubled Debt Restructurings Commercial, financial and agricultural 1 $ 499 $ 499 1 $ 499 $ 499 Real estate - construction - - - - - - Real estate - mortgage: Owner-occupied commercial - - - - - - 1-4 family mortgage - - - - - - Other mortgage 1 1,409 1,409 1 1,409 1,409 Total real estate mortgage 1 1,409 1,409 1 1,409 1,409 Consumer - - - - - - 2 $ 1,908 $ 1,908 2 $ 1,908 $ 1,908 There were no TDRs which defaulted during the three and six months ended June 30, 2015 and 2014, 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. |
EMPLOYEE AND DIRECTOR BENEFITS
EMPLOYEE AND DIRECTOR BENEFITS | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
EMPLOYEE AND DIRECTOR BENEFITS | NOTE 7 - EMPLOYEE AND DIRECTOR BENEFITS Stock Options At June 30, 2015, the Company had stock-based compensation plans, as described below. The compensation cost that has been charged to earnings for the plans was approximately $ 263 564 2.1 3.1 703,000 1.8 Compensation Stock Compensation Equity-based Payments to Non-employees The Company’s 2005 Amended and Restated Stock Option Plan allows for the grant of stock options to purchase up to 3,075,000 2,775,000 Company’s stockholders approved the amendment of 1,500,000 The Company estimates the fair value of each stock option award using a Black-Scholes-Merton valuation model that uses the assumptions noted in the following table. Expected volatilities are based on an index of southeastern United States publicly traded banks. The expected term for options granted is based on the short-cut method and represents the period of time that options granted are expected to be outstanding. 2015 2014 Expected volatility 24.00 % 19.25 % Expected dividends 0.71 % 1.45 % Expected term (in years) 6.25 7.75 Risk-free rate 1.85 % 2.33 % The weighted average grant-date fair value of options granted during the six months ended June 30, 2015 and June 30, 2014 was $ 8.37 2.95 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (years) Value (In Thousands) Six Months Ended June 30, 2015: Outstanding at January 1, 2015 1,622,917 $ 9.38 5.9 $ 38,256 Granted 160,000 33.16 9.7 - Exercised (386,500) 6.97 3.2 12,875 Forfeited (7,500) 10.00 6.8 207 Outstanding at June 30, 2015 1,388,917 12.51 6.5 $ 34,425 Exercisable at June 30, 2015 272,418 $ 9.02 4.8 $ 7,779 Six Months Ended June 30, 2014: Outstanding at January 1, 2014 2,328,900 $ 7.69 5.5 $ 14,300 Granted 114,000 13.83 9.6 - Exercised (779,400) 5.63 2.8 18,069 Forfeited - - - - Outstanding at June 30, 2014 1,663,500 9.08 6.3 $ 32,818 Exercisable at June 30, 2014 506,232 $ 5.24 3.4 $ 11,931 As of June 30, 2015, there was approximately $ 2.2 1.8 Restricted Stock The Company has issued 232,088 695,000 1.2 7,500 |
DERIVATIVES
DERIVATIVES | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | NOTE 8 - 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 June 30, 2015 and December 31, 2014 were not material. |
RECENTLY ADOPTED ACCOUNTING PRO
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | NOTE 9 RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS 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 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 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 10 - RECENT ACCOUNTING PRONOUNCEMENTS In June 2014, the FASB issued ASU No. 2014-12, CompensationStock 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 In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | NOTE 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 Impaired Loans 2,335,000 3,636,000 1,321,000 3,556,000 Other Real Estate Owned. 124,000 229,000 226,000 561,000 Residential real estate loan foreclosures classified as OREO totaled $ 1,693,000 684,000 No residential real estate loans were in the process of being foreclosed as of June 30, 2015. Fair Value Measurements at June 30, 2015 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 $ - $ 51,372 $ - $ 51,372 Mortgage-backed securities - 93,064 - 93,064 State and municipal securities - 145,535 - 145,535 Corporate debt - 16,014 - 16,014 Total assets at fair value $ - $ 305,985 $ - $ 305,985 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 The following table presents the Company’s financial assets and financial liabilities carried at fair value on a nonrecurring basis as of June 30, 2015 and December 31, 2014: Fair Value Measurements at June 30, 2015 Using Quoted Prices in Significant Other Significant Total (In Thousands) Assets Measured on a Nonrecurring Basis: Impaired loans $ - $ - $ 40,683 $ 40,683 Other real estate owned and repossessed assets - - 8,235 8,235 Total assets at fair value $ - $ - $ 48,918 $ 48,918 Fair Value Measurements at December 31, 2014 Using Quoted Prices in Significant Other Significant 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 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 due from banks: Debt securities: Equity securities: Federal funds sold: Mortgage loans held for sale: Bank owned life insurance contracts: Loans, net: Deposits: Federal funds purchased: Other borrowings: Loan commitments: The carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2015 and December 31, 2014 are presented in the following table. June 30, 2015 December 31, 2014 Carrying Carrying Amount Fair Value Amount Fair Value (In Thousands) Financial Assets: Level 1 inputs: Cash and due from banks $ 118,835 $ 118,835 $ 296,573 $ 296,573 Level 2 inputs: Available for sale debt securities 305,985 305,985 298,310 298,310 Held to maturity debt securities 29,023 29,348 29,355 29,974 Restricted equity securities 4,954 4,954 3,921 3,921 Federal funds sold 17,622 17,622 891 891 Mortgage loans held for sale 11,722 11,722 5,984 5,984 Bank owned life insurance contracts 90,281 90,281 86,288 86,288 Level 3 inputs: Loans, net 3,823,714 3,826,879 3,324,229 3,327,371 Financial liabilities: Level 2 inputs: Deposits $ 3,729,132 $ 3,729,793 $ 3,398,160 $ 3,399,261 Federal funds purchased 273,095 273,095 264,315 264,315 Other borrowings 21,016 21,016 19,973 19,973 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12 SUBSEQUENT EVENTS The Company has evaluated all subsequent events through the date of this filing to ensure that this Form 10-Q includes appropriate disclosure of events both recognized in the financial statements as of June 30, 2015, and events which occurred subsequent to June 30, 2015 but were not recognized in the financial statements. On July 15, 2015, the Company entered into a Note Purchase Agreement (the “Purchase Agreement”) for a private placement of $ 34.75 5.00 th st July 15, 2020 The Company intends to use the net proceeds from the issuance of the Notes to redeem its Senior Non-Cumulative Perpetual Preferred Stock, Series A, issued June 21, 2011. |
ACQUISITION (Tables)
ACQUISITION (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fair Value of Assets Acquired and Liabilities Assumed | The following table provides a summary of the assets acquired and liabilities assumed as recorded by Metro, the fair value adjustments necessary to adjust those acquired assets and assumed liabilities to estimated fair value, and the resultant fair values of those assets and liabilities as recorded by the Company. January 31, 2015 As recorded by Preliminary As recorded by (In Thousands) Assets acquired: Cash and cash equivalents $ 8,043 $ - $ 8,043 Debt securities 29,333 (164) a 29,169 Equity securities 499 - 499 Loans 152,869 (3,874) b 148,995 Allowance for loan losses (1,621) 1,621 b - Premises and equipment, net 7,606 831 c 8,437 Accrued interest receivable 484 - 484 Deferred taxes 754 (54) d 700 Other real estate owned 2,373 (25) e 2,348 Bank owned life insurance contracts 2,685 - 2,685 Core deposit intangible - 2,090 f 2,090 Other assets 364 - 364 Total assets acquired $ 203,389 $ 425 $ 203,814 Liabilities assumed: Deposits $ 175,236 $ 518 g $ 175,754 Federal funds purchased 2,175 - 2,175 Other borrowings 1,400 (4) h 1,396 Accrued interest payable 89 - 89 Other liabilities 268 - 268 Total liabilities assumed $ 179,168 $ 514 $ 179,682 Net assets acquired $ 24,221 $ (89) $ 24,132 Consideration Paid: Cash $ (20,926) Stock (19,356) Total consideration paid (40,282) Goodwill $ 16,150 (1) The Company’s acquisition of Metro Bancshares, Inc. closed on January 31, 2015. Accordingly, each of the fair value adjustments shown are preliminary estimates of the purchase accounting adjustments. Management is continuing to evaluate each of these fair value adjustments and may revise one or more of them in future periods based on this continuing evaluation. During the second quarter of 2015, the fair value of other real estate owned was adjusted down by $ 280,000 41,000 Explanation of preliminary fair value adjustments: a- Adjustment reflects the fair value adjustment based on the Company’s pricing of the acquired debt securities portfolio. b- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. c- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment acquired. d- Adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial statement purposes and their basis for federal income tax purposes. e- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other real estate owned acquired. f- Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition. g- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired deposits. h- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the assumed debt. |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Earning Per Share | Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options and warrants. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In Thousands, Except Shares and Per Share Data) Earnings per common share Weighted average common shares outstanding 25,715,654 23,627,898 25,507,396 22,917,881 Net income available to common stockholders $ 14,346 $ 11,469 $ 27,301 $ 23,127 Basic earnings per common share $ 0.56 $ 0.49 $ 1.07 $ 1.01 Weighted average common shares outstanding 25,715,654 23,627,898 25,507,396 22,917,881 Dilutive effects of assumed conversions and exercise of stock options and warrants 710,382 1,195,693 825,131 991,827 Weighted average common and dilutive potential common shares outstanding 26,426,036 24,823,591 26,332,527 23,909,708 Net income available to common stockholders $ 14,346 $ 11,469 $ 27,301 $ 23,127 Effect of interest expense on convertible debt, net of tax and discretionary expenditures related to conversion - - - - Net income available to common stockholders, adjusted for effect of debt conversion $ 14,346 $ 11,469 $ 27,301 $ 23,127 Diluted earnings per common share $ 0.54 $ 0.46 $ 1.04 $ 0.97 |
SECURITIES (Tables)
SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 value of available-for-sale and held-to-maturity securities at June 30, 2015 and December 31, 2014 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value (In Thousands) June 30, 2015 Securities Available for Sale U.S. Treasury and government sponsored agencies $ 50,720 $ 817 $ (165) $ 51,372 Mortgage-backed securities 90,713 2,524 (173) 93,064 State and municipal securities 142,923 2,882 (270) 145,535 Corporate debt 15,863 151 - 16,014 Total 300,219 6,374 (608) 305,985 Securities Held to Maturity Mortgage-backed securities 23,266 399 (455) 23,210 State and municipal securities 5,757 392 (11) 6,138 Total $ 29,023 $ 791 $ (466) $ 29,348 December 31, 2014 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 |
Amortized Cost and Fair Value of Securities | The amortized cost and fair value of debt securities as of June 30, 2015 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage-backed securities since the mortgages underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories along with the other categories of debt securities. June 30, 2015 December 31, 2014 Amortized Fair Value Amortized Fair Value (In thousands) Debt securities available for sale Less than one year $ 20,112 $ 20,295 $ 16,944 $ 17,246 One year to five years 138,653 141,104 121,591 123,962 Five years to ten years 50,391 51,144 60,079 61,221 More than ten years 350 378 350 358 Mortgage-backed securities 90,713 93,064 92,439 95,523 $ 300,219 $ 305,985 $ 291,403 $ 298,310 Debt securities held to maturity Due from five to ten years $ 626 $ 647 $ 298 $ 325 Due after ten years 5,131 5,491 5,253 5,716 Mortgage-backed securities 23,266 23,210 23,804 23,933 $ 29,023 $ 29,348 $ 29,355 $ 29,974 |
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) June 30, 2015 U.S. Treasury and government sponsored agencies $ (165) $ 4,864 $ - $ - $ (165) $ 4,864 Mortgage-backed securities (174) 16,009 (454) 13,676 (628) 29,685 State and municipal securities (199) 30,042 (82) 6,052 (281) 36,094 Corporate debt - - - - - - Total $ (538) $ 50,915 $ (536) $ 19,728 $ (1,074) $ 70,643 December 31, 2014 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 |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Details Of Loans | The following table details the Company’s loans at June 30, 2015 and December 31, 2014: June 30, December 31, 2015 2014 (Dollars In Thousands) Commercial, financial and agricultural $ 1,630,134 $ 1,495,092 Real estate - construction 219,607 208,769 Real estate - mortgage: Owner-occupied commercial 930,719 793,917 1-4 family mortgage 392,245 333,455 Other mortgage 627,099 471,363 Subtotal: Real estate - mortgage 1,950,063 1,598,735 Consumer 63,930 57,262 Total Loans 3,863,734 3,359,858 Less: Allowance for loan losses (40,020) (35,629) Net Loans $ 3,823,714 $ 3,324,229 Commercial, financial and agricultural 42.19 % 44.50 % Real estate - construction 5.68 % 6.21 % Real estate - mortgage: Owner-occupied commercial 24.09 % 23.63 % 1-4 family mortgage 10.15 % 9.92 % Other mortgage 16.23 % 14.03 % Subtotal: Real estate - mortgage 50.47 % 47.58 % Consumer 1.66 % 1.71 % Total Loans 100.00 % 100.00 % |
Loans By Credit Quality Indicator | Loans by credit quality indicator as of June 30, 2015 and December 31, 2014 were as follows: Special June 30, 2015 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 1,566,548 $ 37,582 $ 26,004 $ - $ 1,630,134 Real estate - construction 208,726 5,148 5,733 - 219,607 Real estate - mortgage: Owner-occupied commercial 909,165 18,050 3,504 - 930,719 1-4 family mortgage 387,048 1,848 3,349 - 392,245 Other mortgage 613,360 8,798 4,941 - 627,099 Total real estate mortgage 1,909,573 28,696 11,794 - 1,950,063 Consumer 63,229 37 664 - 63,930 Total $ 3,748,076 $ 71,463 $ 44,195 $ - $ 3,863,734 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 |
Loans By Performance Status | Loans by performance status as of June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 1,629,272 $ 862 $ 1,630,134 Real estate - construction 214,523 5,084 219,607 Real estate - mortgage: Owner-occupied commercial 930,643 76 930,719 1-4 family mortgage 390,831 1,414 392,245 Other mortgage 626,535 564 627,099 Total real estate mortgage 1,948,009 2,054 1,950,063 Consumer 63,266 664 63,930 Total $ 3,855,070 $ 8,664 $ 3,863,734 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 |
Loans By Past Due Status | Loans by past due status as of June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 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 $ 3,488 $ 238 $ - $ 3,726 $ 862 $ 1,625,546 $ 1,630,134 Real estate - construction - - - - 5,084 214,523 219,607 Real estate - mortgage: Owner-occupied commercial 405 - - 405 76 930,238 930,719 1-4 family mortgage - 156 470 626 944 390,675 392,245 Other mortgage - 449 - 449 564 626,086 627,099 Total real estate - mortgage 405 605 470 1,480 1,584 1,946,999 1,950,063 Consumer 18 2 - 20 664 63,246 63,930 Total $ 3,911 $ 845 $ 470 $ 5,226 $ 8,194 $ 3,850,314 $ 3,863,734 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 |
Changes In Allowance For Loan Losses Segregated By Loan Type | The following table presents an analysis of the allowance for loan losses by portfolio segment as of June 30, 2015 and December 31, 2014. The total allowance for loan losses is disaggregated into those amounts associated with loans individually evaluated and those associated with loans collectively evaluated. Commercial, financial and Real estate - Real estate - agricultural construction mortgage Consumer Total (In Thousands) Three Months Ended June 30, 2015 Allowance for loan losses: Balance at March 31, 2015 $ 16,857 $ 5,889 $ 13,546 $ 1,064 $ 37,356 Charge-offs (1,151) (93) (208) (19) (1,471) Recoveries 6 65 2 - 73 Provision 3,340 (187) 831 78 4,062 Balance at June 30, 2015 $ 19,052 $ 5,674 $ 14,171 $ 1,123 $ 40,020 Three Months Ended June 30, 2014 Allowance for loan losses: Balance at March 31, 2014 $ 13,505 $ 6,341 $ 10,837 $ 1,045 $ 31,728 Charge-offs (142) (325) (890) (18) (1,375) Recoveries 1 180 10 2 193 Provision 273 538 1,566 61 2,438 Balance at June 30, 2014 $ 13,637 $ 6,734 $ 11,523 $ 1,090 $ 32,984 Six Months Ended June 30, 2015 Allowance for loan losses: Balance at December 31, 2014 $ 16,079 $ 6,395 $ 12,112 $ 1,043 $ 35,629 Charge-offs (1,228) (475) (641) (24) (2,368) Recoveries 25 164 103 - 292 Provision 4,176 (410) 2,597 104 6,467 Balance at June 30, 2015 $ 19,052 $ 5,674 $ 14,171 $ 1,123 $ 40,020 Six Months Ended June 30, 2014 Allowance for loan losses: Balance at December 31, 2013 $ 13,576 $ 6,078 $ 10,065 $ 944 $ 30,663 Charge-offs (1,364) (348) (894) (76) (2,682) Recoveries 46 188 14 3 251 Provision 1,379 816 2,338 219 4,752 Balance at June 30, 2014 $ 13,637 $ 6,734 $ 11,523 $ 1,090 $ 32,984 As of June 30, 2015 Allowance for loan losses: Individually Evaluated for Impairment 3,235 1,233 1,252 664 6,384 Collectively Evaluated for Impairment 15,817 4,441 12,919 459 33,636 Loans: Ending Balance $ 1,630,134 $ 219,607 $ 1,950,063 $ 63,930 $ 3,863,734 Individually Evaluated for Impairment 26,030 5,788 14,564 685 47,067 Collectively Evaluated for Impairment 1,604,104 213,819 1,935,499 63,245 3,816,667 As of December 31, 2014 Allowance for loan losses: 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 |
Details Of Company's Impaired Loans | For the three months For the six months ended June 30, ended June 30, June 30, 2015 2015 2015 Interest Interest Unpaid Average Income Average Income Recorded Principal Related Recorded Recognized Recorded Recognized Investment Balance Allowance Investment in Period Investment in Period (In Thousands) With no allowance recorded: Commercial, financial and agricultural $ 3,315 $ 3,323 $ - $ 3,313 $ 45 $ 3,376 $ 63 Real estate - construction 1,450 1,452 - 1,453 7 1,480 15 Real estate - mortgage: Owner-occupied commercial 4,127 4,285 - 4,127 23 4,133 59 1-4 family mortgage 2,362 2,650 - 2,367 18 2,354 38 Other mortgage 2,606 2,779 - 2,651 41 2,644 83 Total real estate - mortgage 9,095 9,714 - 9,145 82 9,131 180 Consumer 21 26 - 21 - 22 - Total with no allowance recorded 13,881 14,515 - 13,932 134 14,009 258 With an allowance recorded: Commercial, financial and agricultural 22,715 22,715 3,235 22,739 365 22,707 657 Real estate - construction 4,338 4,338 1,233 4,811 - 4,603 - Real estate - mortgage: Owner-occupied commercial 2,054 2,054 105 2,059 31 2,067 62 1-4 family mortgage 1,080 1,080 448 1,082 11 1,082 22 Other mortgage 2,335 2,328 699 2,335 20 2,542 40 Total real estate - mortgage 5,469 5,462 1,252 5,476 62 5,691 124 Consumer 664 664 664 664 - 664 5 Total with allowance recorded 33,186 33,179 6,384 33,690 427 33,665 786 Total Impaired Loans: Commercial, financial and agricultural 26,030 26,038 3,235 26,052 410 26,083 720 Real estate - construction 5,788 5,790 1,233 6,264 7 6,083 15 Real estate - mortgage: Owner-occupied commercial 6,181 6,339 105 6,186 54 6,200 121 1-4 family mortgage 3,442 3,730 448 3,449 29 3,436 60 Other mortgage 4,941 5,107 699 4,986 61 5,186 123 Total real estate - mortgage 14,564 15,176 1,252 14,621 144 14,822 304 Consumer 685 690 664 685 - 686 5 Total impaired loans $ 47,067 $ 47,694 $ 6,384 $ 47,622 $ 561 $ 47,674 $ 1,044 December 31, 2014 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 $ 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 |
Analysis Of Troubled Debt Restructuring | Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment (In Thousands) Troubled Debt Restructurings Commercial, financial and agricultural 1 $ 499 $ 499 1 $ 499 $ 499 Real estate - construction - - - - - - Real estate - mortgage: Owner-occupied commercial - - - - - - 1-4 family mortgage - - - - - - Other mortgage 1 1,409 1,409 1 1,409 1,409 Total real estate mortgage 1 1,409 1,409 1 1,409 1,409 Consumer - - - - - - 2 $ 1,908 $ 1,908 2 $ 1,908 $ 1,908 |
EMPLOYEE AND DIRECTOR BENEFITS
EMPLOYEE AND DIRECTOR BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 | 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. 2015 2014 Expected volatility 24.00 % 19.25 % Expected dividends 0.71 % 1.45 % Expected term (in years) 6.25 7.75 Risk-free rate 1.85 % 2.33 % |
Summary Of Stock Option Activity | The following table summarizes stock option activity during the six months ended June 30, 2015 and June 30, 2014: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (years) Value (In Thousands) Six Months Ended June 30, 2015: Outstanding at January 1, 2015 1,622,917 $ 9.38 5.9 $ 38,256 Granted 160,000 33.16 9.7 - Exercised (386,500) 6.97 3.2 12,875 Forfeited (7,500) 10.00 6.8 207 Outstanding at June 30, 2015 1,388,917 12.51 6.5 $ 34,425 Exercisable at June 30, 2015 272,418 $ 9.02 4.8 $ 7,779 Six Months Ended June 30, 2014: Outstanding at January 1, 2014 2,328,900 $ 7.69 5.5 $ 14,300 Granted 114,000 13.83 9.6 - Exercised (779,400) 5.63 2.8 18,069 Forfeited - - - - Outstanding at June 30, 2014 1,663,500 9.08 6.3 $ 32,818 Exercisable at June 30, 2014 506,232 $ 5.24 3.4 $ 11,931 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014: Fair Value Measurements at June 30, 2015 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 $ - $ 51,372 $ - $ 51,372 Mortgage-backed securities - 93,064 - 93,064 State and municipal securities - 145,535 - 145,535 Corporate debt - 16,014 - 16,014 Total assets at fair value $ - $ 305,985 $ - $ 305,985 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 |
Financial Assets And Liabilities Carried At Fair Value On Nonrecurring Basis | Fair Value Measurements at June 30, 2015 Using Quoted Prices in Significant Other Significant Total (In Thousands) Assets Measured on a Nonrecurring Basis: Impaired loans $ - $ - $ 40,683 $ 40,683 Other real estate owned and repossessed assets - - 8,235 8,235 Total assets at fair value $ - $ - $ 48,918 $ 48,918 Fair Value Measurements at December 31, 2014 Using Quoted Prices in Significant Other Significant 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 |
Carrying Amount And Estimated Fair Value Of Financial Instruments | This table includes those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. June 30, 2015 December 31, 2014 Carrying Carrying Amount Fair Value Amount Fair Value (In Thousands) Financial Assets: Level 1 inputs: Cash and due from banks $ 118,835 $ 118,835 $ 296,573 $ 296,573 Level 2 inputs: Available for sale debt securities 305,985 305,985 298,310 298,310 Held to maturity debt securities 29,023 29,348 29,355 29,974 Restricted equity securities 4,954 4,954 3,921 3,921 Federal funds sold 17,622 17,622 891 891 Mortgage loans held for sale 11,722 11,722 5,984 5,984 Bank owned life insurance contracts 90,281 90,281 86,288 86,288 Level 3 inputs: Loans, net 3,823,714 3,826,879 3,324,229 3,327,371 Financial liabilities: Level 2 inputs: Deposits $ 3,729,132 $ 3,729,793 $ 3,398,160 $ 3,399,261 Federal funds purchased 273,095 273,095 264,315 264,315 Other borrowings 21,016 21,016 19,973 19,973 |
GENERAL (Additional Information
GENERAL (Additional Information) (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Core Deposit Intangible Asset Amortization Period | 7 years |
ACQUISITION (Details)
ACQUISITION (Details) - Jan. 31, 2015 - USD ($) $ in Thousands | Total | |
Assets acquired: | ||
Cash and cash equivalents | $ 8,043 | |
Debt securities | 29,169 | |
Equity securities | 499 | |
Loans | 148,995 | |
Allowance for loan losses | 0 | |
Premises and equipment, net | 8,437 | |
Accrued interest receivable | 484 | |
Deferred taxes | 700 | |
Other real estate owned | 2,348 | |
Bank owned life insurance contracts | 2,685 | |
Core deposit intangible | 2,090 | |
Other assets | 364 | |
Total assets acquired | 203,814 | |
Liabilities assumed: | ||
Deposits | 175,754 | |
Federal funds purchased | 2,175 | |
Other borrowings | 1,396 | |
Accrued interest payable | 89 | |
Other liabilities | 268 | |
Total liabilities assumed | 179,682 | |
Net assets acquired | 24,132 | |
Consideration Paid: | ||
Cash | (20,926) | |
Stock | (19,356) | |
Total consideration paid | (40,282) | |
Goodwill | 16,150 | |
Metro Bancshares, Inc [Member] | ||
Assets acquired: | ||
Cash and cash equivalents | 8,043 | |
Debt securities | 29,333 | |
Equity securities | 499 | |
Loans | 152,869 | |
Allowance for loan losses | (1,621) | |
Premises and equipment, net | 7,606 | |
Accrued interest receivable | 484 | |
Deferred taxes | 754 | |
Other real estate owned | 2,373 | |
Bank owned life insurance contracts | 2,685 | |
Core deposit intangible | 0 | |
Other assets | 364 | |
Total assets acquired | 203,389 | |
Liabilities assumed: | ||
Deposits | 175,236 | |
Federal funds purchased | 2,175 | |
Other borrowings | 1,400 | |
Accrued interest payable | 89 | |
Other liabilities | 268 | |
Total liabilities assumed | 179,168 | |
Net assets acquired | 24,221 | |
Consideration Paid: | ||
Cash | (20,900) | |
Preliminary Fair Value Adjustment [Member] | ||
Assets acquired: | ||
Cash and cash equivalents | [1] | 0 |
Debt securities | [1],[2] | (164) |
Equity securities | [1] | 0 |
Loans | [1],[3] | (3,874) |
Allowance for loan losses | [1],[3] | 1,621 |
Premises and equipment, net | [1],[4] | 831 |
Accrued interest receivable | [1] | 0 |
Deferred taxes | [1],[5] | (54) |
Other real estate owned | [1],[6] | (25) |
Bank owned life insurance contracts | [1] | 0 |
Core deposit intangible | [1],[7] | 2,090 |
Other assets | [1] | 0 |
Total assets acquired | [1] | 425 |
Liabilities assumed: | ||
Deposits | [1],[8] | 518 |
Federal funds purchased | [1] | 0 |
Other borrowings | [1],[9] | (4) |
Accrued interest payable | [1] | 0 |
Other liabilities | [1] | 0 |
Total liabilities assumed | [1] | 514 |
Net assets acquired | [1] | $ (89) |
[1] | The Company’s acquisition of Metro Bancshares, Inc. closed on January 31, 2015. Accordingly, each of the fair value adjustments shown are preliminary estimates of the purchase accounting adjustments. Management is continuing to evaluate each of these fair value adjustments and may revise one or more of them in future periods based on this continuing evaluation. During the second quarter of 2015, the fair value of other real estate owned was adjusted down by $280,000 to reflect the price received in an unsolicited offer to buy the property by a third party. During the second quarter of 2015, premises and equipment was written down by $41,000 to reflect the price received from a third party buyer of a piece of unimproved land held by the Company. To the extent that any of the preliminary fair value adjustments are revised in future periods, the resultant fair values and the amount of goodwill recorded by the Company will change. | |
[2] | Adjustment reflects the fair value adjustment based on the Company’s pricing of the acquired debt securities portfolio. | |
[3] | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. | |
[4] | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment acquired. | |
[5] | Adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial statement purposes and their basis for federal income tax purposes. | |
[6] | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other real estate owned acquired. | |
[7] | Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition. | |
[8] | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired deposits. | |
[9] | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the assumed debt. |
ACQUISITION (Additional Informa
ACQUISITION (Additional Information) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 20,926,000 | ||||
Estimated Fair Value Of Purchased Credit Impaired Loans Acquired | 5,100,000 | ||||
Real Estate Owned, Amount of Loss at Acquisition | $ 124,000 | $ 226,000 | $ 229,000 | $ 561,000 | |
Metro Bancshares, Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 20,900,000 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 636,592 | ||||
Impairment of Long-Lived Assets Held-for-use | 41,000 | ||||
Real Estate Owned, Amount of Loss at Acquisition | $ 280,000 |
EARNINGS PER COMMON SHARE (Summ
EARNINGS PER COMMON SHARE (Summary of Earning Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings per common share | ||||
Weighted average common shares outstanding | 25,715,654 | 23,627,898 | 25,507,396 | 22,917,881 |
Net income available to common stockholders | $ 14,346 | $ 11,469 | $ 27,301 | $ 23,127 |
Basic earnings per common share | $ 0.56 | $ 0.49 | $ 1.07 | $ 1.01 |
Weighted average common shares outstanding | 25,715,654 | 23,627,898 | 25,507,396 | 22,917,881 |
Dilutive effects of assumed conversions and exercise of stock options and warrants | 710,382 | 1,195,693 | 825,131 | 991,827 |
Weighted average common and dilutive potential common shares outstanding | 26,426,036 | 24,823,591 | 26,332,527 | 23,909,708 |
Net income available to common stockholders | $ 14,346 | $ 11,469 | $ 27,301 | $ 23,127 |
Effect of interest expense on convertible debt, net of tax and discretionary expenditures related to conversion | 0 | 0 | 0 | 0 |
Net income available to common stockholders, adjusted for effect of debt conversion | $ 14,346 | $ 11,469 | $ 27,301 | $ 23,127 |
Diluted earnings per common share | $ 0.54 | $ 0.46 | $ 1.04 | $ 0.97 |
SECURITIES (Amortized Cost And
SECURITIES (Amortized Cost And Fair Value Of Available For Sale And Held To Maturity Securities) (Details) - Scenario, Unspecified [Domain] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Securities Available for Sale | ||
Amortized Cost | $ 300,219 | $ 291,403 |
Gross Unrealized Gain | 6,374 | 7,246 |
Gross Unrealized Loss | (608) | (339) |
Market Value | 305,985 | 298,310 |
Securities Held to Maturity | ||
Amortized Cost | 29,023 | 29,355 |
Gross Unrealized Gain | 791 | 939 |
Gross Unrealized Loss | (466) | (320) |
Market Value | 29,348 | 29,974 |
U.S. Treasury and Government Sponsored Agencies [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 50,720 | 50,363 |
Gross Unrealized Gain | 817 | 775 |
Gross Unrealized Loss | (165) | 0 |
Market Value | 51,372 | 51,138 |
Mortgage-Backed Securities [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 90,713 | 92,439 |
Gross Unrealized Gain | 2,524 | 3,095 |
Gross Unrealized Loss | (173) | (11) |
Market Value | 93,064 | 95,523 |
Securities Held to Maturity | ||
Amortized Cost | 23,266 | 23,804 |
Gross Unrealized Gain | 399 | 449 |
Gross Unrealized Loss | (455) | (320) |
Market Value | 23,210 | 23,933 |
State and Municipal Securities [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 142,923 | 132,780 |
Gross Unrealized Gain | 2,882 | 3,211 |
Gross Unrealized Loss | (270) | (328) |
Market Value | 145,535 | 135,663 |
Securities Held to Maturity | ||
Amortized Cost | 5,757 | 5,551 |
Gross Unrealized Gain | 392 | 490 |
Gross Unrealized Loss | (11) | 0 |
Market Value | 6,138 | 6,041 |
Corporate Debt [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 15,863 | 15,821 |
Gross Unrealized Gain | 151 | 165 |
Gross Unrealized Loss | 0 | 0 |
Market Value | $ 16,014 | $ 15,986 |
SECURITIES (Amortized Cost An33
SECURITIES (Amortized Cost And Fair Value Of Contractual Securities) (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt securities available for sale | ||
Amortized Cost | $ 300,219 | $ 291,403 |
Fair Value | 305,985 | 298,310 |
Debt securities held to maturity | ||
Amortized Cost | 29,023 | 29,355 |
Fair Value | 29,348 | 29,974 |
Due within one year [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 20,112 | 16,944 |
Fair Value | 20,295 | 17,246 |
Due from one to five years [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 138,653 | 121,591 |
Fair Value | 141,104 | 123,962 |
Due from five to ten years [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 50,391 | 60,079 |
Fair Value | 51,144 | 61,221 |
Debt securities held to maturity | ||
Amortized Cost | 626 | 298 |
Fair Value | 647 | 325 |
Due after ten years [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 350 | 350 |
Fair Value | 378 | 358 |
Debt securities held to maturity | ||
Amortized Cost | 5,131 | 5,253 |
Fair Value | 5,491 | 5,716 |
Mortgage-backed securities [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 90,713 | 92,439 |
Fair Value | 93,064 | 95,523 |
Debt securities held to maturity | ||
Amortized Cost | 23,266 | 23,804 |
Fair Value | $ 23,210 | $ 23,933 |
SECURITIES (Investment Securiti
SECURITIES (Investment Securities Continuous Unrealized Loss Position) (Details 2) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Gross Unrealized Losses | $ (1,074) | $ (659) |
Fair Value | 70,643 | 48,516 |
U.S. Treasury and Government Sponsored Agencies [Member] | ||
Gross Unrealized Losses | (165) | 0 |
Fair Value | 4,864 | 0 |
Mortgage-Backed Securities [Member] | ||
Gross Unrealized Losses | (628) | (331) |
Fair Value | 29,685 | 17,751 |
State and Municipal Securities [Member] | ||
Gross Unrealized Losses | (281) | (328) |
Fair Value | 36,094 | 30,765 |
Corporate Debt [Member] | ||
Gross Unrealized Losses | 0 | 0 |
Fair Value | 0 | 0 |
Less Than Twelve Months [Member] | ||
Gross Unrealized Losses | (538) | (162) |
Fair Value | 50,915 | 19,945 |
Less Than Twelve Months [Member] | U.S. Treasury and Government Sponsored Agencies [Member] | ||
Gross Unrealized Losses | (165) | 0 |
Fair Value | 4,864 | 0 |
Less Than Twelve Months [Member] | Mortgage-Backed Securities [Member] | ||
Gross Unrealized Losses | (174) | 0 |
Fair Value | 16,009 | 0 |
Less Than Twelve Months [Member] | State and Municipal Securities [Member] | ||
Gross Unrealized Losses | (199) | (162) |
Fair Value | 30,042 | 19,945 |
Less Than Twelve Months [Member] | Corporate Debt [Member] | ||
Gross Unrealized Losses | 0 | 0 |
Fair Value | 0 | 0 |
Twelve Months Or More [Member] | ||
Gross Unrealized Losses | (536) | (497) |
Fair Value | 19,728 | 28,571 |
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 | (454) | (331) |
Fair Value | 13,676 | 17,751 |
Twelve Months Or More [Member] | State and Municipal Securities [Member] | ||
Gross Unrealized Losses | (82) | (166) |
Fair Value | 6,052 | 10,820 |
Twelve Months Or More [Member] | Corporate Debt [Member] | ||
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 0 | $ 0 |
SECURITIES (Additional Informat
SECURITIES (Additional Information) (Details) - Jun. 30, 2015 - USD ($) | Total |
Number Of Debt Securities Sold | 18 |
Number Of Debt Securities Available For Sale | 36 |
One Mortgage Backed Debt Security [Member] | |
Available-for-sale Debt Securities Gross Unrealized Gain | $ 29,000 |
LOANS (Details Of Loans) (Detai
LOANS (Details Of Loans) (Details) - Class of Financing Receivable [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Accounts Notes and Loans Receivable [Line Items] | |||||||
Commercial, financial and agricultural | $ 1,630,134 | $ 1,495,092 | |||||
Real estate - construction | 219,607 | 208,769 | |||||
Real estate - mortgage: | |||||||
Owner-occupied commercial | 930,719 | 793,917 | |||||
1-4 family mortgage | 392,245 | 333,455 | |||||
Other mortgage | 627,099 | 471,363 | |||||
Subtotal: Real estate - mortgage | 1,950,063 | 1,598,735 | |||||
Consumer | 63,930 | 57,262 | |||||
Total Loans | 3,863,734 | 3,359,858 | |||||
Less: Allowance for loan losses | (40,020) | $ (37,356) | (35,629) | [1] | $ (32,984) | $ (31,728) | $ (30,663) |
Net Loans | $ 3,823,714 | $ 3,324,229 | [1] | ||||
Commercial, financial and agricultural, Percentage | 42.19% | 44.50% | |||||
Real estate - construction, Percentage | 5.68% | 6.21% | |||||
Owner-occupied commercial, Real estate - mortgage, Percentage | 24.09% | 23.63% | |||||
1-4 family mortgage, Real estate - mortgage, Percentage | 10.15% | 9.92% | |||||
Other mortgage, Real estate - mortgage, Percentage | 16.23% | 14.03% | |||||
Subtotal: Real estate - mortgage, Percentage | 50.47% | 47.58% | |||||
Consumer, Percentage | 1.66% | 1.71% | |||||
Total Loans, Percentage | 100.00% | 100.00% | |||||
[1] | derived from audited financial statements |
LOANS (Loans By Credit Quality
LOANS (Loans By Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | $ 1,630,134 | $ 1,495,092 |
Real estate - construction | 219,607 | 208,769 |
Real estate - mortgage: | ||
Owner-occupied commercial | 930,719 | 793,917 |
1-4 family mortgage | 392,245 | 333,455 |
Other mortgage | 627,099 | 471,363 |
Total real estate mortgage | 1,950,063 | 1,598,735 |
Consumer | 63,930 | 57,262 |
Total | 3,863,734 | 3,359,858 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 1,566,548 | 1,459,356 |
Real estate - construction | 208,726 | 197,727 |
Real estate - mortgage: | ||
Owner-occupied commercial | 909,165 | 784,492 |
1-4 family mortgage | 387,048 | 326,316 |
Other mortgage | 613,360 | 457,782 |
Total real estate mortgage | 1,909,573 | 1,568,590 |
Consumer | 63,229 | 56,559 |
Total | 3,748,076 | 3,282,232 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 37,582 | 25,416 |
Real estate - construction | 5,148 | 5,332 |
Real estate - mortgage: | ||
Owner-occupied commercial | 18,050 | 6,848 |
1-4 family mortgage | 1,848 | 4,253 |
Other mortgage | 8,798 | 9,015 |
Total real estate mortgage | 28,696 | 20,116 |
Consumer | 37 | 37 |
Total | 71,463 | 50,901 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 26,004 | 10,320 |
Real estate - construction | 5,733 | 5,710 |
Real estate - mortgage: | ||
Owner-occupied commercial | 3,504 | 2,577 |
1-4 family mortgage | 3,349 | 2,886 |
Other mortgage | 4,941 | 4,566 |
Total real estate mortgage | 11,794 | 10,029 |
Consumer | 664 | 666 |
Total | 44,195 | 26,725 |
Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 0 | 0 |
Real estate - construction | 0 | 0 |
Real estate - mortgage: | ||
Owner-occupied commercial | 0 | 0 |
1-4 family mortgage | 0 | 0 |
Other mortgage | 0 | 0 |
Total real estate mortgage | 0 | 0 |
Consumer | 0 | 0 |
Total | $ 0 | $ 0 |
LOANS (Loans By Performance Sta
LOANS (Loans By Performance Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | $ 1,630,134 | $ 1,495,092 |
Real estate - construction | 219,607 | 208,769 |
Real estate - mortgage: | ||
Owner-occupied commercial | 930,719 | 793,917 |
1-4 family mortgage | 392,245 | 333,455 |
Other mortgage | 627,099 | 471,363 |
Total real estate mortgage | 1,950,063 | 1,598,735 |
Consumer | 63,930 | 57,262 |
Total | 3,863,734 | 3,359,858 |
Performing Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 1,629,272 | 1,493,995 |
Real estate - construction | 214,523 | 203,720 |
Real estate - mortgage: | ||
Owner-occupied commercial | 930,643 | 793,234 |
1-4 family mortgage | 390,831 | 331,859 |
Other mortgage | 626,535 | 470,404 |
Total real estate mortgage | 1,948,009 | 1,595,497 |
Consumer | 63,266 | 56,596 |
Total | 3,855,070 | 3,349,808 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 862 | 1,097 |
Real estate - construction | 5,084 | 5,049 |
Real estate - mortgage: | ||
Owner-occupied commercial | 76 | 683 |
1-4 family mortgage | 1,414 | 1,596 |
Other mortgage | 564 | 959 |
Total real estate mortgage | 2,054 | 3,238 |
Consumer | 664 | 666 |
Total | $ 8,664 | $ 10,050 |
LOANS (Loans By Past Due Status
LOANS (Loans By Past Due Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | $ 5,226 | $ 5,838 | |
Non-Accrual | 8,194 | 9,125 | |
Current | 3,850,314 | 3,344,895 | |
Total Loans | 3,863,734 | 3,359,858 | [1] |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 3,911 | 1,423 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 845 | 3,490 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 470 | 925 | |
Commercial Financial and Agricultural Financing Receivable [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 3,726 | 5,803 | |
Non-Accrual | 862 | 172 | |
Current | 1,625,546 | 1,489,117 | |
Total Loans | 1,630,134 | 1,495,092 | |
Commercial Financial and Agricultural Financing Receivable [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 3,488 | 1,388 | |
Commercial Financial and Agricultural Financing Receivable [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 238 | 3,490 | |
Commercial Financial and Agricultural Financing Receivable [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 925 | |
Commercial Mortgage Loans Owner Occupied [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 405 | 0 | |
Non-Accrual | 76 | 683 | |
Current | 930,238 | 793,234 | |
Total Loans | 930,719 | 793,917 | |
Commercial Mortgage Loans Owner Occupied [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 405 | 0 | |
Commercial Mortgage Loans Owner Occupied [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 | |
Commercial Mortgage Loans Owner Occupied [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 | |
One To Four Family Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 626 | 14 | |
Non-Accrual | 944 | 1,596 | |
Current | 390,675 | 331,845 | |
Total Loans | 392,245 | 333,455 | |
One To Four Family Mortgage Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 14 | |
One To Four Family Mortgage Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 156 | 0 | |
One To Four Family Mortgage Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 470 | 0 | |
Other Real Estate Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 449 | 0 | |
Non-Accrual | 564 | 959 | |
Current | 626,086 | 470,404 | |
Total Loans | 627,099 | 471,363 | |
Other Real Estate Mortgage Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 | |
Other Real Estate Mortgage Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 449 | 0 | |
Other Real Estate Mortgage Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 | |
Residential Real Estate Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 1,480 | 14 | |
Non-Accrual | 1,584 | 3,238 | |
Current | 1,946,999 | 1,595,483 | |
Total Loans | 1,950,063 | 1,598,735 | |
Residential Real Estate Mortgage Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 405 | 14 | |
Residential Real Estate Mortgage Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 605 | 0 | |
Residential Real Estate Mortgage Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 470 | 0 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 20 | 21 | |
Non-Accrual | 664 | 666 | |
Current | 63,246 | 56,575 | |
Total Loans | 63,930 | 57,262 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 18 | 21 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 2 | 0 | |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 | |
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 | |
Non-Accrual | 5,084 | 5,049 | |
Current | 214,523 | 203,720 | |
Total Loans | 219,607 | 208,769 | |
Construction Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 | |
Construction Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 | |
Construction Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | $ 0 | $ 0 | |
[1] | derived from audited financial statements |
LOANS (Analysis of Allowance Fo
LOANS (Analysis of Allowance For Loan Losses By Portfolio Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |||
Allowance For Loan Losses | |||||||
Balance, beginning of year | $ 37,356 | $ 31,728 | $ 35,629 | [1] | $ 30,663 | ||
Charge-offs | (1,471) | (1,375) | (2,368) | (2,682) | |||
Recoveries | 73 | 193 | 292 | 251 | |||
Provision | 4,062 | 2,438 | 6,467 | 4,752 | |||
Balance, end of year | 40,020 | 32,984 | 40,020 | 32,984 | |||
Individually Evaluated for Impairment | 6,384 | 6,384 | $ 5,094 | ||||
Collectively Evaluated for Impairment | 33,636 | 33,636 | 30,535 | ||||
Ending Balance | 3,863,734 | 3,863,734 | 3,359,858 | [1] | |||
Individually Evaluated for Impairment | 47,067 | 47,067 | 26,725 | ||||
Collectively Evaluated for Impairment | 3,816,667 | 3,816,667 | 3,333,133 | ||||
Commercial Financial and Agricultural Financing Receivable [Member] | |||||||
Allowance For Loan Losses | |||||||
Balance, beginning of year | 16,857 | 13,505 | 16,079 | 13,576 | |||
Charge-offs | (1,151) | (142) | (1,228) | (1,364) | |||
Recoveries | 6 | 1 | 25 | 46 | |||
Provision | 3,340 | 273 | 4,176 | 1,379 | |||
Balance, end of year | 19,052 | 13,637 | 19,052 | 13,637 | |||
Individually Evaluated for Impairment | 3,235 | 3,235 | 1,344 | ||||
Collectively Evaluated for Impairment | 15,817 | 15,817 | 14,735 | ||||
Ending Balance | 1,630,134 | 1,630,134 | 1,495,092 | ||||
Individually Evaluated for Impairment | 26,030 | 26,030 | 10,350 | ||||
Collectively Evaluated for Impairment | 1,604,104 | 1,604,104 | 1,484,742 | ||||
Residential Real Estate Mortgage Loans [Member] | |||||||
Allowance For Loan Losses | |||||||
Balance, beginning of year | 13,546 | 10,837 | 12,112 | 10,065 | |||
Charge-offs | (208) | (890) | (641) | (894) | |||
Recoveries | 2 | 10 | 103 | 14 | |||
Provision | 831 | 1,566 | 2,597 | 2,338 | |||
Balance, end of year | 14,171 | 11,523 | 14,171 | 11,523 | |||
Individually Evaluated for Impairment | 1,252 | 1,252 | 1,636 | ||||
Collectively Evaluated for Impairment | 12,919 | 12,919 | 10,476 | ||||
Ending Balance | 1,950,063 | 1,950,063 | 1,598,735 | ||||
Individually Evaluated for Impairment | 14,564 | 14,564 | 10,029 | ||||
Collectively Evaluated for Impairment | 1,935,499 | 1,935,499 | 1,588,706 | ||||
Consumer Portfolio Segment [Member] | |||||||
Allowance For Loan Losses | |||||||
Balance, beginning of year | 1,064 | 1,045 | 1,043 | 944 | |||
Charge-offs | (19) | (18) | (24) | (76) | |||
Recoveries | 0 | 2 | 0 | 3 | |||
Provision | 78 | 61 | 104 | 219 | |||
Balance, end of year | 1,123 | 1,090 | 1,123 | 1,090 | |||
Individually Evaluated for Impairment | 664 | 664 | 666 | ||||
Collectively Evaluated for Impairment | 459 | 459 | 377 | ||||
Ending Balance | 63,930 | 63,930 | 57,262 | ||||
Individually Evaluated for Impairment | 685 | 685 | 666 | ||||
Collectively Evaluated for Impairment | 63,245 | 63,245 | 56,596 | ||||
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||
Allowance For Loan Losses | |||||||
Balance, beginning of year | 5,889 | 6,341 | 6,395 | 6,078 | |||
Charge-offs | (93) | (325) | (475) | (348) | |||
Recoveries | 65 | 180 | 164 | 188 | |||
Provision | (187) | 538 | (410) | 816 | |||
Balance, end of year | 5,674 | $ 6,734 | 5,674 | $ 6,734 | |||
Individually Evaluated for Impairment | 1,233 | 1,233 | 1,448 | ||||
Collectively Evaluated for Impairment | 4,441 | 4,441 | 4,947 | ||||
Ending Balance | 219,607 | 219,607 | 208,769 | ||||
Individually Evaluated for Impairment | 5,788 | 5,788 | 5,680 | ||||
Collectively Evaluated for Impairment | $ 213,819 | $ 213,819 | $ 203,089 | ||||
[1] | derived from audited financial statements |
LOANS (Details Of Company's Imp
LOANS (Details Of Company's Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | $ 13,881 | $ 13,881 | $ 12,648 |
Unpaid Principal Balance, with no allowance recorded | 14,515 | 14,515 | 12,698 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 13,932 | 14,009 | 11,708 |
Interest Income Recognized in Period, with no allowance recorded | 134 | 258 | 619 |
Recorded Investment, with an allowance recorded | 33,186 | 33,186 | 14,077 |
Unpaid Principal Balance, with an allowance recorded | 33,179 | 33,179 | 14,557 |
Related Allowance with an allowance recorded | 6,384 | 6,384 | 5,094 |
Average Recorded Investment , with an allowance recorded | 33,690 | 33,665 | 14,975 |
Interest Income Recognized in Period, with an allowance recorded | 427 | 786 | 344 |
Recorded Investment | 47,067 | 47,067 | 26,725 |
Unpaid Principal Balance | 47,694 | 47,694 | 27,255 |
Related Allowance | 6,384 | 6,384 | 5,094 |
Average Recorded Investment | 47,622 | 47,674 | 26,683 |
Interest Income Recognized in Period | 561 | 1,044 | 963 |
Commercial Financial and Agricultural Financing Receivable [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 3,315 | 3,315 | 7,059 |
Unpaid Principal Balance, with no allowance recorded | 3,323 | 3,323 | 7,059 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 3,313 | 3,376 | 7,104 |
Interest Income Recognized in Period, with no allowance recorded | 45 | 63 | 406 |
Recorded Investment, with an allowance recorded | 22,715 | 22,715 | 3,291 |
Unpaid Principal Balance, with an allowance recorded | 22,715 | 22,715 | 3,291 |
Related Allowance with an allowance recorded | 3,235 | 3,235 | 1,344 |
Average Recorded Investment , with an allowance recorded | 22,739 | 22,707 | 3,262 |
Interest Income Recognized in Period, with an allowance recorded | 365 | 657 | 156 |
Recorded Investment | 26,030 | 26,030 | 10,350 |
Unpaid Principal Balance | 26,038 | 26,038 | 10,350 |
Related Allowance | 3,235 | 3,235 | 1,344 |
Average Recorded Investment | 26,052 | 26,083 | 10,366 |
Interest Income Recognized in Period | 410 | 720 | 562 |
Commercial Mortgage Loans Owner Occupied [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 4,127 | 4,127 | 1,576 |
Unpaid Principal Balance, with no allowance recorded | 4,285 | 4,285 | 1,576 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 4,127 | 4,133 | 236 |
Interest Income Recognized in Period, with no allowance recorded | 23 | 59 | 12 |
Recorded Investment, with an allowance recorded | 2,054 | 2,054 | 1,001 |
Unpaid Principal Balance, with an allowance recorded | 2,054 | 2,054 | 1,001 |
Related Allowance with an allowance recorded | 105 | 105 | 160 |
Average Recorded Investment , with an allowance recorded | 2,059 | 2,067 | 1,140 |
Interest Income Recognized in Period, with an allowance recorded | 31 | 62 | 29 |
Recorded Investment | 6,181 | 6,181 | 2,577 |
Unpaid Principal Balance | 6,339 | 6,339 | 2,577 |
Related Allowance | 105 | 105 | 160 |
Average Recorded Investment | 6,186 | 6,200 | 1,376 |
Interest Income Recognized in Period | 54 | 121 | 41 |
One To Four Family Mortgage Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 2,362 | 2,362 | 542 |
Unpaid Principal Balance, with no allowance recorded | 2,650 | 2,650 | 592 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 2,367 | 2,354 | 592 |
Interest Income Recognized in Period, with no allowance recorded | 18 | 38 | 19 |
Recorded Investment, with an allowance recorded | 1,080 | 1,080 | 2,344 |
Unpaid Principal Balance, with an allowance recorded | 1,080 | 1,080 | 2,344 |
Related Allowance with an allowance recorded | 448 | 448 | 694 |
Average Recorded Investment , with an allowance recorded | 1,082 | 1,082 | 2,743 |
Interest Income Recognized in Period, with an allowance recorded | 11 | 22 | 56 |
Recorded Investment | 3,442 | 3,442 | 2,886 |
Unpaid Principal Balance | 3,730 | 3,730 | 2,936 |
Related Allowance | 448 | 448 | 694 |
Average Recorded Investment | 3,449 | 3,436 | 3,335 |
Interest Income Recognized in Period | 29 | 60 | 75 |
Other Real Estate Mortgage Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 2,606 | 2,606 | 1,944 |
Unpaid Principal Balance, with no allowance recorded | 2,779 | 2,779 | 1,944 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 2,651 | 2,644 | 2,283 |
Interest Income Recognized in Period, with no allowance recorded | 41 | 83 | 142 |
Recorded Investment, with an allowance recorded | 2,335 | 2,335 | 2,622 |
Unpaid Principal Balance, with an allowance recorded | 2,328 | 2,328 | 2,622 |
Related Allowance with an allowance recorded | 699 | 699 | 782 |
Average Recorded Investment , with an allowance recorded | 2,335 | 2,542 | 2,767 |
Interest Income Recognized in Period, with an allowance recorded | 20 | 40 | 84 |
Recorded Investment | 4,941 | 4,941 | 4,566 |
Unpaid Principal Balance | 5,107 | 5,107 | 4,566 |
Related Allowance | 699 | 699 | 782 |
Average Recorded Investment | 4,986 | 5,186 | 5,050 |
Interest Income Recognized in Period | 61 | 123 | 226 |
Residential Real Estate Mortgage Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 9,095 | 9,095 | 4,062 |
Unpaid Principal Balance, with no allowance recorded | 9,714 | 9,714 | 4,112 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 9,145 | 9,131 | 3,111 |
Interest Income Recognized in Period, with no allowance recorded | 82 | 180 | 173 |
Recorded Investment, with an allowance recorded | 5,469 | 5,469 | 5,967 |
Unpaid Principal Balance, with an allowance recorded | 5,462 | 5,462 | 5,967 |
Related Allowance with an allowance recorded | 1,252 | 1,252 | 1,636 |
Average Recorded Investment , with an allowance recorded | 5,476 | 5,691 | 6,650 |
Interest Income Recognized in Period, with an allowance recorded | 62 | 124 | 169 |
Recorded Investment | 14,564 | 14,564 | 10,029 |
Unpaid Principal Balance | 15,176 | 15,176 | 10,079 |
Related Allowance | 1,252 | 1,252 | 1,636 |
Average Recorded Investment | 14,621 | 14,822 | 9,761 |
Interest Income Recognized in Period | 144 | 304 | 342 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 21 | 21 | 0 |
Unpaid Principal Balance, with no allowance recorded | 26 | 26 | 0 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 21 | 22 | 0 |
Interest Income Recognized in Period, with no allowance recorded | 0 | 0 | 0 |
Recorded Investment, with an allowance recorded | 664 | 664 | 666 |
Unpaid Principal Balance, with an allowance recorded | 664 | 664 | 666 |
Related Allowance with an allowance recorded | 664 | 664 | 666 |
Average Recorded Investment , with an allowance recorded | 664 | 664 | 681 |
Interest Income Recognized in Period, with an allowance recorded | 0 | 5 | 0 |
Recorded Investment | 685 | 685 | 666 |
Unpaid Principal Balance | 690 | 690 | 666 |
Related Allowance | 664 | 664 | 666 |
Average Recorded Investment | 685 | 686 | 681 |
Interest Income Recognized in Period | 0 | 5 | 0 |
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 1,450 | 1,450 | 1,527 |
Unpaid Principal Balance, with no allowance recorded | 1,452 | 1,452 | 1,527 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 1,453 | 1,480 | 1,493 |
Interest Income Recognized in Period, with no allowance recorded | 7 | 15 | 40 |
Recorded Investment, with an allowance recorded | 4,338 | 4,338 | 4,153 |
Unpaid Principal Balance, with an allowance recorded | 4,338 | 4,338 | 4,633 |
Related Allowance with an allowance recorded | 1,233 | 1,233 | 1,448 |
Average Recorded Investment , with an allowance recorded | 4,811 | 4,603 | 4,382 |
Interest Income Recognized in Period, with an allowance recorded | 0 | 0 | 19 |
Recorded Investment | 5,788 | 5,788 | 5,680 |
Unpaid Principal Balance | 5,790 | 5,790 | 6,160 |
Related Allowance | 1,233 | 1,233 | 1,448 |
Average Recorded Investment | 6,264 | 6,083 | 5,875 |
Interest Income Recognized in Period | $ 7 | $ 15 | $ 59 |
LOANS (Analysis Of Troubled Deb
LOANS (Analysis Of Troubled Debt Restructuring) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014USD ($)Number | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($)Number | Dec. 31, 2014USD ($) | |
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Number | 2 | 2 | ||
Pre- Modification Outstanding Recorded Investment | $ 1,908 | $ 1,908 | ||
Post- Modification Outstanding Recorded Investment | $ 1,908 | $ 8,300 | $ 9,200 | $ 9,000 |
Commercial Financial and Agricultural Financing Receivable [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Number | 1 | 1 | ||
Pre- Modification Outstanding Recorded Investment | $ 499 | $ 499 | ||
Post- Modification Outstanding Recorded Investment | $ 499 | $ 499 | ||
Commercial Mortgage Loans Owner Occupied [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Number | 0 | 0 | ||
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
One To Four Family Mortgage Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Number | 0 | 0 | ||
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Other Real Estate Mortgage Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Number | 1 | 1 | ||
Pre- Modification Outstanding Recorded Investment | $ 1,409 | $ 1,409 | ||
Post- Modification Outstanding Recorded Investment | $ 1,409 | $ 1,409 | ||
Residential Real Estate Mortgage Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Number | 1 | 1 | ||
Pre- Modification Outstanding Recorded Investment | $ 1,409 | $ 1,409 | ||
Post- Modification Outstanding Recorded Investment | $ 1,409 | $ 1,409 | ||
Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Number | 0 | 0 | ||
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Construction Loans [Member] | Commercial Real Estate 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 |
LOANS (Additional Information)
LOANS (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Troubled Debt Restructuring Debtor Current Period [Line Items] | ||||
Troubled Debt Restructurings | $ 1,908 | $ 8,300 | $ 9,200 | $ 9,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 1,200 | 2,200 | $ 1,000 | |
Payments of Debt Restructuring Costs | $ 2,200 |
EMPLOYEE AND DIRECTOR BENEFIT44
EMPLOYEE AND DIRECTOR BENEFITS (Assumptions Used To Estimates Fair Value Of Stock Option Award Using Black Scholes Merton Valuation Model) (Details) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 24.00% | 19.25% |
Expected dividends | 0.71% | 1.45% |
Expected term (in years) | 6 years 3 months | 7 years 9 months |
Risk-free rate | 1.85% | 2.33% |
EMPLOYEE AND DIRECTOR BENEFIT45
EMPLOYEE AND DIRECTOR BENEFITS (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Outstanding at beginning of year | 1,622,917 | 2,328,900 |
Shares, Granted | 160,000 | 114,000 |
Shares, Exercised | (386,500) | (779,400) |
Shares, Forfeited | (7,500) | 0 |
Shares, Outstanding at end of year | 1,388,917 | 1,663,500 |
Shares, Exercisable | 272,418 | 506,232 |
Weighted Average Exercise Price, Outstanding at beginning of year | $ 9.38 | $ 7.69 |
Weighted Average Exercise Price, Granted | 33.16 | 13.83 |
Weighted Average Exercise Price, Exercised | 6.97 | 5.63 |
Weighted Average Exercise Price, Forfeited | 10 | 0 |
Weighted Average Exercise Price, Outstanding at end of year | 12.51 | 9.08 |
Weighted Average Exercise Price, Exercisable | $ 9.02 | $ 5.24 |
Weighted Average Remaining Contractual Term (years), Outstanding at beginning | 5 years 10 months 24 days | 5 years 6 months |
Weighted Average Remaining Contractual Term (years), Granted | 9 years 8 months 12 days | 9 years 7 months 6 days |
Weighted Average Remaining Contractual Term (years), Exercised | 3 years 2 months 12 days | 2 years 9 months 18 days |
Weighted Average Remaining Contractual Term (years), Forfeited | 6 years 9 months 18 days | |
Weighted Average Remaining Contractual Term (years), Outstanding at ending | 6 years 6 months | 6 years 3 months 18 days |
Weighted Average Remaining Contractual Term (years), Exercisable | 4 years 9 months 18 days | 3 years 4 months 24 days |
Aggregate Intrinsic Value, Outstanding at beginning of year | $ 38,256 | $ 14,300 |
Aggregate Intrinsic Value, Granted | 0 | 0 |
Aggregate Intrinsic Value, Exercised | 12,875 | 18,069 |
Aggregate Intrinsic Value, Forfeited | 207 | 0 |
Aggregate Intrinsic Value, Outstanding at end of year | 34,425 | 32,818 |
Aggregate Intrinsic Value, Exercisable | $ 7,779 | $ 11,931 |
EMPLOYEE AND DIRECTOR BENEFIT46
EMPLOYEE AND DIRECTOR BENEFITS (Additional Information) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation | $ 263,000 | $ 2,100,000 | $ 564,000 | $ 3,102,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.37 | $ 2.95 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 2,200,000 | $ 2,200,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||||
Non Routine Expenses | $ 703,000 | $ 1,800,000 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | 7,500 | ||||
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 | $ 695,000 | $ 695,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 2 months 12 days | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 232,088 | ||||
Plan 2005 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant | 3,075,000 | 3,075,000 | |||
Plan 2009 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant | 2,775,000 | 2,775,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | 1,500,000 |
FAIR VALUE MEASUREMENT (Financi
FAIR VALUE MEASUREMENT (Financial Assets And Financial Liabilities Carried At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 305,985 | $ 298,310 |
Fair Value Measurements Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 305,985 | 298,310 |
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 | 51,372 | 51,138 |
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 | 93,064 | 95,523 |
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 | 145,535 | 135,663 |
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 | 16,014 | 15,986 |
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 | 305,985 | 298,310 |
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 | 51,372 | 51,138 |
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 | 93,064 | 95,523 |
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 | 145,535 | 135,663 |
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 | 16,014 | 15,986 |
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) (Details) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 40,683 | $ 21,631 |
Other real estate owned and repossessed assets | 8,235 | 6,840 |
Total assets at fair value | 48,918 | 28,471 |
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 | 40,683 | 21,631 |
Other real estate owned and repossessed assets | 8,235 | 6,840 |
Total assets at fair value | $ 48,918 | $ 28,471 |
FAIR VALUE MEASUREMENT (Finan49
FAIR VALUE MEASUREMENT (Financial Assets And Liabilities Carried At Fair Value On Recurring Basis Or Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Financial Assets: | |||
Cash and Due from Banks, Total | $ 49,731 | $ 48,519 | [1] |
Available for sale debt securities | 305,985 | 298,310 | [1] |
Held to maturity debt securities | 29,023 | 29,355 | [1] |
Restricted equity securities | 4,954 | 3,921 | [1] |
Federal funds sold | 17,622 | 891 | [1] |
Mortgage loans held for sale | 11,722 | 5,984 | [1] |
Bank owned life insurance contracts | 90,281 | 86,288 | [1] |
Loans, net | 3,823,714 | 3,324,229 | [1] |
Financial Liabilities: | |||
Federal funds purchased | 273,095 | 264,315 | [1] |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets: | |||
Cash and Due from Banks, Total | 118,835 | 296,573 | |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | |||
Financial Assets: | |||
Available for sale debt securities | 305,985 | 298,310 | |
Held to maturity debt securities | 29,023 | 29,355 | |
Restricted equity securities | 4,954 | 3,921 | |
Federal funds sold | 17,622 | 891 | |
Mortgage loans held for sale | 11,722 | 5,984 | |
Bank owned life insurance contracts | 90,281 | 86,288 | |
Financial Liabilities: | |||
Deposits | 3,729,132 | 3,398,160 | |
Federal funds purchased | 273,095 | 264,315 | |
Other borrowings | 21,016 | 19,973 | |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | |||
Financial Assets: | |||
Loans, net | 3,823,714 | 3,324,229 | |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets: | |||
Cash and Due from Banks, Total | 118,835 | 296,573 | |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | |||
Financial Assets: | |||
Available for sale debt securities | 305,985 | 298,310 | |
Held to maturity debt securities | 29,348 | 29,974 | |
Restricted equity securities | 4,954 | 3,921 | |
Federal funds sold | 17,622 | 891 | |
Mortgage loans held for sale | 11,722 | 5,984 | |
Bank owned life insurance contracts | 90,281 | 86,288 | |
Financial Liabilities: | |||
Deposits | 3,729,793 | 3,399,261 | |
Federal funds purchased | 273,095 | 264,315 | |
Other borrowings | 21,016 | 19,973 | |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | |||
Financial Assets: | |||
Loans, net | $ 3,826,879 | $ 3,327,371 | |
[1] | derived from audited financial statements |
FAIR VALUE MEASUREMENT (Additio
FAIR VALUE MEASUREMENT (Additional Information) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Asset Impairment Charges | $ 2,335,000 | $ 1,321,000 | $ 3,636,000 | $ 3,556,000 | |
Real Estate Owned, Amount of Loss at Acquisition | $ 124,000 | $ 226,000 | 229,000 | $ 561,000 | |
Mortgage Loans on Real Estate, Foreclosures | $ 1,693,000 | $ 684,000 |
SUBSEQUENT EVENTS (Additional I
SUBSEQUENT EVENTS (Additional Information) (Details) - Jul. 15, 2015 - Subsequent Event [Member] - Private Placement [Member] - USD ($) $ in Thousands | Total |
Subsequent Event [Line Items] | |
Subordinated Debt | $ 34,750 |
Subordinated Borrowing, Interest Rate | 5.00% |
Subordinated Borrowing, Due Date | Jul. 15, 2020 |
Uncategorized Items - sfbs-2015
Label | Element | Value |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ 11,585 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 14,469 |
Gain (Loss) on Sale of Securities, Net | us-gaap_GainLossOnSaleOfSecuritiesNet | 0 |
Gain (Loss) on Sale of Securities, Net | us-gaap_GainLossOnSaleOfSecuritiesNet | 0 |
Bank Owned Life Insurance Income | us-gaap_BankOwnedLifeInsuranceIncome | 546 |
Bank Owned Life Insurance Income | us-gaap_BankOwnedLifeInsuranceIncome | $ 660 |