Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 01, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
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 | 25,903,698 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | [1] |
ASSETS | |||
Cash and due from banks | $ 50,481 | $ 48,519 | |
Interest-bearing balances due from depository institutions | 165,982 | 248,054 | |
Federal funds sold | 26,229 | 891 | |
Cash and cash equivalents | 242,692 | 297,464 | |
Available for sale debt securities, at fair value | 306,666 | 298,310 | |
Held to maturity debt securities (fair value of $28,511 and $29,974 at September 30, 2015 and December 31, 2014, respectively) | 27,969 | 29,355 | |
Restricted equity securities | 4,954 | 3,921 | |
Mortgage loans held for sale | 5,387 | 5,984 | |
Loans | 4,044,242 | 3,359,858 | |
Less allowance for loan losses | (42,574) | (35,629) | |
Loans, net | 4,001,668 | 3,324,229 | |
Premises and equipment, net | 18,989 | 7,815 | |
Accrued interest and dividends receivable | 12,566 | 11,214 | |
Deferred tax assets | 19,872 | 15,716 | |
Other real estate owned and repossessed assets | 6,068 | 6,840 | |
Bank owned life insurance contracts | 90,964 | 86,288 | |
Goodwill and other identifiable intangible assets | 17,756 | 0 | |
Other assets | 17,050 | 11,543 | |
Total assets | 4,772,601 | 4,098,679 | |
Deposits: | |||
Noninterest-bearing | 1,029,354 | 810,460 | |
Interest-bearing | 3,015,280 | 2,587,700 | |
Total deposits | 4,044,634 | 3,398,160 | |
Federal funds purchased | 228,415 | 264,315 | |
Other borrowings | 55,728 | 19,973 | |
Accrued interest payable | 2,947 | 1,940 | |
Other liabilities | 9,683 | 7,078 | |
Total liabilities | 4,341,407 | 3,691,466 | |
Stockholders' equity: | |||
Common stock, par value $.001 per share; 50,000,000 shares authorized; 25,903,698 shares issued and outstanding at September 30, 2015 and 24,801,518 shares issued and outstanding at December 31, 2014 | 26 | 25 | |
Additional paid-in capital | 210,331 | 185,397 | |
Retained earnings | 215,982 | 177,091 | |
Accumulated other comprehensive income | 4,478 | 4,490 | |
Total stockholders' equity attributable to ServisFirst Bancshares, Inc. | 430,817 | 406,961 | |
Noncontrolling interest | 377 | 252 | |
Total stockholders' equity | 431,194 | 407,213 | |
Total liabilities and stockholders' equity | 4,772,601 | 4,098,679 | |
Series A Preferred Stock [Member] | |||
Stockholders' equity: | |||
Preferred stock | 0 | 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 | Sep. 30, 2015 | Dec. 31, 2014 |
Held to maturity debt securities, fair value | $ 28,511 | $ 29,974 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 25,903,698 | 24,801,518 |
Common stock, shares outstanding | 25,903,698 | 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 | 0 | 40,000 |
Preferred stock, shares outstanding | 0 | 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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income: | ||||
Interest and fees on loans | $ 44,401 | $ 34,662 | $ 125,152 | $ 100,164 |
Taxable securities | 1,041 | 1,131 | 3,273 | 3,354 |
Nontaxable securities | 890 | 877 | 2,624 | 2,618 |
Federal funds sold | 32 | 38 | 81 | 118 |
Other interest and dividends | 168 | 149 | 394 | 308 |
Total interest income | 46,532 | 36,857 | 131,524 | 106,562 |
Interest expense: | ||||
Deposits | 3,818 | 3,123 | 10,600 | 9,164 |
Borrowed funds | 852 | 415 | 1,814 | 1,252 |
Total interest expense | 4,670 | 3,538 | 12,414 | 10,416 |
Net interest income | 41,862 | 33,319 | 119,110 | 96,146 |
Provision for loan losses | 3,072 | 2,748 | 9,539 | 7,500 |
Net interest income after provision for loan losses | 38,790 | 30,571 | 109,571 | 88,646 |
Noninterest income: | ||||
Service charges on deposit accounts | 1,279 | 1,172 | 3,762 | 3,097 |
Mortgage banking | 873 | 582 | 2,062 | 1,540 |
Securities gains | 0 | 3 | 29 | 3 |
Increase in cash surrender value life insurance | 683 | 549 | 1,991 | 1,631 |
Other operating income | 987 | 700 | 2,560 | 1,848 |
Total noninterest income | 3,822 | 3,006 | 10,404 | 8,119 |
Noninterest expenses: | ||||
Salaries and employee benefits | 10,595 | 7,890 | 30,029 | 24,685 |
Equipment and occupancy expense | 1,575 | 1,437 | 4,870 | 4,212 |
Professional services | 668 | 829 | 1,901 | 1,877 |
FDIC and other regulatory assessments | 681 | 533 | 1,927 | 1,578 |
OREO expense | 400 | 220 | 903 | 1,005 |
Merger expense | 0 | 0 | 2,100 | 0 |
Other operating expenses | 4,413 | 4,406 | 13,566 | 11,098 |
Total noninterest expenses | 18,332 | 15,315 | 55,296 | 44,455 |
Income before income taxes | 24,280 | 18,262 | 64,679 | 52,310 |
Provision for income taxes | 8,014 | 4,260 | 20,889 | 14,965 |
Net income | 16,266 | 14,002 | 43,790 | 37,345 |
Preferred stock dividends | 33 | 100 | 256 | 316 |
Net income available to common stockholders | $ 16,233 | $ 13,902 | $ 43,534 | $ 37,029 |
Basic earnings per common share | $ 0.63 | $ 0.56 | $ 1.7 | $ 1.57 |
Diluted earnings per common share | $ 0.61 | $ 0.54 | $ 1.65 | $ 1.51 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 16,266 | $ 14,002 | $ 43,790 | $ 37,345 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized holding gains (losses) arising during period from securities available for sale, net of tax of $393 and $3 for the three and nine months ended September 30, 2015, respectively, and $331 and $424 for the three and nine months ended September 30, 2014, respectively | 729 | (614) | 7 | 801 |
Reclassification adjustment for net gains on sale of securities in net income, net of tax of $10 for the nine months ended September 30, 2015, and $1 for the three and nine months ended September 30, 2014, | 0 | (2) | (19) | (2) |
Other comprehensive income (loss), net of tax | 729 | (616) | (12) | 799 |
Comprehensive income | $ 16,995 | $ 13,386 | $ 43,778 | $ 38,144 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Unrealized holding (losses) gains arising during period from securities available for sale | $ 393 | $ 331 | $ 3 | $ 424 |
Reclassification adjustment for net gains on sale of securities in net income | $ 10 | $ 1 | $ 1 |
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 | (2,369) | 0 | 0 | 0 | (2,369) | 0 | 0 | |
Common dividends declared | (1,240) | 0 | 0 | 0 | (1,240) | 0 | 0 | |
Preferred dividends paid | (316) | 0 | 0 | 0 | (316) | 0 | 0 | |
3-for-1 common stock split, in the form of a stock dividend | 0 | 0 | 17 | 0 | (17) | 0 | 0 | |
Exercise stock options, including tax benefit | 5,972 | 0 | 0 | 5,972 | 0 | 0 | 0 | |
Issue shares of common stock, net of issuance cost | 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 | 3,403 | 0 | 0 | 3,403 | 0 | 0 | 0 | |
Other comprehensive income, net of tax | 799 | 0 | 0 | 0 | 0 | 799 | 0 | |
Net income | 37,347 | 0 | 0 | 0 | 37,345 | 0 | 2 | |
Ending Balance at Sep. 30, 2014 | 393,136 | 39,958 | 25 | 184,797 | 163,414 | 4,690 | 252 | |
Beginning Balance at Dec. 31, 2014 | 407,213 | [1] | 39,958 | 25 | 185,397 | 177,091 | 4,490 | 252 |
Common dividends paid | (3,089) | 0 | 0 | 0 | (3,089) | 0 | 0 | |
Common dividends declared | (1,554) | 0 | 0 | 0 | (1,554) | 0 | 0 | |
Preferred dividends paid | (256) | 0 | 0 | 0 | (256) | 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 | |
Capitalized costs to issue shelf registration | (73) | 0 | 0 | (73) | 0 | 0 | 0 | |
Exercise stock options, including tax benefit | 3,322 | 0 | 0 | 3,322 | 0 | 0 | 0 | |
Excess tax benefit on exercise and vesting of stock options | 1,515 | 0 | 0 | 1,515 | 0 | 0 | 0 | |
Redeem 40,000 shares of Series A Senior Non-Cumulative Perpetual preferred stock | (40,000) | (39,958) | 0 | (42) | 0 | 0 | 0 | |
Issue shares of common stock, net of issuance cost | 0 | |||||||
Issue shares of REIT preferred stock | 125 | 0 | 0 | 0 | 0 | 0 | 125 | |
Stock-based compensation expense | 857 | 0 | 0 | 857 | 0 | 0 | 0 | |
Other comprehensive income, net of tax | (12) | 0 | 0 | 0 | 0 | (12) | 0 | |
Net income | 43,790 | 0 | 0 | 0 | 43,790 | 0 | 0 | |
Ending Balance at Sep. 30, 2015 | $ 431,194 | $ 0 | $ 26 | $ 210,331 | $ 215,982 | $ 4,478 | $ 377 | |
[1] | Derived from audited financial statements. |
CONSOLIDATED STATEMENT OF STOC8
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Stock Options And Warrants Exercised | 469,000 | 866,400 |
Stock option and Warrants Exercised Tax Benefits | $ 881 | |
Payments of Stock Issuance Costs | $ 4,777 | |
Common Dividends Paid Per Share | $ 0.12 | $ 0.10 |
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 | |
Noncumulative Preferred Stock [Member] | ||
Stock Redeemed or Called During Period, Shares | 40,000 | |
Common Stock [Member] | ||
Stock Issued During Period, Shares, New Issues | 636,592 | 1,875,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net income | $ 43,790 | $ 37,345 |
Adjustments to reconcile net income to net cash provided by: | ||
Deferred tax benefit | (3,370) | (5,032) |
Provision for loan losses | 9,539 | 7,500 |
Depreciation | 1,632 | 1,497 |
Accretion on acquired loans | (1,696) | 0 |
Amortization of core deposit intangible | 281 | 0 |
Net amortization of debt securities available for sale | 1,791 | 2,673 |
Increase in accrued interest and dividends receivable | (868) | (620) |
Stock-based compensation expense | 857 | 3,403 |
Increase in accrued interest payable | 918 | 1,435 |
Proceeds from sale of mortgage loans held for sale | 112,158 | 73,979 |
Originations of mortgage loans held for sale | (109,499) | (73,342) |
Gain on sale of debt securities available for sale | (29) | (3) |
Gain on sale of mortgage loans held for sale | (2,062) | (1,540) |
Net loss on sale of other real estate owned | 70 | 362 |
Write down of other real estate owned | 407 | 423 |
Losses on tax credit partnerships | 114 | 0 |
Increase in cash surrender value of life insurance contracts | (1,991) | (1,631) |
Excess tax benefits from exercise of stock options and warrants | (1,515) | (881) |
Net change in other assets, liabilities, and other operating activities | (431) | (3,466) |
Net cash provided by operating activities | 50,096 | 42,102 |
INVESTMENT ACTIVITIES | ||
Purchase of debt securities available for sale | (27,704) | (59,305) |
Proceeds from sale of debt securities available for sale | 16,738 | 173 |
Proceeds from maturities, calls and paydowns of debt securities available for sale | 30,831 | 23,736 |
Purchase of debt securities held to maturity | (202) | 0 |
Proceeds from maturities, calls and paydowns of debt securities held to maturity | 1,588 | 2,226 |
Purchase of equity securities | (534) | 0 |
Proceeds from sale of equity securities | 0 | 320 |
Increase in loans | (538,137) | (305,015) |
Purchase of premises and equipment | (4,355) | (1,104) |
Purchase of bank-owned life insurance contracts | 0 | (15,000) |
Expenditures to complete construction of other real estate owned | (118) | 0 |
Proceeds from sale of other real estate owned and repossessed assets | 4,611 | 5,526 |
Investment in tax credit partnerships | (3,942) | (1,531) |
Net cash paid in acquisition of Metro Bancshares, Inc. | (12,383) | 0 |
Net cash used in investing activities | (533,607) | (349,974) |
FINANCING ACTIVITIES | ||
Net increase in noninterest-bearing deposits | 171,616 | 144,097 |
Net increase in interest-bearing deposits | 299,104 | 189,027 |
Net (decrease) increase in federal funds purchased | (38,075) | 3,850 |
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 |
Redemption of Series A Senior Non-Cumulative preferred stock | (40,000) | 0 |
Proceeds from issuance of 5% subordinated notes due July 15, 2025 | 34,750 | 0 |
Costs to issue shelf registration | (73) | 0 |
Proceeds from exercise of stock options and warrants | 3,322 | 5,972 |
Excess tax benefits from exercise of stock options and warrants | 1,515 | 881 |
Dividends paid on common stock | (3,089) | (2,369) |
Dividends paid on preferred stock | (256) | (316) |
Net cash provided by financing activities | 428,739 | 393,490 |
Net (decrease) increase in cash and cash equivalents | (54,772) | 85,618 |
Cash and cash equivalents at beginning of year | 297,464 | 258,415 |
Cash and cash equivalents at end of year | 242,692 | 344,033 |
Cash paid for: | ||
Interest | 11,407 | 8,981 |
Income taxes | 20,015 | 21,543 |
NONCASH TRANSACTIONS | ||
Other real estate acquired in settlement of loans | 1,850 | 1,065 |
Internally financed sales of other real estate owned | 0 | 675 |
Dividends declared | 1,554 | 1,240 |
Fair value of assets and liabilities from acquisition: | ||
Fair value of tangible assets acquired | 201,927 | 0 |
Other intangible assets acquired | 18,037 | 0 |
Fair value of liabilities assumed | (179,682) | 0 |
Total merger consideration | $ 40,282 | $ 0 |
CONSOLIDATED STATEMENTS OF CA10
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | Sep. 30, 2015 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
GENERAL
GENERAL | 9 Months Ended |
Sep. 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 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 | 9 Months Ended |
Sep. 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 Preliminary Fair value As recorded by adjustment As recorded by Metro (1) the Company (In Thousands) Assets acquired: Cash and cash equivalents $ 8,543 $ - $ 8,543 Debt securities 28,833 (41) a 28,792 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 26 d 780 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 $ 628 $ 204,017 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 $ 114 $ 24,335 Consideration Paid: Cash $ (20,926) Stock (19,356) Total consideration paid (40,282) Goodwill $ 15,947 (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 | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands, Except Shares and Per Share Data) Earnings per common share Weighted average common shares outstanding 25,883,562 24,761,632 25,636,690 23,539,218 Net income available to common stockholders $ 16,233 $ 13,902 $ 43,534 $ 37,029 Basic earnings per common share $ 0.63 $ 0.56 $ 1.70 $ 1.57 Weighted average common shares outstanding 25,883,562 24,761,632 25,636,690 23,539,218 Dilutive effects of assumed conversions and exercise of stock options and warrants 622,772 964,681 754,410 1,059,032 Weighted average common and dilutive potential common shares outstanding 26,506,334 25,726,313 26,391,100 24,598,250 Net income available to common stockholders $ 16,233 $ 13,902 $ 43,534 $ 37,029 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 $ 16,233 $ 13,902 $ 43,534 $ 37,029 Diluted earnings per common share $ 0.61 $ 0.54 $ 1.65 $ 1.51 |
SECURITIES
SECURITIES | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | NOTE 5 - SECURITIES Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value (In Thousands) September 30, 2015 Securities Available for Sale U.S. Treasury and government sponsored agencies $ 50,508 $ 1,084 $ (71) $ 51,521 Mortgage-backed securities 89,722 2,845 (46) 92,521 State and municipal securities 143,664 3,052 (92) 146,624 Corporate debt 15,884 116 - 16,000 Total 299,778 7,097 (209) 306,666 Securities Held to Maturity Mortgage-backed securities 22,211 382 (257) 22,336 State and municipal securities 5,758 423 (6) 6,175 Total $ 27,969 $ 805 $ (263) $ 28,511 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 September 30, 2015 December 31, 2014 Amortized Amortized Cost Fair Value Cost Fair Value (In thousands) Debt securities available for sale Less than one year $ 21,289 $ 21,450 $ 16,944 $ 17,246 One year to five years 145,941 148,960 121,591 123,962 Five years to ten years 42,009 42,891 60,079 61,221 More than ten years 817 844 350 358 Mortgage-backed securities 89,722 92,521 92,439 95,523 $ 299,778 $ 306,666 $ 291,403 $ 298,310 Debt securities held to maturity Due from five to ten years $ 627 $ 653 $ 298 $ 325 Due after ten years 5,131 5,522 5,253 5,716 Mortgage-backed securities 22,211 22,336 23,804 23,933 $ 27,969 $ 28,511 $ 29,355 $ 29,974 The Company sold 18 36 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. The following table identifies, as of September 30, 2015 and December 31, 2014, the Company’s investment securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months. At September 30, 2015, 23 of the Company’s 753 debt securities had been in an unrealized loss position for 12 or more months. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost, which may be maturity; accordingly, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2015. Further, the Company believes any deterioration in value of its current investment securities is attributable to changes in market interest rates and not credit quality of the issuer. 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) September 30, 2015 U.S. Treasury and government sponsored agencies $ (71) $ 3,939 $ - $ - $ (71) $ 3,939 Mortgage-backed securities (44) 2,625 (259) 13,441 (303) 16,066 State and municipal securities (53) 12,651 (45) 4,403 (98) 17,054 Corporate debt - - - - - - Total $ (168) $ 19,215 $ (304) $ 17,844 $ (472) $ 37,059 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 | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
LOANS | NOTE 6 LOANS September 30, December 31, 2015 2014 (Dollars In Thousands) Commercial, financial and agricultural $ 1,671,014 $ 1,495,092 Real estate - construction 232,895 208,769 Real estate - mortgage: Owner-occupied commercial 978,721 793,917 1-4 family mortgage 417,011 333,455 Other mortgage 677,822 471,363 Subtotal: Real estate - mortgage 2,073,554 1,598,735 Consumer 66,779 57,262 Total Loans 4,044,242 3,359,858 Less: Allowance for loan losses (42,574) (35,629) Net Loans $ 4,001,668 $ 3,324,229 Commercial, financial and agricultural 41.32 % 44.50 % Real estate - construction 5.76 % 6.21 % Real estate - mortgage: Owner-occupied commercial 24.20 % 23.63 % 1-4 family mortgage 10.31 % 9.92 % Other mortgage 16.76 % 14.03 % Subtotal: Real estate - mortgage 51.27 % 47.58 % Consumer 1.65 % 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. Special September 30, 2015 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 1,601,109 $ 55,877 $ 14,028 $ - $ 1,671,014 Real estate - construction 222,200 6,051 4,644 - 232,895 Real estate - mortgage: Owner-occupied commercial 951,547 19,307 7,867 - 978,721 1-4 family mortgage 410,247 3,984 2,780 - 417,011 Other mortgage 659,394 13,086 5,342 - 677,822 Total real estate mortgage 2,021,188 36,377 15,989 - 2,073,554 Consumer 66,702 44 33 - 66,779 Total $ 3,911,199 $ 98,349 $ 34,694 $ - $ 4,044,242 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 September 30, 2015 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 1,666,626 $ 4,388 $ 1,671,014 Real estate - construction 228,895 4,000 232,895 Real estate - mortgage: Owner-occupied commercial 978,600 121 978,721 1-4 family mortgage 416,184 827 417,011 Other mortgage 676,820 1,002 677,822 Total real estate mortgage 2,071,604 1,950 2,073,554 Consumer 66,743 36 66,779 Total $ 4,033,868 $ 10,374 $ 4,044,242 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 September 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 $ 13 $ - $ 49 $ 62 $ 4,339 $ 1,666,613 $ 1,671,014 Real estate - construction - - - - 4,000 228,895 232,895 Real estate - mortgage: Owner-occupied commercial 34 - - 34 121 978,566 978,721 1-4 family mortgage 50 154 472 676 355 415,980 417,011 Other mortgage 1,401 - - 1,401 1,002 675,419 677,822 Total real estate - mortgage 1,485 154 472 2,111 1,478 2,069,965 2,073,554 Consumer 17 - 3 20 33 66,726 66,779 Total $ 1,515 $ 154 $ 524 $ 2,193 $ 9,850 $ 4,032,199 $ 4,044,242 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 September 30, 2015 Allowance for loan losses: Balance at June 30, 2015 $ 19,052 $ 5,674 $ 14,171 $ 1,123 $ 40,020 Charge-offs (388) (31) - (126) (545) Recoveries 13 13 1 - 27 Provision 2,020 (237) 1,767 (478) 3,072 Balance at September 30, 2015 $ 20,697 $ 5,419 $ 15,939 $ 519 $ 42,574 Three Months Ended September 30, 2014 Allowance for loan losses: Balance at June 30, 2014 $ 13,637 $ 6,734 $ 11,523 $ 1,090 $ 32,984 Charge-offs (531) (610) (149) (131) (1,421) Recoveries - 97 14 20 131 Provision 1,364 461 905 18 2,748 Balance at September 30, 2014 $ 14,470 $ 6,682 $ 12,293 $ 997 $ 34,442 Nine Months Ended September 30, 2015 Allowance for loan losses: Balance at December 31, 2014 $ 16,079 $ 6,395 $ 12,112 $ 1,043 $ 35,629 Charge-offs (1,616) (506) (641) (150) (2,913) Recoveries 38 177 104 - 319 Provision 6,196 (647) 4,364 (374) 9,539 Balance at September 30, 2015 $ 20,697 $ 5,419 $ 15,939 $ 519 $ 42,574 Nine Months Ended September 30, 2014 Allowance for loan losses: Balance at December 31, 2013 $ 13,576 $ 6,078 $ 10,065 $ 944 $ 30,663 Charge-offs (1,895) (958) (1,043) (207) (4,103) Recoveries 46 285 28 23 382 Provision 2,743 1,277 3,243 237 7,500 Balance at September 30, 2014 $ 14,470 $ 6,682 $ 12,293 $ 997 $ 34,442 As of September 30, 2015 Allowance for loan losses: Individually Evaluated for Impairment $ 3,875 $ 1,089 $ 2,446 $ 33 $ 7,443 Collectively Evaluated for Impairment 16,822 4,330 13,493 486 35,131 Loans: Ending Balance $ 1,671,014 $ 232,895 $ 2,073,554 $ 66,779 $ 4,044,242 Individually Evaluated for Impairment 14,049 4,697 18,632 51 37,429 Collectively Evaluated for Impairment 1,656,965 228,198 2,054,922 66,728 4,006,813 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 September 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 nine months ended September 30, ended September 30, September 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 $ 1,133 $ 1,142 $ - $ 1,135 $ 5 $ 1,181 $ 13 Real estate - construction 806 809 - 910 9 1,094 26 Real estate - mortgage: Owner-occupied commercial 4,137 4,294 - 4,177 58 3,908 183 1-4 family mortgage 1,377 1,553 - 1,385 26 1,385 71 Other mortgage 3,155 3,321 - 3,168 38 3,191 139 Total real estate - mortgage 8,669 9,168 - 8,730 122 8,484 393 Consumer 18 23 - 19 - 19 1 Total with no allowance recorded 10,626 11,142 - 10,794 136 10,778 433 With an allowance recorded: Commercial, financial and agricultural 12,916 13,001 3,875 13,728 122 14,079 554 Real estate - construction 3,891 4,371 1,089 3,914 - 4,249 - Real estate - mortgage: Owner-occupied commercial 6,373 6,373 1,336 8,645 140 11,167 475 1-4 family mortgage 1,402 1,403 415 1,406 15 1,397 46 Other mortgage 2,188 2,188 695 2,189 19 2,329 58 Total real estate - mortgage 9,963 9,964 2,446 12,240 174 14,893 579 Consumer 33 33 33 34 1 34 6 Total with allowance recorded 26,803 27,369 7,443 29,916 297 33,255 1,139 Total Impaired Loans: Commercial, financial and agricultural 14,049 14,143 3,875 14,863 127 15,260 567 Real estate - construction 4,697 5,180 1,089 4,824 9 5,343 26 Real estate - mortgage: Owner-occupied commercial 10,510 10,667 1,336 12,822 198 15,075 658 1-4 family mortgage 2,779 2,956 415 2,791 41 2,782 117 Other mortgage 5,343 5,509 695 5,357 57 5,520 197 Total real estate - mortgage 18,632 19,132 2,446 20,970 296 23,377 972 Consumer 51 56 33 53 1 53 7 Total impaired loans $ 37,429 $ 38,511 $ 7,443 $ 40,710 $ 433 $ 44,033 $ 1,572 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 September 30, 2015, December 31, 2014 and September 30, 2014 totaled $ 8.3 9.0 7.9 1.2 1.0 1.9 Three Months Ended September 30, 2014 Nine Months Ended September 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 $ 390 $ 390 2 $ 889 $ 889 Real estate - construction - - - - - - Real estate - mortgage: Owner-occupied commercial - - - - - - 1-4 family mortgage 1 4,449 4,449 1 4,449 4,449 Other mortgage 1 275 275 2 1,684 1,684 Total real estate mortgage 2 4,724 4,724 3 6,133 6,133 Consumer - - - - - - 3 $ 5,114 $ 5,114 5 $ 7,022 $ 7,022 The following table presents by portfolio segment Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Defaulted during the period, where modified in a TDR twelve months prior to default Commercial, financial and agricultural $ - $ - $ - $ - Real estate - construction - - - - Real estate - mortgage: Owner-occupied commercial - - - - 1-4 family mortgage - 4,313 - 4,313 Other mortgage - - - - Total real estate mortgage - 4,313 - 4,313 Consumer - - - - $ - $ 4,313 $ - $ 4,313 |
EMPLOYEE AND DIRECTOR BENEFITS
EMPLOYEE AND DIRECTOR BENEFITS | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
EMPLOYEE AND DIRECTOR BENEFITS | NOTE 7 - EMPLOYEE AND DIRECTOR BENEFITS Stock Options At September 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 $293,000 and $857,000 for the three and nine months ended September 30, 2015 and $302,000 and $3.4 million for the three and nine months ended September 30, 2014. The Company recorded a non-routine expense of $ 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 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 nine months ended September 30, 2015 and September 30, 2014 was $ 8.40 2.95 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (years) Value (In Thousands) Nine Months Ended September 30, 2015: Outstanding at January 1, 2015 1,622,917 $ 9.38 5.9 $ 38,256 Granted 162,000 33.26 9.5 - Exercised (459,000) 7.24 3.0 16,495 Forfeited (7,500) 10.00 6.6 226 Outstanding at September 30, 2015 1,318,417 13.05 6.4 $ 35,697 Exercisable at September 30, 2015 256,918 $ 8.96 4.9 $ 8,008 Nine Months Ended September 30, 2014: Outstanding at January 1, 2014 2,328,900 $ 7.69 5.5 $ 14,300 Granted 114,000 13.83 9.4 1,707 Exercised (821,400) 5.77 2.6 18,920 Forfeited - - - - Outstanding at September 30, 2014 1,621,500 9.10 6.1 $ 31,942 Exercisable at September 30, 2014 609,000 $ 7.17 4.7 $ 13,174 As of September 30, 2015, there was approximately $ 2.1 1.5 Restricted Stock The Company 237,088 770,000 1.1 7,500 |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 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 September 30, 2015 and December 31, 2014 were not material. |
RECENTLY ADOPTED ACCOUNTING PRO
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 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 In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 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 In August 2015, the FASB issue ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements: Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting, In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | NOTE 11 - FAIR VALUE MEASUREMENT Measurement of fair value under U.S. GAAP establishes a hierarchy that prioritizes observable and unobservable inputs used to measure fair value,as of the measurement date, into three broad levels, which are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and also considers counterparty credit risk in its assessment of fair value. Debt Securities . Where quoted prices are available in an active market, securities are classified within Level 1 of the hierarchy. Level 1 securities include highly liquid government securities such as U.S. Treasuries and exchange-traded equity securities. For securities traded in secondary markets for which quoted market prices are not available, the Company generally relies on pricing services provided by independent vendors. Such independent pricing services are to advise the Company on the carrying value of the securities available for sale portfolio. As part of the Company’s procedures, the price provided from the service is evaluated for reasonableness given market changes. When a questionable price exists, the Company investigates further to determine if the price is valid. If needed, other market participants may be utilized to determine the correct fair value. The Company has also reviewed and confirmed its determinations in discussions with the pricing source regarding their methods of price discovery. Securities measured with these techniques are classified within Level 2 of the hierarchy and often involve using quoted market prices for similar securities, pricing models or discounted cash flow calculations using inputs observable in the market where available. Examples include U.S. government agency securities, mortgage-backed securities, obligations of states and political subdivisions and certain corporate, asset-backed and other securities. In cases where Level 1 or Level 2 inputs are not available, securities are classified in Level 3 of the hierarchy. Impaired Loans 1,573,000 5,209,000 724,000 4,280,000 Other Real Estate Owned 248,000 477,000 225,000 757,000 Residential real estate loan foreclosures classified as OREO totaled $ 514,000 684,000 No residential real estate loans were in the process of being foreclosed as of September 30, 2015. Fair Value Measurements at September 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 $ - $ 51,521 $ - $ 51,521 Mortgage-backed securities - 92,521 - 92,521 State and municipal securities - 146,624 - 146,624 Corporate debt - 16,000 - 16,000 Total assets at fair value $ - $ 306,666 $ - $ 306,666 Fair Value Measurements at December 31, 2014 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Inputs Unobservable Assets (Level 1) (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Recurring Basis: Available-for-sale securities U.S. Treasury and government sponsored agencies $ - $ 51,138 $ - $ 51,138 Mortgage-backed securities - 95,523 - 95,523 State and municipal securities - 135,663 - 135,663 Corporate debt - 15,986 - 15,986 Total assets at fair value $ - $ 298,310 $ - $ 298,310 Fair Value Measurements at September 30, 2015 Using Quoted Prices in Active Markets for Significant Other Significant Identical Assets Observable Inputs Unobservable (Level 1) (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Nonrecurring Basis: Impaired loans $ - $ - $ 29,986 $ 29,986 Other real estate owned and repossessed assets - - 6,068 6,068 Total assets at fair value $ - $ - $ 36,054 $ 36,054 Fair Value Measurements at December 31, 2014 Using Quoted Prices in Active Markets for Significant Other Significant Identical Assets Observable Inputs Unobservable (Level 1) (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Nonrecurring Basis: Impaired loans $ - $ - $ 21,631 $ 21,631 Other real estate owned and repossessed assets - - 6,840 6,840 Total assets at fair value $ - $ - $ 28,471 $ 28,471 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: The carrying amounts reported in the statements of financial condition approximate those assets’ fair values. Debt securities: Where quoted prices are available in an active market, securities are classified within Level 1 of the hierarchy. Level 1 securities include highly liquid government securities such as U.S. treasuries and exchange-traded equity securities. For securities traded in secondary markets for which quoted market prices are not available, the Company generally relies on prices obtained from independent vendors. Such independent pricing services are to advise the Company on the carrying value of the securities available for sale portfolio. As part of the Company’s procedures, the price provided from the service is evaluated for reasonableness given market changes. When a questionable price exists, the Company investigates further to determine if the price is valid. If needed, other market participants may be utilized to determine the correct fair value. The Company has also reviewed and confirmed its determinations in discussions with the pricing service regarding their methods of price discovery. Securities measured with these techniques are classified within Level 2 of the hierarchy and often involve using quoted market prices for similar securities, pricing models or discounted cash flow calculations using inputs observable in the market where available. Examples include U.S. government agency securities, mortgage-backed securities, obligations of states and political subdivisions, and certain corporate, asset-backed and other securities. In cases where Level 1 or Level 2 inputs are not available, securities are classified in Level 3 of the fair value hierarchy. Equity securities: Fair values for other investments are considered to be their cost as they are redeemed at par value. Federal funds sold: The carrying amounts reported in the statements of financial condition approximate those assets’ fair values. Mortgage loans held for sale: Loans are committed to be delivered to investors on a “best efforts delivery” basis within 30 days or origination. Due to this short turn-around time, the carrying amounts of the Company’s agreements approximate their fair values. Bank owned life insurance contracts: The carrying amounts in the statements of condition approximate these assets’ fair value. Loans, net: For variable-rate loans that re-price frequently and with no significant change in credit risk, fair value is based on carrying amounts. The fair value of other loans (for example, fixed-rate commercial real estate loans, mortgage loans and industrial loans) is estimated using discounted cash flow analysis, based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Loan fair value estimates include judgments regarding future expected loss experience and risk characteristics. The method of estimating fair value does not incorporate the exit-price concept of fair value as prescribed by ASC 820 and generally produces a higher value than an exit-price approach. The measurement of the fair value of loans is classified within Level 3 of the fair value hierarchy. Deposits: The fair values disclosed for demand deposits are, by definition, equal to the amount payable on demand at the reporting date (that is, their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation using interest rates currently offered for deposits with similar remaining maturities. The fair value of the Company’s time deposits do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. Measurements of the fair value of certificates of deposit are classified within Level 2 of the fair value hierarchy. Federal funds purchased: The carrying amounts in the statements of condition approximate these assets’ fair value. Other borrowings: The fair values of other borrowings are estimated using a discounted cash flow analysis, based on interest rates currently being offered on the best alternative debt available at the measurement date. These measurements are classified as Level 2 in the fair value hierarchy. Loan commitments: The fair values of the Company’s off-balance-sheet financial instruments are based on fees currently charged to enter into similar agreements. Since the majority of the Company’s other off-balance-sheet financial instruments consists of non-fee-producing, variable-rate commitments, the Company has determined they do not have a distinguishable fair value. The carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2015 and December 31, 2014 are presented in the following table. September 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 $ 216,463 $ 216,463 $ 296,573 $ 296,573 Level 2 inputs: Available for sale debt securities 306,666 306,666 298,310 298,310 Held to maturity debt securities 27,969 28,511 29,355 29,974 Restricted equity securities 4,954 4,954 3,921 3,921 Federal funds sold 26,229 26,229 891 891 Mortgage loans held for sale 5,387 5,449 5,984 5,984 Bank owned life insurance contracts 90,964 90,964 86,288 86,288 Level 3 inputs: Loans, net 4,001,668 4,015,104 3,324,229 3,327,371 Financial liabilities: Level 2 inputs: Deposits $ 4,044,634 $ 4,046,448 $ 3,398,160 $ 3,399,261 Federal funds purchased 228,415 228,415 264,315 264,315 Other borrowings 55,728 64,230 19,973 19,973 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 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 September 30, 2015, and events which occurred subsequent to September 30, 2015 but were not recognized in the financial statements. |
ACQUISITION (Tables)
ACQUISITION (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fair Value of Assets Acquired and Liabilities Assumed | January 31, 2015 Preliminary Fair value As recorded by adjustment As recorded by Metro (1) the Company (In Thousands) Assets acquired: Cash and cash equivalents $ 8,543 $ - $ 8,543 Debt securities 28,833 (41) a 28,792 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 26 d 780 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 $ 628 $ 204,017 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 $ 114 $ 24,335 Consideration Paid: Cash $ (20,926) Stock (19,356) Total consideration paid (40,282) Goodwill $ 15,947 (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) | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands, Except Shares and Per Share Data) Earnings per common share Weighted average common shares outstanding 25,883,562 24,761,632 25,636,690 23,539,218 Net income available to common stockholders $ 16,233 $ 13,902 $ 43,534 $ 37,029 Basic earnings per common share $ 0.63 $ 0.56 $ 1.70 $ 1.57 Weighted average common shares outstanding 25,883,562 24,761,632 25,636,690 23,539,218 Dilutive effects of assumed conversions and exercise of stock options and warrants 622,772 964,681 754,410 1,059,032 Weighted average common and dilutive potential common shares outstanding 26,506,334 25,726,313 26,391,100 24,598,250 Net income available to common stockholders $ 16,233 $ 13,902 $ 43,534 $ 37,029 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 $ 16,233 $ 13,902 $ 43,534 $ 37,029 Diluted earnings per common share $ 0.61 $ 0.54 $ 1.65 $ 1.51 |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Sep. 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 September 30, 2015 and December 31, 2014 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value (In Thousands) September 30, 2015 Securities Available for Sale U.S. Treasury and government sponsored agencies $ 50,508 $ 1,084 $ (71) $ 51,521 Mortgage-backed securities 89,722 2,845 (46) 92,521 State and municipal securities 143,664 3,052 (92) 146,624 Corporate debt 15,884 116 - 16,000 Total 299,778 7,097 (209) 306,666 Securities Held to Maturity Mortgage-backed securities 22,211 382 (257) 22,336 State and municipal securities 5,758 423 (6) 6,175 Total $ 27,969 $ 805 $ (263) $ 28,511 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 September 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. September 30, 2015 December 31, 2014 Amortized Amortized Cost Fair Value Cost Fair Value (In thousands) Debt securities available for sale Less than one year $ 21,289 $ 21,450 $ 16,944 $ 17,246 One year to five years 145,941 148,960 121,591 123,962 Five years to ten years 42,009 42,891 60,079 61,221 More than ten years 817 844 350 358 Mortgage-backed securities 89,722 92,521 92,439 95,523 $ 299,778 $ 306,666 $ 291,403 $ 298,310 Debt securities held to maturity Due from five to ten years $ 627 $ 653 $ 298 $ 325 Due after ten years 5,131 5,522 5,253 5,716 Mortgage-backed securities 22,211 22,336 23,804 23,933 $ 27,969 $ 28,511 $ 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) September 30, 2015 U.S. Treasury and government sponsored agencies $ (71) $ 3,939 $ - $ - $ (71) $ 3,939 Mortgage-backed securities (44) 2,625 (259) 13,441 (303) 16,066 State and municipal securities (53) 12,651 (45) 4,403 (98) 17,054 Corporate debt - - - - - - Total $ (168) $ 19,215 $ (304) $ 17,844 $ (472) $ 37,059 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) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Details Of Loans | The following table details the Company’s loans at September 30, 2015 and December 31, 2014: September 30, December 31, 2015 2014 (Dollars In Thousands) Commercial, financial and agricultural $ 1,671,014 $ 1,495,092 Real estate - construction 232,895 208,769 Real estate - mortgage: Owner-occupied commercial 978,721 793,917 1-4 family mortgage 417,011 333,455 Other mortgage 677,822 471,363 Subtotal: Real estate - mortgage 2,073,554 1,598,735 Consumer 66,779 57,262 Total Loans 4,044,242 3,359,858 Less: Allowance for loan losses (42,574) (35,629) Net Loans $ 4,001,668 $ 3,324,229 Commercial, financial and agricultural 41.32 % 44.50 % Real estate - construction 5.76 % 6.21 % Real estate - mortgage: Owner-occupied commercial 24.20 % 23.63 % 1-4 family mortgage 10.31 % 9.92 % Other mortgage 16.76 % 14.03 % Subtotal: Real estate - mortgage 51.27 % 47.58 % Consumer 1.65 % 1.71 % Total Loans 100.00 % 100.00 % |
Loans By Credit Quality Indicator | Loans by credit quality indicator as of September 30, 2015 and December 31, 2014 were as follows: Special September 30, 2015 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 1,601,109 $ 55,877 $ 14,028 $ - $ 1,671,014 Real estate - construction 222,200 6,051 4,644 - 232,895 Real estate - mortgage: Owner-occupied commercial 951,547 19,307 7,867 - 978,721 1-4 family mortgage 410,247 3,984 2,780 - 417,011 Other mortgage 659,394 13,086 5,342 - 677,822 Total real estate mortgage 2,021,188 36,377 15,989 - 2,073,554 Consumer 66,702 44 33 - 66,779 Total $ 3,911,199 $ 98,349 $ 34,694 $ - $ 4,044,242 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 September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 1,666,626 $ 4,388 $ 1,671,014 Real estate - construction 228,895 4,000 232,895 Real estate - mortgage: Owner-occupied commercial 978,600 121 978,721 1-4 family mortgage 416,184 827 417,011 Other mortgage 676,820 1,002 677,822 Total real estate mortgage 2,071,604 1,950 2,073,554 Consumer 66,743 36 66,779 Total $ 4,033,868 $ 10,374 $ 4,044,242 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 September 30, 2015 and December 31, 2014 were as follows: September 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 $ 13 $ - $ 49 $ 62 $ 4,339 $ 1,666,613 $ 1,671,014 Real estate - construction - - - - 4,000 228,895 232,895 Real estate - mortgage: Owner-occupied commercial 34 - - 34 121 978,566 978,721 1-4 family mortgage 50 154 472 676 355 415,980 417,011 Other mortgage 1,401 - - 1,401 1,002 675,419 677,822 Total real estate - mortgage 1,485 154 472 2,111 1,478 2,069,965 2,073,554 Consumer 17 - 3 20 33 66,726 66,779 Total $ 1,515 $ 154 $ 524 $ 2,193 $ 9,850 $ 4,032,199 $ 4,044,242 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 September 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 September 30, 2015 Allowance for loan losses: Balance at June 30, 2015 $ 19,052 $ 5,674 $ 14,171 $ 1,123 $ 40,020 Charge-offs (388) (31) - (126) (545) Recoveries 13 13 1 - 27 Provision 2,020 (237) 1,767 (478) 3,072 Balance at September 30, 2015 $ 20,697 $ 5,419 $ 15,939 $ 519 $ 42,574 Three Months Ended September 30, 2014 Allowance for loan losses: Balance at June 30, 2014 $ 13,637 $ 6,734 $ 11,523 $ 1,090 $ 32,984 Charge-offs (531) (610) (149) (131) (1,421) Recoveries - 97 14 20 131 Provision 1,364 461 905 18 2,748 Balance at September 30, 2014 $ 14,470 $ 6,682 $ 12,293 $ 997 $ 34,442 Nine Months Ended September 30, 2015 Allowance for loan losses: Balance at December 31, 2014 $ 16,079 $ 6,395 $ 12,112 $ 1,043 $ 35,629 Charge-offs (1,616) (506) (641) (150) (2,913) Recoveries 38 177 104 - 319 Provision 6,196 (647) 4,364 (374) 9,539 Balance at September 30, 2015 $ 20,697 $ 5,419 $ 15,939 $ 519 $ 42,574 Nine Months Ended September 30, 2014 Allowance for loan losses: Balance at December 31, 2013 $ 13,576 $ 6,078 $ 10,065 $ 944 $ 30,663 Charge-offs (1,895) (958) (1,043) (207) (4,103) Recoveries 46 285 28 23 382 Provision 2,743 1,277 3,243 237 7,500 Balance at September 30, 2014 $ 14,470 $ 6,682 $ 12,293 $ 997 $ 34,442 As of September 30, 2015 Allowance for loan losses: Individually Evaluated for Impairment $ 3,875 $ 1,089 $ 2,446 $ 33 $ 7,443 Collectively Evaluated for Impairment 16,822 4,330 13,493 486 35,131 Loans: Ending Balance $ 1,671,014 $ 232,895 $ 2,073,554 $ 66,779 $ 4,044,242 Individually Evaluated for Impairment 14,049 4,697 18,632 51 37,429 Collectively Evaluated for Impairment 1,656,965 228,198 2,054,922 66,728 4,006,813 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 nine months ended September 30, ended September 30, September 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 $ 1,133 $ 1,142 $ - $ 1,135 $ 5 $ 1,181 $ 13 Real estate - construction 806 809 - 910 9 1,094 26 Real estate - mortgage: Owner-occupied commercial 4,137 4,294 - 4,177 58 3,908 183 1-4 family mortgage 1,377 1,553 - 1,385 26 1,385 71 Other mortgage 3,155 3,321 - 3,168 38 3,191 139 Total real estate - mortgage 8,669 9,168 - 8,730 122 8,484 393 Consumer 18 23 - 19 - 19 1 Total with no allowance recorded 10,626 11,142 - 10,794 136 10,778 433 With an allowance recorded: Commercial, financial and agricultural 12,916 13,001 3,875 13,728 122 14,079 554 Real estate - construction 3,891 4,371 1,089 3,914 - 4,249 - Real estate - mortgage: Owner-occupied commercial 6,373 6,373 1,336 8,645 140 11,167 475 1-4 family mortgage 1,402 1,403 415 1,406 15 1,397 46 Other mortgage 2,188 2,188 695 2,189 19 2,329 58 Total real estate - mortgage 9,963 9,964 2,446 12,240 174 14,893 579 Consumer 33 33 33 34 1 34 6 Total with allowance recorded 26,803 27,369 7,443 29,916 297 33,255 1,139 Total Impaired Loans: Commercial, financial and agricultural 14,049 14,143 3,875 14,863 127 15,260 567 Real estate - construction 4,697 5,180 1,089 4,824 9 5,343 26 Real estate - mortgage: Owner-occupied commercial 10,510 10,667 1,336 12,822 198 15,075 658 1-4 family mortgage 2,779 2,956 415 2,791 41 2,782 117 Other mortgage 5,343 5,509 695 5,357 57 5,520 197 Total real estate - mortgage 18,632 19,132 2,446 20,970 296 23,377 972 Consumer 51 56 33 53 1 53 7 Total impaired loans $ 37,429 $ 38,511 $ 7,443 $ 40,710 $ 433 $ 44,033 $ 1,572 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 | TDR activity by portfolio segment for the three and nine months ended September 30, 2014 is presented in the table below. Three Months Ended September 30, 2014 Nine Months Ended September 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 $ 390 $ 390 2 $ 889 $ 889 Real estate - construction - - - - - - Real estate - mortgage: Owner-occupied commercial - - - - - - 1-4 family mortgage 1 4,449 4,449 1 4,449 4,449 Other mortgage 1 275 275 2 1,684 1,684 Total real estate mortgage 2 4,724 4,724 3 6,133 6,133 Consumer - - - - - - 3 $ 5,114 $ 5,114 5 $ 7,022 $ 7,022 The following table presents by portfolio segment Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Defaulted during the period, where modified in a TDR twelve months prior to default Commercial, financial and agricultural $ - $ - $ - $ - Real estate - construction - - - - Real estate - mortgage: Owner-occupied commercial - - - - 1-4 family mortgage - 4,313 - 4,313 Other mortgage - - - - Total real estate mortgage - 4,313 - 4,313 Consumer - - - - $ - $ 4,313 $ - $ 4,313 |
EMPLOYEE AND DIRECTOR BENEFITS
EMPLOYEE AND DIRECTOR BENEFITS (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2015 and September 30, 2014: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (years) Value (In Thousands) Nine Months Ended September 30, 2015: Outstanding at January 1, 2015 1,622,917 $ 9.38 5.9 $ 38,256 Granted 162,000 33.26 9.5 - Exercised (459,000) 7.24 3.0 16,495 Forfeited (7,500) 10.00 6.6 226 Outstanding at September 30, 2015 1,318,417 13.05 6.4 $ 35,697 Exercisable at September 30, 2015 256,918 $ 8.96 4.9 $ 8,008 Nine Months Ended September 30, 2014: Outstanding at January 1, 2014 2,328,900 $ 7.69 5.5 $ 14,300 Granted 114,000 13.83 9.4 1,707 Exercised (821,400) 5.77 2.6 18,920 Forfeited - - - - Outstanding at September 30, 2014 1,621,500 9.10 6.1 $ 31,942 Exercisable at September 30, 2014 609,000 $ 7.17 4.7 $ 13,174 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 9 Months Ended |
Sep. 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 September 30, 2015 and December 31, 2014: Fair Value Measurements at September 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 $ - $ 51,521 $ - $ 51,521 Mortgage-backed securities - 92,521 - 92,521 State and municipal securities - 146,624 - 146,624 Corporate debt - 16,000 - 16,000 Total assets at fair value $ - $ 306,666 $ - $ 306,666 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 | The following table presents the Company’s financial assets and financial liabilities carried at fair value on a nonrecurring basis as of September 30, 2015 and December 31, 2014: Fair Value Measurements at September 30, 2015 Using Quoted Prices in Active Markets for Significant Other Significant Identical Assets Observable Inputs Unobservable (Level 1) (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Nonrecurring Basis: Impaired loans $ - $ - $ 29,986 $ 29,986 Other real estate owned and repossessed assets - - 6,068 6,068 Total assets at fair value $ - $ - $ 36,054 $ 36,054 Fair Value Measurements at December 31, 2014 Using Quoted Prices in Active Markets for Significant Other Significant Identical Assets Observable Inputs Unobservable (Level 1) (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Nonrecurring Basis: Impaired loans $ - $ - $ 21,631 $ 21,631 Other real estate owned and repossessed assets - - 6,840 6,840 Total assets at fair value $ - $ - $ 28,471 $ 28,471 |
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. September 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 $ 216,463 $ 216,463 $ 296,573 $ 296,573 Level 2 inputs: Available for sale debt securities 306,666 306,666 298,310 298,310 Held to maturity debt securities 27,969 28,511 29,355 29,974 Restricted equity securities 4,954 4,954 3,921 3,921 Federal funds sold 26,229 26,229 891 891 Mortgage loans held for sale 5,387 5,449 5,984 5,984 Bank owned life insurance contracts 90,964 90,964 86,288 86,288 Level 3 inputs: Loans, net 4,001,668 4,015,104 3,324,229 3,327,371 Financial liabilities: Level 2 inputs: Deposits $ 4,044,634 $ 4,046,448 $ 3,398,160 $ 3,399,261 Federal funds purchased 228,415 228,415 264,315 264,315 Other borrowings 55,728 64,230 19,973 19,973 |
GENERAL (Additional Information
GENERAL (Additional Information) (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Core Deposit Intangible Asset Amortization Period | 7 years |
ACQUISITION (Details)
ACQUISITION (Details) $ in Thousands | 1 Months Ended | |
Jan. 31, 2015USD ($) | ||
Assets acquired: | ||
Cash and cash equivalents | $ 8,543 | |
Debt securities | 28,792 | |
Equity securities | 499 | |
Loans | 148,995 | |
Allowance for loan losses | 0 | |
Premises and equipment, net | 8,437 | |
Accrued interest receivable | 484 | |
Deferred taxes | 780 | |
Other real estate owned | 2,348 | |
Bank owned life insurance contracts | 2,685 | |
Core deposit intangible | 2,090 | |
Other assets | 364 | |
Total assets acquired | 204,017 | |
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 | 24,335 | |
Consideration Paid: | ||
Cash | (20,926) | |
Stock | (19,356) | |
Total consideration paid | (40,282) | |
Goodwill | 15,947 | |
Metro Bancshares, Inc [Member] | ||
Assets acquired: | ||
Cash and cash equivalents | 8,543 | |
Debt securities | 28,833 | |
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 | 0 | [1] |
Debt securities | (41) | [1],[2] |
Equity securities | 0 | [1] |
Loans | (3,874) | [1],[3] |
Allowance for loan losses | 1,621 | [1],[3] |
Premises and equipment, net | 831 | [1],[4] |
Accrued interest receivable | 0 | [1] |
Deferred taxes | 26 | [1],[5] |
Other real estate owned | (25) | [1],[6] |
Bank owned life insurance contracts | 0 | [1] |
Core deposit intangible | 2,090 | [1],[7] |
Other assets | 0 | [1] |
Total assets acquired | 628 | [1] |
Liabilities assumed: | ||
Deposits | 518 | [1],[8] |
Federal funds purchased | 0 | [1] |
Other borrowings | (4) | [1],[9] |
Accrued interest payable | 0 | [1] |
Other liabilities | 0 | [1] |
Total liabilities assumed | 514 | [1] |
Net assets acquired | $ 114 | [1] |
[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 | 9 Months Ended | |||
Jan. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 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 | $ 248,000 | $ 225,000 | $ 477,000 | $ 757,000 | ||
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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings per common share | ||||
Weighted average common shares outstanding | 25,883,562 | 24,761,632 | 25,636,690 | 23,539,218 |
Net income available to common stockholders | $ 16,233 | $ 13,902 | $ 43,534 | $ 37,029 |
Basic earnings per common share | $ 0.63 | $ 0.56 | $ 1.7 | $ 1.57 |
Weighted average common shares outstanding | 25,883,562 | 24,761,632 | 25,636,690 | 23,539,218 |
Dilutive effects of assumed conversions and exercise of stock options and warrants | 622,772 | 964,681 | 754,410 | 1,059,032 |
Weighted average common and dilutive potential common shares outstanding | 26,506,334 | 25,726,313 | 26,391,100 | 24,598,250 |
Net income available to common stockholders | $ 16,233 | $ 13,902 | $ 43,534 | $ 37,029 |
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 | $ 16,233 | $ 13,902 | $ 43,534 | $ 37,029 |
Diluted earnings per common share | $ 0.61 | $ 0.54 | $ 1.65 | $ 1.51 |
SECURITIES (Amortized Cost And
SECURITIES (Amortized Cost And Fair Value Of Available For Sale And Held To Maturity Securities) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Securities Available for Sale | ||
Amortized Cost | $ 299,778 | $ 291,403 |
Gross Unrealized Gain | 7,097 | 7,246 |
Gross Unrealized Loss | (209) | (339) |
Market Value | 306,666 | 298,310 |
Securities Held to Maturity | ||
Amortized Cost | 27,969 | 29,355 |
Gross Unrealized Gain | 805 | 939 |
Gross Unrealized Loss | (263) | (320) |
Market Value | 28,511 | 29,974 |
U.S. Treasury and Government Sponsored Agencies [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 50,508 | 50,363 |
Gross Unrealized Gain | 1,084 | 775 |
Gross Unrealized Loss | (71) | 0 |
Market Value | 51,521 | 51,138 |
Mortgage-Backed Securities [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 89,722 | 92,439 |
Gross Unrealized Gain | 2,845 | 3,095 |
Gross Unrealized Loss | (46) | (11) |
Market Value | 92,521 | 95,523 |
Securities Held to Maturity | ||
Amortized Cost | 22,211 | 23,804 |
Gross Unrealized Gain | 382 | 449 |
Gross Unrealized Loss | (257) | (320) |
Market Value | 22,336 | 23,933 |
State and Municipal Securities [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 143,664 | 132,780 |
Gross Unrealized Gain | 3,052 | 3,211 |
Gross Unrealized Loss | (92) | (328) |
Market Value | 146,624 | 135,663 |
Securities Held to Maturity | ||
Amortized Cost | 5,758 | 5,551 |
Gross Unrealized Gain | 423 | 490 |
Gross Unrealized Loss | (6) | 0 |
Market Value | 6,175 | 6,041 |
Corporate Debt [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 15,884 | 15,821 |
Gross Unrealized Gain | 116 | 165 |
Gross Unrealized Loss | 0 | 0 |
Market Value | $ 16,000 | $ 15,986 |
SECURITIES (Amortized Cost An34
SECURITIES (Amortized Cost And Fair Value Of Contractual Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt securities available for sale | ||
Amortized Cost | $ 299,778 | $ 291,403 |
Fair Value | 306,666 | 298,310 |
Debt securities held to maturity | ||
Amortized Cost | 27,969 | 29,355 |
Fair Value | 28,511 | 29,974 |
Due within one year [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 21,289 | 16,944 |
Fair Value | 21,450 | 17,246 |
Due from one to five years [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 145,941 | 121,591 |
Fair Value | 148,960 | 123,962 |
Due from five to ten years [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 42,009 | 60,079 |
Fair Value | 42,891 | 61,221 |
Debt securities held to maturity | ||
Amortized Cost | 627 | 298 |
Fair Value | 653 | 325 |
Due after ten years [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 817 | 350 |
Fair Value | 844 | 358 |
Debt securities held to maturity | ||
Amortized Cost | 5,131 | 5,253 |
Fair Value | 5,522 | 5,716 |
Mortgage-backed securities [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 89,722 | 92,439 |
Fair Value | 92,521 | 95,523 |
Debt securities held to maturity | ||
Amortized Cost | 22,211 | 23,804 |
Fair Value | $ 22,336 | $ 23,933 |
SECURITIES (Investment Securiti
SECURITIES (Investment Securities Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Gross Unrealized Losses | $ (472) | $ (659) |
Fair Value | 37,059 | 48,516 |
U.S. Treasury and Government Sponsored Agencies [Member] | ||
Gross Unrealized Losses | (71) | 0 |
Fair Value | 3,939 | 0 |
Mortgage-Backed Securities [Member] | ||
Gross Unrealized Losses | (303) | (331) |
Fair Value | 16,066 | 17,751 |
State and Municipal Securities [Member] | ||
Gross Unrealized Losses | (98) | (328) |
Fair Value | 17,054 | 30,765 |
Corporate Debt [Member] | ||
Gross Unrealized Losses | 0 | 0 |
Fair Value | 0 | 0 |
Less Than Twelve Months [Member] | ||
Gross Unrealized Losses | (168) | (162) |
Fair Value | 19,215 | 19,945 |
Less Than Twelve Months [Member] | U.S. Treasury and Government Sponsored Agencies [Member] | ||
Gross Unrealized Losses | (71) | 0 |
Fair Value | 3,939 | 0 |
Less Than Twelve Months [Member] | Mortgage-Backed Securities [Member] | ||
Gross Unrealized Losses | (44) | 0 |
Fair Value | 2,625 | 0 |
Less Than Twelve Months [Member] | State and Municipal Securities [Member] | ||
Gross Unrealized Losses | (53) | (162) |
Fair Value | 12,651 | 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 | (304) | (497) |
Fair Value | 17,844 | 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 | (259) | (331) |
Fair Value | 13,441 | 17,751 |
Twelve Months Or More [Member] | State and Municipal Securities [Member] | ||
Gross Unrealized Losses | (45) | (166) |
Fair Value | 4,403 | 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) | 9 Months Ended |
Sep. 30, 2015USD ($)shares | |
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) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Accounts Notes and Loans Receivable [Line Items] | |||||||
Commercial, financial and agricultural | $ 1,671,014 | $ 1,495,092 | |||||
Real estate - construction | 232,895 | 208,769 | |||||
Real estate - mortgage: | |||||||
Owner-occupied commercial | 978,721 | 793,917 | |||||
1-4 family mortgage | 417,011 | 333,455 | |||||
Other mortgage | 677,822 | 471,363 | |||||
Subtotal: Real estate - mortgage | 2,073,554 | 1,598,735 | |||||
Consumer | 66,779 | 57,262 | |||||
Total Loans | 4,044,242 | 3,359,858 | |||||
Less allowance for loan losses | (42,574) | $ (40,020) | (35,629) | [1] | $ (34,442) | $ (32,984) | $ (30,663) |
Net Loans | $ 4,001,668 | $ 3,324,229 | [1] | ||||
Commercial, financial and agricultural, Percentage | 41.32% | 44.50% | |||||
Real estate - construction, Percentage | 5.76% | 6.21% | |||||
Owner-occupied commercial, Real estate - mortgage, Percentage | 24.20% | 23.63% | |||||
1-4 family mortgage, Real estate - mortgage, Percentage | 10.31% | 9.92% | |||||
Other mortgage, Real estate - mortgage, Percentage | 16.76% | 14.03% | |||||
Subtotal: Real estate - mortgage, Percentage | 51.27% | 47.58% | |||||
Consumer, Percentage | 1.65% | 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 | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | $ 1,671,014 | $ 1,495,092 |
Real estate - construction | 232,895 | 208,769 |
Real estate - mortgage: | ||
Owner-occupied commercial | 978,721 | 793,917 |
1-4 family mortgage | 417,011 | 333,455 |
Other mortgage | 677,822 | 471,363 |
Total real estate mortgage | 2,073,554 | 1,598,735 |
Consumer | 66,779 | 57,262 |
Total | 4,044,242 | 3,359,858 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 1,601,109 | 1,459,356 |
Real estate - construction | 222,200 | 197,727 |
Real estate - mortgage: | ||
Owner-occupied commercial | 951,547 | 784,492 |
1-4 family mortgage | 410,247 | 326,316 |
Other mortgage | 659,394 | 457,782 |
Total real estate mortgage | 2,021,188 | 1,568,590 |
Consumer | 66,702 | 56,559 |
Total | 3,911,199 | 3,282,232 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 55,877 | 25,416 |
Real estate - construction | 6,051 | 5,332 |
Real estate - mortgage: | ||
Owner-occupied commercial | 19,307 | 6,848 |
1-4 family mortgage | 3,984 | 4,253 |
Other mortgage | 13,086 | 9,015 |
Total real estate mortgage | 36,377 | 20,116 |
Consumer | 44 | 37 |
Total | 98,349 | 50,901 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 14,028 | 10,320 |
Real estate - construction | 4,644 | 5,710 |
Real estate - mortgage: | ||
Owner-occupied commercial | 7,867 | 2,577 |
1-4 family mortgage | 2,780 | 2,886 |
Other mortgage | 5,342 | 4,566 |
Total real estate mortgage | 15,989 | 10,029 |
Consumer | 33 | 666 |
Total | 34,694 | 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 | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | $ 1,671,014 | $ 1,495,092 |
Real estate - construction | 232,895 | 208,769 |
Real estate - mortgage: | ||
Owner-occupied commercial | 978,721 | 793,917 |
1-4 family mortgage | 417,011 | 333,455 |
Other mortgage | 677,822 | 471,363 |
Total real estate mortgage | 2,073,554 | 1,598,735 |
Consumer | 66,779 | 57,262 |
Total | 4,044,242 | 3,359,858 |
Performing Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 1,666,626 | 1,493,995 |
Real estate - construction | 228,895 | 203,720 |
Real estate - mortgage: | ||
Owner-occupied commercial | 978,600 | 793,234 |
1-4 family mortgage | 416,184 | 331,859 |
Other mortgage | 676,820 | 470,404 |
Total real estate mortgage | 2,071,604 | 1,595,497 |
Consumer | 66,743 | 56,596 |
Total | 4,033,868 | 3,349,808 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 4,388 | 1,097 |
Real estate - construction | 4,000 | 5,049 |
Real estate - mortgage: | ||
Owner-occupied commercial | 121 | 683 |
1-4 family mortgage | 827 | 1,596 |
Other mortgage | 1,002 | 959 |
Total real estate mortgage | 1,950 | 3,238 |
Consumer | 36 | 666 |
Total | $ 10,374 | $ 10,050 |
LOANS (Loans By Past Due Status
LOANS (Loans By Past Due Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due Status (Accruing Loans) Total Past Due | $ 2,193 | $ 5,838 | ||
Non-Accrual | 9,850 | 9,125 | ||
Current | 4,032,199 | 3,344,895 | ||
Total Loans | 4,044,242 | $ 4,044,242 | 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 | 1,515 | 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 | 154 | 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 | 524 | 925 | ||
Commercial Financial and Agricultural Financing Receivable [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due Status (Accruing Loans) Total Past Due | 62 | 5,803 | ||
Non-Accrual | 4,339 | 172 | ||
Current | 1,666,613 | 1,489,117 | ||
Total Loans | 1,671,014 | 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 | 13 | 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 | 0 | 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 | 49 | 925 | ||
Commercial Mortgage Loans Owner Occupied [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due Status (Accruing Loans) Total Past Due | 34 | 0 | ||
Non-Accrual | 121 | 683 | ||
Current | 978,566 | 793,234 | ||
Total Loans | 978,721 | 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 | 34 | 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 | 676 | 14 | ||
Non-Accrual | 355 | 1,596 | ||
Current | 415,980 | 331,845 | ||
Total Loans | 417,011 | 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 | 50 | 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 | 154 | 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 | 472 | 0 | ||
Other Real Estate Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due Status (Accruing Loans) Total Past Due | 1,401 | 0 | ||
Non-Accrual | 1,002 | 959 | ||
Current | 675,419 | 470,404 | ||
Total Loans | 677,822 | 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 | 1,401 | 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 | 0 | 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 | 2,111 | 14 | ||
Non-Accrual | 1,478 | 3,238 | ||
Current | 2,069,965 | 1,595,483 | ||
Total Loans | 2,073,554 | 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 | 1,485 | 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 | 154 | 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 | 472 | 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 | 33 | 666 | ||
Current | 66,726 | 56,575 | ||
Total Loans | 66,779 | 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 | 17 | 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 | 0 | 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 | 3 | 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 | 4,000 | 5,049 | ||
Current | 228,895 | 203,720 | ||
Total Loans | 232,895 | 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 | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | |||
Allowance For Loan Losses | ||||||||
Balance, beginning of year | $ 40,020 | $ 32,984 | $ 35,629 | [1] | $ 30,663 | |||
Charge-offs | (545) | (1,421) | (2,913) | (4,103) | ||||
Recoveries | 27 | 131 | 319 | 382 | ||||
Provision | 3,072 | 2,748 | 9,539 | 7,500 | ||||
Balance, end of year | 42,574 | 34,442 | 42,574 | 34,442 | ||||
Individually Evaluated for Impairment | 7,443 | 7,443 | $ 5,094 | |||||
Collectively Evaluated for Impairment | 35,131 | 35,131 | 30,535 | |||||
Ending Balance | 4,044,242 | 4,044,242 | $ 4,044,242 | 3,359,858 | [1] | |||
Individually Evaluated for Impairment | 37,429 | 37,429 | 26,725 | |||||
Collectively Evaluated for Impairment | 4,006,813 | 4,006,813 | 3,333,133 | |||||
Commercial Financial and Agricultural Financing Receivable [Member] | ||||||||
Allowance For Loan Losses | ||||||||
Balance, beginning of year | 19,052 | 13,637 | 16,079 | 13,576 | ||||
Charge-offs | (388) | (531) | (1,616) | (1,895) | ||||
Recoveries | 13 | 0 | 38 | 46 | ||||
Provision | 2,020 | 1,364 | 6,196 | 2,743 | ||||
Balance, end of year | 20,697 | 14,470 | 20,697 | 14,470 | ||||
Individually Evaluated for Impairment | 3,875 | 3,875 | 1,344 | |||||
Collectively Evaluated for Impairment | 16,822 | 16,822 | 14,735 | |||||
Ending Balance | 1,671,014 | 1,671,014 | 1,495,092 | |||||
Individually Evaluated for Impairment | 14,049 | 14,049 | 10,350 | |||||
Collectively Evaluated for Impairment | 1,656,965 | 1,656,965 | 1,484,742 | |||||
Residential Real Estate Mortgage Loans [Member] | ||||||||
Allowance For Loan Losses | ||||||||
Balance, beginning of year | 14,171 | 11,523 | 12,112 | 10,065 | ||||
Charge-offs | 0 | (149) | (641) | (1,043) | ||||
Recoveries | 1 | 14 | 104 | 28 | ||||
Provision | 1,767 | 905 | 4,364 | 3,243 | ||||
Balance, end of year | 15,939 | 12,293 | 15,939 | 12,293 | ||||
Individually Evaluated for Impairment | 2,446 | 2,446 | 1,636 | |||||
Collectively Evaluated for Impairment | 13,493 | 13,493 | 10,476 | |||||
Ending Balance | 2,073,554 | 2,073,554 | 1,598,735 | |||||
Individually Evaluated for Impairment | 18,632 | 18,632 | 10,029 | |||||
Collectively Evaluated for Impairment | 2,054,922 | 2,054,922 | 1,588,706 | |||||
Consumer Portfolio Segment [Member] | ||||||||
Allowance For Loan Losses | ||||||||
Balance, beginning of year | 1,123 | 1,090 | 1,043 | 944 | ||||
Charge-offs | (126) | (131) | (150) | (207) | ||||
Recoveries | 0 | 20 | 0 | 23 | ||||
Provision | (478) | 18 | (374) | 237 | ||||
Balance, end of year | 519 | 997 | 519 | 997 | ||||
Individually Evaluated for Impairment | 33 | 33 | 666 | |||||
Collectively Evaluated for Impairment | 486 | 486 | 377 | |||||
Ending Balance | 66,779 | 66,779 | 57,262 | |||||
Individually Evaluated for Impairment | 51 | 51 | 666 | |||||
Collectively Evaluated for Impairment | 66,728 | 66,728 | 56,596 | |||||
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||||
Allowance For Loan Losses | ||||||||
Balance, beginning of year | 5,674 | 6,734 | 6,395 | 6,078 | ||||
Charge-offs | (31) | (610) | (506) | (958) | ||||
Recoveries | 13 | 97 | 177 | 285 | ||||
Provision | (237) | 461 | (647) | 1,277 | ||||
Balance, end of year | 5,419 | $ 6,682 | 5,419 | $ 6,682 | ||||
Individually Evaluated for Impairment | 1,089 | 1,089 | 1,448 | |||||
Collectively Evaluated for Impairment | 4,330 | 4,330 | 4,947 | |||||
Ending Balance | 232,895 | 232,895 | 208,769 | |||||
Individually Evaluated for Impairment | 4,697 | 4,697 | 5,680 | |||||
Collectively Evaluated for Impairment | $ 228,198 | $ 228,198 | $ 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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | $ 10,626 | $ 10,626 | $ 12,648 |
Unpaid Principal Balance, with no allowance recorded | 11,142 | 11,142 | 12,698 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 10,794 | 10,778 | 11,708 |
Interest Income Recognized in Period, with no allowance recorded | 136 | 433 | 619 |
Recorded Investment, with an allowance recorded | 26,803 | 26,803 | 14,077 |
Unpaid Principal Balance, with an allowance recorded | 27,369 | 27,369 | 14,557 |
Related Allowance with an allowance recorded | 7,443 | 7,443 | 5,094 |
Average Recorded Investment , with an allowance recorded | 29,916 | 33,255 | 14,975 |
Interest Income Recognized in Period, with an allowance recorded | 297 | 1,139 | 344 |
Recorded Investment | 37,429 | 37,429 | 26,725 |
Unpaid Principal Balance | 38,511 | 38,511 | 27,255 |
Related Allowance | 7,443 | 7,443 | 5,094 |
Average Recorded Investment | 40,710 | 44,033 | 26,683 |
Interest Income Recognized in Period | 433 | 1,572 | 963 |
Commercial Financial and Agricultural Financing Receivable [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 1,133 | 1,133 | 7,059 |
Unpaid Principal Balance, with no allowance recorded | 1,142 | 1,142 | 7,059 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 1,135 | 1,181 | 7,104 |
Interest Income Recognized in Period, with no allowance recorded | 5 | 13 | 406 |
Recorded Investment, with an allowance recorded | 12,916 | 12,916 | 3,291 |
Unpaid Principal Balance, with an allowance recorded | 13,001 | 13,001 | 3,291 |
Related Allowance with an allowance recorded | 3,875 | 3,875 | 1,344 |
Average Recorded Investment , with an allowance recorded | 13,728 | 14,079 | 3,262 |
Interest Income Recognized in Period, with an allowance recorded | 122 | 554 | 156 |
Recorded Investment | 14,049 | 14,049 | 10,350 |
Unpaid Principal Balance | 14,143 | 14,143 | 10,350 |
Related Allowance | 3,875 | 3,875 | 1,344 |
Average Recorded Investment | 14,863 | 15,260 | 10,366 |
Interest Income Recognized in Period | 127 | 567 | 562 |
Commercial Mortgage Loans Owner Occupied [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 4,137 | 4,137 | 1,576 |
Unpaid Principal Balance, with no allowance recorded | 4,294 | 4,294 | 1,576 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 4,177 | 3,908 | 236 |
Interest Income Recognized in Period, with no allowance recorded | 58 | 183 | 12 |
Recorded Investment, with an allowance recorded | 6,373 | 6,373 | 1,001 |
Unpaid Principal Balance, with an allowance recorded | 6,373 | 6,373 | 1,001 |
Related Allowance with an allowance recorded | 1,336 | 1,336 | 160 |
Average Recorded Investment , with an allowance recorded | 8,645 | 11,167 | 1,140 |
Interest Income Recognized in Period, with an allowance recorded | 140 | 475 | 29 |
Recorded Investment | 10,510 | 10,510 | 2,577 |
Unpaid Principal Balance | 10,667 | 10,667 | 2,577 |
Related Allowance | 1,336 | 1,336 | 160 |
Average Recorded Investment | 12,822 | 15,075 | 1,376 |
Interest Income Recognized in Period | 198 | 658 | 41 |
One To Four Family Mortgage Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 1,377 | 1,377 | 542 |
Unpaid Principal Balance, with no allowance recorded | 1,553 | 1,553 | 592 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 1,385 | 1,385 | 592 |
Interest Income Recognized in Period, with no allowance recorded | 26 | 71 | 19 |
Recorded Investment, with an allowance recorded | 1,402 | 1,402 | 2,344 |
Unpaid Principal Balance, with an allowance recorded | 1,403 | 1,403 | 2,344 |
Related Allowance with an allowance recorded | 415 | 415 | 694 |
Average Recorded Investment , with an allowance recorded | 1,406 | 1,397 | 2,743 |
Interest Income Recognized in Period, with an allowance recorded | 15 | 46 | 56 |
Recorded Investment | 2,779 | 2,779 | 2,886 |
Unpaid Principal Balance | 2,956 | 2,956 | 2,936 |
Related Allowance | 415 | 415 | 694 |
Average Recorded Investment | 2,791 | 2,782 | 3,335 |
Interest Income Recognized in Period | 41 | 117 | 75 |
Other Real Estate Mortgage Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 3,155 | 3,155 | 1,944 |
Unpaid Principal Balance, with no allowance recorded | 3,321 | 3,321 | 1,944 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 3,168 | 3,191 | 2,283 |
Interest Income Recognized in Period, with no allowance recorded | 38 | 139 | 142 |
Recorded Investment, with an allowance recorded | 2,188 | 2,188 | 2,622 |
Unpaid Principal Balance, with an allowance recorded | 2,188 | 2,188 | 2,622 |
Related Allowance with an allowance recorded | 695 | 695 | 782 |
Average Recorded Investment , with an allowance recorded | 2,189 | 2,329 | 2,767 |
Interest Income Recognized in Period, with an allowance recorded | 19 | 58 | 84 |
Recorded Investment | 5,343 | 5,343 | 4,566 |
Unpaid Principal Balance | 5,509 | 5,509 | 4,566 |
Related Allowance | 695 | 695 | 782 |
Average Recorded Investment | 5,357 | 5,520 | 5,050 |
Interest Income Recognized in Period | 57 | 197 | 226 |
Residential Real Estate Mortgage Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 8,669 | 8,669 | 4,062 |
Unpaid Principal Balance, with no allowance recorded | 9,168 | 9,168 | 4,112 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 8,730 | 8,484 | 3,111 |
Interest Income Recognized in Period, with no allowance recorded | 122 | 393 | 173 |
Recorded Investment, with an allowance recorded | 9,963 | 9,963 | 5,967 |
Unpaid Principal Balance, with an allowance recorded | 9,964 | 9,964 | 5,967 |
Related Allowance with an allowance recorded | 2,446 | 2,446 | 1,636 |
Average Recorded Investment , with an allowance recorded | 12,240 | 14,893 | 6,650 |
Interest Income Recognized in Period, with an allowance recorded | 174 | 579 | 169 |
Recorded Investment | 18,632 | 18,632 | 10,029 |
Unpaid Principal Balance | 19,132 | 19,132 | 10,079 |
Related Allowance | 2,446 | 2,446 | 1,636 |
Average Recorded Investment | 20,970 | 23,377 | 9,761 |
Interest Income Recognized in Period | 296 | 972 | 342 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 18 | 18 | 0 |
Unpaid Principal Balance, with no allowance recorded | 23 | 23 | 0 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 19 | 19 | 0 |
Interest Income Recognized in Period, with no allowance recorded | 0 | 1 | 0 |
Recorded Investment, with an allowance recorded | 33 | 33 | 666 |
Unpaid Principal Balance, with an allowance recorded | 33 | 33 | 666 |
Related Allowance with an allowance recorded | 33 | 33 | 666 |
Average Recorded Investment , with an allowance recorded | 34 | 34 | 681 |
Interest Income Recognized in Period, with an allowance recorded | 1 | 6 | 0 |
Recorded Investment | 51 | 51 | 666 |
Unpaid Principal Balance | 56 | 56 | 666 |
Related Allowance | 33 | 33 | 666 |
Average Recorded Investment | 53 | 53 | 681 |
Interest Income Recognized in Period | 1 | 7 | 0 |
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 806 | 806 | 1,527 |
Unpaid Principal Balance, with no allowance recorded | 809 | 809 | 1,527 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 910 | 1,094 | 1,493 |
Interest Income Recognized in Period, with no allowance recorded | 9 | 26 | 40 |
Recorded Investment, with an allowance recorded | 3,891 | 3,891 | 4,153 |
Unpaid Principal Balance, with an allowance recorded | 4,371 | 4,371 | 4,633 |
Related Allowance with an allowance recorded | 1,089 | 1,089 | 1,448 |
Average Recorded Investment , with an allowance recorded | 3,914 | 4,249 | 4,382 |
Interest Income Recognized in Period, with an allowance recorded | 0 | 0 | 19 |
Recorded Investment | 4,697 | 4,697 | 5,680 |
Unpaid Principal Balance | 5,180 | 5,180 | 6,160 |
Related Allowance | 1,089 | 1,089 | 1,448 |
Average Recorded Investment | 4,824 | 5,343 | 5,875 |
Interest Income Recognized in Period | $ 9 | $ 26 | $ 59 |
LOANS (Analysis Of Troubled Deb
LOANS (Analysis Of Troubled Debt Restructuring) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($)Number | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($)Number | Dec. 31, 2014USD ($) | |
Financing Receivable Modifications [Line Items] | |||||
Number of Contracts | Number | 3 | 5 | |||
Pre- Modification Outstanding Recorded Investment | $ 5,114 | $ 7,022 | |||
Post- Modification Outstanding Recorded Investment | 5,114 | $ 8,300 | 7,022 | $ 9,000 | |
Previous Twelve Months Recorded Investment | $ 0 | $ 4,313 | 0 | $ 4,313 | |
Commercial Financial and Agricultural Financing Receivable [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Contracts | Number | 1 | 2 | |||
Pre- Modification Outstanding Recorded Investment | $ 390 | $ 889 | |||
Post- Modification Outstanding Recorded Investment | 390 | 889 | |||
Previous Twelve Months Recorded Investment | 0 | $ 0 | 0 | $ 0 | |
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 | |||
Previous Twelve Months Recorded Investment | 0 | $ 0 | 0 | $ 0 | |
One To Four Family Mortgage Loans [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Contracts | Number | 1 | 1 | |||
Pre- Modification Outstanding Recorded Investment | $ 4,449 | $ 4,449 | |||
Post- Modification Outstanding Recorded Investment | 4,449 | 4,449 | |||
Previous Twelve Months Recorded Investment | 0 | $ 4,313 | 0 | $ 4,313 | |
Other Real Estate Mortgage Loans [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Contracts | Number | 1 | 2 | |||
Pre- Modification Outstanding Recorded Investment | $ 275 | $ 1,684 | |||
Post- Modification Outstanding Recorded Investment | 275 | 1,684 | |||
Previous Twelve Months Recorded Investment | 0 | $ 0 | 0 | $ 0 | |
Residential Real Estate Mortgage Loans [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Contracts | Number | 2 | 3 | |||
Pre- Modification Outstanding Recorded Investment | $ 4,724 | $ 6,133 | |||
Post- Modification Outstanding Recorded Investment | 4,724 | 6,133 | |||
Previous Twelve Months Recorded Investment | 0 | $ 4,313 | 0 | $ 4,313 | |
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 | |||
Previous Twelve Months Recorded Investment | 0 | $ 0 | 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 | |||
Previous Twelve Months Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS (Additional Information)
LOANS (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Troubled Debt Restructuring Debtor Current Period [Line Items] | ||||
Troubled Debt Restructurings | $ 5,114 | $ 8,300 | $ 7,022 | $ 9,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 1,200 | $ 1,900 | $ 1,000 |
EMPLOYEE AND DIRECTOR BENEFIT45
EMPLOYEE AND DIRECTOR BENEFITS (Assumptions Used To Estimates Fair Value Of Stock Option Award Using Black Scholes Merton Valuation Model) (Details) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 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 BENEFIT46
EMPLOYEE AND DIRECTOR BENEFITS (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 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 | 162,000 | 114,000 |
Shares, Exercised | (459,000) | (821,400) |
Shares, Forfeited | (7,500) | 0 |
Shares, Outstanding at end of year | 1,318,417 | 1,621,500 |
Shares, Exercisable | 256,918 | 609,000 |
Weighted Average Exercise Price, Outstanding at beginning of year | $ 9.38 | $ 7.69 |
Weighted Average Exercise Price, Granted | 33.26 | 13.83 |
Weighted Average Exercise Price, Exercised | 7.24 | 5.77 |
Weighted Average Exercise Price, Forfeited | 10 | 0 |
Weighted Average Exercise Price, Outstanding at end of year | 13.05 | 9.1 |
Weighted Average Exercise Price, Exercisable | $ 8.96 | $ 7.17 |
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 6 months | 9 years 4 months 24 days |
Weighted Average Remaining Contractual Term (years), Exercised | 3 years | 2 years 7 months 6 days |
Weighted Average Remaining Contractual Term (years), Forfeited | 6 years 7 months 6 days | 0 years |
Weighted Average Remaining Contractual Term (years), Outstanding at ending | 6 years 4 months 24 days | 6 years 1 month 6 days |
Weighted Average Remaining Contractual Term (years), Exercisable | 4 years 10 months 24 days | 4 years 8 months 12 days |
Aggregate Intrinsic Value, Outstanding at beginning of year | $ 38,256 | $ 14,300 |
Aggregate Intrinsic Value, Granted | 0 | 1,707 |
Aggregate Intrinsic Value, Exercised | 16,495 | 18,920 |
Aggregate Intrinsic Value, Forfeited | 226 | 0 |
Aggregate Intrinsic Value, Outstanding at end of year | 35,697 | 31,942 |
Aggregate Intrinsic Value, Exercisable | $ 8,008 | $ 13,174 |
EMPLOYEE AND DIRECTOR BENEFIT47
EMPLOYEE AND DIRECTOR BENEFITS (Additional Information) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Apr. 30, 2014 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based compensation | $ 293,000 | $ 302,000 | $ 857,000 | $ 3,403,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.40 | $ 2.95 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 2,100,000 | $ 2,100,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||||||
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 | $ 770,000 | $ 770,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 1 month 6 days | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 237,088 | |||||||
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 | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 306,666 | $ 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 | 306,666 | 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 | 51,521 | 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 | 92,521 | 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 | 146,624 | 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 | 16,000 | 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 | 306,666 | 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 | 51,521 | 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 | 92,521 | 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 | 146,624 | 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 | 16,000 | 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 | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 29,986 | $ 21,631 |
Other real estate owned and repossessed assets | 6,068 | 6,840 |
Total assets at fair value | 36,054 | 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 | 29,986 | 21,631 |
Other real estate owned and repossessed assets | 6,068 | 6,840 |
Total assets at fair value | $ 36,054 | $ 28,471 |
FAIR VALUE MEASUREMENT (Finan50
FAIR VALUE MEASUREMENT (Financial Assets And Liabilities Carried At Fair Value On Recurring Basis Or Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Financial Assets: | |||
Cash and due from banks | $ 50,481 | $ 48,519 | [1] |
Available for sale debt securities | 306,666 | 298,310 | [1] |
Held to maturity debt securities | 27,969 | 29,355 | [1] |
Restricted equity securities | 4,954 | 3,921 | [1] |
Federal funds sold | 26,229 | 891 | [1] |
Mortgage loans held for sale | 5,387 | 5,984 | [1] |
Bank owned life insurance contracts | 90,964 | 86,288 | [1] |
Loans, net | 4,001,668 | 3,324,229 | [1] |
Financial Liabilities: | |||
Federal funds purchased | 228,415 | 264,315 | [1] |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets: | |||
Cash and due from banks | 216,463 | 296,573 | |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | |||
Financial Assets: | |||
Available for sale debt securities | 306,666 | 298,310 | |
Held to maturity debt securities | 27,969 | 29,355 | |
Restricted equity securities | 4,954 | 3,921 | |
Federal funds sold | 26,229 | 891 | |
Mortgage loans held for sale | 5,387 | 5,984 | |
Bank owned life insurance contracts | 90,964 | 86,288 | |
Financial Liabilities: | |||
Deposits | 4,044,634 | 3,398,160 | |
Federal funds purchased | 228,415 | 264,315 | |
Other borrowings | 55,728 | 19,973 | |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | |||
Financial Assets: | |||
Loans, net | 4,001,668 | 3,324,229 | |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets: | |||
Cash and due from banks | 216,463 | 296,573 | |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | |||
Financial Assets: | |||
Available for sale debt securities | 306,666 | 298,310 | |
Held to maturity debt securities | 28,511 | 29,974 | |
Restricted equity securities | 4,954 | 3,921 | |
Federal funds sold | 26,229 | 891 | |
Mortgage loans held for sale | 5,449 | 5,984 | |
Bank owned life insurance contracts | 90,964 | 86,288 | |
Financial Liabilities: | |||
Deposits | 4,046,448 | 3,399,261 | |
Federal funds purchased | 228,415 | 264,315 | |
Other borrowings | 64,230 | 19,973 | |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | |||
Financial Assets: | |||
Loans, net | $ 4,015,104 | $ 3,327,371 | |
[1] | Derived from audited financial statements. |
FAIR VALUE MEASUREMENT (Additio
FAIR VALUE MEASUREMENT (Additional Information) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Asset Impairment Charges | $ 1,573,000 | $ 724,000 | $ 5,209,000 | $ 4,280,000 | |
Real Estate Owned, Amount of Loss at Acquisition | $ 248,000 | $ 225,000 | 477,000 | $ 757,000 | |
Mortgage Loans on Real Estate, Foreclosures | $ 514,000 | $ 684,000 |