Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | ServisFirst Bancshares, Inc. | ||
Entity Central Index Key | 1,430,723 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 804,244,710 | ||
Trading Symbol | SFBS | ||
Entity Common Stock, Shares Outstanding | 26,142,698 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 46,614 | $ 48,519 |
Interest-bearing balances due from depository institutions | 270,836 | 248,054 |
Federal funds sold | 34,785 | 891 |
Cash and cash equivalents | 352,235 | 297,464 |
Available for sale debt securities, at fair value | 342,938 | 298,310 |
Held to maturity debt securities (fair value of $27,910 and $29,974 at December 31, 2015 and 2014, respectively) | 27,426 | 29,355 |
Restricted equity securities | 4,954 | 3,921 |
Mortgage loans held for sale | 8,249 | 5,984 |
Loans | 4,216,375 | 3,359,858 |
Less allowance for loan losses | (43,419) | (35,629) |
Loans, net | 4,172,956 | 3,324,229 |
Premises and equipment, net | 19,434 | 7,815 |
Accrued interest and dividends receivable | 13,698 | 11,214 |
Deferred tax asset, net | 23,425 | 15,716 |
Other real estate owned and repossessed assets | 5,392 | 6,840 |
Bank owned life insurance contracts | 91,594 | 86,288 |
Goodwill and other indentifiable intangible assets | 15,330 | 0 |
Other assets | 17,878 | 11,543 |
Total assets | 5,095,509 | 4,098,679 |
Deposits: | ||
Noninterest-bearing | 1,053,467 | 810,460 |
Interest-bearing | 3,170,421 | 2,587,700 |
Total deposits | 4,223,888 | 3,398,160 |
Federal funds purchased | 352,360 | 264,315 |
Other borrowings | 55,637 | 19,973 |
Accrued interest payable | 2,369 | 1,940 |
Other liabilities | 12,108 | 7,078 |
Total liabilities | 4,646,362 | 3,691,466 |
Stockholders' equity: | ||
Common stock, par value $0.001 per share; 50,000,000 shares authorized; 25,972,698 shares issued and outstanding at December 31, 2015 and 24,801,518 shares issued and outstanding at December 31, 2014 | 26 | 25 |
Additional paid-in capital | 211,546 | 185,397 |
Retained earnings | 234,150 | 177,091 |
Accumulated other comprehensive income | 3,048 | 4,490 |
Total stockholders' equity attributable to ServisFirst Bancshares, Inc. | 448,770 | 406,961 |
Noncontrolling interest | 377 | 252 |
Total stockholders' equity | 449,147 | 407,213 |
Total liabilities and stockholders' equity | 5,095,509 | 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 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Held to maturity debt securities, fair value | $ 27,910 | $ 29,974 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 25,972,698 | 24,801,518 |
Common stock, shares outstanding | 25,972,698 | 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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income: | |||
Interest and fees on loans | $ 171,302 | $ 136,066 | $ 118,285 |
Taxable securities | 4,331 | 4,497 | 3,888 |
Nontaxable securities | 3,499 | 3,489 | 3,407 |
Federal funds sold | 127 | 159 | 128 |
Other interest and dividends | 716 | 514 | 373 |
Total interest income | 179,975 | 144,725 | 126,081 |
Interest expense: | |||
Deposits | 14,894 | 12,420 | 11,830 |
Borrowed funds | 2,810 | 1,699 | 1,789 |
Total interest expense | 17,704 | 14,119 | 13,619 |
Net interest income | 162,271 | 130,606 | 112,462 |
Provision for loan losses | 12,847 | 10,259 | 13,008 |
Net interest income after provision for loan losses | 149,424 | 120,347 | 99,454 |
Noninterest income: | |||
Service charges on deposit accounts | 5,088 | 4,265 | 3,228 |
Mortgage banking | 2,682 | 2,047 | 2,513 |
Securities gains | 29 | 3 | 131 |
Increase in cash surrender value life insurance | 2,621 | 2,280 | 1,994 |
Other operating income | 3,543 | 2,634 | 2,144 |
Total noninterest income | 13,963 | 11,229 | 10,010 |
Noninterest expenses: | |||
Salaries and employee benefits | 38,913 | 31,017 | 26,324 |
Equipment and occupancy expense | 6,389 | 5,547 | 5,202 |
Professional services | 2,607 | 2,435 | 1,809 |
FDIC and other regulatory assessments | 2,660 | 2,094 | 1,799 |
Other real estate owned expense | 1,227 | 1,533 | 1,426 |
Merger expense | 2,100 | 0 | 0 |
Other operating expenses | 20,486 | 14,972 | 10,929 |
Total noninterest expenses | 74,382 | 57,598 | 47,489 |
Income before income taxes | 89,005 | 73,978 | 61,975 |
Provision for income taxes | 25,465 | 21,601 | 20,358 |
Net income | 63,540 | 52,377 | 41,617 |
Dividends on preferred stock | 280 | 431 | 416 |
Net income available to common stockholders | $ 63,260 | $ 51,946 | $ 41,201 |
Basic earnings per common share (in dollars per share) | $ 2.46 | $ 2.18 | $ 2 |
Diluted earnings per common share | $ 2.39 | $ 2.09 | $ 1.9 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 63,540 | $ 52,377 | $ 41,617 |
Other comprehensive (loss) income, net of tax: | |||
Unrealized holding (losses) gains arising during period from securities available for sale, net of tax of $(767), $316 and $(1,781) for 2015, 2014 and 2013, respectively | (1,423) | 601 | (3,319) |
Reclassification adjustment for net gains on sale of securities in net income, net of tax of $10, $1 and $45 for 2015, 2014 and 2013, respectively | (19) | (2) | (86) |
Other comprehensive income (loss), net of tax | (1,442) | 599 | (3,405) |
Comprehensive income | $ 62,098 | $ 52,976 | $ 38,212 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrealized holding (losses) gains arising during period from securities available for sale | $ (767) | $ 316 | $ (1,781) |
Reclassification adjustment for net gains on sale of securities in net income | $ 10 | $ 1 | $ 45 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS 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, 2012 | $ 233,257 | $ 39,958 | $ 6 | $ 93,505 | $ 92,492 | $ 7,296 | $ 0 |
Common dividends paid | (3,682) | 0 | 0 | 0 | (3,682) | 0 | 0 |
Common dividends declared | 0 | ||||||
Preferred dividends paid | (416) | 0 | 0 | 0 | (416) | 0 | 0 |
Exercise stock options and warrants, including tax benefit | 3,279 | 0 | 0 | 3,279 | 0 | 0 | 0 |
Issue shares of REIT preferred stock | 0 | ||||||
Issue shares of common stock, net of issuance cost | 10,337 | 0 | 0 | 10,337 | 0 | 0 | 0 |
Issuance of 1,800,000 shares upon mandatory conversion of subordinated mandatorily convertible debentures | 15,000 | 0 | 1 | 14,999 | 0 | 0 | 0 |
Stock-based compensation expense | 1,205 | 0 | 0 | 1,205 | 0 | 0 | 0 |
Other comprehensive income, net of tax | (3,405) | 0 | 0 | 0 | 0 | (3,405) | 0 |
Net income | 41,617 | 0 | 0 | 0 | 41,617 | 0 | 0 |
Ending Balance at Dec. 31, 2013 | 297,192 | 39,958 | 7 | 123,325 | 130,011 | 3,891 | 0 |
Common dividends paid | (3,609) | 0 | 0 | 0 | (3,609) | 0 | 0 |
Common dividends declared | (1,240) | 0 | 0 | 0 | (1,240) | 0 | 0 |
Preferred dividends paid | (431) | 0 | 0 | 0 | (431) | 0 | 0 |
Exercise stock options and warrants, including tax benefit | 6,316 | 0 | 0 | 6,316 | 0 | 0 | 0 |
3-for-1 common stock split, in the form of a stock dividend | 0 | 0 | 17 | 0 | (17) | 0 | 0 |
Issue shares of REIT preferred stock | 250 | 0 | 0 | 0 | 0 | 0 | 250 |
Issue shares of common stock, net of issuance cost | 52,076 | 0 | 1 | 52,075 | 0 | 0 | 0 |
Stock-based compensation expense | 3,681 | 0 | 0 | 3,681 | 0 | 0 | 0 |
Other comprehensive income, net of tax | 599 | 0 | 0 | 0 | 0 | 599 | 0 |
Net income | 52,379 | 0 | 0 | 0 | 52,377 | 0 | 2 |
Ending Balance at Dec. 31, 2014 | 407,213 | 39,958 | 25 | 185,397 | 177,091 | 4,490 | 252 |
Common dividends paid | (4,643) | 0 | 0 | 0 | (4,643) | 0 | 0 |
Common dividends declared | (1,558) | 0 | 0 | 0 | (1,558) | 0 | 0 |
Preferred dividends paid | (280) | 0 | 0 | 0 | (280) | 0 | 0 |
Exercise stock options and warrants, including tax benefit | 3,801 | 0 | 0 | 3,801 | 0 | 0 | 0 |
Issue shares of REIT preferred stock | 125 | 0 | 0 | 0 | 0 | 0 | 125 |
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 |
Excess tax benefit on exercise and vesting of stock options | 1,843 | 0 | 0 | 1,843 | 0 | 0 | 0 |
Issue shares of common stock, net of issuance cost | 0 | ||||||
Redeem 40,000 shares of preferred stock issued to the Department of the Treasury under TARP | (40,000) | (39,958) | 0 | (42) | 0 | 0 | 0 |
Stock-based compensation expense | 1,265 | 0 | 0 | 1,265 | 0 | 0 | 0 |
Other comprehensive income, net of tax | (1,442) | 0 | 0 | 0 | 0 | (1,442) | 0 |
Net income | 63,540 | 0 | 0 | 0 | 63,540 | 0 | 0 |
Ending Balance at Dec. 31, 2015 | $ 449,147 | $ 0 | $ 26 | $ 211,546 | $ 234,150 | $ 3,048 | $ 377 |
CONSOLIDATED STATEMENTS OF STO8
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options And Warrants Exercised | 525,500 | 883,983 | 494,100 |
Stock option and Warrants Exercised Tax Benefits | $ 971 | $ 262 | |
Conversion of Stock, Shares Issued | 1,800,000 | ||
Payments of Stock Issuance Costs | $ 4,777 | ||
Common Dividends Paid Per Share | $ 0.18 | $ 0.15 | $ 0.167 |
Common Dividends Declared Per Share | $ 0.06 | $ 0.05 | |
Issue shares of REIT preferred | 125 | 250 | |
Stockholders' Equity Note, Stock Split | 3-for-1 common stock split | ||
Common Stock [Member] | |||
Stock Issued During Period, Shares, New Issues | 636,592 | 1,875,000 | |
Stock Issued During Period, Shares, Issued for Services | 750,000 | ||
Preferred Stock [Member] | |||
Stock Redeemed or Called During Period, Shares | 40,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES | |||
Net income | $ 63,540 | $ 52,377 | $ 41,617 |
Adjustments to reconcile net income to net cash provided by | |||
Deferred tax benefit | (4,876) | (5,021) | (1,805) |
Provision for loan losses | 12,847 | 10,259 | 13,008 |
Depreciation and amortization | 2,219 | 1,838 | 1,841 |
Net amortization of investments | 4,713 | 3,247 | 1,122 |
Accretion on acquired loans | (1,954) | 0 | 0 |
Amortization of core deposit intangible | 376 | 0 | 0 |
Increase in accrued interest and dividends receivable | (2,000) | (952) | (1,104) |
Stock-based compensation expense | 1,265 | 3,681 | 1,205 |
Increase (decrease) in accrued interest payable | 340 | 1,171 | (173) |
Proceeds from sale of mortgage loans held for sale | 137,020 | 107,678 | 192,576 |
Originations of mortgage loans held for sale | (136,603) | (103,481) | (172,371) |
Gain on sale of securities available for sale | (29) | (3) | (131) |
Gain on sale of mortgage loans held for sale | (2,682) | (2,047) | (2,513) |
Net loss on sale of other real estate owned and repossessed assets | 136 | 413 | 159 |
Write down of other real estate owned and repossessed assets | 643 | 811 | 433 |
Decrease in special prepaid FDIC insurance assessments | 0 | 0 | 2,498 |
Increase in cash surrender value of life insurance contracts | (2,621) | (2,280) | (1,994) |
Losses on tax credit partnerships | 152 | 207 | 0 |
Excess tax benefits from the exercise of warrants | (1,843) | (971) | (262) |
Net change in other assets, liabilities, and other operating activities | 3,781 | (2,812) | 92 |
Net cash provided by operating activities | 74,424 | 64,115 | 74,198 |
INVESTMENT ACTIVITIES | |||
Purchase of debt securities available for sale | (81,781) | (65,398) | (83,455) |
Proceeds from maturities, calls and paydowns of debt securities available for sale | 46,271 | 32,833 | 40,959 |
Proceeds from sale of debt securities available for sale | 16,738 | 173 | 4,140 |
Purchase of debt securities held to maturity | (202) | 0 | (10,668) |
Proceeds from maturities, calls and paydowns of debt securities held to maturity | 2,131 | 2,919 | 4,361 |
Increase in loans | (710,917) | (508,026) | (515,644) |
Purchase of premises and equipment | (5,537) | (1,307) | (1,346) |
Purchase of equity securities | (534) | 0 | 0 |
Purchase of bank-owned life insurance contracts | 0 | (15,000) | (10,000) |
Proceeds from sale of equity securities | 0 | 320 | 203 |
Proceeds from sale of other real estate owned and repossessed assets | 3,428 | 6,539 | 7,664 |
Expenditures to complete construction of other real estate owned | (118) | 0 | 0 |
Investment in tax credit partnerships | (6,576) | (2,145) | (7,907) |
Net cash paid in acquisition of Metro Bancshares, Inc. | (12,383) | 0 | 0 |
Net cash used in investing activities | (749,480) | (549,092) | (571,693) |
FINANCING ACTIVITIES | |||
Net increase in noninterest-bearing deposits | 195,729 | 160,004 | 105,282 |
Net increase in interest-bearing deposits | 454,245 | 218,514 | 402,788 |
Net increase in federal funds purchased | 85,870 | 89,935 | 57,315 |
Proceeds from issuance of 5% subordinated notes due July 15, 2025 | 34,750 | 0 | 0 |
Redemption of Series A Senior Non-Cumulative preferred stock | (40,000) | 0 | 0 |
Proceeds from sale of common stock, net | 0 | 52,076 | 10,337 |
Proceeds from sale of preferred stock, net | 125 | 250 | 0 |
Proceeds from exercise of stock options and warrants | 3,801 | 6,316 | 3,279 |
Excess tax benefits from exercise of stock options and warrants | 1,843 | 971 | 262 |
Repayment of Federal Home Loan Bank advances | (300) | 0 | 0 |
Capitalized costs to issue shelf registration | (73) | 0 | 0 |
Dividends paid on common stock | (5,883) | (3,609) | (3,682) |
Dividends paid on preferred stock | (280) | (431) | (416) |
Net cash provided by financing activities | 729,827 | 524,026 | 575,165 |
Net increase in cash and cash equivalents | 54,771 | 39,049 | 77,670 |
Cash and cash equivalents at beginning of year | 297,464 | 258,415 | 180,745 |
Cash and cash equivalents at end of year | 352,235 | 297,464 | 258,415 |
Cash paid for: | |||
Interest | 17,275 | 12,948 | 13,792 |
Income taxes | 27,063 | 27,278 | 20,878 |
NONCASH TRANSACTIONS | |||
Conversion of mandatorily convertible subordinated debentures | 0 | 0 | (15,000) |
Other real estate acquired in settlement of loans | 2,092 | 2,417 | 11,335 |
Internally financed sales of other real estate owned and repossessed assets | 1,799 | 675 | 0 |
Dividends declared | 1,558 | 1,240 | 0 |
Fair value of assets and liabilities from acquisition: | |||
Fair value of assets acquired | 204,985 | 0 | 0 |
Intangible assets acquired | 15,707 | 0 | 0 |
Fair value of liabilities assumed | (180,410) | 0 | 0 |
Total merger consideration | $ 40,282 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CA10
CONSOLIDATED STATEMENTS OF CASH FLOW (Parenthetical) | Dec. 31, 2015 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ServisFirst Bancshares, Inc. (the “Company”) was formed on August 16, 2007 and is a bank holding company whose business is conducted by its wholly-owned subsidiary ServisFirst Bank (the “Bank”). The Bank is headquartered in Birmingham, Alabama, and has provided a full range of banking services to individual and corporate customers throughout the Birmingham market since opening for business in May 2005. The Bank has since expanded into the Huntsville, Montgomery, Dothan and Mobile, Alabama, Pensacola, Florida, Atlanta, Georgia, Charleston, South Carolina and Nashville, Tennessee markets. On January 25, 2016, the Company also announced that it had hired a CEO for its newest market in the Tampa Bay area of Florida. The Bank has a subsidiary, SF Holding 1, Inc., which has subsidiaries, SF Realty 1, Inc., SF FLA Realty, Inc. and SF GA Realty, Inc., which operate as real estate investment trusts. More details about SF Holding 1, Inc. and its subsidiaries are included in Note 11. To prepare consolidated financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and future results could differ. The allowance for loan losses, valuation of foreclosed real estate, goodwill and other intangible assets and fair values of financial instruments are particularly subject to change. All numbers are in thousands except share and per share data. Cash and due from banks includes cash on hand, cash items in process of collection, amounts due from banks and interest bearing balances due from financial institutions. For purposes of cash flows, cash and cash equivalents include cash and due from banks and federal funds sold. Generally, federal funds are purchased and sold for one-day periods. Cash flows from loans, mortgage loans held for sale, federal funds sold, and deposits are reported net. The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank based on a percentage of deposits. The total of those reserve balances was approximately $ 26.6 36.9 Securities are classified as available-for-sale when they might be sold before maturity. Unrealized holding gains and losses, net of tax, on securities available for sale are reported as a net amount in a separate component of stockholders’ equity until realized. Gains and losses on the sale of securities available for sale are determined using the specific-identification method. The amortization of premiums and the accretion of discounts are recognized in interest income using methods approximating the interest method over the period to maturity. Declines in the fair value of available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. Securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are reported at amortized cost. In determining the existence of other-than-temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Investments in Restricted Equity Securities Carried at Cost Investments in restricted equity securities without a readily determinable market value are carried at cost . The Company classifies certain residential mortgage loans as held for sale. Typically mortgage loans held for sale are sold to a third party investor within a very short time period. The loans are sold without recourse and servicing is not retained. Net fees earned from this banking service are recorded in noninterest income. In the course of originating mortgage loans and selling those loans in the secondary market, the Company makes various representations and warranties to the purchaser of the mortgage loans. Each loan is underwritten using government agency guidelines. Any exceptions noted during this process are remedied prior to sale. These representations and warranties also apply to underwriting the real estate appraisal opinion of value for the collateral securing these loans. Under the representations and warranties, failure by the Company to comply with the underwriting and/or appraisal standards could result in the Company being required to repurchase the mortgage loan or to reimburse the investor for losses incurred (make whole requests) if such failure cannot be cured by the Company within the specified period following discovery. The Company continues to experience an insignificant level of investor repurchase demands. There were no expenses incurred as part of these buyback obligations for the years ended December 31, 2015 and 2014. Loans are reported at unpaid principal balances, less unearned fees and the allowance for loan losses. Interest on all loans is recognized as income based upon the applicable rate applied to the daily outstanding principal balance of the loans. Interest income on nonaccrual loans is recognized on a cash basis or cost recovery basis until the loan is returned to accrual status. A loan may be returned to accrual status if the Company is reasonably assured of repayment of principal and interest and the borrower has demonstrated sustained performance for a period of at least six months. Loan fees, net of direct costs, are reflected as an adjustment to the yield of the related loan over the term of the loan. The Company does not have a concentration of loans to any one industry. The accrual of interest on loans is discontinued when there is a significant deterioration in the financial condition of the borrower and full repayment of principal and interest is not expected or the principal or interest is more than 90 days past due, unless the loan is both well-collateralized and in the process of collection. Generally, all interest accrued but not collected for loans that are placed on nonaccrual status are reversed against current interest income. Interest collections on nonaccrual loans are generally applied as principal reductions. The Company determines past due or delinquency status of a loan based on contractual payment terms. A loan is considered impaired when it is probable the Company will be unable to collect all principal and interest payments due according to the contractual terms of the loan agreement. Individually identified impaired loans are measured based on the present value of expected payments using the loan’s original effective rate as the discount rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. If the recorded investment in the impaired loan exceeds the measure of fair value, a valuation allowance may be established as part of the allowance for loan losses. Changes to the valuation allowance are recorded as a component of the provision for loan losses. Impaired loans also include troubled debt restructurings (“TDRs”). In the normal course of business management grants concessions to borrowers, which would not otherwise be considered, where the borrowers are experiencing financial difficulty. The concessions granted most frequently for TDRs involve reductions or delays in required payments of principal and interest for a specified time, the rescheduling of payments in accordance with a bankruptcy plan or the charge-off of a portion of the loan. In some cases, the conditions of the credit also warrant nonaccrual status, even after the restructure occurs. As part of the credit approval process, the restructured loans are evaluated for adequate collateral protection in determining the appropriate accrual status at the time of restructure. TDR loans may be returned to accrual status if there has been at least a six month sustained period of repayment performance by the borrower. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses. Subsequent significant increases in cash flows result in a reversal of the provision for loan losses to the extent of prior provisions or a reclassification of amount from non-accretable difference to accretable yield, with a positive impact on the accretion of interest income in future periods. Acquired performing loans are accounted for using the contractual cash flows method of recognizing discount accretion based on the acquired loans’ contractual cash flows. Acquired performing loans are recorded as of the acquisition date at fair value, considering credit and other risks, with no separate allowance for loan losses account. Credit losses on the acquired performing loans are estimated in future periods based on analysis of the performing portfolio. A provision for loan losses is recognized for any further credit deterioration that occurs in these loans subsequent to the acquisition date. Fair value discounts on Day 1 are accreted as interest income over the life of the loans. Allowance for Loan Losses The allowance for loan losses is maintained at a level which, in management’s judgment, is adequate to absorb credit losses inherent in the loan portfolio. The amount of the allowance is based on management’s evaluation of the collectability of the loan portfolio, including the nature of the portfolio, credit concentrations, trends in historical loss experience, specific impaired loans, economic conditions, and other risks inherent in the portfolio. Allowances for impaired loans are generally determined based on collateral values or the present value of the estimated cash flows. The allowance is increased by a provision for loan losses, which is charged to expense, and reduced by charge-offs, net of recoveries. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the allowance for losses on loans. Such agencies may require the Company to recognize adjustments to the allowance based on their judgments about information available to them at the time of their examination. Foreclosed real estate includes both formally foreclosed property and in-substance foreclosed property. At the time of foreclosure, foreclosed real estate is recorded at fair value less cost to sell, which becomes the property’s new basis. Any write downs based on the asset’s fair value at date of acquisition are charged to the allowance for loan losses. After foreclosure, these assets are carried at the lower of their new cost basis or fair value less cost to sell. Costs incurred in maintaining foreclosed real estate and subsequent adjustments to the carrying amount of the property are included in other operating expenses. Premises and equipment are stated at cost less accumulated depreciation. Expenditures for additions and major improvements that significantly extend the useful lives of the assets are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Assets which are disposed of are removed from the accounts and the resulting gains or losses are recorded in operations. Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets ( 3 10 Leasehold improvements are amortized on a straight-line basis over the lesser of the lease terms or the estimated useful lives of the improvements. Goodwill and Other Identifiable Intangible Assets Other identifiable intangible assets include a core deposit intangible recorded in connection with the acquisition of Metro Bancshares, Inc. The core deposit intangible is being amortized over 7 The Company has recorded $ 13.6 As part of its overall interest rate risk management, the Company uses derivative instruments, which can include interest rate swaps, caps, and floors. Financial Accounting Standards Board (“FASB”) ASC 815-10, Derivatives and Hedging, requires all derivative instruments to be carried at fair value on the balance sheet. This accounting standard provides special accounting provisions for derivative instruments that qualify for hedge accounting. To be eligible, the Company must specifically identify a derivative as a hedging instrument and identify the risk being hedged. The derivative instrument must be shown to meet specific requirements under this accounting standard. The Company designates the derivative on the date the derivative contract is entered into as (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (a “fair-value” hedge) or (2) a hedge of a forecasted transaction of the variability of cash flows to be received or paid related to a recognized asset or liability (a “cash-flow” hedge). Changes in the fair value of a derivative that is highly effective as a fair-value hedge, and that is designated and qualifies as a fair-value hedge, along with the loss or gain on the hedged asset or liability that is attributable to the hedged risk (including losses or gains on firm commitments), are recorded in current-period earnings. The effective portion of the changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash-flow hedge is recorded in other comprehensive income, until earnings are affected by the variability of cash flows (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). The remaining gain or loss on the derivative, if any, in excess of the cumulative change in the present value of future cash flows of the hedged item is recognized in earnings. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair-value or cash-flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assessed, both at the hedge’s inception and on an ongoing basis (if the hedges do not qualify for short-cut accounting), whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively, as discussed below. The Company discontinues hedge accounting prospectively when: (1) it is determined that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item (including firm commitments or forecasted transactions); (2) the derivative expires or is sold, terminated, or exercised; (3) the derivative is re-designated as a hedge instrument, because it is unlikely that a forecasted transaction will occur; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) management determines that designation of the derivative as a hedge instrument is no longer appropriate. When hedge accounting is discontinued because it is determined that the derivative no longer qualifies as an effective fair-value hedge, hedge accounting is discontinued prospectively and the derivative will continue to be carried on the balance sheet at its fair value with all changes in fair value being recorded in earnings but with no offsetting being recorded on the hedged item or in other comprehensive income for cash flow hedges. The Company uses derivatives to hedge interest rate exposures associated with mortgage loans held for sale and mortgage loans in process. The Company regularly enters into derivative financial instruments in the form of forward contracts, as part of its normal asset/liability management strategies. The Company’s obligations under forward contracts consist of “best effort” commitments to deliver mortgage loans originated in the secondary market at a future date. Interest rate lock commitments related to loans that are originated for later sale are classified as derivatives. In the normal course of business, the Company regularly extends these rate lock commitments to customers during the loan origination process. The fair values of the Company’s forward contract and rate lock commitments to customers as of December 31, 2015 and 2014 were not material and have not been recorded. Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. ; The Company follows the provisions of ASC 740-10, Income Taxes. 50 At December 31, 2015, the Company had two stock-based compensation plans for grants of equity compensation to key employees and directors. These plans have been accounted for under the provisions of FASB ASC 718-10, Compensation Stock Compensation with respect to employee stock options and under the provisions of FASB ASC 505-50, Equity-Based Payments to Non-Employees, with respect to non-employee stock options. The stock-based employee compensation plans are more fully described in Note 14. Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options and warrants. Financial instruments, which include credit card arrangements, commitments to make loans and standby letters of credit, are issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Instruments such as stand-by letters of credit are considered financial guarantees in accordance with FASB ASC 460-10. The fair value of these financial guarantees is not material. Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 23. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. Comprehensive income consists of net income and other comprehensive income. Accumulated comprehensive income, which is recognized as a separate component of equity, includes unrealized gains and losses on securities available for sale. Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2015, 2014 and 2013 was $ 562,000 477,000 532,000 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 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 April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. In August 2015, the FASB issue ASU No. 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 February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis In August 2015, the FASB issued ASU 2015-14, Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date. Revenue From Contracts With Customers (Topic 606) In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In January 2016, the FASB issued ASU 2016-1, Financial Instruments Overall (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities |
ACQUISITION
ACQUISITION | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
ACQUISITION | NOTE 2. ACQUISITION On January 31, 2015, the Company completed its acquisition of Metro Bancshares, Inc. (“Metro”) and Metro Bank, Metro’s wholly-owned bank subsidiary, for an aggregate of $ 20.9 636,592 January 31, 2015 As recorded by Fair value As recorded by 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 7,606 762 c 8,368 Accrued interest receivable 484 - 484 Deferred taxes 754 3,153 d 3,907 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 3,686 207,075 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 996 - 996 Total liabilities assumed 179,896 514 180,410 Net assets acquired $ 23,493 $ 3,172 $ 26,665 Consideration Paid: Cash $ (20,926) Stock (19,356) Total consideration paid (40,282) Goodwill $ 13,617 (1) The Company’s acquisition of Metro Bancshares, Inc. closed on January 31, 2015. During the second quarter of 2015, the fair value of other real estate owned was adjusted down by $ 280,000 41,000 3,126,000 Explanation of 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. |
DEBT SECURITIES
DEBT SECURITIES | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
DEBT SECURITIES | NOTE 3. DEBT SECURITIES Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value (In Thousands) December 31, 2015 Securities Available for Sale U.S. Treasury and government sponsored agencies $ 44,581 $ 569 $ (141) $ 45,009 Mortgage-backed securities 135,363 1,945 (354) 136,954 State and municipal securities 143,403 2,731 (101) 146,033 Corporate debt 14,902 67 (27) 14,942 Total $ 338,249 $ 5,312 $ (623) $ 342,938 Securities Held to Maturity Mortgage-backed securities 21,666 368 (332) 21,702 State and municipal securities 5,760 449 (1) 6,208 Total $ 27,426 $ 817 $ (333) $ 27,910 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 All mortgage-backed debt securities are with government sponsored enterprises (GSEs) such as Federal National Mortgage Association, Government National Mortgage Association, Federal Home Loan Bank, and Federal Home Loan Mortgage Corporation. At year-end 2015 and 2014, there were no holdings of debt securities of any issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity. December 31, 2015 December 31, 2014 Amortized Cost Market Value Amortized Cost Market Value (In Thousands) Debt securities available for sale Due within one year $ 16,770 $ 16,868 $ 16,944 $ 17,246 Due from one to five years 153,880 156,311 121,591 123,962 Due from five to ten years 32,236 32,805 60,079 61,221 Due after ten years - - 350 358 Mortgage-backed securities 135,363 136,954 92,439 95,523 $ 338,249 $ 342,938 $ 291,403 $ 298,310 Debt securities held to maturity Due from five to ten years 627 659 298 325 Due after ten years 5,133 5,549 5,253 5,716 Mortgage-backed securities 21,666 21,702 23,804 23,933 $ 27,426 $ 27,910 $ 29,355 $ 29,974 The following table shows the gross unrealized losses and fair value of debt securities, aggregated by category and length of time that securities have been in a continuous unrealized loss position at December 31, 2015 and 2014. In estimating other-than-temporary impairment losses, management considers, among other things, the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The unrealized losses shown in the following table are primarily due to increases in market rates over the yields available at the time of purchase of the underlying securities and not credit quality. Because the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost basis, which may be maturity, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2015. There were no other-than-temporary impairments for the years ended December 31, 2015, 2014 and 2013. 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) December 31, 2015 U.S. Treasury and government sponsored agencies $ (141) $ 3,886 $ - $ - $ (141) $ 3,886 Mortgage-backed securities (354) 56,609 (332) 11,712 (686) 68,321 State and municipal securities (55) 15,464 (47) 4,531 (102) 19,995 Corporate debt (27) 2,961 - - (27) 2,961 Total $ (577) $ 78,920 $ (379) $ 16,243 $ (956) $ 95,163 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 At December 31, 2015, 22 of the Company’s 771 debt securities were in an unrealized loss position for more than 12 months. The following table summarizes information about sales of debt securities available for sale. Years Ended December 31, 2015 2014 2013 (In Thousands) Sale proceeds $ 16,738 $ 173 $ 4,140 Gross realized gains $ 29 $ 3 $ 131 Gross realized losses - - - Net realized gain (loss) $ 29 $ 3 $ 131 The carrying value of debt securities pledged to secure public funds on deposits and for other purposes as required by law as of December 31, 2015 and 2014 was $ 245.5 230.6 Equity securities include (1) a restricted investment in Federal Home Loan Bank of Atlanta stock for membership requirement and to secure available lines of credit, (2) an investment in First National Bankers Bank stock, and (3) an investment in a Community Reinvestment Act (“CRA”)-qualified mutual fund. The amount of investment in the Federal Home Loan Bank of Atlanta stock was $ 4.0 3.2 400,000 250,000 503,000 |
LOANS
LOANS | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
LOANS | LOANS December 31, 2015 2014 (In Thousands) Commercial, financial and agricultural $ 1,760,479 $ 1,504,652 Real estate - construction 243,267 208,769 Real estate - mortgage: Owner-occupied commercial 1,014,669 793,917 1-4 family mortgage 444,134 333,455 Other mortgage 698,779 471,363 Total real estate - mortgage 2,157,582 1,598,735 Consumer 55,047 47,702 Total Loans 4,216,375 3,359,858 Less: Allowance for loan losses (43,419) (35,629) Net Loans $ 4,172,956 $ 3,324,229 Years Ended December 31, 2015 2014 2013 (In Thousands) Balance, beginning of year $ 35,629 $ 30,663 $ 26,258 Loans charged off (5,744) (5,771) (9,012) Recoveries 687 478 409 Provision for loan losses 12,847 10,259 13,008 Balance, end of year $ 43,419 $ 35,629 $ 30,663 The Company assesses the adequacy of its allowance for loan losses at the end of each calendar quarter. The level of the allowance is based on management’s evaluation of the loan portfolios, past loan loss experience, current asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay (including the timing of future payment), the estimated value of any underlying collateral, composition of the loan portfolio, economic conditions, industry and peer bank loan quality indications and other pertinent factors, including regulatory recommendations. This evaluation is inherently subjective as it requires material estimates including the amounts and timing of future cash flows expected to be received on impaired loans that may be susceptible to significant change. Loan losses are charged off when management believes that the full collectability of the loan is unlikely. A loan may be partially charged-off after a “confirming event” has occurred which serves to validate that full repayment pursuant to the terms of the loan is unlikely. Allocation of the allowance is made for specific loans, but the entire allowance is available for any loan that in management’s judgment deteriorates and is uncollectible. The portion of the reserve classified as qualitative factors, is management’s evaluation of potential future losses that would arise in the loan portfolio should management’s assumption about qualitative and environmental conditions materialize. This qualitative factor portion of the allowance for loan losses is based on management’s judgment regarding various external and internal factors including macroeconomic trends, management’s assessment of the Company’s loan growth prospects, and evaluations of internal risk controls. Inherent risks in the loan portfolio will differ based on type of loan. Specific risk characteristics by loan portfolio segment are listed below: Commercial and industrial loans Real estate construction loans Real estate mortgage loans Consumer loans The following table presents an analysis of the allowance for loan losses by portfolio segment as of December 31, 2015 and 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) Year Ended December 31, 2015 Allowance for loan losses: Balance at December 31, 2014 $ 16,079 $ 6,395 $ 12,112 $ 1,043 $ 35,629 Charge-offs (3,802) (667) (1,104) (171) (5,744) Recoveries 279 238 169 1 687 Provision 8,939 (534) 4,884 (442) 12,847 Balance at December 31, 2015 $ 21,495 $ 5,432 $ 16,061 $ 431 $ 43,419 December 31, 2015 Individually Evaluated for Impairment $ 2,698 $ 1,223 $ 1,730 $ 32 $ 5,683 Collectively Evaluated for Impairment 18,797 4,209 14,331 399 37,736 Loans: Ending Balance $ 1,760,479 $ 243,267 $ 2,157,582 $ 55,047 $ 4,216,375 Individually Evaluated for Impairment 11,513 4,052 17,880 46 33,491 Collectively Evaluated for Impairment 1,748,966 239,215 2,139,702 55,001 4,182,884 Year Ended December 31, 2014 Allowance for loan losses: Balance at December 31, 2013 $ 13,576 $ 6,078 $ 10,065 $ 944 $ 30,663 Charge-offs (2,311) (1,267) (1,965) (228) (5,771) Recoveries 48 322 74 34 478 Provision 4,766 1,262 3,938 293 10,259 Balance at December 31, 2014 $ 16,079 $ 6,395 $ 12,112 $ 1,043 $ 35,629 December 31, 2014 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 $ 1,504,652 $ 208,769 $ 1,598,735 $ 47,702 $ 3,359,858 Individually Evaluated for Impairment 10,350 5,680 10,029 666 26,725 Collectively Evaluated for Impairment 1,494,302 203,089 1,588,706 47,036 3,333,133 · Pass loans which are well protected by the current net worth and paying capacity of the obligor (or obligors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral. · Special Mention loans with potential weakness that may, if not reversed or corrected, weaken the credit or inadequately protect the Company’s position at some future date. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification. · Substandard loans that exhibit well-defined weakness or weaknesses that presently jeopardize debt repayment. These loans are characterized by the distinct possibility that the institution will sustain some loss if the weaknesses are not corrected. · Doubtful loans that have all the weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. Special December 31, 2015 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 1,701,591 $ 47,393 $ 11,495 $ - $ 1,760,479 Real estate - construction 233,046 6,221 4,000 - 243,267 Real estate - mortgage: Owner-occupied commercial 988,762 18,169 7,738 - 1,014,669 1-4 family mortgage 437,834 3,301 2,999 - 444,134 Other mortgage 683,157 11,086 4,536 - 698,779 Total real estate - mortgage 2,109,753 32,556 15,273 - 2,157,582 Consumer 54,973 42 32 - 55,047 Total $ 4,099,363 $ 86,212 $ 30,800 $ - $ 4,216,375 Special December 31, 2014 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 1,468,916 $ 25,416 $ 10,320 $ - $ 1,504,652 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 46,999 37 666 - 47,702 Total $ 3,282,232 $ 50,901 $ 26,725 $ - $ 3,359,858 are as follows: December 31, 2015 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 1,758,561 $ 1,918 $ 1,760,479 Real estate - construction 239,267 4,000 243,267 Real estate - mortgage: Owner-occupied commercial 1,014,669 - 1,014,669 1-4 family mortgage 443,936 198 444,134 Other mortgage 697,160 1,619 698,779 Total real estate - mortgage 2,155,765 1,817 2,157,582 Consumer 55,015 32 55,047 Total $ 4,208,608 $ 7,767 $ 4,216,375 December 31, 2014 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 1,503,555 $ 1,097 $ 1,504,652 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 47,036 666 47,702 Total $ 3,349,808 $ 10,050 $ 3,359,858 Loans by past due status as of December 31, 2015 and 2014 are as follows: December 31, 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 $ 50 $ 35 $ - $ 85 $ 1,918 $ 1,758,476 $ 1,760,479 Real estate - construction 198 12 - 210 4,000 239,057 243,267 Real estate - mortgage: Owner-occupied commercial - - - - - 1,014,669 1,014,669 1-4 family mortgage - 210 - 210 198 443,726 444,134 Other mortgage - - - - 1,619 697,160 698,779 Total real estate - mortgage - 210 - 210 1,817 2,155,555 2,157,582 Consumer 45 6 1 52 31 54,964 55,047 Total $ 293 $ 263 $ 1 $ 557 $ 7,766 $ 4,208,052 $ 4,216,375 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 $ 1,498,677 $ 1,504,652 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 47,015 47,702 Total $ 1,423 $ 3,490 $ 925 $ 5,838 $ 9,125 $ 3,344,895 $ 3,359,858 Fair value estimates for specifically impaired loans are derived from appraised values based on the current market value or as is value of the property, normally from recently received and reviewed appraisals. Appraisals are obtained from state-certified appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. These appraisals are reviewed by our credit administration department to ensure they are acceptable, and values are adjusted down for costs associated with asset disposal. Once this estimated net realizable value has been determined, the value used in the impairment assessment is updated. As subsequent events dictate and estimated net realizable values decline, required reserves may be established or further adjustments recorded. December 31, 2015 Unpaid Average Interest Income Recorded Principal Related Recorded Recognized Investment Balance Allowance Investment in Period (In Thousands) With no allowance recorded: Commercial, financial and agricultural $ 478 $ 487 $ - $ 482 $ 24 Real estate - construction 161 163 - 370 1 Real estate - mortgage: Owner-occupied commercial 3,980 4,140 - 3,815 214 1-4 family mortgage 2,396 2,572 - 2,409 147 Other mortgage 4,079 4,694 - 4,559 222 Total real estate - mortgage 10,455 11,406 - 10,783 583 Consumer 14 20 - 18 1 Total with no allowance recorded 11,108 12,076 - 11,653 609 With an allowance recorded: Commercial, financial and agricultural 11,035 13,035 2,698 13,882 672 Real estate - construction 3,891 4,370 1,223 3,920 - Real estate - mortgage: Owner-occupied commercial 6,365 6,365 1,328 9,958 568 1-4 family mortgage 603 603 263 567 19 Other mortgage 457 457 139 880 17 Total real estate - mortgage 7,425 7,425 1,730 11,405 604 Consumer 32 32 32 34 - Total with allowance recorded 22,383 24,862 5,683 29,241 1,276 Total Impaired Loans: Commercial, financial and agricultural 11,513 13,522 2,698 14,364 696 Real estate - construction 4,052 4,533 1,223 4,290 1 Real estate - mortgage: Owner-occupied commercial 10,345 10,505 1,328 13,773 782 1-4 family mortgage 2,999 3,175 263 2,976 166 Other mortgage 4,536 5,151 139 5,439 239 Total real estate - mortgage 17,880 18,831 1,730 22,188 1,187 Consumer 46 52 32 52 1 Total impaired loans $ 33,491 $ 36,938 $ 5,683 $ 40,894 $ 1,885 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 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 December 31, 2015 and 2014 totaled $ 7.7 9.0 0.9 1.0 Year Ended December 31, 2015 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (In Thousands) Troubled Debt Restructurings Commercial, financial and agricultural 8 $ 6,618 $ 6,618 Real estate - construction - - - Real estate - mortgage: Owner-occupied commercial - - - 1-4 family mortgage - - - Other mortgage 1 253 253 Total real estate - mortgage 1 253 253 Consumer - - - 9 $ 6,871 $ 6,871 Year ended December 31, 2014 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Commercial, financial and agricultural 9 $ 7,139 $ 7,139 Real estate - construction - - - Real estate - mortgage: Owner-occupied commercial - - - 1-4 family mortgage 1 4,449 4,449 Other mortgage 2 1,684 1,684 Total real estate - mortgage 3 6,133 6,133 Consumer - - - 12 $ 13,272 $ 13,272 The following table presents TDRs by portfolio segment which defaulted during the years ended December 31, 2015 and 2014, and which were modified in the previous twelve months (i.e., the twelve months prior to default). For purposes of this disclosure default is defined as 90 days past due and still accruing or placement on nonaccrual status. Years Ended December 31, 2015 2014 Defaulted during the period, where modified in a TDR twelve months prior to default Commercial, financial and agricultural $ - $ 925 Real estate - mortgage: 1-4 family mortgage - 4,313 Other mortgage - - Total real estate - mortgage - 4,313 Consumer - - $ - $ 5,238 In the ordinary course of business, the Company has granted loans to certain related parties, including directors, and their affiliates. The interest rates on these loans were substantially the same as rates prevailing at the time of the transaction and repayment terms are customary for the type of loan. Years Ended December 31, 2015 2014 (In Thousands) Balance, beginning of year $ 13,083 $ 13,117 Advances 15,442 4,080 Repayments (16,435) (4,114) Balance, end of year $ 12,090 $ 13,083 |
FORECLOSED PROPERTIES
FORECLOSED PROPERTIES | 12 Months Ended |
Dec. 31, 2015 | |
Foreclosed Properties [Abstract] | |
FORECLOSED PROPERTIES | FORECLOSED PROPERTIES Other real estate and certain other assets acquired in foreclosure are carried at the lower of the recorded investment in the loan or fair value less estimated costs to sell the property. Residential real estate loan foreclosures classified as OREO totaled $ 1,141,000 684,000 No residential real estate loans were in the process of being foreclosed as of December 31, 2015. 2015 2014 2013 (In Thousands) Balance at beginning of year $ 6,840 $ 12,861 $ 9,685 OREO acquired 2,348 - - Transfers from loans and capitalized expenses 2,210 2,417 11,355 Foreclosed properties sold (5,227) (7,214) (7,664) Writedowns and partial liquidations (779) (1,224) (515) Balance at end of year $ 5,392 $ 6,840 $ 12,861 |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT December 31, 2015 2014 (In Thousands) Land and building $ 13,293 $ 1,733 Furniture and equipment 12,102 10,240 Leasehold improvements 6,042 5,748 Construction in progress 982 - 32,419 17,721 Accumulated depreciation (12,985) (9,906) $ 19,434 $ 7,815 Increases in land and building during 2015 are the result of bank properties from the acquisition of Metro and acquisition by the bank of property for the construction of a new headquarters building in Birmingham, Alabama. The new headquarters building will consist of approximately 97,500 The provisions for depreciation charged to occupancy and equipment expense for the years ended December 31, 2015, 2014 and 2013 were $ 2,219,000 1,838,000 1,841,000 (In Thousands) 2016 $ 3,304 2017 3,014 2018 2,775 2019 2,273 2020 1,631 Thereafter 3,408 $ 16,405 For the years ended December 31, 2015, 2014 and 2013, annual rental expense on operating leases was $ 2,919,000 2,674,000 2,488,000 |
VARIABLE INTEREST ENTITIES (VIE
VARIABLE INTEREST ENTITIES (VIEs) | 12 Months Ended |
Dec. 31, 2015 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES (VIEs) | VARIABLE INTEREST ENTITIES (VIEs) The Company utilizes special purpose entities (SPEs) that constitute investments in limited partnerships that undertake certain development projects to achieve federal and state tax credits. These SPEs are typically structured as VIEs and are thus subject to consolidation by the reporting enterprise that absorbs the majority of the economic risks and rewards of the VIE. To determine whether it must consolidate a VIE, the Company analyzes the design of the VIE to identify the sources of variability within the VIE, including an assessment of the nature of risks created by the assets and other contractual obligations of the VIE, and determines whether it will absorb a majority of that variability. The Company has invested in a limited partnership for which it determined it is not the primary beneficiary, and which thus is not subject to consolidation by the Company. The Company reports its investment in this partnership at its net realizable value, estimated to be the discounted value of the remaining amount of tax credits to be received. The amount recorded as investment in this partnership at December 31, 2015 and 2014 was $199,000 and $265,000, respectively, and is included in other assets. The Company has invested in limited partnerships as a funding investor. The partnerships are single purpose entities that lend money to real estate investors for the purpose of acquiring and operating, or rehabbing, commercial property. The investments qualify for New Market Tax Credits under Internal Revenue Code Section 45D, as amended, or Historic Rehabilitation Tax Credits under Code Section 47, as amended. For each of the partnerships, the Company acts strictly in a limited partner capacity. The Company has determined that it is not the primary beneficiary of these partnerships because it does not have the power to direct the activities of the entity that most significantly impact the entities’ economic performance. The amount of recorded investment in these partnerships as of December 31, 2015 and 2014 was $ 25,311,000 25,460,000 of which $ 14,876,000 17,386,000 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
DEPOSITS | NOTE 8. DEPOSITS December 31, 2015 2014 (In Thousands) Noninterest-bearing demand $ 1,053,467 $ 810,460 Interest-bearing checking 2,626,575 2,158,984 Savings 41,403 29,125 Time deposits, $250,000 and under 236,961 205,414 Time deposits, over $250,000 265,482 194,177 $ 4,223,888 $ 3,398,160 (In Thousands) 2016 $ 294,661 2017 91,103 2018 62,542 2019 24,098 2020 29,864 Thereafter 175 $ 502,443 At December 31, 2015 and 2014, overdraft deposits reclassified to loans were $ 1,594,000 3,544,000 |
FEDERAL FUNDS PURCHASED
FEDERAL FUNDS PURCHASED | 12 Months Ended |
Dec. 31, 2015 | |
Federal Funds Purchased [Abstract] | |
FEDERAL FUNDS PURCHASED | FEDERAL FUNDS PURCHASED At December 31, 2015, the Company had $ 352.4 264.3 0.55 0.75 0.25% and 0.30% as of December 31, At December 31, 2015, the Company had available lines of credit totaling approximately $ 180.0 160.0 |
OTHER BORROWINGS
OTHER BORROWINGS | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
OTHER BORROWINGS | NOTE 10. OTHER BORROWINGS Other borrowings are comprised of: · $ 20.0 5.5 · $ 34.75 5 · $ 1.0 0.75 100,000 May 22, 2018. Debt is reported net of issuance costs. |
SF HOLDING 1, INC., SF REALTY 1
SF HOLDING 1, INC., SF REALTY 1, INC., SF FLA REALTY, INC. AND SF GA REALTY, INC. | 12 Months Ended |
Dec. 31, 2015 | |
Investments In Subsidiaries [Abstract] | |
SF HOLDING 1, INC., SF REALTY 1, INC., SF FLA REALTY, INC. AND SF GA REALTY, INC. | NOTE 11. SF HOLDING 1, INC., SF REALTY 1, INC., SF FLA REALTY, INC. AND SF GA REALTY, INC. In January 2012, the Company formed SF Holding 1, Inc., an Alabama corporation, and its subsidiary, SF Realty 1, Inc., an Alabama corporation. In September 2013, the Company formed SF FLA Realty, Inc., an Alabama corporation and a subsidiary of SF Holding 1, Inc. In May 2014, the Company formed SF GA Realty, Inc., an Alabama corporation and a subsidiary of SF Holding 1, Inc. SF Realty 1, SF FLA Realty and SF GA Realty all hold and manage participations in residential mortgages and commercial real estate loans originated by ServisFirst Bank and have elected to be treated as real estate investment trusts (“REIT”) for U.S. income tax purposes. SF Holding 1, Inc., SF Realty 1, Inc., SF FLA Realty, Inc. and SF GA Realty, Inc. are all consolidated into the Company. |
PARTICIPATION IN THE SMALL BUSI
PARTICIPATION IN THE SMALL BUSINESS LENDING FUND OF THE U.S. TREASURY DEPARTMENT | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
PARTICIPATION IN THE SMALL BUSINESS LENDING FUND OF THE U.S. TREASURY DEPARTMENT | PARTICIPATION IN THE SMALL BUSINESS LENDING FUND OF THE U.S. TREASURY DEPARTMENT On July 31, 2015, the Company redeemed all 40,000 40,033,000 The Preferred Stock, Series A, was issued pursuant to the Treasury’s Small Business Lending Fund program, a $ 30 10 1 . |
DERIVATIVES
DERIVATIVES | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES The Company has entered into agreements with secondary market investors to deliver loans on a “best efforts delivery” basis. When a rate is committed to a borrower, it is based on the best price that day and locked with the investor for the customer for a 30-day period. In the event the loan is not delivered to the investor, the Company has no risk or exposure with the investor. The interest rate lock commitments related to loans that are originated for later sale are classified as derivatives. The fair values of the Company’s agreements with investors and rate lock commitments to customers as of December 31, 2015 and December 31, 2014 were not material. |
EMPLOYEE AND DIRECTOR BENEFITS
EMPLOYEE AND DIRECTOR BENEFITS | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
EMPLOYEE AND DIRECTOR BENEFITS | NOTE 14. EMPLOYEE AND DIRECTOR BENEFITS At December 31, 2015, the Company has two stock incentive plans, which are described below. The compensation cost that has been charged against income for the plans was approximately $ 1,265,000 3,681,000 1,205,000 2,503,000 Stock Incentive Plans The Company’s 2005 Stock Incentive Plan (the “2005 Plan”), originally permitted the grant of stock options to its officers, employees, directors and organizers of the Company for up to 1,575,000 3,075,000 On March 23, 2009, the Company’s board of directors adopted the 2009 Stock Incentive Plan (the “2009 Plan”), which was effective upon approval by the stockholders at the 2009 Annual Meeting of Stockholders. The 2009 Plan originally permitted the grant of up to 1,275,000 2,775,000 As of December 31, 2015, there are a total of 2,099,510 The fair value of each stock option award is estimated on the date of grant using a Black-Scholes-Merton valuation model that uses the assumptions noted in the following table. Expected volatilities are based on an index of approximately 70 publicly traded banks in the southeast United States. The expected term of options granted is based on the short-cut method and represents the period of time that options granted are expected to be outstanding. 2015 2014 2013 Expected volatility 24.00 % 19.25 % 18.65 % Expected dividends 0.71 % 1.31 % - % Expected term (in years) 6 8 7 Risk-free rate 1.85 % 2.24 % 1.72 % The weighted average grant-date fair value of options granted during the years ended December 31, 2015, 2014 and 2013 was $ 8.40 3.69 3.04 Shares Weighted Weighted Aggregate (In Thousands) Year Ended December 31, 2015: Outstanding at beginning of year 1,622,917 $ 9.38 5.9 $ 38,256 Granted 162,000 33.26 9.2 2,311 Exercised (525,500) 7.23 2.7 21,177 Forfeited (10,000) 16.79 7.1 - Outstanding at end of year 1,249,417 $ 13.32 6.3 $ 42,746 Exercisable at December 31, 2015 205,418 $ 9.68 5.4 $ 7,775 Year Ended December 31, 2014: Outstanding at beginning of year 2,328,900 $ 7.69 5.5 $ 14,300 Granted 139,000 16.83 9.3 2,339 Exercised (838,983) 5.92 2.5 22,679 Forfeited (6,000) 11.92 7.9 - Outstanding at end of year 1,622,917 $ 9.38 5.9 $ 38,256 Exercisable at December 31, 2014 591,418 $ 7.75 4.1 $ 14,901 Year Ended December 31, 2013: Outstanding at beginning of year 2,449,500 $ 6.96 5.8 $ 9,905 Granted 180,000 12.65 9.7 213 Exercised (282,600) 4.48 2.8 2,532 Forfeited (18,000) 7.50 5.6 - Outstanding at end of year 2,328,900 $ 7.69 5.5 $ 14,300 Exercisable at December 31, 2013 1,161,732 $ 5.40 3.2 $ 9,797 Range of Shares Weighted Weighted Aggregate (In Thousands) $ 5.00 3,000 $ 5.00 0.6 $ 127 8.33 134,918 8.33 4.4 5,288 11.00 30,000 11.00 7.2 1,096 13.83 37,500 13.83 8.0 1,264 205,418 9.68 5.4 7,775 As of December 31, 2015, there was $ 1,741,000 1.7 242,000 2,025,000 705,000 Restricted Stock The Company has awarded 237,088 90,000 568,000 1.3 Stock Warrants The Company granted warrants for 225,000 8.333 13,500 211,500 The Company granted warrants for 45,000 8.333 8.25 Retirement Plans The Company has a retirement savings 401(k) and profit-sharing plan in which all employees age 21 and older may participate after completion of one year of service. For employees in service with the Company at June 15, 2005, the length of service and age requirements were waived. The Company matches employees’ contributions based on a percentage of salary contributed by participants and may make additional discretionary profit sharing contributions. The Company’s expense for the plan was $ 1,080,000 811,000 878,000 200,000 |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
COMMON STOCK | COMMON STOCK On January 31, 2015, the Company completed its acquisition of Metro Bancshares, Inc. and Metro Bank, its wholly-owned bank subsidiary, for an aggregate of $ 20.9 636,592 On May 19, 2014, the Company completed its initial public offering of 1,875,000 30.33 52.1 On June 16, 2014, the Company declared a three-for-one split of its common stock in the form of a stock dividend. On July 16, 2014, stockholders of record as of the close of business on July 9, 2014 received a distribution of two additional shares of Company common stock for each common share owned. All share and per share amounts for all periods presented are reported giving effect to this three-for-one stock split. |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERS The Bank is subject to dividend restrictions set forth in the Alabama Banking Code and by the Alabama State Banking Department. Under such restrictions, the Bank may not, without the prior approval of the Alabama State Banking Department, declare dividends in excess of the sum of the current year’s earnings plus the retained earnings from the prior two years. Based on these restrictions, the Bank would be limited to paying $ 141.8 The Bank is subject to various regulatory capital requirements administered by the state and federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank and the financial statements. Under regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification under the prompt corrective guidelines are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of common equity Tier 1 capital, total risk-based capital and Tier 1 capital to risk-weighted assets (as defined in the regulations), and Tier 1 capital to adjusted total assets (as defined). Management believes, as of December 31, 2015, that the Bank meets all capital adequacy requirements to which it is subject. In July 2013, the Federal Reserve announced its approval of a final rule to implement the regulatory capital reforms developed by the Basel Committee on Banking Supervision (“Basel III”), among other changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new rules became effective January 1, 2015, subject to a phase-in period for certain aspects of the new rules. In order to avoid restrictions on capital distributions and discretionary bonus payments to executives, under the new rules a covered banking organization will also be required to maintain a “capital conservation buffer” in addition to its minimum risk-based capital requirements. This buffer will be required to consist solely of common equity Tier 1, and the buffer will apply to all three risk-based measurements (CET1, Tier 1 capital and total capital). The capital conservation buffer will be phased in incrementally over time, beginning January 1, 2016 and becoming fully effective on January 1, 2019, and will ultimately consist of an additional amount of Tier 1 common equity equal to 2.5% of risk-weighted assets. As of December 31, 2015, the most recent notification from the Federal Deposit Insurance Corporation categorized ServisFirst Bank as well capitalized under the regulatory framework for prompt corrective action. To remain categorized as well capitalized, the Bank will have to maintain minimum CET1, total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as disclosed in the table below. Management believes that it is well capitalized under the prompt corrective action provisions as of December 31, 2015. To Be Well Capitalized Under For Capital Adequacy Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015: CET I Capital to Risk Weighted Assets: Consolidated $ 431,642 9.72 % $ 199,836 4.50 % N/A N/A ServisFirst Bank 439,279 9.89 % 199,806 4.50 % $ 288,608 6.50 % Tier I Capital to Risk Weighted Assets: Consolidated 432,019 9.73 % 266,448 6.00 % N/A N/A ServisFirst Bank 439,656 9.90 % 266,407 6.00 % 355,210 8.00 % Total Capital to Risk Weighted Assets: Consolidated 530,688 11.95 % 355,264 8.00 % N/A N/A ServisFirst Bank 483,575 10.89 % 355,210 8.00 % 444,012 10.00 % Tier I Capital to Average Assets: Consolidated 432,019 8.55 % 202,043 4.00 % N/A N/A ServisFirst Bank 439,656 8.71 % 202,023 4.00 % 252,529 5.00 % As of December 31, 2014: Tier I Capital to Risk Weighted Assets: Consolidated $ 402,471 11.75 % $ 136,972 4.00 % N/A N/A ServisFirst Bank 362,119 10.58 % 136,970 4.00 % $ 205,454 6.00 % Total Capital to Risk Weighted Assets: Consolidated 458,073 13.38 % 273,943 8.00 % N/A N/A ServisFirst Bank 397,748 11.62 % 273,939 8.00 % 342,424 10.00 % Tier I Capital to Average Assets: Consolidated 402,471 9.91 % 162,377 4.00 % N/A N/A ServisFirst Bank 362,119 8.92 % 162,375 4.00 % 202,969 5.00 % |
OTHER OPERATING INCOME AND EXPE
OTHER OPERATING INCOME AND EXPENSES | 12 Months Ended |
Dec. 31, 2015 | |
Other Operating Income And Expenses [Abstract] | |
OTHER OPERATING INCOME AND EXPENSES | NOTE 17. OTHER OPERATING INCOME AND EXPENSES Years Ended December 31, 2015 2014 2013 (In Thousands) Other Operating Income (Loss) gain on sale of other real estate owned $ (136) $ (413) $ (159) Credit card income 2,465 2,041 1,425 Other 1,214 1,006 878 $ 3,543 $ 2,634 $ 2,144 Other Operating Expenses Postage $ 338 $ 264 $ 195 Telephone 680 555 465 Data processing 4,293 3,126 2,535 Other loan expenses 2,086 1,457 1,936 Supplies 492 399 380 Customer and public relations 1,211 959 838 Marketing 562 477 532 Sales and use tax 380 259 309 Donations and contributions 605 466 370 Directors fees 406 364 341 Bank service charges 961 472 196 Write-down investment in tax credit partnerships 3,966 2,552 356 Other operational losses 126 575 113 Other 4,380 3,047 2,363 $ 20,486 $ 14,972 $ 10,929 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 18. INCOME TAXES Year Ended December 31, 2015 2014 2013 (In Thousands) Current tax expense: Federal $ 28,517 $ 25,929 $ 21,264 State 1,824 693 899 Total current tax expense 30,341 26,622 22,163 Deferred tax expense (benefit): Federal (3,277) (3,778) (1,616) State (1,599) (1,243) (189) Total deferred tax expense (4,876) (5,021) (1,805) Total income tax expense $ 25,465 $ 21,601 $ 20,358 Year Ended December 31, 2015 Amount % of Pre-tax (In Thousands) Income tax at statutory federal rate $ 31,152 35.00 % Effect on rate of: State income tax, net of federal tax effect 146 0.16 % Tax-exempt income, net of expenses (1,308) (1.47) % Bank owned life insurance contracts (917) (1.03) % Incentive stock option expense 3 - % Federal tax credits (3,600) (4.04) % Other (11) (0.01) % Effective income tax and rate $ 25,465 28.61 % Year Ended December 31, 2014 Amount % of Pre-tax (In Thousands) Income tax at statutory federal rate $ 25,892 35.00 % Effect on rate of: State income tax, net of federal tax effect (358) (0.49) % Tax-exempt income, net of expenses (1,316) (1.78) % Bank owned life insurance contracts (798) (1.08) % Incentive stock option expense (18) (0.02) % Federal tax credits (1,659) (2.24) % Other (142) (0.19) % Effective income tax and rate $ 21,601 29.20 % Year Ended December 31, 2013 Amount % of Pre-tax (In Thousands) Income tax at statutory federal rate $ 21,691 35.00 % Effect on rate of: State income tax, net of federal tax effect 462 0.75 % Tax-exempt income, net of expenses (1,200) (1.94) % Bank owned life insurance contracts (698) (1.13) % Incentive stock option expense 66 0.11 % Other 37 0.06 % Effective income tax and rate $ 20,358 32.85 % December 31, 2015 2014 (In Thousands) Deferred tax assets: Allowance for loan losses $ 16,482 $ 13,491 Other real estate owned 1,136 1,319 Nonqualified equity awards 1,576 1,594 Nonaccrual interest 441 444 State tax credits 2,313 987 Investments 1,826 667 Deferred loan fees 642 87 Reserve for unfunded commitments 190 - Differences in amounts reflected in financial statements and income tax basis of assets acquired and liabilities assumed in acquisition 972 - Acquired net operating losses 1,398 - Other deferred tax assets 228 117 Total deferred tax assets 27,204 18,706 Deferred tax liabilities: Net unrealized gain on securities available for sale 1,641 2,418 Depreciation 1,285 421 Prepaid expenses 202 151 Acquired intangible assets 651 - Total deferred tax liabilities 3,779 2,990 Net deferred tax assets $ 23,425 $ 15,716 The Company believes its net deferred tax asset is recoverable as of December 31, 2015 based on the expectation of future taxable income and other relevant considerations. The Company and its subsidiaries file a consolidated U.S. Federal income tax return and various consolidated and separate company state income tax returns. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2012 through 2015. The Company is also currently open to audit by several state departments of revenue for the years ended December 31, 2012 through 2015. The audit periods differ depending on the date the Company began business activities in each state. Currently, there are no years for which the Company filed a federal or state income tax return that are under examination by the IRS or any state department of revenue. Accrued interest and penalties on unrecognized income tax benefits totaled $ 61,000 12,000 804,000 1,173,000 2015 2014 2013 (In Thousands) Balance, beginning of year $ 804 $ 437 $ 161 Increases related to prior year tax positions 369 367 276 Decreases related to prior year tax positions - - - Increases related to current year tax positions - - - Settlements - - - Lapse of statute - - - Balance, end of year $ 1,173 $ 804 $ 437 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 19. COMMITMENTS AND CONTINGENCIES Loan Commitments The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, credit card arrangements, and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheets. 2015 2014 2013 (In Thousands) Commitments to extend credit $ 1,409,425 $ 1,156,682 $ 1,052,902 Credit card arrangements 62,462 45,155 38,122 Standby letters of credit and financial guarantees 38,224 33,280 40,371 Total $ 1,510,111 $ 1,235,117 $ 1,131,395 Commitments to extend credit, credit card arrangements, commercial letters of credit and standby letters of credit all include exposure to some credit loss in the event of nonperformance of the customer. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. Because these instruments have fixed maturity dates, and because many of them expire without being drawn upon, they do not generally present any significant liquidity risk to the Company. |
CONCENTRATIONS OF CREDIT
CONCENTRATIONS OF CREDIT | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF CREDIT | NOTE 20. CONCENTRATIONS OF CREDIT The Company originates primarily commercial, residential, and consumer loans to customers in the Company’s market area. The ability of the majority of the Company’s customers to honor their contractual loan obligations is dependent on the economy in the market area. The Company’s loan portfolio is concentrated primarily in loans secured by real estate, of which 57 |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | NOTE 21. 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. Years Ended December 31, 2015 2014 2013 (Dollar Amounts In Thousands Except Per Share Amounts) Earnings Per Share Weighted average common shares outstanding 25,713,233 23,855,001 20,607,213 Net income available to common stockholders $ 63,260 $ 51,946 $ 41,201 Basic earnings per common share $ 2.46 2.18 $ 2.00 Weighted average common shares outstanding 25,713,233 23,855,001 20,607,213 Dilutive effects of assumed conversions and exercise of stock options and warrants 729,321 963,220 1,198,812 Weighted average common and dilutive potential common shares outstanding 26,442,554 24,818,221 21,806,025 Net income available to common stockholders $ 63,260 $ 51,946 $ 41,201 Effect of interest expense on convertible debt, net of tax and discretionary expenditures related to conversion $ - $ - $ 115 Net income available to common stockholders, adjusted for effect of debt conversion $ 63,260 $ 51,946 $ 41,316 Diluted earnings per common share $ 2.39 $ 2.09 $ 1.90 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 22. RELATED PARTY TRANSACTIONS As more fully described in Note 4, the Company had outstanding loan balances to related parties as of December 31, 2015 and 2014 in the amount of $12.1 million and $13.1 million, respectively. Related party deposits totaled $ 7.6 5.6 |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | NOTE 23. 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 Impaired Loans 6,268,000 4,961,000 Other Real Estate Owned 743,000 1,297,000 Fair Value Measurements at December 31, 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 $ - $ 45,009 $ - $ 45,009 Mortgage-backed securities - 136,954 - 136,954 State and municipal securities - 146,033 - 146,033 Corporate debt - 14,942 - 14,942 Total assets at fair value $ - $ 342,938 $ - $ 342,938 Fair Value Measurements at December 31, 2014 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Inputs Unobservable Assets (Level 1) (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Recurring Basis: Available-for-sale securities U.S. Treasury and government sponsored agencies $ - $ 51,138 $ - $ 51,138 Mortgage-backed securities - 95,523 - 95,523 State and municipal securities - 135,663 - 135,663 Corporate debt - 15,986 - 15,986 Total assets at fair value $ - $ 298,310 $ - $ 298,310 The carrying amount and estimated fair value of the Company’s financial instruments were as follows:: Fair Value Measurements at December 31, 2015 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Nonrecurring Basis: Impaired loans $ - - $ 27,808 $ 27,808 Other real estate owned and repossessed assets - - 5,392 5,392 Total assets at fair value - - $ 33,200 $ 33,200 Fair Value Measurements at December 31, 2014 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Nonrecurring Basis: Impaired loans $ - $ - $ 21,631 $ 21,631 Other real estate owned - - 6,840 6,840 Total assets at fair value $ - $ - $ 28,471 $ 28,471 The fair value of a financial instrument is the current amount that would be exchanged in a sale between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Current U.S. GAAP excludes certain financial instruments and all nonfinancial instruments from its fair value disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: Cash and due from banks: Debt securities: Equity securities: Federal funds sold: Mortgage loans held for sale: Bank owned life insurance contracts: Loans, net: Deposits: Federal funds purchased: Other borrowings: Loan commitments: The carrying amount, estimated fair value and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2015 and December 31, 2014 are presented in the following table. December 31, 2015 2014 Carrying Fair Value Carrying Fair Value (In Thousands) Financial Assets: Level 1 Inputs: Cash and cash equivalents $ 317,450 $ 317,450 $ 296,573 $ 296,573 Level 2 Inputs: Debt securities available for sale $ 342,938 $ 342,938 $ 298,310 $ 298,310 Debt securities held to maturity 27,426 27,910 29,355 29,974 Restricted equity securities 4,954 4,954 3,921 3,921 Federal funds sold 34,785 34,785 891 891 Mortgage loans held for sale 8,249 8,295 5,984 5,984 Bank owned life insurance contracts 91,594 91,594 86,288 86,288 Level 3 Inputs: Loans, net $ 4,172,956 $ 4,179,835 $ 3,324,229 $ 3,327,371 Financial Liabilities: Level 2 Inputs: Deposits $ 4,223,888 $ 4,223,181 $ 3,398,160 $ 3,399,261 Federal funds purchased 352,360 352,360 264,315 264,315 Other borrowings 55,637 64,305 19,973 19,973 |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | NOTE 24. PARENT COMPANY FINANCIAL INFORMATION The following information presents the condensed balance sheet of the Company as of December 31, 2015 and 2014 and the condensed statements of income and cash flows for the years ended December 31, 2015, 2014 and 2013. CONDENSED BALANCE SHEETS (In Thousands) December 31, December 31, 2015 2014 ASSETS Cash and due from banks $ 48,182 $ 61,611 Investment in subsidiary 456,407 366,609 Other assets 375 51 Total assets $ 504,964 $ 428,271 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Other borrowings $ 54,639 $ 19,973 Other liabilities 1,555 1,337 Total liabilities 56,194 21,310 Stockholders' equity: Preferred stock, Series A Senior Non-Cumulative Perpetual, par value $0.001 (liquidation preference $1,000), net of discount; 40,000 shares authorized, no shares issued and outstanding at December 31, 2015, and 40,000 shares issued and outstanding at December 31, 2014 - 39,958 Common stock, par value $0.001 per share; 50,000,000 shares authorized; 25,972,698 shares issued and outstanding at December 31, 2015 and 24,801,518 shares issued and outstanding at December 31, 2014 26 25 Additional paid-in capital 211,546 185,397 Retained earnings 234,150 177,091 Accumulated other comprehensive income 3,048 4,490 Total stockholders' equity 448,770 406,961 Total liabilites and stockholders' equity $ 504,964 $ 428,271 CONDENSED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 and 2013 (In Thousands) 2015 2014 2013 Income: Dividends received from subsidiary $ 20,000 $ 12,000 $ 4,750 Other income 1 - 1 Total income 20,001 12,000 4,751 Expense: Other expenses 1,603 1,183 1,147 Total expenses 1,603 1,183 1,147 Equity in undistributed earnings of subsidiary 45,095 41,529 37,997 Net income 63,493 52,346 41,601 Dividends on preferred stock 233 400 400 Net income available to common stockholders $ 63,260 $ 51,946 $ 41,201 STATEMENTS OF CASH FLOW FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013 (In Thousands) 2015 2014 2013 Operating activities Net income $ 63,493 $ 52,346 $ 41,601 Adjustments to reconcile net income to net cash used in operating activities: Other (271) 165 (224) Equity in undistributed earnings of subsidiary (45,095) (41,529) (37,997) Net cash provided by operating activities 18,127 10,982 3,380 Investing activities Other - - (10,499) Net cash paid in acquisition (20,926) - - Investment in subsidiary 736 - - Net cash used in investing activities (20,190) - (10,499) Financing activities Proceeds from other borrowings 34,750 - - Redemption of preferred stock (40,000) - - Proceeds from issuance of common stock, net - 52,076 10,499 Dividends paid on common stock (5,883) (3,609) (3,682) Dividends paid on preferred stock (233) (400) (400) Net cash provided by financing activities (11,366) 48,067 6,417 (Decrease) increase in cash and cash equivalents (13,429) 59,049 (702) Cash and cash equivalents at beginning of year 61,611 2,562 3,264 Cash and cash equivalents at end of year $ 48,182 $ 61,611 $ 2,562 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On January 25, 2016, the Company announced its entry into the Tampa Bay area of Florida with the hire of a regional CEO for that market, Gregory W. Bryant. Mr. Bryant was formerly the President and CEO of Bay Cities Bank prior to its sale to Home Bancshares, Inc. In February 2016, the Company formed SF TN Realty, Inc., an Alabama corporation, to hold and manage participations in residential mortgages and commercial real estate loans originated by ServisFirst Bank and have elected to be treated as a real estate investment trust (“REIT”) for U.S. income tax purposes. SF TN Realty, Inc. is consolidated into the Company. The Company has evaluated all subsequent events through the date of this filing to ensure that this Form 10-K includes appropriate disclosure of events both recognized in the financial statements as of December 31, 2015, and events which occurred subsequent to December 31, 2015 but were not recognized in the consolidated financial statements. |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) 2015 Quarter Ended (Dollars in thousands, except per share data) March 31 June 30 September 30 December 31 Interest income $ 40,783 $ 44,209 $ 46,532 $ 48,451 Interest expense 3,746 3,998 4,670 5,290 Net interest income 37,037 40,211 41,862 43,161 Provision for loan losses 2,405 4,062 3,072 3,308 Net income available to common stockholders 12,955 14,346 16,233 19,726 Net income per common share, basic $ 0.51 $ 0.56 $ 0.63 $ 0.76 Net income per common share, diluted $ 0.49 $ 0.54 $ 0.61 $ 0.74 2014 Quarter Ended (Dollars in thousands, except per share data) March 31 June 30 September 30 December 31 Interest income $ 34,281 $ 35,424 $ 36,857 $ 38,163 Interest expense 3,432 3,446 3,538 3,703 Net interest income 30,849 31,978 33,319 34,460 Provision for loan losses 2,314 2,438 2,748 2,759 Net income available to common stockholders 11,658 11,469 13,902 14,917 Net income per common share, basic $ 0.53 $ 0.49 $ 0.56 $ 0.60 Net income per common share, diluted $ 0.51 $ 0.46 $ 0.54 $ 0.58 |
SUMMARY OF SIGNIFICANT ACCOUN37
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations ServisFirst Bancshares, Inc. (the “Company”) was formed on August 16, 2007 and is a bank holding company whose business is conducted by its wholly-owned subsidiary ServisFirst Bank (the “Bank”). The Bank is headquartered in Birmingham, Alabama, and has provided a full range of banking services to individual and corporate customers throughout the Birmingham market since opening for business in May 2005. The Bank has since expanded into the Huntsville, Montgomery, Dothan and Mobile, Alabama, Pensacola, Florida, Atlanta, Georgia, Charleston, South Carolina and Nashville, Tennessee markets. On January 25, 2016, the Company also announced that it had hired a CEO for its newest market in the Tampa Bay area of Florida. The Bank has a subsidiary, SF Holding 1, Inc., which has subsidiaries, SF Realty 1, Inc., SF FLA Realty, Inc. and SF GA Realty, Inc., which operate as real estate investment trusts. More details about SF Holding 1, Inc. and its subsidiaries are included in Note 11. |
Basis of Presentation and Accounting Estimates | Basis of Presentation and Accounting Estimates To prepare consolidated financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and future results could differ. The allowance for loan losses, valuation of foreclosed real estate, goodwill and other intangible assets and fair values of financial instruments are particularly subject to change. All numbers are in thousands except share and per share data. |
Cash, Due from Banks, Interest-Bearing Balances due from Financial Institutions | Cash, Due from Banks, Interest-Bearing Balances due from Financial Institutions Cash and due from banks includes cash on hand, cash items in process of collection, amounts due from banks and interest bearing balances due from financial institutions. For purposes of cash flows, cash and cash equivalents include cash and due from banks and federal funds sold. Generally, federal funds are purchased and sold for one-day periods. Cash flows from loans, mortgage loans held for sale, federal funds sold, and deposits are reported net. The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank based on a percentage of deposits. The total of those reserve balances was approximately $ 26.6 36.9 |
Debt Securities | Debt Securities Securities are classified as available-for-sale when they might be sold before maturity. Unrealized holding gains and losses, net of tax, on securities available for sale are reported as a net amount in a separate component of stockholders’ equity until realized. Gains and losses on the sale of securities available for sale are determined using the specific-identification method. The amortization of premiums and the accretion of discounts are recognized in interest income using methods approximating the interest method over the period to maturity. Declines in the fair value of available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. Securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are reported at amortized cost. In determining the existence of other-than-temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. |
Investments in Restricted Equity Securities Carried at Cost | Investments in Restricted Equity Securities Carried at Cost Investments in restricted equity securities without a readily determinable market value are carried at cost . |
Mortgage Loans Held for Sale | Mortgage Loans Held for Sale The Company classifies certain residential mortgage loans as held for sale. Typically mortgage loans held for sale are sold to a third party investor within a very short time period. The loans are sold without recourse and servicing is not retained. Net fees earned from this banking service are recorded in noninterest income. In the course of originating mortgage loans and selling those loans in the secondary market, the Company makes various representations and warranties to the purchaser of the mortgage loans. Each loan is underwritten using government agency guidelines. Any exceptions noted during this process are remedied prior to sale. These representations and warranties also apply to underwriting the real estate appraisal opinion of value for the collateral securing these loans. Under the representations and warranties, failure by the Company to comply with the underwriting and/or appraisal standards could result in the Company being required to repurchase the mortgage loan or to reimburse the investor for losses incurred (make whole requests) if such failure cannot be cured by the Company within the specified period following discovery. The Company continues to experience an insignificant level of investor repurchase demands. There were no expenses incurred as part of these buyback obligations for the years ended December 31, 2015 and 2014. |
Loans | Loans Loans are reported at unpaid principal balances, less unearned fees and the allowance for loan losses. Interest on all loans is recognized as income based upon the applicable rate applied to the daily outstanding principal balance of the loans. Interest income on nonaccrual loans is recognized on a cash basis or cost recovery basis until the loan is returned to accrual status. A loan may be returned to accrual status if the Company is reasonably assured of repayment of principal and interest and the borrower has demonstrated sustained performance for a period of at least six months. Loan fees, net of direct costs, are reflected as an adjustment to the yield of the related loan over the term of the loan. The Company does not have a concentration of loans to any one industry. The accrual of interest on loans is discontinued when there is a significant deterioration in the financial condition of the borrower and full repayment of principal and interest is not expected or the principal or interest is more than 90 days past due, unless the loan is both well-collateralized and in the process of collection. Generally, all interest accrued but not collected for loans that are placed on nonaccrual status are reversed against current interest income. Interest collections on nonaccrual loans are generally applied as principal reductions. The Company determines past due or delinquency status of a loan based on contractual payment terms. A loan is considered impaired when it is probable the Company will be unable to collect all principal and interest payments due according to the contractual terms of the loan agreement. Individually identified impaired loans are measured based on the present value of expected payments using the loan’s original effective rate as the discount rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. If the recorded investment in the impaired loan exceeds the measure of fair value, a valuation allowance may be established as part of the allowance for loan losses. Changes to the valuation allowance are recorded as a component of the provision for loan losses. Impaired loans also include troubled debt restructurings (“TDRs”). In the normal course of business management grants concessions to borrowers, which would not otherwise be considered, where the borrowers are experiencing financial difficulty. The concessions granted most frequently for TDRs involve reductions or delays in required payments of principal and interest for a specified time, the rescheduling of payments in accordance with a bankruptcy plan or the charge-off of a portion of the loan. In some cases, the conditions of the credit also warrant nonaccrual status, even after the restructure occurs. As part of the credit approval process, the restructured loans are evaluated for adequate collateral protection in determining the appropriate accrual status at the time of restructure. TDR loans may be returned to accrual status if there has been at least a six month sustained period of repayment performance by the borrower. Acquired loans are recorded at fair value at the date of acquisition, and accordingly no allowance for loan losses is transferred to the acquiring entity in connection with acquisition accounting. The fair values of loans with evidence of credit deterioration (purchased, credit impaired loans) are initially recorded at fair value, but thereafter accounted for differently than purchased, non-credit impaired loans. For purchased credit impaired loans, cash flows are estimated at Day 1 and discounted at a market interest rate which creates accretable yield to be recognized over the life of the loan. Contractual principal and interest payments not expected to be collected are considered non-accretable difference. Subsequent to the acquisition date, management continues to monitor cash flows on a quarterly basis, to determine the performance of each purchased credit impaired loan in comparison to management’s initial performance expectations. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses. Subsequent significant increases in cash flows result in a reversal of the provision for loan losses to the extent of prior provisions or a reclassification of amount from non-accretable difference to accretable yield, with a positive impact on the accretion of interest income in future periods. Acquired performing loans are accounted for using the contractual cash flows method of recognizing discount accretion based on the acquired loans’ contractual cash flows. Acquired performing loans are recorded as of the acquisition date at fair value, considering credit and other risks, with no separate allowance for loan losses account. Credit losses on the acquired performing loans are estimated in future periods based on analysis of the performing portfolio. A provision for loan losses is recognized for any further credit deterioration that occurs in these loans subsequent to the acquisition date. Fair value discounts on Day 1 are accreted as interest income over the life of the loans. |
Allowance for Loan Losses | The allowance for loan losses is maintained at a level which, in management’s judgment, is adequate to absorb credit losses inherent in the loan portfolio. The amount of the allowance is based on management’s evaluation of the collectability of the loan portfolio, including the nature of the portfolio, credit concentrations, trends in historical loss experience, specific impaired loans, economic conditions, and other risks inherent in the portfolio. Allowances for impaired loans are generally determined based on collateral values or the present value of the estimated cash flows. The allowance is increased by a provision for loan losses, which is charged to expense, and reduced by charge-offs, net of recoveries. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the allowance for losses on loans. Such agencies may require the Company to recognize adjustments to the allowance based on their judgments about information available to them at the time of their examination. |
Foreclosed Real Estate | Foreclosed Real Estate Foreclosed real estate includes both formally foreclosed property and in-substance foreclosed property. At the time of foreclosure, foreclosed real estate is recorded at fair value less cost to sell, which becomes the property’s new basis. Any write downs based on the asset’s fair value at date of acquisition are charged to the allowance for loan losses. After foreclosure, these assets are carried at the lower of their new cost basis or fair value less cost to sell. Costs incurred in maintaining foreclosed real estate and subsequent adjustments to the carrying amount of the property are included in other operating expenses. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Expenditures for additions and major improvements that significantly extend the useful lives of the assets are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Assets which are disposed of are removed from the accounts and the resulting gains or losses are recorded in operations. Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets ( 3 10 Leasehold improvements are amortized on a straight-line basis over the lesser of the lease terms or the estimated useful lives of the improvements. |
Goodwill and Other Identifiable Intangible Assets | Goodwill and Other Identifiable Intangible Assets Other identifiable intangible assets include a core deposit intangible recorded in connection with the acquisition of Metro Bancshares, Inc. The core deposit intangible is being amortized over 7 The Company has recorded $ 13.6 |
Derivatives and Hedging Activities | Derivatives and Hedging Activities As part of its overall interest rate risk management, the Company uses derivative instruments, which can include interest rate swaps, caps, and floors. Financial Accounting Standards Board (“FASB”) ASC 815-10, Derivatives and Hedging, requires all derivative instruments to be carried at fair value on the balance sheet. This accounting standard provides special accounting provisions for derivative instruments that qualify for hedge accounting. To be eligible, the Company must specifically identify a derivative as a hedging instrument and identify the risk being hedged. The derivative instrument must be shown to meet specific requirements under this accounting standard. The Company designates the derivative on the date the derivative contract is entered into as (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (a “fair-value” hedge) or (2) a hedge of a forecasted transaction of the variability of cash flows to be received or paid related to a recognized asset or liability (a “cash-flow” hedge). Changes in the fair value of a derivative that is highly effective as a fair-value hedge, and that is designated and qualifies as a fair-value hedge, along with the loss or gain on the hedged asset or liability that is attributable to the hedged risk (including losses or gains on firm commitments), are recorded in current-period earnings. The effective portion of the changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash-flow hedge is recorded in other comprehensive income, until earnings are affected by the variability of cash flows (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). The remaining gain or loss on the derivative, if any, in excess of the cumulative change in the present value of future cash flows of the hedged item is recognized in earnings. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair-value or cash-flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assessed, both at the hedge’s inception and on an ongoing basis (if the hedges do not qualify for short-cut accounting), whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively, as discussed below. The Company discontinues hedge accounting prospectively when: (1) it is determined that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item (including firm commitments or forecasted transactions); (2) the derivative expires or is sold, terminated, or exercised; (3) the derivative is re-designated as a hedge instrument, because it is unlikely that a forecasted transaction will occur; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) management determines that designation of the derivative as a hedge instrument is no longer appropriate. When hedge accounting is discontinued because it is determined that the derivative no longer qualifies as an effective fair-value hedge, hedge accounting is discontinued prospectively and the derivative will continue to be carried on the balance sheet at its fair value with all changes in fair value being recorded in earnings but with no offsetting being recorded on the hedged item or in other comprehensive income for cash flow hedges. The Company uses derivatives to hedge interest rate exposures associated with mortgage loans held for sale and mortgage loans in process. The Company regularly enters into derivative financial instruments in the form of forward contracts, as part of its normal asset/liability management strategies. The Company’s obligations under forward contracts consist of “best effort” commitments to deliver mortgage loans originated in the secondary market at a future date. Interest rate lock commitments related to loans that are originated for later sale are classified as derivatives. In the normal course of business, the Company regularly extends these rate lock commitments to customers during the loan origination process. The fair values of the Company’s forward contract and rate lock commitments to customers as of December 31, 2015 and 2014 were not material and have not been recorded. |
Income Taxes | Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. ; The Company follows the provisions of ASC 740-10, Income Taxes. 50 |
Stock-Based Compensation | Stock-Based Compensation At December 31, 2015, the Company had two stock-based compensation plans for grants of equity compensation to key employees and directors. These plans have been accounted for under the provisions of FASB ASC 718-10, Compensation Stock Compensation with respect to employee stock options and under the provisions of FASB ASC 505-50, Equity-Based Payments to Non-Employees, with respect to non-employee stock options. The stock-based employee compensation plans are more fully described in Note 14. |
Earnings per Common Share | Earnings per Common Share Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options and warrants. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments, which include credit card arrangements, commitments to make loans and standby letters of credit, are issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Instruments such as stand-by letters of credit are considered financial guarantees in accordance with FASB ASC 460-10. The fair value of these financial guarantees is not material. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 23. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Accumulated comprehensive income, which is recognized as a separate component of equity, includes unrealized gains and losses on securities available for sale. |
Advertising | Advertising Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2015, 2014 and 2013 was $ 562,000 477,000 532,000 |
Recently Adopted Accounting Pronouncements | 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 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 April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. In August 2015, the FASB issue ASU No. 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, |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis In August 2015, the FASB issued ASU 2015-14, Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date. Revenue From Contracts With Customers (Topic 606) In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In January 2016, the FASB issued ASU 2016-1, Financial Instruments Overall (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities |
ACQUISITION (Tables)
ACQUISITION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fair Value of Assets Acquired and Liabilities Assumed | The following table provides a summary of the assets acquired and liabilities assumed as recorded by Metro, the fair value adjustments necessary to adjust those acquired assets and assumed liabilities to estimated fair value, and the resultant fair values of those assets and liabilities as recorded by the Company. January 31, 2015 As recorded by Fair value As recorded by 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 7,606 762 c 8,368 Accrued interest receivable 484 - 484 Deferred taxes 754 3,153 d 3,907 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 3,686 207,075 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 996 - 996 Total liabilities assumed 179,896 514 180,410 Net assets acquired $ 23,493 $ 3,172 $ 26,665 Consideration Paid: Cash $ (20,926) Stock (19,356) Total consideration paid (40,282) Goodwill $ 13,617 (1) The Company’s acquisition of Metro Bancshares, Inc. closed on January 31, 2015. During the second quarter of 2015, the fair value of other real estate owned was adjusted down by $ 280,000 41,000 3,126,000 Explanation of 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. |
DEBT SECURITIES (Tables)
DEBT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 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 values of available-for-sale and held-to-maturity debt securities at December 31, 2015 and 2014 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value (In Thousands) December 31, 2015 Securities Available for Sale U.S. Treasury and government sponsored agencies $ 44,581 $ 569 $ (141) $ 45,009 Mortgage-backed securities 135,363 1,945 (354) 136,954 State and municipal securities 143,403 2,731 (101) 146,033 Corporate debt 14,902 67 (27) 14,942 Total $ 338,249 $ 5,312 $ (623) $ 342,938 Securities Held to Maturity Mortgage-backed securities 21,666 368 (332) 21,702 State and municipal securities 5,760 449 (1) 6,208 Total $ 27,426 $ 817 $ (333) $ 27,910 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 December 31, 2015 and 2014 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2015 December 31, 2014 Amortized Cost Market Value Amortized Cost Market Value (In Thousands) Debt securities available for sale Due within one year $ 16,770 $ 16,868 $ 16,944 $ 17,246 Due from one to five years 153,880 156,311 121,591 123,962 Due from five to ten years 32,236 32,805 60,079 61,221 Due after ten years - - 350 358 Mortgage-backed securities 135,363 136,954 92,439 95,523 $ 338,249 $ 342,938 $ 291,403 $ 298,310 Debt securities held to maturity Due from five to ten years 627 659 298 325 Due after ten years 5,133 5,549 5,253 5,716 Mortgage-backed securities 21,666 21,702 23,804 23,933 $ 27,426 $ 27,910 $ 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) December 31, 2015 U.S. Treasury and government sponsored agencies $ (141) $ 3,886 $ - $ - $ (141) $ 3,886 Mortgage-backed securities (354) 56,609 (332) 11,712 (686) 68,321 State and municipal securities (55) 15,464 (47) 4,531 (102) 19,995 Corporate debt (27) 2,961 - - (27) 2,961 Total $ (577) $ 78,920 $ (379) $ 16,243 $ (956) $ 95,163 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 |
Available-for-sale Securities | The following table summarizes information about sales of debt securities available for sale. Years Ended December 31, 2015 2014 2013 (In Thousands) Sale proceeds $ 16,738 $ 173 $ 4,140 Gross realized gains $ 29 $ 3 $ 131 Gross realized losses - - - Net realized gain (loss) $ 29 $ 3 $ 131 |
LOANS (Tables)
LOANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Details Of Loans | The composition of loans at December 31, 2015 and 2014 is summarized as follows: December 31, 2015 2014 (In Thousands) Commercial, financial and agricultural $ 1,760,479 $ 1,504,652 Real estate - construction 243,267 208,769 Real estate - mortgage: Owner-occupied commercial 1,014,669 793,917 1-4 family mortgage 444,134 333,455 Other mortgage 698,779 471,363 Total real estate - mortgage 2,157,582 1,598,735 Consumer 55,047 47,702 Total Loans 4,216,375 3,359,858 Less: Allowance for loan losses (43,419) (35,629) Net Loans $ 4,172,956 $ 3,324,229 |
Schedule Of Allowance For Loan Losses | Changes in the allowance for loan losses during the years ended December 31, 2015, 2014 and 2013, respectively are as follows: Years Ended December 31, 2015 2014 2013 (In Thousands) Balance, beginning of year $ 35,629 $ 30,663 $ 26,258 Loans charged off (5,744) (5,771) (9,012) Recoveries 687 478 409 Provision for loan losses 12,847 10,259 13,008 Balance, end of year $ 43,419 $ 35,629 $ 30,663 |
Changes In Allowance For Loan Losses Segregated By Loan Type | Changes in the allowance for loan losses, segregated by loan type, during the years ended December 31, 2015 and 2014, respectively, are as follows: Commercial, financial and Real estate - Real estate - agricultural construction mortgage Consumer Total (In Thousands) Year Ended December 31, 2015 Allowance for loan losses: Balance at December 31, 2014 $ 16,079 $ 6,395 $ 12,112 $ 1,043 $ 35,629 Charge-offs (3,802) (667) (1,104) (171) (5,744) Recoveries 279 238 169 1 687 Provision 8,939 (534) 4,884 (442) 12,847 Balance at December 31, 2015 $ 21,495 $ 5,432 $ 16,061 $ 431 $ 43,419 December 31, 2015 Individually Evaluated for Impairment $ 2,698 $ 1,223 $ 1,730 $ 32 $ 5,683 Collectively Evaluated for Impairment 18,797 4,209 14,331 399 37,736 Loans: Ending Balance $ 1,760,479 $ 243,267 $ 2,157,582 $ 55,047 $ 4,216,375 Individually Evaluated for Impairment 11,513 4,052 17,880 46 33,491 Collectively Evaluated for Impairment 1,748,966 239,215 2,139,702 55,001 4,182,884 Year Ended December 31, 2014 Allowance for loan losses: Balance at December 31, 2013 $ 13,576 $ 6,078 $ 10,065 $ 944 $ 30,663 Charge-offs (2,311) (1,267) (1,965) (228) (5,771) Recoveries 48 322 74 34 478 Provision 4,766 1,262 3,938 293 10,259 Balance at December 31, 2014 $ 16,079 $ 6,395 $ 12,112 $ 1,043 $ 35,629 December 31, 2014 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 $ 1,504,652 $ 208,769 $ 1,598,735 $ 47,702 $ 3,359,858 Individually Evaluated for Impairment 10,350 5,680 10,029 666 26,725 Collectively Evaluated for Impairment 1,494,302 203,089 1,588,706 47,036 3,333,133 |
Loans By Credit Quality Indicator | Loans by credit quality indicator as of December 31, 2015 and 2014 were as follows: Special December 31, 2015 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 1,701,591 $ 47,393 $ 11,495 $ - $ 1,760,479 Real estate - construction 233,046 6,221 4,000 - 243,267 Real estate - mortgage: Owner-occupied commercial 988,762 18,169 7,738 - 1,014,669 1-4 family mortgage 437,834 3,301 2,999 - 444,134 Other mortgage 683,157 11,086 4,536 - 698,779 Total real estate - mortgage 2,109,753 32,556 15,273 - 2,157,582 Consumer 54,973 42 32 - 55,047 Total $ 4,099,363 $ 86,212 $ 30,800 $ - $ 4,216,375 Special December 31, 2014 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 1,468,916 $ 25,416 $ 10,320 $ - $ 1,504,652 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 46,999 37 666 - 47,702 Total $ 3,282,232 $ 50,901 $ 26,725 $ - $ 3,359,858 |
Loans By Performance Status | Loans by performance status as of December 31, 2015 and 2014 are as follows: December 31, 2015 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 1,758,561 $ 1,918 $ 1,760,479 Real estate - construction 239,267 4,000 243,267 Real estate - mortgage: Owner-occupied commercial 1,014,669 - 1,014,669 1-4 family mortgage 443,936 198 444,134 Other mortgage 697,160 1,619 698,779 Total real estate - mortgage 2,155,765 1,817 2,157,582 Consumer 55,015 32 55,047 Total $ 4,208,608 $ 7,767 $ 4,216,375 December 31, 2014 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 1,503,555 $ 1,097 $ 1,504,652 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 47,036 666 47,702 Total $ 3,349,808 $ 10,050 $ 3,359,858 |
Loans By Past Due Status | are as follows: December 31, 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 $ 50 $ 35 $ - $ 85 $ 1,918 $ 1,758,476 $ 1,760,479 Real estate - construction 198 12 - 210 4,000 239,057 243,267 Real estate - mortgage: Owner-occupied commercial - - - - - 1,014,669 1,014,669 1-4 family mortgage - 210 - 210 198 443,726 444,134 Other mortgage - - - - 1,619 697,160 698,779 Total real estate - mortgage - 210 - 210 1,817 2,155,555 2,157,582 Consumer 45 6 1 52 31 54,964 55,047 Total $ 293 $ 263 $ 1 $ 557 $ 7,766 $ 4,208,052 $ 4,216,375 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 $ 1,498,677 $ 1,504,652 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 47,015 47,702 Total $ 1,423 $ 3,490 $ 925 $ 5,838 $ 9,125 $ 3,344,895 $ 3,359,858 |
Details Of Company's Impaired Loans | The following table presents details of the Company’s impaired loans as of December 31, 2015 and 2014, respectively. Loans which have been fully charged off do not appear in the tables. December 31, 2015 Unpaid Average Interest Income Recorded Principal Related Recorded Recognized Investment Balance Allowance Investment in Period (In Thousands) With no allowance recorded: Commercial, financial and agricultural $ 478 $ 487 $ - $ 482 $ 24 Real estate - construction 161 163 - 370 1 Real estate - mortgage: Owner-occupied commercial 3,980 4,140 - 3,815 214 1-4 family mortgage 2,396 2,572 - 2,409 147 Other mortgage 4,079 4,694 - 4,559 222 Total real estate - mortgage 10,455 11,406 - 10,783 583 Consumer 14 20 - 18 1 Total with no allowance recorded 11,108 12,076 - 11,653 609 With an allowance recorded: Commercial, financial and agricultural 11,035 13,035 2,698 13,882 672 Real estate - construction 3,891 4,370 1,223 3,920 - Real estate - mortgage: Owner-occupied commercial 6,365 6,365 1,328 9,958 568 1-4 family mortgage 603 603 263 567 19 Other mortgage 457 457 139 880 17 Total real estate - mortgage 7,425 7,425 1,730 11,405 604 Consumer 32 32 32 34 - Total with allowance recorded 22,383 24,862 5,683 29,241 1,276 Total Impaired Loans: Commercial, financial and agricultural 11,513 13,522 2,698 14,364 696 Real estate - construction 4,052 4,533 1,223 4,290 1 Real estate - mortgage: Owner-occupied commercial 10,345 10,505 1,328 13,773 782 1-4 family mortgage 2,999 3,175 263 2,976 166 Other mortgage 4,536 5,151 139 5,439 239 Total real estate - mortgage 17,880 18,831 1,730 22,188 1,187 Consumer 46 52 32 52 1 Total impaired loans $ 33,491 $ 36,938 $ 5,683 $ 40,894 $ 1,885 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 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 | The tables include modifications made to new TDRs, as well as renewals of existing TDRs. Year Ended December 31, 2015 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (In Thousands) Troubled Debt Restructurings Commercial, financial and agricultural 8 $ 6,618 $ 6,618 Real estate - construction - - - Real estate - mortgage: Owner-occupied commercial - - - 1-4 family mortgage - - - Other mortgage 1 253 253 Total real estate - mortgage 1 253 253 Consumer - - - 9 $ 6,871 $ 6,871 Year ended December 31, 2014 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Commercial, financial and agricultural 9 $ 7,139 $ 7,139 Real estate - construction - - - Real estate - mortgage: Owner-occupied commercial - - - 1-4 family mortgage 1 4,449 4,449 Other mortgage 2 1,684 1,684 Total real estate - mortgage 3 6,133 6,133 Consumer - - - 12 $ 13,272 $ 13,272 The following table presents TDRs by portfolio segment which defaulted during the years ended December 31, 2015 and 2014, and which were modified in the previous twelve months (i.e., the twelve months prior to default). For purposes of this disclosure default is defined as 90 days past due and still accruing or placement on nonaccrual status. Years Ended December 31, 2015 2014 Defaulted during the period, where modified in a TDR twelve months prior to default Commercial, financial and agricultural $ - $ 925 Real estate - mortgage: 1-4 family mortgage - 4,313 Other mortgage - - Total real estate - mortgage - 4,313 Consumer - - $ - $ 5,238 |
Schedule Of Changes In Related Party Loans | Changes in related party loans for the years ended December 31, 2015 and 2014 are as follows: Years Ended December 31, 2015 2014 (In Thousands) Balance, beginning of year $ 13,083 $ 13,117 Advances 15,442 4,080 Repayments (16,435) (4,114) Balance, end of year $ 12,090 $ 13,083 |
FORECLOSED PROPERTIES (Tables)
FORECLOSED PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Foreclosed Properties [Abstract] | |
Analysis of Foreclosed Properties | An analysis of foreclosed properties for the years ended December 31, 2015, 2014 and 2013 follows: 2015 2014 2013 (In Thousands) Balance at beginning of year $ 6,840 $ 12,861 $ 9,685 OREO acquired 2,348 - - Transfers from loans and capitalized expenses 2,210 2,417 11,355 Foreclosed properties sold (5,227) (7,214) (7,664) Writedowns and partial liquidations (779) (1,224) (515) Balance at end of year $ 5,392 $ 6,840 $ 12,861 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | December 31, 2015 2014 (In Thousands) Land and building $ 13,293 $ 1,733 Furniture and equipment 12,102 10,240 Leasehold improvements 6,042 5,748 Construction in progress 982 - 32,419 17,721 Accumulated depreciation (12,985) (9,906) $ 19,434 $ 7,815 |
Schedule of Future Minimum Lease Payments | (In Thousands) 2016 $ 3,304 2017 3,014 2018 2,775 2019 2,273 2020 1,631 Thereafter 3,408 $ 16,405 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Schedule Of Deposits | Deposits at December 31, 2015 and 2014 were as follows: December 31, 2015 2014 (In Thousands) Noninterest-bearing demand $ 1,053,467 $ 810,460 Interest-bearing checking 2,626,575 2,158,984 Savings 41,403 29,125 Time deposits, $250,000 and under 236,961 205,414 Time deposits, over $250,000 265,482 194,177 $ 4,223,888 $ 3,398,160 |
Schedule Of Maturities Of Deposits | The scheduled maturities of time deposits at December 31, 2015 were as follows: (In Thousands) 2016 $ 294,661 2017 91,103 2018 62,542 2019 24,098 2020 29,864 Thereafter 175 $ 502,443 |
EMPLOYEE AND DIRECTOR BENEFITS
EMPLOYEE AND DIRECTOR BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 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 2013 Expected volatility 24.00 % 19.25 % 18.65 % Expected dividends 0.71 % 1.31 % - % Expected term (in years) 6 8 7 Risk-free rate 1.85 % 2.24 % 1.72 % |
Summary Of Stock Option Activity | The following tables summarize stock option activity: Shares Weighted Weighted Aggregate (In Thousands) Year Ended December 31, 2015: Outstanding at beginning of year 1,622,917 $ 9.38 5.9 $ 38,256 Granted 162,000 33.26 9.2 2,311 Exercised (525,500) 7.23 2.7 21,177 Forfeited (10,000) 16.79 7.1 - Outstanding at end of year 1,249,417 $ 13.32 6.3 $ 42,746 Exercisable at December 31, 2015 205,418 $ 9.68 5.4 $ 7,775 Year Ended December 31, 2014: Outstanding at beginning of year 2,328,900 $ 7.69 5.5 $ 14,300 Granted 139,000 16.83 9.3 2,339 Exercised (838,983) 5.92 2.5 22,679 Forfeited (6,000) 11.92 7.9 - Outstanding at end of year 1,622,917 $ 9.38 5.9 $ 38,256 Exercisable at December 31, 2014 591,418 $ 7.75 4.1 $ 14,901 Year Ended December 31, 2013: Outstanding at beginning of year 2,449,500 $ 6.96 5.8 $ 9,905 Granted 180,000 12.65 9.7 213 Exercised (282,600) 4.48 2.8 2,532 Forfeited (18,000) 7.50 5.6 - Outstanding at end of year 2,328,900 $ 7.69 5.5 $ 14,300 Exercisable at December 31, 2013 1,161,732 $ 5.40 3.2 $ 9,797 |
Summary Of Stock Option Exercisable | Exercisable options at December 31, 2015 were as follows: Range of Shares Weighted Weighted Aggregate (In Thousands) $ 5.00 3,000 $ 5.00 0.6 $ 127 8.33 134,918 8.33 4.4 5,288 11.00 30,000 11.00 7.2 1,096 13.83 37,500 13.83 8.0 1,264 205,418 9.68 5.4 7,775 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Summary of Capital Adequacy Requirements | The Company’s and Bank’s actual capital amounts and ratios are presented in the following table: To Be Well Capitalized Under For Capital Adequacy Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015: CET I Capital to Risk Weighted Assets: Consolidated $ 431,642 9.72 % $ 199,836 4.50 % N/A N/A ServisFirst Bank 439,279 9.89 % 199,806 4.50 % $ 288,608 6.50 % Tier I Capital to Risk Weighted Assets: Consolidated 432,019 9.73 % 266,448 6.00 % N/A N/A ServisFirst Bank 439,656 9.90 % 266,407 6.00 % 355,210 8.00 % Total Capital to Risk Weighted Assets: Consolidated 530,688 11.95 % 355,264 8.00 % N/A N/A ServisFirst Bank 483,575 10.89 % 355,210 8.00 % 444,012 10.00 % Tier I Capital to Average Assets: Consolidated 432,019 8.55 % 202,043 4.00 % N/A N/A ServisFirst Bank 439,656 8.71 % 202,023 4.00 % 252,529 5.00 % As of December 31, 2014: Tier I Capital to Risk Weighted Assets: Consolidated $ 402,471 11.75 % $ 136,972 4.00 % N/A N/A ServisFirst Bank 362,119 10.58 % 136,970 4.00 % $ 205,454 6.00 % Total Capital to Risk Weighted Assets: Consolidated 458,073 13.38 % 273,943 8.00 % N/A N/A ServisFirst Bank 397,748 11.62 % 273,939 8.00 % 342,424 10.00 % Tier I Capital to Average Assets: Consolidated 402,471 9.91 % 162,377 4.00 % N/A N/A ServisFirst Bank 362,119 8.92 % 162,375 4.00 % 202,969 5.00 % |
OTHER OPERATING INCOME AND EX46
OTHER OPERATING INCOME AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Operating Income Expenses [Abstract] | |
Components Of Other Operating Income And Expense | The major components of other operating income and expense included in noninterest income and noninterest expense are as follows: Years Ended December 31, 2015 2014 2013 (In Thousands) Other Operating Income (Loss) gain on sale of other real estate owned $ (136) $ (413) $ (159) Credit card income 2,465 2,041 1,425 Other 1,214 1,006 878 $ 3,543 $ 2,634 $ 2,144 Other Operating Expenses Postage $ 338 $ 264 $ 195 Telephone 680 555 465 Data processing 4,293 3,126 2,535 Other loan expenses 2,086 1,457 1,936 Supplies 492 399 380 Customer and public relations 1,211 959 838 Marketing 562 477 532 Sales and use tax 380 259 309 Donations and contributions 605 466 370 Directors fees 406 364 341 Bank service charges 961 472 196 Write-down investment in tax credit partnerships 3,966 2,552 356 Other operational losses 126 575 113 Other 4,380 3,047 2,363 $ 20,486 $ 14,972 $ 10,929 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows: Year Ended December 31, 2015 2014 2013 (In Thousands) Current tax expense: Federal $ 28,517 $ 25,929 $ 21,264 State 1,824 693 899 Total current tax expense 30,341 26,622 22,163 Deferred tax expense (benefit): Federal (3,277) (3,778) (1,616) State (1,599) (1,243) (189) Total deferred tax expense (4,876) (5,021) (1,805) Total income tax expense $ 25,465 $ 21,601 $ 20,358 |
Effective Income Tax Rate Reconciliation | The Company’s total income tax expense differs from the amounts computed by applying the Federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows: Year Ended December 31, 2015 Amount % of Pre-tax (In Thousands) Income tax at statutory federal rate $ 31,152 35.00 % Effect on rate of: State income tax, net of federal tax effect 146 0.16 % Tax-exempt income, net of expenses (1,308) (1.47) % Bank owned life insurance contracts (917) (1.03) % Incentive stock option expense 3 - % Federal tax credits (3,600) (4.04) % Other (11) (0.01) % Effective income tax and rate $ 25,465 28.61 % Year Ended December 31, 2014 Amount % of Pre-tax (In Thousands) Income tax at statutory federal rate $ 25,892 35.00 % Effect on rate of: State income tax, net of federal tax effect (358) (0.49) % Tax-exempt income, net of expenses (1,316) (1.78) % Bank owned life insurance contracts (798) (1.08) % Incentive stock option expense (18) (0.02) % Federal tax credits (1,659) (2.24) % Other (142) (0.19) % Effective income tax and rate $ 21,601 29.20 % Year Ended December 31, 2013 Amount % of Pre-tax (In Thousands) Income tax at statutory federal rate $ 21,691 35.00 % Effect on rate of: State income tax, net of federal tax effect 462 0.75 % Tax-exempt income, net of expenses (1,200) (1.94) % Bank owned life insurance contracts (698) (1.13) % Incentive stock option expense 66 0.11 % Other 37 0.06 % Effective income tax and rate $ 20,358 32.85 % |
Deferred Tax Assets and Liabilities | The components of net deferred tax asset are as follows: December 31, 2015 2014 (In Thousands) Deferred tax assets: Allowance for loan losses $ 16,482 $ 13,491 Other real estate owned 1,136 1,319 Nonqualified equity awards 1,576 1,594 Nonaccrual interest 441 444 State tax credits 2,313 987 Investments 1,826 667 Deferred loan fees 642 87 Reserve for unfunded commitments 190 - Differences in amounts reflected in financial statements and income tax basis of assets acquired and liabilities assumed in acquisition 972 - Acquired net operating losses 1,398 - Other deferred tax assets 228 117 Total deferred tax assets 27,204 18,706 Deferred tax liabilities: Net unrealized gain on securities available for sale 1,641 2,418 Depreciation 1,285 421 Prepaid expenses 202 151 Acquired intangible assets 651 - Total deferred tax liabilities 3,779 2,990 Net deferred tax assets $ 23,425 $ 15,716 |
Summary of the changes in the amount of unrecognized benefits | The following table presents a summary of the changes during 2015, 2014 and 2013 in the amount of unrecognized tax benefits that are included in the consolidated balance sheets. 2015 2014 2013 (In Thousands) Balance, beginning of year $ 804 $ 437 $ 161 Increases related to prior year tax positions 369 367 276 Decreases related to prior year tax positions - - - Increases related to current year tax positions - - - Settlements - - - Lapse of statute - - - Balance, end of year $ 1,173 $ 804 $ 437 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Commitments And Contingent Liabilities | A summary of the Company’s approximate commitments and contingent liabilities is as follows: 2015 2014 2013 (In Thousands) Commitments to extend credit $ 1,409,425 $ 1,156,682 $ 1,052,902 Credit card arrangements 62,462 45,155 38,122 Standby letters of credit and financial guarantees 38,224 33,280 40,371 Total $ 1,510,111 $ 1,235,117 $ 1,131,395 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 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. Years Ended December 31, 2015 2014 2013 (Dollar Amounts In Thousands Except Per Share Amounts) Earnings Per Share Weighted average common shares outstanding 25,713,233 23,855,001 20,607,213 Net income available to common stockholders $ 63,260 $ 51,946 $ 41,201 Basic earnings per common share $ 2.46 2.18 $ 2.00 Weighted average common shares outstanding 25,713,233 23,855,001 20,607,213 Dilutive effects of assumed conversions and exercise of stock options and warrants 729,321 963,220 1,198,812 Weighted average common and dilutive potential common shares outstanding 26,442,554 24,818,221 21,806,025 Net income available to common stockholders $ 63,260 $ 51,946 $ 41,201 Effect of interest expense on convertible debt, net of tax and discretionary expenditures related to conversion $ - $ - $ 115 Net income available to common stockholders, adjusted for effect of debt conversion $ 63,260 $ 51,946 $ 41,316 Diluted earnings per common share $ 2.39 $ 2.09 $ 1.90 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and December 31, 2014: Fair Value Measurements at December 31, 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 $ - $ 45,009 $ - $ 45,009 Mortgage-backed securities - 136,954 - 136,954 State and municipal securities - 146,033 - 146,033 Corporate debt - 14,942 - 14,942 Total assets at fair value $ - $ 342,938 $ - $ 342,938 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 carrying amount and estimated fair value of the Company’s financial instruments were as follows:: Fair Value Measurements at December 31, 2015 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Nonrecurring Basis: Impaired loans $ - - $ 27,808 $ 27,808 Other real estate owned and repossessed assets - - 5,392 5,392 Total assets at fair value - - $ 33,200 $ 33,200 Fair Value Measurements at December 31, 2014 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total (In Thousands) Assets Measured on a Nonrecurring Basis: Impaired loans $ - $ - $ 21,631 $ 21,631 Other real estate owned - - 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. December 31, 2015 2014 Carrying Fair Value Carrying Fair Value (In Thousands) Financial Assets: Level 1 Inputs: Cash and cash equivalents $ 317,450 $ 317,450 $ 296,573 $ 296,573 Level 2 Inputs: Debt securities available for sale $ 342,938 $ 342,938 $ 298,310 $ 298,310 Debt securities held to maturity 27,426 27,910 29,355 29,974 Restricted equity securities 4,954 4,954 3,921 3,921 Federal funds sold 34,785 34,785 891 891 Mortgage loans held for sale 8,249 8,295 5,984 5,984 Bank owned life insurance contracts 91,594 91,594 86,288 86,288 Level 3 Inputs: Loans, net $ 4,172,956 $ 4,179,835 $ 3,324,229 $ 3,327,371 Financial Liabilities: Level 2 Inputs: Deposits $ 4,223,888 $ 4,223,181 $ 3,398,160 $ 3,399,261 Federal funds purchased 352,360 352,360 264,315 264,315 Other borrowings 55,637 64,305 19,973 19,973 |
PARENT COMPANY FINANCIAL INFO51
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | December 31, December 31, 2015 2014 ASSETS Cash and due from banks $ 48,182 $ 61,611 Investment in subsidiary 456,407 366,609 Other assets 375 51 Total assets $ 504,964 $ 428,271 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Other borrowings $ 54,639 $ 19,973 Other liabilities 1,555 1,337 Total liabilities 56,194 21,310 Stockholders' equity: Preferred stock, Series A Senior Non-Cumulative Perpetual, par value $0.001 (liquidation preference $1,000), net of discount; 40,000 shares authorized, no shares issued and outstanding at December 31, 2015, and 40,000 shares issued and outstanding at December 31, 2014 - 39,958 Common stock, par value $0.001 per share; 50,000,000 shares authorized; 25,972,698 shares issued and outstanding at December 31, 2015 and 24,801,518 shares issued and outstanding at December 31, 2014 26 25 Additional paid-in capital 211,546 185,397 Retained earnings 234,150 177,091 Accumulated other comprehensive income 3,048 4,490 Total stockholders' equity 448,770 406,961 Total liabilites and stockholders' equity $ 504,964 $ 428,271 |
Condensed Statements of Income | 2015 2014 2013 Income: Dividends received from subsidiary $ 20,000 $ 12,000 $ 4,750 Other income 1 - 1 Total income 20,001 12,000 4,751 Expense: Other expenses 1,603 1,183 1,147 Total expenses 1,603 1,183 1,147 Equity in undistributed earnings of subsidiary 45,095 41,529 37,997 Net income 63,493 52,346 41,601 Dividends on preferred stock 233 400 400 Net income available to common stockholders $ 63,260 $ 51,946 $ 41,201 |
Statement of Cash Flows | 2015 2014 2013 Operating activities Net income $ 63,493 $ 52,346 $ 41,601 Adjustments to reconcile net income to net cash used in operating activities: Other (271) 165 (224) Equity in undistributed earnings of subsidiary (45,095) (41,529) (37,997) Net cash provided by operating activities 18,127 10,982 3,380 Investing activities Other - - (10,499) Net cash paid in acquisition (20,926) - - Investment in subsidiary 736 - - Net cash used in investing activities (20,190) - (10,499) Financing activities Proceeds from other borrowings 34,750 - - Redemption of preferred stock (40,000) - - Proceeds from issuance of common stock, net - 52,076 10,499 Dividends paid on common stock (5,883) (3,609) (3,682) Dividends paid on preferred stock (233) (400) (400) Net cash provided by financing activities (11,366) 48,067 6,417 (Decrease) increase in cash and cash equivalents (13,429) 59,049 (702) Cash and cash equivalents at beginning of year 61,611 2,562 3,264 Cash and cash equivalents at end of year $ 48,182 $ 61,611 $ 2,562 |
QUARTERLY FINANCIAL DATA (UNA52
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information | 2015 Quarter Ended (Dollars in thousands, except per share data) March 31 June 30 September 30 December 31 Interest income $ 40,783 $ 44,209 $ 46,532 $ 48,451 Interest expense 3,746 3,998 4,670 5,290 Net interest income 37,037 40,211 41,862 43,161 Provision for loan losses 2,405 4,062 3,072 3,308 Net income available to common stockholders 12,955 14,346 16,233 19,726 Net income per common share, basic $ 0.51 $ 0.56 $ 0.63 $ 0.76 Net income per common share, diluted $ 0.49 $ 0.54 $ 0.61 $ 0.74 2014 Quarter Ended (Dollars in thousands, except per share data) March 31 June 30 September 30 December 31 Interest income $ 34,281 $ 35,424 $ 36,857 $ 38,163 Interest expense 3,432 3,446 3,538 3,703 Net interest income 30,849 31,978 33,319 34,460 Provision for loan losses 2,314 2,438 2,748 2,759 Net income available to common stockholders 11,658 11,469 13,902 14,917 Net income per common share, basic $ 0.53 $ 0.49 $ 0.56 $ 0.60 Net income per common share, diluted $ 0.51 $ 0.46 $ 0.54 $ 0.58 |
SUMMARY OF SIGNIFICANT ACCOUN53
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2015 | |
Accounting Policies [Line Items] | ||||
Unrecognized Tax Benefits Threshold Percentage | 50.00% | |||
Advertising Expense | $ 562,000 | $ 477,000 | $ 532,000 | |
Goodwill | $ 13,617,000 | |||
Metro Bancshares, Inc [Member] | ||||
Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years | |||
Goodwill | $ 13,600,000 | |||
Minimum [Member] | ||||
Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Maximum [Member] | ||||
Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Federal Reserve Bank [Member] | ||||
Accounting Policies [Line Items] | ||||
Cash Reserve Deposit Required and Made | $ 26,600,000 | $ 36,900,000 |
ACQUISITION (Details)
ACQUISITION (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Jan. 31, 2015 | Dec. 31, 2015 | ||
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 | 8,368 | ||
Accrued interest receivable | 484 | ||
Deferred taxes | 3,907 | ||
Other real estate owned | 2,348 | ||
Bank owned life insurance contracts | 2,685 | ||
Core deposit intangible | 2,090 | ||
Other assets | 364 | ||
Total assets acquired | 207,075 | ||
Liabilities assumed: | |||
Deposits | 175,754 | ||
Federal funds purchased | 2,175 | ||
Other borrowings | 1,396 | ||
Accrued interest payable | 89 | ||
Other liabilities | 996 | ||
Total liabilities assumed | 180,410 | ||
Net assets acquired | 26,665 | ||
Consideration Paid: | |||
Cash | (20,926) | ||
Stock | (19,356) | ||
Total consideration paid | (40,282) | ||
Goodwill | 13,617 | ||
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 | 996 | ||
Total liabilities assumed | 179,896 | ||
Net assets acquired | 23,493 | ||
Consideration Paid: | |||
Cash | (20,900) | ||
Goodwill | $ 13,600 | ||
Preliminary Fair Value Adjustment [Member] | |||
Assets acquired: | |||
Cash and cash equivalents | [1] | 0 | |
Debt securities | [1],[2] | (41) | |
Equity securities | [1] | 0 | |
Loans | [1],[3] | (3,874) | |
Allowance for loan losses | [1],[3] | 1,621 | |
Premises and equipment, net | [1],[4] | 762 | |
Accrued interest receivable | [1] | 0 | |
Deferred taxes | [1],[5] | 3,153 | |
Other real estate owned | [1],[6] | (25) | |
Bank owned life insurance contracts | [1] | 0 | |
Core deposit intangible | [1],[7] | 2,090 | |
Other assets | [1] | 0 | |
Total assets acquired | [1] | 3,686 | |
Liabilities assumed: | |||
Deposits | [1],[8] | 518 | |
Federal funds purchased | [1] | 0 | |
Other borrowings | [1],[9] | (4) | |
Accrued interest payable | [1] | 0 | |
Other liabilities | [1] | 0 | |
Total liabilities assumed | [1] | 514 | |
Net assets acquired | [1] | $ 3,172 | |
[1] | The Company’s acquisition of Metro Bancshares, Inc. closed on January 31, 2015. 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. During the fourth quarter of 2015, deferred taxes were adjusted upward by $3,126,000 to reflect the net operating loss recognized by Metro for January 2015. | ||
[2] | Adjustment reflects the fair value adjustment based on the Company’s pricing of the acquired debt securities portfolio. | ||
[3] | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. | ||
[4] | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment acquired. | ||
[5] | Adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial statement purposes and their basis for federal income tax purposes. | ||
[6] | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other real estate owned acquired. | ||
[7] | Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition. | ||
[8] | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired deposits. | ||
[9] | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the assumed debt. |
ACQUISITION (Additional Informa
ACQUISITION (Additional Information) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 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 | $ 743,000 | $ 1,297,000 | ||
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 | |||
Operating Loss Carryforwards | $ 3,126,000 |
DEBT SECURITIES (Amortized Cost
DEBT SECURITIES (Amortized Cost And Fair Value Of Available For Sale And Held To Maturity Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Securities Available for Sale | ||
Amortized Cost | $ 338,249 | $ 291,403 |
Gross Unrealized Gain | 5,312 | 7,246 |
Gross Unrealized Loss | (623) | (339) |
Market Value | 342,938 | 298,310 |
Securities Held to Maturity | ||
Amortized Cost | 27,426 | 29,355 |
Gross Unrealized Gain | 817 | 939 |
Gross Unrealized Loss | (333) | (320) |
Market Value | 27,910 | 29,974 |
U.S. Treasury and Government Sponsored Agencies [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 44,581 | 50,363 |
Gross Unrealized Gain | 569 | 775 |
Gross Unrealized Loss | (141) | 0 |
Market Value | 45,009 | 51,138 |
Mortgage-Backed Securities [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 135,363 | 92,439 |
Gross Unrealized Gain | 1,945 | 3,095 |
Gross Unrealized Loss | (354) | (11) |
Market Value | 136,954 | 95,523 |
Securities Held to Maturity | ||
Amortized Cost | 21,666 | 23,804 |
Gross Unrealized Gain | 368 | 449 |
Gross Unrealized Loss | (332) | (320) |
Market Value | 21,702 | 23,933 |
State and Municipal Securities [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 143,403 | 132,780 |
Gross Unrealized Gain | 2,731 | 3,211 |
Gross Unrealized Loss | (101) | (328) |
Market Value | 146,033 | 135,663 |
Securities Held to Maturity | ||
Amortized Cost | 5,760 | 5,551 |
Gross Unrealized Gain | 449 | 490 |
Gross Unrealized Loss | (1) | 0 |
Market Value | 6,208 | 6,041 |
Corporate Debt [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 14,902 | 15,821 |
Gross Unrealized Gain | 67 | 165 |
Gross Unrealized Loss | (27) | 0 |
Market Value | $ 14,942 | $ 15,986 |
DEBT SECURITIES (Amortized Co57
DEBT SECURITIES (Amortized Cost And Fair Value Of Contractual Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt securities available for sale | ||
Amortized Cost | $ 338,249 | $ 291,403 |
Fair Value | 342,938 | 298,310 |
Debt securities held to maturity | ||
Amortized Cost | 27,426 | 29,355 |
Fair Value | 27,910 | 29,974 |
Due within one year [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 16,770 | 16,944 |
Fair Value | 16,868 | 17,246 |
Due from one to five years [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 153,880 | 121,591 |
Fair Value | 156,311 | 123,962 |
Due from five to ten years [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 32,236 | 60,079 |
Fair Value | 32,805 | 61,221 |
Debt securities held to maturity | ||
Amortized Cost | 627 | 298 |
Fair Value | 659 | 325 |
Due after ten years [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 0 | 350 |
Fair Value | 0 | 358 |
Debt securities held to maturity | ||
Amortized Cost | 5,133 | 5,253 |
Fair Value | 5,549 | 5,716 |
Mortgage-backed securities [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 135,363 | 92,439 |
Fair Value | 136,954 | 95,523 |
Debt securities held to maturity | ||
Amortized Cost | 21,666 | 23,804 |
Fair Value | $ 21,702 | $ 23,933 |
DEBT SECURITIES (Investment Sec
DEBT SECURITIES (Investment Securities Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Gross Unrealized Losses | $ (956) | $ (659) |
Fair Value | 95,163 | 48,516 |
U.S. Treasury and Government Sponsored Agencies [Member] | ||
Gross Unrealized Losses | (141) | 0 |
Fair Value | 3,886 | 0 |
Mortgage-Backed Securities [Member] | ||
Gross Unrealized Losses | (686) | (331) |
Fair Value | 68,321 | 17,751 |
State and Municipal Securities [Member] | ||
Gross Unrealized Losses | (102) | (328) |
Fair Value | 19,995 | 30,765 |
Corporate Debt [Member] | ||
Gross Unrealized Losses | (27) | 0 |
Fair Value | 2,961 | 0 |
Less Than Twelve Months [Member] | ||
Gross Unrealized Losses | (577) | (162) |
Fair Value | 78,920 | 19,945 |
Less Than Twelve Months [Member] | U.S. Treasury and Government Sponsored Agencies [Member] | ||
Gross Unrealized Losses | (141) | 0 |
Fair Value | 3,886 | 0 |
Less Than Twelve Months [Member] | Mortgage-Backed Securities [Member] | ||
Gross Unrealized Losses | (354) | 0 |
Fair Value | 56,609 | 0 |
Less Than Twelve Months [Member] | State and Municipal Securities [Member] | ||
Gross Unrealized Losses | (55) | (162) |
Fair Value | 15,464 | 19,945 |
Less Than Twelve Months [Member] | Corporate Debt [Member] | ||
Gross Unrealized Losses | (27) | 0 |
Fair Value | 2,961 | 0 |
Twelve Months Or More [Member] | ||
Gross Unrealized Losses | (379) | (497) |
Fair Value | 16,243 | 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 | (332) | (331) |
Fair Value | 11,712 | 17,751 |
Twelve Months Or More [Member] | State and Municipal Securities [Member] | ||
Gross Unrealized Losses | (47) | (166) |
Fair Value | 4,531 | 10,820 |
Twelve Months Or More [Member] | Corporate Debt [Member] | ||
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 0 | $ 0 |
DEBT SECURITIES (Summary Inform
DEBT SECURITIES (Summary Information About Sales Of Debt Securities Available For Sale) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sale proceeds | $ 16,738 | $ 173 | $ 4,140 |
Gross realized gains | 29 | 3 | 131 |
Gross realized losses | 0 | 0 | 0 |
Net realized gain (loss) | $ 29 | $ 3 | $ 131 |
DEBT SECURITIES (Additional Inf
DEBT SECURITIES (Additional Information) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Value Of Investment Securities Pledged | $ 245,500,000 | $ 230,600,000 |
Federal Home Loan Bank Of Atlanta Stock [Member] | ||
Restricted Investments | 4,000,000 | 3,200,000 |
First National Bankers Bank Stock [Member] | ||
Restricted Investments | 400,000 | 250,000 |
CRA-Qualified Mutual Fund [Member] | ||
Restricted Investments | $ 503,000 | $ 503,000 |
LOANS (Details Of Loans) (Detai
LOANS (Details Of Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Notes and Loans Receivable [Line Items] | ||||
Commercial, financial and agricultural | $ 1,760,479 | $ 1,504,652 | ||
Real estate - construction | 243,267 | 208,769 | ||
Real estate - mortgage: | ||||
Owner-occupied commercial | 1,014,669 | 793,917 | ||
1-4 family mortgage | 444,134 | 333,455 | ||
Other mortgage | 698,779 | 471,363 | ||
Total real estate - mortgage | 2,157,582 | 1,598,735 | ||
Consumer | 55,047 | 47,702 | ||
Total Loans | 4,216,375 | 3,359,858 | ||
Less: Allowance for loan losses | (43,419) | (35,629) | $ (30,663) | $ (26,258) |
Net Loans | $ 4,172,956 | $ 3,324,229 |
LOANS (Allowance for loan losse
LOANS (Allowance for loan losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance For Loan Losses | |||
Balance, beginning of year | $ 35,629 | $ 30,663 | $ 26,258 |
Loans charged off | (5,744) | (5,771) | (9,012) |
Recoveries | 687 | 478 | 409 |
Provision for loan losses | 12,847 | 10,259 | 13,008 |
Balance, end of year | $ 43,419 | $ 35,629 | $ 30,663 |
LOANS (Analysis of Allowance Fo
LOANS (Analysis of Allowance For Loan Losses By Portfolio Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance For Loan Losses | |||
Balance, beginning of year | $ 35,629 | $ 30,663 | $ 26,258 |
Charge-offs | (5,744) | (5,771) | (9,012) |
Recoveries | 687 | 478 | 409 |
Provision | 12,847 | 10,259 | 13,008 |
Balance, end of year | 43,419 | 35,629 | 30,663 |
Individually Evaluated for Impairment | 5,683 | 5,094 | |
Collectively Evaluated for Impairment | 37,736 | 30,535 | |
Ending Balance | 4,216,375 | 3,359,858 | |
Individually Evaluated for Impairment | 33,491 | 26,725 | |
Collectively Evaluated for Impairment | 4,182,884 | 3,333,133 | |
Commercial Financial and Agricultural Financing Receivable [Member] | |||
Allowance For Loan Losses | |||
Balance, beginning of year | 16,079 | 13,576 | |
Charge-offs | (3,802) | (2,311) | |
Recoveries | 279 | 48 | |
Provision | 8,939 | 4,766 | |
Balance, end of year | 21,495 | 16,079 | 13,576 |
Individually Evaluated for Impairment | 2,698 | 1,344 | |
Collectively Evaluated for Impairment | 18,797 | 14,735 | |
Ending Balance | 1,760,479 | 1,504,652 | |
Individually Evaluated for Impairment | 11,513 | 10,350 | |
Collectively Evaluated for Impairment | 1,748,966 | 1,494,302 | |
Residential Real Estate Mortgage Loans [Member] | |||
Allowance For Loan Losses | |||
Balance, beginning of year | 12,112 | 10,065 | |
Charge-offs | (1,104) | (1,965) | |
Recoveries | 169 | 74 | |
Provision | 4,884 | 3,938 | |
Balance, end of year | 16,061 | 12,112 | 10,065 |
Individually Evaluated for Impairment | 1,730 | 1,636 | |
Collectively Evaluated for Impairment | 14,331 | 10,476 | |
Ending Balance | 2,157,582 | 1,598,735 | |
Individually Evaluated for Impairment | 17,880 | 10,029 | |
Collectively Evaluated for Impairment | 2,139,702 | 1,588,706 | |
Consumer Portfolio Segment [Member] | |||
Allowance For Loan Losses | |||
Balance, beginning of year | 1,043 | 944 | |
Charge-offs | (171) | (228) | |
Recoveries | 1 | 34 | |
Provision | (442) | 293 | |
Balance, end of year | 431 | 1,043 | 944 |
Individually Evaluated for Impairment | 32 | 666 | |
Collectively Evaluated for Impairment | 399 | 377 | |
Ending Balance | 55,047 | 47,702 | |
Individually Evaluated for Impairment | 46 | 666 | |
Collectively Evaluated for Impairment | 55,001 | 47,036 | |
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Allowance For Loan Losses | |||
Balance, beginning of year | 6,395 | 6,078 | |
Charge-offs | (667) | (1,267) | |
Recoveries | 238 | 322 | |
Provision | (534) | 1,262 | |
Balance, end of year | 5,432 | 6,395 | $ 6,078 |
Individually Evaluated for Impairment | 1,223 | 1,448 | |
Collectively Evaluated for Impairment | 4,209 | 4,947 | |
Ending Balance | 243,267 | 208,769 | |
Individually Evaluated for Impairment | 4,052 | 5,680 | |
Collectively Evaluated for Impairment | $ 239,215 | $ 203,089 |
LOANS (Loans By Credit Quality
LOANS (Loans By Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | $ 1,760,479 | $ 1,504,652 |
Real estate - construction | 243,267 | 208,769 |
Real estate - mortgage: | ||
Owner-occupied commercial | 1,014,669 | 793,917 |
1-4 family mortgage | 444,134 | 333,455 |
Other mortgage | 698,779 | 471,363 |
Total real estate mortgage | 2,157,582 | 1,598,735 |
Consumer | 55,047 | 47,702 |
Total | 4,216,375 | 3,359,858 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 1,701,591 | 1,468,916 |
Real estate - construction | 233,046 | 197,727 |
Real estate - mortgage: | ||
Owner-occupied commercial | 988,762 | 784,492 |
1-4 family mortgage | 437,834 | 326,316 |
Other mortgage | 683,157 | 457,782 |
Total real estate mortgage | 2,109,753 | 1,568,590 |
Consumer | 54,973 | 46,999 |
Total | 4,099,363 | 3,282,232 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 47,393 | 25,416 |
Real estate - construction | 6,221 | 5,332 |
Real estate - mortgage: | ||
Owner-occupied commercial | 18,169 | 6,848 |
1-4 family mortgage | 3,301 | 4,253 |
Other mortgage | 11,086 | 9,015 |
Total real estate mortgage | 32,556 | 20,116 |
Consumer | 42 | 37 |
Total | 86,212 | 50,901 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 11,495 | 10,320 |
Real estate - construction | 4,000 | 5,710 |
Real estate - mortgage: | ||
Owner-occupied commercial | 7,738 | 2,577 |
1-4 family mortgage | 2,999 | 2,886 |
Other mortgage | 4,536 | 4,566 |
Total real estate mortgage | 15,273 | 10,029 |
Consumer | 32 | 666 |
Total | 30,800 | 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 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | $ 1,760,479 | $ 1,504,652 |
Real estate - construction | 243,267 | 208,769 |
Real estate - mortgage: | ||
Owner-occupied commercial | 1,014,669 | 793,917 |
1-4 family mortgage | 444,134 | 333,455 |
Other mortgage | 698,779 | 471,363 |
Total real estate mortgage | 2,157,582 | 1,598,735 |
Consumer | 55,047 | 47,702 |
Total | 4,216,375 | 3,359,858 |
Performing Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 1,758,561 | 1,503,555 |
Real estate - construction | 239,267 | 203,720 |
Real estate - mortgage: | ||
Owner-occupied commercial | 1,014,669 | 793,234 |
1-4 family mortgage | 443,936 | 331,859 |
Other mortgage | 697,160 | 470,404 |
Total real estate mortgage | 2,155,765 | 1,595,497 |
Consumer | 55,015 | 47,036 |
Total | 4,208,608 | 3,349,808 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 1,918 | 1,097 |
Real estate - construction | 4,000 | 5,049 |
Real estate - mortgage: | ||
Owner-occupied commercial | 0 | 683 |
1-4 family mortgage | 198 | 1,596 |
Other mortgage | 1,619 | 959 |
Total real estate mortgage | 1,817 | 3,238 |
Consumer | 32 | 666 |
Total | $ 7,767 | $ 10,050 |
LOANS (Loans By Past Due Status
LOANS (Loans By Past Due Status) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) Total Past Due | $ 557 | $ 5,838 |
Non-Accrual | 7,766 | 9,125 |
Current | 4,208,052 | 3,344,895 |
Total Loans | 4,216,375 | 3,359,858 |
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 | 293 | 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 | 263 | 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 | 1 | 925 |
Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) Total Past Due | 85 | 5,803 |
Non-Accrual | 1,918 | 172 |
Current | 1,758,476 | 1,498,677 |
Total Loans | 1,760,479 | 1,504,652 |
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 | 50 | 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 | 35 | 3,490 |
Commercial Financial and Agricultural Financing Receivable [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) Total Past Due | 0 | 925 |
Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 |
Non-Accrual | 0 | 683 |
Current | 1,014,669 | 793,234 |
Total Loans | 1,014,669 | 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 | 0 | 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 | 210 | 14 |
Non-Accrual | 198 | 1,596 |
Current | 443,726 | 331,845 |
Total Loans | 444,134 | 333,455 |
One To Four Family Mortgage Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) Total Past Due | 0 | 14 |
One To Four Family Mortgage Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) Total Past Due | 210 | 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 | 0 | 0 |
Other Real Estate Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 |
Non-Accrual | 1,619 | 959 |
Current | 697,160 | 470,404 |
Total Loans | 698,779 | 471,363 |
Other Real Estate Mortgage Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 |
Other Real Estate Mortgage Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) Total Past Due | 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 | 210 | 14 |
Non-Accrual | 1,817 | 3,238 |
Current | 2,155,555 | 1,595,483 |
Total Loans | 2,157,582 | 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 | 0 | 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 | 210 | 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 | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due Status (Accruing Loans) Total Past Due | 52 | 21 |
Non-Accrual | 31 | 666 |
Current | 54,964 | 47,015 |
Total Loans | 55,047 | 47,702 |
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 | 45 | 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 | 6 | 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 | 1 | 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 | 210 | 0 |
Non-Accrual | 4,000 | 5,049 |
Current | 239,057 | 203,720 |
Total Loans | 243,267 | 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 | 198 | 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 | 12 | 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 |
LOANS (Details Of Company's Imp
LOANS (Details Of Company's Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | $ 11,108 | $ 12,648 |
Unpaid Principal Balance, with no allowance recorded | 12,076 | 12,698 |
Related Allowance, with no allowance recorded | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 11,653 | 11,708 |
Interest Income Recognized in Period, with no allowance recorded | 609 | 619 |
Recorded Investment, with an allowance recorded | 22,383 | 14,077 |
Unpaid Principal Balance, with an allowance recorded | 24,862 | 14,557 |
Related Allowance with an allowance recorded | 5,683 | 5,094 |
Average Recorded Investment , with an allowance recorded | 29,241 | 14,975 |
Interest Income Recognized in Period, with an allowance recorded | 1,276 | 344 |
Recorded Investment | 33,491 | 26,725 |
Unpaid Principal Balance | 36,938 | 27,255 |
Related Allowance | 5,683 | 5,094 |
Average Recorded Investment | 40,894 | 26,683 |
Interest Income Recognized in Period | 1,885 | 963 |
Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 478 | 7,059 |
Unpaid Principal Balance, with no allowance recorded | 487 | 7,059 |
Related Allowance, with no allowance recorded | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 482 | 7,104 |
Interest Income Recognized in Period, with no allowance recorded | 24 | 406 |
Recorded Investment, with an allowance recorded | 11,035 | 3,291 |
Unpaid Principal Balance, with an allowance recorded | 13,035 | 3,291 |
Related Allowance with an allowance recorded | 2,698 | 1,344 |
Average Recorded Investment , with an allowance recorded | 13,882 | 3,262 |
Interest Income Recognized in Period, with an allowance recorded | 672 | 156 |
Recorded Investment | 11,513 | 10,350 |
Unpaid Principal Balance | 13,522 | 10,350 |
Related Allowance | 2,698 | 1,344 |
Average Recorded Investment | 14,364 | 10,366 |
Interest Income Recognized in Period | 696 | 562 |
Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 3,980 | 1,576 |
Unpaid Principal Balance, with no allowance recorded | 4,140 | 1,576 |
Related Allowance, with no allowance recorded | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 3,815 | 236 |
Interest Income Recognized in Period, with no allowance recorded | 214 | 12 |
Recorded Investment, with an allowance recorded | 6,365 | 1,001 |
Unpaid Principal Balance, with an allowance recorded | 6,365 | 1,001 |
Related Allowance with an allowance recorded | 1,328 | 160 |
Average Recorded Investment , with an allowance recorded | 9,958 | 1,140 |
Interest Income Recognized in Period, with an allowance recorded | 568 | 29 |
Recorded Investment | 10,345 | 2,577 |
Unpaid Principal Balance | 10,505 | 2,577 |
Related Allowance | 1,328 | 160 |
Average Recorded Investment | 13,773 | 1,376 |
Interest Income Recognized in Period | 782 | 41 |
One To Four Family Mortgage Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 2,396 | 542 |
Unpaid Principal Balance, with no allowance recorded | 2,572 | 592 |
Related Allowance, with no allowance recorded | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 2,409 | 592 |
Interest Income Recognized in Period, with no allowance recorded | 147 | 19 |
Recorded Investment, with an allowance recorded | 603 | 2,344 |
Unpaid Principal Balance, with an allowance recorded | 603 | 2,344 |
Related Allowance with an allowance recorded | 263 | 694 |
Average Recorded Investment , with an allowance recorded | 567 | 2,743 |
Interest Income Recognized in Period, with an allowance recorded | 19 | 56 |
Recorded Investment | 2,999 | 2,886 |
Unpaid Principal Balance | 3,175 | 2,936 |
Related Allowance | 263 | 694 |
Average Recorded Investment | 2,976 | 3,335 |
Interest Income Recognized in Period | 166 | 75 |
Other Real Estate Mortgage Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 4,079 | 1,944 |
Unpaid Principal Balance, with no allowance recorded | 4,694 | 1,944 |
Related Allowance, with no allowance recorded | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 4,559 | 2,283 |
Interest Income Recognized in Period, with no allowance recorded | 222 | 142 |
Recorded Investment, with an allowance recorded | 457 | 2,622 |
Unpaid Principal Balance, with an allowance recorded | 457 | 2,622 |
Related Allowance with an allowance recorded | 139 | 782 |
Average Recorded Investment , with an allowance recorded | 880 | 2,767 |
Interest Income Recognized in Period, with an allowance recorded | 17 | 84 |
Recorded Investment | 4,536 | 4,566 |
Unpaid Principal Balance | 5,151 | 4,566 |
Related Allowance | 139 | 782 |
Average Recorded Investment | 5,439 | 5,050 |
Interest Income Recognized in Period | 239 | 226 |
Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 10,455 | 4,062 |
Unpaid Principal Balance, with no allowance recorded | 11,406 | 4,112 |
Related Allowance, with no allowance recorded | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 10,783 | 3,111 |
Interest Income Recognized in Period, with no allowance recorded | 583 | 173 |
Recorded Investment, with an allowance recorded | 7,425 | 5,967 |
Unpaid Principal Balance, with an allowance recorded | 7,425 | 5,967 |
Related Allowance with an allowance recorded | 1,730 | 1,636 |
Average Recorded Investment , with an allowance recorded | 11,405 | 6,650 |
Interest Income Recognized in Period, with an allowance recorded | 604 | 169 |
Recorded Investment | 17,880 | 10,029 |
Unpaid Principal Balance | 18,831 | 10,079 |
Related Allowance | 1,730 | 1,636 |
Average Recorded Investment | 22,188 | 9,761 |
Interest Income Recognized in Period | 1,187 | 342 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 14 | 666 |
Unpaid Principal Balance, with no allowance recorded | 20 | 666 |
Related Allowance, with no allowance recorded | 0 | 666 |
Average Recorded Investment , with no allowance recorded | 18 | 681 |
Interest Income Recognized in Period, with no allowance recorded | 1 | 0 |
Recorded Investment, with an allowance recorded | 32 | 666 |
Unpaid Principal Balance, with an allowance recorded | 32 | 666 |
Related Allowance with an allowance recorded | 32 | 666 |
Average Recorded Investment , with an allowance recorded | 34 | 681 |
Interest Income Recognized in Period, with an allowance recorded | 0 | 0 |
Recorded Investment | 46 | |
Unpaid Principal Balance | 52 | |
Related Allowance | 32 | |
Average Recorded Investment | 52 | |
Interest Income Recognized in Period | 1 | |
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, with no allowance recorded | 161 | 1,527 |
Unpaid Principal Balance, with no allowance recorded | 163 | 1,527 |
Related Allowance, with no allowance recorded | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 370 | 1,493 |
Interest Income Recognized in Period, with no allowance recorded | 1 | 40 |
Recorded Investment, with an allowance recorded | 3,891 | 4,153 |
Unpaid Principal Balance, with an allowance recorded | 4,370 | 4,633 |
Related Allowance with an allowance recorded | 1,223 | 1,448 |
Average Recorded Investment , with an allowance recorded | 3,920 | 4,382 |
Interest Income Recognized in Period, with an allowance recorded | 0 | 19 |
Recorded Investment | 4,052 | 5,680 |
Unpaid Principal Balance | 4,533 | 6,160 |
Related Allowance | 1,223 | 1,448 |
Average Recorded Investment | 4,290 | 5,875 |
Interest Income Recognized in Period | $ 1 | $ 59 |
LOANS (Analysis Of Troubled Deb
LOANS (Analysis Of Troubled Debt Restructuring) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Number | Dec. 31, 2014USD ($)Number | |
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Number | 9 | 12 |
Pre- Modification Outstanding Recorded Investment | $ 6,871 | $ 13,272 |
Post- Modification Outstanding Recorded Investment | 6,871 | 13,272 |
Previous Twelve Months Recorded Investment | $ 0 | $ 5,238 |
Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Number | 8 | 9 |
Pre- Modification Outstanding Recorded Investment | $ 6,618 | $ 7,139 |
Post- Modification Outstanding Recorded Investment | 6,618 | 7,139 |
Previous Twelve Months Recorded Investment | $ 0 | $ 925 |
Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Number | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
One To Four Family Mortgage Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Number | 0 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 4,449 |
Post- Modification Outstanding Recorded Investment | 0 | 4,449 |
Previous Twelve Months Recorded Investment | $ 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 | $ 253 | $ 1,684 |
Post- Modification Outstanding Recorded Investment | 253 | 1,684 |
Previous Twelve Months Recorded Investment | $ 0 | $ 0 |
Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Number | 1 | 3 |
Pre- Modification Outstanding Recorded Investment | $ 253 | $ 6,133 |
Post- Modification Outstanding Recorded Investment | 253 | 6,133 |
Previous Twelve Months Recorded Investment | $ 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 |
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
LOANS (Changes in Related Party
LOANS (Changes in Related Party Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Balance, beginning of year | $ 13,083 | $ 13,117 |
Advances | 15,442 | 4,080 |
Repayments | (16,435) | (4,114) |
Balance, end of year | $ 12,090 | $ 13,083 |
LOANS (Additional Information)
LOANS (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Troubled Debt Restructuring Debtor Current Period [Line Items] | ||
Troubled Debt Restructurings | $ 6,871 | $ 13,272 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 900 | $ 1,000 |
FORECLOSED PROPERTIES (Summary
FORECLOSED PROPERTIES (Summary of Foreclosed Properties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Foreclosed Properties [Line Items] | |||
Balance at beginning of year | $ 6,840 | $ 12,861 | $ 9,685 |
OREO acquired | 2,348 | 0 | 0 |
Transfers from loans and capitalized expenses | 2,210 | 2,417 | 11,355 |
Foreclosed properties sold | (5,227) | (7,214) | (7,664) |
Writedowns and partial liquidations | (779) | (1,224) | (515) |
Balance at end of year | $ 5,392 | $ 6,840 | $ 12,861 |
FORECLOSED PROPERTIES (Addition
FORECLOSED PROPERTIES (Additional Information) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreclosed Properties [Line Items] | ||||
Foreclosed Properties | $ 5,392,000 | $ 6,840,000 | $ 12,861,000 | $ 9,685,000 |
Other Real Estate Owned [Member] | ||||
Foreclosed Properties [Line Items] | ||||
Foreclosed Properties | $ 1,141,000 | $ 684,000 |
PREMISES AND EQUIPMENT (Compone
PREMISES AND EQUIPMENT (Components of Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment, Gross, Total | $ 32,419 | $ 17,721 |
Accumulated depreciation | (12,985) | (9,906) |
Property, Plant and Equipment, Net, Total | 19,434 | 7,815 |
Land and Building [Member] | ||
Property, Plant and Equipment, Gross, Total | 13,293 | 1,733 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment, Gross, Total | 12,102 | 10,240 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Gross, Total | 6,042 | 5,748 |
Construction in Progress [Member] | ||
Construction in progress | $ 982 | $ 0 |
PREMISES AND EQUIPMENT (Future
PREMISES AND EQUIPMENT (Future Minimum Lease Payments Under Non-Cancellable Operating Leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
2,016 | $ 3,304 |
2,017 | 3,014 |
2,018 | 2,775 |
2,019 | 2,273 |
2,020 | 1,631 |
Thereafter | 3,408 |
Operating Leases, Future Minimum Payments Due, Total | $ 16,405 |
VARIABLE INTEREST ENTITIES (V75
VARIABLE INTEREST ENTITIES (VIEs) (Additional Information) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entities [Line Items] | ||
Other Assets | $ 17,878,000 | $ 11,543,000 |
Partnership Investment [Member] | ||
Variable Interest Entities [Line Items] | ||
Other Assets | 199,000 | 265,000 |
Limited Partners' Capital Account | 25,311,000 | 25,460,000 |
Loan [Member] | ||
Variable Interest Entities [Line Items] | ||
Limited Partners' Capital Account | $ 14,876,000 | $ 17,386,000 |
DEPOSITS (Summary of Deposits)
DEPOSITS (Summary of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of Deposits [Line Items] | ||
Deposits, Total | $ 4,223,888 | $ 3,398,160 |
Noninterest Bearing Demand [Member] | ||
Summary of Deposits [Line Items] | ||
Deposits, Total | 1,053,467 | 810,460 |
Interest Bearing Checking [Member] | ||
Summary of Deposits [Line Items] | ||
Deposits, Total | 2,626,575 | 2,158,984 |
Savings [Member] | ||
Summary of Deposits [Line Items] | ||
Deposits, Total | 41,403 | 29,125 |
Time deposits, $250,000 and under [Member] | ||
Summary of Deposits [Line Items] | ||
Deposits, Total | 236,961 | 205,414 |
Time, over $250,000 [Member] | ||
Summary of Deposits [Line Items] | ||
Deposits, Total | $ 265,482 | $ 194,177 |
DEPOSITS (Scheduled Maturities
DEPOSITS (Scheduled Maturities Of Time Deposits) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Scheduled Maturities Of Time Deposits [Line Items] | |
2,016 | $ 294,661 |
2,017 | 91,103 |
2,018 | 62,542 |
2,019 | 24,098 |
2,020 | 29,864 |
Thereafter | 175 |
Time Deposits | $ 502,443 |
DEPOSITS (Additional Informatio
DEPOSITS (Additional Information) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Overdraft Deposit Reclassification | $ 1,594,000 | $ 3,544,000 |
FEDERAL FUNDS PURCHASED (Additi
FEDERAL FUNDS PURCHASED (Additional Information) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Federal Funds Purchased [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Line of Credit, Current | $ 180 | $ 160 |
Federal Funds Purchased [Member] | ||
Federal Funds Purchased [Line Items] | ||
Short-term Debt, Total | $ 352.4 | $ 264.3 |
Federal Funds Purchased [Member] | Maximum [Member] | ||
Federal Funds Purchased [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.75% | 0.30% |
Federal Funds Purchased [Member] | Minimum [Member] | ||
Federal Funds Purchased [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.55% | 0.25% |
OTHER BORROWINGS (Additional In
OTHER BORROWINGS (Additional Information) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2012 | |
Short-term Debt [Line Items] | |||||
Other Borrowings | $ 34,750,000 | $ 55,637,000 | $ 19,973,000 | $ 20,000,000 | |
Other Borrowings To Subordinated Notes Percentage | 5.00% | ||||
Payments for Federal Home Loan Bank Advances | $ 300,000 | $ 0 | $ 0 | ||
Private Placement [Member] | |||||
Short-term Debt [Line Items] | |||||
Other Borrowings To Subordinated Notes Percentage | 5.50% | ||||
Federal Home Loan Bank of Atlanta [Member] | |||||
Short-term Debt [Line Items] | |||||
Advances from Federal Home Loan Banks, Total | $ 1,000,000 | ||||
Federal Home Loan Bank, Advances, Interest Rate | 0.75% | ||||
Payments for Federal Home Loan Bank Advances | $ 100,000 | ||||
Federal Home Loan Bank Advances Maturity Date | May 22, 2018 |
PARTICIPATION IN THE SMALL BU81
PARTICIPATION IN THE SMALL BUSINESS LENDING FUND OF THE U.S. TREASURY DEPARTMENT (Additional Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jul. 31, 2015 | Jun. 21, 2011 | |
Fund Established Under Small Business Job Act 2010 | $ 30,000,000,000 | ||
Qualified Community Banks | $ 10,000,000,000 | ||
Preferred Stock, Dividend Rate, Percentage | 1.00% | ||
Qualified Small Business Lending [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 1.00% | ||
Fixed Rate [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 9.00% | ||
Senior Non Cumulative Perpetual Preferred Stock [Member] | |||
Preferred Stock, Shares Issued | 40,000 | ||
Preferred Stock, Liquidation Preference, Value | $ 40,033,000 |
EMPLOYEE AND DIRECTOR BENEFIT82
EMPLOYEE AND DIRECTOR BENEFITS (Assumptions Used To Estimates Fair Value Of Stock Option Award Using Black Scholes Merton Valuation Model) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 24.00% | 19.25% | 18.65% |
Expected dividends | 0.71% | 1.31% | 0.00% |
Expected term (in years) | 6 years | 8 years | 7 years |
Risk-free rate | 1.85% | 2.24% | 1.72% |
EMPLOYEE AND DIRECTOR BENEFIT83
EMPLOYEE AND DIRECTOR BENEFITS (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Exercisable | 205,418 | ||
Weighted Average Exercise Price, Exercisable | $ 9.68 | ||
Aggregate Intrinsic Value, Exercisable | $ 7,775 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Outstanding at beginning of year | 1,622,917 | 2,328,900 | 2,449,500 |
Shares, Granted | 162,000 | 139,000 | 180,000 |
Shares, Exercised | (525,500) | (838,983) | (282,600) |
Shares, Forfeited | (10,000) | (6,000) | (18,000) |
Shares, Outstanding at end of year | 1,249,417 | 1,622,917 | 2,328,900 |
Shares, Exercisable | 205,418 | 591,418 | 1,161,732 |
Weighted Average Exercise Price, Outstanding at beginning of year | $ 9.38 | $ 7.69 | $ 6.96 |
Weighted Average Exercise Price, Granted | 33.26 | 16.83 | 12.65 |
Weighted Average Exercise Price, Exercised | 7.23 | 5.92 | 4.48 |
Weighted Average Exercise Price, Forfeited | 16.79 | 11.92 | 7.50 |
Weighted Average Exercise Price, Outstanding at end of year | 13.32 | 9.38 | 7.69 |
Weighted Average Exercise Price, Exercisable | $ 9.68 | $ 7.75 | $ 5.40 |
Weighted Average Remaining Contractual Term (years), Outstanding at beginning | 5 years 10 months 24 days | 5 years 6 months | 5 years 9 months 18 days |
Weighted Average Remaining Contractual Term (years), Granted | 9 years 2 months 12 days | 9 years 3 months 18 days | 9 years 8 months 12 days |
Weighted Average Remaining Contractual Term (years), Exercised | 2 years 8 months 12 days | 2 years 6 months | 2 years 9 months 18 days |
Weighted Average Remaining Contractual Term (years), Forfeited | 7 years 1 month 6 days | 7 years 10 months 24 days | 5 years 7 months 6 days |
Weighted Average Remaining Contractual Term (years), Outstanding at ending | 6 years 3 months 18 days | 5 years 10 months 24 days | 5 years 6 months |
Weighted Average Remaining Contractual Term (years), Exercisable | 5 years 4 months 24 days | 4 years 1 month 6 days | 3 years 2 months 12 days |
Aggregate Intrinsic Value, Outstanding at beginning of year | $ 38,256 | $ 14,300 | $ 9,905 |
Aggregate Intrinsic Value, Granted | 2,311 | 2,339 | 213 |
Aggregate Intrinsic Value, Exercised | 21,177 | 22,679 | 2,532 |
Aggregate Intrinsic Value, Forfeited | 0 | 0 | 0 |
Aggregate Intrinsic Value, Outstanding at end of year | 42,746 | 38,256 | 14,300 |
Aggregate Intrinsic Value, Exercisable | $ 7,775 | $ 14,901 | $ 9,797 |
EMPLOYEE AND DIRECTOR BENEFIT84
EMPLOYEE AND DIRECTOR BENEFITS (Exercisable options) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Shares, Exercisable | shares | 205,418 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 9.68 |
Weighted Average Remaining Contractual Term (years) | 5 years 4 months 24 days |
Aggregate Intrinsic Value | $ | $ 7,775 |
Exercise Price 5.00 [Member] | |
Shares, Exercisable | shares | 3,000 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 5 |
Weighted Average Remaining Contractual Term (years) | 7 months 6 days |
Aggregate Intrinsic Value | $ | $ 127 |
Exercise Price 8.33 [Member] | |
Shares, Exercisable | shares | 134,918 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 8.33 |
Weighted Average Remaining Contractual Term (years) | 4 years 4 months 24 days |
Aggregate Intrinsic Value | $ | $ 5,288 |
Exercise Price 11.00 [Member] | |
Shares, Exercisable | shares | 30,000 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 11 |
Weighted Average Remaining Contractual Term (years) | 7 years 2 months 12 days |
Aggregate Intrinsic Value | $ | $ 1,096 |
Exercise Price 13.83 [Member] | |
Shares, Exercisable | shares | 37,500 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 13.83 |
Weighted Average Remaining Contractual Term (years) | 8 years |
Aggregate Intrinsic Value | $ | $ 1,264 |
EMPLOYEE AND DIRECTOR BENEFIT85
EMPLOYEE AND DIRECTOR BENEFITS (Additional Information) (Details) - USD ($) | May. 14, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2009 | Sep. 30, 2008 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation | $ 1,265,000 | $ 3,681,000 | $ 1,205,000 | ||||
Shares available for grant | 2,099,510 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.40 | $ 3.69 | $ 3.04 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 1,741,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 237,088 | ||||||
Non Routine Expenses | $ 2,503,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 242,000 | 2,025,000 | $ 705,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 90,000 | ||||||
Warrants Exercisable | 211,500 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 45,000 | 225,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 8.333 | $ 8.333 | |||||
Subordinated Borrowing, Interest Rate | 8.25% | ||||||
Postemployment Benefits, Period Expense | $ 1,080,000 | $ 811,000 | $ 878,000 | ||||
Preferred Securities [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Warrants Exercisable | 13,500 | ||||||
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 | $ 568,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months 18 days | ||||||
Plan 2005 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares available for grant | 1,575,000 | ||||||
Plan 2006 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares available for grant | 3,075,000 | ||||||
Plan 2009 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation | $ 2,775,000 | ||||||
Shares available for grant | 1,275,000 | ||||||
Additional Contribution [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Postemployment Benefits, Period Expense | $ 200,000 |
COMMON STOCK (Additional Inform
COMMON STOCK (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |
Jan. 31, 2015 | May. 19, 2014 | |
Payments to Acquire Businesses, Gross | $ 20,926 | |
Metro Bancshares, Inc [Member] | ||
Payments to Acquire Businesses, Gross | $ 20,900 | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 636,592 | |
IPO [Member] | ||
Stock Issued During Period, Shares, New Issues | 1,875,000 | |
Sale of Stock, Price Per Share | $ 30.33 | |
Proceeds from Issuance of Private Placement | $ 52,100 |
REGULATORY MATTERS (The Company
REGULATORY MATTERS (The Company's And Bank's Actual Capital Amounts And Ratios) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Servisfirst Bank [Member] | ||
CET I Capital to Risk Weighted Assets, Amount | $ 439,279 | |
CET I Capital to Risk Weighted Assets, Ratio | 9.89% | |
CET I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | $ 199,806 | |
CET I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.50% | |
CET I Capital to Risk Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 288,608 | |
CET I Capital to Risk Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | |
Tier I Capital to Risk Weighted Assets, Actual Amount | $ 439,656 | $ 362,119 |
Tier I Capital to Risk Weighted Assets, Actual Ratio | 9.90% | 10.58% |
Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | $ 266,407 | $ 136,970 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% |
Tier I Capital to Risk Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 355,210 | $ 205,454 |
Tier I Capital to Risk Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 6.00% |
Total Capital to Risk Weighted Assets, Actual Amount | $ 483,575 | $ 397,748 |
Total Capital to Risk Weighted Assets, Actual Ratio | 10.89% | 11.62% |
Total Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | $ 355,210 | $ 273,939 |
Total Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 444,012 | $ 342,424 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier I Capital to Average Assets, Actual Amount | $ 439,656 | $ 362,119 |
Tier I Capital to Average Assets, Actual Ratio | 8.71% | 8.92% |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Amount | $ 202,023 | $ 162,375 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier I Capital to Average Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 252,529 | $ 202,969 |
Tier I Capital to Average Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Consolidated Entities [Member] | ||
CET I Capital to Risk Weighted Assets, Amount | $ 431,642 | |
CET I Capital to Risk Weighted Assets, Ratio | 9.72% | |
CET I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | $ 199,836 | |
CET I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.50% | |
Tier I Capital to Risk Weighted Assets, Actual Amount | $ 432,019 | $ 402,471 |
Tier I Capital to Risk Weighted Assets, Actual Ratio | 9.73% | 11.75% |
Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | $ 266,448 | $ 136,972 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% |
Total Capital to Risk Weighted Assets, Actual Amount | $ 530,688 | $ 458,073 |
Total Capital to Risk Weighted Assets, Actual Ratio | 11.95% | 13.38% |
Total Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | $ 355,264 | $ 273,943 |
Total Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier I Capital to Average Assets, Actual Amount | $ 432,019 | $ 402,471 |
Tier I Capital to Average Assets, Actual Ratio | 8.55% | 9.91% |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Amount | $ 202,043 | $ 162,377 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
REGULATORY MATTERS (Additional
REGULATORY MATTERS (Additional Information) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Cumulative Dividends | $ 141.8 |
OTHER OPERATING INCOME AND EX89
OTHER OPERATING INCOME AND EXPENSES (Other Operating Income And Expense Included In Noninterest Income And Noninterest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Operating Income | |||
(Loss) gain on sale of other real estate owned | $ (136) | $ (413) | $ (159) |
Credit Card Income | 2,465 | 2,041 | 1,425 |
Other Income | 1,214 | 1,006 | 878 |
Other Operating Income | 3,543 | 2,634 | 2,144 |
Other Operating Expenses | |||
Postage | 338 | 264 | 195 |
Telephone | 680 | 555 | 465 |
Data processing | 4,293 | 3,126 | 2,535 |
Other loan expenses | 2,086 | 1,457 | 1,936 |
Supplies | 492 | 399 | 380 |
Marketing | 562 | 477 | 532 |
Donations and contributions | 605 | 466 | 370 |
Customer And Public Relations | 1,211 | 959 | 838 |
Sales And Use Tax | 380 | 259 | 309 |
Directors fees | 406 | 364 | 341 |
Bank service charges | 961 | 472 | 196 |
Write-down investment in tax credit partnerships | 152 | 207 | 0 |
Other Operational Losses | 126 | 575 | 113 |
Other | 4,380 | 3,047 | 2,363 |
Other Operating Expenses | $ 20,486 | $ 14,972 | $ 10,929 |
INCOME TAXES (Income Tax Expens
INCOME TAXES (Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current tax expense: | |||
Federal | $ 28,517 | $ 25,929 | $ 21,264 |
State | 1,824 | 693 | 899 |
Total current tax expense | 30,341 | 26,622 | 22,163 |
Deferred tax expense (benefit): | |||
Federal | (3,277) | (3,778) | (1,616) |
State | (1,599) | (1,243) | (189) |
Total deferred tax expense | (4,876) | (5,021) | (1,805) |
Total income tax expense | $ 25,465 | $ 21,601 | $ 20,358 |
INCOME TAXES (The Federal Incom
INCOME TAXES (The Federal Income Tax Statutory Rates To Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax at statutory federal rate, Amount | $ 31,152 | $ 25,892 | $ 21,691 |
Income tax at statutory federal rate, Pre-tax Earnings | 35.00% | 35.00% | 35.00% |
State income tax, net of federal tax effect, Amount | $ 146 | $ (358) | $ 462 |
State income tax, net of federal tax effect, Pre-tax Earnings | 0.16% | (0.49%) | 0.75% |
Tax-exempt income, net of expenses, Amount | $ (1,308) | $ (1,316) | $ (1,200) |
Tax-exempt income, net of expenses, Pre-tax Earnings | (1.47%) | (1.78%) | (1.94%) |
Bank owned life insurance contracts, Amount | $ (917) | $ (798) | $ (698) |
Bank owned life insurance contracts, Pre-tax Earnings | (1.03%) | (1.08%) | (1.13%) |
Incentive stock option expense, Amount | $ 3 | $ (18) | $ 66 |
Incentive stock option expense, Pre-tax Earnings | 0.00% | (0.02%) | 0.11% |
Federal tax credits, Amount | $ (3,600) | $ (1,659) | |
Federal tax credits, Pre-tax Earnings | (4.04%) | (2.24%) | |
Other, Amount | $ (11) | $ (142) | $ 37 |
Other, Pre-tax Earnings | (0.01%) | (0.19%) | 0.06% |
Effective income tax and rate, Amount | $ 25,465 | $ 21,601 | $ 20,358 |
Effective income tax and rate, Pre-tax Earnings | 28.61% | 29.20% | 32.85% |
INCOME TAXES (Components Of Net
INCOME TAXES (Components Of Net Deferred Tax Asset) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowance for loan losses | $ 16,482 | $ 13,491 |
Other real estate owned | 1,136 | 1,319 |
Nonqualified equity awards | 1,576 | 1,594 |
Nonaccrual interest | 441 | 444 |
State tax credits | 2,313 | 987 |
Investments | 1,826 | 667 |
Deferred loan fees | 642 | 87 |
Reserve for unfunded commitments | 190 | 0 |
Differences in amounts reflected in financial statements and income tax basis of assets acquired and liabilities assumed in acquisition | 972 | 0 |
Acquired net operating losses | 1,398 | 0 |
Other deferred tax assets | 228 | 117 |
Total deferred tax assets | 27,204 | 18,706 |
Deferred tax liabilities: | ||
Net unrealized gain on securities available for sale | 1,641 | 2,418 |
Depreciation | 1,285 | 421 |
Prepaid expenses | 202 | 151 |
Acquired intangible assets | 651 | 0 |
Total deferred tax liabilities | 3,779 | 2,990 |
Net deferred tax assets | $ 23,425 | $ 15,716 |
INCOME TAXES (Summary of the ch
INCOME TAXES (Summary of the changes in the amount of unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balance, beginning of year | $ 804 | $ 437 | $ 161 |
Increases related to prior year tax positions | 369 | 367 | 276 |
Decreases related to prior year tax positions | 0 | 0 | 0 |
Increases related to current year tax positions | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Lapse of statute | 0 | 0 | 0 |
Balance, end of year | $ 1,173 | $ 804 | $ 437 |
INCOME TAXES (Additional Inform
INCOME TAXES (Additional Information) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 61,000 | $ 12,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 1,173,000 | $ 804,000 |
COMMITMENTS AND CONTINGENCIES95
COMMITMENTS AND CONTINGENCIES (Summary of Commitments And Contingent Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments to extend credit | $ 1,409,425 | $ 1,156,682 | $ 1,052,902 |
Credit card arrangements | 62,462 | 45,155 | 38,122 |
Standby letters of credit and financial guarantees | 38,224 | 33,280 | 40,371 |
Total | $ 1,510,111 | $ 1,235,117 | $ 1,131,395 |
CONCENTRATIONS OF CREDIT (Addit
CONCENTRATIONS OF CREDIT (Additional Information) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Secured By Real Estate | 57.00% |
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 | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share | |||||||||||
Weighted average common shares outstanding (in shares) | 25,713,233 | 23,855,001 | 20,607,213 | ||||||||
Net income available to common stockholders | $ 19,726 | $ 16,233 | $ 14,346 | $ 12,955 | $ 14,917 | $ 13,902 | $ 11,469 | $ 11,658 | $ 63,260 | $ 51,946 | $ 41,201 |
Basic earnings per common share (in dollars per share) | $ 0.76 | $ 0.63 | $ 0.56 | $ 0.51 | $ 0.60 | $ 0.56 | $ 0.49 | $ 0.53 | $ 2.46 | $ 2.18 | $ 2 |
Weighted average common shares outstanding (in shares) | 25,713,233 | 23,855,001 | 20,607,213 | ||||||||
Dilutive effects of assumed conversions and exercise of stock options and warrants (in shares) | 729,321 | 963,220 | 1,198,812 | ||||||||
Weighted average common and dilutive potential common shares outstanding (in shares) | 26,442,554 | 24,818,221 | 21,806,025 | ||||||||
Net income available to common stockholders | $ 63,260 | $ 51,946 | $ 41,201 | ||||||||
Effect of interest expense on convertible debt, net of tax and discretionary expenditures related to conversion | 0 | 0 | 115 | ||||||||
Net income available to common stockholders, adjusted for effect of debt conversion | $ 63,260 | $ 51,946 | $ 41,316 | ||||||||
Diluted earnings per common share (in dollars per share) | $ 2.39 | $ 2.09 | $ 1.90 |
RELATED PARTY TRANSACTIONS (Add
RELATED PARTY TRANSACTIONS (Additional Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Loans | $ 4,216,375 | $ 3,359,858 |
Related Party Deposit Liabilities | 7,600 | 5,600 |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Loans | $ 12,100 | $ 13,100 |
FAIR VALUE MEASUREMENT (Financi
FAIR VALUE MEASUREMENT (Financial Assets And Financial Liabilities Carried At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 342,938 | $ 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 | 342,938 | 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 | 45,009 | 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 | 136,954 | 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 | 146,033 | 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 | 14,942 | 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 | 342,938 | 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 | 45,009 | 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 | 136,954 | 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 | 146,033 | 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 | 14,942 | 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 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 27,808 | $ 21,631 |
Other real estate owned and repossessed assets | 5,392 | 6,840 |
Total assets at fair value | 33,200 | 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 | 27,808 | 21,631 |
Other real estate owned and repossessed assets | 5,392 | 6,840 |
Total assets at fair value | $ 33,200 | $ 28,471 |
FAIR VALUE MEASUREMENT (Fina101
FAIR VALUE MEASUREMENT (Financial Assets And Liabilities Carried At Fair Value On Recurring Basis Or Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial Assets: | ||
Cash and cash equivalents | $ 46,614 | $ 48,519 |
Debt securities available for sale | 342,938 | 298,310 |
Debt securities held to maturity | 27,426 | 29,355 |
Restricted equity securities | 4,954 | 3,921 |
Federal funds sold | 34,785 | 891 |
Mortgage loans held for sale | 8,249 | 5,984 |
Bank owned life insurance contracts | 91,594 | 86,288 |
Loans, net | 4,172,956 | 3,324,229 |
Financial Liabilities: | ||
Federal funds purchased | 352,360 | 264,315 |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 317,450 | 296,573 |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | ||
Financial Assets: | ||
Debt securities available for sale | 342,938 | 298,310 |
Debt securities held to maturity | 27,426 | 29,355 |
Restricted equity securities | 4,954 | 3,921 |
Federal funds sold | 34,785 | 891 |
Mortgage loans held for sale | 8,249 | 5,984 |
Bank owned life insurance contracts | 91,594 | 86,288 |
Financial Liabilities: | ||
Deposits | 4,223,888 | 3,398,160 |
Federal funds purchased | 352,360 | 264,315 |
Other borrowings | 55,637 | 19,973 |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | ||
Financial Assets: | ||
Loans, net | 4,172,956 | 3,324,229 |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 317,450 | 296,573 |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | ||
Financial Assets: | ||
Debt securities available for sale | 342,938 | 298,310 |
Debt securities held to maturity | 27,910 | 29,974 |
Restricted equity securities | 4,954 | 3,921 |
Federal funds sold | 34,785 | 891 |
Mortgage loans held for sale | 8,295 | 5,984 |
Bank owned life insurance contracts | 91,594 | 86,288 |
Financial Liabilities: | ||
Deposits | 4,223,181 | 3,399,261 |
Federal funds purchased | 352,360 | 264,315 |
Other borrowings | 64,305 | 19,973 |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | ||
Financial Assets: | ||
Loans, net | $ 4,179,835 | $ 3,327,371 |
FAIR VALUE MEASUREMENT (Additio
FAIR VALUE MEASUREMENT (Additional Information) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Impairment Charges | $ 6,268,000 | $ 4,961,000 |
Real Estate Owned, Amount of Loss at Acquisition | $ 743,000 | $ 1,297,000 |
PARENT COMPANY FINANCIAL INF103
PARENT COMPANY FINANCIAL INFORMATION (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||
Cash and due from banks | $ 46,614 | $ 48,519 | ||
Other assets | 17,878 | 11,543 | ||
Total assets | 5,095,509 | 4,098,679 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Other liabilities | 12,108 | 7,078 | ||
Total liabilities | 4,646,362 | 3,691,466 | ||
Common stock, par value $0.001 per share; 50,000,000 shares authorized; 25,972,698 shares issued and outstanding at December 31, 2015 and 24,801,518 shares issued and outstanding at December 31, 2014 | 26 | 25 | ||
Additional paid-in capital | 211,546 | 185,397 | ||
Retained earnings | 234,150 | 177,091 | ||
Accumulated other comprehensive income | 3,048 | 4,490 | ||
Total stockholders' equity | 449,147 | 407,213 | $ 297,192 | $ 233,257 |
Total liabilites and stockholders' equity | 5,095,509 | 4,098,679 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and due from banks | 48,182 | 61,611 | ||
Investment in subsidiary | 456,407 | 366,609 | ||
Other assets | 375 | 51 | ||
Total assets | 504,964 | 428,271 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Other borrowings | 54,639 | 19,973 | ||
Other liabilities | 1,555 | 1,337 | ||
Total liabilities | 56,194 | 21,310 | ||
Preferred stock | 0 | 39,958 | ||
Common stock, par value $0.001 per share; 50,000,000 shares authorized; 25,972,698 shares issued and outstanding at December 31, 2015 and 24,801,518 shares issued and outstanding at December 31, 2014 | 26 | 25 | ||
Additional paid-in capital | 211,546 | 185,397 | ||
Retained earnings | 234,150 | 177,091 | ||
Accumulated other comprehensive income | 3,048 | 4,490 | ||
Total stockholders' equity | 448,770 | 406,961 | ||
Total liabilites and stockholders' equity | $ 504,964 | $ 428,271 |
PARENT COMPANY FINANCIAL INF104
PARENT COMPANY FINANCIAL INFORMATION (Condensed Balance Sheets Parenthetical) (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Common Stock Par Or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 25,972,698 | 24,801,518 |
Common Stock, Shares, Outstanding | 25,972,698 | 24,801,518 |
Parent Company [Member] | ||
Preferred Stock, Par Or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Liquidation Preference, Value | $ 1,000 | $ 1,000 |
Preferred Stock Shares Authorized | 40,000 | 40,000 |
Preferred Stock, Shares Issued | 0 | 40,000 |
Preferred Stock Shares Outstanding | 0 | 40,000 |
Common Stock Par Or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 25,972,698 | 24,801,518 |
Common Stock, Shares, Outstanding | 25,972,698 | 24,801,518 |
PARENT COMPANY FINANCIAL INF105
PARENT COMPANY FINANCIAL INFORMATION (Condensed Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income: | |||||||||||
Other income | $ 1,214 | $ 1,006 | $ 878 | ||||||||
Expense: | |||||||||||
Net income | 63,540 | 52,377 | 41,617 | ||||||||
Dividends on preferred stock | 280 | 431 | 416 | ||||||||
Net income available to common stockholders | $ 19,726 | $ 16,233 | $ 14,346 | $ 12,955 | $ 14,917 | $ 13,902 | $ 11,469 | $ 11,658 | 63,260 | 51,946 | 41,201 |
Parent Company [Member] | |||||||||||
Income: | |||||||||||
Dividends received from subsidiary | 20,000 | 12,000 | 4,750 | ||||||||
Other income | 1 | 0 | 1 | ||||||||
Total income | 20,001 | 12,000 | 4,751 | ||||||||
Expense: | |||||||||||
Other expenses | 1,603 | 1,183 | 1,147 | ||||||||
Total expenses | 1,603 | 1,183 | 1,147 | ||||||||
Equity in undistributed earnings of subsidiary | 45,095 | 41,529 | 37,997 | ||||||||
Net income | 63,493 | 52,346 | 41,601 | ||||||||
Dividends on preferred stock | 233 | 400 | 400 | ||||||||
Net income available to common stockholders | $ 63,260 | $ 51,946 | $ 41,201 |
PARENT COMPANY FINANCIAL INF106
PARENT COMPANY FINANCIAL INFORMATION (Statements of Cash Flow) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | ||||
Net income | $ 63,540 | $ 52,377 | $ 41,617 | |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Net cash provided by operating activities | 74,424 | 64,115 | 74,198 | |
Investing activities | ||||
Net cash paid in acquisition | $ (20,926) | |||
Net cash used in investing activities | (749,480) | (549,092) | (571,693) | |
Financing activities | ||||
Proceeds from issuance of common stock, net | 125 | 250 | 0 | |
Dividends paid on common stock | 5,883 | 3,609 | 3,682 | |
Dividends paid on preferred stock | 280 | 431 | 416 | |
Net cash provided by financing activities | 729,827 | 524,026 | 575,165 | |
(Decrease) increase in cash and cash equivalents | 54,771 | 39,049 | 77,670 | |
Cash and cash equivalents at beginning of year | 297,464 | 297,464 | 258,415 | 180,745 |
Parent Company [Member] | ||||
Operating activities | ||||
Net income | 63,493 | 52,346 | 41,601 | |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Other | (271) | 165 | (224) | |
Equity in undistributed earnings of subsidiary | 45,095 | 41,529 | 37,997 | |
Net cash provided by operating activities | 18,127 | 10,982 | 3,380 | |
Investing activities | ||||
Other | 0 | 0 | (10,499) | |
Net cash paid in acquisition | (20,926) | 0 | 0 | |
Investment in subsidiary | 736 | 0 | 0 | |
Net cash used in investing activities | (20,190) | 0 | (10,499) | |
Financing activities | ||||
Proceeds from other borrowings | 34,750 | 0 | 0 | |
Redemption of preferred stock | (40,000) | 0 | 0 | |
Proceeds from issuance of common stock, net | 0 | 52,076 | 10,499 | |
Dividends paid on common stock | (5,883) | (3,609) | (3,682) | |
Dividends paid on preferred stock | (233) | (400) | (400) | |
Net cash provided by financing activities | (11,366) | 48,067 | 6,417 | |
(Decrease) increase in cash and cash equivalents | (13,429) | 59,049 | (702) | |
Cash and cash equivalents at beginning of year | $ 61,611 | 61,611 | 2,562 | 3,264 |
Cash and cash equivalents at end of year | $ 48,182 | $ 61,611 | $ 2,562 |
QUARTERLY FINANCIAL DATA (UN107
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income | $ 48,451 | $ 46,532 | $ 44,209 | $ 40,783 | $ 38,163 | $ 36,857 | $ 35,424 | $ 34,281 | $ 179,975 | $ 144,725 | $ 126,081 |
Interest expense | 5,290 | 4,670 | 3,998 | 3,746 | 3,703 | 3,538 | 3,446 | 3,432 | 17,704 | 14,119 | 13,619 |
Net interest income | 43,161 | 41,862 | 40,211 | 37,037 | 34,460 | 33,319 | 31,978 | 30,849 | 162,271 | 130,606 | 112,462 |
Provision for loan losses | 3,308 | 3,072 | 4,062 | 2,405 | 2,759 | 2,748 | 2,438 | 2,314 | 12,847 | 10,259 | 13,008 |
Net income available to common stockholders | $ 19,726 | $ 16,233 | $ 14,346 | $ 12,955 | $ 14,917 | $ 13,902 | $ 11,469 | $ 11,658 | $ 63,260 | $ 51,946 | $ 41,201 |
Net income per common share, basic | $ 0.76 | $ 0.63 | $ 0.56 | $ 0.51 | $ 0.60 | $ 0.56 | $ 0.49 | $ 0.53 | $ 2.46 | $ 2.18 | $ 2 |
Net income per common share, diluted | $ 0.74 | $ 0.61 | $ 0.54 | $ 0.49 | $ 0.58 | $ 0.54 | $ 0.46 | $ 0.51 | $ 2.39 | $ 2.09 | $ 1.9 |