Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ServisFirst Bancshares, Inc. | |
Entity Central Index Key | 1,430,723 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | SFBS | |
Entity Common Stock, Shares Outstanding | 26,251,948 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | [1] |
ASSETS | |||
Cash and due from banks | $ 54,985 | $ 46,614 | |
Interest-bearing balances due from depository institutions | 417,703 | 270,836 | |
Federal funds sold | 116,038 | 34,785 | |
Cash and cash equivalents | 588,726 | 352,235 | |
Available for sale debt securities, at fair value | 321,044 | 342,938 | |
Held to maturity debt securities (fair value of $27,717 and $27,910 at June 30, 2016 and December 31, 2015, respectively) | 26,662 | 27,426 | |
Restricted equity securities | 5,671 | 4,954 | |
Mortgage loans held for sale | 7,933 | 8,249 | |
Loans | 4,539,338 | 4,216,375 | |
Less allowance for loan losses | (46,998) | (43,419) | |
Loans, net | 4,492,340 | 4,172,956 | |
Premises and equipment, net | 23,221 | 19,434 | |
Accrued interest and dividends receivable | 13,487 | 13,698 | |
Deferred tax assets | 21,710 | 23,425 | |
Other real estate owned and repossessed assets | 4,260 | 5,392 | |
Bank owned life insurance contracts | 102,873 | 91,594 | |
Goodwill and other identifiable intangible assets | 15,154 | 15,330 | |
Other assets | 22,974 | 17,878 | |
Total assets | 5,646,055 | 5,095,509 | |
Deposits: | |||
Noninterest-bearing | 1,185,668 | 1,053,467 | |
Interest-bearing | 3,482,127 | 3,170,421 | |
Total deposits | 4,667,795 | 4,223,888 | |
Federal funds purchased | 420,430 | 352,360 | |
Other borrowings | 55,450 | 55,637 | |
Accrued interest payable | 2,876 | 2,369 | |
Other liabilities | 10,407 | 12,108 | |
Total liabilities | 5,156,958 | 4,646,362 | |
Stockholders' equity: | |||
Common stock, par value $.001 per share; 100,000,000 shares authorized and 26,251,948 shares issued and outstanding at June 30, 2016, and 50,000,000 authorized and 25,972,698 shares issued and outstanding at December 31, 2015 | 26 | 26 | |
Additional paid-in capital | 214,525 | 211,546 | |
Retained earnings | 268,765 | 234,150 | |
Accumulated other comprehensive income | 5,404 | 3,048 | |
Total stockholders' equity attributable to ServisFirst Bancshares, Inc. | 488,720 | 448,770 | |
Noncontrolling interest | 377 | 377 | |
Total stockholders' equity | 489,097 | 449,147 | |
Total liabilities and stockholders' equity | 5,646,055 | 5,095,509 | |
Series A Preferred Stock [Member] | |||
Stockholders' equity: | |||
Preferred stock | 0 | 0 | |
Undesignated Preferred Stock [Member] | |||
Stockholders' equity: | |||
Preferred stock | $ 0 | $ 0 | |
[1] | Derived from audited financial statements. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Held to maturity debt securities, fair value | $ 27,717 | $ 27,910 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 50,000,000 |
Common stock, shares issued | 26,251,948 | 25,972,698 |
Common stock, shares outstanding | 26,251,948 | 25,972,698 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, liquidation preference | $ 1,000 | $ 1,000 |
Preferred stock, authorized | 0 | 40,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Undesignated Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, undesignated | 1,000,000 | 960,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest income: | ||||
Interest and fees on loans | $ 49,210 | $ 42,105 | $ 96,457 | $ 80,751 |
Taxable securities | 1,238 | 1,104 | 2,507 | 2,232 |
Nontaxable securities | 834 | 874 | 1,692 | 1,734 |
Federal funds sold | 210 | 24 | 283 | 101 |
Other interest and dividends | 558 | 102 | 1,072 | 174 |
Total interest income | 52,050 | 44,209 | 102,011 | 84,992 |
Interest expense: | ||||
Deposits | 4,633 | 3,512 | 8,994 | 6,782 |
Borrowed funds | 1,526 | 486 | 2,947 | 962 |
Total interest expense | 6,159 | 3,998 | 11,941 | 7,744 |
Net interest income | 45,891 | 40,211 | 90,070 | 77,248 |
Provision for loan losses | 3,800 | 4,062 | 5,859 | 6,467 |
Net interest income after provision for loan losses | 42,091 | 36,149 | 84,211 | 70,781 |
Noninterest income: | ||||
Service charges on deposit accounts | 1,306 | 1,276 | 2,613 | 2,483 |
Mortgage banking | 901 | 735 | 1,569 | 1,189 |
Securities (losses) gains | (3) | 0 | (3) | 29 |
Increase in cash surrender value life insurance | 655 | 660 | 1,279 | 1,308 |
Other operating income | 988 | 759 | 1,824 | 1,355 |
Total noninterest income | 3,847 | 3,430 | 7,282 | 6,364 |
Noninterest expenses: | ||||
Salaries and employee benefits | 10,733 | 10,426 | 21,800 | 19,434 |
Equipment and occupancy expense | 2,023 | 1,634 | 4,008 | 3,295 |
Professional services | 999 | 665 | 1,737 | 1,233 |
FDIC and other regulatory assessments | 803 | 626 | 1,553 | 1,246 |
OREO expense | 41 | 289 | 490 | 503 |
Merger expense | 0 | 0 | 0 | 2,096 |
Other operating expenses | 4,905 | 4,498 | 9,206 | 8,939 |
Total noninterest expenses | 19,504 | 18,138 | 38,794 | 36,746 |
Income before income taxes | 26,434 | 21,441 | 52,699 | 40,399 |
Provision for income taxes | 7,558 | 6,972 | 13,867 | 12,875 |
Net income | 18,876 | 14,469 | 38,832 | 27,524 |
Preferred stock dividends | 23 | 123 | 23 | 223 |
Net income available to common stockholders | $ 18,853 | $ 14,346 | $ 38,809 | $ 27,301 |
Basic earnings per common share | $ 0.72 | $ 0.56 | $ 1.48 | $ 1.07 |
Diluted earnings per common share | $ 0.71 | $ 0.54 | $ 1.46 | $ 1.04 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income | $ 18,876 | $ 14,469 | $ 38,832 | $ 27,524 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized holding gains (losses) arising during period from securities available for sale, net of tax of $272 and $1,256 for the three and six months ended June 30, 2016, respectively, and $399 and $390 for the three and six months ended June 30, 2015, respectively | 520 | (1,467) | 2,354 | (722) |
Reclassification adjustment for net losses (gains) on sale of securities in net income, net of tax of $1 for the three and six months ended June 30, 2016, and $0 and $10 for three and six months ended June 30, 2015, respectively | 2 | 0 | 2 | (19) |
Other comprehensive income (loss), net of tax | 522 | (1,467) | 2,356 | (741) |
Comprehensive income | $ 19,398 | $ 13,002 | $ 41,188 | $ 26,783 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Unrealized holding (losses) gains arising during period from securities available for sale | $ 272 | $ 399 | $ 1,256 | $ 390 |
Reclassification adjustment for net gains on sale of securities in net income | $ 1 | $ 0 | $ 1 | $ 10 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interest [Member] | |
Beginning Balance at Dec. 31, 2014 | $ 407,213 | $ 39,958 | $ 25 | $ 185,397 | $ 177,091 | $ 4,490 | $ 252 | |
Common dividends paid | (1,539) | 0 | 0 | 0 | (1,539) | 0 | 0 | |
Common dividends declared | (1,550) | 0 | 0 | 0 | (1,550) | 0 | 0 | |
Preferred dividends paid | (223) | 0 | 0 | 0 | (223) | 0 | 0 | |
Exercise stock options and warrants, including tax benefit | 2,693 | 0 | 0 | 2,693 | 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 | |
Excess tax benefit on exercise and vesting of stock options | 1,065 | 0 | 0 | 1,065 | 0 | 0 | 0 | |
Stock-based compensation expense | 564 | 0 | 0 | 564 | 0 | 0 | 0 | |
Other comprehensive income, net of tax | (741) | 0 | 0 | 0 | 0 | (741) | 0 | |
Net income | 27,524 | 0 | 0 | 0 | 27,524 | 0 | 0 | |
Ending Balance at Jun. 30, 2015 | 454,487 | 39,958 | 26 | 209,074 | 201,303 | 3,749 | 377 | |
Beginning Balance at Dec. 31, 2015 | 449,147 | [1] | 0 | 26 | 211,546 | 234,150 | 3,048 | 377 |
Common dividends paid | (2,095) | 0 | 0 | 0 | (2,095) | 0 | 0 | |
Common dividends declared | (2,099) | 0 | 0 | 0 | (2,099) | 0 | 0 | |
Preferred dividends paid | (23) | 0 | 0 | 0 | (23) | 0 | 0 | |
Exercise stock options and warrants, including tax benefit | 2,339 | 0 | 0 | 2,339 | 0 | 0 | 0 | |
Stock-based compensation expense | 640 | 0 | 0 | 640 | 0 | 0 | 0 | |
Other comprehensive income, net of tax | 2,356 | 0 | 0 | 0 | 0 | 2,356 | 0 | |
Net income | 38,832 | 0 | 0 | 0 | 38,832 | 0 | 0 | |
Ending Balance at Jun. 30, 2016 | $ 489,097 | $ 0 | $ 26 | $ 214,525 | $ 268,765 | $ 5,404 | $ 377 | |
[1] | Derived from audited financial statements. |
CONSOLIDATED STATEMENT OF STOC8
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Stock Options And Warrants Exercised | 274,750 | 386,500 |
Common Dividends Paid Per Share | $ 0.08 | $ 0.06 |
Common Dividends Declared Per Share | $ 0.08 | $ 0.06 |
Issue shares of REIT preferred | 125 | |
Common Stock [Member] | ||
Stock Issued During Period, Shares, New Issues | 636,592 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 38,832 | $ 27,524 |
Adjustments to reconcile net income to net cash provided by: | ||
Deferred tax expense | 440 | 87 |
Provision for loan losses | 5,859 | 6,467 |
Depreciation | 1,480 | 1,124 |
Accretion on acquired loans | (624) | (1,120) |
Amortization of core deposit intangible | 176 | 180 |
Net amortization of debt securities available for sale | 1,288 | 1,214 |
Decrease (increase) in accrued interest and dividends receivable | 211 | (207) |
Stock-based compensation expense | 640 | 564 |
Increase in accrued interest and dividends payable | 507 | 311 |
Proceeds from sale of mortgage loans held for sale | 61,054 | 61,717 |
Originations of mortgage loans held for sale | (59,169) | (66,266) |
Loss (gain) on sale of debt securities available for sale | 3 | (29) |
Gain on sale of mortgage loans held for sale | (1,569) | (1,189) |
Net loss on sale of other real estate owned | 39 | 41 |
Write down of other real estate owned | 397 | 188 |
Operating losses on tax credit and other partnerships | 176 | 76 |
Increase in cash surrender value of life insurance contracts | (1,279) | (1,308) |
Net change in other assets, liabilities, and other operating activities | (7,563) | (4,273) |
Net cash provided by operating activities | 40,898 | 25,101 |
INVESTMENT ACTIVITIES | ||
Purchase of debt securities available for sale | (15,119) | (17,497) |
Proceeds from sale of debt securities available for sale | 6,085 | 16,738 |
Proceeds from maturities, calls and paydowns of debt securities available for sale | 34,255 | 20,611 |
Purchase of debt securities held to maturity | (439) | (202) |
Proceeds from maturities, calls and paydowns of debt securities held to maturity | 1,203 | 534 |
Purchase of equity securities | (708) | (534) |
Increase in loans | (325,496) | (357,687) |
Purchase of premises and equipment | (5,267) | (441) |
Purchase of bank-owned life insurance contracts | (10,000) | 0 |
Expenditures to complete construction of other real estate owned | (3) | (91) |
Proceeds from sale of other real estate owned and repossessed assets | 1,575 | 2,665 |
Investment in tax credit partnerships | (2,491) | 0 |
Net cash paid in acquisition of Metro Bancshares, Inc. | 0 | (12,883) |
Net cash used in investing activities | (316,405) | (348,787) |
FINANCING ACTIVITIES | ||
Net increase in noninterest-bearing deposits | 132,201 | 68,839 |
Net increase in interest-bearing deposits | 311,706 | 86,379 |
Net increase in federal funds purchased | 68,070 | 6,605 |
Repayment of Federal Home Loan Bank advances | (200) | (200) |
Proceeds from sale of preferred stock, net | 0 | 125 |
Proceeds from exercise of stock options | 2,339 | 2,693 |
Dividends paid on common stock | (2,095) | (1,539) |
Dividends paid on preferred stock | (23) | (223) |
Net cash provided by financing activities | 511,998 | 162,679 |
Net increase (decrease) in cash and cash equivalents | 236,491 | (161,007) |
Cash and cash equivalents at beginning of year | 352,235 | 297,464 |
Cash and cash equivalents at end of year | 588,726 | 136,457 |
Cash paid for: | ||
Interest | 11,434 | 7,344 |
Income taxes | 17,546 | 14,855 |
NONCASH TRANSACTIONS | ||
Other real estate acquired in settlement of loans | 2,036 | 1,941 |
Internally financed sales of other real estate owned | 1,157 | 0 |
Dividends declared | 2,099 | 1,550 |
Fair value of assets and liabilities from acquisition: | ||
Fair value of tangible assets acquired | 0 | 201,821 |
Other intangible assets acquired | 0 | 18,143 |
Fair value of liabilities assumed | 0 | (179,682) |
Total merger consideration | $ 0 | $ 40,282 |
GENERAL
GENERAL | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 - GENERAL The accompanying consolidated financial statements in this report have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, including Regulation S-X and the instructions for Form 10-Q, and have not been audited. These consolidated financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments necessary to present fairly the consolidated financial position and the consolidated results of operations for the interim periods have been made. All such adjustments are of a normal nature. The consolidated results of operations are not necessarily indicative of the consolidated results of operations which ServisFirst Bancshares, Inc. (the “Company”) and its consolidated subsidiaries, including ServisFirst Bank (the “Bank”), may achieve for future interim periods or the entire year. For further information, refer to the consolidated financial statements and footnotes included in the Company’s Form 10-K for the year ended December 31, 2015. All reported amounts are in thousands except share and per share data. |
ACQUISITION
ACQUISITION | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
ACQUISITION | NOTE 2 - ACQUISITION On January 31, 2015, the Company completed its acquisition of Metro and Metro Bank, its wholly-owned bank subsidiary, for an aggregate of $ 20.9 636,592 January 31, 2015 As recorded by Fair value As recorded by (In Thousands) Assets acquired: Cash and cash equivalents $ 8,543 $ - $ 8,543 Debt securities 28,833 (41) a 28,792 Equity securities 499 - 499 Loans 152,869 (3,874) b 148,995 Allowance for loan losses (1,621) 1,621 b - Premises and equipment, net 7,606 762 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 Liabilities assumed: Deposits $ 175,236 $ 518 g $ 175,754 Federal funds purchased 2,175 - 2,175 Other borrowings 1,400 (4) h 1,396 Accrued interest payable 89 - 89 Other liabilities 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 a- Adjustment reflects the fair value adjustment based on the Company’s pricing of the acquired debt securities portfolio. b- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. c- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment acquired. d- Adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial statement purposes and their basis for federal income tax purposes. e- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other real estate owned acquired. f- Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition. g- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired deposits. h- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the assumed debt. The estimated fair value of the purchased credit impaired loans acquired in the Metro transaction on January 31, 2015 was $ 5.1 Pro forma financial information is not provided because such amounts are immaterial to the Company’s consolidated financial statements. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 6 Months Ended |
Jun. 30, 2016 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 3 - CASH AND CASH EQUIVALENTS Cash on hand, cash items in process of collection, amounts due from banks, and federal funds sold are included in cash and cash equivalents. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | NOTE 4 - EARNINGS PER COMMON SHARE Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In Thousands, Except Shares and Per Share Data) Earnings per common share Weighted average common shares outstanding 26,212,863 25,715,654 26,170,195 25,507,396 Net income available to common stockholders $ 18,853 $ 14,346 $ 38,809 $ 27,301 Basic earnings per common share $ 0.72 $ 0.56 $ 1.48 $ 1.07 Weighted average common shares outstanding 26,212,863 25,715,654 26,170,195 25,507,396 Dilutive effects of assumed conversions and exercise of stock options 513,400 710,382 476,342 825,131 Weighted average common and dilutive potential common shares outstanding 26,726,263 26,426,036 26,646,537 26,332,527 Net income available to common stockholders $ 18,853 $ 14,346 $ 38,809 $ 27,301 Diluted earnings per common share $ 0.71 $ 0.54 $ 1.46 $ 1.04 |
SECURITIES
SECURITIES | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | NOTE 5 - SECURITIES Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value (In Thousands) June 30, 2016 Securities Available for Sale U.S. Treasury and government sponsored agencies $ 38,215 $ 1,101 $ - $ 39,316 Mortgage-backed securities 125,939 4,014 - 129,953 State and municipal securities 139,642 3,150 (12) 142,780 Corporate debt 8,949 46 - 8,995 Total 312,745 8,311 (12) 321,044 Securities Held to Maturity Mortgage-backed securities 20,461 528 - 20,989 State and municipal securities 6,201 527 - 6,728 Total $ 26,662 $ 1,055 $ - $ 27,717 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 June 30, 2016 December 31, 2015 Amortized Fair Value Amortized Fair Value (In thousands) Debt securities available for sale Due within one year $ 23,287 $ 23,441 $ 16,770 $ 16,868 Due from one to five years 139,329 142,704 153,880 156,311 Due from five to ten years 24,190 24,946 32,236 32,805 Mortgage-backed securities 125,939 129,953 135,363 136,954 $ 312,745 $ 321,044 $ 338,249 $ 342,938 Debt securities held to maturity Due from five to ten years $ 627 $ 663 $ 627 $ 659 Due after ten years 5,574 6,065 5,133 5,549 Mortgage-backed securities 20,461 20,989 21,666 21,702 $ 26,662 $ 27,717 $ 27,426 $ 27,910 All mortgage-backed securities are with government-sponsored enterprises (GSEs) such as Federal National Mortgage Association, Government National Mortgage Association, Federal Home Loan Bank, and Federal Home Loan Mortgage Corporation. The following table identifies, as of June 30, 2016 and December 31, 2015, the Company’s investment securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months. At June 30, 2016, six of the Company’s 739 debt securities had been in an unrealized loss position for 12 or more months. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost, which may be maturity; accordingly, the Company does not consider these securities to be other-than-temporarily impaired at June 30, 2016. Further, the Company believes any deterioration in value of its current investment securities is attributable to changes in market interest rates and not credit quality of the issuer. Less Than Twelve Months Twelve Months or More Total Gross Gross Gross Unrealized Unrealized Unrealized Losses Fair Value Losses Fair Value Losses Fair Value (In Thousands) June 30, 2016 U.S. Treasury and government sponsored agencies $ - $ - $ - $ - $ - $ - Mortgage-backed securities - - - - - - State and municipal securities (8) 4,393 (4) 1,215 (12) 5,608 Corporate debt - - - - - - Total $ (8) $ 4,393 $ (4) $ 1,215 $ (12) $ 5,608 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 |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
LOANS | NOTE 6 LOANS The following table details the Company’s loans at June 30, 2016 and December 31, 2015: June 30, December 31, 2016 2015 (Dollars In Thousands) Commercial, financial and agricultural $ 1,895,870 $ 1,760,479 Real estate - construction 251,144 243,267 Real estate - mortgage: Owner-occupied commercial 1,117,514 1,014,669 1-4 family mortgage 494,733 444,134 Other mortgage 725,336 698,779 Subtotal: Real estate - mortgage 2,337,583 2,157,582 Consumer 54,741 55,047 Total Loans 4,539,338 4,216,375 Less: Allowance for loan losses (46,998 ) (43,419 ) Net Loans $ 4,492,340 $ 4,172,956 Commercial, financial and agricultural 41.76 % 41.75 % Real estate - construction 5.53 % 5.77 % Real estate - mortgage: Owner-occupied commercial 24.62 % 24.07 % 1-4 family mortgage 10.90 % 10.53 % Other mortgage 15.98 % 16.57 % Subtotal: Real estate - mortgage 51.50 % 51.17 % Consumer 1.21 % 1.31 % Total Loans 100.00 % 100.00 % The credit quality of the loan portfolio is summarized no less frequently than quarterly using categories similar to the standard asset classification system used by the federal banking agencies. The following table presents credit quality indicators for the loan loss portfolio segments and classes. These categories are utilized to develop the associated allowance for loan losses using historical losses adjusted for current economic conditions defined as follows: · Pass loans which are well protected by the current net worth and paying capacity of the obligor (or obligors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral. · Special Mention loans with potential weakness that may, if not reversed or corrected, weaken the credit or inadequately protect the Company’s position at some future date. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification. · Substandard loans that exhibit well-defined weakness or weaknesses that currently jeopardize debt repayment. These loans are characterized by the distinct possibility that the institution will sustain some loss if the weaknesses are not corrected. · Doubtful loans that have all the weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. Loans by credit quality indicator as of June 30, 2016 and December 31, 2015 were as follows: Special June 30, 2016 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 1,819,738 $ 58,467 $ 17,665 $ - $ 1,895,870 Real estate - construction 239,389 6,833 4,922 - 251,144 Real estate - mortgage: Owner-occupied commercial 1,095,079 8,466 13,969 - 1,117,514 1-4 family mortgage 489,905 2,120 2,708 - 494,733 Other mortgage 711,276 10,902 3,158 - 725,336 Total real estate mortgage 2,296,260 21,488 19,835 - 2,337,583 Consumer 54,493 221 27 - 54,741 Total $ 4,409,880 $ 87,009 $ 42,449 $ - $ 4,539,338 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 Loans by performance status as of June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 1,895,539 $ 331 $ 1,895,870 Real estate - construction 247,522 3,622 251,144 Real estate - mortgage: Owner-occupied commercial 1,117,514 - 1,117,514 1-4 family mortgage 494,155 578 494,733 Other mortgage 724,752 584 725,336 Total real estate mortgage 2,336,421 1,162 2,337,583 Consumer 54,703 38 54,741 Total $ 4,534,185 $ 5,153 $ 4,539,338 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 Loans by past due status as of June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 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 $ 1,370 $ 28 $ - $ 1,398 $ 331 $ 1,894,141 $ 1,895,870 Real estate - construction - - - - 3,622 247,522 251,144 Real estate - mortgage: Owner-occupied commercial - 1,461 - 1,461 - 1,116,053 1,117,514 1-4 family mortgage 445 61 250 756 328 493,649 494,733 Other mortgage - - 162 162 422 724,752 725,336 Total real estate - mortgage 445 1,522 412 2,379 750 2,334,454 2,337,583 Consumer 427 5 11 443 27 54,271 54,741 Total $ 2,242 $ 1,555 $ 423 $ 4,220 $ 4,730 $ 4,530,388 $ 4,539,338 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 The allowance for loan losses is maintained at a level which, in management’s judgment, is adequate to absorb credit losses inherent in the loan portfolio. The amount of the allowance is based on management’s evaluation of the collectability of the loan portfolio, including the nature of the portfolio, credit concentrations, trends in historical loss experience, specific impaired loans, economic conditions and other risks inherent in the portfolio. Allowances for impaired loans are generally determined based on collateral values or the present value of the estimated cash flows. The allowance is increased by a provision for loan losses, which is charged to expense, and reduced by charge-offs, net of recoveries. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the allowance for losses on loans. Such agencies may require the Company to recognize adjustments to the allowance based on their judgments about information available to them at the time of their examination. The methodology utilized for the calculation of the allowance for loan losses is divided into four distinct categories. Those categories include allowances for non-impaired loans (ASC 450), impaired loans (ASC 310), external qualitative factors, and internal qualitative factors. A description of each category of the allowance for loan loss methodology is listed below. Non-Impaired Loans. Non-impaired loans are grouped into homogeneous loan pools by loan type and are the following: commercial and industrial, construction and development, commercial real estate, second lien home equity lines of credit, and all other loans. Each loan pool is stratified by internal risk rating and multiplied by a loss allocation percentage derived from the loan pool historical loss rate. The historical loss rate is based on an age weighted 5 year history of net charge-offs experienced by pool, with the most recent net charge-off experience given a greater weighting. This results in the expected loss rate per year, adjusted by a qualitative adjustment factor and a years-to-impairment factor, for each pool of loans to derive the total amount of allowance for non-impaired loans. Impaired Loans. Loans are considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the original terms of the loan agreement. The collection of all amounts due according to contractual terms means that both the contractual interest and principal payments of a loan will be collected as scheduled in the loan agreement. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, at the loan’s observable market price or the fair value of the underlying collateral. The fair value of collateral, reduced by costs to sell on a discounted basis, is used if a loan is collateral-dependent. Fair value estimates for specifically impaired collateral-dependent 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 certified and licensed appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. External Qualitative Factors . The determination of the portion of the allowance for loan losses relating to external qualitative factors is based on consideration of the following factors: gross domestic product growth rate, changes in prime rate, delinquency trends, peer delinquency trends, year-over-year loan growth and state unemployment rate trends. Data for the three most recent periods is utilized in the calculation for each external qualitative component. The factors have a consistent weighted methodology to calculate the amount of allowance due to external qualitative factors. Internal Qualitative Factors . The determination of the portion of the allowance for loan losses relating to internal qualitative factors is based on the consideration of criteria which includes the following: number of extensions and deferrals, single pay and interest only loans, current financial information, credit concentrations and risk grade accuracy. A self-assessment for each of the criteria is made with a consistent weighted methodology used to calculate the amount of allowance required for internal qualitative factors. The following table presents an analysis of the allowance for loan losses by portfolio segment and changes in the allowance for loan losses for the three and six months ended June 30, 2016 and June 30, 2015. The total allowance for loan losses is disaggregated into those amounts associated with loans individually evaluated and those associated with loans collectively evaluated. Commercial, financial and Real estate - Real estate - agricultural construction mortgage Consumer Total (In Thousands) Three Months Ended June 30, 2016 Allowance for loan losses: Balance at March 31, 2016 $ 22,839 $ 5,005 $ 16,901 $ 400 $ 45,145 Charge-offs (1,412 ) (355 ) (191 ) (31 ) (1,989 ) Recoveries 1 39 2 - 42 Provision 2,227 590 888 95 3,800 Balance at June 30, 2016 $ 23,655 $ 5,279 $ 17,600 $ 464 $ 46,998 Three Months Ended June 30, 2015 Allowance for loan losses: Balance at March 31, 2015 $ 16,857 $ 5,889 $ 13,546 $ 1,064 $ 37,356 Charge-offs (1,151 ) (93 ) (208 ) (19 ) (1,471 ) Recoveries 6 65 2 - 73 Provision 3,340 (187 ) 831 78 4,062 Balance at June 30, 2015 $ 19,052 $ 5,674 $ 14,171 $ 1,123 $ 40,020 Six Months Ended June 30, 2016 Allowance for loan losses: Balance at December 31, 2015 $ 21,495 $ 5,432 $ 16,061 $ 431 $ 43,419 Charge-offs (1,462 ) (736 ) (191 ) (49 ) (2,438 ) Recoveries 4 55 99 - 158 Provision 3,618 528 1,631 82 5,859 Balance at June 30, 2016 $ 23,655 $ 5,279 $ 17,600 $ 464 $ 46,998 Six Months Ended June 30, 2015 Allowance for loan losses: Balance at December 31, 2014 $ 16,079 $ 6,395 $ 12,112 $ 1,043 $ 35,629 Charge-offs (1,228 ) (475 ) (641 ) (24 ) (2,368 ) Recoveries 25 164 103 - 292 Provision 4,176 (410 ) 2,597 104 6,467 Balance at June 30, 2015 $ 19,052 $ 5,674 $ 14,171 $ 1,123 $ 40,020 As of June 30, 2016 Allowance for loan losses: Individually Evaluated for Impairment $ 2,855 $ 1,319 $ 1,675 $ 27 $ 5,876 Collectively Evaluated for Impairment 20,800 3,960 15,925 437 41,122 Loans: Ending Balance $ 1,895,870 $ 251,144 $ 2,337,583 $ 54,741 $ 4,539,338 Individually Evaluated for Impairment 17,665 4,972 22,371 31 45,039 Collectively Evaluated for Impairment 1,878,205 246,172 2,315,212 54,710 4,494,299 As of December 31, 2015 Allowance for loan losses: 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 The following table presents details of the Company’s impaired loans as of June 30, 2016 and December 31, 2015, respectively. Loans which have been fully charged off do not appear in the tables. For the three months For the six months ended June 30, ended June 30, June 30, 2016 2016 2016 Interest Interest Unpaid Average Income Average Income Recorded Principal Related Recorded Recognized Recorded Recognized Investment Balance Allowance Investment in Period Investment in Period (In Thousands) With no allowance recorded: Commercial, financial and agricultural $ 1,438 $ 1,438 $ - $ 1,438 $ 15 $ 1,442 $ 30 Real estate - construction 1,264 2,466 - 1,267 1 1,774 10 Real estate - mortgage: Owner-occupied commercial 7,086 7,247 - 7,293 98 7,398 202 1-4 family mortgage 1,962 1,988 - 2,047 26 2,056 53 Other mortgage 2,928 2,928 - 2,944 40 2,958 81 Total real estate - mortgage 11,976 12,163 - 12,284 164 12,412 336 Consumer 4 6 - 6 - 5 - Total with no allowance recorded 14,682 16,073 - 14,995 180 15,633 376 With an allowance recorded: Commercial, financial and agricultural 16,227 19,327 2,855 17,337 218 17,490 498 Real estate - construction 3,708 3,708 1,319 3,708 18 3,694 37 Real estate - mortgage: Owner-occupied commercial 9,420 9,420 1,320 9,350 111 9,336 220 1-4 family mortgage 745 745 349 745 4 745 10 Other mortgage 230 230 6 233 4 239 8 Total real estate - mortgage 10,395 10,395 1,675 10,328 119 10,320 238 Consumer 27 27 27 27 - 30 - Total with allowance recorded 30,357 33,457 5,876 31,400 355 31,534 773 Total Impaired Loans: Commercial, financial and agricultural 17,665 20,765 2,855 18,775 233 18,932 528 Real estate - construction 4,972 6,174 1,319 4,975 19 5,468 47 Real estate - mortgage: Owner-occupied commercial 16,506 16,667 1,320 16,643 209 16,734 422 1-4 family mortgage 2,707 2,733 349 2,792 30 2,801 63 Other mortgage 3,158 3,158 6 3,177 44 3,197 89 Total real estate - mortgage 22,371 22,558 1,675 22,612 283 22,732 574 Consumer 31 33 27 33 - 35 - Total impaired loans $ 45,039 $ 49,530 $ 5,876 $ 46,395 $ 535 $ 47,167 $ 1,149 December 31, 2015 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 $ 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 Troubled Debt Restructurings (“TDR”) at June 30, 2016, December 31, 2015 and June 30, 2015 totaled $6.8 million, $7.7 million and $8.3 million, respectively. At June 30, 2016, the Company had a related allowance for loan losses of $1.0 million allocated to these TDRs, compared to $0.9 million at December 31, 2015 and $1.2 million at June 30, 2015. TDR activity by portfolio segment for the three and six months ended June 30, 2016 is presented in the table below. There were no modifications made to new TDRs or renewals of existing TDRs for the three and six months ended June 30, 2015. Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment (In Thousands) Troubled Debt Restructurings Commercial, financial and agricultural 1 $ 366 $ 366 1 $ 366 $ 366 Real estate - construction - - - - - - Real estate - mortgage: Owner-occupied commercial - - - - - - 1-4 family mortgage - - - - - - Other mortgage 1 234 234 1 234 234 Total real estate mortgage 1 234 234 1 234 234 Consumer - - - - - - 2 $ 600 $ 600 2 $ 600 $ 600 There were no TDRs which defaulted during the three and six months ended June 30, 2016 and 2015, 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. As of June 30, 2016, the Company’s TDRs have all resulted from term extensions, rather than from interest rate reductions or debt forgiveness. |
EMPLOYEE AND DIRECTOR BENEFITS
EMPLOYEE AND DIRECTOR BENEFITS | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
EMPLOYEE AND DIRECTOR BENEFITS | NOTE 7 - EMPLOYEE AND DIRECTOR BENEFITS Stock Options At June 30, 2016, the Company had stock-based compensation plans, as described below. The compensation cost that has been charged to earnings for the plans was approximately $ 297 640 263 564 The Company’s 2005 Amended and Restated Stock Option Plan allows for the grant of stock options to purchase up to 3,075,000 2,775,000 The Company estimates the fair value of each stock option award using a Black-Scholes-Merton valuation model that uses the assumptions noted in the following table. Expected volatilities are based on an index of southeastern United States publicly traded banks. The expected term for options granted is based on the short-cut method and represents the period of time that options granted are expected to be outstanding. 2016 2015 Expected volatility 29.00 % 24.00 % Expected dividends 0.63 % 0.71 % Expected term (in years) 6.25 6.25 Risk-free rate 1.87 % 1.85 % The weighted average grant-date fair value of options granted during the six months ended June 30, 2016 and June 30, 2015 was $ 11.80 8.37 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (years) Value (In Thousands) Six Months Ended June 30, 2016: Outstanding at January 1, 2016 1,249,417 $ 13.32 6.3 $ 42,743 Granted 113,500 39.52 9.7 1,120 Exercised (274,750) 8.51 4.4 11,230 Forfeited (6,500) 38.82 9.2 69 Outstanding at June 30, 2016 1,081,667 17.13 6.6 $ 34,891 Exercisable at June 30, 2016 343,768 $ 12.17 6.0 $ 14,989 Six Months Ended June 30, 2015: Outstanding at January 1, 2015 1,622,917 $ 9.38 5.9 $ 38,256 Granted 160,000 33.16 9.7 706 Exercised (386,500) 6.97 3.2 12,875 Forfeited (7,500) 10.00 6.8 207 Outstanding at June 30, 2015 1,388,917 12.51 6.5 $ 34,425 Exercisable at June 30, 2015 272,418 $ 9.02 4.8 $ 7,779 As of June 30, 2016, there was approximately $ 2.6 2.5 Restricted Stock The Company has issued 241,588 573,000 2.1 7,500 |
DERIVATIVES
DERIVATIVES | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | NOTE 8 - DERIVATIVES The Company has entered into agreements with secondary market investors to deliver loans on a “best efforts delivery” basis. When a rate is committed to a borrower, it is based on the best price that day and locked with the investor for the customer for a 30-day period. In the event the loan is not delivered to the investor, the Company has no risk or exposure with the investor. The interest rate lock commitments related to loans that are originated for later sale are classified as derivatives. The fair values of the Company’s agreements with investors and rate lock commitments to customers as of June 30, 2016 and December 31, 2015 were not material. |
RECENTLY ADOPTED ACCOUNTING PRO
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | NOTE 9 RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. 34.75 5.00 July 15, 2025 99,000 6,000 12,000 In August 2015, the FASB issued 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 September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In March 2016, the FASB issued ASU 2016-09, Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2.3 1.3 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 10 - RECENT ACCOUNTING PRONOUNCEMENTS 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 January 2016, the FASB issued ASU 2016-1, Financial Instruments Overall (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-07 , Investments Equity Method and Joint Ventures (Topic 323), Simplifying the Transition to the Equity Method of Accounting In March 2016, the FASB issued ASU 2016-08 , Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue versus Net) Revenue from Contracts with Customers (Topic 606) In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | NOTE 11 - FAIR VALUE MEASUREMENT Measurement of fair value under U.S. GAAP establishes a hierarchy that prioritizes observable and unobservable inputs used to measure fair value, as of the measurement date, into three broad levels, which are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and also considers counterparty credit risk in its assessment of fair value. Debt Securities Impaired Loans 1,634,000 2,546,000 2,335,000 3,636,000 Other Real Estate Owned 248,000 436,000 124,000 229,000 Residential real estate loan foreclosures classified as OREO totaled $ 157,000 1,141,000 No residential real estate loans were in the process of being foreclosed as of June 30, 2016. Fair Value Measurements at June 30, 2016 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 $ - $ 39,316 $ - $ 39,316 Mortgage-backed securities - 129,953 - 129,953 State and municipal securities - 142,780 - 142,780 Corporate debt - 8,995 - 8,995 Total assets at fair value $ - $ 321,044 $ - $ 321,044 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 June 30, 2016 Using Quoted Prices in Significant Other Significant Total (In Thousands) Assets Measured on a Nonrecurring Basis: Impaired loans $ - $ - $ 39,163 $ 39,163 Other real estate owned and repossessed assets - - 4,260 4,260 Total assets at fair value $ - $ - $ 43,423 $ 43,423 Fair Value Measurements at December 31, 2015 Using Quoted Prices in Significant Other Significant 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 The fair value of a financial instrument is the current amount that would be exchanged in a sale between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Current U.S. GAAP excludes certain financial instruments and all nonfinancial instruments from its fair value disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: Cash and due from banks: Debt securities: Equity securities: Federal funds sold: Mortgage loans held for sale: Bank owned life insurance contracts: Loans, net: Deposits: Federal funds purchased: Other borrowings: Loan commitments: The carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2016 and December 31, 2015 are presented in the following table. June 30, 2016 December 31, 2015 Carrying Carrying Amount Fair Value Amount Fair Value (In Thousands) Financial Assets: Level 1 inputs: Cash and due from banks $ 472,688 $ 472,688 $ 317,450 $ 317,450 Level 2 inputs: Available for sale debt securities 321,044 321,044 342,938 342,938 Held to maturity debt securities 26,662 27,717 27,426 27,910 Restricted equity securities 5,671 5,671 4,954 4,954 Federal funds sold 116,038 116,038 34,785 34,785 Mortgage loans held for sale 7,933 8,037 8,249 8,295 Bank owned life insurance contracts 102,873 102,873 91,594 91,594 Level 3 inputs: Loans, net 4,492,340 4,509,664 4,172,956 4,179,835 Financial liabilities: Level 2 inputs: Deposits $ 4,667,795 $ 4,669,723 $ 4,223,888 $ 4,223,181 Federal funds purchased 420,430 420,430 352,360 352,360 Other borrowings 55,450 54,240 55,637 52,521 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12 SUBSEQUENT EVENTS The Company has evaluated all subsequent events through the date of this filing to ensure that this Form 10-Q includes appropriate disclosure of events both recognized in the financial statements as of June 30, 2016, and events which occurred subsequent to June 30, 2016 but were not recognized in the financial statements. |
ACQUISITION (Tables)
ACQUISITION (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Fair Value of Assets Acquired and Liabilities Assumed | January 31, 2015 As recorded by Fair value As recorded by (In Thousands) Assets acquired: Cash and cash equivalents $ 8,543 $ - $ 8,543 Debt securities 28,833 (41) a 28,792 Equity securities 499 - 499 Loans 152,869 (3,874) b 148,995 Allowance for loan losses (1,621) 1,621 b - Premises and equipment, net 7,606 762 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 Liabilities assumed: Deposits $ 175,236 $ 518 g $ 175,754 Federal funds purchased 2,175 - 2,175 Other borrowings 1,400 (4) h 1,396 Accrued interest payable 89 - 89 Other liabilities 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 a- Adjustment reflects the fair value adjustment based on the Company’s pricing of the acquired debt securities portfolio. b- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. c- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment acquired. d- Adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial statement purposes and their basis for federal income tax purposes. e- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other real estate owned acquired. f- Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition. g- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired deposits. h- Adjustment reflects the fair value adjustment based on the Company’s evaluation of the assumed debt. |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Earning Per Share | Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options and warrants. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In Thousands, Except Shares and Per Share Data) Earnings per common share Weighted average common shares outstanding 26,212,863 25,715,654 26,170,195 25,507,396 Net income available to common stockholders $ 18,853 $ 14,346 $ 38,809 $ 27,301 Basic earnings per common share $ 0.72 $ 0.56 $ 1.48 $ 1.07 Weighted average common shares outstanding 26,212,863 25,715,654 26,170,195 25,507,396 Dilutive effects of assumed conversions and exercise of stock options 513,400 710,382 476,342 825,131 Weighted average common and dilutive potential common shares outstanding 26,726,263 26,426,036 26,646,537 26,332,527 Net income available to common stockholders $ 18,853 $ 14,346 $ 38,809 $ 27,301 Diluted earnings per common share $ 0.71 $ 0.54 $ 1.46 $ 1.04 |
SECURITIES (Tables)
SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Available for Sale And Held to Maturity Securities | The amortized cost and fair value of available-for-sale and held-to-maturity securities at June 30, 2016 and December 31, 2015 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value (In Thousands) June 30, 2016 Securities Available for Sale U.S. Treasury and government sponsored agencies $ 38,215 $ 1,101 $ - $ 39,316 Mortgage-backed securities 125,939 4,014 - 129,953 State and municipal securities 139,642 3,150 (12) 142,780 Corporate debt 8,949 46 - 8,995 Total 312,745 8,311 (12) 321,044 Securities Held to Maturity Mortgage-backed securities 20,461 528 - 20,989 State and municipal securities 6,201 527 - 6,728 Total $ 26,662 $ 1,055 $ - $ 27,717 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 |
Amortized Cost and Fair Value of Securities | The amortized cost and fair value of debt securities as of June 30, 2016 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage-backed securities since the mortgages underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories along with the other categories of debt securities. June 30, 2016 December 31, 2015 Amortized Fair Value Amortized Fair Value (In thousands) Debt securities available for sale Due within one year $ 23,287 $ 23,441 $ 16,770 $ 16,868 Due from one to five years 139,329 142,704 153,880 156,311 Due from five to ten years 24,190 24,946 32,236 32,805 Mortgage-backed securities 125,939 129,953 135,363 136,954 $ 312,745 $ 321,044 $ 338,249 $ 342,938 Debt securities held to maturity Due from five to ten years $ 627 $ 663 $ 627 $ 659 Due after ten years 5,574 6,065 5,133 5,549 Mortgage-backed securities 20,461 20,989 21,666 21,702 $ 26,662 $ 27,717 $ 27,426 $ 27,910 |
Investment Securities Continuous Unrealized Loss Position | Less Than Twelve Months Twelve Months or More Total Gross Gross Gross Unrealized Unrealized Unrealized Losses Fair Value Losses Fair Value Losses Fair Value (In Thousands) June 30, 2016 U.S. Treasury and government sponsored agencies $ - $ - $ - $ - $ - $ - Mortgage-backed securities - - - - - - State and municipal securities (8) 4,393 (4) 1,215 (12) 5,608 Corporate debt - - - - - - Total $ (8) $ 4,393 $ (4) $ 1,215 $ (12) $ 5,608 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 |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Details Of Loans | June 30, December 31, 2016 2015 (Dollars In Thousands) Commercial, financial and agricultural $ 1,895,870 $ 1,760,479 Real estate - construction 251,144 243,267 Real estate - mortgage: Owner-occupied commercial 1,117,514 1,014,669 1-4 family mortgage 494,733 444,134 Other mortgage 725,336 698,779 Subtotal: Real estate - mortgage 2,337,583 2,157,582 Consumer 54,741 55,047 Total Loans 4,539,338 4,216,375 Less: Allowance for loan losses (46,998) (43,419) Net Loans $ 4,492,340 $ 4,172,956 Commercial, financial and agricultural 41.76 % 41.75 % Real estate - construction 5.53 % 5.77 % Real estate - mortgage: Owner-occupied commercial 24.62 % 24.07 % 1-4 family mortgage 10.90 % 10.53 % Other mortgage 15.98 % 16.57 % Subtotal: Real estate - mortgage 51.50 % 51.17 % Consumer 1.21 % 1.31 % Total Loans 100.00 % 100.00 % |
Loans By Credit Quality Indicator | were as follows: Special June 30, 2016 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 1,819,738 $ 58,467 $ 17,665 $ - $ 1,895,870 Real estate - construction 239,389 6,833 4,922 - 251,144 Real estate - mortgage: Owner-occupied commercial 1,095,079 8,466 13,969 - 1,117,514 1-4 family mortgage 489,905 2,120 2,708 - 494,733 Other mortgage 711,276 10,902 3,158 - 725,336 Total real estate mortgage 2,296,260 21,488 19,835 - 2,337,583 Consumer 54,493 221 27 - 54,741 Total $ 4,409,880 $ 87,009 $ 42,449 $ - $ 4,539,338 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 |
Loans By Performance Status | were as follows: June 30, 2016 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 1,895,539 $ 331 $ 1,895,870 Real estate - construction 247,522 3,622 251,144 Real estate - mortgage: Owner-occupied commercial 1,117,514 - 1,117,514 1-4 family mortgage 494,155 578 494,733 Other mortgage 724,752 584 725,336 Total real estate mortgage 2,336,421 1,162 2,337,583 Consumer 54,703 38 54,741 Total $ 4,534,185 $ 5,153 $ 4,539,338 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 |
Loans By Past Due Status | were as follows: June 30, 2016 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 $ 1,370 $ 28 $ - $ 1,398 $ 331 $ 1,894,141 $ 1,895,870 Real estate - construction - - - - 3,622 247,522 251,144 Real estate - mortgage: Owner-occupied commercial - 1,461 - 1,461 - 1,116,053 1,117,514 1-4 family mortgage 445 61 250 756 328 493,649 494,733 Other mortgage - - 162 162 422 724,752 725,336 Total real estate - mortgage 445 1,522 412 2,379 750 2,334,454 2,337,583 Consumer 427 5 11 443 27 54,271 54,741 Total $ 2,242 $ 1,555 $ 423 $ 4,220 $ 4,730 $ 4,530,388 $ 4,539,338 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 |
Changes In Allowance For Loan Losses Segregated By Loan Type | Commercial, financial and Real estate - Real estate - agricultural construction mortgage Consumer Total (In Thousands) Three Months Ended June 30, 2016 Allowance for loan losses: Balance at March 31, 2016 $ 22,839 $ 5,005 $ 16,901 $ 400 $ 45,145 Charge-offs (1,412) (355) (191) (31) (1,989) Recoveries 1 39 2 - 42 Provision 2,227 590 888 95 3,800 Balance at June 30, 2016 $ 23,655 $ 5,279 $ 17,600 $ 464 $ 46,998 Three Months Ended June 30, 2015 Allowance for loan losses: Balance at March 31, 2015 $ 16,857 $ 5,889 $ 13,546 $ 1,064 $ 37,356 Charge-offs (1,151) (93) (208) (19) (1,471) Recoveries 6 65 2 - 73 Provision 3,340 (187) 831 78 4,062 Balance at June 30, 2015 $ 19,052 $ 5,674 $ 14,171 $ 1,123 $ 40,020 Six Months Ended June 30, 2016 Allowance for loan losses: Balance at December 31, 2015 $ 21,495 $ 5,432 $ 16,061 $ 431 $ 43,419 Charge-offs (1,462) (736) (191) (49) (2,438) Recoveries 4 55 99 - 158 Provision 3,618 528 1,631 82 5,859 Balance at June 30, 2016 $ 23,655 $ 5,279 $ 17,600 $ 464 $ 46,998 Six Months Ended June 30, 2015 Allowance for loan losses: Balance at December 31, 2014 $ 16,079 $ 6,395 $ 12,112 $ 1,043 $ 35,629 Charge-offs (1,228) (475) (641) (24) (2,368) Recoveries 25 164 103 - 292 Provision 4,176 (410) 2,597 104 6,467 Balance at June 30, 2015 $ 19,052 $ 5,674 $ 14,171 $ 1,123 $ 40,020 As of June 30, 2016 Allowance for loan losses: Individually Evaluated for Impairment $ 2,855 $ 1,319 $ 1,675 $ 27 $ 5,876 Collectively Evaluated for Impairment 20,800 3,960 15,925 437 41,122 Loans: Ending Balance $ 1,895,870 $ 251,144 $ 2,337,583 $ 54,741 $ 4,539,338 Individually Evaluated for Impairment 17,665 4,972 22,371 31 45,039 Collectively Evaluated for Impairment 1,878,205 246,172 2,315,212 54,710 4,494,299 As of December 31, 2015 Allowance for loan losses: 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 |
Details Of Company's Impaired Loans | For the three months For the six months ended June 30, ended June 30, June 30, 2016 2016 2016 Interest Interest Unpaid Average Income Average Income Recorded Principal Related Recorded Recognized Recorded Recognized Investment Balance Allowance Investment in Period Investment in Period (In Thousands) With no allowance recorded: Commercial, financial and agricultural $ 1,438 $ 1,438 $ - $ 1,438 $ 15 $ 1,442 $ 30 Real estate - construction 1,264 2,466 - 1,267 1 1,774 10 Real estate - mortgage: Owner-occupied commercial 7,086 7,247 - 7,293 98 7,398 202 1-4 family mortgage 1,962 1,988 - 2,047 26 2,056 53 Other mortgage 2,928 2,928 - 2,944 40 2,958 81 Total real estate - mortgage 11,976 12,163 - 12,284 164 12,412 336 Consumer 4 6 - 6 - 5 - Total with no allowance recorded 14,682 16,073 - 14,995 180 15,633 376 With an allowance recorded: Commercial, financial and agricultural 16,227 19,327 2,855 17,337 218 17,490 498 Real estate - construction 3,708 3,708 1,319 3,708 18 3,694 37 Real estate - mortgage: Owner-occupied commercial 9,420 9,420 1,320 9,350 111 9,336 220 1-4 family mortgage 745 745 349 745 4 745 10 Other mortgage 230 230 6 233 4 239 8 Total real estate - mortgage 10,395 10,395 1,675 10,328 119 10,320 238 Consumer 27 27 27 27 - 30 - Total with allowance recorded 30,357 33,457 5,876 31,400 355 31,534 773 Total Impaired Loans: Commercial, financial and agricultural 17,665 20,765 2,855 18,775 233 18,932 528 Real estate - construction 4,972 6,174 1,319 4,975 19 5,468 47 Real estate - mortgage: Owner-occupied commercial 16,506 16,667 1,320 16,643 209 16,734 422 1-4 family mortgage 2,707 2,733 349 2,792 30 2,801 63 Other mortgage 3,158 3,158 6 3,177 44 3,197 89 Total real estate - mortgage 22,371 22,558 1,675 22,612 283 22,732 574 Consumer 31 33 27 33 - 35 - Total impaired loans $ 45,039 $ 49,530 $ 5,876 $ 46,395 $ 535 $ 47,167 $ 1,149 December 31, 2015 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 $ 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 |
Analysis Of Troubled Debt Restructuring | Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment (In Thousands) Troubled Debt Restructurings Commercial, financial and agricultural 1 $ 366 $ 366 1 $ 366 $ 366 Real estate - construction - - - - - - Real estate - mortgage: Owner-occupied commercial - - - - - - 1-4 family mortgage - - - - - - Other mortgage 1 234 234 1 234 234 Total real estate mortgage 1 234 234 1 234 234 Consumer - - - - - - 2 $ 600 $ 600 2 $ 600 $ 600 |
EMPLOYEE AND DIRECTOR BENEFITS
EMPLOYEE AND DIRECTOR BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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. 2016 2015 Expected volatility 29.00 % 24.00 % Expected dividends 0.63 % 0.71 % Expected term (in years) 6.25 6.25 Risk-free rate 1.87 % 1.85 % |
Summary Of Stock Option Activity | The following table summarizes stock option activity during the six months ended June 30, 2016 and June 30, 2015: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (years) Value (In Thousands) Six Months Ended June 30, 2016: Outstanding at January 1, 2016 1,249,417 $ 13.32 6.3 $ 42,743 Granted 113,500 39.52 9.7 1,120 Exercised (274,750) 8.51 4.4 11,230 Forfeited (6,500) 38.82 9.2 69 Outstanding at June 30, 2016 1,081,667 17.13 6.6 $ 34,891 Exercisable at June 30, 2016 343,768 $ 12.17 6.0 $ 14,989 Six Months Ended June 30, 2015: Outstanding at January 1, 2015 1,622,917 $ 9.38 5.9 $ 38,256 Granted 160,000 33.16 9.7 706 Exercised (386,500) 6.97 3.2 12,875 Forfeited (7,500) 10.00 6.8 207 Outstanding at June 30, 2015 1,388,917 12.51 6.5 $ 34,425 Exercisable at June 30, 2015 272,418 $ 9.02 4.8 $ 7,779 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Assets And Liabilities Carried At Fair Value On Recurring Basis | The following table presents the Company’s financial assets and financial liabilities carried at fair value on a recurring basis as of June 30, 2016 and December 31, 2015: Fair Value Measurements at June 30, 2016 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 $ - $ 39,316 $ - $ 39,316 Mortgage-backed securities - 129,953 - 129,953 State and municipal securities - 142,780 - 142,780 Corporate debt - 8,995 - 8,995 Total assets at fair value $ - $ 321,044 $ - $ 321,044 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 |
Financial Assets And Liabilities Carried At Fair Value On Nonrecurring Basis | Fair Value Measurements at June 30, 2016 Using Quoted Prices in Significant Other Significant Total (In Thousands) Assets Measured on a Nonrecurring Basis: Impaired loans $ - $ - $ 39,163 $ 39,163 Other real estate owned and repossessed assets - - 4,260 4,260 Total assets at fair value $ - $ - $ 43,423 $ 43,423 Fair Value Measurements at December 31, 2015 Using Quoted Prices in Significant Other Significant 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 |
Carrying Amount And Estimated Fair Value Of Financial Instruments | June 30, 2016 December 31, 2015 Carrying Carrying Amount Fair Value Amount Fair Value (In Thousands) Financial Assets: Level 1 inputs: Cash and due from banks $ 472,688 $ 472,688 $ 317,450 $ 317,450 Level 2 inputs: Available for sale debt securities 321,044 321,044 342,938 342,938 Held to maturity debt securities 26,662 27,717 27,426 27,910 Restricted equity securities 5,671 5,671 4,954 4,954 Federal funds sold 116,038 116,038 34,785 34,785 Mortgage loans held for sale 7,933 8,037 8,249 8,295 Bank owned life insurance contracts 102,873 102,873 91,594 91,594 Level 3 inputs: Loans, net 4,492,340 4,509,664 4,172,956 4,179,835 Financial liabilities: Level 2 inputs: Deposits $ 4,667,795 $ 4,669,723 $ 4,223,888 $ 4,223,181 Federal funds purchased 420,430 420,430 352,360 352,360 Other borrowings 55,450 54,240 55,637 52,521 |
ACQUISITION (Details)
ACQUISITION (Details) $ in Thousands | 1 Months Ended | |
Jan. 31, 2015USD ($) | ||
Assets acquired: | ||
Cash and cash equivalents | $ 8,543 | |
Debt securities | 28,792 | |
Equity securities | 499 | |
Loans | 148,995 | |
Allowance for loan losses | 0 | |
Premises and equipment, net | 8,368 | |
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) | |
Preliminary Fair Value Adjustment [Member] | ||
Assets acquired: | ||
Cash and cash equivalents | 0 | |
Debt securities | (41) | [1] |
Equity securities | 0 | |
Loans | (3,874) | [2] |
Allowance for loan losses | 1,621 | [2] |
Premises and equipment, net | 762 | [3] |
Accrued interest receivable | 0 | |
Deferred taxes | 3,153 | [4] |
Other real estate owned | (25) | [5] |
Bank owned life insurance contracts | 0 | |
Core deposit intangible | 2,090 | [6] |
Other assets | 0 | |
Total assets acquired | 3,686 | |
Liabilities assumed: | ||
Deposits | 518 | [7] |
Federal funds purchased | 0 | |
Other borrowings | (4) | [8] |
Accrued interest payable | 0 | |
Other liabilities | 0 | |
Total liabilities assumed | 514 | |
Net assets acquired | $ 3,172 | |
[1] | Adjustment reflects the fair value adjustment based on the Company’s pricing of the acquired debt securities portfolio. | |
[2] | 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. | |
[3] | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment acquired. | |
[4] | 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. | |
[5] | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other real estate owned acquired. | |
[6] | Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition. | |
[7] | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired deposits. | |
[8] | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the assumed debt. |
ACQUISITION (Additional Informa
ACQUISITION (Additional Information) (Details) $ in Thousands | 1 Months Ended |
Jan. 31, 2015USD ($)shares | |
Business Acquisition [Line Items] | |
Payments to Acquire Businesses, Gross | $ 20,926 |
Estimated Fair Value Of Purchased Credit Impaired Loans Acquired | 5,100 |
Metro Bancshares, Inc [Member] | |
Business Acquisition [Line Items] | |
Payments to Acquire Businesses, Gross | $ 20,900 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 636,592 |
EARNINGS PER COMMON SHARE (Summ
EARNINGS PER COMMON SHARE (Summary of Earning Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings per common share | ||||
Weighted average common shares outstanding (in shares) | 26,212,863 | 25,715,654 | 26,170,195 | 25,507,396 |
Net income available to common stockholders | $ 18,853 | $ 14,346 | $ 38,809 | $ 27,301 |
Basic earnings per common share (in dollars per share) | $ 0.72 | $ 0.56 | $ 1.48 | $ 1.07 |
Weighted average common shares outstanding (in shares) | 26,212,863 | 25,715,654 | 26,170,195 | 25,507,396 |
Dilutive effects of assumed conversions and exercise of stock options (in shares) | 513,400 | 710,382 | 476,342 | 825,131 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 26,726,263 | 26,426,036 | 26,646,537 | 26,332,527 |
Net income available to common stockholders | $ 18,853 | $ 14,346 | $ 38,809 | $ 27,301 |
Diluted earnings per common share (in dollars per share) | $ 0.71 | $ 0.54 | $ 1.46 | $ 1.04 |
SECURITIES (Amortized Cost And
SECURITIES (Amortized Cost And Fair Value Of Available For Sale And Held To Maturity Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Securities Available for Sale | ||
Amortized Cost | $ 312,745 | $ 338,249 |
Gross Unrealized Gain | 8,311 | 5,312 |
Gross Unrealized Loss | (12) | (623) |
Market Value | 321,044 | 342,938 |
Securities Held to Maturity | ||
Amortized Cost | 26,662 | 27,426 |
Gross Unrealized Gain | 1,055 | 817 |
Gross Unrealized Loss | 0 | (333) |
Market Value | 27,717 | 27,910 |
U.S. Treasury and Government Sponsored Agencies [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 38,215 | 44,581 |
Gross Unrealized Gain | 1,101 | 569 |
Gross Unrealized Loss | 0 | (141) |
Market Value | 39,316 | 45,009 |
Mortgage-Backed Securities [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 125,939 | 135,363 |
Gross Unrealized Gain | 4,014 | 1,945 |
Gross Unrealized Loss | 0 | (354) |
Market Value | 129,953 | 136,954 |
Securities Held to Maturity | ||
Amortized Cost | 20,461 | 21,666 |
Gross Unrealized Gain | 528 | 368 |
Gross Unrealized Loss | 0 | (332) |
Market Value | 20,989 | 21,702 |
State and Municipal Securities [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 139,642 | 143,403 |
Gross Unrealized Gain | 3,150 | 2,731 |
Gross Unrealized Loss | (12) | (101) |
Market Value | 142,780 | 146,033 |
Securities Held to Maturity | ||
Amortized Cost | 6,201 | 5,760 |
Gross Unrealized Gain | 527 | 449 |
Gross Unrealized Loss | 0 | (1) |
Market Value | 6,728 | 6,208 |
Corporate Debt [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 8,949 | 14,902 |
Gross Unrealized Gain | 46 | 67 |
Gross Unrealized Loss | 0 | (27) |
Market Value | $ 8,995 | $ 14,942 |
SECURITIES (Amortized Cost An32
SECURITIES (Amortized Cost And Fair Value Of Contractual Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt securities available for sale | ||
Amortized Cost | $ 312,745 | $ 338,249 |
Fair Value | 321,044 | 342,938 |
Debt securities held to maturity | ||
Amortized Cost | 26,662 | 27,426 |
Fair Value | 27,717 | 27,910 |
Due within one year [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 23,287 | 16,770 |
Fair Value | 23,441 | 16,868 |
Due from one to five years [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 139,329 | 153,880 |
Fair Value | 142,704 | 156,311 |
Due from five to ten years [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 24,190 | 32,236 |
Fair Value | 24,946 | 32,805 |
Debt securities held to maturity | ||
Amortized Cost | 627 | 627 |
Fair Value | 663 | 659 |
Due after ten years [Member] | ||
Debt securities held to maturity | ||
Amortized Cost | 5,574 | 5,133 |
Fair Value | 6,065 | 5,549 |
Mortgage-backed securities [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 125,939 | 135,363 |
Fair Value | 129,953 | 136,954 |
Debt securities held to maturity | ||
Amortized Cost | 20,461 | 21,666 |
Fair Value | $ 20,989 | $ 21,702 |
SECURITIES (Investment Securiti
SECURITIES (Investment Securities Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Less Than Twelve Months, Gross Unrealized Losses | $ (8) | $ (577) |
Less Than Twelve Months, Fair Value | 4,393 | 78,920 |
Twelve Months Or More, Gross Unrealized Losses | (4) | (379) |
Twelve Months Or More, Fair Value | 1,215 | 16,243 |
Total, Gross Unrealized Losses | (12) | (956) |
Total, Fair Value | 5,608 | 95,163 |
U.S. Treasury and Government Sponsored Agencies [Member] | ||
Less Than Twelve Months, Gross Unrealized Losses | 0 | (141) |
Less Than Twelve Months, Fair Value | 0 | 3,886 |
Twelve Months Or More, Gross Unrealized Losses | 0 | 0 |
Twelve Months Or More, Fair Value | 0 | 0 |
Total, Gross Unrealized Losses | 0 | (141) |
Total, Fair Value | 0 | 3,886 |
Mortgage-Backed Securities [Member] | ||
Less Than Twelve Months, Gross Unrealized Losses | 0 | (354) |
Less Than Twelve Months, Fair Value | 0 | 56,609 |
Twelve Months Or More, Gross Unrealized Losses | 0 | (332) |
Twelve Months Or More, Fair Value | 0 | 11,712 |
Total, Gross Unrealized Losses | 0 | (686) |
Total, Fair Value | 0 | 68,321 |
State and Municipal Securities [Member] | ||
Less Than Twelve Months, Gross Unrealized Losses | (8) | (55) |
Less Than Twelve Months, Fair Value | 4,393 | 15,464 |
Twelve Months Or More, Gross Unrealized Losses | (4) | (47) |
Twelve Months Or More, Fair Value | 1,215 | 4,531 |
Total, Gross Unrealized Losses | (12) | (102) |
Total, Fair Value | 5,608 | 19,995 |
Corporate Debt [Member] | ||
Less Than Twelve Months, Gross Unrealized Losses | 0 | (27) |
Less Than Twelve Months, Fair Value | 0 | 2,961 |
Twelve Months Or More, Gross Unrealized Losses | 0 | 0 |
Twelve Months Or More, Fair Value | 0 | 0 |
Total, Gross Unrealized Losses | 0 | (27) |
Total, Fair Value | $ 0 | $ 2,961 |
LOANS (Details Of Loans) (Detai
LOANS (Details Of Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Accounts Notes and Loans Receivable [Line Items] | |||||||
Commercial, financial and agricultural | $ 1,895,870 | $ 1,760,479 | |||||
Real estate - construction | 251,144 | 243,267 | |||||
Real estate - mortgage: | |||||||
Owner-occupied commercial | 1,117,514 | 1,014,669 | |||||
1-4 family mortgage | 494,733 | 444,134 | |||||
Other mortgage | 725,336 | 698,779 | |||||
Subtotal: Real estate - mortgage | 2,337,583 | 2,157,582 | |||||
Total Loans | 4,539,338 | 4,216,375 | |||||
Less: Allowance for loan losses | (46,998) | $ (45,145) | (43,419) | [1] | $ (40,020) | $ (37,356) | $ (35,629) |
Net Loans | $ 4,492,340 | $ 4,172,956 | [1] | ||||
Commercial, financial and agricultural, Percentage | 41.76% | 41.75% | |||||
Real estate - construction, Percentage | 5.53% | 5.77% | |||||
Owner-occupied commercial, Real estate - mortgage, Percentage | 24.62% | 24.07% | |||||
1-4 family mortgage, Real estate - mortgage, Percentage | 10.90% | 10.53% | |||||
Other mortgage, Real estate - mortgage, Percentage | 15.98% | 16.57% | |||||
Subtotal: Real estate - mortgage, Percentage | 51.50% | 51.17% | |||||
Consumer, Percentage | 1.21% | 1.31% | |||||
Total Loans, Percentage | 100.00% | 100.00% | |||||
Commercial Portfolio Segment [Member] | |||||||
Real estate - mortgage: | |||||||
Consumer | $ 54,741 | $ 55,047 | |||||
[1] | Derived from audited financial statements. |
LOANS (Loans By Credit Quality
LOANS (Loans By Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | $ 1,895,870 | $ 1,760,479 |
Real estate - construction | 251,144 | 243,267 |
Real estate - mortgage: | ||
Owner-occupied commercial | 1,117,514 | 1,014,669 |
1-4 family mortgage | 494,733 | 444,134 |
Other mortgage | 725,336 | 698,779 |
Total real estate mortgage | 2,337,583 | 2,157,582 |
Total | 4,539,338 | 4,216,375 |
Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | 54,741 | 55,047 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 1,819,738 | 1,701,591 |
Real estate - construction | 239,389 | 233,046 |
Real estate - mortgage: | ||
Owner-occupied commercial | 1,095,079 | 988,762 |
1-4 family mortgage | 489,905 | 437,834 |
Other mortgage | 711,276 | 683,157 |
Total real estate mortgage | 2,296,260 | 2,109,753 |
Total | 4,409,880 | 4,099,363 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | 54,493 | 54,973 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 58,467 | 47,393 |
Real estate - construction | 6,833 | 6,221 |
Real estate - mortgage: | ||
Owner-occupied commercial | 8,466 | 18,169 |
1-4 family mortgage | 2,120 | 3,301 |
Other mortgage | 10,902 | 11,086 |
Total real estate mortgage | 21,488 | 32,556 |
Total | 87,009 | 86,212 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | 221 | 42 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 17,665 | 11,495 |
Real estate - construction | 4,922 | 4,000 |
Real estate - mortgage: | ||
Owner-occupied commercial | 13,969 | 7,738 |
1-4 family mortgage | 2,708 | 2,999 |
Other mortgage | 3,158 | 4,536 |
Total real estate mortgage | 19,835 | 15,273 |
Total | 42,449 | 30,800 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | 27 | 32 |
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 |
Total | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | $ 0 | $ 0 |
LOANS (Loans By Performance Sta
LOANS (Loans By Performance Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | $ 1,895,870 | $ 1,760,479 |
Real estate - construction | 251,144 | 243,267 |
Real estate - mortgage: | ||
Owner-occupied commercial | 1,117,514 | 1,014,669 |
1-4 family mortgage | 494,733 | 444,134 |
Other mortgage | 725,336 | 698,779 |
Total real estate mortgage | 2,337,583 | 2,157,582 |
Total | 4,539,338 | 4,216,375 |
Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | 54,741 | 55,047 |
Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 1,895,539 | 1,758,561 |
Real estate - construction | 247,522 | 239,267 |
Real estate - mortgage: | ||
Owner-occupied commercial | 1,117,514 | 1,014,669 |
1-4 family mortgage | 494,155 | 443,936 |
Other mortgage | 724,752 | 697,160 |
Total real estate mortgage | 2,336,421 | 2,155,765 |
Total | 4,534,185 | 4,208,608 |
Performing [Member] | Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | 54,703 | 55,015 |
Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 331 | 1,918 |
Real estate - construction | 3,622 | 4,000 |
Real estate - mortgage: | ||
Owner-occupied commercial | 0 | 0 |
1-4 family mortgage | 578 | 198 |
Other mortgage | 584 | 1,619 |
Total real estate mortgage | 1,162 | 1,817 |
Total | 5,153 | 7,767 |
Nonperforming [Member] | Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | $ 38 | $ 32 |
LOANS (Loans By Past Due Status
LOANS (Loans By Past Due Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | $ 4,220 | $ 557 | |
Non-Accrual | 4,730 | 7,766 | |
Current | 4,530,388 | 4,208,052 | |
Total Loans | 4,539,338 | 4,216,375 | [1] |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 2,242 | 293 | |
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 | 1,555 | 263 | |
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 | 423 | 1 | |
Commercial Financial and Agricultural Financing Receivable [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 1,398 | 85 | |
Non-Accrual | 331 | 1,918 | |
Current | 1,894,141 | 1,758,476 | |
Total Loans | 1,895,870 | 1,760,479 | |
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 | 1,370 | 50 | |
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 | 28 | 35 | |
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 | 0 | |
Commercial Mortgage Loans Owner Occupied [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 1,461 | 0 | |
Non-Accrual | 0 | 0 | |
Current | 1,116,053 | 1,014,669 | |
Total Loans | 1,117,514 | 1,014,669 | |
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 | 1,461 | 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 | 756 | 210 | |
Non-Accrual | 328 | 198 | |
Current | 493,649 | 443,726 | |
Total Loans | 494,733 | 444,134 | |
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 | 445 | 0 | |
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 | 61 | 210 | |
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 | 250 | 0 | |
Other Real Estate Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 162 | 0 | |
Non-Accrual | 422 | 1,619 | |
Current | 724,752 | 697,160 | |
Total Loans | 725,336 | 698,779 | |
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 | 162 | 0 | |
Residential Real Estate Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 2,379 | 210 | |
Non-Accrual | 750 | 1,817 | |
Current | 2,334,454 | 2,155,555 | |
Total Loans | 2,337,583 | 2,157,582 | |
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 | 445 | 0 | |
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 | 1,522 | 210 | |
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 | 412 | 0 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 443 | 52 | |
Non-Accrual | 27 | 31 | |
Current | 54,271 | 54,964 | |
Total Loans | 54,741 | 55,047 | |
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 | 427 | 45 | |
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 | 5 | 6 | |
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 | 11 | 1 | |
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 210 | |
Non-Accrual | 3,622 | 4,000 | |
Current | 247,522 | 239,057 | |
Total Loans | 251,144 | 243,267 | |
Construction Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 198 | |
Construction Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 12 | |
Construction Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | $ 0 | $ 0 | |
[1] | Derived from audited financial statements. |
LOANS (Analysis of Allowance Fo
LOANS (Analysis of Allowance For Loan Losses By Portfolio Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |||
Allowance for loan losses: | |||||||
Balance, beginning of year | $ 45,145 | $ 37,356 | $ 43,419 | [1] | $ 35,629 | ||
Charge-offs | (1,989) | (1,471) | (2,438) | (2,368) | |||
Recoveries | 42 | 73 | 158 | 292 | |||
Provision | 3,800 | 4,062 | 5,859 | 6,467 | |||
Balance, end of year | 46,998 | 40,020 | 46,998 | 40,020 | |||
Individually Evaluated for Impairment | 5,876 | 5,876 | $ 5,683 | ||||
Collectively Evaluated for Impairment | 41,122 | 41,122 | 37,736 | ||||
Ending Balance | 4,539,338 | 4,539,338 | 4,216,375 | [1] | |||
Individually Evaluated for Impairment | 45,039 | 45,039 | 33,491 | ||||
Collectively Evaluated for Impairment | 4,494,299 | 4,494,299 | 4,182,884 | ||||
Commercial Financial and Agricultural Financing Receivable [Member] | |||||||
Allowance for loan losses: | |||||||
Balance, beginning of year | 22,839 | 16,857 | 21,495 | 16,079 | |||
Charge-offs | (1,412) | (1,151) | (1,462) | (1,228) | |||
Recoveries | 1 | 6 | 4 | 25 | |||
Provision | 2,227 | 3,340 | 3,618 | 4,176 | |||
Balance, end of year | 23,655 | 19,052 | 23,655 | 19,052 | |||
Individually Evaluated for Impairment | 2,855 | 2,855 | 2,698 | ||||
Collectively Evaluated for Impairment | 20,800 | 20,800 | 18,797 | ||||
Ending Balance | 1,895,870 | 1,895,870 | 1,760,479 | ||||
Individually Evaluated for Impairment | 17,665 | 17,665 | 11,513 | ||||
Collectively Evaluated for Impairment | 1,878,205 | 1,878,205 | 1,748,966 | ||||
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||
Allowance for loan losses: | |||||||
Balance, beginning of year | 5,005 | 5,889 | 5,432 | 6,395 | |||
Charge-offs | (355) | (93) | (736) | (475) | |||
Recoveries | 39 | 65 | 55 | 164 | |||
Provision | 590 | (187) | 528 | (410) | |||
Balance, end of year | 5,279 | 5,674 | 5,279 | 5,674 | |||
Individually Evaluated for Impairment | 1,319 | 1,319 | 1,223 | ||||
Collectively Evaluated for Impairment | 3,960 | 3,960 | 4,209 | ||||
Ending Balance | 251,144 | 251,144 | 243,267 | ||||
Individually Evaluated for Impairment | 4,972 | 4,972 | 4,052 | ||||
Collectively Evaluated for Impairment | 246,172 | 246,172 | 239,215 | ||||
Residential Real Estate Mortgage Loans [Member] | |||||||
Allowance for loan losses: | |||||||
Balance, beginning of year | 16,901 | 13,546 | 16,061 | 12,112 | |||
Charge-offs | (191) | (208) | (191) | (641) | |||
Recoveries | 2 | 2 | 99 | 103 | |||
Provision | 888 | 831 | 1,631 | 2,597 | |||
Balance, end of year | 17,600 | 14,171 | 17,600 | 14,171 | |||
Individually Evaluated for Impairment | 1,675 | 1,675 | 1,730 | ||||
Collectively Evaluated for Impairment | 15,925 | 15,925 | 14,331 | ||||
Ending Balance | 2,337,583 | 2,337,583 | 2,157,582 | ||||
Individually Evaluated for Impairment | 22,371 | 22,371 | 17,880 | ||||
Collectively Evaluated for Impairment | 2,315,212 | 2,315,212 | 2,139,702 | ||||
Consumer Portfolio Segment [Member] | |||||||
Allowance for loan losses: | |||||||
Balance, beginning of year | 400 | 1,064 | 431 | 1,043 | |||
Charge-offs | (31) | (19) | (49) | (24) | |||
Recoveries | 0 | 0 | 0 | 0 | |||
Provision | 95 | 78 | 82 | 104 | |||
Balance, end of year | 464 | $ 1,123 | 464 | $ 1,123 | |||
Individually Evaluated for Impairment | 27 | 27 | 32 | ||||
Collectively Evaluated for Impairment | 437 | 437 | 399 | ||||
Ending Balance | 54,741 | 54,741 | 55,047 | ||||
Individually Evaluated for Impairment | 31 | 31 | 46 | ||||
Collectively Evaluated for Impairment | $ 54,710 | $ 54,710 | $ 55,001 | ||||
[1] | Derived from audited financial statements. |
LOANS (Details Of Company's Imp
LOANS (Details Of Company's Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | $ 14,682 | $ 14,682 | $ 11,108 |
Unpaid Principal Balance, with no allowance recorded | 16,073 | 16,073 | 12,076 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 14,995 | 15,633 | 11,653 |
Interest Income Recognized in Period, with no allowance recorded | 180 | 376 | 609 |
Recorded Investment, with an allowance recorded | 30,357 | 30,357 | 22,383 |
Unpaid Principal Balance, with an allowance recorded | 33,457 | 33,457 | 24,862 |
Related Allowance with an allowance recorded | 5,876 | 5,876 | 5,683 |
Average Recorded Investment , with an allowance recorded | 31,400 | 31,534 | 29,241 |
Interest Income Recognized in Period, with an allowance recorded | 355 | 773 | 1,276 |
Recorded Investment | 45,039 | 45,039 | 33,491 |
Unpaid Principal Balance | 49,530 | 49,530 | 36,938 |
Related Allowance | 5,876 | 5,876 | 5,683 |
Average Recorded Investment | 46,395 | 47,167 | 40,894 |
Interest Income Recognized in Period | 535 | 1,149 | 1,885 |
Commercial Financial and Agricultural Financing Receivable [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 1,438 | 1,438 | 478 |
Unpaid Principal Balance, with no allowance recorded | 1,438 | 1,438 | 487 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 1,438 | 1,442 | 482 |
Interest Income Recognized in Period, with no allowance recorded | 15 | 30 | 24 |
Recorded Investment, with an allowance recorded | 16,227 | 16,227 | 11,035 |
Unpaid Principal Balance, with an allowance recorded | 19,327 | 19,327 | 13,035 |
Related Allowance with an allowance recorded | 2,855 | 2,855 | 2,698 |
Average Recorded Investment , with an allowance recorded | 17,337 | 17,490 | 13,882 |
Interest Income Recognized in Period, with an allowance recorded | 218 | 498 | 672 |
Recorded Investment | 17,665 | 17,665 | 11,513 |
Unpaid Principal Balance | 20,765 | 20,765 | 13,522 |
Related Allowance | 2,855 | 2,855 | 2,698 |
Average Recorded Investment | 18,775 | 18,932 | 14,364 |
Interest Income Recognized in Period | 233 | 528 | 696 |
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 1,264 | 1,264 | 161 |
Unpaid Principal Balance, with no allowance recorded | 2,466 | 2,466 | 163 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 1,267 | 1,774 | 370 |
Interest Income Recognized in Period, with no allowance recorded | 1 | 10 | 1 |
Recorded Investment, with an allowance recorded | 3,708 | 3,708 | 3,891 |
Unpaid Principal Balance, with an allowance recorded | 3,708 | 3,708 | 4,370 |
Related Allowance with an allowance recorded | 1,319 | 1,319 | 1,223 |
Average Recorded Investment , with an allowance recorded | 3,708 | 3,694 | 3,920 |
Interest Income Recognized in Period, with an allowance recorded | 18 | 37 | 0 |
Recorded Investment | 4,972 | 4,972 | 4,052 |
Unpaid Principal Balance | 6,174 | 6,174 | 4,533 |
Related Allowance | 1,319 | 1,319 | 1,223 |
Average Recorded Investment | 4,975 | 5,468 | 4,290 |
Interest Income Recognized in Period | 19 | 47 | 1 |
Commercial Mortgage Loans Owner Occupied [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 7,086 | 7,086 | 3,980 |
Unpaid Principal Balance, with no allowance recorded | 7,247 | 7,247 | 4,140 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 7,293 | 7,398 | 3,815 |
Interest Income Recognized in Period, with no allowance recorded | 98 | 202 | 214 |
Recorded Investment, with an allowance recorded | 9,420 | 9,420 | 6,365 |
Unpaid Principal Balance, with an allowance recorded | 9,420 | 9,420 | 6,365 |
Related Allowance with an allowance recorded | 1,320 | 1,320 | 1,328 |
Average Recorded Investment , with an allowance recorded | 9,350 | 9,336 | 9,958 |
Interest Income Recognized in Period, with an allowance recorded | 111 | 220 | 568 |
Recorded Investment | 16,506 | 16,506 | 10,345 |
Unpaid Principal Balance | 16,667 | 16,667 | 10,505 |
Related Allowance | 1,320 | 1,320 | 1,328 |
Average Recorded Investment | 16,643 | 16,734 | 13,773 |
Interest Income Recognized in Period | 209 | 422 | 782 |
One To Four Family Mortgage Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 1,962 | 1,962 | 2,396 |
Unpaid Principal Balance, with no allowance recorded | 1,988 | 1,988 | 2,572 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 2,047 | 2,056 | 2,409 |
Interest Income Recognized in Period, with no allowance recorded | 26 | 53 | 147 |
Recorded Investment, with an allowance recorded | 745 | 745 | 603 |
Unpaid Principal Balance, with an allowance recorded | 745 | 745 | 603 |
Related Allowance with an allowance recorded | 349 | 349 | 263 |
Average Recorded Investment , with an allowance recorded | 745 | 745 | 567 |
Interest Income Recognized in Period, with an allowance recorded | 4 | 10 | 19 |
Recorded Investment | 2,707 | 2,707 | 2,999 |
Unpaid Principal Balance | 2,733 | 2,733 | 3,175 |
Related Allowance | 349 | 349 | 263 |
Average Recorded Investment | 2,792 | 2,801 | 2,976 |
Interest Income Recognized in Period | 30 | 63 | 166 |
Other Real Estate Mortgage Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 2,928 | 2,928 | 4,079 |
Unpaid Principal Balance, with no allowance recorded | 2,928 | 2,928 | 4,694 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 2,944 | 2,958 | 4,559 |
Interest Income Recognized in Period, with no allowance recorded | 40 | 81 | 222 |
Recorded Investment, with an allowance recorded | 230 | 230 | 457 |
Unpaid Principal Balance, with an allowance recorded | 230 | 230 | 457 |
Related Allowance with an allowance recorded | 6 | 6 | 139 |
Average Recorded Investment , with an allowance recorded | 233 | 239 | 880 |
Interest Income Recognized in Period, with an allowance recorded | 4 | 8 | 17 |
Recorded Investment | 3,158 | 3,158 | 4,536 |
Unpaid Principal Balance | 3,158 | 3,158 | 5,151 |
Related Allowance | 6 | 6 | 139 |
Average Recorded Investment | 3,177 | 3,197 | 5,439 |
Interest Income Recognized in Period | 44 | 89 | 239 |
Residential Real Estate Mortgage Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 11,976 | 11,976 | 10,455 |
Unpaid Principal Balance, with no allowance recorded | 12,163 | 12,163 | 11,406 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 12,284 | 12,412 | 10,783 |
Interest Income Recognized in Period, with no allowance recorded | 164 | 336 | 583 |
Recorded Investment, with an allowance recorded | 10,395 | 10,395 | 7,425 |
Unpaid Principal Balance, with an allowance recorded | 10,395 | 10,395 | 7,425 |
Related Allowance with an allowance recorded | 1,675 | 1,675 | 1,730 |
Average Recorded Investment , with an allowance recorded | 10,328 | 10,320 | 11,405 |
Interest Income Recognized in Period, with an allowance recorded | 119 | 238 | 604 |
Recorded Investment | 22,371 | 22,371 | 17,880 |
Unpaid Principal Balance | 22,558 | 22,558 | 18,831 |
Related Allowance | 1,675 | 1,675 | 1,730 |
Average Recorded Investment | 22,612 | 22,732 | 22,188 |
Interest Income Recognized in Period | 283 | 574 | 1,187 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 4 | 4 | 14 |
Unpaid Principal Balance, with no allowance recorded | 6 | 6 | 20 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 6 | 5 | 18 |
Interest Income Recognized in Period, with no allowance recorded | 0 | 0 | 1 |
Recorded Investment, with an allowance recorded | 27 | 27 | 32 |
Unpaid Principal Balance, with an allowance recorded | 27 | 27 | 32 |
Related Allowance with an allowance recorded | 27 | 27 | 32 |
Average Recorded Investment , with an allowance recorded | 27 | 30 | 34 |
Interest Income Recognized in Period, with an allowance recorded | 0 | 0 | 0 |
Recorded Investment | 31 | 31 | 46 |
Unpaid Principal Balance | 33 | 33 | 52 |
Related Allowance | 27 | 27 | 32 |
Average Recorded Investment | 33 | 35 | 52 |
Interest Income Recognized in Period | $ 0 | $ 0 | $ 1 |
LOANS (Analysis Of Troubled Deb
LOANS (Analysis Of Troubled Debt Restructuring) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016USD ($)Number | Jun. 30, 2016USD ($)Number | |
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Number | 2 | 2 |
Pre- Modification Outstanding Recorded Investment | $ 600 | $ 600 |
Post- Modification Outstanding Recorded Investment | $ 600 | $ 600 |
Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Number | 1 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 366 | $ 366 |
Post- Modification Outstanding Recorded Investment | $ 366 | $ 366 |
Construction Loans [Member] | Commercial Real Estate 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 |
Commercial Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Number | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
One To Four Family Mortgage Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Number | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Other Real Estate Mortgage Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Number | 1 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 234 | $ 234 |
Post- Modification Outstanding Recorded Investment | $ 234 | $ 234 |
Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Number | 1 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 234 | $ 234 |
Post- Modification Outstanding Recorded Investment | $ 234 | $ 234 |
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 |
LOANS (Additional Information)
LOANS (Additional Information) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Troubled Debt Restructuring Debtor Current Period [Line Items] | |||
Troubled Debt Restructurings | $ 6.8 | $ 8.3 | $ 7.7 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 1 | $ 1.2 | $ 0.9 |
EMPLOYEE AND DIRECTOR BENEFIT42
EMPLOYEE AND DIRECTOR BENEFITS (Assumptions Used To Estimates Fair Value Of Stock Option Award Using Black Scholes Merton Valuation Model) (Details) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 29.00% | 24.00% |
Expected dividends | 0.63% | 0.71% |
Expected term (in years) | 6 years 3 months | 6 years 3 months |
Risk-free rate | 1.87% | 1.85% |
EMPLOYEE AND DIRECTOR BENEFIT43
EMPLOYEE AND DIRECTOR BENEFITS (Summary Of Stock Option Activity) (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Outstanding at beginning of year | 1,249,417 | 1,622,917 |
Shares, Granted | 113,500 | 160,000 |
Shares, Exercised | (274,750) | (386,500) |
Shares, Forfeited | (6,500) | (7,500) |
Shares, Outstanding at end of year | 1,081,667 | 1,388,917 |
Shares, Exercisable | 343,768 | 272,418 |
Weighted Average Exercise Price, Outstanding at beginning of year | $ 13.32 | $ 9.38 |
Weighted Average Exercise Price, Granted | 39.52 | 33.16 |
Weighted Average Exercise Price, Exercised | 8.51 | 6.97 |
Weighted Average Exercise Price, Forfeited | 38.82 | 10 |
Weighted Average Exercise Price, Outstanding at end of year | 17.13 | 12.51 |
Weighted Average Exercise Price, Exercisable | $ 12.17 | $ 9.02 |
Weighted Average Remaining Contractual Term (years), Outstanding at beginning | 6 years 3 months 18 days | 5 years 10 months 24 days |
Weighted Average Remaining Contractual Term (years), Granted | 9 years 8 months 12 days | 9 years 8 months 12 days |
Weighted Average Remaining Contractual Term (years), Exercised | 4 years 4 months 24 days | 3 years 2 months 12 days |
Weighted Average Remaining Contractual Term (years), Forfeited | 9 years 2 months 12 days | 6 years 9 months 18 days |
Weighted Average Remaining Contractual Term (years), Outstanding at ending | 6 years 7 months 6 days | 6 years 6 months |
Weighted Average Remaining Contractual Term (years), Exercisable | 6 years | 4 years 9 months 18 days |
Aggregate Intrinsic Value, Outstanding at beginning of year | $ 42,743 | $ 38,256 |
Aggregate Intrinsic Value, Granted | 1,120 | 706 |
Aggregate Intrinsic Value, Exercised | 11,230 | 12,875 |
Aggregate Intrinsic Value, Forfeited | 69 | 207 |
Aggregate Intrinsic Value, Outstanding at end of year | 34,891 | 34,425 |
Aggregate Intrinsic Value, Exercisable | $ 14,989 | $ 7,779 |
EMPLOYEE AND DIRECTOR BENEFIT44
EMPLOYEE AND DIRECTOR BENEFITS (Additional Information) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation | $ 297,000 | $ 263,000 | $ 640,000 | $ 564,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.80 | $ 8.37 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 2,600,000 | $ 2,600,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 6 months | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 7,500 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 573,000 | $ 573,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month 6 days | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 241,588 | |||
Plan 2005 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 3,075,000 | 3,075,000 | ||
Plan 2009 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 2,775,000 | 2,775,000 |
RECENTLY ADOPTED ACCOUNTING P45
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS (Additional Information) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | |
Adjustments for New Accounting Principle, Early Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount, Total | $ 1,300,000 | $ 2,300,000 | |
Subordinated Debt [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Subordinated Debt | $ 34,750,000 | $ 34,750,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 5.00% | 5.00% | |
Debt Instrument, Maturity Date | Jul. 15, 2025 | ||
Unamortized Debt Issuance Expense | $ 99,000 | $ 99,000 | |
Amortization of Financing Costs | $ 6,000 | $ 12,000 |
FAIR VALUE MEASUREMENT (Financi
FAIR VALUE MEASUREMENT (Financial Assets And Financial Liabilities Carried At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 321,044 | $ 342,938 |
Fair Value Measurements Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 321,044 | 342,938 |
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 | 39,316 | 45,009 |
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 | 129,953 | 136,954 |
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 | 142,780 | 146,033 |
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 | 8,995 | 14,942 |
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 | 321,044 | 342,938 |
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 | 39,316 | 45,009 |
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 | 129,953 | 136,954 |
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 | 142,780 | 146,033 |
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 | 8,995 | 14,942 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 3 [Member] | U.S. Treasury and Government Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 3 [Member] | State and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 3 [Member] | Corporate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 0 | $ 0 |
FAIR VALUE MEASUREMENT (Carryin
FAIR VALUE MEASUREMENT (Carrying Amount And Estimated Fair Value Of Financial Instruments) (Details) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 39,163 | $ 27,808 |
Other real estate owned and repossessed assets | 4,260 | 5,392 |
Total assets at fair value | 43,423 | 33,200 |
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 | 39,163 | 27,808 |
Other real estate owned and repossessed assets | 4,260 | 5,392 |
Total assets at fair value | $ 43,423 | $ 33,200 |
FAIR VALUE MEASUREMENT (Finan48
FAIR VALUE MEASUREMENT (Financial Assets And Liabilities Carried At Fair Value On Recurring Basis Or Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Financial Assets: | |||
Cash and due from banks | $ 54,985 | $ 46,614 | [1] |
Available for sale debt securities | 321,044 | 342,938 | [1] |
Held to maturity debt securities | 26,662 | 27,426 | [1] |
Restricted equity securities | 5,671 | 4,954 | [1] |
Federal funds sold | 116,038 | 34,785 | [1] |
Mortgage loans held for sale | 7,933 | 8,249 | [1] |
Bank owned life insurance contracts | 102,873 | 91,594 | [1] |
Loans, net | 4,492,340 | 4,172,956 | [1] |
Financial Liabilities: | |||
Federal funds purchased | 420,430 | 352,360 | [1] |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets: | |||
Cash and due from banks | 472,688 | 317,450 | |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | |||
Financial Assets: | |||
Available for sale debt securities | 321,044 | 342,938 | |
Held to maturity debt securities | 26,662 | 27,426 | |
Restricted equity securities | 5,671 | 4,954 | |
Federal funds sold | 116,038 | 34,785 | |
Mortgage loans held for sale | 7,933 | 8,249 | |
Bank owned life insurance contracts | 102,873 | 91,594 | |
Financial Liabilities: | |||
Deposits | 4,667,795 | 4,223,888 | |
Federal funds purchased | 420,430 | 352,360 | |
Other borrowings | 55,450 | 55,637 | |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | |||
Financial Assets: | |||
Loans, net | 4,492,340 | 4,172,956 | |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets: | |||
Cash and due from banks | 472,688 | 317,450 | |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | |||
Financial Assets: | |||
Available for sale debt securities | 321,044 | 342,938 | |
Held to maturity debt securities | 27,717 | 27,910 | |
Restricted equity securities | 5,671 | 4,954 | |
Federal funds sold | 116,038 | 34,785 | |
Mortgage loans held for sale | 8,037 | 8,295 | |
Bank owned life insurance contracts | 102,873 | 91,594 | |
Financial Liabilities: | |||
Deposits | 4,669,723 | 4,223,181 | |
Federal funds purchased | 420,430 | 352,360 | |
Other borrowings | 54,240 | 52,521 | |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | |||
Financial Assets: | |||
Loans, net | $ 4,509,664 | $ 4,179,835 | |
[1] | Derived from audited financial statements. |
FAIR VALUE MEASUREMENT (Additio
FAIR VALUE MEASUREMENT (Additional Information) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Asset Impairment Charges | $ 1,634,000 | $ 2,335,000 | $ 2,546,000 | $ 3,636,000 | |
Real Estate Owned, Amount of Loss at Acquisition | $ 248,000 | $ 124,000 | 436,000 | $ 229,000 | |
Mortgage Loans on Real Estate, Foreclosures | $ 157,000 | $ 1,141,000 |