Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | ServisFirst Bancshares, Inc. | |
Entity Central Index Key | 1,430,723 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | SFBS | |
Entity Common Stock, Shares Outstanding | 26,305,448 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | [1] |
ASSETS | |||
Cash and due from banks | $ 57,221 | $ 46,614 | |
Interest-bearing balances due from depository institutions | 553,392 | 270,836 | |
Federal funds sold | 181,644 | 34,785 | |
Cash and cash equivalents | 792,257 | 352,235 | |
Available for sale debt securities, at fair value | 351,417 | 342,938 | |
Held to maturity debt securities (fair value of $26,912 and $27,910 at September 30, 2016 and December 31, 2015, respectively) | 25,853 | 27,426 | |
Restricted equity securities | 5,668 | 4,954 | |
Mortgage loans held for sale | 6,026 | 8,249 | |
Loans | 4,657,284 | 4,216,375 | |
Less allowance for loan losses | (48,933) | (43,419) | |
Loans, net | 4,608,351 | 4,172,956 | |
Premises and equipment, net | 25,033 | 19,434 | |
Accrued interest and dividends receivable | 14,648 | 13,698 | |
Deferred tax assets | 22,223 | 23,425 | |
Other real estate owned and repossessed assets | 3,035 | 5,392 | |
Bank owned life insurance contracts | 113,643 | 91,594 | |
Goodwill and other identifiable intangible assets | 15,073 | 15,330 | |
Other assets | 19,394 | 17,878 | |
Total assets | 6,002,621 | 5,095,509 | |
Deposits: | |||
Noninterest-bearing | 1,269,726 | 1,053,467 | |
Interest-bearing | 3,811,402 | 3,170,421 | |
Total deposits | 5,081,128 | 4,223,888 | |
Federal funds purchased | 344,390 | 352,360 | |
Other borrowings | 55,356 | 55,637 | |
Accrued interest payable | 3,626 | 2,369 | |
Other liabilities | 10,255 | 12,108 | |
Total liabilities | 5,494,755 | 4,646,362 | |
Stockholders' equity: | |||
Common stock, par value $.001 per share; 100,000,000 shares authorized and 26,305,448 shares issued and outstanding at September 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 | 215,262 | 211,546 | |
Retained earnings | 287,568 | 234,150 | |
Accumulated other comprehensive income | 4,633 | 3,048 | |
Total stockholders' equity attributable to ServisFirst Bancshares, Inc. | 507,489 | 448,770 | |
Noncontrolling interest | 377 | 377 | |
Total stockholders' equity | 507,866 | 449,147 | |
Total liabilities and stockholders' equity | 6,002,621 | 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 | Sep. 30, 2016 | Dec. 31, 2015 |
Held to maturity debt securities, fair value | $ 26,912 | $ 27,910 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 50,000,000 |
Common stock, shares issued | 26,305,448 | 25,972,698 |
Common stock, shares outstanding | 26,305,448 | 25,972,698 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 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 (in dollars per share) | $ 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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income: | ||||
Interest and fees on loans | $ 51,598 | $ 44,401 | $ 148,055 | $ 125,152 |
Taxable securities | 1,107 | 1,041 | 3,614 | 3,273 |
Nontaxable securities | 823 | 890 | 2,515 | 2,624 |
Federal funds sold | 347 | 32 | 630 | 81 |
Other interest and dividends | 816 | 168 | 1,888 | 394 |
Total interest income | 54,691 | 46,532 | 156,702 | 131,524 |
Interest expense: | ||||
Deposits | 5,358 | 3,818 | 14,352 | 10,600 |
Borrowed funds | 1,415 | 852 | 4,362 | 1,814 |
Total interest expense | 6,773 | 4,670 | 18,714 | 12,414 |
Net interest income | 47,918 | 41,862 | 137,988 | 119,110 |
Provision for loan losses | 3,464 | 3,072 | 9,323 | 9,539 |
Net interest income after provision for loan losses | 44,454 | 38,790 | 128,665 | 109,571 |
Noninterest income: | ||||
Service charges on deposit accounts | 1,367 | 1,279 | 3,980 | 3,762 |
Mortgage banking | 1,112 | 873 | 2,681 | 2,062 |
Securities (losses) gains | 0 | 0 | (3) | 29 |
Increase in cash surrender value life insurance | 770 | 683 | 2,049 | 1,991 |
Other operating income | 1,542 | 903 | 3,366 | 2,258 |
Total noninterest income | 4,791 | 3,738 | 12,073 | 10,102 |
Noninterest expenses: | ||||
Salaries and employee benefits | 10,958 | 10,595 | 32,758 | 30,029 |
Equipment and occupancy expense | 2,100 | 1,575 | 6,108 | 4,870 |
Professional services | 1,182 | 668 | 2,919 | 1,901 |
FDIC and other regulatory assessments | 775 | 681 | 2,328 | 1,927 |
OREO expense | 178 | 400 | 668 | 903 |
Merger expense | 0 | 0 | 0 | 2,100 |
Other operating expenses | 4,969 | 4,329 | 14,175 | 13,264 |
Total noninterest expenses | 20,162 | 18,248 | 58,956 | 54,994 |
Income before income taxes | 29,083 | 24,280 | 81,782 | 64,679 |
Provision for income taxes | 8,174 | 8,014 | 22,041 | 20,889 |
Net income | 20,909 | 16,266 | 59,741 | 43,790 |
Preferred stock dividends | 0 | 33 | 23 | 256 |
Net income available to common stockholders | $ 20,909 | $ 16,233 | $ 59,718 | $ 43,534 |
Basic earnings per common share | $ 0.8 | $ 0.63 | $ 2.27 | $ 1.7 |
Diluted earnings per common share | $ 0.78 | $ 0.61 | $ 2.23 | $ 1.65 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 20,909 | $ 16,266 | $ 59,741 | $ 43,790 |
Other comprehensive (loss) income, net of tax: | ||||
Unrealized holding (losses) gains arising during period from securities available for sale, net of tax of $(415) and $844 for the three and nine months ended September 30, 2016, respectively, and $393 and $3 for the three and nine months ended September 30, 2015, respectively | (771) | 729 | 1,583 | 7 |
Reclassification adjustment for net losses (gains) on sale of securities in net income, net of tax of $1 for the nine months ended September 30, 2016, and $10 for the nine months ended September 30, 2015 | 0 | 0 | 2 | (19) |
Other comprehensive (loss) income, net of tax | (771) | 729 | 1,585 | (12) |
Comprehensive income | $ 20,138 | $ 16,995 | $ 61,326 | $ 43,778 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Unrealized holding (losses) gains arising during period from securities available for sale | $ (415) | $ 393 | $ 844 | $ 3 |
Reclassification adjustment for net gains on sale of securities in net income | $ 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 | (3,089) | 0 | 0 | 0 | (3,089) | 0 | 0 | |
Common dividends declared | (1,554) | 0 | 0 | 0 | (1,554) | 0 | 0 | |
Preferred dividends paid | (256) | 0 | 0 | 0 | (256) | 0 | 0 | |
Issue 636,592 shares of common stock as consideration for Metro Bancshares, Inc. acquisition | 19,356 | 0 | 1 | 19,355 | 0 | 0 | 0 | |
Capitalized costs to issue shelf registration | ||||||||
Issue of common stock upon exercise of stock options | 3,322 | 0 | 0 | 3,322 | 0 | 0 | 0 | |
Excess tax benefit on exercise and vesting of stock options | 1,515 | 0 | 0 | 1,515 | 0 | 0 | 0 | |
Issue 125 shares of REIT preferred stock | 125 | 0 | 0 | 0 | 0 | 0 | 125 | |
Redeem 40,000 shares of Series A Senior Non-Cumulative Perpetual preferred stock | (40,000) | (39,958) | 0 | (42) | 0 | 0 | 0 | |
Stock-based compensation expense | 857 | 0 | 0 | 857 | 0 | 0 | 0 | |
Other comprehensive income, net of tax | (12) | 0 | 0 | 0 | 0 | (12) | 0 | |
Net income | 43,790 | 0 | 0 | 0 | 43,790 | 0 | 0 | |
Ending Balance at Sep. 30, 2015 | 431,194 | 0 | 26 | 210,331 | 215,982 | 4,478 | 377 | |
Beginning Balance at Dec. 31, 2015 | 449,147 | [1] | 0 | 26 | 211,546 | 234,150 | 3,048 | 377 |
Common dividends paid | (4,194) | 0 | 0 | 0 | (4,194) | 0 | 0 | |
Common dividends declared | (2,106) | 0 | 0 | 0 | (2,106) | 0 | 0 | |
Preferred dividends paid | (23) | 0 | 0 | 0 | (23) | 0 | 0 | |
Issue of common stock upon exercise of stock options | 2,785 | 0 | 0 | 2,785 | 0 | 0 | 0 | |
Stock-based compensation expense | 931 | 0 | 0 | 931 | 0 | 0 | 0 | |
Other comprehensive income, net of tax | 1,585 | 0 | 0 | 0 | 0 | 1,585 | 0 | |
Net income | 59,741 | 0 | 0 | 0 | 59,741 | 0 | 0 | |
Ending Balance at Sep. 30, 2016 | $ 507,866 | $ 0 | $ 26 | $ 215,262 | $ 287,568 | $ 4,633 | $ 377 | |
[1] | Derived from audited financial statements. |
CONSOLIDATED STATEMENT OF STOC8
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Stock Options And Warrants Exercised | 328,250 | 469,000 |
Common Dividends Paid Per Share | $ 0.16 | $ 0.12 |
Common Dividends Declared Per Share | $ 0.08 | $ 0.06 |
Issue shares of REIT preferred | 125 | |
Noncumulative Preferred Stock [Member] | ||
Stock Redeemed or Called During Period, Shares | 40,000 | |
Common Stock [Member] | ||
Stock Issued During Period, Shares, New Issues | 636,592 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 59,741 | $ 43,790 |
Adjustments to reconcile net income to net cash provided by: | ||
Deferred tax expense (benefit) | 350 | (3,370) |
Provision for loan losses | 9,323 | 9,539 |
Depreciation | 2,211 | 1,632 |
Accretion on acquired loans | (819) | (1,696) |
Amortization of core deposit intangible | 257 | 281 |
Net amortization of debt securities available for sale | 2,034 | 1,791 |
Increase in accrued interest and dividends receivable | (950) | (868) |
Stock-based compensation expense | 931 | 857 |
Increase in accrued interest and dividends payable | 1,257 | 918 |
Proceeds from sale of mortgage loans held for sale | 97,868 | 112,158 |
Originations of mortgage loans held for sale | (92,964) | (109,499) |
Loss (gain) on sale of debt securities available for sale | 3 | (29) |
Gain on sale of mortgage loans held for sale | (2,681) | (2,062) |
Net loss on sale of other real estate owned | 27 | 70 |
Write down of other real estate owned | 557 | 407 |
Operating losses on tax credit and other partnerships | 178 | 114 |
Increase in cash surrender value of life insurance contracts | (2,049) | (1,991) |
Net change in other assets, liabilities, and other operating activities | (4,633) | (431) |
Net cash provided by operating activities | 70,641 | 51,611 |
INVESTMENT ACTIVITIES | ||
Purchase of debt securities available for sale | (84,106) | (27,704) |
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 | 71,425 | 30,831 |
Purchase of debt securities held to maturity | (627) | (202) |
Proceeds from maturities, calls and paydowns of debt securities held to maturity | 2,200 | 1,588 |
Purchase of equity securities | (708) | (534) |
Increase in loans | (443,771) | (538,137) |
Purchase of premises and equipment | (7,809) | (4,355) |
Purchase of bank-owned life insurance contracts | (20,000) | 0 |
Expenditures to complete construction of other real estate owned | (3) | (118) |
Proceeds from sale of other real estate owned and repossessed assets | 1,648 | 4,611 |
Investment in tax credit partnerships | (2,491) | (3,942) |
Net cash paid in acquisition of Metro Bancshares, Inc. | 0 | (12,383) |
Net cash used in investing activities | (478,157) | (533,607) |
FINANCING ACTIVITIES | ||
Net increase in noninterest-bearing deposits | 216,259 | 171,616 |
Net increase in interest-bearing deposits | 640,981 | 299,104 |
Net decrease in federal funds purchased | (7,970) | (38,075) |
Repayment of Federal Home Loan Bank advances | (300) | (200) |
Proceeds from sale of preferred stock, net | 0 | 125 |
Redemption of Series A Senior Non-Cumulative preferred stock | 0 | (40,000) |
Proceeds from issuance of 5% subordinated notes due July 15, 2025 | 0 | 34,750 |
Costs to issue shelf registration | 0 | (73) |
Proceeds from exercise of stock options | 2,785 | 3,322 |
Dividends paid on common stock | (4,194) | (3,089) |
Dividends paid on preferred stock | (23) | (256) |
Net cash provided by financing activities | 847,538 | 427,224 |
Net increase (decrease) in cash and cash equivalents | 440,022 | (54,772) |
Cash and cash equivalents at beginning of year | 352,235 | 297,464 |
Cash and cash equivalents at end of year | 792,257 | 242,692 |
Cash paid for: | ||
Interest | 17,457 | 11,407 |
Income taxes | 22,604 | 20,015 |
NONCASH TRANSACTIONS | ||
Other real estate acquired in settlement of loans | 2,033 | 1,850 |
Internally financed sales of other real estate owned | 2,161 | 0 |
Dividends declared | 2,106 | 1,554 |
Fair value of assets and liabilities from acquisition: | ||
Fair value of tangible assets acquired | 0 | 201,927 |
Other intangible assets acquired | 0 | 18,037 |
Fair value of liabilities assumed | 0 | (179,682) |
Total merger consideration | $ 0 | $ 40,282 |
CONSOLIDATED STATEMENTS OF CA10
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | Sep. 30, 2016 |
Subordinated Debt [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
GENERAL
GENERAL | 9 Months Ended |
Sep. 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. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 9 Months Ended |
Sep. 30, 2016 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 2 - CASH AND CASH EQUIVALENTS Cash on hand, cash items in process of collection, amounts due from banks, and federal funds sold are included in cash and cash equivalents. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | NOTE 3 - EARNINGS PER COMMON SHARE Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In Thousands, Except Shares and Per Share Data) Earnings per common share Weighted average common shares outstanding 26,277,459 25,883,562 26,278,955 25,636,690 Net income available to common stockholders $ 20,909 $ 16,233 $ 59,718 $ 43,534 Basic earnings per common share $ 0.80 $ 0.63 $ 2.27 $ 1.70 Weighted average common shares outstanding 26,277,459 25,883,562 26,278,955 25,636,690 Dilutive effects of assumed conversions and exercise of stock options 662,205 622,772 466,004 754,410 Weighted average common and dilutive potential common shares outstanding 26,939,664 26,506,334 26,744,959 26,391,100 Net income available to common stockholders $ 20,909 $ 16,233 $ 59,718 $ 43,534 Diluted earnings per common share $ 0.78 $ 0.61 $ 2.23 $ 1.65 |
SECURITIES
SECURITIES | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | NOTE 4 - SECURITIES Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value (In Thousands) September 30, 2016 Securities Available for Sale U.S. Treasury and government sponsored agencies $ 35,999 $ 859 $ - $ 36,858 Mortgage-backed securities 161,686 3,776 (31) 165,431 State and municipal securities 137,649 2,512 (36) 140,125 Corporate debt 8,967 36 - 9,003 Total 344,301 7,183 (67) 351,417 Securities Held to Maturity Mortgage-backed securities 20,214 604 - 20,818 State and municipal securities 5,639 455 - 6,094 Total $ 25,853 $ 1,059 $ - $ 26,912 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 September 30, 2016 December 31, 2015 Amortized Fair Value Amortized Fair Value (In thousands) Debt securities available for sale Due within one year $ 24,263 $ 24,405 $ 16,770 $ 16,868 Due from one to five years 141,696 144,492 153,880 156,311 Due from five to ten years 16,656 17,089 32,236 32,805 Mortgage-backed securities 161,686 165,431 135,363 136,954 $ 344,301 $ 351,417 $ 338,249 $ 342,938 Debt securities held to maturity Due from five to ten years $ 741 $ 781 $ 627 $ 659 Due after ten years 4,898 5,313 5,133 5,549 Mortgage-backed securities 20,214 20,818 21,666 21,702 $ 25,853 $ 26,912 $ 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 September 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 September 30, 2016, six of the Company’s 754 debt securities had been in an unrealized loss position for 12 or more months. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost, which may be maturity; accordingly, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 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) September 30, 2016 U.S. Treasury and government sponsored agencies $ - $ - $ - $ - $ - $ - Mortgage-backed securities (31) 15,624 - - (31) 15,624 State and municipal securities (29) 9,161 (7) 1,125 (36) 10,286 Corporate debt - - - - - - Total $ (60) $ 24,785 $ (7) $ 1,125 $ (67) $ 25,910 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 | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
LOANS | NOTE 5 LOANS September 30, December 31, 2016 2015 (Dollars In Thousands) Commercial, financial and agricultural $ 1,910,777 $ 1,760,479 Real estate - construction 292,721 243,267 Real estate - mortgage: Owner-occupied commercial 1,138,308 1,014,669 1-4 family mortgage 520,394 444,134 Other mortgage 740,127 698,779 Subtotal: Real estate - mortgage 2,398,829 2,157,582 Consumer 54,957 55,047 Total Loans 4,657,284 4,216,375 Less: Allowance for loan losses (48,933) (43,419) Net Loans $ 4,608,351 $ 4,172,956 Commercial, financial and agricultural 41.03 % 41.75 % Real estate - construction 6.29 % 5.77 % Real estate - mortgage: Owner-occupied commercial 24.44 % 24.07 % 1-4 family mortgage 11.17 % 10.53 % Other mortgage 15.89 % 16.57 % Subtotal: Real estate - mortgage 51.50 % 51.17 % Consumer 1.18 % 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. were as follows: Special September 30, 2016 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 1,823,652 $ 52,635 $ 34,490 $ - $ 1,910,777 Real estate - construction 281,586 1,309 9,826 - 292,721 Real estate - mortgage: Owner-occupied commercial 1,119,043 3,339 15,926 - 1,138,308 1-4 family mortgage 514,979 946 4,469 - 520,394 Other mortgage 725,983 2,852 11,292 - 740,127 Total real estate mortgage 2,360,005 7,137 31,687 - 2,398,829 Consumer 54,746 211 - - 54,957 Total $ 4,519,989 $ 61,292 $ 76,003 $ - $ 4,657,284 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 September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 1,909,606 $ 1,171 $ 1,910,777 Real estate - construction 289,345 3,376 292,721 Real estate - mortgage: Owner-occupied commercial 1,136,869 1,439 1,138,308 1-4 family mortgage 520,139 255 520,394 Other mortgage 739,719 408 740,127 Total real estate mortgage 2,396,727 2,102 2,398,829 Consumer 54,916 41 54,957 Total $ 4,650,594 $ 6,690 $ 4,657,284 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 were as follows: September 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 $ 8,108 $ 24 $ 2 $ 8,134 $ 1,169 $ 1,901,474 $ 1,910,777 Real estate - construction 5,570 - - 5,570 3,376 283,775 292,721 Real estate - mortgage: Owner-occupied commercial 3,058 6,208 - 9,266 1,439 1,127,603 1,138,308 1-4 family mortgage 301 - - 301 255 519,838 520,394 Other mortgage 9,598 - - 9,598 408 730,121 740,127 Total real estate - mortgage 12,957 6,208 - 19,165 2,102 2,377,562 2,398,829 Consumer 36 26 41 103 - 54,854 54,957 Total $ 26,671 $ 6,258 $ 43 $ 32,972 $ 6,647 $ 4,617,665 $ 4,657,284 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. Impaired Loans. External Qualitative Factors Internal Qualitative Factors Commercial, financial and Real estate - Real estate - agricultural construction mortgage Consumer Total (In Thousands) Three Months Ended September 30, 2016 Allowance for loan losses: Balance at June 30, 2016 $ 23,655 $ 5,279 $ 17,600 $ 464 $ 46,998 Charge-offs (1,270) (79) (144) (81) (1,574) Recoveries 35 9 1 - 45 Provision 3,560 (394) 282 16 3,464 Balance at September 30, 2016 $ 25,980 $ 4,815 $ 17,739 $ 399 $ 48,933 Three Months Ended September 30, 2015 Allowance for loan losses: Balance at June 30, 2015 $ 19,052 $ 5,674 $ 14,171 $ 1,123 $ 40,020 Charge-offs (388) (31) - (126) (545) Recoveries 13 13 1 - 27 Provision 2,020 (237) 1,767 (478) 3,072 Balance at September 30, 2015 $ 20,697 $ 5,419 $ 15,939 $ 519 $ 42,574 Nine Months Ended September 30, 2016 Allowance for loan losses: Balance at December 31, 2015 $ 21,495 $ 5,432 $ 16,061 $ 431 $ 43,419 Charge-offs (2,732) (815) (335) (130) (4,012) Recoveries 39 64 100 - 203 Provision 7,178 134 1,913 98 9,323 Balance at September 30, 2016 $ 25,980 $ 4,815 $ 17,739 $ 399 $ 48,933 Nine Months Ended September 30, 2015 Allowance for loan losses: Balance at December 31, 2014 $ 16,079 $ 6,395 $ 12,112 $ 1,043 $ 35,629 Charge-offs (1,616) (506) (641) (150) (2,913) Recoveries 38 177 104 - 319 Provision 6,196 (647) 4,364 (374) 9,539 Balance at September 30, 2015 $ 20,697 $ 5,419 $ 15,939 $ 519 $ 42,574 As of September 30, 2016 Allowance for loan losses: Individually Evaluated for Impairment $ 5,120 $ 940 $ 1,880 $ - $ 7,940 Collectively Evaluated for Impairment 20,860 3,875 15,859 399 40,993 Loans: Ending Balance $ 1,910,777 $ 292,721 $ 2,398,829 $ 54,957 $ 4,657,284 Individually Evaluated for Impairment 34,490 9,875 34,187 3 78,555 Collectively Evaluated for Impairment 1,876,287 282,846 2,364,642 54,954 4,578,729 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 For the three months For the nine months ended September 30, ended September 30, September 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 $ 10,173 $ 10,173 $ - $ 10,215 $ 192 $ 10,044 $ 556 Real estate - construction 6,497 7,362 - 6,529 115 6,058 311 Real estate - mortgage: Owner-occupied commercial 7,581 7,743 - 7,801 185 8,079 560 1-4 family mortgage 3,159 3,159 - 3,179 47 3,129 123 Other mortgage 9,586 9,586 - 9,405 180 9,443 526 Total real estate - mortgage 20,326 20,488 - 20,385 412 20,651 1,209 Consumer 3 5 - 6 - 6 - Total with no allowance recorded 36,999 38,028 - 37,135 719 36,759 2,076 With an allowance recorded: Commercial, financial and agricultural 24,317 28,626 5,120 25,584 327 23,725 959 Real estate - construction 3,378 3,378 940 3,602 18 3,644 54 Real estate - mortgage: Owner-occupied commercial 10,845 10,845 1,320 10,863 113 10,827 360 1-4 family mortgage 1,310 1,310 300 681 9 668 19 Other mortgage 1,706 1,706 260 1,725 23 1,734 69 Total real estate - mortgage 13,861 13,861 1,880 13,269 145 13,229 448 Consumer - - - - - - - Total with allowance recorded 41,556 45,865 7,940 42,455 490 40,598 1,461 Total Impaired Loans: Commercial, financial and agricultural 34,490 38,799 5,120 35,799 519 33,769 1,515 Real estate - construction 9,875 10,740 940 10,131 133 9,702 365 Real estate - mortgage: Owner-occupied commercial 18,426 18,588 1,320 18,664 298 18,906 920 1-4 family mortgage 4,469 4,469 300 3,860 56 3,797 142 Other mortgage 11,292 11,292 260 11,130 203 11,177 595 Total real estate - mortgage 34,187 34,349 1,880 33,654 557 33,880 1,657 Consumer 3 5 - 6 - 6 - Total impaired loans $ 78,555 $ 83,893 $ 7,940 $ 79,590 $ 1,209 $ 77,357 $ 3,537 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 September 30, 2016, December 31, 2015 and September 30, 2015 totaled $ 6.7 7.7 8.3 1.7 0.9 1.3 Three Months Ended September 30, 2016 Nine Months Ended September 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 Real estate - construction - - - - - - Real estate - mortgage: Owner-occupied commercial - - - - - - 1-4 family mortgage - - - - - - Other mortgage - - - 1 234 234 Total real estate mortgage - - - 1 234 234 Consumer - - - - - - - $ - $ - 2 $ 600 $ 600 There were no TDRs which defaulted during the three and nine months ended September 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 September 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 | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
EMPLOYEE AND DIRECTOR BENEFITS | NOTE 6 - EMPLOYEE AND DIRECTOR BENEFITS Stock Options At September 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 $291,000 and $931,000 for the three and nine months ended September 30, 2016 and $293,000 and $857,000 for the three and nine months ended September 30, 2015. The Company’s 2005 Amended and Restated Stock Option Plan allowed 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 0.64 % 0.71 % Expected term (in years) 6.25 6.25 Risk-free rate 1.86 % 1.85 % The weighted average grant-date fair value of options granted during the nine months ended September 30, 2016 and September 30, 2015 was $ 11.90 8.40 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (years) Value (In Thousands) Nine Months Ended September 30, 2016: Outstanding at January 1, 2016 1,249,417 $ 13.32 6.3 $ 42,743 Granted 117,000 39.96 9.5 1,398 Exercised (328,250) 8.49 4.2 14,254 Forfeited (6,500) 38.82 9.0 85 Outstanding at September 30, 2016 1,031,667 17.72 6.5 $ 35,277 Exercisable at September 30, 2016 297,268 $ 12.90 6.0 $ 13,901 Nine Months Ended September 30, 2015: Outstanding at January 1, 2015 1,622,917 $ 9.38 5.9 $ 38,256 Granted 162,000 33.26 9.5 - Exercised (459,000) 7.24 3.0 16,495 Forfeited (7,500) 10.00 6.6 226 Outstanding at September 30, 2015 1,318,417 13.05 6.4 $ 35,697 Exercisable at September 30, 2015 256,918 $ 8.96 4.9 $ 8,008 As of September 30, 2016, there was approximately $ 2.4 2.3 Restricted Stock The Company has issued 241,588 542,000 1.9 |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | NOTE 7 - DERIVATIVES The Company has entered into agreements with secondary market investors to deliver loans on a “best efforts delivery” basis. When a rate is committed to a borrower, it is based on the best price that day and locked with the investor for the customer for a 30-day period. In the event the loan is not delivered to the investor, the Company has no risk or exposure with the investor. The interest rate lock commitments related to loans that are originated for later sale are classified as derivatives. The fair values of the Company’s agreements with investors and rate lock commitments to customers as of September 30, 2016 and December 31, 2015 were not material. |
RECENTLY ADOPTED ACCOUNTING PRO
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | NOTE 8 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 93,000 6,000 18,000 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 1.2 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 9 - RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers 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 May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | NOTE 10 - 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 3,544,000 6,090,000 1,573,000 5,209,000 Other Real Estate Owned 148,000 584,000 248,000 477,000 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 September 30, 2016. Fair Value Measurements at September 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 $ - $ 36,858 $ - $ 36,858 Mortgage-backed securities - 165,431 - 165,431 State and municipal securities - 140,125 - 140,125 Corporate debt - 9,003 - 9,003 Total assets at fair value $ - $ 351,417 $ - $ 351,417 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 September 30, 2016 Using Quoted Prices in Significant Other Significant Total (In Thousands) Assets Measured on a Nonrecurring Basis: Impaired loans $ - $ - $ 70,615 $ 70,615 Other real estate owned and repossessed assets - - 3,035 3,035 Total assets at fair value $ - $ - $ 73,650 $ 73,650 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 September 30, 2016 and December 31, 2015 are presented in the following table. September 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 $ 610,613 $ 610,613 $ 317,450 $ 317,450 Level 2 inputs: Available for sale debt securities 351,417 351,417 342,938 342,938 Held to maturity debt securities 25,853 26,912 27,426 27,910 Restricted equity securities 5,668 5,668 4,954 4,954 Federal funds sold 181,644 181,644 34,785 34,785 Mortgage loans held for sale 6,026 6,105 8,249 8,295 Bank owned life insurance contracts 113,643 113,643 91,594 91,594 Level 3 inputs: Loans, net 4,608,351 4,597,899 4,172,956 4,179,835 Financial liabilities: Level 2 inputs: Deposits $ 5,081,128 $ 5,082,035 $ 4,223,888 $ 4,223,181 Federal funds purchased 344,390 344,390 352,360 352,360 Other borrowings 55,356 54,172 55,637 52,521 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 SUBSEQUENT EVENTS The Company has evaluated all subsequent events through the date of this filing to ensure that this quarterly report on Form 10-Q includes appropriate disclosure of events both recognized in the financial statements as of September 30, 2016, and events which occurred subsequent to September 30, 2016 but were not recognized in the financial statements. |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 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. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In Thousands, Except Shares and Per Share Data) Earnings per common share Weighted average common shares outstanding 26,277,459 25,883,562 26,278,955 25,636,690 Net income available to common stockholders $ 20,909 $ 16,233 $ 59,718 $ 43,534 Basic earnings per common share $ 0.80 $ 0.63 $ 2.27 $ 1.70 Weighted average common shares outstanding 26,277,459 25,883,562 26,278,955 25,636,690 Dilutive effects of assumed conversions and exercise of stock options 662,205 622,772 466,004 754,410 Weighted average common and dilutive potential common shares outstanding 26,939,664 26,506,334 26,744,959 26,391,100 Net income available to common stockholders $ 20,909 $ 16,233 $ 59,718 $ 43,534 Diluted earnings per common share $ 0.78 $ 0.61 $ 2.23 $ 1.65 |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Sep. 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 September 30, 2016 and December 31, 2015 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value (In Thousands) September 30, 2016 Securities Available for Sale U.S. Treasury and government sponsored agencies $ 35,999 $ 859 $ - $ 36,858 Mortgage-backed securities 161,686 3,776 (31) 165,431 State and municipal securities 137,649 2,512 (36) 140,125 Corporate debt 8,967 36 - 9,003 Total 344,301 7,183 (67) 351,417 Securities Held to Maturity Mortgage-backed securities 20,214 604 - 20,818 State and municipal securities 5,639 455 - 6,094 Total $ 25,853 $ 1,059 $ - $ 26,912 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 September 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. September 30, 2016 December 31, 2015 Amortized Fair Value Amortized Fair Value (In thousands) Debt securities available for sale Due within one year $ 24,263 $ 24,405 $ 16,770 $ 16,868 Due from one to five years 141,696 144,492 153,880 156,311 Due from five to ten years 16,656 17,089 32,236 32,805 Mortgage-backed securities 161,686 165,431 135,363 136,954 $ 344,301 $ 351,417 $ 338,249 $ 342,938 Debt securities held to maturity Due from five to ten years $ 741 $ 781 $ 627 $ 659 Due after ten years 4,898 5,313 5,133 5,549 Mortgage-backed securities 20,214 20,818 21,666 21,702 $ 25,853 $ 26,912 $ 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) September 30, 2016 U.S. Treasury and government sponsored agencies $ - $ - $ - $ - $ - $ - Mortgage-backed securities (31) 15,624 - - (31) 15,624 State and municipal securities (29) 9,161 (7) 1,125 (36) 10,286 Corporate debt - - - - - - Total $ (60) $ 24,785 $ (7) $ 1,125 $ (67) $ 25,910 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) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Details Of Loans | The following table details the Company’s loans at September 30, 2016 and December 31, 2015: September 30, December 31, 2016 2015 (Dollars In Thousands) Commercial, financial and agricultural $ 1,910,777 $ 1,760,479 Real estate - construction 292,721 243,267 Real estate - mortgage: Owner-occupied commercial 1,138,308 1,014,669 1-4 family mortgage 520,394 444,134 Other mortgage 740,127 698,779 Subtotal: Real estate - mortgage 2,398,829 2,157,582 Consumer 54,957 55,047 Total Loans 4,657,284 4,216,375 Less: Allowance for loan losses (48,933) (43,419) Net Loans $ 4,608,351 $ 4,172,956 Commercial, financial and agricultural 41.03 % 41.75 % Real estate - construction 6.29 % 5.77 % Real estate - mortgage: Owner-occupied commercial 24.44 % 24.07 % 1-4 family mortgage 11.17 % 10.53 % Other mortgage 15.89 % 16.57 % Subtotal: Real estate - mortgage 51.50 % 51.17 % Consumer 1.18 % 1.31 % Total Loans 100.00 % 100.00 % |
Loans By Credit Quality Indicator | Loans by credit quality indicator as of September 30, 2016 and December 31, 2015 were as follows: Special September 30, 2016 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 1,823,652 $ 52,635 $ 34,490 $ - $ 1,910,777 Real estate - construction 281,586 1,309 9,826 - 292,721 Real estate - mortgage: Owner-occupied commercial 1,119,043 3,339 15,926 - 1,138,308 1-4 family mortgage 514,979 946 4,469 - 520,394 Other mortgage 725,983 2,852 11,292 - 740,127 Total real estate mortgage 2,360,005 7,137 31,687 - 2,398,829 Consumer 54,746 211 - - 54,957 Total $ 4,519,989 $ 61,292 $ 76,003 $ - $ 4,657,284 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 | Loans by performance status as of September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 1,909,606 $ 1,171 $ 1,910,777 Real estate - construction 289,345 3,376 292,721 Real estate - mortgage: Owner-occupied commercial 1,136,869 1,439 1,138,308 1-4 family mortgage 520,139 255 520,394 Other mortgage 739,719 408 740,127 Total real estate mortgage 2,396,727 2,102 2,398,829 Consumer 54,916 41 54,957 Total $ 4,650,594 $ 6,690 $ 4,657,284 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 | Loans by past due status as of September 30, 2016 and December 31, 2015 were as follows: September 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 $ 8,108 $ 24 $ 2 $ 8,134 $ 1,169 $ 1,901,474 $ 1,910,777 Real estate - construction 5,570 - - 5,570 3,376 283,775 292,721 Real estate - mortgage: Owner-occupied commercial 3,058 6,208 - 9,266 1,439 1,127,603 1,138,308 1-4 family mortgage 301 - - 301 255 519,838 520,394 Other mortgage 9,598 - - 9,598 408 730,121 740,127 Total real estate - mortgage 12,957 6,208 - 19,165 2,102 2,377,562 2,398,829 Consumer 36 26 41 103 - 54,854 54,957 Total $ 26,671 $ 6,258 $ 43 $ 32,972 $ 6,647 $ 4,617,665 $ 4,657,284 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 | 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 nine months ended September 30, 2016 and September 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 September 30, 2016 Allowance for loan losses: Balance at June 30, 2016 $ 23,655 $ 5,279 $ 17,600 $ 464 $ 46,998 Charge-offs (1,270) (79) (144) (81) (1,574) Recoveries 35 9 1 - 45 Provision 3,560 (394) 282 16 3,464 Balance at September 30, 2016 $ 25,980 $ 4,815 $ 17,739 $ 399 $ 48,933 Three Months Ended September 30, 2015 Allowance for loan losses: Balance at June 30, 2015 $ 19,052 $ 5,674 $ 14,171 $ 1,123 $ 40,020 Charge-offs (388) (31) - (126) (545) Recoveries 13 13 1 - 27 Provision 2,020 (237) 1,767 (478) 3,072 Balance at September 30, 2015 $ 20,697 $ 5,419 $ 15,939 $ 519 $ 42,574 Nine Months Ended September 30, 2016 Allowance for loan losses: Balance at December 31, 2015 $ 21,495 $ 5,432 $ 16,061 $ 431 $ 43,419 Charge-offs (2,732) (815) (335) (130) (4,012) Recoveries 39 64 100 - 203 Provision 7,178 134 1,913 98 9,323 Balance at September 30, 2016 $ 25,980 $ 4,815 $ 17,739 $ 399 $ 48,933 Nine Months Ended September 30, 2015 Allowance for loan losses: Balance at December 31, 2014 $ 16,079 $ 6,395 $ 12,112 $ 1,043 $ 35,629 Charge-offs (1,616) (506) (641) (150) (2,913) Recoveries 38 177 104 - 319 Provision 6,196 (647) 4,364 (374) 9,539 Balance at September 30, 2015 $ 20,697 $ 5,419 $ 15,939 $ 519 $ 42,574 As of September 30, 2016 Allowance for loan losses: Individually Evaluated for Impairment $ 5,120 $ 940 $ 1,880 $ - $ 7,940 Collectively Evaluated for Impairment 20,860 3,875 15,859 399 40,993 Loans: Ending Balance $ 1,910,777 $ 292,721 $ 2,398,829 $ 54,957 $ 4,657,284 Individually Evaluated for Impairment 34,490 9,875 34,187 3 78,555 Collectively Evaluated for Impairment 1,876,287 282,846 2,364,642 54,954 4,578,729 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 | The following tables present details of the Company’s impaired loans as of September 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 nine months ended September 30, ended September 30, September 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 $ 10,173 $ 10,173 $ - $ 10,215 $ 192 $ 10,044 $ 556 Real estate - construction 6,497 7,362 - 6,529 115 6,058 311 Real estate - mortgage: Owner-occupied commercial 7,581 7,743 - 7,801 185 8,079 560 1-4 family mortgage 3,159 3,159 - 3,179 47 3,129 123 Other mortgage 9,586 9,586 - 9,405 180 9,443 526 Total real estate - mortgage 20,326 20,488 - 20,385 412 20,651 1,209 Consumer 3 5 - 6 - 6 - Total with no allowance recorded 36,999 38,028 - 37,135 719 36,759 2,076 With an allowance recorded: Commercial, financial and agricultural 24,317 28,626 5,120 25,584 327 23,725 959 Real estate - construction 3,378 3,378 940 3,602 18 3,644 54 Real estate - mortgage: Owner-occupied commercial 10,845 10,845 1,320 10,863 113 10,827 360 1-4 family mortgage 1,310 1,310 300 681 9 668 19 Other mortgage 1,706 1,706 260 1,725 23 1,734 69 Total real estate - mortgage 13,861 13,861 1,880 13,269 145 13,229 448 Consumer - - - - - - - Total with allowance recorded 41,556 45,865 7,940 42,455 490 40,598 1,461 Total Impaired Loans: Commercial, financial and agricultural 34,490 38,799 5,120 35,799 519 33,769 1,515 Real estate - construction 9,875 10,740 940 10,131 133 9,702 365 Real estate - mortgage: Owner-occupied commercial 18,426 18,588 1,320 18,664 298 18,906 920 1-4 family mortgage 4,469 4,469 300 3,860 56 3,797 142 Other mortgage 11,292 11,292 260 11,130 203 11,177 595 Total real estate - mortgage 34,187 34,349 1,880 33,654 557 33,880 1,657 Consumer 3 5 - 6 - 6 - Total impaired loans $ 78,555 $ 83,893 $ 7,940 $ 79,590 $ 1,209 $ 77,357 $ 3,537 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 | There were no modifications made to new TDRs or renewals of existing TDRs for the three and nine months ended September 30, 2015. Three Months Ended September 30, 2016 Nine Months Ended September 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 Real estate - construction - - - - - - Real estate - mortgage: Owner-occupied commercial - - - - - - 1-4 family mortgage - - - - - - Other mortgage - - - 1 234 234 Total real estate mortgage - - - 1 234 234 Consumer - - - - - - - $ - $ - 2 $ 600 $ 600 |
EMPLOYEE AND DIRECTOR BENEFITS
EMPLOYEE AND DIRECTOR BENEFITS (Tables) | 9 Months Ended |
Sep. 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 0.64 % 0.71 % Expected term (in years) 6.25 6.25 Risk-free rate 1.86 % 1.85 % |
Summary Of Stock Option Activity | The following table summarizes stock option activity during the nine months ended September 30, 2016 and September 30, 2015: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (years) Value (In Thousands) Nine Months Ended September 30, 2016: Outstanding at January 1, 2016 1,249,417 $ 13.32 6.3 $ 42,743 Granted 117,000 39.96 9.5 1,398 Exercised (328,250) 8.49 4.2 14,254 Forfeited (6,500) 38.82 9.0 85 Outstanding at September 30, 2016 1,031,667 17.72 6.5 $ 35,277 Exercisable at September 30, 2016 297,268 $ 12.90 6.0 $ 13,901 Nine Months Ended September 30, 2015: Outstanding at January 1, 2015 1,622,917 $ 9.38 5.9 $ 38,256 Granted 162,000 33.26 9.5 - Exercised (459,000) 7.24 3.0 16,495 Forfeited (7,500) 10.00 6.6 226 Outstanding at September 30, 2015 1,318,417 13.05 6.4 $ 35,697 Exercisable at September 30, 2015 256,918 $ 8.96 4.9 $ 8,008 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 9 Months Ended |
Sep. 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 September 30, 2016 and December 31, 2015: Fair Value Measurements at September 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 $ - $ 36,858 $ - $ 36,858 Mortgage-backed securities - 165,431 - 165,431 State and municipal securities - 140,125 - 140,125 Corporate debt - 9,003 - 9,003 Total assets at fair value $ - $ 351,417 $ - $ 351,417 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 | The following table presents the Company’s financial assets and financial liabilities carried at fair value on a nonrecurring basis as of September 30, 2016 and December 31, 2015: Fair Value Measurements at September 30, 2016 Using Quoted Prices in Significant Other Significant Total (In Thousands) Assets Measured on a Nonrecurring Basis: Impaired loans $ - $ - $ 70,615 $ 70,615 Other real estate owned and repossessed assets - - 3,035 3,035 Total assets at fair value $ - $ - $ 73,650 $ 73,650 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 | This table includes those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. September 30, 2016 December 31, 2015 Carrying Carrying Amount Fair Value Amount Fair Value (In Thousands) Financial Assets: Level 1 inputs: Cash and due from banks $ 610,613 $ 610,613 $ 317,450 $ 317,450 Level 2 inputs: Available for sale debt securities 351,417 351,417 342,938 342,938 Held to maturity debt securities 25,853 26,912 27,426 27,910 Restricted equity securities 5,668 5,668 4,954 4,954 Federal funds sold 181,644 181,644 34,785 34,785 Mortgage loans held for sale 6,026 6,105 8,249 8,295 Bank owned life insurance contracts 113,643 113,643 91,594 91,594 Level 3 inputs: Loans, net 4,608,351 4,597,899 4,172,956 4,179,835 Financial liabilities: Level 2 inputs: Deposits $ 5,081,128 $ 5,082,035 $ 4,223,888 $ 4,223,181 Federal funds purchased 344,390 344,390 352,360 352,360 Other borrowings 55,356 54,172 55,637 52,521 |
EARNINGS PER COMMON SHARE (Summ
EARNINGS PER COMMON SHARE (Summary of Earning Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings per common share | ||||
Weighted average common shares outstanding (in shares) | 26,277,459 | 25,883,562 | 26,278,955 | 25,636,690 |
Net income available to common stockholders | $ 20,909 | $ 16,233 | $ 59,718 | $ 43,534 |
Basic earnings per common share (in dollars per share) | $ 0.8 | $ 0.63 | $ 2.27 | $ 1.7 |
Weighted average common shares outstanding (in shares) | 26,277,459 | 25,883,562 | 26,278,955 | 25,636,690 |
Dilutive effects of assumed conversions and exercise of stock options (in shares) | 662,205 | 622,772 | 466,004 | 754,410 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 26,939,664 | 26,506,334 | 26,744,959 | 26,391,100 |
Net income available to common stockholders | $ 20,909 | $ 16,233 | $ 59,718 | $ 43,534 |
Diluted earnings per common share (in dollars per share) | $ 0.78 | $ 0.61 | $ 2.23 | $ 1.65 |
SECURITIES (Amortized Cost And
SECURITIES (Amortized Cost And Fair Value Of Available For Sale And Held To Maturity Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Securities Available for Sale | ||
Amortized Cost | $ 344,301 | $ 338,249 |
Gross Unrealized Gain | 7,183 | 5,312 |
Gross Unrealized Loss | (67) | (623) |
Market Value | 351,417 | 342,938 |
Securities Held to Maturity | ||
Amortized Cost | 25,853 | 27,426 |
Gross Unrealized Gain | 1,059 | 817 |
Gross Unrealized Loss | 0 | (333) |
Market Value | 26,912 | 27,910 |
U.S. Treasury and Government Sponsored Agencies [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 35,999 | 44,581 |
Gross Unrealized Gain | 859 | 569 |
Gross Unrealized Loss | 0 | (141) |
Market Value | 36,858 | 45,009 |
Mortgage-Backed Securities [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 161,686 | 135,363 |
Gross Unrealized Gain | 3,776 | 1,945 |
Gross Unrealized Loss | (31) | (354) |
Market Value | 165,431 | 136,954 |
Securities Held to Maturity | ||
Amortized Cost | 20,214 | 21,666 |
Gross Unrealized Gain | 604 | 368 |
Gross Unrealized Loss | 0 | (332) |
Market Value | 20,818 | 21,702 |
State and Municipal Securities [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 137,649 | 143,403 |
Gross Unrealized Gain | 2,512 | 2,731 |
Gross Unrealized Loss | (36) | (101) |
Market Value | 140,125 | 146,033 |
Securities Held to Maturity | ||
Amortized Cost | 5,639 | 5,760 |
Gross Unrealized Gain | 455 | 449 |
Gross Unrealized Loss | 0 | (1) |
Market Value | 6,094 | 6,208 |
Corporate Debt [Member] | ||
Securities Available for Sale | ||
Amortized Cost | 8,967 | 14,902 |
Gross Unrealized Gain | 36 | 67 |
Gross Unrealized Loss | 0 | (27) |
Market Value | $ 9,003 | $ 14,942 |
SECURITIES (Amortized Cost An29
SECURITIES (Amortized Cost And Fair Value Of Contractual Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt securities available for sale | ||
Amortized Cost | $ 344,301 | $ 338,249 |
Fair Value | 351,417 | 342,938 |
Debt securities held to maturity | ||
Amortized Cost | 25,853 | 27,426 |
Fair Value | 26,912 | 27,910 |
Due within one year [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 24,263 | 16,770 |
Fair Value | 24,405 | 16,868 |
Due from one to five years [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 141,696 | 153,880 |
Fair Value | 144,492 | 156,311 |
Due from five to ten years [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 16,656 | 32,236 |
Fair Value | 17,089 | 32,805 |
Debt securities held to maturity | ||
Amortized Cost | 741 | 627 |
Fair Value | 781 | 659 |
Due after ten years [Member] | ||
Debt securities held to maturity | ||
Amortized Cost | 4,898 | 5,133 |
Fair Value | 5,313 | 5,549 |
Mortgage-backed securities [Member] | ||
Debt securities available for sale | ||
Amortized Cost | 161,686 | 135,363 |
Fair Value | 165,431 | 136,954 |
Debt securities held to maturity | ||
Amortized Cost | 20,214 | 21,666 |
Fair Value | $ 20,818 | $ 21,702 |
SECURITIES (Investment Securiti
SECURITIES (Investment Securities Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Less Than Twelve Months, Gross Unrealized Losses | $ (60) | $ (577) |
Less Than Twelve Months, Fair Value | 24,785 | 78,920 |
Twelve Months Or More, Gross Unrealized Losses | (7) | (379) |
Twelve Months Or More, Fair Value | 1,125 | 16,243 |
Total, Gross Unrealized Losses | (67) | (956) |
Total, Fair Value | 25,910 | 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 | (31) | (354) |
Less Than Twelve Months, Fair Value | 15,624 | 56,609 |
Twelve Months Or More, Gross Unrealized Losses | 0 | (332) |
Twelve Months Or More, Fair Value | 0 | 11,712 |
Total, Gross Unrealized Losses | (31) | (686) |
Total, Fair Value | 15,624 | 68,321 |
State and Municipal Securities [Member] | ||
Less Than Twelve Months, Gross Unrealized Losses | (29) | (55) |
Less Than Twelve Months, Fair Value | 9,161 | 15,464 |
Twelve Months Or More, Gross Unrealized Losses | (7) | (47) |
Twelve Months Or More, Fair Value | 1,125 | 4,531 |
Total, Gross Unrealized Losses | (36) | (102) |
Total, Fair Value | 10,286 | 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 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Accounts Notes and Loans Receivable [Line Items] | |||||||
Commercial, financial and agricultural | $ 1,910,777 | $ 1,760,479 | |||||
Real estate - construction | 292,721 | 243,267 | |||||
Real estate - mortgage: | |||||||
Owner-occupied commercial | 1,138,308 | 1,014,669 | |||||
1-4 family mortgage | 520,394 | 444,134 | |||||
Other mortgage | 740,127 | 698,779 | |||||
Subtotal: Real estate - mortgage | 2,398,829 | 2,157,582 | |||||
Total Loans | 4,657,284 | 4,216,375 | |||||
Less: Allowance for loan losses | (48,933) | $ (46,998) | (43,419) | [1] | $ (42,574) | $ (40,020) | $ (35,629) |
Net Loans | $ 4,608,351 | $ 4,172,956 | [1] | ||||
Commercial, financial and agricultural, Percentage | 41.03% | 41.75% | |||||
Real estate - construction, Percentage | 6.29% | 5.77% | |||||
Owner-occupied commercial, Real estate - mortgage, Percentage | 24.44% | 24.07% | |||||
1-4 family mortgage, Real estate - mortgage, Percentage | 11.17% | 10.53% | |||||
Other mortgage, Real estate - mortgage, Percentage | 15.89% | 16.57% | |||||
Subtotal: Real estate - mortgage, Percentage | 51.50% | 51.17% | |||||
Consumer, Percentage | 1.18% | 1.31% | |||||
Total Loans, Percentage | 100.00% | 100.00% | |||||
Commercial Portfolio Segment [Member] | |||||||
Real estate - mortgage: | |||||||
Consumer | $ 54,957 | $ 55,047 | |||||
[1] | Derived from audited financial statements. |
LOANS (Loans By Credit Quality
LOANS (Loans By Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | $ 1,910,777 | $ 1,760,479 |
Real estate - construction | 292,721 | 243,267 |
Real estate - mortgage: | ||
Owner-occupied commercial | 1,138,308 | 1,014,669 |
1-4 family mortgage | 520,394 | 444,134 |
Other mortgage | 740,127 | 698,779 |
Total real estate mortgage | 2,398,829 | 2,157,582 |
Total | 4,657,284 | 4,216,375 |
Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | 54,957 | 55,047 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 1,823,652 | 1,701,591 |
Real estate - construction | 281,586 | 233,046 |
Real estate - mortgage: | ||
Owner-occupied commercial | 1,119,043 | 988,762 |
1-4 family mortgage | 514,979 | 437,834 |
Other mortgage | 725,983 | 683,157 |
Total real estate mortgage | 2,360,005 | 2,109,753 |
Total | 4,519,989 | 4,099,363 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | 54,746 | 54,973 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 52,635 | 47,393 |
Real estate - construction | 1,309 | 6,221 |
Real estate - mortgage: | ||
Owner-occupied commercial | 3,339 | 18,169 |
1-4 family mortgage | 946 | 3,301 |
Other mortgage | 2,852 | 11,086 |
Total real estate mortgage | 7,137 | 32,556 |
Total | 61,292 | 86,212 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | 211 | 42 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 34,490 | 11,495 |
Real estate - construction | 9,826 | 4,000 |
Real estate - mortgage: | ||
Owner-occupied commercial | 15,926 | 7,738 |
1-4 family mortgage | 4,469 | 2,999 |
Other mortgage | 11,292 | 4,536 |
Total real estate mortgage | 31,687 | 15,273 |
Total | 76,003 | 30,800 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | 0 | 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 | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | $ 1,910,777 | $ 1,760,479 |
Real estate - construction | 292,721 | 243,267 |
Real estate - mortgage: | ||
Owner-occupied commercial | 1,138,308 | 1,014,669 |
1-4 family mortgage | 520,394 | 444,134 |
Other mortgage | 740,127 | 698,779 |
Total real estate mortgage | 2,398,829 | 2,157,582 |
Total | 4,657,284 | 4,216,375 |
Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | 54,957 | 55,047 |
Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 1,909,606 | 1,758,561 |
Real estate - construction | 289,345 | 239,267 |
Real estate - mortgage: | ||
Owner-occupied commercial | 1,136,869 | 1,014,669 |
1-4 family mortgage | 520,139 | 443,936 |
Other mortgage | 739,719 | 697,160 |
Total real estate mortgage | 2,396,727 | 2,155,765 |
Total | 4,650,594 | 4,208,608 |
Performing [Member] | Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | 54,916 | 55,015 |
Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial, financial and agricultural | 1,171 | 1,918 |
Real estate - construction | 3,376 | 4,000 |
Real estate - mortgage: | ||
Owner-occupied commercial | 1,439 | 0 |
1-4 family mortgage | 255 | 198 |
Other mortgage | 408 | 1,619 |
Total real estate mortgage | 2,102 | 1,817 |
Total | 6,690 | 7,767 |
Nonperforming [Member] | Commercial Portfolio Segment [Member] | ||
Real estate - mortgage: | ||
Consumer | $ 41 | $ 32 |
LOANS (Loans By Past Due Status
LOANS (Loans By Past Due Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | $ 32,972 | $ 557 | |
Non-Accrual | 6,647 | 7,766 | |
Current | 4,617,665 | 4,208,052 | |
Total Loans | 4,657,284 | 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 | 26,671 | 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 | 6,258 | 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 | 43 | 1 | |
Commercial Financial and Agricultural Financing Receivable [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 8,134 | 85 | |
Non-Accrual | 1,169 | 1,918 | |
Current | 1,901,474 | 1,758,476 | |
Total Loans | 1,910,777 | 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 | 8,108 | 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 | 24 | 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 | 2 | 0 | |
Commercial Mortgage Loans Owner Occupied [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 9,266 | 0 | |
Non-Accrual | 1,439 | 0 | |
Current | 1,127,603 | 1,014,669 | |
Total Loans | 1,138,308 | 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 | 3,058 | 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 | 6,208 | 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 | 301 | 210 | |
Non-Accrual | 255 | 198 | |
Current | 519,838 | 443,726 | |
Total Loans | 520,394 | 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 | 301 | 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 | 0 | 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 | 0 | 0 | |
Other Real Estate Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 9,598 | 0 | |
Non-Accrual | 408 | 1,619 | |
Current | 730,121 | 697,160 | |
Total Loans | 740,127 | 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 | 9,598 | 0 | |
Other Real Estate Mortgage Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 | |
Other Real Estate Mortgage Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 0 | 0 | |
Residential Real Estate Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 19,165 | 210 | |
Non-Accrual | 2,102 | 1,817 | |
Current | 2,377,562 | 2,155,555 | |
Total Loans | 2,398,829 | 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 | 12,957 | 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 | 6,208 | 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 | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Past Due Status (Accruing Loans) Total Past Due | 103 | 52 | |
Non-Accrual | 0 | 31 | |
Current | 54,854 | 54,964 | |
Total Loans | 54,957 | 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 | 36 | 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 | 26 | 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 | 41 | 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 | 5,570 | 210 | |
Non-Accrual | 3,376 | 4,000 | |
Current | 283,775 | 239,057 | |
Total Loans | 292,721 | 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 | 5,570 | 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 | 9 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |||
Allowance for loan losses: | |||||||
Balance, beginning of year | $ 46,998 | $ 40,020 | $ 43,419 | [1] | $ 35,629 | ||
Charge-offs | (1,574) | (545) | (4,012) | (2,913) | |||
Recoveries | 45 | 27 | 203 | 319 | |||
Provision | 3,464 | 3,072 | 9,323 | 9,539 | |||
Balance, end of year | 48,933 | 42,574 | 48,933 | 42,574 | |||
Individually Evaluated for Impairment | 7,940 | 7,940 | $ 5,683 | ||||
Collectively Evaluated for Impairment | 40,993 | 40,993 | 37,736 | ||||
Ending Balance | 4,657,284 | 4,657,284 | 4,216,375 | [1] | |||
Individually Evaluated for Impairment | 78,555 | 78,555 | 33,491 | ||||
Collectively Evaluated for Impairment | 4,578,729 | 4,578,729 | 4,182,884 | ||||
Commercial Financial and Agricultural Financing Receivable [Member] | |||||||
Allowance for loan losses: | |||||||
Balance, beginning of year | 23,655 | 19,052 | 21,495 | 16,079 | |||
Charge-offs | (1,270) | (388) | (2,732) | (1,616) | |||
Recoveries | 35 | 13 | 39 | 38 | |||
Provision | 3,560 | 2,020 | 7,178 | 6,196 | |||
Balance, end of year | 25,980 | 20,697 | 25,980 | 20,697 | |||
Individually Evaluated for Impairment | 5,120 | 5,120 | 2,698 | ||||
Collectively Evaluated for Impairment | 20,860 | 20,860 | 18,797 | ||||
Ending Balance | 1,910,777 | 1,910,777 | 1,760,479 | ||||
Individually Evaluated for Impairment | 34,490 | 34,490 | 11,513 | ||||
Collectively Evaluated for Impairment | 1,876,287 | 1,876,287 | 1,748,966 | ||||
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||
Allowance for loan losses: | |||||||
Balance, beginning of year | 5,279 | 5,674 | 5,432 | 6,395 | |||
Charge-offs | (79) | (31) | (815) | (506) | |||
Recoveries | 9 | 13 | 64 | 177 | |||
Provision | (394) | (237) | 134 | (647) | |||
Balance, end of year | 4,815 | 5,419 | 4,815 | 5,419 | |||
Individually Evaluated for Impairment | 940 | 940 | 1,223 | ||||
Collectively Evaluated for Impairment | 3,875 | 3,875 | 4,209 | ||||
Ending Balance | 292,721 | 292,721 | 243,267 | ||||
Individually Evaluated for Impairment | 9,875 | 9,875 | 4,052 | ||||
Collectively Evaluated for Impairment | 282,846 | 282,846 | 239,215 | ||||
Residential Real Estate Mortgage Loans [Member] | |||||||
Allowance for loan losses: | |||||||
Balance, beginning of year | 17,600 | 14,171 | 16,061 | 12,112 | |||
Charge-offs | (144) | 0 | (335) | (641) | |||
Recoveries | 1 | 1 | 100 | 104 | |||
Provision | 282 | 1,767 | 1,913 | 4,364 | |||
Balance, end of year | 17,739 | 15,939 | 17,739 | 15,939 | |||
Individually Evaluated for Impairment | 1,880 | 1,880 | 1,730 | ||||
Collectively Evaluated for Impairment | 15,859 | 15,859 | 14,331 | ||||
Ending Balance | 2,398,829 | 2,398,829 | 2,157,582 | ||||
Individually Evaluated for Impairment | 34,187 | 34,187 | 17,880 | ||||
Collectively Evaluated for Impairment | 2,364,642 | 2,364,642 | 2,139,702 | ||||
Consumer Portfolio Segment [Member] | |||||||
Allowance for loan losses: | |||||||
Balance, beginning of year | 464 | 1,123 | 431 | 1,043 | |||
Charge-offs | (81) | (126) | (130) | (150) | |||
Recoveries | 0 | 0 | 0 | 0 | |||
Provision | 16 | (478) | 98 | (374) | |||
Balance, end of year | 399 | $ 519 | 399 | $ 519 | |||
Individually Evaluated for Impairment | 0 | 0 | 32 | ||||
Collectively Evaluated for Impairment | 399 | 399 | 399 | ||||
Ending Balance | 54,957 | 54,957 | 55,047 | ||||
Individually Evaluated for Impairment | 3 | 3 | 46 | ||||
Collectively Evaluated for Impairment | $ 54,954 | $ 54,954 | $ 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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | $ 36,999 | $ 36,999 | $ 11,108 |
Unpaid Principal Balance, with no allowance recorded | 38,028 | 38,028 | 12,076 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 37,135 | 36,759 | 11,653 |
Interest Income Recognized in Period, with no allowance recorded | 719 | 2,076 | 609 |
Recorded Investment, with an allowance recorded | 41,556 | 41,556 | 22,383 |
Unpaid Principal Balance, with an allowance recorded | 45,865 | 45,865 | 24,862 |
Related Allowance with an allowance recorded | 7,940 | 7,940 | 5,683 |
Average Recorded Investment , with an allowance recorded | 42,455 | 40,598 | 29,241 |
Interest Income Recognized in Period, with an allowance recorded | 490 | 1,461 | 1,276 |
Recorded Investment | 78,555 | 78,555 | 33,491 |
Unpaid Principal Balance | 83,893 | 83,893 | 36,938 |
Related Allowance | 7,940 | 7,940 | 5,683 |
Average Recorded Investment | 79,590 | 77,357 | 40,894 |
Interest Income Recognized in Period | 1,209 | 3,537 | 1,885 |
Commercial Financial and Agricultural Financing Receivable [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 10,173 | 10,173 | 478 |
Unpaid Principal Balance, with no allowance recorded | 10,173 | 10,173 | 487 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 10,215 | 10,044 | 482 |
Interest Income Recognized in Period, with no allowance recorded | 192 | 556 | 24 |
Recorded Investment, with an allowance recorded | 24,317 | 24,317 | 11,035 |
Unpaid Principal Balance, with an allowance recorded | 28,626 | 28,626 | 13,035 |
Related Allowance with an allowance recorded | 5,120 | 5,120 | 2,698 |
Average Recorded Investment , with an allowance recorded | 25,584 | 23,725 | 13,882 |
Interest Income Recognized in Period, with an allowance recorded | 327 | 959 | 672 |
Recorded Investment | 34,490 | 34,490 | 11,513 |
Unpaid Principal Balance | 38,799 | 38,799 | 13,522 |
Related Allowance | 5,120 | 5,120 | 2,698 |
Average Recorded Investment | 35,799 | 33,769 | 14,364 |
Interest Income Recognized in Period | 519 | 1,515 | 696 |
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 6,497 | 6,497 | 161 |
Unpaid Principal Balance, with no allowance recorded | 7,362 | 7,362 | 163 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 6,529 | 6,058 | 370 |
Interest Income Recognized in Period, with no allowance recorded | 115 | 311 | 1 |
Recorded Investment, with an allowance recorded | 3,378 | 3,378 | 3,891 |
Unpaid Principal Balance, with an allowance recorded | 3,378 | 3,378 | 4,370 |
Related Allowance with an allowance recorded | 940 | 940 | 1,223 |
Average Recorded Investment , with an allowance recorded | 3,602 | 3,644 | 3,920 |
Interest Income Recognized in Period, with an allowance recorded | 18 | 54 | 0 |
Recorded Investment | 9,875 | 9,875 | 4,052 |
Unpaid Principal Balance | 10,740 | 10,740 | 4,533 |
Related Allowance | 940 | 940 | 1,223 |
Average Recorded Investment | 10,131 | 9,702 | 4,290 |
Interest Income Recognized in Period | 133 | 365 | 1 |
Commercial Mortgage Loans Owner Occupied [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 7,581 | 7,581 | 3,980 |
Unpaid Principal Balance, with no allowance recorded | 7,743 | 7,743 | 4,140 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 7,801 | 8,079 | 3,815 |
Interest Income Recognized in Period, with no allowance recorded | 185 | 560 | 214 |
Recorded Investment, with an allowance recorded | 10,845 | 10,845 | 6,365 |
Unpaid Principal Balance, with an allowance recorded | 10,845 | 10,845 | 6,365 |
Related Allowance with an allowance recorded | 1,320 | 1,320 | 1,328 |
Average Recorded Investment , with an allowance recorded | 10,863 | 10,827 | 9,958 |
Interest Income Recognized in Period, with an allowance recorded | 113 | 360 | 568 |
Recorded Investment | 18,426 | 18,426 | 10,345 |
Unpaid Principal Balance | 18,588 | 18,588 | 10,505 |
Related Allowance | 1,320 | 1,320 | 1,328 |
Average Recorded Investment | 18,664 | 18,906 | 13,773 |
Interest Income Recognized in Period | 298 | 920 | 782 |
One To Four Family Mortgage Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 3,159 | 3,159 | 2,396 |
Unpaid Principal Balance, with no allowance recorded | 3,159 | 3,159 | 2,572 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 3,179 | 3,129 | 2,409 |
Interest Income Recognized in Period, with no allowance recorded | 47 | 123 | 147 |
Recorded Investment, with an allowance recorded | 1,310 | 1,310 | 603 |
Unpaid Principal Balance, with an allowance recorded | 1,310 | 1,310 | 603 |
Related Allowance with an allowance recorded | 300 | 300 | 263 |
Average Recorded Investment , with an allowance recorded | 681 | 668 | 567 |
Interest Income Recognized in Period, with an allowance recorded | 9 | 19 | 19 |
Recorded Investment | 4,469 | 4,469 | 2,999 |
Unpaid Principal Balance | 4,469 | 4,469 | 3,175 |
Related Allowance | 300 | 300 | 263 |
Average Recorded Investment | 3,860 | 3,797 | 2,976 |
Interest Income Recognized in Period | 56 | 142 | 166 |
Other Real Estate Mortgage Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 9,586 | 9,586 | 4,079 |
Unpaid Principal Balance, with no allowance recorded | 9,586 | 9,586 | 4,694 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 9,405 | 9,443 | 4,559 |
Interest Income Recognized in Period, with no allowance recorded | 180 | 526 | 222 |
Recorded Investment, with an allowance recorded | 1,706 | 1,706 | 457 |
Unpaid Principal Balance, with an allowance recorded | 1,706 | 1,706 | 457 |
Related Allowance with an allowance recorded | 260 | 260 | 139 |
Average Recorded Investment , with an allowance recorded | 1,725 | 1,734 | 880 |
Interest Income Recognized in Period, with an allowance recorded | 23 | 69 | 17 |
Recorded Investment | 11,292 | 11,292 | 4,536 |
Unpaid Principal Balance | 11,292 | 11,292 | 5,151 |
Related Allowance | 260 | 260 | 139 |
Average Recorded Investment | 11,130 | 11,177 | 5,439 |
Interest Income Recognized in Period | 203 | 595 | 239 |
Residential Real Estate Mortgage Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 20,326 | 20,326 | 10,455 |
Unpaid Principal Balance, with no allowance recorded | 20,488 | 20,488 | 11,406 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 20,385 | 20,651 | 10,783 |
Interest Income Recognized in Period, with no allowance recorded | 412 | 1,209 | 583 |
Recorded Investment, with an allowance recorded | 13,861 | 13,861 | 7,425 |
Unpaid Principal Balance, with an allowance recorded | 13,861 | 13,861 | 7,425 |
Related Allowance with an allowance recorded | 1,880 | 1,880 | 1,730 |
Average Recorded Investment , with an allowance recorded | 13,269 | 13,229 | 11,405 |
Interest Income Recognized in Period, with an allowance recorded | 145 | 448 | 604 |
Recorded Investment | 34,187 | 34,187 | 17,880 |
Unpaid Principal Balance | 34,349 | 34,349 | 18,831 |
Related Allowance | 1,880 | 1,880 | 1,730 |
Average Recorded Investment | 33,654 | 33,880 | 22,188 |
Interest Income Recognized in Period | 557 | 1,657 | 1,187 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, with no allowance recorded | 3 | 3 | 14 |
Unpaid Principal Balance, with no allowance recorded | 5 | 5 | 20 |
Related Allowance, with no allowance recorded | 0 | 0 | 0 |
Average Recorded Investment , with no allowance recorded | 6 | 6 | 18 |
Interest Income Recognized in Period, with no allowance recorded | 0 | 0 | 1 |
Recorded Investment, with an allowance recorded | 0 | 0 | 32 |
Unpaid Principal Balance, with an allowance recorded | 0 | 0 | 32 |
Related Allowance with an allowance recorded | 0 | 0 | 32 |
Average Recorded Investment , with an allowance recorded | 0 | 0 | 34 |
Interest Income Recognized in Period, with an allowance recorded | 0 | 0 | 0 |
Recorded Investment | 3 | 3 | 46 |
Unpaid Principal Balance | 5 | 5 | 52 |
Related Allowance | 0 | 0 | 32 |
Average Recorded Investment | 6 | 6 | 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 | 9 Months Ended |
Sep. 30, 2016USD ($)Number | Sep. 30, 2016USD ($)Number | |
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Number | 0 | 2 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 600 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 600 |
Commercial Financial and Agricultural Financing Receivable [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Number | 0 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 366 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 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 | 0 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 234 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 234 |
Residential Real Estate Mortgage Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Number | 0 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 234 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 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 Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Troubled Debt Restructuring Debtor Current Period [Line Items] | |||
Troubled Debt Restructurings | $ 6,700 | $ 8,300 | $ 7,700 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 1,700 | $ 1,300 | 900 |
Financing Receivable, Recorded Investment, Past Due | 32,972 | $ 557 | |
Increase In Financing Receivable Recorded Investment Past Due | $ 32,400 |
EMPLOYEE AND DIRECTOR BENEFIT39
EMPLOYEE AND DIRECTOR BENEFITS (Assumptions Used To Estimates Fair Value Of Stock Option Award Using Black Scholes Merton Valuation Model) (Details) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 29.00% | 24.00% |
Expected dividends | 0.64% | 0.71% |
Expected term (in years) | 6 years 3 months | 6 years 3 months |
Risk-free rate | 1.86% | 1.85% |
EMPLOYEE AND DIRECTOR BENEFIT40
EMPLOYEE AND DIRECTOR BENEFITS (Summary Of Stock Option Activity) (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 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 | 117,000 | 162,000 |
Shares, Exercised | (328,250) | (459,000) |
Shares, Forfeited | (6,500) | (7,500) |
Shares, Outstanding at end of year | 1,031,667 | 1,318,417 |
Shares, Exercisable | 297,268 | 256,918 |
Weighted Average Exercise Price, Outstanding at beginning of year | $ 13.32 | $ 9.38 |
Weighted Average Exercise Price, Granted | 39.96 | 33.26 |
Weighted Average Exercise Price, Exercised | 8.49 | 7.24 |
Weighted Average Exercise Price, Forfeited | 38.82 | 10 |
Weighted Average Exercise Price, Outstanding at end of year | 17.72 | 13.05 |
Weighted Average Exercise Price, Exercisable | $ 12.9 | $ 8.96 |
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 6 months | 9 years 6 months |
Weighted Average Remaining Contractual Term (years), Exercised | 4 years 2 months 12 days | 3 years |
Weighted Average Remaining Contractual Term (years), Forfeited | 9 years | 6 years 7 months 6 days |
Weighted Average Remaining Contractual Term (years), Outstanding at ending | 6 years 6 months | 6 years 4 months 24 days |
Weighted Average Remaining Contractual Term (years), Exercisable | 6 years | 4 years 10 months 24 days |
Aggregate Intrinsic Value, Outstanding at beginning of year | $ 42,743 | $ 38,256 |
Aggregate Intrinsic Value, Granted | 1,398 | 0 |
Aggregate Intrinsic Value, Exercised | 14,254 | 16,495 |
Aggregate Intrinsic Value, Forfeited | 85 | 226 |
Aggregate Intrinsic Value, Outstanding at end of year | 35,277 | 35,697 |
Aggregate Intrinsic Value, Exercisable | $ 13,901 | $ 8,008 |
EMPLOYEE AND DIRECTOR BENEFIT41
EMPLOYEE AND DIRECTOR BENEFITS (Additional Information) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation | $ 291,000 | $ 293,000 | $ 931,000 | $ 857,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.90 | $ 8.40 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 2,400,000 | $ 2,400,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 18 days | |||
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 | $ 542,000 | $ 542,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 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 P42
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS (Additional Information) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Jun. 30, 2016 | Sep. 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 | $ 1,200,000 | $ 4,700,000 | |
Subordinated Debt [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Subordinated Debt | $ 34,750,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.00% | ||
Debt Instrument, Maturity Date | Jul. 15, 2025 | ||
Unamortized Debt Issuance Expense | $ 93,000 | ||
Amortization of Financing Costs | $ 6,000 | $ 18,000 |
FAIR VALUE MEASUREMENT (Financi
FAIR VALUE MEASUREMENT (Financial Assets And Financial Liabilities Carried At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 351,417 | $ 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 | 351,417 | 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 | 36,858 | 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 | 165,431 | 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 | 140,125 | 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 | 9,003 | 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 | 351,417 | 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 | 36,858 | 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 | 165,431 | 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 | 140,125 | 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 | 9,003 | 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 | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 70,615 | $ 27,808 |
Other real estate owned and repossessed assets | 3,035 | 5,392 |
Total assets at fair value | 73,650 | 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 | 70,615 | 27,808 |
Other real estate owned and repossessed assets | 3,035 | 5,392 |
Total assets at fair value | $ 73,650 | $ 33,200 |
FAIR VALUE MEASUREMENT (Finan45
FAIR VALUE MEASUREMENT (Financial Assets And Liabilities Carried At Fair Value On Recurring Basis Or Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Financial Assets: | |||
Cash and due from banks | $ 57,221 | $ 46,614 | [1] |
Available for sale debt securities | 351,417 | 342,938 | [1] |
Held to maturity debt securities | 25,853 | 27,426 | [1] |
Restricted equity securities | 5,668 | 4,954 | [1] |
Federal funds sold | 181,644 | 34,785 | [1] |
Mortgage loans held for sale | 6,026 | 8,249 | [1] |
Bank owned life insurance contracts | 113,643 | 91,594 | [1] |
Loans, net | 4,608,351 | 4,172,956 | [1] |
Financial Liabilities: | |||
Federal funds purchased | 344,390 | 352,360 | [1] |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets: | |||
Cash and due from banks | 610,613 | 317,450 | |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | |||
Financial Assets: | |||
Available for sale debt securities | 351,417 | 342,938 | |
Held to maturity debt securities | 25,853 | 27,426 | |
Restricted equity securities | 5,668 | 4,954 | |
Federal funds sold | 181,644 | 34,785 | |
Mortgage loans held for sale | 6,026 | 8,249 | |
Bank owned life insurance contracts | 113,643 | 91,594 | |
Financial Liabilities: | |||
Deposits | 5,081,128 | 4,223,888 | |
Federal funds purchased | 344,390 | 352,360 | |
Other borrowings | 55,356 | 55,637 | |
Carrying Reported Amount Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | |||
Financial Assets: | |||
Loans, net | 4,608,351 | 4,172,956 | |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets: | |||
Cash and due from banks | 610,613 | 317,450 | |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | |||
Financial Assets: | |||
Available for sale debt securities | 351,417 | 342,938 | |
Held to maturity debt securities | 26,912 | 27,910 | |
Restricted equity securities | 5,668 | 4,954 | |
Federal funds sold | 181,644 | 34,785 | |
Mortgage loans held for sale | 6,105 | 8,295 | |
Bank owned life insurance contracts | 113,643 | 91,594 | |
Financial Liabilities: | |||
Deposits | 5,082,035 | 4,223,181 | |
Federal funds purchased | 344,390 | 352,360 | |
Other borrowings | 54,172 | 52,521 | |
Portion At Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | |||
Financial Assets: | |||
Loans, net | $ 4,597,899 | $ 4,179,835 | |
[1] | Derived from audited financial statements. |
FAIR VALUE MEASUREMENT (Additio
FAIR VALUE MEASUREMENT (Additional Information) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Asset Impairment Charges | $ 3,544,000 | $ 1,573,000 | $ 6,090,000 | $ 5,209,000 | |
Real Estate Owned, Amount of Loss at Acquisition | $ 148,000 | $ 248,000 | 584,000 | $ 477,000 | |
Mortgage Loans on Real Estate, Foreclosures | $ 157,000 | $ 1,141,000 |