Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 25, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001430723 | |
Entity Registrant Name | ServisFirst Bancshares, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-36452 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-0734029 | |
Entity Address, Address Line One | 2500 Woodcrest Place | |
Entity Address, City or Town | Birmingham | |
Entity Address, State or Province | AL | |
Entity Address, Postal Zip Code | 35209 | |
City Area Code | 205 | |
Local Phone Number | 949-0302 | |
Title of 12(b) Security | Common stock, par value $.001 per share | |
Trading Symbol | SFBS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 53,592,013 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | [1] |
ASSETS | |||
Cash and due from banks | $ 108,804 | $ 97,516 | |
Interest-bearing balances due from depository institutions | 463,625 | 360,534 | |
Federal funds sold | 474,298 | 223,845 | |
Cash and cash equivalents | 1,046,727 | 681,895 | |
Available for sale debt securities, at fair value | 688,021 | 590,184 | |
Held to maturity debt securities (fair value of $250 at September 30, 2019) | 250 | 0 | |
Mortgage loans held for sale | 8,691 | 120 | |
Loans | 7,022,069 | 6,533,499 | |
Less allowance for loan losses | (77,192) | (68,600) | |
Loans, net | 6,944,877 | 6,464,899 | |
Premises and equipment, net | 56,570 | 57,822 | |
Accrued interest and dividends receivable | 25,423 | 24,070 | |
Deferred tax assets | 24,426 | 27,277 | |
Other real estate owned and repossessed assets | 5,337 | 5,169 | |
Bank owned life insurance contracts | 152,976 | 130,649 | |
Goodwill and other identifiable intangible assets | 14,246 | 14,449 | |
Other assets | 37,568 | 10,848 | |
Total assets | 9,005,112 | 8,007,382 | |
Liabilities: | |||
Noninterest-bearing | 1,678,672 | 1,557,341 | |
Interest-bearing | 6,045,486 | 5,358,367 | |
Total deposits | 7,724,158 | 6,915,708 | |
Federal funds purchased | 370,231 | 288,725 | |
Other borrowings | 64,693 | 64,666 | |
Accrued interest payable | 11,476 | 10,381 | |
Other liabilities | 24,017 | 12,699 | |
Total liabilities | 8,194,575 | 7,292,179 | |
Stockholders' equity: | |||
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at September 30, 2019 and December 31, 2018 | 0 | 0 | |
Common stock, par value $0.001 per share; 100,000,000 shares authorized; 53,579,113 shares issued and outstanding at September 30, 2019, and 53,375,195 shares issued and outstanding at December 31, 2018 | 54 | 53 | |
Additional paid-in capital | 219,234 | 218,521 | |
Retained earnings | 584,968 | 500,868 | |
Accumulated other comprehensive income (loss) | 5,779 | (4,741) | |
Total stockholders' equity attributable to ServisFirst Bancshares, Inc. | 810,035 | 714,701 | |
Noncontrolling interest | 502 | 502 | |
Total stockholders' equity | 810,537 | 715,203 | |
Total liabilities and stockholders' equity | $ 9,005,112 | $ 8,007,382 | |
[1] | Derived from audited financial statements. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Held to maturity debt securities, fair value | $ 250 | $ 0 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, undesignated (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 53,579,113 | 53,375,195 |
Common stock, outstanding (in shares) | 53,579,113 | 53,375,195 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest income: | ||||
Interest and fees on loans | $ 90,767 | $ 78,991 | $ 264,901 | $ 222,285 |
Taxable securities | 4,367 | 3,276 | 12,306 | 9,148 |
Nontaxable securities | 316 | 583 | 1,155 | 1,862 |
Federal funds sold | 1,768 | 892 | 4,985 | 2,137 |
Other interest and dividends | 3,912 | 316 | 9,269 | 1,031 |
Total interest income | 101,130 | 84,058 | 292,616 | 236,463 |
Interest expense: | ||||
Deposits | 24,787 | 15,210 | 71,172 | 36,545 |
Borrowed funds | 3,338 | 1,985 | 9,576 | 6,097 |
Total interest expense | 28,125 | 17,195 | 80,748 | 42,642 |
Net interest income | 73,005 | 66,863 | 211,868 | 193,821 |
Provision for loan losses | 6,985 | 6,624 | 16,754 | 14,884 |
Net interest income after provision for loan losses | 66,020 | 60,239 | 195,114 | 178,937 |
Noninterest income: | ||||
Securities gains | 34 | 186 | 28 | 190 |
Increase in cash surrender value life insurance | 787 | 787 | 2,327 | 2,350 |
Other operating income | 453 | 294 | 1,172 | 922 |
Total noninterest income | 6,210 | 5,065 | 16,930 | 14,421 |
Noninterest expenses: | ||||
Salaries and employee benefits | 15,499 | 13,070 | 44,103 | 39,464 |
Equipment and occupancy expense | 2,387 | 2,193 | 6,933 | 6,260 |
Professional services | 887 | 853 | 3,072 | 2,582 |
FDIC and other regulatory (credits) assessments | (296) | 675 | 1,804 | 2,967 |
OREO expense | 78 | 289 | 312 | 765 |
Other operating expenses | 6,606 | 5,544 | 20,285 | 17,136 |
Total noninterest expenses | 25,161 | 22,624 | 76,509 | 69,174 |
Income before income taxes | 47,069 | 42,680 | 135,535 | 124,184 |
Provision for income taxes | 9,506 | 8,120 | 27,329 | 23,481 |
Net income | 37,563 | 34,560 | 108,206 | 100,703 |
Preferred stock dividends | 0 | 0 | 31 | 31 |
Net income available to common stockholders | $ 37,563 | $ 34,560 | $ 108,175 | $ 100,672 |
Basic earnings per common share (in dollars per share) | $ 0.70 | $ 0.65 | $ 2.02 | $ 1.89 |
Diluted earnings per common share (in dollars per share) | $ 0.69 | $ 0.64 | $ 2 | $ 1.86 |
Deposit Account [Member] | ||||
Noninterest income: | ||||
Noninterest income | $ 1,735 | $ 1,595 | $ 5,223 | $ 4,833 |
Mortgage Banking [Member] | ||||
Noninterest income: | ||||
Noninterest income | 1,333 | 789 | 2,995 | 2,096 |
Credit Card [Member] | ||||
Noninterest income: | ||||
Noninterest income | $ 1,868 | $ 1,414 | $ 5,185 | $ 4,030 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 37,563 | $ 34,560 | $ 108,206 | $ 100,703 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized net holding gains (losses) arising during period from securities available for sale, net of tax of $427 and $2,791 for the three and nine months ended September 30, 2019, respectively, and net of benefit of $(733) and $(2,589) for the three and nine months ended September 30, 2018, respectively | 1,443 | (2,757) | 10,497 | (9,740) |
Reclassification adjustment for net gains on sale of securities available for sale, net of tax of $6 and $5 for the three and nine months ended September 30, 2019, respectively, and $39 and $40 for the three and nine months ended September 30, 2018, respectively | 18 | 147 | 23 | 150 |
Other comprehensive income (loss), net of tax | 1,461 | (2,610) | 10,520 | (9,590) |
Comprehensive income | $ 39,024 | $ 31,950 | $ 118,726 | $ 91,113 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Unrealized holding gain (loss) from available for sale securities, tax | $ 427 | $ (733) | $ 2,791 | $ (2,589) |
Reclassification adjustment for net (gains) losses on sale of securities available-for-sale, tax | $ 6 | $ 39 | $ 5 | $ 40 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance at Dec. 31, 2017 | $ 0 | $ 53 | $ 217,693 | $ 389,554 | $ (198) | $ 502 | $ 607,604 | |
Common dividends declared | 0 | 0 | 0 | (5,851) | 0 | 0 | (5,851) | |
Issue shares of common stock upon exercise of stock options | 0 | 0 | 1,325 | 0 | 0 | 0 | 1,325 | |
Shares of common stock withheld in net settlement upon exercise of stock options | 0 | 0 | (1,640) | 0 | 0 | 0 | (1,640) | |
Stock-based compensation expense | 0 | 0 | 684 | 0 | 0 | 0 | 684 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | (9,590) | 0 | (9,590) | |
Net income | 0 | 0 | 0 | 100,703 | 0 | 0 | 100,703 | |
Common dividends paid | 0 | 0 | 0 | (11,694) | 0 | 0 | (11,694) | |
Preferred dividends paid | 0 | 0 | 0 | (31) | 0 | 0 | (31) | |
Balance at Sep. 30, 2018 | 0 | 53 | 218,062 | 472,681 | (9,788) | 502 | 681,510 | |
Balance at Jun. 30, 2018 | 0 | 53 | 217,765 | 443,972 | (7,178) | 502 | 655,114 | |
Common dividends declared | 0 | 0 | 0 | (5,851) | 0 | 0 | (5,851) | |
Issue shares of common stock upon exercise of stock options | 0 | 0 | 465 | 0 | 0 | 0 | 465 | |
Shares of common stock withheld in net settlement upon exercise of stock options | 0 | 0 | (370) | 0 | 0 | 0 | (370) | |
Stock-based compensation expense | 0 | 0 | 202 | 0 | 0 | 0 | 202 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | (2,610) | 0 | (2,610) | |
Net income | 0 | 0 | 0 | 34,560 | 0 | 0 | 34,560 | |
Balance at Sep. 30, 2018 | 0 | 53 | 218,062 | 472,681 | (9,788) | 502 | 681,510 | |
Balance at Dec. 31, 2018 | 0 | 53 | 218,521 | 500,868 | (4,741) | 502 | 715,203 | [1] |
Common dividends declared | 0 | 0 | 0 | (8,037) | 0 | 0 | (8,037) | |
Issue shares of common stock upon exercise of stock options | 0 | 1 | 1,674 | 0 | 0 | 0 | 1,675 | |
Shares of common stock withheld in net settlement upon exercise of stock options | 0 | 0 | (1,742) | 0 | 0 | 0 | (1,742) | |
Stock-based compensation expense | 0 | 0 | 781 | 0 | 0 | 0 | 781 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 10,520 | 0 | 10,520 | |
Net income | 0 | 0 | 0 | 108,206 | 0 | 0 | 108,206 | |
Common dividends paid | 0 | 0 | 0 | (16,038) | 0 | 0 | (16,038) | |
Preferred dividends paid | 0 | 0 | 0 | (31) | 0 | 0 | (31) | |
Balance at Sep. 30, 2019 | 0 | 54 | 219,234 | 584,968 | 5,779 | 502 | 810,537 | |
Balance at Jun. 30, 2019 | 0 | 54 | 218,658 | 555,425 | 4,318 | 502 | 778,957 | |
Common dividends declared | 0 | 0 | 0 | (8,020) | 0 | 0 | (8,020) | |
Issue shares of common stock upon exercise of stock options | 0 | 0 | 571 | 0 | 0 | 0 | 571 | |
Shares of common stock withheld in net settlement upon exercise of stock options | 0 | 0 | (289) | 0 | 0 | 0 | (289) | |
Stock-based compensation expense | 0 | 0 | 294 | 0 | 0 | 0 | 294 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 1,461 | 0 | 1,461 | |
Net income | 0 | 0 | 0 | 37,563 | 0 | 0 | 37,563 | |
Balance at Sep. 30, 2019 | $ 0 | $ 54 | $ 219,234 | $ 584,968 | $ 5,779 | $ 502 | $ 810,537 | |
[1] | Derived from audited financial statements. |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Additional Paid-in Capital [Member] | ||||
Common dividends, per share declared (in dollars per share) | $ 0.15 | $ 0.11 | ||
Shares witheld in net settlement upon exercise of stock options (in shares) | 9,069 | 9,426 | ||
Common Stock [Member] | ||||
Issuance of common stock, shares (in shares) | 41,731 | 46,074 | ||
Common dividends, per share declared (in dollars per share) | $ 0.15 | $ 0.11 | ||
Issuance of common stock, shares (in shares) | 185,044 | 191,371 | ||
Shares witheld in net settlement upon exercise of stock options (in shares) | 54,256 | 39,965 | ||
Common dividends, per share (in dollars per share) | $ 0.30 | $ 0.22 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net income | $ 108,206,000 | $ 100,703,000 |
Adjustments to reconcile net income to net cash provided by | ||
Deferred tax expense | 2,851,000 | 754,000 |
Provision for loan losses | 16,754,000 | 14,884,000 |
Depreciation | 2,774,000 | 2,548,000 |
Accretion on acquired loans | (91,000) | (147,000) |
Amortization of core deposit intangible | 203,000 | 202,000 |
Net amortization of debt securities available for sale | 2,040,000 | 2,268,000 |
Increase in accrued interest and dividends receivable | (1,353,000) | (4,094,000) |
Stock-based compensation expense | 781,000 | 684,000 |
Increase in accrued interest payable | 1,095,000 | 3,591,000 |
Proceeds from sale of mortgage loans held for sale | 90,188,000 | 81,319,000 |
Originations of mortgage loans held for sale | (95,764,000) | (80,041,000) |
Net gain on sale of debt securities available for sale | (28,000) | (15,000) |
Gain on sale of equity securities | 0 | (175,000) |
Gain on sale of mortgage loans held for sale | (2,995,000) | (2,096,000) |
Net (gain) loss on sale of other real estate owned and repossessed assets | (6,000) | 3,000 |
Write down of other real estate owned and repossessed assets | 288,000 | 488,000 |
Operating (income) loss of tax credit partnerships | (16,000) | 128,000 |
Increase in cash surrender value of life insurance contracts | (2,327,000) | (2,350,000) |
Net change in other assets, liabilities, and other operating activities | (19,766,000) | (2,608,000) |
Net cash provided by operating activities | 102,834,000 | 116,046,000 |
INVESTMENT ACTIVITIES | ||
Purchase of debt securities available for sale | (186,240,000) | (122,821,000) |
Proceeds from maturities, calls and paydowns of debt securities available for sale | 100,687,000 | 63,803,000 |
Proceeds from sale of debt securities available for sale | 0 | 5,736,000 |
Purchase of debt securities held to maturity | (250,000) | 0 |
Proceeds from sale of equity securities | 0 | 305,000 |
Purchase of BOLI contracts | (20,000,000) | 0 |
Increase in loans | (505,224,000) | (520,610,000) |
Purchase of premises and equipment | (1,522,000) | (1,530,000) |
Proceeds from sale of other real estate owned and repossessed assets | 727,000 | 1,572,000 |
Net cash used in investing activities | (611,822,000) | (573,545,000) |
FINANCING ACTIVITIES | ||
Net increase in non-interest-bearing deposits | 121,331,000 | 64,121,000 |
Net increase in interest-bearing deposits | 687,119,000 | 349,556,000 |
Net increase (decrease) in federal funds purchased | 81,506,000 | (55,703,000) |
Repayment of Federal Home Loan Bank advances | 0 | (200,000) |
Proceeds from exercise of stock options | 1,675,000 | 1,325,000 |
Taxes paid in net settlement of tax obligation upon exercise of stock options | (1,742,000) | (1,640,000) |
Dividends paid on common stock | (16,038,000) | (11,694,000) |
Dividends paid on preferred stock | (31,000) | (31,000) |
Net cash provided by financing activities | 873,820,000 | 345,734,000 |
Net increase (decrease) in cash and cash equivalents | 364,832,000 | (111,765,000) |
Cash and cash equivalents at beginning of period | 681,895,000 | 477,586,000 |
Cash and cash equivalents at end of period | 1,046,727,000 | 365,821,000 |
Cash paid for: | ||
Interest | 79,653,000 | 39,051,000 |
Income taxes | 34,464,000 | 20,235,000 |
Income tax refund | (86,000) | (2,000) |
NONCASH TRANSACTIONS | ||
Other real estate acquired in settlement of loans | 1,177,000 | 1,206,000 |
Internally financed sale of other real estate owned | 0 | 130,000 |
Dividends declared | $ 8,037,000 | $ 5,851,000 |
Note 1 - General
Note 1 - General | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 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 10 not not not may 10 December 31, 2018. All reported amounts are in thousands except share and per share data. Leases The Company leases certain office space and equipment under operating leases. Accounting Standards Update 2016 02, Leases (Topic 842 January 1, 2019 Certain of the leases include one one five not not None The Company has made an accounting policy election to not 2016 02 1 2 3 |
Note 2 - Cash and Cash Equivale
Note 2 - Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 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. |
Note 3 - Earnings Per Common Sh
Note 3 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 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. 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, 2019 2018 2019 2018 (In Thousands, Except Shares and Per Share Data) Earnings per common share Weighted average common shares outstanding 53,544,747 53,171,144 53,508,710 53,134,861 Net income available to common stockholders $ 37,563 $ 34,560 $ 108,175 $ 100,672 Basic earnings per common share $ 0.70 $ 0.65 $ 2.02 $ 1.89 Weighted average common shares outstanding 53,544,747 53,171,144 53,508,710 53,134,861 Dilutive effects of assumed conversions and exercise of stock options and warrants 551,621 1,020,078 578,700 1,055,383 Weighted average common and dilutive potential common shares outstanding 54,096,368 54,191,222 54,087,410 54,190,244 Net income available to common stockholders $ 37,563 $ 34,560 $ 108,175 $ 100,672 Diluted earnings per common share $ 0.69 $ 0.64 $ 2.00 $ 1.86 |
Note 4 - Securities
Note 4 - Securities | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 4 - SECURITIES The amortized cost and fair value of available-for-sale and held-to-maturity securities at September 30, 2019 December 31, 2018 Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value September 30, 2019 (In Thousands) Securities Available for Sale U.S. Treasury securities $ 51,888 $ 311 $ (1 ) $ 52,198 Government Agency securities 18,234 129 (2 ) 18,361 Mortgage-backed securities 398,818 4,425 (604 ) 402,639 State and municipal securities 65,270 330 (32 ) 65,568 Corporate debt 146,551 2,834 (130 ) 149,255 Total $ 680,761 $ 8,029 $ (769 ) $ 688,021 Securities Held to Maturity State and municipal securities 250 - - 250 Total $ 250 $ - $ - $ 250 December 31, 2018 Securities Available for Sale U.S. Treasury securities $ 58,750 $ 75 $ (397 ) $ 58,428 Government Agency securities 18,784 3 (222 ) 18,565 Mortgage-backed securities 309,244 591 (5,531 ) 304,304 State and municipal securities 106,465 208 (679 ) 105,994 Corporate debt 102,982 668 (757 ) 102,893 Total $ 596,225 $ 1,545 $ (7,586 ) $ 590,184 The amortized cost and fair value of debt securities as of September 30, 2019 December 31, 2018 may may not September 30, 2019 December 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Debt securities available for sale Due within one year $ 55,777 $ 55,973 $ 38,343 $ 38,225 Due from one to five years 106,374 107,205 167,873 166,380 Due from five to ten years 117,885 120,258 77,811 78,276 Due after ten years 1,907 1,946 2,954 2,999 Mortgage-backed securities 398,818 402,639 309,244 304,304 $ 680,761 $ 688,021 $ 596,225 $ 590,184 Debt securities held to maturity Due from one to five years $ 250 $ 250 $ - $ - $ 250 $ 250 $ - $ - 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 carrying value of debt securities pledged to secure public funds on deposit and for other purposes as required by law as of September 30, 2019 December 31, 2018 The following table identifies, as of September 30, 2019 December 31, 2018, 12 12 September 30, 2019, 12 not not not may not September 30, 2019. not 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, 2019 U.S. Treasury securities $ - $ - $ (1 ) $ 2,998 $ (1 ) $ 2,998 Government Agency securities (2 ) 267 - - (2 ) 267 Mortgage-backed securities (457 ) 77,726 (147 ) 28,217 (604 ) 105,943 State and municipal securities (11 ) 6,170 (21 ) 4,035 (32 ) 10,205 Corporate debt (130 ) 17,036 - - (130 ) 17,036 Total $ (600 ) $ 101,199 $ (169 ) $ 35,250 $ (769 ) $ 136,449 December 31, 2018 U.S. Treasury securities $ (8 ) 1,001 $ (388 ) $ 32,449 $ (396 ) $ 34,206 Government Agency securities - - (223 ) 18,429 (223 ) 17,673 Mortgage-backed securities (539 ) 67,721 (4,992 ) 204,260 (5,531 ) 271,981 State and municipal securities (101 ) 20,821 (578 ) 52,190 (679 ) 73,011 Corporate debt (315 ) 36,245 (442 ) 13,474 (757 ) 49,718 Total $ (963 ) $ 125,788 $ (6,623 ) $ 320,802 $ (7,586 ) $ 446,590 |
Note 5 - Loans
Note 5 - Loans | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 5 – LOANS The following table details the Company’s loans at September 30, 2019 December 31, 2018: September 30, December 31, 2019 2018 (Dollars In Thousands) Commercial, financial and agricultural $ 2,653,934 $ 2,513,225 Real estate - construction 550,871 533,192 Real estate - mortgage: Owner-occupied commercial 1,526,911 1,463,887 1-4 family mortgage 632,346 621,634 Other mortgage 1,592,072 1,337,068 Subtotal: Real estate - mortgage 3,751,329 3,422,589 Consumer 65,935 64,493 Total Loans 7,022,069 6,533,499 Less: Allowance for loan losses (77,192 ) (68,600 ) Net Loans $ 6,944,877 $ 6,464,899 Commercial, financial and agricultural 37.79 % 38.47 % Real estate - construction 7.85 % 8.16 % Real estate - mortgage: Owner-occupied commercial 21.74 % 22.41 % 1-4 family mortgage 9.01 % 9.51 % Other mortgage 22.67 % 20.46 % Subtotal: Real estate - mortgage 53.42 % 52.39 % Consumer 0.94 % 0.99 % Total Loans 100.00 % 100.00 % The credit quality of the loan portfolio is summarized no ● 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, not not not ● 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 ● Doubtful – loans that have all the weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. Loans by credit quality indicator as of September 30, 2019 December 31, 2018 Special September 30, 2019 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 2,573,465 $ 58,639 $ 21,830 $ - $ 2,653,934 Real estate - construction 540,560 6,011 4,300 - 550,871 Real estate - mortgage: Owner-occupied commercial 1,492,829 12,972 21,110 - 1,526,911 1-4 family mortgage 629,806 947 1,593 - 632,346 Other mortgage 1,571,238 19,332 1,502 - 1,592,072 Total real estate mortgage 3,693,873 33,251 24,205 - 3,751,329 Consumer 65,935 - - - 65,935 Total $ 6,873,833 $ 97,901 $ 50,335 $ - $ 7,022,069 Special December 31, 2018 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 2,447,052 $ 47,754 $ 18,419 $ - $ 2,513,225 Real estate - construction 525,021 6,749 1,422 - 533,192 Real estate - mortgage: Owner-occupied commercial 1,431,982 28,547 3,358 - 1,463,887 1-4 family mortgage 616,884 2,703 2,047 - 621,634 Other mortgage 1,309,101 16,506 11,461 - 1,337,068 Total real estate mortgage 3,357,967 47,756 16,866 - 3,422,589 Consumer 64,444 - 49 - 64,493 Total $ 6,394,484 $ 102,259 $ 36,756 $ - $ 6,533,499 Loans by performance status as of September 30, 2019 December 31, 2018 September 30, 2019 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 2,637,785 $ 16,149 $ 2,653,934 Real estate - construction 549,283 1,588 550,871 Real estate - mortgage: Owner-occupied commercial 1,511,666 15,245 1,526,911 1-4 family mortgage 630,755 1,591 632,346 Other mortgage 1,585,609 6,463 1,592,072 Total real estate mortgage 3,728,030 23,299 3,751,329 Consumer 65,923 12 65,935 Total $ 6,981,020 $ 41,049 $ 7,022,069 December 31, 2018 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 2,502,117 $ 11,108 $ 2,513,225 Real estate - construction 532,195 997 533,192 Real estate - mortgage: Owner-occupied commercial 1,460,529 3,358 1,463,887 1-4 family mortgage 619,465 2,169 621,634 Other mortgage 1,327,038 10,030 1,337,068 Total real estate mortgage 3,407,032 15,557 3,422,589 Consumer 64,385 108 64,493 Total $ 6,505,729 $ 27,770 $ 6,533,499 Loans by past due status as of September 30, 2019 December 31, 2018 September 30, 2019 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 $ 4,519 $ 1,127 $ 119 $ 5,765 $ 16,030 $ 2,632,139 $ 2,653,934 Real estate - construction 650 - - 650 1,588 548,633 550,871 Real estate - mortgage: Owner-occupied commercial 9,005 - 118 9,123 15,127 1,502,661 1,526,911 1-4 family mortgage 2,229 600 112 2,941 1,480 627,925 632,346 Other mortgage 31 375 4,956 5,362 1,507 1,585,203 1,592,072 Total real estate - mortgage 11,265 975 5,186 17,426 18,114 3,715,789 3,751,329 Consumer 31 44 12 87 - 65,848 65,935 Total $ 16,465 $ 2,146 $ 5,317 $ 23,928 $ 35,732 $ 6,962,409 $ 7,022,069 December 31, 2018 Past Due Status (Accruing Loans) Total Past 30-59 Days 60-89 Days 90+ Days Due Non-Accrual Current Total Loans (In Thousands) Commercial, financial and agricultural $ 1,222 $ 48 $ 605 $ 1,875 $ 10,503 $ 2,500,847 $ 2,513,225 Real estate - construction - 1,352 - 1,352 997 530,843 533,192 Real estate - mortgage: Owner-occupied commercial 412 - - 412 3,358 1,460,117 1,463,887 1-4 family mortgage 534 235 123 892 2,046 618,696 621,634 Other mortgage 1,174 - 5,008 6,182 5,022 1,325,864 1,337,068 Total real estate - mortgage 2,120 235 5,131 7,486 10,426 3,404,677 3,422,589 Consumer 58 123 108 289 - 64,204 64,493 Total $ 3,400 $ 1,758 $ 5,844 $ 11,002 $ 21,926 $ 6,500,571 $ 6,533,499 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 The methodology utilized for the calculation of the allowance for loan losses is divided into four 450 310 Non-Impaired Loans. second 5 Impaired Loans. may may External Qualitative Factors three Internal Qualitative Factors During the third 2019, 50% not September 30, 2019, 72 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 nine September 30, 2019 September 30, 2018. Commercial, financial and Real estate - Real estate - agricultural construction mortgage Consumer Total (In Thousands) Three Months Ended September 30, 2019 Allowance for loan losses: Balance at June 30, 2019 $ 38,709 $ 3,419 $ 28,783 $ 475 $ 71,386 Charge-offs (3,626 ) - (4,974 ) (172 ) (8,772 ) Recoveries 126 1 - 60 187 Allocation from LGP 4,905 115 2,386 - 7,406 Provision 5,108 (343 ) 2,069 151 6,985 Balance at September 30, 2019 $ 45,222 $ 3,192 $ 28,264 $ 514 $ 77,192 Three Months Ended September 30, 2018 Allowance for loan losses: Balance at June 30, 2018 $ 36,178 $ 4,062 $ 23,438 $ 561 $ 64,239 Charge-offs (3,923 ) - (48 ) (76 ) (4,047 ) Recoveries 52 4 1 6 63 Provision 6,794 (132 ) (62 ) 24 6,624 Balance at September 30, 2018 $ 39,101 $ 3,934 $ 23,329 $ 515 $ 66,879 Nine Months Ended September 30, 2019 Allowance for loan losses: Balance at December 31, 2018 $ 39,016 $ 3,522 $ 25,508 $ 554 $ 68,600 Charge-offs (10,273 ) - (5,193 ) (453 ) (15,919 ) Recoveries 255 2 11 83 351 Allocation from LGP 4,905 115 2,386 - 7,406 Provision 11,319 (447 ) 5,552 330 16,754 Balance at September 30, 2019 $ 45,222 $ 3,192 $ 28,264 $ 514 $ 77,192 Nine Months Ended September 30, 2018 Allowance for loan losses: Balance at December 31, 2017 $ 32,880 $ 4,989 $ 21,022 $ 515 $ 59,406 Charge-offs (6,743 ) - (869 ) (211 ) (7,823 ) Recoveries 229 108 44 31 412 Provision 12,735 (1,163 ) 3,132 180 14,884 Balance at September 30, 2018 $ 39,101 $ 3,934 $ 23,329 $ 515 $ 66,879 As of September 30, 2019 Allowance for loan losses: Individually Evaluated for Impairment $ 7,165 $ 110 $ 2,013 $ - $ 9,288 Collectively Evaluated for Impairment 38,057 3,082 26,251 514 67,904 Loans: Ending Balance $ 2,653,934 $ 550,871 $ 3,751,329 $ 65,935 $ 7,022,069 Individually Evaluated for Impairment 21,855 4,332 25,306 - 51,493 Collectively Evaluated for Impairment 2,632,079 546,539 3,726,023 65,935 6,970,576 As of December 31, 2018 Allowance for loan losses: Individually Evaluated for Impairment $ 6,066 $ 126 $ 1,887 $ 49 $ 8,128 Collectively Evaluated for Impairment 32,950 3,396 23,621 505 60,472 Loans: Ending Balance $ 2,513,225 $ 533,192 $ 3,422,589 $ 64,493 $ 6,533,499 Individually Evaluated for Impairment 18,444 1,461 18,637 49 38,591 Collectively Evaluated for Impairment 2,494,781 531,731 3,403,952 64,444 6,494,908 The following table presents details of the Company’s impaired loans as of September 30, 2019 December 31, 2018, not For the three months For the nine months ended September 30, ended September 30, September 30, 2019 2019 2019 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 $ 2,705 $ 4,308 $ - $ 3,186 $ 50 $ 3,799 $ 129 Real estate - construction 2,744 2,747 - 2,423 39 1,834 80 Real estate - mortgage: Owner-occupied commercial 7,341 7,436 - 7,414 120 7,625 506 1-4 family mortgage 298 298 - 315 - 321 2 Other mortgage - - - - - - - Total real estate - mortgage 7,639 7,734 - 7,729 120 7,946 508 Consumer - - - - - - - Total with no allowance recorded 13,088 14,789 - 13,338 209 13,579 717 With an allowance recorded: Commercial, financial and agricultural 19,150 26,551 7,165 21,260 15 22,568 467 Real estate - construction 1,588 1,588 110 1,588 (14 ) 1,623 27 Real estate - mortgage: Owner-occupied commercial 14,867 18,173 1,159 19,664 61 19,850 548 1-4 family mortgage 1,293 1,293 204 1,293 1 1,296 3 Other mortgage 1,507 1,507 650 1,507 (23 ) 1,456 21 Total real estate - mortgage 17,667 20,973 2,013 22,464 39 22,602 572 Consumer - - - - - - - Total with allowance recorded 38,405 49,112 9,288 45,312 40 46,793 1,066 Total Impaired Loans: Commercial, financial and agricultural 21,855 30,859 7,165 24,446 65 26,367 596 Real estate - construction 4,332 4,335 110 4,011 25 3,457 107 Real estate - mortgage: Owner-occupied commercial 22,208 25,609 1,159 27,078 181 27,475 1,054 1-4 family mortgage 1,591 1,591 204 1,608 1 1,617 5 Other mortgage 1,507 1,507 650 1,507 (23 ) 1,456 21 Total real estate - mortgage 25,306 28,707 2,013 30,193 159 30,548 1,080 Consumer - - - - - - - Total impaired loans $ 51,493 $ 63,901 $ 9,288 $ 58,650 $ 249 $ 60,372 $ 1,783 December 31, 2018 For the twelve months ended December 31, 2018 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 $ 6,064 $ 6,064 $ - $ 6,142 $ 237 Real estate - construction 464 467 - 524 28 Real estate - mortgage: Owner-occupied commercial 1,763 1,947 - 2,223 120 1-4 family mortgage 1,071 1,071 - 1,088 21 Other mortgage 5,061 5,061 - 5,133 252 Total real estate - mortgage 7,895 8,079 - 8,444 393 Consumer - - - - - Total with no allowance recorded 14,423 14,610 - 15,110 658 With an allowance recorded: Commercial, financial and agricultural 12,380 20,141 6,066 15,918 462 Real estate - construction 997 997 126 997 31 Real estate - mortgage: Owner-occupied commercial 3,358 3,358 99 3,364 105 1-4 family mortgage 975 975 208 975 30 Other mortgage 6,409 6,409 1,580 6,598 217 Total real estate - mortgage 10,742 10,742 1,887 10,937 352 Consumer 49 49 49 49 3 Total with allowance recorded 24,168 31,929 8,128 27,901 848 Total Impaired Loans: Commercial, financial and agricultural 18,444 26,205 6,066 22,060 699 Real estate - construction 1,461 1,464 126 1,521 59 Real estate - mortgage: Owner-occupied commercial 5,121 5,305 99 5,587 225 1-4 family mortgage 2,046 2,046 208 2,063 51 Other mortgage 11,470 11,470 1,580 11,731 469 Total real estate - mortgage 18,637 18,821 1,887 19,381 745 Consumer 49 49 49 49 3 Total impaired loans $ 38,591 $ 46,539 $ 8,128 $ 43,011 $ 1,506 Troubled Debt Restructurings (“TDR”) at September 30, 2019, December 31, 2018 September 30, 2018 September 30, 2019, December 31, 2018 September 30, 2018. three nine September 30, 2019 2018 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 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 $ 2,742 $ 2,742 Real estate - construction - - - - - - Real estate - mortgage: Owner-occupied commercial - - - - - - 1-4 family mortgage - - - - - - Other mortgage - - - - - - Total real estate mortgage - - - - - - Consumer - - - - - - - $ - $ - 1 $ 2,742 $ 2,742 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 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 6 $ 7,242 $ 7,242 6 $ 7,242 $ 7,242 Real estate - construction 1 997 997 1 997 997 Real estate - mortgage: Owner-occupied commercial 2 3,664 3,664 2 3,664 3,664 1-4 family mortgage 1 850 850 1 850 850 Other mortgage - - - - - - Total real estate mortgage 3 4,514 4,514 3 4,514 4,514 Consumer - - - - - - 10 $ 12,753 $ 12,753 10 $ 12,753 $ 12,753 The following table presents TDRs by portfolio segment which defaulted during the three nine September 30, 2019 2018, twelve twelve 90 September 30, 2019, Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In thousands) Defaulted during the period, where modified in a TDR twelve months prior to default Commercial, financial and agricultural $ - $ - $ 325 $ 268 Real estate - construction - - - - Real estate - mortgage: Owner-occupied commercial - - - - 1-4 family mortgage - - - - Other mortgage - - - - Total real estate mortgage - - - - Consumer - - - - $ - $ - $ 325 $ 268 |
Note 6 - Leases
Note 6 - Leases | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 6 The Company leases space under non-cancelable operating leases for several of its banking offices and certain office equipment. The leases have remaining terms up to 9.7 years. At September 30, 2019, Maturities of operating lease liabilities as of September 30, 2019 September 30, 2019 (In Thousands) 2019 (remaining) $ 819 2020 3,297 2021 2,680 2022 2,655 2023 2,181 thereafter 3,749 Total lease payments 15,381 Less: imputed interest (2,977 ) Present value of operating lease liabilities $ 12,404 As of September 30, 2019, Operating cash flows related to leases were $888,000 and $2,451,000 for the three nine September 30, 2019, Lease costs during the three nine September 30, 2019 Three Months Ended September 30, 2019 Operating lease cost $ 809 Short-term lease cost 8 Variable lease cost 49 Sublease income (23 ) Net lease cost $ 843 Nine Months Ended September 30, 2019 Operating lease cost $ 2,500 Short-term lease cost 21 Variable lease cost 151 Sublease income (35 ) Net lease cost $ 2,637 |
Note 7 - Employee and Director
Note 7 - Employee and Director Benefits | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 7 - EMPLOYEE AND DIRECTOR BENEFITS Stock Options The Company has a stock-based compensation plan as described below. The compensation cost that has been charged to earnings for the plan was approximately $294,000 and $781,000 for the three nine September 30, 2019 three nine September 30, 2018. The Company’s 2009 ten 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 volatility is based on historical volatilities of the Company’s common stock. 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. 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. 2019 2018 Expected volatility 40.00 % 24.72 % Expected dividends 1.74 % 1.06 % Expected term (in years) 6.7 6.3 Risk-free rate 2.56 % 2.67 % The weighted average grant-date fair value of options granted during the nine September 30, 2019 September 30, 2018 The following table summarizes stock option activity during the nine September 30, 2019 September 30, 2018: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (years) Value (In Thousands) Nine Months Ended September 30, 2019: Outstanding at January 1, 2019 1,238,748 $ 13.02 5.2 $ 23,355 Granted 10,500 34.44 9.4 (14 ) Exercised (239,300 ) 7.02 2.3 6,162 Forfeited (20,200 ) 24.88 6.5 167 Outstanding at September 30, 2019 989,748 14.46 5.0 $ 18,603 Exercisable at September 30, 2019 278,000 $ 7.36 3.1 $ 7,261 Nine Months Ended September 30, 2018: Outstanding at January 1, 2018 1,666,834 $ 10.68 5.5 $ 51,377 Granted 12,750 41.58 9.5 (31 ) Exercised (231,336 ) 4.94 3.1 7,665 Forfeited (33,000 ) 15.00 6.4 758 Outstanding at September 30, 2018 1,415,248 11.79 5.1 $ 38,998 Exercisable at September 30, 2018 693,100 $ 6.78 3.5 $ 22,513 As of September 30, 2019, Restricted Stock The Company periodically grants restricted stock awards that vest upon service conditions. Dividend payments are made during the vesting period. The value of restricted stock is determined to be the current value of the Company’s stock, and this total value will be recognized as compensation expense over the vesting period. As of September 30, 2019, The following table summarizes restricted stock activity during the nine September 30, 2019 2018, Shares Weighted Average Grant Date Fair Value Nine Months Ended September 30, 2019: Non-vested at January 1, 2019 44,076 $ 38.44 Granted 33,774 33.60 Vested (5,200 ) 20.31 Forfeited (2,500 ) 38.17 Non-vested at September 30, 2019 70,150 37.46 Nine Months Ended September 30, 2018: Non-vested at January 1, 2018 120,676 $ 10.29 Granted 12,850 41.48 Vested (73,700 ) 5.88 Forfeited (750 ) 41.21 Non-vested at September 30, 2018 59,076 22.18 |
Note 8 - Derivatives
Note 8 - Derivatives | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 8 - DERIVATIVES The Company has entered into agreements with secondary market investors to deliver loans on a “best efforts delivery” basis. When a rate is committed to a borrower, it is based on the best price that day and locked with the investor for the customer for a 30 not no September 30, 2019 December 31, 2018 not |
Note 9 - Recently Adopted Accou
Note 9 - Recently Adopted Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 9 – RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In February 2016, 2016 02, Leases (Topic 842 January 1, 2019. three 1 2 3 January 1, 2019, $15.6 not no 6 In June 2018, 2018 07, Compensation – Stock Compensation (Topic 718 718, 505 50, January 1, 2019. not not In March 2017, 2017 08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310 20 not January 1, 2019. not first |
Note 10 - Recent Accounting Pro
Note 10 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | NOTE 10 In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 December 15, 2019. third fourth 2019. third fourth 2019. 2016 13 In July 2018, 2018 13, Fair Value Measurement (Topic 820 no 1 2 3 No. 2018 13 December 15, 2019; No. 2018 13 not |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurement | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 11 - FAIR VALUE MEASUREMENT Measurement of fair value under U.S. GAAP establishes a hierarchy that prioritizes observable and unobservable inputs used to measure fair value, as of the measurement date, into three Level 1: 1 Level 2: not Level 3: no 3 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 1 1 not may 2 1 2 not 3 Impaired Loans not not 820 10 3 three nine September 30, 2019, three nine September 30, 2018, Other Real Estate Owned and repossessed assets not 3 three nine September 30, 2019, three nine September 30, 2018, 3 There was one third 2019 September 30, 2019. The following table presents the Company’s financial assets and financial liabilities carried at fair value on a recurring basis as of September 30, 2019 December 31, 2018: Fair Value Measurements at September 30, 2019 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Inputs Unobservable Assets (Level 1) (Level 2) Inputs (Level 3) Total Assets Measured on a Recurring Basis: (In Thousands) Available-for-sale debt securities: U.S. Treasury securities $ - $ 52,198 $ - $ 52,198 Government Agency securities - 18,361 - 18,361 Mortgage-backed securities - 402,639 - 402,639 State and municipal securities - 65,568 - 65,568 Corporate debt - 142,645 6,610 149,255 Total assets at fair value $ - $ 681,411 $ 6,610 $ 688,021 Fair Value Measurements at December 31, 2018 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Inputs Unobservable Assets (Level 1) (Level 2) Inputs (Level 3) Total Assets Measured on a Recurring Basis: (In Thousands) Available-for-sale debt securities: U.S. Treasury securities $ - $ 58,428 $ - $ 58,428 Government Agency securities - 18,565 - 18,565 Mortgage-backed securities - 304,304 - 304,304 State and municipal securities - 105,994 - 105,994 Corporate debt - 96,375 6,518 102,893 Total assets at fair value $ - $ 583,666 $ 6,518 $ 590,184 The following table presents the Company’s financial assets and financial liabilities carried at fair value on a nonrecurring basis as of September 30, 2019 December 31, 2018: Fair Value Measurements at September 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Measured on a Nonrecurring Basis: (In Thousands) Impaired loans $ - $ - $ 42,205 $ 42,205 Other real estate owned and repossessed assets - - 5,337 5,337 Total assets at fair value $ - $ - $ 47,542 $ 47,542 Fair Value Measurements at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Measured on a Nonrecurring Basis: (In Thousands) Impaired loans $ - $ - $ 30,463 $ 30,463 Other real estate owned and repossessed assets - - 5,169 5,169 Total assets at fair value $ - $ - $ 35,632 $ 35,632 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 not may not may not The estimated fair values of the Company’s financial instruments not September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Carrying Carrying Amount Fair Value Amount Fair Value (In Thousands) Financial Assets: Level 1 inputs: Cash and due from banks $ 572,429 $ 572,429 $ 458,050 $ 458,050 Level 2 inputs: Federal funds sold 474,298 474,298 223,845 223,845 Mortgage loans held for sale 8,691 8,656 120 121 Level 3 inputs: Held to maturity debt securities 250 250 - - Loans, net 6,902,672 6,816,956 6,464,899 6,398,604 Financial liabilities: Level 2 inputs: Deposits $ 7,724,158 $ 7,728,323 $ 6,915,708 $ 6,910,176 Federal funds purchased 370,231 370,231 288,725 288,725 Other borrowings 64,693 64,629 64,666 64,613 |
Note 3 - Earnings Per Common _2
Note 3 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In Thousands, Except Shares and Per Share Data) Earnings per common share Weighted average common shares outstanding 53,544,747 53,171,144 53,508,710 53,134,861 Net income available to common stockholders $ 37,563 $ 34,560 $ 108,175 $ 100,672 Basic earnings per common share $ 0.70 $ 0.65 $ 2.02 $ 1.89 Weighted average common shares outstanding 53,544,747 53,171,144 53,508,710 53,134,861 Dilutive effects of assumed conversions and exercise of stock options and warrants 551,621 1,020,078 578,700 1,055,383 Weighted average common and dilutive potential common shares outstanding 54,096,368 54,191,222 54,087,410 54,190,244 Net income available to common stockholders $ 37,563 $ 34,560 $ 108,175 $ 100,672 Diluted earnings per common share $ 0.69 $ 0.64 $ 2.00 $ 1.86 |
Note 4 - Securities (Tables)
Note 4 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value September 30, 2019 (In Thousands) Securities Available for Sale U.S. Treasury securities $ 51,888 $ 311 $ (1 ) $ 52,198 Government Agency securities 18,234 129 (2 ) 18,361 Mortgage-backed securities 398,818 4,425 (604 ) 402,639 State and municipal securities 65,270 330 (32 ) 65,568 Corporate debt 146,551 2,834 (130 ) 149,255 Total $ 680,761 $ 8,029 $ (769 ) $ 688,021 Securities Held to Maturity State and municipal securities 250 - - 250 Total $ 250 $ - $ - $ 250 December 31, 2018 Securities Available for Sale U.S. Treasury securities $ 58,750 $ 75 $ (397 ) $ 58,428 Government Agency securities 18,784 3 (222 ) 18,565 Mortgage-backed securities 309,244 591 (5,531 ) 304,304 State and municipal securities 106,465 208 (679 ) 105,994 Corporate debt 102,982 668 (757 ) 102,893 Total $ 596,225 $ 1,545 $ (7,586 ) $ 590,184 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | September 30, 2019 December 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Debt securities available for sale Due within one year $ 55,777 $ 55,973 $ 38,343 $ 38,225 Due from one to five years 106,374 107,205 167,873 166,380 Due from five to ten years 117,885 120,258 77,811 78,276 Due after ten years 1,907 1,946 2,954 2,999 Mortgage-backed securities 398,818 402,639 309,244 304,304 $ 680,761 $ 688,021 $ 596,225 $ 590,184 Debt securities held to maturity Due from one to five years $ 250 $ 250 $ - $ - $ 250 $ 250 $ - $ - |
Gain (Loss) on Securities [Table Text Block] | 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, 2019 U.S. Treasury securities $ - $ - $ (1 ) $ 2,998 $ (1 ) $ 2,998 Government Agency securities (2 ) 267 - - (2 ) 267 Mortgage-backed securities (457 ) 77,726 (147 ) 28,217 (604 ) 105,943 State and municipal securities (11 ) 6,170 (21 ) 4,035 (32 ) 10,205 Corporate debt (130 ) 17,036 - - (130 ) 17,036 Total $ (600 ) $ 101,199 $ (169 ) $ 35,250 $ (769 ) $ 136,449 December 31, 2018 U.S. Treasury securities $ (8 ) 1,001 $ (388 ) $ 32,449 $ (396 ) $ 34,206 Government Agency securities - - (223 ) 18,429 (223 ) 17,673 Mortgage-backed securities (539 ) 67,721 (4,992 ) 204,260 (5,531 ) 271,981 State and municipal securities (101 ) 20,821 (578 ) 52,190 (679 ) 73,011 Corporate debt (315 ) 36,245 (442 ) 13,474 (757 ) 49,718 Total $ (963 ) $ 125,788 $ (6,623 ) $ 320,802 $ (7,586 ) $ 446,590 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2019 2018 (Dollars In Thousands) Commercial, financial and agricultural $ 2,653,934 $ 2,513,225 Real estate - construction 550,871 533,192 Real estate - mortgage: Owner-occupied commercial 1,526,911 1,463,887 1-4 family mortgage 632,346 621,634 Other mortgage 1,592,072 1,337,068 Subtotal: Real estate - mortgage 3,751,329 3,422,589 Consumer 65,935 64,493 Total Loans 7,022,069 6,533,499 Less: Allowance for loan losses (77,192 ) (68,600 ) Net Loans $ 6,944,877 $ 6,464,899 Commercial, financial and agricultural 37.79 % 38.47 % Real estate - construction 7.85 % 8.16 % Real estate - mortgage: Owner-occupied commercial 21.74 % 22.41 % 1-4 family mortgage 9.01 % 9.51 % Other mortgage 22.67 % 20.46 % Subtotal: Real estate - mortgage 53.42 % 52.39 % Consumer 0.94 % 0.99 % Total Loans 100.00 % 100.00 % |
Financing Receivable Credit Quality Indicators [Table Text Block] | Special September 30, 2019 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 2,573,465 $ 58,639 $ 21,830 $ - $ 2,653,934 Real estate - construction 540,560 6,011 4,300 - 550,871 Real estate - mortgage: Owner-occupied commercial 1,492,829 12,972 21,110 - 1,526,911 1-4 family mortgage 629,806 947 1,593 - 632,346 Other mortgage 1,571,238 19,332 1,502 - 1,592,072 Total real estate mortgage 3,693,873 33,251 24,205 - 3,751,329 Consumer 65,935 - - - 65,935 Total $ 6,873,833 $ 97,901 $ 50,335 $ - $ 7,022,069 Special December 31, 2018 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 2,447,052 $ 47,754 $ 18,419 $ - $ 2,513,225 Real estate - construction 525,021 6,749 1,422 - 533,192 Real estate - mortgage: Owner-occupied commercial 1,431,982 28,547 3,358 - 1,463,887 1-4 family mortgage 616,884 2,703 2,047 - 621,634 Other mortgage 1,309,101 16,506 11,461 - 1,337,068 Total real estate mortgage 3,357,967 47,756 16,866 - 3,422,589 Consumer 64,444 - 49 - 64,493 Total $ 6,394,484 $ 102,259 $ 36,756 $ - $ 6,533,499 |
Financing Receivable, Credit Substitute, Credit Quality Indicator [Table Text Block] | September 30, 2019 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 2,637,785 $ 16,149 $ 2,653,934 Real estate - construction 549,283 1,588 550,871 Real estate - mortgage: Owner-occupied commercial 1,511,666 15,245 1,526,911 1-4 family mortgage 630,755 1,591 632,346 Other mortgage 1,585,609 6,463 1,592,072 Total real estate mortgage 3,728,030 23,299 3,751,329 Consumer 65,923 12 65,935 Total $ 6,981,020 $ 41,049 $ 7,022,069 December 31, 2018 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 2,502,117 $ 11,108 $ 2,513,225 Real estate - construction 532,195 997 533,192 Real estate - mortgage: Owner-occupied commercial 1,460,529 3,358 1,463,887 1-4 family mortgage 619,465 2,169 621,634 Other mortgage 1,327,038 10,030 1,337,068 Total real estate mortgage 3,407,032 15,557 3,422,589 Consumer 64,385 108 64,493 Total $ 6,505,729 $ 27,770 $ 6,533,499 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2019 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 $ 4,519 $ 1,127 $ 119 $ 5,765 $ 16,030 $ 2,632,139 $ 2,653,934 Real estate - construction 650 - - 650 1,588 548,633 550,871 Real estate - mortgage: Owner-occupied commercial 9,005 - 118 9,123 15,127 1,502,661 1,526,911 1-4 family mortgage 2,229 600 112 2,941 1,480 627,925 632,346 Other mortgage 31 375 4,956 5,362 1,507 1,585,203 1,592,072 Total real estate - mortgage 11,265 975 5,186 17,426 18,114 3,715,789 3,751,329 Consumer 31 44 12 87 - 65,848 65,935 Total $ 16,465 $ 2,146 $ 5,317 $ 23,928 $ 35,732 $ 6,962,409 $ 7,022,069 December 31, 2018 Past Due Status (Accruing Loans) Total Past 30-59 Days 60-89 Days 90+ Days Due Non-Accrual Current Total Loans (In Thousands) Commercial, financial and agricultural $ 1,222 $ 48 $ 605 $ 1,875 $ 10,503 $ 2,500,847 $ 2,513,225 Real estate - construction - 1,352 - 1,352 997 530,843 533,192 Real estate - mortgage: Owner-occupied commercial 412 - - 412 3,358 1,460,117 1,463,887 1-4 family mortgage 534 235 123 892 2,046 618,696 621,634 Other mortgage 1,174 - 5,008 6,182 5,022 1,325,864 1,337,068 Total real estate - mortgage 2,120 235 5,131 7,486 10,426 3,404,677 3,422,589 Consumer 58 123 108 289 - 64,204 64,493 Total $ 3,400 $ 1,758 $ 5,844 $ 11,002 $ 21,926 $ 6,500,571 $ 6,533,499 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Commercial, financial and Real estate - Real estate - agricultural construction mortgage Consumer Total (In Thousands) Three Months Ended September 30, 2019 Allowance for loan losses: Balance at June 30, 2019 $ 38,709 $ 3,419 $ 28,783 $ 475 $ 71,386 Charge-offs (3,626 ) - (4,974 ) (172 ) (8,772 ) Recoveries 126 1 - 60 187 Allocation from LGP 4,905 115 2,386 - 7,406 Provision 5,108 (343 ) 2,069 151 6,985 Balance at September 30, 2019 $ 45,222 $ 3,192 $ 28,264 $ 514 $ 77,192 Three Months Ended September 30, 2018 Allowance for loan losses: Balance at June 30, 2018 $ 36,178 $ 4,062 $ 23,438 $ 561 $ 64,239 Charge-offs (3,923 ) - (48 ) (76 ) (4,047 ) Recoveries 52 4 1 6 63 Provision 6,794 (132 ) (62 ) 24 6,624 Balance at September 30, 2018 $ 39,101 $ 3,934 $ 23,329 $ 515 $ 66,879 Nine Months Ended September 30, 2019 Allowance for loan losses: Balance at December 31, 2018 $ 39,016 $ 3,522 $ 25,508 $ 554 $ 68,600 Charge-offs (10,273 ) - (5,193 ) (453 ) (15,919 ) Recoveries 255 2 11 83 351 Allocation from LGP 4,905 115 2,386 - 7,406 Provision 11,319 (447 ) 5,552 330 16,754 Balance at September 30, 2019 $ 45,222 $ 3,192 $ 28,264 $ 514 $ 77,192 Nine Months Ended September 30, 2018 Allowance for loan losses: Balance at December 31, 2017 $ 32,880 $ 4,989 $ 21,022 $ 515 $ 59,406 Charge-offs (6,743 ) - (869 ) (211 ) (7,823 ) Recoveries 229 108 44 31 412 Provision 12,735 (1,163 ) 3,132 180 14,884 Balance at September 30, 2018 $ 39,101 $ 3,934 $ 23,329 $ 515 $ 66,879 As of September 30, 2019 Allowance for loan losses: Individually Evaluated for Impairment $ 7,165 $ 110 $ 2,013 $ - $ 9,288 Collectively Evaluated for Impairment 38,057 3,082 26,251 514 67,904 Loans: Ending Balance $ 2,653,934 $ 550,871 $ 3,751,329 $ 65,935 $ 7,022,069 Individually Evaluated for Impairment 21,855 4,332 25,306 - 51,493 Collectively Evaluated for Impairment 2,632,079 546,539 3,726,023 65,935 6,970,576 As of December 31, 2018 Allowance for loan losses: Individually Evaluated for Impairment $ 6,066 $ 126 $ 1,887 $ 49 $ 8,128 Collectively Evaluated for Impairment 32,950 3,396 23,621 505 60,472 Loans: Ending Balance $ 2,513,225 $ 533,192 $ 3,422,589 $ 64,493 $ 6,533,499 Individually Evaluated for Impairment 18,444 1,461 18,637 49 38,591 Collectively Evaluated for Impairment 2,494,781 531,731 3,403,952 64,444 6,494,908 |
Impaired Financing Receivables [Table Text Block] | For the three months For the nine months ended September 30, ended September 30, September 30, 2019 2019 2019 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 $ 2,705 $ 4,308 $ - $ 3,186 $ 50 $ 3,799 $ 129 Real estate - construction 2,744 2,747 - 2,423 39 1,834 80 Real estate - mortgage: Owner-occupied commercial 7,341 7,436 - 7,414 120 7,625 506 1-4 family mortgage 298 298 - 315 - 321 2 Other mortgage - - - - - - - Total real estate - mortgage 7,639 7,734 - 7,729 120 7,946 508 Consumer - - - - - - - Total with no allowance recorded 13,088 14,789 - 13,338 209 13,579 717 With an allowance recorded: Commercial, financial and agricultural 19,150 26,551 7,165 21,260 15 22,568 467 Real estate - construction 1,588 1,588 110 1,588 (14 ) 1,623 27 Real estate - mortgage: Owner-occupied commercial 14,867 18,173 1,159 19,664 61 19,850 548 1-4 family mortgage 1,293 1,293 204 1,293 1 1,296 3 Other mortgage 1,507 1,507 650 1,507 (23 ) 1,456 21 Total real estate - mortgage 17,667 20,973 2,013 22,464 39 22,602 572 Consumer - - - - - - - Total with allowance recorded 38,405 49,112 9,288 45,312 40 46,793 1,066 Total Impaired Loans: Commercial, financial and agricultural 21,855 30,859 7,165 24,446 65 26,367 596 Real estate - construction 4,332 4,335 110 4,011 25 3,457 107 Real estate - mortgage: Owner-occupied commercial 22,208 25,609 1,159 27,078 181 27,475 1,054 1-4 family mortgage 1,591 1,591 204 1,608 1 1,617 5 Other mortgage 1,507 1,507 650 1,507 (23 ) 1,456 21 Total real estate - mortgage 25,306 28,707 2,013 30,193 159 30,548 1,080 Consumer - - - - - - - Total impaired loans $ 51,493 $ 63,901 $ 9,288 $ 58,650 $ 249 $ 60,372 $ 1,783 December 31, 2018 For the twelve months ended December 31, 2018 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 $ 6,064 $ 6,064 $ - $ 6,142 $ 237 Real estate - construction 464 467 - 524 28 Real estate - mortgage: Owner-occupied commercial 1,763 1,947 - 2,223 120 1-4 family mortgage 1,071 1,071 - 1,088 21 Other mortgage 5,061 5,061 - 5,133 252 Total real estate - mortgage 7,895 8,079 - 8,444 393 Consumer - - - - - Total with no allowance recorded 14,423 14,610 - 15,110 658 With an allowance recorded: Commercial, financial and agricultural 12,380 20,141 6,066 15,918 462 Real estate - construction 997 997 126 997 31 Real estate - mortgage: Owner-occupied commercial 3,358 3,358 99 3,364 105 1-4 family mortgage 975 975 208 975 30 Other mortgage 6,409 6,409 1,580 6,598 217 Total real estate - mortgage 10,742 10,742 1,887 10,937 352 Consumer 49 49 49 49 3 Total with allowance recorded 24,168 31,929 8,128 27,901 848 Total Impaired Loans: Commercial, financial and agricultural 18,444 26,205 6,066 22,060 699 Real estate - construction 1,461 1,464 126 1,521 59 Real estate - mortgage: Owner-occupied commercial 5,121 5,305 99 5,587 225 1-4 family mortgage 2,046 2,046 208 2,063 51 Other mortgage 11,470 11,470 1,580 11,731 469 Total real estate - mortgage 18,637 18,821 1,887 19,381 745 Consumer 49 49 49 49 3 Total impaired loans $ 38,591 $ 46,539 $ 8,128 $ 43,011 $ 1,506 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 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 $ 2,742 $ 2,742 Real estate - construction - - - - - - Real estate - mortgage: Owner-occupied commercial - - - - - - 1-4 family mortgage - - - - - - Other mortgage - - - - - - Total real estate mortgage - - - - - - Consumer - - - - - - - $ - $ - 1 $ 2,742 $ 2,742 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 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 6 $ 7,242 $ 7,242 6 $ 7,242 $ 7,242 Real estate - construction 1 997 997 1 997 997 Real estate - mortgage: Owner-occupied commercial 2 3,664 3,664 2 3,664 3,664 1-4 family mortgage 1 850 850 1 850 850 Other mortgage - - - - - - Total real estate mortgage 3 4,514 4,514 3 4,514 4,514 Consumer - - - - - - 10 $ 12,753 $ 12,753 10 $ 12,753 $ 12,753 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In thousands) Defaulted during the period, where modified in a TDR twelve months prior to default Commercial, financial and agricultural $ - $ - $ 325 $ 268 Real estate - construction - - - - Real estate - mortgage: Owner-occupied commercial - - - - 1-4 family mortgage - - - - Other mortgage - - - - Total real estate mortgage - - - - Consumer - - - - $ - $ - $ 325 $ 268 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | September 30, 2019 (In Thousands) 2019 (remaining) $ 819 2020 3,297 2021 2,680 2022 2,655 2023 2,181 thereafter 3,749 Total lease payments 15,381 Less: imputed interest (2,977 ) Present value of operating lease liabilities $ 12,404 |
Lease, Cost [Table Text Block] | Three Months Ended September 30, 2019 Operating lease cost $ 809 Short-term lease cost 8 Variable lease cost 49 Sublease income (23 ) Net lease cost $ 843 Nine Months Ended September 30, 2019 Operating lease cost $ 2,500 Short-term lease cost 21 Variable lease cost 151 Sublease income (35 ) Net lease cost $ 2,637 |
Note 7 - Employee and Directo_2
Note 7 - Employee and Director Benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2019 2018 Expected volatility 40.00 % 24.72 % Expected dividends 1.74 % 1.06 % Expected term (in years) 6.7 6.3 Risk-free rate 2.56 % 2.67 % |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (years) Value (In Thousands) Nine Months Ended September 30, 2019: Outstanding at January 1, 2019 1,238,748 $ 13.02 5.2 $ 23,355 Granted 10,500 34.44 9.4 (14 ) Exercised (239,300 ) 7.02 2.3 6,162 Forfeited (20,200 ) 24.88 6.5 167 Outstanding at September 30, 2019 989,748 14.46 5.0 $ 18,603 Exercisable at September 30, 2019 278,000 $ 7.36 3.1 $ 7,261 Nine Months Ended September 30, 2018: Outstanding at January 1, 2018 1,666,834 $ 10.68 5.5 $ 51,377 Granted 12,750 41.58 9.5 (31 ) Exercised (231,336 ) 4.94 3.1 7,665 Forfeited (33,000 ) 15.00 6.4 758 Outstanding at September 30, 2018 1,415,248 11.79 5.1 $ 38,998 Exercisable at September 30, 2018 693,100 $ 6.78 3.5 $ 22,513 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Nine Months Ended September 30, 2019: Non-vested at January 1, 2019 44,076 $ 38.44 Granted 33,774 33.60 Vested (5,200 ) 20.31 Forfeited (2,500 ) 38.17 Non-vested at September 30, 2019 70,150 37.46 Nine Months Ended September 30, 2018: Non-vested at January 1, 2018 120,676 $ 10.29 Granted 12,850 41.48 Vested (73,700 ) 5.88 Forfeited (750 ) 41.21 Non-vested at September 30, 2018 59,076 22.18 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at September 30, 2019 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Inputs Unobservable Assets (Level 1) (Level 2) Inputs (Level 3) Total Assets Measured on a Recurring Basis: (In Thousands) Available-for-sale debt securities: U.S. Treasury securities $ - $ 52,198 $ - $ 52,198 Government Agency securities - 18,361 - 18,361 Mortgage-backed securities - 402,639 - 402,639 State and municipal securities - 65,568 - 65,568 Corporate debt - 142,645 6,610 149,255 Total assets at fair value $ - $ 681,411 $ 6,610 $ 688,021 Fair Value Measurements at December 31, 2018 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Inputs Unobservable Assets (Level 1) (Level 2) Inputs (Level 3) Total Assets Measured on a Recurring Basis: (In Thousands) Available-for-sale debt securities: U.S. Treasury securities $ - $ 58,428 $ - $ 58,428 Government Agency securities - 18,565 - 18,565 Mortgage-backed securities - 304,304 - 304,304 State and municipal securities - 105,994 - 105,994 Corporate debt - 96,375 6,518 102,893 Total assets at fair value $ - $ 583,666 $ 6,518 $ 590,184 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at September 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Measured on a Nonrecurring Basis: (In Thousands) Impaired loans $ - $ - $ 42,205 $ 42,205 Other real estate owned and repossessed assets - - 5,337 5,337 Total assets at fair value $ - $ - $ 47,542 $ 47,542 Fair Value Measurements at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Measured on a Nonrecurring Basis: (In Thousands) Impaired loans $ - $ - $ 30,463 $ 30,463 Other real estate owned and repossessed assets - - 5,169 5,169 Total assets at fair value $ - $ - $ 35,632 $ 35,632 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2019 December 31, 2018 Carrying Carrying Amount Fair Value Amount Fair Value (In Thousands) Financial Assets: Level 1 inputs: Cash and due from banks $ 572,429 $ 572,429 $ 458,050 $ 458,050 Level 2 inputs: Federal funds sold 474,298 474,298 223,845 223,845 Mortgage loans held for sale 8,691 8,656 120 121 Level 3 inputs: Held to maturity debt securities 250 250 - - Loans, net 6,902,672 6,816,956 6,464,899 6,398,604 Financial liabilities: Level 2 inputs: Deposits $ 7,724,158 $ 7,728,323 $ 6,915,708 $ 6,910,176 Federal funds purchased 370,231 370,231 288,725 288,725 Other borrowings 64,693 64,629 64,666 64,613 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) | Sep. 30, 2019 |
Minimum [Member] | |
Lessee, Operating Lease, Renewal Term | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Renewal Term | 5 years |
Note 3 - Earnings Per Common _3
Note 3 - Earnings Per Common Share - Summary of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Weighted average common shares outstanding (in shares) | 53,544,747 | 53,171,144 | 53,508,710 | 53,134,861 |
Net income available to common stockholders | $ 37,563 | $ 34,560 | $ 108,175 | $ 100,672 |
Basic earnings per common share (in dollars per share) | $ 0.70 | $ 0.65 | $ 2.02 | $ 1.89 |
Dilutive effects of assumed conversions and exercise of stock options and warrants (in shares) | 551,621 | 1,020,078 | 578,700 | 1,055,383 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 54,096,368 | 54,191,222 | 54,087,410 | 54,190,244 |
Net income available to common stockholders | $ 37,563 | $ 34,560 | $ 108,175 | $ 100,672 |
Diluted earnings per common share (in dollars per share) | $ 0.69 | $ 0.64 | $ 2 | $ 1.86 |
Note 4 - Securities (Details Te
Note 4 - Securities (Details Textual) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Pledged Financial Instruments, Not Separately Reported, Securities, Total | $ 408,900 | $ 281,900 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 43 | |
Available for Sale Securities Debt Securities, Number of Positions | 691 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | $ 0 |
Note 4 - Securities - Amortized
Note 4 - Securities - Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Available for sale, amortized cost | $ 680,761 | $ 596,225 | |
Available for sale, gross unrealized gain | 8,029 | 1,545 | |
Available for sale, gross unrealized loss | (769) | (7,586) | |
Available for sale, fair value | 688,021 | 590,184 | [1] |
Held to maturity, amortized cost | 250 | ||
Held to maturity, gross unrealized gain | 0 | ||
Held to maturity, gross unrealized loss | 0 | ||
Held to maturity debt securities, fair value | 250 | 0 | |
US Treasury Securities [Member] | |||
Available for sale, amortized cost | 51,888 | 58,750 | |
Available for sale, gross unrealized gain | 311 | 75 | |
Available for sale, gross unrealized loss | (1) | (397) | |
Available for sale, fair value | 52,198 | 58,428 | |
US Government Agencies Debt Securities [Member] | |||
Available for sale, amortized cost | 18,234 | 18,784 | |
Available for sale, gross unrealized gain | 129 | 3 | |
Available for sale, gross unrealized loss | (2) | (222) | |
Available for sale, fair value | 18,361 | 18,565 | |
Collateralized Mortgage Backed Securities [Member] | |||
Available for sale, amortized cost | 398,818 | 309,244 | |
Available for sale, gross unrealized gain | 4,425 | 591 | |
Available for sale, gross unrealized loss | (604) | (5,531) | |
Available for sale, fair value | 402,639 | 304,304 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Available for sale, amortized cost | 65,270 | 106,465 | |
Available for sale, gross unrealized gain | 330 | 208 | |
Available for sale, gross unrealized loss | (32) | (679) | |
Available for sale, fair value | 65,568 | 105,994 | |
Held to maturity, amortized cost | 250 | ||
Held to maturity, gross unrealized gain | 0 | ||
Held to maturity, gross unrealized loss | 0 | ||
Held to maturity debt securities, fair value | 250 | ||
Corporate Debt Securities [Member] | |||
Available for sale, amortized cost | 146,551 | 102,982 | |
Available for sale, gross unrealized gain | 2,834 | 668 | |
Available for sale, gross unrealized loss | (130) | (757) | |
Available for sale, fair value | $ 149,255 | $ 102,893 | |
[1] | Derived from audited financial statements. |
Note 4 - Securities - Amortiz_2
Note 4 - Securities - Amortized Cost and Fair Value of Contractual Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Due within one year, amortized cost | $ 55,777 | $ 38,343 | |
Due within one year, fair value | 55,973 | 38,225 | |
Due from one to five years, amortized cost | 106,374 | 167,873 | |
Due from one to five years, fair value | 107,205 | 166,380 | |
Due from five to ten years, amortized cost | 117,885 | 77,811 | |
Due from five to ten years, fair value | 120,258 | 78,276 | |
Due after ten years, amortized cost | 1,907 | 2,954 | |
Due after ten years, fair value | 1,946 | 2,999 | |
Mortgage-backed securities, amortized cost | 398,818 | 309,244 | |
Mortgage-backed securities, fair value | 402,639 | 304,304 | |
Available for sale, amortized cost | 680,761 | 596,225 | |
Available for sale, fair value | 688,021 | 590,184 | [1] |
Due from one to five years, amortized cost | 250 | 0 | |
Due from one to five years, fair value | 250 | 0 | |
Held to maturity, amortized cost | 250 | 0 | [1] |
Held to maturity debt securities, fair value | $ 250 | $ 0 | |
[1] | Derived from audited financial statements. |
Note 4 - Securities - Investmen
Note 4 - Securities - Investment Securities Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Less Than Twelve Months, Gross Unrealized Losses | $ (600) | $ (963) |
Less Than Twelve Months, Fair Value | 101,199 | 125,788 |
Twelve Months or More, Gross Unrealized Losses | (169) | (6,623) |
Twelve Months or More, Fair Value | 35,250 | 320,802 |
Total, Gross Unrealized Losses | (769) | (7,586) |
Total, Fair Value | 136,449 | 446,590 |
US Treasury Securities [Member] | ||
Less Than Twelve Months, Gross Unrealized Losses | 0 | (8) |
Less Than Twelve Months, Fair Value | 0 | 1,001 |
Twelve Months or More, Gross Unrealized Losses | (1) | (388) |
Twelve Months or More, Fair Value | 2,998 | 32,449 |
Total, Gross Unrealized Losses | (1) | (396) |
Total, Fair Value | 2,998 | 34,206 |
US Government Agencies Debt Securities [Member] | ||
Less Than Twelve Months, Gross Unrealized Losses | (2) | 0 |
Less Than Twelve Months, Fair Value | 267 | 0 |
Twelve Months or More, Gross Unrealized Losses | 0 | (223) |
Twelve Months or More, Fair Value | 0 | 18,429 |
Total, Gross Unrealized Losses | (2) | (223) |
Total, Fair Value | 267 | 17,673 |
Collateralized Mortgage Backed Securities [Member] | ||
Less Than Twelve Months, Gross Unrealized Losses | (457) | (539) |
Less Than Twelve Months, Fair Value | 77,726 | 67,721 |
Twelve Months or More, Gross Unrealized Losses | (147) | (4,992) |
Twelve Months or More, Fair Value | 28,217 | 204,260 |
Total, Gross Unrealized Losses | (604) | (5,531) |
Total, Fair Value | 105,943 | 271,981 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less Than Twelve Months, Gross Unrealized Losses | (11) | (101) |
Less Than Twelve Months, Fair Value | 6,170 | 20,821 |
Twelve Months or More, Gross Unrealized Losses | (21) | (578) |
Twelve Months or More, Fair Value | 4,035 | 52,190 |
Total, Gross Unrealized Losses | (32) | (679) |
Total, Fair Value | 10,205 | 73,011 |
Corporate Debt Securities [Member] | ||
Less Than Twelve Months, Gross Unrealized Losses | (130) | (315) |
Less Than Twelve Months, Fair Value | 17,036 | 36,245 |
Twelve Months or More, Gross Unrealized Losses | 0 | (442) |
Twelve Months or More, Fair Value | 0 | 13,474 |
Total, Gross Unrealized Losses | (130) | (757) |
Total, Fair Value | $ 17,036 | $ 49,718 |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Termination of Loan Guaratee, Close-out Payment | $ 7,400 | ||||
Percentage of Fee on Commitment Balance | 1.00% | 1.00% | |||
Loans and Leases Receivable, Net Amount, Total | $ 6,944,877 | $ 6,944,877 | $ 6,464,899 | [1] | |
Financing Receivable, Troubled Debt Restructuring | 11,200 | 11,200 | $ 16,600 | 14,600 | |
Financing Receivable, Troubled Debt Restructuring, Accruing | 3,500 | 3,500 | 15,500 | 3,100 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 1,800 | $ 3,700 | $ 4,300 | ||
Loans Formerly Enrolled In Loan Guarantee Program [Member] | |||||
Loans and Leases Receivable, Net Amount, Total | 44,300 | 44,300 | |||
Loans Formerly Enrolled In Loan Guarantee Program [Member] | Pass [Member] | |||||
Loans and Leases Receivable, Net Amount, Total | 37,800 | 37,800 | |||
Loans Formerly Enrolled In Loan Guarantee Program [Member] | Special Mention [Member] | |||||
Loans and Leases Receivable, Net Amount, Total | 5,200 | 5,200 | |||
Loans Formerly Enrolled In Loan Guarantee Program [Member] | Substandard [Member] | |||||
Loans and Leases Receivable, Net Amount, Total | $ 1,300 | $ 1,300 | |||
[1] | Derived from audited financial statements. |
Note 5 - Loans - Summary of Loa
Note 5 - Loans - Summary of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Financing receivable, gross | $ 7,022,069 | $ 6,533,499 | |||||
Less: Allowance for loan losses | (77,192) | $ (71,386) | (68,600) | [1] | $ (66,879) | $ (64,239) | $ (59,406) |
Loans and Leases Receivable, Net Amount, Total | $ 6,944,877 | $ 6,464,899 | [1] | ||||
Financing receivable, gross, percentage | 100.00% | 100.00% | |||||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Financing receivable, gross | $ 2,653,934 | $ 2,513,225 | |||||
Less: Allowance for loan losses | $ (45,222) | (38,709) | $ (39,016) | (39,101) | (36,178) | (32,880) | |
Financing receivable, gross, percentage | 37.79% | 38.47% | |||||
Real Estate Portfolio Segment[Member] | |||||||
Financing receivable, gross | $ 3,751,329 | $ 3,422,589 | |||||
Financing receivable, gross, percentage | 53.42% | 52.39% | |||||
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||||||
Financing receivable, gross | $ 550,871 | $ 533,192 | |||||
Less: Allowance for loan losses | $ (3,192) | (3,419) | $ (3,522) | (3,934) | (4,062) | (4,989) | |
Financing receivable, gross, percentage | 7.85% | 8.16% | |||||
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||||||
Financing receivable, gross | $ 1,526,911 | $ 1,463,887 | |||||
Financing receivable, gross, percentage | 21.74% | 22.41% | |||||
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||||||
Financing receivable, gross | $ 632,346 | $ 621,634 | |||||
Financing receivable, gross, percentage | 9.01% | 9.51% | |||||
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||||||
Financing receivable, gross | $ 1,592,072 | $ 1,337,068 | |||||
Financing receivable, gross, percentage | 22.67% | 20.46% | |||||
Consumer Portfolio Segment [Member] | |||||||
Financing receivable, gross | $ 65,935 | $ 64,493 | |||||
Less: Allowance for loan losses | $ (514) | $ (475) | $ (554) | $ (515) | $ (561) | $ (515) | |
Financing receivable, gross, percentage | 0.94% | 0.99% | |||||
[1] | Derived from audited financial statements. |
Note 5 - Loans - Loans by Credi
Note 5 - Loans - Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing receivable, gross | $ 7,022,069 | $ 6,533,499 |
Pass [Member] | ||
Financing receivable, gross | 6,873,833 | 6,394,484 |
Special Mention [Member] | ||
Financing receivable, gross | 97,901 | 102,259 |
Substandard [Member] | ||
Financing receivable, gross | 50,335 | 36,756 |
Doubtful [Member] | ||
Financing receivable, gross | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivable, gross | 2,653,934 | 2,513,225 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing receivable, gross | 2,573,465 | 2,447,052 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing receivable, gross | 58,639 | 47,754 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing receivable, gross | 21,830 | 18,419 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Financing receivable, gross | 0 | 0 |
Real Estate Portfolio Segment[Member] | ||
Financing receivable, gross | 3,751,329 | 3,422,589 |
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | ||
Financing receivable, gross | 550,871 | 533,192 |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 1,526,911 | 1,463,887 |
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | ||
Financing receivable, gross | 632,346 | 621,634 |
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 1,592,072 | 1,337,068 |
Real Estate Portfolio Segment[Member] | Pass [Member] | ||
Financing receivable, gross | 3,693,873 | 3,357,967 |
Real Estate Portfolio Segment[Member] | Pass [Member] | Construction Loans [Member] | ||
Financing receivable, gross | 540,560 | 525,021 |
Real Estate Portfolio Segment[Member] | Pass [Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 1,492,829 | 1,431,982 |
Real Estate Portfolio Segment[Member] | Pass [Member] | One to Four Family [Member] | ||
Financing receivable, gross | 629,806 | 616,884 |
Real Estate Portfolio Segment[Member] | Pass [Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 1,571,238 | 1,309,101 |
Real Estate Portfolio Segment[Member] | Special Mention [Member] | ||
Financing receivable, gross | 33,251 | 47,756 |
Real Estate Portfolio Segment[Member] | Special Mention [Member] | Construction Loans [Member] | ||
Financing receivable, gross | 6,011 | 6,749 |
Real Estate Portfolio Segment[Member] | Special Mention [Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 12,972 | 28,547 |
Real Estate Portfolio Segment[Member] | Special Mention [Member] | One to Four Family [Member] | ||
Financing receivable, gross | 947 | 2,703 |
Real Estate Portfolio Segment[Member] | Special Mention [Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 19,332 | 16,506 |
Real Estate Portfolio Segment[Member] | Substandard [Member] | ||
Financing receivable, gross | 24,205 | 16,866 |
Real Estate Portfolio Segment[Member] | Substandard [Member] | Construction Loans [Member] | ||
Financing receivable, gross | 4,300 | 1,422 |
Real Estate Portfolio Segment[Member] | Substandard [Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 21,110 | 3,358 |
Real Estate Portfolio Segment[Member] | Substandard [Member] | One to Four Family [Member] | ||
Financing receivable, gross | 1,593 | 2,047 |
Real Estate Portfolio Segment[Member] | Substandard [Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 1,502 | 11,461 |
Real Estate Portfolio Segment[Member] | Doubtful [Member] | ||
Financing receivable, gross | 0 | 0 |
Real Estate Portfolio Segment[Member] | Doubtful [Member] | Construction Loans [Member] | ||
Financing receivable, gross | 0 | 0 |
Real Estate Portfolio Segment[Member] | Doubtful [Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 0 | 0 |
Real Estate Portfolio Segment[Member] | Doubtful [Member] | One to Four Family [Member] | ||
Financing receivable, gross | 0 | 0 |
Real Estate Portfolio Segment[Member] | Doubtful [Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing receivable, gross | 65,935 | 64,493 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing receivable, gross | 65,935 | 64,444 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing receivable, gross | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing receivable, gross | 0 | 49 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Financing receivable, gross | $ 0 | $ 0 |
Note 5 - Loans - Loans by Perfo
Note 5 - Loans - Loans by Performance Status (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing receivable, gross | $ 7,022,069 | $ 6,533,499 |
Performing Financial Instruments [Member] | ||
Financing receivable, gross | 6,981,020 | 6,505,729 |
Nonperforming Financial Instruments [Member] | ||
Financing receivable, gross | 41,049 | 27,770 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivable, gross | 2,653,934 | 2,513,225 |
Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Financing receivable, gross | 2,637,785 | 2,502,117 |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing receivable, gross | 16,149 | 11,108 |
Real Estate Portfolio Segment[Member] | ||
Financing receivable, gross | 3,751,329 | 3,422,589 |
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | ||
Financing receivable, gross | 550,871 | 533,192 |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 1,526,911 | 1,463,887 |
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | ||
Financing receivable, gross | 632,346 | 621,634 |
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 1,592,072 | 1,337,068 |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | ||
Financing receivable, gross | 3,728,030 | 3,407,032 |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Construction Loans [Member] | ||
Financing receivable, gross | 549,283 | 532,195 |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 1,511,666 | 1,460,529 |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | One to Four Family [Member] | ||
Financing receivable, gross | 630,755 | 619,465 |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 1,585,609 | 1,327,038 |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | ||
Financing receivable, gross | 23,299 | 15,557 |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | ||
Financing receivable, gross | 1,588 | 997 |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 15,245 | 3,358 |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | One to Four Family [Member] | ||
Financing receivable, gross | 1,591 | 2,169 |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 6,463 | 10,030 |
Consumer Portfolio Segment [Member] | ||
Financing receivable, gross | 65,935 | 64,493 |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Financing receivable, gross | 65,923 | 64,385 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing receivable, gross | $ 12 | $ 108 |
Note 5 - Loans - Loans Categori
Note 5 - Loans - Loans Categorized by Past Due Status (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Accrual loans, past due | $ 23,928 | $ 11,002 | |
Non-accrual | 35,732 | 21,926 | |
Current | 6,962,409 | 6,500,571 | |
Total loans | 7,022,069 | 6,533,499 | [1] |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accrual loans, past due | 16,465 | 3,400 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accrual loans, past due | 2,146 | 1,758 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accrual loans, past due | 5,317 | 5,844 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Accrual loans, past due | 5,765 | 1,875 | |
Non-accrual | 16,030 | 10,503 | |
Current | 2,632,139 | 2,500,847 | |
Total loans | 2,653,934 | 2,513,225 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accrual loans, past due | 4,519 | 1,222 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accrual loans, past due | 1,127 | 48 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accrual loans, past due | 119 | 605 | |
Real Estate Portfolio Segment[Member] | |||
Accrual loans, past due | 17,426 | 7,486 | |
Non-accrual | 18,114 | 10,426 | |
Current | 3,715,789 | 3,404,677 | |
Total loans | 3,751,329 | 3,422,589 | |
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||
Accrual loans, past due | 650 | 1,352 | |
Non-accrual | 1,588 | 997 | |
Current | 548,633 | 530,843 | |
Total loans | 550,871 | 533,192 | |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||
Accrual loans, past due | 9,123 | 412 | |
Non-accrual | 15,127 | 3,358 | |
Current | 1,502,661 | 1,460,117 | |
Total loans | 1,526,911 | 1,463,887 | |
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||
Accrual loans, past due | 2,941 | 892 | |
Non-accrual | 1,480 | 2,046 | |
Current | 627,925 | 618,696 | |
Total loans | 632,346 | 621,634 | |
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||
Accrual loans, past due | 5,362 | 6,182 | |
Non-accrual | 1,507 | 5,022 | |
Current | 1,585,203 | 1,325,864 | |
Total loans | 1,592,072 | 1,337,068 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accrual loans, past due | 11,265 | 2,120 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | |||
Accrual loans, past due | 650 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Accrual loans, past due | 9,005 | 412 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | One to Four Family [Member] | |||
Accrual loans, past due | 2,229 | 534 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Other Mortgages [Member] | |||
Accrual loans, past due | 31 | 1,174 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accrual loans, past due | 975 | 235 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Construction Loans [Member] | |||
Accrual loans, past due | 0 | 1,352 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Accrual loans, past due | 0 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | One to Four Family [Member] | |||
Accrual loans, past due | 600 | 235 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Other Mortgages [Member] | |||
Accrual loans, past due | 375 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accrual loans, past due | 5,186 | 5,131 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Loans [Member] | |||
Accrual loans, past due | 0 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Accrual loans, past due | 118 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | One to Four Family [Member] | |||
Accrual loans, past due | 112 | 123 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Other Mortgages [Member] | |||
Accrual loans, past due | 4,956 | 5,008 | |
Consumer Portfolio Segment [Member] | |||
Accrual loans, past due | 87 | 289 | |
Non-accrual | 0 | 0 | |
Current | 65,848 | 64,204 | |
Total loans | 65,935 | 64,493 | |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accrual loans, past due | 31 | 58 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accrual loans, past due | 44 | 123 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accrual loans, past due | $ 12 | $ 108 | |
[1] | Derived from audited financial statements. |
Note 5 - Loans - Analysis of Al
Note 5 - Loans - Analysis of Allowance for Loans Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |||
Balance, beginning of period | $ 71,386 | $ 64,239 | $ 68,600 | [1] | $ 59,406 | ||
Charge-offs | (8,772) | (4,047) | (15,919) | (7,823) | |||
Recoveries | 187 | 63 | 351 | 412 | |||
Allocation from LGP | 7,406 | 7,406 | |||||
Provision | 6,985 | 6,624 | 16,754 | 14,884 | |||
Balance, end of period | 77,192 | 66,879 | 77,192 | 66,879 | |||
Individually Evaluated for Impairment | 9,288 | 9,288 | $ 8,128 | ||||
Collectively Evaluated for Impairment | 67,904 | 67,904 | 60,472 | ||||
Ending Balance | 7,022,069 | 7,022,069 | 6,533,499 | [1] | |||
Individually Evaluated for Impairment | 51,493 | 51,493 | 38,591 | ||||
Collectively Evaluated for Impairment | 6,970,576 | 6,970,576 | 6,494,908 | ||||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Balance, beginning of period | 38,709 | 36,178 | 39,016 | 32,880 | |||
Charge-offs | (3,626) | (3,923) | (10,273) | (6,743) | |||
Recoveries | 126 | 52 | 255 | 229 | |||
Allocation from LGP | 4,905 | 4,905 | |||||
Provision | 5,108 | 6,794 | 11,319 | 12,735 | |||
Balance, end of period | 45,222 | 39,101 | 45,222 | 39,101 | |||
Individually Evaluated for Impairment | 7,165 | 7,165 | 6,066 | ||||
Collectively Evaluated for Impairment | 38,057 | 38,057 | 32,950 | ||||
Ending Balance | 2,653,934 | 2,653,934 | 2,513,225 | ||||
Individually Evaluated for Impairment | 21,855 | 21,855 | 18,444 | ||||
Collectively Evaluated for Impairment | 2,632,079 | 2,632,079 | 2,494,781 | ||||
Real Estate Portfolio Segment[Member] | |||||||
Ending Balance | 3,751,329 | 3,751,329 | 3,422,589 | ||||
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||||||
Balance, beginning of period | 3,419 | 4,062 | 3,522 | 4,989 | |||
Charge-offs | 0 | 0 | 0 | 0 | |||
Recoveries | 1 | 4 | 2 | 108 | |||
Allocation from LGP | 115 | 115 | |||||
Provision | (343) | (132) | (447) | (1,163) | |||
Balance, end of period | 3,192 | 3,934 | 3,192 | 3,934 | |||
Individually Evaluated for Impairment | 110 | 110 | 126 | ||||
Collectively Evaluated for Impairment | 3,082 | 3,082 | 3,396 | ||||
Ending Balance | 550,871 | 550,871 | 533,192 | ||||
Individually Evaluated for Impairment | 4,332 | 4,332 | 1,461 | ||||
Collectively Evaluated for Impairment | 546,539 | 546,539 | 531,731 | ||||
Real Estate Portfolio Segment[Member] | Real Estate Loan [Member] | |||||||
Balance, beginning of period | 28,783 | 23,438 | 25,508 | 21,022 | |||
Charge-offs | (4,974) | (48) | (5,193) | (869) | |||
Recoveries | 0 | 1 | 11 | 44 | |||
Allocation from LGP | 2,386 | 2,386 | |||||
Provision | 2,069 | (62) | 5,552 | 3,132 | |||
Balance, end of period | 28,264 | 23,329 | 28,264 | 23,329 | |||
Individually Evaluated for Impairment | 2,013 | 2,013 | 1,887 | ||||
Collectively Evaluated for Impairment | 26,251 | 26,251 | 23,621 | ||||
Ending Balance | 3,751,329 | 3,751,329 | 3,422,589 | ||||
Individually Evaluated for Impairment | 25,306 | 25,306 | 18,637 | ||||
Collectively Evaluated for Impairment | 3,726,023 | 3,726,023 | 3,403,952 | ||||
Consumer Portfolio Segment [Member] | |||||||
Balance, beginning of period | 475 | 561 | 554 | 515 | |||
Charge-offs | (172) | (76) | (453) | (211) | |||
Recoveries | 60 | 6 | 83 | 31 | |||
Allocation from LGP | 0 | 0 | |||||
Provision | 151 | 24 | 330 | 180 | |||
Balance, end of period | 514 | $ 515 | 514 | $ 515 | |||
Individually Evaluated for Impairment | 0 | 0 | 49 | ||||
Collectively Evaluated for Impairment | 514 | 514 | 505 | ||||
Ending Balance | 65,935 | 65,935 | 64,493 | ||||
Individually Evaluated for Impairment | 0 | 0 | 49 | ||||
Collectively Evaluated for Impairment | $ 65,935 | $ 65,935 | $ 64,444 | ||||
[1] | Derived from audited financial statements. |
Note 5 - Loans - Summary of Imp
Note 5 - Loans - Summary of Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Recorded investment, with no allowance | $ 13,088 | $ 13,088 | $ 14,423 |
Unpaid principal balance, with no allowance | 14,789 | 14,789 | 14,610 |
Average recorded investment, with no allowance | 13,338 | 13,579 | 15,110 |
Interest income recognized in period, with no allowance | 209 | 717 | 658 |
Average recorded investment, with no allowance | 13,338 | 13,579 | 15,110 |
Recorded investment, with an allowance | 38,405 | 38,405 | 24,168 |
Unpaid principal balance, with an allowance | 49,112 | 49,112 | 31,929 |
Related allowance | 9,288 | 9,288 | 8,128 |
Average recorded investment, with an allowance | 45,312 | 46,793 | 27,901 |
Interest income recognized in period, with an allowance | 40 | 1,066 | 848 |
Average recorded investment, with an allowance | 45,312 | 46,793 | 27,901 |
Recorded investment | 51,493 | 51,493 | 38,591 |
Unpaid principal balance | 63,901 | 63,901 | 46,539 |
Average recorded investment | 58,650 | 60,372 | 43,011 |
Interest income recognized in period | 249 | 1,783 | 1,506 |
Average recorded investment | 58,650 | 60,372 | 43,011 |
Commercial Real Estate Portfolio Segment [Member] | |||
Recorded investment, with no allowance | 2,705 | 2,705 | 6,064 |
Unpaid principal balance, with no allowance | 4,308 | 4,308 | 6,064 |
Average recorded investment, with no allowance | 3,186 | 3,799 | 6,142 |
Interest income recognized in period, with no allowance | 50 | 129 | 237 |
Average recorded investment, with no allowance | 3,186 | 3,799 | 6,142 |
Recorded investment, with an allowance | 19,150 | 19,150 | 12,380 |
Unpaid principal balance, with an allowance | 26,551 | 26,551 | 20,141 |
Related allowance | 7,165 | 7,165 | 6,066 |
Average recorded investment, with an allowance | 21,260 | 22,568 | 15,918 |
Interest income recognized in period, with an allowance | 15 | 467 | 462 |
Average recorded investment, with an allowance | 21,260 | 22,568 | 15,918 |
Recorded investment | 21,855 | 21,855 | 18,444 |
Unpaid principal balance | 30,859 | 30,859 | 26,205 |
Average recorded investment | 24,446 | 26,367 | 22,060 |
Interest income recognized in period | 65 | 596 | 699 |
Average recorded investment | 24,446 | 26,367 | 22,060 |
Real Estate Portfolio Segment[Member] | |||
Recorded investment, with no allowance | 7,639 | 7,639 | 7,895 |
Unpaid principal balance, with no allowance | 7,734 | 7,734 | 8,079 |
Average recorded investment, with no allowance | 7,729 | 7,946 | 8,444 |
Interest income recognized in period, with no allowance | 120 | 508 | 393 |
Average recorded investment, with no allowance | 7,729 | 7,946 | 8,444 |
Recorded investment, with an allowance | 17,667 | 17,667 | 10,742 |
Unpaid principal balance, with an allowance | 20,973 | 20,973 | 10,742 |
Related allowance | 2,013 | 2,013 | 1,887 |
Average recorded investment, with an allowance | 22,464 | 22,602 | 10,937 |
Interest income recognized in period, with an allowance | 39 | 572 | 352 |
Average recorded investment, with an allowance | 22,464 | 22,602 | 10,937 |
Recorded investment | 25,306 | 25,306 | 18,637 |
Unpaid principal balance | 28,707 | 28,707 | 18,821 |
Average recorded investment | 30,193 | 30,548 | 19,381 |
Interest income recognized in period | 159 | 1,080 | 745 |
Average recorded investment | 30,193 | 30,548 | 19,381 |
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||
Recorded investment, with no allowance | 2,744 | 2,744 | 464 |
Unpaid principal balance, with no allowance | 2,747 | 2,747 | 467 |
Average recorded investment, with no allowance | 2,423 | 1,834 | 524 |
Interest income recognized in period, with no allowance | 39 | 80 | 28 |
Average recorded investment, with no allowance | 2,423 | 1,834 | 524 |
Recorded investment, with an allowance | 1,588 | 1,588 | 997 |
Unpaid principal balance, with an allowance | 1,588 | 1,588 | 997 |
Related allowance | 110 | 110 | 126 |
Average recorded investment, with an allowance | 1,588 | 1,623 | 997 |
Interest income recognized in period, with an allowance | 27 | 31 | |
Interest income recognized in period, with an allowance | (14) | ||
Average recorded investment, with an allowance | 1,588 | 1,623 | 997 |
Recorded investment | 4,332 | 4,332 | 1,461 |
Unpaid principal balance | 4,335 | 4,335 | 1,464 |
Average recorded investment | 4,011 | 3,457 | 1,521 |
Interest income recognized in period | 25 | 107 | 59 |
Average recorded investment | 4,011 | 3,457 | 1,521 |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||
Recorded investment, with no allowance | 7,341 | 7,341 | 1,763 |
Unpaid principal balance, with no allowance | 7,436 | 7,436 | 1,947 |
Average recorded investment, with no allowance | 7,414 | 7,625 | 2,223 |
Interest income recognized in period, with no allowance | 120 | 506 | 120 |
Average recorded investment, with no allowance | 7,414 | 7,625 | 2,223 |
Recorded investment, with an allowance | 14,867 | 14,867 | 3,358 |
Unpaid principal balance, with an allowance | 18,173 | 18,173 | 3,358 |
Related allowance | 1,159 | 1,159 | 99 |
Average recorded investment, with an allowance | 19,664 | 19,850 | 3,364 |
Interest income recognized in period, with an allowance | 61 | 548 | 105 |
Average recorded investment, with an allowance | 19,664 | 19,850 | 3,364 |
Recorded investment | 22,208 | 22,208 | 5,121 |
Unpaid principal balance | 25,609 | 25,609 | 5,305 |
Average recorded investment | 27,078 | 27,475 | 5,587 |
Interest income recognized in period | 181 | 1,054 | 225 |
Average recorded investment | 27,078 | 27,475 | 5,587 |
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||
Recorded investment, with no allowance | 298 | 298 | 1,071 |
Unpaid principal balance, with no allowance | 298 | 298 | 1,071 |
Average recorded investment, with no allowance | 315 | 321 | 1,088 |
Interest income recognized in period, with no allowance | 0 | 2 | 21 |
Average recorded investment, with no allowance | 315 | 321 | 1,088 |
Recorded investment, with an allowance | 1,293 | 1,293 | 975 |
Unpaid principal balance, with an allowance | 1,293 | 1,293 | 975 |
Related allowance | 204 | 204 | 208 |
Average recorded investment, with an allowance | 1,293 | 1,296 | 975 |
Interest income recognized in period, with an allowance | 30 | ||
Interest income recognized in period, with an allowance | 1 | 3 | |
Average recorded investment, with an allowance | 1,293 | 1,296 | 975 |
Recorded investment | 1,591 | 1,591 | 2,046 |
Unpaid principal balance | 1,591 | 1,591 | 2,046 |
Average recorded investment | 1,608 | 1,617 | 2,063 |
Interest income recognized in period | 5 | 51 | |
Interest income recognized in period | 1 | ||
Average recorded investment | 1,608 | 1,617 | 2,063 |
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||
Recorded investment, with no allowance | 0 | 0 | 5,061 |
Unpaid principal balance, with no allowance | 0 | 0 | 5,061 |
Average recorded investment, with no allowance | 0 | 0 | 5,133 |
Interest income recognized in period, with no allowance | 0 | 0 | 252 |
Average recorded investment, with no allowance | 0 | 0 | 5,133 |
Recorded investment, with an allowance | 1,507 | 1,507 | 6,409 |
Unpaid principal balance, with an allowance | 1,507 | 1,507 | 6,409 |
Related allowance | 650 | 650 | 1,580 |
Average recorded investment, with an allowance | 1,507 | 1,456 | 6,598 |
Interest income recognized in period, with an allowance | 21 | 217 | |
Interest income recognized in period, with an allowance | (23) | ||
Average recorded investment, with an allowance | 1,507 | 1,456 | 6,598 |
Recorded investment | 1,507 | 1,507 | 11,470 |
Unpaid principal balance | 1,507 | 1,507 | 11,470 |
Average recorded investment | 1,507 | 1,456 | 11,731 |
Interest income recognized in period | 21 | 469 | |
Average recorded investment | 1,507 | 1,456 | 11,731 |
Consumer Portfolio Segment [Member] | |||
Recorded investment, with no allowance | 0 | 0 | 0 |
Unpaid principal balance, with no allowance | 0 | 0 | 0 |
Average recorded investment, with no allowance | 0 | 0 | 0 |
Interest income recognized in period, with no allowance | 0 | 0 | 0 |
Average recorded investment, with no allowance | 0 | 0 | 0 |
Recorded investment, with an allowance | 0 | 0 | 49 |
Unpaid principal balance, with an allowance | 0 | 0 | 49 |
Related allowance | 0 | 0 | 49 |
Average recorded investment, with an allowance | 0 | 0 | 49 |
Interest income recognized in period, with an allowance | 0 | 0 | 3 |
Average recorded investment, with an allowance | 0 | 0 | 49 |
Recorded investment | 0 | 0 | 49 |
Unpaid principal balance | 0 | 0 | 49 |
Average recorded investment | 0 | 0 | 49 |
Interest income recognized in period | 0 | 0 | 3 |
Average recorded investment | $ 0 | $ 0 | $ 49 |
Note 5 - Loans - Troubled Debt
Note 5 - Loans - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Number of Contracts | 0 | 10 | 1 | 10 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 12,753 | $ 2,742 | $ 12,753 |
Post- Modification Outstanding Recorded Investment | 0 | 12,753 | 2,742 | 12,753 |
Defaulted during the period, where modified in a TDR twelve months prior to default | $ 0 | $ 0 | $ 325 | $ 268 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Number of Contracts | 0 | 6 | 1 | 6 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 7,242 | $ 2,742 | $ 7,242 |
Post- Modification Outstanding Recorded Investment | 0 | 7,242 | 2,742 | 7,242 |
Defaulted during the period, where modified in a TDR twelve months prior to default | $ 0 | $ 0 | $ 325 | $ 268 |
Real Estate Portfolio Segment[Member] | ||||
Number of Contracts | 0 | 3 | 0 | 3 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 4,514 | $ 0 | $ 4,514 |
Post- Modification Outstanding Recorded Investment | 0 | 4,514 | 0 | 4,514 |
Defaulted during the period, where modified in a TDR twelve months prior to default | $ 0 | $ 0 | $ 0 | $ 0 |
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | ||||
Number of Contracts | 0 | 1 | 0 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 997 | $ 0 | $ 997 |
Post- Modification Outstanding Recorded Investment | 0 | 997 | 0 | 997 |
Defaulted during the period, where modified in a TDR twelve months prior to default | $ 0 | $ 0 | $ 0 | $ 0 |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | ||||
Number of Contracts | 0 | 2 | 0 | 2 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 3,664 | $ 0 | $ 3,664 |
Post- Modification Outstanding Recorded Investment | 0 | 3,664 | 0 | 3,664 |
Defaulted during the period, where modified in a TDR twelve months prior to default | $ 0 | $ 0 | $ 0 | $ 0 |
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | ||||
Number of Contracts | 0 | 1 | 0 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 850 | $ 0 | $ 850 |
Post- Modification Outstanding Recorded Investment | 0 | 850 | 0 | 850 |
Defaulted during the period, where modified in a TDR twelve months prior to default | $ 0 | $ 0 | $ 0 | $ 0 |
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | ||||
Number of Contracts | 0 | 0 | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Defaulted during the period, where modified in a TDR twelve months prior to default | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer Portfolio Segment [Member] | ||||
Number of Contracts | 0 | 0 | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Defaulted during the period, where modified in a TDR twelve months prior to default | $ 0 | $ 0 | $ 0 | $ 0 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Lessee Operating Lease, Remaining Lease Term | 9 years 8 months 12 days | |
Operating Lease, Right-of-Use Asset | $ 12,300,000 | $ 12,300,000 |
Operating Lease, Liability, Total | $ 12,404,000 | $ 12,404,000 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 9 months 18 days | 5 years 9 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 2.88% | 2.88% |
Operating Lease, Payments | $ 888,000 | $ 2,451,000 |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
2019 (remaining) | $ 819 |
2020 | 3,297 |
2021 | 2,680 |
2022 | 2,655 |
2023 | 2,181 |
thereafter | 3,749 |
Total lease payments | 15,381 |
Less: imputed interest | (2,977) |
Present value of operating lease liabilities | $ 12,404 |
Note 6 - Leases - Lease Cost (D
Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Operating lease cost | $ 809 | $ 2,500 |
Short-term lease cost | 8 | 21 |
Variable lease cost | 49 | 151 |
Sublease income | (23) | (35) |
Net lease cost | $ 843 | $ 2,637 |
Note 7 - Employee and Directo_3
Note 7 - Employee and Director Benefits (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement, Noncash Expense, Total | $ 294,000 | $ 202,000 | $ 781,000 | $ 684,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.60 | $ 10.98 | ||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 1,198,000 | $ 1,198,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 3 months 18 days | |||
Restricted Stock [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,491,000 | $ 1,491,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 8 months 12 days | |||
The 2009 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,550,000 | 5,550,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note 7 - Employee and Directo_4
Note 7 - Employee and Director Benefits - Assumptions Used to Estimate Fair Value of Stock Option Awards (Details) - Share-based Payment Arrangement, Option [Member] | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Expected volatility | 40.00% | 24.72% |
Expected dividends | 1.74% | 1.06% |
Expected term (Year) | 6 years 8 months 12 days | 6 years 3 months 18 days |
Risk-free rate | 2.56% | 2.67% |
Note 7 - Employee and Directo_5
Note 7 - Employee and Director Benefits - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Exercised (in shares) | (185,044,000) | (191,371,000) | ||
Share-based Payment Arrangement, Option [Member] | ||||
Outstanding, shares (in shares) | 1,238,748 | 1,666,834 | 1,666,834 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 13.02 | $ 10.68 | $ 10.68 | |
Outstanding, weighted average remaining contractual term (Year) | 5 years | 5 years 1 month 6 days | 5 years 2 months 12 days | 5 years 6 months |
Outstanding, aggregate intrinsic value | $ 18,603 | $ 38,998 | $ 23,355 | $ 51,377 |
Granted (in shares) | 10,500 | 12,750 | ||
Granted, weighted average exercise price (in dollars per share) | $ 34.44 | $ 41.58 | ||
Granted, weighted average remaining contractual term (Year) | 9 years 4 months 24 days | 9 years 6 months | ||
Granted, aggregate intrinsic value | $ (14) | $ (31) | ||
Exercised (in shares) | (239,300) | (231,336) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 7.02 | $ 4.94 | ||
Exercised, weighted average remaining contractual term (Year) | 2 years 3 months 18 days | 3 years 1 month 6 days | ||
Exercised, aggregate intrinsic value | $ 6,162 | $ 7,665 | ||
Forfeited (in shares) | (20,200) | (33,000) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 24.88 | $ 15 | ||
Forfeited, weighted average remaining contractual term (Year) | 6 years 6 months | 6 years 4 months 24 days | ||
Forfeited, aggregate intrinsic value | $ 167 | $ 758 | ||
Outstanding, shares (in shares) | 989,748 | 1,415,248 | 1,238,748 | 1,666,834 |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.46 | $ 11.79 | $ 13.02 | $ 10.68 |
Exercisable, shares (in shares) | 278,000 | 693,100 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 7.36 | $ 6.78 | ||
Exercisable, weighted average remaining contractual term (Year) | 3 years 1 month 6 days | 3 years 6 months | ||
Exercisable, aggregate intrinsic value | $ 7,261 | $ 22,513 |
Note 7 - Employee and Directo_6
Note 7 - Employee and Director Benefits - Summarizes Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Non-vested, shares (in shares) | 44,076 | 120,676 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 38.44 | $ 10.29 |
Granted, shares (in shares) | 33,774 | 12,850 |
Granted, weighted average grant date fair value (in dollars per share) | $ 33.60 | $ 41.48 |
Vested, shares (in shares) | (5,200) | (73,700) |
Vested, weighted average grant date fair value (in dollars per share) | $ 20.31 | $ 5.88 |
Forfeited, shares (in shares) | (2,500) | (750) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 38.17 | $ 41.21 |
Non-vested, shares (in shares) | 70,150 | 59,076 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 37.46 | $ 22.18 |
Note 9 - Recently Adopted Acc_2
Note 9 - Recently Adopted Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Operating Lease, Right-of-Use Asset | $ 12,300 | |
Operating Lease, Liability, Total | $ 12,404 | |
Accounting Standards Update 2016-02 [Member] | ||
Operating Lease, Right-of-Use Asset | $ 15,600 | |
Operating Lease, Liability, Total | $ 15,600 |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurement (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Asset Impairment Charges, Total | $ 7,700,000 | $ 4,900,000 | $ 16,100,000 | $ 8,800,000 |
Real Estate Owned, Amount of Loss at Acquisition | 58,000 | $ 228,000 | $ 303,000 | $ 581,000 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 425,000 |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurement - Financial Assets and Financial Liabilities Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Available-for-sale securities | $ 688,021 | $ 590,184 | [1] |
US Treasury Securities [Member] | |||
Available-for-sale securities | 52,198 | 58,428 | |
US Government Agencies Debt Securities [Member] | |||
Available-for-sale securities | 18,361 | 18,565 | |
Collateralized Mortgage Backed Securities [Member] | |||
Available-for-sale securities | 402,639 | 304,304 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Available-for-sale securities | 65,568 | 105,994 | |
Corporate Debt Securities [Member] | |||
Available-for-sale securities | 149,255 | 102,893 | |
Fair Value, Recurring [Member] | |||
Available-for-sale securities | 688,021 | 590,184 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Available-for-sale securities | 52,198 | 58,428 | |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available-for-sale securities | 18,361 | 18,565 | |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Available-for-sale securities | 402,639 | 304,304 | |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Available-for-sale securities | 65,568 | 105,994 | |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Available-for-sale securities | 149,255 | 102,893 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities | 681,411 | 583,666 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Available-for-sale securities | 52,198 | 58,428 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available-for-sale securities | 18,361 | 18,565 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Available-for-sale securities | 402,639 | 304,304 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Available-for-sale securities | 65,568 | 105,994 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Available-for-sale securities | 142,645 | 96,375 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities | 6,610 | 6,518 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Available-for-sale securities | $ 6,610 | $ 6,518 | |
[1] | Derived from audited financial statements. |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurement - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Impaired loans | $ 42,205 | $ 30,463 |
Other real estate owned and repossessed assets | 5,337 | 5,169 |
Total assets at fair value | 47,542 | 35,632 |
Fair Value, Inputs, Level 1 [Member] | ||
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] | ||
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] | ||
Impaired loans | 42,205 | 30,463 |
Other real estate owned and repossessed assets | 5,337 | 5,169 |
Total assets at fair value | $ 47,542 | $ 35,632 |
Note 11 - Fair Value Measurem_6
Note 11 - Fair Value Measurement - Financial Assets and Liabilities Carried at Fair Value on Recurring Basis or Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Cash and due from banks | $ 108,804 | $ 97,516 | [1] |
Federal funds sold | 474,298 | 223,845 | [1] |
Mortgage loans held for sale | 8,691 | 120 | [1] |
Held to maturity debt securities | 250 | 0 | |
Federal funds purchased | 370,231 | 288,725 | [1] |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | |||
Cash and due from banks | 572,429 | 458,050 | |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |||
Cash and due from banks | 572,429 | 458,050 | |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | |||
Federal funds sold | 474,298 | 223,845 | |
Mortgage loans held for sale | 8,691 | 120 | |
Deposits | 7,724,158 | 6,915,708 | |
Federal funds purchased | 370,231 | 288,725 | |
Other borrowings | 64,693 | 64,666 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Federal funds sold | 474,298 | 223,845 | |
Mortgage loans held for sale | 8,656 | 121 | |
Deposits | 7,728,323 | 6,910,176 | |
Federal funds purchased | 370,231 | 288,725 | |
Other borrowings | 64,629 | 64,613 | |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | |||
Held to maturity debt securities | 250 | 0 | |
Loans, net | 6,902,672 | 6,464,899 | |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | |||
Held to maturity debt securities | 250 | 0 | |
Loans, net | $ 6,816,956 | $ 6,398,604 | |
[1] | Derived from audited financial statements. |