DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 24, 2014 | Jun. 30, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'ViewPoint Financial Group Inc. | ' | ' |
Entity Central Index Key | '0001487052 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 39,943,680 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $807.70 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from financial institutions | $30,012 | $34,227 |
Short-term interest-bearing deposits in other financial institutions | 57,962 | 34,469 |
Total cash and cash equivalents | 87,974 | 68,696 |
Securities available for sale, at fair value | 248,012 | 287,034 |
Securities held to maturity (fair value: December 31, 2013 — $301,739, December 31, 2012— $376,153) | 294,583 | 360,554 |
Loans held for investment (net of allowance for loan losses of $19,358 at December 31, 2013 and $18,051 at December 31, 2012) | 2,029,277 | 1,673,204 |
Loans held for investment - Warehouse Purchase Program | 673,470 | 1,060,720 |
Total loans held for investment | 2,702,747 | 2,733,924 |
FHLB and Federal Reserve Bank stock, at cost | 34,883 | 45,025 |
Bank-owned life insurance | 35,565 | 34,916 |
Premises and equipment, net | 53,272 | 53,160 |
Goodwill | 29,650 | 29,650 |
Other assets | 38,546 | 50,099 |
Total assets | 3,525,232 | 3,663,058 |
Deposits | ' | ' |
Non-interest-bearing demand | 410,933 | 357,800 |
Interest-bearing demand | 474,515 | 488,748 |
Savings and money market | 904,576 | 880,924 |
Time | 474,615 | 450,334 |
Total deposits | 2,264,639 | 2,177,806 |
FHLB advances | 639,096 | 892,208 |
Repurchase agreement | 25,000 | 25,000 |
Other liabilities | 52,037 | 47,173 |
Total liabilities | 2,980,772 | 3,142,187 |
Commitments and contingent liabilities | 0 | 0 |
Shareholders’ equity | ' | ' |
Preferred stock, $.01 par value; 10,000,000 shares authorized; 0 shares issued — December 31, 2013 and December 31, 2012 | ' | ' |
Common stock, $.01 par value; 90,000,000 shares authorized; 39,938,816 shares issued — December 31, 2013 and 39,612,911 shares issued — December 31, 2012 | 399 | 396 |
Additional paid-in capital | 377,657 | 372,168 |
Retained earnings | 183,236 | 164,328 |
Accumulated other comprehensive income (loss), net | -383 | 1,895 |
Unearned Employee Stock Ownership Plan (ESOP) shares; 1,733,845 shares at December 31, 2013 and 1,918,039 shares at December 31, 2012 | -16,449 | -17,916 |
Total shareholders’ equity | 544,460 | 520,871 |
Total liabilities and shareholders’ equity | $3,525,232 | $3,663,058 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Fair value of securities held to maturity | $301,739 | $376,153 |
Allowance for loan losses on loans held for investment | $19,358 | $18,051 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, shares authorized | 90,000,000 | 90,000,000 |
Common Stock, shares issued | 39,938,816 | 39,612,911 |
Unearned Employee Stock Ownership Plan, shares | 1,733,845 | 1,918,039 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest and dividend income | ' | ' | ' |
Loans, including fees | $124,522 | $120,596 | $88,238 |
Taxable securities | 9,780 | 14,850 | 25,830 |
Nontaxable securities | 2,133 | 1,891 | 1,892 |
Interest-bearing deposits in other financial institutions | 126 | 117 | 170 |
FHLB and Federal Reserve Bank stock | 528 | 538 | 94 |
Total interest and dividend income | 137,089 | 137,992 | 116,224 |
Interest expense | ' | ' | ' |
Deposits | 9,545 | 11,453 | 22,474 |
FHLB advances | 8,503 | 9,807 | 9,882 |
Repurchase agreement | 816 | 876 | 816 |
Other borrowings | 5 | 33 | 474 |
Total interest expense | 18,869 | 22,169 | 33,646 |
Net interest income | 118,220 | 115,823 | 82,578 |
Provision for loan losses | 3,199 | 3,139 | 3,970 |
Net interest income after provision for loan losses | 115,021 | 112,684 | 78,608 |
Non-interest income | ' | ' | ' |
Service charges and fees | 17,778 | 19,512 | 18,556 |
Other charges and fees | 937 | 579 | 723 |
Net gain on sale of mortgage loans | 0 | 5,436 | 7,639 |
Bank-owned life insurance income | 649 | 699 | 506 |
Gain (loss) on sale of available for sale securities (reclassified from accumulated other comprehensive income for unrealized gains (losses) on available-for-sale securities) | -177 | 1,014 | 6,268 |
Gain (loss) on sale and disposition of assets | 835 | -191 | -798 |
Impairment of goodwill | 0 | -818 | -271 |
Other | 1,811 | 3,325 | 1,925 |
Total non-interest income | 21,833 | 29,556 | 34,548 |
Non-interest expense | ' | ' | ' |
Salaries and employee benefits | 53,328 | 51,719 | 47,360 |
Merger/acquisition costs | 663 | 4,127 | 0 |
Advertising | 2,690 | 1,753 | 1,519 |
Occupancy and equipment | 7,675 | 7,365 | 5,966 |
Outside professional services | 2,760 | 2,320 | 2,644 |
Regulatory assessments | 2,477 | 2,534 | 2,401 |
Data processing | 6,727 | 6,109 | 4,648 |
Office operations | 6,783 | 7,144 | 5,972 |
Other | 5,774 | 4,619 | 4,730 |
Total non-interest expense | 88,877 | 87,690 | 75,240 |
Income before income tax expense | 47,977 | 54,550 | 37,916 |
Income tax expense (items reclassified from accumulated other comprehensive income include an income tax benefit of $62 for the twelve months ended December 31, 2013, and income tax expense of $355 and $2,194 for the twelve months ended December 31, 2012 and 2011, respectively) | 16,289 | 19,309 | 11,588 |
Net income | $31,688 | $35,241 | $26,328 |
Earnings per share: | ' | ' | ' |
Basic (in dollars per share) | $0.83 | $0.98 | $0.81 |
Diluted (in dollars per share) | $0.83 | $0.98 | $0.81 |
Dividends declared per share (in dollars per share) | $0.32 | $0.40 | $0.20 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (PARENTHETICAL) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense (Benefit) | $16,289 | $19,309 | $11,588 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' |
Income Tax Expense (Benefit) | ($62) | $355 | $2,194 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $31,688 | $35,241 | $26,328 |
Change in unrealized gains (losses) on securities available for sale | -3,713 | 1,867 | 4,673 |
Reclassification of amount realized through sale of securities | 177 | -1,014 | -6,268 |
Tax effect | 1,258 | -305 | 569 |
Other comprehensive income (loss), net of tax | -2,278 | 548 | -1,026 |
Comprehensive income | $29,410 | $35,789 | $25,302 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income, Net | Unearned ESOP Shares |
In Thousands, unless otherwise specified | ||||||
Balance at Dec. 31, 2010 | $396,589 | $349 | $289,591 | $125,125 | $2,373 | ($20,849) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 26,328 | ' | ' | 26,328 | ' | ' |
Other comprehensive income (loss), net of tax | -1,026 | ' | ' | 0 | -1,026 | ' |
Dividends declared | -6,918 | ' | ' | -6,918 | ' | ' |
ESOP shares earned | 2,797 | ' | 1,331 | ' | ' | 1,466 |
Share-based compensation expense | 1,551 | ' | 1,551 | ' | ' | ' |
Share repurchase | -13,012 | -12 | -13,000 | ' | ' | ' |
Balance at Dec. 31, 2011 | 406,309 | 337 | 279,473 | 144,535 | 1,347 | -19,383 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 35,241 | ' | ' | 35,241 | ' | ' |
Other comprehensive income (loss), net of tax | 548 | ' | ' | 0 | 548 | ' |
Dividends declared | -15,448 | ' | ' | -15,448 | ' | ' |
ESOP shares earned | 3,993 | ' | 2,526 | ' | ' | 1,467 |
Share-based compensation expense | 1,878 | ' | 1,878 | ' | ' | ' |
Net issuance of common stock under employee stock plans | 2,236 | 4 | 2,232 | ' | ' | ' |
Acquisition of Highlands Bancshares, Inc. | 86,114 | 55 | 86,059 | ' | ' | ' |
Balance at Dec. 31, 2012 | 520,871 | 396 | 372,168 | 164,328 | 1,895 | -17,916 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 31,688 | ' | ' | 31,688 | ' | ' |
Other comprehensive income (loss), net of tax | -2,278 | ' | ' | 0 | -2,278 | ' |
Dividends declared | -12,780 | ' | ' | -12,780 | ' | ' |
ESOP shares earned | 4,515 | ' | 3,048 | ' | ' | 1,467 |
Share-based compensation expense | 2,669 | ' | 2,669 | ' | ' | ' |
Net issuance of common stock under employee stock plans | 1,329 | 4 | 1,325 | ' | ' | ' |
Share repurchase | -1,554 | -1 | -1,553 | ' | ' | ' |
Balance at Dec. 31, 2013 | $544,460 | $399 | $377,657 | $183,236 | ($383) | ($16,449) |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (PARENTHETICAL) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Net issuance of common stock under employee stock plans | 409,705 | 399,451 |
Number of shares repurchased (in shares) | 83,800 | ' |
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP | 184,194 | 184,195 |
Dividends declared (in dollars per share) | $0.32 | $0.40 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income | $31,688 | $35,241 | $26,328 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' | ' |
Provision for loan losses | 3,199 | 3,139 | 3,970 |
Depreciation and amortization | 4,503 | 3,971 | 3,515 |
Deferred tax expense | 2,293 | 5,262 | 204 |
Premium amortization and accretion of securities, net | 5,828 | 6,424 | 4,515 |
Accretion related to acquired loans | -3,148 | -3,784 | 0 |
(Gain) loss on sale of available for sale securities | 177 | -1,014 | -6,268 |
ESOP compensation expense | 4,515 | 3,993 | 2,797 |
Share-based compensation expense | 2,669 | 1,878 | 1,551 |
Net gain on loans held for sale | 0 | -5,436 | -7,639 |
Loans originated or purchased for sale | 0 | -145,819 | -271,107 |
Proceeds from sale of loans held for sale | 0 | 184,672 | 276,402 |
FHLB stock dividends | -115 | -121 | -84 |
Bank-owned life insurance (BOLI) income | -649 | -699 | -506 |
(Gain) loss on sale and disposition of assets | -835 | 191 | 652 |
Impairment of goodwill | 0 | 818 | 271 |
Net change in deferred loan fees | 1,753 | 30 | -589 |
Net change in accrued interest receivable | -4 | 793 | 266 |
Net change in other assets | 7,570 | -1,871 | 3,277 |
Net change in other liabilities | 6,122 | 4,371 | 8,311 |
Net cash used in operating activities | 65,566 | 92,039 | 45,866 |
Available-for-sale securities: | ' | ' | ' |
Maturities, prepayments and calls | 1,187,611 | 614,361 | 551,204 |
Purchases | -1,165,941 | -516,139 | -544,232 |
Proceeds from sale of AFS securities | 10,614 | 133,595 | 279,420 |
Held-to-maturity securities: | ' | ' | ' |
Maturities, prepayments and calls | 104,058 | 136,606 | 113,687 |
Purchases | -40,890 | 0 | -184,137 |
Originations of Warehouse Purchase Program loans | -14,107,219 | -12,609,934 | -7,601,620 |
Proceeds from pay-offs of Warehouse Purchase Program loans | 14,494,469 | 12,350,149 | 7,261,597 |
Net change in loans held for investment, excluding Warehouse Purchase Program | -359,488 | -182,658 | -123,995 |
Purchase of FHLB and Federal Reserve Bank stock | 10,257 | -4,845 | -16,937 |
Cash and cash equivalents from acquisition | 0 | 98,469 | 0 |
Purchases of premises and equipment | -4,257 | -2,272 | -5,213 |
Proceeds from sale of assets | 3,782 | 6,740 | 868 |
Net cash provided by (used in) investing activities | 132,996 | 24,072 | -269,358 |
Cash flows from financing activities | ' | ' | ' |
Net change in deposits | 86,833 | -164,149 | -54,059 |
Proceeds from FHLB advances | 447,000 | 634,000 | 502,500 |
Repayments on FHLB advances | -700,112 | -488,190 | -217,321 |
Share repurchase | -1,554 | 0 | -13,012 |
Repayments of other borrowings | 0 | -62,212 | -10,000 |
Payment of dividends | -12,780 | -15,448 | -6,918 |
Proceeds from stock option exercises | 1,329 | 2,236 | 0 |
Net cash provided by (used in) financing activities | -179,284 | -93,763 | 201,190 |
Net change in cash and cash equivalents | 19,278 | 22,348 | -22,302 |
Beginning cash and cash equivalents | 68,696 | 46,348 | 68,650 |
Ending cash and cash equivalents | 87,974 | 68,696 | 46,348 |
Supplemental cash flow information: | ' | ' | ' |
Interest paid | 19,019 | 22,173 | 33,967 |
Income taxes paid | 9,513 | 17,490 | 12,780 |
Supplemental noncash disclosures: | ' | ' | ' |
Transfers from loans to other real estate owned | 1,611 | 4,507 | 1,671 |
Net noncash liabilities assumed in stock acquisition of Highlands Bancshares, Inc. | $0 | $12,355 | $0 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Operations and Principles of Consolidation: The consolidated financial statements include ViewPoint Financial Group, Inc. (the “Company”), whose business currently consists of the operations of its wholly-owned subsidiary, ViewPoint Bank, N.A. (the “Bank”). Prior to its sale in the third quarter of 2012, the Bank's operations included its wholly-owned subsidiary, ViewPoint Bankers Mortgage, Inc. (doing business as ViewPoint Mortgage) ("VPM"). Intercompany transactions and balances are eliminated in consolidation. | |
The Company provides financial services through 31 full-service branches and one commercial loan production office. Its primary deposit products are demand, savings and term certificate accounts, and its primary lending products are commercial real estate, commercial and industrial and consumer lending, including one- to four-family real estate loans. Most loans are secured by specific items of collateral, including business assets, commercial and residential real estate and consumer assets. Commercial loans are expected to be repaid from cash flow from operations of businesses. | |
Use of Estimates: To prepare financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. The allowance for loan losses, valuation of other real estate owned, other-than-temporary impairment of securities, realization of deferred tax assets, and fair values of financial instruments are subject to change. | |
Cash Flows: Cash and cash equivalents include cash, deposits with other financial institutions with maturities less than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest-bearing deposits in other financial institutions, federal funds purchased and repurchase agreements. | |
Restrictions on Cash: The Company maintains deposits with other financial institutions in amounts that exceed federal deposit insurance coverage. Management regularly evaluates the credit risk associated with the counterparties to these transactions and believes that the Company is not exposed to any significant credit risks on cash and cash equivalents. Cash balances equaling or exceeding escrow amounts are maintained at correspondent banks. | |
Securities: Securities that the Company has both the positive intent and ability to hold to maturity are classified as held to maturity and are carried at amortized cost. Securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity, are classified as available for sale and are carried at fair value. Unrealized gains and losses on securities classified as available for sale have been accounted for as accumulated other comprehensive income (loss), net of taxes. | |
Gains and losses on the sale of securities classified as available for sale are recorded on the trade date using the specific-identification method. Amortization of premiums and discounts are recognized in interest income over the period to maturity. Premiums and discounts on securities are amortized using the level-yield method without anticipating prepayment, except for mortgage-backed securities where prepayments are anticipated. | |
The Company evaluates securities for other-than-temporary impairment on at least a quarterly basis and more frequently when economic, market, or security specific concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than amortized cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, the Company may consider whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition. The Company conducts regular reviews of the bond agency ratings of securities and considers whether the securities were issued by or have principal and interest payments guaranteed by the federal government or its agencies. These reviews focus on the underlying rating of the issuer and also include the insurance rating of securities that have an insurance component or guarantee. The ratings and financial condition of the issuers are monitored, as well as the financial condition and ratings of the insurers and guarantors. | |
For periods in which other-than-temporary impairment of a debt security is recognized, the credit portion of the amount is determined by subtracting the present value of the stream of estimated cash flows as calculated in a discounted cash flow model and discounted at book yield from the prior period’s ending carrying value. The non-credit portion of the amount is determined by subtracting the credit portion of the impairment from the difference between the book value and fair value of the security. The credit related portion of the impairment is charged against income and the non-credit related portion is charged to equity as a component of accumulated other comprehensive income. | |
Repurchase/Resell Agreements: The Company sells certain securities under agreements to repurchase. The securities sold under these agreements are treated as collateralized borrowings and are recorded at amounts equal to the cash received. The contractual terms of the agreements to repurchase may require the Company to provide additional collateral if the fair value of the securities underlying the borrowings declines during the term of the agreement. | |
Warehouse Purchase Program Loans: The Company previously reported the Warehouse Purchase Program loans as held for sale as the Company believed that was the most meaningful presentation to our financial statement users, given the collection of the loan was based on sale of the loan. The Company has now concluded that under US GAAP these loans should be accounted for as held for investment. This correction changes the accounting for the warehouse loans from a lower of cost or market accounting method to accounting for loans under ASC 310 with any credit losses incurred as of the balance sheet date recognized in the allowance for loan losses. As we had not reported any valuation decreases below cost in prior periods and we have experienced no credit losses on these loans, this correction had no impact on net income, comprehensive income, earnings per share or income taxes. Additionally, total assets and shareholders' equity remained unchanged. However, this correction does adjust the statement of cash flows by moving cash flows associated with the Warehouse Purchase Program from operating cash flows to investing cash flows. | |
Loans: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, purchase premiums and discounts, deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. | |
Past due status is based on the contractual terms of the loan. Loans that are past due 30 days or greater are considered delinquent. A loan is moved to nonaccrual status in accordance with the Company's policy, typically after 90 days of non-payment. Interest income on loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Non-mortgage consumer loans are typically charged off no later than 120 days past due. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. For other consumer loans, credit exposure is monitored by payment history of the loans. | |
All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |
For loans collateralized by real property and commercial and industrial loans, credit exposure is monitored by internally assigned grades used for classification of loans. A loan is considered “special mention” when management has determined that there is a potential weakness that deserves management's close attention. Loans rated as "special mention" are not adversely classified according to regulatory classifications and do not expose the Company to sufficient risk to warrant adverse classification. A loan is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. “Substandard” loans include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected, and the loan may or may not meet the criteria for impairment. Loans classified as “doubtful” have all of the weaknesses of those classified as “substandard”, with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions and values, “highly questionable and improbable.” All other loans that do not fall into the above mentioned categories are considered “pass” loans. Updates to internally assigned grades are made monthly and/or upon significant developments. | |
Acquired Loans: Loans acquired through the completion of a transfer, including loans acquired in a business combination, that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payment receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows, including prepayments, subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately are not to be received). Revolving loans, including lines of credit, are excluded from acquired credit impaired loan accounting. | |
For acquired loans not deemed credit-impaired at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. Subsequent to the acquisition date, methods utilized to estimate the required allowance for loan losses for these loans is similar to originated loans; however, a provision for loan losses will be recorded only to the extent the required allowance exceeds any remaining credit discounts. | |
Concentration of Credit Risk: Most of the Company’s business activity is with customers located within the North Texas region. Therefore, the Company’s exposure to credit risk is significantly affected by changes in the economy of the North Texas area. | |
Allowance for Loan Losses: The allowance for loan losses and related provision expense are susceptible to change if the credit quality of our loan portfolio changes, which is evidenced by many factors, including but not limited to charge-offs and non-performing loan trends. Generally, consumer real estate lending has a lower credit risk profile compared to other consumer lending (such as automobile or personal line of credit loans). Commercial real estate and commercial and industrial lending, however, can have higher risk profiles than consumer and one- to four- family residential real estate loans due to these loans being larger in amount and non-homogeneous in structure and term. Changes in economic conditions, the mix and size of the loan portfolio, and individual borrower conditions can dramatically impact our level of allowance for loan losses in relatively short periods of time. | |
The allowance for loan losses is maintained to cover losses that are estimated in accordance with U.S. generally accepted accounting principles. It is our estimate of credit losses inherent in our loan portfolio at each balance sheet date. Our methodology for analyzing the allowance for loan losses consists of general and specific components. For the general component, we stratify the loan portfolio into homogeneous groups of loans that possess similar loss potential characteristics and apply a loss ratio to these groups of loans to estimate the credit losses in the loan portfolio. We use both historical loss ratios and qualitative loss factors assigned to major loan collateral types to establish general component loss allocations. Qualitative loss factors are based on management's judgment of company, market, industry or business specific data and external economic indicators, which may not yet be reflected in the historical loss ratios, and that could impact the Company's specific loan portfolios. The Allowance for Loan Loss Committee sets and adjusts qualitative loss factors by regularly reviewing changes in underlying loan composition and the seasonality of specific portfolios. The Allowance for Loan Loss Committee also considers credit quality and trends relating to delinquency, non-performing and/or classified loans and bankruptcy within the Company's loan portfolio when evaluating qualitative loss factors. Additionally, the Allowance for Loan Loss Committee adjusts qualitative factors to account for the potential impact of external economic factors, including the unemployment rate, housing price, vacancy rates and inventory levels specific to our primary market area. | |
Management evaluates current information and events regarding a borrower's ability to repay its obligations and considers a loan to be impaired when the ultimate collectability of amounts due, according to the contractual terms of the loan agreement, is in doubt. If an impaired loan is collateral-dependent, the fair value of the collateral, less the estimated cost to sell, is used to determine the amount of impairment. If an impaired loan is not collateral-dependent, the impairment amount is determined using the negative difference, if any, between the estimated discounted cash flows and the loan amount due. For impaired loans, the amount of the impairment can be adjusted, based on current data, until such time as the actual basis is established by acquisition of the collateral or until the basis is collected. Impairment losses are reflected in the allowance for loan losses through a charge to the provision for loan losses. Subsequent recoveries are credited to the allowance for loan losses. Cash receipts for accruing loans are applied to principal and interest under the contractual terms of the loan agreement. Cash receipts on impaired loans for which the accrual of interest has been discontinued are applied first to principal. | |
For the specific component, the allowance for loan losses on individually analyzed impaired loans includes loans where management has concerns about the borrower's ability to repay. All troubled debt restructurings are considered to be impaired. Loss estimates include the negative difference, if any, between the estimated discounted cash flows of the loan, or if the loan is collateral dependent the current fair value of the collateral, and the loan amount due. | |
A modified loan is considered a troubled debt restructuring (“TDR”) when two conditions are met: 1) the borrower is experiencing financial difficulty and 2) concessions are made by the Company that would not otherwise be considered for a borrower or collateral with similar credit risk characteristics. Modifications to loan terms may include a modification of the contractual interest rate to a below-market rate (even if the modified rate is higher than the original rate), forgiveness of accrued interest, forgiveness of a portion of principal, an extended repayment period or a deed in lieu of foreclosure or other transfer of assets other than cash to fully or partially satisfy a debt. The Company’s policy is to place all TDRs on nonaccrual for a minimum period of six months. Loans qualify for return to accrual status once they have demonstrated performance with the restructured terms of the loan agreement for a minimum of six months and the collection of principal and interest under the revised terms is deemed probable. All TDRs are considered to be impaired loans. | |
Large groups of smaller-balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify consumer real estate loans less than $417 or individual consumer loans for impairment disclosures. | |
Transfers of Financial Assets: Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
Foreclosed Assets, net: Assets acquired through loan foreclosure are initially recorded at the lower of the recorded investment in the loan at the time of foreclosure or the fair value less costs to sell, establishing a new cost basis. Any write-down in the carrying value of a property at the time of acquisition is charged-off to the allowance for loan losses. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. | |
Premises and Equipment: Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are generally depreciated using the straight-line method with useful lives ranging from 10 to 30 years. Furniture, fixtures and equipment are generally depreciated using the straight-line method with useful lives ranging from 3 to 7 years. The cost of leasehold improvements is amortized over the shorter of the lease term or useful life using the straight-line method. | |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank stock: FHLB and Federal Reserve Bank stock is carried at cost, classified as restricted securities and periodically evaluated for impairment based on the ultimate recoverability of the par value. Both cash and stock dividends are reported as interest income. | |
Bank-Owned Life Insurance: The Company has purchased life insurance policies on certain key employees. The purchase of these life insurance policies allows the Company to use tax-advantaged rates of return. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. | |
Goodwill: Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. Goodwill is evaluated for impairment on an annual basis at December 31. According to ASC 350-20, "Intangibles- Goodwill and Other", goodwill shall be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value below its carrying amount. Deterioration in economic market conditions, changes in key personnel, increased estimates of the effects of recent regulatory or legislative changes, or additional regulatory or legislative changes may result in declines in projected business performance beyond management's current expectations. Such declines in business performance could cause the estimated fair value of goodwill to decline, which could result in an impairment charge to earnings in a future period related to goodwill. | |
The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining the need to perform the two-step test for goodwill impairment (the qualitative method.) | |
If the qualitative method cannot be used, the Company uses the two-step test. Under the two-step test, the Company compares the estimated fair value of a reporting unit with its carrying amount, including goodwill. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying amount of a reporting unit exceeds its estimated fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. Step Two of the goodwill impairment test compares the implied estimated fair value of reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of goodwill for that reporting unit exceeds the implied fair value of that unit's goodwill, an impairment loss is recognized in an amount equal to that excess. Additional information regarding goodwill and impairment testing can be found in Note 8. | |
Identifiable Intangibles: Intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. The Company's intangible assets relate to core deposits and customer relationships. Intangible assets with definite useful lives are amortized on an accelerated basis over their estimated life. Intangible assets, premises and equipment and other long-lived assets are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | |
Brokerage Fee Income: Acting as an agent, the Company earns brokerage income by buying and selling securities on behalf of its customers through an independent third party and earning fees on the transactions. These fees are recorded on the trade date. | |
Advertising Expense: The Company expenses all advertising costs as they are incurred. | |
Income Taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | |
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company did not have any amount accrued with respect to uncertainty in income taxes at December 31, 2013 and 2012. | |
The Company recognizes interest and/or penalties related to income tax matters in income tax expense and did not have any amounts accrued for interest and penalties for the years ended December 31, 2013 and 2012. The Company files a consolidated income tax return with its subsidiaries. Federal income tax expense or benefit has been allocated to subsidiaries on a separate return basis. | |
Share-Based Compensation: Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. For awards with performance-based vesting conditions, compensation cost is recognized when the achievement of the performance condition is considered probable of achievement. If a performance condition is subsequently determined to be improbable of achievement, compensation cost is reversed. | |
Retirement Plans: Employee 401(k) and profit sharing plan expense is the amount of matching contributions as determined by formula. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. | |
On March 6, 2013, the Company entered into a Director's Agreement with certain directors regarding their retirement from the Company and Bank's Board of Directors. Each Director's Agreement provides for: (i) a cash separation benefit payable, at the director's election, in a lump sum or four equal annual installments; and (ii) a restricted stock award on the director's retirement date under the Company's 2012 Equity Incentive Plan, vesting in one-third annual increments beginning on the first anniversary of the award date, with vesting subject to continuous service as an advisory director. The retirement stock-based awards are expensed based upon the closing stock price as quoted on the NASDAQ Stock Market on the date of vesting. Until the final value is determined on the vesting date, the Company estimates the fair value quarterly based upon the closing stock price as quoted on the NASDAQ Stock Market on the last business day of each calendar quarter end. | |
Comprehensive Income (Loss): Comprehensive income (loss) consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale, net of taxes, which are also recognized as a separate component of equity. | |
Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. | |
Earnings (loss) per common share: The Company calculated earnings (loss) per common share in accordance with ASC Topic 260, “Earnings Per Share,” which provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company has determined that its outstanding non-vested stock awards/stock units and deferred stock units are participating securities. Accordingly, earnings per common share is computed using the two-class method prescribed under ASC Topic 260. | |
Under the two-class method, basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 4 - Earnings Per Common Share. | |
Employee stock ownership plan (ESOP): The Company accounts for its ESOP in accordance with ASC 718-40, "Employee Stock Ownership Plans". Accordingly, since the Company sponsors the ESOP with an employer loan, neither the ESOP’s loan payable nor the Company’s loan receivable are reported in the Company’s consolidated balance sheet. Likewise, the Company does not recognize interest income or interest cost on the loan. | |
Unallocated shares held by the ESOP are recorded as unearned ESOP shares in the consolidated statement of changes in shareholders’ equity. As shares are committed to be released for allocation, the Company recognizes compensation expense equal to the average market price of the shares for the period. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce debt and accrued interest. | |
Dividend Restriction: Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Company or by the Company to shareholders. | |
Fair Value of Financial Instruments: In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. | |
Operating Segments: The reportable segments are determined by the products and services offered, primarily distinguished between banking and mortgage banking. Loans, investments and deposits generate the revenues in the banking segment; secondary marketing sales generate the revenue in the mortgage banking segment. Segment performance is evaluated using segment profit (loss). As explained in Note 22 - Segment Information, the Company sold substantially all the assets of VPM, the Company's mortgage banking subsidiary in the third quarter of 2012. | |
Loan Commitments and Related Financial Instruments: Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. | |
Reclassifications: Some items in the prior year financial statements were reclassified to conform to the current presentation. | |
Adoption of New Accounting Standards: | |
In July 2012, the FASB issued ASU 2012-02, Intangibles--Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. Under the guidance in this ASU, an entity has the option to bypass the qualitative assessment outlined in ASU 2011-08, Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment, for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. The amendments in this ASU are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity's financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. The adoption of this ASU did not have a significant impact to the Company's financial statements. | |
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This ASU requires companies to report information about significant amounts reclassified out of accumulated other comprehensive income either on the face of the financial statements or in the notes. If an entity is unable to identify the line item of net income affected by any significant amount reclassified out of accumulated other comprehensive income during a reporting period (including when all reclassifications for the period are not to net income in their entirety), a company must present information about items reclassified out of accumulated other comprehensive income in the notes. Companies that qualify for and present information about significant items reclassified out of accumulated other comprehensive income on the face of the statement where net income is presented must present parenthetically: 1). the effect of significant reclassification items on the respective line items of net income by component of other comprehensive income and 2.) the aggregate tax effect of all significant reclassifications on the line item for income tax benefit/expense in the statement where net income is presented. For public entities, the amendments are effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2012. Early adoption is permitted. The Company adopted this ASU in the first quarterly filing as of March 31, 2013, and has included the required disclosures in the Consolidated Statements of Income included in this Form 10-K. | |
Effect of Newly Issued But Not Yet Effective Accounting Standards | |
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU includes explicit guidance for the presentation of an unrecognized tax benefit, or a portion thereof, when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. For public entities, the amendments are effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The adoption of this ASU is not expected to have a significant impact on the Company's financial statements. |
ADJUSTMENT_TO_FINANCIAL_STATEM
ADJUSTMENT TO FINANCIAL STATEMENTS ADJUSTMENT TO FINANCIAL STATEMENTS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Adjustment to Financial Statements [Abstract] | ' | |||||||||||||||
Adjustment to Financial Statements | ' | |||||||||||||||
ADJUSTMENTS TO FINANCIAL STATEMENTS | ||||||||||||||||
The Company previously reported the Warehouse Purchase Program loans as held for sale as the Company believed that was the most meaningful presentation to our financial statement users, given the collection of the loan was based on sale of the loan. The Company has now concluded that under US GAAP these loans should be accounted for as held for investment. This correction changes the accounting for the warehouse loans from a lower of cost or market accounting method to accounting for loans under ASC 310 with any credit losses incurred as of the balance sheet date recognized in the allowance for loan losses. As we had not reported any valuation decreases below cost in prior periods and we have experienced no credit losses on these loans, this correction had no impact on net income, comprehensive income, earnings per share or income taxes. Additionally, total assets and shareholders' equity remained unchanged. However, this correction does adjust the statement of cash flows by moving cash flows associated with the Warehouse Purchase Program from operating cash flows to investing cash flows. | ||||||||||||||||
The tables below illustrate the impact of this change on the Company's Consolidated Balance Sheets for December 31, 2012 and on the Consolidated Statement of Cash Flows for the year ended December 31, 2012. There was no impact to the Company's Consolidated Statements of Income for the year ended December 31, 2012. | ||||||||||||||||
Impact to the Consolidated Balance Sheets | ||||||||||||||||
31-Dec-12 | As Originally Presented | As Adjusted | ||||||||||||||
Loans held for sale - Warehouse Purchase Program | $ | 1,060,720 | N/A | |||||||||||||
Loans held for investment: | ||||||||||||||||
Loans held for investment, net of allowance for loan losses | 1,673,204 | 1,673,204 | ||||||||||||||
Loans held for investment - Warehouse Purchase Program | N/A | 1,060,720 | ||||||||||||||
Total loans held for investment | 1,673,204 | 2,733,924 | ||||||||||||||
Impact to the Consolidated Statements of Cash Flows | ||||||||||||||||
Year ended December 31, 2012 | Year ended December 31, 2011 | |||||||||||||||
As Originally Presented | As Adjusted | As Originally Presented | As Adjusted | |||||||||||||
Cash flows from operating activities | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
Loans originated or purchased for sale | $ | (12,755,753 | ) | $ | (145,819 | ) | $ | (7,872,727 | ) | $ | (271,107 | ) | ||||
Proceeds from sale of loans held for sale | 12,534,821 | 184,672 | 7,537,999 | 276,402 | ||||||||||||
Net cash provided by (used in) operating activities | (167,746 | ) | 92,039 | (294,157 | ) | 45,866 | ||||||||||
Cash flows from investing activities | ||||||||||||||||
Originations of Warehouse Purchase Program loans | N/A | (12,609,934 | ) | N/A | (7,601,620 | ) | ||||||||||
Proceeds from pay-offs of Warehouse Purchase Program loans | N/A | 12,350,149 | N/A | 7,261,597 | ||||||||||||
Net change in loans held for investment, excluding Warehouse Purchase Program | (182,658 | ) | (182,658 | ) | (123,995 | ) | (123,995 | ) | ||||||||
Net cash provided by (used in) investing activities | 283,857 | 24,072 | 70,665 | (269,358 | ) | |||||||||||
Cash flows from financing activities | ||||||||||||||||
Net cash provided by (used in) financing activities | (93,763 | ) | (93,763 | ) | 201,190 | 201,190 | ||||||||||
Net change in cash and cash equivalents | 22,348 | 22,348 | (22,302 | ) | (22,302 | ) | ||||||||||
Beginning cash and cash equivalents | 46,348 | 46,348 | 68,650 | 68,650 | ||||||||||||
Ending cash and cash equivalents | $ | 68,696 | $ | 68,696 | $ | 46,348 | $ | 46,348 | ||||||||
SHARE_TRANSACTIONS
SHARE TRANSACTIONS | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
SHARE TRANSACTIONS | ' |
SHARE TRANSACTIONS | |
On April 2, 2012, the Company completed its acquisition of Highlands Bancshares, Inc. (“Highlands”), parent company of The First National Bank of Jacksboro, which operated in Dallas under the name Highlands Bank. In this stock-for-stock transaction, Highlands' shareholders received 0.6636 shares of the Company's common stock in exchange for each share of Highlands' common stock. As a result, the Company issued 5,513,061 common shares with an acquisition date fair value of total consideration paid of $86,114, based on the Company's closing stock price of $15.62 on April 2, 2012 including an insignificant amount of cash paid in lieu of fractional shares. | |
On August 26, 2011, the Company announced its intention to repurchase up to 5% of its total common shares outstanding, or approximately 1,741,975 shares of its common stock, in the open market at prevailing market prices over a period beginning on August 30, 2011, and continuing until the earlier of the completion of the repurchase or the next twelve months, depending upon market conditions. Prior to termination on December 19, 2011, 1,100,100 shares were repurchased at an average price of $11.83. The share repurchases under the plan were halted as a result of the Company’s announced acquisition of Highlands Bancshares, Inc., which automatically triggered termination of the Company’s trading plan with Sandler O’Neill & Partners, LP. | |
On August 22, 2012, the Company announced its intention to repurchase up to 5% of its total common shares outstanding, or approximately 1,978,871 shares. The stock repurchase program, which is open-ended, commenced on August 27, 2012, and allows the Company to repurchase its shares from time to time in the open market and in negotiated transactions, depending upon market conditions. The Board of Directors of the Company also authorized management to enter into a trading plan with Sandler O'Neill & Partners, LP in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, to facilitate repurchases of its common stock pursuant to the above- mentioned stock repurchase program. The share repurchases under the plan were halted as a result of the Company’s announced acquisition of LegacyTexas Group, Inc. which automatically triggered termination of the Company’s trading plan with Sandler O’Neill & Partners, LP. Prior to termination on November 25, 2013, 83,800 shares were repurchased during 2013 at a weighted average price per share of $18.55. There were no repurchases of common stock in 2012. |
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER COMMON SHARE | ' | |||||||||||
EARNINGS PER COMMON SHARE | ||||||||||||
Basic earnings per common share is computed by dividing net income (which has been adjusted for distributed and undistributed earnings to participating securities) by the weighted-average number of common shares outstanding for the period, reduced for average unallocated ESOP shares and average unvested restricted stock awards. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock awards and options) were exercised or converted to common stock, or resulted in the issuance of common stock that then shared in the Company’s earnings. Diluted earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding for the period increased for the dilutive effect of unexercised stock options and unvested restricted stock awards. The dilutive effect of the unexercised stock options and unvested restricted stock awards is calculated under the treasury stock method utilizing the average market value of the Company’s stock for the period. Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method described in ASC 260-10-45-60B. A reconciliation of the numerator and denominator of the basic and diluted earnings per common share computation for 2013, 2012, and 2011 was as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic earnings per share: | ||||||||||||
Numerator: | ||||||||||||
Net income | $ | 31,688 | $ | 35,241 | $ | 26,328 | ||||||
Distributed and undistributed earnings to participating securities | (394 | ) | (106 | ) | (123 | ) | ||||||
Income available to common shareholders | $ | 31,294 | $ | 35,135 | $ | 26,205 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding | 39,895,321 | 38,004,897 | 34,571,991 | |||||||||
Less: Average unallocated ESOP shares | (1,832,713 | ) | (2,017,098 | ) | (2,201,101 | ) | ||||||
Average unvested restricted stock awards | (473,060 | ) | (108,095 | ) | (151,049 | ) | ||||||
Average shares for basic earnings per share | 37,589,548 | 35,879,704 | 32,219,841 | |||||||||
Basic earnings per common share | $ | 0.83 | $ | 0.98 | 0.81 | |||||||
Diluted earnings per share: | ||||||||||||
Numerator: | ||||||||||||
Income available to common shareholders | $ | 31,294 | $ | 35,135 | $ | 26,205 | ||||||
Denominator: | ||||||||||||
Average shares for basic earnings per share | 37,589,548 | 35,879,704 | 32,219,841 | |||||||||
Dilutive effect of share-based compensation plan | 155,238 | 118,641 | 63,266 | |||||||||
Average shares for diluted earnings per share | 37,744,786 | 35,998,345 | 32,283,107 | |||||||||
Diluted earnings per common share | $ | 0.83 | 0.98 | 0.81 | ||||||||
Share awards excluded in the computation of diluted earnings per share because the exercise price was greater than the common stock average market price and were therefore anti-dilutive. | 1,219,350 | 363,013 | 392,508 | |||||||||
SECURITIES
SECURITIES | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
SECURITIES | ' | ||||||||||||||||||||||||||||||||
SECURITIES | |||||||||||||||||||||||||||||||||
The fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss), net of tax, were as follows: | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||||||||||
December 31, 2013 | Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | $ | 175,693 | $ | 1,322 | $ | 2,306 | $ | 174,709 | |||||||||||||||||||||||||
Agency residential collateralized mortgage obligations 2 | 70,257 | 423 | 105 | 70,575 | |||||||||||||||||||||||||||||
SBA pools | 2,652 | 76 | — | 2,728 | |||||||||||||||||||||||||||||
Total securities | $ | 248,602 | $ | 1,821 | $ | 2,411 | $ | 248,012 | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | $ | 164,023 | $ | 2,195 | $ | 118 | $ | 166,100 | |||||||||||||||||||||||||
Agency residential collateralized mortgage obligations 2 | 116,723 | 996 | 233 | 117,486 | |||||||||||||||||||||||||||||
SBA pools | 3,342 | 106 | — | 3,448 | |||||||||||||||||||||||||||||
Total securities | $ | 284,088 | $ | 3,297 | $ | 351 | $ | 287,034 | |||||||||||||||||||||||||
1 Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
2 Collateralized mortgage obligations issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
The carrying amount, unrecognized gains and losses, and fair value of securities held to maturity were as follows: | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||||||||||
December 31, 2013 | Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | $ | 83,177 | $ | 3,523 | $ | 130 | $ | 86,570 | |||||||||||||||||||||||||
Agency commercial mortgage-backed securities 2 | 24,828 | 523 | 310 | 25,041 | |||||||||||||||||||||||||||||
Agency residential collateralized mortgage obligations 3 | 118,757 | 2,772 | 107 | 121,422 | |||||||||||||||||||||||||||||
Municipal bonds | 67,821 | 2,292 | 1,407 | 68,706 | |||||||||||||||||||||||||||||
Total securities | $ | 294,583 | $ | 9,110 | $ | 1,954 | $ | 301,739 | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | $ | 114,388 | $ | 6,324 | $ | — | $ | 120,712 | |||||||||||||||||||||||||
Agency commercial mortgage-backed securities 2 | 9,243 | 1,303 | — | 10,546 | |||||||||||||||||||||||||||||
Agency residential collateralized mortgage obligations 3 | 186,467 | 3,129 | 173 | 189,423 | |||||||||||||||||||||||||||||
Municipal bonds | 50,456 | 5,018 | 2 | 55,472 | |||||||||||||||||||||||||||||
Total securities | $ | 360,554 | $ | 15,774 | $ | 175 | $ | 376,153 | |||||||||||||||||||||||||
1 Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
2 Commercial mortgage-backed securities issued and /or guaranteed by U.S. government agencies or government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
3 Collateralized mortgage obligations issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
The carrying amount and fair value of held to maturity debt securities and the fair value of available for sale debt securities at year end 2013 by contractual maturity were as follows. Securities with contractual payments not due at a single maturity date, including mortgage backed securities and collateralized mortgage obligations, are shown separately. | |||||||||||||||||||||||||||||||||
Available | |||||||||||||||||||||||||||||||||
Held to maturity | for sale | ||||||||||||||||||||||||||||||||
Carrying | Fair Value | Fair Value | |||||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Due after one to five years | 7,139 | 7,595 | 2,728 | ||||||||||||||||||||||||||||||
Due after five to ten years | 20,359 | 21,303 | — | ||||||||||||||||||||||||||||||
Due after ten years | 40,323 | 39,808 | — | ||||||||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | 83,177 | 86,570 | 174,709 | ||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities 2 | 24,828 | 25,041 | — | ||||||||||||||||||||||||||||||
Agency residential collateralized mortgage obligations 3 | 118,757 | 121,422 | 70,575 | ||||||||||||||||||||||||||||||
Total | $ | 294,583 | $ | 301,739 | $ | 248,012 | |||||||||||||||||||||||||||
1 Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
2 Commercial mortgage-backed securities issued and /or guaranteed by U.S. government agencies or government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
3 Collateralized mortgage obligations issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
Information regarding pledged securities is summarized below: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Public fund certificates of deposit | $ | 156,731 | $ | 134,846 | |||||||||||||||||||||||||||||
Public fund demand deposit accounts | 15,068 | 19,972 | |||||||||||||||||||||||||||||||
Commercial demand deposit accounts | 4,439 | 4,318 | |||||||||||||||||||||||||||||||
Repurchase agreements | 25,000 | 25,000 | |||||||||||||||||||||||||||||||
Federal Reserve Bank primary credit - collateral value | 68,686 | 105,807 | |||||||||||||||||||||||||||||||
Carrying value of securities pledged on above funds | 308,652 | 309,225 | |||||||||||||||||||||||||||||||
At year end 2013 and 2012, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies or U.S. Government Sponsored Enterprises, in an amount greater than 10% of shareholders’ equity. | |||||||||||||||||||||||||||||||||
Sales activity of securities for the years ended December 31, 2013, 2012, and 2011 was as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Proceeds | $ | 10,614 | $ | 133,595 | $ | 279,420 | |||||||||||||||||||||||||||
Gross gains | — | 1,142 | 6,338 | ||||||||||||||||||||||||||||||
Gross losses | 177 | 128 | 70 | ||||||||||||||||||||||||||||||
The tax benefit related to the net realized loss in December 31, 2013 was $62. The tax provision related to the net realized gains for the years ended December 31, 2012 and 2011 was $355, and $2,194, respectively. | |||||||||||||||||||||||||||||||||
Securities with unrealized losses at year‑end 2013 and 2012, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: | |||||||||||||||||||||||||||||||||
AFS | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||
December 31, 2013 | Fair Value | Unrealized Loss | Number | Fair Value | Unrealized Loss | Number | Fair Value | Unrealized Loss | Number | ||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | $ | 83,461 | $ | 2,306 | 19 | $ | — | $ | — | — | $ | 83,461 | $ | 2,306 | 19 | ||||||||||||||||||
Agency residential collateralized mortgage obligations 2 | 13,975 | 50 | 6 | 6,780 | 55 | 5 | 20,755 | 105 | 11 | ||||||||||||||||||||||||
Total temporarily impaired | $ | 97,436 | $ | 2,356 | 25 | $ | 6,780 | $ | 55 | 5 | $ | 104,216 | $ | 2,411 | 30 | ||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | $ | 24,462 | $ | 118 | 4 | $ | — | $ | — | — | $ | 24,462 | $ | 118 | 4 | ||||||||||||||||||
Agency residential collateralized mortgage obligations 2 | 2 | — | 1 | 16,912 | 233 | 6 | 16,914 | 233 | 7 | ||||||||||||||||||||||||
Total temporarily impaired | $ | 24,464 | $ | 118 | 5 | $ | 16,912 | $ | 233 | 6 | $ | 41,376 | $ | 351 | 11 | ||||||||||||||||||
1 Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
2 Collateralized mortgage obligations issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
HTM | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||
31-Dec-13 | Fair Value | Unrealized Loss | Number | Fair Value | Unrealized Loss | Number | Fair Value | Unrealized Loss | Number | ||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | $ | 5,779 | $ | 130 | 2 | $ | — | $ | — | — | $ | 5,779 | $ | 130 | 2 | ||||||||||||||||||
Agency commercial mortgage-backed securities 2 | 4,940 | 310 | 2 | — | — | — | 4,940 | 310 | 2 | ||||||||||||||||||||||||
Agency residential collateralized mortgage obligations 3 | 10,453 | 91 | 2 | 1,679 | 16 | 3 | 12,132 | 107 | 5 | ||||||||||||||||||||||||
Municipal bonds | 17,784 | 1,406 | 29 | 280 | 1 | 1 | 18,064 | 1,407 | 30 | ||||||||||||||||||||||||
Total temporarily impaired | $ | 38,956 | $ | 1,937 | 35 | $ | 1,959 | $ | 17 | 4 | $ | 40,915 | $ | 1,954 | 39 | ||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Agency residential collateralized mortgage obligations 1 | 19,311 | 62 | 5 | 4,972 | 111 | 4 | $ | 24,283 | $ | 173 | 9 | ||||||||||||||||||||||
Municipal bonds | 281 | 2 | 1 | — | — | — | 281 | 2 | 1 | ||||||||||||||||||||||||
Total temporarily impaired | $ | 19,592 | $ | 64 | 6 | $ | 4,972 | $ | 111 | 4 | $ | 24,564 | $ | 175 | 10 | ||||||||||||||||||
1 Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
2 Commercial mortgage-backed securities issued and /or guaranteed by U.S. government agencies or government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
3 Collateralized mortgage obligations issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
Other-than-Temporary Impairment | |||||||||||||||||||||||||||||||||
In determining other-than-temporary impairment for debt securities, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The Company does not believe these unrealized losses to be other-than-temporary. |
LOANS
LOANS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||
LOANS | ' | |||||||||||||||||||||||
LOANS | ||||||||||||||||||||||||
Loans held for investment consist of the following: | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Commercial real estate | $ | 1,091,200 | $ | 825,340 | ||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||
Commercial | 425,030 | 245,799 | ||||||||||||||||||||||
Warehouse lines of credit | 14,400 | 32,726 | ||||||||||||||||||||||
Total commercial and industrial loans | 439,430 | 278,525 | ||||||||||||||||||||||
Construction and land loans | ||||||||||||||||||||||||
Commercial construction and land | 27,619 | 14,568 | ||||||||||||||||||||||
Consumer construction and land | 2,628 | 6,614 | ||||||||||||||||||||||
Total construction and land loans | 30,247 | 21,182 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Consumer real estate | 441,226 | 506,642 | ||||||||||||||||||||||
Other consumer loans | 47,799 | 59,080 | ||||||||||||||||||||||
Total consumer | 489,025 | 565,722 | ||||||||||||||||||||||
Gross loans held for investment, excluding Warehouse Purchase Program | 2,049,902 | 1,690,769 | ||||||||||||||||||||||
Net of: | ||||||||||||||||||||||||
Deferred fees and discounts, net | (1,267 | ) | 486 | |||||||||||||||||||||
Allowance for loan losses | (19,358 | ) | (18,051 | ) | ||||||||||||||||||||
Net loans held for investment, excluding Warehouse Purchase Program | 2,029,277 | 1,673,204 | ||||||||||||||||||||||
Warehouse Purchase Program | 673,470 | 1,060,720 | ||||||||||||||||||||||
Total loans held for investment | $ | 2,702,747 | $ | 2,733,924 | ||||||||||||||||||||
Activity in the allowance for loan losses for the years ended December 31, 2013, 2012 and 2011, segregated by portfolio segment and evaluation for impairment, was as follows. All Warehouse Purchase Program loans are collectively evaluated for impairment. All Warehouse Purchase Program loans are purchased under several contractual requirements, which provide safeguards to the bank, including the requirement that our mortgage company customers have a takeout commitment for each loan and multiple investors identified for purchases. As a result of these safeguards the bank has never experienced a loss on these loans and no allowance for loan losses has been allocated to them. The portion of the allowance for loan losses individually evaluated for impairment allocated to purchased credit impaired ("PCI") loans was $202, $148, and $0 at December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
December 31, 2013 | Commercial Real Estate | Commercial and Industrial | Construction and land | Consumer Real Estate | Other Consumer | Total | ||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Beginning balance - January 1, 2013 | $ | 11,182 | $ | 2,574 | $ | 149 | $ | 3,528 | $ | 618 | $ | 18,051 | ||||||||||||
Charge-offs | (806 | ) | (607 | ) | (31 | ) | (416 | ) | (621 | ) | (2,481 | ) | ||||||||||||
Recoveries | — | 124 | — | 77 | 388 | 589 | ||||||||||||||||||
Provision expense | 568 | 2,445 | 94 | 91 | 1 | 3,199 | ||||||||||||||||||
Ending balance - December 31, 2013 | $ | 10,944 | $ | 4,536 | $ | 212 | $ | 3,280 | $ | 386 | $ | 19,358 | ||||||||||||
Allowance ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 987 | $ | 1,730 | $ | 6 | $ | 197 | $ | 3 | $ | 2,923 | ||||||||||||
Collectively evaluated for impairment | 9,957 | 2,806 | 206 | 3,083 | 383 | 16,435 | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | 7,605 | 5,325 | 2 | 4,812 | 550 | 18,294 | ||||||||||||||||||
Collectively evaluated for impairment | 1,079,343 | 433,908 | 28,625 | 435,288 | 47,078 | 2,024,242 | ||||||||||||||||||
PCI Loans | 4,252 | 197 | 1,620 | 1,126 | 171 | 7,366 | ||||||||||||||||||
Ending balance | $ | 1,091,200 | $ | 439,430 | $ | 30,247 | $ | 441,226 | $ | 47,799 | $ | 2,049,902 | ||||||||||||
December 31, 2012 | Commercial Real Estate | Commercial and Industrial | Construction and land | Consumer Real Estate | Other Consumer | Total | ||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Beginning balance - January 1, 2012 | $ | 10,597 | $ | 2,090 | $ | 103 | $ | 3,991 | $ | 706 | $ | 17,487 | ||||||||||||
Charge-offs | (187 | ) | (1,178 | ) | — | (798 | ) | (1,039 | ) | (3,202 | ) | |||||||||||||
Recoveries | — | 114 | — | 70 | 443 | 627 | ||||||||||||||||||
Provision expense | 772 | 1,548 | 46 | 265 | 508 | 3,139 | ||||||||||||||||||
Ending balance - December 31, 2012 | $ | 11,182 | $ | 2,574 | $ | 149 | $ | 3,528 | $ | 618 | $ | 18,051 | ||||||||||||
Allowance ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,880 | $ | 647 | $ | — | $ | 967 | $ | 23 | $ | 4,517 | ||||||||||||
Collectively evaluated for impairment | 8,302 | 1,927 | 149 | 2,561 | 595 | 13,534 | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | 16,950 | 5,609 | 139 | 8,392 | 329 | 31,419 | ||||||||||||||||||
Collectively evaluated for impairment | 801,940 | 270,843 | 18,115 | 497,090 | 58,554 | 1,646,542 | ||||||||||||||||||
PCI Loans | 6,450 | 2,073 | 2,928 | 1,160 | 197 | 12,808 | ||||||||||||||||||
Ending balance | $ | 825,340 | $ | 278,525 | $ | 21,182 | $ | 506,642 | $ | 59,080 | $ | 1,690,769 | ||||||||||||
December 31, 2011 | Commercial Real Estate | Commercial and Industrial | Construction and land | Consumer Real Estate | Other Consumer | Total | ||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Beginning balance - January 1, 2011 | $ | 7,940 | $ | 1,652 | $ | 123 | $ | 4,129 | $ | 1,003 | $ | 14,847 | ||||||||||||
Charge-offs | (15 | ) | (470 | ) | — | (487 | ) | (850 | ) | (1,822 | ) | |||||||||||||
Recoveries | 29 | 38 | — | 60 | 365 | 492 | ||||||||||||||||||
Provision expense (benefit) | 2,643 | 870 | (20 | ) | 289 | 188 | 3,970 | |||||||||||||||||
Ending balance - December 31, 2011 | $ | 10,597 | $ | 2,090 | $ | 103 | $ | 3,991 | $ | 706 | $ | 17,487 | ||||||||||||
Allowance ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,358 | $ | 87 | — | $ | 1,040 | $ | 13 | $ | 3,498 | |||||||||||||
Collectively evaluated for impairment | 8,239 | 2,003 | 103 | 2,951 | 693 | 13,989 | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | 18,936 | 456 | 7 | 6,802 | 168 | 26,369 | ||||||||||||||||||
Collectively evaluated for impairment | 564,551 | 70,164 | 11,845 | 504,097 | 51,002 | 1,201,659 | ||||||||||||||||||
Ending balance | $ | 583,487 | $ | 70,620 | $ | 11,852 | $ | 510,899 | $ | 51,170 | $ | 1,228,028 | ||||||||||||
Impaired loans at December 31, 2013, and 2012, were as follows 1: | ||||||||||||||||||||||||
December 31, 2013 | Unpaid | Recorded | Recorded | Total Recorded Investment | Related | |||||||||||||||||||
Principal | Investment With No Allowance | Investment With Allowance | Allowance | |||||||||||||||||||||
Balance | ||||||||||||||||||||||||
Commercial real estate | $ | 8,328 | $ | 3,619 | $ | 3,986 | $ | 7,605 | $ | 2,016 | ||||||||||||||
Commercial and industrial | 6,058 | 539 | 4,786 | 5,325 | 550 | |||||||||||||||||||
Construction and land | 2 | 2 | — | 2 | — | |||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Consumer real estate | 5,050 | 3,725 | 1,087 | 4,812 | 155 | |||||||||||||||||||
Other consumer | 579 | 550 | — | 550 | — | |||||||||||||||||||
Total | $ | 20,017 | $ | 8,435 | $ | 9,859 | $ | 18,294 | $ | 2,721 | ||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Commercial real estate | $ | 17,726 | $ | 4,341 | $ | 12,609 | $ | 16,950 | $ | 2,756 | ||||||||||||||
Commercial and industrial | 7,632 | 3,284 | 2,325 | 5,609 | 630 | |||||||||||||||||||
Construction and land | 140 | 139 | — | 139 | — | |||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Consumer real estate | 8,574 | 5,194 | 3,198 | 8,392 | 960 | |||||||||||||||||||
Other consumer | 338 | 28 | 301 | 329 | 23 | |||||||||||||||||||
Total | $ | 34,410 | $ | 12,986 | $ | 18,433 | $ | 31,419 | $ | 4,369 | ||||||||||||||
1 No Warehouse Purchase Program loans were impaired at December 31, 2013 or 2012. Loans reported do not include PCI loans. | ||||||||||||||||||||||||
Income on impaired loans at December 31, 2013, 2012 and 2011 was as follows 1: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | |||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | |||||||||||||||||||
Commercial real estate | $ | 11,614 | $ | 124 | $ | 18,900 | $ | 332 | $ | 12,299 | $ | 625 | ||||||||||||
Commercial and industrial | 6,072 | 12 | 2,297 | 9 | 384 | 14 | ||||||||||||||||||
Construction and land | 41 | — | 22 | — | 5 | — | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Consumer real estate | 6,835 | 57 | 6,846 | 48 | 6,280 | 139 | ||||||||||||||||||
Other consumer | 470 | — | 235 | 2 | 191 | — | ||||||||||||||||||
Total | $ | 25,032 | $ | 193 | $ | 28,300 | $ | 391 | $ | 19,159 | $ | 778 | ||||||||||||
1 Loans reported do not include PCI loans | ||||||||||||||||||||||||
Loans past due over 90 days that were still accruing interest totaled $266 and $593 at December 31, 2013 and 2012, which consisted entirely of PCI loans. At December 31, 2013, there were no PCI loans that were considered non-performing loans, while $4,201 of purchased performing loans were considered non-performing at December 31, 2013, including $1,698 of commercial lines of credit that did not qualify for PCI accounting due to their revolving nature. No Warehouse Purchase Program loans were non-performing at December 31, 2013 or 2012. Non-performing (nonaccrual) loans were as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Commercial real estate | $ | 7,604 | $ | 13,567 | ||||||||||||||||||||
Commercial and industrial | 5,141 | 5,401 | ||||||||||||||||||||||
Construction and land | — | 134 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Consumer real estate | 8,812 | 7,839 | ||||||||||||||||||||||
Other consumer | 567 | 262 | ||||||||||||||||||||||
Total | $ | 22,124 | $ | 27,203 | ||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, gross interest income which would have been recorded had the non-accruing loans been current in accordance with their original terms amounted to $1,391, $1,421and $1,531 respectively. The amount that was included in interest income on these loans for the years ended December 31, 2013, 2012 and 2011 was $0, $11 and $473, respectively. | ||||||||||||||||||||||||
The outstanding balances of troubled debt restructurings ("TDRs") are shown below: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
TDRs | 2013 | 2012 | ||||||||||||||||||||||
Nonaccrual TDRs | $ | 11,368 | $ | 13,760 | ||||||||||||||||||||
Performing TDRs (1) | 971 | 4,216 | ||||||||||||||||||||||
Total | $ | 12,339 | $ | 17,976 | ||||||||||||||||||||
Specific reserves on TDRs | $ | 1,191 | $ | 2,643 | ||||||||||||||||||||
Outstanding commitments to lend additional funds to borrowers with TDR loans | — | — | ||||||||||||||||||||||
1 Performing TDR loans are loans that have been performing under the restructured terms for at least six months and the Company is accruing interest on these loans. | ||||||||||||||||||||||||
The following table provides the recorded balances of loans modified as a TDR during the years ended December 31, 2013, 2012, and 2011. | ||||||||||||||||||||||||
31-Dec-13 | Loan Bifurcation | Principal Deferrals 1 | Combination - Rate Reduction & Principal Deferral | Other | Total | |||||||||||||||||||
Commercial real estate | $ | — | $ | 59 | $ | — | $ | — | $ | 59 | ||||||||||||||
Commercial and industrial | — | 164 | 73 | 83 | 320 | |||||||||||||||||||
Consumer real estate | — | 280 | 488 | 475 | 1,243 | |||||||||||||||||||
Other consumer | — | 263 | 165 | 8 | 436 | |||||||||||||||||||
Total | $ | — | $ | 766 | $ | 726 | $ | 566 | $ | 2,058 | ||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Commercial real estate | $ | 5,876 | $ | — | $ | — | $ | — | $ | 5,876 | ||||||||||||||
Commercial and industrial | — | 26 | — | 76 | 102 | |||||||||||||||||||
Consumer real estate | — | 959 | 717 | 291 | 1,967 | |||||||||||||||||||
Other consumer | — | 99 | 37 | 17 | 153 | |||||||||||||||||||
Total | $ | 5,876 | $ | 1,084 | $ | 754 | $ | 384 | $ | 8,098 | ||||||||||||||
31-Dec-11 | ||||||||||||||||||||||||
Consumer real estate | $ | — | $ | 6 | $ | 149 | $ | 261 | $ | 416 | ||||||||||||||
Other consumer | — | 19 | — | — | 19 | |||||||||||||||||||
Total | $ | — | $ | 25 | $ | 149 | $ | 261 | $ | 435 | ||||||||||||||
1 Beginning in September 2012, principal deferrals include Chapter 7 bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. Such loans are placed on non accrual status. | ||||||||||||||||||||||||
TDRs modified during the twelve-month periods ended December 31, 2013, 2012, and 2011, which experienced a subsequent default during the periods are shown below. A payment default is defined as a loan that was 90 days or more past due. | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Consumer real estate | $ | — | $ | 288 | 91 | |||||||||||||||||||
In connection with the acquisition of Highlands Bancshares, Inc., the Company acquired loans both with and without evidence of credit deterioration since origination. The acquired loans were initially recorded at fair value with no carryover of any allowance for loan losses. Loans acquired with evidence of credit quality deterioration at acquisition for which it was probable the Company would not be able to collect all contractual amounts due were accounted for as purchased credit-impaired (“PCI”). The Company individually reviewed the acquired PCI loans and the portfolio was accounted for at estimated fair value on the acquisition date as follows: | ||||||||||||||||||||||||
Acquired PCI loans | ||||||||||||||||||||||||
Contractually required principal and interest 1 | $ | 29,408 | ||||||||||||||||||||||
Expected cash flows | 24,042 | |||||||||||||||||||||||
Fair value at acquisition | 14,720 | |||||||||||||||||||||||
1 Excludes loans fully charge off prior to acquisition date with no expectation of future cash flows. | ||||||||||||||||||||||||
The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at December 31, 2013 and 2012 were as follows. The outstanding balance represents the total amount owed as of December 31, 2013 and 2012 including accrued but unpaid interest and any amounts previously charged off. | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Acquired PCI loans | ||||||||||||||||||||||||
Carrying amount 1 | $ | 7,164 | $ | 12,660 | ||||||||||||||||||||
Outstanding balance | 9,226 | 16,296 | ||||||||||||||||||||||
1 The carrying amounts are net of allowance of $202 and $148 as of December 31, 2013, and 2012. | ||||||||||||||||||||||||
Changes in the accretable yield for acquired PCI loans for the years ended December 31, 2013, and 2012 were as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Balance at beginning of period | $ | 6,431 | $ | — | ||||||||||||||||||||
Additions | — | 9,322 | ||||||||||||||||||||||
Reclassifications (to) from nonaccretable | 902 | 556 | ||||||||||||||||||||||
Disposals | (1,299 | ) | (2,006 | ) | ||||||||||||||||||||
Accretion | (1,353 | ) | (1,441 | ) | ||||||||||||||||||||
Balance at end of period | $ | 4,681 | $ | 6,431 | ||||||||||||||||||||
Below is an analysis of the age of recorded investment in loans that were past due at December 31, 2013 and 2012. No Warehouse Purchase Program loans were delinquent at December 31, 2013 or 2012. | ||||||||||||||||||||||||
December 31, 2013 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Greater Past Due | Total Loans Past Due | Current Loans 1 | Total Loans | ||||||||||||||||||
Commercial real estate | $ | 552 | $ | 1,315 | $ | 57 | $ | 1,924 | $ | 1,089,276 | $ | 1,091,200 | ||||||||||||
Commercial and industrial | 4,518 | 129 | 2,835 | 7,482 | 431,948 | 439,430 | ||||||||||||||||||
Construction and land | 152 | — | — | 152 | 30,095 | 30,247 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Consumer real estate | 6,579 | 3,295 | 3,651 | 13,525 | 427,701 | 441,226 | ||||||||||||||||||
Other consumer | 460 | 106 | 53 | 619 | 47,180 | 47,799 | ||||||||||||||||||
Total | $ | 12,261 | $ | 4,845 | $ | 6,596 | $ | 23,702 | $ | 2,026,200 | $ | 2,049,902 | ||||||||||||
December 31, 2012 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Greater Past Due | Total Loans Past Due | Current Loans 1 | Total Loans | ||||||||||||||||||
Commercial real estate | $ | 2,243 | $ | 1,150 | $ | 1,118 | $ | 4,511 | $ | 820,829 | $ | 825,340 | ||||||||||||
Commercial and industrial | 2,066 | 530 | 2,867 | 5,463 | 273,062 | 278,525 | ||||||||||||||||||
Construction and land | 770 | 32 | 10 | 812 | 20,370 | 21,182 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Consumer real estate | 7,375 | 1,974 | 4,469 | 13,818 | 492,824 | 506,642 | ||||||||||||||||||
Other consumer | 563 | 151 | 49 | 763 | 58,317 | 59,080 | ||||||||||||||||||
Total | $ | 13,017 | $ | 3,837 | $ | 8,513 | $ | 25,367 | $ | 1,665,402 | $ | 1,690,769 | ||||||||||||
1 Includes acquired PCI loans with a total carrying value of $5,218 and $11,206 at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The recorded investment in loans by credit quality indicators at December 31, 2013 and 2012, was as follows. | ||||||||||||||||||||||||
Real Estate and Commercial and Industrial Credit Exposure | ||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | ||||||||||||||||||||||||
December 31, 2013 | Commercial Real Estate | Commercial and Industrial | Construction and Land | Consumer Real Estate | ||||||||||||||||||||
Grade:1 | ||||||||||||||||||||||||
Pass | $ | 1,055,872 | $ | 424,110 | $ | 28,146 | $ | 424,174 | ||||||||||||||||
Special Mention | 16,030 | 1,672 | 161 | 3,661 | ||||||||||||||||||||
Substandard | 18,444 | 13,492 | 1,940 | 9,110 | ||||||||||||||||||||
Doubtful | 854 | 156 | — | 4,281 | ||||||||||||||||||||
Total | $ | 1,091,200 | $ | 439,430 | $ | 30,247 | $ | 441,226 | ||||||||||||||||
December 31, 2012 | Commercial Real Estate | Commercial and Industrial | Construction and Land | Consumer Real Estate | ||||||||||||||||||||
Grade:1 | ||||||||||||||||||||||||
Pass | $ | 781,909 | $ | 264,528 | $ | 18,120 | $ | 491,225 | ||||||||||||||||
Special Mention | 17,504 | 645 | — | 2,617 | ||||||||||||||||||||
Substandard | 24,741 | 13,227 | 2,928 | 8,942 | ||||||||||||||||||||
Doubtful | 1,186 | 125 | 134 | 3,858 | ||||||||||||||||||||
Total | $ | 825,340 | $ | 278,525 | $ | 21,182 | $ | 506,642 | ||||||||||||||||
1 PCI loans are included in the substandard or doubtful categories. | ||||||||||||||||||||||||
Warehouse Purchase Program Credit Exposure | ||||||||||||||||||||||||
All Warehouse Purchase Program loans were graded pass as of December 31, 2013 and 2012. | ||||||||||||||||||||||||
Consumer Credit Exposure | ||||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Performing | $ | 47,232 | $ | 58,818 | ||||||||||||||||||||
Non-performing | 567 | 262 | ||||||||||||||||||||||
Total | $ | 47,799 | $ | 59,080 | ||||||||||||||||||||
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE | ' | |||||||||||||||
FAIR VALUE | ||||||||||||||||
ASC 820, “Fair Value Measurements and Disclosures”, establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | ||||||||||||||||
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | ||||||||||||||||
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
Level 3: Prices or valuation techniques that require inputs that are both significant and unobservable in the market. These instruments are valued using the best information available, some of which is internally developed, and reflects a reporting entity’s own assumptions about the risk premiums that market participants would generally require and the assumptions they would use. | ||||||||||||||||
The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities' relationship to other benchmark quoted securities (Level 2 inputs). When matrix pricing is used, it is obtained from a third-party, industry recognized source. | ||||||||||||||||
The estimated fair value of interest rate swaps are obtained from a pricing service that provides the swaps' unwind value (Level 2 inputs). In September 2013, we entered into certain interest rate derivative positions that are not designated as hedging instruments. The fair value of these derivative positions outstanding are included in other assets and other liabilities in the accompanying consolidated balance sheets. Please see Note 9 - Derivative Financial Instruments for more information. | ||||||||||||||||
The Company elected the fair value option for certain residential mortgage loans held for sale at ViewPoint Mortgage ("VPM") in accordance with ASC 820. This election allowed for a more effective offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC 815, “Derivatives and Hedging.” | ||||||||||||||||
Prior to the Company's sale of VPM in the third quarter of 2012, mortgage loans held for sale for which the fair value option was elected were typically pooled together and sold into the mortgage market, depending upon underlying attributes of the loan, such as agency eligibility, product type, interest rate, and credit quality. These mortgage loans held for sale were valued predominantly using quoted market prices for similar instruments. Therefore, the Company classified these valuations as Level 2 in the fair value disclosures. A net gain of $1,060 resulting from changes in fair value of these loans was recorded in mortgage income during the year ended December 31, 2012. That gain was offset by economic hedging losses in the amount of $869 for the same time period. | ||||||||||||||||
Assets and Liabilities Measured on a Recurring Basis | ||||||||||||||||
Assets measured at fair value on a recurring basis are summarized below. There were no liabilities measured at fair value on a recurring basis as of December 31, 2012. | ||||||||||||||||
December 31, 2013 | Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Agency residential mortgage-backed securities | $ | 174,709 | ||||||||||||||
Agency residential collateralized mortgage obligations | 70,575 | |||||||||||||||
SBA pools | 2,728 | |||||||||||||||
Total securities available for sale | $ | 248,012 | ||||||||||||||
Derivative asset 1 | $ | 33 | ||||||||||||||
Derivative liability 1 | $ | 33 | ||||||||||||||
December 31, 2012 | Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Agency residential mortgage-backed securities | $ | 166,100 | ||||||||||||||
Agency residential collateralized mortgage obligations | 117,486 | |||||||||||||||
SBA pools | 3,448 | |||||||||||||||
Total securities available for sale | $ | 287,034 | ||||||||||||||
1 Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly. Please see Note 9 - Derivative Financial Instruments for more information. | ||||||||||||||||
Assets and Liabilities Measured on a Non-Recurring Basis | ||||||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis are summarized below. There were no liabilities measured at fair value on a non-recurring basis as of December 31, 2013 or 2012. | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
December 31, 2013 | Significant Other | Significant | ||||||||||||||
Observable Inputs | Unobservable | |||||||||||||||
(Level 2) | Inputs (Level 3) | |||||||||||||||
Assets: | ||||||||||||||||
Impaired loans | $ | 7,138 | $ | — | $ | 7,138 | ||||||||||
Other real estate owned | 480 | — | 480 | |||||||||||||
Fair Value Measurements Using | ||||||||||||||||
December 31, 2012 | Significant Other | Significant | ||||||||||||||
Observable Inputs | Unobservable | |||||||||||||||
(Level 2) | Inputs (Level 3) | |||||||||||||||
Assets: | ||||||||||||||||
Impaired loans | $ | 14,064 | $ | — | $ | 14,064 | ||||||||||
Other real estate owned | 1,886 | 416 | 1,470 | |||||||||||||
Impaired loans that are collateral dependent are measured for impairment using the fair value of the collateral adjusted by additional Level 3 inputs, such as discounts of market value, estimated marketing costs and estimated legal expenses. At December 31, 2013, impaired loans secured by real estate had an average discount of 7% applied to the appraised value of the collateral, and impaired loans secured by receivables or inventory had discounts ranging from 20% to 60%. Impaired loans that are not collateral dependent are measured for impairment by a discounted cash flow analysis using a net present value calculation that utilizes data from the loan file before and after the modification. | ||||||||||||||||
Other real estate owned are measured at the lower of book or fair value less costs to sell using third party appraisals, listing agreements or sale contracts, which may be adjusted by additional Level 3 inputs, such as discounts of market value, estimated marketing costs and estimated legal expenses. Management may also consider additional adjustments on specific properties due to the age of the appraisal, expected holding period, lack of comparable sales, or if the other real estate owned is a special use property. The market value discounts on other real estate owned at December 31, 2013, ranged from 8% to 70%, with an average of 14%. | ||||||||||||||||
The Credit Administration department evaluates the valuations on impaired loans and other real estate owned at least monthly. These valuations are reviewed at least monthly by the Allowance for Loan Loss Committee and are considered in the calculation of the allowance for loan losses. Unobservable inputs are monitored and adjusted if market conditions change. | ||||||||||||||||
Carrying amount and fair value information of financial instruments at December 31, 2013 and 2012, were as follows: | ||||||||||||||||
Fair Value | ||||||||||||||||
December 31, 2013 | Carrying | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Amount | ||||||||||||||||
Financial assets | ||||||||||||||||
Cash and cash equivalents | $ | 87,974 | $ | 87,974 | $ | — | $ | — | ||||||||
Securities available for sale | 248,012 | — | 248,012 | — | ||||||||||||
Securities held to maturity | 294,583 | — | 301,739 | — | ||||||||||||
Loans held for investment, net | 2,029,277 | — | — | 2,054,460 | ||||||||||||
Loans held for investment - Warehouse Purchase Program | 673,470 | — | — | 673,785 | ||||||||||||
FHLB and Federal Reserve Bank stock | 34,883 | — | 34,883 | — | ||||||||||||
Accrued interest receivable | 9,904 | 9,904 | — | — | ||||||||||||
Derivative asset | 33 | — | 33 | — | ||||||||||||
Financial liabilities | ||||||||||||||||
Deposits | $ | 2,264,639 | $ | — | $ | — | $ | 2,123,846 | ||||||||
FHLB advances | 639,096 | — | — | 650,976 | ||||||||||||
Repurchase agreement | 25,000 | — | — | 27,430 | ||||||||||||
Accrued interest payable | 1,066 | 1,066 | — | — | ||||||||||||
Derivative liability | 33 | — | 33 | — | ||||||||||||
Fair Value | ||||||||||||||||
December 31, 2012 | Carrying | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Amount | ||||||||||||||||
Financial assets | ||||||||||||||||
Cash and cash equivalents | $ | 68,696 | $ | 68,696 | $ | — | $ | — | ||||||||
Securities available for sale | 287,034 | — | 287,034 | — | ||||||||||||
Securities held to maturity | 360,554 | — | 376,153 | — | ||||||||||||
Loans held for investment, net | 1,673,204 | — | — | 1,696,060 | ||||||||||||
Loans held for investment - Warehouse Purchase Program | 1,060,720 | — | — | 1,061,334 | ||||||||||||
FHLB and Federal Reserve Bank stock | 45,025 | — | 45,025 | — | ||||||||||||
Accrued interest receivable | 9,900 | 9,900 | — | — | ||||||||||||
Financial liabilities | ||||||||||||||||
Deposits | $ | 2,177,806 | $ | — | $ | — | $ | 2,097,063 | ||||||||
FHLB advances | 892,208 | — | — | 912,817 | ||||||||||||
Repurchase agreement | 25,000 | — | — | 28,501 | ||||||||||||
Accrued interest payable | 1,216 | 1,216 | — | — | ||||||||||||
The methods and assumptions used to estimate fair value are described as follows: | ||||||||||||||||
Carrying amount for cash and cash equivalents, accrued interest receivable and payable approximates fair value. For loans, including Warehouse Purchase Program loans, fair value is based on discounted cash flows using current market offering rates, estimated life, and applicable credit risk. For deposits and FHLB advances, fair value is calculated using the FHLB advance curve to discount cash flows for the estimated life for deposits and according to the contractual repayment schedule for FHLB advances. Fair value of the repurchase agreement is based on discounting the estimated cash flows using the current rate at which similar borrowings would be made with similar terms and remaining maturities. The fair value of off-balance sheet items is based on the current fees or costs that would be charged to enter into or terminate such arrangements and are not considered significant to this presentation. |
GOODWILL_AND_CORE_DEPOSIT_INTA
GOODWILL AND CORE DEPOSIT INTANGIBLES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
GOODWILL AND CORE DEPOSIT INTANGIBLES | ' | |||||||||||
GOODWILL AND CORE DEPOSIT INTANGIBLES | ||||||||||||
Goodwill and other intangible assets are presented in the table below. The increases in goodwill and core deposit intangible assets were related to the Highlands acquisition on April 2, 2012. Changes in the carrying amount of the Company's goodwill and core deposit intangibles (“CDI”) for year ended December 31, 2013 and 2012, were as follows: | ||||||||||||
Goodwill | Core Deposit | |||||||||||
Bank | VPM | Intangible - Bank | ||||||||||
Balance as of December 31, 2011 | $ | — | $ | 818 | $ | — | ||||||
Impairment | — | (818 | ) | — | ||||||||
Highlands acquisition | 29,650 | — | 1,745 | |||||||||
Amortization | — | — | (360 | ) | ||||||||
Balance as of December 31, 2012 | 29,650 | — | 1,385 | |||||||||
Amortization | — | — | (423 | ) | ||||||||
Balance as of December 31, 2013 | $ | 29,650 | $ | — | $ | 962 | ||||||
Management performs an evaluation annually, and more frequently if a triggering event occurs, of whether any impairment of the goodwill or other intangibles has occurred. If any such impairment is determined, a write-down is recorded. As a result of the execution of an agreement to sell substantially all of the assets of VPM in the second quarter of 2012, VPM recognized an impairment charge of $818 that brought its goodwill balance to $0. | ||||||||||||
CDI are amortized on an accelerated basis over their estimated lives, which the Company believes is seven years. The estimated aggregate future amortization expense for intangible assets remaining as of December 31, 2013 is as follows: | ||||||||||||
2014 | $ | 346 | ||||||||||
2015 | 270 | |||||||||||
2016 | 193 | |||||||||||
2017 | 116 | |||||||||||
2018 | 34 | |||||||||||
Thereafter | 3 | |||||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | |||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||
Prior to the sale of VPM in the third quarter of 2012, the Company entered into interest rate lock commitments (“IRLCs”) with prospective residential mortgage borrowers whereby the interest rate on the loan was determined prior to funding and the borrowers had locked into that interest rate. These commitments were carried at fair value in accordance with ASC 815, Derivatives and Hedging. The estimated fair values of IRLCs were based on quoted market values and were recorded in other assets in the consolidated balance sheets. The initial and subsequent changes in the fair value of IRLCs were a component of net gain on sale of loans. | ||||||||||||||
The Company managed the risk profiles of its IRLCs and mortgage loans held for sale on a daily basis. To manage the price risk associated with IRLCs, the Company entered into forward sales of mortgage-backed securities in an amount similar to the portion of the IRLC expected to close, assuming no change in mortgage interest rates. In addition, to manage the interest rate risk associated with mortgage loans held for sale, the Company entered into forward sales of mortgage-backed securities to deliver mortgage loan inventory to investors. The estimated fair values of forward sales of mortgage-backed securities and forward sale commitments were based on quoted market values and were recorded as another asset or an accrued liability in the consolidated balance sheets. | ||||||||||||||
The initial and subsequent changes in value on forward sales of mortgage-backed securities were a component of net gain on sale of loans. | ||||||||||||||
There were no IRLC's outstanding at December 31, 2013 or December 31, 2012. The following table provides the recorded gains (losses) during the year ended December 31, 2012. | ||||||||||||||
Recorded | ||||||||||||||
December 31, 2012 | Gains/(Losses) | |||||||||||||
IRLCs | $ | (90 | ) | |||||||||||
Loan sale commitments | 1,077 | |||||||||||||
Forward mortgage-backed securities trades | (795 | ) | ||||||||||||
In September 2013, we entered into certain interest rate derivative positions that are not designated as hedging instruments. These derivative positions related to transactions in which we entered into an interest rate swap with a customer, while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. At the same time, we agree to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate. Because we act as an intermediary for our customer, changes in the fair value of the underlying derivative contracts substantially offset each other and do not have a material impact on our results of operations. The Company presents derivative instruments at fair value in other assets and other liabilities in the accompanying consolidated balance sheets. | ||||||||||||||
The notional amounts and estimated fair values of interest rate derivative positions outstanding and weighted-average receive and pay interest rates at December 31, 2013 are presented in the following table. There were no derivative positions outstanding at December 31, 2012. | ||||||||||||||
Outstanding | Estimated Fair Value | Weighted-Average Interest Rate | ||||||||||||
December 31, 2013 | Notional Amount | Received | Paid | |||||||||||
Non-hedging interest rate contracts - commercial loan interest rate swaps | ||||||||||||||
Loan customer counterparty | $ | 6,406 | $ | 33 | 4.38 | % | 2.92 | % | ||||||
Financial institution counterparty | (6,406 | ) | (33 | ) | 2.92 | % | 4.38 | % | ||||||
Our credit exposure on interest rate swaps is limited to the net favorable value of all swaps by each counterparty. In such cases collateral may be required from the counterparties involved if the net value of the swaps exceeds a nominal amount considered to be immaterial. Collateral levels are monitored and adjusted on a regular basis for changes in interest rate swap values. Our cash collateral at December 31, 2013 of $150 pledged for these derivatives and included in our interest-bearing deposits, is in excess of our credit exposure. |
LOAN_SALES_AND_SERVICING
LOAN SALES AND SERVICING | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||
LOAN SALES AND SERVICING | ' | |||||||||||
LOAN SALES AND SERVICING | ||||||||||||
Loans held for sale activity relating to VPM, which was disposed of during 2012 was as follows. There were no loans held for sale at December 31, 2013: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | ||||||||||||
Balance at January 1 | $ | 33,417 | ||||||||||
Loans originated for sale | 145,819 | |||||||||||
Proceeds from sale of loans held for sale | (184,672 | ) | ||||||||||
Net gain on sale of loans held for sale | 5,436 | |||||||||||
Loans held for sale, net at December 31 | $ | — | ||||||||||
Mortgage loans serviced for others are not included in the Company's balance sheet, although there is a servicing asset associated with loans serviced for a third party. The principal balances of these loans at year-end are as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Serviced loans | $ | 50,794 | $ | 67,936 | $ | 89,248 | ||||||
Subserviced loans | 88,378 | 93,932 | 127,004 | |||||||||
Total mortgage loans serviced for others | $ | 139,172 | $ | 161,868 | $ | 216,252 | ||||||
Escrows on real estate loans totaled $27,430 and $27,235 at December 31, 2013 and 2012, respectively, and are reported in "Other Liabilities" on the consolidated balance sheets. Cash balances equaling or exceeding escrow amounts are maintained at correspondent banks. |
PREMISES_AND_EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
PREMISES AND EQUIPMENT | ' | |||||||
PREMISES AND EQUIPMENT | ||||||||
Premises and equipment were as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 17,076 | $ | 17,076 | ||||
Buildings | 49,622 | 48,475 | ||||||
Furniture, fixtures and equipment | 27,710 | 26,557 | ||||||
Leasehold improvements | 4,700 | 4,634 | ||||||
99,108 | 96,742 | |||||||
Less: accumulated depreciation | (45,836 | ) | (43,582 | ) | ||||
Total | $ | 53,272 | $ | 53,160 | ||||
Depreciation expense was $4,081, $3,936, and $3,515 for 2013, 2012, and 2011, respectively. | ||||||||
Operating Leases: The Company leases certain bank or loan production office properties and equipment under operating leases. Certain leases contain renewal options that may be exercised. Rent expense was $2,312, $2,157 and $1,468 for 2013, 2012 and 2011, respectively. | ||||||||
Rent commitments, before considering applicable renewal options, as of December 31, 2013, were as follows: | ||||||||
2014 | $ | 2,447 | ||||||
2015 | 2,409 | |||||||
2016 | 2,390 | |||||||
2017 | 1,198 | |||||||
2018 | 902 | |||||||
Thereafter | 5,166 | |||||||
Total | $ | 14,512 | ||||||
At December 31, 2013, the Company had no commitments for future locations and held two parcels of land for future development. |
DEPOSITS
DEPOSITS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||
DEPOSITS | ' | |||||||||||
DEPOSITS | ||||||||||||
Time deposits of $100 or more were $371,932 and $337,242 at year‑end 2013 and 2012, respectively. The $250 FDIC insurance coverage limit applies per depositor, per insured depository institution, for each account ownership category. | ||||||||||||
At December 31, 2013 and 2012, we had $131,458 and $88,513 in reciprocal deposits, respectively. This consisted entirely of certificates of deposit made under our participation in the Certificate of Deposit Account Registry Service® (CDARS®) and our Insured Cash Sweep (ICS) money market product. Through CDARS®, the Company can provide a depositor the ability to place up to $50,000 on deposit with the Company while receiving FDIC insurance on the entire deposit by placing customer funds in excess of the FDIC deposit limits with other financial institutions in the CDARS® network. In return, these financial institutions place customer funds with the Company on a reciprocal basis. Similarly, customer funds in our ICS money market product are swept from a transaction account at the Company into money market accounts at multiple banks to allow access to FDIC insurance coverage through multiple accounts. Regulators consider reciprocal deposits to be brokered deposits. | ||||||||||||
At December 31, 2013, scheduled maturities of time deposits for the next five years with the weighted average rate at the end of the period were as follows: | ||||||||||||
Balance | Weighted | |||||||||||
Average Rate | ||||||||||||
2014 | $ | 268,441 | 0.75 | % | ||||||||
2015 | 164,188 | 0.76 | ||||||||||
2016 | 23,064 | 1.47 | ||||||||||
2017 | 10,498 | 1.21 | ||||||||||
2018 and thereafter | 8,424 | 1.7 | ||||||||||
Total | $ | 474,615 | 0.82 | % | ||||||||
At December 31, 2013 and 2012, the Company's deposits included public funds totaling $217,392 and $186,508 respectively. At December 31, 2013 and 2012, overdrawn deposits of $441 and $552 were reclassified as unsecured consumer loans. | ||||||||||||
Interest expense on deposits is summarized as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest bearing demand | $ | 1,811 | $ | 3,391 | $ | 8,309 | ||||||
Savings and money market | 2,438 | 2,340 | 3,466 | |||||||||
Time | 5,296 | 5,722 | 10,699 | |||||||||
Total | $ | 9,545 | $ | 11,453 | $ | 22,474 | ||||||
REPURCHASE_AGREEMENTS
REPURCHASE AGREEMENTS | 12 Months Ended |
Dec. 31, 2013 | |
Banking and Thrift [Abstract] | ' |
REPURCHASE AGREEMENTS | ' |
OTE 13 - REPURCHASE AGREEMENT | |
In April 2008, the Company entered into a 10-year term structured repurchase callable agreement with Credit Suisse Securities (U.S.A.) LLC for $25,000 to leverage the balance sheet and increase liquidity. The interest rate was fixed at 1.62% for the first year of the agreement. The interest rate now adjusts quarterly to 6.25% less the 90 day LIBOR, subject to a lifetime cap of 3.22%. The rate was 3.22% at December 31, 2013. At maturity, the securities underlying the agreement are returned to the Company. The fair value of these securities sold under agreements to repurchase was $34,498 at December 31, 2013 and $32,522 at December 31, 2012. The Company retains the right to substitute securities under the terms of the agreements. | |
As part of the Highlands acquisition, the Company acquired $40,000 in repurchase agreements with JP Morgan Chase Bank, N.A. and a $10,000 repurchase agreement with CitiGroup Global Markets, Inc. The Company recognized a $95 gain on the unwinding of the JP Morgan Chase Bank, N.A. repurchase agreements in May 2012. The CitiGroup Global Markets, Inc. repurchase agreement matured in August 2012 and was not renewed. |
BORROWINGS
BORROWINGS | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Debt Disclosure [Abstract] | ' | |||||
BORROWINGS | ' | |||||
BORROWINGS | ||||||
Federal Home Loan Bank ("FHLB") Advances | ||||||
At December 31, 2013, advances from the FHLB totaled $639,096, net of a restructuring prepayment penalty of $2,171, and had interest rates ranging from 0.05% to 6.00% with a weighted average rate of 1.09%. At December 31, 2012, advances from the FHLB totaled $892,208, net of a restructuring penalty of $3,193, and had interest rates ranging from 0.04% to 5.99% with a weighted average rate of 0.95%. At December 31, 2013 and 2012, the Company had no variable rate FHLB advances, all FHLB advances had fixed rates. | ||||||
In November 2010, $91,644 in fixed-rate FHLB advances were modified. The early repayment of the debt resulted in a prepayment penalty of $5,421, which is being amortized to interest expense as an adjustment to the cost of the new FHLB advances. The prepayment penalty balance, net of accumulated amortization, was $2,171 at December 31, 2013. | ||||||
Each advance is payable according to its terms, which may include the amortization, or pay down, of a portion of the balance prior to its maturity date and is subject to prepayment penalties. The advances were collateralized by mortgage and commercial loans with FHLB collateral values of $787,821 and $1,272,330 under a blanket lien arrangement at December 31, 2013 and 2012, respectively. The FHLB no longer includes the Warehouse Purchase Program loans under the blanket lien as of the June 30, 2013 Call report. In addition, securities safekept at FHLB are used as collateral for advances. Based on this collateral, the Company was eligible to borrow an additional $333,907 and $682,984 at year-end 2013 and 2012, respectively. | ||||||
FHLB stock also secures debts to the FHLB. The current agreement provided for a maximum borrowing amount of approximately $975,173 and $1,578,509 at December 31, 2013 and 2012, respectively. | ||||||
At December 31, 2013 the advances were structured to contractually pay down as follows: | ||||||
Balance | Weighted Average Rate | |||||
2014 | $ | 483,516 | 0.33% | |||
2015 | 61,742 | 3.66 | ||||
2016 | 62,300 | 2.55 | ||||
2017 | 15,546 | 4.33 | ||||
2018 | 12,754 | 4.53 | ||||
Thereafter | 5,409 | 5.49 | ||||
641,267 | 1.09% | |||||
Restructuring prepayment penalty | (2,171 | ) | ||||
Total | $ | 639,096 | ||||
Other Borrowings | ||||||
At December 31, 2013 and December 31, 2012, the Company had borrowing availability representing the collateral value assigned to the securities pledged to the discount window through the Federal Reserve Bank of $68,686 and $105,807, respectively. Additionally, uncommitted, unsecured Fed Fund lines of credit totaling $125,000 and $140,000 were available at December 31, 2013 and December 31, 2012, respectively, from multiple correspondent banks. |
BENEFITS
BENEFITS | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
BENEFITS | ' |
BENEFITS | |
401(k) Plan: The Company offers a KSOP plan with a 401(k) match. Employees are eligible for the match if they have one year of service with 1000 hours worked and become eligible each quarter once they meet the eligibility requirements. Employees may participate on their own without meeting the service requirements; however, in this case, employee contributions do not qualify for the match. Employees may contribute between 2% and 75% of their compensation subject to certain limitations. A matching contribution will be paid to eligible employees' accounts, which is equal to 100% of first 5% of the employee's contribution up to a maximum of 5% of the employee's qualifying compensation. Matching expense for 2013, 2012 and 2011 was $1,198, $1,105 and $846, respectively. | |
Deferred Compensation Plan: The Company has entered into certain non-qualified deferred compensation agreements with members of the executive management team, directors and certain employees. These agreements, which are subject to the rules of section 409(a) of the Internal Revenue Code, relate to the voluntary deferral of compensation received and do not have an employer contribution. The accrued liability as of December 31, 2013 and 2012 was $1,154 and $1,414, respectively. | |
The Company had an existing deferred compensation agreement with the former President and Chief Executive Officer of the Company that provided benefits payable based on specified terms of the agreement. The accrued liability as of December 31, 2012 was approximately $451. Per the terms of the agreement, a final payment of $449 was paid in 2013. The expense for this deferred compensation agreement was $(2), $41 and $139 for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Included in other assets is a universal life insurance policy as well as variable and fixed annuity contracts totaling $1,332 and $2,039 at December 31, 2013 and 2012, respectively. The Company is the owner and beneficiary of the policy. The policy pays interest on the funds invested. The life insurance is recorded at the net cash surrender value, or the amount that can be realized. Interest income on the investment is included in the statements of income. | |
Bank-Owned Life Insurance: In 2007, the Company purchased and provided those who agreed to be insured under a separate account bank-owned life insurance plan with a share of the death benefit while they remain actively employed with the Company or serve on it's board. The benefit will equal 200% of each participating employee's base salary at the time of plan implementation and 200% of each participating director's annual base fees. In the event of death while actively employed with the Company, the deceased employee's or director's designated beneficiary will receive an income tax free death benefit paid. | |
In conjunction with the acquisition of Highlands in April 2012, the Company acquired an existing hybrid account bank-owned life insurance that provides certain executive officers who agreed to be insured under the plan with a share of the death benefit while they remain employed with the Company. The benefit is dependent upon the executive's most recent officer title and ranges from $75 to $150. No benefit will be paid if the executive reaches normal retirement age or, while disabled, obtains gainful employment with an entity other than the Company. | |
The total balance of the bank-owned life insurance policies, reported as an asset, at December 31, 2013 and 2012 totaled $35,565 and $34,916, and income for 2013, 2012 and 2011 totaled $649, $699 and $506, respectively. |
ESOP_PLAN
ESOP PLAN | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
ESOP PLAN | ' | |||||||||||||
ESOP PLAN | ||||||||||||||
In connection with the 2006 minority stock offering, the Company established an Employee Stock Ownership Plan (“ESOP”) for the benefit of its employees. The ESOP purchased 928,395 shares of common stock with proceeds from a 10 year note in the amount of $9,284 from the Company. In 2010, the ESOP purchased 1,588,587 shares of common stock with proceeds from a 30 year note in the amount of $15,886 from the Company. The Company's Board of Directors determines the amount of contribution to the ESOP annually but is required to make contributions sufficient to service the ESOP's debt. Shares are released for allocation to employees as the ESOP debt is repaid. Eligible employees receive an allocation of released shares at the end of the calendar year on a relative compensation basis. Employees are eligible if they meet the minimum service and eligibility requirements. The dividends paid on allocated shares are paid to employee accounts. Dividends on unallocated shares held by the ESOP are applied to the ESOP note payable. Contributions to the ESOP during 2013, 2012 and 2011 were $2,060 each, and expense was $3,901, $3,152 and $2,340 for December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Shares purchased by the ESOP were categorized as follows: | ||||||||||||||
2013 | 2012 | |||||||||||||
Allocated to participants | 1,154,495 | 970,301 | ||||||||||||
Unearned | 1,733,845 | 1,918,039 | ||||||||||||
Total ESOP shares | 2,888,340 | 2,888,340 | ||||||||||||
Fair value of unearned shares at December 31 | $ | 47,594 | $ | 40,164 | ||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||
The Company has shareholder approved share-based compensation plans that are accounted for under ASC 718, Compensation - Stock Compensation, which requires companies to record compensation cost for share-based payment transactions with employees in return for employment service. Under the plans, 3,370,040 options to purchase shares of common stock and 1,348,016 restricted shares of common stock were made available. The plans allow for the Company to grant restricted stock and stock options to directors, advisory directors, officers and other employees. Shares issued in connection with stock compensation awards are issued from available authorized shares. Compensation cost charged to income for share-based compensation is presented below: | ||||||||||||||
Years ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Restricted stock | $ | 1,699 | $ | 1,512 | $ | 1,102 | ||||||||
Stock options | 949 | 365 | 449 | |||||||||||
Income tax benefit | 927 | 657 | 543 | |||||||||||
A combined summary of changes in the nonvested shares for the Company's stock plans for 2013, 2012 and 2011 follows: | ||||||||||||||
2013 | ||||||||||||||
Time-Vested Shares | Performance-Based Shares | |||||||||||||
Shares | Weighted- | Shares | Weighted- | |||||||||||
Average | Average | |||||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value 1 | Fair Value 2 | |||||||||||||
Non-vested at January 1 | 185,296 | $ | 17.6 | — | $ | — | ||||||||
Granted | 278,500 | 20.55 | 110,500 | 20.85 | ||||||||||
Vested | (49,798 | ) | 17.73 | — | — | |||||||||
Forfeited | (32,596 | ) | 17.41 | (28,100 | ) | 25.68 | ||||||||
Non-vested at December 31 | 381,402 | $ | 20.39 | 82,400 | $ | 27.45 | ||||||||
2012 | 2011 | |||||||||||||
Shares | Weighted- | Shares | Weighted- | |||||||||||
Average | Average | |||||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Non-vested at January 1 | 71,603 | $ | 13.08 | 218,393 | $ | 13.14 | ||||||||
Granted | 222,336 | 17.56 | — | — | ||||||||||
Vested | (108,643 | ) | 14.54 | (107,798 | ) | 13.15 | ||||||||
Forfeited | — | — | (38,992 | ) | 13.19 | |||||||||
Non-vested at December 31 | 185,296 | $ | 17.6 | 71,603 | $ | 13.08 | ||||||||
1 For restricted stock awards with time-based vesting conditions, the grant date fair value is based on the closing stock price as quoted on the NASDAQ Stock Market on the grant date. | ||||||||||||||
2 For restricted stock awards with performance-based vesting conditions and restricted stock awards to non-employees, the value of the award is based upon the closing stock price as quoted on the NASDAQ Stock Market on the date of vesting. Until the final value is determined on the vesting date, the Company estimates the fair value quarterly based upon the closing stock price as quoted on the NASDAQ Stock Market on the last business day of each calendar quarter end. | ||||||||||||||
As of December 31, 2013, there was $8,721 of total unrecognized compensation expense related to non-vested shares awarded under the restricted stock plans. That expense is expected to be recognized over a weighted-average period of 3.84 years. The total fair value of shares vested during the year ended December 31, 2013, was $883. Total restricted shares available for future issuance under the plans totaled 259,389 at year-end 2013 and 1,213,624 shares have been issued under the plans through December 31, 2013. | ||||||||||||||
Under the terms of the stock option plans, stock options may not be granted with an exercise price less than the fair market value of the Company’s common stock on the date the option is granted and may not be exercised later than ten years after the grant date. The fair market value is the closing stock price as quoted on the NASDAQ Stock Market on the date of grant and options typically vest evenly over a five year period. | ||||||||||||||
The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. The risk-free interest rate is the implied yield available on U.S. Treasury zero-coupon issues with a remaining term equal to the expected term of the stock option in effect at the time of the grant. Although the contractual term of the stock options granted is ten years, the expected term of the stock is less because option restrictions do not permit recipients to sell or hedge their options, and therefore, we believe, encourage exercise of the option before the end of the contractual term. The expected term of stock options is based on employees' actual vesting behavior and expected volatilities are based on historical volatilities of the Company’s common stock. Expected dividends are the estimated dividend rate over the expected term of the stock options. For awards with performance-based vesting conditions, compensation cost is recognized when the achievement of the performance condition is considered probable of achievement. If a performance condition is subsequently determined to be improbable of achievement, compensation cost is reversed. | ||||||||||||||
The weighted average fair value of stock options granted during 2013, 2012 and 2011 was $5.70, $5.11 and $4.30, respectively. The fair value of options granted was determined using the following weighted-average assumptions as of grant date: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Risk-free interest rate | 1.42 | % | 1.25 | % | 2.45 | % | ||||||||
Expected term of stock options (years) | 6.28 | 6.6 | 7.5 | |||||||||||
Expected stock price volatility | 32.9 | % | 34.43 | % | 33.2 | % | ||||||||
Expected dividends | 1.75 | % | 1.39 | % | 1.42 | % | ||||||||
A summary of activity in the stock option portion of the plans for 2013, 2012 and 2011 was as follows: | ||||||||||||||
Weighted- | Weighted- | Aggregate | ||||||||||||
Average | Average | Intrinsic Value | ||||||||||||
Exercise Price | Remaining | |||||||||||||
Options | Shares | Contractual Term | ||||||||||||
Outstanding at January 1, 2011 | 457,555 | $ | 12.01 | 7.6 | $ | 170 | ||||||||
Granted | 108,500 | 12.72 | 10 | 31 | ||||||||||
Exercised | — | — | — | — | ||||||||||
Forfeited | (30,671 | ) | 11.61 | — | 44 | |||||||||
Outstanding at December 31, 2011 | 535,384 | 12.17 | 7.1 | 483 | ||||||||||
Granted | 185,700 | 16.61 | 10 | — | ||||||||||
Exercised | (177,115 | ) | 12.62 | — | 858 | |||||||||
Forfeited | (43,920 | ) | 11.68 | — | — | |||||||||
Outstanding at December 31, 2012 | 500,049 | 13.7 | 7.6 | 3,619 | ||||||||||
Granted | 810,000 | 20.33 | 10 | — | ||||||||||
Exercised | (81,401 | ) | 12.06 | — | 883 | |||||||||
Forfeited | (55,030 | ) | 18.62 | — | — | |||||||||
Outstanding at December 31, 2013 | 1,173,618 | $ | 18.16 | 8.42 | $ | 10,903 | ||||||||
Fully vested and expected to vest | 1,157,439 | $ | 18.15 | 8.42 | $ | 10,766 | ||||||||
Exercisable at December 31, 2013 | 161,666 | $ | 12.92 | 5.4 | $ | 2,349 | ||||||||
No stock options were exercised in 2011. As of December 31, 2013, there was $4,455 of total unrecognized compensation expense related to non-vested stock options. That expense is expected to be recognized over a weighted-average period of 3.34 years. At December 31, 2013, the Company applied an estimated forfeiture rate of 5% based on historical activity. The intrinsic value for stock options is calculated based on the difference between the exercise price of the underlying awards and the market price of our common stock as of the reporting date. | ||||||||||||||
The Compensation Committee may grant stock appreciation rights, which give the recipient of the award the right to receive the excess of the market value of the shares represented by the stock appreciation rights on the date exercised over the exercise price. As of December 31, 2013, the Company has not granted any stock appreciation rights. |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
SHARE-BASED COMPENSATION | ' | |||||||||||||
ESOP PLAN | ||||||||||||||
In connection with the 2006 minority stock offering, the Company established an Employee Stock Ownership Plan (“ESOP”) for the benefit of its employees. The ESOP purchased 928,395 shares of common stock with proceeds from a 10 year note in the amount of $9,284 from the Company. In 2010, the ESOP purchased 1,588,587 shares of common stock with proceeds from a 30 year note in the amount of $15,886 from the Company. The Company's Board of Directors determines the amount of contribution to the ESOP annually but is required to make contributions sufficient to service the ESOP's debt. Shares are released for allocation to employees as the ESOP debt is repaid. Eligible employees receive an allocation of released shares at the end of the calendar year on a relative compensation basis. Employees are eligible if they meet the minimum service and eligibility requirements. The dividends paid on allocated shares are paid to employee accounts. Dividends on unallocated shares held by the ESOP are applied to the ESOP note payable. Contributions to the ESOP during 2013, 2012 and 2011 were $2,060 each, and expense was $3,901, $3,152 and $2,340 for December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Shares purchased by the ESOP were categorized as follows: | ||||||||||||||
2013 | 2012 | |||||||||||||
Allocated to participants | 1,154,495 | 970,301 | ||||||||||||
Unearned | 1,733,845 | 1,918,039 | ||||||||||||
Total ESOP shares | 2,888,340 | 2,888,340 | ||||||||||||
Fair value of unearned shares at December 31 | $ | 47,594 | $ | 40,164 | ||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||
The Company has shareholder approved share-based compensation plans that are accounted for under ASC 718, Compensation - Stock Compensation, which requires companies to record compensation cost for share-based payment transactions with employees in return for employment service. Under the plans, 3,370,040 options to purchase shares of common stock and 1,348,016 restricted shares of common stock were made available. The plans allow for the Company to grant restricted stock and stock options to directors, advisory directors, officers and other employees. Shares issued in connection with stock compensation awards are issued from available authorized shares. Compensation cost charged to income for share-based compensation is presented below: | ||||||||||||||
Years ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Restricted stock | $ | 1,699 | $ | 1,512 | $ | 1,102 | ||||||||
Stock options | 949 | 365 | 449 | |||||||||||
Income tax benefit | 927 | 657 | 543 | |||||||||||
A combined summary of changes in the nonvested shares for the Company's stock plans for 2013, 2012 and 2011 follows: | ||||||||||||||
2013 | ||||||||||||||
Time-Vested Shares | Performance-Based Shares | |||||||||||||
Shares | Weighted- | Shares | Weighted- | |||||||||||
Average | Average | |||||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value 1 | Fair Value 2 | |||||||||||||
Non-vested at January 1 | 185,296 | $ | 17.6 | — | $ | — | ||||||||
Granted | 278,500 | 20.55 | 110,500 | 20.85 | ||||||||||
Vested | (49,798 | ) | 17.73 | — | — | |||||||||
Forfeited | (32,596 | ) | 17.41 | (28,100 | ) | 25.68 | ||||||||
Non-vested at December 31 | 381,402 | $ | 20.39 | 82,400 | $ | 27.45 | ||||||||
2012 | 2011 | |||||||||||||
Shares | Weighted- | Shares | Weighted- | |||||||||||
Average | Average | |||||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Non-vested at January 1 | 71,603 | $ | 13.08 | 218,393 | $ | 13.14 | ||||||||
Granted | 222,336 | 17.56 | — | — | ||||||||||
Vested | (108,643 | ) | 14.54 | (107,798 | ) | 13.15 | ||||||||
Forfeited | — | — | (38,992 | ) | 13.19 | |||||||||
Non-vested at December 31 | 185,296 | $ | 17.6 | 71,603 | $ | 13.08 | ||||||||
1 For restricted stock awards with time-based vesting conditions, the grant date fair value is based on the closing stock price as quoted on the NASDAQ Stock Market on the grant date. | ||||||||||||||
2 For restricted stock awards with performance-based vesting conditions and restricted stock awards to non-employees, the value of the award is based upon the closing stock price as quoted on the NASDAQ Stock Market on the date of vesting. Until the final value is determined on the vesting date, the Company estimates the fair value quarterly based upon the closing stock price as quoted on the NASDAQ Stock Market on the last business day of each calendar quarter end. | ||||||||||||||
As of December 31, 2013, there was $8,721 of total unrecognized compensation expense related to non-vested shares awarded under the restricted stock plans. That expense is expected to be recognized over a weighted-average period of 3.84 years. The total fair value of shares vested during the year ended December 31, 2013, was $883. Total restricted shares available for future issuance under the plans totaled 259,389 at year-end 2013 and 1,213,624 shares have been issued under the plans through December 31, 2013. | ||||||||||||||
Under the terms of the stock option plans, stock options may not be granted with an exercise price less than the fair market value of the Company’s common stock on the date the option is granted and may not be exercised later than ten years after the grant date. The fair market value is the closing stock price as quoted on the NASDAQ Stock Market on the date of grant and options typically vest evenly over a five year period. | ||||||||||||||
The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. The risk-free interest rate is the implied yield available on U.S. Treasury zero-coupon issues with a remaining term equal to the expected term of the stock option in effect at the time of the grant. Although the contractual term of the stock options granted is ten years, the expected term of the stock is less because option restrictions do not permit recipients to sell or hedge their options, and therefore, we believe, encourage exercise of the option before the end of the contractual term. The expected term of stock options is based on employees' actual vesting behavior and expected volatilities are based on historical volatilities of the Company’s common stock. Expected dividends are the estimated dividend rate over the expected term of the stock options. For awards with performance-based vesting conditions, compensation cost is recognized when the achievement of the performance condition is considered probable of achievement. If a performance condition is subsequently determined to be improbable of achievement, compensation cost is reversed. | ||||||||||||||
The weighted average fair value of stock options granted during 2013, 2012 and 2011 was $5.70, $5.11 and $4.30, respectively. The fair value of options granted was determined using the following weighted-average assumptions as of grant date: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Risk-free interest rate | 1.42 | % | 1.25 | % | 2.45 | % | ||||||||
Expected term of stock options (years) | 6.28 | 6.6 | 7.5 | |||||||||||
Expected stock price volatility | 32.9 | % | 34.43 | % | 33.2 | % | ||||||||
Expected dividends | 1.75 | % | 1.39 | % | 1.42 | % | ||||||||
A summary of activity in the stock option portion of the plans for 2013, 2012 and 2011 was as follows: | ||||||||||||||
Weighted- | Weighted- | Aggregate | ||||||||||||
Average | Average | Intrinsic Value | ||||||||||||
Exercise Price | Remaining | |||||||||||||
Options | Shares | Contractual Term | ||||||||||||
Outstanding at January 1, 2011 | 457,555 | $ | 12.01 | 7.6 | $ | 170 | ||||||||
Granted | 108,500 | 12.72 | 10 | 31 | ||||||||||
Exercised | — | — | — | — | ||||||||||
Forfeited | (30,671 | ) | 11.61 | — | 44 | |||||||||
Outstanding at December 31, 2011 | 535,384 | 12.17 | 7.1 | 483 | ||||||||||
Granted | 185,700 | 16.61 | 10 | — | ||||||||||
Exercised | (177,115 | ) | 12.62 | — | 858 | |||||||||
Forfeited | (43,920 | ) | 11.68 | — | — | |||||||||
Outstanding at December 31, 2012 | 500,049 | 13.7 | 7.6 | 3,619 | ||||||||||
Granted | 810,000 | 20.33 | 10 | — | ||||||||||
Exercised | (81,401 | ) | 12.06 | — | 883 | |||||||||
Forfeited | (55,030 | ) | 18.62 | — | — | |||||||||
Outstanding at December 31, 2013 | 1,173,618 | $ | 18.16 | 8.42 | $ | 10,903 | ||||||||
Fully vested and expected to vest | 1,157,439 | $ | 18.15 | 8.42 | $ | 10,766 | ||||||||
Exercisable at December 31, 2013 | 161,666 | $ | 12.92 | 5.4 | $ | 2,349 | ||||||||
No stock options were exercised in 2011. As of December 31, 2013, there was $4,455 of total unrecognized compensation expense related to non-vested stock options. That expense is expected to be recognized over a weighted-average period of 3.34 years. At December 31, 2013, the Company applied an estimated forfeiture rate of 5% based on historical activity. The intrinsic value for stock options is calculated based on the difference between the exercise price of the underlying awards and the market price of our common stock as of the reporting date. | ||||||||||||||
The Compensation Committee may grant stock appreciation rights, which give the recipient of the award the right to receive the excess of the market value of the shares represented by the stock appreciation rights on the date exercised over the exercise price. As of December 31, 2013, the Company has not granted any stock appreciation rights. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
INCOME TAXES | ' | |||||||||||
INCOME TAXES | ||||||||||||
The Company's pre-tax income is subject to federal income tax and state margin tax at a combined rate of 36% for 2013, 2012 and 2011. Income tax expense for 2013, 2012 and 2011, was as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current expense | $ | 13,996 | $ | 14,047 | $ | 11,384 | ||||||
Deferred expense | 2,293 | 5,262 | 204 | |||||||||
Total income tax expense | $ | 16,289 | $ | 19,309 | $ | 11,588 | ||||||
At December 31, 2013 and 2012, deferred tax assets and liabilities were due to the following: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Allowance for loan losses | $ | 6,775 | $ | 6,330 | ||||||||
Other real estate owned | 28 | 20 | ||||||||||
Depreciation | — | 192 | ||||||||||
Deferred compensation arrangements | 656 | 705 | ||||||||||
Self-funded health insurance | 114 | 93 | ||||||||||
Non-accrual interest | 271 | 303 | ||||||||||
Restricted stock and stock options | 1,069 | 623 | ||||||||||
NOL carryforward from acquisition | 1,398 | 3,023 | ||||||||||
Intangible assets | 577 | 733 | ||||||||||
Fair value mark on purchased loans | 1,222 | 2,962 | ||||||||||
Net unrealized loss on securities available for sale | 207 | — | ||||||||||
Other | 1,367 | 1,073 | ||||||||||
13,684 | 16,057 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Mortgage servicing assets | (97 | ) | (94 | ) | ||||||||
Depreciation | (265 | ) | — | |||||||||
Net unrealized gain on securities available for sale | — | (1,050 | ) | |||||||||
Partnerships — CRA-purposed private equity funds | (980 | ) | (809 | ) | ||||||||
Other | (22 | ) | (78 | ) | ||||||||
(1,364 | ) | (2,031 | ) | |||||||||
Net deferred tax asset | $ | 12,320 | $ | 14,026 | ||||||||
The net deferred tax asset is recorded on the consolidated balance sheets under “other assets.” Management performed an analysis related to the Company's deferred tax asset for each of the years ended December 31, 2013 and 2012 and, based upon these analyses, no valuation allowance was deemed necessary as of December 31, 2013 or 2012. | ||||||||||||
Effective tax rates differ from the federal statutory rate of 35% in 2013, 2012 and 2011, applied to income before income taxes due to the following: | ||||||||||||
At and for the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory rate times financial statement income | $ | 16,792 | $ | 19,093 | $ | 13,271 | ||||||
Effect of: | ||||||||||||
State taxes, net of federal benefit | 80 | 87 | 56 | |||||||||
Tax credit on CRA-purposed private equity fund | (125 | ) | (192 | ) | (192 | ) | ||||||
Bank-owned life insurance income | (227 | ) | (245 | ) | (151 | ) | ||||||
Municipal interest income | (738 | ) | (662 | ) | (740 | ) | ||||||
Other | 507 | 1,228 | (656 | ) | ||||||||
Total income tax expense | $ | 16,289 | $ | 19,309 | $ | 11,588 | ||||||
Effective Tax Rate | 33.95 | % | 35.4 | % | 30.56 | % | ||||||
The Company files income tax returns in the U.S. federal jurisdiction and several U.S. state jurisdictions. The Company is generally no longer subject to U.S. federal income tax examinations for tax years prior to 2010. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Related Party Transactions [Abstract] | ' | |||
RELATED PARTY TRANSACTIONS | ' | |||
RELATED PARTY TRANSACTIONS | ||||
Loans to executive officers, directors, and their affiliates during 2013 were as follows: | ||||
Beginning balance | $ | 1,067 | ||
New loans | — | |||
Effect of changes in composition of related parties | (764 | ) | ||
Repayments | (42 | ) | ||
Ending balance | $ | 261 | ||
None of the above loans were considered non-performing or potential problem loans. These loans are made in the ordinary course of business and on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other unaffiliated persons and do not involve more than normal risk of collectability. Deposits from executive officers, directors, and their affiliates at year‑end 2013 and 2012 were $2,663 and $2,960, respectively. |
REGULATORY_CAPITAL_MATTERS
REGULATORY CAPITAL MATTERS | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||||||
REGULATORY CAPITAL MATTERS | ' | ||||||||||||||||||||
REGULATORY CAPITAL MATTERS | |||||||||||||||||||||
Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off‑balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. | |||||||||||||||||||||
Prompt corrective action regulations provide five classifications: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If an institution is adequately capitalized, regulatory approval is required to accept brokered deposits. If an institution is undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At year‑end 2013 and 2012, the most recent regulatory notification categorized the Bank and the Company as well-capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution's category. Management believes that, at December 31, 2013, the Bank and the Company met all capital adequacy requirements to which it is subject. Regulatory capital levels and ratios are calculated according to Form FFIEC 041 instructions. | |||||||||||||||||||||
Beginning with the March 2013 reporting cycle, the capital ratios presented below reflect a risk weighting change from 50% to 100% on our Warehouse Purchase Program loans. In April 2013, the Federal Financial Institutions Examination Council issued Supplemental Instructions for the March 31, 2013 Call Report, which clarified the regulators' position on the risk-weighting of these types of loans. | |||||||||||||||||||||
To Be Well-Capitalized | |||||||||||||||||||||
Required for Capital | Under Prompt Corrective | ||||||||||||||||||||
Actual | Adequacy Purposes | Action Regulations | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Total risk-based capital | |||||||||||||||||||||
the Company | $ | 533,266 | 18.85 | % | $ | 226,316 | 8 | % | $ | 282,895 | 10 | % | |||||||||
the Bank | 431,442 | 15.26 | 226,181 | 8 | 282,727 | 10 | |||||||||||||||
Tier 1 risk-based capital | |||||||||||||||||||||
the Company | 513,908 | 18.17 | 113,158 | 4 | 169,737 | 6 | |||||||||||||||
the Bank | 412,084 | 14.58 | 113,091 | 4 | 169,636 | 6 | |||||||||||||||
Tier 1 leverage | |||||||||||||||||||||
the Company | 513,908 | 15.67 | 131,197 | 4 | 163,996 | 5 | |||||||||||||||
the Bank | 412,084 | 12.56 | 131,217 | 4 | 164,021 | 5 | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Total risk-based capital | |||||||||||||||||||||
the Company | $ | 505,566 | 22.47 | % | $ | 179,957 | 8 | % | $ | 224,947 | 10 | % | |||||||||
the Bank | 404,562 | 18 | 179,847 | 8 | 224,809 | 10 | |||||||||||||||
Tier 1 risk-based capital | |||||||||||||||||||||
the Company | 487,515 | 21.67 | 89,979 | 4 | 134,968 | 6 | |||||||||||||||
the Bank | 386,511 | 17.19 | 89,923 | 4 | 134,885 | 6 | |||||||||||||||
Tier 1 leverage | |||||||||||||||||||||
the Company | 487,515 | 13.97 | 139,620 | 4 | 174,525 | 5 | |||||||||||||||
the Bank | 386,511 | 11.08 | 139,595 | 4 | 174,493 | 5 | |||||||||||||||
The following is a reconciliation of the Company and Bank’s equity under US GAAP to regulatory capital (as defined by the OCC and FRB): | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Company | Bank | Company | Bank | ||||||||||||||||||
GAAP equity | $ | 544,460 | $ | 442,636 | $ | 520,871 | $ | 419,867 | |||||||||||||
Deduction for nonfinancial equity investments | (568 | ) | (568 | ) | (516 | ) | (516 | ) | |||||||||||||
Disallowed goodwill and intangible assets | (30,367 | ) | (30,367 | ) | (30,945 | ) | (30,945 | ) | |||||||||||||
Unrealized loss (gain) on securities available for sale | 383 | 383 | (1,895 | ) | (1,895 | ) | |||||||||||||||
Tier 1 capital | 513,908 | 412,084 | 487,515 | 386,511 | |||||||||||||||||
Allowance for loan losses | 19,358 | 19,358 | 18,051 | 18,051 | |||||||||||||||||
Total capital | $ | 533,266 | $ | 431,442 | $ | 505,566 | $ | 404,562 | |||||||||||||
Dividend Restrictions and Information—Banking regulations limit the amount of dividends that may be paid by the Bank to the Company without prior approval of regulatory agencies. The Bank may pay dividends to the Company within the limitations of the regulations. Under OCC regulations, limitations have been imposed upon all “capital distributions” by national banks, including cash dividend payments by an institution to its holding company for any purpose, payments to shareholders of another institution in a cash-out merger and other distributions charged against capital. As a subsidiary of a bank holding company, the Bank may make a capital distribution with 30-days prior notice to the OCC, provided that the following criteria are met: | |||||||||||||||||||||
• | The Bank has a regulatory rating in the top two categories. | ||||||||||||||||||||
• | The Bank is not of supervisory concern, and would remain well-capitalized or adequately-capitalized, as defined in the OCC prompt corrective action regulations, following the proposed distribution. | ||||||||||||||||||||
• | The proposed distribution, combined with dividends already paid for the year, does not exceed its net income for the calendar year-to-date plus retained net income for the previous two years. | ||||||||||||||||||||
Should the Bank not meet the above stated requirements, it must file an application with the OCC before making the distribution. |
LOAN_COMMITMENTS_CONTINGENT_LI
LOAN COMMITMENTS, CONTINGENT LIABILITIES AND OTHER RELATED ACTIVITIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
LOAN COMMITMENTS, CONTINGENT LIABILITIES AND OTHER RELATED ACTIVITIES | ' | |||||||
LOAN COMMITTMENTS, CONTINGENT LIABILITIES AND OTHER RELATED ACTIVITIES | ||||||||
In the normal course of business, the Company enters into various transactions, which, in accordance with generally accepted accounting principles are not included in its consolidated balance sheets. The Company enters into these transactions to meet the financing needs of its customers. These transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk. Credit losses up to the face amount of these instruments could result, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of the commitment. | ||||||||
The Company enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Since many commitments expire without being drawn upon, the total contractual amount of commitments does not necessarily represent future cash requirements of the Company. Substantially all of the Company's commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. Standby letters of credit are written conditional commitments issued by the Company to guarantee the performance of a customer to a third party. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. If the commitment were funded, the Company would be entitled to seek recovery from the customer. The Company's policies generally require that standby letter of credit arrangements contain security and debt covenants similar to those contained in loan agreements. | ||||||||
The Company considers the fees collected in connection with the issuance of standby letters of credit to be representative of the fair value of its obligation undertaken in issuing the guarantee. In accordance with applicable accounting standards related to guarantees, the Company defers fees collected in connection with the issuance of standby letters of credit. The fees are then recognized in income proportionately over the life of the standby letter of credit agreement. | ||||||||
The contractual amounts of financial instruments with off‑balance sheet risk at year-end were as follows: | ||||||||
At December 31, | ||||||||
2013 | 2012 | |||||||
Unused commitments to extend credit | $ | 425,324 | $ | 219,284 | ||||
Unused capacity on Warehouse Purchase Program loans | 562,030 | 278,780 | ||||||
Standby letters of credit | 1,354 | 2,155 | ||||||
Total unused commitments/capacity | $ | 988,708 | $ | 500,219 | ||||
Credit Card Guarantees: During 2013, the Company began a program where the Company would guarantee the credit card debt of certain customers to the merchant bank that issues the cards. At December 31, 2013, the guarantees totaled $1,307. | ||||||||
In addition to the commitments above, the Company had overdraft protection available in the amounts of $87,772 and $79,416 for December 31, 2013 and 2012, respectively. | ||||||||
In regards to unused capacity on Warehouse Purchase Program loans, the Company has established a maximum purchase facility amount, but reserves the right, at any time, to refuse to buy any mortgage loans offered for sale by its mortgage banking company customers for any reason in the Company's sole and absolute discretion. | ||||||||
In October 2013, the Board of Directors of the Bank approved a $2,000 investment in a community development -oriented private equity fund used for Community Reinvestment Act purposes. The investment is structured as a limited partnership and has applied to the SBA to be a Small Business Investment Corporation. At December 31, 2013, $1,800 of the commitment was unfunded. | ||||||||
Liability for Mortgage Loan Repurchase Losses | ||||||||
Prior to VPM's sale in July 2012, the Company sold whole residential real estate loans to private investors, such as other banks and mortgage companies. The agreements under which the Company sold mortgage loans contained provisions that included various representations and warranties regarding the origination and characteristics of the mortgage loans. Although the specific representations and warranties varied among investor agreements, they typically covered ownership of the loan, compliance with loan criteria set forth in the applicable agreement, validity of the lien securing the loan, absence of delinquent taxes or liens against the property securing the loan, compliance with applicable origination laws, and other matters. The Company may be required to repurchase mortgage loans, indemnify the investor or insurer, or reimburse the investor or insurer for credit losses incurred on loans in the event of a breach of such contractual representations or warranties that is not remedied within the time period specified in the applicable agreement after we receive notice of the breach. Typically, it is a condition to repurchase or indemnify a loan that the breach must have had a material and adverse effect on the value of the mortgage loan or to the interests of the security holders in the mortgage loan. Agreements under which the Company sold mortgage loans required the delivery of various documents to the investor, and the Company may be obligated to repurchase or indemnify any mortgage loan as to which the required documents were not delivered or were defective. Upon receipt of a repurchase or indemnification request, the Company works with investors to arrive at a mutually agreeable resolution. These demands are typically reviewed on a loan by loan basis to validate the claims made by the investor and determine if a contractual event occurred. The Company managed the risk associated with potential repurchases or other forms of settlement through underwriting and quality assurance practices. | ||||||||
The Company has established a mortgage repurchase liability that reflects management's estimate of losses for loans for which the Company could have repurchase obligations based on historical investor repurchase and indemnification demands and historical loss ratios. Although investors may demand repurchase at any time, the Company's historical demands have occurred within 12 months of the investor purchase. The Company had no repurchases and one indemnification in 2013. In 2012, there were no repurchases and two indemnifications. Actual losses were $5 and $22 during the years ended December 31, 2013 and 2012, respectively. | ||||||||
The liability, included in “Other Liabilities” in the consolidated balance sheet, was $106 at December 31, 2013. Additions to the liability reduced net gains on mortgage loan origination/sales. The mortgage repurchase liability represents the Company's best estimate of the loss that may be incurred for various representations and warranties in the contractual provisions of sales of mortgage loans. There may be a range of reasonably possible losses in excess of the estimated liability that cannot be estimated with confidence. Because the level of mortgage loan repurchase losses are dependent on economic factors, investor demand strategies and other external conditions that may change over the life of the underlying loans, the level of the liability for mortgage loan repurchase losses is difficult to estimate and requires considerable management judgment. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
On June 5, 2012, the Bank and VPM, our former mortgage banking subsidiary, entered into a definitive agreement (the “Agreement”) with Highlands Residential Mortgage, Ltd. (“HRM”) to sell substantially all of the assets of VPM to HRM, subject to certain closing conditions. The terms of the Agreement provided for HRM to, subject to certain conditions contained in the Agreement, (i) purchase VPM's loan pipeline and all of VPM's existing construction loan portfolio, together with certain furniture, fixtures and equipment, (ii) assume substantially all of VPM's loan production office leases and its equipment leases, (iii) hire no less than 95% of the current VPM employees and satisfactorily release VPM from certain employment contracts, and (iv) make additional earn out payments to VPM. Following completion of the sale, the Agreement provided an opportunity for the Bank to partner with HRM to continue providing the Bank's customers with residential mortgage services. | ||||||||||||||||
The transaction closed in the third quarter of 2012. As a result of the execution of the Agreement, in the second quarter of 2012, VPM recognized $1,190 in one-time write-offs and expenses relating to the sale, including $818 of goodwill that was impaired to $0 and $250 in fixed asset losses. | ||||||||||||||||
The reportable segments are determined by the products and services offered, primarily distinguished between banking and VPM, our former mortgage banking subsidiary. Loans, investments and deposits generate the revenues in the banking segment; secondary marketing sales generated the revenue in the VPM segment. Segment performance is evaluated using segment profit (loss). Information reported internally for performance assessment for years ended December 31, 2012 and 2011 was as follows: | ||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Banking | VPM | Eliminations and | Total Segments | |||||||||||||
Adjustments1 | (Consolidated | |||||||||||||||
Total) | ||||||||||||||||
Results of Operations: | ||||||||||||||||
Total interest income | $ | 137,974 | $ | 994 | $ | (976 | ) | $ | 137,992 | |||||||
Total interest expense | 22,906 | 975 | (1,712 | ) | 22,169 | |||||||||||
Provision (benefit) for loan losses | 3,212 | (73 | ) | — | 3,139 | |||||||||||
Net interest income after provision for loan losses | 111,856 | 92 | 736 | 112,684 | ||||||||||||
Other revenue | 24,769 | (1,040 | ) | 391 | 24,120 | |||||||||||
Net gain (loss) on sale of loans | (1,578 | ) | 7,014 | — | 5,436 | |||||||||||
Total non-interest expense | 78,673 | 6,687 | 2,330 | 87,690 | ||||||||||||
Income before income tax expense (benefit) | 56,374 | (621 | ) | (1,203 | ) | 54,550 | ||||||||||
Income tax expense (benefit) | 19,973 | (204 | ) | (460 | ) | 19,309 | ||||||||||
Net income (loss) | $ | 36,401 | $ | (417 | ) | $ | (743 | ) | $ | 35,241 | ||||||
Segment assets | $ | 3,661,677 | $ | — | $ | 1,381 | $ | 3,663,058 | ||||||||
Noncash items: | ||||||||||||||||
Net gain (loss) on sale of loans | (1,578 | ) | 7,014 | — | 5,436 | |||||||||||
Depreciation | 3,783 | 153 | — | 3,936 | ||||||||||||
Provision (benefit) for loan losses | 3,212 | (73 | ) | — | 3,139 | |||||||||||
Year Ended December 31, 2011 | ||||||||||||||||
Banking | VPM | Eliminations and | Total Segments | |||||||||||||
Adjustments1 | (Consolidated | |||||||||||||||
Total) | ||||||||||||||||
Results of Operations: | ||||||||||||||||
Total interest income | $ | 116,032 | $ | 1,698 | $ | (1,506 | ) | $ | 116,224 | |||||||
Total interest expense | 33,992 | 1,506 | (1,852 | ) | 33,646 | |||||||||||
Provision for loan losses | 3,962 | 8 | — | 3,970 | ||||||||||||
Net interest income after provision for loan losses | 78,078 | 184 | 346 | 78,608 | ||||||||||||
Other revenue | 25,394 | (306 | ) | 1,821 | 26,909 | |||||||||||
Net gain (loss) on sale of loans | (2,158 | ) | 9,797 | — | 7,639 | |||||||||||
Total non-interest expense | 61,231 | 12,464 | 1,545 | 75,240 | ||||||||||||
Income (loss) before income tax expense (benefit) | 40,083 | (2,789 | ) | 622 | 37,916 | |||||||||||
Income tax expense (benefit) | 12,905 | (916 | ) | (401 | ) | 11,588 | ||||||||||
Net income (loss) | $ | 27,178 | $ | (1,873 | ) | $ | 1,023 | $ | 26,328 | |||||||
Segment assets | $ | 3,180,291 | $ | 52,568 | $ | (52,281 | ) | $ | 3,180,578 | |||||||
Noncash items: | ||||||||||||||||
Net gain (loss) on sale of loans | (2,158 | ) | 9,797 | — | 7,639 | |||||||||||
Depreciation | 3,223 | 292 | — | 3,515 | ||||||||||||
Provision for loan losses | 3,962 | 8 | — | 3,970 | ||||||||||||
1 Includes eliminating entries for intercompany transactions and stand-alone expenses of the Company. |
PARENT_COMPANY_ONLY_CONDENSED_
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | ' | |||||||||||
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | ||||||||||||
Condensed financial information of ViewPoint Financial Group, Inc. follows: | ||||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Cash on deposit at subsidiary | $ | 46,859 | $ | 47,559 | ||||||||
Investment in banking subsidiary | 442,636 | 419,867 | ||||||||||
Receivable from banking subsidiary | 35,821 | 33,174 | ||||||||||
ESOP note receivable and other assets | 19,508 | 20,271 | ||||||||||
Total assets | $ | 544,824 | $ | 520,871 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Other liabilities | $ | 364 | $ | — | ||||||||
Shareholders’ equity | 544,460 | 520,871 | ||||||||||
Total liabilities and shareholders’ equity | $ | 544,824 | $ | 520,871 | ||||||||
CONDENSED STATEMENTS OF INCOME | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash dividends from subsidiary | $ | 12,780 | $ | — | $ | — | ||||||
Excess of earnings over dividend from subsidiary | 20,537 | 36,401 | 27,176 | |||||||||
Interest income on ESOP loan | 698 | 762 | 819 | |||||||||
34,015 | 37,163 | 27,995 | ||||||||||
Interest expense | — | 27 | 473 | |||||||||
Operating expenses | 3,154 | 2,355 | 1,595 | |||||||||
Earnings before income tax benefit | 30,861 | 34,781 | 25,927 | |||||||||
Income tax benefit | 827 | 460 | 401 | |||||||||
Net income | $ | 31,688 | $ | 35,241 | $ | 26,328 | ||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 31,688 | $ | 35,241 | $ | 26,328 | ||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||
Excess of earnings over dividend from subsidiary | (20,537 | ) | (36,401 | ) | (27,176 | ) | ||||||
Vesting of restricted stock | (89 | ) | 1,805 | 1,327 | ||||||||
Net change in intercompany receivable | 111 | (31,946 | ) | — | ||||||||
Net change in other assets | (594 | ) | (665 | ) | (402 | ) | ||||||
Net change in other liabilities | 364 | (325 | ) | 200 | ||||||||
Net cash from operating activities | 10,943 | (32,291 | ) | 277 | ||||||||
Cash flows from investing activities | ||||||||||||
Capital contribution to subsidiary | — | 29,007 | — | |||||||||
Cash and cash equivalents acquired from acquisition | — | 599 | — | |||||||||
Payments received on ESOP notes receivable | 1,362 | 1,298 | 1,241 | |||||||||
Net cash from investing activities | 1,362 | 30,904 | 1,241 | |||||||||
Cash flows from financing activities | ||||||||||||
Share repurchase | (1,554 | ) | — | (13,012 | ) | |||||||
Proceeds (repayments) from borrowing | — | — | (10,000 | ) | ||||||||
Net issuance of common stock under employee stock plans | 1,329 | 2,236 | — | |||||||||
Payment of dividends | (12,780 | ) | (15,448 | ) | (6,918 | ) | ||||||
Net cash from financing activities | (13,005 | ) | (13,212 | ) | (29,930 | ) | ||||||
Net change in cash and cash equivalents | (700 | ) | (14,599 | ) | (28,412 | ) | ||||||
Beginning cash and cash equivalents | 47,559 | 62,158 | 90,570 | |||||||||
Ending cash and cash equivalents | $ | 46,859 | $ | 47,559 | $ | 62,158 | ||||||
QUARTERLY_FINANCIAL_DATA_Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | |||||||||||||||||||||||||||||
Net Interest Income | Provision (Benefit) | Securities Gains and (Losses) | Earnings per Share | |||||||||||||||||||||||||||
Interest Income | Interest Expense | for Loan Losses | Net Income | Basic | Diluted | |||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
First quarter | $ | 33,419 | $ | 4,894 | $ | 28,525 | $ | 883 | $ | (177 | ) | $ | 8,058 | 0.21 | 0.21 | |||||||||||||||
Second quarter | 35,296 | 4,858 | 30,438 | 1,858 | — | 8,174 | 0.21 | 0.21 | ||||||||||||||||||||||
Third quarter | 33,875 | 4,687 | 29,188 | (158 | ) | — | 8,212 | 0.22 | 0.21 | |||||||||||||||||||||
Fourth quarter | 34,499 | 4,430 | 30,069 | 616 | — | 7,244 | 0.19 | 0.19 | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||
First quarter | $ | 29,376 | $ | 5,886 | $ | 23,490 | $ | 895 | $ | — | $ | 7,072 | 0.22 | 0.22 | ||||||||||||||||
Second quarter 1 | 35,127 | 5,941 | 29,186 | 1,447 | 116 | 6,492 | 0.17 | 0.17 | ||||||||||||||||||||||
Third quarter | 37,008 | 5,389 | 31,619 | 814 | 898 | 11,316 | 0.3 | 0.3 | ||||||||||||||||||||||
Fourth quarter | 36,481 | 4,953 | 31,528 | (17 | ) | — | 10,361 | 0.28 | 0.27 | |||||||||||||||||||||
1 Net income includes a goodwill impairment charge of $818 during the second quarter of 2012. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
The Company evaluated events from the date of the consolidated financial statements on December 31, 2013 through the issuance of those consolidated financial statements included in this Annual Report on Form 10-K dated February 26, 2014. No additional events were identified requiring recognition in and/or disclosures in the consolidated financial statements. | |
On November 25, 2013, the Company entered into a definitive agreement with LegacyTexas Group, Inc. (“LegacyTexas”), pursuant to which LegacyTexas will be merged with and into the Company (the “Merger”). The Agreement provides, that upon the terms and subject to the conditions set forth therein, the Company’s articles of incorporation and bylaws will be amended as of the effective time of the Merger (the "Effective Time") to change its name to “LegacyTexas Financial Group, Inc.” Immediately following the Merger, the Bank will be merged with and into LegacyTexas’ subsidiary bank, LegacyTexas Bank. The Board of Directors of the Bank will serve as the Board of Directors of LegacyTexas Bank at the effective time of the Bank Merger. George Fisk, Vice Chairman and CEO of LegacyTexas, and Greg Wilkinson, each current LegacyTexas board members, will join the Board of Directors of the Company at the Effective Time and will continue to serve on the Board of LegacyTexas Bank following the Merger. | |
Under the terms of the Merger Agreement, LegacyTexas shareholders will be entitled to elect to receive, for each share of LegacyTexas common stock they hold, either $126.124 in cash or 6.006 shares of the Company’s common stock, with cash paid in lieu of fractional shares. It is expected that the Company will issue 7.85 million shares of common stock in the Merger. | |
In the event the Agreement is terminated under certain specified circumstances in connection with a competing transaction, LegacyTexas will be required to pay the Company a termination fee of $8.4 million in cash. | |
Mays Davenport, Executive Vice President of LegacyTexas Bank, will become Executive Vice President / Chief Financial Officer of the Company effective upon the closing of the Merger. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals and approval of the Agreement by the shareholders of LegacyTexas, and is expected to be completed during the second quarter of 2014. All of the directors of LegacyTexas have agreed to vote their shares of LegacyTexas common stock in favor of approval of the Agreement. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates: To prepare financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. The allowance for loan losses, valuation of other real estate owned, other-than-temporary impairment of securities, realization of deferred tax assets, and fair values of financial instruments are subject to change. | |
Cash Flows | ' |
Cash Flows: Cash and cash equivalents include cash, deposits with other financial institutions with maturities less than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest-bearing deposits in other financial institutions, federal funds purchased and repurchase agreements. | |
Restrictions on Cash | ' |
Restrictions on Cash: The Company maintains deposits with other financial institutions in amounts that exceed federal deposit insurance coverage. Management regularly evaluates the credit risk associated with the counterparties to these transactions and believes that the Company is not exposed to any significant credit risks on cash and cash equivalents. | |
Securities | ' |
Securities: Securities that the Company has both the positive intent and ability to hold to maturity are classified as held to maturity and are carried at amortized cost. Securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity, are classified as available for sale and are carried at fair value. Unrealized gains and losses on securities classified as available for sale have been accounted for as accumulated other comprehensive income (loss), net of taxes. | |
Gains and losses on the sale of securities classified as available for sale are recorded on the trade date using the specific-identification method. Amortization of premiums and discounts are recognized in interest income over the period to maturity. Premiums and discounts on securities are amortized using the level-yield method without anticipating prepayment, except for mortgage-backed securities where prepayments are anticipated. | |
The Company evaluates securities for other-than-temporary impairment on at least a quarterly basis and more frequently when economic, market, or security specific concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than amortized cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, the Company may consider whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition. The Company conducts regular reviews of the bond agency ratings of securities and considers whether the securities were issued by or have principal and interest payments guaranteed by the federal government or its agencies. These reviews focus on the underlying rating of the issuer and also include the insurance rating of securities that have an insurance component or guarantee. The ratings and financial condition of the issuers are monitored, as well as the financial condition and ratings of the insurers and guarantors. | |
For periods in which other-than-temporary impairment of a debt security is recognized, the credit portion of the amount is determined by subtracting the present value of the stream of estimated cash flows as calculated in a discounted cash flow model and discounted at book yield from the prior period’s ending carrying value. The non-credit portion of the amount is determined by subtracting the credit portion of the impairment from the difference between the book value and fair value of the security. The credit related portion of the impairment is charged against income and the non-credit related portion is charged to equity as a component of accumulated other comprehensive income. | |
Repurchase/Resell Agreements | ' |
Repurchase/Resell Agreements: The Company sells certain securities under agreements to repurchase. The securities sold under these agreements are treated as collateralized borrowings and are recorded at amounts equal to the cash received. The contractual terms of the agreements to repurchase may require the Company to provide additional collateral if the fair value of the securities underlying the borrowings declines during the term of the agreement. | |
Loans Held for Sale | ' |
Warehouse Purchase Program Loans: The Company previously reported the Warehouse Purchase Program loans as held for sale as the Company believed that was the most meaningful presentation to our financial statement users, given the collection of the loan was based on sale of the loan. The Company has now concluded that under US GAAP these loans should be accounted for as held for investment. This correction changes the accounting for the warehouse loans from a lower of cost or market accounting method to accounting for loans under ASC 310 with any credit losses incurred as of the balance sheet date recognized in the allowance for loan losses. As we had not reported any valuation decreases below cost in prior periods and we have experienced no credit losses on these loans, this correction had no impact on net income, comprehensive income, earnings per share or income taxes. Additionally, total assets and shareholders' equity remained unchanged. However, this correction does adjust the statement of cash flows by moving cash flows associated with the Warehouse Purchase Program from operating cash flows to investing cash flows. | |
Loans | ' |
Loans: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, purchase premiums and discounts, deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. | |
Past due status is based on the contractual terms of the loan. Loans that are past due 30 days or greater are considered delinquent. A loan is moved to nonaccrual status in accordance with the Company's policy, typically after 90 days of non-payment. Interest income on loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Non-mortgage consumer loans are typically charged off no later than 120 days past due. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. For other consumer loans, credit exposure is monitored by payment history of the loans. | |
All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |
For loans collateralized by real property and commercial and industrial loans, credit exposure is monitored by internally assigned grades used for classification of loans. A loan is considered “special mention” when management has determined that there is a potential weakness that deserves management's close attention. Loans rated as "special mention" are not adversely classified according to regulatory classifications and do not expose the Company to sufficient risk to warrant adverse classification. A loan is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. “Substandard” loans include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected, and the loan may or may not meet the criteria for impairment. Loans classified as “doubtful” have all of the weaknesses of those classified as “substandard”, with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions and values, “highly questionable and improbable.” All other loans that do not fall into the above mentioned categories are considered “pass” loans. Updates to internally assigned grades are made monthly and/or upon significant developments. | |
Acquired Loans | ' |
Acquired Loans: Loans acquired through the completion of a transfer, including loans acquired in a business combination, that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payment receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows, including prepayments, subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately are not to be received). Revolving loans, including lines of credit, are excluded from acquired credit impaired loan accounting. | |
For acquired loans not deemed credit-impaired at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. Subsequent to the acquisition date, methods utilized to estimate the required allowance for loan losses for these loans is similar to originated loans; however, a provision for loan losses will be recorded only to the extent the required allowance exceeds any remaining credit discounts. | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk: Most of the Company’s business activity is with customers located within the North Texas region. Therefore, the Company’s exposure to credit risk is significantly affected by changes in the economy of the North Texas area. | |
Allowance for Loan Losses | ' |
Allowance for Loan Losses: The allowance for loan losses and related provision expense are susceptible to change if the credit quality of our loan portfolio changes, which is evidenced by many factors, including but not limited to charge-offs and non-performing loan trends. Generally, consumer real estate lending has a lower credit risk profile compared to other consumer lending (such as automobile or personal line of credit loans). Commercial real estate and commercial and industrial lending, however, can have higher risk profiles than consumer and one- to four- family residential real estate loans due to these loans being larger in amount and non-homogeneous in structure and term. Changes in economic conditions, the mix and size of the loan portfolio, and individual borrower conditions can dramatically impact our level of allowance for loan losses in relatively short periods of time. | |
The allowance for loan losses is maintained to cover losses that are estimated in accordance with U.S. generally accepted accounting principles. It is our estimate of credit losses inherent in our loan portfolio at each balance sheet date. Our methodology for analyzing the allowance for loan losses consists of general and specific components. For the general component, we stratify the loan portfolio into homogeneous groups of loans that possess similar loss potential characteristics and apply a loss ratio to these groups of loans to estimate the credit losses in the loan portfolio. We use both historical loss ratios and qualitative loss factors assigned to major loan collateral types to establish general component loss allocations. Qualitative loss factors are based on management's judgment of company, market, industry or business specific data and external economic indicators, which may not yet be reflected in the historical loss ratios, and that could impact the Company's specific loan portfolios. The Allowance for Loan Loss Committee sets and adjusts qualitative loss factors by regularly reviewing changes in underlying loan composition and the seasonality of specific portfolios. The Allowance for Loan Loss Committee also considers credit quality and trends relating to delinquency, non-performing and/or classified loans and bankruptcy within the Company's loan portfolio when evaluating qualitative loss factors. Additionally, the Allowance for Loan Loss Committee adjusts qualitative factors to account for the potential impact of external economic factors, including the unemployment rate, housing price, vacancy rates and inventory levels specific to our primary market area. | |
Management evaluates current information and events regarding a borrower's ability to repay its obligations and considers a loan to be impaired when the ultimate collectability of amounts due, according to the contractual terms of the loan agreement, is in doubt. If an impaired loan is collateral-dependent, the fair value of the collateral, less the estimated cost to sell, is used to determine the amount of impairment. If an impaired loan is not collateral-dependent, the impairment amount is determined using the negative difference, if any, between the estimated discounted cash flows and the loan amount due. For impaired loans, the amount of the impairment can be adjusted, based on current data, until such time as the actual basis is established by acquisition of the collateral or until the basis is collected. Impairment losses are reflected in the allowance for loan losses through a charge to the provision for loan losses. Subsequent recoveries are credited to the allowance for loan losses. Cash receipts for accruing loans are applied to principal and interest under the contractual terms of the loan agreement. Cash receipts on impaired loans for which the accrual of interest has been discontinued are applied first to principal. | |
For the specific component, the allowance for loan losses on individually analyzed impaired loans includes loans where management has concerns about the borrower's ability to repay. All troubled debt restructurings are considered to be impaired. Loss estimates include the negative difference, if any, between the estimated discounted cash flows of the loan, or if the loan is collateral dependent the current fair value of the collateral, and the loan amount due. | |
A modified loan is considered a troubled debt restructuring (“TDR”) when two conditions are met: 1) the borrower is experiencing financial difficulty and 2) concessions are made by the Company that would not otherwise be considered for a borrower or collateral with similar credit risk characteristics. Modifications to loan terms may include a modification of the contractual interest rate to a below-market rate (even if the modified rate is higher than the original rate), forgiveness of accrued interest, forgiveness of a portion of principal, an extended repayment period or a deed in lieu of foreclosure or other transfer of assets other than cash to fully or partially satisfy a debt. The Company’s policy is to place all TDRs on nonaccrual for a minimum period of six months. Loans qualify for return to accrual status once they have demonstrated performance with the restructured terms of the loan agreement for a minimum of six months and the collection of principal and interest under the revised terms is deemed probable. All TDRs are considered to be impaired loans. | |
Large groups of smaller-balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify consumer real estate loans less than $417 or individual consumer loans for impairment disclosures. | |
Transfers of Financial Assets | ' |
Transfers of Financial Assets: Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
Foreclosed Assets | ' |
Foreclosed Assets, net: Assets acquired through loan foreclosure are initially recorded at the lower of the recorded investment in the loan at the time of foreclosure or the fair value less costs to sell, establishing a new cost basis. Any write-down in the carrying value of a property at the time of acquisition is charged-off to the allowance for loan losses. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. | |
Premises and Equipment | ' |
Premises and Equipment: Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are generally depreciated using the straight-line method with useful lives ranging from 10 to 30 years. Furniture, fixtures and equipment are generally depreciated using the straight-line method with useful lives ranging from 3 to 7 years. The cost of leasehold improvements is amortized over the shorter of the lease term or useful life using the straight-line method. | |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank stock | ' |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank stock: FHLB and Federal Reserve Bank stock is carried at cost, classified as restricted securities and periodically evaluated for impairment based on the ultimate recoverability of the par value. Both cash and stock dividends are reported as interest income. | |
Bank-Owned Life Insurance | ' |
Bank-Owned Life Insurance: The Company has purchased life insurance policies on certain key employees. The purchase of these life insurance policies allows the Company to use tax-advantaged rates of return. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. | |
Goodwill | ' |
Goodwill: Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. Goodwill is evaluated for impairment on an annual basis at December 31. According to ASC 350-20, "Intangibles- Goodwill and Other", goodwill shall be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value below its carrying amount. Deterioration in economic market conditions, changes in key personnel, increased estimates of the effects of recent regulatory or legislative changes, or additional regulatory or legislative changes may result in declines in projected business performance beyond management's current expectations. Such declines in business performance could cause the estimated fair value of goodwill to decline, which could result in an impairment charge to earnings in a future period related to goodwill. | |
The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining the need to perform the two-step test for goodwill impairment (the qualitative method.) | |
If the qualitative method cannot be used, the Company uses the two-step test. Under the two-step test, the Company compares the estimated fair value of a reporting unit with its carrying amount, including goodwill. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying amount of a reporting unit exceeds its estimated fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. Step Two of the goodwill impairment test compares the implied estimated fair value of reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of goodwill for that reporting unit exceeds the implied fair value of that unit's goodwill, an impairment loss is recognized in an amount equal to that excess. Additional information regarding goodwill and impairment testing can be found in Note 8. | |
Identifiable Intangibles | ' |
Identifiable Intangibles: Intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. The Company's intangible assets relate to core deposits and customer relationships. Intangible assets with definite useful lives are amortized on an accelerated basis over their estimated life. Intangible assets, premises and equipment and other long-lived assets are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | |
Brokerage Fee Income | ' |
Brokerage Fee Income: Acting as an agent, the Company earns brokerage income by buying and selling securities on behalf of its customers through an independent third party and earning fees on the transactions. These fees are recorded on the trade date. | |
Advertising Expense | ' |
Advertising Expense: The Company expenses all advertising costs as they are incurred. | |
Income Taxes | ' |
Income Taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | |
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company did not have any amount accrued with respect to uncertainty in income taxes at December 31, 2013 and 2012. | |
The Company recognizes interest and/or penalties related to income tax matters in income tax expense and did not have any amounts accrued for interest and penalties for the years ended December 31, 2013 and 2012. The Company files a consolidated income tax return with its subsidiaries. Federal income tax expense or benefit has been allocated to subsidiaries on a separate return basis. | |
Share-Based Compensation | ' |
Share-Based Compensation: Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. For awards with performance-based vesting conditions, compensation cost is recognized when the achievement of the performance condition is considered probable of achievement. If a performance condition is subsequently determined to be improbable of achievement, compensation cost is reversed. | |
Retirement Plans | ' |
Retirement Plans: Employee 401(k) and profit sharing plan expense is the amount of matching contributions as determined by formula. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. | |
Comprehensive Income (Loss) | ' |
Comprehensive Income (Loss): Comprehensive income (loss) consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale, net of taxes, which are also recognized as a separate component of equity. | |
Loss Contingencies | ' |
Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. | |
Earnings (loss) per common share | ' |
Earnings (loss) per common share: The Company calculated earnings (loss) per common share in accordance with ASC Topic 260, “Earnings Per Share,” which provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company has determined that its outstanding non-vested stock awards/stock units and deferred stock units are participating securities. Accordingly, earnings per common share is computed using the two-class method prescribed under ASC Topic 260. | |
Under the two-class method, basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 4 - Earnings Per Common Share. | |
Employee stock ownership plan (ESOP) | ' |
Employee stock ownership plan (ESOP): The Company accounts for its ESOP in accordance with ASC 718-40, "Employee Stock Ownership Plans". Accordingly, since the Company sponsors the ESOP with an employer loan, neither the ESOP’s loan payable nor the Company’s loan receivable are reported in the Company’s consolidated balance sheet. Likewise, the Company does not recognize interest income or interest cost on the loan. | |
Unallocated shares held by the ESOP are recorded as unearned ESOP shares in the consolidated statement of changes in shareholders’ equity. As shares are committed to be released for allocation, the Company recognizes compensation expense equal to the average market price of the shares for the period. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce debt and accrued interest. | |
Dividend Restriction | ' |
Dividend Restriction: Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Company or by the Company to shareholders. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments: In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. | |
Operating Segments | ' |
Operating Segments: The reportable segments are determined by the products and services offered, primarily distinguished between banking and mortgage banking. Loans, investments and deposits generate the revenues in the banking segment; secondary marketing sales generate the revenue in the mortgage banking segment. Segment performance is evaluated using segment profit (loss). As explained in Note 22 - Segment Information, the Company sold substantially all the assets of VPM, the Company's mortgage banking subsidiary in the third quarter of 2012. | |
Loan Commitments And Related Financial Instruments | ' |
Loan Commitments and Related Financial Instruments: Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. | |
Reclassifications | ' |
Reclassifications: Some items in the prior year financial statements were reclassified to conform to the current presentation. | |
Adoption of New Accounting Standards | ' |
Adoption of New Accounting Standards: | |
In July 2012, the FASB issued ASU 2012-02, Intangibles--Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. Under the guidance in this ASU, an entity has the option to bypass the qualitative assessment outlined in ASU 2011-08, Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment, for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. The amendments in this ASU are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity's financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. The adoption of this ASU did not have a significant impact to the Company's financial statements. | |
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This ASU requires companies to report information about significant amounts reclassified out of accumulated other comprehensive income either on the face of the financial statements or in the notes. If an entity is unable to identify the line item of net income affected by any significant amount reclassified out of accumulated other comprehensive income during a reporting period (including when all reclassifications for the period are not to net income in their entirety), a company must present information about items reclassified out of accumulated other comprehensive income in the notes. Companies that qualify for and present information about significant items reclassified out of accumulated other comprehensive income on the face of the statement where net income is presented must present parenthetically: 1). the effect of significant reclassification items on the respective line items of net income by component of other comprehensive income and 2.) the aggregate tax effect of all significant reclassifications on the line item for income tax benefit/expense in the statement where net income is presented. For public entities, the amendments are effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2012. Early adoption is permitted. The Company adopted this ASU in the first quarterly filing as of March 31, 2013, and has included the required disclosures in the Consolidated Statements of Income included in this Form 10-K. | |
Effect of Newly Issued But Not Yet Effective Accounting Standards | ' |
Effect of Newly Issued But Not Yet Effective Accounting Standards | |
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU includes explicit guidance for the presentation of an unrecognized tax benefit, or a portion thereof, when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. For public entities, the amendments are effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The adoption of this ASU is not expected to have a significant impact on the Company's financial statements. | |
Marketable Securities, Available-for-sale Securities | ' |
Other-than-Temporary Impairment | |
In determining other-than-temporary impairment for debt securities, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The Company does not believe these unrealized losses to be other-than-temporary. |
ADJUSTMENT_TO_FINANCIAL_STATEM1
ADJUSTMENT TO FINANCIAL STATEMENTS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Adjustment to Financial Statements [Abstract] | ' | |||||||||||||||
Schedule of SAB 108 Adjustment | ' | |||||||||||||||
The tables below illustrate the impact of this change on the Company's Consolidated Balance Sheets for December 31, 2012 and on the Consolidated Statement of Cash Flows for the year ended December 31, 2012. There was no impact to the Company's Consolidated Statements of Income for the year ended December 31, 2012. | ||||||||||||||||
Impact to the Consolidated Balance Sheets | ||||||||||||||||
31-Dec-12 | As Originally Presented | As Adjusted | ||||||||||||||
Loans held for sale - Warehouse Purchase Program | $ | 1,060,720 | N/A | |||||||||||||
Loans held for investment: | ||||||||||||||||
Loans held for investment, net of allowance for loan losses | 1,673,204 | 1,673,204 | ||||||||||||||
Loans held for investment - Warehouse Purchase Program | N/A | 1,060,720 | ||||||||||||||
Total loans held for investment | 1,673,204 | 2,733,924 | ||||||||||||||
Impact to the Consolidated Statements of Cash Flows | ||||||||||||||||
Year ended December 31, 2012 | Year ended December 31, 2011 | |||||||||||||||
As Originally Presented | As Adjusted | As Originally Presented | As Adjusted | |||||||||||||
Cash flows from operating activities | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
Loans originated or purchased for sale | $ | (12,755,753 | ) | $ | (145,819 | ) | $ | (7,872,727 | ) | $ | (271,107 | ) | ||||
Proceeds from sale of loans held for sale | 12,534,821 | 184,672 | 7,537,999 | 276,402 | ||||||||||||
Net cash provided by (used in) operating activities | (167,746 | ) | 92,039 | (294,157 | ) | 45,866 | ||||||||||
Cash flows from investing activities | ||||||||||||||||
Originations of Warehouse Purchase Program loans | N/A | (12,609,934 | ) | N/A | (7,601,620 | ) | ||||||||||
Proceeds from pay-offs of Warehouse Purchase Program loans | N/A | 12,350,149 | N/A | 7,261,597 | ||||||||||||
Net change in loans held for investment, excluding Warehouse Purchase Program | (182,658 | ) | (182,658 | ) | (123,995 | ) | (123,995 | ) | ||||||||
Net cash provided by (used in) investing activities | 283,857 | 24,072 | 70,665 | (269,358 | ) | |||||||||||
Cash flows from financing activities | ||||||||||||||||
Net cash provided by (used in) financing activities | (93,763 | ) | (93,763 | ) | 201,190 | 201,190 | ||||||||||
Net change in cash and cash equivalents | 22,348 | 22,348 | (22,302 | ) | (22,302 | ) | ||||||||||
Beginning cash and cash equivalents | 46,348 | 46,348 | 68,650 | 68,650 | ||||||||||||
Ending cash and cash equivalents | $ | 68,696 | $ | 68,696 | $ | 46,348 | $ | 46,348 | ||||||||
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE - (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Reconciliation of Numerator and Denominator of Basic and Diluted Earnings per Common Share | ' | |||||||||||
A reconciliation of the numerator and denominator of the basic and diluted earnings per common share computation for 2013, 2012, and 2011 was as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic earnings per share: | ||||||||||||
Numerator: | ||||||||||||
Net income | $ | 31,688 | $ | 35,241 | $ | 26,328 | ||||||
Distributed and undistributed earnings to participating securities | (394 | ) | (106 | ) | (123 | ) | ||||||
Income available to common shareholders | $ | 31,294 | $ | 35,135 | $ | 26,205 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding | 39,895,321 | 38,004,897 | 34,571,991 | |||||||||
Less: Average unallocated ESOP shares | (1,832,713 | ) | (2,017,098 | ) | (2,201,101 | ) | ||||||
Average unvested restricted stock awards | (473,060 | ) | (108,095 | ) | (151,049 | ) | ||||||
Average shares for basic earnings per share | 37,589,548 | 35,879,704 | 32,219,841 | |||||||||
Basic earnings per common share | $ | 0.83 | $ | 0.98 | 0.81 | |||||||
Diluted earnings per share: | ||||||||||||
Numerator: | ||||||||||||
Income available to common shareholders | $ | 31,294 | $ | 35,135 | $ | 26,205 | ||||||
Denominator: | ||||||||||||
Average shares for basic earnings per share | 37,589,548 | 35,879,704 | 32,219,841 | |||||||||
Dilutive effect of share-based compensation plan | 155,238 | 118,641 | 63,266 | |||||||||
Average shares for diluted earnings per share | 37,744,786 | 35,998,345 | 32,283,107 | |||||||||
Diluted earnings per common share | $ | 0.83 | 0.98 | 0.81 | ||||||||
Share awards excluded in the computation of diluted earnings per share because the exercise price was greater than the common stock average market price and were therefore anti-dilutive. | 1,219,350 | 363,013 | 392,508 | |||||||||
SECURITIES_Tables
SECURITIES - (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value of Available-for-Sale Securities and Related Gross Unrealized Gains and Losses | ' | ||||||||||||||||||||||||||||||||
The fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss), net of tax, were as follows: | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||||||||||
December 31, 2013 | Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | $ | 175,693 | $ | 1,322 | $ | 2,306 | $ | 174,709 | |||||||||||||||||||||||||
Agency residential collateralized mortgage obligations 2 | 70,257 | 423 | 105 | 70,575 | |||||||||||||||||||||||||||||
SBA pools | 2,652 | 76 | — | 2,728 | |||||||||||||||||||||||||||||
Total securities | $ | 248,602 | $ | 1,821 | $ | 2,411 | $ | 248,012 | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | $ | 164,023 | $ | 2,195 | $ | 118 | $ | 166,100 | |||||||||||||||||||||||||
Agency residential collateralized mortgage obligations 2 | 116,723 | 996 | 233 | 117,486 | |||||||||||||||||||||||||||||
SBA pools | 3,342 | 106 | — | 3,448 | |||||||||||||||||||||||||||||
Total securities | $ | 284,088 | $ | 3,297 | $ | 351 | $ | 287,034 | |||||||||||||||||||||||||
1 Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
2 Collateralized mortgage obligations issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
Carrying Amount, Unrecognized Gains and Losses, and Fair Value of Securities Held to Maturity | ' | ||||||||||||||||||||||||||||||||
The carrying amount, unrecognized gains and losses, and fair value of securities held to maturity were as follows: | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||||||||||
December 31, 2013 | Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | $ | 83,177 | $ | 3,523 | $ | 130 | $ | 86,570 | |||||||||||||||||||||||||
Agency commercial mortgage-backed securities 2 | 24,828 | 523 | 310 | 25,041 | |||||||||||||||||||||||||||||
Agency residential collateralized mortgage obligations 3 | 118,757 | 2,772 | 107 | 121,422 | |||||||||||||||||||||||||||||
Municipal bonds | 67,821 | 2,292 | 1,407 | 68,706 | |||||||||||||||||||||||||||||
Total securities | $ | 294,583 | $ | 9,110 | $ | 1,954 | $ | 301,739 | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | $ | 114,388 | $ | 6,324 | $ | — | $ | 120,712 | |||||||||||||||||||||||||
Agency commercial mortgage-backed securities 2 | 9,243 | 1,303 | — | 10,546 | |||||||||||||||||||||||||||||
Agency residential collateralized mortgage obligations 3 | 186,467 | 3,129 | 173 | 189,423 | |||||||||||||||||||||||||||||
Municipal bonds | 50,456 | 5,018 | 2 | 55,472 | |||||||||||||||||||||||||||||
Total securities | $ | 360,554 | $ | 15,774 | $ | 175 | $ | 376,153 | |||||||||||||||||||||||||
1 Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
2 Commercial mortgage-backed securities issued and /or guaranteed by U.S. government agencies or government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
3 Collateralized mortgage obligations issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
Carrying Amount and Fair Value of Held to Maturity Debt Securities and Fair Value of Available-for-Sale Debt Securities | ' | ||||||||||||||||||||||||||||||||
Securities with contractual payments not due at a single maturity date, including mortgage backed securities and collateralized mortgage obligations, are shown separately. | |||||||||||||||||||||||||||||||||
Available | |||||||||||||||||||||||||||||||||
Held to maturity | for sale | ||||||||||||||||||||||||||||||||
Carrying | Fair Value | Fair Value | |||||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Due after one to five years | 7,139 | 7,595 | 2,728 | ||||||||||||||||||||||||||||||
Due after five to ten years | 20,359 | 21,303 | — | ||||||||||||||||||||||||||||||
Due after ten years | 40,323 | 39,808 | — | ||||||||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | 83,177 | 86,570 | 174,709 | ||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities 2 | 24,828 | 25,041 | — | ||||||||||||||||||||||||||||||
Agency residential collateralized mortgage obligations 3 | 118,757 | 121,422 | 70,575 | ||||||||||||||||||||||||||||||
Total | $ | 294,583 | $ | 301,739 | $ | 248,012 | |||||||||||||||||||||||||||
1 Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
2 Commercial mortgage-backed securities issued and /or guaranteed by U.S. government agencies or government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
3 Collateralized mortgage obligations issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
Summarized Information Regarding Pledged Securities | ' | ||||||||||||||||||||||||||||||||
Information regarding pledged securities is summarized below: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Public fund certificates of deposit | $ | 156,731 | $ | 134,846 | |||||||||||||||||||||||||||||
Public fund demand deposit accounts | 15,068 | 19,972 | |||||||||||||||||||||||||||||||
Commercial demand deposit accounts | 4,439 | 4,318 | |||||||||||||||||||||||||||||||
Repurchase agreements | 25,000 | 25,000 | |||||||||||||||||||||||||||||||
Federal Reserve Bank primary credit - collateral value | 68,686 | 105,807 | |||||||||||||||||||||||||||||||
Carrying value of securities pledged on above funds | 308,652 | 309,225 | |||||||||||||||||||||||||||||||
Summarized Sales Activity | ' | ||||||||||||||||||||||||||||||||
Sales activity of securities for the years ended December 31, 2013, 2012, and 2011 was as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Proceeds | $ | 10,614 | $ | 133,595 | $ | 279,420 | |||||||||||||||||||||||||||
Gross gains | — | 1,142 | 6,338 | ||||||||||||||||||||||||||||||
Gross losses | 177 | 128 | 70 | ||||||||||||||||||||||||||||||
Securities with Unrealized Losses Aggregated by Investment and Length of Time that Individual Securities have been in Continuous Unrealized Loss Position Category | ' | ||||||||||||||||||||||||||||||||
Securities with unrealized losses at year‑end 2013 and 2012, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: | |||||||||||||||||||||||||||||||||
AFS | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||
December 31, 2013 | Fair Value | Unrealized Loss | Number | Fair Value | Unrealized Loss | Number | Fair Value | Unrealized Loss | Number | ||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | $ | 83,461 | $ | 2,306 | 19 | $ | — | $ | — | — | $ | 83,461 | $ | 2,306 | 19 | ||||||||||||||||||
Agency residential collateralized mortgage obligations 2 | 13,975 | 50 | 6 | 6,780 | 55 | 5 | 20,755 | 105 | 11 | ||||||||||||||||||||||||
Total temporarily impaired | $ | 97,436 | $ | 2,356 | 25 | $ | 6,780 | $ | 55 | 5 | $ | 104,216 | $ | 2,411 | 30 | ||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | $ | 24,462 | $ | 118 | 4 | $ | — | $ | — | — | $ | 24,462 | $ | 118 | 4 | ||||||||||||||||||
Agency residential collateralized mortgage obligations 2 | 2 | — | 1 | 16,912 | 233 | 6 | 16,914 | 233 | 7 | ||||||||||||||||||||||||
Total temporarily impaired | $ | 24,464 | $ | 118 | 5 | $ | 16,912 | $ | 233 | 6 | $ | 41,376 | $ | 351 | 11 | ||||||||||||||||||
1 Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
2 Collateralized mortgage obligations issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
HTM | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||
31-Dec-13 | Fair Value | Unrealized Loss | Number | Fair Value | Unrealized Loss | Number | Fair Value | Unrealized Loss | Number | ||||||||||||||||||||||||
Agency residential mortgage-backed securities 1 | $ | 5,779 | $ | 130 | 2 | $ | — | $ | — | — | $ | 5,779 | $ | 130 | 2 | ||||||||||||||||||
Agency commercial mortgage-backed securities 2 | 4,940 | 310 | 2 | — | — | — | 4,940 | 310 | 2 | ||||||||||||||||||||||||
Agency residential collateralized mortgage obligations 3 | 10,453 | 91 | 2 | 1,679 | 16 | 3 | 12,132 | 107 | 5 | ||||||||||||||||||||||||
Municipal bonds | 17,784 | 1,406 | 29 | 280 | 1 | 1 | 18,064 | 1,407 | 30 | ||||||||||||||||||||||||
Total temporarily impaired | $ | 38,956 | $ | 1,937 | 35 | $ | 1,959 | $ | 17 | 4 | $ | 40,915 | $ | 1,954 | 39 | ||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Agency residential collateralized mortgage obligations 1 | 19,311 | 62 | 5 | 4,972 | 111 | 4 | $ | 24,283 | $ | 173 | 9 | ||||||||||||||||||||||
Municipal bonds | 281 | 2 | 1 | — | — | — | 281 | 2 | 1 | ||||||||||||||||||||||||
Total temporarily impaired | $ | 19,592 | $ | 64 | 6 | $ | 4,972 | $ | 111 | 4 | $ | 24,564 | $ | 175 | 10 | ||||||||||||||||||
1 Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
2 Commercial mortgage-backed securities issued and /or guaranteed by U.S. government agencies or government-sponsored enterprises. | |||||||||||||||||||||||||||||||||
3 Collateralized mortgage obligations issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
LOANS_Tables
LOANS - (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ' | |||||||||||||||||||||||
Loans | ' | |||||||||||||||||||||||
Loans held for investment consist of the following: | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Commercial real estate | $ | 1,091,200 | $ | 825,340 | ||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||
Commercial | 425,030 | 245,799 | ||||||||||||||||||||||
Warehouse lines of credit | 14,400 | 32,726 | ||||||||||||||||||||||
Total commercial and industrial loans | 439,430 | 278,525 | ||||||||||||||||||||||
Construction and land loans | ||||||||||||||||||||||||
Commercial construction and land | 27,619 | 14,568 | ||||||||||||||||||||||
Consumer construction and land | 2,628 | 6,614 | ||||||||||||||||||||||
Total construction and land loans | 30,247 | 21,182 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Consumer real estate | 441,226 | 506,642 | ||||||||||||||||||||||
Other consumer loans | 47,799 | 59,080 | ||||||||||||||||||||||
Total consumer | 489,025 | 565,722 | ||||||||||||||||||||||
Gross loans held for investment, excluding Warehouse Purchase Program | 2,049,902 | 1,690,769 | ||||||||||||||||||||||
Net of: | ||||||||||||||||||||||||
Deferred fees and discounts, net | (1,267 | ) | 486 | |||||||||||||||||||||
Allowance for loan losses | (19,358 | ) | (18,051 | ) | ||||||||||||||||||||
Net loans held for investment, excluding Warehouse Purchase Program | 2,029,277 | 1,673,204 | ||||||||||||||||||||||
Warehouse Purchase Program | 673,470 | 1,060,720 | ||||||||||||||||||||||
Total loans held for investment | $ | 2,702,747 | $ | 2,733,924 | ||||||||||||||||||||
Allowance for Loan Losses | ' | |||||||||||||||||||||||
Activity in the allowance for loan losses for the years ended December 31, 2013, 2012 and 2011, segregated by portfolio segment and evaluation for impairment, was as follows. All Warehouse Purchase Program loans are collectively evaluated for impairment. All Warehouse Purchase Program loans are purchased under several contractual requirements, which provide safeguards to the bank, including the requirement that our mortgage company customers have a takeout commitment for each loan and multiple investors identified for purchases. As a result of these safeguards the bank has never experienced a loss on these loans and no allowance for loan losses has been allocated to them. The portion of the allowance for loan losses individually evaluated for impairment allocated to purchased credit impaired ("PCI") loans was $202, $148, and $0 at December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
December 31, 2013 | Commercial Real Estate | Commercial and Industrial | Construction and land | Consumer Real Estate | Other Consumer | Total | ||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Beginning balance - January 1, 2013 | $ | 11,182 | $ | 2,574 | $ | 149 | $ | 3,528 | $ | 618 | $ | 18,051 | ||||||||||||
Charge-offs | (806 | ) | (607 | ) | (31 | ) | (416 | ) | (621 | ) | (2,481 | ) | ||||||||||||
Recoveries | — | 124 | — | 77 | 388 | 589 | ||||||||||||||||||
Provision expense | 568 | 2,445 | 94 | 91 | 1 | 3,199 | ||||||||||||||||||
Ending balance - December 31, 2013 | $ | 10,944 | $ | 4,536 | $ | 212 | $ | 3,280 | $ | 386 | $ | 19,358 | ||||||||||||
Allowance ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 987 | $ | 1,730 | $ | 6 | $ | 197 | $ | 3 | $ | 2,923 | ||||||||||||
Collectively evaluated for impairment | 9,957 | 2,806 | 206 | 3,083 | 383 | 16,435 | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | 7,605 | 5,325 | 2 | 4,812 | 550 | 18,294 | ||||||||||||||||||
Collectively evaluated for impairment | 1,079,343 | 433,908 | 28,625 | 435,288 | 47,078 | 2,024,242 | ||||||||||||||||||
PCI Loans | 4,252 | 197 | 1,620 | 1,126 | 171 | 7,366 | ||||||||||||||||||
Ending balance | $ | 1,091,200 | $ | 439,430 | $ | 30,247 | $ | 441,226 | $ | 47,799 | $ | 2,049,902 | ||||||||||||
December 31, 2012 | Commercial Real Estate | Commercial and Industrial | Construction and land | Consumer Real Estate | Other Consumer | Total | ||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Beginning balance - January 1, 2012 | $ | 10,597 | $ | 2,090 | $ | 103 | $ | 3,991 | $ | 706 | $ | 17,487 | ||||||||||||
Charge-offs | (187 | ) | (1,178 | ) | — | (798 | ) | (1,039 | ) | (3,202 | ) | |||||||||||||
Recoveries | — | 114 | — | 70 | 443 | 627 | ||||||||||||||||||
Provision expense | 772 | 1,548 | 46 | 265 | 508 | 3,139 | ||||||||||||||||||
Ending balance - December 31, 2012 | $ | 11,182 | $ | 2,574 | $ | 149 | $ | 3,528 | $ | 618 | $ | 18,051 | ||||||||||||
Allowance ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,880 | $ | 647 | $ | — | $ | 967 | $ | 23 | $ | 4,517 | ||||||||||||
Collectively evaluated for impairment | 8,302 | 1,927 | 149 | 2,561 | 595 | 13,534 | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | 16,950 | 5,609 | 139 | 8,392 | 329 | 31,419 | ||||||||||||||||||
Collectively evaluated for impairment | 801,940 | 270,843 | 18,115 | 497,090 | 58,554 | 1,646,542 | ||||||||||||||||||
PCI Loans | 6,450 | 2,073 | 2,928 | 1,160 | 197 | 12,808 | ||||||||||||||||||
Ending balance | $ | 825,340 | $ | 278,525 | $ | 21,182 | $ | 506,642 | $ | 59,080 | $ | 1,690,769 | ||||||||||||
December 31, 2011 | Commercial Real Estate | Commercial and Industrial | Construction and land | Consumer Real Estate | Other Consumer | Total | ||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Beginning balance - January 1, 2011 | $ | 7,940 | $ | 1,652 | $ | 123 | $ | 4,129 | $ | 1,003 | $ | 14,847 | ||||||||||||
Charge-offs | (15 | ) | (470 | ) | — | (487 | ) | (850 | ) | (1,822 | ) | |||||||||||||
Recoveries | 29 | 38 | — | 60 | 365 | 492 | ||||||||||||||||||
Provision expense (benefit) | 2,643 | 870 | (20 | ) | 289 | 188 | 3,970 | |||||||||||||||||
Ending balance - December 31, 2011 | $ | 10,597 | $ | 2,090 | $ | 103 | $ | 3,991 | $ | 706 | $ | 17,487 | ||||||||||||
Allowance ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,358 | $ | 87 | — | $ | 1,040 | $ | 13 | $ | 3,498 | |||||||||||||
Collectively evaluated for impairment | 8,239 | 2,003 | 103 | 2,951 | 693 | 13,989 | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | 18,936 | 456 | 7 | 6,802 | 168 | 26,369 | ||||||||||||||||||
Collectively evaluated for impairment | 564,551 | 70,164 | 11,845 | 504,097 | 51,002 | 1,201,659 | ||||||||||||||||||
Ending balance | $ | 583,487 | $ | 70,620 | $ | 11,852 | $ | 510,899 | $ | 51,170 | $ | 1,228,028 | ||||||||||||
Impaired Loans | ' | |||||||||||||||||||||||
Impaired loans at December 31, 2013, and 2012, were as follows 1: | ||||||||||||||||||||||||
December 31, 2013 | Unpaid | Recorded | Recorded | Total Recorded Investment | Related | |||||||||||||||||||
Principal | Investment With No Allowance | Investment With Allowance | Allowance | |||||||||||||||||||||
Balance | ||||||||||||||||||||||||
Commercial real estate | $ | 8,328 | $ | 3,619 | $ | 3,986 | $ | 7,605 | $ | 2,016 | ||||||||||||||
Commercial and industrial | 6,058 | 539 | 4,786 | 5,325 | 550 | |||||||||||||||||||
Construction and land | 2 | 2 | — | 2 | — | |||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Consumer real estate | 5,050 | 3,725 | 1,087 | 4,812 | 155 | |||||||||||||||||||
Other consumer | 579 | 550 | — | 550 | — | |||||||||||||||||||
Total | $ | 20,017 | $ | 8,435 | $ | 9,859 | $ | 18,294 | $ | 2,721 | ||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Commercial real estate | $ | 17,726 | $ | 4,341 | $ | 12,609 | $ | 16,950 | $ | 2,756 | ||||||||||||||
Commercial and industrial | 7,632 | 3,284 | 2,325 | 5,609 | 630 | |||||||||||||||||||
Construction and land | 140 | 139 | — | 139 | — | |||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Consumer real estate | 8,574 | 5,194 | 3,198 | 8,392 | 960 | |||||||||||||||||||
Other consumer | 338 | 28 | 301 | 329 | 23 | |||||||||||||||||||
Total | $ | 34,410 | $ | 12,986 | $ | 18,433 | $ | 31,419 | $ | 4,369 | ||||||||||||||
1 No Warehouse Purchase Program loans were impaired at December 31, 2013 or 2012. Loans reported do not include PCI loans. | ||||||||||||||||||||||||
Income on impaired loans at December 31, 2013, 2012 and 2011 was as follows 1: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | |||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | |||||||||||||||||||
Commercial real estate | $ | 11,614 | $ | 124 | $ | 18,900 | $ | 332 | $ | 12,299 | $ | 625 | ||||||||||||
Commercial and industrial | 6,072 | 12 | 2,297 | 9 | 384 | 14 | ||||||||||||||||||
Construction and land | 41 | — | 22 | — | 5 | — | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Consumer real estate | 6,835 | 57 | 6,846 | 48 | 6,280 | 139 | ||||||||||||||||||
Other consumer | 470 | — | 235 | 2 | 191 | — | ||||||||||||||||||
Total | $ | 25,032 | $ | 193 | $ | 28,300 | $ | 391 | $ | 19,159 | $ | 778 | ||||||||||||
1 Loans reported do not include PCI loans | ||||||||||||||||||||||||
Non-Performing (Nonaccrual) Loans | ' | |||||||||||||||||||||||
At December 31, 2013, there were no PCI loans that were considered non-performing loans, while $4,201 of purchased performing loans were considered non-performing at December 31, 2013, including $1,698 of commercial lines of credit that did not qualify for PCI accounting due to their revolving nature. No Warehouse Purchase Program loans were non-performing at December 31, 2013 or 2012. Non-performing (nonaccrual) loans were as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Commercial real estate | $ | 7,604 | $ | 13,567 | ||||||||||||||||||||
Commercial and industrial | 5,141 | 5,401 | ||||||||||||||||||||||
Construction and land | — | 134 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Consumer real estate | 8,812 | 7,839 | ||||||||||||||||||||||
Other consumer | 567 | 262 | ||||||||||||||||||||||
Total | $ | 22,124 | $ | 27,203 | ||||||||||||||||||||
Summary of Outstanding Balances of Troubled Debt Restructuring | ' | |||||||||||||||||||||||
The following table provides the recorded balances of loans modified as a TDR during the years ended December 31, 2013, 2012, and 2011. | ||||||||||||||||||||||||
31-Dec-13 | Loan Bifurcation | Principal Deferrals 1 | Combination - Rate Reduction & Principal Deferral | Other | Total | |||||||||||||||||||
Commercial real estate | $ | — | $ | 59 | $ | — | $ | — | $ | 59 | ||||||||||||||
Commercial and industrial | — | 164 | 73 | 83 | 320 | |||||||||||||||||||
Consumer real estate | — | 280 | 488 | 475 | 1,243 | |||||||||||||||||||
Other consumer | — | 263 | 165 | 8 | 436 | |||||||||||||||||||
Total | $ | — | $ | 766 | $ | 726 | $ | 566 | $ | 2,058 | ||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Commercial real estate | $ | 5,876 | $ | — | $ | — | $ | — | $ | 5,876 | ||||||||||||||
Commercial and industrial | — | 26 | — | 76 | 102 | |||||||||||||||||||
Consumer real estate | — | 959 | 717 | 291 | 1,967 | |||||||||||||||||||
Other consumer | — | 99 | 37 | 17 | 153 | |||||||||||||||||||
Total | $ | 5,876 | $ | 1,084 | $ | 754 | $ | 384 | $ | 8,098 | ||||||||||||||
31-Dec-11 | ||||||||||||||||||||||||
Consumer real estate | $ | — | $ | 6 | $ | 149 | $ | 261 | $ | 416 | ||||||||||||||
Other consumer | — | 19 | — | — | 19 | |||||||||||||||||||
Total | $ | — | $ | 25 | $ | 149 | $ | 261 | $ | 435 | ||||||||||||||
1 Beginning in September 2012, principal deferrals include Chapter 7 bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. Such loans are placed on non accrual status. | ||||||||||||||||||||||||
TDRs modified during the twelve-month periods ended December 31, 2013, 2012, and 2011, which experienced a subsequent default during the periods are shown below. A payment default is defined as a loan that was 90 days or more past due. | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Consumer real estate | $ | — | $ | 288 | 91 | |||||||||||||||||||
The outstanding balances of troubled debt restructurings ("TDRs") are shown below: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
TDRs | 2013 | 2012 | ||||||||||||||||||||||
Nonaccrual TDRs | $ | 11,368 | $ | 13,760 | ||||||||||||||||||||
Performing TDRs (1) | 971 | 4,216 | ||||||||||||||||||||||
Total | $ | 12,339 | $ | 17,976 | ||||||||||||||||||||
Specific reserves on TDRs | $ | 1,191 | $ | 2,643 | ||||||||||||||||||||
Outstanding commitments to lend additional funds to borrowers with TDR loans | — | — | ||||||||||||||||||||||
1 Performing TDR loans are loans that have been performing under the restructured terms for at least six months and the Company is accruing interest on these loans. | ||||||||||||||||||||||||
Analysis of Age of Recorded Investment in Loans | ' | |||||||||||||||||||||||
Below is an analysis of the age of recorded investment in loans that were past due at December 31, 2013 and 2012. No Warehouse Purchase Program loans were delinquent at December 31, 2013 or 2012. | ||||||||||||||||||||||||
December 31, 2013 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Greater Past Due | Total Loans Past Due | Current Loans 1 | Total Loans | ||||||||||||||||||
Commercial real estate | $ | 552 | $ | 1,315 | $ | 57 | $ | 1,924 | $ | 1,089,276 | $ | 1,091,200 | ||||||||||||
Commercial and industrial | 4,518 | 129 | 2,835 | 7,482 | 431,948 | 439,430 | ||||||||||||||||||
Construction and land | 152 | — | — | 152 | 30,095 | 30,247 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Consumer real estate | 6,579 | 3,295 | 3,651 | 13,525 | 427,701 | 441,226 | ||||||||||||||||||
Other consumer | 460 | 106 | 53 | 619 | 47,180 | 47,799 | ||||||||||||||||||
Total | $ | 12,261 | $ | 4,845 | $ | 6,596 | $ | 23,702 | $ | 2,026,200 | $ | 2,049,902 | ||||||||||||
December 31, 2012 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Greater Past Due | Total Loans Past Due | Current Loans 1 | Total Loans | ||||||||||||||||||
Commercial real estate | $ | 2,243 | $ | 1,150 | $ | 1,118 | $ | 4,511 | $ | 820,829 | $ | 825,340 | ||||||||||||
Commercial and industrial | 2,066 | 530 | 2,867 | 5,463 | 273,062 | 278,525 | ||||||||||||||||||
Construction and land | 770 | 32 | 10 | 812 | 20,370 | 21,182 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Consumer real estate | 7,375 | 1,974 | 4,469 | 13,818 | 492,824 | 506,642 | ||||||||||||||||||
Other consumer | 563 | 151 | 49 | 763 | 58,317 | 59,080 | ||||||||||||||||||
Total | $ | 13,017 | $ | 3,837 | $ | 8,513 | $ | 25,367 | $ | 1,665,402 | $ | 1,690,769 | ||||||||||||
1 Includes acquired PCI loans with a total carrying value of $5,218 and $11,206 at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Real Estate and Commercial and Industrial Credit Exposure Credit Risk Profile by Internally Assigned Grade | ' | |||||||||||||||||||||||
The recorded investment in loans by credit quality indicators at December 31, 2013 and 2012, was as follows. | ||||||||||||||||||||||||
Real Estate and Commercial and Industrial Credit Exposure | ||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | ||||||||||||||||||||||||
December 31, 2013 | Commercial Real Estate | Commercial and Industrial | Construction and Land | Consumer Real Estate | ||||||||||||||||||||
Grade:1 | ||||||||||||||||||||||||
Pass | $ | 1,055,872 | $ | 424,110 | $ | 28,146 | $ | 424,174 | ||||||||||||||||
Special Mention | 16,030 | 1,672 | 161 | 3,661 | ||||||||||||||||||||
Substandard | 18,444 | 13,492 | 1,940 | 9,110 | ||||||||||||||||||||
Doubtful | 854 | 156 | — | 4,281 | ||||||||||||||||||||
Total | $ | 1,091,200 | $ | 439,430 | $ | 30,247 | $ | 441,226 | ||||||||||||||||
December 31, 2012 | Commercial Real Estate | Commercial and Industrial | Construction and Land | Consumer Real Estate | ||||||||||||||||||||
Grade:1 | ||||||||||||||||||||||||
Pass | $ | 781,909 | $ | 264,528 | $ | 18,120 | $ | 491,225 | ||||||||||||||||
Special Mention | 17,504 | 645 | — | 2,617 | ||||||||||||||||||||
Substandard | 24,741 | 13,227 | 2,928 | 8,942 | ||||||||||||||||||||
Doubtful | 1,186 | 125 | 134 | 3,858 | ||||||||||||||||||||
Total | $ | 825,340 | $ | 278,525 | $ | 21,182 | $ | 506,642 | ||||||||||||||||
1 PCI loans are included in the substandard or doubtful categories. | ||||||||||||||||||||||||
Consumer Credit Exposure Credit Risk Profile Based on Payment Activity | ' | |||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Performing | $ | 47,232 | $ | 58,818 | ||||||||||||||||||||
Non-performing | 567 | 262 | ||||||||||||||||||||||
Total | $ | 47,799 | $ | 59,080 | ||||||||||||||||||||
Highlands Bancshares [Member] | ' | |||||||||||||||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ' | |||||||||||||||||||||||
Impaired Loans | ' | |||||||||||||||||||||||
The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at December 31, 2013 and 2012 were as follows. The outstanding balance represents the total amount owed as of December 31, 2013 and 2012 including accrued but unpaid interest and any amounts previously charged off. | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Acquired PCI loans | ||||||||||||||||||||||||
Carrying amount 1 | $ | 7,164 | $ | 12,660 | ||||||||||||||||||||
Outstanding balance | 9,226 | 16,296 | ||||||||||||||||||||||
1 The carrying amounts are net of allowance of $202 and $148 as of December 31, 2013, and 2012. | ||||||||||||||||||||||||
In connection with the acquisition of Highlands Bancshares, Inc., the Company acquired loans both with and without evidence of credit deterioration since origination. The acquired loans were initially recorded at fair value with no carryover of any allowance for loan losses. Loans acquired with evidence of credit quality deterioration at acquisition for which it was probable the Company would not be able to collect all contractual amounts due were accounted for as purchased credit-impaired (“PCI”). The Company individually reviewed the acquired PCI loans and the portfolio was accounted for at estimated fair value on the acquisition date as follows: | ||||||||||||||||||||||||
Acquired PCI loans | ||||||||||||||||||||||||
Contractually required principal and interest 1 | $ | 29,408 | ||||||||||||||||||||||
Expected cash flows | 24,042 | |||||||||||||||||||||||
Fair value at acquisition | 14,720 | |||||||||||||||||||||||
1 Excludes loans fully charge off prior to acquisition date with no expectation of future cash flows. | ||||||||||||||||||||||||
Changes in the accretable yield for acquired PCI loans for the years ended December 31, 2013, and 2012 were as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Balance at beginning of period | $ | 6,431 | $ | — | ||||||||||||||||||||
Additions | — | 9,322 | ||||||||||||||||||||||
Reclassifications (to) from nonaccretable | 902 | 556 | ||||||||||||||||||||||
Disposals | (1,299 | ) | (2,006 | ) | ||||||||||||||||||||
Accretion | (1,353 | ) | (1,441 | ) | ||||||||||||||||||||
Balance at end of period | $ | 4,681 | $ | 6,431 | ||||||||||||||||||||
FAIR_VALUE_Tables
FAIR VALUE - (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Summary of Fair Value Measured on Recurring Basis | ' | |||||||||||||||
Assets measured at fair value on a recurring basis are summarized below. There were no liabilities measured at fair value on a recurring basis as of December 31, 2012. | ||||||||||||||||
December 31, 2013 | Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Agency residential mortgage-backed securities | $ | 174,709 | ||||||||||||||
Agency residential collateralized mortgage obligations | 70,575 | |||||||||||||||
SBA pools | 2,728 | |||||||||||||||
Total securities available for sale | $ | 248,012 | ||||||||||||||
Derivative asset 1 | $ | 33 | ||||||||||||||
Derivative liability 1 | $ | 33 | ||||||||||||||
December 31, 2012 | Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Agency residential mortgage-backed securities | $ | 166,100 | ||||||||||||||
Agency residential collateralized mortgage obligations | 117,486 | |||||||||||||||
SBA pools | 3,448 | |||||||||||||||
Total securities available for sale | $ | 287,034 | ||||||||||||||
1 Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly. Please see Note 9 - Derivative Financial Instruments for more information. | ||||||||||||||||
Summary of Fair Value Measured on Nonrecurring Basis | ' | |||||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis are summarized below. There were no liabilities measured at fair value on a non-recurring basis as of December 31, 2013 or 2012. | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
December 31, 2013 | Significant Other | Significant | ||||||||||||||
Observable Inputs | Unobservable | |||||||||||||||
(Level 2) | Inputs (Level 3) | |||||||||||||||
Assets: | ||||||||||||||||
Impaired loans | $ | 7,138 | $ | — | $ | 7,138 | ||||||||||
Other real estate owned | 480 | — | 480 | |||||||||||||
Fair Value Measurements Using | ||||||||||||||||
December 31, 2012 | Significant Other | Significant | ||||||||||||||
Observable Inputs | Unobservable | |||||||||||||||
(Level 2) | Inputs (Level 3) | |||||||||||||||
Assets: | ||||||||||||||||
Impaired loans | $ | 14,064 | $ | — | $ | 14,064 | ||||||||||
Other real estate owned | 1,886 | 416 | 1,470 | |||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||
Carrying amount and fair value information of financial instruments at December 31, 2013 and 2012, were as follows: | ||||||||||||||||
Fair Value | ||||||||||||||||
December 31, 2013 | Carrying | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Amount | ||||||||||||||||
Financial assets | ||||||||||||||||
Cash and cash equivalents | $ | 87,974 | $ | 87,974 | $ | — | $ | — | ||||||||
Securities available for sale | 248,012 | — | 248,012 | — | ||||||||||||
Securities held to maturity | 294,583 | — | 301,739 | — | ||||||||||||
Loans held for investment, net | 2,029,277 | — | — | 2,054,460 | ||||||||||||
Loans held for investment - Warehouse Purchase Program | 673,470 | — | — | 673,785 | ||||||||||||
FHLB and Federal Reserve Bank stock | 34,883 | — | 34,883 | — | ||||||||||||
Accrued interest receivable | 9,904 | 9,904 | — | — | ||||||||||||
Derivative asset | 33 | — | 33 | — | ||||||||||||
Financial liabilities | ||||||||||||||||
Deposits | $ | 2,264,639 | $ | — | $ | — | $ | 2,123,846 | ||||||||
FHLB advances | 639,096 | — | — | 650,976 | ||||||||||||
Repurchase agreement | 25,000 | — | — | 27,430 | ||||||||||||
Accrued interest payable | 1,066 | 1,066 | — | — | ||||||||||||
Derivative liability | 33 | — | 33 | — | ||||||||||||
Fair Value | ||||||||||||||||
December 31, 2012 | Carrying | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Amount | ||||||||||||||||
Financial assets | ||||||||||||||||
Cash and cash equivalents | $ | 68,696 | $ | 68,696 | $ | — | $ | — | ||||||||
Securities available for sale | 287,034 | — | 287,034 | — | ||||||||||||
Securities held to maturity | 360,554 | — | 376,153 | — | ||||||||||||
Loans held for investment, net | 1,673,204 | — | — | 1,696,060 | ||||||||||||
Loans held for investment - Warehouse Purchase Program | 1,060,720 | — | — | 1,061,334 | ||||||||||||
FHLB and Federal Reserve Bank stock | 45,025 | — | 45,025 | — | ||||||||||||
Accrued interest receivable | 9,900 | 9,900 | — | — | ||||||||||||
Financial liabilities | ||||||||||||||||
Deposits | $ | 2,177,806 | $ | — | $ | — | $ | 2,097,063 | ||||||||
FHLB advances | 892,208 | — | — | 912,817 | ||||||||||||
Repurchase agreement | 25,000 | — | — | 28,501 | ||||||||||||
Accrued interest payable | 1,216 | 1,216 | — | — | ||||||||||||
GOODWILL_AND_CORE_DEPOSIT_INTA1
GOODWILL AND CORE DEPOSIT INTANGIBLES - (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Changes In Carrying Amount of Company's Goodwill and Core Deposit Intangibles (Cdi) | ' | |||||||||||
Changes in the carrying amount of the Company's goodwill and core deposit intangibles (“CDI”) for year ended December 31, 2013 and 2012, were as follows: | ||||||||||||
Goodwill | Core Deposit | |||||||||||
Bank | VPM | Intangible - Bank | ||||||||||
Balance as of December 31, 2011 | $ | — | $ | 818 | $ | — | ||||||
Impairment | — | (818 | ) | — | ||||||||
Highlands acquisition | 29,650 | — | 1,745 | |||||||||
Amortization | — | — | (360 | ) | ||||||||
Balance as of December 31, 2012 | 29,650 | — | 1,385 | |||||||||
Amortization | — | — | (423 | ) | ||||||||
Balance as of December 31, 2013 | $ | 29,650 | $ | — | $ | 962 | ||||||
Estimated Aggregate Future Amortization Expense for Intangible Assets Remaining | ' | |||||||||||
The estimated aggregate future amortization expense for intangible assets remaining as of December 31, 2013 is as follows: | ||||||||||||
2014 | $ | 346 | ||||||||||
2015 | 270 | |||||||||||
2016 | 193 | |||||||||||
2017 | 116 | |||||||||||
2018 | 34 | |||||||||||
Thereafter | 3 | |||||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS - (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | |||||||||||||
The following table provides the recorded gains (losses) during the year ended December 31, 2012. | ||||||||||||||
Recorded | ||||||||||||||
December 31, 2012 | Gains/(Losses) | |||||||||||||
IRLCs | $ | (90 | ) | |||||||||||
Loan sale commitments | 1,077 | |||||||||||||
Forward mortgage-backed securities trades | (795 | ) | ||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | |||||||||||||
The notional amounts and estimated fair values of interest rate derivative positions outstanding and weighted-average receive and pay interest rates at December 31, 2013 are presented in the following table. There were no derivative positions outstanding at December 31, 2012. | ||||||||||||||
Outstanding | Estimated Fair Value | Weighted-Average Interest Rate | ||||||||||||
December 31, 2013 | Notional Amount | Received | Paid | |||||||||||
Non-hedging interest rate contracts - commercial loan interest rate swaps | ||||||||||||||
Loan customer counterparty | $ | 6,406 | $ | 33 | 4.38 | % | 2.92 | % | ||||||
Financial institution counterparty | (6,406 | ) | (33 | ) | 2.92 | % | 4.38 | % | ||||||
Schedule of Derivative Instruments [Table Text Block] | ' |
LOAN_SALES_AND_SERVICING_Table
LOAN SALES AND SERVICING - (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||
Mortgage Loans Held for Sale | ' | |||||||||||
Loans held for sale activity relating to VPM, which was disposed of during 2012 was as follows. There were no loans held for sale at December 31, 2013: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | ||||||||||||
Balance at January 1 | $ | 33,417 | ||||||||||
Loans originated for sale | 145,819 | |||||||||||
Proceeds from sale of loans held for sale | (184,672 | ) | ||||||||||
Net gain on sale of loans held for sale | 5,436 | |||||||||||
Loans held for sale, net at December 31 | $ | — | ||||||||||
Schedule of Servicing Assets at Amortized Value | ' | |||||||||||
The principal balances of these loans at year-end are as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Serviced loans | $ | 50,794 | $ | 67,936 | $ | 89,248 | ||||||
Subserviced loans | 88,378 | 93,932 | 127,004 | |||||||||
Total mortgage loans serviced for others | $ | 139,172 | $ | 161,868 | $ | 216,252 | ||||||
Escrows on real estate loans totaled $27,430 and $27,235 at December 31, 2013 and 2012, respectively, and are reported in "Other Liabilities" on the consolidated balance sheets. Cash balances equaling or exceeding escrow amounts are maintained at correspondent banks. |
PREMISES_AND_EQUIPMENT_Tables
PREMISES AND EQUIPMENT - (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Premises and Equipment | ' | |||||||
Premises and equipment were as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 17,076 | $ | 17,076 | ||||
Buildings | 49,622 | 48,475 | ||||||
Furniture, fixtures and equipment | 27,710 | 26,557 | ||||||
Leasehold improvements | 4,700 | 4,634 | ||||||
99,108 | 96,742 | |||||||
Less: accumulated depreciation | (45,836 | ) | (43,582 | ) | ||||
Total | $ | 53,272 | $ | 53,160 | ||||
Contractual Obligation, Fiscal Year Maturity Schedule | ' | |||||||
Rent commitments, before considering applicable renewal options, as of December 31, 2013, were as follows: | ||||||||
2014 | $ | 2,447 | ||||||
2015 | 2,409 | |||||||
2016 | 2,390 | |||||||
2017 | 1,198 | |||||||
2018 | 902 | |||||||
Thereafter | 5,166 | |||||||
Total | $ | 14,512 | ||||||
DEPOSITS_Tables
DEPOSITS - (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||
Scheduled Maturity of Time Deposits | ' | |||||||||||
At December 31, 2013, scheduled maturities of time deposits for the next five years with the weighted average rate at the end of the period were as follows: | ||||||||||||
Balance | Weighted | |||||||||||
Average Rate | ||||||||||||
2014 | $ | 268,441 | 0.75 | % | ||||||||
2015 | 164,188 | 0.76 | ||||||||||
2016 | 23,064 | 1.47 | ||||||||||
2017 | 10,498 | 1.21 | ||||||||||
2018 and thereafter | 8,424 | 1.7 | ||||||||||
Total | $ | 474,615 | 0.82 | % | ||||||||
Interest Expense on Deposits | ' | |||||||||||
Interest expense on deposits is summarized as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest bearing demand | $ | 1,811 | $ | 3,391 | $ | 8,309 | ||||||
Savings and money market | 2,438 | 2,340 | 3,466 | |||||||||
Time | 5,296 | 5,722 | 10,699 | |||||||||
Total | $ | 9,545 | $ | 11,453 | $ | 22,474 | ||||||
BORROWINGS_Tables
BORROWINGS - (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Federal Home Loan Bank Pay Down Schedule | ' | |||||
At December 31, 2013 the advances were structured to contractually pay down as follows: | ||||||
Balance | Weighted Average Rate | |||||
2014 | $ | 483,516 | 0.33% | |||
2015 | 61,742 | 3.66 | ||||
2016 | 62,300 | 2.55 | ||||
2017 | 15,546 | 4.33 | ||||
2018 | 12,754 | 4.53 | ||||
Thereafter | 5,409 | 5.49 | ||||
641,267 | 1.09% | |||||
Restructuring prepayment penalty | (2,171 | ) | ||||
Total | $ | 639,096 | ||||
ESOP_PLAN_Tables
ESOP PLAN - (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Share-based Compensation [Abstract] | ' | |||||||
Schedule of Employee Stock Ownership Plan (ESOP) Disclosures | ' | |||||||
Shares purchased by the ESOP were categorized as follows: | ||||||||
2013 | 2012 | |||||||
Allocated to participants | 1,154,495 | 970,301 | ||||||
Unearned | 1,733,845 | 1,918,039 | ||||||
Total ESOP shares | 2,888,340 | 2,888,340 | ||||||
Fair value of unearned shares at December 31 | $ | 47,594 | $ | 40,164 | ||||
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION - (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | |||||||||||||
Compensation cost charged to income for share-based compensation is presented below: | ||||||||||||||
Years ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Restricted stock | $ | 1,699 | $ | 1,512 | $ | 1,102 | ||||||||
Stock options | 949 | 365 | 449 | |||||||||||
Income tax benefit | 927 | 657 | 543 | |||||||||||
Nonvested Shares for the Company's Stock Plans | ' | |||||||||||||
A combined summary of changes in the nonvested shares for the Company's stock plans for 2013, 2012 and 2011 follows: | ||||||||||||||
2013 | ||||||||||||||
Time-Vested Shares | Performance-Based Shares | |||||||||||||
Shares | Weighted- | Shares | Weighted- | |||||||||||
Average | Average | |||||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value 1 | Fair Value 2 | |||||||||||||
Non-vested at January 1 | 185,296 | $ | 17.6 | — | $ | — | ||||||||
Granted | 278,500 | 20.55 | 110,500 | 20.85 | ||||||||||
Vested | (49,798 | ) | 17.73 | — | — | |||||||||
Forfeited | (32,596 | ) | 17.41 | (28,100 | ) | 25.68 | ||||||||
Non-vested at December 31 | 381,402 | $ | 20.39 | 82,400 | $ | 27.45 | ||||||||
2012 | 2011 | |||||||||||||
Shares | Weighted- | Shares | Weighted- | |||||||||||
Average | Average | |||||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Non-vested at January 1 | 71,603 | $ | 13.08 | 218,393 | $ | 13.14 | ||||||||
Granted | 222,336 | 17.56 | — | — | ||||||||||
Vested | (108,643 | ) | 14.54 | (107,798 | ) | 13.15 | ||||||||
Forfeited | — | — | (38,992 | ) | 13.19 | |||||||||
Non-vested at December 31 | 185,296 | $ | 17.6 | 71,603 | $ | 13.08 | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||
The fair value of options granted was determined using the following weighted-average assumptions as of grant date: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Risk-free interest rate | 1.42 | % | 1.25 | % | 2.45 | % | ||||||||
Expected term of stock options (years) | 6.28 | 6.6 | 7.5 | |||||||||||
Expected stock price volatility | 32.9 | % | 34.43 | % | 33.2 | % | ||||||||
Expected dividends | 1.75 | % | 1.39 | % | 1.42 | % | ||||||||
Summary of Activity under Stock Option Portion of Equity Incentive Plan | ' | |||||||||||||
A summary of activity in the stock option portion of the plans for 2013, 2012 and 2011 was as follows: | ||||||||||||||
Weighted- | Weighted- | Aggregate | ||||||||||||
Average | Average | Intrinsic Value | ||||||||||||
Exercise Price | Remaining | |||||||||||||
Options | Shares | Contractual Term | ||||||||||||
Outstanding at January 1, 2011 | 457,555 | $ | 12.01 | 7.6 | $ | 170 | ||||||||
Granted | 108,500 | 12.72 | 10 | 31 | ||||||||||
Exercised | — | — | — | — | ||||||||||
Forfeited | (30,671 | ) | 11.61 | — | 44 | |||||||||
Outstanding at December 31, 2011 | 535,384 | 12.17 | 7.1 | 483 | ||||||||||
Granted | 185,700 | 16.61 | 10 | — | ||||||||||
Exercised | (177,115 | ) | 12.62 | — | 858 | |||||||||
Forfeited | (43,920 | ) | 11.68 | — | — | |||||||||
Outstanding at December 31, 2012 | 500,049 | 13.7 | 7.6 | 3,619 | ||||||||||
Granted | 810,000 | 20.33 | 10 | — | ||||||||||
Exercised | (81,401 | ) | 12.06 | — | 883 | |||||||||
Forfeited | (55,030 | ) | 18.62 | — | — | |||||||||
Outstanding at December 31, 2013 | 1,173,618 | $ | 18.16 | 8.42 | $ | 10,903 | ||||||||
Fully vested and expected to vest | 1,157,439 | $ | 18.15 | 8.42 | $ | 10,766 | ||||||||
Exercisable at December 31, 2013 | 161,666 | $ | 12.92 | 5.4 | $ | 2,349 | ||||||||
INCOME_TAXES_Tables
INCOME TAXES - (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Summary of Income Tax Expense (Benefit) | ' | |||||||||||
Income tax expense for 2013, 2012 and 2011, was as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current expense | $ | 13,996 | $ | 14,047 | $ | 11,384 | ||||||
Deferred expense | 2,293 | 5,262 | 204 | |||||||||
Total income tax expense | $ | 16,289 | $ | 19,309 | $ | 11,588 | ||||||
Summary of Deferred Tax Assets and Liabilities | ' | |||||||||||
At December 31, 2013 and 2012, deferred tax assets and liabilities were due to the following: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Allowance for loan losses | $ | 6,775 | $ | 6,330 | ||||||||
Other real estate owned | 28 | 20 | ||||||||||
Depreciation | — | 192 | ||||||||||
Deferred compensation arrangements | 656 | 705 | ||||||||||
Self-funded health insurance | 114 | 93 | ||||||||||
Non-accrual interest | 271 | 303 | ||||||||||
Restricted stock and stock options | 1,069 | 623 | ||||||||||
NOL carryforward from acquisition | 1,398 | 3,023 | ||||||||||
Intangible assets | 577 | 733 | ||||||||||
Fair value mark on purchased loans | 1,222 | 2,962 | ||||||||||
Net unrealized loss on securities available for sale | 207 | — | ||||||||||
Other | 1,367 | 1,073 | ||||||||||
13,684 | 16,057 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Mortgage servicing assets | (97 | ) | (94 | ) | ||||||||
Depreciation | (265 | ) | — | |||||||||
Net unrealized gain on securities available for sale | — | (1,050 | ) | |||||||||
Partnerships — CRA-purposed private equity funds | (980 | ) | (809 | ) | ||||||||
Other | (22 | ) | (78 | ) | ||||||||
(1,364 | ) | (2,031 | ) | |||||||||
Net deferred tax asset | $ | 12,320 | $ | 14,026 | ||||||||
Income Tax Rate Reconciliation | ' | |||||||||||
Effective tax rates differ from the federal statutory rate of 35% in 2013, 2012 and 2011, applied to income before income taxes due to the following: | ||||||||||||
At and for the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory rate times financial statement income | $ | 16,792 | $ | 19,093 | $ | 13,271 | ||||||
Effect of: | ||||||||||||
State taxes, net of federal benefit | 80 | 87 | 56 | |||||||||
Tax credit on CRA-purposed private equity fund | (125 | ) | (192 | ) | (192 | ) | ||||||
Bank-owned life insurance income | (227 | ) | (245 | ) | (151 | ) | ||||||
Municipal interest income | (738 | ) | (662 | ) | (740 | ) | ||||||
Other | 507 | 1,228 | (656 | ) | ||||||||
Total income tax expense | $ | 16,289 | $ | 19,309 | $ | 11,588 | ||||||
Effective Tax Rate | 33.95 | % | 35.4 | % | 30.56 | % | ||||||
The Company files income tax returns in the U.S. federal jurisdiction and several U.S. state jurisdictions. The Company is generally no longer subject to U.S. federal income tax examinations for tax years prior to 2010. |
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS - (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Related Party Transactions [Abstract] | ' | |||
RELATED PARTY TRANSACTIONS | ' | |||
Loans to executive officers, directors, and their affiliates during 2013 were as follows: | ||||
Beginning balance | $ | 1,067 | ||
New loans | — | |||
Effect of changes in composition of related parties | (764 | ) | ||
Repayments | (42 | ) | ||
Ending balance | $ | 261 | ||
REGULATORY_CAPITAL_MATTERS_Tab
REGULATORY CAPITAL MATTERS - (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | ' | ||||||||||||||||||||
To Be Well-Capitalized | |||||||||||||||||||||
Required for Capital | Under Prompt Corrective | ||||||||||||||||||||
Actual | Adequacy Purposes | Action Regulations | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Total risk-based capital | |||||||||||||||||||||
the Company | $ | 533,266 | 18.85 | % | $ | 226,316 | 8 | % | $ | 282,895 | 10 | % | |||||||||
the Bank | 431,442 | 15.26 | 226,181 | 8 | 282,727 | 10 | |||||||||||||||
Tier 1 risk-based capital | |||||||||||||||||||||
the Company | 513,908 | 18.17 | 113,158 | 4 | 169,737 | 6 | |||||||||||||||
the Bank | 412,084 | 14.58 | 113,091 | 4 | 169,636 | 6 | |||||||||||||||
Tier 1 leverage | |||||||||||||||||||||
the Company | 513,908 | 15.67 | 131,197 | 4 | 163,996 | 5 | |||||||||||||||
the Bank | 412,084 | 12.56 | 131,217 | 4 | 164,021 | 5 | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Total risk-based capital | |||||||||||||||||||||
the Company | $ | 505,566 | 22.47 | % | $ | 179,957 | 8 | % | $ | 224,947 | 10 | % | |||||||||
the Bank | 404,562 | 18 | 179,847 | 8 | 224,809 | 10 | |||||||||||||||
Tier 1 risk-based capital | |||||||||||||||||||||
the Company | 487,515 | 21.67 | 89,979 | 4 | 134,968 | 6 | |||||||||||||||
the Bank | 386,511 | 17.19 | 89,923 | 4 | 134,885 | 6 | |||||||||||||||
Tier 1 leverage | |||||||||||||||||||||
the Company | 487,515 | 13.97 | 139,620 | 4 | 174,525 | 5 | |||||||||||||||
the Bank | 386,511 | 11.08 | 139,595 | 4 | 174,493 | 5 | |||||||||||||||
Computation of Capital in Accordance With GAAP | ' | ||||||||||||||||||||
The following is a reconciliation of the Company and Bank’s equity under US GAAP to regulatory capital (as defined by the OCC and FRB): | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Company | Bank | Company | Bank | ||||||||||||||||||
GAAP equity | $ | 544,460 | $ | 442,636 | $ | 520,871 | $ | 419,867 | |||||||||||||
Deduction for nonfinancial equity investments | (568 | ) | (568 | ) | (516 | ) | (516 | ) | |||||||||||||
Disallowed goodwill and intangible assets | (30,367 | ) | (30,367 | ) | (30,945 | ) | (30,945 | ) | |||||||||||||
Unrealized loss (gain) on securities available for sale | 383 | 383 | (1,895 | ) | (1,895 | ) | |||||||||||||||
Tier 1 capital | 513,908 | 412,084 | 487,515 | 386,511 | |||||||||||||||||
Allowance for loan losses | 19,358 | 19,358 | 18,051 | 18,051 | |||||||||||||||||
Total capital | $ | 533,266 | $ | 431,442 | $ | 505,566 | $ | 404,562 | |||||||||||||
LOAN_COMMITMENTS_CONTINGENT_LI1
LOAN COMMITMENTS, CONTINGENT LIABILITIES AND OTHER RELATED ACTIVITIES - (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Financial Instruments Contractual Amounts with off Balance Sheet Risk | ' | |||||||
The contractual amounts of financial instruments with off‑balance sheet risk at year-end were as follows: | ||||||||
At December 31, | ||||||||
2013 | 2012 | |||||||
Unused commitments to extend credit | $ | 425,324 | $ | 219,284 | ||||
Unused capacity on Warehouse Purchase Program loans | 562,030 | 278,780 | ||||||
Standby letters of credit | 1,354 | 2,155 | ||||||
Total unused commitments/capacity | $ | 988,708 | $ | 500,219 | ||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION - (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information for Performance Assessment | ' | |||||||||||||||
Information reported internally for performance assessment for years ended December 31, 2012 and 2011 was as follows: | ||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Banking | VPM | Eliminations and | Total Segments | |||||||||||||
Adjustments1 | (Consolidated | |||||||||||||||
Total) | ||||||||||||||||
Results of Operations: | ||||||||||||||||
Total interest income | $ | 137,974 | $ | 994 | $ | (976 | ) | $ | 137,992 | |||||||
Total interest expense | 22,906 | 975 | (1,712 | ) | 22,169 | |||||||||||
Provision (benefit) for loan losses | 3,212 | (73 | ) | — | 3,139 | |||||||||||
Net interest income after provision for loan losses | 111,856 | 92 | 736 | 112,684 | ||||||||||||
Other revenue | 24,769 | (1,040 | ) | 391 | 24,120 | |||||||||||
Net gain (loss) on sale of loans | (1,578 | ) | 7,014 | — | 5,436 | |||||||||||
Total non-interest expense | 78,673 | 6,687 | 2,330 | 87,690 | ||||||||||||
Income before income tax expense (benefit) | 56,374 | (621 | ) | (1,203 | ) | 54,550 | ||||||||||
Income tax expense (benefit) | 19,973 | (204 | ) | (460 | ) | 19,309 | ||||||||||
Net income (loss) | $ | 36,401 | $ | (417 | ) | $ | (743 | ) | $ | 35,241 | ||||||
Segment assets | $ | 3,661,677 | $ | — | $ | 1,381 | $ | 3,663,058 | ||||||||
Noncash items: | ||||||||||||||||
Net gain (loss) on sale of loans | (1,578 | ) | 7,014 | — | 5,436 | |||||||||||
Depreciation | 3,783 | 153 | — | 3,936 | ||||||||||||
Provision (benefit) for loan losses | 3,212 | (73 | ) | — | 3,139 | |||||||||||
Year Ended December 31, 2011 | ||||||||||||||||
Banking | VPM | Eliminations and | Total Segments | |||||||||||||
Adjustments1 | (Consolidated | |||||||||||||||
Total) | ||||||||||||||||
Results of Operations: | ||||||||||||||||
Total interest income | $ | 116,032 | $ | 1,698 | $ | (1,506 | ) | $ | 116,224 | |||||||
Total interest expense | 33,992 | 1,506 | (1,852 | ) | 33,646 | |||||||||||
Provision for loan losses | 3,962 | 8 | — | 3,970 | ||||||||||||
Net interest income after provision for loan losses | 78,078 | 184 | 346 | 78,608 | ||||||||||||
Other revenue | 25,394 | (306 | ) | 1,821 | 26,909 | |||||||||||
Net gain (loss) on sale of loans | (2,158 | ) | 9,797 | — | 7,639 | |||||||||||
Total non-interest expense | 61,231 | 12,464 | 1,545 | 75,240 | ||||||||||||
Income (loss) before income tax expense (benefit) | 40,083 | (2,789 | ) | 622 | 37,916 | |||||||||||
Income tax expense (benefit) | 12,905 | (916 | ) | (401 | ) | 11,588 | ||||||||||
Net income (loss) | $ | 27,178 | $ | (1,873 | ) | $ | 1,023 | $ | 26,328 | |||||||
Segment assets | $ | 3,180,291 | $ | 52,568 | $ | (52,281 | ) | $ | 3,180,578 | |||||||
Noncash items: | ||||||||||||||||
Net gain (loss) on sale of loans | (2,158 | ) | 9,797 | — | 7,639 | |||||||||||
Depreciation | 3,223 | 292 | — | 3,515 | ||||||||||||
Provision for loan losses | 3,962 | 8 | — | 3,970 | ||||||||||||
1 Includes eliminating entries for intercompany transactions and stand-alone expenses of the Company. |
PARENT_COMPANY_ONLY_CONDENSED_1
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Cash on deposit at subsidiary | $ | 46,859 | $ | 47,559 | ||||||||
Investment in banking subsidiary | 442,636 | 419,867 | ||||||||||
Receivable from banking subsidiary | 35,821 | 33,174 | ||||||||||
ESOP note receivable and other assets | 19,508 | 20,271 | ||||||||||
Total assets | $ | 544,824 | $ | 520,871 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Other liabilities | $ | 364 | $ | — | ||||||||
Shareholders’ equity | 544,460 | 520,871 | ||||||||||
Total liabilities and shareholders’ equity | $ | 544,824 | $ | 520,871 | ||||||||
Schedule of Condensed Income Statement | ' | |||||||||||
CONDENSED STATEMENTS OF INCOME | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash dividends from subsidiary | $ | 12,780 | $ | — | $ | — | ||||||
Excess of earnings over dividend from subsidiary | 20,537 | 36,401 | 27,176 | |||||||||
Interest income on ESOP loan | 698 | 762 | 819 | |||||||||
34,015 | 37,163 | 27,995 | ||||||||||
Interest expense | — | 27 | 473 | |||||||||
Operating expenses | 3,154 | 2,355 | 1,595 | |||||||||
Earnings before income tax benefit | 30,861 | 34,781 | 25,927 | |||||||||
Income tax benefit | 827 | 460 | 401 | |||||||||
Net income | $ | 31,688 | $ | 35,241 | $ | 26,328 | ||||||
Schedule of Condensed Cash Flow Statement | ' | |||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 31,688 | $ | 35,241 | $ | 26,328 | ||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||
Excess of earnings over dividend from subsidiary | (20,537 | ) | (36,401 | ) | (27,176 | ) | ||||||
Vesting of restricted stock | (89 | ) | 1,805 | 1,327 | ||||||||
Net change in intercompany receivable | 111 | (31,946 | ) | — | ||||||||
Net change in other assets | (594 | ) | (665 | ) | (402 | ) | ||||||
Net change in other liabilities | 364 | (325 | ) | 200 | ||||||||
Net cash from operating activities | 10,943 | (32,291 | ) | 277 | ||||||||
Cash flows from investing activities | ||||||||||||
Capital contribution to subsidiary | — | 29,007 | — | |||||||||
Cash and cash equivalents acquired from acquisition | — | 599 | — | |||||||||
Payments received on ESOP notes receivable | 1,362 | 1,298 | 1,241 | |||||||||
Net cash from investing activities | 1,362 | 30,904 | 1,241 | |||||||||
Cash flows from financing activities | ||||||||||||
Share repurchase | (1,554 | ) | — | (13,012 | ) | |||||||
Proceeds (repayments) from borrowing | — | — | (10,000 | ) | ||||||||
Net issuance of common stock under employee stock plans | 1,329 | 2,236 | — | |||||||||
Payment of dividends | (12,780 | ) | (15,448 | ) | (6,918 | ) | ||||||
Net cash from financing activities | (13,005 | ) | (13,212 | ) | (29,930 | ) | ||||||
Net change in cash and cash equivalents | (700 | ) | (14,599 | ) | (28,412 | ) | ||||||
Beginning cash and cash equivalents | 47,559 | 62,158 | 90,570 | |||||||||
Ending cash and cash equivalents | $ | 46,859 | $ | 47,559 | $ | 62,158 | ||||||
QUARTERLY_FINANCIAL_DATA_Unaud1
QUARTERLY FINANCIAL DATA (Unaudited) - (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||||||||||||||||
Net Interest Income | Provision (Benefit) | Securities Gains and (Losses) | Earnings per Share | |||||||||||||||||||||||||||
Interest Income | Interest Expense | for Loan Losses | Net Income | Basic | Diluted | |||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
First quarter | $ | 33,419 | $ | 4,894 | $ | 28,525 | $ | 883 | $ | (177 | ) | $ | 8,058 | 0.21 | 0.21 | |||||||||||||||
Second quarter | 35,296 | 4,858 | 30,438 | 1,858 | — | 8,174 | 0.21 | 0.21 | ||||||||||||||||||||||
Third quarter | 33,875 | 4,687 | 29,188 | (158 | ) | — | 8,212 | 0.22 | 0.21 | |||||||||||||||||||||
Fourth quarter | 34,499 | 4,430 | 30,069 | 616 | — | 7,244 | 0.19 | 0.19 | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||
First quarter | $ | 29,376 | $ | 5,886 | $ | 23,490 | $ | 895 | $ | — | $ | 7,072 | 0.22 | 0.22 | ||||||||||||||||
Second quarter 1 | 35,127 | 5,941 | 29,186 | 1,447 | 116 | 6,492 | 0.17 | 0.17 | ||||||||||||||||||||||
Third quarter | 37,008 | 5,389 | 31,619 | 814 | 898 | 11,316 | 0.3 | 0.3 | ||||||||||||||||||||||
Fourth quarter | 36,481 | 4,953 | 31,528 | (17 | ) | — | 10,361 | 0.28 | 0.27 | |||||||||||||||||||||
1 Net income includes a goodwill impairment charge of $818 during the second quarter of 2012. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
loan_production_office | |
Property, Plant and Equipment [Line Items] | ' |
Full-service branches | 31 |
Commercial loan production offices | 1 |
Days past due to be considered delinquent | '30 days |
Days delinquent for a consumer loan to be placed in nonaccrual status | '90 days |
Days delinquent for interest on loan to be discontinued | '90 days |
Days delinquent for a consumer loan to be typically charged off | '120 days |
Troubled debt restructuring non accrual period | '6 months |
Performance period for troubled debt restructuring loans to return to accrual status | '6 months |
Likelihood that a tax position would be sustained to be more likely than not | 50.00% |
Minimum [Member] | Buildings | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '10 years |
Minimum [Member] | Furniture, fixtures and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '3 years |
Maximum [Member] | Buildings | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '30 years |
Maximum [Member] | Furniture, fixtures and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '7 years |
Residential Portfolio Segment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Impaired Financing Receivable, Unpaid Principal Balance, Threshold Amount for Not being Measured on an Individual Basis | 417,000 |
ADJUSTMENT_TO_FINANCIAL_STATEM2
ADJUSTMENT TO FINANCIAL STATEMENTS Impact to the Consolidated Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans held for sale - Warehouse Purchase Program | $2,702,747 | $2,733,924 |
Loans held for investment, net of allowance for loan losses | 2,029,277 | 1,673,204 |
Loans held for investment - Warehouse Purchase Program | 673,470 | 1,060,720 |
Loans And Leases Receivable Net Including Warehouse Purchase Program | 2,702,747 | 2,733,924 |
Scenario, Previously Reported [Member] | ' | ' |
Loans held for sale - Warehouse Purchase Program | ' | 1,060,720 |
Loans held for investment, net of allowance for loan losses | ' | 1,673,204 |
Loans And Leases Receivable Net Including Warehouse Purchase Program | ' | 1,673,204 |
Scenario, Actual [Member] | ' | ' |
Loans held for investment, net of allowance for loan losses | ' | 1,673,204 |
Loans held for investment - Warehouse Purchase Program | ' | 1,060,720 |
Loans And Leases Receivable Net Including Warehouse Purchase Program | ' | $2,733,924 |
ADJUSTMENT_TO_FINANCIAL_STATEM3
ADJUSTMENT TO FINANCIAL STATEMENTS Impact to the Consolidated Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Loans originated or purchased for sale | $0 | ($145,819) | ($271,107) |
Proceeds from sale of loans held for sale | 0 | 184,672 | 276,402 |
Net cash provided by (used in) operating activities | 65,566 | 92,039 | 45,866 |
Cash flows from investing activities | ' | ' | ' |
Originations of Warehouse Purchase Program loans | 14,107,219 | 12,609,934 | 7,601,620 |
Proceeds from pay-offs of Warehouse Purchase Program loans | 14,494,469 | 12,350,149 | 7,261,597 |
Net change in loans held for investment, excluding Warehouse Purchase Program | -359,488 | -182,658 | -123,995 |
Net cash provided by (used in) investing activities | 132,996 | 24,072 | -269,358 |
Cash flows from financing activities | ' | ' | ' |
Net cash provided by (used in) financing activities | -179,284 | -93,763 | 201,190 |
Net change in cash and cash equivalents | 19,278 | 22,348 | -22,302 |
Beginning cash and cash equivalents | 68,696 | 46,348 | 68,650 |
Ending cash and cash equivalents | 87,974 | 68,696 | 46,348 |
Scenario, Previously Reported [Member] | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' |
Loans originated or purchased for sale | ' | -12,755,753 | -7,872,727 |
Proceeds from sale of loans held for sale | ' | 12,534,821 | 7,537,999 |
Net cash provided by (used in) operating activities | ' | -167,746 | -294,157 |
Cash flows from investing activities | ' | ' | ' |
Net change in loans held for investment, excluding Warehouse Purchase Program | ' | -182,658 | -123,995 |
Net cash provided by (used in) investing activities | ' | 283,857 | 70,665 |
Cash flows from financing activities | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | -93,763 | 201,190 |
Net change in cash and cash equivalents | ' | 22,348 | -22,302 |
Beginning cash and cash equivalents | ' | 46,348 | 68,650 |
Ending cash and cash equivalents | ' | 68,696 | 46,348 |
Scenario, Actual [Member] | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' |
Loans originated or purchased for sale | ' | -145,819 | -271,107 |
Proceeds from sale of loans held for sale | ' | 184,672 | 276,402 |
Net cash provided by (used in) operating activities | ' | 92,039 | 45,866 |
Cash flows from investing activities | ' | ' | ' |
Originations of Warehouse Purchase Program loans | ' | 12,609,934 | 7,601,620 |
Proceeds from pay-offs of Warehouse Purchase Program loans | ' | 12,350,149 | 7,261,597 |
Net change in loans held for investment, excluding Warehouse Purchase Program | ' | -182,658 | -123,995 |
Net cash provided by (used in) investing activities | ' | 24,072 | -269,358 |
Cash flows from financing activities | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | -93,763 | 201,190 |
Net change in cash and cash equivalents | ' | 22,348 | -22,302 |
Beginning cash and cash equivalents | ' | 46,348 | 68,650 |
Ending cash and cash equivalents | ' | $68,696 | $46,348 |
SHARE_TRANSACTIONS_Details
SHARE TRANSACTIONS - (Details) (USD $) | 4 Months Ended | 12 Months Ended | 15 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 19, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Nov. 25, 2013 | Aug. 22, 2012 | Aug. 26, 2011 | Apr. 02, 2012 |
Highlands Bancshares, Inc. [Member] | |||||||
Common Stock | |||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Acquisition number of shares issued | ' | ' | ' | ' | ' | ' | 0.6636 |
Stock issued related to Highlands Bancshares acquisitions | ' | ' | ' | ' | ' | ' | 5,513,061 |
Total consideration transferred | ' | ' | ' | ' | ' | ' | $86,114 |
Closing stock price for shares transferred | ' | ' | ' | ' | ' | ' | $15.62 |
Percentage of shares authorized to be repurchased | ' | ' | ' | ' | 5.00% | 5.00% | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | ' | ' | 1,978,871 | 1,741,975 | ' |
Number of shares repurchased (in shares) | 1,100,100 | 83,800 | 1,100,100 | 83,800 | ' | ' | ' |
Average price of stock retired (in dollars per share) | $11.83 | ' | ' | $18.55 | ' | ' | ' |
EARNINGS_PER_COMMON_SHARE_Deta
EARNINGS PER COMMON SHARE - (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $31,688 | $35,241 | $26,328 |
Distributed and undistributed earnings to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -394 | -106 | -123 |
Income available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 31,294 | 35,135 | 26,205 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 39,895,321 | 38,004,897 | 34,571,991 |
Less: Average unallocated ESOP shares | ' | ' | ' | ' | ' | ' | ' | ' | -1,832,713 | -2,017,098 | -2,201,101 |
Average unvested restricted stock awards | ' | ' | ' | ' | ' | ' | ' | ' | -473,060 | -108,095 | -151,049 |
Average shares for basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 37,589,548 | 35,879,704 | 32,219,841 |
Basic (in dollars per share) | $0.19 | $0.22 | $0.21 | $0.21 | $0.28 | $0.30 | $0.17 | $0.22 | $0.83 | $0.98 | $0.81 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $31,294 | $35,135 | $26,205 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average shares for basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 37,589,548 | 35,879,704 | 32,219,841 |
Dilutive effect of share-based compensation plan | ' | ' | ' | ' | ' | ' | ' | ' | 155,238 | 118,641 | 63,266 |
Average shares for diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 37,744,786 | 35,998,345 | 32,283,107 |
Diluted (in dollars per share) | $0.19 | $0.21 | $0.21 | $0.21 | $0.27 | $0.30 | $0.17 | $0.22 | $0.83 | $0.98 | $0.81 |
Share awards excluded in the computation of diluted earnings per share because the exercise price was greater than the common stock average market price and were therefore anti-dilutive. | ' | ' | ' | ' | ' | ' | ' | ' | 1,219,350 | 363,013 | 392,508 |
SECURITIES_Fair_Value_of_Avail
SECURITIES - Fair Value of Available-for-Sale Securities and Related Gross Unrealized Gains and Losses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | $248,602 | $284,088 | ||
Gross Unrealized Gains | 1,821 | 3,297 | ||
Gross Unrealized Losses | 2,411 | 351 | ||
Available for sale, Fair Value, Total | 248,012 | 287,034 | ||
Residential Mortgage Backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 175,693 | [1] | 164,023 | [1] |
Gross Unrealized Gains | 1,322 | [1] | 2,195 | [1] |
Gross Unrealized Losses | 2,306 | [1] | 118 | [1] |
Available for sale, Fair Value, Total | 174,709 | [1] | 166,100 | [1] |
Agency Collateralized Mortgage Backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 70,257 | [2] | 116,723 | [2] |
Gross Unrealized Gains | 423 | [2] | 996 | [2] |
Gross Unrealized Losses | 105 | [2] | 233 | [2] |
Available for sale, Fair Value, Total | 70,575 | [2] | 117,486 | [2] |
SBA Pools [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 2,652 | 3,342 | ||
Gross Unrealized Gains | 76 | 106 | ||
Gross Unrealized Losses | 0 | 0 | ||
Available for sale, Fair Value, Total | $2,728 | $3,448 | ||
[1] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||
[2] | Collateralized mortgage obligations issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
SECURITIES_Carrying_Amount_Unr
SECURITIES - Carrying Amount, Unrecognized Gains and Losses, and Fair Value of Securities Held to Maturity (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Securities held to maturity, carrying value | $294,583 | $360,554 | ||
Gross Unrealized Gains | 9,110 | 15,774 | ||
Gross Unrealized Losses | 1,954 | 175 | ||
Fair Value | 301,739 | 376,153 | ||
Residential Mortgage Backed Securities [Member] | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Securities held to maturity, carrying value | 83,177 | [1] | 114,388 | [1] |
Gross Unrealized Gains | 3,523 | [1],[2] | 6,324 | [1] |
Gross Unrealized Losses | 130 | [1] | 0 | [1] |
Fair Value | 86,570 | [1] | 120,712 | [1] |
Commercial Mortgage Backed Securities [Member] | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Securities held to maturity, carrying value | 24,828 | [2] | 9,243 | [2] |
Gross Unrealized Gains | 523 | [2] | 1,303 | [2] |
Gross Unrealized Losses | 310 | [2],[3] | 0 | [2] |
Fair Value | 25,041 | [2] | 10,546 | [2] |
Agency Collateralized Mortgage Backed Securities [Member] | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Securities held to maturity, carrying value | 118,757 | [3] | 186,467 | [3] |
Gross Unrealized Gains | 2,772 | [3] | 3,129 | [3] |
Gross Unrealized Losses | 107 | [3] | 173 | [1],[3] |
Fair Value | 121,422 | [3] | 189,423 | [3] |
Municipal Bonds [Member] | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Securities held to maturity, carrying value | 67,821 | 50,456 | ||
Gross Unrealized Gains | 2,292 | 5,018 | ||
Gross Unrealized Losses | 1,407 | 2 | ||
Fair Value | $68,706 | $55,472 | ||
[1] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||
[2] | Commercial mortgage-backed securities issued and /or guaranteed by U.S. government agencies or government-sponsored enterprises. | |||
[3] | Collateralized mortgage obligations issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
SECURITIES_Carrying_Amount_and
SECURITIES - Carrying Amount and Fair Value of Held to Maturity Debt Securities and Fair Value of Available-for-Sale Debt Securities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ||
Held to maturity, Carrying Amount, Due in one year or less | $0 | ' | ||
Held to maturity, Carrying Amount, Due from one to five years | 7,139 | ' | ||
Held to maturity, Carrying Amount, Due from five to ten years | 20,359 | ' | ||
Held to maturity, Carrying Amount, Due after ten years | 40,323 | ' | ||
Securities held to maturity, carrying value | 294,583 | 360,554 | ||
Held to maturity, Fair Value, Due in one year or less | 0 | ' | ||
Held to maturity, Fair Value, Due from one to five years | 7,595 | ' | ||
Held to maturity, Fair Value, Due from five to ten years | 21,303 | ' | ||
Held to maturity, Fair Value, Due after ten years | 39,808 | ' | ||
Fair value of securities held to maturity | 301,739 | 376,153 | ||
Available for sale, Fair Value, Due in one year or less | 0 | ' | ||
Available for sale, Fair Value, Due from one to five years | 2,728 | ' | ||
Available for sale, Fair Value, Due from five to ten years | 0 | ' | ||
Available for sale, Fair Value, Due after ten years | 0 | ' | ||
Securities available for sale, at fair value | 248,012 | 287,034 | ||
Residential Mortgage Backed Securities [Member] | ' | ' | ||
Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ||
Securities held to maturity, carrying value | 83,177 | [1] | 114,388 | [1] |
Fair value of securities held to maturity | 86,570 | [1] | 120,712 | [1] |
Securities available for sale, at fair value | 174,709 | [1] | 166,100 | [1] |
Commercial Mortgage Backed Securities [Member] | ' | ' | ||
Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ||
Securities held to maturity, carrying value | 24,828 | [2] | 9,243 | [2] |
Fair value of securities held to maturity | 25,041 | [2] | 10,546 | [2] |
Securities available for sale, at fair value | 0 | [2] | ' | |
Agency Collateralized Mortgage Backed Securities [Member] | ' | ' | ||
Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ||
Securities held to maturity, carrying value | 118,757 | [3] | 186,467 | [3] |
Fair value of securities held to maturity | 121,422 | [3] | 189,423 | [3] |
Securities available for sale, at fair value | $70,575 | [3] | $117,486 | [3] |
[1] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||
[2] | Commercial mortgage-backed securities issued and /or guaranteed by U.S. government agencies or government-sponsored enterprises. | |||
[3] | Collateralized mortgage obligations issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
SECURITIES_Summarized_Informat
SECURITIES - Summarized Information Regarding Pledged Securities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pledged Securities [Line Items] | ' | ' |
Repurchase agreements | $25,000 | $25,000 |
Carrying value of securities pledged on above funds | 308,652 | 309,225 |
Line of Credit [Member] | ' | ' |
Pledged Securities [Line Items] | ' | ' |
Liabilities Secured By Pledged Securities | 68,686 | 105,807 |
Demand Deposits [Member] | ' | ' |
Pledged Securities [Line Items] | ' | ' |
Liabilities Secured By Pledged Securities | 4,439 | 4,318 |
Certificates of Deposit [Member] | ' | ' |
Pledged Securities [Line Items] | ' | ' |
Liabilities Secured By Pledged Securities | 156,731 | 134,846 |
Demand Deposits [Member] | ' | ' |
Pledged Securities [Line Items] | ' | ' |
Liabilities Secured By Pledged Securities | $15,068 | $19,972 |
SECURITIES_Summarized_Sales_Ac
SECURITIES - Summarized Sales Activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Sales activity, Securities, Proceeds | $10,614 | $133,595 | $279,420 |
Sales activity, Securities, Gross gains | 0 | 1,142 | 6,338 |
Sales activity, Securities, Gross losses | $177 | $128 | $70 |
SECURITIES_Securities_with_Unr
SECURITIES - Securities with Unrealized Losses Aggregated by Investment and Length of Time that Individual Securities Have Been in Continuous Unrealized Loss Position Category (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | Positions | Positions | ||
Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ||
Fair Value, Less than 12 months | $97,436 | $24,464 | ||
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In Investments | 2,356 | 118 | ||
Number, Less than 12 Months | 25 | 5 | ||
Fair Value, 12 Months or More | 6,780 | 16,912 | ||
Available for Sale Securities Continuous Unrealized Loss Position 12 months or Longer Aggregate Losses Accumulated in Investments | 55 | 233 | ||
Number, 12 Months or More | 5 | 6 | ||
Fair Value, Total | 104,216 | 41,376 | ||
Available for Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | 2,411 | 351 | ||
Number, Total | 30 | 11 | ||
Fair Value, Less than 12 Months | 38,956 | 19,592 | ||
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | 1,937 | 64 | ||
Number, Less than 12 Months | 35 | 6 | ||
Fair Value, 12 Months or More | 1,959 | 4,972 | ||
Held To Maturity Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | 17 | 111 | ||
Number, 12 Months or More | 4 | 4 | ||
Fair Value, Total | 40,915 | 24,564 | ||
Held to MaturitySecurities Accumulated Unrecognized Holding Loss | 1,954 | 175 | ||
Number, Total | 39 | 10 | ||
Residential Mortgage Backed Securities [Member] | ' | ' | ||
Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ||
Fair Value, Less than 12 months | 83,461 | [1] | 24,462 | [1] |
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In Investments | 2,306 | [1] | 118 | [1] |
Number, Less than 12 Months | 19 | [1] | 4 | [1] |
Fair Value, 12 Months or More | 0 | [1] | 0 | [1] |
Available for Sale Securities Continuous Unrealized Loss Position 12 months or Longer Aggregate Losses Accumulated in Investments | 0 | [1] | 0 | [1] |
Number, 12 Months or More | 0 | [1] | 0 | [1] |
Fair Value, Total | 83,461 | [1] | 24,462 | [1] |
Available for Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | 2,306 | [1] | 118 | [1] |
Number, Total | 19 | [1] | 4 | [1] |
Fair Value, Less than 12 Months | 5,779 | [1] | ' | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | 130 | [1] | ' | |
Number, Less than 12 Months | 2 | [1] | ' | |
Fair Value, 12 Months or More | 0 | [1] | ' | |
Held To Maturity Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | 0 | [1] | ' | |
Number, 12 Months or More | 0 | [1] | ' | |
Fair Value, Total | 5,779 | [1] | ' | |
Held to MaturitySecurities Accumulated Unrecognized Holding Loss | 130 | [1] | 0 | [1] |
Number, Total | 2 | [1] | ' | |
Commercial Mortgage Backed Securities [Member] | ' | ' | ||
Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ||
Fair Value, Less than 12 Months | 4,940 | [2] | ' | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | 310 | [2] | ' | |
Number, Less than 12 Months | 2 | [2] | ' | |
Fair Value, 12 Months or More | 0 | [2] | ' | |
Held To Maturity Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | 0 | [2] | ' | |
Number, 12 Months or More | 0 | [2] | ' | |
Fair Value, Total | 4,940 | [2] | ' | |
Held to MaturitySecurities Accumulated Unrecognized Holding Loss | 310 | [2],[3] | 0 | [3] |
Number, Total | 2 | [2] | ' | |
Agency Collateralized Mortgage Backed Securities [Member] | ' | ' | ||
Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ||
Fair Value, Less than 12 months | 13,975 | [2] | 2 | [2] |
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In Investments | 50 | [2] | 0 | [2] |
Number, Less than 12 Months | 6 | [2] | 1 | [2] |
Fair Value, 12 Months or More | 6,780 | [2] | 16,912 | [2] |
Available for Sale Securities Continuous Unrealized Loss Position 12 months or Longer Aggregate Losses Accumulated in Investments | 55 | [2] | 233 | [2] |
Number, 12 Months or More | 5 | [2] | 6 | [2] |
Fair Value, Total | 20,755 | [2] | 16,914 | [2] |
Available for Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | 105 | [2] | 233 | [2] |
Number, Total | 11 | [2] | 7 | [2] |
Fair Value, Less than 12 Months | 10,453 | [2] | 19,311 | [1] |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | 91 | [2] | 62 | [1] |
Number, Less than 12 Months | 2 | [2] | 5 | [1] |
Fair Value, 12 Months or More | 1,679 | [2] | 4,972 | [1] |
Held To Maturity Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | 16 | [2] | 111 | [1] |
Number, 12 Months or More | 3 | [2] | 4 | [1] |
Fair Value, Total | 12,132 | [2] | 24,283 | [1] |
Held to MaturitySecurities Accumulated Unrecognized Holding Loss | 107 | [2] | 173 | [1],[2] |
Number, Total | 5 | [2] | 9 | [1] |
Municipal Bonds [Member] | ' | ' | ||
Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ||
Fair Value, Less than 12 Months | 17,784 | 281 | ||
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | 1,406 | 2 | ||
Number, Less than 12 Months | 29 | 1 | ||
Fair Value, 12 Months or More | 280 | 0 | ||
Held To Maturity Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | 1 | 0 | ||
Number, 12 Months or More | 1 | 0 | ||
Fair Value, Total | 18,064 | 281 | ||
Held to MaturitySecurities Accumulated Unrecognized Holding Loss | $1,407 | $2 | ||
Number, Total | 30 | 1 | ||
[1] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||
[2] | Collateralized mortgage obligations issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||
[3] | Commercial mortgage-backed securities issued and /or guaranteed by U.S. government agencies or government-sponsored enterprises. |
SECURITIES_Sales_Activity_Text
SECURITIES - Sales Activity Textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Investments in securities that are in excess of 10%, other than us government and its agencies or us government sponsored enterprises | 0 | 0 | ' |
Various Securities Sold [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) Related to Securities Gain | ($62) | ' | ' |
Tax provision related to securities gain | ' | $355 | $2,194 |
LOANS_Details
LOANS - (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||
Loans Receivable, Gross, Commercial, Real Estate | $1,091,200 | [1] | $825,340 | [1] | $583,487 | ' |
Loans Receivable, Gross, Commercial, Financial and Agricultural | 439,430 | [1] | 278,525 | [1] | 70,620 | ' |
Loans Receivable, Gross, Commercial, Construction | 30,247 | [1] | 21,182 | [1] | 11,852 | ' |
Loans and Leases Receivable, Gross, Consumer, Mortgage | 441,226 | [1] | 506,642 | [1] | 510,899 | ' |
Other Consumer | 47,799 | 59,080 | 51,170 | ' | ||
Loans and Leases Receivable, Gross, Consumer | 489,025 | 565,722 | ' | ' | ||
Gross loans held for investment excluding Warehouse Purchase Program | 2,049,902 | 1,690,769 | 1,228,028 | ' | ||
Deferred fees and discounts, net | -1,267 | 486 | ' | ' | ||
Allowance for loan losses | -19,358 | -18,051 | -17,487 | -14,847 | ||
Net loans held for investment, excluding Warehouse Purchase Program | 2,029,277 | 1,673,204 | ' | ' | ||
Loans receivable, mortgage warehouse lending | 673,470 | 1,060,720 | ' | ' | ||
Total loans held for investment | 2,702,747 | 2,733,924 | ' | ' | ||
Commercial | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||
Loans Receivable, Gross, Commercial and Industrial | 425,030 | 245,799 | ' | ' | ||
Warehouse lines of credit | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||
Loans Receivable, Gross, Commercial, Financial Institutions | 14,400 | 32,726 | ' | ' | ||
Commercial Construction and Land [Member] | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||
Loans Receivable, Gross, Commercial, Construction | 27,619 | 14,568 | ' | ' | ||
Consumer Construction and Land [Member] | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable, Gross, Consumer, Construction | $2,628 | $6,614 | ' | ' | ||
[1] | PCI loans are included in the substandard or doubtful categories. |
LOANS_Allowance_for_loan_losse
LOANS - Allowance for loan losses (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | ' | $18,051 | ' | ' | ' | $17,487 | $18,051 | $17,487 | $14,847 | ||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -2,481 | -3,202 | -1,822 | ||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 589 | 627 | 492 | ||||
Provision expense (benefit) | 616 | -158 | 1,858 | 883 | -17 | 814 | 1,447 | 895 | 3,199 | 3,139 | 3,970 | ||||
Ending balance | 19,358 | ' | ' | ' | 18,051 | ' | ' | ' | 19,358 | 18,051 | 17,487 | ||||
Ending balance: individually evaluated for impairment | 2,923 | ' | ' | ' | 4,517 | ' | ' | ' | 2,923 | 4,517 | 3,498 | ||||
Ending balance: Collectively evaluated for impairment | 16,435 | ' | ' | ' | 13,534 | ' | ' | ' | 16,435 | 13,534 | 13,989 | ||||
Ending balance: Individually evaluated for impairment, loans | 18,294 | ' | ' | ' | 31,419 | ' | ' | ' | 18,294 | 31,419 | 26,369 | ||||
Ending balance: Collectively evaluated for impairment, loans | 2,024,242 | ' | ' | ' | 1,646,542 | ' | ' | ' | 2,024,242 | 1,646,542 | 1,201,659 | ||||
Ending balance: PCI Loans | 7,366 | ' | ' | ' | 12,808 | ' | ' | ' | 7,366 | 12,808 | ' | ||||
Loans Receivable, Gross, Commercial, Real Estate | 1,091,200 | [1] | ' | ' | ' | 825,340 | [1] | ' | ' | ' | 1,091,200 | [1] | 825,340 | [1] | 583,487 |
Loans Receivable, Gross, Commercial, Financial and Agricultural | 439,430 | [1] | ' | ' | ' | 278,525 | [1] | ' | ' | ' | 439,430 | [1] | 278,525 | [1] | 70,620 |
Loans Receivable, Gross, Commercial, Construction | 30,247 | [1] | ' | ' | ' | 21,182 | [1] | ' | ' | ' | 30,247 | [1] | 21,182 | [1] | 11,852 |
Loans and Leases Receivable, Gross, Consumer, Mortgage | 441,226 | [1] | ' | ' | ' | 506,642 | [1] | ' | ' | ' | 441,226 | [1] | 506,642 | [1] | 510,899 |
Total | 47,799 | ' | ' | ' | 59,080 | ' | ' | ' | 47,799 | 59,080 | 51,170 | ||||
Gross loans held for investment excluding Warehouse Purchase Program | 2,049,902 | ' | ' | ' | 1,690,769 | ' | ' | ' | 2,049,902 | 1,690,769 | 1,228,028 | ||||
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | ' | 11,182 | ' | ' | ' | 10,597 | 11,182 | 10,597 | 7,940 | ||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -806 | -187 | -15 | ||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 29 | ||||
Provision expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 568 | 772 | 2,643 | ||||
Ending balance | 10,944 | ' | ' | ' | 11,182 | ' | ' | ' | 10,944 | 11,182 | 10,597 | ||||
Ending balance: individually evaluated for impairment | 987 | ' | ' | ' | 2,880 | ' | ' | ' | 987 | 2,880 | 2,358 | ||||
Ending balance: Collectively evaluated for impairment | 9,957 | ' | ' | ' | 8,302 | ' | ' | ' | 9,957 | 8,302 | 8,239 | ||||
Ending balance: Individually evaluated for impairment, loans | 7,605 | ' | ' | ' | 16,950 | ' | ' | ' | 7,605 | 16,950 | 18,936 | ||||
Ending balance: Collectively evaluated for impairment, loans | 1,079,343 | ' | ' | ' | 801,940 | ' | ' | ' | 1,079,343 | 801,940 | 564,551 | ||||
Ending balance: PCI Loans | 4,252 | ' | ' | ' | 6,450 | ' | ' | ' | 4,252 | 6,450 | ' | ||||
Loans Receivable, Gross, Commercial, Real Estate | 1,091,200 | ' | ' | ' | 825,340 | ' | ' | ' | 1,091,200 | 825,340 | ' | ||||
Commercial and Industrial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | ' | 2,574 | ' | ' | ' | 2,090 | 2,574 | 2,090 | 1,652 | ||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -607 | -1,178 | -470 | ||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 124 | 114 | 38 | ||||
Provision expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 2,445 | 1,548 | 870 | ||||
Ending balance | 4,536 | ' | ' | ' | 2,574 | ' | ' | ' | 4,536 | 2,574 | 2,090 | ||||
Ending balance: individually evaluated for impairment | 1,730 | ' | ' | ' | 647 | ' | ' | ' | 1,730 | 647 | 87 | ||||
Ending balance: Collectively evaluated for impairment | 2,806 | ' | ' | ' | 1,927 | ' | ' | ' | 2,806 | 1,927 | 2,003 | ||||
Ending balance: Individually evaluated for impairment, loans | 5,325 | ' | ' | ' | 5,609 | ' | ' | ' | 5,325 | 5,609 | 456 | ||||
Ending balance: Collectively evaluated for impairment, loans | 433,908 | ' | ' | ' | 270,843 | ' | ' | ' | 433,908 | 270,843 | 70,164 | ||||
Ending balance: PCI Loans | 197 | ' | ' | ' | 2,073 | ' | ' | ' | 197 | 2,073 | ' | ||||
Loans Receivable, Gross, Commercial, Financial and Agricultural | 439,430 | ' | ' | ' | 278,525 | ' | ' | ' | 439,430 | 278,525 | ' | ||||
Construction and land [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | ' | 149 | ' | ' | ' | 103 | 149 | 103 | 123 | ||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -31 | 0 | 0 | ||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Provision expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 94 | 46 | -20 | ||||
Ending balance | 212 | ' | ' | ' | 149 | ' | ' | ' | 212 | 149 | 103 | ||||
Ending balance: individually evaluated for impairment | 6 | ' | ' | ' | 0 | ' | ' | ' | 6 | 0 | 0 | ||||
Ending balance: Collectively evaluated for impairment | 206 | ' | ' | ' | 149 | ' | ' | ' | 206 | 149 | 103 | ||||
Ending balance: Individually evaluated for impairment, loans | 2 | ' | ' | ' | 139 | ' | ' | ' | 2 | 139 | 7 | ||||
Ending balance: Collectively evaluated for impairment, loans | 28,625 | ' | ' | ' | 18,115 | ' | ' | ' | 28,625 | 18,115 | 11,845 | ||||
Ending balance: PCI Loans | 1,620 | ' | ' | ' | 2,928 | ' | ' | ' | 1,620 | 2,928 | ' | ||||
Gross loans held for investment excluding Warehouse Purchase Program | 30,247 | ' | ' | ' | 21,182 | ' | ' | ' | 30,247 | 21,182 | ' | ||||
Consumer Real Estate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | ' | 3,528 | ' | ' | ' | 3,991 | 3,528 | 3,991 | 4,129 | ||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -416 | -798 | -487 | ||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 77 | 70 | 60 | ||||
Provision expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 91 | 265 | 289 | ||||
Ending balance | 3,280 | ' | ' | ' | 3,528 | ' | ' | ' | 3,280 | 3,528 | 3,991 | ||||
Ending balance: individually evaluated for impairment | 197 | ' | ' | ' | 967 | ' | ' | ' | 197 | 967 | 1,040 | ||||
Ending balance: Collectively evaluated for impairment | 3,083 | ' | ' | ' | 2,561 | ' | ' | ' | 3,083 | 2,561 | 2,951 | ||||
Ending balance: Individually evaluated for impairment, loans | 4,812 | ' | ' | ' | 8,392 | ' | ' | ' | 4,812 | 8,392 | 6,802 | ||||
Ending balance: Collectively evaluated for impairment, loans | 435,288 | ' | ' | ' | 497,090 | ' | ' | ' | 435,288 | 497,090 | 504,097 | ||||
Ending balance: PCI Loans | 1,126 | ' | ' | ' | 1,160 | ' | ' | ' | 1,126 | 1,160 | ' | ||||
Gross loans held for investment excluding Warehouse Purchase Program | 441,226 | ' | ' | ' | 506,642 | ' | ' | ' | 441,226 | 506,642 | ' | ||||
Other consumer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | ' | 618 | ' | ' | ' | 706 | 618 | 706 | 1,003 | ||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -621 | -1,039 | -850 | ||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 388 | 443 | 365 | ||||
Provision expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 508 | 188 | ||||
Ending balance | 386 | ' | ' | ' | 618 | ' | ' | ' | 386 | 618 | 706 | ||||
Ending balance: individually evaluated for impairment | 3 | ' | ' | ' | 23 | ' | ' | ' | 3 | 23 | 13 | ||||
Ending balance: Collectively evaluated for impairment | 383 | ' | ' | ' | 595 | ' | ' | ' | 383 | 595 | 693 | ||||
Ending balance: Individually evaluated for impairment, loans | 550 | ' | ' | ' | 329 | ' | ' | ' | 550 | 329 | 168 | ||||
Ending balance: Collectively evaluated for impairment, loans | 47,078 | ' | ' | ' | 58,554 | ' | ' | ' | 47,078 | 58,554 | 51,002 | ||||
Ending balance: PCI Loans | 171 | ' | ' | ' | 197 | ' | ' | ' | 171 | 197 | ' | ||||
Gross loans held for investment excluding Warehouse Purchase Program | $47,799 | ' | ' | ' | $59,080 | ' | ' | ' | $47,799 | $59,080 | ' | ||||
[1] | PCI loans are included in the substandard or doubtful categories. |
LOANS_Impaired_Loans_Details
LOANS - Impaired Loans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | $20,017 | $34,410 | ' |
Recorded Investment With No Allowance | 8,435 | 12,986 | ' |
Recorded Investment With Allowance | 9,859 | 18,433 | ' |
Impaired Financing Receivable, Recorded Investment | 18,294 | 31,419 | ' |
Related Allowance | 2,721 | 4,369 | ' |
Impaired Financing Receivable, Average Recorded Investment | 25,032 | 28,300 | 19,159 |
Impaired Financing Receivable, Interest Income, Accrual Method | 193 | 391 | 778 |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | 8,328 | 17,726 | ' |
Recorded Investment With No Allowance | 3,619 | 4,341 | ' |
Recorded Investment With Allowance | 3,986 | 12,609 | ' |
Impaired Financing Receivable, Recorded Investment | 7,605 | 16,950 | ' |
Related Allowance | 2,016 | 2,756 | ' |
Impaired Financing Receivable, Average Recorded Investment | 11,614 | 18,900 | 12,299 |
Impaired Financing Receivable, Interest Income, Accrual Method | 124 | 332 | 625 |
Commercial Portfolio Segment [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | 6,058 | 7,632 | ' |
Recorded Investment With No Allowance | 539 | 3,284 | ' |
Recorded Investment With Allowance | 4,786 | 2,325 | ' |
Impaired Financing Receivable, Recorded Investment | 5,325 | 5,609 | ' |
Related Allowance | 550 | 630 | ' |
Impaired Financing Receivable, Average Recorded Investment | 6,072 | 2,297 | 384 |
Impaired Financing Receivable, Interest Income, Accrual Method | 12 | 9 | 14 |
Commercial Construction and Land [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | 2 | 140 | ' |
Recorded Investment With No Allowance | 2 | 139 | ' |
Recorded Investment With Allowance | 0 | 0 | ' |
Impaired Financing Receivable, Recorded Investment | 2 | 139 | ' |
Related Allowance | 0 | 0 | ' |
Impaired Financing Receivable, Average Recorded Investment | 41 | 22 | 5 |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 | 0 |
Residential Mortgage [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | 5,050 | 8,574 | ' |
Recorded Investment With No Allowance | 3,725 | 5,194 | ' |
Recorded Investment With Allowance | 1,087 | 3,198 | ' |
Impaired Financing Receivable, Recorded Investment | 4,812 | 8,392 | ' |
Related Allowance | 155 | 960 | ' |
Impaired Financing Receivable, Average Recorded Investment | 6,835 | 6,846 | 6,280 |
Impaired Financing Receivable, Interest Income, Accrual Method | 57 | 48 | 139 |
Other consumer [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | 579 | 338 | ' |
Recorded Investment With No Allowance | 550 | 28 | ' |
Recorded Investment With Allowance | 0 | 301 | ' |
Impaired Financing Receivable, Recorded Investment | 550 | 329 | ' |
Related Allowance | 0 | 23 | ' |
Impaired Financing Receivable, Average Recorded Investment | 470 | 235 | 191 |
Impaired Financing Receivable, Interest Income, Accrual Method | $0 | $2 | $0 |
LOANS_Narrative_Details
LOANS - Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Contract | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Portion of allowance for loan losses allocated to PCI loans | $202 | $148 | $0 |
Loans past due over 90 days and still accruing | 266 | 593 | ' |
PCI loans that are considered non-performing | 0 | ' | ' |
Purchased performing loans that were non-performing | 4,201 | ' | ' |
Purchased performing nonaccruing commercial lines of credit | 1,698 | ' | ' |
Interest that would have been recognized on non-accrual loans if performing | 1,391 | 1,421 | 1,531 |
Interest income on nonaccruing loans | 124,522 | 120,596 | 88,238 |
Purchase Credit Impaired Loans Recorded Investment Current Balance | 5,218 | 11,206 | ' |
Impaired Loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Interest income on nonaccruing loans | $0 | $11 | $473 |
LOANS_NonPerforming_nonaccrual
LOANS - Non-Performing (nonaccrual) loans (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-performing | $22,124 | $27,203 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-performing | 7,604 | 13,567 |
Commercial Portfolio Segment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-performing | 5,141 | 5,401 |
Commercial Construction and Land [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-performing | 0 | 134 |
Residential Mortgage [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-performing | 8,812 | 7,839 |
Nonperforming Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-performing | $567 | $262 |
LOANS_Summary_of_Outstanding_B
LOANS - Summary of Outstanding Balances of Troubled Debt Restructuring (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | $12,339 | $17,976 | ||
Specific reserves on TDRs | 1,191 | 2,643 | ||
Outstanding Commitments To Lend Additional Funds To Borrowers With Troubled Debt Restructuring Loans | 0 | 0 | ||
Troubled debt restructuring non accrual period | '6 months | ' | ||
Nonaccrual TDRs | ' | ' | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 11,368 | 13,760 | ||
Performing TDRs (1) | ' | ' | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | $971 | [1] | $4,216 | [1] |
[1] | Performing TDR loans are loans that have been performing under the restructured terms for at least six months and the Company is accruing interest on these loans. |
LOANS_Information_on_Loans_Mod
LOANS - Information on Loans Modified as Troubled Debt Restructuring by Category (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modification, Recorded Investment | $2,058 | $8,098 | $435 | ||
Loan Bifurcation [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modification, Recorded Investment | 0 | 5,876 | 0 | ||
Principal Deferrals [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modification, Recorded Investment | 766 | [1] | 1,084 | [1] | 25 |
Combination of Rate Reduction and Principal Deferral [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modification, Recorded Investment | 726 | 754 | 149 | ||
Other [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modification, Recorded Investment | 566 | 384 | 261 | ||
Commercial Real Estate [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modification, Recorded Investment | 59 | 5,876 | ' | ||
Commercial Real Estate [Member] | Loan Bifurcation [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 5,876 | ' | ||
Commercial Real Estate [Member] | Principal Deferrals [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 59 | [1] | 0 | [1] | ' |
Commercial Real Estate [Member] | Combination of Rate Reduction and Principal Deferral [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | ' | ||
Commercial Real Estate [Member] | Other [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | ' | ||
Commercial Portfolio Segment [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modification, Recorded Investment | 320 | 102 | ' | ||
Commercial Portfolio Segment [Member] | Loan Bifurcation [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | ' | ||
Commercial Portfolio Segment [Member] | Principal Deferrals [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 164 | [1] | 26 | [1] | ' |
Commercial Portfolio Segment [Member] | Combination of Rate Reduction and Principal Deferral [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 73 | 0 | ' | ||
Commercial Portfolio Segment [Member] | Other [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 83 | 76 | ' | ||
Residential Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modification, Recorded Investment | 1,243 | 1,967 | 416 | ||
Financing receivable, modifications, subsequent default, recorded investment | 0 | 288 | 91 | ||
Residential Mortgage [Member] | Loan Bifurcation [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | 0 | ||
Residential Mortgage [Member] | Principal Deferrals [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 280 | [1] | 959 | [1] | 6 |
Residential Mortgage [Member] | Combination of Rate Reduction and Principal Deferral [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 488 | 717 | 149 | ||
Residential Mortgage [Member] | Other [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 475 | 291 | 261 | ||
Other consumer [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modification, Recorded Investment | 436 | 153 | 19 | ||
Other consumer [Member] | Loan Bifurcation [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | 0 | ||
Other consumer [Member] | Principal Deferrals [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 263 | [1] | 99 | [1] | 19 |
Other consumer [Member] | Combination of Rate Reduction and Principal Deferral [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 165 | 37 | 0 | ||
Other consumer [Member] | Other [Member] | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $8 | $17 | $0 | ||
[1] | Beginning in September 2012, principal deferrals include Chapter 7 bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. Such loans are placed on non accrual status. |
LOANS_PCI_Loans_and_Portfolios
LOANS - PCI Loans and Portfolios at Estimated Fair Value on the Acquisition Date (Details) (Highlands Bancshares [Member], USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Highlands Bancshares [Member] | ' | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ' | |
Contractually required principal and interest | $29,408 | [1] |
Expected cash flows | 24,042 | |
Fair value at acquisition | $14,720 | |
[1] | Excludes loans fully charge off prior to acquisition date with no expectation of future cash flows. |
LOANS_Carrying_Amount_of_Acqui
LOANS - Carrying Amount of Acquired PCI Loans Included in the Consolidated Balance Sheet (Details) (Highlands Bancshares [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Highlands Bancshares [Member] | ' | ' | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ' | ' | ||
Carrying amount | $7,164 | [1] | $12,660 | [1] |
Outstanding balance | 9,226 | 16,296 | ||
Allowance | $202 | $148 | ||
[1] | The carrying amounts are net of allowance of $202 and $148 as of December 31, 2013, and 2012. |
LOANS_Changes_in_the_Accretabl
LOANS - Changes in the Accretable Yield for Acquired PCI Loans (Details) (Highlands Bancshares [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Highlands Bancshares [Member] | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' | ' |
Balance at beginning of period | $6,431 | $0 |
Additions | 0 | 9,322 |
Reclassifications (to) from nonaccretable | 902 | 556 |
Disposals | -1,299 | -2,006 |
Accretion | -1,353 | -1,441 |
Balance at end of period | $4,681 | $6,431 |
LOANS_Analysis_of_Age_of_Recor
LOANS - Analysis of Age of Recorded Investment in Loans (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Financing Receivable, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | $12,261 | $13,017 | ' | ||
60-89 Days Past Due | 4,845 | 3,837 | ' | ||
90 Days and Greater Past Due | 6,596 | 8,513 | ' | ||
Total Loans Past Due | 23,702 | 25,367 | ' | ||
Current Loans | 2,026,200 | [1] | 1,665,402 | [1] | ' |
Loans Receivable, Gross, Commercial, Real Estate | 1,091,200 | [2] | 825,340 | [2] | 583,487 |
Loans Receivable, Gross, Commercial, Financial and Agricultural | 439,430 | [2] | 278,525 | [2] | 70,620 |
Gross loans held for investment excluding Warehouse Purchase Program | 2,049,902 | 1,690,769 | 1,228,028 | ||
Purchase Credit Impaired Loans Recorded Investment Current Balance | 5,218 | 11,206 | ' | ||
Commercial Real Estate [Member] | ' | ' | ' | ||
Financing Receivable, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 552 | 2,243 | ' | ||
60-89 Days Past Due | 1,315 | 1,150 | ' | ||
90 Days and Greater Past Due | 57 | 1,118 | ' | ||
Total Loans Past Due | 1,924 | 4,511 | ' | ||
Current Loans | 1,089,276 | [1] | 820,829 | [1] | ' |
Loans Receivable, Gross, Commercial, Real Estate | 1,091,200 | 825,340 | ' | ||
Commercial Portfolio Segment [Member] | ' | ' | ' | ||
Financing Receivable, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 4,518 | 2,066 | ' | ||
60-89 Days Past Due | 129 | 530 | ' | ||
90 Days and Greater Past Due | 2,835 | 2,867 | ' | ||
Total Loans Past Due | 7,482 | 5,463 | ' | ||
Current Loans | 431,948 | [1] | 273,062 | [1] | ' |
Loans Receivable, Gross, Commercial, Financial and Agricultural | 439,430 | 278,525 | ' | ||
Commercial Construction and Land [Member] | ' | ' | ' | ||
Financing Receivable, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 152 | 770 | ' | ||
60-89 Days Past Due | 0 | 32 | ' | ||
90 Days and Greater Past Due | 0 | 10 | ' | ||
Total Loans Past Due | 152 | 812 | ' | ||
Current Loans | 30,095 | [1] | 20,370 | [1] | ' |
Gross loans held for investment excluding Warehouse Purchase Program | 30,247 | 21,182 | ' | ||
Residential Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 6,579 | 7,375 | ' | ||
60-89 Days Past Due | 3,295 | 1,974 | ' | ||
90 Days and Greater Past Due | 3,651 | 4,469 | ' | ||
Total Loans Past Due | 13,525 | 13,818 | ' | ||
Current Loans | 427,701 | [1] | 492,824 | [1] | ' |
Gross loans held for investment excluding Warehouse Purchase Program | 441,226 | 506,642 | ' | ||
Other consumer [Member] | ' | ' | ' | ||
Financing Receivable, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 460 | 563 | ' | ||
60-89 Days Past Due | 106 | 151 | ' | ||
90 Days and Greater Past Due | 53 | 49 | ' | ||
Total Loans Past Due | 619 | 763 | ' | ||
Current Loans | 47,180 | [1] | 58,317 | [1] | ' |
Gross loans held for investment excluding Warehouse Purchase Program | $47,799 | $59,080 | ' | ||
[1] | Includes acquired PCI loans with a total carrying value of $5,218 and $11,206 at December 31, 2013 and 2012, respectively. | ||||
[2] | PCI loans are included in the substandard or doubtful categories. |
LOANS_Real_Estate_and_Commerci
LOANS - Real Estate and Commercial and Industrial Credit Exposure Credit Risk Profile by Internally Assigned Grade (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans Receivable, Gross, Commercial, Real Estate | $1,091,200 | [1] | $825,340 | [1] | $583,487 |
Loans receivable, mortgage warehouse lending | 673,470 | 1,060,720 | ' | ||
Loans Receivable, Gross, Commercial, Financial and Agricultural | 439,430 | [1] | 278,525 | [1] | 70,620 |
Loans Receivable, Gross, Commercial, Construction | 30,247 | [1] | 21,182 | [1] | 11,852 |
Loans and Leases Receivable, Gross, Consumer, Mortgage | 441,226 | [1] | 506,642 | [1] | 510,899 |
Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans Receivable, Gross, Commercial, Real Estate | 1,055,872 | [1] | 781,909 | [1] | ' |
Loans Receivable, Gross, Commercial, Financial and Agricultural | 424,110 | [1] | 264,528 | [1] | ' |
Loans Receivable, Gross, Commercial, Construction | 28,146 | [1] | 18,120 | [1] | ' |
Loans and Leases Receivable, Gross, Consumer, Mortgage | 424,174 | [1] | 491,225 | [1] | ' |
Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans Receivable, Gross, Commercial, Real Estate | 16,030 | [1] | 17,504 | [1] | ' |
Loans Receivable, Gross, Commercial, Financial and Agricultural | 1,672 | [1] | 645 | [1] | ' |
Loans Receivable, Gross, Commercial, Construction | 161 | [1] | 0 | [1] | ' |
Loans and Leases Receivable, Gross, Consumer, Mortgage | 3,661 | [1] | 2,617 | [1] | ' |
Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans Receivable, Gross, Commercial, Real Estate | 18,444 | [1] | 24,741 | [1] | ' |
Loans Receivable, Gross, Commercial, Financial and Agricultural | 13,492 | [1] | 13,227 | [1] | ' |
Loans Receivable, Gross, Commercial, Construction | 1,940 | [1] | 2,928 | [1] | ' |
Loans and Leases Receivable, Gross, Consumer, Mortgage | 9,110 | [1] | 8,942 | [1] | ' |
Doubtful [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans Receivable, Gross, Commercial, Real Estate | 854 | [1] | 1,186 | [1] | ' |
Loans Receivable, Gross, Commercial, Financial and Agricultural | 156 | [1] | 125 | [1] | ' |
Loans Receivable, Gross, Commercial, Construction | 0 | [1] | 134 | [1] | ' |
Loans and Leases Receivable, Gross, Consumer, Mortgage | $4,281 | [1] | $3,858 | [1] | ' |
[1] | PCI loans are included in the substandard or doubtful categories. |
LOANS_Consumer_Credit_Exposure
LOANS - Consumer Credit Exposure Credit Risk Profile Based on Payment Activity (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-performing | $22,124 | $27,203 | ' |
Total | 47,799 | 59,080 | 51,170 |
Performing Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Performing | 47,232 | 58,818 | ' |
Nonperforming Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-performing | $567 | $262 | ' |
FAIR_VALUE_Summary_of_Fair_Val
FAIR VALUE - Summary of Fair Value Measured on Recurring Basis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | $248,012,000 | $287,034,000 | ||
Derivative asset | 33,000 | ' | ||
Derivative liability | 33,000 | ' | ||
Residential Mortgage Backed Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 174,709,000 | [1] | 166,100,000 | [1] |
SBA Pools [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 2,728,000 | 3,448,000 | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 248,012,000 | 287,034,000 | ||
Derivative asset | 33,000 | ' | ||
Derivative liability | 33,000 | ' | ||
Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Liabilities | ' | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 248,012,000 | 287,034,000 | ||
Derivative asset | 33,000 | [2] | ' | |
Derivative liability | 33,000 | [2] | ' | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 174,709,000 | 166,100,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Agency residential collateralized mortgage obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 70,575,000 | 117,486,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | SBA Pools [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | $2,728,000 | $3,448,000 | ||
[1] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||
[2] | Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly. Please see Note 9 - Derivative Financial Instruments for more information. |
FAIR_VALUE_Summary_of_Fair_Val1
FAIR VALUE - Summary of Fair Value Measured on Nonrecurring Basis (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities | $0 | $0 |
Impaired loans | 7,138,000 | 14,064,000 |
Other Real Estate Owned | 480,000 | 1,886,000 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Other Real Estate Owned | 0 | 416,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 7,138,000 | 14,064,000 |
Other Real Estate Owned | $480,000 | $1,470,000 |
FAIR_VALUE_Carrying_Amount_and
FAIR VALUE - Carrying Amount and Estimated Fair Values of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 30, 2008 |
In Thousands, unless otherwise specified | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $87,974 | $68,696 | $46,348 | $68,650 | ' |
Securities available for sale, at fair value | 248,012 | 287,034 | ' | ' | ' |
Securities held to maturity, carrying value | 294,583 | 360,554 | ' | ' | ' |
Securities held to maturity, Fair Value Disclosure | 301,739 | 376,153 | ' | ' | ' |
Loans held for investment, net of allowance for loan losses | 2,029,277 | 1,673,204 | ' | ' | ' |
Loans receivable, mortgage warehouse lending | 673,470 | 1,060,720 | ' | ' | ' |
FHLB and Federal Reserve Bank stock | 34,883 | 45,025 | ' | ' | ' |
Accrued interest receivable, carying value | 9,904 | 9,900 | ' | ' | ' |
Derivative asset | 33 | ' | ' | ' | ' |
Deposits, carrying value | 2,264,639 | 2,177,806 | ' | ' | ' |
FHLB advances | 639,096 | 892,208 | ' | ' | ' |
Repurchase agreement - carrying value | 25,000 | 25,000 | ' | ' | 25,000 |
Accrued interest payable - carrying value | 1,066 | 1,216 | ' | ' | ' |
Derivative liability | 33 | ' | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 87,974 | 68,696 | ' | ' | ' |
Securities available for sale, at fair value | ' | ' | ' | ' | ' |
Securities held to maturity, Fair Value Disclosure | ' | ' | ' | ' | ' |
Loans held for investment, fair value disclosure | ' | ' | ' | ' | ' |
Loans held for investment - Warehouse Purchase Program, fair value disclosure | 0 | 0 | ' | ' | ' |
FHLB and Federal Reserve Bank stock | 0 | 0 | ' | ' | ' |
Accrued interest receivable, carying value | 9,904 | 9,900 | ' | ' | ' |
Derivative asset | 0 | ' | ' | ' | ' |
Deposits, Fair Value Disclosure | ' | ' | ' | ' | ' |
FHLB advances, Fair Value | ' | ' | ' | ' | ' |
Repurchase agreement, Fair Value | ' | ' | ' | ' | ' |
Accrued interest payable, Fair Value | 1,066 | 1,216 | ' | ' | ' |
Derivative liability | 0 | ' | ' | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | ' | ' | ' | ' | ' |
Securities available for sale, at fair value | 248,012 | 287,034 | ' | ' | ' |
Securities held to maturity, Fair Value Disclosure | 301,739 | 376,153 | ' | ' | ' |
Loans held for investment, fair value disclosure | ' | ' | ' | ' | ' |
Loans held for investment - Warehouse Purchase Program, fair value disclosure | 0 | 0 | ' | ' | ' |
FHLB and Federal Reserve Bank stock | 34,883 | 45,025 | ' | ' | ' |
Accrued interest receivable, carying value | ' | ' | ' | ' | ' |
Derivative asset | 33 | ' | ' | ' | ' |
Deposits, Fair Value Disclosure | ' | ' | ' | ' | ' |
FHLB advances, Fair Value | ' | ' | ' | ' | ' |
Repurchase agreement, Fair Value | ' | ' | ' | ' | ' |
Accrued interest payable, Fair Value | ' | ' | ' | ' | ' |
Derivative liability | 33 | ' | ' | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | ' | ' | ' | ' | ' |
Securities available for sale, at fair value | ' | ' | ' | ' | ' |
Securities held to maturity, Fair Value Disclosure | ' | ' | ' | ' | ' |
Loans held for investment, fair value disclosure | 2,054,460 | 1,696,060 | ' | ' | ' |
Loans held for investment - Warehouse Purchase Program, fair value disclosure | 673,785 | 1,061,334 | ' | ' | ' |
FHLB and Federal Reserve Bank stock | 0 | 0 | ' | ' | ' |
Accrued interest receivable, carying value | ' | ' | ' | ' | ' |
Derivative asset | 0 | ' | ' | ' | ' |
Deposits, Fair Value Disclosure | 2,123,846 | 2,097,063 | ' | ' | ' |
FHLB advances, Fair Value | 650,976 | 912,817 | ' | ' | ' |
Repurchase agreement, Fair Value | 27,430 | 28,501 | ' | ' | ' |
Accrued interest payable, Fair Value | ' | ' | ' | ' | ' |
Derivative liability | $0 | ' | ' | ' | ' |
FAIR_VALUE_Narrative_Details
FAIR VALUE - Narrative (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Third Party Appraisal [Member] | Third Party Appraisal [Member] | Third Party Appraisal [Member] | Third Party Appraisal [Member] | Discounted Collateral Value [Member] | Discounted Collateral Value [Member] | ||
Weighted Average [Member] | Weighted Average [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired Loans [Member] | Other Real Estate Owned [Member] | Other Real Estate Owned [Member] | Other Real Estate Owned [Member] | Impaired Loans [Member] | Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net gain on changes in fair value on loans held for sale | $1,060 | ' | ' | ' | ' | ' | ' |
Hedging losses on fair value hedges recognized in earnings | ($869) | ' | ' | ' | ' | ' | ' |
Fair Value Inputs Discount Of Market Value Rate | ' | 7.00% | 14.00% | 8.00% | 70.00% | 20.00% | 60.00% |
GOODWILL_AND_CORE_DEPOSIT_INTA2
GOODWILL AND CORE DEPOSIT INTANGIBLES - (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Goodwill, Balance at beginning of the period | ' | $29,650 | ' | ' |
Impairment of goodwill | -818 | 0 | -818 | -271 |
Goodwill, Balance at end of the period | ' | 29,650 | 29,650 | ' |
Bank [Member] | ' | ' | ' | ' |
Core Depoit Intangible [Roll Forward] | ' | ' | ' | ' |
Core Deposit Intangible, Balance at beginning of period | ' | 1,385 | 0 | ' |
Core Deposit Intangible, Impairment | ' | ' | 0 | ' |
Core Deposit Intangible, Highlands acquisition | ' | ' | 1,745 | ' |
Amortization of Intangible Assets | ' | -423 | -360 | ' |
Core Deposit Intangible, Balance at end of period | ' | 962 | 1,385 | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Goodwill, Balance at beginning of the period | ' | 29,650 | 0 | ' |
Impairment of goodwill | ' | ' | ' | ' |
Goodwill, Highlands acquisition | ' | ' | 29,650 | ' |
Goodwill Amortization | ' | 0 | 0 | ' |
Goodwill, Balance at end of the period | ' | 29,650 | 29,650 | ' |
VPM [Member] | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Goodwill, Balance at beginning of the period | ' | 0 | 818 | ' |
Impairment of goodwill | ' | ' | -818 | ' |
Goodwill, Highlands acquisition | ' | ' | 0 | ' |
Goodwill Amortization | ' | 0 | 0 | ' |
Goodwill, Balance at end of the period | ' | $0 | $0 | ' |
GOODWILL_AND_CORE_DEPOSIT_INTA3
GOODWILL AND CORE DEPOSIT INTANGIBLES - Estimated Aggregate Future Amortization Expense for Intangible Assets Remaining (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $346 |
2015 | 270 |
2016 | 193 |
2017 | 116 |
2018 | 34 |
Thereafter | $3 |
GOODWILL_AND_CORE_DEPOSIT_INTA4
GOODWILL AND CORE DEPOSIT INTANGIBLES - Textual (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Impairment of goodwill | ($818) | $0 | ($818) | ($271) |
Segment goodwill net of impairment | $0 | ' | ' | ' |
Core deposit Intangible, useful life | ' | '7 years | ' | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS - Outstanding Notional Balances and Fair Values of Outstanding Positions (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
IRLCs | ' |
Derivative [Line Items] | ' |
Fair Value | ($90) |
Loan sale commitments | ' |
Derivative [Line Items] | ' |
Fair Value | 1,077 |
Forward mortgage-backed securities trades | ' |
Derivative [Line Items] | ' |
Fair Value | ($795) |
DERIVATIVE_FINANCIAL_INSTRUMEN3
DERIVATIVE FINANCIAL INSTRUMENTS - Derivative instruments and hedging activities disclosure (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Statement [Line Items] | ' |
Derivative, collateral, obligation to return cash | $150 |
Interest Rate Swap [Member] | Commercial Loan [Member] | Not Designated as Hedging Instrument [Member] | ' |
Statement [Line Items] | ' |
Commercial loan/lease interest rate swaps, outstanding notional amount | 6,406 |
Commercial loan/lease interest rate swaps, estimated fair value | 33 |
Commercial loan/lease interest rate swaps, outstanding notional amount, liability | -6,406 |
Commercial loan/lease interest rate swaps, estimated fair value, liability | ($33) |
Loan Customer Counterparty [Member] | Interest Rate Swap [Member] | Commercial Loan [Member] | Not Designated as Hedging Instrument [Member] | ' |
Statement [Line Items] | ' |
Derivative, Fixed Interest Rate | 4.38% |
Derivative, Fixed Interest Rate, Paid | 2.92% |
Financial Institution Counterparty [Member] | Interest Rate Swap [Member] | Commercial Loan [Member] | Not Designated as Hedging Instrument [Member] | ' |
Statement [Line Items] | ' |
Non-hedging interest rate swaps, Weighted-average Interest Rate, Paid | 2.92% |
Derivative, Average Variable Interest Rate, Paid | 4.38% |
LOAN_SALES_AND_SERVICING_Detai
LOAN SALES AND SERVICING - (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at January 1 | $0 | $33,417 | ' |
Loans originated for sale | ' | 145,819 | ' |
Proceeds from sale of loans held for sale | 0 | -184,672 | -276,402 |
Net gain (loss) on sale of loans | 0 | 5,436 | 7,639 |
Loans held for sale, net at December 31 | ' | 0 | 33,417 |
Debt Instrument, Face Amount | 139,172 | 161,868 | 216,252 |
Escrow on real estate loans | 27,430 | 27,235 | ' |
Serviced loans | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | 50,794 | 67,936 | 89,248 |
Subserviced loans | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | $88,378 | $93,932 | $127,004 |
PREMISES_AND_EQUIPMENT_Details
PREMISES AND EQUIPMENT - (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $99,108 | $96,742 |
Less: accumulated depreciation | -45,836 | -43,582 |
Total | 53,272 | 53,160 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Land | 17,076 | 17,076 |
Buildings | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Buildings | 49,622 | 48,475 |
Furniture, fixtures and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Furniture, fixtures and equipment | 27,710 | 26,557 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Leasehold improvements | $4,700 | $4,634 |
PREMISES_AND_EQUIPMENT_Rent_Co
PREMISES AND EQUIPMENT - Rent Commitments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Property, Plant and Equipment [Abstract] | ' |
2014 | $2,447 |
2015 | 2,409 |
2016 | 2,390 |
2017 | 1,198 |
2018 | 902 |
Thereafter | 5,166 |
Total | $14,512 |
PREMISES_AND_EQUIPMENT_Textual
PREMISES AND EQUIPMENT - Textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Parcel_of_land | |||
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation | $4,081 | $3,936 | $3,515 |
Operating Leases, Rent Expense | $2,312 | $2,157 | $1,468 |
Parcels held for development | 2 | ' | ' |
DEPOSITS_Textual_Details
DEPOSITS - Textual (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Time Deposits, $100,000 or More | $371,932 | $337,242 |
Brokered deposits | 131,458 | 88,513 |
Deposits of public funds | 217,392 | 186,508 |
Unsecured customer loans | $441 | $552 |
DEPOSITS_Weighted_Average_Rate
DEPOSITS - Weighted Average Rate (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Time Deposits, Fiscal Year Maturity [Abstract] | ' | ' |
Time Deposit Maturities, 2014 | $268,441 | ' |
Time Deposit Maturities, 2015 | 164,188 | ' |
Time Deposit Maturities, 2016 | 23,064 | ' |
Time Deposit Maturities, 2017 | 10,498 | ' |
Time Deposit Maturities, 2018 and thereafter | 8,424 | ' |
Time Deposit Maturities, Total | $474,615 | $450,334 |
Weighted Average Rate of Time Deposits [Abstract] | ' | ' |
Weighted Average Interest Rate, Maturities, 2014 | 0.75% | ' |
Weighted Average Interest Rate, Maturities, 2015 | 0.76% | ' |
Weighted Average Interest Rate, Maturities, 2016 | 1.47% | ' |
Weighted Average Interest Rate, Maturities, 2017 | 1.21% | ' |
Weighted Average Interest Rate, Maturities, 2018 and thereafter | 1.70% | ' |
Weighted Average Interest Rate, Maturities, Total | 0.82% | ' |
DEPOSITS_Interest_Expense_on_D
DEPOSITS - Interest Expense on Deposits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Banking and Thrift [Abstract] | ' | ' | ' |
Interest bearing demand | $1,811 | $3,391 | $8,309 |
Savings and money market | 2,438 | 2,340 | 3,466 |
Time | 5,296 | 5,722 | 10,699 |
Total | $9,545 | $11,453 | $22,474 |
REPURCHASE_AGREEMENTS_Details
REPURCHASE AGREEMENTS - (Details) (USD $) | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Apr. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 | Apr. 02, 2012 | Apr. 02, 2012 | Apr. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2012 |
Highlands [Member] | Highlands [Member] | Highlands [Member] | Repurchase Agreements [Member] | Repurchase Agreements [Member] | Repurchase Agreements [Member] | ||||
JP Morgan Chase Bank, N.A. [Member] | JP Morgan Chase Bank, N.A. [Member] | CitiGroup Global Markets, Inc. [Member] | |||||||
Investment Holdings [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of repurchase agreement | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase agreement | $25,000 | $25,000 | $25,000 | ' | $40,000 | $10,000 | ' | ' | ' |
Repurchase agreement, interest rate | 1.62% | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate on repurchase agreement | ' | ' | ' | ' | ' | ' | ' | 6.25% | ' |
Interest rate maximum on repurchase agreement | ' | ' | ' | ' | ' | ' | 3.22% | ' | ' |
Interest rate at year-end | ' | ' | ' | ' | ' | ' | ' | 3.22% | ' |
Fair value of securities pledged | ' | ' | ' | ' | ' | ' | ' | 34,498 | 32,522 |
Gain on unwinding of repurchase agreements | ' | ' | ' | $95 | ' | ' | ' | ' | ' |
BORROWINGS_Advances_from_Feder
BORROWINGS - Advances from Federal Home Loan Banks (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB advances | ' | $639,096,000 | $892,208,000 |
Federal Home Loan Bank Advances [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB advances | ' | 639,096,000 | 892,208,000 |
Restructuring prepayment penalty | 5,421,000 | 2,171,000 | 3,193,000 |
Federal home loan bank, interest rate, minimum | ' | 0.05% | 0.04% |
Federal home loan bank, interest rate, maximum | ' | 6.00% | 5.99% |
Federal home loan bank, weighted average interest rate | ' | 1.09% | 0.95% |
Variable rate federal home loan bank advances outstanding | ' | 0 | 0 |
Fixed rate federal home loan bank advances outstanding | 91,644,000 | ' | ' |
Credit available based on collateralized values | ' | 333,907,000 | 682,984,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | ' | 975,173,000 | 1,578,509,000 |
Federal Home Loan Bank Advances [Member] | Mortgage and Commercial Loans With Federal Home Loan Bank [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
Federal home loan bank, collateral pledges | ' | $787,821,000 | $1,272,330,000 |
BORROWINGS_Advances_from_Feder1
BORROWINGS - Advances from Federal Home Loan Banks Pay Down Schedule (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014, Balance Due | $483,516 | ' |
2015, Balance | 61,742 | ' |
2016, Balance | 62,300 | ' |
2017, Balance | 15,546 | ' |
2018, Balance | 12,754 | ' |
Thereafter, Balance | 5,409 | ' |
Total | 641,267 | ' |
FHLB advances | $639,096 | $892,208 |
2014, Weighted Average Rate | 0.33% | ' |
2015, Weighted Average Rate | 3.66% | ' |
2016, Weighted Average Rate | 2.55% | ' |
2017, Weighted Average Rate | 4.33% | ' |
2018, Weighted Average Rate | 4.53% | ' |
Thereafter, Weighted Average Rate | 5.49% | ' |
Total, Weighted Average Rate | 1.09% | ' |
BORROWINGS_Other_Borrowings_De
BORROWINGS - Other Borrowings (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Borrowing capacity | $125,000 | $140,000 |
Federal Reserve Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowing capacity | $68,686 | $105,807 |
BENEFITS_KSOP_401K_Details
BENEFITS - KSOP 401K (Details) (KSOP with 401k Match [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
KSOP with 401k Match [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
401(k) plan minimum years of service eligibility requirement | '1 year | ' | ' |
401(k) plan minimum age and prior service requirement in aggregate | '1000 hours | ' | ' |
401(k) plan, minimum contribution percentage | 2.00% | ' | ' |
401(k) plan, maximum contribution percentage | 75.00% | ' | ' |
401(k) plan, employer matching percentage of qualifying contributions | 100.00% | ' | ' |
401(k) plan, employer matching percentage of employees contribution | 5.00% | ' | ' |
401(k) plan, employer matching contribution of qualifying compensation percent | 5.00% | ' | ' |
401(k) plan, cost recognized | $1,198 | $1,105 | $846 |
BENEFITS_Details
BENEFITS - (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Other assets | $38,546,000 | $50,099,000 | ' |
Life insurance, percentage of emplyee salary benefit | 200.00% | ' | ' |
Life Insurance, Corporate or Bank Owned, Benefit Percentage of Directors Fees | 200.00% | ' | ' |
Bank-owned life insurance | 35,565,000 | 34,916,000 | ' |
Bank owned life insurance income | 649,000 | 699,000 | 506,000 |
Minimum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Life Insurance, asset amount | 75,000 | ' | ' |
Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Life Insurance, asset amount | 150,000 | ' | ' |
Non Qualified Deferred Comp [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Deferred compensation accrued liability | 1,154,000 | 1,414,000 | ' |
Deferred compensation expense | -2,000 | 41,000 | 139,000 |
Non Qualified Deferred Comp [Member] | Life Insurance, Variable Annuity Contracts, and Fixed Annuity Contracts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Other assets | 1,332,000 | 2,039,000 | ' |
Non Qualified Deferred Comp [Member] | President and Chief Executive Officer [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Deferred compensation accrued liability | ' | 451,000 | ' |
Deferred compensation cash payment | $449,000 | ' | ' |
ESOP_PLAN_Textual_Details
ESOP PLAN - Textual (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP | 184,194 | 184,195 | 184,194 | ' |
Recourse provision minimum | ' | ' | ' | '10 years |
Employee stock ownership plan (ESOP), cash contributions | $2,060 | ' | ' | ' |
ESOP compensation expense | 4,515 | 3,993 | 2,797 | ' |
Employee Stock Ownership Plan | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Recourse provision minimum | ' | ' | '30 years | ' |
Net proceeds from long-term debt | ' | ' | 15,886 | 9,284 |
ESOP compensation expense | $3,901 | $3,152 | $2,340 | ' |
Common Stock | Employee Stock Ownership Plan | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP | ' | ' | 1,588,587 | 928,395 |
ESOP_PLAN_Shares_held_by_the_E
ESOP PLAN - Shares held by the Employee Stock Ownership Plan (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Share-based Compensation [Abstract] | ' | ' |
Allocated to participants | 1,154,495 | 970,301 |
Unearned | 1,733,845 | 1,918,039 |
Total ESOP shares | 2,888,340 | 2,888,340 |
Fair value of unearned shares at December 31 | $47,594 | $40,164 |
SHAREBASED_COMPENSATION_Compen
SHARE-BASED COMPENSATION - Compensation Cost Charged to Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation cost charged to income for: | ' | ' | ' |
Income tax benefit | $927 | $657 | $543 |
Restricted stock | ' | ' | ' |
Compensation cost charged to income for: | ' | ' | ' |
Compensation cost | 1,699 | 1,512 | 1,102 |
Stock options | ' | ' | ' |
Compensation cost charged to income for: | ' | ' | ' |
Compensation cost | $949 | $365 | $449 |
SHAREBASED_COMPENSATION_Change
SHARE-BASED COMPENSATION - Changes in the Nonvested Shares for the Company's Stock Plans (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Restricted stock | Restricted stock | Time-Vested Restricted Stock [Member] | Performance-Based Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ||
Non-vested at January 1, Shares | ' | 71,603 | 218,393 | 185,296 | 0 | ||
Granted, Shares | ' | 222,336 | 0 | 278,500 | 110,500 | ||
Vested, Shares | ' | -108,643 | -107,798 | -49,798 | 0 | ||
Forfeited, Shares | ' | 0 | -38,992 | -32,596 | -28,100 | ||
Non-vested at December 31, Shares | ' | 185,296 | 71,603 | 381,402 | 82,400 | ||
Non-vested at January 1, Weighted-Average Grant Date Fair Value | ' | $13.08 | $13.14 | $17.60 | [1] | $0 | [2] |
Granted, Weighted-Average Grant Date Fair Value | ' | $17.56 | $0 | $20.55 | [1] | $20.85 | [2] |
Vested, Weighted-Average Grant Date Fair Value | $883,000 | $14.54 | $13.15 | $17.73 | [1] | $0 | [2] |
Forfeited, Weighted-Average Grant Date Fair Value | ' | $0 | $13.19 | $17.41 | [1] | $25.68 | [2] |
Non-vested at December 31, Weighted-Average Grant Date Fair Value | ' | $17.60 | $13.08 | $20.39 | [1] | $27.45 | [2] |
[1] | For restricted stock awards with time-based vesting conditions, the grant date fair value is based on the closing stock price as quoted on the NASDAQ Stock Market on the grant date. | ||||||
[2] | For restricted stock awards with performance-based vesting conditions and restricted stock awards to non-employees, the value of the award is based upon the closing stock price as quoted on the NASDAQ Stock Market on the date of vesting. Until the final value is determined on the vesting date, the Company estimates the fair value quarterly based upon the closing stock price as quoted on the NASDAQ Stock Market on the last business day of each calendar quarter end. |
SHAREBASED_COMPENSATION_Underl
SHARE-BASED COMPENSATION - Underlying Assumptions for Fair Value Calculations (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Risk-free interest rate | 1.42% | 1.25% | 2.45% |
Expected term of stock options (years) | '6 years 3 months 10 days | '6 years 7 months 6 days | '7 years 6 months |
Expected stock price volatility | 32.90% | 34.43% | 33.20% |
Expected dividends | 1.75% | 1.39% | 1.42% |
SHAREBASED_COMPENSATION_Summar
SHARE-BASED COMPENSATION - Summary of Activity in the Stock Option Portion of the Plans (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Shares Outstanding, Beginning Balance | 500,049 | 535,384 | 457,555 | ' |
Shares, Granted | 810,000 | 185,700 | 108,500 | ' |
Shares, Exercised | -81,401 | -177,115 | 0 | ' |
Shares, Forfeited | -55,030 | -43,920 | -30,671 | ' |
Shares Outstanding, Ending Balance | 1,173,618 | 500,049 | 535,384 | 457,555 |
Shares, Fully vested and expected to vest | 1,157,439 | ' | ' | ' |
Shares, Exercisable, Ending Balance | 161,666 | ' | ' | ' |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $13.70 | $12.17 | $12.01 | ' |
Weighted-Average Exercise Price, Granted | $20.33 | $16.61 | $12.72 | ' |
Weighted-Average Exercise Price, Exercised | $12.06 | $12.62 | $0 | ' |
Weighted-Average Exercise Price, Forfeited | $18.62 | $11.68 | $11.61 | ' |
Weighted-Average Exercise Price, Outstanding, Ending Balance | $18.16 | $13.70 | $12.17 | $12.01 |
Weighted-Average Exercise Price, Fully vested and expected to vest | $18.15 | ' | ' | ' |
Weighted-Average Exercise Price, Exercisable, Ending Balance | $12.92 | ' | ' | ' |
Weighted-Average Remaining Contractual Term, Outstanding | '8 years 5 months 1 day | '7 years 7 months 6 days | '7 years 1 month 6 days | '7 years 7 months 6 days |
Weighted-Average Remaining Contractual Term, Granted | '10 years | '10 years | '10 years | ' |
Weighted-Average Remaining Contractual Term, Fully vested and expected to vest | '8 years 5 months 1 day | ' | ' | ' |
Weighted-Average Remaining Contractual Term, Exercisable | '5 years 4 months 20 days | ' | ' | ' |
Aggregate Intrinsic Value, Outstanding Balance, Beginning | $3,619 | $483 | $170 | ' |
Aggregate Intrinsic Value, Granted | 0 | 0 | 31 | ' |
Aggregate Intrinsic Value, Exercised | 883 | 858 | 0 | ' |
Aggregate Intrinsic Value, Forfeited | 0 | ' | 44 | ' |
Aggregate Intrinsic Value, Outstanding Balance, Ending | 10,903 | 3,619 | 483 | 170 |
Aggregate Intrinsic Value, Fully vested and expected to vest | 10,766 | ' | ' | ' |
Aggregate Intrinsic Value, Exercisable | $2,349 | ' | ' | ' |
SHAREBASED_COMPENSATION_Textua
SHARE-BASED COMPENSATION - Textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vested, Weighted-Average Grant Date Fair Value | $883,000 | ' | ' |
Weighted-Average Remaining Contractual Term, Granted | '10 years | '10 years | '10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $5.70 | $5.11 | $4.30 |
Share Based Compensation Arrangements by Share-based Payment Award, Options, Expected Forfeiture Rate | 5.00% | ' | ' |
Restricted stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 259,389 | ' | ' |
Share Based Compensation Arrangement Plan to Date Number of Shares Issued | 1,213,624 | ' | ' |
Total unrecognized compensation expense related to non-vested shares | $8,721 | ' | ' |
Weighted-average period | '3 years 10 months 3 days | ' | ' |
Vested, Weighted-Average Grant Date Fair Value | ' | $14.54 | $13.15 |
Stock options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total unrecognized compensation expense related to non-vested shares | $4,455 | ' | ' |
Weighted-average period | '3 years 4 months 2 days | ' | ' |
Stock options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,370,040 | ' | ' |
Restricted stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,348,016 | ' | ' |
INCOME_TAXES_Expense_Details
INCOME TAXES - Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current expense | $13,996 | $14,047 | $11,384 |
Deferred expense | 2,293 | 5,262 | 204 |
Total income tax expense | $16,289 | $19,309 | $11,588 |
INCOME_TAXES_Deferred_Tax_Asse
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for loan losses | $6,775 | $6,330 |
Other real estate owned | 28 | 20 |
Depreciation | 0 | 192 |
Deferred compensation arrangements | 656 | 705 |
Self-funded health insurance | 114 | 93 |
Non-accrual interest | 271 | 303 |
Restricted stock and stock options | 1,069 | 623 |
NOL carryforward from acquisition | 1,398 | 3,023 |
Intangible assets | 577 | 733 |
Fair value mark on purchased loans | 1,222 | 2,962 |
Net unrealized loss on securities available for sale | 207 | 0 |
Other | 1,367 | 1,073 |
Total | 13,684 | 16,057 |
Deferred Tax Liabilities, Gross [Abstract] | ' | ' |
Mortgage servicing assets | -97 | -94 |
Depreciation | -265 | 0 |
Net unrealized gain on securities available for sale | 0 | -1,050 |
Partnerships — CRA-purposed private equity funds | -980 | -809 |
Other | -22 | -78 |
Deferred Tax Liabilities, Gross | -1,364 | -2,031 |
Net deferred tax asset | $12,320 | $14,026 |
INCOME_TAXES_Effective_Tax_Rat
INCOME TAXES - Effective Tax Rate (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory rate times financial statement income | $16,792 | $19,093 | $13,271 |
Effect of: | ' | ' | ' |
State taxes, net of federal benefit | 80 | 87 | 56 |
New market tax credit | -125 | -192 | -192 |
Bank-owned life insurance income | -227 | -245 | -151 |
Municipal interest income | -738 | -662 | -740 |
Other | 507 | 1,228 | -656 |
Total income tax expense | $16,289 | $19,309 | $11,588 |
Effective Tax Rate | 33.95% | 35.40% | 30.56% |
INCOME_TAXES_Textual_Details
INCOME TAXES - Textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal income tax and state margin tax | 36.00% | 36.00% | 36.00% |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Federal statutory rate times financial statement income | $16,792 | $19,093 | $13,271 |
RELATED_PARTY_TRANSACTIONS_Loa
RELATED PARTY TRANSACTIONS - Loans (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Loans, Related Parties [Roll Forward] | ' |
Beginning balance | $1,067 |
New loans | 0 |
Effect of changes in composition of related parties | -764 |
Repayments | -42 |
Ending balance | $261 |
RELATED_PARTY_TRANSACTIONS_Tex
RELATED PARTY TRANSACTIONS - Textual (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Related Party Transactions [Abstract] | ' | ' |
Related party deposits | $2,663 | $2,960 |
REGULATORY_CAPITAL_MATTERS_Lev
REGULATORY CAPITAL MATTERS - Levels and Ratios (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
the Company | ' | ' |
Total risk-based capital | ' | ' |
Total Risk-Based Capital, Actual, Amount | $533,266 | $505,566 |
Total Risk-Based Capital, Actual, Ratio | 18.85% | 22.47% |
Total Risk-Based Capital, Required For Capital Adequacy Purposes, Amount | 226,316 | 179,957 |
Total Risk-Based Capital, Required For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Risk-Based Capital, To Be Well-capitalized Under Prompt Corrective Action Regulations, Amount | 282,895 | 224,947 |
Total Risk-Based Capital, To Be Well-capitalized Under Prompt Corrective Action Regulations, Ratio | 10.00% | 10.00% |
Tier 1 risk-based capital | ' | ' |
Tier 1 Risk-Based Capital, Actual, Amount | 513,908 | 487,515 |
Tier 1 Risk-Based Capital, Actual, Ratio | 18.17% | 21.67% |
Tier 1 Risk-Based Capital, Required For Capital Adequacy Purposes, Amount | 113,158 | 89,979 |
Tier 1 Risk-Based Capital, Required For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Risk-Based Capital, To Be Well-capitalized Under Prompt Corrective Action Regulations, Amount | 169,737 | 134,968 |
Tier 1 Risk-Based Capital, To Be Well-capitalized Under Prompt Corrective Action Regulations, Ratio | 6.00% | 6.00% |
Tier 1 leverage | ' | ' |
Tier 1 Leverage, Actual, Amount | 513,908 | 487,515 |
Tier 1 Leverage, Actual, Ratio | 15.67% | 13.97% |
Tier 1 Leverage, Required For Capital Adequacy Purposes, Amount | 131,197 | 139,620 |
Tier 1 Leverage, Required For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Leverage, To Be Well-capitalized Under Prompt Corrective Action Regulations, Amount | 163,996 | 174,525 |
Tier 1 Leverage, To Be Well-capitalized Under Prompt Corrective Action Regulations, Ratio | 5.00% | 5.00% |
the Bank | ' | ' |
Total risk-based capital | ' | ' |
Total Risk-Based Capital, Actual, Amount | 431,442 | 404,562 |
Total Risk-Based Capital, Actual, Ratio | 15.26% | 18.00% |
Total Risk-Based Capital, Required For Capital Adequacy Purposes, Amount | 226,181 | 179,847 |
Total Risk-Based Capital, Required For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Risk-Based Capital, To Be Well-capitalized Under Prompt Corrective Action Regulations, Amount | 282,727 | 224,809 |
Total Risk-Based Capital, To Be Well-capitalized Under Prompt Corrective Action Regulations, Ratio | 10.00% | 10.00% |
Tier 1 risk-based capital | ' | ' |
Tier 1 Risk-Based Capital, Actual, Amount | 412,084 | 386,511 |
Tier 1 Risk-Based Capital, Actual, Ratio | 14.58% | 17.19% |
Tier 1 Risk-Based Capital, Required For Capital Adequacy Purposes, Amount | 113,091 | 89,923 |
Tier 1 Risk-Based Capital, Required For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Risk-Based Capital, To Be Well-capitalized Under Prompt Corrective Action Regulations, Amount | 169,636 | 134,885 |
Tier 1 Risk-Based Capital, To Be Well-capitalized Under Prompt Corrective Action Regulations, Ratio | 6.00% | 6.00% |
Tier 1 leverage | ' | ' |
Tier 1 Leverage, Actual, Amount | 412,084 | 386,511 |
Tier 1 Leverage, Actual, Ratio | 12.56% | 11.08% |
Tier 1 Leverage, Required For Capital Adequacy Purposes, Amount | 131,217 | 139,595 |
Tier 1 Leverage, Required For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Leverage, To Be Well-capitalized Under Prompt Corrective Action Regulations, Amount | $164,021 | $174,493 |
Tier 1 Leverage, To Be Well-capitalized Under Prompt Corrective Action Regulations, Ratio | 5.00% | 5.00% |
REGULATORY_CAPITAL_MATTERS_Lev1
REGULATORY CAPITAL MATTERS - Levels and Ratios 1 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' | ' |
GAAP equity | $544,460 | $520,871 | $406,309 | $396,589 |
Allowance for loan losses | 19,358 | 18,051 | 17,487 | 14,847 |
the Bank | ' | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' | ' |
GAAP equity | 442,636 | 419,867 | ' | ' |
Deduction for nonfinancial equity investments | -568 | -516 | ' | ' |
Disallowed goodwill and intangible assets | -30,367 | -30,945 | ' | ' |
Unrealized loss (gain) on securities available for sale | 383 | -1,895 | ' | ' |
Tier 1 capital | 412,084 | 386,511 | ' | ' |
Allowance for loan losses | 19,358 | 18,051 | ' | ' |
Total capital | 431,442 | 404,562 | ' | ' |
the Company | ' | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' | ' |
GAAP equity | 544,460 | 520,871 | ' | ' |
Deduction for nonfinancial equity investments | -568 | -516 | ' | ' |
Disallowed goodwill and intangible assets | -30,367 | -30,945 | ' | ' |
Unrealized loss (gain) on securities available for sale | 383 | -1,895 | ' | ' |
Tier 1 capital | 513,908 | 487,515 | ' | ' |
Allowance for loan losses | 19,358 | 18,051 | ' | ' |
Total capital | $533,266 | $505,566 | ' | ' |
REGULATORY_CAPITAL_MATTERS_Tex
REGULATORY CAPITAL MATTERS - Textual (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Banking and Thrift [Abstract] | ' |
Number of Days, Prior to Notice of Comptroller of the Currency (OCC), Company Can Make Payments of Capital Distribution | '30 days |
LOAN_COMMITMENTS_CONTINGENT_LI2
LOAN COMMITMENTS, CONTINGENT LIABILITIES AND OTHER RELATED ACTIVITIES - (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments to Extend Credit [Member] | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Commitments and contingencies to extend credit | $425,324 | $219,284 |
Commitment on Purchase Program Loans [Member] | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Commitments and contingencies to extend credit | 562,030 | 278,780 |
Standby letters of credit [Member] | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Commitments and contingencies to extend credit | 1,354 | 2,155 |
Commitments [Member] | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Commitments and contingencies to extend credit | $988,708 | $500,219 |
LOAN_COMMITMENTS_CONTINGENT_LI3
LOAN COMMITMENTS, CONTINGENT LIABILITIES AND OTHER RELATED ACTIVITIES - Textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 |
Loan_Repurchased | Indemnifications | ||
Indemnifications | Loan_Repurchased | ||
Guarantor Obligations [Line Items] | ' | ' | ' |
Overdraft protection | $87,772 | $79,416 | ' |
Investment in community development-oriented private equity fund | ' | ' | 2,000 |
Commitment to Fund Private Equity Fund for Community Reinvestment Act Purposes, Unfunded Portion | 1,800 | ' | ' |
Mortgage loans repurchases (in loans repurchased) | 0 | 0 | ' |
Mortgagel loans indemnifications (in indemnifications) | 1 | 2 | ' |
Mortgage Repurchase Liability, losses | 5 | 22 | ' |
Mortgage Repurchase Liability | 106 | ' | ' |
Guaranteed Credit Card Debt | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Guarantor Obligations, Current Carrying Value | $1,307 | ' | ' |
SEGMENT_INFORMATION_Textual_De
SEGMENT INFORMATION - Textual (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Jun. 05, 2012 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' |
Current VPM employees | 95.00% | ' |
Recognized in one-time write-offs and expenses | ' | $1,190 |
Impairment of goodwill | ' | 818 |
Segment goodwill net of impairment | ' | 0 |
Fixed asset losses | ' | ($250) |
SEGMENT_INFORMATION_Segment_In
SEGMENT INFORMATION - Segment Information For Performance Assessment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total interest income | $34,499 | $33,875 | $35,296 | $33,419 | $36,481 | $37,008 | $35,127 | $29,376 | $137,089 | $137,992 | $116,224 | ||||||||||
Total interest expense | 4,430 | 4,687 | 4,858 | 4,894 | 4,953 | 5,389 | 5,941 | 5,886 | 18,869 | 22,169 | 33,646 | ||||||||||
Provision for loan losses | 616 | -158 | 1,858 | 883 | -17 | 814 | 1,447 | 895 | 3,199 | 3,139 | 3,970 | ||||||||||
Net interest income after provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 115,021 | 112,684 | 78,608 | ||||||||||
Other revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,120 | 26,909 | ||||||||||
Net gain (loss) on sale of loans | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5,436 | 7,639 | ||||||||||
Total non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 88,877 | 87,690 | 75,240 | ||||||||||
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 47,977 | 54,550 | 37,916 | ||||||||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 16,289 | 19,309 | 11,588 | ||||||||||
Net income | 7,244 | [1] | 8,212 | [1] | 8,174 | [1] | 8,058 | [1] | 10,361 | [1] | 11,316 | [1] | 6,492 | [1] | 7,072 | [1] | 31,688 | 35,241 | 26,328 | ||
Segment assets | 3,525,232 | ' | ' | ' | 3,663,058 | ' | ' | ' | 3,525,232 | 3,663,058 | 3,180,578 | ||||||||||
Net gain (loss) on sale of loans | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5,436 | 7,639 | ||||||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 4,081 | 3,936 | 3,515 | ||||||||||
VPM [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 994 | 1,698 | ||||||||||
Total interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 975 | 1,506 | ||||||||||
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -73 | 8 | ||||||||||
Net interest income after provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92 | 184 | ||||||||||
Other revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,040 | -306 | ||||||||||
Net gain (loss) on sale of loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,014 | 9,797 | ||||||||||
Total non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,687 | 12,464 | ||||||||||
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -621 | -2,789 | ||||||||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -204 | -916 | ||||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -417 | -1,873 | ||||||||||
Segment assets | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | 52,568 | ||||||||||
Net gain (loss) on sale of loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,014 | 9,797 | ||||||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 153 | 292 | ||||||||||
Eliminations And Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -976 | -1,506 | [2] | |||||||||
Total interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,712 | -1,852 | [2] | |||||||||
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ||||||||||
Net interest income after provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 736 | [2] | 346 | [2] | ||||||||
Other revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 391 | 1,821 | [2] | |||||||||
Net gain (loss) on sale of loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ||||||||||
Total non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,330 | 1,545 | [2] | |||||||||
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,203 | [2] | 622 | [2] | ||||||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -460 | -401 | [2] | |||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -743 | [2] | 1,023 | [2] | ||||||||
Segment assets | ' | ' | ' | ' | 1,381 | ' | ' | ' | ' | 1,381 | -52,281 | [2] | |||||||||
Net gain (loss) on sale of loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ||||||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ||||||||||
Commercial Banking [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 137,974 | 116,032 | ||||||||||
Total interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,906 | 33,992 | ||||||||||
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,212 | 3,962 | ||||||||||
Net interest income after provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,856 | 78,078 | ||||||||||
Other revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,769 | 25,394 | ||||||||||
Net gain (loss) on sale of loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,578 | -2,158 | ||||||||||
Total non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,673 | 61,231 | ||||||||||
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,374 | 40,083 | ||||||||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,973 | 12,905 | ||||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,401 | 27,178 | ||||||||||
Segment assets | ' | ' | ' | ' | 3,661,677 | ' | ' | ' | ' | 3,661,677 | 3,180,291 | ||||||||||
Net gain (loss) on sale of loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,578 | -2,158 | ||||||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,783 | $3,223 | ||||||||||
[1] | Net income includes a goodwill impairment charge of $818 during the second quarter of 2012. | ||||||||||||||||||||
[2] | Includes eliminating entries for intercompany transactions and stand-alone expenses of the Company. |
PARENT_COMPANY_ONLY_CONDENSED_2
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
ASSETS | ' | ' | ' |
Cash on deposit at subsidiary | $30,012 | $34,227 | ' |
Total assets | 3,525,232 | 3,663,058 | 3,180,578 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ' | ' | ' |
Other liabilities | 52,037 | 47,173 | ' |
Total liabilities and shareholders’ equity | 3,525,232 | 3,663,058 | ' |
the Company | ' | ' | ' |
ASSETS | ' | ' | ' |
Cash on deposit at subsidiary | 46,859 | 47,559 | ' |
Investment in banking subsidiary | 442,636 | 419,867 | ' |
Receivable from banking subsidiary | 35,821 | 33,174 | ' |
ESOP note receivable and other assets | 19,508 | 20,271 | ' |
Total assets | 544,824 | 520,871 | ' |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ' | ' | ' |
Other liabilities | 364 | 0 | ' |
Shareholders’ equity | 544,460 | 520,871 | ' |
Total liabilities and shareholders’ equity | $544,824 | $520,871 | ' |
PARENT_COMPANY_ONLY_CONDENSED_3
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statements of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | $4,430 | $4,687 | $4,858 | $4,894 | $4,953 | $5,389 | $5,941 | $5,886 | $18,869 | $22,169 | $33,646 |
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 47,977 | 54,550 | 37,916 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -16,289 | -19,309 | -11,588 |
Parent [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends from subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 12,780 | 0 | 0 |
Equity in undistributed earnings of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 20,537 | 36,401 | 27,176 |
Interest income on ESOP loan | ' | ' | ' | ' | ' | ' | ' | ' | 698 | 762 | 819 |
Income (Loss) from Subsidiaries, before Tax | ' | ' | ' | ' | ' | ' | ' | ' | 34,015 | 37,163 | 27,995 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 27 | 473 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,154 | 2,355 | 1,595 |
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 30,861 | 34,781 | 25,927 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 827 | 460 | 401 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $31,688 | $35,241 | $26,328 |
PARENT_COMPANY_ONLY_CONDENSED_4
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' |
Net change in other assets | $7,570 | ($1,871) | $3,277 |
Net change in other liabilities | 6,122 | 4,371 | 8,311 |
Net cash used in operating activities | 65,566 | 92,039 | 45,866 |
Cash flows from investing activities | ' | ' | ' |
Cash and cash equivalents from acquisition | 0 | 98,469 | 0 |
Net cash provided by (used in) investing activities | 132,996 | 24,072 | -269,358 |
Cash flows from financing activities | ' | ' | ' |
Share repurchase | -1,554 | 0 | -13,012 |
Proceeds (repayments) from borrowing | 0 | -62,212 | -10,000 |
Payment of dividends | -12,780 | -15,448 | -6,918 |
Net cash provided by (used in) financing activities | -179,284 | -93,763 | 201,190 |
Net change in cash and cash equivalents | 19,278 | 22,348 | -22,302 |
Beginning cash and cash equivalents | 68,696 | 46,348 | 68,650 |
Ending cash and cash equivalents | 87,974 | 68,696 | 46,348 |
the Company | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income | 31,688 | 35,241 | 26,328 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' |
Equity in undistributed earnings of subsidiary | -20,537 | -36,401 | -27,176 |
Vesting of restricted stock | -89 | 1,805 | 1,327 |
Net change in intercompany receivable | 111 | -31,946 | 0 |
Net change in other assets | -594 | -665 | -402 |
Net change in other liabilities | 364 | -325 | 200 |
Net cash used in operating activities | 10,943 | -32,291 | 277 |
Cash flows from investing activities | ' | ' | ' |
Capital contribution to subsidiary | 0 | 29,007 | 0 |
Cash and cash equivalents from acquisition | 0 | 599 | 0 |
Payments received on ESOP notes receivable | 1,362 | 1,298 | 1,241 |
Net cash provided by (used in) investing activities | 1,362 | 30,904 | 1,241 |
Cash flows from financing activities | ' | ' | ' |
Share repurchase | -1,554 | 0 | -13,012 |
Proceeds (repayments) from borrowing | 0 | 0 | -10,000 |
Net issuance of common stock under employee stock plans | 1,329 | 2,236 | 0 |
Payment of dividends | -12,780 | -15,448 | -6,918 |
Net cash provided by (used in) financing activities | -13,005 | -13,212 | -29,930 |
Net change in cash and cash equivalents | -700 | -14,599 | -28,412 |
Beginning cash and cash equivalents | 47,559 | 62,158 | 90,570 |
Ending cash and cash equivalents | $46,859 | $47,559 | $62,158 |
QUARTERLY_FINANCIAL_DATA_Unaud2
QUARTERLY FINANCIAL DATA (Unaudited) - (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest Income | $34,499 | $33,875 | $35,296 | $33,419 | $36,481 | $37,008 | $35,127 | $29,376 | $137,089 | $137,992 | $116,224 | ||||||||
Total interest expense | 4,430 | 4,687 | 4,858 | 4,894 | 4,953 | 5,389 | 5,941 | 5,886 | 18,869 | 22,169 | 33,646 | ||||||||
Net Interest income | 30,069 | 29,188 | 30,438 | 28,525 | 31,528 | 31,619 | 29,186 | 23,490 | 118,220 | 115,823 | 82,578 | ||||||||
Provision for loan losses | 616 | -158 | 1,858 | 883 | -17 | 814 | 1,447 | 895 | 3,199 | 3,139 | 3,970 | ||||||||
Available-for-sale Securities, Gross Realized Gain (Loss) | 0 | 0 | 0 | -177 | 0 | 898 | 116 | 0 | ' | ' | ' | ||||||||
Net income | $7,244 | [1] | $8,212 | [1] | $8,174 | [1] | $8,058 | [1] | $10,361 | [1] | $11,316 | [1] | $6,492 | [1] | $7,072 | [1] | $31,688 | $35,241 | $26,328 |
Earnings per share, Basic (in dollars per share) | $0.19 | $0.22 | $0.21 | $0.21 | $0.28 | $0.30 | $0.17 | $0.22 | $0.83 | $0.98 | $0.81 | ||||||||
Earnings Per Share, Diluted (in dollars per share) | $0.19 | $0.21 | $0.21 | $0.21 | $0.27 | $0.30 | $0.17 | $0.22 | $0.83 | $0.98 | $0.81 | ||||||||
[1] | Net income includes a goodwill impairment charge of $818 during the second quarter of 2012. |
QUARTERLY_FINANCIAL_DATA_Unaud3
QUARTERLY FINANCIAL DATA (Unaudited) - Textual (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' |
Impairment of goodwill | $818 | $0 | $818 | $271 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS - (Details) (LegacyTexas Group, Inc. [Member], USD $) | 0 Months Ended |
In Millions, except Share data, unless otherwise specified | Nov. 25, 2013 |
Subsequent Event [Line Items] | ' |
Amount of shares that target shareholders will be entitle to receive | 6.006 |
Termination fee in the event that the transaction is terminated under specific circumstances | $8.40 |
Common Stock | ' |
Subsequent Event [Line Items] | ' |
Amount per share that target shareholders will be entitle to receive | $126.12 |
Common Stock | Scenario, Forecast [Member] | ' |
Subsequent Event [Line Items] | ' |
The number of shares that the company is expecting to issue | 7,850,000 |