Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CADE | |
Entity Registrant Name | CADENCE BANCORPORATION | |
Entity Central Index Key | 0001614184 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-38058 | |
Entity Tax Identification Number | 47-1329858 | |
Entity Address, Address Line One | 2800 Post Oak Boulevard | |
Entity Address, Address Line Two | Suite 3800 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77056 | |
City Area Code | (713) | |
Local Phone Number | 871-4000 | |
Entity Common Stock, Shares Outstanding | 128,015,327 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Class A Common Stock | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 236,628 | $ 237,342 |
Interest-bearing deposits with banks | 816,604 | 523,436 |
Federal funds sold | 7,870 | 18,502 |
Total cash and cash equivalents | 1,061,102 | 779,280 |
Investment securities available-for-sale | 1,705,325 | 1,187,252 |
Other securities - FRB and FHLB stock | 77,239 | 50,752 |
Loans held for sale | 45,252 | 59,461 |
Loans | 13,637,042 | 10,053,923 |
Less: allowance for credit losses | (127,773) | (94,378) |
Net loans | 13,509,269 | 9,959,545 |
Premises and equipment, net | 127,757 | 63,621 |
Other real estate owned | 1,571 | 2,406 |
Cash surrender value of life insurance | 182,129 | 109,850 |
Net deferred tax asset | 33,224 | |
Goodwill | 486,000 | 307,083 |
Other intangible assets, net | 111,488 | 7,317 |
Other assets | 548,814 | 170,494 |
Total Assets | 17,855,946 | 12,730,285 |
Liabilities: | ||
Noninterest-bearing deposits | 3,602,861 | 2,454,016 |
Interest-bearing deposits | 11,186,851 | 8,254,673 |
Total deposits | 14,789,712 | 10,708,689 |
Securities sold under agreements to repurchase | 1,106 | |
Federal Home Loan Bank advances | 100,000 | 150,000 |
Senior debt | 49,922 | 184,801 |
Subordinated debt | 182,594 | 98,910 |
Junior subordinated debentures | 37,322 | 36,953 |
Notes payable | 2,054 | |
Net deferred tax liability | 30,802 | |
Other liabilities | 187,596 | 111,552 |
Total liabilities | 15,380,002 | 11,292,011 |
Shareholders' Equity: | ||
Common stock $0.01 par value, authorized 300,000,000 shares; 132,953,645 shares issued and 128,173,765 shares outstanding at September 30, 2019 and 83,625,000 shares issued and 82,497,009 shares outstanding at December 31, 2018 | 1,330 | 836 |
Additional paid-in capital | 1,871,433 | 1,041,000 |
Treasury stock, at cost, 4,779,880 shares and 1,127,991 shares, respectively | (90,862) | (22,010) |
Retained earnings | 543,638 | 461,360 |
Accumulated other comprehensive income (loss) | 150,405 | (42,912) |
Total shareholders' equity | 2,475,944 | 1,438,274 |
Total Liabilities and Shareholders' Equity | $ 17,855,946 | $ 12,730,285 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 132,953,645 | 83,625,000 |
Common Stock, Shares, Outstanding | 128,173,765 | 82,497,009 |
Treasury stock, shares outstanding | 4,779,880 | 1,127,991 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
INTEREST INCOME | ||||
Interest and fees on loans | $ 197,970 | $ 121,057 | $ 605,732 | $ 337,588 |
Interest and dividends on securities: | ||||
Taxable | 9,657 | 6,248 | 30,751 | 16,884 |
Tax-exempt | 1,495 | 1,734 | 4,861 | 7,802 |
Other interest income | 4,027 | 2,714 | 11,114 | 6,535 |
Total interest income | 213,149 | 131,753 | 652,458 | 368,809 |
INTEREST EXPENSE | ||||
Interest on time deposits | 17,083 | 10,312 | 54,567 | 28,300 |
Interest on other deposits | 31,338 | 17,196 | 91,262 | 38,168 |
Interest on borrowed funds | 4,541 | 6,145 | 16,365 | 17,746 |
Total interest expense | 52,962 | 33,653 | 162,194 | 84,214 |
Net interest income | 160,187 | 98,100 | 490,264 | 284,595 |
Provision for credit losses | 43,764 | (1,365) | 83,901 | 4,278 |
Net interest income after provision for credit losses | 116,423 | 99,465 | 406,363 | 280,317 |
NONINTEREST INCOME | ||||
Investment advisory revenue | 6,532 | 5,535 | 17,971 | 16,177 |
Trust services revenue | 4,440 | 4,449 | 13,353 | 13,578 |
Credit related fees | 5,960 | 3,549 | 16,171 | 10,933 |
Service charges on deposit accounts | 5,462 | 3,813 | 15,322 | 11,576 |
Payroll processing revenue | 1,196 | 3,776 | ||
SBA income | 2,216 | 5,079 | ||
Other service fees | 1,700 | 1,319 | 5,711 | 3,998 |
Mortgage banking income | 1,079 | 747 | 2,332 | 1,974 |
Securities gains (losses), net | 775 | 2 | 1,701 | (1,799) |
Other income | 5,282 | 4,562 | 15,611 | 17,194 |
Total noninterest income | 34,642 | 23,976 | 97,027 | 73,631 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 51,904 | 35,811 | 159,035 | 111,432 |
Premises and equipment | 10,913 | 7,561 | 33,019 | 22,283 |
Merger related expenses | 1,010 | 178 | 27,572 | 934 |
Intangible asset amortization | 6,025 | 650 | 17,986 | 2,157 |
Other expense | 24,431 | 17,031 | 70,640 | 48,799 |
Total noninterest expense | 94,283 | 61,231 | 308,252 | 185,605 |
Income before income taxes | 56,782 | 62,210 | 195,138 | 168,343 |
Income tax expense | 12,796 | 15,074 | 44,605 | 34,408 |
Net income | $ 43,986 | $ 47,136 | $ 150,533 | $ 133,935 |
Weighted average common shares outstanding (Basic) | 128,457,491 | 83,625,000 | 129,237,553 | 83,625,000 |
Weighted average common shares outstanding (Diluted) | 128,515,274 | 84,660,256 | 129,359,287 | 84,709,240 |
Earnings per common share (Basic) | $ 0.34 | $ 0.56 | $ 1.16 | $ 1.60 |
Earnings per common share (Diluted) | $ 0.34 | $ 0.56 | $ 1.16 | $ 1.58 |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 43,986 | $ 47,136 | $ 150,533 | $ 133,935 |
Net unrealized gains (losses) on securities available-for-sale: | ||||
Net unrealized gains (losses) arising during the period (net of $2,426, ($2,881), $14,826, and($11,441) tax effect, respectively) | 8,081 | (9,582) | 49,382 | (38,064) |
Less reclassification adjustments for gains (losses) realized in net income (net of $179, $0, $393 and $(416) tax effect, respectively) | 596 | 2 | 1,308 | (1,383) |
Net unrealized gains (losses) on securities available-for-sale | 7,485 | (9,584) | 48,074 | (36,681) |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | ||||
Net unrealized gains (losses) arising during the period (net of $10,868, ($835), $43,260 and ($4,311) tax effect, respectively) | 30,927 | (2,781) | 144,093 | (14,345) |
Less reclassification adjustments for gains (losses) realized in net income (net of $344, $(371), $(345) and $(721) tax effect, respectively) | 1,141 | (1,237) | (1,150) | (2,400) |
Net change in unrealized gains (losses) on derivative instruments | 29,786 | (1,544) | 145,243 | (11,945) |
Other comprehensive gains (losses), net of tax | 37,271 | (11,128) | 193,317 | (48,626) |
Comprehensive income | $ 81,257 | $ 36,008 | $ 343,850 | $ 85,309 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net unrealized gains (losses) arising during the period, tax effect | $ 2,426 | $ (2,881) | $ 14,826 | $ (11,441) |
Reclassification adjustments for (gains) losses realized in net income, tax effect | 179 | 0 | 393 | (416) |
Net unrealized gains(losses) arising during the period, tax effect | 10,868 | (835) | 43,260 | (4,311) |
Reclassification adjustments for losses realized in net income, tax effect | $ 344 | $ (371) | $ (345) | $ (721) |
UNAUDITED STATEMENTS OF CHANGES
UNAUDITED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated OCI |
Balance at Dec. 31, 2017 | $ 1,359,056 | $ 836 | $ 1,037,040 | $ 340,213 | $ (19,033) | |
Net income | 38,825 | 38,825 | ||||
Equity-based compensation cost | 453 | 453 | ||||
Cash dividends declared | (10,453) | (10,453) | ||||
Cumulative effect of adoption of new accounting principle | 1,000 | 1,000 | ||||
Other comprehensive income (loss) | (31,778) | (31,778) | ||||
Balance at Mar. 31, 2018 | 1,357,103 | 836 | 1,037,493 | 369,585 | (50,811) | |
Balance at Dec. 31, 2017 | 1,359,056 | 836 | 1,037,040 | 340,213 | (19,033) | |
Net income | 133,935 | |||||
Other comprehensive income (loss) | (48,626) | (48,626) | ||||
Balance at Sep. 30, 2018 | 1,414,826 | 836 | 1,040,038 | 441,611 | (67,659) | |
Balance at Mar. 31, 2018 | 1,357,103 | 836 | 1,037,493 | 369,585 | (50,811) | |
Net income | 47,974 | 47,974 | ||||
Equity-based compensation cost | 1,086 | 1,086 | ||||
Cash dividends declared | (10,453) | (10,453) | ||||
Dividend equivalents on restricted stock units (Note 20) | (34) | (34) | ||||
Other comprehensive income (loss) | (5,720) | (5,720) | ||||
Balance at Jun. 30, 2018 | 1,389,956 | 836 | 1,038,579 | 407,072 | (56,531) | |
Net income | 47,136 | 47,136 | ||||
Equity-based compensation cost | 1,459 | 1,459 | ||||
Cash dividends declared | (12,544) | (12,544) | ||||
Dividend equivalents on restricted stock units (Note 20) | (53) | (53) | ||||
Other comprehensive income (loss) | (11,128) | (11,128) | ||||
Balance at Sep. 30, 2018 | 1,414,826 | 836 | 1,040,038 | 441,611 | (67,659) | |
Balance at Dec. 31, 2018 | 1,438,274 | 836 | 1,041,000 | $ (22,010) | 461,360 | (42,912) |
Net income | 58,201 | 58,201 | ||||
Equity-based compensation cost | 1,188 | 1,188 | ||||
Cash dividends declared | (22,727) | (22,727) | ||||
Dividend equivalents on restricted stock units (Note 20) | (125) | (125) | ||||
Purchase of treasury stock - at cost | (58,830) | (58,830) | ||||
Issuance of 49,232,008 common shares for State Bank acquisition, net of issuance costs (Note 2) | 826,113 | 492 | 825,621 | |||
Value of stock warrants assumed from State Bank acquisition | 251 | 251 | ||||
Common stock issuance costs | (295) | (295) | ||||
Issuance of common shares for restricted stock unit vesting (Note 20) | 1 | (1) | ||||
Issuance of treasury stock shares for exercise of stock warrant | (7) | 7 | ||||
Other comprehensive income (loss) | 60,773 | 60,773 | ||||
Balance at Mar. 31, 2019 | 2,302,823 | 1,329 | 1,867,757 | (80,833) | 496,709 | 17,861 |
Balance at Dec. 31, 2018 | 1,438,274 | 836 | 1,041,000 | (22,010) | 461,360 | (42,912) |
Net income | 150,533 | |||||
Other comprehensive income (loss) | 193,317 | 193,317 | ||||
Balance at Sep. 30, 2019 | 2,475,944 | 1,330 | 1,871,433 | (90,862) | 543,638 | 150,405 |
Balance at Mar. 31, 2019 | 2,302,823 | 1,329 | 1,867,757 | (80,833) | 496,709 | 17,861 |
Net income | 48,346 | 48,346 | ||||
Equity-based compensation cost | 2,711 | 2,711 | ||||
Cash dividends declared | (22,539) | (22,539) | ||||
Dividend equivalents on restricted stock units (Note 20) | (257) | (257) | ||||
Common stock issuance costs | (285) | (285) | ||||
Issuance of treasury stock shares for exercise of stock warrant | (86) | 86 | ||||
Other comprehensive income (loss) | 95,273 | 95,273 | ||||
Balance at Jun. 30, 2019 | 2,426,072 | 1,329 | 1,870,097 | (80,747) | 522,259 | 113,134 |
Net income | 43,986 | 43,986 | ||||
Equity-based compensation cost | 1,501 | 1,501 | ||||
Cash dividends declared | (22,438) | (22,438) | ||||
Dividend equivalents on restricted stock units (Note 20) | (169) | (169) | ||||
Purchase of treasury stock - at cost | (10,346) | (10,346) | ||||
Issuance of common shares for restricted stock unit vesting (Note 20) | 1 | 1 | ||||
Issuance of treasury stock shares for exercise of stock warrant | 66 | (165) | 231 | |||
Other comprehensive income (loss) | 37,271 | 37,271 | ||||
Balance at Sep. 30, 2019 | $ 2,475,944 | $ 1,330 | $ 1,871,433 | $ (90,862) | $ 543,638 | $ 150,405 |
UNAUDITED STATEMENTS OF CHANG_2
UNAUDITED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||||||
Cash dividends declared per common share | $ 0.175 | $ 0.175 | $ 0.175 | $ 0.15 | $ 0.125 | $ 0.125 |
Issuance of common shares for acquisition, net of issuance costs | 49,232,008 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Cash Flows [Abstract] | ||
NET CASH FLOWS FROM OPERATING ACTIVITIES | $ 218,262 | $ 149,727 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash received in acquisitions | 409,137 | |
Purchase of securities available-for-sale | (406,408) | (337,921) |
Proceeds from sales of securities available-for-sale | 384,298 | 264,231 |
Proceeds from maturities, calls and paydowns of securities available-for-sale | 233,469 | 80,473 |
Purchases of other securities, net | (26,487) | |
Proceeds from sale of commercial loans held for sale | 16,984 | 17,031 |
Increase in loans, net | (259,731) | (1,214,163) |
Proceeds from sale of insurance subsidiary assets | 14,039 | |
Purchase of premises and equipment | (9,562) | (6,958) |
Proceeds from disposition of foreclosed property | 5,621 | 6,858 |
Other, net | (1,789) | (9,694) |
Net cash provided by (used in) investing activities | 345,532 | (1,186,104) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
(Decrease) increase in deposits, net | (18,108) | 546,761 |
Net change in securities sold under agreements to repurchase | (25,005) | 1,165 |
Repayment of short term FHLB advances | (150,000) | |
Issuance of subordinated debentures | 83,474 | |
Proceeds from long term FHLB advances | 100,000 | 190,000 |
Repayment of senior debt | (134,922) | |
Repurchase of common stock | (69,176) | |
Cash dividends paid on common stock | (67,704) | (33,487) |
Other, net | (531) | |
Net cash (used in) provided by financing activities | (281,972) | 704,439 |
Net decrease in cash and cash equivalents | 281,822 | (331,938) |
Cash and cash equivalents at beginning of period | 779,280 | 730,811 |
Cash and cash equivalents at end of period | $ 1,061,102 | $ 398,873 |
Summary of Accounting Policies
Summary of Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Accounting Policies | Note 1—Summary of Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited consolidated financial statements for the Company have been prepared in accordance with instructions to the SEC Form 10-Q and Article 10 of Regulation S-X; therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, comprehensive income, and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the periods covered by this report have been included. These interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018. Operating results for the period ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The Company and its subsidiaries follow accounting principles generally accepted in the United States of America, including, where applicable, general practices within the banking industry. The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a variable-interest entity (“VIE”) is performed on an on-going basis. All equity investments in non-consolidated VIEs are included in “other assets” in the Company’s consolidated balance sheets (see Note 22). Certain amounts reported in prior years have been reclassified to conform to the 2019 presentation. These reclassifications did not materially impact the Company’s consolidated balance sheets or consolidated statements of income. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 855, Subsequent Events Nature of Operations The Company’s primary subsidiary is the Bank. The Bank operates under a national bank charter and is subject to regulation by the Office of the Comptroller of the Currency (“OCC”). The Bank provides full banking services in six southern states: Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas. The Bank’s operating subsidiaries include: • Linscomb & Williams, Inc. — financial advisory firm; • Cadence Investment Services, Inc. — provides investment and insurance products; and • Altera Payroll and Insurance, Inc. — provides payroll services. The Company and the Bank also have certain other non-operating and immaterial subsidiaries. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are susceptible to significant change in the near term are the allowance for credit losses, valuation of and accounting for acquired credit impaired loans, valuation of goodwill, intangible assets and deferred income taxes. Accounting Policies Business Combinations Assets and liabilities acquired in business combinations are accounted for under the acquisition method of accounting and, accordingly, are recorded at their estimated fair values on the acquisition date. The Company generally records provisional amounts at the time of acquisition based on the information available. These provisional estimates of fair values may be adjusted for a period of up to one year from the acquisition date if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Adjustments recorded during this period are recognized in the current reporting period. The excess cost over fair value of net assets acquired is recorded as goodwill. On January 1, 2019 we completed our merger with State Bank Financial Corporation (see Note 2). Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases , Leases (Topic 842): Targeted Improvements In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842) Narrow-Scope Improvements for Lessors The Company adopted ASU 2016-02 and related ASUs on January 1, 2019 using the optional modified retrospective transition approach which resulted in a right-of-use (“ROU”) asset of approximately $80.0 million and lease liability of $92.3 million (see Note 7). The Company elected to adopt the package of practical expedients permitted under ASC 842 which, among other things, does not require reassessment of lease classification. The Company determines if an arrangement is or contains a lease at the inception of the contract. In determining the present value of lease payments, the Bank uses our incremental borrowing rate as the discount rate for the leases. The Bank has defined a separate accounting policy for real estate and non-real estate leases to account for non-lease components from a lessee perspective. For non-real estate leases, we elected the practical expedient to not separate non-lease components from lease components and instead to account for both as a single lease component as it relates to this class type. The election was made to separate the non-lease components from the lease components in real estate leases due to the volume of real estate leases that are structured as triple net leases, where many of these expenses are already excluded from the lease. The Company’s lease agreements do not contain any residual value guarantees. The Bank elected to apply the short-term lease exception to existing leases that meet the definition of a short-term lease, considering the lease term from the commencement date, not the remaining term at the date of adoption. The Bank elected to include all renewal options in the lease term in determination of the capitalization period and lease liability and ROU asset. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842): Codification Improvements . ASU 2019-01 updates codification improvements related to ASU 2016-02 to increase stakeholders’ awareness of the amendments and to expedite the improvements. The amendments in ASU 2019-01 address three topics which include 1) determining the fair value of the underlying asset by lessors that are not manufacturers or dealers (Issue 1); 2) presentation on the statement of cash flows-sales-type and direct financing leases (Issue 2); and 3) transition disclosures related to ASC 250, Accounting Changes and Error Corrections (Issue 3). ASU 2019-01 will be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years for public business entities. An entity is permitted to early adopt. However, an entity should apply the amendments as of the date that it first applied ASC 842. The transition and effective date provisions apply to Issue 1 and Issue 2. The Company adopted ASU 2019-01 at January 1, 2019 and it did not have a material impact on the Company’s financial condition, results of operations, or cash flows. In March 2017, the FASB issued ASU No. 2017-08, Receivables–Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes Pending Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments • Replaces the current incurred loss accounting model with an expected loss approach and requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. • Eliminates existing guidance for acquired credit impaired (“ACI”) loans and requires recognition of the nonaccretable difference as an increase to the allowance for expected credit losses on financial assets purchased with more than insignificant credit deterioration since origination, which will be offset by an increase in the recorded investment of the related loans. For ACI loans accounted for under ASC 310-30 prior to adoption, the guidance in this amendment for purchase credit deteriorated assets will be prospectively applied. • Requires inclusion of expected recoveries, limited to the cumulative amount of prior write-offs, when estimating the allowance for credit losses for in-scope financial assets (including collateral dependent assets). • Amends existing impairment guidance for available-for-sale (“AFS”) securities to incorporate an allowance, which will allow for reversals of credit impairments if the credit of an issuer improves. The Company expects no material allowance impact to available-for-sale securities • Requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. • Required effective date: January 1, 2020. • Upon adoption, Cadence will record a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. • Cadence’s cross-functional CECL implementation team consists of representatives from finance, credit, and risk management. The team is progressing through its detailed project plan and timeline that has included limited parallel CECL runs in the first three quarters of 2019. Cadence continues to develop key accounting policies and assess the credit loss models, processes and the associated data requirements needed to meet the standard. Cadence expects to complete validation of the credit loss models in 2019. For the remainder of 2019, management will continue to execute the new processes in parallel with the existing processes to ensure that Cadence has an appropriate control environment over the allowance for credit losses upon adoption in 2020. • Cadence expects that the allowance related to its loans and commitments will increase as it will relate to credit losses over the full remaining expected life of the portfolio. Cadence currently intends to estimate losses through various models that include selected forecasted macroeconomic variables produced in a baseline macroeconomic scenario forecast provided by an external party. • Based on current expectations of future economic conditions, Cadence believes its allowance for credit losses on loans may increase by up to 65% from its allowance for credit losses as of September 30, 2019, as disclosed herein, with approximately 29% of this increase driven by the consumer residential portfolio and approximately 44% from the acquired noncredit impaired loans. The impact to regulatory capital is expected to be minimal; Cadence plans to elect the transition provisions provided by the banking agencies and will phase-in the “Day One” regulatory capital effects resulting from adoption of CECL over the three-year period beginning January 1, 2020. The ultimate impact will depend on the characteristics of the portfolio as well as the macroeconomic conditions and forecasts upon adoption, the ultimate validation of models and methodologies, and other management judgments In January 2017, the FASB issued ASU No. 2017-04, Intangibles–Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-14, Compensation–Retirement Benefits–Defined Benefit Plans–General (Subtopic 715-20): Disclosure Framework–Changes to the Disclosure Requirements for Defined Benefit Plans. This ASU makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020; early adoption is permitted. As ASU 2018-14 only revises disclosure requirements, it will not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force). This standard aligns the requirements for capitalizing implementation costs in a hosting arrangement service contract with the existing guidance for capitalizing implementation costs incurred for an internal-use software license. This standard also requires capitalizing or expensing implementation costs based on the nature of the costs and the project stage during which they are incurred and establishes additional disclosure requirements. This standard will be effective for annual periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption of this standard is permitted. The Company currently plans to adopt the standard prospectively and is evaluating the impact this guidance may have on its consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This ASU amends ASC 810 guidance on how all reporting entities evaluate indirect interests held through related parties in common control arrangements when determining whether fees paid to decision makers and service providers are variable interests. ASU 2018-17 is effective for fiscal years ending after December 15, 2019, including interim periods within those annual periods; early adoption is permitted. The Company believes the adoption of this guidance will not have a material impact on its consolidated financial statements. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments–Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, that clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging activities, and recognition and measurement. The amendments clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates, and prepayments, among other things. With respect to hedge accounting, the amendments address partial-term fair value hedges, fair value hedge basis adjustments, application by not-for-profit entities and private companies, and certain transition requirements, among other things. On recognizing and measuring financial instruments, they address the scope of the guidance, the requirement for remeasurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which equity securities must be remeasured at historical exchange rates. The credit losses and hedging amendments have the same effective dates as the respective standards, unless an entity has already adopted the standards. The pending adoption of the credit loss standard, or CECL, is discussed above. Since the Company early adopted the guidance in ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities in 2018, the amended hedge accounting guidance in ASU No. 2019-04 will be effective as of the beginning of the first annual reporting period beginning after April 25, 2019 with early adoption permitted on any date after the issuance of this ASU and is not expected to have a material impact on the consolidated financial statements. The amendments related to recognizing and measuring financial instruments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effect these amendments may have on its consolidated financial statements and disclosures. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | Note 2—Business Combinations State Bank On January 1, 2019, the Company acquired all the outstanding stock of State Bank Financial Corporation (“State Bank”), of Atlanta, Georgia, the bank holding company for State Bank and Trust Company, in a stock transaction. State Bank shareholders received 1.271 shares of the Company’s Class A common stock in exchange for each share of State Bank common stock resulting in the Company issuing 49.2 million shares of its Class A common stock. In total, the purchase price for State Bank was $826.4 million, including $826.1 million in the Company’s common stock and $0.3 million representing the fair value of unexercised warrants. The Company’s strategic rationale for the transaction was to expand our market presence into Georgia, create a more diverse business mix as well as an attractive funding base and leverage operating costs through economies of scale. The acquisition added $3.5 billion in loans and $4.1 billion in deposits as well as 32 branch locations across Georgia. The State Bank transaction was accounted for using the acquisition method of accounting. Accordingly, the results of operations of the acquired company have been included in the Company’s results of operations since the date of acquisition. Under this method of accounting, assets acquired, liabilities assumed, and consideration paid were recorded at their estimated fair values on the acquisition date. The fair values of securities, loans, OREO, premises and equipment, core deposit intangibles, other assets and deposits were determined with the assistance of appraisals, third-party valuations and advisors. The following table provides the purchase price calculation as of the acquisition date and the identifiable assets acquired and the liabilities assumed at their fair values. These fair value measurements are based on internal and third-party valuations. (In thousands, except shares and per share data) As Recorded by Cadence Assets Cash and cash equivalents $ 414,342 Investment securities available-for-sale 667,865 Loans held for sale 148,469 Loans 3,317,896 Premises and equipment 65,646 Cash surrender value of life insurance 69,252 Intangible assets 117,038 Other assets 46,294 Total assets acquired $ 4,846,802 Liabilities Deposits $ 4,096,665 Short term borrowings 23,899 Other liabilities 76,180 Total liabilities assumed 4,196,744 Net identifiable assets acquired over liabilities assumed 650,058 Goodwill 176,322 Net assets acquired over liabilities assumed $ 826,380 Consideration: Cadence Bancorporation common shares issued 49,232,008 Fair value per share of the Company's common stock $ 16.78 Company common stock issued 826,113 Fair value of unexercised warrants 267 Fair value of total consideration transferred $ 826,380 Measurement Period Adjustments . The Company estimated the fair value of loans by utilizing the discounted cash flow method applied to pools of loans aggregated by product categories and interest rate type. In addition, certain cash flows were estimated on an individual loan basis based on current performance and collateral value, if the loan is collateral dependent. Contractual principal and interest cash flows were projected based on the payment type (i.e., amortizing or interest only), interest rate type (i.e., fixed or adjustable), interest rate index, weighted average maturity, weighted average interest rate, weighted average spread, and weighted average interest rate floor of each loan pool. The expected cash flows for each category were determined by estimating future credit losses using probabilities of default (PD), loss given default (LGD) and the rate of prepayments. Projected monthly cash flows were then discounted to present value based on discount rates developed from various sources including an analysis of State Bank’s newly originated loans, a buildup approach and market data. There was no carryover of State Bank’s ACL associated with the loans acquired. The valuation of the acquired loans was not final prior to March 31, 201 9 , due to the complexity and time involved in valuing loans. An estimate was recorded during the first quarter of 201 9 based on the results of a valuation exercise conducted as of December 31, 201 8 , and applied to the January 1, 201 9 , balance of loans acquired from State Bank . During the second and third quarter s of 201 9 , we continued to analyze the valuations assigned to the acquired assets and assumed liabilities and o ur third - party valuation firm provided updated valuation assumption s for loans . These updated assumptions impacted the January 1, 2019, valuation estimates for the acquired loans. In addition, adjustments were made to deferred taxes and accrued expense b alances based on new information resulting in the revised fair values displayed below. W e updated our estimated fair values of these items within our Consolidated Balance Sheet with a corresponding adjustment to goodwill. These changes are gross of taxes and reflected in the following table: (In thousands) Acquired Asset or Liability Balance Sheet Line Item Provisional Estimate Revised Estimate Increase (Decrease) Loans Loans $ 3,324,056 $ 3,317,896 $ (6,160 ) Current and deferred taxes Other assets 2,125 5,174 3,049 Other liabilities Other liabilities 76,278 76,180 (98 ) The impact on the income statement resulting from the changes to the estimated fair values was insignificant. We continue to analyze the assumptions and related valuation results associated with the acquired loans, and accordingly, the valuation of the loans is not final as of September 30, 2019, however will be finalized no later than December 31, 2019. As the valuations remain provisional and subject to updates, the purchase accounting accretion amounts are also subject to adjustments. On January 1, 2019, the estimated fair value of the acquired non-credit impaired (“ANCI”) loans acquired in the State Bank transaction was $3.2 billion, which is net of a $83.8 million discount. The gross contractual amounts receivable of the ANCI loans at acquisition was $3.9 billion, of which $0.2 billion is the amount of contractual cash flows not expected to be collected. The Company accounts for and evaluates acquired credit impaired (“ACI”) loans in accordance with the provisions of ASC Topic 310-30. When ACI loans exhibit evidence of credit deterioration since origination and it is probable at the date of acquisition that the Company will not collect all principal and interest payments in accordance with the terms of the loan agreement, the expected shortfall in future cash flows, as compared to the contractual amount due, is recognized as a non-accretable discount. Any excess of expected cash flows over the acquisition date fair value is known as the accretable discount and is recognized as accretion income over the life of each pool or individual loan. Information about the ACI loans acquired in the State Bank merger as of the acquisition date is as follows: (In thousands) Acquired Credit Impaired Loans Contractually required principal and interest at acquisition $ 143,283 Contractual cash flows not expected to be collected (nonaccretable difference) 54,954 Expected cash flows at acquisition 88,329 Accretable difference 10,053 Basis in acquired loans at acquisition - estimated fair value $ 78,276 Intangible assets consisted of the core deposit intangible and the customer relationship intangible of a subsidiary. The core deposit intangible asset recognized of $111.9 million is being amortized over its estimated useful life of ten years utilizing an accelerated method. The benefit of the deposit base is equal to the difference in cash flows between maintaining the existing deposits and obtaining alternative funds over the life of the deposit base. The difference was tax effected and discounted to present value at a risk-adjusted discount rate. The customer relationship and trademark intangible recognized of $3.7 million and $1.4 million are being amortized over estimated useful lives of ten and twenty years, respectively, using an accelerated method. Goodwill of $176.3 million was recorded as a result of the transaction and is not amortized for financial statement purposes. All the goodwill was assigned to the Banking segment. The goodwill recorded is not deductible for income tax purposes Certificates of deposit, including IRAs, were valued by projecting out the expected cash flows based on the contractual terms of the certificates of deposit. The fair values of savings and transaction deposit accounts were assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. These cash flows were discounted using the interest rates on fixed maturity deposits offered by Cadence and State Bank as of January 1, 2019 resulting in a $3.4 million discount amortized over a twelve-month period. Unfunded commitments are contractual obligations by a financial institution for future funding as it relates to closed end or revolving lines of credit. The Company valued these unfunded commitments at $26.8 million and recorded a liability using the “Netback” method. The following table presents certain unaudited pro forma information for the results of operations for the nine months ended September 30, 2019 and 2018, as if State Bank had been acquired on January 1, 2018. The pro forma results combine the historical results of State Bank into the Company’s consolidated income statements including the impact of certain acquisition accounting adjustments including loan discount accretion, investment securities discount accretion, intangible assets amortization and deposit premium accretion. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what would have occurred had the acquisition taken place on January 1, 2018. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. Merger-related costs of $27.1 million recorded in the 2019 period and $0.9 million recorded by Cadence and $12.9 million recorded by State Bank in the 2018 period are not included in the pro forma statements below. Nine Months Ended September 30, 2019 2018 (In thousands) Pro Forma Pro Forma Total revenues (net interest income and noninterest income) $ 573,066 $ 572,693 Net income 151,694 197,034 Revenues and earnings of the acquired company since the acquisition date have not been disclosed as it is not practicable as State Bank was merged into the Company and separate financial information is not available. Merger-related expenses of $27.1 million incurred during the nine months ended September 30, 2019, are recorded in the consolidated income statement and include incremental costs related to the closing of the transaction, including legal, accounting and auditing, investment banker fees, certain employment related costs, travel, printing, supplies, and other costs. The data processing systems conversion occurred in February 2019. Wealth & Pension On July 1, 2019, the Company’s wholly owned subsidiary, Linscomb & Williams, Inc., acquired certain assets and assumed certain liabilities of Wealth and Pension Services Group, Inc. (“W&P”), a fee-based investment advisory firm with its principal office in Atlanta, Georgia. The total purchase consideration paid of $8.0 million included an initial cash payment of $5.2 million and future cash payments totaling approximately $2.1 million to be paid in installments over a five-year period pursuant to the Asset Purchase Agreement. W&P is also eligible for future earn-out payments pursuant to the Asset Purchase Agreement based on achieving certain levels of earnings growth over a three- and five-year period. The acquisition is accounted for as a business combination. During the third quarter of 2019, the Company recognized provisional identifiable intangible assets with an estimated fair value of $5.1 million, comprised primarily of customer relationships and noncompete agreements. We also recognized provisional goodwill of $2.6 million in connection with the acquisition. These fair value estimates represent our best estimate of fair value and are expected to be finalized over a period of up to one year from the acquisition date. Merger-related expenses of $0.5 million incurred in the nine months ended September 30, 2019, are recorded in the consolidated income statement. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 3—Investment Securities A summary of amortized cost and estimated fair value of securities available-for-sale at September 30, 2019 and December 31, 2018 is as follows: (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value September 30, 2019 Securities available-for-sale: U.S. Treasury securities $ — $ — $ — $ - Obligations of U.S. government agencies 72,073 230 220 72,083 Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 111,754 1,424 234 112,944 Issued by FNMA and FHLMC 856,871 11,743 743 867,871 Other residential mortgage-backed securities 301,117 4,986 301 305,802 Commercial mortgage-backed securities 141,205 3,761 315 144,651 Total MBS 1,410,947 21,914 1,593 1,431,268 Obligations of states and municipal subdivisions 194,057 7,917 — 201,974 Total securities available-for-sale $ 1,677,077 $ 30,061 $ 1,813 $ 1,705,325 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2018 Securities available-for-sale: U.S. Treasury securities $ 100,413 $ — $ 3,628 $ 96,785 Obligations of U.S. government agencies 60,975 316 284 61,007 Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 85,052 146 2,093 83,105 Issued by FNMA and FHLMC 594,874 694 10,367 585,201 Other residential mortgage-backed securities 36,339 8 1,178 35,169 Commercial mortgage-backed securities 114,383 287 5,255 109,415 Total MBS 830,648 1,135 18,893 812,890 Obligations of states and municipal subdivisions 229,475 207 13,112 216,570 Total securities available-for-sale $ 1,221,511 $ 1,658 $ 35,917 $ 1,187,252 The scheduled contractual maturities of securities available-for-sale at September 30, 2019 were as follows: Amortized Estimated (In thousands) Cost Fair Value Due in one year or less $ 30,233 $ 30,324 Due after one year through five years 9,492 9,527 Due after five years through ten years 16,128 15,959 Due after ten years 210,277 218,247 Mortgage-backed securities 1,410,947 1,431,268 Total $ 1,677,077 $ 1,705,325 Gross gains and gross losses on sales of securities available-for-sale for the three and nine months ended September 30, 2019 and 2018 are presented below. There were no other-than-temporary impairment charges included in gross realized losses for the three and nine months ended September 30, 2019 and 2018. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. For the Three Months Ended September 30, For the Nine Months Ended September 30, (In thousands) 2019 2018 2019 2018 Gross realized gains $ 1,406 $ 2 $ 3,219 $ 814 Gross realized losses (631 ) — (1,518 ) (2,613 ) Realized gains (losses) on sale of securities available for sale, net $ 775 $ 2 $ 1,701 $ (1,799 ) Securities with a carrying value of $607.7 million and $711.2 million at September 30, 2019 and December 31, 2018, respectively, were pledged to secure public deposits, FHLB borrowings, repurchase agreements and for other purposes as required or permitted by law. Information pertaining to Unrealized Loss Analysis Losses < 12 Months Losses > 12 Months (In thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses September 30, 2019 U.S. Treasury securities $ — $ — $ — $ — Obligations of U.S. government agencies 1,395 4 20,639 216 Mortgage-backed securities 163,312 803 72,047 790 Obligations of states and municipal subdivisions 201 — — 0 Total $ 164,908 $ 807 $ 92,686 $ 1,006 Unrealized loss analysis Losses < 12 Months Losses > 12 Months (In thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses December 31, 2018 U.S. Treasury securities $ — $ — $ 96,785 $ 3,628 Obligations of U.S. government agencies 25,978 183 10,152 101 Mortgage-backed securities 259,794 2,864 405,974 16,029 Obligations of states and municipal subdivisions 74,503 2,501 125,092 10,611 Total $ 360,275 $ 5,548 $ 638,003 $ 30,369 As of September 30, 2019 and December 31, 2018, approximately 15% and 84%, respectively, of the fair value of securities in the investment portfolio reflected an unrealized loss. As of September 30, 2019, there were 27 securities that had been in a loss position for more than twelve months, and 18 securities that had been in a loss position for less than 12 months. None of the unrealized losses relate to the marketability of the securities or the issuer’s ability to honor redemption of the obligations. The Company has adequate liquidity and, therefore, does not plan to sell and, more likely than not, will not be required to sell these securities before recovery of the indicated impairment. Accordingly, the unrealized losses on these securities have been determined to be temporary. |
Loans Held-for-Sale, Loans and
Loans Held-for-Sale, Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans Held-for-Sale, Loans and Allowance for Credit Losses | Note 4—Loans Held-for-Sale, Loans and Allowance for Credit Losses Loans Held-for-sale A summary of the loans held for sale at September 30, 2019 and December 31, 2018 is as follows: (In thousands) September 30, 2019 December 31, 2018 Mortgage loans held for sale $ 8,918 $ 17,004 Commercial loans held for sale 36,334 42,457 Loans held for sale $ 45,252 $ 59,461 The second quarter of 2019 included a sale of certain equipment finance loans acquired through the State Bank merger, reducing loans held for sale by approximately $130 million, as well as $34 million in non-core mortgage sales. The sales resulted in a gain of $1.9 million during the second quarter of 2019. Loans The following table presents total loans outstanding by portfolio segment and class of financing receivable as of September 30, 2019 and December 31, 2018. Outstanding balances include originated loans, Acquired Noncredit Impaired (“ANCI”) loans and Acquired Credit Impaired (“ACI”) loans. See Note 2 regarding the merger with State Bank on January 1, 2019. Additional information about ACI loans is presented separately in the “Acquired Credit-Impaired Loans” section of this Note. (In thousands) September 30, 2019 December 31, 2018 Commercial and Industrial General C&I $ 4,293,525 $ 3,275,362 Energy sector 1,510,892 1,285,775 Restaurant industry 1,050,315 1,096,366 Healthcare 485,899 539,839 Total commercial and industrial 7,340,631 6,197,342 Commercial Real Estate Income producing 2,591,312 1,266,791 Land and development 309,984 63,948 Total commercial real estate 2,901,296 1,330,739 Consumer Residential real estate 2,613,287 2,227,653 Other 109,935 67,100 Total consumer 2,723,222 2,294,753 Small Business Lending 750,930 266,283 Total (Gross of unearned discount and fees) 13,716,079 10,089,117 Unearned discount and fees (79,037 ) (35,194 ) Total (Net of unearned discount and fees) $ 13,637,042 $ 10,053,923 Allowance for Credit Losses (“ACL”) The ACL is management’s estimate of credit losses inherent in the loan portfolio at the balance sheet date. The Company has an established process to determine the adequacy of the ACL that assesses the losses inherent in our portfolio. While management attributes portions of the ACL to specific portfolio segments, the entire ACL is available to absorb credit losses inherent in the total loan portfolio. The ACL process involves procedures that appropriately consider the unique risk characteristics of the loan portfolio segments based on management’s assessment of the underlying risks and cash flows. For each portfolio segment, losses are estimated collectively for groups of loans with similar characteristics, individually for impaired loans or, for ACI loans, based on the changes in cash flows expected to be collected on a pool or individual basis. The level of the ACL is influenced by loan volumes, risk rating migration, historic loss experience influencing loss factors, and other conditions influencing loss expectations, such as economic conditions. The primary indicator of credit quality for the portfolio segments is its internal risk ratings. The assignment of loan risk ratings is the primary responsibility of the lending officer concurrent with approval from the credit officer reviewing and recommending approval of the credit. Additionally, there is independent review by internal credit review, which also performs ongoing, independent review of the risk management process. The risk management process includes underwriting, documentation and collateral control. Credit review is centralized and independent of the lending function. The credit review results are reported to senior management and the Board of Directors. A summary of the activity in the ACL for the three and nine months ended September 30, 2019 and 2018 is as follows: For the Three Months Ended September 30, 2019 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of June 30, 2019 $ 82,446 $ 13,417 $ 14,464 $ 5,018 $ 115,345 Provision for loan losses 36,660 4,590 1,256 1,258 43,764 Charge-offs (29,632 ) (542 ) (555 ) (921 ) (31,650 ) Recoveries 183 42 79 10 314 As of September 30, 2019 $ 89,657 $ 17,507 $ 15,244 $ 5,365 $ 127,773 For the Nine Months Ended September 30, 2019 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of December 31, 2018 $ 66,316 $ 10,452 $ 13,703 $ 3,907 $ 94,378 Provision for loan losses 70,611 7,893 2,702 2,695 83,901 Charge-offs (48,093 ) (880 ) (1,323 ) (1,272 ) (51,568 ) Recoveries 823 42 162 35 1,062 As of September 30, 2019 $ 89,657 $ 17,507 $ 15,244 $ 5,365 $ 127,773 Allocation of ending ACL ACI loans collectively evaluated for impairment $ — $ 2,155 $ 6,017 $ — $ 8,172 ACI loans individually evaluated for impairment 521 2,812 177 — 3,510 ANCI loans collectively evaluated for impairment 331 71 661 123 1,186 ANCI loans individually evaluated for impairment 413 — 6 45 464 Originated loans collectively evaluated for impairment 74,010 12,469 8,383 5,181 100,043 Originated loans individually evaluated for impairment 14,382 — — 16 14,398 ACL as of September 30, 2019 $ 89,657 $ 17,507 $ 15,244 $ 5,365 $ 127,773 Loans ACI loans collectively evaluated for impairment $ 27,216 $ 69,502 $ 107,526 $ 13,293 $ 217,537 ACI loans individually evaluated for impairment 12,579 21,620 463 1,972 36,634 ANCI loans collectively evaluated for impairment 998,499 1,298,314 464,718 407,403 3,168,934 ANCI loans individually evaluated for impairment 6,520 1,215 1,496 205 9,436 Originated loans collectively evaluated for impairment 6,205,399 1,510,645 2,147,866 327,970 10,191,880 Originated loans individually evaluated for impairment 90,418 — 1,153 87 91,658 Loans as of September 30, 2019 $ 7,340,631 $ 2,901,296 $ 2,723,222 $ 750,930 $ 13,716,079 For the Three Months Ended September 30, 2018 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of June 30, 2018 $ 59,620 $ 11,470 $ 14,703 $ 4,827 $ 90,620 Provision for loan losses 2,434 (1,586 ) (995 ) (1,218 ) (1,365 ) Charge-offs (3,177 ) (2 ) (86 ) — (3,265 ) Recoveries 40 70 51 — 161 As of September 30, 2018 $ 58,917 $ 9,952 $ 13,673 $ 3,609 $ 86,151 For the Nine Months Ended September 30, 2018 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of December 31, 2017 $ 55,919 $ 11,990 $ 14,983 $ 4,684 $ 87,576 Provision for loan losses 8,249 (2,323 ) (944 ) (704 ) 4,278 Charge-offs (6,642 ) (2 ) (602 ) (481 ) (7,727 ) Recoveries 1,391 287 236 110 2,024 As of September 30, 2018 $ 58,917 $ 9,952 $ 13,673 $ 3,609 $ 86,151 Allocation of ending ACL Loans collectively evaluated for impairment $ 56,414 $ 9,951 $ 13,443 $ 3,538 $ 83,346 Loans individually evaluated for impairment 2,503 1 230 71 2,805 ACL as of September 30, 2018 $ 58,917 $ 9,952 $ 13,673 $ 3,609 $ 86,151 Loans Loans collectively evaluated for impairment $ 5,790,651 $ 1,218,566 $ 2,150,282 $ 247,479 $ 9,406,978 Loans individually evaluated for impairment 59,145 7,610 2,123 499 69,377 Loans as of September 30, 2018 $ 5,849,796 $ 1,226,176 $ 2,152,405 $ 247,978 $ 9,476,355 Impaired Originated and ANCI Loans Including Troubled Debt Restructurings (“ TDRs ”) The following includes certain key information about individually impaired originated and ANCI loans as of September 30, 2019 and December 31, 2018 and for the three and nine months ended September 30, 2019 and 2018. Originated and ANCI Loans Identified as Impaired As of September 30, 2019 (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Impaired Loans Undisbursed Commitments With no related allowance for credit losses Commercial and Industrial General C&I $ 12,486 $ 18,806 $ — $ 8,124 $ 1,787 Energy sector 6,445 11,717 — 6,445 1,000 Restaurant industry 4,093 10,427 — 4,093 854 Healthcare 4,009 4,255 — 4,009 — Total commercial and industrial 27,033 45,205 — 22,671 3,641 Commercial Real Estate Income producing 1,215 1,690 — 1,215 — Total commercial real estate 1,215 1,690 — 1,215 — Consumer Residential real estate 1,153 1,156 — 1,153 — Total consumer 1,153 1,156 — 1,153 — Total $ 29,401 $ 48,051 $ — $ 25,039 $ 3,641 With allowance for credit losses recorded Commercial and Industrial General C&I $ 19,556 $ 21,372 $ 3,131 $ 19,556 $ 345 Energy sector 9,607 26,021 4,988 9,607 — Restaurant industry 40,762 41,997 6,676 40,762 6,307 Total commercial and industrial 69,925 89,390 14,795 69,925 6,652 Consumer Residential real estate 1,499 1,496 6 446 — Total consumer 1,499 1,496 6 446 — Small Business Lending 377 1,189 61 157 — Total $ 71,801 $ 92,075 $ 14,862 $ 70,528 $ 6,652 (1) The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. As of December 31, 2018 (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Impaired Loans Undisbursed Commitments With no related allowance for credit losses Commercial and Industrial Energy sector $ 20,713 $ 33,908 $ — $ 20,713 $ 3,658 Total commercial and industrial 20,713 33,908 — 20,713 3,658 Consumer Residential real estate 1,538 1,535 — — — Total consumer 1,538 1,535 — — — Total $ 22,251 $ 35,443 $ — $ 20,713 $ 3,658 With allowance for credit losses recorded Commercial and Industrial General C&I $ 28,684 $ 28,677 $ 3,559 $ 24,103 $ 930 Restaurant industry 23,043 23,698 3,485 22,042 2,329 Healthcare 4,496 4,496 256 4,496 — Total commercial and industrial 56,223 56,871 7,300 50,641 3,259 Consumer Other 254 254 25 — — Total consumer 254 254 25 — — Small Business Lending 476 1,249 107 229 10 Total $ 56,953 $ 58,374 $ 7,432 $ 50,870 $ 3,269 (1) The related amount of interest income recognized for impaired loans was $102 thousand and $269 thousand for the three and nine months ended September 30, 2019 compared to $92 thousand and $265 thousand, respectively, for the same periods in 2018. Generally, cash receipts on nonperforming loans are used to reduce principal rather than recorded as interest income. Past due status is determined based upon contractual terms. A nonaccrual loan may be returned to accrual status when repayment is reasonably assured and there has been demonstrated performance under the terms of the loan or, if applicable, under the terms of the restructured loan. For the three and nine month periods ended September 30, 2019, an immaterial amount of contractual interest paid was recognized on the cash basis, compared to $0.1 million and $1.7 million, respectively, for the three and nine months ended September 30, 2018. Average Recorded Investment in Impaired Originated and ANCI Loans Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2019 2018 2019 2018 Commercial and Industrial General C&I $ 39,117 $ 4,851 $ 51,650 $ 4,915 Energy sector 20,000 23,710 24,865 35,839 Restaurant industry 39,624 16,194 41,721 13,594 Healthcare 4,134 — 5,738 — Total commercial and industrial 102,875 44,755 123,974 54,348 Commercial Real Estate Income producing 608 — 405 — Total commercial real estate 608 — 405 — Consumer Residential real estate 2,083 1,557 2,412 1,570 Other 127 308 255 353 Total consumer 2,210 1,865 2,667 1,923 Small Business Lending 351 516 542 526 Total $ 106,044 $ 47,136 $ 127,588 $ 56,797 Included in impaired loans are loans considered to be TDRs. The Company attempts to work with borrowers when necessary to extend or modify loan terms to better align with the borrower’s ability to repay. Extensions and modifications to loans are made in accordance with internal policies and guidelines which conform to regulatory guidance. Each occurrence is unique to the borrower and is evaluated separately. The Bank considers regulatory guidelines when restructuring loans to ensure that prudent lending practices are followed. Qualifying criteria and payment terms are structured by the borrower’s current and prospective ability to comply with the modified terms of the loan. A modification is classified as a TDR if the borrower is experiencing financial difficulty and it is determined that the Company has granted a concession to the borrower. The Company may determine that a borrower is experiencing financial difficulty if the borrower is currently in default on any of its debt, or if it is probable that a borrower may default in the foreseeable future without the modification. Concessions could include reductions of interest rates at a rate lower than current market rate for a new loan with similar risk, extension of the maturity date, reduction of accrued interest, principal forgiveness, forbearance, or other concessions. The assessments of whether a borrower is experiencing or will likely experience financial difficulty and whether a concession has been granted is highly subjective in nature, and management’s judgment is required when determining whether a modification is classified as a TDR. All TDRs are reported as impaired. Impaired classification may be removed if the borrower demonstrates compliance with the modified terms and the restructuring agreement specifies an interest rate equal to that which would be provided to a borrower with similar credit at the time of restructuring. The majority of TDRs are classified as impaired loans for the remaining life of the loan. Nonperforming loans and impaired loans are defined differently. Some loans may be included in both categories, whereas other loans may only be included in one category. The following table provides information regarding loans modified into TDRs in the originated and ANCI portfolios for the periods indicated: Originated and ANCI Loans that were modified into TDRs For the Three Months Ended September 30, 2019 2018 (Dollars in thousands) Number of TDRs Recorded Investment Number of TDRs Recorded Investment Commercial and Industrial 3 $ 11,902 2 $ 15,726 Total 3 $ 11,902 2 $ 15,726 For the Nine Months Ended September 30, 2019 2018 (Dollars in thousands) Number of TDRs Recorded Investment Number of TDRs Recorded Investment Commercial and Industrial 7 $ 26,472 2 $ 15,726 Small Business Lending — — 2 134 Total 7 $ 26,472 4 $ 15,860 During the three and nine months ended September 30, 2019, approximately $27.7 million and $45.5 million in charge-offs were taken related to commercial and industrial loans classified as TDRs, respectively. There were no TDRs experiencing payment default during the three and nine months ended September 30, 2018. Default is defined as the earlier of the troubled debt restructuring being placed on non-accrual status or obtaining 90 days past due status with respect to principal and/or interest payments. For the Three Months Ended September 30, 2019 2018 Number of Loans Modified by: Modified Terms and/ or Other Concessions Modified Terms and/ or Other Concessions Commercial and Industrial 3 2 Small Business Lending — — Total 3 2 For the Nine Months Ended September 30, 2019 2018 Number of Loans Modified by: Modified Terms and/ or Other Concessions Rate Concession Modified Terms and/ or Other Concessions Commercial and Industrial 7 — 2 Small Business Lending — 2 — Total 7 2 2 Residential Mortgage Loans in Process of Foreclosure Included in loans are $3.8 million of consumer loans secured by single family residential real estate that are in process of foreclosure at both September 30, 2019 and December 31, 2018. Loans in process of foreclosure include those for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. In addition to the single family residential real estate loans in process of foreclosure, the Company also held $0.2 million and $1.0 million of foreclosed single-family residential properties in other real estate owned as of September 30, 2019 Credit Exposure in the Originated and ANCI Loan Portfolios The following tables provide information regarding the credit exposure by portfolio segment and class of receivable. As of September 30, 2019 (Recorded Investment in thousands) Special Mention Substandard Doubtful Total Criticized Commercial and Industrial General C&I $ 68,660 $ 155,120 $ 3,102 $ 226,882 Energy sector 59,504 34,645 4,988 99,137 Restaurant industry 58,406 46,142 6,676 111,224 Healthcare 29,154 4,051 — 33,205 Total commercial and industrial 215,724 239,958 14,766 470,448 Commercial Real Estate Income producing 29,181 1,215 — 30,396 Land and development 5,731 — — 5,731 Total commercial real estate 34,912 1,215 — 36,127 Consumer Residential real estate — 5,913 — 5,913 Other — 16 — 16 Total consumer — 5,929 — 5,929 Small Business Lending 5,579 4,554 — 10,133 Total $ 256,215 $ 251,656 $ 14,766 $ 522,637 As of December 31, 2018 (Recorded Investment in thousands) Special Mention Substandard Doubtful Total Criticized Commercial and Industrial General C&I $ 74,592 $ 79,815 $ — $ 154,407 Energy sector 11,812 6,227 14,486 32,525 Restaurant industry 24,449 26,171 — 50,620 Healthcare — 4,496 — 4,496 Total commercial and industrial 110,853 116,709 14,486 242,048 Commercial Real Estate Land and development — 985 — 985 Total commercial real estate — 985 — 985 Consumer Residential real estate — 3,315 — 3,315 Total consumer — 3,315 — 3,315 Small Business Lending 772 2,013 — 2,785 Total $ 111,625 $ 123,022 $ 14,486 $ 249,133 The following table provides an aging of past due loans by portfolio segment and class of receivable. Aging of Past due Originated and ANCI Loans As of September 30, 2019 Accruing Loans Non-Accruing Loans (Recorded Investment in thousands) 30-59 DPD 60-89 DPD 90+DPD 0-29 DPD 30-59 DPD 60-89 DPD 90+DPD Commercial and Industrial General C&I $ 1,058 $ — $ 26,479 $ — $ 168 $ 1,080 Energy sector — — — — — — 16,052 Restaurant industry 246 — — 40,762 — 3,513 580 Healthcare — — — — — 4,009 — Total commercial and industrial 1,304 — — 67,241 — 7,690 17,712 Commercial Real Estate Income producing 592 — — — — — 1,215 Total commercial real estate 592 — — — — — 1,215 Consumer Residential real estate 6,358 2,183 634 1,241 220 266 3,552 Other 106 6 1 — — — 16 Total consumer 6,464 2,189 635 1,241 220 266 3,568 Small Business Lending 2,899 659 — 756 713 323 1,542 Total $ 11,259 $ 2,848 $ 635 $ 69,238 $ 933 $ 8,279 $ 24,037 As of December 31, 2018 Accruing Loans Non-Accruing Loans (Recorded Investment in thousands) 30-59 DPD 60-89 DPD 90+DPD 0-29 DPD 30-59 DPD 60-89 DPD 90+DPD Commercial and Industrial General C&I $ 120 $ — $ — $ 23,928 $ 176 $ — $ — Energy sector — — — 20,712 — — — Restaurant industry — — — 22,043 — — — Healthcare — — — 4,496 — — — Total commercial and industrial 120 — — 71,179 176 — — Commercial Real Estate Land and development — 61 — — — — — Total commercial real estate — 61 — — — — — Consumer Residential real estate 1,275 315 760 876 151 95 1,429 Other 27 112 — — — — — Total consumer 1,302 427 760 876 151 95 1,429 Small Business Lending 491 25 — 250 29 4 50 Total $ 1,913 $ 513 $ 760 $ 72,305 $ 356 $ 99 $ 1,479 Acquired Credit Impaired (“ACI”) Loans The following table presents total ACI loans outstanding by portfolio segment and class of financing receivable. See Note 2 for more information regarding our merger with State Bank. As of (In thousands) September 30, 2019 December 31, 2018 Commercial and Industrial General C&I $ 37,263 $ 16,807 Restaurant industry 2,532 — Total commercial and industrial 39,795 16,807 Commercial Real Estate Income producing 78,504 65,427 Land and development 12,618 — Total commercial real estate 91,122 65,427 Consumer Residential real estate 107,126 120,495 Other 863 546 Total consumer 107,989 121,041 Small Business Lending 15,265 — Total $ 254,171 $ 203,275 The excess of cash flows expected to be collected over the carrying value of ACI loans is referred to as the accretable yield and is recognized in interest income using an effective yield method over the remaining life of the loan, or pools of loans. The accretable yield is affected by: • Changes in interest rate indices for variable rate ACI loans—Expected future cash flows are based on the variable rates in effect at the time of the regular evaluations of cash flows expected to be collected; • Changes in prepayment assumptions—Prepayments affect the estimated life of ACI loans which may change the amount of interest income, and possibly principal, expected to be collected; and • Changes in the expected principal and interest payments over the estimated life—Updates to expected cash flows are driven by the credit outlook and actions taken with borrowers. Changes in the amount of accretable discount for ACI loans for the three and nine months ended September 30, 2019 and 2018 were as follows: Changes in Accretable Yield on ACI Loans For the Three Months Ended September 30, (In thousands) 2019 2018 Balance at beginning of period $ 65,374 $ 72,289 Accretion (6,997 ) (4,881 ) Reclass from nonaccretable difference due to increases in expected cash flow 2,506 4,118 Other changes, net 4,178 (1,734 ) Balance at end of period $ 65,061 $ 69,792 For the Nine Months Ended September 30, (In thousands) 2019 2018 Balance at beginning of period $ 67,405 $ 78,422 Additions (See Note 2) 10,053 — Accretion (21,882 ) (15,089 ) Reclass from nonaccretable difference due to increases in expected cash flow 10,389 12,188 Other changes, net (904 ) (5,729 ) Balance at end of period $ 65,061 $ 69,792 Impaired ACI Loans and Pools Including TDRs The following includes certain key information about individually impaired and pooled ACI loans as of September 30, 2019 and December 31, 2018 and for the three and nine months ended September 30, 2019 and 2018. ACI Loans / Pools Identified as Impaired As of September 30, 2019 ACI Loans / Pools Identified as Impaired (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Impaired Loans Undisbursed Commitments Commercial and Industrial $ 11,631 $ 12,481 $ 521 $ — $ — Commercial Real Estate 80,710 86,915 4,967 — — Consumer 13,854 9,736 6,194 — — Total $ 106,195 $ 109,132 $ 11,682 $ — $ — As of December 31, 2018 ACI Loans / Pools Identified as Impaired (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Impaired Loans Undisbursed Commitments Commercial and Industrial $ 2,100 $ 2,331 $ 58 $ — $ — Commercial Real Estate 74,017 97,613 1,641 — — Consumer 18,301 17,888 6,225 — — Total $ 94,418 $ 117,832 $ 7,924 $ — $ — (1) The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. ACI Loans that Were Modified into TDRs There was one ACI loan modified into a TDR for the nine months ended September 30, 2019 with a recorded investment of $1.5 million. There were no ACI loans modified into a TDR for the nine months ended September 30, 2018. There were no ACI TDRs experiencing payment default during the three and nine months ended September 30, 2019 and 2018. Default is defined as the earlier of the troubled debt restructuring being placed on nonaccrual status or obtaining 90 days past due status with respect to principal and interest payments. Credit Exposure in the ACI Portfolio The following table provides information regarding the credit exposure by portfolio segment and class of receivable. ACI Loans by Risk Rating / Delinquency Stratification ACI loans based on internal risk rating: As of September 30, 2019 December 31, 2018 (Recorded Investment in thousands) Special Mention Substandard Doubtful Special Mention Substandard Doubtful Commercial and Industrial General C&I $ 89 $ 12,934 $ 943 $ 426 $ 1,445 $ 39 Restaurant industry — 565 — — — — Total commercial and industrial 89 13,499 943 426 1,445 39 Commercial Real Estate Income producing 556 14,666 — 1,207 3,080 — Land and development 175 2,362 — — — — Total commercial real estate 731 17,028 — 1,207 3,080 — Consumer Residential real estate 115 4,245 — 89 4,442 — Other — — — — 3 — Total consumer 115 4,245 — 89 4,445 — Small Business Lending 405 12,199 — — — — Total $ 1,340 $ 46,971 $ 943 $ 1,722 $ 8,970 $ 39 ACI Consumer credit exposure, based on past due status: As of September 30, 2019 December 31, 2018 (Recorded Investment in thousands) Residential Real Estate Other Residential Real Estate Other 0 – 29 Days Past Due $ 98,571 $ 720 $ 115,404 $ 845 30 – 59 Days Past Due 3,484 95 1,985 91 60 – 89 Days Past Due 830 48 1,435 — 90 – 119 Days Past Due 341 — 217 3 120 + Days Past Due 3,900 — 3,598 — Total $ 107,126 $ 863 $ 122,639 $ 939 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 5—Goodwill and Other Intangible Assets The following table summarizes the Company’s goodwill and other intangible assets at September 30, 2019 and December 31, 2018: September 30, December 31, (In thousands) 2019 2018 Goodwill $ 486,000 $ 307,083 Core deposit intangible, net of accumulated amortization of $55,694 and $39,385, respectively 95,930 301 Customer lists, net of accumulated amortization of $21,263 and $19,709, respectively 12,638 6,992 Noncompete agreements, net of accumulated amortization of $68 and $0, respectively 1,541 — Trademarks, net of accumulated amortization of $55 and $0, respectively 1,379 24 Total goodwill and intangible assets, net $ 597,488 $ 314,400 The increase in goodwill and other intangible assets is primarily related to the acquisition of State Bank on January 1, 2019 as well as a n insignificant amount that resulted from the net asset acquisition from Wealth & Pension Services Group, Inc. on July 1, 2019 by the Bank’s subsidiary Linscomb & Williams, Inc. (see Note 2). |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 6—Derivatives The Company primarily uses derivatives to manage exposure to market risk, including interest rate risk, credit risk and foreign currency risk, and to assist customers with their risk management objectives. Management will designate certain derivatives as hedging instruments in a qualifying hedge accounting relationship. The Company’s remaining derivatives consist of economic hedges that do not qualify for hedge accounting and derivatives held for customer accommodation, or other purposes. The fair value of derivative positions outstanding is included in “other assets” and “other liabilities” on the accompanying consolidated balance sheets and in the net change in each of these financial statement line items in the accompanying consolidated statements of cash flows. For derivatives not designated as hedging instruments, gains and losses due to changes in fair value are included in noninterest income and the operating section of the consolidated statement of cash flows. For derivatives designated as hedging instruments, the entire change in the fair value related to the derivative instrument is recognized as a component of other comprehensive income and subsequently reclassified into interest income when the forecasted transaction affects income. The notional amounts and estimated fair values as of September 30, 2019 and December 31, 2018 were as follows: September 30, 2019 December 31, 2018 Fair Value Fair Value (In thousands) Notional Amount Other Assets Other Liabilities Notional Amount Other Assets Other Liabilities Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 650,000 $ 4,452 $ — $ 650,000 $ — $ 23,968 Commercial loan interest rate collars 4,000,000 276,159 — — — — Total derivatives designated as hedging instruments 4,650,000 280,611 — 650,000 — 23,968 Derivatives not designated as hedging instruments: Commercial loan interest rate swaps 1,101,572 10,946 1,102 1,155,942 4,439 1,777 Commercial loan interest rate caps 149,793 43 43 88,430 239 239 Commercial loan interest rate floors 667,204 10,460 10,460 652,822 5,587 5,587 Commercial loan interest rate collars 77,777 329 329 80,000 96 96 Mortgage loan held for sale interest rate lock commitments 10,285 122 — 5,286 72 — Mortgage loan forward sale commitments 7,120 78 — 1,959 5 — Mortgage loan held for sale floating commitments 1,301 — — 14,690 — — Foreign exchange contracts 62,932 62 81 46,971 698 683 Total derivatives not designated as hedging instruments 2,077,984 22,040 12,015 2,046,100 11,136 8,382 Total derivatives $ 6,727,984 $ 302,651 $ 12,015 $ 2,696,100 $ 11,136 $ 32,350 The Company is party to collateral support agreements with certain derivative counterparties. Such agreements require that the Company or the counterparty to maintain collateral based on the fair values of derivative transactions. In the event of default by a counterparty the non-defaulting counterparty would be entitled to the collateral. At September 30, 2019 and December 31, 2018, the Company was required to post $9.2 million and $25.3 million, respectively, in cash or securities as collateral for its derivative transactions, which are included in “interest-bearing deposits with banks” on the Company’s consolidated balance sheets. In addition, the Company had recorded the obligation to return cash collateral provided by a counterparty of $282.4 million as of September 30, 2019 within deposits on the Company’s consolidated balance sheet. The Company’s master agreements represent written, legally enforceable bilateral agreements that (1) create a single legal obligation for all individual transactions covered by the master agreement and (2) in the event of default, provide the non-defaulting counterparty the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to promptly liquidate or set-off collateral posted by the defaulting counterparty. As permitted by U.S. GAAP, the Company does not offset fair value amounts for the right to reclaim cash collateral or the obligation to return cash collateral against fair value amounts of derivatives executed with the same counterparty under the master agreement. Pre-tax For the Three Months Ended September 30, 2019 2018 (In thousands) OCI Reclassified from AOCI to interest income Noninterest income OCI Reclassified from AOCI to interest income Noninterest income Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 7,447 $ (1,182 ) $ — $ (3,616 ) $ (1,608 ) $ — Commercial loan interest rate collars 32,864 2,667 — — — — Derivatives not designated as hedging instruments: Mortgage loans held for sale interest rate lock commitments $ — $ — $ 23 $ — $ — $ (54 ) Foreign exchange contracts — — 823 — — 552 For the Nine Months Ended September 30, 2019 2018 (In thousands) OCI Reclassified from AOCI to interest income Noninterest income OCI Reclassified from AOCI to interest income Noninterest income Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 28,419 $ (4,199 ) $ — $ (18,656 ) $ (3,121 ) $ — Commercial loan interest rate collars 160,429 2,704 — — — — Derivatives not designated as hedging instruments: Mortgage loans held for sale interest rate lock commitments $ — $ — $ 50 $ — $ — $ 10 Foreign exchange contracts — — 2,947 — — 1,575 Cash Flow Hedges Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company uses interest rate swaps, caps, floors and collars to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans (1-Month LIBOR). In February 2019, the Company entered into a $4.0 billion notional interest rate collar with a five-year term. The interest rate collar has a purchased cap strike of 4.70%, a sold cap strike of 3.50%, a sold floor strike of 0.00%, and a purchased floor strike of 3.00%. The purchased option price was $127.8 million. In June 2015 and March 2016, the Company entered into the following interest rate swap agreements to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans. Effective Date Maturity Date Notional Amount (In Thousands) Fixed Rate Variable Rate June 30, 2015 December 31, 2019 $ 300,000 1.5120 % 1 Month LIBOR March 8, 2016 February 27, 2026 175,000 1.5995 1 Month LIBOR March 8, 2016 February 27, 2026 175,000 1.5890 1 Month LIBOR Based on our current interest rate forecast, $33.3 million of deferred income on derivatives in OCI at September 30, 2019 is estimated to be reclassified into net interest income during the next twelve months. Future changes to interest rates may significantly change actual amounts reclassified to income. There were no reclassifications into income during the nine months ended September 30, 2019 and 2018 as a result of any discontinuance of cash flow hedges because the forecasted transaction was no longer probable. The maximum length of time over which the Company is hedging a portion of its exposure to the variability in future cash flows for forecasted transactions is approximately 6.4 years as of September 30, 2019. Interest Rate Swap, Floor, Cap and Collar Agreements not designated as hedging derivatives The Company enters into certain interest rate swap, floor, cap and collar agreements on commercial loans that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Company enters into an interest rate swap, floor, cap or collar with a loan customer while at the same time entering into an offsetting interest rate agreement with another financial institution. In connection with each swap transaction, the Company agrees 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, the Company agrees 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 interest rate swap transaction allows the Company’s customer to effectively convert a variable rate loan to a fixed rate. The interest rate cap transaction allows the Company’s customer to minimize interest rate risk exposure to rising interest rates. Because the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact the Company’s consolidated statements of income. The Company is exposed to credit loss in the event of nonperformance by the parties to the interest rate agreements. However, the Company does not anticipate nonperformance by the counterparties. The estimated fair value has been recorded as an asset and a corresponding liability in the accompanying consolidated balance sheets as of September 30, 2019 and December 31, 2018. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 7—Leases On January 1, 2019, the Company adopted ASU No. 2016-02, Leases. This ASU requires lessees to recognize right-of-use (“ROU”) assets and related lease liabilities on their consolidated balance sheets for all arrangements with terms longer than 12 months. Operating ROU assets represent a right to use an underlying asset for the contractual lease term. Operating lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and related liabilities are recognized at commencement date based upon the present value of lease payments over the lease term. The Company elected to adopt the optional modified retrospective transition approach, which resulted in the following initial recognition amounts on January 1, 2019: (In thousands) Operating right-of-use assets $ 65,902 State Bank acquisition 14,089 Total operating right-of-use assets $ 79,991 Operating lease liability $ 92,268 The Company’s operating ROU assets represent both real estate and non-real estate leases. These leases have varying terms, with most containing renewal or first-right-of-refusal options for multi-year periods and annual increases in base rates. The components of lease cost for the three and nine months ended September 30, 2019 were as follows: Three Months Ended Nine Months Ended (In thousands) September 30, 2019 September 30, 2019 Operating lease cost $ 2,524 $ 7,644 Sublease income (405 ) (1,259 ) Total lease cost $ 2,119 $ 6,385 As of September 30, 2019, a right-of-use asset of $66.2 million and an operating lease liability of $77.7 million were included as part of “other assets” and “other liabilities”, respectively, on the unaudited consolidated balance sheets. (Dollars in thousands) Weighted average remaining lease term (in years) 12.4 Weighted average discount rate 4.8 % The following table presents a maturity analysis of the Company’s operating leases as of September 30, 2019: (In thousands) 2019 $ 2,747 2020 10,984 2021 10,897 2022 9,283 2023 8,660 Thereafter 62,106 Total lease payments 104,677 Less: interest (27,014 ) Operating lease liability $ 77,663 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2019 | |
Banking And Thrift [Abstract] | |
Deposits | Note 8—Deposits Domestic time deposits $250,000 and over were $678.3 million and $491.3 million at September 30, 2019 and December 31, 2018, respectively. There were no foreign time deposits at either September 30, 2019 or December 31, 2018. |
Borrowed Funds
Borrowed Funds | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Note 9—Borrowed Funds Repurchase Agreements Securities sold under agreements to repurchase generally mature within one to seven days from the transaction date. Securities underlying the repurchase agreements remain under the control of the Company. Repurchase agreements are treated as collateralized financing obligations and are reflected as a liability in the consolidated balance sheets. The carrying value of investment securities collateralizing repurchase agreements was $0 and $3.3 million at September 30, 2019 and December 31, 2018, respectively. Information concerning the Company’s securities sold under agreements to repurchase is summarized as follows: (In thousands) September 30, 2019 December 31, 2018 Balance at period end $ — $ 1,106 Average balance during the period 5,154 1,630 Average interest rate during the period 0.15 % 0.25 % Maximum month-end balance during the period $ 23,908 $ 2,384 Senior and Subordinated Debt In June 2019, the Company completed a registered public offering of $85 million aggregate principal amount of 4.75% fixed to floating rate subordinated notes due 2029, whereby the net proceeds of the offering were used to redeem its 4.875% senior notes due June 28, 2019. In June 2014, the Company and the Bank completed an unregistered $245 million multi-tranche debt transaction and in March 2015, the Company completed an unregistered $50 million debt transaction. These transactions enhanced our liquidity and regulatory capital levels to support balance sheet growth. Details of the debt transactions are as follows: (In thousands) September 30, 2019 December 31, 2018 Cadence Bancorporation: 4.875% senior notes, due June 28, 2019 $ — $ 145,000 5.375% senior notes, due June 28, 2021 50,000 50,000 7.250% subordinated notes, due June 28, 2029, callable in 2024 35,000 35,000 6.500% subordinated notes, due March 2025, callable in 2020 40,000 40,000 4.750% subordinated notes, due June 2029, callable in 2024 85,000 — Total — Cadence Bancorporation 210,000 270,000 Cadence Bank: 6.250% subordinated notes, due June 28, 2029, callable in 2024 25,000 25,000 Debt issue costs and unamortized premium (2,484 ) (1,211 ) Purchased — (10,078 ) Total senior and subordinated debt $ 232,516 $ 283,711 The senior transaction was structured with a 7 year maturity to provide holding company liquidity and to stagger the Company’s debt maturity profile. The $35 million and $25 million subordinated debt transactions were structured with a 15 year 10 year The Company’s senior note is unsecured, unsubordinated obligations and are equal in right of payment to all of the Company’s other unsecured debt. The Company’s subordinated notes are unsecured obligations and will be subordinated in right of payment to all of the Company’s senior indebtedness, general creditors and to depositors at the Bank. The Company’s senior note and subordinated notes are not guaranteed by any subsidiary of the Company, including the Bank. The Bank’s subordinated notes are unsecured obligations and are subordinated in right of payment to all of the Bank’s senior indebtedness, general creditors and to depositors of the Bank. The Bank’s subordinated notes are not guaranteed by the Company or any subsidiary of the Bank. Payment of principal on the Company’s and Bank’s subordinated notes may be accelerated by holders of such subordinated notes only in the case of certain insolvency events. There is no right of acceleration under the subordinated notes in the case of default. The Company and/or the Bank may be required to obtain the prior written approval of the Federal Reserve, and, in the case of the Bank, the OCC, before it may repay the subordinated notes issued thereby upon acceleration or otherwise. Junior Subordinated Debentures In conjunction with the Company’s acquisition of Cadence Financial Corporation and Encore Bank, N.A., the junior subordinated debentures were marked to their fair value as of their respective acquisition dates. The related mark is being amortized over the remaining term of the junior subordinated debentures. Details of (In thousands) September 30, 2019 December 31, 2018 Junior subordinated debentures, 3 month LIBOR plus 2.85%, due 2033 $ 30,000 $ 30,000 Junior subordinated debentures, 3 month LIBOR plus 2.95%, due 2033 5,155 5,155 Junior subordinated debentures, 3 month LIBOR plus 1.75%, due 2037 15,464 15,464 Total par value 50,619 50,619 Purchase accounting adjustment, net of amortization (13,297 ) (13,666 ) Total junior subordinated debentures $ 37,322 $ 36,953 Advances from FHLB and Borrowings from FRB The Bank reported FHLB advances of $100 million and $150 million as of September 30, 2019 and December 31, 2018, respectively. Advances are collateralized by $2.1 billion of commercial and residential real estate loans pledged under a blanket lien arrangement as of September 30, 2019, which provides $1.5 billion of borrowing availability. As of September 30, 2019 and December 31, 2018, the FHLB has issued for the benefit of the Bank irrevocable letters of credit totaling $522 million and $590 million, respectively. Included in the FHLB letters of credit is a $35 million irrevocable letter of credit in favor of the State of Alabama SAFE Program to secure certain deposits of the State of Alabama. This letter of credit expires September 28, 2020 upon 45 days’ prior notice of non-renewal; otherwise it automatically extends for a successive one-year term. The Bank also has a $350 million variable letter of credit to secure a large public fund treasury management deposit. This letter of credit will expire December 2, 2019 upon 45 days’ prior notice of non-renewal; otherwise it automatically extends for a successive one-year term. Approximately $6 million in letters of credit are used to secure municipal deposits which expire on July 20, 2020. On October 1, 2019, a $61 million letter of credit used to secure public deposits expired. Also during the quarter, $70 million in a standby letter of credit was issued which expire on December 26, 2019. There were no borrowings from the FRB discount window as of September 30, 2019 and December 31, 2018. Any borrowings from the FRB will be collateralized by $791.4 million in commercial loans pledged under a borrower-in-custody arrangement. Notes Payable On July 1, 2019, the Company’s wholly owned subsidiary, Linscomb & Williams, Inc., acquired certain assets and assumed certain liabilities of Wealth and Pension Services Group, Inc. (“W&P”). At September 30, 2019, a note payable of $2.1 million was outstanding in connection with this acquisition (see Note 2). On March 29, 2019, the Company entered into a credit agreement for a revolving loan facility in the amount of $100 million with a maturity date of March 29, 2020. The proceeds of the revolving loan shall be used to finance general corporate purposes. There were no amounts |
Other Noninterest Income and Ot
Other Noninterest Income and Other Noninterest Expense | 9 Months Ended |
Sep. 30, 2019 | |
Other Nonoperating Income Expense [Abstract] | |
Other Noninterest Income and Other Noninterest Expense | Note 10—Other Noninterest Income and Other Noninterest Expense The detail of other noninterest income and other noninterest expense captions presented in the consolidated statements of income is as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2019 2018 2019 2018 Other noninterest income Insurance revenue $ 216 $ - $ 658 $ 2,677 Bankcard fees 2,061 1,078 6,553 4,877 Income from bank owned life insurance policies 1,275 913 3,690 2,758 Other 1,730 2,571 4,710 6,882 Total other noninterest income $ 5,282 $ 4,562 $ 15,611 $ 17,194 Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2019 2018 2019 2018 Other noninterest expenses Data processing expense $ 3,641 $ 1,989 $ 9,670 $ 6,666 Software amortization 3,406 1,628 9,925 4,038 Consulting and professional fees 2,621 4,335 6,749 9,815 Loan related expenses (921 ) 821 1,729 1,721 FDIC insurance 527 1,237 4,149 3,415 Communications 1,425 682 3,880 2,089 Advertising and public relations 1,368 679 3,253 1,595 Legal expenses 500 242 1,303 3,337 Other 11,864 5,418 29,982 16,123 Total other noninterest expenses $ 24,431 $ 17,031 $ 70,640 $ 48,799 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11—Income Taxes Income tax expense for the three and nine months ended September 30, 2019 was $12.8 million and $44.6 million compared to $15.1 million and $34.4 million for the same periods in 2018. The effective tax rate was 22.5% and 22.9% for the three and nine months ended September 30, 2019 compared to 24.2% The effective tax rate is primarily affected by the amount of pre-tax income, tax-exempt interest income, and the increase in cash surrender value of bank-owned life insurance. The effective tax rate is also affected by discrete items that may occur in any given period but are not consistent from period-to-period, which may impact the comparability of the effective tax rate between periods. At September 30, 2019, we had a net deferred tax liability of $30.8 million, compared to a net deferred tax asset of |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 12—Earnings Per Common Share The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the three and nine months ended September 30, 2019 and 2018. Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2019 2018 2019 2018 Net income per consolidated statements of income $ 43,986 $ 47,136 $ 150,533 $ 133,935 Net income allocated to participating securities (137 ) (56 ) (525 ) (162 ) Net income allocated to common stock $ 43,849 $ 47,080 $ 150,008 $ 133,773 Weighted average common shares outstanding (Basic) 128,457,491 83,625,000 129,237,553 83,625,000 Weighted average dilutive restricted stock units and options 57,783 1,035,256 121,734 1,084,240 Weighted average common shares outstanding (Diluted) 128,515,274 84,660,256 129,359,287 84,709,240 Earnings per common share (Basic) $ 0.34 $ 0.56 $ 1.16 $ 1.60 Earnings per common share (Diluted) $ 0.34 $ 0.56 $ 1.16 $ 1.58 T he effect from the assumed exercise of 1,796,588 and 1,271,628 stock options and restricted stock units for the three and nine months ended September 30, 2019, respectively, were not included in the above computations of diluted earnings per share because such amounts would have had an antidilutive effect on earnings per common share. There were no antidilutive stock options and restricted stock units for the three and nine months ended September 30, 2018. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 13—Related Party Transactions In the normal course of business, loans are made to directors and executive officers and to companies in which they have a significant ownership interest. In the opinion of management, these loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other parties, are consistent with sound banking practices, and are within applicable regulatory and lending limitations. The aggregate balances of related party deposits were insignificant as of September 30, 2019. At December 31, 2018, the aggregate balances of related party deposits were approximately $571 million. This was primarily due to a deposit account of approximately $311 million by State Bank and one large deposit account by a related third party. The aggregate balances of related party loans as of September 30, 2019 and December 31, 2018 were insignificant. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2019 | |
Banking And Thrift [Abstract] | |
Regulatory Matters | Note 14—Regulatory Matters Cadence and Cadence Bank are each required to comply with regulatory capital requirements established by federal and state banking agencies. Failure to meet minimum capital requirements can subject the Company and the Bank to certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. These regulatory capital requirements involve quantitative measures of the Company’s assets, liabilities and certain off-balance sheet items, and qualitative judgments by the regulators. Quantitative measures established by regulation to ensure capital adequacy require institutions to maintain minimum ratios of Common Equity Tier 1, Tier 1, and total capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to average tangible assets (the “Leverage” ratio). The actual capital amounts and ratios for the Company and the Bank as of September 30, 2019 and December 31, 2018 are presented in the following tables and as shown, are above the thresholds necessary to be considered “well-capitalized”. Management believes that no events or changes have occurred after September 30, 2019 that would change this designation. Consolidated Company Bank (In thousands) Amount Ratio Amount Ratio September 30, 2019 Tier 1 leverage $ 1,757,141 10.3 % $ 1,916,911 11.3 % Common equity tier 1 capital 1,757,141 11.0 1,866,911 11.7 Tier 1 risk-based capital 1,757,141 11.0 1,916,911 12.0 Total risk-based capital 2,101,301 13.1 2,070,637 13.0 Minimum requirement: Tier 1 leverage 681,141 4.0 680,041 4.0 Common equity tier 1 capital 719,521 4.5 719,231 4.5 Tier 1 risk-based capital 959,362 6.0 958,975 6.0 Total risk-based capital 1,279,149 8.0 1,278,633 8.0 Well capitalized requirement: Tier 1 leverage N/A N/A 850,053 5.0 Common equity tier 1 capital N/A N/A 1,038,890 6.5 Tier 1 risk-based capital 959,362 6.0 1,278,633 8.0 Total risk-based capital 1,598,937 10.0 1,598,292 10.0 Consolidated Company Bank (In thousands) Amount Ratio Amount Ratio December 31, 2018 Tier 1 leverage $ 1,209,407 10.1 % $ 1,327,974 11.1 % Common equity tier 1 capital 1,172,454 9.8 1,277,974 10.7 Tier 1 risk-based capital 1,209,407 10.1 1,327,974 11.1 Total risk-based capital 1,403,311 11.8 1,447,719 12.1 Minimum requirement: Tier 1 leverage 479,940 4.0 479,667 4.0 Common equity tier 1 capital 536,930 4.5 536,285 4.5 Tier 1 risk-based capital 715,907 6.0 715,047 6.0 Total risk-based capital 954,542 8.0 953,396 8.0 Well capitalized requirement: Tier 1 leverage N/A N/A 599,584 5.0 Common equity tier 1 capital N/A N/A 774,634 6.5 Tier 1 risk-based capital 715,907 6.0 953,396 8.0 Total risk-based capital 1,193,178 10.0 1,191,745 10.0 Under regulations controlling national banks, the payment of any dividends by a bank without prior approval of the OCC is limited to the current year’s net profits (as defined by the OCC) and retained net profits of the two preceding years. The Federal Reserve, as primary regulator for bank holding companies, has also stated that all common stock dividends should be paid out of current income. As the Company does not generate income on a stand-alone basis, it does not have the capability to pay common stock dividends without receiving dividends from the Bank. The Bank is required to maintain average reserve balances in the form of cash or deposits with the Federal Reserve Bank. The reserve balance varies depending upon the types and amounts of deposits. At September 30, 2019 and December 31, 2018, the required reserve balance with the Federal Reserve Bank was approximately $296.0 million and $91.5 million, respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 15—Commitments and Contingent Liabilities The consolidated financial statements do not reflect various commitments and contingent liabilities which arise in the normal course of banking business and which involve elements of credit risk, interest rate risk, and liquidity risk. The commitments and contingent liabilities are commitments to extend credit, home equity lines, overdraft protection lines, and standby and commercial letters of credit. Such financial instruments are recorded when they are funded. A summary of commitments and contingent liabilities is as follows: (In thousands) September 30, 2019 December 31, 2018 Commitments to extend credit $ 4,757,316 $ 4,078,708 Commitments to grant loans 101,623 103,570 Standby letters of credit 217,050 141,214 Performance letters of credit 18,754 21,026 Commercial letters of credit 27,896 11,262 Commitments to extend credit and letters of credit include some exposure to credit loss in the event of nonperformance of the customer. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. In addition, the Company has entered certain contingent commitments to grant loans. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. The credit policies and procedures for such commitments are the same as those used for lending activities. Because these instruments have fixed maturity dates and because a number expire without being drawn upon, they generally do not present any significant liquidity risk. No significant losses on commitments were incurred during the three and nine months ended September 30, 2019 and 2018. The Company makes investments in limited partnerships, including certain low-income housing partnerships for which tax credits are received. As of September 30, 2019 and December 31, 2018, unfunded capital commitments totaled $42.2 million and $37.5 million, respectively. The Company and the Bank are defendants in various pending and threatened legal actions arising in the normal course of business. In the opinion of management, based upon the advice of legal counsel, the ultimate disposition of all pending and threatened legal action will not have a material effect on the Company’s consolidated financial statements. |
Concentrations of Credit
Concentrations of Credit | 9 Months Ended |
Sep. 30, 2019 | |
Risks And Uncertainties [Abstract] | |
Concentrations of Credit | Note 16—Concentrations of Credit Most of the loans, commitments and letters of credit involve customers or sponsors in the Company’s market areas. A portion of our investments in state and municipal securities consists of governmental entities within the Company’s market areas. General concentrations of credit by type of loan are set forth in Note 4 of these consolidated financial statements. The distribution of commitments to extend credit approximates the distribution of loans outstanding. Letters of credit were granted primarily to commercial borrowers. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note 17—Supplemental Cash Flow Information For the Nine Months Ended September 30, (In thousands) 2019 2018 Cash paid during the year for: Interest $ 155,544 $ 79,771 Income taxes, net of refunds 45,801 36,334 Cash paid for amounts included in lease liabilities 8,492 — Non-cash investing activities (at fair value): Acquisition of real estate in settlement of loans 1,949 2,936 Transfers of loans held for sale to loans 34,939 — Transfers of commercial loans to loans held for sale 27,135 17,031 Right-of-use assets obtained in exchange for operating lease liabilities 83,333 — |
Disclosure About Fair Values of
Disclosure About Fair Values of Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Disclosure About Fair Values of Financial Instruments | Note 18—Disclosure About Fair Values of Financial Instruments See Note 19, “Disclosure About Fair Values of Financial Instruments”, to the consolidated financial statements of the Annual Report on Form 10-K for the year ended December 31, 2018 for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis. Transfers between fair value levels are recognized at the end of the fiscal quarter in which the associated change in inputs occurs. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis categorized by the level of inputs used in the valuation of each asset at September 30, 2019 and December 31, 2018: (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) September 30, 2019 Assets Investment securities available-for-sale $ 1,705,325 $ — $ 1,705,325 $ — Equity securities with readily determinable fair values not held for trading 1,764 1,764 — — Derivative assets 302,651 — 302,651 — Net profits interests 5,160 — — 5,160 Other assets 20,613 — — 20,613 Total recurring basis measured assets $ 2,035,513 $ 1,764 $ 2,007,976 $ 25,773 Liabilities Derivative liabilities $ 12,015 $ — $ 12,015 $ — Total recurring basis measured liabilities $ 12,015 $ — $ 12,015 $ — (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) December 31, 2018 Assets Investment securities available-for-sale $ 1,187,252 $ — $ 1,187,252 $ — Equity securities with readily determinable fair values not held for trading 5,840 5,840 — — Derivative assets 11,136 — 11,136 — Net profits interests 5,779 — — 5,779 Other assets 11,191 11,191 Total recurring basis measured assets $ 1,221,198 $ 5,840 $ 1,198,388 $ 16,970 Liabilities Derivative liabilities $ 32,350 $ — $ 32,350 $ — Total recurring basis measured liabilities $ 32,350 $ — $ 32,350 $ — There were no transfers between the Level 1 and Level 2 fair value categories during the three and nine months ended September 30, 2019 and 2018. Changes in Level 3 Fair Value Measurements The tables below include a roll-forward of the consolidated balance sheet amounts for the three and nine months ended September 30, 2019 and 2018 for changes in the fair value of financial instruments within Level 3 of the valuation hierarchy that are recorded on a recurring basis. Level 3 financial instruments typically include unobservable components but may also include some observable components that may be validated to external sources. The gains or (losses) in the following table (which are reported in other noninterest income in the consolidated income statements) may include changes to fair value due in part to observable factors that may be part of the valuation methodology. Level 3 Assets Measured at Fair Value on a Recurring Basis For the Three Months Ended September 30, 2019 2018 2019 2018 2019 (In thousands) Net Profits Interests Investments in Limited Partnerships SBA Servicing Rights Beginning Balance $ 5,376 $ 12,839 $ 14,533 $ 8,852 $ 3,786 Originations — — — — 455 Net gains (losses) included in earnings (73 ) 210 1,119 547 (489 ) Reclassifications — — 110 — — Contributions paid — — 1,143 1,296 — Distributions received (143 ) (777 ) (44 ) (187 ) — Ending Balance $ 5,160 $ 12,272 $ 16,861 $ 10,508 $ 3,752 Net unrealized gains (losses) included in earnings relating to assets held at the end of the period $ (73 ) $ 210 $ 1,119 $ 547 $ (489 ) For the Nine Months Ended September 30, 2019 2018 2019 2018 2019 (In thousands) Net Profits Interests Investments in Limited Partnerships SBA Servicing Rights Beginning Balance $ 5,779 $ 15,833 $ 11,191 $ — $ — Acquired — — — — 6,213 Originations — — — — 969 Transfers in due to adoption of ASU 2016-01 — — — 5,518 — Adjustment recorded in retained earnings due to adoption of ASU 2016-01 — — — 1,201 — Net (losses) gains included in earnings (188 ) (1,992 ) 2,153 1,942 (3,430 ) Reclassifications — — (15 ) — — Contributions paid — — 4,160 2,404 — Distributions received (431 ) (1,569 ) (628 ) (557 ) — Ending Balance $ 5,160 $ 12,272 $ 16,861 $ 10,508 $ 3,752 Net unrealized (losses) gains included in earnings relating to assets held at the end of the period $ (188 ) $ (1,992 ) $ 2,153 $ 1,942 $ (3,430 ) Assets Recorded at Fair Value on a Nonrecurring Basis From time to time, the Company may be required to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or fair value accounting or write-downs of individual assets. For assets measured at fair value on a nonrecurring basis which were still held on the balance sheets at September 30, 2019 and December 31, 2018, the following tables provide the level of valuation assumptions used to determine each adjustment and the related carrying value: (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) September 30, 2019 Loans held for sale $ 45,252 $ — $ 45,252 $ — Impaired loans, net of specific allowance 86,255 — — 86,255 Other real estate 1,571 — — 1,571 Total assets measured on a nonrecurring basis $ 133,078 $ — $ 45,252 $ 87,826 (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) December 31, 2018 Loans held for sale $ 59,461 $ — $ 59,461 $ — Impaired loans, net of specific allowance 71,741 — — 71,741 Other real estate 2,406 — — 2,406 Total assets measured on a nonrecurring basis $ 133,608 $ — $ 59,461 $ 74,147 Significant unobservable inputs used in Level 3 fair value measurements for financial assets measured at fair value on a nonrecurring basis are summarized below: Quantitative Information about Level 3 Fair Value Measurements (In thousands) Carrying Value Valuation Methods Unobservable Inputs Range September 30, 2019 Impaired loans, net of specific allowance $ 86,255 Appraised value, as adjusted Discount to fair value 0% - 50% Appraised value, as adjusted Net recoverable oil and gas reserves and forward-looking commodity prices. Discount rate - 10% 82% (1) Discounted cash flow Discount rate 5.8% 35% (1) Enterprise value Exit and earnings multiples, discounted cash flows, and market comparables 0%-35% (1) Other real estate 1,571 Appraised value, as adjusted Discount to fair value 0% - 20% Estimated closing costs 10% (1) - Represents difference of remaining balance to fair value. Quantitative Information about Level 3 Fair Value Measurements (In thousands) Carrying Value Valuation Methods Unobservable Inputs Range December 31, 2018 Impaired loans, net of specific allowance $ 71,741 Appraised value, as adjusted Discount to fair value 0% - 20% Discounted cash flow Net recoverable oil and gas reserves and forward-looking commodity prices. Discount rate –10% 0 - 10% (1) Discounted cash flow Discount rates – 2.9% to 8.7% 0% - 20% (1) Enterprise value Exit multiples 0 - 15% (1) Other real estate 2,406 Estimated closing costs 10% Appraised value, as adjusted Discount to fair value 0% - 20% Estimated closing costs 10% (1) - Represents difference of unpaid balance to fair value. The estimated fair values of the Company’s financial instruments are as follows: September 30, 2019 (In thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 236,628 $ 236,628 $ 236,628 $ — $ — Interest-bearing deposits in other banks 816,604 816,604 816,604 — — Federal funds sold 7,870 7,870 7,870 — — Investment securities available-for-sale 1,705,325 1,705,325 — 1,705,325 — Equity securities with readily determinable fair values not held for trading 1,764 1,764 1,764 — — Loans held for sale 45,252 45,252 — 45,252 — Net loans 13,509,269 13,468,953 — — 13,468,953 Derivative assets 302,651 302,651 — 302,651 — Net profits interests 5,160 5,160 — — 5,160 Other assets 62,865 62,865 — — 62,865 Financial Liabilities: Deposits 14,789,712 14,800,614 — 14,800,614 — Advances from FHLB 100,000 100,000 — 100,000 — Securities sold under agreements to repurchase — — — — — Senior debt 49,922 51,214 — 51,214 — Subordinated debt 182,594 189,438 — 189,438 — Junior subordinated debentures 37,322 47,981 — 47,981 — Notes payable 2,054 2,054 — 2,054 — Derivative liabilities 12,015 12,015 — 12,015 — December 31, 2018 (In thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 237,342 $ 237,342 $ 237,342 $ — $ — Interest-bearing deposits in other banks 523,436 523,436 523,436 — — Federal funds sold 18,502 18,502 18,502 — — Investment securities available-for-sale 1,187,252 1,187,252 — 1,187,252 — Equity securities with readily determinable fair values not held for trading 5,840 5,840 5,840 — — Loans held for sale 59,461 59,461 — 59,461 — Net loans 9,959,545 9,735,130 — — 9,735,130 Derivative assets 11,136 11,136 — 11,136 — Net profits interests 5,779 5,779 — — 5,779 Investments in limited partnerships 36,917 36,917 36,917 Financial Liabilities: Deposits 10,708,689 10,700,350 — 10,700,350 — Advances from FHLB 150,000 150,000 — 150,000 — Securities sold under agreements to repurchase 1,106 1,106 — 1,106 — Senior debt 184,801 194,762 — 194,762 — Subordinated debt 98,910 103,008 — 103,008 — Junior subordinated debentures 36,953 46,946 — 46,946 — Derivative liabilities 32,350 32,350 — 32,350 — |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 19—Segment Reporting The Company determines reportable segments based on the services offered, the significance of the services offered, the significance of those services to the Company’s financial condition and operating results and management’s regular review of the operating results of those services. The Company operates through three operating segments: Banking, Financial Services and Corporate. Additional information about the Company’s reportable segments is included in Cadence’s Annual Report on Form 10-K for the year ended December 31, 2018. The Banking Segment includes the Commercial Banking, Retail Banking and Private Banking lines of business. The Financial Services Segment includes the Trust, Retail Brokerage, and Investment Services businesses. In the second quarter of 2018, the Company sold its subsidiary, Town & Country Insurance Agency, Inc. All of the activities acquired in the merger with State Bank are part of the Banking segment. Business segment results are determined based upon the management reporting system, which assigns balance sheet and income statement items to each of the business segments. The process is designed around the organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions or in accordance with generally accepted accounting principles. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material inter-segment sales or transfers. The accounting policies used by each reportable segment are the same as those discussed in Note 1 of the Annual Report on Form 10-K for the year ended December 31, 2018. All costs, except corporate administration and income taxes, have been allocated to the reportable segments. Therefore, combined amounts agree to the consolidated totals. The following tables present the operating results of the segments as of and for the three and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, 2019 (In thousands) Banking Financial Services Corporate Consolidated Net interest income (expense) $ 164,535 $ (524 ) $ (3,824 ) $ 160,187 Provision for credit losses 43,764 — — 43,764 Noninterest income 23,407 11,052 183 34,642 Noninterest expense 84,113 9,255 915 94,283 Income tax expense (benefit) 13,931 183 (1,318 ) 12,796 Net income (loss) $ 46,134 $ 1,090 $ (3,238 ) $ 43,986 Total assets $ 17,743,054 $ 106,248 $ 6,644 $ 17,855,946 Three Months Ended September 30, 2018 (In thousands) Banking Financial Services Corporate Consolidated Net interest income (expense) $ 102,940 $ (429 ) $ (4,411 ) $ 98,100 Provision for credit losses (1,365 ) — — (1,365 ) Noninterest income 13,741 10,105 130 23,976 Noninterest expense 50,612 7,904 2,715 61,231 Income tax expense (benefit) 15,669 270 (865 ) 15,074 Net income (loss) $ 51,765 $ 1,502 $ (6,131 ) $ 47,136 Total assets $ 11,660,234 $ 93,721 $ 5,882 $ 11,759,837 Nine Months Ended September 30, 2019 (In thousands) Banking Financial Services Corporate Consolidated Net interest income (expense) $ 504,764 $ (1,746 ) $ (12,754 ) $ 490,264 Provision for credit losses 83,901 — — 83,901 Noninterest income 66,557 29,782 688 97,027 Noninterest expense 272,721 24,804 10,727 308,252 Income tax expense (benefit) 49,685 495 (5,575 ) 44,605 Net income (loss) $ 165,014 $ 2,737 $ (17,218 ) $ 150,533 Nine Months Ended September 30, 2018 (In thousands) Banking Financial Services Corporate Consolidated Net interest income (expense) $ 299,555 $ (1,736 ) $ (13,224 ) $ 284,595 Provision for credit losses 4,278 — — 4,278 Noninterest income 35,499 37,443 689 73,631 Noninterest expense 151,179 27,696 6,730 185,605 Income tax expense (benefit) 41,595 3,817 (11,004 ) 34,408 Net income (loss) $ 138,002 $ 4,194 $ (8,261 ) $ 133,935 |
Equity-based Compensation
Equity-based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-based Compensation | Note 20—Equity-based Compensation The Company administers a long-term incentive compensation plan, the Amended and Restated 2015 Omnibus Incentive Plan (the “Plan”), that permits the Company to grant to employees and directors various forms of incentive compensation. The principal purposes of this plan are to focus directors, officers and other employees and consultants on business performance that creates shareholder value, to encourage innovative approaches to the business of the Company, and to encourage ownership of the Company’s stock. The Plan authorizes 7,500,000 common share equivalents available for grant, where grants of full value awards (e.g., shares of restricted stock, restricted stock units and performance stock units) count as one share equivalent. The number of remaining share equivalents available for future issuance under the Plan was 4,099,402 at September 30, 2019. Restricted Stock Units In the first nine months of 2019, the Company granted 1,163,959 shares of restricted stock units pursuant to and subject to the provisions of the Plan. Of the units granted and remaining at September 30, 2019: 346,623 will vest in twelve quarterly installments ending in the first quarter of 2022; 57,521 units will cliff-vest in the first quarter of 2022; 72,840 units will vest in annual installments ending in the first quarter of 2022; 250,959 units will vest in annual installments ending in the first quarter of 2023; 3,000 units will vest in quarterly installments ending in the second quarter of 2020; and 6,998 units will vest in annual installments ending in the second quarter of 2023. The remaining grants specify a stated target number of units, the determination of the actual settlement in shares will be based in part on the achievement of certain financial performance measures of the Company. For the performance-based restricted stock units granted, these performance conditions will determine the actual units vesting and can be in the range of 25 200 The Company recorded $1.3 million and $4.9 million of equity-based compensation expense for the outstanding restricted stock units for the three and nine months ended September 30, 2019, respectively compared to $1.3 million and $2.8 million for the three and nine months ended September 30, 2018, respectively. The remaining expense related to unvested restricted stock units is $20.3 million as of September 30, 2019 and will be recognized over service periods ranging from 18 months to 45 months. The following table summarizes the activity related to restricted stock unit awards: For the Nine Months Ended September 30, 2019 2018 Number of Shares Weighted Average Fair Value per Unit at Award Date Number of Shares Weighted Average Fair Value per Unit at Award Date Non-vested at beginning of period 273,354 $ 26.49 672,750 $ 5.14 Vested during the period (117,037 ) 21.05 — — Forfeited during the period (56,048 ) 20.54 (566 ) 26.50 Granted during the period 1,163,959 18.53 270,105 26.50 Non-vested at end of period 1,264,228 19.93 942,289 11.26 Stock Options During the nine months ended September 30, 2019, Cadence granted stock options to certain executive officers. The options were granted at an exercise price equal to a 15% premium to the fair value of the common stock at the date of grant. The options vest over a three-year period and expire at the end of seven years. The remaining expense related to nonvested stock option grants is $2.8 million at September 30, 2019 and will be recognized over the next 28 months. The following table summarizes the activity related to stock option awards: For the Nine Months Ended September 30, 2019 Number of Shares Weighted Average Exercise Price Outstanding options at beginning of period — $ — Granted during the period 1,602,848 20.43 Exercised during the period — — Forfeited or expired during the period — — Non-vested at end of period 1,602,848 $ 20.43 The Company uses the Black-Scholes option pricing model to estimate the fair value of the stock options. The following weighted-average assumptions were used for option awards issued during the nine months ended September 30, 2019: For the Nine Months Ended September 30, 2019 Expected dividends 3.1 % Expected volatility 25.2 % Risk-free interest rate 2.5 % Expected term (in years) 4.5 Weighted-average grant date fair value $ 2.32 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 21—Accumulated Other Comprehensive Income (Loss) Activity within the balances in accumulated other comprehensive gain (loss) is shown in the following tables for the nine months ended September 30, 2019 and 2018: (In thousands) Unrealized gains (losses) on securities available for sale Unrealized gains (losses) on defined benefit pension plans Unrealized gains (losses) on derivative instruments designated as cash flow hedges Accumulated other comprehensive gain (loss) Balance at December 31, 2018 $ (24,279 ) $ (328 ) $ (18,305 ) $ (42,912 ) Net change 48,074 — 145,243 193,317 Balance at September 30, 2019 $ 23,795 $ (328 ) $ 126,938 $ 150,405 (In thousands) Unrealized gains (losses) on securities available for sale Unrealized gains (losses) on defined benefit pension plans Unrealized gains (losses) on derivative instruments designated as cash flow hedges Accumulated other comprehensive gain (loss) Balance at December 31, 2017 $ (2,160 ) $ (531 ) $ (16,342 ) $ (19,033 ) Net change (36,681 ) — (11,945 ) (48,626 ) Balance at September 30, 2018 $ (38,841 ) $ (531 ) $ (28,287 ) $ (67,659 ) |
Variable Interest Entities and
Variable Interest Entities and Other Investments | 9 Months Ended |
Sep. 30, 2019 | |
Variable Interest Entities And Other Investments [Abstract] | |
Variable Interest Entities and Other Investments | Note 22—Variable Interest Entities and Other Investments Under ASC 810-10-65, the Company is deemed to be the primary beneficiary and required to consolidate a variable interest entity (“VIE”) if it has a variable interest in the VIE that provides it with a controlling financial interest. For such purposes, the determination of whether a controlling financial interest exists is based on whether a single party has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. ASC 810-10-65, as amended, requires continual reconsideration of conclusions reached regarding which interest holder is a VIE’s primary beneficiary. The Bank has invested in several affordable housing projects as a limited partner. The partnerships have qualified to receive annual affordable housing federal tax credits that are recognized as a reduction of current tax expense. The Company has determined that these structures meet the definition of VIE’s under Topic ASC 810 but that consolidation is not required, as the Bank is not the primary beneficiary. At September 30, 2019 and December 31, 2018, the Bank’s maximum exposure to loss associated with these limited partnerships was limited to the Bank’s investment. The Company accounts for these investments and the related tax credits using either the effective yield method or the proportional amortization method, depending upon the date of the investment. Under the effective yield method, the Bank recognizes the tax credits as they are allocated and amortizes the initial costs of the investments to provide a constant effective yield over the period that the tax credits are allocated. Under the proportional amortization method, the Bank amortizes the cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. At September 30, 2019 and December 31, 2018, the Company had recorded investments in other assets on its consolidated balance sheets of approximately $23.7 million and $7.8 million, respectively related to these investments. Additionally, the Company invests in other certain limited partnerships accounted for under the fair value practical expedient of net asset value totaling $16.9 million and $11.2 million as of September 30, 2019 and December 31, 2018, respectively. The company recognized $1.1 million gain and $2.2 million gain for the three and nine months ended September 30, 2019 compared to $0.5 million and $1.9 million in gains for the same periods in 2018 related to these assets recorded at fair value through net income. Certain other limited partnerships without readily determinable fair values that do not qualify for the practical expedient are accounted for at their cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. These investments totaled $9.5 million and $8.7 million as of September 30, 2019 and December 31, 2018, respectively. Other limited partnerships are accounted for under the equity method totaling $9.0 million and $9.2 million at September 30, 2019 and December 31, 2018, respectively. The following table presents a summary of the Company’s investments in limited partnerships subsequent to the adoption of ASU 2016-01 and as of September 30, 2019 and December 31, 2018: (In thousands) September 30, 2019 December 31, 2018 Affordable housing projects (amortized cost) $ 23,744 $ 7,803 Limited partnerships accounted for under the fair value practical expedient of NAV 16,861 11,191 Limited partnerships without readily determinable fair values that do not qualify for the practical expedient of NAV accounted for under the cost method 9,521 8,714 Limited partnerships required to be accounted for under the equity method 8,987 9,209 Total investments in limited partnerships $ 59,113 $ 36,917 Marketable equity securities carried at fair value consist of one CRA qualifying investment and is reported in other assets in the consolidated balance sheets. Total marketable equity securities were $1.8 million and $5.8 million at September 30, 2019 and December 31, 2018, respectively. Effective January 1, 2018, Cadence adopted the new accounting guidance that requires equity investments with readily determinable fair values not held for trading to be recorded at fair value with changes in fair value reported in net income. Cadence elected a measurement alternative to fair value for certain equity investments without a readily determinable fair value. There were no downward and upward adjustments for impairments or price changes. The carrying amount of equity investments measured under the measurement alternative from observable transactions are as follows: (In thousands) Carrying Amount Carrying value, December 31, 2018 $ 8,714 Reclassifications 15 Distributions (1,073 ) Contributions 1,865 Carrying value, September 30, 2019 $ 9,521 During 2016, the Bank received net profits interests in oil and gas reserves, in connection with the reorganization under bankruptcy of two loan customers (one of these was sold during 2018). The Company has determined that these contracts meet the definition of VIE’s under Topic ASC 810, but that consolidation is not required as the Bank is not the primary beneficiary. The net profits interest is a financial instrument and recorded at estimated fair value, which was $5.2 million and $5.8 million at September 30, 2019 and December 31, 2018, respectively, representing the maximum exposure to loss as of that date. The Company has established a rabbi trust related to the deferred compensation plan offered to certain of its employees. The Company contributes employee cash compensation deferrals to the trust. The assets of the trust are available to creditors of the Company only in the event the Company becomes insolvent. This trust is considered a VIE because either there is no equity at risk in the trust or because the Company provided the equity interest to its employees in exchange for services rendered. The Company is considered the primary beneficiary of the rabbi trust as it has the ability to select the underlying investments made by the trust, the activities that most significantly impact the economic performance of the rabbi trust. The Company includes the assets of the rabbi trust as a component of other assets and a corresponding liability for the associated benefit obligation in other liabilities in its consolidated balance sheets. At September 30, 2019 and December 31, 2018, the amount of rabbi trust assets and benefit obligation was $3.5 million and $3.6 million, respectively. |
Summary of Accounting Policies
Summary of Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying unaudited consolidated financial statements for the Company have been prepared in accordance with instructions to the SEC Form 10-Q and Article 10 of Regulation S-X; therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, comprehensive income, and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the periods covered by this report have been included. These interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018. Operating results for the period ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The Company and its subsidiaries follow accounting principles generally accepted in the United States of America, including, where applicable, general practices within the banking industry. The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a variable-interest entity (“VIE”) is performed on an on-going basis. All equity investments in non-consolidated VIEs are included in “other assets” in the Company’s consolidated balance sheets (see Note 22). Certain amounts reported in prior years have been reclassified to conform to the 2019 presentation. These reclassifications did not materially impact the Company’s consolidated balance sheets or consolidated statements of income. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 855, Subsequent Events |
Nature of Operations | Nature of Operations The Company’s primary subsidiary is the Bank. The Bank operates under a national bank charter and is subject to regulation by the Office of the Comptroller of the Currency (“OCC”). The Bank provides full banking services in six southern states: Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas. The Bank’s operating subsidiaries include: • Linscomb & Williams, Inc. — financial advisory firm; • Cadence Investment Services, Inc. — provides investment and insurance products; and • Altera Payroll and Insurance, Inc. — provides payroll services. The Company and the Bank also have certain other non-operating and immaterial subsidiaries. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are susceptible to significant change in the near term are the allowance for credit losses, valuation of and accounting for acquired credit impaired loans, valuation of goodwill, intangible assets and deferred income taxes. |
Business Combinations | Business Combinations Assets and liabilities acquired in business combinations are accounted for under the acquisition method of accounting and, accordingly, are recorded at their estimated fair values on the acquisition date. The Company generally records provisional amounts at the time of acquisition based on the information available. These provisional estimates of fair values may be adjusted for a period of up to one year from the acquisition date if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Adjustments recorded during this period are recognized in the current reporting period. The excess cost over fair value of net assets acquired is recorded as goodwill. On January 1, 2019 we completed our merger with State Bank Financial Corporation (see Note 2). |
Recently Adopted and Pending Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases , Leases (Topic 842): Targeted Improvements In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842) Narrow-Scope Improvements for Lessors The Company adopted ASU 2016-02 and related ASUs on January 1, 2019 using the optional modified retrospective transition approach which resulted in a right-of-use (“ROU”) asset of approximately $80.0 million and lease liability of $92.3 million (see Note 7). The Company elected to adopt the package of practical expedients permitted under ASC 842 which, among other things, does not require reassessment of lease classification. The Company determines if an arrangement is or contains a lease at the inception of the contract. In determining the present value of lease payments, the Bank uses our incremental borrowing rate as the discount rate for the leases. The Bank has defined a separate accounting policy for real estate and non-real estate leases to account for non-lease components from a lessee perspective. For non-real estate leases, we elected the practical expedient to not separate non-lease components from lease components and instead to account for both as a single lease component as it relates to this class type. The election was made to separate the non-lease components from the lease components in real estate leases due to the volume of real estate leases that are structured as triple net leases, where many of these expenses are already excluded from the lease. The Company’s lease agreements do not contain any residual value guarantees. The Bank elected to apply the short-term lease exception to existing leases that meet the definition of a short-term lease, considering the lease term from the commencement date, not the remaining term at the date of adoption. The Bank elected to include all renewal options in the lease term in determination of the capitalization period and lease liability and ROU asset. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842): Codification Improvements . ASU 2019-01 updates codification improvements related to ASU 2016-02 to increase stakeholders’ awareness of the amendments and to expedite the improvements. The amendments in ASU 2019-01 address three topics which include 1) determining the fair value of the underlying asset by lessors that are not manufacturers or dealers (Issue 1); 2) presentation on the statement of cash flows-sales-type and direct financing leases (Issue 2); and 3) transition disclosures related to ASC 250, Accounting Changes and Error Corrections (Issue 3). ASU 2019-01 will be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years for public business entities. An entity is permitted to early adopt. However, an entity should apply the amendments as of the date that it first applied ASC 842. The transition and effective date provisions apply to Issue 1 and Issue 2. The Company adopted ASU 2019-01 at January 1, 2019 and it did not have a material impact on the Company’s financial condition, results of operations, or cash flows. In March 2017, the FASB issued ASU No. 2017-08, Receivables–Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes Pending Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments • Replaces the current incurred loss accounting model with an expected loss approach and requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. • Eliminates existing guidance for acquired credit impaired (“ACI”) loans and requires recognition of the nonaccretable difference as an increase to the allowance for expected credit losses on financial assets purchased with more than insignificant credit deterioration since origination, which will be offset by an increase in the recorded investment of the related loans. For ACI loans accounted for under ASC 310-30 prior to adoption, the guidance in this amendment for purchase credit deteriorated assets will be prospectively applied. • Requires inclusion of expected recoveries, limited to the cumulative amount of prior write-offs, when estimating the allowance for credit losses for in-scope financial assets (including collateral dependent assets). • Amends existing impairment guidance for available-for-sale (“AFS”) securities to incorporate an allowance, which will allow for reversals of credit impairments if the credit of an issuer improves. The Company expects no material allowance impact to available-for-sale securities • Requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. • Required effective date: January 1, 2020. • Upon adoption, Cadence will record a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. • Cadence’s cross-functional CECL implementation team consists of representatives from finance, credit, and risk management. The team is progressing through its detailed project plan and timeline that has included limited parallel CECL runs in the first three quarters of 2019. Cadence continues to develop key accounting policies and assess the credit loss models, processes and the associated data requirements needed to meet the standard. Cadence expects to complete validation of the credit loss models in 2019. For the remainder of 2019, management will continue to execute the new processes in parallel with the existing processes to ensure that Cadence has an appropriate control environment over the allowance for credit losses upon adoption in 2020. • Cadence expects that the allowance related to its loans and commitments will increase as it will relate to credit losses over the full remaining expected life of the portfolio. Cadence currently intends to estimate losses through various models that include selected forecasted macroeconomic variables produced in a baseline macroeconomic scenario forecast provided by an external party. • Based on current expectations of future economic conditions, Cadence believes its allowance for credit losses on loans may increase by up to 65% from its allowance for credit losses as of September 30, 2019, as disclosed herein, with approximately 29% of this increase driven by the consumer residential portfolio and approximately 44% from the acquired noncredit impaired loans. The impact to regulatory capital is expected to be minimal; Cadence plans to elect the transition provisions provided by the banking agencies and will phase-in the “Day One” regulatory capital effects resulting from adoption of CECL over the three-year period beginning January 1, 2020. The ultimate impact will depend on the characteristics of the portfolio as well as the macroeconomic conditions and forecasts upon adoption, the ultimate validation of models and methodologies, and other management judgments In January 2017, the FASB issued ASU No. 2017-04, Intangibles–Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-14, Compensation–Retirement Benefits–Defined Benefit Plans–General (Subtopic 715-20): Disclosure Framework–Changes to the Disclosure Requirements for Defined Benefit Plans. This ASU makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020; early adoption is permitted. As ASU 2018-14 only revises disclosure requirements, it will not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force). This standard aligns the requirements for capitalizing implementation costs in a hosting arrangement service contract with the existing guidance for capitalizing implementation costs incurred for an internal-use software license. This standard also requires capitalizing or expensing implementation costs based on the nature of the costs and the project stage during which they are incurred and establishes additional disclosure requirements. This standard will be effective for annual periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption of this standard is permitted. The Company currently plans to adopt the standard prospectively and is evaluating the impact this guidance may have on its consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This ASU amends ASC 810 guidance on how all reporting entities evaluate indirect interests held through related parties in common control arrangements when determining whether fees paid to decision makers and service providers are variable interests. ASU 2018-17 is effective for fiscal years ending after December 15, 2019, including interim periods within those annual periods; early adoption is permitted. The Company believes the adoption of this guidance will not have a material impact on its consolidated financial statements. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments–Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, that clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging activities, and recognition and measurement. The amendments clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates, and prepayments, among other things. With respect to hedge accounting, the amendments address partial-term fair value hedges, fair value hedge basis adjustments, application by not-for-profit entities and private companies, and certain transition requirements, among other things. On recognizing and measuring financial instruments, they address the scope of the guidance, the requirement for remeasurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which equity securities must be remeasured at historical exchange rates. The credit losses and hedging amendments have the same effective dates as the respective standards, unless an entity has already adopted the standards. The pending adoption of the credit loss standard, or CECL, is discussed above. Since the Company early adopted the guidance in ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities in 2018, the amended hedge accounting guidance in ASU No. 2019-04 will be effective as of the beginning of the first annual reporting period beginning after April 25, 2019 with early adoption permitted on any date after the issuance of this ASU and is not expected to have a material impact on the consolidated financial statements. The amendments related to recognizing and measuring financial instruments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effect these amendments may have on its consolidated financial statements and disclosures. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Calculation as of Acquisition Date and Identifiable Assets Acquired and Liabilities Assumed at their Fair Values | The following table provides the purchase price calculation as of the acquisition date and the identifiable assets acquired and the liabilities assumed at their fair values. These fair value measurements are based on internal and third-party valuations. (In thousands, except shares and per share data) As Recorded by Cadence Assets Cash and cash equivalents $ 414,342 Investment securities available-for-sale 667,865 Loans held for sale 148,469 Loans 3,317,896 Premises and equipment 65,646 Cash surrender value of life insurance 69,252 Intangible assets 117,038 Other assets 46,294 Total assets acquired $ 4,846,802 Liabilities Deposits $ 4,096,665 Short term borrowings 23,899 Other liabilities 76,180 Total liabilities assumed 4,196,744 Net identifiable assets acquired over liabilities assumed 650,058 Goodwill 176,322 Net assets acquired over liabilities assumed $ 826,380 Consideration: Cadence Bancorporation common shares issued 49,232,008 Fair value per share of the Company's common stock $ 16.78 Company common stock issued 826,113 Fair value of unexercised warrants 267 Fair value of total consideration transferred $ 826,380 |
Schedule of Changes in Estimated Fair Value of Acquired Asset or Liability in Consolidated Balance Sheet | W e updated our estimated fair values of these items within our Consolidated Balance Sheet with a corresponding adjustment to goodwill. These changes are gross of taxes and reflected in the following table: (In thousands) Acquired Asset or Liability Balance Sheet Line Item Provisional Estimate Revised Estimate Increase (Decrease) Loans Loans $ 3,324,056 $ 3,317,896 $ (6,160 ) Current and deferred taxes Other assets 2,125 5,174 3,049 Other liabilities Other liabilities 76,278 76,180 (98 ) |
Information about ACI Loans Acquired in State Bank Merger as of Acquisition Date | Information about the ACI loans acquired in the State Bank merger as of the acquisition date is as follows: (In thousands) Acquired Credit Impaired Loans Contractually required principal and interest at acquisition $ 143,283 Contractual cash flows not expected to be collected (nonaccretable difference) 54,954 Expected cash flows at acquisition 88,329 Accretable difference 10,053 Basis in acquired loans at acquisition - estimated fair value $ 78,276 |
Schedule of Pro forma Information for the Results of Operations | The following table presents certain unaudited pro forma information for the results of operations for the nine months ended September 30, 2019 and 2018, as if State Bank had been acquired on January 1, 2018. Nine Months Ended September 30, 2019 2018 (In thousands) Pro Forma Pro Forma Total revenues (net interest income and noninterest income) $ 573,066 $ 572,693 Net income 151,694 197,034 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Securities Available -for- Sale | A summary of amortized cost and estimated fair value of securities available-for-sale at September 30, 2019 and December 31, 2018 is as follows: (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value September 30, 2019 Securities available-for-sale: U.S. Treasury securities $ — $ — $ — $ - Obligations of U.S. government agencies 72,073 230 220 72,083 Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 111,754 1,424 234 112,944 Issued by FNMA and FHLMC 856,871 11,743 743 867,871 Other residential mortgage-backed securities 301,117 4,986 301 305,802 Commercial mortgage-backed securities 141,205 3,761 315 144,651 Total MBS 1,410,947 21,914 1,593 1,431,268 Obligations of states and municipal subdivisions 194,057 7,917 — 201,974 Total securities available-for-sale $ 1,677,077 $ 30,061 $ 1,813 $ 1,705,325 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2018 Securities available-for-sale: U.S. Treasury securities $ 100,413 $ — $ 3,628 $ 96,785 Obligations of U.S. government agencies 60,975 316 284 61,007 Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 85,052 146 2,093 83,105 Issued by FNMA and FHLMC 594,874 694 10,367 585,201 Other residential mortgage-backed securities 36,339 8 1,178 35,169 Commercial mortgage-backed securities 114,383 287 5,255 109,415 Total MBS 830,648 1,135 18,893 812,890 Obligations of states and municipal subdivisions 229,475 207 13,112 216,570 Total securities available-for-sale $ 1,221,511 $ 1,658 $ 35,917 $ 1,187,252 |
Schedule of Contractual Maturities of Securities Available-for-Sale | The scheduled contractual maturities of securities available-for-sale at September 30, 2019 were as follows: Amortized Estimated (In thousands) Cost Fair Value Due in one year or less $ 30,233 $ 30,324 Due after one year through five years 9,492 9,527 Due after five years through ten years 16,128 15,959 Due after ten years 210,277 218,247 Mortgage-backed securities 1,410,947 1,431,268 Total $ 1,677,077 $ 1,705,325 |
Summary of Gross Gains, and Gross Losses on Sales of Securities Available for Sale | Gross gains and gross losses on sales of securities available-for-sale for the three and nine months ended September 30, 2019 and 2018 are presented below. For the Three Months Ended September 30, For the Nine Months Ended September 30, (In thousands) 2019 2018 2019 2018 Gross realized gains $ 1,406 $ 2 $ 3,219 $ 814 Gross realized losses (631 ) — (1,518 ) (2,613 ) Realized gains (losses) on sale of securities available for sale, net $ 775 $ 2 $ 1,701 $ (1,799 ) |
Schedule of Securities Classified as Available-for-Sale with Gross Unrealized Losses Aggregated by Category and Length of Time | Information pertaining to Unrealized Loss Analysis Losses < 12 Months Losses > 12 Months (In thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses September 30, 2019 U.S. Treasury securities $ — $ — $ — $ — Obligations of U.S. government agencies 1,395 4 20,639 216 Mortgage-backed securities 163,312 803 72,047 790 Obligations of states and municipal subdivisions 201 — — 0 Total $ 164,908 $ 807 $ 92,686 $ 1,006 Unrealized loss analysis Losses < 12 Months Losses > 12 Months (In thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses December 31, 2018 U.S. Treasury securities $ — $ — $ 96,785 $ 3,628 Obligations of U.S. government agencies 25,978 183 10,152 101 Mortgage-backed securities 259,794 2,864 405,974 16,029 Obligations of states and municipal subdivisions 74,503 2,501 125,092 10,611 Total $ 360,275 $ 5,548 $ 638,003 $ 30,369 |
Loans Held-for-Sale, Loans an_2
Loans Held-for-Sale, Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounts Notes And Loans Receivable [Line Items] | |
Summary of Loans Held for Sale | A summary of the loans held for sale at September 30, 2019 and December 31, 2018 is as follows: (In thousands) September 30, 2019 December 31, 2018 Mortgage loans held for sale $ 8,918 $ 17,004 Commercial loans held for sale 36,334 42,457 Loans held for sale $ 45,252 $ 59,461 |
Summary of Total Loans Outstanding by Portfolio Segment and Class of Financing Receivable | The following table presents total loans outstanding by portfolio segment and class of financing receivable as of September 30, 2019 and December 31, 2018. Outstanding balances include originated loans, Acquired Noncredit Impaired (“ANCI”) loans and Acquired Credit Impaired (“ACI”) loans. See Note 2 regarding the merger with State Bank on January 1, 2019. Additional information about ACI loans is presented separately in the “Acquired Credit-Impaired Loans” section of this Note. (In thousands) September 30, 2019 December 31, 2018 Commercial and Industrial General C&I $ 4,293,525 $ 3,275,362 Energy sector 1,510,892 1,285,775 Restaurant industry 1,050,315 1,096,366 Healthcare 485,899 539,839 Total commercial and industrial 7,340,631 6,197,342 Commercial Real Estate Income producing 2,591,312 1,266,791 Land and development 309,984 63,948 Total commercial real estate 2,901,296 1,330,739 Consumer Residential real estate 2,613,287 2,227,653 Other 109,935 67,100 Total consumer 2,723,222 2,294,753 Small Business Lending 750,930 266,283 Total (Gross of unearned discount and fees) 13,716,079 10,089,117 Unearned discount and fees (79,037 ) (35,194 ) Total (Net of unearned discount and fees) $ 13,637,042 $ 10,053,923 |
Summary of Allowance for Credit Losses | A summary of the activity in the ACL for the three and nine months ended September 30, 2019 and 2018 is as follows: For the Three Months Ended September 30, 2019 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of June 30, 2019 $ 82,446 $ 13,417 $ 14,464 $ 5,018 $ 115,345 Provision for loan losses 36,660 4,590 1,256 1,258 43,764 Charge-offs (29,632 ) (542 ) (555 ) (921 ) (31,650 ) Recoveries 183 42 79 10 314 As of September 30, 2019 $ 89,657 $ 17,507 $ 15,244 $ 5,365 $ 127,773 For the Nine Months Ended September 30, 2019 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of December 31, 2018 $ 66,316 $ 10,452 $ 13,703 $ 3,907 $ 94,378 Provision for loan losses 70,611 7,893 2,702 2,695 83,901 Charge-offs (48,093 ) (880 ) (1,323 ) (1,272 ) (51,568 ) Recoveries 823 42 162 35 1,062 As of September 30, 2019 $ 89,657 $ 17,507 $ 15,244 $ 5,365 $ 127,773 Allocation of ending ACL ACI loans collectively evaluated for impairment $ — $ 2,155 $ 6,017 $ — $ 8,172 ACI loans individually evaluated for impairment 521 2,812 177 — 3,510 ANCI loans collectively evaluated for impairment 331 71 661 123 1,186 ANCI loans individually evaluated for impairment 413 — 6 45 464 Originated loans collectively evaluated for impairment 74,010 12,469 8,383 5,181 100,043 Originated loans individually evaluated for impairment 14,382 — — 16 14,398 ACL as of September 30, 2019 $ 89,657 $ 17,507 $ 15,244 $ 5,365 $ 127,773 Loans ACI loans collectively evaluated for impairment $ 27,216 $ 69,502 $ 107,526 $ 13,293 $ 217,537 ACI loans individually evaluated for impairment 12,579 21,620 463 1,972 36,634 ANCI loans collectively evaluated for impairment 998,499 1,298,314 464,718 407,403 3,168,934 ANCI loans individually evaluated for impairment 6,520 1,215 1,496 205 9,436 Originated loans collectively evaluated for impairment 6,205,399 1,510,645 2,147,866 327,970 10,191,880 Originated loans individually evaluated for impairment 90,418 — 1,153 87 91,658 Loans as of September 30, 2019 $ 7,340,631 $ 2,901,296 $ 2,723,222 $ 750,930 $ 13,716,079 For the Three Months Ended September 30, 2018 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of June 30, 2018 $ 59,620 $ 11,470 $ 14,703 $ 4,827 $ 90,620 Provision for loan losses 2,434 (1,586 ) (995 ) (1,218 ) (1,365 ) Charge-offs (3,177 ) (2 ) (86 ) — (3,265 ) Recoveries 40 70 51 — 161 As of September 30, 2018 $ 58,917 $ 9,952 $ 13,673 $ 3,609 $ 86,151 For the Nine Months Ended September 30, 2018 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of December 31, 2017 $ 55,919 $ 11,990 $ 14,983 $ 4,684 $ 87,576 Provision for loan losses 8,249 (2,323 ) (944 ) (704 ) 4,278 Charge-offs (6,642 ) (2 ) (602 ) (481 ) (7,727 ) Recoveries 1,391 287 236 110 2,024 As of September 30, 2018 $ 58,917 $ 9,952 $ 13,673 $ 3,609 $ 86,151 Allocation of ending ACL Loans collectively evaluated for impairment $ 56,414 $ 9,951 $ 13,443 $ 3,538 $ 83,346 Loans individually evaluated for impairment 2,503 1 230 71 2,805 ACL as of September 30, 2018 $ 58,917 $ 9,952 $ 13,673 $ 3,609 $ 86,151 Loans Loans collectively evaluated for impairment $ 5,790,651 $ 1,218,566 $ 2,150,282 $ 247,479 $ 9,406,978 Loans individually evaluated for impairment 59,145 7,610 2,123 499 69,377 Loans as of September 30, 2018 $ 5,849,796 $ 1,226,176 $ 2,152,405 $ 247,978 $ 9,476,355 |
Originated and Acquired Non Credit Impaired Loans | |
Accounts Notes And Loans Receivable [Line Items] | |
Summary of Impaired Loans | The following includes certain key information about individually impaired originated and ANCI loans as of September 30, 2019 and December 31, 2018 and for the three and nine months ended September 30, 2019 and 2018. Originated and ANCI Loans Identified as Impaired As of September 30, 2019 (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Impaired Loans Undisbursed Commitments With no related allowance for credit losses Commercial and Industrial General C&I $ 12,486 $ 18,806 $ — $ 8,124 $ 1,787 Energy sector 6,445 11,717 — 6,445 1,000 Restaurant industry 4,093 10,427 — 4,093 854 Healthcare 4,009 4,255 — 4,009 — Total commercial and industrial 27,033 45,205 — 22,671 3,641 Commercial Real Estate Income producing 1,215 1,690 — 1,215 — Total commercial real estate 1,215 1,690 — 1,215 — Consumer Residential real estate 1,153 1,156 — 1,153 — Total consumer 1,153 1,156 — 1,153 — Total $ 29,401 $ 48,051 $ — $ 25,039 $ 3,641 With allowance for credit losses recorded Commercial and Industrial General C&I $ 19,556 $ 21,372 $ 3,131 $ 19,556 $ 345 Energy sector 9,607 26,021 4,988 9,607 — Restaurant industry 40,762 41,997 6,676 40,762 6,307 Total commercial and industrial 69,925 89,390 14,795 69,925 6,652 Consumer Residential real estate 1,499 1,496 6 446 — Total consumer 1,499 1,496 6 446 — Small Business Lending 377 1,189 61 157 — Total $ 71,801 $ 92,075 $ 14,862 $ 70,528 $ 6,652 (1) The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. As of December 31, 2018 (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Impaired Loans Undisbursed Commitments With no related allowance for credit losses Commercial and Industrial Energy sector $ 20,713 $ 33,908 $ — $ 20,713 $ 3,658 Total commercial and industrial 20,713 33,908 — 20,713 3,658 Consumer Residential real estate 1,538 1,535 — — — Total consumer 1,538 1,535 — — — Total $ 22,251 $ 35,443 $ — $ 20,713 $ 3,658 With allowance for credit losses recorded Commercial and Industrial General C&I $ 28,684 $ 28,677 $ 3,559 $ 24,103 $ 930 Restaurant industry 23,043 23,698 3,485 22,042 2,329 Healthcare 4,496 4,496 256 4,496 — Total commercial and industrial 56,223 56,871 7,300 50,641 3,259 Consumer Other 254 254 25 — — Total consumer 254 254 25 — — Small Business Lending 476 1,249 107 229 10 Total $ 56,953 $ 58,374 $ 7,432 $ 50,870 $ 3,269 (1) |
Summary of Average Recorded Investment in Impaired Originated and ANCI Loans | Average Recorded Investment in Impaired Originated and ANCI Loans Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2019 2018 2019 2018 Commercial and Industrial General C&I $ 39,117 $ 4,851 $ 51,650 $ 4,915 Energy sector 20,000 23,710 24,865 35,839 Restaurant industry 39,624 16,194 41,721 13,594 Healthcare 4,134 — 5,738 — Total commercial and industrial 102,875 44,755 123,974 54,348 Commercial Real Estate Income producing 608 — 405 — Total commercial real estate 608 — 405 — Consumer Residential real estate 2,083 1,557 2,412 1,570 Other 127 308 255 353 Total consumer 2,210 1,865 2,667 1,923 Small Business Lending 351 516 542 526 Total $ 106,044 $ 47,136 $ 127,588 $ 56,797 |
Summary of Originated and ANCI Loans that were modified into TDRs | Originated and ANCI Loans that were modified into TDRs For the Three Months Ended September 30, 2019 2018 (Dollars in thousands) Number of TDRs Recorded Investment Number of TDRs Recorded Investment Commercial and Industrial 3 $ 11,902 2 $ 15,726 Total 3 $ 11,902 2 $ 15,726 For the Nine Months Ended September 30, 2019 2018 (Dollars in thousands) Number of TDRs Recorded Investment Number of TDRs Recorded Investment Commercial and Industrial 7 $ 26,472 2 $ 15,726 Small Business Lending — — 2 134 Total 7 $ 26,472 4 $ 15,860 For the Three Months Ended September 30, 2019 2018 Number of Loans Modified by: Modified Terms and/ or Other Concessions Modified Terms and/ or Other Concessions Commercial and Industrial 3 2 Small Business Lending — — Total 3 2 For the Nine Months Ended September 30, 2019 2018 Number of Loans Modified by: Modified Terms and/ or Other Concessions Rate Concession Modified Terms and/ or Other Concessions Commercial and Industrial 7 — 2 Small Business Lending — 2 — Total 7 2 2 |
Summary of Credit Exposure by Portfolio Segment and Class of Receivable | The following tables provide information regarding the credit exposure by portfolio segment and class of receivable. As of September 30, 2019 (Recorded Investment in thousands) Special Mention Substandard Doubtful Total Criticized Commercial and Industrial General C&I $ 68,660 $ 155,120 $ 3,102 $ 226,882 Energy sector 59,504 34,645 4,988 99,137 Restaurant industry 58,406 46,142 6,676 111,224 Healthcare 29,154 4,051 — 33,205 Total commercial and industrial 215,724 239,958 14,766 470,448 Commercial Real Estate Income producing 29,181 1,215 — 30,396 Land and development 5,731 — — 5,731 Total commercial real estate 34,912 1,215 — 36,127 Consumer Residential real estate — 5,913 — 5,913 Other — 16 — 16 Total consumer — 5,929 — 5,929 Small Business Lending 5,579 4,554 — 10,133 Total $ 256,215 $ 251,656 $ 14,766 $ 522,637 As of December 31, 2018 (Recorded Investment in thousands) Special Mention Substandard Doubtful Total Criticized Commercial and Industrial General C&I $ 74,592 $ 79,815 $ — $ 154,407 Energy sector 11,812 6,227 14,486 32,525 Restaurant industry 24,449 26,171 — 50,620 Healthcare — 4,496 — 4,496 Total commercial and industrial 110,853 116,709 14,486 242,048 Commercial Real Estate Land and development — 985 — 985 Total commercial real estate — 985 — 985 Consumer Residential real estate — 3,315 — 3,315 Total consumer — 3,315 — 3,315 Small Business Lending 772 2,013 — 2,785 Total $ 111,625 $ 123,022 $ 14,486 $ 249,133 |
Past Due Financing Receivables | The following table provides an aging of past due loans by portfolio segment and class of receivable. Aging of Past due Originated and ANCI Loans As of September 30, 2019 Accruing Loans Non-Accruing Loans (Recorded Investment in thousands) 30-59 DPD 60-89 DPD 90+DPD 0-29 DPD 30-59 DPD 60-89 DPD 90+DPD Commercial and Industrial General C&I $ 1,058 $ — $ 26,479 $ — $ 168 $ 1,080 Energy sector — — — — — — 16,052 Restaurant industry 246 — — 40,762 — 3,513 580 Healthcare — — — — — 4,009 — Total commercial and industrial 1,304 — — 67,241 — 7,690 17,712 Commercial Real Estate Income producing 592 — — — — — 1,215 Total commercial real estate 592 — — — — — 1,215 Consumer Residential real estate 6,358 2,183 634 1,241 220 266 3,552 Other 106 6 1 — — — 16 Total consumer 6,464 2,189 635 1,241 220 266 3,568 Small Business Lending 2,899 659 — 756 713 323 1,542 Total $ 11,259 $ 2,848 $ 635 $ 69,238 $ 933 $ 8,279 $ 24,037 As of December 31, 2018 Accruing Loans Non-Accruing Loans (Recorded Investment in thousands) 30-59 DPD 60-89 DPD 90+DPD 0-29 DPD 30-59 DPD 60-89 DPD 90+DPD Commercial and Industrial General C&I $ 120 $ — $ — $ 23,928 $ 176 $ — $ — Energy sector — — — 20,712 — — — Restaurant industry — — — 22,043 — — — Healthcare — — — 4,496 — — — Total commercial and industrial 120 — — 71,179 176 — — Commercial Real Estate Land and development — 61 — — — — — Total commercial real estate — 61 — — — — — Consumer Residential real estate 1,275 315 760 876 151 95 1,429 Other 27 112 — — — — — Total consumer 1,302 427 760 876 151 95 1,429 Small Business Lending 491 25 — 250 29 4 50 Total $ 1,913 $ 513 $ 760 $ 72,305 $ 356 $ 99 $ 1,479 |
ACI Loans | |
Accounts Notes And Loans Receivable [Line Items] | |
Summary of Total Loans Outstanding by Portfolio Segment and Class of Financing Receivable | Acquired Credit Impaired (“ACI”) Loans The following table presents total ACI loans outstanding by portfolio segment and class of financing receivable. See Note 2 for more information regarding our merger with State Bank. As of (In thousands) September 30, 2019 December 31, 2018 Commercial and Industrial General C&I $ 37,263 $ 16,807 Restaurant industry 2,532 — Total commercial and industrial 39,795 16,807 Commercial Real Estate Income producing 78,504 65,427 Land and development 12,618 — Total commercial real estate 91,122 65,427 Consumer Residential real estate 107,126 120,495 Other 863 546 Total consumer 107,989 121,041 Small Business Lending 15,265 — Total $ 254,171 $ 203,275 |
Summary of Credit Exposure by Portfolio Segment and Class of Receivable | The following table provides information regarding the credit exposure by portfolio segment and class of receivable. ACI Loans by Risk Rating / Delinquency Stratification ACI loans based on internal risk rating: As of September 30, 2019 December 31, 2018 (Recorded Investment in thousands) Special Mention Substandard Doubtful Special Mention Substandard Doubtful Commercial and Industrial General C&I $ 89 $ 12,934 $ 943 $ 426 $ 1,445 $ 39 Restaurant industry — 565 — — — — Total commercial and industrial 89 13,499 943 426 1,445 39 Commercial Real Estate Income producing 556 14,666 — 1,207 3,080 — Land and development 175 2,362 — — — — Total commercial real estate 731 17,028 — 1,207 3,080 — Consumer Residential real estate 115 4,245 — 89 4,442 — Other — — — — 3 — Total consumer 115 4,245 — 89 4,445 — Small Business Lending 405 12,199 — — — — Total $ 1,340 $ 46,971 $ 943 $ 1,722 $ 8,970 $ 39 |
Past Due Financing Receivables | ACI Consumer credit exposure, based on past due status: As of September 30, 2019 December 31, 2018 (Recorded Investment in thousands) Residential Real Estate Other Residential Real Estate Other 0 – 29 Days Past Due $ 98,571 $ 720 $ 115,404 $ 845 30 – 59 Days Past Due 3,484 95 1,985 91 60 – 89 Days Past Due 830 48 1,435 — 90 – 119 Days Past Due 341 — 217 3 120 + Days Past Due 3,900 — 3,598 — Total $ 107,126 $ 863 $ 122,639 $ 939 |
Summary of Changes in Accretable Discount for ACI Loans | Changes in the amount of accretable discount for ACI loans for the three and nine months ended September 30, 2019 and 2018 were as follows: Changes in Accretable Yield on ACI Loans For the Three Months Ended September 30, (In thousands) 2019 2018 Balance at beginning of period $ 65,374 $ 72,289 Accretion (6,997 ) (4,881 ) Reclass from nonaccretable difference due to increases in expected cash flow 2,506 4,118 Other changes, net 4,178 (1,734 ) Balance at end of period $ 65,061 $ 69,792 For the Nine Months Ended September 30, (In thousands) 2019 2018 Balance at beginning of period $ 67,405 $ 78,422 Additions (See Note 2) 10,053 — Accretion (21,882 ) (15,089 ) Reclass from nonaccretable difference due to increases in expected cash flow 10,389 12,188 Other changes, net (904 ) (5,729 ) Balance at end of period $ 65,061 $ 69,792 |
Summary of Individually Impaired ACI Loans and Pooled ACI Loans | The following includes certain key information about individually impaired and pooled ACI loans as of September 30, 2019 and December 31, 2018 and for the three and nine months ended September 30, 2019 and 2018. ACI Loans / Pools Identified as Impaired As of September 30, 2019 ACI Loans / Pools Identified as Impaired (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Impaired Loans Undisbursed Commitments Commercial and Industrial $ 11,631 $ 12,481 $ 521 $ — $ — Commercial Real Estate 80,710 86,915 4,967 — — Consumer 13,854 9,736 6,194 — — Total $ 106,195 $ 109,132 $ 11,682 $ — $ — As of December 31, 2018 ACI Loans / Pools Identified as Impaired (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Impaired Loans Undisbursed Commitments Commercial and Industrial $ 2,100 $ 2,331 $ 58 $ — $ — Commercial Real Estate 74,017 97,613 1,641 — — Consumer 18,301 17,888 6,225 — — Total $ 94,418 $ 117,832 $ 7,924 $ — $ — (1) The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill and Other Intangible Assets | The following table summarizes the Company’s goodwill and other intangible assets at September 30, 2019 and December 31, 2018: September 30, December 31, (In thousands) 2019 2018 Goodwill $ 486,000 $ 307,083 Core deposit intangible, net of accumulated amortization of $55,694 and $39,385, respectively 95,930 301 Customer lists, net of accumulated amortization of $21,263 and $19,709, respectively 12,638 6,992 Noncompete agreements, net of accumulated amortization of $68 and $0, respectively 1,541 — Trademarks, net of accumulated amortization of $55 and $0, respectively 1,379 24 Total goodwill and intangible assets, net $ 597,488 $ 314,400 The increase in goodwill and other intangible assets is primarily related to the acquisition of State Bank on January 1, 2019 as well as a n insignificant amount that resulted from the net asset acquisition from Wealth & Pension Services Group, Inc. on July 1, 2019 by the Bank’s subsidiary Linscomb & Williams, Inc. (see Note 2). |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts and Estimated Fair Values | The notional amounts and estimated fair values as of September 30, 2019 and December 31, 2018 were as follows: September 30, 2019 December 31, 2018 Fair Value Fair Value (In thousands) Notional Amount Other Assets Other Liabilities Notional Amount Other Assets Other Liabilities Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 650,000 $ 4,452 $ — $ 650,000 $ — $ 23,968 Commercial loan interest rate collars 4,000,000 276,159 — — — — Total derivatives designated as hedging instruments 4,650,000 280,611 — 650,000 — 23,968 Derivatives not designated as hedging instruments: Commercial loan interest rate swaps 1,101,572 10,946 1,102 1,155,942 4,439 1,777 Commercial loan interest rate caps 149,793 43 43 88,430 239 239 Commercial loan interest rate floors 667,204 10,460 10,460 652,822 5,587 5,587 Commercial loan interest rate collars 77,777 329 329 80,000 96 96 Mortgage loan held for sale interest rate lock commitments 10,285 122 — 5,286 72 — Mortgage loan forward sale commitments 7,120 78 — 1,959 5 — Mortgage loan held for sale floating commitments 1,301 — — 14,690 — — Foreign exchange contracts 62,932 62 81 46,971 698 683 Total derivatives not designated as hedging instruments 2,077,984 22,040 12,015 2,046,100 11,136 8,382 Total derivatives $ 6,727,984 $ 302,651 $ 12,015 $ 2,696,100 $ 11,136 $ 32,350 |
Schedule of Gain (Loss) in Consolidated Statements of Income Related to Derivative Instruments | Pre-tax For the Three Months Ended September 30, 2019 2018 (In thousands) OCI Reclassified from AOCI to interest income Noninterest income OCI Reclassified from AOCI to interest income Noninterest income Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 7,447 $ (1,182 ) $ — $ (3,616 ) $ (1,608 ) $ — Commercial loan interest rate collars 32,864 2,667 — — — — Derivatives not designated as hedging instruments: Mortgage loans held for sale interest rate lock commitments $ — $ — $ 23 $ — $ — $ (54 ) Foreign exchange contracts — — 823 — — 552 For the Nine Months Ended September 30, 2019 2018 (In thousands) OCI Reclassified from AOCI to interest income Noninterest income OCI Reclassified from AOCI to interest income Noninterest income Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 28,419 $ (4,199 ) $ — $ (18,656 ) $ (3,121 ) $ — Commercial loan interest rate collars 160,429 2,704 — — — — Derivatives not designated as hedging instruments: Mortgage loans held for sale interest rate lock commitments $ — $ — $ 50 $ — $ — $ 10 Foreign exchange contracts — — 2,947 — — 1,575 |
Schedule of Interest Rate Swap Agreements | In June 2015 and March 2016, the Company entered into the following interest rate swap agreements to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans. Effective Date Maturity Date Notional Amount (In Thousands) Fixed Rate Variable Rate June 30, 2015 December 31, 2019 $ 300,000 1.5120 % 1 Month LIBOR March 8, 2016 February 27, 2026 175,000 1.5995 1 Month LIBOR March 8, 2016 February 27, 2026 175,000 1.5890 1 Month LIBOR |
Leases (Table)
Leases (Table) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Summary of Initial Recognition of Operating Lease Assets and Liability | The Company elected to adopt the optional modified retrospective transition approach, which resulted in the following initial recognition amounts on January 1, 2019: (In thousands) Operating right-of-use assets $ 65,902 State Bank acquisition 14,089 Total operating right-of-use assets $ 79,991 Operating lease liability $ 92,268 |
Components of Lease Cost | The components of lease cost for the three and nine months ended September 30, 2019 were as follows: Three Months Ended Nine Months Ended (In thousands) September 30, 2019 September 30, 2019 Operating lease cost $ 2,524 $ 7,644 Sublease income (405 ) (1,259 ) Total lease cost $ 2,119 $ 6,385 |
Summary of Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases at September 30, 2019 was as follows: (Dollars in thousands) Weighted average remaining lease term (in years) 12.4 Weighted average discount rate 4.8 % |
Schedule of Maturity Analysis of Operating Leases | The following table presents a maturity analysis of the Company’s operating leases as of September 30, 2019: (In thousands) 2019 $ 2,747 2020 10,984 2021 10,897 2022 9,283 2023 8,660 Thereafter 62,106 Total lease payments 104,677 Less: interest (27,014 ) Operating lease liability $ 77,663 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Securities Sold Under Agreements to Repurchase | Information concerning the Company’s securities sold under agreements to repurchase is summarized as follows: (In thousands) September 30, 2019 December 31, 2018 Balance at period end $ — $ 1,106 Average balance during the period 5,154 1,630 Average interest rate during the period 0.15 % 0.25 % Maximum month-end balance during the period $ 23,908 $ 2,384 |
Summary of Debt | Details of the debt transactions are as follows: (In thousands) September 30, 2019 December 31, 2018 Cadence Bancorporation: 4.875% senior notes, due June 28, 2019 $ — $ 145,000 5.375% senior notes, due June 28, 2021 50,000 50,000 7.250% subordinated notes, due June 28, 2029, callable in 2024 35,000 35,000 6.500% subordinated notes, due March 2025, callable in 2020 40,000 40,000 4.750% subordinated notes, due June 2029, callable in 2024 85,000 — Total — Cadence Bancorporation 210,000 270,000 Cadence Bank: 6.250% subordinated notes, due June 28, 2029, callable in 2024 25,000 25,000 Debt issue costs and unamortized premium (2,484 ) (1,211 ) Purchased — (10,078 ) Total senior and subordinated debt $ 232,516 $ 283,711 |
Summary of Junior Subordinated Debt | Details of (In thousands) September 30, 2019 December 31, 2018 Junior subordinated debentures, 3 month LIBOR plus 2.85%, due 2033 $ 30,000 $ 30,000 Junior subordinated debentures, 3 month LIBOR plus 2.95%, due 2033 5,155 5,155 Junior subordinated debentures, 3 month LIBOR plus 1.75%, due 2037 15,464 15,464 Total par value 50,619 50,619 Purchase accounting adjustment, net of amortization (13,297 ) (13,666 ) Total junior subordinated debentures $ 37,322 $ 36,953 |
Other Noninterest Income and _2
Other Noninterest Income and Other Noninterest Expense (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Nonoperating Income Expense [Abstract] | |
Summary of Other Noninterest Income and Other Noninterest Expense | The detail of other noninterest income and other noninterest expense captions presented in the consolidated statements of income is as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2019 2018 2019 2018 Other noninterest income Insurance revenue $ 216 $ - $ 658 $ 2,677 Bankcard fees 2,061 1,078 6,553 4,877 Income from bank owned life insurance policies 1,275 913 3,690 2,758 Other 1,730 2,571 4,710 6,882 Total other noninterest income $ 5,282 $ 4,562 $ 15,611 $ 17,194 Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2019 2018 2019 2018 Other noninterest expenses Data processing expense $ 3,641 $ 1,989 $ 9,670 $ 6,666 Software amortization 3,406 1,628 9,925 4,038 Consulting and professional fees 2,621 4,335 6,749 9,815 Loan related expenses (921 ) 821 1,729 1,721 FDIC insurance 527 1,237 4,149 3,415 Communications 1,425 682 3,880 2,089 Advertising and public relations 1,368 679 3,253 1,595 Legal expenses 500 242 1,303 3,337 Other 11,864 5,418 29,982 16,123 Total other noninterest expenses $ 24,431 $ 17,031 $ 70,640 $ 48,799 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Net Income Per Common Share | The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the three and nine months ended September 30, 2019 and 2018. Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2019 2018 2019 2018 Net income per consolidated statements of income $ 43,986 $ 47,136 $ 150,533 $ 133,935 Net income allocated to participating securities (137 ) (56 ) (525 ) (162 ) Net income allocated to common stock $ 43,849 $ 47,080 $ 150,008 $ 133,773 Weighted average common shares outstanding (Basic) 128,457,491 83,625,000 129,237,553 83,625,000 Weighted average dilutive restricted stock units and options 57,783 1,035,256 121,734 1,084,240 Weighted average common shares outstanding (Diluted) 128,515,274 84,660,256 129,359,287 84,709,240 Earnings per common share (Basic) $ 0.34 $ 0.56 $ 1.16 $ 1.60 Earnings per common share (Diluted) $ 0.34 $ 0.56 $ 1.16 $ 1.58 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Banking And Thrift [Abstract] | |
Schedule of Actual Capital Amounts and Ratios | The actual capital amounts and ratios for the Company and the Bank as of September 30, 2019 and December 31, 2018 are presented in the following tables and as shown, are above the thresholds necessary to be considered “well-capitalized”. Management believes that no events or changes have occurred after September 30, 2019 that would change this designation. Consolidated Company Bank (In thousands) Amount Ratio Amount Ratio September 30, 2019 Tier 1 leverage $ 1,757,141 10.3 % $ 1,916,911 11.3 % Common equity tier 1 capital 1,757,141 11.0 1,866,911 11.7 Tier 1 risk-based capital 1,757,141 11.0 1,916,911 12.0 Total risk-based capital 2,101,301 13.1 2,070,637 13.0 Minimum requirement: Tier 1 leverage 681,141 4.0 680,041 4.0 Common equity tier 1 capital 719,521 4.5 719,231 4.5 Tier 1 risk-based capital 959,362 6.0 958,975 6.0 Total risk-based capital 1,279,149 8.0 1,278,633 8.0 Well capitalized requirement: Tier 1 leverage N/A N/A 850,053 5.0 Common equity tier 1 capital N/A N/A 1,038,890 6.5 Tier 1 risk-based capital 959,362 6.0 1,278,633 8.0 Total risk-based capital 1,598,937 10.0 1,598,292 10.0 Consolidated Company Bank (In thousands) Amount Ratio Amount Ratio December 31, 2018 Tier 1 leverage $ 1,209,407 10.1 % $ 1,327,974 11.1 % Common equity tier 1 capital 1,172,454 9.8 1,277,974 10.7 Tier 1 risk-based capital 1,209,407 10.1 1,327,974 11.1 Total risk-based capital 1,403,311 11.8 1,447,719 12.1 Minimum requirement: Tier 1 leverage 479,940 4.0 479,667 4.0 Common equity tier 1 capital 536,930 4.5 536,285 4.5 Tier 1 risk-based capital 715,907 6.0 715,047 6.0 Total risk-based capital 954,542 8.0 953,396 8.0 Well capitalized requirement: Tier 1 leverage N/A N/A 599,584 5.0 Common equity tier 1 capital N/A N/A 774,634 6.5 Tier 1 risk-based capital 715,907 6.0 953,396 8.0 Total risk-based capital 1,193,178 10.0 1,191,745 10.0 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Commitments and Contingent Liabilities | A summary of commitments and contingent liabilities is as follows: (In thousands) September 30, 2019 December 31, 2018 Commitments to extend credit $ 4,757,316 $ 4,078,708 Commitments to grant loans 101,623 103,570 Standby letters of credit 217,050 141,214 Performance letters of credit 18,754 21,026 Commercial letters of credit 27,896 11,262 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Supplemental Cash Flow Information | For the Nine Months Ended September 30, (In thousands) 2019 2018 Cash paid during the year for: Interest $ 155,544 $ 79,771 Income taxes, net of refunds 45,801 36,334 Cash paid for amounts included in lease liabilities 8,492 — Non-cash investing activities (at fair value): Acquisition of real estate in settlement of loans 1,949 2,936 Transfers of loans held for sale to loans 34,939 — Transfers of commercial loans to loans held for sale 27,135 17,031 Right-of-use assets obtained in exchange for operating lease liabilities 83,333 — |
Disclosure About Fair Values _2
Disclosure About Fair Values of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis categorized by the level of inputs used in the valuation of each asset at September 30, 2019 and December 31, 2018: (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) September 30, 2019 Assets Investment securities available-for-sale $ 1,705,325 $ — $ 1,705,325 $ — Equity securities with readily determinable fair values not held for trading 1,764 1,764 — — Derivative assets 302,651 — 302,651 — Net profits interests 5,160 — — 5,160 Other assets 20,613 — — 20,613 Total recurring basis measured assets $ 2,035,513 $ 1,764 $ 2,007,976 $ 25,773 Liabilities Derivative liabilities $ 12,015 $ — $ 12,015 $ — Total recurring basis measured liabilities $ 12,015 $ — $ 12,015 $ — (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) December 31, 2018 Assets Investment securities available-for-sale $ 1,187,252 $ — $ 1,187,252 $ — Equity securities with readily determinable fair values not held for trading 5,840 5,840 — — Derivative assets 11,136 — 11,136 — Net profits interests 5,779 — — 5,779 Other assets 11,191 11,191 Total recurring basis measured assets $ 1,221,198 $ 5,840 $ 1,198,388 $ 16,970 Liabilities Derivative liabilities $ 32,350 $ — $ 32,350 $ — Total recurring basis measured liabilities $ 32,350 $ — $ 32,350 $ — |
Summary of Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis | The tables below include a roll-forward of the consolidated balance sheet amounts for the three and nine months ended September 30, 2019 and 2018 for changes in the fair value of financial instruments within Level 3 of the valuation hierarchy that are recorded on a recurring basis. Level 3 financial instruments typically include unobservable components but may also include some observable components that may be validated to external sources. The gains or (losses) in the following table (which are reported in other noninterest income in the consolidated income statements) may include changes to fair value due in part to observable factors that may be part of the valuation methodology. Level 3 Assets Measured at Fair Value on a Recurring Basis For the Three Months Ended September 30, 2019 2018 2019 2018 2019 (In thousands) Net Profits Interests Investments in Limited Partnerships SBA Servicing Rights Beginning Balance $ 5,376 $ 12,839 $ 14,533 $ 8,852 $ 3,786 Originations — — — — 455 Net gains (losses) included in earnings (73 ) 210 1,119 547 (489 ) Reclassifications — — 110 — — Contributions paid — — 1,143 1,296 — Distributions received (143 ) (777 ) (44 ) (187 ) — Ending Balance $ 5,160 $ 12,272 $ 16,861 $ 10,508 $ 3,752 Net unrealized gains (losses) included in earnings relating to assets held at the end of the period $ (73 ) $ 210 $ 1,119 $ 547 $ (489 ) For the Nine Months Ended September 30, 2019 2018 2019 2018 2019 (In thousands) Net Profits Interests Investments in Limited Partnerships SBA Servicing Rights Beginning Balance $ 5,779 $ 15,833 $ 11,191 $ — $ — Acquired — — — — 6,213 Originations — — — — 969 Transfers in due to adoption of ASU 2016-01 — — — 5,518 — Adjustment recorded in retained earnings due to adoption of ASU 2016-01 — — — 1,201 — Net (losses) gains included in earnings (188 ) (1,992 ) 2,153 1,942 (3,430 ) Reclassifications — — (15 ) — — Contributions paid — — 4,160 2,404 — Distributions received (431 ) (1,569 ) (628 ) (557 ) — Ending Balance $ 5,160 $ 12,272 $ 16,861 $ 10,508 $ 3,752 Net unrealized (losses) gains included in earnings relating to assets held at the end of the period $ (188 ) $ (1,992 ) $ 2,153 $ 1,942 $ (3,430 ) |
Summary of Assets Recorded at Fair Value on a Nonrecurring Basis | From time to time, the Company may be required to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or fair value accounting or write-downs of individual assets. For assets measured at fair value on a nonrecurring basis which were still held on the balance sheets at September 30, 2019 and December 31, 2018, the following tables provide the level of valuation assumptions used to determine each adjustment and the related carrying value: (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) September 30, 2019 Loans held for sale $ 45,252 $ — $ 45,252 $ — Impaired loans, net of specific allowance 86,255 — — 86,255 Other real estate 1,571 — — 1,571 Total assets measured on a nonrecurring basis $ 133,078 $ — $ 45,252 $ 87,826 (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) December 31, 2018 Loans held for sale $ 59,461 $ — $ 59,461 $ — Impaired loans, net of specific allowance 71,741 — — 71,741 Other real estate 2,406 — — 2,406 Total assets measured on a nonrecurring basis $ 133,608 $ — $ 59,461 $ 74,147 |
Summary of Significant Unobservable Inputs Used in Level 3 Fair Value Measurements for Financial Assets Measured at Fair Value on a Nonrecurring Basis | Significant unobservable inputs used in Level 3 fair value measurements for financial assets measured at fair value on a nonrecurring basis are summarized below: Quantitative Information about Level 3 Fair Value Measurements (In thousands) Carrying Value Valuation Methods Unobservable Inputs Range September 30, 2019 Impaired loans, net of specific allowance $ 86,255 Appraised value, as adjusted Discount to fair value 0% - 50% Appraised value, as adjusted Net recoverable oil and gas reserves and forward-looking commodity prices. Discount rate - 10% 82% (1) Discounted cash flow Discount rate 5.8% 35% (1) Enterprise value Exit and earnings multiples, discounted cash flows, and market comparables 0%-35% (1) Other real estate 1,571 Appraised value, as adjusted Discount to fair value 0% - 20% Estimated closing costs 10% (1) - Represents difference of remaining balance to fair value. Quantitative Information about Level 3 Fair Value Measurements (In thousands) Carrying Value Valuation Methods Unobservable Inputs Range December 31, 2018 Impaired loans, net of specific allowance $ 71,741 Appraised value, as adjusted Discount to fair value 0% - 20% Discounted cash flow Net recoverable oil and gas reserves and forward-looking commodity prices. Discount rate –10% 0 - 10% (1) Discounted cash flow Discount rates – 2.9% to 8.7% 0% - 20% (1) Enterprise value Exit multiples 0 - 15% (1) Other real estate 2,406 Estimated closing costs 10% Appraised value, as adjusted Discount to fair value 0% - 20% Estimated closing costs 10% (1) - Represents difference of unpaid balance to fair value. |
Summary of Estimated Fair Values of Financial Instruments | The estimated fair values of the Company’s financial instruments are as follows: September 30, 2019 (In thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 236,628 $ 236,628 $ 236,628 $ — $ — Interest-bearing deposits in other banks 816,604 816,604 816,604 — — Federal funds sold 7,870 7,870 7,870 — — Investment securities available-for-sale 1,705,325 1,705,325 — 1,705,325 — Equity securities with readily determinable fair values not held for trading 1,764 1,764 1,764 — — Loans held for sale 45,252 45,252 — 45,252 — Net loans 13,509,269 13,468,953 — — 13,468,953 Derivative assets 302,651 302,651 — 302,651 — Net profits interests 5,160 5,160 — — 5,160 Other assets 62,865 62,865 — — 62,865 Financial Liabilities: Deposits 14,789,712 14,800,614 — 14,800,614 — Advances from FHLB 100,000 100,000 — 100,000 — Securities sold under agreements to repurchase — — — — — Senior debt 49,922 51,214 — 51,214 — Subordinated debt 182,594 189,438 — 189,438 — Junior subordinated debentures 37,322 47,981 — 47,981 — Notes payable 2,054 2,054 — 2,054 — Derivative liabilities 12,015 12,015 — 12,015 — December 31, 2018 (In thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 237,342 $ 237,342 $ 237,342 $ — $ — Interest-bearing deposits in other banks 523,436 523,436 523,436 — — Federal funds sold 18,502 18,502 18,502 — — Investment securities available-for-sale 1,187,252 1,187,252 — 1,187,252 — Equity securities with readily determinable fair values not held for trading 5,840 5,840 5,840 — — Loans held for sale 59,461 59,461 — 59,461 — Net loans 9,959,545 9,735,130 — — 9,735,130 Derivative assets 11,136 11,136 — 11,136 — Net profits interests 5,779 5,779 — — 5,779 Investments in limited partnerships 36,917 36,917 36,917 Financial Liabilities: Deposits 10,708,689 10,700,350 — 10,700,350 — Advances from FHLB 150,000 150,000 — 150,000 — Securities sold under agreements to repurchase 1,106 1,106 — 1,106 — Senior debt 184,801 194,762 — 194,762 — Subordinated debt 98,910 103,008 — 103,008 — Junior subordinated debentures 36,953 46,946 — 46,946 — Derivative liabilities 32,350 32,350 — 32,350 — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of Operating Results of Segments | The following tables present the operating results of the segments as of and for the three and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, 2019 (In thousands) Banking Financial Services Corporate Consolidated Net interest income (expense) $ 164,535 $ (524 ) $ (3,824 ) $ 160,187 Provision for credit losses 43,764 — — 43,764 Noninterest income 23,407 11,052 183 34,642 Noninterest expense 84,113 9,255 915 94,283 Income tax expense (benefit) 13,931 183 (1,318 ) 12,796 Net income (loss) $ 46,134 $ 1,090 $ (3,238 ) $ 43,986 Total assets $ 17,743,054 $ 106,248 $ 6,644 $ 17,855,946 Three Months Ended September 30, 2018 (In thousands) Banking Financial Services Corporate Consolidated Net interest income (expense) $ 102,940 $ (429 ) $ (4,411 ) $ 98,100 Provision for credit losses (1,365 ) — — (1,365 ) Noninterest income 13,741 10,105 130 23,976 Noninterest expense 50,612 7,904 2,715 61,231 Income tax expense (benefit) 15,669 270 (865 ) 15,074 Net income (loss) $ 51,765 $ 1,502 $ (6,131 ) $ 47,136 Total assets $ 11,660,234 $ 93,721 $ 5,882 $ 11,759,837 Nine Months Ended September 30, 2019 (In thousands) Banking Financial Services Corporate Consolidated Net interest income (expense) $ 504,764 $ (1,746 ) $ (12,754 ) $ 490,264 Provision for credit losses 83,901 — — 83,901 Noninterest income 66,557 29,782 688 97,027 Noninterest expense 272,721 24,804 10,727 308,252 Income tax expense (benefit) 49,685 495 (5,575 ) 44,605 Net income (loss) $ 165,014 $ 2,737 $ (17,218 ) $ 150,533 Nine Months Ended September 30, 2018 (In thousands) Banking Financial Services Corporate Consolidated Net interest income (expense) $ 299,555 $ (1,736 ) $ (13,224 ) $ 284,595 Provision for credit losses 4,278 — — 4,278 Noninterest income 35,499 37,443 689 73,631 Noninterest expense 151,179 27,696 6,730 185,605 Income tax expense (benefit) 41,595 3,817 (11,004 ) 34,408 Net income (loss) $ 138,002 $ 4,194 $ (8,261 ) $ 133,935 |
Equity-based Compensation (Tabl
Equity-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Activity Related to Restricted Stock Unit Awards | The following table summarizes the activity related to restricted stock unit awards: For the Nine Months Ended September 30, 2019 2018 Number of Shares Weighted Average Fair Value per Unit at Award Date Number of Shares Weighted Average Fair Value per Unit at Award Date Non-vested at beginning of period 273,354 $ 26.49 672,750 $ 5.14 Vested during the period (117,037 ) 21.05 — — Forfeited during the period (56,048 ) 20.54 (566 ) 26.50 Granted during the period 1,163,959 18.53 270,105 26.50 Non-vested at end of period 1,264,228 19.93 942,289 11.26 |
Summary of Activity Related to Stock Option Awards | The following table summarizes the activity related to stock option awards: For the Nine Months Ended September 30, 2019 Number of Shares Weighted Average Exercise Price Outstanding options at beginning of period — $ — Granted during the period 1,602,848 20.43 Exercised during the period — — Forfeited or expired during the period — — Non-vested at end of period 1,602,848 $ 20.43 |
Summary of Weighted-Average Assumptions Used For Option Awards Issued, Uses Black-Scholes Option Pricing Model | The Company uses the Black-Scholes option pricing model to estimate the fair value of the stock options. The following weighted-average assumptions were used for option awards issued during the nine months ended September 30, 2019: For the Nine Months Ended September 30, 2019 Expected dividends 3.1 % Expected volatility 25.2 % Risk-free interest rate 2.5 % Expected term (in years) 4.5 Weighted-average grant date fair value $ 2.32 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Gain (Loss) | Activity within the balances in accumulated other comprehensive gain (loss) is shown in the following tables for the nine months ended September 30, 2019 and 2018: (In thousands) Unrealized gains (losses) on securities available for sale Unrealized gains (losses) on defined benefit pension plans Unrealized gains (losses) on derivative instruments designated as cash flow hedges Accumulated other comprehensive gain (loss) Balance at December 31, 2018 $ (24,279 ) $ (328 ) $ (18,305 ) $ (42,912 ) Net change 48,074 — 145,243 193,317 Balance at September 30, 2019 $ 23,795 $ (328 ) $ 126,938 $ 150,405 (In thousands) Unrealized gains (losses) on securities available for sale Unrealized gains (losses) on defined benefit pension plans Unrealized gains (losses) on derivative instruments designated as cash flow hedges Accumulated other comprehensive gain (loss) Balance at December 31, 2017 $ (2,160 ) $ (531 ) $ (16,342 ) $ (19,033 ) Net change (36,681 ) — (11,945 ) (48,626 ) Balance at September 30, 2018 $ (38,841 ) $ (531 ) $ (28,287 ) $ (67,659 ) |
Variable Interest Entities an_2
Variable Interest Entities and Other Investments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Variable Interest Entities And Other Investments [Abstract] | |
Summary of Investment in Limited Partnerships Subsequent to Adoption of ASU 2016-01 | The following table presents a summary of the Company’s investments in limited partnerships subsequent to the adoption of ASU 2016-01 and as of September 30, 2019 and December 31, 2018: (In thousands) September 30, 2019 December 31, 2018 Affordable housing projects (amortized cost) $ 23,744 $ 7,803 Limited partnerships accounted for under the fair value practical expedient of NAV 16,861 11,191 Limited partnerships without readily determinable fair values that do not qualify for the practical expedient of NAV accounted for under the cost method 9,521 8,714 Limited partnerships required to be accounted for under the equity method 8,987 9,209 Total investments in limited partnerships $ 59,113 $ 36,917 |
Summary of Carrying Amount of Equity Investments Measured Under Measurement Alternative from Observable Transactions | The carrying amount of equity investments measured under the measurement alternative from observable transactions are as follows: (In thousands) Carrying Amount Carrying value, December 31, 2018 $ 8,714 Reclassifications 15 Distributions (1,073 ) Contributions 1,865 Carrying value, September 30, 2019 $ 9,521 |
Summary of Accounting Policie_2
Summary of Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Significant Of Accounting Policies [Line Items] | ||
Right-of-use asset | $ 66,200 | |
Lease liability | 77,663 | |
Held to maturity securities | $ 0 | |
ASU 2016-02 | ||
Significant Of Accounting Policies [Line Items] | ||
Right-of-use asset | $ 79,991 | |
Lease liability | $ 92,268 | |
ASU 2016-13 | ||
Significant Of Accounting Policies [Line Items] | ||
Maximum percentage increase of allowance for credit losses on loans | 65.00% | |
Percentage increase of allowance for credit losses from consumer loans | 29.00% | |
Percentage increase of allowance for credit losses from ANCI loans | 44.00% |
Business Combinations - Additio
Business Combinations - Additional Information (Details) $ in Thousands | Jul. 01, 2019USD ($) | Jan. 01, 2019USD ($)BranchLocationshares | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Goodwill | $ 486,000 | $ 307,083 | ||
Discount on acquired non-credit impaired loans | 79,037 | 35,194 | ||
Unfunded commitments | 42,200 | 37,500 | ||
Merger related costs | 900 | |||
State Bank Financial Corporation | ||||
Business Acquisition [Line Items] | ||||
Shares issued for business acquisition | shares | 49,232,008 | |||
Purchase price consideration | $ 826,400 | |||
Value of common stock in purchase price | 826,113 | |||
Fair value of unexercised warrants | 267 | |||
Loans added in acquisition | 3,317,896 | 3,500,000 | ||
Deposits added in acquisition | 4,096,665 | 4,100,000 | ||
Goodwill | 176,322 | |||
Fair value of acquired non-credit impaired (“ANCI”) loans acquired | 3,200,000 | |||
Discount on acquired non-credit impaired loans | 83,800 | |||
Contractual amounts receivable of ANCI loans | 3,900,000 | |||
Contractual cash flows not expected to be collected | 200,000 | |||
Unfunded commitments | 26,800 | |||
Merger related costs | 27,100 | $ 12,900 | ||
Purchase consideration paid | 826,380 | |||
Recognized provisional identifiable intangible assets with an estimated fair value | $ 117,038 | |||
State Bank Financial Corporation | Certificates of Deposit | ||||
Business Acquisition [Line Items] | ||||
Estimated useful life | 12 months | |||
Discount on transaction of certificates of deposit | $ 3,400 | |||
State Bank Financial Corporation | Banking Segment | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 176,300 | |||
State Bank Financial Corporation | Core Deposit | ||||
Business Acquisition [Line Items] | ||||
Intangible assets recognized | $ 111,900 | |||
Estimated useful life | 10 years | |||
State Bank Financial Corporation | Customer Relationship | ||||
Business Acquisition [Line Items] | ||||
Intangible assets recognized | $ 3,700 | |||
Estimated useful life | 10 years | |||
State Bank Financial Corporation | Trademark | ||||
Business Acquisition [Line Items] | ||||
Intangible assets recognized | $ 1,400 | |||
Estimated useful life | 20 years | |||
State Bank Financial Corporation | Georgia | ||||
Business Acquisition [Line Items] | ||||
Number of branch locations | BranchLocation | 32 | |||
State Bank Financial Corporation | Common Class A | ||||
Business Acquisition [Line Items] | ||||
Common stock in exchange for outstanding common shares | shares | 1.271 | |||
Shares issued for business acquisition | shares | 49,200,000 | |||
Wealth & Pension Services Group, Inc. | Linscomb & Williams, Inc. | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 2,600 | |||
Merger related costs | 500 | |||
Purchase consideration paid | 8,000 | |||
Cash payments | 5,200 | |||
Future cash payments to acquire certain assets and assume liabilities | $ 2,100 | |||
Term of future cash payments | 5 years | |||
Recognized provisional identifiable intangible assets with an estimated fair value | $ 5,100 | |||
Wealth & Pension Services Group, Inc. | Linscomb & Williams, Inc. | Maximum | ||||
Business Acquisition [Line Items] | ||||
Estimated fair value finalization period | 1 year |
Business Combinations - Summary
Business Combinations - Summary of Purchase Price Calculation as of Acquisition Date and Identifiable Assets Acquired and Liabilities Assumed at their Fair Values (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Liabilities | |||
Goodwill | $ 486,000 | $ 307,083 | |
State Bank Financial Corporation | |||
Assets | |||
Cash and cash equivalents | $ 414,342 | ||
Investment securities available-for-sale | 667,865 | ||
Loans held for sale | 148,469 | ||
Loans | 3,317,896 | 3,500,000 | |
Premises and equipment | 65,646 | ||
Cash surrender value of life insurance | 69,252 | ||
Intangible assets | 117,038 | ||
Other assets | 46,294 | ||
Total assets acquired | 4,846,802 | ||
Liabilities | |||
Deposits | 4,096,665 | $ 4,100,000 | |
Short term borrowings | 23,899 | ||
Other liabilities | 76,180 | ||
Total liabilities assumed | 4,196,744 | ||
Net identifiable assets acquired over liabilities assumed | 650,058 | ||
Goodwill | 176,322 | ||
Net assets acquired over liabilities assumed | $ 826,380 | ||
Consideration: | |||
Cadence Bancorporation common shares issued | 49,232,008 | ||
Fair value per share of the Company's common stock | $ 16.78 | ||
Company common stock issued | $ 826,113 | ||
Fair value of unexercised warrants | 267 | ||
Fair value of total consideration transferred | $ 826,380 |
Business Combinations - Schedul
Business Combinations - Schedule of Changes in Estimated Fair Value of Acquired Asset or Liability in Consolidated Balance Sheet (Details) - State Bank Financial Corporation - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Business Acquisition [Line Items] | ||
Fair Value of Acquired Asset or Liability, Loans | $ 3,500,000 | $ 3,317,896 |
Fair Value of Acquired Asset or Liability, Current and deferred taxes | 5,174 | |
Fair Value of Acquired Asset or Liability, Other liabilities | 76,180 | |
Provisional Estimate | ||
Business Acquisition [Line Items] | ||
Fair Value of Acquired Asset or Liability, Loans | 3,324,056 | |
Fair Value of Acquired Asset or Liability, Current and deferred taxes | 2,125 | |
Fair Value of Acquired Asset or Liability, Other liabilities | 76,278 | |
Increase (Decrease) | ||
Business Acquisition [Line Items] | ||
Fair Value of Acquired Asset or Liability, Loans | (6,160) | |
Fair Value of Acquired Asset or Liability, Current and deferred taxes | 3,049 | |
Fair Value of Acquired Asset or Liability, Other liabilities | $ (98) |
Business Combinations - Informa
Business Combinations - Information about ACI Loans Acquired in Merger as of Acquisition Date (Details) - State Bank Financial Corporation - ACI Loans $ in Thousands | Jan. 01, 2019USD ($) |
Business Acquisition [Line Items] | |
Contractually required principal and interest at acquisition | $ 143,283 |
Contractual cash flows not expected to be collected (nonaccretable difference) | 54,954 |
Expected cash flows at acquisition | 88,329 |
Accretable difference | 10,053 |
Basis in acquired loans at acquisition - estimated fair value | $ 78,276 |
Business Combinations - Sched_2
Business Combinations - Schedule of Proforma Information for the Results of Operations (Details) - State Bank Financial Corporation - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Business Acquisition [Line Items] | ||
Total revenues (net interest income and noninterest income) | $ 573,066 | $ 572,693 |
Net income | $ 151,694 | $ 197,034 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Securities Available -for- Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | $ 1,677,077 | $ 1,221,511 |
Securities available-for-sale, Gross Unrealized Gains | 30,061 | 1,658 |
Securities available-for-sale, Gross Unrealized Losses | 1,813 | 35,917 |
Securities available-for-sale, Estimated Fair Value | 1,705,325 | 1,187,252 |
U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 100,413 | |
Securities available-for-sale, Gross Unrealized Losses | 3,628 | |
Securities available-for-sale, Estimated Fair Value | 96,785 | |
Obligations of U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 72,073 | 60,975 |
Securities available-for-sale, Gross Unrealized Gains | 230 | 316 |
Securities available-for-sale, Gross Unrealized Losses | 220 | 284 |
Securities available-for-sale, Estimated Fair Value | 72,083 | 61,007 |
Residential Pass-through | Guaranteed by GNMA | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 111,754 | 85,052 |
Securities available-for-sale, Gross Unrealized Gains | 1,424 | 146 |
Securities available-for-sale, Gross Unrealized Losses | 234 | 2,093 |
Securities available-for-sale, Estimated Fair Value | 112,944 | 83,105 |
Residential Pass-through | Issued by FNMA and FHLMC | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 856,871 | 594,874 |
Securities available-for-sale, Gross Unrealized Gains | 11,743 | 694 |
Securities available-for-sale, Gross Unrealized Losses | 743 | 10,367 |
Securities available-for-sale, Estimated Fair Value | 867,871 | 585,201 |
Other Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 301,117 | 36,339 |
Securities available-for-sale, Gross Unrealized Gains | 4,986 | 8 |
Securities available-for-sale, Gross Unrealized Losses | 301 | 1,178 |
Securities available-for-sale, Estimated Fair Value | 305,802 | 35,169 |
Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 141,205 | 114,383 |
Securities available-for-sale, Gross Unrealized Gains | 3,761 | 287 |
Securities available-for-sale, Gross Unrealized Losses | 315 | 5,255 |
Securities available-for-sale, Estimated Fair Value | 144,651 | 109,415 |
Total MBS | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 1,410,947 | 830,648 |
Securities available-for-sale, Gross Unrealized Gains | 21,914 | 1,135 |
Securities available-for-sale, Gross Unrealized Losses | 1,593 | 18,893 |
Securities available-for-sale, Estimated Fair Value | 1,431,268 | 812,890 |
Obligations of States and Municipal Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 194,057 | 229,475 |
Securities available-for-sale, Gross Unrealized Gains | 7,917 | 207 |
Securities available-for-sale, Gross Unrealized Losses | 13,112 | |
Securities available-for-sale, Estimated Fair Value | $ 201,974 | $ 216,570 |
Investment Securities - Schedul
Investment Securities - Schedule of Contractual Maturities of Securities Available-for-Sale (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale, Due in one year or less, Amortized Cost | $ 30,233 |
Available-for-Sale, Due after one year through five years, Amortized Cost | 9,492 |
Available-for-Sale, Due after five years through ten years, Amortized Cost | 16,128 |
Available-for-Sale, Due after ten years, Amortized Cost | 210,277 |
Available-for-Sale, Mortgage-backed securities, Amortized Cost | 1,410,947 |
Available-for-Sale, Total, Amortized Cost | 1,677,077 |
Available-for-Sale, Due in one year or less, Estimated Fair Value | 30,324 |
Available-for-Sale, Due after one year through five years, Estimated Fair Value | 9,527 |
Available-for-Sale, Due after five years through ten years, Estimated Fair Value | 15,959 |
Available-for-Sale, Due after ten years, Estimated Fair Value | 218,247 |
Available-for-Sale, Mortgage-backed securities, Estimated Fair Value | 1,431,268 |
Available-for-Sale, Total, Estimated Fair Value | $ 1,705,325 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019USD ($)Security | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | |||
Other-than-temporary impairment charges | $ | $ 0 | $ 0 | |
Percentage of fair value of securities in investment portfolio reflect unrealized loss | 15.00% | 84.00% | |
Number of securities in a loss position for more than twelve months | Security | 27 | ||
Number of securities in a loss position for less than twelve months | Security | 18 | ||
Collateral Pledged | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Carrying value of securities pledged | $ | $ 607,700,000 | $ 711,200,000 |
Investment Securities - Summa_2
Investment Securities - Summary of Gross Gains, and Gross Losses on Sales of Securities Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | ||||
Gross realized gains | $ 1,406 | $ 2 | $ 3,219 | $ 814 |
Gross realized losses | (631) | (1,518) | (2,613) | |
Realized gains (losses) on sale of securities available for sale, net | $ 775 | $ 2 | $ 1,701 | $ (1,799) |
Investment Securities - Sched_2
Investment Securities - Schedule of Securities Classified as Available-for-Sale with Gross Unrealized Losses Aggregated by Category and Length of Time (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Losses less than 12 Months, Estimated Fair Value | $ 164,908 | $ 360,275 |
Losses less than 12 Months, Gross Unrealized Losses | 807 | 5,548 |
Losses more than 12 Months, Estimated Fair Value | 92,686 | 638,003 |
Losses more than 12 Months, Gross Unrealized Losses | 1,006 | 30,369 |
U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Losses more than 12 Months, Estimated Fair Value | 96,785 | |
Losses more than 12 Months, Gross Unrealized Losses | 3,628 | |
Obligations of U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Losses less than 12 Months, Estimated Fair Value | 1,395 | 25,978 |
Losses less than 12 Months, Gross Unrealized Losses | 4 | 183 |
Losses more than 12 Months, Estimated Fair Value | 20,639 | 10,152 |
Losses more than 12 Months, Gross Unrealized Losses | 216 | 101 |
MBS | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Losses less than 12 Months, Estimated Fair Value | 163,312 | 259,794 |
Losses less than 12 Months, Gross Unrealized Losses | 803 | 2,864 |
Losses more than 12 Months, Estimated Fair Value | 72,047 | 405,974 |
Losses more than 12 Months, Gross Unrealized Losses | 790 | 16,029 |
Obligations of States and Municipal Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Losses less than 12 Months, Estimated Fair Value | 201 | 74,503 |
Losses less than 12 Months, Gross Unrealized Losses | 2,501 | |
Losses more than 12 Months, Estimated Fair Value | 125,092 | |
Losses more than 12 Months, Gross Unrealized Losses | $ 0 | $ 10,611 |
Loans Held-for-Sale, Loans an_3
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Summary of Loans Held For Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for sale | $ 45,252 | $ 59,461 |
Residential Mortgage | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for sale | 8,918 | 17,004 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for sale | $ 36,334 | $ 42,457 |
Loans Held-for-Sale, Loans an_4
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019USD ($)TDR | Jun. 30, 2019USD ($) | Sep. 30, 2018USD ($)TDR | Sep. 30, 2019USD ($)TDR | Sep. 30, 2018USD ($)TDR | Dec. 31, 2018USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Gain on sale of loans | $ 1,900,000 | |||||
Interest income recognized for impaired loans | $ 102,000 | $ 92,000 | $ 269,000 | $ 265,000 | ||
Contractual interest recognized on cash basis | $ 100,000 | $ 1,700,000 | ||||
Number of TDRs experiencing payment default | TDR | 0 | 0 | ||||
Recorded investment | $ 11,902,000 | $ 15,726,000 | $ 26,472,000 | $ 15,860,000 | ||
Number of TDRs | TDR | 3 | 2 | 7 | 4 | ||
ACI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Number of TDRs experiencing payment default | TDR | 0 | 0 | 0 | 0 | ||
Recorded investment | $ 1,500,000 | |||||
Number of TDRs | TDR | 1 | 0 | ||||
Residential Real Estate | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Foreclosed residential properties | $ 200,000 | $ 200,000 | $ 1,000,000 | |||
Commercial and Industrial | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Charge-offs related loans classified as TDRs | 27,700 | 45,500 | ||||
Equipment Finance Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Reduction in loans held for sale | 130,000,000 | |||||
Non-Core Mortgage Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Reduction in loans held for sale | $ 34,000,000 | |||||
Consumer Loans | Residential Real Estate | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Residential mortgage loans in process of foreclosure | $ 3,800,000 | $ 3,800,000 | $ 3,800,000 |
Loans Held-for-Sale, Loans an_5
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Total Loans Outstanding by Portfolio Segment and Class of Financing Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | $ 13,716,079 | $ 10,089,117 | $ 9,476,355 |
Unearned discount and fees | (79,037) | (35,194) | |
Total (Net of unearned discount and fees) | 13,637,042 | 10,053,923 | |
Commercial and Industrial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 7,340,631 | 6,197,342 | 5,849,796 |
Commercial and Industrial | General C&I | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 4,293,525 | 3,275,362 | |
Commercial and Industrial | Energy Sector | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 1,510,892 | 1,285,775 | |
Commercial and Industrial | Restaurant Industry | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 1,050,315 | 1,096,366 | |
Commercial and Industrial | Healthcare | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 485,899 | 539,839 | |
Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 2,901,296 | 1,330,739 | 1,226,176 |
Commercial Real Estate | Income Producing | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 2,591,312 | 1,266,791 | |
Commercial Real Estate | Land and Development | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 309,984 | 63,948 | |
Consumer | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 2,723,222 | 2,294,753 | 2,152,405 |
Consumer | Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 2,613,287 | 2,227,653 | |
Consumer | Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 109,935 | 67,100 | |
Small Business Lending | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | $ 750,930 | $ 266,283 | $ 247,978 |
Loans Held-for-Sale, Loans an_6
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Accounts Notes And Loans Receivable [Line Items] | |||||
Balance at beginning of period | $ 115,345 | $ 90,620 | $ 94,378 | $ 87,576 | |
Provision for loan losses | 43,764 | (1,365) | 83,901 | 4,278 | |
Charge-offs | (31,650) | (3,265) | (51,568) | (7,727) | |
Recoveries | 314 | 161 | 1,062 | 2,024 | |
Balance at end of period | 127,773 | 86,151 | 127,773 | 86,151 | |
Loans ending balance | 13,716,079 | 9,476,355 | 13,716,079 | 9,476,355 | $ 10,089,117 |
Commercial and Industrial | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Balance at beginning of period | 82,446 | 59,620 | 66,316 | 55,919 | |
Provision for loan losses | 36,660 | 2,434 | 70,611 | 8,249 | |
Charge-offs | (29,632) | (3,177) | (48,093) | (6,642) | |
Recoveries | 183 | 40 | 823 | 1,391 | |
Balance at end of period | 89,657 | 58,917 | 89,657 | 58,917 | |
Loans ending balance | 7,340,631 | 5,849,796 | 7,340,631 | 5,849,796 | 6,197,342 |
Commercial Real Estate | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Balance at beginning of period | 13,417 | 11,470 | 10,452 | 11,990 | |
Provision for loan losses | 4,590 | (1,586) | 7,893 | (2,323) | |
Charge-offs | (542) | (2) | (880) | (2) | |
Recoveries | 42 | 70 | 42 | 287 | |
Balance at end of period | 17,507 | 9,952 | 17,507 | 9,952 | |
Loans ending balance | 2,901,296 | 1,226,176 | 2,901,296 | 1,226,176 | 1,330,739 |
Consumer | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Balance at beginning of period | 14,464 | 14,703 | 13,703 | 14,983 | |
Provision for loan losses | 1,256 | (995) | 2,702 | (944) | |
Charge-offs | (555) | (86) | (1,323) | (602) | |
Recoveries | 79 | 51 | 162 | 236 | |
Balance at end of period | 15,244 | 13,673 | 15,244 | 13,673 | |
Loans ending balance | 2,723,222 | 2,152,405 | 2,723,222 | 2,152,405 | 2,294,753 |
Small Business Lending | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Balance at beginning of period | 5,018 | 4,827 | 3,907 | 4,684 | |
Provision for loan losses | 1,258 | (1,218) | 2,695 | (704) | |
Charge-offs | (921) | (1,272) | (481) | ||
Recoveries | 10 | 35 | 110 | ||
Balance at end of period | 5,365 | 3,609 | 5,365 | 3,609 | |
Loans ending balance | 750,930 | 247,978 | 750,930 | 247,978 | 266,283 |
ACI Loans | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 8,172 | 83,346 | 8,172 | 83,346 | |
Allowance for credit losses, individually evaluated for impairment | 3,510 | 2,805 | 3,510 | 2,805 | |
Loans collectively evaluated for impairment | 217,537 | 9,406,978 | 217,537 | 9,406,978 | |
Loans individually evaluated for impairment | 36,634 | 69,377 | 36,634 | 69,377 | |
Loans ending balance | 254,171 | 254,171 | 203,275 | ||
ACI Loans | Commercial and Industrial | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 56,414 | 56,414 | |||
Allowance for credit losses, individually evaluated for impairment | 521 | 2,503 | 521 | 2,503 | |
Loans collectively evaluated for impairment | 27,216 | 5,790,651 | 27,216 | 5,790,651 | |
Loans individually evaluated for impairment | 12,579 | 59,145 | 12,579 | 59,145 | |
Loans ending balance | 39,795 | 39,795 | 16,807 | ||
ACI Loans | Commercial Real Estate | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 2,155 | 9,951 | 2,155 | 9,951 | |
Allowance for credit losses, individually evaluated for impairment | 2,812 | 1 | 2,812 | 1 | |
Loans collectively evaluated for impairment | 69,502 | 1,218,566 | 69,502 | 1,218,566 | |
Loans individually evaluated for impairment | 21,620 | 7,610 | 21,620 | 7,610 | |
Loans ending balance | 91,122 | 91,122 | 65,427 | ||
ACI Loans | Consumer | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 6,017 | 13,443 | 6,017 | 13,443 | |
Allowance for credit losses, individually evaluated for impairment | 177 | 230 | 177 | 230 | |
Loans collectively evaluated for impairment | 107,526 | 2,150,282 | 107,526 | 2,150,282 | |
Loans individually evaluated for impairment | 463 | 2,123 | 463 | 2,123 | |
Loans ending balance | 107,989 | 107,989 | $ 121,041 | ||
ACI Loans | Small Business Lending | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 3,538 | 3,538 | |||
Allowance for credit losses, individually evaluated for impairment | 71 | 71 | |||
Loans collectively evaluated for impairment | 13,293 | 247,479 | 13,293 | 247,479 | |
Loans individually evaluated for impairment | 1,972 | $ 499 | 1,972 | $ 499 | |
Loans ending balance | 15,265 | 15,265 | |||
ANCI Loans | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 1,186 | 1,186 | |||
Allowance for credit losses, individually evaluated for impairment | 464 | 464 | |||
Loans collectively evaluated for impairment | 3,168,934 | 3,168,934 | |||
Loans individually evaluated for impairment | 9,436 | 9,436 | |||
ANCI Loans | Commercial and Industrial | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 331 | 331 | |||
Allowance for credit losses, individually evaluated for impairment | 413 | 413 | |||
Loans collectively evaluated for impairment | 998,499 | 998,499 | |||
Loans individually evaluated for impairment | 6,520 | 6,520 | |||
ANCI Loans | Commercial Real Estate | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 71 | 71 | |||
Loans collectively evaluated for impairment | 1,298,314 | 1,298,314 | |||
Loans individually evaluated for impairment | 1,215 | 1,215 | |||
ANCI Loans | Consumer | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 661 | 661 | |||
Allowance for credit losses, individually evaluated for impairment | 6 | 6 | |||
Loans collectively evaluated for impairment | 464,718 | 464,718 | |||
Loans individually evaluated for impairment | 1,496 | 1,496 | |||
ANCI Loans | Small Business Lending | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 123 | 123 | |||
Allowance for credit losses, individually evaluated for impairment | 45 | 45 | |||
Loans collectively evaluated for impairment | 407,403 | 407,403 | |||
Loans individually evaluated for impairment | 205 | 205 | |||
Originated Loans | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 100,043 | 100,043 | |||
Allowance for credit losses, individually evaluated for impairment | 14,398 | 14,398 | |||
Loans collectively evaluated for impairment | 10,191,880 | 10,191,880 | |||
Loans individually evaluated for impairment | 91,658 | 91,658 | |||
Originated Loans | Commercial and Industrial | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 74,010 | 74,010 | |||
Allowance for credit losses, individually evaluated for impairment | 14,382 | 14,382 | |||
Loans collectively evaluated for impairment | 6,205,399 | 6,205,399 | |||
Loans individually evaluated for impairment | 90,418 | 90,418 | |||
Originated Loans | Commercial Real Estate | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 12,469 | 12,469 | |||
Loans collectively evaluated for impairment | 1,510,645 | 1,510,645 | |||
Originated Loans | Consumer | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 8,383 | 8,383 | |||
Loans collectively evaluated for impairment | 2,147,866 | 2,147,866 | |||
Loans individually evaluated for impairment | 1,153 | 1,153 | |||
Originated Loans | Small Business Lending | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowance for credit losses, collectively evaluated for impairment | 5,181 | 5,181 | |||
Allowance for credit losses, individually evaluated for impairment | 16 | 16 | |||
Loans collectively evaluated for impairment | 327,970 | 327,970 | |||
Loans individually evaluated for impairment | $ 87 | $ 87 |
Loans Held-for-Sale, Loans an_7
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Summary of Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | $ 29,401 | $ 22,251 |
Unpaid Principal Balance, With no related allowance for credit losses | 48,051 | 35,443 | |
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 25,039 | 20,713 | |
Undisbursed Commitments, With no related allowance for credit losses | 3,641 | 3,658 | |
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 71,801 | 56,953 |
Unpaid Principal Balance, With allowance for credit losses recorded | 92,075 | 58,374 | |
Related Specific Allowance, With allowance for credit losses recorded | 14,862 | 7,432 | |
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 70,528 | 50,870 | |
Undisbursed Commitments, With allowance for credit losses recorded | 6,652 | 3,269 | |
Commercial and Industrial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 27,033 | 20,713 |
Unpaid Principal Balance, With no related allowance for credit losses | 45,205 | 33,908 | |
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 22,671 | 20,713 | |
Undisbursed Commitments, With no related allowance for credit losses | 3,641 | 3,658 | |
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 69,925 | 56,223 |
Unpaid Principal Balance, With allowance for credit losses recorded | 89,390 | 56,871 | |
Related Specific Allowance, With allowance for credit losses recorded | 14,795 | 7,300 | |
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 69,925 | 50,641 | |
Undisbursed Commitments, With allowance for credit losses recorded | 6,652 | 3,259 | |
Commercial and Industrial | General C&I | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 12,486 | |
Unpaid Principal Balance, With no related allowance for credit losses | 18,806 | ||
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 8,124 | ||
Undisbursed Commitments, With no related allowance for credit losses | 1,787 | ||
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 19,556 | 28,684 |
Unpaid Principal Balance, With allowance for credit losses recorded | 21,372 | 28,677 | |
Related Specific Allowance, With allowance for credit losses recorded | 3,131 | 3,559 | |
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 19,556 | 24,103 | |
Undisbursed Commitments, With allowance for credit losses recorded | 345 | 930 | |
Commercial and Industrial | Energy Sector | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 6,445 | 20,713 |
Unpaid Principal Balance, With no related allowance for credit losses | 11,717 | 33,908 | |
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 6,445 | 20,713 | |
Undisbursed Commitments, With no related allowance for credit losses | 1,000 | 3,658 | |
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 9,607 | |
Unpaid Principal Balance, With allowance for credit losses recorded | 26,021 | ||
Related Specific Allowance, With allowance for credit losses recorded | 4,988 | ||
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 9,607 | ||
Commercial and Industrial | Restaurant Industry | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 4,093 | |
Unpaid Principal Balance, With no related allowance for credit losses | 10,427 | ||
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 4,093 | ||
Undisbursed Commitments, With no related allowance for credit losses | 854 | ||
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 40,762 | 23,043 |
Unpaid Principal Balance, With allowance for credit losses recorded | 41,997 | 23,698 | |
Related Specific Allowance, With allowance for credit losses recorded | 6,676 | 3,485 | |
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 40,762 | 22,042 | |
Undisbursed Commitments, With allowance for credit losses recorded | 6,307 | 2,329 | |
Commercial and Industrial | Healthcare | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 4,009 | |
Unpaid Principal Balance, With no related allowance for credit losses | 4,255 | ||
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 4,009 | ||
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 4,496 | |
Unpaid Principal Balance, With allowance for credit losses recorded | 4,496 | ||
Related Specific Allowance, With allowance for credit losses recorded | 256 | ||
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 4,496 | ||
Consumer | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 1,153 | 1,538 |
Unpaid Principal Balance, With no related allowance for credit losses | 1,156 | 1,535 | |
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 1,153 | ||
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 1,499 | 254 |
Unpaid Principal Balance, With allowance for credit losses recorded | 1,496 | 254 | |
Related Specific Allowance, With allowance for credit losses recorded | 6 | 25 | |
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 446 | ||
Consumer | Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 1,153 | 1,538 |
Unpaid Principal Balance, With no related allowance for credit losses | 1,156 | 1,535 | |
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 1,153 | ||
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 1,499 | |
Unpaid Principal Balance, With allowance for credit losses recorded | 1,496 | ||
Related Specific Allowance, With allowance for credit losses recorded | 6 | ||
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 446 | ||
Small Business Lending | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 377 | 476 |
Unpaid Principal Balance, With allowance for credit losses recorded | 1,189 | 1,249 | |
Related Specific Allowance, With allowance for credit losses recorded | 61 | 107 | |
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 157 | 229 | |
Undisbursed Commitments, With allowance for credit losses recorded | $ 10 | ||
Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 1,215 | |
Unpaid Principal Balance, With no related allowance for credit losses | 1,690 | ||
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 1,215 | ||
Commercial Real Estate | Income Producing | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 1,215 | |
Unpaid Principal Balance, With no related allowance for credit losses | 1,690 | ||
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | $ 1,215 | ||
[1] | The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. |
Loans Held-for-Sale, Loans an_8
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Summary of Average Recorded Investment in Impaired Originated and ANCI Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Average recorded investment | $ 106,044 | $ 47,136 | $ 127,588 | $ 56,797 |
Commercial and Industrial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Average recorded investment | 102,875 | 44,755 | 123,974 | 54,348 |
Commercial and Industrial | General C&I | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Average recorded investment | 39,117 | 4,851 | 51,650 | 4,915 |
Commercial and Industrial | Energy Sector | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Average recorded investment | 20,000 | 23,710 | 24,865 | 35,839 |
Commercial and Industrial | Restaurant Industry | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Average recorded investment | 39,624 | 16,194 | 41,721 | 13,594 |
Commercial and Industrial | Healthcare | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Average recorded investment | 4,134 | 5,738 | ||
Commercial Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Average recorded investment | 608 | 405 | ||
Commercial Real Estate | Income Producing | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Average recorded investment | 608 | 405 | ||
Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Average recorded investment | 2,210 | 1,865 | 2,667 | 1,923 |
Consumer | Residential Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Average recorded investment | 2,083 | 1,557 | 2,412 | 1,570 |
Consumer | Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Average recorded investment | 127 | 308 | 255 | 353 |
Small Business Lending | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Average recorded investment | $ 351 | $ 516 | $ 542 | $ 526 |
Loans Held-for-Sale, Loans an_9
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Summary of Originated and ANCI Loans that Were Modified Into TDRs (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)TDR | Sep. 30, 2018USD ($)TDR | Sep. 30, 2019USD ($)TDR | Sep. 30, 2018USD ($)TDR | |
Financing Receivable Modifications [Line Items] | ||||
Number of TDRs | TDR | 3 | 2 | 7 | 4 |
Recorded Investment | $ | $ 11,902 | $ 15,726 | $ 26,472 | $ 15,860 |
Commercial and Industrial | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of TDRs | TDR | 3 | 2 | 7 | 2 |
Recorded Investment | $ | $ 11,902 | $ 15,726 | $ 26,472 | $ 15,726 |
Small Business Lending | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of TDRs | TDR | 2 | |||
Recorded Investment | $ | $ 134 |
Loans Held-for-Sale, Loans a_10
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Schedule of Number of Loans Modified (Details) - TDR | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Number of Loans Modified | 3 | 2 | 7 | 4 |
Modified Terms and/or Other Concessions | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Number of Loans Modified | 3 | 7 | 2 | |
Rate Concession | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Number of Loans Modified | 2 | 2 | ||
Commercial and Industrial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Number of Loans Modified | 3 | 2 | 7 | 2 |
Commercial and Industrial | Modified Terms and/or Other Concessions | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Number of Loans Modified | 3 | 7 | 2 | |
Commercial and Industrial | Rate Concession | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Number of Loans Modified | 2 | |||
Small Business Lending | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Number of Loans Modified | 2 | |||
Small Business Lending | Rate Concession | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Number of Loans Modified | 2 |
Loans Held-for-Sale, Loans a_11
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Summary of Credit Exposure in Originated and ANCI Loan Portfolios (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | $ 522,637 | $ 249,133 |
Special Mention | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 256,215 | 111,625 |
Special Mention | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 1,340 | 1,722 |
Substandard | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 251,656 | 123,022 |
Substandard | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 46,971 | 8,970 |
Doubtful | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 14,766 | 14,486 |
Doubtful | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 943 | 39 |
Commercial and Industrial | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 470,448 | 242,048 |
Commercial and Industrial | General C&I | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 226,882 | 154,407 |
Commercial and Industrial | Restaurant Industry | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 111,224 | 50,620 |
Commercial and Industrial | Energy Sector | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 99,137 | 32,525 |
Commercial and Industrial | Healthcare | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 33,205 | 4,496 |
Commercial and Industrial | Special Mention | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 215,724 | 110,853 |
Commercial and Industrial | Special Mention | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 89 | 426 |
Commercial and Industrial | Special Mention | General C&I | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 68,660 | 74,592 |
Commercial and Industrial | Special Mention | General C&I | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 89 | 426 |
Commercial and Industrial | Special Mention | Restaurant Industry | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 58,406 | 24,449 |
Commercial and Industrial | Special Mention | Energy Sector | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 59,504 | 11,812 |
Commercial and Industrial | Special Mention | Healthcare | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 29,154 | |
Commercial and Industrial | Substandard | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 239,958 | 116,709 |
Commercial and Industrial | Substandard | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 13,499 | 1,445 |
Commercial and Industrial | Substandard | General C&I | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 155,120 | 79,815 |
Commercial and Industrial | Substandard | General C&I | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 12,934 | 1,445 |
Commercial and Industrial | Substandard | Restaurant Industry | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 46,142 | 26,171 |
Commercial and Industrial | Substandard | Restaurant Industry | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 565 | |
Commercial and Industrial | Substandard | Energy Sector | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 34,645 | 6,227 |
Commercial and Industrial | Substandard | Healthcare | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 4,051 | 4,496 |
Commercial and Industrial | Doubtful | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 14,766 | 14,486 |
Commercial and Industrial | Doubtful | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 943 | 39 |
Commercial and Industrial | Doubtful | General C&I | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 3,102 | |
Commercial and Industrial | Doubtful | General C&I | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 943 | 39 |
Commercial and Industrial | Doubtful | Restaurant Industry | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 6,676 | |
Commercial and Industrial | Doubtful | Energy Sector | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 4,988 | 14,486 |
Commercial Real Estate | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 36,127 | 985 |
Commercial Real Estate | Income Producing | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 30,396 | |
Commercial Real Estate | Land and Development | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 5,731 | 985 |
Commercial Real Estate | Special Mention | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 34,912 | |
Commercial Real Estate | Special Mention | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 731 | 1,207 |
Commercial Real Estate | Special Mention | Income Producing | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 29,181 | |
Commercial Real Estate | Special Mention | Income Producing | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 556 | 1,207 |
Commercial Real Estate | Special Mention | Land and Development | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 5,731 | |
Commercial Real Estate | Special Mention | Land and Development | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 175 | |
Commercial Real Estate | Substandard | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 1,215 | 985 |
Commercial Real Estate | Substandard | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 17,028 | 3,080 |
Commercial Real Estate | Substandard | Income Producing | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 1,215 | |
Commercial Real Estate | Substandard | Income Producing | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 14,666 | 3,080 |
Commercial Real Estate | Substandard | Land and Development | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 985 | |
Commercial Real Estate | Substandard | Land and Development | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 2,362 | |
Consumer | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 5,929 | 3,315 |
Consumer | Other | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 16 | |
Consumer | Residential Real Estate | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 5,913 | 3,315 |
Consumer | Special Mention | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 115 | 89 |
Consumer | Special Mention | Residential Real Estate | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 115 | 89 |
Consumer | Substandard | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 5,929 | 3,315 |
Consumer | Substandard | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 4,245 | 4,445 |
Consumer | Substandard | Other | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 16 | |
Consumer | Substandard | Other | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 3 | |
Consumer | Substandard | Residential Real Estate | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 5,913 | 3,315 |
Consumer | Substandard | Residential Real Estate | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 4,245 | 4,442 |
Small Business Lending | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 10,133 | 2,785 |
Small Business Lending | Special Mention | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 5,579 | 772 |
Small Business Lending | Special Mention | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 405 | |
Small Business Lending | Substandard | Originated and ANCI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 4,554 | $ 2,013 |
Small Business Lending | Substandard | ACI Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | $ 12,199 |
Loans Held-for-Sale, Loans a_12
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Summary of Aging of Past Due Originated and ANCI Loans by Portfolio Segment and Class of Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accruing Loans | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | $ 11,259 | $ 1,913 |
Accruing Loans | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 2,848 | 513 |
Accruing Loans | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 635 | 760 |
Non-Accruing Loans | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 933 | 356 |
Non-Accruing Loans | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 8,279 | 99 |
Non-Accruing Loans | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 24,037 | 1,479 |
Non-Accruing Loans | 0-29 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 69,238 | 72,305 |
Commercial and Industrial | Accruing Loans | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 1,304 | 120 |
Commercial and Industrial | Non-Accruing Loans | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 176 | |
Commercial and Industrial | Non-Accruing Loans | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 7,690 | |
Commercial and Industrial | Non-Accruing Loans | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 17,712 | |
Commercial and Industrial | Non-Accruing Loans | 0-29 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 67,241 | 71,179 |
Commercial and Industrial | General C&I | Accruing Loans | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 1,058 | 120 |
Commercial and Industrial | General C&I | Non-Accruing Loans | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 176 | |
Commercial and Industrial | General C&I | Non-Accruing Loans | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 168 | |
Commercial and Industrial | General C&I | Non-Accruing Loans | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 1,080 | |
Commercial and Industrial | General C&I | Non-Accruing Loans | 0-29 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 26,479 | 23,928 |
Commercial and Industrial | Restaurant Industry | Accruing Loans | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 246 | |
Commercial and Industrial | Restaurant Industry | Non-Accruing Loans | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 3,513 | |
Commercial and Industrial | Restaurant Industry | Non-Accruing Loans | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 580 | |
Commercial and Industrial | Restaurant Industry | Non-Accruing Loans | 0-29 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 40,762 | 22,043 |
Commercial and Industrial | Healthcare | Non-Accruing Loans | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 4,009 | |
Commercial and Industrial | Healthcare | Non-Accruing Loans | 0-29 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 4,496 | |
Commercial and Industrial | Energy Sector | Non-Accruing Loans | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 16,052 | |
Commercial and Industrial | Energy Sector | Non-Accruing Loans | 0-29 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 20,712 | |
Commercial Real Estate | Accruing Loans | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 592 | |
Commercial Real Estate | Accruing Loans | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 61 | |
Commercial Real Estate | Non-Accruing Loans | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 1,215 | |
Commercial Real Estate | Income Producing | Accruing Loans | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 592 | |
Commercial Real Estate | Income Producing | Non-Accruing Loans | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 1,215 | |
Commercial Real Estate | Land and Development | Accruing Loans | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 61 | |
Consumer | Accruing Loans | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 6,464 | 1,302 |
Consumer | Accruing Loans | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 2,189 | 427 |
Consumer | Accruing Loans | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 635 | 760 |
Consumer | Accruing Loans | Residential Real Estate | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 6,358 | 1,275 |
Consumer | Accruing Loans | Residential Real Estate | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 2,183 | 315 |
Consumer | Accruing Loans | Residential Real Estate | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 634 | 760 |
Consumer | Accruing Loans | Other | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 106 | 27 |
Consumer | Accruing Loans | Other | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 6 | 112 |
Consumer | Accruing Loans | Other | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 1 | |
Consumer | Non-Accruing Loans | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 220 | 151 |
Consumer | Non-Accruing Loans | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 266 | 95 |
Consumer | Non-Accruing Loans | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 3,568 | 1,429 |
Consumer | Non-Accruing Loans | 0-29 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 1,241 | 876 |
Consumer | Non-Accruing Loans | Residential Real Estate | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 220 | 151 |
Consumer | Non-Accruing Loans | Residential Real Estate | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 266 | 95 |
Consumer | Non-Accruing Loans | Residential Real Estate | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 3,552 | 1,429 |
Consumer | Non-Accruing Loans | Residential Real Estate | 0-29 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 1,241 | 876 |
Consumer | Non-Accruing Loans | Other | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 16 | |
Small Business Lending | Accruing Loans | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 2,899 | 491 |
Small Business Lending | Accruing Loans | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 659 | 25 |
Small Business Lending | Non-Accruing Loans | 30-59 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 713 | 29 |
Small Business Lending | Non-Accruing Loans | 60-89 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 323 | 4 |
Small Business Lending | Non-Accruing Loans | 90+DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | 1,542 | 50 |
Small Business Lending | Non-Accruing Loans | 0-29 DPD | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans Past Due | $ 756 | $ 250 |
Loans Held-for-Sale, Loans a_13
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Total Acquired Credit Impaired Loans Outstanding by Portfolio Segment and Class of Financing Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | $ 13,716,079 | $ 10,089,117 | $ 9,476,355 |
ACI | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 254,171 | 203,275 | |
Commercial and Industrial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 7,340,631 | 6,197,342 | 5,849,796 |
Commercial and Industrial | ACI | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 39,795 | 16,807 | |
Commercial and Industrial | General C&I | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 4,293,525 | 3,275,362 | |
Commercial and Industrial | General C&I | ACI | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 37,263 | 16,807 | |
Commercial and Industrial | Restaurant Industry | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 1,050,315 | 1,096,366 | |
Commercial and Industrial | Restaurant Industry | ACI | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 2,532 | ||
Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 2,901,296 | 1,330,739 | 1,226,176 |
Commercial Real Estate | ACI | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 91,122 | 65,427 | |
Commercial Real Estate | Income Producing | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 2,591,312 | 1,266,791 | |
Commercial Real Estate | Income Producing | ACI | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 78,504 | 65,427 | |
Commercial Real Estate | Land and Development | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 309,984 | 63,948 | |
Commercial Real Estate | Land and Development | ACI | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 12,618 | ||
Consumer | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 2,723,222 | 2,294,753 | 2,152,405 |
Consumer | Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 2,613,287 | 2,227,653 | |
Consumer | Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 109,935 | 67,100 | |
Consumer | ACI | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 107,989 | 121,041 | |
Consumer | ACI | Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 107,126 | 120,495 | |
Consumer | ACI | Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 863 | 546 | |
Small Business Lending | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | 750,930 | $ 266,283 | $ 247,978 |
Small Business Lending | ACI | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loan outstanding and financing receivable | $ 15,265 |
Loans Held-for-Sale, Loans a_14
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Summary of Changes in Accretable Discount for ACI Loans (Details) - ACI Loans - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable Recorded Investment [Line Items] | ||||
Balance at beginning of period | $ 65,374 | $ 72,289 | $ 67,405 | $ 78,422 |
Additions (See Note 2) | 10,053 | |||
Accretion | (6,997) | (4,881) | (21,882) | (15,089) |
Reclass from nonaccretable difference due to increases in expected cash flow | 2,506 | 4,118 | 10,389 | 12,188 |
Other changes, net | 4,178 | (1,734) | (904) | (5,729) |
Balance at end of period | $ 65,061 | $ 69,792 | $ 65,061 | $ 69,792 |
Loans Held-for-Sale, Loans a_15
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Summary of Individually Impaired ACI Loans and Pooled ACI Loans (Details) - ACI Loans and Pooled ACI Loans - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable Impaired [Line Items] | |||
Recorded Investment in Impaired Loans | [1] | $ 106,195 | $ 94,418 |
Unpaid Principal Balance | 109,132 | 117,832 | |
Related Specific Allowance | 11,682 | 7,924 | |
Commercial and Industrial | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment in Impaired Loans | [1] | 11,631 | 2,100 |
Unpaid Principal Balance | 12,481 | 2,331 | |
Related Specific Allowance | 521 | 58 | |
Commercial Real Estate | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment in Impaired Loans | [1] | 80,710 | 74,017 |
Unpaid Principal Balance | 86,915 | 97,613 | |
Related Specific Allowance | 4,967 | 1,641 | |
Consumer | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment in Impaired Loans | [1] | 13,854 | 18,301 |
Unpaid Principal Balance | 9,736 | 17,888 | |
Related Specific Allowance | $ 6,194 | $ 6,225 | |
[1] | The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. |
Loans Held-for-Sale, Loans a_16
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Summary of ACI Loans Based on Internal Risk Rating (Details) - ACI Loans - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | $ 1,340 | $ 1,722 |
Special Mention | Commercial and Industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 89 | 426 |
Special Mention | Commercial Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 731 | 1,207 |
Special Mention | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 115 | 89 |
Special Mention | Small Business Lending | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 405 | |
Special Mention | Residential Real Estate | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 115 | 89 |
Special Mention | Income Producing | Commercial Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 556 | 1,207 |
Special Mention | Land and Development | Commercial Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 175 | |
Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 46,971 | 8,970 |
Substandard | Commercial and Industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 13,499 | 1,445 |
Substandard | Commercial Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 17,028 | 3,080 |
Substandard | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 4,245 | 4,445 |
Substandard | Small Business Lending | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 12,199 | |
Substandard | Residential Real Estate | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 4,245 | 4,442 |
Substandard | Other | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 3 | |
Substandard | Income Producing | Commercial Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 14,666 | 3,080 |
Substandard | Land and Development | Commercial Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 2,362 | |
Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 943 | 39 |
Doubtful | Commercial and Industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 943 | 39 |
General C&I | Special Mention | Commercial and Industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 89 | 426 |
General C&I | Substandard | Commercial and Industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 12,934 | 1,445 |
General C&I | Doubtful | Commercial and Industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | 943 | $ 39 |
Restaurant Industry | Substandard | Commercial and Industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Recorded investment | $ 565 |
Loans Held-for-Sale, Loans a_17
Loans Held-for-Sale, Loans and Allowance for Credit Losses - Summary of Consumer Credit Exposure on ACI loans, Based on Past Due Status (Details) - ACI Loans - Consumer - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Residential Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Past Due | $ 107,126 | $ 122,639 |
Residential Real Estate | 0-29 DPD | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Past Due | 98,571 | 115,404 |
Residential Real Estate | 30-59 DPD | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Past Due | 3,484 | 1,985 |
Residential Real Estate | 60-89 DPD | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Past Due | 830 | 1,435 |
Residential Real Estate | Financing Receivables 90 to 119 Days Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Past Due | 341 | 217 |
Residential Real Estate | Financing Receivables 120 Days Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Past Due | 3,900 | 3,598 |
Other | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Past Due | 863 | 939 |
Other | 0-29 DPD | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Past Due | 720 | 845 |
Other | 30-59 DPD | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Past Due | 95 | 91 |
Other | 60-89 DPD | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Past Due | $ 48 | |
Other | Financing Receivables 90 to 119 Days Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Past Due | $ 3 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Goodwill And Other Intangible Assets [Line Items] | ||
Goodwill | $ 486,000 | $ 307,083 |
Other intangible assets, net | 111,488 | 7,317 |
Total goodwill and intangible assets, net | 597,488 | 314,400 |
Core Deposit | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Other intangible assets, net | 95,930 | 301 |
Customer Lists | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Other intangible assets, net | 12,638 | 6,992 |
Noncompete Agreements | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Other intangible assets, net | 1,541 | |
Trademarks | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Other intangible assets, net | $ 1,379 | $ 24 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Goodwill and Other Intangible Assets (Parenthetical) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Core Deposit | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Accumulated amortization of intangible assets | $ 55,694 | $ 39,385 |
Customer Lists | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Accumulated amortization of intangible assets | 21,263 | 19,709 |
Noncompete Agreements | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Accumulated amortization of intangible assets | 68 | 0 |
Trademarks | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Accumulated amortization of intangible assets | $ 55 | $ 0 |
Derivatives - Schedule of Notio
Derivatives - Schedule of Notional Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Feb. 28, 2019 | Dec. 31, 2018 |
Derivatives Fair Value [Line Items] | |||
Notional Amount | $ 6,727,984 | $ 2,696,100 | |
Fair Value, Other Assets | 302,651 | 11,136 | |
Fair Value, Other Liabilities | 12,015 | 32,350 | |
Cash Flow Hedges | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | $ 4,000,000 | ||
Derivatives Designated as Hedging Instruments | Cash Flow Hedges | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 4,650,000 | 650,000 | |
Fair Value, Other Assets | 280,611 | ||
Fair Value, Other Liabilities | 23,968 | ||
Derivatives Designated as Hedging Instruments | Cash Flow Hedges | Commercial Loans | Interest Rate Swaps | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 650,000 | 650,000 | |
Fair Value, Other Assets | 4,452 | ||
Fair Value, Other Liabilities | 23,968 | ||
Derivatives Designated as Hedging Instruments | Cash Flow Hedges | Commercial Loans | Interest Rate Collars | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 4,000,000 | ||
Fair Value, Other Assets | 276,159 | ||
Derivatives Not Designated as Hedging Instruments | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 2,077,984 | 2,046,100 | |
Fair Value, Other Assets | 22,040 | 11,136 | |
Fair Value, Other Liabilities | 12,015 | 8,382 | |
Derivatives Not Designated as Hedging Instruments | Mortgage Loan Held for Sale Interest Rate Lock Commitments | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 10,285 | 5,286 | |
Fair Value, Other Assets | 122 | 72 | |
Derivatives Not Designated as Hedging Instruments | Mortgage Loan Held for Sale Floating Commitments | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 1,301 | 14,690 | |
Derivatives Not Designated as Hedging Instruments | Foreign Exchange Contracts | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 62,932 | 46,971 | |
Fair Value, Other Assets | 62 | 698 | |
Fair Value, Other Liabilities | 81 | 683 | |
Derivatives Not Designated as Hedging Instruments | Commercial Loans | Interest Rate Swaps | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 1,101,572 | 1,155,942 | |
Fair Value, Other Assets | 10,946 | 4,439 | |
Fair Value, Other Liabilities | 1,102 | 1,777 | |
Derivatives Not Designated as Hedging Instruments | Commercial Loans | Interest Rate Collars | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 77,777 | 80,000 | |
Fair Value, Other Assets | 329 | 96 | |
Fair Value, Other Liabilities | 329 | 96 | |
Derivatives Not Designated as Hedging Instruments | Commercial Loans | Interest Rate Caps | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 149,793 | 88,430 | |
Fair Value, Other Assets | 43 | 239 | |
Fair Value, Other Liabilities | 43 | 239 | |
Derivatives Not Designated as Hedging Instruments | Commercial Loans | Interest Rate Floors | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 667,204 | 652,822 | |
Fair Value, Other Assets | 10,460 | 5,587 | |
Fair Value, Other Liabilities | 10,460 | 5,587 | |
Derivatives Not Designated as Hedging Instruments | Forward Contracts | Mortgage Loan Forward Sale Commitments | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 7,120 | 1,959 | |
Fair Value, Other Assets | $ 78 | $ 5 |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |
Feb. 28, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Obligation to return cash collateral provided by counterparty | $ 282,400 | ||
Derivative, notional amount | 6,727,984 | $ 2,696,100 | |
Deferred net gains (loss) on derivatives | $ (33,300) | ||
Cash Flow Hedges | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 4,000,000 | ||
Derivative contract term | 5 years | ||
Derivative, purchased option price | $ 127,800 | ||
Maximum period for hedging transactions | 6 years 4 months 24 days | ||
Cash Flow Hedges | Purchased | Interest Rate Collars | |||
Derivative [Line Items] | |||
Derivative cap interest rate | 4.70% | ||
Derivative floor interest rate | 3.00% | ||
Cash Flow Hedges | Sold | Interest Rate Collars | |||
Derivative [Line Items] | |||
Derivative cap interest rate | 3.50% | ||
Derivative floor interest rate | 0.00% | ||
Interest-bearing Deposits in Banks | |||
Derivative [Line Items] | |||
Cash or securities pledged as collateral | $ 9,200 | $ 25,300 |
Derivatives - Schedule of Gain
Derivatives - Schedule of Gain (Loss) in Consolidated Statements of Income Related to Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedges | Commercial Loans | Interest Rate Swaps | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
OCI | $ 7,447 | $ (3,616) | $ 28,419 | $ (18,656) |
Reclassified from AOCI to interest income | (1,182) | (1,608) | (4,199) | (3,121) |
Derivatives Designated as Hedging Instruments | Cash Flow Hedges | Commercial Loans | Interest Rate Collars | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
OCI | 32,864 | 160,429 | ||
Reclassified from AOCI to interest income | 2,667 | 2,704 | ||
Derivatives Not Designated as Hedging Instruments | Mortgage Loan Held for Sale Interest Rate Lock Commitments | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Noninterest income | 23 | (54) | 50 | 10 |
Derivatives Not Designated as Hedging Instruments | Foreign Exchange Contracts | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Noninterest income | $ 823 | $ 552 | $ 2,947 | $ 1,575 |
Derivative - Schedule of Intere
Derivative - Schedule of Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Amount | $ 6,727,984 | $ 2,696,100 |
1.5120% Interest Rate Swap | ||
Derivative [Line Items] | ||
Effective Date | Jun. 30, 2015 | |
Maturity Date | Dec. 31, 2019 | |
Notional Amount | $ 300,000 | |
Fixed Rate | 1.512% | |
Variable Rate | 1 Month LIBOR | |
1.5995% Interest Rate Swap | ||
Derivative [Line Items] | ||
Effective Date | Mar. 8, 2016 | |
Maturity Date | Feb. 27, 2026 | |
Notional Amount | $ 175,000 | |
Fixed Rate | 1.5995% | |
Variable Rate | 1 Month LIBOR | |
1.5890% Interest Rate Swap | ||
Derivative [Line Items] | ||
Effective Date | Mar. 8, 2016 | |
Maturity Date | Feb. 27, 2026 | |
Notional Amount | $ 175,000 | |
Fixed Rate | 1.589% | |
Variable Rate | 1 Month LIBOR |
Leases - Summary of Initial Rec
Leases - Summary of Initial Recognition of Operating Lease Assets and Liability (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Operating Leased Assets [Line Items] | ||
Total operating right-of-use assets | $ 66,200 | |
Operating lease liability | $ 77,663 | |
ASU 2016-02 | ||
Operating Leased Assets [Line Items] | ||
Operating right-of-use assets | $ 65,902 | |
State Bank acquisition | 14,089 | |
Total operating right-of-use assets | 79,991 | |
Operating lease liability | $ 92,268 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Lease Cost [Abstract] | ||
Operating lease cost | $ 2,524 | $ 7,644 |
Sublease income | (405) | (1,259) |
Total lease cost | $ 2,119 | $ 6,385 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Right-of-use asset | $ 66.2 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsMember |
Operating lease liability | $ 77.7 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesMember |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Balance Sheet Information Related to Operating Leases (Detail) | Sep. 30, 2019 |
Lease Cost [Abstract] | |
Weighted average remaining lease term (in years) | 12 years 4 months 24 days |
Weighted average discount rate | 4.80% |
Leases - Schedule of Maturity A
Leases - Schedule of Maturity Analysis of Operating Leases (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
(In thousands) | |
2019 | $ 2,747 |
2020 | 10,984 |
2021 | 10,897 |
2022 | 9,283 |
2023 | 8,660 |
Thereafter | 62,106 |
Total lease payments | 104,677 |
Less: interest | (27,014) |
Operating lease liability | $ 77,663 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Domestic | ||
Time Deposits [Line Items] | ||
Time deposits $250,000 and over | $ 678,300,000 | $ 491,300,000 |
Foreign | ||
Time Deposits [Line Items] | ||
Time Deposits | $ 0 | $ 0 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2015 | Jun. 30, 2014 | Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Oct. 01, 2019 | Mar. 29, 2019 | |
Borrowed Funds [Line Items] | ||||||||
Carrying value of securities pledged | $ 0 | $ 0 | $ 3,300,000 | |||||
Aggregate principle amount | 83,474,000 | |||||||
Unregistered multi tranche debt Transactions | $ 245,000,000 | |||||||
Unregistered debt transactions | $ 50,000,000 | |||||||
Subordinated debt | 182,594,000 | $ 182,594,000 | 98,910,000 | |||||
Subordinate debt capital treatment achievement period | 10 years | |||||||
FHLB advances | 100,000,000 | $ 100,000,000 | 150,000,000 | |||||
FHLB borrowing availability | 1,500,000,000 | 1,500,000,000 | ||||||
Irrevocable letter of credit | 522,000,000 | 522,000,000 | 590,000,000 | |||||
Notes payable | 2,054,000 | 2,054,000 | ||||||
Linscomb & Williams, Inc. | Wealth & Pension Services Group, Inc. | ||||||||
Borrowed Funds [Line Items] | ||||||||
Notes payable | 2,100,000 | 2,100,000 | ||||||
FRB | ||||||||
Borrowed Funds [Line Items] | ||||||||
Borrowings | $ 0 | 0 | $ 0 | |||||
Standby Letters of Credit | ||||||||
Borrowed Funds [Line Items] | ||||||||
Letter of credit expiration date | Dec. 26, 2019 | |||||||
Borrowings | $ 70,000,000 | 70,000,000 | ||||||
Revolving Credit Facility | Holding Company Revolving Loan Facility | ||||||||
Borrowed Funds [Line Items] | ||||||||
Borrowings | 0 | $ 0 | ||||||
Line of credit facility, borrowing capacity | $ 100,000,000 | |||||||
Debt instrument, maturity date | Mar. 29, 2020 | |||||||
Public Fund Treasury Management Deposit | ||||||||
Borrowed Funds [Line Items] | ||||||||
Variable letter of credit | 350,000,000 | $ 350,000,000 | ||||||
Municipal Deposits | ||||||||
Borrowed Funds [Line Items] | ||||||||
Letter of credit expiration date | Jul. 20, 2020 | |||||||
Commercial Loans | FRB | ||||||||
Borrowed Funds [Line Items] | ||||||||
Collateralized borrowings from FRB | 791,400,000 | $ 791,400,000 | ||||||
Commercial and Residential Real Estate Loan | ||||||||
Borrowed Funds [Line Items] | ||||||||
FHLB advances collateral amount | $ 2,100,000,000 | $ 2,100,000,000 | ||||||
4.75% Fixed to Floating Rate Subordinated Notes Due 2029 | ||||||||
Borrowed Funds [Line Items] | ||||||||
Aggregate principle amount | $ 85,000,000 | |||||||
Debt instrument, interest rate | 4.75% | |||||||
4.875% Senior Notes, Due June 28, 2019 | ||||||||
Borrowed Funds [Line Items] | ||||||||
Debt instrument, interest rate | 4.875% | 4.875% | 4.875% | 4.875% | ||||
Debt instrument, maturity date | Jun. 28, 2019 | Jun. 28, 2019 | ||||||
5.375% Senior Notes, Due June 28, 2021 | ||||||||
Borrowed Funds [Line Items] | ||||||||
Debt instrument, interest rate | 5.375% | 5.375% | 5.375% | |||||
Subordinated debt maturity period | 7 years | |||||||
Debt instrument, maturity date | Jun. 28, 2021 | Jun. 28, 2021 | ||||||
7.250% Subordinated Notes, Due June 28, 2029, Callable in 2024 | ||||||||
Borrowed Funds [Line Items] | ||||||||
Debt instrument, interest rate | 7.25% | 7.25% | 7.25% | |||||
Subordinated debt maturity period | 15 years | |||||||
Subordinated debt | $ 35,000,000 | $ 35,000,000 | ||||||
Call option period | 10 years | |||||||
Debt instrument, maturity date | Jun. 28, 2029 | Jun. 28, 2029 | ||||||
6.250% Subordinated Notes, Due June 28, 2029, Callable in 2024 | ||||||||
Borrowed Funds [Line Items] | ||||||||
Debt instrument, interest rate | 6.25% | 6.25% | 6.25% | |||||
Subordinated debt maturity period | 15 years | |||||||
Subordinated debt | $ 25,000,000 | $ 25,000,000 | ||||||
Call option period | 10 years | |||||||
Debt instrument, maturity date | Jun. 28, 2029 | Jun. 28, 2029 | ||||||
4.750% Subordinated Notes, Due June 2029, Callable in 2024 | ||||||||
Borrowed Funds [Line Items] | ||||||||
Debt instrument, interest rate | 4.75% | 4.75% | 4.75% | |||||
Subordinated debt maturity period | 10 years | |||||||
Subordinated debt | $ 85,000,000 | $ 85,000,000 | ||||||
Call option period | 5 years | |||||||
Debt instrument, maturity date | Jun. 30, 2029 | Jun. 30, 2029 | ||||||
6.500% Subordinated Notes, Due March 2025, Callable in 2020 | ||||||||
Borrowed Funds [Line Items] | ||||||||
Debt instrument, interest rate | 6.50% | 6.50% | 6.50% | |||||
Subordinated debt | $ 40,000,000 | $ 40,000,000 | ||||||
Call option period | 5 years | |||||||
Debt instrument, maturity date | Mar. 31, 2025 | Mar. 31, 2025 | ||||||
Expiration on September 28, 2020 | SAFE Program Deposits | ||||||||
Borrowed Funds [Line Items] | ||||||||
Irrevocable letter of credit | 35,000,000 | $ 35,000,000 | ||||||
Letter of credit expiration date | Sep. 28, 2020 | |||||||
Letter of credit expiration period | 45 days | |||||||
Letter of credit extended expiration term | 1 year | |||||||
Expiration on December 2, 2019 | Public Fund Treasury Management Deposit | ||||||||
Borrowed Funds [Line Items] | ||||||||
Letter of credit expiration date | Dec. 2, 2019 | |||||||
Letter of credit expiration period | 45 days | |||||||
Letter of credit extended expiration term | 1 year | |||||||
Letter of Credit | Municipal Deposits | ||||||||
Borrowed Funds [Line Items] | ||||||||
Borrowings | $ 6,000,000 | $ 6,000,000 | ||||||
Letter of Credit | Public Deposits Expired | Subsequent Event | ||||||||
Borrowed Funds [Line Items] | ||||||||
Borrowings | $ 61,000,000 | |||||||
Minimum | ||||||||
Borrowed Funds [Line Items] | ||||||||
Repurchase agreement maturity period | one | |||||||
Maximum | ||||||||
Borrowed Funds [Line Items] | ||||||||
Repurchase agreement maturity period | seven days |
Borrowed Funds - Summary of Sec
Borrowed Funds - Summary of Securities Sold Under Agreements to Repurchase (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Balance at period end | $ 1,106,000 | |
Average balance during the period | $ 5,154,000 | $ 1,630,000 |
Average interest rate during the period | 0.15% | 0.25% |
Maximum month-end balance during the period | $ 23,908,000 | $ 2,384,000 |
Borrowed Funds - Summary of Deb
Borrowed Funds - Summary of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Debt issue costs and unamortized premium | $ (2,484) | $ (1,211) |
Purchased | (10,078) | |
Total senior and subordinated debt | 232,516 | 283,711 |
Cadence Bancorporation | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 210,000 | 270,000 |
Cadence Bancorporation | 4.875% Senior Notes, Due June 28, 2019 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 145,000 | |
Cadence Bancorporation | 5.375% Senior Notes, Due June 28, 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 50,000 | 50,000 |
Cadence Bancorporation | 7.250% Subordinated Notes, Due June 28, 2029, Callable in 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 35,000 | 35,000 |
Cadence Bancorporation | 6.500% Subordinated Notes, Due March 2025, Callable in 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 40,000 | 40,000 |
Cadence Bancorporation | 4.750% Subordinated Notes, Due June 2029, Callable in 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 85,000 | |
Cadence Bank | 6.250% Subordinated Notes, Due June 28, 2029, Callable in 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 25,000 | $ 25,000 |
Borrowed Funds - Summary of D_2
Borrowed Funds - Summary of Debt (Parenthetical) (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
4.875% Senior Notes, Due June 28, 2019 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 4.875% | 4.875% | 4.875% |
Debt instrument, maturity date | Jun. 28, 2019 | Jun. 28, 2019 | |
5.375% Senior Notes, Due June 28, 2021 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 5.375% | 5.375% | |
Debt instrument, maturity date | Jun. 28, 2021 | Jun. 28, 2021 | |
7.250% Subordinated Notes, Due June 28, 2029, Callable in 2024 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 7.25% | 7.25% | |
Debt instrument, maturity date | Jun. 28, 2029 | Jun. 28, 2029 | |
6.500% Subordinated Notes, Due March 2025, Callable in 2020 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 6.50% | 6.50% | |
Debt instrument, maturity date | Mar. 31, 2025 | Mar. 31, 2025 | |
4.750% Subordinated Notes, Due June 2029, Callable in 2024 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 4.75% | 4.75% | |
Debt instrument, maturity date | Jun. 30, 2029 | Jun. 30, 2029 | |
6.250% Subordinated Notes, Due June 28, 2029, Callable in 2024 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 6.25% | 6.25% | |
Debt instrument, maturity date | Jun. 28, 2029 | Jun. 28, 2029 |
Borrowed Funds - Summary of Jun
Borrowed Funds - Summary of Junior Subordinated Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Junior subordinated debentures, gross | $ 50,619 | $ 50,619 |
Purchase accounting adjustment, net of amortization | (13,297) | (13,666) |
Total junior subordinated debentures | 37,322 | 36,953 |
3 month LIBOR plus 2.85%, due 2033 | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures, gross | 30,000 | 30,000 |
3 month LIBOR plus 2.95%, due 2033 | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures, gross | 5,155 | 5,155 |
3 month LIBOR plus 1.75%, due 2037 | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures, gross | $ 15,464 | $ 15,464 |
Borrowed Funds - Summary of J_2
Borrowed Funds - Summary of Junior Subordinated Debt (Parenthetical) (Details) - Junior subordinated debt | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
3 month LIBOR plus 2.85%, due 2033 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 2.85% | 2.85% |
Debt instrument maturity year | 2033 | 2033 |
3 month LIBOR plus 2.95%, due 2033 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 2.95% | 2.95% |
Debt instrument maturity year | 2033 | 2033 |
3 month LIBOR plus 1.75%, due 2037 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 1.75% | 1.75% |
Debt instrument maturity year | 2037 | 2037 |
Other Noninterest Income and _3
Other Noninterest Income and Other Noninterest Expense - Summary of Other Noninterest Income and Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other noninterest income | ||||
Insurance revenue | $ 216 | $ 658 | $ 2,677 | |
Bankcard fees | 2,061 | $ 1,078 | 6,553 | 4,877 |
Income from bank owned life insurance policies | 1,275 | 913 | 3,690 | 2,758 |
Other | 1,730 | 2,571 | 4,710 | 6,882 |
Total other noninterest income | 5,282 | 4,562 | 15,611 | 17,194 |
Other noninterest expenses | ||||
Data processing expense | 3,641 | 1,989 | 9,670 | 6,666 |
Software amortization | 3,406 | 1,628 | 9,925 | 4,038 |
Consulting and professional fees | 2,621 | 4,335 | 6,749 | 9,815 |
Loan related expenses | (921) | 821 | 1,729 | 1,721 |
FDIC insurance | 527 | 1,237 | 4,149 | 3,415 |
Communications | 1,425 | 682 | 3,880 | 2,089 |
Advertising and public relations | 1,368 | 679 | 3,253 | 1,595 |
Legal expenses | 500 | 242 | 1,303 | 3,337 |
Other | 11,864 | 5,418 | 29,982 | 16,123 |
Total other noninterest expenses | $ 24,431 | $ 17,031 | $ 70,640 | $ 48,799 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||||
Income tax expense | $ 12,796 | $ 15,074 | $ 44,605 | $ 34,408 | ||
Effective tax rate | 22.50% | 24.20% | 22.90% | 20.40% | ||
One-time bad debt deduction on legacy loan portfolio | $ 6,000 | |||||
Net deferred tax liability | $ 30,802 | $ 30,802 | ||||
Net deferred tax asset | $ 33,224 |
Earnings Per Common Share - Rec
Earnings Per Common Share - Reconciliation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||||||
Net income per consolidated statements of income | $ 43,986 | $ 48,346 | $ 58,201 | $ 47,136 | $ 47,974 | $ 38,825 | $ 150,533 | $ 133,935 |
Net income allocated to participating securities | (137) | (56) | (525) | (162) | ||||
Net income allocated to common stock | $ 43,849 | $ 47,080 | $ 150,008 | $ 133,773 | ||||
Weighted average common shares outstanding (Basic) | 128,457,491 | 83,625,000 | 129,237,553 | 83,625,000 | ||||
Weighted average dilutive restricted stock units and options | 57,783 | 1,035,256 | 121,734 | 1,084,240 | ||||
Weighted average common shares outstanding (Diluted) | 128,515,274 | 84,660,256 | 129,359,287 | 84,709,240 | ||||
Earnings per common share (Basic) | $ 0.34 | $ 0.56 | $ 1.16 | $ 1.60 | ||||
Earnings per common share (Diluted) | $ 0.34 | $ 0.56 | $ 1.16 | $ 1.58 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Stock Options and Restricted Stock Units | ||||
Earnings Per Share [Line Items] | ||||
Antidilutive stock options and restricted stock units | $ 1,796,588 | $ 0 | $ 1,271,628 | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) $ in Millions | Dec. 31, 2018USD ($) |
Related Party Transaction [Line Items] | |
Related party deposits | $ 571 |
State Bank and One Large Deposit Account by Related Third Party | |
Related Party Transaction [Line Items] | |
Related party deposits | $ 311 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Tier 1 leverage | $ 1,757,141 | $ 1,209,407 |
Common equity tier 1 capital | 1,757,141 | 1,172,454 |
Tier 1 risk-based capital | 1,757,141 | 1,209,407 |
Total risk-based capital | 2,101,301 | 1,403,311 |
Tier 1 leverage | 681,141 | 479,940 |
Common equity tier 1 capital | 719,521 | 536,930 |
Tier 1 risk-based capital | 959,362 | 715,907 |
Total risk-based capital | 1,279,149 | 954,542 |
Tier 1 risk-based capital | 959,362 | 715,907 |
Total risk-based capital | $ 1,598,937 | $ 1,193,178 |
Tier 1 leverage | 10.30% | 10.10% |
Common equity tier 1 capital | 11.00% | 9.80% |
Tier 1 risk-based capital | 11.00% | 10.10% |
Total risk-based capital | 13.10% | 11.80% |
Tier 1 leverage | 4.00% | 4.00% |
Common equity tier 1 capital | 4.50% | 4.50% |
Tier 1 risk-based capital | 6.00% | 6.00% |
Total risk-based capital | 8.00% | 8.00% |
Tier 1 risk-based capital | 6.00% | 6.00% |
Total risk-based capital | 10.00% | 10.00% |
Cadence Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Tier 1 leverage | $ 1,916,911 | $ 1,327,974 |
Common equity tier 1 capital | 1,866,911 | 1,277,974 |
Tier 1 risk-based capital | 1,916,911 | 1,327,974 |
Total risk-based capital | 2,070,637 | 1,447,719 |
Tier 1 leverage | 680,041 | 479,667 |
Common equity tier 1 capital | 719,231 | 536,285 |
Tier 1 risk-based capital | 958,975 | 715,047 |
Total risk-based capital | 1,278,633 | 953,396 |
Tier 1 leverage | 850,053 | 599,584 |
Common equity tier 1 capital | 1,038,890 | 774,634 |
Tier 1 risk-based capital | 1,278,633 | 953,396 |
Total risk-based capital | $ 1,598,292 | $ 1,191,745 |
Tier 1 leverage | 11.30% | 11.10% |
Common equity tier 1 capital | 11.70% | 10.70% |
Tier 1 risk-based capital | 12.00% | 11.10% |
Total risk-based capital | 13.00% | 12.10% |
Tier 1 leverage | 4.00% | 4.00% |
Common equity tier 1 capital | 4.50% | 4.50% |
Tier 1 risk-based capital | 6.00% | 6.00% |
Total risk-based capital | 8.00% | 8.00% |
Tier 1 leverage | 5.00% | 5.00% |
Common equity tier 1 capital | 6.50% | 6.50% |
Tier 1 risk-based capital | 8.00% | 8.00% |
Total risk-based capital | 10.00% | 10.00% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Banking And Thrift [Abstract] | ||
Reserve requirement with FRB | $ 296 | $ 91.5 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Summary of Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Commitments to Grant Loans | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Commitments to grant loans | $ 101,623 | $ 103,570 |
Standby Letters of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Letters of credit | 217,050 | 141,214 |
Performance Letters of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Performance letters of credit | 18,754 | 21,026 |
Commercial Letters of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Letters of credit | 27,896 | 11,262 |
Commitments to Extend Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Commitments to extend credit | $ 4,757,316 | $ 4,078,708 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Commitments And Contingencies Disclosure [Abstract] | ||
Unfunded commitments - LLC Investments | $ 42.2 | $ 37.5 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash paid during the year for: | ||
Interest | $ 155,544 | $ 79,771 |
Income taxes, net of refunds | 45,801 | 36,334 |
Cash paid for amounts included in lease liabilities | 8,492 | |
Non-cash investing activities (at fair value): | ||
Acquisition of real estate in settlement of loans | 1,949 | 2,936 |
Transfers of loans held for sale to loans | 34,939 | |
Transfers of commercial loans to loans held for sale | 27,135 | $ 17,031 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 83,333 |
Disclosure About Fair Values _3
Disclosure About Fair Values of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Investment securities available-for-sale | $ 1,705,325 | $ 1,187,252 |
Derivative assets | 302,651 | 11,136 |
Liabilities | ||
Derivative liabilities | 12,015 | 32,350 |
Carrying Value | ||
Assets | ||
Investment securities available-for-sale | 1,705,325 | 1,187,252 |
Equity securities with readily determinable fair values not held for trading | 1,764 | 5,840 |
Derivative assets | 302,651 | 11,136 |
Net profits interests | 5,160 | 5,779 |
Liabilities | ||
Derivative liabilities | 12,015 | 32,350 |
Level 1 | ||
Assets | ||
Equity securities with readily determinable fair values not held for trading | 1,764 | 5,840 |
Level 2 | ||
Assets | ||
Investment securities available-for-sale | 1,705,325 | 1,187,252 |
Derivative assets | 302,651 | 11,136 |
Liabilities | ||
Derivative liabilities | 12,015 | 32,350 |
Level 3 | ||
Assets | ||
Net profits interests | 5,160 | 5,779 |
Fair Value, Measurements, Recurring | Carrying Value | ||
Assets | ||
Investment securities available-for-sale | 1,705,325 | 1,187,252 |
Equity securities with readily determinable fair values not held for trading | 1,764 | 5,840 |
Derivative assets | 302,651 | 11,136 |
Net profits interests | 5,160 | 5,779 |
Other assets | 20,613 | 11,191 |
Total assets | 2,035,513 | 1,221,198 |
Liabilities | ||
Derivative liabilities | 12,015 | 32,350 |
Total recurring basis measured liabilities | 12,015 | 32,350 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets | ||
Equity securities with readily determinable fair values not held for trading | 1,764 | 5,840 |
Total assets | 1,764 | 5,840 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets | ||
Investment securities available-for-sale | 1,705,325 | 1,187,252 |
Derivative assets | 302,651 | 11,136 |
Total assets | 2,007,976 | 1,198,388 |
Liabilities | ||
Derivative liabilities | 12,015 | 32,350 |
Total recurring basis measured liabilities | 12,015 | 32,350 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets | ||
Net profits interests | 5,160 | 5,779 |
Other assets | 20,613 | 11,191 |
Total assets | $ 25,773 | $ 16,970 |
Disclosure About Fair Values _4
Disclosure About Fair Values of Financial Instruments - Additional Information (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Fair Value Disclosures [Abstract] | ||
Transfer between level 1 to level 2, asset | $ 0 | $ 0 |
Transfer between level 2 to level 1, asset | 0 | 0 |
Transfer between level 1 to level 2, liabilities | 0 | 0 |
Transfer between level 2 to level 1, liabilities | $ 0 | $ 0 |
Disclosure About Fair Values _5
Disclosure About Fair Values of Financial Instruments - Summary of Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Profits Interests | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | $ 5,376 | $ 12,839 | $ 5,779 | $ 15,833 |
Net (losses) gains included in earnings | (73) | 210 | (188) | (1,992) |
Distributions received | (143) | (777) | (431) | (1,569) |
Ending Balance | 5,160 | 12,272 | 5,160 | 12,272 |
Net unrealized gains (losses) included in earnings relating to assets held at the end of the period | (73) | 210 | (188) | (1,992) |
Investments in Limited Partnerships | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 14,533 | 8,852 | 11,191 | |
Net (losses) gains included in earnings | 1,119 | 547 | 2,153 | 1,942 |
Reclassifications | 110 | (15) | ||
Contributions paid | 1,143 | 1,296 | 4,160 | 2,404 |
Distributions received | (44) | (187) | (628) | (557) |
Ending Balance | 16,861 | 10,508 | 16,861 | 10,508 |
Net unrealized gains (losses) included in earnings relating to assets held at the end of the period | 1,119 | $ 547 | 2,153 | 1,942 |
Investments in Limited Partnerships | ASU 2016-01 | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Transfers in due to adoption of ASU 2016-01 | 5,518 | |||
Adjustment recorded in retained earnings due to adoption of ASU 2016-01 | $ 1,201 | |||
SBA Servicing Rights | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 3,786 | |||
Acquired | 6,213 | |||
Originations | 455 | 969 | ||
Net (losses) gains included in earnings | (489) | (3,430) | ||
Ending Balance | 3,752 | 3,752 | ||
Net unrealized gains (losses) included in earnings relating to assets held at the end of the period | $ (489) | $ (3,430) |
Disclosure About Fair Values _6
Disclosure About Fair Values of Financial Instruments - Summary of Assets Recorded at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Other real estate | $ 1,571 | $ 2,406 |
Level 2 | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Loans held for sale | 45,252 | 59,461 |
Fair Value, Nonrecurring | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Loans held for sale | 45,252 | 59,461 |
Impaired loans, net of specific allowance | 86,255 | 71,741 |
Other real estate | 1,571 | 2,406 |
Total assets | 133,078 | 133,608 |
Fair Value, Nonrecurring | Level 2 | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Loans held for sale | 45,252 | 59,461 |
Total assets | 45,252 | 59,461 |
Fair Value, Nonrecurring | Level 3 | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans, net of specific allowance | 86,255 | 71,741 |
Other real estate | 1,571 | 2,406 |
Total assets | $ 87,826 | $ 74,147 |
Disclosure About Fair Values _7
Disclosure About Fair Values of Financial Instruments - Summary of Significant Unobservable Inputs Used in Level 3 Fair Value Measurements for Financial Assets Measured at Fair Value On a Nonrecurring Basis (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Fair Value, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 133,078 | $ 133,608 | |
Level 3 | Fair Value, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 87,826 | 74,147 | |
Level 3 | Net Recoverable Oil and Gas Reserves and Forward Looking Commodity Prices | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Unobservable Inputs | Net recoverable oil and gas reserves and forward-looking commodity prices. Discount rate - 10% | ||
Range | [1] | 82.00% | |
Level 3 | Net Recoverable Oil and Gas Reserves and Forward Looking Commodity Prices | Measurement Input, Discount Rate | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value inputs, discount to fair value | 0.10 | ||
Level 3 | Discount of Fair Value | Impaired Loans Net Of Specific Allowance | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 71,741 | ||
Unobservable Inputs | Discount to fair value | Discount to fair value | |
Level 3 | Discount of Fair Value | Impaired Loans Net Of Specific Allowance | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Range | 0.00% | 0.00% | |
Level 3 | Discount of Fair Value | Impaired Loans Net Of Specific Allowance | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Range | 50.00% | 20.00% | |
Level 3 | Discount of Fair Value | Impaired Loans Net Of Specific Allowance | Fair Value, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 86,255 | ||
Level 3 | Discount of Fair Value | Other | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Unobservable Inputs | Discount to fair value | Discount to fair value | |
Level 3 | Discount of Fair Value | Other | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Range | 0.00% | 0.00% | |
Level 3 | Discount of Fair Value | Other | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Range | 20.00% | 20.00% | |
Level 3 | Discount of Fair Value | Other | Fair Value, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 1,571 | ||
Level 3 | Discounted Cash Flow | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Unobservable Inputs | Discount rate 5.8% | Discount rates – 2.9% to 8.7% | |
Range | [1] | 35.00% | |
Level 3 | Discounted Cash Flow | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Range | [2] | 0.00% | |
Level 3 | Discounted Cash Flow | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Range | [2] | 20.00% | |
Level 3 | Discounted Cash Flow | Measurement Input, Discount Rate | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value inputs, discount to fair value | 0.058 | ||
Level 3 | Discounted Cash Flow | Measurement Input, Discount Rate | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value inputs, discount to fair value | 0.029 | ||
Level 3 | Discounted Cash Flow | Measurement Input, Discount Rate | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value inputs, discount to fair value | 0.087 | ||
Level 3 | Discounted Cash Flow | Net Recoverable Oil and Gas Reserves and Forward Looking Commodity Prices | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Unobservable Inputs | Net recoverable oil and gas reserves and forward-looking commodity prices. Discount rate –10% | ||
Level 3 | Discounted Cash Flow | Net Recoverable Oil and Gas Reserves and Forward Looking Commodity Prices | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Range | 0.00% | ||
Level 3 | Discounted Cash Flow | Net Recoverable Oil and Gas Reserves and Forward Looking Commodity Prices | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Range | [2] | 10.00% | |
Level 3 | Discounted Cash Flow | Net Recoverable Oil and Gas Reserves and Forward Looking Commodity Prices | Measurement Input, Discount Rate | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value inputs, discount to fair value | 0.10 | ||
Level 3 | Enterprise Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Unobservable Inputs | Exit and earnings multiples, discounted cash flows, and market comparables | Exit multiples | |
Level 3 | Enterprise Value | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurements, percentage of enterprise value | [1] | 0.00% | |
Range | [2] | 0.00% | |
Level 3 | Enterprise Value | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurements, percentage of enterprise value | [1] | 35.00% | |
Range | [2] | 15.00% | |
Level 3 | Estimated Closing Costs | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 2,406 | ||
Unobservable Inputs | Estimated closing costs | Estimated closing costs | |
Range | 10.00% | 10.00% | |
Level 3 | Estimated Closing Costs | Other | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Unobservable Inputs | Estimated closing costs | ||
Range | 10.00% | ||
[1] | Represents difference of remaining balance to fair value. | ||
[2] | Represents difference of unpaid balance to fair value. |
Disclosure About Fair Values _8
Disclosure About Fair Values of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financial Assets: | ||
Interest-bearing deposits with banks | $ 816,604 | $ 523,436 |
Federal funds sold | 7,870 | 18,502 |
Investment securities available-for-sale | 1,705,325 | 1,187,252 |
Derivative assets | 302,651 | 11,136 |
Other assets | 548,814 | 170,494 |
Financial Liabilities: | ||
Advances from FHLB | 100,000 | 150,000 |
Securities sold under agreements to repurchase | 1,106 | |
Senior debt | 49,922 | 184,801 |
Subordinated debt | 182,594 | 98,910 |
Junior subordinated debentures | 37,322 | 36,953 |
Notes payable | 2,054 | |
Derivative liabilities | 12,015 | 32,350 |
Level 1 | ||
Financial Assets: | ||
Cash and due from banks | 236,628 | 237,342 |
Interest-bearing deposits with banks | 816,604 | 523,436 |
Federal funds sold | 7,870 | 18,502 |
Equity securities with readily determinable fair values not held for trading | 1,764 | 5,840 |
Level 2 | ||
Financial Assets: | ||
Investment securities available-for-sale | 1,705,325 | 1,187,252 |
Loans held for sale | 45,252 | 59,461 |
Derivative assets | 302,651 | 11,136 |
Financial Liabilities: | ||
Deposits | 14,800,614 | 10,700,350 |
Advances from FHLB | 100,000 | 150,000 |
Securities sold under agreements to repurchase | 1,106 | |
Senior debt | 51,214 | 194,762 |
Subordinated debt | 189,438 | 103,008 |
Junior subordinated debentures | 47,981 | 46,946 |
Notes payable | 2,054 | |
Derivative liabilities | 12,015 | 32,350 |
Level 3 | ||
Financial Assets: | ||
Net loans | 13,468,953 | 9,735,130 |
Net profits interests | 5,160 | 5,779 |
Other assets | 62,865 | |
Financial Liabilities: | ||
Investments in limited partnerships | 36,917 | |
Fair Value | ||
Financial Assets: | ||
Cash and due from banks | 236,628 | 237,342 |
Interest-bearing deposits with banks | 816,604 | 523,436 |
Federal funds sold | 7,870 | 18,502 |
Investment securities available-for-sale | 1,705,325 | 1,187,252 |
Equity securities with readily determinable fair values not held for trading | 1,764 | 5,840 |
Loans held for sale | 45,252 | 59,461 |
Net loans | 13,468,953 | 9,735,130 |
Derivative assets | 302,651 | 11,136 |
Net profits interests | 5,160 | 5,779 |
Other assets | 62,865 | |
Financial Liabilities: | ||
Deposits | 14,800,614 | 10,700,350 |
Advances from FHLB | 100,000 | 150,000 |
Securities sold under agreements to repurchase | 1,106 | |
Senior debt | 51,214 | 194,762 |
Subordinated debt | 189,438 | 103,008 |
Junior subordinated debentures | 47,981 | 46,946 |
Notes payable | 2,054 | |
Derivative liabilities | 12,015 | 32,350 |
Investments in limited partnerships | 36,917 | |
Carrying Value | ||
Financial Assets: | ||
Cash and due from banks | 236,628 | 237,342 |
Interest-bearing deposits with banks | 816,604 | 523,436 |
Federal funds sold | 7,870 | 18,502 |
Investment securities available-for-sale | 1,705,325 | 1,187,252 |
Equity securities with readily determinable fair values not held for trading | 1,764 | 5,840 |
Loans held for sale | 45,252 | 59,461 |
Net loans | 13,509,269 | 9,959,545 |
Derivative assets | 302,651 | 11,136 |
Net profits interests | 5,160 | 5,779 |
Other assets | 62,865 | |
Financial Liabilities: | ||
Deposits | 14,789,712 | 10,708,689 |
Advances from FHLB | 100,000 | 150,000 |
Securities sold under agreements to repurchase | 1,106 | |
Senior debt | 49,922 | 184,801 |
Subordinated debt | 182,594 | 98,910 |
Junior subordinated debentures | 37,322 | 36,953 |
Notes payable | 2,054 | |
Derivative liabilities | $ 12,015 | 32,350 |
Investments in limited partnerships | $ 36,917 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segment Reporting - Summary of
Segment Reporting - Summary of Operating Results of Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||
Net interest income (expense) | $ 160,187 | $ 98,100 | $ 490,264 | $ 284,595 | |||||
Provision for credit losses | 43,764 | (1,365) | 83,901 | 4,278 | |||||
Noninterest income | 34,642 | 23,976 | 97,027 | 73,631 | |||||
Noninterest expense | 94,283 | 61,231 | 308,252 | 185,605 | |||||
Income tax expense (benefit) | 12,796 | 15,074 | 44,605 | 34,408 | |||||
Net income | 43,986 | $ 48,346 | $ 58,201 | 47,136 | $ 47,974 | $ 38,825 | 150,533 | 133,935 | |
Total assets | 17,855,946 | 11,759,837 | 17,855,946 | 11,759,837 | $ 12,730,285 | ||||
Banking | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income (expense) | 164,535 | 102,940 | 504,764 | 299,555 | |||||
Provision for credit losses | 43,764 | (1,365) | 83,901 | 4,278 | |||||
Noninterest income | 23,407 | 13,741 | 66,557 | 35,499 | |||||
Noninterest expense | 84,113 | 50,612 | 272,721 | 151,179 | |||||
Income tax expense (benefit) | 13,931 | 15,669 | 49,685 | 41,595 | |||||
Net income | 46,134 | 51,765 | 165,014 | 138,002 | |||||
Total assets | 17,743,054 | 11,660,234 | 17,743,054 | 11,660,234 | |||||
Financial Services | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income (expense) | (524) | (429) | (1,746) | (1,736) | |||||
Noninterest income | 11,052 | 10,105 | 29,782 | 37,443 | |||||
Noninterest expense | 9,255 | 7,904 | 24,804 | 27,696 | |||||
Income tax expense (benefit) | 183 | 270 | 495 | 3,817 | |||||
Net income | 1,090 | 1,502 | 2,737 | 4,194 | |||||
Total assets | 106,248 | 93,721 | 106,248 | 93,721 | |||||
Corporate | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income (expense) | (3,824) | (4,411) | (12,754) | (13,224) | |||||
Noninterest income | 183 | 130 | 688 | 689 | |||||
Noninterest expense | 915 | 2,715 | 10,727 | 6,730 | |||||
Income tax expense (benefit) | (1,318) | (865) | (5,575) | (11,004) | |||||
Net income | (3,238) | (6,131) | (17,218) | (8,261) | |||||
Total assets | $ 6,644 | $ 5,882 | $ 6,644 | $ 5,882 |
Equity-based Compensation - Add
Equity-based Compensation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Restricted stock granted | 1,163,959 | 270,105 | ||
Number of unit will vest | 117,037 | 0 | ||
Equity-based compensation expense | $ 1.3 | $ 1.3 | $ 4.9 | $ 2.8 |
Remaining expense related to unvested restricted stock units | 20.3 | $ 20.3 | ||
Restricted Stock Units | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expense recognition period | 18 months | |||
Restricted Stock Units | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expense recognition period | 45 months | |||
Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Expense recognition period | 28 months | |||
Percentage of premium on common stock value, options granted | 15.00% | |||
Option expiration period | 7 years | |||
Expense related to nonvested stock option grants | $ 2.8 | $ 2.8 | ||
Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common stock shares available for grant | 7,500,000 | 7,500,000 | ||
Shares of common stock remain available for future grants | 4,099,402 | 4,099,402 | ||
Plan | Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Restricted stock granted | 1,163,959 | |||
Plan | Restricted Stock Units | Vesting Quarterly | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of unit will vest | 346,623 | |||
Plan | Restricted Stock Units | Cliff-Vest | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of unit will vest | 57,521 | |||
Plan | Restricted Stock Units | Vest in First Quarter of 2022 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of unit will vest | 72,840 | |||
Plan | Restricted Stock Units | Vest in First Quarter of 2023 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of unit will vest | 250,959 | |||
Plan | Restricted Stock Units | Vest in Second Quarter of 2020 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of unit will vest | 3,000 | |||
Plan | Restricted Stock Units | Vest in Second Quarter of 2023 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of unit will vest | 6,998 | |||
Plan | Restricted Stock Units | Minimum | Half of Units Granted | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 25.00% | |||
Plan | Restricted Stock Units | Maximum | Half of Units Granted | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 200.00% |
Equity-based Compensation - Sum
Equity-based Compensation - Summary of Activity Related to Restricted Stock Unit Awards (Details) - Restricted Stock Units - $ / shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Non-vested at beginning of period | 273,354 | 672,750 |
Number of shares, Vested during the period | (117,037) | 0 |
Number of Shares, Forfeited during the period | (56,048) | (566) |
Number of Shares, Granted during the period | 1,163,959 | 270,105 |
Number of Shares, Non-vested at end of period | 1,264,228 | 942,289 |
Weighted average fair value per unit at award date, Non-vested at beginning of period | $ 26.49 | $ 5.14 |
Weighted average fair value per unit at award date, Vested during the period | 21.05 | 0 |
Weighted average fair value per unit at award date, Forfeited during the period | 20.54 | 26.50 |
Weighted average fair value per unit at award date, Granted during the period | 18.53 | 26.50 |
Weighted average fair value per unit at award date, Non-vested at end of period | $ 19.93 | $ 11.26 |
Equity-based Compensation - S_2
Equity-based Compensation - Summary of Activity Related to Stock Option Awards (Details) - Stock Options | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, granted during the period | shares | 1,602,848 |
Number of Shares, non-vested at end of period | shares | 1,602,848 |
Weighted Average Exercise Price, granted during the period | $ / shares | $ 20.43 |
Weighted Average Exercise Price, non-vested at end of period | $ / shares | $ 20.43 |
Equity-based Compensation - S_3
Equity-based Compensation - Summary of Weighted-Average Assumptions Used For Option Awards Issued, Uses Black-Scholes Option Pricing Model (Details) - Stock Options | 9 Months Ended |
Sep. 30, 2019$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected dividends | 3.10% |
Expected volatility | 25.20% |
Risk-free interest rate | 2.50% |
Expected term (in years) | 4 years 6 months |
Weighted-average grant date fair value | $ 2.32 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Balance | $ 2,426,072 | $ 2,302,823 | $ 1,438,274 | $ 1,389,956 | $ 1,357,103 | $ 1,359,056 | $ 1,438,274 | $ 1,359,056 |
Net change | 37,271 | 95,273 | 60,773 | (11,128) | (5,720) | (31,778) | 193,317 | (48,626) |
Balance | 2,475,944 | 2,426,072 | 2,302,823 | 1,414,826 | 1,389,956 | 1,357,103 | 2,475,944 | 1,414,826 |
Unrealized Gains (Losses) on Securities Available for Sale | ||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Balance | (24,279) | (2,160) | (24,279) | (2,160) | ||||
Net change | 48,074 | (36,681) | ||||||
Balance | 23,795 | (38,841) | 23,795 | (38,841) | ||||
Unrealized Gains (Losses) on Defined Benefit Pension Plans | ||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Balance | (328) | (531) | (328) | (531) | ||||
Balance | (328) | (531) | (328) | (531) | ||||
Unrealized Gains (Losses) on Derivative Instruments Designated as Cash Flow Hedges | ||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Balance | (18,305) | (16,342) | (18,305) | (16,342) | ||||
Net change | 145,243 | (11,945) | ||||||
Balance | 126,938 | (28,287) | 126,938 | (28,287) | ||||
Accumulated OCI | ||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Balance | 113,134 | 17,861 | (42,912) | (56,531) | (50,811) | (19,033) | (42,912) | (19,033) |
Net change | 37,271 | 95,273 | 60,773 | (11,128) | (5,720) | (31,778) | 193,317 | (48,626) |
Balance | $ 150,405 | $ 113,134 | $ 17,861 | $ (67,659) | $ (56,531) | $ (50,811) | $ 150,405 | $ (67,659) |
Variable Interest Entities an_3
Variable Interest Entities and Other Investments - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)Customer | Dec. 31, 2016Customer | |
Variable Interest Entities and Other Investments [Line Items] | ||||||
Limited partnerships without readily determinable fair values that do not qualify for the practical expedient of NAV accounted for under the cost method | $ 9,521,000 | $ 9,521,000 | $ 8,714,000 | |||
Variable Interest Entity, Not Primary Beneficiary | ||||||
Variable Interest Entities and Other Investments [Line Items] | ||||||
Limited partnerships accounted for under the fair value practical expedient of NAV | 16,900,000 | 16,900,000 | 11,200,000 | |||
Gain recognized from assets at fair value | 1,100,000 | $ 500,000 | 2,200,000 | $ 1,900,000 | ||
Limited partnerships without readily determinable fair values that do not qualify for the practical expedient of NAV accounted for under the cost method | 9,500,000 | 9,500,000 | 8,700,000 | |||
Total marketable equity securities | 1,800,000 | 1,800,000 | $ 5,800,000 | |||
Number of loan customers | Customer | 2 | |||||
Number of loan customers sold | Customer | 1 | |||||
Variable Interest Entity, Not Primary Beneficiary | Rabbi Trust | ||||||
Variable Interest Entities and Other Investments [Line Items] | ||||||
Defined rabbi trust assets and benefit obligation | 3,500,000 | 3,500,000 | $ 3,600,000 | |||
Variable Interest Entity, Not Primary Beneficiary | Net Profits Interests | ||||||
Variable Interest Entities and Other Investments [Line Items] | ||||||
Net profits interest | 5,200,000 | 5,200,000 | 5,800,000 | |||
Variable Interest Entity, Not Primary Beneficiary | Limited Partner | ||||||
Variable Interest Entities and Other Investments [Line Items] | ||||||
Limited partnerships required to be accounted for under the equity method | 9,000,000 | 9,000,000 | 9,200,000 | |||
Variable Interest Entity, Not Primary Beneficiary | Other Assets | ||||||
Variable Interest Entities and Other Investments [Line Items] | ||||||
Investments in affordable Housing Project | $ 23,700,000 | $ 23,700,000 | $ 7,800,000 |
Variable Interest Entities an_4
Variable Interest Entities and Other Investments - Summary of Investment in Limited Partnerships Subsequent to Adoption of ASU 2016-01 (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entities and Other Investments [Line Items] | ||
Limited partnerships without readily determinable fair values that do not qualify for the practical expedient of NAV accounted for under the cost method | $ 9,521 | $ 8,714 |
Investments in Limited Partnerships | ||
Variable Interest Entities and Other Investments [Line Items] | ||
Affordable housing projects (amortized cost) | 23,744 | 7,803 |
Limited partnerships accounted for under the fair value practical expedient of NAV | 16,861 | 11,191 |
Limited partnerships without readily determinable fair values that do not qualify for the practical expedient of NAV accounted for under the cost method | 9,521 | 8,714 |
Limited partnerships required to be accounted for under the equity method | 8,987 | 9,209 |
Total investments in limited partnerships | $ 59,113 | $ 36,917 |
Variable Interest Entities an_5
Variable Interest Entities and Other Investments - Summary of Carrying Amount of Equity Investments Measured Under Measurement Alternative from Observable Transactions (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Variable Interest Entities And Other Investments [Abstract] | |
Carrying value, December 31, 2018 | $ 8,714 |
Reclassifications | 15 |
Distributions | (1,073) |
Contributions | 1,865 |
Carrying value, September 30, 2019 | $ 9,521 |