Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 05, 2019 | |
Document And Entity Information [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 | |
Entity Registrant Name | FB Financial Corp | |
Entity Central Index Key | 0001649749 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Smaller Reporting Company | false | |
Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 30,932,152 |
Consolidated balance sheets
Consolidated balance sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 31,594 | $ 38,381 |
Federal funds sold | 50,532 | 31,364 |
Interest-bearing deposits in financial institutions | 160,871 | 55,611 |
Cash and cash equivalents | 242,997 | 125,356 |
Investments: | ||
Available-for-sale debt securities, at fair value | 668,531 | 655,698 |
Equity securities, at fair value | 3,250 | 3,107 |
Federal Home Loan Bank stock, at cost | 15,976 | 13,432 |
Loans held for sale, at fair value | 305,493 | 278,815 |
Loans | 4,345,344 | 3,667,511 |
Less: allowance for loan losses | 31,464 | 28,932 |
Net loans | 4,313,880 | 3,638,579 |
Premises and equipment, net | 91,815 | 86,882 |
Other real estate owned, net | 16,076 | 12,643 |
Operating lease right-of-use assets | 34,812 | 0 |
Interest receivable | 17,729 | 14,503 |
Mortgage servicing rights, at fair value | 66,156 | 88,829 |
Goodwill | 168,486 | 137,190 |
Core deposit and other intangibles, net | 18,748 | 11,628 |
Other assets | 124,946 | 70,102 |
Total assets | 6,088,895 | 5,136,764 |
Deposits | ||
Noninterest-bearing | 1,214,373 | 949,135 |
Interest-bearing checking | 1,029,430 | 863,706 |
Money market and savings | 1,481,697 | 1,239,131 |
Customer time deposits | 1,170,827 | 1,016,638 |
Brokered and internet time deposits | 25,436 | 103,107 |
Total deposits | 4,921,763 | 4,171,717 |
Borrowings | 307,129 | 227,776 |
Operating lease liabilities | 37,760 | 0 |
Accrued expenses and other liabilities | 77,408 | 65,414 |
Total liabilities | 5,344,060 | 4,464,907 |
SHAREHOLDERS' EQUITY | ||
Common stock, $1 par value per share; 75,000,000 shares authorized; 30,927,664 and 30,724,532 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 30,928 | 30,725 |
Additional paid-in capital | 426,816 | 424,146 |
Retained earnings | 274,491 | 221,213 |
Accumulated other comprehensive income (loss), net | 12,600 | (4,227) |
Total shareholders' equity | 744,835 | 671,857 |
Total liabilities and shareholders' equity | $ 6,088,895 | $ 5,136,764 |
Consolidated balance sheets (Pa
Consolidated balance sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 30,927,664 | 30,724,532 |
Common stock, shares outstanding (in shares) | 30,927,664 | 30,724,532 |
Consolidated statements of inco
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 | $ 67,639 | $ 57,904 | $ 194,363 | $ 163,126 |
Interest on securities | ||||
Taxable | 3,137 | 3,151 | 10,254 | 9,137 |
Tax-exempt | 1,174 | 1,031 | 3,478 | 2,937 |
Other | 1,292 | 526 | 2,799 | 1,303 |
Total interest income | 73,242 | 62,612 | 210,894 | 176,503 |
Interest expense: | ||||
Deposits | 13,522 | 7,864 | 38,865 | 18,833 |
Borrowings | 1,415 | 1,993 | 3,685 | 4,969 |
Total interest expense | 14,937 | 9,857 | 42,550 | 23,802 |
Net interest income | 58,305 | 52,755 | 168,344 | 152,701 |
Provision for loan losses | 1,831 | 1,818 | 4,103 | 3,198 |
Net interest income after provision for loan losses | 56,474 | 50,937 | 164,241 | 149,503 |
Noninterest income: | ||||
(Loss) gain from securities, net | (20) | (27) | 75 | (116) |
(Loss) gain on sales or write-downs of other real estate owned | (126) | 120 | 112 | (43) |
Gain from other assets | 44 | 326 | 52 | 239 |
Other income | 2,114 | 1,257 | 5,598 | 4,283 |
Total noninterest income | 38,145 | 34,355 | 100,163 | 103,393 |
Noninterest expenses: | ||||
Salaries, commissions and employee benefits | 40,880 | 35,213 | 112,495 | 103,606 |
Occupancy and equipment expense | 4,058 | 3,514 | 12,107 | 10,483 |
Legal and professional fees | 1,993 | 1,917 | 5,412 | 5,925 |
Data processing | 2,816 | 2,562 | 7,843 | 6,735 |
Merger costs | 295 | 0 | 4,699 | 1,193 |
Amortization of core deposit and other intangibles | 1,197 | 777 | 3,180 | 2,432 |
Advertising | 1,895 | 3,810 | 7,066 | 10,500 |
Other expense | 9,801 | 9,420 | 29,353 | 28,848 |
Total noninterest expense | 62,935 | 57,213 | 182,155 | 169,722 |
Income before income taxes | 31,684 | 28,079 | 82,249 | 83,174 |
Income tax expense | 7,718 | 6,702 | 20,007 | 19,978 |
Net income | $ 23,966 | $ 21,377 | $ 62,242 | $ 63,196 |
Earnings per common share | ||||
Basic (in dollars per share) | $ 0.77 | $ 0.69 | $ 2.01 | $ 2.05 |
Fully diluted (in dollars per share) | $ 0.76 | $ 0.68 | $ 1.97 | $ 2.01 |
Mortgage banking income | ||||
Noninterest income: | ||||
Mortgage banking income, service charges on deposit accounts, ATM and interchange fees, investment services and trust income | $ 29,193 | $ 26,649 | $ 74,740 | $ 81,664 |
Service charges on deposit accounts | ||||
Noninterest income: | ||||
Mortgage banking income, service charges on deposit accounts, ATM and interchange fees, investment services and trust income | 2,416 | 2,208 | 6,822 | 6,216 |
ATM and interchange fees | ||||
Noninterest income: | ||||
Mortgage banking income, service charges on deposit accounts, ATM and interchange fees, investment services and trust income | 3,188 | 2,411 | 8,846 | 7,353 |
Investment services and trust income | ||||
Noninterest income: | ||||
Mortgage banking income, service charges on deposit accounts, ATM and interchange fees, investment services and trust income | $ 1,336 | $ 1,411 | $ 3,918 | $ 3,797 |
Consolidated statements of comp
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 Comprehensive Income [Abstract] | ||||
Net income | $ 23,966 | $ 21,377 | $ 62,242 | $ 63,196 |
Other comprehensive income (loss), net of tax: | ||||
Net change in unrealized gain (loss) in available-for-sale securities, net of taxes of $1,296, ($1,348), $6,430 and ($4,667) | 3,762 | (3,749) | 18,265 | (12,845) |
Reclassification adjustment for (gain) loss on sale of securities included in net income, net of taxes of $20, $0, $20 and $2 | 55 | 0 | 56 | 7 |
Net change in unrealized (loss) gain in hedging activities, net of taxes of ($90), $59, ($407) and $577 | (256) | 169 | (1,151) | 1,638 |
Reclassification adjustment for (gain) loss on hedging activities, net of taxes of ($46), $23, ($121) and $22 | (130) | (69) | (343) | (62) |
Total other comprehensive income (loss), net of tax | 3,431 | (3,649) | 16,827 | (11,262) |
Comprehensive income | $ 27,397 | $ 17,728 | $ 79,069 | $ 51,934 |
Consolidated statements of co_2
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 Comprehensive Income [Abstract] | ||||
Net change in unrealized gain (loss) in available for sale securities, tax | $ 1,296 | $ (1,348) | $ 6,430 | $ (4,667) |
Reclassification adjustment for gain on sale of securities included in net income, tax | 20 | 0 | 20 | 2 |
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, tax | (90) | 59 | (407) | 577 |
Reclassification adjustment for gain on hedging activities, tax | $ (46) | $ 23 | $ (121) | $ 22 |
Consolidated statements of chan
Consolidated statements of changes in shareholders' equity - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income, net |
Balance at Dec. 31, 2017 | $ 596,729 | $ 30,536 | $ 418,596 | $ 147,449 | $ 148 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 63,196 | 63,196 | |||
Other comprehensive (loss) income, net of taxes | (11,262) | (11,262) | |||
Stock based compensation expense | 5,327 | 9 | 5,318 | ||
Restricted stock units vested and distributed, net of shares withheld | (2,637) | 142 | (2,779) | ||
Shares issued under employee stock purchase program | 1,196 | 29 | 1,167 | ||
Cash dividends declared | (3,818) | (3,818) | |||
Balance at Sep. 30, 2018 | 648,731 | 30,716 | 422,302 | 206,718 | (11,005) |
Balance at Jun. 30, 2018 | 630,959 | 30,683 | 420,382 | 187,250 | (7,356) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 21,377 | 21,377 | |||
Other comprehensive (loss) income, net of taxes | (3,649) | (3,649) | |||
Stock based compensation expense | 1,508 | 3 | 1,505 | ||
Restricted stock units vested and distributed, net of shares withheld | (82) | 18 | (100) | ||
Shares issued under employee stock purchase program | 527 | 12 | 515 | ||
Cash dividends declared | (1,909) | (1,909) | |||
Balance at Sep. 30, 2018 | 648,731 | 30,716 | 422,302 | 206,718 | (11,005) |
Balance at Dec. 31, 2018 | 671,857 | 30,725 | 424,146 | 221,213 | (4,227) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 62,242 | 62,242 | |||
Other comprehensive (loss) income, net of taxes | 16,827 | 16,827 | |||
Stock based compensation expense | 5,621 | 9 | 5,612 | ||
Restricted stock units vested and distributed, net of shares withheld | (3,552) | 171 | (3,723) | ||
Shares issued under employee stock purchase program | 804 | 23 | 781 | ||
Cash dividends declared | (7,655) | (7,655) | |||
Balance at Sep. 30, 2019 | 744,835 | 30,928 | 426,816 | 274,491 | 12,600 |
Balance at Jun. 30, 2019 | 718,759 | 30,866 | 425,644 | 253,080 | 9,169 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 23,966 | 23,966 | |||
Other comprehensive (loss) income, net of taxes | 3,431 | 3,431 | |||
Stock based compensation expense | 1,836 | 3 | 1,833 | ||
Restricted stock units vested and distributed, net of shares withheld | (1,042) | 47 | (1,089) | ||
Shares issued under employee stock purchase program | 440 | 12 | 428 | ||
Cash dividends declared | (2,555) | (2,555) | |||
Balance at Sep. 30, 2019 | $ 744,835 | $ 30,928 | $ 426,816 | $ 274,491 | $ 12,600 |
Consolidated statements of ch_2
Consolidated statements of changes in shareholders' equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared (USD per share) | $ 0.08 | $ 0.06 | $ 0.24 | $ 0.12 |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||||
Net income | $ 23,966,000 | $ 21,377,000 | $ 62,242,000 | $ 63,196,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation expense | 1,380,000 | 1,013,000 | 3,830,000 | 3,251,000 |
Amortization of core deposit and other intangibles | 1,197,000 | 777,000 | 3,180,000 | 2,432,000 |
Capitalization of mortgage servicing rights | (30,319,000) | (41,555,000) | ||
Net change in fair value of mortgage servicing rights | 10,611,000 | 1,872,000 | 23,832,000 | (1,656,000) |
Stock-based compensation expense | 5,621,000 | 5,327,000 | ||
Provision for loan losses | 1,831,000 | 1,818,000 | 4,103,000 | 3,198,000 |
Provision for mortgage loan repurchases | 107,000 | 206,000 | 255,000 | 598,000 |
Accretion of yield on purchased loans | (6,030,000) | (5,745,000) | ||
Accretion of discounts and amortization of premiums on securities, net | 2,113,000 | 2,108,000 | ||
(Gain) loss from securities, net | 20,000 | 27,000 | (75,000) | 116,000 |
Originations of loans held for sale | (3,477,658,000) | (4,777,814,000) | ||
Repurchases of loans held for sale | (9,919,000) | (7,892,000) | ||
Proceeds from sale of loans held for sale | 3,527,632,000 | 5,003,669,000 | ||
Gain on sale and change in fair value of loans held for sale | (72,749,000) | (71,883,000) | ||
Net (gain) loss or write-downs of other real estate owned | 126,000 | (120,000) | (112,000) | 43,000 |
Gain on other assets | (44,000) | (326,000) | (52,000) | (239,000) |
Impairment of goodwill | 100,000 | 0 | ||
Provision for deferred income taxes | (1,449,000) | (6,665,000) | (5,900,000) | 4,416,000 |
Changes in: | ||||
Other assets and interest receivable | (50,509,000) | (28,473,000) | ||
Accrued expenses and other liabilities | 4,243,000 | (12,350,000) | ||
Net cash (used in) provided by operating activities | (16,172,000) | 140,747,000 | ||
Activity in available-for-sale securities: | ||||
Sales | 22,740,000 | 0 | 24,498,000 | 221,000 |
Maturities, prepayments and calls | 28,694,000 | 20,068,000 | 78,861,000 | 54,576,000 |
Purchases | (92,059,000) | (137,891,000) | ||
Purchases of FHLB stock | (2,544,000) | (2,020,000) | ||
Net increase in loans | (295,791,000) | (352,776,000) | ||
Proceeds from sale of mortgage servicing rights | 29,160,000 | 39,428,000 | ||
Purchases of premises and equipment | (4,052,000) | (8,608,000) | ||
Proceeds from the sale of premises and equipment | 1,275,000 | 341,000 | ||
Proceeds from the sale of other real estate owned | 854,000 | 1,457,000 | 2,718,000 | 3,666,000 |
Proceeds from the sale of other assets | 0 | 869,000 | ||
Net cash received in business combination | 171,032,000 | 0 | ||
Net cash used in investing activities | (86,902,000) | (402,194,000) | ||
Cash flows from financing activities: | ||||
Net increase in demand deposits | 231,763,000 | 100,724,000 | ||
Net (decrease) increase in time deposits | (70,594,000) | 364,354,000 | ||
Net increase in securities sold under agreements to repurchase and federal funds purchased | 1,546,000 | 35,824,000 | ||
Net increase (decrease) in FHLB advances | 68,235,000 | (172,451,000) | ||
Share based compensation witholding payment | (3,552,000) | (2,637,000) | ||
Net proceeds from sale of common stock | 804,000 | 1,196,000 | ||
Dividends paid | (7,487,000) | (3,684,000) | ||
Net cash provided by financing activities | 220,715,000 | 323,326,000 | ||
Net change in cash and cash equivalents | 117,641,000 | 61,879,000 | ||
Cash and cash equivalents at beginning of the period | 125,356,000 | 119,751,000 | ||
Cash and cash equivalents at end of the period | 242,997,000 | 181,630,000 | 242,997,000 | 181,630,000 |
Supplemental cash flow information: | ||||
Interest paid | 41,463,000 | 21,690,000 | ||
Taxes paid | 21,377,000 | 19,137,000 | ||
Supplemental noncash disclosures: | ||||
Transfers from loans to other real estate owned | 1,535,000 | 476,000 | 3,565,000 | 1,490,000 |
Transfers from premises and equipment to other real estate owned at fair value | 0 | 0 | 2,640,000 | 0 |
Loans provided for sales of other real estate owned | 0 | 191,000 | 166,000 | 636,000 |
Transfers from loans to loans held for sale | 5,460,000 | 0 | ||
Transfers from loans held for sale to loans | 11,476,000 | 13,584,000 | ||
Trade date payable - securities | 3,671,000 | 7,253,000 | ||
Dividends declared not paid on restricted stock units | $ 168,000 | $ 134,000 | 168,000 | 134,000 |
Decrease to retained earnings for adoption of new accounting standards | 1,309,000 | 109,000 | ||
Right-of-use assets obtained in exchange for operating lease liabilities | 39,011,000 | 0 | ||
GNMA | ||||
Supplemental noncash disclosures: | ||||
Derecognition of rebooked GNMA delinquent loans | $ 0 | $ 43,035,000 |
Basis of presentation
Basis of presentation | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation: (Amounts are in thousands) Overview and presentation FB Financial Corporation (the “Company”) is a bank holding company headquartered in Nashville, Tennessee. The Company operates through its wholly-owned subsidiary, FirstBank (the "Bank"), with 68 full-service branches throughout Tennessee, north Alabama, and north Georgia, and a national mortgage business with office locations across the Southeast, which primarily originates loans to be sold in the secondary market. The unaudited consolidated financial statements, including the notes thereto of the Company, have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) interim reporting requirements and general banking industry guidelines, and therefore, do not include all information and notes included in the annual consolidated financial statements in conformity with GAAP. These interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K. The unaudited consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported results of operations for the periods then ended. Actual results could differ significantly from those estimates. Certain prior period amounts have been reclassified to conform to the current period presentation without any impact on the reported amounts of net income or shareholders’ equity. Prior to May 31, 2018, the Company was considered a "controlled company" and was controlled by the Company's Executive Chairman and former majority shareholder, James W. Ayers. During the second quarter of 2018, the Company completed a secondary offering of 3,680,000 shares of common stock pursuant to the Company's effective registration statement on Form S-3 whereby James W. Ayers was the seller. As a result of this transaction, the Company ceased to qualify as a "controlled company" as the selling shareholder's ownership was reduced below 50% of the voting power of the Company's issued and outstanding shares of common stock. The Company continues to qualify as an emerging growth company as defined by the "Jumpstart Our Business Startups Act" ("JOBS Act"). Subsequent events The Company has evaluated, for consideration of recognition or disclosure, subsequent events that occurred through the date of issuance of these financial statements. The Company has determined that there were no other subsequent events other than described below that occurred after September 30, 2019, but prior to the issuance of these financial statements that would have a material impact on the Company’s consolidated financial statements. On October 17, 2019, the Company declared a regular quarterly dividend of $0.08 per share to be paid on November 15, 2019 to shareholders of record as of November 1, 2019, totaling approximately $2,556 . Earnings per share Basic earnings per common share ("EPS") excludes dilution and is computed by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS includes the dilutive effect of additional potential common shares issuable under the restricted stock units granted but not yet vested and distributable. Diluted EPS is computed by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding for the period, plus an incremental number of common-equivalent shares computed using the treasury stock method. Unvested share-based payment awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered to participate with common shareholders in undistributed earnings for purposes of computing EPS. Companies that have such participating securities, including the Company, are required to calculate basic and diluted EPS using the two-class method. Certain restricted stock awards granted by the Company include non-forfeitable dividend equivalents and are considered participating securities. Calculations of EPS under the two-class method (i) exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities and (ii) exclude from the denominator the dilutive impact of the participating securities. The following is a summary of the basic and diluted earnings per common share calculation for each of the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Basic earnings per common share calculation: Net income $ 23,966 $ 21,377 $ 62,242 $ 63,196 Dividends paid on and undistributed earnings allocated to (128 ) (114 ) (333 ) (337 ) Earnings attributable to common shareholders $ 23,838 $ 21,263 $ 61,909 $ 62,859 Weighted-average basic shares outstanding 30,899,583 30,692,668 30,849,035 30,661,852 Basic earnings per common share $ 0.77 $ 0.69 $ 2.01 $ 2.05 Diluted earnings per common share: Earnings attributable to common shareholders 23,838 21,263 61,909 62,859 Weighted-average basic shares outstanding 30,899,583 30,692,668 30,849,035 30,661,852 Weighted-average diluted shares contingently issuable 525,990 646,960 529,751 636,802 Weighted-average diluted shares outstanding 31,425,573 31,339,628 31,378,786 31,298,654 Diluted earnings per common share $ 0.76 $ 0.68 $ 1.97 $ 2.01 Recently adopted accounting policies: Except as set forth below, the Company did not adopt any new accounting policies that were not disclosed in the Company's 2018 audited consolidated financial statements included on Form 10-K. Leases The Company leases certain banking, mortgage and operations locations. Effective January 1, 2019, the Company records leases on the balance sheet in the form of a lease liability for the present value of future minimum payments under the lease terms and a right-of-use asset equal to the lease liability adjusted for items such as deferred or prepaid rent, incentive liabilities, leasehold intangibles and any impairment of the right-of-use asset. In determining whether a contract contains a lease, management conducts an analysis at lease inception to ensure an asset was specifically identified and the Company has control of use of the asset. For contracts determined to be leases entered into after January 1, 2019, the Company performs additional analysis to determine whether the lease should be classified as a finance or operating lease. The Company considers a lease to be a finance lease if future minimum lease payments amount to greater than 90% of the asset's fair value or if the lease term is equal to or greater than 75% of the asset's estimated economic useful life. As of September 30, 2019, the Company did not have any leases that were determined to be finance leases. The Company does not record leases on the consolidated balance sheets that are classified as short term (less than one year). Additionally, the Company has not recorded equipment leases or leases in which the Company is the lessor on the consolidated balance sheets as these are not material to the Company. At lease inception, the Company determines the lease term by adding together the minimum lease term and all optional renewal periods that it is reasonably certain to renew. This determination is at management's full discretion and is made through consideration of the asset, market conditions, competition and entity based economic conditions, among other factors. The lease term is used in the economic life test and also to calculate straight-line rent expense. The depreciable life of leasehold improvements is limited by the estimated lease term, including renewals. Operating leases are expensed on a straight-line basis over the life of the lease beginning when the lease commences. Rent expense and variable lease expense are included in occupancy and equipment expense on the Company's Consolidated statements of income. The Company's variable lease expense include rent escalators that are based on the Consumer Price Index or market conditions and include items such as common area maintenance, utilities, parking, property taxes, insurance and other costs associated with the lease. There are no residual value guarantees or restrictions or covenants imposed by leases that will impact the Company's ability to pay dividends or cause the Company to incur additional expenses. The discount rate used in determining the lease liability is based upon incremental borrowing rates the Company could obtain for similar loans as of the date of commencement or renewal. Recently adopted accounting standards: Except as set forth below, the Company did not adopt any new accounting standards that were not disclosed in the Company's 2018 audited consolidated financial statements included on Form 10-K. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The update requires lessees to recognize right-of-use assets and lease liabilities for all leases not considered short term leases. The provisions of the update also include (a) defining direct costs to only include those incremental costs that would not have been incurred if the lease had not been entered into, (b) circumstances under which the transfer contract in a sale-leaseback transaction should be accounted for as the sale of an asset by the seller-lessee and the purchase of an asset by the buyer-lessor, and (c) additional disclosure requirements. The provisions of this update became effective for the Company on January 1, 2019. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases” and 2018-11, “Leases (Topic 842): Targeted Improvements”. ASU No. 2018-10 provides improvements related to ASU No. 2016-02 to provide corrections or improvements to a number of areas within FASB Accounting Standards Codification ("ASC") Topic 842 and provides additional and optional transition method to adopt the new lease standard. ASU No. 2018-11 allows entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASU 2018-11 also allows lessors to not separate non-lease components from the associated lease component if certain conditions are met. The amendments in these updates became effective for the Company on January 1, 2019. FB Financial Corporation elected the optional transition method permitted by ASU 2018-11. Under this method, an entity shall recognize and measure leases that exist at the application date and prior comparative periods are not adjusted. Additionally, the Company elected to adopt the practical expedients allowed under the updates and therefore did not reassess 1) whether any expired or existing contract contain leases, 2) the lease classification for any expired or existing leases, or 3) initial direct costs for any existing leases. On January 1, 2019, the Company adopted these updates and recognized a right of use asset ("ROU") and lease liability of $32,545 and $34,876 , respectively, and recorded a cumulative effect adjustment to retained earnings of $1,309 , net of deferred taxes of $461 , in addition to adjustments to leasehold improvements of $1,022 and a reclassification from a previously-recognized lease intangible asset for $460 . The difference between the asset and liability amounts represents lease incentive liabilities, deferred rent and a lease intangible asset that was reclassified to the ROU asset upon adoption. This adoption did not have a significant impact on the Company's consolidated statements of income and did not have an impact on the Company's cash flows. Disclosures required by the update are presented in Note 7, "Leases" in the notes to the consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities." The amendments in this ASU shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount, which continue to be amortized to maturity. Public business entities were required to prospectively apply the amendments in this ASU to annual periods beginning after December 15, 2018, including interim periods. The adoption of this update did not have an impact on the Company's consolidated financial statements. I n July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections-Amendments to SEC Paragraphs Pursuant to SEC Final Rule Release No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” These amendments modify FASB Codification to reflect previously issued SEC rules for disclosure updates and simplification and investment company reporting modernization. The SEC adopted these rules to improve its regulations on financial reporting and disclosure. Other miscellaneous updates were made to agree to the electronic Code of Federal Regulations. The amendments in this update became effective upon issuance on July 26, 2019. There were no material impacts on the consolidated financial statements. Newly issued not yet effective accounting standards: In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 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 and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. The new model will require institutions to calculate all probable and estimable losses that are expected to be incurred through the financial asset's entire life through a provision for credit losses, including loans obtained as a result of any acquisition not deemed to be purchased credit deteriorated ("PCD"). The new current expected credit loss standard ("CECL") also requires the allowance for credit losses for PCD loans to be determined in a manner similar to that of other financial assets measured at amortized cost; however, the initial allowance will be added to the purchase price rather than recorded as provision expense. The disclosure of credit quality indicators related to the amortized cost of financing receivables will be further disaggregated by year of origination (or vintage). Institutions are to apply the changes through a cumulative-effect adjustment to their retained earnings as of the beginning of the first reporting period in which the standard is effective. ASU 2016-13 will become effective for interim and annual periods beginning after December 15, 2019. Management established a CECL implementation working group, which includes the appropriate members of management to evaluate the impact the adoption of this ASU will have on the Company's financial statements and disclosures and determine the most appropriate method of implementing the amendments in this ASU. The working group selected a software vendor and has worked to validate the accuracy and completeness of data being used as inputs into the model based on the methodology selected for the Company's identified loan segments. During the remainder of 2019, the Company will refine modeling segments and assumptions in addition to finalizing and documenting internal controls and accounting and credit policy elections, drafting disclosures, and completing model validation. Parallel processing of the existing allowance for loan losses model with the CECL model will occur during the fourth quarter of 2019. The Company is currently evaluating the impact of this adoption on its financial statements and disclosures and currently expects to record a one-time adjustment to retained earnings to increase the allowance for loan losses, however the magnitude of this adjustment cannot currently be reasonably quantified. The total increase in the allowance for loan losses will be partly offset by the existing credit discount on purchased credit impaired loans upon adoption. Management plans to disclose the total impact in Form 10-K for the year ended December 31, 2019. In December 2018, the Office of the Comptroller of the Currency ("OCC"), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation ("FDIC") approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ implementation of CECL. The final rule provides banking organizations the option to phase in over a three-year period the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. The Company plans to adopt the transitional guidance to reduce the impact of the initial adoption to our capital. In April 2019, the FASB issued ASU No. 2019-04, "Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Financial Instruments (Topic 825): Codification Improvements" The amendments related to Topic 326 address accrued interest, transfers between classifications or categories for loans and debt securities, recoveries, vintage disclosures, and contractual extensions and renewal options and will become effective for annual periods and interim periods within those annual periods beginning after December 15, 2019. The improvements and clarifications related to Topic 815 address partial-term fair value hedges of interest-rate risk, amortization, and disclosure of fair value hedge basis adjustments and consideration of hedged contractually specified interest rate under the hypothetical method and will become effective for the annual reporting period beginning January 1, 2020. The amendments related to Topic 825 contain various improvements to ASU 2016-01, including scope; held-to-maturity debt securities fair value disclosures; and remeasurement of equity securities at historical exchange rates and will become effective for fiscal years and interim periods beginning after December 15, 2019. The Company is currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but it is not expected to have a material impact. In May 2019, the FASB issued ASU No. 2019-05, "Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief." These amendments provide targeted transition relief allowing entities to irrevocably elect the fair value option, on an instrument-by-instrument basis, for certain financial assets (excluding held-to-maturity debt securities) previously measured at amortized cost. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2019. This update will not have an impact on the Company's consolidated financial statements or disclosures. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates step two from the goodwill impairment test. Instead, an entity will perform only step one of its quantitative goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and then recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity will still have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative step one impairment test is necessary. ASU 2017-04 will become effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted, including in an interim period, for impairment tests performed after January 1, 2017. Management does not expect adoption of this standard to have any impact on the Company's consolidated financial statements or disclosures. In June 2018, FASB issued ASU 2018-07, "Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting", which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Consistent with the accounting for employee share-based payment awards, nonemployee share-based payment awards will be measured at grant-date fair value of the equity instruments obligated to be issued when the good has been delivered or the service rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. This ASU is effective for all entities for fiscal years beginnings after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company does not expect adoption of this standard to have a significant impact on the consolidated financial statements or disclosures. In August 2018, the FASB issued "Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements." This update is part of the disclosure framework project and eliminates certain disclosure requirements for fair value measurements, requires entities to disclose new information, and modifies existing disclosure requirements. The new disclosure guidance is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact this change will have on its consolidated financial statements and disclosures. In March 2019, FASB issued ASU 2019-01, "Leases (Topic 842): Codification Improvements", which align the guidance for fair value of the underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. As a result, the fair value of the underlying asset at lease commencement is its cost, reflecting any volume or trade discounts that may apply. However, if there has been a significant lapse of time between when the underlying asset is acquired and when the lease commences, the definition of fair value in Topic 820, Fair Value Measurement should be applied. ASU No. 2019-01 also requires lessors within the scope of Topic 942, "Financial Services—Depository and Lending", to present all “principal payments received under leases” within investing activities. The amendments in this update become effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of this change on its consolidated financial statements and disclosures, but it is not expected to have a material impact. |
Mergers and acquisitions
Mergers and acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Mergers and acquisitions | Mergers and acquisitions: FNB Financial Corp. merger On September 17, 2019, the Company entered into a definitive agreement to acquire FNB Financial Corp. and its wholly owned subsidiary, Farmers National Bank of Scottsville (collectively, "Farmers National"). Farmers National has five branches and reported total assets of $251,216 , loans of $174,850 and deposits of $201,909 as of September 30, 2019. The Company expects to issue 954,827 shares of FBK common stock as consideration in connection with the merger, in addition to approximately $15,000 in cash consideration. The market value of the stock consideration will fluctuate with the market price of the Company's common stock and will not be known until the merger is consummated. Based on the closing price of the Company's common stock on the New York Stock Exchange of $38.26 on September 17, 2019, the merger consideration represented approximately $51,900 in aggregate consideration. The acquisition is expected to close in the first quarter of 2020 and is subject to regulatory approvals, approval by FNB Financial Corp. shareholders and other customary closing conditions. Upon consummation, Farmers National will be merged with and into FB Financial. The Farmers National merger will be accounted for under FASB ASC Topic 805, "Business Combinations." Atlantic Capital Bank branch acquisition On April 5, 2019, the Bank completed its previously-announced branch acquisition to purchase 11 Tennessee and three Georgia branch locations (the "Branches") from Atlantic Capital Bank, N.A., a national banking association and a wholly owned subsidiary of Atlantic Capital Bancshares, Inc. (collectively, “Atlantic Capital”) in a transaction valued at $ 36,790 , further increasing market share in existing markets and expanding the Company's footprint into new locations. Upon consummation, the Branches were merged with and into FirstBank, consolidating three of the purchased branches across the existing bank footprint. Under the terms of the agreement, the Bank assumed $588,877 in deposits for a premium of 6.25% and acquired $ 374,966 in loans at 99.32% of principal outstanding. The acquisition of the Branches was accounted for in accordance with ASC Topic "Business Combinations." Accordingly, the assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition date. The Company is finalizing the fair value of acquired assets and liabilities assumed and as such, purchase accounting is not yet complete. Goodwill of $ 31,396 recorded in connection with the transaction resulted from the ongoing business contribution of the Branches. The Company incurred $199 and $4,614 in merger expenses during the three and nine months ended September 30, 2019 , respectively, in connection with this transaction. These expenses are primarily comprised of professional services and employee-related costs in addition to branch closings and conversion and integration costs. The following tables present the preliminary fair values of assets acquired and liabilities assumed as of the April 5, 2019 acquisition date and an allocation of the consideration to net assets acquired: As of April 5, 2019 As Recorded by FB Financial Corporation (1) Assets Cash and cash equivalents (1) $ 207,822 Loans, net of fair value adjustments 374,966 Premises and equipment 9,650 Operating lease right-of-use assets 4,133 Core deposit intangible 10,760 Accrued interest and other assets 1,271 Total assets $ 608,602 Liabilities Deposits Noninterest-bearing $ 118,405 Interest-bearing checking 112,225 Money markey and savings 211,135 Customer time deposits 147,112 Total deposits 588,877 Customer repurchase agreements 9,572 Operating lease liabilities 4,133 Accrued expenses and other liabilities 626 Total liabilities 603,208 Total net assets acquired $ 5,394 (1) Cash and cash equivalents were reduced in settlement by the deposit premium paid of $36,790 to reflect net cash received of $171,032 . Consideration: Deposit premium $ 36,790 Preliminary allocation of consideration: Fair value of net assets acquired $ 5,394 Goodwill (preliminary) 31,396 Total consideration $ 36,790 The following table presents the fair value of acquired purchased credit impaired loans accounted for in accordance with ASC 310-30 "Loans and Debt Securities Acquired with Deteriorated Credit Quality" from the Atlantic Capital branch acquisition as of the acquisition date: April 5, 2019 Contractually-required principal and interest $ 11,374 Nonaccretable difference 1,615 Best estimate of contractual cash flows expected to be collected 9,759 Accretable yield 1,167 Fair value $ 8,592 The following unaudited pro forma condensed consolidated financial information presents the results of operations for the three and nine months ended September 30, 2019 and 2018 as though the merger had been completed as of January 1, 2018. The unaudited estimated pro forma information combines the historical results of the Branches with the Company’s historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. Merger expenses are reflected in the periods they were incurred. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2018 and does not include the effect of all cost-saving or revenue-enhancing strategies. Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Net interest income $ 58,305 $ 56,522 $ 171,915 $ 165,209 Total revenues $ 96,450 $ 91,688 $ 272,868 $ 271,099 Net income $ 23,966 $ 20,283 $ 59,745 $ 60,680 Due to the timing of the data conversion and the integration of operations of the Branches onto the Company's existing operations, historical reporting of the acquired Branches is impracticable, and therefore, disclosure of the amounts of revenue and expenses from the acquired Branches since the acquisition date are not available. |
Investment securities
Investment securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities | Investment securities: The amortized cost of securities and their fair values at September 30, 2019 and December 31, 2018 are shown below: September 30, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Investment Securities Available-for-sale debt securities U.S. government agency securities $ 1,000 $ — $ (1 ) $ 999 Mortgage-backed securities - residential 481,580 5,784 (2,064 ) 485,300 Municipals, tax exempt 165,100 8,754 (69 ) 173,785 Treasury securities 7,415 17 — 7,432 Corporate securities 1,000 15 — 1,015 Total $ 656,095 $ 14,570 $ (2,134 ) $ 668,531 December 31, 2018 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Investment Securities Available-for-sale debt securities U.S. government agency securities $ 1,000 $ — $ (11 ) $ 989 Mortgage-backed securities - residential 520,654 1,191 (13,265 ) 508,580 Municipals, tax exempt 138,994 1,565 (1,672 ) 138,887 Treasury securities 7,385 — (143 ) 7,242 Total $ 668,033 $ 2,756 $ (15,091 ) $ 655,698 As of September 30, 2019 and December 31, 2018, the Company had $3,250 and $ 3,107 in marketable equity securities recorded at fair value, respectively. Securities pledged at September 30, 2019 and December 31, 2018 had carrying amounts of $ 329,681 and $ 326,215 , respectively, and were pledged to secure a Federal Reserve Bank line of credit, public deposits and repurchase agreements. There were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders' equity during any period presented. At September 30, 2019 and December 31, 2018 , there were $ 3,671 and $ 2,120 , respectively, in trade date payables that related to purchases settled after period end. The amortized cost and fair value of debt securities by contractual maturity at September 30, 2019 and December 31, 2018 are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgage underlying the security may be called or repaid without any penalties. Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary. September 30, 2019 December 31, 2018 Available-for-sale Available-for-sale Amortized cost Fair value Amortized cost Fair value Due in one year or less $ 5,292 $ 5,312 $ 15,883 $ 16,028 Due in one to five years 12,477 12,601 13,806 13,740 Due in five to ten years 15,412 15,978 18,539 18,387 Due in over ten years 141,334 149,340 99,151 98,963 174,515 183,231 147,379 147,118 Mortgage-backed securities - residential 481,580 485,300 520,654 508,580 Total debt securities $ 656,095 $ 668,531 $ 668,033 $ 655,698 Sales and other dispositions of available-for-sale securities were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Proceeds from sales $ 22,740 $ — $ 24,498 $ 221 Proceeds from maturities, prepayments and calls 28,694 20,068 78,861 54,576 Gross realized gains 1 — 7 1 Gross realized losses 76 — 83 9 Additionally, net gains on the change in fair value of equity securities of $55 and $151 were recognized during the three and nine months ended September 30, 2019 , respectively. Net losses on the change in fair value of equity securities of $27 and $108 were recognized in the three and nine months ended September 30, 2018 , respectively. The following tables show gross unrealized losses at September 30, 2019 and December 31, 2018 , aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: September 30, 2019 Less than 12 months 12 months or more Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized loss U.S. government agency securities $ — $ — $ 999 $ (1 ) $ 999 $ (1 ) Mortgage-backed securities - residential 26,610 (70 ) 217,385 (1,994 ) 243,995 (2,064 ) Municipals, tax exempt 10,553 (69 ) — — 10,553 (69 ) Treasury securities — — — — — — Total $ 37,163 $ (139 ) $ 218,384 $ (1,995 ) $ 255,547 $ (2,134 ) December 31, 2018 Less than 12 months 12 months or more Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized loss U.S. government agency securities $ — $ — $ 989 $ (11 ) $ 989 $ (11 ) Mortgage-backed securities - residential 60,347 (478 ) 335,769 (12,787 ) 396,116 (13,265 ) Municipals, tax exempt 27,511 (366 ) 25,343 (1,306 ) 52,854 (1,672 ) Treasury securities — — 7,242 (143 ) 7,242 (143 ) Total $ 87,858 $ (844 ) $ 369,343 $ (14,247 ) $ 457,201 $ (15,091 ) As of September 30, 2019 and December 31, 2018 , the Company’s securities portfolio consisted of 359 and 360 securities, 57 and 174 of which were in an unrealized loss position, respectively. The Company evaluates available-for-sale debt securities with unrealized losses for other-than-temporary impairment ("OTTI") on a quarterly basis and recorded no OTTI for the three and nine months ended September 30, 2019 and 2018 . The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. For debt securities, the unrealized losses associated with these investment securities are primarily driven by interest rates and are not due to the credit quality of the securities. The Company currently does not intend to sell those investments with unrealized losses, and it is unlikely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans and allowance for loan losses | Loans and allowance for loan losses: Loans outstanding at September 30, 2019 and December 31, 2018 , by major lending classification are as follows: September 30, December 31, 2019 2018 Commercial and industrial $ 997,921 $ 867,083 Construction 537,784 556,051 Residential real estate: 1-to-4 family mortgage 710,077 555,815 Residential line of credit 215,493 190,480 Multi-family mortgage 80,352 75,457 Commercial real estate: Owner occupied 620,635 493,524 Non-owner occupied 914,502 700,248 Consumer and other 268,580 228,853 Gross loans 4,345,344 3,667,511 Less: Allowance for loan losses (31,464 ) (28,932 ) Net loans $ 4,313,880 $ 3,638,579 As of September 30, 2019 and December 31, 2018 , $ 527,351 and $ 618,976 , respectively, of qualifying residential mortgage loans (including loans held for sale) and $ 521,754 and $ 608,735 , respectively, of qualifying commercial mortgage loans were pledged to the Federal Home Loan Bank of Cincinnati securing advances against the Bank’s line of credit. As of September 30, 2019 and December 31, 2018 , $ 1,403,511 and $ 1,336,092 , respectively, of qualifying loans were pledged to the Federal Reserve Bank under the Borrower-in-Custody program. As of September 30, 2019 and December 31, 2018 , the carrying value of purchased credit impaired loans (“PCI”) loans accounted for under ASC 310-30 "Loans and Debt Securities Acquired with Deteriorated Credit Quality", were $ 63,069 and $ 68,999 , respectively. The following table presents changes in the value of the accretable yield for PCI loans for the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Balance at the beginning of period $ (14,862 ) $ (20,169 ) $ (16,587 ) $ (17,682 ) Additions through the branch acquisition of Atlantic Capital Bank — — (1,167 ) — Principal reductions and other reclassifications from nonaccretable difference (150 ) (84 ) 100 (3,536 ) Accretion 1,583 2,103 5,471 6,943 Changes in expected cash flows 110 6 (1,136 ) (3,869 ) Balance at end of period $ (13,319 ) $ (18,144 ) $ (13,319 ) $ (18,144 ) Included in the ending balance of the accretable yield on PCI loans at September 30, 2019 and December 31, 2018 , is a purchase accounting liquidity discount of $ 781 and $2,436 , respectively. There is also a purchase accounting nonaccretable credit discount of $4,331 and $4,355 related to the PCI loan portfolio at September 30, 2019 and December 31, 2018 , respectively, and an accretable credit and liquidity discount on non-PCI loans of $ 10,075 and $ 4,483 as of September 30, 2019 and $7,527 and $2,197 , respectively, as of December 31, 2018 . Interest revenue, through accretion of the difference between the recorded investment of the loans and the expected cash flows, is being recognized on all PCI loans. Accretion of interest income on PCI loans amounted to $ 1,583 and $ 5,471 during the three and nine months ended September 30, 2019 , respectively, and $ 2,103 and $ 6,943 during the three and nine months ended September 30, 2018 , respectively. This includes both the contractual interest income recognized and the purchase accounting contribution through accretion of the liquidity discount for changes in estimated cash flows. The total purchase accounting contribution through accretion excluding contractual interest collected for all purchased loans was $ 2,102 and $ 6,030 for the three and nine months ended September 30, 2019 , respectively, and $ 2,130 and $5,745 for the three and nine months ended September 30, 2018 , respectively. The following provides the changes in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2019 and 2018 : Commercial and industrial Construction 1-to-4 family residential mortgage Residential line of credit Multi- family residential mortgage Commercial real estate owner occupied Commercial real estate non-owner occupied Consumer and other Total Three Months Ended September 30, 2019 Beginning balance - $ 4,923 $ 9,655 $ 3,288 $ 755 $ 617 $ 3,512 $ 4,478 $ 2,910 $ 30,138 Provision for loan losses 234 186 18 67 (43 ) 194 461 714 1,831 Recoveries of loans 16 1 25 75 — 3 — 92 212 Loans charged off (3 ) — — (170 ) — — (12 ) (532 ) (717 ) Ending balance - $ 5,170 $ 9,842 $ 3,331 $ 727 $ 574 $ 3,709 $ 4,927 $ 3,184 $ 31,464 Nine Months Ended September 30, 2019 Beginning balance - December 31, 2018 $ 5,348 $ 9,729 $ 3,428 $ 811 $ 566 $ 3,132 $ 4,149 $ 1,769 $ 28,932 Provision for loan losses 17 105 (77 ) 100 8 482 790 2,678 4,103 Recoveries of loans previously charged-off 66 8 62 121 — 95 — 435 787 Loans charged off (261 ) — (82 ) (305 ) — — (12 ) (1,698 ) (2,358 ) Ending balance - September 30, 2019 $ 5,170 $ 9,842 $ 3,331 $ 727 $ 574 $ 3,709 $ 4,927 $ 3,184 $ 31,464 Commercial and industrial Construction 1-to-4 family residential mortgage Residential line of credit Multi- family residential mortgage Commercial real estate owner occupied Commercial real estate non-owner occupied Consumer and other Total Three Months Ended September 30, 2018 Beginning balance - $ 4,747 $ 9,023 $ 3,378 $ 795 $ 391 $ 3,290 $ 3,272 $ 1,451 $ 26,347 Provision for loan losses 847 (754 ) 47 25 292 236 639 486 1,818 Recoveries of loans 104 13 99 31 — 10 — 103 360 Loans charged off (333 ) (14 ) (4 ) (13 ) — (55 ) — (498 ) (917 ) Ending balance - $ 5,365 $ 8,268 $ 3,520 $ 838 $ 683 $ 3,481 $ 3,911 $ 1,542 $ 27,608 Nine Months Ended September 30, 2018 Beginning balance - December 31, 2017 $ 4,461 $ 7,135 $ 3,197 $ 944 $ 434 $ 3,558 $ 2,817 $ 1,495 $ 24,041 Provision for loan losses 1,088 35 235 (175 ) 249 (163 ) 1,043 886 3,198 Recoveries of loans previously charged-off 374 1,127 157 102 — 141 51 416 2,368 Loans charged off (558 ) (29 ) (69 ) (33 ) — (55 ) — (1,255 ) (1,999 ) Ending balance - $ 5,365 $ 8,268 $ 3,520 $ 838 $ 683 $ 3,481 $ 3,911 $ 1,542 $ 27,608 The following tables provides the allocation of the allowance for loan losses by loan category broken out between loans individually evaluated for impairment, loans collectively evaluated for impairment and loans acquired with deteriorated credit quality as of September 30, 2019 and December 31, 2018 : September 30, 2019 Commercial and industrial Construction 1-to-4 family residential mortgage Residential line of credit Multi- family residential mortgage Commercial real estate owner occupied Commercial real estate non-owner occupied Consumer and other Total Amount of allowance allocated to: Individually evaluated for impairment $ 13 $ — $ 11 $ — $ — $ 52 $ 405 $ 254 $ 735 Collectively evaluated for impairment 5,064 9,796 3,173 727 574 3,641 4,225 1,967 29,167 Acquired with deteriorated credit quality 93 46 147 — — 16 297 963 1,562 Ending balance - September 30, 2019 $ 5,170 $ 9,842 $ 3,331 $ 727 $ 574 $ 3,709 $ 4,927 $ 3,184 $ 31,464 December 31, 2018 Commercial and industrial Construction 1-to-4 family residential mortgage Residential line of credit Multi- family residential mortgage Commercial real estate owner occupied Commercial real estate non-owner occupied Consumer and other Total Amount of allowance allocated to: Individually evaluated for impairment $ 3 $ — $ 7 $ — $ — $ 53 $ 205 $ — $ 268 Collectively evaluated for impairment 5,247 9,677 3,205 811 566 3,066 3,628 1,583 27,783 Acquired with deteriorated credit quality 98 52 216 — — 13 316 186 881 Ending balance - December 31, 2018 $ 5,348 $ 9,729 $ 3,428 $ 811 $ 566 $ 3,132 $ 4,149 $ 1,769 $ 28,932 The following tables provides the amount of loans by loan category broken between loans individually evaluated for impairment, loans collectively evaluated for impairment and loans acquired with deteriorated credit quality as of September 30, 2019 and December 31, 2018 : September 30, 2019 Commercial and industrial Construction 1-to-4 family residential mortgage Residential line of credit Multi- family residential mortgage Commercial real estate owner occupied Commercial real estate non-owner occupied Consumer and other Total Loans, net of unearned income Individually evaluated for impairment $ 3,834 $ 2,061 $ 1,346 $ 245 $ — $ 2,476 $ 7,846 $ 459 $ 18,267 Collectively evaluated for impairment 992,463 532,521 687,748 215,175 80,352 612,112 894,468 249,169 4,264,008 Acquired with deteriorated credit quality 1,624 3,202 20,983 73 — 6,047 12,188 18,952 63,069 Ending balance - September 30, 2019 $ 997,921 $ 537,784 $ 710,077 $ 215,493 $ 80,352 $ 620,635 $ 914,502 $ 268,580 $ 4,345,344 December 31, 2018 Commercial and industrial Construction 1-to-4 family residential mortgage Residential line of credit Multi- family residential mortgage Commercial real estate owner occupied Commercial real estate non-owner occupied Consumer and other Total Loans, net of unearned income Individually evaluated for impairment $ 1,847 $ 1,221 $ 987 $ 245 $ — $ 2,608 $ 6,735 $ 73 $ 13,716 Collectively evaluated for impairment 863,788 549,075 535,451 190,235 75,457 484,900 677,247 208,643 3,584,796 Acquired with deteriorated credit quality 1,448 5,755 19,377 — — 6,016 16,266 20,137 68,999 Ending balance - December 31, 2018 $ 867,083 $ 556,051 $ 555,815 $ 190,480 $ 75,457 $ 493,524 $ 700,248 $ 228,853 $ 3,667,511 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. The Company uses the following definitions for risk ratings: Watch. Loans rated as watch includes loans in which management believes conditions have occurred, or may occur, which could result in the loan being downgraded to a worse rated category. Also included in watch are loans rated as special mention, which have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard. Loans rated as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so rated have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Also included in this category are loans considered doubtful, which have all the weaknesses previously described and management believes those weaknesses may make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above are considered to be pass rated loans. The following tables show credit quality indicators by portfolio class at September 30, 2019 and December 31, 2018 : September 30, 2019 Pass Watch Substandard Total Loans, excluding purchased credit impaired loans Commercial and industrial $ 930,094 $ 49,209 $ 16,994 $ 996,297 Construction 528,358 4,074 2,150 534,582 Residential real estate: 1-to-4 family mortgage 666,942 8,254 13,898 689,094 Residential line of credit 212,556 1,171 1,693 215,420 Multi-family mortgage 80,285 67 — 80,352 Commercial real estate: Owner occupied 574,582 25,962 14,044 614,588 Non-owner occupied 868,007 25,597 8,710 902,314 Consumer and other 243,495 3,315 2,818 249,628 Total loans, excluding purchased credit impaired loans $ 4,104,319 $ 117,649 $ 60,307 $ 4,282,275 Purchased credit impaired loans Commercial and industrial $ — $ 1,023 $ 601 $ 1,624 Construction — 2,994 208 3,202 Residential real estate: 1-to-4 family mortgage — 16,540 4,443 20,983 Residential line of credit — — 73 73 Multi-family mortgage — — — — Commercial real estate: Owner occupied — 4,244 1,803 6,047 Non-owner occupied — 5,620 6,568 12,188 Consumer and other — 14,074 4,878 18,952 Total purchased credit impaired loans $ — $ 44,495 $ 18,574 $ 63,069 Total loans $ 4,104,319 $ 162,144 $ 78,881 $ 4,345,344 December 31, 2018 Pass Watch Substandard Total Loans, excluding purchased credit impaired loans Commercial and industrial $ 804,447 $ 52,624 $ 8,564 $ 865,635 Construction 543,953 5,012 1,331 550,296 Residential real estate: 1-to-4 family mortgage 519,541 8,697 8,200 536,438 Residential line of credit 186,753 1,039 2,688 190,480 Multi-family mortgage 75,381 76 — 75,457 Commercial real estate: Owner occupied 456,694 16,765 14,049 487,508 Non-owner occupied 667,447 8,881 7,654 683,982 Consumer and other 204,279 2,763 1,674 208,716 Total loans, excluding purchased credit impaired loans $ 3,458,495 $ 95,857 $ 44,160 $ 3,598,512 Purchased credit impaired loans Commercial and industrial $ — $ 964 $ 484 $ 1,448 Construction — 3,229 2,526 5,755 Residential real estate: 1-to-4 family mortgage — 14,681 4,696 19,377 Residential line of credit — — — — Multi-family mortgage — — — — Commercial real estate: Owner occupied — 4,110 1,906 6,016 Non-owner occupied — 8,266 8,000 16,266 Consumer and other — 15,422 4,715 20,137 Total purchased credit impaired loans $ — $ 46,672 $ 22,327 $ 68,999 Total loans $ 3,458,495 $ 142,529 $ 66,487 $ 3,667,511 Nonperforming loans include loans that are no longer accruing interest (nonaccrual loans) and loans past due ninety or more days and still accruing interest. 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. PCI loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the due date of the scheduled payment. However, these loans are considered to be performing, even though they may be contractually past due, as any non-payment of contractual principal or interest is considered in the periodic re-estimation of expected cash flows and is included in the resulting recognition of current period covered loan loss provision or future period yield adjustments. As such, PCI loans are excluded from past due disclosures presented below. The accrual and/or accretion of interest is discontinued on PCI loans if management can no longer reliably estimate future cash flows on the loan. No PCI loans were classified as nonaccrual at September 30, 2019 or December 31, 2018 as the present value of the respective loan or pool of loans cash flows were considered estimable and probable of collection. Therefore, interest income, through accretion of the difference between the carrying value of the loans and the expected cash flows, is being recognized on all PCI loans. PCI contractually past due 30-89 days amounted to $3,598 and $3,605 as of September 30, 2019 and December 31, 2018 , respectively, and an additional $754 and $4,076 were contractually past due 90 days or more as of September 30, 2019 and December 31, 2018 , respectively. The following tables provide the period-end amounts of loans that are past due thirty to eighty-nine days, past due ninety or more days and still accruing interest, loans not accruing interest and loans current on payments accruing interest by category at September 30, 2019 and December 31, 2018 : September 30, 2019 30-89 days past due 90 days or more and accruing interest Non-accrual loans Purchased Credit Impaired loans Loans current on payments and accruing interest Total Commercial and industrial $ 3,892 $ 4 $ 383 $ 1,624 $ 992,018 $ 997,921 Construction 327 — 1,107 3,202 533,148 537,784 Residential real estate: 1-to-4 family mortgage 5,552 1,316 7,260 20,983 674,966 710,077 Residential line of credit 475 298 421 73 214,226 215,493 Multi-family mortgage — — — — 80,352 80,352 Commercial real estate: Owner occupied 153 — 1,274 6,047 613,161 620,635 Non-owner occupied 2,605 5 6,596 12,188 893,108 914,502 Consumer and other 2,446 829 870 18,952 245,483 268,580 Total $ 15,450 $ 2,452 $ 17,911 $ 63,069 $ 4,246,462 $ 4,345,344 December 31, 2018 30-89 days past due 90 days or more and accruing interest Non-accrual loans Purchased Credit Impaired loans Loans current on payments and accruing interest Total Commercial and industrial $ 999 $ 65 $ 438 $ 1,448 $ 864,133 $ 867,083 Construction 109 — 283 5,755 549,904 556,051 Residential real estate: 1-to-4 family mortgage 4,919 737 2,704 19,377 528,078 555,815 Residential line of credit 726 957 804 — 187,993 190,480 Multi-family mortgage — — — — 75,457 75,457 Commercial real estate: Owner occupied 407 197 2,423 6,016 484,481 493,524 Non-owner occupied 61 77 6,885 16,266 676,959 700,248 Consumer and other 1,987 1,008 148 20,137 205,573 228,853 Total $ 9,208 $ 3,041 $ 13,685 $ 68,999 $ 3,572,578 $ 3,667,511 Impaired loans recognized in conformity with ASC 310 at September 30, 2019 and December 31, 2018 , segregated by class, were as follows: September 30, 2019 Recorded investment Unpaid principal Related allowance With a related allowance recorded: Commercial and industrial $ 3,081 $ 3,081 $ 13 Residential real estate: 1-to-4 family mortgage 264 324 11 Commercial real estate: Owner occupied 182 220 52 Non-owner occupied 6,796 6,831 405 Consumer and other 395 395 254 Total $ 10,718 $ 10,851 $ 735 With no related allowance recorded Commercial and industrial $ 753 $ 898 $ — Construction 2,061 2,484 — Residential real estate: 1-to-4 family mortgage 1,082 1,400 — Residential line of credit 245 262 — Commercial real estate: Owner occupied 2,294 3,437 — Non-owner occupied 1,050 1,781 — Consumer and other 64 64 — Total $ 7,549 $ 10,326 $ — Total impaired loans $ 18,267 $ 21,177 $ 735 December 31, 2018 Recorded investment Unpaid principal Related allowance With a related allowance recorded: Commercial and industrial $ 618 $ 732 $ 3 Residential real estate: 1-to-4 family mortgage 145 145 7 Commercial real estate: Owner occupied 560 641 53 Non-owner occupied 5,686 5,686 205 Total $ 7,009 $ 7,204 $ 268 With no related allowance recorded: Commercial and industrial $ 1,229 $ 1,281 $ — Construction 1,221 1,262 — Residential real estate: 1-to-4 family mortgage 842 1,151 — Residential line of credit 245 249 — Commercial real estate: Owner occupied 2,048 2,780 — Non-owner occupied 1,049 1,781 — Consumer and other 73 73 — Total $ 6,707 $ 8,577 $ — Total impaired loans $ 13,716 $ 15,781 $ 268 Average recorded investment and interest income on a cash basis recognized during the three and nine months ended September 30, 2019 and 2018 on impaired loans, segregated by class, were as follows: Three Months Ended Nine Months Ended September 30, 2019 Average recorded investment Interest income recognized (cash basis) Average recorded investment Interest income recognized (cash basis) With a related allowance recorded: Commercial and industrial $ 3,109 $ 51 $ 1,850 $ 156 Construction — — — — Residential real estate: 1-to-4 family mortgage 265 2 205 13 Residential line of credit — — — — Multi-family mortgage — — — — Commercial real estate: Owner occupied 184 4 371 10 Non-owner occupied 6,143 56 6,241 90 Consumer and other 447 — 198 19 Total $ 10,148 $ 113 $ 8,865 $ 288 With no related allowance recorded: Commercial and industrial $ 766 $ 11 $ 991 $ 36 Construction 1,639 90 1,641 142 Residential real estate: 1-to-4 family mortgage 835 24 962 50 Residential line of credit 427 — 245 2 Multi-family mortgage — — — — Commercial real estate: Owner occupied 2,045 41 2,171 103 Non-owner occupied 1,050 — 1,050 — Consumer and other 66 2 69 5 Total $ 6,828 $ 168 $ 7,129 $ 338 Total impaired loans $ 16,976 $ 281 $ 15,994 $ 626 September 30, 2018 With a related allowance recorded: Commercial and industrial $ 922 $ 81 $ 872 $ 84 Residential real estate: 1-to-4 family mortgage 186 2 189 7 Commercial real estate: Owner occupied 661 7 706 34 Non-owner occupied — — 72 2 Total $ 1,769 $ 90 $ 1,839 $ 127 With no related allowance recorded: Commercial and industrial $ 1,983 $ 21 $ 1,729 $ 80 Construction 1,279 35 1,283 70 Residential real estate: 1-to-4 family mortgage 1,313 15 1,189 60 Residential line of credit 127 8 127 8 Multi-family mortgage 569 2 583 26 Commercial real estate: Owner occupied 1,490 27 1,572 87 Non-owner occupied 1,049 — 1,313 7 Consumer and other 54 1 53 2 Total $ 7,864 $ 109 $ 7,849 $ 340 Total impaired loans $ 9,633 $ 199 $ 9,688 $ 467 As of September 30, 2019 and December 31, 2018 , the Company has a recorded investment in troubled debt restructurings of $11,460 and $ 6,794 , respectively. The modifications included extensions of the maturity date and/or a stated rate of interest to one lower than the current market rate. The Company has allocated $171 and $ 63 of specific reserves for those loans at September 30, 2019 and December 31, 2018 , respectively. There were no commitments to lend any additional amounts to these customers for either period end. Of these loans, $3,211 and $ 2,703 were classified as non-accrual loans as of September 30, 2019 and December 31, 2018 , respectively. The following tables present the financial effect of TDRs recorded during the periods indicated. Three Months Ended September 30, 2019 Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Charge offs and specific reserves Commercial and industrial 1 $ 16 $ 16 $ — Construction 1 1,070 1,070 — Commercial real estate: Owner occupied 1 927 927 — Non-owner occupied 1 1,366 1,366 106 Residential real estate: 1-to-4 family mortgage 1 128 128 — Total 5 $ 3,507 $ 3,507 $ 106 Three Months Ended September 30, 2018 Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Charge offs and specific reserves Commercial real estate: Owner occupied 1 $ 143 $ 143 $ — Consumer and other 4 55 55 — Total 5 $ 198 $ 198 $ — Nine Months Ended September 30, 2019 Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Charge offs and specific reserves Commercial and industrial 3 $ 3,204 $ 3,204 $ — Construction 1 1,070 1,070 — Commercial real estate: Owner occupied 1 927 927 — Non-owner occupied 1 1,366 1,366 106 Residential real estate: 1-to-4 family mortgage 1 128 128 — Total 7 $ 6,695 $ 6,695 $ 106 Nine Months Ended September 30, 2018 Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Charge offs and specific reserves Commercial and industrial 2 $ 887 $ 887 $ — Commercial real estate: Owner occupied 1 143 143 — Residential real estate: 1-4 family mortgage 1 249 249 — Consumer and other 5 61 61 — Total 9 $ 1,340 $ 1,340 $ — There were no loans modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the three or nine months ended September 30, 2019 and 2018 . A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. The terms of certain other loans were modified during the three and nine months ended September 30, 2019 and 2018 that did not meet the definition of a troubled debt restructuring. The modification of these loans involved either a modification of the terms of a loan to borrowers who were not experiencing financial difficulties or a delay in a payment that was considered to be insignificant. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the company’s internal underwriting policy. |
Other Real Estate Owned
Other Real Estate Owned | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate [Abstract] | |
Other real estate owned | Other real estate owned: The amount reported as other real estate owned includes property acquired through foreclosure in addition to excess facilities held for sale and is carried at fair value less estimated cost to sell the property. The following table summarizes the other real estate owned for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Balance at beginning of period $15,521 $ 14,639 $ 12,643 $ 16,442 Transfers from loans 1,535 476 3,565 1,490 Transfers from premises and equipment — — 2,640 — Proceeds from sale of other real estate owned (854 ) (1,457 ) (2,718 ) (3,666 ) Gain on sale of other real estate owned 260 205 582 213 Loans provided for sales of other real estate owned — (191 ) (166 ) (636 ) Write-downs and partial liquidations (386 ) (85 ) (470 ) (256 ) Balance at end of period $16,076 $ 13,587 $ 16,076 $ 13,587 Foreclosed residential real estate properties included in the table above totaled $3,066 and $2,101 as of September 30, 2019 and December 31, 2018 , respectively. The recorded investment in residential mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $867 and $478 at September 30, 2019 and December 31, 2018 , respectively. Excess land and facilities held for sale resulting from branch consolidations totaled $ 7,305 as of September 30, 2019 , including $ 891 acquired in the Atlantic Capital branch acquisition, and $5,381 as of December 31, 2018, respectively. |
Goodwill and intangible assets
Goodwill and intangible assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | Goodwill and intangible assets: The following table summarizes changes in goodwill during the nine months ended September 30, 2019 . There was no such activity during the nine months ended September 30, 2018 . Goodwill Balance at December 31, 2018 $ 137,190 Addition from acquisition of Atlantic Capital branches (see Note 2) 31,396 Impairment due to sale of third party origination ("TPO") mortgage delivery channel (100 ) Balance at September 30, 2019 $ 168,486 Goodwill is tested annually, or more often if circumstances warrant, for impairment. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated and is written down to its implied fair value. Subsequent increases in goodwill values are not recognized in the financial statements. Goodwill impairment of $ 100 for the nine months ended September 30, 2019 is related to the goodwill assigned to the third party origination channel in the Mortgage segment, which was sold during the second quarter of 2019. There were no additions or impairment recorded during the nine months ended September 30, 2018 . Core deposit and other intangibles include core deposit intangibles, customer base trust intangible and manufactured housing servicing intangible. The change in core deposit and other intangibles during the three and nine months ended September 30, 2019 and 2018 is as follows: Core deposit and other intangibles Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Beginning Balance $ 19,945 $ 13,203 $ 11,628 $ 14,902 Addition of core deposit intangible from acquisition of Atlantic Capital branches (see Note 2) — — 10,760 — Reclassification of leasehold intangible (1) — — (460 ) — Less: amortization expense (2) (1,197 ) (800 ) (3,180 ) (2,499 ) Ending Balance $ 18,748 $ 12,403 $ 18,748 $ 12,403 (1) The Company adopted ASU 2016-02 "Leases" (Topic 842) on January 1, 2019 and reclassified $460 of leasehold intangibles to Operating lease right-of-use asset. (2) The three and nine months ended September 30, 2018 includes $23 and $67 , respectively, of amortization expense related to leasehold intangibles included in occupancy and equipment expense. During the second quarter of 2019, the Company recorded $10,760 of core deposit intangibles resulting from the Atlantic Capital branch acquisition, which is being amortized over a weighted average life of approximately 6 years . The estimated aggregate future amortization expense of the core deposit and other intangibles is as follows: Remainder of 2019 $ 1,159 December 31, 2020 4,262 December 31, 2021 3,663 December 31, 2022 2,973 December 31, 2023 2,247 Thereafter 4,444 $ 18,748 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases: On January 1, 2019, the Company adopted ASU 2016-02 "Leases" ( Topic 842 ) and all subsequent updates that modified topic 842. For the Company, the adoption primarily affected the accounting treatment for operating lease agreements in which the Company is the lessee. Substantially all the leases for which the Company is the lessee are comprised of real estate for branches, mortgage, and operations locations. As of September 30, 2019 , the Company had 42 operating leases with terms greater than one year to 37 years. Leases with initial terms of less than one year are not recorded on the balance sheet. The Company elected not to include equipment leases and leases in which the Company is the lessor on the consolidated balance sheets as these are not material. Most leases include one or more options to renew, with renewal terms that can extend the lease up to an additional 20 years or more. Certain lease agreements contain provisions to periodically adjust rental payments for inflation. Renewal options that management is reasonably certain to renew are included in the ROU asset and lease liability. Information related to the Company's operating leases is presented below: September 30, 2019 Right-of-use assets $ 34,812 Lease liabilities 37,760 Weighted average remaining lease term (in years) 14.43 Weighted average discount rate 3.46 % The components of lease expense included in Occupancy and equipment expense were as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating lease cost $ 1,260 $ 3,875 Short-term lease cost 81 239 Variable lease cost 146 580 Total lease cost $ 1,487 $ 4,694 As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance, utilities, and property taxes. Lease expense for the three and nine months ended September 30, 2018 , prior to the adoption of ASU 2016-02, was $1,295 and $3,786 , respectively. A maturity analysis of operating lease liabilities and a reconciliation of undiscounted cash flows to the total operating lease liability is as follows: September 30, 2019 Lease payments due on or before: September 30, 2020 $ 5,537 September 30, 2021 5,244 September 30, 2022 4,523 September 30, 2023 3,996 September 30, 2024 3,578 Thereafter 26,396 Total undiscounted cash flows 49,274 Discount on cash flows (11,514 ) Total lease liability $ 37,760 |
Mortgage servicing rights
Mortgage servicing rights | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing of Financial Assets [Abstract] | |
Mortgage servicing rights | Mortgage servicing rights: Changes in the Company’s mortgage servicing rights were as follows for three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Carrying value at beginning of period $ 66,380 $ 109,449 $ 88,829 $ 76,107 Capitalization 10,387 11,741 30,319 41,555 Sales — (39,428 ) (29,160 ) (39,428 ) Change in fair value: Due to pay-offs/pay-downs (5,050 ) (3,339 ) (10,150 ) (8,606 ) Due to change in valuation inputs or assumptions (5,561 ) 1,467 (13,682 ) 10,262 Carrying value at period end $ 66,156 $ 79,890 $ 66,156 $ 79,890 The following table summarizes servicing income and expense included in mortgage banking income and other noninterest expense within the Mortgage Segment operating results, respectively, for the three and nine months ended September 30, 2019 and 2018 , respectively: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Servicing income: Servicing income $ 3,960 $ 5,576 $ 12,763 $ 15,973 Change in fair value of mortgage servicing rights (10,611 ) (1,872 ) (23,832 ) 1,656 Change in fair value of derivative hedging instruments 5,520 (829 ) 13,060 (7,848 ) Servicing income (1,131 ) 2,875 1,991 9,781 Servicing expenses 1,732 2,114 4,961 5,987 Net servicing (loss) income (1) $ (2,863 ) $ 761 $ (2,970 ) $ 3,794 (1) - Excludes benefit of custodial service related noninterest bearing deposits held by the Bank. Data and key economic assumptions related to the Company’s mortgage servicing rights as of September 30, 2019 and December 31, 2018 are as follows: September 30, December 31, 2019 2018 Unpaid principal balance $ 6,297,723 $ 6,755,114 Weighted-average prepayment speed (CPR) 11.64 % 8.58 % Estimated impact on fair value of a 10% increase $ (2,743 ) $ (2,072 ) Estimated impact on fair value of a 20% increase $ (5,278 ) $ (4,006 ) Discount rate 8.58 % 10.45 % Estimated impact on fair value of a 100 bp increase $ (2,568 ) $ (2,505 ) Estimated impact on fair value of a 200 bp increase $ (4,946 ) $ (4,807 ) Weighted-average coupon interest rate 4.32 % 4.21 % Weighted-average servicing fee (basis points) 29 30 Weighted-average remaining maturity (in months) 336 325 The Company hedges the mortgage servicing rights portfolio with various derivative instruments to offset changes in the fair value of the related mortgage servicing rights. See Note 11, "Derivatives" for additional information on these hedging instruments. From time to time, the Company enters agreements to sell certain tranches of mortgage servicing rights. Upon consummation of the sale, the Company generally continues to subservice the underlying mortgage loans until they can be transferred to the purchaser. During the nine months ended September 30, 2019 , the Company sold $29,160 of mortgage servicing rights on $2,034,374 of serviced mortgage loans. No material gain or loss was recognized in connection with this transaction. During the nine months ended September 30, 2018 , the Company sold $ 39,428 of mortgage servicing rights on $ 3,181,483 of serviced mortgages. There was not a material gain or loss recognized in this transaction. As of September 30, 2019 and September 30, 2018 , there were no loans being serviced that related to the bulk sale of mortgage servicing rights. As of September 30, 2019 and December 31, 2018 , mortgage escrow deposits totaled to $ 121,400 and $53,468 , respectively. |
Income taxes
Income taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes: An allocation of federal and state income taxes between current and deferred portions is presented below: Three Months Ended September 30, 2019 2018 Current $ 9,167 $ 13,367 Deferred (1,449 ) (6,665 ) Total $ 7,718 $ 6,702 Nine Months Ended September 30, 2019 2018 Current $ 25,907 $ 15,562 Deferred (5,900 ) 4,416 Total $ 20,007 $ 19,978 Federal income tax expense differs from the statutory federal rate of 21% for the three and nine months ended September 30, 2019 and 2018 due to the following: Three Months Ended September 30, 2019 2018 Federal taxes calculated at statutory rate $ 6,653 21.0 % $ 5,897 21.0 % Increase (decrease) resulting from: State taxes, net of federal benefit 1,512 4.7 % 1,187 4.2 % Benefit of equity based compensation (275 ) (0.9 )% (115 ) (0.4 )% Municipal interest income, net of interest disallowance (211 ) (0.7 )% (213 ) (0.8 )% Bank owned life insurance (11 ) 0.1 % (13 ) — % Other 50 0.2 % (41 ) (0.1 )% Income tax expense, as reported $ 7,718 24.4 % $ 6,702 23.9 % Nine Months Ended September 30, 2019 2018 Federal taxes calculated at statutory rate $ 17,272 21.0 % $ 17,467 21.0 % Increase (decrease) resulting from: State taxes, net of federal benefit 3,855 4.7 % 3,873 4.6 % Benefit of equity based compensation (668 ) (0.8 )% (866 ) (1.0 )% Municipal interest income, net of interest disallowance (650 ) (0.8 )% (621 ) (0.8 )% Bank owned life insurance (38 ) (0.1 )% (38 ) (0.1 )% Stock offering costs — — % 141 0.2 % Other 236 0.3 % 22 0.1 % Income tax expense, as reported $ 20,007 24.3 % $ 19,978 24.0 % The components of the net deferred tax liability at September 30, 2019 and December 31, 2018 , are as follows: September 30, December 31, 2019 2018 Deferred tax assets: Allowance for loan losses $ 8,198 $ 7,539 Operating lease liability 9,839 — Amortization of core deposit intangible 1,273 1,012 Deferred compensation 5,891 5,878 Unrealized loss on available-for-sale debt securities 115 3,299 Other 2,451 1,998 Subtotal 27,767 19,726 Deferred tax liabilities: FHLB stock dividends (550 ) (550 ) Operating lease - right of use asset (9,514 ) — Depreciation (4,466 ) (4,812 ) Cash flow hedges (3,418 ) (736 ) Mortgage servicing rights (17,342 ) (23,146 ) Goodwill (8,244 ) (6,583 ) Other (901 ) (562 ) Subtotal (44,435 ) (36,389 ) Net deferred tax liability $ (16,668 ) $ (16,663 ) Tax periods for all fiscal years after 2014 remain open to examination by the federal and state taxing jurisdictions to which the Company is subject. |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies: Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off-balance sheet risk to credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of the commitment. September 30, December 31, 2019 2018 Commitments to extend credit, excluding interest rate lock commitments $ 1,188,160 $ 1,032,390 Letters of credit 22,376 19,024 Balance at end of period $ 1,210,536 $ 1,051,414 In connection with the sale of mortgage loans to third party investors, the Bank makes usual and customary representations and warranties as to the propriety of its origination activities. Occasionally, the investors require the Bank to repurchase loans sold to them under the terms of the warranties. When this happens, the loans are recorded at fair value with a corresponding charge to a valuation reserve. The total principal amount of loans repurchased (or indemnified for) was $ 1,165 and $4,675 for the three and nine months ended September 30, 2019 , respectively, and $2,322 and $4,984 for the three and nine months ended September 30, 2018 , respectively. The Company has established a reserve associated with loan repurchases. This reserve is recorded in accrued expenses and other liabilities on the consolidated balance sheets. The following table summarizes the activity in the repurchase reserve: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Balance at beginning of period $ 3,407 $ 3,646 $ 3,273 $ 3,386 Provision for loan repurchases or indemnifications 107 206 255 598 Recoveries on previous losses (79 ) (115 ) (93 ) (247 ) Balance at end of period $ 3,435 $ 3,737 $ 3,435 $ 3,737 |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives: The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure as well as the exposure for its customers. Derivative financial instruments are included in the Consolidated Balance Sheets line item “Other assets” or “Other liabilities” at fair value in accordance with ASC 815, “Derivatives and Hedging.” The Company enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding (rate-lock commitments). Under such commitments, interest rates for mortgage loans are typically locked in for up to sixty days with the customer. These interest rate lock commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. The Company also enters into best effort or mandatory delivery forward commitments to sell residential mortgage loans to secondary market investors. Gains and losses arising from changes in the valuation of the rate-lock commitments and forward commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income. The Company enters into forward commitments, futures and options contracts that are not designated as hedging instruments as economic hedges to offset the changes in fair value of MSRs. Gains and losses associated with these instruments are included in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income. Additionally, the Company enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with customer contracts, the Company enters into an offsetting derivative contract. The Company manages its credit risk, or potential risk of default by its commercial customers through credit limit approval and monitoring procedures. The Company also maintains two interest rate swap agreements with notional amounts totaling $30,000 used to hedge interest rate exposure on outstanding subordinated debentures included in long-term debt totaling $30,930 . Under these agreements, the Company receives a variable rate of interest equal to 3-month LIBOR and pays a weighted average fixed rate of interest of 2.08% . The interest rate swap contracts, which mature in June of 2024 , are designated as cash flow hedges with the objective of reducing the variability in cash flows resulting from changes in interest rates. These contracts had a negative fair value of $837 at September 30, 2019 and a positive fair value of $721 at December 31, 2018 . In July 2017, the Company entered into three interest rate swap contracts on floating rate liabilities at the Bank level with notional amounts of $30,000 , $35,000 and $35,000 for a period of three , four and five years, respectively. These interest rate swaps were designated as cash flow hedges with the objective of reducing the variability of cash flows associated with $100,000 of FHLB borrowings obtained in conjunction with the Clayton Banks acquisition. During the first quarter of 2018, these swaps were canceled, locking in a tax-adjusted gain of $1,564 in other comprehensive income to be accreted over the three, four and five-year terms of the underlying contracts. As of September 30, 2019 and December 31, 2018 , there was $1,093 and $1,436 , respectively, remaining in the other comprehensive income to be accreted. Certain financial instruments, including derivatives, may be eligible for offset in the Consolidated Balance Sheets when the “right of setoff” exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company’s derivative instruments are subject to master netting agreements. The Company has not elected to offset such financial instruments in the Consolidated Balance Sheets. Most derivative contracts with clients are secured by collateral. Additionally, in accordance with the interest rate agreements with derivatives dealers, the Company may be required to post margin to these counterparties. At September 30, 2019 and December 31, 2018 , the Company had minimum collateral posting thresholds with certain derivative counterparties and had collateral posted of $34,172 and $13,904 , respectively, against its obligations under these agreements. Cash collateral related to derivative contracts is recorded in other assets in the Consolidated Balance Sheets. The following table provides details on the Company’s derivative financial instruments as of the dates presented: September 30, 2019 Notional Amount Asset Liability Not designated as hedging: Interest rate contracts $ 427,468 $ 19,050 $ 19,050 Forward commitments 824,724 582 — Interest rate-lock commitments 679,524 9,142 — Futures contracts 270,000 398 — Option contracts — — — Total $ 2,201,716 $ 29,172 $ 19,050 December 31, 2018 Notional Amount Asset Liability Not designated as hedging: Interest rate contracts $ 295,333 $ 6,679 $ 6,679 Forward commitments 474,208 — 4,958 Interest rate-lock commitments 318,706 6,241 — Futures contracts 166,000 649 — Options contracts 3,800 26 — Total $ 1,258,047 $ 13,595 $ 11,637 September 30, 2019 Notional Amount Asset Liability Designated as hedging: Interest rate swaps $ 30,000 $ — $ 837 December 31, 2018 Notional Amount Asset Liability Designated as hedging: Interest rate swaps $ 30,000 $ 721 $ — Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Not designated as hedging instruments (included in mortgage banking income): Interest rate lock commitments $ 447 $ (3,415 ) $ 4,202 $ (688 ) Forward commitments (3,227 ) 1,524 (12,895 ) 7,477 Futures contracts 4,685 (563 ) 10,663 (4,379 ) Option contracts 3 (55 ) 47 (50 ) Total $ 1,908 $ (2,509 ) $ 2,017 $ 2,360 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Designated as hedging: Amount of gain reclassified from other comprehensive $ 130 $ 69 $ 343 $ 62 Gain included in interest expense on borrowings 19 20 113 64 Total $ 149 $ 89 $ 456 $ 126 The following discloses the amount included in other comprehensive income (loss), net of tax, for derivative instruments designated as cash flow hedges for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Designated as hedging: Amount of (loss) gain recognized in other comprehensive income, net of tax $ (256 ) $ 169 $ (1,151 ) $ 1,638 |
Fair value of financial instrum
Fair value of financial instruments | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial instruments | Fair value of financial instruments: FASB ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a framework for measuring the fair value of assets and liabilities according to a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that are derived from assumptions based on management’s estimate of assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The hierarchy is broken down into the following three levels, based on the reliability of inputs: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs for assets or liabilities that are derived from assumptions based on management’s estimate of assumptions that market participants would use in pricing the assets or liabilities. The Company records the fair values of financial assets and liabilities on a recurring and non-recurring basis using the following methods and assumptions: Investment securities-Investment securities are recorded at fair value on a recurring basis. Fair values for securities are based on quoted market prices, where available. If quoted prices are not available, fair values are based on quoted market prices of similar instruments or are determined by matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the pricing relationship or correlation among other benchmark quoted securities. Investment securities valued using quoted market prices of similar instruments or that are valued using matrix pricing are classified as Level 2. When significant inputs to the valuation are unobservable, the available-for-sale securities are classified within Level 3 of the fair value hierarchy. Where no active market exists for a security or other benchmark securities, fair value is estimated by the Company with reference to discount margins for other high-risk securities. Loans held for sale-Loans held for sale are carried at fair value. Fair value is determined using current secondary market prices for loans with similar characteristics, that is, using Level 2 inputs. Derivatives-The fair value of the interest rate swaps are based upon fair values provided from entities that engage in interest rate swap activity and is based upon projected future cash flows and interest rates. Fair value of commitments is based on fees currently charged to enter into similar agreements, and for fixed-rate commitments, the difference between current levels of interest rates and the committed rates is also considered. These financial instruments are classified as Level 2. Other real estate owned (“OREO”) - OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations and excess land and facilities held for sale. OREO acquired in settlement of indebtedness is recorded at the lower of the carrying amount of the loan or the fair value of the real estate less costs to sell. Fair value is determined on a nonrecurring basis based on appraisals by qualified licensed appraisers and is adjusted for management’s estimates of costs to sell and holding period discounts. The valuations are classified as Level 3. Mortgage servicing rights ("MSRs") - MSRs are carried at fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds, servicing costs, and other factors. As such, mortgage servicing rights are considered Level 3. Impaired loans-Loans considered impaired under FASB ASC 310, "Receivables", are loans for which, based on current information and events, it is probable that the creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. Fair value adjustments for impaired loans are recorded on a non-recurring basis as either partial write downs based on observable market prices or current appraisal of the collateral. Impaired loans are classified as Level 3. The following table contains the estimated fair values and the related carrying values of the Company's financial instruments. Items which are not financial instruments are not included. Fair Value September 30, 2019 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 242,997 $ 242,997 $ — $ — $ 242,997 Investment securities 671,781 — 671,781 — 671,781 Loans, net 4,313,880 — — 4,299,499 4,299,499 Loans held for sale 305,493 — 305,493 — 305,493 Interest receivable 17,729 — 3,263 14,466 17,729 Mortgage servicing rights 66,156 — — 66,156 66,156 Derivatives 29,172 — 29,172 — 29,172 Financial liabilities: Deposits: Without stated maturities $ 3,725,500 $ 3,725,500 $ — $ — $ 3,725,500 With stated maturities 1,196,263 — 1,208,205 — 1,208,205 Securities sold under agreement to 26,199 26,199 — — 26,199 Federal Home Loan Bank advances 250,000 — 251,799 — 251,799 Subordinated debt 30,930 — 29,760 — 29,760 Interest payable 6,102 356 5,746 — 6,102 Derivatives 19,887 — 19,887 — 19,887 Fair Value December 31, 2018 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 125,356 $ 125,356 $ — $ — $ 125,356 Investment securities 658,805 — 658,805 — 658,805 Loans, net 3,638,579 — — 3,630,500 3,630,500 Loans held for sale 278,815 — 278,815 — 278,815 Interest receivable 14,503 — 2,848 11,655 14,503 Mortgage servicing rights 88,829 — — 88,829 88,829 Derivatives 14,316 — 14,316 — 14,316 Financial liabilities: Deposits: Without stated maturities $ 3,051,972 $ 3,051,972 $ — $ — $ 3,051,972 With stated maturities 1,119,745 — 1,122,076 — 1,122,076 Securities sold under agreement to 15,081 15,081 — — 15,081 Federal Home Loan Bank advances 181,765 — 181,864 — 181,864 Subordinated debt 30,930 — 30,000 — 30,000 Interest payable 5,015 530 4,485 — 5,015 Derivatives 11,637 — 11,637 — 11,637 The balances and levels of the assets measured at fair value on a recurring basis at September 30, 2019 are presented in the following table: September 30, 2019 Quoted prices in active markets for identical assets (liabilities) (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Total Recurring valuations: Financial assets: Available-for-sale securities: U.S. government agency securities $ — $ 999 $ — $ 999 Mortgage-backed securities — 485,300 — 485,300 Municipals, tax-exempt — 173,785 — 173,785 Treasury securities — 7,432 — 7,432 Corporate securities — 1,015 — 1,015 Equity securities — 3,250 — 3,250 Total $ — $ 671,781 $ — $ 671,781 Loans held for sale $ — $ 305,493 $ — $ 305,493 Mortgage servicing rights — — 66,156 66,156 Derivatives — 29,172 — 29,172 Financial Liabilities: Derivatives — 19,887 — 19,887 The balances and levels of the assets measured at fair value on a non-recurring basis at September 30, 2019 are presented in the following table: At September 30, 2019 Quoted prices in active markets for identical assets (liabilities) (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Total Non-recurring valuations: Financial assets: Other real estate owned $ — $ — $ 6,053 $ 6,053 Impaired loans (1) : Commercial and industrial $ — $ — $ 3,479 $ 3,479 Residential real estate: 1-4 family mortgage — — 315 315 Commercial real estate: Owner occupied — — 260 260 Consumer and other — — 395 395 Total $ — $ — $ 5,815 $ 5,815 (1) Includes both impaired non-purchased loans and collateral-dependent PCI loans. The balances and levels of the assets measured at fair value on a recurring basis at December 31, 2018 are presented in the following table: At December 31, 2018 Quoted prices in active markets for identical assets (liabilities) (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Total Recurring valuations: Financial assets: Available-for-sale securities: U.S. government agency securities $ — $ 989 $ — $ 989 Mortgage-backed securities — 508,580 — 508,580 Municipals, tax-exempt — 138,887 — 138,887 Treasury securities — 7,242 — 7,242 Equity securities — 3,107 — 3,107 Total $ — $ 658,805 $ — $ 658,805 Loans held for sale $ — $ 278,815 $ — $ 278,815 Mortgage servicing rights — — 88,829 88,829 Derivatives — 14,316 — 14,316 Financial Liabilities: Derivatives — 11,637 — 11,637 The balances and levels of the assets measured at fair value on a non-recurring basis at December 31, 2018 are presented in the following table: At December 31, 2018 Quoted prices in active markets for identical assets (liabilities) (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Total Non-recurring valuations: Financial assets: Other real estate owned $ — $ — $ 2,266 $ 2,266 Impaired Loans (1) : Commercial and industrial $ — $ — $ 732 $ 732 Construction — — 832 832 Residential real estate: 1-4 family mortgage — — 146 146 Commercial real estate: Owner occupied — — 87 87 Non-owner occupied — — 6,921 6,921 Total $ — $ — $ 8,718 $ 8,718 (1) Includes both impaired non-purchased loans and collateral-dependent PCI loans. There were no transfers between Level 1, 2 or 3 during the periods presented. The following table provides a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, during the nine months ended September 30, 2019 and 2018 . There was no activity during the three months ended September 30, 2019 and 2018 . Available-for-sale securities Nine Months Ended September 30, 2019 2018 Balance at beginning of period $ — $ 3,604 Reclassification of equity securities without a readily determinable fair value to other assets — (3,604 ) Balance at end of period $ — $ — The following table presents information as of September 30, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: Financial instrument Fair Value Valuation technique Significant Unobservable inputs Range of inputs Impaired loans (1) $ 5,815 Valuation of collateral Discount for comparable sales 0%-30% Other real estate owned $ 6,053 Appraised value of property less costs to sell Discount for costs to sell 0%-15% (1) Includes both impaired non-purchased loans and collateral-dependent PCI loans. The following table presents information as of December 31, 2018 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: Financial instrument Fair Value Valuation technique Significant Unobservable inputs Range of inputs Impaired loans (1) $ 8,718 Valuation of collateral Discount for comparable sales 0%-30% Other real estate owned $ 2,266 Appraised value of property less costs to sell Discount for costs to sell 0%-15% (1) Includes both impaired non-purchased loans and collateral-dependent PCI loans. Loans considered impaired are reserved for at the time the loan is identified as impaired taking into account the fair value of the collateral less estimated selling costs. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on changes in market conditions from the time of valuation and management's knowledge of the client and client's business. Other real estate owned acquired in settlement of indebtedness is recorded at fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Any write-downs based on the asset's fair value at the date of foreclosure are charged to the allowance for loan losses. Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the lending administrative department reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry wide statistics. Fair value option The Company elected to measure all loans originated for sale at fair value under the fair value option as permitted under ASC 825. Electing to measure these assets at fair value reduces certain timing differences and better matches the changes in fair value of the loans with changes in the fair value of derivative instruments used to economically hedge them. Net losses of $ 3,291 and $ 2,329 resulting from fair value changes of mortgage loans held for sale were recorded in income during the three and nine months months ended September 30, 2019 , respectively, compared to net gains of $ 3,212 and $ 7,409 during the three and nine months ended September 30, 2018 , respectively. The amount does not reflect changes in fair values of related derivative instruments used to hedge exposure to market-related risks associated with these mortgage loans. The change in fair value of both loans held for sale and the related derivative instruments are recorded in Mortgage Banking Income in the Consolidated Statements of Income. Election of the fair value option allows the Company to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at the lower of cost or fair value and the derivatives at fair value. There were $ 28,897 and $ 67,362 of delinquent GNMA loans that had previously been sold at September 30, 2019 and December 31, 2018, respectively. The Company determined there not to be a more-than-trivial benefit based on an analysis of interest rates and an assessment of potential reputational risk associated with these loans. As such, the Company did not record any rebooked GNMA loans on the balance sheet as of September 30, 2019 or December 31, 2018. The Company’s valuation of loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal. Interest income on loans held for sale measured at fair value is accrued as it is earned based on contractual rates and is reflected in loan interest income in the Consolidated Statements of Income. The following table summarizes the differences between the fair value and the principal balance for loans held for sale measured at fair value as of September 30, 2019 and December 31, 2018 : September 30, 2019 Aggregate fair value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale measured at fair value $ 305,493 $ 297,311 $ 8,182 Past due loans of 90 days or more — — — Nonaccrual loans — — — December 31, 2018 Mortgage loans held for sale measured at fair value $ 278,418 $ 267,907 $ 10,511 Past due loans of 90 days or more — — — Nonaccrual loans 397 397 — |
Segment reporting
Segment reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment reporting | Segment reporting: The Company and the Bank are engaged in the business of banking and provide a full range of financial services. The Company determines reportable segments based on the significance of the segment’s operating results to the overall Company, the products and services offered, customer characteristics, processes and service delivery of the segments and the regular financial performance review and allocation of resources by the Chief Executive Officer (“CEO”), the Company’s chief operating decision maker. The Company has identified two distinct reportable segments—Banking and Mortgage. The Company’s primary segment is Banking, which provides a full range of deposit and lending products and services to corporate, commercial and consumer customers. The Company offers full-service conforming residential mortgage products, including conforming residential loans and services through the Mortgage segment utilizing mortgage offices outside of the geographic footprint of the Banking operations. Additionally, the Mortgage segment includes the servicing of residential mortgage loans and the packaging and securitization of loans to governmental agencies. The residential mortgage products and services originated in our Banking footprint and related revenues and expenses are included in our Banking segment. The Company’s mortgage division represents a distinct reportable segment which differs from the Company’s primary business of commercial and retail banking. The financial performance of the Mortgage segment is assessed based on results of operations reflecting direct revenues and expenses and allocated expenses. This approach gives management a better indication of the operating performance of the segment. When assessing the Banking segment’s financial performance, the CEO utilizes reports with indirect revenues and expenses including but not limited to the investment portfolio, electronic delivery channels and areas that primarily support the banking segment operations. Therefore these are included in the results of the Banking segment. Other indirect revenue and expenses related to general administrative areas are also included in the internal financial results reports of the Banking segment utilized by the CEO for analysis and are thus included for Banking segment reporting. The Mortgage segment utilizes funding sources from the Banking segment in order to fund mortgage loans that are ultimately sold on the secondary market. The Mortgage segment uses the proceeds from loan sales to repay obligations due to the Banking segment. During the the first quarter of 2019, the Company's Board of Directors approved management's strategic plan to exit its wholesale mortgage delivery channels. On June 7, 2019, the Company completed the sale of its third party origination ("TPO") channel and on August 1, 2019, the Company completed the sale of its correspondent channel. The mortgage segment incurred $ 112 and $ 1,995 in restructuring and miscellaneous charges during the three and nine months ended September 30, 2019 related to these sales. The following tables provide segment financial information for the three and nine months ended September 30, 2019 and 2018 as follows: Three Months Ended September 30, 2019 Banking Mortgage Consolidated Net interest income $ 58,350 $ (45 ) $ 58,305 Provision for loan loss 1,831 — 1,831 Mortgage banking income 10,693 23,591 34,284 Change in fair value of mortgage servicing rights, net of hedging (1) — (5,091 ) (5,091 ) Other noninterest income 8,952 — 8,952 Depreciation and amortization 1,255 125 1,380 Amortization of intangibles 1,197 — 1,197 Other noninterest mortgage banking expense 8,087 15,561 23,648 Other noninterest expense (2) 36,598 112 36,710 Income before income taxes $ 29,027 $ 2,657 $ 31,684 Income tax expense 7,718 Net income $ 23,966 Total assets $ 5,730,492 $ 358,403 $ 6,088,895 Goodwill 168,486 — 168,486 (1) Included in mortgage banking income. (2) Included $ 295 in merger costs in the Banking segment related to the Atlantic Capital branch acquisition and the pending Farmers National merger and $ 112 in the Mortgage segment related to mortgage business restructuring charges. Three Months Ended September 30, 2018 Banking Mortgage Consolidated Net interest income $ 52,733 $ 22 $ 52,755 Provision for loan loss 1,818 — 1,818 Mortgage banking income 7,417 21,933 29,350 Change in fair value of mortgage servicing rights, net of hedging (1) — (2,701 ) (2,701 ) Other noninterest income 7,706 — 7,706 Depreciation and amortization 896 117 1,013 Amortization of intangibles 777 — 777 Other noninterest mortgage banking expense 6,383 18,704 25,087 Other noninterest expense 30,336 — 30,336 Income before income taxes $ 27,646 $ 433 $ 28,079 Income tax expense 6,702 Net income $ 21,377 Total assets $ 4,637,097 $ 421,070 $ 5,058,167 Goodwill 137,090 100 137,190 (1) Included in mortgage banking income. Nine Months Ended September 30, 2019 Banking Mortgage Consolidated Net interest income $ 168,322 $ 22 $ 168,344 Provision for loan loss 4,103 — 4,103 Mortgage banking income 20,530 64,982 85,512 Change in fair value of mortgage servicing rights, net of hedging (1) — (10,772 ) (10,772 ) Other noninterest income 25,423 — 25,423 Depreciation and amortization 3,431 399 3,830 Amortization of intangibles 3,180 — 3,180 Other noninterest mortgage banking expense 15,090 50,608 65,698 Other noninterest expense (2) 107,452 1,995 109,447 Income before income taxes $ 81,019 $ 1,230 $ 82,249 Income tax expense 20,007 Net income 62,242 Total assets $ 5,730,492 $ 358,403 $ 6,088,895 Goodwill (3) 168,486 — 168,486 (1) Included in mortgage banking income. (2) Included $ 4,699 in merger costs in the Banking segment related to the Atlantic Capital branch acquisition and the pending Farmers National merger and $ 1,995 in the Mortgage segment related to mortgage business restructuring charges. (3) Recognized $100 of impairment of goodwill related to the sale of the third party origination channel in the Mortgage segment. See Note 6. Goodwill and intangible assets. Nine Months Ended September 30, 2018 Banking Mortgage Consolidated Net interest income $ 153,173 $ (472 ) $ 152,701 Provision for loan loss 3,198 — 3,198 Mortgage banking income 20,419 67,437 87,856 Change in fair value of mortgage servicing rights, net of hedging (1) — (6,192 ) (6,192 ) Other noninterest income 21,729 — 21,729 Depreciation and amortization 2,864 387 3,251 Amortization of intangibles 2,432 — 2,432 Other noninterest mortgage banking expense 17,129 56,926 74,055 Other noninterest expense (2) 89,984 — 89,984 Income before income taxes $ 79,714 $ 3,460 $ 83,174 Income tax expense 19,978 Net income 63,196 Total assets $ 4,637,097 $ 421,070 $ 5,058,167 Goodwill 137,090 100 137,190 (1) Included in mortgage banking income. (2) Included $1,193 in merger costs related to the acquisition of the Clayton Banks and $671 in offering costs in the Banking segment related to the follow-on secondary offering. Our Banking segment provides our Mortgage segment with a warehouse line of credit that is used to fund mortgage loans held for sale. The warehouse line of credit, which is eliminated in consolidation, had a prime interest rate of 5.00% and 5.25% as of September 30, 2019 and 2018 , respectively, and further limited based on interest income earned by the Mortgage segment. The amount of interest paid by our Mortgage segment to our Banking segment under this warehouse line of credit is recorded as interest income to our Banking segment and as interest expense to our Mortgage segment, both of which are included in the calculation of net interest income for each segment. The amount of interest paid by our Mortgage segment to our Banking segment under this warehouse line of credit was $ 2,875 and $8,723 for the three and nine months ended September 30, 2019 , respectively, and $3,997 and $13,022 for the three and nine months ended September 30, 2018 , respectively. |
Minimum capital requirements
Minimum capital requirements | 9 Months Ended |
Sep. 30, 2019 | |
Banking and Thrift [Abstract] | |
Minimum capital requirements | Minimum capital requirements: Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. Under regulatory guidance for non-advanced approaches institutions, the Bank and Company are required to maintain minimum amounts and ratios of common equity Tier I capital to risk-weighted assets. Additionally, under Basel III rules, the decision was made to opt-out of including accumulated other comprehensive income in regulatory capital. As of September 30, 2019 and December 31, 2018 , the Bank and Company met all capital adequacy requirements to which they are subject. Beginning in 2016, an additional conservation buffer was added to the minimum requirements for capital adequacy purposes, subject to a three year phase-in period. As of September 30, 2019 and December 31, 2018 , the buffer was 2.50% and 1.88% , respectively. The capital conservation buffer was fully phased in on January 1, 2019. Actual and required capital amounts and ratios are presented below at period-end. Actual For capital adequacy purposes Minimum Capital adequacy with capital buffer To be well capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio September 30, 2019 Total Capital (to risk-weighted assets) FB Financial Corporation $ 614,708 12.0 % $ 409,805 8.0 % $ 537,870 10.5 % N/A N/A FirstBank 601,769 11.7 % 411,466 8.0 % 540,049 10.5 % $ 514,332 10.0 % Tier 1 Capital (to risk-weighted assets) FB Financial Corporation $ 583,244 11.3 % $ 309,687 6.0 % $ 438,723 8.5 % N/A N/A FirstBank 570,305 11.1 % 308,273 6.0 % 436,720 8.5 % $ 411,031 8.0 % Tier 1 Capital (to average assets) FB Financial Corporation $ 583,244 10.1 % $ 230,988 4.0 % N/A N/A N/A N/A FirstBank 570,305 9.8 % 232,778 4.0 % N/A N/A $ 290,972 5.0 % Common Equity Tier 1 Capital (to risk-weighted assets) FB Financial Corporation $ 553,244 10.8 % $ 230,518 4.5 % $ 358,584 7.0 % N/A N/A FirstBank 570,305 11.1 % 231,205 4.5 % 359,652 7.0 % $ 333,962 6.5 % Actual For capital adequacy purposes Minimum Capital adequacy with capital buffer To be well capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 31, 2018 Total Capital (to risk-weighted assets) FB Financial Corporation $ 582,945 13.0 % $ 358,735 8.0 % $ 442,814 9.9 % N/A N/A FirstBank 561,327 12.5 % 359,249 8.0 % 443,448 9.9 % $ 449,062 10.0 % Tier 1 Capital (to risk-weighted assets) FB Financial Corporation $ 554,013 12.4 % $ 268,071 6.0 % $ 351,843 7.9 % N/A N/A FirstBank 532,395 11.9 % 268,434 6.0 % 352,320 7.9 % $ 357,913 8.0 % Tier 1 Capital (to average assets) FB Financial Corporation $ 554,013 11.4 % $ 194,391 4.0 % N/A N/A N/A N/A FirstBank 532,395 10.9 % 195,374 4.0 % N/A N/A $ 244,218 5.0 % Common Equity Tier 1 Capital (to risk-weighted assets) FB Financial Corporation $ 524,013 11.7 % $ 201,543 4.5 % $ 285,520 6.4 % N/A N/A FirstBank 532,395 11.9 % 201,326 4.5 % 285,212 6.4 % $ 290,804 6.5 % |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company grants restricted stock units under compensation arrangements for the benefit of employees, executive officers, and directors. Restricted stock unit grants are subject to time-based vesting. The total number of restricted stock units granted represents the maximum number of restricted stock units eligible to vest based upon the service conditions set forth in the grant agreements. The following table summarizes information about vested and unvested restricted stock units, excluding cash-settled EBI units discussed above, outstanding at September 30, 2019 and 2018 : Nine Months Ended September 30, 2019 2018 Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Balance at beginning of period 1,140,215 $ 21.96 1,214,325 $ 19.97 Grants 167,343 34.05 117,459 40.20 Released and distributed (vested) (270,959 ) 24.00 (205,565 ) 21.93 Forfeited/expired (11,727 ) 24.56 (10,035 ) 23.66 Balance at end of period 1,024,872 $ 23.67 1,116,184 $ 21.86 The total fair value of restricted stock units vested and released, excluding cash-settled EBI units, was $ 1,488 and $6,503 for the three and nine months ended September 30, 2019 , respectively, and $ 490 and $4,508 for the three and nine months ended September 30, 2018 , respectively. The compensation cost related to stock grants and vesting of restricted stock units, excluding cash-settled EBI units, was $ 1,836 and $5,621 for the three and nine months ended September 30, 2019 , respectively, and $ 1,508 and $5,327 for the three and nine months ended September 30, 2018 , respectively. This included $ 186 and $537 paid to Company independent directors during the three and nine months ended September 30, 2019 , respectively, and $ 212 and $557 for the three and nine months ended September 30, 2018 , respectively, related to independent director grants and compensation elected to be settled in stock. The nine months ended September 30, 2019 also includes a one-time expense of $249 related to the modification of vesting terms of certain grants. As of September 30, 2019 and 2018 , there were $12,759 and $12,768 , respectively, of total unrecognized compensation cost related to nonvested stock-settled EBI Units and restricted stock units (excluding cash-settled EBI units discussed above) which is expected to be recognized over a weighted-average period of 1.87 years and 2.33 years, respectively. At September 30, 2019 and December 31, 2018, there were $ 394 and $ 226 , respectively, accrued in other liabilities related to dividends declared to be paid upon vesting and distribution of the underlying RSUs. Employee Stock Purchase Plan: In 2016, the Company adopted an employee stock purchase plan (“ESPP”) under which employees, through payroll deductions, are able to purchase shares of Company common stock. The purchase price is 95% of the lower of the market price on the first or last day of the offering period. The maximum number of shares issuable during any offering period is 200,000 shares and a participant may not purchase more than 725 shares during any offering period (and, in any event, no more than $25,000 worth of common stock in any calendar year). During the three months ended September 30, 2019 and 2018 , there were 12,558 and 12,072 shares of of common stock issues under the ESPP, respectively. During the nine months ended September 30, 2019 and 2018 , there were 23,171 shares and 28,609 shares of common stock issued under the ESPP, respectively. As of September 30, 2019 and 2018 , there were 2,409,185 and 2,432,356 shares available for issuance under the ESPP, respectively. |
Related party transactions
Related party transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions: (A) Loans: The Bank has made and expects to continue to make loans to the directors, certain management and executive officers of the Company and their affiliates in the ordinary course of business, in compliance with regulatory requirements. An analysis of loans to executive officers, certain management, and directors of the Bank and their affiliates is presented below: Loans outstanding at January 1, 2019 $ 32,264 New loans and advances 12,160 Change in related party status (9,687 ) Repayments (3,458 ) Loans outstanding at September 30, 2019 $ 31,279 Unfunded commitments to certain executive officers, certain management and directors and their associates totaled $26,114 and $15,000 at September 30, 2019 and December 31, 2018 , respectively. (B) Deposits: The Bank held deposits from related parties totaling $271,090 and $287,156 as of September 30, 2019 and December 31, 2018 , respectively. (C) Leases: The Bank leases various office spaces from entities owned by certain directors of the Company under varying terms. The Company had $92 and $116 in unamortized leasehold improvements related to these leases at September 30, 2019 and December 31, 2018 , respectively. These improvements are being amortized over a term not to exceed the length of the lease. Lease expense for these properties totaled $128 and $381 for the three and nine months ended September 30, 2019 respectively, and $128 and $387 for the three and nine months ended September 30, 2018 , respectively. (D) Aviation time sharing agreement: The Company is a participant to an aviation time sharing agreement with an entity owned by a certain director of the Company. During the three and nine months ended September 30, 2019 , the Company made payments of $46 and $143 , respectively, and $36 and $127 during the three and nine months ended September 30, 2018 , respectively, under these agreements. (E) Registration rights agreement: The Company is party to a registration rights agreement with its former majority shareholder entered into in connection with the 2016 IPO, under which the Company is responsible for payment of expenses (other than underwriting discounts and commissions) relating to sales to the public by the shareholder of shares of the Company’s common stock beneficially owned by him. Such expenses include registration fees, legal and accounting fees, and printing costs payable by the Company and expensed when incurred. During the nine months ended September 30, 2018 , the Company paid $0.7 million under this agreement. No such expenses were incurred for the three and nine months ended September 30, 2019 . |
Basis of presentation (Policies
Basis of presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Earnings per common share | Earnings per share Basic earnings per common share ("EPS") excludes dilution and is computed by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS includes the dilutive effect of additional potential common shares issuable under the restricted stock units granted but not yet vested and distributable. Diluted EPS is computed by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding for the period, plus an incremental number of common-equivalent shares computed using the treasury stock method. Unvested share-based payment awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered to participate with common shareholders in undistributed earnings for purposes of computing EPS. Companies that have such participating securities, including the Company, are required to calculate basic and diluted EPS using the two-class method. Certain restricted stock awards granted by the Company include non-forfeitable dividend equivalents and are considered participating securities. Calculations of EPS under the two-class method (i) exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities and (ii) exclude from the denominator the dilutive impact of the participating securities. |
Leases | Leases The Company leases certain banking, mortgage and operations locations. Effective January 1, 2019, the Company records leases on the balance sheet in the form of a lease liability for the present value of future minimum payments under the lease terms and a right-of-use asset equal to the lease liability adjusted for items such as deferred or prepaid rent, incentive liabilities, leasehold intangibles and any impairment of the right-of-use asset. In determining whether a contract contains a lease, management conducts an analysis at lease inception to ensure an asset was specifically identified and the Company has control of use of the asset. For contracts determined to be leases entered into after January 1, 2019, the Company performs additional analysis to determine whether the lease should be classified as a finance or operating lease. The Company considers a lease to be a finance lease if future minimum lease payments amount to greater than 90% of the asset's fair value or if the lease term is equal to or greater than 75% of the asset's estimated economic useful life. As of September 30, 2019, the Company did not have any leases that were determined to be finance leases. The Company does not record leases on the consolidated balance sheets that are classified as short term (less than one year). Additionally, the Company has not recorded equipment leases or leases in which the Company is the lessor on the consolidated balance sheets as these are not material to the Company. At lease inception, the Company determines the lease term by adding together the minimum lease term and all optional renewal periods that it is reasonably certain to renew. This determination is at management's full discretion and is made through consideration of the asset, market conditions, competition and entity based economic conditions, among other factors. The lease term is used in the economic life test and also to calculate straight-line rent expense. The depreciable life of leasehold improvements is limited by the estimated lease term, including renewals. Operating leases are expensed on a straight-line basis over the life of the lease beginning when the lease commences. Rent expense and variable lease expense are included in occupancy and equipment expense on the Company's Consolidated statements of income. The Company's variable lease expense include rent escalators that are based on the Consumer Price Index or market conditions and include items such as common area maintenance, utilities, parking, property taxes, insurance and other costs associated with the lease. There are no residual value guarantees or restrictions or covenants imposed by leases that will impact the Company's ability to pay dividends or cause the Company to incur additional expenses. The discount rate used in determining the lease liability is based upon incremental borrowing rates the Company could obtain for similar loans as of the date of commencement or renewal. |
Recently adopted accounting standards and Newly issued not yet effective accounting standards | Recently adopted accounting standards: Except as set forth below, the Company did not adopt any new accounting standards that were not disclosed in the Company's 2018 audited consolidated financial statements included on Form 10-K. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The update requires lessees to recognize right-of-use assets and lease liabilities for all leases not considered short term leases. The provisions of the update also include (a) defining direct costs to only include those incremental costs that would not have been incurred if the lease had not been entered into, (b) circumstances under which the transfer contract in a sale-leaseback transaction should be accounted for as the sale of an asset by the seller-lessee and the purchase of an asset by the buyer-lessor, and (c) additional disclosure requirements. The provisions of this update became effective for the Company on January 1, 2019. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases” and 2018-11, “Leases (Topic 842): Targeted Improvements”. ASU No. 2018-10 provides improvements related to ASU No. 2016-02 to provide corrections or improvements to a number of areas within FASB Accounting Standards Codification ("ASC") Topic 842 and provides additional and optional transition method to adopt the new lease standard. ASU No. 2018-11 allows entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASU 2018-11 also allows lessors to not separate non-lease components from the associated lease component if certain conditions are met. The amendments in these updates became effective for the Company on January 1, 2019. FB Financial Corporation elected the optional transition method permitted by ASU 2018-11. Under this method, an entity shall recognize and measure leases that exist at the application date and prior comparative periods are not adjusted. Additionally, the Company elected to adopt the practical expedients allowed under the updates and therefore did not reassess 1) whether any expired or existing contract contain leases, 2) the lease classification for any expired or existing leases, or 3) initial direct costs for any existing leases. On January 1, 2019, the Company adopted these updates and recognized a right of use asset ("ROU") and lease liability of $32,545 and $34,876 , respectively, and recorded a cumulative effect adjustment to retained earnings of $1,309 , net of deferred taxes of $461 , in addition to adjustments to leasehold improvements of $1,022 and a reclassification from a previously-recognized lease intangible asset for $460 . The difference between the asset and liability amounts represents lease incentive liabilities, deferred rent and a lease intangible asset that was reclassified to the ROU asset upon adoption. This adoption did not have a significant impact on the Company's consolidated statements of income and did not have an impact on the Company's cash flows. Disclosures required by the update are presented in Note 7, "Leases" in the notes to the consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities." The amendments in this ASU shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount, which continue to be amortized to maturity. Public business entities were required to prospectively apply the amendments in this ASU to annual periods beginning after December 15, 2018, including interim periods. The adoption of this update did not have an impact on the Company's consolidated financial statements. I n July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections-Amendments to SEC Paragraphs Pursuant to SEC Final Rule Release No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” These amendments modify FASB Codification to reflect previously issued SEC rules for disclosure updates and simplification and investment company reporting modernization. The SEC adopted these rules to improve its regulations on financial reporting and disclosure. Other miscellaneous updates were made to agree to the electronic Code of Federal Regulations. The amendments in this update became effective upon issuance on July 26, 2019. There were no material impacts on the consolidated financial statements. Newly issued not yet effective accounting standards: In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 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 and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. The new model will require institutions to calculate all probable and estimable losses that are expected to be incurred through the financial asset's entire life through a provision for credit losses, including loans obtained as a result of any acquisition not deemed to be purchased credit deteriorated ("PCD"). The new current expected credit loss standard ("CECL") also requires the allowance for credit losses for PCD loans to be determined in a manner similar to that of other financial assets measured at amortized cost; however, the initial allowance will be added to the purchase price rather than recorded as provision expense. The disclosure of credit quality indicators related to the amortized cost of financing receivables will be further disaggregated by year of origination (or vintage). Institutions are to apply the changes through a cumulative-effect adjustment to their retained earnings as of the beginning of the first reporting period in which the standard is effective. ASU 2016-13 will become effective for interim and annual periods beginning after December 15, 2019. Management established a CECL implementation working group, which includes the appropriate members of management to evaluate the impact the adoption of this ASU will have on the Company's financial statements and disclosures and determine the most appropriate method of implementing the amendments in this ASU. The working group selected a software vendor and has worked to validate the accuracy and completeness of data being used as inputs into the model based on the methodology selected for the Company's identified loan segments. During the remainder of 2019, the Company will refine modeling segments and assumptions in addition to finalizing and documenting internal controls and accounting and credit policy elections, drafting disclosures, and completing model validation. Parallel processing of the existing allowance for loan losses model with the CECL model will occur during the fourth quarter of 2019. The Company is currently evaluating the impact of this adoption on its financial statements and disclosures and currently expects to record a one-time adjustment to retained earnings to increase the allowance for loan losses, however the magnitude of this adjustment cannot currently be reasonably quantified. The total increase in the allowance for loan losses will be partly offset by the existing credit discount on purchased credit impaired loans upon adoption. Management plans to disclose the total impact in Form 10-K for the year ended December 31, 2019. In December 2018, the Office of the Comptroller of the Currency ("OCC"), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation ("FDIC") approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ implementation of CECL. The final rule provides banking organizations the option to phase in over a three-year period the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. The Company plans to adopt the transitional guidance to reduce the impact of the initial adoption to our capital. In April 2019, the FASB issued ASU No. 2019-04, "Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Financial Instruments (Topic 825): Codification Improvements" The amendments related to Topic 326 address accrued interest, transfers between classifications or categories for loans and debt securities, recoveries, vintage disclosures, and contractual extensions and renewal options and will become effective for annual periods and interim periods within those annual periods beginning after December 15, 2019. The improvements and clarifications related to Topic 815 address partial-term fair value hedges of interest-rate risk, amortization, and disclosure of fair value hedge basis adjustments and consideration of hedged contractually specified interest rate under the hypothetical method and will become effective for the annual reporting period beginning January 1, 2020. The amendments related to Topic 825 contain various improvements to ASU 2016-01, including scope; held-to-maturity debt securities fair value disclosures; and remeasurement of equity securities at historical exchange rates and will become effective for fiscal years and interim periods beginning after December 15, 2019. The Company is currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but it is not expected to have a material impact. In May 2019, the FASB issued ASU No. 2019-05, "Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief." These amendments provide targeted transition relief allowing entities to irrevocably elect the fair value option, on an instrument-by-instrument basis, for certain financial assets (excluding held-to-maturity debt securities) previously measured at amortized cost. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2019. This update will not have an impact on the Company's consolidated financial statements or disclosures. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates step two from the goodwill impairment test. Instead, an entity will perform only step one of its quantitative goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and then recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity will still have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative step one impairment test is necessary. ASU 2017-04 will become effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted, including in an interim period, for impairment tests performed after January 1, 2017. Management does not expect adoption of this standard to have any impact on the Company's consolidated financial statements or disclosures. In June 2018, FASB issued ASU 2018-07, "Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting", which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Consistent with the accounting for employee share-based payment awards, nonemployee share-based payment awards will be measured at grant-date fair value of the equity instruments obligated to be issued when the good has been delivered or the service rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. This ASU is effective for all entities for fiscal years beginnings after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company does not expect adoption of this standard to have a significant impact on the consolidated financial statements or disclosures. In August 2018, the FASB issued "Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements." This update is part of the disclosure framework project and eliminates certain disclosure requirements for fair value measurements, requires entities to disclose new information, and modifies existing disclosure requirements. The new disclosure guidance is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact this change will have on its consolidated financial statements and disclosures. In March 2019, FASB issued ASU 2019-01, "Leases (Topic 842): Codification Improvements", which align the guidance for fair value of the underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. As a result, the fair value of the underlying asset at lease commencement is its cost, reflecting any volume or trade discounts that may apply. However, if there has been a significant lapse of time between when the underlying asset is acquired and when the lease commences, the definition of fair value in Topic 820, Fair Value Measurement should be applied. ASU No. 2019-01 also requires lessors within the scope of Topic 942, "Financial Services—Depository and Lending", to present all “principal payments received under leases” within investing activities. The amendments in this update become effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of this change on its consolidated financial statements and disclosures, but it is not expected to have a material impact. |
Basis of presentation (Tables)
Basis of presentation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Basic and Diluted Earnings Per Common Share | The following is a summary of the basic and diluted earnings per common share calculation for each of the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Basic earnings per common share calculation: Net income $ 23,966 $ 21,377 $ 62,242 $ 63,196 Dividends paid on and undistributed earnings allocated to (128 ) (114 ) (333 ) (337 ) Earnings attributable to common shareholders $ 23,838 $ 21,263 $ 61,909 $ 62,859 Weighted-average basic shares outstanding 30,899,583 30,692,668 30,849,035 30,661,852 Basic earnings per common share $ 0.77 $ 0.69 $ 2.01 $ 2.05 Diluted earnings per common share: Earnings attributable to common shareholders 23,838 21,263 61,909 62,859 Weighted-average basic shares outstanding 30,899,583 30,692,668 30,849,035 30,661,852 Weighted-average diluted shares contingently issuable 525,990 646,960 529,751 636,802 Weighted-average diluted shares outstanding 31,425,573 31,339,628 31,378,786 31,298,654 Diluted earnings per common share $ 0.76 $ 0.68 $ 1.97 $ 2.01 |
Mergers and acquisitions (Table
Mergers and acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The Company incurred $199 and $4,614 in merger expenses during the three and nine months ended September 30, 2019 , respectively, in connection with this transaction. These expenses are primarily comprised of professional services and employee-related costs in addition to branch closings and conversion and integration costs. The following tables present the preliminary fair values o |
Schedule of Consideration Paid and Allocation of Purchase Price to Net Assets Acquired | Consideration: Deposit premium $ 36,790 Preliminary allocation of consideration: Fair value of net assets acquired $ 5,394 Goodwill (preliminary) 31,396 Total consideration $ 36,790 |
Schedule of Loans and Debt Securities Acquired with Deteriorated Credit Quality | The following table presents the fair value of acquired purchased credit impaired loans accounted for in accordance with ASC 310-30 "Loans and Debt Securities Acquired with Deteriorated Credit Quality" from the Atlantic Capital branch acquisition as of the acquisition date: April 5, 2019 Contractually-required principal and interest $ 11,374 Nonaccretable difference 1,615 Best estimate of contractual cash flows expected to be collected 9,759 Accretable yield 1,167 Fair value $ 8,592 |
Business Acquisition, Pro Forma Information | The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2018 and does not include the effect of all cost-saving or revenue-enhancing strategies. Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Net interest income $ 58,305 $ 56,522 $ 171,915 $ 165,209 Total revenues $ 96,450 $ 91,688 $ 272,868 $ 271,099 Net income $ 23,966 $ 20,283 $ 59,745 $ 60,680 |
Investment securities (Tables)
Investment securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost of Securities and Fair Values | The amortized cost of securities and their fair values at September 30, 2019 and December 31, 2018 are shown below: September 30, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Investment Securities Available-for-sale debt securities U.S. government agency securities $ 1,000 $ — $ (1 ) $ 999 Mortgage-backed securities - residential 481,580 5,784 (2,064 ) 485,300 Municipals, tax exempt 165,100 8,754 (69 ) 173,785 Treasury securities 7,415 17 — 7,432 Corporate securities 1,000 15 — 1,015 Total $ 656,095 $ 14,570 $ (2,134 ) $ 668,531 December 31, 2018 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Investment Securities Available-for-sale debt securities U.S. government agency securities $ 1,000 $ — $ (11 ) $ 989 Mortgage-backed securities - residential 520,654 1,191 (13,265 ) 508,580 Municipals, tax exempt 138,994 1,565 (1,672 ) 138,887 Treasury securities 7,385 — (143 ) 7,242 Total $ 668,033 $ 2,756 $ (15,091 ) $ 655,698 |
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary. September 30, 2019 December 31, 2018 Available-for-sale Available-for-sale Amortized cost Fair value Amortized cost Fair value Due in one year or less $ 5,292 $ 5,312 $ 15,883 $ 16,028 Due in one to five years 12,477 12,601 13,806 13,740 Due in five to ten years 15,412 15,978 18,539 18,387 Due in over ten years 141,334 149,340 99,151 98,963 174,515 183,231 147,379 147,118 Mortgage-backed securities - residential 481,580 485,300 520,654 508,580 Total debt securities $ 656,095 $ 668,531 $ 668,033 $ 655,698 |
Summary of Summary of Sales and Other Dispositions of Available-for-Sale Securities | Sales and other dispositions of available-for-sale securities were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Proceeds from sales $ 22,740 $ — $ 24,498 $ 221 Proceeds from maturities, prepayments and calls 28,694 20,068 78,861 54,576 Gross realized gains 1 — 7 1 Gross realized losses 76 — 83 9 |
Schedule of Gross Unrealized Losses | The following tables show gross unrealized losses at September 30, 2019 and December 31, 2018 , aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: September 30, 2019 Less than 12 months 12 months or more Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized loss U.S. government agency securities $ — $ — $ 999 $ (1 ) $ 999 $ (1 ) Mortgage-backed securities - residential 26,610 (70 ) 217,385 (1,994 ) 243,995 (2,064 ) Municipals, tax exempt 10,553 (69 ) — — 10,553 (69 ) Treasury securities — — — — — — Total $ 37,163 $ (139 ) $ 218,384 $ (1,995 ) $ 255,547 $ (2,134 ) December 31, 2018 Less than 12 months 12 months or more Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized loss U.S. government agency securities $ — $ — $ 989 $ (11 ) $ 989 $ (11 ) Mortgage-backed securities - residential 60,347 (478 ) 335,769 (12,787 ) 396,116 (13,265 ) Municipals, tax exempt 27,511 (366 ) 25,343 (1,306 ) 52,854 (1,672 ) Treasury securities — — 7,242 (143 ) 7,242 (143 ) Total $ 87,858 $ (844 ) $ 369,343 $ (14,247 ) $ 457,201 $ (15,091 ) |
Loans and allowance for loan _2
Loans and allowance for loan losses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans Outstanding by Major Lending Classification | Loans outstanding at September 30, 2019 and December 31, 2018 , by major lending classification are as follows: September 30, December 31, 2019 2018 Commercial and industrial $ 997,921 $ 867,083 Construction 537,784 556,051 Residential real estate: 1-to-4 family mortgage 710,077 555,815 Residential line of credit 215,493 190,480 Multi-family mortgage 80,352 75,457 Commercial real estate: Owner occupied 620,635 493,524 Non-owner occupied 914,502 700,248 Consumer and other 268,580 228,853 Gross loans 4,345,344 3,667,511 Less: Allowance for loan losses (31,464 ) (28,932 ) Net loans $ 4,313,880 $ 3,638,579 |
Schedule of Changes Value of Accretable Yield of PCI Loans | The following table presents changes in the value of the accretable yield for PCI loans for the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Balance at the beginning of period $ (14,862 ) $ (20,169 ) $ (16,587 ) $ (17,682 ) Additions through the branch acquisition of Atlantic Capital Bank — — (1,167 ) — Principal reductions and other reclassifications from nonaccretable difference (150 ) (84 ) 100 (3,536 ) Accretion 1,583 2,103 5,471 6,943 Changes in expected cash flows 110 6 (1,136 ) (3,869 ) Balance at end of period $ (13,319 ) $ (18,144 ) $ (13,319 ) $ (18,144 ) |
Allowance for Loan Losses by Portfolio Segment and Related Investment in Loans Net of Unearned Interest | The following provides the changes in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2019 and 2018 : Commercial and industrial Construction 1-to-4 family residential mortgage Residential line of credit Multi- family residential mortgage Commercial real estate owner occupied Commercial real estate non-owner occupied Consumer and other Total Three Months Ended September 30, 2019 Beginning balance - $ 4,923 $ 9,655 $ 3,288 $ 755 $ 617 $ 3,512 $ 4,478 $ 2,910 $ 30,138 Provision for loan losses 234 186 18 67 (43 ) 194 461 714 1,831 Recoveries of loans 16 1 25 75 — 3 — 92 212 Loans charged off (3 ) — — (170 ) — — (12 ) (532 ) (717 ) Ending balance - $ 5,170 $ 9,842 $ 3,331 $ 727 $ 574 $ 3,709 $ 4,927 $ 3,184 $ 31,464 Nine Months Ended September 30, 2019 Beginning balance - December 31, 2018 $ 5,348 $ 9,729 $ 3,428 $ 811 $ 566 $ 3,132 $ 4,149 $ 1,769 $ 28,932 Provision for loan losses 17 105 (77 ) 100 8 482 790 2,678 4,103 Recoveries of loans previously charged-off 66 8 62 121 — 95 — 435 787 Loans charged off (261 ) — (82 ) (305 ) — — (12 ) (1,698 ) (2,358 ) Ending balance - September 30, 2019 $ 5,170 $ 9,842 $ 3,331 $ 727 $ 574 $ 3,709 $ 4,927 $ 3,184 $ 31,464 Commercial and industrial Construction 1-to-4 family residential mortgage Residential line of credit Multi- family residential mortgage Commercial real estate owner occupied Commercial real estate non-owner occupied Consumer and other Total Three Months Ended September 30, 2018 Beginning balance - $ 4,747 $ 9,023 $ 3,378 $ 795 $ 391 $ 3,290 $ 3,272 $ 1,451 $ 26,347 Provision for loan losses 847 (754 ) 47 25 292 236 639 486 1,818 Recoveries of loans 104 13 99 31 — 10 — 103 360 Loans charged off (333 ) (14 ) (4 ) (13 ) — (55 ) — (498 ) (917 ) Ending balance - $ 5,365 $ 8,268 $ 3,520 $ 838 $ 683 $ 3,481 $ 3,911 $ 1,542 $ 27,608 Nine Months Ended September 30, 2018 Beginning balance - December 31, 2017 $ 4,461 $ 7,135 $ 3,197 $ 944 $ 434 $ 3,558 $ 2,817 $ 1,495 $ 24,041 Provision for loan losses 1,088 35 235 (175 ) 249 (163 ) 1,043 886 3,198 Recoveries of loans previously charged-off 374 1,127 157 102 — 141 51 416 2,368 Loans charged off (558 ) (29 ) (69 ) (33 ) — (55 ) — (1,255 ) (1,999 ) Ending balance - $ 5,365 $ 8,268 $ 3,520 $ 838 $ 683 $ 3,481 $ 3,911 $ 1,542 $ 27,608 |
Allocation of Allowance for Loan Losses by Loan Category Broken Out Between Loans Individually and Collectively Evaluated for Impairment | The following tables provides the allocation of the allowance for loan losses by loan category broken out between loans individually evaluated for impairment, loans collectively evaluated for impairment and loans acquired with deteriorated credit quality as of September 30, 2019 and December 31, 2018 : September 30, 2019 Commercial and industrial Construction 1-to-4 family residential mortgage Residential line of credit Multi- family residential mortgage Commercial real estate owner occupied Commercial real estate non-owner occupied Consumer and other Total Amount of allowance allocated to: Individually evaluated for impairment $ 13 $ — $ 11 $ — $ — $ 52 $ 405 $ 254 $ 735 Collectively evaluated for impairment 5,064 9,796 3,173 727 574 3,641 4,225 1,967 29,167 Acquired with deteriorated credit quality 93 46 147 — — 16 297 963 1,562 Ending balance - September 30, 2019 $ 5,170 $ 9,842 $ 3,331 $ 727 $ 574 $ 3,709 $ 4,927 $ 3,184 $ 31,464 December 31, 2018 Commercial and industrial Construction 1-to-4 family residential mortgage Residential line of credit Multi- family residential mortgage Commercial real estate owner occupied Commercial real estate non-owner occupied Consumer and other Total Amount of allowance allocated to: Individually evaluated for impairment $ 3 $ — $ 7 $ — $ — $ 53 $ 205 $ — $ 268 Collectively evaluated for impairment 5,247 9,677 3,205 811 566 3,066 3,628 1,583 27,783 Acquired with deteriorated credit quality 98 52 216 — — 13 316 186 881 Ending balance - December 31, 2018 $ 5,348 $ 9,729 $ 3,428 $ 811 $ 566 $ 3,132 $ 4,149 $ 1,769 $ 28,932 |
Amount of Loans by Loan Category Broken Between Loans Individually and Collectively Evaluated for Impairment | The following tables provides the amount of loans by loan category broken between loans individually evaluated for impairment, loans collectively evaluated for impairment and loans acquired with deteriorated credit quality as of September 30, 2019 and December 31, 2018 : September 30, 2019 Commercial and industrial Construction 1-to-4 family residential mortgage Residential line of credit Multi- family residential mortgage Commercial real estate owner occupied Commercial real estate non-owner occupied Consumer and other Total Loans, net of unearned income Individually evaluated for impairment $ 3,834 $ 2,061 $ 1,346 $ 245 $ — $ 2,476 $ 7,846 $ 459 $ 18,267 Collectively evaluated for impairment 992,463 532,521 687,748 215,175 80,352 612,112 894,468 249,169 4,264,008 Acquired with deteriorated credit quality 1,624 3,202 20,983 73 — 6,047 12,188 18,952 63,069 Ending balance - September 30, 2019 $ 997,921 $ 537,784 $ 710,077 $ 215,493 $ 80,352 $ 620,635 $ 914,502 $ 268,580 $ 4,345,344 December 31, 2018 Commercial and industrial Construction 1-to-4 family residential mortgage Residential line of credit Multi- family residential mortgage Commercial real estate owner occupied Commercial real estate non-owner occupied Consumer and other Total Loans, net of unearned income Individually evaluated for impairment $ 1,847 $ 1,221 $ 987 $ 245 $ — $ 2,608 $ 6,735 $ 73 $ 13,716 Collectively evaluated for impairment 863,788 549,075 535,451 190,235 75,457 484,900 677,247 208,643 3,584,796 Acquired with deteriorated credit quality 1,448 5,755 19,377 — — 6,016 16,266 20,137 68,999 Ending balance - December 31, 2018 $ 867,083 $ 556,051 $ 555,815 $ 190,480 $ 75,457 $ 493,524 $ 700,248 $ 228,853 $ 3,667,511 |
Credit Quality Indicators by Portfolio Class | The following tables show credit quality indicators by portfolio class at September 30, 2019 and December 31, 2018 : September 30, 2019 Pass Watch Substandard Total Loans, excluding purchased credit impaired loans Commercial and industrial $ 930,094 $ 49,209 $ 16,994 $ 996,297 Construction 528,358 4,074 2,150 534,582 Residential real estate: 1-to-4 family mortgage 666,942 8,254 13,898 689,094 Residential line of credit 212,556 1,171 1,693 215,420 Multi-family mortgage 80,285 67 — 80,352 Commercial real estate: Owner occupied 574,582 25,962 14,044 614,588 Non-owner occupied 868,007 25,597 8,710 902,314 Consumer and other 243,495 3,315 2,818 249,628 Total loans, excluding purchased credit impaired loans $ 4,104,319 $ 117,649 $ 60,307 $ 4,282,275 Purchased credit impaired loans Commercial and industrial $ — $ 1,023 $ 601 $ 1,624 Construction — 2,994 208 3,202 Residential real estate: 1-to-4 family mortgage — 16,540 4,443 20,983 Residential line of credit — — 73 73 Multi-family mortgage — — — — Commercial real estate: Owner occupied — 4,244 1,803 6,047 Non-owner occupied — 5,620 6,568 12,188 Consumer and other — 14,074 4,878 18,952 Total purchased credit impaired loans $ — $ 44,495 $ 18,574 $ 63,069 Total loans $ 4,104,319 $ 162,144 $ 78,881 $ 4,345,344 December 31, 2018 Pass Watch Substandard Total Loans, excluding purchased credit impaired loans Commercial and industrial $ 804,447 $ 52,624 $ 8,564 $ 865,635 Construction 543,953 5,012 1,331 550,296 Residential real estate: 1-to-4 family mortgage 519,541 8,697 8,200 536,438 Residential line of credit 186,753 1,039 2,688 190,480 Multi-family mortgage 75,381 76 — 75,457 Commercial real estate: Owner occupied 456,694 16,765 14,049 487,508 Non-owner occupied 667,447 8,881 7,654 683,982 Consumer and other 204,279 2,763 1,674 208,716 Total loans, excluding purchased credit impaired loans $ 3,458,495 $ 95,857 $ 44,160 $ 3,598,512 Purchased credit impaired loans Commercial and industrial $ — $ 964 $ 484 $ 1,448 Construction — 3,229 2,526 5,755 Residential real estate: 1-to-4 family mortgage — 14,681 4,696 19,377 Residential line of credit — — — — Multi-family mortgage — — — — Commercial real estate: Owner occupied — 4,110 1,906 6,016 Non-owner occupied — 8,266 8,000 16,266 Consumer and other — 15,422 4,715 20,137 Total purchased credit impaired loans $ — $ 46,672 $ 22,327 $ 68,999 Total loans $ 3,458,495 $ 142,529 $ 66,487 $ 3,667,511 |
Past Due Loans | The following tables provide the period-end amounts of loans that are past due thirty to eighty-nine days, past due ninety or more days and still accruing interest, loans not accruing interest and loans current on payments accruing interest by category at September 30, 2019 and December 31, 2018 : September 30, 2019 30-89 days past due 90 days or more and accruing interest Non-accrual loans Purchased Credit Impaired loans Loans current on payments and accruing interest Total Commercial and industrial $ 3,892 $ 4 $ 383 $ 1,624 $ 992,018 $ 997,921 Construction 327 — 1,107 3,202 533,148 537,784 Residential real estate: 1-to-4 family mortgage 5,552 1,316 7,260 20,983 674,966 710,077 Residential line of credit 475 298 421 73 214,226 215,493 Multi-family mortgage — — — — 80,352 80,352 Commercial real estate: Owner occupied 153 — 1,274 6,047 613,161 620,635 Non-owner occupied 2,605 5 6,596 12,188 893,108 914,502 Consumer and other 2,446 829 870 18,952 245,483 268,580 Total $ 15,450 $ 2,452 $ 17,911 $ 63,069 $ 4,246,462 $ 4,345,344 December 31, 2018 30-89 days past due 90 days or more and accruing interest Non-accrual loans Purchased Credit Impaired loans Loans current on payments and accruing interest Total Commercial and industrial $ 999 $ 65 $ 438 $ 1,448 $ 864,133 $ 867,083 Construction 109 — 283 5,755 549,904 556,051 Residential real estate: 1-to-4 family mortgage 4,919 737 2,704 19,377 528,078 555,815 Residential line of credit 726 957 804 — 187,993 190,480 Multi-family mortgage — — — — 75,457 75,457 Commercial real estate: Owner occupied 407 197 2,423 6,016 484,481 493,524 Non-owner occupied 61 77 6,885 16,266 676,959 700,248 Consumer and other 1,987 1,008 148 20,137 205,573 228,853 Total $ 9,208 $ 3,041 $ 13,685 $ 68,999 $ 3,572,578 $ 3,667,511 |
Impaired Loans Recognized | Average recorded investment and interest income on a cash basis recognized during the three and nine months ended September 30, 2019 and 2018 on impaired loans, segregated by class, were as follows: Three Months Ended Nine Months Ended September 30, 2019 Average recorded investment Interest income recognized (cash basis) Average recorded investment Interest income recognized (cash basis) With a related allowance recorded: Commercial and industrial $ 3,109 $ 51 $ 1,850 $ 156 Construction — — — — Residential real estate: 1-to-4 family mortgage 265 2 205 13 Residential line of credit — — — — Multi-family mortgage — — — — Commercial real estate: Owner occupied 184 4 371 10 Non-owner occupied 6,143 56 6,241 90 Consumer and other 447 — 198 19 Total $ 10,148 $ 113 $ 8,865 $ 288 With no related allowance recorded: Commercial and industrial $ 766 $ 11 $ 991 $ 36 Construction 1,639 90 1,641 142 Residential real estate: 1-to-4 family mortgage 835 24 962 50 Residential line of credit 427 — 245 2 Multi-family mortgage — — — — Commercial real estate: Owner occupied 2,045 41 2,171 103 Non-owner occupied 1,050 — 1,050 — Consumer and other 66 2 69 5 Total $ 6,828 $ 168 $ 7,129 $ 338 Total impaired loans $ 16,976 $ 281 $ 15,994 $ 626 September 30, 2018 With a related allowance recorded: Commercial and industrial $ 922 $ 81 $ 872 $ 84 Residential real estate: 1-to-4 family mortgage 186 2 189 7 Commercial real estate: Owner occupied 661 7 706 34 Non-owner occupied — — 72 2 Total $ 1,769 $ 90 $ 1,839 $ 127 With no related allowance recorded: Commercial and industrial $ 1,983 $ 21 $ 1,729 $ 80 Construction 1,279 35 1,283 70 Residential real estate: 1-to-4 family mortgage 1,313 15 1,189 60 Residential line of credit 127 8 127 8 Multi-family mortgage 569 2 583 26 Commercial real estate: Owner occupied 1,490 27 1,572 87 Non-owner occupied 1,049 — 1,313 7 Consumer and other 54 1 53 2 Total $ 7,864 $ 109 $ 7,849 $ 340 Total impaired loans $ 9,633 $ 199 $ 9,688 $ 467 Impaired loans recognized in conformity with ASC 310 at September 30, 2019 and December 31, 2018 , segregated by class, were as follows: September 30, 2019 Recorded investment Unpaid principal Related allowance With a related allowance recorded: Commercial and industrial $ 3,081 $ 3,081 $ 13 Residential real estate: 1-to-4 family mortgage 264 324 11 Commercial real estate: Owner occupied 182 220 52 Non-owner occupied 6,796 6,831 405 Consumer and other 395 395 254 Total $ 10,718 $ 10,851 $ 735 With no related allowance recorded Commercial and industrial $ 753 $ 898 $ — Construction 2,061 2,484 — Residential real estate: 1-to-4 family mortgage 1,082 1,400 — Residential line of credit 245 262 — Commercial real estate: Owner occupied 2,294 3,437 — Non-owner occupied 1,050 1,781 — Consumer and other 64 64 — Total $ 7,549 $ 10,326 $ — Total impaired loans $ 18,267 $ 21,177 $ 735 December 31, 2018 Recorded investment Unpaid principal Related allowance With a related allowance recorded: Commercial and industrial $ 618 $ 732 $ 3 Residential real estate: 1-to-4 family mortgage 145 145 7 Commercial real estate: Owner occupied 560 641 53 Non-owner occupied 5,686 5,686 205 Total $ 7,009 $ 7,204 $ 268 With no related allowance recorded: Commercial and industrial $ 1,229 $ 1,281 $ — Construction 1,221 1,262 — Residential real estate: 1-to-4 family mortgage 842 1,151 — Residential line of credit 245 249 — Commercial real estate: Owner occupied 2,048 2,780 — Non-owner occupied 1,049 1,781 — Consumer and other 73 73 — Total $ 6,707 $ 8,577 $ — Total impaired loans $ 13,716 $ 15,781 $ 268 |
Financial Effect of TDRs | The following tables present the financial effect of TDRs recorded during the periods indicated. Three Months Ended September 30, 2019 Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Charge offs and specific reserves Commercial and industrial 1 $ 16 $ 16 $ — Construction 1 1,070 1,070 — Commercial real estate: Owner occupied 1 927 927 — Non-owner occupied 1 1,366 1,366 106 Residential real estate: 1-to-4 family mortgage 1 128 128 — Total 5 $ 3,507 $ 3,507 $ 106 Three Months Ended September 30, 2018 Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Charge offs and specific reserves Commercial real estate: Owner occupied 1 $ 143 $ 143 $ — Consumer and other 4 55 55 — Total 5 $ 198 $ 198 $ — Nine Months Ended September 30, 2019 Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Charge offs and specific reserves Commercial and industrial 3 $ 3,204 $ 3,204 $ — Construction 1 1,070 1,070 — Commercial real estate: Owner occupied 1 927 927 — Non-owner occupied 1 1,366 1,366 106 Residential real estate: 1-to-4 family mortgage 1 128 128 — Total 7 $ 6,695 $ 6,695 $ 106 Nine Months Ended September 30, 2018 Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Charge offs and specific reserves Commercial and industrial 2 $ 887 $ 887 $ — Commercial real estate: Owner occupied 1 143 143 — Residential real estate: 1-4 family mortgage 1 249 249 — Consumer and other 5 61 61 — Total 9 $ 1,340 $ 1,340 $ — |
Other real estate owned (Tables
Other real estate owned (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate [Abstract] | |
Summary of Other Real Estate Owned | The following table summarizes the other real estate owned for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Balance at beginning of period $15,521 $ 14,639 $ 12,643 $ 16,442 Transfers from loans 1,535 476 3,565 1,490 Transfers from premises and equipment — — 2,640 — Proceeds from sale of other real estate owned (854 ) (1,457 ) (2,718 ) (3,666 ) Gain on sale of other real estate owned 260 205 582 213 Loans provided for sales of other real estate owned — (191 ) (166 ) (636 ) Write-downs and partial liquidations (386 ) (85 ) (470 ) (256 ) Balance at end of period $16,076 $ 13,587 $ 16,076 $ 13,587 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes changes in goodwill during the nine months ended September 30, 2019 . There was no such activity during the nine months ended September 30, 2018 . Goodwill Balance at December 31, 2018 $ 137,190 Addition from acquisition of Atlantic Capital branches (see Note 2) 31,396 Impairment due to sale of third party origination ("TPO") mortgage delivery channel (100 ) Balance at September 30, 2019 $ 168,486 |
Schedule of Core Deposit and Other Intangibles | The change in core deposit and other intangibles during the three and nine months ended September 30, 2019 and 2018 is as follows: Core deposit and other intangibles Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Beginning Balance $ 19,945 $ 13,203 $ 11,628 $ 14,902 Addition of core deposit intangible from acquisition of Atlantic Capital branches (see Note 2) — — 10,760 — Reclassification of leasehold intangible (1) — — (460 ) — Less: amortization expense (2) (1,197 ) (800 ) (3,180 ) (2,499 ) Ending Balance $ 18,748 $ 12,403 $ 18,748 $ 12,403 (1) The Company adopted ASU 2016-02 "Leases" (Topic 842) on January 1, 2019 and reclassified $460 of leasehold intangibles to Operating lease right-of-use asset. (2) The three and nine months ended September 30, 2018 includes $23 and $67 , respectively, of amortization expense related to leasehold intangibles included in occupancy and equipment expense. |
Schedule of Estimated Aggregate Amortization Expense of Core Deposit and Other Intangibles | The estimated aggregate future amortization expense of the core deposit and other intangibles is as follows: Remainder of 2019 $ 1,159 December 31, 2020 4,262 December 31, 2021 3,663 December 31, 2022 2,973 December 31, 2023 2,247 Thereafter 4,444 $ 18,748 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost | Information related to the Company's operating leases is presented below: September 30, 2019 Right-of-use assets $ 34,812 Lease liabilities 37,760 Weighted average remaining lease term (in years) 14.43 Weighted average discount rate 3.46 % The components of lease expense included in Occupancy and equipment expense were as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating lease cost $ 1,260 $ 3,875 Short-term lease cost 81 239 Variable lease cost 146 580 Total lease cost $ 1,487 $ 4,694 |
Lessee, Operating Lease, Liability, Maturity | Lease expense for the three and nine months ended September 30, 2018 , prior to the adoption of ASU 2016-02, was $1,295 and $3,786 , respectively. A maturity analysis of operating le |
Mortgage servicing rights (Tabl
Mortgage servicing rights (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing of Financial Assets [Abstract] | |
Schedule of Changes in Mortgage Servicing Rights | Changes in the Company’s mortgage servicing rights were as follows for three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Carrying value at beginning of period $ 66,380 $ 109,449 $ 88,829 $ 76,107 Capitalization 10,387 11,741 30,319 41,555 Sales — (39,428 ) (29,160 ) (39,428 ) Change in fair value: Due to pay-offs/pay-downs (5,050 ) (3,339 ) (10,150 ) (8,606 ) Due to change in valuation inputs or assumptions (5,561 ) 1,467 (13,682 ) 10,262 Carrying value at period end $ 66,156 $ 79,890 $ 66,156 $ 79,890 |
Schedule of Servicing Income and Expense Included in Mortgage Banking Income | The following table summarizes servicing income and expense included in mortgage banking income and other noninterest expense within the Mortgage Segment operating results, respectively, for the three and nine months ended September 30, 2019 and 2018 , respectively: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Servicing income: Servicing income $ 3,960 $ 5,576 $ 12,763 $ 15,973 Change in fair value of mortgage servicing rights (10,611 ) (1,872 ) (23,832 ) 1,656 Change in fair value of derivative hedging instruments 5,520 (829 ) 13,060 (7,848 ) Servicing income (1,131 ) 2,875 1,991 9,781 Servicing expenses 1,732 2,114 4,961 5,987 Net servicing (loss) income (1) $ (2,863 ) $ 761 $ (2,970 ) $ 3,794 (1) - Excludes benefit of custodial service related noninterest bearing deposits held by the Bank. |
Schedule of Data and Key Economic Assumptions Related to Mortgage Servicing Rights | Data and key economic assumptions related to the Company’s mortgage servicing rights as of September 30, 2019 and December 31, 2018 are as follows: September 30, December 31, 2019 2018 Unpaid principal balance $ 6,297,723 $ 6,755,114 Weighted-average prepayment speed (CPR) 11.64 % 8.58 % Estimated impact on fair value of a 10% increase $ (2,743 ) $ (2,072 ) Estimated impact on fair value of a 20% increase $ (5,278 ) $ (4,006 ) Discount rate 8.58 % 10.45 % Estimated impact on fair value of a 100 bp increase $ (2,568 ) $ (2,505 ) Estimated impact on fair value of a 200 bp increase $ (4,946 ) $ (4,807 ) Weighted-average coupon interest rate 4.32 % 4.21 % Weighted-average servicing fee (basis points) 29 30 Weighted-average remaining maturity (in months) 336 325 |
Income taxes (Tables)
Income taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Allocation of Federal and State Income Taxes between Current and Deferred Portions | An allocation of federal and state income taxes between current and deferred portions is presented below: Three Months Ended September 30, 2019 2018 Current $ 9,167 $ 13,367 Deferred (1,449 ) (6,665 ) Total $ 7,718 $ 6,702 Nine Months Ended September 30, 2019 2018 Current $ 25,907 $ 15,562 Deferred (5,900 ) 4,416 Total $ 20,007 $ 19,978 |
Schedule of Reconciliation of Income Taxes Computed at the United States Federal Statutory Tax Rates to the Provision for Income Taxes | Federal income tax expense differs from the statutory federal rate of 21% for the three and nine months ended September 30, 2019 and 2018 due to the following: Three Months Ended September 30, 2019 2018 Federal taxes calculated at statutory rate $ 6,653 21.0 % $ 5,897 21.0 % Increase (decrease) resulting from: State taxes, net of federal benefit 1,512 4.7 % 1,187 4.2 % Benefit of equity based compensation (275 ) (0.9 )% (115 ) (0.4 )% Municipal interest income, net of interest disallowance (211 ) (0.7 )% (213 ) (0.8 )% Bank owned life insurance (11 ) 0.1 % (13 ) — % Other 50 0.2 % (41 ) (0.1 )% Income tax expense, as reported $ 7,718 24.4 % $ 6,702 23.9 % Nine Months Ended September 30, 2019 2018 Federal taxes calculated at statutory rate $ 17,272 21.0 % $ 17,467 21.0 % Increase (decrease) resulting from: State taxes, net of federal benefit 3,855 4.7 % 3,873 4.6 % Benefit of equity based compensation (668 ) (0.8 )% (866 ) (1.0 )% Municipal interest income, net of interest disallowance (650 ) (0.8 )% (621 ) (0.8 )% Bank owned life insurance (38 ) (0.1 )% (38 ) (0.1 )% Stock offering costs — — % 141 0.2 % Other 236 0.3 % 22 0.1 % Income tax expense, as reported $ 20,007 24.3 % $ 19,978 24.0 % |
Schedule of Net Deferred Tax liability | The components of the net deferred tax liability at September 30, 2019 and December 31, 2018 , are as follows: September 30, December 31, 2019 2018 Deferred tax assets: Allowance for loan losses $ 8,198 $ 7,539 Operating lease liability 9,839 — Amortization of core deposit intangible 1,273 1,012 Deferred compensation 5,891 5,878 Unrealized loss on available-for-sale debt securities 115 3,299 Other 2,451 1,998 Subtotal 27,767 19,726 Deferred tax liabilities: FHLB stock dividends (550 ) (550 ) Operating lease - right of use asset (9,514 ) — Depreciation (4,466 ) (4,812 ) Cash flow hedges (3,418 ) (736 ) Mortgage servicing rights (17,342 ) (23,146 ) Goodwill (8,244 ) (6,583 ) Other (901 ) (562 ) Subtotal (44,435 ) (36,389 ) Net deferred tax liability $ (16,668 ) $ (16,663 ) |
Commitments and contingencies (
Commitments and contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial instruments with Off-Balance Sheet Credit Risk | The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of the commitment. September 30, December 31, 2019 2018 Commitments to extend credit, excluding interest rate lock commitments $ 1,188,160 $ 1,032,390 Letters of credit 22,376 19,024 Balance at end of period $ 1,210,536 $ 1,051,414 |
Summary of Allowance for Loan Repurchases or Indemnifications | The following table summarizes the activity in the repurchase reserve: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Balance at beginning of period $ 3,407 $ 3,646 $ 3,273 $ 3,386 Provision for loan repurchases or indemnifications 107 206 255 598 Recoveries on previous losses (79 ) (115 ) (93 ) (247 ) Balance at end of period $ 3,435 $ 3,737 $ 3,435 $ 3,737 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Financial Instruments | The following table provides details on the Company’s derivative financial instruments as of the dates presented: September 30, 2019 Notional Amount Asset Liability Not designated as hedging: Interest rate contracts $ 427,468 $ 19,050 $ 19,050 Forward commitments 824,724 582 — Interest rate-lock commitments 679,524 9,142 — Futures contracts 270,000 398 — Option contracts — — — Total $ 2,201,716 $ 29,172 $ 19,050 December 31, 2018 Notional Amount Asset Liability Not designated as hedging: Interest rate contracts $ 295,333 $ 6,679 $ 6,679 Forward commitments 474,208 — 4,958 Interest rate-lock commitments 318,706 6,241 — Futures contracts 166,000 649 — Options contracts 3,800 26 — Total $ 1,258,047 $ 13,595 $ 11,637 September 30, 2019 Notional Amount Asset Liability Designated as hedging: Interest rate swaps $ 30,000 $ — $ 837 December 31, 2018 Notional Amount Asset Liability Designated as hedging: Interest rate swaps $ 30,000 $ 721 $ — |
Schedule of Gains (Losses) Included in the Consolidated Statements of Income Related to Derivative Financial Instruments | Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Not designated as hedging instruments (included in mortgage banking income): Interest rate lock commitments $ 447 $ (3,415 ) $ 4,202 $ (688 ) Forward commitments (3,227 ) 1,524 (12,895 ) 7,477 Futures contracts 4,685 (563 ) 10,663 (4,379 ) Option contracts 3 (55 ) 47 (50 ) Total $ 1,908 $ (2,509 ) $ 2,017 $ 2,360 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Designated as hedging: Amount of gain reclassified from other comprehensive $ 130 $ 69 $ 343 $ 62 Gain included in interest expense on borrowings 19 20 113 64 Total $ 149 $ 89 $ 456 $ 126 The following discloses the amount included in other comprehensive income (loss), net of tax, for derivative instruments designated as cash flow hedges for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Designated as hedging: Amount of (loss) gain recognized in other comprehensive income, net of tax $ (256 ) $ 169 $ (1,151 ) $ 1,638 |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Financial Instruments | The following table contains the estimated fair values and the related carrying values of the Company's financial instruments. Items which are not financial instruments are not included. Fair Value September 30, 2019 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 242,997 $ 242,997 $ — $ — $ 242,997 Investment securities 671,781 — 671,781 — 671,781 Loans, net 4,313,880 — — 4,299,499 4,299,499 Loans held for sale 305,493 — 305,493 — 305,493 Interest receivable 17,729 — 3,263 14,466 17,729 Mortgage servicing rights 66,156 — — 66,156 66,156 Derivatives 29,172 — 29,172 — 29,172 Financial liabilities: Deposits: Without stated maturities $ 3,725,500 $ 3,725,500 $ — $ — $ 3,725,500 With stated maturities 1,196,263 — 1,208,205 — 1,208,205 Securities sold under agreement to 26,199 26,199 — — 26,199 Federal Home Loan Bank advances 250,000 — 251,799 — 251,799 Subordinated debt 30,930 — 29,760 — 29,760 Interest payable 6,102 356 5,746 — 6,102 Derivatives 19,887 — 19,887 — 19,887 Fair Value December 31, 2018 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 125,356 $ 125,356 $ — $ — $ 125,356 Investment securities 658,805 — 658,805 — 658,805 Loans, net 3,638,579 — — 3,630,500 3,630,500 Loans held for sale 278,815 — 278,815 — 278,815 Interest receivable 14,503 — 2,848 11,655 14,503 Mortgage servicing rights 88,829 — — 88,829 88,829 Derivatives 14,316 — 14,316 — 14,316 Financial liabilities: Deposits: Without stated maturities $ 3,051,972 $ 3,051,972 $ — $ — $ 3,051,972 With stated maturities 1,119,745 — 1,122,076 — 1,122,076 Securities sold under agreement to 15,081 15,081 — — 15,081 Federal Home Loan Bank advances 181,765 — 181,864 — 181,864 Subordinated debt 30,930 — 30,000 — 30,000 Interest payable 5,015 530 4,485 — 5,015 Derivatives 11,637 — 11,637 — 11,637 |
Balances and Levels of Assets Measured at Fair Value on Recurring Basis | The balances and levels of the assets measured at fair value on a recurring basis at December 31, 2018 are presented in the following table: At December 31, 2018 Quoted prices in active markets for identical assets (liabilities) (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Total Recurring valuations: Financial assets: Available-for-sale securities: U.S. government agency securities $ — $ 989 $ — $ 989 Mortgage-backed securities — 508,580 — 508,580 Municipals, tax-exempt — 138,887 — 138,887 Treasury securities — 7,242 — 7,242 Equity securities — 3,107 — 3,107 Total $ — $ 658,805 $ — $ 658,805 Loans held for sale $ — $ 278,815 $ — $ 278,815 Mortgage servicing rights — — 88,829 88,829 Derivatives — 14,316 — 14,316 Financial Liabilities: Derivatives — 11,637 — 11,637 The balances and levels of the assets measured at fair value on a recurring basis at September 30, 2019 are presented in the following table: September 30, 2019 Quoted prices in active markets for identical assets (liabilities) (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Total Recurring valuations: Financial assets: Available-for-sale securities: U.S. government agency securities $ — $ 999 $ — $ 999 Mortgage-backed securities — 485,300 — 485,300 Municipals, tax-exempt — 173,785 — 173,785 Treasury securities — 7,432 — 7,432 Corporate securities — 1,015 — 1,015 Equity securities — 3,250 — 3,250 Total $ — $ 671,781 $ — $ 671,781 Loans held for sale $ — $ 305,493 $ — $ 305,493 Mortgage servicing rights — — 66,156 66,156 Derivatives — 29,172 — 29,172 Financial Liabilities: Derivatives — 19,887 — 19,887 |
Balances and Levels of Assets Measured at Fair Value on Non-recurring Basis | The balances and levels of the assets measured at fair value on a non-recurring basis at December 31, 2018 are presented in the following table: At December 31, 2018 Quoted prices in active markets for identical assets (liabilities) (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Total Non-recurring valuations: Financial assets: Other real estate owned $ — $ — $ 2,266 $ 2,266 Impaired Loans (1) : Commercial and industrial $ — $ — $ 732 $ 732 Construction — — 832 832 Residential real estate: 1-4 family mortgage — — 146 146 Commercial real estate: Owner occupied — — 87 87 Non-owner occupied — — 6,921 6,921 Total $ — $ — $ 8,718 $ 8,718 (1) Includes both impaired non-purchased loans and collateral-dependent PCI loans. The balances and levels of the assets measured at fair value on a non-recurring basis at September 30, 2019 are presented in the following table: At September 30, 2019 Quoted prices in active markets for identical assets (liabilities) (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Total Non-recurring valuations: Financial assets: Other real estate owned $ — $ — $ 6,053 $ 6,053 Impaired loans (1) : Commercial and industrial $ — $ — $ 3,479 $ 3,479 Residential real estate: 1-4 family mortgage — — 315 315 Commercial real estate: Owner occupied — — 260 260 Consumer and other — — 395 395 Total $ — $ — $ 5,815 $ 5,815 (1) Includes both impaired non-purchased loans and collateral-dependent PCI loans. |
Reconciliation for Assets and Liabilities Measured at Fair Value on Recurring Basis using Significant Unobservable Inputs or Level 3 Inputs | The following table provides a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, during the nine months ended September 30, 2019 and 2018 . There was no activity during the three months ended September 30, 2019 and 2018 . Available-for-sale securities Nine Months Ended September 30, 2019 2018 Balance at beginning of period $ — $ 3,604 Reclassification of equity securities without a readily determinable fair value to other assets — (3,604 ) Balance at end of period $ — $ — |
Information About Significant Unobservable Inputs (Level 3) Used in Valuation of Assets Measured at Fair Value on Nonrecurring Basis | The following table presents information as of September 30, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: Financial instrument Fair Value Valuation technique Significant Unobservable inputs Range of inputs Impaired loans (1) $ 5,815 Valuation of collateral Discount for comparable sales 0%-30% Other real estate owned $ 6,053 Appraised value of property less costs to sell Discount for costs to sell 0%-15% (1) Includes both impaired non-purchased loans and collateral-dependent PCI loans. The following table presents information as of December 31, 2018 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: Financial instrument Fair Value Valuation technique Significant Unobservable inputs Range of inputs Impaired loans (1) $ 8,718 Valuation of collateral Discount for comparable sales 0%-30% Other real estate owned $ 2,266 Appraised value of property less costs to sell Discount for costs to sell 0%-15% (1) Includes both impaired non-purchased loans and collateral-dependent PCI loans. |
Differences between Fair Value and Principal Balance for Loans Held for Sale Measured at Fair Value | The following table summarizes the differences between the fair value and the principal balance for loans held for sale measured at fair value as of September 30, 2019 and December 31, 2018 : September 30, 2019 Aggregate fair value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale measured at fair value $ 305,493 $ 297,311 $ 8,182 Past due loans of 90 days or more — — — Nonaccrual loans — — — December 31, 2018 Mortgage loans held for sale measured at fair value $ 278,418 $ 267,907 $ 10,511 Past due loans of 90 days or more — — — Nonaccrual loans 397 397 — |
Segment reporting (Tables)
Segment reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Financial Information | The following tables provide segment financial information for the three and nine months ended September 30, 2019 and 2018 as follows: Three Months Ended September 30, 2019 Banking Mortgage Consolidated Net interest income $ 58,350 $ (45 ) $ 58,305 Provision for loan loss 1,831 — 1,831 Mortgage banking income 10,693 23,591 34,284 Change in fair value of mortgage servicing rights, net of hedging (1) — (5,091 ) (5,091 ) Other noninterest income 8,952 — 8,952 Depreciation and amortization 1,255 125 1,380 Amortization of intangibles 1,197 — 1,197 Other noninterest mortgage banking expense 8,087 15,561 23,648 Other noninterest expense (2) 36,598 112 36,710 Income before income taxes $ 29,027 $ 2,657 $ 31,684 Income tax expense 7,718 Net income $ 23,966 Total assets $ 5,730,492 $ 358,403 $ 6,088,895 Goodwill 168,486 — 168,486 (1) Included in mortgage banking income. (2) Included $ 295 in merger costs in the Banking segment related to the Atlantic Capital branch acquisition and the pending Farmers National merger and $ 112 in the Mortgage segment related to mortgage business restructuring charges. Three Months Ended September 30, 2018 Banking Mortgage Consolidated Net interest income $ 52,733 $ 22 $ 52,755 Provision for loan loss 1,818 — 1,818 Mortgage banking income 7,417 21,933 29,350 Change in fair value of mortgage servicing rights, net of hedging (1) — (2,701 ) (2,701 ) Other noninterest income 7,706 — 7,706 Depreciation and amortization 896 117 1,013 Amortization of intangibles 777 — 777 Other noninterest mortgage banking expense 6,383 18,704 25,087 Other noninterest expense 30,336 — 30,336 Income before income taxes $ 27,646 $ 433 $ 28,079 Income tax expense 6,702 Net income $ 21,377 Total assets $ 4,637,097 $ 421,070 $ 5,058,167 Goodwill 137,090 100 137,190 (1) Included in mortgage banking income. Nine Months Ended September 30, 2019 Banking Mortgage Consolidated Net interest income $ 168,322 $ 22 $ 168,344 Provision for loan loss 4,103 — 4,103 Mortgage banking income 20,530 64,982 85,512 Change in fair value of mortgage servicing rights, net of hedging (1) — (10,772 ) (10,772 ) Other noninterest income 25,423 — 25,423 Depreciation and amortization 3,431 399 3,830 Amortization of intangibles 3,180 — 3,180 Other noninterest mortgage banking expense 15,090 50,608 65,698 Other noninterest expense (2) 107,452 1,995 109,447 Income before income taxes $ 81,019 $ 1,230 $ 82,249 Income tax expense 20,007 Net income 62,242 Total assets $ 5,730,492 $ 358,403 $ 6,088,895 Goodwill (3) 168,486 — 168,486 (1) Included in mortgage banking income. (2) Included $ 4,699 in merger costs in the Banking segment related to the Atlantic Capital branch acquisition and the pending Farmers National merger and $ 1,995 in the Mortgage segment related to mortgage business restructuring charges. (3) Recognized $100 of impairment of goodwill related to the sale of the third party origination channel in the Mortgage segment. See Note 6. Goodwill and intangible assets. Nine Months Ended September 30, 2018 Banking Mortgage Consolidated Net interest income $ 153,173 $ (472 ) $ 152,701 Provision for loan loss 3,198 — 3,198 Mortgage banking income 20,419 67,437 87,856 Change in fair value of mortgage servicing rights, net of hedging (1) — (6,192 ) (6,192 ) Other noninterest income 21,729 — 21,729 Depreciation and amortization 2,864 387 3,251 Amortization of intangibles 2,432 — 2,432 Other noninterest mortgage banking expense 17,129 56,926 74,055 Other noninterest expense (2) 89,984 — 89,984 Income before income taxes $ 79,714 $ 3,460 $ 83,174 Income tax expense 19,978 Net income 63,196 Total assets $ 4,637,097 $ 421,070 $ 5,058,167 Goodwill 137,090 100 137,190 (1) Included in mortgage banking income. (2) Included $1,193 in merger costs related to the acquisition of the Clayton Banks and $671 in offering costs in the Banking segment related to the follow-on secondary offering. |
Minimum capital requirements (T
Minimum capital requirements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Banking and Thrift [Abstract] | |
Schedule of Actual and Required Capital Amounts and Ratios | Actual and required capital amounts and ratios are presented below at period-end. Actual For capital adequacy purposes Minimum Capital adequacy with capital buffer To be well capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio September 30, 2019 Total Capital (to risk-weighted assets) FB Financial Corporation $ 614,708 12.0 % $ 409,805 8.0 % $ 537,870 10.5 % N/A N/A FirstBank 601,769 11.7 % 411,466 8.0 % 540,049 10.5 % $ 514,332 10.0 % Tier 1 Capital (to risk-weighted assets) FB Financial Corporation $ 583,244 11.3 % $ 309,687 6.0 % $ 438,723 8.5 % N/A N/A FirstBank 570,305 11.1 % 308,273 6.0 % 436,720 8.5 % $ 411,031 8.0 % Tier 1 Capital (to average assets) FB Financial Corporation $ 583,244 10.1 % $ 230,988 4.0 % N/A N/A N/A N/A FirstBank 570,305 9.8 % 232,778 4.0 % N/A N/A $ 290,972 5.0 % Common Equity Tier 1 Capital (to risk-weighted assets) FB Financial Corporation $ 553,244 10.8 % $ 230,518 4.5 % $ 358,584 7.0 % N/A N/A FirstBank 570,305 11.1 % 231,205 4.5 % 359,652 7.0 % $ 333,962 6.5 % Actual For capital adequacy purposes Minimum Capital adequacy with capital buffer To be well capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 31, 2018 Total Capital (to risk-weighted assets) FB Financial Corporation $ 582,945 13.0 % $ 358,735 8.0 % $ 442,814 9.9 % N/A N/A FirstBank 561,327 12.5 % 359,249 8.0 % 443,448 9.9 % $ 449,062 10.0 % Tier 1 Capital (to risk-weighted assets) FB Financial Corporation $ 554,013 12.4 % $ 268,071 6.0 % $ 351,843 7.9 % N/A N/A FirstBank 532,395 11.9 % 268,434 6.0 % 352,320 7.9 % $ 357,913 8.0 % Tier 1 Capital (to average assets) FB Financial Corporation $ 554,013 11.4 % $ 194,391 4.0 % N/A N/A N/A N/A FirstBank 532,395 10.9 % 195,374 4.0 % N/A N/A $ 244,218 5.0 % Common Equity Tier 1 Capital (to risk-weighted assets) FB Financial Corporation $ 524,013 11.7 % $ 201,543 4.5 % $ 285,520 6.4 % N/A N/A FirstBank 532,395 11.9 % 201,326 4.5 % 285,212 6.4 % $ 290,804 6.5 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Vested and Unvested Restricted Stock Units Outstanding | The following table summarizes information about vested and unvested restricted stock units, excluding cash-settled EBI units discussed above, outstanding at September 30, 2019 and 2018 : Nine Months Ended September 30, 2019 2018 Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Balance at beginning of period 1,140,215 $ 21.96 1,214,325 $ 19.97 Grants 167,343 34.05 117,459 40.20 Released and distributed (vested) (270,959 ) 24.00 (205,565 ) 21.93 Forfeited/expired (11,727 ) 24.56 (10,035 ) 23.66 Balance at end of period 1,024,872 $ 23.67 1,116,184 $ 21.86 |
Related party transactions (Tab
Related party transactions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Loans Analysis to Executive Officers, Certain Management, Bank Directors and Their Affiliates | An analysis of loans to executive officers, certain management, and directors of the Bank and their affiliates is presented below: Loans outstanding at January 1, 2019 $ 32,264 New loans and advances 12,160 Change in related party status (9,687 ) Repayments (3,458 ) Loans outstanding at September 30, 2019 $ 31,279 |
Basis of presentation - Additio
Basis of presentation - Additional Information (Details) $ / shares in Units, $ in Thousands | Oct. 17, 2019USD ($)$ / shares | Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2018$ / shares | Jun. 30, 2018shares | Sep. 30, 2019USD ($)branch$ / shares | Sep. 30, 2018$ / shares | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2018USD ($) |
Class of Stock [Line Items] | |||||||||
Number of full-service branches | branch | 68 | ||||||||
Cash dividends declared (USD per share) | $ / shares | $ 0.08 | $ 0.06 | $ 0.24 | $ 0.12 | |||||
Operating lease right-of-use assets | $ 34,812 | $ 34,812 | $ 0 | ||||||
Operating lease liabilities | 37,760 | 37,760 | 0 | ||||||
Cumulative effect of new accounting principal | $ (1,309) | $ 0 | |||||||
Leasehold improvements | 91,815 | 91,815 | 86,882 | ||||||
Finite lived intangible assets | $ 18,748 | $ 18,748 | $ 11,628 | ||||||
Accounting Standards Update 2016-02 | |||||||||
Class of Stock [Line Items] | |||||||||
Operating lease right-of-use assets | 32,545 | ||||||||
Operating lease liabilities | 34,876 | ||||||||
Secondary Public Offering | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock sold and issued, shares (in shares) | shares | 3,680,000 | ||||||||
Retained earnings | |||||||||
Class of Stock [Line Items] | |||||||||
Cumulative effect of new accounting principal | (1,309) | $ (109) | |||||||
Retained earnings | Accounting Standards Update 2016-02 | |||||||||
Class of Stock [Line Items] | |||||||||
Cumulative effect of new accounting principal | (1,309) | ||||||||
Cumulative effect of new accounting principle in period of adoption, net of deferred taxes | 461 | ||||||||
Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Cash dividends declared (USD per share) | $ / shares | $ 0.08 | ||||||||
Dividends declared | $ 2,556 | ||||||||
James W. Ayers | |||||||||
Class of Stock [Line Items] | |||||||||
Percentage of voting power (less than) | 50.00% | ||||||||
Lease Agreements | Accounting Standards Update 2016-02 | |||||||||
Class of Stock [Line Items] | |||||||||
Finite lived intangible assets | 460 | ||||||||
Leasehold improvements | Accounting Standards Update 2016-02 | |||||||||
Class of Stock [Line Items] | |||||||||
Leasehold improvements | $ 1,022 |
Basis of presentation - Schedul
Basis of presentation - Schedule of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Basic earnings per common share calculation: | ||||
Net income | $ 23,966 | $ 21,377 | $ 62,242 | $ 63,196 |
Dividends paid on and undistributed earnings allocated to participating securities | (128) | (114) | (333) | (337) |
Earnings attributable to common shareholders | $ 23,838 | $ 21,263 | $ 61,909 | $ 62,859 |
Weighted-average basic shares outstanding (in shares) | 30,899,583 | 30,692,668 | 30,849,035 | 30,661,852 |
Basic earnings per common share (in dollars per share) | $ 0.77 | $ 0.69 | $ 2.01 | $ 2.05 |
Diluted earnings per common share: | ||||
Earnings attributable to common shareholders | $ 23,838 | $ 21,263 | $ 61,909 | $ 62,859 |
Weighted-average basic shares outstanding (in shares) | 30,899,583 | 30,692,668 | 30,849,035 | 30,661,852 |
Weighted-average diluted shares contingently issuable (in shares) | 525,990 | 646,960 | 529,751 | 636,802 |
Weighted-average diluted shares outstanding (in shares) | 31,425,573 | 31,339,628 | 31,378,786 | 31,298,654 |
Diluted earnings per common share (in dollars per share) | $ 0.76 | $ 0.68 | $ 1.97 | $ 2.01 |
Mergers and acquisitions - Farm
Mergers and acquisitions - Farmers National Bank Narrative (Details) - Farmers National Bank of Scottsville $ / shares in Units, $ in Thousands | Sep. 17, 2019USD ($)$ / sharesshares | Sep. 30, 2019USD ($)branch |
Business Acquisition [Line Items] | ||
Number of branches | branch | 5 | |
Assets assumed in acquisition | $ 251,216 | |
Loans assumed in acquisition | 174,850 | |
Deposits assumed in acquisition | $ 201,909 | |
Business acquisition, shares issued (in shares) | shares | 954,827 | |
Cash purchase price | $ 15,000 | |
Business acquisition, share price | $ / shares | $ 38.26 | |
Business combination, consideration, value | $ 51,900 |
Mergers and acquisitions - Atla
Mergers and acquisitions - Atlantic Capital Bank Narrative (Details) $ in Thousands | Apr. 05, 2019USD ($)branch | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 168,486 | $ 137,190 | $ 168,486 | $ 137,190 | $ 137,190 | |
Merger related expenses | 295 | $ 0 | 4,699 | $ 1,193 | ||
Atlantic Capital Bank | ||||||
Business Acquisition [Line Items] | ||||||
Transaction value | $ 36,790 | |||||
Deposits assumed in acquisition | $ 588,877 | |||||
Deposit premium percentage | 6.25% | |||||
Loans, net of fair value adjustments | $ 374,966 | |||||
Percent of book value for acquired loans | 99.32% | |||||
Goodwill | $ 31,396 | |||||
Merger related expenses | $ 199 | $ 4,614 | ||||
TENNESSEE | Atlantic Capital Bank | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches acquired | branch | 11 | |||||
GEORGIA | Atlantic Capital Bank | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches acquired | branch | 3 |
Mergers and acquisitions - Sche
Mergers and acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Atlantic Capital Bank $ in Thousands | Apr. 05, 2019USD ($) |
Assets | |
Cash and cash equivalents | $ 207,822 |
Loans, net of fair value adjustments | 374,966 |
Premises and equipment | 9,650 |
Operating lease right-of-use assets | 4,133 |
Core deposit intangible | 10,760 |
Accrued interest and other assets | 1,271 |
Total assets | 608,602 |
Liabilities | |
Non-interest bearing deposits | 118,405 |
Interest-bearing checking | 112,225 |
Money markey and savings | 211,135 |
Interest-bearing deposits | 147,112 |
Total deposits | 588,877 |
Operating lease liabilities | 9,572 |
Operating lease liabilities | 4,133 |
Accrued expenses and other liabilities | 626 |
Total liabilities | 603,208 |
Net assets acquired | 5,394 |
Deposit premium | 36,790 |
Cash and equivalents received | $ 171,032 |
Mergers and acquisitions - Sc_2
Mergers and acquisitions - Schedule of Consideration Paid and Allocation of Purchase Price to Net Assets Acquired (Details) - USD ($) $ in Thousands | Apr. 05, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Preliminary allocation of consideration: | ||||
Goodwill | $ 168,486 | $ 137,190 | $ 137,190 | |
Atlantic Capital Bank | ||||
Purchase price: | ||||
Deposit premium | $ 36,790 | |||
Preliminary allocation of consideration: | ||||
Fair value of net assets acquired including identifiable intangible assets | 5,394 | |||
Goodwill | 31,396 | |||
Total consideration paid | $ 36,790 |
Mergers and acquisitions - Loan
Mergers and acquisitions - Loans and Debt Securities Acquired with Deteriorated Credit Quality (Details) - Atlantic Capital Bank $ in Thousands | Apr. 05, 2019USD ($) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually-required principal and interest | $ 11,374 |
Nonaccretable difference | 1,615 |
Best estimate of contractual cash flows expected to be collected | 9,759 |
Accretable yield | 1,167 |
Fair value | $ 8,592 |
Mergers and acquisitions - Busi
Mergers and acquisitions - Business Acquisition, Pro Forma Information (Details) - Atlantic Capital Bank - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Acquisition [Line Items] | ||||
Net interest income | $ 58,305 | $ 56,522 | $ 171,915 | $ 165,209 |
Total revenues | 96,450 | 91,688 | 272,868 | 271,099 |
Net income | $ 23,966 | $ 20,283 | $ 59,745 | $ 60,680 |
Investment securities - Summary
Investment securities - Summary of Amortized Cost of Securities and Fair Values (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized cost | $ 656,095 | $ 668,033 |
Gross unrealized gains | 14,570 | 2,756 |
Gross unrealized losses | (2,134) | (15,091) |
Fair Value | 668,531 | 655,698 |
U.S. government agency securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized cost | 1,000 | 1,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (1) | (11) |
Fair Value | 999 | 989 |
Mortgage-backed securities - residential | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized cost | 481,580 | 520,654 |
Gross unrealized gains | 5,784 | 1,191 |
Gross unrealized losses | (2,064) | (13,265) |
Fair Value | 485,300 | 508,580 |
Municipals, tax exempt | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized cost | 165,100 | 138,994 |
Gross unrealized gains | 8,754 | 1,565 |
Gross unrealized losses | (69) | (1,672) |
Fair Value | 173,785 | 138,887 |
Treasury securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized cost | 7,415 | 7,385 |
Gross unrealized gains | 17 | 0 |
Gross unrealized losses | 0 | (143) |
Fair Value | 7,432 | $ 7,242 |
Corporate securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized cost | 1,000 | |
Gross unrealized gains | 15 | |
Gross unrealized losses | 0 | |
Fair Value | $ 1,015 |
Investment securities - Narrati
Investment securities - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)security | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)security | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)security | |
Debt and Equity Securities, FV-NI [Line Items] | |||||
Equity securities, at fair value | $ 3,250,000 | $ 3,250,000 | $ 3,107,000 | ||
Available-for-sale securities | 656,095,000 | 656,095,000 | $ 668,033,000 | ||
Net gains (losses) on marketable equity securities | $ 55,000 | $ (27,000) | $ 151,000 | $ (108,000) | |
Number of securities in securities portfolio | security | 359 | 359 | 360 | ||
Number of securities in securities portfolio, unrealized loss position | security | 57 | 57 | 174 | ||
Other than temporary impairment | $ 0 | $ 0 | $ 0 | $ 0 | |
Trade Date Payables | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Available-for-sale securities | 3,671,000 | 3,671,000 | $ 2,120,000 | ||
Collateral Pledged | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Securities pledged | $ 329,681,000 | $ 329,681,000 | $ 326,215,000 |
Investment securities - Schedul
Investment securities - Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Amortized cost | ||
Amortized cost, due in one year or less | $ 5,292 | $ 15,883 |
Amortized costs, due in one to five years | 12,477 | 13,806 |
Amortized cost, due in five to ten years | 15,412 | 18,539 |
Amortized cost, due in over ten years | 141,334 | 99,151 |
Amortized cost, total | 174,515 | 147,379 |
Mortgage-backed securities - residential, amortized cost | 481,580 | 520,654 |
Amortized cost | 656,095 | 668,033 |
Fair value | ||
Fair value, due in one year or less | 5,312 | 16,028 |
Fair value, due in one to five years | 12,601 | 13,740 |
Fair value, due in five to ten years | 15,978 | 18,387 |
Fair value, due in over ten years | 149,340 | 98,963 |
Fair value, total | 183,231 | 147,118 |
Mortgage-backed securities - residential, fair value | 485,300 | 508,580 |
Total debt securities, Fair value | $ 668,531 | $ 655,698 |
Investment securities - Summa_2
Investment securities - Summary of Sales and Other Dispositions of Available-for-Sale Securities (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] | ||||
Sales | $ 22,740 | $ 0 | $ 24,498 | $ 221 |
Maturities, prepayments and calls | 28,694 | 20,068 | 78,861 | 54,576 |
Gross realized gains | 1 | 0 | 7 | 1 |
Gross realized losses | $ 76 | $ 0 | $ 83 | $ 9 |
Investment securities - Sched_2
Investment securities - Schedule of Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Abstract] | ||
Debt securities, available-for-sale, unrealized loss, less than 12 months, fair value | $ 37,163 | $ 87,858 |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (139) | (844) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, fair value | 218,384 | 369,343 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (1,995) | (14,247) |
Debt securities, available-for-sale, continuous unrealized loss position, fair value | 255,547 | 457,201 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (2,134) | (15,091) |
U.S. government agency securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt securities, available-for-sale, unrealized loss, less than 12 months, fair value | 0 | 0 |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, fair value | 999 | 989 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (1) | (11) |
Debt securities, available-for-sale, continuous unrealized loss position, fair value | 999 | 989 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (1) | (11) |
Mortgage-backed securities - residential | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt securities, available-for-sale, unrealized loss, less than 12 months, fair value | 26,610 | 60,347 |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (70) | (478) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, fair value | 217,385 | 335,769 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (1,994) | (12,787) |
Debt securities, available-for-sale, continuous unrealized loss position, fair value | 243,995 | 396,116 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (2,064) | (13,265) |
Municipals, tax exempt | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt securities, available-for-sale, unrealized loss, less than 12 months, fair value | 10,553 | 27,511 |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (69) | (366) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, fair value | 0 | 25,343 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | (1,306) |
Debt securities, available-for-sale, continuous unrealized loss position, fair value | 10,553 | 52,854 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (69) | (1,672) |
Treasury securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt securities, available-for-sale, unrealized loss, less than 12 months, fair value | 0 | 0 |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, fair value | 0 | 7,242 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | (143) |
Debt securities, available-for-sale, continuous unrealized loss position, fair value | 0 | 7,242 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ 0 | $ (143) |
Loans and allowance for loan _3
Loans and allowance for loan losses- Loans Outstanding by Major Lending Classification (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Gross loans | $ 4,345,344 | $ 3,667,511 | ||||
Less: Allowance for loan losses | (31,464) | $ (30,138) | (28,932) | $ (27,608) | $ (26,347) | $ (24,041) |
Net loans | 4,313,880 | 3,638,579 | ||||
Commercial and industrial | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Gross loans | 997,921 | 867,083 | ||||
Less: Allowance for loan losses | (5,170) | (4,923) | (5,348) | (5,365) | (4,747) | (4,461) |
Construction | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Gross loans | 537,784 | 556,051 | ||||
Less: Allowance for loan losses | (9,842) | (9,655) | (9,729) | (8,268) | (9,023) | (7,135) |
Residential real estate: | 1-to-4 family mortgage | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Gross loans | 710,077 | 555,815 | ||||
Less: Allowance for loan losses | (3,331) | (3,288) | (3,428) | (3,520) | (3,378) | (3,197) |
Residential real estate: | Residential line of credit | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Gross loans | 215,493 | 190,480 | ||||
Less: Allowance for loan losses | (727) | (755) | (811) | (838) | (795) | (944) |
Residential real estate: | Multi-family mortgage | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Gross loans | 80,352 | 75,457 | ||||
Less: Allowance for loan losses | (574) | (617) | (566) | (683) | (391) | (434) |
Commercial real estate: | Owner occupied | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Gross loans | 620,635 | 493,524 | ||||
Less: Allowance for loan losses | (3,709) | (3,512) | (3,132) | (3,481) | (3,290) | (3,558) |
Commercial real estate: | Non-owner occupied | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Gross loans | 914,502 | 700,248 | ||||
Less: Allowance for loan losses | (4,927) | (4,478) | (4,149) | (3,911) | (3,272) | (2,817) |
Consumer and other | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Gross loans | 268,580 | 228,853 | ||||
Less: Allowance for loan losses | $ (3,184) | $ (2,910) | $ (1,769) | $ (1,542) | $ (1,451) | $ (1,495) |
Loans and allowance for loan _4
Loans and allowance for loan losses - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Carrying value of PCI loans | $ 63,069,000 | $ 63,069,000 | $ 68,999,000 | ||
Accretion of interest income | 6,030,000 | $ 5,745,000 | |||
Non-accrual loans | 3,211,000 | 3,211,000 | 2,703,000 | ||
Loans | 4,345,344,000 | 4,345,344,000 | 3,667,511,000 | ||
Recorded investment in troubled debt restructurings | 11,460,000 | 11,460,000 | 6,794,000 | ||
Allocation to specific reserves | 171,000 | 171,000 | 63,000 | ||
Payment default for loans modified as troubled debt restructurings | 0 | $ 0 | 0 | 0 | |
Purchased Credit Impaired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Carrying value of PCI loans | 63,069,000 | 63,069,000 | 68,999,000 | ||
Purchase accounting liquidity discount | 781,000 | 2,436,000 | |||
Purchase accounting non accretable credit discount | 4,331,000 | 4,355,000 | |||
Accretion of interest income | 1,583,000 | 2,103,000 | 5,471,000 | 6,943,000 | |
Total purchase accounting contribution through accretion for purchased loans | 2,102,000 | $ 2,130,000 | 6,030,000 | $ 5,745,000 | |
Non-accrual loans | 0 | 0 | 0 | ||
Loans | 63,069,000 | 63,069,000 | 68,999,000 | ||
Non-Purchased Credit Impaired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Purchase accounting liquidity discount | 4,483,000 | 2,197,000 | |||
Purchase accounting accretable credit discount | 10,075,000 | 7,527,000 | |||
Federal Reserve | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Pledged loans to the Federal Reserve Bank | 1,403,511,000 | 1,403,511,000 | 1,336,092,000 | ||
Residential Mortgage Loans | Federal Home Loan Bank of Cincinnati | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Pledge loans for Federal Home Loan Bank Debt | 527,351,000 | 527,351,000 | 618,976,000 | ||
Commercial Loan | Federal Home Loan Bank of Cincinnati | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Pledge loans for Federal Home Loan Bank Debt | 521,754,000 | 521,754,000 | 608,735,000 | ||
30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans | 15,450,000 | 15,450,000 | 9,208,000 | ||
30-89 Days Past Due | Purchased Credit Impaired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans | 3,598,000 | 3,598,000 | 3,605,000 | ||
90 Days or More and Accruing Interest | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans | 2,452,000 | 2,452,000 | 3,041,000 | ||
90 Days or More and Accruing Interest | Purchased Credit Impaired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans | $ 754,000 | $ 754,000 | $ 4,076,000 |
Loans and allowance for loan _5
Loans and allowance for loan losses - Changes in Value of Accretable Yield for PCI Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Accretion | $ 6,030 | $ 5,745 | ||
Purchased Credit Impaired | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at the beginning of period | $ (14,862) | $ (20,169) | (16,587) | (17,682) |
Additions through the branch acquisition of Atlantic Capital Bank | 0 | 0 | (1,167) | 0 |
Principal reductions and other reclassifications from nonaccretable difference | (150) | (84) | 100 | (3,536) |
Accretion | 1,583 | 2,103 | 5,471 | 6,943 |
Changes in expected cash flows | 110 | 6 | (1,136) | (3,869) |
Balance at end of period | $ (13,319) | $ (18,144) | $ (13,319) | $ (18,144) |
Loans and allowance for loan _6
Loans and allowance for loan losses - Allowance for Loan Losses by Portfolio Segment and Related Investment in Loans Net of Unearned Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | $ 30,138 | $ 26,347 | $ 28,932 | $ 24,041 |
Provision for loan losses | 1,831 | 1,818 | 4,103 | 3,198 |
Recoveries of loans previously charged-off | 212 | 360 | 787 | 2,368 |
Loans charged off | (717) | (917) | (2,358) | (1,999) |
Ending balance | 31,464 | 27,608 | 31,464 | 27,608 |
Commercial and industrial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 4,923 | 4,747 | 5,348 | 4,461 |
Provision for loan losses | 234 | 847 | 17 | 1,088 |
Recoveries of loans previously charged-off | 16 | 104 | 66 | 374 |
Loans charged off | (3) | (333) | (261) | (558) |
Ending balance | 5,170 | 5,365 | 5,170 | 5,365 |
Construction | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 9,655 | 9,023 | 9,729 | 7,135 |
Provision for loan losses | 186 | (754) | 105 | 35 |
Recoveries of loans previously charged-off | 1 | 13 | 8 | 1,127 |
Loans charged off | 0 | (14) | 0 | (29) |
Ending balance | 9,842 | 8,268 | 9,842 | 8,268 |
Residential real estate: | 1-to-4 family mortgage | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 3,288 | 3,378 | 3,428 | 3,197 |
Provision for loan losses | 18 | 47 | (77) | 235 |
Recoveries of loans previously charged-off | 25 | 99 | 62 | 157 |
Loans charged off | 0 | (4) | (82) | (69) |
Ending balance | 3,331 | 3,520 | 3,331 | 3,520 |
Residential real estate: | Residential line of credit | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 755 | 795 | 811 | 944 |
Provision for loan losses | 67 | 25 | 100 | (175) |
Recoveries of loans previously charged-off | 75 | 31 | 121 | 102 |
Loans charged off | (170) | (13) | (305) | (33) |
Ending balance | 727 | 838 | 727 | 838 |
Residential real estate: | Multi-family mortgage | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 617 | 391 | 566 | 434 |
Provision for loan losses | (43) | 292 | 8 | 249 |
Recoveries of loans previously charged-off | 0 | 0 | 0 | 0 |
Loans charged off | 0 | 0 | 0 | 0 |
Ending balance | 574 | 683 | 574 | 683 |
Commercial real estate: | Owner occupied | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 3,512 | 3,290 | 3,132 | 3,558 |
Provision for loan losses | 194 | 236 | 482 | (163) |
Recoveries of loans previously charged-off | 3 | 10 | 95 | 141 |
Loans charged off | 0 | (55) | 0 | (55) |
Ending balance | 3,709 | 3,481 | 3,709 | 3,481 |
Commercial real estate: | Non-owner occupied | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 4,478 | 3,272 | 4,149 | 2,817 |
Provision for loan losses | 461 | 639 | 790 | 1,043 |
Recoveries of loans previously charged-off | 0 | 0 | 0 | 51 |
Loans charged off | (12) | 0 | (12) | 0 |
Ending balance | 4,927 | 3,911 | 4,927 | 3,911 |
Consumer and other | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 2,910 | 1,451 | 1,769 | 1,495 |
Provision for loan losses | 714 | 486 | 2,678 | 886 |
Recoveries of loans previously charged-off | 92 | 103 | 435 | 416 |
Loans charged off | (532) | (498) | (1,698) | (1,255) |
Ending balance | $ 3,184 | $ 1,542 | $ 3,184 | $ 1,542 |
Loans and allowance for loan _7
Loans and allowance for loan losses - Allocation of Allowance for Loan Losses by Loan Category Broken Out Between Loans Individually Evaluated for Impairment and Collectively Evaluated for Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | $ 735 | $ 268 | ||||
Collectively evaluated for impairment | 29,167 | 27,783 | ||||
Acquired with deteriorated credit quality | 1,562 | 881 | ||||
Ending balance | 31,464 | $ 30,138 | 28,932 | $ 27,608 | $ 26,347 | $ 24,041 |
Commercial and industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 13 | 3 | ||||
Collectively evaluated for impairment | 5,064 | 5,247 | ||||
Acquired with deteriorated credit quality | 93 | 98 | ||||
Ending balance | 5,170 | 4,923 | 5,348 | 5,365 | 4,747 | 4,461 |
Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 9,796 | 9,677 | ||||
Acquired with deteriorated credit quality | 46 | 52 | ||||
Ending balance | 9,842 | 9,655 | 9,729 | 8,268 | 9,023 | 7,135 |
Residential real estate: | 1-to-4 family mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 11 | 7 | ||||
Collectively evaluated for impairment | 3,173 | 3,205 | ||||
Acquired with deteriorated credit quality | 147 | 216 | ||||
Ending balance | 3,331 | 3,288 | 3,428 | 3,520 | 3,378 | 3,197 |
Residential real estate: | Residential line of credit | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 727 | 811 | ||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Ending balance | 727 | 755 | 811 | 838 | 795 | 944 |
Residential real estate: | Multi-family mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 574 | 566 | ||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Ending balance | 574 | 617 | 566 | 683 | 391 | 434 |
Commercial real estate: | Owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 52 | 53 | ||||
Collectively evaluated for impairment | 3,641 | 3,066 | ||||
Acquired with deteriorated credit quality | 16 | 13 | ||||
Ending balance | 3,709 | 3,512 | 3,132 | 3,481 | 3,290 | 3,558 |
Commercial real estate: | Non-owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 405 | 205 | ||||
Collectively evaluated for impairment | 4,225 | 3,628 | ||||
Acquired with deteriorated credit quality | 297 | 316 | ||||
Ending balance | 4,927 | 4,478 | 4,149 | 3,911 | 3,272 | 2,817 |
Consumer and other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 254 | 0 | ||||
Collectively evaluated for impairment | 1,967 | 1,583 | ||||
Acquired with deteriorated credit quality | 963 | 186 | ||||
Ending balance | $ 3,184 | $ 2,910 | $ 1,769 | $ 1,542 | $ 1,451 | $ 1,495 |
Loans and allowance for loan _8
Loans and allowance for loan losses - Amount of Loans by Loan Category Broken Out Between Loans Individually Evaluated for Impairment and Collectively Evaluated for Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 18,267 | $ 13,716 |
Collectively evaluated for impairment | 4,264,008 | 3,584,796 |
Fair value | 63,069 | 68,999 |
Loans | 4,345,344 | 3,667,511 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 3,834 | 1,847 |
Collectively evaluated for impairment | 992,463 | 863,788 |
Fair value | 1,624 | 1,448 |
Loans | 997,921 | 867,083 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 2,061 | 1,221 |
Collectively evaluated for impairment | 532,521 | 549,075 |
Fair value | 3,202 | 5,755 |
Loans | 537,784 | 556,051 |
Residential real estate: | 1-to-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 1,346 | 987 |
Collectively evaluated for impairment | 687,748 | 535,451 |
Fair value | 20,983 | 19,377 |
Loans | 710,077 | 555,815 |
Residential real estate: | Residential line of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 245 | 245 |
Collectively evaluated for impairment | 215,175 | 190,235 |
Fair value | 73 | 0 |
Loans | 215,493 | 190,480 |
Residential real estate: | Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 80,352 | 75,457 |
Fair value | 0 | 0 |
Loans | 80,352 | 75,457 |
Commercial real estate: | Owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 2,476 | 2,608 |
Collectively evaluated for impairment | 612,112 | 484,900 |
Fair value | 6,047 | 6,016 |
Loans | 620,635 | 493,524 |
Commercial real estate: | Non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 7,846 | 6,735 |
Collectively evaluated for impairment | 894,468 | 677,247 |
Fair value | 12,188 | 16,266 |
Loans | 914,502 | 700,248 |
Consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 459 | 73 |
Collectively evaluated for impairment | 249,169 | 208,643 |
Fair value | 18,952 | 20,137 |
Loans | $ 268,580 | $ 228,853 |
Loans and allowance for loan _9
Loans and allowance for loan losses - Credit Quality Indicators by Portfolio Class (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | $ 4,282,275 | $ 3,598,512 |
Purchased credit impaired loans | 63,069 | 68,999 |
Loans | 4,345,344 | 3,667,511 |
Pass | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 4,104,319 | 3,458,495 |
Purchased credit impaired loans | 0 | 0 |
Loans | 4,104,319 | 3,458,495 |
Watch | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 117,649 | 95,857 |
Purchased credit impaired loans | 44,495 | 46,672 |
Loans | 162,144 | 142,529 |
Substandard | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 60,307 | 44,160 |
Purchased credit impaired loans | 18,574 | 22,327 |
Loans | 78,881 | 66,487 |
Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 996,297 | 865,635 |
Purchased credit impaired loans | 1,624 | 1,448 |
Loans | 997,921 | 867,083 |
Commercial and industrial | Pass | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 930,094 | 804,447 |
Purchased credit impaired loans | 0 | 0 |
Commercial and industrial | Watch | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 49,209 | 52,624 |
Purchased credit impaired loans | 1,023 | 964 |
Commercial and industrial | Substandard | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 16,994 | 8,564 |
Purchased credit impaired loans | 601 | 484 |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 534,582 | 550,296 |
Purchased credit impaired loans | 3,202 | 5,755 |
Loans | 537,784 | 556,051 |
Construction | Pass | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 528,358 | 543,953 |
Purchased credit impaired loans | 0 | 0 |
Construction | Watch | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 4,074 | 5,012 |
Purchased credit impaired loans | 2,994 | 3,229 |
Construction | Substandard | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 2,150 | 1,331 |
Purchased credit impaired loans | 208 | 2,526 |
Residential real estate: | 1-to-4 family mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 689,094 | 536,438 |
Purchased credit impaired loans | 20,983 | 19,377 |
Loans | 710,077 | 555,815 |
Residential real estate: | Residential line of credit | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 215,420 | 190,480 |
Purchased credit impaired loans | 73 | 0 |
Loans | 215,493 | 190,480 |
Residential real estate: | Multi-family mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 80,352 | 75,457 |
Purchased credit impaired loans | 0 | 0 |
Loans | 80,352 | 75,457 |
Residential real estate: | Pass | 1-to-4 family mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 666,942 | 519,541 |
Purchased credit impaired loans | 0 | 0 |
Residential real estate: | Pass | Residential line of credit | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 212,556 | 186,753 |
Purchased credit impaired loans | 0 | 0 |
Residential real estate: | Pass | Multi-family mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 80,285 | 75,381 |
Purchased credit impaired loans | 0 | 0 |
Residential real estate: | Watch | 1-to-4 family mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 8,254 | 8,697 |
Purchased credit impaired loans | 16,540 | 14,681 |
Residential real estate: | Watch | Residential line of credit | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 1,171 | 1,039 |
Purchased credit impaired loans | 0 | 0 |
Residential real estate: | Watch | Multi-family mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 67 | 76 |
Purchased credit impaired loans | 0 | 0 |
Residential real estate: | Substandard | 1-to-4 family mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 13,898 | 8,200 |
Purchased credit impaired loans | 4,443 | 4,696 |
Residential real estate: | Substandard | Residential line of credit | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 1,693 | 2,688 |
Purchased credit impaired loans | 73 | 0 |
Residential real estate: | Substandard | Multi-family mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 0 | 0 |
Purchased credit impaired loans | 0 | 0 |
Commercial real estate: | Owner occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 614,588 | 487,508 |
Purchased credit impaired loans | 6,047 | 6,016 |
Loans | 620,635 | 493,524 |
Commercial real estate: | Non-owner occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 902,314 | 683,982 |
Purchased credit impaired loans | 12,188 | 16,266 |
Loans | 914,502 | 700,248 |
Commercial real estate: | Pass | Owner occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 574,582 | 456,694 |
Purchased credit impaired loans | 0 | 0 |
Commercial real estate: | Pass | Non-owner occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 868,007 | 667,447 |
Purchased credit impaired loans | 0 | 0 |
Commercial real estate: | Watch | Owner occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 25,962 | 16,765 |
Purchased credit impaired loans | 4,244 | 4,110 |
Commercial real estate: | Watch | Non-owner occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 25,597 | 8,881 |
Purchased credit impaired loans | 5,620 | 8,266 |
Commercial real estate: | Substandard | Owner occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 14,044 | 14,049 |
Purchased credit impaired loans | 1,803 | 1,906 |
Commercial real estate: | Substandard | Non-owner occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 8,710 | 7,654 |
Purchased credit impaired loans | 6,568 | 8,000 |
Consumer and other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 249,628 | 208,716 |
Purchased credit impaired loans | 18,952 | 20,137 |
Loans | 268,580 | 228,853 |
Consumer and other | Pass | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 243,495 | 204,279 |
Purchased credit impaired loans | 0 | 0 |
Consumer and other | Watch | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 3,315 | 2,763 |
Purchased credit impaired loans | 14,074 | 15,422 |
Consumer and other | Substandard | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, excluding purchased credit impaired loans | 2,818 | 1,674 |
Purchased credit impaired loans | $ 4,878 | $ 4,715 |
Loans and allowance for loan_10
Loans and allowance for loan losses - Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | $ 4,345,344 | $ 3,667,511 |
Purchased Credit Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 63,069 | 68,999 |
Non Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 17,911 | 13,685 |
30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 15,450 | 9,208 |
30-89 Days Past Due | Purchased Credit Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 3,598 | 3,605 |
90 Days or More and Accruing Interest | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 2,452 | 3,041 |
90 Days or More and Accruing Interest | Purchased Credit Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 754 | 4,076 |
Financing Receivables Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 4,246,462 | 3,572,578 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 997,921 | 867,083 |
Commercial and industrial | Purchased Credit Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,624 | 1,448 |
Commercial and industrial | Non Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 383 | 438 |
Commercial and industrial | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 3,892 | 999 |
Commercial and industrial | 90 Days or More and Accruing Interest | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 4 | 65 |
Commercial and industrial | Financing Receivables Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 992,018 | 864,133 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 537,784 | 556,051 |
Construction | Purchased Credit Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 3,202 | 5,755 |
Construction | Non Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,107 | 283 |
Construction | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 327 | 109 |
Construction | 90 Days or More and Accruing Interest | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction | Financing Receivables Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 533,148 | 549,904 |
Residential real estate: | 1-to-4 family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 710,077 | 555,815 |
Residential real estate: | 1-to-4 family mortgage | Purchased Credit Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 20,983 | 19,377 |
Residential real estate: | 1-to-4 family mortgage | Non Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 7,260 | 2,704 |
Residential real estate: | Residential line of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 215,493 | 190,480 |
Residential real estate: | Residential line of credit | Purchased Credit Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 73 | 0 |
Residential real estate: | Residential line of credit | Non Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 421 | 804 |
Residential real estate: | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 80,352 | 75,457 |
Residential real estate: | Multi-family mortgage | Purchased Credit Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate: | Multi-family mortgage | Non Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate: | 30-89 Days Past Due | 1-to-4 family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 5,552 | 4,919 |
Residential real estate: | 30-89 Days Past Due | Residential line of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 475 | 726 |
Residential real estate: | 30-89 Days Past Due | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate: | 90 Days or More and Accruing Interest | 1-to-4 family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,316 | 737 |
Residential real estate: | 90 Days or More and Accruing Interest | Residential line of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 298 | 957 |
Residential real estate: | 90 Days or More and Accruing Interest | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate: | Financing Receivables Current | 1-to-4 family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 674,966 | 528,078 |
Residential real estate: | Financing Receivables Current | Residential line of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 214,226 | 187,993 |
Residential real estate: | Financing Receivables Current | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 80,352 | 75,457 |
Commercial real estate: | Owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 620,635 | 493,524 |
Commercial real estate: | Owner occupied | Purchased Credit Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 6,047 | 6,016 |
Commercial real estate: | Owner occupied | Non Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,274 | 2,423 |
Commercial real estate: | Non-owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 914,502 | 700,248 |
Commercial real estate: | Non-owner occupied | Purchased Credit Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 12,188 | 16,266 |
Commercial real estate: | Non-owner occupied | Non Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 6,596 | 6,885 |
Commercial real estate: | 30-89 Days Past Due | Owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 153 | 407 |
Commercial real estate: | 30-89 Days Past Due | Non-owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 2,605 | 61 |
Commercial real estate: | 90 Days or More and Accruing Interest | Owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 197 |
Commercial real estate: | 90 Days or More and Accruing Interest | Non-owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 5 | 77 |
Commercial real estate: | Financing Receivables Current | Owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 613,161 | 484,481 |
Commercial real estate: | Financing Receivables Current | Non-owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 893,108 | 676,959 |
Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 268,580 | 228,853 |
Consumer and other | Purchased Credit Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 18,952 | 20,137 |
Consumer and other | Non Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 870 | 148 |
Consumer and other | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 2,446 | 1,987 |
Consumer and other | 90 Days or More and Accruing Interest | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 829 | 1,008 |
Consumer and other | Financing Receivables Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | $ 245,483 | $ 205,573 |
Loans and allowance for loan_11
Loans and allowance for loan losses - Impaired Loans Recognized, Segregated by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with related allowance, recorded investment | $ 10,718 | $ 7,009 |
Impaired loans with related allowance, unpaid principal | 10,851 | 7,204 |
Impaired loans with related allowance, related allowance | 735 | 268 |
Impaired loan with no related allowance, recorded investment | 7,549 | 6,707 |
Impaired loan with no related allowance, unpaid principal | 10,326 | 8,577 |
Total impaired loans, recorded investment | 18,267 | 13,716 |
Total impaired loans, unpaid principal | 21,177 | 15,781 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with related allowance, recorded investment | 3,081 | 618 |
Impaired loans with related allowance, unpaid principal | 3,081 | 732 |
Impaired loans with related allowance, related allowance | 13 | 3 |
Impaired loan with no related allowance, recorded investment | 753 | 1,229 |
Impaired loan with no related allowance, unpaid principal | 898 | 1,281 |
Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loan with no related allowance, recorded investment | 2,061 | 1,221 |
Impaired loan with no related allowance, unpaid principal | 2,484 | 1,262 |
Residential real estate: | 1-to-4 family mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with related allowance, recorded investment | 264 | 145 |
Impaired loans with related allowance, unpaid principal | 324 | 145 |
Impaired loans with related allowance, related allowance | 11 | 7 |
Impaired loan with no related allowance, recorded investment | 1,082 | 842 |
Impaired loan with no related allowance, unpaid principal | 1,400 | 1,151 |
Residential real estate: | Residential line of credit | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loan with no related allowance, recorded investment | 245 | 245 |
Impaired loan with no related allowance, unpaid principal | 262 | 249 |
Commercial real estate: | Owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with related allowance, recorded investment | 182 | 560 |
Impaired loans with related allowance, unpaid principal | 220 | 641 |
Impaired loans with related allowance, related allowance | 52 | 53 |
Impaired loan with no related allowance, recorded investment | 2,294 | 2,048 |
Impaired loan with no related allowance, unpaid principal | 3,437 | 2,780 |
Commercial real estate: | Non-owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with related allowance, recorded investment | 6,796 | 5,686 |
Impaired loans with related allowance, unpaid principal | 6,831 | 5,686 |
Impaired loans with related allowance, related allowance | 405 | 205 |
Impaired loan with no related allowance, recorded investment | 1,050 | 1,049 |
Impaired loan with no related allowance, unpaid principal | 1,781 | 1,781 |
Consumer and other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with related allowance, recorded investment | 395 | |
Impaired loans with related allowance, unpaid principal | 395 | |
Impaired loans with related allowance, related allowance | 254 | |
Impaired loan with no related allowance, recorded investment | 64 | 73 |
Impaired loan with no related allowance, unpaid principal | $ 64 | $ 73 |
Loans and allowance for loan_12
Loans and allowance for loan losses - Impaired Loans Recognized, Recorded Investment and Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with related allowance, average recorded investment | $ 10,148 | $ 1,769 | $ 8,865 | $ 1,839 |
Impaired loan with no related allowance, average recorded investment | 6,828 | 7,864 | 7,129 | 7,849 |
Total impaired loans, average recorded investment | 16,976 | 9,633 | 15,994 | 9,688 |
Impaired loans with related allowance, interest income recognized (cash basis) | 113 | 90 | 288 | 127 |
Impaired loan with no related allowance, interest income recognized (cash basis) | 168 | 109 | 338 | 340 |
Total impaired loans, interest income recognized (cash basis) | 281 | 199 | 626 | 467 |
Commercial and industrial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with related allowance, average recorded investment | 3,109 | 922 | 1,850 | 872 |
Impaired loan with no related allowance, average recorded investment | 766 | 1,983 | 991 | 1,729 |
Impaired loans with related allowance, interest income recognized (cash basis) | 51 | 81 | 156 | 84 |
Impaired loan with no related allowance, interest income recognized (cash basis) | 11 | 21 | 36 | 80 |
Construction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with related allowance, average recorded investment | 0 | 0 | ||
Impaired loan with no related allowance, average recorded investment | 1,639 | 1,279 | 1,641 | 1,283 |
Impaired loans with related allowance, interest income recognized (cash basis) | 0 | 0 | ||
Impaired loan with no related allowance, interest income recognized (cash basis) | 90 | 35 | 142 | 70 |
Residential real estate: | 1-to-4 family mortgage | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with related allowance, average recorded investment | 265 | 186 | 205 | 189 |
Impaired loan with no related allowance, average recorded investment | 835 | 1,313 | 962 | 1,189 |
Impaired loans with related allowance, interest income recognized (cash basis) | 2 | 2 | 13 | 7 |
Impaired loan with no related allowance, interest income recognized (cash basis) | 24 | 15 | 50 | 60 |
Residential real estate: | Residential line of credit | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with related allowance, average recorded investment | 0 | 0 | ||
Impaired loan with no related allowance, average recorded investment | 427 | 127 | 245 | 127 |
Impaired loans with related allowance, interest income recognized (cash basis) | 0 | 0 | ||
Impaired loan with no related allowance, interest income recognized (cash basis) | 0 | 8 | 2 | 8 |
Residential real estate: | Multi-family mortgage | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with related allowance, average recorded investment | 0 | 0 | ||
Impaired loan with no related allowance, average recorded investment | 0 | 569 | 0 | 583 |
Impaired loans with related allowance, interest income recognized (cash basis) | 0 | 0 | ||
Impaired loan with no related allowance, interest income recognized (cash basis) | 0 | 2 | 0 | 26 |
Commercial real estate: | Owner occupied | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with related allowance, average recorded investment | 184 | 661 | 371 | 706 |
Impaired loan with no related allowance, average recorded investment | 2,045 | 1,490 | 2,171 | 1,572 |
Impaired loans with related allowance, interest income recognized (cash basis) | 4 | 7 | 10 | 34 |
Impaired loan with no related allowance, interest income recognized (cash basis) | 41 | 27 | 103 | 87 |
Commercial real estate: | Non-owner occupied | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with related allowance, average recorded investment | 6,143 | 0 | 6,241 | 72 |
Impaired loan with no related allowance, average recorded investment | 1,050 | 1,049 | 1,050 | 1,313 |
Impaired loans with related allowance, interest income recognized (cash basis) | 56 | 0 | 90 | 2 |
Impaired loan with no related allowance, interest income recognized (cash basis) | 0 | 0 | 0 | 7 |
Consumer and other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with related allowance, average recorded investment | 447 | 198 | ||
Impaired loan with no related allowance, average recorded investment | 66 | 54 | 69 | 53 |
Impaired loans with related allowance, interest income recognized (cash basis) | 0 | 19 | ||
Impaired loan with no related allowance, interest income recognized (cash basis) | $ 2 | $ 1 | $ 5 | $ 2 |
Loans and allowance for loan_13
Loans and allowance for loan losses - Financial Effect of TDRs (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of loans | loan | 5 | 5 | 7 | 9 |
Pre-modification outstanding recorded investment | $ 3,507 | $ 198 | $ 6,695 | $ 1,340 |
Post-modification outstanding recorded investment | 3,507 | 198 | 6,695 | 1,340 |
Charge offs and specific reserves | $ 106 | $ 0 | $ 106 | $ 0 |
Consumer and other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans | loan | 4 | |||
Pre-modification outstanding recorded investment | $ 55 | |||
Post-modification outstanding recorded investment | 55 | |||
Charge offs and specific reserves | $ 0 | |||
Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans | loan | 1 | 3 | 2 | |
Pre-modification outstanding recorded investment | $ 16 | $ 3,204 | $ 887 | |
Post-modification outstanding recorded investment | 16 | 3,204 | 887 | |
Charge offs and specific reserves | $ 0 | $ 0 | $ 0 | |
Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans | loan | 1 | 1 | ||
Pre-modification outstanding recorded investment | $ 1,070 | $ 1,070 | ||
Post-modification outstanding recorded investment | 1,070 | 1,070 | ||
Charge offs and specific reserves | $ 0 | $ 0 | ||
Commercial real estate: | Owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans | loan | 1 | 1 | 1 | 1 |
Pre-modification outstanding recorded investment | $ 927 | $ 143 | $ 927 | $ 143 |
Post-modification outstanding recorded investment | 927 | 143 | 927 | 143 |
Charge offs and specific reserves | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial real estate: | Non-owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans | loan | 1 | 1 | ||
Pre-modification outstanding recorded investment | $ 1,366 | $ 1,366 | ||
Post-modification outstanding recorded investment | 1,366 | 1,366 | ||
Charge offs and specific reserves | $ 106 | $ 106 | ||
Residential real estate: | 1-to-4 family mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans | loan | 1 | 1 | 1 | |
Pre-modification outstanding recorded investment | $ 128 | $ 128 | $ 249 | |
Post-modification outstanding recorded investment | 128 | 128 | 249 | |
Charge offs and specific reserves | $ 0 | $ 0 | $ 0 | |
Residential real estate: | Consumer and other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans | loan | 5 | |||
Pre-modification outstanding recorded investment | $ 61 | |||
Post-modification outstanding recorded investment | 61 | |||
Charge offs and specific reserves | $ 0 |
Other real estate owned - Summa
Other real estate owned - Summary of Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Real Estate [Roll Forward] | ||||
Balance at beginning of period | $ 15,521 | $ 14,639 | $ 12,643 | $ 16,442 |
Transfers from loans | 1,535 | 476 | 3,565 | 1,490 |
Transfers from premises and equipment | 0 | 0 | 2,640 | 0 |
Proceeds from sale of other real estate owned | (854) | (1,457) | (2,718) | (3,666) |
Gain on sale of other real estate owned | 260 | 205 | 582 | 213 |
Loans provided for sales of other real estate owned | 0 | (191) | (166) | (636) |
Write-downs and partial liquidations | (386) | (85) | (470) | (256) |
Balance at end of period | $ 16,076 | $ 13,587 | $ 16,076 | $ 13,587 |
Other real estate owned - Narra
Other real estate owned - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Real Estate Properties [Line Items] | ||
Other real estate owned included excess land and facilities held for sale | $ 7,305 | |
Residential Real Estate Properties | ||
Real Estate Properties [Line Items] | ||
Foreclosed residential real estate properties | 3,066 | $ 2,101 |
Total foreclosure proceedings in process | 867 | 478 |
Atlantic Capital Bank | ||
Real Estate Properties [Line Items] | ||
Other real estate owned included excess land and facilities held for sale | $ 891 | $ 5,381 |
Goodwill and intangible asset_2
Goodwill and intangible assets Goodwill and intangible assets - Goodwill activity (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 137,190,000 | |
Addition from acquisition of Atlantic Capital branches | 31,396,000 | |
Impairment due to sale of third party origination (TPO) mortgage delivery channel | (100,000) | $ 0 |
Goodwill, ending balance | $ 168,486,000 | $ 137,190,000 |
Goodwill and intangible asset_3
Goodwill and intangible assets - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairment | $ 100,000 | $ 0 | |
Atlantic Capital Bank | Core deposit intangible | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets acquired | $ 10,760,000 | ||
Estimated useful life of intangible assets | 6 years |
Goodwill and intangible asset_4
Goodwill and intangible assets - Schedule of Core Deposit and Other Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Finite-lived Intangible Assets [Roll Forward] | ||||
Beginning Balance | $ 11,628 | |||
Amortization of intangibles | $ (1,197) | $ (777) | (3,180) | $ (2,432) |
Ending Balance | 18,748 | 18,748 | ||
Core Deposit and Other Intangibles | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Beginning Balance | 19,945 | 13,203 | 11,628 | 14,902 |
Finite-lived intangible assets acquired | 0 | 0 | 10,760 | 0 |
Reclassification of leasehold intangible | 0 | 0 | (460) | 0 |
Amortization of intangibles | (1,197) | (800) | (3,180) | (2,499) |
Ending Balance | 18,748 | $ 12,403 | 18,748 | $ 12,403 |
Lease Agreements | Occupancy and equipment expense | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Amortization of intangibles | $ (23) | $ (67) |
Goodwill and intangible asset_5
Goodwill and intangible assets - Schedule of Estimated Aggregate Amortization Expense of Core Deposit and Other Intangibles (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2019 | $ 1,159 | |
December 31, 2020 | 4,262 | |
December 31, 2021 | 3,663 | |
December 31, 2022 | 2,973 | |
December 31, 2023 | 2,247 | |
Thereafter | 4,444 | |
Net Carrying Amount | $ 18,748 | $ 11,628 |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019lease_renew_optionlease | |
Lessee, Lease, Description [Line Items] | |||
Lessee, number of operating leases, noncurrent | lease | 42 | ||
Lessee, operating lease, number of options to renew | lease_renew_option | 1 | ||
Operating lease rent expense | $ | $ 1,295 | $ 3,786 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, operating lease, term of contract | 1 year | ||
Lessee, operating lease, renewal term | 20 years | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, operating lease, term of contract | 37 years |
Leases - Operating Leases (Deta
Leases - Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 34,812 | $ 0 |
Lease liability | $ 37,760 | $ 0 |
Weighted average remaining lease term (in years) | 14 years 5 months 5 days | |
Weighted average discount rate | 3.46% |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,260 | $ 3,875 |
Short-term lease cost | 81 | 239 |
Variable lease cost | 146 | 580 |
Total lease cost | $ 1,487 | $ 4,694 |
Leases - Maturity (Details)
Leases - Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Lease payments due on or before: | ||
September 30, 2020 | $ 5,537 | |
September 30, 2021 | 5,244 | |
September 30, 2022 | 4,523 | |
September 30, 2023 | 3,996 | |
September 30, 2024 | 3,578 | |
Thereafter | 26,396 | |
Total undiscounted cash flows | 49,274 | |
Discount on cash flows | (11,514) | |
Lease liability | $ 37,760 | $ 0 |
Mortgage servicing rights - Sch
Mortgage servicing rights - Schedule of Changes in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Carrying value at beginning of period | $ 66,380 | $ 109,449 | $ 88,829 | $ 76,107 |
Capitalization | 10,387 | 11,741 | 30,319 | 41,555 |
Sales | 0 | (39,428) | (29,160) | (39,428) |
Change in fair value: | ||||
Due to pay-offs/pay-downs | (5,050) | (3,339) | (10,150) | (8,606) |
Due to change in valuation inputs or assumptions | (5,561) | 1,467 | (13,682) | 10,262 |
Carrying value at period end | $ 66,156 | $ 79,890 | $ 66,156 | $ 79,890 |
Mortgage servicing rights - S_2
Mortgage servicing rights - Schedule of Servicing Income and Expense Included in Mortgage Banking Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Servicing income: | ||||
Servicing income | $ 3,960 | $ 5,576 | $ 12,763 | $ 15,973 |
Change in fair value of mortgage servicing rights | (10,611) | (1,872) | (23,832) | 1,656 |
Change in fair value of derivative hedging instruments | 5,520 | (829) | 13,060 | (7,848) |
Servicing income | (1,131) | 2,875 | 1,991 | 9,781 |
Servicing expenses | 1,732 | 2,114 | 4,961 | 5,987 |
Net servicing (loss) income | $ (2,863) | $ 761 | $ (2,970) | $ 3,794 |
Mortgage servicing rights - S_3
Mortgage servicing rights - Schedule of Data and Key Economic Assumptions Related to Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Transfers and Servicing of Financial Assets [Abstract] | ||
Unpaid principal balance | $ 6,297,723 | $ 6,755,114 |
Weighted-average prepayment speed (CPR) | 11.64% | 8.58% |
Estimated impact on fair value of a 10% increase | $ (2,743) | $ (2,072) |
Estimated impact on fair value of a 20% increase | $ (5,278) | $ (4,006) |
Discount rate | 8.58% | 10.45% |
Estimated impact on fair value of a 100 bp increase | $ (2,568) | $ (2,505) |
Estimated impact on fair value of a 200 bp increase | $ (4,946) | $ (4,807) |
Weighted-average coupon interest rate | 4.32% | 4.21% |
Weighted-average servicing fee (basis points) | 0.29% | 0.30% |
Weighted-average remaining maturity (in months) | 336 months | 325 months |
Mortgage servicing rights - Nar
Mortgage servicing rights - Narrative (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 | |
Transfers and Servicing of Financial Assets [Abstract] | |||||
Mortgage servicing rights sold | $ 0 | $ 39,428 | $ 29,160 | $ 39,428 | |
Mortgage loans serviced | 2,034,374 | $ 3,181,483 | 2,034,374 | $ 3,181,483 | |
Mortgage escrow deposit | $ 121,400 | $ 121,400 | $ 53,468 |
Income taxes - Schedule of Allo
Income taxes - Schedule of Allocation of Federal and State Income Taxes between Current and Deferred Portions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Current | $ 9,167 | $ 13,367 | $ 25,907 | $ 15,562 |
Deferred | (1,449) | (6,665) | (5,900) | 4,416 |
Total | $ 7,718 | $ 6,702 | $ 20,007 | $ 19,978 |
Income taxes - Schedule of Reco
Income taxes - Schedule of Reconciliation of Income Taxes Computed at the United States Federal Statutory Tax Rates to the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Federal taxes calculated at statutory rate | $ 6,653 | $ 5,897 | $ 17,272 | $ 17,467 |
Federal taxes calculated at statutory rate, percent | 21.00% | 21.00% | 21.00% | 21.00% |
Increase (decrease) resulting from: | ||||
State taxes, net of federal benefit | $ 1,512 | $ 1,187 | $ 3,855 | $ 3,873 |
Benefit of equity based compensation | (275) | (115) | (668) | (866) |
Municipal interest income, net of interest disallowance | (211) | (213) | (650) | (621) |
Bank owned life insurance | (11) | (13) | (38) | (38) |
Stock offering costs | 0 | 141 | ||
Other | 50 | (41) | 236 | 22 |
Total | $ 7,718 | $ 6,702 | $ 20,007 | $ 19,978 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
State taxes, net of federal benefit, percent | 4.70% | 4.20% | 4.70% | 4.60% |
Benefit of equity based compensation, percent | (0.90%) | (0.40%) | (0.80%) | (1.00%) |
Municipal interest income, net of interest disallowance, percent | (0.70%) | (0.80%) | (0.80%) | (0.80%) |
Bank owned life insurance, percent | 0.10% | (0.00%) | (0.10%) | (0.10%) |
Stock offering costs, percent | 0.00% | 0.20% | ||
Other, percent | 0.20% | (0.10%) | 0.30% | 0.10% |
Income tax expense, as reported | 24.40% | 23.90% | 24.30% | 24.00% |
Income taxes - Schedule of Net
Income taxes - Schedule of Net Deferred Tax liability (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for loan losses | $ 8,198 | $ 7,539 |
Operating lease liability | 9,839 | 0 |
Amortization of core deposit intangible | 1,273 | 1,012 |
Deferred compensation | 5,891 | 5,878 |
Unrealized loss on available-for-sale debt securities | 115 | 3,299 |
Other | 2,451 | 1,998 |
Subtotal | 27,767 | 19,726 |
Deferred tax liabilities: | ||
FHLB stock dividends | (550) | (550) |
Operating lease - right of use asset | (9,514) | 0 |
Depreciation | (4,466) | (4,812) |
Cash flow hedges | (3,418) | (736) |
Mortgage servicing rights | (17,342) | (23,146) |
Goodwill | (8,244) | (6,583) |
Other | (901) | (562) |
Subtotal | (44,435) | (36,389) |
Net deferred tax liability | $ (16,668) | $ (16,663) |
Commitments and contingencies -
Commitments and contingencies - Summary of Financial Instruments with Off-Balance Sheet Credit Risk (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Balance at end of period | $ 1,210,536 | $ 1,051,414 |
Commitments to extend credit, excluding interest rate lock commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Balance at end of period | 1,188,160 | 1,032,390 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Balance at end of period | $ 22,376 | $ 19,024 |
Commitments and contingencies_2
Commitments and contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Total principal amount of loans repurchased or indemnified | $ 1,165 | $ 2,322 | $ 4,675 | $ 4,984 |
Commitments and contingencies_3
Commitments and contingencies - Summary of Allowance for Loan Repurchases or Indemnifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Balance at beginning of period | $ 3,407 | $ 3,646 | $ 3,273 | $ 3,386 |
Provision for loan repurchases or indemnifications | 107 | 206 | 255 | 598 |
Recoveries on previous losses | (79) | (115) | (93) | (247) |
Balance at end of period | $ 3,435 | $ 3,737 | $ 3,435 | $ 3,737 |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||||
Jul. 31, 2017USD ($)derivative | Mar. 31, 2018USD ($) | Sep. 30, 2019USD ($)derivative | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Derivative [Line Items] | ||||||||
Notional Amount | $ 100,000 | |||||||
Stockholders' equity | $ 744,835 | $ 718,759 | $ 671,857 | $ 648,731 | $ 630,959 | $ 596,729 | ||
Cash collateral pledged on derivatives | $ 34,172 | 13,904 | ||||||
Subordinated Debentures | ||||||||
Derivative [Line Items] | ||||||||
Number of derivative instruments | derivative | 2 | |||||||
Long-term debt | $ 30,930 | |||||||
Interest rate swaps | ||||||||
Derivative [Line Items] | ||||||||
Number of derivative instruments | derivative | 3 | |||||||
Interest rate swaps | Designated as hedging: | ||||||||
Derivative [Line Items] | ||||||||
Notional Amount | 30,000 | 30,000 | ||||||
Interest rate swaps | Subordinated Debentures | ||||||||
Derivative [Line Items] | ||||||||
Notional Amount | 30,000 | |||||||
Fair value of interest rate swap | (837) | 721 | ||||||
Interest Rate Swaps Three | ||||||||
Derivative [Line Items] | ||||||||
Notional Amount | $ 30,000 | |||||||
Derivative notional amount maturity period | 3 years | |||||||
Interest Rate Swaps Four | ||||||||
Derivative [Line Items] | ||||||||
Notional Amount | $ 35,000 | |||||||
Derivative notional amount maturity period | 4 years | |||||||
Interest Rate Swaps Five | ||||||||
Derivative [Line Items] | ||||||||
Notional Amount | $ 35,000 | |||||||
Derivative notional amount maturity period | 5 years | |||||||
Gain on canceled derivatives | $ 1,564 | |||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||||||
Derivative [Line Items] | ||||||||
Stockholders' equity | $ 1,093 | $ 1,436 | ||||||
London Interbank Offered Rate (LIBOR) | Interest rate swaps | Subordinated Debentures | ||||||||
Derivative [Line Items] | ||||||||
Variable interest rate | 2.08% |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Jul. 31, 2017 |
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 100,000 | ||
Not designated as hedging: | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 2,201,716 | $ 1,258,047 | |
Asset | 29,172 | 13,595 | |
Liability | 19,050 | 11,637 | |
Interest rate contracts | Not designated as hedging: | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 427,468 | 295,333 | |
Asset | 19,050 | 6,679 | |
Liability | 19,050 | 6,679 | |
Forward commitments | Not designated as hedging: | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 824,724 | 474,208 | |
Asset | 582 | 0 | |
Liability | 0 | 4,958 | |
Interest rate-lock commitments | Not designated as hedging: | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 679,524 | 318,706 | |
Asset | 9,142 | 6,241 | |
Liability | 0 | 0 | |
Futures contracts | Not designated as hedging: | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 270,000 | 166,000 | |
Asset | 398 | 649 | |
Liability | 0 | 0 | |
Option contracts | Not designated as hedging: | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 0 | 3,800 | |
Asset | 0 | 26 | |
Liability | 0 | 0 | |
Interest rate swaps | Designated as hedging: | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 30,000 | 30,000 | |
Asset | 0 | 721 | |
Liability | $ 837 | $ 0 |
Derivatives - Schedule of Gains
Derivatives - Schedule of Gains (Losses) Included in the Consolidated Statements of Income Related to Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivatives, Fair Value [Line Items] | ||||
Reclassification adjustment for gain on hedging activities, tax | $ (46) | $ 23 | $ (121) | $ 22 |
Amount of (loss) gain recognized in other comprehensive income, net of tax | (256) | (1,151) | ||
Amount of (loss) gain recognized in other comprehensive income, net of tax | 169 | 1,638 | ||
Not designated as hedging: | Mortgage Banking Income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | 1,908 | (2,509) | 2,017 | 2,360 |
Designated as hedging: | ||||
Derivatives, Fair Value [Line Items] | ||||
Total cash flow hedge gain (loss) and derivative excluded component increase (decrease) | 149 | 89 | 456 | 126 |
Designated as hedging: | Interest Expense on Borrowings | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of gain (loss) reclassified from other comprehensive income and recognized in interest expense on borrowings | 130 | 69 | 343 | 62 |
Gain included in interest expense on borrowings | 19 | 20 | 113 | 64 |
Interest rate-lock commitments | Not designated as hedging: | Mortgage Banking Income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | 447 | (3,415) | 4,202 | (688) |
Forward commitments | Not designated as hedging: | Mortgage Banking Income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | (3,227) | 1,524 | (12,895) | 7,477 |
Futures contracts | Not designated as hedging: | Mortgage Banking Income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | 4,685 | (563) | 10,663 | (4,379) |
Option contracts | Not designated as hedging: | Mortgage Banking Income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | $ 3 | $ (55) | $ 47 | $ (50) |
Fair value of financial instr_3
Fair value of financial instruments - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Interest receivable | $ 17,729 | $ 14,503 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 242,997 | 125,356 |
Investment securities | 0 | 0 |
Loans, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Interest receivable | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivatives | 0 | 0 |
Financial liabilities: | ||
Deposits, Without stated maturities | 3,725,500 | 3,051,972 |
Deposits, With stated maturities | 0 | 0 |
Securities sold under agreement to repurchase and federal funds sold | 26,199 | 15,081 |
Federal Home Loan Bank advances | 0 | 0 |
Subordinated debt | 0 | 0 |
Interest Payable | 356 | 530 |
Derivatives | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities | 671,781 | 658,805 |
Loans, net | 0 | 0 |
Loans held for sale | 305,493 | 278,815 |
Interest receivable | 3,263 | 2,848 |
Mortgage servicing rights | 0 | 0 |
Derivatives | 29,172 | 14,316 |
Financial liabilities: | ||
Deposits, Without stated maturities | 0 | 0 |
Deposits, With stated maturities | 1,208,205 | 1,122,076 |
Securities sold under agreement to repurchase and federal funds sold | 0 | 0 |
Federal Home Loan Bank advances | 251,799 | 181,864 |
Subordinated debt | 29,760 | 30,000 |
Interest Payable | 5,746 | 4,485 |
Derivatives | 19,887 | 11,637 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities | 0 | 0 |
Loans, net | 4,299,499 | 3,630,500 |
Loans held for sale | 0 | 0 |
Interest receivable | 14,466 | 11,655 |
Mortgage servicing rights | 66,156 | 88,829 |
Derivatives | 0 | 0 |
Financial liabilities: | ||
Deposits, Without stated maturities | 0 | 0 |
Deposits, With stated maturities | 0 | 0 |
Securities sold under agreement to repurchase and federal funds sold | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Subordinated debt | 0 | 0 |
Interest Payable | 0 | 0 |
Derivatives | 0 | 0 |
Carrying amount | ||
Financial assets: | ||
Cash and cash equivalents | 242,997 | 125,356 |
Investment securities | 671,781 | 658,805 |
Loans, net | 4,313,880 | 3,638,579 |
Loans held for sale | 305,493 | 278,815 |
Interest receivable | 17,729 | 14,503 |
Mortgage servicing rights | 66,156 | 88,829 |
Derivatives | 29,172 | 14,316 |
Financial liabilities: | ||
Deposits, Without stated maturities | 3,725,500 | 3,051,972 |
Deposits, With stated maturities | 1,196,263 | 1,119,745 |
Securities sold under agreement to repurchase and federal funds sold | 26,199 | 15,081 |
Federal Home Loan Bank advances | 250,000 | 181,765 |
Subordinated debt | 30,930 | 30,930 |
Interest Payable | 6,102 | 5,015 |
Derivatives | 19,887 | 11,637 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 242,997 | 125,356 |
Investment securities | 671,781 | 658,805 |
Loans, net | 4,299,499 | 3,630,500 |
Loans held for sale | 305,493 | 278,815 |
Interest receivable | 17,729 | 14,503 |
Mortgage servicing rights | 66,156 | 88,829 |
Derivatives | 29,172 | 14,316 |
Financial liabilities: | ||
Deposits, Without stated maturities | 3,725,500 | 3,051,972 |
Deposits, With stated maturities | 1,208,205 | 1,122,076 |
Securities sold under agreement to repurchase and federal funds sold | 26,199 | 15,081 |
Federal Home Loan Bank advances | 251,799 | 181,864 |
Subordinated debt | 29,760 | 30,000 |
Interest Payable | 6,102 | 5,015 |
Derivatives | $ 19,887 | $ 11,637 |
Fair value of financial instr_4
Fair value of financial instruments - Balances and Levels of Assets Measured at Fair Value on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Available-for-sale debt securities, at fair value | $ 668,531 | $ 655,698 |
Equity securities, at fair value | 3,250 | 3,107 |
Impaired loans | 18,267 | 13,716 |
Municipals, tax exempt | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 173,785 | 138,887 |
Treasury securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 7,432 | 7,242 |
Corporate securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 1,015 | |
Quoted prices in active markets for identical assets (liabilities) (level 1) | ||
Financial assets: | ||
Investment securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivatives | 0 | 0 |
Financial liabilities: | ||
Derivatives | 0 | 0 |
Significant other observable inputs (level 2) | ||
Financial assets: | ||
Investment securities | 671,781 | 658,805 |
Loans held for sale | 305,493 | 278,815 |
Mortgage servicing rights | 0 | 0 |
Derivatives | 29,172 | 14,316 |
Financial liabilities: | ||
Derivatives | 19,887 | 11,637 |
Significant unobservable inputs (level 3) | ||
Financial assets: | ||
Investment securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Mortgage servicing rights | 66,156 | 88,829 |
Derivatives | 0 | 0 |
Financial liabilities: | ||
Derivatives | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Equity securities, at fair value | 3,250 | 3,107 |
Investment securities | 671,781 | 658,805 |
Loans held for sale | 305,493 | 278,815 |
Mortgage servicing rights | 66,156 | 88,829 |
Derivatives | 29,172 | 14,316 |
Financial liabilities: | ||
Derivatives | 19,887 | 11,637 |
Fair Value, Measurements, Recurring | U.S. government agency securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 999 | 989 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 485,300 | 508,580 |
Fair Value, Measurements, Recurring | Municipals, tax exempt | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 173,785 | 138,887 |
Fair Value, Measurements, Recurring | Treasury securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 7,432 | 7,242 |
Fair Value, Measurements, Recurring | Corporate securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 1,015 | |
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets (liabilities) (level 1) | ||
Financial assets: | ||
Equity securities, at fair value | 0 | 0 |
Investment securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivatives | 0 | 0 |
Financial liabilities: | ||
Derivatives | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets (liabilities) (level 1) | U.S. government agency securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets (liabilities) (level 1) | Mortgage-backed securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets (liabilities) (level 1) | Municipals, tax exempt | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets (liabilities) (level 1) | Treasury securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets (liabilities) (level 1) | Corporate securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 0 | |
Fair Value, Measurements, Recurring | Significant other observable inputs (level 2) | ||
Financial assets: | ||
Equity securities, at fair value | 3,250 | 3,107 |
Investment securities | 671,781 | 658,805 |
Loans held for sale | 305,493 | 278,815 |
Mortgage servicing rights | 0 | 0 |
Derivatives | 29,172 | 14,316 |
Financial liabilities: | ||
Derivatives | 19,887 | 11,637 |
Fair Value, Measurements, Recurring | Significant other observable inputs (level 2) | U.S. government agency securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 999 | 989 |
Fair Value, Measurements, Recurring | Significant other observable inputs (level 2) | Mortgage-backed securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 485,300 | 508,580 |
Fair Value, Measurements, Recurring | Significant other observable inputs (level 2) | Municipals, tax exempt | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 173,785 | 138,887 |
Fair Value, Measurements, Recurring | Significant other observable inputs (level 2) | Treasury securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 7,432 | 7,242 |
Fair Value, Measurements, Recurring | Significant other observable inputs (level 2) | Corporate securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 1,015 | |
Fair Value, Measurements, Recurring | Significant unobservable inputs (level 3) | ||
Financial assets: | ||
Equity securities, at fair value | 0 | 0 |
Investment securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Mortgage servicing rights | 66,156 | 88,829 |
Derivatives | 0 | 0 |
Financial liabilities: | ||
Derivatives | 0 | 0 |
Fair Value, Measurements, Recurring | Significant unobservable inputs (level 3) | U.S. government agency securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant unobservable inputs (level 3) | Mortgage-backed securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant unobservable inputs (level 3) | Municipals, tax exempt | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant unobservable inputs (level 3) | Treasury securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant unobservable inputs (level 3) | Corporate securities | ||
Financial assets: | ||
Available-for-sale debt securities, at fair value | 0 | |
Fair Value, Measurements, Nonrecurring | ||
Financial assets: | ||
Other real estate owned | 6,053 | 2,266 |
Impaired loans | 5,815 | 8,718 |
Fair Value, Measurements, Nonrecurring | Commercial and industrial | ||
Financial assets: | ||
Impaired loans | 3,479 | 732 |
Fair Value, Measurements, Nonrecurring | Consumer and other | ||
Financial assets: | ||
Impaired loans | 395 | |
Fair Value, Measurements, Nonrecurring | Construction Loans | Commercial and industrial | ||
Financial assets: | ||
Impaired loans | 832 | |
Fair Value, Measurements, Nonrecurring | 1-to-4 family mortgage | Residential real estate: | ||
Financial assets: | ||
Impaired loans | 315 | 146 |
Fair Value, Measurements, Nonrecurring | Owner occupied | Commercial real estate: | ||
Financial assets: | ||
Impaired loans | 260 | 87 |
Fair Value, Measurements, Nonrecurring | Non-owner occupied | Commercial real estate: | ||
Financial assets: | ||
Impaired loans | 6,921 | |
Fair Value, Measurements, Nonrecurring | Quoted prices in active markets for identical assets (liabilities) (level 1) | ||
Financial assets: | ||
Other real estate owned | 0 | 0 |
Impaired loans | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Quoted prices in active markets for identical assets (liabilities) (level 1) | Commercial and industrial | ||
Financial assets: | ||
Impaired loans | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Quoted prices in active markets for identical assets (liabilities) (level 1) | Consumer and other | ||
Financial assets: | ||
Impaired loans | 0 | |
Fair Value, Measurements, Nonrecurring | Quoted prices in active markets for identical assets (liabilities) (level 1) | Construction Loans | Commercial and industrial | ||
Financial assets: | ||
Impaired loans | 0 | |
Fair Value, Measurements, Nonrecurring | Quoted prices in active markets for identical assets (liabilities) (level 1) | 1-to-4 family mortgage | Residential real estate: | ||
Financial assets: | ||
Impaired loans | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Quoted prices in active markets for identical assets (liabilities) (level 1) | Owner occupied | Commercial real estate: | ||
Financial assets: | ||
Impaired loans | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Quoted prices in active markets for identical assets (liabilities) (level 1) | Non-owner occupied | Commercial real estate: | ||
Financial assets: | ||
Impaired loans | 0 | |
Fair Value, Measurements, Nonrecurring | Significant other observable inputs (level 2) | ||
Financial assets: | ||
Other real estate owned | 0 | 0 |
Impaired loans | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant other observable inputs (level 2) | Commercial and industrial | ||
Financial assets: | ||
Impaired loans | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant other observable inputs (level 2) | Consumer and other | ||
Financial assets: | ||
Impaired loans | 0 | |
Fair Value, Measurements, Nonrecurring | Significant other observable inputs (level 2) | Construction Loans | Commercial and industrial | ||
Financial assets: | ||
Impaired loans | 0 | |
Fair Value, Measurements, Nonrecurring | Significant other observable inputs (level 2) | 1-to-4 family mortgage | Residential real estate: | ||
Financial assets: | ||
Impaired loans | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant other observable inputs (level 2) | Owner occupied | Commercial real estate: | ||
Financial assets: | ||
Impaired loans | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant other observable inputs (level 2) | Non-owner occupied | Commercial real estate: | ||
Financial assets: | ||
Impaired loans | 0 | |
Fair Value, Measurements, Nonrecurring | Significant unobservable inputs (level 3) | ||
Financial assets: | ||
Other real estate owned | 6,053 | 2,266 |
Impaired loans | 5,815 | 8,718 |
Fair Value, Measurements, Nonrecurring | Significant unobservable inputs (level 3) | Commercial and industrial | ||
Financial assets: | ||
Impaired loans | 3,479 | 732 |
Fair Value, Measurements, Nonrecurring | Significant unobservable inputs (level 3) | Consumer and other | ||
Financial assets: | ||
Impaired loans | 395 | |
Fair Value, Measurements, Nonrecurring | Significant unobservable inputs (level 3) | Construction Loans | Commercial and industrial | ||
Financial assets: | ||
Impaired loans | 832 | |
Fair Value, Measurements, Nonrecurring | Significant unobservable inputs (level 3) | 1-to-4 family mortgage | Residential real estate: | ||
Financial assets: | ||
Impaired loans | 315 | 146 |
Fair Value, Measurements, Nonrecurring | Significant unobservable inputs (level 3) | Owner occupied | Commercial real estate: | ||
Financial assets: | ||
Impaired loans | $ 260 | 87 |
Fair Value, Measurements, Nonrecurring | Significant unobservable inputs (level 3) | Non-owner occupied | Commercial real estate: | ||
Financial assets: | ||
Impaired loans | $ 6,921 |
Fair value of financial instr_5
Fair value of financial instruments - Reconciliation for Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs or Level 3 Inputs (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 0 | $ 3,604 |
Reclassification of equity securities without a readily determinable fair value to other assets | 0 | (3,604) |
Balance at end of period | $ 0 | $ 0 |
Fair value of financial instr_6
Fair value of financial instruments - Information about Significant Unobservable Inputs (Level 3) Used in Valuation of Assets Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | $ 18,267 | $ 13,716 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 5,815 | 8,718 |
Other real estate owned | 6,053 | 2,266 |
Fair Value, Measurements, Nonrecurring | Significant unobservable inputs (level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 5,815 | 8,718 |
Other real estate owned | $ 6,053 | $ 2,266 |
Fair Value, Measurements, Nonrecurring | Significant unobservable inputs (level 3) | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.00% | 0.00% |
Other real estate owned, measurement input | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant unobservable inputs (level 3) | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 30.00% | 30.00% |
Other real estate owned, measurement input | 0.15 | 0.15 |
Fair value of financial instr_7
Fair value of financial instruments - Additional Information (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 | |
Mortgage Loans | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Net (losses) gains from fair value changes of mortgage loans | $ (3,291) | $ 3,212 | $ (2,329) | $ 7,409 | |
GNMA | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Delinquent GNMA loans that had been previously sold | $ 28,897 | $ 28,897 | $ 67,362 |
Fair value of financial instr_8
Fair value of financial instruments - Schedule of Differences between Fair Value and Principal Balance for Loans Held for Sale Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale measured at fair value | $ 305,493 | $ 278,418 |
Past due loans of 90 days or more | 0 | 0 |
Nonaccrual loans | 0 | 397 |
Aggregate Unpaid Principal Balance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale measured at fair value | 297,311 | 267,907 |
Past due loans of 90 days or more | 0 | 0 |
Nonaccrual loans | 0 | 397 |
Difference | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale measured at fair value | 8,182 | 10,511 |
Past due loans of 90 days or more | 0 | 0 |
Nonaccrual loans | $ 0 | $ 0 |
Segment reporting - Additional
Segment reporting - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)segment | Sep. 30, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Other noninterest expense | $ 36,710 | $ 30,336 | $ 109,447 | $ 89,984 |
Interest income | 67,639 | 57,904 | 194,363 | 163,126 |
Mortgage Segment | ||||
Segment Reporting Information [Line Items] | ||||
Other noninterest expense | 112 | 0 | 1,995 | 0 |
Interest paid | $ 2,875 | $ 3,997 | $ 8,723 | $ 13,022 |
Mortgage Segment | Prime Interest Rate | ||||
Segment Reporting Information [Line Items] | ||||
Warehouse line of credit interest rate | 5.00% | 5.25% | 5.00% | 5.25% |
Banking Segment | ||||
Segment Reporting Information [Line Items] | ||||
Other noninterest expense | $ 36,598 | $ 30,336 | $ 107,452 | $ 89,984 |
Interest income | $ (5,848) | $ 0 | $ 3,997 | $ 13,022 |
Segment reporting - Schedule of
Segment reporting - Schedule of Segment Financial Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 58,305,000 | $ 52,755,000 | $ 168,344,000 | $ 152,701,000 | |
Provision for loan losses | 1,831,000 | 1,818,000 | 4,103,000 | 3,198,000 | |
Mortgage banking income | 34,284,000 | 29,350,000 | 85,512,000 | 87,856,000 | |
Change in fair value of mortgage servicing rights | (5,091,000) | (2,701,000) | (10,772,000) | (6,192,000) | |
Other noninterest income | 8,952,000 | 7,706,000 | 25,423,000 | 21,729,000 | |
Depreciation and amortization | 1,380,000 | 1,013,000 | 3,830,000 | 3,251,000 | |
Amortization of intangibles | 1,197,000 | 777,000 | 3,180,000 | 2,432,000 | |
Other noninterest mortgage banking expense | 23,648,000 | 25,087,000 | 65,698,000 | 74,055,000 | |
Other noninterest expense | 36,710,000 | 30,336,000 | 109,447,000 | 89,984,000 | |
Income before income taxes | 31,684,000 | 28,079,000 | 82,249,000 | 83,174,000 | |
Income tax expense | 7,718,000 | 6,702,000 | 20,007,000 | 19,978,000 | |
Net income | 23,966,000 | 21,377,000 | 62,242,000 | 63,196,000 | |
Total assets | 6,088,895,000 | 5,058,167,000 | 6,088,895,000 | 5,058,167,000 | $ 5,136,764,000 |
Goodwill | 168,486,000 | 137,190,000 | 168,486,000 | 137,190,000 | $ 137,190,000 |
Merger costs | 295,000 | 0 | 4,699,000 | 1,193,000 | |
Impairment of goodwill | 100,000 | 0 | |||
Banking Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 58,350,000 | 52,733,000 | 168,322,000 | 153,173,000 | |
Provision for loan losses | 1,831,000 | 1,818,000 | 4,103,000 | 3,198,000 | |
Mortgage banking income | 10,693,000 | 7,417,000 | 20,530,000 | 20,419,000 | |
Change in fair value of mortgage servicing rights | 0 | 0 | 0 | 0 | |
Other noninterest income | 8,952,000 | 7,706,000 | 25,423,000 | 21,729,000 | |
Depreciation and amortization | 1,255,000 | 896,000 | 3,431,000 | 2,864,000 | |
Amortization of intangibles | 1,197,000 | 777,000 | 3,180,000 | 2,432,000 | |
Other noninterest mortgage banking expense | 8,087,000 | 6,383,000 | 15,090,000 | 17,129,000 | |
Other noninterest expense | 36,598,000 | 30,336,000 | 107,452,000 | 89,984,000 | |
Income before income taxes | 29,027,000 | 27,646,000 | 81,019,000 | 79,714,000 | |
Total assets | 5,730,492,000 | 4,637,097,000 | 5,730,492,000 | 4,637,097,000 | |
Goodwill | 168,486,000 | 137,090,000 | 168,486,000 | 137,090,000 | |
Merger costs | 295,000 | 4,699,000 | |||
Offering cost | 671,000 | ||||
Mortgage Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | (45,000) | 22,000 | 22,000 | (472,000) | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Mortgage banking income | 23,591,000 | 21,933,000 | 64,982,000 | 67,437,000 | |
Change in fair value of mortgage servicing rights | (5,091,000) | (2,701,000) | (10,772,000) | (6,192,000) | |
Other noninterest income | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 125,000 | 117,000 | 399,000 | 387,000 | |
Amortization of intangibles | 0 | 0 | 0 | 0 | |
Other noninterest mortgage banking expense | 15,561,000 | 18,704,000 | 50,608,000 | 56,926,000 | |
Other noninterest expense | 112,000 | 0 | 1,995,000 | 0 | |
Income before income taxes | 2,657,000 | 433,000 | 1,230,000 | 3,460,000 | |
Total assets | 358,403,000 | 421,070,000 | 358,403,000 | 421,070,000 | |
Goodwill | $ 0 | $ 100,000 | 0 | $ 100,000 | |
Impairment of goodwill | $ 100,000 |
Minimum capital requirements -
Minimum capital requirements - Additional Information (Details) | Sep. 30, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Capital conservative buffer percentage | 2.50% | 1.88% |
Minimum capital requirements _2
Minimum capital requirements - Schedule of Actual and Required Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
FB Financial Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to risk-weighted assets), Actual Amount | $ 614,708 | $ 582,945 |
Total Capital (to risk-weighted assets), Actual Ratio | 12.00% | 13.00% |
Total Capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 409,805 | $ 358,735 |
Total Capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 8.00% | 8.00% |
Total Capital (to risk-weighted assets), Minimum Capital adequacy with capital buffer, Amount | $ 537,870 | $ 442,814 |
Total Capital (to risk-weighted assets), Minimum Capital adequacy with capital buffer, Ratio | 10.50% | 9.90% |
Tier 1 Capital (to risk-weighted assets), Actual Amount | $ 583,244 | $ 554,013 |
Tier 1 Capital (to risk-weighted assets), Actual Ratio | 11.30% | 12.40% |
Tier 1 Capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 309,687 | $ 268,071 |
Tier 1 Capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 6.00% | 6.00% |
Tier 1 Capital (to risk-weighted assets), Minimum Capital adequacy with capital buffer, Amount | $ 438,723 | $ 351,843 |
Tier 1 Capital (to risk-weighted assets), Minimum Capital adequacy with capital buffer, Ratio | 8.50% | 7.90% |
Tier 1 Capital (to average assets), Actual Amount | $ 583,244 | $ 554,013 |
Tier 1 Capital (to average assets), Actual Ratio | 10.10% | 11.40% |
Tier 1 Capital (to average assets), For capital adequacy purposes, Amount | $ 230,988 | $ 194,391 |
Tier 1 Capital (to average assets), For capital adequacy purposes, Ratio | 4.00% | 4.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), Actual Amount | $ 553,244 | $ 524,013 |
Common Equity Tier 1 Capital (to risk-weighted assets), Actual Ratio | 10.80% | 11.70% |
Common Equity Tier 1 Capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 230,518 | $ 201,543 |
Common Equity Tier 1 Capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum Capital adequacy with capital buffer, Amount | $ 358,584 | $ 285,520 |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum Capital adequacy with capital buffer, Ratio | 7.00% | 6.40% |
FirstBank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to risk-weighted assets), Actual Amount | $ 601,769 | $ 561,327 |
Total Capital (to risk-weighted assets), Actual Ratio | 11.70% | 12.50% |
Total Capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 411,466 | $ 359,249 |
Total Capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 8.00% | 8.00% |
Total Capital (to risk-weighted assets), Minimum Capital adequacy with capital buffer, Amount | $ 540,049 | $ 443,448 |
Total Capital (to risk-weighted assets), Minimum Capital adequacy with capital buffer, Ratio | 10.50% | 9.90% |
Total Capital (to risk-weighted assets), To be well capitalized under prompt corrective action provisions, Amount | $ 514,332 | $ 449,062 |
Total Capital (to risk-weighted assets), To be well capitalized under prompt corrective action provisions, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to risk-weighted assets), Actual Amount | $ 570,305 | $ 532,395 |
Tier 1 Capital (to risk-weighted assets), Actual Ratio | 11.10% | 11.90% |
Tier 1 Capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 308,273 | $ 268,434 |
Tier 1 Capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 6.00% | 6.00% |
Tier 1 Capital (to risk-weighted assets), Minimum Capital adequacy with capital buffer, Amount | $ 436,720 | $ 352,320 |
Tier 1 Capital (to risk-weighted assets), Minimum Capital adequacy with capital buffer, Ratio | 8.50% | 7.90% |
Tier 1 Capital (to risk-weighted assets), To be well capitalized under prompt corrective action provisions Amount | $ 411,031 | $ 357,913 |
Tier 1 Capital (to risk-weighted assets), To be well capitalized under prompt corrective action provisions Ratio | 8.00% | 8.00% |
Tier 1 Capital (to average assets), Actual Amount | $ 570,305 | $ 532,395 |
Tier 1 Capital (to average assets), Actual Ratio | 9.80% | 10.90% |
Tier 1 Capital (to average assets), For capital adequacy purposes, Amount | $ 232,778 | $ 195,374 |
Tier 1 Capital (to average assets), For capital adequacy purposes, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to average assets), To be well capitalized under prompt corrective action provisions, Amount | $ 290,972 | $ 244,218 |
Tier 1 Capital (to average assets), To be well capitalized under prompt corrective action provisions, Ratio | 5.00% | 5.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), Actual Amount | $ 570,305 | $ 532,395 |
Common Equity Tier 1 Capital (to risk-weighted assets), Actual Ratio | 11.10% | 11.90% |
Common Equity Tier 1 Capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 231,205 | $ 201,326 |
Common Equity Tier 1 Capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum Capital adequacy with capital buffer, Amount | $ 359,652 | $ 285,212 |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum Capital adequacy with capital buffer, Ratio | 7.00% | 6.40% |
Common Equity Tier 1 Capital (to risk-weighted assets), To be well capitalized under prompt corrective action provisions, Amount | $ 333,962 | $ 290,804 |
Common Equity Tier 1 Capital (to risk-weighted assets), To be well capitalized under prompt corrective action provisions, Ratio | 6.50% | 6.50% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Vested and Unvested Restricted Stock Units Outstanding (Details) - Restricted Stock Units (RSUs) - $ / shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Restricted Stock Units Outstanding, Balance, beginning of period (in shares) | 1,140,215,000 | 1,214,325,000 |
Restricted Stock Units Outstanding, Grants (in shares) | 167,343,000 | 117,459,000 |
Restricted Stock Units Outstanding, Released and distributed (vested) (in shares) | (270,959,000) | (205,565,000) |
Restricted Stock Units Outstanding, Forfeited/expired (in shares) | (11,727,000) | (10,035,000) |
Restricted Stock Units Outstanding, Balance, end of period (in shares) | 1,024,872,000 | 1,116,184,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted Average Grant Date Fair Value, Balance, beginning of period (USD per share) | $ 21.96 | $ 19.97 |
Weighted Average Grant Date Fair Value, Grants (USD per share) | 34.05 | 40.20 |
Weighted Average Grant Date Fair Value, Released and distributed (vested) (USD per share) | 24 | 21.93 |
Weighted Average Grant Date Fair Value, Forfeited/expired (USD per share) | 24.56 | 23.66 |
Weighted Average Grant Date Fair Value, Balance, end of period (USD per share) | $ 23.67 | $ 21.86 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2016 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation cost related to stock grants and vesting of restricted stock units | $ 5,621 | $ 5,327 | ||||
Dividends declared not paid on restricted stock units | $ 168 | $ 134 | 168 | 134 | ||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value of restricted stock units vested and released | 1,488 | 490 | 6,503 | 4,508 | ||
Compensation cost related to stock grants and vesting of restricted stock units | 1,836 | 1,508 | 5,621 | 5,327 | ||
One-time expense for modification of vesting terms | 249 | |||||
Restricted Stock Units (RSUs) | Director | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation cost related to stock grants and vesting of restricted stock units | 186 | 212 | 537 | 557 | ||
Stock-Settled EBI Units and Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost related to nonvested stock-settled EBI units and restricted stock units | 12,759 | $ 12,768 | $ 12,759 | $ 12,768 | ||
Expected weighted-average period to be recognized | 1 year 10 months 13 days | 2 years 3 months 29 days | ||||
Dividends declared not paid on restricted stock units | $ 394 | $ 394 | $ 226 | |||
Employee Stock Purchase Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Purchase price percentage of subsequent offering periods | 95.00% | |||||
Maximum number of shares issuable (in shares) | 200,000 | |||||
Maximum number of shares per participant (in shares) | 725 | |||||
Maximum worth of award per participant | $ 25,000 | |||||
Shares issued under plan (in shares) | 12,558,000 | 12,072,000 | 23,171,000 | 28,609,000 | ||
Number of shares reserved for issuance (in shares) | 2,409,185 | 2,432,356 | 2,409,185 | 2,432,356 |
Related party transactions - Sc
Related party transactions - Schedule of Loans Analysis to Executive Officers, Certain Management, Bank Directors and Their Affiliates (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |
Loans outstanding, Beginning balance | $ 32,264 |
New loans and advances | 12,160 |
Change in related party status | (9,687) |
Repayments | (3,458) |
Loans outstanding, Ending balance | $ 31,279 |
Related party transactions - Ad
Related party transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Deposits from related parties | $ 271,090,000 | $ 271,090,000 | $ 287,156,000 | ||
Aviation Time Sharing Agreement | |||||
Related Party Transaction [Line Items] | |||||
Payments to related party | 46,000 | $ 36,000 | 143,000 | $ 127,000 | |
Registration Rights Agreement, 2016 | |||||
Related Party Transaction [Line Items] | |||||
Payments to related party | 0 | 0 | 700,000 | ||
Certain Executive Officers, Certain Management and Directors and Their Associates | |||||
Related Party Transaction [Line Items] | |||||
Unfunded commitments | 26,114,000 | 26,114,000 | 15,000,000 | ||
Director | |||||
Related Party Transaction [Line Items] | |||||
Unamortized leasehold improvements | 92,000 | 92,000 | $ 116,000 | ||
Lease expense | $ 128,000 | $ 128,000 | $ 381,000 | $ 387,000 |
Uncategorized Items - fbk-20190
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 109,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |