Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 28, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ABCB | ||
Entity Registrant Name | Ameris Bancorp | ||
Entity Central Index Key | 351569 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 32,205,776 | ||
Entity Public Float | $387.40 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $78,036 | $62,955 |
Interest-bearing deposits in banks | 86,823 | 190,064 |
Federal funds sold | 5,500 | 14,920 |
Investment securities available for sale, at fair value | 541,805 | 486,235 |
Other investments | 10,275 | 16,828 |
Mortgage loans held for sale, at fair value | 94,759 | 67,278 |
Loans, net of unearned income | 1,889,881 | 1,618,454 |
Purchased loans not covered by FDIC loss share agreements ("purchased non-covered loans") | 674,239 | 448,753 |
Purchased loans covered by FDIC loss share agreements ("covered loans") | 271,279 | 390,237 |
Less: allowance for loan losses | -21,157 | -22,377 |
Loans, net | 2,814,242 | 2,435,067 |
Other real estate owned, net | 33,160 | 33,351 |
Purchased, non-covered other real estate owned, net | 15,585 | 4,276 |
Covered other real estate owned, net | 19,907 | 45,893 |
Total other real estate owned, net | 68,652 | 83,520 |
Premises and equipment, net | 97,251 | 103,188 |
FDIC loss-share receivable | 31,351 | 65,441 |
Other intangible assets, net | 8,221 | 6,009 |
Goodwill | 63,547 | 35,049 |
Cash value of bank owned life insurance | 58,867 | 49,432 |
Other assets | 77,748 | 51,663 |
Total assets | 4,037,077 | 3,667,649 |
Liabilities | ||
Noninterest-bearing | 839,377 | 668,531 |
Interest-bearing | 2,591,772 | 2,330,700 |
Total deposits | 3,431,149 | 2,999,231 |
Securities sold under agreements to repurchase | 73,310 | 83,516 |
Other borrowings | 78,881 | 194,572 |
Subordinated deferrable interest debentures | 65,325 | 55,466 |
Other liabilities | 22,384 | 18,165 |
Total liabilities | 3,671,049 | 3,350,950 |
Stockholders' equity | ||
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 and 28,000 shares issued and outstanding | 28,000 | |
Common stock, par value $1; 100,000,000 shares authorized; 28,159,027 and 26,461,769 shares issued | 28,159 | 26,462 |
Capital surplus | 225,015 | 189,722 |
Retained earnings | 118,412 | 83,991 |
Accumulated other comprehensive income (loss), net of tax | 6,098 | -294 |
Treasury stock, at cost, 1,385,164 and 1,363,342 shares | -11,656 | -11,182 |
Total stockholders' equity | 366,028 | 316,699 |
Total liabilities and stockholders' equity | $4,037,077 | $3,667,649 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock, stated value | $1,000 | $1,000 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 28,000 |
Preferred stock, shares outstanding | 0 | 28,000 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 28,159,027 | 26,461,769 |
Treasury stock, shares | 1,385,164 | 1,363,342 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income | |||
Interest and fees on loans | $150,611 | $117,497 | $119,310 |
Interest on taxable securities | 12,086 | 7,134 | 8,250 |
Interest on nontaxable securities | 1,626 | 1,413 | 1,475 |
Interest on deposits in other banks | 236 | 276 | 434 |
Interest on federal funds sold | 7 | 2 | 10 |
Total interest income | 164,566 | 126,322 | 129,479 |
Interest expense | |||
Interest on deposits | 9,488 | 8,400 | 13,327 |
Interest on other borrowings | 5,192 | 1,737 | 1,747 |
Total interest expense | 14,680 | 10,137 | 15,074 |
Net interest income | 149,886 | 116,185 | 114,405 |
Provision for loan losses | 5,648 | 11,486 | 31,089 |
Net interest income after provision for loan losses | 144,238 | 104,699 | 83,316 |
Other income | |||
Service charges on deposit accounts | 24,614 | 19,545 | 19,576 |
Mortgage banking activity | 25,986 | 19,128 | 12,989 |
Other service charges, commissions and fees | 2,647 | 2,151 | 1,431 |
Net gains on sales of securities | 138 | 171 | 322 |
Gain on acquisitions | 20,037 | ||
Gain on sale of SBA loans | 3,896 | 1,500 | 264 |
Other noninterest income | 5,555 | 4,054 | 3,255 |
Total noninterest income | 62,836 | 46,549 | 57,874 |
Other expenses | |||
Salaries and employee benefits | 73,878 | 56,670 | 53,122 |
Occupancy and equipment | 17,521 | 12,286 | 13,208 |
Advertising and marketing | 2,869 | 1,620 | 1,622 |
Amortization of intangible assets | 2,330 | 1,414 | 1,359 |
Data processing and communications expenses | 15,551 | 11,539 | 10,683 |
Credit resolution related expenses | 13,506 | 15,486 | 22,416 |
Merger and conversion charges | 3,940 | 4,350 | 2,125 |
Other noninterest expenses | 21,274 | 18,580 | 14,935 |
Total noninterest expense | 150,869 | 121,945 | 119,470 |
Income before income tax expense | 56,205 | 29,303 | 21,720 |
Income tax expense | -17,482 | -9,285 | -7,285 |
Net income | 38,723 | 20,018 | 14,435 |
Preferred stock dividends | 286 | 1,738 | 3,577 |
Net income available to common stockholders | $38,437 | $18,280 | $10,858 |
Basic earnings per common share | $1.48 | $0.76 | $0.46 |
Diluted earnings per common share | $1.46 | $0.75 | $0.46 |
Dividends declared per common share | $0.15 | ||
Weighted average common shares outstanding | |||
Basic | 25,974 | 23,918 | 23,802 |
Diluted | 26,259 | 24,348 | 23,843 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statements Of Income And Comprehensive Income [Abstract] | |||
Net income | $38,723 | $20,018 | $14,435 |
Other comprehensive income/(loss): | |||
Net unrealized holding gain/(loss) arising during period on investment securities available for sale, net of tax (benefit) of $3,969, ($4,421) and $215 | 7,371 | -8,210 | 399 |
Reclassification adjustment for gains on investment securities included in operations, net of tax of $48, $60 and $113 | -90 | -111 | -209 |
Net unrealized gains (losses) on cash flow hedges during the period, net of tax (benefit) of ($479), $765 and ($474) | -889 | 1,420 | -879 |
Total other comprehensive income (loss) | 6,392 | -6,901 | -689 |
Comprehensive income | $45,115 | $13,117 | $13,746 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statements Of Income And Comprehensive Income [Abstract] | |||
Net unrealized holding gains/(losses) arising during period on investment securities available for sale, tax | $3,969 | ($4,421) | $215 |
Reclassification adjustment for gains on investment securities included in operations,tax | 48 | 60 | 113 |
Net unrealized gains (losses) on cash flow hedge during the period, tax | ($479) | $765 | ($474) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income, Net of Tax [Member] | Accumulated Other Comprehensive Income, Net of Tax [Member] | Accumulated Other Comprehensive Income, Net of Tax [Member] | Treasury Stock [Member] |
In Thousands, except Share data | Investment Securities Available For Sale [Member] | Interest Rate Swap [Member] | |||||||
Balance at beginning of period at Dec. 31, 2011 | $50,727 | $25,087 | $166,639 | $54,852 | $6,440 | $856 | ($10,831) | ||
Balance at beginning of period, shares at Dec. 31, 2011 | 1,336,174 | ||||||||
Balance at beginning of period, shares at Dec. 31, 2011 | 52,000 | 25,087,468 | |||||||
Net income | 14,435 | 14,435 | |||||||
Change during period | -689 | 190 | -879 | ||||||
Repurchase of preferred stock | -24,000 | ||||||||
Purchase of treasury shares | -235 | ||||||||
Dividends on preferred shares | -2,642 | ||||||||
Repurchase of warrant | -2,670 | ||||||||
Repurchase of preferred stock, shares | -24,000 | ||||||||
Purchase of treasury shares, shares | 18,876 | ||||||||
Issuance of restricted shares | 67 | -67 | |||||||
Stock-based compensation | 1,044 | ||||||||
Issuance of restricted shares, shares | 67,450 | ||||||||
Cancellation of restricted shares | 1 | ||||||||
Cancellation of restricted shares, shares | -500 | ||||||||
Accretion of fair value of warrant | 935 | -935 | |||||||
Proceeds from exercise of stock options | 1 | 2 | |||||||
Proceeds from exercise of stock options, shares | 400 | ||||||||
Balance at end of period at Dec. 31, 2012 | 279,017 | 27,662 | 25,155 | 164,949 | 65,710 | 6,607 | 6,630 | -23 | -11,066 |
Balance at end of period, shares at Dec. 31, 2012 | 1,355,050 | ||||||||
Balance at end of period, shares at Dec. 31, 2012 | 28,000 | 25,154,818 | |||||||
Net income | 20,018 | 20,018 | |||||||
Change during period | -6,901 | -8,321 | 1,420 | ||||||
Issuance of common stock in acquisition | 1,169 | 23,460 | |||||||
Purchase of treasury shares | -116 | ||||||||
Dividends on preferred shares | -1,399 | ||||||||
Issuance of common stock in acquisition, shares | 1,168,918 | ||||||||
Purchase of treasury shares, shares | 8,292 | ||||||||
Issuance of restricted shares | 108 | -108 | |||||||
Stock-based compensation | 1,041 | ||||||||
Issuance of restricted shares, shares | 108,400 | ||||||||
Cancellation of restricted shares | -4 | 4 | |||||||
Cancellation of restricted shares, shares | -4,000 | ||||||||
Accretion of fair value of warrant | 338 | -338 | |||||||
Proceeds from exercise of stock options | 34 | 376 | |||||||
Proceeds from exercise of stock options, shares | 33,633 | ||||||||
Balance at end of period at Dec. 31, 2013 | 316,699 | 28,000 | 26,462 | 189,722 | 83,991 | -294 | -1,691 | 1,397 | -11,182 |
Balance at end of period, shares at Dec. 31, 2013 | 1,363,342 | 1,363,342 | |||||||
Balance at end of period, shares at Dec. 31, 2013 | 28,000 | 26,461,769 | |||||||
Net income | 38,723 | 38,723 | |||||||
Change during period | 6,392 | 7,281 | -889 | ||||||
Issuance of common stock in acquisition | 1,599 | 32,875 | |||||||
Repurchase of preferred stock | -28,000 | ||||||||
Purchase of treasury shares | -474 | ||||||||
Dividends on preferred shares | -286 | ||||||||
Issuance of common stock in acquisition, shares | 1,598,998 | ||||||||
Repurchase of preferred stock, shares | -28,000 | ||||||||
Purchase of treasury shares, shares | 21,822 | ||||||||
Dividends on common shares | -4,016 | ||||||||
Issuance of restricted shares | 77 | -77 | |||||||
Stock-based compensation | 2,057 | ||||||||
Issuance of restricted shares, shares | 77,047 | ||||||||
Cancellation of restricted shares | -11 | 11 | |||||||
Cancellation of restricted shares, shares | -10,571 | ||||||||
Proceeds from exercise of stock options | 32 | 427 | |||||||
Proceeds from exercise of stock options, shares | 31,784 | ||||||||
Balance at end of period at Dec. 31, 2014 | $366,028 | $28,159 | $225,015 | $118,412 | $6,098 | $5,590 | $508 | ($11,656) | |
Balance at end of period, shares at Dec. 31, 2014 | 1,385,164 | 1,385,164 | |||||||
Balance at end of period, shares at Dec. 31, 2014 | 28,159,027 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES | |||
Net income | $38,723 | $20,018 | $14,435 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 6,642 | 4,938 | 5,032 |
Amortization of intangible assets | 2,330 | 1,414 | 1,359 |
Net amortization of investment securities available for sale | 3,666 | 3,191 | 4,410 |
Net gains on securities available for sale | -138 | -171 | -322 |
Stock based compensation expense | 2,057 | 1,041 | 1,044 |
Net (gains) losses on sale or disposal of premises and equipment | -516 | -55 | 581 |
Net write-downs and losses on sale of other real estate owned | 4,950 | 9,162 | 8,951 |
Gain on acquisitions | -20,037 | ||
Provision for loan losses | 5,648 | 11,486 | 31,089 |
Accretion of discount on covered loans | -22,188 | -42,208 | -45,752 |
Accretion of discount on purchased non-covered loans | -9,745 | ||
Changes in FDIC loss-share receivable, net of cash payments received | 11,596 | 25,461 | 6,594 |
Increase in cash surrender value of BOLI | -1,623 | -1,223 | -163 |
Provision for deferred taxes | 6,516 | 3,543 | 2,525 |
(Increase)/decrease in interest receivable | -1,952 | -1,395 | 1,102 |
Increase/(decrease) in interest payable | -49 | 199 | -1,708 |
Increase/(decrease) in taxes payable | -7,221 | -1,420 | -5,941 |
Originations of mortgage loans held for sale | -687,090 | -525,376 | -61,120 |
Proceeds from sales of mortgage loans held for sale | 666,897 | 506,884 | 23,897 |
Originations of SBA loans | -58,089 | -12,486 | -5,319 |
Proceeds from sales of SBA loans | 32,782 | 15,754 | 264 |
Gain on sale of SBA loans | -3,896 | -1,500 | -264 |
Decrease in prepaid FDIC assessments | 2,843 | 1,314 | |
Change attributable to other operating activities | 5,104 | 1,749 | 30,201 |
Net cash provided by (used in) operating activities | -5,596 | 21,849 | -7,828 |
INVESTING ACTIVITIES, net of effects of business combinations | |||
Net decrease in federal funds sold and interest-bearing deposits in banks | 128,584 | 10,380 | 35,365 |
Purchases of securities available for sale | -126,909 | -90,033 | -146,847 |
Proceeds from maturities of securities available for sale | 51,215 | 50,490 | 146,789 |
Proceeds from sale of securities available for sale | 94,051 | 36,669 | 29,240 |
(Increase)/decrease in restricted equity securities, net | 8,028 | -1,269 | 4,135 |
Net increase in loans, excluding purchased non-covered and covered loans | -251,955 | -183,731 | -190,848 |
Payments received on purchased non-covered loans | 74,931 | 943 | |
Payments received on covered loans | 102,996 | 120,155 | 194,552 |
Purchase of premises and equipment | -5,709 | -5,634 | -9,065 |
Proceeds from sale of premises and equipment | 1,213 | 2,114 | 593 |
Purchase of bank owned life insurance | -30,000 | -15,506 | |
Proceeds from sale of other real estate owned | 43,793 | 68,917 | 56,962 |
Payments received from FDIC under loss share agreements | 22,494 | 68,822 | 128,730 |
Net cash proceeds received from acquisitions | 1,099 | 4,123 | 220,516 |
Net cash provided by investing activities | 143,831 | 51,946 | 454,616 |
FINANCING ACTIVITIES, net of effects of business combinations | |||
Net increase (decrease) in deposits | 62,894 | -99,115 | -384,638 |
Net increase (decrease) in securities sold under agreements to repurchase | -15,634 | 11,866 | 12,456 |
Repayment of other borrowings | -257,060 | -177,741 | -30,334 |
Proceeds from other borrowings | 118,963 | 175,000 | |
Repurchase of warrant | -2,670 | ||
Dividends paid - preferred stock | -286 | -1,400 | -2,642 |
Dividends paid - common stock | -4,016 | ||
Redemption of preferred stock | -28,000 | -24,000 | |
Proceeds from exercise of stock options | 459 | 410 | 3 |
Purchase of treasury shares | -474 | -116 | -235 |
Net cash provided by (used in) financing activities | -123,154 | -91,096 | -432,060 |
Net increase (decrease) in cash and due from banks | 15,081 | -17,301 | 14,728 |
Cash and due from banks at beginning of period | 62,955 | 80,256 | 65,528 |
Cash and due from banks at end of period | 78,036 | 62,955 | 80,256 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Interest | 14,667 | 9,938 | 16,782 |
Income taxes | 19,281 | 16,925 | 2,563 |
Loans (excluding purchased non-covered and covered loans) transferred to other real estate owned | 11,972 | 9,137 | 19,265 |
Purchased non-covered loans transferred to other real estate owned | 4,160 | ||
Covered loans transferred to other real estate owned | 13,650 | 31,833 | 43,298 |
Loans provided for the sales of other real estate owned | 1,109 | 2,416 | 5,991 |
Assets acquired in business combinations | 448,971 | 745,027 | 450,056 |
Liabilities assumed in business combinations | 411,701 | 720,236 | 430,019 |
Issuance of common stock in acquisitions | 34,474 | 24,629 | |
Change in unrealized gain (loss) on securities available for sale | 7,281 | -8,321 | 190 |
Change in unrealized gain on cash flow hedge (interest rate swap) | ($889) | $1,420 | ($879) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Nature of Business | |||||||||||||
Ameris Bancorp (the “Company”) is a financial holding company whose primary business is presently conducted by Ameris Bank, its wholly owned banking subsidiary (the “Bank”). Through the Bank, the Company operates a full service banking business and offers a broad range of retail and commercial banking services to its customers concentrated in select markets in Georgia, Alabama, Florida and South Carolina. The Company also engages in mortgage banking activities and SBA lending, and, as such, acquires, sells and services one-to-four family residential mortgage loans and SBA loans in the Southeast. The Company and the Bank are subject to the regulations of certain federal and state agencies and are periodically examined by those regulatory agencies. | |||||||||||||
Basis of Presentation and Accounting Estimates | |||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||
In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, 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 amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Acquisition Accounting | |||||||||||||
Acquisitions are accounted for under the purchase method of accounting. Purchased assets and assumed liabilities are recorded at their estimated fair values as of the purchase date. Any identifiable intangible assets are also recorded at fair value. When the fair value of the assets purchased exceeds the fair value of liabilities assumed, it results in a “bargain purchase gain.” If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. | |||||||||||||
All identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Because deposit liabilities and the related customer relationship intangible assets may be exchanged in a sale or exchange transaction, the intangible asset associated with the depositor relationship is considered identifiable. | |||||||||||||
Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date and prohibit the carryover of the related allowance for loan losses. When the loans have evidence of credit deterioration since origination and it is probable at the date of acquisition that the Company will not collect all contractually required principal and interest payments, the difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable discount. The Company must estimate expected cash flows at each reporting date. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses. Subsequent increases in expected cash flows result in a reversal of the provision for loan losses to the extent of prior provisions and adjust accretable discount if no prior provisions have been made. This increase in accretable discount will have a positive impact on interest income. | |||||||||||||
Cash, Due from Banks and Cash Flows | |||||||||||||
For purposes of reporting cash flows, cash and due from banks includes cash on hand, cash items in process of collection and amounts due from banks. The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank. The total of the average daily required reserve was approximately $20.1 million and $11.6 million for the years ended 2014 and 2013, respectively. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and federal funds purchased and repurchase agreements. | |||||||||||||
Securities | |||||||||||||
The Company classifies its securities in one of three categories: (i) held to maturity, (ii) available for sale or (iii) trading. Trading securities are bought and held principally for the purpose of selling them in the near term. Held to maturity securities are those securities for which the Company has the ability and intent to hold until maturity. All other securities are classified as available for sale. At December 31, 2014 and 2013, all securities were classified as available for sale. | |||||||||||||
Held to maturity securities are recorded at cost, adjusted for the amortization or accretion of premiums or discounts. Trading securities are bought and held principally for the purpose of selling them in the near term. Available for sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, on available for sale securities are excluded from net income and are reported in other comprehensive income as a separate component of shareholders’ equity until realized. Transfers of securities between categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from held to maturity to available for sale are recorded as a separate component of shareholders’ equity. These unrealized holding gains or losses are amortized into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. | |||||||||||||
The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the life of the securities. Realized gains and losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. A decline in the market value of any available for sale or held to maturity investment below cost that is deemed other than temporary is charged to earnings and establishes a new cost basis for the security for the decline in value deemed to be credit related. The decline in value attributed to non-credit related factors is recognized in other comprehensive income. | |||||||||||||
In determining whether other-than-temporary impairment losses exist, management considers (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer and (iii) the Company’s intent to sell the security and whether it is more likely than not that the Company would be required to sell the security prior to its anticipated recovery or maturity. | |||||||||||||
Mortgage Loans Held-for-Sale | |||||||||||||
Mortgage loans held-for-sale are carried at the estimated fair value, as determined by outstanding commitments from third party investors in the secondary market. Adjustments to reflect unrealized gains and losses resulting from changes in fair value of mortgage loans held-for-sale and realized gains and losses upon ultimate sale of the loans are classified as noninterest income in the Consolidated Statements of Operation. | |||||||||||||
Servicing Rights | |||||||||||||
When mortgage and SBA loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in mortgage banking activity and gains on sales of SBA loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. | |||||||||||||
Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are reported with “Mortgage banking activity” on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. | |||||||||||||
Servicing fee income, which is reported on the income statement as “Other noninterest income”, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. The amortization of servicing rights is netted against loan servicing fee income. Servicing fees totaled $1,011,000, $611,000 and $453,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Late fees and ancillary fees related to loan servicing are not material. | |||||||||||||
Loans | |||||||||||||
Loans, excluding loans covered by FDIC loss-share agreements (“covered loans”) and purchased loans not covered by FDIC loss-share agreements (“purchased non-covered loans”) are reported at their outstanding principal balances less unearned income, net of deferred fees and origination costs and the allowance for loan losses. Interest income is accrued on the outstanding principal balance. For all classes of loans, the accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to make payments as they become due, unless the loan is well-secured and in the process of collection. Interest income on mortgage and commercial loans is discontinued and placed on non-accrual status at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Mortgage loans and commercial loans are charged off to the extent principal or interest is deemed uncollectible. Consumer and credit card loans continue to accrue interest until they are charged off, generally between 90 and 120 days past due, unless the loan is in the process of collection. Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. All interest accrued, but not collected for loans that are placed on nonaccrual or charged off, is reversed against interest income. Interest income on nonaccrual loans is subsequently recognized only to the extent cash payments are received until the loans are returned to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||||||
Purchased Loans | |||||||||||||
Purchased loans include loans acquired in FDIC-assisted acquisitions (“covered loans”) and other acquisitions (“purchased non-covered loans”) and are initially recorded at fair value on the date of the purchase. Purchased loans that contain evidence of credit deterioration (“purchased credit impaired loans”) on the date of purchase are carried at the net present value of expected future proceeds. All other purchased loans are recorded at their initial fair value, adjusted for subsequent advances, pay downs, amortization or accretion of any premium or discount on purchase, charge-offs and any other adjustment to carrying value. There is no carryover of the seller’s allowance for loan losses. After acquisition, losses are recognized by an increase in the allowance for loan losses. | |||||||||||||
In determining the initial fair value of purchased loans without evidence of credit deterioration at the date of acquisition, management includes (i) no carryover of any previously recorded ALLL and (ii) an adjustment of the recorded investment to reflect an appropriate market rate of interest, given the risk profile and grade assigned to each loan. This adjustment is accreted into earnings as a yield adjustment, using the effective yield method, over the remaining life of each loan. | |||||||||||||
Purchased credit impaired loans are accounted for individually. The Company estimates the amount and timing of expected cash flows for each loan, and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). | |||||||||||||
Over the life of the loan, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. | |||||||||||||
Allowance for Loan Losses | |||||||||||||
The allowance for loan losses is established through a provision for loan losses charged to expense. Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. | |||||||||||||
The allowance is an amount that management believes will be adequate to absorb estimated losses relating to specifically identified loans, as well as probable incurred losses in the balance of the loan portfolio. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of various risks in the loan portfolio highlighted by historical experience, the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, current economic conditions that may affect the borrower’s ability to pay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |||||||||||||
The allowance for loan losses evaluation does not include the effects of expected losses on specific loans or groups of loans that are related to future events or expected changes in economic conditions. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses and may require the Bank to make additions to the allowance based on their judgment about information available to them at the time of their examinations. | |||||||||||||
The allowance consists of specific and general components. The specific component includes loans management considers impaired and other loans or groups of loans that management has classified with higher risk characteristics. For such loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. | |||||||||||||
The allowance for loan losses represents a reserve for probable incurred losses in the loan portfolio. The adequacy of the allowance for loan losses is evaluated periodically based on a review of all significant loans, with a particular emphasis on non-accruing, past due and other loans that management believes might be potentially impaired or warrant additional attention. The Company segregates the loan portfolio by type of loan and utilizes this segregation in evaluating exposure to risks within the portfolio. In addition, based on internal reviews and external reviews performed by independent loan reviewers and regulatory authorities, the Company further segregates the loan portfolio by loan grades based on an assessment of risk for a particular loan or group of loans. Certain reviewed loans are assigned specific allowances when a review of relevant data determines that a general allocation is not sufficient. In establishing allowances, management considers historical loan loss experience but adjusts this data with a significant emphasis on data such as risk ratings, current loan quality trends, current economic conditions and other factors in the markets where the Company operates. Factors considered include, among others, current valuations of real estate in their markets, unemployment rates, the effect of weather conditions on agricultural related entities and other significant local economic events. | |||||||||||||
The Company has developed a methodology for determining the adequacy of the allowance for loan losses which is monitored by the Company’s Chief Credit Officer. Procedures provide for the assignment of a risk rating for every loan included in the total loan portfolio, with the exception of credit card receivables and overdraft protection loans which are treated as pools for risk rating purposes. The risk rating schedule provides nine ratings of which five ratings are classified as pass ratings and four ratings are classified as criticized ratings. Each risk rating is assigned a percentage factor of historical losses, calculated by loan type, to be applied to the balance of loans by risk rating and type, to determine the adequate amount of reserve. Many of the larger loans require an annual review by an independent loan officer or an independent third party loan review firm. As a result of these loan reviews, certain loans may be assigned specific reserve allocations. Other loans that surface as problem loans may also be assigned specific reserves. Past due loans are assigned risk ratings based on the number of days past due. The calculation of the allowance for loan losses, including underlying data and assumptions, is reviewed regularly by the Company’s Chief Financial Officer and the independent internal loan review department. | |||||||||||||
Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged-off in accordance with the Federal Financial Institutions Examination Council’s (“FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged-off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged-off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, and the guarantor demonstrates willingness and capacity to support the debt, the Company may carry the estimated loss as a reserve against the loan while collection efforts with the guarantor are pursued. If, after collection efforts with the guarantor are complete, the deficiency is still considered uncollectible, the loss is charged-off and any further collections are treated as recoveries. In all situations, when a loan is downgraded to an Asset Quality Rating of 60 (Loss per the regulatory guidance), the uncollectible portion is charged-off. | |||||||||||||
Premises and Equipment | |||||||||||||
Land is carried at cost. Other premises and equipment are carried at cost, less accumulated depreciation computed on the straight-line method over the estimated useful lives of the assets. In general, estimated lives for buildings are up to 40 years, furniture and equipment useful lives range from three to 20 years and the lives of software and computer related equipment range from three to five years. Leasehold improvements are amortized over the life of the related lease, or the related assets, whichever is shorter. Expenditures for major improvements of the Company’s premises and equipment are capitalized and depreciated over their estimated useful lives. Minor repairs, maintenance and improvements are charged to operations as incurred. When assets are sold or disposed of, their cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in earnings. | |||||||||||||
FDIC Loss-Share Receivable | |||||||||||||
In connection with the Company’s FDIC-assisted acquisitions, the Company has recorded an FDIC loss-share receivable to reflect the indemnification provided by the FDIC. Since the indemnified items are covered loans and covered foreclosed assets, which are initially measured at fair value, the FDIC loss-share receivable is also initially measured and recorded at fair value, and is calculated by discounting the cash flows expected to be received from the FDIC. These cash flows are estimated by multiplying estimated losses by the reimbursement rates as set forth in the loss-share agreements. The balance of the FDIC loss-share receivable and the accretion (or amortization) thereof is adjusted periodically to reflect changes in expectations of discounted cash flows, expense reimbursements under the loss-share agreements and other factors. The Company is accreting (or amortizing) its FDIC loss-share receivable over the shorter of the contractual term of the indemnification agreement (ten years for the single family loss share agreements, and five years for the non-single family loss share agreements) or the remaining life of the indemnified asset. | |||||||||||||
Pursuant to the clawback provisions of the loss share agreements for the Company’s FDIC-assisted acquisitions, the Company may be required to reimburse the FDIC should actual losses be less than certain thresholds established in each loss share agreement. The amount of the clawback provision for each acquisition is measured and recorded at fair value. It is calculated as the difference between management’s estimated losses on covered loans and covered foreclosed assets and the loss threshold contained in each loss share agreement, multiplied by the applicable clawback provisions contained in each loss share agreement. This clawback amount, which is payable to the FDIC upon termination of the applicable loss share agreement, is then discounted back to net present value, generally over ten years. To the extent that actual losses on covered loans and covered foreclosed assets are less than estimated losses, the applicable clawback payable to the FDIC upon termination of the loss share agreements will increase. To the extent that actual losses on covered loans and covered foreclosed assets are more than estimated losses, the applicable clawback payable to the FDIC upon termination of the loss share agreements will decrease. The balance of the FDIC clawback payable and the amortization thereof are adjusted periodically to reflect changes in expected losses on covered assets and the impact of such changes on the clawback payable and other factors. The FDIC loss-share receivable is reported net of the clawback liability. | |||||||||||||
Goodwill and Intangible Assets | |||||||||||||
Goodwill represents the excess of cost over the fair value of the net assets purchased in business combinations. Goodwill is required to be tested annually for impairment or whenever events occur that may indicate that the recoverability of the carrying amount is not probable. In the event of an impairment, the amount by which the carrying amount exceeds the fair value is charged to earnings. The Company performs its annual test of impairment in the fourth quarter of each year. | |||||||||||||
Intangible assets consist of core deposit premiums acquired in connection with business combinations and are based on the established value of acquired customer deposits. The core deposit premium is initially recognized based on a valuation performed as of the consummation date and is amortized over an estimated useful life of five to seven years. Amortization periods are reviewed annually in connection with the annual impairment testing of goodwill. | |||||||||||||
Cash Value of Bank Owned Life Insurance | |||||||||||||
The Company has purchased life insurance policies on certain officers. The life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. | |||||||||||||
Other Real Estate Owned | |||||||||||||
Foreclosed assets acquired through or in lieu of loan foreclosure are held for sale and are initially recorded at fair value less estimated cost to sell. Any write-down to fair value at the time of transfer to foreclosed assets is charged to the allowance for loan losses. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs of improvements are capitalized up to the fair value of the property, whereas costs relating to holding foreclosed assets and subsequent adjustments to the value are charged to operations. | |||||||||||||
Income Taxes | |||||||||||||
Deferred income tax assets and liabilities are determined using the liability method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. | |||||||||||||
In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such assets is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. | |||||||||||||
The Company currently evaluates income tax positions judged to be uncertain. A loss contingency reserve is accrued if it is probable that the tax position will be challenged, it is probable that the future resolution of the challenge will confirm that a loss has been incurred, and the amount of such loss can be reasonably estimated. | |||||||||||||
The Company recognizes interest and penalties related to income tax matters in other noninterest expenses. | |||||||||||||
Stock-Based Compensation | |||||||||||||
The Company accounts for its stock compensation plans using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The Company recorded approximately $2.1 million, $1.0 million and $1.0 million of stock-based compensation cost in 2014, 2013 and 2012, respectively. | |||||||||||||
Treasury Stock | |||||||||||||
The Company’s repurchases of shares of its common stock are recorded at cost as treasury stock and result in a reduction of stockholders’ equity. | |||||||||||||
Earnings Per Share | |||||||||||||
Basic earnings per common share are computed using the two-class method. Basic earnings per share are computed by dividing net income allocated to common stockholders by the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per common share are computed by dividing net income allocated to common shareholders by the effect of the issuance of potential common shares that are dilutive and by the sum of the weighted-average number of shares of common stock outstanding. Potential common shares consist of stock options and restricted shares for the years ended December 31, 2014 and 2013, and are determined using the treasury stock method. Potential common shares consist of stock options, restricted shares and warrants for the year ended December 31, 2012, and are determined using the treasury stock method. The Company has determined that its outstanding non-vested stock awards are participating securities, and all dividends on these awards are paid similar to other dividends. | |||||||||||||
Presented below is a summary of the components used to calculate basic and diluted earnings per share: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Distributed earnings allocated to common stockholders | $ | 4,016 | $ | - | $ | - | |||||||
Undistributed earnings allocated to common stockholders | 34,421 | 18,280 | 10,858 | ||||||||||
Net income available to common shareholders | $ | 38,437 | $ | 18,280 | $ | 10,858 | |||||||
Weighted average number of common shares outstanding | 25,974 | 23,918 | 23,816 | ||||||||||
Effect of dilutive restricted grants | 15 | 378 | - | ||||||||||
Effect of dilutive options | 270 | 169 | 41 | ||||||||||
Weighted average number of common shares outstanding used to calculate diluted earnings per share | 26,259 | 24,465 | 23,857 | ||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company has excluded 6,000, 324,000 and 418,000, respectively, potential common shares with strike prices that would cause them to be anti-dilutive. | |||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||
The goal of the Company’s interest rate risk management process is to minimize the volatility in the net interest margin caused by changes in interest rates. Derivative instruments are used to hedge certain assets or liabilities as a part of this process. The Company is required to recognize certain contracts and commitments as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. All derivative instruments are required to be carried at fair value on the balance sheet. | |||||||||||||
The Company’s current hedging strategies involve utilizing interest rate swaps classified as cash flow hedges. Cash flows related to floating-rate assets and liabilities will fluctuate with changes in an underlying rate index. When effectively hedged, the increases or decreases in cash flows related to the floating rate asset or liability will generally be offset by changes in cash flows of the derivative instrument designated as a hedge. The fair value of derivatives is recognized as assets or liabilities in the financial statements. The accounting for the changes in the fair value of a derivative depends on the intended use of the derivative instrument at inception. The change in fair value of the effective portion of cash flow hedges is accounted for in other comprehensive income rather than net income. | |||||||||||||
The Company had a cash flow hedge with notional amount of $37.1 million at December 31, 2014, 2013 and 2012 for the purpose of converting the variable rate on the junior subordinated debentures to a fixed rate. The fair value of these instruments amounted to a liability of approximately $1.3 million and $370,000 as of December 31, 2014 and 2013, respectively. No material hedge ineffectiveness from cash flow hedges was recognized in the statement of income. All components of each derivative’s gain or loss are included in the assessment of hedge effectiveness. | |||||||||||||
Mortgage Banking Derivatives | |||||||||||||
The Company maintains a risk management program to manage interest rate risk and pricing risk associated with its mortgage lending activities. Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair value of the interest rate lock is recorded at the time the commitment to fund the mortgage loan is executed and is adjusted for the expected exercise of the commitment before the loan is funded. In order to hedge the change in interest rates resulting from its commitments to fund the loans, the Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. Changes in the fair values of these derivatives are included in mortgage banking activity. The fair value of these instruments amounted to an asset of approximately $1,757,000 and $1,180,000 at December 31, 2014 and 2013, respectively. | |||||||||||||
Comprehensive Income | |||||||||||||
The Company’s comprehensive income consists of net income, changes in the net unrealized holding gains and losses of securities available for sale, unrealized gain or loss on the effective portion of the cash flow hedge and the realized gain or loss recognized due to the sale or unwind of cash flow hedge prior to their contractual maturity date. These amounts are carried in accumulated other comprehensive income (loss) on the consolidated statements of stockholders’ equity and are presented net of taxes. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. | |||||||||||||
Operating Segments | |||||||||||||
The Company has three reportable segments, the Banking Division, the Mortgage Division and the SBA Division. The Banking Division derives its revenues from the delivery of full service financial services to include commercial loans, consumer loans and deposit accounts. The Mortgage Division derives its revenues from the origination, sales and servicing of one-to-four family residential mortgage loans. The SBA Division derives its revenues from the origination, sales and servicing of SBA loans. The Banking, Mortgage and SBA Divisions are managed as separate business units because of the different products and services they provide. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material intersegment sales or transfers. | |||||||||||||
New Accounting Standards | |||||||||||||
ASU 2015-01 - Income Statement – Extraordinary and Unusual Items (“ASU 2015-01”). ASU 2015-01 eliminates the concept of extraordinary items by no longer allowing companies to segregate an extraordinary item from the results of operations, separately present an extraordinary item on the income statement, or disclose income taxes or earnings-per-share data applicable to an extraordinary item. ASU 2015-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, and early adoption is permitted. The adoption of this standard is not expected to have a material effect on the Company’s results of operations, financial position or disclosures. | |||||||||||||
ASU 2014-17 – Business Combinations: Pushdown Accounting (“ASU 2014-17”). ASU 2014-17 amends existing guidance related to the accounting by an acquired entity upon a change-in-control event. The standard provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. ASU 2014-17 was effective on November 18, 2014. The adoption of this standard has not had a material effect on the Company’s operating results or financial condition. | |||||||||||||
ASU 2014-14 – Receivables – Troubled Debt Restructurings by Creditors: Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure (“ASU 2014-14”). ASU 2014-14 amends existing guidance related to the classification of certain government-guaranteed mortgage loans, including those guaranteed by the FHA and the VA, upon foreclosure. It requires that a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if three conditions are met. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. ASU 2014-14 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014, and early adoption is permitted. It can be applied using a prospective transition method or a modified retrospective transition using a cumulative-effect adjustment. The Company is evaluating the impact this standard may have on the Company’s results of operations, financial position or disclosures. | |||||||||||||
ASU 2014-12 – Compensation – Stock Compensation – Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period (“ASU 2014-12”). ASU 2014-12 amends existing guidance related to the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The standard requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. ASU 2014-12 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, and early adoption is permitted. It can be applied either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition. | |||||||||||||
ASU 2014-11 – Transfers and Servicing – Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (“ASU 2014-11”). ASU 2014-11 aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. ASU 2014-11 requires that these transactions all be accounted for as secured borrowings. The standard requires a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction and requires expanded disclosures about the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. ASU 2014-11 is effective for the first interim or annual period beginning after December 15, 2014. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Earlier application for a public business entity is prohibited. The Company is currently evaluating the impact this standard will have on the Company’s results of operations, financial position or disclosures. | |||||||||||||
ASU 2014-09 – Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective prospectively, for annual and interim periods, beginning after December 15, 2016. The Company is currently evaluating the impact this standard will have on the Company’s results of operations, financial position or disclosures. | |||||||||||||
ASU 2014-04 – Receivables – Troubled Debt Restructurings by Creditors (“ASU 2014-04”). ASU 2014-04 clarifies when a creditor should reclassify mortgage loans collateralized by residential real estate from loans to other real estate owned. It defines when an in-substance repossession or foreclosure has occurred and when a creditor is considered to have received physical possession of residential real estate collateralizing a mortgage loan. ASU 2014-04 is effective for fiscal years beginning after December 31, 2014, and early adoption is permitted. It can be applied either prospectively or using a modified retrospective transition method. The Company is evaluating the impact this standard may have on the Company’s results of operations, financial position or disclosures. | |||||||||||||
ASU 2013-11 - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. However, if a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of these revisions did not have a material impact on the Company’s results of operations, financial position or disclosures. | |||||||||||||
Reclassifications | |||||||||||||
Certain reclassifications of prior year amounts have been made to conform with the current year presentations. |
Business_Combination
Business Combination | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||
Business Combination | NOTE 2. BUSINESS COMBINATIONS | ||||||||||||||||
Coastal Bankshares, Inc. | |||||||||||||||||
On June 30, 2014, the Company completed its acquisition of The Coastal Bankshares, Inc. (“Coastal”), a bank holding company headquartered in Savannah, Georgia. Upon consummation of the acquisition, Coastal was merged with and into the Company, with Ameris as the surviving entity in the merger. At that time, Coastal’s wholly owned banking subsidiary, The Coastal Bank (“Coastal Bank”), was also merged with and into the Bank. The acquisition grew the Company’s existing market presence, as Coastal Bank had a total of six banking locations in Chatham, Liberty and Effingham Counties, Georgia. Coastal’s common shareholders received 0.4671 of a share of the Company’s common stock in exchange for each share of Coastal’s common stock. As a result, the Company issued 1,598,998 common shares at a fair value of $34.5 million and paid $2.8 million cash in exchange for outstanding warrants. | |||||||||||||||||
The acquisition of Coastal was accounted for using the purchase method of accounting in accordance with FASB ASC 805, Business Combinations. Assets acquired, liabilities assumed and consideration exchanged were recorded at their respective acquisition date fair values. Determining the fair value of assets and liabilities is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values becomes available. During the third quarter of 2014, management revised its initial estimates regarding the valuation of other real estate owned. In addition, during the third and fourth quarters of 2014, management continued its assessment and recorded the deferred tax assets resulting from differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for income tax purposes. This estimate also reflects acquired net operating loss carryforwards and other acquired assets with built-in losses that are expected to be settled or otherwise recovered in future periods where the realization of such benefits would be subject to applicable limitations under Sections 382 of the Internal Revenue Code of 1986, as amended. Management continues to evaluate fair value adjustments related to deferred tax assets, pending the filing of the file tax return for Coastal. | |||||||||||||||||
The following table presents the assets acquired and liabilities of Coastal assumed as of June 30, 2014 and their fair value estimates: | |||||||||||||||||
(Dollars in Thousands) | As Recorded by | Initial Fair | Subsequent | As Recorded | |||||||||||||
Coastal | Value | Fair Value | by Ameris | ||||||||||||||
Adjustments | Adjustments | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 3,895 | $ | - | $ | - | $ | 3,895 | |||||||||
Federal funds sold and interest-bearing balances | 15,923 | - | - | 15,923 | |||||||||||||
Investment securities | 67,266 | (500 | )(a) | - | 66,766 | ||||||||||||
Other investments | 975 | - | - | 975 | |||||||||||||
Mortgage loans held for sale | 7,288 | - | - | 7,288 | |||||||||||||
Loans | 296,141 | (16,700 | )(b) | - | 279,441 | ||||||||||||
Less allowance for loan losses | (3,218 | ) | 3,218 | (c) | - | - | |||||||||||
Loans, net | 292,923 | (13,482 | ) | - | 279,441 | ||||||||||||
Other real estate owned | 14,992 | (3,528 | )(d) | (2,600 | )(g) | 8,864 | |||||||||||
Premises and equipment | 11,882 | - | - | 11,882 | |||||||||||||
Intangible assets | 507 | 4,266 | (e) | (231 | )(h) | 4,542 | |||||||||||
Cash value of bank owned life insurance | 7,812 | - | - | 7,812 | |||||||||||||
Other assets | 14,898 | - | (752 | )(i) | 14,146 | ||||||||||||
Total assets | $ | 438,361 | $ | (13,244 | ) | $ | (3,583 | ) | $ | 421,534 | |||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing | $ | 80,012 | $ | - | $ | - | $ | 80,012 | |||||||||
Interest-bearing | 289,012 | - | - | 289,012 | |||||||||||||
Total deposits | 369,024 | - | - | 369,024 | |||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 5,428 | - | - | 5,428 | |||||||||||||
Other borrowings | 22,005 | - | - | 22,005 | |||||||||||||
Other liabilities | 6,192 | - | - | 6,192 | |||||||||||||
Subordinated deferrable interest debentures | 15,465 | (6,413 | )(f) | - | 9,052 | ||||||||||||
Total liabilities | 418,114 | (6,413 | ) | - | 411,701 | ||||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 20,247 | (6,831 | ) | (3,583 | ) | 9,833 | |||||||||||
Goodwill | - | 23,854 | 3,583 | 27,437 | |||||||||||||
Net assets acquired over (under) liabilities assumed | $ | 20,247 | $ | 17,023 | $ | - | $ | 37,270 | |||||||||
Consideration: | |||||||||||||||||
Ameris Bancorp common shares issued | 1,598,998 | ||||||||||||||||
Purchase price per share of the Company’s common stock | $ | 21.56 | |||||||||||||||
Company common stock issued | 34,474 | ||||||||||||||||
Cash exchanged for shares | 2,796 | ||||||||||||||||
Fair value of total consideration transferred | $ | 37,270 | |||||||||||||||
Explanation of fair value adjustments | |||||||||||||||||
(a) | Adjustment reflects the fair value adjustments of the available for sale portfolio as of the acquisition date. | ||||||||||||||||
(b) | Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio. | ||||||||||||||||
(c) | Adjustment reflects the elimination of Coastal’s allowance for loan losses. | ||||||||||||||||
(d) | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired OREO portfolio. | ||||||||||||||||
(e) | Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts. | ||||||||||||||||
(f) | Adjustment reflects the fair value adjustment to the subordinated deferrable interest debentures at the acquisition date. | ||||||||||||||||
(g) | Adjustment reflects the additional fair value adjustment based on the Company’s evaluation of the acquired OREO portfolio. | ||||||||||||||||
(h) | Adjustment reflects final recording of core deposit intangible on the acquired core deposit accounts. | ||||||||||||||||
(i) | Adjustment reflects the deferred taxes on the difference in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. | ||||||||||||||||
Goodwill of $27.4 million, which is the excess of the merger consideration over the fair value of net assets acquired, was recorded in the Coastal acquisition and is the result of expected operational synergies and other factors. This goodwill is not expected to be deductible for tax purposes. | |||||||||||||||||
The results of operations of Coastal subsequent to the acquisition date are included in the Company’s consolidated statements of operations. The following unaudited pro forma information reflects the Company’s estimated consolidated results of operations as if the acquisition had occurred on January 1, 2013, unadjusted for potential cost savings (in thousands). | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net interest income and noninterest income | $ | 223,281 | $ | 183,459 | |||||||||||||
Net income | $ | 36,855 | $ | 21,397 | |||||||||||||
Net income available to common stockholders | $ | 36,569 | $ | 19,659 | |||||||||||||
Income per common share available to common stockholders – basic | $ | 1.33 | $ | 0.77 | |||||||||||||
Income per common share available to common stockholders – diluted | $ | 1.31 | $ | 0.76 | |||||||||||||
Average number of shares outstanding, basic | 27,573 | 25,517 | |||||||||||||||
Average number of shares outstanding, diluted | 27,858 | 25,947 | |||||||||||||||
In the acquisition, the Company purchased $279.4 million of loans at fair value, net of $16.7 million, or 5.64%, estimated discount to the outstanding principal balance. Of the total loans acquired, management identified $29.3 million that were considered to be credit impaired and are accounted for under ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payment, management’s estimate of expected total cash payments and fair value of the loans as of acquisition date for purchased credit impaired loans. Contractually required principal and interest payment have been adjusted for estimated prepayments. | |||||||||||||||||
Contractually required principal and interest | $ | 38,194 | |||||||||||||||
Non-accretable difference | (5,632 | ) | |||||||||||||||
Cash flows expected to be collected | 32,562 | ||||||||||||||||
Accretable yield | (3,282 | ) | |||||||||||||||
Total purchased credit-impaired loans acquired | $ | 29,280 | |||||||||||||||
Prosperity Banking Company | |||||||||||||||||
On December 23, 2013, the Company completed its acquisition of The Prosperity Banking Company (“Prosperity”), a bank holding company headquartered in Saint Augustine, Florida. At that time, Prosperity’s wholly owned banking subsidiary, Prosperity Bank (“Prosperity Bank”), was merged with and into the Bank. Prosperity Bank had a total of 12 banking locations, with the majority of the franchise concentrated in northeast Florida. Upon consummation of the acquisition, Prosperity was merged with and into the Company, with Ameris as the surviving entity in the merger. Prosperity’s common shareholders were entitled to elect to receive either 3.125 shares of the Company’s common stock or $41.50 in cash in exchange for each share of Prosperity’s voting common stock. As a result, the Company issued 1,168,918 common shares at a fair value of $24.6 million. | |||||||||||||||||
The acquisition of Prosperity was accounted for using the purchase method of accounting in accordance with FASB ASC 805, Business Combinations. Assets acquired, liabilities assumed and consideration exchanged were recorded at their respective acquisition date fair values. Determining the fair value of assets and liabilities is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. During the fourth quarter of 2014, management adjusted the deferred tax assets resulting from differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for income tax purposes. This estimate also reflects acquired net operating loss carryforwards and other acquired assets with built-in losses that are expected to be settled or otherwise recovered in future periods where the realization of such benefits would be subject to applicable limitations under Sections 382 of the Internal Revenue Code of 1986, as amended. | |||||||||||||||||
The following table presents the assets acquired and liabilities of Prosperity assumed as of December 23, 2013 and their fair value estimates: | |||||||||||||||||
(Dollars in Thousands) | As Recorded by | Initial Fair | Subsequent | As Recorded | |||||||||||||
Prosperity | Value | Fair Value | by Ameris | ||||||||||||||
Adjustments | Adjustments | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 4,285 | $ | - | $ | - | $ | 4,285 | |||||||||
Federal funds sold and interest-bearing balances | 21,687 | - | - | 21,687 | |||||||||||||
Investment securities | 151,863 | 411 | (a) | - | 152,274 | ||||||||||||
Other investments | 8,727 | - | - | 8,727 | |||||||||||||
Loans | 487,358 | (37,662 | )(b) | - | 449,696 | ||||||||||||
Less allowance for loan losses | (6,811 | ) | 6,811 | (c) | - | - | |||||||||||
Loans, net | 480,547 | (30,851 | ) | - | 449,696 | ||||||||||||
Other real estate owned | 6,883 | (1,260 | )(d) | - | 5,623 | ||||||||||||
Premises and equipment | 36,293 | - | - | 36,293 | |||||||||||||
Intangible assets | 174 | 4,383 | (e) | - | 4,557 | ||||||||||||
Other assets | 26,600 | 1,192 | (f) | (1,060 | )(j) | 26,732 | |||||||||||
Total assets | $ | 737,059 | $ | (26,125 | ) | $ | (1,060 | ) | $ | 709,874 | |||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing | $ | 149,242 | $ | - | $ | - | $ | 149,242 | |||||||||
Interest-bearing | 324,441 | - | - | 324,441 | |||||||||||||
Total deposits | 473,683 | - | - | 473,683 | |||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 21,530 | - | - | 21,530 | |||||||||||||
Other borrowings | 185,000 | 12,313 | (g) | - | 197,313 | ||||||||||||
Other liabilities | 14,058 | 455 | (h) | - | 14,513 | ||||||||||||
Subordinated deferrable interest debentures | 29,500 | (16,303 | )(i) | - | 13,197 | ||||||||||||
Total liabilities | 723,771 | (3,535 | ) | - | 720,236 | ||||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 13,288 | (22,590 | ) | (1,060 | ) | (10,362 | ) | ||||||||||
Goodwill | - | 34,093 | 1,060 | 35,153 | |||||||||||||
Net assets acquired over (under) liabilities assumed | $ | 13,288 | $ | 11,503 | $ | - | $ | 24,791 | |||||||||
Consideration: | |||||||||||||||||
Ameris Bancorp common shares issued | 1,168,918 | ||||||||||||||||
Purchase price per share of the Company’s common stock | $ | 21.07 | |||||||||||||||
Company common stock issued | 24,629 | ||||||||||||||||
Cash exchanged for shares | 162 | ||||||||||||||||
Fair value of total consideration transferred | $ | 24,791 | |||||||||||||||
Explanation of fair value adjustments | |||||||||||||||||
(a) | Adjustment reflects the fair value adjustments of the available for sale portfolio as of the acquisition date. | ||||||||||||||||
(b) | Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio. | ||||||||||||||||
(c) | Adjustment reflects the elimination of Prosperity’s allowance for loan losses. | ||||||||||||||||
(d) | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired OREO portfolio. | ||||||||||||||||
(e) | Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts. | ||||||||||||||||
(f) | Adjustment reflects the adjustment to write-off the non-realizable portion of Prosperity’s deferred tax asset of ($6.644 million), to record the deferred tax asset generated by purchase accounting adjustments of $8.435 million and to record the fair value adjustment of other assets of ($0.599 million) at the acquisition date. | ||||||||||||||||
(g) | Adjustment reflects the fair value adjustment (premium) to the FHLB borrowings of $12.741 million and the fair value adjustment to the subordinated debt of $0.428 million. | ||||||||||||||||
(h) | Adjustment reflects the fair value adjustment of other liabilities at the acquisition date. | ||||||||||||||||
(i) | Adjustment reflects the fair value adjustment to the subordinated deferrable interest debentures s at the acquisition date. | ||||||||||||||||
(j) | Adjustment reflects the deferred taxes on the difference in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. | ||||||||||||||||
Goodwill of $35.2 million, which is the excess of the merger consideration over the fair value of net assets acquired, was recorded in the Prosperity acquisition and is the result of expected operational synergies and other factors. This goodwill is not expected to be deductible for tax purposes. | |||||||||||||||||
The results of operations of Prosperity subsequent to the acquisition date are included in the Company’s consolidated statements of income. The following unaudited pro forma information reflects the Company’s estimated consolidated results of income as if the acquisition had occurred on January 1, 2012, unadjusted for potential cost savings (in thousands). | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
Unaudited | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Net interest income and noninterest income | $ | 187,927 | $ | 199,089 | |||||||||||||
Net income | $ | 19,927 | $ | 15,604 | |||||||||||||
Net income available to common shareholders | $ | 18,189 | $ | 12,027 | |||||||||||||
Net income common share available to common shareholders – basic | $ | 0.73 | $ | 0.48 | |||||||||||||
Net income per common share available to common shareholders – diluted | $ | 0.71 | $ | 0.48 | |||||||||||||
Average number shares outstanding, basic | 25,087 | 24,985 | |||||||||||||||
Average number shares outstanding, diluted | 25,634 | 25,026 | |||||||||||||||
In the acquisition, the Company purchased $449.7 million of loans at fair value, net of $37.7 million, or 7.73%, estimated discount to the outstanding principal balance. Of the total loans acquired, management identified $67.2 million that were considered to be credit impaired and are accounted for under ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payment, management’s estimate of expected total cash payments and fair value of the loans as of acquisition date for purchased credit impaired loans. Contractually required principal and interest payment have been adjusted for estimated prepayments. | |||||||||||||||||
Contractually required principal and interest | $ | 92,461 | |||||||||||||||
Non-accretable difference | -14,311 | ||||||||||||||||
Cash flows expected to be collected | 78,150 | ||||||||||||||||
Accretable yield | -10,985 | ||||||||||||||||
Total purchased credit-impaired loans acquired | $ | 67,165 | |||||||||||||||
On the dates of acquisition, the Company estimated the future cash flows on each individual loan and made the necessary adjustments to reflect the asset at fair value. At each quarter end subsequent to the acquisition dates, the Company revises the estimates of future cash flows based on current information and makes the necessary adjustments to carrying value. The adjustments are performed on a loan-by-loan basis and have resulted in the Company recording an $84,000 provision for loan loss expense during the year ended December 31, 2014. There were no adjustments needed during the year ended December 31, 2013. | |||||||||||||||||
A rollforward of purchased non-covered loans for the years ended December 31, 2014 and 2013 is shown below: | |||||||||||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||||||||||
Balance, January 1 | $ | 448,753 | $ | - | |||||||||||||
Charge-offs, net of recoveries | (84) | - | |||||||||||||||
Additions due to acquisitions | 279,441 | 449,696 | |||||||||||||||
Accretion | 9,745 | - | |||||||||||||||
Transfers to purchased non-covered other real estate owned | (4,160) | - | |||||||||||||||
Transfer from covered loans due to loss share expiration | 15,475 | - | |||||||||||||||
Payments received | (74,931) | (943) | |||||||||||||||
Ending balance | $ | 674,239 | $ | 448,753 | |||||||||||||
The following is a summary of changes in the accretable discounts of purchased non-covered loans during years ended December 31, 2014 and 2013: | |||||||||||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||||||||||
Balance, January 1 | $ | 26,189 | $ | - | |||||||||||||
Additions due to acquisitions | 7,799 | 26,189 | |||||||||||||||
Accretion | (9,745) | - | |||||||||||||||
Transfers between non-accretable and accretable discounts, net | 1,473 | - | |||||||||||||||
Ending balance | $ | 25,716 | $ | 26,189 | |||||||||||||
Assets_Acquired_in_FDICAssiste
Assets Acquired in FDIC-Assisted Acquisitions | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Assets Acquired in FDIC-Assisted Acquisitions | NOTE 3. ASSETS ACQUIRED IN FDIC-ASSISTED ACQUISITIONS | ||||||||||||||||||||||||||||||||||||||||
From October 2009 through July 2012, the Company has participated in ten FDIC-assisted acquisitions (the “acquisitions”) whereby the Company purchased certain failed institutions out of the FDIC’s receivership. These institutions include: | |||||||||||||||||||||||||||||||||||||||||
Bank Acquired | Location: | Branches: | Date Acquired | ||||||||||||||||||||||||||||||||||||||
American United Bank (“AUB”) | Lawrenceville, Ga. | 1 | October 23, 2009 | ||||||||||||||||||||||||||||||||||||||
United Security Bank (“USB”) | Sparta, Ga. | 2 | November 6, 2009 | ||||||||||||||||||||||||||||||||||||||
Satilla Community Bank (“SCB”) | St. Marys, Ga. | 1 | May 14, 2010 | ||||||||||||||||||||||||||||||||||||||
First Bank of Jacksonville (“FBJ”) | Jacksonville, Fl. | 2 | October 22, 2010 | ||||||||||||||||||||||||||||||||||||||
Tifton Banking Company (“TBC”) | Tifton, Ga. | 1 | November 12, 2010 | ||||||||||||||||||||||||||||||||||||||
Darby Bank & Trust (“DBT”) | Vidalia, Ga. | 7 | November 12, 2010 | ||||||||||||||||||||||||||||||||||||||
High Trust Bank (“HTB”) | Stockbridge, Ga. | 2 | July 15, 2011 | ||||||||||||||||||||||||||||||||||||||
One Georgia Bank (“OGB”) | Atlanta, Ga. | 1 | July 15, 2011 | ||||||||||||||||||||||||||||||||||||||
Central Bank of Georgia (“CBG”) | Ellaville, Ga. | 5 | February 24, 2012 | ||||||||||||||||||||||||||||||||||||||
Montgomery Bank & Trust (“MBT”) | Ailey, Ga. | 2 | July 6, 2012 | ||||||||||||||||||||||||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of the acquisitions, as well as key elements of the purchase and assumption agreements between the FDIC and the Bank (in thousands): | |||||||||||||||||||||||||||||||||||||||||
AUB | USB | SCB | FBJ | TBC | DBT | HTB | OGB | CBG | MBT | ||||||||||||||||||||||||||||||||
Assets acquired | |||||||||||||||||||||||||||||||||||||||||
Cash | $ | 26,452 | $ | 41,490 | $ | -33,093 | $ | 10,669 | $ | 4,862 | $ | -58,158 | $ | 36,432 | $ | 1,585 | $ | 65,050 | $ | 155,466 | |||||||||||||||||||||
Investment securities | 10,242 | 8,335 | 10,814 | 7,343 | 7,060 | 105,562 | 14,770 | 28,891 | 39,920 | - | |||||||||||||||||||||||||||||||
Federal funds sold | - | 2,605 | 12,661 | 5,690 | - | - | - | 5,070 | - | - | |||||||||||||||||||||||||||||||
Loans | 56,482 | 83,646 | 68,751 | 40,454 | 92,568 | 261,340 | 84,732 | 74,843 | 124,782 | 1,218 | |||||||||||||||||||||||||||||||
Foreclosed property | 2,165 | 8,069 | 2,012 | 1,816 | 3,472 | 22,026 | 10,272 | 7,242 | 6,177 | - | |||||||||||||||||||||||||||||||
FDIC loss share asset | 24,200 | 21,640 | 22,400 | 11,307 | 22,807 | 112,404 | 49,485 | 45,488 | 52,654 | - | |||||||||||||||||||||||||||||||
Core deposit intangible | 187 | 386 | 185 | 132 | 175 | 1,180 | - | - | 1,149 | - | |||||||||||||||||||||||||||||||
Other assets | 1,266 | 3,001 | 612 | 298 | 1,092 | 3,957 | 1,772 | 2,933 | 3,457 | 183 | |||||||||||||||||||||||||||||||
Total assets acquired | 120,994 | 169,172 | 84,342 | 77,709 | 132,036 | 448,311 | 197,463 | 166,052 | 293,189 | 156,867 | |||||||||||||||||||||||||||||||
Liabilities assumed | |||||||||||||||||||||||||||||||||||||||||
Deposits | 100,470 | 141,094 | 75,530 | 71,869 | 132,939 | 386,958 | 175,887 | 136,101 | 261,036 | 156,699 | |||||||||||||||||||||||||||||||
FHLB advances | 7,802 | 1,504 | - | 2,613 | - | 2,724 | - | 21,107 | 10,334 | - | |||||||||||||||||||||||||||||||
Other liabilities | 277 | 453 | 604 | 842 | 53 | 54,418 | 2,654 | 899 | 1,782 | 168 | |||||||||||||||||||||||||||||||
Total liabilities assumed | 108,549 | 143,051 | 76,134 | 75,324 | 132,992 | 444,100 | 178,541 | 158,107 | 273,152 | 156,867 | |||||||||||||||||||||||||||||||
Net assets acquired | $ | 12,445 | $ | 26,121 | $ | 8,208 | $ | 2,385 | $ | (956) | $ | 4,211 | $ | 18,922 | $ | 7,945 | $ | 20,037 | $ | - | |||||||||||||||||||||
Each acquisition with loss sharing agreements has separate agreements for the single family residential assets (“SFR”) and the non-single family assets (“NSF”). The SFR agreements cover losses and recoveries for ten years. The NSF agreements are for eight years. During the first five years, losses and recoveries are covered. During the final three years, only recoveries, net of expenses, are covered. The AUB SFR agreement was terminated during 2012 and Ameris received a payment of $87,000. The AUB and USB NSF agreements passed their five year anniversary during the fourth quarter of 2014 and losses will no longer be reimbursed. The remaining NSF assets for these two agreements have been reclassified to purchased non-covered loans and purchased non-covered other real estate owned. | |||||||||||||||||||||||||||||||||||||||||
The failed bank bidding process was a competitive process and the FDIC offered a variety of reimbursement structures. The AUB and USB agreements were structured to reimburse combined SFR and NSF losses up to a threshold at 80% ($38 million for AUB and $46 million for USB) with losses in excess of the threshold reimbursed at 95%. For SCB, FBJ, TBC, HTB, OGB, and CBG all losses under the agreements are reimbursed at 80%. For DBT, the losses under the SFR and NSF agreements have separate thresholds and reimbursement percentages. Under the SFR agreement, losses up to $8.4 million were reimbursed at 80%, losses between $8.4 million and $11.8 million were reimbursed at 30%, and losses in excess of $11.8 million will be reimbursed at 80%. Under this agreement, losses of $14.5 million have been incurred and all future losses will be reimbursed at 80%. Under the NSF agreement, losses up to $123.4 million will be reimbursed at 80%, losses between $123.4 million and $181.3 million will be reimbursed at 30%, and losses in excess of $181.3 million will be reimbursed at 80%. Under this agreement, losses of $110.2 million have been incurred. MBT did not have a loss sharing agreement. | |||||||||||||||||||||||||||||||||||||||||
The results of operations of CBG and MBT subsequent to the acquisition date are included in the Company’s consolidated statements of income. The following unaudited pro forma information reflects the Company’s estimated consolidated results of operations as if the acquisitions had occurred on January 1, 2012, unadjusted for potential cost savings (in thousands). | |||||||||||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Net interest income and noninterest income | $ | 176,262 | |||||||||||||||||||||||||||||||||||||||
Net loss | $ | (10,233) | |||||||||||||||||||||||||||||||||||||||
Net loss available to common shareholders | $ | (13,810) | |||||||||||||||||||||||||||||||||||||||
Loss per common share available to common shareholders – basic and diluted | $ | (0.58) | |||||||||||||||||||||||||||||||||||||||
Average number shares outstanding, basic | 23,816 | ||||||||||||||||||||||||||||||||||||||||
Average number shares outstanding, diluted | 23,857 | ||||||||||||||||||||||||||||||||||||||||
The CBG acquisition resulted in a gain of $20.0 million, before tax, which is included in the Company’s December 31, 2012 consolidated statement of income. Due to the difference in tax bases of the assets acquired and liabilities assumed, the Bank recorded a deferred tax liability of $7.0 million, resulting in an after-tax gain of $13.0 million during 2012. The MBT acquisition did not result in a gain or loss during 2012. | |||||||||||||||||||||||||||||||||||||||||
The following table presents the loans receivable (in thousands) at the 2012 acquisition date for loans with deterioration in credit quality. | |||||||||||||||||||||||||||||||||||||||||
2012 Acquisitions: | CBG | MBT | Total | ||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||
Contractually required principal payments receivable | $ | 137,407 | $ | - | $ | 137,407 | |||||||||||||||||||||||||||||||||||
Non-accretable difference | 53,603 | - | 53,603 | ||||||||||||||||||||||||||||||||||||||
Present value of cash flows expected to be collected | 83,804 | - | 83,804 | ||||||||||||||||||||||||||||||||||||||
Accretable difference | 10,390 | - | 10,390 | ||||||||||||||||||||||||||||||||||||||
Fair value of loans acquired with deterioration of credit quality | $ | 73,414 | $ | - | $ | 73,414 | |||||||||||||||||||||||||||||||||||
The following table summarizes components of all covered assets at December 31, 2014 and 2013 and their origin. The FDIC loss-share receivable is shown net of the clawback liability. | |||||||||||||||||||||||||||||||||||||||||
Covered loans | Less Fair Value | Total | OREO | Less Fair | Total | Total | FDIC loss- | ||||||||||||||||||||||||||||||||||
adjustments | covered | value | covered | covered | share | ||||||||||||||||||||||||||||||||||||
loans | adjustments | OREO | assets | receivable | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014: | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
AUB | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 188 | |||||||||||||||||||||||||
USB | 4,350 | 150 | 4,200 | 165 | - | 165 | 4,365 | (1,197) | |||||||||||||||||||||||||||||||||
SCB | 26,686 | 602 | 26,084 | 2,849 | 389 | 2,460 | 28,544 | 1,828 | |||||||||||||||||||||||||||||||||
FBJ | 21,243 | 1,825 | 19,418 | 632 | 0 | 632 | 20,050 | 1,885 | |||||||||||||||||||||||||||||||||
DBT | 64,338 | 6,437 | 57,901 | 6,655 | 514 | 6,141 | 64,042 | 6,860 | |||||||||||||||||||||||||||||||||
TBC | 23,487 | 1,117 | 22,370 | 2,388 | 367 | 2,021 | 24,391 | 3,287 | |||||||||||||||||||||||||||||||||
HTB | 52,699 | 5,120 | 47,579 | 3,670 | 1,283 | 2,387 | 49,966 | 6,459 | |||||||||||||||||||||||||||||||||
OGB | 42,971 | 3,785 | 39,186 | 2,244 | 39 | 2,205 | 41,391 | 3,906 | |||||||||||||||||||||||||||||||||
CBG | 60,950 | 6,409 | 54,541 | 4,805 | 909 | 3,896 | 58,437 | 8,135 | |||||||||||||||||||||||||||||||||
Total | $ | 296,724 | $ | 25,445 | $ | 271,279 | $ | 23,408 | $ | 3,501 | $ | 19,907 | $ | 291,186 | $ | 31,351 | |||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
AUB | $ | 15,787 | $ | 231 | $ | 15,556 | $ | 4,264 | $ | - | $ | 4,264 | $ | 19,820 | $ | 1,452 | |||||||||||||||||||||||||
USB | 18,504 | 1,427 | 17,077 | 2,865 | 141 | 2,724 | 19,801 | 889 | |||||||||||||||||||||||||||||||||
SCB | 34,637 | 1,483 | 33,154 | 3,461 | 303 | 3,158 | 36,312 | 3,175 | |||||||||||||||||||||||||||||||||
FBJ | 25,891 | 3,730 | 22,161 | 1,880 | 242 | 1,638 | 23,799 | 3,689 | |||||||||||||||||||||||||||||||||
DBT | 105,157 | 17,819 | 87,338 | 17,023 | 1,282 | 15,741 | 103,079 | 18,724 | |||||||||||||||||||||||||||||||||
TBC | 32,590 | 2,354 | 30,236 | 4,844 | 745 | 4,099 | 34,335 | 3,721 | |||||||||||||||||||||||||||||||||
HTB | 67,126 | 7,359 | 59,767 | 6,374 | 2,304 | 4,070 | 63,837 | 9,325 | |||||||||||||||||||||||||||||||||
OGB | 58,512 | 5,067 | 53,445 | 7,506 | 2,984 | 4,522 | 57,967 | 9,645 | |||||||||||||||||||||||||||||||||
CBG | 85,118 | 13,615 | 71,503 | 7,610 | 1,933 | 5,677 | 77,180 | 14,821 | |||||||||||||||||||||||||||||||||
Total | $ | 443,322 | $ | 53,085 | $ | 390,237 | $ | 55,827 | $ | 9,934 | $ | 45,893 | $ | 436,130 | $ | 65,441 | |||||||||||||||||||||||||
A rollforward of acquired covered loans for the years ended December 31, 2014 and 2013 is shown below: | |||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Balance, January 1 | $ | 390,237 | $ | 507,712 | |||||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | (9,255) | (7,695) | |||||||||||||||||||||||||||||||||||||||
Accretion | 22,188 | 42,208 | |||||||||||||||||||||||||||||||||||||||
Transfers to covered other real estate owned | (13,650) | (31,833) | |||||||||||||||||||||||||||||||||||||||
Transfer to purchased, non-covered loans due to loss share expiration | (15,475) | - | |||||||||||||||||||||||||||||||||||||||
Payments received | (102,996) | (120,155) | |||||||||||||||||||||||||||||||||||||||
Other | 230 | - | |||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 271,279 | $ | 390,237 | |||||||||||||||||||||||||||||||||||||
The following is a summary of changes in the accretable discounts of acquired covered loans during the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 25,493 | $ | 16,698 | |||||||||||||||||||||||||||||||||||||
Accretion | (22,188 | ) | (42,208 | ) | |||||||||||||||||||||||||||||||||||||
Transfers between non-accretable and accretable discounts, net | 12,273 | 51,003 | |||||||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 15,578 | $ | 25,493 | |||||||||||||||||||||||||||||||||||||
The shared-loss agreements are subject to the servicing procedures as specified in the agreement with the FDIC. The expected reimbursements under the shared-loss agreements were recorded as an indemnification asset at their estimated fair values on the acquisition dates. As of December 31, 2014 and 2013, the Company has recorded a clawback liability of $6.2 million and $5.0 million, respectively, which represents the obligation of the Company to reimburse the FDIC should actual losses be less than certain thresholds established in each loss share agreement. Changes in the FDIC loss-share receivable are as follows: | |||||||||||||||||||||||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 65,441 | $ | 159,724 | |||||||||||||||||||||||||||||||||||||
Payments received from FDIC | (22,494 | ) | (68,822 | ) | |||||||||||||||||||||||||||||||||||||
Accretion (amortization) | (18,449 | ) | (34,533 | ) | |||||||||||||||||||||||||||||||||||||
Change in clawback liability | (1,222 | ) | (3,398 | ) | |||||||||||||||||||||||||||||||||||||
Increase in receivable due to: | |||||||||||||||||||||||||||||||||||||||||
Charge-offs on covered loans | 3,372 | 6,156 | |||||||||||||||||||||||||||||||||||||||
Write downs of covered other real estate owned | 4,771 | 13,117 | |||||||||||||||||||||||||||||||||||||||
Reimbursable expenses on covered assets | 1,078 | 5,820 | |||||||||||||||||||||||||||||||||||||||
Other activity, net | (1,146 | ) | (12,623 | ) | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 31,351 | $ | 65,441 | |||||||||||||||||||||||||||||||||||||
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Securities | NOTE 4. SECURITIES | ||||||||||||||||||||||||
The amortized cost and estimated fair value of securities available for sale with gross unrealized gains and losses are summarized as follows: | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 14,953 | $ | - | $ | (275 | ) | $ | 14,678 | ||||||||||||||||
State, county and municipal securities | 137,873 | 3,935 | (433 | ) | 141,375 | ||||||||||||||||||||
Corporate debt securities | 10,812 | 228 | - | 11,040 | |||||||||||||||||||||
Mortgage-backed securities | 369,581 | 6,534 | (1,403 | ) | 374,712 | ||||||||||||||||||||
Total debt securities | $ | 533,219 | $ | 10,697 | $ | (2,111 | ) | $ | 541,805 | ||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 14,947 | $ | - | $ | (1,021 | ) | $ | 13,926 | ||||||||||||||||
State, county and municipal securities | 112,659 | 2,269 | (2,174 | ) | 112,754 | ||||||||||||||||||||
Corporate debt securities | 10,311 | 275 | (261 | ) | 10,325 | ||||||||||||||||||||
Collateralized debt obligations | 1,480 | - | - | 1,480 | |||||||||||||||||||||
Mortgage-backed securities | 349,441 | 2,347 | (4,038 | ) | 347,750 | ||||||||||||||||||||
Total debt securities | $ | 488,838 | $ | 4,891 | $ | (7,494 | ) | $ | 486,235 | ||||||||||||||||
The following table shows the gross unrealized losses and estimated fair value of securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at December 31, 2014 and 2013. | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Description of Securities | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
U. S. Government sponsored agencies | $ | - | $ | - | $ | 14,678 | $ | (275 | ) | $ | 14,678 | $ | (275 | ) | |||||||||||
State, county and municipal securities | 15,038 | (70 | ) | 19,665 | (363 | ) | 34,703 | (433 | ) | ||||||||||||||||
Corporate debt securities | - | - | - | - | - | - | |||||||||||||||||||
Mortgage-backed securities | 36,760 | (221 | ) | 46,812 | (1,182 | ) | 83,572 | (1,403 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 51,798 | $ | (291 | ) | $ | 81,155 | $ | (1,820 | ) | $ | 132,953 | $ | (2,111 | ) | ||||||||||
December 31, 2013: | |||||||||||||||||||||||||
U. S. Government sponsored agencies | $ | 13,926 | $ | (1,021 | ) | $ | - | $ | - | $ | 13,926 | $ | (1,021 | ) | |||||||||||
State, county and municipal securities | 47,401 | (1,882 | ) | 3,794 | (292 | ) | 51,195 | (2,174 | ) | ||||||||||||||||
Corporate debt securities | - | - | 4,826 | (261 | ) | 4,826 | (261 | ) | |||||||||||||||||
Collateralized debt obligations | - | - | - | - | - | - | |||||||||||||||||||
Mortgage-backed securities | 94,989 | (2,493 | ) | 23,388 | (1,545 | ) | 118,377 | (4,038 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 156,316 | $ | (5,396 | ) | $ | 32,008 | $ | (2,098 | ) | $ | 188,324 | $ | (7,494 | ) | ||||||||||
As of December 31, 2014, the Company’s security portfolio consisted of 340 securities, 66 of which were in an unrealized loss position. The majority of unrealized losses are related to the Company’s mortgage-backed and state, county and municipal securities, as discussed below. | |||||||||||||||||||||||||
At December 31, 2014, the Company held 37 mortgage backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2014. | |||||||||||||||||||||||||
At December 31, 2014, the Company held 26 state, county and municipal securities and 3 U.S. government sponsored agency securities that were in an unrealized loss position. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2014. | |||||||||||||||||||||||||
During 2014 and 2013, the Company received timely and current interest and principal payments on all of the securities classified as corporate debt securities, except for one security that began deferring interest during the fourth quarter of 2010. The Company’s investments in subordinated debt include investments in regional and super-regional banks on which the Company prepares regular analysis through review of financial information or credit ratings. Investments in preferred securities are also concentrated in the preferred obligations of regional and super-regional banks through non-pooled investment structures. The Company did not have investments in “pooled” trust preferred securities at December 31, 2014 or 2013. | |||||||||||||||||||||||||
Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluate securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. While the majority of the unrealized losses on debt securities relate to changes in interest rates, corporate debt securities have also been affected by reduced levels of liquidity and higher risk premiums. Occasionally, management engages independent third parties to evaluate the Company’s position in certain corporate debt securities to aid management and the ALCO Committee in its determination regarding the status of impairment. The Company believes that each investment poses minimal credit risk and further, that the Company does not intend to sell these investment securities at an unrealized loss position at December 31, 2014, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Therefore, at December 31, 2014, these investments are not considered impaired on an other-than-temporary basis. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, all of the Company’s mortgage-backed securities were obligations of government-sponsored agencies. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities available for sale as of December 31, 2014, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without penalty. Securities not due at a single maturity date are shown separately. Therefore, these securities are not included in the maturity categories in the following maturity summary. | |||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||
Cost | Fair | ||||||||||||||||||||||||
Value | |||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 5,693 | $ | 5,757 | |||||||||||||||||||||
Due from one year to five years | 45,110 | 46,340 | |||||||||||||||||||||||
Due from five to ten years | 63,043 | 64,201 | |||||||||||||||||||||||
Due after ten years | 49,792 | 50,795 | |||||||||||||||||||||||
Mortgage-backed securities | 369,581 | 374,712 | |||||||||||||||||||||||
$ | 533,219 | $ | 541,805 | ||||||||||||||||||||||
Securities with a carrying value of approximately $286.6 million and $399.0 million at December 31, 2014 and 2013, respectively, serve as collateral to secure public deposits, securities sold under agreements to repurchase and for other purposes required or permitted by law. | |||||||||||||||||||||||||
Gains and losses on sales of securities available for sale consist of the following: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Gross gains on sales of securities | $ | 141 | $ 353 | $ 420 | |||||||||||||||||||||
Gross losses on sales of securities | (3 | ) | (182 | ) | (98 | ) | |||||||||||||||||||
Net realized gains on sales of securities available for sale | $ | 138 | $ 171 | $ 322 | |||||||||||||||||||||
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | NOTE 5. LOANS AND ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
The Bank engages in a full complement of lending activities, including real estate-related loans, agriculture-related loans, commercial and financial loans and consumer installment loans within select markets in Georgia, Alabama, Florida and South Carolina. The Bank concentrates the majority of its lending activities in real estate loans. While risk of loss in the Company’s portfolio is primarily tied to the credit quality of the various borrowers, risk of loss may increase due to factors beyond the Company’s control, such as local, regional and/or national economic downturns. General conditions in the real estate market may also impact the relative risk in the real estate portfolio. | |||||||||||||||||||||||||||||||||
A substantial portion of the Bank’s loans are secured by real estate in the Bank’s primary market area. In addition, a substantial portion of the OREO is located in those same markets. Accordingly, the ultimate collectability of a substantial portion of the Bank’s loan portfolio and the recovery of a substantial portion of the carrying amount of OREO are susceptible to changes in real estate conditions in the Bank’s primary market area. | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural loans include both secured and unsecured loans for working capital, expansion, crop production, and other business purposes. Short-term working capital loans are secured by non-real estate collateral such as accounts receivable, crops, inventory and equipment. The Company evaluates the financial strength, cash flow, management, credit history of the borrower and the quality of the collateral securing the loan. The Bank often requires personal guarantees and secondary sources of repayment on commercial, financial and agricultural loans. | |||||||||||||||||||||||||||||||||
Real estate loans include construction and development loans, commercial and farmland loans and residential loans. Construction and development loans include loans for the development of residential neighborhoods, construction of one-to-four family residential construction loans to builders and consumers, and commercial real estate construction loans, primarily for owner-occupied properties. The Company limits its construction lending risk through adherence to established underwriting procedures. Commercial real estate loans include loans secured by owner-occupied commercial buildings for office, storage, retail, farmland and warehouse space. They also include non-owner occupied commercial buildings such as leased retail and office space. Commercial real estate loans may be larger in size and may involve a greater degree of risk than one-to-four family residential mortgage loans. Payments on such loans are often dependent on successful operation or management of the properties. The Company’s residential loans represent permanent mortgage financing and are secured by residential properties located within the Bank’s market areas. | |||||||||||||||||||||||||||||||||
Consumer installment loans and other loans include automobile loans, boat and recreational vehicle financing, and both secured and unsecured personal loans. Consumer loans carry greater risks than other loans, as the collateral can consist of rapidly depreciating assets such as automobiles and equipment that may not provide an adequate source of repayment of the loan in the case of default. | |||||||||||||||||||||||||||||||||
Loans are stated at unpaid balances, net of unearned income and deferred loan fees. Balances within the major loans receivable categories are presented in the following table: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 319,654 | $ | 244,373 | |||||||||||||||||||||||||||||
Real estate – construction & development | 161,507 | 146,371 | |||||||||||||||||||||||||||||||
Real estate – commercial & farmland | 907,524 | 808,323 | |||||||||||||||||||||||||||||||
Real estate – residential | 456,106 | 351,886 | |||||||||||||||||||||||||||||||
Consumer installment | 30,782 | 34,249 | |||||||||||||||||||||||||||||||
Other | 14,308 | 33,252 | |||||||||||||||||||||||||||||||
1,889,881 | 1,618,454 | ||||||||||||||||||||||||||||||||
Allowance for loan losses | 21,157 | 22,377 | |||||||||||||||||||||||||||||||
Loans, net | $ | 1,868,724 | $ | 1,596,077 | |||||||||||||||||||||||||||||
Purchased non-covered loans are defined as loans that were acquired in bank acquisitions that are not covered by a loss-sharing agreement with the FDIC. Loans that were previously classified as covered loans where the loss-sharing agreements have expired are also included in purchased non-covered loans. Purchased non-covered loans totaling $674.2 million and $448.8 million at December 31, 2014 and 2013, respectively, are not included in the above schedule. | |||||||||||||||||||||||||||||||||
The carrying value of purchased non-covered loans are shown below according to loan type as of the end of the years shown: | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 38,041 | $ | 32,141 | |||||||||||||||||||||||||||||
Real estate – construction & development | 58,362 | 31,176 | |||||||||||||||||||||||||||||||
Real estate – commercial & farmland | 306,706 | 179,898 | |||||||||||||||||||||||||||||||
Real estate – residential | 266,342 | 200,851 | |||||||||||||||||||||||||||||||
Consumer installment loans | 4,788 | 4,687 | |||||||||||||||||||||||||||||||
$ | 674,239 | $ | 448,753 | ||||||||||||||||||||||||||||||
Covered loans are defined as loans that were acquired in FDIC-assisted transactions that are covered by a loss-sharing agreement with the FDIC. Covered loans totaling $271.3 million and $390.2 million at December 31, 2014 and 2013, respectively, are not included in the above schedule. | |||||||||||||||||||||||||||||||||
The carrying value of covered loans are shown below according to loan type as of the end of the years shown: | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 21,467 | $ | 26,550 | |||||||||||||||||||||||||||||
Real estate – construction & development | 23,447 | 43,179 | |||||||||||||||||||||||||||||||
Real estate – commercial & farmland | 147,627 | 224,451 | |||||||||||||||||||||||||||||||
Real estate – residential | 78,520 | 95,173 | |||||||||||||||||||||||||||||||
Consumer installment loans | 218 | 884 | |||||||||||||||||||||||||||||||
$ | 271,279 | $ | 390,237 | ||||||||||||||||||||||||||||||
Nonaccrual and Past Due Loans | |||||||||||||||||||||||||||||||||
A loan is placed on non-accrual status when, in management’s judgment, the collection of the interest income appears doubtful. Interest receivable that has been accrued and is subsequently determined to have doubtful collectability is charged to interest income. Interest on loans that are classified as non-accrual is subsequently recognized only to the extent cash payments are received until the loans are returned to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Past due loans are loans whose principal or interest is past due 90 days or more. In some cases, where borrowers are experiencing financial difficulties, loans may be restructured to provide terms significantly different from the original contractual terms. Loans on nonaccrual status, excluding purchased non-covered and covered loans, amounted to approximately $21.7 million, $29.2 million and $38.9 million at December 31, 2014, 2013 and 2012, respectively. Purchased non-covered loans on nonaccrual status amounted to approximately $18.2 million and $6.7 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
The following table presents an analysis of loans accounted for on a nonaccrual basis, excluding purchased non-covered and covered loans: | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 1,672 | $ | 4,103 | |||||||||||||||||||||||||||||
Real estate – construction & development | 3,774 | 3,971 | |||||||||||||||||||||||||||||||
Real estate – commercial & farmland | 8,141 | 8,566 | |||||||||||||||||||||||||||||||
Real estate – residential | 7,663 | 12,152 | |||||||||||||||||||||||||||||||
Consumer installment loans | 478 | 411 | |||||||||||||||||||||||||||||||
$ | 21,728 | $ | 29,203 | ||||||||||||||||||||||||||||||
The following table presents an analysis of purchased non-covered loans accounted for on a nonaccrual basis: | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 175 | $ | 11 | |||||||||||||||||||||||||||||
Real estate – construction & development | 1,119 | 325 | |||||||||||||||||||||||||||||||
Real estate – commercial & farmland | 10,242 | 1,653 | |||||||||||||||||||||||||||||||
Real estate – residential | 6,644 | 4,658 | |||||||||||||||||||||||||||||||
Consumer installment loans | 69 | 12 | |||||||||||||||||||||||||||||||
$ | 18,249 | $ | 6,659 | ||||||||||||||||||||||||||||||
The following table presents an analysis of covered loans accounted for on a nonaccrual basis: | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 8,541 | $ | 7,257 | |||||||||||||||||||||||||||||
Real estate – construction & development | 7,601 | 14,781 | |||||||||||||||||||||||||||||||
Real estate – commercial & farmland | 12,584 | 33,495 | |||||||||||||||||||||||||||||||
Real estate – residential | 6,595 | 13,278 | |||||||||||||||||||||||||||||||
Consumer installment loans | 91 | 341 | |||||||||||||||||||||||||||||||
$ | 35,412 | $ | 69,152 | ||||||||||||||||||||||||||||||
The following table presents an analysis of loans, excluding purchased non-covered and covered past due loans as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Loans | Loans | Loans 90 | Total | Current | Total | Loans 90 | |||||||||||||||||||||||||||
30-59 | 60-89 | or More | Loans | Loans | Loans | Days or | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Past Due | More Past | |||||||||||||||||||||||||||||
Due | Past Due | Due | Due and | ||||||||||||||||||||||||||||||
Still | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 900 | $ | 233 | $ | 1,577 | $ | 2,710 | $ | 316,944 | $ | 319,654 | $ | - | |||||||||||||||||||
Real estate – construction & development | 1,382 | 286 | 3,367 | 5,035 | 156,472 | 161,507 | - | ||||||||||||||||||||||||||
Real estate – commercial & farmland | 2,859 | 635 | 7,668 | 11,162 | 896,362 | 907,524 | - | ||||||||||||||||||||||||||
Real estate – residential | 3,953 | 2,334 | 6,755 | 13,042 | 443,064 | 456,106 | - | ||||||||||||||||||||||||||
Consumer installment loans | 634 | 158 | 366 | 1,158 | 29,624 | 30,782 | 1 | ||||||||||||||||||||||||||
Other | - | - | - | - | 14,308 | 14,308 | - | ||||||||||||||||||||||||||
Total | $ | 9,728 | $ | 3,646 | $ | 19,733 | $ | 33,107 | $ | 1,856,774 | $ | 1,889,881 | $ | 1 | |||||||||||||||||||
Loans | Loans | Loans 90 | Total | Current | Total | Loans 90 | |||||||||||||||||||||||||||
30-59 | 60-89 | or More | Loans | Loans | Loans | Days or | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Past Due | More Past | |||||||||||||||||||||||||||||
Due | Past Due | Due | Due and | ||||||||||||||||||||||||||||||
Still | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 10,893 | $ | 272 | $ | 4,081 | $ | 15,246 | $ | 229,127 | $ | 244,373 | $ | - | |||||||||||||||||||
Real estate – construction & development | 1,026 | 69 | 3,935 | 5,030 | 141,341 | 146,371 | - | ||||||||||||||||||||||||||
Real estate – commercial & farmland | 3,981 | 1,388 | 7,751 | 13,120 | 795,203 | 808,323 | - | ||||||||||||||||||||||||||
Real estate – residential | 5,422 | 1,735 | 11,587 | 18,744 | 333,142 | 351,886 | - | ||||||||||||||||||||||||||
Consumer installment loans | 568 | 197 | 305 | 1,070 | 33,179 | 34,249 | - | ||||||||||||||||||||||||||
Other | - | - | - | - | 33,252 | 33,252 | - | ||||||||||||||||||||||||||
Total | $ | 21,890 | $ | 3,661 | $ | 27,659 | $ | 53,210 | $ | 1,565,244 | $ | 1,618,454 | $ | - | |||||||||||||||||||
The following table presents an analysis of purchased non-covered past due loans as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Loans | Loans | Loans 90 | Total | Current | Total | Loans 90 | |||||||||||||||||||||||||||
30-59 | 60-89 | or More | Loans | Loans | Loans | Days or | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Past Due | More Past | |||||||||||||||||||||||||||||
Due | Past Due | Due | Due and | ||||||||||||||||||||||||||||||
Still | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 30, 2014: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 461 | $ | 90 | $ | 175 | $ | 726 | $ | 37,315 | $ | 38,041 | $ | - | |||||||||||||||||||
Real estate – construction & development | 790 | 1,735 | 1,117 | 3,642 | 54,720 | 58,362 | - | ||||||||||||||||||||||||||
Real estate – commercial & farmland | 2,107 | 1,194 | 9,529 | 12,830 | 293,876 | 306,706 | - | ||||||||||||||||||||||||||
Real estate – residential | 6,907 | 1,401 | 6,369 | 14,677 | 251,665 | 266,342 | - | ||||||||||||||||||||||||||
Consumer installment loans | 82 | - | 65 | 147 | 4,641 | 4,788 | - | ||||||||||||||||||||||||||
Total | $ | 10,347 | $ | 4,420 | $ | 17,255 | $ | 32,022 | $ | 642,217 | $ | 674,239 | $ | - | |||||||||||||||||||
Loans | Loans | Loans 90 | Total | Current | Total | Loans 90 | |||||||||||||||||||||||||||
30-59 | 60-89 | or More | Loans | Loans | Loans | Days or | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Past Due | More Past | |||||||||||||||||||||||||||||
Due | Past Due | Due | Due and | ||||||||||||||||||||||||||||||
Still | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 30, 2013: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 370 | $ | 70 | $ | 11 | $ | 451 | $ | 31,690 | $ | 32,141 | $ | - | |||||||||||||||||||
Real estate – construction & development | 1,008 | 89 | 325 | 1,422 | 29,754 | 31,176 | - | ||||||||||||||||||||||||||
Real estate – commercial & farmland | 6,851 | 2,064 | 1,516 | 10,431 | 169,467 | 179,898 | - | ||||||||||||||||||||||||||
Real estate – residential | 4,667 | 1,074 | 3,428 | 9,169 | 191,682 | 200,851 | - | ||||||||||||||||||||||||||
Consumer installment loans | 7 | 17 | 9 | 33 | 4,654 | 4,687 | - | ||||||||||||||||||||||||||
Total | $ | 12,903 | $ | 3,314 | $ | 5,289 | $ | 21,506 | $ | 427,247 | $ | 448,753 | $ | - | |||||||||||||||||||
The following table presents an analysis of covered past due loans as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
Loans | Loans | Loans 90 | Total | Current | Total | Loans 90 | |||||||||||||||||||||||||||
30-59 | 60-89 | or More | Loans | Loans | Loans | Days or | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Past Due | More Past | |||||||||||||||||||||||||||||
Due | Past Due | Due | Due and | ||||||||||||||||||||||||||||||
Still | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 30, 2014: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 451 | $ | 136 | $ | 1,878 | $ | 2,465 | $ | 19,002 | $ | 21,467 | $ | - | |||||||||||||||||||
Real estate – construction & development | 238 | 226 | 6,703 | 7,167 | 16,280 | 23,447 | - | ||||||||||||||||||||||||||
Real estate – commercial & farmland | 4,371 | 1,486 | 7,711 | 13,568 | 134,059 | 147,627 | 714 | ||||||||||||||||||||||||||
Real estate – residential | 3,464 | 962 | 5,656 | 10,082 | 68,438 | 78,520 | - | ||||||||||||||||||||||||||
Consumer installment loans | 10 | - | 91 | 101 | 117 | 218 | - | ||||||||||||||||||||||||||
Total | $ | 8,534 | $ | 2,810 | $ | 22,039 | $ | 33,383 | $ | 237,896 | $ | 271,279 | $ | 714 | |||||||||||||||||||
Loans | Loans | Loans 90 | Total | Current | Total | Loans 90 | |||||||||||||||||||||||||||
30-59 | 60-89 | or More | Loans | Loans | Loans | Days or | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Past Due | More Past | |||||||||||||||||||||||||||||
Due | Past Due | Due | Due and | ||||||||||||||||||||||||||||||
Still | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 3,966 | $ | 12 | $ | 6,165 | $ | 10,143 | $ | 16,407 | $ | 26,550 | $ | - | |||||||||||||||||||
Real estate – construction & development | 843 | 144 | 14,055 | 15,042 | 28,137 | 43,179 | - | ||||||||||||||||||||||||||
Real estate – commercial & farmland | 8,482 | 4,350 | 26,428 | 39,260 | 185,191 | 224,451 | 346 | ||||||||||||||||||||||||||
Real estate – residential | 7,648 | 1,914 | 10,244 | 19,806 | 75,367 | 95,173 | - | ||||||||||||||||||||||||||
Consumer installment loans | 51 | 14 | 305 | 370 | 514 | 884 | - | ||||||||||||||||||||||||||
Total | $ | 20,990 | $ | 6,434 | $ | 57,197 | $ | 84,621 | $ | 305,616 | $ | 390,237 | $ | 346 | |||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
Loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreements. Impaired loans include loans on nonaccrual status and accruing troubled debt restructurings. When determining if the Company will be unable to collect all principal and interest payments due in accordance with the contractual terms of the loan agreement, the Company considers the borrower’s capacity to pay, which includes such factors as the borrower’s current financial statements, an analysis of global cash flow sufficient to pay all debt obligations and an evaluation of secondary sources of repayment, such as guarantor support and collateral value. Impaired loans include loans on nonaccrual status and troubled debt restructurings. The Company individually assesses for impairment all nonaccrual loans greater than $200,000 and rated substandard or worse and all troubled debt restructurings greater than $100,000. If a loan is deemed impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. | |||||||||||||||||||||||||||||||||
The following is a summary of information pertaining to impaired loans, excluding purchased non-covered and covered loans: | |||||||||||||||||||||||||||||||||
As of and For the Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 21,728 | $ | 29,203 | $ | 38,885 | |||||||||||||||||||||||||||
Troubled debt restructurings not included above | 12,759 | 17,214 | 18,744 | ||||||||||||||||||||||||||||||
Total impaired loans | $ | 34,487 | $ | 46,417 | $ | 57,629 | |||||||||||||||||||||||||||
Interest income recognized on impaired loans | $ | 1,170 | $ | 522 | $ | 495 | |||||||||||||||||||||||||||
Foregone interest income on impaired loans | $ | 155 | $ | 418 | $ | 718 | |||||||||||||||||||||||||||
The following table presents an analysis of information pertaining to impaired loans, excluding purchased non-covered and covered loans as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | Average | ||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||||||
Balance | Allowance | Allowance | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 3,387 | $ | 6 | $ | 1,956 | $ | 1,962 | $ | 395 | $ | 3,021 | |||||||||||||||||||||
Real estate – construction & development | 8,325 | 448 | 4,005 | 4,453 | 771 | 5,368 | |||||||||||||||||||||||||||
Real estate – commercial & farmland | 17,514 | 4,967 | 9,651 | 14,618 | 1,859 | 15,972 | |||||||||||||||||||||||||||
Real estate – residential | 15,571 | 3,514 | 9,407 | 12,921 | 974 | 16,317 | |||||||||||||||||||||||||||
Consumer installment loans | 618 | - | 533 | 533 | 9 | 519 | |||||||||||||||||||||||||||
Total | $ | 45,415 | $ | 8,935 | $ | 25,552 | $ | 34,487 | $ | 4,008 | $ | 41,197 | |||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | Average | ||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||||||
Balance | Allowance | Allowance | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 6,240 | $ | - | $ | 4,618 | $ | 4,618 | $ | 435 | $ | 4,844 | |||||||||||||||||||||
Real estate – construction & development | 11,363 | - | 5,867 | 5,867 | 512 | 8,341 | |||||||||||||||||||||||||||
Real estate – commercial & farmland | 18,456 | - | 15,479 | 15,479 | 1,443 | 17,559 | |||||||||||||||||||||||||||
Real estate – residential | 24,342 | - | 19,970 | 19,970 | 1,472 | 20,335 | |||||||||||||||||||||||||||
Consumer installment loans | 623 | - | 483 | 483 | 9 | 642 | |||||||||||||||||||||||||||
Total | $ | 61,024 | $ | - | $ | 46,417 | $ | 46,417 | $ | 3,871 | $ | 51,721 | |||||||||||||||||||||
During 2014, 2013 and 2012, the Company recorded provision for loan loss expense of $843,000, $1.5 million and $2.6 million, respectively, to account for losses where there was a decrease in cash flows from the initial estimates on loans acquired in FDIC-assisted transactions. During 2014, the Company recorded provision for loan loss expense of $84,000 to account for losses where there was a decrease in cash flows from the initial estimates on purchased, non-covered loans. The Company did not record a provision for loan loss expense to account for losses where the initial estimate of cash flows was revised downward based on new information on purchased, non-covered loans during 2013 and 2012. The allowance for loan losses allocated to purchased non-covered loans and covered loans that is immediately charged off is related to the purchased credit-impaired loans. Charge-offs on purchased loans, both covered and non-covered, are recorded when impairment is recorded. Provision expense for covered loans is recorded net of the indemnification by the FDIC loss-share agreements. | |||||||||||||||||||||||||||||||||
The following is a summary of information pertaining to purchased non-covered impaired loans: | |||||||||||||||||||||||||||||||||
As of and For the Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 18,249 | $ | 6,659 | $ | - | |||||||||||||||||||||||||||
Troubled debt restructurings not included above | 1,212 | 5,938 | - | ||||||||||||||||||||||||||||||
Total impaired loans | $ | 19,461 | $ | 12,597 | $ | - | |||||||||||||||||||||||||||
Interest income recognized on impaired loans | $ | 109 | $ | - | $ | - | |||||||||||||||||||||||||||
Foregone interest income on impaired loans | $ | 237 | $ | - | $ | - | |||||||||||||||||||||||||||
The following table presents an analysis of information pertaining to purchased non-covered impaired loans as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | Average | ||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||||||
Balance | Allowance | Allowance | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 499 | $ | 175 | $ | - | $ | 175 | $ | - | $ | 165 | |||||||||||||||||||||
Real estate – construction & development | 2,210 | 1,436 | - | 1,436 | - | 1,643 | |||||||||||||||||||||||||||
Real estate – commercial & farmland | 13,520 | 10,588 | - | 10,588 | - | 7,484 | |||||||||||||||||||||||||||
Real estate – residential | 10,487 | 7,191 | - | 7,191 | - | 7,084 | |||||||||||||||||||||||||||
Consumer installment loans | 169 | 71 | - | 71 | - | 68 | |||||||||||||||||||||||||||
Total | $ | 26,885 | $ | 19,461 | $ | - | $ | 19,461 | $ | - | $ | 16,444 | |||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | Average | ||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||||||
Balance | Allowance | Allowance | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 19 | $ | 11 | $ | - | $ | 11 | $ | - | $ | - | |||||||||||||||||||||
Real estate – construction & development | 5,719 | 3,690 | - | 3,690 | - | 71 | |||||||||||||||||||||||||||
Real estate – commercial & farmland | 4,563 | 2,881 | - | 2,881 | - | 55 | |||||||||||||||||||||||||||
Real estate – residential | 9,612 | 5,978 | - | 5,978 | - | 115 | |||||||||||||||||||||||||||
Consumer installment loans | 57 | 37 | - | 37 | - | 1 | |||||||||||||||||||||||||||
Total | $ | 19,970 | $ | 12,597 | $ | - | $ | 12,597 | $ | - | $ | 242 | |||||||||||||||||||||
The following is a summary of information pertaining to covered impaired loans: | |||||||||||||||||||||||||||||||||
As of and For the Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 35,412 | $ | 69,152 | $ | 115,712 | |||||||||||||||||||||||||||
Troubled debt restructurings not included above | 22,619 | 22,243 | 17,090 | ||||||||||||||||||||||||||||||
Total impaired loans | $ | 58,031 | $ | 91,395 | $ | 132,802 | |||||||||||||||||||||||||||
Interest income recognized on impaired loans | $ | 1,134 | $ | 968 | $ | 849 | |||||||||||||||||||||||||||
Foregone interest income on impaired loans | $ | 109 | $ | 330 | $ | 491 | |||||||||||||||||||||||||||
The following table presents an analysis of information pertaining to covered impaired loans as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | Average | ||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||||||
Balance | Allowance | Allowance | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 10,845 | $ | 8,582 | $ | - | $ | 8,582 | $ | - | $ | 9,777 | |||||||||||||||||||||
Real estate – construction & development | 11,621 | 10,638 | - | 10,638 | - | 14,132 | |||||||||||||||||||||||||||
Real estate – commercial & farmland | 23,349 | 20,663 | - | 20,663 | - | 28,594 | |||||||||||||||||||||||||||
Real estate – residential | 19,629 | 18,054 | - | 18,054 | - | 21,091 | |||||||||||||||||||||||||||
Consumer installment loans | 111 | 94 | - | 94 | - | 163 | |||||||||||||||||||||||||||
Total | $ | 65,555 | $ | 58,031 | $ | - | $ | 58,031 | $ | - | $ | 73,757 | |||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | Average | ||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||||||
Balance | Allowance | Allowance | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 9,680 | $ | 7,270 | $ | - | $ | 7,270 | $ | - | $ | 8,696 | |||||||||||||||||||||
Real estate – construction & development | 20,915 | 18,037 | - | 18,037 | - | 21,794 | |||||||||||||||||||||||||||
Real estate – commercial & farmland | 46,612 | 40,749 | - | 40,749 | - | 51,584 | |||||||||||||||||||||||||||
Real estate – residential | 29,089 | 24,998 | - | 24,998 | - | 28,452 | |||||||||||||||||||||||||||
Consumer installment loans | 394 | 341 | - | 341 | - | 304 | |||||||||||||||||||||||||||
Total | $ | 106,690 | $ | 91,395 | $ | - | $ | 91,395 | $ | - | $ | 110,830 | |||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||
The Company uses a nine category risk grading system to assign a risk grade to each loan in the portfolio. Following is a description of the general characteristics of the grades: | |||||||||||||||||||||||||||||||||
Grade 10 – Prime Credit – This grade represents loans to the Company’s most creditworthy borrowers or loans that are secured by cash or cash equivalents. | |||||||||||||||||||||||||||||||||
Grade 15 – Good Credit – This grade includes loans that exhibit one or more characteristics better than that of a Satisfactory Credit. Generally, debt service coverage and borrower’s liquidity is materially better than required by the Company’s loan policy. | |||||||||||||||||||||||||||||||||
Grade 20 – Satisfactory Credit – This grade is assigned to loans to borrowers who exhibit satisfactory credit histories, contain acceptable loan structures and demonstrate ability to repay. | |||||||||||||||||||||||||||||||||
Grade 23 – Performing, Under-Collateralized Credit – This grade is assigned to loans that are currently performing and supported by adequate financial information that reflects repayment capacity, but exhibits a loan-to-value ratio greater than 110%, based on a documented collateral valuation. | |||||||||||||||||||||||||||||||||
Grade 25 – Minimum Acceptable Credit – This grade includes loans which exhibit all the characteristics of a Satisfactory Credit, but warrant more than normal level of banker supervision due to (i) circumstances which elevate the risks of performance (such as start-up operations, untested management, heavy leverage, interim losses); (ii)adverse, extraordinary events that have affected, or could affect, the borrower’s cash flow, financial condition, ability to continue operating profitability or refinancing (such as death of principal, fire, divorce); (iii) loans that require more than the normal servicing requirements (such as any type of construction financing, acquisition and development loans, accounts receivable or inventory loans and floor plan loans); (iv) existing technical exceptions which raise some doubts about the Bank’s perfection in its collateral position or the continued financial capacity of the borrower; or (v) improvements in formerly criticized borrowers, which may warrant banker supervision. | |||||||||||||||||||||||||||||||||
Grade 30 – Other Asset Especially Mentioned – This grade includes loans that exhibit potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. | |||||||||||||||||||||||||||||||||
Grade 40 – Substandard – This grade represents loans which are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. These assets exhibit a well-defined weakness or are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. These weaknesses may be characterized by past due performance, operating losses or questionable collateral values. | |||||||||||||||||||||||||||||||||
Grade 50 – Doubtful – This grade includes loans which exhibit all of the characteristics of a substandard loan with the added provision that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable or improbable. | |||||||||||||||||||||||||||||||||
Grade 60 – Loss – This grade is assigned to loans which are considered uncollectible and of such little value that their continuance as active assets of the Bank is not warranted. This classification does not mean that the loss has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing it off. | |||||||||||||||||||||||||||||||||
The following table presents the loan portfolio, excluding purchased non-covered and covered loans, by risk grade as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||||||
Risk Grade | Commercial, | Real estate - | Real estate - | Real estate - | Consumer | Other | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | |||||||||||||||||||||||||||||
agricultural | development | farmland | loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
10 | $ | 121,355 | $ | 268 | $ | 155 | $ | 226 | $ | 6,573 | $ | - | $ | 128,577 | |||||||||||||||||||
15 | 25,318 | 4,010 | 128,170 | 59,301 | 1,005 | - | 217,804 | ||||||||||||||||||||||||||
20 | 100,599 | 47,541 | 511,198 | 256,758 | 17,544 | 14,308 | 947,948 | ||||||||||||||||||||||||||
23 | 56 | 8,933 | 10,507 | 9,672 | 37 | - | 29,205 | ||||||||||||||||||||||||||
25 | 62,519 | 93,514 | 224,464 | 102,998 | 4,692 | - | 488,187 | ||||||||||||||||||||||||||
30 | 3,758 | 1,474 | 13,035 | 7,459 | 257 | - | 25,983 | ||||||||||||||||||||||||||
40 | 6,049 | 5,767 | 19,995 | 19,692 | 673 | - | 52,176 | ||||||||||||||||||||||||||
50 | - | - | - | - | 1 | - | 1 | ||||||||||||||||||||||||||
60 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
Total | $ | 319,654 | $ | 161,507 | $ | 907,524 | $ | 456,106 | $ | 30,782 | $ | 14,308 | $ | 1,889,881 | |||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Risk Grade | Commercial, | Real estate - | Real estate - | Real estate - | Consumer | Other | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | |||||||||||||||||||||||||||||
agricultural | development | farmland | loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
10 | $ | 66,983 | $ | - | $ | 265 | $ | 419 | $ | 6,714 | $ | - | $ | 74,381 | |||||||||||||||||||
15 | 24,789 | 4,655 | 147,157 | 52,335 | 1,276 | - | 230,212 | ||||||||||||||||||||||||||
20 | 93,852 | 45,195 | 431,790 | 150,343 | 18,619 | 33,252 | 773,051 | ||||||||||||||||||||||||||
23 | 127 | 8,343 | 10,219 | 12,641 | 274 | - | 31,604 | ||||||||||||||||||||||||||
25 | 50,373 | 78,736 | 181,645 | 103,427 | 6,310 | - | 420,491 | ||||||||||||||||||||||||||
30 | 2,111 | 2,876 | 11,849 | 13,558 | 197 | - | 30,591 | ||||||||||||||||||||||||||
40 | 6,011 | 6,566 | 25,398 | 19,153 | 859 | - | 57,987 | ||||||||||||||||||||||||||
50 | 127 | - | - | 10 | - | - | 137 | ||||||||||||||||||||||||||
60 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
Total | $ | 244,373 | $ | 146,371 | $ | 808,323 | $ | 351,886 | $ | 34,249 | $ | 33,252 | $ | 1,618,454 | |||||||||||||||||||
The following table presents the purchased non-covered loan portfolio by risk grade as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||||||
Risk Grade | Commercial, | Real estate - | Real estate - | Real estate - | Consumer | Other | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | |||||||||||||||||||||||||||||
agricultural | development | farmland | loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
10 | $ | 6,624 | $ | - | $ | - | $ | 290 | $ | 480 | $ | - | $ | 7,394 | |||||||||||||||||||
15 | 1,376 | 522 | 13,277 | 14,051 | 501 | - | 29,727 | ||||||||||||||||||||||||||
20 | 13,657 | 12,991 | 116,308 | 64,083 | 1,647 | - | 208,686 | ||||||||||||||||||||||||||
23 | 73 | - | 3,207 | 3,298 | - | - | 6,578 | ||||||||||||||||||||||||||
25 | 13,753 | 36,230 | 144,293 | 164,959 | 1,920 | - | 361,155 | ||||||||||||||||||||||||||
30 | 1,618 | 4,365 | 12,279 | 7,444 | 41 | - | 25,747 | ||||||||||||||||||||||||||
40 | 910 | 4,254 | 17,342 | 12,184 | 199 | - | 34,889 | ||||||||||||||||||||||||||
50 | 30 | - | - | 33 | - | - | 63 | ||||||||||||||||||||||||||
60 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
Total | $ | 38,041 | $ | 58,362 | $ | 306,706 | $ | 266,342 | $ | 4,788 | $ | - | $ | 674,239 | |||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Risk Grade | Commercial, | Real estate - | Real estate - | Real estate - | Consumer | Other | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | |||||||||||||||||||||||||||||
agricultural | development | farmland | loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
10 | $ | 1,865 | $ | - | $ | - | $ | 289 | $ | 451 | $ | - | $ | 2,605 | |||||||||||||||||||
15 | 4,606 | 7 | 12,998 | 16,160 | 703 | - | 34,474 | ||||||||||||||||||||||||||
20 | 5,172 | 3,960 | 43,802 | 34,576 | 1,383 | - | 88,893 | ||||||||||||||||||||||||||
23 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
25 | 19,638 | 20,733 | 102,260 | 129,923 | 1,888 | - | 274,442 | ||||||||||||||||||||||||||
30 | 576 | 1,760 | 9,554 | 10,878 | 194 | - | 22,962 | ||||||||||||||||||||||||||
40 | 284 | 4,716 | 11,284 | 9,025 | 68 | - | 25,377 | ||||||||||||||||||||||||||
50 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
60 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
Total | $ | 32,141 | $ | 31,176 | $ | 179,898 | $ | 200,851 | $ | 4,687 | $ | - | $ | 448,753 | |||||||||||||||||||
The following table presents the covered loan portfolio by risk grade as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||||||
Risk Grade | Commercial, | Real estate - | Real estate - | Real estate - | Consumer | Other | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | |||||||||||||||||||||||||||||
agricultural | development | farmland | loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
10 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | ||||||||||||||||||||
15 | - | 1 | 761 | 525 | - | - | 1,287 | ||||||||||||||||||||||||||
20 | 917 | 3,184 | 23,167 | 14,089 | 77 | - | 41,434 | ||||||||||||||||||||||||||
23 | 164 | 537 | 11,404 | 6,642 | - | - | 18,747 | ||||||||||||||||||||||||||
25 | 5,181 | 9,406 | 80,334 | 33,124 | 37 | - | 128,082 | ||||||||||||||||||||||||||
30 | 4,808 | 2,753 | 5,302 | 8,050 | - | - | 20,913 | ||||||||||||||||||||||||||
40 | 10,397 | 7,566 | 26,659 | 16,090 | 104 | - | 60,816 | ||||||||||||||||||||||||||
50 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
60 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
Total | $ | 21,467 | $ | 23,447 | $ | 147,627 | $ | 78,520 | $ | 218 | $ | - | $ | 271,279 | |||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Risk Grade | Commercial, | Real estate - | Real estate - | Real estate - | Consumer | Other | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | |||||||||||||||||||||||||||||
agricultural | development | farmland | loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
10 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
15 | - | 16 | 1,048 | 638 | - | - | 1,702 | ||||||||||||||||||||||||||
20 | 2,184 | 8,549 | 34,674 | 21,363 | 193 | - | 66,963 | ||||||||||||||||||||||||||
23 | 134 | 1,085 | 17,037 | 4,748 | 51 | - | 23,055 | ||||||||||||||||||||||||||
25 | 7,508 | 9,611 | 101,657 | 38,427 | 235 | - | 157,438 | ||||||||||||||||||||||||||
30 | 5,125 | 2,006 | 21,297 | 6,979 | 17 | - | 35,424 | ||||||||||||||||||||||||||
40 | 11,599 | 21,912 | 48,738 | 23,018 | 388 | - | 105,655 | ||||||||||||||||||||||||||
50 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
60 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
Total | $ | 26,550 | $ | 43,179 | $ | 224,451 | $ | 95,173 | $ | 884 | $ | - | $ | 390,237 | |||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
The restructuring of a loan is considered a “troubled debt restructuring” if both (i) the borrower is experiencing financial difficulties and (ii) the Company has granted a concession. Concessions may include interest rate reductions to below market interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses. The Company has exhibited the greatest success for rehabilitation of the loan by a reduction in the rate alone (maintaining the amortization of the debt) or a combination of a rate reduction and the forbearance of previously past due interest or principal. This has most typically been evidenced in certain commercial real estate loans whereby a disruption in the borrower’s cash flow resulted in an extended past due status, of which the borrower was unable to catch up completely as the cash flow of the property ultimately stabilized at a level lower than its original level. A reduction in rate, coupled with a forbearance of unpaid principal and/or interest, allowed the net cash flows to service the debt under the modified terms. | |||||||||||||||||||||||||||||||||
The Company’s policy requires a restructure request to be supported by a current, well-documented credit evaluation of the borrower’s financial condition and a collateral evaluation that is no older than six months from the date of the restructure. Key factors of that evaluation include the documentation of current, recurring cash flows, support provided by the guarantor(s) and the current valuation of the collateral. If the appraisal in file is older than six months, an evaluation must be made as to the continued reasonableness of the valuation. For certain income-producing properties, current rent rolls and/or other income information can be utilized to support the appraisal valuation, when coupled with documented cap rates within our markets and a physical inspection of the collateral to validate the current condition. | |||||||||||||||||||||||||||||||||
The Company’s policy states in the event a loan has been identified as a troubled debt restructuring, it should be assigned a grade of substandard and placed on nonaccrual status until such time that the borrower has demonstrated the ability to service the loan payments based on the restructured terms – generally defined as six months of satisfactory payment history. Missed payments under the original loan terms are not considered under the new structure; however, subsequent missed payments are considered non-performance and are not considered toward the six month required term of satisfactory payment history. The Company’s loan policy states that a nonaccrual loan may be returned to accrual status when (i) none of its principal and interest is due and unpaid, and the Company expects repayment of the remaining contractual principal and interest, or (ii) when it otherwise becomes well secured and in the process of collection. Restoration to accrual status on any given loan must be supported by a well-documented credit evaluation of the borrower’s financial condition and the prospects for full repayment, approved by the Company’s Chief Credit Officer. | |||||||||||||||||||||||||||||||||
In the normal course of business, the Company renews loans with a modification of the interest rate or terms that are not deemed as troubled debt restructurings because the borrower is not experiencing financial difficulty. The Company modified loans in 2014 and 2013 totaling $29.1 million and $30.4 million, respectively, under such parameters. In addition, the Company offers consumer loan customers an annual skip-a-pay program that is based on certain qualifying parameters and not based on financial difficulties. The Company does not treat these as troubled debt restructurings. | |||||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the Company had a balance of $15.3 million and $20.9 million, respectively, in troubled debt restructurings, excluding purchased non-covered and covered loans. The Company has recorded $2.2 million and $2.1 million in previous charge-offs on such loans at December 31, 2014 and 2013, respectively. The Company’s balance in the allowance for loan losses allocated to such troubled debt restructurings was $231,000 and $432,000 at December 31, 2014 and 2013, respectively. At December 31, 2014, the Company did not have any commitments to lend additional funds to debtors whose terms have been modified in troubled restructurings. | |||||||||||||||||||||||||||||||||
During the year ending December 31, 2014, the Company modified loans as troubled debt restructurings with principal balances of $3.1 million. These modifications impacted the Company’s allowance for loan losses by $232,000 for the year ended December 31, 2014. The following table presents the loans by class modified as troubled debt restructurings that occurred during the year ending December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Loan class: | # | Balance | # | Balance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | 6 | $ | 100 | 2 | $ | 255 | |||||||||||||||||||||||||||
Real estate – construction & development | 5 | 264 | 5 | 270 | |||||||||||||||||||||||||||||
Real estate – commercial & farmland | 5 | 1,082 | 4 | 1,084 | |||||||||||||||||||||||||||||
Real estate – residential | 20 | 1,309 | 18 | 1,548 | |||||||||||||||||||||||||||||
Consumer installment | 16 | 67 | 9 | 92 | |||||||||||||||||||||||||||||
Total | 52 | $ | 2,822 | 38 | $ | 3,249 | |||||||||||||||||||||||||||
Troubled debt restructurings with an outstanding balance of $1.2 million at December 31, 2013 defaulted during the year ended December 31, 2014 and these defaults did not have a material impact on the Company’s allowance for loan loss. The following table presents the troubled debt restructurings by class that defaulted during the year ending December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Loan class: | # | Balance | # | Balance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | 1 | $ | 236 | 3 | $ | 525 | |||||||||||||||||||||||||||
Real estate – construction & development | 1 | 33 | 1 | 29 | |||||||||||||||||||||||||||||
Real estate – commercial & farmland | 2 | 570 | 3 | 2,197 | |||||||||||||||||||||||||||||
Real estate – residential | 6 | 314 | 3 | 639 | |||||||||||||||||||||||||||||
Consumer installment | 4 | 61 | - | - | |||||||||||||||||||||||||||||
Total | 14 | $ | 1,214 | 10 | $ | 3,390 | |||||||||||||||||||||||||||
The following table presents the amount of troubled debt restructurings by loan class, excluding purchased non-covered and covered loans, classified separately as accrual and non-accrual at December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||||||||||||
Loan class: | # | Balance | # | Balance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | 6 | $ | 290 | 2 | $ | 13 | |||||||||||||||||||||||||||
Real estate – construction & development | 9 | 679 | 5 | 228 | |||||||||||||||||||||||||||||
Real estate – commercial & farmland | 19 | 6,477 | 3 | 724 | |||||||||||||||||||||||||||||
Real estate – residential | 47 | 5,258 | 11 | 1,485 | |||||||||||||||||||||||||||||
Consumer installment | 11 | 55 | 11 | 73 | |||||||||||||||||||||||||||||
Total | 92 | $ | 12,759 | 32 | $ | 2,523 | |||||||||||||||||||||||||||
As of December 31, 2013 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||||||||||||
Loan class: | # | Balance | # | Balance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | 4 | $ | 515 | 3 | $ | 525 | |||||||||||||||||||||||||||
Real estate – construction & development | 8 | 1,896 | 2 | 32 | |||||||||||||||||||||||||||||
Real estate – commercial & farmland | 17 | 6,913 | 4 | 2,273 | |||||||||||||||||||||||||||||
Real estate – residential | 37 | 7,818 | 8 | 834 | |||||||||||||||||||||||||||||
Consumer installment | 6 | 72 | 3 | 19 | |||||||||||||||||||||||||||||
Total | 72 | $ | 17,214 | 20 | $ | 3,683 | |||||||||||||||||||||||||||
As of December 31, 2014, the Company had a balance of $1.2 million in troubled debt restructurings included in purchased non-covered loans. The Company did not have any troubled debt restructurings included in purchased non-covered loans at December 31, 2013. The Company has recorded $29,000 in charge-offs on such loans at December 31, 2014. At December 31, 2014, the Company did not have any commitments to lend additional funds to debtors whose terms have been modified in troubled restructurings. | |||||||||||||||||||||||||||||||||
The following table presents the amount of troubled debt restructurings by loan class of purchased non-covered loans, classified separately as accrual and non-accrual at December 31, 2014. | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||||||||||||
Loan class: | # | Balance | # | Balance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | - | $ | - | - | $ | - | |||||||||||||||||||||||||||
Real estate – construction & development | 1 | 317 | - | - | |||||||||||||||||||||||||||||
Real estate – commercial & farmland | 1 | 346 | - | - | |||||||||||||||||||||||||||||
Real estate – residential | 6 | 547 | 1 | 25 | |||||||||||||||||||||||||||||
Consumer installment | 1 | 2 | - | - | |||||||||||||||||||||||||||||
Total | 9 | $ | 1,212 | 1 | $ | 25 | |||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the Company had a balance of $24.6 million and $27.3 million, respectively, in troubled debt restructurings included in covered loans. The Company has recorded $1.8 million and $1.6 million in previous charge-offs on such loans at December 31, 2014 and 2013, respectively. At December 31, 2014, the Company did not have any commitments to lend additional funds to debtors whose terms have been modified in troubled restructurings. | |||||||||||||||||||||||||||||||||
The following table presents the amount of troubled debt restructurings by loan class of covered loans, classified separately as accrual and non-accrual at December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||||||||||||
Loan class: | # | Balance | # | Balance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | 2 | $ | 40 | 2 | $ | - | |||||||||||||||||||||||||||
Real estate – construction & development | 4 | 3,037 | 2 | 29 | |||||||||||||||||||||||||||||
Real estate – commercial & farmland | 14 | 8,079 | 5 | 1,082 | |||||||||||||||||||||||||||||
Real estate – residential | 96 | 11,460 | 8 | 831 | |||||||||||||||||||||||||||||
Consumer installment | 1 | 3 | - | - | |||||||||||||||||||||||||||||
Total | 117 | $ | 22,619 | 17 | $ | 1,942 | |||||||||||||||||||||||||||
As of December 31, 2013 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||||||||||||
Loan class: | # | Balance | # | Balance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | 1 | $ | 13 | 5 | $ | 71 | |||||||||||||||||||||||||||
Real estate – construction & development | 3 | 3,256 | 4 | 52 | |||||||||||||||||||||||||||||
Real estate – commercial & farmland | 13 | 7,255 | 5 | 3,946 | |||||||||||||||||||||||||||||
Real estate – residential | 83 | 11,719 | 8 | 942 | |||||||||||||||||||||||||||||
Consumer installment | - | - | 2 | 10 | |||||||||||||||||||||||||||||
Total | 100 | $ | 22,243 | 24 | $ | 5,021 | |||||||||||||||||||||||||||
Related Party Loans and Deposits | |||||||||||||||||||||||||||||||||
In the ordinary course of business, the Company has granted loans to certain directors and their affiliates. Company policy prohibits loans to executive officers. Changes in related party loans are summarized as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 5,565 | $ | 1,392 | |||||||||||||||||||||||||||||
Advances | 78 | 813 | |||||||||||||||||||||||||||||||
Repayments | (1,240 | ) | (923 | ) | |||||||||||||||||||||||||||||
Transactions due to changes in related parties | - | 4,283 | |||||||||||||||||||||||||||||||
Balance, end of year | $ | 4,403 | $ | 5,565 | |||||||||||||||||||||||||||||
Deposits from principal officers, directors, and their affiliates at December 31, 2014 and 2013 were $6,018,000 and $5,994,000, respectively. | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||
The following table details activity in the allowance for loan losses by portfolio segment for the periods indicated. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||||||
Commercial, | Real estate – | Real estate – | Real estate - | Consumer | Purchased | Covered | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | non-covered | loans | |||||||||||||||||||||||||||
agricultural | development | farmland | loans and | loans | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2014: | |||||||||||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 1,823 | $ | 5,538 | $ | 8,393 | $ | 6,034 | $ | 589 | $ | - | $ | - | $ | 22,377 | |||||||||||||||||
Provision for loan losses | 1,427 | (265) | 3,444 | -452 | 567 | 84 | 843 | 5,648 | |||||||||||||||||||||||||
Loans charged off | (1,567) | (592) | (3,288) | -1,707 | -471 | (84) | (1,851) | (9,560) | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 321 | 349 | 274 | 254 | 486 | - | 1,008 | 2,692 | |||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 2,004 | $ | 5,030 | $ | 8,823 | $ | 4,129 | $ | 1,171 | $ | - | $ | - | $ | 21,157 | |||||||||||||||||
Period-end amount allocated to: | |||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 375 | $ | 743 | $ | 1,861 | $ | 911 | $ | - | $ | - | $ | - | $ | 3,890 | |||||||||||||||||
Loans collectively evaluated for impairment | 1,629 | 4,287 | 6,962 | 3,218 | 1,171 | - | - | 17,267 | |||||||||||||||||||||||||
Ending balance | $ | 2,004 | $ | 5,030 | $ | 8,823 | $ | 4,129 | $ | 1,171 | $ | - | $ | - | $ | 21,157 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 490 | $ | 3,709 | $ | 14,546 | $ | 8,904 | $ | - | $ | - | $ | - | $ | 27,649 | |||||||||||||||||
Collectively evaluated for impairment | 319,164 | 157,798 | 892,978 | 447,202 | 45,090 | 579,172 | 122,248 | 2,563,652 | |||||||||||||||||||||||||
Acquired with deteriorated credit quality | - | - | - | - | - | 95,067 | 149,031 | 244,098 | |||||||||||||||||||||||||
Ending balance | $ | 319,654 | $ | 161,507 | $ | 907,524 | $ | 456,106 | $ | 45,090 | $ | 674,239 | $ | 271,279 | $ | 2,835,399 | |||||||||||||||||
Commercial, | Real estate – | Real estate – | Real estate - | Consumer | Purchased | Covered | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | non-covered | loans | |||||||||||||||||||||||||||
agricultural | development | farmland | loans and | loans | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2013: | |||||||||||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 2,439 | $ | 5,343 | $ | 9,157 | $ | 5,898 | $ | 756 | $ | - | $ | - | $ | 23,593 | |||||||||||||||||
Provision for loan losses | 711 | 1,742 | 2,777 | 4,463 | 254 | - | 1,539 | 11,486 | |||||||||||||||||||||||||
Loans charged off | (1,759) | (2,020) | (3,571) | -5,215 | -719 | - | (1,539) | (14,823) | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 432 | 473 | 30 | 888 | 298 | - | - | 2,121 | |||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 1,823 | $ | 5,538 | $ | 8,393 | $ | 6,034 | $ | 589 | $ | - | $ | - | $ | 22,377 | |||||||||||||||||
Period-end amount allocated to: | |||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 356 | $ | 407 | $ | 1,427 | $ | 1,395 | $ | - | $ | - | $ | - | $ | 3,585 | |||||||||||||||||
Loans collectively evaluated for impairment | 1,467 | 5,131 | 6,966 | 4,639 | 589 | - | - | 18,792 | |||||||||||||||||||||||||
Ending balance | $ | 1,823 | $ | 5,538 | $ | 8,393 | $ | 6,034 | $ | 589 | $ | - | $ | - | $ | 22,377 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,457 | $ | 3,581 | $ | 15,240 | $ | 16,925 | $ | - | $ | - | $ | - | $ | 39,203 | |||||||||||||||||
Collectively evaluated for impairment | 240,916 | 142,790 | 793,083 | 349,957 | 52,505 | 381,588 | 173,190 | 2,134,029 | |||||||||||||||||||||||||
Acquired with deteriorated credit quality | - | - | - | - | - | 67,165 | 217,047 | 284,212 | |||||||||||||||||||||||||
Ending balance | $ | 244,373 | $ | 146,371 | $ | 808,323 | $ | 366,882 | $ | 52,505 | $ | 448,753 | $ | 390,237 | $ | 2,457,444 | |||||||||||||||||
Commercial, | Real estate – | Real estate – | Real estate - | Consumer | Purchased | Covered | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial | residential | installment | non-covered | loans | |||||||||||||||||||||||||||
agricultural | development | & farmland | loans and | loans | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2012: | |||||||||||||||||||||||||||||||||
Balance, January 1, 2012 | $ | 2,918 | $ | 9,438 | $ | 14,226 | $ | 8,128 | $ | 446 | $ | - | $ | - | $ | 35,156 | |||||||||||||||||
Provision for loan losses | 815 | 5,245 | 15,000 | 6,267 | 1,124 | - | 2,638 | 31,089 | |||||||||||||||||||||||||
Loans charged off | (1,451) | (9,380) | (20,551) | (8,722) | (1,059) | - | (2,638) | (43,801) | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 157 | 40 | 482 | 225 | 245 | - | - | 1,149 | |||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 2,439 | $ | 5,343 | $ | 9,157 | $ | 5,898 | $ | 756 | $ | - | $ | - | $ | 23,593 | |||||||||||||||||
Period-end amount allocated to: | |||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 659 | $ | 611 | $ | 2,228 | $ | 1,056 | $ | - | $ | - | $ | - | $ | 4,554 | |||||||||||||||||
Loans collectively evaluated for impairment | 1,780 | 4,732 | 6,929 | 4,842 | 756 | - | - | 19,039 | |||||||||||||||||||||||||
Ending balance | $ | 2,439 | $ | 5,343 | $ | 9,157 | $ | 5,898 | $ | 756 | $ | - | $ | - | $ | 23,593 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,351 | $ | 7,617 | $ | 21,332 | $ | 13,020 | $ | - | $ | - | $ | - | $ | 45,320 | |||||||||||||||||
Collectively evaluated for impairment | 170,866 | 106,582 | 710,990 | 333,460 | 83,417 | - | 224,975 | 1,630,290 | |||||||||||||||||||||||||
Acquired with deteriorated credit quality | - | - | - | - | - | - | 282,737 | 282,737 | |||||||||||||||||||||||||
Ending balance | $ | 174,217 | $ | 114,199 | $ | 732,322 | $ | 346,480 | $ | 83,417 | $ | - | $ | 507,712 | $ | 1,958,347 | |||||||||||||||||
Other_Real_Estate_Owned
Other Real Estate Owned | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Banking and Thrift [Abstract] | |||||||||
Other Real Estate Owned | NOTE 6. OTHER REAL ESTATE OWNED | ||||||||
The following is a summary of the activity in other real estate owned during years ended December 31, 2014 and 2013: | |||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Balance, January 1 | $ | 33,351 | $ | 39,850 | |||||
Loans transferred to other real estate owned | 11,972 | 9,137 | |||||||
Net gains (losses) on sale and write-downs | (4,585) | (5,883) | |||||||
Sales proceeds | (7,578) | (9,753) | |||||||
Ending balance | $ | 33,160 | $ | 33,351 | |||||
The following is a summary of the activity in purchased, non-covered other real estate owned during years ended December 31, 2014 and 2013: | |||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Balance, January 1 | $ | 4,276 | $ | - | |||||
Loans transferred to other real estate owned | 4,160 | - | |||||||
Acquired in acquisitions | 8,864 | 5,623 | |||||||
Transfer from covered other real estate owned due to loss share expiration | 1,226 | - | |||||||
Net gains (losses) on sale and write-downs | 828 | - | |||||||
Sales proceeds | (3,769) | (1,347) | |||||||
Ending balance | $ | 15,585 | $ | 4,276 | |||||
The following is a summary of the activity in covered other real estate owned during years ended December 31, 2014 and 2013: | |||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Balance, January 1 | $ | 45,893 | $ | 88,273 | |||||
Loans transferred to other real estate owned | 13,650 | 31,833 | |||||||
Transfer to purchased, non-covered other real estate owned due to loss share expiration | (1,226) | - | |||||||
Net gains (losses) on sale and write-downs | (5,965) | (16,395) | |||||||
Sales proceeds | (32,445) | (57,818) | |||||||
Ending balance | $ | 19,907 | $ | 45,893 | |||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Premises and Equipment | NOTE 7. PREMISES AND EQUIPMENT | ||||||||
Premises and equipment are summarized as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in Thousands) | |||||||||
Land | $ | 31,709 | $ | 36,481 | |||||
Buildings | 79,692 | 69,461 | |||||||
Furniture and equipment | 41,472 | 32,705 | |||||||
Construction in progress | 971 | 2,415 | |||||||
153,844 | 141,062 | ||||||||
Accumulated depreciation | (56,593 | ) | (37,874 | ) | |||||
$ | 97,251 | $ | 103,188 | ||||||
Estimated costs to complete construction projects in progress were less than $1 million at December 31, 2014 and 2013. Depreciation expense was approximately $6.6 million, $4.8 million and $5.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
Leases | |||||||||
The Company has various operating leases with unrelated parties on 16 banking offices and seven mortgage offices. Generally, these leases are on smaller locations with initial lease terms under ten years with up to two renewal options. | |||||||||
Rental expense amounted to approximately $2,189,000, $1,777,000 and $1,708,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Future minimum lease commitments under the Company’s operating leases, excluding any renewal options, are summarized as follows: | |||||||||
2015 | $ | 1,629,855 | |||||||
2016 | 1,464,571 | ||||||||
2017 | 1,211,124 | ||||||||
2018 | 903,479 | ||||||||
2019 | 666,924 | ||||||||
Thereafter | 485,021 | ||||||||
$ | 6,360,974 | ||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Intangible Assets | NOTE 8. GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||
The Company recorded $27,437,000 of goodwill on the Coastal acquisition during 2014 and the Company recorded $35,153,000 of goodwill on the Prosperity acquisition in 2013. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. At December 31, 2014, the Company’s reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment. | |||||||||||||||||
The Company recorded a core deposit intangible asset of $4,542,000 associated with the acquisition of Coastal during 2014, recorded a core deposit intangible asset of $4,383,000 associated with the acquisition of Prosperity during 2013 and recorded a core deposit intangible of $1,149,000 associated with the acquisitions of CBG and MBT during 2012. The amortization period used for core deposit intangibles ranges from three to 10 years. Following is a summary of information related to acquired intangible assets: | |||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Amortized intangible assets - core deposit premiums | $ | 26,749 | $ | 18,528 | $ | 22,207 | $ | 16,198 | |||||||||
The aggregate amortization expense for intangible assets was approximately $2,330,000, $1,414,000 and $1,359,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
The estimated amortization expense for each of the next five years is as follows (in thousands): | |||||||||||||||||
2015 | $ | 2,325 | |||||||||||||||
2016 | 1,333 | ||||||||||||||||
2017 | 1,275 | ||||||||||||||||
2018 | 1,275 | ||||||||||||||||
2019 | 1,275 | ||||||||||||||||
Thereafter | 738 | ||||||||||||||||
$ | 8,221 | ||||||||||||||||
Loan_Servicing_Rights
Loan Servicing Rights | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Transfers and Servicing [Abstract] | |||||||||
Loan Servicing Rights | NOTE 9. LOAN SERVICING RIGHTS | ||||||||
The following is a summary of the activity for loan servicing rights during years ended December 31, 2014 and 2013: | |||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Balance, January 1 | $ | 378 | $ | - | |||||
Additions | 589 | 274 | |||||||
Disposals | - | - | |||||||
Acquired in acquisitions | - | 113 | |||||||
Amortized to expense | (115) | (9) | |||||||
Ending balance | $ | 852 | $ | 378 | |||||
The fair value of servicing rights was $1,134,000 and $614,000 at December 31, 2014 and 2013, respectively. Fair value at December 31, 2014 was determined using discount rates ranging from 9.5% to 12.0%, prepayment speeds ranging from 11.1% to 24.7%, depending on the stratification of the specific right, and a weighted average default rate of 0.7%. Fair value at December 31, 2013 was determined using discount rates ranging from 10.5% to 13.0%, prepayment speeds ranging from 8.5% to 24.7%, depending on the stratification of the specific right, and a weighted average default rate of 2.62%. |
Deposits
Deposits | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Banking and Thrift [Abstract] | |||||
Deposits | NOTE 10. DEPOSITS | ||||
The aggregate amount of time deposits in denominations of $250,000 or more at December 31, 2014 and 2013 was $135.1 million and $121.2 million, respectively. The scheduled maturities of time deposits at December 31, 2014 are as follows: | |||||
(Dollars in | |||||
Thousands) | |||||
2015 | $ | 641,103 | |||
2016 | 83,720 | ||||
2017 | 35,239 | ||||
2018 | 12,609 | ||||
2019 | 7,539 | ||||
2020 | 79 | ||||
$ | 780,289 | ||||
The Company did not have any brokered deposits at December 31, 2014. The Company had brokered deposits of approximately $6.0 million at December 31, 2013. |
Securities_Sold_Under_Repurcha
Securities Sold Under Repurchase Agreements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Banking and Thrift [Abstract] | |||||||||||||
Securities Sold Under Repurchase Agreements | NOTE 11. SECURITIES SOLD UNDER REPURCHASE AGREEMENTS | ||||||||||||
Securities sold under repurchase agreements, which are secured borrowings, generally mature within one to four days from the transaction date. Securities sold under repurchase agreements are reflected at the amount of cash received in connection with the transactions. The Company may be required to provide additional collateral based on the fair value of the underlying securities. The Company monitors the fair value of the underlying securities on a daily basis. Securities sold under repurchase agreements at December 31, 2014 and 2013 were $73.3 million and $83.5 million, respectively. | |||||||||||||
The following is a summary of securities sold under repurchase agreements for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
As of and For the Years Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Average daily balance during the year | $ | 47,136 | $ | 26,908 | $ | 26,563 | |||||||
Average interest rate during the year | 0.35% | 0.54% | 0.58% | ||||||||||
Maximum month-end balance during the year | $ | 73,310 | $ | 83,516 | $ | 50,120 | |||||||
Weighted average interest rate at year-end | 0.31% | 0.57% | 0.44% |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 12. EMPLOYEE BENEFIT PLANS |
The Company has established a retirement plan for eligible employees. The Ameris Bancorp 401(k) Profit Sharing Plan allows a participant to defer a portion of his compensation and provides that the Company will match a portion of the deferred compensation. The Plan also provides for non-elective and discretionary contributions. All full-time and part-time employees are eligible to participate in the Plan provided they have met the eligibility requirements. Generally, a participant must have completed 12 months of employment with a minimum of 1,000 hours and have attained an age of 21. | |
The aggregate expense under the plan charged to operations during 2014, 2013 and 2012 amounted to $1,160,000, $839,000 and $571,000, respectively. |
Deferred_Compensation_Plans
Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Deferred Compensation Plans | NOTE 13. DEFERRED COMPENSATION PLANS |
The Company and the Bank have entered into separate deferred compensation arrangements and supplemental executive retirement plans with certain executive officers and directors. The plans call for certain amounts payable at retirement, death or disability. The estimated present value of the deferred compensation is being accrued over the expected service period. The Company and the Bank have purchased life insurance policies which they intend to use to fund these liabilities. The cash surrender value of the life insurance was $58.9 million and $49.4 million at December 31, 2014 and 2013, respectively. Accrued deferred compensation of $655,000 and $722,000 at December 31, 2014 and 2013, respectively, is included in other liabilities. Accrued supplemental executive retirement plan liabilities of $1,594,000 and $851,000 at December 31, 2014 and 2013, respectively, is included in other liabilities. Aggregate compensation expense under the plans was $743,000, $601,000 and $364,000 per year for 2014, 2013 and 2012, respectively, which is included in salaries and employee benefits. |
Other_Borrowings
Other Borrowings | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Other Borrowings | NOTE 14. OTHER BORROWINGS | ||||||||
Other borrowings consist of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in Thousands) | |||||||||
Daily Rate Credit from Federal Home Loan Bank with a fixed interest rate of 0.36%. | $ | 35,000 | $ | - | |||||
Advance from Federal Home Loan Bank with a fixed interest rate of 0.17%, due January 24, 2014. | - | 165,000 | |||||||
Advances under revolving credit agreement with a regional bank with interest at 90-day LIBOR plus 3.50% (3.73% at December 31, 2014) due in August 2016, secured by subsidiary bank stock. | 24,000 | - | |||||||
Advances under revolving credit agreement with a regional bank with interest at 90-day LIBOR plus 4.00% (4.24% at December 31, 2013) due in August 2016, secured by subsidiary bank stock. | - | 10,000 | |||||||
Advance from correspondent bank with a fixed interest rate of 4.50%, due November 27, 2017, secured by subsidiary bank loan receivable. | 4,881 | - | |||||||
Subordinated debt issued by Prosperity Bank due June 2016 with an interest rate of 90-day LIBOR plus 1.60% (1.84% at December 31, 2013). | - | 5,000 | |||||||
Subordinated debt issued by The Prosperity Banking Company due September 2016 with an interest rate of 90-day LIBOR plus 1.75% (1.99% at December 31, 2014). | 15,000 | 14,572 | |||||||
$ | 78,881 | $ | 194,572 | ||||||
The contractual balance of the subordinated debt issued by The Prosperity Banking Company is $15.0 million. The debt was recorded at a discount at acquisition, and that discount has been fully accreted by December 31, 2014. | |||||||||
The advances from the Federal Home Loan Bank (“FHLB”) are collateralized by a blanket lien on all first mortgage loans and other specific loans in addition to FHLB stock. At December 31, 2014, $221.5 million was available for borrowing on lines with the FHLB. | |||||||||
At December 31, 2014, $16.0 million was available for borrowing under the revolving credit agreement with a regional bank, secured by subsidiary bank stock. | |||||||||
As of December 31, 2014, the Company maintained credit arrangements with various financial institutions to purchase federal funds up to $50 million. | |||||||||
The Company also participates in the Federal Reserve discount window borrowings. At December 31, 2014, the Company had $621.5 million of loans pledged at the Federal Reserve discount window and had $442.8 million available for borrowing. |
Preferred_Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Preferred Stock | NOTE 15. PREFERRED STOCK |
On November 21, 2008, Ameris sold 52,000 shares of preferred stock with a warrant to purchase 679,443 shares of the Company’s common stock to the U.S. Treasury under the Treasury’s Capital Purchase Program. The proceeds from the sale of $52 million were allocated between the preferred stock and the warrant based on their relative fair values at the time of the sale. Of the $52 million in proceeds, $48.98 million was allocated to the preferred stock and $3.02 million was allocated to the warrant. The discount recorded on the preferred stock that resulted from allocating a portion of the proceeds to the warrant is being accreted as a portion of the preferred stock dividends in the consolidated statements of income to arrive at net income (loss) available to common shareholders. | |
The preferred stock qualifies as Tier I capital and will pay cumulative dividends at a rate of 5% per annum for the first five years and 9% per annum thereafter. The preferred stock is redeemable at any time at $1,000 per share plus any accrued and unpaid dividends with the consent of the Company’s primary federal regulator. | |
On June 14, 2012, the preferred stock was sold by the Treasury through a registered public offering. The sale of the preferred stock to new investors did not result in any accounting entries and does not change the Company’s capital position. On August 22, 2012, the Company repurchased the warrant from the Treasury for $2.67 million. During the fourth quarter of 2012, the Company repurchased 24,000 shares of the outstanding preferred stock at par, leaving 28,000 shares of preferred stock outstanding at December 31, 2013. During the first quarter of 2014, the Company repurchased the remaining 28,000 shares of the outstanding preferred stock at par. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | NOTE 16. INCOME TAXES | ||||||||||||
The income tax expense in the consolidated statements of income consists of the following: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Current – federal | $ | 10,499 | $ | 5,237 | $ | 4,732 | |||||||
Current - state | 467 | 505 | 28 | ||||||||||
Deferred - federal | 6,516 | 3,543 | 2,525 | ||||||||||
$ | 17,482 | $ | 9,285 | $ | 7,285 | ||||||||
The Company’s income tax expense differs from the amounts computed by applying the federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Tax at federal income tax rate | $ | 19,672 | $ | 10,256 | $ | 7,602 | |||||||
Change resulting from: | |||||||||||||
Tax-exempt interest | -1,647 | -841 | -675 | ||||||||||
Increase in cash value of bank owned life insurance | -568 | -446 | -34 | ||||||||||
Other | 25 | 316 | 392 | ||||||||||
Provision for income taxes | $ | 17,482 | $ | 9,285 | $ | 7,285 | |||||||
Net deferred income tax assets of $17,784,000 and $16,451,000 at December 31, 2014 and 2013, respectively, are included in other assets. The components of deferred income taxes are as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in Thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 7,405 | $ | 7,832 | |||||||||
Deferred compensation | 787 | 550 | |||||||||||
Deferred gain on interest rate swap | 477 | 573 | |||||||||||
Unrealized loss on interest rate swap | 460 | 130 | |||||||||||
Unrealized loss on securities available for sale | - | 911 | |||||||||||
Nonaccrual interest | 153 | 323 | |||||||||||
Purchase accounting adjustments | 12,380 | 20,334 | |||||||||||
Other real estate owned | 7,706 | 1,855 | |||||||||||
Net operating loss tax carryforward | 12,146 | 6,074 | |||||||||||
Capitalized costs, accrued expenses and other | 871 | 1,976 | |||||||||||
42,385 | 40,558 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | 4,821 | 4,355 | |||||||||||
Intangible assets | 802 | - | |||||||||||
Purchase accounting adjustments | 7,159 | 7,534 | |||||||||||
Deferred gain on FDIC-assisted transactions | 8,809 | 12,218 | |||||||||||
Unrealized gain on securities available for sale | 3,010 | - | |||||||||||
24,601 | 24,107 | ||||||||||||
Net deferred tax asset | $ | 17,784 | $ | 16,451 | |||||||||
At December 31, 2014, the Company had federal net operating loss carryforwards of approximately $34.7 million which expire at various dates from 2029 to 2033. At December 31, 2013, the Company had federal net operating loss carryforwards of approximately $17.4 million which expire at various dates from 2029 to 2032. Deferred tax assets are recognized for net operating losses because the benefit is more likely than not to be realized. | |||||||||||||
The Company did not record any interest and penalties related to income taxes for the years ended December 31, 2014, 2013 and 2012, and the Company did not have any amount accrued for interest and penalties at December 31, 2014, 2013 and 2012. | |||||||||||||
The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the various states. The Company is no longer subject to examination by taxing authorities for years before 2011. | |||||||||||||
Subordinated_Deferrable_Intere
Subordinated Deferrable Interest Debentures | 12 Months Ended |
Dec. 31, 2014 | |
Brokers and Dealers [Abstract] | |
Subordinated Deferrable Interest Debentures | NOTE 17. SUBORDINATED DEFERRABLE INTEREST DEBENTURES |
During 2005, the Company acquired First National Banc Statutory Trust I, a statutory trust subsidiary of First National Banc, Inc., whose sole purpose was to issue $5,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 2.80% (3.03% at December 31, 2014) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in April 2009. There are certain circumstances (as described in the trust agreement) in which the securities may be redeemed within the first five years at the Company’s option. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2014, was $5,000,000. The aggregate principal amount of debentures outstanding was $5,155,000. The Company’s investment in the common stock of the trust was $155,000 and is included in other assets. | |
During 2006, the Company formed Ameris Statutory Trust I, issuing trust preferred certificates in the aggregate principal amount of $36,000,000. The related debentures issued by the Company were in the aggregate principal amount of $37,114,000. Both the trust preferred securities and the related debentures bear interest at 3-Month LIBOR plus 1.63% (1.87% at December 31, 2014). Distributions on the trust preferred securities are paid quarterly, with interest on the debentures being paid on the corresponding dates. The trust preferred securities mature on December 15, 2036 and are redeemable at the Company’s option beginning September 15, 2011. The Company’s investment in the common stock of the trust was $1,114,000 and is included in other assets. | |
During 2013, the Company acquired Prosperity Banking Capital Trust I, a statutory trust subsidiary of Prosperity, whose sole purpose was to issue $5,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 2.57% (2.80% at December 31, 2014) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in July 2009. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2014, was $5,000,000. The aggregate principal amount of debentures outstanding was $5,155,000, and is being carried at fair value of $3,158,000 on the Company’s balance sheet. The Company’s investment in the common stock of the trust was $155,000 and is included in other assets. | |
During 2013, the Company acquired Prosperity Bank Statutory Trust II, a statutory trust subsidiary of Prosperity, whose sole purpose was to issue $4,500,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 3.15% (3.40% at December 31, 2014) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in March 2008. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2014, was $4,500,000. The aggregate principal amount of debentures outstanding was $4,640,000, and is being carried at fair value of $3,196,000 on the Company’s balance sheet. The Company’s investment in the common stock of the trust was $140,000 and is included in other assets. | |
During 2013, the Company acquired Prosperity Bank Statutory Trust III, a statutory trust subsidiary of Prosperity, whose sole purpose was to issue $10,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 1.60% (1.84% at December 31, 2014) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in March 2011. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2014, was $10,000,000. The aggregate principal amount of debentures outstanding was $10,310,000, and is being carried at fair value of $4,977,000 on the Company’s balance sheet. The Company’s investment in the common stock of the trust was $310,000 and is included in other assets. | |
During 2013, the Company acquired Prosperity Bank Statutory Trust IV, a statutory trust subsidiary of Prosperity, whose sole purpose was to issue $10,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 1.54% (1.78% at December 31, 2014) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in December 2012. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2014, was $10,000,000. The aggregate principal amount of debentures outstanding was $10,310,000, and is being carried at fair value of $2,515,000 on the Company’s balance sheet. The Company’s investment in the common stock of the trust was $310,000 and is included in other assets. | |
During 2014, the Company acquired Coastal Bankshares Statutory Trust I, a statutory trust subsidiary of Coastal, whose sole purpose was to issue $5,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 3.15% (3.38% at December 31, 2014) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in October 2008. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2014, was $5,000,000. The aggregate principal amount of debentures outstanding was $10,310,000, and is being carried at fair value of $3,704,000 on the Company’s balance sheet. The Company’s investment in the common stock of the trust was $155,000 and is included in other assets. | |
During 2014, the Company acquired Coastal Bankshares Statutory Trust II, a statutory trust subsidiary of Coastal, whose sole purpose was to issue $10,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 1.60% (1.84% at December 31, 2014) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in December 2010. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2014, was $10,000,000. The aggregate principal amount of debentures outstanding was $10,310,000, and is being carried at fair value of $5,507,000 on the Company’s balance sheet. The Company’s investment in the common stock of the trust was $310,000 and is included in other assets. | |
Under applicable accounting standards, the assets and liabilities of such trusts, as well as the related income and expenses, are excluded from the Company’s consolidated financial statements. However, the subordinated debentures issued by the Company and purchased by the trusts remain on the consolidated balance sheets. In addition, the related interest expense continues to be included in the consolidated statements of income. For regulatory capital purposes, the trust preferred securities qualify as a component of Tier 1 Capital. | |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||
Stock-Based Compensation | NOTE 18. STOCK-BASED COMPENSATION | ||||||||||||||||||||||||||||||||
The Company awards its employees and directors various forms of stock-based incentives under certain plans approved by its shareholders. Awards granted under the plans may be in the form of qualified or nonqualified stock options, restricted stock, stock appreciation rights (“SARs”), long-term incentive compensation units consisting of cash and common stock, or any combination thereof within the limitations set forth in the plans. The plans provide that the aggregate number of shares of the Company’s common stock which may be subject to award may not exceed 2,985,000 subject to adjustment in certain circumstances to prevent dilution. At December 31, 2014, there were 1,191,000 shares available to be issued under the plans. | |||||||||||||||||||||||||||||||||
All stock options have an exercise price that is equal to the closing fair market value of the Company’s stock on the date the options were granted. Options granted under the plans generally vest over a five-year period and have a 10-year maximum term. Most options granted since 2005 contain performance-based vesting conditions. | |||||||||||||||||||||||||||||||||
The Company did not grant any options during 2014, 2013 and 2012. As of December 31, 2014, there was no unrecognized compensation cost related to nonvested share-based compensation arrangements granted related to performance or non-performance based options. | |||||||||||||||||||||||||||||||||
As of December 31, 2014, the Company has 323,151 outstanding restricted shares granted under the plans as compensation to certain employees. These shares carry dividend and voting rights. Sales of these shares are restricted prior to the date of vesting, which is three to five years from the date of the grant. Shares issued under the plans are recorded at their fair market value on the date of their grant. The compensation expense is recognized on a straight-line basis over the related vesting period. In 2014, 2013 and 2012, compensation expense related to these grants was approximately $2,058,000, $1,041,000 and $947,000, respectively. The total income tax benefit related to these grants was approximately $861,000, $152,000 and $170,000 in 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
It is the Company’s policy to issue new shares for stock option exercises and restricted stock rather than issue treasury shares. The Company recognizes stock-based compensation expense on a straight-line basis over the options’ related vesting term. The Company did not record any stock-based compensation expense related to stock options during 2014 and 2013. Stock-based compensation expense related to stock options was approximately $97,000 for 2012. The total income tax benefit related to stock options was approximately $49,000 and $1,000 in 2014 and 2012, respectively. There was no income tax benefit related to stock options in 2013. | |||||||||||||||||||||||||||||||||
The fair value of each stock-based compensation grant is estimated on the date of grant using the Black-Scholes option-pricing model. There were no stock-based compensation grants made in 2014, 2013 and 2012. | |||||||||||||||||||||||||||||||||
A summary of the activity of non-performance based and performance based options as of December 31, 2014 is presented below: | |||||||||||||||||||||||||||||||||
Non-Performance Based | Performance Based | ||||||||||||||||||||||||||||||||
Shares | Weighted- | Weighted | Aggregate | Shares | Weighted- | Weighted | Aggregate | ||||||||||||||||||||||||||
Average | Average | Intrinsic | Average | Average | Intrinsic | ||||||||||||||||||||||||||||
Exercise | Contractual | Value | Exercise | Contractual | Value | ||||||||||||||||||||||||||||
Price | Term | $0 | Price | Term | $0 | ||||||||||||||||||||||||||||
Under option, beginning of year | 115,459 | $ | 17.24 | 371,000 | $ | 16.76 | |||||||||||||||||||||||||||
Granted | - | - | - | - | |||||||||||||||||||||||||||||
Exercised | (25,395 | ) | 14.81 | $ | 148 | (6,477 | ) | 11.05 | $ | 72 | |||||||||||||||||||||||
Forfeited | (1,953 | ) | 14.88 | (5,192 | ) | 25.51 | |||||||||||||||||||||||||||
Under option, end of year | 88,111 | $ | 18 | 2.71 | $ | 884 | 359,331 | $ | 16.74 | 2.11 | $ | 2,955 | |||||||||||||||||||||
Exercisable at end of year | 88,111 | $ | 18 | 2.71 | $ | 884 | 341,030 | $ | 17.23 | 2 | $ | 2,629 | |||||||||||||||||||||
A summary of the activity of non-performance based and performance based options as of December 31, 2013 is presented below: | |||||||||||||||||||||||||||||||||
Non-Performance Based | Performance Based | ||||||||||||||||||||||||||||||||
Shares | Weighted- | Weighted | Aggregate | Shares | Weighted- | Weighted | Aggregate | ||||||||||||||||||||||||||
Average | Average | Intrinsic | Average | Average | Intrinsic | ||||||||||||||||||||||||||||
Exercise | Contractual | Value | Exercise | Contractual | Value | ||||||||||||||||||||||||||||
Price | Term | $0 | Price | Term | $0 | ||||||||||||||||||||||||||||
Under option, beginning of year | 148,498 | $ | 16.37 | 391,321 | $ | 16.43 | |||||||||||||||||||||||||||
Granted | - | - | - | - | |||||||||||||||||||||||||||||
Exercised | (27,657 | ) | 13.29 | $ | 107 | (4,524 | ) | 7.47 | $ | 42 | |||||||||||||||||||||||
Forfeited | (5,382 | ) | 13.43 | (15,797 | ) | 13.22 | |||||||||||||||||||||||||||
Under option, end of year | 115,459 | $ | 17.24 | 3.04 | $ | 641 | 371,000 | $ | 16.76 | 3.12 | $ | 1,401 | |||||||||||||||||||||
Exercisable at end of year | 115,459 | $ | 17.24 | 3.04 | $ | 641 | 351,856 | $ | 17.27 | 3.01 | $ | 1,145 | |||||||||||||||||||||
A summary of the activity of non-performance based and performance based options as of December 31, 2012 is presented below: | |||||||||||||||||||||||||||||||||
Non-Performance Based | Performance Based | ||||||||||||||||||||||||||||||||
Shares | Weighted- | Weighted | Aggregate | Shares | Weighted- | Weighted | Aggregate | ||||||||||||||||||||||||||
Average | Average | Intrinsic | Average | Average | Intrinsic | ||||||||||||||||||||||||||||
Exercise | Contractual | Value | Exercise | Contractual | Value | ||||||||||||||||||||||||||||
Price | Term | $0 | Price | Term | $0 | ||||||||||||||||||||||||||||
Under option, beginning of year | 187,032 | $ | 15.32 | 393,891 | $ | 16.45 | |||||||||||||||||||||||||||
Granted | - | - | - | - | |||||||||||||||||||||||||||||
Exercised | - | - | $ | - | - | - | $ | - | |||||||||||||||||||||||||
Forfeited | (38,534 | ) | 11.28 | (2,570 | ) | 19.67 | |||||||||||||||||||||||||||
Under option, end of year | 148,498 | $ | 16.37 | 3.34 | $ | 1 | 391,321 | $ | 16.43 | 4.16 | $ | 774 | |||||||||||||||||||||
Exercisable at end of year | 148,498 | $ | 16.37 | 3.34 | $ | 1 | 369,766 | $ | 17.05 | 4.05 | $ | 435 | |||||||||||||||||||||
A summary of the status of the Company’s restricted stock awards as of and for the years ended December 31, 2014, 2013 and 2012 is presented below: | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||||||
Grant-Date | Grant-Date | Grant-Date | |||||||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||||||||||
Nonvested shares at beginning of year | 377,725 | $ | 11.78 | 295,075 | $ | 10.47 | 301,775 | $ | 9.14 | ||||||||||||||||||||||||
Granted | 82,047 | 20.99 | 108,400 | 14.77 | 62,450 | 13.15 | |||||||||||||||||||||||||||
Vested | (126,050 | ) | 13.12 | (21,750 | ) | 9.31 | (68,650 | ) | 7.06 | ||||||||||||||||||||||||
Forfeited | (10,571 | ) | 15.61 | (4,000 | ) | 9.88 | (500 | ) | 9.96 | ||||||||||||||||||||||||
Nonvested shares at end of year | 323,151 | 13.46 | 377,725 | 11.78 | 295,075 | 10.47 | |||||||||||||||||||||||||||
The balance of unearned compensation related to restricted stock grants as of December 31, 2014, 2013 and 2012 was approximately $1,568,000, $2,129,000 and $1,608,000, respectively. At December 31, 2014, the cost is expected to be recognized over a weighted-average period of 2.0 years. | |||||||||||||||||||||||||||||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Derivative Instruments and Hedging Activities | NOTE 19. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||||||
During 2010, the Company entered into an interest rate swap to lock in a fixed rate as opposed to the contractual variable interest rate on the junior subordinated debentures. The interest rate swap contract has a notional amount of $37.1 million and is hedging the variable rate on the junior subordinated debentures described in Note 17 of the consolidated financial statements. The Company receives a variable rate of the 90-day LIBOR rate plus 1.63% and pays a fixed rate of 4.11%. The swap matures in September 2020. | |||||||||||||||||
These contracts are classified as cash flow hedges of an exposure to changes in the cash flow of a recognized asset. At December 31, 2014 and 2013, the fair value of the remaining instrument totaled a liability of $1,315,000 and $370,000, respectively. As a cash flow hedge, the change in fair value of a hedge that is deemed to be highly effective is recognized in other comprehensive income and the portion deemed to be ineffective is recognized in earnings. As of December 31, 2014, the hedge is deemed to be highly effective. | |||||||||||||||||
Mortgage Banking Derivatives | |||||||||||||||||
During 2012, the Company began maintaining a risk management program to manage interest rate risk and pricing risk associated with its mortgage lending activities. This program includes the use of forward contracts and other derivatives that are used to offset changes in value of the mortgage inventory due to changes in market interest rates. As a normal part of its operations, the Company enters into derivative contracts such as forward sale commitments and IRLCs to economically hedge risks associated with overall price risk related to IRLCs and mortgage loans held for sale carried at fair value. These mortgage banking derivatives are not designated in hedge relationships. At December 31, 2014, the Company had approximately $38.9 million of IRLCs and $46.5 million of forward commitments for the future delivery of residential mortgage loans. The fair value of these mortgage banking derivatives was reflected as a derivative asset of $1.8 million and a derivative liability of $249,000. At December 31, 2013, the Company had approximately $35.0 million of IRLCs and $31.3 million of forward commitments for the future delivery of residential mortgage loans. The fair value of these mortgage banking derivatives was reflected as derivative assets of $1.1 million and $98,000, respectively. Fair values were estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair values of these mortgage-banking derivatives are included in net gains on sales of loans. | |||||||||||||||||
The net gains (losses) relating to free-standing derivative instruments used for risk management are summarized below as of December 31, 2014, 2013 and 2012: | |||||||||||||||||
Location | December 31, | December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Forward contracts related to mortgage loans held for sale | Mortgage banking activity | $ | (249 | ) | $ | 98 | $ | (37 | ) | ||||||||
Interest rate lock commitments | Mortgage banking activity | $ | 1,757 | $ | 1,082 | $ | 1,162 | ||||||||||
The following table reflects the amount and market value of mortgage banking derivatives included in the Consolidated Balance Sheets as of December 31, 2014 and 2013: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Fair Value | Notional | Fair Value | |||||||||||||||
Amount | |||||||||||||||||
Notional | |||||||||||||||||
Amount | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Included in other assets: | |||||||||||||||||
Forward contracts related to mortgage loans held for sale | $ | - | $ | - | $ | 31,250 | $ | 98 | |||||||||
Interest rate lock commitments | 38,868 | 1,757 | 35,035 | 1,082 | |||||||||||||
Total included in other assets | $ | 38,868 | $ | 1,757 | $ | 66,285 | $ | 1,180 | |||||||||
Included in other liabilities: | |||||||||||||||||
Forward contracts related to mortgage loans held for sale | $ | 46,500 | $ | 249 | $ | - | $ | - | |||||||||
Interest rate lock commitments | - | - | - | - | |||||||||||||
Total included in other liabilities | $ | 46,500 | $ | 249 | $ | - | $ | - | |||||||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingent Liabilities | NOTE 20. COMMITMENTS AND CONTINGENT LIABILITIES | ||||||||
Loan Commitments | |||||||||
The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. They involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amount recognized in the balance sheets. | |||||||||
The Company’s exposure to credit loss is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. A summary of the Company’s commitments is as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in Thousands) | |||||||||
Commitments to extend credit | $ | 293,517 | $ | 215,995 | |||||
Unused lines of credit | 49,567 | 41,200 | |||||||
Financial standby letters of credit | 9,683 | 7,665 | |||||||
Mortgage interest rate lock commitments | 38,868 | 35,035 | |||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer. | |||||||||
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Collateral is required in instances which the Company deems necessary. The Company has not been required to perform on any material financial standby letters of credit and the Company has not incurred any losses on financial standby letters of credit for the years ended December 31, 2014 and 2013. | |||||||||
Contingencies | |||||||||
Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company’s management and its legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. | |||||||||
If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. | |||||||||
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed. | |||||||||
A former borrower of the Company has filed a claim related to a loan previously made by the Company asserting lender liability. The case was tried without a jury and an order was issued by the court against the Company awarding the borrower approximately $2.9 million. The order is currently on appeal to the South Carolina Court of Appeals and the Company is asserting it had no fiduciary responsibility to the borrower. As of December 31, 2014, the Company believes that it has valid bases in law and fact to overturn on appeal the verdict. As a result, the Company believes that the likelihood that the amount of the judgment will be affirmed is not probable, and, accordingly, that the amount of any loss cannot be reasonably estimated at this time. Because the Company believes that this potential loss is not probable or estimable, it has not recorded any reserves or contingencies related to this legal matter. In the event that the Company’s assumptions used to evaluate this matter as neither probable nor estimable change in future periods, it may be required to record a liability for an adverse outcome. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Regulatory Matters | NOTE 21. REGULATORY MATTERS | ||||||||||||||||||||||||
The Bank is subject to certain restrictions on the amount of dividends that may be declared without prior regulatory approval. At December 31, 2014, $21.4 million of retained earnings were available for dividend declaration without regulatory approval. | |||||||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s and Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total and Tier I capital, as defined by the regulations, to risk-weighted assets, as defined, and of Tier I capital to average assets, as defined. Management believes that, as of December 31, 2014 and 2013, the Company and the Bank met all capital adequacy requirements to which they are subject. | |||||||||||||||||||||||||
As of December 31, 2014 and 2013, the most recent notification from the regulatory authorities categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes have changed the Bank’s category. Prompt corrective action provisions are not applicable to bank holding companies. | |||||||||||||||||||||||||
The Company’s and Bank’s actual capital amounts and ratios are presented in the following table. | |||||||||||||||||||||||||
Actual | For Capital | To Be Well Capitalized | |||||||||||||||||||||||
Adequacy | Under Prompt Corrective | ||||||||||||||||||||||||
Purposes | Action Provisions | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total Capital to Risk Weighted Assets | |||||||||||||||||||||||||
Consolidated | $ | 373,310 | 13.42 | % | $ | 222,557 | 8 | % | —N/A— | ||||||||||||||||
Ameris Bank | $ | 414,356 | 14.9 | % | $ | 222,528 | 8 | % | $ | 278,160 | 10 | % | |||||||||||||
Tier I Capital to Risk Weighted Assets: | |||||||||||||||||||||||||
Consolidated | $ | 352,153 | 12.66 | % | $ | 111,279 | 4 | % | —N/A— | ||||||||||||||||
Ameris Bank | $ | 393,199 | 14.14 | % | $ | 111,264 | 4 | % | $ | 166,896 | 6 | % | |||||||||||||
Tier I Capital to Average Assets: | |||||||||||||||||||||||||
Consolidated | $ | 352,153 | 8.94 | % | $ | 157,574 | 4 | % | —N/A— | ||||||||||||||||
Ameris Bank | $ | 393,199 | 10.01 | % | $ | 157,165 | 4 | % | $ | 196,456 | 5 | % | |||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital to Risk Weighted Assets | |||||||||||||||||||||||||
Consolidated | $ | 353,777 | 15.32 | % | $ | 184,784 | 8 | % | —N/A— | ||||||||||||||||
Ameris Bank | $ | 369,387 | 16.03 | % | $ | 184,349 | 8 | % | $ | 230,437 | 10 | % | |||||||||||||
Tier I Capital to Risk Weighted Assets: | |||||||||||||||||||||||||
Consolidated | $ | 331,400 | 14.35 | % | $ | 92,392 | 4 | % | —N/A— | ||||||||||||||||
Ameris Bank | $ | 347,010 | 15.06 | % | $ | 92,175 | 4 | % | $ | 138,262 | 6 | % | |||||||||||||
Tier I Capital to Average Assets: | |||||||||||||||||||||||||
Consolidated | $ | 331,400 | 11.33 | % | $ | 117,025 | 4 | % | —N/A— | ||||||||||||||||
Ameris Bank | $ | 347,010 | 11.93 | % | $ | 116,372 | 4 | % | $ | 145,465 | 5 | % |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value of Financial Instruments | NOTE 22. FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||
The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair value is based on discounted cash flows or other valuation techniques. These techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The accounting standard for disclosures about the fair value of financial instruments excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. | |||||||||||||||||||||
The Company has elected to record mortgage loans held-for-sale at fair value in order to eliminate the complexities and inherent difficulties of achieving hedge accounting and to better align reported results with the underlying economic changes in value of the loans and related hedge instruments. This election impacts the timing and recognition of origination fees and costs, as well as servicing value, which are now recognized in earnings at the time of origination. Interest income on mortgage loans held-for-sale is recorded on an accrual basis in the consolidated statement of earnings and comprehensive income under the heading “Interest income – interest and fees on loans”. The servicing value is included in the fair value of the IRLCs with borrowers. The mark to market adjustments related to loans held-for-sale and the associated economic hedges are captured in mortgage banking activities. Net gains of $4.3 million, $1.7 million and $775,000 resulting from fair value changes of these mortgage loans were recorded in income during the years ended December 31, 2014, 2013 and 2012, 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 mortgage loans held for sale and the related derivative instruments are recorded in “Mortgage banking activity” in the Consolidated Statements of Earnings and Comprehensive Income. The Company’s valuation of mortgage 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 mortgage 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 on the Consolidated Statements of Earnings and Comprehensive Income. | |||||||||||||||||||||
The following table summarizes the difference between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2014 and 2013: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Aggregate Fair Value of Mortgage Loans held for sale | $ | 94,759 | $ | 67,278 | |||||||||||||||||
Aggregate Unpaid Principal Balance | $ | 90,418 | $ | 65,522 | |||||||||||||||||
Past due loans of 90 days or more | $ | - | $ | - | |||||||||||||||||
Nonaccrual loans | $ | - | $ | - | |||||||||||||||||
The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available for sale and derivatives are recorded at fair value on a recurring basis. From time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans and OREO. Additionally, the Company is required to disclose, but not record, the fair value of other financial instruments. | |||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||
The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: | |||||||||||||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||
Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in active markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||||
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||
The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments and other accounts recorded or disclosed based on their fair value: | |||||||||||||||||||||
Cash, Due From Banks, Interest-Bearing Deposits in Banks and Federal Funds Sold: The carrying amount of cash, due from banks , interest-bearing deposits in banks and federal funds sold approximates fair value. | |||||||||||||||||||||
Securities Available For Sale: The fair value of securities available for sale is determined by various valuation methodologies. Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. Level 2 securities include certain U.S. agency bonds, collateralized mortgage and debt obligations and certain municipal securities. The level 2 fair value pricing is provided by an independent third party and is based upon similar securities in an active market. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy and include certain residual municipal securities and other less liquid securities. | |||||||||||||||||||||
Other Investments: FHLB stock is included in other investment securities at its original cost basis, as cost approximates fair value and there is no ready market for such investments. It is not practical to determine the fair value of FHLB stock due to restrictions placed on its transferability. | |||||||||||||||||||||
Mortgage Loans Held-for-Sale: The Company records mortgage loans held for sale at fair value. The fair value of mortgage loans held for sale is determined on outstanding commitments from third party investors in the secondary markets and is classified within Level 2 of the valuation hierarchy. | |||||||||||||||||||||
Loans: The carrying amount of variable-rate loans that reprice frequently and have no significant change in credit risk approximates fair value. The fair value of fixed-rate loans is estimated based on discounted contractual cash flows, using interest rates currently being offered for loans with similar terms to borrowers with similar credit quality. The fair value of impaired loans is estimated based on discounted contractual cash flows or underlying collateral values, where applicable. A loan is determined to be impaired if the Company believes it is probable that all principal and interest amounts due according to the terms of the note will not be collected as scheduled. The fair value of impaired loans is determined in accordance with ASC 310-10, Accounting by Creditors for Impairment of a Loan, and generally results in a specific reserve established through a charge to the provision for loan losses. Losses on impaired loans are charged to the allowance when management believes the uncollectability of a loan is confirmed. Management has determined that the majority of impaired loans are Level 3 assets due to the extensive use of market appraisals. To the extent that market appraisals or other methods do not produce reliable determinations of fair value, these assets are deemed to be Level 3. | |||||||||||||||||||||
Other Real Estate Owned: The fair value of OREO is determined using certified appraisals that value the property at its highest and best uses by applying traditional valuation methods common to the industry. The Company does not hold any OREO for profit purposes and all other real estate is actively marketed for sale. In most cases, management has determined that additional write-downs are required beyond what is calculable from the appraisal to carry the property at levels that would attract buyers. Because this additional write-down is not based on observable inputs, management has determined that other real estate owned should be classified as Level 3. | |||||||||||||||||||||
Covered Assets: Covered assets include loans and other real estate owned on which the majority of losses would be covered by loss-sharing agreements with the FDIC. Management initially valued these assets at fair value using mostly unobservable inputs and, as such, has classified these assets as Level 3. | |||||||||||||||||||||
Intangible Assets and Goodwill: Intangible assets consist of core deposit premiums acquired in connection with business combinations and are based on the established value of acquired customer deposits. The core deposit premium is initially recognized based on a valuation performed as of the consummation date and is amortized over an estimated useful life of three to ten years. Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill and other intangible assets deemed to have an indefinite useful life are not amortized but instead are subject to an annual review for impairment. | |||||||||||||||||||||
FDIC Loss-Share Receivable: Because the FDIC will reimburse the Company for certain acquired loans should the Company experience a loss, an indemnification asset is recorded at fair value at the acquisition date. The indemnification asset is recognized at the same time as the indemnified loans, and measured on the same basis, subject to collectability or contractual limitations. The shared loss agreements on the acquisition date reflect the reimbursements expected to be received from the FDIC, using an appropriate discount rate, which reflects counterparty credit risk and other uncertainties. The shared loss agreements continue to be measured on the same basis as the related indemnified loans, and the loss share receivable is impacted by changes in estimated cash flows associated with these loans. | |||||||||||||||||||||
Accrued Interest Receivable/Payable: The carrying amount of accrued interest receivable and accrued interest payable approximates fair value. | |||||||||||||||||||||
Cash Value of Bank Owned Life Insurance: The carrying value of cash value of bank owned life insurance approximates fair value. | |||||||||||||||||||||
Deposits: The carrying amount of demand deposits, savings deposits and variable-rate certificates of deposits approximates fair value. The fair value of fixed-rate certificates of deposits is estimated based on discounted contractual cash flows using interest rates currently being offered for certificates of similar maturities. | |||||||||||||||||||||
Repurchase Agreements and/or Other Borrowings: The carrying amount of variable rate borrowings and securities sold under repurchase agreements approximates fair value. The fair value of fixed rate other borrowings is estimated based on discounted contractual cash flows using the current incremental borrowing rates for similar type borrowing arrangements. | |||||||||||||||||||||
Subordinated Deferrable Interest Debentures: The carrying amount of the Company’s variable rate trust preferred securities approximates fair value. | |||||||||||||||||||||
Off-Balance-Sheet Instruments: Because commitments to extend credit and standby letters of credit are typically made using variable rates and have short maturities, the carrying value and fair value are immaterial for disclosure. | |||||||||||||||||||||
Derivatives: The Company has entered into derivative financial instruments to manage interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair value of the derivatives are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves derived from observable market interest rate curves). | |||||||||||||||||||||
The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting any applicable credit enhancements such as collateral postings, thresholds, mutual puts and guarantees. | |||||||||||||||||||||
Although the Company has determined that the majority of the inputs used to value its derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself or the counterparty. However, as of December 31, 2014 and 2013, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustment is not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuation in its entirety is classified in Level 2 of the fair value hierarchy. | |||||||||||||||||||||
The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2014 and 2013: | |||||||||||||||||||||
Fair Value Measurements on a Recurring Basis | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
U.S. government sponsored agencies | $ | 14,678 | $ | - | $ | 14,678 | $ | - | |||||||||||||
State, county and municipal securities | 141,375 | - | 141,375 | - | |||||||||||||||||
Corporate debt securities | 11,040 | - | 8,540 | 2,500 | |||||||||||||||||
Mortgage-backed securities | 374,712 | 8,248 | 366,464 | - | |||||||||||||||||
Mortgage loans held for sale | 94,759 | - | 94,759 | - | |||||||||||||||||
Mortgage banking derivative instruments | 1,757 | - | 1,757 | - | |||||||||||||||||
Total recurring assets at fair value | $ | 638,321 | $ | 8,248 | $ | 627,573 | $ | 2,500 | |||||||||||||
Derivative financial instruments | $ | 1,315 | $ | - | $ | 1,315 | $ | - | |||||||||||||
Mortgage banking derivative instruments | 249 | - | 249 | - | |||||||||||||||||
Total recurring liabilities at fair value | $ | 1,564 | $ | - | $ | 1,564 | $ | - | |||||||||||||
Fair Value Measurements on a Recurring Basis | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
U.S. government sponsored agencies | $ | 13,926 | $ | - | $ | 13,926 | $ | - | |||||||||||||
State, county and municipal securities | 112,754 | - | 112,754 | - | |||||||||||||||||
Collateralized debt obligations | 1,480 | 1,480 | - | - | |||||||||||||||||
Corporate debt securities | 10,325 | - | 8,325 | 2,000 | |||||||||||||||||
Mortgage-backed securities | 347,750 | 182,461 | 165,289 | - | |||||||||||||||||
Mortgage loans held for sale | 67,278 | - | 67,278 | - | |||||||||||||||||
Mortgage banking derivative instruments | 1,180 | - | 1,180 | - | |||||||||||||||||
Total recurring assets at fair value | $ | 554,693 | $ | 183,941 | $ | 368,752 | $ | 2,000 | |||||||||||||
Derivative financial instruments | $ | 370 | $ | - | $ | 370 | $ | - | |||||||||||||
Total recurring liabilities at fair value | $ | 370 | $ | - | $ | 370 | $ | - | |||||||||||||
The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of December 31, 2014 and 2013: | |||||||||||||||||||||
Fair Value Measurements on a Nonrecurring Basis | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Impaired loans carried at fair value | $ | 30,479 | $ | - | $ | - | $ | 30,479 | |||||||||||||
Purchased, non-covered other real estate owned | 15,585 | - | - | 15,585 | |||||||||||||||||
Covered other real estate owned | 19,907 | - | - | 19,907 | |||||||||||||||||
Total nonrecurring assets at fair value | $ | 65,971 | $ | - | $ | - | $ | 65,971 | |||||||||||||
Fair Value Measurements on a Nonrecurring Basis | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Impaired loans carried at fair value | $ | 42,546 | $ | - | $ | - | $ | 42,546 | |||||||||||||
Purchased, non-covered other real estate owned | 4,276 | - | - | 4,276 | |||||||||||||||||
Covered other real estate owned | 45,893 | - | - | 45,893 | |||||||||||||||||
Total nonrecurring assets at fair value | $ | 92,715 | $ | - | $ | - | $ | 92,715 | |||||||||||||
The inputs used to determine estimated fair value of impaired loans and covered loans include market conditions, loan term, underlying collateral characteristics and discount rates. The inputs used to determine fair value of other real estate owned and covered other real estate owned include market conditions, estimated marketing period or holding period, underlying collateral characteristics and discount rates. | |||||||||||||||||||||
For the years ended December 31, 2014 and 2013, there was not a change in the methods and significant assumptions used to estimate fair value. | |||||||||||||||||||||
The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets and liabilities. | |||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Inputs | Range of | Weighted | |||||||||||||||||
Discounts | Average | ||||||||||||||||||||
Discount | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Nonrecurring: | |||||||||||||||||||||
Impaired loans | $ | 30,479 | Third party appraisals and discounted cash flows | Collateral discounts and discount rates | 0% - 50% | 20% | |||||||||||||||
Purchased non-covered real estate owned | $ | 15,585 | Third party appraisals | Collateral discounts and estimated costs to sell | 10% -96% | 33% | |||||||||||||||
Covered real estate owned | $ | 19,907 | Third party appraisals | Collateral discounts and estimated costs to sell | 10% - 90% | 15% | |||||||||||||||
Recurring: | |||||||||||||||||||||
Investment securities available for sale | $ | 2,500 | Discounted par values | Credit quality of underlying issuer | 0% | 0% | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Nonrecurring: | |||||||||||||||||||||
Impaired loans | $ | 42,546 | Third party appraisals and discounted cash flows | Collateral discounts and discount rates | 4% - 75% | 23% | |||||||||||||||
Purchased non-covered real estate owned | $ | 4,276 | Third party appraisals | Collateral discounts and estimated costs to sell | 15% - 63% | 29% | |||||||||||||||
Covered real estate owned | $ | 45,893 | Third party appraisals | Collateral discounts and estimated costs to sell | 10% - 86% | 17% | |||||||||||||||
Recurring: | |||||||||||||||||||||
Investment securities available for sale | $ | 2,000 | Discounted par values | Credit quality of underlying issuer | 0% | 0% | |||||||||||||||
The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2014 Using: | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and due from banks | $ | 78,026 | $ | 78,026 | $ | - | $ | - | $ | 78,026 | |||||||||||
Federal funds sold and interest-bearing accounts | 92,323 | 92,323 | - | 92,323 | |||||||||||||||||
Loans, net | 2,783,763 | - | - | 2,785,627 | 2,785,627 | ||||||||||||||||
FDIC loss-share receivable | 31,351 | - | - | 18,764 | 18,764 | ||||||||||||||||
Accrued interest receivable | 17,023 | 17,023 | - | - | 17,023 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 3,431,149 | - | 3,432,059 | - | 3,432,059 | ||||||||||||||||
Securities sold under agreements to repurchase | 73,310 | 73,310 | - | - | 73,310 | ||||||||||||||||
Other borrowings | 78,881 | - | 78,881 | - | 78,881 | ||||||||||||||||
Accrued interest payable | 1,382 | 1,382 | - | - | 1,382 | ||||||||||||||||
Subordinated deferrable interest debentures | 65,325 | - | 46,564 | - | 46,564 | ||||||||||||||||
Fair Value Measurements at December 31, 2013 Using: | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and due from banks | $ | 62,955 | $ | 62,955 | $ | - | $ | - | $ | 62,995 | |||||||||||
Federal funds sold and interest-bearing accounts | 204,984 | 204,984 | - | - | 204,984 | ||||||||||||||||
Loans, net | 2,392,521 | - | - | 2,404,909 | 2,404,909 | ||||||||||||||||
FDIC loss-share receivable | 65,441 | - | - | 61,317 | 61,317 | ||||||||||||||||
Accrued interest receivable | 15,071 | 15,071 | - | - | 15,071 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 2,999,231 | - | 3,000,061 | - | 3,000,061 | ||||||||||||||||
Securities sold under agreements to repurchase | 83,516 | 83,516 | - | - | 83,516 | ||||||||||||||||
Other borrowings | 194,572 | - | 194,572 | - | 194,572 | ||||||||||||||||
Accrued interest payable | 1,431 | 1,431 | - | - | 1,431 | ||||||||||||||||
Subordinated deferrable interest debentures | 55,466 | - | 36,277 | - | 36,277 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Accumulated Other Comprehensive Income | NOTE 23 – ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||
Accumulated other comprehensive income for the Company consists of changes in net unrealized gains and losses on investment securities available for sale and interest rate swap derivatives. The reclassification for gains included in net income is recorded in net gains on sales of securities in the Consolidated Statements of Income. The following tables present a summary of the accumulated other comprehensive income balances, net of tax, as of December 31, 2014 and 2013. | ||||||||||||||||
(Dollars in Thousands) | Unrealized Gain (Loss) | Unrealized Gain (Loss) | Accumulated Other | |||||||||||||
on Derivatives | on Securities | Comprehensive Income | ||||||||||||||
(Loss) | ||||||||||||||||
Balance, January 1, 2014 | $ | 1,397 | $ | (1,691) | $ | (294) | ||||||||||
Reclassification for gains included in net income | - | (90) | (90) | |||||||||||||
Current year changes | (889) | 7,371 | 6,482 | |||||||||||||
Balance, December 31, 2014 | $ | 508 | $ | 5,590 | $ | 6,098 | ||||||||||
(Dollars in Thousands) | Unrealized Gain (Loss) | Unrealized Gain (Loss) | Accumulated Other | |||||||||||||
on Derivatives | on Securities | Comprehensive Income | ||||||||||||||
(Loss) | ||||||||||||||||
Balance, January 1, 2013 | $ | (23) | $ | 6,630 | $ | 6,607 | ||||||||||
Reclassification for gains included in net income | - | (111) | (111) | |||||||||||||
Current year changes | 1,420 | (8,210) | (6,790) | |||||||||||||
Balance, December 31, 2013 | $ | 1,397 | $ | (1,691) | $ | (294) | ||||||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting | NOTE 24 – SEGMENT REPORTING | ||||||||||||||||
The following table presents selected financial information with respect to the Company’s reportable business segments for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||
Year Ended | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Retail Banking | Mortgage Banking | SBA | Total | ||||||||||||||
Division | Division | Division | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Net interest income | $ 140,460 | $ 7,360 | $ 2,066 | $ 149,886 | |||||||||||||
Provision for loan losses | 4,822 | 826 | - | 5,648 | |||||||||||||
Noninterest income | 32,337 | 25,614 | 4,885 | 62,836 | |||||||||||||
Noninterest expense: | |||||||||||||||||
Salaries and employee benefits | 55,101 | 16,173 | 2,604 | 73,878 | |||||||||||||
Equipment and occupancy expenses | 16,097 | 1,343 | 81 | 17,521 | |||||||||||||
Data processing and telecommunications expenses | 14,436 | 1,097 | 18 | 15,551 | |||||||||||||
Other expenses | 39,175 | 3,995 | 749 | 43,919 | |||||||||||||
Total noninterest expense | 124,809 | 22,608 | 3,452 | 150,869 | |||||||||||||
Income before income tax expense | 43,166 | 9,540 | 3,499 | 56,205 | |||||||||||||
Income tax expense | 12,918 | 3,339 | 1,225 | 17,482 | |||||||||||||
Net income | 30,248 | 6,201 | 2,274 | 38,723 | |||||||||||||
Less preferred stock dividends | 286 | - | - | 286 | |||||||||||||
Net income available to common shareholders | $ 29,962 | $ 6,201 | $ 2,274 | $ 38,437 | |||||||||||||
Total assets | $3,751,503 | $223,090 | $62,484 | $4,037,077 | |||||||||||||
Stockholders’ equity | $ 353,532 | $ 8,306 | $ 4,190 | $ 366,028 | |||||||||||||
Year Ended | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Retail Banking | Mortgage Banking | SBA | Total | ||||||||||||||
Division | Division | Division | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Net interest income | $ 110,582 | $ 3,883 | $ 1,720 | $ 116,185 | |||||||||||||
Provision for loan losses | 11,486 | - | - | 11,486 | |||||||||||||
Noninterest income | 25,282 | 19,130 | 2,137 | 46,549 | |||||||||||||
Noninterest expense: | |||||||||||||||||
Salaries and employee benefits | 43,524 | 12,515 | 631 | 56,670 | |||||||||||||
Equipment and occupancy expenses | 11,599 | 631 | 56 | 12,286 | |||||||||||||
Data processing and telecommunications expenses | 10,957 | 573 | 9 | 11,539 | |||||||||||||
Other expenses | 36,850 | 4,386 | 214 | 41,450 | |||||||||||||
Total noninterest expense | 102,930 | 18,105 | 910 | 121,945 | |||||||||||||
Income before income tax expense | 21,448 | 4,908 | 2,947 | 29,303 | |||||||||||||
Income tax expense | -6,536 | -1,718 | -1,031 | -9,285 | |||||||||||||
Net income | 14,912 | 3,190 | 1,916 | 20,018 | |||||||||||||
Less preferred stock dividends | 1,738 | - | - | 1,738 | |||||||||||||
Net income available to common shareholders | $13,174 | $ 3,190 | $ 1,916 | $18,280 | |||||||||||||
Total assets | $3,506,954 | $122,427 | $38,268 | $3,667,649 | |||||||||||||
Stockholders’ equity | $ 312,678 | $ 2,105 | $ 1,916 | $ 316,699 | |||||||||||||
Year Ended | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Retail Banking | Mortgage Banking | SBA | Total | ||||||||||||||
Division | Division | Division | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Net interest income | $ 113,347 | $ 1,058 | $ - | 114,405 | |||||||||||||
Provision for loan losses | 31,089 | - | - | 31,089 | |||||||||||||
Noninterest income | 44,885 | 12,989 | - | 57,874 | |||||||||||||
Noninterest expense: | |||||||||||||||||
Salaries and employee benefits | 45,456 | 7,666 | - | 53,122 | |||||||||||||
Equipment and occupancy expenses | 12,726 | 482 | - | 13,208 | |||||||||||||
Data processing and telecommunications expenses | 10,341 | 342 | - | 10,683 | |||||||||||||
Other expenses | 41,056 | 1,401 | - | 42,457 | |||||||||||||
Total noninterest expense | 109,579 | 9,891 | - | 119,470 | |||||||||||||
Income before income tax expense | 17,564 | 4,156 | - | 21,720 | |||||||||||||
Income tax expense | -5,831 | -1,454 | - | -7,285 | |||||||||||||
Net income | 11,733 | 2,702 | - | 14,435 | |||||||||||||
Less preferred stock dividends | 3,577 | - | - | 3,577 | |||||||||||||
Net income available to common shareholders | $ 8,156 | $ 2,702 | - | $10,858 | |||||||||||||
Total assets | $2,938,519 | $80,533 | - | $3,019,052 | |||||||||||||
Stockholders’ equity | $ 278,901 | $ 116 | - | $ 279,017 |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Data (Unaudited) | NOTE 25 - QUARTERLY FINANCIAL DATA (unaudited) | ||||||||||||||||
The following table sets forth certain consolidated quarterly financial information of the Company. | |||||||||||||||||
Quarters Ended December 31, 2014 | |||||||||||||||||
4 | 3 | 2 | 1 | ||||||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||||||||
Selected Income Statement Data: | |||||||||||||||||
Interest income | $ | 44,900 | $ | 43,186 | $ | 38,607 | $ | 37,873 | |||||||||
Interest expense | 3,894 | 4,054 | 3,343 | 3,389 | |||||||||||||
Net interest income | 41,006 | 39,132 | 35,264 | 34,484 | |||||||||||||
Provision for loan losses | 888 | 1,669 | 1,365 | 1,726 | |||||||||||||
Net interest income after provision for loan losses | 40,118 | 37,463 | 33,899 | 32,758 | |||||||||||||
Noninterest income | 16,362 | 17,901 | 15,819 | 12,754 | |||||||||||||
Noninterest expense | 41,666 | 38,028 | 34,446 | 32,789 | |||||||||||||
Acquisition related expenses | 67 | 551 | 2,872 | 450 | |||||||||||||
Income before income taxes | 14,747 | 16,785 | 12,400 | 12,273 | |||||||||||||
Income tax | 4,167 | 5,122 | 4,270 | 3,923 | |||||||||||||
Net income | 10,580 | 11,663 | 8,130 | 8,350 | |||||||||||||
Preferred stock dividends | - | - | - | 286 | |||||||||||||
Net income available to common stockholders | $ | 10,580 | $ | 11,663 | $ | 8,130 | $ | 8,064 | |||||||||
Per Share Data: | |||||||||||||||||
Net income – basic | 0.4 | 0.44 | 0.32 | 0.32 | |||||||||||||
Net income – diluted | 0.39 | 0.43 | 0.32 | 0.32 | |||||||||||||
Common Dividends (Cash) | 0.05 | 0.05 | 0.05 | - | |||||||||||||
Common Dividends (Stock) | - | - | - | - | |||||||||||||
Quarters Ended December 31, 2013 | |||||||||||||||||
4 | 3 | 2 | 1 | ||||||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||||||||
Selected Income Statement Data: | |||||||||||||||||
Interest income | $ | 31,749 | $ | 31,749 | $ | 31,951 | $ | 30,873 | |||||||||
Interest expense | 2,698 | 2,429 | 2,475 | 2,535 | |||||||||||||
Net interest income | 29,051 | 29,320 | 29,476 | 28,338 | |||||||||||||
Provision for loan losses | 1,478 | 2,920 | 4,165 | 2,923 | |||||||||||||
Net interest income after provision for loan losses | 27,573 | 26,400 | 25,311 | 25,415 | |||||||||||||
Noninterest income | 11,517 | 12,288 | 11,384 | 11,360 | |||||||||||||
Noninterest expense | 33,274 | 28,237 | 26,688 | 28,884 | |||||||||||||
Acquisition related expenses | 4,350 | 512 | - | - | |||||||||||||
Income before income taxes | 1,466 | 9,939 | 10,007 | 7,891 | |||||||||||||
Income tax | 88 | 3,262 | 3,329 | 2,606 | |||||||||||||
Net income | 1,378 | 6,677 | 6,678 | 5,285 | |||||||||||||
Preferred stock dividends | 412 | 443 | 442 | 441 | |||||||||||||
Net income available to common stockholders | $ | 966 | $ | 6,234 | $ | 6,236 | $ | 4,844 | |||||||||
Per Share Data: | |||||||||||||||||
Net income – basic | 0.04 | 0.26 | 0.26 | 0.2 | |||||||||||||
Net income – diluted | 0.04 | 0.26 | 0.26 | 0.2 | |||||||||||||
Common Dividends (Cash) | - | - | - | - | |||||||||||||
Common Dividends (Stock) | - | - | - | - |
Condensed_Financial_Informatio
Condensed Financial Information of Ameris Bancorp (Parent Company Only) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Financial Information of Ameris Bancorp (Parent Company Only) | NOTE 26. CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) | ||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
DECEMBER 31, 2014 AND 2013 | |||||||||||||
(Dollars in Thousands) | |||||||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 868 | $ | 3,550 | |||||||||
Investment in subsidiaries | 470,557 | 386,377 | |||||||||||
Other assets | 6,552 | 6,824 | |||||||||||
Total assets | $ | 477,977 | $ | 396,751 | |||||||||
Liabilities | |||||||||||||
Other liabilities | $ | 7,624 | $ | 14 | |||||||||
Other borrowings | 39,000 | 24,572 | |||||||||||
Subordinated deferrable interest debentures | 65,325 | 55,466 | |||||||||||
Total liabilities | 111,949 | 80,052 | |||||||||||
Stockholders’ equity | 366,028 | 316,699 | |||||||||||
Total liabilities and stockholders’ equity | $ | 477,977 | $ | 396,751 | |||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | |||||||||||||
(Dollars in Thousands) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income | |||||||||||||
Dividends from subsidiaries | $ | 29,000 | $ | 2,200 | $ | 29,000 | |||||||
Gain on sale of securities | - | - | 214 | ||||||||||
Other income | 235 | 26 | 106 | ||||||||||
Total income | 29,235 | 2,226 | 29,320 | ||||||||||
Expense | |||||||||||||
Interest | 4,558 | 1,527 | 1,489 | ||||||||||
Other expense | 2,253 | 1,133 | 1,545 | ||||||||||
Total expense | 6,811 | 2,660 | 3,034 | ||||||||||
Earnings (loss) before income tax benefit and dividends received in excess of earnings of subsidiaries and equity in undistributed income (loss) of subsidiaries | 22,424 | (434 | ) | 26,286 | |||||||||
Income tax benefit | 2,468 | 921 | 921 | ||||||||||
Earnings (loss) before dividends received in excess of earnings of subsidiaries and equity in undistributed income of subsidiaries | 24,892 | 487 | 27,207 | ||||||||||
Dividends received in excess of earnings of subsidiaries | - | - | (12,772 | ) | |||||||||
Equity in undistributed income of subsidiaries | 13,831 | 19,531 | - | ||||||||||
Net income | 38,723 | 20,018 | 14,435 | ||||||||||
Preferred stock dividend | 286 | 1,738 | 3,577 | ||||||||||
Net income available to common shareholders | $ | 38,437 | $ | 18,280 | $ | 10,858 | |||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | |||||||||||||
(Dollars in Thousands) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
OPERATING ACTIVITIES | |||||||||||||
Net income | $ | 38,723 | $ | 20,018 | $ | 14,435 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||
Stock-based compensation expense | 2,058 | 1,041 | 1,044 | ||||||||||
Dividends received in excess of earnings of subsidiaries | - | - | 12,772 | ||||||||||
Undistributed earnings of subsidiaries | (13,831 | ) | (19,531 | ) | - | ||||||||
(Increase) decrease in interest payable | (214 | ) | (5,300 | ) | (108 | ) | |||||||
Decrease in tax receivable | (256 | ) | (813 | ) | (786 | ) | |||||||
Provision for deferred taxes | (426 | ) | 39 | 14 | |||||||||
Other operating activities | (1,558 | ) | (2,686 | ) | (388 | ) | |||||||
Total adjustments | (14,227 | ) | (27,250 | ) | 12,548 | ||||||||
Net cash provided by (used in) operating activities | 24,496 | (7,232 | ) | 26,983 | |||||||||
INVESTING ACTIVITIES | |||||||||||||
Net cash proceeds received from acquisitions | 144 | 249 | - | ||||||||||
Net cash provided by investing activities | 144 | 249 | - | ||||||||||
FINANCING ACTIVITIES | |||||||||||||
Repurchase of warrant | - | - | (2,670 | ) | |||||||||
Purchase of treasury shares | (474 | ) | (116 | ) | (235 | ) | |||||||
Dividends paid preferred stock | (286 | ) | (1,400 | ) | (2,642 | ) | |||||||
Dividends paid common stock | (4,016 | ) | - | - | |||||||||
Proceeds from other borrowings | 14,000 | 10,000 | - | ||||||||||
Repayment of other borrowings | (9,005 | ) | - | - | |||||||||
Repurchase of preferred stock | (28,000 | ) | - | (24,000 | ) | ||||||||
Proceeds from exercise of stock options | 459 | 410 | 3 | ||||||||||
Net cash provided by (used in) financing activities | (27,322 | ) | 8,894 | (29,544 | ) | ||||||||
Net change in cash and due from banks | (2,682 | ) | 1,911 | (2,561 | ) | ||||||||
Cash and due from banks at beginning of year | 3,550 | 1,639 | 4,200 | ||||||||||
Cash and due from banks at end of year | $ | 868 | $ | 3,550 | $ | 1,639 | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||||
Cash paid during the year for interest | $ | 4,772 | $ | 1,523 | $ | 1,597 | |||||||
Cash paid during the year for income taxes | $ | - | $ | - | $ | - |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 27 – SUBSEQUENT EVENTS |
On January 28, 2015, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Merchants & Southern Banks of Florida, Incorporated, a Florida corporation (“Merchants”), and Dennis R. O’Neil, the sole shareholder of Merchants. Merchants and Southern Bank is a wholly owned banking subsidiary of Merchants that has a total of thirteen banking locations in Alachua, Marion and Clay Counties, Florida. Pursuant to the terms of the Purchase Agreement, the Company will purchase all of the issued and outstanding shares of common stock of Merchants for a total purchase price of $50,000,000. As of December 31, 2014, Merchants reported assets of $473 million, gross loans of $214 million and deposits of $336 million. The purchase price will be allocated among the assets of Merchants acquired as appropriate, with the remaining balance being reported as goodwill. Consummation of the acquisition is subject to customary conditions, including the receipt of required regulatory approvals. The transaction is expected to close during the second quarter of 2015. | |
On January 28, 2015, the Bank, entered into a Purchase and Assumption Agreement (the “P&A Agreement”) with Bank of America, National Association pursuant to which the Bank has agreed to purchase, subject to the terms and conditions set forth in the P&A Agreement, eighteen branches of Bank of America, National Association located in Calhoun, Columbia, Dixie, Hamilton, Suwanee and Walton Counties, Florida and Ben Hill, Colquitt, Dougherty, Laurens, Liberty, Thomas, Tift and Ware Counties, Georgia. The Bank will assume an estimated $812 million of deposits at a deposit premium of 3.00 percent based on deposit balances near the time the transaction closes. The Bank will also acquire an immaterial amount of loans as part of the transaction. Consummation of the acquisition is subject to customary conditions, including the receipt of required regulatory approvals. The transaction is expected to close during the second quarter of 2015. | |
On January 29, 2015, the Company completed a private placement of 5,320,000 shares of the Company’s common stock at a price of $22.50 per share. The Company received net proceeds from the issuance of approximately $114.5 million (after deducting placement agent commissions and the Company’s estimated expenses). The Company intends to use the net proceeds to fund the acquisitions discussed above, as well as for general corporate purposes. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Nature of Business | Nature of Business | ||||||||||||
Ameris Bancorp (the “Company”) is a financial holding company whose primary business is presently conducted by Ameris Bank, its wholly owned banking subsidiary (the “Bank”). Through the Bank, the Company operates a full service banking business and offers a broad range of retail and commercial banking services to its customers concentrated in select markets in Georgia, Alabama, Florida and South Carolina. The Company also engages in mortgage banking activities and SBA lending, and, as such, acquires, sells and services one-to-four family residential mortgage loans and SBA loans in the Southeast. The Company and the Bank are subject to the regulations of certain federal and state agencies and are periodically examined by those regulatory agencies. | |||||||||||||
Basis of Presentation and Accounting Estimates | Basis of Presentation and Accounting Estimates | ||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||
In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, 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 amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Acquisition Accounting | Acquisition Accounting | ||||||||||||
Acquisitions are accounted for under the purchase method of accounting. Purchased assets and assumed liabilities are recorded at their estimated fair values as of the purchase date. Any identifiable intangible assets are also recorded at fair value. When the fair value of the assets purchased exceeds the fair value of liabilities assumed, it results in a “bargain purchase gain.” If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. | |||||||||||||
All identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Because deposit liabilities and the related customer relationship intangible assets may be exchanged in a sale or exchange transaction, the intangible asset associated with the depositor relationship is considered identifiable. | |||||||||||||
Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date and prohibit the carryover of the related allowance for loan losses. When the loans have evidence of credit deterioration since origination and it is probable at the date of acquisition that the Company will not collect all contractually required principal and interest payments, the difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable discount. The Company must estimate expected cash flows at each reporting date. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses. Subsequent increases in expected cash flows result in a reversal of the provision for loan losses to the extent of prior provisions and adjust accretable discount if no prior provisions have been made. This increase in accretable discount will have a positive impact on interest income. | |||||||||||||
Cash, Due from Banks and Cash Flows | Cash, Due from Banks and Cash Flows | ||||||||||||
For purposes of reporting cash flows, cash and due from banks includes cash on hand, cash items in process of collection and amounts due from banks. The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank. The total of the average daily required reserve was approximately $20.1 million and $11.6 million for the years ended 2014 and 2013, respectively. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and federal funds purchased and repurchase agreements. | |||||||||||||
Securities | Securities | ||||||||||||
The Company classifies its securities in one of three categories: (i) held to maturity, (ii) available for sale or (iii) trading. Trading securities are bought and held principally for the purpose of selling them in the near term. Held to maturity securities are those securities for which the Company has the ability and intent to hold until maturity. All other securities are classified as available for sale. At December 31, 2014 and 2013, all securities were classified as available for sale. | |||||||||||||
Held to maturity securities are recorded at cost, adjusted for the amortization or accretion of premiums or discounts. Trading securities are bought and held principally for the purpose of selling them in the near term. Available for sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, on available for sale securities are excluded from net income and are reported in other comprehensive income as a separate component of shareholders’ equity until realized. Transfers of securities between categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from held to maturity to available for sale are recorded as a separate component of shareholders’ equity. These unrealized holding gains or losses are amortized into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. | |||||||||||||
The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the life of the securities. Realized gains and losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. A decline in the market value of any available for sale or held to maturity investment below cost that is deemed other than temporary is charged to earnings and establishes a new cost basis for the security for the decline in value deemed to be credit related. The decline in value attributed to non-credit related factors is recognized in other comprehensive income. | |||||||||||||
In determining whether other-than-temporary impairment losses exist, management considers (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer and (iii) the Company’s intent to sell the security and whether it is more likely than not that the Company would be required to sell the security prior to its anticipated recovery or maturity. | |||||||||||||
Mortgage Loans Held-for-Sale | Mortgage Loans Held-for-Sale | ||||||||||||
Mortgage loans held-for-sale are carried at the estimated fair value, as determined by outstanding commitments from third party investors in the secondary market. Adjustments to reflect unrealized gains and losses resulting from changes in fair value of mortgage loans held-for-sale and realized gains and losses upon ultimate sale of the loans are classified as noninterest income in the Consolidated Statements of Operation. | |||||||||||||
Servicing Rights | Servicing Rights | ||||||||||||
When mortgage and SBA loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in mortgage banking activity and gains on sales of SBA loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. | |||||||||||||
Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are reported with “Mortgage banking activity” on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. | |||||||||||||
Servicing fee income, which is reported on the income statement as “Other noninterest income”, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. The amortization of servicing rights is netted against loan servicing fee income. Servicing fees totaled $1,011,000, $611,000 and $453,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Late fees and ancillary fees related to loan servicing are not material. | |||||||||||||
Loans | Loans | ||||||||||||
Loans, excluding loans covered by FDIC loss-share agreements (“covered loans”) and purchased loans not covered by FDIC loss-share agreements (“purchased non-covered loans”) are reported at their outstanding principal balances less unearned income, net of deferred fees and origination costs and the allowance for loan losses. Interest income is accrued on the outstanding principal balance. For all classes of loans, the accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to make payments as they become due, unless the loan is well-secured and in the process of collection. Interest income on mortgage and commercial loans is discontinued and placed on non-accrual status at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Mortgage loans and commercial loans are charged off to the extent principal or interest is deemed uncollectible. Consumer and credit card loans continue to accrue interest until they are charged off, generally between 90 and 120 days past due, unless the loan is in the process of collection. Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. All interest accrued, but not collected for loans that are placed on nonaccrual or charged off, is reversed against interest income. Interest income on nonaccrual loans is subsequently recognized only to the extent cash payments are received until the loans are returned to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||||||
Purchased Loans | Purchased Loans | ||||||||||||
Purchased loans include loans acquired in FDIC-assisted acquisitions (“covered loans”) and other acquisitions (“purchased non-covered loans”) and are initially recorded at fair value on the date of the purchase. Purchased loans that contain evidence of credit deterioration (“purchased credit impaired loans”) on the date of purchase are carried at the net present value of expected future proceeds. All other purchased loans are recorded at their initial fair value, adjusted for subsequent advances, pay downs, amortization or accretion of any premium or discount on purchase, charge-offs and any other adjustment to carrying value. There is no carryover of the seller’s allowance for loan losses. After acquisition, losses are recognized by an increase in the allowance for loan losses. | |||||||||||||
In determining the initial fair value of purchased loans without evidence of credit deterioration at the date of acquisition, management includes (i) no carryover of any previously recorded ALLL and (ii) an adjustment of the recorded investment to reflect an appropriate market rate of interest, given the risk profile and grade assigned to each loan. This adjustment is accreted into earnings as a yield adjustment, using the effective yield method, over the remaining life of each loan. | |||||||||||||
Purchased credit impaired loans are accounted for individually. The Company estimates the amount and timing of expected cash flows for each loan, and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). | |||||||||||||
Over the life of the loan, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. | |||||||||||||
Allowance for Loan Losses | Allowance for Loan Losses | ||||||||||||
The allowance for loan losses is established through a provision for loan losses charged to expense. Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. | |||||||||||||
The allowance is an amount that management believes will be adequate to absorb estimated losses relating to specifically identified loans, as well as probable incurred losses in the balance of the loan portfolio. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of various risks in the loan portfolio highlighted by historical experience, the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, current economic conditions that may affect the borrower’s ability to pay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |||||||||||||
The allowance for loan losses evaluation does not include the effects of expected losses on specific loans or groups of loans that are related to future events or expected changes in economic conditions. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses and may require the Bank to make additions to the allowance based on their judgment about information available to them at the time of their examinations. | |||||||||||||
The allowance consists of specific and general components. The specific component includes loans management considers impaired and other loans or groups of loans that management has classified with higher risk characteristics. For such loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. | |||||||||||||
The allowance for loan losses represents a reserve for probable incurred losses in the loan portfolio. The adequacy of the allowance for loan losses is evaluated periodically based on a review of all significant loans, with a particular emphasis on non-accruing, past due and other loans that management believes might be potentially impaired or warrant additional attention. The Company segregates the loan portfolio by type of loan and utilizes this segregation in evaluating exposure to risks within the portfolio. In addition, based on internal reviews and external reviews performed by independent loan reviewers and regulatory authorities, the Company further segregates the loan portfolio by loan grades based on an assessment of risk for a particular loan or group of loans. Certain reviewed loans are assigned specific allowances when a review of relevant data determines that a general allocation is not sufficient. In establishing allowances, management considers historical loan loss experience but adjusts this data with a significant emphasis on data such as risk ratings, current loan quality trends, current economic conditions and other factors in the markets where the Company operates. Factors considered include, among others, current valuations of real estate in their markets, unemployment rates, the effect of weather conditions on agricultural related entities and other significant local economic events. | |||||||||||||
The Company has developed a methodology for determining the adequacy of the allowance for loan losses which is monitored by the Company’s Chief Credit Officer. Procedures provide for the assignment of a risk rating for every loan included in the total loan portfolio, with the exception of credit card receivables and overdraft protection loans which are treated as pools for risk rating purposes. The risk rating schedule provides nine ratings of which five ratings are classified as pass ratings and four ratings are classified as criticized ratings. Each risk rating is assigned a percentage factor of historical losses, calculated by loan type, to be applied to the balance of loans by risk rating and type, to determine the adequate amount of reserve. Many of the larger loans require an annual review by an independent loan officer or an independent third party loan review firm. As a result of these loan reviews, certain loans may be assigned specific reserve allocations. Other loans that surface as problem loans may also be assigned specific reserves. Past due loans are assigned risk ratings based on the number of days past due. The calculation of the allowance for loan losses, including underlying data and assumptions, is reviewed regularly by the Company’s Chief Financial Officer and the independent internal loan review department. | |||||||||||||
Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged-off in accordance with the Federal Financial Institutions Examination Council’s (“FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged-off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged-off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, and the guarantor demonstrates willingness and capacity to support the debt, the Company may carry the estimated loss as a reserve against the loan while collection efforts with the guarantor are pursued. If, after collection efforts with the guarantor are complete, the deficiency is still considered uncollectible, the loss is charged-off and any further collections are treated as recoveries. In all situations, when a loan is downgraded to an Asset Quality Rating of 60 (Loss per the regulatory guidance), the uncollectible portion is charged-off. | |||||||||||||
Premises and Equipment | Premises and Equipment | ||||||||||||
Land is carried at cost. Other premises and equipment are carried at cost, less accumulated depreciation computed on the straight-line method over the estimated useful lives of the assets. In general, estimated lives for buildings are up to 40 years, furniture and equipment useful lives range from three to 20 years and the lives of software and computer related equipment range from three to five years. Leasehold improvements are amortized over the life of the related lease, or the related assets, whichever is shorter. Expenditures for major improvements of the Company’s premises and equipment are capitalized and depreciated over their estimated useful lives. Minor repairs, maintenance and improvements are charged to operations as incurred. When assets are sold or disposed of, their cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in earnings. | |||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | ||||||||||||
Goodwill represents the excess of cost over the fair value of the net assets purchased in business combinations. Goodwill is required to be tested annually for impairment or whenever events occur that may indicate that the recoverability of the carrying amount is not probable. In the event of an impairment, the amount by which the carrying amount exceeds the fair value is charged to earnings. The Company performs its annual test of impairment in the fourth quarter of each year. | |||||||||||||
Intangible assets consist of core deposit premiums acquired in connection with business combinations and are based on the established value of acquired customer deposits. The core deposit premium is initially recognized based on a valuation performed as of the consummation date and is amortized over an estimated useful life of five to seven years. Amortization periods are reviewed annually in connection with the annual impairment testing of goodwill. | |||||||||||||
Other Real Estate Owned | Other Real Estate Owned | ||||||||||||
Foreclosed assets acquired through or in lieu of loan foreclosure are held for sale and are initially recorded at fair value less estimated cost to sell. Any write-down to fair value at the time of transfer to foreclosed assets is charged to the allowance for loan losses. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs of improvements are capitalized up to the fair value of the property, whereas costs relating to holding foreclosed assets and subsequent adjustments to the value are charged to operations. | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
Deferred income tax assets and liabilities are determined using the liability method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. | |||||||||||||
In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such assets is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. | |||||||||||||
The Company currently evaluates income tax positions judged to be uncertain. A loss contingency reserve is accrued if it is probable that the tax position will be challenged, it is probable that the future resolution of the challenge will confirm that a loss has been incurred, and the amount of such loss can be reasonably estimated. | |||||||||||||
The Company recognizes interest and penalties related to income tax matters in other noninterest expenses. | |||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||
The Company accounts for its stock compensation plans using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The Company recorded approximately $2.1 million, $1.0 million and $1.0 million of stock-based compensation cost in 2014, 2013 and 2012, respectively. | |||||||||||||
Treasury Stock | Treasury Stock | ||||||||||||
The Company’s repurchases of shares of its common stock are recorded at cost as treasury stock and result in a reduction of stockholders’ equity. | |||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||
Basic earnings per common share are computed using the two-class method. Basic earnings per share are computed by dividing net income allocated to common stockholders by the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per common share are computed by dividing net income allocated to common shareholders by the effect of the issuance of potential common shares that are dilutive and by the sum of the weighted-average number of shares of common stock outstanding. Potential common shares consist of stock options and restricted shares for the years ended December 31, 2014 and 2013, and are determined using the treasury stock method. Potential common shares consist of stock options, restricted shares and warrants for the year ended December 31, 2012, and are determined using the treasury stock method. The Company has determined that its outstanding non-vested stock awards are participating securities, and all dividends on these awards are paid similar to other dividends. | |||||||||||||
Presented below is a summary of the components used to calculate basic and diluted earnings per share: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Distributed earnings allocated to common stockholders | $ | 4,016 | $ | - | $ | - | |||||||
Undistributed earnings allocated to common stockholders | 34,421 | 18,280 | 10,858 | ||||||||||
Net income available to common shareholders | $ | 38,437 | $ | 18,280 | $ | 10,858 | |||||||
Weighted average number of common shares outstanding | 25,974 | 23,918 | 23,816 | ||||||||||
Effect of dilutive restricted grants | 15 | 378 | - | ||||||||||
Effect of dilutive options | 270 | 169 | 41 | ||||||||||
Weighted average number of common shares outstanding used to calculate diluted earnings per share | 26,259 | 24,465 | 23,857 | ||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company has excluded 6,000, 324,000 and 418,000, respectively, potential common shares with strike prices that would cause them to be anti-dilutive. | |||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities | ||||||||||||
The goal of the Company’s interest rate risk management process is to minimize the volatility in the net interest margin caused by changes in interest rates. Derivative instruments are used to hedge certain assets or liabilities as a part of this process. The Company is required to recognize certain contracts and commitments as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. All derivative instruments are required to be carried at fair value on the balance sheet. | |||||||||||||
The Company’s current hedging strategies involve utilizing interest rate swaps classified as cash flow hedges. Cash flows related to floating-rate assets and liabilities will fluctuate with changes in an underlying rate index. When effectively hedged, the increases or decreases in cash flows related to the floating rate asset or liability will generally be offset by changes in cash flows of the derivative instrument designated as a hedge. The fair value of derivatives is recognized as assets or liabilities in the financial statements. The accounting for the changes in the fair value of a derivative depends on the intended use of the derivative instrument at inception. The change in fair value of the effective portion of cash flow hedges is accounted for in other comprehensive income rather than net income. | |||||||||||||
The Company had a cash flow hedge with notional amount of $37.1 million at December 31, 2014, 2013 and 2012 for the purpose of converting the variable rate on the junior subordinated debentures to a fixed rate. The fair value of these instruments amounted to a liability of approximately $1.3 million and $370,000 as of December 31, 2014 and 2013, respectively. No material hedge ineffectiveness from cash flow hedges was recognized in the statement of income. All components of each derivative’s gain or loss are included in the assessment of hedge effectiveness. | |||||||||||||
Comprehensive Income | Comprehensive Income | ||||||||||||
The Company’s comprehensive income consists of net income, changes in the net unrealized holding gains and losses of securities available for sale, unrealized gain or loss on the effective portion of the cash flow hedge and the realized gain or loss recognized due to the sale or unwind of cash flow hedge prior to their contractual maturity date. These amounts are carried in accumulated other comprehensive income (loss) on the consolidated statements of stockholders’ equity and are presented net of taxes. | |||||||||||||
Operating Segments | Operating Segments | ||||||||||||
The Company has three reportable segments, the Banking Division, the Mortgage Division and the SBA Division. The Banking Division derives its revenues from the delivery of full service financial services to include commercial loans, consumer loans and deposit accounts. The Mortgage Division derives its revenues from the origination, sales and servicing of one-to-four family residential mortgage loans. The SBA Division derives its revenues from the origination, sales and servicing of SBA loans. The Banking, Mortgage and SBA Divisions are managed as separate business units because of the different products and services they provide. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material intersegment sales or transfers. | |||||||||||||
New Accounting Standards | New Accounting Standards | ||||||||||||
ASU 2015-01 - Income Statement – Extraordinary and Unusual Items (“ASU 2015-01”). ASU 2015-01 eliminates the concept of extraordinary items by no longer allowing companies to segregate an extraordinary item from the results of operations, separately present an extraordinary item on the income statement, or disclose income taxes or earnings-per-share data applicable to an extraordinary item. ASU 2015-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, and early adoption is permitted. The adoption of this standard is not expected to have a material effect on the Company’s results of operations, financial position or disclosures. | |||||||||||||
ASU 2014-17 – Business Combinations: Pushdown Accounting (“ASU 2014-17”). ASU 2014-17 amends existing guidance related to the accounting by an acquired entity upon a change-in-control event. The standard provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. ASU 2014-17 was effective on November 18, 2014. The adoption of this standard has not had a material effect on the Company’s operating results or financial condition. | |||||||||||||
ASU 2014-14 – Receivables – Troubled Debt Restructurings by Creditors: Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure (“ASU 2014-14”). ASU 2014-14 amends existing guidance related to the classification of certain government-guaranteed mortgage loans, including those guaranteed by the FHA and the VA, upon foreclosure. It requires that a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if three conditions are met. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. ASU 2014-14 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014, and early adoption is permitted. It can be applied using a prospective transition method or a modified retrospective transition using a cumulative-effect adjustment. The Company is evaluating the impact this standard may have on the Company’s results of operations, financial position or disclosures. | |||||||||||||
ASU 2014-12 – Compensation – Stock Compensation – Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period (“ASU 2014-12”). ASU 2014-12 amends existing guidance related to the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The standard requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. ASU 2014-12 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, and early adoption is permitted. It can be applied either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition. | |||||||||||||
ASU 2014-11 – Transfers and Servicing – Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (“ASU 2014-11”). ASU 2014-11 aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. ASU 2014-11 requires that these transactions all be accounted for as secured borrowings. The standard requires a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction and requires expanded disclosures about the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. ASU 2014-11 is effective for the first interim or annual period beginning after December 15, 2014. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Earlier application for a public business entity is prohibited. The Company is currently evaluating the impact this standard will have on the Company’s results of operations, financial position or disclosures. | |||||||||||||
ASU 2014-09 – Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective prospectively, for annual and interim periods, beginning after December 15, 2016. The Company is currently evaluating the impact this standard will have on the Company’s results of operations, financial position or disclosures. | |||||||||||||
ASU 2014-04 – Receivables – Troubled Debt Restructurings by Creditors (“ASU 2014-04”). ASU 2014-04 clarifies when a creditor should reclassify mortgage loans collateralized by residential real estate from loans to other real estate owned. It defines when an in-substance repossession or foreclosure has occurred and when a creditor is considered to have received physical possession of residential real estate collateralizing a mortgage loan. ASU 2014-04 is effective for fiscal years beginning after December 31, 2014, and early adoption is permitted. It can be applied either prospectively or using a modified retrospective transition method. The Company is evaluating the impact this standard may have on the Company’s results of operations, financial position or disclosures. | |||||||||||||
ASU 2013-11 - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. However, if a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of these revisions did not have a material impact on the Company’s results of operations, financial position or disclosures. | |||||||||||||
Reclassifications | Reclassifications | ||||||||||||
Certain reclassifications of prior year amounts have been made to conform with the current year presentations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Components Used to Calculate Basic and Diluted Earnings Per Share | Presented below is a summary of the components used to calculate basic and diluted earnings per share: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Distributed earnings allocated to common stockholders | $ | 4,016 | $ | - | $ | - | |||||||
Undistributed earnings allocated to common stockholders | 34,421 | 18,280 | 10,858 | ||||||||||
Net income available to common shareholders | $ | 38,437 | $ | 18,280 | $ | 10,858 | |||||||
Weighted average number of common shares outstanding | 25,974 | 23,918 | 23,816 | ||||||||||
Effect of dilutive restricted grants | 15 | 378 | - | ||||||||||
Effect of dilutive options | 270 | 169 | 41 | ||||||||||
Weighted average number of common shares outstanding used to calculate diluted earnings per share | 26,259 | 24,465 | 23,857 | ||||||||||
Business_Combination_Tables
Business Combination (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of the acquisitions, as well as key elements of the purchase and assumption agreements between the FDIC and the Bank (in thousands): | ||||||||||||||||||||||||||||||||||||||||
AUB | USB | SCB | FBJ | TBC | DBT | HTB | OGB | CBG | MBT | ||||||||||||||||||||||||||||||||
Assets acquired | |||||||||||||||||||||||||||||||||||||||||
Cash | $ | 26,452 | $ | 41,490 | $ | -33,093 | $ | 10,669 | $ | 4,862 | $ | -58,158 | $ | 36,432 | $ | 1,585 | $ | 65,050 | $ | 155,466 | |||||||||||||||||||||
Investment securities | 10,242 | 8,335 | 10,814 | 7,343 | 7,060 | 105,562 | 14,770 | 28,891 | 39,920 | - | |||||||||||||||||||||||||||||||
Federal funds sold | - | 2,605 | 12,661 | 5,690 | - | - | - | 5,070 | - | - | |||||||||||||||||||||||||||||||
Loans | 56,482 | 83,646 | 68,751 | 40,454 | 92,568 | 261,340 | 84,732 | 74,843 | 124,782 | 1,218 | |||||||||||||||||||||||||||||||
Foreclosed property | 2,165 | 8,069 | 2,012 | 1,816 | 3,472 | 22,026 | 10,272 | 7,242 | 6,177 | - | |||||||||||||||||||||||||||||||
FDIC loss share asset | 24,200 | 21,640 | 22,400 | 11,307 | 22,807 | 112,404 | 49,485 | 45,488 | 52,654 | - | |||||||||||||||||||||||||||||||
Core deposit intangible | 187 | 386 | 185 | 132 | 175 | 1,180 | - | - | 1,149 | - | |||||||||||||||||||||||||||||||
Other assets | 1,266 | 3,001 | 612 | 298 | 1,092 | 3,957 | 1,772 | 2,933 | 3,457 | 183 | |||||||||||||||||||||||||||||||
Total assets acquired | 120,994 | 169,172 | 84,342 | 77,709 | 132,036 | 448,311 | 197,463 | 166,052 | 293,189 | 156,867 | |||||||||||||||||||||||||||||||
Liabilities assumed | |||||||||||||||||||||||||||||||||||||||||
Deposits | 100,470 | 141,094 | 75,530 | 71,869 | 132,939 | 386,958 | 175,887 | 136,101 | 261,036 | 156,699 | |||||||||||||||||||||||||||||||
FHLB advances | 7,802 | 1,504 | - | 2,613 | - | 2,724 | - | 21,107 | 10,334 | - | |||||||||||||||||||||||||||||||
Other liabilities | 277 | 453 | 604 | 842 | 53 | 54,418 | 2,654 | 899 | 1,782 | 168 | |||||||||||||||||||||||||||||||
Total liabilities assumed | 108,549 | 143,051 | 76,134 | 75,324 | 132,992 | 444,100 | 178,541 | 158,107 | 273,152 | 156,867 | |||||||||||||||||||||||||||||||
Net assets acquired | $ | 12,445 | $ | 26,121 | $ | 8,208 | $ | 2,385 | $ | (956) | $ | 4,211 | $ | 18,922 | $ | 7,945 | $ | 20,037 | $ | - | |||||||||||||||||||||
Pro Forma Information of Acquisitions | The following unaudited pro forma information reflects the Company’s estimated consolidated results of operations as if the acquisitions had occurred on January 1, 2012, unadjusted for potential cost savings (in thousands). | ||||||||||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Net interest income and noninterest income | $ | 176,262 | |||||||||||||||||||||||||||||||||||||||
Net loss | $ | (10,233) | |||||||||||||||||||||||||||||||||||||||
Net loss available to common shareholders | $ | (13,810) | |||||||||||||||||||||||||||||||||||||||
Loss per common share available to common shareholders – basic and diluted | $ | (0.58) | |||||||||||||||||||||||||||||||||||||||
Average number shares outstanding, basic | 23,816 | ||||||||||||||||||||||||||||||||||||||||
Average number shares outstanding, diluted | 23,857 | ||||||||||||||||||||||||||||||||||||||||
Rollforward of Acquired Non-Covered Loans | A rollforward of purchased non-covered loans for the years ended December 31, 2014 and 2013 is shown below: | ||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Balance, January 1 | $ | 448,753 | $ | - | |||||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | (84) | - | |||||||||||||||||||||||||||||||||||||||
Additions due to acquisitions | 279,441 | 449,696 | |||||||||||||||||||||||||||||||||||||||
Accretion | 9,745 | - | |||||||||||||||||||||||||||||||||||||||
Transfers to purchased non-covered other real estate owned | (4,160) | - | |||||||||||||||||||||||||||||||||||||||
Transfer from covered loans due to loss share expiration | 15,475 | - | |||||||||||||||||||||||||||||||||||||||
Payments received | (74,931) | (943) | |||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 674,239 | $ | 448,753 | |||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accretable Discounts Related Acquired Loans | The following is a summary of changes in the accretable discounts of acquired covered loans during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 25,493 | $ | 16,698 | |||||||||||||||||||||||||||||||||||||
Accretion | (22,188 | ) | (42,208 | ) | |||||||||||||||||||||||||||||||||||||
Transfers between non-accretable and accretable discounts, net | 12,273 | 51,003 | |||||||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 15,578 | $ | 25,493 | |||||||||||||||||||||||||||||||||||||
Coastal Bankshares, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table presents the assets acquired and liabilities of Coastal assumed as of June 30, 2014 and their fair value estimates: | ||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | As Recorded by | Initial Fair | Subsequent | As Recorded | |||||||||||||||||||||||||||||||||||||
Coastal | Value | Fair Value | by Ameris | ||||||||||||||||||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3,895 | $ | - | $ | - | $ | 3,895 | |||||||||||||||||||||||||||||||||
Federal funds sold and interest-bearing balances | 15,923 | - | - | 15,923 | |||||||||||||||||||||||||||||||||||||
Investment securities | 67,266 | (500 | )(a) | - | 66,766 | ||||||||||||||||||||||||||||||||||||
Other investments | 975 | - | - | 975 | |||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 7,288 | - | - | 7,288 | |||||||||||||||||||||||||||||||||||||
Loans | 296,141 | (16,700 | )(b) | - | 279,441 | ||||||||||||||||||||||||||||||||||||
Less allowance for loan losses | (3,218 | ) | 3,218 | (c) | - | - | |||||||||||||||||||||||||||||||||||
Loans, net | 292,923 | (13,482 | ) | - | 279,441 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | 14,992 | (3,528 | )(d) | (2,600 | )(g) | 8,864 | |||||||||||||||||||||||||||||||||||
Premises and equipment | 11,882 | - | - | 11,882 | |||||||||||||||||||||||||||||||||||||
Intangible assets | 507 | 4,266 | (e) | (231 | )(h) | 4,542 | |||||||||||||||||||||||||||||||||||
Cash value of bank owned life insurance | 7,812 | - | - | 7,812 | |||||||||||||||||||||||||||||||||||||
Other assets | 14,898 | - | (752 | )(i) | 14,146 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 438,361 | $ | (13,244 | ) | $ | (3,583 | ) | $ | 421,534 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing | $ | 80,012 | $ | - | $ | - | $ | 80,012 | |||||||||||||||||||||||||||||||||
Interest-bearing | 289,012 | - | - | 289,012 | |||||||||||||||||||||||||||||||||||||
Total deposits | 369,024 | - | - | 369,024 | |||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 5,428 | - | - | 5,428 | |||||||||||||||||||||||||||||||||||||
Other borrowings | 22,005 | - | - | 22,005 | |||||||||||||||||||||||||||||||||||||
Other liabilities | 6,192 | - | - | 6,192 | |||||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | 15,465 | (6,413 | )(f) | - | 9,052 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 418,114 | (6,413 | ) | - | 411,701 | ||||||||||||||||||||||||||||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 20,247 | (6,831 | ) | (3,583 | ) | 9,833 | |||||||||||||||||||||||||||||||||||
Goodwill | - | 23,854 | 3,583 | 27,437 | |||||||||||||||||||||||||||||||||||||
Net assets acquired over (under) liabilities assumed | $ | 20,247 | $ | 17,023 | $ | - | $ | 37,270 | |||||||||||||||||||||||||||||||||
Consideration: | |||||||||||||||||||||||||||||||||||||||||
Ameris Bancorp common shares issued | 1,598,998 | ||||||||||||||||||||||||||||||||||||||||
Purchase price per share of the Company’s common stock | $ | 21.56 | |||||||||||||||||||||||||||||||||||||||
Company common stock issued | 34,474 | ||||||||||||||||||||||||||||||||||||||||
Cash exchanged for shares | 2,796 | ||||||||||||||||||||||||||||||||||||||||
Fair value of total consideration transferred | $ | 37,270 | |||||||||||||||||||||||||||||||||||||||
Explanation of fair value adjustments | |||||||||||||||||||||||||||||||||||||||||
(a) | Adjustment reflects the fair value adjustments of the available for sale portfolio as of the acquisition date. | ||||||||||||||||||||||||||||||||||||||||
(b) | Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio. | ||||||||||||||||||||||||||||||||||||||||
(c) | Adjustment reflects the elimination of Coastal’s allowance for loan losses. | ||||||||||||||||||||||||||||||||||||||||
(d) | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired OREO portfolio. | ||||||||||||||||||||||||||||||||||||||||
(e) | Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts. | ||||||||||||||||||||||||||||||||||||||||
(f) | Adjustment reflects the fair value adjustment to the subordinated deferrable interest debentures at the acquisition date. | ||||||||||||||||||||||||||||||||||||||||
(g) | Adjustment reflects the additional fair value adjustment based on the Company’s evaluation of the acquired OREO portfolio. | ||||||||||||||||||||||||||||||||||||||||
(h) | Adjustment reflects final recording of core deposit intangible on the acquired core deposit accounts. | ||||||||||||||||||||||||||||||||||||||||
(i) | Adjustment reflects the deferred taxes on the difference in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. | ||||||||||||||||||||||||||||||||||||||||
Pro Forma Information of Acquisitions | The following unaudited pro forma information reflects the Company’s estimated consolidated results of operations as if the acquisition had occurred on January 1, 2013, unadjusted for potential cost savings (in thousands). | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Net interest income and noninterest income | $ | 223,281 | $ | 183,459 | |||||||||||||||||||||||||||||||||||||
Net income | $ | 36,855 | $ | 21,397 | |||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 36,569 | $ | 19,659 | |||||||||||||||||||||||||||||||||||||
Income per common share available to common stockholders – basic | $ | 1.33 | $ | 0.77 | |||||||||||||||||||||||||||||||||||||
Income per common share available to common stockholders – diluted | $ | 1.31 | $ | 0.76 | |||||||||||||||||||||||||||||||||||||
Average number of shares outstanding, basic | 27,573 | 25,517 | |||||||||||||||||||||||||||||||||||||||
Average number of shares outstanding, diluted | 27,858 | 25,947 | |||||||||||||||||||||||||||||||||||||||
Summary of Contractually Required Principal and Interest Cash Payment of the Loans As of Acquisition Date for Purchased Credit Impaired Loans | The table below summarizes the total contractually required principal and interest cash payment, management’s estimate of expected total cash payments and fair value of the loans as of acquisition date for purchased credit impaired loans. Contractually required principal and interest payment have been adjusted for estimated prepayments. | ||||||||||||||||||||||||||||||||||||||||
Contractually required principal and interest | $ | 38,194 | |||||||||||||||||||||||||||||||||||||||
Non-accretable difference | (5,632 | ) | |||||||||||||||||||||||||||||||||||||||
Cash flows expected to be collected | 32,562 | ||||||||||||||||||||||||||||||||||||||||
Accretable yield | (3,282 | ) | |||||||||||||||||||||||||||||||||||||||
Total purchased credit-impaired loans acquired | $ | 29,280 | |||||||||||||||||||||||||||||||||||||||
Prosperity Banking Company [Member] | |||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table presents the assets acquired and liabilities of Prosperity assumed as of December 23, 2013 and their fair value estimates: | ||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | As Recorded by | Initial Fair | Subsequent | As Recorded | |||||||||||||||||||||||||||||||||||||
Prosperity | Value | Fair Value | by Ameris | ||||||||||||||||||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,285 | $ | - | $ | - | $ | 4,285 | |||||||||||||||||||||||||||||||||
Federal funds sold and interest-bearing balances | 21,687 | - | - | 21,687 | |||||||||||||||||||||||||||||||||||||
Investment securities | 151,863 | 411 | (a) | - | 152,274 | ||||||||||||||||||||||||||||||||||||
Other investments | 8,727 | - | - | 8,727 | |||||||||||||||||||||||||||||||||||||
Loans | 487,358 | (37,662 | )(b) | - | 449,696 | ||||||||||||||||||||||||||||||||||||
Less allowance for loan losses | (6,811 | ) | 6,811 | (c) | - | - | |||||||||||||||||||||||||||||||||||
Loans, net | 480,547 | (30,851 | ) | - | 449,696 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | 6,883 | (1,260 | )(d) | - | 5,623 | ||||||||||||||||||||||||||||||||||||
Premises and equipment | 36,293 | - | - | 36,293 | |||||||||||||||||||||||||||||||||||||
Intangible assets | 174 | 4,383 | (e) | - | 4,557 | ||||||||||||||||||||||||||||||||||||
Other assets | 26,600 | 1,192 | (f) | (1,060 | )(j) | 26,732 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 737,059 | $ | (26,125 | ) | $ | (1,060 | ) | $ | 709,874 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing | $ | 149,242 | $ | - | $ | - | $ | 149,242 | |||||||||||||||||||||||||||||||||
Interest-bearing | 324,441 | - | - | 324,441 | |||||||||||||||||||||||||||||||||||||
Total deposits | 473,683 | - | - | 473,683 | |||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 21,530 | - | - | 21,530 | |||||||||||||||||||||||||||||||||||||
Other borrowings | 185,000 | 12,313 | (g) | - | 197,313 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 14,058 | 455 | (h) | - | 14,513 | ||||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | 29,500 | (16,303 | )(i) | - | 13,197 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 723,771 | (3,535 | ) | - | 720,236 | ||||||||||||||||||||||||||||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 13,288 | (22,590 | ) | (1,060 | ) | (10,362 | ) | ||||||||||||||||||||||||||||||||||
Goodwill | - | 34,093 | 1,060 | 35,153 | |||||||||||||||||||||||||||||||||||||
Net assets acquired over (under) liabilities assumed | $ | 13,288 | $ | 11,503 | $ | - | $ | 24,791 | |||||||||||||||||||||||||||||||||
Consideration: | |||||||||||||||||||||||||||||||||||||||||
Ameris Bancorp common shares issued | 1,168,918 | ||||||||||||||||||||||||||||||||||||||||
Purchase price per share of the Company’s common stock | $ | 21.07 | |||||||||||||||||||||||||||||||||||||||
Company common stock issued | 24,629 | ||||||||||||||||||||||||||||||||||||||||
Cash exchanged for shares | 162 | ||||||||||||||||||||||||||||||||||||||||
Fair value of total consideration transferred | $ | 24,791 | |||||||||||||||||||||||||||||||||||||||
Explanation of fair value adjustments | |||||||||||||||||||||||||||||||||||||||||
(a) | Adjustment reflects the fair value adjustments of the available for sale portfolio as of the acquisition date. | ||||||||||||||||||||||||||||||||||||||||
(b) | Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio. | ||||||||||||||||||||||||||||||||||||||||
(c) | Adjustment reflects the elimination of Prosperity’s allowance for loan losses. | ||||||||||||||||||||||||||||||||||||||||
(d) | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired OREO portfolio. | ||||||||||||||||||||||||||||||||||||||||
(e) | Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts. | ||||||||||||||||||||||||||||||||||||||||
(f) | Adjustment reflects the adjustment to write-off the non-realizable portion of Prosperity’s deferred tax asset of ($6.644 million), to record the deferred tax asset generated by purchase accounting adjustments of $8.435 million and to record the fair value adjustment of other assets of ($0.599 million) at the acquisition date. | ||||||||||||||||||||||||||||||||||||||||
(g) | Adjustment reflects the fair value adjustment (premium) to the FHLB borrowings of $12.741 million and the fair value adjustment to the subordinated debt of $0.428 million. | ||||||||||||||||||||||||||||||||||||||||
(h) | Adjustment reflects the fair value adjustment of other liabilities at the acquisition date. | ||||||||||||||||||||||||||||||||||||||||
(i) | Adjustment reflects the fair value adjustment to the subordinated deferrable interest debentures s at the acquisition date. | ||||||||||||||||||||||||||||||||||||||||
(j) | Adjustment reflects the deferred taxes on the difference in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. | ||||||||||||||||||||||||||||||||||||||||
Pro Forma Information of Acquisitions | The following unaudited pro forma information reflects the Company’s estimated consolidated results of income as if the acquisition had occurred on January 1, 2012, unadjusted for potential cost savings (in thousands). | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Net interest income and noninterest income | $ | 187,927 | $ | 199,089 | |||||||||||||||||||||||||||||||||||||
Net income | $ | 19,927 | $ | 15,604 | |||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | $ | 18,189 | $ | 12,027 | |||||||||||||||||||||||||||||||||||||
Net income common share available to common shareholders – basic | $ | 0.73 | $ | 0.48 | |||||||||||||||||||||||||||||||||||||
Net income per common share available to common shareholders – diluted | $ | 0.71 | $ | 0.48 | |||||||||||||||||||||||||||||||||||||
Average number shares outstanding, basic | 25,087 | 24,985 | |||||||||||||||||||||||||||||||||||||||
Average number shares outstanding, diluted | 25,634 | 25,026 | |||||||||||||||||||||||||||||||||||||||
Summary of Contractually Required Principal and Interest Cash Payment of the Loans As of Acquisition Date for Purchased Credit Impaired Loans | The table below summarizes the total contractually required principal and interest cash payment, management’s estimate of expected total cash payments and fair value of the loans as of acquisition date for purchased credit impaired loans. Contractually required principal and interest payment have been adjusted for estimated prepayments. | ||||||||||||||||||||||||||||||||||||||||
Contractually required principal and interest | $ | 92,461 | |||||||||||||||||||||||||||||||||||||||
Non-accretable difference | -14,311 | ||||||||||||||||||||||||||||||||||||||||
Cash flows expected to be collected | 78,150 | ||||||||||||||||||||||||||||||||||||||||
Accretable yield | -10,985 | ||||||||||||||||||||||||||||||||||||||||
Total purchased credit-impaired loans acquired | $ | 67,165 | |||||||||||||||||||||||||||||||||||||||
Discount Accretion [Member] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accretable Discounts Related Acquired Loans | The following is a summary of changes in the accretable discounts of purchased non-covered loans during years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Balance, January 1 | $ | 26,189 | $ | - | |||||||||||||||||||||||||||||||||||||
Additions due to acquisitions | 7,799 | 26,189 | |||||||||||||||||||||||||||||||||||||||
Accretion | (9,745) | - | |||||||||||||||||||||||||||||||||||||||
Transfers between non-accretable and accretable discounts, net | 1,473 | - | |||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 25,716 | $ | 26,189 | |||||||||||||||||||||||||||||||||||||
Assets_Acquired_in_FDICAssiste1
Assets Acquired in FDIC-Assisted Acquisitions (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Acquisition Details | From October 2009 through July 2012, the Company has participated in ten FDIC-assisted acquisitions (the “acquisitions”) whereby the Company purchased certain failed institutions out of the FDIC’s receivership. These institutions include: | ||||||||||||||||||||||||||||||||
Bank Acquired | Location: | Branches: | Date Acquired | ||||||||||||||||||||||||||||||
American United Bank (“AUB”) | Lawrenceville, Ga. | 1 | October 23, 2009 | ||||||||||||||||||||||||||||||
United Security Bank (“USB”) | Sparta, Ga. | 2 | November 6, 2009 | ||||||||||||||||||||||||||||||
Satilla Community Bank (“SCB”) | St. Marys, Ga. | 1 | May 14, 2010 | ||||||||||||||||||||||||||||||
First Bank of Jacksonville (“FBJ”) | Jacksonville, Fl. | 2 | October 22, 2010 | ||||||||||||||||||||||||||||||
Tifton Banking Company (“TBC”) | Tifton, Ga. | 1 | November 12, 2010 | ||||||||||||||||||||||||||||||
Darby Bank & Trust (“DBT”) | Vidalia, Ga. | 7 | November 12, 2010 | ||||||||||||||||||||||||||||||
High Trust Bank (“HTB”) | Stockbridge, Ga. | 2 | July 15, 2011 | ||||||||||||||||||||||||||||||
One Georgia Bank (“OGB”) | Atlanta, Ga. | 1 | July 15, 2011 | ||||||||||||||||||||||||||||||
Central Bank of Georgia (“CBG”) | Ellaville, Ga. | 5 | February 24, 2012 | ||||||||||||||||||||||||||||||
Montgomery Bank & Trust (“MBT”) | Ailey, Ga. | 2 | July 6, 2012 | ||||||||||||||||||||||||||||||
Loans Receivable at Acquisition Date for Loans with Deterioration in Credit Quality | The following table presents the loans receivable (in thousands) at the 2012 acquisition date for loans with deterioration in credit quality. | ||||||||||||||||||||||||||||||||
2012 Acquisitions: | CBG | MBT | Total | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Contractually required principal payments receivable | $ | 137,407 | $ | - | $ | 137,407 | |||||||||||||||||||||||||||
Non-accretable difference | 53,603 | - | 53,603 | ||||||||||||||||||||||||||||||
Present value of cash flows expected to be collected | 83,804 | - | 83,804 | ||||||||||||||||||||||||||||||
Accretable difference | 10,390 | - | 10,390 | ||||||||||||||||||||||||||||||
Fair value of loans acquired with deterioration of credit quality | $ | 73,414 | $ | - | $ | 73,414 | |||||||||||||||||||||||||||
Components of Covered Assets | The following table summarizes components of all covered assets at December 31, 2014 and 2013 and their origin. The FDIC loss-share receivable is shown net of the clawback liability. | ||||||||||||||||||||||||||||||||
Covered loans | Less Fair Value | Total | OREO | Less Fair | Total | Total | FDIC loss- | ||||||||||||||||||||||||||
adjustments | covered | value | covered | covered | share | ||||||||||||||||||||||||||||
loans | adjustments | OREO | assets | receivable | |||||||||||||||||||||||||||||
As of December 31, 2014: | (Dollars in thousands) | ||||||||||||||||||||||||||||||||
AUB | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 188 | |||||||||||||||||
USB | 4,350 | 150 | 4,200 | 165 | - | 165 | 4,365 | (1,197) | |||||||||||||||||||||||||
SCB | 26,686 | 602 | 26,084 | 2,849 | 389 | 2,460 | 28,544 | 1,828 | |||||||||||||||||||||||||
FBJ | 21,243 | 1,825 | 19,418 | 632 | 0 | 632 | 20,050 | 1,885 | |||||||||||||||||||||||||
DBT | 64,338 | 6,437 | 57,901 | 6,655 | 514 | 6,141 | 64,042 | 6,860 | |||||||||||||||||||||||||
TBC | 23,487 | 1,117 | 22,370 | 2,388 | 367 | 2,021 | 24,391 | 3,287 | |||||||||||||||||||||||||
HTB | 52,699 | 5,120 | 47,579 | 3,670 | 1,283 | 2,387 | 49,966 | 6,459 | |||||||||||||||||||||||||
OGB | 42,971 | 3,785 | 39,186 | 2,244 | 39 | 2,205 | 41,391 | 3,906 | |||||||||||||||||||||||||
CBG | 60,950 | 6,409 | 54,541 | 4,805 | 909 | 3,896 | 58,437 | 8,135 | |||||||||||||||||||||||||
Total | $ | 296,724 | $ | 25,445 | $ | 271,279 | $ | 23,408 | $ | 3,501 | $ | 19,907 | $ | 291,186 | $ | 31,351 | |||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
AUB | $ | 15,787 | $ | 231 | $ | 15,556 | $ | 4,264 | $ | - | $ | 4,264 | $ | 19,820 | $ | 1,452 | |||||||||||||||||
USB | 18,504 | 1,427 | 17,077 | 2,865 | 141 | 2,724 | 19,801 | 889 | |||||||||||||||||||||||||
SCB | 34,637 | 1,483 | 33,154 | 3,461 | 303 | 3,158 | 36,312 | 3,175 | |||||||||||||||||||||||||
FBJ | 25,891 | 3,730 | 22,161 | 1,880 | 242 | 1,638 | 23,799 | 3,689 | |||||||||||||||||||||||||
DBT | 105,157 | 17,819 | 87,338 | 17,023 | 1,282 | 15,741 | 103,079 | 18,724 | |||||||||||||||||||||||||
TBC | 32,590 | 2,354 | 30,236 | 4,844 | 745 | 4,099 | 34,335 | 3,721 | |||||||||||||||||||||||||
HTB | 67,126 | 7,359 | 59,767 | 6,374 | 2,304 | 4,070 | 63,837 | 9,325 | |||||||||||||||||||||||||
OGB | 58,512 | 5,067 | 53,445 | 7,506 | 2,984 | 4,522 | 57,967 | 9,645 | |||||||||||||||||||||||||
CBG | 85,118 | 13,615 | 71,503 | 7,610 | 1,933 | 5,677 | 77,180 | 14,821 | |||||||||||||||||||||||||
Total | $ | 443,322 | $ | 53,085 | $ | 390,237 | $ | 55,827 | $ | 9,934 | $ | 45,893 | $ | 436,130 | $ | 65,441 | |||||||||||||||||
Rollforward of Acquired Covered Loans | A rollforward of acquired covered loans for the years ended December 31, 2014 and 2013 is shown below: | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Balance, January 1 | $ | 390,237 | $ | 507,712 | |||||||||||||||||||||||||||||
Charge-offs, net of recoveries | (9,255) | (7,695) | |||||||||||||||||||||||||||||||
Accretion | 22,188 | 42,208 | |||||||||||||||||||||||||||||||
Transfers to covered other real estate owned | (13,650) | (31,833) | |||||||||||||||||||||||||||||||
Transfer to purchased, non-covered loans due to loss share expiration | (15,475) | - | |||||||||||||||||||||||||||||||
Payments received | (102,996) | (120,155) | |||||||||||||||||||||||||||||||
Other | 230 | - | |||||||||||||||||||||||||||||||
Ending balance | $ | 271,279 | $ | 390,237 | |||||||||||||||||||||||||||||
Changes in FDIC Loss Share Receivable | Changes in the FDIC loss-share receivable are as follows: | ||||||||||||||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 65,441 | $ | 159,724 | |||||||||||||||||||||||||||||
Payments received from FDIC | (22,494 | ) | (68,822 | ) | |||||||||||||||||||||||||||||
Accretion (amortization) | (18,449 | ) | (34,533 | ) | |||||||||||||||||||||||||||||
Change in clawback liability | (1,222 | ) | (3,398 | ) | |||||||||||||||||||||||||||||
Increase in receivable due to: | |||||||||||||||||||||||||||||||||
Charge-offs on covered loans | 3,372 | 6,156 | |||||||||||||||||||||||||||||||
Write downs of covered other real estate owned | 4,771 | 13,117 | |||||||||||||||||||||||||||||||
Reimbursable expenses on covered assets | 1,078 | 5,820 | |||||||||||||||||||||||||||||||
Other activity, net | (1,146 | ) | (12,623 | ) | |||||||||||||||||||||||||||||
Ending balance | $ | 31,351 | $ | 65,441 | |||||||||||||||||||||||||||||
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Amortized Cost and Estimated Fair Value of Securities Available for Sale | The amortized cost and estimated fair value of securities available for sale with gross unrealized gains and losses are summarized as follows: | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 14,953 | $ | - | $ | (275 | ) | $ | 14,678 | ||||||||||||||||
State, county and municipal securities | 137,873 | 3,935 | (433 | ) | 141,375 | ||||||||||||||||||||
Corporate debt securities | 10,812 | 228 | - | 11,040 | |||||||||||||||||||||
Mortgage-backed securities | 369,581 | 6,534 | (1,403 | ) | 374,712 | ||||||||||||||||||||
Total debt securities | $ | 533,219 | $ | 10,697 | $ | (2,111 | ) | $ | 541,805 | ||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 14,947 | $ | - | $ | (1,021 | ) | $ | 13,926 | ||||||||||||||||
State, county and municipal securities | 112,659 | 2,269 | (2,174 | ) | 112,754 | ||||||||||||||||||||
Corporate debt securities | 10,311 | 275 | (261 | ) | 10,325 | ||||||||||||||||||||
Collateralized debt obligations | 1,480 | - | - | 1,480 | |||||||||||||||||||||
Mortgage-backed securities | 349,441 | 2,347 | (4,038 | ) | 347,750 | ||||||||||||||||||||
Total debt securities | $ | 488,838 | $ | 4,891 | $ | (7,494 | ) | $ | 486,235 | ||||||||||||||||
Schedule of Gross Unrealized Losses and Fair Value of Securities | The following table shows the gross unrealized losses and estimated fair value of securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at December 31, 2014 and 2013. | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Description of Securities | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
U. S. Government sponsored agencies | $ | - | $ | - | $ | 14,678 | $ | (275 | ) | $ | 14,678 | $ | (275 | ) | |||||||||||
State, county and municipal securities | 15,038 | (70 | ) | 19,665 | (363 | ) | 34,703 | (433 | ) | ||||||||||||||||
Corporate debt securities | - | - | - | - | - | - | |||||||||||||||||||
Mortgage-backed securities | 36,760 | (221 | ) | 46,812 | (1,182 | ) | 83,572 | (1,403 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 51,798 | $ | (291 | ) | $ | 81,155 | $ | (1,820 | ) | $ | 132,953 | $ | (2,111 | ) | ||||||||||
December 31, 2013: | |||||||||||||||||||||||||
U. S. Government sponsored agencies | $ | 13,926 | $ | (1,021 | ) | $ | - | $ | - | $ | 13,926 | $ | (1,021 | ) | |||||||||||
State, county and municipal securities | 47,401 | (1,882 | ) | 3,794 | (292 | ) | 51,195 | (2,174 | ) | ||||||||||||||||
Corporate debt securities | - | - | 4,826 | (261 | ) | 4,826 | (261 | ) | |||||||||||||||||
Collateralized debt obligations | - | - | - | - | - | - | |||||||||||||||||||
Mortgage-backed securities | 94,989 | (2,493 | ) | 23,388 | (1,545 | ) | 118,377 | (4,038 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 156,316 | $ | (5,396 | ) | $ | 32,008 | $ | (2,098 | ) | $ | 188,324 | $ | (7,494 | ) | ||||||||||
Amortized Cost and Fair Value of Debt Securities Available for Sale Securities by Contractual Maturity | The amortized cost and estimated fair value of debt securities available for sale as of December 31, 2014, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without penalty. Securities not due at a single maturity date are shown separately. Therefore, these securities are not included in the maturity categories in the following maturity summary. | ||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||
Cost | Fair | ||||||||||||||||||||||||
Value | |||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 5,693 | $ | 5,757 | |||||||||||||||||||||
Due from one year to five years | 45,110 | 46,340 | |||||||||||||||||||||||
Due from five to ten years | 63,043 | 64,201 | |||||||||||||||||||||||
Due after ten years | 49,792 | 50,795 | |||||||||||||||||||||||
Mortgage-backed securities | 369,581 | 374,712 | |||||||||||||||||||||||
$ | 533,219 | $ | 541,805 | ||||||||||||||||||||||
Gains and Losses on Sales of Securities Available for Sale | Gains and losses on sales of securities available for sale consist of the following: | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Gross gains on sales of securities | $ | 141 | $ 353 | $ 420 | |||||||||||||||||||||
Gross losses on sales of securities | (3 | ) | (182 | ) | (98 | ) | |||||||||||||||||||
Net realized gains on sales of securities available for sale | $ | 138 | $ 171 | $ 322 | |||||||||||||||||||||
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Schedule of Accounts Notes Loans and Financial Receivables | Balances within the major loans receivable categories are presented in the following table: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 319,654 | $ | 244,373 | |||||||||||||||||||||||||||||
Real estate – construction & development | 161,507 | 146,371 | |||||||||||||||||||||||||||||||
Real estate – commercial & farmland | 907,524 | 808,323 | |||||||||||||||||||||||||||||||
Real estate – residential | 456,106 | 351,886 | |||||||||||||||||||||||||||||||
Consumer installment | 30,782 | 34,249 | |||||||||||||||||||||||||||||||
Other | 14,308 | 33,252 | |||||||||||||||||||||||||||||||
1,889,881 | 1,618,454 | ||||||||||||||||||||||||||||||||
Allowance for loan losses | 21,157 | 22,377 | |||||||||||||||||||||||||||||||
Loans, net | $ | 1,868,724 | $ | 1,596,077 | |||||||||||||||||||||||||||||
Summary of Carrying Value of Covered Loans According to Loan Type | The carrying value of covered loans are shown below according to loan type as of the end of the years shown: | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 21,467 | $ | 26,550 | |||||||||||||||||||||||||||||
Real estate – construction & development | 23,447 | 43,179 | |||||||||||||||||||||||||||||||
Real estate – commercial & farmland | 147,627 | 224,451 | |||||||||||||||||||||||||||||||
Real estate – residential | 78,520 | 95,173 | |||||||||||||||||||||||||||||||
Consumer installment loans | 218 | 884 | |||||||||||||||||||||||||||||||
$ | 271,279 | $ | 390,237 | ||||||||||||||||||||||||||||||
Summary of Changes in Related Party Loans | Changes in related party loans are summarized as follows: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 5,565 | $ | 1,392 | |||||||||||||||||||||||||||||
Advances | 78 | 813 | |||||||||||||||||||||||||||||||
Repayments | (1,240 | ) | (923 | ) | |||||||||||||||||||||||||||||
Transactions due to changes in related parties | - | 4,283 | |||||||||||||||||||||||||||||||
Balance, end of year | $ | 4,403 | $ | 5,565 | |||||||||||||||||||||||||||||
Schedule of Allowances for Loan Losses by Portfolio Segment | The following table details activity in the allowance for loan losses by portfolio segment for the periods indicated. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | ||||||||||||||||||||||||||||||||
Commercial, | Real estate – | Real estate – | Real estate - | Consumer | Purchased | Covered | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | non-covered | loans | |||||||||||||||||||||||||||
agricultural | development | farmland | loans and | loans | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2014: | |||||||||||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 1,823 | $ | 5,538 | $ | 8,393 | $ | 6,034 | $ | 589 | $ | - | $ | - | $ | 22,377 | |||||||||||||||||
Provision for loan losses | 1,427 | (265) | 3,444 | -452 | 567 | 84 | 843 | 5,648 | |||||||||||||||||||||||||
Loans charged off | (1,567) | (592) | (3,288) | -1,707 | -471 | (84) | (1,851) | (9,560) | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 321 | 349 | 274 | 254 | 486 | - | 1,008 | 2,692 | |||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 2,004 | $ | 5,030 | $ | 8,823 | $ | 4,129 | $ | 1,171 | $ | - | $ | - | $ | 21,157 | |||||||||||||||||
Period-end amount allocated to: | |||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 375 | $ | 743 | $ | 1,861 | $ | 911 | $ | - | $ | - | $ | - | $ | 3,890 | |||||||||||||||||
Loans collectively evaluated for impairment | 1,629 | 4,287 | 6,962 | 3,218 | 1,171 | - | - | 17,267 | |||||||||||||||||||||||||
Ending balance | $ | 2,004 | $ | 5,030 | $ | 8,823 | $ | 4,129 | $ | 1,171 | $ | - | $ | - | $ | 21,157 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 490 | $ | 3,709 | $ | 14,546 | $ | 8,904 | $ | - | $ | - | $ | - | $ | 27,649 | |||||||||||||||||
Collectively evaluated for impairment | 319,164 | 157,798 | 892,978 | 447,202 | 45,090 | 579,172 | 122,248 | 2,563,652 | |||||||||||||||||||||||||
Acquired with deteriorated credit quality | - | - | - | - | - | 95,067 | 149,031 | 244,098 | |||||||||||||||||||||||||
Ending balance | $ | 319,654 | $ | 161,507 | $ | 907,524 | $ | 456,106 | $ | 45,090 | $ | 674,239 | $ | 271,279 | $ | 2,835,399 | |||||||||||||||||
Commercial, | Real estate – | Real estate – | Real estate - | Consumer | Purchased | Covered | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | non-covered | loans | |||||||||||||||||||||||||||
agricultural | development | farmland | loans and | loans | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2013: | |||||||||||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 2,439 | $ | 5,343 | $ | 9,157 | $ | 5,898 | $ | 756 | $ | - | $ | - | $ | 23,593 | |||||||||||||||||
Provision for loan losses | 711 | 1,742 | 2,777 | 4,463 | 254 | - | 1,539 | 11,486 | |||||||||||||||||||||||||
Loans charged off | (1,759) | (2,020) | (3,571) | -5,215 | -719 | - | (1,539) | (14,823) | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 432 | 473 | 30 | 888 | 298 | - | - | 2,121 | |||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 1,823 | $ | 5,538 | $ | 8,393 | $ | 6,034 | $ | 589 | $ | - | $ | - | $ | 22,377 | |||||||||||||||||
Period-end amount allocated to: | |||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 356 | $ | 407 | $ | 1,427 | $ | 1,395 | $ | - | $ | - | $ | - | $ | 3,585 | |||||||||||||||||
Loans collectively evaluated for impairment | 1,467 | 5,131 | 6,966 | 4,639 | 589 | - | - | 18,792 | |||||||||||||||||||||||||
Ending balance | $ | 1,823 | $ | 5,538 | $ | 8,393 | $ | 6,034 | $ | 589 | $ | - | $ | - | $ | 22,377 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,457 | $ | 3,581 | $ | 15,240 | $ | 16,925 | $ | - | $ | - | $ | - | $ | 39,203 | |||||||||||||||||
Collectively evaluated for impairment | 240,916 | 142,790 | 793,083 | 349,957 | 52,505 | 381,588 | 173,190 | 2,134,029 | |||||||||||||||||||||||||
Acquired with deteriorated credit quality | - | - | - | - | - | 67,165 | 217,047 | 284,212 | |||||||||||||||||||||||||
Ending balance | $ | 244,373 | $ | 146,371 | $ | 808,323 | $ | 366,882 | $ | 52,505 | $ | 448,753 | $ | 390,237 | $ | 2,457,444 | |||||||||||||||||
Commercial, | Real estate – | Real estate – | Real estate - | Consumer | Purchased | Covered | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial | residential | installment | non-covered | loans | |||||||||||||||||||||||||||
agricultural | development | & farmland | loans and | loans | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2012: | |||||||||||||||||||||||||||||||||
Balance, January 1, 2012 | $ | 2,918 | $ | 9,438 | $ | 14,226 | $ | 8,128 | $ | 446 | $ | - | $ | - | $ | 35,156 | |||||||||||||||||
Provision for loan losses | 815 | 5,245 | 15,000 | 6,267 | 1,124 | - | 2,638 | 31,089 | |||||||||||||||||||||||||
Loans charged off | (1,451) | (9,380) | (20,551) | (8,722) | (1,059) | - | (2,638) | (43,801) | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 157 | 40 | 482 | 225 | 245 | - | - | 1,149 | |||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 2,439 | $ | 5,343 | $ | 9,157 | $ | 5,898 | $ | 756 | $ | - | $ | - | $ | 23,593 | |||||||||||||||||
Period-end amount allocated to: | |||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 659 | $ | 611 | $ | 2,228 | $ | 1,056 | $ | - | $ | - | $ | - | $ | 4,554 | |||||||||||||||||
Loans collectively evaluated for impairment | 1,780 | 4,732 | 6,929 | 4,842 | 756 | - | - | 19,039 | |||||||||||||||||||||||||
Ending balance | $ | 2,439 | $ | 5,343 | $ | 9,157 | $ | 5,898 | $ | 756 | $ | - | $ | - | $ | 23,593 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,351 | $ | 7,617 | $ | 21,332 | $ | 13,020 | $ | - | $ | - | $ | - | $ | 45,320 | |||||||||||||||||
Collectively evaluated for impairment | 170,866 | 106,582 | 710,990 | 333,460 | 83,417 | - | 224,975 | 1,630,290 | |||||||||||||||||||||||||
Acquired with deteriorated credit quality | - | - | - | - | - | - | 282,737 | 282,737 | |||||||||||||||||||||||||
Ending balance | $ | 174,217 | $ | 114,199 | $ | 732,322 | $ | 346,480 | $ | 83,417 | $ | - | $ | 507,712 | $ | 1,958,347 | |||||||||||||||||
Purchased Non-Covered Loans [Member] | |||||||||||||||||||||||||||||||||
Summary of Carrying Value of Purchased Non-Covered Loans According to Loan Type | The carrying value of purchased non-covered loans are shown below according to loan type as of the end of the years shown: | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 38,041 | $ | 32,141 | |||||||||||||||||||||||||||||
Real estate – construction & development | 58,362 | 31,176 | |||||||||||||||||||||||||||||||
Real estate – commercial & farmland | 306,706 | 179,898 | |||||||||||||||||||||||||||||||
Real estate – residential | 266,342 | 200,851 | |||||||||||||||||||||||||||||||
Consumer installment loans | 4,788 | 4,687 | |||||||||||||||||||||||||||||||
$ | 674,239 | $ | 448,753 | ||||||||||||||||||||||||||||||
Summary of Financial Receivable Nonaccrual Basis | The following table presents an analysis of purchased non-covered loans accounted for on a nonaccrual basis: | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 175 | $ | 11 | |||||||||||||||||||||||||||||
Real estate – construction & development | 1,119 | 325 | |||||||||||||||||||||||||||||||
Real estate – commercial & farmland | 10,242 | 1,653 | |||||||||||||||||||||||||||||||
Real estate – residential | 6,644 | 4,658 | |||||||||||||||||||||||||||||||
Consumer installment loans | 69 | 12 | |||||||||||||||||||||||||||||||
$ | 18,249 | $ | 6,659 | ||||||||||||||||||||||||||||||
Summary of Past Due Financial Receivables | The following table presents an analysis of purchased non-covered past due loans as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
Loans | Loans | Loans 90 | Total | Current | Total | Loans 90 | |||||||||||||||||||||||||||
30-59 | 60-89 | or More | Loans | Loans | Loans | Days or | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Past Due | More Past | |||||||||||||||||||||||||||||
Due | Past Due | Due | Due and | ||||||||||||||||||||||||||||||
Still | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 30, 2014: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 461 | $ | 90 | $ | 175 | $ | 726 | $ | 37,315 | $ | 38,041 | $ | - | |||||||||||||||||||
Real estate – construction & development | 790 | 1,735 | 1,117 | 3,642 | 54,720 | 58,362 | - | ||||||||||||||||||||||||||
Real estate – commercial & farmland | 2,107 | 1,194 | 9,529 | 12,830 | 293,876 | 306,706 | - | ||||||||||||||||||||||||||
Real estate – residential | 6,907 | 1,401 | 6,369 | 14,677 | 251,665 | 266,342 | - | ||||||||||||||||||||||||||
Consumer installment loans | 82 | - | 65 | 147 | 4,641 | 4,788 | - | ||||||||||||||||||||||||||
Total | $ | 10,347 | $ | 4,420 | $ | 17,255 | $ | 32,022 | $ | 642,217 | $ | 674,239 | $ | - | |||||||||||||||||||
Loans | Loans | Loans 90 | Total | Current | Total | Loans 90 | |||||||||||||||||||||||||||
30-59 | 60-89 | or More | Loans | Loans | Loans | Days or | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Past Due | More Past | |||||||||||||||||||||||||||||
Due | Past Due | Due | Due and | ||||||||||||||||||||||||||||||
Still | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 30, 2013: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 370 | $ | 70 | $ | 11 | $ | 451 | $ | 31,690 | $ | 32,141 | $ | - | |||||||||||||||||||
Real estate – construction & development | 1,008 | 89 | 325 | 1,422 | 29,754 | 31,176 | - | ||||||||||||||||||||||||||
Real estate – commercial & farmland | 6,851 | 2,064 | 1,516 | 10,431 | 169,467 | 179,898 | - | ||||||||||||||||||||||||||
Real estate – residential | 4,667 | 1,074 | 3,428 | 9,169 | 191,682 | 200,851 | - | ||||||||||||||||||||||||||
Consumer installment loans | 7 | 17 | 9 | 33 | 4,654 | 4,687 | - | ||||||||||||||||||||||||||
Total | $ | 12,903 | $ | 3,314 | $ | 5,289 | $ | 21,506 | $ | 427,247 | $ | 448,753 | $ | - | |||||||||||||||||||
Summary of Impaired Financial Receivables | The following is a summary of information pertaining to purchased non-covered impaired loans: | ||||||||||||||||||||||||||||||||
As of and For the Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 18,249 | $ | 6,659 | $ | - | |||||||||||||||||||||||||||
Troubled debt restructurings not included above | 1,212 | 5,938 | - | ||||||||||||||||||||||||||||||
Total impaired loans | $ | 19,461 | $ | 12,597 | $ | - | |||||||||||||||||||||||||||
Interest income recognized on impaired loans | $ | 109 | $ | - | $ | - | |||||||||||||||||||||||||||
Foregone interest income on impaired loans | $ | 237 | $ | - | $ | - | |||||||||||||||||||||||||||
The following table presents an analysis of information pertaining to purchased non-covered impaired loans as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | Average | ||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||||||
Balance | Allowance | Allowance | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 499 | $ | 175 | $ | - | $ | 175 | $ | - | $ | 165 | |||||||||||||||||||||
Real estate – construction & development | 2,210 | 1,436 | - | 1,436 | - | 1,643 | |||||||||||||||||||||||||||
Real estate – commercial & farmland | 13,520 | 10,588 | - | 10,588 | - | 7,484 | |||||||||||||||||||||||||||
Real estate – residential | 10,487 | 7,191 | - | 7,191 | - | 7,084 | |||||||||||||||||||||||||||
Consumer installment loans | 169 | 71 | - | 71 | - | 68 | |||||||||||||||||||||||||||
Total | $ | 26,885 | $ | 19,461 | $ | - | $ | 19,461 | $ | - | $ | 16,444 | |||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | Average | ||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||||||
Balance | Allowance | Allowance | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 19 | $ | 11 | $ | - | $ | 11 | $ | - | $ | - | |||||||||||||||||||||
Real estate – construction & development | 5,719 | 3,690 | - | 3,690 | - | 71 | |||||||||||||||||||||||||||
Real estate – commercial & farmland | 4,563 | 2,881 | - | 2,881 | - | 55 | |||||||||||||||||||||||||||
Real estate – residential | 9,612 | 5,978 | - | 5,978 | - | 115 | |||||||||||||||||||||||||||
Consumer installment loans | 57 | 37 | - | 37 | - | 1 | |||||||||||||||||||||||||||
Total | $ | 19,970 | $ | 12,597 | $ | - | $ | 12,597 | $ | - | $ | 242 | |||||||||||||||||||||
Summary of Credit Quality Indicate Financial Receivable | The following table presents the covered loan portfolio by risk grade as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||||||
Risk Grade | Commercial, | Real estate - | Real estate - | Real estate - | Consumer | Other | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | |||||||||||||||||||||||||||||
agricultural | development | farmland | loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
10 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | ||||||||||||||||||||
15 | - | 1 | 761 | 525 | - | - | 1,287 | ||||||||||||||||||||||||||
20 | 917 | 3,184 | 23,167 | 14,089 | 77 | - | 41,434 | ||||||||||||||||||||||||||
23 | 164 | 537 | 11,404 | 6,642 | - | - | 18,747 | ||||||||||||||||||||||||||
25 | 5,181 | 9,406 | 80,334 | 33,124 | 37 | - | 128,082 | ||||||||||||||||||||||||||
30 | 4,808 | 2,753 | 5,302 | 8,050 | - | - | 20,913 | ||||||||||||||||||||||||||
40 | 10,397 | 7,566 | 26,659 | 16,090 | 104 | - | 60,816 | ||||||||||||||||||||||||||
50 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
60 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
Total | $ | 21,467 | $ | 23,447 | $ | 147,627 | $ | 78,520 | $ | 218 | $ | - | $ | 271,279 | |||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Risk Grade | Commercial, | Real estate - | Real estate - | Real estate - | Consumer | Other | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | |||||||||||||||||||||||||||||
agricultural | development | farmland | loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
10 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
15 | - | 16 | 1,048 | 638 | - | - | 1,702 | ||||||||||||||||||||||||||
20 | 2,184 | 8,549 | 34,674 | 21,363 | 193 | - | 66,963 | ||||||||||||||||||||||||||
23 | 134 | 1,085 | 17,037 | 4,748 | 51 | - | 23,055 | ||||||||||||||||||||||||||
25 | 7,508 | 9,611 | 101,657 | 38,427 | 235 | - | 157,438 | ||||||||||||||||||||||||||
30 | 5,125 | 2,006 | 21,297 | 6,979 | 17 | - | 35,424 | ||||||||||||||||||||||||||
40 | 11,599 | 21,912 | 48,738 | 23,018 | 388 | - | 105,655 | ||||||||||||||||||||||||||
50 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
60 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
Total | $ | 26,550 | $ | 43,179 | $ | 224,451 | $ | 95,173 | $ | 884 | $ | - | $ | 390,237 | |||||||||||||||||||
Summary of Troubled Debt Restructurings by Loan Class | The following table presents the amount of troubled debt restructurings by loan class of purchased non-covered loans, classified separately as accrual and non-accrual at December 31, 2014. | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||||||||||||
Loan class: | # | Balance | # | Balance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | - | $ | - | - | $ | - | |||||||||||||||||||||||||||
Real estate – construction & development | 1 | 317 | - | - | |||||||||||||||||||||||||||||
Real estate – commercial & farmland | 1 | 346 | - | - | |||||||||||||||||||||||||||||
Real estate – residential | 6 | 547 | 1 | 25 | |||||||||||||||||||||||||||||
Consumer installment | 1 | 2 | - | - | |||||||||||||||||||||||||||||
Total | 9 | $ | 1,212 | 1 | $ | 25 | |||||||||||||||||||||||||||
Excluding Purchased Non-Covered and Covered Loans [Member] | |||||||||||||||||||||||||||||||||
Summary of Financial Receivable Nonaccrual Basis | The following table presents an analysis of loans accounted for on a nonaccrual basis, excluding purchased non-covered and covered loans: | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 1,672 | $ | 4,103 | |||||||||||||||||||||||||||||
Real estate – construction & development | 3,774 | 3,971 | |||||||||||||||||||||||||||||||
Real estate – commercial & farmland | 8,141 | 8,566 | |||||||||||||||||||||||||||||||
Real estate – residential | 7,663 | 12,152 | |||||||||||||||||||||||||||||||
Consumer installment loans | 478 | 411 | |||||||||||||||||||||||||||||||
$ | 21,728 | $ | 29,203 | ||||||||||||||||||||||||||||||
Summary of Past Due Financial Receivables | The following table presents an analysis of loans, excluding purchased non-covered and covered past due loans as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
Loans | Loans | Loans 90 | Total | Current | Total | Loans 90 | |||||||||||||||||||||||||||
30-59 | 60-89 | or More | Loans | Loans | Loans | Days or | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Past Due | More Past | |||||||||||||||||||||||||||||
Due | Past Due | Due | Due and | ||||||||||||||||||||||||||||||
Still | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 900 | $ | 233 | $ | 1,577 | $ | 2,710 | $ | 316,944 | $ | 319,654 | $ | - | |||||||||||||||||||
Real estate – construction & development | 1,382 | 286 | 3,367 | 5,035 | 156,472 | 161,507 | - | ||||||||||||||||||||||||||
Real estate – commercial & farmland | 2,859 | 635 | 7,668 | 11,162 | 896,362 | 907,524 | - | ||||||||||||||||||||||||||
Real estate – residential | 3,953 | 2,334 | 6,755 | 13,042 | 443,064 | 456,106 | - | ||||||||||||||||||||||||||
Consumer installment loans | 634 | 158 | 366 | 1,158 | 29,624 | 30,782 | 1 | ||||||||||||||||||||||||||
Other | - | - | - | - | 14,308 | 14,308 | - | ||||||||||||||||||||||||||
Total | $ | 9,728 | $ | 3,646 | $ | 19,733 | $ | 33,107 | $ | 1,856,774 | $ | 1,889,881 | $ | 1 | |||||||||||||||||||
Loans | Loans | Loans 90 | Total | Current | Total | Loans 90 | |||||||||||||||||||||||||||
30-59 | 60-89 | or More | Loans | Loans | Loans | Days or | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Past Due | More Past | |||||||||||||||||||||||||||||
Due | Past Due | Due | Due and | ||||||||||||||||||||||||||||||
Still | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 10,893 | $ | 272 | $ | 4,081 | $ | 15,246 | $ | 229,127 | $ | 244,373 | $ | - | |||||||||||||||||||
Real estate – construction & development | 1,026 | 69 | 3,935 | 5,030 | 141,341 | 146,371 | - | ||||||||||||||||||||||||||
Real estate – commercial & farmland | 3,981 | 1,388 | 7,751 | 13,120 | 795,203 | 808,323 | - | ||||||||||||||||||||||||||
Real estate – residential | 5,422 | 1,735 | 11,587 | 18,744 | 333,142 | 351,886 | - | ||||||||||||||||||||||||||
Consumer installment loans | 568 | 197 | 305 | 1,070 | 33,179 | 34,249 | - | ||||||||||||||||||||||||||
Other | - | - | - | - | 33,252 | 33,252 | - | ||||||||||||||||||||||||||
Total | $ | 21,890 | $ | 3,661 | $ | 27,659 | $ | 53,210 | $ | 1,565,244 | $ | 1,618,454 | $ | - | |||||||||||||||||||
Summary of Impaired Financial Receivables | The following is a summary of information pertaining to impaired loans, excluding purchased non-covered and covered loans: | ||||||||||||||||||||||||||||||||
As of and For the Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 21,728 | $ | 29,203 | $ | 38,885 | |||||||||||||||||||||||||||
Troubled debt restructurings not included above | 12,759 | 17,214 | 18,744 | ||||||||||||||||||||||||||||||
Total impaired loans | $ | 34,487 | $ | 46,417 | $ | 57,629 | |||||||||||||||||||||||||||
Interest income recognized on impaired loans | $ | 1,170 | $ | 522 | $ | 495 | |||||||||||||||||||||||||||
Foregone interest income on impaired loans | $ | 155 | $ | 418 | $ | 718 | |||||||||||||||||||||||||||
The following table presents an analysis of information pertaining to impaired loans, excluding purchased non-covered and covered loans as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | Average | ||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||||||
Balance | Allowance | Allowance | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 3,387 | $ | 6 | $ | 1,956 | $ | 1,962 | $ | 395 | $ | 3,021 | |||||||||||||||||||||
Real estate – construction & development | 8,325 | 448 | 4,005 | 4,453 | 771 | 5,368 | |||||||||||||||||||||||||||
Real estate – commercial & farmland | 17,514 | 4,967 | 9,651 | 14,618 | 1,859 | 15,972 | |||||||||||||||||||||||||||
Real estate – residential | 15,571 | 3,514 | 9,407 | 12,921 | 974 | 16,317 | |||||||||||||||||||||||||||
Consumer installment loans | 618 | - | 533 | 533 | 9 | 519 | |||||||||||||||||||||||||||
Total | $ | 45,415 | $ | 8,935 | $ | 25,552 | $ | 34,487 | $ | 4,008 | $ | 41,197 | |||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | Average | ||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||||||
Balance | Allowance | Allowance | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 6,240 | $ | - | $ | 4,618 | $ | 4,618 | $ | 435 | $ | 4,844 | |||||||||||||||||||||
Real estate – construction & development | 11,363 | - | 5,867 | 5,867 | 512 | 8,341 | |||||||||||||||||||||||||||
Real estate – commercial & farmland | 18,456 | - | 15,479 | 15,479 | 1,443 | 17,559 | |||||||||||||||||||||||||||
Real estate – residential | 24,342 | - | 19,970 | 19,970 | 1,472 | 20,335 | |||||||||||||||||||||||||||
Consumer installment loans | 623 | - | 483 | 483 | 9 | 642 | |||||||||||||||||||||||||||
Total | $ | 61,024 | $ | - | $ | 46,417 | $ | 46,417 | $ | 3,871 | $ | 51,721 | |||||||||||||||||||||
Summary of Credit Quality Indicate Financial Receivable | The following table presents the loan portfolio, excluding purchased non-covered and covered loans, by risk grade as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||||||
Risk Grade | Commercial, | Real estate - | Real estate - | Real estate - | Consumer | Other | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | |||||||||||||||||||||||||||||
agricultural | development | farmland | loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
10 | $ | 121,355 | $ | 268 | $ | 155 | $ | 226 | $ | 6,573 | $ | - | $ | 128,577 | |||||||||||||||||||
15 | 25,318 | 4,010 | 128,170 | 59,301 | 1,005 | - | 217,804 | ||||||||||||||||||||||||||
20 | 100,599 | 47,541 | 511,198 | 256,758 | 17,544 | 14,308 | 947,948 | ||||||||||||||||||||||||||
23 | 56 | 8,933 | 10,507 | 9,672 | 37 | - | 29,205 | ||||||||||||||||||||||||||
25 | 62,519 | 93,514 | 224,464 | 102,998 | 4,692 | - | 488,187 | ||||||||||||||||||||||||||
30 | 3,758 | 1,474 | 13,035 | 7,459 | 257 | - | 25,983 | ||||||||||||||||||||||||||
40 | 6,049 | 5,767 | 19,995 | 19,692 | 673 | - | 52,176 | ||||||||||||||||||||||||||
50 | - | - | - | - | 1 | - | 1 | ||||||||||||||||||||||||||
60 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
Total | $ | 319,654 | $ | 161,507 | $ | 907,524 | $ | 456,106 | $ | 30,782 | $ | 14,308 | $ | 1,889,881 | |||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Risk Grade | Commercial, | Real estate - | Real estate - | Real estate - | Consumer | Other | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | |||||||||||||||||||||||||||||
agricultural | development | farmland | loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
10 | $ | 66,983 | $ | - | $ | 265 | $ | 419 | $ | 6,714 | $ | - | $ | 74,381 | |||||||||||||||||||
15 | 24,789 | 4,655 | 147,157 | 52,335 | 1,276 | - | 230,212 | ||||||||||||||||||||||||||
20 | 93,852 | 45,195 | 431,790 | 150,343 | 18,619 | 33,252 | 773,051 | ||||||||||||||||||||||||||
23 | 127 | 8,343 | 10,219 | 12,641 | 274 | - | 31,604 | ||||||||||||||||||||||||||
25 | 50,373 | 78,736 | 181,645 | 103,427 | 6,310 | - | 420,491 | ||||||||||||||||||||||||||
30 | 2,111 | 2,876 | 11,849 | 13,558 | 197 | - | 30,591 | ||||||||||||||||||||||||||
40 | 6,011 | 6,566 | 25,398 | 19,153 | 859 | - | 57,987 | ||||||||||||||||||||||||||
50 | 127 | - | - | 10 | - | - | 137 | ||||||||||||||||||||||||||
60 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
Total | $ | 244,373 | $ | 146,371 | $ | 808,323 | $ | 351,886 | $ | 34,249 | $ | 33,252 | $ | 1,618,454 | |||||||||||||||||||
Summary of Troubled Debt Restructurings by Loan Class | The following table presents the amount of troubled debt restructurings by loan class, excluding purchased non-covered and covered loans, classified separately as accrual and non-accrual at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||||||||||||
Loan class: | # | Balance | # | Balance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | 6 | $ | 290 | 2 | $ | 13 | |||||||||||||||||||||||||||
Real estate – construction & development | 9 | 679 | 5 | 228 | |||||||||||||||||||||||||||||
Real estate – commercial & farmland | 19 | 6,477 | 3 | 724 | |||||||||||||||||||||||||||||
Real estate – residential | 47 | 5,258 | 11 | 1,485 | |||||||||||||||||||||||||||||
Consumer installment | 11 | 55 | 11 | 73 | |||||||||||||||||||||||||||||
Total | 92 | $ | 12,759 | 32 | $ | 2,523 | |||||||||||||||||||||||||||
As of December 31, 2013 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||||||||||||
Loan class: | # | Balance | # | Balance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | 4 | $ | 515 | 3 | $ | 525 | |||||||||||||||||||||||||||
Real estate – construction & development | 8 | 1,896 | 2 | 32 | |||||||||||||||||||||||||||||
Real estate – commercial & farmland | 17 | 6,913 | 4 | 2,273 | |||||||||||||||||||||||||||||
Real estate – residential | 37 | 7,818 | 8 | 834 | |||||||||||||||||||||||||||||
Consumer installment | 6 | 72 | 3 | 19 | |||||||||||||||||||||||||||||
Total | 72 | $ | 17,214 | 20 | $ | 3,683 | |||||||||||||||||||||||||||
Summary of Troubled Debt Restructuring by Loan Class, Classified Separately under Restructured Terms | The following table presents the amount of troubled debt restructurings by loan class of covered loans, classified separately as accrual and non-accrual at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||||||||||||
Loan class: | # | Balance | # | Balance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | 2 | $ | 40 | 2 | $ | - | |||||||||||||||||||||||||||
Real estate – construction & development | 4 | 3,037 | 2 | 29 | |||||||||||||||||||||||||||||
Real estate – commercial & farmland | 14 | 8,079 | 5 | 1,082 | |||||||||||||||||||||||||||||
Real estate – residential | 96 | 11,460 | 8 | 831 | |||||||||||||||||||||||||||||
Consumer installment | 1 | 3 | - | - | |||||||||||||||||||||||||||||
Total | 117 | $ | 22,619 | 17 | $ | 1,942 | |||||||||||||||||||||||||||
As of December 31, 2013 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||||||||||||
Loan class: | # | Balance | # | Balance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | 1 | $ | 13 | 5 | $ | 71 | |||||||||||||||||||||||||||
Real estate – construction & development | 3 | 3,256 | 4 | 52 | |||||||||||||||||||||||||||||
Real estate – commercial & farmland | 13 | 7,255 | 5 | 3,946 | |||||||||||||||||||||||||||||
Real estate – residential | 83 | 11,719 | 8 | 942 | |||||||||||||||||||||||||||||
Consumer installment | - | - | 2 | 10 | |||||||||||||||||||||||||||||
Total | 100 | $ | 22,243 | 24 | $ | 5,021 | |||||||||||||||||||||||||||
Covered Loans [Member] | |||||||||||||||||||||||||||||||||
Summary of Financial Receivable Nonaccrual Basis | The following table presents an analysis of covered loans accounted for on a nonaccrual basis: | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 8,541 | $ | 7,257 | |||||||||||||||||||||||||||||
Real estate – construction & development | 7,601 | 14,781 | |||||||||||||||||||||||||||||||
Real estate – commercial & farmland | 12,584 | 33,495 | |||||||||||||||||||||||||||||||
Real estate – residential | 6,595 | 13,278 | |||||||||||||||||||||||||||||||
Consumer installment loans | 91 | 341 | |||||||||||||||||||||||||||||||
$ | 35,412 | $ | 69,152 | ||||||||||||||||||||||||||||||
Summary of Past Due Financial Receivables | The following table presents an analysis of covered past due loans as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Loans | Loans | Loans 90 | Total | Current | Total | Loans 90 | |||||||||||||||||||||||||||
30-59 | 60-89 | or More | Loans | Loans | Loans | Days or | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Past Due | More Past | |||||||||||||||||||||||||||||
Due | Past Due | Due | Due and | ||||||||||||||||||||||||||||||
Still | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 30, 2014: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 451 | $ | 136 | $ | 1,878 | $ | 2,465 | $ | 19,002 | $ | 21,467 | $ | - | |||||||||||||||||||
Real estate – construction & development | 238 | 226 | 6,703 | 7,167 | 16,280 | 23,447 | - | ||||||||||||||||||||||||||
Real estate – commercial & farmland | 4,371 | 1,486 | 7,711 | 13,568 | 134,059 | 147,627 | 714 | ||||||||||||||||||||||||||
Real estate – residential | 3,464 | 962 | 5,656 | 10,082 | 68,438 | 78,520 | - | ||||||||||||||||||||||||||
Consumer installment loans | 10 | - | 91 | 101 | 117 | 218 | - | ||||||||||||||||||||||||||
Total | $ | 8,534 | $ | 2,810 | $ | 22,039 | $ | 33,383 | $ | 237,896 | $ | 271,279 | $ | 714 | |||||||||||||||||||
Loans | Loans | Loans 90 | Total | Current | Total | Loans 90 | |||||||||||||||||||||||||||
30-59 | 60-89 | or More | Loans | Loans | Loans | Days or | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Past Due | More Past | |||||||||||||||||||||||||||||
Due | Past Due | Due | Due and | ||||||||||||||||||||||||||||||
Still | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 3,966 | $ | 12 | $ | 6,165 | $ | 10,143 | $ | 16,407 | $ | 26,550 | $ | - | |||||||||||||||||||
Real estate – construction & development | 843 | 144 | 14,055 | 15,042 | 28,137 | 43,179 | - | ||||||||||||||||||||||||||
Real estate – commercial & farmland | 8,482 | 4,350 | 26,428 | 39,260 | 185,191 | 224,451 | 346 | ||||||||||||||||||||||||||
Real estate – residential | 7,648 | 1,914 | 10,244 | 19,806 | 75,367 | 95,173 | - | ||||||||||||||||||||||||||
Consumer installment loans | 51 | 14 | 305 | 370 | 514 | 884 | - | ||||||||||||||||||||||||||
Total | $ | 20,990 | $ | 6,434 | $ | 57,197 | $ | 84,621 | $ | 305,616 | $ | 390,237 | $ | 346 | |||||||||||||||||||
Summary of Impaired Financial Receivables | The following is a summary of information pertaining to covered impaired loans: | ||||||||||||||||||||||||||||||||
As of and For the Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 35,412 | $ | 69,152 | $ | 115,712 | |||||||||||||||||||||||||||
Troubled debt restructurings not included above | 22,619 | 22,243 | 17,090 | ||||||||||||||||||||||||||||||
Total impaired loans | $ | 58,031 | $ | 91,395 | $ | 132,802 | |||||||||||||||||||||||||||
Interest income recognized on impaired loans | $ | 1,134 | $ | 968 | $ | 849 | |||||||||||||||||||||||||||
Foregone interest income on impaired loans | $ | 109 | $ | 330 | $ | 491 | |||||||||||||||||||||||||||
The following table presents an analysis of information pertaining to covered impaired loans as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | Average | ||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||||||
Balance | Allowance | Allowance | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 10,845 | $ | 8,582 | $ | - | $ | 8,582 | $ | - | $ | 9,777 | |||||||||||||||||||||
Real estate – construction & development | 11,621 | 10,638 | - | 10,638 | - | 14,132 | |||||||||||||||||||||||||||
Real estate – commercial & farmland | 23,349 | 20,663 | - | 20,663 | - | 28,594 | |||||||||||||||||||||||||||
Real estate – residential | 19,629 | 18,054 | - | 18,054 | - | 21,091 | |||||||||||||||||||||||||||
Consumer installment loans | 111 | 94 | - | 94 | - | 163 | |||||||||||||||||||||||||||
Total | $ | 65,555 | $ | 58,031 | $ | - | $ | 58,031 | $ | - | $ | 73,757 | |||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | Average | ||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||||||
Balance | Allowance | Allowance | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 9,680 | $ | 7,270 | $ | - | $ | 7,270 | $ | - | $ | 8,696 | |||||||||||||||||||||
Real estate – construction & development | 20,915 | 18,037 | - | 18,037 | - | 21,794 | |||||||||||||||||||||||||||
Real estate – commercial & farmland | 46,612 | 40,749 | - | 40,749 | - | 51,584 | |||||||||||||||||||||||||||
Real estate – residential | 29,089 | 24,998 | - | 24,998 | - | 28,452 | |||||||||||||||||||||||||||
Consumer installment loans | 394 | 341 | - | 341 | - | 304 | |||||||||||||||||||||||||||
Total | $ | 106,690 | $ | 91,395 | $ | - | $ | 91,395 | $ | - | $ | 110,830 | |||||||||||||||||||||
Summary of Credit Quality Indicate Financial Receivable | The following table presents the purchased non-covered loan portfolio by risk grade as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||||||
Risk Grade | Commercial, | Real estate - | Real estate - | Real estate - | Consumer | Other | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | |||||||||||||||||||||||||||||
agricultural | development | farmland | loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
10 | $ | 6,624 | $ | - | $ | - | $ | 290 | $ | 480 | $ | - | $ | 7,394 | |||||||||||||||||||
15 | 1,376 | 522 | 13,277 | 14,051 | 501 | - | 29,727 | ||||||||||||||||||||||||||
20 | 13,657 | 12,991 | 116,308 | 64,083 | 1,647 | - | 208,686 | ||||||||||||||||||||||||||
23 | 73 | - | 3,207 | 3,298 | - | - | 6,578 | ||||||||||||||||||||||||||
25 | 13,753 | 36,230 | 144,293 | 164,959 | 1,920 | - | 361,155 | ||||||||||||||||||||||||||
30 | 1,618 | 4,365 | 12,279 | 7,444 | 41 | - | 25,747 | ||||||||||||||||||||||||||
40 | 910 | 4,254 | 17,342 | 12,184 | 199 | - | 34,889 | ||||||||||||||||||||||||||
50 | 30 | - | - | 33 | - | - | 63 | ||||||||||||||||||||||||||
60 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
Total | $ | 38,041 | $ | 58,362 | $ | 306,706 | $ | 266,342 | $ | 4,788 | $ | - | $ | 674,239 | |||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Risk Grade | Commercial, | Real estate - | Real estate - | Real estate - | Consumer | Other | Total | ||||||||||||||||||||||||||
financial & | construction & | commercial & | residential | installment | |||||||||||||||||||||||||||||
agricultural | development | farmland | loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
10 | $ | 1,865 | $ | - | $ | - | $ | 289 | $ | 451 | $ | - | $ | 2,605 | |||||||||||||||||||
15 | 4,606 | 7 | 12,998 | 16,160 | 703 | - | 34,474 | ||||||||||||||||||||||||||
20 | 5,172 | 3,960 | 43,802 | 34,576 | 1,383 | - | 88,893 | ||||||||||||||||||||||||||
23 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
25 | 19,638 | 20,733 | 102,260 | 129,923 | 1,888 | - | 274,442 | ||||||||||||||||||||||||||
30 | 576 | 1,760 | 9,554 | 10,878 | 194 | - | 22,962 | ||||||||||||||||||||||||||
40 | 284 | 4,716 | 11,284 | 9,025 | 68 | - | 25,377 | ||||||||||||||||||||||||||
50 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
60 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
Total | $ | 32,141 | $ | 31,176 | $ | 179,898 | $ | 200,851 | $ | 4,687 | $ | - | $ | 448,753 | |||||||||||||||||||
Financing Receivable Troubled Debt Restructuring [Member] | |||||||||||||||||||||||||||||||||
Summary of Troubled Debt Restructurings by Loan Class | The following table presents the loans by class modified as troubled debt restructurings that occurred during the year ending December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Loan class: | # | Balance | # | Balance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | 6 | $ | 100 | 2 | $ | 255 | |||||||||||||||||||||||||||
Real estate – construction & development | 5 | 264 | 5 | 270 | |||||||||||||||||||||||||||||
Real estate – commercial & farmland | 5 | 1,082 | 4 | 1,084 | |||||||||||||||||||||||||||||
Real estate – residential | 20 | 1,309 | 18 | 1,548 | |||||||||||||||||||||||||||||
Consumer installment | 16 | 67 | 9 | 92 | |||||||||||||||||||||||||||||
Total | 52 | $ | 2,822 | 38 | $ | 3,249 | |||||||||||||||||||||||||||
Summary of Troubled Debt Restructuring by Loan Class, Defaulted under Restructured Terms | The following table presents the troubled debt restructurings by class that defaulted during the year ending December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Loan class: | # | Balance | # | Balance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial & agricultural | 1 | $ | 236 | 3 | $ | 525 | |||||||||||||||||||||||||||
Real estate – construction & development | 1 | 33 | 1 | 29 | |||||||||||||||||||||||||||||
Real estate – commercial & farmland | 2 | 570 | 3 | 2,197 | |||||||||||||||||||||||||||||
Real estate – residential | 6 | 314 | 3 | 639 | |||||||||||||||||||||||||||||
Consumer installment | 4 | 61 | - | - | |||||||||||||||||||||||||||||
Total | 14 | $ | 1,214 | 10 | $ | 3,390 |
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Banking and Thrift [Abstract] | |||||||||
Summary of Activity in Other Real Estate Owned | The following is a summary of the activity in other real estate owned during years ended December 31, 2014 and 2013: | ||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Balance, January 1 | $ | 33,351 | $ | 39,850 | |||||
Loans transferred to other real estate owned | 11,972 | 9,137 | |||||||
Net gains (losses) on sale and write-downs | (4,585) | (5,883) | |||||||
Sales proceeds | (7,578) | (9,753) | |||||||
Ending balance | $ | 33,160 | $ | 33,351 | |||||
Summary of Activity in Purchased Non-Covered Other Real Estate Owned | The following is a summary of the activity in purchased, non-covered other real estate owned during years ended December 31, 2014 and 2013: | ||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Balance, January 1 | $ | 4,276 | $ | - | |||||
Loans transferred to other real estate owned | 4,160 | - | |||||||
Acquired in acquisitions | 8,864 | 5,623 | |||||||
Transfer from covered other real estate owned due to loss share expiration | 1,226 | - | |||||||
Net gains (losses) on sale and write-downs | 828 | - | |||||||
Sales proceeds | (3,769) | (1,347) | |||||||
Ending balance | $ | 15,585 | $ | 4,276 | |||||
Summary of Activity in Covered Other Real Estate Owned | The following is a summary of the activity in covered other real estate owned during years ended December 31, 2014 and 2013: | ||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Balance, January 1 | $ | 45,893 | $ | 88,273 | |||||
Loans transferred to other real estate owned | 13,650 | 31,833 | |||||||
Transfer to purchased, non-covered other real estate owned due to loss share expiration | (1,226) | - | |||||||
Net gains (losses) on sale and write-downs | (5,965) | (16,395) | |||||||
Sales proceeds | (32,445) | (57,818) | |||||||
Ending balance | $ | 19,907 | $ | 45,893 |
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Summary of Premises and Equipment | Premises and equipment are summarized as follows: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in Thousands) | |||||||||
Land | $ | 31,709 | $ | 36,481 | |||||
Buildings | 79,692 | 69,461 | |||||||
Furniture and equipment | 41,472 | 32,705 | |||||||
Construction in progress | 971 | 2,415 | |||||||
153,844 | 141,062 | ||||||||
Accumulated depreciation | (56,593 | ) | (37,874 | ) | |||||
$ | 97,251 | $ | 103,188 | ||||||
Summary of Future Minimum Lease Commitments | Future minimum lease commitments under the Company’s operating leases, excluding any renewal options, are summarized as follows: | ||||||||
2015 | $ | 1,629,855 | |||||||
2016 | 1,464,571 | ||||||||
2017 | 1,211,124 | ||||||||
2018 | 903,479 | ||||||||
2019 | 666,924 | ||||||||
Thereafter | 485,021 | ||||||||
$ | 6,360,974 | ||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Summary of Information Related to Acquired Intangible Assets | Following is a summary of information related to acquired intangible assets: | ||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Amortized intangible assets - core deposit premiums | $ | 26,749 | $ | 18,528 | $ | 22,207 | $ | 16,198 | |||||||||
Estimated Amortization Expense | The estimated amortization expense for each of the next five years is as follows (in thousands): | ||||||||||||||||
2015 | $ | 2,325 | |||||||||||||||
2016 | 1,333 | ||||||||||||||||
2017 | 1,275 | ||||||||||||||||
2018 | 1,275 | ||||||||||||||||
2019 | 1,275 | ||||||||||||||||
Thereafter | 738 | ||||||||||||||||
$ | 8,221 |
Loan_Servicing_Rights_Tables
Loan Servicing Rights (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Transfers and Servicing [Abstract] | |||||||||
Summary of Activity for Loan Servicing Rights | The following is a summary of the activity for loan servicing rights during years ended December 31, 2014 and 2013: | ||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Balance, January 1 | $ | 378 | $ | - | |||||
Additions | 589 | 274 | |||||||
Disposals | - | - | |||||||
Acquired in acquisitions | - | 113 | |||||||
Amortized to expense | (115) | (9) | |||||||
Ending balance | $ | 852 | $ | 378 |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Banking and Thrift [Abstract] | |||||
Scheduled Maturities of Time Deposits | The scheduled maturities of time deposits at December 31, 2014 are as follows: | ||||
(Dollars in | |||||
Thousands) | |||||
2015 | $ | 641,103 | |||
2016 | 83,720 | ||||
2017 | 35,239 | ||||
2018 | 12,609 | ||||
2019 | 7,539 | ||||
2020 | 79 | ||||
$ | 780,289 | ||||
Securities_Sold_Under_Repurcha1
Securities Sold Under Repurchase Agreements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Banking and Thrift [Abstract] | |||||||||||||
Summary of Securities Sold Under Repurchase Agreements | The following is a summary of securities sold under repurchase agreements for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
As of and For the Years Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Average daily balance during the year | $ | 47,136 | $ | 26,908 | $ | 26,563 | |||||||
Average interest rate during the year | 0.35% | 0.54% | 0.58% | ||||||||||
Maximum month-end balance during the year | $ | 73,310 | $ | 83,516 | $ | 50,120 | |||||||
Weighted average interest rate at year-end | 0.31% | 0.57% | 0.44% |
Other_Borrowings_Tables
Other Borrowings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Other Borrowings | Other borrowings consist of the following: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in Thousands) | |||||||||
Daily Rate Credit from Federal Home Loan Bank with a fixed interest rate of 0.36%. | $ | 35,000 | $ | - | |||||
Advance from Federal Home Loan Bank with a fixed interest rate of 0.17%, due January 24, 2014. | - | 165,000 | |||||||
Advances under revolving credit agreement with a regional bank with interest at 90-day LIBOR plus 3.50% (3.73% at December 31, 2014) due in August 2016, secured by subsidiary bank stock. | 24,000 | - | |||||||
Advances under revolving credit agreement with a regional bank with interest at 90-day LIBOR plus 4.00% (4.24% at December 31, 2013) due in August 2016, secured by subsidiary bank stock. | - | 10,000 | |||||||
Advance from correspondent bank with a fixed interest rate of 4.50%, due November 27, 2017, secured by subsidiary bank loan receivable. | 4,881 | - | |||||||
Subordinated debt issued by Prosperity Bank due June 2016 with an interest rate of 90-day LIBOR plus 1.60% (1.84% at December 31, 2013). | - | 5,000 | |||||||
Subordinated debt issued by The Prosperity Banking Company due September 2016 with an interest rate of 90-day LIBOR plus 1.75% (1.99% at December 31, 2014). | 15,000 | 14,572 | |||||||
$ | 78,881 | $ | 194,572 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income Tax Expense in Consolidated Statements of Income | The income tax expense in the consolidated statements of income consists of the following: | ||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Current – federal | $ | 10,499 | $ | 5,237 | $ | 4,732 | |||||||
Current - state | 467 | 505 | 28 | ||||||||||
Deferred - federal | 6,516 | 3,543 | 2,525 | ||||||||||
$ | 17,482 | $ | 9,285 | $ | 7,285 | ||||||||
Schedule of Reconciliation of Differences in Company's Income Tax Expense | The Company’s income tax expense differs from the amounts computed by applying the federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows: | ||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Tax at federal income tax rate | $ | 19,672 | $ | 10,256 | $ | 7,602 | |||||||
Change resulting from: | |||||||||||||
Tax-exempt interest | -1,647 | -841 | -675 | ||||||||||
Increase in cash value of bank owned life insurance | -568 | -446 | -34 | ||||||||||
Other | 25 | 316 | 392 | ||||||||||
Provision for income taxes | $ | 17,482 | $ | 9,285 | $ | 7,285 | |||||||
Components of Deferred Income Taxes | The components of deferred income taxes are as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in Thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 7,405 | $ | 7,832 | |||||||||
Deferred compensation | 787 | 550 | |||||||||||
Deferred gain on interest rate swap | 477 | 573 | |||||||||||
Unrealized loss on interest rate swap | 460 | 130 | |||||||||||
Unrealized loss on securities available for sale | - | 911 | |||||||||||
Nonaccrual interest | 153 | 323 | |||||||||||
Purchase accounting adjustments | 12,380 | 20,334 | |||||||||||
Other real estate owned | 7,706 | 1,855 | |||||||||||
Net operating loss tax carryforward | 12,146 | 6,074 | |||||||||||
Capitalized costs, accrued expenses and other | 871 | 1,976 | |||||||||||
42,385 | 40,558 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | 4,821 | 4,355 | |||||||||||
Intangible assets | 802 | - | |||||||||||
Purchase accounting adjustments | 7,159 | 7,534 | |||||||||||
Deferred gain on FDIC-assisted transactions | 8,809 | 12,218 | |||||||||||
Unrealized gain on securities available for sale | 3,010 | - | |||||||||||
24,601 | 24,107 | ||||||||||||
Net deferred tax asset | $ | 17,784 | $ | 16,451 | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||
Summary of Activity of Non-Performance Based and Performance Based Options | A summary of the activity of non-performance based and performance based options as of December 31, 2014 is presented below: | ||||||||||||||||||||||||||||||||
Non-Performance Based | Performance Based | ||||||||||||||||||||||||||||||||
Shares | Weighted- | Weighted | Aggregate | Shares | Weighted- | Weighted | Aggregate | ||||||||||||||||||||||||||
Average | Average | Intrinsic | Average | Average | Intrinsic | ||||||||||||||||||||||||||||
Exercise | Contractual | Value | Exercise | Contractual | Value | ||||||||||||||||||||||||||||
Price | Term | $0 | Price | Term | $0 | ||||||||||||||||||||||||||||
Under option, beginning of year | 115,459 | $ | 17.24 | 371,000 | $ | 16.76 | |||||||||||||||||||||||||||
Granted | - | - | - | - | |||||||||||||||||||||||||||||
Exercised | (25,395 | ) | 14.81 | $ | 148 | (6,477 | ) | 11.05 | $ | 72 | |||||||||||||||||||||||
Forfeited | (1,953 | ) | 14.88 | (5,192 | ) | 25.51 | |||||||||||||||||||||||||||
Under option, end of year | 88,111 | $ | 18 | 2.71 | $ | 884 | 359,331 | $ | 16.74 | 2.11 | $ | 2,955 | |||||||||||||||||||||
Exercisable at end of year | 88,111 | $ | 18 | 2.71 | $ | 884 | 341,030 | $ | 17.23 | 2 | $ | 2,629 | |||||||||||||||||||||
A summary of the activity of non-performance based and performance based options as of December 31, 2013 is presented below: | |||||||||||||||||||||||||||||||||
Non-Performance Based | Performance Based | ||||||||||||||||||||||||||||||||
Shares | Weighted- | Weighted | Aggregate | Shares | Weighted- | Weighted | Aggregate | ||||||||||||||||||||||||||
Average | Average | Intrinsic | Average | Average | Intrinsic | ||||||||||||||||||||||||||||
Exercise | Contractual | Value | Exercise | Contractual | Value | ||||||||||||||||||||||||||||
Price | Term | $0 | Price | Term | $0 | ||||||||||||||||||||||||||||
Under option, beginning of year | 148,498 | $ | 16.37 | 391,321 | $ | 16.43 | |||||||||||||||||||||||||||
Granted | - | - | - | - | |||||||||||||||||||||||||||||
Exercised | (27,657 | ) | 13.29 | $ | 107 | (4,524 | ) | 7.47 | $ | 42 | |||||||||||||||||||||||
Forfeited | (5,382 | ) | 13.43 | (15,797 | ) | 13.22 | |||||||||||||||||||||||||||
Under option, end of year | 115,459 | $ | 17.24 | 3.04 | $ | 641 | 371,000 | $ | 16.76 | 3.12 | $ | 1,401 | |||||||||||||||||||||
Exercisable at end of year | 115,459 | $ | 17.24 | 3.04 | $ | 641 | 351,856 | $ | 17.27 | 3.01 | $ | 1,145 | |||||||||||||||||||||
A summary of the activity of non-performance based and performance based options as of December 31, 2012 is presented below: | |||||||||||||||||||||||||||||||||
Non-Performance Based | Performance Based | ||||||||||||||||||||||||||||||||
Shares | Weighted- | Weighted | Aggregate | Shares | Weighted- | Weighted | Aggregate | ||||||||||||||||||||||||||
Average | Average | Intrinsic | Average | Average | Intrinsic | ||||||||||||||||||||||||||||
Exercise | Contractual | Value | Exercise | Contractual | Value | ||||||||||||||||||||||||||||
Price | Term | $0 | Price | Term | $0 | ||||||||||||||||||||||||||||
Under option, beginning of year | 187,032 | $ | 15.32 | 393,891 | $ | 16.45 | |||||||||||||||||||||||||||
Granted | - | - | - | - | |||||||||||||||||||||||||||||
Exercised | - | - | $ | - | - | - | $ | - | |||||||||||||||||||||||||
Forfeited | (38,534 | ) | 11.28 | (2,570 | ) | 19.67 | |||||||||||||||||||||||||||
Under option, end of year | 148,498 | $ | 16.37 | 3.34 | $ | 1 | 391,321 | $ | 16.43 | 4.16 | $ | 774 | |||||||||||||||||||||
Exercisable at end of year | 148,498 | $ | 16.37 | 3.34 | $ | 1 | 369,766 | $ | 17.05 | 4.05 | $ | 435 | |||||||||||||||||||||
Summary of the Status of the Company's Restricted Stock Awards | A summary of the status of the Company’s restricted stock awards as of and for the years ended December 31, 2014, 2013 and 2012 is presented below: | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||||||
Grant-Date | Grant-Date | Grant-Date | |||||||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||||||||||
Nonvested shares at beginning of year | 377,725 | $ | 11.78 | 295,075 | $ | 10.47 | 301,775 | $ | 9.14 | ||||||||||||||||||||||||
Granted | 82,047 | 20.99 | 108,400 | 14.77 | 62,450 | 13.15 | |||||||||||||||||||||||||||
Vested | (126,050 | ) | 13.12 | (21,750 | ) | 9.31 | (68,650 | ) | 7.06 | ||||||||||||||||||||||||
Forfeited | (10,571 | ) | 15.61 | (4,000 | ) | 9.88 | (500 | ) | 9.96 | ||||||||||||||||||||||||
Nonvested shares at end of year | 323,151 | 13.46 | 377,725 | 11.78 | 295,075 | 10.47 | |||||||||||||||||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Schedule of Net Gains (losses) Relating to Free-Standing Derivative Instruments | The net gains (losses) relating to free-standing derivative instruments used for risk management are summarized below as of December 31, 2014, 2013 and 2012: | ||||||||||||||||
Location | December 31, | December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Forward contracts related to mortgage loans held for sale | Mortgage banking activity | $ | (249 | ) | $ | 98 | $ | (37 | ) | ||||||||
Interest rate lock commitments | Mortgage banking activity | $ | 1,757 | $ | 1,082 | $ | 1,162 | ||||||||||
Summary of Derivative Financial Instruments | The following table reflects the amount and market value of mortgage banking derivatives included in the Consolidated Balance Sheets as of December 31, 2014 and 2013: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Fair Value | Notional | Fair Value | |||||||||||||||
Amount | |||||||||||||||||
Notional | |||||||||||||||||
Amount | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Included in other assets: | |||||||||||||||||
Forward contracts related to mortgage loans held for sale | $ | - | $ | - | $ | 31,250 | $ | 98 | |||||||||
Interest rate lock commitments | 38,868 | 1,757 | 35,035 | 1,082 | |||||||||||||
Total included in other assets | $ | 38,868 | $ | 1,757 | $ | 66,285 | $ | 1,180 | |||||||||
Included in other liabilities: | |||||||||||||||||
Forward contracts related to mortgage loans held for sale | $ | 46,500 | $ | 249 | $ | - | $ | - | |||||||||
Interest rate lock commitments | - | - | - | - | |||||||||||||
Total included in other liabilities | $ | 46,500 | $ | 249 | $ | - | $ | - | |||||||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Summary of Company's Commitments | A summary of the Company’s commitments is as follows: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in Thousands) | |||||||||
Commitments to extend credit | $ | 293,517 | $ | 215,995 | |||||
Unused lines of credit | 49,567 | 41,200 | |||||||
Financial standby letters of credit | 9,683 | 7,665 | |||||||
Mortgage interest rate lock commitments | 38,868 | 35,035 |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Company's and Bank's Actual Capital Amounts and Ratios | The Company’s and Bank’s actual capital amounts and ratios are presented in the following table. | ||||||||||||||||||||||||
Actual | For Capital | To Be Well Capitalized | |||||||||||||||||||||||
Adequacy | Under Prompt Corrective | ||||||||||||||||||||||||
Purposes | Action Provisions | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total Capital to Risk Weighted Assets | |||||||||||||||||||||||||
Consolidated | $ | 373,310 | 13.42 | % | $ | 222,557 | 8 | % | —N/A— | ||||||||||||||||
Ameris Bank | $ | 414,356 | 14.9 | % | $ | 222,528 | 8 | % | $ | 278,160 | 10 | % | |||||||||||||
Tier I Capital to Risk Weighted Assets: | |||||||||||||||||||||||||
Consolidated | $ | 352,153 | 12.66 | % | $ | 111,279 | 4 | % | —N/A— | ||||||||||||||||
Ameris Bank | $ | 393,199 | 14.14 | % | $ | 111,264 | 4 | % | $ | 166,896 | 6 | % | |||||||||||||
Tier I Capital to Average Assets: | |||||||||||||||||||||||||
Consolidated | $ | 352,153 | 8.94 | % | $ | 157,574 | 4 | % | —N/A— | ||||||||||||||||
Ameris Bank | $ | 393,199 | 10.01 | % | $ | 157,165 | 4 | % | $ | 196,456 | 5 | % | |||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital to Risk Weighted Assets | |||||||||||||||||||||||||
Consolidated | $ | 353,777 | 15.32 | % | $ | 184,784 | 8 | % | —N/A— | ||||||||||||||||
Ameris Bank | $ | 369,387 | 16.03 | % | $ | 184,349 | 8 | % | $ | 230,437 | 10 | % | |||||||||||||
Tier I Capital to Risk Weighted Assets: | |||||||||||||||||||||||||
Consolidated | $ | 331,400 | 14.35 | % | $ | 92,392 | 4 | % | —N/A— | ||||||||||||||||
Ameris Bank | $ | 347,010 | 15.06 | % | $ | 92,175 | 4 | % | $ | 138,262 | 6 | % | |||||||||||||
Tier I Capital to Average Assets: | |||||||||||||||||||||||||
Consolidated | $ | 331,400 | 11.33 | % | $ | 117,025 | 4 | % | —N/A— | ||||||||||||||||
Ameris Bank | $ | 347,010 | 11.93 | % | $ | 116,372 | 4 | % | $ | 145,465 | 5 | % |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Difference Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measured at Fair Value | The following table summarizes the difference between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2014 and 2013: | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Aggregate Fair Value of Mortgage Loans held for sale | $ | 94,759 | $ | 67,278 | |||||||||||||||||
Aggregate Unpaid Principal Balance | $ | 90,418 | $ | 65,522 | |||||||||||||||||
Past due loans of 90 days or more | $ | - | $ | - | |||||||||||||||||
Nonaccrual loans | $ | - | $ | - | |||||||||||||||||
Fair Value Measurements of Assets and Liabilities Measured on Recurring Basis | The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2014 and 2013: | ||||||||||||||||||||
Fair Value Measurements on a Recurring Basis | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
U.S. government sponsored agencies | $ | 14,678 | $ | - | $ | 14,678 | $ | - | |||||||||||||
State, county and municipal securities | 141,375 | - | 141,375 | - | |||||||||||||||||
Corporate debt securities | 11,040 | - | 8,540 | 2,500 | |||||||||||||||||
Mortgage-backed securities | 374,712 | 8,248 | 366,464 | - | |||||||||||||||||
Mortgage loans held for sale | 94,759 | - | 94,759 | - | |||||||||||||||||
Mortgage banking derivative instruments | 1,757 | - | 1,757 | - | |||||||||||||||||
Total recurring assets at fair value | $ | 638,321 | $ | 8,248 | $ | 627,573 | $ | 2,500 | |||||||||||||
Derivative financial instruments | $ | 1,315 | $ | - | $ | 1,315 | $ | - | |||||||||||||
Mortgage banking derivative instruments | 249 | - | 249 | - | |||||||||||||||||
Total recurring liabilities at fair value | $ | 1,564 | $ | - | $ | 1,564 | $ | - | |||||||||||||
Fair Value Measurements on a Recurring Basis | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
U.S. government sponsored agencies | $ | 13,926 | $ | - | $ | 13,926 | $ | - | |||||||||||||
State, county and municipal securities | 112,754 | - | 112,754 | - | |||||||||||||||||
Collateralized debt obligations | 1,480 | 1,480 | - | - | |||||||||||||||||
Corporate debt securities | 10,325 | - | 8,325 | 2,000 | |||||||||||||||||
Mortgage-backed securities | 347,750 | 182,461 | 165,289 | - | |||||||||||||||||
Mortgage loans held for sale | 67,278 | - | 67,278 | - | |||||||||||||||||
Mortgage banking derivative instruments | 1,180 | - | 1,180 | - | |||||||||||||||||
Total recurring assets at fair value | $ | 554,693 | $ | 183,941 | $ | 368,752 | $ | 2,000 | |||||||||||||
Derivative financial instruments | $ | 370 | $ | - | $ | 370 | $ | - | |||||||||||||
Total recurring liabilities at fair value | $ | 370 | $ | - | $ | 370 | $ | - | |||||||||||||
Summary of Fair Value Measurements of Assets Measured at Fair Value on Non-Recurring Basis | The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of December 31, 2014 and 2013: | ||||||||||||||||||||
Fair Value Measurements on a Nonrecurring Basis | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Impaired loans carried at fair value | $ | 30,479 | $ | - | $ | - | $ | 30,479 | |||||||||||||
Purchased, non-covered other real estate owned | 15,585 | - | - | 15,585 | |||||||||||||||||
Covered other real estate owned | 19,907 | - | - | 19,907 | |||||||||||||||||
Total nonrecurring assets at fair value | $ | 65,971 | $ | - | $ | - | $ | 65,971 | |||||||||||||
Fair Value Measurements on a Nonrecurring Basis | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Impaired loans carried at fair value | $ | 42,546 | $ | - | $ | - | $ | 42,546 | |||||||||||||
Purchased, non-covered other real estate owned | 4,276 | - | - | 4,276 | |||||||||||||||||
Covered other real estate owned | 45,893 | - | - | 45,893 | |||||||||||||||||
Total nonrecurring assets at fair value | $ | 92,715 | $ | - | $ | - | $ | 92,715 | |||||||||||||
Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets and Liabilities | The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets and liabilities. | ||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Inputs | Range of | Weighted | |||||||||||||||||
Discounts | Average | ||||||||||||||||||||
Discount | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Nonrecurring: | |||||||||||||||||||||
Impaired loans | $ | 30,479 | Third party appraisals and discounted cash flows | Collateral discounts and discount rates | 0% - 50% | 20% | |||||||||||||||
Purchased non-covered real estate owned | $ | 15,585 | Third party appraisals | Collateral discounts and estimated costs to sell | 10% -96% | 33% | |||||||||||||||
Covered real estate owned | $ | 19,907 | Third party appraisals | Collateral discounts and estimated costs to sell | 10% - 90% | 15% | |||||||||||||||
Recurring: | |||||||||||||||||||||
Investment securities available for sale | $ | 2,500 | Discounted par values | Credit quality of underlying issuer | 0% | 0% | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Nonrecurring: | |||||||||||||||||||||
Impaired loans | $ | 42,546 | Third party appraisals and discounted cash flows | Collateral discounts and discount rates | 4% - 75% | 23% | |||||||||||||||
Purchased non-covered real estate owned | $ | 4,276 | Third party appraisals | Collateral discounts and estimated costs to sell | 15% - 63% | 29% | |||||||||||||||
Covered real estate owned | $ | 45,893 | Third party appraisals | Collateral discounts and estimated costs to sell | 10% - 86% | 17% | |||||||||||||||
Recurring: | |||||||||||||||||||||
Investment securities available for sale | $ | 2,000 | Discounted par values | Credit quality of underlying issuer | 0% | 0% | |||||||||||||||
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows: | ||||||||||||||||||||
Fair Value Measurements at December 31, 2014 Using: | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and due from banks | $ | 78,026 | $ | 78,026 | $ | - | $ | - | $ | 78,026 | |||||||||||
Federal funds sold and interest-bearing accounts | 92,323 | 92,323 | - | 92,323 | |||||||||||||||||
Loans, net | 2,783,763 | - | - | 2,785,627 | 2,785,627 | ||||||||||||||||
FDIC loss-share receivable | 31,351 | - | - | 18,764 | 18,764 | ||||||||||||||||
Accrued interest receivable | 17,023 | 17,023 | - | - | 17,023 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 3,431,149 | - | 3,432,059 | - | 3,432,059 | ||||||||||||||||
Securities sold under agreements to repurchase | 73,310 | 73,310 | - | - | 73,310 | ||||||||||||||||
Other borrowings | 78,881 | - | 78,881 | - | 78,881 | ||||||||||||||||
Accrued interest payable | 1,382 | 1,382 | - | - | 1,382 | ||||||||||||||||
Subordinated deferrable interest debentures | 65,325 | - | 46,564 | - | 46,564 | ||||||||||||||||
Fair Value Measurements at December 31, 2013 Using: | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and due from banks | $ | 62,955 | $ | 62,955 | $ | - | $ | - | $ | 62,995 | |||||||||||
Federal funds sold and interest-bearing accounts | 204,984 | 204,984 | - | - | 204,984 | ||||||||||||||||
Loans, net | 2,392,521 | - | - | 2,404,909 | 2,404,909 | ||||||||||||||||
FDIC loss-share receivable | 65,441 | - | - | 61,317 | 61,317 | ||||||||||||||||
Accrued interest receivable | 15,071 | 15,071 | - | - | 15,071 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 2,999,231 | - | 3,000,061 | - | 3,000,061 | ||||||||||||||||
Securities sold under agreements to repurchase | 83,516 | 83,516 | - | - | 83,516 | ||||||||||||||||
Other borrowings | 194,572 | - | 194,572 | - | 194,572 | ||||||||||||||||
Accrued interest payable | 1,431 | 1,431 | - | - | 1,431 | ||||||||||||||||
Subordinated deferrable interest debentures | 55,466 | - | 36,277 | - | 36,277 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Summary of Accumulated Other Comprehensive Income | The following tables present a summary of the accumulated other comprehensive income balances, net of tax, as of December 31, 2014 and 2013. | |||||||||||||||
(Dollars in Thousands) | Unrealized Gain (Loss) | Unrealized Gain (Loss) | Accumulated Other | |||||||||||||
on Derivatives | on Securities | Comprehensive Income | ||||||||||||||
(Loss) | ||||||||||||||||
Balance, January 1, 2014 | $ | 1,397 | $ | (1,691) | $ | (294) | ||||||||||
Reclassification for gains included in net income | - | (90) | (90) | |||||||||||||
Current year changes | (889) | 7,371 | 6,482 | |||||||||||||
Balance, December 31, 2014 | $ | 508 | $ | 5,590 | $ | 6,098 | ||||||||||
(Dollars in Thousands) | Unrealized Gain (Loss) | Unrealized Gain (Loss) | Accumulated Other | |||||||||||||
on Derivatives | on Securities | Comprehensive Income | ||||||||||||||
(Loss) | ||||||||||||||||
Balance, January 1, 2013 | $ | (23) | $ | 6,630 | $ | 6,607 | ||||||||||
Reclassification for gains included in net income | - | (111) | (111) | |||||||||||||
Current year changes | 1,420 | (8,210) | (6,790) | |||||||||||||
Balance, December 31, 2013 | $ | 1,397 | $ | (1,691) | $ | (294) | ||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Financial Information with Respect to Company's Reportable Business Segments | The following table presents selected financial information with respect to the Company’s reportable business segments for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||
Year Ended | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Retail Banking | Mortgage Banking | SBA | Total | ||||||||||||||
Division | Division | Division | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Net interest income | $ 140,460 | $ 7,360 | $ 2,066 | $ 149,886 | |||||||||||||
Provision for loan losses | 4,822 | 826 | - | 5,648 | |||||||||||||
Noninterest income | 32,337 | 25,614 | 4,885 | 62,836 | |||||||||||||
Noninterest expense: | |||||||||||||||||
Salaries and employee benefits | 55,101 | 16,173 | 2,604 | 73,878 | |||||||||||||
Equipment and occupancy expenses | 16,097 | 1,343 | 81 | 17,521 | |||||||||||||
Data processing and telecommunications expenses | 14,436 | 1,097 | 18 | 15,551 | |||||||||||||
Other expenses | 39,175 | 3,995 | 749 | 43,919 | |||||||||||||
Total noninterest expense | 124,809 | 22,608 | 3,452 | 150,869 | |||||||||||||
Income before income tax expense | 43,166 | 9,540 | 3,499 | 56,205 | |||||||||||||
Income tax expense | 12,918 | 3,339 | 1,225 | 17,482 | |||||||||||||
Net income | 30,248 | 6,201 | 2,274 | 38,723 | |||||||||||||
Less preferred stock dividends | 286 | - | - | 286 | |||||||||||||
Net income available to common shareholders | $ 29,962 | $ 6,201 | $ 2,274 | $ 38,437 | |||||||||||||
Total assets | $3,751,503 | $223,090 | $62,484 | $4,037,077 | |||||||||||||
Stockholders’ equity | $ 353,532 | $ 8,306 | $ 4,190 | $ 366,028 | |||||||||||||
Year Ended | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Retail Banking | Mortgage Banking | SBA | Total | ||||||||||||||
Division | Division | Division | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Net interest income | $ 110,582 | $ 3,883 | $ 1,720 | $ 116,185 | |||||||||||||
Provision for loan losses | 11,486 | - | - | 11,486 | |||||||||||||
Noninterest income | 25,282 | 19,130 | 2,137 | 46,549 | |||||||||||||
Noninterest expense: | |||||||||||||||||
Salaries and employee benefits | 43,524 | 12,515 | 631 | 56,670 | |||||||||||||
Equipment and occupancy expenses | 11,599 | 631 | 56 | 12,286 | |||||||||||||
Data processing and telecommunications expenses | 10,957 | 573 | 9 | 11,539 | |||||||||||||
Other expenses | 36,850 | 4,386 | 214 | 41,450 | |||||||||||||
Total noninterest expense | 102,930 | 18,105 | 910 | 121,945 | |||||||||||||
Income before income tax expense | 21,448 | 4,908 | 2,947 | 29,303 | |||||||||||||
Income tax expense | -6,536 | -1,718 | -1,031 | -9,285 | |||||||||||||
Net income | 14,912 | 3,190 | 1,916 | 20,018 | |||||||||||||
Less preferred stock dividends | 1,738 | - | - | 1,738 | |||||||||||||
Net income available to common shareholders | $13,174 | $ 3,190 | $ 1,916 | $18,280 | |||||||||||||
Total assets | $3,506,954 | $122,427 | $38,268 | $3,667,649 | |||||||||||||
Stockholders’ equity | $ 312,678 | $ 2,105 | $ 1,916 | $ 316,699 | |||||||||||||
Year Ended | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Retail Banking | Mortgage Banking | SBA | Total | ||||||||||||||
Division | Division | Division | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Net interest income | $ 113,347 | $ 1,058 | $ - | 114,405 | |||||||||||||
Provision for loan losses | 31,089 | - | - | 31,089 | |||||||||||||
Noninterest income | 44,885 | 12,989 | - | 57,874 | |||||||||||||
Noninterest expense: | |||||||||||||||||
Salaries and employee benefits | 45,456 | 7,666 | - | 53,122 | |||||||||||||
Equipment and occupancy expenses | 12,726 | 482 | - | 13,208 | |||||||||||||
Data processing and telecommunications expenses | 10,341 | 342 | - | 10,683 | |||||||||||||
Other expenses | 41,056 | 1,401 | - | 42,457 | |||||||||||||
Total noninterest expense | 109,579 | 9,891 | - | 119,470 | |||||||||||||
Income before income tax expense | 17,564 | 4,156 | - | 21,720 | |||||||||||||
Income tax expense | -5,831 | -1,454 | - | -7,285 | |||||||||||||
Net income | 11,733 | 2,702 | - | 14,435 | |||||||||||||
Less preferred stock dividends | 3,577 | - | - | 3,577 | |||||||||||||
Net income available to common shareholders | $ 8,156 | $ 2,702 | - | $10,858 | |||||||||||||
Total assets | $2,938,519 | $80,533 | - | $3,019,052 | |||||||||||||
Stockholders’ equity | $ 278,901 | $ 116 | - | $ 279,017 |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Consolidated Quarterly Financial Information | The following table sets forth certain consolidated quarterly financial information of the Company. | ||||||||||||||||
Quarters Ended December 31, 2014 | |||||||||||||||||
4 | 3 | 2 | 1 | ||||||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||||||||
Selected Income Statement Data: | |||||||||||||||||
Interest income | $ | 44,900 | $ | 43,186 | $ | 38,607 | $ | 37,873 | |||||||||
Interest expense | 3,894 | 4,054 | 3,343 | 3,389 | |||||||||||||
Net interest income | 41,006 | 39,132 | 35,264 | 34,484 | |||||||||||||
Provision for loan losses | 888 | 1,669 | 1,365 | 1,726 | |||||||||||||
Net interest income after provision for loan losses | 40,118 | 37,463 | 33,899 | 32,758 | |||||||||||||
Noninterest income | 16,362 | 17,901 | 15,819 | 12,754 | |||||||||||||
Noninterest expense | 41,666 | 38,028 | 34,446 | 32,789 | |||||||||||||
Acquisition related expenses | 67 | 551 | 2,872 | 450 | |||||||||||||
Income before income taxes | 14,747 | 16,785 | 12,400 | 12,273 | |||||||||||||
Income tax | 4,167 | 5,122 | 4,270 | 3,923 | |||||||||||||
Net income | 10,580 | 11,663 | 8,130 | 8,350 | |||||||||||||
Preferred stock dividends | - | - | - | 286 | |||||||||||||
Net income available to common stockholders | $ | 10,580 | $ | 11,663 | $ | 8,130 | $ | 8,064 | |||||||||
Per Share Data: | |||||||||||||||||
Net income – basic | 0.4 | 0.44 | 0.32 | 0.32 | |||||||||||||
Net income – diluted | 0.39 | 0.43 | 0.32 | 0.32 | |||||||||||||
Common Dividends (Cash) | 0.05 | 0.05 | 0.05 | - | |||||||||||||
Common Dividends (Stock) | - | - | - | - | |||||||||||||
Quarters Ended December 31, 2013 | |||||||||||||||||
4 | 3 | 2 | 1 | ||||||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||||||||
Selected Income Statement Data: | |||||||||||||||||
Interest income | $ | 31,749 | $ | 31,749 | $ | 31,951 | $ | 30,873 | |||||||||
Interest expense | 2,698 | 2,429 | 2,475 | 2,535 | |||||||||||||
Net interest income | 29,051 | 29,320 | 29,476 | 28,338 | |||||||||||||
Provision for loan losses | 1,478 | 2,920 | 4,165 | 2,923 | |||||||||||||
Net interest income after provision for loan losses | 27,573 | 26,400 | 25,311 | 25,415 | |||||||||||||
Noninterest income | 11,517 | 12,288 | 11,384 | 11,360 | |||||||||||||
Noninterest expense | 33,274 | 28,237 | 26,688 | 28,884 | |||||||||||||
Acquisition related expenses | 4,350 | 512 | - | - | |||||||||||||
Income before income taxes | 1,466 | 9,939 | 10,007 | 7,891 | |||||||||||||
Income tax | 88 | 3,262 | 3,329 | 2,606 | |||||||||||||
Net income | 1,378 | 6,677 | 6,678 | 5,285 | |||||||||||||
Preferred stock dividends | 412 | 443 | 442 | 441 | |||||||||||||
Net income available to common stockholders | $ | 966 | $ | 6,234 | $ | 6,236 | $ | 4,844 | |||||||||
Per Share Data: | |||||||||||||||||
Net income – basic | 0.04 | 0.26 | 0.26 | 0.2 | |||||||||||||
Net income – diluted | 0.04 | 0.26 | 0.26 | 0.2 | |||||||||||||
Common Dividends (Cash) | - | - | - | - | |||||||||||||
Common Dividends (Stock) | - | - | - | - |
Condensed_Financial_Informatio1
Condensed Financial Information of Ameris Bancorp (Parent Company Only) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Balance Sheets | CONDENSED BALANCE SHEETS | ||||||||||||
DECEMBER 31, 2014 AND 2013 | |||||||||||||
(Dollars in Thousands) | |||||||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 868 | $ | 3,550 | |||||||||
Investment in subsidiaries | 470,557 | 386,377 | |||||||||||
Other assets | 6,552 | 6,824 | |||||||||||
Total assets | $ | 477,977 | $ | 396,751 | |||||||||
Liabilities | |||||||||||||
Other liabilities | $ | 7,624 | $ | 14 | |||||||||
Other borrowings | 39,000 | 24,572 | |||||||||||
Subordinated deferrable interest debentures | 65,325 | 55,466 | |||||||||||
Total liabilities | 111,949 | 80,052 | |||||||||||
Stockholders’ equity | 366,028 | 316,699 | |||||||||||
Total liabilities and stockholders’ equity | $ | 477,977 | $ | 396,751 | |||||||||
Condensed Statements of Income | CONDENSED STATEMENTS OF INCOME | ||||||||||||
YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | |||||||||||||
(Dollars in Thousands) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income | |||||||||||||
Dividends from subsidiaries | $ | 29,000 | $ | 2,200 | $ | 29,000 | |||||||
Gain on sale of securities | - | - | 214 | ||||||||||
Other income | 235 | 26 | 106 | ||||||||||
Total income | 29,235 | 2,226 | 29,320 | ||||||||||
Expense | |||||||||||||
Interest | 4,558 | 1,527 | 1,489 | ||||||||||
Other expense | 2,253 | 1,133 | 1,545 | ||||||||||
Total expense | 6,811 | 2,660 | 3,034 | ||||||||||
Earnings (loss) before income tax benefit and dividends received in excess of earnings of subsidiaries and equity in undistributed income (loss) of subsidiaries | 22,424 | (434 | ) | 26,286 | |||||||||
Income tax benefit | 2,468 | 921 | 921 | ||||||||||
Earnings (loss) before dividends received in excess of earnings of subsidiaries and equity in undistributed income of subsidiaries | 24,892 | 487 | 27,207 | ||||||||||
Dividends received in excess of earnings of subsidiaries | - | - | (12,772 | ) | |||||||||
Equity in undistributed income of subsidiaries | 13,831 | 19,531 | - | ||||||||||
Net income | 38,723 | 20,018 | 14,435 | ||||||||||
Preferred stock dividend | 286 | 1,738 | 3,577 | ||||||||||
Net income available to common shareholders | $ | 38,437 | $ | 18,280 | $ | 10,858 | |||||||
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | |||||||||||||
(Dollars in Thousands) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
OPERATING ACTIVITIES | |||||||||||||
Net income | $ | 38,723 | $ | 20,018 | $ | 14,435 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||
Stock-based compensation expense | 2,058 | 1,041 | 1,044 | ||||||||||
Dividends received in excess of earnings of subsidiaries | - | - | 12,772 | ||||||||||
Undistributed earnings of subsidiaries | (13,831 | ) | (19,531 | ) | - | ||||||||
(Increase) decrease in interest payable | (214 | ) | (5,300 | ) | (108 | ) | |||||||
Decrease in tax receivable | (256 | ) | (813 | ) | (786 | ) | |||||||
Provision for deferred taxes | (426 | ) | 39 | 14 | |||||||||
Other operating activities | (1,558 | ) | (2,686 | ) | (388 | ) | |||||||
Total adjustments | (14,227 | ) | (27,250 | ) | 12,548 | ||||||||
Net cash provided by (used in) operating activities | 24,496 | (7,232 | ) | 26,983 | |||||||||
INVESTING ACTIVITIES | |||||||||||||
Net cash proceeds received from acquisitions | 144 | 249 | - | ||||||||||
Net cash provided by investing activities | 144 | 249 | - | ||||||||||
FINANCING ACTIVITIES | |||||||||||||
Repurchase of warrant | - | - | (2,670 | ) | |||||||||
Purchase of treasury shares | (474 | ) | (116 | ) | (235 | ) | |||||||
Dividends paid preferred stock | (286 | ) | (1,400 | ) | (2,642 | ) | |||||||
Dividends paid common stock | (4,016 | ) | - | - | |||||||||
Proceeds from other borrowings | 14,000 | 10,000 | - | ||||||||||
Repayment of other borrowings | (9,005 | ) | - | - | |||||||||
Repurchase of preferred stock | (28,000 | ) | - | (24,000 | ) | ||||||||
Proceeds from exercise of stock options | 459 | 410 | 3 | ||||||||||
Net cash provided by (used in) financing activities | (27,322 | ) | 8,894 | (29,544 | ) | ||||||||
Net change in cash and due from banks | (2,682 | ) | 1,911 | (2,561 | ) | ||||||||
Cash and due from banks at beginning of year | 3,550 | 1,639 | 4,200 | ||||||||||
Cash and due from banks at end of year | $ | 868 | $ | 3,550 | $ | 1,639 | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||||
Cash paid during the year for interest | $ | 4,772 | $ | 1,523 | $ | 1,597 | |||||||
Cash paid during the year for income taxes | $ | - | $ | - | $ | - |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Accounting Policies [Line Items] | |||
Maximum refinement period of fair values after closing date of acquisition | 1 year | ||
Total of the average daily required reserve | $20,100,000 | $11,600,000 | |
Servicing loans | 1,011,000 | 611,000 | 453,000 |
Company stock-based compensation cost | 2,100,000 | 1,000,000 | 1,000,000 |
Anti-dilutive common shares excluded | 6,000 | 324,000 | 418,000 |
Fair value of derivative instruments, asset | 1,757,000 | 1,180,000 | |
Fair Value Hedging [Member] | |||
Significant Accounting Policies [Line Items] | |||
Cash flow for the purpose of converting floating rate loans to a fixed rate | 1,300,000 | 370,000 | |
Junior Subordinated Debentures [Member] | Cash Flow Hedging [Member] | |||
Significant Accounting Policies [Line Items] | |||
Cash flow for the purpose of converting floating rate loans to a fixed rate | $37,100,000 | $37,100,000 | $37,100,000 |
Buildings [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 40 years | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Intangible assets amortized over an estimated useful life | 3 years | ||
Minimum [Member] | Furniture and Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Minimum [Member] | Software and Computer Related Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Intangible assets amortized over an estimated useful life | 10 years | ||
Maximum [Member] | Furniture and Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 20 years | ||
Maximum [Member] | Software and Computer Related Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 5 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Components Used to Calculate Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||||||||||
Distributed earnings allocated to common stockholders | $4,016 | ||||||||||
Undistributed earnings allocated to common stockholders | 34,421 | 18,280 | 10,858 | ||||||||
Net income available to common stockholders | $10,580 | $11,663 | $8,130 | $8,064 | $966 | $6,234 | $6,236 | $4,844 | $38,437 | $18,280 | $10,858 |
Weighted average number of common shares outstanding | 25,974 | 23,918 | 23,802 | ||||||||
Effect of dilutive restricted grants | 15 | 378 | |||||||||
Effect of dilutive options | 270 | 169 | 41 | ||||||||
Weighted average number of common shares outstanding used to calculate diluted earnings per share | 26,259 | 24,348 | 23,843 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 23, 2013 | Jun. 30, 2014 | |
Location | Location | ||||
Business Acquisition [Line Items] | |||||
Issuance of common stock, fair value | $34,474,000 | $24,629,000 | |||
Good will, excess of the merger consideration over fair value of net assets | 63,547,000 | 35,049,000 | |||
Fair value of loans acquired | 449,700,000 | ||||
Net of loans acquired | 37,700,000 | ||||
Estimated discount | 7.73% | ||||
Impaired loans | 67,165,000 | 73,414,000 | |||
Provision for loan loss expense | 843,000 | 1,500,000 | 2,600,000 | ||
Prosperity Bank [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of banking locations | 12 | ||||
Prosperity Banking Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Shares to receive for each share of Prosperity common stock pursuant to the merger agreement | 3.125 | ||||
Issuance of common stock, shares | 1,168,918 | ||||
Issuance of common stock, fair value | 24,600,000 | ||||
Good will, excess of the merger consideration over fair value of net assets | 35,200,000 | 35,153,000 | |||
Impaired loans | 10,985,000 | ||||
Cash to receive for each share of Prosperity common stock pursuant to the merger agreement | 41.5 | ||||
Impaired loans | 67,165,000 | ||||
Provision for loan loss expense | 84,000 | 0 | |||
Coastal Bank [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of banking locations | 6 | ||||
Coastal Bankshares, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Shares to receive for each share of Prosperity common stock pursuant to the merger agreement | 0.4671 | ||||
Issuance of common stock, shares | 1,598,998 | ||||
Issuance of common stock, fair value | 34,500,000 | ||||
Good will, excess of the merger consideration over fair value of net assets | 27,400,000 | 27,437,000 | |||
Fair value of loans acquired | 279,400,000 | ||||
Net of loans acquired | 16,700,000 | ||||
Estimated discount | 5.64% | ||||
Impaired loans | 3,282,000 | 29,300,000 | |||
Impaired loans | 29,280,000 | ||||
Coastal Bankshares, Inc. [Member] | Warrant [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash in exchange for outstanding warrants | 2,800,000 |
Business_Combinations_Estimate
Business Combinations - Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | 0 Months Ended | |||
Dec. 23, 2013 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets | ||||
Cash value of bank owned life insurance | $58,867,000 | $49,432,000 | ||
Deposits: | ||||
Goodwill | 63,547,000 | 35,049,000 | ||
Prosperity Banking Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 4,285,000 | |||
Federal funds sold and interest-bearing balances | 21,687,000 | |||
Investment securities | 152,274,000 | |||
Other investments | 8,727,000 | |||
Loans | 449,696,000 | |||
Loans, net | 449,696,000 | |||
Other real estate owned | 5,623,000 | |||
Premises and equipment | 36,293,000 | |||
Intangible assets | 4,557,000 | |||
Other assets | 26,732,000 | |||
Total assets | 709,874,000 | |||
Deposits: | ||||
Noninterest-bearing | 149,242,000 | |||
Interest-bearing | 324,441,000 | |||
Total deposits | 473,683,000 | |||
Federal funds purchased and securities sold under agreements to repurchase | 21,530,000 | |||
Other borrowings | 197,313,000 | |||
Other liabilities | 14,513,000 | |||
Subordinated deferrable interest debentures | 13,197,000 | |||
Total liabilities | 720,236,000 | |||
Net identifiable assets acquired over (under) liabilities assumed | -10,362,000 | |||
Goodwill | 35,153,000 | 35,200,000 | ||
Net assets acquired over (under) liabilities assumed | 24,791,000 | |||
Consideration: | ||||
Ameris Bancorp common shares issued | 1,168,918 | |||
Prosperity Banking Company [Member] | As Recorded by Acquired Bank [Member] | ||||
Assets | ||||
Cash and cash equivalents | 4,285,000 | |||
Federal funds sold and interest-bearing balances | 21,687,000 | |||
Investment securities | 151,863,000 | |||
Other investments | 8,727,000 | |||
Loans | 487,358,000 | |||
Less allowance for loan losses | -6,811,000 | |||
Loans, net | 480,547,000 | |||
Other real estate owned | 6,883,000 | |||
Premises and equipment | 36,293,000 | |||
Intangible assets | 174,000 | |||
Other assets | 26,600,000 | |||
Total assets | 737,059,000 | |||
Deposits: | ||||
Noninterest-bearing | 149,242,000 | |||
Interest-bearing | 324,441,000 | |||
Total deposits | 473,683,000 | |||
Federal funds purchased and securities sold under agreements to repurchase | 21,530,000 | |||
Other borrowings | 185,000,000 | |||
Other liabilities | 14,058,000 | |||
Subordinated deferrable interest debentures | 29,500,000 | |||
Total liabilities | 723,771,000 | |||
Net identifiable assets acquired over (under) liabilities assumed | 13,288,000 | |||
Net assets acquired over (under) liabilities assumed | 13,288,000 | |||
Consideration: | ||||
Ameris Bancorp common shares issued | 1,168,918 | |||
Purchase price per share of the Company's common stock | $21.07 | |||
Company common stock issued | 24,629,000 | |||
Cash exchanged for shares | 162,000 | |||
Fair value of total consideration transferred | 24,791,000 | |||
Prosperity Banking Company [Member] | Initial Fair Value Adjustments [Member] | ||||
Assets | ||||
Investment securities | 411,000 | |||
Loans | -37,662,000 | |||
Less allowance for loan losses | 6,811,000 | |||
Loans, net | -30,851,000 | |||
Other real estate owned | -1,260,000 | |||
Intangible assets | 4,383,000 | |||
Other assets | 1,192,000 | |||
Total assets | -26,125,000 | |||
Deposits: | ||||
Other borrowings | 12,313,000 | |||
Other liabilities | 455,000 | |||
Subordinated deferrable interest debentures | -16,303,000 | |||
Total liabilities | -3,535,000 | |||
Net identifiable assets acquired over (under) liabilities assumed | -22,590,000 | |||
Goodwill | 34,093,000 | |||
Net assets acquired over (under) liabilities assumed | 11,503,000 | |||
Prosperity Banking Company [Member] | Subsequent Fair Value Adjustments [Member] | ||||
Assets | ||||
Other assets | -1,060,000 | |||
Total assets | -1,060,000 | |||
Deposits: | ||||
Net identifiable assets acquired over (under) liabilities assumed | -1,060,000 | |||
Goodwill | 1,060,000 | |||
Coastal Bankshares, Inc. [Member] | ||||
Assets | ||||
Cash and cash equivalents | 3,895,000 | |||
Federal funds sold and interest-bearing balances | 15,923,000 | |||
Investment securities | 66,766,000 | |||
Other investments | 975,000 | |||
Mortgage loans held for sale | 7,288,000 | |||
Loans | 279,441,000 | |||
Loans, net | 279,441,000 | |||
Other real estate owned | 8,864,000 | |||
Premises and equipment | 11,882,000 | |||
Intangible assets | 4,542,000 | |||
Cash value of bank owned life insurance | 7,812,000 | |||
Other assets | 14,146,000 | |||
Total assets | 421,534,000 | |||
Deposits: | ||||
Noninterest-bearing | 80,012,000 | |||
Interest-bearing | 289,012,000 | |||
Total deposits | 369,024,000 | |||
Federal funds purchased and securities sold under agreements to repurchase | 5,428,000 | |||
Other borrowings | 22,005,000 | |||
Other liabilities | 6,192,000 | |||
Subordinated deferrable interest debentures | 9,052,000 | |||
Total liabilities | 411,701,000 | |||
Net identifiable assets acquired over (under) liabilities assumed | 9,833,000 | |||
Goodwill | 27,437,000 | 27,400,000 | ||
Net assets acquired over (under) liabilities assumed | 37,270,000 | |||
Consideration: | ||||
Ameris Bancorp common shares issued | 1,598,998 | |||
Coastal Bankshares, Inc. [Member] | As Recorded by Acquired Bank [Member] | ||||
Assets | ||||
Cash and cash equivalents | 3,895,000 | |||
Federal funds sold and interest-bearing balances | 15,923,000 | |||
Investment securities | 67,266,000 | |||
Other investments | 975,000 | |||
Mortgage loans held for sale | 7,288,000 | |||
Loans | 296,141,000 | |||
Less allowance for loan losses | -3,218,000 | |||
Loans, net | 292,923,000 | |||
Other real estate owned | 14,992,000 | |||
Premises and equipment | 11,882,000 | |||
Intangible assets | 507,000 | |||
Cash value of bank owned life insurance | 7,812,000 | |||
Other assets | 14,898,000 | |||
Total assets | 438,361,000 | |||
Deposits: | ||||
Noninterest-bearing | 80,012,000 | |||
Interest-bearing | 289,012,000 | |||
Total deposits | 369,024,000 | |||
Federal funds purchased and securities sold under agreements to repurchase | 5,428,000 | |||
Other borrowings | 22,005,000 | |||
Other liabilities | 6,192,000 | |||
Subordinated deferrable interest debentures | 15,465,000 | |||
Total liabilities | 418,114,000 | |||
Net identifiable assets acquired over (under) liabilities assumed | 20,247,000 | |||
Net assets acquired over (under) liabilities assumed | 20,247,000 | |||
Consideration: | ||||
Ameris Bancorp common shares issued | 1,598,998 | |||
Purchase price per share of the Company's common stock | $21.56 | |||
Company common stock issued | 34,474,000 | |||
Cash exchanged for shares | 2,796,000 | |||
Fair value of total consideration transferred | 37,270,000 | |||
Coastal Bankshares, Inc. [Member] | Initial Fair Value Adjustments [Member] | ||||
Assets | ||||
Investment securities | -500,000 | |||
Loans | -16,700,000 | |||
Less allowance for loan losses | 3,218,000 | |||
Loans, net | -13,482,000 | |||
Other real estate owned | -3,528,000 | |||
Intangible assets | 4,266,000 | |||
Total assets | -13,244,000 | |||
Deposits: | ||||
Subordinated deferrable interest debentures | -6,413,000 | |||
Total liabilities | -6,413,000 | |||
Net identifiable assets acquired over (under) liabilities assumed | -6,831,000 | |||
Goodwill | 23,854,000 | |||
Net assets acquired over (under) liabilities assumed | 17,023,000 | |||
Coastal Bankshares, Inc. [Member] | Subsequent Fair Value Adjustments [Member] | ||||
Assets | ||||
Other real estate owned | -2,600,000 | |||
Intangible assets | -231,000 | |||
Other assets | -752,000 | |||
Total assets | -3,583,000 | |||
Deposits: | ||||
Net identifiable assets acquired over (under) liabilities assumed | -3,583,000 | |||
Goodwill | $3,583,000 |
Business_Combinations_Pro_Form
Business Combinations - Pro Forma Information of Acquisitions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||
Net interest income and noninterest income | $176,262 | ||
Net income | -10,233 | ||
Average number of shares outstanding, basic | 23,816 | ||
Average number of shares outstanding, diluted | 23,857 | ||
Coastal Bankshares, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Net interest income and noninterest income | 223,281 | 183,459 | |
Net income | 36,855 | 21,397 | |
Net income available to common shareholders | 36,569 | 19,659 | |
Income per common share available to common stockholders - basic | $1.33 | $0.77 | |
Income per common share available to common stockholders - diluted | $1.31 | $0.76 | |
Average number of shares outstanding, basic | 27,573 | 25,517 | |
Average number of shares outstanding, diluted | 27,858 | 25,947 | |
Prosperity Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Net interest income and noninterest income | 199,089 | 187,927 | |
Net income | 15,604 | 19,927 | |
Net income available to common shareholders | $12,027 | $18,189 | |
Income per common share available to common stockholders - basic | $0.48 | $0.73 | |
Income per common share available to common stockholders - diluted | $0.48 | $0.71 | |
Average number of shares outstanding, basic | 24,985 | 25,087 | |
Average number of shares outstanding, diluted | 25,026 | 25,634 |
Business_Combinations_Summary_
Business Combinations - Summary of Contractually Required Principal and Interest Cash Payment of the Loans As of Acquisition Date for Purchased Credit Impaired Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2012 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | $137,407 | ||
Non-accretable difference | -53,603 | ||
Cash flows expected to be collected | 83,804 | ||
Fair value of loans acquired with deterioration of credit quality | 67,165 | 73,414 | |
Coastal Bankshares, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | 38,194 | ||
Non-accretable difference | -5,632 | ||
Cash flows expected to be collected | 32,562 | ||
Accretable yield | -3,282 | -29,300 | |
Fair value of loans acquired with deterioration of credit quality | 29,280 | ||
Prosperity Banking Company [Member] | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | 92,461 | ||
Non-accretable difference | -14,311 | ||
Cash flows expected to be collected | 78,150 | ||
Accretable yield | -10,985 | ||
Fair value of loans acquired with deterioration of credit quality | $67,165 |
Business_Combinations_Estimate1
Business Combinations - Estimated Fair Value of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) (Prosperity Banking Company [Member], USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Dec. 23, 2014 | Dec. 23, 2014 |
As Recorded by Acquired Bank [Member] | ||
Business Acquisition [Line Items] | ||
Deferred tax asset, purchase accounting adjustments | $8,435 | $8,435 |
Fair Value Adjustments [Member] | ||
Business Acquisition [Line Items] | ||
Deferred tax asset, non-realizable portion | 6,644 | |
Fair value adjustment of other assets | -599 | -599 |
Fair value adjustment (premium) to FHLB borrowings | 12,741 | 12,741 |
Fair value adjustment to subordinated debt | $428 | $428 |
Business_Combinations_Rollforw
Business Combinations - Rollforward of Acquired Non-Covered Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Purchased Non Covered Loans [Line Items] | ||
Balance, beginning of year | $25,493 | $16,698 |
Accretion | 22,188 | 42,208 |
Transfers to purchased non-covered other real estate owned | -4,160 | |
Balance, end of year | 15,578 | 25,493 |
Non-Covered Loans [Member] | ||
Purchased Non Covered Loans [Line Items] | ||
Balance, beginning of year | 448,753 | |
Charge-offs, net of recoveries | -84 | |
Additions due to acquisitions | 279,441 | 449,696 |
Accretion | 9,745 | |
Transfers to purchased non-covered other real estate owned | -4,160 | |
Transfer from covered loans due to loss share expiration | 15,475 | |
Payments received | -74,931 | -943 |
Balance, end of year | $674,239 | $448,753 |
Business_Combinations_Schedule
Business Combinations - Schedule of Changes in Accretable Discounts Related Acquired Non-Covered Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule Of Covered Loans Acquired Accretable Discounts [Line Items] | ||
Balance, beginning of year | $25,493 | $16,698 |
Accretion | -22,188 | -42,208 |
Transfers between non-accretable and accretable discounts, net | 12,273 | 51,003 |
Balance, end of year | 15,578 | 25,493 |
Non-Covered Loans [Member] | ||
Schedule Of Covered Loans Acquired Accretable Discounts [Line Items] | ||
Balance, beginning of year | 448,753 | |
Additions due to acquisitions | 279,441 | 449,696 |
Accretion | -9,745 | |
Balance, end of year | 674,239 | 448,753 |
Non-Covered Loans [Member] | Discount Accretion [Member] | ||
Schedule Of Covered Loans Acquired Accretable Discounts [Line Items] | ||
Balance, beginning of year | 26,189 | |
Additions due to acquisitions | 7,799 | 26,189 |
Accretion | -9,745 | |
Transfers between non-accretable and accretable discounts, net | 1,473 | |
Balance, end of year | $25,716 | $26,189 |
Assets_Acquired_in_FDICAssiste2
Assets Acquired in FDIC-Assisted Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 34 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Jul. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | |
Acquisition | ||||
Business Acquisition [Line Items] | ||||
Number of FDIC-assisted acquisitions participation | 10 | |||
Amount received on loss loss sharing agreement | $87,000 | |||
FDIC loss share reimbursement percentage below threshold | 80.00% | |||
Clawback liability | 6,200,000 | 5,000,000 | ||
SFR and NSF [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss share reimbursement percentage below threshold | 80.00% | |||
FDIC loss share reimbursement percentage above threshold | 95.00% | |||
Single Family Residential [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss share reimbursement percentage below threshold | 80.00% | |||
FDIC loss shares threshold | 14,500,000 | |||
Non Single Family Residential [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss shares threshold | 110,200,000 | |||
SFR [Member] | ||||
Business Acquisition [Line Items] | ||||
loss sharing agreement coverage period | 10 years | |||
NSF [Member] | ||||
Business Acquisition [Line Items] | ||||
loss sharing agreement coverage period | 8 years | |||
Reimbursement Limit One [Member] | Single Family Residential [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss share reimbursement percentage below threshold | 80.00% | |||
FDIC loss shares threshold | 8,400,000 | |||
Reimbursement Limit One [Member] | Non Single Family Residential [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss share reimbursement percentage below threshold | 80.00% | |||
FDIC loss shares threshold | 123,400,000 | |||
Reimbursement Limit Two [Member] | Single Family Residential [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss share reimbursement percentage below threshold | 30.00% | |||
Reimbursement Limit Two [Member] | Single Family Residential [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss shares threshold | 8,400,000 | |||
Reimbursement Limit Two [Member] | Single Family Residential [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss shares threshold | 11,800,000 | |||
Reimbursement Limit Two [Member] | Non Single Family Residential [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss share reimbursement percentage below threshold | 30.00% | |||
Reimbursement Limit Two [Member] | Non Single Family Residential [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss shares threshold | 123,400,000 | |||
Reimbursement Limit Two [Member] | Non Single Family Residential [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss shares threshold | 181,300,000 | |||
Reimbursement Limit Three [Member] | Single Family Residential [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss share reimbursement percentage below threshold | 80.00% | |||
FDIC loss shares threshold | 11,800,000 | |||
Reimbursement Limit Three [Member] | Non Single Family Residential [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss share reimbursement percentage below threshold | 80.00% | |||
FDIC loss shares threshold | 181,300,000 | |||
Central Bank of Georgia (CBG) [Member] | ||||
Business Acquisition [Line Items] | ||||
Assets acquisitions | 20,000,000 | |||
Deferred tax liability recorded with respect to acquisition | 7,000,000 | |||
After-tax gain on acquisition | 13,000,000 | |||
American United Bank (AUB) [Member] | SFR and NSF [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss shares threshold | 38,000,000 | |||
United Security Bank (USB) [Member] | SFR and NSF [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
FDIC loss shares threshold | $46,000,000 |
Assets_Acquired_in_FDICAssiste3
Assets Acquired in FDIC-Assisted Acquisitions - Schedule of Acquisition Details (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Entity | |
American United Bank (AUB) [Member] | |
Business Acquisition [Line Items] | |
Bank Acquired | American United Bank ("AUB") |
Branches | 1 |
Date Acquired | 23-Oct-09 |
United Security Bank (USB) [Member] | |
Business Acquisition [Line Items] | |
Bank Acquired | United Security Bank ("USB") |
Branches | 2 |
Date Acquired | 6-Nov-09 |
Satilla Community Bank (SCB) [Member] | |
Business Acquisition [Line Items] | |
Bank Acquired | Satilla Community Bank ("SCB") |
Branches | 1 |
Date Acquired | 14-May-10 |
First Bank of Jacksonville (FBJ) [Member] | |
Business Acquisition [Line Items] | |
Bank Acquired | First Bank of Jacksonville ("FBJ") |
Branches | 2 |
Date Acquired | 22-Oct-10 |
Tifton Banking Company (TBC) [Member] | |
Business Acquisition [Line Items] | |
Bank Acquired | Tifton Banking Company ("TBC") |
Branches | 1 |
Date Acquired | 12-Nov-10 |
Darby Bank & Trust (DBT) [Member] | |
Business Acquisition [Line Items] | |
Bank Acquired | Darby Bank & Trust ("DBT") |
Branches | 7 |
Date Acquired | 12-Nov-10 |
High Trust Bank (HTB) [Member] | |
Business Acquisition [Line Items] | |
Bank Acquired | High Trust Bank ("HTB") |
Branches | 2 |
Date Acquired | 15-Jul-11 |
One Georgia Bank (OGB) [Member] | |
Business Acquisition [Line Items] | |
Bank Acquired | One Georgia Bank ("OGB") |
Branches | 1 |
Date Acquired | 15-Jul-11 |
Central Bank of Georgia (CBG) [Member] | |
Business Acquisition [Line Items] | |
Bank Acquired | Central Bank of Georgia ("CBG") |
Branches | 5 |
Date Acquired | 24-Feb-12 |
Montgomery Bank & Trust (MBT) [Member] | |
Business Acquisition [Line Items] | |
Bank Acquired | Montgomery Bank & Trust ("MBT") |
Branches | 2 |
Date Acquired | 6-Jul-12 |
Recovered_Sheet1
Assets Acquired In FDIC-Assisted Acquisitions - Estimated Fair Value of Assets And Liabilities Assumed (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
American United Bank (AUB) [Member] | |
Schedule of Business Acquisitions by Acquisition Purchase Price Allocation [Line Items] | |
Cash | $26,452 |
Investment securities | 10,242 |
Loans | 56,482 |
Foreclosed property | 2,165 |
FDIC loss share asset | 24,200 |
Core deposit intangible | 187 |
Other assets | 1,266 |
Total assets | 120,994 |
Deposits | 100,470 |
FHLB advances | 7,802 |
Other liabilities | 277 |
Total liabilities | 108,549 |
Net assets acquired | 12,445 |
United Security Bank (USB) [Member] | |
Schedule of Business Acquisitions by Acquisition Purchase Price Allocation [Line Items] | |
Cash | 41,490 |
Investment securities | 8,335 |
Federal funds sold | 2,605 |
Loans | 83,646 |
Foreclosed property | 8,069 |
FDIC loss share asset | 21,640 |
Core deposit intangible | 386 |
Other assets | 3,001 |
Total assets | 169,172 |
Deposits | 141,094 |
FHLB advances | 1,504 |
Other liabilities | 453 |
Total liabilities | 143,051 |
Net assets acquired | 26,121 |
Satilla Community Bank (SCB) [Member] | |
Schedule of Business Acquisitions by Acquisition Purchase Price Allocation [Line Items] | |
Cash | -33,093 |
Investment securities | 10,814 |
Federal funds sold | 12,661 |
Loans | 68,751 |
Foreclosed property | 2,012 |
FDIC loss share asset | 22,400 |
Core deposit intangible | 185 |
Other assets | 612 |
Total assets | 84,342 |
Deposits | 75,530 |
Other liabilities | 604 |
Total liabilities | 76,134 |
Net assets acquired | 8,208 |
First Bank of Jacksonville (FBJ) [Member] | |
Schedule of Business Acquisitions by Acquisition Purchase Price Allocation [Line Items] | |
Cash | 10,669 |
Investment securities | 7,343 |
Federal funds sold | 5,690 |
Loans | 40,454 |
Foreclosed property | 1,816 |
FDIC loss share asset | 11,307 |
Core deposit intangible | 132 |
Other assets | 298 |
Total assets | 77,709 |
Deposits | 71,869 |
FHLB advances | 2,613 |
Other liabilities | 842 |
Total liabilities | 75,324 |
Net assets acquired | 2,385 |
Tifton Banking Company (TBC) [Member] | |
Schedule of Business Acquisitions by Acquisition Purchase Price Allocation [Line Items] | |
Cash | 4,862 |
Investment securities | 7,060 |
Loans | 92,568 |
Foreclosed property | 3,472 |
FDIC loss share asset | 22,807 |
Core deposit intangible | 175 |
Other assets | 1,092 |
Total assets | 132,036 |
Deposits | 132,939 |
Other liabilities | 53 |
Total liabilities | 132,992 |
Net assets acquired | -956 |
Darby Bank & Trust (DBT) [Member] | |
Schedule of Business Acquisitions by Acquisition Purchase Price Allocation [Line Items] | |
Cash | -58,158 |
Investment securities | 105,562 |
Loans | 261,340 |
Foreclosed property | 22,026 |
FDIC loss share asset | 112,404 |
Core deposit intangible | 1,180 |
Other assets | 3,957 |
Total assets | 448,311 |
Deposits | 386,958 |
FHLB advances | 2,724 |
Other liabilities | 54,418 |
Total liabilities | 444,100 |
Net assets acquired | 4,211 |
High Trust Bank (HTB) [Member] | |
Schedule of Business Acquisitions by Acquisition Purchase Price Allocation [Line Items] | |
Cash | 36,432 |
Investment securities | 14,770 |
Loans | 84,732 |
Foreclosed property | 10,272 |
FDIC loss share asset | 49,485 |
Other assets | 1,772 |
Total assets | 197,463 |
Deposits | 175,887 |
Other liabilities | 2,654 |
Total liabilities | 178,541 |
Net assets acquired | 18,922 |
One Georgia Bank (OGB) [Member] | |
Schedule of Business Acquisitions by Acquisition Purchase Price Allocation [Line Items] | |
Cash | 1,585 |
Investment securities | 28,891 |
Federal funds sold | 5,070 |
Loans | 74,843 |
Foreclosed property | 7,242 |
FDIC loss share asset | 45,488 |
Other assets | 2,933 |
Total assets | 166,052 |
Deposits | 136,101 |
FHLB advances | 21,107 |
Other liabilities | 899 |
Total liabilities | 158,107 |
Net assets acquired | 7,945 |
Central Bank of Georgia (CBG) [Member] | |
Schedule of Business Acquisitions by Acquisition Purchase Price Allocation [Line Items] | |
Cash | 65,050 |
Investment securities | 39,920 |
Loans | 124,782 |
Foreclosed property | 6,177 |
FDIC loss share asset | 52,654 |
Core deposit intangible | 1,149 |
Other assets | 3,457 |
Total assets | 293,189 |
Deposits | 261,036 |
FHLB advances | 10,334 |
Other liabilities | 1,782 |
Total liabilities | 273,152 |
Net assets acquired | 20,037 |
Montgomery Bank & Trust (MBT) [Member] | |
Schedule of Business Acquisitions by Acquisition Purchase Price Allocation [Line Items] | |
Cash | 155,466 |
Loans | 1,218 |
Other assets | 183 |
Total assets | 156,867 |
Deposits | 156,699 |
Other liabilities | 168 |
Total liabilities | $156,867 |
Assets_Acquired_in_FDICAssiste4
Assets Acquired in FDIC-Assisted Acquisitions - Pro Forma Information of Acquisitions (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 |
Business Combinations [Abstract] | |
Net interest income and noninterest income | $176,262 |
Net loss | -10,233 |
Net loss available to common shareholders | ($13,810) |
Loss per common share available to common shareholders - basic and diluted | ($0.58) |
Average number shares outstanding, basic | 23,816 |
Average number shares outstanding, diluted | 23,857 |
Assets_Acquired_in_FDICAssiste5
Assets Acquired in FDIC-Assisted Acquisitions - Loans Receivable at Acquisition Date for Loans with Deterioration in Credit Quality (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Covered Loans with Deterioration of Credit Quality [Line Items] | ||
Contractually required principal payments receivable | $137,407 | |
Non-accretable difference | 53,603 | |
Present value of cash flows expected to be collected | 83,804 | |
Accretable difference | 10,390 | |
Fair value of loans acquired with deterioration of credit quality | 67,165 | 73,414 |
Central Bank of Georgia (CBG) [Member] | ||
Schedule of Covered Loans with Deterioration of Credit Quality [Line Items] | ||
Contractually required principal payments receivable | 137,407 | |
Non-accretable difference | 53,603 | |
Present value of cash flows expected to be collected | 83,804 | |
Accretable difference | 10,390 | |
Fair value of loans acquired with deterioration of credit quality | $73,414 |
Assets_Acquired_in_FDICAssiste6
Assets Acquired in FDIC-Assisted Acquisitions - Components of Covered Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Covered Assets [Line Items] | |||
Covered loans | $296,724 | $443,322 | |
Less: Credit risk adjustments | 25,445 | 53,085 | |
Total covered loans | 271,279 | 390,237 | |
OREO | 23,408 | 55,827 | |
Less: Fair value adjustments | 3,501 | 9,934 | |
Total covered OREO | 19,907 | 45,893 | |
Total covered assets | 291,186 | 436,130 | |
FDIC loss-share receivable | 31,351 | 65,441 | 159,724 |
American United Bank (AUB) [Member] | |||
Covered Assets [Line Items] | |||
Covered loans | 15,787 | ||
Less: Credit risk adjustments | 231 | ||
Total covered loans | 15,556 | ||
OREO | 4,264 | ||
Total covered OREO | 4,264 | ||
Total covered assets | 19,820 | ||
FDIC loss-share receivable | 188 | 1,452 | |
United Security Bank (USB) [Member] | |||
Covered Assets [Line Items] | |||
Covered loans | 4,350 | 18,504 | |
Less: Credit risk adjustments | 150 | 1,427 | |
Total covered loans | 4,200 | 17,077 | |
OREO | 165 | 2,865 | |
Less: Fair value adjustments | 141 | ||
Total covered OREO | 165 | 2,724 | |
Total covered assets | 4,365 | 19,801 | |
FDIC loss-share receivable | -1,197 | 889 | |
Satilla Community Bank (SCB) [Member] | |||
Covered Assets [Line Items] | |||
Covered loans | 26,686 | 34,637 | |
Less: Credit risk adjustments | 602 | 1,483 | |
Total covered loans | 26,084 | 33,154 | |
OREO | 2,849 | 3,461 | |
Less: Fair value adjustments | 389 | 303 | |
Total covered OREO | 2,460 | 3,158 | |
Total covered assets | 28,544 | 36,312 | |
FDIC loss-share receivable | 1,828 | 3,175 | |
First Bank of Jacksonville (FBJ) [Member] | |||
Covered Assets [Line Items] | |||
Covered loans | 21,243 | 25,891 | |
Less: Credit risk adjustments | 1,825 | 3,730 | |
Total covered loans | 19,418 | 22,161 | |
OREO | 632 | 1,880 | |
Less: Fair value adjustments | 0 | 242 | |
Total covered OREO | 632 | 1,638 | |
Total covered assets | 20,050 | 23,799 | |
FDIC loss-share receivable | 1,885 | 3,689 | |
Darby Bank & Trust (DBT) [Member] | |||
Covered Assets [Line Items] | |||
Covered loans | 64,338 | 105,157 | |
Less: Credit risk adjustments | 6,437 | 17,819 | |
Total covered loans | 57,901 | 87,338 | |
OREO | 6,655 | 17,023 | |
Less: Fair value adjustments | 514 | 1,282 | |
Total covered OREO | 6,141 | 15,741 | |
Total covered assets | 64,042 | 103,079 | |
FDIC loss-share receivable | 6,860 | 18,724 | |
Tifton Banking Company (TBC) [Member] | |||
Covered Assets [Line Items] | |||
Covered loans | 23,487 | 32,590 | |
Less: Credit risk adjustments | 1,117 | 2,354 | |
Total covered loans | 22,370 | 30,236 | |
OREO | 2,388 | 4,844 | |
Less: Fair value adjustments | 367 | 745 | |
Total covered OREO | 2,021 | 4,099 | |
Total covered assets | 24,391 | 34,335 | |
FDIC loss-share receivable | 3,287 | 3,721 | |
High Trust Bank (HTB) [Member] | |||
Covered Assets [Line Items] | |||
Covered loans | 52,699 | 67,126 | |
Less: Credit risk adjustments | 5,120 | 7,359 | |
Total covered loans | 47,579 | 59,767 | |
OREO | 3,670 | 6,374 | |
Less: Fair value adjustments | 1,283 | 2,304 | |
Total covered OREO | 2,387 | 4,070 | |
Total covered assets | 49,966 | 63,837 | |
FDIC loss-share receivable | 6,459 | 9,325 | |
One Georgia Bank (OGB) [Member] | |||
Covered Assets [Line Items] | |||
Covered loans | 42,971 | 58,512 | |
Less: Credit risk adjustments | 3,785 | 5,067 | |
Total covered loans | 39,186 | 53,445 | |
OREO | 2,244 | 7,506 | |
Less: Fair value adjustments | 39 | 2,984 | |
Total covered OREO | 2,205 | 4,522 | |
Total covered assets | 41,391 | 57,967 | |
FDIC loss-share receivable | 3,906 | 9,645 | |
Central Bank of Georgia (CBG) [Member] | |||
Covered Assets [Line Items] | |||
Covered loans | 60,950 | 85,118 | |
Less: Credit risk adjustments | 6,409 | 13,615 | |
Total covered loans | 54,541 | 71,503 | |
OREO | 4,805 | 7,610 | |
Less: Fair value adjustments | 909 | 1,933 | |
Total covered OREO | 3,896 | 5,677 | |
Total covered assets | 58,437 | 77,180 | |
FDIC loss-share receivable | $8,135 | $14,821 |
Assets_Acquired_in_FDICAssiste7
Assets Acquired in FDIC-Assisted Acquisitions - Rollforward of Acquired Covered Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Covered Loans [Line Items] | ||
Balance, beginning of year | $25,493 | $16,698 |
Accretion | 22,188 | 42,208 |
Transfers to covered other real estate owned | -4,160 | |
Balance, end of year | 15,578 | 25,493 |
Loans with Deterioration of Credit Quality [Member] | ||
Covered Loans [Line Items] | ||
Balance, beginning of year | 390,237 | 507,712 |
Charge-offs, net of recoveries | -9,255 | -7,695 |
Accretion | 22,188 | 42,208 |
Transfers to covered other real estate owned | -13,650 | -31,833 |
Transfer to purchased, non-covered loans due to loss share expiration | -15,475 | |
Payments received | -102,996 | -120,155 |
Other | 230 | |
Balance, end of year | $271,279 | $390,237 |
Assets_Acquired_in_FDICAssiste8
Assets Acquired in FDIC-Assisted Acquisitions - Schedule of Changes in Accretable Discounts Related Acquired Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Combinations [Abstract] | ||
Balance, beginning of year | $25,493 | $16,698 |
Accretion | -22,188 | -42,208 |
Transfers between non-accretable and accretable discounts, net | 12,273 | 51,003 |
Balance, end of year | $15,578 | $25,493 |
Assets_Acquired_in_FDICAssiste9
Assets Acquired in FDIC-Assisted Acquisitions - Changes in FDIC Loss Share Receivable (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Combinations [Abstract] | ||
Beginning balance | $65,441 | $159,724 |
Payments received from FDIC | -22,494 | -68,822 |
Accretion (amortization) | -18,449 | -34,533 |
Change in clawback liability | -1,222 | -3,398 |
Charge-offs on covered loans | 3,372 | 6,156 |
Write downs of covered other real estate owned | 4,771 | 13,117 |
Reimbursable expenses on covered assets | 1,078 | 5,820 |
Other activity, net | -1,146 | -12,623 |
Ending balance | $31,351 | $65,441 |
Securities_Amortized_Cost_and_
Securities - Amortized Cost and Estimated Fair Value of Securities Available for Sale (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Amortized Cost | $533,219 | $488,838 |
Gross Unrealized Gains | 10,697 | 4,891 |
Gross Unrealized Losses | -2,111 | -7,494 |
Estimated Fair Value | 541,805 | 486,235 |
US Government Agencies [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Amortized Cost | 14,953 | 14,947 |
Gross Unrealized Losses | -275 | -1,021 |
Estimated Fair Value | 14,678 | 13,926 |
State, County and Municipal Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Amortized Cost | 137,873 | 112,659 |
Gross Unrealized Gains | 3,935 | 2,269 |
Gross Unrealized Losses | -433 | -2,174 |
Estimated Fair Value | 141,375 | 112,754 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Amortized Cost | 10,812 | 10,311 |
Gross Unrealized Gains | 228 | 275 |
Gross Unrealized Losses | -261 | |
Estimated Fair Value | 11,040 | 10,325 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Amortized Cost | 369,581 | 349,441 |
Gross Unrealized Gains | 6,534 | 2,347 |
Gross Unrealized Losses | -1,403 | -4,038 |
Estimated Fair Value | 374,712 | 347,750 |
Collateralized Debt Obligations [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Amortized Cost | 1,480 | |
Estimated Fair Value | $1,480 |
Securities_Schedule_of_Gross_U
Securities - Schedule of Gross Unrealized Losses and Fair Value of Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | $51,798 | $156,316 |
12 Months or More, Estimated Fair Value | 81,155 | 32,008 |
Total Estimated Fair Value | 132,953 | 188,324 |
Less Than 12 Months, Unrealized Losses | -291 | -5,396 |
12 Months or More, Unrealized Losses | -1,820 | -2,098 |
Total Unrealized Losses | -2,111 | -7,494 |
US Government Agencies [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 13,926 | |
12 Months or More, Estimated Fair Value | 14,678 | |
Total Estimated Fair Value | 14,678 | 13,926 |
Less Than 12 Months, Unrealized Losses | -1,021 | |
12 Months or More, Unrealized Losses | -275 | |
Total Unrealized Losses | -275 | -1,021 |
State, County and Municipal Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 15,038 | 47,401 |
12 Months or More, Estimated Fair Value | 19,665 | 3,794 |
Total Estimated Fair Value | 34,703 | 51,195 |
Less Than 12 Months, Unrealized Losses | -70 | -1,882 |
12 Months or More, Unrealized Losses | -363 | -292 |
Total Unrealized Losses | -433 | -2,174 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
12 Months or More, Estimated Fair Value | 4,826 | |
Total Estimated Fair Value | 4,826 | |
12 Months or More, Unrealized Losses | -261 | |
Total Unrealized Losses | -261 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 36,760 | 94,989 |
12 Months or More, Estimated Fair Value | 46,812 | 23,388 |
Total Estimated Fair Value | 83,572 | 118,377 |
Less Than 12 Months, Unrealized Losses | -221 | -2,493 |
12 Months or More, Unrealized Losses | -1,182 | -1,545 |
Total Unrealized Losses | ($1,403) | ($4,038) |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Securities, carrying value | $286.60 | $399 |
Debt Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Number of securities, Total | 340 | |
Number of securities in unrealized loss position | 66 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Number of securities in unrealized loss position | 37 | |
State, County and Municipal Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Number of securities in unrealized loss position | 26 | |
U.S. Government Sponsored Agencies [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Number of securities in unrealized loss position | 3 |
Securities_Amortized_Cost_and_1
Securities - Amortized Cost and Fair Value of Debt Securities Available for Sale Securities by Contractual Maturity (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Due in one year or less, Amortized Cost | $5,693 | |
Due from one year to five years, Amortized Cost | 45,110 | |
Due from five to ten years, Amortized Cost | 63,043 | |
Due after ten years, Amortized Cost | 49,792 | |
Amortized Cost | 533,219 | 488,838 |
Due in one year or less, Estimated Fair Value | 5,757 | |
Due from one year to five years, Estimated Fair Value | 46,340 | |
Due from five to ten years, Estimated Fair Value | 64,201 | |
Due after ten years, Estimated Fair Value | 50,795 | |
Mortgage-backed securities, Estimated Fair Value | 374,712 | |
Total Fair Value | 541,805 | 486,235 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Mortgage-backed securities, Amortized cost | 369,581 | |
Amortized Cost | 369,581 | 349,441 |
Total Fair Value | $374,712 | $347,750 |
Securities_Gains_and_Losses_on
Securities - Gains and Losses on Sales of Securities Available for Sale (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amortized Cost and Fair Value Debt Securities [Abstract] | |||
Gross gains on sales of securities | $141 | $353 | $420 |
Gross losses on sales of securities | -3 | -182 | -98 |
Net realized gains on sales of securities available for sale | $138 | $171 | $322 |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Schedule of Accounts Notes Loans and Financial Receivables (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and deferred loan fees receivables | $1,889,881 | $1,618,454 |
Allowance for loan losses | 21,157 | 22,377 |
Loans, net | 1,868,724 | 1,596,077 |
Commercial, Financial & Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and deferred loan fees receivables | 319,654 | 244,373 |
Real Estate - Construction & Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and deferred loan fees receivables | 161,507 | 146,371 |
Commercial And Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and deferred loan fees receivables | 907,524 | 808,323 |
Real Estate - Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and deferred loan fees receivables | 456,106 | 351,886 |
Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and deferred loan fees receivables | 30,782 | 34,249 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and deferred loan fees receivables | $14,308 | $33,252 |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
RiskGrades | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased non-covered loans | $674,200,000 | $448,800,000 | |
Covered loans acquired in FDIC-assisted transactions | 271,300,000 | 390,200,000 | |
Loans on nonaccrual status, excluding purchased non-covered and covered loans | 21,700,000 | 29,200,000 | 38,900,000 |
Purchased non-covered loans on nonaccrual status | 18,200,000 | 6,700,000 | |
Troubled debt restructurings, provision for loan loss expense | 843,000 | 1,500,000 | 2,600,000 |
Number of risk grading system category | 9 | ||
Modified loans | 29,100,000 | 30,400,000 | |
Troubled debt restructurings | 1,214,000 | 3,390,000 | |
Troubled debt restructurings, previous charge-offs | 2,200,000 | 2,100,000 | |
Allowance for loan losses allocated to troubled debt restructurings | 231,000 | 432,000 | |
Commitments to lend additional funds | 0 | ||
Troubled debt restructurings principal balances | 3,100,000 | ||
Allowance for loan losses adjustments | 232,000 | ||
Troubled debt restructurings principal balances | 1,200,000 | ||
Deposits from principal officers, directors, and their affiliates | 6,018,000 | 5,994,000 | |
Non-Covered Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled debt restructurings, provision for loan loss expense | 84,000 | 0 | 0 |
Purchased Non-Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 18,249,000 | 6,659,000 | |
Modified loans | 10,347,000 | 12,903,000 | |
Troubled debt restructurings | 1,212,000 | 5,938,000 | |
Troubled debt restructurings, previous charge-offs | 29,000 | ||
Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 35,412,000 | 69,152,000 | |
Modified loans | 8,534,000 | 20,990,000 | |
Troubled debt restructurings | 24,600,000 | 27,300,000 | |
Troubled debt restructurings, previous charge-offs | 1,800,000 | 1,600,000 | |
Commitments to lend additional funds | 0 | ||
Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due loan accrued | 90 days | ||
Nonaccrual loans | 100,000 | ||
Loan-to-value ratio | 110.00% | ||
Minimum [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | $200,000 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses - Summary of Carrying Value of Purchased Non-Covered Loans According to Loan Type (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-covered loans | $21,157 | $22,377 |
Purchased Non-Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-covered loans | 674,239 | 448,753 |
Purchased Non-Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-covered loans | 38,041 | 32,141 |
Purchased Non-Covered Loans [Member] | Real Estate - Construction & Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-covered loans | 58,362 | 31,176 |
Purchased Non-Covered Loans [Member] | Commercial And Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-covered loans | 306,706 | 179,898 |
Purchased Non-Covered Loans [Member] | Real Estate - Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-covered loans | 266,342 | 200,851 |
Purchased Non-Covered Loans [Member] | Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-covered loans | $4,788 | $4,687 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses - Summary of Carrying Value of Covered Loans According to Loan Type (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Covered Loans | $271,279 | $390,237 |
Commercial, Financial & Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Covered Loans | 21,467 | 26,550 |
Real Estate - Construction & Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Covered Loans | 23,447 | 43,179 |
Commercial And Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Covered Loans | 147,627 | 224,451 |
Real Estate - Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Covered Loans | 78,520 | 95,173 |
Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Covered Loans | $218 | $884 |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses - Summary of Financial Receivable Nonaccrual Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Excluding Purchased Non-Covered and Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | $21,728,000 | $29,203,000 | $38,885,000 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 1,672,000 | 4,103,000 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Construction & Development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 3,774,000 | 3,971,000 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial And Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 8,141,000 | 8,566,000 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 7,663,000 | 12,152,000 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Consumer Installment Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 478,000 | 411,000 | |
Purchased Non-Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 18,249,000 | 6,659,000 | |
Purchased Non-Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 175,000 | 11,000 | |
Purchased Non-Covered Loans [Member] | Real Estate - Construction & Development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 1,119,000 | 325,000 | |
Purchased Non-Covered Loans [Member] | Commercial And Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 10,242,000 | 1,653,000 | |
Purchased Non-Covered Loans [Member] | Real Estate - Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 6,644,000 | 4,658,000 | |
Purchased Non-Covered Loans [Member] | Consumer Installment Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 69,000 | 12,000 | |
Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 35,412,000 | 69,152,000 | |
Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 8,541,000 | 7,257,000 | |
Covered Loans [Member] | Real Estate - Construction & Development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 7,601,000 | 14,781,000 | |
Covered Loans [Member] | Commercial And Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 12,584,000 | 33,495,000 | |
Covered Loans [Member] | Real Estate - Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 6,595,000 | 13,278,000 | |
Covered Loans [Member] | Consumer Installment Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | $91,000 | $341,000 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses - Summary of Excluding Purchased Non-Covered and Covered Past Due Financial Receivables (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | $29,100 | $30,400 |
Total Loans | 1,889,881 | 1,618,454 |
Commercial, Financial & Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 319,654 | 244,373 |
Real Estate - Construction & Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 161,507 | 146,371 |
Commercial And Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 907,524 | 808,323 |
Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 456,106 | 351,886 |
Consumer Installment Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 30,782 | 34,249 |
Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 14,308 | 33,252 |
Excluding Purchased Non-Covered and Covered Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 9,728 | 21,890 |
Loans 60-89 Days Past Due | 3,646 | 3,661 |
Loans 90 or More Days Past Due | 19,733 | 27,659 |
Total Loans Past Due | 33,107 | 53,210 |
Current Loans | 1,856,774 | 1,565,244 |
Total Loans | 1,889,881 | 1,618,454 |
Loans 90 Days or More Past Due and Still Accruing | 1 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 900 | 10,893 |
Loans 60-89 Days Past Due | 233 | 272 |
Loans 90 or More Days Past Due | 1,577 | 4,081 |
Total Loans Past Due | 2,710 | 15,246 |
Current Loans | 316,944 | 229,127 |
Total Loans | 319,654 | 244,373 |
Loans 90 Days or More Past Due and Still Accruing | 0 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Construction & Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 1,382 | 1,026 |
Loans 60-89 Days Past Due | 286 | 69 |
Loans 90 or More Days Past Due | 3,367 | 3,935 |
Total Loans Past Due | 5,035 | 5,030 |
Current Loans | 156,472 | 141,341 |
Total Loans | 161,507 | 146,371 |
Loans 90 Days or More Past Due and Still Accruing | 0 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial And Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 2,859 | 3,981 |
Loans 60-89 Days Past Due | 635 | 1,388 |
Loans 90 or More Days Past Due | 7,668 | 7,751 |
Total Loans Past Due | 11,162 | 13,120 |
Current Loans | 896,362 | 795,203 |
Total Loans | 907,524 | 808,323 |
Loans 90 Days or More Past Due and Still Accruing | 0 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 3,953 | 5,422 |
Loans 60-89 Days Past Due | 2,334 | 1,735 |
Loans 90 or More Days Past Due | 6,755 | 11,587 |
Total Loans Past Due | 13,042 | 18,744 |
Current Loans | 443,064 | 333,142 |
Total Loans | 456,106 | 351,886 |
Loans 90 Days or More Past Due and Still Accruing | 0 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Consumer Installment Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 634 | 568 |
Loans 60-89 Days Past Due | 158 | 197 |
Loans 90 or More Days Past Due | 366 | 305 |
Total Loans Past Due | 1,158 | 1,070 |
Current Loans | 29,624 | 33,179 |
Total Loans | 30,782 | 34,249 |
Loans 90 Days or More Past Due and Still Accruing | 1 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 0 | |
Loans 60-89 Days Past Due | 0 | |
Loans 90 or More Days Past Due | 0 | |
Total Loans Past Due | 0 | |
Current Loans | 14,308 | 33,252 |
Total Loans | 14,308 | 33,252 |
Loans 90 Days or More Past Due and Still Accruing | $0 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses - Summary of Non-Covered Past Due Financial Receivables (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | $29,100 | $30,400 |
Total Loans | 1,889,881 | 1,618,454 |
Commercial, Financial & Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 319,654 | 244,373 |
Real Estate - Construction & Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 161,507 | 146,371 |
Commercial And Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 907,524 | 808,323 |
Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 456,106 | 351,886 |
Consumer Installment Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 30,782 | 34,249 |
Purchased Non-Covered Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 10,347 | 12,903 |
Loans 60-89 Days Past Due | 4,420 | 3,314 |
Loans 90 or More Days Past Due | 17,255 | 5,289 |
Total Loans Past Due | 32,022 | 21,506 |
Current Loans | 642,217 | 427,247 |
Total Loans | 674,239 | 448,753 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Purchased Non-Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 461 | 370 |
Loans 60-89 Days Past Due | 90 | 70 |
Loans 90 or More Days Past Due | 175 | 11 |
Total Loans Past Due | 726 | 451 |
Current Loans | 37,315 | 31,690 |
Total Loans | 38,041 | 32,141 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Purchased Non-Covered Loans [Member] | Real Estate - Construction & Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 790 | 1,008 |
Loans 60-89 Days Past Due | 1,735 | 89 |
Loans 90 or More Days Past Due | 1,117 | 325 |
Total Loans Past Due | 3,642 | 1,422 |
Current Loans | 54,720 | 29,754 |
Total Loans | 58,362 | 31,176 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Purchased Non-Covered Loans [Member] | Commercial And Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 2,107 | 6,851 |
Loans 60-89 Days Past Due | 1,194 | 2,064 |
Loans 90 or More Days Past Due | 9,529 | 1,516 |
Total Loans Past Due | 12,830 | 10,431 |
Current Loans | 293,876 | 169,467 |
Total Loans | 306,706 | 179,898 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Purchased Non-Covered Loans [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 6,907 | 4,667 |
Loans 60-89 Days Past Due | 1,401 | 1,074 |
Loans 90 or More Days Past Due | 6,369 | 3,428 |
Total Loans Past Due | 14,677 | 9,169 |
Current Loans | 251,665 | 191,682 |
Total Loans | 266,342 | 200,851 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Purchased Non-Covered Loans [Member] | Consumer Installment Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 82 | 7 |
Loans 60-89 Days Past Due | 17 | |
Loans 90 or More Days Past Due | 65 | 9 |
Total Loans Past Due | 147 | 33 |
Current Loans | 4,641 | 4,654 |
Total Loans | 4,788 | 4,687 |
Loans 90 Days or More Past Due and Still Accruing | $0 | $0 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses - Summary of Covered Past Due Financial Receivables (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans 30-59 Days Past Due | $29,100 | $30,400 |
Total Loans | 1,889,881 | 1,618,454 |
Commercial, Financial & Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 319,654 | 244,373 |
Real Estate - Construction & Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 161,507 | 146,371 |
Commercial And Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 907,524 | 808,323 |
Real Estate - Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 456,106 | 351,886 |
Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 30,782 | 34,249 |
Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans 30-59 Days Past Due | 8,534 | 20,990 |
Loans 60-89 Days Past Due | 2,810 | 6,434 |
Loans 90 or More Days Past Due | 22,039 | 57,197 |
Total Loans Past Due | 33,383 | 84,621 |
Current Loans | 237,896 | 305,616 |
Total Loans | 271,279 | 390,237 |
Loans 90 Days or More Past Due and Still Accruing | 714 | 346 |
Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans 30-59 Days Past Due | 451 | 3,966 |
Loans 60-89 Days Past Due | 136 | 12 |
Loans 90 or More Days Past Due | 1,878 | 6,165 |
Total Loans Past Due | 2,465 | 10,143 |
Current Loans | 19,002 | 16,407 |
Total Loans | 21,467 | 26,550 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Covered Loans [Member] | Real Estate - Construction & Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans 30-59 Days Past Due | 238 | 843 |
Loans 60-89 Days Past Due | 226 | 144 |
Loans 90 or More Days Past Due | 6,703 | 14,055 |
Total Loans Past Due | 7,167 | 15,042 |
Current Loans | 16,280 | 28,137 |
Total Loans | 23,447 | 43,179 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Covered Loans [Member] | Commercial And Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans 30-59 Days Past Due | 4,371 | 8,482 |
Loans 60-89 Days Past Due | 1,486 | 4,350 |
Loans 90 or More Days Past Due | 7,711 | 26,428 |
Total Loans Past Due | 13,568 | 39,260 |
Current Loans | 134,059 | 185,191 |
Total Loans | 147,627 | 224,451 |
Loans 90 Days or More Past Due and Still Accruing | 714 | 346 |
Covered Loans [Member] | Real Estate - Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans 30-59 Days Past Due | 3,464 | 7,648 |
Loans 60-89 Days Past Due | 962 | 1,914 |
Loans 90 or More Days Past Due | 5,656 | 10,244 |
Total Loans Past Due | 10,082 | 19,806 |
Current Loans | 68,438 | 75,367 |
Total Loans | 78,520 | 95,173 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Covered Loans [Member] | Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans 30-59 Days Past Due | 10 | 51 |
Loans 60-89 Days Past Due | 0 | 14 |
Loans 90 or More Days Past Due | 91 | 305 |
Total Loans Past Due | 101 | 370 |
Current Loans | 117 | 514 |
Total Loans | 218 | 884 |
Loans 90 Days or More Past Due and Still Accruing | $0 | $0 |
Recovered_Sheet2
Loans and Allowance for Loan Losses - Summary of Impaired Financial Receivables Excluding Purchased Non-Covered and Covered Loans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled debt restructurings not included above | $1,214,000 | $3,390,000 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 21,728,000 | 29,203,000 | 38,885,000 |
Troubled debt restructurings not included above | 12,759,000 | 17,214,000 | 18,744,000 |
Total impaired loans | 34,487,000 | 46,417,000 | 57,629,000 |
Interest income recognized on impaired loans | 1,170,000 | 522,000 | 495,000 |
Foregone interest income on impaired loans | $155,000 | $418,000 | $718,000 |
Recovered_Sheet3
Loans and Allowance for Loan Losses - Analysis of Information Pertaining to Impaired Loans, Excluding Purchased Non-Covered and Covered Loans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | $2,835,399 | $2,457,444 | $1,958,347 |
Commercial, Financial & Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 319,654 | 244,373 | 174,217 |
Real Estate - Construction & Development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 161,507 | 146,371 | 114,199 |
Commercial And Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 907,524 | 808,323 | 732,322 |
Real Estate - Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 456,106 | 366,882 | 346,480 |
Excluding Purchased Non-Covered and Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 45,415 | 61,024 | |
Recorded Investment With No Allowance | 8,935 | 0 | |
Recorded Investment With Allowance | 25,552 | 46,417 | |
Total impaired loans | 34,487 | 46,417 | 57,629 |
Related Allowance | 4,008 | 3,871 | |
Average Recorded Investment | 41,197 | 51,721 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 3,387 | 6,240 | |
Recorded Investment With No Allowance | 6 | 0 | |
Recorded Investment With Allowance | 1,956 | 4,618 | |
Total impaired loans | 1,962 | 4,618 | |
Related Allowance | 395 | 435 | |
Average Recorded Investment | 3,021 | 4,844 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Construction & Development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 8,325 | 11,363 | |
Recorded Investment With No Allowance | 448 | 0 | |
Recorded Investment With Allowance | 4,005 | 5,867 | |
Total impaired loans | 4,453 | 5,867 | |
Related Allowance | 771 | 512 | |
Average Recorded Investment | 5,368 | 8,341 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial And Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 17,514 | 18,456 | |
Recorded Investment With No Allowance | 4,967 | 0 | |
Recorded Investment With Allowance | 9,651 | 15,479 | |
Total impaired loans | 14,618 | 15,479 | |
Related Allowance | 1,859 | 1,443 | |
Average Recorded Investment | 15,972 | 17,559 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 15,571 | 24,342 | |
Recorded Investment With No Allowance | 3,514 | 0 | |
Recorded Investment With Allowance | 9,407 | 19,970 | |
Total impaired loans | 12,921 | 19,970 | |
Related Allowance | 974 | 1,472 | |
Average Recorded Investment | 16,317 | 20,335 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Consumer Installment Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 618 | 623 | |
Recorded Investment With No Allowance | 0 | ||
Recorded Investment With Allowance | 533 | 483 | |
Total impaired loans | 533 | 483 | |
Related Allowance | 9 | 9 | |
Average Recorded Investment | $519 | $642 |
Recovered_Sheet4
Loans and Allowance for Loan Losses - Summary of Impaired Financial Receivables (Summary of Purchased Non-Covered Impaired Loans) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings not included above | $1,214,000 | $3,390,000 |
Purchased Non-Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 18,249,000 | 6,659,000 |
Troubled debt restructurings not included above | 1,212,000 | 5,938,000 |
Total impaired loans | 19,461,000 | 12,597,000 |
Interest income recognized on impaired loans | 109,000 | |
Foregone interest income on impaired loans | $237,000 |
Recovered_Sheet5
Loans and Allowance for Loan Losses - Analysis of Information Pertaining to Purchased Non-Covered Impaired Loans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | $2,835,399 | $2,457,444 | $1,958,347 |
Commercial, Financial & Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 319,654 | 244,373 | 174,217 |
Real Estate - Construction & Development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 161,507 | 146,371 | 114,199 |
Commercial And Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 907,524 | 808,323 | 732,322 |
Real Estate - Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 456,106 | 366,882 | 346,480 |
Purchased Non-Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 26,885 | 19,970 | |
Recorded Investment With No Allowance | 19,461 | 12,597 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 19,461 | 12,597 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 16,444 | 242 | |
Purchased Non-Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 499 | 19 | |
Recorded Investment With No Allowance | 175 | 11 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 175 | 11 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 165 | 0 | |
Purchased Non-Covered Loans [Member] | Real Estate - Construction & Development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 2,210 | 5,719 | |
Recorded Investment With No Allowance | 1,436 | 3,690 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 1,436 | 3,690 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 1,643 | 71 | |
Purchased Non-Covered Loans [Member] | Commercial And Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 13,520 | 4,563 | |
Recorded Investment With No Allowance | 10,588 | 2,881 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 10,588 | 2,881 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 7,484 | 55 | |
Purchased Non-Covered Loans [Member] | Real Estate - Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 10,487 | 9,612 | |
Recorded Investment With No Allowance | 7,191 | 5,978 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 7,191 | 5,978 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 7,084 | 115 | |
Purchased Non-Covered Loans [Member] | Consumer Installment Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 169 | 57 | |
Recorded Investment With No Allowance | 71 | 37 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 71 | 37 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | $68 | $1 |
Recovered_Sheet6
Loans and Allowance for Loan Losses - Summary of Impaired Financial Receivables (Summary of Covered Impaired Loans) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled debt restructurings not included above | $1,214,000 | $3,390,000 | |
Covered Impaired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 35,412,000 | 69,152,000 | 115,712,000 |
Troubled debt restructurings not included above | 22,619,000 | 22,243,000 | 17,090,000 |
Total impaired loans | 58,031,000 | 91,395,000 | 132,802,000 |
Interest income recognized on impaired loans | 1,134,000 | 968,000 | 849,000 |
Foregone interest income on impaired loans | $109,000 | $330,000 | $491,000 |
Recovered_Sheet7
Loans and Allowance for Loan Losses - Summary of Impaired Financial Receivables (Analysis of Covered Impaired Loans) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | $2,835,399 | $2,457,444 | $1,958,347 |
Commercial, Financial & Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 319,654 | 244,373 | 174,217 |
Real Estate - Construction & Development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 161,507 | 146,371 | 114,199 |
Commercial And Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 907,524 | 808,323 | 732,322 |
Real Estate - Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 456,106 | 366,882 | 346,480 |
Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 65,555 | 106,690 | 507,712 |
Recorded Investment With No Allowance | 58,031 | 91,395 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 58,031 | 91,395 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 73,757 | 110,830 | |
Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 10,845 | 9,680 | |
Recorded Investment With No Allowance | 8,582 | 7,270 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 8,582 | 7,270 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 9,777 | 8,696 | |
Covered Loans [Member] | Real Estate - Construction & Development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 11,621 | 20,915 | |
Recorded Investment With No Allowance | 10,638 | 18,037 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 10,638 | 18,037 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 14,132 | 21,794 | |
Covered Loans [Member] | Commercial And Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 23,349 | 46,612 | |
Recorded Investment With No Allowance | 20,663 | 40,749 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 20,663 | 40,749 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 28,594 | 51,584 | |
Covered Loans [Member] | Real Estate - Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 19,629 | 29,089 | |
Recorded Investment With No Allowance | 18,054 | 24,998 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 18,054 | 24,998 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 21,091 | 28,452 | |
Covered Loans [Member] | Consumer Installment Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 111 | 394 | |
Recorded Investment With No Allowance | 94 | 341 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 94 | 341 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | $163 | $304 |
Recovered_Sheet8
Loans and Allowance for Loan Losses - Summary of Credit Quality Indicate Financial Receivable (Loan Excluding Purchased Non-Covered and Covered Loans Portfolio) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | $1,889,881 | $1,618,454 |
Commercial, Financial & Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 319,654 | 244,373 |
Real Estate - Construction & Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 161,507 | 146,371 |
Commercial And Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 907,524 | 808,323 |
Real Estate - Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 456,106 | 351,886 |
Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 30,782 | 34,249 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 14,308 | 33,252 |
Excluding Purchased Non-Covered and Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,889,881 | 1,618,454 |
Excluding Purchased Non-Covered and Covered Loans [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 128,577 | 74,381 |
Excluding Purchased Non-Covered and Covered Loans [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 217,804 | 230,212 |
Excluding Purchased Non-Covered and Covered Loans [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 947,948 | 773,051 |
Excluding Purchased Non-Covered and Covered Loans [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 29,205 | 31,604 |
Excluding Purchased Non-Covered and Covered Loans [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 488,187 | 420,491 |
Excluding Purchased Non-Covered and Covered Loans [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 25,983 | 30,591 |
Excluding Purchased Non-Covered and Covered Loans [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 52,176 | 57,987 |
Excluding Purchased Non-Covered and Covered Loans [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1 | 137 |
Excluding Purchased Non-Covered and Covered Loans [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 319,654 | 244,373 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 121,355 | 66,983 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 25,318 | 24,789 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 100,599 | 93,852 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 56 | 127 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 62,519 | 50,373 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 3,758 | 2,111 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 6,049 | 6,011 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 127 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Construction & Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 161,507 | 146,371 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Construction & Development [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 268 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Construction & Development [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 4,010 | 4,655 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Construction & Development [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 47,541 | 45,195 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Construction & Development [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 8,933 | 8,343 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Construction & Development [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 93,514 | 78,736 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Construction & Development [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,474 | 2,876 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Construction & Development [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 5,767 | 6,566 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Construction & Development [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Construction & Development [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial And Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 907,524 | 808,323 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial And Farmland [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 155 | 265 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial And Farmland [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 128,170 | 147,157 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial And Farmland [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 511,198 | 431,790 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial And Farmland [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 10,507 | 10,219 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial And Farmland [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 224,464 | 181,645 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial And Farmland [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 13,035 | 11,849 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial And Farmland [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 19,995 | 25,398 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial And Farmland [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Commercial And Farmland [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 456,106 | 351,886 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Residential [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 226 | 419 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Residential [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 59,301 | 52,335 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Residential [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 256,758 | 150,343 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Residential [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 9,672 | 12,641 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Residential [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 102,998 | 103,427 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Residential [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 7,459 | 13,558 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Residential [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 19,692 | 19,153 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Residential [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 10 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Real Estate - Residential [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 30,782 | 34,249 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Consumer Installment Loans [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 6,573 | 6,714 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Consumer Installment Loans [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,005 | 1,276 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Consumer Installment Loans [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 17,544 | 18,619 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Consumer Installment Loans [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 37 | 274 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Consumer Installment Loans [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 4,692 | 6,310 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Consumer Installment Loans [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 257 | 197 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Consumer Installment Loans [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 673 | 859 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Consumer Installment Loans [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Consumer Installment Loans [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 14,308 | 33,252 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Other [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Other [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Other [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 14,308 | 33,252 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Other [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Other [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Other [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Other [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Other [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Other [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | $0 | $0 |
Recovered_Sheet9
Loans and Allowance for Loan Losses - Summary of Credit Quality Indicate Financial Receivable (Non-Covered Loan Portfolio) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | $1,889,881 | $1,618,454 |
Commercial, Financial & Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 319,654 | 244,373 |
Real Estate - Construction & Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 161,507 | 146,371 |
Commercial And Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 907,524 | 808,323 |
Real Estate - Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 456,106 | 351,886 |
Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 30,782 | 34,249 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 14,308 | 33,252 |
Purchased Non-Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 674,239 | 448,753 |
Purchased Non-Covered Loans [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 7,394 | 2,605 |
Purchased Non-Covered Loans [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 29,727 | 34,474 |
Purchased Non-Covered Loans [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 208,686 | 88,893 |
Purchased Non-Covered Loans [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 6,578 | 0 |
Purchased Non-Covered Loans [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 361,155 | 274,442 |
Purchased Non-Covered Loans [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 25,747 | 22,962 |
Purchased Non-Covered Loans [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 34,889 | 25,377 |
Purchased Non-Covered Loans [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 63 | 0 |
Purchased Non-Covered Loans [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 38,041 | 32,141 |
Purchased Non-Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 6,624 | 1,865 |
Purchased Non-Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,376 | 4,606 |
Purchased Non-Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 13,657 | 5,172 |
Purchased Non-Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 73 | 0 |
Purchased Non-Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 13,753 | 19,638 |
Purchased Non-Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,618 | 576 |
Purchased Non-Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 910 | 284 |
Purchased Non-Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 30 | 0 |
Purchased Non-Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Real Estate - Construction & Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 58,362 | 31,176 |
Purchased Non-Covered Loans [Member] | Real Estate - Construction & Development [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Real Estate - Construction & Development [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 522 | 7 |
Purchased Non-Covered Loans [Member] | Real Estate - Construction & Development [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 12,991 | 3,960 |
Purchased Non-Covered Loans [Member] | Real Estate - Construction & Development [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Real Estate - Construction & Development [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 36,230 | 20,733 |
Purchased Non-Covered Loans [Member] | Real Estate - Construction & Development [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 4,365 | 1,760 |
Purchased Non-Covered Loans [Member] | Real Estate - Construction & Development [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 4,254 | 4,716 |
Purchased Non-Covered Loans [Member] | Real Estate - Construction & Development [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Real Estate - Construction & Development [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Commercial And Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 306,706 | 179,898 |
Purchased Non-Covered Loans [Member] | Commercial And Farmland [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Commercial And Farmland [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 13,277 | 12,998 |
Purchased Non-Covered Loans [Member] | Commercial And Farmland [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 116,308 | 43,802 |
Purchased Non-Covered Loans [Member] | Commercial And Farmland [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 3,207 | 0 |
Purchased Non-Covered Loans [Member] | Commercial And Farmland [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 144,293 | 102,260 |
Purchased Non-Covered Loans [Member] | Commercial And Farmland [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 12,279 | 9,554 |
Purchased Non-Covered Loans [Member] | Commercial And Farmland [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 17,342 | 11,284 |
Purchased Non-Covered Loans [Member] | Commercial And Farmland [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Commercial And Farmland [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Real Estate - Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 266,342 | 200,851 |
Purchased Non-Covered Loans [Member] | Real Estate - Residential [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 290 | 289 |
Purchased Non-Covered Loans [Member] | Real Estate - Residential [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 14,051 | 16,160 |
Purchased Non-Covered Loans [Member] | Real Estate - Residential [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 64,083 | 34,576 |
Purchased Non-Covered Loans [Member] | Real Estate - Residential [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 3,298 | 0 |
Purchased Non-Covered Loans [Member] | Real Estate - Residential [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 164,959 | 129,923 |
Purchased Non-Covered Loans [Member] | Real Estate - Residential [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 7,444 | 10,878 |
Purchased Non-Covered Loans [Member] | Real Estate - Residential [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 12,184 | 9,025 |
Purchased Non-Covered Loans [Member] | Real Estate - Residential [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 33 | 0 |
Purchased Non-Covered Loans [Member] | Real Estate - Residential [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 4,788 | 4,687 |
Purchased Non-Covered Loans [Member] | Consumer Installment Loans [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 480 | 451 |
Purchased Non-Covered Loans [Member] | Consumer Installment Loans [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 501 | 703 |
Purchased Non-Covered Loans [Member] | Consumer Installment Loans [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,647 | 1,383 |
Purchased Non-Covered Loans [Member] | Consumer Installment Loans [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Consumer Installment Loans [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,920 | 1,888 |
Purchased Non-Covered Loans [Member] | Consumer Installment Loans [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 41 | 194 |
Purchased Non-Covered Loans [Member] | Consumer Installment Loans [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 199 | 68 |
Purchased Non-Covered Loans [Member] | Consumer Installment Loans [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Consumer Installment Loans [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Other [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Other [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Other [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Other [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Other [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Other [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Other [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Other [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Purchased Non-Covered Loans [Member] | Other [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | $0 | $0 |
Recovered_Sheet10
Loans and Allowance for Loan Losses - Summary of Credit Quality Indicate Financial Receivable (Covered Loan Portfolio) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | $1,889,881 | $1,618,454 |
Commercial, Financial & Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 319,654 | 244,373 |
Real Estate - Construction & Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 161,507 | 146,371 |
Commercial And Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 907,524 | 808,323 |
Real Estate - Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 456,106 | 351,886 |
Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 30,782 | 34,249 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 14,308 | 33,252 |
Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 271,279 | 390,237 |
Covered Loans [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,287 | 1,702 |
Covered Loans [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 41,434 | 66,963 |
Covered Loans [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 18,747 | 23,055 |
Covered Loans [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 128,082 | 157,438 |
Covered Loans [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 20,913 | 35,424 |
Covered Loans [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 60,816 | 105,655 |
Covered Loans [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 21,467 | 26,550 |
Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 917 | 2,184 |
Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 164 | 134 |
Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 5,181 | 7,508 |
Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 4,808 | 5,125 |
Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 10,397 | 11,599 |
Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Commercial, Financial & Agricultural [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Real Estate - Construction & Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 23,447 | 43,179 |
Covered Loans [Member] | Real Estate - Construction & Development [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Real Estate - Construction & Development [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1 | 16 |
Covered Loans [Member] | Real Estate - Construction & Development [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 3,184 | 8,549 |
Covered Loans [Member] | Real Estate - Construction & Development [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 537 | 1,085 |
Covered Loans [Member] | Real Estate - Construction & Development [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 9,406 | 9,611 |
Covered Loans [Member] | Real Estate - Construction & Development [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 2,753 | 2,006 |
Covered Loans [Member] | Real Estate - Construction & Development [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 7,566 | 21,912 |
Covered Loans [Member] | Real Estate - Construction & Development [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Real Estate - Construction & Development [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Commercial And Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 147,627 | 224,451 |
Covered Loans [Member] | Commercial And Farmland [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Commercial And Farmland [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 761 | 1,048 |
Covered Loans [Member] | Commercial And Farmland [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 23,167 | 34,674 |
Covered Loans [Member] | Commercial And Farmland [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 11,404 | 17,037 |
Covered Loans [Member] | Commercial And Farmland [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 80,334 | 101,657 |
Covered Loans [Member] | Commercial And Farmland [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 5,302 | 21,297 |
Covered Loans [Member] | Commercial And Farmland [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 26,659 | 48,738 |
Covered Loans [Member] | Commercial And Farmland [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Commercial And Farmland [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Real Estate - Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 78,520 | 95,173 |
Covered Loans [Member] | Real Estate - Residential [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Real Estate - Residential [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 525 | 638 |
Covered Loans [Member] | Real Estate - Residential [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 14,089 | 21,363 |
Covered Loans [Member] | Real Estate - Residential [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 6,642 | 4,748 |
Covered Loans [Member] | Real Estate - Residential [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 33,124 | 38,427 |
Covered Loans [Member] | Real Estate - Residential [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 8,050 | 6,979 |
Covered Loans [Member] | Real Estate - Residential [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 16,090 | 23,018 |
Covered Loans [Member] | Real Estate - Residential [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Real Estate - Residential [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 218 | 884 |
Covered Loans [Member] | Consumer Installment Loans [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Consumer Installment Loans [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Consumer Installment Loans [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 77 | 193 |
Covered Loans [Member] | Consumer Installment Loans [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 51 |
Covered Loans [Member] | Consumer Installment Loans [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 37 | 235 |
Covered Loans [Member] | Consumer Installment Loans [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 17 |
Covered Loans [Member] | Consumer Installment Loans [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 104 | 388 |
Covered Loans [Member] | Consumer Installment Loans [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Consumer Installment Loans [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Other [Member] | 10 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Other [Member] | 15 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Other [Member] | 20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Other [Member] | 23 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Other [Member] | 25 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Other [Member] | 30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Other [Member] | 40 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Other [Member] | 50 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Covered Loans [Member] | Other [Member] | 60 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | $0 | $0 |
Recovered_Sheet11
Loans and Allowance for Loan Losses - Summary of Troubled Debt Restructuring by Loan Class, Defaulted under Restructured Terms (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Contract | Contract |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 14 | 10 |
Troubled debt restructuring loans | $1,214 | $3,390 |
Commercial, Financial & Agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | 3 |
Troubled debt restructuring loans | 236 | 525 |
Real Estate - Construction & Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | 1 |
Troubled debt restructuring loans | 33 | 29 |
Commercial And Farmland [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 2 | 3 |
Troubled debt restructuring loans | 570 | 2,197 |
Real Estate - Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 6 | 3 |
Troubled debt restructuring loans | 314 | 639 |
Consumer Installment Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 4 | |
Troubled debt restructuring loans | $61 |
Recovered_Sheet12
Loans and Allowance for Loan Losses - Summary of Troubled Debt Restructurings by Loan Class, Excluding Purchased Non-Covered and Covered Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 14 | 10 | |
Troubled debt restructuring loans | $1,214 | $3,390 | |
Commercial, Financial & Agricultural [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 1 | 3 | |
Troubled debt restructuring loans | 236 | 525 | |
Real Estate - Construction & Development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 1 | 1 | |
Troubled debt restructuring loans | 33 | 29 | |
Commercial And Farmland [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 2 | 3 | |
Troubled debt restructuring loans | 570 | 2,197 | |
Real Estate - Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 6 | 3 | |
Troubled debt restructuring loans | 314 | 639 | |
Consumer Installment Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 4 | ||
Troubled debt restructuring loans | 61 | ||
Excluding Purchased Non-Covered and Covered Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructuring loans | 12,759 | 17,214 | 18,744 |
Excluding Purchased Non-Covered and Covered Loans [Member] | Accruing Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 92 | 72 | |
Troubled debt restructuring loans | 12,759 | 17,214 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Accruing Loans [Member] | Commercial, Financial & Agricultural [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 6 | 4 | |
Troubled debt restructuring loans | 290 | 515 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Accruing Loans [Member] | Real Estate - Construction & Development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 9 | 8 | |
Troubled debt restructuring loans | 679 | 1,896 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Accruing Loans [Member] | Commercial And Farmland [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 19 | 17 | |
Troubled debt restructuring loans | 6,477 | 6,913 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Accruing Loans [Member] | Real Estate - Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 47 | 37 | |
Troubled debt restructuring loans | 5,258 | 7,818 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Accruing Loans [Member] | Consumer Installment Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 11 | 6 | |
Troubled debt restructuring loans | 55 | 72 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Non-Accruing Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 32 | 20 | |
Troubled debt restructuring loans | 2,523 | 3,683 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Non-Accruing Loans [Member] | Commercial, Financial & Agricultural [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 2 | 3 | |
Troubled debt restructuring loans | 13 | 525 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Non-Accruing Loans [Member] | Real Estate - Construction & Development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 5 | 2 | |
Troubled debt restructuring loans | 228 | 32 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Non-Accruing Loans [Member] | Commercial And Farmland [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 3 | 4 | |
Troubled debt restructuring loans | 724 | 2,273 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Non-Accruing Loans [Member] | Real Estate - Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 11 | 8 | |
Troubled debt restructuring loans | 1,485 | 834 | |
Excluding Purchased Non-Covered and Covered Loans [Member] | Non-Accruing Loans [Member] | Consumer Installment Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 11 | 3 | |
Troubled debt restructuring loans | $73 | $19 |
Recovered_Sheet13
Loans and Allowance for Loan Losses - Summary of Trouble Debt Restructuring by Loan Class of Covered Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Contract | Contract |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 14 | 10 |
Troubled debt restructuring loans | $1,214 | $3,390 |
Commercial, Financial & Agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | 3 |
Troubled debt restructuring loans | 236 | 525 |
Real Estate - Construction & Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | 1 |
Troubled debt restructuring loans | 33 | 29 |
Commercial And Farmland [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 2 | 3 |
Troubled debt restructuring loans | 570 | 2,197 |
Real Estate - Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 6 | 3 |
Troubled debt restructuring loans | 314 | 639 |
Consumer Installment Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 4 | |
Troubled debt restructuring loans | 61 | |
Covered Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring loans | 24,600 | 27,300 |
Covered Loans [Member] | Accruing Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 117 | 100 |
Troubled debt restructuring loans | 22,619 | 22,243 |
Covered Loans [Member] | Accruing Loans [Member] | Commercial, Financial & Agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 2 | 1 |
Troubled debt restructuring loans | 40 | 13 |
Covered Loans [Member] | Accruing Loans [Member] | Real Estate - Construction & Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 4 | 3 |
Troubled debt restructuring loans | 3,037 | 3,256 |
Covered Loans [Member] | Accruing Loans [Member] | Commercial And Farmland [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 14 | 13 |
Troubled debt restructuring loans | 8,079 | 7,255 |
Covered Loans [Member] | Accruing Loans [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 96 | 83 |
Troubled debt restructuring loans | 11,460 | 11,719 |
Covered Loans [Member] | Accruing Loans [Member] | Consumer Installment Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | |
Troubled debt restructuring loans | 3 | |
Covered Loans [Member] | Non-Accruing Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 17 | 24 |
Troubled debt restructuring loans | 1,942 | 5,021 |
Covered Loans [Member] | Non-Accruing Loans [Member] | Commercial, Financial & Agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 2 | 5 |
Troubled debt restructuring loans | 71 | |
Covered Loans [Member] | Non-Accruing Loans [Member] | Real Estate - Construction & Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 2 | 4 |
Troubled debt restructuring loans | 29 | 52 |
Covered Loans [Member] | Non-Accruing Loans [Member] | Commercial And Farmland [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 5 | 5 |
Troubled debt restructuring loans | 1,082 | 3,946 |
Covered Loans [Member] | Non-Accruing Loans [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 8 | 8 |
Troubled debt restructuring loans | 831 | 942 |
Covered Loans [Member] | Non-Accruing Loans [Member] | Consumer Installment Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 2 | |
Troubled debt restructuring loans | $10 |
Recovered_Sheet14
Loans and Allowance for Loan Losses - Summary of Changes in Related Party Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Receivables [Abstract] | ||
Balance, beginning of year | $5,565 | $1,392 |
Advances | 78 | 813 |
Repayments | -1,240 | -923 |
Transactions due to changes in related parties | 4,283 | |
Balance, end of year | $4,403 | $5,565 |
Recovered_Sheet15
Loans and Allowance for Loan Losses - Schedule of Allowances for Loan Losses by Portfolio Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | $22,377 | $23,593 | $22,377 | $23,593 | $35,156 | ||||||
Provision for loan losses | 888 | 1,669 | 1,365 | 1,726 | 1,478 | 2,920 | 4,165 | 2,923 | 5,648 | 11,486 | 31,089 |
Loans charged off | -9,560 | -14,823 | -43,801 | ||||||||
Recoveries of loans previously charged off | 2,692 | 2,121 | 1,149 | ||||||||
Ending balance | 21,157 | 22,377 | 21,157 | 22,377 | 23,593 | ||||||
Loans individually evaluated for impairment | 3,890 | 3,585 | 3,890 | 3,585 | 4,554 | ||||||
Loans collectively evaluated for impairment | 17,267 | 18,792 | 17,267 | 18,792 | 19,039 | ||||||
Individually evaluated for impairment | 27,649 | 39,203 | 27,649 | 39,203 | 45,320 | ||||||
Collectively evaluated for impairment | 2,563,652 | 2,134,029 | 2,563,652 | 2,134,029 | 1,630,290 | ||||||
Acquired with deteriorated credit quality | 244,098 | 284,212 | 244,098 | 284,212 | 282,737 | ||||||
Ending balance | 2,835,399 | 2,457,444 | 2,835,399 | 2,457,444 | 1,958,347 | ||||||
Purchased Non-Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Provision for loan losses | 84 | ||||||||||
Loans charged off | -84 | ||||||||||
Collectively evaluated for impairment | 579,172 | 381,588 | 579,172 | 381,588 | |||||||
Acquired with deteriorated credit quality | 95,067 | 67,165 | 95,067 | 67,165 | |||||||
Ending balance | 26,885 | 19,970 | 26,885 | 19,970 | |||||||
Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Provision for loan losses | 843 | 1,539 | 2,638 | ||||||||
Loans charged off | -1,851 | -1,539 | -2,638 | ||||||||
Recoveries of loans previously charged off | 1,008 | ||||||||||
Collectively evaluated for impairment | 122,248 | 173,190 | 122,248 | 173,190 | 224,975 | ||||||
Acquired with deteriorated credit quality | 149,031 | 217,047 | 149,031 | 217,047 | 282,737 | ||||||
Ending balance | 65,555 | 106,690 | 65,555 | 106,690 | 507,712 | ||||||
Commercial, Financial & Agricultural [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 1,823 | 2,439 | 1,823 | 2,439 | 2,918 | ||||||
Provision for loan losses | 1,427 | 711 | 815 | ||||||||
Loans charged off | -1,567 | -1,759 | -1,451 | ||||||||
Recoveries of loans previously charged off | 321 | 432 | 157 | ||||||||
Ending balance | 2,004 | 1,823 | 2,004 | 1,823 | 2,439 | ||||||
Loans individually evaluated for impairment | 375 | 356 | 375 | 356 | 659 | ||||||
Loans collectively evaluated for impairment | 1,629 | 1,467 | 1,629 | 1,467 | 1,780 | ||||||
Individually evaluated for impairment | 490 | 3,457 | 490 | 3,457 | 3,351 | ||||||
Collectively evaluated for impairment | 319,164 | 240,916 | 319,164 | 240,916 | 170,866 | ||||||
Ending balance | 319,654 | 244,373 | 319,654 | 244,373 | 174,217 | ||||||
Commercial, Financial & Agricultural [Member] | Purchased Non-Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Ending balance | 499 | 19 | 499 | 19 | |||||||
Commercial, Financial & Agricultural [Member] | Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Ending balance | 10,845 | 9,680 | 10,845 | 9,680 | |||||||
Real Estate - Construction & Development [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 5,538 | 5,343 | 5,538 | 5,343 | 9,438 | ||||||
Provision for loan losses | -265 | 1,742 | 5,245 | ||||||||
Loans charged off | -592 | -2,020 | -9,380 | ||||||||
Recoveries of loans previously charged off | 349 | 473 | 40 | ||||||||
Ending balance | 5,030 | 5,538 | 5,030 | 5,538 | 5,343 | ||||||
Loans individually evaluated for impairment | 743 | 407 | 743 | 407 | 611 | ||||||
Loans collectively evaluated for impairment | 4,287 | 5,131 | 4,287 | 5,131 | 4,732 | ||||||
Individually evaluated for impairment | 3,709 | 3,581 | 3,709 | 3,581 | 7,617 | ||||||
Collectively evaluated for impairment | 157,798 | 142,790 | 157,798 | 142,790 | 106,582 | ||||||
Ending balance | 161,507 | 146,371 | 161,507 | 146,371 | 114,199 | ||||||
Real Estate - Construction & Development [Member] | Purchased Non-Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Ending balance | 2,210 | 5,719 | 2,210 | 5,719 | |||||||
Real Estate - Construction & Development [Member] | Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Ending balance | 11,621 | 20,915 | 11,621 | 20,915 | |||||||
Commercial And Farmland [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 8,393 | 9,157 | 8,393 | 9,157 | 14,226 | ||||||
Provision for loan losses | 3,444 | 2,777 | 15,000 | ||||||||
Loans charged off | -3,288 | -3,571 | -20,551 | ||||||||
Recoveries of loans previously charged off | 274 | 30 | 482 | ||||||||
Ending balance | 8,823 | 8,393 | 8,823 | 8,393 | 9,157 | ||||||
Loans individually evaluated for impairment | 1,861 | 1,427 | 1,861 | 1,427 | 2,228 | ||||||
Loans collectively evaluated for impairment | 6,962 | 6,966 | 6,962 | 6,966 | 6,929 | ||||||
Individually evaluated for impairment | 14,546 | 15,240 | 14,546 | 15,240 | 21,332 | ||||||
Collectively evaluated for impairment | 892,978 | 793,083 | 892,978 | 793,083 | 710,990 | ||||||
Ending balance | 907,524 | 808,323 | 907,524 | 808,323 | 732,322 | ||||||
Commercial And Farmland [Member] | Purchased Non-Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Ending balance | 13,520 | 4,563 | 13,520 | 4,563 | |||||||
Commercial And Farmland [Member] | Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Ending balance | 23,349 | 46,612 | 23,349 | 46,612 | |||||||
Real Estate - Residential [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 6,034 | 5,898 | 6,034 | 5,898 | 8,128 | ||||||
Provision for loan losses | -452 | 4,463 | 6,267 | ||||||||
Loans charged off | -1,707 | -5,215 | -8,722 | ||||||||
Recoveries of loans previously charged off | 254 | 888 | 225 | ||||||||
Ending balance | 4,129 | 6,034 | 4,129 | 6,034 | 5,898 | ||||||
Loans individually evaluated for impairment | 911 | 1,395 | 911 | 1,395 | 1,056 | ||||||
Loans collectively evaluated for impairment | 3,218 | 4,639 | 3,218 | 4,639 | 4,842 | ||||||
Individually evaluated for impairment | 8,904 | 16,925 | 8,904 | 16,925 | 13,020 | ||||||
Collectively evaluated for impairment | 447,202 | 349,957 | 447,202 | 349,957 | 333,460 | ||||||
Ending balance | 456,106 | 366,882 | 456,106 | 366,882 | 346,480 | ||||||
Real Estate - Residential [Member] | Purchased Non-Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Ending balance | 10,487 | 9,612 | 10,487 | 9,612 | |||||||
Real Estate - Residential [Member] | Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Ending balance | 19,629 | 29,089 | 19,629 | 29,089 | |||||||
Consumer Installment Loans and Other [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 589 | 756 | 589 | 756 | 446 | ||||||
Provision for loan losses | 567 | 254 | 1,124 | ||||||||
Loans charged off | -471 | -719 | -1,059 | ||||||||
Recoveries of loans previously charged off | 486 | 298 | 245 | ||||||||
Ending balance | 1,171 | 589 | 1,171 | 589 | 756 | ||||||
Loans collectively evaluated for impairment | 1,171 | 589 | 1,171 | 589 | 756 | ||||||
Collectively evaluated for impairment | 45,090 | 52,505 | 45,090 | 52,505 | 83,417 | ||||||
Ending balance | $45,090 | $52,505 | $45,090 | $52,505 | $83,417 |
Other_Real_Estate_Owned_Summar
Other Real Estate Owned - Summary of Activity in Other Real Estate Owned (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ||
Beginning balance | $33,351 | $39,850 |
Loans transferred to other real estate owned | 11,972 | 9,137 |
Net gains (losses) on sale and write-downs | -4,585 | -5,883 |
Sales proceeds | -7,578 | -9,753 |
Ending balance | $33,160 | $33,351 |
Other_Real_Estate_Owned_Summar1
Other Real Estate Owned - Summary of Activity in Purchased Non-Covered Other Real Estate Owned (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ||
Beginning balance | $4,276 | |
Loans transferred to other real estate owned | 4,160 | |
Acquired in acquisitions | 8,864 | 5,623 |
Transfer from covered other real estate owned due to loss share expiration | 1,226 | |
Net gains (losses) on sale and write-downs | 828 | |
Sales proceeds | -3,769 | -1,347 |
Ending balance | $15,585 | $4,276 |
Other_Real_Estate_Owned_Summar2
Other Real Estate Owned - Summary of Activity in Covered Other Real Estate Owned (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ||
Beginning balance | $45,893 | $88,273 |
Loans transferred to other real estate owned | 13,650 | 31,833 |
Transfer to purchased, non-covered other real estate owned due to loss share expiration | 4,771 | 13,117 |
Net gains (losses) on sale and write-downs | -5,965 | -16,395 |
Sales proceeds | -32,445 | -57,818 |
Ending balance | $19,907 | $45,893 |
Premises_and_Equipment_Summary
Premises and Equipment - Summary of Premises and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property Plant and Equipment Useful Life and Values [Abstract] | ||
Land | $31,709 | $36,481 |
Buildings | 79,692 | 69,461 |
Furniture and equipment | 41,472 | 32,705 |
Construction in progress | 971 | 2,415 |
Property and equipment gross | 153,844 | 141,062 |
Accumulated depreciation | -56,593 | -37,874 |
Property and equipment net | $97,251 | $103,188 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Option | |||
Office | |||
Bank | |||
Property Plant and Equipment Useful Life and Values [Abstract] | |||
Estimated cost of construction projects in progress | $1,000,000 | $1,000,000 | |
Depreciation expense | 6,642,000 | 4,938,000 | 5,032,000 |
Lease initial term | 10 years | ||
Number of renewal option | 2 | ||
Number of bank offices | 16 | ||
Number of mortgage offices | 7 | ||
Rental expenses | $2,189,000 | $1,777,000 | $1,708,000 |
Premises_and_Equipment_Summary1
Premises and Equipment - Summary of Future Minimum Lease Commitments (Detail) (USD $) | Dec. 31, 2014 |
Property Plant and Equipment Useful Life and Values [Abstract] | |
2015 | $1,629,855 |
2016 | 1,464,571 |
2017 | 1,211,124 |
2018 | 903,479 |
2019 | 666,924 |
Thereafter | 485,021 |
Total | $6,360,974 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill And Core Deposit Intangibles [Line Items] | |||
Core deposit intangible assets | $4,542,000 | $4,383,000 | $1,149,000 |
Aggregate amortization expense for intangible assets | 2,330,000 | 1,414,000 | 1,359,000 |
Minimum [Member] | |||
Goodwill And Core Deposit Intangibles [Line Items] | |||
Amortization period of core deposit intangibles | 3 years | ||
Maximum [Member] | |||
Goodwill And Core Deposit Intangibles [Line Items] | |||
Amortization period of core deposit intangibles | 10 years | ||
Coastal Bankshares, Inc. [Member] | |||
Goodwill And Core Deposit Intangibles [Line Items] | |||
Goodwill | 27,437,000 | ||
Prosperity Bank [Member] | |||
Goodwill And Core Deposit Intangibles [Line Items] | |||
Goodwill | $35,153,000 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Summary of Information Related to Acquired Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortized intangible assets - core deposit premiums, Gross Amounts | $26,749 | $22,207 |
Amortized intangible assets - core deposit premiums, Accumulated Amortization | $18,528 | $16,198 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Estimated Amortization Expenses (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $2,325 |
2016 | 1,333 |
2017 | 1,275 |
2018 | 1,275 |
2019 | 1,275 |
Thereafter | 738 |
Total | $8,221 |
Loan_Servicing_Rights_Summary_
Loan Servicing Rights - Summary of Activity for Loan Servicing Rights (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Transfers and Servicing [Abstract] | ||
Beginning balance | $378 | |
Additions | 589 | 274 |
Disposals | 0 | 0 |
Acquired in acquisitions | 113 | |
Amortized to expense | -115 | -9 |
Ending balance | $852 | $378 |
Loan_Servicing_Rights_Addition
Loan Servicing Rights - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Servicing Assets at Fair Value [Line Items] | ||
Fair value of servicing rights | $1,134,000 | $614,000 |
Servicing rights, weighted average default rate | 0.70% | 2.62% |
Minimum [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Servicing rights, discount rates range | 9.50% | 10.50% |
Servicing Rights, prepayment speeds range | 11.10% | 8.50% |
Maximum [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Servicing rights, discount rates range | 12.00% | 13.00% |
Servicing Rights, prepayment speeds range | 24.70% | 24.70% |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Banking and Thrift [Abstract] | ||
Aggregate time deposits in denominations | $135.10 | $121.20 |
Brokered deposits | $0 | $6 |
Deposits_Scheduled_Maturities_
Deposits - Scheduled Maturities of Time Deposits (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Banking and Thrift [Abstract] | |
2015 | $641,103 |
2016 | 83,720 |
2017 | 35,239 |
2018 | 12,609 |
2019 | 7,539 |
2020 | 79 |
Total Time Deposit | $780,289 |
Securities_Sold_Under_Repurcha2
Securities Sold Under Repurchase Agreements - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Brokers and Dealers [Abstract] | ||
Securities sold under repurchase agreements | $73,310 | $83,516 |
Securities_Sold_Under_Repurcha3
Securities Sold Under Repurchase Agreements - Summary of Securities Sold Under Repurchase Agreements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Securities Financing Transaction [Line Items] | |||
Average daily balance during the year | $73,310 | $83,516 | |
Average interest rate during the year | 0.35% | 0.54% | 0.58% |
Weighted average interest rate at year-end | 0.31% | 0.57% | 0.44% |
Average Daily Balance [Member] | |||
Securities Financing Transaction [Line Items] | |||
Average daily balance during the year | 47,136 | 26,908 | 26,563 |
Maximum [Member] | |||
Securities Financing Transaction [Line Items] | |||
Average daily balance during the year | $73,310 | $83,516 | 50,120 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Benefit Plans [Line Items] | |||
Aggregate expense under employee benefit plan | $1,160,000 | $839,000 | $571,000 |
Profit Sharing Plan [Member] | |||
Employee Benefit Plans [Line Items] | |||
Participant service term to meet the eligibility requirements | 12 months | ||
Minimum hours need to be worked by employees | 1000 hours | ||
Minimum age of participant | 21 years |
Deferred_Compensation_Plans_Ad
Deferred Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Cash surrender value of life insurance | $58,900,000 | $49,400,000 | |
Accrued deferred compensation | 655,000 | 722,000 | |
Aggregate compensation expense | 743,000 | 601,000 | 364,000 |
Supplemental Executive Retirement Plan Liabilities [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Accrued deferred compensation | $1,594,000 | $851,000 |
Other_Borrowings_Summary_of_Ot
Other Borrowings - Summary of Other Borrowings (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
Total other borrowings | $78,881 | $194,572 |
Daily Rate Credit From Federal Home Loan Bank [Member] | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
Advance from Federal Home Loan Bank with a fixed interest rate of 0.17%, due January 24, 2014. | 35,000 | |
Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
Advance from Federal Home Loan Bank with a fixed interest rate of 0.17%, due January 24, 2014. | 165,000 | |
Revolving Credit Facility 1 [Member] | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
Advance from Federal Home Loan Bank with a fixed interest rate of 0.17%, due January 24, 2014. | 24,000 | |
Revolving Credit Facility [Member] | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
Advance from Federal Home Loan Bank with a fixed interest rate of 0.17%, due January 24, 2014. | 10,000 | |
Correspondent Bank Advances [Member] | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
Advance from correspondent bank with a fixed interest rate of 4.50%, due November 27, 2017, secured by subsidiary bank loan receivable. | 4,881 | |
Subordinated Debt One [Member] | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
Subordinated debt issued by Prosperity Bank due June 2016 with an interest rate of 90-day LIBOR plus 1.60% (1.84% at December 31, 2013). | 5,000 | |
Subordinated Debt Two [Member] | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
Subordinated debt issued by Prosperity Bank due June 2016 with an interest rate of 90-day LIBOR plus 1.60% (1.84% at December 31, 2013). | $15,000 | $14,572 |
Other_Borrowings_Summary_of_Ot1
Other Borrowings - Summary of Other Borrowings (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Daily Rate Credit From Federal Home Loan Bank [Member] | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
90-day LIBOR interest rate at period end | 0.36% | |
Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
90-day LIBOR interest rate at period end | 0.17% | 0.17% |
Maturity period of advances | 24-Jan-14 | 24-Jan-14 |
Revolving Credit Facility 1 [Member] | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
Interest rate description | 90-day LIBOR plus 3.50% (3.73% at December 31, 2014) | |
Interest rate, margin to be added | 3.50% | |
90-day LIBOR interest rate at period end | 3.73% | |
Maturity period of Federal Home Loan Bank advances | 2016-08 | |
Revolving Credit Facility [Member] | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
Interest rate description | 90-day LIBOR plus 4.00% (4.24% at December 31, 2013) | 90-day LIBOR plus 4.00% (4.24% at December 31, 2013) |
Interest rate, margin to be added | 4.00% | 4.00% |
90-day LIBOR interest rate at period end | 4.24% | 4.24% |
Maturity period of Federal Home Loan Bank advances | 2016-08 | 2016-08 |
Correspondent Bank Advances [Member] | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
90-day LIBOR interest rate at period end | 4.50% | |
Maturity period of advances | 27-Nov-17 | |
Subordinated Debt One [Member] | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
Interest rate description | 90-day LIBOR plus 1.60% (1.84% at December 31, 2013) | 90-day LIBOR plus 1.60% (1.84% at December 31, 2013) |
Interest rate, margin to be added | 1.60% | 1.60% |
90-day LIBOR interest rate at period end | 1.84% | 1.84% |
Maturity period of Federal Home Loan Bank advances | 2016-06 | 2016-06 |
Subordinated Debt Two [Member] | ||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ||
Interest rate description | 90-day LIBOR plus 1.75% (1.99% at December 31, 2014) | 90-day LIBOR plus 1.75% (1.99% at December 31, 2014) |
Interest rate, margin to be added | 1.75% | 1.75% |
90-day LIBOR interest rate at period end | 1.99% | 1.99% |
Maturity period of Federal Home Loan Bank advances | 2016-09 | 2016-09 |
Other_Borrowings_Additional_In
Other Borrowings - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Subordinated debt issued | $65,325,000 | $55,466,000 |
Borrowing available with FHLB | 221,500,000 | |
Credit arrangements for federal funds purchase | 50,000,000 | |
Loans pledged at federal reserve discount window | 621,500,000 | |
Loans pledged at federal reserve discount window available for borrowing | 442,800,000 | |
Prosperity Bank [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debt issued | 15,000,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Available borrowing under revolving credit agreement | $16,000,000 |
Preferred_Stock_Additional_Inf
Preferred Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||
Nov. 21, 2008 | Dec. 31, 2014 | Dec. 31, 2012 | Aug. 22, 2012 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | |
Partners Capital And Distributions [Line Items] | |||||||
Preferred shares sold | 52,000 | 0 | 0 | 28,000 | |||
Common stock purchased | 679,443 | ||||||
Proceeds from preferred stock and warrant | $52,000,000 | ||||||
Fair value allocated to preferred stock | 48,980,000 | ||||||
Fair value allocated to warrant | 3,020,000 | ||||||
Cumulative dividends | 5.00% | ||||||
Cumulative dividends payment term | First five years | ||||||
Cumulative dividends | 9.00% | ||||||
Redeemed price of preferred stock | $1,000 | 1,000 | |||||
Repurchase of warrant | 2,670,000 | ||||||
Preferred stock outstanding | 0 | 0 | 28,000 | ||||
Warrant [Member] | |||||||
Partners Capital And Distributions [Line Items] | |||||||
Repurchase of warrant | $2,670,000 | ||||||
Preferred Stock [Member] | |||||||
Partners Capital And Distributions [Line Items] | |||||||
Repurchase of preferred stock | 28,000 | 24,000 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Tax Expense in Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Current - federal | $10,499 | $5,237 | $4,732 | ||||||||
Current - state | 467 | 505 | 28 | ||||||||
Deferred - federal | 6,516 | 3,543 | 2,525 | ||||||||
Provision for income taxes | $4,167 | $5,122 | $4,270 | $3,923 | $88 | $3,262 | $3,329 | $2,606 | $17,482 | $9,285 | $7,285 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Differences in Company's Income Tax Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Tax at federal income tax rate | $19,672 | $10,256 | $7,602 | ||||||||
Change resulting from: | |||||||||||
Tax-exempt interest | -1,647 | -841 | -675 | ||||||||
Increase in cash value of bank owned life insurance | -568 | -446 | -34 | ||||||||
Other | 25 | 316 | 392 | ||||||||
Provision for income taxes | $4,167 | $5,122 | $4,270 | $3,923 | $88 | $3,262 | $3,329 | $2,606 | $17,482 | $9,285 | $7,285 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Components Of Deferred Income Tax Assets And Liabilities [Line Items] | |||
Net deferred income tax asset | $17,784,000 | $16,451,000 | |
Federal net operating loss carryforwards | 34,700,000 | 17,400,000 | |
Interest and penalties related to income taxes | 0 | 0 | 0 |
Accrued interest and penalties related to income taxes | $0 | $0 | $0 |
Income tax examination period | Years before 2011. | ||
Minimum [Member] | |||
Components Of Deferred Income Tax Assets And Liabilities [Line Items] | |||
Federal net operating loss carryforwards expiration period | 31-Dec-29 | 31-Dec-29 | |
Maximum [Member] | |||
Components Of Deferred Income Tax Assets And Liabilities [Line Items] | |||
Federal net operating loss carryforwards expiration period | 31-Dec-33 | 31-Dec-32 |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Income Taxes (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | ||
Allowance for loan losses | $7,405 | $7,832 |
Deferred compensation | 787 | 550 |
Deferred gain on interest rate swap | 477 | 573 |
Unrealized loss on interest rate swap | 460 | 130 |
Unrealized loss on securities available for sale | 911 | |
Nonaccrual interest | 153 | 323 |
Purchase accounting adjustments | 12,380 | 20,334 |
Other real estate owned | 7,706 | 1,855 |
Net operating loss tax carryforward | 12,146 | 6,074 |
Capitalized costs, accrued expenses and other | 871 | 1,976 |
Deferred tax assets | 42,385 | 40,558 |
Deferred tax liabilities: | ||
Depreciation and amortization | 4,821 | 4,355 |
Intangible assets | 802 | |
Purchase accounting adjustments | 7,159 | 7,534 |
Deferred gain on FDIC-assisted transactions | 8,809 | 12,218 |
Unrealized gain on securities available for sale | 3,010 | |
Deferred tax liabilities | 24,601 | 24,107 |
Net deferred tax asset | $17,784 | $16,451 |
Subordinated_Deferrable_Intere1
Subordinated Deferrable Interest Debentures - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2006 | |
Preferred Stock [Line Items] | ||||
Trust preferred securities interest rate | 3.03% | |||
Principal amount outstanding | $5,000,000 | |||
Aggregate principal amount | 5,155,000 | |||
Principal amount issued | 28,000,000 | |||
First National Banc Statutory Trust I [Member] | ||||
Preferred Stock [Line Items] | ||||
Principal amount of trust preferred securities | 5,000,000 | |||
Variable rate of preferred securities | 2.80% | |||
Maturity period of trust preferred securities | 30 years | |||
Investment in common stock trust | 155,000 | |||
Prosperity Banking Capital Trust I [Member] | ||||
Preferred Stock [Line Items] | ||||
Principal amount of trust preferred securities | 5,000,000 | |||
Variable rate of preferred securities | 2.57% | |||
Trust preferred securities interest rate | 2.80% | |||
Maturity period of trust preferred securities | 30 years | |||
Principal amount outstanding | 5,000,000 | |||
Aggregate principal amount | 5,155,000 | |||
Investment in common stock trust | 155,000 | |||
Fair value of debenture | 3,158,000 | |||
Prosperity Banking Capital Trust II [Member] | ||||
Preferred Stock [Line Items] | ||||
Principal amount of trust preferred securities | 4,500,000 | |||
Variable rate of preferred securities | 3.15% | |||
Trust preferred securities interest rate | 3.40% | |||
Maturity period of trust preferred securities | 30 years | |||
Principal amount outstanding | 4,500,000 | |||
Aggregate principal amount | 4,640,000 | |||
Investment in common stock trust | 140,000 | |||
Fair value of debenture | 3,196,000 | |||
Prosperity Bank Statutory Trust III [Member] | ||||
Preferred Stock [Line Items] | ||||
Principal amount of trust preferred securities | 10,000,000 | |||
Variable rate of preferred securities | 1.60% | |||
Trust preferred securities interest rate | 1.84% | |||
Maturity period of trust preferred securities | 30 years | |||
Principal amount outstanding | 10,000,000 | |||
Aggregate principal amount | 10,310,000 | |||
Investment in common stock trust | 310,000 | |||
Fair value of debenture | 4,977,000 | |||
Prosperity Bank Statutory Trust IV [Member] | ||||
Preferred Stock [Line Items] | ||||
Principal amount of trust preferred securities | 10,000,000 | |||
Variable rate of preferred securities | 1.54% | |||
Trust preferred securities interest rate | 1.78% | |||
Maturity period of trust preferred securities | 30 years | |||
Principal amount outstanding | 10,000,000 | |||
Aggregate principal amount | 10,310,000 | |||
Investment in common stock trust | 310,000 | |||
Fair value of debenture | 2,515,000 | |||
Coastal Bankshares Statutory Trust I [Member] | ||||
Preferred Stock [Line Items] | ||||
Principal amount of trust preferred securities | 5,000,000 | |||
Variable rate of preferred securities | 3.15% | |||
Trust preferred securities interest rate | 3.38% | |||
Maturity period of trust preferred securities | 30 years | |||
Principal amount outstanding | 5,000,000 | |||
Aggregate principal amount | 10,310,000 | |||
Investment in common stock trust | 155,000 | |||
Fair value of debenture | 3,704,000 | |||
Coastal Bankshares Statutory Trust II [Member] | ||||
Preferred Stock [Line Items] | ||||
Principal amount of trust preferred securities | 10,000,000 | |||
Variable rate of preferred securities | 1.60% | |||
Trust preferred securities interest rate | 1.84% | |||
Maturity period of trust preferred securities | 30 years | |||
Principal amount outstanding | 10,000,000 | |||
Aggregate principal amount | 10,310,000 | |||
Investment in common stock trust | 310,000 | |||
Fair value of debenture | 5,507,000 | |||
Ameris Statutory Trust I [Member] | ||||
Preferred Stock [Line Items] | ||||
Variable rate of preferred securities | 1.63% | |||
Aggregate principal amount | 37,114,000 | |||
Investment in common stock trust | 1,114,000 | |||
Principal amount issued | $36,000,000 | |||
Rate per annum of principal amount | 1.87% | |||
Trust preferred securities maturity date | 15-Dec-36 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate number of shares of the Company's common stock | 2,985,000 | ||
Shares available to be issued under stock-based incentive plan | 1,191,000 | ||
Options granted, vesting conditions | Most options granted since 2005 contain performance-based vesting conditions | ||
Options granted | 0 | 0 | 0 |
Unrecognized compensation cost related to nonvested share | $0 | ||
Outstanding restricted shares | 323,151 | ||
Compensation expense | 2,058,000 | 1,041,000 | 947,000 |
Stock-based compensation expense related to stock options | 0 | 0 | 97,000 |
Stock based compensation grants | 0 | 0 | 0 |
Unearned compensation related to restricted stock | 1,568,000 | 2,129,000 | 1,608,000 |
Restricted stock weighted average period | 2 years | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefit related to options | 861,000 | 152,000 | 170,000 |
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefit related to options | $49,000 | $0 | $1,000 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | 5 years | ||
Minimum [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | 3 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | 10 years | ||
Maximum [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | 5 years |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Activity of Non-Performance Based and Performance Based Options (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Non-Performance Based [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Under option, beginning of year, Shares | 115,459 | 148,498 | 187,032 |
Granted, Shares | 0 | 0 | 0 |
Exercised, Shares | -25,395 | -27,657 | |
Forfeited, Shares | -1,953 | -5,382 | -38,534 |
Under option, end of year, Shares | 88,111 | 115,459 | 148,498 |
Exercisable at end of year, Shares | 88,111 | 115,459 | 148,498 |
Under option, beginning of year, Weighted-Average Exercise Price | $17.24 | $16.37 | $15.32 |
Granted, Weighted-Average Exercise Price | $0 | $0 | $0 |
Exercised, Weighted-Average Exercise Price | $14.81 | $13.29 | |
Forfeited, Weighted-Average Exercise Price | $14.88 | $13.43 | $11.28 |
Under option, end of year, Weighted-Average Exercise Price | $18 | $17.24 | $16.37 |
Exercisable at end of year, Weighted-Average Exercise Price | $18 | $17.24 | $16.37 |
Under option, end of year, Weighted Average Contractual Term | 2 years 8 months 16 days | 3 years 15 days | 3 years 4 months 2 days |
Exercised, Aggregate Intrinsic Value | $148 | $107 | |
Exercisable at end of year, Weighted Average Contractual Term | 2 years 8 months 16 days | 3 years 15 days | 3 years 4 months 2 days |
Under option, end of year, Aggregate Intrinsic Value | 884 | 641 | 1 |
Exercisable at end of year, Aggregate Intrinsic Value | 884 | 641 | 1 |
Performance Based [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Under option, beginning of year, Shares | 371,000 | 391,321 | 393,891 |
Granted, Shares | 0 | 0 | 0 |
Exercised, Shares | -6,477 | -4,524 | |
Forfeited, Shares | -5,192 | -15,797 | -2,570 |
Under option, end of year, Shares | 359,331 | 371,000 | 391,321 |
Exercisable at end of year, Shares | 341,030 | 351,856 | 369,766 |
Under option, beginning of year, Weighted-Average Exercise Price | $16.76 | $16.43 | $16.45 |
Granted, Weighted-Average Exercise Price | $0 | $0 | $0 |
Exercised, Weighted-Average Exercise Price | $11.05 | $7.47 | |
Forfeited, Weighted-Average Exercise Price | $25.51 | $13.22 | $19.67 |
Under option, end of year, Weighted-Average Exercise Price | $16.74 | $16.76 | $16.43 |
Exercisable at end of year, Weighted-Average Exercise Price | $17.23 | $17.27 | $17.05 |
Under option, end of year, Weighted Average Contractual Term | 2 years 1 month 10 days | 3 years 1 month 13 days | 4 years 1 month 28 days |
Exercised, Aggregate Intrinsic Value | 72 | 42 | |
Exercisable at end of year, Weighted Average Contractual Term | 2 years | 3 years 4 days | 4 years 18 days |
Under option, end of year, Aggregate Intrinsic Value | 2,955 | 1,401 | 774 |
Exercisable at end of year, Aggregate Intrinsic Value | $2,629 | $1,145 | $435 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of the Status of the Company's Restricted Stock Awards (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | |||
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |||
Nonvested shares at beginning of year, Shares | 377,725 | 295,075 | 301,775 |
Granted, Shares | 82,047 | 108,400 | 62,450 |
Vested, Shares | -126,050 | -21,750 | -68,650 |
Forfeited, Shares | -10,571 | -4,000 | -500 |
Nonvested shares at end of year, Shares | 323,151 | 377,725 | 295,075 |
Nonvested shares at beginning of year, Weighted-Average Grant-Date Fair Value | $11.78 | $10.47 | $9.14 |
Granted, Weighted-Average Grant-Date Fair Value | $20.99 | $14.77 | $13.15 |
Vested, Weighted-Average Grant-Date Fair Value | $13.12 | $9.31 | $7.06 |
Forfeited, Weighted-Average Grant-Date Fair Value | $15.61 | $9.88 | $9.96 |
Nonvested shares at end of year, Weighted-Average Grant-Date Fair Value | $13.46 | $11.78 | $10.47 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | |
Derivative Financial Instruments [Line Items] | |||
Swap maturity date | Sep-20 | ||
Fair value liability | $1,315,000 | $370,000 | |
Mortgages [Member] | |||
Derivative Financial Instruments [Line Items] | |||
Derivative asset | 1,800,000 | 1,100,000 | |
Derivative liability | 249,000 | 98,000 | |
Interest Rate Lock Commitments [Member] | Mortgages [Member] | |||
Derivative Financial Instruments [Line Items] | |||
Derivative asset | 38,900,000 | 35,000,000 | |
Forward Contracts Related to Mortgage Loans Held for Sale [Member] | Mortgages [Member] | |||
Derivative Financial Instruments [Line Items] | |||
Derivative asset | 46,500,000 | 31,300,000 | |
Interest Rate Swap [Member] | |||
Derivative Financial Instruments [Line Items] | |||
Notional amount, swap contract | $37,100,000 | ||
Variable interest rate, description | 90-day LIBOR rate plus 1.63% | ||
Variable interest rate | 1.63% | ||
Fixed interest rate | 4.11% | ||
Debt instrument basis period | 90 days |
Recovered_Sheet16
Derivative Instruments And Hedging Activities - Net Gains (Losses) Related to Derivative Financial Instruments (Detail) (Mortgage Banking Activity [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Forward Contracts Related to Mortgage Loans Held for Sale [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Mortgage banking activity | ($249) | $98 | ($37) |
Interest Rate Lock Commitments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Mortgage banking activity | $1,757 | $1,082 | $1,162 |
Recovered_Sheet17
Derivative Instruments And Hedging Activities - Summary of Derivative Financial Instruments (Detail) (Mortgages [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Other Assets [Member] | ||
Fair Value Of Derivative Instruments [Line Items] | ||
Notional Amount | $38,868,000 | $66,285,000 |
Fair Value | 1,757,000 | 1,180,000 |
Other Assets [Member] | Forward Contracts Related to Mortgage Loans Held for Sale [Member] | ||
Fair Value Of Derivative Instruments [Line Items] | ||
Notional Amount | 31,250,000 | |
Fair Value | 98,000 | |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
Fair Value Of Derivative Instruments [Line Items] | ||
Notional Amount | 38,868,000 | 35,035,000 |
Fair Value | 1,757,000 | 1,082,000 |
Other Liabilities [Member] | ||
Fair Value Of Derivative Instruments [Line Items] | ||
Notional Amount | 46,500,000 | |
Fair Value | 249,000 | |
Other Liabilities [Member] | Forward Contracts Related to Mortgage Loans Held for Sale [Member] | ||
Fair Value Of Derivative Instruments [Line Items] | ||
Notional Amount | 46,500,000 | |
Fair Value | $249,000 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities - Summary of Company's Commitments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments to extend credit | $293,517 | $215,995 |
Unused lines of credit | 49,567 | 41,200 |
Financial standby letters of credit | 9,683 | 7,665 |
Mortgage interest rate lock commitments | $38,868 | $35,035 |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liabilities - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation settlement against the company | ($2.90) |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Banking and Thrift [Abstract] | |
Amount of retained earnings available for dividend declaration | $21.40 |
Regulatory_Matters_Companys_an
Regulatory Matters - Company's and Bank's Actual Capital Amounts and Ratios (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Consolidated [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets Actual Amount | $373,310 | $353,777 |
Total Capital to Risk Weighted Assets Actual Ratio | 13.42% | 15.32% |
Total Capital to Risk Weighted Assets For Capital Adequacy Purposes Amount | 222,557 | 184,784 |
Total Capital to Risk Weighted Assets For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier I Capital to Risk Weighted Assets Actual Amount | 352,153 | 331,400 |
Tier I Capital to Risk Weighted Assets Actual Ratio | 12.66% | 14.35% |
Tier I Capital to Risk Weighted Assets For Capital Adequacy Purposes Amount | 111,279 | 92,392 |
Tier I Capital to Risk Weighted Assets For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital to Average Assets Actual Amount | 352,153 | 331,400 |
Tier I Capital to Average Assets Actual Ratio | 8.94% | 11.33% |
Tier I Capital to Average Assets For Capital Adequacy Purposes Amount | 157,574 | 117,025 |
Tier I Capital to Average Assets For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Ameris Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets Actual Amount | 414,356 | 369,387 |
Total Capital to Risk Weighted Assets Actual Ratio | 14.90% | 16.03% |
Total Capital to Risk Weighted Assets For Capital Adequacy Purposes Amount | 222,528 | 184,349 |
Total Capital to Risk Weighted Assets For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital to Risk Weighted Assets To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 278,160 | 230,437 |
Total Capital to Risk Weighted Assets To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier I Capital to Risk Weighted Assets Actual Amount | 393,199 | 347,010 |
Tier I Capital to Risk Weighted Assets Actual Ratio | 14.14% | 15.06% |
Tier I Capital to Risk Weighted Assets For Capital Adequacy Purposes Amount | 111,264 | 92,175 |
Tier I Capital to Risk Weighted Assets For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital to Risk Weighted Assets To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 166,896 | 138,262 |
Tier I Capital to Risk Weighted Assets To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% |
Tier I Capital to Average Assets Actual Amount | 393,199 | 347,010 |
Tier I Capital to Average Assets Actual Ratio | 10.01% | 11.93% |
Tier I Capital to Average Assets For Capital Adequacy Purposes Amount | 157,165 | 116,372 |
Tier I Capital to Average Assets For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital to Average Assets To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $196,456 | $145,465 |
Tier I Capital to Average Assets To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Net gain from change in fair value of mortgage loans | $4,300,000 | $1,700,000 | $775,000 |
Minimum [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets amortized over an estimated useful life | 3 years | ||
Maximum [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets amortized over an estimated useful life | 10 years |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Difference Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measured at Fair Value (Detail) (Mortgage Loans Held for Sale [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage Loans Held for Sale [Member] | ||
Assets And Liabilities Carrying Value And Fair Value [Line Items] | ||
Aggregate Fair Value of Mortgage Loans held for sale | $94,759 | $67,278 |
Aggregate Unpaid Principal Balance | 90,418 | 65,522 |
Past due loans of 90 days or more | 0 | 0 |
Nonaccrual loans | $0 | $0 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Fair Value Measurements of Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | $638,321 | $554,693 |
Recurring liabilities at fair value | 1,564 | 370 |
US Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 14,678 | 13,926 |
State, County and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 141,375 | 112,754 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 11,040 | 10,325 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 374,712 | 347,750 |
Mortgage Loans Held for Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 94,759 | 67,278 |
Mortgage Banking Derivative Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 1,757 | 1,180 |
Derivative Financial Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring liabilities at fair value | 1,315 | 370 |
Mortgage Banking Derivatives Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring liabilities at fair value | 249 | |
Collateralized Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 1,480 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 8,248 | 183,941 |
Level 1 [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 8,248 | 182,461 |
Level 1 [Member] | Collateralized Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 1,480 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 627,573 | 368,752 |
Recurring liabilities at fair value | 1,564 | 370 |
Level 2 [Member] | US Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 14,678 | 13,926 |
Level 2 [Member] | State, County and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 141,375 | 112,754 |
Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 8,540 | 8,325 |
Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 366,464 | 165,289 |
Level 2 [Member] | Mortgage Loans Held for Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 94,759 | 67,278 |
Level 2 [Member] | Mortgage Banking Derivative Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 1,757 | 1,180 |
Level 2 [Member] | Derivative Financial Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring liabilities at fair value | 1,315 | 370 |
Level 2 [Member] | Mortgage Banking Derivatives Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring liabilities at fair value | 249 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | 2,500 | 2,000 |
Level 3 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets at fair value | $2,500 | $2,000 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments - Summary of Fair Value Measurements of Assets Measured at Fair Value on Non-Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Nonrecurring assets at fair value | $65,971 | $92,715 |
Impaired Loans Carried at Fair Value [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Nonrecurring assets at fair value | 30,479 | 42,546 |
Purchased Non-Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Nonrecurring assets at fair value | 15,585 | 4,276 |
Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Nonrecurring assets at fair value | 19,907 | 45,893 |
Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Nonrecurring assets at fair value | 65,971 | 92,715 |
Level 3 [Member] | Impaired Loans Carried at Fair Value [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Nonrecurring assets at fair value | 30,479 | 42,546 |
Level 3 [Member] | Purchased Non-Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Nonrecurring assets at fair value | 15,585 | 4,276 |
Level 3 [Member] | Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Nonrecurring assets at fair value | $19,907 | $45,893 |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments - Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets and Liabilities (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Disclosure, Nonrecurring | 65,971 | 92,715 |
Investment securities available for sale, Recurring | 638,321 | 554,693 |
Purchased Non-Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Disclosure, Nonrecurring | 15,585 | 4,276 |
Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Disclosure, Nonrecurring | 19,907 | 45,893 |
Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Disclosure, Nonrecurring | 65,971 | 92,715 |
Investment securities available for sale, Recurring | 2,500 | 2,000 |
Level 3 [Member] | Impaired Loans Carried at Fair Value [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation Technique | Third party appraisals and discounted cash flows | Third party appraisals and discounted cash flows |
Level 3 [Member] | Purchased Non-Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Disclosure, Nonrecurring | 15,585 | 4,276 |
Valuation Technique | Third party appraisals | Third party appraisals |
Level 3 [Member] | Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Disclosure, Nonrecurring | 19,907 | 45,893 |
Valuation Technique | Third party appraisals | Third party appraisals |
Level 3 [Member] | Fair Value Measurement, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Investment securities available for sale, Recurring | 2,500 | 2,000 |
Valuation Technique | Discounted par values | Discounted par values |
Level 3 [Member] | Fair Value Measurement, Nonrecurring [Member] | Impaired Loans Carried at Fair Value [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Disclosure, Nonrecurring | 30,479 | 42,546 |
Level 3 [Member] | Fair Value Measurement, Nonrecurring [Member] | Purchased Non-Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Disclosure, Nonrecurring | 15,585 | 4,276 |
Level 3 [Member] | Fair Value Measurement, Nonrecurring [Member] | Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Disclosure, Nonrecurring | 19,907 | 45,893 |
Level 3 [Member] | Minimum [Member] | Impaired Loans Carried at Fair Value [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 0.00% | -4.00% |
Level 3 [Member] | Minimum [Member] | Purchased Non-Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 10.00% | 15.00% |
Level 3 [Member] | Minimum [Member] | Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 10.00% | 10.00% |
Level 3 [Member] | Minimum [Member] | Fair Value Measurement, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 0.00% | 0.00% |
Level 3 [Member] | Maximum [Member] | Impaired Loans Carried at Fair Value [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 50.00% | 75.00% |
Level 3 [Member] | Maximum [Member] | Purchased Non-Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 96.00% | 63.00% |
Level 3 [Member] | Maximum [Member] | Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 90.00% | 86.00% |
Level 3 [Member] | Maximum [Member] | Fair Value Measurement, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 0.00% | 0.00% |
Level 3 [Member] | Average Daily Balance [Member] | Impaired Loans Carried at Fair Value [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 20.00% | 23.00% |
Level 3 [Member] | Average Daily Balance [Member] | Purchased Non-Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 33.00% | 29.00% |
Level 3 [Member] | Average Daily Balance [Member] | Covered Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 15.00% | 17.00% |
Level 3 [Member] | Average Daily Balance [Member] | Fair Value Measurement, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value inputs discount rate range | 0.00% | 0.00% |
Fair_Value_of_Financial_Instru7
Fair Value of Financial Instrument - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ||||
Cash and due from banks | $78,036 | $62,955 | $80,256 | $65,528 |
Federal funds sold and interest-bearing accounts | 5,500 | 14,920 | ||
FDIC loss-share receivable | 31,351 | 65,441 | 159,724 | |
Financial liabilities: | ||||
Other borrowings | 78,881 | 194,572 | ||
Subordinated deferrable interest debentures | 65,325 | 55,466 | ||
Carrying Value [Member] | ||||
Financial assets: | ||||
Cash and due from banks | 78,026 | 62,955 | ||
Federal funds sold and interest-bearing accounts | 92,323 | 204,984 | ||
Loans, net | 2,783,763 | 2,392,521 | ||
FDIC loss-share receivable | 31,351 | 65,441 | ||
Accrued interest receivable | 17,023 | 15,071 | ||
Financial liabilities: | ||||
Deposits | 3,431,149 | 2,999,231 | ||
Securities sold under agreements to repurchase | 73,310 | 83,516 | ||
Other borrowings | 78,881 | 194,572 | ||
Accrued interest payable | 1,382 | 1,431 | ||
Subordinated deferrable interest debentures | 65,325 | 55,466 | ||
Fair Value [Member] | ||||
Financial assets: | ||||
Cash and due from banks | 78,026 | 62,995 | ||
Federal funds sold and interest-bearing accounts | 92,323 | 204,984 | ||
Loans, net | 2,785,627 | 2,404,909 | ||
FDIC loss-share receivable | 18,764 | 61,317 | ||
Accrued interest receivable | 17,023 | 15,071 | ||
Financial liabilities: | ||||
Deposits | 3,432,059 | 3,000,061 | ||
Securities sold under agreements to repurchase | 73,310 | 83,516 | ||
Other borrowings | 78,881 | 194,572 | ||
Accrued interest payable | 1,382 | 1,431 | ||
Subordinated deferrable interest debentures | 46,564 | 36,277 | ||
Fair Value [Member] | Level 1 [Member] | ||||
Financial assets: | ||||
Cash and due from banks | 78,026 | 62,955 | ||
Federal funds sold and interest-bearing accounts | 92,323 | 204,984 | ||
Accrued interest receivable | 17,023 | 15,071 | ||
Financial liabilities: | ||||
Securities sold under agreements to repurchase | 73,310 | 83,516 | ||
Accrued interest payable | 1,382 | 1,431 | ||
Fair Value [Member] | Level 2 [Member] | ||||
Financial liabilities: | ||||
Deposits | 3,432,059 | 3,000,061 | ||
Other borrowings | 78,881 | 194,572 | ||
Subordinated deferrable interest debentures | 46,564 | 36,277 | ||
Fair Value [Member] | Level 3 [Member] | ||||
Financial assets: | ||||
Loans, net | 2,785,627 | 2,404,909 | ||
FDIC loss-share receivable | $18,764 | $61,317 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Summary of Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | ($294) | $6,607 | |
Reclassification for gains included in net income | -90 | -111 | -209 |
Current year changes | 6,482 | -6,790 | |
Ending balance | 6,098 | -294 | 6,607 |
Unrealized Gain (Loss) on Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 1,397 | -23 | |
Current year changes | -889 | 1,420 | |
Ending balance | 508 | 1,397 | |
Unrealized Gain (Loss) on Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -1,691 | 6,630 | |
Reclassification for gains included in net income | -90 | -111 | |
Current year changes | 7,371 | -8,210 | |
Ending balance | $5,590 | ($1,691) |
Segment_Reporting_Schedule_of_
Segment Reporting - Schedule of Financial Information with Respect to Company's Reportable Business Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $41,006 | $39,132 | $35,264 | $34,484 | $29,051 | $29,320 | $29,476 | $28,338 | $149,886 | $116,185 | $114,405 |
Provision for loan losses | 888 | 1,669 | 1,365 | 1,726 | 1,478 | 2,920 | 4,165 | 2,923 | 5,648 | 11,486 | 31,089 |
Noninterest income | 16,362 | 17,901 | 15,819 | 12,754 | 11,517 | 12,288 | 11,384 | 11,360 | 62,836 | 46,549 | 57,874 |
Noninterest expense: | |||||||||||
Salaries and employee benefits | 73,878 | 56,670 | 53,122 | ||||||||
Equipment and occupancy expenses | 17,521 | 12,286 | 13,208 | ||||||||
Data processing and telecommunications expenses | 15,551 | 11,539 | 10,683 | ||||||||
Other expenses | 43,919 | 41,450 | 42,457 | ||||||||
Total noninterest expense | 41,666 | 38,028 | 34,446 | 32,789 | 33,274 | 28,237 | 26,688 | 28,884 | 150,869 | 121,945 | 119,470 |
Income before income tax expense | 14,747 | 16,785 | 12,400 | 12,273 | 1,466 | 9,939 | 10,007 | 7,891 | 56,205 | 29,303 | 21,720 |
Income tax expense | 4,167 | 5,122 | 4,270 | 3,923 | 88 | 3,262 | 3,329 | 2,606 | 17,482 | 9,285 | 7,285 |
Net income | 10,580 | 11,663 | 8,130 | 8,350 | 1,378 | 6,677 | 6,678 | 5,285 | 38,723 | 20,018 | 14,435 |
Less preferred stock dividends | 286 | 412 | 443 | 442 | 441 | 286 | 1,738 | 3,577 | |||
Net income available to common shareholders | 10,580 | 11,663 | 8,130 | 8,064 | 966 | 6,234 | 6,236 | 4,844 | 38,437 | 18,280 | 10,858 |
Total assets | 4,037,077 | 3,667,649 | 4,037,077 | 3,667,649 | 3,019,052 | ||||||
Stockholders' equity | 366,028 | 316,699 | 366,028 | 316,699 | 279,017 | ||||||
Retail Banking Division [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 140,460 | 110,582 | 113,347 | ||||||||
Provision for loan losses | 4,822 | 11,486 | 31,089 | ||||||||
Noninterest income | 32,337 | 25,282 | 44,885 | ||||||||
Noninterest expense: | |||||||||||
Salaries and employee benefits | 55,101 | 43,524 | 45,456 | ||||||||
Equipment and occupancy expenses | 16,097 | 11,599 | 12,726 | ||||||||
Data processing and telecommunications expenses | 14,436 | 10,957 | 10,341 | ||||||||
Other expenses | 39,175 | 36,850 | 41,056 | ||||||||
Total noninterest expense | 124,809 | 102,930 | 109,579 | ||||||||
Income before income tax expense | 43,166 | 21,448 | 17,564 | ||||||||
Income tax expense | 12,918 | 6,536 | 5,831 | ||||||||
Net income | 30,248 | 14,912 | 11,733 | ||||||||
Less preferred stock dividends | 286 | 1,738 | 3,577 | ||||||||
Net income available to common shareholders | 29,962 | 13,174 | 8,156 | ||||||||
Total assets | 3,751,503 | 3,506,954 | 3,751,503 | 3,506,954 | 2,938,519 | ||||||
Stockholders' equity | 353,532 | 312,678 | 353,532 | 312,678 | 278,901 | ||||||
Mortgage Banking Division [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 7,360 | 3,883 | 1,058 | ||||||||
Provision for loan losses | 826 | ||||||||||
Noninterest income | 25,614 | 19,130 | 12,989 | ||||||||
Noninterest expense: | |||||||||||
Salaries and employee benefits | 16,173 | 12,515 | 7,666 | ||||||||
Equipment and occupancy expenses | 1,343 | 631 | 482 | ||||||||
Data processing and telecommunications expenses | 1,097 | 573 | 342 | ||||||||
Other expenses | 3,995 | 4,386 | 1,401 | ||||||||
Total noninterest expense | 22,608 | 18,105 | 9,891 | ||||||||
Income before income tax expense | 9,540 | 4,908 | 4,156 | ||||||||
Income tax expense | 3,339 | 1,718 | 1,454 | ||||||||
Net income | 6,201 | 3,190 | 2,702 | ||||||||
Net income available to common shareholders | 6,201 | 3,190 | 2,702 | ||||||||
Total assets | 223,090 | 122,427 | 223,090 | 122,427 | 80,533 | ||||||
Stockholders' equity | 8,306 | 2,105 | 8,306 | 2,105 | 116 | ||||||
SBA Division [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 2,066 | 1,720 | |||||||||
Noninterest income | 4,885 | 2,137 | |||||||||
Noninterest expense: | |||||||||||
Salaries and employee benefits | 2,604 | 631 | |||||||||
Equipment and occupancy expenses | 81 | 56 | |||||||||
Data processing and telecommunications expenses | 18 | 9 | |||||||||
Other expenses | 749 | 214 | |||||||||
Total noninterest expense | 3,452 | 910 | |||||||||
Income before income tax expense | 3,499 | 2,947 | |||||||||
Income tax expense | 1,225 | 1,031 | |||||||||
Net income | 2,274 | 1,916 | |||||||||
Net income available to common shareholders | 2,274 | 1,916 | |||||||||
Total assets | 62,484 | 38,268 | 62,484 | 38,268 | |||||||
Stockholders' equity | $4,190 | $1,916 | $4,190 | $1,916 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) - Schedule of Consolidated Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Income Statement Data: | |||||||||||
Interest income | $44,900 | $43,186 | $38,607 | $37,873 | $31,749 | $31,749 | $31,951 | $30,873 | $164,566 | $126,322 | $129,479 |
Interest expense | 3,894 | 4,054 | 3,343 | 3,389 | 2,698 | 2,429 | 2,475 | 2,535 | 14,680 | 10,137 | 15,074 |
Net interest income | 41,006 | 39,132 | 35,264 | 34,484 | 29,051 | 29,320 | 29,476 | 28,338 | 149,886 | 116,185 | 114,405 |
Provision for loan losses | 888 | 1,669 | 1,365 | 1,726 | 1,478 | 2,920 | 4,165 | 2,923 | 5,648 | 11,486 | 31,089 |
Net interest income after provision for loan losses | 40,118 | 37,463 | 33,899 | 32,758 | 27,573 | 26,400 | 25,311 | 25,415 | 144,238 | 104,699 | 83,316 |
Noninterest income | 16,362 | 17,901 | 15,819 | 12,754 | 11,517 | 12,288 | 11,384 | 11,360 | 62,836 | 46,549 | 57,874 |
Noninterest expense | 41,666 | 38,028 | 34,446 | 32,789 | 33,274 | 28,237 | 26,688 | 28,884 | 150,869 | 121,945 | 119,470 |
Acquisition related expenses | 67 | 551 | 2,872 | 450 | 4,350 | 512 | |||||
Income before income tax expense | 14,747 | 16,785 | 12,400 | 12,273 | 1,466 | 9,939 | 10,007 | 7,891 | 56,205 | 29,303 | 21,720 |
Income tax | 4,167 | 5,122 | 4,270 | 3,923 | 88 | 3,262 | 3,329 | 2,606 | 17,482 | 9,285 | 7,285 |
Net income | 10,580 | 11,663 | 8,130 | 8,350 | 1,378 | 6,677 | 6,678 | 5,285 | 38,723 | 20,018 | 14,435 |
Preferred stock dividends | 286 | 412 | 443 | 442 | 441 | 286 | 1,738 | 3,577 | |||
Net income available to common stockholders | $10,580 | $11,663 | $8,130 | $8,064 | $966 | $6,234 | $6,236 | $4,844 | $38,437 | $18,280 | $10,858 |
Per Share Data: | |||||||||||
Net income - basic | $0.40 | $0.44 | $0.32 | $0.32 | $0.04 | $0.26 | $0.26 | $0.20 | $1.48 | $0.76 | $0.46 |
Net income - diluted | $0.39 | $0.43 | $0.32 | $0.32 | $0.04 | $0.26 | $0.26 | $0.20 | $1.46 | $0.75 | $0.46 |
Common Dividends (Cash) | $0.05 | $0.05 | $0.05 | ||||||||
Common Dividends (Stock) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0.15 |
Condensed_Financial_Informatio2
Condensed Financial Information of Ameris Bancorp (Parent Company Only) - Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and due from banks | $78,036 | $62,955 | $80,256 | $65,528 |
Other assets | 77,748 | 51,663 | ||
Total assets | 4,037,077 | 3,667,649 | 3,019,052 | |
Liabilities | ||||
Other liabilities | 22,384 | 18,165 | ||
Other borrowings | 78,881 | 194,572 | ||
Subordinated deferrable interest debentures | 65,325 | 55,466 | ||
Total liabilities | 3,671,049 | 3,350,950 | ||
Stockholders' equity | 366,028 | 316,699 | 279,017 | |
Total liabilities and stockholders' equity | 4,037,077 | 3,667,649 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and due from banks | 868 | 3,550 | 1,639 | 4,200 |
Investment in subsidiaries | 470,557 | 386,377 | ||
Other assets | 6,552 | 6,824 | ||
Total assets | 477,977 | 396,751 | ||
Liabilities | ||||
Other liabilities | 7,624 | 14 | ||
Other borrowings | 39,000 | 24,572 | ||
Subordinated deferrable interest debentures | 65,325 | 55,466 | ||
Total liabilities | 111,949 | 80,052 | ||
Stockholders' equity | 366,028 | 316,699 | ||
Total liabilities and stockholders' equity | $477,977 | $396,751 |
Condensed_Financial_Informatio3
Condensed Financial Information of Ameris Bancorp (Parent Company Only) - Condensed Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income | |||||||||||
Total interest income | $44,900 | $43,186 | $38,607 | $37,873 | $31,749 | $31,749 | $31,951 | $30,873 | $164,566 | $126,322 | $129,479 |
Expense | |||||||||||
Interest | 3,894 | 4,054 | 3,343 | 3,389 | 2,698 | 2,429 | 2,475 | 2,535 | 14,680 | 10,137 | 15,074 |
Other expense | 21,274 | 18,580 | 14,935 | ||||||||
Total noninterest expense | 41,666 | 38,028 | 34,446 | 32,789 | 33,274 | 28,237 | 26,688 | 28,884 | 150,869 | 121,945 | 119,470 |
Earnings (loss) before income tax benefit and dividends received in excess of earnings of subsidiaries and equity in undistributed income (loss) of subsidiaries | 14,747 | 16,785 | 12,400 | 12,273 | 1,466 | 9,939 | 10,007 | 7,891 | 56,205 | 29,303 | 21,720 |
Income tax benefit | -4,167 | -5,122 | -4,270 | -3,923 | -88 | -3,262 | -3,329 | -2,606 | -17,482 | -9,285 | -7,285 |
Net income | 10,580 | 11,663 | 8,130 | 8,350 | 1,378 | 6,677 | 6,678 | 5,285 | 38,723 | 20,018 | 14,435 |
Preferred stock dividend | -286 | -412 | -443 | -442 | -441 | -286 | -1,738 | -3,577 | |||
Net income available to common stockholders | 10,580 | 11,663 | 8,130 | 8,064 | 966 | 6,234 | 6,236 | 4,844 | 38,437 | 18,280 | 10,858 |
Parent Company [Member] | |||||||||||
Income | |||||||||||
Dividends from subsidiaries | 29,000 | 2,200 | 29,000 | ||||||||
Gain on sale of securities | 214 | ||||||||||
Other income | 235 | 26 | 106 | ||||||||
Total interest income | 29,235 | 2,226 | 29,320 | ||||||||
Expense | |||||||||||
Interest | 4,558 | 1,527 | 1,489 | ||||||||
Other expense | 2,253 | 1,133 | 1,545 | ||||||||
Total noninterest expense | 6,811 | 2,660 | 3,034 | ||||||||
Earnings (loss) before income tax benefit and dividends received in excess of earnings of subsidiaries and equity in undistributed income (loss) of subsidiaries | 22,424 | -434 | 26,286 | ||||||||
Income tax benefit | 2,468 | 921 | 921 | ||||||||
Earnings (loss) before dividends received in excess of earnings of subsidiaries and equity in undistributed income of subsidiaries | 24,892 | 487 | 27,207 | ||||||||
Dividends received in excess of earnings of subsidiaries | -12,772 | ||||||||||
Equity in undistributed income of subsidiaries | 13,831 | 19,531 | |||||||||
Net income | 38,723 | 20,018 | 14,435 | ||||||||
Preferred stock dividend | 286 | 1,738 | 3,577 | ||||||||
Net income available to common stockholders | $38,437 | $18,280 | $10,858 |
Condensed_Financial_Informatio4
Condensed Financial Information of Ameris Bancorp (Parent Company Only) - Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES | |||
Net income | $38,723 | $20,018 | $14,435 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Stock-based compensation expense | 2,057 | 1,041 | 1,044 |
(Increase) decrease in interest payable | -49 | 199 | -1,708 |
Decrease in tax receivable | -7,221 | -1,420 | -5,941 |
Provision for deferred taxes | 6,516 | 3,543 | 2,525 |
Other operating activities | 5,104 | 1,749 | 30,201 |
Net cash provided by (used in) operating activities | -5,596 | 21,849 | -7,828 |
INVESTING ACTIVITIES | |||
Net cash proceeds received from acquisitions | 1,099 | 4,123 | 220,516 |
Net cash provided by investing activities | 143,831 | 51,946 | 454,616 |
FINANCING ACTIVITIES | |||
Repurchase of warrant | -2,670 | ||
Purchase of treasury shares | -474 | -116 | -235 |
Dividends paid preferred stock | -286 | -1,400 | -2,642 |
Dividends paid common stock | -4,016 | ||
Proceeds from other borrowings | 118,963 | 175,000 | |
Repayment of other borrowings | -257,060 | -177,741 | -30,334 |
Repurchase of preferred stock | -28,000 | -24,000 | |
Proceeds from exercise of stock options | 459 | 410 | 3 |
Net cash provided by (used in) financing activities | -123,154 | -91,096 | -432,060 |
Net change in cash and due from banks | 15,081 | -17,301 | 14,728 |
Cash and due from banks at beginning of period | 62,955 | 80,256 | 65,528 |
Cash and due from banks at end of period | 78,036 | 62,955 | 80,256 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash paid during the year for interest | 14,667 | 9,938 | 16,782 |
Cash paid during the year for income taxes | 19,281 | 16,925 | 2,563 |
Parent Company [Member] | |||
OPERATING ACTIVITIES | |||
Net income | 38,723 | 20,018 | 14,435 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Stock-based compensation expense | 2,058 | 1,041 | 1,044 |
Dividends received in excess of earnings of subsidiaries | 12,772 | ||
Undistributed earnings of subsidiaries | -13,831 | -19,531 | |
(Increase) decrease in interest payable | -214 | -5,300 | -108 |
Decrease in tax receivable | -256 | -813 | -786 |
Provision for deferred taxes | -426 | 39 | 14 |
Other operating activities | -1,558 | -2,686 | -388 |
Total adjustments | -14,227 | -27,250 | 12,548 |
Net cash provided by (used in) operating activities | 24,496 | -7,232 | 26,983 |
INVESTING ACTIVITIES | |||
Net cash proceeds received from acquisitions | 144 | 249 | |
Net cash provided by investing activities | 144 | 249 | |
FINANCING ACTIVITIES | |||
Repurchase of warrant | -2,670 | ||
Purchase of treasury shares | -474 | -116 | -235 |
Dividends paid preferred stock | -286 | -1,400 | -2,642 |
Dividends paid common stock | -4,016 | ||
Proceeds from other borrowings | 14,000 | 10,000 | |
Repayment of other borrowings | -9,005 | ||
Repurchase of preferred stock | -28,000 | -24,000 | |
Proceeds from exercise of stock options | 459 | 410 | 3 |
Net cash provided by (used in) financing activities | -27,322 | 8,894 | -29,544 |
Net change in cash and due from banks | -2,682 | 1,911 | -2,561 |
Cash and due from banks at beginning of period | 3,550 | 1,639 | 4,200 |
Cash and due from banks at end of period | 868 | 3,550 | 1,639 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash paid during the year for interest | 4,772 | 1,523 | 1,597 |
Cash paid during the year for income taxes | $0 | $0 | $0 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2014 | Jan. 29, 2015 | Jan. 28, 2015 | |
Branches | |||
Merchants and Southern Banks of Florida [Member] | |||
Schedule of Reverse Stock Split [Line Items] | |||
Assets acquired through merger | $473,000,000 | ||
Loans acquired | 214,000,000 | ||
Deposits acquired | 336,000,000 | ||
Number of branches | 13 | ||
Subsequent Event [Member] | Private Placement [Member] | |||
Schedule of Reverse Stock Split [Line Items] | |||
Common stock shares | 5,320,000 | ||
Common stock price | $22.50 | ||
Net proceeds from issuance of common stock | 114,500,000 | ||
Subsequent Event [Member] | Merchants and Southern Banks of Florida [Member] | |||
Schedule of Reverse Stock Split [Line Items] | |||
Purchase price | 50,000,000 | ||
Subsequent Event [Member] | Bank of America [Member] | |||
Schedule of Reverse Stock Split [Line Items] | |||
Deposits acquired | $812,000,000 | ||
Number of branches | 18 | ||
Deposit premium | 3.00% |