DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Mar. 25, 2014 | |
Document and Entity Informaion [Abstract] | ' | ' |
Entity Registrant Name | 'FIRST BANKS, INC | ' |
Entity Central Index Key | '0000710507 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Trading Symbol | 'fbspra | ' |
Entity Common Stock, Shares Outstanding | ' | 23,661 |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Period Focus | 'FY | ' |
Document Fiscal Year Focus | '2013 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'Yes | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Public Float | ' | $0 |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $92,369 | $114,841 |
Short-term investments | 98,066 | 404,005 |
Total cash and cash equivalents | 190,435 | 518,846 |
Investment securities: | ' | ' |
Available for sale | 1,611,745 | 2,043,727 |
Held to maturity (fair value of $719,183 and $637,024, respectively) | 740,186 | 631,553 |
Total investment securities | 2,351,931 | 2,675,280 |
Loans: | ' | ' |
Commercial, financial and agricultural | 600,704 | 610,301 |
Real estate construction and development | 121,662 | 174,979 |
Real estate mortgage | 2,091,026 | 2,060,131 |
Consumer and installment | 18,681 | 19,262 |
Loans held for sale | 25,548 | 66,133 |
Net deferred loan fees | -526 | -59 |
Total loans | 2,857,095 | 2,930,747 |
Allowance for loan losses | -81,033 | -91,602 |
Net loans | 2,776,062 | 2,839,145 |
Federal Reserve Bank and Federal Home Loan Bank stock | 27,357 | 27,329 |
Bank premises and equipment, net | 124,328 | 127,520 |
Goodwill | 0 | 125,267 |
Deferred income taxes | 315,881 | 29,042 |
Other real estate and repossessed assets | 66,702 | 91,995 |
Other assets | 66,287 | 67,996 |
Assets of discontinued operations | 0 | 6,706 |
Total assets | 5,918,983 | 6,509,126 |
Deposits: | ' | ' |
Noninterest-bearing demand | 1,243,545 | 1,327,183 |
Interest-bearing demand | 679,527 | 1,000,666 |
Savings and money market | 1,844,710 | 1,880,271 |
Time deposits of $100 or more | 389,056 | 460,791 |
Other time deposits | 657,057 | 823,936 |
Total deposits | 4,813,895 | 5,492,847 |
Other borrowings | 43,143 | 26,025 |
Subordinated debentures | 354,210 | 354,133 |
Deferred income taxes | 28,397 | 36,182 |
Accrued expenses and other liabilities | 191,082 | 144,269 |
Liabilities of discontinued operations | 0 | 155,711 |
Total liabilities | 5,430,727 | 6,209,167 |
STOCKHOLDERS’ EQUITY | ' | ' |
Common stock, $250.00 par value, 25,000 shares authorized, 23,661 shares issued and outstanding | 5,915 | 5,915 |
Additional paid-in capital | 12,480 | 12,480 |
Retained earnings (deficit) | 42,719 | -179,513 |
Accumulated other comprehensive income | 7,502 | 45,259 |
Total First Banks, Inc. stockholders’ equity | 394,422 | 206,304 |
Noncontrolling interest in subsidiary | 93,834 | 93,655 |
Total stockholders’ equity | 488,256 | 299,959 |
Total liabilities and stockholders’ equity | 5,918,983 | 6,509,126 |
Class A convertible, adjustable rate, $20.00 par value, 750,000 shares authorized, 641,082 shares issued and outstanding | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' |
Preferred stock: | 12,822 | 12,822 |
Class B adjustable rate, $1.50 par value, 200,000 shares authorized, 160,505 shares issued and outstanding | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' |
Preferred stock: | 241 | 241 |
Class C fixed rate, cumulative, perpetual, $1.00 par value, 295,400 shares authorized, issued and outstanding | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' |
Preferred stock: | 295,400 | 291,757 |
Class D fixed rate, cumulative, perpetual, $1.00 par value, 14,770 shares authorized, issued and outstanding | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' |
Preferred stock: | $17,343 | $17,343 |
CONSOLIDATED_BALANCE_SHEETS_UN1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Held-to-maturity securities, fair value (in dollars) | $719,183 | $637,024 |
Common stock, par value (in dollars per share) | $250 | $250 |
Common stock, shares authorized | 25,000 | 25,000 |
Common stock, shares issued | 23,661 | 23,661 |
Common stock, shares outstanding | 23,661 | 23,661 |
Class A Convertible Adjustable Rate Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $20 | $20 |
Preferred stock, shares authorized | 750,000 | 750,000 |
Preferred stock, shares issued | 641,082 | 641,082 |
Preferred stock, shares outstanding | 641,082 | 641,082 |
Class B Adjustable Rate Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $1.50 | $1.50 |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 160,505 | 160,505 |
Preferred stock, shares outstanding | 160,505 | 160,505 |
Class C Fixed Rate Cumulative Perpetual Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 295,400 | 295,400 |
Preferred stock, shares issued | 295,400 | 295,400 |
Preferred stock, shares outstanding | 295,400 | 295,400 |
Class D Fixed Rate Cumulative Perpetual Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 14,770 | 14,770 |
Preferred stock, shares issued | 14,770 | 14,770 |
Preferred stock, shares outstanding | 14,770 | 14,770 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income: | ' | ' | ' |
Interest and fees on loans | $118,015 | $142,003 | $182,356 |
Investment securities: | ' | ' | ' |
Taxable | 52,199 | 56,547 | 45,172 |
Nontaxable | 246 | 287 | 481 |
Federal Reserve Bank and Federal Home Loan Bank stock | 1,216 | 1,146 | 1,416 |
Short-term investments | 1,134 | 820 | 1,634 |
Total interest income | 172,810 | 200,803 | 231,059 |
Deposits: | ' | ' | ' |
Interest-bearing demand | 368 | 437 | 604 |
Savings and money market | 2,679 | 3,518 | 8,562 |
Time deposits of $100 or more | 2,274 | 4,010 | 7,884 |
Other time deposits | 3,738 | 6,817 | 12,950 |
Other borrowings | -9 | -18 | 15 |
Subordinated debentures | 15,054 | 14,847 | 13,623 |
Total interest expense | 24,104 | 29,611 | 43,638 |
Net interest income | 148,706 | 171,192 | 187,421 |
Provision (benefit) for loan losses | -5,000 | 2,000 | 69,000 |
Net interest income after provision for loan losses | 153,706 | 169,192 | 118,421 |
Noninterest income: | ' | ' | ' |
Service charges on deposit accounts and customer service fees | 34,320 | 36,078 | 38,946 |
Gain on loans sold and held for sale | 5,041 | 12,931 | 5,176 |
Net gain on investment securities | 36 | 1,306 | 5,335 |
Net gain (loss) on sale of other real estate and repossessed assets | 6,005 | 2,626 | -1,346 |
Increase (decrease) in fair value of servicing rights | 439 | -5,475 | -7,652 |
Loan servicing fees | 6,948 | 7,403 | 8,271 |
Other | 12,331 | 11,109 | 13,194 |
Total noninterest income | 65,120 | 65,978 | 61,924 |
Noninterest expense: | ' | ' | ' |
Salaries and employee benefits | 78,141 | 75,205 | 76,999 |
Occupancy, net of rental income | 23,302 | 21,899 | 23,877 |
Furniture and equipment | 10,951 | 11,409 | 11,667 |
Postage, printing and supplies | 2,470 | 2,586 | 2,649 |
Information technology fees | 21,379 | 22,446 | 25,804 |
Legal, examination and professional fees | 7,177 | 8,828 | 12,185 |
Goodwill impairment | 107,267 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 3,024 |
Advertising and business development | 2,542 | 1,994 | 1,755 |
FDIC insurance | 6,609 | 11,313 | 14,876 |
Write-downs and expenses on other real estate and repossessed assets | 5,676 | 18,672 | 22,983 |
Other | 21,113 | 26,155 | 29,886 |
Total noninterest expense | 286,627 | 200,507 | 225,705 |
(Loss) income from continuing operations, before benefit for income taxes | -67,801 | 34,663 | -45,360 |
Benefit for income taxes | -288,501 | -139 | -10,654 |
Net income (loss) from continuing operations, net of tax | 220,700 | 34,802 | -34,706 |
Income (loss) from discontinued operations, net of tax | 21,223 | -8,821 | -9,394 |
Net income (loss) | 241,923 | 25,981 | -44,100 |
Less: net income (loss) attributable to noncontrolling interest in subsidiary | 179 | -297 | -2,950 |
Net income (loss) attributable to First Banks, Inc. | 241,744 | 26,278 | -41,150 |
Preferred stock dividends declared | 15,869 | 18,886 | 17,908 |
Accretion of discount on preferred stock | 3,643 | 3,554 | 3,466 |
Net income (loss) available to common stockholders | $222,232 | $3,838 | ($62,524) |
Basic and diluted earnings (loss) per common share from continuing operations (in dollars per share) | $8,495.35 | $535.03 | ($2,245.44) |
Basic and diluted (loss) earnings per common share from discontinued operations (in dollars per share) | $896.96 | ($372.81) | ($397.02) |
Basic and diluted earnings (loss) per common share (in dollars per share) | $9,392.31 | $162.22 | ($2,642.46) |
Weighted average shares of common stock outstanding (in shares) | 23,661 | 23,661 | 23,661 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | $241,923 | $25,981 | ($44,100) |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized (losses) gains on available-for-sale investment securities, net of tax | -23,486 | 17,420 | 22,676 |
Reclassification adjustment for available-for-sale investment securities gains included in net income (loss), net of tax | -246 | -758 | -3,461 |
Amortization of net unrealized gain associated with reclassification of available-for-sale investment securities to held-to-maturity investment securities, net of tax | -1,303 | -913 | 0 |
Reclassification adjustment for deferred tax asset valuation allowance on investment securities | -15,033 | 15,014 | -119 |
Amortization of net loss related to pension liability, net of tax | 895 | -911 | -413 |
Reclassification adjustment for deferred tax asset valuation allowance on pension liability | 1,416 | -659 | -299 |
Other comprehensive (loss) income | -37,757 | 29,193 | 18,384 |
Comprehensive income (loss) | 204,166 | 55,174 | -25,716 |
Comprehensive income (loss) attributable to noncontrolling interest in subsidiary | 179 | -297 | -2,950 |
Comprehensive income (loss) attributable to First Banks, Inc. | $203,987 | $55,471 | ($22,766) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | First Banks, Inc. Stockholders’ Equity, Preferred Stock | First Banks, Inc. Stockholders’ Equity, Common Stock | First Banks, Inc. Stockholders’ Equity, Additional Paid-In Capital | First Banks, Inc. Stockholders’ Equity, Retained Earnings (Deficit) | First Banks, Inc. Stockholders’ Equity, Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
In Thousands | |||||||
Balance at Dec. 31, 2010 | $307,295 | $315,143 | $5,915 | $12,480 | ($120,827) | ($2,318) | $96,902 |
Net income (loss) | -44,100 | ' | ' | ' | -41,150 | ' | -2,950 |
Other comprehensive income (loss) | 18,384 | ' | ' | ' | ' | 18,384 | ' |
Accretion of discount on preferred stock | ' | 3,466 | ' | ' | -3,466 | ' | ' |
Preferred stock dividends declared | -17,908 | ' | ' | ' | -17,908 | ' | ' |
Balance at Dec. 31, 2011 | 263,671 | 318,609 | 5,915 | 12,480 | -183,351 | 16,066 | 93,952 |
Net income (loss) | 25,981 | ' | ' | ' | 26,278 | ' | -297 |
Other comprehensive income (loss) | 29,193 | ' | ' | ' | ' | 29,193 | ' |
Accretion of discount on preferred stock | ' | 3,554 | ' | ' | -3,554 | ' | ' |
Preferred stock dividends declared | -18,886 | ' | ' | ' | -18,886 | ' | ' |
Balance at Dec. 31, 2012 | 299,959 | 322,163 | 5,915 | 12,480 | -179,513 | 45,259 | 93,655 |
Net income (loss) | 241,923 | ' | ' | ' | 241,744 | ' | 179 |
Other comprehensive income (loss) | -37,757 | ' | ' | ' | ' | -37,757 | ' |
Accretion of discount on preferred stock | ' | 3,643 | ' | ' | -3,643 | ' | ' |
Preferred stock dividends declared | -15,869 | ' | ' | ' | -15,869 | ' | ' |
Balance at Dec. 31, 2013 | $488,256 | $325,806 | $5,915 | $12,480 | $42,719 | $7,502 | $93,834 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) attributable to First Banks, Inc. | $241,744 | $26,278 | ($41,150) |
Net income (loss) attributable to noncontrolling interest in subsidiary | 179 | -297 | -2,950 |
Less: net income (loss) from discontinued operations, net of tax | 21,223 | -8,821 | -9,394 |
Net income (loss) from continuing operations, net of tax | 220,700 | 34,802 | -34,706 |
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization of bank premises and equipment | 11,814 | 12,030 | 13,378 |
Goodwill impairment | 107,267 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 3,024 |
Amortization and accretion of investment securities | 25,595 | 17,412 | 11,934 |
Originations of loans held for sale | -278,668 | -470,119 | -274,254 |
Proceeds from sales of loans held for sale | 319,175 | 442,476 | 301,343 |
Provision (benefit) for loan losses | -5,000 | 2,000 | 69,000 |
(Benefit) provision for current income taxes | -241 | -32 | 181 |
Provision (benefit) for deferred income taxes | 42,793 | 8,019 | -22,291 |
(Decrease) increase in deferred tax asset valuation allowance | -331,053 | -8,126 | 11,456 |
Decrease in accrued interest receivable | 673 | 3,982 | 3,864 |
Increase in accrued interest payable | 14,564 | 12,118 | 7,915 |
Gain on loans sold and held for sale | -5,041 | -12,931 | -5,176 |
Net gain on investment securities | -36 | -1,306 | -5,335 |
(Increase) decrease in fair value of servicing rights | -439 | 5,475 | 7,652 |
Write-downs on other real estate and repossessed assets | 2,402 | 14,510 | 16,922 |
Other operating activities, net | 4,763 | 4,356 | 20,945 |
Net cash provided by operating activities – continuing operations | 129,268 | 64,666 | 125,852 |
Net cash used in operating activities – discontinued operations | -6,303 | -8,484 | -9,499 |
Net cash provided by operating activities | 122,965 | 56,182 | 116,353 |
Cash flows from investing activities: | ' | ' | ' |
Net cash paid for sale of assets and liabilities of discontinued operations, net of cash and cash equivalents sold | -602,792 | 0 | -51,339 |
Cash paid for sale of branches, net of cash and cash equivalents sold | 0 | 0 | -16,256 |
Proceeds from sales of investment securities available for sale | 143,675 | 315,238 | 283,713 |
Maturities and calls of investment securities available for sale | 362,385 | 684,639 | 341,179 |
Maturities and calls of investment securities held to maturity | 137,888 | 107,061 | 1,660 |
Purchases of investment securities available for sale | -369,585 | -1,296,857 | -1,587,313 |
Purchases of investment securities held to maturity | -22,561 | 0 | -3,450 |
Net (purchases) redemptions of Federal Reserve Bank and Federal Home Loan Bank stock | -28 | -251 | 3,043 |
Proceeds from sales of commercial loans | 9,406 | 55,081 | 65,867 |
Cash paid for purchase of one-to-four-family residential real estate loans | 0 | -141,048 | 0 |
Net (increase) decrease in loans | -38,761 | 361,980 | 877,336 |
Recoveries of loans previously charged-off | 20,266 | 29,962 | 22,304 |
Purchases of bank premises and equipment | -7,533 | -5,896 | -5,170 |
Net proceeds from sales of other real estate and repossessed assets | 33,927 | 48,531 | 65,398 |
Other investing activities, net | 5,640 | 295 | 2,109 |
Net cash (used in) provided by investing activities – continuing operations | -328,073 | 158,735 | -919 |
Net cash provided by investing activities – discontinued operations | 1,817 | 5,151 | 9,704 |
Net cash (used in) provided by investing activities | -326,256 | 163,886 | 8,785 |
Cash flows from financing activities: | ' | ' | ' |
Increase (decrease) in demand, savings and money market deposits | 34,770 | 69,504 | -125,679 |
Decrease in time deposits | -171,698 | -253,363 | -531,514 |
Increase (decrease) in other borrowings | 17,118 | -25,145 | 19,416 |
Net cash used in financing activities – continuing operations | -119,810 | -209,004 | -637,777 |
Net cash (used in) provided by financing activities – discontinued operations | -5,310 | 34,642 | -9,979 |
Net cash used in financing activities | -125,120 | -174,362 | -647,756 |
Net (decrease) increase in cash and cash equivalents | -328,411 | 45,706 | -522,618 |
Cash and cash equivalents, beginning of year | 518,846 | 473,140 | 995,758 |
Cash and cash equivalents, end of year | 190,435 | 518,846 | 473,140 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Cash paid for interest on liabilities | 9,540 | 17,493 | 35,723 |
Cash received for income taxes | 213 | 661 | 239 |
Noncash investing and financing activities: | ' | ' | ' |
Reclassification of investment securities from available for sale to held to maturity | 242,540 | 729,142 | 0 |
Loans transferred to other real estate and repossessed assets | 9,483 | 24,223 | 69,941 |
Bank premises and equipment transferred to other real estate and repossessed assets | $0 | $0 | $6,537 |
BASIS_OF_PRESENTATION_AND_SUMM
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Basis of Presentation. The accompanying consolidated financial statements of First Banks, Inc. and subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and conform to predominant practices within the banking industry. Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare the consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. | ||
Principles of Consolidation. The consolidated financial statements include the accounts of the parent company and its subsidiaries, giving effect to the noncontrolling interest in subsidiaries, as more fully described below and in Note 20 to the consolidated financial statements. All significant intercompany accounts and transactions have been eliminated. | ||
All financial information is reported on a continuing operations basis, unless otherwise noted. See Note 2 to the consolidated financial statements for a discussion regarding discontinued operations. | ||
The Company operates through its wholly owned subsidiary bank holding company, The San Francisco Company (SFC), headquartered in St. Louis, Missouri, and SFC’s wholly owned subsidiary bank, First Bank, also headquartered in St. Louis, Missouri. First Bank operates through its branch banking offices and subsidiaries: First Bank Business Capital, Inc.; FB Holdings, LLC (FB Holdings); Small Business Loan Source LLC; SBRHC, Inc.; FBSA Missouri, Inc.; FBSA California, Inc.; NT Resolution Corporation; and LC Resolution Corporation. All of the subsidiaries are wholly owned as of December 31, 2013, except FB Holdings, which is 53.23% owned by First Bank and 46.77% owned by First Capital America, Inc. (FCA), a corporation owned and operated by the Company’s Chairman of the Board and members of his immediate family, including Mr. Michael Dierberg, Vice Chairman of the Company, as further described in Note 20 to the consolidated financial statements. FB Holdings is included in the consolidated financial statements with the noncontrolling ownership interest reported as a component of stockholders’ equity in the consolidated balance sheets as “noncontrolling interest in subsidiary” and the earnings or loss, net of tax, attributable to the noncontrolling ownership interest, reported as “net income (loss) attributable to noncontrolling interest in subsidiary” in the consolidated statements of operations. | ||
Significant Accounting Policies: | ||
Cash and Cash Equivalents. Cash, due from banks and short-term investments, which include federal funds sold and interest-bearing deposits, are considered to be cash and cash equivalents for purposes of the consolidated statements of cash flows. Interest-bearing deposits were $98.1 million and $404.0 million at December 31, 2013 and 2012, respectively. The Company did not have any federal funds sold outstanding at December 31, 2013 and 2012. First Bank is required to maintain certain daily reserve balances on hand in accordance with regulatory requirements. The reserve balances required to be maintained in accordance with such requirements were $11.5 million and $14.6 million at December 31, 2013 and 2012, respectively. | ||
Federal Reserve Bank and Federal Home Loan Bank Stock. First Bank is a member of the Federal Reserve Bank of St. Louis (FRB) system and the Federal Home Loan Bank (FHLB) system and maintains investments in FRB and FHLB stock. These investments are recorded at cost, which represents redemption value. The investment in FRB stock is maintained at a minimum of 6% of First Bank’s capital stock and capital surplus. The investment in FHLB of Des Moines stock is maintained at an amount equal to 0.12% of First Bank’s total assets as of December 31 of the preceding year, up to a maximum of $10.0 million, plus 4.45% of advances. Investments in FRB and FHLB of Des Moines stock were $19.6 million and $7.8 million, respectively, at December 31, 2013, and $19.4 million and $7.9 million, respectively, at December 31, 2012. | ||
Investment Securities. The classification of investment securities as available for sale or held to maturity is determined at the date of purchase. Investment securities designated as available for sale, which represent any security that the Company has no immediate plan to sell but which may be sold in the future under different circumstances, are stated at fair value. Realized gains and losses are included in noninterest income, based on the amortized cost of the individual security sold. Unrealized gains and losses, net of related income tax effects, are recorded in accumulated other comprehensive income (loss). All previous fair value adjustments included in the separate component of accumulated other comprehensive income (loss) are reversed upon sale. Premiums and discounts incurred relative to the par value of securities purchased are amortized or accreted, respectively, on the level-yield method taking into consideration the level of current and anticipated prepayments. Investment securities designated as held to maturity, which represent any security that the Company has the positive intent and ability to hold to maturity, are stated at cost, net of amortization of premiums and accretion of discounts computed on the level-yield method taking into consideration the level of current and anticipated prepayments. Any reclassification of available-for-sale investment securities to held-to-maturity investment securities are recorded at fair value, and the gross unrealized gain or loss on available-for-sale investment securities at the time of transfer is recorded as additional premium or discount on the securities and amortized over the remaining lives of the respective securities. A decline in the fair value of any available-for-sale or held-to-maturity investment security below its carrying value that is deemed to be other than temporary results in a reduction in the cost basis of the carrying value to fair value. The other-than-temporary impairment, which is not expected to be reversed, is charged to noninterest income and a new cost basis is established. When determining other-than-temporary impairment, consideration is given as to whether the Company has the ability and intent to hold the investment security until a market price recovery and whether evidence indicating the carrying value of the investment security is recoverable outweighs evidence to the contrary. | ||
Loans Held for Portfolio. Loans held for portfolio are carried at cost, adjusted for amortization of premiums and accretion of discounts using the interest method. Interest and fees on loans are recognized as income using the interest method. Loan origination fees and costs are deferred and accreted to interest income over the estimated life of the loans using the interest method. Loans held for portfolio are stated at cost as the Company has the ability and it is management’s intention to hold them to maturity. | ||
The accrual of interest on loans is discontinued when it appears that interest or principal may not be paid in a timely manner in the normal course of business or once principal or interest payments become 90 days past due under the contractual terms of the loan agreement. Generally, payments received on nonaccrual and impaired loans are recorded as principal reductions. Interest income is recognized after all delinquent principal has been repaid or an improvement in the condition of the loan has occurred that warrants resumption of interest accruals. | ||
A loan is considered impaired when it is probable that the Company will be unable to collect all amounts due, both principal and interest, according to the contractual terms of the loan agreement. Loans on nonaccrual status and restructured loans are considered to be impaired loans. When measuring impairment, the expected future cash flows of an impaired loan are discounted at the loan’s effective interest rate. Alternatively, impairment is measured by reference to an observable market price, if one exists, or the fair value of the collateral for a collateral-dependent loan. Regardless of the historical measurement method used, the Company measures impairment based on the fair value of the collateral when foreclosure is probable. | ||
A loan is classified as a troubled debt restructuring when all of the following conditions are present: (i) the borrower is experiencing financial difficulty, (ii) the Company makes a concession to the original contractual loan terms, and (iii) the Company would not consider the concessions but for economic or legal reasons related to the borrower’s financial difficulty. These concessions may include, but are not limited to, rate reductions, principal forgiveness, extension of maturity date and other actions intended to minimize potential losses. A loan that is modified at a market rate of interest may no longer be classified as a troubled debt restructuring in the calendar year subsequent to the restructuring if it is in compliance with the modified terms. Performance prior to the restructuring is considered when assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual at the time of the restructuring or after a shorter performance period. | ||
Acquired impaired loans are classified as nonaccrual loans and are initially measured at fair value with no allocated allowance for loan losses. An allowance for loan losses is recorded to the extent there is further credit deterioration subsequent to the acquisition date. | ||
Loans Held for Sale. Loans held for sale are comprised of residential mortgage loans held for sale in the secondary mortgage market, frequently in the form of a mortgage-backed security, U.S. Small Business Administration (SBA) loans awaiting sale of the guaranteed portion to the SBA, and commercial real estate loans which may be identified for sale to specific buyers to achieve credit or loan concentration objectives. One-to-four-family residential mortgage loans held for sale are carried at fair value on a recurring basis. The determination of fair value is based on quoted market prices of comparable instruments obtained from independent pricing vendors based on recent trading activity and other relevant information. Other loans held for sale, primarily SBA loans, are carried at the lower of cost or market value, which is determined on an individual loan basis. The amount by which cost exceeds market value is recorded in a valuation allowance as a reduction of loans held for sale. Changes in the valuation allowance are reflected as part of the gain on loans sold and held for sale in the consolidated statements of operations in the periods in which the changes occur. Gains or losses on the sale of loans held for sale are determined on a specific identification basis and reflect the difference between the value received upon sale and the carrying value of the loans held for sale, including any recourse reserve established for potential repurchase obligations. Loans held for sale transferred to loans held for portfolio or available-for-sale investment securities are transferred at fair value. | ||
Loan Servicing Income. Loan servicing income is included in noninterest income and represents fees earned for servicing real estate mortgage loans owned by investors and originated by First Bank’s mortgage banking operation, as well as SBA loans to small business concerns. These fees are net of federal agency guarantee fees and interest shortfall. Such fees are generally calculated on the outstanding principal balance of the loans serviced and are recorded as income when earned. | ||
Allowance for Loan Losses. The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses that have been incurred within the existing portfolio of loans. The allowance, in the judgment of management, is necessary to reserve for estimated loan losses and risks inherent in the loan portfolio. The Company’s allowance for loan loss methodology follows the accounting guidance set forth in GAAP and the Interagency Policy Statement on the Allowance for Loan and Lease Losses, which was jointly issued by the Company’s regulatory agencies. Accordingly, the methodology is based on historical loss experience by type of credit and internal risk grade, specific homogeneous risk pools and specific loss allocations, with adjustments for current events and conditions. The Company’s process for determining the appropriate level of the allowance for loan losses is designed to account for credit deterioration as it occurs. The provision for loan losses reflects loan quality trends, including the levels of and trends related to nonaccrual loans, past due loans, substandard loans, special mention loans and net charge-offs or recoveries, among other factors. The provision for loan losses also reflects the totality of actions taken on all loans for a particular period. In other words, the amount of the provision reflects not only the necessary increases in the allowance for loan losses related to newly identified problem loans, but it also reflects actions taken related to other loans including, among other things, any necessary increases or decreases in required allowances for specific loans or loan pools. | ||
The level of the allowance for loan losses reflects management’s continuing evaluation of industry concentrations, specific credit risks, loan loss and recovery experience, current loan portfolio quality, present economic, political and regulatory conditions and unidentified losses inherent in the current loan portfolio. Portions of the allowance may be allocated for specific credits; however, the entire allowance is available for any credit that, in management’s judgment, should be charged off. While management utilizes its best judgment and information available, the ultimate determination of the appropriate level of the allowance is dependent upon a variety of factors beyond the Company’s control, including, among other things, the performance of the Company’s loan portfolio, the economy, changes in interest rates and the view of the regulatory authorities toward loan classifications. The Company monitors whether or not the allowance for loan loss allocation model, as a whole, calculates an appropriate level of allowance for loan losses that moves in direct correlation to the general macroeconomic and loan portfolio conditions the Company experiences over time. | ||
The Company’s allowance for loan losses consists of three elements: (i) specific valuation allowances based on probable losses on impaired loans; (ii) historical valuation allowances determined based on historical loan loss experience for similar loans with similar characteristics and trends, adjusted, as necessary, to reflect the impact of current conditions; and (iii) general valuation allowances based on general economic conditions and other risk factors both internal and external to the Company. | ||
The specific valuation allowances established for probable losses on impaired loans are based on management’s estimate of the borrower’s ability to repay the loan given the availability of collateral, other sources of cash flows, as well as evaluation of legal options available to the Company. The amount of impairment is measured based upon the present value of expected future cash flows discounted at the loan’s effective interest rate, the fair value of the underlying collateral less applicable selling costs, or the observable market price of the loan. If foreclosure is probable or the loan is collateral dependent, impairment is measured using the fair value of the loan’s collateral, less estimated costs to sell. Large groups of homogeneous loans, such as residential mortgage, home equity and consumer and installment loans, are aggregated and collectively evaluated for impairment. | ||
Historical valuation allowances are calculated based on the historical loss experience of specific types of loans. The Company calculates historical loss ratios for pools of similar loans with similar characteristics based on the proportion of actual charge-offs experienced to the total population of loans in the pool. The historical loss ratios are updated on a quarterly basis based on actual charge-off experience. A historical valuation allowance is established for each pool of similar loans based upon the product of the historical loss ratio and the total dollar amount of the loans in the pool. | ||
The components of the general valuation allowances include (i) additional reserves allocated to specific loan portfolio segments as a result of applying a qualitative adjustment factor to the base historical loss allocation; (ii) additional reserves allocated to specific geographical regions where negative trends are being experienced; and (iii) additional reserves established based on consideration of trends in past due loans, potential problem loans, performing troubled debt restructurings and nonaccrual loans and other qualitative and quantitative factors both internal and external to the Company which could affect potential credit losses. | ||
Management believes that the level of the Company’s allowance for loan losses is appropriate. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions. | ||
In addition, various regulatory agencies, as an integral part of their examination process, periodically review the allowance for loan losses. Such agencies may require the Company to modify its allowance for loan losses based on their judgment about information available to them at the time of their examination. | ||
Derivative Instruments and Hedging Activities. The Company utilizes derivative instruments and hedging strategies to assist in the management of interest rate sensitivity and to modify the repricing, maturity and option characteristics of certain assets and liabilities. The Company uses such derivative instruments solely to reduce its interest rate risk exposure. First Bank also offers interest rate swap agreement contracts to certain customers who wish to modify their interest rate sensitivity positions. First Bank offsets the interest rate risk of these swap agreements by simultaneously purchasing matching interest rate swap agreement contracts with offsetting pay/receive rates from other financial institutions. | ||
Derivative instruments are recorded in the consolidated balance sheets and measured at fair value. At inception of a non-customer derivative transaction, the Company designates the derivative instrument as either a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedges) or a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedges). For all hedging relationships, the Company documents the hedging relationship and its risk-management objectives and strategy for entering into the hedging relationship including the hedging instrument, the hedged item(s), the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed and a description of the method the Company will utilize to measure hedge ineffectiveness. This process also includes linking all derivative instruments that are designated as fair value hedges or cash flow hedges to the underlying assets and liabilities or to specific firm commitments or forecasted transactions. The Company also assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of the hedged item(s). The Company discontinues hedge accounting prospectively when it is determined that the derivative instrument is no longer effective in offsetting changes in the fair value or cash flows of the hedged item(s), the derivative instrument expires or is sold, terminated, or exercised, the derivative instrument is de-designated as a hedging instrument because it is unlikely that a forecasted transaction will occur, a hedged firm commitment no longer meets the definition of a firm commitment, or management determines that designation of the derivative instrument as a hedging transaction is no longer appropriate. | ||
A summary of the Company’s accounting policies for its derivative instruments and hedging activities is as follows: | ||
• | Interest Rate Swap Agreements – Cash Flow Hedges. Interest rate swap agreements designated as cash flow hedges are accounted for at fair value. The effective portion of the change in the cash flow hedge’s gain or loss is initially reported as a component of other comprehensive income (loss) and subsequently reclassified into interest income or interest expense when the underlying transaction affects earnings. The ineffective portion of the change in the cash flow hedge’s gain or loss is recorded in noninterest income on each monthly measurement date. The net interest differential is recognized as an adjustment to interest income or interest expense of the related asset or liability being hedged. In the event of early termination or ineffectiveness, the gain or loss on the cash flow hedge would continue to be reported as a component of other comprehensive income (loss) until the underlying transaction affects earnings. | |
• | Interest Rate Swap Agreements – Fair Value Hedges. Interest rate swap agreements designated as fair value hedges are accounted for at fair value. Changes in the fair value of the swap agreements are recognized currently in noninterest income. The change in the fair value of the underlying hedged item is recognized as an adjustment to the carrying amount of the underlying hedged item and is also reflected currently in noninterest income. All changes in fair value are measured on a monthly basis. The net interest differential is recognized as an adjustment to interest income or interest expense of the related asset or liability being hedged. In the event of early termination or ineffectiveness, the net proceeds received or paid on the interest rate swap agreements are recognized immediately in noninterest income and the future net interest differential, if any, is recognized prospectively in noninterest income. The cumulative change in the fair value of the underlying hedged item is deferred and amortized or accreted to interest income or interest expense over the weighted average life of the related asset or liability. If, however, the underlying hedged item is repaid, the cumulative change in the fair value of the underlying hedged item is recognized immediately in noninterest income. | |
• | Customer Interest Rate Swap Agreement Contracts. Derivative instruments are offered to customers to assist in hedging their risks of adverse changes in interest rates. First Bank serves as an intermediary between its customers and the financial markets. Each contract between First Bank and its customers is offset by a contract between First Bank and various counterparties. These contracts do not qualify for hedge accounting. Customer interest rate swap agreement contracts are carried at fair value. Changes in the fair value are recognized in noninterest income on a monthly basis. Each customer contract is paired with an offsetting contract, and as such, there is no significant impact to net income (loss). | |
• | Interest Rate Lock Commitments. Commitments to originate loans for subsequent sale in the secondary market (interest rate lock commitments), which primarily consist of commitments to originate fixed rate residential mortgage loans, are recorded at fair value. Fair values are based upon quoted market prices. The value of loan servicing rights is also incorporated into fair value measurements for mortgage loan commitments. Changes in the fair value of interest rate lock commitments are recognized in noninterest income on a monthly basis. | |
• | Forward Commitments to Sell Mortgage-Backed Securities. Forward commitments to sell mortgage-backed securities are recorded at fair value. Changes in the fair value of forward commitments to sell mortgage-backed securities are recognized in noninterest income on a monthly basis. | |
Bank Premises and Equipment, Net. Bank premises and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Amortization of leasehold improvements is calculated using the straight-line method over the shorter of the useful life of the related asset or the term of the lease. Bank premises and improvements are depreciated over five to 40 years and equipment is depreciated over three to seven years. | ||
Goodwill and Other Intangible Assets. Goodwill and intangible assets with indefinite useful lives are not amortized, but instead tested at least annually for impairment. Intangible assets with definite useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. The Company amortized its core deposit intangibles on a straight-line basis over the estimated periods to be benefited, which had been estimated at five to seven years. | ||
The Company has the option to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible assets are impaired as a basis for determining whether it is necessary to perform a quantitative impairment test. If, after assessing the totality of events and circumstances, the Company concludes that it is not more likely than not that the indefinite-lived intangible assets are impaired, then the Company is not required to take further action. However, if the Company concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount. The Company also has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. The Company will be able to resume performing the qualitative assessment in any subsequent period. | ||
The goodwill impairment test is a two-step process which requires the Company to make assumptions regarding fair value. The Company’s policy allows management to make the determination of fair value using internal cash flow models or by engaging independent third parties. The first step consists of estimating the fair value of the reporting unit using a number of factors, including projected future operating results and business plans, economic projections, anticipated future cash flows, discount rates, and comparable marketplace fair value data from within a comparable industry grouping. The Company compares the estimated fair value of its reporting unit to the carrying value, which includes allocated goodwill. If the estimated fair value is less than the carrying value, the second step is completed to compute the impairment amount by determining the “implied fair value” of goodwill. This determination requires the allocation of the estimated fair value of the reporting unit to the assets and liabilities of the reporting unit. Any remaining unallocated fair value represents the “implied fair value” of goodwill, which is compared to the corresponding carrying value to compute the goodwill impairment amount, if any. | ||
Goodwill allocated to the sale or disposal of a business is based on the relative fair values of the business to be sold or disposed of and the portion of the reporting unit that will be retained. | ||
See Note 6 to the consolidated financial statements for further discussion. | ||
Servicing Rights. The Company has mortgage servicing rights and SBA servicing rights, which are measured at fair value as permitted by ASC Topic 860 – Accounting for Servicing of Financial Assets. Changes in the fair value of mortgage and SBA servicing rights are recognized in earnings in the period in which the change occurs and such changes are reflected in other noninterest income in the consolidated statements of operations. Servicing rights are valued based on valuation models that utilize assumptions based on the predominant risk characteristics of the underlying loans, including size, interest rate, weighted average life, cost to service and estimated prepayment speeds. The valuation models estimate the present value of estimated future net servicing income. | ||
Mortgage and SBA servicing rights are capitalized upon the sale of the underlying loan at estimated fair value. The fair value of mortgage and SBA servicing rights fluctuates based on changes in interest rates and certain other assumptions utilized to value the mortgage and SBA servicing rights. The value is adversely affected when interest rates decline which normally causes loan prepayments to increase. The determination of the fair value of the mortgage and SBA servicing rights is performed monthly based upon an independent third party valuation. The valuation analysis is prepared using stratifications of the mortgage and SBA servicing rights based on the predominant risk characteristics of the underlying loans, including size, interest rate, weighted average original term, weighted average remaining term and estimated prepayment speeds. | ||
Other Real Estate and Repossessed Assets. Other real estate and repossessed assets, consisting of real estate and other assets acquired through foreclosure or deed in lieu of foreclosure, are stated at the lower of cost or fair value less applicable selling costs. The excess of cost over fair value of the property at the date of acquisition is charged to the allowance for loan losses. Subsequent reductions in carrying value, to reflect current fair value or costs incurred in maintaining the other real estate and repossessed assets, are charged to noninterest expense as incurred. | ||
Income Taxes. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in the tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Valuation allowances are then recorded to reduce deferred tax assets to the amounts management concludes are more-likely-than-not to be realized. The Company and its eligible subsidiaries file a consolidated federal income tax return and unitary or consolidated state income tax returns in all applicable states. | ||
The Company’s policy is to separately disclose any interest or penalties arising from the application of federal or state income taxes. Interest related to unrecognized tax benefits is included in interest expense and penalties related to unrecognized tax benefits are included in noninterest expense. | ||
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states. Management of the Company believes the accrual for tax liabilities is adequate for all open audit years based on its assessment of many factors, including past experience and interpretations of tax law applied to the facts of each matter. This assessment relies on estimates and assumptions. | ||
Noncontributory Defined Benefit Pension Plan. The Company has a noncontributory defined benefit pension plan covering certain former employees of a bank holding company acquired by the Company in 1994 (the Plan) and subsequently merged with and into the Company on December 31, 2002. The Company discontinued the accumulation of benefits under the Plan in 1994, and as such, there is no longer any service cost being accrued by Plan participants. The Company records annual amounts relating to the Plan based on calculations that incorporate various actuarial and other assumptions including discount rates, mortality rates, and assumed rates of return. The Company reviews these assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when deemed appropriate. The funded status of the Plan is recognized as a net asset or liability and changes in the Plan’s funded status are recognized through other comprehensive income to the extent those changes are not included in the net periodic cost. | ||
Financial Instruments With Off-Balance Sheet Risk. A financial instrument is defined as cash, evidence of an ownership interest in an entity, or a contract that conveys or imposes on an entity the contractual right or obligation to either receive or deliver cash or another financial instrument. The Company utilizes financial instruments to reduce the interest rate risk arising from its financial assets and liabilities. These instruments involve, in varying degrees, elements of interest rate risk and credit risk in excess of the amount recognized in the consolidated balance sheets. “Interest rate risk” is defined as the possibility that interest rates may move unfavorably from the perspective of the Company due to maturity and/or interest rate adjustment timing differences between interest-earning assets and interest-bearing liabilities. The risk that a counterparty to an agreement entered into by the Company may default is defined as “credit risk.” | ||
The Company is a party to commitments to extend credit and commercial and standby letters of credit in the normal course of business to meet the financing needs of its customers. These commitments involve, in varying degrees, elements of interest rate risk and credit risk in excess of the amount reflected in the consolidated balance sheets. | ||
Earnings (Loss) Per Common Share. Basic earnings (loss) per common share (EPS) are computed by dividing the income (loss) available to common stockholders (the numerator) by the weighted average number of shares of common stock outstanding (the denominator) during the year. The computation of dilutive EPS is similar except the denominator is increased to include the number of additional shares of common stock that would have been outstanding if the dilutive potential shares had been issued. In addition, in computing the dilutive effect of convertible securities, the numerator is adjusted to add back any convertible preferred dividends. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||
DISCONTINUED OPERATIONS | ' | |||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||
Discontinued Operations. The assets and liabilities associated with the transactions described (and defined) below were previously reported in the First Bank segment and were sold as part of the Company’s Capital Optimization Plan (Capital Plan). The Company applied discontinued operations accounting in accordance with ASC Topic 205-20, “Presentation of Financial Statements – Discontinued Operations,” to the assets and liabilities associated with the Northern Florida Region as of December 31, 2012, and to the operations of First Bank's Association Bank Services line of business and First Bank's Northern Florida and Northern Illinois Regions for the years ended December 31, 2013, 2012 and 2011, as applicable. The Company did not allocate any consolidated interest that is not directly attributable to or related to discontinued operations. All financial information in the consolidated financial statements and notes to the consolidated financial statements is reported on a continuing operations basis, unless otherwise noted. | ||||||||||||||
Association Bank Services. On May 13, 2013, First Bank entered into a Purchase and Assumption Agreement that provided for the sale of certain assets and the transfer of certain liabilities, primarily deposits, of First Bank's Association Bank Services (ABS) line of business, to Union Bank, N.A. (Union Bank), headquartered in San Francisco, California. ABS, previously headquartered in Vallejo, California, provided a full range of services to homeowners associations and community management companies. The transaction was completed on November 22, 2013. Under the terms of the agreement, Union Bank assumed $572.1 million of deposits, as well as certain other liabilities, and paid a premium on certain deposit accounts acquired in the transaction. Union Bank also purchased certain assets, including $20.8 million of loans, at par value. The transaction resulted in a gain of $28.6 million, after the write-off of goodwill of $18.0 million allocated to the transaction in the fourth quarter of 2013. | ||||||||||||||
Northern Florida Region. On November 21, 2012, First Bank entered into a Branch Purchase and Assumption Agreement that provided for the sale of certain assets and the transfer of certain liabilities associated with eight of First Bank’s retail branches located in Pinellas County, Florida to HomeBanc National Association (HomeBanc), headquartered in Lake Mary, Florida. The transaction was completed on April 19, 2013. Under the terms of the agreement, HomeBanc assumed $120.3 million of deposits, purchased the premises and equipment, and assumed the leases associated with these eight retail branches. The transaction resulted in a gain of $408,000, after the write-off of goodwill of $700,000 allocated to the Northern Florida Region during the second quarter of 2013. | ||||||||||||||
On April 5, 2013, First Bank closed its three remaining retail branches located in Hillsborough County and in Pasco County. The closure of these three remaining retail branches in the Northern Florida Region resulted in expense of $2.3 million during the second quarter of 2013 attributable to continuing obligations under facility leasing arrangements. | ||||||||||||||
The eight branches sold and three branches closed during the second quarter of 2013 are collectively defined as the Northern Florida Region. The assets and liabilities associated with the Northern Florida Region are reflected in assets and liabilities of discontinued operations in the consolidated balance sheets as of December 31, 2012. | ||||||||||||||
First Bank presently continues to operate its remaining eight retail branches in Manatee County’s communities of Bradenton, Palmetto and Longboat Key, Florida. These eight branches were previously reported as discontinued operations but were reclassified to continuing operations during the fourth quarter of 2012. The related assets and liabilities associated with these eight retail branches were reclassified from assets and liabilities of discontinued operations to continuing operations in the consolidated balance sheets as of December 31, 2012. Upon reclassification of the assets of these branches from assets of discontinued operations to continuing operations, the assets were recorded at the lower of their carrying amount and their fair value at the time of the Company’s change in its intent to continue to operate the branches. As a result of the Company’s change in its intent to operate these branches, the Company recorded a write-down of $2.3 million during the fourth quarter of 2012 associated with a fair value adjustment on the premises and equipment of these branches, which is included in other noninterest expense in the consolidated statements of operations. | ||||||||||||||
Northern Illinois Region. During 2010, First Bank entered into three Branch Purchase and Assumption Agreements that provided for the sale of certain assets and the transfer of certain liabilities associated with 14 of First Bank’s branch banking offices in Northern Illinois. Two transactions were completed in 2010, resulting in the sale of 11 branch banking offices, and one transaction was completed in 2011, resulting in the sale of three branch banking offices. The 14 branches in the three separate transactions are collectively defined as the Northern Illinois Region (Northern Illinois Region). The transactions completed in 2010, in the aggregate, resulted in a gain of $6.4 million, after the write-off of goodwill and intangible assets of $9.7 million allocated to these branches. The transaction completed in 2011 resulted in a gain of $425,000, after the write-off of goodwill and intangible assets of $1.6 million allocated to these branches. | ||||||||||||||
Assets and liabilities of discontinued operations at December 31, 2012 were as follows: | ||||||||||||||
December 31, 2012 | ||||||||||||||
Northern | ||||||||||||||
Florida | ||||||||||||||
(dollars expressed in thousands) | ||||||||||||||
Cash and due from banks | $ | 1,139 | ||||||||||||
Total loans | — | |||||||||||||
Bank premises and equipment, net | 4,837 | |||||||||||||
Goodwill | 700 | |||||||||||||
Other assets | 30 | |||||||||||||
Assets of discontinued operations | $ | 6,706 | ||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing demand | $ | 12,488 | ||||||||||||
Interest-bearing demand | 10,480 | |||||||||||||
Savings and money market | 67,686 | |||||||||||||
Time deposits of $100 or more | 27,034 | |||||||||||||
Other time deposits | 37,964 | |||||||||||||
Total deposits | 155,652 | |||||||||||||
Accrued expenses and other liabilities | 59 | |||||||||||||
Liabilities of discontinued operations | $ | 155,711 | ||||||||||||
Income from discontinued operations, net of tax, for the year ended December 31, 2013 was as follows: | ||||||||||||||
Association Bank Services | Northern | Total | ||||||||||||
Florida | ||||||||||||||
(dollars expressed in thousands) | ||||||||||||||
Year ended December 31, 2013: | ||||||||||||||
Interest income: | ||||||||||||||
Interest and fees on loans | $ | 1,221 | — | 1,221 | ||||||||||
Interest expense: | ||||||||||||||
Interest on deposits | 292 | 233 | 525 | |||||||||||
Net interest income (loss) | 929 | (233 | ) | 696 | ||||||||||
Provision for loan losses | — | — | — | |||||||||||
Net interest income (loss) after provision for loan losses | 929 | (233 | ) | 696 | ||||||||||
Noninterest income: | ||||||||||||||
Service charges and customer service fees | 85 | 134 | 219 | |||||||||||
Other | 105 | 4 | 109 | |||||||||||
Total noninterest income | 190 | 138 | 328 | |||||||||||
Noninterest expense: | ||||||||||||||
Salaries and employee benefits | 3,045 | 885 | 3,930 | |||||||||||
Occupancy, net of rental income | 6 | 579 | 585 | |||||||||||
Furniture and equipment | 41 | 40 | 81 | |||||||||||
Legal, examination and professional fees | 68 | — | 68 | |||||||||||
FDIC insurance | 671 | 53 | 724 | |||||||||||
Other | 743 | 2,452 | 3,195 | |||||||||||
Total noninterest expense | 4,574 | 4,009 | 8,583 | |||||||||||
Loss from operations of discontinued operations | (3,455 | ) | (4,104 | ) | (7,559 | ) | ||||||||
Net gain on sale of discontinued operations | 28,615 | 408 | 29,023 | |||||||||||
Provision for income taxes | 241 | — | 241 | |||||||||||
Net income (loss) from discontinued operations, net of tax | $ | 24,919 | (3,696 | ) | 21,223 | |||||||||
Loss from discontinued operations, net of tax, for the year ended December 31, 2012 was as follows: | ||||||||||||||
Association Bank Services | Northern | Total | ||||||||||||
Florida | ||||||||||||||
(dollars expressed in thousands) | ||||||||||||||
Year ended December 31, 2012: | ||||||||||||||
Interest income: | ||||||||||||||
Interest and fees on loans | $ | 1,762 | — | 1,762 | ||||||||||
Interest expense: | ||||||||||||||
Interest on deposits | 477 | 972 | 1,449 | |||||||||||
Net interest income (loss) | 1,285 | (972 | ) | 313 | ||||||||||
Provision for loan losses | — | — | — | |||||||||||
Net interest income (loss) after provision for loan losses | 1,285 | (972 | ) | 313 | ||||||||||
Noninterest income: | ||||||||||||||
Service charges and customer service fees | 119 | 467 | 586 | |||||||||||
Other | 109 | 13 | 122 | |||||||||||
Total noninterest income | 228 | 480 | 708 | |||||||||||
Noninterest expense: | ||||||||||||||
Salaries and employee benefits | 2,583 | 2,279 | 4,862 | |||||||||||
Occupancy, net of rental income | 12 | 1,760 | 1,772 | |||||||||||
Furniture and equipment | 89 | 278 | 367 | |||||||||||
Legal, examination and professional fees | 62 | 5 | 67 | |||||||||||
FDIC insurance | 1,123 | 358 | 1,481 | |||||||||||
Other | 942 | 351 | 1,293 | |||||||||||
Total noninterest expense | 4,811 | 5,031 | 9,842 | |||||||||||
Loss from operations of discontinued operations | (3,298 | ) | (5,523 | ) | (8,821 | ) | ||||||||
Benefit for income taxes | — | — | — | |||||||||||
Net loss from discontinued operations, net of tax | $ | (3,298 | ) | (5,523 | ) | (8,821 | ) | |||||||
Loss from discontinued operations, net of tax, for the year ended December 31, 2011 was as follows: | ||||||||||||||
Association Bank Services | Northern Florida | Northern | Total | |||||||||||
Illinois | ||||||||||||||
(dollars expressed in thousands) | ||||||||||||||
Year ended December 31, 2011: | ||||||||||||||
Interest income: | ||||||||||||||
Interest and fees on loans | $ | 2,237 | — | 895 | 3,132 | |||||||||
Interest expense: | ||||||||||||||
Interest on deposits | 901 | 2,160 | 261 | 3,322 | ||||||||||
Net interest income (loss) | 1,336 | (2,160 | ) | 634 | (190 | ) | ||||||||
Provision for loan losses | — | — | — | — | ||||||||||
Net interest income (loss) after provision for loan losses | 1,336 | (2,160 | ) | 634 | (190 | ) | ||||||||
Noninterest income: | ||||||||||||||
Service charges and customer service fees | 155 | 411 | 259 | 825 | ||||||||||
Other | 115 | 8 | 5 | 128 | ||||||||||
Total noninterest income | 270 | 419 | 264 | 953 | ||||||||||
Noninterest expense: | ||||||||||||||
Salaries and employee benefits | 2,519 | 2,325 | 357 | 5,201 | ||||||||||
Occupancy, net of rental income | 10 | 1,746 | 68 | 1,824 | ||||||||||
Furniture and equipment | 114 | 431 | 29 | 574 | ||||||||||
Legal, examination and professional fees | 30 | 1 | 6 | 37 | ||||||||||
Amortization of intangible assets | — | 63 | — | 63 | ||||||||||
FDIC insurance | 1,227 | 469 | 100 | 1,796 | ||||||||||
Other | 641 | 379 | 67 | 1,087 | ||||||||||
Total noninterest expense | 4,541 | 5,414 | 627 | 10,582 | ||||||||||
(Loss) income from operations of discontinued operations | (2,935 | ) | (7,155 | ) | 271 | (9,819 | ) | |||||||
Net gain on sale of discontinued operations | — | — | 425 | 425 | ||||||||||
Benefit for income taxes | — | — | — | — | ||||||||||
Net (loss) income from discontinued operations, net of tax | $ | (2,935 | ) | $ | (7,155 | ) | 696 | (9,394 | ) | |||||
INVESTMENTS_IN_DEBT_AND_EQUITY
INVESTMENTS IN DEBT AND EQUITY SECURITIES | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||
INVESTMENTS IN DEBT AND EQUITY SECURITIES | ' | |||||||||||||||||||||||||||
INVESTMENTS IN DEBT AND EQUITY SECURITIES | ||||||||||||||||||||||||||||
Securities Available for Sale. The amortized cost, contractual maturity, gross unrealized gains and losses and fair value of investment securities available for sale at December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||||
Maturity | Total Amortized Cost | Gross Unrealized | Weighted Average Yield | |||||||||||||||||||||||||
1 Year or Less | 5-Jan | 5-10 Years | After 10 Years | Gains | Losses | Fair Value | ||||||||||||||||||||||
Years | ||||||||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||||||
Carrying value: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 8,450 | 40,243 | 88,666 | 135,679 | 273,038 | 3,525 | (664 | ) | 275,899 | 1.34 | % | ||||||||||||||||
Residential mortgage-backed | — | 43,943 | 115,731 | 951,454 | 1,111,128 | 12,873 | (18,214 | ) | 1,105,787 | 2.32 | ||||||||||||||||||
Commercial mortgage-backed | — | — | 793 | — | 793 | 63 | — | 856 | 4.94 | |||||||||||||||||||
State and political subdivisions | 1,369 | 2,035 | 200 | 28,432 | 32,036 | 81 | (560 | ) | 31,557 | 1.26 | ||||||||||||||||||
Corporate notes | 4,980 | 140,575 | 45,132 | — | 190,687 | 5,777 | (261 | ) | 196,203 | 2.69 | ||||||||||||||||||
Equity investments | — | — | — | 1,500 | 1,500 | — | (57 | ) | 1,443 | 2.17 | ||||||||||||||||||
Total | $ | 14,799 | 226,796 | 250,522 | 1,117,065 | 1,609,182 | 22,319 | (19,756 | ) | 1,611,745 | 2.18 | |||||||||||||||||
Fair value: | ||||||||||||||||||||||||||||
Debt securities | $ | 14,927 | 233,338 | 250,860 | 1,111,177 | |||||||||||||||||||||||
Equity securities | — | — | — | 1,443 | ||||||||||||||||||||||||
Total | $ | 14,927 | 233,338 | 250,860 | 1,112,620 | |||||||||||||||||||||||
Weighted average yield | 2.17 | % | 2.23 | % | 1.81 | % | 2.24 | % | ||||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||||||||
Carrying value: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 10,051 | 80,328 | — | 213,892 | 304,271 | 6,304 | (146 | ) | 310,429 | 1.42 | % | ||||||||||||||||
Residential mortgage-backed | 364 | 24,014 | 219,286 | 1,251,917 | 1,495,581 | 38,983 | (497 | ) | 1,534,067 | 2.32 | ||||||||||||||||||
Commercial mortgage-backed | — | — | 806 | — | 806 | 109 | — | 915 | 4.86 | |||||||||||||||||||
State and political subdivisions | 985 | 3,579 | 201 | — | 4,765 | 164 | — | 4,929 | 4.05 | |||||||||||||||||||
Corporate Notes | — | 137,090 | 49,704 | — | 186,794 | 6,192 | (621 | ) | 192,365 | 3.13 | ||||||||||||||||||
Equity investments | — | — | — | 1,000 | 1,000 | 22 | — | 1,022 | 2.54 | |||||||||||||||||||
Total | $ | 11,400 | 245,011 | 269,997 | 1,466,809 | 1,993,217 | 51,774 | (1,264 | ) | 2,043,727 | 2.26 | |||||||||||||||||
Fair value: | ||||||||||||||||||||||||||||
Debt securities | $ | 11,476 | 251,558 | 275,251 | 1,504,420 | |||||||||||||||||||||||
Equity securities | — | — | — | 1,022 | ||||||||||||||||||||||||
Total | $ | 11,476 | 251,558 | 275,251 | 1,505,442 | |||||||||||||||||||||||
Weighted average yield | 2.01 | % | 2.17 | % | 2.65 | % | 2.21 | % | ||||||||||||||||||||
Securities Held to Maturity. The amortized cost, contractual maturity, gross unrealized gains and losses and fair value of investment securities held to maturity at December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||||
Maturity | Total Amortized Cost | Gross Unrealized | Weighted Average Yield | |||||||||||||||||||||||||
1 Year or Less | 1-5 Years | 5-10 Years | After 10 Years | Gains | Losses | Fair Value | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||||||
Carrying value: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | — | — | 16,119 | — | 16,119 | — | (153 | ) | 15,966 | 1.14 | % | ||||||||||||||||
Residential mortgage-backed | — | 16,327 | 182,933 | 522,504 | 721,764 | 441 | (21,206 | ) | 700,999 | 1.88 | ||||||||||||||||||
State and political subdivisions | 640 | 575 | 55 | 1,033 | 2,303 | 2 | (87 | ) | 2,218 | 1.93 | ||||||||||||||||||
Total | $ | 640 | 16,902 | 199,107 | 523,537 | 740,186 | 443 | (21,446 | ) | 719,183 | 1.86 | |||||||||||||||||
Fair value: | ||||||||||||||||||||||||||||
Debt securities | $ | 642 | 16,926 | 195,647 | 505,968 | |||||||||||||||||||||||
Weighted average yield | 3.32 | % | 2.2 | % | 1.53 | % | 1.97 | % | ||||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||||||||
Carrying value: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | — | — | 52,582 | — | 52,582 | 269 | — | 52,851 | 1.63 | % | |||||||||||||||||
Residential mortgage-backed | — | — | 108,420 | 466,863 | 575,283 | 6,142 | (614 | ) | 580,811 | 1.82 | ||||||||||||||||||
State and political subdivisions | 826 | 1,099 | 252 | 1,511 | 3,688 | 51 | (377 | ) | 3,362 | 1.89 | ||||||||||||||||||
Total | $ | 826 | 1,099 | 161,254 | 468,374 | 631,553 | 6,462 | (991 | ) | 637,024 | 1.8 | |||||||||||||||||
Fair value: | ||||||||||||||||||||||||||||
Debt securities | $ | 836 | 1,129 | 164,433 | 470,626 | |||||||||||||||||||||||
Weighted average yield | 2.56 | % | 3.4 | % | 1.77 | % | 1.81 | % | ||||||||||||||||||||
Proceeds from sales of available-for-sale investment securities were $143.7 million, $315.2 million and $283.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. Proceeds from calls of investment securities were $51.2 million, $277.2 million and $56.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. Gross realized gains and gross realized losses on investment securities for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
Gross realized gains on sales of available-for-sale securities | $ | 802 | 1,675 | 5,286 | ||||||||||||||||||||||||
Gross realized losses on sales of available-for-sale securities | (354 | ) | (374 | ) | (1 | ) | ||||||||||||||||||||||
Other-than-temporary impairment | (412 | ) | (2 | ) | (3 | ) | ||||||||||||||||||||||
Gross realized gains on calls of investment securities | — | 7 | 53 | |||||||||||||||||||||||||
Net realized gain on investment securities | $ | 36 | 1,306 | 5,335 | ||||||||||||||||||||||||
Other-than-temporary impairment for the year ended December 31, 2013 includes impairment of $407,000 recorded during the first quarter of 2013 on a municipal investment security classified as held-to-maturity. Investment securities with a carrying value of approximately $283.7 million and $257.6 million at December 31, 2013 and 2012, respectively, were pledged in connection with deposits of public and trust funds, securities sold under agreements to repurchase and for other purposes as required by law. | ||||||||||||||||||||||||||||
During the first quarter of 2013, the Company reclassified certain of its available-for-sale investment securities to held-to-maturity investment securities at their respective fair values, which totaled $242.5 million, in aggregate. The net gross unrealized gain on these available-for-sale investment securities at the time of transfer was $5.0 million, in aggregate. On June 30, 2012, the Company reclassified certain of its available-for-sale investment securities to held-to-maturity investment securities at their respective fair values, which totaled $729.1 million, in aggregate. The net gross unrealized gain on these available-for-sale investment securities at the time of transfer was $11.7 million, in aggregate. The determination of the reclassifications were made by management based on the Company’s current and expected future liquidity levels and the resulting intent to hold such investment securities to maturity. The net gross unrealized gain on these available-for-sale investment securities at the time of transfer was recorded as additional premium on the securities and is being amortized over the remaining lives of the respective securities, as further described in Note 13 to the consolidated financial statements. | ||||||||||||||||||||||||||||
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013 and 2012, were as follows: | ||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 16,005 | (664 | ) | — | — | 16,005 | (664 | ) | |||||||||||||||||||
Residential mortgage-backed | 511,617 | (18,119 | ) | 5,473 | (95 | ) | 517,090 | (18,214 | ) | |||||||||||||||||||
State and political subdivisions | 27,872 | (560 | ) | — | — | 27,872 | (560 | ) | ||||||||||||||||||||
Corporate notes | 9,959 | (41 | ) | 4,780 | (220 | ) | 14,739 | (261 | ) | |||||||||||||||||||
Equity investments | 1,443 | (57 | ) | — | — | 1,443 | (57 | ) | ||||||||||||||||||||
Total | $ | 566,896 | (19,441 | ) | 10,253 | (315 | ) | 577,149 | (19,756 | ) | ||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 15,966 | (153 | ) | — | — | 15,966 | (153 | ) | |||||||||||||||||||
Residential mortgage-backed | 644,700 | (20,759 | ) | 10,527 | (447 | ) | 655,227 | (21,206 | ) | |||||||||||||||||||
State and political subdivisions | 946 | (87 | ) | — | — | 946 | (87 | ) | ||||||||||||||||||||
Total: | $ | 661,612 | (20,999 | ) | 10,527 | (447 | ) | 672,139 | (21,446 | ) | ||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 20,018 | (146 | ) | — | — | 20,018 | (146 | ) | |||||||||||||||||||
Residential mortgage-backed | 125,449 | (441 | ) | 270 | (56 | ) | 125,719 | (497 | ) | |||||||||||||||||||
Corporate notes | — | — | 17,675 | (621 | ) | 17,675 | (621 | ) | ||||||||||||||||||||
Total | $ | 145,467 | (587 | ) | 17,945 | (677 | ) | 163,412 | (1,264 | ) | ||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||
Residential mortgage-backed | $ | 66,011 | (614 | ) | — | — | 66,011 | (614 | ) | |||||||||||||||||||
State and political subdivisions | 1,133 | (377 | ) | — | — | 1,133 | (377 | ) | ||||||||||||||||||||
Total: | $ | 67,144 | (991 | ) | — | — | 67,144 | (991 | ) | |||||||||||||||||||
The Company does not believe that the investment securities that were in an unrealized loss position at December 31, 2013 and 2012 are other-than-temporarily impaired. The unrealized losses on the investment securities were primarily attributable to fluctuations in interest rates. It is expected that the securities would not be settled at a price less than the amortized cost. Because the decline in fair value is attributable to changes in interest rates and not credit loss, and because the Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these securities before the anticipated recovery of the remaining amortized cost basis or maturity, these investments are not considered other-than-temporarily impaired. The unrealized losses for residential mortgage-backed securities for 12 months or more at December 31, 2013 and 2012 included 11 and nine securities, respectively. The unrealized losses for corporate notes for 12 months or more at December 31, 2013 and 2012 included one and six securities, respectively. |
LOANS_AND_ALLOWANCE_FOR_LOAN_L
LOANS AND ALLOWANCE FOR LOAN LOSSES | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||
LOANS AND ALLOWANCE FOR LOAN LOSSES | ' | |||||||||||||||||||||
LOANS AND ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||
The following table summarizes the composition of the loan portfolio at December 31, 2013 and 2012: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 600,704 | 610,301 | |||||||||||||||||||
Real estate construction and development | 121,662 | 174,979 | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 921,488 | 986,767 | ||||||||||||||||||||
Multi-family residential | 121,304 | 103,684 | ||||||||||||||||||||
Commercial real estate | 1,048,234 | 969,680 | ||||||||||||||||||||
Consumer and installment | 18,681 | 19,262 | ||||||||||||||||||||
Loans held for sale | 25,548 | 66,133 | ||||||||||||||||||||
Net deferred loan fees | (526 | ) | (59 | ) | ||||||||||||||||||
Total loans | $ | 2,857,095 | 2,930,747 | |||||||||||||||||||
The Company's loan portfolio is primarily comprised of residential and commercial real estate loans, and commercial, financial and agricultural loans. The Company primarily lends to borrowers within its primary market areas of California, Florida, southern Illinois and eastern Missouri. The Company maintains a diversified portfolio with limited industry concentrations of credit risk. Real estate lending constitutes the only significant concentration of credit risk. Real estate loans comprised approximately 78% and 79% of the loan portfolio at December 31, 2013 and 2012, respectively, of which 42% and 46%, respectively, were made to consumers in the form of residential real estate mortgages and home equity lines of credit. First Bank also offers residential real estate mortgage loans with terms that require interest only payments. At December 31, 2013, the balance of such loans, all of which were held for portfolio, was approximately $16.0 million, of which approximately 5.1% were delinquent. At December 31, 2012, the balance of such loans, all of which were held for portfolio, was approximately $25.3 million, of which approximately 5.1% were delinquent. In general, the Company is a secured lender. At December 31, 2013 and 2012, 99.0% of the loan portfolio was collateralized. Collateral is required in accordance with the normal credit evaluation process based upon the creditworthiness of the customer and the credit risk associated with the particular transaction. First Bank also originates certain one-to-four-family residential mortgage loans for sale in the secondary market. First Bank has a repurchase obligation on these loans in the event of fraud or, on certain loans, early payment default. The early payment default provisions generally range from four months to one year after sale of the loan in the secondary market. First Bank has not sold any one-to-four-family residential mortgage loans into the secondary market with early payment default provisions since 2007, as further described in Note 24 to the consolidated financial statements. | ||||||||||||||||||||||
Loans to directors, their affiliates and executive officers of the Company were approximately $12.0 million and $9.1 million at December 31, 2013 and 2012, respectively, as further described in Note 20 to the consolidated financial statements. | ||||||||||||||||||||||
Loans with a carrying value of approximately $1.03 billion and $1.17 billion at December 31, 2013 and 2012, respectively, were pledged as collateral under borrowing arrangements with the FRB and the FHLB. At December 31, 2013 and 2012 and for the years then ended, First Bank had no advances outstanding under these borrowing arrangements. | ||||||||||||||||||||||
Aging of Loans. The following table presents the aging of loans by loan classification at December 31, 2013 and 2012: | ||||||||||||||||||||||
30-59 | 60-89 | Recorded | Nonaccrual | Total Past | Current | Total Loans | ||||||||||||||||
Days | Days | Investment | Due | |||||||||||||||||||
> 90 Days | ||||||||||||||||||||||
Accruing | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 447 | 394 | 80 | 10,523 | 11,444 | 589,260 | 600,704 | ||||||||||||||
Real estate construction and development | — | — | — | 4,914 | 4,914 | 116,748 | 121,662 | |||||||||||||||
One-to-four-family residential: | ||||||||||||||||||||||
Bank portfolio | 1,898 | 757 | 162 | 5,146 | 7,963 | 82,190 | 90,153 | |||||||||||||||
Mortgage Division portfolio | 2,364 | 1,880 | — | 14,917 | 19,161 | 462,850 | 482,011 | |||||||||||||||
Home equity | 2,256 | 963 | 182 | 7,361 | 10,762 | 338,562 | 349,324 | |||||||||||||||
Multi-family residential | — | — | — | 1,793 | 1,793 | 119,511 | 121,304 | |||||||||||||||
Commercial real estate | 1,423 | 391 | — | 8,283 | 10,097 | 1,038,137 | 1,048,234 | |||||||||||||||
Consumer and installment | 87 | 39 | — | 19 | 145 | 18,010 | 18,155 | |||||||||||||||
Loans held for sale | — | — | — | — | — | 25,548 | 25,548 | |||||||||||||||
Total | $ | 8,475 | 4,424 | 424 | 52,956 | 66,279 | 2,790,816 | 2,857,095 | ||||||||||||||
December 31, 2012: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,180 | 322 | — | 19,050 | 20,552 | 589,749 | 610,301 | ||||||||||||||
Real estate construction and development | 93 | — | — | 32,152 | 32,245 | 142,734 | 174,979 | |||||||||||||||
One-to-four-family residential: | ||||||||||||||||||||||
Bank portfolio | 1,871 | 1,121 | 874 | 6,910 | 10,776 | 111,562 | 122,338 | |||||||||||||||
Mortgage Division portfolio | 6,264 | 4,375 | — | 19,780 | 30,419 | 479,552 | 509,971 | |||||||||||||||
Home equity | 2,494 | 1,221 | 216 | 8,671 | 12,602 | 341,856 | 354,458 | |||||||||||||||
Multi-family residential | — | 629 | — | 6,761 | 7,390 | 96,294 | 103,684 | |||||||||||||||
Commercial real estate | 66 | 693 | — | 16,520 | 17,279 | 952,401 | 969,680 | |||||||||||||||
Consumer and installment | 174 | 43 | — | 28 | 245 | 18,958 | 19,203 | |||||||||||||||
Loans held for sale | — | — | — | — | — | 66,133 | 66,133 | |||||||||||||||
Total | $ | 12,142 | 8,404 | 1,090 | 109,872 | 131,508 | 2,799,239 | 2,930,747 | ||||||||||||||
Under the Company’s loan policy, loans are placed on nonaccrual status once principal or interest payments become 90 days past due. However, individual loan officers may submit written requests for approval to continue the accrual of interest on loans that become 90 days past due. These requests may be submitted for approval consistent with the authority levels provided in the Company’s credit approval policies, and they are only granted if an expected near term future event, such as a pending renewal or expected payoff, exists at the time the loan becomes 90 days past due. If the expected near term future event does not occur as anticipated, the loan is then placed on nonaccrual status. | ||||||||||||||||||||||
Credit Quality Indicators. The Company’s credit management policies and procedures focus on identifying, measuring and controlling credit exposure. These procedures employ a lender-initiated system of rating credits, which is ratified in the loan approval process and subsequently tested in internal credit reviews, external audits and regulatory bank examinations. The system requires the rating of all loans at the time they are originated or acquired, except for homogeneous categories of loans, such as residential real estate mortgage loans and consumer loans. These homogeneous loans are assigned an initial rating based on the Company’s experience with each type of loan. The Company adjusts the ratings of the homogeneous loans based on payment experience subsequent to their origination. | ||||||||||||||||||||||
The Company includes adversely rated credits, including loans requiring close monitoring that would not normally be considered classified credits by the Company’s regulators, on its monthly loan watch list. Loans may be added to the Company’s watch list for reasons that are temporary and correctable, such as the absence of current financial statements of the borrower or a deficiency in loan documentation. Loans may also be added to the Company’s watch list whenever any adverse circumstance is detected which might affect the borrower’s ability to comply with the contractual terms of the loan. The delinquency of a scheduled loan payment, deterioration in the borrower’s financial condition identified in a review of periodic financial statements, a decrease in the value of the collateral securing the loan, or a change in the economic environment within which the borrower operates could initiate the addition of a loan to the Company’s watch list. Loans on the Company’s watch list require periodic detailed loan status reports prepared by the responsible officer which are discussed in formal meetings with credit review and credit administration staff members. Upgrades and downgrades of loan risk ratings may be initiated by the responsible loan officer. However, upgrades of risk ratings associated with significant credit relationships and/or problem credit relationships may only be made with the concurrence of appropriate regional credit officers. | ||||||||||||||||||||||
Under the Company’s risk rating system, special mention loans are those loans that do not currently expose the Company to sufficient risk to warrant classification as substandard, troubled debt restructuring (TDR) or nonaccrual, but possess weaknesses that deserve management’s close attention. Substandard loans include those loans characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. A loan is classified as a TDR when a borrower is experiencing financial difficulties that lead to the restructuring of a loan, and the Company grants concessions to the borrower in the restructuring that it would not otherwise consider. Loans classified as TDRs which are accruing interest are classified as performing TDRs. Loans classified as TDRs which are not accruing interest are classified as nonperforming TDRs and are included with all other nonaccrual loans for presentation purposes. Loans classified as nonaccrual have all the weaknesses inherent in those loans classified as substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of the currently existing facts, conditions and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. | ||||||||||||||||||||||
The following tables present the credit exposure of the loan portfolio by internally assigned credit grade and payment activity as of December 31, 2013 and 2012: | ||||||||||||||||||||||
Commercial Loan Portfolio | Commercial | Real Estate | Multi-family | Commercial | Total | |||||||||||||||||
Credit Exposure by Internally Assigned Credit Grade | and | Construction | Real Estate | |||||||||||||||||||
Industrial | and | |||||||||||||||||||||
Development | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||
Pass | $ | 559,243 | 42,429 | 91,001 | 1,001,719 | 1,694,392 | ||||||||||||||||
Special mention | 16,211 | 929 | — | 21,714 | 38,854 | |||||||||||||||||
Substandard | 14,727 | 73,390 | 555 | 11,999 | 100,671 | |||||||||||||||||
Performing troubled debt restructuring | — | — | 27,955 | 4,519 | 32,474 | |||||||||||||||||
Nonaccrual | 10,523 | 4,914 | 1,793 | 8,283 | 25,513 | |||||||||||||||||
Total | $ | 600,704 | 121,662 | 121,304 | 1,048,234 | 1,891,904 | ||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||
Pass | $ | 572,248 | 45,356 | 67,690 | 858,101 | 1,543,395 | ||||||||||||||||
Special mention | 10,580 | 6,076 | 220 | 70,450 | 87,326 | |||||||||||||||||
Substandard | 8,423 | 81,364 | 773 | 13,868 | 104,428 | |||||||||||||||||
Performing troubled debt restructuring | — | 10,031 | 28,240 | 10,741 | 49,012 | |||||||||||||||||
Nonaccrual | 19,050 | 32,152 | 6,761 | 16,520 | 74,483 | |||||||||||||||||
Total | $ | 610,301 | 174,979 | 103,684 | 969,680 | 1,858,644 | ||||||||||||||||
One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | Bank | Home | Total | |||||||||||||||||||
Credit Exposure by Internally Assigned Credit Grade | Portfolio | Equity | ||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||
Pass | $ | 78,069 | 340,031 | 418,100 | ||||||||||||||||||
Special mention | 6,190 | 182 | 6,372 | |||||||||||||||||||
Substandard | 45 | 1,750 | 1,795 | |||||||||||||||||||
Performing troubled debt restructuring | 703 | — | 703 | |||||||||||||||||||
Nonaccrual | 5,146 | 7,361 | 12,507 | |||||||||||||||||||
Total | $ | 90,153 | 349,324 | 439,477 | ||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||
Pass | $ | 107,625 | 342,321 | 449,946 | ||||||||||||||||||
Special mention | 4,405 | 216 | 4,621 | |||||||||||||||||||
Substandard | 1,787 | 3,250 | 5,037 | |||||||||||||||||||
Performing troubled debt restructuring | 1,611 | — | 1,611 | |||||||||||||||||||
Nonaccrual | 6,910 | 8,671 | 15,581 | |||||||||||||||||||
Total | $ | 122,338 | 354,458 | 476,796 | ||||||||||||||||||
One-to-Four-Family Residential Mortgage Division | Mortgage | Consumer | Total | |||||||||||||||||||
and Consumer and Installment Loan Portfolio | Division | and | ||||||||||||||||||||
Credit Exposure by Payment Activity | Portfolio | Installment | ||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||
Pass | $ | 387,153 | 18,136 | 405,289 | ||||||||||||||||||
Substandard | 2,491 | — | 2,491 | |||||||||||||||||||
Performing troubled debt restructuring | 77,450 | — | 77,450 | |||||||||||||||||||
Nonaccrual | 14,917 | 19 | 14,936 | |||||||||||||||||||
Total | $ | 482,011 | 18,155 | 500,166 | ||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||
Pass | $ | 405,270 | 19,175 | 424,445 | ||||||||||||||||||
Substandard | 6,627 | — | 6,627 | |||||||||||||||||||
Performing troubled debt restructuring | 78,294 | — | 78,294 | |||||||||||||||||||
Nonaccrual | 19,780 | 28 | 19,808 | |||||||||||||||||||
Total | $ | 509,971 | 19,203 | 529,174 | ||||||||||||||||||
Impaired Loans. Loans deemed to be impaired include performing TDRs and nonaccrual loans. Impaired loans with outstanding balances equal to or greater than $500,000 are evaluated individually for impairment. For these loans, the Company measures the level of impairment based on the present value of the estimated projected cash flows or the estimated value of the collateral, less applicable selling costs. If the current valuation is lower than the current book balance of the loan, the amount of the difference is evaluated for possible charge-off. In instances where management determines that a charge-off is not appropriate, a specific reserve is established for the individual loan in question. This specific reserve is included as a part of the overall allowance for loan losses. | ||||||||||||||||||||||
The following tables present the recorded investment, unpaid principal balance, related allowance for loan losses, average recorded investment and interest income recognized while on impaired status for impaired loans without a related allowance for loan losses and for impaired loans with a related allowance for loan losses by loan classification at December 31, 2013 and 2012: | ||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||
Investment | Principal | Allowance for | Recorded | Income | ||||||||||||||||||
Balance | Loan Losses | Investment | Recognized | |||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||
With No Related Allowance Recorded: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 3,119 | 4,342 | — | 4,270 | 1 | ||||||||||||||||
Real estate construction and development | 3,172 | 12,931 | — | 17,152 | 418 | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Bank portfolio | — | — | — | — | 41 | |||||||||||||||||
Mortgage Division portfolio | — | — | — | — | — | |||||||||||||||||
Home equity portfolio | 596 | 632 | — | 564 | — | |||||||||||||||||
Multi-family residential | 443 | 709 | — | 474 | — | |||||||||||||||||
Commercial real estate | 6,884 | 9,221 | — | 11,636 | 273 | |||||||||||||||||
Consumer and installment | — | — | — | — | — | |||||||||||||||||
14,214 | 27,835 | — | 34,096 | 733 | ||||||||||||||||||
With A Related Allowance Recorded: | ||||||||||||||||||||||
Commercial, financial and agricultural | 7,404 | 21,565 | 497 | 10,136 | — | |||||||||||||||||
Real estate construction and development | 1,742 | 4,326 | 294 | 9,419 | — | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Bank portfolio | 5,849 | 7,427 | 317 | 7,161 | — | |||||||||||||||||
Mortgage Division portfolio | 92,367 | 110,878 | 9,423 | 95,614 | 2,002 | |||||||||||||||||
Home equity portfolio | 6,765 | 7,637 | 1,472 | 6,406 | — | |||||||||||||||||
Multi-family residential | 29,305 | 29,322 | 2,438 | 31,377 | 1,226 | |||||||||||||||||
Commercial real estate | 5,918 | 9,468 | 990 | 10,003 | 26 | |||||||||||||||||
Consumer and installment | 19 | 19 | — | 22 | — | |||||||||||||||||
149,369 | 190,642 | 15,431 | 170,138 | 3,254 | ||||||||||||||||||
Total: | ||||||||||||||||||||||
Commercial, financial and agricultural | 10,523 | 25,907 | 497 | 14,406 | 1 | |||||||||||||||||
Real estate construction and development | 4,914 | 17,257 | 294 | 26,571 | 418 | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Bank portfolio | 5,849 | 7,427 | 317 | 7,161 | 41 | |||||||||||||||||
Mortgage Division portfolio | 92,367 | 110,878 | 9,423 | 95,614 | 2,002 | |||||||||||||||||
Home equity portfolio | 7,361 | 8,269 | 1,472 | 6,970 | — | |||||||||||||||||
Multi-family residential | 29,748 | 30,031 | 2,438 | 31,851 | 1,226 | |||||||||||||||||
Commercial real estate | 12,802 | 18,689 | 990 | 21,639 | 299 | |||||||||||||||||
Consumer and installment | 19 | 19 | — | 22 | — | |||||||||||||||||
$ | 163,583 | 218,477 | 15,431 | 204,234 | 3,987 | |||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||
Investment | Principal | Allowance for | Recorded | Income | ||||||||||||||||||
Balance | Loan Losses | Investment | Recognized | |||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||
With No Related Allowance Recorded: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 6,451 | 24,287 | — | 12,369 | 215 | ||||||||||||||||
Real estate construction and development | 39,706 | 74,044 | — | 59,094 | 561 | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Bank portfolio | 1,611 | 1,690 | — | 2,166 | 32 | |||||||||||||||||
Mortgage Division portfolio | 10,255 | 22,102 | — | 10,308 | — | |||||||||||||||||
Home equity portfolio | 1,382 | 1,507 | — | 1,232 | — | |||||||||||||||||
Multi-family residential | 33,709 | 37,206 | — | 13,682 | 280 | |||||||||||||||||
Commercial real estate | 18,808 | 24,279 | — | 35,959 | 1,160 | |||||||||||||||||
Consumer and installment | — | — | — | — | — | |||||||||||||||||
111,922 | 185,115 | — | 134,810 | 2,248 | ||||||||||||||||||
With A Related Allowance Recorded: | ||||||||||||||||||||||
Commercial, financial and agricultural | 12,599 | 19,255 | 676 | 24,157 | — | |||||||||||||||||
Real estate construction and development | 2,477 | 10,221 | 1,452 | 3,687 | 114 | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Bank portfolio | 6,910 | 8,655 | 284 | 9,288 | — | |||||||||||||||||
Mortgage Division portfolio | 87,819 | 96,931 | 11,574 | 88,277 | 2,050 | |||||||||||||||||
Home equity portfolio | 7,289 | 8,188 | 1,784 | 6,500 | — | |||||||||||||||||
Multi-family residential | 1,292 | 1,403 | 1,138 | 524 | — | |||||||||||||||||
Commercial real estate | 8,453 | 12,909 | 1,043 | 16,161 | 11 | |||||||||||||||||
Consumer and installment | 28 | 28 | 1 | 51 | — | |||||||||||||||||
126,867 | 157,590 | 17,952 | 148,645 | 2,175 | ||||||||||||||||||
Total: | ||||||||||||||||||||||
Commercial, financial and agricultural | 19,050 | 43,542 | 676 | 36,526 | 215 | |||||||||||||||||
Real estate construction and development | 42,183 | 84,265 | 1,452 | 62,781 | 675 | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Bank portfolio | 8,521 | 10,345 | 284 | 11,454 | 32 | |||||||||||||||||
Mortgage Division portfolio | 98,074 | 119,033 | 11,574 | 98,585 | 2,050 | |||||||||||||||||
Home equity portfolio | 8,671 | 9,695 | 1,784 | 7,732 | — | |||||||||||||||||
Multi-family residential | 35,001 | 38,609 | 1,138 | 14,206 | 280 | |||||||||||||||||
Commercial real estate | 27,261 | 37,188 | 1,043 | 52,120 | 1,171 | |||||||||||||||||
Consumer and installment | 28 | 28 | 1 | 51 | — | |||||||||||||||||
$ | 238,789 | 342,705 | 17,952 | 283,455 | 4,423 | |||||||||||||||||
Recorded investment represents the Company’s investment in its impaired loans reduced by cumulative charge-offs recorded against the allowance for loan losses on these same loans. At December 31, 2013 and 2012, the Company had recorded charge-offs of $54.9 million and $103.9 million, respectively, on its impaired loans, representing the difference between the unpaid principal balance and the recorded investment reflected in the tables above. The unpaid principal balance represents the principal amount contractually owed to the Company by the borrowers on the impaired loans. | ||||||||||||||||||||||
Interest on impaired loans that would have been recorded under the original terms of the loans was $13.4 million, $21.7 million and $34.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. Of these amounts, $4.3 million, $6.0 million and $8.0 million was recorded as interest income on such loans in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||
Troubled Debt Restructurings. In the ordinary course of business, the Company modifies loan terms across loan types, including both consumer and commercial loans, for a variety of reasons. Modifications to consumer loans may include, but are not limited to, changes in interest rate, maturity, amortization and financial covenants. In the original underwriting, loan terms are established that represent the then current and projected financial condition of the borrower. Over any period of time, modifications to these loan terms may be required due to changes in the original underwriting assumptions. These changes may include the financial covenants of the borrower as well as underwriting standards. | ||||||||||||||||||||||
Loan modifications are generally performed at the request of the borrower, whether commercial or consumer, and may include reductions in interest rates, changes in payments and maturity date extensions. Although the Company does not have formal, standardized loan modification programs for its commercial or consumer loan portfolios, it addresses loan modifications on a case-by-case basis and also participates in the U.S. Treasury’s Home Affordable Modification Program (HAMP). HAMP gives qualifying homeowners an opportunity to refinance into more affordable monthly payments, with the U.S. Treasury compensating the Company for a portion of the reduction in monthly amounts due from borrowers participating in this program. At December 31, 2013 and 2012, the Company had $75.3 million and $75.7 million, respectively, of modified loans in the HAMP program. | ||||||||||||||||||||||
For a loan modification to be classified as a TDR, all of the following conditions must be present: (1) the borrower is experiencing financial difficulty, (2) the Company makes a concession to the original contractual loan terms and (3) the Company would not consider the concessions but for economic or legal reasons related to the borrower’s financial difficulty. Modifications of loan terms to borrowers experiencing financial difficulty are made in an attempt to protect as much of the investment in the loan as possible. These modifications are generally made to either prevent a loan from becoming nonaccrual or to return a nonaccrual loan to performing status based on the expectations that the borrower can adequately perform in accordance with the modified terms. | ||||||||||||||||||||||
The determination of whether a modification should be classified as a TDR requires significant judgment after taking into consideration all facts and circumstances surrounding the transaction. No single characteristic or factor, taken alone, is determinative of whether a modification should be classified as a TDR. The fact that a single characteristic is present is not considered sufficient to overcome the preponderance of contrary evidence. Assuming all of the TDR criteria are met, the Company considers one or more of the following concessions to the loan terms to represent a TDR: (1) a reduction of the stated interest rate, (2) an extension of the maturity date or dates at a stated interest rate lower than the current market rate for a new loan with similar terms or (3) forgiveness of principal or accrued interest. | ||||||||||||||||||||||
Loans renegotiated at a rate equal to or greater than that of a new loan with comparable risk at the time the contract is modified are excluded from TDR classification in the calendar years subsequent to the renegotiation if the loan is in compliance with the modified terms for at least six months. | ||||||||||||||||||||||
The Company does not accrue interest on any TDRs unless it believes collection of all principal and interest under the modified terms is reasonably assured. Generally, six months of consecutive payment performance by the borrower under the restructured terms is required before a TDR is returned to accrual status. However, the period could vary depending upon the individual facts and circumstances of the loan. TDRs accruing interest are classified as performing TDRs. The following table presents the categories of performing TDRs as of December 31, 2013 and 2012: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Performing Troubled Debt Restructurings: | ||||||||||||||||||||||
Real estate construction and development | $ | — | 10,031 | |||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 78,153 | 79,905 | ||||||||||||||||||||
Multi-family residential | 27,955 | 28,240 | ||||||||||||||||||||
Commercial real estate | 4,519 | 10,741 | ||||||||||||||||||||
Total | $ | 110,627 | 128,917 | |||||||||||||||||||
The Company does not accrue interest on TDRs which have been modified for a period less than six months or are not in compliance with the modified terms. These loans are considered nonperforming TDRs and are included with other nonaccrual loans for classification purposes. The following table presents the categories of loans considered nonperforming TDRs as of December 31, 2013 and 2012: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Nonperforming Troubled Debt Restructurings: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 711 | 1,004 | |||||||||||||||||||
Real estate construction and development | 3,605 | 26,557 | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 6,266 | 7,105 | ||||||||||||||||||||
Multi-family residential | — | 2,482 | ||||||||||||||||||||
Commercial real estate | — | 2,862 | ||||||||||||||||||||
Total | $ | 10,582 | 40,010 | |||||||||||||||||||
Both performing and nonperforming TDRs are considered to be impaired loans. When an individual loan is determined to be a TDR, the amount of impairment is based upon the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the underlying collateral less applicable selling costs. The impairment amount is either charged off as a reduction to the allowance for loan losses or provided for as a specific reserve within the allowance for loan losses. The allowance for loan losses allocated to TDRs was $9.1 million and $9.5 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||
The following tables present loans classified as TDRs that were modified during the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | |||||||||||||||||
of | Modification | Modification | of | Modification | Modification | |||||||||||||||||
Contracts | Outstanding | Outstanding | Contracts | Outstanding | Outstanding | |||||||||||||||||
Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||
Investment | Investment | Investment | Investment | |||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Loan Modifications as Troubled Debt Restructurings: | ||||||||||||||||||||||
Commercial, financial and agricultural | 2 | $ | 246 | $ | 201 | 2 | $ | 1,108 | $ | 873 | ||||||||||||
Real estate construction and development | — | — | — | 4 | 6,263 | 5,670 | ||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 53 | 11,838 | 10,897 | 50 | 9,049 | 8,992 | ||||||||||||||||
Multi-family residential | — | — | — | 2 | 28,280 | 28,280 | ||||||||||||||||
Commercial real estate | — | — | — | 3 | 9,965 | 9,965 | ||||||||||||||||
The following tables present TDRs that defaulted within 12 months of modification during the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||||||
Contracts | Investment | Contracts | Investment | |||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Troubled Debt Restructurings That Subsequently Defaulted: | ||||||||||||||||||||||
Commercial, financial and agricultural | 3 | $ | 401 | — | $ | — | ||||||||||||||||
Real estate construction and development | — | — | 3 | 1,364 | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 6 | 1,101 | 9 | 1,588 | ||||||||||||||||||
Upon default of a TDR, which is considered to be 90 days or more past due under the modified terms, impairment is measured based on the fair value of the underlying collateral less applicable selling costs. The impairment amount is either charged off as a reduction to the allowance for loan losses or provided for as a specific reserve within the allowance for loan losses. | ||||||||||||||||||||||
Allowance for Loan Losses. Changes in the allowance for loan losses for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Balance, beginning of year | $ | 91,602 | 137,710 | 201,033 | ||||||||||||||||||
Loans charged-off | (25,835 | ) | (78,070 | ) | (154,627 | ) | ||||||||||||||||
Recoveries of loans previously charged-off | 20,266 | 29,962 | 22,304 | |||||||||||||||||||
Net loans charged-off | (5,569 | ) | (48,108 | ) | (132,323 | ) | ||||||||||||||||
Provision (benefit) for loan losses | (5,000 | ) | 2,000 | 69,000 | ||||||||||||||||||
Balance, end of year | $ | 81,033 | 91,602 | 137,710 | ||||||||||||||||||
The following table represents a summary of changes in the allowance for loan losses by portfolio segment for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||
Commercial | Real Estate | One-to- | Multi- | Commercial | Consumer | Total | ||||||||||||||||
and | Construction | Four-Family | Family | Real Estate | and | |||||||||||||||||
Industrial | and | Residential | Residential | Installment | ||||||||||||||||||
Development | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Year Ended December 31, 2013: | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Beginning balance | $ | 13,572 | 14,434 | 38,897 | 4,252 | 20,048 | 399 | 91,602 | ||||||||||||||
Charge-offs | (5,578 | ) | (448 | ) | (12,747 | ) | (162 | ) | (6,720 | ) | (180 | ) | (25,835 | ) | ||||||||
Recoveries | 5,302 | 7,165 | 4,455 | 145 | 3,067 | 132 | 20,266 | |||||||||||||||
Provision (benefit) for loan losses | 105 | (13,744 | ) | 2,014 | 1,014 | 5,657 | (46 | ) | (5,000 | ) | ||||||||||||
Ending balance | $ | 13,401 | 7,407 | 32,619 | 5,249 | 22,052 | 305 | 81,033 | ||||||||||||||
Year Ended December 31, 2012: | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Beginning balance | $ | 27,243 | 24,868 | 50,864 | 4,851 | 29,448 | 436 | 137,710 | ||||||||||||||
Charge-offs | (17,410 | ) | (12,244 | ) | (21,814 | ) | (2,435 | ) | (23,856 | ) | (311 | ) | (78,070 | ) | ||||||||
Recoveries | 12,886 | 5,659 | 5,188 | 44 | 5,982 | 203 | 29,962 | |||||||||||||||
Provision (benefit) for loan losses | (9,147 | ) | (3,849 | ) | 4,659 | 1,792 | 8,474 | 71 | 2,000 | |||||||||||||
Ending balance | $ | 13,572 | 14,434 | 38,897 | 4,252 | 20,048 | 399 | 91,602 | ||||||||||||||
The following table represents a summary of the impairment method used by loan category at December 31, 2013 and 2012: | ||||||||||||||||||||||
Commercial | Real Estate | One-to- | Multi- | Commercial | Consumer | Total | ||||||||||||||||
and | Construction | Four-Family | Family | Real Estate | and | |||||||||||||||||
Industrial | and | Residential | Residential | Installment | ||||||||||||||||||
Development | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Ending Balance at December 31, 2013: | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Impaired loans individually evaluated for impairment | $ | — | 62 | 2,275 | 1,034 | 385 | — | 3,756 | ||||||||||||||
Impaired loans collectively evaluated for impairment | 497 | 232 | 8,937 | 1,404 | 605 | — | 11,675 | |||||||||||||||
All other loans collectively evaluated for impairment | 12,904 | 7,113 | 21,407 | 2,811 | 21,062 | 305 | 65,602 | |||||||||||||||
Total | $ | 13,401 | 7,407 | 32,619 | 5,249 | 22,052 | 305 | 81,033 | ||||||||||||||
Financing receivables: | ||||||||||||||||||||||
Impaired loans individually evaluated for impairment | $ | 3,480 | 3,440 | 12,276 | 28,641 | 9,168 | — | 57,005 | ||||||||||||||
Impaired loans collectively evaluated for impairment | 7,043 | 1,474 | 93,301 | 1,107 | 3,634 | 19 | 106,578 | |||||||||||||||
All other loans collectively evaluated for impairment | 590,181 | 116,748 | 815,911 | 91,556 | 1,035,432 | 18,136 | 2,667,964 | |||||||||||||||
Total | $ | 600,704 | 121,662 | 921,488 | 121,304 | 1,048,234 | 18,155 | 2,831,547 | ||||||||||||||
Ending Balance at December 31, 2012: | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Impaired loans individually evaluated for impairment | $ | 75 | 121 | 3,187 | 33 | 182 | — | 3,598 | ||||||||||||||
Impaired loans collectively evaluated for impairment | 601 | 1,331 | 10,455 | 1,105 | 861 | 1 | 14,354 | |||||||||||||||
All other loans collectively evaluated for impairment | 12,896 | 12,982 | 25,255 | 3,114 | 19,005 | 398 | 73,650 | |||||||||||||||
Total | $ | 13,572 | 14,434 | 38,897 | 4,252 | 20,048 | 399 | 91,602 | ||||||||||||||
Financing receivables: | ||||||||||||||||||||||
Impaired loans individually evaluated for impairment | $ | 7,884 | 39,155 | 16,843 | 34,636 | 20,965 | — | 119,483 | ||||||||||||||
Impaired loans collectively evaluated for impairment | 11,166 | 3,028 | 98,423 | 365 | 6,296 | 28 | 119,306 | |||||||||||||||
All other loans collectively evaluated for impairment | 591,251 | 132,796 | 871,501 | 68,683 | 942,419 | 19,175 | 2,625,825 | |||||||||||||||
Total | $ | 610,301 | 174,979 | 986,767 | 103,684 | 969,680 | 19,203 | 2,864,614 | ||||||||||||||
BANK_PREMISES_AND_EQUIPMENT_NE
BANK PREMISES AND EQUIPMENT, NET | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property, Plant and Equipment [Abstract] | ' | ||||||
BANK PREMISES AND EQUIPMENT, NET | ' | ||||||
BANK PREMISES AND EQUIPMENT, NET | |||||||
Bank premises and equipment, net of accumulated depreciation and amortization, were comprised of the following at December 31, 2013 and 2012: | |||||||
2013 | 2012 | ||||||
(dollars expressed in thousands) | |||||||
Land | $ | 32,631 | 33,324 | ||||
Buildings and improvements | 134,862 | 134,428 | |||||
Furniture, fixtures and equipment | 100,688 | 99,116 | |||||
Leasehold improvements | 11,855 | 12,014 | |||||
Construction in progress | 2,720 | 1,878 | |||||
Total | 282,756 | 280,760 | |||||
Accumulated depreciation and amortization | (158,428 | ) | (153,240 | ) | |||
Bank premises and equipment, net | $ | 124,328 | 127,520 | ||||
The Company capitalized interest cost of $71,000, $31,000 and $23,000 during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||
Depreciation and amortization expense for the years ended December 31, 2013, 2012 and 2011 was $11.8 million, $12.0 million and $13.4 million, respectively. | |||||||
The Company leases land, office properties and equipment under operating leases. Certain of the leases contain renewal options and escalation clauses. Total rent expense was $10.6 million, $11.5 million and $13.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. Future minimum lease payments under non-cancellable operating leases extend through 2028 as follows: | |||||||
(dollars expressed in thousands) | |||||||
Year ending December 31: | |||||||
2014 | $ | 9,098 | |||||
2015 | 7,067 | ||||||
2016 | 6,210 | ||||||
2017 | 4,044 | ||||||
2018 | 2,566 | ||||||
Thereafter | 11,087 | ||||||
Total future minimum lease payments | $ | 40,072 | |||||
The Company also leases to unrelated parties a portion of its banking facilities. Rental income associated with these leases was $4.3 million, $4.1 million and $4.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
GOODWILL
GOODWILL | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||
GOODWILL | ' | ||||||
GOODWILL | |||||||
Goodwill was zero and $125.3 million at December 31, 2013 and 2012, respectively. First Bank recorded goodwill impairment of $107.3 million for the year ended December 31, 2013, as further discussed below. First Bank did not record goodwill impairment for the years ended December 31, 2012 and 2011. Amortization of intangible assets was $3.0 million for the year ended December 31, 2011. Core deposit intangibles became fully amortized in 2011. Changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 were as follows: | |||||||
2013 | 2012 | ||||||
(dollars expressed in thousands) | |||||||
Balance, beginning of year | $ | 125,267 | 125,267 | ||||
Goodwill impairment | (107,267 | ) | — | ||||
Goodwill allocated to sale transaction (1) | (18,000 | ) | — | ||||
Balance, end of year | $ | — | 125,267 | ||||
-1 | Goodwill allocated to sale transaction during 2013 pertains to the sale of First Bank's ABS line of business in November 2013, as further discussed in Note 2 to the consolidated financial statements. | ||||||
The Company allocated goodwill of $18.0 million to the sale of the ABS line of business, as discussed in Note 2 to the consolidated financial statements, based on the relative fair value of the ABS line of business and the portion of the First Bank segment that will be retained. | |||||||
The Company’s annual measurement date for its goodwill impairment test is December 31. The Company operates as a single reporting unit. The Company engaged an independent valuation firm to assist management in computing the fair value estimate for the impairment assessment by utilizing two separate valuation methodologies and applying a weighted average to each methodology in order to determine the fair value of the reporting unit. The two separate valuation methodologies utilized in the valuation of the Company’s implied goodwill were the “Income Approach” and the “Market Approach.” | |||||||
Income Approach – The Income Approach indicates the fair market value of the common stock of a business based on the present value of the cash flows that the business can be expected to generate in the future. This approach is generally considered to be the most theoretically correct method of valuation since it explicitly considers the future benefits associated with owning the business. The Income Approach is typically applied using the Discounted Cash Flow Method. The Discounted Cash Flow Method is comprised of four steps: | |||||||
1 | Project future cash flows for a certain discrete projection period; | ||||||
2 | Discount these cash flows to present value at a rate of return that considers the relative risk of achieving the cash flows and the time value of money; | ||||||
3 | Estimate the residual value of cash flows subsequent to the discrete projection period; and | ||||||
4 | Combine the present value of the residual cash flows with the discrete projection period cash flows to indicate the fair market value of invested capital on a marketable basis. | ||||||
Any interest-bearing debt (or non-operating assets) is then subtracted (or added) to arrive at the fair market value of equity of the business. | |||||||
Market Approach – The Market Approach uses the price at which shares of similar companies are traded or exchanged to estimate the fair market value of the company’s equity. The advantage of the Market Approach is that it is believed to reflect the effect of most of the principal valuation factors identified in the Discounted Cash Flow Method discussed above. Market prices of publicly traded companies and actual merger and acquisition transactions are believed to incorporate the effects on value of earnings, cash generation, and stockholders’ equity while also recognizing general economic conditions, the position of the industry in the economy, and the position of the company in its industry. Within the Market Approach, two valuation methods are commonly used: the Publicly Traded Guideline Company Method and the Recent Transactions Method. The Publicly Traded Guideline Company Method consists of identifying similar public companies and developing multiples of the total capitalization of each similar public company to certain income statement and/or balance sheet items. These multiples are then weighted and applied to similar income statement and balance sheet items of the Company. The Recent Transactions Method is based on actual prices paid in mergers and acquisitions for similar public and private companies. Ratios of the total purchase price paid to certain income statement and/or balance sheet items are generally developed for each comparable transaction if the data is available. These ratios are then applied to similar income statement and balance sheet items of the Company. | |||||||
For purposes of completing the Company’s annual goodwill impairment test, the specific valuation methodologies utilized were the following: | |||||||
• | The Income Approach utilizing the Discounted Cash Flow Method; and | ||||||
• | The Market Approach utilizing (i) the Publicly Traded Guideline Company Method, focusing on a comparison of publicly-traded financial institutions as guideline companies based on size, geography and performance metrics, including the average price to tangible book value of comparable businesses, and (ii) the Recent Transactions Method, focusing on recent transactions and key transaction metrics, including price to the last-twelve-months earnings multiples. | ||||||
As of December 31, 2013, the Income Approach utilizing the Discounted Cash Flow Method and applying a discount rate of 16.0% to the projected cash flows was weighted at 60.0% and each of the two Market Approaches was weighted at 20.0%. The Market Approach was given a relatively lower weighting primarily as a result of a price to the last-twelve-months earnings multiples to being applied to longer-term projected future earnings. | |||||||
Taking into account the independent third party valuation performed as of December 31, 2013, as well as the reversal of substantially all of the Company's deferred tax asset valuation allowance during the fourth quarter of 2013, as further described in Note 17 to the consolidated financial statements, the Company concluded that the carrying value of its reporting unit exceeded its estimated fair value by approximately $119.5 million at December 31, 2013. Consequently, the results of Step 1 of the two-step goodwill impairment test required the Company to proceed to Step 2 of the goodwill impairment test. The Company engaged the same independent valuation firm to assist management in computing the fair value of the reporting unit’s assets and liabilities in order to determine the implied fair value of the reporting unit’s goodwill at December 31, 2013, as required by Step 2 of the two-step goodwill impairment test. | |||||||
Step 2 of the goodwill impairment test compared the implied fair value of goodwill with the carrying value of goodwill. The implied fair value of goodwill is determined in the same manner as the determination of the amount of goodwill recognized in a business combination. The fair value of a reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the price paid to acquire the reporting unit. The fair value allocated to all of the assets and liabilities of the reporting unit requires significant judgment, especially for those assets and liabilities that are not measured on a recurring basis such as certain types of loans. The excess of the estimated fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. | |||||||
The material assumptions utilized in the annual goodwill impairment testing for purposes of calculating the implied fair value of the reporting unit’s goodwill at December 31, 2013 were as follows: | |||||||
• | Determination of the estimated fair value of loans – The estimated fair value assigned to loans significantly affected the determination of the implied fair value of the reporting unit’s goodwill at December 31, 2013. The implied fair value of a reporting unit’s goodwill will generally increase if the estimated fair value of the reporting unit’s loans is less than the carrying value of the reporting unit’s loans. The estimated fair value of the reporting unit’s loans was derived from discounted cash flow analyses. Loans were grouped into loan pools based on similar characteristics such as maturity, payment type and payment frequency, and rate type and underlying index. These cash flow calculations include assumptions for prepayment estimates over the loan’s remaining life, considerations for the current interest rate environment compared to the weighted average rate of the loan portfolio, a credit risk component based on the historical and expected performance of each loan portfolio stratum and a liquidity adjustment related to the current market environment. The estimated fair value of loans held for portfolio was $188.4 million less than the carrying value at December 31, 2013. | ||||||
• | Determination of the estimated fair value of deposits, including the core deposit intangible – The estimated fair value assigned to the core deposit intangible, or the reporting unit’s deposit base, also significantly affected the determination of the implied fair value of the reporting unit’s goodwill at December 31, 2013. The implied fair value of a reporting unit’s goodwill will generally decrease by the estimated fair value assigned to the reporting unit’s core deposit intangible. The estimated fair value of the core deposit intangible was derived from discounted cash flow analyses with considerations for estimated deposit runoff, cost of the deposit base, interest costs, net maintenance costs and the cost of alternative funds. The resulting estimate of the fair value of the core deposit intangible represents the present value of the difference in cash flows between maintaining the existing deposits and obtaining alternative funds over the life of the deposit base. | ||||||
Taking into account the results of the goodwill impairment analyses performed for the year ended December 31, 2013, the Company recorded goodwill impairment of $107.3 million for the year ended December 31, 2013, primarily reflecting the increase in carrying value of the Company as a result of the reversal of substantially all of the Company's valuation allowance against its deferred tax assets during the fourth quarter of 2013, as further described in Note 17 to the consolidated financial statements. | |||||||
As of December 31, 2012, the Income Approach utilizing the Discounted Cash Flow Method and applying a discount rate of 15.0% to the projected cash flows was weighted at 60.0% and each of the two Market Approaches was weighted at 20.0%. | |||||||
Taking into account the independent third party valuation performed as of December 31, 2012, the Company concluded that the estimated fair value of its reporting unit exceeded its carrying value by approximately $42.9 million at December 31, 2012. As such, the results of Step 1 of the two-step goodwill impairment test, as further described in Note 1 to the consolidated financial statements, did not require the Company to proceed to Step 2 of the goodwill impairment test, and accordingly, the Company did not record goodwill impairment for the year ended December 31, 2012. |
SERVICING_RIGHTS
SERVICING RIGHTS | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Servicing Asset [Abstract] | ' | ||||||
SERVICING RIGHTS | ' | ||||||
SERVICING RIGHTS | |||||||
Mortgage Banking Activities. At December 31, 2013 and 2012, the Company serviced mortgage loans for others totaling $1.33 billion and $1.27 billion, respectively. Borrowers’ escrow balances held by the Company on such loans were $7.9 million at December 31, 2013 and 2012. Changes in mortgage servicing rights for the years ended December 31, 2013 and 2012 were as follows: | |||||||
2013 | 2012 | ||||||
(dollars expressed in thousands) | |||||||
Balance, beginning of year | $ | 9,152 | 9,077 | ||||
Originated mortgage servicing rights | 3,623 | 4,887 | |||||
Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model (1) | 3,671 | (2,089 | ) | ||||
Other changes in fair value (2) | (2,235 | ) | (2,723 | ) | |||
Balance, end of year | $ | 14,211 | 9,152 | ||||
-1 | The change in fair value resulting from changes in valuation inputs or assumptions used in valuation model primarily reflects the change in discount rates and prepayment speed assumptions, primarily due to changes in interest rates. | ||||||
-2 | Other changes in fair value reflect changes due to the collection/realization of expected cash flows over time. | ||||||
Other Servicing Activities. At December 31, 2013 and 2012, the Company serviced SBA loans for others totaling $139.1 million and $159.6 million, respectively. Changes in SBA servicing rights for the years ended December 31, 2013 and 2012 were as follows: | |||||||
2013 | 2012 | ||||||
(dollars expressed in thousands) | |||||||
Balance, beginning of year | $ | 5,640 | 6,303 | ||||
Originated SBA servicing rights | — | — | |||||
Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model (1) | (244 | ) | 434 | ||||
Other changes in fair value (2) | (753 | ) | (1,097 | ) | |||
Balance, end of year | $ | 4,643 | 5,640 | ||||
-1 | The change in fair value resulting from changes in valuation inputs or assumptions used in valuation model primarily reflects the change in discount rates and prepayment speed assumptions, primarily due to changes in interest rates. | ||||||
-2 | Other changes in fair value reflect changes due to the collection/realization of expected cash flows over time. |
DERIVATIVE_INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
DERIVATIVE INSTRUMENTS | ' | ||||||||||||||||||
DERIVATIVE INSTRUMENTS | |||||||||||||||||||
The Company utilizes derivative instruments to assist in the management of interest rate sensitivity by modifying the repricing, maturity and option characteristics of certain assets and liabilities. The following table summarizes derivative instruments held by the Company, their notional amount, estimated fair values and their location in the consolidated balance sheets at December 31, 2013 and 2012: | |||||||||||||||||||
Derivatives in Other Assets | Derivatives in Other Liabilities | ||||||||||||||||||
Notional Amount | Fair Value Gain (Loss) | Fair Value Loss | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||
Derivative Instruments Not Designated as Hedging Instruments: | |||||||||||||||||||
Customer interest rate swap agreements | $ | — | 12,149 | — | 87 | — | (87 | ) | |||||||||||
Interest rate lock commitments | 14,237 | 59,932 | 217 | 1,837 | — | — | |||||||||||||
Forward commitments to sell mortgage-backed securities | 29,100 | 107,700 | 296 | (305 | ) | — | — | ||||||||||||
Total | $ | 43,337 | 179,781 | 513 | 1,619 | — | (87 | ) | |||||||||||
The notional amounts of derivative instruments do not represent amounts exchanged by the parties and, therefore, are not a measure of the Company’s credit exposure through its use of these instruments. Credit exposure on interest rate swaps, which represents the loss the Company would incur in the event the counterparties failed completely to perform according to the terms of the derivative instruments and the collateral held to support the credit exposure was of no value, is limited to the net fair value and related accrued interest receivable reduced by the amount of collateral pledged by the counterparty. The Company had not pledged any assets as collateral in connection with its interest rate swap agreements at December 31, 2012. | |||||||||||||||||||
The Company also recorded net losses on derivative instruments, which are included in noninterest income in the statements of operations, of $40,000 and $193,000 for the years ended December 31, 2012 and 2011, respectively. The net losses were attributable to changes in the fair value and the net interest differential on interest rate swap agreements previously designated as cash flow hedges on junior subordinated debentures. | |||||||||||||||||||
Customer Interest Rate Swap Agreements. First Bank offers interest rate swap agreements to certain customers to assist in hedging their risks of adverse changes in interest rates. First Bank serves as an intermediary between its customers and the financial markets. Each interest rate swap agreement between First Bank and its customers is offset by an interest rate swap agreement between First Bank and various counterparties. These interest rate swap agreements do not qualify for hedge accounting treatment. Changes in the fair value of customer interest rate swap agreements are recognized in noninterest income on a monthly basis. Each customer contract is paired with an offsetting contract, and as such, there is no significant impact to net income (loss). The notional amount of customer interest rate swap agreements at December 31, 2012 was $12.1 million. There were no remaining customer interest rate swap agreements at December 31, 2013. | |||||||||||||||||||
Interest Rate Lock Commitments / Forward Commitments to Sell Mortgage-Backed Securities. Derivative instruments issued by the Company consist of interest rate lock commitments to originate fixed-rate loans to be sold. Commitments to originate fixed-rate loans consist primarily of residential real estate loans. These net loan commitments and loans held for sale are hedged with forward contracts to sell mortgage-backed securities, which expire in March 2014. The fair value of the interest rate lock commitments, which is included in other assets in the consolidated balance sheets, was an unrealized gain of $217,000 and $1.8 million at December 31, 2013 and 2012, respectively. The fair value of the forward contracts to sell mortgage-backed securities, which is included in other assets in the consolidated balance sheets, was an unrealized gain of $296,000 and an unrealized loss of $305,000 at December 31, 2013 and 2012, respectively. Changes in the fair value of interest rate lock commitments and forward commitments to sell mortgage-backed securities are recognized in noninterest income on a monthly basis. | |||||||||||||||||||
The following table summarizes amounts included in the consolidated statements of operations for the years December 31, 2013, 2012 and 2011 related to non-hedging derivative instruments: | |||||||||||||||||||
Derivative Instruments Not Designated as Hedging Instruments: | Location of Gain (Loss) Recognized | Amount of Gain (Loss) Recognized | |||||||||||||||||
in Operations on Derivatives | in Operations on Derivatives | ||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||
Interest rate swap agreements | Other noninterest income | $ | — | (43 | ) | (194 | ) | ||||||||||||
Customer interest rate swap agreements | Other noninterest income | — | 3 | 1 | |||||||||||||||
Interest rate lock commitments | Gain on loans sold and held for sale | (1,620 | ) | 456 | 1,105 | ||||||||||||||
Forward commitments to sell mortgage-backed securities | Gain on loans sold and held for sale | 601 | 424 | (2,267 | ) | ||||||||||||||
MATURITIES_OF_TIME_DEPOSITS
MATURITIES OF TIME DEPOSITS | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Maturities of Time Deposits [Abstract] | ' | |||||||||
MATURITIES OF TIME DEPOSITS | ' | |||||||||
MATURITIES OF TIME DEPOSITS | ||||||||||
A summary of maturities of time deposits of $100,000 or more and other time deposits as of December 31, 2013 is as follows: | ||||||||||
Time Deposits of | Other | Total | ||||||||
$100,000 or More | Time Deposits | |||||||||
(dollars expressed in thousands) | ||||||||||
Year ending December 31: | ||||||||||
2014 | $ | 276,623 | 493,106 | 769,729 | ||||||
2015 | 85,327 | 120,330 | 205,657 | |||||||
2016 | 10,445 | 19,639 | 30,084 | |||||||
2017 | 6,541 | 11,733 | 18,274 | |||||||
2018 | 10,120 | 12,236 | 22,356 | |||||||
Thereafter | — | 13 | 13 | |||||||
Total | $ | 389,056 | 657,057 | 1,046,113 | ||||||
OTHER_BORROWINGS
OTHER BORROWINGS | 12 Months Ended |
Dec. 31, 2013 | |
Short-term Debt [Abstract] | ' |
OTHER BORROWINGS | ' |
OTHER BORROWINGS | |
Other borrowings were comprised solely of daily securities sold under agreement to repurchase of $43.1 million and $26.0 million at December 31, 2013 and 2012, respectively. First Bank had no outstanding FHLB advances as of and for the years ended December 31, 2013 and 2012. | |
The average balance of other borrowings was $34.8 million and $33.0 million, and the maximum month-end balance of other borrowings was $44.4 million and $57.7 million for the years ended December 31, 2013 and 2012, respectively. | |
The average rates paid on other borrowings during the years ended December 31, 2013, 2012 and 2011 were (0.03)%, (0.05)% and 0.03%, respectively. The negative average rates paid on other borrowings during the years ended December 31, 2013 and 2012 resulted from the reversal of accrued interest related to unrecognized tax benefits associated with FASB Interpretation No. 48 (codified under ASC 740-10), as more fully discussed in Note 17 to the consolidated financial statements. Interest expense on securities sold under agreements to repurchase was $34,000, $33,000 and $82,000 for the years ended December 31, 2013, 2012 and 2011, respectively. |
NOTES_PAYABLE
NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
NOTES PAYABLE | ' |
NOTES PAYABLE | |
On March 20, 2013, the Company entered into a Revolving Credit Note and a Stock Pledge Agreement (the Credit Agreement) with Investors of America Limited Partnership (Investors of America LP), as further described in Note 20 to the consolidated financial statements. The agreement provides for a $5.0 million secured revolving line of credit to be utilized for general working capital needs. This borrowing arrangement, which has a maturity date of March 31, 2014 and an interest rate of LIBOR plus 300 basis points, is intended to supplement, on a contingent basis, the parent company’s overall level of unrestricted cash to cover the parent company’s projected operating expenses should the parent company’s existing cash resources become insufficient in the future. There have been no balances outstanding under the Credit Agreement since its inception. |
SUBORDINATED_DEBENTURES
SUBORDINATED DEBENTURES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Subordinated Borrowings [Abstract] | ' | ||||||||||||||||
SUBORDINATED DEBENTURES | ' | ||||||||||||||||
SUBORDINATED DEBENTURES | |||||||||||||||||
As of December 31, 2013, the Company had 13 affiliated Delaware or Connecticut statutory and business trusts (collectively, the Trusts) that were created for the sole purpose of issuing trust preferred securities. The trust preferred securities were issued in private placements, with the exception of First Preferred Capital Trust IV, which was issued in a publicly underwritten offering. The Company owns all of the common securities of the Trusts. The sole assets of the statutory and business trusts are the Company's junior subordinated debentures. The gross proceeds of the offerings were used by the Trusts to purchase variable rate or fixed rate junior subordinated debentures from the Company. In connection with the issuance of the trust preferred securities, the Company made certain guarantees and commitments that, in the aggregate, constitute a full and unconditional guarantee by the Company of the obligations of the Trusts under the trust preferred securities. The following is a summary of the junior subordinated debentures issued to the Trusts in conjunction with the trust preferred securities offerings at December 31, 2013 and 2012: | |||||||||||||||||
Name of Trust | Issuance Date | Maturity Date | Call Date (1) | Interest Rate (2) | Trust Preferred Securities | Subordinated Debentures | |||||||||||
(dollars expressed in thousands) | |||||||||||||||||
Variable Rate | |||||||||||||||||
First Bank Statutory Trust II | Sep-04 | September 20, 2034 | September 20, 2009 | 205 | bp | $ | 20,000 | $ | 20,619 | ||||||||
Royal Oaks Capital Trust I | Oct-04 | January 7, 2035 | January 7, 2010 | 240 | bp | 4,000 | 4,124 | ||||||||||
First Bank Statutory Trust III | Nov-04 | December 15, 2034 | December 15, 2009 | 218 | bp | 40,000 | 41,238 | ||||||||||
First Bank Statutory Trust IV | Mar-06 | March 15, 2036 | March 15, 2011 | 142 | bp | 40,000 | 41,238 | ||||||||||
First Bank Statutory Trust V | Apr-06 | June 15, 2036 | June 15, 2011 | 145 | bp | 20,000 | 20,619 | ||||||||||
First Bank Statutory Trust VI | Jun-06 | July 7, 2036 | July 7, 2011 | 165 | bp | 25,000 | 25,774 | ||||||||||
First Bank Statutory Trust VII | Dec-06 | December 15, 2036 | December 15, 2011 | 185 | bp | 50,000 | 51,547 | ||||||||||
First Bank Statutory Trust VIII | Feb-07 | March 30, 2037 | March 30, 2012 | 161 | bp | 25,000 | 25,774 | ||||||||||
First Bank Statutory Trust X | Aug-07 | September 15, 2037 | September 15, 2012 | 230 | bp | 15,000 | 15,464 | ||||||||||
First Bank Statutory Trust IX | Sep-07 | December 15, 2037 | December 15, 2012 | 225 | bp | 25,000 | 25,774 | ||||||||||
First Bank Statutory Trust XI | Sep-07 | December 15, 2037 | December 15, 2012 | 285 | bp | 10,000 | 10,310 | ||||||||||
Fixed Rate | |||||||||||||||||
First Bank Statutory Trust | Mar-03 | March 20, 2033 | March 20, 2008 | 8.10% | 25,000 | 25,774 | |||||||||||
First Preferred Capital Trust IV | Apr-03 | June 30, 2033 | June 30, 2008 | 8.15% | 46,000 | 47,423 | |||||||||||
-1 | The junior subordinated debentures are callable at the option of the Company on the call date shown at 100% of the principal amount plus accrued and unpaid interest. | ||||||||||||||||
-2 | The interest rates paid on the trust preferred securities are based on either a variable rate or a fixed rate. The variable rate is based on the three-month LIBOR plus the basis point spread shown. | ||||||||||||||||
The Company’s distributions accrued on the junior subordinated debentures were $15.0 million, $14.8 million and $13.5 million for the years ended December 31, 2013, 2012 and 2011, respectively, and are included in interest expense in the consolidated statements of operations. Deferred issuance costs associated with the Company’s junior subordinated debentures are included as a reduction of junior subordinated debentures in the consolidated balance sheets and are amortized using a method which approximates the level-yield method to the maturity date of the respective junior subordinated debentures. The structure of the trust preferred securities currently satisfies the regulatory requirements for inclusion, subject to certain limitations, in the Company’s capital base, as further discussed in Note 14 to the consolidated financial statements. | |||||||||||||||||
In August 2009, the Company announced the deferral of its regularly scheduled interest payments on its outstanding junior subordinated debentures relating to its $345.0 million of trust preferred securities beginning with the regularly scheduled quarterly interest payments that would otherwise have been made in September and October 2009. The terms of the junior subordinated debentures and the related trust indentures allow the Company to defer such payments of interest for up to 20 consecutive quarterly periods without triggering a payment default or penalty. The Company had deferred such payments for 18 quarterly periods as of December 31, 2013. The Company had deferred $56.0 million and $43.8 million of its regularly scheduled interest payments as of December 31, 2013 and 2012, respectively. In addition, the Company had accrued additional interest expense of $6.7 million and $3.9 million as of December 31, 2013 and 2012, respectively, on the regularly scheduled deferred interest payments based on the interest rate in effect for each junior subordinated note issuance in accordance with the respective terms of the underlying agreements. During the deferral period, the respective trusts suspend the declaration and payment of dividends on the trust preferred securities. During the deferral period, the Company may not, among other things and with limited exceptions, pay cash dividends on or repurchase its common stock or preferred stock nor make any payment on outstanding debt obligations that rank equally with or junior to the junior subordinated debentures. Accordingly, the Company also suspended the payment of cash dividends on its outstanding common stock and preferred stock beginning with the regularly scheduled quarterly dividend payments on the preferred stock that would otherwise have been made in August and September 2009, as further described in Note 13 to the consolidated financial statements. | |||||||||||||||||
Under its agreement with the FRB, the Company agreed, among other things, to provide certain information to the FRB, including, but not limited to, prior notice regarding the issuance of additional trust preferred securities. The Company also agreed not to make any distributions of interest or other sums on its outstanding trust preferred securities without the prior approval of the FRB, as further described in Note 14 to the consolidated financial statements. | |||||||||||||||||
On January 31, 2014, the Company received regulatory approval from the FRB, subject to certain conditions, granting First Bank the authority to pay a dividend to the Company, and authority to the Company to utilize such funds, for the sole purpose of paying the accumulated deferred interest payments on the Company's outstanding junior subordinated debentures issued in connection with the Company's trust preferred securities. In February 2014, First Bank paid a dividend of $70.0 million to the Company and the Company notified the trustees of the trust preferred securities of its intention to pay all cumulative interest that had been deferred on the junior subordinated debentures relating to the trust preferred securities, on the regularly scheduled quarterly payment dates in March and April, 2014. The aggregate amount owed on all of the junior subordinated debentures relating to the trust preferred securities at the respective March and April, 2014 payments totals $66.4 million. On March 14, 2014, the Company paid interest on the junior subordinated debentures of $66.4 million to the respective trustees, for further distribution to the trust preferred securities holders on the respective interest payment dates in March and April, 2014, as further described in Note 25 to the consolidated financial statements. | |||||||||||||||||
The Company and First Bank must receive approval from the FRB prior to making any future interest payments on the Company's outstanding junior subordinated debentures. The Company is unable to predict whether or when the FRB will grant approval to the Company to make any such future interest payments. Without the payment of dividends from First Bank, the Company currently lacks the source of income and the liquidity to make future interest payments on the junior subordinated debentures associated with its trust preferred securities. Given restrictions placed upon First Bank, including regulatory restrictions, it may not be able to provide the Company with dividends in an amount sufficient to pay the future interest on the trust preferred securities. In such case, the Company would have to pursue alternative funding sources, but there can be no assurance that the Company will be able to identify and obtain alternative funding due to the uncertainty that such alternative funding sources would be available to the Company on terms and conditions that are acceptable to the Company. Subsequent to the payment made on March 14, 2014, the Company has the ability to enter into future deferral periods of up to 20 consecutive quarterly periods without triggering a payment default or penalty. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
STOCKHOLDERS' EQUITY | ' | |||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||
Common Stock. There is no established public trading market for the Company’s common stock. Various trusts, which were established by and are administered by and for the benefit of the Company’s Chairman of the Board and members of his immediate family (including Mr. Michael Dierberg, Vice Chairman of the Company), own all of the voting stock of the Company other than the Class C Preferred Stock and Class D Preferred Stock that have limited voting rights, as described below. | ||||||||||||||
Preferred Stock. The Company has four classes of preferred stock outstanding. The Class A Convertible Adjustable Rate Preferred Stock, or Class A Preferred Stock, is convertible into shares of common stock at a rate based on the ratio of the par value of the preferred stock to the current market value of the common stock at the date of conversion, to be determined by independent appraisal at the time of conversion. Shares of Class A Preferred Stock may be redeemed by the Company at any time at 105.0% of par value. The Class B Non-Convertible Adjustable Rate preferred Stock, or Class B Preferred Stock, may not be redeemed or converted. The holders of the Class A and Class B Preferred Stock have full voting rights. Dividends on the Class A and Class B Preferred Stock are adjustable quarterly based on the highest of the Treasury Bill Rate or the Ten Year Constant Maturity Rate for the two-week period immediately preceding the beginning of the quarter. This rate shall not be less than 6.0% nor more than 12.0% on the Class A Preferred Stock, or less than 7.0% nor more than 15.0% on the Class B Preferred Stock. Effective August 10, 2009, the Company suspended the declaration of dividends on its Class A and Class B Preferred Stock. | ||||||||||||||
On December 31, 2008, the Company issued 295,400 shares of Class C Fixed Rate Cumulative Perpetual Preferred Stock (Class C Preferred Stock) and 14,770 shares of Class D Fixed Rate Cumulative Perpetual Preferred Stock (Class D Preferred Stock) to the United States Department of the Treasury (U.S. Treasury) in conjunction with the U.S. Treasury’s Troubled Asset Relief Program’s Capital Purchase Program (CPP). The Class C Preferred Stock has a par value of $1.00 per share and a liquidation preference of $1,000 per share. The holders of the Class C Preferred Stock have no voting rights except in certain limited circumstances. The Class C Preferred Stock carries an annual dividend rate equal to 5% for the first five years and the annual dividend rate increases to 9% per annum on and after February 15, 2014, payable quarterly in arrears beginning February 15, 2009. The Class D Preferred Stock has a par value of $1.00 per share and a liquidation preference of $1,000 per share. The holders of the Class D Preferred Stock have no voting rights except in certain limited circumstances. The Class D Preferred Stock carries an annual dividend rate equal to 9%, payable quarterly in arrears beginning February 15, 2009. The Class C Preferred Stock and the Class D Preferred Stock qualify as Tier 1 capital. Effective February 17, 2009, the Class C Preferred Stock and the Class D Preferred Stock may be redeemed at any time without penalty and without the need to raise new capital, subject to consultation with the Company’s primary regulatory agency. The Class D Preferred Stock may not be redeemed until all of the outstanding shares of the Class C Preferred Stock have been redeemed. In addition, prior to the U.S. Treasury's sale of the Class C Preferred Stock and Class D Preferred Stock (as further described below), the U.S. Treasury had certain supervisory and oversight duties and responsibilities under the CPP and, pursuant to the terms of the agreement governing the issuance of the Class C Preferred Stock and the Class D Preferred Stock to the U.S. Treasury (Purchase Agreement), the U.S. Treasury was empowered to unilaterally amend any provision of the Purchase Agreement with the Company to the extent required to comply with any changes in applicable federal statutes. As a result of the Company’s deferral of dividends to the U.S. Treasury for an aggregate of six quarters, the U.S. Treasury had the right to elect two directors to the Company’s Board. On July 13, 2011, the U.S. Treasury elected two members to the Company’s Board of Directors. In addition to the right to elect two directors to the Company’s Board of Directors, the holders of the Class C Preferred Stock and Class D Preferred Stock have limited voting rights, except as required by law or to the extent such rights are waived. For as long as shares of the Class C Preferred Stock or Class D Preferred Stock are outstanding, in addition to any other vote or consent of the shareholders required by law or the Company’s articles of incorporation, the vote or consent of holders of at least 66 2/3% of the shares of the Class C Preferred Stock or Class D Preferred Stock outstanding is required for any authorization or issuance of shares ranking senior to the Class C Preferred Stock or Class D Preferred Stock, respectively; any amendments to the rights of the Class C Preferred Stock or Class D Preferred Stock that adversely affect the rights, privileges or voting power of the Class C Preferred Stock or Class D Preferred Stock, respectively; or initiation and completion of any merger, share exchange or similar transaction unless the shares of Class C Preferred Stock or Class D Preferred Stock, respectively, remain outstanding, or, if the Company is not the surviving entity in such transaction, are converted into or exchanged for preferred securities of the surviving entity that have the same rights, preferences, privileges and voting power of the Class C Preferred Stock and Class D Preferred Stock. | ||||||||||||||
The Company allocated the total proceeds received under the CPP of $295.4 million to the Class C Preferred Stock and the Class D Preferred Stock based on the relative fair values of the respective classes of preferred stock at the time of issuance. The discount on the Class C Preferred Stock of $17.3 million was accreted to retained earnings on a level-yield basis over five years (through the fourth quarter of 2013). Accretion of the discount on the Class C Preferred Stock was $3.6 million, $3.6 million and $3.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
During the third quarter of 2013, the U.S. Treasury completed two auctions that resulted in the sale of the Company's Class C Preferred Stock and Class D Preferred Stock to unaffiliated third party investors. The Company did not receive any proceeds from the sale and the sale did not have any effect on the terms of the outstanding Class C Preferred Stock and Class D Preferred Stock, including the Company's obligation to satisfy accrued and unpaid dividends prior to the payment of any dividend or other distribution to holders of junior or parity stock (including the Company's common stock, Class A Preferred Stock and Class B Preferred Stock), and an increase in the dividend rate on the Class C Preferred Stock from 5% to 9%, commencing with the dividend payment date of February 15, 2014. Furthermore, the sale of the Class C Preferred Stock and Class D Preferred Stock did not have any effect on the Company's regulatory capital, financial condition or results of operations. | ||||||||||||||
The redemption of any issue of preferred stock requires the prior approval of the Federal Reserve. The Purchase Agreement that the Company entered into with the U.S. Treasury contained limitations on certain actions of the Company, including, but not limited to, payment of dividends and redemptions and acquisitions of the Company’s equity securities. In addition, the Company, under its agreement with the FRB, has agreed, among other things, to provide certain information to the FRB including, but not limited to, notice of plans to materially change its fundamental business and notice to raise additional equity capital. Furthermore, the Company agreed not to pay any dividends on its common or preferred stock without the prior approval of the FRB, as further described in Note 14 to the consolidated financial statements. | ||||||||||||||
The Company suspended the payment of cash dividends on its outstanding common stock and preferred stock beginning with the regularly scheduled quarterly dividend payments on the preferred stock that would otherwise have been made in August and September 2009. | ||||||||||||||
The Company has declared and accrued $68.4 million and $56.3 million of its regularly scheduled dividend payments on its Class C Preferred Stock and Class D Preferred Stock at December 31, 2013 and 2012, respectively, and has accrued an additional $9.4 million and $5.6 million of cumulative dividends on such deferred dividend payments at December 31, 2013 and 2012, respectively. As such, the aggregate amount of these deferred and accrued dividend payments was $77.8 million at December 31, 2013. | ||||||||||||||
During the fourth quarter of 2013, the Company ceased declaring dividends on its Class C Preferred Stock and Class D Preferred Stock. Previously, the Company had declared and accrued dividends on its Class C Preferred Stock and Class D Preferred Stock quarterly throughout the deferral period. If the Company had declared and accrued dividends on its Class C Preferred Stock and Class D Preferred Stock during the fourth quarter of 2013, the Company would have accrued an additional $4.1 million of dividend payments and the Company's aggregate deferred and accrued dividend payments would have been $81.9 million at December 31, 2013. The Company will continue to evaluate whether declaring dividends on its Class C Preferred Stock and Class D Preferred Stock is appropriate in future periods. The Company's cessation of declaring and accruing dividends on its Class C Preferred Stock and Class D Preferred Stock did not have any effect on the terms of the outstanding Class C Preferred Stock and Class D Preferred Stock, including the Company's obligations thereunder, as previously described. | ||||||||||||||
As further described in Note 3 to the consolidated financial statements, during the first quarter of 2013, the Company reclassified certain of its available-for-sale investment securities to held-to-maturity investment securities at their respective fair values, which totaled $242.5 million, in aggregate, during the first quarter of 2013. The gross unrealized gain on these available-for-sale investment securities at the time of transfer was $5.0 million. The unrealized gain included as a component of accumulated other comprehensive income was $2.8 million at the time of transfer, net of tax of $2.2 million. In addition, on June 30, 2012, the Company reclassified certain of its available-for-sale investment securities to held-to-maturity investment securities at their respective fair values, which totaled $729.1 million, in aggregate. The gross unrealized gain on these available-for-sale investment securities at the time of transfer was $11.7 million. The unrealized gain included as a component of accumulated other comprehensive income was $6.8 million at June 30, 2012, net of tax of $4.9 million. The fair value adjustments at the time of transfer were recorded as additional premium on the investment securities, and are being amortized as an adjustment to interest income on investment securities over the remaining lives of the respective securities. The amortization of the unrealized gain reported in stockholders’ equity is also being amortized as an adjustment to interest income on investment securities over the remaining lives of the respective securities. Consequently, the combined amortization of the additional premium and the unrealized gain have no net impact on interest income on investment securities. | ||||||||||||||
Other comprehensive (loss) income of $(37.8) million, $29.2 million and $18.4 million, as presented in the consolidated statements of changes in stockholders’ equity, is reflected net of income tax (benefit) expense of $(6.5) million, $(6.4) million and $10.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Accumulated Other Comprehensive Income (Loss). The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, by component, for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||
Investment Securities | Defined Benefit Pension Plan | Deferred Tax Asset Valuation Allowance | Total | |||||||||||
(dollars expressed in thousands) | ||||||||||||||
Year Ended December 31, 2013: | ||||||||||||||
Balance, beginning of period | $ | 35,186 | (3,544 | ) | 13,617 | 45,259 | ||||||||
Other comprehensive income (loss) before reclassifications | (24,789 | ) | 895 | (13,617 | ) | (37,511 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (246 | ) | — | — | (246 | ) | ||||||||
Net current period other comprehensive income (loss) | (25,035 | ) | 895 | (13,617 | ) | (37,757 | ) | |||||||
Balance, end of period | $ | 10,151 | (2,649 | ) | — | 7,502 | ||||||||
Year Ended December 31, 2012: | ||||||||||||||
Balance, beginning of period | $ | 19,437 | (2,633 | ) | (738 | ) | 16,066 | |||||||
Other comprehensive income (loss) before reclassifications | 16,507 | (911 | ) | 14,355 | 29,951 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (758 | ) | — | — | (758 | ) | ||||||||
Net current period other comprehensive income (loss) | 15,749 | (911 | ) | 14,355 | 29,193 | |||||||||
Balance, end of period | $ | 35,186 | (3,544 | ) | 13,617 | 45,259 | ||||||||
Year Ended December 31, 2011: | ||||||||||||||
Balance, beginning of period | $ | 222 | (2,220 | ) | (320 | ) | (2,318 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 22,676 | (413 | ) | (418 | ) | 21,845 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (3,461 | ) | — | — | (3,461 | ) | ||||||||
Net current period other comprehensive income (loss) | 19,215 | (413 | ) | (418 | ) | 18,384 | ||||||||
Balance, end of period | $ | 19,437 | (2,633 | ) | (738 | ) | 16,066 | |||||||
REGULATORY_CAPITAL_AND_OTHER_R
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||||||
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS | ' | |||||||||||||||||
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS | ||||||||||||||||||
Regulatory Capital. The Company and First Bank are subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain actions by regulators that, if undertaken, could have a direct material effect on the operations and financial condition of the Company and First Bank. Under these capital requirements, the Company and First Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classifications 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 First Bank to maintain minimum amounts and ratios of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets, and of Tier 1 capital to average assets. | ||||||||||||||||||
The Company must maintain minimum total regulatory, Tier 1 regulatory and Tier 1 leverage ratios as set forth in the table below in order to meet the minimum capital adequacy standards. The Company was categorized as adequately capitalized under minimum regulatory capital standards established for bank holding companies by the Federal Reserve at December 31, 2013. The Company did not meet the minimum regulatory capital standards established for bank holding companies by the Federal Reserve at December 31, 2012. | ||||||||||||||||||
First Bank was categorized as well capitalized at December 31, 2013 and 2012 under the prompt corrective action provisions of the regulatory capital standards. First Bank must maintain minimum total regulatory, Tier 1 regulatory and Tier 1 leverage ratios as set forth in the table below in order to be categorized as well capitalized. | ||||||||||||||||||
At December 31, 2013 and 2012, the Company's and First Bank's required and actual capital ratios were as follows: | ||||||||||||||||||
Actual | For Capital Adequacy Purposes | To be Well | ||||||||||||||||
Capitalized | ||||||||||||||||||
2013 | 2012 | Under | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Prompt Corrective Action Provisions | ||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||
Total capital (to risk-weighted assets): | ||||||||||||||||||
First Banks, Inc. | $ | 405,856 | 11.13 | % | $ | 93,542 | 2.57 | % | 8.00% | N/A | ||||||||
First Bank | 734,535 | 20.12 | 626,177 | 17.18 | 8 | 10.00% | ||||||||||||
Tier 1 capital (to risk-weighted assets): | ||||||||||||||||||
First Banks, Inc. | 239,868 | 6.58 | 46,771 | 1.28 | 4 | N/A | ||||||||||||
First Bank | 688,427 | 18.86 | 580,026 | 15.92 | 4 | 6 | ||||||||||||
Tier 1 capital (to average assets): | ||||||||||||||||||
First Banks, Inc. | 239,868 | 4.12 | 46,771 | 0.73 | 4 | N/A | ||||||||||||
First Bank | 688,427 | 11.77 | 580,026 | 9.13 | 4 | 5 | ||||||||||||
Regulatory Agreements. On March 24, 2010, the Company, SFC and First Bank entered into a Written Agreement (Agreement) with the FRB requiring the Company and First Bank to take certain steps intended to improve their overall financial condition. Pursuant to the Agreement, the Company prepared and filed with the FRB a number of specific plans designed to strengthen and/or address the following matters: (i) board oversight over the management and operations of the Company and First Bank; (ii) credit risk management practices; (iii) lending and credit administration policies and procedures; (iv) asset improvement; (v) capital; (vi) earnings and overall financial condition; and (vii) liquidity and funds management. | ||||||||||||||||||
The Agreement requires, among other things, that the Company and First Bank obtain prior approval from the FRB in order to pay dividends. In addition, the Company must obtain prior approval from the FRB to: (i) take any other form of payment from First Bank representing a reduction in capital of First Bank; (ii) make any distributions of interest, principal or other sums on junior subordinated debentures or trust preferred securities; (iii) incur, increase or guarantee any debt; or (iv) purchase or redeem any shares of the Company’s stock. The FRB has complete discretion to grant any such approval and therefore, it is not known whether the FRB will approve any request. On January 31, 2014, the Company received regulatory approval from the FRB, granting First Bank the authority to pay a dividend to the Company, and authority to the Company to utilize such funds, for the sole purpose of paying the accumulated deferred interest payments on the Company's outstanding junior subordinated debentures issued in connection with the Company's trust preferred securities. In February 2014, First Bank paid a dividend of $70.0 million to the Company and the Company notified the trustees of the trust preferred securities of its intention to pay all cumulative interest that had been deferred on the junior subordinated debentures relating to its trust preferred securities, on the regularly scheduled quarterly payment dates in March and April, 2014. | ||||||||||||||||||
Pursuant to the terms of the Agreement, the Company and First Bank submitted a written plan to the FRB to maintain sufficient capital at the Company, on a consolidated basis, and at First Bank, on a standalone basis. In addition, the Agreement also provides that the Company and First Bank must notify the FRB if the regulatory capital ratios of either entity fall below those set forth in the capital plans that were accepted by the FRB, and specifically if First Bank falls below the criteria for being well capitalized under the regulatory framework for prompt corrective action. The Company must also notify the FRB before appointing any new directors or senior executive officers or changing the responsibilities of any senior executive officer position. The Agreement also requires the Company and First Bank to comply with certain restrictions regarding indemnification and severance payments although First Bank has been notified, as of October 16, 2013, by the FRB that such restriction is no longer applicable to First Bank. The Agreement is specifically enforceable by the FRB in court. | ||||||||||||||||||
The description of the Agreement above represents a summary and is qualified in its entirety by the full text of the Agreement which is incorporated herein by reference to Exhibit 10.19 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2009, as filed with the United States Securities and Exchange Commission on March 25, 2010. | ||||||||||||||||||
Prior to entering into the Agreement on March 24, 2010, the Company and First Bank had entered into a memorandum of understanding and an informal agreement, respectively, with the FRB and the Missouri Division of Finance (MDOF). Each of the agreements were characterized by regulatory authorities as informal actions that were neither published nor made publicly available by the agencies and are used when circumstances warrant a milder form of action than a formal supervisory action, such as a written agreement or cease and desist order. The memorandum of understanding with the FRB was replaced and superseded by the Agreement. The informal agreement with the MDOF, dated September 18, 2008, was terminated effective September 11, 2013. | ||||||||||||||||||
While the Company and First Bank intend to take such actions as may be necessary to comply with the requirements of the Agreement with the FRB, there can be no assurance that the Company and First Bank will be able to comply fully with the requirements of the Agreement, that compliance with the Agreement will not be more time consuming or more expensive than anticipated, that compliance with the Agreement will enable the Company and First Bank to maintain profitable operations, or that efforts to comply with the Agreement will not have adverse effects on the operations and financial condition of the Company or First Bank. If the Company or First Bank is unable to comply with the terms of the Agreement, the Company and First Bank could become subject to various requirements limiting the ability to develop new business lines, mandating additional capital, and/or requiring the sale of certain assets and liabilities. Failure of the Company or First Bank to meet these conditions could lead to further enforcement action by the regulatory agencies. The terms of any such additional regulatory actions, orders or agreements could have a materially adverse effect on the Company’s business, financial condition or results of operations. | ||||||||||||||||||
Basel III Regulatory Capital Reforms. In July, 2013, the Federal Reserve approved revisions to the capital adequacy guidelines and prompt corrective action rules that implement the revised standards of the Basel Committee on Banking Supervision, commonly called Basel III, and address relevant provisions of the Dodd-Frank Act. “Basel III” refers to two consultative documents released by the Basel Committee on Banking Supervision in December 2009, the rules text released in December 2010, and loss absorbency rules issued in January 2011, which include significant changes to bank capital, leverage and liquidity requirements. The final rule, Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions, Prompt Corrective Action, Standardized Approach for Risk-weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule, incorporates certain revisions to the Basel capital framework, including Basel III and other elements. The final rule increases risk-based capital requirements and makes selected changes to the calculation of risk-weighted assets. The final rule: | ||||||||||||||||||
• | Includes a new minimum common equity Tier 1 capital ratio of 4.5% of risk-weighted assets and raises the minimum Tier 1 capital ratio from 4.0% to 6.0% of risk-weighted assets; | |||||||||||||||||
• | Requires institutions to maintain a capital conservation buffer composed of common equity Tier 1 capital of 2.5% above the minimum risk-based capital requirements in order to avoid limitations on capital distributions, including dividend payments, payments on our trust preferred securities and certain discretionary bonus payments to executive officers. The capital conservation buffer is measured relative to risk-weighted assets and will be phased in over a four-year period beginning on January 1, 2016 with an initial requirement of 0.625%, that subsequently increases to 1.25%, 1.875% and 2.5% on January 1, 2017, 2018 and 2019, respectively; | |||||||||||||||||
• | Implements new constraints on the inclusion of minority interests, mortgage servicing assets, deferred tax assets and certain investments in the capital of unconsolidated financial institutions in Tier 1 capital; | |||||||||||||||||
• | Increases risk-weightings for past-due loans, certain commercial real estate loans and some equity exposures; | |||||||||||||||||
• | Requires trust preferred securities and cumulative perpetual preferred stock to be phased out of Tier 1 capital for banks with assets greater than $15.0 billion as of December 31, 2009; and | |||||||||||||||||
• | Allows non-advanced banking organizations, such as us, a one-time option to filter certain accumulated other comprehensive income components, such as unrealized gains and losses on available-for-sale investment securities, out of regulatory capital. | |||||||||||||||||
The Company's common equity calculated under GAAP is likely to diverge from the Company's Common Equity Tier 1 Capital as calculated for regulatory purposes. The calculation of Common Equity Tier 1 Capital is different from the calculation of common equity under GAAP. Most significantly for the Company, the Company's deferred tax assets, which are included in the calculation of common equity under GAAP, will be substantially phased out over time from the required calculation of Common Equity Tier 1 Capital for regulatory purposes. The deferred tax assets are scheduled to be substantially phased out from inclusion in the calculation of Common Equity Tier 1 Capital in 2018. Absent a substantial increase in qualifying common equity, the Company is not likely to meet the common equity Tier 1 requirement as it will be calculated in 2015, or to meet the common equity Tier 1 level as it will be calculated in 2016 when the capital conservation buffer goes into effect. The inability to remain adequately capitalized under the new Basel III capital requirements could materially adversely impact the Company's financial condition, results of operations, ability to grow, and ability to make dividend payments and interest payments on capital stock and trust preferred securities. The Company is in the process of more fully evaluating the impact the final Basel III capital rules may have on its regulatory capital levels and capital planning strategies. |
FAIR_VALUE_DISCLOSURES
FAIR VALUE DISCLOSURES | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE DISCLOSURES | ' | |||||||||||||||
FAIR VALUE DISCLOSURES | ||||||||||||||||
In accordance with ASC Topic 820, “Fair Value Measurements and Disclosures,” financial assets and financial liabilities that are measured at fair value subsequent to initial recognition are grouped into three levels of inputs or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the reliability of assumptions used to determine fair value. The three input levels of the valuation hierarchy are as follows: | ||||||||||||||||
Level 1 Inputs – | Valuation is based on quoted prices in active markets for identical instruments in active markets. | |||||||||||||||
Level 2 Inputs – | Valuation is based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |||||||||||||||
Level 3 Inputs – | Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | |||||||||||||||
The following describes valuation methodologies used to measure financial assets and financial liabilities at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy: | ||||||||||||||||
Available-for-sale investment securities. Available-for-sale investment securities are recorded at fair value on a recurring basis. Available-for-sale investment securities included in Level 1 are valued using quoted market prices. Where quoted market prices are unavailable, the fair value included in Level 2 is based on quoted market prices of comparable instruments obtained from independent pricing vendors based on recent trading activity and other relevant information. | ||||||||||||||||
Loans held for sale. Mortgage loans held for sale are carried at fair value on a recurring basis. The determination of fair value is based on quoted market prices of comparable instruments obtained from independent pricing vendors based on recent trading activity and other relevant information. Other loans held for sale are carried at the lower of cost or market value, which is determined on an individual loan basis. The fair value is based on the prices secondary markets are offering for portfolios with similar characteristics. The Company classifies mortgage loans held for sale subjected to recurring fair value adjustments as recurring Level 2. The Company classifies other loans held for sale subjected to nonrecurring fair value adjustments as nonrecurring Level 2. | ||||||||||||||||
Impaired loans. The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans are considered impaired when, in the judgment of management based on current information and events, it is probable that payment of all amounts due under the contractual terms of the loan agreement will not be collected. Acquired impaired loans are classified as nonaccrual loans and are initially measured at fair value with no allocated allowance for loan losses. An allowance for loan losses is recorded to the extent there is further credit deterioration subsequent to the acquisition date. In accordance with ASC Topic 820, impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. Once a loan is identified as impaired, management measures the impairment in accordance with ASC Topic 310-10-35, “Receivables.” Impairment is measured by reference to an observable market price, if one exists, the expected future cash flows of an impaired loan discounted at the loan’s effective interest rate, or the fair value of the collateral for a collateral-dependent loan. In most cases, the Company measures fair value based on the value of the collateral securing the loan. Collateral may be in the form of real estate or personal property, including equipment and inventory. The vast majority of the collateral is real estate. The value of the collateral is determined based on third party appraisals as well as internal estimates. These measurements are classified as nonrecurring Level 3. | ||||||||||||||||
Other real estate and repossessed assets. Certain other real estate and repossessed assets, upon initial recognition, are re-measured and reported at fair value through a charge-off to the allowance for loan losses based upon the estimated fair value of the other real estate. The fair value of other real estate, upon initial recognition, is estimated using Level 3 inputs based on third party appraisals, and where applicable, discounted based on management’s judgment taking into account current market conditions, distressed or forced sale price comparisons and other factors in effect at the time of valuation. The Company classifies other real estate and repossessed assets subjected to nonrecurring fair value adjustments as Level 3. | ||||||||||||||||
Derivative instruments. Substantially all derivative instruments utilized by the Company are traded in over-the-counter markets where quoted market prices are not readily available. Derivative instruments utilized by the Company include interest rate swap agreements, interest rate lock commitments and forward commitments to sell mortgage-backed securities. For these derivative instruments, fair value is based on market observable inputs utilizing pricing systems and valuation models, and where applicable, the values are compared to the market values calculated independently by the respective counterparties. The Company classifies its derivative instruments as Level 2. | ||||||||||||||||
Servicing rights. The valuation of mortgage and SBA servicing rights is performed by an independent third party. The valuation models estimate the present value of estimated future net servicing income, using market-based discount rate assumptions, and utilize assumptions based on the predominant risk characteristics of the underlying loans, including principal balance, interest rate, weighted average life, and certain unobservable inputs, including cost to service, estimated prepayment speed rates and default rates. Changes in the fair value of servicing rights occur primarily due to the realization of expected cash flows, as well as changes in valuation inputs and assumptions. Significant increases (decreases) in any of the unobservable inputs would result in a significantly lower (higher) fair value of the servicing rights. The Company classifies its servicing rights as Level 3. | ||||||||||||||||
Nonqualified Deferred Compensation Plan. The Company’s nonqualified deferred compensation plan is recorded at fair value on a recurring basis. The unfunded plan allows participants to hypothetically invest in various specified investment options such as equity funds, international stock funds, capital appreciation funds, money market funds, bond funds, mid-cap value funds and growth funds. The nonqualified deferred compensation plan liability is valued based on quoted market prices of the underlying investments. The Company classifies its nonqualified deferred compensation plan liability as Level 1. | ||||||||||||||||
Items Measured on a Recurring Basis. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 are reflected in the following table: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
December 31, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Available-for-sale investment securities: | ||||||||||||||||
U.S. Government sponsored agencies | $ | — | 275,899 | — | 275,899 | |||||||||||
Residential mortgage-backed | — | 1,105,787 | — | 1,105,787 | ||||||||||||
Commercial mortgage-backed | — | 856 | — | 856 | ||||||||||||
State and political subdivisions | — | 31,557 | — | 31,557 | ||||||||||||
Corporate notes | — | 196,203 | — | 196,203 | ||||||||||||
Equity investments | 1,443 | — | — | 1,443 | ||||||||||||
Mortgage loans held for sale | — | 25,548 | — | 25,548 | ||||||||||||
Derivative instruments: | ||||||||||||||||
Interest rate lock commitments | — | 217 | — | 217 | ||||||||||||
Forward commitments to sell mortgage-backed securities | — | 296 | — | 296 | ||||||||||||
Servicing rights | — | — | 18,854 | 18,854 | ||||||||||||
Total | $ | 1,443 | 1,636,363 | 18,854 | 1,656,660 | |||||||||||
Liabilities: | ||||||||||||||||
Nonqualified deferred compensation plan | $ | 6,641 | — | — | 6,641 | |||||||||||
Total | $ | 6,641 | — | — | 6,641 | |||||||||||
December 31, 2012: | ||||||||||||||||
Assets: | ||||||||||||||||
Available-for-sale investment securities: | ||||||||||||||||
U.S. Government sponsored agencies | $ | — | 310,429 | — | 310,429 | |||||||||||
Residential mortgage-backed | — | 1,534,067 | — | 1,534,067 | ||||||||||||
Commercial mortgage-backed | — | 915 | — | 915 | ||||||||||||
State and political subdivisions | — | 4,929 | — | 4,929 | ||||||||||||
Corporate notes | — | 192,365 | — | 192,365 | ||||||||||||
Equity investments | 1,022 | — | — | 1,022 | ||||||||||||
Mortgage loans held for sale | — | 66,133 | — | 66,133 | ||||||||||||
Derivative instruments: | ||||||||||||||||
Customer interest rate swap agreements | — | 87 | — | 87 | ||||||||||||
Interest rate lock commitments | — | 1,837 | — | 1,837 | ||||||||||||
Forward commitments to sell mortgage-backed securities | — | (305 | ) | — | (305 | ) | ||||||||||
Servicing rights | — | — | 14,792 | 14,792 | ||||||||||||
Total | $ | 1,022 | 2,110,457 | 14,792 | 2,126,271 | |||||||||||
Liabilities: | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Customer interest rate swap agreements | $ | — | 87 | — | 87 | |||||||||||
Nonqualified deferred compensation plan | 6,443 | — | — | 6,443 | ||||||||||||
Total | $ | 6,443 | 87 | — | 6,530 | |||||||||||
There were no transfers between Levels 1 and 2 of the fair value hierarchy for the years ended December 31, 2013 and 2012. | ||||||||||||||||
The following table presents the changes in Level 3 assets measured on a recurring basis for the years ended December 31, 2013 and 2012: | ||||||||||||||||
Servicing Rights | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
Balance, beginning of year | $ | 14,792 | 15,380 | |||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Included in earnings (1) | 439 | (5,475 | ) | |||||||||||||
Included in other comprehensive income (loss) | — | — | ||||||||||||||
Issuances | 3,623 | 4,887 | ||||||||||||||
Transfers in and/or out of level 3 | — | — | ||||||||||||||
Balance, end of year | $ | 18,854 | 14,792 | |||||||||||||
-1 | Gains or losses (realized/unrealized) are included in noninterest income in the consolidated statements of operations. | |||||||||||||||
Items Measured on a Nonrecurring Basis. From time to time, the Company measures certain assets at fair value on a nonrecurring basis. These include assets that are measured at the lower of cost or market value that were recognized at fair value below cost at the end of the period. Assets measured at fair value on a nonrecurring basis as of December 31, 2013 and 2012 are reflected in the following table: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
December 31, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial, financial and agricultural | $ | — | — | 10,026 | 10,026 | |||||||||||
Real estate construction and development | — | — | 4,620 | 4,620 | ||||||||||||
Real estate mortgage: | ||||||||||||||||
Bank portfolio | — | — | 5,532 | 5,532 | ||||||||||||
Mortgage Division portfolio | — | — | 82,944 | 82,944 | ||||||||||||
Home equity portfolio | — | — | 5,889 | 5,889 | ||||||||||||
Multi-family residential | — | — | 27,310 | 27,310 | ||||||||||||
Commercial real estate | — | — | 11,812 | 11,812 | ||||||||||||
Consumer and installment | — | — | 19 | 19 | ||||||||||||
Other real estate and repossessed assets | — | — | 66,702 | 66,702 | ||||||||||||
Total | $ | — | — | 214,854 | 214,854 | |||||||||||
December 31, 2012: | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial, financial and agricultural | $ | — | — | 18,374 | 18,374 | |||||||||||
Real estate construction and development | — | — | 40,731 | 40,731 | ||||||||||||
Real estate mortgage: | ||||||||||||||||
Bank portfolio | — | — | 8,237 | 8,237 | ||||||||||||
Mortgage Division portfolio | — | — | 86,500 | 86,500 | ||||||||||||
Home equity portfolio | — | — | 6,887 | 6,887 | ||||||||||||
Multi-family residential | — | — | 33,863 | 33,863 | ||||||||||||
Commercial real estate | — | — | 26,218 | 26,218 | ||||||||||||
Consumer and installment | — | — | 27 | 27 | ||||||||||||
Other real estate and repossessed assets | — | — | 91,995 | 91,995 | ||||||||||||
Total | $ | — | — | 312,832 | 312,832 | |||||||||||
Non-Financial Assets and Non-Financial Liabilities. Certain non-financial assets measured at fair value on a nonrecurring basis include other real estate (upon initial recognition or subsequent impairment), non-financial assets and non-financial liabilities measured at fair value in the second step of a goodwill impairment test, and intangible assets and other non-financial long-lived assets measured at fair value for impairment assessment. | ||||||||||||||||
Other real estate and repossessed assets measured at fair value upon initial recognition totaled $9.5 million, $24.2 million and $69.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. In addition to other real estate and repossessed assets measured at fair value upon initial recognition, the Company recorded write-downs to the balance of other real estate and repossessed assets of $2.4 million, $14.5 million and $16.9 million to noninterest expense for the years ended December 31, 2013, 2012 and 2011, respectively. Other real estate and repossessed assets were $66.7 million at December 31, 2013 compared to $92.0 million at December 31, 2012. | ||||||||||||||||
Fair Value of Financial Instruments. The fair value of financial instruments is management’s estimate of the values at which the instruments could be exchanged in a transaction between willing parties. These estimates are subjective and may vary significantly from amounts that would be realized in actual transactions. In addition, other significant assets are not considered financial assets including deferred income tax assets, bank premises and equipment and goodwill. Furthermore, the income taxes that would be incurred if the Company were to realize any of the unrealized gains or unrealized losses indicated between the estimated fair values and corresponding carrying values could have a significant effect on the fair value estimates and have not been considered in any of the estimates. | ||||||||||||||||
The following summarizes the methods and assumptions used in estimating the fair value of all other financial instruments: | ||||||||||||||||
Cash and cash equivalents and accrued interest receivable. The carrying values reported in the consolidated balance sheets approximate fair value. | ||||||||||||||||
Held-to-maturity investment securities. The fair value of held-to-maturity investment securities is based on quoted market prices where available. If quoted market prices are not available, the fair value is based on quoted market prices of comparable instruments. The Company classifies its held-to-maturity investment securities as Level 2. | ||||||||||||||||
Loans. The fair value of loans held for portfolio uses an exit price concept and reflects discounts the Company believes are consistent with liquidity discounts in the market place. Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial and industrial, real estate construction and development, commercial real estate, one-to-four-family residential real estate, home equity and consumer and installment. The fair value of loans is estimated by discounting the future cash flows, utilizing assumptions for prepayment estimates over the loans’ remaining life and considerations for the current interest rate environment compared to the weighted average rate of the loan portfolio. The fair value analysis also includes other assumptions to estimate fair value, intended to approximate those factors a market participant would use in an orderly transaction, with adjustments for discount rates, interest rates, liquidity, and credit spreads, as appropriate. The Company classifies its loans held for portfolio as Level 3. | ||||||||||||||||
FRB and FHLB stock. The carrying values reported in the consolidated balance sheets for FRB and FHLB stock, which are carried at cost, represent redemption value and approximate fair value. | ||||||||||||||||
Assets of discontinued operations. The carrying values reported in the consolidated balance sheets for assets of discontinued operations approximate fair value. The Company classifies its assets of discontinued operations as Level 2. | ||||||||||||||||
Deposits. The fair value of deposits payable on demand with no stated maturity (i.e., noninterest-bearing and interest-bearing demand, and savings and money market accounts) is considered equal to their respective carrying amounts as reported in the consolidated balance sheets. The fair value of demand deposits does not include the benefit that results from the low-cost funding provided by deposit liabilities compared to the cost of borrowing funds in the market. The fair value disclosed for time deposits is estimated utilizing a discounted cash flow calculation that applies interest rates currently being offered on similar deposits to a schedule of aggregated monthly maturities of time deposits. If the estimated fair value is lower than the carrying value, the carrying value is reported as the fair value of time deposits. The Company classifies its time deposits as Level 3. | ||||||||||||||||
Other borrowings and accrued interest payable. The carrying values reported in the consolidated balance sheets for variable rate borrowings approximate fair value. The fair value of fixed rate borrowings is based on quoted market prices where available. If quoted market prices are not available, the fair value is based on discounting contractual maturities using an estimate of current market rates for similar instruments. The Company classifies its other borrowings, comprised of securities sold under agreement to repurchase, as Level 1. The carrying values reported in the consolidated balance sheets for accrued interest payable approximate fair value. | ||||||||||||||||
Subordinated debentures. The fair value of subordinated debentures is based on quoted market prices of comparable instruments. The Company classifies its subordinated debentures as Level 3. | ||||||||||||||||
Liabilities of discontinued operations. The fair value of liabilities of discontinued operations reflects the negotiated purchase price at which the liabilities could be exchanged in a transaction between willing parties, as further described in Note 2 to the consolidated financial statements. The Company classifies its liabilities of discontinued operations as Level 2. | ||||||||||||||||
Off-Balance Sheet Financial Instruments. The fair value of commitments to extend credit, standby letters of credit and financial guarantees is based on estimated probable credit losses. The Company classifies its off-balance sheet financial instruments as Level 3. | ||||||||||||||||
The estimated fair value of the Company’s financial instruments at December 31, 2013 and 2012 were as follows: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 190,435 | 190,435 | — | — | 190,435 | ||||||||||
Investment securities: | ||||||||||||||||
Available for sale | 1,611,745 | 1,443 | 1,610,302 | — | 1,611,745 | |||||||||||
Held to maturity | 740,186 | — | 719,183 | — | 719,183 | |||||||||||
Loans held for portfolio | 2,750,514 | — | — | 2,562,160 | 2,562,160 | |||||||||||
Loans held for sale | 25,548 | — | 25,548 | — | 25,548 | |||||||||||
FRB and FHLB stock | 27,357 | 27,357 | — | — | 27,357 | |||||||||||
Derivative instruments | 513 | — | 513 | — | 513 | |||||||||||
Accrued interest receivable | 17,798 | 17,798 | — | — | 17,798 | |||||||||||
Financial Liabilities: | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,243,545 | 1,243,545 | — | — | 1,243,545 | ||||||||||
Interest-bearing demand | 679,527 | 679,527 | — | — | 679,527 | |||||||||||
Savings and money market | 1,844,710 | 1,844,710 | — | — | 1,844,710 | |||||||||||
Time deposits | 1,046,113 | — | — | 1,046,485 | 1,046,485 | |||||||||||
Other borrowings | 43,143 | 43,143 | — | — | 43,143 | |||||||||||
Accrued interest payable | 63,341 | 63,341 | — | — | 63,341 | |||||||||||
Subordinated debentures | 354,210 | — | — | 242,678 | 242,678 | |||||||||||
Off-Balance Sheet Financial Instruments: | ||||||||||||||||
Commitments to extend credit, standby letters of credit and financial guarantees | $ | (2,715 | ) | — | — | (2,715 | ) | (2,715 | ) | |||||||
31-Dec-12 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 518,846 | 518,846 | — | — | 518,846 | ||||||||||
Investment securities: | ||||||||||||||||
Available for sale | 2,043,727 | 1,022 | 2,042,705 | — | 2,043,727 | |||||||||||
Held to maturity | 631,553 | — | 637,024 | — | 637,024 | |||||||||||
Loans held for portfolio | 2,773,012 | — | — | 2,572,256 | 2,572,256 | |||||||||||
Loans held for sale | 66,133 | — | 66,133 | — | 66,133 | |||||||||||
FRB and FHLB stock | 27,329 | 27,329 | — | — | 27,329 | |||||||||||
Derivative instruments | 1,619 | — | 1,619 | — | 1,619 | |||||||||||
Accrued interest receivable | 18,284 | 18,284 | — | — | 18,284 | |||||||||||
Assets of discontinued operations | 6,706 | — | 6,706 | — | 6,706 | |||||||||||
Financial Liabilities: | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,327,183 | 1,327,183 | — | — | 1,327,183 | ||||||||||
Interest-bearing demand | 1,000,666 | 1,000,666 | — | — | 1,000,666 | |||||||||||
Savings and money market | 1,880,271 | 1,880,271 | — | — | 1,880,271 | |||||||||||
Time deposits | 1,284,727 | — | — | 1,286,730 | 1,286,730 | |||||||||||
Other borrowings | 26,025 | 26,025 | — | — | 26,025 | |||||||||||
Derivative instruments | 87 | — | 87 | — | 87 | |||||||||||
Accrued interest payable | 48,541 | 48,541 | — | — | 48,541 | |||||||||||
Subordinated debentures | 354,133 | — | — | 254,984 | 254,984 | |||||||||||
Liabilities of discontinued operations | 155,711 | — | 155,711 | — | 155,711 | |||||||||||
Off-Balance Sheet Financial Instruments: | ||||||||||||||||
Commitments to extend credit, standby letters of credit and financial guarantees | $ | (2,779 | ) | — | — | (2,779 | ) | (2,779 | ) | |||||||
CREDIT_COMMITMENTS
CREDIT COMMITMENTS | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||
CREDIT COMMITMENTS | ' | ||||||
CREDIT COMMITMENTS | |||||||
The Company is a party to commitments to extend credit and commercial and standby letters of credit in the normal course of business to meet the financing needs of its customers. These instruments involve, in varying degrees, elements of credit risk and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The interest rate risk associated with these credit commitments relates primarily to the commitments to originate fixed-rate loans. As more fully described in Note 8 to the consolidated financial statements, the interest rate risk of the commitments to originate fixed-rate loans has been hedged with forward commitments to sell mortgage-backed securities. The credit risk amounts are equal to the contractual amounts, assuming the amounts are fully advanced and the collateral or other security is of no value. The Company uses the same credit policies in granting commitments and conditional obligations as it does for on-balance sheet items. | |||||||
Commitments to extend fixed and variable rate credit, and commercial and standby letters of credit, at December 31, 2013 and 2012 were as follows: | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
(dollars expressed in thousands) | |||||||
Commitments to extend credit | $ | 766,442 | 667,215 | ||||
Commercial and standby letters of credit | 46,680 | 59,075 | |||||
Total | $ | 813,122 | 726,290 | ||||
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. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant, equipment, income-producing commercial properties or single-family residential properties. In the event of nonperformance, the Company may obtain and liquidate the collateral to recover amounts paid under its guarantees on these financial instruments. | |||||||
Commercial and standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. The letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. Most letters of credit extend for less than one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Upon issuance of the commitments, the Company typically holds marketable securities, certificates of deposit, inventory, real property or other assets as collateral supporting those commitments for which collateral is deemed necessary. The standby letters of credit at December 31, 2013 expire, at various dates, within five years. | |||||||
Standby letters of credit issued by the FHLB on First Bank’s behalf were $25.9 million and $25.0 million at December 31, 2013 and 2012, respectively. | |||||||
The reserve for letters of credit and unfunded loan commitments was $2.7 million and $2.8 million at December 31, 2013 and 2012. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||||||
INCOME TAXES | |||||||||||||||||||||
The (benefit) provision for income taxes from continuing operations for the years ended December 31, 2013, 2012 and 2011 consists of the following: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||||
Current (benefit) provision for income taxes: | |||||||||||||||||||||
Federal | $ | 3 | — | 902 | |||||||||||||||||
State | (244 | ) | (32 | ) | (721 | ) | |||||||||||||||
(241 | ) | (32 | ) | 181 | |||||||||||||||||
Deferred benefit for income taxes: | |||||||||||||||||||||
Federal | 44,068 | 6,766 | (15,104 | ) | |||||||||||||||||
State | (1,275 | ) | 1,253 | (7,187 | ) | ||||||||||||||||
42,793 | 8,019 | (22,291 | ) | ||||||||||||||||||
(Decrease) increase in deferred tax asset valuation allowance | (331,053 | ) | (8,126 | ) | 11,456 | ||||||||||||||||
Total | $ | (288,501 | ) | (139 | ) | (10,654 | ) | ||||||||||||||
The effective rates of federal income taxes for the years ended December 31, 2013, 2012 and 2011 differ from the federal statutory rates of taxation as follows: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||||
Income (loss) from continuing operations before benefit for income taxes and net income (loss) attributable to noncontrolling interest in subsidiary | $ | (67,801 | ) | $ | 34,663 | $ | (45,360 | ) | |||||||||||||
Provision (benefit) for income taxes calculated at federal statutory income tax rates | $ | (23,730 | ) | 35 | % | $ | 12,132 | 35 | % | $ | (15,876 | ) | 35 | % | |||||||
Effects of differences in tax reporting: | |||||||||||||||||||||
Tax-exempt interest income, net of tax preference adjustment | (117 | ) | 0.2 | (135 | ) | (0.4 | ) | (203 | ) | 0.4 | |||||||||||
State income taxes | (1,098 | ) | 1.6 | 795 | 2.3 | (4,667 | ) | 10.3 | |||||||||||||
Bank owned life insurance, net of premium | 516 | (0.8 | ) | 11 | — | 10 | — | ||||||||||||||
Noncontrolling investment in flow-through entity | (63 | ) | 0.1 | 104 | 0.3 | 1,033 | (2.3 | ) | |||||||||||||
Goodwill impairment and amortization of intangibles | 37,544 | (55.4 | ) | — | — | 175 | (0.3 | ) | |||||||||||||
(Decrease) increase in deferred tax asset valuation allowance, net of federal benefit | (311,537 | ) | 459.5 | (13,112 | ) | (37.9 | ) | 19,456 | (42.9 | ) | |||||||||||
Reclassification of deferred tax asset valuation allowance from accumulated other comprehensive income to provision for income taxes | 10,547 | (15.6 | ) | — | — | (10,466 | ) | 23.1 | |||||||||||||
Expiration of net operating loss carryforwards | 3 | — | 643 | 1.9 | 34 | — | |||||||||||||||
Other, net | (566 | ) | 0.9 | (577 | ) | (1.6 | ) | (150 | ) | 0.2 | |||||||||||
Benefit for income taxes | $ | (288,501 | ) | 425.5 | % | $ | (139 | ) | (0.4 | )% | $ | (10,654 | ) | 23.5 | % | ||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Federal net operating loss carryforwards | $ | 200,139 | 209,190 | ||||||||||||||||||
State net operating loss carryforwards | 66,578 | 65,882 | |||||||||||||||||||
Allowance for loan losses | 35,354 | 37,825 | |||||||||||||||||||
Loans held for sale | 2,341 | 2,032 | |||||||||||||||||||
Alternative minimum and general business tax credits | 20,830 | 19,146 | |||||||||||||||||||
Interest on nonaccrual loans | 9,078 | 12,551 | |||||||||||||||||||
Deferred compensation | 4,070 | 3,573 | |||||||||||||||||||
Core deposit intangibles | 2,493 | 2,706 | |||||||||||||||||||
Partnership and corporate investments | 5,945 | 7,908 | |||||||||||||||||||
Deferred loan charge-offs and other fraud losses | 1,426 | 4,341 | |||||||||||||||||||
Other real estate and repossessed assets | 15,893 | 22,666 | |||||||||||||||||||
Accrued contingent liabilities | 1,908 | 2,870 | |||||||||||||||||||
Depreciation on bank premises and equipment | — | 1,202 | |||||||||||||||||||
State taxes | (19,325 | ) | 682 | ||||||||||||||||||
Other | 12,531 | 12,692 | |||||||||||||||||||
Gross deferred tax assets | 359,261 | 405,266 | |||||||||||||||||||
Valuation allowance | (43,380 | ) | (376,224 | ) | |||||||||||||||||
Deferred tax assets, net of valuation allowance | 315,881 | 29,042 | |||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Servicing rights | 4,655 | 2,632 | |||||||||||||||||||
Net fair value adjustment for available-for-sale investment securities | 1,055 | 21,214 | |||||||||||||||||||
Deferred gain on reclassification of investment securities from available for sale to held to maturity | 4,988 | 4,265 | |||||||||||||||||||
Equity investments | 5,683 | 5,364 | |||||||||||||||||||
Thrift base year tax bad debt reserve | 10,605 | — | |||||||||||||||||||
Net deferred loan fees | 1,870 | 1,903 | |||||||||||||||||||
Depreciation on bank premises and equipment | (1,561 | ) | — | ||||||||||||||||||
Other | 1,102 | 804 | |||||||||||||||||||
Deferred tax liabilities | 28,397 | 36,182 | |||||||||||||||||||
Net deferred tax assets (liabilities) | $ | 287,484 | (7,140 | ) | |||||||||||||||||
The realization of the Company’s net deferred tax assets is based on the expectation of future taxable income and the utilization of tax planning strategies. The Company had a full valuation allowance against its net deferred tax assets at December 31, 2012. The deferred tax asset valuation allowance was recorded in accordance with ASC Topic 740, “Income Taxes.” Under ASC Topic 740, the Company is required to assess whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Pursuant to ASC Topic 740, concluding that a deferred tax asset valuation allowance is not required is difficult when there is significant evidence which is objective and verifiable, such as the lack of recoverable taxes, excess of reversing deductible differences over reversing taxable differences and cumulative losses in recent years. | |||||||||||||||||||||
In evaluating the ability to recover deferred tax assets within the jurisdiction from which they arise, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and results of recent operations. In projecting future taxable income, the Company begins with historical results adjusted for the results of discontinued operations and changes in accounting policies and incorporates assumptions including the amount of future state and federal pre-tax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts and future taxable income and are consistent with the plans and estimates management uses to manage the underlying business. | |||||||||||||||||||||
After analysis of all available positive and negative evidence, the Company reversed substantially all of its valuation allowance against its net deferred tax assets, which was reflected as a benefit for income taxes in the consolidated statements of operations and as an adjustment to accumulated other comprehensive income of $319.1 million and $6.1 million, respectively, for the year ended December 31, 2013. The Company concluded that, as of December 31, 2013, it was more likely than not that substantially all of its net deferred tax assets would be realized in future years. This conclusion was primarily based on projected future taxable income, in addition to cumulative earnings resulting from eight consecutive quarters of profitability (excluding the goodwill impairment charge recognized during the fourth quarter of 2013), significant improvement in asset quality metrics and certain other relevant factors. If the Company’s estimate of realizability of its net deferred tax assets changes in the future, an adjustment to the valuation allowance would be recorded, which would either increase or decrease income tax expense in such period. | |||||||||||||||||||||
The valuation allowance reserves for certain state net operating loss carryovers, federal and state tax credits and capital loss carryovers which are projected to expire prior to their utilization, based upon projected taxable income at December 31, 2013. The Company has reserved for this benefit in its valuation allowance but will continue to evaluate the potential future utilization of these items and will record an adjustment to the valuation allowance in the period a change is warranted. | |||||||||||||||||||||
Changes in the deferred tax asset valuation allowance for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||||
Balance, beginning of year | $ | 376,224 | 391,629 | 370,125 | |||||||||||||||||
Reversal of deferred tax asset valuation allowance to provision for income taxes | (319,142 | ) | (643 | ) | (115 | ) | |||||||||||||||
(Decrease) increase in deferred tax asset valuation allowance to provision for income taxes | (27,319 | ) | (468 | ) | 31,621 | ||||||||||||||||
Increase (decrease) in deferred tax asset valuation allowance to accumulated other comprehensive income | 13,617 | (14,294 | ) | (10,002 | ) | ||||||||||||||||
Balance, end of year | $ | 43,380 | 376,224 | 391,629 | |||||||||||||||||
At December 31, 2013 and 2012, the Company’s unrecognized tax benefits for uncertain tax positions, excluding interest and penalties, were $881,000 and $1.1 million, respectively. A reconciliation of the beginning and ending balance of these unrecognized tax benefits for the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||||
Balance, beginning of year | $ | 1,126 | 1,194 | ||||||||||||||||||
Additions: | |||||||||||||||||||||
Tax positions taken during the current year | 90 | 217 | |||||||||||||||||||
Tax positions taken during the prior year | — | — | |||||||||||||||||||
Reductions: | |||||||||||||||||||||
Tax positions taken during the prior year | (335 | ) | (14 | ) | |||||||||||||||||
Lapse of statute of limitations | — | (271 | ) | ||||||||||||||||||
Balance, end of year | $ | 881 | 1,126 | ||||||||||||||||||
At December 31, 2013 and 2012, the total amount of unrecognized tax benefits that would affect the provision for income taxes, prior to the consideration of the deferred tax asset valuation allowance, was $580,000 and $740,000, respectively. It is the Company’s policy to separately disclose any interest or penalties arising from the application of federal or state income taxes. Interest related to unrecognized tax benefits is included in interest expense and penalties related to unrecognized tax benefits are included in noninterest expense. At December 31, 2013 and 2012, interest accrued for uncertain tax positions was $144,000 and $116,000, respectively. The Company recorded interest expense of $28,000 for the year ended December 31, 2013, compared to a reduction to interest expense of $20,000 and $44,000 related to unrecognized tax benefits for the years ended December 31, 2012 and 2011, respectively. There were no penalties for uncertain tax positions accrued at December 31, 2013 and 2012, nor did the Company recognize any expense for such penalties in 2013, 2012 and 2011. | |||||||||||||||||||||
The Company continually evaluates the unrecognized tax benefits associated with its uncertain tax positions. It is reasonably possible that the total unrecognized tax benefits as of December 31, 2013 could decrease by approximately $376,000 by December 31, 2014 as a result of the lapse of statutes of limitations or potential settlements with the federal and state taxing authorities, of which the impact to the provision for income taxes, prior to the consideration of the deferred tax asset valuation allowance, is estimated to be approximately $252,000. | |||||||||||||||||||||
The Company files consolidated and separate income tax returns in the U.S. federal jurisdiction and in various state jurisdictions. Management of the Company believes the accrual for tax liabilities is adequate for all open audit years based on its assessment of many factors, including past experience and interpretations of tax law applied to the facts of each matter. This assessment relies on estimates and assumptions. The Company’s federal income tax returns through 2008 have been examined by the IRS. Years subsequent to 2008 could contain matters that could be subject to differing interpretations of applicable tax laws and regulations as they relate to the amount, timing or inclusion of revenue and expenses. The Company has recorded a tax benefit only for those positions that meet the “more likely than not” standard. The Company’s current estimate of the resolution of various state examinations, none of which are in process, is reflected in accrued income taxes; however, final settlement of the examinations or changes in the Company’s estimate may result in future income tax expense or benefit. | |||||||||||||||||||||
The Company is no longer subject to U.S. federal and Illinois income tax examination for the years prior to 2009 and is no longer subject to California, Florida, Missouri and various other state income tax examination by the tax authorities for the years prior to 2008. The Company had a federal tax examination for tax years through 2008, which was closed during 2010, and a California tax examination for the 2004 and 2005 tax years, which was closed during 2008. An Illinois tax examination of the 2007 and 2008 tax years was completed during 2011 with no changes to the returns as originally filed. A California tax examination for the 2005 and 2006 tax years was completed during 2012 with no changes to the amended returns as filed. A Texas tax examination for the 2007 and 2008 tax years was completed during 2013, which resulted in minor changes to the returns as originally filed. While the statute of limitations for the 2008 and 2009 tax years has expired for the majority of the states in which the Company is subject to income tax, the Company generated net operating loss carryforwards in 2008 and 2009 which, if realized, are subject to examination in order to validate the net operating loss carryforward. Thus, while closed, the 2008 and 2009 tax years for these states are still subject to examination. The statute of limitations will expire for 2008 and 2009 when the statute of limitations expires for the year the net operating loss carryforward is realized. | |||||||||||||||||||||
The Company recorded a benefit for income taxes of $10.5 million during the year ended December 31, 2011 related to an intraperiod tax allocation between other comprehensive income and loss from continuing operations, primarily driven by market appreciation in the Company’s investment securities portfolio. | |||||||||||||||||||||
At December 31, 2013 and 2012, the accumulation of prior years’ earnings representing tax bad debt deductions was $29.8 million. If these tax bad debt reserves were charged for losses other than bad debt losses, the Company would be required to recognize taxable income in the amount of the charge. Effective December 31, 2013, the Company recorded a deferred tax liability in the amount of $10.6 million as it is projected that First Bank will make a nondividend distribution to the Company in the near future. Nondividend distributions include distributions in excess of First Bank’s current and accumulated earnings and profits, as calculated for federal income tax purposes, distributions in redemption of stock and distributions in partial or complete liquidation. The non-dividend distribution will be considered to have been made from First Bank’s unrecaptured tax bad debt reserve. To the extent the distribution is made from these reserves, the nondividend distribution will be included in First Bank’s taxable income in the year of the distribution. | |||||||||||||||||||||
At December 31, 2013 and 2012, for federal income tax purposes, the Company had net operating loss carryforwards of approximately $571.8 million and $597.7 million, respectively. At December 31, 2013, the Company’s federal net operating loss carryforwards expire as follows: | |||||||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||||
Year ending December 31: | |||||||||||||||||||||
2021 | $ | 2,919 | |||||||||||||||||||
2022 | 2,386 | ||||||||||||||||||||
2023 – 2026 | 17,814 | ||||||||||||||||||||
2027 – 2032 | 548,707 | ||||||||||||||||||||
Total | $ | 571,826 | |||||||||||||||||||
At December 31, 2013 and 2012, for state income tax purposes, the Company had net operating loss carryforwards of approximately $785.4 million and $786.4 million, respectively, and a related deferred tax asset of $66.6 million and $65.9 million, respectively. The state net operating loss carryforwards are primarily from the states of California, Florida, Illinois and Missouri ("Footprint States"). At December 31, 2013, the Company’s state net operating loss carryforwards expire as follows: | |||||||||||||||||||||
State Net Operating Losses (Footprint States) | State Net Operating Losses (Other States) | State Net Operating Losses | |||||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||||
Year ending December 31: | |||||||||||||||||||||
2014 | $ | — | 154 | 154 | |||||||||||||||||
2015 | 16,822 | 291 | 17,113 | ||||||||||||||||||
2016 | 13,028 | 252 | 13,280 | ||||||||||||||||||
2017 | 1,372 | 272 | 1,644 | ||||||||||||||||||
2018 | 549 | 261 | 810 | ||||||||||||||||||
2019 – 2026 | 175,144 | 3,320 | 178,464 | ||||||||||||||||||
2027 – 2032 | 570,594 | 3,301 | 573,895 | ||||||||||||||||||
Total | $ | 777,509 | 7,851 | 785,360 | |||||||||||||||||
EARNINGS_LOSS_PER_COMMON_SHARE
EARNINGS (LOSS) PER COMMON SHARE | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
EARNINGS (LOSS) PER COMMON SHARE | ' | |||||||||
EARNINGS (LOSS) PER COMMON SHARE | ||||||||||
The following is a reconciliation of basic and diluted earnings (loss) per share for the years ended December 31, 2013, 2012 and 2011: | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(dollars in thousands, except share and per share data) | ||||||||||
Basic: | ||||||||||
Net income (loss) from continuing operations attributable to First Banks, Inc. | $ | 220,521 | 35,099 | (31,756 | ) | |||||
Preferred stock dividends declared | (15,869 | ) | (18,886 | ) | (17,908 | ) | ||||
Accretion of discount on preferred stock | (3,643 | ) | (3,554 | ) | (3,466 | ) | ||||
Net income (loss) from continuing operations attributable to common stockholders | 201,009 | 12,659 | (53,130 | ) | ||||||
Net income (loss) from discontinued operations attributable to common stockholders | 21,223 | (8,821 | ) | (9,394 | ) | |||||
Net income (loss) available to First Banks, Inc. common stockholders | $ | 222,232 | 3,838 | (62,524 | ) | |||||
Weighted average shares of common stock outstanding | 23,661 | 23,661 | 23,661 | |||||||
Basic earnings (loss) per common share – continuing operations | $ | 8,495.35 | 535.03 | (2,245.44 | ) | |||||
Basic earnings (loss) per common share – discontinued operations | $ | 896.96 | (372.81 | ) | (397.02 | ) | ||||
Basic earnings (loss) per common share | $ | 9,392.31 | 162.22 | (2,642.46 | ) | |||||
Diluted: | ||||||||||
Net income (loss) from continuing operations attributable to common stockholders | $ | 201,009 | 12,659 | (53,130 | ) | |||||
Net income (loss) from discontinued operations attributable to common stockholders | 21,223 | (8,821 | ) | (9,394 | ) | |||||
Net income (loss) available to First Banks, Inc. common stockholders | 222,232 | 3,838 | (62,524 | ) | ||||||
Effect of dilutive securities – Class A convertible preferred stock | — | — | — | |||||||
Diluted income (loss) available to First Banks, Inc. common stockholders | $ | 222,232 | 3,838 | (62,524 | ) | |||||
Weighted average shares of common stock outstanding | 23,661 | 23,661 | 23,661 | |||||||
Effect of dilutive securities – Class A convertible preferred stock | — | — | — | |||||||
Weighted average diluted shares of common stock outstanding | 23,661 | 23,661 | 23,661 | |||||||
Diluted earnings (loss) per common share – continuing operations | $ | 8,495.35 | 535.03 | (2,245.44 | ) | |||||
Diluted earnings (loss) per common share – discontinued operations | $ | 896.96 | (372.81 | ) | (397.02 | ) | ||||
Diluted earnings (loss) per common share | $ | 9,392.31 | 162.22 | (2,642.46 | ) | |||||
BUSINESS_SEGMENT_RESULTS
BUSINESS SEGMENT RESULTS | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
BUSINESS SEGMENT RESULTS | ' | |||||||||||||||||||||||||||
BUSINESS SEGMENT RESULTS | ||||||||||||||||||||||||||||
The Company’s business segment is First Bank. The reportable business segment is consistent with the management structure of the Company, First Bank and the internal reporting system that monitors performance. First Bank provides similar products and services in its defined geographic areas through its branch network. The products and services offered include a broad range of commercial and personal deposit products, including demand, savings, money market and time deposit accounts. In addition, First Bank markets combined basic services for various customer groups, including packaged accounts for more affluent customers, and sweep accounts, lock-box deposits and cash management products for commercial customers. First Bank also offers consumer and commercial loans. Consumer lending includes residential real estate, home equity and installment lending. Commercial lending includes commercial, financial and agricultural loans, real estate construction and development loans, commercial real estate loans and small business lending. Other financial services include mortgage banking, debit cards, brokerage services, internet banking, remote deposit, mobile banking, ATMs, telephone banking, safe deposit boxes, and trust and private banking services. The revenues generated by First Bank and its subsidiaries consist primarily of interest income generated from the loan and investment security portfolios, service charges and fees generated from deposit products and services, and fees generated by the Company’s mortgage banking and trust and private banking business units. The Company’s products and services are offered to customers primarily within its geographic areas, which include eastern Missouri, southern Illinois, southern and northern California, and Florida’s Bradenton, Palmetto and Longboat Key communities. Certain loan products are available nationwide. | ||||||||||||||||||||||||||||
The business segment results are consistent with the Company’s internal reporting system and, in all material respects, with GAAP and practices predominant in the banking industry. Such principles and practices are summarized in Note 1 to the consolidated financial statements. The business segment results are summarized as follows: | ||||||||||||||||||||||||||||
First Bank | Corporate, Other and Intercompany Reclassifications | Consolidated Totals | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
Balance sheet information: | ||||||||||||||||||||||||||||
Investment securities | $ | 2,351,931 | 2,675,280 | 2,470,704 | — | — | — | 2,351,931 | 2,675,280 | 2,470,704 | ||||||||||||||||||
Total loans | 2,857,095 | 2,930,747 | 3,284,279 | — | — | — | 2,857,095 | 2,930,747 | 3,284,279 | |||||||||||||||||||
FRB and FHLB stock | 27,357 | 27,329 | 27,078 | — | — | — | 27,357 | 27,329 | 27,078 | |||||||||||||||||||
Goodwill | — | 125,267 | 125,267 | — | — | — | — | 125,267 | 125,267 | |||||||||||||||||||
Assets of discontinued operations | — | 6,706 | 6,913 | — | — | — | — | 6,706 | 6,913 | |||||||||||||||||||
Total assets | 5,865,160 | 6,495,226 | 6,593,515 | 53,823 | 13,900 | 15,398 | 5,918,983 | 6,509,126 | 6,608,913 | |||||||||||||||||||
Deposits | 4,815,792 | 5,495,624 | 5,625,889 | (1,897 | ) | (2,777 | ) | (2,834 | ) | 4,813,895 | 5,492,847 | 5,623,055 | ||||||||||||||||
Other borrowings | 43,143 | 26,025 | 51,170 | — | — | — | 43,143 | 26,025 | 51,170 | |||||||||||||||||||
Subordinated debentures | — | — | — | 354,210 | 354,133 | 354,057 | 354,210 | 354,133 | 354,057 | |||||||||||||||||||
Liabilities of discontinued operations | — | 155,711 | 174,737 | — | — | — | — | 155,711 | 174,737 | |||||||||||||||||||
Stockholders’ equity | 931,561 | 751,252 | 680,625 | (443,305 | ) | (451,293 | ) | (416,954 | ) | 488,256 | 299,959 | 263,671 | ||||||||||||||||
First Bank | Corporate, Other and Intercompany Reclassifications | Consolidated Totals | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
Income statement information: | ||||||||||||||||||||||||||||
Interest income | $ | 172,810 | 200,682 | 230,974 | — | 121 | 85 | 172,810 | 200,803 | 231,059 | ||||||||||||||||||
Interest expense | 9,054 | 14,773 | 30,026 | 15,050 | 14,838 | 13,612 | 24,104 | 29,611 | 43,638 | |||||||||||||||||||
Net interest income (loss) | 163,756 | 185,909 | 200,948 | (15,050 | ) | (14,717 | ) | (13,527 | ) | 148,706 | 171,192 | 187,421 | ||||||||||||||||
Provision (benefit) for loan losses | (5,000 | ) | 2,000 | 69,000 | — | — | — | (5,000 | ) | 2,000 | 69,000 | |||||||||||||||||
Net interest income (loss) after provision (benefit) for loan losses | 168,756 | 183,909 | 131,948 | (15,050 | ) | (14,717 | ) | (13,527 | ) | 153,706 | 169,192 | 118,421 | ||||||||||||||||
Noninterest income | 64,666 | 65,573 | 61,705 | 454 | 405 | 219 | 65,120 | 65,978 | 61,924 | |||||||||||||||||||
Goodwill impairment | 107,267 | — | — | — | — | — | 107,267 | — | — | |||||||||||||||||||
Amortization of intangible assets | — | — | 3,024 | — | — | — | — | — | 3,024 | |||||||||||||||||||
Other noninterest expense | 178,450 | 198,997 | 223,059 | 910 | 1,510 | (378 | ) | 179,360 | 200,507 | 222,681 | ||||||||||||||||||
(Loss) income from continuing operations before (benefit) provision for income taxes | (52,295 | ) | 50,485 | (32,430 | ) | (15,506 | ) | (15,822 | ) | (12,930 | ) | (67,801 | ) | 34,663 | (45,360 | ) | ||||||||||||
(Benefit) provision for income taxes | (249,137 | ) | 230 | (10,608 | ) | (39,364 | ) | (369 | ) | (46 | ) | (288,501 | ) | (139 | ) | (10,654 | ) | |||||||||||
Net income (loss) from continuing operations, net of tax | 196,842 | 50,255 | (21,822 | ) | 23,858 | (15,453 | ) | (12,884 | ) | 220,700 | 34,802 | (34,706 | ) | |||||||||||||||
Income (loss) from discontinued operations, net of tax | 21,223 | (8,821 | ) | (9,394 | ) | — | — | — | 21,223 | (8,821 | ) | (9,394 | ) | |||||||||||||||
Net income (loss) | 218,065 | 41,434 | (31,216 | ) | 23,858 | (15,453 | ) | (12,884 | ) | 241,923 | 25,981 | (44,100 | ) | |||||||||||||||
Net income (loss) attributable to noncontrolling interest in subsidiary | 179 | (297 | ) | (2,950 | ) | — | — | — | 179 | (297 | ) | (2,950 | ) | |||||||||||||||
Net income (loss) attributable to First Banks, Inc. | $ | 217,886 | 41,731 | (28,266 | ) | 23,858 | (15,453 | ) | (12,884 | ) | 241,744 | 26,278 | (41,150 | ) | ||||||||||||||
TRANSACTIONS_WITH_RELATED_PART
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
TRANSACTIONS WITH RELATED PARTIES | ' |
TRANSACTIONS WITH RELATED PARTIES | |
Outside of normal customer relationships, no directors or officers of the Company, no shareholders holding over 5% of the Company’s voting securities and no corporations or firms with which such persons or entities are associated currently maintain or have maintained, since the beginning of the last full fiscal year, any significant business or personal relationships with the Company or its subsidiaries, other than that which arises by virtue of such position or ownership interest in the Company or its subsidiaries, except as described in the following paragraphs. | |
First Services, L.P. First Services, L.P. (First Services), a limited partnership indirectly owned by the Company’s Chairman and members of his immediate family, including Mr. Michael Dierberg, Vice Chairman of the Company, provides information technology, item processing and various related services to the Company and First Bank. Fees paid under agreements with First Services were $20.1 million, $21.1 million and $24.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. First Services leases information technology and other equipment from First Bank. First Services paid First Bank rental fees for the use of such equipment of $1.1 million, $1.3 million and $1.9 million during the years ended December 31, 2013, 2012 and 2011, respectively. In addition, First Services paid $1.7 million, $1.8 million and $1.8 million for the years ended December 31, 2013, 2012 and 2011, respectively, in rental payments to First Bank for occupancy of certain First Bank premises from which business is conducted. | |
First Services has an Affiliate Services Agreement with the Company and First Bank that relates to various services provided to First Services, including certain human resources, payroll, employee benefit and training services, accounting services, insurance services, vendor payment processing services and advisory services. Fees accrued under the Affiliate Services Agreement by First Services were $284,000, $183,000 and $177,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |
First Brokerage America, L.L.C. First Brokerage America, L.L.C. (First Brokerage), a limited liability company indirectly owned by the Company’s Chairman and members of his immediate family, including Mr. Michael Dierberg, Vice Chairman of the Company, received approximately $4.5 million, $4.3 million and $5.3 million for the years ended December 31, 2013, 2012 and 2011, respectively, in gross commissions paid by unaffiliated third-party companies. The commissions received primarily resulted from sales of annuities, securities and other insurance products to customers of First Bank. First Brokerage paid approximately $438,000, $401,000 and $491,000 for the years ended December 31, 2013, 2012 and 2011, respectively, to First Bank in rental payments for occupancy of certain First Bank premises from which brokerage business is conducted. | |
Dierberg Vineyards / Wineries. The Company periodically purchases various products from Hermannhof, Inc. and Dierberg Star Lane Vineyards, entities that are owned and operated by the Company’s Chairman and members of his immediate family, including Mr. Michael Dierberg, Vice Chairman of the Company. The Company utilizes these products primarily for customer and employee events and promotions, and business development functions. During the year ended December 31, 2013, the Company purchased products aggregating approximately $129,000 from these entities. | |
Dierbergs Markets, Inc. First Bank leases certain of its in-store branch offices and automated teller machine (ATM) sites from Dierbergs Markets, Inc., a grocery store chain headquartered in St. Louis, Missouri that is owned and operated by the brother of the Company’s Chairman and members of his immediate family. Total rent expense incurred by First Bank under the lease obligation contracts was $491,000, $498,000 and $474,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |
First Capital America, Inc. / FB Holdings, LLC. The Company formed FB Holdings, a limited liability company organized in the state of Missouri, in May 2008. FB Holdings operates as a majority-owned subsidiary of First Bank and was formed for the primary purpose of holding and managing certain nonperforming loans and assets to allow the liquidation of such assets at a time that is more economically advantageous to First Bank and to permit an efficient vehicle for the investment of additional capital by the Company’s sole owner of its Class A and Class B preferred stock. First Bank contributed cash of $9.0 million and nonperforming loans and assets with a fair value of approximately $133.3 million and FCA, a corporation owned by the Company’s Chairman and members of his immediate family, contributed cash of $125.0 million to FB Holdings during 2008. As a result, First Bank owned 53.23% and FCA owned the remaining 46.77% of FB Holdings as of December 31, 2013. The contribution of cash by FCA is reflected as a component of stockholders’ equity in the consolidated balance sheets and, consequently, increased the Company’s and First Bank’s regulatory capital ratios under then-existing regulatory guidelines, subject to certain limitations. | |
FB Holdings receives various services provided by First Bank, including loan servicing and special assets services as well as various other financial, legal, human resources and property management services. Fees paid under the agreement by FB Holdings to First Bank were $22,000, $124,000 and $194,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Investors of America Limited Partnership. On March 20, 2013, the Company entered into a $5.0 million Credit Agreement with Investors of America, LP, as further described in Note 11 to the consolidated financial statements. Investors of America, LP is a Nevada limited partnership that was created by and for the benefit of the Company’s Chairman and members of his immediate family, including Mr. Michael Dierberg, Vice Chairman of the Company. The borrowing arrangement has a maturity date of March 31, 2014. There have been no balances outstanding under the Credit Agreement since its inception. | |
Loans to Directors and/or their Affiliates. First Bank has had in the past, and may have in the future, loan transactions in the ordinary course of business with its directors and/or their affiliates. These loan transactions have been made on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unaffiliated persons and did not involve more than the normal risk of collectability or present other unfavorable features. Loans to directors, their affiliates and executive officers of the Company were $12.0 million and $9.1 million at December 31, 2013 and 2012, respectively. First Bank does not extend credit to its officers or to officers of the Company, except extensions of credit secured by mortgages on personal residences, loans to purchase automobiles, personal credit card accounts and deposit account overdraft protection under a plan whereby a credit limit has been established in accordance with First Bank’s standard credit criteria. | |
Depositary Accounts of Directors and/or their Affiliates. Certain directors and/or their affiliates maintain funds on deposit with First Bank in the ordinary course of business. These deposit transactions include demand, savings and time accounts, and have been established on the same terms, including interest rates, as those prevailing at the time for comparable transactions with unaffiliated persons. |
EMPLOYEE_BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||
EMPLOYEE BENEFITS | ' | ||||||||||||
EMPLOYEE BENEFITS | |||||||||||||
401(k) Plan. The Company’s 401(k) plan is a self-administered savings and incentive plan covering substantially all employees. Employer match contributions are determined annually under the plan by the Company’s Board of Directors. Employee contributions were limited to $17,500 of gross compensation for 2013. Employer contributions under the plan were $2.3 million for the years ended December 31, 2013, 2012 and 2011. The plan assets are held and managed under a trust agreement with First Bank’s trust department. | |||||||||||||
Nonqualified Deferred Compensation Plan. The Company’s nonqualified deferred compensation plan (the NQDC Plan), which covers a select group of employees, is administered by an independent third party. The NQDC Plan is exempt from the participation, vesting, funding and fiduciary requirements of the Employee Retirement Income Security Act of 1974. Although the NQDC Plan allows the Company to credit the accounts of any participant with discretionary contributions, no such discretionary contributions have been made since the NQDC Plan’s inception. Participants may contribute from 1% to 25% of their salary and up to 100% of their bonuses on a pre-tax basis. The Company elected to suspend the availability of deferrals under the NQDC Plan for the year ended December 31, 2011 but reinstated the availability of such deferrals beginning in January, 2012. | |||||||||||||
Balances outstanding under the NQDC Plan, which are reflected in accrued and other liabilities in the consolidated balance sheets, were $6.6 million and $6.4 million at December 31, 2013 and 2012, respectively. The Company recognized salaries and employee benefits expense related to the NQDC Plan of $962,000 and $614,000 for the years ended December 31, 2013 and 2012, respectively, resulting from net earnings incurred by participants on the underlying investments in the plan. The Company recognized a decrease in salaries and employee benefits expense related to the NQDC Plan of $64,000 for the year ended December 31, 2011 resulting from net losses incurred by participants on the underlying investments in the plan. | |||||||||||||
Noncontributory Defined Benefit Pension Plan. The Company has a noncontributory defined benefit pension plan covering certain former employees of a bank holding company acquired by the Company in 1994 and subsequently merged with and into the Company on December 31, 2002. The Company discontinued the accumulation of benefits under the Plan in 1994, and as such, there is no longer any service cost being accrued by Plan participants. | |||||||||||||
A summary of the Plan’s change in the projected benefit obligation and change in the fair value of Plan assets for the years ended December 31, 2013 and 2012 and amounts recognized in the Company’s consolidated balance sheets as of December 31, 2013 and 2012 is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(dollars expressed in thousands) | |||||||||||||
Change in Projected Benefit Obligation: | |||||||||||||
Projected benefit obligation at beginning of year | $ | 13,987 | 12,467 | ||||||||||
Interest cost | 449 | 516 | |||||||||||
Actuarial loss | (1,100 | ) | 1,765 | ||||||||||
Benefit payments | (843 | ) | (761 | ) | |||||||||
Projected benefit obligation at end of year | $ | 12,493 | 13,987 | ||||||||||
Change in Fair Value of Plan Assets: | |||||||||||||
Fair value at beginning of year | $ | 9,419 | 8,848 | ||||||||||
Actual return on plan assets | 1,014 | 666 | |||||||||||
Employer contributions | 256 | 666 | |||||||||||
Benefit payments | (843 | ) | (761 | ) | |||||||||
Fair value at end of year | $ | 9,846 | 9,419 | ||||||||||
Amount Recognized in Consolidated Balance Sheets: | |||||||||||||
Accrued pension liability | $ | 2,647 | 4,568 | ||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income: | |||||||||||||
Loss | $ | (4,162 | ) | (5,940 | ) | ||||||||
Deferred tax liability | 1,513 | 2,396 | |||||||||||
Loss, net of tax | $ | (2,649 | ) | (3,544 | ) | ||||||||
The Company’s accrued pension liability of $2.6 million and $4.6 million at December 31, 2013 and 2012, respectively, represents the difference between the fair value of the Plan assets and the projected benefit obligation of the Plan, and is reflected in accrued expenses and other liabilities in the consolidated balance sheets. | |||||||||||||
The following table reflects the weighted average assumptions used to determine the net periodic benefit cost for the years ended December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
Discount rate | 3.31 | % | 4.28 | % | |||||||||
Expected long-term rate of return on Plan assets | 6 | 7 | |||||||||||
The discount rate used to determine benefit obligations was 4.24% and 3.31% for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||
A summary of the components of net periodic benefit cost for the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(dollars expressed in thousands) | |||||||||||||
Interest cost | $ | 449 | 516 | ||||||||||
Expected return on Plan assets | (551 | ) | (617 | ) | |||||||||
Amortization of net actuarial loss | 216 | 145 | |||||||||||
Net periodic benefit cost | $ | 114 | 44 | ||||||||||
Amounts recognized in accumulated other comprehensive income consist of: | |||||||||||||
2013 | 2012 | ||||||||||||
(dollars expressed in thousands) | |||||||||||||
Net (gain) loss | $ | (1,562 | ) | 1,715 | |||||||||
Amortization of net actuarial loss | (216 | ) | (145 | ) | |||||||||
Total recognized in accumulated other comprehensive income | $ | (1,778 | ) | 1,570 | |||||||||
The Plan’s investment strategy is focused on maximizing asset returns. The target allocations for Plan assets are 52% fixed income, 40% equity securities and 8% cash. Asset allocations can fluctuate between acceptable ranges commensurate with market volatility. Debt securities include U.S. Treasuries, investment-grade corporate bonds of companies from diversified industries and mortgage-backed securities. Equity securities primarily include investments in large capitalization companies located in the United States. | |||||||||||||
The fair value of Plan assets at December 31, 2013 and 2012 was comprised of the following: | |||||||||||||
Fair Value Measurements | |||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||
(dollars expressed in thousands) | |||||||||||||
Plan Assets - December 31, 2013: | |||||||||||||
Cash and cash equivalents | $ | 240 | — | — | 240 | ||||||||
Equity securities | — | 4,451 | — | 4,451 | |||||||||
Debt securities | — | 4,688 | — | 4,688 | |||||||||
Other | — | 467 | — | 467 | |||||||||
Total | $ | 240 | 9,606 | — | 9,846 | ||||||||
Plan Assets - December 31, 2012: | |||||||||||||
Cash and cash equivalents | $ | 361 | — | — | 361 | ||||||||
Equity securities | — | 3,959 | — | 3,959 | |||||||||
Debt securities | — | 4,603 | — | 4,603 | |||||||||
Other | — | 496 | — | 496 | |||||||||
Total | $ | 361 | 9,058 | — | 9,419 | ||||||||
Equity and debt securities included in Level 1 are valued using quoted market prices. Where quoted market prices are unavailable, the fair value of equity and debt securities included in Level 2 is based on quoted market prices of comparable instruments obtained from independent pricing vendors based on recent trading activity and other relevant information. | |||||||||||||
The Company expects to contribute $600,000 to the Plan in 2014. Pension benefit payments are expected to be paid to Plan participants by the Plan as follows: | |||||||||||||
(dollars expressed in thousands) | |||||||||||||
Year ending December 31: | |||||||||||||
2014 | $ | 843 | |||||||||||
2015 | 859 | ||||||||||||
2016 | 860 | ||||||||||||
2017 | 856 | ||||||||||||
2018 | 865 | ||||||||||||
2019 – 2023 | 4,335 | ||||||||||||
DISTRIBUTION_OF_EARNINGS_OF_FI
DISTRIBUTION OF EARNINGS OF FIRST BANK | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | ' |
DISTRIBUTION OF EARNINGS OF FIRST BANK | ' |
DISTRIBUTION OF EARNINGS OF FIRST BANK | |
First Bank is restricted by various state and federal regulations as to the amount of dividends that are available for payment to the Company. Under the most restrictive of these requirements, the payment of dividends is limited in any calendar year to the net profit of the current year combined with the retained net profits of the preceding two years. Permission must be obtained for dividends exceeding these amounts. Under its agreement with the FRB, First Bank has agreed, among other things, not to declare or pay any dividends or make certain other payments without the prior consent of the FRB, as further described in Note 14 to the consolidated financial statements. | |
On January 31, 2014, the Company received regulatory approval from the FRB, which granted First Bank the authority to pay a dividend to the Company and authority to the Company to utilize such funds, for the sole purpose of paying the accumulated deferred interest payments on the Company's outstanding junior subordinated debentures issued in connection with the Company's trust preferred securities. In February 2014, First Bank paid a dividend of $70.0 million to the Company, as further described in Note 25 to the consolidated financial statements. |
PARENT_COMPANY_ONLY_FINANCIAL_
PARENT COMPANY ONLY FINANCIAL INFORMATION | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||
PARENT COMPANY ONLY FINANCIAL INFORMATION | ' | |||||||||
PARENT COMPANY ONLY FINANCIAL INFORMATION | ||||||||||
Condensed balance sheets of First Banks, Inc. as of December 31, 2013 and 2012 and condensed statements of operations and cash flows for the years ended December 31, 2013, 2012 and 2011 are shown below: | ||||||||||
CONDENSED BALANCE SHEETS | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
(dollars expressed in thousands) | ||||||||||
Assets | ||||||||||
Cash deposited in First Bank (unrestricted cash) | $ | 1,864 | 2,744 | |||||||
Investment in common securities - TRuPS | 10,678 | 10,678 | ||||||||
Investment in subsidiaries | 838,489 | 657,838 | ||||||||
Other assets | 42,982 | 3,583 | ||||||||
Total assets | $ | 894,013 | 674,843 | |||||||
Liabilities and Stockholders’ Equity | ||||||||||
Subordinated debentures | $ | 354,210 | 354,133 | |||||||
Accrued interest payable - TRuPS | 62,855 | 47,878 | ||||||||
Dividends payable | 77,800 | 61,931 | ||||||||
Accrued expenses and other liabilities | 4,726 | 4,597 | ||||||||
Total liabilities | 499,591 | 468,539 | ||||||||
First Banks, Inc. stockholders’ equity | 394,422 | 206,304 | ||||||||
Total liabilities and stockholders’ equity | $ | 894,013 | 674,843 | |||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(dollars expressed in thousands) | ||||||||||
Income: | ||||||||||
Management fees from subsidiaries | $ | 23 | 3 | 28 | ||||||
Net loss on derivative instruments | — | (43 | ) | (194 | ) | |||||
Other | 458 | 578 | 509 | |||||||
Total income | 481 | 538 | 343 | |||||||
Expense: | ||||||||||
Interest | 15,054 | 14,847 | 13,623 | |||||||
Other | 933 | 1,506 | (374 | ) | ||||||
Total expense | 15,987 | 16,353 | 13,249 | |||||||
Loss before benefit for income taxes and equity in undistributed earnings (losses) of subsidiaries | (15,506 | ) | (15,815 | ) | (12,906 | ) | ||||
Benefit for income taxes | (38,841 | ) | (348 | ) | (46 | ) | ||||
Income (loss) before equity in undistributed earnings (losses) of subsidiaries | 23,335 | (15,467 | ) | (12,860 | ) | |||||
Equity in undistributed earnings (losses) of subsidiaries | 218,409 | 41,745 | (28,290 | ) | ||||||
Net income (loss) attributable to First Banks, Inc. | $ | 241,744 | 26,278 | (41,150 | ) | |||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(dollars expressed in thousands) | ||||||||||
Cash flows from operating activities: | ||||||||||
Net income (loss) attributable to First Banks, Inc. | $ | 241,744 | 26,278 | (41,150 | ) | |||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||
Net (income) loss of subsidiaries | (218,409 | ) | (41,745 | ) | 28,290 | |||||
Other, net | (24,215 | ) | 15,410 | 12,042 | ||||||
Net cash used in operating activities | (880 | ) | (57 | ) | (818 | ) | ||||
Cash flows from financing activities: | ||||||||||
Payment of preferred stock dividends | — | — | — | |||||||
Net cash used in financing activities | — | — | — | |||||||
Net decrease in unrestricted cash | (880 | ) | (57 | ) | (818 | ) | ||||
Unrestricted cash, beginning of year | 2,744 | 2,801 | 3,619 | |||||||
Unrestricted cash, end of year | $ | 1,864 | 2,744 | 2,801 | ||||||
Noncash investing activities: | ||||||||||
Cash paid for interest | $ | — | — | — | ||||||
The parent company’s unrestricted cash was $1.9 million and $2.7 million at December 31, 2013 and 2012, respectively. On March 20, 2013, the Company entered into a Credit Agreement that provides for a $5.0 million secured revolving line of credit to be utilized for general working capital needs, as further described in Note 11 and Note 20 to the consolidated financial statements. This borrowing arrangement is intended to supplement, on a contingent basis, the parent company’s overall level of unrestricted cash to cover the parent company’s projected operating expenses should the parent company's existing cash resources become insufficient in the future. There have been no balances outstanding under the Credit Agreement since its inception. | ||||||||||
The Company’s obligations related to interest payments on its outstanding junior subordinated debentures relating to its $345.0 million of trust preferred securities and dividends on Class C Preferred Stock and Class D Preferred Stock have been deferred, as further described in Note 12 and Note 25 to the consolidated financial statements. The Company had until September 2014 to pay the cumulative deferred interest payments on its outstanding junior subordinated debentures without triggering a payment default or penalty. Such payment default or penalty would likely have a material adverse effect on the Company’s business, financial condition and/or results of operations. | ||||||||||
On January 31, 2014, the Company received regulatory approval from the FRB, which grants First Bank the authority to pay a dividend to the Company, and the authority to the Company to utilize such funds, for the sole purpose of paying the accumulated deferred interest payments on the Company's outstanding junior subordinated debentures issued in connection with the Company's trust preferred securities. In February 2014, First Bank paid a dividend of $70.0 million to the Company and the Company notified the trustees of the trust preferred securities of its intention to pay all cumulative interest that has been deferred on the junior subordinated debentures relating to its trust preferred securities, on the regularly scheduled quarterly payment dates in March and April, 2014. The aggregate amount owed at the respective March and April, 2014 payment dates on all of the junior subordinated debentures relating to the trust preferred securities totals $66.4 million. |
CONTINGENT_LIABILITIES
CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
CONTINGENT LIABILITIES | ' |
CONTINGENT LIABILITIES | |
Litigation Matters. In the ordinary course of business, the Company and its subsidiaries become involved in legal proceedings, including litigation arising out of the Company’s efforts to collect outstanding loans. It is not uncommon for collection efforts to lead to so-called “lender liability” suits in which borrowers may assert various claims against the Company. From time to time, the Company is party to other legal matters arising in the normal course of business. While some matters pending against the Company specify damages claimed by plaintiffs, others do not seek a specified amount of damages or are at very early stages of the legal process. The Company records a loss accrual for all legal matters for which it deems a loss is probable and can be reasonably estimated. Management, after consultation with legal counsel, believes the ultimate resolution of these existing proceedings is not reasonably likely to have a material adverse effect on the business, financial condition or results of operations of the Company and/or its subsidiaries and the range of possible additional loss in excess of amounts accrued is not material. | |
Regulatory Matters. The Company and First Bank have entered into agreements with the FRB and MDOF, as further described in Note 14 to the consolidated financial statements. The informal agreement with the MDOF, dated as of September 18, 2008, was terminated effective September 11, 2013. | |
Reserve for Mortgage Repurchase Losses. The Company's mortgage banking division, in the normal course of business, sells residential mortgage loans directly to government-sponsored enterprises (GSEs), and to a lessor extent, to investors other than GSEs, as whole loans. In connection with these sales, the Company makes customary representations and warranties that the loans meet certain requirements. In the event of breaches of its representations and warranties, such as documentation or underwriting deficiencies, the Company may be required to either repurchase the mortgage loans with the identified defects, or in most cases, otherwise indemnify or "make whole" the investors for their losses on the loans. First Bank also, on certain loans, has a repurchase obligation on these loans in the event of early payment default. The early payment default provisions generally range from four months to one year after sale of the loan in the secondary market. First Bank has not sold any one-to-four-family residential mortgage loans into the secondary market with early payment default provisions since 2007. | |
The Company has unresolved claims with GSEs and other financial institutions associated with loan principal balances of $13.5 million and $12.8 million as of December 31, 2013 and 2012, respectively. The Company has recorded a mortgage repurchase reserve for its potential repurchase or make whole liability associated with representation and warranty claims and early payment default provisions of $2.5 million and $2.0 million as of December 31, 2013 and 2012, respectively. The estimated liability for mortgage repurchase losses represents the Company's best estimate of losses for representation and warranty obligations and early payment default provisions. The mortgage repurchase reserve is based on then-currently available information and is dependent on various factors, including historical claims and settlement experience, projections of future defaults, and significant judgment and assumptions that are subject to change. The estimated loss may materially change in the future based on factors beyond the Company's control or if actual experiences are different from the Company's assumptions, including, without limitation, estimated repurchase rates, economic conditions, estimated home prices, consumer and counterparty behavior, and a variety of other judgmental factors. Adverse developments with respect to one or more of the assumptions underlying the estimated liability and the corresponding estimated range of possible loss could result in significant increases to future provisions and/or the estimated range of possible loss. Because the Company typically sold loans with early payment default provisions as servicing released, the Company is unable to track the outstanding balances or delinquency status of the majority of the loans that may be subject to repurchase under early payment default provisions. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
On January 31, 2014, the Company received regulatory approval from the FRB, which grants First Bank the authority to pay a dividend to the Company, and the authority to the Company to utilize such funds, for the sole purpose of paying the accumulated deferred interest payments on the Company's outstanding junior subordinated debentures issued in connection with the Company's trust preferred securities. In February 2014, First Bank paid a dividend of $70.0 million to the Company and the Company notified the trustees of the trust preferred securities of its intention to pay all cumulative interest that has been deferred on the junior subordinated debentures relating to its trust preferred securities, on the regularly scheduled quarterly payment dates in March and April, 2014. The aggregate amount owed at the respective March and April, 2014 payment dates on all of the junior subordinated debentures relating to the trust preferred securities totals $66.4 million. On March 14, 2014, the Company paid interest on the junior subordinated debentures of $66.4 million to the respective trustees, for further distribution to the trust preferred securities holders on the respective interest payment dates in March and April, 2014. |
BASIS_OF_PRESENTATION_AND_SUMM1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation. | ' | |
Basis of Presentation. The accompanying consolidated financial statements of First Banks, Inc. and subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and conform to predominant practices within the banking industry. Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare the consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates | ||
Principles of Consolidation. | ' | |
Principles of Consolidation. The consolidated financial statements include the accounts of the parent company and its subsidiaries, giving effect to the noncontrolling interest in subsidiaries, as more fully described below and in Note 20 to the consolidated financial statements. All significant intercompany accounts and transactions have been eliminated. | ||
All financial information is reported on a continuing operations basis, unless otherwise noted. See Note 2 to the consolidated financial statements for a discussion regarding discontinued operations. | ||
Cash and Cash Equivalents. | ' | |
Cash and Cash Equivalents. Cash, due from banks and short-term investments, which include federal funds sold and interest-bearing deposits, are considered to be cash and cash equivalents for purposes of the consolidated statements of cash flows. Interest-bearing deposits were $98.1 million and $404.0 million at December 31, 2013 and 2012, respectively. The Company did not have any federal funds sold outstanding at December 31, 2013 and 2012. First Bank is required to maintain certain daily reserve balances on hand in accordance with regulatory requirements. The reserve balances required to be maintained in accordance with such requirements were $11.5 million and $14.6 million at December 31, 2013 and 2012, respectively. | ||
Federal Reserve Bank and Federal Home Loan Bank Stock. | ' | |
Federal Reserve Bank and Federal Home Loan Bank Stock. First Bank is a member of the Federal Reserve Bank of St. Louis (FRB) system and the Federal Home Loan Bank (FHLB) system and maintains investments in FRB and FHLB stock. These investments are recorded at cost, which represents redemption value. The investment in FRB stock is maintained at a minimum of 6% of First Bank’s capital stock and capital surplus. The investment in FHLB of Des Moines stock is maintained at an amount equal to 0.12% of First Bank’s total assets as of December 31 of the preceding year, up to a maximum of $10.0 million, plus 4.45% of advances. Investments in FRB and FHLB of Des Moines stock were $19.6 million and $7.8 million, respectively, at December 31, 2013, and $19.4 million and $7.9 million, respectively, at December 31, 2012. | ||
Investment Securities. | ' | |
Investment Securities. The classification of investment securities as available for sale or held to maturity is determined at the date of purchase. Investment securities designated as available for sale, which represent any security that the Company has no immediate plan to sell but which may be sold in the future under different circumstances, are stated at fair value. Realized gains and losses are included in noninterest income, based on the amortized cost of the individual security sold. Unrealized gains and losses, net of related income tax effects, are recorded in accumulated other comprehensive income (loss). All previous fair value adjustments included in the separate component of accumulated other comprehensive income (loss) are reversed upon sale. Premiums and discounts incurred relative to the par value of securities purchased are amortized or accreted, respectively, on the level-yield method taking into consideration the level of current and anticipated prepayments. Investment securities designated as held to maturity, which represent any security that the Company has the positive intent and ability to hold to maturity, are stated at cost, net of amortization of premiums and accretion of discounts computed on the level-yield method taking into consideration the level of current and anticipated prepayments. Any reclassification of available-for-sale investment securities to held-to-maturity investment securities are recorded at fair value, and the gross unrealized gain or loss on available-for-sale investment securities at the time of transfer is recorded as additional premium or discount on the securities and amortized over the remaining lives of the respective securities. A decline in the fair value of any available-for-sale or held-to-maturity investment security below its carrying value that is deemed to be other than temporary results in a reduction in the cost basis of the carrying value to fair value. The other-than-temporary impairment, which is not expected to be reversed, is charged to noninterest income and a new cost basis is established. When determining other-than-temporary impairment, consideration is given as to whether the Company has the ability and intent to hold the investment security until a market price recovery and whether evidence indicating the carrying value of the investment security is recoverable outweighs evidence to the contrary. | ||
Loans Held for Portfolio. | ' | |
Loans Held for Portfolio. Loans held for portfolio are carried at cost, adjusted for amortization of premiums and accretion of discounts using the interest method. Interest and fees on loans are recognized as income using the interest method. Loan origination fees and costs are deferred and accreted to interest income over the estimated life of the loans using the interest method. Loans held for portfolio are stated at cost as the Company has the ability and it is management’s intention to hold them to maturity. | ||
The accrual of interest on loans is discontinued when it appears that interest or principal may not be paid in a timely manner in the normal course of business or once principal or interest payments become 90 days past due under the contractual terms of the loan agreement. Generally, payments received on nonaccrual and impaired loans are recorded as principal reductions. Interest income is recognized after all delinquent principal has been repaid or an improvement in the condition of the loan has occurred that warrants resumption of interest accruals. | ||
A loan is considered impaired when it is probable that the Company will be unable to collect all amounts due, both principal and interest, according to the contractual terms of the loan agreement. Loans on nonaccrual status and restructured loans are considered to be impaired loans. When measuring impairment, the expected future cash flows of an impaired loan are discounted at the loan’s effective interest rate. Alternatively, impairment is measured by reference to an observable market price, if one exists, or the fair value of the collateral for a collateral-dependent loan. Regardless of the historical measurement method used, the Company measures impairment based on the fair value of the collateral when foreclosure is probable. | ||
A loan is classified as a troubled debt restructuring when all of the following conditions are present: (i) the borrower is experiencing financial difficulty, (ii) the Company makes a concession to the original contractual loan terms, and (iii) the Company would not consider the concessions but for economic or legal reasons related to the borrower’s financial difficulty. These concessions may include, but are not limited to, rate reductions, principal forgiveness, extension of maturity date and other actions intended to minimize potential losses. A loan that is modified at a market rate of interest may no longer be classified as a troubled debt restructuring in the calendar year subsequent to the restructuring if it is in compliance with the modified terms. Performance prior to the restructuring is considered when assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual at the time of the restructuring or after a shorter performance period. | ||
Acquired impaired loans are classified as nonaccrual loans and are initially measured at fair value with no allocated allowance for loan losses. An allowance for loan losses is recorded to the extent there is further credit deterioration subsequent to the acquisition date. | ||
Loans Held for Sale. | ' | |
Loans Held for Sale. Loans held for sale are comprised of residential mortgage loans held for sale in the secondary mortgage market, frequently in the form of a mortgage-backed security, U.S. Small Business Administration (SBA) loans awaiting sale of the guaranteed portion to the SBA, and commercial real estate loans which may be identified for sale to specific buyers to achieve credit or loan concentration objectives. One-to-four-family residential mortgage loans held for sale are carried at fair value on a recurring basis. The determination of fair value is based on quoted market prices of comparable instruments obtained from independent pricing vendors based on recent trading activity and other relevant information. Other loans held for sale, primarily SBA loans, are carried at the lower of cost or market value, which is determined on an individual loan basis. The amount by which cost exceeds market value is recorded in a valuation allowance as a reduction of loans held for sale. Changes in the valuation allowance are reflected as part of the gain on loans sold and held for sale in the consolidated statements of operations in the periods in which the changes occur. Gains or losses on the sale of loans held for sale are determined on a specific identification basis and reflect the difference between the value received upon sale and the carrying value of the loans held for sale, including any recourse reserve established for potential repurchase obligations. Loans held for sale transferred to loans held for portfolio or available-for-sale investment securities are transferred at fair value. | ||
Loan Servicing Income. | ' | |
Loan Servicing Income. Loan servicing income is included in noninterest income and represents fees earned for servicing real estate mortgage loans owned by investors and originated by First Bank’s mortgage banking operation, as well as SBA loans to small business concerns. These fees are net of federal agency guarantee fees and interest shortfall. Such fees are generally calculated on the outstanding principal balance of the loans serviced and are recorded as income when earned. | ||
Allowance for Loan Losses. | ' | |
Allowance for Loan Losses. The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses that have been incurred within the existing portfolio of loans. The allowance, in the judgment of management, is necessary to reserve for estimated loan losses and risks inherent in the loan portfolio. The Company’s allowance for loan loss methodology follows the accounting guidance set forth in GAAP and the Interagency Policy Statement on the Allowance for Loan and Lease Losses, which was jointly issued by the Company’s regulatory agencies. Accordingly, the methodology is based on historical loss experience by type of credit and internal risk grade, specific homogeneous risk pools and specific loss allocations, with adjustments for current events and conditions. The Company’s process for determining the appropriate level of the allowance for loan losses is designed to account for credit deterioration as it occurs. The provision for loan losses reflects loan quality trends, including the levels of and trends related to nonaccrual loans, past due loans, substandard loans, special mention loans and net charge-offs or recoveries, among other factors. The provision for loan losses also reflects the totality of actions taken on all loans for a particular period. In other words, the amount of the provision reflects not only the necessary increases in the allowance for loan losses related to newly identified problem loans, but it also reflects actions taken related to other loans including, among other things, any necessary increases or decreases in required allowances for specific loans or loan pools. | ||
The level of the allowance for loan losses reflects management’s continuing evaluation of industry concentrations, specific credit risks, loan loss and recovery experience, current loan portfolio quality, present economic, political and regulatory conditions and unidentified losses inherent in the current loan portfolio. Portions of the allowance may be allocated for specific credits; however, the entire allowance is available for any credit that, in management’s judgment, should be charged off. While management utilizes its best judgment and information available, the ultimate determination of the appropriate level of the allowance is dependent upon a variety of factors beyond the Company’s control, including, among other things, the performance of the Company’s loan portfolio, the economy, changes in interest rates and the view of the regulatory authorities toward loan classifications. The Company monitors whether or not the allowance for loan loss allocation model, as a whole, calculates an appropriate level of allowance for loan losses that moves in direct correlation to the general macroeconomic and loan portfolio conditions the Company experiences over time. | ||
The Company’s allowance for loan losses consists of three elements: (i) specific valuation allowances based on probable losses on impaired loans; (ii) historical valuation allowances determined based on historical loan loss experience for similar loans with similar characteristics and trends, adjusted, as necessary, to reflect the impact of current conditions; and (iii) general valuation allowances based on general economic conditions and other risk factors both internal and external to the Company. | ||
The specific valuation allowances established for probable losses on impaired loans are based on management’s estimate of the borrower’s ability to repay the loan given the availability of collateral, other sources of cash flows, as well as evaluation of legal options available to the Company. The amount of impairment is measured based upon the present value of expected future cash flows discounted at the loan’s effective interest rate, the fair value of the underlying collateral less applicable selling costs, or the observable market price of the loan. If foreclosure is probable or the loan is collateral dependent, impairment is measured using the fair value of the loan’s collateral, less estimated costs to sell. Large groups of homogeneous loans, such as residential mortgage, home equity and consumer and installment loans, are aggregated and collectively evaluated for impairment. | ||
Historical valuation allowances are calculated based on the historical loss experience of specific types of loans. The Company calculates historical loss ratios for pools of similar loans with similar characteristics based on the proportion of actual charge-offs experienced to the total population of loans in the pool. The historical loss ratios are updated on a quarterly basis based on actual charge-off experience. A historical valuation allowance is established for each pool of similar loans based upon the product of the historical loss ratio and the total dollar amount of the loans in the pool. | ||
The components of the general valuation allowances include (i) additional reserves allocated to specific loan portfolio segments as a result of applying a qualitative adjustment factor to the base historical loss allocation; (ii) additional reserves allocated to specific geographical regions where negative trends are being experienced; and (iii) additional reserves established based on consideration of trends in past due loans, potential problem loans, performing troubled debt restructurings and nonaccrual loans and other qualitative and quantitative factors both internal and external to the Company which could affect potential credit losses. | ||
Management believes that the level of the Company’s allowance for loan losses is appropriate. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions. | ||
In addition, various regulatory agencies, as an integral part of their examination process, periodically review the allowance for loan losses. Such agencies may require the Company to modify its allowance for loan losses based on their judgment about information available to them at the time of their examination. | ||
Derivative Instruments and Hedging Activities. | ' | |
Derivative Instruments and Hedging Activities. The Company utilizes derivative instruments and hedging strategies to assist in the management of interest rate sensitivity and to modify the repricing, maturity and option characteristics of certain assets and liabilities. The Company uses such derivative instruments solely to reduce its interest rate risk exposure. First Bank also offers interest rate swap agreement contracts to certain customers who wish to modify their interest rate sensitivity positions. First Bank offsets the interest rate risk of these swap agreements by simultaneously purchasing matching interest rate swap agreement contracts with offsetting pay/receive rates from other financial institutions. | ||
Derivative instruments are recorded in the consolidated balance sheets and measured at fair value. At inception of a non-customer derivative transaction, the Company designates the derivative instrument as either a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedges) or a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedges). For all hedging relationships, the Company documents the hedging relationship and its risk-management objectives and strategy for entering into the hedging relationship including the hedging instrument, the hedged item(s), the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed and a description of the method the Company will utilize to measure hedge ineffectiveness. This process also includes linking all derivative instruments that are designated as fair value hedges or cash flow hedges to the underlying assets and liabilities or to specific firm commitments or forecasted transactions. The Company also assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of the hedged item(s). The Company discontinues hedge accounting prospectively when it is determined that the derivative instrument is no longer effective in offsetting changes in the fair value or cash flows of the hedged item(s), the derivative instrument expires or is sold, terminated, or exercised, the derivative instrument is de-designated as a hedging instrument because it is unlikely that a forecasted transaction will occur, a hedged firm commitment no longer meets the definition of a firm commitment, or management determines that designation of the derivative instrument as a hedging transaction is no longer appropriate. | ||
A summary of the Company’s accounting policies for its derivative instruments and hedging activities is as follows: | ||
• | Interest Rate Swap Agreements – Cash Flow Hedges. Interest rate swap agreements designated as cash flow hedges are accounted for at fair value. The effective portion of the change in the cash flow hedge’s gain or loss is initially reported as a component of other comprehensive income (loss) and subsequently reclassified into interest income or interest expense when the underlying transaction affects earnings. The ineffective portion of the change in the cash flow hedge’s gain or loss is recorded in noninterest income on each monthly measurement date. The net interest differential is recognized as an adjustment to interest income or interest expense of the related asset or liability being hedged. In the event of early termination or ineffectiveness, the gain or loss on the cash flow hedge would continue to be reported as a component of other comprehensive income (loss) until the underlying transaction affects earnings. | |
• | Interest Rate Swap Agreements – Fair Value Hedges. Interest rate swap agreements designated as fair value hedges are accounted for at fair value. Changes in the fair value of the swap agreements are recognized currently in noninterest income. The change in the fair value of the underlying hedged item is recognized as an adjustment to the carrying amount of the underlying hedged item and is also reflected currently in noninterest income. All changes in fair value are measured on a monthly basis. The net interest differential is recognized as an adjustment to interest income or interest expense of the related asset or liability being hedged. In the event of early termination or ineffectiveness, the net proceeds received or paid on the interest rate swap agreements are recognized immediately in noninterest income and the future net interest differential, if any, is recognized prospectively in noninterest income. The cumulative change in the fair value of the underlying hedged item is deferred and amortized or accreted to interest income or interest expense over the weighted average life of the related asset or liability. If, however, the underlying hedged item is repaid, the cumulative change in the fair value of the underlying hedged item is recognized immediately in noninterest income. | |
• | Customer Interest Rate Swap Agreement Contracts. Derivative instruments are offered to customers to assist in hedging their risks of adverse changes in interest rates. First Bank serves as an intermediary between its customers and the financial markets. Each contract between First Bank and its customers is offset by a contract between First Bank and various counterparties. These contracts do not qualify for hedge accounting. Customer interest rate swap agreement contracts are carried at fair value. Changes in the fair value are recognized in noninterest income on a monthly basis. Each customer contract is paired with an offsetting contract, and as such, there is no significant impact to net income (loss). | |
• | Interest Rate Lock Commitments. Commitments to originate loans for subsequent sale in the secondary market (interest rate lock commitments), which primarily consist of commitments to originate fixed rate residential mortgage loans, are recorded at fair value. Fair values are based upon quoted market prices. The value of loan servicing rights is also incorporated into fair value measurements for mortgage loan commitments. Changes in the fair value of interest rate lock commitments are recognized in noninterest income on a monthly basis. | |
• | Forward Commitments to Sell Mortgage-Backed Securities. Forward commitments to sell mortgage-backed securities are recorded at fair value. Changes in the fair value of forward commitments to sell mortgage-backed securities are recognized in noninterest income on a monthly basis. | |
Bank Premises and Equipment, Net. | ' | |
Bank Premises and Equipment, Net. Bank premises and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Amortization of leasehold improvements is calculated using the straight-line method over the shorter of the useful life of the related asset or the term of the lease. Bank premises and improvements are depreciated over five to 40 years and equipment is depreciated over three to seven years. | ||
Goodwill and Other Intangible Assets. | ' | |
Goodwill and Other Intangible Assets. Goodwill and intangible assets with indefinite useful lives are not amortized, but instead tested at least annually for impairment. Intangible assets with definite useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. The Company amortized its core deposit intangibles on a straight-line basis over the estimated periods to be benefited, which had been estimated at five to seven years. | ||
The Company has the option to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible assets are impaired as a basis for determining whether it is necessary to perform a quantitative impairment test. If, after assessing the totality of events and circumstances, the Company concludes that it is not more likely than not that the indefinite-lived intangible assets are impaired, then the Company is not required to take further action. However, if the Company concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount. The Company also has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. The Company will be able to resume performing the qualitative assessment in any subsequent period. | ||
The goodwill impairment test is a two-step process which requires the Company to make assumptions regarding fair value. The Company’s policy allows management to make the determination of fair value using internal cash flow models or by engaging independent third parties. The first step consists of estimating the fair value of the reporting unit using a number of factors, including projected future operating results and business plans, economic projections, anticipated future cash flows, discount rates, and comparable marketplace fair value data from within a comparable industry grouping. The Company compares the estimated fair value of its reporting unit to the carrying value, which includes allocated goodwill. If the estimated fair value is less than the carrying value, the second step is completed to compute the impairment amount by determining the “implied fair value” of goodwill. This determination requires the allocation of the estimated fair value of the reporting unit to the assets and liabilities of the reporting unit. Any remaining unallocated fair value represents the “implied fair value” of goodwill, which is compared to the corresponding carrying value to compute the goodwill impairment amount, if any. | ||
Goodwill allocated to the sale or disposal of a business is based on the relative fair values of the business to be sold or disposed of and the portion of the reporting unit that will be retained. | ||
See Note 6 to the consolidated financial statements for further discussion. | ||
Servicing Rights. | ' | |
Servicing Rights. The Company has mortgage servicing rights and SBA servicing rights, which are measured at fair value as permitted by ASC Topic 860 – Accounting for Servicing of Financial Assets. Changes in the fair value of mortgage and SBA servicing rights are recognized in earnings in the period in which the change occurs and such changes are reflected in other noninterest income in the consolidated statements of operations. Servicing rights are valued based on valuation models that utilize assumptions based on the predominant risk characteristics of the underlying loans, including size, interest rate, weighted average life, cost to service and estimated prepayment speeds. The valuation models estimate the present value of estimated future net servicing income. | ||
Mortgage and SBA servicing rights are capitalized upon the sale of the underlying loan at estimated fair value. The fair value of mortgage and SBA servicing rights fluctuates based on changes in interest rates and certain other assumptions utilized to value the mortgage and SBA servicing rights. The value is adversely affected when interest rates decline which normally causes loan prepayments to increase. The determination of the fair value of the mortgage and SBA servicing rights is performed monthly based upon an independent third party valuation. The valuation analysis is prepared using stratifications of the mortgage and SBA servicing rights based on the predominant risk characteristics of the underlying loans, including size, interest rate, weighted average original term, weighted average remaining term and estimated prepayment speeds. | ||
Other Real Estate and Repossessed Assets. | ' | |
Other Real Estate and Repossessed Assets. Other real estate and repossessed assets, consisting of real estate and other assets acquired through foreclosure or deed in lieu of foreclosure, are stated at the lower of cost or fair value less applicable selling costs. The excess of cost over fair value of the property at the date of acquisition is charged to the allowance for loan losses. Subsequent reductions in carrying value, to reflect current fair value or costs incurred in maintaining the other real estate and repossessed assets, are charged to noninterest expense as incurred. | ||
Income Taxes. | ' | |
Income Taxes. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in the tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Valuation allowances are then recorded to reduce deferred tax assets to the amounts management concludes are more-likely-than-not to be realized. The Company and its eligible subsidiaries file a consolidated federal income tax return and unitary or consolidated state income tax returns in all applicable states. | ||
The Company’s policy is to separately disclose any interest or penalties arising from the application of federal or state income taxes. Interest related to unrecognized tax benefits is included in interest expense and penalties related to unrecognized tax benefits are included in noninterest expense. | ||
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states. Management of the Company believes the accrual for tax liabilities is adequate for all open audit years based on its assessment of many factors, including past experience and interpretations of tax law applied to the facts of each matter. This assessment relies on estimates and assumptions. | ||
Noncontributory Defined Benefit Pension Plan. | ' | |
Noncontributory Defined Benefit Pension Plan. The Company has a noncontributory defined benefit pension plan covering certain former employees of a bank holding company acquired by the Company in 1994 (the Plan) and subsequently merged with and into the Company on December 31, 2002. The Company discontinued the accumulation of benefits under the Plan in 1994, and as such, there is no longer any service cost being accrued by Plan participants. The Company records annual amounts relating to the Plan based on calculations that incorporate various actuarial and other assumptions including discount rates, mortality rates, and assumed rates of return. The Company reviews these assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when deemed appropriate. The funded status of the Plan is recognized as a net asset or liability and changes in the Plan’s funded status are recognized through other comprehensive income to the extent those changes are not included in the net periodic cost. | ||
Financial Instruments With Off-Balance Sheet Risk. | ' | |
Financial Instruments With Off-Balance Sheet Risk. A financial instrument is defined as cash, evidence of an ownership interest in an entity, or a contract that conveys or imposes on an entity the contractual right or obligation to either receive or deliver cash or another financial instrument. The Company utilizes financial instruments to reduce the interest rate risk arising from its financial assets and liabilities. These instruments involve, in varying degrees, elements of interest rate risk and credit risk in excess of the amount recognized in the consolidated balance sheets. “Interest rate risk” is defined as the possibility that interest rates may move unfavorably from the perspective of the Company due to maturity and/or interest rate adjustment timing differences between interest-earning assets and interest-bearing liabilities. The risk that a counterparty to an agreement entered into by the Company may default is defined as “credit risk.” | ||
The Company is a party to commitments to extend credit and commercial and standby letters of credit in the normal course of business to meet the financing needs of its customers. These commitments involve, in varying degrees, elements of interest rate risk and credit risk in excess of the amount reflected in the consolidated balance sheets. | ||
Earnings (Loss) Per Common Share. | ' | |
Earnings (Loss) Per Common Share. Basic earnings (loss) per common share (EPS) are computed by dividing the income (loss) available to common stockholders (the numerator) by the weighted average number of shares of common stock outstanding (the denominator) during the year. The computation of dilutive EPS is similar except the denominator is increased to include the number of additional shares of common stock that would have been outstanding if the dilutive potential shares had been issued. In addition, in computing the dilutive effect of convertible securities, the numerator is adjusted to add back any convertible preferred dividends. |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||
Discontinued Operations Balance Sheet | ' | |||||||||||||
Assets and liabilities of discontinued operations at December 31, 2012 were as follows: | ||||||||||||||
December 31, 2012 | ||||||||||||||
Northern | ||||||||||||||
Florida | ||||||||||||||
(dollars expressed in thousands) | ||||||||||||||
Cash and due from banks | $ | 1,139 | ||||||||||||
Total loans | — | |||||||||||||
Bank premises and equipment, net | 4,837 | |||||||||||||
Goodwill | 700 | |||||||||||||
Other assets | 30 | |||||||||||||
Assets of discontinued operations | $ | 6,706 | ||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing demand | $ | 12,488 | ||||||||||||
Interest-bearing demand | 10,480 | |||||||||||||
Savings and money market | 67,686 | |||||||||||||
Time deposits of $100 or more | 27,034 | |||||||||||||
Other time deposits | 37,964 | |||||||||||||
Total deposits | 155,652 | |||||||||||||
Accrued expenses and other liabilities | 59 | |||||||||||||
Liabilities of discontinued operations | $ | 155,711 | ||||||||||||
Discontinued Operations Income Statement | ' | |||||||||||||
from discontinued operations, net of tax, for the year ended December 31, 2013 was as follows: | ||||||||||||||
Association Bank Services | Northern | Total | ||||||||||||
Florida | ||||||||||||||
(dollars expressed in thousands) | ||||||||||||||
Year ended December 31, 2013: | ||||||||||||||
Interest income: | ||||||||||||||
Interest and fees on loans | $ | 1,221 | — | 1,221 | ||||||||||
Interest expense: | ||||||||||||||
Interest on deposits | 292 | 233 | 525 | |||||||||||
Net interest income (loss) | 929 | (233 | ) | 696 | ||||||||||
Provision for loan losses | — | — | — | |||||||||||
Net interest income (loss) after provision for loan losses | 929 | (233 | ) | 696 | ||||||||||
Noninterest income: | ||||||||||||||
Service charges and customer service fees | 85 | 134 | 219 | |||||||||||
Other | 105 | 4 | 109 | |||||||||||
Total noninterest income | 190 | 138 | 328 | |||||||||||
Noninterest expense: | ||||||||||||||
Salaries and employee benefits | 3,045 | 885 | 3,930 | |||||||||||
Occupancy, net of rental income | 6 | 579 | 585 | |||||||||||
Furniture and equipment | 41 | 40 | 81 | |||||||||||
Legal, examination and professional fees | 68 | — | 68 | |||||||||||
FDIC insurance | 671 | 53 | 724 | |||||||||||
Other | 743 | 2,452 | 3,195 | |||||||||||
Total noninterest expense | 4,574 | 4,009 | 8,583 | |||||||||||
Loss from operations of discontinued operations | (3,455 | ) | (4,104 | ) | (7,559 | ) | ||||||||
Net gain on sale of discontinued operations | 28,615 | 408 | 29,023 | |||||||||||
Provision for income taxes | 241 | — | 241 | |||||||||||
Net income (loss) from discontinued operations, net of tax | $ | 24,919 | (3,696 | ) | 21,223 | |||||||||
Loss from discontinued operations, net of tax, for the year ended December 31, 2012 was as follows: | ||||||||||||||
Association Bank Services | Northern | Total | ||||||||||||
Florida | ||||||||||||||
(dollars expressed in thousands) | ||||||||||||||
Year ended December 31, 2012: | ||||||||||||||
Interest income: | ||||||||||||||
Interest and fees on loans | $ | 1,762 | — | 1,762 | ||||||||||
Interest expense: | ||||||||||||||
Interest on deposits | 477 | 972 | 1,449 | |||||||||||
Net interest income (loss) | 1,285 | (972 | ) | 313 | ||||||||||
Provision for loan losses | — | — | — | |||||||||||
Net interest income (loss) after provision for loan losses | 1,285 | (972 | ) | 313 | ||||||||||
Noninterest income: | ||||||||||||||
Service charges and customer service fees | 119 | 467 | 586 | |||||||||||
Other | 109 | 13 | 122 | |||||||||||
Total noninterest income | 228 | 480 | 708 | |||||||||||
Noninterest expense: | ||||||||||||||
Salaries and employee benefits | 2,583 | 2,279 | 4,862 | |||||||||||
Occupancy, net of rental income | 12 | 1,760 | 1,772 | |||||||||||
Furniture and equipment | 89 | 278 | 367 | |||||||||||
Legal, examination and professional fees | 62 | 5 | 67 | |||||||||||
FDIC insurance | 1,123 | 358 | 1,481 | |||||||||||
Other | 942 | 351 | 1,293 | |||||||||||
Total noninterest expense | 4,811 | 5,031 | 9,842 | |||||||||||
Loss from operations of discontinued operations | (3,298 | ) | (5,523 | ) | (8,821 | ) | ||||||||
Benefit for income taxes | — | — | — | |||||||||||
Net loss from discontinued operations, net of tax | $ | (3,298 | ) | (5,523 | ) | (8,821 | ) | |||||||
Loss from discontinued operations, net of tax, for the year ended December 31, 2011 was as follows: | ||||||||||||||
Association Bank Services | Northern Florida | Northern | Total | |||||||||||
Illinois | ||||||||||||||
(dollars expressed in thousands) | ||||||||||||||
Year ended December 31, 2011: | ||||||||||||||
Interest income: | ||||||||||||||
Interest and fees on loans | $ | 2,237 | — | 895 | 3,132 | |||||||||
Interest expense: | ||||||||||||||
Interest on deposits | 901 | 2,160 | 261 | 3,322 | ||||||||||
Net interest income (loss) | 1,336 | (2,160 | ) | 634 | (190 | ) | ||||||||
Provision for loan losses | — | — | — | — | ||||||||||
Net interest income (loss) after provision for loan losses | 1,336 | (2,160 | ) | 634 | (190 | ) | ||||||||
Noninterest income: | ||||||||||||||
Service charges and customer service fees | 155 | 411 | 259 | 825 | ||||||||||
Other | 115 | 8 | 5 | 128 | ||||||||||
Total noninterest income | 270 | 419 | 264 | 953 | ||||||||||
Noninterest expense: | ||||||||||||||
Salaries and employee benefits | 2,519 | 2,325 | 357 | 5,201 | ||||||||||
Occupancy, net of rental income | 10 | 1,746 | 68 | 1,824 | ||||||||||
Furniture and equipment | 114 | 431 | 29 | 574 | ||||||||||
Legal, examination and professional fees | 30 | 1 | 6 | 37 | ||||||||||
Amortization of intangible assets | — | 63 | — | 63 | ||||||||||
FDIC insurance | 1,227 | 469 | 100 | 1,796 | ||||||||||
Other | 641 | 379 | 67 | 1,087 | ||||||||||
Total noninterest expense | 4,541 | 5,414 | 627 | 10,582 | ||||||||||
(Loss) income from operations of discontinued operations | (2,935 | ) | (7,155 | ) | 271 | (9,819 | ) | |||||||
Net gain on sale of discontinued operations | — | — | 425 | 425 | ||||||||||
Benefit for income taxes | — | — | — | — | ||||||||||
Net (loss) income from discontinued operations, net of tax | $ | (2,935 | ) | $ | (7,155 | ) | 696 | (9,394 | ) | |||||
INVESTMENTS_IN_DEBT_AND_EQUITY1
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||
Securities Available for Sale | ' | |||||||||||||||||||||||||||
The amortized cost, contractual maturity, gross unrealized gains and losses and fair value of investment securities available for sale at December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||||
Maturity | Total Amortized Cost | Gross Unrealized | Weighted Average Yield | |||||||||||||||||||||||||
1 Year or Less | 5-Jan | 5-10 Years | After 10 Years | Gains | Losses | Fair Value | ||||||||||||||||||||||
Years | ||||||||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||||||
Carrying value: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 8,450 | 40,243 | 88,666 | 135,679 | 273,038 | 3,525 | (664 | ) | 275,899 | 1.34 | % | ||||||||||||||||
Residential mortgage-backed | — | 43,943 | 115,731 | 951,454 | 1,111,128 | 12,873 | (18,214 | ) | 1,105,787 | 2.32 | ||||||||||||||||||
Commercial mortgage-backed | — | — | 793 | — | 793 | 63 | — | 856 | 4.94 | |||||||||||||||||||
State and political subdivisions | 1,369 | 2,035 | 200 | 28,432 | 32,036 | 81 | (560 | ) | 31,557 | 1.26 | ||||||||||||||||||
Corporate notes | 4,980 | 140,575 | 45,132 | — | 190,687 | 5,777 | (261 | ) | 196,203 | 2.69 | ||||||||||||||||||
Equity investments | — | — | — | 1,500 | 1,500 | — | (57 | ) | 1,443 | 2.17 | ||||||||||||||||||
Total | $ | 14,799 | 226,796 | 250,522 | 1,117,065 | 1,609,182 | 22,319 | (19,756 | ) | 1,611,745 | 2.18 | |||||||||||||||||
Fair value: | ||||||||||||||||||||||||||||
Debt securities | $ | 14,927 | 233,338 | 250,860 | 1,111,177 | |||||||||||||||||||||||
Equity securities | — | — | — | 1,443 | ||||||||||||||||||||||||
Total | $ | 14,927 | 233,338 | 250,860 | 1,112,620 | |||||||||||||||||||||||
Weighted average yield | 2.17 | % | 2.23 | % | 1.81 | % | 2.24 | % | ||||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||||||||
Carrying value: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 10,051 | 80,328 | — | 213,892 | 304,271 | 6,304 | (146 | ) | 310,429 | 1.42 | % | ||||||||||||||||
Residential mortgage-backed | 364 | 24,014 | 219,286 | 1,251,917 | 1,495,581 | 38,983 | (497 | ) | 1,534,067 | 2.32 | ||||||||||||||||||
Commercial mortgage-backed | — | — | 806 | — | 806 | 109 | — | 915 | 4.86 | |||||||||||||||||||
State and political subdivisions | 985 | 3,579 | 201 | — | 4,765 | 164 | — | 4,929 | 4.05 | |||||||||||||||||||
Corporate Notes | — | 137,090 | 49,704 | — | 186,794 | 6,192 | (621 | ) | 192,365 | 3.13 | ||||||||||||||||||
Equity investments | — | — | — | 1,000 | 1,000 | 22 | — | 1,022 | 2.54 | |||||||||||||||||||
Total | $ | 11,400 | 245,011 | 269,997 | 1,466,809 | 1,993,217 | 51,774 | (1,264 | ) | 2,043,727 | 2.26 | |||||||||||||||||
Fair value: | ||||||||||||||||||||||||||||
Debt securities | $ | 11,476 | 251,558 | 275,251 | 1,504,420 | |||||||||||||||||||||||
Equity securities | — | — | — | 1,022 | ||||||||||||||||||||||||
Total | $ | 11,476 | 251,558 | 275,251 | 1,505,442 | |||||||||||||||||||||||
Weighted average yield | 2.01 | % | 2.17 | % | 2.65 | % | 2.21 | % | ||||||||||||||||||||
Securities Held to Maturity | ' | |||||||||||||||||||||||||||
The amortized cost, contractual maturity, gross unrealized gains and losses and fair value of investment securities held to maturity at December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||||
Maturity | Total Amortized Cost | Gross Unrealized | Weighted Average Yield | |||||||||||||||||||||||||
1 Year or Less | 1-5 Years | 5-10 Years | After 10 Years | Gains | Losses | Fair Value | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||||||
Carrying value: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | — | — | 16,119 | — | 16,119 | — | (153 | ) | 15,966 | 1.14 | % | ||||||||||||||||
Residential mortgage-backed | — | 16,327 | 182,933 | 522,504 | 721,764 | 441 | (21,206 | ) | 700,999 | 1.88 | ||||||||||||||||||
State and political subdivisions | 640 | 575 | 55 | 1,033 | 2,303 | 2 | (87 | ) | 2,218 | 1.93 | ||||||||||||||||||
Total | $ | 640 | 16,902 | 199,107 | 523,537 | 740,186 | 443 | (21,446 | ) | 719,183 | 1.86 | |||||||||||||||||
Fair value: | ||||||||||||||||||||||||||||
Debt securities | $ | 642 | 16,926 | 195,647 | 505,968 | |||||||||||||||||||||||
Weighted average yield | 3.32 | % | 2.2 | % | 1.53 | % | 1.97 | % | ||||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||||||||
Carrying value: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | — | — | 52,582 | — | 52,582 | 269 | — | 52,851 | 1.63 | % | |||||||||||||||||
Residential mortgage-backed | — | — | 108,420 | 466,863 | 575,283 | 6,142 | (614 | ) | 580,811 | 1.82 | ||||||||||||||||||
State and political subdivisions | 826 | 1,099 | 252 | 1,511 | 3,688 | 51 | (377 | ) | 3,362 | 1.89 | ||||||||||||||||||
Total | $ | 826 | 1,099 | 161,254 | 468,374 | 631,553 | 6,462 | (991 | ) | 637,024 | 1.8 | |||||||||||||||||
Fair value: | ||||||||||||||||||||||||||||
Debt securities | $ | 836 | 1,129 | 164,433 | 470,626 | |||||||||||||||||||||||
Weighted average yield | 2.56 | % | 3.4 | % | 1.77 | % | 1.81 | % | ||||||||||||||||||||
Gross Realized Gains and Losses | ' | |||||||||||||||||||||||||||
Gross realized gains and gross realized losses on investment securities for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
Gross realized gains on sales of available-for-sale securities | $ | 802 | 1,675 | 5,286 | ||||||||||||||||||||||||
Gross realized losses on sales of available-for-sale securities | (354 | ) | (374 | ) | (1 | ) | ||||||||||||||||||||||
Other-than-temporary impairment | (412 | ) | (2 | ) | (3 | ) | ||||||||||||||||||||||
Gross realized gains on calls of investment securities | — | 7 | 53 | |||||||||||||||||||||||||
Net realized gain on investment securities | $ | 36 | 1,306 | 5,335 | ||||||||||||||||||||||||
Gross Unrealized Losses | ' | |||||||||||||||||||||||||||
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013 and 2012, were as follows: | ||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 16,005 | (664 | ) | — | — | 16,005 | (664 | ) | |||||||||||||||||||
Residential mortgage-backed | 511,617 | (18,119 | ) | 5,473 | (95 | ) | 517,090 | (18,214 | ) | |||||||||||||||||||
State and political subdivisions | 27,872 | (560 | ) | — | — | 27,872 | (560 | ) | ||||||||||||||||||||
Corporate notes | 9,959 | (41 | ) | 4,780 | (220 | ) | 14,739 | (261 | ) | |||||||||||||||||||
Equity investments | 1,443 | (57 | ) | — | — | 1,443 | (57 | ) | ||||||||||||||||||||
Total | $ | 566,896 | (19,441 | ) | 10,253 | (315 | ) | 577,149 | (19,756 | ) | ||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 15,966 | (153 | ) | — | — | 15,966 | (153 | ) | |||||||||||||||||||
Residential mortgage-backed | 644,700 | (20,759 | ) | 10,527 | (447 | ) | 655,227 | (21,206 | ) | |||||||||||||||||||
State and political subdivisions | 946 | (87 | ) | — | — | 946 | (87 | ) | ||||||||||||||||||||
Total: | $ | 661,612 | (20,999 | ) | 10,527 | (447 | ) | 672,139 | (21,446 | ) | ||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 20,018 | (146 | ) | — | — | 20,018 | (146 | ) | |||||||||||||||||||
Residential mortgage-backed | 125,449 | (441 | ) | 270 | (56 | ) | 125,719 | (497 | ) | |||||||||||||||||||
Corporate notes | — | — | 17,675 | (621 | ) | 17,675 | (621 | ) | ||||||||||||||||||||
Total | $ | 145,467 | (587 | ) | 17,945 | (677 | ) | 163,412 | (1,264 | ) | ||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||
Residential mortgage-backed | $ | 66,011 | (614 | ) | — | — | 66,011 | (614 | ) | |||||||||||||||||||
State and political subdivisions | 1,133 | (377 | ) | — | — | 1,133 | (377 | ) | ||||||||||||||||||||
Total: | $ | 67,144 | (991 | ) | — | — | 67,144 | (991 | ) | |||||||||||||||||||
LOANS_AND_ALLOWANCE_FOR_LOAN_L1
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||
Composition of the Loan Portfolio | ' | |||||||||||||||||||||
The following table summarizes the composition of the loan portfolio at December 31, 2013 and 2012: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 600,704 | 610,301 | |||||||||||||||||||
Real estate construction and development | 121,662 | 174,979 | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 921,488 | 986,767 | ||||||||||||||||||||
Multi-family residential | 121,304 | 103,684 | ||||||||||||||||||||
Commercial real estate | 1,048,234 | 969,680 | ||||||||||||||||||||
Consumer and installment | 18,681 | 19,262 | ||||||||||||||||||||
Loans held for sale | 25,548 | 66,133 | ||||||||||||||||||||
Net deferred loan fees | (526 | ) | (59 | ) | ||||||||||||||||||
Total loans | $ | 2,857,095 | 2,930,747 | |||||||||||||||||||
Aging of Loans by Loan Classification | ' | |||||||||||||||||||||
The following table presents the aging of loans by loan classification at December 31, 2013 and 2012: | ||||||||||||||||||||||
30-59 | 60-89 | Recorded | Nonaccrual | Total Past | Current | Total Loans | ||||||||||||||||
Days | Days | Investment | Due | |||||||||||||||||||
> 90 Days | ||||||||||||||||||||||
Accruing | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 447 | 394 | 80 | 10,523 | 11,444 | 589,260 | 600,704 | ||||||||||||||
Real estate construction and development | — | — | — | 4,914 | 4,914 | 116,748 | 121,662 | |||||||||||||||
One-to-four-family residential: | ||||||||||||||||||||||
Bank portfolio | 1,898 | 757 | 162 | 5,146 | 7,963 | 82,190 | 90,153 | |||||||||||||||
Mortgage Division portfolio | 2,364 | 1,880 | — | 14,917 | 19,161 | 462,850 | 482,011 | |||||||||||||||
Home equity | 2,256 | 963 | 182 | 7,361 | 10,762 | 338,562 | 349,324 | |||||||||||||||
Multi-family residential | — | — | — | 1,793 | 1,793 | 119,511 | 121,304 | |||||||||||||||
Commercial real estate | 1,423 | 391 | — | 8,283 | 10,097 | 1,038,137 | 1,048,234 | |||||||||||||||
Consumer and installment | 87 | 39 | — | 19 | 145 | 18,010 | 18,155 | |||||||||||||||
Loans held for sale | — | — | — | — | — | 25,548 | 25,548 | |||||||||||||||
Total | $ | 8,475 | 4,424 | 424 | 52,956 | 66,279 | 2,790,816 | 2,857,095 | ||||||||||||||
December 31, 2012: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,180 | 322 | — | 19,050 | 20,552 | 589,749 | 610,301 | ||||||||||||||
Real estate construction and development | 93 | — | — | 32,152 | 32,245 | 142,734 | 174,979 | |||||||||||||||
One-to-four-family residential: | ||||||||||||||||||||||
Bank portfolio | 1,871 | 1,121 | 874 | 6,910 | 10,776 | 111,562 | 122,338 | |||||||||||||||
Mortgage Division portfolio | 6,264 | 4,375 | — | 19,780 | 30,419 | 479,552 | 509,971 | |||||||||||||||
Home equity | 2,494 | 1,221 | 216 | 8,671 | 12,602 | 341,856 | 354,458 | |||||||||||||||
Multi-family residential | — | 629 | — | 6,761 | 7,390 | 96,294 | 103,684 | |||||||||||||||
Commercial real estate | 66 | 693 | — | 16,520 | 17,279 | 952,401 | 969,680 | |||||||||||||||
Consumer and installment | 174 | 43 | — | 28 | 245 | 18,958 | 19,203 | |||||||||||||||
Loans held for sale | — | — | — | — | — | 66,133 | 66,133 | |||||||||||||||
Total | $ | 12,142 | 8,404 | 1,090 | 109,872 | 131,508 | 2,799,239 | 2,930,747 | ||||||||||||||
Financing Receivable Credit Quality Indicators | ' | |||||||||||||||||||||
The following tables present the credit exposure of the loan portfolio by internally assigned credit grade and payment activity as of December 31, 2013 and 2012: | ||||||||||||||||||||||
Commercial Loan Portfolio | Commercial | Real Estate | Multi-family | Commercial | Total | |||||||||||||||||
Credit Exposure by Internally Assigned Credit Grade | and | Construction | Real Estate | |||||||||||||||||||
Industrial | and | |||||||||||||||||||||
Development | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||
Pass | $ | 559,243 | 42,429 | 91,001 | 1,001,719 | 1,694,392 | ||||||||||||||||
Special mention | 16,211 | 929 | — | 21,714 | 38,854 | |||||||||||||||||
Substandard | 14,727 | 73,390 | 555 | 11,999 | 100,671 | |||||||||||||||||
Performing troubled debt restructuring | — | — | 27,955 | 4,519 | 32,474 | |||||||||||||||||
Nonaccrual | 10,523 | 4,914 | 1,793 | 8,283 | 25,513 | |||||||||||||||||
Total | $ | 600,704 | 121,662 | 121,304 | 1,048,234 | 1,891,904 | ||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||
Pass | $ | 572,248 | 45,356 | 67,690 | 858,101 | 1,543,395 | ||||||||||||||||
Special mention | 10,580 | 6,076 | 220 | 70,450 | 87,326 | |||||||||||||||||
Substandard | 8,423 | 81,364 | 773 | 13,868 | 104,428 | |||||||||||||||||
Performing troubled debt restructuring | — | 10,031 | 28,240 | 10,741 | 49,012 | |||||||||||||||||
Nonaccrual | 19,050 | 32,152 | 6,761 | 16,520 | 74,483 | |||||||||||||||||
Total | $ | 610,301 | 174,979 | 103,684 | 969,680 | 1,858,644 | ||||||||||||||||
One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | Bank | Home | Total | |||||||||||||||||||
Credit Exposure by Internally Assigned Credit Grade | Portfolio | Equity | ||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||
Pass | $ | 78,069 | 340,031 | 418,100 | ||||||||||||||||||
Special mention | 6,190 | 182 | 6,372 | |||||||||||||||||||
Substandard | 45 | 1,750 | 1,795 | |||||||||||||||||||
Performing troubled debt restructuring | 703 | — | 703 | |||||||||||||||||||
Nonaccrual | 5,146 | 7,361 | 12,507 | |||||||||||||||||||
Total | $ | 90,153 | 349,324 | 439,477 | ||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||
Pass | $ | 107,625 | 342,321 | 449,946 | ||||||||||||||||||
Special mention | 4,405 | 216 | 4,621 | |||||||||||||||||||
Substandard | 1,787 | 3,250 | 5,037 | |||||||||||||||||||
Performing troubled debt restructuring | 1,611 | — | 1,611 | |||||||||||||||||||
Nonaccrual | 6,910 | 8,671 | 15,581 | |||||||||||||||||||
Total | $ | 122,338 | 354,458 | 476,796 | ||||||||||||||||||
One-to-Four-Family Residential Mortgage Division | Mortgage | Consumer | Total | |||||||||||||||||||
and Consumer and Installment Loan Portfolio | Division | and | ||||||||||||||||||||
Credit Exposure by Payment Activity | Portfolio | Installment | ||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||
Pass | $ | 387,153 | 18,136 | 405,289 | ||||||||||||||||||
Substandard | 2,491 | — | 2,491 | |||||||||||||||||||
Performing troubled debt restructuring | 77,450 | — | 77,450 | |||||||||||||||||||
Nonaccrual | 14,917 | 19 | 14,936 | |||||||||||||||||||
Total | $ | 482,011 | 18,155 | 500,166 | ||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||
Pass | $ | 405,270 | 19,175 | 424,445 | ||||||||||||||||||
Substandard | 6,627 | — | 6,627 | |||||||||||||||||||
Performing troubled debt restructuring | 78,294 | — | 78,294 | |||||||||||||||||||
Nonaccrual | 19,780 | 28 | 19,808 | |||||||||||||||||||
Total | $ | 509,971 | 19,203 | 529,174 | ||||||||||||||||||
Impaired Financing Receivables | ' | |||||||||||||||||||||
The following tables present the recorded investment, unpaid principal balance, related allowance for loan losses, average recorded investment and interest income recognized while on impaired status for impaired loans without a related allowance for loan losses and for impaired loans with a related allowance for loan losses by loan classification at December 31, 2013 and 2012: | ||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||
Investment | Principal | Allowance for | Recorded | Income | ||||||||||||||||||
Balance | Loan Losses | Investment | Recognized | |||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||
With No Related Allowance Recorded: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 3,119 | 4,342 | — | 4,270 | 1 | ||||||||||||||||
Real estate construction and development | 3,172 | 12,931 | — | 17,152 | 418 | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Bank portfolio | — | — | — | — | 41 | |||||||||||||||||
Mortgage Division portfolio | — | — | — | — | — | |||||||||||||||||
Home equity portfolio | 596 | 632 | — | 564 | — | |||||||||||||||||
Multi-family residential | 443 | 709 | — | 474 | — | |||||||||||||||||
Commercial real estate | 6,884 | 9,221 | — | 11,636 | 273 | |||||||||||||||||
Consumer and installment | — | — | — | — | — | |||||||||||||||||
14,214 | 27,835 | — | 34,096 | 733 | ||||||||||||||||||
With A Related Allowance Recorded: | ||||||||||||||||||||||
Commercial, financial and agricultural | 7,404 | 21,565 | 497 | 10,136 | — | |||||||||||||||||
Real estate construction and development | 1,742 | 4,326 | 294 | 9,419 | — | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Bank portfolio | 5,849 | 7,427 | 317 | 7,161 | — | |||||||||||||||||
Mortgage Division portfolio | 92,367 | 110,878 | 9,423 | 95,614 | 2,002 | |||||||||||||||||
Home equity portfolio | 6,765 | 7,637 | 1,472 | 6,406 | — | |||||||||||||||||
Multi-family residential | 29,305 | 29,322 | 2,438 | 31,377 | 1,226 | |||||||||||||||||
Commercial real estate | 5,918 | 9,468 | 990 | 10,003 | 26 | |||||||||||||||||
Consumer and installment | 19 | 19 | — | 22 | — | |||||||||||||||||
149,369 | 190,642 | 15,431 | 170,138 | 3,254 | ||||||||||||||||||
Total: | ||||||||||||||||||||||
Commercial, financial and agricultural | 10,523 | 25,907 | 497 | 14,406 | 1 | |||||||||||||||||
Real estate construction and development | 4,914 | 17,257 | 294 | 26,571 | 418 | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Bank portfolio | 5,849 | 7,427 | 317 | 7,161 | 41 | |||||||||||||||||
Mortgage Division portfolio | 92,367 | 110,878 | 9,423 | 95,614 | 2,002 | |||||||||||||||||
Home equity portfolio | 7,361 | 8,269 | 1,472 | 6,970 | — | |||||||||||||||||
Multi-family residential | 29,748 | 30,031 | 2,438 | 31,851 | 1,226 | |||||||||||||||||
Commercial real estate | 12,802 | 18,689 | 990 | 21,639 | 299 | |||||||||||||||||
Consumer and installment | 19 | 19 | — | 22 | — | |||||||||||||||||
$ | 163,583 | 218,477 | 15,431 | 204,234 | 3,987 | |||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||
Investment | Principal | Allowance for | Recorded | Income | ||||||||||||||||||
Balance | Loan Losses | Investment | Recognized | |||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||
With No Related Allowance Recorded: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 6,451 | 24,287 | — | 12,369 | 215 | ||||||||||||||||
Real estate construction and development | 39,706 | 74,044 | — | 59,094 | 561 | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Bank portfolio | 1,611 | 1,690 | — | 2,166 | 32 | |||||||||||||||||
Mortgage Division portfolio | 10,255 | 22,102 | — | 10,308 | — | |||||||||||||||||
Home equity portfolio | 1,382 | 1,507 | — | 1,232 | — | |||||||||||||||||
Multi-family residential | 33,709 | 37,206 | — | 13,682 | 280 | |||||||||||||||||
Commercial real estate | 18,808 | 24,279 | — | 35,959 | 1,160 | |||||||||||||||||
Consumer and installment | — | — | — | — | — | |||||||||||||||||
111,922 | 185,115 | — | 134,810 | 2,248 | ||||||||||||||||||
With A Related Allowance Recorded: | ||||||||||||||||||||||
Commercial, financial and agricultural | 12,599 | 19,255 | 676 | 24,157 | — | |||||||||||||||||
Real estate construction and development | 2,477 | 10,221 | 1,452 | 3,687 | 114 | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Bank portfolio | 6,910 | 8,655 | 284 | 9,288 | — | |||||||||||||||||
Mortgage Division portfolio | 87,819 | 96,931 | 11,574 | 88,277 | 2,050 | |||||||||||||||||
Home equity portfolio | 7,289 | 8,188 | 1,784 | 6,500 | — | |||||||||||||||||
Multi-family residential | 1,292 | 1,403 | 1,138 | 524 | — | |||||||||||||||||
Commercial real estate | 8,453 | 12,909 | 1,043 | 16,161 | 11 | |||||||||||||||||
Consumer and installment | 28 | 28 | 1 | 51 | — | |||||||||||||||||
126,867 | 157,590 | 17,952 | 148,645 | 2,175 | ||||||||||||||||||
Total: | ||||||||||||||||||||||
Commercial, financial and agricultural | 19,050 | 43,542 | 676 | 36,526 | 215 | |||||||||||||||||
Real estate construction and development | 42,183 | 84,265 | 1,452 | 62,781 | 675 | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Bank portfolio | 8,521 | 10,345 | 284 | 11,454 | 32 | |||||||||||||||||
Mortgage Division portfolio | 98,074 | 119,033 | 11,574 | 98,585 | 2,050 | |||||||||||||||||
Home equity portfolio | 8,671 | 9,695 | 1,784 | 7,732 | — | |||||||||||||||||
Multi-family residential | 35,001 | 38,609 | 1,138 | 14,206 | 280 | |||||||||||||||||
Commercial real estate | 27,261 | 37,188 | 1,043 | 52,120 | 1,171 | |||||||||||||||||
Consumer and installment | 28 | 28 | 1 | 51 | — | |||||||||||||||||
$ | 238,789 | 342,705 | 17,952 | 283,455 | 4,423 | |||||||||||||||||
Troubled Debt Restructurings On Performing Financing Receivables | ' | |||||||||||||||||||||
The following table presents the categories of performing TDRs as of December 31, 2013 and 2012: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Performing Troubled Debt Restructurings: | ||||||||||||||||||||||
Real estate construction and development | $ | — | 10,031 | |||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 78,153 | 79,905 | ||||||||||||||||||||
Multi-family residential | 27,955 | 28,240 | ||||||||||||||||||||
Commercial real estate | 4,519 | 10,741 | ||||||||||||||||||||
Total | $ | 110,627 | 128,917 | |||||||||||||||||||
Troubled Debt Restructurings On Non Performing Financing Receivables | ' | |||||||||||||||||||||
The following table presents the categories of loans considered nonperforming TDRs as of December 31, 2013 and 2012: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Nonperforming Troubled Debt Restructurings: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 711 | 1,004 | |||||||||||||||||||
Real estate construction and development | 3,605 | 26,557 | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 6,266 | 7,105 | ||||||||||||||||||||
Multi-family residential | — | 2,482 | ||||||||||||||||||||
Commercial real estate | — | 2,862 | ||||||||||||||||||||
Total | $ | 10,582 | 40,010 | |||||||||||||||||||
Modified Troubled Debt Restructurings | ' | |||||||||||||||||||||
The following tables present loans classified as TDRs that were modified during the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | |||||||||||||||||
of | Modification | Modification | of | Modification | Modification | |||||||||||||||||
Contracts | Outstanding | Outstanding | Contracts | Outstanding | Outstanding | |||||||||||||||||
Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||
Investment | Investment | Investment | Investment | |||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Loan Modifications as Troubled Debt Restructurings: | ||||||||||||||||||||||
Commercial, financial and agricultural | 2 | $ | 246 | $ | 201 | 2 | $ | 1,108 | $ | 873 | ||||||||||||
Real estate construction and development | — | — | — | 4 | 6,263 | 5,670 | ||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 53 | 11,838 | 10,897 | 50 | 9,049 | 8,992 | ||||||||||||||||
Multi-family residential | — | — | — | 2 | 28,280 | 28,280 | ||||||||||||||||
Commercial real estate | — | — | — | 3 | 9,965 | 9,965 | ||||||||||||||||
Modified Troubled Debt Restructurings That Subsequently Defaulted | ' | |||||||||||||||||||||
The following tables present TDRs that defaulted within 12 months of modification during the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||||||
Contracts | Investment | Contracts | Investment | |||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Troubled Debt Restructurings That Subsequently Defaulted: | ||||||||||||||||||||||
Commercial, financial and agricultural | 3 | $ | 401 | — | $ | — | ||||||||||||||||
Real estate construction and development | — | — | 3 | 1,364 | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 6 | 1,101 | 9 | 1,588 | ||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | ' | |||||||||||||||||||||
Changes in the allowance for loan losses for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Balance, beginning of year | $ | 91,602 | 137,710 | 201,033 | ||||||||||||||||||
Loans charged-off | (25,835 | ) | (78,070 | ) | (154,627 | ) | ||||||||||||||||
Recoveries of loans previously charged-off | 20,266 | 29,962 | 22,304 | |||||||||||||||||||
Net loans charged-off | (5,569 | ) | (48,108 | ) | (132,323 | ) | ||||||||||||||||
Provision (benefit) for loan losses | (5,000 | ) | 2,000 | 69,000 | ||||||||||||||||||
Balance, end of year | $ | 81,033 | 91,602 | 137,710 | ||||||||||||||||||
Allowance For Credit Losses On Financing Receivables By Portfolio Segments | ' | |||||||||||||||||||||
The following table represents a summary of changes in the allowance for loan losses by portfolio segment for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||
Commercial | Real Estate | One-to- | Multi- | Commercial | Consumer | Total | ||||||||||||||||
and | Construction | Four-Family | Family | Real Estate | and | |||||||||||||||||
Industrial | and | Residential | Residential | Installment | ||||||||||||||||||
Development | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Year Ended December 31, 2013: | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Beginning balance | $ | 13,572 | 14,434 | 38,897 | 4,252 | 20,048 | 399 | 91,602 | ||||||||||||||
Charge-offs | (5,578 | ) | (448 | ) | (12,747 | ) | (162 | ) | (6,720 | ) | (180 | ) | (25,835 | ) | ||||||||
Recoveries | 5,302 | 7,165 | 4,455 | 145 | 3,067 | 132 | 20,266 | |||||||||||||||
Provision (benefit) for loan losses | 105 | (13,744 | ) | 2,014 | 1,014 | 5,657 | (46 | ) | (5,000 | ) | ||||||||||||
Ending balance | $ | 13,401 | 7,407 | 32,619 | 5,249 | 22,052 | 305 | 81,033 | ||||||||||||||
Year Ended December 31, 2012: | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Beginning balance | $ | 27,243 | 24,868 | 50,864 | 4,851 | 29,448 | 436 | 137,710 | ||||||||||||||
Charge-offs | (17,410 | ) | (12,244 | ) | (21,814 | ) | (2,435 | ) | (23,856 | ) | (311 | ) | (78,070 | ) | ||||||||
Recoveries | 12,886 | 5,659 | 5,188 | 44 | 5,982 | 203 | 29,962 | |||||||||||||||
Provision (benefit) for loan losses | (9,147 | ) | (3,849 | ) | 4,659 | 1,792 | 8,474 | 71 | 2,000 | |||||||||||||
Ending balance | $ | 13,572 | 14,434 | 38,897 | 4,252 | 20,048 | 399 | 91,602 | ||||||||||||||
Impairment Method by Loan Category | ' | |||||||||||||||||||||
The following table represents a summary of the impairment method used by loan category at December 31, 2013 and 2012: | ||||||||||||||||||||||
Commercial | Real Estate | One-to- | Multi- | Commercial | Consumer | Total | ||||||||||||||||
and | Construction | Four-Family | Family | Real Estate | and | |||||||||||||||||
Industrial | and | Residential | Residential | Installment | ||||||||||||||||||
Development | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Ending Balance at December 31, 2013: | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Impaired loans individually evaluated for impairment | $ | — | 62 | 2,275 | 1,034 | 385 | — | 3,756 | ||||||||||||||
Impaired loans collectively evaluated for impairment | 497 | 232 | 8,937 | 1,404 | 605 | — | 11,675 | |||||||||||||||
All other loans collectively evaluated for impairment | 12,904 | 7,113 | 21,407 | 2,811 | 21,062 | 305 | 65,602 | |||||||||||||||
Total | $ | 13,401 | 7,407 | 32,619 | 5,249 | 22,052 | 305 | 81,033 | ||||||||||||||
Financing receivables: | ||||||||||||||||||||||
Impaired loans individually evaluated for impairment | $ | 3,480 | 3,440 | 12,276 | 28,641 | 9,168 | — | 57,005 | ||||||||||||||
Impaired loans collectively evaluated for impairment | 7,043 | 1,474 | 93,301 | 1,107 | 3,634 | 19 | 106,578 | |||||||||||||||
All other loans collectively evaluated for impairment | 590,181 | 116,748 | 815,911 | 91,556 | 1,035,432 | 18,136 | 2,667,964 | |||||||||||||||
Total | $ | 600,704 | 121,662 | 921,488 | 121,304 | 1,048,234 | 18,155 | 2,831,547 | ||||||||||||||
Ending Balance at December 31, 2012: | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Impaired loans individually evaluated for impairment | $ | 75 | 121 | 3,187 | 33 | 182 | — | 3,598 | ||||||||||||||
Impaired loans collectively evaluated for impairment | 601 | 1,331 | 10,455 | 1,105 | 861 | 1 | 14,354 | |||||||||||||||
All other loans collectively evaluated for impairment | 12,896 | 12,982 | 25,255 | 3,114 | 19,005 | 398 | 73,650 | |||||||||||||||
Total | $ | 13,572 | 14,434 | 38,897 | 4,252 | 20,048 | 399 | 91,602 | ||||||||||||||
Financing receivables: | ||||||||||||||||||||||
Impaired loans individually evaluated for impairment | $ | 7,884 | 39,155 | 16,843 | 34,636 | 20,965 | — | 119,483 | ||||||||||||||
Impaired loans collectively evaluated for impairment | 11,166 | 3,028 | 98,423 | 365 | 6,296 | 28 | 119,306 | |||||||||||||||
All other loans collectively evaluated for impairment | 591,251 | 132,796 | 871,501 | 68,683 | 942,419 | 19,175 | 2,625,825 | |||||||||||||||
Total | $ | 610,301 | 174,979 | 986,767 | 103,684 | 969,680 | 19,203 | 2,864,614 | ||||||||||||||
BANK_PREMISES_AND_EQUIPMENT_NE1
BANK PREMISES AND EQUIPMENT, NET (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property, Plant and Equipment [Abstract] | ' | ||||||
Bank Premises and Equipment | ' | ||||||
Bank premises and equipment, net of accumulated depreciation and amortization, were comprised of the following at December 31, 2013 and 2012: | |||||||
2013 | 2012 | ||||||
(dollars expressed in thousands) | |||||||
Land | $ | 32,631 | 33,324 | ||||
Buildings and improvements | 134,862 | 134,428 | |||||
Furniture, fixtures and equipment | 100,688 | 99,116 | |||||
Leasehold improvements | 11,855 | 12,014 | |||||
Construction in progress | 2,720 | 1,878 | |||||
Total | 282,756 | 280,760 | |||||
Accumulated depreciation and amortization | (158,428 | ) | (153,240 | ) | |||
Bank premises and equipment, net | $ | 124,328 | 127,520 | ||||
Future Minimum Operating Lease Payments | ' | ||||||
Future minimum lease payments under non-cancellable operating leases extend through 2028 as follows: | |||||||
(dollars expressed in thousands) | |||||||
Year ending December 31: | |||||||
2014 | $ | 9,098 | |||||
2015 | 7,067 | ||||||
2016 | 6,210 | ||||||
2017 | 4,044 | ||||||
2018 | 2,566 | ||||||
Thereafter | 11,087 | ||||||
Total future minimum lease payments | $ | 40,072 | |||||
GOODWILL_Tables
GOODWILL (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||
Schedule of Goodwill | ' | ||||||
Changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 were as follows: | |||||||
2013 | 2012 | ||||||
(dollars expressed in thousands) | |||||||
Balance, beginning of year | $ | 125,267 | 125,267 | ||||
Goodwill impairment | (107,267 | ) | — | ||||
Goodwill allocated to sale transaction (1) | (18,000 | ) | — | ||||
Balance, end of year | $ | — | 125,267 | ||||
-1 | Goodwill allocated to sale transaction during 2013 pertains to the sale of First Bank's ABS line of business in November 2013, as further discussed in Note 2 to the consolidated financial statements. |
SERVICING_RIGHTS_Tables
SERVICING RIGHTS (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Mortgage Banking [Member] | ' | ||||||
Servicing Assets at Fair Value [Line Items] | ' | ||||||
Schedule of Servicing Assets at Fair Value | ' | ||||||
Changes in mortgage servicing rights for the years ended December 31, 2013 and 2012 were as follows: | |||||||
2013 | 2012 | ||||||
(dollars expressed in thousands) | |||||||
Balance, beginning of year | $ | 9,152 | 9,077 | ||||
Originated mortgage servicing rights | 3,623 | 4,887 | |||||
Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model (1) | 3,671 | (2,089 | ) | ||||
Other changes in fair value (2) | (2,235 | ) | (2,723 | ) | |||
Balance, end of year | $ | 14,211 | 9,152 | ||||
-1 | The change in fair value resulting from changes in valuation inputs or assumptions used in valuation model primarily reflects the change in discount rates and prepayment speed assumptions, primarily due to changes in interest rates. | ||||||
-2 | Other changes in fair value reflect changes due to the collection/realization of expected cash flows over time. | ||||||
SBA [Member] | ' | ||||||
Servicing Assets at Fair Value [Line Items] | ' | ||||||
Schedule of Servicing Assets at Fair Value | ' | ||||||
Changes in SBA servicing rights for the years ended December 31, 2013 and 2012 were as follows: | |||||||
2013 | 2012 | ||||||
(dollars expressed in thousands) | |||||||
Balance, beginning of year | $ | 5,640 | 6,303 | ||||
Originated SBA servicing rights | — | — | |||||
Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model (1) | (244 | ) | 434 | ||||
Other changes in fair value (2) | (753 | ) | (1,097 | ) | |||
Balance, end of year | $ | 4,643 | 5,640 | ||||
-1 | The change in fair value resulting from changes in valuation inputs or assumptions used in valuation model primarily reflects the change in discount rates and prepayment speed assumptions, primarily due to changes in interest rates. | ||||||
-2 | Other changes in fair value reflect changes due to the collection/realization of expected cash flows over time. |
DERIVATIVE_INSTRUMENTS_Tables
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Derivative Instruments | ' | ||||||||||||||||||
The following table summarizes derivative instruments held by the Company, their notional amount, estimated fair values and their location in the consolidated balance sheets at December 31, 2013 and 2012: | |||||||||||||||||||
Derivatives in Other Assets | Derivatives in Other Liabilities | ||||||||||||||||||
Notional Amount | Fair Value Gain (Loss) | Fair Value Loss | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||
Derivative Instruments Not Designated as Hedging Instruments: | |||||||||||||||||||
Customer interest rate swap agreements | $ | — | 12,149 | — | 87 | — | (87 | ) | |||||||||||
Interest rate lock commitments | 14,237 | 59,932 | 217 | 1,837 | — | — | |||||||||||||
Forward commitments to sell mortgage-backed securities | 29,100 | 107,700 | 296 | (305 | ) | — | — | ||||||||||||
Total | $ | 43,337 | 179,781 | 513 | 1,619 | — | (87 | ) | |||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | ||||||||||||||||||
The following table summarizes amounts included in the consolidated statements of operations for the years December 31, 2013, 2012 and 2011 related to non-hedging derivative instruments: | |||||||||||||||||||
Derivative Instruments Not Designated as Hedging Instruments: | Location of Gain (Loss) Recognized | Amount of Gain (Loss) Recognized | |||||||||||||||||
in Operations on Derivatives | in Operations on Derivatives | ||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||
Interest rate swap agreements | Other noninterest income | $ | — | (43 | ) | (194 | ) | ||||||||||||
Customer interest rate swap agreements | Other noninterest income | — | 3 | 1 | |||||||||||||||
Interest rate lock commitments | Gain on loans sold and held for sale | (1,620 | ) | 456 | 1,105 | ||||||||||||||
Forward commitments to sell mortgage-backed securities | Gain on loans sold and held for sale | 601 | 424 | (2,267 | ) | ||||||||||||||
MATURITIES_OF_TIME_DEPOSITS_Ta
MATURITIES OF TIME DEPOSITS (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Maturities of Time Deposits [Abstract] | ' | |||||||||
Maturities of Time Deposits | ' | |||||||||
A summary of maturities of time deposits of $100,000 or more and other time deposits as of December 31, 2013 is as follows: | ||||||||||
Time Deposits of | Other | Total | ||||||||
$100,000 or More | Time Deposits | |||||||||
(dollars expressed in thousands) | ||||||||||
Year ending December 31: | ||||||||||
2014 | $ | 276,623 | 493,106 | 769,729 | ||||||
2015 | 85,327 | 120,330 | 205,657 | |||||||
2016 | 10,445 | 19,639 | 30,084 | |||||||
2017 | 6,541 | 11,733 | 18,274 | |||||||
2018 | 10,120 | 12,236 | 22,356 | |||||||
Thereafter | — | 13 | 13 | |||||||
Total | $ | 389,056 | 657,057 | 1,046,113 | ||||||
SUBORDINATED_DEBENTURES_Tables
SUBORDINATED DEBENTURES (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Subordinated Borrowings [Abstract] | ' | ||||||||||||||||
Summary Of Junior Subordinated Debentures Issued To Trusts | ' | ||||||||||||||||
The following is a summary of the junior subordinated debentures issued to the Trusts in conjunction with the trust preferred securities offerings at December 31, 2013 and 2012: | |||||||||||||||||
Name of Trust | Issuance Date | Maturity Date | Call Date (1) | Interest Rate (2) | Trust Preferred Securities | Subordinated Debentures | |||||||||||
(dollars expressed in thousands) | |||||||||||||||||
Variable Rate | |||||||||||||||||
First Bank Statutory Trust II | Sep-04 | September 20, 2034 | September 20, 2009 | 205 | bp | $ | 20,000 | $ | 20,619 | ||||||||
Royal Oaks Capital Trust I | Oct-04 | January 7, 2035 | January 7, 2010 | 240 | bp | 4,000 | 4,124 | ||||||||||
First Bank Statutory Trust III | Nov-04 | December 15, 2034 | December 15, 2009 | 218 | bp | 40,000 | 41,238 | ||||||||||
First Bank Statutory Trust IV | Mar-06 | March 15, 2036 | March 15, 2011 | 142 | bp | 40,000 | 41,238 | ||||||||||
First Bank Statutory Trust V | Apr-06 | June 15, 2036 | June 15, 2011 | 145 | bp | 20,000 | 20,619 | ||||||||||
First Bank Statutory Trust VI | Jun-06 | July 7, 2036 | July 7, 2011 | 165 | bp | 25,000 | 25,774 | ||||||||||
First Bank Statutory Trust VII | Dec-06 | December 15, 2036 | December 15, 2011 | 185 | bp | 50,000 | 51,547 | ||||||||||
First Bank Statutory Trust VIII | Feb-07 | March 30, 2037 | March 30, 2012 | 161 | bp | 25,000 | 25,774 | ||||||||||
First Bank Statutory Trust X | Aug-07 | September 15, 2037 | September 15, 2012 | 230 | bp | 15,000 | 15,464 | ||||||||||
First Bank Statutory Trust IX | Sep-07 | December 15, 2037 | December 15, 2012 | 225 | bp | 25,000 | 25,774 | ||||||||||
First Bank Statutory Trust XI | Sep-07 | December 15, 2037 | December 15, 2012 | 285 | bp | 10,000 | 10,310 | ||||||||||
Fixed Rate | |||||||||||||||||
First Bank Statutory Trust | Mar-03 | March 20, 2033 | March 20, 2008 | 8.10% | 25,000 | 25,774 | |||||||||||
First Preferred Capital Trust IV | Apr-03 | June 30, 2033 | June 30, 2008 | 8.15% | 46,000 | 47,423 | |||||||||||
-1 | The junior subordinated debentures are callable at the option of the Company on the call date shown at 100% of the principal amount plus accrued and unpaid interest. | ||||||||||||||||
-2 | The interest rates paid on the trust preferred securities are based on either a variable rate or a fixed rate. The variable rate is based on the three-month LIBOR plus the basis point spread shown. |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||
Accumulated Other Comprehensive Income (Loss). The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, by component, for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||
Investment Securities | Defined Benefit Pension Plan | Deferred Tax Asset Valuation Allowance | Total | |||||||||||
(dollars expressed in thousands) | ||||||||||||||
Year Ended December 31, 2013: | ||||||||||||||
Balance, beginning of period | $ | 35,186 | (3,544 | ) | 13,617 | 45,259 | ||||||||
Other comprehensive income (loss) before reclassifications | (24,789 | ) | 895 | (13,617 | ) | (37,511 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (246 | ) | — | — | (246 | ) | ||||||||
Net current period other comprehensive income (loss) | (25,035 | ) | 895 | (13,617 | ) | (37,757 | ) | |||||||
Balance, end of period | $ | 10,151 | (2,649 | ) | — | 7,502 | ||||||||
Year Ended December 31, 2012: | ||||||||||||||
Balance, beginning of period | $ | 19,437 | (2,633 | ) | (738 | ) | 16,066 | |||||||
Other comprehensive income (loss) before reclassifications | 16,507 | (911 | ) | 14,355 | 29,951 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (758 | ) | — | — | (758 | ) | ||||||||
Net current period other comprehensive income (loss) | 15,749 | (911 | ) | 14,355 | 29,193 | |||||||||
Balance, end of period | $ | 35,186 | (3,544 | ) | 13,617 | 45,259 | ||||||||
Year Ended December 31, 2011: | ||||||||||||||
Balance, beginning of period | $ | 222 | (2,220 | ) | (320 | ) | (2,318 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 22,676 | (413 | ) | (418 | ) | 21,845 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (3,461 | ) | — | — | (3,461 | ) | ||||||||
Net current period other comprehensive income (loss) | 19,215 | (413 | ) | (418 | ) | 18,384 | ||||||||
Balance, end of period | $ | 19,437 | (2,633 | ) | (738 | ) | 16,066 | |||||||
REGULATORY_CAPITAL_AND_OTHER_R1
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||||||
Schedule of required and actual capital ratios | ' | |||||||||||||||||
At December 31, 2013 and 2012, the Company's and First Bank's required and actual capital ratios were as follows: | ||||||||||||||||||
Actual | For Capital Adequacy Purposes | To be Well | ||||||||||||||||
Capitalized | ||||||||||||||||||
2013 | 2012 | Under | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Prompt Corrective Action Provisions | ||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||
Total capital (to risk-weighted assets): | ||||||||||||||||||
First Banks, Inc. | $ | 405,856 | 11.13 | % | $ | 93,542 | 2.57 | % | 8.00% | N/A | ||||||||
First Bank | 734,535 | 20.12 | 626,177 | 17.18 | 8 | 10.00% | ||||||||||||
Tier 1 capital (to risk-weighted assets): | ||||||||||||||||||
First Banks, Inc. | 239,868 | 6.58 | 46,771 | 1.28 | 4 | N/A | ||||||||||||
First Bank | 688,427 | 18.86 | 580,026 | 15.92 | 4 | 6 | ||||||||||||
Tier 1 capital (to average assets): | ||||||||||||||||||
First Banks, Inc. | 239,868 | 4.12 | 46,771 | 0.73 | 4 | N/A | ||||||||||||
First Bank | 688,427 | 11.77 | 580,026 | 9.13 | 4 | 5 | ||||||||||||
FAIR_VALUE_DISCLOSURES_Tables
FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 are reflected in the following table: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
December 31, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Available-for-sale investment securities: | ||||||||||||||||
U.S. Government sponsored agencies | $ | — | 275,899 | — | 275,899 | |||||||||||
Residential mortgage-backed | — | 1,105,787 | — | 1,105,787 | ||||||||||||
Commercial mortgage-backed | — | 856 | — | 856 | ||||||||||||
State and political subdivisions | — | 31,557 | — | 31,557 | ||||||||||||
Corporate notes | — | 196,203 | — | 196,203 | ||||||||||||
Equity investments | 1,443 | — | — | 1,443 | ||||||||||||
Mortgage loans held for sale | — | 25,548 | — | 25,548 | ||||||||||||
Derivative instruments: | ||||||||||||||||
Interest rate lock commitments | — | 217 | — | 217 | ||||||||||||
Forward commitments to sell mortgage-backed securities | — | 296 | — | 296 | ||||||||||||
Servicing rights | — | — | 18,854 | 18,854 | ||||||||||||
Total | $ | 1,443 | 1,636,363 | 18,854 | 1,656,660 | |||||||||||
Liabilities: | ||||||||||||||||
Nonqualified deferred compensation plan | $ | 6,641 | — | — | 6,641 | |||||||||||
Total | $ | 6,641 | — | — | 6,641 | |||||||||||
December 31, 2012: | ||||||||||||||||
Assets: | ||||||||||||||||
Available-for-sale investment securities: | ||||||||||||||||
U.S. Government sponsored agencies | $ | — | 310,429 | — | 310,429 | |||||||||||
Residential mortgage-backed | — | 1,534,067 | — | 1,534,067 | ||||||||||||
Commercial mortgage-backed | — | 915 | — | 915 | ||||||||||||
State and political subdivisions | — | 4,929 | — | 4,929 | ||||||||||||
Corporate notes | — | 192,365 | — | 192,365 | ||||||||||||
Equity investments | 1,022 | — | — | 1,022 | ||||||||||||
Mortgage loans held for sale | — | 66,133 | — | 66,133 | ||||||||||||
Derivative instruments: | ||||||||||||||||
Customer interest rate swap agreements | — | 87 | — | 87 | ||||||||||||
Interest rate lock commitments | — | 1,837 | — | 1,837 | ||||||||||||
Forward commitments to sell mortgage-backed securities | — | (305 | ) | — | (305 | ) | ||||||||||
Servicing rights | — | — | 14,792 | 14,792 | ||||||||||||
Total | $ | 1,022 | 2,110,457 | 14,792 | 2,126,271 | |||||||||||
Liabilities: | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Customer interest rate swap agreements | $ | — | 87 | — | 87 | |||||||||||
Nonqualified deferred compensation plan | 6,443 | — | — | 6,443 | ||||||||||||
Total | $ | 6,443 | 87 | — | 6,530 | |||||||||||
Schedule of changes in Level 3 assets measured on a recurring basis | ' | |||||||||||||||
The following table presents the changes in Level 3 assets measured on a recurring basis for the years ended December 31, 2013 and 2012: | ||||||||||||||||
Servicing Rights | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
Balance, beginning of year | $ | 14,792 | 15,380 | |||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Included in earnings (1) | 439 | (5,475 | ) | |||||||||||||
Included in other comprehensive income (loss) | — | — | ||||||||||||||
Issuances | 3,623 | 4,887 | ||||||||||||||
Transfers in and/or out of level 3 | — | — | ||||||||||||||
Balance, end of year | $ | 18,854 | 14,792 | |||||||||||||
-1 | Gains or losses (realized/unrealized) are included in noninterest income in the consolidated statements of operations. | |||||||||||||||
Schedule of assets measured at fair value on a nonrecurring basis | ' | |||||||||||||||
Assets measured at fair value on a nonrecurring basis as of December 31, 2013 and 2012 are reflected in the following table: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
December 31, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial, financial and agricultural | $ | — | — | 10,026 | 10,026 | |||||||||||
Real estate construction and development | — | — | 4,620 | 4,620 | ||||||||||||
Real estate mortgage: | ||||||||||||||||
Bank portfolio | — | — | 5,532 | 5,532 | ||||||||||||
Mortgage Division portfolio | — | — | 82,944 | 82,944 | ||||||||||||
Home equity portfolio | — | — | 5,889 | 5,889 | ||||||||||||
Multi-family residential | — | — | 27,310 | 27,310 | ||||||||||||
Commercial real estate | — | — | 11,812 | 11,812 | ||||||||||||
Consumer and installment | — | — | 19 | 19 | ||||||||||||
Other real estate and repossessed assets | — | — | 66,702 | 66,702 | ||||||||||||
Total | $ | — | — | 214,854 | 214,854 | |||||||||||
December 31, 2012: | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial, financial and agricultural | $ | — | — | 18,374 | 18,374 | |||||||||||
Real estate construction and development | — | — | 40,731 | 40,731 | ||||||||||||
Real estate mortgage: | ||||||||||||||||
Bank portfolio | — | — | 8,237 | 8,237 | ||||||||||||
Mortgage Division portfolio | — | — | 86,500 | 86,500 | ||||||||||||
Home equity portfolio | — | — | 6,887 | 6,887 | ||||||||||||
Multi-family residential | — | — | 33,863 | 33,863 | ||||||||||||
Commercial real estate | — | — | 26,218 | 26,218 | ||||||||||||
Consumer and installment | — | — | 27 | 27 | ||||||||||||
Other real estate and repossessed assets | — | — | 91,995 | 91,995 | ||||||||||||
Total | $ | — | — | 312,832 | 312,832 | |||||||||||
Schedule of estimated fair value of financial instruments | ' | |||||||||||||||
The estimated fair value of the Company’s financial instruments at December 31, 2013 and 2012 were as follows: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 190,435 | 190,435 | — | — | 190,435 | ||||||||||
Investment securities: | ||||||||||||||||
Available for sale | 1,611,745 | 1,443 | 1,610,302 | — | 1,611,745 | |||||||||||
Held to maturity | 740,186 | — | 719,183 | — | 719,183 | |||||||||||
Loans held for portfolio | 2,750,514 | — | — | 2,562,160 | 2,562,160 | |||||||||||
Loans held for sale | 25,548 | — | 25,548 | — | 25,548 | |||||||||||
FRB and FHLB stock | 27,357 | 27,357 | — | — | 27,357 | |||||||||||
Derivative instruments | 513 | — | 513 | — | 513 | |||||||||||
Accrued interest receivable | 17,798 | 17,798 | — | — | 17,798 | |||||||||||
Financial Liabilities: | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,243,545 | 1,243,545 | — | — | 1,243,545 | ||||||||||
Interest-bearing demand | 679,527 | 679,527 | — | — | 679,527 | |||||||||||
Savings and money market | 1,844,710 | 1,844,710 | — | — | 1,844,710 | |||||||||||
Time deposits | 1,046,113 | — | — | 1,046,485 | 1,046,485 | |||||||||||
Other borrowings | 43,143 | 43,143 | — | — | 43,143 | |||||||||||
Accrued interest payable | 63,341 | 63,341 | — | — | 63,341 | |||||||||||
Subordinated debentures | 354,210 | — | — | 242,678 | 242,678 | |||||||||||
Off-Balance Sheet Financial Instruments: | ||||||||||||||||
Commitments to extend credit, standby letters of credit and financial guarantees | $ | (2,715 | ) | — | — | (2,715 | ) | (2,715 | ) | |||||||
31-Dec-12 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 518,846 | 518,846 | — | — | 518,846 | ||||||||||
Investment securities: | ||||||||||||||||
Available for sale | 2,043,727 | 1,022 | 2,042,705 | — | 2,043,727 | |||||||||||
Held to maturity | 631,553 | — | 637,024 | — | 637,024 | |||||||||||
Loans held for portfolio | 2,773,012 | — | — | 2,572,256 | 2,572,256 | |||||||||||
Loans held for sale | 66,133 | — | 66,133 | — | 66,133 | |||||||||||
FRB and FHLB stock | 27,329 | 27,329 | — | — | 27,329 | |||||||||||
Derivative instruments | 1,619 | — | 1,619 | — | 1,619 | |||||||||||
Accrued interest receivable | 18,284 | 18,284 | — | — | 18,284 | |||||||||||
Assets of discontinued operations | 6,706 | — | 6,706 | — | 6,706 | |||||||||||
Financial Liabilities: | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,327,183 | 1,327,183 | — | — | 1,327,183 | ||||||||||
Interest-bearing demand | 1,000,666 | 1,000,666 | — | — | 1,000,666 | |||||||||||
Savings and money market | 1,880,271 | 1,880,271 | — | — | 1,880,271 | |||||||||||
Time deposits | 1,284,727 | — | — | 1,286,730 | 1,286,730 | |||||||||||
Other borrowings | 26,025 | 26,025 | — | — | 26,025 | |||||||||||
Derivative instruments | 87 | — | 87 | — | 87 | |||||||||||
Accrued interest payable | 48,541 | 48,541 | — | — | 48,541 | |||||||||||
Subordinated debentures | 354,133 | — | — | 254,984 | 254,984 | |||||||||||
Liabilities of discontinued operations | 155,711 | — | 155,711 | — | 155,711 | |||||||||||
Off-Balance Sheet Financial Instruments: | ||||||||||||||||
Commitments to extend credit, standby letters of credit and financial guarantees | $ | (2,779 | ) | — | — | (2,779 | ) | (2,779 | ) | |||||||
CREDIT_COMMITMENTS_Tables
CREDIT COMMITMENTS (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||
Schedule of Credit Commitments and Standby Letters of Credit | ' | ||||||
Commitments to extend fixed and variable rate credit, and commercial and standby letters of credit, at December 31, 2013 and 2012 were as follows: | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
(dollars expressed in thousands) | |||||||
Commitments to extend credit | $ | 766,442 | 667,215 | ||||
Commercial and standby letters of credit | 46,680 | 59,075 | |||||
Total | $ | 813,122 | 726,290 | ||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Operating Loss Carryforwards [Line Items] | ' | ||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||||||||||
The (benefit) provision for income taxes from continuing operations for the years ended December 31, 2013, 2012 and 2011 consists of the following: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||||
Current (benefit) provision for income taxes: | |||||||||||||||||||||
Federal | $ | 3 | — | 902 | |||||||||||||||||
State | (244 | ) | (32 | ) | (721 | ) | |||||||||||||||
(241 | ) | (32 | ) | 181 | |||||||||||||||||
Deferred benefit for income taxes: | |||||||||||||||||||||
Federal | 44,068 | 6,766 | (15,104 | ) | |||||||||||||||||
State | (1,275 | ) | 1,253 | (7,187 | ) | ||||||||||||||||
42,793 | 8,019 | (22,291 | ) | ||||||||||||||||||
(Decrease) increase in deferred tax asset valuation allowance | (331,053 | ) | (8,126 | ) | 11,456 | ||||||||||||||||
Total | $ | (288,501 | ) | (139 | ) | (10,654 | ) | ||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||||||||||
The effective rates of federal income taxes for the years ended December 31, 2013, 2012 and 2011 differ from the federal statutory rates of taxation as follows: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||||
Income (loss) from continuing operations before benefit for income taxes and net income (loss) attributable to noncontrolling interest in subsidiary | $ | (67,801 | ) | $ | 34,663 | $ | (45,360 | ) | |||||||||||||
Provision (benefit) for income taxes calculated at federal statutory income tax rates | $ | (23,730 | ) | 35 | % | $ | 12,132 | 35 | % | $ | (15,876 | ) | 35 | % | |||||||
Effects of differences in tax reporting: | |||||||||||||||||||||
Tax-exempt interest income, net of tax preference adjustment | (117 | ) | 0.2 | (135 | ) | (0.4 | ) | (203 | ) | 0.4 | |||||||||||
State income taxes | (1,098 | ) | 1.6 | 795 | 2.3 | (4,667 | ) | 10.3 | |||||||||||||
Bank owned life insurance, net of premium | 516 | (0.8 | ) | 11 | — | 10 | — | ||||||||||||||
Noncontrolling investment in flow-through entity | (63 | ) | 0.1 | 104 | 0.3 | 1,033 | (2.3 | ) | |||||||||||||
Goodwill impairment and amortization of intangibles | 37,544 | (55.4 | ) | — | — | 175 | (0.3 | ) | |||||||||||||
(Decrease) increase in deferred tax asset valuation allowance, net of federal benefit | (311,537 | ) | 459.5 | (13,112 | ) | (37.9 | ) | 19,456 | (42.9 | ) | |||||||||||
Reclassification of deferred tax asset valuation allowance from accumulated other comprehensive income to provision for income taxes | 10,547 | (15.6 | ) | — | — | (10,466 | ) | 23.1 | |||||||||||||
Expiration of net operating loss carryforwards | 3 | — | 643 | 1.9 | 34 | — | |||||||||||||||
Other, net | (566 | ) | 0.9 | (577 | ) | (1.6 | ) | (150 | ) | 0.2 | |||||||||||
Benefit for income taxes | $ | (288,501 | ) | 425.5 | % | $ | (139 | ) | (0.4 | )% | $ | (10,654 | ) | 23.5 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Federal net operating loss carryforwards | $ | 200,139 | 209,190 | ||||||||||||||||||
State net operating loss carryforwards | 66,578 | 65,882 | |||||||||||||||||||
Allowance for loan losses | 35,354 | 37,825 | |||||||||||||||||||
Loans held for sale | 2,341 | 2,032 | |||||||||||||||||||
Alternative minimum and general business tax credits | 20,830 | 19,146 | |||||||||||||||||||
Interest on nonaccrual loans | 9,078 | 12,551 | |||||||||||||||||||
Deferred compensation | 4,070 | 3,573 | |||||||||||||||||||
Core deposit intangibles | 2,493 | 2,706 | |||||||||||||||||||
Partnership and corporate investments | 5,945 | 7,908 | |||||||||||||||||||
Deferred loan charge-offs and other fraud losses | 1,426 | 4,341 | |||||||||||||||||||
Other real estate and repossessed assets | 15,893 | 22,666 | |||||||||||||||||||
Accrued contingent liabilities | 1,908 | 2,870 | |||||||||||||||||||
Depreciation on bank premises and equipment | — | 1,202 | |||||||||||||||||||
State taxes | (19,325 | ) | 682 | ||||||||||||||||||
Other | 12,531 | 12,692 | |||||||||||||||||||
Gross deferred tax assets | 359,261 | 405,266 | |||||||||||||||||||
Valuation allowance | (43,380 | ) | (376,224 | ) | |||||||||||||||||
Deferred tax assets, net of valuation allowance | 315,881 | 29,042 | |||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Servicing rights | 4,655 | 2,632 | |||||||||||||||||||
Net fair value adjustment for available-for-sale investment securities | 1,055 | 21,214 | |||||||||||||||||||
Deferred gain on reclassification of investment securities from available for sale to held to maturity | 4,988 | 4,265 | |||||||||||||||||||
Equity investments | 5,683 | 5,364 | |||||||||||||||||||
Thrift base year tax bad debt reserve | 10,605 | — | |||||||||||||||||||
Net deferred loan fees | 1,870 | 1,903 | |||||||||||||||||||
Depreciation on bank premises and equipment | (1,561 | ) | — | ||||||||||||||||||
Other | 1,102 | 804 | |||||||||||||||||||
Deferred tax liabilities | 28,397 | 36,182 | |||||||||||||||||||
Net deferred tax assets (liabilities) | $ | 287,484 | (7,140 | ) | |||||||||||||||||
Deferred Tax Asset Valuation Allowance Rollforward | ' | ||||||||||||||||||||
Changes in the deferred tax asset valuation allowance for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||||
Balance, beginning of year | $ | 376,224 | 391,629 | 370,125 | |||||||||||||||||
Reversal of deferred tax asset valuation allowance to provision for income taxes | (319,142 | ) | (643 | ) | (115 | ) | |||||||||||||||
(Decrease) increase in deferred tax asset valuation allowance to provision for income taxes | (27,319 | ) | (468 | ) | 31,621 | ||||||||||||||||
Increase (decrease) in deferred tax asset valuation allowance to accumulated other comprehensive income | 13,617 | (14,294 | ) | (10,002 | ) | ||||||||||||||||
Balance, end of year | $ | 43,380 | 376,224 | 391,629 | |||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ||||||||||||||||||||
A reconciliation of the beginning and ending balance of these unrecognized tax benefits for the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||||
Balance, beginning of year | $ | 1,126 | 1,194 | ||||||||||||||||||
Additions: | |||||||||||||||||||||
Tax positions taken during the current year | 90 | 217 | |||||||||||||||||||
Tax positions taken during the prior year | — | — | |||||||||||||||||||
Reductions: | |||||||||||||||||||||
Tax positions taken during the prior year | (335 | ) | (14 | ) | |||||||||||||||||
Lapse of statute of limitations | — | (271 | ) | ||||||||||||||||||
Balance, end of year | $ | 881 | 1,126 | ||||||||||||||||||
Federal - Domestic Tax Authority [Member] | ' | ||||||||||||||||||||
Operating Loss Carryforwards [Line Items] | ' | ||||||||||||||||||||
Summary of Net Operating Loss Carryforwards | ' | ||||||||||||||||||||
At December 31, 2013, the Company’s federal net operating loss carryforwards expire as follows: | |||||||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||||
Year ending December 31: | |||||||||||||||||||||
2021 | $ | 2,919 | |||||||||||||||||||
2022 | 2,386 | ||||||||||||||||||||
2023 – 2026 | 17,814 | ||||||||||||||||||||
2027 – 2032 | 548,707 | ||||||||||||||||||||
Total | $ | 571,826 | |||||||||||||||||||
State and Local Jurisdiction [Member] | ' | ||||||||||||||||||||
Operating Loss Carryforwards [Line Items] | ' | ||||||||||||||||||||
Summary of Net Operating Loss Carryforwards | ' | ||||||||||||||||||||
At December 31, 2013, the Company’s state net operating loss carryforwards expire as follows: | |||||||||||||||||||||
State Net Operating Losses (Footprint States) | State Net Operating Losses (Other States) | State Net Operating Losses | |||||||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||||
Year ending December 31: | |||||||||||||||||||||
2014 | $ | — | 154 | 154 | |||||||||||||||||
2015 | 16,822 | 291 | 17,113 | ||||||||||||||||||
2016 | 13,028 | 252 | 13,280 | ||||||||||||||||||
2017 | 1,372 | 272 | 1,644 | ||||||||||||||||||
2018 | 549 | 261 | 810 | ||||||||||||||||||
2019 – 2026 | 175,144 | 3,320 | 178,464 | ||||||||||||||||||
2027 – 2032 | 570,594 | 3,301 | 573,895 | ||||||||||||||||||
Total | $ | 777,509 | 7,851 | 785,360 | |||||||||||||||||
EARNINGS_LOSS_PER_COMMON_SHARE1
EARNINGS (LOSS) PER COMMON SHARE (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings Per Share Reconciliation | ' | |||||||||
The following is a reconciliation of basic and diluted earnings (loss) per share for the years ended December 31, 2013, 2012 and 2011: | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(dollars in thousands, except share and per share data) | ||||||||||
Basic: | ||||||||||
Net income (loss) from continuing operations attributable to First Banks, Inc. | $ | 220,521 | 35,099 | (31,756 | ) | |||||
Preferred stock dividends declared | (15,869 | ) | (18,886 | ) | (17,908 | ) | ||||
Accretion of discount on preferred stock | (3,643 | ) | (3,554 | ) | (3,466 | ) | ||||
Net income (loss) from continuing operations attributable to common stockholders | 201,009 | 12,659 | (53,130 | ) | ||||||
Net income (loss) from discontinued operations attributable to common stockholders | 21,223 | (8,821 | ) | (9,394 | ) | |||||
Net income (loss) available to First Banks, Inc. common stockholders | $ | 222,232 | 3,838 | (62,524 | ) | |||||
Weighted average shares of common stock outstanding | 23,661 | 23,661 | 23,661 | |||||||
Basic earnings (loss) per common share – continuing operations | $ | 8,495.35 | 535.03 | (2,245.44 | ) | |||||
Basic earnings (loss) per common share – discontinued operations | $ | 896.96 | (372.81 | ) | (397.02 | ) | ||||
Basic earnings (loss) per common share | $ | 9,392.31 | 162.22 | (2,642.46 | ) | |||||
Diluted: | ||||||||||
Net income (loss) from continuing operations attributable to common stockholders | $ | 201,009 | 12,659 | (53,130 | ) | |||||
Net income (loss) from discontinued operations attributable to common stockholders | 21,223 | (8,821 | ) | (9,394 | ) | |||||
Net income (loss) available to First Banks, Inc. common stockholders | 222,232 | 3,838 | (62,524 | ) | ||||||
Effect of dilutive securities – Class A convertible preferred stock | — | — | — | |||||||
Diluted income (loss) available to First Banks, Inc. common stockholders | $ | 222,232 | 3,838 | (62,524 | ) | |||||
Weighted average shares of common stock outstanding | 23,661 | 23,661 | 23,661 | |||||||
Effect of dilutive securities – Class A convertible preferred stock | — | — | — | |||||||
Weighted average diluted shares of common stock outstanding | 23,661 | 23,661 | 23,661 | |||||||
Diluted earnings (loss) per common share – continuing operations | $ | 8,495.35 | 535.03 | (2,245.44 | ) | |||||
Diluted earnings (loss) per common share – discontinued operations | $ | 896.96 | (372.81 | ) | (397.02 | ) | ||||
Diluted earnings (loss) per common share | $ | 9,392.31 | 162.22 | (2,642.46 | ) | |||||
BUSINESS_SEGMENT_RESULTS_Table
BUSINESS SEGMENT RESULTS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Business Segment Results | ' | |||||||||||||||||||||||||||
The business segment results are summarized as follows: | ||||||||||||||||||||||||||||
First Bank | Corporate, Other and Intercompany Reclassifications | Consolidated Totals | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
Balance sheet information: | ||||||||||||||||||||||||||||
Investment securities | $ | 2,351,931 | 2,675,280 | 2,470,704 | — | — | — | 2,351,931 | 2,675,280 | 2,470,704 | ||||||||||||||||||
Total loans | 2,857,095 | 2,930,747 | 3,284,279 | — | — | — | 2,857,095 | 2,930,747 | 3,284,279 | |||||||||||||||||||
FRB and FHLB stock | 27,357 | 27,329 | 27,078 | — | — | — | 27,357 | 27,329 | 27,078 | |||||||||||||||||||
Goodwill | — | 125,267 | 125,267 | — | — | — | — | 125,267 | 125,267 | |||||||||||||||||||
Assets of discontinued operations | — | 6,706 | 6,913 | — | — | — | — | 6,706 | 6,913 | |||||||||||||||||||
Total assets | 5,865,160 | 6,495,226 | 6,593,515 | 53,823 | 13,900 | 15,398 | 5,918,983 | 6,509,126 | 6,608,913 | |||||||||||||||||||
Deposits | 4,815,792 | 5,495,624 | 5,625,889 | (1,897 | ) | (2,777 | ) | (2,834 | ) | 4,813,895 | 5,492,847 | 5,623,055 | ||||||||||||||||
Other borrowings | 43,143 | 26,025 | 51,170 | — | — | — | 43,143 | 26,025 | 51,170 | |||||||||||||||||||
Subordinated debentures | — | — | — | 354,210 | 354,133 | 354,057 | 354,210 | 354,133 | 354,057 | |||||||||||||||||||
Liabilities of discontinued operations | — | 155,711 | 174,737 | — | — | — | — | 155,711 | 174,737 | |||||||||||||||||||
Stockholders’ equity | 931,561 | 751,252 | 680,625 | (443,305 | ) | (451,293 | ) | (416,954 | ) | 488,256 | 299,959 | 263,671 | ||||||||||||||||
First Bank | Corporate, Other and Intercompany Reclassifications | Consolidated Totals | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
Income statement information: | ||||||||||||||||||||||||||||
Interest income | $ | 172,810 | 200,682 | 230,974 | — | 121 | 85 | 172,810 | 200,803 | 231,059 | ||||||||||||||||||
Interest expense | 9,054 | 14,773 | 30,026 | 15,050 | 14,838 | 13,612 | 24,104 | 29,611 | 43,638 | |||||||||||||||||||
Net interest income (loss) | 163,756 | 185,909 | 200,948 | (15,050 | ) | (14,717 | ) | (13,527 | ) | 148,706 | 171,192 | 187,421 | ||||||||||||||||
Provision (benefit) for loan losses | (5,000 | ) | 2,000 | 69,000 | — | — | — | (5,000 | ) | 2,000 | 69,000 | |||||||||||||||||
Net interest income (loss) after provision (benefit) for loan losses | 168,756 | 183,909 | 131,948 | (15,050 | ) | (14,717 | ) | (13,527 | ) | 153,706 | 169,192 | 118,421 | ||||||||||||||||
Noninterest income | 64,666 | 65,573 | 61,705 | 454 | 405 | 219 | 65,120 | 65,978 | 61,924 | |||||||||||||||||||
Goodwill impairment | 107,267 | — | — | — | — | — | 107,267 | — | — | |||||||||||||||||||
Amortization of intangible assets | — | — | 3,024 | — | — | — | — | — | 3,024 | |||||||||||||||||||
Other noninterest expense | 178,450 | 198,997 | 223,059 | 910 | 1,510 | (378 | ) | 179,360 | 200,507 | 222,681 | ||||||||||||||||||
(Loss) income from continuing operations before (benefit) provision for income taxes | (52,295 | ) | 50,485 | (32,430 | ) | (15,506 | ) | (15,822 | ) | (12,930 | ) | (67,801 | ) | 34,663 | (45,360 | ) | ||||||||||||
(Benefit) provision for income taxes | (249,137 | ) | 230 | (10,608 | ) | (39,364 | ) | (369 | ) | (46 | ) | (288,501 | ) | (139 | ) | (10,654 | ) | |||||||||||
Net income (loss) from continuing operations, net of tax | 196,842 | 50,255 | (21,822 | ) | 23,858 | (15,453 | ) | (12,884 | ) | 220,700 | 34,802 | (34,706 | ) | |||||||||||||||
Income (loss) from discontinued operations, net of tax | 21,223 | (8,821 | ) | (9,394 | ) | — | — | — | 21,223 | (8,821 | ) | (9,394 | ) | |||||||||||||||
Net income (loss) | 218,065 | 41,434 | (31,216 | ) | 23,858 | (15,453 | ) | (12,884 | ) | 241,923 | 25,981 | (44,100 | ) | |||||||||||||||
Net income (loss) attributable to noncontrolling interest in subsidiary | 179 | (297 | ) | (2,950 | ) | — | — | — | 179 | (297 | ) | (2,950 | ) | |||||||||||||||
Net income (loss) attributable to First Banks, Inc. | $ | 217,886 | 41,731 | (28,266 | ) | 23,858 | (15,453 | ) | (12,884 | ) | 241,744 | 26,278 | (41,150 | ) | ||||||||||||||
EMPLOYEE_BENEFITS_Tables
EMPLOYEE BENEFITS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||
Schedule of Changes in Projected Benefit Obligations | ' | ||||||||||||
A summary of the Plan’s change in the projected benefit obligation and change in the fair value of Plan assets for the years ended December 31, 2013 and 2012 and amounts recognized in the Company’s consolidated balance sheets as of December 31, 2013 and 2012 is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(dollars expressed in thousands) | |||||||||||||
Change in Projected Benefit Obligation: | |||||||||||||
Projected benefit obligation at beginning of year | $ | 13,987 | 12,467 | ||||||||||
Interest cost | 449 | 516 | |||||||||||
Actuarial loss | (1,100 | ) | 1,765 | ||||||||||
Benefit payments | (843 | ) | (761 | ) | |||||||||
Projected benefit obligation at end of year | $ | 12,493 | 13,987 | ||||||||||
Change in Fair Value of Plan Assets: | |||||||||||||
Fair value at beginning of year | $ | 9,419 | 8,848 | ||||||||||
Actual return on plan assets | 1,014 | 666 | |||||||||||
Employer contributions | 256 | 666 | |||||||||||
Benefit payments | (843 | ) | (761 | ) | |||||||||
Fair value at end of year | $ | 9,846 | 9,419 | ||||||||||
Amount Recognized in Consolidated Balance Sheets: | |||||||||||||
Accrued pension liability | $ | 2,647 | 4,568 | ||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income: | |||||||||||||
Loss | $ | (4,162 | ) | (5,940 | ) | ||||||||
Deferred tax liability | 1,513 | 2,396 | |||||||||||
Loss, net of tax | $ | (2,649 | ) | (3,544 | ) | ||||||||
Schedule of Assumptions Used | ' | ||||||||||||
The following table reflects the weighted average assumptions used to determine the net periodic benefit cost for the years ended December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
Discount rate | 3.31 | % | 4.28 | % | |||||||||
Expected long-term rate of return on Plan assets | 6 | 7 | |||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||
A summary of the components of net periodic benefit cost for the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(dollars expressed in thousands) | |||||||||||||
Interest cost | $ | 449 | 516 | ||||||||||
Expected return on Plan assets | (551 | ) | (617 | ) | |||||||||
Amortization of net actuarial loss | 216 | 145 | |||||||||||
Net periodic benefit cost | $ | 114 | 44 | ||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||
Amounts recognized in accumulated other comprehensive income consist of: | |||||||||||||
2013 | 2012 | ||||||||||||
(dollars expressed in thousands) | |||||||||||||
Net (gain) loss | $ | (1,562 | ) | 1,715 | |||||||||
Amortization of net actuarial loss | (216 | ) | (145 | ) | |||||||||
Total recognized in accumulated other comprehensive income | $ | (1,778 | ) | 1,570 | |||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||
The fair value of Plan assets at December 31, 2013 and 2012 was comprised of the following: | |||||||||||||
Fair Value Measurements | |||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||
(dollars expressed in thousands) | |||||||||||||
Plan Assets - December 31, 2013: | |||||||||||||
Cash and cash equivalents | $ | 240 | — | — | 240 | ||||||||
Equity securities | — | 4,451 | — | 4,451 | |||||||||
Debt securities | — | 4,688 | — | 4,688 | |||||||||
Other | — | 467 | — | 467 | |||||||||
Total | $ | 240 | 9,606 | — | 9,846 | ||||||||
Plan Assets - December 31, 2012: | |||||||||||||
Cash and cash equivalents | $ | 361 | — | — | 361 | ||||||||
Equity securities | — | 3,959 | — | 3,959 | |||||||||
Debt securities | — | 4,603 | — | 4,603 | |||||||||
Other | — | 496 | — | 496 | |||||||||
Total | $ | 361 | 9,058 | — | 9,419 | ||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||
Pension benefit payments are expected to be paid to Plan participants by the Plan as follows: | |||||||||||||
(dollars expressed in thousands) | |||||||||||||
Year ending December 31: | |||||||||||||
2014 | $ | 843 | |||||||||||
2015 | 859 | ||||||||||||
2016 | 860 | ||||||||||||
2017 | 856 | ||||||||||||
2018 | 865 | ||||||||||||
2019 – 2023 | 4,335 | ||||||||||||
PARENT_COMPANY_ONLY_FINANCIAL_1
PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||
CONDENSED BALANCE SHEETS | ' | |||||||||
CONDENSED BALANCE SHEETS | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
(dollars expressed in thousands) | ||||||||||
Assets | ||||||||||
Cash deposited in First Bank (unrestricted cash) | $ | 1,864 | 2,744 | |||||||
Investment in common securities - TRuPS | 10,678 | 10,678 | ||||||||
Investment in subsidiaries | 838,489 | 657,838 | ||||||||
Other assets | 42,982 | 3,583 | ||||||||
Total assets | $ | 894,013 | 674,843 | |||||||
Liabilities and Stockholders’ Equity | ||||||||||
Subordinated debentures | $ | 354,210 | 354,133 | |||||||
Accrued interest payable - TRuPS | 62,855 | 47,878 | ||||||||
Dividends payable | 77,800 | 61,931 | ||||||||
Accrued expenses and other liabilities | 4,726 | 4,597 | ||||||||
Total liabilities | 499,591 | 468,539 | ||||||||
First Banks, Inc. stockholders’ equity | 394,422 | 206,304 | ||||||||
Total liabilities and stockholders’ equity | $ | 894,013 | 674,843 | |||||||
CONDENSED STATEMENTS OF OPERATIONS | ' | |||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(dollars expressed in thousands) | ||||||||||
Income: | ||||||||||
Management fees from subsidiaries | $ | 23 | 3 | 28 | ||||||
Net loss on derivative instruments | — | (43 | ) | (194 | ) | |||||
Other | 458 | 578 | 509 | |||||||
Total income | 481 | 538 | 343 | |||||||
Expense: | ||||||||||
Interest | 15,054 | 14,847 | 13,623 | |||||||
Other | 933 | 1,506 | (374 | ) | ||||||
Total expense | 15,987 | 16,353 | 13,249 | |||||||
Loss before benefit for income taxes and equity in undistributed earnings (losses) of subsidiaries | (15,506 | ) | (15,815 | ) | (12,906 | ) | ||||
Benefit for income taxes | (38,841 | ) | (348 | ) | (46 | ) | ||||
Income (loss) before equity in undistributed earnings (losses) of subsidiaries | 23,335 | (15,467 | ) | (12,860 | ) | |||||
Equity in undistributed earnings (losses) of subsidiaries | 218,409 | 41,745 | (28,290 | ) | ||||||
Net income (loss) attributable to First Banks, Inc. | $ | 241,744 | 26,278 | (41,150 | ) | |||||
CONDENSED STATEMENTS OF CASH FLOWS | ' | |||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(dollars expressed in thousands) | ||||||||||
Cash flows from operating activities: | ||||||||||
Net income (loss) attributable to First Banks, Inc. | $ | 241,744 | 26,278 | (41,150 | ) | |||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||
Net (income) loss of subsidiaries | (218,409 | ) | (41,745 | ) | 28,290 | |||||
Other, net | (24,215 | ) | 15,410 | 12,042 | ||||||
Net cash used in operating activities | (880 | ) | (57 | ) | (818 | ) | ||||
Cash flows from financing activities: | ||||||||||
Payment of preferred stock dividends | — | — | — | |||||||
Net cash used in financing activities | — | — | — | |||||||
Net decrease in unrestricted cash | (880 | ) | (57 | ) | (818 | ) | ||||
Unrestricted cash, beginning of year | 2,744 | 2,801 | 3,619 | |||||||
Unrestricted cash, end of year | $ | 1,864 | 2,744 | 2,801 | ||||||
Noncash investing activities: | ||||||||||
Cash paid for interest | $ | — | — | — | ||||||
BASIS_OF_PRESENTATION_AND_SUMM2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Textual) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Noncontrolling Interest [Line Items] | ' | ' |
Interest-bearing deposits in banks and other financial institutions | $98,066,000 | $404,005,000 |
Required daily cash and cash equivalents reserve balance | 11,500,000 | 14,600,000 |
Federal Reserve stock, investment requirement as a percent of First Bank capital stock and capital surplus | 6.00% | ' |
Federal Home Loan Bank of Des Moines [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Federal Home Loan Bank stock, investment requirement as a percent of First Bank total Assets | 0.12% | ' |
Federal Home Loan Bank stock, investment requirement, maximum amount | 10,000,000 | ' |
Federal Home Loan Bank stock, investment requirement, maximum, percent of advances | 4.45% | ' |
Federal Home Loan Bank stock | 7,800,000 | 7,900,000 |
Federal Reserve Bank of St. Louis [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Federal Reserve Bank stock | $19,600,000 | $19,400,000 |
First Capital America, Inc. [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 46.77% | ' |
First Bank | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 53.23% | ' |
Buildings and improvements | Minimum | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Property, plant and equipment, useful life | '5 years | ' |
Buildings and improvements | Maximum | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Property, plant and equipment, useful life | '40 years | ' |
Equipment [Member] | Minimum | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Property, plant and equipment, useful life | '3 years | ' |
Equipment [Member] | Maximum | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Property, plant and equipment, useful life | '7 years | ' |
DISCONTINUED_OPERATIONS_Discon
DISCONTINUED OPERATIONS (Discontinued Operations Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Assets of discontinued operations | $0 | $6,706 | $6,913 |
Deposits: | ' | ' | ' |
Liabilities of discontinued operations | 0 | 155,711 | 174,737 |
Northern Florida Region [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Cash and due from banks | ' | 1,139 | ' |
Total loans | ' | 0 | ' |
Bank premises and equipment, net | ' | 4,837 | ' |
Goodwill | ' | 700 | ' |
Other assets | ' | 30 | ' |
Assets of discontinued operations | ' | 6,706 | ' |
Deposits: | ' | ' | ' |
Noninterest-bearing demand | ' | 12,488 | ' |
Interest-bearing demand | ' | 10,480 | ' |
Savings and money market | ' | 67,686 | ' |
Time deposits of $100 or more | ' | 27,034 | ' |
Other time deposits | ' | 37,964 | ' |
Total deposits | ' | 155,652 | ' |
Accrued expenses and other liabilities | ' | 59 | ' |
Liabilities of discontinued operations | ' | $155,711 | ' |
DISCONTINUED_OPERATIONS_Discon1
DISCONTINUED OPERATIONS (Discontinued Operations Income Statement) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income: | ' | ' | ' |
Interest and fees on loans | $1,221 | $1,762 | $3,132 |
Interest expense: | ' | ' | ' |
Interest on deposits | 525 | 1,449 | 3,322 |
Net interest income (loss) | 696 | 313 | -190 |
Provision for loan losses | 0 | 0 | 0 |
Net interest income (loss) after provision for loan losses | 696 | 313 | -190 |
Noninterest income: | ' | ' | ' |
Service charges and customer service fees | 219 | 586 | 825 |
Other | 109 | 122 | 128 |
Total noninterest income | 328 | 708 | 953 |
Noninterest expense: | ' | ' | ' |
Salaries and employee benefits | 3,930 | 4,862 | 5,201 |
Occupancy, net of rental income | 585 | 1,772 | 1,824 |
Furniture and equipment | 81 | 367 | 574 |
Legal, examination and professional fees | 68 | 67 | 37 |
Amortization of intangible assets | ' | ' | 63 |
FDIC insurance | 724 | 1,481 | 1,796 |
Other | 3,195 | 1,293 | 1,087 |
Total noninterest expense | 8,583 | 9,842 | 10,582 |
(Loss) income from operations of discontinued operations | -7,559 | -8,821 | -9,819 |
Net gain on sale of discontinued operations | 29,023 | ' | 425 |
Provision for income taxes | 241 | 0 | 0 |
Net income (loss) from discontinued operations, net of tax | 21,223 | -8,821 | -9,394 |
Association Bank Services [Member] | ' | ' | ' |
Interest income: | ' | ' | ' |
Interest and fees on loans | 1,221 | 1,762 | 2,237 |
Interest expense: | ' | ' | ' |
Interest on deposits | 292 | 477 | 901 |
Net interest income (loss) | 929 | 1,285 | 1,336 |
Provision for loan losses | 0 | 0 | 0 |
Net interest income (loss) after provision for loan losses | 929 | 1,285 | 1,336 |
Noninterest income: | ' | ' | ' |
Service charges and customer service fees | 85 | 119 | 155 |
Other | 105 | 109 | 115 |
Total noninterest income | 190 | 228 | 270 |
Noninterest expense: | ' | ' | ' |
Salaries and employee benefits | 3,045 | 2,583 | 2,519 |
Occupancy, net of rental income | 6 | 12 | 10 |
Furniture and equipment | 41 | 89 | 114 |
Legal, examination and professional fees | 68 | 62 | 30 |
Amortization of intangible assets | ' | ' | 0 |
FDIC insurance | 671 | 1,123 | 1,227 |
Other | 743 | 942 | 641 |
Total noninterest expense | 4,574 | 4,811 | 4,541 |
(Loss) income from operations of discontinued operations | -3,455 | -3,298 | -2,935 |
Net gain on sale of discontinued operations | 28,615 | ' | 0 |
Provision for income taxes | 241 | 0 | 0 |
Net income (loss) from discontinued operations, net of tax | 24,919 | -3,298 | -2,935 |
Northern Florida Region [Member] | ' | ' | ' |
Interest income: | ' | ' | ' |
Interest and fees on loans | 0 | 0 | 0 |
Interest expense: | ' | ' | ' |
Interest on deposits | 233 | 972 | 2,160 |
Net interest income (loss) | -233 | -972 | -2,160 |
Provision for loan losses | 0 | 0 | 0 |
Net interest income (loss) after provision for loan losses | -233 | -972 | -2,160 |
Noninterest income: | ' | ' | ' |
Service charges and customer service fees | 134 | 467 | 411 |
Other | 4 | 13 | 8 |
Total noninterest income | 138 | 480 | 419 |
Noninterest expense: | ' | ' | ' |
Salaries and employee benefits | 885 | 2,279 | 2,325 |
Occupancy, net of rental income | 579 | 1,760 | 1,746 |
Furniture and equipment | 40 | 278 | 431 |
Legal, examination and professional fees | 0 | 5 | 1 |
Amortization of intangible assets | ' | ' | 63 |
FDIC insurance | 53 | 358 | 469 |
Other | 2,452 | 351 | 379 |
Total noninterest expense | 4,009 | 5,031 | 5,414 |
(Loss) income from operations of discontinued operations | -4,104 | -5,523 | -7,155 |
Net gain on sale of discontinued operations | 408 | ' | 0 |
Provision for income taxes | 0 | 0 | 0 |
Net income (loss) from discontinued operations, net of tax | -3,696 | -5,523 | -7,155 |
Northern Illinois Region [Member] | ' | ' | ' |
Interest income: | ' | ' | ' |
Interest and fees on loans | ' | ' | 895 |
Interest expense: | ' | ' | ' |
Interest on deposits | ' | ' | 261 |
Net interest income (loss) | ' | ' | 634 |
Provision for loan losses | ' | ' | 0 |
Net interest income (loss) after provision for loan losses | ' | ' | 634 |
Noninterest income: | ' | ' | ' |
Service charges and customer service fees | ' | ' | 259 |
Other | ' | ' | 5 |
Total noninterest income | ' | ' | 264 |
Noninterest expense: | ' | ' | ' |
Salaries and employee benefits | ' | ' | 357 |
Occupancy, net of rental income | ' | ' | 68 |
Furniture and equipment | ' | ' | 29 |
Legal, examination and professional fees | ' | ' | 6 |
Amortization of intangible assets | ' | ' | 0 |
FDIC insurance | ' | ' | 100 |
Other | ' | ' | 67 |
Total noninterest expense | ' | ' | 627 |
(Loss) income from operations of discontinued operations | ' | ' | 271 |
Net gain on sale of discontinued operations | ' | ' | 425 |
Provision for income taxes | ' | ' | 0 |
Net income (loss) from discontinued operations, net of tax | ' | ' | $696 |
DISCONTINUED_OPERATIONS_Textua
DISCONTINUED OPERATIONS (Textual) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Apr. 05, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2011 | Sep. 30, 2010 | Dec. 31, 2011 | 13-May-11 | Dec. 31, 2010 | Nov. 22, 2013 | Apr. 19, 2013 | |
Association Bank Services [Member] | Association Bank Services [Member] | Association Bank Services [Member] | Northern Florida Region [Member] | Northern Florida Region [Member] | Northern Florida Region [Member] | Northern Florida Region [Member] | Northern Florida Region [Member] | Bradenton, Palmetto, Longboat Key Florida | Northern Illinois Region [Member] | Northern Illinois Region [Member] | Northern Illinois Region [Member] | Northern Illinois Region [Member] | Northern Illinois Region [Member] | Union Bank, N.A. [Member] | HomeBanc National Association | ||||
offices | offices | offices | offices | Association Bank Services [Member] | Northern Florida Region [Member] | ||||||||||||||
contracts | offices | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $572,100,000 | $120,300,000 |
Loans Purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 20,800,000 | ' |
Number of Branch Offices to Be Closed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense on closure of branch offices attributable to continuing obligations under facility leasing arrangements | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Branches Reclassified from Discontinued to Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' |
Fair value adjustment on bank-owned facilities previously reported as discontinued operations that were reclassified to continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' |
Number of Sales Agreements Entered Into | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Number of Branch Offices Sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 11 | ' | 8 |
Gain (Loss) on Sale of Branch Offices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 425,000 | 6,400,000 | ' | ' | ' | ' | ' |
Net gain on sale of discontinued operations | 29,023,000 | ' | 425,000 | ' | 28,615,000 | 0 | ' | 408,000 | 0 | ' | ' | ' | ' | ' | 425,000 | ' | ' | ' | ' |
Goodwill allocated to sale transaction | $18,000,000 | $0 | ' | $18,000,000 | ' | ' | $700,000 | ' | ' | ' | ' | ' | $1,600,000 | $9,700,000 | ' | ' | ' | ' | ' |
INVESTMENTS_IN_DEBT_AND_EQUITY2
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Securities Available for Sale) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $14,799 | $11,400 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 226,796 | 245,011 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 250,522 | 269,997 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 1,117,065 | 1,466,809 |
Carrying value: Total Amortized Cost | 1,609,182 | 1,993,217 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 22,319 | 51,774 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 19,756 | 1,264 |
Carrying value: Fair Value | 1,611,745 | 2,043,727 |
Carrying value: Weighted Average Yield | 2.18% | 2.26% |
Fair Value: Maturity, 1 Year or Less | 14,927 | 11,476 |
Fair value: Maturity, 1-5 Years | 233,338 | 251,558 |
Fair value: Maturity, 5-10 Years | 250,860 | 275,251 |
Fair value: Maturity, After 10 Years | 1,112,620 | 1,505,442 |
Weighted average yield, Maturity, 1 Year or Less | 2.17% | 2.01% |
Weighted average yield, Maturity, 1-5 Years | 2.23% | 2.17% |
Weighted average yield, Maturity, 5-10 Years | 1.81% | 2.65% |
Weighted average yield, Maturity, After 10 Years | 2.24% | 2.21% |
US Government sponsored agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 8,450 | 10,051 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 40,243 | 80,328 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 88,666 | 0 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 135,679 | 213,892 |
Carrying value: Total Amortized Cost | 273,038 | 304,271 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 3,525 | 6,304 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 664 | 146 |
Carrying value: Fair Value | 275,899 | 310,429 |
Carrying value: Weighted Average Yield | 1.34% | 1.42% |
Residential mortgage-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 0 | 364 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 43,943 | 24,014 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 115,731 | 219,286 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 951,454 | 1,251,917 |
Carrying value: Total Amortized Cost | 1,111,128 | 1,495,581 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 12,873 | 38,983 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 18,214 | 497 |
Carrying value: Fair Value | 1,105,787 | 1,534,067 |
Carrying value: Weighted Average Yield | 2.32% | 2.32% |
Commercial mortgage-backed | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 793 | 806 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 0 | 0 |
Carrying value: Total Amortized Cost | 793 | 806 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 63 | 109 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | 0 |
Carrying value: Fair Value | 856 | 915 |
Carrying value: Weighted Average Yield | 4.94% | 4.86% |
State and political subdivisions | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 1,369 | 985 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 2,035 | 3,579 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 200 | 201 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 28,432 | 0 |
Carrying value: Total Amortized Cost | 32,036 | 4,765 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 81 | 164 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 560 | 0 |
Carrying value: Fair Value | 31,557 | 4,929 |
Carrying value: Weighted Average Yield | 1.26% | 4.05% |
Corporate notes | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 4,980 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 140,575 | 137,090 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 45,132 | 49,704 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 0 | 0 |
Carrying value: Total Amortized Cost | 190,687 | 186,794 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 5,777 | 6,192 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 261 | 621 |
Carrying value: Fair Value | 196,203 | 192,365 |
Carrying value: Weighted Average Yield | 2.69% | 3.13% |
Debt securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value: Maturity, 1 Year or Less | 14,927 | 11,476 |
Fair value: Maturity, 1-5 Years | 233,338 | 251,558 |
Fair value: Maturity, 5-10 Years | 250,860 | 275,251 |
Fair value: Maturity, After 10 Years | 1,111,177 | 1,504,420 |
Equity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 0 | 0 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 1,500 | 1,000 |
Carrying value: Total Amortized Cost | 1,500 | 1,000 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 0 | 22 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 57 | 0 |
Carrying value: Fair Value | 1,443 | 1,022 |
Carrying value: Weighted Average Yield | 2.17% | 2.54% |
Fair Value: Maturity, 1 Year or Less | 0 | 0 |
Fair value: Maturity, 1-5 Years | 0 | 0 |
Fair value: Maturity, 5-10 Years | 0 | 0 |
Fair value: Maturity, After 10 Years | $1,443 | $1,022 |
INVESTMENTS_IN_DEBT_AND_EQUITY3
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Securities Held to Maturity) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying value: Maturity, 1 Year or Less | $640 | $826 |
Carrying value: Maturity, 1-5 Years | 16,902 | 1,099 |
Carrying value: Maturity, 5-10 Years | 199,107 | 161,254 |
Carrying value: Maturity, After 10 Years | 523,537 | 468,374 |
Carrying value: Total Amortized Cost | 740,186 | 631,553 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 443 | 6,462 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 21,446 | 991 |
Carrying value: Fair Value | 719,183 | 637,024 |
Carrying value: Weighted Average Yield | 1.86% | 1.80% |
Weighted average yield, Maturity, 1 Year or Less | 3.32% | 2.56% |
Weighted average yield, Maturity, 1-5 Years | 2.20% | 3.40% |
Weighted average yield, Maturity, 5-10 Years | 1.53% | 1.77% |
Weighted average yield, Maturity, After 10 Years | 1.97% | 1.81% |
US Government sponsored agencies [Member] | ' | ' |
Carrying value: Maturity, 1 Year or Less | 0 | 0 |
Carrying value: Maturity, 1-5 Years | 0 | 0 |
Carrying value: Maturity, 5-10 Years | 16,119 | 52,582 |
Carrying value: Maturity, After 10 Years | 0 | 0 |
Carrying value: Total Amortized Cost | 16,119 | 52,582 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 269 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 153 | 0 |
Carrying value: Fair Value | 15,966 | 52,851 |
Carrying value: Weighted Average Yield | 1.14% | 1.63% |
Residential mortgage-backed [Member] | ' | ' |
Carrying value: Maturity, 1 Year or Less | 0 | 0 |
Carrying value: Maturity, 1-5 Years | 16,327 | 0 |
Carrying value: Maturity, 5-10 Years | 182,933 | 108,420 |
Carrying value: Maturity, After 10 Years | 522,504 | 466,863 |
Carrying value: Total Amortized Cost | 721,764 | 575,283 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 441 | 6,142 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 21,206 | 614 |
Carrying value: Fair Value | 700,999 | 580,811 |
Carrying value: Weighted Average Yield | 1.88% | 1.82% |
State and political subdivisions | ' | ' |
Carrying value: Maturity, 1 Year or Less | 640 | 826 |
Carrying value: Maturity, 1-5 Years | 575 | 1,099 |
Carrying value: Maturity, 5-10 Years | 55 | 252 |
Carrying value: Maturity, After 10 Years | 1,033 | 1,511 |
Carrying value: Total Amortized Cost | 2,303 | 3,688 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 2 | 51 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 87 | 377 |
Carrying value: Fair Value | 2,218 | 3,362 |
Carrying value: Weighted Average Yield | 1.93% | 1.89% |
Debt securities | ' | ' |
Fair Value: Maturity, 1 Year or Less | 642 | 836 |
Fair value: Maturity, 1-5 Years | 16,926 | 1,129 |
Fair value: Maturity, 5-10 Years | 195,647 | 164,433 |
Fair value: Maturity, After 10 Years | $505,968 | $470,626 |
INVESTMENTS_IN_DEBT_AND_EQUITY4
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Gross Realized Gains and Losses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gross realized gains on sales of available-for-sale securities | $802 | $1,675 | $5,286 |
Gross realized losses on sales of available-for-sale securities | -354 | -374 | -1 |
Other-than-temporary impairment | -412 | -2 | -3 |
Gross realized gains on calls of investment securities | 0 | 7 | 53 |
Gain (Loss) on Investments | $36 | $1,306 | $5,335 |
INVESTMENTS_IN_DEBT_AND_EQUITY5
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Schedule of Continuous Unrealized Losses) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available for sale: Less than 12 months, Fair Value | $566,896 | $145,467 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss Accumulated In Investments | -19,441 | -587 |
Available for sale: 12 months or more, Fair Value | 10,253 | 17,945 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss, Accumulated in Investments | -315 | -677 |
Available for sale: Total, Fair Value | 577,149 | 163,412 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Accumulated in Investments | -19,756 | -1,264 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 661,612 | 67,144 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -20,999 | -991 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 10,527 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | -447 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 672,139 | 67,144 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | -21,446 | -991 |
US Government sponsored agencies [Member] | ' | ' |
Available for sale: Less than 12 months, Fair Value | 16,005 | 20,018 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss Accumulated In Investments | -664 | -146 |
Available for sale: 12 months or more, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss, Accumulated in Investments | 0 | 0 |
Available for sale: Total, Fair Value | 16,005 | 20,018 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Accumulated in Investments | -664 | -146 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 15,966 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -153 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 15,966 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | -153 | ' |
Residential mortgage-backed [Member] | ' | ' |
Available for sale: Less than 12 months, Fair Value | 511,617 | 125,449 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss Accumulated In Investments | -18,119 | -441 |
Available for sale: 12 months or more, Fair Value | 5,473 | 270 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss, Accumulated in Investments | -95 | -56 |
Available for sale: Total, Fair Value | 517,090 | 125,719 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Accumulated in Investments | -18,214 | -497 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 644,700 | 66,011 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -20,759 | -614 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 10,527 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | -447 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 655,227 | 66,011 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | -21,206 | -614 |
State and political subdivisions | ' | ' |
Available for sale: Less than 12 months, Fair Value | 27,872 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss Accumulated In Investments | -560 | ' |
Available for sale: 12 months or more, Fair Value | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss, Accumulated in Investments | 0 | ' |
Available for sale: Total, Fair Value | 27,872 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Accumulated in Investments | -560 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 946 | 1,133 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -87 | -377 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 946 | 1,133 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | -87 | -377 |
Corporate notes | ' | ' |
Available for sale: Less than 12 months, Fair Value | 9,959 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss Accumulated In Investments | -41 | 0 |
Available for sale: 12 months or more, Fair Value | 4,780 | 17,675 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss, Accumulated in Investments | -220 | -621 |
Available for sale: Total, Fair Value | 14,739 | 17,675 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Accumulated in Investments | -261 | -621 |
Equity securities | ' | ' |
Available for sale: Less than 12 months, Fair Value | 1,443 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss Accumulated In Investments | -57 | ' |
Available for sale: 12 months or more, Fair Value | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss, Accumulated in Investments | 0 | ' |
Available for sale: Total, Fair Value | 1,443 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Accumulated in Investments | ($57) | ' |
INVESTMENTS_IN_DEBT_AND_EQUITY6
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Textual) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Proceeds from sales of investment securities available for sale | ' | ' | $143,675,000 | $315,238,000 | $283,713,000 |
Proceeds from calls of investment securities | ' | ' | 51,200,000 | 277,200,000 | 56,000,000 |
Securities pledged as collateral | ' | ' | 283,700,000 | 257,600,000 | ' |
Reclassification of investment securities from available for sale to held to maturity | 242,540,000 | 729,142,000 | 242,540,000 | 729,142,000 | 0 |
Gross unrealized gain on securities reclassified from available-for-sale to held-to-maturity | 5,000,000 | 11,700,000 | ' | ' | ' |
State and political subdivisions | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities | $407,000 | ' | ' | ' | ' |
Residential mortgage-backed [Member] | ' | ' | ' | ' | ' |
Number of available-for-sale securities in unrealized loss positions for twelve months or more | ' | ' | 11 | 9 | ' |
Corporate notes | ' | ' | ' | ' | ' |
Number of available-for-sale securities in unrealized loss positions for twelve months or more | ' | ' | 1 | 6 | ' |
LOANS_AND_ALLOWANCE_FOR_LOAN_L2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Composition of the Loan Portfolio) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Commercial, financial and agricultural | $600,704 | $610,301 | ' |
Real estate construction and development | 121,662 | 174,979 | ' |
Real estate mortgage: | ' | ' | ' |
Real estate mortgage | 2,091,026 | 2,060,131 | ' |
Consumer and installment | 18,681 | 19,262 | ' |
Loans held for sale | 25,548 | 66,133 | ' |
Net deferred loan fees | -526 | -59 | ' |
Total loans | 2,857,095 | 2,930,747 | 3,284,279 |
One-to-four-family residential | ' | ' | ' |
Real estate mortgage: | ' | ' | ' |
Real estate mortgage | 921,488 | 986,767 | ' |
Multi-family residential | ' | ' | ' |
Real estate mortgage: | ' | ' | ' |
Real estate mortgage | 121,304 | 103,684 | ' |
Total loans | 121,304 | 103,684 | ' |
Commercial real estate | ' | ' | ' |
Real estate mortgage: | ' | ' | ' |
Real estate mortgage | 1,048,234 | 969,680 | ' |
Total loans | $1,048,234 | $969,680 | ' |
LOANS_AND_ALLOWANCE_FOR_LOAN_L3
LOANS AND ALLOWANCE FOR LOAN LOSSES (Aging of Loans by Loan Classification) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Schedule of Aging of Loans by Loan Classification [Line Items] | ' | ' | ' |
30-59 Days | $8,475 | $12,142 | ' |
60-89 Days | 4,424 | 8,404 | ' |
Recorded Investment 90 Days Past Due And Accruing | 424 | 1,090 | ' |
Nonaccrual | 52,956 | 109,872 | ' |
Total Past Due | 66,279 | 131,508 | ' |
Current | 2,790,816 | 2,799,239 | ' |
Total loans | 2,857,095 | 2,930,747 | 3,284,279 |
Commercial, financial and agricultural | ' | ' | ' |
Schedule of Aging of Loans by Loan Classification [Line Items] | ' | ' | ' |
30-59 Days | 447 | 1,180 | ' |
60-89 Days | 394 | 322 | ' |
Recorded Investment 90 Days Past Due And Accruing | 80 | 0 | ' |
Nonaccrual | 10,523 | 19,050 | ' |
Total Past Due | 11,444 | 20,552 | ' |
Current | 589,260 | 589,749 | ' |
Total loans | 600,704 | 610,301 | ' |
Real estate construction and development | ' | ' | ' |
Schedule of Aging of Loans by Loan Classification [Line Items] | ' | ' | ' |
30-59 Days | 0 | 93 | ' |
60-89 Days | 0 | 0 | ' |
Recorded Investment 90 Days Past Due And Accruing | 0 | 0 | ' |
Nonaccrual | 4,914 | 32,152 | ' |
Total Past Due | 4,914 | 32,245 | ' |
Current | 116,748 | 142,734 | ' |
Total loans | 121,662 | 174,979 | ' |
Bank portfolio | ' | ' | ' |
Schedule of Aging of Loans by Loan Classification [Line Items] | ' | ' | ' |
30-59 Days | 1,898 | 1,871 | ' |
60-89 Days | 757 | 1,121 | ' |
Recorded Investment 90 Days Past Due And Accruing | 162 | 874 | ' |
Nonaccrual | 5,146 | 6,910 | ' |
Total Past Due | 7,963 | 10,776 | ' |
Current | 82,190 | 111,562 | ' |
Total loans | 90,153 | 122,338 | ' |
Mortgage Division portfolio | ' | ' | ' |
Schedule of Aging of Loans by Loan Classification [Line Items] | ' | ' | ' |
30-59 Days | 2,364 | 6,264 | ' |
60-89 Days | 1,880 | 4,375 | ' |
Recorded Investment 90 Days Past Due And Accruing | 0 | 0 | ' |
Nonaccrual | 14,917 | 19,780 | ' |
Total Past Due | 19,161 | 30,419 | ' |
Current | 462,850 | 479,552 | ' |
Total loans | 482,011 | 509,971 | ' |
Home equity | ' | ' | ' |
Schedule of Aging of Loans by Loan Classification [Line Items] | ' | ' | ' |
30-59 Days | 2,256 | 2,494 | ' |
60-89 Days | 963 | 1,221 | ' |
Recorded Investment 90 Days Past Due And Accruing | 182 | 216 | ' |
Nonaccrual | 7,361 | 8,671 | ' |
Total Past Due | 10,762 | 12,602 | ' |
Current | 338,562 | 341,856 | ' |
Total loans | 349,324 | 354,458 | ' |
Multi-family residential | ' | ' | ' |
Schedule of Aging of Loans by Loan Classification [Line Items] | ' | ' | ' |
30-59 Days | 0 | 0 | ' |
60-89 Days | 0 | 629 | ' |
Recorded Investment 90 Days Past Due And Accruing | 0 | 0 | ' |
Nonaccrual | 1,793 | 6,761 | ' |
Total Past Due | 1,793 | 7,390 | ' |
Current | 119,511 | 96,294 | ' |
Total loans | 121,304 | 103,684 | ' |
Commercial real estate | ' | ' | ' |
Schedule of Aging of Loans by Loan Classification [Line Items] | ' | ' | ' |
30-59 Days | 1,423 | 66 | ' |
60-89 Days | 391 | 693 | ' |
Recorded Investment 90 Days Past Due And Accruing | 0 | 0 | ' |
Nonaccrual | 8,283 | 16,520 | ' |
Total Past Due | 10,097 | 17,279 | ' |
Current | 1,038,137 | 952,401 | ' |
Total loans | 1,048,234 | 969,680 | ' |
Consumer and installment | ' | ' | ' |
Schedule of Aging of Loans by Loan Classification [Line Items] | ' | ' | ' |
30-59 Days | 87 | 174 | ' |
60-89 Days | 39 | 43 | ' |
Recorded Investment 90 Days Past Due And Accruing | 0 | 0 | ' |
Nonaccrual | 19 | 28 | ' |
Total Past Due | 145 | 245 | ' |
Current | 18,010 | 18,958 | ' |
Total loans | 18,155 | 19,203 | ' |
Loans held for sale | ' | ' | ' |
Schedule of Aging of Loans by Loan Classification [Line Items] | ' | ' | ' |
30-59 Days | 0 | 0 | ' |
60-89 Days | 0 | 0 | ' |
Recorded Investment 90 Days Past Due And Accruing | 0 | 0 | ' |
Nonaccrual | 0 | 0 | ' |
Total Past Due | 0 | 0 | ' |
Current | 25,548 | 66,133 | ' |
Total loans | $25,548 | $66,133 | ' |
LOANS_AND_ALLOWANCE_FOR_LOAN_L4
LOANS AND ALLOWANCE FOR LOAN LOSSES (Financing Receivable Credit Quality Indicators) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | $2,857,095 | $2,930,747 | $3,284,279 |
Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 1,891,904 | 1,858,644 | ' |
One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 439,477 | 476,796 | ' |
One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 500,166 | 529,174 | ' |
Commercial and Industrial | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 600,704 | 610,301 | ' |
Real Estate Construction and Development | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 121,662 | 174,979 | ' |
Real Estate Construction and Development | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 121,662 | 174,979 | ' |
Multi-family | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 121,304 | 103,684 | ' |
Multi-family | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 121,304 | 103,684 | ' |
Commercial Real Estate | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 1,048,234 | 969,680 | ' |
Commercial Real Estate | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 1,048,234 | 969,680 | ' |
Bank Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 90,153 | 122,338 | ' |
Bank Portfolio | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 90,153 | 122,338 | ' |
Home Equity | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 349,324 | 354,458 | ' |
Home Equity | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 349,324 | 354,458 | ' |
Mortgage Division Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 482,011 | 509,971 | ' |
Mortgage Division Portfolio | One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 482,011 | 509,971 | ' |
Consumer and Installment | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 18,155 | 19,203 | ' |
Consumer and Installment | One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 18,155 | 19,203 | ' |
Pass | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 1,694,392 | 1,543,395 | ' |
Pass | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 418,100 | 449,946 | ' |
Pass | One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 405,289 | 424,445 | ' |
Pass | Commercial and Industrial | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 559,243 | 572,248 | ' |
Pass | Real Estate Construction and Development | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 42,429 | 45,356 | ' |
Pass | Multi-family | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 91,001 | 67,690 | ' |
Pass | Commercial Real Estate | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 1,001,719 | 858,101 | ' |
Pass | Bank Portfolio | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 78,069 | 107,625 | ' |
Pass | Home Equity | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 340,031 | 342,321 | ' |
Pass | Mortgage Division Portfolio | One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 387,153 | 405,270 | ' |
Pass | Consumer and Installment | One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 18,136 | 19,175 | ' |
Special mention | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 38,854 | 87,326 | ' |
Special mention | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 6,372 | 4,621 | ' |
Special mention | Commercial and Industrial | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 16,211 | 10,580 | ' |
Special mention | Real Estate Construction and Development | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 929 | 6,076 | ' |
Special mention | Multi-family | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 0 | 220 | ' |
Special mention | Commercial Real Estate | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 21,714 | 70,450 | ' |
Special mention | Bank Portfolio | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 6,190 | 4,405 | ' |
Special mention | Home Equity | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 182 | 216 | ' |
Substandard | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 100,671 | 104,428 | ' |
Substandard | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 1,795 | 5,037 | ' |
Substandard | One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 2,491 | 6,627 | ' |
Substandard | Commercial and Industrial | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 14,727 | 8,423 | ' |
Substandard | Real Estate Construction and Development | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 73,390 | 81,364 | ' |
Substandard | Multi-family | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 555 | 773 | ' |
Substandard | Commercial Real Estate | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 11,999 | 13,868 | ' |
Substandard | Bank Portfolio | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 45 | 1,787 | ' |
Substandard | Home Equity | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 1,750 | 3,250 | ' |
Substandard | Mortgage Division Portfolio | One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 2,491 | 6,627 | ' |
Substandard | Consumer and Installment | One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 0 | 0 | ' |
Performing troubled debt restructuring | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 32,474 | 49,012 | ' |
Performing troubled debt restructuring | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 703 | 1,611 | ' |
Performing troubled debt restructuring | One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 77,450 | 78,294 | ' |
Performing troubled debt restructuring | Commercial and Industrial | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 0 | 0 | ' |
Performing troubled debt restructuring | Real Estate Construction and Development | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 0 | 10,031 | ' |
Performing troubled debt restructuring | Multi-family | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 27,955 | 28,240 | ' |
Performing troubled debt restructuring | Commercial Real Estate | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 4,519 | 10,741 | ' |
Performing troubled debt restructuring | Bank Portfolio | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 703 | 1,611 | ' |
Performing troubled debt restructuring | Home Equity | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 0 | 0 | ' |
Performing troubled debt restructuring | Mortgage Division Portfolio | One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 77,450 | 78,294 | ' |
Performing troubled debt restructuring | Consumer and Installment | One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 0 | 0 | ' |
Nonaccrual | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 25,513 | 74,483 | ' |
Nonaccrual | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 12,507 | 15,581 | ' |
Nonaccrual | One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 14,936 | 19,808 | ' |
Nonaccrual | Commercial and Industrial | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 10,523 | 19,050 | ' |
Nonaccrual | Real Estate Construction and Development | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 4,914 | 32,152 | ' |
Nonaccrual | Multi-family | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 1,793 | 6,761 | ' |
Nonaccrual | Commercial Real Estate | Commercial Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 8,283 | 16,520 | ' |
Nonaccrual | Bank Portfolio | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 5,146 | 6,910 | ' |
Nonaccrual | Home Equity | One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 7,361 | 8,671 | ' |
Nonaccrual | Mortgage Division Portfolio | One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | 14,917 | 19,780 | ' |
Nonaccrual | Consumer and Installment | One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, net of deferred income | $19 | $28 | ' |
LOANS_AND_ALLOWANCE_FOR_LOAN_L5
LOANS AND ALLOWANCE FOR LOAN LOSSES (Impaired Financing Receivables) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | $14,214 | $111,922 |
With No Related Allowance Recorded: Unpaid Principal Balance | 27,835 | 185,115 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 34,096 | 134,810 |
With No Related Allowance Recorded: Interest Income Recognized | 733 | 2,248 |
With A Related Allowance Recorded: Recorded Investment | 149,369 | 126,867 |
With A Related Allowance Recorded: Unpaid Principal Balance | 190,642 | 157,590 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 15,431 | 17,952 |
With A Related Allowance Recorded: Average Recorded Investment | 170,138 | 148,645 |
With A Related Allowance Recorded: Interest Income Recognized | 3,254 | 2,175 |
Recorded Investment, Total | 163,583 | 238,789 |
Unpaid Principal Balance, Total | 218,477 | 342,705 |
Related Allowance for Loan Losses, Total | 15,431 | 17,952 |
Average Recorded Investment, Total | 204,234 | 283,455 |
Interest Income Recognized, Total | 3,987 | 4,423 |
Commercial, financial and agricultural | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | 3,119 | 6,451 |
With No Related Allowance Recorded: Unpaid Principal Balance | 4,342 | 24,287 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 4,270 | 12,369 |
With No Related Allowance Recorded: Interest Income Recognized | 1 | 215 |
With A Related Allowance Recorded: Recorded Investment | 7,404 | 12,599 |
With A Related Allowance Recorded: Unpaid Principal Balance | 21,565 | 19,255 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 497 | 676 |
With A Related Allowance Recorded: Average Recorded Investment | 10,136 | 24,157 |
With A Related Allowance Recorded: Interest Income Recognized | 0 | 0 |
Recorded Investment, Total | 10,523 | 19,050 |
Unpaid Principal Balance, Total | 25,907 | 43,542 |
Related Allowance for Loan Losses, Total | 497 | 676 |
Average Recorded Investment, Total | 14,406 | 36,526 |
Interest Income Recognized, Total | 1 | 215 |
Real estate construction and development | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | 3,172 | 39,706 |
With No Related Allowance Recorded: Unpaid Principal Balance | 12,931 | 74,044 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 17,152 | 59,094 |
With No Related Allowance Recorded: Interest Income Recognized | 418 | 561 |
With A Related Allowance Recorded: Recorded Investment | 1,742 | 2,477 |
With A Related Allowance Recorded: Unpaid Principal Balance | 4,326 | 10,221 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 294 | 1,452 |
With A Related Allowance Recorded: Average Recorded Investment | 9,419 | 3,687 |
With A Related Allowance Recorded: Interest Income Recognized | 0 | 114 |
Recorded Investment, Total | 4,914 | 42,183 |
Unpaid Principal Balance, Total | 17,257 | 84,265 |
Related Allowance for Loan Losses, Total | 294 | 1,452 |
Average Recorded Investment, Total | 26,571 | 62,781 |
Interest Income Recognized, Total | 418 | 675 |
Bank portfolio | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | 0 | 1,611 |
With No Related Allowance Recorded: Unpaid Principal Balance | 0 | 1,690 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 0 | 2,166 |
With No Related Allowance Recorded: Interest Income Recognized | 41 | 32 |
With A Related Allowance Recorded: Recorded Investment | 5,849 | 6,910 |
With A Related Allowance Recorded: Unpaid Principal Balance | 7,427 | 8,655 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 317 | 284 |
With A Related Allowance Recorded: Average Recorded Investment | 7,161 | 9,288 |
With A Related Allowance Recorded: Interest Income Recognized | 0 | 0 |
Recorded Investment, Total | 5,849 | 8,521 |
Unpaid Principal Balance, Total | 7,427 | 10,345 |
Related Allowance for Loan Losses, Total | 317 | 284 |
Average Recorded Investment, Total | 7,161 | 11,454 |
Interest Income Recognized, Total | 41 | 32 |
Mortgage Division portfolio | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | 0 | 10,255 |
With No Related Allowance Recorded: Unpaid Principal Balance | 0 | 22,102 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 0 | 10,308 |
With No Related Allowance Recorded: Interest Income Recognized | 0 | 0 |
With A Related Allowance Recorded: Recorded Investment | 92,367 | 87,819 |
With A Related Allowance Recorded: Unpaid Principal Balance | 110,878 | 96,931 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 9,423 | 11,574 |
With A Related Allowance Recorded: Average Recorded Investment | 95,614 | 88,277 |
With A Related Allowance Recorded: Interest Income Recognized | 2,002 | 2,050 |
Recorded Investment, Total | 92,367 | 98,074 |
Unpaid Principal Balance, Total | 110,878 | 119,033 |
Related Allowance for Loan Losses, Total | 9,423 | 11,574 |
Average Recorded Investment, Total | 95,614 | 98,585 |
Interest Income Recognized, Total | 2,002 | 2,050 |
Home equity portfolio | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | 596 | 1,382 |
With No Related Allowance Recorded: Unpaid Principal Balance | 632 | 1,507 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 564 | 1,232 |
With No Related Allowance Recorded: Interest Income Recognized | 0 | 0 |
With A Related Allowance Recorded: Recorded Investment | 6,765 | 7,289 |
With A Related Allowance Recorded: Unpaid Principal Balance | 7,637 | 8,188 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 1,472 | 1,784 |
With A Related Allowance Recorded: Average Recorded Investment | 6,406 | 6,500 |
With A Related Allowance Recorded: Interest Income Recognized | 0 | 0 |
Recorded Investment, Total | 7,361 | 8,671 |
Unpaid Principal Balance, Total | 8,269 | 9,695 |
Related Allowance for Loan Losses, Total | 1,472 | 1,784 |
Average Recorded Investment, Total | 6,970 | 7,732 |
Interest Income Recognized, Total | 0 | 0 |
Multi-family residential | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | 443 | 33,709 |
With No Related Allowance Recorded: Unpaid Principal Balance | 709 | 37,206 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 474 | 13,682 |
With No Related Allowance Recorded: Interest Income Recognized | 0 | 280 |
With A Related Allowance Recorded: Recorded Investment | 29,305 | 1,292 |
With A Related Allowance Recorded: Unpaid Principal Balance | 29,322 | 1,403 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 2,438 | 1,138 |
With A Related Allowance Recorded: Average Recorded Investment | 31,377 | 524 |
With A Related Allowance Recorded: Interest Income Recognized | 1,226 | 0 |
Recorded Investment, Total | 29,748 | 35,001 |
Unpaid Principal Balance, Total | 30,031 | 38,609 |
Related Allowance for Loan Losses, Total | 2,438 | 1,138 |
Average Recorded Investment, Total | 31,851 | 14,206 |
Interest Income Recognized, Total | 1,226 | 280 |
Commercial real estate | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | 6,884 | 18,808 |
With No Related Allowance Recorded: Unpaid Principal Balance | 9,221 | 24,279 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 11,636 | 35,959 |
With No Related Allowance Recorded: Interest Income Recognized | 273 | 1,160 |
With A Related Allowance Recorded: Recorded Investment | 5,918 | 8,453 |
With A Related Allowance Recorded: Unpaid Principal Balance | 9,468 | 12,909 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 990 | 1,043 |
With A Related Allowance Recorded: Average Recorded Investment | 10,003 | 16,161 |
With A Related Allowance Recorded: Interest Income Recognized | 26 | 11 |
Recorded Investment, Total | 12,802 | 27,261 |
Unpaid Principal Balance, Total | 18,689 | 37,188 |
Related Allowance for Loan Losses, Total | 990 | 1,043 |
Average Recorded Investment, Total | 21,639 | 52,120 |
Interest Income Recognized, Total | 299 | 1,171 |
Consumer and installment | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | 0 | 0 |
With No Related Allowance Recorded: Unpaid Principal Balance | 0 | 0 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 0 | 0 |
With No Related Allowance Recorded: Interest Income Recognized | 0 | 0 |
With A Related Allowance Recorded: Recorded Investment | 19 | 28 |
With A Related Allowance Recorded: Unpaid Principal Balance | 19 | 28 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 1 |
With A Related Allowance Recorded: Average Recorded Investment | 22 | 51 |
With A Related Allowance Recorded: Interest Income Recognized | 0 | 0 |
Recorded Investment, Total | 19 | 28 |
Unpaid Principal Balance, Total | 19 | 28 |
Related Allowance for Loan Losses, Total | 0 | 1 |
Average Recorded Investment, Total | 22 | 51 |
Interest Income Recognized, Total | $0 | $0 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L6
LOANS AND ALLOWANCE FOR LOAN LOSSES (Troubled Debt Restructurings On Performing Financing Receivables) (Details) (Performing Troubled Debt Restructurings, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Total troubled debt restructurings | $110,627 | $128,917 |
Real estate construction and development | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total troubled debt restructurings | 0 | 10,031 |
One-to-four-family residential | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total troubled debt restructurings | 78,153 | 79,905 |
Multi-family residential | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total troubled debt restructurings | 27,955 | 28,240 |
Commercial real estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total troubled debt restructurings | $4,519 | $10,741 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L7
LOANS AND ALLOWANCE FOR LOAN LOSSES (Troubled Debt Restructurings On Non Performing Financing Receivables) (Details) (Nonperforming Troubled Debt Restructurings, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Total troubled debt restructurings | $10,582 | $40,010 |
Commercial, financial and agricultural | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total troubled debt restructurings | 711 | 1,004 |
Real estate construction and development | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total troubled debt restructurings | 3,605 | 26,557 |
One-to-four-family residential | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total troubled debt restructurings | 6,266 | 7,105 |
Multi-family residential | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total troubled debt restructurings | 0 | 2,482 |
Commercial real estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total troubled debt restructurings | $0 | $2,862 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L8
LOANS AND ALLOWANCE FOR LOAN LOSSES (Modified Troubled Debt Restructurings) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
contracts | contracts | |
Commercial, financial and agricultural | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 2 | 2 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $246 | $1,108 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 201 | 873 |
Real estate construction and development | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 0 | 4 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 6,263 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 5,670 |
One-to-four-family residential | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 53 | 50 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 11,838 | 9,049 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 10,897 | 8,992 |
Multi-family residential | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 0 | 2 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 28,280 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 28,280 |
Commercial real estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 0 | 3 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 9,965 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $0 | $9,965 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L9
LOANS AND ALLOWANCE FOR LOAN LOSSES (Modified Troubled Debt Restructurings That Subsequently Defaulted) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
contracts | contracts | |
Commercial, financial and agricultural | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 3 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $401 | $0 |
Real estate construction and development | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 3 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 1,364 |
One-to-four-family residential | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 6 | 9 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $1,101 | $1,588 |
Recovered_Sheet1
LOANS AND ALLOWANCE FOR LOAN LOSSES (Allowance for Credit Losses on Financing Receivables) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Abstract] | ' | ' | ' |
Balance, beginning of year | $91,602 | $137,710 | $201,033 |
Loans charged-off | -25,835 | -78,070 | -154,627 |
Recoveries of loans previously charged-off | 20,266 | 29,962 | 22,304 |
Net loans charged-off | -5,569 | -48,108 | -132,323 |
Provision (benefit) for loan losses | -5,000 | 2,000 | 69,000 |
Balance, end of year | $81,033 | $91,602 | $137,710 |
Recovered_Sheet2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Allowance For Credit Losses On Financing Receivables By Portfolio Segments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for loan losses: | ' | ' | ' |
Balance, beginning of year | $91,602 | $137,710 | $201,033 |
Charge-offs | -25,835 | -78,070 | -154,627 |
Recoveries | 20,266 | 29,962 | 22,304 |
Provision (benefit) for loan losses | -5,000 | 2,000 | 69,000 |
Balance, end of year | 81,033 | 91,602 | 137,710 |
Commercial and Industrial | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Balance, beginning of year | 13,572 | 27,243 | ' |
Charge-offs | -5,578 | -17,410 | ' |
Recoveries | 5,302 | 12,886 | ' |
Provision (benefit) for loan losses | 105 | -9,147 | ' |
Balance, end of year | 13,401 | 13,572 | ' |
Real Estate Construction and Development | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Balance, beginning of year | 14,434 | 24,868 | ' |
Charge-offs | -448 | -12,244 | ' |
Recoveries | 7,165 | 5,659 | ' |
Provision (benefit) for loan losses | -13,744 | -3,849 | ' |
Balance, end of year | 7,407 | 14,434 | ' |
One-to- Four-Family Residential | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Balance, beginning of year | 38,897 | 50,864 | ' |
Charge-offs | -12,747 | -21,814 | ' |
Recoveries | 4,455 | 5,188 | ' |
Provision (benefit) for loan losses | 2,014 | 4,659 | ' |
Balance, end of year | 32,619 | 38,897 | ' |
Multi- Family Residential | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Balance, beginning of year | 4,252 | 4,851 | ' |
Charge-offs | -162 | -2,435 | ' |
Recoveries | 145 | 44 | ' |
Provision (benefit) for loan losses | 1,014 | 1,792 | ' |
Balance, end of year | 5,249 | 4,252 | ' |
Commercial Real Estate | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Balance, beginning of year | 20,048 | 29,448 | ' |
Charge-offs | -6,720 | -23,856 | ' |
Recoveries | 3,067 | 5,982 | ' |
Provision (benefit) for loan losses | 5,657 | 8,474 | ' |
Balance, end of year | 22,052 | 20,048 | ' |
Consumer and Installment | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Balance, beginning of year | 399 | 436 | ' |
Charge-offs | -180 | -311 | ' |
Recoveries | 132 | 203 | ' |
Provision (benefit) for loan losses | -46 | 71 | ' |
Balance, end of year | $305 | $399 | ' |
Recovered_Sheet3
LOANS AND ALLOWANCE FOR LOAN LOSSES (Impairment Method by Loan Category) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Allowance for loan losses: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | $3,756 | $3,598 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 11,675 | 14,354 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 65,602 | 73,650 | ' | ' |
Ending balance: Total | 81,033 | 91,602 | 137,710 | 201,033 |
Financing receivables: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 57,005 | 119,483 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 106,578 | 119,306 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 2,667,964 | 2,625,825 | ' | ' |
Ending balance: Total | 2,831,547 | 2,864,614 | ' | ' |
Commercial and Industrial | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 0 | 75 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 497 | 601 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 12,904 | 12,896 | ' | ' |
Ending balance: Total | 13,401 | 13,572 | 27,243 | ' |
Financing receivables: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 3,480 | 7,884 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 7,043 | 11,166 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 590,181 | 591,251 | ' | ' |
Ending balance: Total | 600,704 | 610,301 | ' | ' |
Real Estate Construction and Development | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 62 | 121 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 232 | 1,331 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 7,113 | 12,982 | ' | ' |
Ending balance: Total | 7,407 | 14,434 | 24,868 | ' |
Financing receivables: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 3,440 | 39,155 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 1,474 | 3,028 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 116,748 | 132,796 | ' | ' |
Ending balance: Total | 121,662 | 174,979 | ' | ' |
One-to- Four-Family Residential | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 2,275 | 3,187 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 8,937 | 10,455 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 21,407 | 25,255 | ' | ' |
Ending balance: Total | 32,619 | 38,897 | 50,864 | ' |
Financing receivables: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 12,276 | 16,843 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 93,301 | 98,423 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 815,911 | 871,501 | ' | ' |
Ending balance: Total | 921,488 | 986,767 | ' | ' |
Multi- Family Residential | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 1,034 | 33 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 1,404 | 1,105 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 2,811 | 3,114 | ' | ' |
Ending balance: Total | 5,249 | 4,252 | 4,851 | ' |
Financing receivables: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 28,641 | 34,636 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 1,107 | 365 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 91,556 | 68,683 | ' | ' |
Ending balance: Total | 121,304 | 103,684 | ' | ' |
Commercial Real Estate | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 385 | 182 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 605 | 861 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 21,062 | 19,005 | ' | ' |
Ending balance: Total | 22,052 | 20,048 | 29,448 | ' |
Financing receivables: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 9,168 | 20,965 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 3,634 | 6,296 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 1,035,432 | 942,419 | ' | ' |
Ending balance: Total | 1,048,234 | 969,680 | ' | ' |
Consumer and Installment | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 0 | 0 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 0 | 1 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 305 | 398 | ' | ' |
Ending balance: Total | 305 | 399 | 436 | ' |
Financing receivables: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 0 | 0 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 19 | 28 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 18,136 | 19,175 | ' | ' |
Ending balance: Total | $18,155 | $19,203 | ' | ' |
Recovered_Sheet4
LOANS AND ALLOWANCE FOR LOAN LOSSES (Textual) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and leases receivable, gross, consumer, real estate, required interest only payments | $16,000,000 | $25,300,000 | ' |
Delinquency percent, residential real estate mortgages that require interest only payments as a percentage of total residential real estate mortgages that require interest only payments | 5.10% | 5.10% | ' |
Percent of total loan portfolio collateralized | 99.00% | 99.00% | ' |
Loans pledged as collateral | 1,030,000,000 | 1,170,000,000 | ' |
Impaired financing receivable individually evaluated for impairment | 57,005,000 | 119,483,000 | ' |
Loans and leases receivable, troubled debt, interest income under original terms not recorded | 13,400,000 | 21,700,000 | 34,200,000 |
Loans and leases receivable, impaired, troubled debt, interest income | 4,300,000 | 6,000,000 | 8,000,000 |
Allowance allocated to troubled debt restructurings | 15,431,000 | 17,952,000 | ' |
Minimum | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Impaired financing receivable individually evaluated for impairment | 500,000 | ' | ' |
Real Estate Construction and Development | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Total real estate loans as a percentage of total loan portfolio | 78.00% | 79.00% | ' |
Impaired financing receivable individually evaluated for impairment | 3,440,000 | 39,155,000 | ' |
Allowance allocated to troubled debt restructurings | 294,000 | 1,452,000 | ' |
Residential Real Estate Mortgages, Home Equity Lines of Credit | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Residential real estate mortgages and home equity lines of credit as a percentage of total real estate loans | 42.00% | 46.00% | ' |
Impaired Loans | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Financing receivable, allowance for credit losses, accumulated write-downs | 54,900,000 | 103,900,000 | ' |
Hamp Program | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Troubled debt restructurings under HAMP program | 75,300,000 | 75,700,000 | ' |
Troubled Debt Restructurings | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to troubled debt restructurings | 9,100,000 | 9,500,000 | ' |
Directors Affliates and Executive Officers [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Related Parties | $12,000,000 | $9,100,000 | ' |
BANK_PREMISES_AND_EQUIPMENT_NE2
BANK PREMISES AND EQUIPMENT, NET (Bank Premises and Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $282,756 | $280,760 |
Accumulated depreciation and amortization | -158,428 | -153,240 |
Bank premises and equipment, net | 124,328 | 127,520 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 32,631 | 33,324 |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 134,862 | 134,428 |
Furniture, fixtures and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 100,688 | 99,116 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 11,855 | 12,014 |
Construction in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $2,720 | $1,878 |
BANK_PREMISES_AND_EQUIPMENT_NE3
BANK PREMISES AND EQUIPMENT, NET (Future Minimum Operating Lease Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2014 | $9,098 |
2015 | 7,067 |
2016 | 6,210 |
2017 | 4,044 |
2018 | 2,566 |
Thereafter | 11,087 |
Total future minimum lease payments | $40,072 |
BANK_PREMISES_AND_EQUIPMENT_NE4
BANK PREMISES AND EQUIPMENT, NET (Textual) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Interest costs capitalized | $71,000 | $31,000 | $23,000 |
Depreciation and amortization | 11,800,000 | 12,000,000 | 13,400,000 |
Operating leases, rent expense | 10,600,000 | 11,500,000 | 13,000,000 |
Rental income, nonoperating | $4,300,000 | $4,100,000 | $4,400,000 |
GOODWILL_Schedule_of_Goodwill_
GOODWILL (Schedule of Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' |
Balance, beginning of year | $125,267 | $125,267 | ' |
Goodwill impairment | -107,267 | 0 | 0 |
Goodwill allocated to sale transaction | -18,000 | 0 | ' |
Balance, end of year | $0 | $125,267 | $125,267 |
GOODWILL_Textual_Details
GOODWILL (Textual) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Association Bank Services [Member] | ||||
Goodwill | $0 | $125,267,000 | $125,267,000 | ' |
Goodwill impairment | 107,267,000 | 0 | 0 | ' |
Amortization of intangible assets | 0 | 0 | 3,024,000 | ' |
Goodwill allocated to sale transaction | 18,000,000 | 0 | ' | 18,000,000 |
Goodwill impairment valuation discount rate | 16.00% | 15.00% | ' | ' |
Goodwill impairment valuation income approach weighted rate | 60.00% | 60.00% | ' | ' |
Goodwill impairment valuation market approach weighted rate | 20.00% | 20.00% | ' | ' |
Goodwill impairment valuation excess of carrying value of reporting unit over fair value | 119,500,000 | ' | ' | ' |
Goodwill impairment valuation estimated discount on loans held for portfolio | 188,400,000 | ' | ' | ' |
Goodwill Impairment Valuation Excess Of Fair Value Of Reporting Unit Over Carrying Value | ' | $42,900,000 | ' | ' |
SERVICING_RIGHTS_Schedule_of_S
SERVICING RIGHTS (Schedule of Servicing Assets at Fair Value) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Mortgage Banking [Member] | ' | ' | ||
Servicing Assets at Fair Value [Line Items] | ' | ' | ||
Balance, beginning of year | $9,152 | $9,077 | ||
Originated servicing rights | 3,623 | 4,887 | ||
Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model | 3,671 | [1] | -2,089 | [1] |
Other changes in fair value | -2,235 | [2] | -2,723 | [2] |
Balance, end of year | 14,211 | 9,152 | ||
SBA | ' | ' | ||
Servicing Assets at Fair Value [Line Items] | ' | ' | ||
Balance, beginning of year | 5,640 | 6,303 | ||
Originated servicing rights | 0 | 0 | ||
Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model | -244 | [1] | 434 | [1] |
Other changes in fair value | -753 | [2] | -1,097 | [2] |
Balance, end of year | $4,643 | $5,640 | ||
[1] | The change in fair value resulting from changes in valuation inputs or assumptions used in valuation model primarily reflects the change in discount rates and prepayment speed assumptions, primarily due to changes in interest rates. | |||
[2] | Other changes in fair value reflect changes due to the collection/realization of expected cash flows over time. |
SERVICING_RIGHTS_Textual_Detai
SERVICING RIGHTS (Textual) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Mortgage Banking [Member] | ' | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' |
Servicing portfolio | $1,330 | $1,270 |
Escrow deposit liabilities | 7.9 | 7.9 |
SBA | ' | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' |
Servicing portfolio | $139.10 | $159.60 |
DERIVATIVE_INSTRUMENTS_Schedul
DERIVATIVE INSTRUMENTS (Schedule of Derivative Instruments) (Details) (Not Designated As Hedging Instrument, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | $43,337 | $179,781 |
Interest rate lock commitments | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Notional Amount | 14,237 | 59,932 |
Forward commitments to sell mortgage-backed securities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Notional Amount | 29,100 | 107,700 |
Customer interest rate swap agreements | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | 0 | 12,149 |
Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 513 | 1,619 |
Other Assets [Member] | Interest rate lock commitments | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 217 | 1,837 |
Other Assets [Member] | Forward commitments to sell mortgage-backed securities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 296 | -305 |
Other Assets [Member] | Customer interest rate swap agreements | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 0 | 87 |
Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 0 | -87 |
Other Liabilities [Member] | Interest rate lock commitments | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 0 | 0 |
Other Liabilities [Member] | Forward commitments to sell mortgage-backed securities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 0 | 0 |
Other Liabilities [Member] | Customer interest rate swap agreements | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | $0 | ($87) |
DERIVATIVE_INSTRUMENTS_Schedul1
DERIVATIVE INSTRUMENTS (Schedule of Other Derivatives Not Designated as Hedging Instruments, Location in Statements) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Other noninterest income | ' | ($40) | ($200) |
Not Designated As Hedging Instrument | Interest rate lock commitments | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain on loans sold and held for sale | -1,620 | 456 | 1,105 |
Not Designated As Hedging Instrument | Forward commitments to sell mortgage-backed securities | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain on loans sold and held for sale | 601 | 424 | -2,267 |
Not Designated As Hedging Instrument | Interest rate swap agreements | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Other noninterest income | 0 | -43 | -194 |
Not Designated As Hedging Instrument | Customer interest rate swap agreements | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Other noninterest income | $0 | $3 | $1 |
DERIVATIVE_INSTRUMENTS_Textual
DERIVATIVE INSTRUMENTS (Textual) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative [Line Items] | ' | ' | ' |
Net loss on derivative instruments | ' | $40 | $200 |
Not Designated As Hedging Instrument | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative, Notional Amount | 43,337 | 179,781 | ' |
Not Designated As Hedging Instrument | Customer interest rate swap agreements | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Net loss on derivative instruments | 0 | -3 | -1 |
Derivative, Notional Amount | 0 | 12,149 | ' |
Not Designated As Hedging Instrument | Other Assets [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative assets | 513 | 1,619 | ' |
Not Designated As Hedging Instrument | Other Assets [Member] | Customer interest rate swap agreements | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative assets | 0 | 87 | ' |
Not Designated As Hedging Instrument | Interest rate lock commitments | Other Assets [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative assets | 217 | 1,837 | ' |
Not Designated As Hedging Instrument | Forward commitments to sell mortgage-backed securities | Other Assets [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative assets | $296 | ($305) | ' |
MATURITIES_OF_TIME_DEPOSITS_Ma
MATURITIES OF TIME DEPOSITS (Maturities of Time Deposits) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Deposit Liabilities [Line Items] | ' |
2014 | $769,729 |
2015 | 205,657 |
2016 | 30,084 |
2017 | 18,274 |
2018 | 22,356 |
Thereafter | 13 |
Total | 1,046,113 |
Time Deposits of $100,000 or More | ' |
Deposit Liabilities [Line Items] | ' |
2014 | 276,623 |
2015 | 85,327 |
2016 | 10,445 |
2017 | 6,541 |
2018 | 10,120 |
Thereafter | 0 |
Total | 389,056 |
Other Time Deposits | ' |
Deposit Liabilities [Line Items] | ' |
2014 | 493,106 |
2015 | 120,330 |
2016 | 19,639 |
2017 | 11,733 |
2018 | 12,236 |
Thereafter | 13 |
Total | $657,057 |
OTHER_BORROWINGS_Textual_Detai
OTHER BORROWINGS (Textual) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Short-term Debt [Line Items] | ' | ' | ' |
Other borrowings | $43,143,000 | $26,025,000 | $51,170,000 |
Securities Sold under Agreements to Repurchase [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Other borrowings | 43,100,000 | 26,000,000 | ' |
Other borrowings, weighted average interest rate | -0.03% | -0.05% | 0.03% |
Other borrowings, average outstanding amount | 34,800,000 | 33,000,000 | ' |
Other borrowings, maximum month-end outstanding amount | 44,400,000 | 57,700,000 | ' |
Interest expense, other borrowings | $34,000 | $33,000 | $82,000 |
NOTES_PAYABLE_Textual_Details
NOTES PAYABLE (Textual) (Details) (Parent Company [Member], Revolving Credit Facility [Member], Investors Of America Limited Partnership [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 20, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit note borrowing capacity | ' | $5 |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus 300 basis points | ' |
London Interbank Offered Rate (LIBOR) [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Spread on LIBOR, percentage | 3.00% | ' |
SUBORDINATED_DEBENTURES_Summar
SUBORDINATED DEBENTURES (Summary Of Junior Subordinated Debentures Issued To Trusts) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||||||
In Thousands, unless otherwise specified | First Bank Statutory Trust II | First Bank Statutory Trust II | Royal Oaks Capital Trust I | Royal Oaks Capital Trust I | First Bank Statutory Trust III | First Bank Statutory Trust III | First Bank Statutory Trust IV | First Bank Statutory Trust IV | First Bank Statutory Trust V | First Bank Statutory Trust V | First Bank Statutory Trust VI | First Bank Statutory Trust VI | First Bank Statutory Trust VII | First Bank Statutory Trust VII | First Bank Statutory Trust VIII | First Bank Statutory Trust VIII | First Bank Statutory Trust X | First Bank Statutory Trust X | First Bank Statutory Trust IX | First Bank Statutory Trust IX | First Bank Statutory Trust XI | First Bank Statutory Trust XI | First Bank Statutory Trust | First Preferred Capital Trust IV | |||||||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||||||||||||||||||||
Issuance Date | ' | ' | ' | 1-Sep-04 | ' | 1-Oct-04 | ' | 1-Nov-04 | ' | 1-Mar-06 | ' | 1-Apr-06 | ' | 1-Jun-06 | ' | 1-Dec-06 | ' | 1-Feb-07 | ' | 1-Aug-07 | ' | 1-Sep-07 | ' | 1-Sep-07 | ' | 1-Mar-03 | 1-Apr-03 | ||||||||||||||||||||||||
Maturity Date | ' | ' | ' | 20-Sep-34 | ' | 7-Jan-35 | ' | 15-Dec-34 | ' | 15-Mar-36 | ' | 15-Jun-36 | ' | 7-Jul-36 | ' | 15-Dec-36 | ' | 30-Mar-37 | ' | 15-Sep-37 | ' | 15-Dec-37 | ' | 15-Dec-37 | ' | 20-Mar-33 | 30-Jun-33 | ||||||||||||||||||||||||
Call Date | ' | ' | ' | 20-Sep-09 | [1] | ' | 7-Jan-10 | [1] | ' | 15-Dec-09 | [1] | ' | 15-Mar-11 | [1] | ' | 15-Jun-11 | [1] | ' | 7-Jul-11 | [1] | ' | 15-Dec-11 | [1] | ' | 30-Mar-12 | [1] | ' | 15-Sep-12 | [1] | ' | 15-Dec-12 | [1] | ' | 15-Dec-12 | [1] | ' | 20-Mar-08 | [1] | 30-Jun-08 | [1] | |||||||||||
Interest Rate | ' | ' | ' | ' | 2.05% | [2] | ' | 2.40% | [2] | ' | 2.18% | [2] | ' | 1.42% | [2] | ' | 1.45% | [2] | ' | 1.65% | [2] | ' | 1.85% | [2] | ' | 1.61% | [2] | ' | 2.30% | [2] | ' | 2.25% | [2] | ' | 2.85% | [2] | ' | ' | |||||||||||||
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.10% | [2] | 8.15% | [2] | ||||||||||||||||||||||
Trust Preferred Securities | ' | ' | ' | $20,000 | ' | $4,000 | ' | $40,000 | ' | $40,000 | ' | $20,000 | ' | $25,000 | ' | $50,000 | ' | $25,000 | ' | $15,000 | ' | $25,000 | ' | $10,000 | ' | $25,000 | $46,000 | ||||||||||||||||||||||||
Subordinated Debentures | $354,210 | $354,133 | $354,057 | $20,619 | ' | $4,124 | ' | $41,238 | ' | $41,238 | ' | $20,619 | ' | $25,774 | ' | $51,547 | ' | $25,774 | ' | $15,464 | ' | $25,774 | ' | $10,310 | ' | $25,774 | $47,423 | ||||||||||||||||||||||||
[1] | The junior subordinated debentures are callable at the option of the Company on the call date shown at 100% of the principal amount plus accrued and unpaid interest. | ||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The interest rates paid on the trust preferred securities are based on either a variable rate or a fixed rate. The variable rate is based on the three-month LIBOR plus the basis point spread shown. |
SUBORDINATED_DEBENTURES_Textua
SUBORDINATED DEBENTURES (Textual) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 10, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 10, 2014 | Mar. 14, 2014 | |
installment | Regularly Scheduled Deferred Interest Payments Accrued | Regularly Scheduled Deferred Interest Payments Accrued | Additional Deferred Interest Payments Accrued | Additional Deferred Interest Payments Accrued | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Subsequent Event [Member] | Junior Subordinated Debt [Member] | ||||
trust | Parent Company [Member] | Subsequent Event [Member] | |||||||||||
Subordinated Borrowings [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of trusts created for issuing trust preferred securities | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of principal amount callable at call date | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions accrued on junior subordinated debentures | $15,000,000 | $14,800,000 | $13,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trust preferred securities value | ' | ' | ' | 345,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of quarterly periods for deferral of cash interest payments on junior subordinated debt | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest payable | ' | ' | ' | ' | 56,000,000 | 43,800,000 | 6,700,000 | 3,900,000 | 62,855,000 | 47,878,000 | ' | ' | ' |
Cash Dividends Paid to First Banks, Inc. by First Bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | ' |
Deferred interest paid by First Banks, Inc. on the junior subordinated debentures to the respective trustees for further distribution to the trust preferred securities holders on the interest payment dates in March and April 2014 | $9,540,000 | $17,493,000 | $35,723,000 | ' | ' | ' | ' | ' | $0 | $0 | $0 | ' | $66,400,000 |
STOCKHOLDERS_EQUITY_Schedule_o
STOCKHOLDERS' EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) (Tables) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance, beginning of period | $45,259 | $16,066 | ($2,318) |
Other comprehensive income (loss) before reclassifications | -37,511 | 29,951 | 21,845 |
Amounts reclassified from accumulated other comprehensive income (loss) | -246 | -758 | -3,461 |
Net current period other comprehensive income (loss) | -37,757 | 29,193 | 18,384 |
Balance, end of period | 7,502 | 45,259 | 16,066 |
Investment Securities [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 35,186 | 19,437 | 222 |
Other comprehensive income (loss) before reclassifications | -24,789 | 16,507 | 22,676 |
Amounts reclassified from accumulated other comprehensive income (loss) | -246 | -758 | -3,461 |
Net current period other comprehensive income (loss) | -25,035 | 15,749 | 19,215 |
Balance, end of period | 10,151 | 35,186 | 19,437 |
Defined Benefit Pension Plan [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance, beginning of period | -3,544 | -2,633 | -2,220 |
Other comprehensive income (loss) before reclassifications | 895 | -911 | -413 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | 895 | -911 | -413 |
Balance, end of period | -2,649 | -3,544 | -2,633 |
Deferred Tax Asset Valuation Allowance [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 13,617 | -738 | -320 |
Other comprehensive income (loss) before reclassifications | -13,617 | 14,355 | -418 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | -13,617 | 14,355 | -418 |
Balance, end of period | $0 | $13,617 | ($738) |
STOCKHOLDERS_EQUITY_Details_Te
STOCKHOLDERS' EQUITY (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||
Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2008 | Jun. 13, 2011 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
class | Preferred Class A | Preferred Class A | Preferred Class A | Preferred Class B | Preferred Class B | Preferred Class C | Preferred Class C | Preferred Class D | Preferred Class C & D [Member] | Preferred Class C & D [Member] | Preferred Class C & D [Member] | Preferred Class C & D [Member] | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | First five years | On or after February 15, 2014 | Regularly scheduled dividend payments | Regularly scheduled dividend payments | Cumulative dividends on unpaid regular dividends | Cumulative dividends on unpaid regular dividends | |||||
Minimum | Maximum | Minimum | Maximum | U.S. Treasury's Troubled Asset Relief Program's Capital Purchase Program | U.S. Treasury's Troubled Asset Relief Program's Capital Purchase Program | directors | U.S. Treasury's Troubled Asset Relief Program's Capital Purchase Program | Minimum | Preferred Class C | Preferred Class C | Preferred Class C & D [Member] | Preferred Class C & D [Member] | Preferred Class C & D [Member] | Preferred Class C & D [Member] | ||||||||||||
quarters | U.S. Treasury's Troubled Asset Relief Program's Capital Purchase Program | U.S. Treasury's Troubled Asset Relief Program's Capital Purchase Program | ||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of classes of preferred stock | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price, percentage of par value | ' | ' | ' | ' | ' | 105.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, percentage dividend rate | ' | ' | ' | ' | ' | ' | 6.00% | 12.00% | 7.00% | 15.00% | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | 5.00% | 9.00% | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 295,400 | 14,770 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, liquidation preference (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividend rate period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend payment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Class C Preferred Stock carries an annual dividend rate equal to 5% for the first five years and the annual dividend rate increases to 9% per annum on and after February 15, 2014, payable quarterly in arrears beginning February 15, 2009. | 'Class D Preferred Stock carries an annual dividend rate equal to 9%, payable quarterly in arrears beginning February 15, 2009 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend deferral, conferral of right to elect directors (number of directors) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend deferral, number of directors elected | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $295,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on issuance of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock discount, accretion period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion Of Discount On Preferred Stock | ' | ' | 3,643,000 | 3,554,000 | 3,466,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of quarterly periods that dividends have been deferred on preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared and deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,800,000 | ' | ' | ' | ' | ' | ' | ' | 68,400,000 | 56,300,000 | 9,400,000 | 5,600,000 |
Reclassification of investment securities from available for sale to held to maturity | 242,540,000 | 729,142,000 | 242,540,000 | 729,142,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross unrealized gain on securities reclassified from available-for-sale to held-to-maturity | 5,000,000 | 11,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross unrealized gain on reclassification, net of taxes | 2,800,000 | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax effect of reclassification adjustment | 2,200,000 | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | ' | ' | -37,757,000 | 29,193,000 | 18,384,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -37,757,000 | 29,193,000 | 18,384,000 | ' | ' | ' | ' | ' | ' |
Other comprehensive income, tax | ' | ' | ($6,500,000) | ($6,400,000) | $10,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REGULATORY_CAPITAL_AND_OTHER_R2
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS (Schedule of Regulatory Capital) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
First Banks, Inc. | ' | ' |
Total capital (to risk-weighted assets): | ' | ' |
Total capital | $405,856 | $93,542 |
Total capital to risk-weighted assets, percentage | 11.13% | 2.57% |
Total capital required for capital adequacy purposes, percentage | 8.00% | ' |
Tier 1 capital (to risk-weighted assets): | ' | ' |
Tier 1 capital | 239,868 | 46,771 |
Tier 1 capital to risk-weighted assets, percentage | 6.58% | 1.28% |
Tier 1 capital required for capital adequacy purposes, percentage | 4.00% | ' |
Tier 1 capital (to average assets): | ' | ' |
Tier 1 capital | 239,868 | 46,771 |
Tier 1 capital to average assets, percentage | 4.12% | 0.73% |
Tier 1 capital required for capital adequacy purposes, percentage | 4.00% | ' |
First Bank | ' | ' |
Total capital (to risk-weighted assets): | ' | ' |
Total capital | 734,535 | 626,177 |
Total capital to risk-weighted assets, percentage | 20.12% | 17.18% |
Total capital required for capital adequacy purposes, percentage | 8.00% | ' |
Total capital required to be well capitalized under prompt corrective action provisions, percentage | 10.00% | ' |
Tier 1 capital (to risk-weighted assets): | ' | ' |
Tier 1 capital | 688,427 | 580,026 |
Tier 1 capital to risk-weighted assets, percentage | 18.86% | 15.92% |
Tier 1 capital required for capital adequacy purposes, percentage | 4.00% | ' |
Tier 1 capital required to be well capitalized under prompt corrective action provisions, percentage | 6.00% | ' |
Tier 1 capital (to average assets): | ' | ' |
Tier 1 capital | $688,427 | $580,026 |
Tier 1 capital to average assets, percentage | 11.77% | 9.13% |
Tier 1 capital required for capital adequacy purposes, percentage | 4.00% | ' |
Tier 1 capital required to be well capitalized under prompt corrective action provisions, percentage | 5.00% | ' |
REGULATORY_CAPITAL_AND_OTHER_R3
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS (Details Textual) (Subsequent Event [Member], Parent Company [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Feb. 10, 2014 |
Subsequent Event [Member] | Parent Company [Member] | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' |
Cash Dividends Paid to First Banks, Inc. by First Bank | $70 |
FAIR_VALUE_DISCLOSURES_Schedul
FAIR VALUE DISCLOSURES (Schedule of Items Measured on a Recurring Basis) (Details) (Recurring, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | $1,656,660 | $2,126,271 |
Liabilities, fair value disclosure, recurring | 6,641 | 6,530 |
US Government sponsored agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 275,899 | 310,429 |
Residential mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 1,105,787 | 1,534,067 |
Commercial mortgage-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 856 | 915 |
State and political subdivisions | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 31,557 | 4,929 |
Corporate notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 196,203 | 192,365 |
Equity investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 1,443 | 1,022 |
Mortgage loans held for sale | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 25,548 | 66,133 |
Interest rate lock commitments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 217 | 1,837 |
Forward commitments to sell mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 296 | -305 |
Servicing rights | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 18,854 | 14,792 |
Customer interest rate swap agreements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | ' | 87 |
Liabilities, fair value disclosure, recurring | ' | 87 |
Nonqualified deferred compensation plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value disclosure, recurring | 6,641 | 6,443 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 1,443 | 1,022 |
Liabilities, fair value disclosure, recurring | 6,641 | 6,443 |
Fair Value, Inputs, Level 1 | US Government sponsored agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Residential mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Commercial mortgage-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 1 | State and political subdivisions | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Corporate notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Equity investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 1,443 | 1,022 |
Fair Value, Inputs, Level 1 | Mortgage loans held for sale | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Interest rate lock commitments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Forward commitments to sell mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Servicing rights | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Customer interest rate swap agreements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | ' | 0 |
Liabilities, fair value disclosure, recurring | ' | 0 |
Fair Value, Inputs, Level 1 | Nonqualified deferred compensation plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value disclosure, recurring | 6,641 | 6,443 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 1,636,363 | 2,110,457 |
Liabilities, fair value disclosure, recurring | 0 | 87 |
Fair Value, Inputs, Level 2 | US Government sponsored agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 275,899 | 310,429 |
Fair Value, Inputs, Level 2 | Residential mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 1,105,787 | 1,534,067 |
Fair Value, Inputs, Level 2 | Commercial mortgage-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 856 | 915 |
Fair Value, Inputs, Level 2 | State and political subdivisions | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 31,557 | 4,929 |
Fair Value, Inputs, Level 2 | Corporate notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 196,203 | 192,365 |
Fair Value, Inputs, Level 2 | Equity investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Mortgage loans held for sale | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 25,548 | 66,133 |
Fair Value, Inputs, Level 2 | Interest rate lock commitments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 217 | 1,837 |
Fair Value, Inputs, Level 2 | Forward commitments to sell mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 296 | -305 |
Fair Value, Inputs, Level 2 | Servicing rights | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Customer interest rate swap agreements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | ' | 87 |
Liabilities, fair value disclosure, recurring | ' | 87 |
Fair Value, Inputs, Level 2 | Nonqualified deferred compensation plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 18,854 | 14,792 |
Liabilities, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 3 | US Government sponsored agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 3 | Residential mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 3 | Commercial mortgage-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 3 | State and political subdivisions | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 3 | Corporate notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 3 | Equity investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 3 | Mortgage loans held for sale | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 3 | Interest rate lock commitments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 3 | Forward commitments to sell mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 0 | 0 |
Fair Value, Inputs, Level 3 | Servicing rights | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | 18,854 | 14,792 |
Fair Value, Inputs, Level 3 | Customer interest rate swap agreements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, recurring | ' | 0 |
Liabilities, fair value disclosure, recurring | ' | 0 |
Fair Value, Inputs, Level 3 | Nonqualified deferred compensation plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value disclosure, recurring | $0 | $0 |
FAIR_VALUE_DISCLOSURES_Schedul1
FAIR VALUE DISCLOSURES (Schedule of Changes Fair Value of Level 3 Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total gains or losses (realized/unrealized): | ' | ' | ' |
Included in earnings | $439 | ($5,475) | ($7,652) |
Fair Value, Inputs, Level 3 | ' | ' | ' |
Servicing Asset at Fair Value, Amount [Roll Forward] | ' | ' | ' |
Balance, beginning of year | 14,792 | 15,380 | ' |
Total gains or losses (realized/unrealized): | ' | ' | ' |
Included in earnings | 439 | -5,475 | ' |
Included in other comprehensive income (loss) | 0 | 0 | ' |
Issuances | 3,623 | 4,887 | ' |
Transfers in and/or out of level 3 | 0 | 0 | ' |
Balance, end of year | $18,854 | $14,792 | ' |
FAIR_VALUE_DISCLOSURES_Schedul2
FAIR VALUE DISCLOSURES (Schedule of Items Measured on a Nonrecurring Basis) (Details) (Nonrecurring, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | $214,854 | $312,832 |
Commercial, financial and agricultural | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 10,026 | 18,374 |
Real estate construction and development | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 4,620 | 40,731 |
Bank portfolio | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 5,532 | 8,237 |
Mortgage Division portfolio | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 82,944 | 86,500 |
Home equity portfolio | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 5,889 | 6,887 |
Multi-family residential | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 27,310 | 33,863 |
Commercial real estate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 11,812 | 26,218 |
Consumer and installment | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 19 | 27 |
Other real estate and repossessed assets | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 66,702 | 91,995 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Commercial, financial and agricultural | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Real estate construction and development | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Bank portfolio | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Mortgage Division portfolio | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Home equity portfolio | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Multi-family residential | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Commercial real estate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Consumer and installment | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Other real estate and repossessed assets | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Commercial, financial and agricultural | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Real estate construction and development | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Bank portfolio | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Mortgage Division portfolio | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Home equity portfolio | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Multi-family residential | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Commercial real estate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Consumer and installment | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Other real estate and repossessed assets | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 214,854 | 312,832 |
Fair Value, Inputs, Level 3 | Commercial, financial and agricultural | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 10,026 | 18,374 |
Fair Value, Inputs, Level 3 | Real estate construction and development | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 4,620 | 40,731 |
Fair Value, Inputs, Level 3 | Bank portfolio | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 5,532 | 8,237 |
Fair Value, Inputs, Level 3 | Mortgage Division portfolio | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 82,944 | 86,500 |
Fair Value, Inputs, Level 3 | Home equity portfolio | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 5,889 | 6,887 |
Fair Value, Inputs, Level 3 | Multi-family residential | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 27,310 | 33,863 |
Fair Value, Inputs, Level 3 | Commercial real estate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 11,812 | 26,218 |
Fair Value, Inputs, Level 3 | Consumer and installment | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 19 | 27 |
Fair Value, Inputs, Level 3 | Other real estate and repossessed assets | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | $66,702 | $91,995 |
FAIR_VALUE_DISCLOSURES_Estimat
FAIR VALUE DISCLOSURES (Estimated Fair Values of Financial Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment securities: | ' | ' |
Available for sale | $1,611,745 | $2,043,727 |
Held to maturity | 719,183 | 637,024 |
Carrying Value | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 190,435 | 518,846 |
Investment securities: | ' | ' |
Available for sale | 1,611,745 | 2,043,727 |
Held to maturity | 740,186 | 631,553 |
Loans held for portfolio | 2,750,514 | 2,773,012 |
Loans held for sale | 25,548 | 66,133 |
FRB and FHLB stock | 27,357 | 27,329 |
Derivative instruments | 513 | 1,619 |
Accrued interest receivable | 17,798 | 18,284 |
Assets of discontinued operations | ' | 6,706 |
Financial Liabilities: | ' | ' |
Noninterest-bearing demand | 1,243,545 | 1,327,183 |
Interest-bearing demand | 679,527 | 1,000,666 |
Savings and money market | 1,844,710 | 1,880,271 |
Time deposits | 1,046,113 | 1,284,727 |
Other borrowings | 43,143 | 26,025 |
Derivative instruments | ' | 87 |
Accrued interest payable | 63,341 | 48,541 |
Subordinated debentures | 354,210 | 354,133 |
Liabilities of discontinued operations | ' | 155,711 |
Off-Balance Sheet Financial Instruments: | ' | ' |
Commitments to extend credit, standby letters of credit and financial guarantees | -2,715 | -2,779 |
Estimated Fair Value | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 190,435 | 518,846 |
Investment securities: | ' | ' |
Available for sale | 1,611,745 | 2,043,727 |
Held to maturity | 719,183 | 637,024 |
Loans held for portfolio | 2,562,160 | 2,572,256 |
Loans held for sale | 25,548 | 66,133 |
FRB and FHLB stock | 27,357 | 27,329 |
Derivative instruments | 513 | 1,619 |
Accrued interest receivable | 17,798 | 18,284 |
Assets of discontinued operations | ' | 6,706 |
Financial Liabilities: | ' | ' |
Noninterest-bearing demand | 1,243,545 | 1,327,183 |
Interest-bearing demand | 679,527 | 1,000,666 |
Savings and money market | 1,844,710 | 1,880,271 |
Time deposits | 1,046,485 | 1,286,730 |
Other borrowings | 43,143 | 26,025 |
Derivative instruments | ' | 87 |
Accrued interest payable | 63,341 | 48,541 |
Subordinated debentures | 242,678 | 254,984 |
Liabilities of discontinued operations | ' | 155,711 |
Off-Balance Sheet Financial Instruments: | ' | ' |
Commitments to extend credit, standby letters of credit and financial guarantees | -2,715 | -2,779 |
Estimated Fair Value | Fair Value, Inputs, Level 1 | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 190,435 | 518,846 |
Investment securities: | ' | ' |
Available for sale | 1,443 | 1,022 |
Held to maturity | 0 | 0 |
Loans held for portfolio | 0 | 0 |
Loans held for sale | 0 | 0 |
FRB and FHLB stock | 27,357 | 27,329 |
Derivative instruments | 0 | 0 |
Accrued interest receivable | 17,798 | 18,284 |
Assets of discontinued operations | ' | 0 |
Financial Liabilities: | ' | ' |
Noninterest-bearing demand | 1,243,545 | 1,327,183 |
Interest-bearing demand | 679,527 | 1,000,666 |
Savings and money market | 1,844,710 | 1,880,271 |
Time deposits | 0 | 0 |
Other borrowings | 43,143 | 26,025 |
Derivative instruments | ' | 0 |
Accrued interest payable | 63,341 | 48,541 |
Subordinated debentures | 0 | 0 |
Liabilities of discontinued operations | ' | 0 |
Off-Balance Sheet Financial Instruments: | ' | ' |
Commitments to extend credit, standby letters of credit and financial guarantees | 0 | 0 |
Estimated Fair Value | Fair Value, Inputs, Level 2 | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities: | ' | ' |
Available for sale | 1,610,302 | 2,042,705 |
Held to maturity | 719,183 | 637,024 |
Loans held for portfolio | 0 | 0 |
Loans held for sale | 25,548 | 66,133 |
FRB and FHLB stock | 0 | 0 |
Derivative instruments | 513 | 1,619 |
Accrued interest receivable | 0 | 0 |
Assets of discontinued operations | ' | 6,706 |
Financial Liabilities: | ' | ' |
Noninterest-bearing demand | 0 | 0 |
Interest-bearing demand | 0 | 0 |
Savings and money market | 0 | 0 |
Time deposits | 0 | 0 |
Other borrowings | 0 | 0 |
Derivative instruments | ' | 87 |
Accrued interest payable | 0 | 0 |
Subordinated debentures | 0 | 0 |
Liabilities of discontinued operations | ' | 155,711 |
Off-Balance Sheet Financial Instruments: | ' | ' |
Commitments to extend credit, standby letters of credit and financial guarantees | 0 | 0 |
Estimated Fair Value | Fair Value, Inputs, Level 3 | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities: | ' | ' |
Available for sale | 0 | 0 |
Held to maturity | 0 | 0 |
Loans held for portfolio | 2,562,160 | 2,572,256 |
Loans held for sale | 0 | 0 |
FRB and FHLB stock | 0 | 0 |
Derivative instruments | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Assets of discontinued operations | ' | 0 |
Financial Liabilities: | ' | ' |
Noninterest-bearing demand | 0 | 0 |
Interest-bearing demand | 0 | 0 |
Savings and money market | 0 | 0 |
Time deposits | 1,046,485 | 1,286,730 |
Other borrowings | 0 | 0 |
Derivative instruments | ' | 0 |
Accrued interest payable | 0 | 0 |
Subordinated debentures | 242,678 | 254,984 |
Liabilities of discontinued operations | ' | 0 |
Off-Balance Sheet Financial Instruments: | ' | ' |
Commitments to extend credit, standby letters of credit and financial guarantees | ($2,715) | ($2,779) |
FAIR_VALUE_DISCLOSURES_Details
FAIR VALUE DISCLOSURES (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Loans transferred to other real estate and repossessed assets | $9,483 | $24,223 | $69,941 |
Write-downs on other real estate and repossessed assets | 2,402 | 14,510 | 16,922 |
Other real estate and repossessed assets | $66,702 | $91,995 | ' |
CREDIT_COMMITMENTS_Schedule_of
CREDIT COMMITMENTS (Schedule of Credit Commitments and Standby Letters of Credit) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ' | ' |
Guarantor obligations, maximum exposure, undiscounted | $813,122 | $726,290 |
Commitments to extend credit | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Guarantor obligations, maximum exposure, undiscounted | 766,442 | 667,215 |
Commercial and standby letters of credit | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Guarantor obligations, maximum exposure, undiscounted | $46,680 | $59,075 |
CREDIT_COMMITMENTS_Textual_Det
CREDIT COMMITMENTS (Textual) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Federal Home Loan Bank, standby letters of credit issued | $25,900,000 | $25,000,000 |
Federal Home Loan Bank, letter of credit term | '5 years | ' |
Carrying Value | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Reserve for letters of credit and unfunded loan commitments | $2,715,000 | $2,779,000 |
INCOME_TAXES_Schedule_of_Compo
INCOME TAXES (Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current (benefit) provision for income taxes: | ' | ' | ' |
Federal | $3 | $0 | $902 |
State | -244 | -32 | -721 |
Total current (benefit) provision for income taxes | -241 | -32 | 181 |
Deferred benefit for income taxes: | ' | ' | ' |
Federal | 44,068 | 6,766 | -15,104 |
State | -1,275 | 1,253 | -7,187 |
Total deferred benefit for income taxes | 42,793 | 8,019 | -22,291 |
(Decrease) increase in deferred tax asset valuation allowance | -331,053 | -8,126 | 11,456 |
Benefit for income taxes | ($288,501) | ($139) | ($10,654) |
INCOME_TAXES_Schedule_of_Effec
INCOME TAXES (Schedule of Effective Income Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income (loss) from continuing operations before benefit for income taxes and net income (loss) attributable to noncontrolling interest in subsidiary | ($67,801) | $34,663 | ($45,360) |
Provision (benefit) for income taxes calculated at federal statutory income tax rates | -23,730 | 12,132 | -15,876 |
Provision (benefit) for income taxes calculated at federal statutory income tax rates, percent | 35.00% | 35.00% | 35.00% |
Effects of differences in tax reporting: | ' | ' | ' |
Tax-exempt interest income, net of tax preference adjustment | -117 | -135 | -203 |
Tax-exempt interest income, net of tax preference adjustment, percent | 0.20% | -0.40% | 0.40% |
State income taxes | -1,098 | 795 | -4,667 |
State income taxes, percent | 1.60% | 2.30% | 10.30% |
Bank owned life insurance, net of premium | 516 | 11 | 10 |
Bank owned life insurance, net of premium, percent | -0.80% | 0.00% | 0.00% |
Noncontrolling investment in flow-through entity | -63 | 104 | 1,033 |
Noncontrolling investment in flow-through entity, percent | 0.10% | 0.30% | -2.30% |
Goodwill impairment and amortization of intangibles | 37,544 | 0 | 175 |
Goodwill impairment and amortization of intangibles, percent | -55.40% | 0.00% | -0.30% |
(Decrease) increase in deferred tax asset valuation allowance, net of federal benefit | -311,537 | -13,112 | 19,456 |
(Decrease) increase in deferred tax asset valuation allowance, net of federal benefit, percent | 459.50% | -37.90% | -42.90% |
Reclassification of deferred tax asset valuation allowance from accumulated other comprehensive income to provision for income taxes | 10,547 | 0 | -10,466 |
Reclassification of deferred tax asset valuation allowance from accumulated other comprehensive income to provision for income taxes, percent | -15.60% | 0.00% | 23.10% |
Expiration of net operating loss carryforwards | 3 | 643 | 34 |
Expiration of net operating loss carryforwards, percent | 0.00% | 1.90% | 0.00% |
Other, net | -566 | -577 | -150 |
Other, net, percent | 0.90% | -1.60% | 0.20% |
Benefit for income taxes | ($288,501) | ($139) | ($10,654) |
Benefit for income taxes, percent | 425.50% | -0.40% | 23.50% |
INCOME_TAXES_Schedule_of_Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Deferred tax assets: | ' | ' | ' | ' |
Federal net operating loss carryforwards | $200,139 | $209,190 | ' | ' |
State net operating loss carryforwards | 66,578 | 65,882 | ' | ' |
Allowance for loan losses | 35,354 | 37,825 | ' | ' |
Loans held for sale | 2,341 | 2,032 | ' | ' |
Alternative minimum and general business tax credits | 20,830 | 19,146 | ' | ' |
Interest on nonaccrual loans | 9,078 | 12,551 | ' | ' |
Deferred compensation | 4,070 | 3,573 | ' | ' |
Core deposit intangibles | 2,493 | 2,706 | ' | ' |
Partnership and corporate investments | 5,945 | 7,908 | ' | ' |
Deferred loan charge-offs and other fraud losses | 1,426 | 4,341 | ' | ' |
Other real estate and repossessed assets | 15,893 | 22,666 | ' | ' |
Accrued contingent liabilities | 1,908 | 2,870 | ' | ' |
Depreciation on bank premises and equipment | 0 | 1,202 | ' | ' |
State taxes | -19,325 | 682 | ' | ' |
Other | 12,531 | 12,692 | ' | ' |
Gross deferred tax assets | 359,261 | 405,266 | ' | ' |
Valuation allowance | -43,380 | -376,224 | -391,629 | -370,125 |
Deferred tax assets, net of valuation allowance | 315,881 | 29,042 | ' | ' |
Deferred tax liabilities: | ' | ' | ' | ' |
Servicing rights | 4,655 | 2,632 | ' | ' |
Net fair value adjustment for available-for-sale investment securities | 1,055 | 21,214 | ' | ' |
Deferred gain on reclassification of investment securities from available for sale to held to maturity | 4,988 | 4,265 | ' | ' |
Equity investments | 5,683 | 5,364 | ' | ' |
Thrift base year tax bad debt reserve | 10,605 | 0 | ' | ' |
Net deferred loan fees | 1,870 | 1,903 | ' | ' |
Depreciation on bank premises and equipment | -1,561 | 0 | ' | ' |
Other | 1,102 | 804 | ' | ' |
Deferred tax liabilities | 28,397 | 36,182 | ' | ' |
Net deferred tax assets (liabilities) | $287,484 | ($7,140) | ' | ' |
INCOME_TAXES_Deferred_Tax_Asse
INCOME TAXES (Deferred Tax Asset Valuation Allowance Rollforward) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance, beginning of year | $376,224 | $391,629 | $370,125 |
Reversal of deferred tax asset valuation allowance to provision for income taxes | -319,142 | -643 | -115 |
(Decrease) increase in deferred tax asset valuation allowance to provision for income taxes | -27,319 | -468 | 31,621 |
Increase (decrease) in deferred tax asset valuation allowance to accumulated other comprehensive income | 13,617 | -14,294 | -10,002 |
Balance, end of year | $43,380 | $376,224 | $391,629 |
INCOME_TAXES_Schedule_of_Unrec
INCOME TAXES (Schedule of Unrecognized Tax Benefits Rollforward) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Balance, beginning of year | $1,126 | $1,194 |
Additions: Tax positions taken during the current year | 90 | 217 |
Additions: Tax positions taken during the prior year | 0 | 0 |
Reductions: Tax positions taken during the prior year | -335 | -14 |
Reductions: Lapse of statute of limitations | 0 | -271 |
Balance, end of year | $881 | $1,126 |
INCOME_TAXES_Operating_Loss_Ca
INCOME TAXES (Operating Loss Carryforwards, Federal, Expiration Years) (Details) (Federal - Domestic Tax Authority [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | $571,826 | $597,700 |
Expiration Year 2021 [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 2,919 | ' |
Expiration Year 2022 [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 2,386 | ' |
Expiration Years 2023 - 2026 [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 17,814 | ' |
Expiration Years 2027 - 2032 [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | $548,707 | ' |
INCOME_TAXES_Operating_Loss_Ca1
INCOME TAXES (Operating Loss Carryforwards, State, Expiration Years) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
State And Local Jurisdiction - Footprint States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | $777,509 | ' |
State And Local Jurisdiction - Other States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 7,851 | ' |
State and Local Jurisdiction [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 785,360 | 786,400 |
Expiration Year 2014 [Member] | State And Local Jurisdiction - Footprint States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 0 | ' |
Expiration Year 2014 [Member] | State And Local Jurisdiction - Other States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 154 | ' |
Expiration Year 2014 [Member] | State and Local Jurisdiction [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 154 | ' |
Expiration Year 2015 [Member] | State And Local Jurisdiction - Footprint States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 16,822 | ' |
Expiration Year 2015 [Member] | State And Local Jurisdiction - Other States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 291 | ' |
Expiration Year 2015 [Member] | State and Local Jurisdiction [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 17,113 | ' |
Expiration Years 2016 [Member] | State And Local Jurisdiction - Footprint States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 13,028 | ' |
Expiration Years 2016 [Member] | State And Local Jurisdiction - Other States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 252 | ' |
Expiration Years 2016 [Member] | State and Local Jurisdiction [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 13,280 | ' |
Expiration Year 2017 [Member] | State And Local Jurisdiction - Footprint States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 1,372 | ' |
Expiration Year 2017 [Member] | State And Local Jurisdiction - Other States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 272 | ' |
Expiration Year 2017 [Member] | State and Local Jurisdiction [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 1,644 | ' |
Expiration Year 2018 [Member] | State And Local Jurisdiction - Footprint States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 549 | ' |
Expiration Year 2018 [Member] | State And Local Jurisdiction - Other States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 261 | ' |
Expiration Year 2018 [Member] | State and Local Jurisdiction [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 810 | ' |
Expiration Years 2019 - 2026 [Member] | State And Local Jurisdiction - Footprint States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 175,144 | ' |
Expiration Years 2019 - 2026 [Member] | State And Local Jurisdiction - Other States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 3,320 | ' |
Expiration Years 2019 - 2026 [Member] | State and Local Jurisdiction [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 178,464 | ' |
Expiration Years 2027 - 2032 [Member] | State And Local Jurisdiction - Footprint States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 570,594 | ' |
Expiration Years 2027 - 2032 [Member] | State And Local Jurisdiction - Other States [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 3,301 | ' |
Expiration Years 2027 - 2032 [Member] | State and Local Jurisdiction [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | $573,895 | ' |
INCOME_TAXES_Textual_Details
INCOME TAXES (Textual) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Income Taxes [Line Items] | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance, Reversal of Allowance to Provision for Income Taxes | $319,142,000 | $643,000 | $115,000 |
Unrecognized tax benefits | 881,000 | 1,126,000 | 1,194,000 |
Unrecognized tax benefits that would affect provision for income taxes | 580,000 | 740,000 | ' |
Interest accrued for uncertain tax positions | 144,000 | 116,000 | ' |
Interest expense (reduction of interest expense) related to unrecognized tax benefits | 28,000 | -20,000 | -44,000 |
Possible decrease in unrecognized tax benefits | 376,000 | ' | ' |
Estimated provision for income taxes before deferred tax asset valuation allowance resulting from lapse of applicable statute of limitations | 252,000 | ' | ' |
Intraperiod tax allocation expense (benefit) | ' | ' | -10,500,000 |
Bad debt deductions | 29,800,000 | 29,800,000 | ' |
Deferred Tax Liabilities, Thrift Tax Bad Debt Reserve | 10,605,000 | 0 | ' |
Deferred Tax Assets Valuation Allowance Reversal of Allowance To Accumulative Other Comprehensive Income | 6,100,000 | ' | ' |
Federal - Domestic Tax Authority [Member] | ' | ' | ' |
Schedule of Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 571,826,000 | 597,700,000 | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Schedule of Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 785,360,000 | 786,400,000 | ' |
Deferred tax aset related to net operating loss | $66,600,000 | $65,900,000 | ' |
EARNINGS_LOSS_PER_COMMON_SHARE2
EARNINGS (LOSS) PER COMMON SHARE (Earnings Per Share Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Class of Stock [Line Items] | ' | ' | ' |
Net income (loss) from continuing operations attributable to First Banks, Inc. | $220,521 | $35,099 | ($31,756) |
Preferred stock dividends declared | -15,869 | -18,886 | -17,908 |
Accretion of discount on preferred stock | -3,643 | -3,554 | -3,466 |
Net income (loss) from continuing operations attributable to common stockholders | 201,009 | 12,659 | -53,130 |
Net income (loss) from discontinued operations attributable to common stockholders | 21,223 | -8,821 | -9,394 |
Net income (loss) available to common stockholders | 222,232 | 3,838 | -62,524 |
Weighted average shares of common stock outstanding | 23,661 | 23,661 | 23,661 |
Basic earnings (loss) per common share – continuing operations | $8,495.35 | $535.03 | ($2,245.44) |
Basic earnings (loss) per common share – discontinued operations | $896.96 | ($372.81) | ($397.02) |
Basic earnings (loss) per common share | $9,392.31 | $162.22 | ($2,642.46) |
Net income (loss) from continuing operations attributable to common stockholders | 201,009 | 12,659 | -53,130 |
Net income (loss) from discontinued operations attributable to common stockholders | 21,223 | -8,821 | -9,394 |
Net income (loss) available to First Banks, Inc. common stockholders | 222,232 | 3,838 | -62,524 |
Diluted income (loss) available to First Banks, Inc. common stockholders | 222,232 | 3,838 | -62,524 |
Weighted average diluted shares of common stock outstanding | 23,661 | 23,661 | 23,661 |
Diluted earnings (loss) per common share – continuing operations | $8,495.35 | $535.03 | ($2,245.44) |
Diluted earnings (loss) per common share – discontinued operations | $896.96 | ($372.81) | ($397.02) |
Diluted earnings (loss) per common share | $9,392.31 | $162.22 | ($2,642.46) |
Class A convertible preferred stock | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Effect of dilutive securities – Class A convertible preferred stock | $0 | $0 | $0 |
Effect of dilutive securities – Class A convertible preferred stock | 0 | 0 | 0 |
BUSINESS_SEGMENT_RESULTS_Sched
BUSINESS SEGMENT RESULTS (Schedule of Business Segment Results) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Balance sheet information: | ' | ' | ' | ' |
Investment securities | $2,351,931 | $2,675,280 | $2,470,704 | ' |
Total loans | 2,857,095 | 2,930,747 | 3,284,279 | ' |
FRB and FHLB stock | 27,357 | 27,329 | 27,078 | ' |
Goodwill | 0 | 125,267 | 125,267 | ' |
Assets of discontinued operations | 0 | 6,706 | 6,913 | ' |
Total assets | 5,918,983 | 6,509,126 | 6,608,913 | ' |
Deposits | 4,813,895 | 5,492,847 | 5,623,055 | ' |
Other borrowings | 43,143 | 26,025 | 51,170 | ' |
Subordinated debentures | 354,210 | 354,133 | 354,057 | ' |
Liabilities of discontinued operations | 0 | 155,711 | 174,737 | ' |
Stockholders’ equity | 488,256 | 299,959 | 263,671 | 307,295 |
Income statement information: | ' | ' | ' | ' |
Interest income | 172,810 | 200,803 | 231,059 | ' |
Interest expense | 24,104 | 29,611 | 43,638 | ' |
Net interest income (loss) | 148,706 | 171,192 | 187,421 | ' |
Provision (benefit) for loan losses | -5,000 | 2,000 | 69,000 | ' |
Net interest income (loss) after provision (benefit) for loan losses | 153,706 | 169,192 | 118,421 | ' |
Noninterest income | 65,120 | 65,978 | 61,924 | ' |
Goodwill impairment | 107,267 | 0 | 0 | ' |
Amortization of intangible assets | 0 | 0 | 3,024 | ' |
Other noninterest expense | 179,360 | 200,507 | 222,681 | ' |
(Loss) income from continuing operations, before benefit for income taxes | -67,801 | 34,663 | -45,360 | ' |
(Benefit) provision for income taxes | -288,501 | -139 | -10,654 | ' |
Net income (loss) from continuing operations, net of tax | 220,700 | 34,802 | -34,706 | ' |
Income (loss) from discontinued operations, net of tax | 21,223 | -8,821 | -9,394 | ' |
Net income (loss) | 241,923 | 25,981 | -44,100 | ' |
Net income (loss) attributable to noncontrolling interest in subsidiary | 179 | -297 | -2,950 | ' |
Net income (loss) attributable to First Banks, Inc. | 241,744 | 26,278 | -41,150 | ' |
Corporate, Other and Intercompany Reclassifications | ' | ' | ' | ' |
Balance sheet information: | ' | ' | ' | ' |
Investment securities | 0 | 0 | 0 | ' |
Total loans | 0 | 0 | 0 | ' |
FRB and FHLB stock | 0 | 0 | 0 | ' |
Goodwill | 0 | 0 | 0 | ' |
Assets of discontinued operations | 0 | 0 | 0 | ' |
Total assets | 53,823 | 13,900 | 15,398 | ' |
Deposits | -1,897 | -2,777 | -2,834 | ' |
Other borrowings | 0 | 0 | 0 | ' |
Subordinated debentures | 354,210 | 354,133 | 354,057 | ' |
Liabilities of discontinued operations | 0 | 0 | 0 | ' |
Stockholders’ equity | -443,305 | -451,293 | -416,954 | ' |
Income statement information: | ' | ' | ' | ' |
Interest income | 0 | 121 | 85 | ' |
Interest expense | 15,050 | 14,838 | 13,612 | ' |
Net interest income (loss) | -15,050 | -14,717 | -13,527 | ' |
Provision (benefit) for loan losses | 0 | 0 | 0 | ' |
Net interest income (loss) after provision (benefit) for loan losses | -15,050 | -14,717 | -13,527 | ' |
Noninterest income | 454 | 405 | 219 | ' |
Goodwill impairment | 0 | 0 | 0 | ' |
Amortization of intangible assets | 0 | 0 | 0 | ' |
Other noninterest expense | 910 | 1,510 | -378 | ' |
(Loss) income from continuing operations, before benefit for income taxes | -15,506 | -15,822 | -12,930 | ' |
(Benefit) provision for income taxes | -39,364 | -369 | -46 | ' |
Net income (loss) from continuing operations, net of tax | 23,858 | -15,453 | -12,884 | ' |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | ' |
Net income (loss) | 23,858 | -15,453 | -12,884 | ' |
Net income (loss) attributable to noncontrolling interest in subsidiary | 0 | 0 | 0 | ' |
Net income (loss) attributable to First Banks, Inc. | 23,858 | -15,453 | -12,884 | ' |
Operating Segments [Member] | First Bank | ' | ' | ' | ' |
Balance sheet information: | ' | ' | ' | ' |
Investment securities | 2,351,931 | 2,675,280 | 2,470,704 | ' |
Total loans | 2,857,095 | 2,930,747 | 3,284,279 | ' |
FRB and FHLB stock | 27,357 | 27,329 | 27,078 | ' |
Goodwill | 0 | 125,267 | 125,267 | ' |
Assets of discontinued operations | 0 | 6,706 | 6,913 | ' |
Total assets | 5,865,160 | 6,495,226 | 6,593,515 | ' |
Deposits | 4,815,792 | 5,495,624 | 5,625,889 | ' |
Other borrowings | 43,143 | 26,025 | 51,170 | ' |
Subordinated debentures | 0 | 0 | 0 | ' |
Liabilities of discontinued operations | 0 | 155,711 | 174,737 | ' |
Stockholders’ equity | 931,561 | 751,252 | 680,625 | ' |
Income statement information: | ' | ' | ' | ' |
Interest income | 172,810 | 200,682 | 230,974 | ' |
Interest expense | 9,054 | 14,773 | 30,026 | ' |
Net interest income (loss) | 163,756 | 185,909 | 200,948 | ' |
Provision (benefit) for loan losses | -5,000 | 2,000 | 69,000 | ' |
Net interest income (loss) after provision (benefit) for loan losses | 168,756 | 183,909 | 131,948 | ' |
Noninterest income | 64,666 | 65,573 | 61,705 | ' |
Goodwill impairment | 107,267 | 0 | 0 | ' |
Amortization of intangible assets | 0 | 0 | 3,024 | ' |
Other noninterest expense | 178,450 | 198,997 | 223,059 | ' |
(Loss) income from continuing operations, before benefit for income taxes | -52,295 | 50,485 | -32,430 | ' |
(Benefit) provision for income taxes | -249,137 | 230 | -10,608 | ' |
Net income (loss) from continuing operations, net of tax | 196,842 | 50,255 | -21,822 | ' |
Income (loss) from discontinued operations, net of tax | 21,223 | -8,821 | -9,394 | ' |
Net income (loss) | 218,065 | 41,434 | -31,216 | ' |
Net income (loss) attributable to noncontrolling interest in subsidiary | 179 | -297 | -2,950 | ' |
Net income (loss) attributable to First Banks, Inc. | $217,886 | $41,731 | ($28,266) | ' |
TRANSACTIONS_WITH_RELATED_PART1
TRANSACTIONS WITH RELATED PARTIES TRANSACTIONS WITH RELATED PARTIES (Textual) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 20, 2013 |
First Bank | Dierberg Vineyards / Wineries [Member] | First Services L P [Member] | First Services L P [Member] | First Services L P [Member] | First Brokerage America L L C [Member] | First Brokerage America L L C [Member] | First Brokerage America L L C [Member] | Dierbergs Markets Inc [Member] | Dierbergs Markets Inc [Member] | Dierbergs Markets Inc [Member] | Fb Holding Llc [Member] | Fb Holding Llc [Member] | Fb Holding Llc [Member] | Fb Holding Llc [Member] | First Capital America, Inc. [Member] | First Capital America, Inc. [Member] | Directors Affliates and Executive Officers [Member] | Directors Affliates and Executive Officers [Member] | Affiliate Services Agreement [Member] | Affiliate Services Agreement [Member] | Affiliate Services Agreement [Member] | Equipment [Member] | Equipment [Member] | Equipment [Member] | Premises [Member] | Premises [Member] | Premises [Member] | Premises [Member] | Premises [Member] | Premises [Member] | Revolving Credit Facility [Member] | |
First Services L P [Member] | First Services L P [Member] | First Services L P [Member] | First Services L P [Member] | First Services L P [Member] | First Services L P [Member] | First Services L P [Member] | First Services L P [Member] | First Services L P [Member] | First Brokerage America L L C [Member] | First Brokerage America L L C [Member] | First Brokerage America L L C [Member] | Parent Company [Member] | ||||||||||||||||||||
Investors Of America Limited Partnership [Member] | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 53.23% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.77% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Fees Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $284,000 | $183,000 | $177,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions Received From Unaffliated Third Party Companies | ' | ' | ' | ' | ' | 4,500,000 | 4,300,000 | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service Fees Paid To Affiliate | ' | 129,000 | 20,100,000 | 21,100,000 | 24,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Rents Received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,142,000 | 1,300,000 | 1,900,000 | ' | ' | ' | 438,000 | 401,000 | 491,000 | ' |
Payments for Rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | 1,800,000 | 1,800,000 | ' | ' | ' | ' |
Operating Leases, Rent Expense, Net | ' | ' | ' | ' | ' | ' | ' | ' | 491,000 | 498,000 | 474,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Contributions from Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution Of Assets From Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Contributions from Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service Fees Received From Affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,000 | 124,000 | 194,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 |
Loans and Leases Receivable, Related Parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,000,000 | $9,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EMPLOYEE_BENEFITS_Schedule_of_
EMPLOYEE BENEFITS (Schedule of Changes in Projected Benefit Obligations) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Change in Projected Benefit Obligation: | ' | ' |
Projected benefit obligation at beginning of year | $13,987 | $12,467 |
Interest cost | 449 | 516 |
Actuarial loss | -1,100 | 1,765 |
Benefit payments | -843 | -761 |
Projected benefit obligation at end of year | 12,493 | 13,987 |
Change in Fair Value of Plan Assets: | ' | ' |
Fair value at beginning of year | 9,419 | 8,848 |
Actual return on plan assets | 1,014 | 666 |
Employer contributions | 256 | 666 |
Benefit payments | -843 | -761 |
Fair value at end of year | 9,846 | 9,419 |
Amount Recognized in Consolidated Balance Sheets: | ' | ' |
Accrued pension liability | 2,647 | 4,568 |
Amounts Recognized in Accumulated Other Comprehensive Income: | ' | ' |
Loss | -4,162 | -5,940 |
Deferred tax liability | 1,513 | 2,396 |
Loss, net of tax | ($2,649) | ($3,544) |
EMPLOYEE_BENEFITS_Schedule_of_1
EMPLOYEE BENEFITS (Schedule of Assumptions Used) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' |
Discount rate | 3.31% | 4.28% |
Expected long-term rate of return on Plan assets | 6.00% | 7.00% |
EMPLOYEE_BENEFITS_Schedule_of_2
EMPLOYEE BENEFITS (Schedule of Net Benefit Costs) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' |
Interest cost | $449 | $516 |
Expected return on Plan assets | -551 | -617 |
Amortization of net actuarial loss | 216 | 145 |
Net periodic benefit cost | $114 | $44 |
EMPLOYEE_BENEFITS_Schedule_of_3
EMPLOYEE BENEFITS (Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Net (gain) loss | ($1,562) | $1,715 |
Amortization of net actuarial loss | -216 | -145 |
Total recognized in accumulated other comprehensive income | ($1,778) | $1,570 |
EMPLOYEE_BENEFITS_Pension_Plan
EMPLOYEE BENEFITS (Pension Plan Assets Measured at Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $9,846 | $9,419 | $8,848 |
Fair Value Measurements, Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 240 | 361 | ' |
Fair Value Measurements, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 9,606 | 9,058 | ' |
Fair Value Measurements, Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value Measurements, Fair Value | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 9,846 | 9,419 | ' |
Cash and cash equivalents | Fair Value Measurements, Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 240 | 361 | ' |
Cash and cash equivalents | Fair Value Measurements, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Cash and cash equivalents | Fair Value Measurements, Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Cash and cash equivalents | Fair Value Measurements, Fair Value | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 240 | 361 | ' |
Equity securities | Fair Value Measurements, Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Equity securities | Fair Value Measurements, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 4,451 | 3,959 | ' |
Equity securities | Fair Value Measurements, Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Equity securities | Fair Value Measurements, Fair Value | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 4,451 | 3,959 | ' |
Debt securities | Fair Value Measurements, Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Debt securities | Fair Value Measurements, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 4,688 | 4,603 | ' |
Debt securities | Fair Value Measurements, Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Debt securities | Fair Value Measurements, Fair Value | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 4,688 | 4,603 | ' |
Other | Fair Value Measurements, Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Other | Fair Value Measurements, Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 467 | 496 | ' |
Other | Fair Value Measurements, Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Other | Fair Value Measurements, Fair Value | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $467 | $496 | ' |
EMPLOYEE_BENEFITS_Schedule_of_4
EMPLOYEE BENEFITS (Schedule of Expected Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
2013 | $843 |
2014 | 859 |
2015 | 860 |
2016 | 856 |
2017 | 865 |
2019 – 2023 | $4,335 |
EMPLOYEE_BENEFITS_Textual_Deta
EMPLOYEE BENEFITS (Textual) (Details) (USD $) | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | |
Minimum | Maximum | Fixed Income Investments | Equity Securities | Cash | Scenario, Forecast [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined contribution plan, maximum annual contribution per employee, amount | $17,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Defined contribution plan, employer discretionary contribution amount | 2,300,000 | 2,300,000 | 2,307,000 | ' | ' | ' | ' | ' | ' |
Deferred compensation arrangement with individual, employee contribution, percent of salary | ' | ' | ' | 1.00% | 25.00% | ' | ' | ' | ' |
Deferred compensation arrangement with individual, employee contribution, percent of bonus | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Deferred compensation arrangement with individual, recorded liability | 6,600,000 | 6,400,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation arrangement with individual, compensation expense | 962,000 | 614,000 | -64,000 | ' | ' | ' | ' | ' | ' |
Pension and other postretirement defined benefit plans, liabilities | 2,647,000 | 4,568,000 | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, assumptions used calculating benefit obligation, discount rate | 4.24% | 3.31% | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | ' | ' | ' | ' | ' | 52.00% | 40.00% | 8.00% | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 |
DISTRIBUTION_OF_EARNINGS_OF_FI1
DISTRIBUTION OF EARNINGS OF FIRST BANK (Textual) (Details) (Parent Company [Member], Subsequent Event [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Feb. 10, 2014 |
Parent Company [Member] | Subsequent Event [Member] | ' |
Cash Dividends Paid to First Banks, Inc. by First Bank | $70 |
PARENT_COMPANY_ONLY_FINANCIAL_2
PARENT COMPANY ONLY FINANCIAL INFORMATION (Condensed Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Assets | ' | ' | ' |
Cash deposited in First Bank (unrestricted cash) | $92,369 | $114,841 | ' |
Other assets | 66,287 | 67,996 | ' |
Total assets | 5,918,983 | 6,509,126 | 6,608,913 |
Liabilities and Stockholders' Equity | ' | ' | ' |
Subordinated debentures | 354,210 | 354,133 | 354,057 |
Accrued expenses and other liabilities | 191,082 | 144,269 | ' |
Total liabilities | 5,430,727 | 6,209,167 | ' |
First Banks, Inc. stockholders’ equity | 394,422 | 206,304 | ' |
Total liabilities and stockholders’ equity | 5,918,983 | 6,509,126 | ' |
Parent Company [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash deposited in First Bank (unrestricted cash) | 1,864 | 2,744 | ' |
Investment in common securities - TRuPS | 10,678 | 10,678 | ' |
Investment in subsidiaries | 838,489 | 657,838 | ' |
Other assets | 42,982 | 3,583 | ' |
Total assets | 894,013 | 674,843 | ' |
Liabilities and Stockholders' Equity | ' | ' | ' |
Subordinated debentures | 354,210 | 354,133 | ' |
Accrued interest payable - TRuPS | 62,855 | 47,878 | ' |
Dividends payable | 77,800 | 61,931 | ' |
Accrued expenses and other liabilities | 4,726 | 4,597 | ' |
Total liabilities | 499,591 | 468,539 | ' |
First Banks, Inc. stockholders’ equity | 394,422 | 206,304 | ' |
Total liabilities and stockholders’ equity | $894,013 | $674,843 | ' |
PARENT_COMPANY_ONLY_FINANCIAL_3
PARENT COMPANY ONLY FINANCIAL INFORMATION (Condensed Statements of Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Expense: | ' | ' | ' |
Interest | $24,104 | $29,611 | $43,638 |
(Loss) income from continuing operations, before benefit for income taxes | -67,801 | 34,663 | -45,360 |
Benefit for income taxes | -288,501 | -139 | -10,654 |
Net income (loss) attributable to First Banks, Inc. | 241,744 | 26,278 | -41,150 |
Parent Company [Member] | ' | ' | ' |
Income: | ' | ' | ' |
Management fees from subsidiaries | 23 | 3 | 28 |
Net loss on derivative instruments | 0 | -43 | -194 |
Other | 458 | 578 | 509 |
Total income | 481 | 538 | 343 |
Expense: | ' | ' | ' |
Interest | 15,054 | 14,847 | 13,623 |
Other | 933 | 1,506 | -374 |
Total expense | 15,987 | 16,353 | 13,249 |
(Loss) income from continuing operations, before benefit for income taxes | -15,506 | -15,815 | -12,906 |
Benefit for income taxes | -38,841 | -348 | -46 |
Income (loss) before equity in undistributed earnings (losses) of subsidiaries | 23,335 | -15,467 | -12,860 |
Equity in undistributed earnings (losses) of subsidiaries | 218,409 | 41,745 | -28,290 |
Net income (loss) attributable to First Banks, Inc. | $241,744 | $26,278 | ($41,150) |
PARENT_COMPANY_ONLY_FINANCIAL_4
PARENT COMPANY ONLY FINANCIAL INFORMATION (Condensed Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income (loss) attributable to First Banks, Inc. | $241,744 | $26,278 | ($41,150) |
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities: | ' | ' | ' |
Other, net | 4,763 | 4,356 | 20,945 |
Net cash provided by operating activities | 122,965 | 56,182 | 116,353 |
Cash flows from financing activities: | ' | ' | ' |
Net cash used in financing activities | -125,120 | -174,362 | -647,756 |
Net (decrease) increase in cash and cash equivalents | -328,411 | 45,706 | -522,618 |
Cash and cash equivalents, beginning of year | 518,846 | 473,140 | 995,758 |
Cash and cash equivalents, end of year | 190,435 | 518,846 | 473,140 |
Noncash investing activities: | ' | ' | ' |
Cash paid for interest on liabilities | 9,540 | 17,493 | 35,723 |
Parent Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income (loss) attributable to First Banks, Inc. | 241,744 | 26,278 | -41,150 |
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities: | ' | ' | ' |
Net (income) loss of subsidiaries | -218,409 | -41,745 | 28,290 |
Other, net | -24,215 | 15,410 | 12,042 |
Net cash provided by operating activities | -880 | -57 | -818 |
Cash flows from financing activities: | ' | ' | ' |
Payment of preferred stock dividends | 0 | 0 | 0 |
Net cash used in financing activities | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | -880 | -57 | -818 |
Cash and cash equivalents, beginning of year | 2,744 | 2,801 | 3,619 |
Cash and cash equivalents, end of year | 1,864 | 2,744 | 2,801 |
Noncash investing activities: | ' | ' | ' |
Cash paid for interest on liabilities | $0 | $0 | $0 |
PARENT_COMPANY_ONLY_FINANCIAL_5
PARENT COMPANY ONLY FINANCIAL INFORMATION (Textual) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 10, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 20, 2013 | Feb. 10, 2014 | Mar. 14, 2014 | |
Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | Junior Subordinated Debt [Member] | |||||
Investors Of America Limited Partnership [Member] | Parent Company [Member] | Subsequent Event [Member] | ||||||||
Parent Company [Member] | ||||||||||
Entity Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and due from banks | $92,369,000 | $114,841,000 | ' | ' | $1,864,000 | $2,744,000 | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' |
Trust preferred securities value | ' | ' | ' | 345,000,000 | ' | ' | ' | ' | ' | ' |
Cash Dividends Paid to First Banks, Inc. by First Bank | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | ' |
Deferred interest paid by First Banks, Inc. on the junior subordinated debentures to the respective trustees for further distribution to the trust preferred securities holders on the interest payment dates in March and April 2014 | $9,540,000 | $17,493,000 | $35,723,000 | ' | $0 | $0 | $0 | ' | ' | $66,400,000 |
CONTINGENT_LIABILITIES_Textual
CONTINGENT LIABILITIES (Textual) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Loss Contingencies [Line Items] | ' | ' |
Principal balance of mortgage loans previously sold subject to unresolved representation and warranty claims | $13.50 | $12.80 |
Loss contingency accrual for mortgage repurchase reserve | $2.50 | $2 |
SUBSEQUENT_EVENTS_Textual_Deta
SUBSEQUENT EVENTS (Textual) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 10, 2014 | Mar. 14, 2014 | |
Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Junior Subordinated Debt [Member] | ||||
Subsequent Event [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Dividends Paid to First Banks, Inc. by First Bank | ' | ' | ' | ' | ' | ' | $70,000,000 | ' |
Deferred interest paid by First Banks, Inc. on the junior subordinated debentures to the respective trustees for further distribution to the trust preferred securities holders on the interest payment dates in March and April 2014 | $9,540,000 | $17,493,000 | $35,723,000 | $0 | $0 | $0 | ' | $66,400,000 |