DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
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-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $112,048 | $92,369 |
Short-term investments | 229,187 | 98,066 |
Total cash and cash equivalents | 341,235 | 190,435 |
Investment securities: | ' | ' |
Available for sale | 1,408,172 | 1,611,745 |
Held to maturity (fair value of $704,977 and $719,183, respectively) | 718,672 | 740,186 |
Total investment securities | 2,126,844 | 2,351,931 |
Loans: | ' | ' |
Commercial, financial and agricultural | 632,089 | 600,704 |
Real estate construction and development | 121,237 | 121,662 |
Real estate mortgage | 2,099,442 | 2,091,026 |
Consumer and installment | 17,399 | 18,681 |
Loans held for sale | 21,402 | 25,548 |
Net deferred loan fees | -588 | -526 |
Total loans | 2,890,981 | 2,857,095 |
Allowance for loan losses | -79,831 | -81,033 |
Net loans | 2,811,150 | 2,776,062 |
Federal Reserve Bank and Federal Home Loan Bank stock | 32,148 | 27,357 |
Bank premises and equipment, net | 123,246 | 124,328 |
Deferred income taxes | 330,833 | 315,881 |
Other real estate | 61,485 | 66,702 |
Other assets | 63,618 | 66,287 |
Total assets | 5,890,559 | 5,918,983 |
LIABILITIES | ' | ' |
Noninterest-bearing demand | 1,273,662 | 1,243,545 |
Interest-bearing demand | 699,158 | 679,527 |
Savings and money market | 1,841,905 | 1,844,710 |
Time deposits of $100 or more | 389,675 | 389,056 |
Other time deposits | 638,031 | 657,057 |
Total deposits | 4,842,431 | 4,813,895 |
Securities sold under agreements to repurchase | 36,713 | 43,143 |
Subordinated debentures | 354,229 | 354,210 |
Deferred income taxes | 49,609 | 28,397 |
Accrued expenses and other liabilities | 110,271 | 191,082 |
Total liabilities | 5,393,253 | 5,430,727 |
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 | 48,124 | 42,719 |
Accumulated other comprehensive income | 11,202 | 7,502 |
Total First Banks, Inc. stockholders’ equity | 403,527 | 394,422 |
Noncontrolling interest in subsidiary | 93,779 | 93,834 |
Total stockholders’ equity | 497,306 | 488,256 |
Total liabilities and stockholders’ equity | 5,890,559 | 5,918,983 |
Class A Convertible Adjustable Rate Preferred Stock [Member] | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' |
Preferred stock | 12,822 | 12,822 |
Class B Adjustable Rate Preferred Stock [Member] | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' |
Preferred stock | 241 | 241 |
Class C Fixed Rate Cumulative Perpetual Preferred Stock [Member] | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' |
Preferred stock | 295,400 | 295,400 |
Class D Fixed Rate Cumulative Perpetual Preferred Stock [Member] | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' |
Preferred stock | $17,343 | $17,343 |
CONSOLIDATED_BALANCE_SHEETS_UN1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) [Parenthetical] (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Held-to-maturity securities, fair value (in dollars) | $704,977 | $719,183 |
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 [Member] | ' | ' |
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 [Member] | ' | ' |
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 [Member] | ' | ' |
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 [Member] | ' | ' |
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_INC
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest income: | ' | ' |
Interest and fees on loans | $29,079 | $30,173 |
Investment securities | 12,632 | 13,248 |
Federal Reserve Bank and Federal Home Loan Bank stock | 358 | 303 |
Short-term investments | 120 | 262 |
Total interest income | 42,189 | 43,986 |
Interest expense: | ' | ' |
Interest-bearing demand | 82 | 76 |
Savings and money market | 744 | 635 |
Time deposits of $100 or more | 486 | 656 |
Other time deposits | 722 | 1,103 |
Securities sold under agreements to repurchase | 4 | 3 |
Subordinated debentures | 3,811 | 3,676 |
Total interest expense | 5,849 | 6,149 |
Net interest income | 36,340 | 37,837 |
Provision for loan losses | 0 | 0 |
Net interest income after provision for loan losses | 36,340 | 37,837 |
Noninterest income: | ' | ' |
Service charges on deposit accounts and customer service fees | 8,333 | 8,314 |
Gain on loans sold and held for sale | 865 | 1,553 |
Net gain (loss) on investment securities | 1,280 | -416 |
Net gain on sale of other real estate | 442 | 366 |
(Decrease) increase in fair value of servicing rights | -232 | 154 |
Loan servicing fees | 1,711 | 1,717 |
Other | 2,276 | 3,707 |
Total noninterest income | 14,675 | 15,395 |
Noninterest expense: | ' | ' |
Salaries and employee benefits | 19,882 | 19,551 |
Occupancy, net of rental income | 5,784 | 5,834 |
Furniture and equipment | 2,360 | 2,583 |
Postage, printing and supplies | 639 | 628 |
Information technology fees | 5,610 | 5,285 |
Legal, examination and professional fees | 1,291 | 1,663 |
Advertising and business development | 622 | 432 |
FDIC insurance | 1,264 | 1,882 |
Write-downs and expenses on other real estate | 699 | 1,511 |
Other | 4,597 | 4,678 |
Total noninterest expense | 42,748 | 44,047 |
Income from continuing operations before provision for income taxes | 8,267 | 9,185 |
Provision for income taxes | 2,917 | 365 |
Net income from continuing operations, net of tax | 5,350 | 8,820 |
Loss from discontinued operations, net of tax | 0 | -2,064 |
Net income | 5,350 | 6,756 |
Less: net (loss) income attributable to noncontrolling interest in subsidiary | 55 | -46 |
Net income attributable to First Banks, Inc. | 5,405 | 6,710 |
Preferred stock dividends declared | 0 | 4,881 |
Accretion of discount on preferred stock | 0 | 898 |
Net income available to common stockholders | $5,405 | $931 |
Basic earnings per common share from continuing operations (in dollars per share) | $228.43 | $126.59 |
Diluted earnings per common share from continuing operations (in dollars per share) | $192.46 | $126.59 |
Basic earnings per common share (in dollars per share) | $228.43 | $39.35 |
Diluted earnings per common share (in dollars per share) | $192.46 | $39.35 |
Weighted average shares of common stock outstanding (in shares) | 23,661 | 23,661 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $5,350 | $6,756 |
Other comprehensive income (loss): | ' | ' |
Unrealized gains (losses) on available-for-sale investment securities, net of tax | 4,834 | -2,252 |
Reclassification adjustment for available-for-sale investment securities (gains) losses included in net income, net of tax | -753 | 5 |
Amortization of net unrealized gain associated with reclassification of available-for-sale investment securities to held-to-maturity investment securities, net of tax | -402 | -429 |
Amortization of net loss related to pension liability, net of tax | 21 | 30 |
Reclassification adjustment for deferred tax asset valuation allowance on investment securities | 0 | -2,146 |
Reclassification adjustment for deferred tax asset valuation allowance on pension liability | 0 | 24 |
Other comprehensive income (loss) | 3,700 | -4,768 |
Comprehensive income | 9,050 | 1,988 |
Comprehensive (loss) income attributable to noncontrolling interest in subsidiary | -55 | 46 |
Comprehensive income attributable to First Banks, Inc. | $9,105 | $1,942 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (USD $) | Total | First Banks, Inc. Stockholders’ Equity, Preferred Stock [Member] | First Banks, Inc. Stockholders’ Equity, Common Stock [Member] | First Banks, Inc. Stockholders’ Equity, Additional Paid-In Capital [Member] | First Banks, Inc. Stockholders’ Equity, Retained Earnings (Deficit) [Member] | First Banks, Inc. Stockholders’ Equity, Accumulated Other Comprehensive Income [Member] | Noncontrolling Interest [Member] |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2012 | $299,959 | $322,163 | $5,915 | $12,480 | ($179,513) | $45,259 | $93,655 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 6,756 | ' | ' | ' | 6,710 | ' | 46 |
Other comprehensive income (loss) | -4,768 | ' | ' | ' | ' | -4,768 | ' |
Accretion of discount on preferred stock | 0 | 898 | ' | ' | -898 | ' | ' |
Preferred stock dividends declared | -4,881 | ' | ' | ' | -4,881 | ' | ' |
Balance at Mar. 31, 2013 | 297,066 | 323,061 | 5,915 | 12,480 | -178,582 | 40,491 | 93,701 |
Balance at Dec. 31, 2013 | 488,256 | 325,806 | 5,915 | 12,480 | 42,719 | 7,502 | 93,834 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 5,350 | ' | ' | ' | 5,405 | ' | -55 |
Other comprehensive income (loss) | 3,700 | ' | ' | ' | ' | 3,700 | ' |
Balance at Mar. 31, 2014 | $497,306 | $325,806 | $5,915 | $12,480 | $48,124 | $11,202 | $93,779 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income attributable to First Banks, Inc. | $5,405 | $6,710 |
Net (loss) income attributable to noncontrolling interest in subsidiary | -55 | 46 |
Less: net loss from discontinued operations, net of tax | 0 | -2,064 |
Net income from continuing operations, net of tax | 5,350 | 8,820 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization of bank premises and equipment | 2,921 | 2,851 |
Amortization and accretion of investment securities | 5,799 | 6,274 |
Originations of loans held for sale | -35,414 | -87,616 |
Proceeds from sales of loans held for sale | 40,278 | 116,735 |
Provision for current income taxes | 283 | 72 |
Provision (benefit) for deferred income taxes | 2,634 | -866 |
Increase in deferred tax asset valuation allowance | 0 | 1,159 |
Decrease (increase) in accrued interest receivable | 1,711 | -1,309 |
(Decrease) increase in accrued interest payable | -62,685 | 3,505 |
Gain on loans sold and held for sale | -865 | -1,553 |
Net (gain) loss on investment securities | -1,280 | 416 |
Decrease (increase) in fair value of servicing rights | 232 | -154 |
Write-downs on other real estate | 97 | 258 |
Other operating activities, net | -156 | 5,570 |
Net cash (used in) provided by operating activities – continuing operations | -41,095 | 54,162 |
Net cash used in operating activities – discontinued operations | 0 | -1,827 |
Net cash (used in) provided by operating activities | -41,095 | 52,335 |
Cash flows from investing activities: | ' | ' |
Net cash paid for sale of assets and liabilities of discontinued operations, net of cash and cash equivalents sold | -15,467 | 0 |
Proceeds from sales of investment securities available for sale | 166,320 | 66,507 |
Maturities of investment securities available for sale | 44,399 | 100,629 |
Maturities of investment securities held to maturity | 17,783 | 52,087 |
Purchases of investment securities available for sale | -250 | -197,735 |
Purchases of investment securities held to maturity | -1,429 | -19,261 |
Net purchases of Federal Reserve Bank and Federal Home Loan Bank stock | -4,791 | -295 |
Proceeds from sales of commercial loans | 0 | 1,343 |
Net (increase) decrease in loans | -43,645 | 44,340 |
Recoveries of loans previously charged-off | 2,245 | 3,451 |
Purchases of bank premises and equipment | -1,923 | -1,354 |
Net proceeds from sales of other real estate | 5,876 | 5,033 |
Other investing activities, net | 671 | 303 |
Net cash provided by investing activities – continuing operations | 169,789 | 55,048 |
Net cash provided by investing activities – discontinued operations | 0 | 372 |
Net cash provided by investing activities | 169,789 | 55,420 |
Cash flows from financing activities: | ' | ' |
Increase (decrease) in demand, savings and money market deposits | 46,943 | -50,603 |
Decrease in time deposits | -18,407 | -66,755 |
Proceeds from (Repayments of) Short-term Debt | -6,430 | 10,830 |
Net cash provided by (used in) financing activities – continuing operations | 22,106 | -106,528 |
Net cash used in financing activities – discontinued operations | 0 | -10,614 |
Net cash provided by (used in) financing activities | 22,106 | -117,142 |
Net increase (decrease) in cash and cash equivalents | 150,800 | -9,387 |
Cash and cash equivalents, beginning of period | 190,435 | 518,846 |
Cash and cash equivalents, end of period | 341,235 | 509,459 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for interest on liabilities | 68,534 | 2,644 |
Cash paid for income taxes | 257 | 2 |
Noncash investing and financing activities: | ' | ' |
Reclassification of investment securities from available for sale to held to maturity | 0 | 242,540 |
Loans transferred to other real estate | $1,031 | $2,474 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
Basis of Presentation. The consolidated financial statements of First Banks, Inc. and subsidiaries (the Company) are unaudited and should be read in conjunction with the consolidated financial statements contained in the Company’s 2013 Annual Report on Form 10-K. The consolidated financial statements 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. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation of the results of operations for the interim periods presented herein, have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. Certain reclassifications of 2013 amounts have been made to conform to the 2014 presentation. 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. | |
Principles of Consolidation. The consolidated financial statements include the accounts of the parent company and its subsidiaries, giving effect to the noncontrolling interest in subsidiary, as more fully described below and in Note 14 to the consolidated financial statements. All significant intercompany accounts and transactions have been eliminated. | |
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. All of the subsidiaries are wholly owned as of March 31, 2014 except FB Holdings, LLC (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 14 to the consolidated financial statements. FB Holdings is included in the consolidated financial statements and the noncontrolling ownership interest is 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, is reported as “net (loss) income attributable to noncontrolling interest in subsidiary” in the consolidated statements of income. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
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 operations of First Bank’s Association Bank Services line of business and Northern Florida Region for the three months ended March 31, 2013. 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. First Bank presently continues to operate its remaining eight retail branches in Manatee County’s communities of Bradenton, Palmetto and Longboat Key, Florida. | ||||||||||
Loss from discontinued operations, net of tax, for the three months ended March 31, 2013 was as follows: | ||||||||||
Three Months Ended | ||||||||||
March 31, 2013 | ||||||||||
Association Bank Services | Northern Florida | Total | ||||||||
(dollars expressed in thousands) | ||||||||||
Interest income: | ||||||||||
Interest and fees on loans | $ | 365 | — | 365 | ||||||
Interest expense: | ||||||||||
Interest on deposits | 88 | 192 | 280 | |||||||
Net interest income (loss) | 277 | (192 | ) | 85 | ||||||
Provision for loan losses | — | — | — | |||||||
Net interest income (loss) after provision for loan losses | 277 | (192 | ) | 85 | ||||||
Noninterest income: | ||||||||||
Service charges and customer service fees | 41 | 104 | 145 | |||||||
Other | 26 | 3 | 29 | |||||||
Total noninterest income | 67 | 107 | 174 | |||||||
Noninterest expense: | ||||||||||
Salaries and employee benefits | 643 | 579 | 1,222 | |||||||
Occupancy, net of rental income | 2 | 455 | 457 | |||||||
Furniture and equipment | 12 | 39 | 51 | |||||||
FDIC insurance | 204 | 53 | 257 | |||||||
Other | 224 | 112 | 336 | |||||||
Total noninterest expense | 1,085 | 1,238 | 2,323 | |||||||
Loss from operations of discontinued operations | (741 | ) | (1,323 | ) | (2,064 | ) | ||||
Benefit for income taxes | — | — | — | |||||||
Net loss from discontinued operations, net of tax | $ | (741 | ) | (1,323 | ) | (2,064 | ) |
INVESTMENTS_IN_DEBT_AND_EQUITY
INVESTMENTS IN DEBT AND EQUITY SECURITIES | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
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 March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||||||
Maturity | Total Amortized Cost | Gross | Weighted Average Yield | |||||||||||||||||||||||||
1 Year | 5-Jan | 10-May | After | Unrealized | Fair | |||||||||||||||||||||||
or Less | Years | Years | 10 Years | Gains | Losses | Value | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||||||||
Carrying value: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 8,418 | 30,058 | 20,136 | 132,248 | 190,860 | 4,281 | (47 | ) | 195,094 | 1.37 | % | ||||||||||||||||
Residential mortgage-backed | 282 | 28,277 | 82,445 | 891,319 | 1,002,323 | 13,662 | (12,540 | ) | 1,003,445 | 2.37 | ||||||||||||||||||
Commercial mortgage-backed | — | — | 789 | — | 789 | 62 | — | 851 | 4.95 | |||||||||||||||||||
State and political subdivisions | 1,367 | 1,681 | 200 | 28,417 | 31,665 | 67 | (392 | ) | 31,340 | 1.23 | ||||||||||||||||||
Corporate notes | 5,000 | 121,153 | 45,131 | — | 171,284 | 5,066 | (599 | ) | 175,751 | 2.82 | ||||||||||||||||||
Equity investments | — | — | — | 1,750 | 1,750 | — | (59 | ) | 1,691 | 2.13 | ||||||||||||||||||
Total | $ | 15,067 | 181,169 | 148,701 | 1,053,734 | 1,398,671 | 23,138 | (13,637 | ) | 1,408,172 | 2.26 | |||||||||||||||||
Fair value: | ||||||||||||||||||||||||||||
Debt securities | $ | 15,135 | 186,936 | 148,797 | 1,055,613 | |||||||||||||||||||||||
Equity securities | — | — | — | 1,691 | ||||||||||||||||||||||||
Total | $ | 15,135 | 186,936 | 148,797 | 1,057,304 | |||||||||||||||||||||||
Weighted average yield | 2.21 | % | 2.39 | % | 2.1 | % | 2.26 | % | ||||||||||||||||||||
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 | % | ||||||||||||||||||||
Securities Held to Maturity. The amortized cost, contractual maturity, gross unrealized gains and losses and fair value of investment securities held to maturity at March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||||||
Maturity | Total Amortized Cost | Gross | Weighted Average Yield | |||||||||||||||||||||||||
1 Year | 5-Jan | 10-May | After | Unrealized | Fair | |||||||||||||||||||||||
or Less | Years | Years | 10 Years | Gains | Losses | Value | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||||||||
Carrying value: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | — | — | 14,373 | — | 14,373 | — | (135 | ) | 14,238 | 1.16 | % | ||||||||||||||||
Residential mortgage-backed | — | 79,836 | 115,139 | 507,272 | 702,247 | 622 | (14,101 | ) | 688,768 | 1.91 | ||||||||||||||||||
State and political subdivisions | 445 | 574 | — | 1,033 | 2,052 | 1 | (82 | ) | 1,971 | 1.63 | ||||||||||||||||||
Total | $ | 445 | 80,410 | 129,512 | 508,305 | 718,672 | 623 | (14,318 | ) | 704,977 | 1.89 | |||||||||||||||||
Fair value: | ||||||||||||||||||||||||||||
Debt securities | $ | 445 | 80,347 | 128,038 | 496,147 | |||||||||||||||||||||||
Weighted average yield | 2.85 | % | 2.01 | % | 1.42 | % | 2 | % | ||||||||||||||||||||
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 | % | ||||||||||||||||||||
Proceeds from sales of available-for-sale investment securities were $166.3 million and $66.5 million for the three months ended March 31, 2014 and 2013, respectively. Gross realized gains and gross realized losses on investment securities for the three months ended March 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
Gross realized gains on sales of available-for-sale securities | $ | 2,010 | 346 | |||||||||||||||||||||||||
Gross realized losses on sales of available-for-sale securities | (730 | ) | (354 | ) | ||||||||||||||||||||||||
Other-than-temporary impairment | — | (408 | ) | |||||||||||||||||||||||||
Net realized gain (loss) on investment securities | $ | 1,280 | (416 | ) | ||||||||||||||||||||||||
Other-than-temporary impairment for the three months ended March 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 $304.8 million and $283.7 million at March 31, 2014 and December 31, 2013, 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. | ||||||||||||||||||||||||||||
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 March 31, 2014 and December 31, 2013, 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) | ||||||||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | — | — | 14,670 | (47 | ) | 14,670 | (47 | ) | |||||||||||||||||||
Residential mortgage-backed | 355,453 | (11,046 | ) | 25,617 | (1,494 | ) | 381,070 | (12,540 | ) | |||||||||||||||||||
State and political subdivisions | 28,025 | (392 | ) | — | — | 28,025 | (392 | ) | ||||||||||||||||||||
Corporate notes | 19,826 | (173 | ) | 9,574 | (426 | ) | 29,400 | (599 | ) | |||||||||||||||||||
Equity investments | 1,691 | (59 | ) | — | — | 1,691 | (59 | ) | ||||||||||||||||||||
Total | $ | 404,995 | (11,670 | ) | 49,861 | (1,967 | ) | 454,856 | (13,637 | ) | ||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 14,238 | (135 | ) | — | — | 14,238 | (135 | ) | |||||||||||||||||||
Residential mortgage-backed | 551,649 | (10,990 | ) | 84,920 | (3,111 | ) | 636,569 | (14,101 | ) | |||||||||||||||||||
State and political subdivisions | 1,041 | (82 | ) | — | — | 1,041 | (82 | ) | ||||||||||||||||||||
Total | $ | 566,928 | (11,207 | ) | 84,920 | (3,111 | ) | 651,848 | (14,318 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
The Company does not believe the investment securities that were in an unrealized loss position at March 31, 2014 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 First Bank 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 investment securities for 12 months or more at March 31, 2014 and December 31, 2013 included 19 and 12 securities, respectively. |
LOANS_AND_ALLOWANCE_FOR_LOAN_L
LOANS AND ALLOWANCE FOR LOAN LOSSES | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
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 March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 632,089 | 600,704 | |||||||||||||||||||
Real estate construction and development | 121,237 | 121,662 | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 910,513 | 921,488 | ||||||||||||||||||||
Multi-family residential | 125,116 | 121,304 | ||||||||||||||||||||
Commercial real estate | 1,063,813 | 1,048,234 | ||||||||||||||||||||
Consumer and installment | 17,399 | 18,681 | ||||||||||||||||||||
Loans held for sale | 21,402 | 25,548 | ||||||||||||||||||||
Net deferred loan fees | (588 | ) | (526 | ) | ||||||||||||||||||
Total loans | $ | 2,890,981 | 2,857,095 | |||||||||||||||||||
Aging of Loans. The following table presents the aging of loans by loan classification at March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
30-59 | 60-89 | Recorded | Nonaccrual | Total Past | Current | Total Loans | ||||||||||||||||
Days | Days | Investment | Due | |||||||||||||||||||
> 90 Days | ||||||||||||||||||||||
Accruing | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 6,879 | 1,165 | — | 13,023 | 21,067 | 611,022 | 632,089 | ||||||||||||||
Real estate construction and development | — | — | — | 4,642 | 4,642 | 116,595 | 121,237 | |||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Residential mortgage | 5,568 | 2,928 | 21 | 18,566 | 27,083 | 535,087 | 562,170 | |||||||||||||||
Home equity | 1,540 | 355 | 232 | 7,097 | 9,224 | 339,119 | 348,343 | |||||||||||||||
Multi-family residential | — | — | — | 1,638 | 1,638 | 123,478 | 125,116 | |||||||||||||||
Commercial real estate | 975 | 3 | — | 8,826 | 9,804 | 1,054,009 | 1,063,813 | |||||||||||||||
Consumer and installment and net deferred loan fees | 82 | 96 | — | 13 | 191 | 16,620 | 16,811 | |||||||||||||||
Loans held for sale | — | — | — | — | — | 21,402 | 21,402 | |||||||||||||||
Total | $ | 15,044 | 4,547 | 253 | 53,805 | 73,649 | 2,817,332 | 2,890,981 | ||||||||||||||
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 | |||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Residential mortgage | 4,262 | 2,637 | 162 | 20,063 | 27,124 | 545,040 | 572,164 | |||||||||||||||
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 and net deferred loan fees | 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 | ||||||||||||||
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 March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
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) | ||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||
Pass | $ | 593,492 | 43,306 | 95,032 | 1,019,458 | 1,751,288 | ||||||||||||||||
Special mention | 14,690 | 238 | — | 21,775 | 36,703 | |||||||||||||||||
Substandard | 10,884 | 73,051 | 610 | 9,265 | 93,810 | |||||||||||||||||
Performing troubled debt restructuring | — | — | 27,836 | 4,489 | 32,325 | |||||||||||||||||
Nonaccrual | 13,023 | 4,642 | 1,638 | 8,826 | 28,129 | |||||||||||||||||
Total | $ | 632,089 | 121,237 | 125,116 | 1,063,813 | 1,942,255 | ||||||||||||||||
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 | ||||||||||||||||
Consumer Loan Portfolio | Residential Mortgage | Home | Consumer | Total | ||||||||||||||||||
Credit Exposure by Payment Activity | Equity | and | ||||||||||||||||||||
Installment and Net Deferred Loan Fees | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||
Pass | $ | 458,330 | 339,119 | 16,620 | 814,069 | |||||||||||||||||
Substandard | 5,688 | 2,127 | 178 | 7,993 | ||||||||||||||||||
Performing troubled debt restructuring | 79,586 | — | — | 79,586 | ||||||||||||||||||
Nonaccrual | 18,566 | 7,097 | 13 | 25,676 | ||||||||||||||||||
Total | $ | 562,170 | 348,343 | 16,811 | 927,324 | |||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||
Pass | $ | 468,642 | 338,562 | 18,010 | 825,214 | |||||||||||||||||
Substandard | 5,306 | 3,401 | 126 | 8,833 | ||||||||||||||||||
Performing troubled debt restructuring | 78,153 | — | — | 78,153 | ||||||||||||||||||
Nonaccrual | 20,063 | 7,361 | 19 | 27,443 | ||||||||||||||||||
Total | $ | 572,164 | 349,324 | 18,155 | 939,643 | |||||||||||||||||
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 if the impaired loans are collateral dependent, 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 March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||
Investment | Principal | Allowance for | Recorded | Income | ||||||||||||||||||
Balance | Loan Losses | Investment | Recognized | |||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||
With No Related Allowance Recorded: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 5,833 | 8,852 | — | 5,273 | — | ||||||||||||||||
Real estate construction and development | 3,085 | 12,851 | — | 3,175 | — | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Residential mortgage | — | — | — | — | — | |||||||||||||||||
Home equity | — | — | — | — | — | |||||||||||||||||
Multi-family residential | 442 | 709 | — | 444 | — | |||||||||||||||||
Commercial real estate | 6,809 | 9,157 | — | 6,678 | 29 | |||||||||||||||||
Consumer and installment | — | — | — | — | — | |||||||||||||||||
16,169 | 31,569 | — | 15,570 | 29 | ||||||||||||||||||
With A Related Allowance Recorded: | ||||||||||||||||||||||
Commercial, financial and agricultural | 7,190 | 21,094 | 678 | 6,500 | — | |||||||||||||||||
Real estate construction and development | 1,557 | 3,881 | 242 | 1,603 | — | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Residential mortgage | 98,152 | 116,685 | 8,860 | 98,184 | 521 | |||||||||||||||||
Home equity | 7,097 | 8,027 | 1,419 | 7,229 | — | |||||||||||||||||
Multi-family residential | 29,032 | 29,177 | 2,342 | 29,167 | 297 | |||||||||||||||||
Commercial real estate | 6,506 | 10,100 | 994 | 6,381 | 6 | |||||||||||||||||
Consumer and installment | 13 | 13 | — | 16 | — | |||||||||||||||||
149,547 | 188,977 | 14,535 | 149,080 | 824 | ||||||||||||||||||
Total: | ||||||||||||||||||||||
Commercial, financial and agricultural | 13,023 | 29,946 | 678 | 11,773 | — | |||||||||||||||||
Real estate construction and development | 4,642 | 16,732 | 242 | 4,778 | — | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Residential mortgage | 98,152 | 116,685 | 8,860 | 98,184 | 521 | |||||||||||||||||
Home equity | 7,097 | 8,027 | 1,419 | 7,229 | — | |||||||||||||||||
Multi-family residential | 29,474 | 29,886 | 2,342 | 29,611 | 297 | |||||||||||||||||
Commercial real estate | 13,315 | 19,257 | 994 | 13,059 | 35 | |||||||||||||||||
Consumer and installment | 13 | 13 | — | 16 | — | |||||||||||||||||
$ | 165,716 | 220,546 | 14,535 | 164,650 | 853 | |||||||||||||||||
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: | ||||||||||||||||||||||
Residential mortgage | — | — | — | — | — | |||||||||||||||||
Home equity | 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 | 692 | ||||||||||||||||||
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: | ||||||||||||||||||||||
Residential mortgage | 98,216 | 118,305 | 9,740 | 102,775 | 2,043 | |||||||||||||||||
Home equity | 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 | 3,295 | ||||||||||||||||||
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: | ||||||||||||||||||||||
Residential mortgage | 98,216 | 118,305 | 9,740 | 102,775 | 2,043 | |||||||||||||||||
Home equity | 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 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 March 31, 2014 and December 31, 2013, the Company had recorded charge-offs of $54.8 million and $54.9 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. | ||||||||||||||||||||||
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 United States Department of the Treasury's (U.S. Treasury) 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 March 31, 2014 and December 31, 2013, the Company had $75.7 million and $75.3 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 March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Performing Troubled Debt Restructurings: | ||||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | $ | 79,586 | 78,153 | |||||||||||||||||||
Multi-family residential | 27,836 | 27,955 | ||||||||||||||||||||
Commercial real estate | 4,489 | 4,519 | ||||||||||||||||||||
Total performing troubled debt restructurings | $ | 111,911 | 110,627 | |||||||||||||||||||
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 March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Nonperforming Troubled Debt Restructurings: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 484 | 711 | |||||||||||||||||||
Real estate construction and development | 3,531 | 3,605 | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 5,147 | 6,266 | ||||||||||||||||||||
Total nonperforming troubled debt restructurings | $ | 9,162 | 10,582 | |||||||||||||||||||
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 $8.1 million and $9.1 million at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||
The following tables present loans classified as TDRs that were modified during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||
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 Classified as Troubled Debt Restructurings: | ||||||||||||||||||||||
Commercial, financial and agricultural | — | $ | — | $ | — | 1 | $ | 90 | $ | 45 | ||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 15 | 2,580 | 2,157 | 10 | 2,223 | 1,898 | ||||||||||||||||
The following tables present TDRs that defaulted within 12 months of modification during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||||||
Contracts | Investment | Contracts | Investment | |||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Troubled Debt Restructurings That Subsequently Defaulted: | ||||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 1 | $ | 438 | — | — | |||||||||||||||||
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 three months ended March 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Balance, beginning of period | $ | 81,033 | 91,602 | |||||||||||||||||||
Loans charged-off | (3,447 | ) | (6,883 | ) | ||||||||||||||||||
Recoveries of loans previously charged-off | 2,245 | 3,451 | ||||||||||||||||||||
Net loans charged-off | (1,202 | ) | (3,432 | ) | ||||||||||||||||||
Provision for loan losses | — | — | ||||||||||||||||||||
Balance, end of period | $ | 79,831 | 88,170 | |||||||||||||||||||
The following table represents a summary of changes in the allowance for loan losses by portfolio segment for the three months ended March 31, 2014: | ||||||||||||||||||||||
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) | ||||||||||||||||||||||
Three Months Ended March 31, 2014: | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Beginning balance | $ | 13,401 | 7,407 | 32,619 | 5,249 | 22,052 | 305 | 81,033 | ||||||||||||||
Charge-offs | (1,622 | ) | (30 | ) | (1,426 | ) | (132 | ) | (188 | ) | (49 | ) | (3,447 | ) | ||||||||
Recoveries | 752 | 600 | 791 | 7 | 57 | 38 | 2,245 | |||||||||||||||
Provision (benefit) for loan losses | 1,340 | (891 | ) | (764 | ) | 145 | 122 | 48 | — | |||||||||||||
Ending balance | $ | 13,871 | 7,086 | 31,220 | 5,269 | 22,043 | 342 | 79,831 | ||||||||||||||
The following table represents a summary of changes in the allowance for loan losses by portfolio segment for the three months ended March 31, 2013: | ||||||||||||||||||||||
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) | ||||||||||||||||||||||
Three Months Ended March 31, 2013: | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Beginning balance | $ | 13,572 | 14,434 | 38,897 | 4,252 | 20,048 | 399 | 91,602 | ||||||||||||||
Charge-offs | (676 | ) | (282 | ) | (4,389 | ) | (3 | ) | (1,477 | ) | (56 | ) | (6,883 | ) | ||||||||
Recoveries | 1,067 | 395 | 1,231 | — | 718 | 40 | 3,451 | |||||||||||||||
Provision (benefit) for loan losses | 205 | (1,544 | ) | 921 | (47 | ) | 431 | 34 | — | |||||||||||||
Ending balance | $ | 14,168 | 13,003 | 36,660 | 4,202 | 19,720 | 417 | 88,170 | ||||||||||||||
The following table represents a summary of the impairment method used by loan category at March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
Commercial | Real Estate | One-to- | Multi- | Commercial | Consumer | Total | ||||||||||||||||
and | Construction | Four-Family | Family | Real Estate | and | |||||||||||||||||
Industrial | and | Residential | Residential | Installment and Net Deferred Loans Fees | ||||||||||||||||||
Development | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Impaired loans individually evaluated for impairment | $ | — | — | 1,421 | 808 | 301 | — | 2,530 | ||||||||||||||
Impaired loans collectively evaluated for impairment | 678 | 242 | 8,858 | 1,534 | 693 | — | 12,005 | |||||||||||||||
All other loans collectively evaluated for impairment | 13,193 | 6,844 | 20,941 | 2,927 | 21,049 | 342 | 65,296 | |||||||||||||||
Total allowance for loan losses | $ | 13,871 | 7,086 | 31,220 | 5,269 | 22,043 | 342 | 79,831 | ||||||||||||||
Loans: | ||||||||||||||||||||||
Impaired loans individually evaluated for impairment | $ | 6,190 | 2,881 | 10,515 | 28,483 | 9,012 | — | 57,081 | ||||||||||||||
Impaired loans collectively evaluated for impairment | 6,833 | 1,761 | 94,734 | 991 | 4,303 | 13 | 108,635 | |||||||||||||||
All other loans collectively evaluated for impairment | 619,066 | 116,595 | 805,264 | 95,642 | 1,050,498 | 16,798 | 2,703,863 | |||||||||||||||
Total loans | $ | 632,089 | 121,237 | 910,513 | 125,116 | 1,063,813 | 16,811 | 2,869,579 | ||||||||||||||
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 allowance for loan losses | $ | 13,401 | 7,407 | 32,619 | 5,249 | 22,052 | 305 | 81,033 | ||||||||||||||
Loans: | ||||||||||||||||||||||
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 loans | $ | 600,704 | 121,662 | 921,488 | 121,304 | 1,048,234 | 18,155 | 2,831,547 | ||||||||||||||
SERVICING_RIGHTS
SERVICING RIGHTS | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Servicing Asset [Abstract] | ' | ||||||
SERVICING RIGHTS | ' | ||||||
SERVICING RIGHTS | |||||||
Mortgage Banking Activities. At March 31, 2014 and December 31, 2013, the Company serviced mortgage loans for others totaling $1.31 billion and $1.33 billion, respectively. Changes in mortgage servicing rights for the three months ended March 31, 2014 and 2013 were as follows: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(dollars expressed in thousands) | |||||||
Balance, beginning of period | $ | 14,211 | 9,152 | ||||
Originated mortgage servicing rights | 455 | 1,229 | |||||
Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model (1) | 151 | 854 | |||||
Other changes in fair value (2) | (422 | ) | (583 | ) | |||
Balance, end of period | $ | 14,395 | 10,652 | ||||
____________________ | |||||||
-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 March 31, 2014 and December 31, 2013, the Company serviced United States Small Business Administration (SBA) loans for others totaling $135.8 million and $139.1 million, respectively. Changes in SBA servicing rights for the three months ended March 31, 2014 and 2013 were as follows: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(dollars expressed in thousands) | |||||||
Balance, beginning of period | $ | 4,643 | 5,640 | ||||
Originated SBA servicing rights | — | — | |||||
Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model (1) | 175 | 22 | |||||
Other changes in fair value (2) | (136 | ) | (139 | ) | |||
Balance, end of period | $ | 4,682 | 5,523 | ||||
____________________ | |||||||
-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 | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
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 March 31, 2014 and December 31, 2013: | |||||||||||||
Derivatives in Other Assets | |||||||||||||
Notional Amount | Fair Value Gain (Loss) | ||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||
(dollars expressed in thousands) | |||||||||||||
Derivative Instruments Not Designated as Hedging Instruments: | |||||||||||||
Interest rate lock commitments | $ | 20,537 | 14,237 | 332 | 217 | ||||||||
Forward commitments to sell mortgage-backed securities | 27,800 | 29,100 | 14 | 296 | |||||||||
Total | $ | 48,337 | 43,337 | 346 | 513 | ||||||||
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 interest rate lock commitments and loans held for sale are hedged with forward contracts to sell mortgage-backed securities, which expire in June 2014. | |||||||||||||
The following table summarizes amounts included in the consolidated statements of income for the three months ended March 31, 2014 and 2013 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 | ||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(dollars expressed in thousands) | |||||||||||||
Interest rate lock commitments | Gain on loans sold and held for sale | $ | 115 | (722 | ) | ||||||||
Forward commitments to sell mortgage-backed securities | Gain on loans sold and held for sale | (282 | ) | 240 | |||||||||
SUBORDINATED_DEBENTURES
SUBORDINATED DEBENTURES | 3 Months Ended |
Mar. 31, 2014 | |
Subordinated Borrowings [Abstract] | ' |
SUBORDINATED DEBENTURES | ' |
SUBORDINATED DEBENTURES | |
As of March 31, 2014, 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’s distributions accrued on the junior subordinated debentures were $3.8 million and $3.7 million for the three months ended March 31, 2014 and 2013, respectively, and are included in interest expense in the consolidated statements of income. 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 9 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 of its regularly scheduled interest payments as of December 31, 2013. In addition, the Company had accrued additional interest expense of $6.7 million as of December 31, 2013 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 8 to the consolidated financial statements. | |
Under its agreement with the Federal Reserve Bank of St. Louis (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 9 to the consolidated financial statements. | |
On January 31, 2014, the Company received regulatory approval from the FRB, subject to certain conditions, which granted 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 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 totaled $66.4 million. On March 14, 2014, the Company paid interest on the junior subordinated debentures of $66.4 million to the respective trustees, which was subsequently distributed to the trust preferred securities holders on the respective interest payment dates in March and April, 2014. | |
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 | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
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. | ||||||||||||||
Preferred Stock. The Company has four classes of preferred stock outstanding. On February 15, 2014, the annual dividend rate on the Class C Fixed Rate Cumulative Perpetual Preferred Stock (Class C Preferred Stock) increased from 5% to 9%. | ||||||||||||||
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 of its regularly scheduled dividend payments on its Class C Preferred Stock and Class D Fixed Rate Cumulative Perpetual Preferred Stock (Class D Preferred Stock) at March 31, 2014 and December 31, 2013, and has accrued an additional $9.4 million of cumulative dividends on such deferred dividend payments at March 31, 2014 and December 31, 2013. As such, the aggregate amount of these deferred and accrued dividend payments was $77.8 million at March 31, 2014 and 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 continued to declare and accrued dividends on its Class C Preferred Stock and Class D Preferred Stock during the fourth quarter of 2013 and the three months ended March 31, 2014, the Company would have accrued an additional $4.1 million and $5.5 million, respectively, of dividend payments, and the Company's aggregate deferred and accrued dividend payments would have been $87.4 million at March 31, 2014. 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. | ||||||||||||||
Accumulated Other Comprehensive Income (Loss). The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, by component, for the three months ended March 31, 2014: | ||||||||||||||
Investment Securities | Defined Benefit Pension Plan | Total | ||||||||||||
(dollars expressed in thousands) | ||||||||||||||
Three Months Ended March 31, 2014: | ||||||||||||||
Balance, beginning of period | $ | 10,151 | (2,649 | ) | 7,502 | |||||||||
Other comprehensive income before reclassifications | 4,432 | 21 | 4,453 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | (753 | ) | — | (753 | ) | |||||||||
Net current period other comprehensive income | 3,679 | 21 | 3,700 | |||||||||||
Balance, end of period | $ | 13,830 | (2,628 | ) | 11,202 | |||||||||
The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, by component, for the three months ended March 31, 2013: | ||||||||||||||
Investment Securities | Defined Benefit Pension Plan | Deferred Tax Asset Valuation Allowance | Total | |||||||||||
(dollars expressed in thousands) | ||||||||||||||
Three Months Ended March 31, 2013: | ||||||||||||||
Balance, beginning of period | $ | 35,186 | (3,544 | ) | 13,617 | 45,259 | ||||||||
Other comprehensive (loss) income before reclassifications | (2,681 | ) | 30 | (2,122 | ) | (4,773 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | 5 | — | — | 5 | ||||||||||
Net current period other comprehensive (loss) income | (2,676 | ) | 30 | (2,122 | ) | (4,768 | ) | |||||||
Balance, end of period | $ | 32,510 | (3,514 | ) | 11,495 | 40,491 | ||||||||
REGULATORY_CAPITAL_AND_OTHER_R
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
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, or Tier1 leverage ratio. | ||||||||||||||||||||
The Company was categorized as adequately capitalized under minimum regulatory capital standards established for bank holding companies by the Federal Reserve at March 31, 2014 and December 31, 2013. The Company must maintain minimum total capital, Tier 1 capital and Tier 1 leverage ratios as set forth in the table below in order to meet the minimum capital adequacy standards. | ||||||||||||||||||||
First Bank was categorized as well capitalized at March 31, 2014 and December 31, 2013 under the prompt corrective action provisions of the regulatory capital standards. First Bank must maintain minimum total capital, Tier 1 capital and Tier 1 leverage ratios as set forth in the table below in order to be categorized as well capitalized. | ||||||||||||||||||||
At March 31, 2014 and December 31, 2013, the Company's and First Bank’s required and actual capital ratios were as follows: | ||||||||||||||||||||
To be Well | ||||||||||||||||||||
Actual | For Capital Adequacy Purposes | Capitalized | ||||||||||||||||||
March 31, 2014 | December 31, 2013 | Under Prompt Corrective Action Provisions | ||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||
Total capital (to risk-weighted assets): | ||||||||||||||||||||
First Banks, Inc. | $ | 425,829 | 11.73 | % | $ | 405,856 | 11.13 | % | 8 | % | N/A | |||||||||
First Bank (1) | 679,594 | 18.7 | 734,535 | 20.12 | 8 | 10 | % | |||||||||||||
Tier 1 capital (to risk-weighted assets): | ||||||||||||||||||||
First Banks, Inc. | 253,332 | 6.98 | 239,868 | 6.58 | 4 | N/A | ||||||||||||||
First Bank (1) | 633,700 | 17.43 | 688,427 | 18.86 | 4 | 6 | ||||||||||||||
Tier 1 capital (to average assets): | ||||||||||||||||||||
First Banks, Inc. | 253,332 | 4.51 | 239,868 | 4.12 | 4 | N/A | ||||||||||||||
First Bank (1) | 633,700 | 11.3 | 688,427 | 11.77 | 4 | 5 | ||||||||||||||
____________________ | ||||||||||||||||||||
-1 | The reduction in First Bank's regulatory capital ratios during the first quarter of 2014 primarily resulted from the payment of a $70 million dividend to the Company, as further described below. | |||||||||||||||||||
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, which granted 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 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, as further described in Note 7 to the consolidated financial statements. | ||||||||||||||||||||
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 was 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. Institutions that do not maintain the capital conservation buffer are precluded from: (1) paying dividends and making certain other capital distributions; (2) making interest payments on trust preferred securities (unless the non-payment of interest would otherwise trigger an event of default); and (3) making 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% above the minimum capital requirement. The capital conservation buffer 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 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 net 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 net deferred tax assets attributable to net operating loss and tax credit carryforwards, which comprised over 88.0% of the Company's net deferred tax assets as of March 31, 2014, are scheduled to be phased out entirely from inclusion in the calculation of common equity Tier 1 capital in 2018. 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. | ||||||||||||||||||||
In light of the Company's current capital and the future changes in the calculation of regulatory capital as a result of Basel III, 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 requirement 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, and ability to grow. In addition, the inability to meet the capital conservation buffer would preclude the Company from making dividend payments on capital stock and interest payments on trust preferred securities absent a waiver of the Basel III rules by the Federal Reserve when the capital conservation rules become applicable to the Company in 2016. |
FAIR_VALUE_DISCLOSURES
FAIR VALUE DISCLOSURES | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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. Certain other real estate, upon initial recognition, is 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 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 March 31, 2014 and December 31, 2013 are reflected in the following table: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Available-for-sale investment securities: | ||||||||||||||||
U.S. Government sponsored agencies | $ | — | 195,094 | — | 195,094 | |||||||||||
Residential mortgage-backed | — | 1,003,445 | — | 1,003,445 | ||||||||||||
Commercial mortgage-backed | — | 851 | — | 851 | ||||||||||||
State and political subdivisions | — | 31,340 | — | 31,340 | ||||||||||||
Corporate notes | — | 175,751 | — | 175,751 | ||||||||||||
Equity investments | 1,691 | — | — | 1,691 | ||||||||||||
Mortgage loans held for sale | — | 21,402 | — | 21,402 | ||||||||||||
Derivative instruments: | ||||||||||||||||
Interest rate lock commitments | — | 332 | — | 332 | ||||||||||||
Forward commitments to sell mortgage-backed securities | — | 14 | — | 14 | ||||||||||||
Servicing rights | — | — | 19,077 | 19,077 | ||||||||||||
Total | $ | 1,691 | 1,428,229 | 19,077 | 1,448,997 | |||||||||||
Liabilities: | ||||||||||||||||
Nonqualified deferred compensation plan | $ | 6,294 | — | — | 6,294 | |||||||||||
Total | $ | 6,294 | — | — | 6,294 | |||||||||||
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 | |||||||||||
There were no transfers between Levels 1 and 2 of the fair value hierarchy for the three months ended March 31, 2014 and 2013. | ||||||||||||||||
The following table presents the changes in Level 3 assets measured on a recurring basis for the three months ended March 31, 2014 and 2013: | ||||||||||||||||
Servicing Rights | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
Balance, beginning of period | $ | 18,854 | 14,792 | |||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Included in earnings (1) | (232 | ) | 154 | |||||||||||||
Included in other comprehensive income | — | — | ||||||||||||||
Issuances | 455 | 1,229 | ||||||||||||||
Transfers in and/or out of level 3 | — | — | ||||||||||||||
Balance, end of period | $ | 19,077 | 16,175 | |||||||||||||
____________________ | ||||||||||||||||
-1 | Gains or losses (realized/unrealized) are included in noninterest income in the consolidated statements of income. | |||||||||||||||
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 March 31, 2014 and December 31, 2013 are reflected in the following table: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial, financial and agricultural | $ | — | — | 12,345 | 12,345 | |||||||||||
Real estate construction and development | — | — | 4,400 | 4,400 | ||||||||||||
Real estate mortgage: | ||||||||||||||||
Residential mortgage | — | — | 89,292 | 89,292 | ||||||||||||
Home equity | — | — | 5,678 | 5,678 | ||||||||||||
Multi-family residential | — | — | 27,132 | 27,132 | ||||||||||||
Commercial real estate | — | — | 12,321 | 12,321 | ||||||||||||
Consumer and installment | — | — | 13 | 13 | ||||||||||||
Other real estate | — | — | 61,485 | 61,485 | ||||||||||||
Total | $ | — | — | 212,666 | 212,666 | |||||||||||
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: | ||||||||||||||||
Residential mortgage | — | — | 88,476 | 88,476 | ||||||||||||
Home equity | — | — | 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 | — | — | 66,702 | 66,702 | ||||||||||||
Total | $ | — | — | 214,854 | 214,854 | |||||||||||
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 measured at fair value upon initial recognition totaled $1.0 million and $2.5 million for the three months ended March 31, 2014 and 2013, respectively. In addition to other real estate measured at fair value upon initial recognition, the Company recorded write-downs to the balance of other real estate of $97,000 and $258,000 to noninterest expense for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||
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. | ||||||||||||||||
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 agreements 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. | ||||||||||||||||
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 March 31, 2014 was as follows: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 341,235 | 341,235 | — | — | 341,235 | ||||||||||
Investment securities: | ||||||||||||||||
Available for sale | 1,408,172 | 1,691 | 1,406,481 | — | 1,408,172 | |||||||||||
Held to maturity | 718,672 | — | 704,977 | — | 704,977 | |||||||||||
Loans held for portfolio | 2,789,748 | — | — | 2,683,895 | 2,683,895 | |||||||||||
Loans held for sale | 21,402 | — | 21,402 | — | 21,402 | |||||||||||
FRB and FHLB stock | 32,148 | 32,148 | — | — | 32,148 | |||||||||||
Derivative instruments | 346 | — | 346 | — | 346 | |||||||||||
Accrued interest receivable | 16,087 | 16,087 | — | — | 16,087 | |||||||||||
Financial Liabilities: | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,273,662 | 1,273,662 | — | — | 1,273,662 | ||||||||||
Interest-bearing demand | 699,158 | 699,158 | — | — | 699,158 | |||||||||||
Savings and money market | 1,841,905 | 1,841,905 | — | — | 1,841,905 | |||||||||||
Time deposits | 1,027,706 | — | — | 1,027,869 | 1,027,869 | |||||||||||
Securities sold under agreements to repurchase | 36,713 | 36,713 | — | — | 36,713 | |||||||||||
Accrued interest payable | 656 | 656 | — | — | 656 | |||||||||||
Subordinated debentures | 354,229 | — | — | 287,981 | 287,981 | |||||||||||
Off-Balance Sheet Financial Instruments: | ||||||||||||||||
Commitments to extend credit, standby letters of credit and financial guarantees | $ | (2,715 | ) | — | — | (2,715 | ) | (2,715 | ) | |||||||
The estimated fair value of the Company’s financial instruments at December 31, 2013 was 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 | |||||||||||
Securities sold under agreements to repurchase | 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 | ) | |||||||
INCOME_TAXES
INCOME TAXES | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Income Tax Disclosure [Abstract] | ' | ||||||
INCOME TAXES | ' | ||||||
INCOME TAXES | |||||||
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 previously had a full valuation allowance against its net deferred tax assets. 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 income and as an adjustment to accumulated other comprehensive income during the fourth quarter of 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. | |||||||
A summary of the Company’s deferred tax assets and deferred tax liabilities at March 31, 2014 and December 31, 2013 is as follows: | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
(dollars expressed in thousands) | |||||||
Gross deferred tax assets | $ | 375,092 | 359,261 | ||||
Unrecognized tax benefits for uncertain tax positions | (879 | ) | — | ||||
Valuation allowance | (43,380 | ) | (43,380 | ) | |||
Deferred tax assets, net of valuation allowance | 330,833 | 315,881 | |||||
Deferred tax liabilities | 49,609 | 28,397 | |||||
Net deferred tax assets | $ | 281,224 | 287,484 | ||||
At March 31, 2014 and December 31, 2013, for federal income tax purposes, the Company had net operating loss carryforwards of approximately $565.9 million and $571.8 million, respectively. For state income tax purposes, the Company had net operating loss carryforwards of approximately $785.4 million at March 31, 2014 and December 31, 2013, and a related deferred tax asset of $66.7 million and $66.6 million, respectively. |
EARNINGS_LOSS_PER_COMMON_SHARE
EARNINGS (LOSS) PER COMMON SHARE | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
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 (EPS) for the three months ended March 31, 2014 and 2013: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(dollars in thousands, except share and per share data) | |||||||
Basic: | |||||||
Net income from continuing operations attributable to First Banks, Inc. | $ | 5,405 | 8,774 | ||||
Preferred stock dividends declared | — | (4,881 | ) | ||||
Accretion of discount on preferred stock | — | (898 | ) | ||||
Net income from continuing operations attributable to common stockholders | 5,405 | 2,995 | |||||
Net loss from discontinued operations attributable to common stockholders | — | (2,064 | ) | ||||
Net income available to First Banks, Inc. common stockholders | $ | 5,405 | 931 | ||||
Weighted average shares of common stock outstanding | 23,661 | 23,661 | |||||
Basic earnings per common share – continuing operations | $ | 228.43 | 126.59 | ||||
Basic loss per common share – discontinued operations | $ | — | (87.24 | ) | |||
Basic earnings per common share | $ | 228.43 | 39.35 | ||||
Diluted: | |||||||
Net income from continuing operations attributable to common stockholders | $ | 5,405 | 2,995 | ||||
Net loss from discontinued operations attributable to common stockholders | — | (2,064 | ) | ||||
Net income available to First Banks, Inc. common stockholders | 5,405 | 931 | |||||
Effect of dilutive securities – Class A convertible preferred stock | — | — | |||||
Diluted income available to First Banks, Inc. common stockholders | $ | 5,405 | 931 | ||||
Weighted average shares of common stock outstanding | 23,661 | 23,661 | |||||
Effect of dilutive securities – Class A convertible preferred stock | 4,421 | — | |||||
Weighted average diluted shares of common stock outstanding | 28,082 | 23,661 | |||||
Diluted earnings per common share – continuing operations | $ | 192.46 | 126.59 | ||||
Diluted loss per common share – discontinued operations | $ | — | (87.24 | ) | |||
Diluted earnings per common share | $ | 192.46 | 39.35 | ||||
BUSINESS_SEGMENT_RESULTS
BUSINESS SEGMENT RESULTS | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
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. The business segment results are summarized as follows: | |||||||||||||||||||
First Bank | Corporate, Other and | Consolidated Totals | |||||||||||||||||
Intercompany | |||||||||||||||||||
Reclassifications | |||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||
Balance sheet information: | |||||||||||||||||||
Investment securities | $ | 2,126,844 | 2,351,931 | — | — | 2,126,844 | 2,351,931 | ||||||||||||
Total loans | 2,890,981 | 2,857,095 | — | — | 2,890,981 | 2,857,095 | |||||||||||||
FRB and FHLB stock | 32,148 | 27,357 | — | — | 32,148 | 27,357 | |||||||||||||
Total assets | 5,836,010 | 5,865,160 | 54,549 | 53,823 | 5,890,559 | 5,918,983 | |||||||||||||
Deposits | 4,849,783 | 4,815,792 | (7,352 | ) | (1,897 | ) | 4,842,431 | 4,813,895 | |||||||||||
Securities sold under agreements to repurchase | 36,713 | 43,143 | — | — | 36,713 | 43,143 | |||||||||||||
Subordinated debentures | — | — | 354,229 | 354,210 | 354,229 | 354,210 | |||||||||||||
Stockholders’ equity | 872,845 | 931,561 | (375,539 | ) | (443,305 | ) | 497,306 | 488,256 | |||||||||||
First Bank | Corporate, Other and | Consolidated Totals | |||||||||||||||||
Intercompany | |||||||||||||||||||
Reclassifications | |||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||
March 31, | March 31, | March 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||
Income statement information: | |||||||||||||||||||
Interest income | $ | 42,189 | 43,986 | — | — | 42,189 | 43,986 | ||||||||||||
Interest expense | 2,051 | 2,473 | 3,798 | 3,676 | 5,849 | 6,149 | |||||||||||||
Net interest income (loss) | 40,138 | 41,513 | (3,798 | ) | (3,676 | ) | 36,340 | 37,837 | |||||||||||
Provision for loan losses | — | — | — | — | — | — | |||||||||||||
Net interest income (loss) after provision for loan losses | 40,138 | 41,513 | (3,798 | ) | (3,676 | ) | 36,340 | 37,837 | |||||||||||
Noninterest income | 14,559 | 15,284 | 116 | 111 | 14,675 | 15,395 | |||||||||||||
Noninterest expense | 42,993 | 43,863 | (245 | ) | 184 | 42,748 | 44,047 | ||||||||||||
Income (loss) from continuing operations before provision (benefit) for income taxes | 11,704 | 12,934 | (3,437 | ) | (3,749 | ) | 8,267 | 9,185 | |||||||||||
Provision (benefit) for income taxes | 4,120 | 148 | (1,203 | ) | 217 | 2,917 | 365 | ||||||||||||
Net income (loss) from continuing operations, net of tax | 7,584 | 12,786 | (2,234 | ) | (3,966 | ) | 5,350 | 8,820 | |||||||||||
Loss from discontinued operations, net of tax | — | (2,064 | ) | — | — | — | (2,064 | ) | |||||||||||
Net income (loss) | 7,584 | 10,722 | (2,234 | ) | (3,966 | ) | 5,350 | 6,756 | |||||||||||
Net (loss) income attributable to noncontrolling interest in subsidiary | (55 | ) | 46 | — | — | (55 | ) | 46 | |||||||||||
Net income (loss) attributable to First Banks, Inc. | $ | 7,639 | 10,676 | (2,234 | ) | (3,966 | ) | 5,405 | 6,710 | ||||||||||
TRANSACTIONS_WITH_RELATED_PART
TRANSACTIONS WITH RELATED PARTIES | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
TRANSACTIONS WITH RELATED PARTIES | ' |
TRANSACTIONS WITH RELATED PARTIES | |
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 $5.3 million and $5.0 million for the three months ended March 31, 2014 and 2013, 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 $390,000 and $244,000 for the three months ended March 31, 2014 and 2013, respectively. In addition, First Services paid $435,000 for the three months ended March 31, 2014 and 2013 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 $60,000 and $46,000 for the three months ended March 31, 2014 and 2013, 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 $1.0 million and $1.2 million for the three months ended March 31, 2014 and 2013, 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 $93,000 and $114,000 for the three months ended March 31, 2014 and 2013, respectively, to First Bank in rental payments for occupancy of certain First Bank premises from which brokerage business is conducted. | |
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 $126,000 and $122,000 for the three months ended March 31, 2014 and 2013, 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 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 owned 53.23% and FCA, a corporation owned by the Company’s Chairman and members of his immediate family, owned the remaining 46.77% of FB Holdings as of March 31, 2014. FCA's ownership in FB Holdings is reflected as a component of stockholders’ equity in the consolidated balance sheets. | |
Investors of America Limited Partnership. 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). 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 Credit Agreement provided for a $5.0 million secured revolving line of credit to be utilized for general working capital needs. This borrowing arrangement, which matured on March 31, 2014, had an interest rate of LIBOR plus 300 basis points. There were no balances outstanding under the Credit Agreement from its origination date through its maturity date. | |
Loans to Directors, Executive Officers 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, executive officers 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 $13.1 million and $12.0 million at March 31, 2014 and December 31, 2013, 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, Executive Officers and/or their Affiliates. Certain directors, executive officers 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. |
CONTINGENT_LIABILITIES
CONTINGENT LIABILITIES | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
CONTINGENT LIABILITIES | ' |
CONTINGENT LIABILITIES | |
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. | |
The Company and First Bank have entered into agreements with the FRB and MDOF, as further described in Note 9 to the consolidated financial statements. The informal agreement with the MDOF, dated as of September 18, 2008, was terminated effective September 11, 2013. |
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting | ' |
The consolidated financial statements 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. | |
Principals 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 subsidiary, as more fully described below and in Note 14 to the consolidated financial statements. All significant intercompany accounts and transactions have been eliminated. | |
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. All of the subsidiaries are wholly owned as of March 31, 2014 except FB Holdings, LLC (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 14 to the consolidated financial statements. FB Holdings is included in the consolidated financial statements and the noncontrolling ownership interest is 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, is reported as “net (loss) income attributable to noncontrolling interest in subsidiary” in the consolidated statements of income. |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||
Schedule Of Disposal Groups Including Discontinued Operations Income Statements [Table Text Block] | ' | |||||||||
Loss from discontinued operations, net of tax, for the three months ended March 31, 2013 was as follows: | ||||||||||
Three Months Ended | ||||||||||
March 31, 2013 | ||||||||||
Association Bank Services | Northern Florida | Total | ||||||||
(dollars expressed in thousands) | ||||||||||
Interest income: | ||||||||||
Interest and fees on loans | $ | 365 | — | 365 | ||||||
Interest expense: | ||||||||||
Interest on deposits | 88 | 192 | 280 | |||||||
Net interest income (loss) | 277 | (192 | ) | 85 | ||||||
Provision for loan losses | — | — | — | |||||||
Net interest income (loss) after provision for loan losses | 277 | (192 | ) | 85 | ||||||
Noninterest income: | ||||||||||
Service charges and customer service fees | 41 | 104 | 145 | |||||||
Other | 26 | 3 | 29 | |||||||
Total noninterest income | 67 | 107 | 174 | |||||||
Noninterest expense: | ||||||||||
Salaries and employee benefits | 643 | 579 | 1,222 | |||||||
Occupancy, net of rental income | 2 | 455 | 457 | |||||||
Furniture and equipment | 12 | 39 | 51 | |||||||
FDIC insurance | 204 | 53 | 257 | |||||||
Other | 224 | 112 | 336 | |||||||
Total noninterest expense | 1,085 | 1,238 | 2,323 | |||||||
Loss from operations of discontinued operations | (741 | ) | (1,323 | ) | (2,064 | ) | ||||
Benefit for income taxes | — | — | — | |||||||
Net loss from discontinued operations, net of tax | $ | (741 | ) | (1,323 | ) | (2,064 | ) |
INVESTMENTS_IN_DEBT_AND_EQUITY1
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | |||||||||||||||||||||||||||
The amortized cost, contractual maturity, gross unrealized gains and losses and fair value of investment securities available for sale at March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||||||
Maturity | Total Amortized Cost | Gross | Weighted Average Yield | |||||||||||||||||||||||||
1 Year | 5-Jan | 10-May | After | Unrealized | Fair | |||||||||||||||||||||||
or Less | Years | Years | 10 Years | Gains | Losses | Value | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||||||||
Carrying value: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 8,418 | 30,058 | 20,136 | 132,248 | 190,860 | 4,281 | (47 | ) | 195,094 | 1.37 | % | ||||||||||||||||
Residential mortgage-backed | 282 | 28,277 | 82,445 | 891,319 | 1,002,323 | 13,662 | (12,540 | ) | 1,003,445 | 2.37 | ||||||||||||||||||
Commercial mortgage-backed | — | — | 789 | — | 789 | 62 | — | 851 | 4.95 | |||||||||||||||||||
State and political subdivisions | 1,367 | 1,681 | 200 | 28,417 | 31,665 | 67 | (392 | ) | 31,340 | 1.23 | ||||||||||||||||||
Corporate notes | 5,000 | 121,153 | 45,131 | — | 171,284 | 5,066 | (599 | ) | 175,751 | 2.82 | ||||||||||||||||||
Equity investments | — | — | — | 1,750 | 1,750 | — | (59 | ) | 1,691 | 2.13 | ||||||||||||||||||
Total | $ | 15,067 | 181,169 | 148,701 | 1,053,734 | 1,398,671 | 23,138 | (13,637 | ) | 1,408,172 | 2.26 | |||||||||||||||||
Fair value: | ||||||||||||||||||||||||||||
Debt securities | $ | 15,135 | 186,936 | 148,797 | 1,055,613 | |||||||||||||||||||||||
Equity securities | — | — | — | 1,691 | ||||||||||||||||||||||||
Total | $ | 15,135 | 186,936 | 148,797 | 1,057,304 | |||||||||||||||||||||||
Weighted average yield | 2.21 | % | 2.39 | % | 2.1 | % | 2.26 | % | ||||||||||||||||||||
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 | % | ||||||||||||||||||||
Held-to-maturity Securities [Table Text Block] | ' | |||||||||||||||||||||||||||
The amortized cost, contractual maturity, gross unrealized gains and losses and fair value of investment securities held to maturity at March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||||||
Maturity | Total Amortized Cost | Gross | Weighted Average Yield | |||||||||||||||||||||||||
1 Year | 5-Jan | 10-May | After | Unrealized | Fair | |||||||||||||||||||||||
or Less | Years | Years | 10 Years | Gains | Losses | Value | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||||||||
Carrying value: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | — | — | 14,373 | — | 14,373 | — | (135 | ) | 14,238 | 1.16 | % | ||||||||||||||||
Residential mortgage-backed | — | 79,836 | 115,139 | 507,272 | 702,247 | 622 | (14,101 | ) | 688,768 | 1.91 | ||||||||||||||||||
State and political subdivisions | 445 | 574 | — | 1,033 | 2,052 | 1 | (82 | ) | 1,971 | 1.63 | ||||||||||||||||||
Total | $ | 445 | 80,410 | 129,512 | 508,305 | 718,672 | 623 | (14,318 | ) | 704,977 | 1.89 | |||||||||||||||||
Fair value: | ||||||||||||||||||||||||||||
Debt securities | $ | 445 | 80,347 | 128,038 | 496,147 | |||||||||||||||||||||||
Weighted average yield | 2.85 | % | 2.01 | % | 1.42 | % | 2 | % | ||||||||||||||||||||
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 | % | ||||||||||||||||||||
Schedule of Realized Gain (Loss) [Table Text Block] | ' | |||||||||||||||||||||||||||
Gross realized gains and gross realized losses on investment securities for the three months ended March 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||||||||
Gross realized gains on sales of available-for-sale securities | $ | 2,010 | 346 | |||||||||||||||||||||||||
Gross realized losses on sales of available-for-sale securities | (730 | ) | (354 | ) | ||||||||||||||||||||||||
Other-than-temporary impairment | — | (408 | ) | |||||||||||||||||||||||||
Net realized gain (loss) on investment securities | $ | 1,280 | (416 | ) | ||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | |||||||||||||||||||||||||||
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 March 31, 2014 and December 31, 2013, 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) | ||||||||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | — | — | 14,670 | (47 | ) | 14,670 | (47 | ) | |||||||||||||||||||
Residential mortgage-backed | 355,453 | (11,046 | ) | 25,617 | (1,494 | ) | 381,070 | (12,540 | ) | |||||||||||||||||||
State and political subdivisions | 28,025 | (392 | ) | — | — | 28,025 | (392 | ) | ||||||||||||||||||||
Corporate notes | 19,826 | (173 | ) | 9,574 | (426 | ) | 29,400 | (599 | ) | |||||||||||||||||||
Equity investments | 1,691 | (59 | ) | — | — | 1,691 | (59 | ) | ||||||||||||||||||||
Total | $ | 404,995 | (11,670 | ) | 49,861 | (1,967 | ) | 454,856 | (13,637 | ) | ||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 14,238 | (135 | ) | — | — | 14,238 | (135 | ) | |||||||||||||||||||
Residential mortgage-backed | 551,649 | (10,990 | ) | 84,920 | (3,111 | ) | 636,569 | (14,101 | ) | |||||||||||||||||||
State and political subdivisions | 1,041 | (82 | ) | — | — | 1,041 | (82 | ) | ||||||||||||||||||||
Total | $ | 566,928 | (11,207 | ) | 84,920 | (3,111 | ) | 651,848 | (14,318 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
LOANS_AND_ALLOWANCE_FOR_LOAN_L1
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||||||||||||||||
The following table summarizes the composition of the loan portfolio at March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 632,089 | 600,704 | |||||||||||||||||||
Real estate construction and development | 121,237 | 121,662 | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 910,513 | 921,488 | ||||||||||||||||||||
Multi-family residential | 125,116 | 121,304 | ||||||||||||||||||||
Commercial real estate | 1,063,813 | 1,048,234 | ||||||||||||||||||||
Consumer and installment | 17,399 | 18,681 | ||||||||||||||||||||
Loans held for sale | 21,402 | 25,548 | ||||||||||||||||||||
Net deferred loan fees | (588 | ) | (526 | ) | ||||||||||||||||||
Total loans | $ | 2,890,981 | 2,857,095 | |||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||
The following table presents the aging of loans by loan classification at March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
30-59 | 60-89 | Recorded | Nonaccrual | Total Past | Current | Total Loans | ||||||||||||||||
Days | Days | Investment | Due | |||||||||||||||||||
> 90 Days | ||||||||||||||||||||||
Accruing | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 6,879 | 1,165 | — | 13,023 | 21,067 | 611,022 | 632,089 | ||||||||||||||
Real estate construction and development | — | — | — | 4,642 | 4,642 | 116,595 | 121,237 | |||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Residential mortgage | 5,568 | 2,928 | 21 | 18,566 | 27,083 | 535,087 | 562,170 | |||||||||||||||
Home equity | 1,540 | 355 | 232 | 7,097 | 9,224 | 339,119 | 348,343 | |||||||||||||||
Multi-family residential | — | — | — | 1,638 | 1,638 | 123,478 | 125,116 | |||||||||||||||
Commercial real estate | 975 | 3 | — | 8,826 | 9,804 | 1,054,009 | 1,063,813 | |||||||||||||||
Consumer and installment and net deferred loan fees | 82 | 96 | — | 13 | 191 | 16,620 | 16,811 | |||||||||||||||
Loans held for sale | — | — | — | — | — | 21,402 | 21,402 | |||||||||||||||
Total | $ | 15,044 | 4,547 | 253 | 53,805 | 73,649 | 2,817,332 | 2,890,981 | ||||||||||||||
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 | |||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Residential mortgage | 4,262 | 2,637 | 162 | 20,063 | 27,124 | 545,040 | 572,164 | |||||||||||||||
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 and net deferred loan fees | 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 | ||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | |||||||||||||||||||||
The following tables present the credit exposure of the loan portfolio by internally assigned credit grade and payment activity as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
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) | ||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||
Pass | $ | 593,492 | 43,306 | 95,032 | 1,019,458 | 1,751,288 | ||||||||||||||||
Special mention | 14,690 | 238 | — | 21,775 | 36,703 | |||||||||||||||||
Substandard | 10,884 | 73,051 | 610 | 9,265 | 93,810 | |||||||||||||||||
Performing troubled debt restructuring | — | — | 27,836 | 4,489 | 32,325 | |||||||||||||||||
Nonaccrual | 13,023 | 4,642 | 1,638 | 8,826 | 28,129 | |||||||||||||||||
Total | $ | 632,089 | 121,237 | 125,116 | 1,063,813 | 1,942,255 | ||||||||||||||||
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 | ||||||||||||||||
Consumer Loan Portfolio | Residential Mortgage | Home | Consumer | Total | ||||||||||||||||||
Credit Exposure by Payment Activity | Equity | and | ||||||||||||||||||||
Installment and Net Deferred Loan Fees | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||
Pass | $ | 458,330 | 339,119 | 16,620 | 814,069 | |||||||||||||||||
Substandard | 5,688 | 2,127 | 178 | 7,993 | ||||||||||||||||||
Performing troubled debt restructuring | 79,586 | — | — | 79,586 | ||||||||||||||||||
Nonaccrual | 18,566 | 7,097 | 13 | 25,676 | ||||||||||||||||||
Total | $ | 562,170 | 348,343 | 16,811 | 927,324 | |||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||
Pass | $ | 468,642 | 338,562 | 18,010 | 825,214 | |||||||||||||||||
Substandard | 5,306 | 3,401 | 126 | 8,833 | ||||||||||||||||||
Performing troubled debt restructuring | 78,153 | — | — | 78,153 | ||||||||||||||||||
Nonaccrual | 20,063 | 7,361 | 19 | 27,443 | ||||||||||||||||||
Total | $ | 572,164 | 349,324 | 18,155 | 939,643 | |||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||
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 March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||
Investment | Principal | Allowance for | Recorded | Income | ||||||||||||||||||
Balance | Loan Losses | Investment | Recognized | |||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||
With No Related Allowance Recorded: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 5,833 | 8,852 | — | 5,273 | — | ||||||||||||||||
Real estate construction and development | 3,085 | 12,851 | — | 3,175 | — | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Residential mortgage | — | — | — | — | — | |||||||||||||||||
Home equity | — | — | — | — | — | |||||||||||||||||
Multi-family residential | 442 | 709 | — | 444 | — | |||||||||||||||||
Commercial real estate | 6,809 | 9,157 | — | 6,678 | 29 | |||||||||||||||||
Consumer and installment | — | — | — | — | — | |||||||||||||||||
16,169 | 31,569 | — | 15,570 | 29 | ||||||||||||||||||
With A Related Allowance Recorded: | ||||||||||||||||||||||
Commercial, financial and agricultural | 7,190 | 21,094 | 678 | 6,500 | — | |||||||||||||||||
Real estate construction and development | 1,557 | 3,881 | 242 | 1,603 | — | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Residential mortgage | 98,152 | 116,685 | 8,860 | 98,184 | 521 | |||||||||||||||||
Home equity | 7,097 | 8,027 | 1,419 | 7,229 | — | |||||||||||||||||
Multi-family residential | 29,032 | 29,177 | 2,342 | 29,167 | 297 | |||||||||||||||||
Commercial real estate | 6,506 | 10,100 | 994 | 6,381 | 6 | |||||||||||||||||
Consumer and installment | 13 | 13 | — | 16 | — | |||||||||||||||||
149,547 | 188,977 | 14,535 | 149,080 | 824 | ||||||||||||||||||
Total: | ||||||||||||||||||||||
Commercial, financial and agricultural | 13,023 | 29,946 | 678 | 11,773 | — | |||||||||||||||||
Real estate construction and development | 4,642 | 16,732 | 242 | 4,778 | — | |||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Residential mortgage | 98,152 | 116,685 | 8,860 | 98,184 | 521 | |||||||||||||||||
Home equity | 7,097 | 8,027 | 1,419 | 7,229 | — | |||||||||||||||||
Multi-family residential | 29,474 | 29,886 | 2,342 | 29,611 | 297 | |||||||||||||||||
Commercial real estate | 13,315 | 19,257 | 994 | 13,059 | 35 | |||||||||||||||||
Consumer and installment | 13 | 13 | — | 16 | — | |||||||||||||||||
$ | 165,716 | 220,546 | 14,535 | 164,650 | 853 | |||||||||||||||||
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: | ||||||||||||||||||||||
Residential mortgage | — | — | — | — | — | |||||||||||||||||
Home equity | 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 | 692 | ||||||||||||||||||
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: | ||||||||||||||||||||||
Residential mortgage | 98,216 | 118,305 | 9,740 | 102,775 | 2,043 | |||||||||||||||||
Home equity | 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 | 3,295 | ||||||||||||||||||
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: | ||||||||||||||||||||||
Residential mortgage | 98,216 | 118,305 | 9,740 | 102,775 | 2,043 | |||||||||||||||||
Home equity | 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 | |||||||||||||||||
Troubled Debt Restructurings On Performing Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||
The following table presents the categories of performing TDRs as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Performing Troubled Debt Restructurings: | ||||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | $ | 79,586 | 78,153 | |||||||||||||||||||
Multi-family residential | 27,836 | 27,955 | ||||||||||||||||||||
Commercial real estate | 4,489 | 4,519 | ||||||||||||||||||||
Total performing troubled debt restructurings | $ | 111,911 | 110,627 | |||||||||||||||||||
Troubled Debt Restructurings On Nonperforming Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||
The following table presents the categories of loans considered nonperforming TDRs as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Nonperforming Troubled Debt Restructurings: | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 484 | 711 | |||||||||||||||||||
Real estate construction and development | 3,531 | 3,605 | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 5,147 | 6,266 | ||||||||||||||||||||
Total nonperforming troubled debt restructurings | $ | 9,162 | 10,582 | |||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||
The following tables present loans classified as TDRs that were modified during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||
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 Classified as Troubled Debt Restructurings: | ||||||||||||||||||||||
Commercial, financial and agricultural | — | $ | — | $ | — | 1 | $ | 90 | $ | 45 | ||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 15 | 2,580 | 2,157 | 10 | 2,223 | 1,898 | ||||||||||||||||
Troubled Debt Restructurings That Subsequently Defaulted On Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||
The following tables present TDRs that defaulted within 12 months of modification during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||||||
Contracts | Investment | Contracts | Investment | |||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Troubled Debt Restructurings That Subsequently Defaulted: | ||||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
One-to-four-family residential | 1 | $ | 438 | — | — | |||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||
Changes in the allowance for loan losses for the three months ended March 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
Balance, beginning of period | $ | 81,033 | 91,602 | |||||||||||||||||||
Loans charged-off | (3,447 | ) | (6,883 | ) | ||||||||||||||||||
Recoveries of loans previously charged-off | 2,245 | 3,451 | ||||||||||||||||||||
Net loans charged-off | (1,202 | ) | (3,432 | ) | ||||||||||||||||||
Provision for loan losses | — | — | ||||||||||||||||||||
Balance, end of period | $ | 79,831 | 88,170 | |||||||||||||||||||
The following table represents a summary of changes in the allowance for loan losses by portfolio segment for the three months ended March 31, 2014: | ||||||||||||||||||||||
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) | ||||||||||||||||||||||
Three Months Ended March 31, 2014: | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Beginning balance | $ | 13,401 | 7,407 | 32,619 | 5,249 | 22,052 | 305 | 81,033 | ||||||||||||||
Charge-offs | (1,622 | ) | (30 | ) | (1,426 | ) | (132 | ) | (188 | ) | (49 | ) | (3,447 | ) | ||||||||
Recoveries | 752 | 600 | 791 | 7 | 57 | 38 | 2,245 | |||||||||||||||
Provision (benefit) for loan losses | 1,340 | (891 | ) | (764 | ) | 145 | 122 | 48 | — | |||||||||||||
Ending balance | $ | 13,871 | 7,086 | 31,220 | 5,269 | 22,043 | 342 | 79,831 | ||||||||||||||
The following table represents a summary of changes in the allowance for loan losses by portfolio segment for the three months ended March 31, 2013: | ||||||||||||||||||||||
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) | ||||||||||||||||||||||
Three Months Ended March 31, 2013: | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Beginning balance | $ | 13,572 | 14,434 | 38,897 | 4,252 | 20,048 | 399 | 91,602 | ||||||||||||||
Charge-offs | (676 | ) | (282 | ) | (4,389 | ) | (3 | ) | (1,477 | ) | (56 | ) | (6,883 | ) | ||||||||
Recoveries | 1,067 | 395 | 1,231 | — | 718 | 40 | 3,451 | |||||||||||||||
Provision (benefit) for loan losses | 205 | (1,544 | ) | 921 | (47 | ) | 431 | 34 | — | |||||||||||||
Ending balance | $ | 14,168 | 13,003 | 36,660 | 4,202 | 19,720 | 417 | 88,170 | ||||||||||||||
Impairment Method by Loan Category [Table Text Block] | ' | |||||||||||||||||||||
The following table represents a summary of the impairment method used by loan category at March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
Commercial | Real Estate | One-to- | Multi- | Commercial | Consumer | Total | ||||||||||||||||
and | Construction | Four-Family | Family | Real Estate | and | |||||||||||||||||
Industrial | and | Residential | Residential | Installment and Net Deferred Loans Fees | ||||||||||||||||||
Development | ||||||||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||||
March 31, 2014: | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Impaired loans individually evaluated for impairment | $ | — | — | 1,421 | 808 | 301 | — | 2,530 | ||||||||||||||
Impaired loans collectively evaluated for impairment | 678 | 242 | 8,858 | 1,534 | 693 | — | 12,005 | |||||||||||||||
All other loans collectively evaluated for impairment | 13,193 | 6,844 | 20,941 | 2,927 | 21,049 | 342 | 65,296 | |||||||||||||||
Total allowance for loan losses | $ | 13,871 | 7,086 | 31,220 | 5,269 | 22,043 | 342 | 79,831 | ||||||||||||||
Loans: | ||||||||||||||||||||||
Impaired loans individually evaluated for impairment | $ | 6,190 | 2,881 | 10,515 | 28,483 | 9,012 | — | 57,081 | ||||||||||||||
Impaired loans collectively evaluated for impairment | 6,833 | 1,761 | 94,734 | 991 | 4,303 | 13 | 108,635 | |||||||||||||||
All other loans collectively evaluated for impairment | 619,066 | 116,595 | 805,264 | 95,642 | 1,050,498 | 16,798 | 2,703,863 | |||||||||||||||
Total loans | $ | 632,089 | 121,237 | 910,513 | 125,116 | 1,063,813 | 16,811 | 2,869,579 | ||||||||||||||
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 allowance for loan losses | $ | 13,401 | 7,407 | 32,619 | 5,249 | 22,052 | 305 | 81,033 | ||||||||||||||
Loans: | ||||||||||||||||||||||
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 loans | $ | 600,704 | 121,662 | 921,488 | 121,304 | 1,048,234 | 18,155 | 2,831,547 | ||||||||||||||
SERVICING_RIGHTS_Tables
SERVICING RIGHTS (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Mortgage Banking [Member] | ' | ||||||
Servicing Assets at Fair Value [Line Items] | ' | ||||||
Schedule of Servicing Assets at Fair Value [Table Text Block] | ' | ||||||
Changes in mortgage servicing rights for the three months ended March 31, 2014 and 2013 were as follows: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(dollars expressed in thousands) | |||||||
Balance, beginning of period | $ | 14,211 | 9,152 | ||||
Originated mortgage servicing rights | 455 | 1,229 | |||||
Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model (1) | 151 | 854 | |||||
Other changes in fair value (2) | (422 | ) | (583 | ) | |||
Balance, end of period | $ | 14,395 | 10,652 | ||||
____________________ | |||||||
-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 [Table Text Block] | ' | ||||||
Changes in SBA servicing rights for the three months ended March 31, 2014 and 2013 were as follows: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(dollars expressed in thousands) | |||||||
Balance, beginning of period | $ | 4,643 | 5,640 | ||||
Originated SBA servicing rights | — | — | |||||
Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model (1) | 175 | 22 | |||||
Other changes in fair value (2) | (136 | ) | (139 | ) | |||
Balance, end of period | $ | 4,682 | 5,523 | ||||
____________________ | |||||||
-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) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||
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 March 31, 2014 and December 31, 2013: | |||||||||||||
Derivatives in Other Assets | |||||||||||||
Notional Amount | Fair Value Gain (Loss) | ||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||
(dollars expressed in thousands) | |||||||||||||
Derivative Instruments Not Designated as Hedging Instruments: | |||||||||||||
Interest rate lock commitments | $ | 20,537 | 14,237 | 332 | 217 | ||||||||
Forward commitments to sell mortgage-backed securities | 27,800 | 29,100 | 14 | 296 | |||||||||
Total | $ | 48,337 | 43,337 | 346 | 513 | ||||||||
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 income for the three months ended March 31, 2014 and 2013 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 | ||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(dollars expressed in thousands) | |||||||||||||
Interest rate lock commitments | Gain on loans sold and held for sale | $ | 115 | (722 | ) | ||||||||
Forward commitments to sell mortgage-backed securities | Gain on loans sold and held for sale | (282 | ) | 240 | |||||||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
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 three months ended March 31, 2014: | ||||||||||||||
Investment Securities | Defined Benefit Pension Plan | Total | ||||||||||||
(dollars expressed in thousands) | ||||||||||||||
Three Months Ended March 31, 2014: | ||||||||||||||
Balance, beginning of period | $ | 10,151 | (2,649 | ) | 7,502 | |||||||||
Other comprehensive income before reclassifications | 4,432 | 21 | 4,453 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | (753 | ) | — | (753 | ) | |||||||||
Net current period other comprehensive income | 3,679 | 21 | 3,700 | |||||||||||
Balance, end of period | $ | 13,830 | (2,628 | ) | 11,202 | |||||||||
The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, by component, for the three months ended March 31, 2013: | ||||||||||||||
Investment Securities | Defined Benefit Pension Plan | Deferred Tax Asset Valuation Allowance | Total | |||||||||||
(dollars expressed in thousands) | ||||||||||||||
Three Months Ended March 31, 2013: | ||||||||||||||
Balance, beginning of period | $ | 35,186 | (3,544 | ) | 13,617 | 45,259 | ||||||||
Other comprehensive (loss) income before reclassifications | (2,681 | ) | 30 | (2,122 | ) | (4,773 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | 5 | — | — | 5 | ||||||||||
Net current period other comprehensive (loss) income | (2,676 | ) | 30 | (2,122 | ) | (4,768 | ) | |||||||
Balance, end of period | $ | 32,510 | (3,514 | ) | 11,495 | 40,491 | ||||||||
REGULATORY_CAPITAL_AND_OTHER_R1
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | ' | |||||||||||||||||||
At March 31, 2014 and December 31, 2013, the Company's and First Bank’s required and actual capital ratios were as follows: | ||||||||||||||||||||
To be Well | ||||||||||||||||||||
Actual | For Capital Adequacy Purposes | Capitalized | ||||||||||||||||||
March 31, 2014 | December 31, 2013 | Under Prompt Corrective Action Provisions | ||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||||||
Total capital (to risk-weighted assets): | ||||||||||||||||||||
First Banks, Inc. | $ | 425,829 | 11.73 | % | $ | 405,856 | 11.13 | % | 8 | % | N/A | |||||||||
First Bank (1) | 679,594 | 18.7 | 734,535 | 20.12 | 8 | 10 | % | |||||||||||||
Tier 1 capital (to risk-weighted assets): | ||||||||||||||||||||
First Banks, Inc. | 253,332 | 6.98 | 239,868 | 6.58 | 4 | N/A | ||||||||||||||
First Bank (1) | 633,700 | 17.43 | 688,427 | 18.86 | 4 | 6 | ||||||||||||||
Tier 1 capital (to average assets): | ||||||||||||||||||||
First Banks, Inc. | 253,332 | 4.51 | 239,868 | 4.12 | 4 | N/A | ||||||||||||||
First Bank (1) | 633,700 | 11.3 | 688,427 | 11.77 | 4 | 5 | ||||||||||||||
____________________ | ||||||||||||||||||||
-1 | The reduction in First Bank's regulatory capital ratios during the first quarter of 2014 primarily resulted from the payment of a $70 million dividend to the Company, as further described below. |
FAIR_VALUE_DISCLOSURES_Tables
FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 are reflected in the following table: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Available-for-sale investment securities: | ||||||||||||||||
U.S. Government sponsored agencies | $ | — | 195,094 | — | 195,094 | |||||||||||
Residential mortgage-backed | — | 1,003,445 | — | 1,003,445 | ||||||||||||
Commercial mortgage-backed | — | 851 | — | 851 | ||||||||||||
State and political subdivisions | — | 31,340 | — | 31,340 | ||||||||||||
Corporate notes | — | 175,751 | — | 175,751 | ||||||||||||
Equity investments | 1,691 | — | — | 1,691 | ||||||||||||
Mortgage loans held for sale | — | 21,402 | — | 21,402 | ||||||||||||
Derivative instruments: | ||||||||||||||||
Interest rate lock commitments | — | 332 | — | 332 | ||||||||||||
Forward commitments to sell mortgage-backed securities | — | 14 | — | 14 | ||||||||||||
Servicing rights | — | — | 19,077 | 19,077 | ||||||||||||
Total | $ | 1,691 | 1,428,229 | 19,077 | 1,448,997 | |||||||||||
Liabilities: | ||||||||||||||||
Nonqualified deferred compensation plan | $ | 6,294 | — | — | 6,294 | |||||||||||
Total | $ | 6,294 | — | — | 6,294 | |||||||||||
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 | |||||||||||
Schedule Of Servicing Assets At Fair Value Measured At Level 3 On Recurring Basis [Table Text Block] | ' | |||||||||||||||
The following table presents the changes in Level 3 assets measured on a recurring basis for the three months ended March 31, 2014 and 2013: | ||||||||||||||||
Servicing Rights | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
Balance, beginning of period | $ | 18,854 | 14,792 | |||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Included in earnings (1) | (232 | ) | 154 | |||||||||||||
Included in other comprehensive income | — | — | ||||||||||||||
Issuances | 455 | 1,229 | ||||||||||||||
Transfers in and/or out of level 3 | — | — | ||||||||||||||
Balance, end of period | $ | 19,077 | 16,175 | |||||||||||||
____________________ | ||||||||||||||||
-1 | Gains or losses (realized/unrealized) are included in noninterest income in the consolidated statements of income. | |||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | |||||||||||||||
Assets measured at fair value on a nonrecurring basis as of March 31, 2014 and December 31, 2013 are reflected in the following table: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial, financial and agricultural | $ | — | — | 12,345 | 12,345 | |||||||||||
Real estate construction and development | — | — | 4,400 | 4,400 | ||||||||||||
Real estate mortgage: | ||||||||||||||||
Residential mortgage | — | — | 89,292 | 89,292 | ||||||||||||
Home equity | — | — | 5,678 | 5,678 | ||||||||||||
Multi-family residential | — | — | 27,132 | 27,132 | ||||||||||||
Commercial real estate | — | — | 12,321 | 12,321 | ||||||||||||
Consumer and installment | — | — | 13 | 13 | ||||||||||||
Other real estate | — | — | 61,485 | 61,485 | ||||||||||||
Total | $ | — | — | 212,666 | 212,666 | |||||||||||
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: | ||||||||||||||||
Residential mortgage | — | — | 88,476 | 88,476 | ||||||||||||
Home equity | — | — | 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 | — | — | 66,702 | 66,702 | ||||||||||||
Total | $ | — | — | 214,854 | 214,854 | |||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||
The estimated fair value of the Company’s financial instruments at March 31, 2014 was as follows: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(dollars expressed in thousands) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 341,235 | 341,235 | — | — | 341,235 | ||||||||||
Investment securities: | ||||||||||||||||
Available for sale | 1,408,172 | 1,691 | 1,406,481 | — | 1,408,172 | |||||||||||
Held to maturity | 718,672 | — | 704,977 | — | 704,977 | |||||||||||
Loans held for portfolio | 2,789,748 | — | — | 2,683,895 | 2,683,895 | |||||||||||
Loans held for sale | 21,402 | — | 21,402 | — | 21,402 | |||||||||||
FRB and FHLB stock | 32,148 | 32,148 | — | — | 32,148 | |||||||||||
Derivative instruments | 346 | — | 346 | — | 346 | |||||||||||
Accrued interest receivable | 16,087 | 16,087 | — | — | 16,087 | |||||||||||
Financial Liabilities: | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,273,662 | 1,273,662 | — | — | 1,273,662 | ||||||||||
Interest-bearing demand | 699,158 | 699,158 | — | — | 699,158 | |||||||||||
Savings and money market | 1,841,905 | 1,841,905 | — | — | 1,841,905 | |||||||||||
Time deposits | 1,027,706 | — | — | 1,027,869 | 1,027,869 | |||||||||||
Securities sold under agreements to repurchase | 36,713 | 36,713 | — | — | 36,713 | |||||||||||
Accrued interest payable | 656 | 656 | — | — | 656 | |||||||||||
Subordinated debentures | 354,229 | — | — | 287,981 | 287,981 | |||||||||||
Off-Balance Sheet Financial Instruments: | ||||||||||||||||
Commitments to extend credit, standby letters of credit and financial guarantees | $ | (2,715 | ) | — | — | (2,715 | ) | (2,715 | ) | |||||||
The estimated fair value of the Company’s financial instruments at December 31, 2013 was 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 | |||||||||||
Securities sold under agreements to repurchase | 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 | ) | |||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Income Tax Disclosure [Abstract] | ' | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||
A summary of the Company’s deferred tax assets and deferred tax liabilities at March 31, 2014 and December 31, 2013 is as follows: | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
(dollars expressed in thousands) | |||||||
Gross deferred tax assets | $ | 375,092 | 359,261 | ||||
Unrecognized tax benefits for uncertain tax positions | (879 | ) | — | ||||
Valuation allowance | (43,380 | ) | (43,380 | ) | |||
Deferred tax assets, net of valuation allowance | 330,833 | 315,881 | |||||
Deferred tax liabilities | 49,609 | 28,397 | |||||
Net deferred tax assets | $ | 281,224 | 287,484 | ||||
EARNINGS_LOSS_PER_COMMON_SHARE1
EARNINGS (LOSS) PER COMMON SHARE (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Schedule of Earnings Per Share Reconciliation [Table Text Block] | ' | ||||||
The following is a reconciliation of basic and diluted earnings (loss) per share (EPS) for the three months ended March 31, 2014 and 2013: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(dollars in thousands, except share and per share data) | |||||||
Basic: | |||||||
Net income from continuing operations attributable to First Banks, Inc. | $ | 5,405 | 8,774 | ||||
Preferred stock dividends declared | — | (4,881 | ) | ||||
Accretion of discount on preferred stock | — | (898 | ) | ||||
Net income from continuing operations attributable to common stockholders | 5,405 | 2,995 | |||||
Net loss from discontinued operations attributable to common stockholders | — | (2,064 | ) | ||||
Net income available to First Banks, Inc. common stockholders | $ | 5,405 | 931 | ||||
Weighted average shares of common stock outstanding | 23,661 | 23,661 | |||||
Basic earnings per common share – continuing operations | $ | 228.43 | 126.59 | ||||
Basic loss per common share – discontinued operations | $ | — | (87.24 | ) | |||
Basic earnings per common share | $ | 228.43 | 39.35 | ||||
Diluted: | |||||||
Net income from continuing operations attributable to common stockholders | $ | 5,405 | 2,995 | ||||
Net loss from discontinued operations attributable to common stockholders | — | (2,064 | ) | ||||
Net income available to First Banks, Inc. common stockholders | 5,405 | 931 | |||||
Effect of dilutive securities – Class A convertible preferred stock | — | — | |||||
Diluted income available to First Banks, Inc. common stockholders | $ | 5,405 | 931 | ||||
Weighted average shares of common stock outstanding | 23,661 | 23,661 | |||||
Effect of dilutive securities – Class A convertible preferred stock | 4,421 | — | |||||
Weighted average diluted shares of common stock outstanding | 28,082 | 23,661 | |||||
Diluted earnings per common share – continuing operations | $ | 192.46 | 126.59 | ||||
Diluted loss per common share – discontinued operations | $ | — | (87.24 | ) | |||
Diluted earnings per common share | $ | 192.46 | 39.35 | ||||
BUSINESS_SEGMENT_RESULTS_Table
BUSINESS SEGMENT RESULTS (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||
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. The business segment results are summarized as follows: | |||||||||||||||||||
First Bank | Corporate, Other and | Consolidated Totals | |||||||||||||||||
Intercompany | |||||||||||||||||||
Reclassifications | |||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||
Balance sheet information: | |||||||||||||||||||
Investment securities | $ | 2,126,844 | 2,351,931 | — | — | 2,126,844 | 2,351,931 | ||||||||||||
Total loans | 2,890,981 | 2,857,095 | — | — | 2,890,981 | 2,857,095 | |||||||||||||
FRB and FHLB stock | 32,148 | 27,357 | — | — | 32,148 | 27,357 | |||||||||||||
Total assets | 5,836,010 | 5,865,160 | 54,549 | 53,823 | 5,890,559 | 5,918,983 | |||||||||||||
Deposits | 4,849,783 | 4,815,792 | (7,352 | ) | (1,897 | ) | 4,842,431 | 4,813,895 | |||||||||||
Securities sold under agreements to repurchase | 36,713 | 43,143 | — | — | 36,713 | 43,143 | |||||||||||||
Subordinated debentures | — | — | 354,229 | 354,210 | 354,229 | 354,210 | |||||||||||||
Stockholders’ equity | 872,845 | 931,561 | (375,539 | ) | (443,305 | ) | 497,306 | 488,256 | |||||||||||
First Bank | Corporate, Other and | Consolidated Totals | |||||||||||||||||
Intercompany | |||||||||||||||||||
Reclassifications | |||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||
March 31, | March 31, | March 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
(dollars expressed in thousands) | |||||||||||||||||||
Income statement information: | |||||||||||||||||||
Interest income | $ | 42,189 | 43,986 | — | — | 42,189 | 43,986 | ||||||||||||
Interest expense | 2,051 | 2,473 | 3,798 | 3,676 | 5,849 | 6,149 | |||||||||||||
Net interest income (loss) | 40,138 | 41,513 | (3,798 | ) | (3,676 | ) | 36,340 | 37,837 | |||||||||||
Provision for loan losses | — | — | — | — | — | — | |||||||||||||
Net interest income (loss) after provision for loan losses | 40,138 | 41,513 | (3,798 | ) | (3,676 | ) | 36,340 | 37,837 | |||||||||||
Noninterest income | 14,559 | 15,284 | 116 | 111 | 14,675 | 15,395 | |||||||||||||
Noninterest expense | 42,993 | 43,863 | (245 | ) | 184 | 42,748 | 44,047 | ||||||||||||
Income (loss) from continuing operations before provision (benefit) for income taxes | 11,704 | 12,934 | (3,437 | ) | (3,749 | ) | 8,267 | 9,185 | |||||||||||
Provision (benefit) for income taxes | 4,120 | 148 | (1,203 | ) | 217 | 2,917 | 365 | ||||||||||||
Net income (loss) from continuing operations, net of tax | 7,584 | 12,786 | (2,234 | ) | (3,966 | ) | 5,350 | 8,820 | |||||||||||
Loss from discontinued operations, net of tax | — | (2,064 | ) | — | — | — | (2,064 | ) | |||||||||||
Net income (loss) | 7,584 | 10,722 | (2,234 | ) | (3,966 | ) | 5,350 | 6,756 | |||||||||||
Net (loss) income attributable to noncontrolling interest in subsidiary | (55 | ) | 46 | — | — | (55 | ) | 46 | |||||||||||
Net income (loss) attributable to First Banks, Inc. | $ | 7,639 | 10,676 | (2,234 | ) | (3,966 | ) | 5,405 | 6,710 | ||||||||||
BASIS_OF_PRESENTATION_Details_
BASIS OF PRESENTATION (Details Textual) | Mar. 31, 2014 |
First Bank [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 53.23% |
First Capital America Inc [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 46.77% |
DISCONTINUED_OPERATIONS_Discon
DISCONTINUED OPERATIONS (Discontinued Operations Income Statement) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest income: | ' | ' |
Interest and fees on loans | ' | $365 |
Interest expense: | ' | ' |
Interest on deposits | ' | 280 |
Net interest income (loss) | ' | 85 |
Provision for loan losses | ' | 0 |
Net interest income (loss) after provision for loan losses | ' | 85 |
Noninterest income: | ' | ' |
Service charges and customer service fees | ' | 145 |
Other | ' | 29 |
Total noninterest income | ' | 174 |
Noninterest expense: | ' | ' |
Salaries and employee benefits | ' | 1,222 |
Occupancy, net of rental income | ' | 457 |
Furniture and equipment | ' | 51 |
FDIC insurance | ' | 257 |
Other | ' | 336 |
Total noninterest expense | ' | 2,323 |
Loss from operations of discontinued operations | ' | -2,064 |
Benefit for income taxes | ' | 0 |
Loss from discontinued operations, net of tax | 0 | -2,064 |
Association Bank Services [Member] | ' | ' |
Interest income: | ' | ' |
Interest and fees on loans | ' | 365 |
Interest expense: | ' | ' |
Interest on deposits | ' | 88 |
Net interest income (loss) | ' | 277 |
Provision for loan losses | ' | 0 |
Net interest income (loss) after provision for loan losses | ' | 277 |
Noninterest income: | ' | ' |
Service charges and customer service fees | ' | 41 |
Other | ' | 26 |
Total noninterest income | ' | 67 |
Noninterest expense: | ' | ' |
Salaries and employee benefits | ' | 643 |
Occupancy, net of rental income | ' | 2 |
Furniture and equipment | ' | 12 |
FDIC insurance | ' | 204 |
Other | ' | 224 |
Total noninterest expense | ' | 1,085 |
Loss from operations of discontinued operations | ' | -741 |
Benefit for income taxes | ' | 0 |
Loss from discontinued operations, net of tax | ' | -741 |
Northern Florida Region [Member] | ' | ' |
Interest income: | ' | ' |
Interest and fees on loans | ' | 0 |
Interest expense: | ' | ' |
Interest on deposits | ' | 192 |
Net interest income (loss) | ' | -192 |
Provision for loan losses | ' | 0 |
Net interest income (loss) after provision for loan losses | ' | -192 |
Noninterest income: | ' | ' |
Service charges and customer service fees | ' | 104 |
Other | ' | 3 |
Total noninterest income | ' | 107 |
Noninterest expense: | ' | ' |
Salaries and employee benefits | ' | 579 |
Occupancy, net of rental income | ' | 455 |
Furniture and equipment | ' | 39 |
FDIC insurance | ' | 53 |
Other | ' | 112 |
Total noninterest expense | ' | 1,238 |
Loss from operations of discontinued operations | ' | -1,323 |
Benefit for income taxes | ' | 0 |
Loss from discontinued operations, net of tax | ' | ($1,323) |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details Textual) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||
Dec. 31, 2013 | Nov. 22, 2013 | Jun. 30, 2013 | Apr. 05, 2013 | Apr. 19, 2013 | Dec. 31, 2012 | |
Association Bank Services [Member] | Association Bank Services [Member] | Northern Florida Region [Member] | Northern Florida Region [Member] | Northern Florida Region [Member] | Bradenton, Palmetto, Longboat Key Florida [Member] | |
Union Bank, N.A. [Member] | offices | HomeBanc National Association [Member] | offices | |||
offices | ||||||
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Number of branch offices sold pursuant to sales agreement | ' | ' | ' | ' | 8 | ' |
Deposits assumed by third party in sale transaction | ' | $572,100,000 | ' | ' | $120,300,000 | ' |
Loans purchased by third party in sale transaction | ' | 20,800,000 | ' | ' | ' | ' |
Net gain on sale of discontinued operations | 28,600,000 | ' | 408,000 | ' | ' | ' |
Goodwill allocated to sale transaction | 18,000,000 | ' | 700,000 | ' | ' | ' |
Number of branch offices closed | ' | ' | ' | 3 | ' | ' |
Other expense from branch closures associated with discontinued operations | ' | ' | $2,300,000 | ' | ' | ' |
Number of branches reclassified from discontinued to continuing operations | ' | ' | ' | ' | ' | 8 |
INVESTMENTS_IN_DEBT_AND_EQUITY2
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Securities Available for Sale) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities Maturities With In One Year Amortized Cost | $15,067 | $14,799 |
Available-for-sale Securities Maturities After One Through Five Years Amortized Cost | 181,169 | 226,796 |
Available-for-sale Securities Maturities After Five Through Ten Years Amortized Cost | 148,701 | 250,522 |
Available-for-sale Securities Maturities After Ten Years Amortized Cost | 1,053,734 | 1,117,065 |
Available-for-sale Securities, Amortized Cost Basis | 1,398,671 | 1,609,182 |
Available-for-sale Securities, Gross Unrealized Gains | 23,138 | 22,319 |
Available-for-sale Securities, Gross Unrealized Losses | -13,637 | -19,756 |
Available-for-sale Securities, Fair Value | 1,408,172 | 1,611,745 |
Available-for-sale Securities Weighted Average Yield | 2.26% | 2.18% |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 15,135 | 14,927 |
Available-for-sale Securities, Debt Maturities, Year One Through Five, Fair Value | 186,936 | 233,338 |
Available-for-sale Securities, Debt Maturities, Year Five Through Ten, Fair Value | 148,797 | 250,860 |
Available-for-sale Securities, Debt Maturities, After Ten Years, Fair Value | 1,057,304 | 1,112,620 |
Available-for-sale Securities Weighted Average Yield With In One Year | 2.21% | 2.17% |
Available-for-sale Securities Weighted Average Yield After One Through Five Years | 2.39% | 2.23% |
Available-for-sale Securities Weighted Average Yield After Five Through Ten Years | 2.10% | 1.81% |
Available-for-sale Securities Weighted Average Yield After Ten Years | 2.26% | 2.24% |
U.S. Government sponsored agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities Maturities With In One Year Amortized Cost | 8,418 | 8,450 |
Available-for-sale Securities Maturities After One Through Five Years Amortized Cost | 30,058 | 40,243 |
Available-for-sale Securities Maturities After Five Through Ten Years Amortized Cost | 20,136 | 88,666 |
Available-for-sale Securities Maturities After Ten Years Amortized Cost | 132,248 | 135,679 |
Available-for-sale Securities, Amortized Cost Basis | 190,860 | 273,038 |
Available-for-sale Securities, Gross Unrealized Gains | 4,281 | 3,525 |
Available-for-sale Securities, Gross Unrealized Losses | -47 | -664 |
Available-for-sale Securities, Fair Value | 195,094 | 275,899 |
Available-for-sale Securities Weighted Average Yield | 1.37% | 1.34% |
Residential mortgage-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities Maturities With In One Year Amortized Cost | 282 | 0 |
Available-for-sale Securities Maturities After One Through Five Years Amortized Cost | 28,277 | 43,943 |
Available-for-sale Securities Maturities After Five Through Ten Years Amortized Cost | 82,445 | 115,731 |
Available-for-sale Securities Maturities After Ten Years Amortized Cost | 891,319 | 951,454 |
Available-for-sale Securities, Amortized Cost Basis | 1,002,323 | 1,111,128 |
Available-for-sale Securities, Gross Unrealized Gains | 13,662 | 12,873 |
Available-for-sale Securities, Gross Unrealized Losses | -12,540 | -18,214 |
Available-for-sale Securities, Fair Value | 1,003,445 | 1,105,787 |
Available-for-sale Securities Weighted Average Yield | 2.37% | 2.32% |
Commercial mortgage-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities Maturities With In One Year Amortized Cost | 0 | 0 |
Available-for-sale Securities Maturities After One Through Five Years Amortized Cost | 0 | 0 |
Available-for-sale Securities Maturities After Five Through Ten Years Amortized Cost | 789 | 793 |
Available-for-sale Securities Maturities After Ten Years Amortized Cost | 0 | 0 |
Available-for-sale Securities, Amortized Cost Basis | 789 | 793 |
Available-for-sale Securities, Gross Unrealized Gains | 62 | 63 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value | 851 | 856 |
Available-for-sale Securities Weighted Average Yield | 4.95% | 4.94% |
State and political subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities Maturities With In One Year Amortized Cost | 1,367 | 1,369 |
Available-for-sale Securities Maturities After One Through Five Years Amortized Cost | 1,681 | 2,035 |
Available-for-sale Securities Maturities After Five Through Ten Years Amortized Cost | 200 | 200 |
Available-for-sale Securities Maturities After Ten Years Amortized Cost | 28,417 | 28,432 |
Available-for-sale Securities, Amortized Cost Basis | 31,665 | 32,036 |
Available-for-sale Securities, Gross Unrealized Gains | 67 | 81 |
Available-for-sale Securities, Gross Unrealized Losses | -392 | -560 |
Available-for-sale Securities, Fair Value | 31,340 | 31,557 |
Available-for-sale Securities Weighted Average Yield | 1.23% | 1.26% |
Corporate notes [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities Maturities With In One Year Amortized Cost | 5,000 | 4,980 |
Available-for-sale Securities Maturities After One Through Five Years Amortized Cost | 121,153 | 140,575 |
Available-for-sale Securities Maturities After Five Through Ten Years Amortized Cost | 45,131 | 45,132 |
Available-for-sale Securities Maturities After Ten Years Amortized Cost | 0 | 0 |
Available-for-sale Securities, Amortized Cost Basis | 171,284 | 190,687 |
Available-for-sale Securities, Gross Unrealized Gains | 5,066 | 5,777 |
Available-for-sale Securities, Gross Unrealized Losses | -599 | -261 |
Available-for-sale Securities, Fair Value | 175,751 | 196,203 |
Available-for-sale Securities Weighted Average Yield | 2.82% | 2.69% |
Equity investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities Maturities With In One Year Amortized Cost | 0 | 0 |
Available-for-sale Securities Maturities After One Through Five Years Amortized Cost | 0 | 0 |
Available-for-sale Securities Maturities After Five Through Ten Years Amortized Cost | 0 | 0 |
Available-for-sale Securities Maturities After Ten Years Amortized Cost | 1,750 | 1,500 |
Available-for-sale Securities, Amortized Cost Basis | 1,750 | 1,500 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | -59 | -57 |
Available-for-sale Securities, Fair Value | 1,691 | 1,443 |
Available-for-sale Securities Weighted Average Yield | 2.13% | 2.17% |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year One Through Five, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Five Through Ten, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, After Ten Years, Fair Value | 1,691 | 1,443 |
Debt securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 15,135 | 14,927 |
Available-for-sale Securities, Debt Maturities, Year One Through Five, Fair Value | 186,936 | 233,338 |
Available-for-sale Securities, Debt Maturities, Year Five Through Ten, Fair Value | 148,797 | 250,860 |
Available-for-sale Securities, Debt Maturities, After Ten Years, Fair Value | $1,055,613 | $1,111,177 |
INVESTMENTS_IN_DEBT_AND_EQUITY3
INVESTMENTS IN DEBT AND EQUITY SECURITIES - (Securities Held to Maturity) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Debt Maturities, Within One Year, Net Carrying Amount | $445 | $640 |
Held-to-maturity Securities, Debt Maturities, After One Through Five Years, Net Carrying Amount | 80,410 | 16,902 |
Held-to-maturity Securities, Debt Maturities, After Five Through Ten Years, Net Carrying Amount | 129,512 | 199,107 |
Held-to-maturity Securities, Debt Maturities, After Ten Years, Net Carrying Amount | 508,305 | 523,537 |
Held-to-maturity Securities, Amortized Cost Before Other Than Temporary Impairment | 718,672 | 740,186 |
Held-to-maturity Securities, Gross Unrealized Gains | 623 | 443 |
Held-to-maturity Securities, Gross Unrealized Losses | -14,318 | -21,446 |
Held-to-maturity Securities, Fair Value | 704,977 | 719,183 |
Held-to-maturity Securities Weighted Average Yield | 1.89% | 1.86% |
Held-to-maturity Securities Weighted Average Yield With In One Year | 2.85% | 3.32% |
Held-to-maturity Securities Weighted Average Yield After One Through Five Years | 2.01% | 2.20% |
Held-to-maturity Securities Weighted Average Yield After Five Through Ten Years | 1.42% | 1.53% |
Held-to-maturity Securities Weighted Average Yield After Ten Years | 2.00% | 1.97% |
U.S. Government sponsored agencies [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Debt Maturities, Within One Year, Net Carrying Amount | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, After One Through Five Years, Net Carrying Amount | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, After Five Through Ten Years, Net Carrying Amount | 14,373 | 16,119 |
Held-to-maturity Securities, Debt Maturities, After Ten Years, Net Carrying Amount | 0 | 0 |
Held-to-maturity Securities, Amortized Cost Before Other Than Temporary Impairment | 14,373 | 16,119 |
Held-to-maturity Securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity Securities, Gross Unrealized Losses | -135 | -153 |
Held-to-maturity Securities, Fair Value | 14,238 | 15,966 |
Held-to-maturity Securities Weighted Average Yield | 1.16% | 1.14% |
Residential mortgage-backed [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Debt Maturities, Within One Year, Net Carrying Amount | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, After One Through Five Years, Net Carrying Amount | 79,836 | 16,327 |
Held-to-maturity Securities, Debt Maturities, After Five Through Ten Years, Net Carrying Amount | 115,139 | 182,933 |
Held-to-maturity Securities, Debt Maturities, After Ten Years, Net Carrying Amount | 507,272 | 522,504 |
Held-to-maturity Securities, Amortized Cost Before Other Than Temporary Impairment | 702,247 | 721,764 |
Held-to-maturity Securities, Gross Unrealized Gains | 622 | 441 |
Held-to-maturity Securities, Gross Unrealized Losses | -14,101 | -21,206 |
Held-to-maturity Securities, Fair Value | 688,768 | 700,999 |
Held-to-maturity Securities Weighted Average Yield | 1.91% | 1.88% |
State and political subdivisions [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Debt Maturities, Within One Year, Net Carrying Amount | 445 | 640 |
Held-to-maturity Securities, Debt Maturities, After One Through Five Years, Net Carrying Amount | 574 | 575 |
Held-to-maturity Securities, Debt Maturities, After Five Through Ten Years, Net Carrying Amount | 0 | 55 |
Held-to-maturity Securities, Debt Maturities, After Ten Years, Net Carrying Amount | 1,033 | 1,033 |
Held-to-maturity Securities, Amortized Cost Before Other Than Temporary Impairment | 2,052 | 2,303 |
Held-to-maturity Securities, Gross Unrealized Gains | 1 | 2 |
Held-to-maturity Securities, Gross Unrealized Losses | -82 | -87 |
Held-to-maturity Securities, Fair Value | 1,971 | 2,218 |
Held-to-maturity Securities Weighted Average Yield | 1.63% | 1.93% |
Debt securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Debt Maturities, Within One Year, Fair Value | 445 | 642 |
Held-to-maturity Securities, Debt Maturities, After One Through Five Years, Fair Value | 80,347 | 16,926 |
Held-to-maturity Securities, Debt Maturities, After Five Through Ten Years, Fair Value | 128,038 | 195,647 |
Held-to-maturity Securities, Debt Maturities, After Ten Years, Fair Value | $496,147 | $505,968 |
INVESTMENTS_IN_DEBT_AND_EQUITY4
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Gross Realized Gains and Losses) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Gain (Loss) on Investments [Line Items] | ' | ' |
Gross realized gains on sales of available-for-sale securities | $2,010 | $346 |
Gross realized losses on sales of available-for-sale securities | -730 | -354 |
Other-than-temporary impairment | 0 | -408 |
Net realized gain (loss) on investment securities | $1,280 | ($416) |
INVESTMENTS_IN_DEBT_AND_EQUITY5
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Schedule of Continuous Unrealized Losses) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $404,995 | $566,896 |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses | -11,670 | -19,441 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 49,861 | 10,253 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses | -1,967 | -315 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 454,856 | 577,149 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses | -13,637 | -19,756 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 566,928 | 661,612 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -11,207 | -20,999 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 84,920 | 10,527 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -3,111 | -447 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 651,848 | 672,139 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses | -14,318 | -21,446 |
U.S. Government sponsored agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 16,005 |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses | 0 | -664 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 14,670 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses | -47 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,670 | 16,005 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses | -47 | -664 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 14,238 | 15,966 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -135 | -153 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 14,238 | 15,966 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses | -135 | -153 |
Residential mortgage-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 355,453 | 511,617 |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses | -11,046 | -18,119 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 25,617 | 5,473 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses | -1,494 | -95 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 381,070 | 517,090 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses | -12,540 | -18,214 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 551,649 | 644,700 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -10,990 | -20,759 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 84,920 | 10,527 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -3,111 | -447 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 636,569 | 655,227 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses | -14,101 | -21,206 |
State and political subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 28,025 | 27,872 |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses | -392 | -560 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 28,025 | 27,872 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses | -392 | -560 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 1,041 | 946 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -82 | -87 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 1,041 | 946 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses | -82 | -87 |
Corporate notes [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 19,826 | 9,959 |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses | -173 | -41 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 9,574 | 4,780 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses | -426 | -220 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 29,400 | 14,739 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses | -599 | -261 |
Equity investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 1,691 | 1,443 |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses | -59 | -57 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,691 | 1,443 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses | ($59) | ($57) |
INVESTMENTS_IN_DEBT_AND_EQUITY6
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Details Textual) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
security | security | ||
Proceeds from sales of investment securities available for sale | $166,320,000 | $66,507,000 | ' |
Securities pledged as collateral | 304,800,000 | ' | 283,700,000 |
Number of securities in unrealized loss positions greater than or equal to one year | 19 | ' | 12 |
State and political subdivisions [Member] | ' | ' | ' |
Other-than-temporary impairment loss on a single municipal security classified as held-to-maturity | ' | $407,000 | ' |
LOANS_AND_ALLOWANCE_FOR_LOAN_L2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loan Portfolio Composition) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial, financial and agricultural | $632,089 | $600,704 |
Real estate construction and development | 121,237 | 121,662 |
Real estate mortgage: | ' | ' |
Real estate mortgage | 2,099,442 | 2,091,026 |
Consumer and installment | 17,399 | 18,681 |
Loans held for sale | 21,402 | 25,548 |
Net deferred loan fees | -588 | -526 |
Total loans | 2,890,981 | 2,857,095 |
One-to-four-family residential [Member] | ' | ' |
Real estate mortgage: | ' | ' |
Real estate mortgage | 910,513 | 921,488 |
Multi-family residential [Member] | ' | ' |
Real estate mortgage: | ' | ' |
Real estate mortgage | 125,116 | 121,304 |
Total loans | 125,116 | 121,304 |
Commercial real estate [Member] | ' | ' |
Real estate mortgage: | ' | ' |
Real estate mortgage | 1,063,813 | 1,048,234 |
Total loans | $1,063,813 | $1,048,234 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L3
LOANS AND ALLOWANCE FOR LOAN LOSSES (Aging of Loans by Loan Classification) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | $15,044 | $8,475 |
60-89 Days | 4,547 | 4,424 |
Recorded Investment > 90 Days Accruing | 253 | 424 |
Nonaccrual | 53,805 | 52,956 |
Total Past Due | 73,649 | 66,279 |
Current | 2,817,332 | 2,790,816 |
Total loans | 2,890,981 | 2,857,095 |
Commercial, financial and agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 6,879 | 447 |
60-89 Days | 1,165 | 394 |
Recorded Investment > 90 Days Accruing | 0 | 80 |
Nonaccrual | 13,023 | 10,523 |
Total Past Due | 21,067 | 11,444 |
Current | 611,022 | 589,260 |
Total loans | 632,089 | 600,704 |
Real estate construction and development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 0 | 0 |
60-89 Days | 0 | 0 |
Recorded Investment > 90 Days Accruing | 0 | 0 |
Nonaccrual | 4,642 | 4,914 |
Total Past Due | 4,642 | 4,914 |
Current | 116,595 | 116,748 |
Total loans | 121,237 | 121,662 |
Residential mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 5,568 | 4,262 |
60-89 Days | 2,928 | 2,637 |
Recorded Investment > 90 Days Accruing | 21 | 162 |
Nonaccrual | 18,566 | 20,063 |
Total Past Due | 27,083 | 27,124 |
Current | 535,087 | 545,040 |
Total loans | 562,170 | 572,164 |
Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 1,540 | 2,256 |
60-89 Days | 355 | 963 |
Recorded Investment > 90 Days Accruing | 232 | 182 |
Nonaccrual | 7,097 | 7,361 |
Total Past Due | 9,224 | 10,762 |
Current | 339,119 | 338,562 |
Total loans | 348,343 | 349,324 |
Multi-family residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 0 | 0 |
60-89 Days | 0 | 0 |
Recorded Investment > 90 Days Accruing | 0 | 0 |
Nonaccrual | 1,638 | 1,793 |
Total Past Due | 1,638 | 1,793 |
Current | 123,478 | 119,511 |
Total loans | 125,116 | 121,304 |
Commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 975 | 1,423 |
60-89 Days | 3 | 391 |
Recorded Investment > 90 Days Accruing | 0 | 0 |
Nonaccrual | 8,826 | 8,283 |
Total Past Due | 9,804 | 10,097 |
Current | 1,054,009 | 1,038,137 |
Total loans | 1,063,813 | 1,048,234 |
Consumer and installment and net deferred loan fees [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 82 | 87 |
60-89 Days | 96 | 39 |
Recorded Investment > 90 Days Accruing | 0 | 0 |
Nonaccrual | 13 | 19 |
Total Past Due | 191 | 145 |
Current | 16,620 | 18,010 |
Total loans | 16,811 | 18,155 |
Loans held for sale [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 0 | 0 |
60-89 Days | 0 | 0 |
Recorded Investment > 90 Days Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 21,402 | 25,548 |
Total loans | $21,402 | $25,548 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L4
LOANS AND ALLOWANCE FOR LOAN LOSSES (Financing Receivable Credit Quality Indicators) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | $2,890,981 | $2,857,095 |
Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 1,942,255 | 1,891,904 |
Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 927,324 | 939,643 |
Commercial and Industrial [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 632,089 | 600,704 |
Real Estate Construction and Development [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 121,237 | 121,662 |
Real Estate Construction and Development [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 121,237 | 121,662 |
Multi-family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 125,116 | 121,304 |
Multi-family [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 125,116 | 121,304 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 1,063,813 | 1,048,234 |
Commercial Real Estate [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 1,063,813 | 1,048,234 |
Residential Mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 562,170 | 572,164 |
Residential Mortgage [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 562,170 | 572,164 |
Home Equity [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 348,343 | 349,324 |
Home Equity [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 348,343 | 349,324 |
Consumer and Installment and Net Deferred Loan Fees [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 16,811 | 18,155 |
Pass [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 1,751,288 | 1,694,392 |
Pass [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 814,069 | 825,214 |
Pass [Member] | Commercial and Industrial [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 593,492 | 559,243 |
Pass [Member] | Real Estate Construction and Development [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 43,306 | 42,429 |
Pass [Member] | Multi-family [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 95,032 | 91,001 |
Pass [Member] | Commercial Real Estate [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 1,019,458 | 1,001,719 |
Pass [Member] | Residential Mortgage [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 458,330 | 468,642 |
Pass [Member] | Home Equity [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 339,119 | 338,562 |
Pass [Member] | Consumer and Installment and Net Deferred Loan Fees [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 16,620 | 18,010 |
Special Mention [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 36,703 | 38,854 |
Special Mention [Member] | Commercial and Industrial [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 14,690 | 16,211 |
Special Mention [Member] | Real Estate Construction and Development [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 238 | 929 |
Special Mention [Member] | Multi-family [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 0 | 0 |
Special Mention [Member] | Commercial Real Estate [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 21,775 | 21,714 |
Substandard [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 93,810 | 100,671 |
Substandard [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 7,993 | 8,833 |
Substandard [Member] | Commercial and Industrial [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 10,884 | 14,727 |
Substandard [Member] | Real Estate Construction and Development [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 73,051 | 73,390 |
Substandard [Member] | Multi-family [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 610 | 555 |
Substandard [Member] | Commercial Real Estate [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 9,265 | 11,999 |
Substandard [Member] | Residential Mortgage [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 5,688 | 5,306 |
Substandard [Member] | Home Equity [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 2,127 | 3,401 |
Substandard [Member] | Consumer and Installment and Net Deferred Loan Fees [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 178 | 126 |
Performing trouble debt restructuring [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 32,325 | 32,474 |
Performing trouble debt restructuring [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 79,586 | 78,153 |
Performing trouble debt restructuring [Member] | Commercial and Industrial [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 0 | 0 |
Performing trouble debt restructuring [Member] | Real Estate Construction and Development [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 0 | 0 |
Performing trouble debt restructuring [Member] | Multi-family [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 27,836 | 27,955 |
Performing trouble debt restructuring [Member] | Commercial Real Estate [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 4,489 | 4,519 |
Performing trouble debt restructuring [Member] | Residential Mortgage [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 79,586 | 78,153 |
Performing trouble debt restructuring [Member] | Home Equity [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 0 | 0 |
Performing trouble debt restructuring [Member] | Consumer and Installment and Net Deferred Loan Fees [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 0 | 0 |
Non Accrual [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 28,129 | 25,513 |
Non Accrual [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 25,676 | 27,443 |
Non Accrual [Member] | Commercial and Industrial [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 13,023 | 10,523 |
Non Accrual [Member] | Real Estate Construction and Development [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 4,642 | 4,914 |
Non Accrual [Member] | Multi-family [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 1,638 | 1,793 |
Non Accrual [Member] | Commercial Real Estate [Member] | Commercial Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 8,826 | 8,283 |
Non Accrual [Member] | Residential Mortgage [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 18,566 | 20,063 |
Non Accrual [Member] | Home Equity [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | 7,097 | 7,361 |
Non Accrual [Member] | Consumer and Installment and Net Deferred Loan Fees [Member] | Consumer Loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total loans | $13 | $19 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L5
LOANS AND ALLOWANCE FOR LOAN LOSSES (Impaired Financing Receivables) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | $16,169 | $14,214 |
With No Related Allowance Recorded: Unpaid Principal Balance | 31,569 | 27,835 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 15,570 | 34,096 |
With No Related Allowance Recorded: Interest Income Recognized | 29 | 692 |
With A Related Allowance Recorded: Recorded Investment | 149,547 | 149,369 |
With A Related Allowance Recorded: Unpaid Principal Balance | 188,977 | 190,642 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 14,535 | 15,431 |
With A Related Allowance Recorded: Average Recorded Investment | 149,080 | 170,138 |
With A Related Allowance Recorded: Interest Income Recognized | 824 | 3,295 |
Recorded Investment, Total | 165,716 | 163,583 |
Unpaid Principal Balance, Total | 220,546 | 218,477 |
Related Allowance for Loan Losses, Total | 14,535 | 15,431 |
Average Recorded Investment, Total | 164,650 | 204,234 |
Interest Income Recognized, Total | 853 | 3,987 |
Commercial, financial and agricultural [Member] | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | 5,833 | 3,119 |
With No Related Allowance Recorded: Unpaid Principal Balance | 8,852 | 4,342 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 5,273 | 4,270 |
With No Related Allowance Recorded: Interest Income Recognized | 0 | 1 |
With A Related Allowance Recorded: Recorded Investment | 7,190 | 7,404 |
With A Related Allowance Recorded: Unpaid Principal Balance | 21,094 | 21,565 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 678 | 497 |
With A Related Allowance Recorded: Average Recorded Investment | 6,500 | 10,136 |
With A Related Allowance Recorded: Interest Income Recognized | 0 | 0 |
Recorded Investment, Total | 13,023 | 10,523 |
Unpaid Principal Balance, Total | 29,946 | 25,907 |
Related Allowance for Loan Losses, Total | 678 | 497 |
Average Recorded Investment, Total | 11,773 | 14,406 |
Interest Income Recognized, Total | 0 | 1 |
Real Estate Construction and Development [Member] | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | 3,085 | 3,172 |
With No Related Allowance Recorded: Unpaid Principal Balance | 12,851 | 12,931 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 3,175 | 17,152 |
With No Related Allowance Recorded: Interest Income Recognized | 0 | 418 |
With A Related Allowance Recorded: Recorded Investment | 1,557 | 1,742 |
With A Related Allowance Recorded: Unpaid Principal Balance | 3,881 | 4,326 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 242 | 294 |
With A Related Allowance Recorded: Average Recorded Investment | 1,603 | 9,419 |
With A Related Allowance Recorded: Interest Income Recognized | 0 | 0 |
Recorded Investment, Total | 4,642 | 4,914 |
Unpaid Principal Balance, Total | 16,732 | 17,257 |
Related Allowance for Loan Losses, Total | 242 | 294 |
Average Recorded Investment, Total | 4,778 | 26,571 |
Interest Income Recognized, Total | 0 | 418 |
Residential mortgage [Member] | ' | ' |
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 | 98,152 | 98,216 |
With A Related Allowance Recorded: Unpaid Principal Balance | 116,685 | 118,305 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 8,860 | 9,740 |
With A Related Allowance Recorded: Average Recorded Investment | 98,184 | 102,775 |
With A Related Allowance Recorded: Interest Income Recognized | 521 | 2,043 |
Recorded Investment, Total | 98,152 | 98,216 |
Unpaid Principal Balance, Total | 116,685 | 118,305 |
Related Allowance for Loan Losses, Total | 8,860 | 9,740 |
Average Recorded Investment, Total | 98,184 | 102,775 |
Interest Income Recognized, Total | 521 | 2,043 |
Home equity [Member] | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | 0 | 596 |
With No Related Allowance Recorded: Unpaid Principal Balance | 0 | 632 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 0 | 564 |
With No Related Allowance Recorded: Interest Income Recognized | 0 | 0 |
With A Related Allowance Recorded: Recorded Investment | 7,097 | 6,765 |
With A Related Allowance Recorded: Unpaid Principal Balance | 8,027 | 7,637 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 1,419 | 1,472 |
With A Related Allowance Recorded: Average Recorded Investment | 7,229 | 6,406 |
With A Related Allowance Recorded: Interest Income Recognized | 0 | 0 |
Recorded Investment, Total | 7,097 | 7,361 |
Unpaid Principal Balance, Total | 8,027 | 8,269 |
Related Allowance for Loan Losses, Total | 1,419 | 1,472 |
Average Recorded Investment, Total | 7,229 | 6,970 |
Interest Income Recognized, Total | 0 | 0 |
Multi-family residential [Member] | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | 442 | 443 |
With No Related Allowance Recorded: Unpaid Principal Balance | 709 | 709 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 444 | 474 |
With No Related Allowance Recorded: Interest Income Recognized | 0 | 0 |
With A Related Allowance Recorded: Recorded Investment | 29,032 | 29,305 |
With A Related Allowance Recorded: Unpaid Principal Balance | 29,177 | 29,322 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 2,342 | 2,438 |
With A Related Allowance Recorded: Average Recorded Investment | 29,167 | 31,377 |
With A Related Allowance Recorded: Interest Income Recognized | 297 | 1,226 |
Recorded Investment, Total | 29,474 | 29,748 |
Unpaid Principal Balance, Total | 29,886 | 30,031 |
Related Allowance for Loan Losses, Total | 2,342 | 2,438 |
Average Recorded Investment, Total | 29,611 | 31,851 |
Interest Income Recognized, Total | 297 | 1,226 |
Commercial real estate [Member] | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' |
With No Related Allowance Recorded: Recorded Investment | 6,809 | 6,884 |
With No Related Allowance Recorded: Unpaid Principal Balance | 9,157 | 9,221 |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With No Related Allowance Recorded: Average Recorded Investment | 6,678 | 11,636 |
With No Related Allowance Recorded: Interest Income Recognized | 29 | 273 |
With A Related Allowance Recorded: Recorded Investment | 6,506 | 5,918 |
With A Related Allowance Recorded: Unpaid Principal Balance | 10,100 | 9,468 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 994 | 990 |
With A Related Allowance Recorded: Average Recorded Investment | 6,381 | 10,003 |
With A Related Allowance Recorded: Interest Income Recognized | 6 | 26 |
Recorded Investment, Total | 13,315 | 12,802 |
Unpaid Principal Balance, Total | 19,257 | 18,689 |
Related Allowance for Loan Losses, Total | 994 | 990 |
Average Recorded Investment, Total | 13,059 | 21,639 |
Interest Income Recognized, Total | 35 | 299 |
Consumer and installment [Member] | ' | ' |
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 | 13 | 19 |
With A Related Allowance Recorded: Unpaid Principal Balance | 13 | 19 |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 |
With A Related Allowance Recorded: Average Recorded Investment | 16 | 22 |
With A Related Allowance Recorded: Interest Income Recognized | 0 | 0 |
Recorded Investment, Total | 13 | 19 |
Unpaid Principal Balance, Total | 13 | 19 |
Related Allowance for Loan Losses, Total | 0 | 0 |
Average Recorded Investment, Total | 16 | 22 |
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 [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Total performing troubled debt restructuring | $111,911 | $110,627 |
One-to-four-family residential [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total performing troubled debt restructuring | 79,586 | 78,153 |
Multi-family residential [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total performing troubled debt restructuring | 27,836 | 27,955 |
Commercial real estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total performing troubled debt restructuring | $4,489 | $4,519 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L7
LOANS AND ALLOWANCE FOR LOAN LOSSES (Troubled Debt Restructurings on Nonperforming Financing Receivables) (Details) (Nonperforming Troubled Debt Restructurings [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Total nonperforming troubled debt restructurings | $9,162 | $10,582 |
Commercial, financial and agricultural [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total nonperforming troubled debt restructurings | 484 | 711 |
Real estate construction and development [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total nonperforming troubled debt restructurings | 3,531 | 3,605 |
One-to-four-family residential [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total nonperforming troubled debt restructurings | $5,147 | $6,266 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L8
LOANS AND ALLOWANCE FOR LOAN LOSSES (Modified Troubled Debt Restructurings) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
contracts | contracts | |
Commercial, financial and agricultural [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $0 | $90 |
Post-Modification Outstanding Recorded Investment | 0 | 45 |
One-to-four-family residential [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 15 | 10 |
Pre-Modification Outstanding Recorded Investment | 2,580 | 2,223 |
Post-Modification Outstanding Recorded Investment | $2,157 | $1,898 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L9
LOANS AND ALLOWANCE FOR LOAN LOSSES (Modified Troubled Debt Restructurings That Subsequently Defaulted) (Details) (One-to-four-family residential [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
contracts | contracts | |
One-to-four-family residential [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 1 | 0 |
Recorded Investment, Subsequently Defaulted | $438 | $0 |
Recovered_Sheet1
LOANS AND ALLOWANCE FOR LOAN LOSSES (Allowance for Credit Losses on Financing Receivables) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | $81,033 | $91,602 |
Loans charged-off | -3,447 | -6,883 |
Recoveries of loans previously charged-off | 2,245 | 3,451 |
Net loans charged-off | -1,202 | -3,432 |
Provision for loan losses | 0 | 0 |
Balance, end of period | $79,831 | $88,170 |
Recovered_Sheet2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Allowance for Credit Losses on Financing Receivables By Portfolio Segments) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance for loan losses: | ' | ' |
Balance, beginning of period | $81,033 | $91,602 |
Charge-offs | -3,447 | -6,883 |
Recoveries | 2,245 | 3,451 |
Provision (benefit) for loan losses | 0 | 0 |
Balance, end of period | 79,831 | 88,170 |
Commercial and Industrial [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Balance, beginning of period | 13,401 | 13,572 |
Charge-offs | -1,622 | -676 |
Recoveries | 752 | 1,067 |
Provision (benefit) for loan losses | 1,340 | 205 |
Balance, end of period | 13,871 | 14,168 |
Real Estate Construction and Development [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Balance, beginning of period | 7,407 | 14,434 |
Charge-offs | -30 | -282 |
Recoveries | 600 | 395 |
Provision (benefit) for loan losses | -891 | -1,544 |
Balance, end of period | 7,086 | 13,003 |
One-to-Four-Family Residential [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Balance, beginning of period | 32,619 | 38,897 |
Charge-offs | -1,426 | -4,389 |
Recoveries | 791 | 1,231 |
Provision (benefit) for loan losses | -764 | 921 |
Balance, end of period | 31,220 | 36,660 |
Multi-family residential [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Balance, beginning of period | 5,249 | 4,252 |
Charge-offs | -132 | -3 |
Recoveries | 7 | 0 |
Provision (benefit) for loan losses | 145 | -47 |
Balance, end of period | 5,269 | 4,202 |
Commercial Real Estate [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Balance, beginning of period | 22,052 | 20,048 |
Charge-offs | -188 | -1,477 |
Recoveries | 57 | 718 |
Provision (benefit) for loan losses | 122 | 431 |
Balance, end of period | 22,043 | 19,720 |
Consumer and installment [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Balance, beginning of period | 305 | 399 |
Charge-offs | -49 | -56 |
Recoveries | 38 | 40 |
Provision (benefit) for loan losses | 48 | 34 |
Balance, end of period | $342 | $417 |
Recovered_Sheet3
LOANS AND ALLOWANCE FOR LOAN LOSSES (Impairment Method by Loan Category) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Allowance for loan losses: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | $2,530 | $3,756 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 12,005 | 11,675 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 65,296 | 65,602 | ' | ' |
Balance, end of period | 79,831 | 81,033 | 88,170 | 91,602 |
Total loans: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 57,081 | 57,005 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 108,635 | 106,578 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 2,703,863 | 2,667,964 | ' | ' |
Ending balance | 2,869,579 | 2,831,547 | ' | ' |
Commercial and Industrial [Member] | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 0 | 0 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 678 | 497 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 13,193 | 12,904 | ' | ' |
Balance, end of period | 13,871 | 13,401 | 14,168 | 13,572 |
Total loans: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 6,190 | 3,480 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 6,833 | 7,043 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 619,066 | 590,181 | ' | ' |
Ending balance | 632,089 | 600,704 | ' | ' |
Real estate construction and development [Member] | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 0 | 62 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 242 | 232 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 6,844 | 7,113 | ' | ' |
Balance, end of period | 7,086 | 7,407 | 13,003 | 14,434 |
Total loans: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 2,881 | 3,440 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 1,761 | 1,474 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 116,595 | 116,748 | ' | ' |
Ending balance | 121,237 | 121,662 | ' | ' |
One-to-Four-Family Residential [Member] | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 1,421 | 2,275 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 8,858 | 8,937 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 20,941 | 21,407 | ' | ' |
Balance, end of period | 31,220 | 32,619 | 36,660 | 38,897 |
Total loans: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 10,515 | 12,276 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 94,734 | 93,301 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 805,264 | 815,911 | ' | ' |
Ending balance | 910,513 | 921,488 | ' | ' |
Multi-family residential [Member] | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 808 | 1,034 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 1,534 | 1,404 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 2,927 | 2,811 | ' | ' |
Balance, end of period | 5,269 | 5,249 | 4,202 | 4,252 |
Total loans: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 28,483 | 28,641 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 991 | 1,107 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 95,642 | 91,556 | ' | ' |
Ending balance | 125,116 | 121,304 | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 301 | 385 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 693 | 605 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 21,049 | 21,062 | ' | ' |
Balance, end of period | 22,043 | 22,052 | 19,720 | 20,048 |
Total loans: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 9,012 | 9,168 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 4,303 | 3,634 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 1,050,498 | 1,035,432 | ' | ' |
Ending balance | 1,063,813 | 1,048,234 | ' | ' |
Consumer and installment [Member] | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 0 | 0 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 0 | 0 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 342 | 305 | ' | ' |
Balance, end of period | 342 | 305 | 417 | 399 |
Total loans: | ' | ' | ' | ' |
Ending balance: impaired loans individually evaluated for impairment | 0 | 0 | ' | ' |
Ending balance: impaired loans collectively evaluated for impairment | 13 | 19 | ' | ' |
Ending balance: all other loans collectively evaluated for impairment | 16,798 | 18,136 | ' | ' |
Ending balance | $16,811 | $18,155 | ' | ' |
Recovered_Sheet4
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details Textual) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Impaired financing receivable individually evaluated for impairment | $57,081,000 | $57,005,000 |
Allowance allocated to troubled debt restructurings | 14,535,000 | 15,431,000 |
Minimum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Impaired financing receivable individually evaluated for impairment | 500,000 | ' |
Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance allocated to troubled debt restructurings | 8,100,000 | 9,100,000 |
Impaired Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Financing receivable, allowance for credit losses, accumulated write-downs | 54,800,000 | 54,900,000 |
Hamp Program [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Troubled debt restructurings under HAMP Program | $75,700,000 | $75,300,000 |
SERVICING_RIGHTS_Schedule_of_S
SERVICING RIGHTS (Schedule of Servicing Assets at Fair Value) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Mortgage Banking [Member] | ' | ' | ||
Servicing Assets at Fair Value [Line Items] | ' | ' | ||
Balance, beginning of period | $14,211 | $9,152 | ||
Originated servicing rights | 455 | 1,229 | ||
Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model | 151 | [1] | 854 | [1] |
Other changes in fair value | -422 | [2] | -583 | [2] |
Balance, end of period | 14,395 | 10,652 | ||
SBA [Member] | ' | ' | ||
Servicing Assets at Fair Value [Line Items] | ' | ' | ||
Balance, beginning of period | 4,643 | 5,640 | ||
Originated servicing rights | 0 | 0 | ||
Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model | 175 | [1] | 22 | [1] |
Other changes in fair value | -136 | [2] | -139 | [2] |
Balance, end of period | $4,682 | $5,523 | ||
[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_Details_Textu
SERVICING RIGHTS (Details Textual) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Mortgage Banking [Member] | ' | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' |
Servicing Portfolio | $1,310 | $1,330 |
SBA [Member] | ' | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' |
Servicing Portfolio | $135.80 | $139.10 |
DERIVATIVE_INSTRUMENTS_Schedul
DERIVATIVE INSTRUMENTS (Schedule of Derivative Instruments) (Details) (Not Designated as Hedging Instrument [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | $48,337 | $43,337 |
Interest rate lock commitments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Notional Amount | 20,537 | 14,237 |
Forward commitments to sell mortgage-backed securities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Notional Amount | 27,800 | 29,100 |
Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 346 | 513 |
Other Assets [Member] | Interest rate lock commitments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 332 | 217 |
Other Assets [Member] | Forward commitments to sell mortgage-backed securities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | $14 | $296 |
DERIVATIVE_INSTRUMENTS_Schedul1
DERIVATIVE INSTRUMENTS (Schedule of Derivatives Not Designated as Hedging Instruments, Location in Statements of Income) (Details) (Not Designated as Hedging Instrument [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest rate lock commitments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain on loans sold and held for sale | $115 | ($722) |
Forward commitments to sell mortgage-backed securities [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain on loans sold and held for sale | ($282) | $240 |
SUBORDINATED_DEBENTURES_Detail
SUBORDINATED DEBENTURES (Details Textual) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Aug. 10, 2009 | |
trust | installment | |||
installment | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Number Of Trusts Created For Issuing Trust Preferred Securities | 13 | ' | ' | ' |
Distributions Accrued On Junior Subordinated Debentures | $3,800,000 | $3,700,000 | ' | ' |
Trust Preferred Securities | ' | ' | ' | 345,000,000 |
Number Of Quarterly Periods For Deferral Of Cash Interest Payments On Junior Subordinated Debt | ' | ' | 18 | ' |
Interest Paid | 68,534,000 | 2,644,000 | ' | ' |
Regularly Scheduled Deferred Interest Payments Accrued [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Interest Payable | ' | ' | 56,000,000 | ' |
Additional Deferred Interest Payments Accrued [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Interest Payable | ' | ' | 6,700,000 | ' |
Parent Company [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Cash dividends paid by First Bank to First Banks, Inc. | 70,000,000 | ' | ' | ' |
Subordinated Debt [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Interest Paid | $66,400,000 | ' | ' | ' |
STOCKHOLDERS_EQUITY_Schedule_o
STOCKHOLDERS' EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance, beginning of period | $7,502 | $45,259 |
Other comprehensive (loss) income before reclassifications | 4,453 | -4,773 |
Amounts reclassified from accumulated other comprehensive income | -753 | 5 |
Other comprehensive income (loss) | 3,700 | -4,768 |
Balance, end of period | 11,202 | 40,491 |
Investment Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance, beginning of period | 10,151 | 35,186 |
Other comprehensive (loss) income before reclassifications | 4,432 | -2,681 |
Amounts reclassified from accumulated other comprehensive income | -753 | 5 |
Other comprehensive income (loss) | 3,679 | -2,676 |
Balance, end of period | 13,830 | 32,510 |
Defined Benefit Pension Plan [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance, beginning of period | -2,649 | -3,544 |
Other comprehensive (loss) income before reclassifications | 21 | 30 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income (loss) | 21 | 30 |
Balance, end of period | -2,628 | -3,514 |
Deferred Tax Asset Valuation Allowance [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance, beginning of period | ' | 13,617 |
Other comprehensive (loss) income before reclassifications | ' | -2,122 |
Amounts reclassified from accumulated other comprehensive income | ' | 0 |
Other comprehensive income (loss) | ' | -2,122 |
Balance, end of period | ' | $11,495 |
STOCKHOLDERS_EQUITY_Details_Te
STOCKHOLDERS' EQUITY (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2008 | Dec. 31, 2008 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
class | Preferred Class C [Member] | Preferred Class C [Member] | Preferred Class C [Member] | Preferred Class C D [Member] | Preferred Class C D [Member] | Preferred Class C D [Member] | Preferred Class C D [Member] | Preferred Class C D [Member] | Preferred Class C D [Member] | |
Dividend Rate First Five Years [Member] | Dividend Rate After First Five Years [Member] | Regularly Scheduled Dividend Payments [Member] | Regularly Scheduled Dividend Payments [Member] | Cumulative Dividends On Unpaid Regular Dividends [Member] | Cumulative Dividends On Unpaid Regular Dividends [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of classes of preferred stock outstanding | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, Class C dividend rate percentage, after first five years (increased effective February 15, 2014) | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' |
Preferred stock, Class C dividend rate percentage, initial rate for first five years | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' |
Class C Preferred Stock, Dividend Rate Increase February 15, 2014 | ' | '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. | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends deferred and accrued on preferred stock | ' | ' | ' | ' | $77.80 | $77.80 | $68.40 | $68.40 | $9.40 | $9.40 |
Dividends on preferred stock if the Company had continued to declare and accrue dividends | ' | ' | ' | ' | 5.5 | 4.1 | ' | ' | ' | ' |
Dividends that would have been accrued and deferred as of the balance sheet date if the Company had continued to declare and accrue dividends | ' | ' | ' | ' | $87.40 | ' | ' | ' | ' | ' |
REGULATORY_CAPITAL_AND_OTHER_R2
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS (Schedule of Regulatory Capital ) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
First Banks, Inc. [Member] | ' | ' | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | |
Total Capital | $425,829 | $405,856 | |
Total Capital to Risk-Weighted Assets | 11.73% | 11.13% | |
Total Capital Required for Capital Adequacy | 8.00% | ' | |
Tier One Capital | 253,332 | 239,868 | |
Tier One Capital to Risk-Weighted Assets | 6.98% | 6.58% | |
Tier One Capital Required for Capital Adequacy | 4.00% | ' | |
Tier One Leverage Capital | 253,332 | 239,868 | |
Tier One Leverage Capital to Average Assets | 4.51% | 4.12% | |
Tier One Leverage Capital Required for Capital Adequacy | 4.00% | ' | |
First Bank [Member] | ' | ' | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | |
Total Capital | 679,594 | [1] | 734,535 |
Total Capital to Risk-Weighted Assets | 18.70% | [1] | 20.12% |
Total Capital Required for Capital Adequacy | 8.00% | ' | |
Total Capital Required to be Well Capitalized | 10.00% | ' | |
Tier One Capital | 633,700 | [1] | 688,427 |
Tier One Capital to Risk-Weighted Assets | 17.43% | [1] | 18.86% |
Tier One Capital Required for Capital Adequacy | 4.00% | ' | |
Tier One Capital Required to be Well Capitalized | 6.00% | ' | |
Tier One Leverage Capital | $633,700 | [1] | $688,427 |
Tier One Leverage Capital to Average Assets | 11.30% | [1] | 11.77% |
Tier One Leverage Capital Required for Capital Adequacy | 4.00% | ' | |
Tier One Leverage Capital Required to be Well Capitalized | 5.00% | ' | |
[1] | The reduction in First Bank's regulatory capital ratios during the first quarter of 2014 primarily resulted from the payment of a $70 million dividend to the Company, as further described below. |
REGULATORY_CAPITAL_AND_OTHER_R3
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS (Details Textual) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Net deferred tax assets attributable to net operating loss and tax credit carryforwards as a percentage of total net deferred tax assets | 88.00% |
Parent Company [Member] | ' |
Cash dividends paid by First Bank to First Banks, Inc. | $70 |
FAIR_VALUE_DISCLOSURES_Schedul
FAIR VALUE DISCLOSURES (Schedule of Items Measured on a Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | $1,448,997 | $1,656,660 |
Liabilities, Fair Value Disclosure, Recurring | 6,294 | 6,641 |
U.S. Government sponsored agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 195,094 | 275,899 |
Residential mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 1,003,445 | 1,105,787 |
Commercial mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 851 | 856 |
State and political subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 31,340 | 31,557 |
Corporate notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 175,751 | 196,203 |
Equity investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 1,691 | 1,443 |
Mortgage loans held for sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 21,402 | 25,548 |
Interest rate lock commitments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 332 | 217 |
Forward commitments to sell mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 14 | 296 |
Servicing rights [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 19,077 | 18,854 |
Nonqualified deferred compensation plan [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 6,294 | 6,641 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 1,691 | 1,443 |
Liabilities, Fair Value Disclosure, Recurring | 6,294 | 6,641 |
Fair Value, Inputs, Level 1 [Member] | U.S. 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 [Member] | 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 [Member] | Commercial 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 [Member] | State and political subdivisions [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 [Member] | Corporate notes [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 [Member] | Equity investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 1,691 | 1,443 |
Fair Value, Inputs, Level 1 [Member] | Mortgage loans held for sale [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 [Member] | Interest rate lock commitments [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 [Member] | Forward commitments to sell mortgage-backed securities [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 [Member] | Servicing rights [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 [Member] | Nonqualified deferred compensation plan [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 6,294 | 6,641 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 1,428,229 | 1,636,363 |
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | U.S. Government sponsored agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 195,094 | 275,899 |
Fair Value, Inputs, Level 2 [Member] | Residential mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 1,003,445 | 1,105,787 |
Fair Value, Inputs, Level 2 [Member] | Commercial mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 851 | 856 |
Fair Value, Inputs, Level 2 [Member] | State and political subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 31,340 | 31,557 |
Fair Value, Inputs, Level 2 [Member] | Corporate notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 175,751 | 196,203 |
Fair Value, Inputs, Level 2 [Member] | Equity investments [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 2 [Member] | Mortgage loans held for sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 21,402 | 25,548 |
Fair Value, Inputs, Level 2 [Member] | Interest rate lock commitments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 332 | 217 |
Fair Value, Inputs, Level 2 [Member] | Forward commitments to sell mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 14 | 296 |
Fair Value, Inputs, Level 2 [Member] | Servicing rights [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 2 [Member] | Nonqualified deferred compensation plan [Member] | ' | ' |
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 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 19,077 | 18,854 |
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | U.S. 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 [Member] | 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 [Member] | Commercial 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 [Member] | State and political subdivisions [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 [Member] | Corporate notes [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 [Member] | Equity investments [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 [Member] | Mortgage loans held for sale [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 [Member] | Interest rate lock commitments [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 [Member] | Forward commitments to sell mortgage-backed securities [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 [Member] | Servicing rights [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 19,077 | 18,854 |
Fair Value, Inputs, Level 3 [Member] | Nonqualified deferred compensation plan [Member] | ' | ' |
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 in Fair Value of Level 3 Assets (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Total gains or losses (realized/unrealized): | ' | ' | ||
Included in earnings | ($232) | $154 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ' | ' | ||
Balance, beginning of period | 18,854 | 14,792 | ||
Total gains or losses (realized/unrealized): | ' | ' | ||
Included in earnings | -232 | [1] | 154 | [1] |
Included in other comprehensive income | 0 | 0 | ||
Issuances | 455 | 1,229 | ||
Transfers in and/or out of level 3 | 0 | 0 | ||
Balance, end of period | $19,077 | $16,175 | ||
[1] | Gains or losses (realized/unrealized) are included in noninterest income in the consolidated statements of income. |
FAIR_VALUE_DISCLOSURES_Schedul2
FAIR VALUE DISCLOSURES (Schedule of Items Measured on a Nonrecurring Basis) (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | $212,666 | $214,854 |
Commercial, financial and agricultural [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 12,345 | 10,026 |
Real estate construction and development [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 4,400 | 4,620 |
Residential mortgage [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 89,292 | 88,476 |
Home equity [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 5,678 | 5,889 |
Multi-family residential [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 27,132 | 27,310 |
Commercial real estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 12,321 | 11,812 |
Consumer and installment [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 13 | 19 |
Other real estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 61,485 | 66,702 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
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 [Member] | Commercial, financial and agricultural [Member] | ' | ' |
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 [Member] | Real estate construction and development [Member] | ' | ' |
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 [Member] | Residential mortgage [Member] | ' | ' |
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 [Member] | Home equity [Member] | ' | ' |
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 [Member] | Multi-family residential [Member] | ' | ' |
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 [Member] | Commercial real estate [Member] | ' | ' |
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 [Member] | Consumer and installment [Member] | ' | ' |
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 [Member] | Other real estate [Member] | ' | ' |
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 [Member] | ' | ' |
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 [Member] | Commercial, financial and agricultural [Member] | ' | ' |
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 [Member] | Real estate construction and development [Member] | ' | ' |
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 [Member] | Residential mortgage [Member] | ' | ' |
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 [Member] | Home equity [Member] | ' | ' |
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 [Member] | Multi-family residential [Member] | ' | ' |
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 [Member] | Commercial real estate [Member] | ' | ' |
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 [Member] | Consumer and installment [Member] | ' | ' |
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 [Member] | Other real estate [Member] | ' | ' |
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 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 212,666 | 214,854 |
Fair Value, Inputs, Level 3 [Member] | Commercial, financial and agricultural [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 12,345 | 10,026 |
Fair Value, Inputs, Level 3 [Member] | Real estate construction and development [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 4,400 | 4,620 |
Fair Value, Inputs, Level 3 [Member] | Residential mortgage [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 89,292 | 88,476 |
Fair Value, Inputs, Level 3 [Member] | Home equity [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 5,678 | 5,889 |
Fair Value, Inputs, Level 3 [Member] | Multi-family residential [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 27,132 | 27,310 |
Fair Value, Inputs, Level 3 [Member] | Commercial real estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 12,321 | 11,812 |
Fair Value, Inputs, Level 3 [Member] | Consumer and installment [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 13 | 19 |
Fair Value, Inputs, Level 3 [Member] | Other real estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | $61,485 | $66,702 |
FAIR_VALUE_DISCLOSURES_Estimat
FAIR VALUE DISCLOSURES (Estimated Fair Values of Financial Instruments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment securities [Abstract] | ' | ' |
Available for sale | $1,408,172 | $1,611,745 |
Held to maturity | 704,977 | 719,183 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 341,235 | 190,435 |
Investment securities [Abstract] | ' | ' |
Available for sale | 1,408,172 | 1,611,745 |
Held to maturity | 704,977 | 719,183 |
Loans held for portfolio | 2,683,895 | 2,562,160 |
Loans held for sale | 21,402 | 25,548 |
FRB and FHLB stock | 32,148 | 27,357 |
Derivative instruments | 346 | 513 |
Accrued interest receivable | 16,087 | 17,798 |
Financial Liabilities: | ' | ' |
Noninterest-bearing demand | 1,273,662 | 1,243,545 |
Interest-bearing demand | 699,158 | 679,527 |
Savings and money market | 1,841,905 | 1,844,710 |
Time deposits | 1,027,869 | 1,046,485 |
Securities sold under agreements to repurchase | 36,713 | 43,143 |
Accrued interest payable | 656 | 63,341 |
Subordinated debentures | 287,981 | 242,678 |
Off-Balance Sheet Financial Instruments: | ' | ' |
Commitments to extend credit, standby letters of credit and financial guarantees | -2,715 | -2,715 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 341,235 | 190,435 |
Investment securities [Abstract] | ' | ' |
Available for sale | 1,691 | 1,443 |
Held to maturity | 0 | 0 |
Loans held for portfolio | 0 | 0 |
Loans held for sale | 0 | 0 |
FRB and FHLB stock | 32,148 | 27,357 |
Derivative instruments | 0 | 0 |
Accrued interest receivable | 16,087 | 17,798 |
Financial Liabilities: | ' | ' |
Noninterest-bearing demand | 1,273,662 | 1,243,545 |
Interest-bearing demand | 699,158 | 679,527 |
Savings and money market | 1,841,905 | 1,844,710 |
Time deposits | 0 | 0 |
Securities sold under agreements to repurchase | 36,713 | 43,143 |
Accrued interest payable | 656 | 63,341 |
Subordinated debentures | 0 | 0 |
Off-Balance Sheet Financial Instruments: | ' | ' |
Commitments to extend credit, standby letters of credit and financial guarantees | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities [Abstract] | ' | ' |
Available for sale | 1,406,481 | 1,610,302 |
Held to maturity | 704,977 | 719,183 |
Loans held for portfolio | 0 | 0 |
Loans held for sale | 21,402 | 25,548 |
FRB and FHLB stock | 0 | 0 |
Derivative instruments | 346 | 513 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities: | ' | ' |
Noninterest-bearing demand | 0 | 0 |
Interest-bearing demand | 0 | 0 |
Savings and money market | 0 | 0 |
Time deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Accrued interest payable | 0 | 0 |
Subordinated debentures | 0 | 0 |
Off-Balance Sheet Financial Instruments: | ' | ' |
Commitments to extend credit, standby letters of credit and financial guarantees | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities [Abstract] | ' | ' |
Available for sale | 0 | 0 |
Held to maturity | 0 | 0 |
Loans held for portfolio | 2,683,895 | 2,562,160 |
Loans held for sale | 0 | 0 |
FRB and FHLB stock | 0 | 0 |
Derivative instruments | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities: | ' | ' |
Noninterest-bearing demand | 0 | 0 |
Interest-bearing demand | 0 | 0 |
Savings and money market | 0 | 0 |
Time deposits | 1,027,869 | 1,046,485 |
Securities sold under agreements to repurchase | 0 | 0 |
Accrued interest payable | 0 | 0 |
Subordinated debentures | 287,981 | 242,678 |
Off-Balance Sheet Financial Instruments: | ' | ' |
Commitments to extend credit, standby letters of credit and financial guarantees | -2,715 | -2,715 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 341,235 | 190,435 |
Investment securities [Abstract] | ' | ' |
Available for sale | 1,408,172 | 1,611,745 |
Held to maturity | 718,672 | 740,186 |
Loans held for portfolio | 2,789,748 | 2,750,514 |
Loans held for sale | 21,402 | 25,548 |
FRB and FHLB stock | 32,148 | 27,357 |
Derivative instruments | 346 | 513 |
Accrued interest receivable | 16,087 | 17,798 |
Financial Liabilities: | ' | ' |
Noninterest-bearing demand | 1,273,662 | 1,243,545 |
Interest-bearing demand | 699,158 | 679,527 |
Savings and money market | 1,841,905 | 1,844,710 |
Time deposits | 1,027,706 | 1,046,113 |
Securities sold under agreements to repurchase | 36,713 | 43,143 |
Accrued interest payable | 656 | 63,341 |
Subordinated debentures | 354,229 | 354,210 |
Off-Balance Sheet Financial Instruments: | ' | ' |
Commitments to extend credit, standby letters of credit and financial guarantees | ($2,715) | ($2,715) |
FAIR_VALUE_DISCLOSURES_Details
FAIR VALUE DISCLOSURES (Details Textual) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Loans transferred to other real estate | $1,031 | $2,474 |
Write-downs on other real estate | $97 | $258 |
INCOME_TAXES_Schedule_of_Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Gross deferred tax assets | $375,092 | $359,261 |
Unrecognized tax benefits for uncertain tax positions | -879 | 0 |
Valuation allowance | -43,380 | -43,380 |
Deferred tax assets, net of valuation allowance | 330,833 | 315,881 |
Deferred tax liabilities | 49,609 | 28,397 |
Net deferred tax assets | $281,224 | $287,484 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Federal [Member] | ' | ' |
Schedule of Income Taxes [Line Items] | ' | ' |
Net operating loss carryforwards | $565,900,000 | $571,800,000 |
State and Local Jurisdiction [Member] | ' | ' |
Schedule of Income Taxes [Line Items] | ' | ' |
Net operating loss carryforwards | 785,400,000 | 785,400,000 |
Deferred tax asset related to net operating loss carryforwards | $66,700,000 | $66,600,000 |
EARNINGS_LOSS_PER_COMMON_SHARE2
EARNINGS (LOSS) PER COMMON SHARE (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income from continuing operations attributable to First Banks, Inc. | $5,405 | $8,774 |
Preferred stock dividends declared | 0 | -4,881 |
Accretion of discount on preferred stock | 0 | -898 |
Net income from continuing operations attributable to common stockholders | 5,405 | 2,995 |
Net loss from discontinued operations attributable to common stockholders | 0 | -2,064 |
Net income available to common stockholders | 5,405 | 931 |
Weighted average shares of common stock outstanding (in shares) | 23,661 | 23,661 |
Basic earnings per common share - continuing operations | $228.43 | $126.59 |
Basic loss per common share - discontinued operations (in dollars per share) | $0 | ($87.24) |
Basic earnings per common share (in dollars per share) | $228.43 | $39.35 |
Net income from continuing operations attributable to common stockholders | 5,405 | 2,995 |
Net loss from discontinued operations attributable to common stockholders | 0 | -2,064 |
Net Income available to First Banks, Inc. common stockholders | 5,405 | 931 |
Effect of dilutive Securities - Class A convertible preferred stock | 0 | 0 |
Diluted income available to First Banks, Inc. common stockholders | $5,405 | $931 |
Effect of dilutive securities – Class A convertible preferred stock | 4,421 | 0 |
Weighted average diluted shares of common stock outstanding (in shares) | 28,082 | 23,661 |
Diluted earnings per common share - continuing operations (in dollars per share) | $192.46 | $126.59 |
Diluted loss per common share - discontinued operations (in dollars per share) | $0 | ($87.24) |
Diluted earnings per common share | $192.46 | $39.35 |
BUSINESS_SEGMENT_RESULTS_Sched
BUSINESS SEGMENT RESULTS (Schedule of Business Segment Results) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Investment securities | $2,126,844 | ' | $2,351,931 | ' |
Total loans | 2,890,981 | ' | 2,857,095 | ' |
FRB and FHLB stock | 32,148 | ' | 27,357 | ' |
Total assets | 5,890,559 | ' | 5,918,983 | ' |
Deposits | 4,842,431 | ' | 4,813,895 | ' |
Securities sold under agreements to repurchase | 36,713 | ' | 43,143 | ' |
Subordinated debentures | 354,229 | ' | 354,210 | ' |
Stockholders' equity | 497,306 | 297,066 | 488,256 | 299,959 |
Interest income | 42,189 | 43,986 | ' | ' |
Interest expense | 5,849 | 6,149 | ' | ' |
Net interest income (loss) | 36,340 | 37,837 | ' | ' |
Provision for loan losses | 0 | 0 | ' | ' |
Net interest income (loss) after provision for loan losses | 36,340 | 37,837 | ' | ' |
Noninterest income | 14,675 | 15,395 | ' | ' |
Noninterest expense | 42,748 | 44,047 | ' | ' |
Income (loss) from continuing operations before provision (benefit) for income taxes | 8,267 | 9,185 | ' | ' |
Provision (benefit) for income taxes | 2,917 | 365 | ' | ' |
Net income (loss) from continuing operations, net of tax | 5,350 | 8,820 | ' | ' |
Loss from discontinued operations, net of tax | 0 | -2,064 | ' | ' |
Net income (loss) | 5,350 | 6,756 | ' | ' |
Net (loss) income attributable to noncontrolling interest in subsidiary | -55 | 46 | ' | ' |
Net income (loss) attributable to First Banks, Inc. | 5,405 | 6,710 | ' | ' |
First Bank [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Investment securities | 2,126,844 | ' | 2,351,931 | ' |
Total loans | 2,890,981 | ' | 2,857,095 | ' |
FRB and FHLB stock | 32,148 | ' | 27,357 | ' |
Total assets | 5,836,010 | ' | 5,865,160 | ' |
Deposits | 4,849,783 | ' | 4,815,792 | ' |
Securities sold under agreements to repurchase | 36,713 | ' | 43,143 | ' |
Subordinated debentures | 0 | ' | 0 | ' |
Stockholders' equity | 872,845 | ' | 931,561 | ' |
Interest income | 42,189 | 43,986 | ' | ' |
Interest expense | 2,051 | 2,473 | ' | ' |
Net interest income (loss) | 40,138 | 41,513 | ' | ' |
Provision for loan losses | 0 | 0 | ' | ' |
Net interest income (loss) after provision for loan losses | 40,138 | 41,513 | ' | ' |
Noninterest income | 14,559 | 15,284 | ' | ' |
Noninterest expense | 42,993 | 43,863 | ' | ' |
Income (loss) from continuing operations before provision (benefit) for income taxes | 11,704 | 12,934 | ' | ' |
Provision (benefit) for income taxes | 4,120 | 148 | ' | ' |
Net income (loss) from continuing operations, net of tax | 7,584 | 12,786 | ' | ' |
Loss from discontinued operations, net of tax | 0 | -2,064 | ' | ' |
Net income (loss) | 7,584 | 10,722 | ' | ' |
Net (loss) income attributable to noncontrolling interest in subsidiary | -55 | 46 | ' | ' |
Net income (loss) attributable to First Banks, Inc. | 7,639 | 10,676 | ' | ' |
Corporate, Other and Intercompany Reclassifications [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Investment securities | 0 | ' | 0 | ' |
Total loans | 0 | ' | 0 | ' |
FRB and FHLB stock | 0 | ' | 0 | ' |
Total assets | 54,549 | ' | 53,823 | ' |
Deposits | -7,352 | ' | -1,897 | ' |
Securities sold under agreements to repurchase | 0 | ' | 0 | ' |
Subordinated debentures | 354,229 | ' | 354,210 | ' |
Stockholders' equity | -375,539 | ' | -443,305 | ' |
Interest income | 0 | 0 | ' | ' |
Interest expense | 3,798 | 3,676 | ' | ' |
Net interest income (loss) | -3,798 | -3,676 | ' | ' |
Provision for loan losses | 0 | 0 | ' | ' |
Net interest income (loss) after provision for loan losses | -3,798 | -3,676 | ' | ' |
Noninterest income | 116 | 111 | ' | ' |
Noninterest expense | -245 | 184 | ' | ' |
Income (loss) from continuing operations before provision (benefit) for income taxes | -3,437 | -3,749 | ' | ' |
Provision (benefit) for income taxes | -1,203 | 217 | ' | ' |
Net income (loss) from continuing operations, net of tax | -2,234 | -3,966 | ' | ' |
Loss from discontinued operations, net of tax | 0 | 0 | ' | ' |
Net income (loss) | -2,234 | -3,966 | ' | ' |
Net (loss) income attributable to noncontrolling interest in subsidiary | 0 | 0 | ' | ' |
Net income (loss) attributable to First Banks, Inc. | ($2,234) | ($3,966) | ' | ' |
TRANSACTIONS_WITH_RELATED_PART1
TRANSACTIONS WITH RELATED PARTIES (Details Textual) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 20, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
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] | First Brokerage America L L C [Member] | Dierbergs Markets Inc [Member] | Dierbergs Markets Inc [Member] | First Capital America Inc [Member] | First Bank [Member] | Investors Of America Limited Partnership [Member] | Investors Of America Limited Partnership [Member] | Investors Of America Limited Partnership [Member] | Directors Affliates and Executive Officers [Member] | Directors Affliates and Executive Officers [Member] | |
Affiliate Services Agreement [Member] | Affiliate Services Agreement [Member] | Equipment [Member] | Equipment [Member] | Premises [Member] | Premises [Member] | Premises [Member] | Premises [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service Fees Paid | $5,300,000 | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Rental Payments | ' | ' | ' | ' | 390,000 | 244,000 | 435,000 | 435,000 | ' | ' | 93,000 | 114,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees Receivable | ' | ' | 60,000 | 46,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions Received From Unaffliated Third Party Companies | ' | ' | ' | ' | ' | ' | ' | ' | 1,026,000 | 1,163,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,000 | 122,000 | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.77% | 53.23% | ' | ' | ' | ' | ' |
Revolving Credit Note Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus 300 basis points | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Loans and Leases Receivable, Related Parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,100,000 | $12,000,000 |