DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Entity Registrant Name | FIRST BANKS, INC | |
Entity Central Index Key | 710,507 | |
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 | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 112,490 | $ 100,349 |
Short-term investments | 125,866 | 105,053 |
Total cash and cash equivalents | 238,356 | 205,402 |
Investment securities: | ||
Available for sale | 1,501,503 | 1,445,689 |
Held to maturity (fair value of $583,670 and $614,272, respectively) | 587,200 | 618,148 |
Total investment securities | 2,088,703 | 2,063,837 |
Loans: | ||
Commercial, financial and agricultural | 753,277 | 695,267 |
Real estate construction and development | 135,070 | 89,851 |
Real estate mortgage | 2,402,026 | 2,315,186 |
Consumer and installment | 19,499 | 18,950 |
Net deferred loan fees | (1,393) | (1,422) |
Total loans held for portfolio | 3,308,479 | 3,117,832 |
Loans held for sale | 36,428 | 31,411 |
Total loans | 3,344,907 | 3,149,243 |
Allowance for loan losses | (58,816) | (66,874) |
Net loans | 3,286,091 | 3,082,369 |
Federal Reserve Bank and Federal Home Loan Bank stock | 30,390 | 30,458 |
Bank premises and equipment, net | 108,897 | 123,016 |
Net deferred income taxes | 269,967 | 271,847 |
Other real estate | 12,386 | 55,666 |
Other assets | 61,928 | 62,196 |
Total assets | 6,096,718 | 5,894,791 |
LIABILITIES | ||
Noninterest-bearing deposits | 1,406,498 | 1,303,519 |
Interest-bearing deposits | 3,650,027 | 3,545,985 |
Total deposits | 5,056,525 | 4,849,504 |
Securities sold under agreements to repurchase | 45,616 | 64,875 |
Subordinated debentures | 354,324 | 354,286 |
Accrued expenses and other liabilities | 112,329 | 113,682 |
Total liabilities | 5,568,794 | 5,382,347 |
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 | 324,913 | 324,913 |
Retained earnings | 79,760 | 64,374 |
Accumulated other comprehensive income | 10,178 | 10,111 |
Total First Banks, Inc. stockholders’ equity | 434,139 | 418,686 |
Noncontrolling interest in subsidiary | 93,785 | 93,758 |
Total stockholders’ equity | 527,924 | 512,444 |
Total liabilities and stockholders’ equity | 6,096,718 | 5,894,791 |
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 | 295 |
Class D Fixed Rate Cumulative Perpetual Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock | $ 15 | $ 15 |
CONSOLIDATED BALANCE SHEETS (U3
CONSOLIDATED BALANCE SHEETS (UNAUDITED) [Parenthetical] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Held-to-maturity securities, fair value (dollars in thousands) | $ 583,670 | $ 614,272 |
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 |
Preferred stock, aggregate liquidation preference (dollars in thousands) | $ 419,465 | $ 401,059 |
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 |
Preferred stock, aggregate liquidation preference (dollars in thousands) | $ 25,314 | $ 24,205 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income: | ||||
Interest and fees on loans | $ 31,110 | $ 30,182 | $ 61,113 | $ 59,261 |
Investment securities | 14,398 | 11,903 | 25,576 | 24,535 |
Federal Reserve Bank and Federal Home Loan Bank stock | 359 | 360 | 719 | 718 |
Short-term investments | 117 | 142 | 242 | 262 |
Total interest income | 45,984 | 42,587 | 87,650 | 84,776 |
Interest expense: | ||||
Deposits | 2,162 | 2,034 | 4,213 | 4,068 |
Other borrowings | 12 | 2 | 25 | 6 |
Subordinated debentures | 3,055 | 3,027 | 6,070 | 6,838 |
Total interest expense | 5,229 | 5,063 | 10,308 | 10,912 |
Net interest income | 40,755 | 37,524 | 77,342 | 73,864 |
(Benefit) provision for loan losses | (7,500) | 0 | (7,500) | 0 |
Net interest income after (benefit) provision for loan losses | 48,255 | 37,524 | 84,842 | 73,864 |
Noninterest income: | ||||
Service charges on deposit accounts and client service fees | 8,539 | 8,667 | 16,643 | 17,000 |
Gain on loans sold and held for sale | 2,093 | 1,554 | 4,930 | 2,419 |
Net gain (loss) on investment securities | 7,158 | (1) | 7,201 | 1,279 |
Net gain on sale of other real estate | 196 | 692 | 5,188 | 1,134 |
Increase (decrease) in fair value of servicing rights | 432 | (901) | (1,040) | (1,133) |
Loan servicing fees | 1,669 | 1,664 | 3,249 | 3,375 |
Other | 2,454 | 2,162 | 4,498 | 4,048 |
Total noninterest income | 22,541 | 13,837 | 40,669 | 28,122 |
Noninterest expense: | ||||
Salaries and employee benefits | 23,246 | 20,383 | 46,149 | 40,265 |
Occupancy, net of rental income | 4,622 | 5,479 | 10,018 | 11,263 |
Furniture and equipment | 3,246 | 2,643 | 6,550 | 5,003 |
Postage, printing and supplies | 528 | 554 | 1,111 | 1,193 |
Information technology fees | 5,118 | 5,497 | 10,464 | 10,717 |
Legal, examination and professional fees | 1,032 | 1,447 | 1,939 | 2,738 |
Advertising and business development | 777 | 650 | 1,464 | 1,272 |
FDIC insurance | 921 | 1,241 | 1,866 | 2,505 |
Write-downs and expenses on other real estate | 475 | 639 | 707 | 1,338 |
Restructuring charges on retail branch offices and other facilities | 11,884 | 0 | 17,579 | 0 |
Other | 4,661 | 4,678 | 9,082 | 9,275 |
Total noninterest expense | 56,510 | 43,211 | 106,929 | 85,569 |
Income before provision for income taxes | 14,286 | 8,150 | 18,582 | 16,417 |
Provision for income taxes | 1,556 | 2,918 | 3,169 | 5,835 |
Net income | 12,730 | 5,232 | 15,413 | 10,582 |
Less: net income (loss) attributable to noncontrolling interest in subsidiary | 18 | 1 | 27 | (54) |
Net income attributable to First Banks, Inc. | $ 12,712 | $ 5,231 | $ 15,386 | $ 10,636 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 12,730 | $ 5,232 | $ 15,413 | $ 10,582 |
Other comprehensive income (loss): | ||||
Unrealized gains on available-for-sale investment securities | 403 | 6,918 | 8,352 | 15,135 |
Reclassification adjustment for available-for-sale investment securities (gains) losses included in net income | (7,158) | 1 | (7,201) | (1,279) |
Amortization of net unrealized gain associated with transfer of available-for-sale investment securities to held-to-maturity investment securities | (401) | (681) | (1,147) | (1,364) |
Income tax effect | 2,946 | (2,569) | (2) | (5,144) |
Changes in net unrealized gains on securities, net of tax | (4,210) | 3,669 | 2 | 7,348 |
Reclassification adjustment for amortization of net actuarial loss on pension plan | 55 | 36 | 110 | 71 |
Income tax effect | (22) | (15) | (45) | (29) |
Changes in defined benefit pension plans, net of tax | 33 | 21 | 65 | 42 |
Other comprehensive (loss) income | (4,177) | 3,690 | 67 | 7,390 |
Comprehensive income | 8,553 | 8,922 | 15,480 | 17,972 |
Net income (loss) attributable to noncontrolling interest in subsidiary | 18 | 1 | 27 | (54) |
Comprehensive income attributable to First Banks, Inc. | $ 8,535 | $ 8,921 | $ 15,453 | $ 18,026 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | 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 [Member] | First Banks, Inc. Stockholders’ Equity, Accumulated Other Comprehensive Income [Member] | Noncontrolling Interest [Member] |
Balance, beginning of period at Dec. 31, 2013 | $ 488,256 | $ 13,373 | $ 5,915 | $ 324,913 | $ 42,719 | $ 7,502 | $ 93,834 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 10,582 | 10,636 | (54) | ||||
Other comprehensive income | 7,390 | 7,390 | |||||
Balance, end of period at Jun. 30, 2014 | 506,228 | 13,373 | 5,915 | 324,913 | 53,355 | 14,892 | 93,780 |
Balance, beginning of period at Dec. 31, 2014 | 512,444 | 13,373 | 5,915 | 324,913 | 64,374 | 10,111 | 93,758 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 15,413 | 15,386 | 27 | ||||
Other comprehensive income | 67 | 67 | |||||
Balance, end of period at Jun. 30, 2015 | $ 527,924 | $ 13,373 | $ 5,915 | $ 324,913 | $ 79,760 | $ 10,178 | $ 93,785 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 15,413 | $ 10,582 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization of bank premises and equipment | 5,608 | 5,837 |
Amortization and accretion of investment securities | 12,506 | 11,265 |
Originations of loans held for sale | (180,581) | (93,643) |
Proceeds from sales of loans held for sale | 177,219 | 93,710 |
(Benefit) provision for loan losses | (7,500) | 0 |
Provision for current income taxes | 5,864 | 546 |
Provision for deferred income taxes | 3,430 | 5,289 |
Decrease in deferred tax asset valuation allowance | (6,125) | 0 |
(Increase) decrease in accrued interest receivable | (142) | 3,056 |
Increase (decrease) in accrued interest payable | 11 | (62,558) |
Gain on loans sold and held for sale | (4,930) | (2,419) |
Net gain on investment securities | (7,201) | (1,279) |
Net gain on sale of other real estate | (5,188) | (1,134) |
Decrease in fair value of servicing rights | 1,040 | 1,133 |
Write-downs on other real estate | 332 | 197 |
Restructuring charges on retail branch offices and other facilities | 17,579 | 0 |
Other operating activities, net | (1,606) | 1,295 |
Net cash provided by (used in) operating activities | 25,729 | (28,123) |
Cash flows from investing activities: | ||
Net cash paid for sale of assets and liabilities of discontinued operations, net of cash and cash equivalents sold | 0 | (15,467) |
Proceeds from sales of investment securities available for sale | 119,898 | 166,320 |
Maturities of investment securities available for sale | 119,166 | 90,817 |
Maturities of investment securities held to maturity | 42,188 | 38,410 |
Purchases of investment securities available for sale | (288,121) | (62,293) |
Purchases of investment securities held to maturity | (23,297) | (2,595) |
Net redemptions (purchases) of Federal Reserve Bank and Federal Home Loan Bank stock | 68 | (3,031) |
Proceeds from sales of commercial loans | 22,588 | 3,682 |
Purchase of one-to-four-family residential real estate loans | (40,621) | 0 |
Net increase in loans | (177,073) | (104,943) |
Net purchases of bank premises and equipment | (4,971) | (3,674) |
Net proceeds from sales of other real estate | 49,520 | 10,103 |
Other investing activities, net | 118 | 1,170 |
Net cash (used in) provided by investing activities | (180,537) | 118,499 |
Cash flows from financing activities: | ||
Increase (decrease) in deposits | 207,021 | (7,861) |
(Decrease) increase in securities sold under agreements to repurchase | (19,259) | 14,429 |
Net cash provided by financing activities | 187,762 | 6,568 |
Net increase in cash and cash equivalents | 32,954 | 96,944 |
Cash and cash equivalents, beginning of period | 205,402 | 190,435 |
Cash and cash equivalents, end of period | 238,356 | 287,379 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest on liabilities | 10,297 | 73,470 |
Cash paid for income taxes | 9 | 447 |
Noncash investing and financing activities: | ||
Loans transferred to other real estate | $ 1,507 | $ 2,915 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | B ASIS OF P RESENTATION 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 2014 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. Certain disclosures pertaining to companies whose common stock is not publicly traded have been omitted from the Company’s financial statements in accordance with GAAP requirements. 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 and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . Certain reclassifications of 2014 amounts have been made to conform to the 2015 presentation. All financial information is reported on a continuing operations basis. 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 June 30, 2015 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, and Ms. Ellen Dierberg Milne, Director 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 income (loss) attributable to noncontrolling interest in subsidiary” in the consolidated statements of income. |
BRANCH DIVESTITURES AND RESTRUC
BRANCH DIVESTITURES AND RESTRUCTURING CHARGES | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
BRANCH DIVESTITURES AND RESTRUCTURING CHARGES | B RANCH D IVESTITURES AND R ESTRUCTURING C HARGES Pending Branch Sales. On March 6, 2015, as amended on June 25, 2015, First Bank entered into a Branch Purchase and Assumption Agreement with Bank of Stockton that provides for the sale of certain assets and the transfer of certain liabilities of First Bank’s three branch banking offices located in Napa, Brentwood and Fairfield, California. Under the terms of the agreement, Bank of Stockton is to assume approximately $74.0 million of deposits associated with these branches. Bank of Stockton is also expected to purchase approximately $11.6 million of loans as well as certain other assets, including premises and equipment of $3.1 million , associated with these branches. The transaction, which is subject to certain closing conditions, is expected to be completed during the third quarter of 2015. On May 20, 2015, First Bank entered into a Branch Purchase and Assumption Agreement with Fidelity Bank that provides for the sale of certain assets and the transfer of certain liabilities of First Bank’s remaining eight branch banking offices located in Bradenton, Palmetto and Longboat Key, Florida. Under the terms of the agreement, Fidelity Bank is to assume approximately $155.0 million of deposits associated with these branches. Fidelity Bank is also expected to purchase approximately $30.9 million of loans as well as certain other assets, including premises and equipment of $6.4 million , associated with these branches. The transaction, which is subject to certain closing conditions, is expected to be completed during the third quarter of 2015. Restructuring Charges on Retail Branch Offices and Other Facilities. The Company recorded certain restructuring charges associated with retail branch offices and other owned and leased facilities of $11.9 million and $17.6 million for the three and six months ended June 30, 2015, respectively. During the three and six months ended June 30, 2015, the Company recorded restructuring charges of $4.6 million related to seven retail branches that have been closed or are scheduled to be closed in order to adjust the carrying value of these facilities to fair value less estimated selling costs and/or adjust leases to the present value of current market rental rates in comparison to the contractual obligations on the leased facilities. During the three and six months ended June 30, 2015, the Company also recorded restructuring charges of $6.5 million and $12.2 million , respectively, on nine other facilities in order to adjust the carrying value of these facilities to fair value less estimated selling costs and/or adjust leases to the present value of current market rental rates in comparison to the contractual obligations on the leased facilities. |
INVESTMENTS IN DEBT AND EQUITY
INVESTMENTS IN DEBT AND EQUITY SECURITIES | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS IN DEBT AND EQUITY SECURITIES | I NVESTMENTS IN D EBT AND E QUITY S ECURITIES The amortized cost, gross unrealized gains and losses and fair value of investment securities available for sale and held to maturity at June 30, 2015 and December 31, 2014 were as follows: (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015: Available for sale: U.S. Government sponsored agencies $ 231,379 1,842 (1,238 ) 231,983 Residential mortgage-backed 936,625 14,603 (2,823 ) 948,405 Commercial mortgage-backed 18,469 56 (2 ) 18,523 State and political subdivisions 29,167 18 (292 ) 28,893 Corporate notes 270,868 1,925 (1,050 ) 271,743 Equity investments 2,000 — (44 ) 1,956 Total $ 1,488,508 18,444 (5,449 ) 1,501,503 Held to maturity: U.S. Government sponsored agencies $ 9,157 30 — 9,187 Residential mortgage-backed 573,237 2,167 (5,637 ) 569,767 State and political subdivisions 4,806 1 (91 ) 4,716 Total $ 587,200 2,198 (5,728 ) 583,670 December 31, 2014: Available for sale: U.S. Government sponsored agencies $ 230,159 2,129 (557 ) 231,731 Residential mortgage-backed 999,772 14,189 (6,117 ) 1,007,844 Commercial mortgage-backed 779 58 — 837 State and political subdivisions 29,805 33 (223 ) 29,615 Corporate notes 171,331 2,759 (395 ) 173,695 Equity investments 2,000 — (33 ) 1,967 Total $ 1,433,846 19,168 (7,325 ) 1,445,689 Held to maturity: U.S. Government sponsored agencies $ 10,725 42 — 10,767 Residential mortgage-backed 605,077 1,931 (5,782 ) 601,226 State and political subdivisions 2,346 1 (68 ) 2,279 Total $ 618,148 1,974 (5,850 ) 614,272 The amortized cost and fair value of debt securities available for sale and held to maturity by contractual maturity at June 30, 2015 are shown in the table below. Securities not due at a single maturity date are shown separately. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average yields are based on amortized cost. (dollars in thousands) Amortized Cost Fair Value Weighted Average Yield June 30, 2015: Available for sale securities: Within one year $ 62,932 63,546 2.50 % After one year through five years 135,179 136,799 1.84 After five years through ten years 191,741 193,981 2.77 After ten years 1,096,656 1,105,221 2.20 Equity investments 2,000 1,956 2.18 Total $ 1,488,508 1,501,503 2.24 Held to maturity securities: Within one year $ 565 565 3.07 % After one year through five years 101,555 102,154 1.93 After five years through ten years 56,000 54,759 1.18 After ten years 429,080 426,192 2.09 Total $ 587,200 583,670 1.97 Residential and commercial mortgage-backed securities are primarily issued by U.S. government sponsored enterprises and U.S. government agencies. Proceeds from sales of available-for-sale investment securities were $75.1 million and $119.9 million for the three and six months ended June 30, 2015 , respectively, compared to zero and $166.3 million for the comparable periods in 2014 . Gross realized gains and gross realized losses on investment securities for the three and six months ended June 30, 2015 and 2014 were as follows: Three Months Ended Six Months Ended June 30, June 30, (dollars in thousands) 2015 2014 2015 2014 Gross realized gains on sales of available-for-sale securities $ 8,637 — 9,197 2,010 Gross realized losses on sales of available-for-sale securities (1,479 ) — (1,996 ) (730 ) Other-than-temporary impairment — (1 ) — (1 ) Net realized gain (loss) on investment securities $ 7,158 (1 ) 7,201 1,279 Provision (benefit) for income taxes on net realized gain (loss) on investment securities $ 2,947 — 2,965 527 Gross realized gains on sales of available-for-sale securities for the three and six months ended June 30, 2015 include a pre-tax gain on the sale of a single issuer’s common stock of $8.4 million . Investment securities with a carrying value of $373.5 million and $349.0 million at June 30, 2015 and December 31, 2014 , respectively, were pledged in connection with deposits of public and trust funds, securities sold under agreements to repurchase and for other purposes as required or permitted 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 June 30, 2015 and December 31, 2014 , were as follows: Less Than 12 Months 12 Months or More Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2015: Available for sale: U.S. Government sponsored agencies $ 87,514 (1,099 ) 14,600 (139 ) 102,114 (1,238 ) Residential mortgage-backed 194,279 (922 ) 85,274 (1,901 ) 279,553 (2,823 ) Commercial mortgage-backed 8,803 (2 ) — — 8,803 (2 ) State and political subdivisions 28,049 (292 ) — — 28,049 (292 ) Corporate notes 67,295 (1,009 ) 4,959 (41 ) 72,254 (1,050 ) Equity investments — — 1,956 (44 ) 1,956 (44 ) Total $ 385,940 (3,324 ) 106,789 (2,125 ) 492,729 (5,449 ) Held to maturity: Residential mortgage-backed $ 246,432 (3,277 ) 114,765 (2,360 ) 361,197 (5,637 ) State and political subdivisions 3,405 (91 ) — — 3,405 (91 ) Total $ 249,837 (3,368 ) 114,765 (2,360 ) 364,602 (5,728 ) December 31, 2014: Available for sale: U.S. Government sponsored agencies $ 79,207 (427 ) 14,600 (130 ) 93,807 (557 ) Residential mortgage-backed 204,378 (1,154 ) 191,644 (4,963 ) 396,022 (6,117 ) State and political subdivisions 28,148 (223 ) — — 28,148 (223 ) Corporate notes 9,650 (350 ) 4,955 (45 ) 14,605 (395 ) Equity investments 1,967 (33 ) — — 1,967 (33 ) Total $ 323,350 (2,187 ) 211,199 (5,138 ) 534,549 (7,325 ) Held to maturity: Residential mortgage-backed $ 28,371 (112 ) 325,820 (5,670 ) 354,191 (5,782 ) State and political subdivisions 641 (3 ) 896 (65 ) 1,537 (68 ) Total $ 29,012 (115 ) 326,716 (5,735 ) 355,728 (5,850 ) The Company does not believe the investment securities that were in an unrealized loss position at June 30, 2015 and December 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 June 30, 2015 and December 31, 2014 included 17 and 47 securities, respectively. |
LOANS AND ALLOWANCE FOR LOAN LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | L OANS AND A LLOWANCE FOR L OAN L OSSES The following table summarizes the composition of the loan portfolio at June 30, 2015 and December 31, 2014 : (dollars in thousands) June 30, December 31, Commercial, financial and agricultural $ 753,277 695,267 Real estate construction and development 135,070 89,851 Real estate mortgage: One-to-four-family residential: Residential mortgage 687,162 621,168 Home equity 400,616 395,542 Multi-family residential 98,040 115,434 Commercial real estate 1,216,208 1,183,042 Consumer and installment 19,499 18,950 Net deferred loan fees (1,393 ) (1,422 ) Total loans held for portfolio 3,308,479 3,117,832 Loans held for sale 36,428 31,411 Total loans $ 3,344,907 3,149,243 Aging of Loans. The following table presents the aging of loans by loan classification at June 30, 2015 and December 31, 2014 : (dollars in thousands) 30-59 Days 60-89 Days Recorded Investment > 90 Days Accruing Nonaccrual Total Past Due Current Total Loans June 30, 2015: Commercial, financial and agricultural $ 265 308 — 5,702 6,275 747,002 753,277 Real estate construction and development 683 — — 3,152 3,835 131,235 135,070 Real estate mortgage: Residential mortgage 1,614 447 27 8,103 10,191 676,971 687,162 Home equity 1,467 441 130 5,698 7,736 392,880 400,616 Multi-family residential — — — 319 319 97,721 98,040 Commercial real estate 12 52 — 2,828 2,892 1,213,316 1,216,208 Consumer and installment and net deferred loan fees 87 16 — 8 111 17,995 18,106 Loans held for sale — — — — — 36,428 36,428 Total loans $ 4,128 1,264 157 25,810 31,359 3,313,548 3,344,907 December 31, 2014: Commercial, financial and agricultural $ 132 430 54 9,486 10,102 685,165 695,267 Real estate construction and development 431 — — 3,393 3,824 86,027 89,851 Real estate mortgage: Residential mortgage 2,690 986 35 13,890 17,601 603,567 621,168 Home equity 1,857 334 72 6,831 9,094 386,448 395,542 Multi-family residential — — — 19,731 19,731 95,703 115,434 Commercial real estate 196 54 — 4,122 4,372 1,178,670 1,183,042 Consumer and installment and net deferred loan fees 136 33 2 23 194 17,334 17,528 Loans held for sale — — — — — 31,411 31,411 Total loans $ 5,442 1,837 163 57,476 64,918 3,084,325 3,149,243 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 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 that are accruing interest are classified as performing TDRs. Loans classified as TDRs that 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 loans held for portfolio by internally assigned credit grade and payment activity as of June 30, 2015 and December 31, 2014 : Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade (dollars in thousands) Commercial and Industrial Real Estate Construction and Development Multi-family Commercial Real Estate Total June 30, 2015: Pass $ 710,208 131,333 91,424 1,189,818 2,122,783 Special mention 31,393 585 5,660 17,883 55,521 Substandard 5,710 — 637 5,679 12,026 Performing troubled debt restructuring 264 — — — 264 Nonaccrual 5,702 3,152 319 2,828 12,001 Total $ 753,277 135,070 98,040 1,216,208 2,202,595 December 31, 2014: Pass $ 653,951 85,973 89,148 1,147,824 1,976,896 Special mention 18,713 143 5,945 20,691 45,492 Substandard 12,833 — 610 6,640 20,083 Performing troubled debt restructuring 284 342 — 3,765 4,391 Nonaccrual 9,486 3,393 19,731 4,122 36,732 Total $ 695,267 89,851 115,434 1,183,042 2,083,594 Consumer Loan Portfolio Credit Exposure by Payment Activity (dollars in thousands) Residential Mortgage Home Equity Consumer and Installment and Net Deferred Loan Fees Total June 30, 2015: Pass $ 599,840 392,880 17,995 1,010,715 Substandard 1,647 2,038 103 3,788 Performing troubled debt restructuring 77,572 — — 77,572 Nonaccrual 8,103 5,698 8 13,809 Total $ 687,162 400,616 18,106 1,105,884 December 31, 2014: Pass $ 528,388 386,448 17,334 932,170 Substandard 2,662 2,263 171 5,096 Performing troubled debt restructuring 76,228 — — 76,228 Nonaccrual 13,890 6,831 23 20,744 Total $ 621,168 395,542 17,528 1,034,238 Impaired Loans . Loans deemed to be impaired include performing TDRs and nonaccrual loans. Impaired loans with outstanding balances equal to or greater than $250,000 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 June 30, 2015 and December 31, 2014 : (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance for Loan Losses Average Recorded Investment Interest Income Recognized (1) June 30, 2015: With No Related Allowance Recorded: Commercial, financial and agricultural $ 2,573 3,563 — 3,342 — Real estate construction and development 2,617 12,318 — 2,910 — Real estate mortgage: Residential mortgage — — — — — Home equity 1,322 1,527 — 1,459 — Multi-family residential — — — — — Commercial real estate 687 962 — 1,195 — Consumer and installment — — — — — 7,199 18,370 — 8,906 — With A Related Allowance Recorded: Commercial, financial and agricultural 3,393 5,861 582 4,407 6 Real estate construction and development 535 2,465 255 595 8 Real estate mortgage: Residential mortgage 85,675 100,070 7,391 88,081 1,122 Home equity 4,376 5,302 1,443 4,830 — Multi-family residential 319 468 24 13,015 — Commercial real estate 2,141 3,766 214 3,725 5 Consumer and installment 8 8 1 12 — 96,447 117,940 9,910 114,665 1,141 Total: Commercial, financial and agricultural 5,966 9,424 582 7,749 6 Real estate construction and development 3,152 14,783 255 3,505 8 Real estate mortgage: Residential mortgage 85,675 100,070 7,391 88,081 1,122 Home equity 5,698 6,829 1,443 6,289 — Multi-family residential 319 468 24 13,015 — Commercial real estate 2,828 4,728 214 4,920 5 Consumer and installment 8 8 1 12 — $ 103,646 136,310 9,910 123,571 1,141 ____________________ (1) Interest income on impaired loans recognized while on impaired status was $608,000 for the three months ended June 30, 2015. (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance for Loan Losses Average Recorded Investment Interest Income Recognized December 31, 2014: With No Related Allowance Recorded: Commercial, financial and agricultural $ 1,937 2,911 — 2,278 — Real estate construction and development 2,626 12,333 — 3,106 — Real estate mortgage: Residential mortgage — — — — — Home equity — — — — — Multi-family residential 19,050 24,759 — 25,234 959 Commercial real estate 4,119 4,190 — 6,063 116 Consumer and installment — — — — — 27,732 44,193 — 36,681 1,075 With A Related Allowance Recorded: Commercial, financial and agricultural 7,833 22,089 1,626 9,212 6 Real estate construction and development 1,109 3,403 219 1,312 17 Real estate mortgage: Residential mortgage 90,118 106,163 7,639 94,835 2,082 Home equity 6,831 7,988 1,366 7,056 — Multi-family residential 681 3,581 1,157 902 — Commercial real estate 3,768 5,619 463 5,546 21 Consumer and installment 23 23 1 14 — 110,363 148,866 12,471 118,877 2,126 Total: Commercial, financial and agricultural 9,770 25,000 1,626 11,490 6 Real estate construction and development 3,735 15,736 219 4,418 17 Real estate mortgage: Residential mortgage 90,118 106,163 7,639 94,835 2,082 Home equity 6,831 7,988 1,366 7,056 — Multi-family residential 19,731 28,340 1,157 26,136 959 Commercial real estate 7,887 9,809 463 11,609 137 Consumer and installment 23 23 1 14 — $ 138,095 193,059 12,471 155,558 3,201 Recorded investment represents the Company’s investment in its impaired loans (excluding accrued interest receivable and fees) reduced by cumulative charge-offs recorded against the allowance for loan losses on these same loans. At June 30, 2015 and December 31, 2014 , the Company had recorded charge-offs of $32.7 million and $55.0 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 June 30, 2015 and December 31, 2014 , the Company had $72.3 million and $72.7 million , respectively, of modified loans in the HAMP program. For a loan modification to be classified as a TDR, all of the following conditions must be present: (1) the borrower is experiencing financial difficulty, (2) the Company makes a concession to the original contractual loan terms and (3) the Company would not consider the concessions but for economic or legal reasons related to the borrower’s financial difficulty. Modifications of loan terms to borrowers experiencing financial difficulty are made in an attempt to protect as much of the investment in the loan as possible. These modifications are generally made to either prevent a loan from becoming nonaccrual or to return a nonaccrual loan to performing status based on the expectations that the borrower can adequately perform in accordance with the modified terms. The determination of whether a modification should be classified as a TDR requires significant judgment after taking into consideration all facts and circumstances surrounding the transaction. No single characteristic or factor, taken alone, is determinative of whether a modification should be classified as a TDR. The fact that a single characteristic is present is not considered sufficient to overcome the preponderance of contrary evidence. Assuming all of the TDR criteria are met, the Company considers one or more of the following concessions to the loan terms to represent a TDR: (1) a reduction of the stated interest rate, (2) an extension of the maturity date or dates at a stated interest rate lower than the current market rate for a new loan with similar terms or (3) forgiveness of principal or accrued interest. Loans renegotiated at a rate equal to or greater than that of a new loan with comparable risk at the time the contract is modified are excluded from TDR classification in the calendar years subsequent to the renegotiation if the loan is in compliance with the modified terms for at least six months. The Company does not accrue interest on any TDRs unless it believes collection of all principal and interest under the modified terms is reasonably assured. Generally, six months of consecutive payment performance by the borrower under the restructured terms is required before a TDR is returned to accrual status. However, the period could vary depending upon the individual facts and circumstances of the loan. TDRs accruing interest are classified as performing TDRs. The following table presents the categories of performing TDRs as of June 30, 2015 and December 31, 2014 : (dollars in thousands) June 30, December 31, Performing Troubled Debt Restructurings: Commercial, financial and agricultural $ 264 284 Real estate construction and development — 342 Real estate mortgage: One-to-four-family residential 77,572 76,228 Commercial real estate — 3,765 Total performing troubled debt restructurings $ 77,836 80,619 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 June 30, 2015 and December 31, 2014 : (dollars in thousands) June 30, December 31, Nonperforming Troubled Debt Restructurings: Commercial, financial and agricultural $ 35 243 Real estate construction and development 2,779 2,788 Real estate mortgage: One-to-four-family residential 2,852 4,003 Multi-family residential — 19,050 Commercial real estate — 371 Total nonperforming troubled debt restructurings $ 5,666 26,455 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 $6.6 million and $6.1 million at June 30, 2015 and December 31, 2014 , respectively. The following tables present loans classified as TDRs that were modified during the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 (dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Loan Modifications Classified as Troubled Debt Restructurings: Real estate mortgage: One-to-four-family residential 6 $ 669 $ 626 12 $ 1,467 $ 1,177 Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 (dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Loan Modifications Classified as Troubled Debt Restructurings: Real estate mortgage: One-to-four-family residential 12 $ 2,392 $ 2,266 27 $ 4,047 $ 3,334 The following tables present TDRs that defaulted within 12 months of modification during the three and six months ended June 30, 2015 and 2014 : Three Months Ended Three Months Ended June 30, 2015 June 30, 2014 (dollars in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Troubled Debt Restructurings That Subsequently Defaulted: Real estate mortgage: One-to-four-family residential — $ — 5 $ 764 Six Months Ended Six Months Ended June 30, 2015 June 30, 2014 (dollars in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Troubled Debt Restructurings That Subsequently Defaulted: Real estate mortgage: One-to-four-family residential — $ — 6 $ 1,202 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 . The following tables represent a summary of changes in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2015 and 2014 : (dollars in thousands) Commercial and Industrial Real Estate Construction and Development One-to- Four-Family Residential Multi- Family Residential Commercial Real Estate Consumer and Installment Total Three Months Ended June 30, 2015: Allowance for loan losses: Beginning balance $ 12,332 2,754 22,486 5,574 20,886 110 64,142 Charge-offs (1,117 ) (138 ) (564 ) (9 ) (502 ) (21 ) (2,351 ) Recoveries 1,181 138 913 2,177 100 16 4,525 Provision (benefit) for loan losses (1,075 ) (523 ) (432 ) (4,312 ) (1,135 ) (23 ) (7,500 ) Ending balance $ 11,321 2,231 22,403 3,430 19,349 82 58,816 Three Months Ended June 30, 2014: Allowance for loan losses: Beginning balance $ 13,871 7,086 31,220 5,269 22,043 342 79,831 Charge-offs (994 ) (35 ) (2,201 ) (2,952 ) (21 ) (37 ) (6,240 ) Recoveries 1,263 756 1,478 2 915 13 4,427 Provision (benefit) for loan losses (409 ) (1,207 ) (1,352 ) 5,055 (2,117 ) 30 — Ending balance $ 13,731 6,600 29,145 7,374 20,820 348 78,018 (dollars in thousands) Commercial and Industrial Real Estate Construction and Development One-to- Four-Family Residential Multi- Family Residential Commercial Real Estate Consumer and Installment Total Six months ended June 30, 2015: Allowance for loan losses: Beginning balance $ 12,574 3,490 24,055 5,630 20,983 142 66,874 Charge-offs (4,104 ) (178 ) (1,727 ) (198 ) (845 ) (43 ) (7,095 ) Recoveries 2,425 302 1,413 2,233 121 43 6,537 Provision (benefit) for loan losses 426 (1,383 ) (1,338 ) (4,235 ) (910 ) (60 ) (7,500 ) Ending balance $ 11,321 2,231 22,403 3,430 19,349 82 58,816 Six months ended June 30, 2014: Allowance for loan losses: Beginning balance $ 13,401 7,407 32,619 5,249 22,052 305 81,033 Charge-offs (2,616 ) (65 ) (3,627 ) (3,084 ) (209 ) (86 ) (9,687 ) Recoveries 2,015 1,356 2,269 9 972 51 6,672 Provision (benefit) for loan losses 931 (2,098 ) (2,116 ) 5,200 (1,995 ) 78 — Ending balance $ 13,731 6,600 29,145 7,374 20,820 348 78,018 The following table represents a summary of the impairment method used by loan category at June 30, 2015 and December 31, 2014 : (dollars in thousands) Commercial and Industrial Real Estate Construction and Development One-to- Four-Family Residential Multi- Family Residential Commercial Real Estate Consumer and Installment and Net Deferred Loan Fees Total June 30, 2015: Allowance for loan losses: Impaired loans individually evaluated for impairment $ 130 16 3,822 — — — 3,968 Impaired loans collectively evaluated for impairment 452 239 5,012 24 214 1 5,942 All other loans collectively evaluated for impairment 10,739 1,976 13,569 3,406 19,135 81 48,906 Total allowance for loan losses $ 11,321 2,231 22,403 3,430 19,349 82 58,816 Loans: Impaired loans individually evaluated for impairment $ 1,955 2,877 41,321 — 687 — 46,840 Impaired loans collectively evaluated for impairment 4,011 275 50,052 319 2,141 8 56,806 All other loans collectively evaluated for impairment 747,311 131,918 996,405 97,721 1,213,380 18,098 3,204,833 Total loans held for portfolio $ 753,277 135,070 1,087,778 98,040 1,216,208 18,106 3,308,479 December 31, 2014: Allowance for loan losses: Impaired loans individually evaluated for impairment $ 1,053 — 1,184 — — — 2,237 Impaired loans collectively evaluated for impairment 573 219 7,821 1,157 463 1 10,234 All other loans collectively evaluated for impairment 10,948 3,271 15,050 4,473 20,520 141 54,403 Total allowance for loan losses $ 12,574 3,490 24,055 5,630 20,983 142 66,874 Loans: Impaired loans individually evaluated for impairment $ 4,712 2,626 7,388 19,050 3,765 — 37,541 Impaired loans collectively evaluated for impairment 5,058 1,109 89,561 681 4,122 23 100,554 All other loans collectively evaluated for impairment 685,497 86,116 919,761 95,703 1,175,155 17,505 2,979,737 Total loans held for portfolio $ 695,267 89,851 1,016,710 115,434 1,183,042 17,528 3,117,832 |
SERVICING RIGHTS
SERVICING RIGHTS | 6 Months Ended |
Jun. 30, 2015 | |
Servicing Asset [Abstract] | |
SERVICING RIGHTS | S ERVICING R IGHTS At June 30, 2015 and December 31, 2014 , the Company serviced mortgage loans for others totaling $1.42 billion and $1.37 billion , respectively, and serviced United States Small Business Administration (“SBA”) loans for others totaling $97.5 million and $114.4 million , respectively. The fair value of mortgage servicing rights at June 30, 2015 and December 31, 2014 was determined using a weighted average discount rate of 9.24% and 9.17% , respectively, and a weighted average conditional prepayment rate (“CPR”) of 11.13% and 12.70% , respectively. The fair value of SBA servicing rights at June 30, 2015 and December 31, 2014 was determined using a weighted average discount rate of 11.14% and 11.80% , respectively, and a weighted average CPR of 6.26% and 6.33% , respectively. Changes in mortgage and SBA servicing rights for the three and six months ended June 30, 2015 and 2014 were as follows: Three Months Ended Six Months Ended June 30, June 30, (dollars in thousands) 2015 2014 2015 2014 Balance, beginning of period $ 17,402 19,077 18,013 18,854 Originated servicing rights 1,170 577 1,992 1,032 Purchased servicing rights 37 31 76 31 Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model (1) 1,281 (284 ) 583 42 Other changes in fair value (2) (849 ) (617 ) (1,623 ) (1,175 ) Balance, end of period $ 19,041 18,784 19,041 18,784 ____________________ (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 | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | D ERIVATIVE I NSTRUMENTS 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 June 30, 2015 and December 31, 2014 : (dollars in thousands) Derivatives in Other Assets Notional Amount Fair Value Gain (Loss) June 30, December 31, 2014 June 30, December 31, 2014 Derivative Instruments Not Designated as Hedging Instruments: Interest rate lock commitments $ 30,704 20,762 655 580 Forward commitments to sell mortgage-backed securities 51,200 38,300 448 (294 ) Total $ 81,904 59,062 1,103 286 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 September 2015 . The fair value of the interest rate lock commitments and forward contracts to sell mortgage-backed securities are included in other assets in the consolidated balance sheets. Changes in the fair value of interest rate lock commitments and forward commitments to sell mortgage-backed securities are recognized in noninterest income on a monthly basis. The following table summarizes amounts included in the consolidated statements of income for the three and six months ended June 30, 2015 and 2014 related to non-hedging derivative instruments: (dollars in thousands) Location of Gain (Loss) Recognized in Operations on Derivatives Amount of Gain (Loss) Recognized in Operations on Derivatives Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Derivative Instruments Not Designated as Hedging Instruments: Interest rate lock commitments Gain on loans sold and held for sale $ (613 ) 203 75 318 Forward commitments to sell mortgage-backed securities Gain on loans sold and held for sale 732 (455 ) 742 (737 ) |
OTHER BORROWINGS
OTHER BORROWINGS | 6 Months Ended |
Jun. 30, 2015 | |
Short-term Debt [Abstract] | |
OTHER BORROWINGS | O THER B ORROWINGS Other borrowings were comprised solely of daily securities sold under agreements to repurchase of $45.6 million and $64.9 million at June 30, 2015 and December 31, 2014 , respectively. These daily securities sold under agreements to repurchase represent funds deposited by First Bank’s clients, on an overnight basis, in connection with cash management activities of First Bank’s commercial deposit clients. Investment securities with a carrying value of $72.0 million and $75.6 million at June 30, 2015 and December 31, 2014 , respectively, were pledged in connection with these daily securities sold under agreements to repurchase, and were comprised solely of residential mortgage-backed securities. The fair value of pledged securities may fluctuate due to market conditions. The Company is obligated to transfer additional securities if the fair value of the pledged securities declines below the balance of funds deposited by the Company’s clients. |
SUBORDINATED DEBENTURES
SUBORDINATED DEBENTURES | 6 Months Ended |
Jun. 30, 2015 | |
Subordinated Borrowings [Abstract] | |
SUBORDINATED DEBENTURES | S UBORDINATED D EBENTURES As of June 30, 2015 , 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 $3.1 million and $6.1 million for the three and six months ended June 30, 2015 , respectively, and $3.0 million and $6.8 million for the comparable periods in 2014 , 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 described in Note 10 to the consolidated financial statements. The terms of the junior subordinated debentures and the related trust indentures allow the Company to defer payments of interest for up to 20 consecutive quarterly periods without triggering a payment default or penalty. Such interest payments are primarily funded through dividends from First Bank. In addition, during a 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. In March 2014, the Company paid all of the cumulative deferred interest on its junior subordinated debentures (which had been deferred for 18 quarterly periods), which was subsequently distributed to the trust preferred securities holders on the respective interest payment dates in March and April, 2014. Since that time, the Company has continued to pay interest on its junior subordinated debentures to the respective trustees on the regularly scheduled quarterly payment dates. Under its Memorandum of Understanding (“MOU”) with the Federal Reserve Bank of St. Louis (“FRB”), as further discussed in Note 10 to the consolidated financial statements, the Company has agreed not to declare or pay any dividends, without the prior consent of the FRB, and not to cause First Bank to pay dividends in excess of its earnings or make a capital distribution that would cause First Bank's Tier 1 leverage ratio to fall below 9.0% . In addition, pursuant to Missouri Revised Statutes, First Bank is required to obtain approval from the Missouri Division of Finance (“MDOF”) prior to paying any dividends to the Company, as further described in Note 10 to the consolidated financial statements. Furthermore, pursuant to Section 208.5 of Regulation H, if such dividends would exceed undivided profits, First Bank is also required to obtain approval from its sole shareholder and the FRB prior to paying any dividends to the Company. The Company is unable to predict whether or when the FRB and/or the MDOF will grant such consents in the future. 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. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | S TOCKHOLDERS ’ E QUITY 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, and Ms. Ellen Dierberg Milne, Director of the Company), own all of the voting stock of the Company other than the Class C Preferred Stock and Class D Preferred Stock (as defined below) that have limited voting rights. Preferred Stock. The Company has four classes of preferred stock outstanding. 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 Fixed Rate Cumulative Perpetual Preferred Stock (“Class C Preferred Stock”) and Class D Fixed Rate Cumulative Perpetual Preferred Stock (“Class D Preferred Stock”) at June 30, 2015 and December 31, 2014 , and has accrued an additional $9.4 million of cumulative dividends on such deferred dividend payments at June 30, 2015 and December 31, 2014 . As such, the aggregate amount of these deferred and accrued dividend payments was $77.8 million at June 30, 2015 and December 31, 2014 . The Company ceased declaring dividends on its Class C Preferred Stock and Class D Preferred Stock during the fourth quarter of 2013. 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 accrue dividends on its Class C Preferred Stock and Class D Preferred Stock from the fourth quarter of 2013 and forward, the Company would have accrued an additional $56.8 million of dividend payments (including $9.9 million and $19.5 million of dividend payments that would have been declared and accrued for the three and six months ended June 30, 2015 , respectively), and the Company’s aggregate deferred and accrued dividend payments would have been $134.6 million and $115.1 million at June 30, 2015 and December 31, 2014 , respectively. 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 tables summarize changes in accumulated other comprehensive income (loss), net of tax, by component, for the three and six months ended June 30, 2015 and 2014: (dollars in thousands) Investment Securities Defined Benefit Pension Plan Total Three Months Ended June 30, 2015: Balance, beginning of period $ 18,263 (3,908 ) 14,355 Other comprehensive income before reclassifications 1 — 1 Amounts reclassified from accumulated other comprehensive income (4,211 ) 33 (4,178 ) Net current period other comprehensive (loss) income (4,210 ) 33 (4,177 ) Balance, end of period $ 14,053 (3,875 ) 10,178 Three Months Ended June 30, 2014: Balance, beginning of period $ 13,830 (2,628 ) 11,202 Other comprehensive income before reclassifications 3,668 — 3,668 Amounts reclassified from accumulated other comprehensive income 1 21 22 Net current period other comprehensive income 3,669 21 3,690 Balance, end of period $ 17,499 (2,607 ) 14,892 (dollars in thousands) Investment Securities Defined Benefit Pension Plan Total Six Months Ended June 30, 2015: Balance, beginning of period $ 14,051 (3,940 ) 10,111 Other comprehensive income before reclassifications 4,238 — 4,238 Amounts reclassified from accumulated other comprehensive income (4,236 ) 65 (4,171 ) Net current period other comprehensive income 2 65 67 Balance, end of period $ 14,053 (3,875 ) 10,178 Six Months Ended June 30, 2014: Balance, beginning of period $ 10,151 (2,649 ) 7,502 Other comprehensive income before reclassifications 8,100 — 8,100 Amounts reclassified from accumulated other comprehensive income (752 ) 42 (710 ) Net current period other comprehensive income 7,348 42 7,390 Balance, end of period $ 17,499 (2,607 ) 14,892 |
REGULATORY CAPITAL AND OTHER RE
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS | R EGULATORY C APITAL AND O THER R EGULATORY M ATTERS 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 capital, Tier 1 capital and common equity Tier 1 capital to risk-weighted assets (as defined in the regulations), and of Tier 1 capital to average assets (“Tier 1 leverage ratio”). In July 2013, the federal bank regulators approved final rules (the “Final Capital Rules”) implementing the Basel III framework as well as certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Final Capital Rules also substantially revise the risk-based capital requirements applicable to bank holding companies and their depository institution subsidiaries, including the Company and First Bank, as compared to the general risk-based capital rules (the “General Risk-Based Capital Rules”). The Final Capital Rules revise the components of capital and address other issues affecting the numerator in regulatory capital ratios. The Final Capital Rules also address asset risk weights and other issues affecting the denominator in regulatory capital ratios and replace the existing general risk-weighting approach based on Basel I with a more risk-sensitive approach. The Final Capital Rules became effective for the Company and First Bank on January 1, 2015 (subject to a phase-in period for certain provisions). 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 applicable 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 91.7% of the Company's net deferred tax assets as of June 30, 2015 , are scheduled to be phased out entirely from inclusion in the calculation of common equity Tier 1 capital in 2018. In addition, the inclusion of trust preferred securities eligible for Tier 1 capital is more limited under the Final Capital Rules. Furthermore, the Company’s noncontrolling interest in subsidiary, which was $93.8 million as of June 30, 2015, will be phased out entirely from inclusion in the calculation of Tier 1 capital by 2018. As of June 30, 2015, the amount of noncontrolling interest in subsidiary that was eligible for inclusion in the calculation of Tier 1 capital was $56.3 million . The Company must maintain minimum total capital, Tier 1 capital, common equity Tier 1 capital and Tier 1 leverage ratios as set forth in the table below in order to meet the minimum capital adequacy standards. The Company was categorized as adequately capitalized under minimum regulatory capital standards established for bank holding companies by the Federal Reserve at December 31, 2014 . The Company was not categorized as adequately capitalized under minimum regulatory capital standards established for bank holding companies by the Federal Reserve at June 30, 2015 as a result of not meeting the required common equity Tier 1 requirement under the Final Capital Rules. First Bank was categorized as well capitalized at June 30, 2015 and December 31, 2014 under the prompt corrective action provisions of the regulatory capital standards. First Bank must maintain minimum total capital, Tier 1 capital, common equity Tier 1 capital and Tier 1 leverage ratios as set forth in the table below in order to be categorized as well capitalized. At June 30, 2015 and December 31, 2014 , the Company’s and First Bank’s required and actual capital ratios were as follows: Final Capital Rules (Effective January 1, 2015) General Risk-Based Capital Rules (Prior to January 1, 2015) To be Well To be Well Capitalized Under Prompt Corrective Action Provisions Actual For Capital Adequacy Purposes For Capital Adequacy Purposes June 30, 2015 December 31, 2014 (dollars in thousands) Amount Ratio Amount Ratio Total capital (to risk-weighted assets): First Banks, Inc. $ 597,006 14.80 % $ 475,312 12.25 % 8.0 % N/A 8.0 % N/A First Bank 681,126 16.79 691,350 17.81 8.0 10.0 % 8.0 10.0 % Tier 1 capital (to risk-weighted assets): First Banks, Inc. 296,436 7.35 284,396 7.33 6.0 N/A 4.0 N/A First Bank 628,796 15.50 642,593 16.55 6.0 8.0 4.0 6.0 Common equity Tier 1 capital (to risk-weighted assets): First Banks, Inc. (34,251 ) (0.85 ) N/A N/A 4.5 N/A N/A N/A First Bank 628,796 15.50 N/A N/A 4.5 6.5 N/A N/A Tier 1 capital (to average assets): First Banks, Inc. 296,436 5.15 284,396 5.01 4.0 N/A 4.0 N/A First Bank 628,796 10.87 642,593 11.35 4.0 5.0 4.0 5.0 Regulatory Agreements. On May 19, 2014, the Company entered into an MOU with the FRB. The MOU is characterized by regulatory authorities as an informal action that is neither published nor made publicly available by the FRB and is used when circumstances warrant a milder form of action than a formal supervisory action. Under the terms of the MOU, the Company agreed, among other things, to provide certain information to the FRB including, but not limited to, progress of achieving its Capital Plan, notice of plans to materially change its Capital Plan, parent company cash flow plans and summaries of nonperforming asset classifications. In addition, the Company agreed not to do any of the following without the prior approval of the FRB: (i) declare or pay any dividends on its common or preferred stock; (ii) incur or guarantee any debt; (iii) redeem any of the Company's outstanding common or preferred stock; and (iv) cause First Bank to pay dividends in excess of its earnings or make a capital distribution that would cause First Bank’s Tier 1 leverage ratio to fall below 9.0% . The FRB has complete discretion to grant any such approval and therefore, it is not known whether the FRB would approve any such request. As reflected in the previous table, First Bank’s Tier 1 leverage ratio was 10.87% as of June 30, 2015, or $108.0 million ( 1.87% ), above the 9.0% minimum requirement under the MOU, which amount includes $56.3 million of currently eligible noncontrolling interest in subsidiary. While the Company intends to take such actions as may be necessary to comply with the requirements of the MOU with the FRB, there can be no assurance that such efforts will not have adverse effects on the operations and financial condition of the Company or First Bank. If the Company fails to comply with the terms of the MOU, further enforcement action could be taken by the FRB which could have a materially adverse effect on the Company's business, financial condition or results of operations. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | F AIR V ALUE D ISCLOSURES 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. 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 currently include 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 2. Items Measured on a Recurring Basis. Assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 are reflected in the following table: Fair Value Measurements (dollars in thousands) Level 1 Level 2 Level 3 Fair Value June 30, 2015: Assets: Available-for-sale investment securities: U.S. Government sponsored agencies $ — 231,983 — 231,983 Residential mortgage-backed — 948,405 — 948,405 Commercial mortgage-backed — 18,523 — 18,523 State and political subdivisions — 28,893 — 28,893 Corporate notes — 271,743 — 271,743 Equity investments 1,956 — — 1,956 Mortgage loans held for sale — 36,428 — 36,428 Derivative instruments: Interest rate lock commitments — 655 — 655 Forward commitments to sell mortgage-backed securities — 448 — 448 Servicing rights — 19,041 — 19,041 Total $ 1,956 1,556,119 — 1,558,075 December 31, 2014: Assets: Available-for-sale investment securities: U.S. Government sponsored agencies $ — 231,731 — 231,731 Residential mortgage-backed — 1,007,844 — 1,007,844 Commercial mortgage-backed — 837 — 837 State and political subdivisions — 29,615 — 29,615 Corporate notes — 173,695 — 173,695 Equity investments 1,967 — — 1,967 Mortgage loans held for sale — 31,411 — 31,411 Derivative instruments: Interest rate lock commitments — 580 — 580 Forward commitments to sell mortgage-backed securities — (294 ) — (294 ) Servicing rights — 18,013 — 18,013 Total $ 1,967 1,493,432 — 1,495,399 There were no transfers between Levels 1 and 2 of the fair value hierarchy for the six months ended June 30, 2015 and 2014 . 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 June 30, 2015 and December 31, 2014 are reflected in the following table: Fair Value Measurements (dollars in thousands) Level 1 Level 2 Level 3 Fair Value June 30, 2015: Assets: Impaired loans: Commercial, financial and agricultural $ — — 5,384 5,384 Real estate construction and development — — 2,897 2,897 Real estate mortgage: Residential mortgage — — 78,284 78,284 Home equity — — 4,255 4,255 Multi-family residential — — 295 295 Commercial real estate — — 2,614 2,614 Consumer and installment — — 7 7 Other real estate — — 12,386 12,386 Total $ — — 106,122 106,122 December 31, 2014: Assets: Impaired loans: Commercial, financial and agricultural $ — — 8,144 8,144 Real estate construction and development — — 3,516 3,516 Real estate mortgage: Residential mortgage — — 82,479 82,479 Home equity — — 5,465 5,465 Multi-family residential — — 18,574 18,574 Commercial real estate — — 7,424 7,424 Consumer and installment — — 22 22 Other real estate — — 55,666 55,666 Total $ — — 181,290 181,290 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) 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 $1.5 million and $2.9 million for the six months ended June 30, 2015 and 2014 , 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 $223,000 and $332,000 to noninterest expense for the three and six months ended June 30, 2015 , respectively, compared to $100,000 and $197,000 for the comparable periods in 2014 . 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 and bank premises and equipment. 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. Estimates of fair value are not available due to limitations placed on the stock’s transferability. 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 2. 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 June 30, 2015 was as follows: June 30, 2015 Carrying Value Estimated Fair Value (dollars in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 238,356 238,356 — — 238,356 Investment securities: Available for sale 1,501,503 1,956 1,499,547 — 1,501,503 Held to maturity 587,200 — 583,670 — 583,670 Loans held for portfolio 3,249,663 — — 3,252,942 3,252,942 Loans held for sale 36,428 — 36,428 — 36,428 FRB and FHLB stock 30,390 N/A N/A N/A N/A Derivative instruments 1,103 — 1,103 — 1,103 Accrued interest receivable 15,206 15,206 — — 15,206 Financial Liabilities: Deposits $ 5,056,525 4,180,414 875,028 — 5,055,442 Securities sold under agreements to repurchase 45,616 45,616 — — 45,616 Accrued interest payable 842 842 — — 842 Subordinated debentures 354,324 — — 273,116 273,116 Liability for Off-Balance Sheet Financial Instruments: Commitments to extend credit, standby letters of credit and financial guarantees $ 12 — — 12 12 The estimated fair value of the Company’s financial instruments at December 31, 2014 was as follows: December 31, 2014 Carrying Value Estimated Fair Value (dollars in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 205,402 205,402 — — 205,402 Investment securities: Available for sale 1,445,689 1,967 1,443,722 — 1,445,689 Held to maturity 618,148 — 614,272 — 614,272 Loans held for portfolio 3,050,958 — — 2,937,948 2,937,948 Loans held for sale 31,411 — 31,411 — 31,411 FRB and FHLB stock 30,458 N/A N/A N/A N/A Derivative instruments 286 — 286 — 286 Accrued interest receivable 15,064 15,064 — — 15,064 Financial Liabilities: Deposits $ 4,849,504 3,923,627 924,955 — 4,848,582 Securities sold under agreements to repurchase 64,875 64,875 — — 64,875 Accrued interest payable 831 831 — — 831 Subordinated debentures 354,286 — — 303,191 303,191 Liability for Off-Balance Sheet Financial Instruments: Commitments to extend credit, standby letters of credit and financial guarantees $ 12 — — 12 12 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | I NCOME T AXES A summary of the Company’s deferred tax assets and deferred tax liabilities at June 30, 2015 and December 31, 2014 is as follows: (dollars in thousands) June 30, December 31, Gross deferred tax assets $ 340,684 348,116 Valuation allowance (29,416 ) (35,541 ) Deferred tax assets, net of valuation allowance 311,268 312,575 Deferred tax liabilities 41,301 40,728 Net deferred tax assets $ 269,967 271,847 During the three months ended June 30, 2015, the Company recorded adjustments to the valuation allowance against its net deferred tax assets, which are reflected as a benefit for income taxes in the consolidated statements of income. These adjustments primarily resulted from the generation of capital gains, changes in state tax rates and changes in estimates associated with certain federal and state tax attributes (net operating loss carryforwards, capital loss carryforwards, contributions, state rates and credits). Additionally, based upon forecasted pre-tax earnings, the Company determined that additional deferred tax assets will be utilized prior to their expiration and thus, additional federal and state valuation allowances were reversed and recorded as a benefit for income taxes in the consolidated statements of income. The adjustments to the valuation allowance against our net deferred tax assets for the six months ended June 30, 2015 are reflected in the following table: (dollars in thousands) Federal State Total Change in forecasted earnings $ (2,134 ) (1,163 ) (3,297 ) Generation of capital gain on single issuer’s common stock sale (2,943 ) (738 ) (3,681 ) Changes in estimates associated with certain federal & state tax attributes 342 511 853 Total decrease in deferred tax asset valuation allowance $ (4,735 ) (1,390 ) (6,125 ) At June 30, 2015 and December 31, 2014 , for federal income tax purposes, the Company had net operating loss carryforwards of approximately $549.6 million and $529.3 million , respectively. For state income tax purposes, the Company had net operating loss carryforwards of approximately $729.9 million and $719.5 million at June 30, 2015 and December 31, 2014 , respectively, and a related deferred tax asset of $59.8 million and $58.7 million , respectively. |
BUSINESS SEGMENT RESULTS
BUSINESS SEGMENT RESULTS | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT RESULTS | B USINESS S EGMENT R ESULTS 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 client groups, including packaged accounts for more affluent clients, and sweep accounts, lock-box deposits and cash management products for commercial clients. 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, automated teller machine (“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 currently offered to clients 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 Intercompany Reclassifications Consolidated Totals (dollars in thousands) June 30, December 31, June 30, December 31, June 30, December 31, Balance sheet information: Investment securities $ 2,088,703 2,063,837 — — 2,088,703 2,063,837 Total loans 3,344,907 3,149,243 — — 3,344,907 3,149,243 FRB and FHLB stock 30,390 30,458 — — 30,390 30,458 Total assets 6,047,605 5,847,778 49,113 47,013 6,096,718 5,894,791 Deposits 5,078,758 4,871,140 (22,233 ) (21,636 ) 5,056,525 4,849,504 Securities sold under agreements to repurchase 45,616 64,875 — — 45,616 64,875 Subordinated debentures — — 354,324 354,286 354,324 354,286 Stockholders’ equity 883,317 871,301 (355,393 ) (358,857 ) 527,924 512,444 First Bank Corporate, Other and Intercompany Reclassifications Consolidated Totals Three Months Ended Three Months Ended Three Months Ended June 30, June 30, June 30, (dollars in thousands) 2015 2014 2015 2014 2015 2014 Income statement information: Interest income $ 45,984 42,557 — 30 45,984 42,587 Interest expense 2,186 2,041 3,043 3,022 5,229 5,063 Net interest income (loss) 43,798 40,516 (3,043 ) (2,992 ) 40,755 37,524 (Benefit) provision for loan losses (7,500 ) — — — (7,500 ) — Net interest income (loss) after (benefit) provision for loan losses 51,298 40,516 (3,043 ) (2,992 ) 48,255 37,524 Noninterest income 22,450 13,747 91 90 22,541 13,837 Noninterest expense 56,343 43,230 167 (19 ) 56,510 43,211 Income (loss) before provision (benefit) for income taxes 17,405 11,033 (3,119 ) (2,883 ) 14,286 8,150 Provision (benefit) for income taxes 2,647 1,901 (1,091 ) 1,017 1,556 2,918 Net income (loss) 14,758 9,132 (2,028 ) (3,900 ) 12,730 5,232 Net income attributable to noncontrolling interest in subsidiary 18 1 — — 18 1 Net income (loss) attributable to First Banks, Inc. $ 14,740 9,131 (2,028 ) (3,900 ) 12,712 5,231 First Bank Corporate, Other and Intercompany Reclassifications Consolidated Totals Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, (dollars in thousands) 2015 2014 2015 2014 2015 2014 Income statement information: Interest income $ 87,650 84,746 — 30 87,650 84,776 Interest expense 4,261 4,092 6,047 6,820 10,308 10,912 Net interest income (loss) 83,389 80,654 (6,047 ) (6,790 ) 77,342 73,864 (Benefit) provision for loan losses (7,500 ) — — — (7,500 ) — Net interest income (loss) after (benefit) provision for loan losses 90,889 80,654 (6,047 ) (6,790 ) 84,842 73,864 Noninterest income 40,487 27,916 182 206 40,669 28,122 Noninterest expense 106,586 85,833 343 (264 ) 106,929 85,569 Income (loss) before provision (benefit) for income taxes 24,790 22,737 (6,208 ) (6,320 ) 18,582 16,417 Provision (benefit) for income taxes 5,341 6,021 (2,172 ) (186 ) 3,169 5,835 Net income (loss) 19,449 16,716 (4,036 ) (6,134 ) 15,413 10,582 Net income (loss) attributable to noncontrolling interest in subsidiary 27 (54 ) — — 27 (54 ) Net income (loss) attributable to First Banks, Inc. $ 19,422 16,770 (4,036 ) (6,134 ) 15,386 10,636 |
TRANSACTIONS WITH RELATED PARTI
TRANSACTIONS WITH RELATED PARTIES | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | T RANSACTIONS W ITH R ELATED P ARTIES 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, and Ms. Ellen Dierberg Milne, Director of the Company, provides information technology, item processing and various related services to the Company and First Bank. Fees charged by First Services to First Bank (net of payments from First Services to First Bank for rental of information technology and other equipment) were $4.8 million and $9.8 million for the three and six months ended June 30, 2015 , respectively, and $5.1 million and $10.0 million for the comparable periods in 2014 . In addition, First Services paid $435,000 and $870,000 , respectively, for the three and six months ended June 30, 2015 and 2014 , 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 incurred under the Affiliate Services Agreement by First Services were $54,000 and $108,000 for the three and six months ended June 30, 2015 , respectively, and $60,000 and $120,000 for the comparable periods in 2014 . 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, and Ms. Ellen Dierberg Milne, Director of the Company, received approximately $1.0 million and $2.0 million for the three and six months ended June 30, 2015 , respectively, and $1.2 million and $2.3 million for the comparable periods in 2014 , in gross commissions paid by unaffiliated third-party companies. The commissions received primarily resulted from sales of annuities, securities and other insurance products to clients of First Bank. First Brokerage paid approximately $103,000 and $220,000 for the three and six months ended June 30, 2015 , respectively, and $149,000 and $242,000 for the comparable periods in 2014 , 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 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 $125,000 and $253,000 for the three and six months ended June 30, 2015 , respectively, and $126,000 and $252,000 for the comparable periods in 2014 . 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, including Mr. Michael Dierberg, Vice Chairman of the Company, and Ms. Ellen Dierberg Milne, Director of the Company, owned the remaining 46.77% of FB Holdings as of June 30, 2015 . FCA’s ownership in FB Holdings is reflected as a component of stockholders’ equity in the consolidated balance sheets. 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. Loans to directors, their affiliates and executive officers of the Company were $7.8 million and $28.8 million at June 30, 2015 and December 31, 2014 , 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 | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENT LIABILITIES | C ONTINGENT L IABILITIES Litigation Matters. In the ordinary course of business, the Company and its subsidiaries become involved in legal proceedings, including litigation arising out of the Company’s efforts to collect outstanding loans. It is not uncommon for collection efforts to lead to so-called “lender liability” suits in which borrowers may assert various claims against the Company. From time to time, the Company is party to other legal matters arising in the normal course of business. While some matters pending against the Company specify damages claimed by plaintiffs, others do not seek a specified amount of damages or are at very early stages of the legal process. The Company records a loss accrual for all legal matters for which it deems a loss is probable and can be reasonably estimated. Management, after consultation with legal counsel, believes the ultimate resolution of these existing proceedings is not reasonably likely to have a material adverse effect on the business, financial condition or results of operations of the Company and/or its subsidiaries and the range of possible additional loss in excess of amounts accrued is not material. Regulatory Matters. The Company entered into an MOU with the FRB, dated May 19, 2014. This agreement is further described in Note 10 to the consolidated financial statements. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
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. Certain disclosures pertaining to companies whose common stock is not publicly traded have been omitted from the Company’s financial statements in accordance with GAAP requirements. 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 June 30, 2015 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, and Ms. Ellen Dierberg Milne, Director 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 income (loss) attributable to noncontrolling interest in subsidiary” in the consolidated statements of income. |
INVESTMENTS IN DEBT AND EQUIT24
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available For Sale and Held To Maturity Securities [Table Text Block] | The amortized cost, gross unrealized gains and losses and fair value of investment securities available for sale and held to maturity at June 30, 2015 and December 31, 2014 were as follows: (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015: Available for sale: U.S. Government sponsored agencies $ 231,379 1,842 (1,238 ) 231,983 Residential mortgage-backed 936,625 14,603 (2,823 ) 948,405 Commercial mortgage-backed 18,469 56 (2 ) 18,523 State and political subdivisions 29,167 18 (292 ) 28,893 Corporate notes 270,868 1,925 (1,050 ) 271,743 Equity investments 2,000 — (44 ) 1,956 Total $ 1,488,508 18,444 (5,449 ) 1,501,503 Held to maturity: U.S. Government sponsored agencies $ 9,157 30 — 9,187 Residential mortgage-backed 573,237 2,167 (5,637 ) 569,767 State and political subdivisions 4,806 1 (91 ) 4,716 Total $ 587,200 2,198 (5,728 ) 583,670 December 31, 2014: Available for sale: U.S. Government sponsored agencies $ 230,159 2,129 (557 ) 231,731 Residential mortgage-backed 999,772 14,189 (6,117 ) 1,007,844 Commercial mortgage-backed 779 58 — 837 State and political subdivisions 29,805 33 (223 ) 29,615 Corporate notes 171,331 2,759 (395 ) 173,695 Equity investments 2,000 — (33 ) 1,967 Total $ 1,433,846 19,168 (7,325 ) 1,445,689 Held to maturity: U.S. Government sponsored agencies $ 10,725 42 — 10,767 Residential mortgage-backed 605,077 1,931 (5,782 ) 601,226 State and political subdivisions 2,346 1 (68 ) 2,279 Total $ 618,148 1,974 (5,850 ) 614,272 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and fair value of debt securities available for sale and held to maturity by contractual maturity at June 30, 2015 are shown in the table below. Securities not due at a single maturity date are shown separately. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average yields are based on amortized cost. (dollars in thousands) Amortized Cost Fair Value Weighted Average Yield June 30, 2015: Available for sale securities: Within one year $ 62,932 63,546 2.50 % After one year through five years 135,179 136,799 1.84 After five years through ten years 191,741 193,981 2.77 After ten years 1,096,656 1,105,221 2.20 Equity investments 2,000 1,956 2.18 Total $ 1,488,508 1,501,503 2.24 Held to maturity securities: Within one year $ 565 565 3.07 % After one year through five years 101,555 102,154 1.93 After five years through ten years 56,000 54,759 1.18 After ten years 429,080 426,192 2.09 Total $ 587,200 583,670 1.97 |
Schedule of Realized Gain (Loss) [Table Text Block] | Gross realized gains and gross realized losses on investment securities for the three and six months ended June 30, 2015 and 2014 were as follows: Three Months Ended Six Months Ended June 30, June 30, (dollars in thousands) 2015 2014 2015 2014 Gross realized gains on sales of available-for-sale securities $ 8,637 — 9,197 2,010 Gross realized losses on sales of available-for-sale securities (1,479 ) — (1,996 ) (730 ) Other-than-temporary impairment — (1 ) — (1 ) Net realized gain (loss) on investment securities $ 7,158 (1 ) 7,201 1,279 Provision (benefit) for income taxes on net realized gain (loss) on investment securities $ 2,947 — 2,965 527 |
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 June 30, 2015 and December 31, 2014 , were as follows: Less Than 12 Months 12 Months or More Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2015: Available for sale: U.S. Government sponsored agencies $ 87,514 (1,099 ) 14,600 (139 ) 102,114 (1,238 ) Residential mortgage-backed 194,279 (922 ) 85,274 (1,901 ) 279,553 (2,823 ) Commercial mortgage-backed 8,803 (2 ) — — 8,803 (2 ) State and political subdivisions 28,049 (292 ) — — 28,049 (292 ) Corporate notes 67,295 (1,009 ) 4,959 (41 ) 72,254 (1,050 ) Equity investments — — 1,956 (44 ) 1,956 (44 ) Total $ 385,940 (3,324 ) 106,789 (2,125 ) 492,729 (5,449 ) Held to maturity: Residential mortgage-backed $ 246,432 (3,277 ) 114,765 (2,360 ) 361,197 (5,637 ) State and political subdivisions 3,405 (91 ) — — 3,405 (91 ) Total $ 249,837 (3,368 ) 114,765 (2,360 ) 364,602 (5,728 ) December 31, 2014: Available for sale: U.S. Government sponsored agencies $ 79,207 (427 ) 14,600 (130 ) 93,807 (557 ) Residential mortgage-backed 204,378 (1,154 ) 191,644 (4,963 ) 396,022 (6,117 ) State and political subdivisions 28,148 (223 ) — — 28,148 (223 ) Corporate notes 9,650 (350 ) 4,955 (45 ) 14,605 (395 ) Equity investments 1,967 (33 ) — — 1,967 (33 ) Total $ 323,350 (2,187 ) 211,199 (5,138 ) 534,549 (7,325 ) Held to maturity: Residential mortgage-backed $ 28,371 (112 ) 325,820 (5,670 ) 354,191 (5,782 ) State and political subdivisions 641 (3 ) 896 (65 ) 1,537 (68 ) Total $ 29,012 (115 ) 326,716 (5,735 ) 355,728 (5,850 ) |
LOANS AND ALLOWANCE FOR LOAN 25
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table summarizes the composition of the loan portfolio at June 30, 2015 and December 31, 2014 : (dollars in thousands) June 30, December 31, Commercial, financial and agricultural $ 753,277 695,267 Real estate construction and development 135,070 89,851 Real estate mortgage: One-to-four-family residential: Residential mortgage 687,162 621,168 Home equity 400,616 395,542 Multi-family residential 98,040 115,434 Commercial real estate 1,216,208 1,183,042 Consumer and installment 19,499 18,950 Net deferred loan fees (1,393 ) (1,422 ) Total loans held for portfolio 3,308,479 3,117,832 Loans held for sale 36,428 31,411 Total loans $ 3,344,907 3,149,243 |
Past Due Financing Receivables [Table Text Block] | The following table presents the aging of loans by loan classification at June 30, 2015 and December 31, 2014 : (dollars in thousands) 30-59 Days 60-89 Days Recorded Investment > 90 Days Accruing Nonaccrual Total Past Due Current Total Loans June 30, 2015: Commercial, financial and agricultural $ 265 308 — 5,702 6,275 747,002 753,277 Real estate construction and development 683 — — 3,152 3,835 131,235 135,070 Real estate mortgage: Residential mortgage 1,614 447 27 8,103 10,191 676,971 687,162 Home equity 1,467 441 130 5,698 7,736 392,880 400,616 Multi-family residential — — — 319 319 97,721 98,040 Commercial real estate 12 52 — 2,828 2,892 1,213,316 1,216,208 Consumer and installment and net deferred loan fees 87 16 — 8 111 17,995 18,106 Loans held for sale — — — — — 36,428 36,428 Total loans $ 4,128 1,264 157 25,810 31,359 3,313,548 3,344,907 December 31, 2014: Commercial, financial and agricultural $ 132 430 54 9,486 10,102 685,165 695,267 Real estate construction and development 431 — — 3,393 3,824 86,027 89,851 Real estate mortgage: Residential mortgage 2,690 986 35 13,890 17,601 603,567 621,168 Home equity 1,857 334 72 6,831 9,094 386,448 395,542 Multi-family residential — — — 19,731 19,731 95,703 115,434 Commercial real estate 196 54 — 4,122 4,372 1,178,670 1,183,042 Consumer and installment and net deferred loan fees 136 33 2 23 194 17,334 17,528 Loans held for sale — — — — — 31,411 31,411 Total loans $ 5,442 1,837 163 57,476 64,918 3,084,325 3,149,243 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables present the credit exposure of loans held for portfolio by internally assigned credit grade and payment activity as of June 30, 2015 and December 31, 2014 : Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade (dollars in thousands) Commercial and Industrial Real Estate Construction and Development Multi-family Commercial Real Estate Total June 30, 2015: Pass $ 710,208 131,333 91,424 1,189,818 2,122,783 Special mention 31,393 585 5,660 17,883 55,521 Substandard 5,710 — 637 5,679 12,026 Performing troubled debt restructuring 264 — — — 264 Nonaccrual 5,702 3,152 319 2,828 12,001 Total $ 753,277 135,070 98,040 1,216,208 2,202,595 December 31, 2014: Pass $ 653,951 85,973 89,148 1,147,824 1,976,896 Special mention 18,713 143 5,945 20,691 45,492 Substandard 12,833 — 610 6,640 20,083 Performing troubled debt restructuring 284 342 — 3,765 4,391 Nonaccrual 9,486 3,393 19,731 4,122 36,732 Total $ 695,267 89,851 115,434 1,183,042 2,083,594 Consumer Loan Portfolio Credit Exposure by Payment Activity (dollars in thousands) Residential Mortgage Home Equity Consumer and Installment and Net Deferred Loan Fees Total June 30, 2015: Pass $ 599,840 392,880 17,995 1,010,715 Substandard 1,647 2,038 103 3,788 Performing troubled debt restructuring 77,572 — — 77,572 Nonaccrual 8,103 5,698 8 13,809 Total $ 687,162 400,616 18,106 1,105,884 December 31, 2014: Pass $ 528,388 386,448 17,334 932,170 Substandard 2,662 2,263 171 5,096 Performing troubled debt restructuring 76,228 — — 76,228 Nonaccrual 13,890 6,831 23 20,744 Total $ 621,168 395,542 17,528 1,034,238 |
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 June 30, 2015 and December 31, 2014 : (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance for Loan Losses Average Recorded Investment Interest Income Recognized (1) June 30, 2015: With No Related Allowance Recorded: Commercial, financial and agricultural $ 2,573 3,563 — 3,342 — Real estate construction and development 2,617 12,318 — 2,910 — Real estate mortgage: Residential mortgage — — — — — Home equity 1,322 1,527 — 1,459 — Multi-family residential — — — — — Commercial real estate 687 962 — 1,195 — Consumer and installment — — — — — 7,199 18,370 — 8,906 — With A Related Allowance Recorded: Commercial, financial and agricultural 3,393 5,861 582 4,407 6 Real estate construction and development 535 2,465 255 595 8 Real estate mortgage: Residential mortgage 85,675 100,070 7,391 88,081 1,122 Home equity 4,376 5,302 1,443 4,830 — Multi-family residential 319 468 24 13,015 — Commercial real estate 2,141 3,766 214 3,725 5 Consumer and installment 8 8 1 12 — 96,447 117,940 9,910 114,665 1,141 Total: Commercial, financial and agricultural 5,966 9,424 582 7,749 6 Real estate construction and development 3,152 14,783 255 3,505 8 Real estate mortgage: Residential mortgage 85,675 100,070 7,391 88,081 1,122 Home equity 5,698 6,829 1,443 6,289 — Multi-family residential 319 468 24 13,015 — Commercial real estate 2,828 4,728 214 4,920 5 Consumer and installment 8 8 1 12 — $ 103,646 136,310 9,910 123,571 1,141 ____________________ (1) Interest income on impaired loans recognized while on impaired status was $608,000 for the three months ended June 30, 2015. (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance for Loan Losses Average Recorded Investment Interest Income Recognized December 31, 2014: With No Related Allowance Recorded: Commercial, financial and agricultural $ 1,937 2,911 — 2,278 — Real estate construction and development 2,626 12,333 — 3,106 — Real estate mortgage: Residential mortgage — — — — — Home equity — — — — — Multi-family residential 19,050 24,759 — 25,234 959 Commercial real estate 4,119 4,190 — 6,063 116 Consumer and installment — — — — — 27,732 44,193 — 36,681 1,075 With A Related Allowance Recorded: Commercial, financial and agricultural 7,833 22,089 1,626 9,212 6 Real estate construction and development 1,109 3,403 219 1,312 17 Real estate mortgage: Residential mortgage 90,118 106,163 7,639 94,835 2,082 Home equity 6,831 7,988 1,366 7,056 — Multi-family residential 681 3,581 1,157 902 — Commercial real estate 3,768 5,619 463 5,546 21 Consumer and installment 23 23 1 14 — 110,363 148,866 12,471 118,877 2,126 Total: Commercial, financial and agricultural 9,770 25,000 1,626 11,490 6 Real estate construction and development 3,735 15,736 219 4,418 17 Real estate mortgage: Residential mortgage 90,118 106,163 7,639 94,835 2,082 Home equity 6,831 7,988 1,366 7,056 — Multi-family residential 19,731 28,340 1,157 26,136 959 Commercial real estate 7,887 9,809 463 11,609 137 Consumer and installment 23 23 1 14 — $ 138,095 193,059 12,471 155,558 3,201 |
Troubled Debt Restructurings On Performing Financing Receivables [Table Text Block] | The following table presents the categories of performing TDRs as of June 30, 2015 and December 31, 2014 : (dollars in thousands) June 30, December 31, Performing Troubled Debt Restructurings: Commercial, financial and agricultural $ 264 284 Real estate construction and development — 342 Real estate mortgage: One-to-four-family residential 77,572 76,228 Commercial real estate — 3,765 Total performing troubled debt restructurings $ 77,836 80,619 |
Troubled Debt Restructurings On Nonperforming Financing Receivables [Table Text Block] | The following table presents the categories of loans considered nonperforming TDRs as of June 30, 2015 and December 31, 2014 : (dollars in thousands) June 30, December 31, Nonperforming Troubled Debt Restructurings: Commercial, financial and agricultural $ 35 243 Real estate construction and development 2,779 2,788 Real estate mortgage: One-to-four-family residential 2,852 4,003 Multi-family residential — 19,050 Commercial real estate — 371 Total nonperforming troubled debt restructurings $ 5,666 26,455 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following tables present loans classified as TDRs that were modified during the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 (dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Loan Modifications Classified as Troubled Debt Restructurings: Real estate mortgage: One-to-four-family residential 6 $ 669 $ 626 12 $ 1,467 $ 1,177 Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 (dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Loan Modifications Classified as Troubled Debt Restructurings: Real estate mortgage: One-to-four-family residential 12 $ 2,392 $ 2,266 27 $ 4,047 $ 3,334 |
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 and six months ended June 30, 2015 and 2014 : Three Months Ended Three Months Ended June 30, 2015 June 30, 2014 (dollars in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Troubled Debt Restructurings That Subsequently Defaulted: Real estate mortgage: One-to-four-family residential — $ — 5 $ 764 Six Months Ended Six Months Ended June 30, 2015 June 30, 2014 (dollars in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Troubled Debt Restructurings That Subsequently Defaulted: Real estate mortgage: One-to-four-family residential — $ — 6 $ 1,202 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables represent a summary of changes in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2015 and 2014 : (dollars in thousands) Commercial and Industrial Real Estate Construction and Development One-to- Four-Family Residential Multi- Family Residential Commercial Real Estate Consumer and Installment Total Three Months Ended June 30, 2015: Allowance for loan losses: Beginning balance $ 12,332 2,754 22,486 5,574 20,886 110 64,142 Charge-offs (1,117 ) (138 ) (564 ) (9 ) (502 ) (21 ) (2,351 ) Recoveries 1,181 138 913 2,177 100 16 4,525 Provision (benefit) for loan losses (1,075 ) (523 ) (432 ) (4,312 ) (1,135 ) (23 ) (7,500 ) Ending balance $ 11,321 2,231 22,403 3,430 19,349 82 58,816 Three Months Ended June 30, 2014: Allowance for loan losses: Beginning balance $ 13,871 7,086 31,220 5,269 22,043 342 79,831 Charge-offs (994 ) (35 ) (2,201 ) (2,952 ) (21 ) (37 ) (6,240 ) Recoveries 1,263 756 1,478 2 915 13 4,427 Provision (benefit) for loan losses (409 ) (1,207 ) (1,352 ) 5,055 (2,117 ) 30 — Ending balance $ 13,731 6,600 29,145 7,374 20,820 348 78,018 (dollars in thousands) Commercial and Industrial Real Estate Construction and Development One-to- Four-Family Residential Multi- Family Residential Commercial Real Estate Consumer and Installment Total Six months ended June 30, 2015: Allowance for loan losses: Beginning balance $ 12,574 3,490 24,055 5,630 20,983 142 66,874 Charge-offs (4,104 ) (178 ) (1,727 ) (198 ) (845 ) (43 ) (7,095 ) Recoveries 2,425 302 1,413 2,233 121 43 6,537 Provision (benefit) for loan losses 426 (1,383 ) (1,338 ) (4,235 ) (910 ) (60 ) (7,500 ) Ending balance $ 11,321 2,231 22,403 3,430 19,349 82 58,816 Six months ended June 30, 2014: Allowance for loan losses: Beginning balance $ 13,401 7,407 32,619 5,249 22,052 305 81,033 Charge-offs (2,616 ) (65 ) (3,627 ) (3,084 ) (209 ) (86 ) (9,687 ) Recoveries 2,015 1,356 2,269 9 972 51 6,672 Provision (benefit) for loan losses 931 (2,098 ) (2,116 ) 5,200 (1,995 ) 78 — Ending balance $ 13,731 6,600 29,145 7,374 20,820 348 78,018 |
Impairment Method by Loan Category [Table Text Block] | The following table represents a summary of the impairment method used by loan category at June 30, 2015 and December 31, 2014 : (dollars in thousands) Commercial and Industrial Real Estate Construction and Development One-to- Four-Family Residential Multi- Family Residential Commercial Real Estate Consumer and Installment and Net Deferred Loan Fees Total June 30, 2015: Allowance for loan losses: Impaired loans individually evaluated for impairment $ 130 16 3,822 — — — 3,968 Impaired loans collectively evaluated for impairment 452 239 5,012 24 214 1 5,942 All other loans collectively evaluated for impairment 10,739 1,976 13,569 3,406 19,135 81 48,906 Total allowance for loan losses $ 11,321 2,231 22,403 3,430 19,349 82 58,816 Loans: Impaired loans individually evaluated for impairment $ 1,955 2,877 41,321 — 687 — 46,840 Impaired loans collectively evaluated for impairment 4,011 275 50,052 319 2,141 8 56,806 All other loans collectively evaluated for impairment 747,311 131,918 996,405 97,721 1,213,380 18,098 3,204,833 Total loans held for portfolio $ 753,277 135,070 1,087,778 98,040 1,216,208 18,106 3,308,479 December 31, 2014: Allowance for loan losses: Impaired loans individually evaluated for impairment $ 1,053 — 1,184 — — — 2,237 Impaired loans collectively evaluated for impairment 573 219 7,821 1,157 463 1 10,234 All other loans collectively evaluated for impairment 10,948 3,271 15,050 4,473 20,520 141 54,403 Total allowance for loan losses $ 12,574 3,490 24,055 5,630 20,983 142 66,874 Loans: Impaired loans individually evaluated for impairment $ 4,712 2,626 7,388 19,050 3,765 — 37,541 Impaired loans collectively evaluated for impairment 5,058 1,109 89,561 681 4,122 23 100,554 All other loans collectively evaluated for impairment 685,497 86,116 919,761 95,703 1,175,155 17,505 2,979,737 Total loans held for portfolio $ 695,267 89,851 1,016,710 115,434 1,183,042 17,528 3,117,832 |
SERVICING RIGHTS (Tables)
SERVICING RIGHTS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Servicing Assets at Fair Value [Line Items] | |
Schedule of Servicing Assets at Fair Value [Table Text Block] | Changes in mortgage and SBA servicing rights for the three and six months ended June 30, 2015 and 2014 were as follows: Three Months Ended Six Months Ended June 30, June 30, (dollars in thousands) 2015 2014 2015 2014 Balance, beginning of period $ 17,402 19,077 18,013 18,854 Originated servicing rights 1,170 577 1,992 1,032 Purchased servicing rights 37 31 76 31 Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model (1) 1,281 (284 ) 583 42 Other changes in fair value (2) (849 ) (617 ) (1,623 ) (1,175 ) Balance, end of period $ 19,041 18,784 19,041 18,784 ____________________ (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) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 : (dollars in thousands) Derivatives in Other Assets Notional Amount Fair Value Gain (Loss) June 30, December 31, 2014 June 30, December 31, 2014 Derivative Instruments Not Designated as Hedging Instruments: Interest rate lock commitments $ 30,704 20,762 655 580 Forward commitments to sell mortgage-backed securities 51,200 38,300 448 (294 ) Total $ 81,904 59,062 1,103 286 |
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 and six months ended June 30, 2015 and 2014 related to non-hedging derivative instruments: (dollars in thousands) Location of Gain (Loss) Recognized in Operations on Derivatives Amount of Gain (Loss) Recognized in Operations on Derivatives Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Derivative Instruments Not Designated as Hedging Instruments: Interest rate lock commitments Gain on loans sold and held for sale $ (613 ) 203 75 318 Forward commitments to sell mortgage-backed securities Gain on loans sold and held for sale 732 (455 ) 742 (737 ) |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Income (Loss). The following tables summarize changes in accumulated other comprehensive income (loss), net of tax, by component, for the three and six months ended June 30, 2015 and 2014: (dollars in thousands) Investment Securities Defined Benefit Pension Plan Total Three Months Ended June 30, 2015: Balance, beginning of period $ 18,263 (3,908 ) 14,355 Other comprehensive income before reclassifications 1 — 1 Amounts reclassified from accumulated other comprehensive income (4,211 ) 33 (4,178 ) Net current period other comprehensive (loss) income (4,210 ) 33 (4,177 ) Balance, end of period $ 14,053 (3,875 ) 10,178 Three Months Ended June 30, 2014: Balance, beginning of period $ 13,830 (2,628 ) 11,202 Other comprehensive income before reclassifications 3,668 — 3,668 Amounts reclassified from accumulated other comprehensive income 1 21 22 Net current period other comprehensive income 3,669 21 3,690 Balance, end of period $ 17,499 (2,607 ) 14,892 (dollars in thousands) Investment Securities Defined Benefit Pension Plan Total Six Months Ended June 30, 2015: Balance, beginning of period $ 14,051 (3,940 ) 10,111 Other comprehensive income before reclassifications 4,238 — 4,238 Amounts reclassified from accumulated other comprehensive income (4,236 ) 65 (4,171 ) Net current period other comprehensive income 2 65 67 Balance, end of period $ 14,053 (3,875 ) 10,178 Six Months Ended June 30, 2014: Balance, beginning of period $ 10,151 (2,649 ) 7,502 Other comprehensive income before reclassifications 8,100 — 8,100 Amounts reclassified from accumulated other comprehensive income (752 ) 42 (710 ) Net current period other comprehensive income 7,348 42 7,390 Balance, end of period $ 17,499 (2,607 ) 14,892 |
REGULATORY CAPITAL AND OTHER 29
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | At June 30, 2015 and December 31, 2014 , the Company’s and First Bank’s required and actual capital ratios were as follows: Final Capital Rules (Effective January 1, 2015) General Risk-Based Capital Rules (Prior to January 1, 2015) To be Well To be Well Capitalized Under Prompt Corrective Action Provisions Actual For Capital Adequacy Purposes For Capital Adequacy Purposes June 30, 2015 December 31, 2014 (dollars in thousands) Amount Ratio Amount Ratio Total capital (to risk-weighted assets): First Banks, Inc. $ 597,006 14.80 % $ 475,312 12.25 % 8.0 % N/A 8.0 % N/A First Bank 681,126 16.79 691,350 17.81 8.0 10.0 % 8.0 10.0 % Tier 1 capital (to risk-weighted assets): First Banks, Inc. 296,436 7.35 284,396 7.33 6.0 N/A 4.0 N/A First Bank 628,796 15.50 642,593 16.55 6.0 8.0 4.0 6.0 Common equity Tier 1 capital (to risk-weighted assets): First Banks, Inc. (34,251 ) (0.85 ) N/A N/A 4.5 N/A N/A N/A First Bank 628,796 15.50 N/A N/A 4.5 6.5 N/A N/A Tier 1 capital (to average assets): First Banks, Inc. 296,436 5.15 284,396 5.01 4.0 N/A 4.0 N/A First Bank 628,796 10.87 642,593 11.35 4.0 5.0 4.0 5.0 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 are reflected in the following table: Fair Value Measurements (dollars in thousands) Level 1 Level 2 Level 3 Fair Value June 30, 2015: Assets: Available-for-sale investment securities: U.S. Government sponsored agencies $ — 231,983 — 231,983 Residential mortgage-backed — 948,405 — 948,405 Commercial mortgage-backed — 18,523 — 18,523 State and political subdivisions — 28,893 — 28,893 Corporate notes — 271,743 — 271,743 Equity investments 1,956 — — 1,956 Mortgage loans held for sale — 36,428 — 36,428 Derivative instruments: Interest rate lock commitments — 655 — 655 Forward commitments to sell mortgage-backed securities — 448 — 448 Servicing rights — 19,041 — 19,041 Total $ 1,956 1,556,119 — 1,558,075 December 31, 2014: Assets: Available-for-sale investment securities: U.S. Government sponsored agencies $ — 231,731 — 231,731 Residential mortgage-backed — 1,007,844 — 1,007,844 Commercial mortgage-backed — 837 — 837 State and political subdivisions — 29,615 — 29,615 Corporate notes — 173,695 — 173,695 Equity investments 1,967 — — 1,967 Mortgage loans held for sale — 31,411 — 31,411 Derivative instruments: Interest rate lock commitments — 580 — 580 Forward commitments to sell mortgage-backed securities — (294 ) — (294 ) Servicing rights — 18,013 — 18,013 Total $ 1,967 1,493,432 — 1,495,399 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Assets measured at fair value on a nonrecurring basis as of June 30, 2015 and December 31, 2014 are reflected in the following table: Fair Value Measurements (dollars in thousands) Level 1 Level 2 Level 3 Fair Value June 30, 2015: Assets: Impaired loans: Commercial, financial and agricultural $ — — 5,384 5,384 Real estate construction and development — — 2,897 2,897 Real estate mortgage: Residential mortgage — — 78,284 78,284 Home equity — — 4,255 4,255 Multi-family residential — — 295 295 Commercial real estate — — 2,614 2,614 Consumer and installment — — 7 7 Other real estate — — 12,386 12,386 Total $ — — 106,122 106,122 December 31, 2014: Assets: Impaired loans: Commercial, financial and agricultural $ — — 8,144 8,144 Real estate construction and development — — 3,516 3,516 Real estate mortgage: Residential mortgage — — 82,479 82,479 Home equity — — 5,465 5,465 Multi-family residential — — 18,574 18,574 Commercial real estate — — 7,424 7,424 Consumer and installment — — 22 22 Other real estate — — 55,666 55,666 Total $ — — 181,290 181,290 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The estimated fair value of the Company’s financial instruments at June 30, 2015 was as follows: June 30, 2015 Carrying Value Estimated Fair Value (dollars in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 238,356 238,356 — — 238,356 Investment securities: Available for sale 1,501,503 1,956 1,499,547 — 1,501,503 Held to maturity 587,200 — 583,670 — 583,670 Loans held for portfolio 3,249,663 — — 3,252,942 3,252,942 Loans held for sale 36,428 — 36,428 — 36,428 FRB and FHLB stock 30,390 N/A N/A N/A N/A Derivative instruments 1,103 — 1,103 — 1,103 Accrued interest receivable 15,206 15,206 — — 15,206 Financial Liabilities: Deposits $ 5,056,525 4,180,414 875,028 — 5,055,442 Securities sold under agreements to repurchase 45,616 45,616 — — 45,616 Accrued interest payable 842 842 — — 842 Subordinated debentures 354,324 — — 273,116 273,116 Liability for Off-Balance Sheet Financial Instruments: Commitments to extend credit, standby letters of credit and financial guarantees $ 12 — — 12 12 The estimated fair value of the Company’s financial instruments at December 31, 2014 was as follows: December 31, 2014 Carrying Value Estimated Fair Value (dollars in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 205,402 205,402 — — 205,402 Investment securities: Available for sale 1,445,689 1,967 1,443,722 — 1,445,689 Held to maturity 618,148 — 614,272 — 614,272 Loans held for portfolio 3,050,958 — — 2,937,948 2,937,948 Loans held for sale 31,411 — 31,411 — 31,411 FRB and FHLB stock 30,458 N/A N/A N/A N/A Derivative instruments 286 — 286 — 286 Accrued interest receivable 15,064 15,064 — — 15,064 Financial Liabilities: Deposits $ 4,849,504 3,923,627 924,955 — 4,848,582 Securities sold under agreements to repurchase 64,875 64,875 — — 64,875 Accrued interest payable 831 831 — — 831 Subordinated debentures 354,286 — — 303,191 303,191 Liability for Off-Balance Sheet Financial Instruments: Commitments to extend credit, standby letters of credit and financial guarantees $ 12 — — 12 12 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 is as follows: (dollars in thousands) June 30, December 31, Gross deferred tax assets $ 340,684 348,116 Valuation allowance (29,416 ) (35,541 ) Deferred tax assets, net of valuation allowance 311,268 312,575 Deferred tax liabilities 41,301 40,728 Net deferred tax assets $ 269,967 271,847 |
Summary of Changes in Deferred Tax Asset Valuation Allowance [Table Text Block] | The adjustments to the valuation allowance against our net deferred tax assets for the six months ended June 30, 2015 are reflected in the following table: (dollars in thousands) Federal State Total Change in forecasted earnings $ (2,134 ) (1,163 ) (3,297 ) Generation of capital gain on single issuer’s common stock sale (2,943 ) (738 ) (3,681 ) Changes in estimates associated with certain federal & state tax attributes 342 511 853 Total decrease in deferred tax asset valuation allowance $ (4,735 ) (1,390 ) (6,125 ) |
BUSINESS SEGMENT RESULTS (Table
BUSINESS SEGMENT RESULTS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 Intercompany Reclassifications Consolidated Totals (dollars in thousands) June 30, December 31, June 30, December 31, June 30, December 31, Balance sheet information: Investment securities $ 2,088,703 2,063,837 — — 2,088,703 2,063,837 Total loans 3,344,907 3,149,243 — — 3,344,907 3,149,243 FRB and FHLB stock 30,390 30,458 — — 30,390 30,458 Total assets 6,047,605 5,847,778 49,113 47,013 6,096,718 5,894,791 Deposits 5,078,758 4,871,140 (22,233 ) (21,636 ) 5,056,525 4,849,504 Securities sold under agreements to repurchase 45,616 64,875 — — 45,616 64,875 Subordinated debentures — — 354,324 354,286 354,324 354,286 Stockholders’ equity 883,317 871,301 (355,393 ) (358,857 ) 527,924 512,444 First Bank Corporate, Other and Intercompany Reclassifications Consolidated Totals Three Months Ended Three Months Ended Three Months Ended June 30, June 30, June 30, (dollars in thousands) 2015 2014 2015 2014 2015 2014 Income statement information: Interest income $ 45,984 42,557 — 30 45,984 42,587 Interest expense 2,186 2,041 3,043 3,022 5,229 5,063 Net interest income (loss) 43,798 40,516 (3,043 ) (2,992 ) 40,755 37,524 (Benefit) provision for loan losses (7,500 ) — — — (7,500 ) — Net interest income (loss) after (benefit) provision for loan losses 51,298 40,516 (3,043 ) (2,992 ) 48,255 37,524 Noninterest income 22,450 13,747 91 90 22,541 13,837 Noninterest expense 56,343 43,230 167 (19 ) 56,510 43,211 Income (loss) before provision (benefit) for income taxes 17,405 11,033 (3,119 ) (2,883 ) 14,286 8,150 Provision (benefit) for income taxes 2,647 1,901 (1,091 ) 1,017 1,556 2,918 Net income (loss) 14,758 9,132 (2,028 ) (3,900 ) 12,730 5,232 Net income attributable to noncontrolling interest in subsidiary 18 1 — — 18 1 Net income (loss) attributable to First Banks, Inc. $ 14,740 9,131 (2,028 ) (3,900 ) 12,712 5,231 First Bank Corporate, Other and Intercompany Reclassifications Consolidated Totals Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, (dollars in thousands) 2015 2014 2015 2014 2015 2014 Income statement information: Interest income $ 87,650 84,746 — 30 87,650 84,776 Interest expense 4,261 4,092 6,047 6,820 10,308 10,912 Net interest income (loss) 83,389 80,654 (6,047 ) (6,790 ) 77,342 73,864 (Benefit) provision for loan losses (7,500 ) — — — (7,500 ) — Net interest income (loss) after (benefit) provision for loan losses 90,889 80,654 (6,047 ) (6,790 ) 84,842 73,864 Noninterest income 40,487 27,916 182 206 40,669 28,122 Noninterest expense 106,586 85,833 343 (264 ) 106,929 85,569 Income (loss) before provision (benefit) for income taxes 24,790 22,737 (6,208 ) (6,320 ) 18,582 16,417 Provision (benefit) for income taxes 5,341 6,021 (2,172 ) (186 ) 3,169 5,835 Net income (loss) 19,449 16,716 (4,036 ) (6,134 ) 15,413 10,582 Net income (loss) attributable to noncontrolling interest in subsidiary 27 (54 ) — — 27 (54 ) Net income (loss) attributable to First Banks, Inc. $ 19,422 16,770 (4,036 ) (6,134 ) 15,386 10,636 |
BASIS OF PRESENTATION (Textual)
BASIS OF PRESENTATION (Textual) (Details) | Jun. 30, 2015 |
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% |
BRANCH DIVESTITURES AND RESTR34
BRANCH DIVESTITURES AND RESTRUCTURING CHARGES (Textual) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)offices | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)offices | Jun. 30, 2014USD ($) | |
Branch Divestitures and Restructuring Charges [Line Items] | ||||
Restructuring charges on retail branch offices and other facilities | $ 11,884 | $ 0 | $ 17,579 | $ 0 |
Retail branch offices [Member] | ||||
Branch Divestitures and Restructuring Charges [Line Items] | ||||
Restructuring charges on retail branch offices and other facilities | 4,600 | 4,600 | ||
Former retail branch offices and other facilities [Member] | ||||
Branch Divestitures and Restructuring Charges [Line Items] | ||||
Restructuring charges on retail branch offices and other facilities | $ 6,500 | $ 12,200 | ||
Napa, Brentwood, Fairfield California Branches [Member] | ||||
Branch Divestitures and Restructuring Charges [Line Items] | ||||
Number of branch offices to be sold pursuant to sales agreement | offices | 3 | 3 | ||
Deposits to be assumed pursuant to sales agreement | $ 74,000 | $ 74,000 | ||
Loans to be purchased pursuant to sales agreement | 11,600 | 11,600 | ||
Premises and equipment to be purchased pursuant to sales agreement | $ 3,100 | $ 3,100 | ||
Bradenton, Palmetto, Longboat Key Florida Branches [Member] | ||||
Branch Divestitures and Restructuring Charges [Line Items] | ||||
Number of branch offices to be sold pursuant to sales agreement | offices | 8 | 8 | ||
Deposits to be assumed pursuant to sales agreement | $ 155,000 | $ 155,000 | ||
Loans to be purchased pursuant to sales agreement | 30,900 | 30,900 | ||
Premises and equipment to be purchased pursuant to sales agreement | $ 6,400 | $ 6,400 |
INVESTMENTS IN DEBT AND EQUIT35
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Schedule of Available For Sale and Held To Maturity Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity debt securities, amortized cost | $ 587,200 | $ 618,148 |
Held to maturity securities, gross unrealized gains | 2,198 | 1,974 |
Held to maturity securities, gross unrealized losses | (5,728) | (5,850) |
Held to maturity debt securities, fair value | 583,670 | 614,272 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, amortized cost | 1,488,508 | 1,433,846 |
Available for sale securities, gross unrealized gains | 18,444 | 19,168 |
Available for sale securities, gross unrealized losses | (5,449) | (7,325) |
Available for sale securities, fair value | 1,501,503 | 1,445,689 |
U.S. Government sponsored agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, amortized cost | 231,379 | 230,159 |
Available for sale securities, gross unrealized gains | 1,842 | 2,129 |
Available for sale securities, gross unrealized losses | (1,238) | (557) |
Available for sale securities, fair value | 231,983 | 231,731 |
Residential mortgage-backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, amortized cost | 936,625 | 999,772 |
Available for sale securities, gross unrealized gains | 14,603 | 14,189 |
Available for sale securities, gross unrealized losses | (2,823) | (6,117) |
Available for sale securities, fair value | 948,405 | 1,007,844 |
Commercial mortgage-backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, amortized cost | 18,469 | 779 |
Available for sale securities, gross unrealized gains | 56 | 58 |
Available for sale securities, gross unrealized losses | (2) | 0 |
Available for sale securities, fair value | 18,523 | 837 |
State and political subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, amortized cost | 29,167 | 29,805 |
Available for sale securities, gross unrealized gains | 18 | 33 |
Available for sale securities, gross unrealized losses | (292) | (223) |
Available for sale securities, fair value | 28,893 | 29,615 |
Corporate notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, amortized cost | 270,868 | 171,331 |
Available for sale securities, gross unrealized gains | 1,925 | 2,759 |
Available for sale securities, gross unrealized losses | (1,050) | (395) |
Available for sale securities, fair value | 271,743 | 173,695 |
Equity investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, amortized cost | 2,000 | 2,000 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | (44) | (33) |
Available for sale securities, fair value | 1,956 | 1,967 |
U.S. Government sponsored agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity debt securities, amortized cost | 9,157 | 10,725 |
Held to maturity securities, gross unrealized gains | 30 | 42 |
Held to maturity securities, gross unrealized losses | 0 | 0 |
Held to maturity debt securities, fair value | 9,187 | 10,767 |
Residential mortgage-backed [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity debt securities, amortized cost | 573,237 | 605,077 |
Held to maturity securities, gross unrealized gains | 2,167 | 1,931 |
Held to maturity securities, gross unrealized losses | (5,637) | (5,782) |
Held to maturity debt securities, fair value | 569,767 | 601,226 |
State and political subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity debt securities, amortized cost | 4,806 | 2,346 |
Held to maturity securities, gross unrealized gains | 1 | 1 |
Held to maturity securities, gross unrealized losses | (91) | (68) |
Held to maturity debt securities, fair value | $ 4,716 | $ 2,279 |
INVESTMENTS IN DEBT AND EQUIT36
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Investments Classified by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available For Sale Securities, Contractual Maturities, Amortized Cost [Abstract] | ||
Within one year | $ 62,932 | |
After one year through five years | 135,179 | |
After five years through ten years | 191,741 | |
After ten years | 1,096,656 | |
Equity investments, no maturity date | 2,000 | |
Available for sale securities, amortized cost | 1,488,508 | $ 1,433,846 |
Available For Sale Securities, Contractual Maturities, Fair Value [Abstract] | ||
Within one year | 63,546 | |
After one year through five years | 136,799 | |
After five years through ten years | 193,981 | |
After ten years | 1,105,221 | |
Equity securities, no maturity date | 1,956 | |
Available-for-sale securities, fair value | 1,501,503 | 1,445,689 |
Held To Maturity Debt Securities, Contractual Maturities, Amortized Cost [Abstract] | ||
Within one year | 565 | |
After one year through five years | 101,555 | |
After five years through ten years | 56,000 | |
After ten years | 429,080 | |
Held to maturity debt securities, amortized cost | 587,200 | 618,148 |
Held To Maturity Debt Securities, Contractual Maturities, Fair Value [Abstract] | ||
Within one year | 565 | |
After one year through five years | 102,154 | |
After five years through ten years | 54,759 | |
After ten years | 426,192 | |
Held to maturity debt securities, fair value | $ 583,670 | $ 614,272 |
Available For Sale Securities Weighted Average Yield [Abstract] | ||
Within one year | 2.50% | |
After one year through five years | 1.84% | |
After five years through ten years | 2.77% | |
After ten years | 2.20% | |
Equity investments, no maturity date | 2.18% | |
Available for sale securities, weighted average yield | 2.24% | |
Held To Maturity Debt Securities Weighted Average Yield [Abstract] | ||
Within one year | 3.07% | |
After one year through five years | 1.93% | |
After five years through ten years | 1.18% | |
After ten years | 2.09% | |
Held to maturity debt securities, weighted average yield | 1.97% |
INVESTMENTS IN DEBT AND EQUIT37
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Gross Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Gain (Loss) on Investments [Line Items] | ||||
Gross realized gains on sales of available-for-sale securities | $ 8,637 | $ 0 | $ 9,197 | $ 2,010 |
Gross realized losses on sales of available-for-sale securities | (1,479) | 0 | (1,996) | (730) |
Other-than-temporary impairment | 0 | (1) | 0 | (1) |
Net realized gain (loss) on investment securities | 7,158 | (1) | 7,201 | 1,279 |
Provision (benefit) for income taxes on net realized gain (loss) on investment securities | $ 2,947 | $ 0 | $ 2,965 | $ 527 |
INVESTMENTS IN DEBT AND EQUIT38
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Schedule of Continuous Unrealized Losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Held To Maturity, Continuous Unrealized Loss Position [Abstract] | ||
Continuous unrealized loss position less than 12 months, fair value | $ 249,837 | $ 29,012 |
Continuous unrealized loss position less than 12 months, gross unrealized losses | (3,368) | (115) |
Continuous unrealized loss position 12 months or more, fair value | 114,765 | 326,716 |
Continuous unrealized loss position 12 months or more, gross unrealized losses | (2,360) | (5,735) |
Continuous unrealized loss position total, fair value | 364,602 | 355,728 |
Continuous unrealized loss position total, gross unrealized losses | (5,728) | (5,850) |
Available For Sale, Continuous Unrealized Loss Position [Abstract] | ||
Continuous unrealized loss position less than 12 months, fair value | 385,940 | 323,350 |
Continuous unrealized loss position less than 12 months, gross unrealized losses | (3,324) | (2,187) |
Continuous unrealized loss position 12 months or more, fair value | 106,789 | 211,199 |
Continuous unrealized loss position 12 months or more, gross unrealized losses | (2,125) | (5,138) |
Continuous unrealized loss position total, fair value | 492,729 | 534,549 |
Continuous unrealized loss position total, gross unrealized losses | (5,449) | (7,325) |
U.S. Government sponsored agencies [Member] | ||
Available For Sale, Continuous Unrealized Loss Position [Abstract] | ||
Continuous unrealized loss position less than 12 months, fair value | 87,514 | 79,207 |
Continuous unrealized loss position less than 12 months, gross unrealized losses | (1,099) | (427) |
Continuous unrealized loss position 12 months or more, fair value | 14,600 | 14,600 |
Continuous unrealized loss position 12 months or more, gross unrealized losses | (139) | (130) |
Continuous unrealized loss position total, fair value | 102,114 | 93,807 |
Continuous unrealized loss position total, gross unrealized losses | (1,238) | (557) |
Residential mortgage-backed [Member] | ||
Available For Sale, Continuous Unrealized Loss Position [Abstract] | ||
Continuous unrealized loss position less than 12 months, fair value | 194,279 | 204,378 |
Continuous unrealized loss position less than 12 months, gross unrealized losses | (922) | (1,154) |
Continuous unrealized loss position 12 months or more, fair value | 85,274 | 191,644 |
Continuous unrealized loss position 12 months or more, gross unrealized losses | (1,901) | (4,963) |
Continuous unrealized loss position total, fair value | 279,553 | 396,022 |
Continuous unrealized loss position total, gross unrealized losses | (2,823) | (6,117) |
Commercial mortgage-backed [Member] | ||
Available For Sale, Continuous Unrealized Loss Position [Abstract] | ||
Continuous unrealized loss position less than 12 months, fair value | 8,803 | |
Continuous unrealized loss position less than 12 months, gross unrealized losses | (2) | |
Continuous unrealized loss position 12 months or more, fair value | 0 | |
Continuous unrealized loss position 12 months or more, gross unrealized losses | 0 | |
Continuous unrealized loss position total, fair value | 8,803 | |
Continuous unrealized loss position total, gross unrealized losses | (2) | |
State and political subdivisions [Member] | ||
Available For Sale, Continuous Unrealized Loss Position [Abstract] | ||
Continuous unrealized loss position less than 12 months, fair value | 28,049 | 28,148 |
Continuous unrealized loss position less than 12 months, gross unrealized losses | (292) | (223) |
Continuous unrealized loss position 12 months or more, fair value | 0 | 0 |
Continuous unrealized loss position 12 months or more, gross unrealized losses | 0 | 0 |
Continuous unrealized loss position total, fair value | 28,049 | 28,148 |
Continuous unrealized loss position total, gross unrealized losses | (292) | (223) |
Corporate notes [Member] | ||
Available For Sale, Continuous Unrealized Loss Position [Abstract] | ||
Continuous unrealized loss position less than 12 months, fair value | 67,295 | 9,650 |
Continuous unrealized loss position less than 12 months, gross unrealized losses | (1,009) | (350) |
Continuous unrealized loss position 12 months or more, fair value | 4,959 | 4,955 |
Continuous unrealized loss position 12 months or more, gross unrealized losses | (41) | (45) |
Continuous unrealized loss position total, fair value | 72,254 | 14,605 |
Continuous unrealized loss position total, gross unrealized losses | (1,050) | (395) |
Equity investments [Member] | ||
Available For Sale, Continuous Unrealized Loss Position [Abstract] | ||
Continuous unrealized loss position less than 12 months, fair value | 0 | 1,967 |
Continuous unrealized loss position less than 12 months, gross unrealized losses | 0 | (33) |
Continuous unrealized loss position 12 months or more, fair value | 1,956 | 0 |
Continuous unrealized loss position 12 months or more, gross unrealized losses | (44) | 0 |
Continuous unrealized loss position total, fair value | 1,956 | 1,967 |
Continuous unrealized loss position total, gross unrealized losses | (44) | (33) |
Residential mortgage-backed [Member] | ||
Held To Maturity, Continuous Unrealized Loss Position [Abstract] | ||
Continuous unrealized loss position less than 12 months, fair value | 246,432 | 28,371 |
Continuous unrealized loss position less than 12 months, gross unrealized losses | (3,277) | (112) |
Continuous unrealized loss position 12 months or more, fair value | 114,765 | 325,820 |
Continuous unrealized loss position 12 months or more, gross unrealized losses | (2,360) | (5,670) |
Continuous unrealized loss position total, fair value | 361,197 | 354,191 |
Continuous unrealized loss position total, gross unrealized losses | (5,637) | (5,782) |
State and political subdivisions [Member] | ||
Held To Maturity, Continuous Unrealized Loss Position [Abstract] | ||
Continuous unrealized loss position less than 12 months, fair value | 3,405 | 641 |
Continuous unrealized loss position less than 12 months, gross unrealized losses | (91) | (3) |
Continuous unrealized loss position 12 months or more, fair value | 0 | 896 |
Continuous unrealized loss position 12 months or more, gross unrealized losses | 0 | (65) |
Continuous unrealized loss position total, fair value | 3,405 | 1,537 |
Continuous unrealized loss position total, gross unrealized losses | $ (91) | $ (68) |
INVESTMENTS IN DEBT AND EQUIT39
INVESTMENTS IN DEBT AND EQUITY SECURITIES (Textual) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)security | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)security | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)security | |
Proceeds from sales of investment securities available for sale | $ 75,130 | $ 0 | $ 119,898 | $ 166,320 | |
Gain (Loss) on Investments | 7,158 | $ (1) | 7,201 | $ 1,279 | |
Securities pledged as collateral | $ 373,500 | $ 373,500 | $ 349,000 | ||
Number of securities in unrealized loss positions greater than or equal to 12 months | security | 17 | 17 | 47 | ||
Equity investments [Member] | |||||
Gain (Loss) on Investments | $ 8,400 |
LOANS AND ALLOWANCE FOR LOAN 40
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loan Portfolio Composition) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial, financial and agricultural | $ 753,277 | $ 695,267 |
Real estate construction and development | 135,070 | 89,851 |
Real estate mortgage: | ||
Residential mortgage | 687,162 | 621,168 |
Home equity | 400,616 | 395,542 |
Real estate mortgage | 2,402,026 | 2,315,186 |
Consumer and installment | 19,499 | 18,950 |
Net deferred loan fees | (1,393) | (1,422) |
Total loans held for portfolio | 3,308,479 | 3,117,832 |
Loans held for sale | 36,428 | 31,411 |
Total loans | 3,344,907 | 3,149,243 |
Multi-family residential [Member] | ||
Real estate mortgage: | ||
Real estate mortgage | 98,040 | 115,434 |
Total loans held for portfolio | 98,040 | 115,434 |
Total loans | 98,040 | 115,434 |
Commercial real estate [Member] | ||
Real estate mortgage: | ||
Real estate mortgage | 1,216,208 | 1,183,042 |
Total loans held for portfolio | 1,216,208 | 1,183,042 |
Total loans | $ 1,216,208 | $ 1,183,042 |
LOANS AND ALLOWANCE FOR LOAN 41
LOANS AND ALLOWANCE FOR LOAN LOSSES (Aging of Loans by Loan Classification) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | $ 4,128 | $ 5,442 |
60-89 Days | 1,264 | 1,837 |
Recorded Investment Greater Than 90 Days Accruing | 157 | 163 |
Nonaccrual | 25,810 | 57,476 |
Total Past Due | 31,359 | 64,918 |
Current | 3,313,548 | 3,084,325 |
Total loans | 3,344,907 | 3,149,243 |
Commercial, financial and agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 265 | 132 |
60-89 Days | 308 | 430 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 54 |
Nonaccrual | 5,702 | 9,486 |
Total Past Due | 6,275 | 10,102 |
Current | 747,002 | 685,165 |
Total loans | 753,277 | 695,267 |
Real estate construction and development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 683 | 431 |
60-89 Days | 0 | 0 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Nonaccrual | 3,152 | 3,393 |
Total Past Due | 3,835 | 3,824 |
Current | 131,235 | 86,027 |
Total loans | 135,070 | 89,851 |
Residential mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 1,614 | 2,690 |
60-89 Days | 447 | 986 |
Recorded Investment Greater Than 90 Days Accruing | 27 | 35 |
Nonaccrual | 8,103 | 13,890 |
Total Past Due | 10,191 | 17,601 |
Current | 676,971 | 603,567 |
Total loans | 687,162 | 621,168 |
Home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 1,467 | 1,857 |
60-89 Days | 441 | 334 |
Recorded Investment Greater Than 90 Days Accruing | 130 | 72 |
Nonaccrual | 5,698 | 6,831 |
Total Past Due | 7,736 | 9,094 |
Current | 392,880 | 386,448 |
Total loans | 400,616 | 395,542 |
Multi-family residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 0 | 0 |
60-89 Days | 0 | 0 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Nonaccrual | 319 | 19,731 |
Total Past Due | 319 | 19,731 |
Current | 97,721 | 95,703 |
Total loans | 98,040 | 115,434 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 12 | 196 |
60-89 Days | 52 | 54 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Nonaccrual | 2,828 | 4,122 |
Total Past Due | 2,892 | 4,372 |
Current | 1,213,316 | 1,178,670 |
Total loans | 1,216,208 | 1,183,042 |
Consumer and installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 87 | 136 |
60-89 Days | 16 | 33 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 2 |
Nonaccrual | 8 | 23 |
Total Past Due | 111 | 194 |
Current | 17,995 | 17,334 |
Total loans | 18,106 | 17,528 |
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 Greater Than 90 Days Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 36,428 | 31,411 |
Total loans | $ 36,428 | $ 31,411 |
LOANS AND ALLOWANCE FOR LOAN 42
LOANS AND ALLOWANCE FOR LOAN LOSSES (Financing Receivable Credit Quality Indicators) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 3,308,479 | $ 3,117,832 |
Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,202,595 | 2,083,594 |
Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,105,884 | 1,034,238 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 753,277 | 695,267 |
Commercial and Industrial [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 753,277 | 695,267 |
Real Estate Construction and Development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 135,070 | 89,851 |
Real Estate Construction and Development [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 135,070 | 89,851 |
Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 98,040 | 115,434 |
Multi-family [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 98,040 | 115,434 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,216,208 | 1,183,042 |
Commercial Real Estate [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,216,208 | 1,183,042 |
Residential Mortgage [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 687,162 | 621,168 |
Home Equity [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 400,616 | 395,542 |
Consumer and Installment and Net Deferred Loan Fees [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 18,106 | 17,528 |
Consumer and Installment and Net Deferred Loan Fees [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 18,106 | 17,528 |
Pass [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,122,783 | 1,976,896 |
Pass [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,010,715 | 932,170 |
Pass [Member] | Commercial and Industrial [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 710,208 | 653,951 |
Pass [Member] | Real Estate Construction and Development [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 131,333 | 85,973 |
Pass [Member] | Multi-family [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 91,424 | 89,148 |
Pass [Member] | Commercial Real Estate [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,189,818 | 1,147,824 |
Pass [Member] | Residential Mortgage [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 599,840 | 528,388 |
Pass [Member] | Home Equity [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 392,880 | 386,448 |
Pass [Member] | Consumer and Installment and Net Deferred Loan Fees [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 17,995 | 17,334 |
Special mention [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 55,521 | 45,492 |
Special mention [Member] | Commercial and Industrial [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 31,393 | 18,713 |
Special mention [Member] | Real Estate Construction and Development [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 585 | 143 |
Special mention [Member] | Multi-family [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 5,660 | 5,945 |
Special mention [Member] | Commercial Real Estate [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 17,883 | 20,691 |
Substandard [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 12,026 | 20,083 |
Substandard [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3,788 | 5,096 |
Substandard [Member] | Commercial and Industrial [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 5,710 | 12,833 |
Substandard [Member] | Real Estate Construction and Development [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Substandard [Member] | Multi-family [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 637 | 610 |
Substandard [Member] | Commercial Real Estate [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 5,679 | 6,640 |
Substandard [Member] | Residential Mortgage [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,647 | 2,662 |
Substandard [Member] | Home Equity [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,038 | 2,263 |
Substandard [Member] | Consumer and Installment and Net Deferred Loan Fees [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 103 | 171 |
Performing troubled debt restructuring [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 264 | 4,391 |
Performing troubled debt restructuring [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 77,572 | 76,228 |
Performing troubled debt restructuring [Member] | Commercial and Industrial [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 264 | 284 |
Performing troubled debt restructuring [Member] | Real Estate Construction and Development [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 342 |
Performing troubled debt restructuring [Member] | Multi-family [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Performing troubled debt restructuring [Member] | Commercial Real Estate [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 3,765 |
Performing troubled debt restructuring [Member] | Residential Mortgage [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 77,572 | 76,228 |
Performing troubled debt restructuring [Member] | Home Equity [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Performing troubled debt restructuring [Member] | Consumer and Installment and Net Deferred Loan Fees [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Nonaccrual [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 12,001 | 36,732 |
Nonaccrual [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 13,809 | 20,744 |
Nonaccrual [Member] | Commercial and Industrial [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 5,702 | 9,486 |
Nonaccrual [Member] | Real Estate Construction and Development [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3,152 | 3,393 |
Nonaccrual [Member] | Multi-family [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 319 | 19,731 |
Nonaccrual [Member] | Commercial Real Estate [Member] | Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,828 | 4,122 |
Nonaccrual [Member] | Residential Mortgage [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 8,103 | 13,890 |
Nonaccrual [Member] | Home Equity [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 5,698 | 6,831 |
Nonaccrual [Member] | Consumer and Installment and Net Deferred Loan Fees [Member] | Consumer Loan Portfolio Credit Exposure by Payment Activity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 8 | $ 23 |
LOANS AND ALLOWANCE FOR LOAN 43
LOANS AND ALLOWANCE FOR LOAN LOSSES (Impaired Financing Receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | ||
Loan and Lease Receivables, Impaired [Abstract] | ||||
With No Related Allowance Recorded: Recorded Investment | $ 7,199 | $ 7,199 | $ 27,732 | |
With No Related Allowance Recorded: Unpaid Principal Balance | 18,370 | 18,370 | 44,193 | |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 | 0 | |
With No Related Allowance Recorded: Average Recorded Investment | 8,906 | 36,681 | ||
With No Related Allowance Recorded: Interest Income Recognized | 0 | [1] | 1,075 | |
With A Related Allowance Recorded: Recorded Investment | 96,447 | 96,447 | 110,363 | |
With A Related Allowance Recorded: Unpaid Principal Balance | 117,940 | 117,940 | 148,866 | |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 9,910 | 9,910 | 12,471 | |
With A Related Allowance Recorded: Average Recorded Investment | 114,665 | 118,877 | ||
With A Related Allowance Recorded: Interest Income Recognized | 1,141 | [1] | 2,126 | |
Recorded Investment, Total | 103,646 | 103,646 | 138,095 | |
Unpaid Principal Balance, Total | 136,310 | 136,310 | 193,059 | |
Related Allowance for Loan Losses, Total | 9,910 | 9,910 | 12,471 | |
Average Recorded Investment, Total | 123,571 | 155,558 | ||
Interest Income Recognized, Total | 608 | 1,141 | [1] | 3,201 |
Commercial, financial and agricultural [Member] | ||||
Loan and Lease Receivables, Impaired [Abstract] | ||||
With No Related Allowance Recorded: Recorded Investment | 2,573 | 2,573 | 1,937 | |
With No Related Allowance Recorded: Unpaid Principal Balance | 3,563 | 3,563 | 2,911 | |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 | 0 | |
With No Related Allowance Recorded: Average Recorded Investment | 3,342 | 2,278 | ||
With No Related Allowance Recorded: Interest Income Recognized | 0 | [1] | 0 | |
With A Related Allowance Recorded: Recorded Investment | 3,393 | 3,393 | 7,833 | |
With A Related Allowance Recorded: Unpaid Principal Balance | 5,861 | 5,861 | 22,089 | |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 582 | 582 | 1,626 | |
With A Related Allowance Recorded: Average Recorded Investment | 4,407 | 9,212 | ||
With A Related Allowance Recorded: Interest Income Recognized | 6 | [1] | 6 | |
Recorded Investment, Total | 5,966 | 5,966 | 9,770 | |
Unpaid Principal Balance, Total | 9,424 | 9,424 | 25,000 | |
Related Allowance for Loan Losses, Total | 582 | 582 | 1,626 | |
Average Recorded Investment, Total | 7,749 | 11,490 | ||
Interest Income Recognized, Total | 6 | [1] | 6 | |
Real estate construction and development [Member] | ||||
Loan and Lease Receivables, Impaired [Abstract] | ||||
With No Related Allowance Recorded: Recorded Investment | 2,617 | 2,617 | 2,626 | |
With No Related Allowance Recorded: Unpaid Principal Balance | 12,318 | 12,318 | 12,333 | |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 | 0 | |
With No Related Allowance Recorded: Average Recorded Investment | 2,910 | 3,106 | ||
With No Related Allowance Recorded: Interest Income Recognized | 0 | [1] | 0 | |
With A Related Allowance Recorded: Recorded Investment | 535 | 535 | 1,109 | |
With A Related Allowance Recorded: Unpaid Principal Balance | 2,465 | 2,465 | 3,403 | |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 255 | 255 | 219 | |
With A Related Allowance Recorded: Average Recorded Investment | 595 | 1,312 | ||
With A Related Allowance Recorded: Interest Income Recognized | 8 | [1] | 17 | |
Recorded Investment, Total | 3,152 | 3,152 | 3,735 | |
Unpaid Principal Balance, Total | 14,783 | 14,783 | 15,736 | |
Related Allowance for Loan Losses, Total | 255 | 255 | 219 | |
Average Recorded Investment, Total | 3,505 | 4,418 | ||
Interest Income Recognized, Total | 8 | [1] | 17 | |
Residential mortgage [Member] | ||||
Loan and Lease Receivables, Impaired [Abstract] | ||||
With No Related Allowance Recorded: Recorded Investment | 0 | 0 | 0 | |
With No Related Allowance Recorded: Unpaid Principal Balance | 0 | 0 | 0 | |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 | 0 | |
With No Related Allowance Recorded: Average Recorded Investment | 0 | 0 | ||
With No Related Allowance Recorded: Interest Income Recognized | 0 | [1] | 0 | |
With A Related Allowance Recorded: Recorded Investment | 85,675 | 85,675 | 90,118 | |
With A Related Allowance Recorded: Unpaid Principal Balance | 100,070 | 100,070 | 106,163 | |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 7,391 | 7,391 | 7,639 | |
With A Related Allowance Recorded: Average Recorded Investment | 88,081 | 94,835 | ||
With A Related Allowance Recorded: Interest Income Recognized | 1,122 | [1] | 2,082 | |
Recorded Investment, Total | 85,675 | 85,675 | 90,118 | |
Unpaid Principal Balance, Total | 100,070 | 100,070 | 106,163 | |
Related Allowance for Loan Losses, Total | 7,391 | 7,391 | 7,639 | |
Average Recorded Investment, Total | 88,081 | 94,835 | ||
Interest Income Recognized, Total | 1,122 | [1] | 2,082 | |
Home equity [Member] | ||||
Loan and Lease Receivables, Impaired [Abstract] | ||||
With No Related Allowance Recorded: Recorded Investment | 1,322 | 1,322 | 0 | |
With No Related Allowance Recorded: Unpaid Principal Balance | 1,527 | 1,527 | 0 | |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 | 0 | |
With No Related Allowance Recorded: Average Recorded Investment | 1,459 | 0 | ||
With No Related Allowance Recorded: Interest Income Recognized | 0 | [1] | 0 | |
With A Related Allowance Recorded: Recorded Investment | 4,376 | 4,376 | 6,831 | |
With A Related Allowance Recorded: Unpaid Principal Balance | 5,302 | 5,302 | 7,988 | |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 1,443 | 1,443 | 1,366 | |
With A Related Allowance Recorded: Average Recorded Investment | 4,830 | 7,056 | ||
With A Related Allowance Recorded: Interest Income Recognized | 0 | [1] | 0 | |
Recorded Investment, Total | 5,698 | 5,698 | 6,831 | |
Unpaid Principal Balance, Total | 6,829 | 6,829 | 7,988 | |
Related Allowance for Loan Losses, Total | 1,443 | 1,443 | 1,366 | |
Average Recorded Investment, Total | 6,289 | 7,056 | ||
Interest Income Recognized, Total | 0 | [1] | 0 | |
Multi-family residential [Member] | ||||
Loan and Lease Receivables, Impaired [Abstract] | ||||
With No Related Allowance Recorded: Recorded Investment | 0 | 0 | 19,050 | |
With No Related Allowance Recorded: Unpaid Principal Balance | 0 | 0 | 24,759 | |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 | 0 | |
With No Related Allowance Recorded: Average Recorded Investment | 0 | 25,234 | ||
With No Related Allowance Recorded: Interest Income Recognized | 0 | [1] | 959 | |
With A Related Allowance Recorded: Recorded Investment | 319 | 319 | 681 | |
With A Related Allowance Recorded: Unpaid Principal Balance | 468 | 468 | 3,581 | |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 24 | 24 | 1,157 | |
With A Related Allowance Recorded: Average Recorded Investment | 13,015 | 902 | ||
With A Related Allowance Recorded: Interest Income Recognized | 0 | [1] | 0 | |
Recorded Investment, Total | 319 | 319 | 19,731 | |
Unpaid Principal Balance, Total | 468 | 468 | 28,340 | |
Related Allowance for Loan Losses, Total | 24 | 24 | 1,157 | |
Average Recorded Investment, Total | 13,015 | 26,136 | ||
Interest Income Recognized, Total | 0 | [1] | 959 | |
Commercial real estate [Member] | ||||
Loan and Lease Receivables, Impaired [Abstract] | ||||
With No Related Allowance Recorded: Recorded Investment | 687 | 687 | 4,119 | |
With No Related Allowance Recorded: Unpaid Principal Balance | 962 | 962 | 4,190 | |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 | 0 | |
With No Related Allowance Recorded: Average Recorded Investment | 1,195 | 6,063 | ||
With No Related Allowance Recorded: Interest Income Recognized | 0 | [1] | 116 | |
With A Related Allowance Recorded: Recorded Investment | 2,141 | 2,141 | 3,768 | |
With A Related Allowance Recorded: Unpaid Principal Balance | 3,766 | 3,766 | 5,619 | |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 214 | 214 | 463 | |
With A Related Allowance Recorded: Average Recorded Investment | 3,725 | 5,546 | ||
With A Related Allowance Recorded: Interest Income Recognized | 5 | [1] | 21 | |
Recorded Investment, Total | 2,828 | 2,828 | 7,887 | |
Unpaid Principal Balance, Total | 4,728 | 4,728 | 9,809 | |
Related Allowance for Loan Losses, Total | 214 | 214 | 463 | |
Average Recorded Investment, Total | 4,920 | 11,609 | ||
Interest Income Recognized, Total | 5 | [1] | 137 | |
Consumer and installment [Member] | ||||
Loan and Lease Receivables, Impaired [Abstract] | ||||
With No Related Allowance Recorded: Recorded Investment | 0 | 0 | 0 | |
With No Related Allowance Recorded: Unpaid Principal Balance | 0 | 0 | 0 | |
With No Related Allowance Recorded: Related Allowance for Loan Losses | 0 | 0 | 0 | |
With No Related Allowance Recorded: Average Recorded Investment | 0 | 0 | ||
With No Related Allowance Recorded: Interest Income Recognized | 0 | [1] | 0 | |
With A Related Allowance Recorded: Recorded Investment | 8 | 8 | 23 | |
With A Related Allowance Recorded: Unpaid Principal Balance | 8 | 8 | 23 | |
With A Related Allowance Recorded: Related Allowance for Loan Losses | 1 | 1 | 1 | |
With A Related Allowance Recorded: Average Recorded Investment | 12 | 14 | ||
With A Related Allowance Recorded: Interest Income Recognized | 0 | [1] | 0 | |
Recorded Investment, Total | 8 | 8 | 23 | |
Unpaid Principal Balance, Total | 8 | 8 | 23 | |
Related Allowance for Loan Losses, Total | $ 1 | 1 | 1 | |
Average Recorded Investment, Total | 12 | 14 | ||
Interest Income Recognized, Total | $ 0 | [1] | $ 0 | |
[1] | Interest income on impaired loans recognized while on impaired status was $608,000 for the three months ended June 30, 2015. |
LOANS AND ALLOWANCE FOR LOAN 44
LOANS AND ALLOWANCE FOR LOAN LOSSES (Troubled Debt Restructurings on Performing Financing Receivables) (Details) - Performing Troubled Debt Restructurings [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Total performing troubled debt restructuring | $ 77,836 | $ 80,619 |
Commercial, financial and agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total performing troubled debt restructuring | 264 | 284 |
Real estate construction and development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total performing troubled debt restructuring | 0 | 342 |
One-to-four-family residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total performing troubled debt restructuring | 77,572 | 76,228 |
Commercial real estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total performing troubled debt restructuring | $ 0 | $ 3,765 |
LOANS AND ALLOWANCE FOR LOAN 45
LOANS AND ALLOWANCE FOR LOAN LOSSES (Troubled Debt Restructurings on Nonperforming Financing Receivables) (Details) - Nonperforming Troubled Debt Restructurings [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Total nonperforming troubled debt restructurings | $ 5,666 | $ 26,455 |
Commercial, financial and agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total nonperforming troubled debt restructurings | 35 | 243 |
Real estate construction and development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total nonperforming troubled debt restructurings | 2,779 | 2,788 |
One-to-four-family residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total nonperforming troubled debt restructurings | 2,852 | 4,003 |
Multi-family residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total nonperforming troubled debt restructurings | 0 | 19,050 |
Commercial real estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total nonperforming troubled debt restructurings | $ 0 | $ 371 |
LOANS AND ALLOWANCE FOR LOAN 46
LOANS AND ALLOWANCE FOR LOAN LOSSES (Modified Troubled Debt Restructurings) (Details) - One-to-four-family residential [Member] $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)contracts | Jun. 30, 2014USD ($)contracts | Jun. 30, 2015USD ($)contracts | Jun. 30, 2014USD ($)contracts | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contracts | 6 | 12 | 12 | 27 |
Pre-Modification Outstanding Recorded Investment | $ 669 | $ 1,467 | $ 2,392 | $ 4,047 |
Post-Modification Outstanding Recorded Investment | $ 626 | $ 1,177 | $ 2,266 | $ 3,334 |
LOANS AND ALLOWANCE FOR LOAN 47
LOANS AND ALLOWANCE FOR LOAN LOSSES (Modified Troubled Debt Restructurings That Subsequently Defaulted) (Details) - One-to-four-family residential [Member] $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)contracts | Jun. 30, 2014USD ($)contracts | Jun. 30, 2015USD ($)contracts | Jun. 30, 2014USD ($)contracts | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 0 | 5 | 0 | 6 |
Recorded Investment, Subsequently Defaulted | $ | $ 0 | $ 764 | $ 0 | $ 1,202 |
LOANS AND ALLOWANCE FOR LOAN 48
LOANS AND ALLOWANCE FOR LOAN LOSSES (Allowance for Credit Losses on Financing Receivables By Portfolio Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Allowance for loan losses: | ||||
Balance, beginning of period | $ 64,142 | $ 79,831 | $ 66,874 | $ 81,033 |
Charge-offs | (2,351) | (6,240) | (7,095) | (9,687) |
Recoveries | 4,525 | 4,427 | 6,537 | 6,672 |
Provision (benefit) for loan losses | (7,500) | 0 | (7,500) | 0 |
Balance, end of period | 58,816 | 78,018 | 58,816 | 78,018 |
Commercial and Industrial [Member] | ||||
Allowance for loan losses: | ||||
Balance, beginning of period | 12,332 | 13,871 | 12,574 | 13,401 |
Charge-offs | (1,117) | (994) | (4,104) | (2,616) |
Recoveries | 1,181 | 1,263 | 2,425 | 2,015 |
Provision (benefit) for loan losses | (1,075) | (409) | 426 | 931 |
Balance, end of period | 11,321 | 13,731 | 11,321 | 13,731 |
Real Estate Construction and Development [Member] | ||||
Allowance for loan losses: | ||||
Balance, beginning of period | 2,754 | 7,086 | 3,490 | 7,407 |
Charge-offs | (138) | (35) | (178) | (65) |
Recoveries | 138 | 756 | 302 | 1,356 |
Provision (benefit) for loan losses | (523) | (1,207) | (1,383) | (2,098) |
Balance, end of period | 2,231 | 6,600 | 2,231 | 6,600 |
One-to-Four-Family Residential [Member] | ||||
Allowance for loan losses: | ||||
Balance, beginning of period | 22,486 | 31,220 | 24,055 | 32,619 |
Charge-offs | (564) | (2,201) | (1,727) | (3,627) |
Recoveries | 913 | 1,478 | 1,413 | 2,269 |
Provision (benefit) for loan losses | (432) | (1,352) | (1,338) | (2,116) |
Balance, end of period | 22,403 | 29,145 | 22,403 | 29,145 |
Multi-family residential [Member] | ||||
Allowance for loan losses: | ||||
Balance, beginning of period | 5,574 | 5,269 | 5,630 | 5,249 |
Charge-offs | (9) | (2,952) | (198) | (3,084) |
Recoveries | 2,177 | 2 | 2,233 | 9 |
Provision (benefit) for loan losses | (4,312) | 5,055 | (4,235) | 5,200 |
Balance, end of period | 3,430 | 7,374 | 3,430 | 7,374 |
Commercial Real Estate [Member] | ||||
Allowance for loan losses: | ||||
Balance, beginning of period | 20,886 | 22,043 | 20,983 | 22,052 |
Charge-offs | (502) | (21) | (845) | (209) |
Recoveries | 100 | 915 | 121 | 972 |
Provision (benefit) for loan losses | (1,135) | (2,117) | (910) | (1,995) |
Balance, end of period | 19,349 | 20,820 | 19,349 | 20,820 |
Consumer and installment [Member] | ||||
Allowance for loan losses: | ||||
Balance, beginning of period | 110 | 342 | 142 | 305 |
Charge-offs | (21) | (37) | (43) | (86) |
Recoveries | 16 | 13 | 43 | 51 |
Provision (benefit) for loan losses | (23) | 30 | (60) | 78 |
Balance, end of period | $ 82 | $ 348 | $ 82 | $ 348 |
LOANS AND ALLOWANCE FOR LOAN 49
LOANS AND ALLOWANCE FOR LOAN LOSSES (Impairment Method by Loan Category) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Allowance for loan losses: | ||||||
Ending balance: Impaired loans individually evaluated for impairment | $ 3,968 | $ 2,237 | ||||
Ending balance: Impaired loans collectively evaluated for impairment | 5,942 | 10,234 | ||||
Ending balance: All other loans collectively evaluated for impairment | 48,906 | 54,403 | ||||
Balance, end of period | 58,816 | $ 64,142 | 66,874 | $ 78,018 | $ 79,831 | $ 81,033 |
Total loans: | ||||||
Ending balance: Impaired loans individually evaluated for impairment | 46,840 | 37,541 | ||||
Ending balance: Impaired loans collectively evaluated for impairment | 56,806 | 100,554 | ||||
Ending balance: All other loans collectively evaluated for impairment | 3,204,833 | 2,979,737 | ||||
Total loans held for portfolio | 3,308,479 | 3,117,832 | ||||
Commercial and Industrial [Member] | ||||||
Allowance for loan losses: | ||||||
Ending balance: Impaired loans individually evaluated for impairment | 130 | 1,053 | ||||
Ending balance: Impaired loans collectively evaluated for impairment | 452 | 573 | ||||
Ending balance: All other loans collectively evaluated for impairment | 10,739 | 10,948 | ||||
Balance, end of period | 11,321 | 12,332 | 12,574 | 13,731 | 13,871 | 13,401 |
Total loans: | ||||||
Ending balance: Impaired loans individually evaluated for impairment | 1,955 | 4,712 | ||||
Ending balance: Impaired loans collectively evaluated for impairment | 4,011 | 5,058 | ||||
Ending balance: All other loans collectively evaluated for impairment | 747,311 | 685,497 | ||||
Total loans held for portfolio | 753,277 | 695,267 | ||||
Real Estate Construction and Development [Member] | ||||||
Allowance for loan losses: | ||||||
Ending balance: Impaired loans individually evaluated for impairment | 16 | 0 | ||||
Ending balance: Impaired loans collectively evaluated for impairment | 239 | 219 | ||||
Ending balance: All other loans collectively evaluated for impairment | 1,976 | 3,271 | ||||
Balance, end of period | 2,231 | 2,754 | 3,490 | 6,600 | 7,086 | 7,407 |
Total loans: | ||||||
Ending balance: Impaired loans individually evaluated for impairment | 2,877 | 2,626 | ||||
Ending balance: Impaired loans collectively evaluated for impairment | 275 | 1,109 | ||||
Ending balance: All other loans collectively evaluated for impairment | 131,918 | 86,116 | ||||
Total loans held for portfolio | 135,070 | 89,851 | ||||
One-to-Four-Family Residential [Member] | ||||||
Allowance for loan losses: | ||||||
Ending balance: Impaired loans individually evaluated for impairment | 3,822 | 1,184 | ||||
Ending balance: Impaired loans collectively evaluated for impairment | 5,012 | 7,821 | ||||
Ending balance: All other loans collectively evaluated for impairment | 13,569 | 15,050 | ||||
Balance, end of period | 22,403 | 22,486 | 24,055 | 29,145 | 31,220 | 32,619 |
Total loans: | ||||||
Ending balance: Impaired loans individually evaluated for impairment | 41,321 | 7,388 | ||||
Ending balance: Impaired loans collectively evaluated for impairment | 50,052 | 89,561 | ||||
Ending balance: All other loans collectively evaluated for impairment | 996,405 | 919,761 | ||||
Total loans held for portfolio | 1,087,778 | 1,016,710 | ||||
Multi-family residential [Member] | ||||||
Allowance for loan losses: | ||||||
Ending balance: Impaired loans individually evaluated for impairment | 0 | 0 | ||||
Ending balance: Impaired loans collectively evaluated for impairment | 24 | 1,157 | ||||
Ending balance: All other loans collectively evaluated for impairment | 3,406 | 4,473 | ||||
Balance, end of period | 3,430 | 5,574 | 5,630 | 7,374 | 5,269 | 5,249 |
Total loans: | ||||||
Ending balance: Impaired loans individually evaluated for impairment | 0 | 19,050 | ||||
Ending balance: Impaired loans collectively evaluated for impairment | 319 | 681 | ||||
Ending balance: All other loans collectively evaluated for impairment | 97,721 | 95,703 | ||||
Total loans held for portfolio | 98,040 | 115,434 | ||||
Commercial Real Estate [Member] | ||||||
Allowance for loan losses: | ||||||
Ending balance: Impaired loans individually evaluated for impairment | 0 | 0 | ||||
Ending balance: Impaired loans collectively evaluated for impairment | 214 | 463 | ||||
Ending balance: All other loans collectively evaluated for impairment | 19,135 | 20,520 | ||||
Balance, end of period | 19,349 | 20,886 | 20,983 | 20,820 | 22,043 | 22,052 |
Total loans: | ||||||
Ending balance: Impaired loans individually evaluated for impairment | 687 | 3,765 | ||||
Ending balance: Impaired loans collectively evaluated for impairment | 2,141 | 4,122 | ||||
Ending balance: All other loans collectively evaluated for impairment | 1,213,380 | 1,175,155 | ||||
Total loans held for portfolio | 1,216,208 | 1,183,042 | ||||
Consumer and Installment and Net Deferred Loan Fees [Member] | ||||||
Allowance for loan losses: | ||||||
Ending balance: Impaired loans individually evaluated for impairment | 0 | 0 | ||||
Ending balance: Impaired loans collectively evaluated for impairment | 1 | 1 | ||||
Ending balance: All other loans collectively evaluated for impairment | 81 | 141 | ||||
Balance, end of period | 82 | $ 110 | 142 | $ 348 | $ 342 | $ 305 |
Total loans: | ||||||
Ending balance: Impaired loans individually evaluated for impairment | 0 | 0 | ||||
Ending balance: Impaired loans collectively evaluated for impairment | 8 | 23 | ||||
Ending balance: All other loans collectively evaluated for impairment | 18,098 | 17,505 | ||||
Total loans held for portfolio | $ 18,106 | $ 17,528 |
LOANS AND ALLOWANCE FOR LOAN 50
LOANS AND ALLOWANCE FOR LOAN LOSSES (Textual) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired financing receivable individually evaluated for impairment | $ 46,840,000 | $ 37,541,000 |
Allowance allocated to troubled debt restructurings | 9,910,000 | 12,471,000 |
Minimum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired financing receivable individually evaluated for impairment | 250,000 | |
Troubled Debt Restructurings [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance allocated to troubled debt restructurings | 6,600,000 | 6,100,000 |
Impaired Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing receivable, allowance for credit losses, accumulated write-downs | 32,700,000 | 55,000,000 |
Hamp Program [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Troubled debt restructurings under HAMP Program | $ 72,300,000 | $ 72,700,000 |
SERVICING RIGHTS (Schedule of S
SERVICING RIGHTS (Schedule of Servicing Assets at Fair Value) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Servicing Asset at Fair Value [Roll Forward] | |||||
Balance, beginning of period | $ 17,402 | $ 19,077 | $ 18,013 | $ 18,854 | |
Originated servicing rights | 1,170 | 577 | 1,992 | 1,032 | |
Purchased servicing rights | 37 | 31 | 76 | 31 | |
Change in fair value resulting from changes in valuation inputs or assumptions used in valuation model | [1] | 1,281 | (284) | 583 | 42 |
Other changes in fair value | [2] | (849) | (617) | (1,623) | (1,175) |
Balance, end of period | $ 19,041 | $ 18,784 | $ 19,041 | $ 18,784 | |
[1] | The change in fair value resulting from changes in valuation inputs or assumptions used in valuation model primarily reflects the change in discount rates and prepayment speed assumptions, primarily due to changes in interest rates. | ||||
[2] | Other changes in fair value reflect changes due to the collection/realization of expected cash flows over time |
SERVICING RIGHTS (Textual) (Det
SERVICING RIGHTS (Textual) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Mortgage Banking [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Loans serviced for others | $ 1,420 | $ 1,370 |
Discount rate assumptions used to estimate fair value of servicing assets | 9.24% | 9.17% |
Prepayment speed assumptions used to estimate fair value of servicing assets | 11.13% | 12.70% |
SBA [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Loans serviced for others | $ 97.5 | $ 114.4 |
Discount rate assumptions used to estimate fair value of servicing assets | 11.14% | 11.80% |
Prepayment speed assumptions used to estimate fair value of servicing assets | 6.26% | 6.33% |
DERIVATIVE INSTRUMENTS (Schedul
DERIVATIVE INSTRUMENTS (Schedule of Derivative Instruments) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | $ 81,904 | $ 59,062 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,103 | 286 |
Interest rate lock commitments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 30,704 | 20,762 |
Interest rate lock commitments [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 655 | 580 |
Forward commitments to sell mortgage-backed securities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 51,200 | 38,300 |
Forward commitments to sell mortgage-backed securities [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 448 | $ (294) |
DERIVATIVE INSTRUMENTS (Sched54
DERIVATIVE INSTRUMENTS (Schedule of Derivatives Not Designated as Hedging Instruments, Location in Statements of Income) (Details) - Not Designated as Hedging Instrument [Member] - Gain on loans sold and held for sale [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest rate lock commitments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) on derivatives recognized in operations | $ (613) | $ 203 | $ 75 | $ 318 |
Forward commitments to sell mortgage-backed securities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) on derivatives recognized in operations | $ 732 | $ (455) | $ 742 | $ (737) |
OTHER BORROWINGS (Textual) (Det
OTHER BORROWINGS (Textual) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | $ 45,616 | $ 64,875 |
Residential mortgage-backed [Member] | ||
Short-term Debt [Line Items] | ||
Securities pledged as collateral for daily securities sold under agreements to repurchase | $ 72,000 | $ 75,600 |
SUBORDINATED DEBENTURES (Textua
SUBORDINATED DEBENTURES (Textual) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)trust | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)trust | Jun. 30, 2014USD ($) | Dec. 31, 2013installment | |
Debt Instrument [Line Items] | |||||
Number of trusts created for issuing trust preferred securities | 13 | 13 | |||
Number of prior quarterly periods for deferral of cash interest payments on junior subordinated debentures before payment of all the cumulative deferred interest in March 2014 | installment | 18 | ||||
Junior Subordinated Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Distributions accrued on junior subordinated debentures | $ | $ 3.1 | $ 3 | $ 6.1 | $ 6.8 | |
First Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Minimum Tier 1 leverage ratio under MOU regulatory agreement | 9.00% | 9.00% |
STOCKHOLDERS' EQUITY (Schedule
STOCKHOLDERS' EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning of period | $ 14,355 | $ 11,202 | $ 10,111 | $ 7,502 |
Other comprehensive income before reclassifications | 1 | 3,668 | 4,238 | 8,100 |
Amounts reclassified from accumulated other comprehensive income | (4,178) | 22 | (4,171) | (710) |
Net current period other comprehensive income (loss) | (4,177) | 3,690 | 67 | 7,390 |
Balance, end of period | 10,178 | 14,892 | 10,178 | 14,892 |
Investment Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning of period | 18,263 | 13,830 | 14,051 | 10,151 |
Other comprehensive income before reclassifications | 1 | 3,668 | 4,238 | 8,100 |
Amounts reclassified from accumulated other comprehensive income | (4,211) | 1 | (4,236) | (752) |
Net current period other comprehensive income (loss) | (4,210) | 3,669 | 2 | 7,348 |
Balance, end of period | 14,053 | 17,499 | 14,053 | 17,499 |
Defined Benefit Pension Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning of period | (3,908) | (2,628) | (3,940) | (2,649) |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 33 | 21 | 65 | 42 |
Net current period other comprehensive income (loss) | 33 | 21 | 65 | 42 |
Balance, end of period | $ (3,875) | $ (2,607) | $ (3,875) | $ (2,607) |
STOCKHOLDERS' EQUITY (Textual)
STOCKHOLDERS' EQUITY (Textual) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($)class | Mar. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Class of Stock [Line Items] | |||||
Number of classes of preferred stock outstanding | class | 4 | ||||
Preferred Class C D [Member] | |||||
Class of Stock [Line Items] | |||||
Dividends deferred and accrued on preferred stock | $ 77.8 | $ 77.8 | $ 77.8 | ||
Dividends on preferred stock if the Company had continued to declare and accrue dividends | 9.9 | $ 9.6 | $ 4.1 | 19.5 | 33.2 |
Dividends that would have been accrued and deferred as of the balance sheet date if the Company had continued to declare and accrue dividends | 134.6 | 134.6 | 115.1 | ||
Preferred Class C D [Member] | Regularly Scheduled Dividend Payments [Member] | |||||
Class of Stock [Line Items] | |||||
Dividends deferred and accrued on preferred stock | 68.4 | 68.4 | 68.4 | ||
Preferred Class C D [Member] | Cumulative Dividends On Unpaid Regular Dividends [Member] | |||||
Class of Stock [Line Items] | |||||
Dividends deferred and accrued on preferred stock | $ 9.4 | $ 9.4 | $ 9.4 |
REGULATORY CAPITAL AND OTHER 59
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS (Schedule of Regulatory Capital ) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
First Banks, Inc. (Consolidated) [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital, Amount | $ 597,006 | $ 475,312 |
Total Capital to Risk-Weighted Assets, Ratio | 14.80% | 12.25% |
Total Capital Required for Capital Adequacy, Ratio | 8.00% | 8.00% |
Tier One Capital, Amount | $ 296,436 | $ 284,396 |
Tier One Capital to Risk-Weighted Assets, Ratio | 7.35% | 7.33% |
Tier One Capital Required for Capital Adequacy, Ratio | 6.00% | 4.00% |
Common Equity Tier One Risk Based Capital, Amount | $ (34,251) | |
Common Equity Tier One Capital To Risk-Weighted Assets, Ratio | (0.85%) | |
Common Equity Tier One Capital Required For Capital Adequacy, Ratio | 4.50% | |
Tier One Leverage Capital, Amount | $ 296,436 | $ 284,396 |
Tier One Leverage Capital to Average Assets, Ratio | 5.15% | 5.01% |
Tier One Leverage Capital Required for Capital Adequacy, Ratio | 4.00% | 4.00% |
First Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital, Amount | $ 681,126 | $ 691,350 |
Total Capital to Risk-Weighted Assets, Ratio | 16.79% | 17.81% |
Total Capital Required for Capital Adequacy, Ratio | 8.00% | 8.00% |
Total Capital Required to be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier One Capital, Amount | $ 628,796 | $ 642,593 |
Tier One Capital to Risk-Weighted Assets, Ratio | 15.50% | 16.55% |
Tier One Capital Required for Capital Adequacy, Ratio | 6.00% | 4.00% |
Tier One Capital Required to be Well Capitalized, Ratio | 8.00% | 6.00% |
Common Equity Tier One Risk Based Capital, Amount | $ 628,796 | |
Common Equity Tier One Capital To Risk-Weighted Assets, Ratio | 15.50% | |
Common Equity Tier One Capital Required For Capital Adequacy, Ratio | 4.50% | |
Common Equity Tier One Capital To Be Well Capitalized, Ratio | 6.50% | |
Tier One Leverage Capital, Amount | $ 628,796 | $ 642,593 |
Tier One Leverage Capital to Average Assets, Ratio | 10.87% | 11.35% |
Tier One Leverage Capital Required for Capital Adequacy, Ratio | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized, Ratio | 5.00% | 5.00% |
REGULATORY CAPITAL AND OTHER 60
REGULATORY CAPITAL AND OTHER REGULATORY MATTERS (Textual) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Net deferred tax assets attributable to net operating loss and tax credit carryforwards as a percentage of total net deferred tax assets | 91.70% | |
Noncontrolling interest in subsidiary | $ 93,785 | $ 93,758 |
Amount of noncontrolling interest in subsidiary that is eligible for inclusion in Tier 1 capital | $ 56,300 | |
First Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum Tier 1 leverage ratio under MOU regulatory agreement | 9.00% | |
Tier One Leverage Capital to Average Assets, Ratio | 10.87% | 11.35% |
Excess of Tier 1 leverage capital over minimum Tier 1 leverage capital as required under the regulatory agreement | $ 108,000 | |
Excess of Tier 1 leverage capital to average assets over the minimum Tier 1 leverage capital to average assets as required under the regulatory agreement | 1.87% |
FAIR VALUE DISCLOSURES (Schedul
FAIR VALUE DISCLOSURES (Schedule of Items Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | $ 1,501,503 | $ 1,445,689 | ||||
Servicing rights | 19,041 | $ 17,402 | 18,013 | $ 18,784 | $ 19,077 | $ 18,854 |
U.S. Government sponsored agencies [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 231,983 | 231,731 | ||||
Residential mortgage-backed [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 948,405 | 1,007,844 | ||||
Commercial mortgage-backed [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 18,523 | 837 | ||||
State and political subdivisions [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 28,893 | 29,615 | ||||
Corporate notes [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 271,743 | 173,695 | ||||
Equity investments [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 1,956 | 1,967 | ||||
Fair Value, Measurements, Recurring [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Mortgage loans held for sale | 36,428 | 31,411 | ||||
Servicing rights | 19,041 | 18,013 | ||||
Total assets, fair value disclosure (recurring) | 1,558,075 | 1,495,399 | ||||
Fair Value, Measurements, Recurring [Member] | Interest rate lock commitments [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Derivative Assets | 655 | 580 | ||||
Fair Value, Measurements, Recurring [Member] | Forward commitments to sell mortgage-backed securities [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Derivative Assets | 448 | (294) | ||||
Fair Value, Measurements, Recurring [Member] | U.S. Government sponsored agencies [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 231,983 | 231,731 | ||||
Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 948,405 | 1,007,844 | ||||
Fair Value, Measurements, Recurring [Member] | Commercial mortgage-backed [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 18,523 | 837 | ||||
Fair Value, Measurements, Recurring [Member] | State and political subdivisions [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 28,893 | 29,615 | ||||
Fair Value, Measurements, Recurring [Member] | Corporate notes [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 271,743 | 173,695 | ||||
Fair Value, Measurements, Recurring [Member] | Equity investments [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 1,956 | 1,967 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Mortgage loans held for sale | 0 | 0 | ||||
Servicing rights | 0 | 0 | ||||
Total assets, fair value disclosure (recurring) | 1,956 | 1,967 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest rate lock commitments [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Derivative Assets | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Forward commitments to sell mortgage-backed securities [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Derivative Assets | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Government sponsored agencies [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential mortgage-backed [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial mortgage-backed [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | State and political subdivisions [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate notes [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity investments [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 1,956 | 1,967 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Mortgage loans held for sale | 36,428 | 31,411 | ||||
Servicing rights | 19,041 | 18,013 | ||||
Total assets, fair value disclosure (recurring) | 1,556,119 | 1,493,432 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate lock commitments [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Derivative Assets | 655 | 580 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Forward commitments to sell mortgage-backed securities [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Derivative Assets | 448 | (294) | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government sponsored agencies [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 231,983 | 231,731 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential mortgage-backed [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 948,405 | 1,007,844 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial mortgage-backed [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 18,523 | 837 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | State and political subdivisions [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 28,893 | 29,615 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate notes [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 271,743 | 173,695 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity investments [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Mortgage loans held for sale | 0 | 0 | ||||
Servicing rights | 0 | 0 | ||||
Total assets, fair value disclosure (recurring) | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest rate lock commitments [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Derivative Assets | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Forward commitments to sell mortgage-backed securities [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Derivative Assets | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Government sponsored agencies [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Residential mortgage-backed [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial mortgage-backed [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | State and political subdivisions [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate notes [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity investments [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available for sale securities, fair value | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES (Sched62
FAIR VALUE DISCLOSURES (Schedule of Items Measured on a Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate, fair value disclosure | $ 12,386 | $ 55,666 |
Total assets, fair value disclosure (nonrecurring) | 106,122 | 181,290 |
Commercial, financial and agricultural [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 5,384 | 8,144 |
Real estate construction and development [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 2,897 | 3,516 |
Residential mortgage [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 78,284 | 82,479 |
Home equity [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 4,255 | 5,465 |
Multi-family residential [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 295 | 18,574 |
Commercial real estate [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 2,614 | 7,424 |
Consumer and installment [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 7 | 22 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate, fair value disclosure | 0 | 0 |
Total assets, fair value disclosure (nonrecurring) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commercial, financial and agricultural [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Real estate construction and development [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Residential mortgage [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Home equity [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Multi-family residential [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commercial real estate [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Consumer and installment [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate, fair value disclosure | 0 | 0 |
Total assets, fair value disclosure (nonrecurring) | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Commercial, financial and agricultural [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Real estate construction and development [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Residential mortgage [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Home equity [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Multi-family residential [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Commercial real estate [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Consumer and installment [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate, fair value disclosure | 12,386 | 55,666 |
Total assets, fair value disclosure (nonrecurring) | 106,122 | 181,290 |
Fair Value, Inputs, Level 3 [Member] | Commercial, financial and agricultural [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 5,384 | 8,144 |
Fair Value, Inputs, Level 3 [Member] | Real estate construction and development [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 2,897 | 3,516 |
Fair Value, Inputs, Level 3 [Member] | Residential mortgage [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 78,284 | 82,479 |
Fair Value, Inputs, Level 3 [Member] | Home equity [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 4,255 | 5,465 |
Fair Value, Inputs, Level 3 [Member] | Multi-family residential [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 295 | 18,574 |
Fair Value, Inputs, Level 3 [Member] | Commercial real estate [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | 2,614 | 7,424 |
Fair Value, Inputs, Level 3 [Member] | Consumer and installment [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired loans, net, fair value disclosure | $ 7 | $ 22 |
FAIR VALUE DISCLOSURES (Estimat
FAIR VALUE DISCLOSURES (Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment securities: | ||
Available for sale | $ 1,501,503 | $ 1,445,689 |
Held to maturity debt securities, fair value | 583,670 | 614,272 |
FRB and FHLB stock | 30,390 | 30,458 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 238,356 | 205,402 |
Investment securities: | ||
Available for sale | 1,501,503 | 1,445,689 |
Held to maturity debt securities, fair value | 583,670 | 614,272 |
Loans held for portfolio | 3,252,942 | 2,937,948 |
Loans held for sale | 36,428 | 31,411 |
Derivative instruments | 1,103 | 286 |
Accrued interest receivable | 15,206 | 15,064 |
Financial Liabilities: | ||
Deposits | 5,055,442 | 4,848,582 |
Securities sold under agreements to repurchase | 45,616 | 64,875 |
Accrued interest payable | 842 | 831 |
Subordinated debentures | 273,116 | 303,191 |
Liability for Off-Balance Sheet Financial Instruments: | ||
Commitments to extend credit, standby letters of credit and financial guarantees | 12 | 12 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 238,356 | 205,402 |
Investment securities: | ||
Available for sale | 1,956 | 1,967 |
Held to maturity debt securities, fair value | 0 | 0 |
Loans held for portfolio | 0 | 0 |
Loans held for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Accrued interest receivable | 15,206 | 15,064 |
Financial Liabilities: | ||
Deposits | 4,180,414 | 3,923,627 |
Securities sold under agreements to repurchase | 45,616 | 64,875 |
Accrued interest payable | 842 | 831 |
Subordinated debentures | 0 | 0 |
Liability for 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: | ||
Available for sale | 1,499,547 | 1,443,722 |
Held to maturity debt securities, fair value | 583,670 | 614,272 |
Loans held for portfolio | 0 | 0 |
Loans held for sale | 36,428 | 31,411 |
Derivative instruments | 1,103 | 286 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities: | ||
Deposits | 875,028 | 924,955 |
Securities sold under agreements to repurchase | 0 | 0 |
Accrued interest payable | 0 | 0 |
Subordinated debentures | 0 | 0 |
Liability for 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: | ||
Available for sale | 0 | 0 |
Held to maturity debt securities, fair value | 0 | 0 |
Loans held for portfolio | 3,252,942 | 2,937,948 |
Loans held for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Accrued interest payable | 0 | 0 |
Subordinated debentures | 273,116 | 303,191 |
Liability for Off-Balance Sheet Financial Instruments: | ||
Commitments to extend credit, standby letters of credit and financial guarantees | 12 | 12 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 238,356 | 205,402 |
Investment securities: | ||
Available for sale | 1,501,503 | 1,445,689 |
Held to maturity debt securities, fair value | 587,200 | 618,148 |
Loans held for portfolio | 3,249,663 | 3,050,958 |
Loans held for sale | 36,428 | 31,411 |
FRB and FHLB stock | 30,390 | 30,458 |
Derivative instruments | 1,103 | 286 |
Accrued interest receivable | 15,206 | 15,064 |
Financial Liabilities: | ||
Deposits | 5,056,525 | 4,849,504 |
Securities sold under agreements to repurchase | 45,616 | 64,875 |
Accrued interest payable | 842 | 831 |
Subordinated debentures | 354,324 | 354,286 |
Liability for Off-Balance Sheet Financial Instruments: | ||
Commitments to extend credit, standby letters of credit and financial guarantees | $ 12 | $ 12 |
FAIR VALUE DISCLOSURES (Textual
FAIR VALUE DISCLOSURES (Textual) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||||
Loans transferred to other real estate | $ 1,507 | $ 2,915 | ||
Write-downs on other real estate | $ 223 | $ 100 | $ 332 | $ 197 |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Gross deferred tax assets | $ 340,684 | $ 348,116 |
Valuation allowance | (29,416) | (35,541) |
Deferred tax assets, net of valuation allowance | 311,268 | 312,575 |
Deferred tax liabilities | 41,301 | 40,728 |
Net deferred tax assets | $ 269,967 | $ 271,847 |
INCOME TAXES (Changes in Deferr
INCOME TAXES (Changes in Deferred Tax Asset Valuation Allowance) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Valuation Allowance [Line Items] | |
Change in forecasted earnings | $ (3,297) |
Generation of capital gain on single issuer’s common stock sale | (3,681) |
Changes in estimates associated with certain federal & state tax attributes | 853 |
Total decrease in deferred tax asset valuation allowance | (6,125) |
Federal [Member] | |
Valuation Allowance [Line Items] | |
Change in forecasted earnings | (2,134) |
Generation of capital gain on single issuer’s common stock sale | (2,943) |
Changes in estimates associated with certain federal & state tax attributes | 342 |
Total decrease in deferred tax asset valuation allowance | (4,735) |
State [Member] | |
Valuation Allowance [Line Items] | |
Change in forecasted earnings | (1,163) |
Generation of capital gain on single issuer’s common stock sale | (738) |
Changes in estimates associated with certain federal & state tax attributes | 511 |
Total decrease in deferred tax asset valuation allowance | $ (1,390) |
INCOME TAXES (Textual) (Details
INCOME TAXES (Textual) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Federal [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 549.6 | $ 529.3 |
State [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 729.9 | 719.5 |
Deferred tax asset related to net operating loss carryforwards | $ 59.8 | $ 58.7 |
BUSINESS SEGMENT RESULTS (Sched
BUSINESS SEGMENT RESULTS (Schedule of Business Segment Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balance Sheet Related Disclosures [Abstract] | ||||||
Investment securities | $ 2,088,703 | $ 2,088,703 | $ 2,063,837 | |||
Total loans | 3,344,907 | 3,344,907 | 3,149,243 | |||
FRB and FHLB stock | 30,390 | 30,390 | 30,458 | |||
Total assets | 6,096,718 | 6,096,718 | 5,894,791 | |||
Deposits | 5,056,525 | 5,056,525 | 4,849,504 | |||
Securities sold under agreements to repurchase | 45,616 | 45,616 | 64,875 | |||
Subordinated debentures | 354,324 | 354,324 | 354,286 | |||
Stockholders’ equity | 527,924 | $ 506,228 | 527,924 | $ 506,228 | 512,444 | $ 488,256 |
Income Statement Related Disclosures [Abstract] | ||||||
Interest income | 45,984 | 42,587 | 87,650 | 84,776 | ||
Interest expense | 5,229 | 5,063 | 10,308 | 10,912 | ||
Net interest income (loss) | 40,755 | 37,524 | 77,342 | 73,864 | ||
(Benefit) provision for loan losses | (7,500) | 0 | (7,500) | 0 | ||
Net interest income (loss) after (benefit) provision for loan losses | 48,255 | 37,524 | 84,842 | 73,864 | ||
Noninterest income | 22,541 | 13,837 | 40,669 | 28,122 | ||
Noninterest expense | 56,510 | 43,211 | 106,929 | 85,569 | ||
Income (loss) before provision (benefit) for income taxes | 14,286 | 8,150 | 18,582 | 16,417 | ||
Provision (benefit) for income taxes | 1,556 | 2,918 | 3,169 | 5,835 | ||
Net income (loss) | 12,730 | 5,232 | 15,413 | 10,582 | ||
Net income (loss) attributable to noncontrolling interest in subsidiary | 18 | 1 | 27 | (54) | ||
Net income (loss) attributable to First Banks, Inc. | 12,712 | 5,231 | 15,386 | 10,636 | ||
First Bank [Member] | Operating Segments [Member] | ||||||
Balance Sheet Related Disclosures [Abstract] | ||||||
Investment securities | 2,088,703 | 2,088,703 | 2,063,837 | |||
Total loans | 3,344,907 | 3,344,907 | 3,149,243 | |||
FRB and FHLB stock | 30,390 | 30,390 | 30,458 | |||
Total assets | 6,047,605 | 6,047,605 | 5,847,778 | |||
Deposits | 5,078,758 | 5,078,758 | 4,871,140 | |||
Securities sold under agreements to repurchase | 45,616 | 45,616 | 64,875 | |||
Subordinated debentures | 0 | 0 | 0 | |||
Stockholders’ equity | 883,317 | 883,317 | 871,301 | |||
Income Statement Related Disclosures [Abstract] | ||||||
Interest income | 45,984 | 42,557 | 87,650 | 84,746 | ||
Interest expense | 2,186 | 2,041 | 4,261 | 4,092 | ||
Net interest income (loss) | 43,798 | 40,516 | 83,389 | 80,654 | ||
(Benefit) provision for loan losses | (7,500) | 0 | (7,500) | 0 | ||
Net interest income (loss) after (benefit) provision for loan losses | 51,298 | 40,516 | 90,889 | 80,654 | ||
Noninterest income | 22,450 | 13,747 | 40,487 | 27,916 | ||
Noninterest expense | 56,343 | 43,230 | 106,586 | 85,833 | ||
Income (loss) before provision (benefit) for income taxes | 17,405 | 11,033 | 24,790 | 22,737 | ||
Provision (benefit) for income taxes | 2,647 | 1,901 | 5,341 | 6,021 | ||
Net income (loss) | 14,758 | 9,132 | 19,449 | 16,716 | ||
Net income (loss) attributable to noncontrolling interest in subsidiary | 18 | 1 | 27 | (54) | ||
Net income (loss) attributable to First Banks, Inc. | 14,740 | 9,131 | 19,422 | 16,770 | ||
Corporate, Other and Intercompany Reclassifications [Member] | ||||||
Balance Sheet Related Disclosures [Abstract] | ||||||
Investment securities | 0 | 0 | 0 | |||
Total loans | 0 | 0 | 0 | |||
FRB and FHLB stock | 0 | 0 | 0 | |||
Total assets | 49,113 | 49,113 | 47,013 | |||
Deposits | (22,233) | (22,233) | (21,636) | |||
Securities sold under agreements to repurchase | 0 | 0 | 0 | |||
Subordinated debentures | 354,324 | 354,324 | 354,286 | |||
Stockholders’ equity | (355,393) | (355,393) | $ (358,857) | |||
Income Statement Related Disclosures [Abstract] | ||||||
Interest income | 0 | 30 | 0 | 30 | ||
Interest expense | 3,043 | 3,022 | 6,047 | 6,820 | ||
Net interest income (loss) | (3,043) | (2,992) | (6,047) | (6,790) | ||
(Benefit) provision for loan losses | 0 | 0 | 0 | 0 | ||
Net interest income (loss) after (benefit) provision for loan losses | (3,043) | (2,992) | (6,047) | (6,790) | ||
Noninterest income | 91 | 90 | 182 | 206 | ||
Noninterest expense | 167 | (19) | 343 | (264) | ||
Income (loss) before provision (benefit) for income taxes | (3,119) | (2,883) | (6,208) | (6,320) | ||
Provision (benefit) for income taxes | (1,091) | 1,017 | (2,172) | (186) | ||
Net income (loss) | (2,028) | (3,900) | (4,036) | (6,134) | ||
Net income (loss) attributable to noncontrolling interest in subsidiary | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to First Banks, Inc. | $ (2,028) | $ (3,900) | $ (4,036) | $ (6,134) |
TRANSACTIONS WITH RELATED PAR69
TRANSACTIONS WITH RELATED PARTIES (Textual) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
First Services L P [Member] | |||||
Related Party Transaction [Line Items] | |||||
Service Fees Paid to Affiliate | $ 4,800,000 | $ 5,100,000 | $ 9,800,000 | $ 10,000,000 | |
First Services L P [Member] | Affiliate Services Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred fees and other revenue from affiliate | 54,000 | 60,000 | 108,000 | 120,000 | |
First Services L P [Member] | Premises [Member] | |||||
Related Party Transaction [Line Items] | |||||
Proceeds from Rents Received | 435,000 | 435,000 | 870,000 | 870,000 | |
First Brokerage America L L C [Member] | |||||
Related Party Transaction [Line Items] | |||||
Commissions Received From Unaffliated Third Party Companies | 1,000,000 | 1,200,000 | 2,000,000 | 2,300,000 | |
First Brokerage America L L C [Member] | Premises [Member] | |||||
Related Party Transaction [Line Items] | |||||
Proceeds from Rents Received | 103,000 | 149,000 | 220,000 | 242,000 | |
Dierbergs Markets Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Operating Leases, Rent Expense, Net | $ 125,000 | $ 126,000 | $ 253,000 | $ 252,000 | |
First Bank [Member] | |||||
Related Party Transaction [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 53.23% | 53.23% | |||
First Capital America, Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 46.77% | 46.77% | |||
Loans to Directors, Executive Officers and/or their Affliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Loans and Leases Receivable, Related Parties | $ 7,800,000 | $ 7,800,000 | $ 28,800,000 |