Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'RENASANT CORP | ' | ' |
Entity Central Index Key | '0000715072 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Common Stock, Shares Outstanding (shares) | ' | 31,477,367 | ' |
Entity Public Float | ' | ' | $588,684,368 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $87,342 | $63,225 |
Interest-bearing balances with banks | 159,306 | 69,195 |
Cash and cash equivalents | 246,648 | 132,420 |
Securities held to maturity (fair value of $408,576 and $334,475, respectively) | 412,075 | 317,766 |
Securities available for sale, at fair value | 501,254 | 356,311 |
Mortgage loans held for sale, at fair value | 33,440 | 34,845 |
Loans, net of unearned income: | ' | ' |
Covered under loss-share agreements | 181,674 | 237,088 |
Not covered under loss-share agreements | 3,699,344 | 2,573,165 |
Total loans, net of unearned income | 3,881,018 | 2,810,253 |
Allowance for loan losses | -47,665 | -44,347 |
Loans, net | 3,833,353 | 2,765,906 |
Premises and equipment, net | 101,525 | 66,752 |
Other real estate owned: | ' | ' |
Covered under loss-share agreements | 12,942 | 45,534 |
Not covered under loss-share agreements | 39,945 | 44,717 |
Total other real estate owned, net | 52,887 | 90,251 |
Goodwill | 276,100 | 184,859 |
Other intangible assets, net | 28,230 | 6,066 |
FDIC loss-share indemnification asset | 26,273 | 44,153 |
Other assets | 234,485 | 179,287 |
Total assets | 5,746,270 | 4,178,616 |
Deposits | ' | ' |
Noninterest-bearing | 856,020 | 568,214 |
Interest-bearing | 3,985,892 | 2,893,007 |
Total deposits | 4,841,912 | 3,461,221 |
Short-term borrowings | 2,283 | 5,254 |
Long-term debt | 169,592 | 159,452 |
Other liabilities | 66,831 | 54,481 |
Total liabilities | 5,080,618 | 3,680,408 |
Shareholders’ equity | ' | ' |
Preferred stock, $.01 par value – 5,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $5.00 par value – 75,000,000 shares authorized, 32,656,182 and 26,715,797 shares issued, respectively; 31,387,668 and 25,157,637 shares outstanding, respectively | 163,281 | 133,579 |
Treasury stock, at cost | -23,023 | -25,626 |
Additional paid-in capital | 342,552 | 218,128 |
Retained earnings | 194,815 | 180,628 |
Accumulated other comprehensive loss, net of taxes | -11,973 | -8,501 |
Total shareholders’ equity | 665,652 | 498,208 |
Total liabilities and shareholders’ equity | $5,746,270 | $4,178,616 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Securities held to maturity, fair value | $408,576 | $334,475 |
Preferred stock, par value (usd per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $5 | $5 |
Common stock, shares authorized (shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (shares) | 32,656,182 | 26,715,797 |
Common stock, shares outstanding (shares) | 31,387,668 | 25,157,637 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income | ' | ' | ' |
Loans | $158,947 | $137,800 | $142,218 |
Securities | ' | ' | ' |
Taxable | 13,397 | 13,120 | 19,831 |
Tax-exempt | 8,012 | 8,194 | 8,095 |
Other | 248 | 199 | 543 |
Total interest income | 180,604 | 159,313 | 170,687 |
Interest expense | ' | ' | ' |
Deposits | 17,050 | 19,030 | 31,729 |
Borrowings | 6,353 | 6,945 | 9,672 |
Total interest expense | 23,403 | 25,975 | 41,401 |
Net interest income | 157,201 | 133,338 | 129,286 |
Provision for loan losses | 10,350 | 18,125 | 22,350 |
Net interest income after provision for loan losses | 146,851 | 115,213 | 106,936 |
Noninterest income | ' | ' | ' |
Service charges on deposit accounts | 20,535 | 18,612 | 19,111 |
Fees and commissions | 19,961 | 17,595 | 13,126 |
Insurance commissions | 4,976 | 3,630 | 3,298 |
Wealth Management revenue | 7,654 | 6,926 | 4,864 |
Gains on sales of securities | 54 | 1,894 | 5,057 |
Other-than-temporary-impairment losses on securities available for sale | 0 | 0 | -15,445 |
Non-credit related portion of other-than-temporary impairment on securities, recognized in other comprehensive income | 0 | 0 | 15,183 |
Net impairment losses on securities | 0 | 0 | -262 |
BOLI income | 4,085 | 3,370 | 2,821 |
Gains on sales of mortgage loans held for sale | 11,573 | 12,499 | 4,133 |
Gain on acquisition | 0 | 0 | 9,344 |
Other | 3,133 | 4,185 | 3,207 |
Total noninterest income | 71,971 | 68,711 | 64,699 |
Noninterest expense | ' | ' | ' |
Salaries and employee benefits | 98,780 | 81,002 | 66,135 |
Data processing | 8,870 | 8,724 | 7,297 |
Net occupancy and equipment | 16,957 | 14,597 | 13,552 |
Other real estate owned | 6,966 | 13,596 | 15,326 |
Professional fees | 5,540 | 4,241 | 4,173 |
Advertising and public relations | 5,630 | 4,835 | 4,085 |
Intangible amortization | 2,869 | 1,381 | 1,742 |
Communications | 5,147 | 4,212 | 4,500 |
Merger-related expenses | 6,027 | 0 | 1,651 |
Extinguishment of debt | 0 | 898 | 1,903 |
Other | 16,290 | 16,973 | 16,596 |
Total noninterest expense | 173,076 | 150,459 | 136,960 |
Income before income taxes | 45,746 | 33,465 | 34,675 |
Income taxes | 12,259 | 6,828 | 9,043 |
Net income | $33,487 | $26,637 | $25,632 |
Basic earnings per share (usd per share) | $1.23 | $1.06 | $1.02 |
Diluted earnings per share (usd per share) | $1.22 | $1.06 | $1.02 |
Cash dividends per common share (usd per share) | $0.68 | $0.68 | $0.68 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $11,260 | $6,637 | $8,019 | $7,571 | $7,281 | $7,037 | $6,345 | $5,974 | $33,487 | $26,637 | $25,632 |
Securities available for sale: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized holding gains (losses) on securities | ' | ' | ' | ' | ' | ' | ' | ' | -6,869 | 3,305 | 22,443 |
Non-credit related portion of other-than-temporary impairment on securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -9,376 |
Reclassification adjustment for gains realized in net income | ' | ' | ' | ' | ' | ' | ' | ' | 71 | -1,170 | -2,961 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | ' | ' | ' | ' | ' | ' | ' | ' | -215 | -350 | -617 |
Total securities available for sale | ' | ' | ' | ' | ' | ' | ' | ' | -7,013 | 1,785 | 9,489 |
Derivative instruments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized holding (losses) gains on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | 1,325 | -1,336 | 0 |
Reclassification adjustment for gains realized in net income | ' | ' | ' | ' | ' | ' | ' | ' | -125 | -311 | -377 |
Totals derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | 1,200 | -1,647 | -377 |
Defined benefit pension and post-retirement benefit plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) gain arising during the period | ' | ' | ' | ' | ' | ' | ' | ' | 1,957 | -756 | -1,092 |
Less amortization of net actuarial loss recognized in net periodic pension cost | ' | ' | ' | ' | ' | ' | ' | ' | 384 | 264 | 274 |
Total defined benefit pension and post-retirement benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | 2,341 | -492 | -818 |
Other comprehensive (loss) income, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -3,472 | -354 | 8,294 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $30,015 | $26,283 | $33,926 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2010 | $469,509 | $133,579 | ($27,187) | $217,011 | $162,547 | ($16,441) |
Beginning Balance (shares) at Dec. 31, 2010 | ' | 25,043,112 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 25,632 | ' | ' | ' | 25,632 | ' |
Changes in other comprehensive income (loss) | 8,294 | ' | ' | ' | ' | 8,294 |
Comprehensive income | 33,926 | ' | ' | ' | ' | ' |
Cash dividends ($0.68 per share) | -17,071 | ' | ' | ' | -17,071 | ' |
Issuance of common stock for stock-based compensation awards | -218 | ' | -372 | 154 | ' | ' |
Issuance of common stock for stock-based compensation awards (shares) | ' | 22,956 | ' | ' | ' | ' |
Stock-based compensation expense | 620 | ' | ' | 620 | ' | ' |
Ending Balance at Dec. 31, 2011 | 487,202 | 133,579 | -26,815 | 217,477 | 171,108 | -8,147 |
Ending Balance (shares) at Dec. 31, 2011 | ' | 25,066,068 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 26,637 | ' | ' | ' | 26,637 | ' |
Changes in other comprehensive income (loss) | -354 | ' | ' | ' | ' | -354 |
Comprehensive income | 26,283 | ' | ' | ' | ' | ' |
Cash dividends ($0.68 per share) | -17,117 | ' | ' | ' | -17,117 | ' |
Issuance of common stock for stock-based compensation awards | -472 | ' | -1,189 | 717 | ' | ' |
Issuance of common stock for stock-based compensation awards (shares) | ' | 91,569 | ' | ' | ' | ' |
Stock-based compensation expense | 1,368 | ' | ' | 1,368 | ' | ' |
Ending Balance at Dec. 31, 2012 | 498,208 | 133,579 | -25,626 | 218,128 | 180,628 | -8,501 |
Ending Balance (shares) at Dec. 31, 2012 | ' | 25,157,637 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 33,487 | ' | ' | ' | 33,487 | ' |
Changes in other comprehensive income (loss) | -3,472 | ' | ' | ' | ' | -3,472 |
Comprehensive income | 30,015 | ' | ' | ' | ' | ' |
Cash dividends ($0.68 per share) | -19,303 | ' | ' | ' | -19,303 | ' |
Common stock issued in connection with the acquisition of First M&F Corp. | 155,524 | 29,702 | 4,074 | 121,748 | ' | ' |
Common stock issued in connection with the acquisition of First M&F Corp. (shares) | ' | 6,175,576 | ' | ' | ' | ' |
Purchase of treasury stock related to stock-based compensation awards | -1,496 | ' | -1,496 | ' | ' | ' |
Purchase of treasury stock related to stock-based compensation awards (shares) | ' | -59,342 | ' | ' | ' | ' |
Issuance of common stock for stock-based compensation awards | 105 | ' | -25 | 130 | ' | ' |
Issuance of common stock for stock-based compensation awards (shares) | ' | 113,797 | ' | ' | ' | ' |
Stock-based compensation expense | 2,806 | ' | ' | 2,806 | ' | ' |
Other, net | 3 | ' | ' | ' | 3 | ' |
Ending Balance at Dec. 31, 2013 | $665,652 | $163,281 | ($23,023) | $342,552 | $194,815 | ($11,973) |
Ending Balance (shares) at Dec. 31, 2013 | ' | 31,387,668 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash dividends per share (usd per share) | $0.68 | $0.68 | $0.68 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income | $33,487 | $26,637 | $25,632 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 10,350 | 18,125 | 22,350 |
Depreciation, amortization and accretion | 9,096 | 7,710 | 4,798 |
Deferred income tax (benefit) expense | -285 | -18,116 | -2,498 |
Funding of mortgage loans held for sale | -619,526 | -588,454 | -433,845 |
Proceeds from sales of mortgage loans held for sale | 625,749 | 594,008 | 438,212 |
Gains on sales of mortgage loans held for sale | -11,573 | -12,499 | -4,133 |
Gains on sales of securities | -54 | -1,894 | -5,057 |
Other-than-temporary-impairment losses on securities | 0 | 0 | 262 |
Gains on sales of premises and equipment | 58 | -39 | -38 |
Gain on acquisition | 0 | 0 | -9,344 |
Stock-based compensation | 4,756 | 1,368 | 620 |
Decrease in FDIC loss-share indemnification asset, net of accretion | 26,308 | 62,247 | 60,110 |
Decrease in other assets | 73,733 | 84,344 | 54,186 |
Increase in other liabilities | 1,187 | 4,273 | 1,876 |
Net cash provided by operating activities | 153,286 | 177,710 | 153,131 |
Investing activities | ' | ' | ' |
Purchases of securities available for sale | -163,146 | -152,873 | -112,761 |
Proceeds from sales of securities available for sale | 9,015 | 126,050 | 86,048 |
Proceeds from call/maturities of securities available for sale | 80,758 | 134,964 | 167,191 |
Purchases of securities held to maturity | -70,075 | -134,511 | -182,277 |
Proceeds from sales of securities held to maturity | 4,459 | 0 | 13,033 |
Proceeds from call/maturities of securities held to maturity | 112,283 | 148,021 | 67,204 |
Net (increase) decrease in loans | -192,399 | -300,686 | -44,333 |
Purchases of premises and equipment | -8,050 | -17,588 | -6,333 |
Proceeds from sales of premises and equipment | 0 | 309 | 114 |
Net cash paid in acquisition | 0 | -510 | -792 |
Net cash received in acquisition | 170,005 | 0 | 148,443 |
Net cash (used in) provided by investing activities | -57,150 | -196,824 | 135,537 |
Financing activities | ' | ' | ' |
Net increase in noninterest-bearing deposits | 652 | 36,304 | 153,015 |
Net increase (decrease) in interest-bearing deposits | 54,009 | 12,680 | -431,936 |
Net decrease in short-term borrowings | -9,760 | -6,231 | -3,901 |
Proceeds from long-term debt | 0 | 3,100 | 0 |
Repayment of long-term debt | -8,073 | -86,711 | -72,645 |
Cash paid for dividends | -19,303 | -17,117 | -17,071 |
Cash received on exercise of stock options | 277 | 548 | 218 |
Excess tax (expense) benefits from exercise of stock options | 290 | -56 | 0 |
Proceeds from equity offering | 0 | 0 | 0 |
Net cash used in financing activities | 18,092 | -57,483 | -372,320 |
Net (decrease) increase in cash and cash equivalents | 114,228 | -76,597 | -83,652 |
Cash and cash equivalents at beginning of year | 132,420 | 209,017 | 292,669 |
Cash and cash equivalents at end of year | 246,648 | 132,420 | 209,017 |
Supplemental disclosures | ' | ' | ' |
Cash paid for interest | 23,302 | 26,988 | 43,000 |
Cash paid for income taxes | 11,391 | 23,971 | 9,265 |
Noncash transactions: | ' | ' | ' |
Transfers of loans to other real estate | $18,466 | $48,660 | $43,513 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Significant Accounting Policies | ' | |||||||
Significant Accounting Policies | ||||||||
(In Thousands, Except Share Data) | ||||||||
Nature of Operations: Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”) and Renasant Insurance, Inc. The Company offers a diversified range of financial, fiduciary and insurance services to its retail and commercial customers through its subsidiaries and full service offices located throughout north and north central Mississippi, Tennessee, north and central Alabama and north Georgia. | ||||||||
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||
Consolidation: In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic (“ASC”) 810, “Consolidation” (“ASC 810”), a company’s consolidated financial statements are required to include subsidiaries in which the company has a controlling financial interest. The accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. The Company is not the primary beneficiary of any variable interest entity as defined by ASC 810. | ||||||||
Cash and Cash Equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | ||||||||
Securities: Debt securities are classified as held to maturity when purchased if management has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Securities not classified as held to maturity or trading are classified as available for sale. Presently, the Company has no intention of establishing a trading classification. Available for sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income within shareholders’ equity. | ||||||||
The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts. Such amortization and accretion is included in interest income from securities. Dividend income is included in interest income from securities. Realized gains and losses on sales of securities are reflected under the line item “Gains on sales of securities” on the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method. | ||||||||
The Company evaluates its investment portfolio for other-than-temporary-impairment (“OTTI”) on a quarterly basis. Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. When impairment of an equity security is considered to be other-than-temporary, the security is written down to its fair value and an impairment loss is recorded as a loss within noninterest income in the Consolidated Statements of Income. When impairment of a debt security is considered to be other-than-temporary, the security is written down to its fair value. The amount of OTTI recorded as a loss within noninterest income depends on whether an entity intends to sell the debt security and whether it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis. If an entity intends to, or has decided to, sell the debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, OTTI must be recognized in earnings in an amount equal to the entire difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the debt security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, OTTI is separated into the amount representing credit loss and the amount related to all other market factors. The amount related to credit loss is recognized in earnings. The amount related to other market factors is recognized in other comprehensive income, net of applicable taxes. | ||||||||
Furthermore, debt securities may be transferred to a nonaccrual status where the recognition of investment interest is discontinued. A number of qualitative factors, including but not limited to the financial condition of the underlying issuing financial institutions and current and projected deferrals or defaults, are considered by management in the determination of whether the debt security should be transferred to nonaccrual status. The interest on these nonaccrual investment securities is accounted for on the cash-basis method until the debt security qualifies for return to accrual status. See Note C, “Securities,” for further details regarding the Company’s securities portfolio. | ||||||||
Securities Sold Under Agreements to Repurchase: Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party. | ||||||||
Mortgage Loans Held for Sale: Mortgage loans held for sale represent residential mortgage loans held for sale. The Company has elected to carry these loans at fair value as permitted under the guidance in ASC 825, “Financial Instruments” (“ASC 825”). Mortgage loans held for sale are classified separately on the Consolidated Balance Sheets. Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. These gains and losses are classified under the line item “Gains on sales of mortgage loans held for sale” on the Consolidated Statements of Income. | ||||||||
Loans and the Allowance for Loan Losses: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans. Renasant Bank defers certain nonrefundable loan origination fees as well as the direct costs of originating or acquiring loans. The deferred fees and costs are then amortized over the term of the note for all loans with payment schedules. Those loans with no payment schedule are amortized using the interest method. The amortization of these deferred fees is presented as an adjustment to the yield on loans. Interest income is accrued on the unpaid principal balance. | ||||||||
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | ||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial and construction loans above a minimum dollar amount threshold by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are evaluated collectively for impairment. When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. Once the recorded balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been foregone, and then they are recorded as recoveries of any amounts previously charged-off. For impaired loans, a specific reserve is established to adjust the carrying value of the loan to its estimated net realizable value. | ||||||||
Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days past due or placed on nonaccrual status are reported as nonperforming loans. | ||||||||
See Note D, “Loans and the Allowance for Loan Losses,” for disclosures regarding the Company’s past due and nonaccrual loans, impaired loans and restructured loans. | ||||||||
The allowance for loan losses is maintained at a level believed adequate by management to absorb probable credit losses inherent in the entire loan portfolio. The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including collective impairment as recognized under ASC 450, “Contingencies”. Collective impairment is calculated based on loans grouped by grade. Another component of the allowance is losses on loans assessed as impaired under ASC 310, “Receivables” (“ASC 310”). The balance of these loans and their related allowance is included in management’s estimation and analysis of the allowance for loan losses. Management and the internal loan review staff evaluate the adequacy of the allowance for loan losses quarterly. The allowance for loan losses is evaluated based on a continuing assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories and other factors, including its risk rating system, regulatory guidance and economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses is established through a provision for loan losses charged to earnings resulting from measurements of inherent credit risk in the loan portfolio and estimates of probable losses or impairments of individual loans. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | ||||||||
Business Combinations, Accounting for Acquired Loans and Related Assets: Business combinations are accounted for by applying the acquisition method in accordance with ASC 805, “Business Combinations” (“ASC 805”). Under the acquisition method, identifiable assets acquired and liabilities assumed and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date and are recognized separately from goodwill. Results of operations of the acquired entities are included in the Consolidated Statements of Income from the date of acquisition. | ||||||||
Loans acquired in business combinations with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Acquired credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality, in accordance with ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loans. Increases in expected cash flows to be collected on these loans are recognized as an adjustment of the loan’s yield over its remaining life, while decreases in expected cash flows are recognized as an impairment. Loans acquired through business combinations that do not meet the specific criteria of ASC 310-30, but for which a discount is attributable, at least in part, to credit quality, are also accounted for under this guidance. As a result, related discounts are recognized subsequently through accretion based on the expected cash flow of the acquired loans. | ||||||||
Acquired loans covered under loss-share agreements with the Federal Deposit Insurance Corporation (“FDIC”) are recorded, as of their respective acquisition dates, at fair value. The fair value of these loans represents the expected discounted cash flows to be received over the lives of the loans, taking into account the Company’s estimate of future credit losses on the loans. These loans are excluded from the calculation of the allowance for loan losses because the fair value measurement incorporates an estimate of losses on acquired loans. The Company monitors future cash flows on these loans; to the extent future cash flows deteriorate below initial projections, the Company reserves for these loans in the allowance for loan losses through the provision for loan losses. The Company recorded a provision for loan losses of $467 and $2,527 in association with the loans covered under loss-share agreements acquired in the Crescent and American Trust transactions during the years ended December 31, 2013 and 2012, respectively. | ||||||||
In these Notes to Consolidated Financial Statements, the Company refers to loans subject to the loss-share agreements as “covered loans” or “loans covered under loss-share agreements” and loans that are not subject to the loss-share agreements as “not covered loans” or “loans not covered under loss-share agreements.” | ||||||||
As part of the loan portfolio and other real estate owned fair value estimation in connection with FDIC-assisted acquisitions, a FDIC loss-share indemnification asset is established, which represents the present value of the estimated losses on covered assets to be reimbursed by the FDIC. The estimated losses are based on the same cash flow estimates used in determining the fair value of the covered assets. The FDIC loss-share indemnification asset is reduced as losses are recognized on covered assets and loss-share payments are received from the FDIC. Realized losses in excess of estimates as of the date of the acquisition increase the FDIC loss-share indemnification asset. Conversely, when realized losses are less than these estimates, the portion of the FDIC loss-share indemnification asset no longer expected to result in a payment from the FDIC is amortized into interest income using the effective interest method. | ||||||||
Changes in the FDIC loss-share indemnification asset were as follows: | ||||||||
2013 | 2012 | |||||||
Balance at January 1 | $ | 44,153 | $ | 107,754 | ||||
Additions through acquisition | — | — | ||||||
Realized losses in excess of initial estimates on: | ||||||||
Loans | 3,039 | 10,408 | ||||||
OREO | 5,983 | 7,778 | ||||||
Reimbursable expenses | 4,612 | 3,752 | ||||||
Accretion | (3,423 | ) | (1,354 | ) | ||||
Reimbursements received from the FDIC | (28,091 | ) | (84,185 | ) | ||||
Balance at December 31 | $ | 26,273 | $ | 44,153 | ||||
Premises and Equipment: Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by use of the straight-line method for furniture, fixtures, equipment, autos and premises. The annual provisions for depreciation have been computed primarily using estimated lives of forty years for premises, seven years for furniture and equipment and three to five years for computer equipment and autos. Leasehold improvements are expensed over the period of the leases or the estimated useful life of the improvements, whichever is shorter. | ||||||||
Other Real Estate Owned: Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for loan losses. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included under the line item “Other real estate owned” in the Consolidated Statements of Income. | ||||||||
Mortgage Servicing Rights: The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights, included in “Other assets” on the Consolidated Balance Sheets, are recognized as a separate asset on the date the corresponding mortgage loan is sold. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors. Mortgage servicing rights were carried at amortized cost at December 31, 2013 and 2012, respectively. Impairment losses on mortgage servicing rights are recognized to the extent by which the unamortized cost exceeds fair value. No impairment losses on mortgage servicing rights were recognized in earnings for the years ended December 31, 2013, 2012 or 2011 respectively. | ||||||||
Goodwill and Other Intangible Assets: Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangibles with finite lives are amortized over their estimated useful lives. Goodwill and other intangible assets are subject to impairment testing annually or more frequently if events or circumstances indicate possible impairment. Goodwill is assigned to the Company’s reporting segments. Fair values of reporting segments are determined using either discounted cash flow analyses based on internal financial forecasts or, if available, market-based valuation multiples for comparable businesses. Other intangible assets, consisting of core deposit intangibles, are reviewed for events or circumstances which could impact the recoverability of the intangible asset, such as a loss of core deposits, increased competition or adverse changes in the economy. No impairment was identified for the Company’s goodwill or its other intangible assets as a result of the testing performed during 2013, 2012 or 2011. | ||||||||
Bank-Owned Life Insurance: Bank-owned life insurance (“BOLI”) is an institutionally-priced insurance product that is specifically designed for purchase by insured depository institutions. BOLI is a life insurance policy purchased by Renasant Bank on certain employees, with Renasant Bank being listed as the primary beneficiary. The carrying value of BOLI is recorded at the cash surrender value of the policies, net of any applicable surrender charges. The carrying value of BOLI included in the Consolidated Balance Sheets under the line item “Other assets” at December 31, 2013 and 2012 was $109,363 and $84,556, respectively. Changes in the value of the cash surrender value of the policies are reflected under the line item “BOLI income” on the Consolidated Statements of Income. | ||||||||
Insurance Agency Revenues: Renasant Insurance, Inc. is a full-service insurance agency offering all lines of commercial and personal insurance through major third-party insurance carriers. Commissions and fees are recognized when earned based on contractual terms and conditions of insurance policies with the insurance carriers. These commissions and fees are classified under the line item “Insurance commissions” on the Consolidated Statements of Income. Contingency fee income paid by the insurance carriers is recognized upon receipt and classified under the line item “Other noninterest income” on the Consolidated Statements of Income. | ||||||||
Trust and Financial Services Revenues: The Company offers trust services as well as various alternative investment products, including annuities and mutual funds. Trust revenues are recognized on the accrual basis in accordance with the contractual terms of the trust. Commissions and fees from the sale of annuities and mutual funds are recognized when earned based on contractual terms with the third party broker-dealer. These commissions and fees are classified under the line item “Wealth Management revenue” on the Consolidated Statements of Income. | ||||||||
Income Taxes: Income taxes are accounted for under the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. It is the Company’s policy to recognize interest and penalties, if incurred, related to unrecognized tax benefits in income tax expense. The Company and its subsidiaries file a consolidated federal income tax return. Renasant Bank provides for income taxes on a separate-return basis and remits to the Company amounts determined to be currently payable. | ||||||||
Deferred income taxes, included in “Other assets” on the Consolidated Balance Sheets, reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes that the Company and its subsidiaries will realize a substantial majority of the deferred tax assets. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized through a charge to income tax expense. | ||||||||
Fair Value Measurements: ASC 820, “Fair Value Measurements and Disclosures,” (“ASC 820”) provides guidance for using fair value to measure assets and liabilities and also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3). See Note R, “Fair Value Measurements,” for further details regarding the Company’s methods and assumptions used to estimate the fair values of the Company’s financial assets and liabilities. | ||||||||
Derivative Instruments and Hedging Activities: The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure. Derivative financial instruments are included in the Consolidated Balance Sheets line item “Other assets” or “Other liabilities” at fair value in accordance with ASC 815, “Derivatives and Hedging.” | ||||||||
Cash flow hedges are utilized to mitigate the exposure to variability in expected future cash flows or other types of forecasted transactions. For the Company’s derivatives designated as cash flow hedges, changes in the fair value of cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. | ||||||||
The Company also utilizes derivative instruments that are not designated as hedging instruments. The Company enters into interest rate cap and/or floor agreements with its customers and then enters into an offsetting derivative contract position with other financial institutions to mitigate the interest rate risk associated with these customer contracts. Because these derivative instruments are not designated as hedging instruments, changes in the fair value of the derivative instruments are recognized currently in earnings. | ||||||||
The Company enters into interest rate lock commitments on certain residential mortgage loans with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate mortgage loans. Under such commitments, interest rates for a mortgage loan are typically locked in for up to forty-five days with the customer. These interest rate lock commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of the commitments are recognized currently in earnings and are reflected under the line item “Gains on sales of mortgage loans held for sale” on the Consolidated Statements of Income. | ||||||||
The Company utilizes two methods to deliver mortgage loans to be sold to an investor. Under a “best efforts” sales agreement, the Company enters into a sales agreement with an investor in the secondary market to sell the loan when an interest rate lock commitment is entered into with a customer, as described above. Under a “best efforts” sales agreement, the Company is obligated to sell the mortgage loan to the investor only if the loan is closed and funded. Thus, the Company will not incur any liability to an investor if the mortgage loan commitment in the pipeline fails to close. Under a mandatory delivery sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor should the Company fail to satisfy the contract. Mandatory delivery mortgage loan commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of these commitments are recognized currently in earnings and are reflected under the line item “Gains on sales of mortgage loans held for sale” on the Consolidated Statements of Income. | ||||||||
Treasury Stock: Treasury stock is recorded at cost. Shares held in treasury are not retired. | ||||||||
Stock-Based Compensation: Compensation expense for option grants and restricted stock awards is determined based on the estimated fair value of the stock options and restricted stock on the applicable grant or award date. Further, compensation expense is based on an estimate of the number of option grants expected to vest and is recognized over the option’s vesting period. The Company did not estimate any option forfeitures for 2013, 2012 or 2011 due to the low historical forfeiture rate. Expense associated with the Company’s stock-based compensation is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. The Company recognizes compensation expense for all share-based payments to employees in accordance with ASC 718, “Compensation – Stock Compensation.” See Note N, “Employee Benefit and Deferred Compensation Plans,” for further details regarding the Company’s stock-based compensation. | ||||||||
Earnings Per Common Share: Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution assuming outstanding stock options were exercised into common shares, calculated in accordance with the treasury stock method. See Note W, “Net Income Per Common Share,” for the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations. | ||||||||
Impact of Recently-Issued Accounting Standards and Pronouncements: | ||||||||
ASU 2011-05, “Comprehensive Income (Topic 220) - Presentation of Comprehensive Income.” ASU 2011-05 amends Topic 220, “Comprehensive Income,” to require that all non-owner changes in stockholders’ equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. Additionally, ASU 2011-05 requires entities to present, on the face of the financial statements, reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement or statements where the components of net income and the components of other comprehensive income are presented. The option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity was eliminated. ASU 2011-05 became effective for the Company on January 1, 2012; however, certain provisions related to the presentation of reclassification adjustments were deferred by ASU 2011-12 “Comprehensive Income (Topic 220) - Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” ASU 2013-02, “Comprehensive Income (Topic 220) - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” amended the guidance of ASU 2011-05 related to the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 became effective for the Company on January 1, 2013. As a result of these accounting standards updates, the Company’s financial statements now include separate statements of comprehensive income and additional footnote disclosures (see Note V - Other Comprehensive Income). | ||||||||
ASU 2011-11, “Balance Sheet (Topic 210) - Disclosures about Offsetting Assets and Liabilities.” ASU 2011-11 amends Topic 210, “Balance Sheet,” to require an entity to disclose both gross and net information about financial instruments, such as sales and repurchase agreements and reverse sale and repurchase agreements and securities borrowing/lending arrangements, and derivative instruments that are eligible for offset or subject to a master netting arrangement or similar agreement. ASU No. 2013-01, “Balance Sheet (Topic 210) - Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” clarifies that ordinary trade receivables are not within the scope of ASU 2011-11, more narrowly defining the scope to include only derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending arrangements. ASU 2011-11, as amended by ASU 2013-01, was required to be applied retrospectively and became effective for the Company on January 1, 2013. See Note S - Derivative Instruments for applicable disclosures. | ||||||||
ASU 2012-02, “Intangibles - Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment.” ASU 2012-02 gives entities the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that an indefinite-lived intangible asset is impaired. If, on the basis of qualitative factors, an entity determines it is more likely than not that an indefinite-lived intangible asset is impaired, then the entity must perform the two-step quantitative impairment test. If, under the quantitative impairment test, the carrying amount of the intangible asset exceeds its fair value, an entity should recognize an impairment loss in the amount of that excess. ASU 2012-02 became effective for the Company on January 1, 2013 and did not have a material impact on the Company’s Consolidated Financial Statements. | ||||||||
ASU 2012-06, “Business Combinations (Topic 805) - Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution (a consensus of the FASB Emerging Issues Task Force).” ASU 2012-06 clarifies the applicable guidance for subsequently measuring an indemnification asset recognized as a result of a government-assisted acquisition of a financial institution. Under ASU 2012-06, when a reporting entity recognizes an indemnification asset as a result of a government-assisted acquisition of a financial institution and, subsequently, a change in the cash flows expected to be collected on the indemnification asset occurs (as a result of a change in cash flows expected to be collected on the assets subject to indemnification), the reporting entity should subsequently account for the change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. Any amortization of changes in value should be limited to the contractual term of the indemnification agreement (that is, the lesser of the term of the indemnification agreement and the remaining life of the indemnified assets). ASU 2012-06 became effective for the Corporation on January 1, 2013 and did not have a material impact on the Company’s Consolidated Financial Statements. See Note A - Significant Accounting Policies for applicable disclosures. | ||||||||
ASU 2013-10, “Derivatives and Hedging (Topic 815) - Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.” ASU 2013-10 permits the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to U.S. Treasury rates and the London Interbank Offered Rate (“LIBOR”). ASU 2013-10 became effective for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013 and did not have a material impact on the Company’s Consolidated Financial Statements. | ||||||||
ASU 2013-11, “Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force).” ASU 2013-11 provides that an entity’s unrecognized tax benefit, or a portion of its unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with one exception. The exception states that to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. ASU 2013-11 is effective for fiscal years, and interim periods within those years beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on the Company’s Consolidated Financial Statements. | ||||||||
ASU 2014-01, “Investments - Equity Method and Joint Ventures (Topic 323) - Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force).” ASU 2014-01 allows for use of the proportional amortization method for qualified affordable housing projects if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received and the net investment performance is recognized in the income statement as a component of income tax expense. ASU 2014-01 provides for a practical expedient, which allows for amortization of only expected tax credits over the period tax credits are expected to be received. This method is permitted if it produces a measurement that is substantially similar to the measurement that would result from using both tax credits and other tax benefits. ASU 2014-01 is effective for fiscal years and interim periods beginning after December 15, 2014 and is applied retrospectively to all periods presented. The adoption of ASU 2014-01 is not expected to have a material impact on the Company’s Consolidated Financial Statements. | ||||||||
ASU 2014-04, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force).” Issued in January 2014, ASU 2014-04 clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. ASU 2014-04 is effective for fiscal years and interim periods beginning after December 15, 2014 and may be applied prospectively or through a modified retrospective approach. The adoption of ASU 2014-04 is not expected to have a material impact on the Company's Consolidated Financial Statements. |
Mergers_and_Acquisitions
Mergers and Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Mergers and Acquisitions | ' | ||||||||
Mergers and Acquisitions | |||||||||
(Dollar amounts in thousands) | |||||||||
Acquisition of First M&F Corporation | |||||||||
On September 1, 2013, the Company completed its acquisition by merger of First M&F Corporation ("First M&F"), a bank holding company headquartered in Kosciusko, Mississippi, and the parent of Merchants and Farmers Bank, a Mississippi banking corporation. On the same date, Merchants and Farmers Bank was merged into Renasant Bank. On August 31, 2013, First M&F operated 43 banking and insurance locations in Mississippi, Alabama and Tennessee. The acquisition of First M&F allowed the Company to further its strategic initiatives by expanding its geographic footprint into certain markets of Mississippi, Alabama and Tennessee. The Company issued 6,175,576 shares of its common stock for 100% of the voting equity interests in First M&F. The aggregate transaction value, including the dilutive impact of First M&F’s stock based compensation assumed by the Company, was $156,834. | |||||||||
The Company recorded approximately $116,366 in intangible assets which consist of goodwill of $91,333 and core deposit intangible of $25,033. Goodwill resulted from a combination of revenue enhancements from expansion into new markets and efficiencies resulting from operational synergies. The fair value of the core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. The intangible assets are not deductible for income tax purposes. | |||||||||
The Company assumed $30,928 in fixed/floating rate junior subordinated deferrable interest debentures payable to First M&F Statutory Trust I that mature in March 2036. The acquired subordinated debentures require interest to be paid quarterly at a rate of 90-day LIBOR plus 1.33%. The fair value adjustment on the junior subordinated debentures of $12,371 will be amortized on a straight line basis over the remaining life. | |||||||||
The operations of Merchants and Farmers Bank ("M&F Bank") have been included in the consolidated financial statements since September 1, 2013. However, M&F Bank is not a separate reporting segment and the Company does not separately account for the amounts of revenues, expenses and net income of M&F Bank, and therefore has not tracked those separate performance metrics since acquisition. Therefore, it is impracticable to determine the separate revenues, expenses and net income for M&F Bank for the period from September 1, 2013 through December 31, 2013 included in the consolidated statement of income for 2013. | |||||||||
The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company’s acquisition of First M&F based on their fair values on September 1, 2013. The Company is finalizing the fair value of certain assets and liabilities. As a result, the adjustments included in the following table are preliminary and may change. | |||||||||
Allocation of Purchase Price for First M&F Corporation. | |||||||||
Purchase Price: | |||||||||
Shares issued to common shareholders | 6,175,576 | ||||||||
Purchase price per share | $ | 25.17 | |||||||
Value of stock paid | $ | 155,439 | |||||||
Cash paid for fractional shares | 17 | ||||||||
Fair value of stock based compensation assumed | 68 | ||||||||
Deal charges | 1,310 | ||||||||
Total purchase price | $ | 156,834 | |||||||
Net assets acquired: | |||||||||
Stockholders’ equity at 9/1/13 | $ | 79,440 | |||||||
Increase (decrease) to net assets as a result of fair value adjustments | |||||||||
to assets acquired and liabilities assumed: | |||||||||
Securities | 253 | ||||||||
Loans, net of First M&F's allowance for loan losses(1) | (45,751 | ) | |||||||
Fixed assets | (3,070 | ) | |||||||
Core deposits intangible, net of First M&F’s existing core deposit intangible | 21,158 | ||||||||
Other real estate owned(1) | (5,797 | ) | |||||||
Other assets | (443 | ) | |||||||
Deposits | (3,207 | ) | |||||||
Junior Subordinated Debt | 12,371 | ||||||||
Other liabilities | 1,748 | ||||||||
Deferred income taxes | 8,799 | ||||||||
Total net assets acquired | 65,501 | ||||||||
Goodwill resulting from merger(2) | $ | 91,333 | |||||||
(1) The fair value adjustments to acquired loans and other real estate owned reflect management’s expectations to more aggressively market and liquidate problem assets quickly. | |||||||||
(2) The goodwill resulting from the merger has been assigned to the Community Banks operating segment. | |||||||||
The following table summarizes the fair value of assets acquired and liabilities assumed at acquisition date in connection with the merger with First M&F. The Company is finalizing the fair value of certain fixed assets and liabilities associated with First M&F mortgage operations. As a result, the values included in the following table are preliminary and may change. | |||||||||
Cash and cash equivalents | 170,005 | ||||||||
Securities | 227,693 | ||||||||
Mortgage loans held for sale | 1,659 | ||||||||
Loans, net of unearned income | 899,246 | ||||||||
Premises and equipment | 32,259 | ||||||||
Other real estate owned | 13,527 | ||||||||
Intangible assets | 116,366 | ||||||||
Other assets | 55,848 | ||||||||
Total assets | 1,516,603 | ||||||||
Deposits | 1,325,872 | ||||||||
Borrowings | 25,346 | ||||||||
Other liabilities | 9,861 | ||||||||
The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the years ended December 31, 2013 and 2012 of the Company as though the merger with First M&F had been completed as of January 1, 2012. The unaudited estimated pro forma information combines the historical results of First M&F with the Company's historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2012. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred. | |||||||||
On August 30, 2013, First M&F redeemed from the U.S. Department of the Treasury (“Treasury”) all of the outstanding shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Class B Non-Voting, Series CD, originally issued to Treasury in connection with First M&F’s participation in Treasury’s Community Development Capital Initiative, for approximately $30 million. In addition, on August 30, 2013, First M&F redeemed from Treasury the warrant to purchase 513,113 shares of First M&F common stock originally issued to Treasury in connection with First M&F’s participation in Treasury’s Capital Purchase Program, for approximately $4.1 million. | |||||||||
Years Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Interest income | $ | 222,165 | $ | 228,267 | |||||
Interest expense | 28,552 | 36,470 | |||||||
Net interest income | 193,613 | 191,797 | |||||||
Provision for loan losses | 13,030 | 26,645 | |||||||
Noninterest income | 81,174 | 91,509 | |||||||
Noninterest expense | 214,502 | 211,475 | |||||||
Income before income taxes | 47,255 | 45,186 | |||||||
Income taxes | 12,546 | 10,135 | |||||||
Net income | $ | 34,709 | $ | 35,051 | |||||
Earnings per share: | |||||||||
Basic | $ | 1.11 | $ | 1.12 | |||||
Diluted | $ | 1.1 | $ | 1.12 | |||||
Acquisition of RBC Bank (USA) Trust Division | |||||||||
On August 31, 2011, the Company acquired the Birmingham, Alabama-based trust division of RBC Bank (USA), which served clients in Alabama and Georgia. Under the terms of the transaction, RBC Bank (USA) transferred its approximately $680,000 in assets under management, comprised of personal and institutional clients with over 200 trust custodial and escrow accounts, to a wholly-owned subsidiary, and the Bank acquired all of the ownership interests in the subsidiary, which was subsequently merged into the Bank. In connection with the acquisition, the Company recognized a gain of $570, which was recognized under the line item “Gain on acquisition” in the Consolidated Statements of Income for the year ended December 31, 2011. Acquisition costs related to the transaction of $326 were recognized under the line item “Merger-related expenses” in the Consolidated Statements of Income for the year ended December 31, 2011. | |||||||||
FDIC-Assisted Acquisition | |||||||||
On February 4, 2011, the Bank entered into a purchase and assumption agreement with loss-share agreements with the FDIC to acquire specified assets and assume specified liabilities of American Trust Bank, a Georgia-chartered bank headquartered in Roswell, Georgia (“American Trust”). American Trust operated 3 branches in the northwest region of Georgia. | |||||||||
In connection with the acquisition, the Bank entered into loss-share agreements with the FDIC that covered $73,657 of American Trust loans (the “covered ATB loans”). The Bank will share in the losses on the asset pools (including single family residential mortgage loans and commercial loans) covered under the loss-share agreements. Pursuant to the terms of the loss-share agreements, the FDIC is obligated to reimburse the Bank for 80% of all eligible losses with respect to covered ATB loans, beginning with the first dollar of loss incurred. The Bank has a corresponding obligation to reimburse the FDIC for 80% of eligible recoveries with respect to covered ATB loans. | |||||||||
The acquisition of American Trust resulted in a pre-tax gain of $8,774. Due to the difference in tax bases of the assets acquired and liabilities assumed, the Company recorded a deferred tax liability of $3,356, resulting in an after-tax gain of $5,418. Under the Internal Revenue Code, the gain will be recognized over the six years following the transaction. The foregoing pre-tax and after-tax gains are considered a bargain purchase gain under ASC 805 since the total acquisition-date fair value of the identifiable net assets acquired exceeded the fair value of the consideration transferred. This gain was recognized under the line item “Gain on acquisition” in the Consolidated Statements of Income for the year ended December 31, 2011. Acquisition costs related to the American Trust acquisition of $1,325 were recognized under the line item “Merger-related expenses” in the Consolidated Statements of Income for the year ended December 31, 2011. |
Securities
Securities | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||
Securities | ' | |||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||
(In Thousands, Except Number of Securities) | ||||||||||||||||||||||||||||||
The amortized cost and fair value of securities held to maturity were as follows as of the dates presented: | ||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 125,061 | $ | 14 | $ | (8,727 | ) | $ | 116,348 | |||||||||||||||||||||
Obligations of states and political subdivisions | 287,014 | 7,897 | (2,683 | ) | 292,228 | |||||||||||||||||||||||||
$ | 412,075 | $ | 7,911 | $ | (11,410 | ) | $ | 408,576 | ||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 90,045 | $ | 116 | $ | (232 | ) | $ | 89,929 | |||||||||||||||||||||
Obligations of states and political subdivisions | 227,721 | 16,860 | (35 | ) | 244,546 | |||||||||||||||||||||||||
$ | 317,766 | $ | 16,976 | $ | (267 | ) | $ | 334,475 | ||||||||||||||||||||||
In light of the ongoing fiscal uncertainty in state and local governments, the Company analyzes its exposure to potential losses in its security portfolio on at least a quarterly basis. Management reviews the underlying credit rating and analyzes the financial condition of the respective issuers. Based on this analysis, the Company sold certain securities representing obligations of state and political subdivisions that were classified as held to maturity during 2013 and 2011. The securities sold showed significant credit deterioration in that an analysis of the financial condition of the respective issuers showed the issuers were operating at net deficits with little to no financial cushion to offset future contingencies. The securities sold in 2013 and 2011 had carrying values of $4,292 and $13,017, respectively, and the Company recognized a net gain of $169 and $16 on the sales during the years ended December 31, 2013 and 2011, respectively. No securities classified as held to maturity were sold during the years ended December 31, 2012. | ||||||||||||||||||||||||||||||
The amortized cost and fair value of securities available for sale were as follows as of the dates presented: | ||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 6,144 | $ | 125 | $ | (201 | ) | $ | 6,068 | |||||||||||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 261,659 | 2,747 | (4,414 | ) | 259,992 | |||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 149,682 | 1,542 | (4,679 | ) | 146,545 | |||||||||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 41,252 | 1,373 | (584 | ) | 42,041 | |||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 5,007 | 59 | — | 5,066 | ||||||||||||||||||||||||||
Trust preferred securities | 27,531 | 73 | (9,933 | ) | 17,671 | |||||||||||||||||||||||||
Other debt securities | 19,544 | 240 | (230 | ) | 19,554 | |||||||||||||||||||||||||
Other equity securities | 2,775 | 1,542 | — | 4,317 | ||||||||||||||||||||||||||
$ | 513,594 | $ | 7,701 | $ | (20,041 | ) | $ | 501,254 | ||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 2,169 | $ | 273 | $ | — | $ | 2,442 | ||||||||||||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 139,699 | 5,209 | (91 | ) | 144,817 | |||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 115,647 | 2,273 | (399 | ) | 117,521 | |||||||||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 41,981 | 3,077 | — | 45,058 | ||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 5,091 | 316 | — | 5,407 | ||||||||||||||||||||||||||
Trust preferred securities | 28,612 | — | (13,544 | ) | 15,068 | |||||||||||||||||||||||||
Other debt securities | 22,079 | 852 | (1 | ) | 22,930 | |||||||||||||||||||||||||
Other equity securities | 2,355 | 713 | — | 3,068 | ||||||||||||||||||||||||||
$ | 357,633 | $ | 12,713 | $ | (14,035 | ) | $ | 356,311 | ||||||||||||||||||||||
Gross realized gains and gross realized losses on sales of securities available for sale for the years 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Gross gains on sales of securities available for sale | $ | — | $ | 2,321 | $ | 5,041 | ||||||||||||||||||||||||
Gross losses on sales of securities available for sale | (115 | ) | (427 | ) | — | |||||||||||||||||||||||||
(Loss)/gain on sales of securities available for sale, net | $ | (115 | ) | $ | 1,894 | $ | 5,041 | |||||||||||||||||||||||
At December 31, 2013 and 2012, securities with a carrying value of approximately $604,571 and $308,362, respectively, were pledged to secure government, public, trust, and other deposits. Securities with a carrying value of $7,626 and $19,006 were pledged as collateral for short-term borrowings and derivative instruments at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||
The amortized cost and fair value of securities at December 31, 2013 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||||||||
Held to Maturity | Available for Sale | |||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||
Due within one year | $ | 11,153 | $ | 11,295 | $ | — | $ | — | ||||||||||||||||||||||
Due after one year through five years | 52,708 | 54,286 | 1,079 | 1,147 | ||||||||||||||||||||||||||
Due after five years through ten years | 194,469 | 187,937 | 5,065 | 4,921 | ||||||||||||||||||||||||||
Due after ten years | 153,745 | 155,058 | 27,531 | 17,671 | ||||||||||||||||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | — | — | 261,659 | 259,992 | ||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | — | — | 149,682 | 146,545 | ||||||||||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | — | — | 41,252 | 42,041 | ||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | — | — | 5,007 | 5,066 | ||||||||||||||||||||||||||
Other debt securities | — | — | 19,544 | 19,554 | ||||||||||||||||||||||||||
Other equity securities | — | — | 2,775 | 4,317 | ||||||||||||||||||||||||||
$ | 412,075 | $ | 408,576 | $ | 513,594 | $ | 501,254 | |||||||||||||||||||||||
The following table presents the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position as of the dates presented: | ||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||
# | Fair | Unrealized | # | Fair | Unrealized | # | Fair | Unrealized | ||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||
Held to Maturity: | ||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 26 | $ | 105,747 | $ | (7,826 | ) | 2 | $ | 9,090 | $ | (901 | ) | 28 | $ | 114,837 | $ | (8,727 | ) | ||||||||||||
Obligations of states and political subdivisions | 111 | 59,503 | (2,578 | ) | 2 | 933 | (105 | ) | 113 | 60,436 | (2,683 | ) | ||||||||||||||||||
Total | 137 | $ | 165,250 | $ | (10,404 | ) | 4 | $ | 10,023 | $ | (1,006 | ) | 141 | $ | 175,273 | $ | (11,410 | ) | ||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 8 | $ | 35,224 | $ | (232 | ) | 0 | $ | — | $ | — | 8 | $ | 35,224 | $ | (232 | ) | |||||||||||||
Obligations of states and political subdivisions | 4 | 2,861 | (34 | ) | 1 | 126 | (1 | ) | 5 | 2,987 | (35 | ) | ||||||||||||||||||
Total | 12 | $ | 38,085 | $ | (266 | ) | 1 | $ | 126 | $ | (1 | ) | 13 | $ | 38,211 | $ | (267 | ) | ||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||
# | Fair | Unrealized | # | Fair | Unrealized | # | Fair | Unrealized | ||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 1 | $ | 3,799 | $ | (201 | ) | 0 | $ | — | $ | — | 1 | $ | 3,799 | $ | (201 | ) | |||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 32 | 134,858 | (3,451 | ) | 3 | 13,239 | (963 | ) | 35 | 148,097 | (4,414 | ) | ||||||||||||||||||
Government agency collateralized mortgage obligations | 17 | 68,496 | (3,468 | ) | 4 | 16,750 | (1,211 | ) | 21 | 85,246 | (4,679 | ) | ||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 4 | 16,570 | (584 | ) | 0 | — | — | 4 | 16,570 | (584 | ) | |||||||||||||||||||
Government agency collateralized mortgage obligations | 0 | — | — | 0 | — | — | 0 | — | — | |||||||||||||||||||||
Trust preferred securities | 0 | — | — | 3 | 16,456 | (9,933 | ) | 3 | 16,456 | (9,933 | ) | |||||||||||||||||||
Other debt securities | 3 | 7,100 | (217 | ) | 1 | 1,897 | (13 | ) | 4 | 8,997 | (230 | ) | ||||||||||||||||||
Other equity securities | 0 | — | — | 0 | — | — | 0 | — | — | |||||||||||||||||||||
Total | 57 | $ | 230,823 | $ | (7,921 | ) | 11 | $ | 48,342 | $ | (12,120 | ) | 68 | $ | 279,165 | $ | (20,041 | ) | ||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 0 | $ | — | $ | — | 0 | $ | — | $ | — | 0 | $ | — | $ | — | |||||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 3 | 15,431 | (91 | ) | 0 | — | — | 3 | 15,431 | (91 | ) | |||||||||||||||||||
Government agency collateralized mortgage obligations | 11 | 44,616 | (389 | ) | 1 | 1,605 | (10 | ) | 12 | 46,221 | (399 | ) | ||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 0 | — | — | 0 | — | — | 0 | — | — | |||||||||||||||||||||
Government agency collateralized mortgage obligations | 0 | — | — | 0 | — | — | 0 | — | — | |||||||||||||||||||||
Trust preferred securities | 0 | — | — | 4 | 15,068 | (13,544 | ) | 4 | 15,068 | (13,544 | ) | |||||||||||||||||||
Other debt securities | 0 | — | — | 1 | 2,188 | (1 | ) | 1 | 2,188 | (1 | ) | |||||||||||||||||||
Other equity securities | 0 | — | — | 0 | — | — | 0 | — | — | |||||||||||||||||||||
Total | 14 | $ | 60,047 | $ | (480 | ) | 6 | $ | 18,861 | $ | (13,555 | ) | 20 | $ | 78,908 | $ | (14,035 | ) | ||||||||||||
The Company evaluates its investment portfolio for OTTI on a quarterly basis. Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. Impairment is considered to be other-than-temporary if the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or the security's maturity. | ||||||||||||||||||||||||||||||
The Company holds investments in pooled trust preferred securities that had a cost basis of $27,531 and $28,612 and a fair value of $17,671 and $15,068 at December 31, 2013 and 2012, respectively. The investments in pooled trust preferred securities consist of four securities representing interests in various tranches of trusts collateralized by debt issued by over 330 financial institutions. Management’s determination of the fair value of each of its holdings in pooled trust preferred securities is based on the current credit ratings, the known deferrals and defaults by the underlying issuing financial institutions and the degree to which future deferrals and defaults would be required to occur before the cash flow for the Company’s tranches is negatively impacted. In addition, management continually monitors key credit quality and capital ratios of the issuing institutions. This determination is further supported by quarterly valuations, which are performed by third parties, of each security obtained by the Company. The Company does not intend to sell the investments, and it is not more likely than not that the Company will be required to sell the investments before recovery of the investments’ amortized cost, which may be maturity. At December 31, 2013, management did not, and does not currently, believe such securities will be settled at a price less than the amortized cost of the investment. The Company did conclude in 2011 that it was probable that there had been an adverse change in estimated cash flows for two of the four securities (XXIII and XXVI in the table below) and recognized credit related impairment loss of $262. For the years ended 2012 and 2013, the Company determined the pooled trust preferred securities and their estimated cash flow were fairly valued and no additional impairment was recognized during the year ended December 31, 2013. | ||||||||||||||||||||||||||||||
However, based on the qualitative factors discussed above, each of the four pooled trust preferred securities was classified as a nonaccruing asset at December 31, 2013. Investment interest is recorded on the cash-basis method until qualifying for return to accrual status. | ||||||||||||||||||||||||||||||
The following table provides information regarding the Company’s investments in pooled trust preferred securities at December 31, 2013: | ||||||||||||||||||||||||||||||
Name | Single/ | Class/ | Amortized | Fair | Unrealized | Lowest | Issuers | |||||||||||||||||||||||
Pooled | Tranche | Cost | Value | Gain (Loss) | Credit | Currently | ||||||||||||||||||||||||
Rating | in Deferral | |||||||||||||||||||||||||||||
or Default | ||||||||||||||||||||||||||||||
XIII | Pooled | B-2 | $ | 1,141 | $ | 1,214 | $ | 73 | Caa3 | 30% | ||||||||||||||||||||
XXIII | Pooled | B-2 | 8,746 | 5,554 | (3,192 | ) | B1 | 20% | ||||||||||||||||||||||
XXIV | Pooled | B-2 | 12,076 | 7,381 | (4,695 | ) | Ca | 35% | ||||||||||||||||||||||
XXVI | Pooled | B-2 | 5,568 | 3,522 | (2,046 | ) | Ca | 31% | ||||||||||||||||||||||
$ | 27,531 | $ | 17,671 | $ | (9,860 | ) | ||||||||||||||||||||||||
The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income: | ||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Balance at January 1 | $ | (3,337 | ) | $ | (3,337 | ) | ||||||||||||||||||||||||
Additions related to credit losses for which OTTI was not previously recognized | — | — | ||||||||||||||||||||||||||||
Increases in credit loss for which OTTI was previously recognized | — | — | ||||||||||||||||||||||||||||
Balance at December 31 | $ | (3,337 | ) | $ | (3,337 | ) |
Loans_and_the_Allowance_for_Lo
Loans and the Allowance for Loan Losses | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||
(In Thousands, Except Number of Loans) | ||||||||||||||||||||||||||||||||||||
The following is a summary of loans at December 31: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 468,963 | $ | 317,050 | ||||||||||||||||||||||||||||||||
Lease financing | 53 | 195 | ||||||||||||||||||||||||||||||||||
Real estate – construction | 161,436 | 105,706 | ||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 1,208,233 | 903,423 | ||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 1,950,572 | 1,426,643 | ||||||||||||||||||||||||||||||||||
Installment loans to individuals | 91,762 | 57,241 | ||||||||||||||||||||||||||||||||||
Gross loans | 3,881,019 | 2,810,258 | ||||||||||||||||||||||||||||||||||
Unearned income | (1 | ) | (5 | ) | ||||||||||||||||||||||||||||||||
Loans, net of unearned income | 3,881,018 | 2,810,253 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | (47,665 | ) | (44,347 | ) | ||||||||||||||||||||||||||||||||
Net loans | $ | 3,833,353 | $ | 2,765,906 | ||||||||||||||||||||||||||||||||
Past Due and Nonaccrual Loans | ||||||||||||||||||||||||||||||||||||
The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Accruing Loans | Nonaccruing Loans | |||||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Current | Total | 30-89 Days | 90 Days | Current | Total | Total | ||||||||||||||||||||||||||||
Past Due | or More | Loans | Loans | Past Due | or More | Loans | Loans | Loans | ||||||||||||||||||||||||||||
Past Due | Past Due | |||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 2,067 | $ | 607 | $ | 463,521 | $ | 466,195 | $ | 138 | $ | 1,959 | $ | 671 | $ | 2,768 | $ | 468,963 | ||||||||||||||||||
Lease financing | — | — | 53 | 53 | — | — | — | — | 53 | |||||||||||||||||||||||||||
Real estate – construction | 664 | — | 159,124 | 159,788 | — | 1,648 | — | 1,648 | 161,436 | |||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 10,168 | 2,206 | 1,179,703 | 1,192,077 | 1,203 | 6,041 | 8,912 | 16,156 | 1,208,233 | |||||||||||||||||||||||||||
Real estate – commercial mortgage | 8,870 | 1,286 | 1,888,745 | 1,898,901 | 966 | 37,439 | 13,266 | 51,671 | 1,950,572 | |||||||||||||||||||||||||||
Installment loans to individuals | 706 | 88 | 90,880 | 91,674 | — | 80 | 8 | 88 | 91,762 | |||||||||||||||||||||||||||
Unearned income | — | — | (1 | ) | (1 | ) | — | — | — | — | (1 | ) | ||||||||||||||||||||||||
Total | $ | 22,475 | $ | 4,187 | $ | 3,782,025 | $ | 3,808,687 | $ | 2,307 | $ | 47,167 | $ | 22,857 | $ | 72,331 | $ | 3,881,018 | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 484 | $ | 15 | $ | 312,943 | $ | 313,442 | $ | 215 | $ | 3,131 | $ | 262 | $ | 3,608 | $ | 317,050 | ||||||||||||||||||
Lease financing | — | — | 195 | 195 | — | — | — | — | 195 | |||||||||||||||||||||||||||
Real estate – construction | 80 | — | 103,978 | 104,058 | — | 1,648 | — | 1,648 | 105,706 | |||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 6,685 | 1,992 | 867,053 | 875,730 | 1,249 | 13,417 | 13,027 | 27,693 | 903,423 | |||||||||||||||||||||||||||
Real estate – commercial mortgage | 5,084 | 1,250 | 1,373,470 | 1,379,804 | 325 | 38,297 | 8,217 | 46,839 | 1,426,643 | |||||||||||||||||||||||||||
Installment loans to individuals | 197 | 50 | 56,715 | 56,962 | 7 | 265 | 7 | 279 | 57,241 | |||||||||||||||||||||||||||
Unearned income | — | — | (5 | ) | (5 | ) | — | — | — | — | (5 | ) | ||||||||||||||||||||||||
Total | $ | 12,530 | $ | 3,307 | $ | 2,714,349 | $ | 2,730,186 | $ | 1,796 | $ | 56,758 | $ | 21,513 | $ | 80,067 | $ | 2,810,253 | ||||||||||||||||||
The Company had no restructured loans contractually 90 days past due at December 31, 2013. There were $646 restructured loans contractually 90 days past due at December 31, 2012. The outstanding balance of restructured loans on nonaccrual status was $10,078 and $11,420 at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||||||
Impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and periods presented: | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | Year Ended | |||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Investment | Recognized(1) | ||||||||||||||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 743 | $ | 664 | $ | 260 | $ | 430 | $ | 1 | ||||||||||||||||||||||||||
Lease financing | — | — | — | — | — | |||||||||||||||||||||||||||||||
Real estate – construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 25,374 | 27,659 | 7,353 | 29,247 | 682 | |||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 30,624 | 32,274 | 7,036 | 31,424 | 1,001 | |||||||||||||||||||||||||||||||
Installment loans to individuals | 183 | 183 | 1 | 185 | 3 | |||||||||||||||||||||||||||||||
Total | $ | 56,924 | $ | 60,780 | $ | 14,650 | $ | 61,286 | $ | 1,687 | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 2,043 | $ | 5,911 | $ | — | $ | 4,668 | $ | — | ||||||||||||||||||||||||||
Lease financing | — | — | — | — | — | |||||||||||||||||||||||||||||||
Real estate – construction | 1,648 | 2,447 | — | 1,650 | — | |||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 8,542 | 15,209 | — | 10,903 | 28 | |||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 38,517 | 76,688 | — | 44,995 | 105 | |||||||||||||||||||||||||||||||
Installment loans to individuals | 77 | 437 | — | 254 | — | |||||||||||||||||||||||||||||||
Total | $ | 50,827 | $ | 100,692 | $ | — | $ | 62,470 | $ | 133 | ||||||||||||||||||||||||||
Totals | $ | 107,751 | $ | 161,472 | $ | 14,650 | $ | 123,756 | $ | 1,820 | ||||||||||||||||||||||||||
December 31, 2012 | Year Ended | |||||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Investment | Recognized(1) | ||||||||||||||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,620 | $ | 1,767 | $ | 708 | $ | 1,771 | $ | 7 | ||||||||||||||||||||||||||
Lease financing | — | — | — | — | — | |||||||||||||||||||||||||||||||
Real estate – construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 28,848 | 31,079 | 9,201 | 31,300 | 922 | |||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 34,400 | 36,603 | 7,688 | 39,189 | 1,413 | |||||||||||||||||||||||||||||||
Installment loans to individuals | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 64,868 | $ | 69,449 | $ | 17,597 | $ | 72,260 | $ | 2,342 | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,620 | $ | 3,375 | $ | — | $ | 1,716 | $ | 37 | ||||||||||||||||||||||||||
Lease financing | — | — | — | — | — | |||||||||||||||||||||||||||||||
Real estate – construction | 1,648 | 2,447 | — | 1,813 | — | |||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 10,094 | 48,943 | — | 15,611 | 603 | |||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 39,450 | 81,564 | — | 45,950 | 926 | |||||||||||||||||||||||||||||||
Installment loans to individuals | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 52,812 | $ | 136,329 | $ | — | $ | 65,090 | $ | 1,566 | ||||||||||||||||||||||||||
Totals | $ | 117,680 | $ | 205,778 | $ | 17,597 | $ | 137,350 | $ | 3,908 | ||||||||||||||||||||||||||
(1) | Includes interest income recognized using the cash-basis method of income recognition of $0 and $1,801, respectively. | |||||||||||||||||||||||||||||||||||
The average recorded investment in impaired loans for the year ended December 31, 2011 was $185,899. Interest income recognized on impaired loans for the year ended December 31, 2011 was $4,689, which included interest income recognized using the cash-basis method of income recognition of $1,752. | ||||||||||||||||||||||||||||||||||||
Restructured Loans | ||||||||||||||||||||||||||||||||||||
The following table presents restructured loans segregated by class as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | 1 | $ | 20 | $ | 19 | |||||||||||||||||||||||||||||||
Lease financing | — | — | — | |||||||||||||||||||||||||||||||||
Real estate – construction | — | — | — | |||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 23 | 19,371 | 10,354 | |||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 16 | 12,785 | 10,934 | |||||||||||||||||||||||||||||||||
Installment loans to individuals | 1 | 182 | 171 | |||||||||||||||||||||||||||||||||
Total | 41 | $ | 32,358 | $ | 21,478 | |||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Lease financing | — | — | — | |||||||||||||||||||||||||||||||||
Real estate – construction | — | — | — | |||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 19 | 18,450 | 10,853 | |||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 16 | 18,985 | 18,409 | |||||||||||||||||||||||||||||||||
Installment loans to individuals | 1 | 184 | 174 | |||||||||||||||||||||||||||||||||
Total | 36 | $ | 37,619 | $ | 29,436 | |||||||||||||||||||||||||||||||
Changes in the Company’s restructured loans are set forth in the table below. | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | |||||||||||||||||||||||||||||||||||
Loans | Investment | |||||||||||||||||||||||||||||||||||
Totals at January 1, 2012 | 31 | $ | 36,311 | |||||||||||||||||||||||||||||||||
Additional loans with concessions | 14 | 5,943 | ||||||||||||||||||||||||||||||||||
Reductions due to: | ||||||||||||||||||||||||||||||||||||
Reclassified as nonperforming | (5 | ) | (8,058 | ) | ||||||||||||||||||||||||||||||||
Charge-offs | (1 | ) | (1,682 | ) | ||||||||||||||||||||||||||||||||
Transfer to other real estate owned | (1 | ) | (419 | ) | ||||||||||||||||||||||||||||||||
Principal paydowns | (1,808 | ) | ||||||||||||||||||||||||||||||||||
Lapse of concession period | (2 | ) | (851 | ) | ||||||||||||||||||||||||||||||||
Totals at December 31, 2012 | 36 | $ | 29,436 | |||||||||||||||||||||||||||||||||
Additional loans with concessions | 13 | 4,336 | ||||||||||||||||||||||||||||||||||
Reductions due to: | ||||||||||||||||||||||||||||||||||||
Reclassified as nonperforming | (2 | ) | (3,227 | ) | ||||||||||||||||||||||||||||||||
Charge-offs | (3 | ) | (1,301 | ) | ||||||||||||||||||||||||||||||||
Transfer to other real estate owned | — | — | ||||||||||||||||||||||||||||||||||
Principal paydowns | — | (2,025 | ) | |||||||||||||||||||||||||||||||||
Lapse of concession period | (3 | ) | (5,741 | ) | ||||||||||||||||||||||||||||||||
Totals at December 31, 2013 | 41 | $ | 21,478 | |||||||||||||||||||||||||||||||||
The allocated allowance for loan losses attributable to restructured loans was $2,984 and $3,969 at December 31, 2013 and 2012, respectively. The Company had $93 and $288 in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||||||||||||||
For commercial and commercial real estate secured loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of commercial and commercial real estate secured loans. Loan grades range between 1 and 9, with 1 being loans with the least credit risk. Loans that migrate toward the “Pass” grade (those with a risk rating between 1 and 4) or within the “Pass” grade generally have a lower risk of loss and therefore a lower risk factor. The “Watch” grade (those with a risk rating of 5) is utilized on a temporary basis for “Pass” grade loans where a significant risk-modifying action is anticipated in the near term. Loans that migrate toward the “Substandard” grade (those with a risk rating between 6 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to those related loan balances. The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Pass | Watch | Substandard | Total | |||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 328,959 | $ | 10,588 | $ | 4,266 | $ | 343,813 | ||||||||||||||||||||||||||||
Real estate – construction | 114,428 | 588 | — | 115,016 | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 126,916 | 13,864 | 23,370 | 164,150 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 1,338,340 | 32,892 | 35,121 | 1,406,353 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | 19 | — | — | 19 | ||||||||||||||||||||||||||||||||
Total | $ | 1,908,662 | $ | 57,932 | $ | 62,757 | $ | 2,029,351 | ||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 226,540 | $ | 1,939 | $ | 3,218 | $ | 231,697 | ||||||||||||||||||||||||||||
Real estate – construction | 71,633 | 651 | — | 72,284 | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 96,147 | 24,138 | 32,589 | 152,874 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 989,095 | 46,148 | 37,996 | 1,073,239 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | 7 | — | — | 7 | ||||||||||||||||||||||||||||||||
Total | $ | 1,383,422 | $ | 72,876 | $ | 73,803 | $ | 1,530,101 | ||||||||||||||||||||||||||||
For portfolio balances of consumer, consumer mortgage and certain other similar loan types, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Performing | Non-Performing | Total | ||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 89,490 | $ | 176 | $ | 89,666 | ||||||||||||||||||||||||||||||
Lease financing | 53 | — | 53 | |||||||||||||||||||||||||||||||||
Real estate – construction | 43,535 | — | 43,535 | |||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 938,994 | 2,527 | 941,521 | |||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 242,363 | 666 | 243,029 | |||||||||||||||||||||||||||||||||
Installment loans to individuals | 84,855 | 79 | 84,934 | |||||||||||||||||||||||||||||||||
Total | $ | 1,399,290 | $ | 3,448 | $ | 1,402,738 | ||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 74,003 | $ | 210 | $ | 74,213 | ||||||||||||||||||||||||||||||
Lease financing | 195 | — | 195 | |||||||||||||||||||||||||||||||||
Real estate – construction | 31,774 | — | 31,774 | |||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 670,074 | 5,328 | 675,402 | |||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 195,086 | 449 | 195,535 | |||||||||||||||||||||||||||||||||
Installment loans to individuals | 54,918 | 91 | 55,009 | |||||||||||||||||||||||||||||||||
Total | $ | 1,026,050 | $ | 6,078 | $ | 1,032,128 | ||||||||||||||||||||||||||||||
Loans Acquired with Deteriorated Credit Quality | ||||||||||||||||||||||||||||||||||||
Loans acquired in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Impaired | Other | Not | Total | |||||||||||||||||||||||||||||||||
Covered | Covered | Covered | ||||||||||||||||||||||||||||||||||
Loans | Loans | Loans | ||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | — | $ | 9,546 | $ | 25,938 | $ | 35,484 | ||||||||||||||||||||||||||||
Lease financing | — | — | — | — | ||||||||||||||||||||||||||||||||
Real estate – construction | — | 1,648 | 1,237 | 2,885 | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 835 | 53,631 | 48,096 | 102,562 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 23,684 | 92,302 | 185,204 | 301,190 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | — | 28 | 6,781 | 6,809 | ||||||||||||||||||||||||||||||||
Total | $ | 24,519 | $ | 157,155 | $ | 267,256 | $ | 448,930 | ||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | — | $ | 10,800 | $ | 340 | $ | 11,140 | ||||||||||||||||||||||||||||
Lease financing | — | — | — | — | ||||||||||||||||||||||||||||||||
Real estate – construction | — | 1,648 | — | 1,648 | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 6,122 | 67,326 | 1,699 | 75,147 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 25,782 | 125,379 | 6,708 | 157,869 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | — | 31 | 2,194 | 2,225 | ||||||||||||||||||||||||||||||||
Total | $ | 31,904 | $ | 205,184 | $ | 10,941 | $ | 248,029 | ||||||||||||||||||||||||||||
The following table presents the fair value of loans determined to be impaired at the time of acquisition and determined not to be impaired at the time of acquisition as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Impaired | Other | Not | Total | |||||||||||||||||||||||||||||||||
Covered | Covered | Covered | ||||||||||||||||||||||||||||||||||
Loans | Loans | Loans | ||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Contractually-required principal and interest | $ | 67,976 | $ | 201,215 | $ | 354,234 | $ | 623,425 | ||||||||||||||||||||||||||||
Nonaccretable difference(1) | (43,456 | ) | (40,301 | ) | (50,788 | ) | (134,545 | ) | ||||||||||||||||||||||||||||
Cash flows expected to be collected | 24,520 | 160,914 | 303,446 | 488,880 | ||||||||||||||||||||||||||||||||
Accretable yield(2) | (1 | ) | (3,759 | ) | (36,190 | ) | (39,950 | ) | ||||||||||||||||||||||||||||
Fair value | $ | 24,519 | $ | 157,155 | $ | 267,256 | $ | 448,930 | ||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Contractually-required principal and interest | $ | 109,054 | $ | 264,406 | $ | 13,253 | $ | 386,713 | ||||||||||||||||||||||||||||
Nonaccretable difference(1) | (77,137 | ) | (52,517 | ) | (1,182 | ) | (130,836 | ) | ||||||||||||||||||||||||||||
Cash flows expected to be collected | 31,917 | 211,889 | 12,071 | 255,877 | ||||||||||||||||||||||||||||||||
Accretable yield(2) | (13 | ) | (6,705 | ) | (1,130 | ) | (7,848 | ) | ||||||||||||||||||||||||||||
Fair value | $ | 31,904 | $ | 205,184 | $ | 10,941 | $ | 248,029 | ||||||||||||||||||||||||||||
(1) | Represents contractual principal cash flows of $125,086 and $120,572, respectively, and interest cash flows of $9,459 and $10,264, respectively, not expected to be collected. | |||||||||||||||||||||||||||||||||||
(2) | Represents contractual interest payments expected to be collected of $3,936 and $4,945, respectively, and purchase discount of $36,014 and $2,903, respectively. | |||||||||||||||||||||||||||||||||||
Changes in the accretable yield of loans acquired with deteriorated credit quality were as follows: | ||||||||||||||||||||||||||||||||||||
Impaired | Other | Not | Total | |||||||||||||||||||||||||||||||||
Covered | Covered | Covered | ||||||||||||||||||||||||||||||||||
Loans | Loans | Loans | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | (40 | ) | $ | (9,757 | ) | $ | (746 | ) | $ | (10,543 | ) | ||||||||||||||||||||||||
Additions through acquisition | — | — | — | — | ||||||||||||||||||||||||||||||||
Reclasses from nonaccretable difference | (1,055 | ) | (12,178 | ) | (1,937 | ) | (15,170 | ) | ||||||||||||||||||||||||||||
Accretion | 1,082 | 15,230 | 1,553 | 17,865 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | (13 | ) | $ | (6,705 | ) | $ | (1,130 | ) | $ | (7,848 | ) | ||||||||||||||||||||||||
Additions through acquisition | — | — | (37,555 | ) | (37,555 | ) | ||||||||||||||||||||||||||||||
Reclasses from nonaccretable difference | (115 | ) | (6,741 | ) | (712 | ) | (7,568 | ) | ||||||||||||||||||||||||||||
Accretion | 127 | 9,688 | 3,206 | 13,021 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (1 | ) | $ | (3,758 | ) | $ | (36,191 | ) | $ | (39,950 | ) | ||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||
The following table provides a rollforward of the allowance for loan losses and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented: | ||||||||||||||||||||||||||||||||||||
Commercial | Real Estate - | Real Estate - | Real Estate - | Installment | Total | |||||||||||||||||||||||||||||||
Construction | 1-4 Family | Commercial | and Other(1) | |||||||||||||||||||||||||||||||||
Mortgage | Mortgage | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,307 | $ | 711 | $ | 18,347 | $ | 21,416 | $ | 566 | $ | 44,347 | ||||||||||||||||||||||||
Charge-offs | (1,184 | ) | — | (3,093 | ) | (4,782 | ) | (492 | ) | (9,551 | ) | |||||||||||||||||||||||||
Recoveries | 356 | 75 | 1,044 | 980 | 64 | 2,519 | ||||||||||||||||||||||||||||||
Net charge-offs | (828 | ) | 75 | (2,049 | ) | (3,802 | ) | (428 | ) | (7,032 | ) | |||||||||||||||||||||||||
Provision for loan losses | 982 | 304 | 2,496 | 6,927 | 1,029 | 11,738 | ||||||||||||||||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (403 | ) | — | (1,039 | ) | (919 | ) | — | (2,361 | ) | ||||||||||||||||||||||||||
Recoveries payable to FDIC | 32 | 1 | 874 | 66 | — | 973 | ||||||||||||||||||||||||||||||
Provision for loan losses charged to operations | 611 | 305 | 2,331 | 6,074 | 1,029 | 10,350 | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,090 | $ | 1,091 | $ | 18,629 | $ | 23,688 | $ | 1,167 | $ | 47,665 | ||||||||||||||||||||||||
Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 260 | $ | — | $ | 7,353 | $ | 7,036 | $ | 1 | $ | 14,650 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 2,830 | 1,091 | 11,276 | 16,652 | 1,166 | 33,015 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,090 | $ | 1,091 | $ | 18,629 | $ | 23,688 | $ | 1,167 | $ | 47,665 | ||||||||||||||||||||||||
Commercial | Real Estate - | Real Estate - | Real Estate - | Installment | Total | |||||||||||||||||||||||||||||||
Construction | 1-4 Family | Commercial | and Other(1) | |||||||||||||||||||||||||||||||||
Mortgage | Mortgage | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,197 | $ | 1,073 | $ | 17,191 | $ | 20,979 | $ | 900 | $ | 44,340 | ||||||||||||||||||||||||
Charge-offs | (4,923 | ) | (187 | ) | (9,231 | ) | (5,828 | ) | (386 | ) | (20,555 | ) | ||||||||||||||||||||||||
Recoveries | 531 | 34 | 1,330 | 455 | 87 | 2,437 | ||||||||||||||||||||||||||||||
Net charge-offs | (4,392 | ) | (153 | ) | (7,901 | ) | (5,373 | ) | (299 | ) | (18,118 | ) | ||||||||||||||||||||||||
Provision for loan losses | 4,274 | (121 | ) | 13,201 | 10,938 | (20 | ) | 28,272 | ||||||||||||||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (777 | ) | (88 | ) | (4,326 | ) | (5,202 | ) | (15 | ) | (10,408 | ) | ||||||||||||||||||||||||
Recoveries payable to FDIC | 5 | — | 182 | 74 | — | 261 | ||||||||||||||||||||||||||||||
Provision for loan losses charged to operations | 3,502 | (209 | ) | 9,057 | 5,810 | (35 | ) | 18,125 | ||||||||||||||||||||||||||||
Ending balance | $ | 3,307 | $ | 711 | $ | 18,347 | $ | 21,416 | $ | 566 | $ | 44,347 | ||||||||||||||||||||||||
Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 708 | $ | — | $ | 9,201 | $ | 7,688 | $ | — | $ | 17,597 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 2,599 | 711 | 9,146 | 13,728 | 566 | 26,750 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,307 | $ | 711 | $ | 18,347 | $ | 21,416 | $ | 566 | $ | 44,347 | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,625 | $ | 2,115 | $ | 20,870 | $ | 18,779 | $ | 1,026 | $ | 45,415 | ||||||||||||||||||||||||
Charge-offs | (2,037 | ) | (836 | ) | (16,755 | ) | (5,792 | ) | (373 | ) | (25,793 | ) | ||||||||||||||||||||||||
Recoveries | 272 | 110 | 767 | 1,056 | 163 | 2,368 | ||||||||||||||||||||||||||||||
Net charge-offs | (1,765 | ) | (726 | ) | (15,988 | ) | (4,736 | ) | (210 | ) | (23,425 | ) | ||||||||||||||||||||||||
Provision for loan losses | 3,464 | (316 | ) | 12,900 | 8,289 | 90 | 24,427 | |||||||||||||||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (132 | ) | — | (597 | ) | (1,353 | ) | (6 | ) | (2,088 | ) | |||||||||||||||||||||||||
Recoveries payable to FDIC | 5 | — | 6 | — | — | 11 | ||||||||||||||||||||||||||||||
Provision for loan losses charged to operations | $ | 3,337 | $ | (316 | ) | $ | 12,309 | $ | 6,936 | $ | 84 | $ | 22,350 | |||||||||||||||||||||||
Ending balance | $ | 4,197 | $ | 1,073 | $ | 17,191 | $ | 20,979 | $ | 900 | $ | 44,340 | ||||||||||||||||||||||||
Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,441 | $ | 16 | $ | 6,077 | $ | 7,876 | $ | — | $ | 15,410 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 2,756 | 1,057 | 11,114 | 13,103 | 900 | 28,930 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 4,197 | $ | 1,073 | $ | 17,191 | $ | 20,979 | $ | 900 | $ | 44,340 | ||||||||||||||||||||||||
(1) | Includes lease financing receivables. | |||||||||||||||||||||||||||||||||||
The following table provides recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Commercial | Real Estate - | Real Estate - | Real Estate - | Installment | Total | |||||||||||||||||||||||||||||||
Construction | 1-4 Family | Commercial | and Other(1) | |||||||||||||||||||||||||||||||||
Mortgage | Mortgage | |||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 743 | $ | — | $ | 25,374 | $ | 30,624 | $ | 183 | $ | 56,924 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 432,736 | 158,551 | 1,080,297 | 1,618,758 | 84,822 | 3,375,164 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 35,484 | 2,885 | 102,562 | 301,190 | 6,809 | 448,930 | ||||||||||||||||||||||||||||||
Ending balance | $ | 468,963 | $ | 161,436 | $ | 1,208,233 | $ | 1,950,572 | $ | 91,814 | $ | 3,881,018 | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,620 | $ | — | $ | 28,848 | $ | 34,400 | $ | — | $ | 64,868 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 304,290 | 104,058 | 799,428 | 1,234,374 | 55,206 | 2,497,356 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 11,140 | 1,648 | 75,147 | 157,869 | 2,225 | 248,029 | ||||||||||||||||||||||||||||||
Ending balance | $ | 317,050 | $ | 105,706 | $ | 903,423 | $ | 1,426,643 | $ | 57,431 | $ | 2,810,253 | ||||||||||||||||||||||||
(1) | Includes lease financing receivables. | |||||||||||||||||||||||||||||||||||
Related Party Loans | ||||||||||||||||||||||||||||||||||||
Certain executive officers and directors of Renasant Bank and their associates are customers of and have other transactions with Renasant Bank. Related party loans and commitments are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to Renasant Bank and do not involve more than a normal risk of collectability or present other unfavorable features. A summary of the changes in related party loans follows: | ||||||||||||||||||||||||||||||||||||
Loans at December 31, 2012 | $ | 21,869 | ||||||||||||||||||||||||||||||||||
New loans and advances | 15,630 | |||||||||||||||||||||||||||||||||||
Payments received | (2,435 | ) | ||||||||||||||||||||||||||||||||||
Changes in related parties | (306 | ) | ||||||||||||||||||||||||||||||||||
Loans at December 31, 2013 | $ | 34,758 | ||||||||||||||||||||||||||||||||||
No related party loans were classified as past due, nonaccrual, impaired or restructured at December 31, 2013 or 2012. Unfunded commitments to certain executive officers and directors and their associates totaled $6,855 and $5,170 at December 31, 2013 and 2012, respectively. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Premises and Equipment | ' | |||||||
Premises and Equipment | ||||||||
(In Thousands) | ||||||||
Bank premises and equipment at December 31 are summarized as follows: | ||||||||
2013 | 2012 | |||||||
Premises | $ | 109,570 | $ | 75,106 | ||||
Leasehold improvements | 6,185 | 6,426 | ||||||
Furniture and equipment | 26,315 | 22,344 | ||||||
Computer equipment | 9,033 | 6,664 | ||||||
Autos | 271 | 221 | ||||||
Total | 151,374 | 110,761 | ||||||
Accumulated depreciation | (49,849 | ) | (44,009 | ) | ||||
Net | $ | 101,525 | $ | 66,752 | ||||
Depreciation expense was $5,479, $5,043 and $4,146 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
The Company has operating leases which extend to 2025 for certain land and office locations. Leases that expire are generally expected to be renewed or replaced by other leases. Rental expense was $2,722, $2,567 and $2,489 for 2013, 2012 and 2011, respectively. The following is a summary of future minimum lease payments for years following December 31, 2013: | ||||||||
2014 | $ | 2,878 | ||||||
2015 | 2,433 | |||||||
2016 | 2,143 | |||||||
2017 | 1,859 | |||||||
2018 | 1,566 | |||||||
Thereafter | 2,669 | |||||||
Total | $ | 13,548 | ||||||
Other_Real_Estate_Owned
Other Real Estate Owned | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Real Estate [Abstract] | ' | |||||||||||
Other Real Estate Owned | ' | |||||||||||
Other Real Estate Owned | ||||||||||||
(In Thousands) | ||||||||||||
The following table provides details of the Company’s other real estate owned (“OREO”) covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs, as of the dates presented: | ||||||||||||
Covered | Not Covered | Total | ||||||||||
OREO | OREO | OREO | ||||||||||
31-Dec-13 | ||||||||||||
Residential real estate | $ | 2,133 | $ | 6,767 | $ | 8,900 | ||||||
Commercial real estate | 3,598 | 8,984 | 12,582 | |||||||||
Residential land development | 1,161 | 12,334 | 13,495 | |||||||||
Commercial land development | 6,050 | 11,860 | 17,910 | |||||||||
Other | — | — | — | |||||||||
Total | $ | 12,942 | $ | 39,945 | $ | 52,887 | ||||||
31-Dec-12 | ||||||||||||
Residential real estate | $ | 8,778 | $ | 7,842 | $ | 16,620 | ||||||
Commercial real estate | 14,368 | 7,779 | 22,147 | |||||||||
Residential land development | 5,005 | 22,490 | 27,495 | |||||||||
Commercial land development | 17,383 | 6,221 | 23,604 | |||||||||
Other | $ | — | $ | 385 | $ | 385 | ||||||
Total | $ | 45,534 | $ | 44,717 | $ | 90,251 | ||||||
Changes in the Company’s OREO covered and not covered under a loss-share agreement were as follows: | ||||||||||||
Covered | Not Covered | Total | ||||||||||
OREO | OREO | OREO | ||||||||||
Balance at December 31, 2011 | $ | 43,156 | $ | 70,079 | $ | 113,235 | ||||||
Transfers of loans | 38,977 | 9,683 | 48,660 | |||||||||
Capitalized improvements | — | 507 | 507 | |||||||||
Impairments(1) | (9,722 | ) | (5,328 | ) | (15,050 | ) | ||||||
Dispositions | (27,430 | ) | (30,410 | ) | (57,840 | ) | ||||||
Other | 553 | 186 | 739 | |||||||||
Balance at December 31, 2012 | $ | 45,534 | $ | 44,717 | $ | 90,251 | ||||||
Acquired OREO | — | 13,527 | 13,527 | |||||||||
Transfers of loans | 7,302 | 11,164 | 18,466 | |||||||||
Capitalized improvements | — | — | — | |||||||||
Impairments(1) | (7,623 | ) | (1,434 | ) | (9,057 | ) | ||||||
Dispositions | (32,214 | ) | (28,027 | ) | (60,241 | ) | ||||||
Other | (57 | ) | (2 | ) | (59 | ) | ||||||
Balance at December 31, 2013 | $ | 12,942 | $ | 39,945 | $ | 52,887 | ||||||
-1 | Of the total impairment charges of $9,722 recorded for covered OREO in 2012, $1,944 was included in the Consolidated Statements of Income for the year ended December 31, 2012, while the remaining $7,778 increased the FDIC loss-share indemnification asset. Of the total impairment charges of $7,623 recorded for covered OREO in 2013, $1,525 was included in the Consolidated Statements of Income for the year ended December 31, 2013, while the remaining $6,098 increased the FDIC loss-share indemnification asset. | |||||||||||
Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Repairs and maintenance | $ | 2,191 | $ | 2,996 | $ | 2,427 | ||||||
Property taxes and insurance | 1,272 | 1,678 | 1,980 | |||||||||
Impairments | 3,270 | 7,272 | 8,224 | |||||||||
Net losses on OREO sales | 590 | 2,096 | 3,073 | |||||||||
Rental income | (357 | ) | (446 | ) | (378 | ) | ||||||
Total | $ | 6,966 | $ | 13,596 | $ | 15,326 | ||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||
Goodwill and Other Intangible Assets | ||||||||||||
(In Thousands) | ||||||||||||
Changes in the carrying amount of goodwill during the years ended December 31, 2013 and 2012 were as follows: | ||||||||||||
Goodwill | ||||||||||||
Balance at December 31, 2011 | $ | 184,879 | ||||||||||
Adjustment to previously recorded goodwill | (20 | ) | ||||||||||
Balance at December 31, 2012 | $ | 184,859 | ||||||||||
Addition to goodwill from First M&F acquisition | 91,333 | |||||||||||
Adjustment to previously recorded goodwill | (92 | ) | ||||||||||
Balance at December 31, 2013 | $ | 276,100 | ||||||||||
The adjustments to previously recorded goodwill in 2013 and 2012 reflect tax benefits associated with the exercise of stock options assumed in connection with prior acquisitions. | ||||||||||||
The following table provides a summary of finite-lived intangible assets as of the dates presented: | ||||||||||||
Gross Carrying | Accumulated | Net Carrying | ||||||||||
Amount | Amortization | Amount | ||||||||||
31-Dec-13 | ||||||||||||
Core deposit intangible | $ | 38,317 | $ | (11,750 | ) | $ | 26,567 | |||||
Customer relationship intangible | 1,970 | (307 | ) | 1,663 | ||||||||
Total finite-lived intangible assets | $ | 40,287 | $ | (12,057 | ) | $ | 28,230 | |||||
31-Dec-12 | ||||||||||||
Core deposit intangible | $ | 13,284 | $ | (9,013 | ) | $ | 4,271 | |||||
Customer relationship intangible | 1,970 | (175 | ) | 1,795 | ||||||||
Total finite-lived intangible assets | $ | 15,254 | $ | (9,188 | ) | $ | 6,066 | |||||
Aggregate amortization expense for the years ended December 31, 2013, 2012 and 2011 was $2,869, $1,381 and $1,742, respectively. The estimated amortization expense of finite-lived intangible assets for future periods is summarized as follows: | ||||||||||||
2014 | $ | 5,607 | ||||||||||
2015 | 4,878 | |||||||||||
2016 | 4,260 | |||||||||||
2017 | 3,549 | |||||||||||
2018 | 2,989 | |||||||||||
Thereafter | 6,947 | |||||||||||
Total | $ | 28,230 | ||||||||||
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Transfers and Servicing [Abstract] | ' | |||
Mortgage Servicing Rights | ' | |||
Mortgage Servicing Rights | ||||
(In Thousands) | ||||
Changes in the Company’s mortgage servicing rights were as follows: | ||||
Carrying value at January 1, 2013 | $ | 4,233 | ||
Capitalization | 5,607 | |||
Amortization | (846 | ) | ||
Carrying value at December 31, 2013 | $ | 8,994 | ||
Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31, 2013 are as follows: | ||||
Unpaid principal balance | $ | 889,213 | ||
Weighted-average prepayment speed (CPR) | 5.07 | % | ||
Estimated impact of a 10% increase | $ | (717 | ) | |
Estimated impact of a 20% increase | (955 | ) | ||
Discount rate | 11.26 | % | ||
Estimated impact of a 100bp increase | $ | (785 | ) | |
Estimated impact of a 200bp increase | (1,077 | ) | ||
Weighted-average coupon interest rate | 3.43 | % | ||
Weighted-average servicing fee (basis points) | 25.09 | |||
Weighted-average remaining maturity (in months) | 291 | |||
Deposits
Deposits | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Banking and Thrift [Abstract] | ' | |||||||
Deposits | ' | |||||||
Deposits | ||||||||
(In Thousands) | ||||||||
The following is a summary of deposits as of December 31: | ||||||||
2013 | 2012 | |||||||
Noninterest-bearing deposits | $ | 856,020 | $ | 568,214 | ||||
Interest-bearing demand deposits | 2,144,001 | 1,455,180 | ||||||
Savings deposits | 327,667 | 245,173 | ||||||
Time deposits | 1,514,224 | 1,192,654 | ||||||
Total deposits | $ | 4,841,912 | $ | 3,461,221 | ||||
The approximate scheduled maturities of time deposits at December 31, 2013 are as follows: | ||||||||
2014 | $ | 827,796 | ||||||
2015 | 359,856 | |||||||
2016 | 136,418 | |||||||
2017 | 77,233 | |||||||
2018 | 94,143 | |||||||
Thereafter | 18,778 | |||||||
Total | $ | 1,514,224 | ||||||
The aggregate amount of time deposits in denominations of $100 or more at December 31, 2013 and 2012 was $774,402 and $608,647, respectively. Certain executive officers and directors had amounts on deposit with Renasant Bank of approximately $13,242 and $10,145 at December 31, 2013 and 2012, respectively. |
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Short-Term Borrowings | ' | ||||||||||||||||||||
Short-Term Borrowings | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Short-term borrowings as of December 31 are summarized as follows: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 2,061 | $ | 5,254 | |||||||||||||||||
Fed Funds purchased | 222 | — | |||||||||||||||||||
Total short-term borrowings | $ | 2,283 | $ | 5,254 | |||||||||||||||||
The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows: | |||||||||||||||||||||
Average Balances | Cost of Funds | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Federal funds purchased | $ | 8,072 | $ | 4,346 | $ | 30 | 0.17 | % | 0.15 | % | 1.73 | % | |||||||||
Treasury, tax and loan notes | — | — | 2,551 | — | — | — | |||||||||||||||
Securities sold under agreements to repurchase | 5,107 | 8,031 | 11,835 | 0.17 | 0.18 | 0.25 | |||||||||||||||
Total short-term borrowings | $ | 13,179 | $ | 12,377 | $ | 14,416 | 0.17 | % | 0.17 | % | 0.21 | % | |||||||||
The Company maintained a treasury, tax and loan notes account with the Federal Reserve with any balance collateralized by assets of Renasant Bank in 2010 and 2011. Effective January 2012, a portion of the Treasury Tax and Loan program was eliminated. As a result, all deposits held by the Company were withdrawn as of December 31, 2011. In addition, the Company maintains lines of credit with correspondent banks totaling $75,000 at December 31, 2013. Interest is charged at the market federal funds rate on all advances. There were no amounts outstanding under these lines of credit at December 31, 2013 or 2012. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Long-Term Debt | ' | ||||||||||||
Long-Term Debt | |||||||||||||
(In Thousands) | |||||||||||||
Long-term debt as of December 31, 2013 and 2012 is summarized as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Federal Home Loan Bank advances | $ | 75,405 | $ | 83,843 | |||||||||
Junior subordinated debentures | 94,187 | 75,609 | |||||||||||
Total long-term debt | $ | 169,592 | $ | 159,452 | |||||||||
Federal Home Loan Bank advances | |||||||||||||
Long-term advances from the FHLB outstanding at December 31, 2013 had maturities ranging from 2013 to 2030 with a combination of fixed and floating rates ranging from 1.60% to 7.93%. Weighted-average interest rates on outstanding advances at December 31, 2013 and 2012 were 4.20% and 4.20%, respectively. These advances are collateralized by a blanket lien on the Company’s mortgage loans. The Company had availability on unused lines of credit with the FHLB of $1,595,864 at December 31, 2013. | |||||||||||||
The Company repaid FHLB advances prior to their contractual maturity of $0 in 2013, $24,000 in 2012, and $50,000 in 2011, and, as a result, incurred prepayment penalties of $0, $898 and $1,903 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
Junior subordinated debentures | |||||||||||||
The Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors. The trusts used the proceeds from the issuance of their preferred capital securities and common securities (collectively referred to as “capital securities”) to buy floating rate junior subordinated debentures issued by the Company. The debentures are the trusts’ only assets and interest payments from the debentures finance the distributions paid on the capital securities. Distributions on the capital securities are payable quarterly at a rate per annum equal to the interest rate being earned by the trusts on the debentures held by the trusts. The capital securities are subject to mandatory redemption, in whole or in part, upon repayment of the debentures. The Company has entered into an agreement which fully and unconditionally guarantees the capital securities subject to the terms of the guarantee. | |||||||||||||
The following table provides details on the debentures as of December 31, 2013: | |||||||||||||
Principal | Interest Rate | Year of | Amount | ||||||||||
Amount | Maturity | Included in | |||||||||||
Tier 1 Capital | |||||||||||||
PHC Statutory Trust I | $ | 20,619 | 3.09 | % | 2033 | $ | 20,000 | ||||||
PHC Statutory Trust II | 31,959 | 2.11 | 2035 | 31,000 | |||||||||
Heritage Financial Statutory Trust I | 10,310 | 10.2 | 2031 | 10,000 | |||||||||
Capital Bancorp Capital Trust I | 12,372 | 1.75 | 2035 | 12,000 | |||||||||
First M&F Statutory Trust I | 30,928 | 1.57 | 2036 | 18,000 | |||||||||
During 2003, the Company formed PHC Statutory Trust I to provide funds for the cash portion of the Renasant Bancshares, Inc. merger. The interest rate for PHC Statutory Trust I reprices quarterly equal to the three-month LIBOR at the determination date plus 285 basis points. In April 2012, the Company entered into an interest rate swap agreement effective March 17, 2014, whereby, beginning on the effective date, the Company will receive a variable rate of interest based on the three-month LIBOR plus a spread of 2.85% and pay a fixed rate of interest of 5.49%. For more information about the Company’s derivative financial instruments, see Note S, “Derivative Instruments.” The debentures owned by PHC Statutory Trust I are currently redeemable at par. | |||||||||||||
During 2005, the Company formed PHC Statutory Trust II to provide funds for the cash portion of the Heritage Financial Holding Corporation (“Heritage”) merger. The interest rate for PHC Statutory Trust II reprices quarterly equal to the three-month LIBOR at the determination date plus 187 basis points. The debentures owned by PHC Statutory Trust II are currently redeemable at par. | |||||||||||||
Pursuant to the merger with Heritage, the Company assumed the debentures issued to Heritage Financial Statutory Trust I. The premium associated with the Company’s assumption of the debentures issued to Heritage Financial Statutory Trust I had a carrying value of $188 and $349 at December 31, 2013 and 2012, respectively. The premium is being amortized through February 2015. The interest rate for Heritage Financial Statutory Trust I is fixed at 10.20% per annum. On or after February 22, 2021, the debentures owned by Heritage Financial Statutory Trust I may be redeemed at par. | |||||||||||||
Pursuant to the merger with Capital Bancorp, Inc. (“Capital”) in 2007, the Company assumed the debentures issued to Capital Bancorp Capital Trust I. The discount associated with the Company’s assumption of the debentures issued to Capital Bancorp Capital Trust I was fully amortized during 2010. The interest rate for Capital Bancorp Capital Trust I reprices quarterly equal to the three-month LIBOR plus 150 basis points. In March 2012, the Company entered into an interest rate swap agreement effective March 31, 2014, whereby, beginning on the effective date, the Company will receive a variable rate of interest based on the three-month LIBOR plus a spread of 1.50% and pay a fixed rate of interest of 4.42%. For more information about the Company’s derivative financial instruments, see Note S, “Derivative Instruments.” The debentures owned by Capital Bancorp Capital Trust I are currently redeemable at par. | |||||||||||||
Pursuant to the merger with First M&F, the Company assumed the debentures issued to First M&F Statutory Trust I. The discount associated with the Company's assumption of the debentures issued to First M&F Statutory Trust I had a carrying value of $12,189 at December 31, 2013. The discount is being amortized through March 2036. The interest for First M&F Statutory Trust I reprices quarterly equal to the three-month LIBOR plus a spread of 133 basis points. The Company also assumed from First M&F a pay-fixed, receive-floating interest rate swap, maturing on March 15, 2018, which calls for the Company to pay a fixed rate of 3.795% and receive a variable rate of three-month LIBOR plus a spread of 133 basis points on a quarterly basis. For more information about the interest rate swap, see Note S, "Derivative Instruments." The debentures owned by First M&F Statutory Trust I are currently redeemable at par. | |||||||||||||
The Company has classified $91,000 of the debentures described in the above paragraphs as Tier 1 capital. The Federal Reserve Board issued guidance in March 2005 providing more strict quantitative limits on the amount of securities, similar to the junior subordinated debentures issued or assumed by the Company, that are includable in Tier 1 capital. The new guidance, which became effective in March 2009, did not impact the amount of debentures the Company includes in Tier 1 capital. Furthermore, the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act have no effect on the treatment of these debentures as Tier 1 capital. | |||||||||||||
TLGP Senior Note | |||||||||||||
On March 31, 2009, Renasant Bank completed an offering of a $50,000 aggregate principal amount 2.625% Senior Note (the “Note”) which was guaranteed by the FDIC under its Temporary Liquidity Guarantee Program (the “TLGP”.) Renasant Bank received net proceeds, after the placement commission but before deducting other expenses of the offering, of approximately $49,700, which was used to pay-off long-term advances with the FHLB as they matured in 2009. In March 2012, the Bank repaid the note at maturity. | |||||||||||||
The aggregate stated maturities of long-term debt outstanding at December 31, 2013, are summarized as follows: | |||||||||||||
2014 | $ | 6,555 | |||||||||||
2015 | 6,472 | ||||||||||||
2016 | 1,592 | ||||||||||||
2017 | — | ||||||||||||
2018 | 44,034 | ||||||||||||
Thereafter | 110,939 | ||||||||||||
Total | $ | 169,592 | |||||||||||
Commitments_Contingent_Liabili
Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk | ' |
Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk | |
(In Thousands) | |
Loan commitments are made to accommodate the financial needs of the Company’s customers. Standby letters of credit commit the Company to make payments on behalf of customers when certain specified future events occur. Both arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies. Collateral (e.g., securities, receivables, inventory, equipment, etc.) is obtained based on management’s credit assessment of the customer. The Company’s unfunded loan commitments (unfunded loans and unused lines of credit) and standby letters of credit outstanding at December 31, 2013 were $630,266 and $30,062, respectively, compared to $463,684 and $34,391, respectively, at December 31, 2012. | |
Various claims and lawsuits are pending against the Company and Renasant Bank. In the opinion of management, after consultation with legal counsel, resolution of these matters is not expected to have a material effect on the consolidated financial statements. | |
Market risk resulting from interest rate changes on particular off-balance sheet financial instruments may be offset by other on - or off-balance sheet transactions. Interest rate sensitivity is monitored by the Company for determining the net effect of potential changes in interest rates on the market value of both on- and off-balance sheet financial instruments. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
(In Thousands) | ||||||||||||
Significant components of the provision for income taxes (benefits) are as follows for the periods presented: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current | ||||||||||||
Federal | $ | 12,092 | $ | 24,512 | $ | 10,655 | ||||||
State | 452 | 432 | 886 | |||||||||
12,544 | 24,944 | 11,541 | ||||||||||
Deferred | ||||||||||||
Federal | (169 | ) | (16,093 | ) | (2,300 | ) | ||||||
State | (116 | ) | (2,023 | ) | (198 | ) | ||||||
(285 | ) | (18,116 | ) | (2,498 | ) | |||||||
$ | 12,259 | $ | 6,828 | $ | 9,043 | |||||||
The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Tax at U.S. statutory rate | $ | 16,011 | $ | 11,713 | $ | 12,136 | ||||||
Increase (decrease) in taxes resulting from: | ||||||||||||
Tax-exempt interest income | (2,765 | ) | (2,825 | ) | (2,831 | ) | ||||||
BOLI income | (1,430 | ) | (1,179 | ) | (988 | ) | ||||||
Investment tax credits | (1,063 | ) | (921 | ) | (199 | ) | ||||||
Amortization of investment in low-income housing tax credits | 998 | 2,083 | — | |||||||||
State income tax (benefit) expense, net of federal benefit | 383 | (775 | ) | 9 | ||||||||
Decrease to valuation allowance | (164 | ) | (816 | ) | (61 | ) | ||||||
Other items, net | 289 | (452 | ) | 977 | ||||||||
$ | 12,259 | $ | 6,828 | $ | 9,043 | |||||||
Significant components of the Company’s deferred tax assets and liabilities at December 31, 2013 and 2012 are as follows for the periods presented: | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets | ||||||||||||
Allowance for loan losses | $ | 26,128 | $ | 20,207 | ||||||||
Purchase accounting adjustments | 15,236 | 7,850 | ||||||||||
Deferred compensation | 9,755 | 9,108 | ||||||||||
Net unrealized losses on securities | 5,470 | 28 | ||||||||||
Impairment of assets | 5,450 | 4,821 | ||||||||||
State net operating loss carryforwards | 557 | 317 | ||||||||||
Other | 7,175 | 6,555 | ||||||||||
Gross deferred tax assets | 69,771 | 48,886 | ||||||||||
Valuation allowance on state net operating loss carryforwards | (152 | ) | (317 | ) | ||||||||
Total deferred tax assets | 69,619 | 48,569 | ||||||||||
Deferred tax liabilities | ||||||||||||
Basis difference in acquired assets | 6,900 | 12,196 | ||||||||||
Investment in partnerships | 2,469 | 2,943 | ||||||||||
Core deposit intangible | 604 | 1,056 | ||||||||||
Depreciation | 2,644 | 2,870 | ||||||||||
Other | 2,316 | 459 | ||||||||||
Total deferred tax liabilities | 14,933 | 19,524 | ||||||||||
Net deferred tax assets | $ | 54,686 | $ | 29,045 | ||||||||
The Company and its subsidiaries file a consolidated U.S. federal income tax return. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending December 31, 2010 through 2012. The Company and its subsidiaries’ state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2010 through 2012. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 1,723 | $ | 1,423 | $ | 1,801 | ||||||
Additions based on positions related to current period | 455 | 300 | 469 | |||||||||
Additions based on positions related to prior period | — | — | — | |||||||||
Reductions based on positions related to prior period | — | — | — | |||||||||
Settlements | — | — | (716 | ) | ||||||||
Reductions due to lapse of statute of limitations | — | — | (131 | ) | ||||||||
Balance at December 31 | $ | 2,178 | $ | 1,723 | $ | 1,423 | ||||||
If ultimately recognized, the Company does not anticipate any material increase in the effective tax rate for 2013 relative to any tax positions taken prior to January 1, 2013. The Company had accrued $569, $446 and $364 for interest and penalties related to unrecognized tax benefits as of December 31, 2013, 2012 and 2011, respectively. |
Employee_Benefit_and_Deferred_
Employee Benefit and Deferred Compensation Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Employee Benefit and Deferred Compensation Plans | ' | |||||||||||||||||||||||
Employee Benefit and Deferred Compensation Plans | ||||||||||||||||||||||||
(In Thousands, Except Share Data) | ||||||||||||||||||||||||
The Company sponsors a noncontributory defined benefit pension plan, under which participation and future benefit accruals ceased as of December 31, 1996. The Company’s funding policy is to contribute annually to the plan an amount at least equal to the minimum amount determined by consulting actuaries in accordance with the requirements of the Internal Revenue Code. The Company contributed $100 to the pension plan for 2012. No contributions were made to the pension plan for 2013. The Company does not anticipate that a contribution will be required in 2014. The plan’s accumulated benefit obligations and the projected benefit obligations are substantially the same since benefit accruals under the plan ceased at 1996 levels. As a result of the merger with First M&F, the M&F Bank pension plan was merged into the Company's existing pension plan during the fourth quarter of 2013. The accumulated benefit obligation for the plan was $27,364 and $19,428 at December 31, 2013 and 2012, respectively. There is no additional minimum pension liability required to be recognized. | ||||||||||||||||||||||||
The Company also provides retiree health care benefits for certain employees who were employed by the Company and enrolled in the Company’s health plan as of December 31, 2004. To receive benefits, an eligible employee must retire from service with the Company and its affiliates between age 55 and 65 and be credited with at least 15 years of service or with 70 points, determined as the sum of age and service at retirement. The Company periodically determines the portion of the premium to be paid by each eligible retiree and the portion to be paid by the Company. Coverage ceases when an employee attains age 65 and is eligible for Medicare. The Company also provides life insurance coverage for each retiree in the face amount of $5 until age 70. Retirees can purchase additional insurance or continue coverage beyond age 70 at their sole expense. | ||||||||||||||||||||||||
The Company has accounted for its obligation related to these retiree benefits in accordance with ASC 715, “Compensation – Retirement Benefits.” The Company has limited its liability for the rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rate) to the rate of inflation assumed to be 4% each year. Increasing or decreasing the assumed health care cost trend rates by one percentage point in each year would not materially increase or decrease the accumulated post-retirement benefit obligation or the service and interest cost components of net periodic post-retirement benefit costs as of December 31, 2013, and for the year then ended. | ||||||||||||||||||||||||
Information relating to the defined benefit pension plan (“Pension Benefits”) and post-retirement health and life plans (“Other Benefits”) as of December 31, 2013 and 2012 is as follows: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 19,428 | $ | 17,815 | $ | 1,543 | $ | 1,764 | ||||||||||||||||
Service cost | — | — | 28 | 23 | ||||||||||||||||||||
Interest cost | 899 | 863 | 70 | 65 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 95 | 96 | ||||||||||||||||||||
Actuarial loss (gain) | (1,344 | ) | 1,914 | 505 | (235 | ) | ||||||||||||||||||
Benefits paid | (1,372 | ) | (1,164 | ) | (159 | ) | (170 | ) | ||||||||||||||||
Addition from business combination | 9,753 | — | — | — | ||||||||||||||||||||
Benefit obligation at end of year | $ | 27,364 | $ | 19,428 | $ | 2,082 | $ | 1,543 | ||||||||||||||||
Change in fair value of plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 16,008 | $ | 15,426 | ||||||||||||||||||||
Actual return on plan assets | 3,776 | 1,646 | ||||||||||||||||||||||
Contribution by employer | — | 100 | ||||||||||||||||||||||
Benefits paid | (1,372 | ) | (1,164 | ) | ||||||||||||||||||||
Addition from business combination | 9,577 | — | ||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 27,989 | $ | 16,008 | ||||||||||||||||||||
Funded status at end of year | $ | 625 | $ | (3,420 | ) | $ | (2,082 | ) | $ | (1,543 | ) | |||||||||||||
Weighted-average assumptions as of December 31 | ||||||||||||||||||||||||
Discount rate used to determine the benefit obligation | 4.83 | % | 3.9 | % | 4.66 | % | 3.04 | % | ||||||||||||||||
The discount rate assumptions at December 31, 2013 were determined using a yield curve approach. A yield curve was developed for a selection of high quality fixed-income investments whose cash flows approximate the timing and amount of expected cash flows from the benefit plans. The selected discount rate is the rate that produces the same present value of the benefit plan's projected benefit payments. | ||||||||||||||||||||||||
The components of net periodic benefit cost and other amounts recognized in other comprehensive income for the defined benefit pension and post-retirement health and life plans for the year ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 28 | $ | 23 | $ | 36 | ||||||||||||
Interest cost | 899 | 863 | 914 | 70 | 65 | 80 | ||||||||||||||||||
Expected return on plan assets | (1,445 | ) | (1,193 | ) | (1,230 | ) | — | — | — | |||||||||||||||
Prior service cost recognized | — | — | — | — | — | — | ||||||||||||||||||
Recognized actuarial loss | 427 | 355 | 303 | 195 | 73 | 140 | ||||||||||||||||||
Net periodic benefit cost | (119 | ) | 25 | (13 | ) | 293 | 161 | 256 | ||||||||||||||||
Net actuarial (gain)/loss arising during the period | (3,675 | ) | 1,460 | 1,882 | 505 | (235 | ) | (114 | ) | |||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | (427 | ) | (355 | ) | (303 | ) | (195 | ) | (73 | ) | (140 | ) | ||||||||||||
Total recognized in other comprehensive income | (4,102 | ) | 1,105 | 1,579 | 310 | (308 | ) | (254 | ) | |||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (4,221 | ) | $ | 1,130 | $ | 1,566 | $ | 603 | $ | (147 | ) | $ | 2 | ||||||||||
Weighted-average assumptions as of December 31 | ||||||||||||||||||||||||
Discount rate used to determine net periodic pension cost | 3.9 | % | 5.06 | % | 5.5 | % | 3.04 | % | 4.61 | % | 4.75 | % | ||||||||||||
Expected return on plan assets | 8 | % | 8 | % | 8 | % | N/A | N/A | N/A | |||||||||||||||
Future estimated benefit payments under the defined benefit pension plan and post-retirement health and life plan are as follows: | ||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
2014 | $ | 2,037 | $ | 233 | ||||||||||||||||||||
2015 | 2,014 | 244 | ||||||||||||||||||||||
2016 | 2,088 | 215 | ||||||||||||||||||||||
2017 | 2,048 | 201 | ||||||||||||||||||||||
2018 | 2,069 | 203 | ||||||||||||||||||||||
2019 - 2023 | 10,166 | 789 | ||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income, before tax, for the year ended December 31, 2013 are as follows: | ||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Prior service cost | $ | — | $ | — | ||||||||||||||||||||
Actuarial loss | (7,046 | ) | (895 | ) | ||||||||||||||||||||
Total | $ | (7,046 | ) | $ | (895 | ) | ||||||||||||||||||
The estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost over the next fiscal year are as follows: | ||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Prior service cost | $ | — | $ | — | ||||||||||||||||||||
Actuarial loss | 182 | 109 | ||||||||||||||||||||||
Total | $ | 182 | $ | 109 | ||||||||||||||||||||
The investment objective for the pension or defined benefit plan is to achieve above average income and moderate long term growth. An investment committee appointed by management seeks to accomplish this objective by combining an equity income strategy (approximately 60% - 70%), which generally invests in larger capitalization common stocks, and an intermediate fixed income strategy (approximately 30% to 40%), which generally invests in U.S. Government securities and investment grade corporate bonds. In response to the current interest rate environment, the committee has begun allocating assets to the higher end of the target range for equity funds in order to lessen the impact of anticipated rising interest rates on the fixed income funds. Furthermore, the plan assets from the M&F Bank pension plan, currently invested in cash and cash equivalents presented in the table below, will be deployed to an asset mix similar to the plan's current allocation. It is the investment committee’s intent to give the investment managers flexibility within the overall guidelines with respect to investment decisions and their timing. However, significant modifications of any previously approved investments or anticipated use of derivatives to execute investment strategies must be approved by the committee. | ||||||||||||||||||||||||
The plan’s expected long-term rate of return was estimated using market benchmarks for investment classes applied to the plan’s target asset allocation. The expected return on investment classes was computed using a valuation methodology which projected future returns based on current equity valuations rather than historical returns. | ||||||||||||||||||||||||
The fair values of the Company’s defined benefit pension plan assets by category at December 31, 2013 and 2012 follow below. Equity securities consist primarily of common stocks of both U.S. companies and international companies that are traded in active markets and are valued based on quoted market prices of identical assets (Level 1). Fixed income securities consist of U.S. Government securities and investment grade corporate bonds. The fair values of these instruments are based on quoted market prices of similar instruments or a discounted cash flow model (Level 2). | ||||||||||||||||||||||||
Quoted Prices In | Significant | Significant | Totals | |||||||||||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 10,971 | $ | — | $ | — | $ | 10,971 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. large cap companies | 3,622 | — | — | 3,622 | ||||||||||||||||||||
U.S. mid cap companies | 4,079 | — | — | 4,079 | ||||||||||||||||||||
U.S. small cap companies | 2,237 | — | — | 2,237 | ||||||||||||||||||||
International companies | 1,212 | — | — | 1,212 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. government bonds | — | 2,673 | — | 2,673 | ||||||||||||||||||||
Other corporate bonds | — | 3,195 | — | 3,195 | ||||||||||||||||||||
$ | 22,121 | $ | 5,868 | $ | — | $ | 27,989 | |||||||||||||||||
Quoted Prices In | Significant | Significant | Totals | |||||||||||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 430 | $ | — | $ | — | $ | 430 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. large cap companies | 3,059 | — | — | 3,059 | ||||||||||||||||||||
U.S. mid cap companies | 3,490 | — | — | 3,490 | ||||||||||||||||||||
U.S. small cap companies | 1,980 | — | — | 1,980 | ||||||||||||||||||||
International companies | 1,177 | — | — | 1,177 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. government bonds | — | 2,458 | — | 2,458 | ||||||||||||||||||||
Other corporate bonds | — | 3,414 | — | 3,414 | ||||||||||||||||||||
$ | 10,136 | $ | 5,872 | $ | — | $ | 16,008 | |||||||||||||||||
The Company maintains a 401(k) plan, which is a contributory plan. Employees may contribute pre-tax earnings, subject to a maximum established annually by the IRS. The Company matches employee deferrals, up to 4% of compensation. The Company also makes a nondiscretionary contribution for each eligible employee in an amount equal to 5% of plan compensation and 5% of plan compensation in excess of the Social Security wage base. Employees are automatically enrolled in the plan when employment commences. Company contributions are allocated to participants who are employed on the last day of each plan year and credited with 1000 hours of service during the year. The Company’s costs related to the 401(k) plan, excluding employee deferrals, in 2013, 2012 and 2011 were $5,488, $4,645 and $4,228, respectively. | ||||||||||||||||||||||||
The Company adopted the “Performance Based Rewards” incentive compensation plan on January 1, 2001, under which annual cash bonuses are paid to eligible officers and employees, subject to the attainment of designated performance criteria. The Company designates minimum levels of performance for all applicable profit centers and rewards employees on performance over the minimum level. The expense associated with the plan for 2013 and 2012 was $4,376 and $1,953, respectively. The Company did not make any payments under the plan during 2011 and thus did not incur any expense. In 2011, one of the performance metrics was satisfied. However, the performance metric was met due to the gain recognized from the American Trust acquisition. Therefore, the Board of Directors’ compensation committee exercised its discretion to determine that no cash bonuses would be paid based on the occurrence of an extraordinary event. | ||||||||||||||||||||||||
The Company maintains three deferred compensation plans: a Deferred Stock Unit Plan and two conventional deferred compensation plans. Nonemployee directors may defer all or any portion of their fees and retainer to the Deferred Stock Unit Plan or the deferred compensation plan maintained for their benefit. Officers may defer base salary and bonus to the Deferred Stock Unit Plan or salary to the deferred compensation plan maintained for their benefit, subject to limits that are determined annually by the Company. Amounts credited to the Deferred Stock Unit Plan are invested in units representing shares of the Company’s common stock. Amounts credited to the conventional deferred compensation plans are invested at the discretion of each participant from among designated investment alternatives. Directors and officers who participated in these deferred compensation plans on or before December 31, 2006, may invest in a preferential interest rate investment that is derived from the Moody’s Average Corporate Bond Rate, adjusted monthly, and the beneficiaries of participants in the deferred compensation plans as of such date may receive a preretirement death benefit in excess of the amounts credited to plan accounts at the time of death. All of the Company’s deferred compensation plans are unfunded. It is anticipated that the two conventional deferred compensation plans will result in no additional cost to the Company because life insurance policies on the lives of the participants have been purchased in amounts estimated to be sufficient to pay plan benefits. The Company is both the owner and beneficiary of the life insurance policies. The expense recorded in 2013, 2012 and 2011 for the Company’s deferred compensation plans, inclusive of deferrals, was $2,088, $1,573 and $1,393, respectively. | ||||||||||||||||||||||||
The Company assumed four supplemental executive retirement plans (SERPs) in connection with the merger with Capital. The SERPs were established by Capital to provide supplemental retirement benefits. The plans provide four officers of the Company specified annual benefits based upon a projected retirement date. These benefits are payable for a 15-year period after retirement. The supplemental executive retirement liabilities totaled $2,842 and $2,451 at December 31, 2013 and 2012, respectively. The plans are not qualified under Section 401 of the Internal Revenue Code. | ||||||||||||||||||||||||
In March 2011, the Company adopted a long-term equity incentive plan, which provides for the grant of stock options and restricted stock. The plan replaced the long-term incentive plan adopted in 2001 as the prior plan expired in October 2011. The Company issues shares of treasury stock to satisfy stock options exercised or restricted stock granted under the plan. Options granted under the plan allow participants to acquire shares of the Company’s common stock at a fixed exercise price and expire ten years after the grant date. Options vest and become exercisable in installments over a three-year period measured from the grant date. Options that have not vested are forfeited and cancelled upon the termination of a participant’s employment. The Company recorded compensation expense of $469, $538 and $486 for the years ended December 31, 2013, 2012 and 2011, respectively, for options granted under the plan. | ||||||||||||||||||||||||
The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions for each option grant: | ||||||||||||||||||||||||
2013 Grant | 2012 Grant | 2011 Grant | ||||||||||||||||||||||
Dividend yield | 3.55 | % | 4.55 | % | 4.02 | % | ||||||||||||||||||
Expected volatility | 37 | % | 37 | % | 36 | % | ||||||||||||||||||
Risk-free interest rate | 0.76 | % | 0.79 | % | 1.97 | % | ||||||||||||||||||
Expected lives | 6 years | 6 years | 6 years | |||||||||||||||||||||
Weighted average fair value | $ | 4.47 | $ | 3.1 | $ | 3.93 | ||||||||||||||||||
The following table summarizes information about options issued under the long-term equity incentive plan as of and for the three years ended December 31, 2013: | ||||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||||||||||
Average | Average | Intrinsic | ||||||||||||||||||||||
Exercise | Remaining | Value | ||||||||||||||||||||||
Price | Contractual | |||||||||||||||||||||||
Life | ||||||||||||||||||||||||
Outstanding at January 1, 2011 | 1,228,290 | $ | 18.88 | |||||||||||||||||||||
Granted | 170,000 | 16.91 | ||||||||||||||||||||||
Exercised | (1,265 | ) | 8.29 | |||||||||||||||||||||
Forfeited | (69,750 | ) | 16.4 | |||||||||||||||||||||
Outstanding at December 31, 2011 | 1,327,275 | $ | 18.77 | 4.9 | $ | 927 | ||||||||||||||||||
Exercisable at December 31, 2011 | 1,028,442 | $ | 19.54 | 3.87 | $ | 848 | ||||||||||||||||||
Granted | 172,000 | 14.96 | ||||||||||||||||||||||
Exercised | (163,652 | ) | 13.54 | |||||||||||||||||||||
Forfeited | (56,375 | ) | 21.81 | |||||||||||||||||||||
Outstanding at December 31, 2012 | 1,279,248 | $ | 18.79 | 5.14 | $ | 2,838 | ||||||||||||||||||
Exercisable at December 31, 2012 | 949,082 | $ | 19.92 | 4.01 | $ | 1,646 | ||||||||||||||||||
Assumed in acquisition | 11,557 | 21.16 | ||||||||||||||||||||||
Granted | 52,500 | 19.14 | ||||||||||||||||||||||
Exercised | (272,957 | ) | 19.22 | |||||||||||||||||||||
Forfeited | (10,000 | ) | 27.2 | |||||||||||||||||||||
Outstanding at December 31, 2013 | 1,060,348 | $ | 18.64 | 4.89 | $ | 13,592 | ||||||||||||||||||
Exercisable at December 31, 2013 | 843,237 | $ | 19.21 | 4.08 | $ | 10,331 | ||||||||||||||||||
The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $633, $757 and $8, respectively. The total grant date fair value of options vested during the same periods was $535, $479, and $382, respectively. | ||||||||||||||||||||||||
The Company awards performance-based restricted stock to executives and other officers and time-based restricted stock to directors, executives, and other officers and employees under the long-term equity incentive plan. The performance-based restricted stock vests upon completion of a one-year service period and the attainment of certain performance goals. Performance-based restricted stock is issued at the target level; the number of shares ultimately awarded is determined at the end of each year and may be increased or decreased depending upon the Company meeting or exceeding financial performance measures defined by the Board of Directors. Time-based restricted stock vests at the end of the service period defined in the respective grant. The fair value of each restricted stock grant is the closing price of the Company’s common stock on the day immediately preceding the grant date. The Company recorded compensation expense of $2,330, $830 and $134 for the years ended December 31, 2013, 2012 and 2011, respectively, for restricted stock awarded under the plan. The following table summarizes the changes in restricted stock as of and for the year ended December 31, 2013: | ||||||||||||||||||||||||
Performance- | Weighted | Time- | Weighted | |||||||||||||||||||||
Based | Average | Based | Average | |||||||||||||||||||||
Restricted | Grant-Date | Restricted | Grant-Date | |||||||||||||||||||||
Stock | Fair Value | Stock | Fair Value | |||||||||||||||||||||
Nonvested at beginning of year | — | $ | — | 9,684 | $ | 15.49 | ||||||||||||||||||
Granted | 93,526 | (1) | 19.14 | 32,338 | 22.7 | |||||||||||||||||||
Vested | (93,526 | ) | 19.14 | (19,038 | ) | 17.41 | ||||||||||||||||||
Cancelled | — | — | (646 | ) | 15.49 | |||||||||||||||||||
Nonvested at end of year | — | $ | — | 22,338 | $ | 24.3 | ||||||||||||||||||
-1 | In January 2013, the Company awarded 69,850 shares of performance-based restricted stock based on the target level of performance goals. The Company exceeded the financial performance measures for the award; therefore, an additional 23,676 shares were issued for a total award of 93,526 shares. | |||||||||||||||||||||||
Unrecognized stock-based compensation expense related to stock options and restricted stock totaled $334 and $405, respectively, at December 31, 2013. At such date, the weighted average period over which this unrecognized expense is expected to be recognized was approximately 1.2 and 1.8 years for stock options and restricted stock, respectively. | ||||||||||||||||||||||||
At December 31, 2013, an aggregate of 371,419 common shares were reserved for issuance under the Company’s employee benefit plans. |
Restrictions_on_Cash_Bank_Divi
Restrictions on Cash, Bank Dividends, Loans or Advances | 12 Months Ended |
Dec. 31, 2013 | |
Regulated Operations [Abstract] | ' |
Restrictions on Cash, Bank Dividends, Loans or Advances | ' |
Restrictions on Cash, Bank Dividends, Loans or Advances | |
(In Thousands) | |
Renasant Bank is required to maintain minimum average balances with the Federal Reserve. At December 31, 2013 and 2012, Renasant Bank’s reserve requirements with the Federal Reserve were $35,689 and $31,259, respectively, with which it was in full compliance. | |
The Company’s ability to pay dividends to its shareholders is substantially dependent on the ability of Renasant Bank to transfer funds to the Company in the form of dividends, loans and advances. Under Mississippi law, a Mississippi bank may not pay dividends unless its earned surplus is in excess of three times capital stock. A Mississippi bank with earned surplus in excess of three times capital stock may pay a dividend, subject to the approval of the Mississippi Department of Banking and Consumer Finance. Accordingly, the approval of this supervisory authority is required prior to Renasant Bank paying dividends to the Company. | |
Federal Reserve regulations also limit the amount Renasant Bank may loan to the Company unless such loans are collateralized by specific obligations. At December 31, 2013, the maximum amount available for transfer from Renasant Bank to the Company in the form of loans was $50,546. As of December 31, 2013, Company borrowings from Renasant Bank totaled $1,500. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||
Regulatory Matters | ' | |||||||||||||
Regulatory Matters | ||||||||||||||
(In Thousands) | ||||||||||||||
Renasant Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on Renasant Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Renasant Bank must meet specific capital guidelines that involve quantitative measures of Renasant Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Renasant Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | ||||||||||||||
The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that banks must maintain. Those guidelines specify capital tiers, which include the following classifications: | ||||||||||||||
Capital Tiers | Tier 1 Capital to | Tier 1 Capital to | Total Capital to | |||||||||||
Average Assets | Risk – Weighted | Risk – Weighted | ||||||||||||
(Leverage) | Assets | Assets | ||||||||||||
Well capitalized | 5% or above | 6% or above | 10% or above | |||||||||||
Adequately capitalized | 4% or above | 4% or above | 8% or above | |||||||||||
Undercapitalized | Less than 4% | Less than 4% | Less than 8% | |||||||||||
Significantly undercapitalized | Less than 3% | Less than 3% | Less than 6% | |||||||||||
Critically undercapitalized | 2% or less | |||||||||||||
As of December 31, 2013, Renasant Bank met all capital adequacy requirements to which it is subject. Also, as of December 31, 2013 the most recent notification from the FDIC categorized Renasant Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed Renasant Bank’s category. | ||||||||||||||
The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of December 31: | ||||||||||||||
2013 | 2012 | |||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||
Renasant Corporation | ||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | $ | 473,817 | 8.68 | % | $ | 388,362 | 9.86 | % | ||||||
Tier 1 Capital to Risk-Weighted Assets | 473,817 | 11.41 | % | 388,362 | 12.74 | % | ||||||||
Total Capital to Risk-Weighted Assets | 522,181 | 12.58 | % | 426,877 | 14 | % | ||||||||
Renasant Bank | ||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | $ | 457,798 | 8.4 | % | $ | 379,602 | 9.67 | % | ||||||
Tier 1 Capital to Risk-Weighted Assets | 457,798 | 11.05 | % | 379,602 | 12.47 | % | ||||||||
Total Capital to Risk-Weighted Assets | 505,463 | 12.2 | % | 417,717 | 13.73 | % | ||||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||
Segment Reporting | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
The operations of the Company’s reportable segments are described as follows: | ||||||||||||||||||||
• | The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-sized businesses including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities. | |||||||||||||||||||
• | The Insurance segment includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers. | |||||||||||||||||||
• | The Wealth Management segment offers a broad range of fiduciary services which includes the administration and management of trust accounts including personal and corporate benefit accounts, self-directed IRA’s, and custodial accounts. In addition, the Wealth Management segment offers annuities, mutual funds and other investment services through a third party broker-dealer. | |||||||||||||||||||
In order to give the Company’s divisional management a more precise indication of the income and expenses they can control, the results of operations for the Community Banks, the Insurance and the Wealth Management segments reflect the direct revenues and expenses of each respective segment. Indirect revenues and expenses, including but not limited to income from the Company’s investment portfolio, as well as certain costs associated with data processing and back office functions, primarily support the operations of the community banks and, therefore, are included in the results of the Community Banks segment. Included in “Other” are the operations of the holding company and other eliminations which are necessary for purposes of reconciling to the consolidated amounts. | ||||||||||||||||||||
The following table provides financial information for our operating segments as of and for the years ended December 31, 2013 2012 and 2011: | ||||||||||||||||||||
Community | Insurance | Wealth | Other | Consolidated | ||||||||||||||||
Banks | Management | |||||||||||||||||||
2013 | ||||||||||||||||||||
Net interest income | $ | 158,390 | $ | 135 | $ | 1,275 | $ | (2,599 | ) | $ | 157,201 | |||||||||
Provision for loan losses | 10,219 | — | 131 | — | 10,350 | |||||||||||||||
Noninterest income | 58,865 | 5,619 | 7,415 | 72 | 71,971 | |||||||||||||||
Noninterest expense | 160,894 | 4,268 | 7,091 | 823 | 173,076 | |||||||||||||||
Income before income taxes | 46,142 | 1,486 | 1,468 | (3,350 | ) | 45,746 | ||||||||||||||
Income taxes | 13,036 | 575 | — | (1,352 | ) | 12,259 | ||||||||||||||
Net income (loss) | $ | 33,106 | $ | 911 | $ | 1,468 | $ | (1,998 | ) | $ | 33,487 | |||||||||
Total assets | $ | 5,671,119 | $ | 17,312 | $ | 44,669 | $ | 13,170 | $ | 5,746,270 | ||||||||||
Goodwill | 273,343 | 2,757 | — | — | 276,100 | |||||||||||||||
2012 | ||||||||||||||||||||
Net interest income | $ | 134,463 | $ | 96 | $ | 1,326 | $ | (2,547 | ) | $ | 133,338 | |||||||||
Provision for loan losses | 18,172 | — | (47 | ) | — | 18,125 | ||||||||||||||
Noninterest income | 57,594 | 4,049 | 6,984 | 84 | 68,711 | |||||||||||||||
Noninterest expense | 140,244 | 3,149 | 6,491 | 575 | 150,459 | |||||||||||||||
Income before income taxes | 33,641 | 996 | 1,866 | (3,038 | ) | 33,465 | ||||||||||||||
Income taxes | 7,202 | 386 | 400 | (1,160 | ) | 6,828 | ||||||||||||||
Net income (loss) | $ | 26,439 | $ | 610 | $ | 1,466 | $ | (1,878 | ) | $ | 26,637 | |||||||||
Total assets | $ | 4,117,998 | $ | 12,094 | $ | 38,971 | $ | 9,553 | $ | 4,178,616 | ||||||||||
Goodwill | 182,076 | 2,783 | — | — | 184,859 | |||||||||||||||
2011 | ||||||||||||||||||||
Net interest income | $ | 130,140 | $ | 112 | $ | 1,297 | $ | (2,263 | ) | $ | 129,286 | |||||||||
Provision for loan losses | 22,381 | — | (31 | ) | — | 22,350 | ||||||||||||||
Noninterest income | 55,310 | 3,812 | 5,487 | 90 | 64,699 | |||||||||||||||
Noninterest expense | 128,850 | 2,958 | 4,741 | 411 | 136,960 | |||||||||||||||
Income before income taxes | 34,219 | 966 | 2,074 | (2,584 | ) | 34,675 | ||||||||||||||
Income taxes | 9,118 | 375 | 539 | (989 | ) | 9,043 | ||||||||||||||
Net income (loss) | $ | 25,101 | $ | 591 | $ | 1,535 | $ | (1,595 | ) | $ | 25,632 | |||||||||
Total assets | $ | 4,144,940 | $ | 10,645 | $ | 40,852 | $ | 5,571 | $ | 4,202,008 | ||||||||||
Goodwill | 182,096 | 2,783 | — | — | 184,879 | |||||||||||||||
In connection with the FDIC-assisted acquisition of American Trust in 2011, the Company recognized a gain on acquisition of $8,774 in 2011, which is included in “Noninterest income” for the Community Banks segment in the table above. | ||||||||||||||||||||
In connection with the acquisition of the RBC Bank (USA) trust division in 2011, the Company recognized a gain on acquisition of $570, which is included in “Noninterest income” for the Wealth Management segment in the table above. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||
The Company carries certain assets and liabilities at fair value on a recurring basis in accordance with applicable standards. The Company’s recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Company’s election to carry certain eligible assets and liabilities at fair value. Assets and liabilities that are required to be carried at fair value include securities available for sale and derivative instruments. The Company has elected to carry mortgage loans held for sale at fair value on a recurring basis as permitted under the guidance in ASC 825. | ||||||||||||||||||||
The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis: | ||||||||||||||||||||
Securities available for sale: Securities available for sale consist primarily of debt securities, such as obligations of U.S. Government agencies and corporations, mortgage-backed securities, trust preferred securities, and other debt and equity securities. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy. | ||||||||||||||||||||
Derivative instruments: The Company uses derivatives to manage various financial risks. Most of the Company’s derivative contracts are actively traded in over-the-counter markets and are valued using discounted cash flow models which incorporate observable market based inputs including current market interest rates, credit spreads, and other factors. Such instruments are categorized within Level 2 of the fair value hierarchy and include interest rate swaps and other interest rate contracts including interest rate caps and/or floors. The Company’s interest rate lock commitments are valued using current market prices for mortgage-backed securities with similar characteristics, adjusted for certain factors including servicing and risk. The value of the Company’s forward commitments is based on current prices for securities backed by similar types of loans. Because these assumptions are observable in active markets, the Company’s interest rate lock commitments and forward commitments are categorized within Level 2 of the fair value hierarchy. | ||||||||||||||||||||
Mortgage loans held for sale: Mortgage loans held for sale are primarily agency loans which trade in active secondary markets. The fair value of these instruments is derived from current market pricing for similar loans, adjusted for differences in loan characteristics, including servicing and risk. Because the valuation is based on external pricing of similar instruments, mortgage loans held for sale are classified within Level 2 of the fair value hierarchy. | ||||||||||||||||||||
The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | — | $ | 6,068 | $ | — | $ | 6,068 | ||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
Government agency mortgage backed securities | — | 259,992 | — | 259,992 | ||||||||||||||||
Government agency collateralized mortgage obligations | — | 146,545 | — | 146,545 | ||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||
Government agency mortgage backed securities | — | 42,041 | — | 42,041 | ||||||||||||||||
Government agency collateralized mortgage obligations | — | 5,066 | — | 5,066 | ||||||||||||||||
Trust preferred securities | — | — | 17,671 | 17,671 | ||||||||||||||||
Other debt securities | — | 19,554 | — | 19,554 | ||||||||||||||||
Other equity securities | — | 4,317 | — | 4,317 | ||||||||||||||||
Total securities available for sale | — | 483,583 | 17,671 | 501,254 | ||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Interest rate swap | — | 208 | — | 208 | ||||||||||||||||
Interest rate contracts | — | 1,812 | — | 1,812 | ||||||||||||||||
Interest rate lock commitments | — | 464 | — | 464 | ||||||||||||||||
Forward commitments | — | 335 | — | 335 | ||||||||||||||||
Total derivative instruments | — | 2,819 | — | 2,819 | ||||||||||||||||
Mortgage loans held for sale | — | 33,440 | — | 33,440 | ||||||||||||||||
Total financial assets | $ | — | $ | 519,842 | $ | 17,671 | $ | 537,513 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Interest rate swap | $ | — | $ | 1,428 | $ | — | $ | 1,428 | ||||||||||||
Interest rate contracts | — | 1,812 | — | 1,812 | ||||||||||||||||
Interest rate lock commitments | — | 52 | — | 52 | ||||||||||||||||
Forward commitments | — | 24 | — | 24 | ||||||||||||||||
Total derivative instruments | — | 3,316 | — | 3,316 | ||||||||||||||||
Total financial liabilities | $ | — | $ | 3,316 | $ | — | $ | 3,316 | ||||||||||||
Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | — | $ | 2,442 | $ | — | $ | 2,442 | ||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
Government agency mortgage backed securities | — | 144,817 | — | 144,817 | ||||||||||||||||
Government agency collateralized mortgage obligations | — | 117,521 | — | 117,521 | ||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||
Government agency mortgage backed securities | — | 45,058 | — | 45,058 | ||||||||||||||||
Government agency collateralized mortgage obligations | — | 5,407 | — | 5,407 | ||||||||||||||||
Trust preferred securities | — | — | 15,068 | 15,068 | ||||||||||||||||
Other debt securities | — | 22,930 | — | 22,930 | ||||||||||||||||
Other equity securities | — | 3,068 | — | 3,068 | ||||||||||||||||
Total securities available for sale | — | 341,243 | 15,068 | 356,311 | ||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Interest rate contracts | — | 3,083 | — | 3,083 | ||||||||||||||||
Interest rate lock commitments | — | 1,571 | — | 1,571 | ||||||||||||||||
Total derivative instruments | — | 4,654 | — | 4,654 | ||||||||||||||||
Mortgage loans held for sale | $ | — | $ | 34,845 | $ | — | $ | 34,845 | ||||||||||||
Total financial assets | $ | — | $ | 380,742 | $ | 15,068 | $ | 395,810 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Interest rate swap | $ | — | $ | 2,164 | $ | — | $ | 2,164 | ||||||||||||
Interest rate contracts | — | 3,152 | — | 3,152 | ||||||||||||||||
Forward commitments | — | 198 | — | 198 | ||||||||||||||||
Total derivative instruments | — | 5,514 | — | 5,514 | ||||||||||||||||
Total financial liabilities | $ | — | $ | 5,514 | $ | — | $ | 5,514 | ||||||||||||
The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may cause reclassification of certain assets or liabilities within the fair value hierarchy. Transfers between levels of the hierarchy are deemed to have occurred at the end of period. Because the inputs that were significant to the valuation of the Company’s investments in other equity securities were observable in active markets, these securities were reclassified into Level 2 within the fair value hierarchy as of September 30, 2012. There were no such transfers between levels of the fair value hierarchy during 2011. | ||||||||||||||||||||
The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs: | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Trust preferred | Other equity | Total | ||||||||||||||||||
securities | securities | |||||||||||||||||||
Balance at January 1, 2012 | $ | 12,785 | $ | 2,237 | $ | 15,022 | ||||||||||||||
Realized gains (losses) included in net income | — | 14 | 14 | |||||||||||||||||
Unrealized gains included in other comprehensive income | 4,081 | 782 | 4,863 | |||||||||||||||||
Reclassification adjustment | (952 | ) | — | (952 | ) | |||||||||||||||
Sales | — | — | — | |||||||||||||||||
Issues | — | — | — | |||||||||||||||||
Settlements | (846 | ) | — | (846 | ) | |||||||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | (3,033 | ) | (3,033 | ) | |||||||||||||||
Balance at December 31, 2012 | $ | 15,068 | $ | — | $ | 15,068 | ||||||||||||||
Realized gains (losses) included in net income | — | — | — | |||||||||||||||||
Unrealized gains (losses) included in other comprehensive income | 3,684 | — | 3,684 | |||||||||||||||||
Sales | — | — | — | |||||||||||||||||
Issues | — | — | — | |||||||||||||||||
Settlements | (1,081 | ) | — | (1,081 | ) | |||||||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||||||
Balance at December 31, 2013 | $ | 17,671 | $ | — | $ | 17,671 | ||||||||||||||
For 2013 and 2012, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs. | ||||||||||||||||||||
The following table presents information as of December 31, 2013 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||
Financial instrument | Fair | Valuation Technique | Significant | Range of Inputs | ||||||||||||||||
Value | Unobservable Inputs | |||||||||||||||||||
Trust preferred securities | $ | 17,671 | Discounted cash flows | Default rate | 0-100% | |||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||||||
Certain assets may be recorded at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically are a result of the application of the lower of cost or market accounting or a write-down occurring during the period. The following table provides the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 11,900 | $ | 11,900 | ||||||||||||
OREO | — | — | 36,306 | 36,306 | ||||||||||||||||
Total | $ | — | $ | — | $ | 48,206 | $ | 48,206 | ||||||||||||
Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 20,178 | $ | 20,178 | ||||||||||||
OREO | — | — | 33,761 | 33,761 | ||||||||||||||||
Total | $ | — | $ | — | $ | 53,939 | $ | 53,939 | ||||||||||||
The following methods and assumptions are used by the Company to estimate the fair values of the Company’s assets measured on a nonrecurring basis: | ||||||||||||||||||||
Impaired loans: Loans considered impaired are reserved for at the time the loan is identified as impaired taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on changes in market conditions from the time of valuation and management’s knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified as Level 3. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Impaired loans covered under loss-share agreements were recorded at their fair value upon the acquisition date, and no fair value adjustments were necessary for the year ended December 31, 2013 and 2012, respectively. Impaired loans not covered under loss-share agreements that were measured or re-measured at fair value had a carrying value of $12,998 and $27,149 at December 31, 2013 and December 31, 2012, respectively, and a specific reserve for these loans of $1,098 and $6,971 was included in the allowance for loan losses for the same periods ended. | ||||||||||||||||||||
Other real estate owned: OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. OREO covered under loss-share agreements is recorded at its fair value at its acquisition date. OREO not covered under loss-share agreements acquired in settlement of indebtedness is recorded at the fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Fair value, when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. Accordingly, values for OREO are classified as Level 3. | ||||||||||||||||||||
The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented: | ||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||
OREO covered under loss-share agreements: | ||||||||||||||||||||
Carrying amount prior to remeasurement | $ | 13,067 | $ | 19,254 | ||||||||||||||||
Impairment recognized in results of operations | (707 | ) | (901 | ) | ||||||||||||||||
Increase in FDIC loss-share indemnification asset | (2,829 | ) | (3,602 | ) | ||||||||||||||||
Receivable from other guarantor | (768 | ) | (41 | ) | ||||||||||||||||
Fair value | $ | 8,763 | $ | 14,710 | ||||||||||||||||
OREO not covered under loss-share agreements: | ||||||||||||||||||||
Carrying amount prior to remeasurement | $ | 30,436 | $ | 22,277 | ||||||||||||||||
Impairment recognized in results of operations | (2,893 | ) | (3,226 | ) | ||||||||||||||||
Fair value | $ | 27,543 | $ | 19,051 | ||||||||||||||||
Mortgage servicing rights: The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds, servicing costs, and other factors. Because these factors are not all observable and include management’s assumptions, mortgage servicing rights are classified within Level 3 of the fair value hierarchy. Mortgage servicing rights were carried at amortized cost at December 31, 2013 and 2012, respectively, and no impairment charges were recognized in earnings during 2013 or 2012. | ||||||||||||||||||||
The following table presents information as of December 31, 2013 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: | ||||||||||||||||||||
Financial instrument | Fair | Valuation Technique | Significant | Range of Inputs | ||||||||||||||||
Value | Unobservable Inputs | |||||||||||||||||||
Impaired loans | $ | 11,900 | Appraised value of collateral less estimated costs to sell | Estimated costs to sell | 4-10% | |||||||||||||||
OREO | $ | 36,306 | Appraised value of property less estimated costs to sell | Estimated costs to sell | 4-10% | |||||||||||||||
Fair Value Option | ||||||||||||||||||||
The Company elected to measure all mortgage loans originated for sale on or after July 1, 2012 at fair value under the fair value option as permitted under ASC 825. Electing to measure these assets at fair value reduces certain timing differences and better matches the changes in fair value of the loans with changes in the fair value of derivative instruments used to economically hedge them. | ||||||||||||||||||||
Net losses of $620 resulting from fair value changes of these mortgage loans were recorded in income during 2013. The amount does not reflect changes in fair values of related derivative instruments used to hedge exposure to market-related risks associated with these mortgage loans. The change in fair value of both mortgage loans held for sale and the related derivative instruments are recorded in “Gains on sales of mortgage loans held for sale” in the Consolidated Statements of Income. | ||||||||||||||||||||
The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal. Interest income on mortgage loans held for sale measured at fair value is accrued as it is earned based on contractual rates and is reflected in loan interest income on the Consolidated Statements of Income. | ||||||||||||||||||||
The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of: | ||||||||||||||||||||
Aggregate | Aggregate | Difference | ||||||||||||||||||
Fair Value | Unpaid | |||||||||||||||||||
Principal | ||||||||||||||||||||
Balance | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Mortgage loans held for sale measured at fair value | $ | 33,440 | $ | 33,217 | $ | 223 | ||||||||||||||
Past due loans of 90 days or more | — | — | — | |||||||||||||||||
Nonaccrual loans | — | — | — | |||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||
The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented: | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Value | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 246,648 | $ | 246,648 | $ | — | $ | — | $ | 246,648 | ||||||||||
Securities held to maturity | 412,075 | — | 408,567 | — | 408,567 | |||||||||||||||
Securities available for sale | 501,254 | — | 483,583 | 17,671 | 501,254 | |||||||||||||||
Mortgage loans held for sale | 33,440 | — | 33,440 | — | 33,440 | |||||||||||||||
Loans covered under loss-share agreements | 181,674 | — | — | 182,244 | 182,244 | |||||||||||||||
Loans not covered under loss-share agreements, net | 3,651,679 | — | — | 3,590,446 | 3,590,446 | |||||||||||||||
FDIC loss-share indemnification asset | 26,273 | — | — | 26,273 | 26,273 | |||||||||||||||
Mortgage servicing rights | 8,994 | 9,840 | 9,840 | |||||||||||||||||
Derivative instruments | 2,818 | — | 2,818 | — | 2,818 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | 4,841,912 | $ | 3,327,688 | $ | 1,520,667 | $ | — | $ | 4,848,355 | ||||||||||
Short-term borrowings | 2,283 | 2,283 | — | — | 2,283 | |||||||||||||||
Federal Home Loan Bank advances | 75,405 | — | 80,989 | — | 80,989 | |||||||||||||||
Junior subordinated debentures | 94,187 | — | 78,301 | — | 78,301 | |||||||||||||||
Derivative instruments | 3,096 | — | 3,096 | — | 3,096 | |||||||||||||||
Fair Value | ||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Value | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 132,420 | $ | 132,420 | $ | — | $ | — | $ | 132,420 | ||||||||||
Securities held to maturity | 317,766 | — | 334,475 | — | 334,475 | |||||||||||||||
Securities available for sale | 356,311 | — | 341,243 | 15,068 | 356,311 | |||||||||||||||
Mortgage loans held for sale | 34,845 | — | 34,845 | — | 34,845 | |||||||||||||||
Loans covered under loss-share agreements | 237,088 | — | — | 235,890 | 235,890 | |||||||||||||||
Loans not covered under loss-share agreements, net | 2,528,818 | — | — | 2,452,937 | 2,452,937 | |||||||||||||||
FDIC loss-share indemnification asset | 44,153 | — | — | 44,153 | 44,153 | |||||||||||||||
Derivative instruments | 4,654 | — | 4,654 | — | 4,654 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | 3,461,221 | $ | 2,268,568 | $ | 1,200,785 | $ | — | $ | 3,469,353 | ||||||||||
Short-term borrowings | 5,254 | 5,254 | — | — | 5,254 | |||||||||||||||
Federal Home Loan Bank advances | 83,843 | — | 99,870 | — | 99,870 | |||||||||||||||
Junior subordinated debentures | 75,609 | — | 27,985 | — | 27,985 | |||||||||||||||
Derivative instruments | 5,514 | — | 5,514 | — | 5,514 | |||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. The methodologies for estimating the fair value of financial assets and liabilities that are measured at fair value on a recurring or nonrecurring basis are discussed previously. | ||||||||||||||||||||
Cash and cash equivalents: Cash and cash equivalents consist of cash and due from banks and interest-bearing balances with banks. The carrying amount reported in the Consolidated Balance Sheets for cash and cash equivalents approximates fair value based on the short-term nature of these assets. | ||||||||||||||||||||
Securities held to maturity: Securities held to maturity consist of debt securities such as obligations of U.S. Government agencies, states, and other political subdivisions. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy. | ||||||||||||||||||||
Loans covered under loss-share agreements: The fair value of loans covered under loss-share agreements is based on the net present value of future cash proceeds expected to be received using discount rates that are derived from current market rates and reflect the level of interest risk in the covered loans. | ||||||||||||||||||||
Loans not covered under loss-share agreements: For variable-rate loans not covered under loss-share agreements that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values of fixed-rate loans not covered under loss-share agreements, including mortgages, commercial, agricultural and consumer loans, are estimated using a discounted cash flow analysis based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. | ||||||||||||||||||||
FDIC loss-share indemnification asset: The fair value of the FDIC loss-share indemnification asset is based on the net present value of future cash flows expected to be received from the FDIC under the provisions of the loss-share agreements using a discount rate that is based on current market rates for the underlying covered loans. Current market rates are used in light of the uncertainty of the timing and receipt of the loss-share reimbursement from the FDIC. | ||||||||||||||||||||
Deposits: The fair values disclosed for demand deposits, both interest-bearing and noninterest-bearing, are, by definition, equal to the amount payable on demand at the reporting date. Such deposits are classified within Level 1 of the fair value hierarchy. The fair values of certificates of deposit and individual retirement accounts are estimated using a discounted cash flow based on currently effective interest rates for similar types of deposits. These deposits are classified within Level 2 of the fair value hierarchy. | ||||||||||||||||||||
Short-term borrowings: Short-term borrowings consist of securities sold under agreements to repurchase and federal funds purchased. The fair value of these borrowings approximates the carrying value of the amounts reported in the Consolidated Balance Sheets for each respective account given the short-term nature of the liabilities. | ||||||||||||||||||||
Federal Home Loan Bank advances: The fair value for Federal Home Loan Bank (“FHLB”) advances is determined by discounting the expected future cash outflows using current market rates for similar borrowings, or Level 2 inputs. | ||||||||||||||||||||
Junior subordinated debentures: The fair value for the Company’s junior subordinated debentures is determined by discounting the future cash flows using the current market rate. | ||||||||||||||||||||
TLGP Senior Note: The fair value for the Company’s senior note guaranteed by the FDIC under the TLGP is determined by discounting the future cash flows using the current market rate. The outstanding balance of the Company’s TLGP note was paid in full in March 2012. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative Instruments | ' | |||||||||||||||
Derivative Instruments | ||||||||||||||||
(In Thousands) | ||||||||||||||||
The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, caps and/or floors, as part of its ongoing efforts to mitigate its interest rate risk exposure and to facilitate the needs of its customers. In the first quarter of 2011, the Company began entering into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. At December 31, 2013, the Company had notional amounts of $76,220 on interest rate contracts with corporate customers and $76,220 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts. | ||||||||||||||||
In March and April 2012, the Company entered into two interest rate swap agreements effective March 30, 2014 and March 17, 2014, respectively. Beginning on the respective effective date, the Company will receive a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pay a fixed rate of interest. The agreements, which both terminate in March 2022, are accounted for as cash flow hedges to reduce the variability in cash flows resulting from changes in interest rates on $32,000 of the Company’s junior subordinated debentures. | ||||||||||||||||
In connection with its merger of First M&F, the Company assumed an interest rate swap designed to convert floating rate interest payments into fixed rate payments. Based on the terms of the agreement, which terminates in March 2018, the Company will receive a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pay a fixed rate of interest. The interest rate swap is accounted for as a cash flow hedge to reduce the variability in cash flows resulting from changes in interest rates on $30,000 of the junior subordinated debentures assumed in the merger with First M&F. | ||||||||||||||||
In May 2010, the Company terminated two interest rate swaps, each designated as a cash flow hedge, designed to convert the variable interest rate on an aggregate of $75,000 of loans to a fixed rate. As of the termination date, there were $1,679 of deferred gains related to the swaps, which are being amortized into interest income over the designated hedging periods ending in August 2012 and August 2013. Deferred gains related to the swaps of $203, $503, and $610 were amortized into net interest income for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||
The Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate residential mortgage loans. The notional amount of commitments to fund fixed-rate mortgage loans was $54,807 and $72,757 at December 31, 2013 and 2012, respectively. The Company also enters into forward commitments to sell residential mortgage loans to secondary market investors. The notional amount of commitments to sell residential mortgage loans to secondary market investors was $50,000 and $100,000 at December 31, 2013 and 2012, respectively. | ||||||||||||||||
The following table provides details on the Company’s derivative financial instruments as of the dates presented: | ||||||||||||||||
Fair Value | ||||||||||||||||
Balance Sheet | December 31, | |||||||||||||||
Location | 2013 | 2012 | ||||||||||||||
Derivative assets: | ||||||||||||||||
Designated as hedging instruments: | ||||||||||||||||
Interest rate swap | Other Assets | $ | 208 | $ | — | |||||||||||
Totals | $ | 208 | $ | — | ||||||||||||
Not designated as hedging instruments: | ||||||||||||||||
Interest rate contracts | Other Assets | $ | 1,812 | $ | 3,083 | |||||||||||
Interest rate lock commitments | Other Assets | 464 | 1,571 | |||||||||||||
Forward commitments | Other Assets | 335 | — | |||||||||||||
Totals | $ | 2,611 | $ | 4,654 | ||||||||||||
Derivative liabilities: | ||||||||||||||||
Designated as hedging instruments: | ||||||||||||||||
Interest rate swap | Other Liabilities | $ | 1,428 | $ | 2,164 | |||||||||||
Totals | $ | 1,428 | $ | 2,164 | ||||||||||||
Not designated as hedging instruments: | ||||||||||||||||
Interest rate contracts | Other Liabilities | $ | 1,812 | $ | 3,152 | |||||||||||
Interest rate lock commitments | Other Liabilities | 52 | — | |||||||||||||
Forward commitments | Other Liabilities | 24 | 198 | |||||||||||||
Totals | $ | 1,888 | $ | 3,350 | ||||||||||||
Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Derivatives designated as cash flow hedging instruments: | ||||||||||||||||
Interest rate swap: | ||||||||||||||||
Included in interest income on loans | $ | 203 | $ | 503 | $ | 610 | ||||||||||
Total | $ | 203 | $ | 503 | $ | 610 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate contracts: | ||||||||||||||||
Included in interest income on loans | $ | 3,193 | $ | 2,345 | $ | 994 | ||||||||||
Included in other noninterest expense | 69 | (69 | ) | — | ||||||||||||
Interest rate lock commitments: | ||||||||||||||||
Included in gains on sales of mortgage loans held for sale | (1,159 | ) | 375 | 881 | ||||||||||||
Forward commitments | ||||||||||||||||
Included in gains on sales of mortgage loans held for sale | 509 | (3,550 | ) | (427 | ) | |||||||||||
Total | $ | 2,612 | $ | (899 | ) | $ | 1,448 | |||||||||
Offsetting | ||||||||||||||||
Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the "right of setoff" exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company's derivative instruments are subject to master netting agreements; however, the Company has not elected to offset such financial instruments in the consolidated balance sheets. The following table presents the Company's gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement: | ||||||||||||||||
Offsetting Derivative Assets | Offsetting Derivative Liabilities | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Gross amounts recognized | $ | 2,818 | $ | 4,654 | $ | 3,315 | $ | 5,514 | ||||||||
Gross amounts offset in the consolidated balance sheets | — | — | — | — | ||||||||||||
Net amounts presented in the consolidated balance sheets | 2,818 | 4,654 | 3,315 | 5,514 | ||||||||||||
Gross amounts not offset in the consolidated balance sheets | ||||||||||||||||
Financial instruments | 1,664 | — | 1,664 | — | ||||||||||||
Financial collateral pledged | — | — | — | 4,950 | ||||||||||||
Net amounts | $ | 1,154 | $ | 4,654 | $ | 1,651 | $ | 564 | ||||||||
Renasant_Corporation_Parent_Co
Renasant Corporation (Parent Company Only) Condensed Financial Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Renasant Corporation (Parent Company Only) Condensed Financial Information | ' | |||||||||||
Renasant Corporation (Parent Company Only) Condensed Financial Information | ||||||||||||
(In Thousands) | ||||||||||||
Balance Sheets | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Assets | ||||||||||||
Cash and cash equivalents(1) | $ | 9,723 | $ | 3,883 | ||||||||
Investments | 7,315 | 6,568 | ||||||||||
Investment in bank subsidiary(1) | 739,688 | 563,345 | ||||||||||
Accrued interest receivable on bank balances(1) | 6 | 9 | ||||||||||
Stock options receivable(1) | 1,967 | 102 | ||||||||||
Other assets | 4,637 | 4,048 | ||||||||||
Total assets | $ | 763,336 | $ | 577,955 | ||||||||
Liabilities and shareholders’ equity | ||||||||||||
Junior subordinated debentures | $ | 94,187 | $ | 75,609 | ||||||||
Intercompany borrowed funds(1) | 1,500 | 1,500 | ||||||||||
Accrued interest payable on intercompany borrowed funds(1) | 25 | 21 | ||||||||||
Other liabilities | 1,972 | 2,617 | ||||||||||
Shareholders’ equity | 665,652 | 498,208 | ||||||||||
Total liabilities and shareholders’ equity | $ | 763,336 | $ | 577,955 | ||||||||
-1 | Eliminates in consolidation | |||||||||||
Statements of Income | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income | ||||||||||||
Dividends from bank subsidiary(1) | $ | 19,303 | $ | 18,117 | $ | 17,071 | ||||||
Interest income from bank subsidiary(1) | 10 | 16 | 30 | |||||||||
Other dividends | 492 | 114 | 81 | |||||||||
Other income | 39 | 22 | 202 | |||||||||
Total income | 19,844 | 18,269 | 17,384 | |||||||||
Expenses | 3,892 | 3,190 | 2,898 | |||||||||
Income before income tax benefit and equity in undistributed net income of bank subsidiary | 15,952 | 15,079 | 14,486 | |||||||||
Income tax benefit | (1,352 | ) | (1,160 | ) | (989 | ) | ||||||
Equity in undistributed net income of bank subsidiary(1) | 16,183 | 10,398 | 10,157 | |||||||||
Net income | $ | 33,487 | $ | 26,637 | $ | 25,632 | ||||||
-1 | Eliminates in consolidation | |||||||||||
Statements of Cash Flows | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Operating activities | ||||||||||||
Net income | $ | 33,487 | $ | 26,637 | $ | 25,632 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Equity in undistributed net income of bank subsidiary | (16,183 | ) | (10,398 | ) | (10,157 | ) | ||||||
Amortization/Depreciation/Accretion | 21 | (161 | ) | (350 | ) | |||||||
Decrease (increase) in other assets | 1,969 | (418 | ) | 183 | ||||||||
(Decrease) increase in other liabilities | (122 | ) | 2,139 | 590 | ||||||||
Net cash provided by operating activities | 19,172 | 17,799 | 15,898 | |||||||||
Investing activities | ||||||||||||
Purchases of securities held to maturity and available for sale | (1,420 | ) | (3,515 | ) | — | |||||||
Sales and maturities of securities held to maturity and available for sale | 3,000 | — | — | |||||||||
Investment in subsidiaries | — | — | (15,000 | ) | ||||||||
Net cash received in acquisition | 3,917 | — | — | |||||||||
Net cash used in investing activities | 5,497 | (3,515 | ) | (15,000 | ) | |||||||
Financing activities | ||||||||||||
Cash paid for dividends | (19,303 | ) | (17,117 | ) | (17,071 | ) | ||||||
Cash received on exercise of stock-based compensation | 276 | 548 | 218 | |||||||||
Excess tax(expense) benefits from exercise of stock options | 198 | (56 | ) | — | ||||||||
Proceeds from advances from bank subsidiary | — | 1,500 | — | |||||||||
Net cash (used in) provided by financing activities | (18,829 | ) | (15,125 | ) | (16,853 | ) | ||||||
Increase (decrease) in cash and cash equivalents | 5,840 | (841 | ) | (15,955 | ) | |||||||
Cash and cash equivalents at beginning of year | 3,883 | 4,724 | 20,679 | |||||||||
Cash and cash equivalents at end of year | $ | 9,723 | $ | 3,883 | $ | 4,724 | ||||||
Quarterly_Results_of_Operation
Quarterly Results of Operations | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Results of Operations | ' | |||||||||||||||
Quarterly Results of Operations | ||||||||||||||||
(In Thousands, Except Share Data) (Unaudited) | ||||||||||||||||
The following table sets forth a summary of the unaudited quarterly results of operations. | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2013 | ||||||||||||||||
Interest income | $ | 38,945 | $ | 39,945 | $ | 44,638 | $ | 57,076 | ||||||||
Interest expense | 5,564 | 5,541 | 5,890 | 6,408 | ||||||||||||
Net interest income | 33,381 | 34,404 | 38,748 | 50,668 | ||||||||||||
Provision for loan losses | 3,050 | 3,000 | 2,300 | 2,000 | ||||||||||||
Noninterest income | 17,378 | 17,317 | 18,935 | 18,341 | ||||||||||||
Noninterest expense | 37,600 | 37,734 | 46,613 | 51,129 | ||||||||||||
Income before income taxes | 10,109 | 10,987 | 8,770 | 15,880 | ||||||||||||
Income taxes | 2,538 | 2,968 | 2,133 | 4,620 | ||||||||||||
Net income | $ | 7,571 | $ | 8,019 | $ | 6,637 | $ | 11,260 | ||||||||
Basic earnings per share | $ | 0.3 | $ | 0.32 | $ | 0.24 | $ | 0.36 | ||||||||
Diluted earnings per share | $ | 0.3 | $ | 0.32 | $ | 0.24 | $ | 0.36 | ||||||||
2012 | ||||||||||||||||
Interest income | $ | 40,505 | $ | 39,978 | $ | 39,154 | $ | 39,676 | ||||||||
Interest expense | 7,662 | 6,568 | 6,022 | 5,723 | ||||||||||||
Net interest income | 32,843 | 33,410 | 33,132 | 33,953 | ||||||||||||
Provision for loan losses | 4,800 | 4,700 | 4,625 | 4,000 | ||||||||||||
Noninterest income | 16,387 | 16,238 | 18,014 | 18,072 | ||||||||||||
Noninterest expense | 36,621 | 36,710 | 38,631 | 38,497 | ||||||||||||
Income before income taxes | 7,809 | 8,238 | 7,890 | 9,528 | ||||||||||||
Income taxes | 1,835 | 1,893 | 853 | 2,247 | ||||||||||||
Net income | $ | 5,974 | $ | 6,345 | $ | 7,037 | $ | 7,281 | ||||||||
Basic earnings per share | $ | 0.24 | $ | 0.25 | $ | 0.28 | $ | 0.29 | ||||||||
Diluted earnings per share | $ | 0.24 | $ | 0.25 | $ | 0.28 | $ | 0.29 | ||||||||
Other_Comprehensive_Income
Other Comprehensive Income | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Other Comprehensive Income | ' | |||||||||||
Other Comprehensive Income | ||||||||||||
(In Thousands) | ||||||||||||
Changes in the components of other comprehensive income were as follows: | ||||||||||||
Pre-Tax | Tax Expense | Net of Tax | ||||||||||
(Benefit) | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized holding gains on securities | $ | (11,124 | ) | $ | (4,255 | ) | $ | (6,869 | ) | |||
Non-credit related portion of other-than-temporary impairment on securities | — | — | — | |||||||||
Reclassification adjustment for gains realized in net income | 115 | 44 | 71 | |||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (348 | ) | (133 | ) | (215 | ) | ||||||
Total securities available for sale | (11,357 | ) | (4,344 | ) | (7,013 | ) | ||||||
Derivative instruments: | ||||||||||||
Unrealized holding losses on derivative instruments | 2,146 | 821 | 1,325 | |||||||||
Reclassification adjustment for gains realized in net income | (203 | ) | (78 | ) | (125 | ) | ||||||
Total derivative instruments | 1,943 | 743 | 1,200 | |||||||||
Defined benefit pension and post-retirement benefit plans: | ||||||||||||
Net gain arising during the period | 3,170 | 1,213 | 1,957 | |||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 621 | 237 | 384 | |||||||||
Total defined benefit pension and post-retirement benefit plans | 3,791 | 1,450 | 2,341 | |||||||||
Total other comprehensive loss | $ | (5,623 | ) | $ | (2,151 | ) | $ | (3,472 | ) | |||
Year Ended December 31, 2012 | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized holding gains on securities | $ | 5,351 | $ | 2,046 | $ | 3,305 | ||||||
Non-credit related portion of other-than-temporary impairment on securities | — | — | — | |||||||||
Reclassification adjustment for gains realized in net income | (1,894 | ) | (724 | ) | (1,170 | ) | ||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (567 | ) | (217 | ) | (350 | ) | ||||||
Total securities available for sale | 2,890 | 1,105 | 1,785 | |||||||||
Derivative instruments: | ||||||||||||
Unrealized holding losses on derivative instruments | (2,164 | ) | (828 | ) | (1,336 | ) | ||||||
Reclassification adjustment for gains realized in net income | (503 | ) | (192 | ) | (311 | ) | ||||||
Total derivative instruments | (2,667 | ) | (1,020 | ) | (1,647 | ) | ||||||
Defined benefit pension and post-retirement benefit plans: | ||||||||||||
Net loss arising during the period | (1,225 | ) | (469 | ) | (756 | ) | ||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 428 | 164 | 264 | |||||||||
Total defined benefit pension and post-retirement benefit plans | (797 | ) | (305 | ) | (492 | ) | ||||||
Total other comprehensive income | $ | (574 | ) | $ | (220 | ) | $ | (354 | ) | |||
Pre-Tax | Tax Expense | Net of Tax | ||||||||||
(Benefit) | ||||||||||||
Year Ended December 31, 2011 | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized holding gains on securities | $ | 36,346 | $ | 13,903 | $ | 22,443 | ||||||
Non-credit related portion of other-than-temporary impairment on securities | (15,183 | ) | (5,807 | ) | (9,376 | ) | ||||||
Reclassification adjustment for gains realized in net income | (4,795 | ) | (1,834 | ) | (2,961 | ) | ||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (1,000 | ) | (383 | ) | (617 | ) | ||||||
Total securities available for sale | 15,368 | 5,879 | 9,489 | |||||||||
Derivative instruments: | ||||||||||||
Unrealized holding gains on derivative instruments | — | — | — | |||||||||
Reclassification adjustment for gains realized in net income | (610 | ) | (233 | ) | (377 | ) | ||||||
Total derivative instruments | (610 | ) | (233 | ) | (377 | ) | ||||||
Defined benefit pension and post-retirement benefit plans: | ||||||||||||
Net loss arising during the period | (1,769 | ) | (677 | ) | (1,092 | ) | ||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 444 | 170 | 274 | |||||||||
Total defined benefit pension and post-retirement benefit plans | (1,325 | ) | (507 | ) | (818 | ) | ||||||
Total other comprehensive loss | $ | 13,433 | $ | 5,139 | $ | 8,294 | ||||||
The accumulated balances for each component of other comprehensive income, net of tax, at December 31 were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Unrealized gains on securities | $ | 10,370 | $ | 17,428 | $ | 15,643 | ||||||
Non-credit related portion of other-than-temporary impairment on securities | (17,428 | ) | (17,474 | ) | (17,474 | ) | ||||||
Unrealized gains/(losses) on derivative instruments | (12 | ) | (1,211 | ) | 436 | |||||||
Unrecognized defined benefit pension and post-retirement benefit plans obligations | (4,903 | ) | (7,244 | ) | (6,752 | ) | ||||||
Total accumulated other comprehensive gain/(loss) | $ | (11,973 | ) | $ | (8,501 | ) | $ | (8,147 | ) |
Net_Income_Per_Common_Share
Net Income Per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Net Income Per Common Share | ' | |||||||||||
Net Income Per Common Share | ||||||||||||
(In Thousands, Except Share Data) | ||||||||||||
Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding assuming outstanding stock options were exercised into common shares, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic | ||||||||||||
Net income applicable to common stock | $ | 33,487 | $ | 26,637 | $ | 25,632 | ||||||
Average common shares outstanding | 27,269,613 | 25,108,652 | 25,058,381 | |||||||||
Net income per common share—basic | $ | 1.23 | $ | 1.06 | $ | 1.02 | ||||||
Diluted | ||||||||||||
Net income applicable to common stock | $ | 33,487 | $ | 26,637 | $ | 25,632 | ||||||
Average common shares outstanding | 27,269,613 | 25,108,652 | 25,058,381 | |||||||||
Effect of dilutive stock-based compensation | 191,144 | 66,340 | 127,750 | |||||||||
Average common shares outstanding—diluted | 27,460,757 | 25,174,992 | 25,186,131 | |||||||||
Net income per common share—diluted | $ | 1.22 | $ | 1.06 | $ | 1.02 | ||||||
Stock options that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented: | ||||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Number of shares | 164,540 | 1,186,644 | ||||||||||
Range of exercise prices | $19.14 - $30.63 | $14.96 - $30.63 |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations: Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”) and Renasant Insurance, Inc. The Company offers a diversified range of financial, fiduciary and insurance services to its retail and commercial customers through its subsidiaries and full service offices located throughout north and north central Mississippi, Tennessee, north and central Alabama and north Georgia. | |
Use of Estimates | ' |
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Consolidation | ' |
Consolidation: In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic (“ASC”) 810, “Consolidation” (“ASC 810”), a company’s consolidated financial statements are required to include subsidiaries in which the company has a controlling financial interest. The accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. The Company is not the primary beneficiary of any variable interest entity as defined by ASC 810. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | |
Securities | ' |
Securities: Debt securities are classified as held to maturity when purchased if management has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Securities not classified as held to maturity or trading are classified as available for sale. Presently, the Company has no intention of establishing a trading classification. Available for sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income within shareholders’ equity. | |
The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts. Such amortization and accretion is included in interest income from securities. Dividend income is included in interest income from securities. Realized gains and losses on sales of securities are reflected under the line item “Gains on sales of securities” on the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method. | |
The Company evaluates its investment portfolio for other-than-temporary-impairment (“OTTI”) on a quarterly basis. Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. When impairment of an equity security is considered to be other-than-temporary, the security is written down to its fair value and an impairment loss is recorded as a loss within noninterest income in the Consolidated Statements of Income. When impairment of a debt security is considered to be other-than-temporary, the security is written down to its fair value. The amount of OTTI recorded as a loss within noninterest income depends on whether an entity intends to sell the debt security and whether it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis. If an entity intends to, or has decided to, sell the debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, OTTI must be recognized in earnings in an amount equal to the entire difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the debt security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, OTTI is separated into the amount representing credit loss and the amount related to all other market factors. The amount related to credit loss is recognized in earnings. The amount related to other market factors is recognized in other comprehensive income, net of applicable taxes. | |
Furthermore, debt securities may be transferred to a nonaccrual status where the recognition of investment interest is discontinued. A number of qualitative factors, including but not limited to the financial condition of the underlying issuing financial institutions and current and projected deferrals or defaults, are considered by management in the determination of whether the debt security should be transferred to nonaccrual status. The interest on these nonaccrual investment securities is accounted for on the cash-basis method until the debt security qualifies for return to accrual status. See Note C, “Securities,” for further details regarding the Company’s securities portfolio. | |
Securities sold under agreements to repurchase | ' |
Securities Sold Under Agreements to Repurchase: Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party. | |
Mortgage Loans Held for Sale | ' |
Mortgage Loans Held for Sale: Mortgage loans held for sale represent residential mortgage loans held for sale. The Company has elected to carry these loans at fair value as permitted under the guidance in ASC 825, “Financial Instruments” (“ASC 825”). Mortgage loans held for sale are classified separately on the Consolidated Balance Sheets. Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. These gains and losses are classified under the line item “Gains on sales of mortgage loans held for sale” on the Consolidated Statements of Income. | |
Loans and the Allowance for Loan Losses | ' |
Loans and the Allowance for Loan Losses: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans. Renasant Bank defers certain nonrefundable loan origination fees as well as the direct costs of originating or acquiring loans. The deferred fees and costs are then amortized over the term of the note for all loans with payment schedules. Those loans with no payment schedule are amortized using the interest method. The amortization of these deferred fees is presented as an adjustment to the yield on loans. Interest income is accrued on the unpaid principal balance. | |
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial and construction loans above a minimum dollar amount threshold by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are evaluated collectively for impairment. When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. Once the recorded balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been foregone, and then they are recorded as recoveries of any amounts previously charged-off. For impaired loans, a specific reserve is established to adjust the carrying value of the loan to its estimated net realizable value. | |
Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days past due or placed on nonaccrual status are reported as nonperforming loans. | |
See Note D, “Loans and the Allowance for Loan Losses,” for disclosures regarding the Company’s past due and nonaccrual loans, impaired loans and restructured loans. | |
The allowance for loan losses is maintained at a level believed adequate by management to absorb probable credit losses inherent in the entire loan portfolio. The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including collective impairment as recognized under ASC 450, “Contingencies”. Collective impairment is calculated based on loans grouped by grade. Another component of the allowance is losses on loans assessed as impaired under ASC 310, “Receivables” (“ASC 310”). The balance of these loans and their related allowance is included in management’s estimation and analysis of the allowance for loan losses. Management and the internal loan review staff evaluate the adequacy of the allowance for loan losses quarterly. The allowance for loan losses is evaluated based on a continuing assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories and other factors, including its risk rating system, regulatory guidance and economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses is established through a provision for loan losses charged to earnings resulting from measurements of inherent credit risk in the loan portfolio and estimates of probable losses or impairments of individual loans. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |
Business Combinations, Accounting for Acquired Loans and Related Assets | ' |
Business Combinations, Accounting for Acquired Loans and Related Assets: Business combinations are accounted for by applying the acquisition method in accordance with ASC 805, “Business Combinations” (“ASC 805”). Under the acquisition method, identifiable assets acquired and liabilities assumed and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date and are recognized separately from goodwill. Results of operations of the acquired entities are included in the Consolidated Statements of Income from the date of acquisition. | |
Loans acquired in business combinations with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Acquired credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality, in accordance with ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loans. Increases in expected cash flows to be collected on these loans are recognized as an adjustment of the loan’s yield over its remaining life, while decreases in expected cash flows are recognized as an impairment. Loans acquired through business combinations that do not meet the specific criteria of ASC 310-30, but for which a discount is attributable, at least in part, to credit quality, are also accounted for under this guidance. As a result, related discounts are recognized subsequently through accretion based on the expected cash flow of the acquired loans. | |
Acquired loans covered under loss-share agreements with the Federal Deposit Insurance Corporation (“FDIC”) are recorded, as of their respective acquisition dates, at fair value. The fair value of these loans represents the expected discounted cash flows to be received over the lives of the loans, taking into account the Company’s estimate of future credit losses on the loans. These loans are excluded from the calculation of the allowance for loan losses because the fair value measurement incorporates an estimate of losses on acquired loans. The Company monitors future cash flows on these loans; to the extent future cash flows deteriorate below initial projections, the Company reserves for these loans in the allowance for loan losses through the provision for loan losses. The Company recorded a provision for loan losses of $467 and $2,527 in association with the loans covered under loss-share agreements acquired in the Crescent and American Trust transactions during the years ended December 31, 2013 and 2012, respectively. | |
In these Notes to Consolidated Financial Statements, the Company refers to loans subject to the loss-share agreements as “covered loans” or “loans covered under loss-share agreements” and loans that are not subject to the loss-share agreements as “not covered loans” or “loans not covered under loss-share agreements.” | |
As part of the loan portfolio and other real estate owned fair value estimation in connection with FDIC-assisted acquisitions, a FDIC loss-share indemnification asset is established, which represents the present value of the estimated losses on covered assets to be reimbursed by the FDIC. The estimated losses are based on the same cash flow estimates used in determining the fair value of the covered assets. The FDIC loss-share indemnification asset is reduced as losses are recognized on covered assets and loss-share payments are received from the FDIC. Realized losses in excess of estimates as of the date of the acquisition increase the FDIC loss-share indemnification asset. Conversely, when realized losses are less than these estimates, the portion of the FDIC loss-share indemnification asset no longer expected to result in a payment from the FDIC is amortized into interest income using the effective interest method. | |
Premises and Equipment | ' |
Premises and Equipment: Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by use of the straight-line method for furniture, fixtures, equipment, autos and premises. The annual provisions for depreciation have been computed primarily using estimated lives of forty years for premises, seven years for furniture and equipment and three to five years for computer equipment and autos. Leasehold improvements are expensed over the period of the leases or the estimated useful life of the improvements, whichever is shorter. | |
Other real Estate Owned | ' |
Other Real Estate Owned: Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for loan losses. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included under the line item “Other real estate owned” in the Consolidated Statements of Income. | |
Mortgage servicing rights | ' |
Mortgage Servicing Rights: The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights, included in “Other assets” on the Consolidated Balance Sheets, are recognized as a separate asset on the date the corresponding mortgage loan is sold. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors. Mortgage servicing rights were carried at amortized cost at December 31, 2013 and 2012, respectively. Impairment losses on mortgage servicing rights are recognized to the extent by which the unamortized cost exceeds fair value. | |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets: Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangibles with finite lives are amortized over their estimated useful lives. Goodwill and other intangible assets are subject to impairment testing annually or more frequently if events or circumstances indicate possible impairment. Goodwill is assigned to the Company’s reporting segments. Fair values of reporting segments are determined using either discounted cash flow analyses based on internal financial forecasts or, if available, market-based valuation multiples for comparable businesses. Other intangible assets, consisting of core deposit intangibles, are reviewed for events or circumstances which could impact the recoverability of the intangible asset, such as a loss of core deposits, increased competition or adverse changes in the economy. | |
Bank owned life insurance | ' |
Bank-Owned Life Insurance: Bank-owned life insurance (“BOLI”) is an institutionally-priced insurance product that is specifically designed for purchase by insured depository institutions. BOLI is a life insurance policy purchased by Renasant Bank on certain employees, with Renasant Bank being listed as the primary beneficiary. The carrying value of BOLI is recorded at the cash surrender value of the policies, net of any applicable surrender charges. | |
Insurance Agency Revenues | ' |
Insurance Agency Revenues: Renasant Insurance, Inc. is a full-service insurance agency offering all lines of commercial and personal insurance through major third-party insurance carriers. Commissions and fees are recognized when earned based on contractual terms and conditions of insurance policies with the insurance carriers. These commissions and fees are classified under the line item “Insurance commissions” on the Consolidated Statements of Income. Contingency fee income paid by the insurance carriers is recognized upon receipt and classified under the line item “Other noninterest income” on the Consolidated Statements of Income. | |
Trust and Financial Services Revenue | ' |
Trust and Financial Services Revenues: The Company offers trust services as well as various alternative investment products, including annuities and mutual funds. Trust revenues are recognized on the accrual basis in accordance with the contractual terms of the trust. Commissions and fees from the sale of annuities and mutual funds are recognized when earned based on contractual terms with the third party broker-dealer. These commissions and fees are classified under the line item “Wealth Management revenue” on the Consolidated Statements of Income. | |
Income Taxes | ' |
Income Taxes: Income taxes are accounted for under the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. It is the Company’s policy to recognize interest and penalties, if incurred, related to unrecognized tax benefits in income tax expense. The Company and its subsidiaries file a consolidated federal income tax return. Renasant Bank provides for income taxes on a separate-return basis and remits to the Company amounts determined to be currently payable. | |
Deferred income taxes, included in “Other assets” on the Consolidated Balance Sheets, reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes that the Company and its subsidiaries will realize a substantial majority of the deferred tax assets. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized through a charge to income tax expense. | |
Fair Value Measurements | ' |
Fair Value Measurements: ASC 820, “Fair Value Measurements and Disclosures,” (“ASC 820”) provides guidance for using fair value to measure assets and liabilities and also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3). See Note R, “Fair Value Measurements,” for further details regarding the Company’s methods and assumptions used to estimate the fair values of the Company’s financial assets and liabilities. | |
Derivative Instruments and Hedging Activities | ' |
Derivative Instruments and Hedging Activities: The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure. Derivative financial instruments are included in the Consolidated Balance Sheets line item “Other assets” or “Other liabilities” at fair value in accordance with ASC 815, “Derivatives and Hedging.” | |
Cash flow hedges are utilized to mitigate the exposure to variability in expected future cash flows or other types of forecasted transactions. For the Company’s derivatives designated as cash flow hedges, changes in the fair value of cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. | |
The Company also utilizes derivative instruments that are not designated as hedging instruments. The Company enters into interest rate cap and/or floor agreements with its customers and then enters into an offsetting derivative contract position with other financial institutions to mitigate the interest rate risk associated with these customer contracts. Because these derivative instruments are not designated as hedging instruments, changes in the fair value of the derivative instruments are recognized currently in earnings. | |
The Company enters into interest rate lock commitments on certain residential mortgage loans with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate mortgage loans. Under such commitments, interest rates for a mortgage loan are typically locked in for up to forty-five days with the customer. These interest rate lock commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of the commitments are recognized currently in earnings and are reflected under the line item “Gains on sales of mortgage loans held for sale” on the Consolidated Statements of Income. | |
The Company utilizes two methods to deliver mortgage loans to be sold to an investor. Under a “best efforts” sales agreement, the Company enters into a sales agreement with an investor in the secondary market to sell the loan when an interest rate lock commitment is entered into with a customer, as described above. Under a “best efforts” sales agreement, the Company is obligated to sell the mortgage loan to the investor only if the loan is closed and funded. Thus, the Company will not incur any liability to an investor if the mortgage loan commitment in the pipeline fails to close. Under a mandatory delivery sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor should the Company fail to satisfy the contract. Mandatory delivery mortgage loan commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of these commitments are recognized currently in earnings and are reflected under the line item “Gains on sales of mortgage loans held for sale” on the Consolidated Statements of Income. | |
Treasury Stock | ' |
Treasury Stock: Treasury stock is recorded at cost. Shares held in treasury are not retired. | |
Stock-Based Compensation | ' |
Stock-Based Compensation: Compensation expense for option grants and restricted stock awards is determined based on the estimated fair value of the stock options and restricted stock on the applicable grant or award date. Further, compensation expense is based on an estimate of the number of option grants expected to vest and is recognized over the option’s vesting period. The Company did not estimate any option forfeitures for 2013, 2012 or 2011 due to the low historical forfeiture rate. Expense associated with the Company’s stock-based compensation is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. The Company recognizes compensation expense for all share-based payments to employees in accordance with ASC 718, “Compensation – Stock Compensation.” See Note N, “Employee Benefit and Deferred Compensation Plans,” for further details regarding the Company’s stock-based compensation. | |
Earnings Per Common Share | ' |
Earnings Per Common Share: Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution assuming outstanding stock options were exercised into common shares, calculated in accordance with the treasury stock method. See Note W, “Net Income Per Common Share,” for the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations. | |
Impact of Recently-Issued Accounting Standards and Pronouncements | ' |
Impact of Recently-Issued Accounting Standards and Pronouncements: | |
ASU 2011-05, “Comprehensive Income (Topic 220) - Presentation of Comprehensive Income.” ASU 2011-05 amends Topic 220, “Comprehensive Income,” to require that all non-owner changes in stockholders’ equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. Additionally, ASU 2011-05 requires entities to present, on the face of the financial statements, reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement or statements where the components of net income and the components of other comprehensive income are presented. The option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity was eliminated. ASU 2011-05 became effective for the Company on January 1, 2012; however, certain provisions related to the presentation of reclassification adjustments were deferred by ASU 2011-12 “Comprehensive Income (Topic 220) - Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” ASU 2013-02, “Comprehensive Income (Topic 220) - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” amended the guidance of ASU 2011-05 related to the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 became effective for the Company on January 1, 2013. As a result of these accounting standards updates, the Company’s financial statements now include separate statements of comprehensive income and additional footnote disclosures (see Note V - Other Comprehensive Income). | |
ASU 2011-11, “Balance Sheet (Topic 210) - Disclosures about Offsetting Assets and Liabilities.” ASU 2011-11 amends Topic 210, “Balance Sheet,” to require an entity to disclose both gross and net information about financial instruments, such as sales and repurchase agreements and reverse sale and repurchase agreements and securities borrowing/lending arrangements, and derivative instruments that are eligible for offset or subject to a master netting arrangement or similar agreement. ASU No. 2013-01, “Balance Sheet (Topic 210) - Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” clarifies that ordinary trade receivables are not within the scope of ASU 2011-11, more narrowly defining the scope to include only derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending arrangements. ASU 2011-11, as amended by ASU 2013-01, was required to be applied retrospectively and became effective for the Company on January 1, 2013. See Note S - Derivative Instruments for applicable disclosures. | |
ASU 2012-02, “Intangibles - Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment.” ASU 2012-02 gives entities the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that an indefinite-lived intangible asset is impaired. If, on the basis of qualitative factors, an entity determines it is more likely than not that an indefinite-lived intangible asset is impaired, then the entity must perform the two-step quantitative impairment test. If, under the quantitative impairment test, the carrying amount of the intangible asset exceeds its fair value, an entity should recognize an impairment loss in the amount of that excess. ASU 2012-02 became effective for the Company on January 1, 2013 and did not have a material impact on the Company’s Consolidated Financial Statements. | |
ASU 2012-06, “Business Combinations (Topic 805) - Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution (a consensus of the FASB Emerging Issues Task Force).” ASU 2012-06 clarifies the applicable guidance for subsequently measuring an indemnification asset recognized as a result of a government-assisted acquisition of a financial institution. Under ASU 2012-06, when a reporting entity recognizes an indemnification asset as a result of a government-assisted acquisition of a financial institution and, subsequently, a change in the cash flows expected to be collected on the indemnification asset occurs (as a result of a change in cash flows expected to be collected on the assets subject to indemnification), the reporting entity should subsequently account for the change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. Any amortization of changes in value should be limited to the contractual term of the indemnification agreement (that is, the lesser of the term of the indemnification agreement and the remaining life of the indemnified assets). ASU 2012-06 became effective for the Corporation on January 1, 2013 and did not have a material impact on the Company’s Consolidated Financial Statements. See Note A - Significant Accounting Policies for applicable disclosures. | |
ASU 2013-10, “Derivatives and Hedging (Topic 815) - Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.” ASU 2013-10 permits the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to U.S. Treasury rates and the London Interbank Offered Rate (“LIBOR”). ASU 2013-10 became effective for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013 and did not have a material impact on the Company’s Consolidated Financial Statements. | |
ASU 2013-11, “Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force).” ASU 2013-11 provides that an entity’s unrecognized tax benefit, or a portion of its unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with one exception. The exception states that to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. ASU 2013-11 is effective for fiscal years, and interim periods within those years beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on the Company’s Consolidated Financial Statements. | |
ASU 2014-01, “Investments - Equity Method and Joint Ventures (Topic 323) - Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force).” ASU 2014-01 allows for use of the proportional amortization method for qualified affordable housing projects if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received and the net investment performance is recognized in the income statement as a component of income tax expense. ASU 2014-01 provides for a practical expedient, which allows for amortization of only expected tax credits over the period tax credits are expected to be received. This method is permitted if it produces a measurement that is substantially similar to the measurement that would result from using both tax credits and other tax benefits. ASU 2014-01 is effective for fiscal years and interim periods beginning after December 15, 2014 and is applied retrospectively to all periods presented. The adoption of ASU 2014-01 is not expected to have a material impact on the Company’s Consolidated Financial Statements. | |
ASU 2014-04, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force).” Issued in January 2014, ASU 2014-04 clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. ASU 2014-04 is effective for fiscal years and interim periods beginning after December 15, 2014 and may be applied prospectively or through a modified retrospective approach. The adoption of ASU 2014-04 is not expected to have a material impact on the Company's Consolidated Financial Statements. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Changes in the FDIC loss-share indemnification asset | ' | |||||||
Changes in the FDIC loss-share indemnification asset were as follows: | ||||||||
2013 | 2012 | |||||||
Balance at January 1 | $ | 44,153 | $ | 107,754 | ||||
Additions through acquisition | — | — | ||||||
Realized losses in excess of initial estimates on: | ||||||||
Loans | 3,039 | 10,408 | ||||||
OREO | 5,983 | 7,778 | ||||||
Reimbursable expenses | 4,612 | 3,752 | ||||||
Accretion | (3,423 | ) | (1,354 | ) | ||||
Reimbursements received from the FDIC | (28,091 | ) | (84,185 | ) | ||||
Balance at December 31 | $ | 26,273 | $ | 44,153 | ||||
Mergers_and_Acquisitions_Table
Mergers and Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table summarizes the fair value of assets acquired and liabilities assumed at acquisition date in connection with the merger with First M&F. The Company is finalizing the fair value of certain fixed assets and liabilities associated with First M&F mortgage operations. As a result, the values included in the following table are preliminary and may change. | |||||||||
Cash and cash equivalents | 170,005 | ||||||||
Securities | 227,693 | ||||||||
Mortgage loans held for sale | 1,659 | ||||||||
Loans, net of unearned income | 899,246 | ||||||||
Premises and equipment | 32,259 | ||||||||
Other real estate owned | 13,527 | ||||||||
Intangible assets | 116,366 | ||||||||
Other assets | 55,848 | ||||||||
Total assets | 1,516,603 | ||||||||
Deposits | 1,325,872 | ||||||||
Borrowings | 25,346 | ||||||||
Other liabilities | 9,861 | ||||||||
Schedule of Business Acquisitions, Fair Value of Assets Acquired and Liabilities Assumed | ' | ||||||||
Allocation of Purchase Price for First M&F Corporation. | |||||||||
Purchase Price: | |||||||||
Shares issued to common shareholders | 6,175,576 | ||||||||
Purchase price per share | $ | 25.17 | |||||||
Value of stock paid | $ | 155,439 | |||||||
Cash paid for fractional shares | 17 | ||||||||
Fair value of stock based compensation assumed | 68 | ||||||||
Deal charges | 1,310 | ||||||||
Total purchase price | $ | 156,834 | |||||||
Net assets acquired: | |||||||||
Stockholders’ equity at 9/1/13 | $ | 79,440 | |||||||
Increase (decrease) to net assets as a result of fair value adjustments | |||||||||
to assets acquired and liabilities assumed: | |||||||||
Securities | 253 | ||||||||
Loans, net of First M&F's allowance for loan losses(1) | (45,751 | ) | |||||||
Fixed assets | (3,070 | ) | |||||||
Core deposits intangible, net of First M&F’s existing core deposit intangible | 21,158 | ||||||||
Other real estate owned(1) | (5,797 | ) | |||||||
Other assets | (443 | ) | |||||||
Deposits | (3,207 | ) | |||||||
Junior Subordinated Debt | 12,371 | ||||||||
Other liabilities | 1,748 | ||||||||
Deferred income taxes | 8,799 | ||||||||
Total net assets acquired | 65,501 | ||||||||
Goodwill resulting from merger(2) | $ | 91,333 | |||||||
(1) The fair value adjustments to acquired loans and other real estate owned reflect management’s expectations to more aggressively market and liquidate problem assets quickly. | |||||||||
(2) The goodwill resulting from the merger has been assigned to the Community Banks operating segment. | |||||||||
Pro Forma Information | ' | ||||||||
The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred. | |||||||||
On August 30, 2013, First M&F redeemed from the U.S. Department of the Treasury (“Treasury”) all of the outstanding shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Class B Non-Voting, Series CD, originally issued to Treasury in connection with First M&F’s participation in Treasury’s Community Development Capital Initiative, for approximately $30 million. In addition, on August 30, 2013, First M&F redeemed from Treasury the warrant to purchase 513,113 shares of First M&F common stock originally issued to Treasury in connection with First M&F’s participation in Treasury’s Capital Purchase Program, for approximately $4.1 million. | |||||||||
Years Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Interest income | $ | 222,165 | $ | 228,267 | |||||
Interest expense | 28,552 | 36,470 | |||||||
Net interest income | 193,613 | 191,797 | |||||||
Provision for loan losses | 13,030 | 26,645 | |||||||
Noninterest income | 81,174 | 91,509 | |||||||
Noninterest expense | 214,502 | 211,475 | |||||||
Income before income taxes | 47,255 | 45,186 | |||||||
Income taxes | 12,546 | 10,135 | |||||||
Net income | $ | 34,709 | $ | 35,051 | |||||
Earnings per share: | |||||||||
Basic | $ | 1.11 | $ | 1.12 | |||||
Diluted | $ | 1.1 | $ | 1.12 | |||||
Securities_Tables
Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||
Amortized cost and fair value of securities held to maturity | ' | |||||||||||||||||||||||||||||
The amortized cost and fair value of securities held to maturity were as follows as of the dates presented: | ||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 125,061 | $ | 14 | $ | (8,727 | ) | $ | 116,348 | |||||||||||||||||||||
Obligations of states and political subdivisions | 287,014 | 7,897 | (2,683 | ) | 292,228 | |||||||||||||||||||||||||
$ | 412,075 | $ | 7,911 | $ | (11,410 | ) | $ | 408,576 | ||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 90,045 | $ | 116 | $ | (232 | ) | $ | 89,929 | |||||||||||||||||||||
Obligations of states and political subdivisions | 227,721 | 16,860 | (35 | ) | 244,546 | |||||||||||||||||||||||||
$ | 317,766 | $ | 16,976 | $ | (267 | ) | $ | 334,475 | ||||||||||||||||||||||
Amortized cost and fair value of securities available for sale | ' | |||||||||||||||||||||||||||||
The amortized cost and fair value of securities available for sale were as follows as of the dates presented: | ||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 6,144 | $ | 125 | $ | (201 | ) | $ | 6,068 | |||||||||||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 261,659 | 2,747 | (4,414 | ) | 259,992 | |||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 149,682 | 1,542 | (4,679 | ) | 146,545 | |||||||||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 41,252 | 1,373 | (584 | ) | 42,041 | |||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 5,007 | 59 | — | 5,066 | ||||||||||||||||||||||||||
Trust preferred securities | 27,531 | 73 | (9,933 | ) | 17,671 | |||||||||||||||||||||||||
Other debt securities | 19,544 | 240 | (230 | ) | 19,554 | |||||||||||||||||||||||||
Other equity securities | 2,775 | 1,542 | — | 4,317 | ||||||||||||||||||||||||||
$ | 513,594 | $ | 7,701 | $ | (20,041 | ) | $ | 501,254 | ||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 2,169 | $ | 273 | $ | — | $ | 2,442 | ||||||||||||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 139,699 | 5,209 | (91 | ) | 144,817 | |||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 115,647 | 2,273 | (399 | ) | 117,521 | |||||||||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 41,981 | 3,077 | — | 45,058 | ||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 5,091 | 316 | — | 5,407 | ||||||||||||||||||||||||||
Trust preferred securities | 28,612 | — | (13,544 | ) | 15,068 | |||||||||||||||||||||||||
Other debt securities | 22,079 | 852 | (1 | ) | 22,930 | |||||||||||||||||||||||||
Other equity securities | 2,355 | 713 | — | 3,068 | ||||||||||||||||||||||||||
$ | 357,633 | $ | 12,713 | $ | (14,035 | ) | $ | 356,311 | ||||||||||||||||||||||
Gross realized gains and gross realized losses on sales of securities available for sale | ' | |||||||||||||||||||||||||||||
Gross realized gains and gross realized losses on sales of securities available for sale for the years 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Gross gains on sales of securities available for sale | $ | — | $ | 2,321 | $ | 5,041 | ||||||||||||||||||||||||
Gross losses on sales of securities available for sale | (115 | ) | (427 | ) | — | |||||||||||||||||||||||||
(Loss)/gain on sales of securities available for sale, net | $ | (115 | ) | $ | 1,894 | $ | 5,041 | |||||||||||||||||||||||
Amortized cost and fair value of securities by contractual maturity | ' | |||||||||||||||||||||||||||||
The amortized cost and fair value of securities at December 31, 2013 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||||||||
Held to Maturity | Available for Sale | |||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||
Due within one year | $ | 11,153 | $ | 11,295 | $ | — | $ | — | ||||||||||||||||||||||
Due after one year through five years | 52,708 | 54,286 | 1,079 | 1,147 | ||||||||||||||||||||||||||
Due after five years through ten years | 194,469 | 187,937 | 5,065 | 4,921 | ||||||||||||||||||||||||||
Due after ten years | 153,745 | 155,058 | 27,531 | 17,671 | ||||||||||||||||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | — | — | 261,659 | 259,992 | ||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | — | — | 149,682 | 146,545 | ||||||||||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | — | — | 41,252 | 42,041 | ||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | — | — | 5,007 | 5,066 | ||||||||||||||||||||||||||
Other debt securities | — | — | 19,544 | 19,554 | ||||||||||||||||||||||||||
Other equity securities | — | — | 2,775 | 4,317 | ||||||||||||||||||||||||||
$ | 412,075 | $ | 408,576 | $ | 513,594 | $ | 501,254 | |||||||||||||||||||||||
Unrealized losses and fair value by investment category | ' | |||||||||||||||||||||||||||||
The following table presents the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position as of the dates presented: | ||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||
# | Fair | Unrealized | # | Fair | Unrealized | # | Fair | Unrealized | ||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||
Held to Maturity: | ||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 26 | $ | 105,747 | $ | (7,826 | ) | 2 | $ | 9,090 | $ | (901 | ) | 28 | $ | 114,837 | $ | (8,727 | ) | ||||||||||||
Obligations of states and political subdivisions | 111 | 59,503 | (2,578 | ) | 2 | 933 | (105 | ) | 113 | 60,436 | (2,683 | ) | ||||||||||||||||||
Total | 137 | $ | 165,250 | $ | (10,404 | ) | 4 | $ | 10,023 | $ | (1,006 | ) | 141 | $ | 175,273 | $ | (11,410 | ) | ||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 8 | $ | 35,224 | $ | (232 | ) | 0 | $ | — | $ | — | 8 | $ | 35,224 | $ | (232 | ) | |||||||||||||
Obligations of states and political subdivisions | 4 | 2,861 | (34 | ) | 1 | 126 | (1 | ) | 5 | 2,987 | (35 | ) | ||||||||||||||||||
Total | 12 | $ | 38,085 | $ | (266 | ) | 1 | $ | 126 | $ | (1 | ) | 13 | $ | 38,211 | $ | (267 | ) | ||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||
# | Fair | Unrealized | # | Fair | Unrealized | # | Fair | Unrealized | ||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 1 | $ | 3,799 | $ | (201 | ) | 0 | $ | — | $ | — | 1 | $ | 3,799 | $ | (201 | ) | |||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 32 | 134,858 | (3,451 | ) | 3 | 13,239 | (963 | ) | 35 | 148,097 | (4,414 | ) | ||||||||||||||||||
Government agency collateralized mortgage obligations | 17 | 68,496 | (3,468 | ) | 4 | 16,750 | (1,211 | ) | 21 | 85,246 | (4,679 | ) | ||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 4 | 16,570 | (584 | ) | 0 | — | — | 4 | 16,570 | (584 | ) | |||||||||||||||||||
Government agency collateralized mortgage obligations | 0 | — | — | 0 | — | — | 0 | — | — | |||||||||||||||||||||
Trust preferred securities | 0 | — | — | 3 | 16,456 | (9,933 | ) | 3 | 16,456 | (9,933 | ) | |||||||||||||||||||
Other debt securities | 3 | 7,100 | (217 | ) | 1 | 1,897 | (13 | ) | 4 | 8,997 | (230 | ) | ||||||||||||||||||
Other equity securities | 0 | — | — | 0 | — | — | 0 | — | — | |||||||||||||||||||||
Total | 57 | $ | 230,823 | $ | (7,921 | ) | 11 | $ | 48,342 | $ | (12,120 | ) | 68 | $ | 279,165 | $ | (20,041 | ) | ||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 0 | $ | — | $ | — | 0 | $ | — | $ | — | 0 | $ | — | $ | — | |||||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 3 | 15,431 | (91 | ) | 0 | — | — | 3 | 15,431 | (91 | ) | |||||||||||||||||||
Government agency collateralized mortgage obligations | 11 | 44,616 | (389 | ) | 1 | 1,605 | (10 | ) | 12 | 46,221 | (399 | ) | ||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 0 | — | — | 0 | — | — | 0 | — | — | |||||||||||||||||||||
Government agency collateralized mortgage obligations | 0 | — | — | 0 | — | — | 0 | — | — | |||||||||||||||||||||
Trust preferred securities | 0 | — | — | 4 | 15,068 | (13,544 | ) | 4 | 15,068 | (13,544 | ) | |||||||||||||||||||
Other debt securities | 0 | — | — | 1 | 2,188 | (1 | ) | 1 | 2,188 | (1 | ) | |||||||||||||||||||
Other equity securities | 0 | — | — | 0 | — | — | 0 | — | — | |||||||||||||||||||||
Total | 14 | $ | 60,047 | $ | (480 | ) | 6 | $ | 18,861 | $ | (13,555 | ) | 20 | $ | 78,908 | $ | (14,035 | ) | ||||||||||||
Investments in pooled trust preferred securities | ' | |||||||||||||||||||||||||||||
The following table provides information regarding the Company’s investments in pooled trust preferred securities at December 31, 2013: | ||||||||||||||||||||||||||||||
Name | Single/ | Class/ | Amortized | Fair | Unrealized | Lowest | Issuers | |||||||||||||||||||||||
Pooled | Tranche | Cost | Value | Gain (Loss) | Credit | Currently | ||||||||||||||||||||||||
Rating | in Deferral | |||||||||||||||||||||||||||||
or Default | ||||||||||||||||||||||||||||||
XIII | Pooled | B-2 | $ | 1,141 | $ | 1,214 | $ | 73 | Caa3 | 30% | ||||||||||||||||||||
XXIII | Pooled | B-2 | 8,746 | 5,554 | (3,192 | ) | B1 | 20% | ||||||||||||||||||||||
XXIV | Pooled | B-2 | 12,076 | 7,381 | (4,695 | ) | Ca | 35% | ||||||||||||||||||||||
XXVI | Pooled | B-2 | 5,568 | 3,522 | (2,046 | ) | Ca | 31% | ||||||||||||||||||||||
$ | 27,531 | $ | 17,671 | $ | (9,860 | ) | ||||||||||||||||||||||||
Cumulative credit related losses recognized in earnings | ' | |||||||||||||||||||||||||||||
The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income: | ||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Balance at January 1 | $ | (3,337 | ) | $ | (3,337 | ) | ||||||||||||||||||||||||
Additions related to credit losses for which OTTI was not previously recognized | — | — | ||||||||||||||||||||||||||||
Increases in credit loss for which OTTI was previously recognized | — | — | ||||||||||||||||||||||||||||
Balance at December 31 | $ | (3,337 | ) | $ | (3,337 | ) |
Loans_and_the_Allowance_for_Lo1
Loans and the Allowance for Loan Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Summary of loans | ' | |||||||||||||||||||||||||||||||||||
The following is a summary of loans at December 31: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 468,963 | $ | 317,050 | ||||||||||||||||||||||||||||||||
Lease financing | 53 | 195 | ||||||||||||||||||||||||||||||||||
Real estate – construction | 161,436 | 105,706 | ||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 1,208,233 | 903,423 | ||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 1,950,572 | 1,426,643 | ||||||||||||||||||||||||||||||||||
Installment loans to individuals | 91,762 | 57,241 | ||||||||||||||||||||||||||||||||||
Gross loans | 3,881,019 | 2,810,258 | ||||||||||||||||||||||||||||||||||
Unearned income | (1 | ) | (5 | ) | ||||||||||||||||||||||||||||||||
Loans, net of unearned income | 3,881,018 | 2,810,253 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | (47,665 | ) | (44,347 | ) | ||||||||||||||||||||||||||||||||
Net loans | $ | 3,833,353 | $ | 2,765,906 | ||||||||||||||||||||||||||||||||
Past due and nonaccrual loans | ' | |||||||||||||||||||||||||||||||||||
The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Accruing Loans | Nonaccruing Loans | |||||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Current | Total | 30-89 Days | 90 Days | Current | Total | Total | ||||||||||||||||||||||||||||
Past Due | or More | Loans | Loans | Past Due | or More | Loans | Loans | Loans | ||||||||||||||||||||||||||||
Past Due | Past Due | |||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 2,067 | $ | 607 | $ | 463,521 | $ | 466,195 | $ | 138 | $ | 1,959 | $ | 671 | $ | 2,768 | $ | 468,963 | ||||||||||||||||||
Lease financing | — | — | 53 | 53 | — | — | — | — | 53 | |||||||||||||||||||||||||||
Real estate – construction | 664 | — | 159,124 | 159,788 | — | 1,648 | — | 1,648 | 161,436 | |||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 10,168 | 2,206 | 1,179,703 | 1,192,077 | 1,203 | 6,041 | 8,912 | 16,156 | 1,208,233 | |||||||||||||||||||||||||||
Real estate – commercial mortgage | 8,870 | 1,286 | 1,888,745 | 1,898,901 | 966 | 37,439 | 13,266 | 51,671 | 1,950,572 | |||||||||||||||||||||||||||
Installment loans to individuals | 706 | 88 | 90,880 | 91,674 | — | 80 | 8 | 88 | 91,762 | |||||||||||||||||||||||||||
Unearned income | — | — | (1 | ) | (1 | ) | — | — | — | — | (1 | ) | ||||||||||||||||||||||||
Total | $ | 22,475 | $ | 4,187 | $ | 3,782,025 | $ | 3,808,687 | $ | 2,307 | $ | 47,167 | $ | 22,857 | $ | 72,331 | $ | 3,881,018 | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 484 | $ | 15 | $ | 312,943 | $ | 313,442 | $ | 215 | $ | 3,131 | $ | 262 | $ | 3,608 | $ | 317,050 | ||||||||||||||||||
Lease financing | — | — | 195 | 195 | — | — | — | — | 195 | |||||||||||||||||||||||||||
Real estate – construction | 80 | — | 103,978 | 104,058 | — | 1,648 | — | 1,648 | 105,706 | |||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 6,685 | 1,992 | 867,053 | 875,730 | 1,249 | 13,417 | 13,027 | 27,693 | 903,423 | |||||||||||||||||||||||||||
Real estate – commercial mortgage | 5,084 | 1,250 | 1,373,470 | 1,379,804 | 325 | 38,297 | 8,217 | 46,839 | 1,426,643 | |||||||||||||||||||||||||||
Installment loans to individuals | 197 | 50 | 56,715 | 56,962 | 7 | 265 | 7 | 279 | 57,241 | |||||||||||||||||||||||||||
Unearned income | — | — | (5 | ) | (5 | ) | — | — | — | — | (5 | ) | ||||||||||||||||||||||||
Total | $ | 12,530 | $ | 3,307 | $ | 2,714,349 | $ | 2,730,186 | $ | 1,796 | $ | 56,758 | $ | 21,513 | $ | 80,067 | $ | 2,810,253 | ||||||||||||||||||
Impaired loans | ' | |||||||||||||||||||||||||||||||||||
Impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and periods presented: | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | Year Ended | |||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Investment | Recognized(1) | ||||||||||||||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 743 | $ | 664 | $ | 260 | $ | 430 | $ | 1 | ||||||||||||||||||||||||||
Lease financing | — | — | — | — | — | |||||||||||||||||||||||||||||||
Real estate – construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 25,374 | 27,659 | 7,353 | 29,247 | 682 | |||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 30,624 | 32,274 | 7,036 | 31,424 | 1,001 | |||||||||||||||||||||||||||||||
Installment loans to individuals | 183 | 183 | 1 | 185 | 3 | |||||||||||||||||||||||||||||||
Total | $ | 56,924 | $ | 60,780 | $ | 14,650 | $ | 61,286 | $ | 1,687 | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 2,043 | $ | 5,911 | $ | — | $ | 4,668 | $ | — | ||||||||||||||||||||||||||
Lease financing | — | — | — | — | — | |||||||||||||||||||||||||||||||
Real estate – construction | 1,648 | 2,447 | — | 1,650 | — | |||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 8,542 | 15,209 | — | 10,903 | 28 | |||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 38,517 | 76,688 | — | 44,995 | 105 | |||||||||||||||||||||||||||||||
Installment loans to individuals | 77 | 437 | — | 254 | — | |||||||||||||||||||||||||||||||
Total | $ | 50,827 | $ | 100,692 | $ | — | $ | 62,470 | $ | 133 | ||||||||||||||||||||||||||
Totals | $ | 107,751 | $ | 161,472 | $ | 14,650 | $ | 123,756 | $ | 1,820 | ||||||||||||||||||||||||||
December 31, 2012 | Year Ended | |||||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Investment | Recognized(1) | ||||||||||||||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,620 | $ | 1,767 | $ | 708 | $ | 1,771 | $ | 7 | ||||||||||||||||||||||||||
Lease financing | — | — | — | — | — | |||||||||||||||||||||||||||||||
Real estate – construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 28,848 | 31,079 | 9,201 | 31,300 | 922 | |||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 34,400 | 36,603 | 7,688 | 39,189 | 1,413 | |||||||||||||||||||||||||||||||
Installment loans to individuals | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 64,868 | $ | 69,449 | $ | 17,597 | $ | 72,260 | $ | 2,342 | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,620 | $ | 3,375 | $ | — | $ | 1,716 | $ | 37 | ||||||||||||||||||||||||||
Lease financing | — | — | — | — | — | |||||||||||||||||||||||||||||||
Real estate – construction | 1,648 | 2,447 | — | 1,813 | — | |||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 10,094 | 48,943 | — | 15,611 | 603 | |||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 39,450 | 81,564 | — | 45,950 | 926 | |||||||||||||||||||||||||||||||
Installment loans to individuals | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 52,812 | $ | 136,329 | $ | — | $ | 65,090 | $ | 1,566 | ||||||||||||||||||||||||||
Totals | $ | 117,680 | $ | 205,778 | $ | 17,597 | $ | 137,350 | $ | 3,908 | ||||||||||||||||||||||||||
(1) | Includes interest income recognized using the cash-basis method of income recognition of $0 and $1,801, respectively. | |||||||||||||||||||||||||||||||||||
Restructured loans | ' | |||||||||||||||||||||||||||||||||||
The following table presents restructured loans segregated by class as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | 1 | $ | 20 | $ | 19 | |||||||||||||||||||||||||||||||
Lease financing | — | — | — | |||||||||||||||||||||||||||||||||
Real estate – construction | — | — | — | |||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 23 | 19,371 | 10,354 | |||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 16 | 12,785 | 10,934 | |||||||||||||||||||||||||||||||||
Installment loans to individuals | 1 | 182 | 171 | |||||||||||||||||||||||||||||||||
Total | 41 | $ | 32,358 | $ | 21,478 | |||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Lease financing | — | — | — | |||||||||||||||||||||||||||||||||
Real estate – construction | — | — | — | |||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 19 | 18,450 | 10,853 | |||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 16 | 18,985 | 18,409 | |||||||||||||||||||||||||||||||||
Installment loans to individuals | 1 | 184 | 174 | |||||||||||||||||||||||||||||||||
Total | 36 | $ | 37,619 | $ | 29,436 | |||||||||||||||||||||||||||||||
Changes in restructured loans | ' | |||||||||||||||||||||||||||||||||||
Changes in the Company’s restructured loans are set forth in the table below. | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | |||||||||||||||||||||||||||||||||||
Loans | Investment | |||||||||||||||||||||||||||||||||||
Totals at January 1, 2012 | 31 | $ | 36,311 | |||||||||||||||||||||||||||||||||
Additional loans with concessions | 14 | 5,943 | ||||||||||||||||||||||||||||||||||
Reductions due to: | ||||||||||||||||||||||||||||||||||||
Reclassified as nonperforming | (5 | ) | (8,058 | ) | ||||||||||||||||||||||||||||||||
Charge-offs | (1 | ) | (1,682 | ) | ||||||||||||||||||||||||||||||||
Transfer to other real estate owned | (1 | ) | (419 | ) | ||||||||||||||||||||||||||||||||
Principal paydowns | (1,808 | ) | ||||||||||||||||||||||||||||||||||
Lapse of concession period | (2 | ) | (851 | ) | ||||||||||||||||||||||||||||||||
Totals at December 31, 2012 | 36 | $ | 29,436 | |||||||||||||||||||||||||||||||||
Additional loans with concessions | 13 | 4,336 | ||||||||||||||||||||||||||||||||||
Reductions due to: | ||||||||||||||||||||||||||||||||||||
Reclassified as nonperforming | (2 | ) | (3,227 | ) | ||||||||||||||||||||||||||||||||
Charge-offs | (3 | ) | (1,301 | ) | ||||||||||||||||||||||||||||||||
Transfer to other real estate owned | — | — | ||||||||||||||||||||||||||||||||||
Principal paydowns | — | (2,025 | ) | |||||||||||||||||||||||||||||||||
Lapse of concession period | (3 | ) | (5,741 | ) | ||||||||||||||||||||||||||||||||
Totals at December 31, 2013 | 41 | $ | 21,478 | |||||||||||||||||||||||||||||||||
Loan portfolio by risk-rating grades | ' | |||||||||||||||||||||||||||||||||||
The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Pass | Watch | Substandard | Total | |||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 328,959 | $ | 10,588 | $ | 4,266 | $ | 343,813 | ||||||||||||||||||||||||||||
Real estate – construction | 114,428 | 588 | — | 115,016 | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 126,916 | 13,864 | 23,370 | 164,150 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 1,338,340 | 32,892 | 35,121 | 1,406,353 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | 19 | — | — | 19 | ||||||||||||||||||||||||||||||||
Total | $ | 1,908,662 | $ | 57,932 | $ | 62,757 | $ | 2,029,351 | ||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 226,540 | $ | 1,939 | $ | 3,218 | $ | 231,697 | ||||||||||||||||||||||||||||
Real estate – construction | 71,633 | 651 | — | 72,284 | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 96,147 | 24,138 | 32,589 | 152,874 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 989,095 | 46,148 | 37,996 | 1,073,239 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | 7 | — | — | 7 | ||||||||||||||||||||||||||||||||
Total | $ | 1,383,422 | $ | 72,876 | $ | 73,803 | $ | 1,530,101 | ||||||||||||||||||||||||||||
Loan portfolio not subject to risk rating | ' | |||||||||||||||||||||||||||||||||||
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Performing | Non-Performing | Total | ||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 89,490 | $ | 176 | $ | 89,666 | ||||||||||||||||||||||||||||||
Lease financing | 53 | — | 53 | |||||||||||||||||||||||||||||||||
Real estate – construction | 43,535 | — | 43,535 | |||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 938,994 | 2,527 | 941,521 | |||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 242,363 | 666 | 243,029 | |||||||||||||||||||||||||||||||||
Installment loans to individuals | 84,855 | 79 | 84,934 | |||||||||||||||||||||||||||||||||
Total | $ | 1,399,290 | $ | 3,448 | $ | 1,402,738 | ||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 74,003 | $ | 210 | $ | 74,213 | ||||||||||||||||||||||||||||||
Lease financing | 195 | — | 195 | |||||||||||||||||||||||||||||||||
Real estate – construction | 31,774 | — | 31,774 | |||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 670,074 | 5,328 | 675,402 | |||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 195,086 | 449 | 195,535 | |||||||||||||||||||||||||||||||||
Installment loans to individuals | 54,918 | 91 | 55,009 | |||||||||||||||||||||||||||||||||
Total | $ | 1,026,050 | $ | 6,078 | $ | 1,032,128 | ||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | ' | |||||||||||||||||||||||||||||||||||
Loans acquired in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Impaired | Other | Not | Total | |||||||||||||||||||||||||||||||||
Covered | Covered | Covered | ||||||||||||||||||||||||||||||||||
Loans | Loans | Loans | ||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | — | $ | 9,546 | $ | 25,938 | $ | 35,484 | ||||||||||||||||||||||||||||
Lease financing | — | — | — | — | ||||||||||||||||||||||||||||||||
Real estate – construction | — | 1,648 | 1,237 | 2,885 | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 835 | 53,631 | 48,096 | 102,562 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 23,684 | 92,302 | 185,204 | 301,190 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | — | 28 | 6,781 | 6,809 | ||||||||||||||||||||||||||||||||
Total | $ | 24,519 | $ | 157,155 | $ | 267,256 | $ | 448,930 | ||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | — | $ | 10,800 | $ | 340 | $ | 11,140 | ||||||||||||||||||||||||||||
Lease financing | — | — | — | — | ||||||||||||||||||||||||||||||||
Real estate – construction | — | 1,648 | — | 1,648 | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 6,122 | 67,326 | 1,699 | 75,147 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 25,782 | 125,379 | 6,708 | 157,869 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | — | 31 | 2,194 | 2,225 | ||||||||||||||||||||||||||||||||
Total | $ | 31,904 | $ | 205,184 | $ | 10,941 | $ | 248,029 | ||||||||||||||||||||||||||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | |||||||||||||||||||||||||||||||||||
The following table presents the fair value of loans determined to be impaired at the time of acquisition and determined not to be impaired at the time of acquisition as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Impaired | Other | Not | Total | |||||||||||||||||||||||||||||||||
Covered | Covered | Covered | ||||||||||||||||||||||||||||||||||
Loans | Loans | Loans | ||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Contractually-required principal and interest | $ | 67,976 | $ | 201,215 | $ | 354,234 | $ | 623,425 | ||||||||||||||||||||||||||||
Nonaccretable difference(1) | (43,456 | ) | (40,301 | ) | (50,788 | ) | (134,545 | ) | ||||||||||||||||||||||||||||
Cash flows expected to be collected | 24,520 | 160,914 | 303,446 | 488,880 | ||||||||||||||||||||||||||||||||
Accretable yield(2) | (1 | ) | (3,759 | ) | (36,190 | ) | (39,950 | ) | ||||||||||||||||||||||||||||
Fair value | $ | 24,519 | $ | 157,155 | $ | 267,256 | $ | 448,930 | ||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Contractually-required principal and interest | $ | 109,054 | $ | 264,406 | $ | 13,253 | $ | 386,713 | ||||||||||||||||||||||||||||
Nonaccretable difference(1) | (77,137 | ) | (52,517 | ) | (1,182 | ) | (130,836 | ) | ||||||||||||||||||||||||||||
Cash flows expected to be collected | 31,917 | 211,889 | 12,071 | 255,877 | ||||||||||||||||||||||||||||||||
Accretable yield(2) | (13 | ) | (6,705 | ) | (1,130 | ) | (7,848 | ) | ||||||||||||||||||||||||||||
Fair value | $ | 31,904 | $ | 205,184 | $ | 10,941 | $ | 248,029 | ||||||||||||||||||||||||||||
(1) | Represents contractual principal cash flows of $125,086 and $120,572, respectively, and interest cash flows of $9,459 and $10,264, respectively, not expected to be collected. | |||||||||||||||||||||||||||||||||||
(2) | Represents contractual interest payments expected to be collected of $3,936 and $4,945, respectively, and purchase discount of $36,014 and $2,903, respectively. | |||||||||||||||||||||||||||||||||||
Changes in accretable yield of loans acquired with deteriorated credit quality | ' | |||||||||||||||||||||||||||||||||||
Changes in the accretable yield of loans acquired with deteriorated credit quality were as follows: | ||||||||||||||||||||||||||||||||||||
Impaired | Other | Not | Total | |||||||||||||||||||||||||||||||||
Covered | Covered | Covered | ||||||||||||||||||||||||||||||||||
Loans | Loans | Loans | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | (40 | ) | $ | (9,757 | ) | $ | (746 | ) | $ | (10,543 | ) | ||||||||||||||||||||||||
Additions through acquisition | — | — | — | — | ||||||||||||||||||||||||||||||||
Reclasses from nonaccretable difference | (1,055 | ) | (12,178 | ) | (1,937 | ) | (15,170 | ) | ||||||||||||||||||||||||||||
Accretion | 1,082 | 15,230 | 1,553 | 17,865 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | (13 | ) | $ | (6,705 | ) | $ | (1,130 | ) | $ | (7,848 | ) | ||||||||||||||||||||||||
Additions through acquisition | — | — | (37,555 | ) | (37,555 | ) | ||||||||||||||||||||||||||||||
Reclasses from nonaccretable difference | (115 | ) | (6,741 | ) | (712 | ) | (7,568 | ) | ||||||||||||||||||||||||||||
Accretion | 127 | 9,688 | 3,206 | 13,021 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (1 | ) | $ | (3,758 | ) | $ | (36,191 | ) | $ | (39,950 | ) | ||||||||||||||||||||||||
Rollforward of the allowance for loan losses | ' | |||||||||||||||||||||||||||||||||||
The following table provides a rollforward of the allowance for loan losses and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented: | ||||||||||||||||||||||||||||||||||||
Commercial | Real Estate - | Real Estate - | Real Estate - | Installment | Total | |||||||||||||||||||||||||||||||
Construction | 1-4 Family | Commercial | and Other(1) | |||||||||||||||||||||||||||||||||
Mortgage | Mortgage | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,307 | $ | 711 | $ | 18,347 | $ | 21,416 | $ | 566 | $ | 44,347 | ||||||||||||||||||||||||
Charge-offs | (1,184 | ) | — | (3,093 | ) | (4,782 | ) | (492 | ) | (9,551 | ) | |||||||||||||||||||||||||
Recoveries | 356 | 75 | 1,044 | 980 | 64 | 2,519 | ||||||||||||||||||||||||||||||
Net charge-offs | (828 | ) | 75 | (2,049 | ) | (3,802 | ) | (428 | ) | (7,032 | ) | |||||||||||||||||||||||||
Provision for loan losses | 982 | 304 | 2,496 | 6,927 | 1,029 | 11,738 | ||||||||||||||||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (403 | ) | — | (1,039 | ) | (919 | ) | — | (2,361 | ) | ||||||||||||||||||||||||||
Recoveries payable to FDIC | 32 | 1 | 874 | 66 | — | 973 | ||||||||||||||||||||||||||||||
Provision for loan losses charged to operations | 611 | 305 | 2,331 | 6,074 | 1,029 | 10,350 | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,090 | $ | 1,091 | $ | 18,629 | $ | 23,688 | $ | 1,167 | $ | 47,665 | ||||||||||||||||||||||||
Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 260 | $ | — | $ | 7,353 | $ | 7,036 | $ | 1 | $ | 14,650 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 2,830 | 1,091 | 11,276 | 16,652 | 1,166 | 33,015 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,090 | $ | 1,091 | $ | 18,629 | $ | 23,688 | $ | 1,167 | $ | 47,665 | ||||||||||||||||||||||||
Commercial | Real Estate - | Real Estate - | Real Estate - | Installment | Total | |||||||||||||||||||||||||||||||
Construction | 1-4 Family | Commercial | and Other(1) | |||||||||||||||||||||||||||||||||
Mortgage | Mortgage | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,197 | $ | 1,073 | $ | 17,191 | $ | 20,979 | $ | 900 | $ | 44,340 | ||||||||||||||||||||||||
Charge-offs | (4,923 | ) | (187 | ) | (9,231 | ) | (5,828 | ) | (386 | ) | (20,555 | ) | ||||||||||||||||||||||||
Recoveries | 531 | 34 | 1,330 | 455 | 87 | 2,437 | ||||||||||||||||||||||||||||||
Net charge-offs | (4,392 | ) | (153 | ) | (7,901 | ) | (5,373 | ) | (299 | ) | (18,118 | ) | ||||||||||||||||||||||||
Provision for loan losses | 4,274 | (121 | ) | 13,201 | 10,938 | (20 | ) | 28,272 | ||||||||||||||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (777 | ) | (88 | ) | (4,326 | ) | (5,202 | ) | (15 | ) | (10,408 | ) | ||||||||||||||||||||||||
Recoveries payable to FDIC | 5 | — | 182 | 74 | — | 261 | ||||||||||||||||||||||||||||||
Provision for loan losses charged to operations | 3,502 | (209 | ) | 9,057 | 5,810 | (35 | ) | 18,125 | ||||||||||||||||||||||||||||
Ending balance | $ | 3,307 | $ | 711 | $ | 18,347 | $ | 21,416 | $ | 566 | $ | 44,347 | ||||||||||||||||||||||||
Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 708 | $ | — | $ | 9,201 | $ | 7,688 | $ | — | $ | 17,597 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 2,599 | 711 | 9,146 | 13,728 | 566 | 26,750 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,307 | $ | 711 | $ | 18,347 | $ | 21,416 | $ | 566 | $ | 44,347 | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,625 | $ | 2,115 | $ | 20,870 | $ | 18,779 | $ | 1,026 | $ | 45,415 | ||||||||||||||||||||||||
Charge-offs | (2,037 | ) | (836 | ) | (16,755 | ) | (5,792 | ) | (373 | ) | (25,793 | ) | ||||||||||||||||||||||||
Recoveries | 272 | 110 | 767 | 1,056 | 163 | 2,368 | ||||||||||||||||||||||||||||||
Net charge-offs | (1,765 | ) | (726 | ) | (15,988 | ) | (4,736 | ) | (210 | ) | (23,425 | ) | ||||||||||||||||||||||||
Provision for loan losses | 3,464 | (316 | ) | 12,900 | 8,289 | 90 | 24,427 | |||||||||||||||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (132 | ) | — | (597 | ) | (1,353 | ) | (6 | ) | (2,088 | ) | |||||||||||||||||||||||||
Recoveries payable to FDIC | 5 | — | 6 | — | — | 11 | ||||||||||||||||||||||||||||||
Provision for loan losses charged to operations | $ | 3,337 | $ | (316 | ) | $ | 12,309 | $ | 6,936 | $ | 84 | $ | 22,350 | |||||||||||||||||||||||
Ending balance | $ | 4,197 | $ | 1,073 | $ | 17,191 | $ | 20,979 | $ | 900 | $ | 44,340 | ||||||||||||||||||||||||
Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,441 | $ | 16 | $ | 6,077 | $ | 7,876 | $ | — | $ | 15,410 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 2,756 | 1,057 | 11,114 | 13,103 | 900 | 28,930 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 4,197 | $ | 1,073 | $ | 17,191 | $ | 20,979 | $ | 900 | $ | 44,340 | ||||||||||||||||||||||||
(1) | Includes lease financing receivables. | |||||||||||||||||||||||||||||||||||
Investment in loans, net of unearned income on impairment methodology | ' | |||||||||||||||||||||||||||||||||||
The following table provides recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Commercial | Real Estate - | Real Estate - | Real Estate - | Installment | Total | |||||||||||||||||||||||||||||||
Construction | 1-4 Family | Commercial | and Other(1) | |||||||||||||||||||||||||||||||||
Mortgage | Mortgage | |||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 743 | $ | — | $ | 25,374 | $ | 30,624 | $ | 183 | $ | 56,924 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 432,736 | 158,551 | 1,080,297 | 1,618,758 | 84,822 | 3,375,164 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 35,484 | 2,885 | 102,562 | 301,190 | 6,809 | 448,930 | ||||||||||||||||||||||||||||||
Ending balance | $ | 468,963 | $ | 161,436 | $ | 1,208,233 | $ | 1,950,572 | $ | 91,814 | $ | 3,881,018 | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,620 | $ | — | $ | 28,848 | $ | 34,400 | $ | — | $ | 64,868 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 304,290 | 104,058 | 799,428 | 1,234,374 | 55,206 | 2,497,356 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 11,140 | 1,648 | 75,147 | 157,869 | 2,225 | 248,029 | ||||||||||||||||||||||||||||||
Ending balance | $ | 317,050 | $ | 105,706 | $ | 903,423 | $ | 1,426,643 | $ | 57,431 | $ | 2,810,253 | ||||||||||||||||||||||||
(1) | Includes lease financing receivables. | |||||||||||||||||||||||||||||||||||
Related Party Loans | ' | |||||||||||||||||||||||||||||||||||
A summary of the changes in related party loans follows: | ||||||||||||||||||||||||||||||||||||
Loans at December 31, 2012 | $ | 21,869 | ||||||||||||||||||||||||||||||||||
New loans and advances | 15,630 | |||||||||||||||||||||||||||||||||||
Payments received | (2,435 | ) | ||||||||||||||||||||||||||||||||||
Changes in related parties | (306 | ) | ||||||||||||||||||||||||||||||||||
Loans at December 31, 2013 | $ | 34,758 | ||||||||||||||||||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Bank premises and equipment | ' | |||||||
Bank premises and equipment at December 31 are summarized as follows: | ||||||||
2013 | 2012 | |||||||
Premises | $ | 109,570 | $ | 75,106 | ||||
Leasehold improvements | 6,185 | 6,426 | ||||||
Furniture and equipment | 26,315 | 22,344 | ||||||
Computer equipment | 9,033 | 6,664 | ||||||
Autos | 271 | 221 | ||||||
Total | 151,374 | 110,761 | ||||||
Accumulated depreciation | (49,849 | ) | (44,009 | ) | ||||
Net | $ | 101,525 | $ | 66,752 | ||||
Summary of future minimum lease payments | ' | |||||||
The following is a summary of future minimum lease payments for years following December 31, 2013: | ||||||||
2014 | $ | 2,878 | ||||||
2015 | 2,433 | |||||||
2016 | 2,143 | |||||||
2017 | 1,859 | |||||||
2018 | 1,566 | |||||||
Thereafter | 2,669 | |||||||
Total | $ | 13,548 | ||||||
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Real Estate [Abstract] | ' | |||||||||||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ' | |||||||||||
The following table provides details of the Company’s other real estate owned (“OREO”) covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs, as of the dates presented: | ||||||||||||
Covered | Not Covered | Total | ||||||||||
OREO | OREO | OREO | ||||||||||
31-Dec-13 | ||||||||||||
Residential real estate | $ | 2,133 | $ | 6,767 | $ | 8,900 | ||||||
Commercial real estate | 3,598 | 8,984 | 12,582 | |||||||||
Residential land development | 1,161 | 12,334 | 13,495 | |||||||||
Commercial land development | 6,050 | 11,860 | 17,910 | |||||||||
Other | — | — | — | |||||||||
Total | $ | 12,942 | $ | 39,945 | $ | 52,887 | ||||||
31-Dec-12 | ||||||||||||
Residential real estate | $ | 8,778 | $ | 7,842 | $ | 16,620 | ||||||
Commercial real estate | 14,368 | 7,779 | 22,147 | |||||||||
Residential land development | 5,005 | 22,490 | 27,495 | |||||||||
Commercial land development | 17,383 | 6,221 | 23,604 | |||||||||
Other | $ | — | $ | 385 | $ | 385 | ||||||
Total | $ | 45,534 | $ | 44,717 | $ | 90,251 | ||||||
Changes in OREO covered and not covered under a loss-share agreement | ' | |||||||||||
Changes in the Company’s OREO covered and not covered under a loss-share agreement were as follows: | ||||||||||||
Covered | Not Covered | Total | ||||||||||
OREO | OREO | OREO | ||||||||||
Balance at December 31, 2011 | $ | 43,156 | $ | 70,079 | $ | 113,235 | ||||||
Transfers of loans | 38,977 | 9,683 | 48,660 | |||||||||
Capitalized improvements | — | 507 | 507 | |||||||||
Impairments(1) | (9,722 | ) | (5,328 | ) | (15,050 | ) | ||||||
Dispositions | (27,430 | ) | (30,410 | ) | (57,840 | ) | ||||||
Other | 553 | 186 | 739 | |||||||||
Balance at December 31, 2012 | $ | 45,534 | $ | 44,717 | $ | 90,251 | ||||||
Acquired OREO | — | 13,527 | 13,527 | |||||||||
Transfers of loans | 7,302 | 11,164 | 18,466 | |||||||||
Capitalized improvements | — | — | — | |||||||||
Impairments(1) | (7,623 | ) | (1,434 | ) | (9,057 | ) | ||||||
Dispositions | (32,214 | ) | (28,027 | ) | (60,241 | ) | ||||||
Other | (57 | ) | (2 | ) | (59 | ) | ||||||
Balance at December 31, 2013 | $ | 12,942 | $ | 39,945 | $ | 52,887 | ||||||
-1 | Of the total impairment charges of $9,722 recorded for covered OREO in 2012, $1,944 was included in the Consolidated Statements of Income for the year ended December 31, 2012, while the remaining $7,778 increased the FDIC loss-share indemnification asset. Of the total impairment charges of $7,623 recorded for covered OREO in 2013, $1,525 was included in the Consolidated Statements of Income for the year ended December 31, 2013, while the remaining $6,098 increased the FDIC loss-share indemnification asset. | |||||||||||
Components of "Other real estate owned" in the Consolidated Statements of Income | ' | |||||||||||
Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Repairs and maintenance | $ | 2,191 | $ | 2,996 | $ | 2,427 | ||||||
Property taxes and insurance | 1,272 | 1,678 | 1,980 | |||||||||
Impairments | 3,270 | 7,272 | 8,224 | |||||||||
Net losses on OREO sales | 590 | 2,096 | 3,073 | |||||||||
Rental income | (357 | ) | (446 | ) | (378 | ) | ||||||
Total | $ | 6,966 | $ | 13,596 | $ | 15,326 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Changes in the carrying amount of goodwill | ' | |||||||||||
Changes in the carrying amount of goodwill during the years ended December 31, 2013 and 2012 were as follows: | ||||||||||||
Goodwill | ||||||||||||
Balance at December 31, 2011 | $ | 184,879 | ||||||||||
Adjustment to previously recorded goodwill | (20 | ) | ||||||||||
Balance at December 31, 2012 | $ | 184,859 | ||||||||||
Addition to goodwill from First M&F acquisition | 91,333 | |||||||||||
Adjustment to previously recorded goodwill | (92 | ) | ||||||||||
Balance at December 31, 2013 | $ | 276,100 | ||||||||||
Summary of finite-lived intangible assets | ' | |||||||||||
The following table provides a summary of finite-lived intangible assets as of the dates presented: | ||||||||||||
Gross Carrying | Accumulated | Net Carrying | ||||||||||
Amount | Amortization | Amount | ||||||||||
31-Dec-13 | ||||||||||||
Core deposit intangible | $ | 38,317 | $ | (11,750 | ) | $ | 26,567 | |||||
Customer relationship intangible | 1,970 | (307 | ) | 1,663 | ||||||||
Total finite-lived intangible assets | $ | 40,287 | $ | (12,057 | ) | $ | 28,230 | |||||
31-Dec-12 | ||||||||||||
Core deposit intangible | $ | 13,284 | $ | (9,013 | ) | $ | 4,271 | |||||
Customer relationship intangible | 1,970 | (175 | ) | 1,795 | ||||||||
Total finite-lived intangible assets | $ | 15,254 | $ | (9,188 | ) | $ | 6,066 | |||||
Estimated amortization expense of finite-lived intangible assets for future periods | ' | |||||||||||
The estimated amortization expense of finite-lived intangible assets for future periods is summarized as follows: | ||||||||||||
2014 | $ | 5,607 | ||||||||||
2015 | 4,878 | |||||||||||
2016 | 4,260 | |||||||||||
2017 | 3,549 | |||||||||||
2018 | 2,989 | |||||||||||
Thereafter | 6,947 | |||||||||||
Total | $ | 28,230 | ||||||||||
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Transfers and Servicing [Abstract] | ' | |||
Changes in the Company's mortgage servicing rights | ' | |||
Changes in the Company’s mortgage servicing rights were as follows: | ||||
Carrying value at January 1, 2013 | $ | 4,233 | ||
Capitalization | 5,607 | |||
Amortization | (846 | ) | ||
Carrying value at December 31, 2013 | $ | 8,994 | ||
Data and key economic assumptions related to the Company's mortgage servicing rights | ' | |||
Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31, 2013 are as follows: | ||||
Unpaid principal balance | $ | 889,213 | ||
Weighted-average prepayment speed (CPR) | 5.07 | % | ||
Estimated impact of a 10% increase | $ | (717 | ) | |
Estimated impact of a 20% increase | (955 | ) | ||
Discount rate | 11.26 | % | ||
Estimated impact of a 100bp increase | $ | (785 | ) | |
Estimated impact of a 200bp increase | (1,077 | ) | ||
Weighted-average coupon interest rate | 3.43 | % | ||
Weighted-average servicing fee (basis points) | 25.09 | |||
Weighted-average remaining maturity (in months) | 291 | |||
Deposit_Tables
Deposit (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Banking and Thrift [Abstract] | ' | |||||||
Schedule of deposits | ' | |||||||
The following is a summary of deposits as of December 31: | ||||||||
2013 | 2012 | |||||||
Noninterest-bearing deposits | $ | 856,020 | $ | 568,214 | ||||
Interest-bearing demand deposits | 2,144,001 | 1,455,180 | ||||||
Savings deposits | 327,667 | 245,173 | ||||||
Time deposits | 1,514,224 | 1,192,654 | ||||||
Total deposits | $ | 4,841,912 | $ | 3,461,221 | ||||
Schedule of maturities time deposits | ' | |||||||
The approximate scheduled maturities of time deposits at December 31, 2013 are as follows: | ||||||||
2014 | $ | 827,796 | ||||||
2015 | 359,856 | |||||||
2016 | 136,418 | |||||||
2017 | 77,233 | |||||||
2018 | 94,143 | |||||||
Thereafter | 18,778 | |||||||
Total | $ | 1,514,224 | ||||||
ShortTerm_Borrowings_Tables
Short-Term Borrowings (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Short-term borrowings | ' | ||||||||||||||||||||
Short-term borrowings as of December 31 are summarized as follows: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 2,061 | $ | 5,254 | |||||||||||||||||
Fed Funds purchased | 222 | — | |||||||||||||||||||
Total short-term borrowings | $ | 2,283 | $ | 5,254 | |||||||||||||||||
Average balances and cost of funds of short-term borrowings | ' | ||||||||||||||||||||
The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows: | |||||||||||||||||||||
Average Balances | Cost of Funds | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Federal funds purchased | $ | 8,072 | $ | 4,346 | $ | 30 | 0.17 | % | 0.15 | % | 1.73 | % | |||||||||
Treasury, tax and loan notes | — | — | 2,551 | — | — | — | |||||||||||||||
Securities sold under agreements to repurchase | 5,107 | 8,031 | 11,835 | 0.17 | 0.18 | 0.25 | |||||||||||||||
Total short-term borrowings | $ | 13,179 | $ | 12,377 | $ | 14,416 | 0.17 | % | 0.17 | % | 0.21 | % | |||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Long-term debt | ' | ||||||||||||
Long-term debt as of December 31, 2013 and 2012 is summarized as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Federal Home Loan Bank advances | $ | 75,405 | $ | 83,843 | |||||||||
Junior subordinated debentures | 94,187 | 75,609 | |||||||||||
Total long-term debt | $ | 169,592 | $ | 159,452 | |||||||||
Debentures | ' | ||||||||||||
The following table provides details on the debentures as of December 31, 2013: | |||||||||||||
Principal | Interest Rate | Year of | Amount | ||||||||||
Amount | Maturity | Included in | |||||||||||
Tier 1 Capital | |||||||||||||
PHC Statutory Trust I | $ | 20,619 | 3.09 | % | 2033 | $ | 20,000 | ||||||
PHC Statutory Trust II | 31,959 | 2.11 | 2035 | 31,000 | |||||||||
Heritage Financial Statutory Trust I | 10,310 | 10.2 | 2031 | 10,000 | |||||||||
Capital Bancorp Capital Trust I | 12,372 | 1.75 | 2035 | 12,000 | |||||||||
First M&F Statutory Trust I | 30,928 | 1.57 | 2036 | 18,000 | |||||||||
Aggregate stated maturities of long-term debt outstanding | ' | ||||||||||||
The aggregate stated maturities of long-term debt outstanding at December 31, 2013, are summarized as follows: | |||||||||||||
2014 | $ | 6,555 | |||||||||||
2015 | 6,472 | ||||||||||||
2016 | 1,592 | ||||||||||||
2017 | — | ||||||||||||
2018 | 44,034 | ||||||||||||
Thereafter | 110,939 | ||||||||||||
Total | $ | 169,592 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Components of the provision for income taxes | ' | |||||||||||
Significant components of the provision for income taxes (benefits) are as follows for the periods presented: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current | ||||||||||||
Federal | $ | 12,092 | $ | 24,512 | $ | 10,655 | ||||||
State | 452 | 432 | 886 | |||||||||
12,544 | 24,944 | 11,541 | ||||||||||
Deferred | ||||||||||||
Federal | (169 | ) | (16,093 | ) | (2,300 | ) | ||||||
State | (116 | ) | (2,023 | ) | (198 | ) | ||||||
(285 | ) | (18,116 | ) | (2,498 | ) | |||||||
$ | 12,259 | $ | 6,828 | $ | 9,043 | |||||||
Reconciliation of income taxes computed at the United States federal statutory tax rates | ' | |||||||||||
The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Tax at U.S. statutory rate | $ | 16,011 | $ | 11,713 | $ | 12,136 | ||||||
Increase (decrease) in taxes resulting from: | ||||||||||||
Tax-exempt interest income | (2,765 | ) | (2,825 | ) | (2,831 | ) | ||||||
BOLI income | (1,430 | ) | (1,179 | ) | (988 | ) | ||||||
Investment tax credits | (1,063 | ) | (921 | ) | (199 | ) | ||||||
Amortization of investment in low-income housing tax credits | 998 | 2,083 | — | |||||||||
State income tax (benefit) expense, net of federal benefit | 383 | (775 | ) | 9 | ||||||||
Decrease to valuation allowance | (164 | ) | (816 | ) | (61 | ) | ||||||
Other items, net | 289 | (452 | ) | 977 | ||||||||
$ | 12,259 | $ | 6,828 | $ | 9,043 | |||||||
Significant components of the Company's deferred tax assets and liabilities | ' | |||||||||||
Significant components of the Company’s deferred tax assets and liabilities at December 31, 2013 and 2012 are as follows for the periods presented: | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets | ||||||||||||
Allowance for loan losses | $ | 26,128 | $ | 20,207 | ||||||||
Purchase accounting adjustments | 15,236 | 7,850 | ||||||||||
Deferred compensation | 9,755 | 9,108 | ||||||||||
Net unrealized losses on securities | 5,470 | 28 | ||||||||||
Impairment of assets | 5,450 | 4,821 | ||||||||||
State net operating loss carryforwards | 557 | 317 | ||||||||||
Other | 7,175 | 6,555 | ||||||||||
Gross deferred tax assets | 69,771 | 48,886 | ||||||||||
Valuation allowance on state net operating loss carryforwards | (152 | ) | (317 | ) | ||||||||
Total deferred tax assets | 69,619 | 48,569 | ||||||||||
Deferred tax liabilities | ||||||||||||
Basis difference in acquired assets | 6,900 | 12,196 | ||||||||||
Investment in partnerships | 2,469 | 2,943 | ||||||||||
Core deposit intangible | 604 | 1,056 | ||||||||||
Depreciation | 2,644 | 2,870 | ||||||||||
Other | 2,316 | 459 | ||||||||||
Total deferred tax liabilities | 14,933 | 19,524 | ||||||||||
Net deferred tax assets | $ | 54,686 | $ | 29,045 | ||||||||
Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 1,723 | $ | 1,423 | $ | 1,801 | ||||||
Additions based on positions related to current period | 455 | 300 | 469 | |||||||||
Additions based on positions related to prior period | — | — | — | |||||||||
Reductions based on positions related to prior period | — | — | — | |||||||||
Settlements | — | — | (716 | ) | ||||||||
Reductions due to lapse of statute of limitations | — | — | (131 | ) | ||||||||
Balance at December 31 | $ | 2,178 | $ | 1,723 | $ | 1,423 | ||||||
Employee_Benefit_and_Deferred_1
Employee Benefit and Deferred Compensation Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Information relating to the defined benefit pension plan and post-retirement health and life plans | ' | |||||||||||||||||||||||
Information relating to the defined benefit pension plan (“Pension Benefits”) and post-retirement health and life plans (“Other Benefits”) as of December 31, 2013 and 2012 is as follows: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 19,428 | $ | 17,815 | $ | 1,543 | $ | 1,764 | ||||||||||||||||
Service cost | — | — | 28 | 23 | ||||||||||||||||||||
Interest cost | 899 | 863 | 70 | 65 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 95 | 96 | ||||||||||||||||||||
Actuarial loss (gain) | (1,344 | ) | 1,914 | 505 | (235 | ) | ||||||||||||||||||
Benefits paid | (1,372 | ) | (1,164 | ) | (159 | ) | (170 | ) | ||||||||||||||||
Addition from business combination | 9,753 | — | — | — | ||||||||||||||||||||
Benefit obligation at end of year | $ | 27,364 | $ | 19,428 | $ | 2,082 | $ | 1,543 | ||||||||||||||||
Change in fair value of plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 16,008 | $ | 15,426 | ||||||||||||||||||||
Actual return on plan assets | 3,776 | 1,646 | ||||||||||||||||||||||
Contribution by employer | — | 100 | ||||||||||||||||||||||
Benefits paid | (1,372 | ) | (1,164 | ) | ||||||||||||||||||||
Addition from business combination | 9,577 | — | ||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 27,989 | $ | 16,008 | ||||||||||||||||||||
Funded status at end of year | $ | 625 | $ | (3,420 | ) | $ | (2,082 | ) | $ | (1,543 | ) | |||||||||||||
Weighted-average assumptions as of December 31 | ||||||||||||||||||||||||
Discount rate used to determine the benefit obligation | 4.83 | % | 3.9 | % | 4.66 | % | 3.04 | % | ||||||||||||||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ' | |||||||||||||||||||||||
The components of net periodic benefit cost and other amounts recognized in other comprehensive income for the defined benefit pension and post-retirement health and life plans for the year ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 28 | $ | 23 | $ | 36 | ||||||||||||
Interest cost | 899 | 863 | 914 | 70 | 65 | 80 | ||||||||||||||||||
Expected return on plan assets | (1,445 | ) | (1,193 | ) | (1,230 | ) | — | — | — | |||||||||||||||
Prior service cost recognized | — | — | — | — | — | — | ||||||||||||||||||
Recognized actuarial loss | 427 | 355 | 303 | 195 | 73 | 140 | ||||||||||||||||||
Net periodic benefit cost | (119 | ) | 25 | (13 | ) | 293 | 161 | 256 | ||||||||||||||||
Net actuarial (gain)/loss arising during the period | (3,675 | ) | 1,460 | 1,882 | 505 | (235 | ) | (114 | ) | |||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | (427 | ) | (355 | ) | (303 | ) | (195 | ) | (73 | ) | (140 | ) | ||||||||||||
Total recognized in other comprehensive income | (4,102 | ) | 1,105 | 1,579 | 310 | (308 | ) | (254 | ) | |||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (4,221 | ) | $ | 1,130 | $ | 1,566 | $ | 603 | $ | (147 | ) | $ | 2 | ||||||||||
Weighted-average assumptions as of December 31 | ||||||||||||||||||||||||
Discount rate used to determine net periodic pension cost | 3.9 | % | 5.06 | % | 5.5 | % | 3.04 | % | 4.61 | % | 4.75 | % | ||||||||||||
Expected return on plan assets | 8 | % | 8 | % | 8 | % | N/A | N/A | N/A | |||||||||||||||
Future estimated benefit payments under the defined benefit pension plan and post-retirement health and life plan | ' | |||||||||||||||||||||||
Future estimated benefit payments under the defined benefit pension plan and post-retirement health and life plan are as follows: | ||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
2014 | $ | 2,037 | $ | 233 | ||||||||||||||||||||
2015 | 2,014 | 244 | ||||||||||||||||||||||
2016 | 2,088 | 215 | ||||||||||||||||||||||
2017 | 2,048 | 201 | ||||||||||||||||||||||
2018 | 2,069 | 203 | ||||||||||||||||||||||
2019 - 2023 | 10,166 | 789 | ||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income, net of tax | ' | |||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income, before tax, for the year ended December 31, 2013 are as follows: | ||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Prior service cost | $ | — | $ | — | ||||||||||||||||||||
Actuarial loss | (7,046 | ) | (895 | ) | ||||||||||||||||||||
Total | $ | (7,046 | ) | $ | (895 | ) | ||||||||||||||||||
Estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost | ' | |||||||||||||||||||||||
The estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost over the next fiscal year are as follows: | ||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Prior service cost | $ | — | $ | — | ||||||||||||||||||||
Actuarial loss | 182 | 109 | ||||||||||||||||||||||
Total | $ | 182 | $ | 109 | ||||||||||||||||||||
Fair values of defined benefit pension plan assets by category of the firm | ' | |||||||||||||||||||||||
The fair values of these instruments are based on quoted market prices of similar instruments or a discounted cash flow model (Level 2). | ||||||||||||||||||||||||
Quoted Prices In | Significant | Significant | Totals | |||||||||||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 10,971 | $ | — | $ | — | $ | 10,971 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. large cap companies | 3,622 | — | — | 3,622 | ||||||||||||||||||||
U.S. mid cap companies | 4,079 | — | — | 4,079 | ||||||||||||||||||||
U.S. small cap companies | 2,237 | — | — | 2,237 | ||||||||||||||||||||
International companies | 1,212 | — | — | 1,212 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. government bonds | — | 2,673 | — | 2,673 | ||||||||||||||||||||
Other corporate bonds | — | 3,195 | — | 3,195 | ||||||||||||||||||||
$ | 22,121 | $ | 5,868 | $ | — | $ | 27,989 | |||||||||||||||||
Quoted Prices In | Significant | Significant | Totals | |||||||||||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 430 | $ | — | $ | — | $ | 430 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. large cap companies | 3,059 | — | — | 3,059 | ||||||||||||||||||||
U.S. mid cap companies | 3,490 | — | — | 3,490 | ||||||||||||||||||||
U.S. small cap companies | 1,980 | — | — | 1,980 | ||||||||||||||||||||
International companies | 1,177 | — | — | 1,177 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. government bonds | — | 2,458 | — | 2,458 | ||||||||||||||||||||
Other corporate bonds | — | 3,414 | — | 3,414 | ||||||||||||||||||||
$ | 10,136 | $ | 5,872 | $ | — | $ | 16,008 | |||||||||||||||||
Stock option grants assumptions | ' | |||||||||||||||||||||||
The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions for each option grant: | ||||||||||||||||||||||||
2013 Grant | 2012 Grant | 2011 Grant | ||||||||||||||||||||||
Dividend yield | 3.55 | % | 4.55 | % | 4.02 | % | ||||||||||||||||||
Expected volatility | 37 | % | 37 | % | 36 | % | ||||||||||||||||||
Risk-free interest rate | 0.76 | % | 0.79 | % | 1.97 | % | ||||||||||||||||||
Expected lives | 6 years | 6 years | 6 years | |||||||||||||||||||||
Weighted average fair value | $ | 4.47 | $ | 3.1 | $ | 3.93 | ||||||||||||||||||
Summarizes information about options issued under the long-term equity incentive plan | ' | |||||||||||||||||||||||
The following table summarizes information about options issued under the long-term equity incentive plan as of and for the three years ended December 31, 2013: | ||||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||||||||||
Average | Average | Intrinsic | ||||||||||||||||||||||
Exercise | Remaining | Value | ||||||||||||||||||||||
Price | Contractual | |||||||||||||||||||||||
Life | ||||||||||||||||||||||||
Outstanding at January 1, 2011 | 1,228,290 | $ | 18.88 | |||||||||||||||||||||
Granted | 170,000 | 16.91 | ||||||||||||||||||||||
Exercised | (1,265 | ) | 8.29 | |||||||||||||||||||||
Forfeited | (69,750 | ) | 16.4 | |||||||||||||||||||||
Outstanding at December 31, 2011 | 1,327,275 | $ | 18.77 | 4.9 | $ | 927 | ||||||||||||||||||
Exercisable at December 31, 2011 | 1,028,442 | $ | 19.54 | 3.87 | $ | 848 | ||||||||||||||||||
Granted | 172,000 | 14.96 | ||||||||||||||||||||||
Exercised | (163,652 | ) | 13.54 | |||||||||||||||||||||
Forfeited | (56,375 | ) | 21.81 | |||||||||||||||||||||
Outstanding at December 31, 2012 | 1,279,248 | $ | 18.79 | 5.14 | $ | 2,838 | ||||||||||||||||||
Exercisable at December 31, 2012 | 949,082 | $ | 19.92 | 4.01 | $ | 1,646 | ||||||||||||||||||
Assumed in acquisition | 11,557 | 21.16 | ||||||||||||||||||||||
Granted | 52,500 | 19.14 | ||||||||||||||||||||||
Exercised | (272,957 | ) | 19.22 | |||||||||||||||||||||
Forfeited | (10,000 | ) | 27.2 | |||||||||||||||||||||
Outstanding at December 31, 2013 | 1,060,348 | $ | 18.64 | 4.89 | $ | 13,592 | ||||||||||||||||||
Exercisable at December 31, 2013 | 843,237 | $ | 19.21 | 4.08 | $ | 10,331 | ||||||||||||||||||
Summary of the changes in restricted stock | ' | |||||||||||||||||||||||
The following table summarizes the changes in restricted stock as of and for the year ended December 31, 2013: | ||||||||||||||||||||||||
Performance- | Weighted | Time- | Weighted | |||||||||||||||||||||
Based | Average | Based | Average | |||||||||||||||||||||
Restricted | Grant-Date | Restricted | Grant-Date | |||||||||||||||||||||
Stock | Fair Value | Stock | Fair Value | |||||||||||||||||||||
Nonvested at beginning of year | — | $ | — | 9,684 | $ | 15.49 | ||||||||||||||||||
Granted | 93,526 | (1) | 19.14 | 32,338 | 22.7 | |||||||||||||||||||
Vested | (93,526 | ) | 19.14 | (19,038 | ) | 17.41 | ||||||||||||||||||
Cancelled | — | — | (646 | ) | 15.49 | |||||||||||||||||||
Nonvested at end of year | — | $ | — | 22,338 | $ | 24.3 | ||||||||||||||||||
-1 | In January 2013, the Company awarded 69,850 shares of performance-based restricted stock based on the target level of performance goals. The Company exceeded the financial performance measures for the award; therefore, an additional 23,676 shares were issued for a total award of 93,526 shares. |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||
Guidelines specify capital tiers | ' | |||||||||||||
Those guidelines specify capital tiers, which include the following classifications: | ||||||||||||||
Capital Tiers | Tier 1 Capital to | Tier 1 Capital to | Total Capital to | |||||||||||
Average Assets | Risk – Weighted | Risk – Weighted | ||||||||||||
(Leverage) | Assets | Assets | ||||||||||||
Well capitalized | 5% or above | 6% or above | 10% or above | |||||||||||
Adequately capitalized | 4% or above | 4% or above | 8% or above | |||||||||||
Undercapitalized | Less than 4% | Less than 4% | Less than 8% | |||||||||||
Significantly undercapitalized | Less than 3% | Less than 3% | Less than 6% | |||||||||||
Critically undercapitalized | 2% or less | |||||||||||||
Capital and risk-based capital and leverage ratios for the Company and for Renasant Bank | ' | |||||||||||||
The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of December 31: | ||||||||||||||
2013 | 2012 | |||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||
Renasant Corporation | ||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | $ | 473,817 | 8.68 | % | $ | 388,362 | 9.86 | % | ||||||
Tier 1 Capital to Risk-Weighted Assets | 473,817 | 11.41 | % | 388,362 | 12.74 | % | ||||||||
Total Capital to Risk-Weighted Assets | 522,181 | 12.58 | % | 426,877 | 14 | % | ||||||||
Renasant Bank | ||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | $ | 457,798 | 8.4 | % | $ | 379,602 | 9.67 | % | ||||||
Tier 1 Capital to Risk-Weighted Assets | 457,798 | 11.05 | % | 379,602 | 12.47 | % | ||||||||
Total Capital to Risk-Weighted Assets | 505,463 | 12.2 | % | 417,717 | 13.73 | % | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Financial information for operating segments | ' | |||||||||||||||||||
The following table provides financial information for our operating segments as of and for the years ended December 31, 2013 2012 and 2011: | ||||||||||||||||||||
Community | Insurance | Wealth | Other | Consolidated | ||||||||||||||||
Banks | Management | |||||||||||||||||||
2013 | ||||||||||||||||||||
Net interest income | $ | 158,390 | $ | 135 | $ | 1,275 | $ | (2,599 | ) | $ | 157,201 | |||||||||
Provision for loan losses | 10,219 | — | 131 | — | 10,350 | |||||||||||||||
Noninterest income | 58,865 | 5,619 | 7,415 | 72 | 71,971 | |||||||||||||||
Noninterest expense | 160,894 | 4,268 | 7,091 | 823 | 173,076 | |||||||||||||||
Income before income taxes | 46,142 | 1,486 | 1,468 | (3,350 | ) | 45,746 | ||||||||||||||
Income taxes | 13,036 | 575 | — | (1,352 | ) | 12,259 | ||||||||||||||
Net income (loss) | $ | 33,106 | $ | 911 | $ | 1,468 | $ | (1,998 | ) | $ | 33,487 | |||||||||
Total assets | $ | 5,671,119 | $ | 17,312 | $ | 44,669 | $ | 13,170 | $ | 5,746,270 | ||||||||||
Goodwill | 273,343 | 2,757 | — | — | 276,100 | |||||||||||||||
2012 | ||||||||||||||||||||
Net interest income | $ | 134,463 | $ | 96 | $ | 1,326 | $ | (2,547 | ) | $ | 133,338 | |||||||||
Provision for loan losses | 18,172 | — | (47 | ) | — | 18,125 | ||||||||||||||
Noninterest income | 57,594 | 4,049 | 6,984 | 84 | 68,711 | |||||||||||||||
Noninterest expense | 140,244 | 3,149 | 6,491 | 575 | 150,459 | |||||||||||||||
Income before income taxes | 33,641 | 996 | 1,866 | (3,038 | ) | 33,465 | ||||||||||||||
Income taxes | 7,202 | 386 | 400 | (1,160 | ) | 6,828 | ||||||||||||||
Net income (loss) | $ | 26,439 | $ | 610 | $ | 1,466 | $ | (1,878 | ) | $ | 26,637 | |||||||||
Total assets | $ | 4,117,998 | $ | 12,094 | $ | 38,971 | $ | 9,553 | $ | 4,178,616 | ||||||||||
Goodwill | 182,076 | 2,783 | — | — | 184,859 | |||||||||||||||
2011 | ||||||||||||||||||||
Net interest income | $ | 130,140 | $ | 112 | $ | 1,297 | $ | (2,263 | ) | $ | 129,286 | |||||||||
Provision for loan losses | 22,381 | — | (31 | ) | — | 22,350 | ||||||||||||||
Noninterest income | 55,310 | 3,812 | 5,487 | 90 | 64,699 | |||||||||||||||
Noninterest expense | 128,850 | 2,958 | 4,741 | 411 | 136,960 | |||||||||||||||
Income before income taxes | 34,219 | 966 | 2,074 | (2,584 | ) | 34,675 | ||||||||||||||
Income taxes | 9,118 | 375 | 539 | (989 | ) | 9,043 | ||||||||||||||
Net income (loss) | $ | 25,101 | $ | 591 | $ | 1,535 | $ | (1,595 | ) | $ | 25,632 | |||||||||
Total assets | $ | 4,144,940 | $ | 10,645 | $ | 40,852 | $ | 5,571 | $ | 4,202,008 | ||||||||||
Goodwill | 182,096 | 2,783 | — | — | 184,879 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair values of financial assets and liabilities measured on a recurring basis | ' | |||||||||||||||||||
The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | — | $ | 6,068 | $ | — | $ | 6,068 | ||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
Government agency mortgage backed securities | — | 259,992 | — | 259,992 | ||||||||||||||||
Government agency collateralized mortgage obligations | — | 146,545 | — | 146,545 | ||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||
Government agency mortgage backed securities | — | 42,041 | — | 42,041 | ||||||||||||||||
Government agency collateralized mortgage obligations | — | 5,066 | — | 5,066 | ||||||||||||||||
Trust preferred securities | — | — | 17,671 | 17,671 | ||||||||||||||||
Other debt securities | — | 19,554 | — | 19,554 | ||||||||||||||||
Other equity securities | — | 4,317 | — | 4,317 | ||||||||||||||||
Total securities available for sale | — | 483,583 | 17,671 | 501,254 | ||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Interest rate swap | — | 208 | — | 208 | ||||||||||||||||
Interest rate contracts | — | 1,812 | — | 1,812 | ||||||||||||||||
Interest rate lock commitments | — | 464 | — | 464 | ||||||||||||||||
Forward commitments | — | 335 | — | 335 | ||||||||||||||||
Total derivative instruments | — | 2,819 | — | 2,819 | ||||||||||||||||
Mortgage loans held for sale | — | 33,440 | — | 33,440 | ||||||||||||||||
Total financial assets | $ | — | $ | 519,842 | $ | 17,671 | $ | 537,513 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Interest rate swap | $ | — | $ | 1,428 | $ | — | $ | 1,428 | ||||||||||||
Interest rate contracts | — | 1,812 | — | 1,812 | ||||||||||||||||
Interest rate lock commitments | — | 52 | — | 52 | ||||||||||||||||
Forward commitments | — | 24 | — | 24 | ||||||||||||||||
Total derivative instruments | — | 3,316 | — | 3,316 | ||||||||||||||||
Total financial liabilities | $ | — | $ | 3,316 | $ | — | $ | 3,316 | ||||||||||||
Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | — | $ | 2,442 | $ | — | $ | 2,442 | ||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
Government agency mortgage backed securities | — | 144,817 | — | 144,817 | ||||||||||||||||
Government agency collateralized mortgage obligations | — | 117,521 | — | 117,521 | ||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||
Government agency mortgage backed securities | — | 45,058 | — | 45,058 | ||||||||||||||||
Government agency collateralized mortgage obligations | — | 5,407 | — | 5,407 | ||||||||||||||||
Trust preferred securities | — | — | 15,068 | 15,068 | ||||||||||||||||
Other debt securities | — | 22,930 | — | 22,930 | ||||||||||||||||
Other equity securities | — | 3,068 | — | 3,068 | ||||||||||||||||
Total securities available for sale | — | 341,243 | 15,068 | 356,311 | ||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Interest rate contracts | — | 3,083 | — | 3,083 | ||||||||||||||||
Interest rate lock commitments | — | 1,571 | — | 1,571 | ||||||||||||||||
Total derivative instruments | — | 4,654 | — | 4,654 | ||||||||||||||||
Mortgage loans held for sale | $ | — | $ | 34,845 | $ | — | $ | 34,845 | ||||||||||||
Total financial assets | $ | — | $ | 380,742 | $ | 15,068 | $ | 395,810 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Interest rate swap | $ | — | $ | 2,164 | $ | — | $ | 2,164 | ||||||||||||
Interest rate contracts | — | 3,152 | — | 3,152 | ||||||||||||||||
Forward commitments | — | 198 | — | 198 | ||||||||||||||||
Total derivative instruments | — | 5,514 | — | 5,514 | ||||||||||||||||
Total financial liabilities | $ | — | $ | 5,514 | $ | — | $ | 5,514 | ||||||||||||
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||||||
The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs: | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Trust preferred | Other equity | Total | ||||||||||||||||||
securities | securities | |||||||||||||||||||
Balance at January 1, 2012 | $ | 12,785 | $ | 2,237 | $ | 15,022 | ||||||||||||||
Realized gains (losses) included in net income | — | 14 | 14 | |||||||||||||||||
Unrealized gains included in other comprehensive income | 4,081 | 782 | 4,863 | |||||||||||||||||
Reclassification adjustment | (952 | ) | — | (952 | ) | |||||||||||||||
Sales | — | — | — | |||||||||||||||||
Issues | — | — | — | |||||||||||||||||
Settlements | (846 | ) | — | (846 | ) | |||||||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | (3,033 | ) | (3,033 | ) | |||||||||||||||
Balance at December 31, 2012 | $ | 15,068 | $ | — | $ | 15,068 | ||||||||||||||
Realized gains (losses) included in net income | — | — | — | |||||||||||||||||
Unrealized gains (losses) included in other comprehensive income | 3,684 | — | 3,684 | |||||||||||||||||
Sales | — | — | — | |||||||||||||||||
Issues | — | — | — | |||||||||||||||||
Settlements | (1,081 | ) | — | (1,081 | ) | |||||||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||||||
Balance at December 31, 2013 | $ | 17,671 | $ | — | $ | 17,671 | ||||||||||||||
Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on recurring basis | ' | |||||||||||||||||||
The following table presents information as of December 31, 2013 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||
Financial instrument | Fair | Valuation Technique | Significant | Range of Inputs | ||||||||||||||||
Value | Unobservable Inputs | |||||||||||||||||||
Trust preferred securities | $ | 17,671 | Discounted cash flows | Default rate | 0-100% | |||||||||||||||
Impaired loans measured at fair value on a nonrecurring basis | ' | |||||||||||||||||||
Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 11,900 | $ | 11,900 | ||||||||||||
OREO | — | — | 36,306 | 36,306 | ||||||||||||||||
Total | $ | — | $ | — | $ | 48,206 | $ | 48,206 | ||||||||||||
Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 20,178 | $ | 20,178 | ||||||||||||
OREO | — | — | 33,761 | 33,761 | ||||||||||||||||
Total | $ | — | $ | — | $ | 53,939 | $ | 53,939 | ||||||||||||
OREO measured at fair value on a nonrecurring basis | ' | |||||||||||||||||||
The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented: | ||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||
OREO covered under loss-share agreements: | ||||||||||||||||||||
Carrying amount prior to remeasurement | $ | 13,067 | $ | 19,254 | ||||||||||||||||
Impairment recognized in results of operations | (707 | ) | (901 | ) | ||||||||||||||||
Increase in FDIC loss-share indemnification asset | (2,829 | ) | (3,602 | ) | ||||||||||||||||
Receivable from other guarantor | (768 | ) | (41 | ) | ||||||||||||||||
Fair value | $ | 8,763 | $ | 14,710 | ||||||||||||||||
OREO not covered under loss-share agreements: | ||||||||||||||||||||
Carrying amount prior to remeasurement | $ | 30,436 | $ | 22,277 | ||||||||||||||||
Impairment recognized in results of operations | (2,893 | ) | (3,226 | ) | ||||||||||||||||
Fair value | $ | 27,543 | $ | 19,051 | ||||||||||||||||
Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on non recurring basis | ' | |||||||||||||||||||
The following table presents information as of December 31, 2013 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: | ||||||||||||||||||||
Financial instrument | Fair | Valuation Technique | Significant | Range of Inputs | ||||||||||||||||
Value | Unobservable Inputs | |||||||||||||||||||
Impaired loans | $ | 11,900 | Appraised value of collateral less estimated costs to sell | Estimated costs to sell | 4-10% | |||||||||||||||
OREO | $ | 36,306 | Appraised value of property less estimated costs to sell | Estimated costs to sell | 4-10% | |||||||||||||||
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | ' | |||||||||||||||||||
The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of: | ||||||||||||||||||||
Aggregate | Aggregate | Difference | ||||||||||||||||||
Fair Value | Unpaid | |||||||||||||||||||
Principal | ||||||||||||||||||||
Balance | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Mortgage loans held for sale measured at fair value | $ | 33,440 | $ | 33,217 | $ | 223 | ||||||||||||||
Past due loans of 90 days or more | — | — | — | |||||||||||||||||
Nonaccrual loans | — | — | — | |||||||||||||||||
Assets and liabilities not measured and reported at fair value on a recurring basis or nonrecurring basis | ' | |||||||||||||||||||
The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented: | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Value | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 246,648 | $ | 246,648 | $ | — | $ | — | $ | 246,648 | ||||||||||
Securities held to maturity | 412,075 | — | 408,567 | — | 408,567 | |||||||||||||||
Securities available for sale | 501,254 | — | 483,583 | 17,671 | 501,254 | |||||||||||||||
Mortgage loans held for sale | 33,440 | — | 33,440 | — | 33,440 | |||||||||||||||
Loans covered under loss-share agreements | 181,674 | — | — | 182,244 | 182,244 | |||||||||||||||
Loans not covered under loss-share agreements, net | 3,651,679 | — | — | 3,590,446 | 3,590,446 | |||||||||||||||
FDIC loss-share indemnification asset | 26,273 | — | — | 26,273 | 26,273 | |||||||||||||||
Mortgage servicing rights | 8,994 | 9,840 | 9,840 | |||||||||||||||||
Derivative instruments | 2,818 | — | 2,818 | — | 2,818 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | 4,841,912 | $ | 3,327,688 | $ | 1,520,667 | $ | — | $ | 4,848,355 | ||||||||||
Short-term borrowings | 2,283 | 2,283 | — | — | 2,283 | |||||||||||||||
Federal Home Loan Bank advances | 75,405 | — | 80,989 | — | 80,989 | |||||||||||||||
Junior subordinated debentures | 94,187 | — | 78,301 | — | 78,301 | |||||||||||||||
Derivative instruments | 3,096 | — | 3,096 | — | 3,096 | |||||||||||||||
Fair Value | ||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Value | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 132,420 | $ | 132,420 | $ | — | $ | — | $ | 132,420 | ||||||||||
Securities held to maturity | 317,766 | — | 334,475 | — | 334,475 | |||||||||||||||
Securities available for sale | 356,311 | — | 341,243 | 15,068 | 356,311 | |||||||||||||||
Mortgage loans held for sale | 34,845 | — | 34,845 | — | 34,845 | |||||||||||||||
Loans covered under loss-share agreements | 237,088 | — | — | 235,890 | 235,890 | |||||||||||||||
Loans not covered under loss-share agreements, net | 2,528,818 | — | — | 2,452,937 | 2,452,937 | |||||||||||||||
FDIC loss-share indemnification asset | 44,153 | — | — | 44,153 | 44,153 | |||||||||||||||
Derivative instruments | 4,654 | — | 4,654 | — | 4,654 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | 3,461,221 | $ | 2,268,568 | $ | 1,200,785 | $ | — | $ | 3,469,353 | ||||||||||
Short-term borrowings | 5,254 | 5,254 | — | — | 5,254 | |||||||||||||||
Federal Home Loan Bank advances | 83,843 | — | 99,870 | — | 99,870 | |||||||||||||||
Junior subordinated debentures | 75,609 | — | 27,985 | — | 27,985 | |||||||||||||||
Derivative instruments | 5,514 | — | 5,514 | — | 5,514 | |||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative financial instruments | ' | |||||||||||||||
The following table provides details on the Company’s derivative financial instruments as of the dates presented: | ||||||||||||||||
Fair Value | ||||||||||||||||
Balance Sheet | December 31, | |||||||||||||||
Location | 2013 | 2012 | ||||||||||||||
Derivative assets: | ||||||||||||||||
Designated as hedging instruments: | ||||||||||||||||
Interest rate swap | Other Assets | $ | 208 | $ | — | |||||||||||
Totals | $ | 208 | $ | — | ||||||||||||
Not designated as hedging instruments: | ||||||||||||||||
Interest rate contracts | Other Assets | $ | 1,812 | $ | 3,083 | |||||||||||
Interest rate lock commitments | Other Assets | 464 | 1,571 | |||||||||||||
Forward commitments | Other Assets | 335 | — | |||||||||||||
Totals | $ | 2,611 | $ | 4,654 | ||||||||||||
Derivative liabilities: | ||||||||||||||||
Designated as hedging instruments: | ||||||||||||||||
Interest rate swap | Other Liabilities | $ | 1,428 | $ | 2,164 | |||||||||||
Totals | $ | 1,428 | $ | 2,164 | ||||||||||||
Not designated as hedging instruments: | ||||||||||||||||
Interest rate contracts | Other Liabilities | $ | 1,812 | $ | 3,152 | |||||||||||
Interest rate lock commitments | Other Liabilities | 52 | — | |||||||||||||
Forward commitments | Other Liabilities | 24 | 198 | |||||||||||||
Totals | $ | 1,888 | $ | 3,350 | ||||||||||||
Gains (losses) on derivative financial instruments included in the Consolidated Statements of Income | ' | |||||||||||||||
Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Derivatives designated as cash flow hedging instruments: | ||||||||||||||||
Interest rate swap: | ||||||||||||||||
Included in interest income on loans | $ | 203 | $ | 503 | $ | 610 | ||||||||||
Total | $ | 203 | $ | 503 | $ | 610 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate contracts: | ||||||||||||||||
Included in interest income on loans | $ | 3,193 | $ | 2,345 | $ | 994 | ||||||||||
Included in other noninterest expense | 69 | (69 | ) | — | ||||||||||||
Interest rate lock commitments: | ||||||||||||||||
Included in gains on sales of mortgage loans held for sale | (1,159 | ) | 375 | 881 | ||||||||||||
Forward commitments | ||||||||||||||||
Included in gains on sales of mortgage loans held for sale | 509 | (3,550 | ) | (427 | ) | |||||||||||
Total | $ | 2,612 | $ | (899 | ) | $ | 1,448 | |||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | ' | |||||||||||||||
The following table presents the Company's gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement: | ||||||||||||||||
Offsetting Derivative Assets | Offsetting Derivative Liabilities | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Gross amounts recognized | $ | 2,818 | $ | 4,654 | $ | 3,315 | $ | 5,514 | ||||||||
Gross amounts offset in the consolidated balance sheets | — | — | — | — | ||||||||||||
Net amounts presented in the consolidated balance sheets | 2,818 | 4,654 | 3,315 | 5,514 | ||||||||||||
Gross amounts not offset in the consolidated balance sheets | ||||||||||||||||
Financial instruments | 1,664 | — | 1,664 | — | ||||||||||||
Financial collateral pledged | — | — | — | 4,950 | ||||||||||||
Net amounts | $ | 1,154 | $ | 4,654 | $ | 1,651 | $ | 564 | ||||||||
Renasant_Corporation_Parent_Co1
Renasant Corporation (Parent Company Only) Condensed Financial Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Balance Sheets | ' | |||||||||||
Balance Sheets | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Assets | ||||||||||||
Cash and cash equivalents(1) | $ | 9,723 | $ | 3,883 | ||||||||
Investments | 7,315 | 6,568 | ||||||||||
Investment in bank subsidiary(1) | 739,688 | 563,345 | ||||||||||
Accrued interest receivable on bank balances(1) | 6 | 9 | ||||||||||
Stock options receivable(1) | 1,967 | 102 | ||||||||||
Other assets | 4,637 | 4,048 | ||||||||||
Total assets | $ | 763,336 | $ | 577,955 | ||||||||
Liabilities and shareholders’ equity | ||||||||||||
Junior subordinated debentures | $ | 94,187 | $ | 75,609 | ||||||||
Intercompany borrowed funds(1) | 1,500 | 1,500 | ||||||||||
Accrued interest payable on intercompany borrowed funds(1) | 25 | 21 | ||||||||||
Other liabilities | 1,972 | 2,617 | ||||||||||
Shareholders’ equity | 665,652 | 498,208 | ||||||||||
Total liabilities and shareholders’ equity | $ | 763,336 | $ | 577,955 | ||||||||
-1 | Eliminates in consolidation | |||||||||||
Statements of Income | ' | |||||||||||
Statements of Income | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income | ||||||||||||
Dividends from bank subsidiary(1) | $ | 19,303 | $ | 18,117 | $ | 17,071 | ||||||
Interest income from bank subsidiary(1) | 10 | 16 | 30 | |||||||||
Other dividends | 492 | 114 | 81 | |||||||||
Other income | 39 | 22 | 202 | |||||||||
Total income | 19,844 | 18,269 | 17,384 | |||||||||
Expenses | 3,892 | 3,190 | 2,898 | |||||||||
Income before income tax benefit and equity in undistributed net income of bank subsidiary | 15,952 | 15,079 | 14,486 | |||||||||
Income tax benefit | (1,352 | ) | (1,160 | ) | (989 | ) | ||||||
Equity in undistributed net income of bank subsidiary(1) | 16,183 | 10,398 | 10,157 | |||||||||
Net income | $ | 33,487 | $ | 26,637 | $ | 25,632 | ||||||
-1 | Eliminates in consolidation | |||||||||||
Statements of Cash Flows | ' | |||||||||||
Statements of Cash Flows | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Operating activities | ||||||||||||
Net income | $ | 33,487 | $ | 26,637 | $ | 25,632 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Equity in undistributed net income of bank subsidiary | (16,183 | ) | (10,398 | ) | (10,157 | ) | ||||||
Amortization/Depreciation/Accretion | 21 | (161 | ) | (350 | ) | |||||||
Decrease (increase) in other assets | 1,969 | (418 | ) | 183 | ||||||||
(Decrease) increase in other liabilities | (122 | ) | 2,139 | 590 | ||||||||
Net cash provided by operating activities | 19,172 | 17,799 | 15,898 | |||||||||
Investing activities | ||||||||||||
Purchases of securities held to maturity and available for sale | (1,420 | ) | (3,515 | ) | — | |||||||
Sales and maturities of securities held to maturity and available for sale | 3,000 | — | — | |||||||||
Investment in subsidiaries | — | — | (15,000 | ) | ||||||||
Net cash received in acquisition | 3,917 | — | — | |||||||||
Net cash used in investing activities | 5,497 | (3,515 | ) | (15,000 | ) | |||||||
Financing activities | ||||||||||||
Cash paid for dividends | (19,303 | ) | (17,117 | ) | (17,071 | ) | ||||||
Cash received on exercise of stock-based compensation | 276 | 548 | 218 | |||||||||
Excess tax(expense) benefits from exercise of stock options | 198 | (56 | ) | — | ||||||||
Proceeds from advances from bank subsidiary | — | 1,500 | — | |||||||||
Net cash (used in) provided by financing activities | (18,829 | ) | (15,125 | ) | (16,853 | ) | ||||||
Increase (decrease) in cash and cash equivalents | 5,840 | (841 | ) | (15,955 | ) | |||||||
Cash and cash equivalents at beginning of year | 3,883 | 4,724 | 20,679 | |||||||||
Cash and cash equivalents at end of year | $ | 9,723 | $ | 3,883 | $ | 4,724 | ||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Summary of the unaudited quarterly results of operations | ' | |||||||||||||||
The following table sets forth a summary of the unaudited quarterly results of operations. | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2013 | ||||||||||||||||
Interest income | $ | 38,945 | $ | 39,945 | $ | 44,638 | $ | 57,076 | ||||||||
Interest expense | 5,564 | 5,541 | 5,890 | 6,408 | ||||||||||||
Net interest income | 33,381 | 34,404 | 38,748 | 50,668 | ||||||||||||
Provision for loan losses | 3,050 | 3,000 | 2,300 | 2,000 | ||||||||||||
Noninterest income | 17,378 | 17,317 | 18,935 | 18,341 | ||||||||||||
Noninterest expense | 37,600 | 37,734 | 46,613 | 51,129 | ||||||||||||
Income before income taxes | 10,109 | 10,987 | 8,770 | 15,880 | ||||||||||||
Income taxes | 2,538 | 2,968 | 2,133 | 4,620 | ||||||||||||
Net income | $ | 7,571 | $ | 8,019 | $ | 6,637 | $ | 11,260 | ||||||||
Basic earnings per share | $ | 0.3 | $ | 0.32 | $ | 0.24 | $ | 0.36 | ||||||||
Diluted earnings per share | $ | 0.3 | $ | 0.32 | $ | 0.24 | $ | 0.36 | ||||||||
2012 | ||||||||||||||||
Interest income | $ | 40,505 | $ | 39,978 | $ | 39,154 | $ | 39,676 | ||||||||
Interest expense | 7,662 | 6,568 | 6,022 | 5,723 | ||||||||||||
Net interest income | 32,843 | 33,410 | 33,132 | 33,953 | ||||||||||||
Provision for loan losses | 4,800 | 4,700 | 4,625 | 4,000 | ||||||||||||
Noninterest income | 16,387 | 16,238 | 18,014 | 18,072 | ||||||||||||
Noninterest expense | 36,621 | 36,710 | 38,631 | 38,497 | ||||||||||||
Income before income taxes | 7,809 | 8,238 | 7,890 | 9,528 | ||||||||||||
Income taxes | 1,835 | 1,893 | 853 | 2,247 | ||||||||||||
Net income | $ | 5,974 | $ | 6,345 | $ | 7,037 | $ | 7,281 | ||||||||
Basic earnings per share | $ | 0.24 | $ | 0.25 | $ | 0.28 | $ | 0.29 | ||||||||
Diluted earnings per share | $ | 0.24 | $ | 0.25 | $ | 0.28 | $ | 0.29 | ||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Changes in the components of other comprehensive income | ' | |||||||||||
Changes in the components of other comprehensive income were as follows: | ||||||||||||
Pre-Tax | Tax Expense | Net of Tax | ||||||||||
(Benefit) | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized holding gains on securities | $ | (11,124 | ) | $ | (4,255 | ) | $ | (6,869 | ) | |||
Non-credit related portion of other-than-temporary impairment on securities | — | — | — | |||||||||
Reclassification adjustment for gains realized in net income | 115 | 44 | 71 | |||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (348 | ) | (133 | ) | (215 | ) | ||||||
Total securities available for sale | (11,357 | ) | (4,344 | ) | (7,013 | ) | ||||||
Derivative instruments: | ||||||||||||
Unrealized holding losses on derivative instruments | 2,146 | 821 | 1,325 | |||||||||
Reclassification adjustment for gains realized in net income | (203 | ) | (78 | ) | (125 | ) | ||||||
Total derivative instruments | 1,943 | 743 | 1,200 | |||||||||
Defined benefit pension and post-retirement benefit plans: | ||||||||||||
Net gain arising during the period | 3,170 | 1,213 | 1,957 | |||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 621 | 237 | 384 | |||||||||
Total defined benefit pension and post-retirement benefit plans | 3,791 | 1,450 | 2,341 | |||||||||
Total other comprehensive loss | $ | (5,623 | ) | $ | (2,151 | ) | $ | (3,472 | ) | |||
Year Ended December 31, 2012 | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized holding gains on securities | $ | 5,351 | $ | 2,046 | $ | 3,305 | ||||||
Non-credit related portion of other-than-temporary impairment on securities | — | — | — | |||||||||
Reclassification adjustment for gains realized in net income | (1,894 | ) | (724 | ) | (1,170 | ) | ||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (567 | ) | (217 | ) | (350 | ) | ||||||
Total securities available for sale | 2,890 | 1,105 | 1,785 | |||||||||
Derivative instruments: | ||||||||||||
Unrealized holding losses on derivative instruments | (2,164 | ) | (828 | ) | (1,336 | ) | ||||||
Reclassification adjustment for gains realized in net income | (503 | ) | (192 | ) | (311 | ) | ||||||
Total derivative instruments | (2,667 | ) | (1,020 | ) | (1,647 | ) | ||||||
Defined benefit pension and post-retirement benefit plans: | ||||||||||||
Net loss arising during the period | (1,225 | ) | (469 | ) | (756 | ) | ||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 428 | 164 | 264 | |||||||||
Total defined benefit pension and post-retirement benefit plans | (797 | ) | (305 | ) | (492 | ) | ||||||
Total other comprehensive income | $ | (574 | ) | $ | (220 | ) | $ | (354 | ) | |||
Pre-Tax | Tax Expense | Net of Tax | ||||||||||
(Benefit) | ||||||||||||
Year Ended December 31, 2011 | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized holding gains on securities | $ | 36,346 | $ | 13,903 | $ | 22,443 | ||||||
Non-credit related portion of other-than-temporary impairment on securities | (15,183 | ) | (5,807 | ) | (9,376 | ) | ||||||
Reclassification adjustment for gains realized in net income | (4,795 | ) | (1,834 | ) | (2,961 | ) | ||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (1,000 | ) | (383 | ) | (617 | ) | ||||||
Total securities available for sale | 15,368 | 5,879 | 9,489 | |||||||||
Derivative instruments: | ||||||||||||
Unrealized holding gains on derivative instruments | — | — | — | |||||||||
Reclassification adjustment for gains realized in net income | (610 | ) | (233 | ) | (377 | ) | ||||||
Total derivative instruments | (610 | ) | (233 | ) | (377 | ) | ||||||
Defined benefit pension and post-retirement benefit plans: | ||||||||||||
Net loss arising during the period | (1,769 | ) | (677 | ) | (1,092 | ) | ||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 444 | 170 | 274 | |||||||||
Total defined benefit pension and post-retirement benefit plans | (1,325 | ) | (507 | ) | (818 | ) | ||||||
Total other comprehensive loss | $ | 13,433 | $ | 5,139 | $ | 8,294 | ||||||
Accumulated balances for each component of other comprehensive income, net of tax | ' | |||||||||||
The accumulated balances for each component of other comprehensive income, net of tax, at December 31 were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Unrealized gains on securities | $ | 10,370 | $ | 17,428 | $ | 15,643 | ||||||
Non-credit related portion of other-than-temporary impairment on securities | (17,428 | ) | (17,474 | ) | (17,474 | ) | ||||||
Unrealized gains/(losses) on derivative instruments | (12 | ) | (1,211 | ) | 436 | |||||||
Unrecognized defined benefit pension and post-retirement benefit plans obligations | (4,903 | ) | (7,244 | ) | (6,752 | ) | ||||||
Total accumulated other comprehensive gain/(loss) | $ | (11,973 | ) | $ | (8,501 | ) | $ | (8,147 | ) |
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Basic and diluted net income per common share | ' | |||||||||||
Basic and diluted net income per common share calculations are as follows for the periods presented: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic | ||||||||||||
Net income applicable to common stock | $ | 33,487 | $ | 26,637 | $ | 25,632 | ||||||
Average common shares outstanding | 27,269,613 | 25,108,652 | 25,058,381 | |||||||||
Net income per common share—basic | $ | 1.23 | $ | 1.06 | $ | 1.02 | ||||||
Diluted | ||||||||||||
Net income applicable to common stock | $ | 33,487 | $ | 26,637 | $ | 25,632 | ||||||
Average common shares outstanding | 27,269,613 | 25,108,652 | 25,058,381 | |||||||||
Effect of dilutive stock-based compensation | 191,144 | 66,340 | 127,750 | |||||||||
Average common shares outstanding—diluted | 27,460,757 | 25,174,992 | 25,186,131 | |||||||||
Net income per common share—diluted | $ | 1.22 | $ | 1.06 | $ | 1.02 | ||||||
Schedule of potentially dilutive securities excluded from computation of earnings per share | ' | |||||||||||
Stock options that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented: | ||||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Number of shares | 164,540 | 1,186,644 | ||||||||||
Range of exercise prices | $19.14 - $30.63 | $14.96 - $30.63 |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in the FDIC loss-share indemnification asset | ' | ' |
Balance at January 1 | $44,153 | $107,754 |
Additions through acquisition | 0 | 0 |
Realized losses in excess of initial estimates on: | ' | ' |
Loans | 3,039 | 10,408 |
OREO | 5,983 | 7,778 |
Reimbursable expenses | 4,612 | 3,752 |
Accretion | -3,423 | -1,354 |
Reimbursements received from the FDIC | -28,091 | -84,185 |
Balance at December 31 | $26,273 | $44,153 |
Significant_Accounting_Policie4
Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Maturity of highly liquid investments | 'three months or less | ' | ' |
Date of discontinued recognition of interest on mortgage and commercial loans | '90 days | ' | ' |
Consumer and other retail loan due date | '120 days | ' | ' |
Minimum duration for past due residential loans to be considered as nonperforming | '90 days | '90 days | ' |
Provision for loan losses | $467,000 | $2,527,000 | ' |
Impairment of company's goodwill | 0 | 0 | 0 |
Other assets | $109,363,000 | $84,556,000 | ' |
Interest rates for a mortgage loan | '45 days | ' | ' |
Premises | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Estimated life | '40 years | ' | ' |
Furniture and equipment | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Estimated life | '7 years | ' | ' |
Maximum | Computer equipment | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Estimated life | '5 years | ' | ' |
Minimum | Computer equipment | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Estimated life | '3 years | ' | ' |
Mergers_and_Acquisitionsadditi
Mergers and Acquisitions-additional information (Details) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 04, 2011 | Sep. 01, 2013 | Aug. 30, 2013 | Aug. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 04, 2011 | Aug. 30, 2013 | Aug. 30, 2013 | Sep. 01, 2013 | Aug. 30, 2013 | Aug. 30, 2013 | ||
First M&F | First M&F | RBC Bank (USA) | RBC Bank (USA) | American Trust Bank | American Trust Bank | American Trust Bank | Core deposit intangible | Junior subordinated debentures | Junior subordinated debentures | 90-day LIBOR | Perpetual Preferred Stock, Class B Non-Voting | ||||||
Branches | Trust | Branches | First M&F | First M&F | First M&F | Junior subordinated debentures | First M&F | ||||||||||
First M&F | |||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of banking and insurance locations (branches) | ' | ' | ' | ' | ' | 43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Shares issued to common shareholders (shares) | ' | ' | ' | ' | 6,175,576 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of voting interests acquired (percent) | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total Purchase Price | ' | ' | ' | ' | $156,834,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Intangible assets | ' | ' | ' | ' | 116,366,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Goodwill | 276,100,000 | 184,859,000 | 184,879,000 | ' | 91,333,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, other than goodwill | ' | ' | ' | ' | 25,033 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | |
Borrowings | ' | ' | ' | ' | 25,346,000 | ' | ' | ' | ' | ' | ' | ' | ' | 30,928 | ' | ' | |
Variable interest rate of derivatives, description | 'the three-month LIBOR plus pre-determined spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90-day LIBOR | ' | ' | ' | |
Basis spread on variable rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.33% | ' | |
Junior Subordinated Debt | ' | ' | ' | ' | 12,371,000 | ' | ' | ' | ' | ' | ' | ' | ' | 12,371 | ' | ' | |
Amount paid for shares redeemed from U.S. Department of Treasury | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | |
Warrants redeemed from U.S. Department of Treasury (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 513,113 | |
Amount paid for warrants redeemed from U.S. Department of Treasury | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | |
Assets under management | ' | ' | ' | ' | ' | ' | 680,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Trust transferred under acquisition (trust) | ' | ' | ' | ' | ' | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gain on acquisition | 0 | 0 | 9,344,000 | ' | ' | ' | 570,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Merger-related expenses | 6,027,000 | 0 | 1,651,000 | ' | -1,310,000 | ' | ' | 326,000 | ' | 1,325,000 | ' | ' | ' | ' | ' | ' | |
Number of branches in the northwest region of Georgia (branches) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | |
Value of loans covered in loss-share agreements with the FDIC | ' | ' | ' | 73,657,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of eligible losses (percent) | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of eligible recoveries (percent) | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Pre-tax gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,774,000 | ' | ' | ' | ' | ' | |
Deferred tax liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,356,000 | ' | ' | ' | ' | ' | |
After-tax gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,418,000 | ' | ' | ' | ' | ' | |
Term period of gain recognized | ' | ' | ' | ' | ' | ' | ' | ' | 'six years | ' | ' | ' | ' | ' | ' | ' | |
[1] | The goodwill resulting from the merger has been assigned to the Community Banks operating segment. |
Mergers_and_AcquisitionsFair_V
Mergers and Acquisitions-Fair Value Adjustments (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 01, 2013 | ||
First M&F | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | |
Shares issued to common shareholders (shares) | ' | ' | ' | 6,175,576 | |
Purchase price per share (usd per share) | ' | ' | ' | $25.17 | |
Value of stock paid | ' | ' | ' | $155,439,000 | |
Cash paid for fractional shares | ' | ' | ' | 17,000 | |
Fair value of stock based compensation assumed | ' | ' | ' | 68,000 | |
Deal charges | -6,027,000 | 0 | -1,651,000 | 1,310,000 | |
Total purchase price | ' | ' | ' | 156,834,000 | |
Stockholders’ equity at 9/1/13 | ' | ' | ' | 79,440,000 | |
Securities | ' | ' | ' | 253,000 | |
Loans, net of First M&F's allowance for loan losses | ' | ' | ' | -45,751,000 | [1] |
Fixed assets | ' | ' | ' | -3,070,000 | |
Core deposits intangible, net of First M&F’s existing core deposit intangible | ' | ' | ' | 21,158,000 | |
Other real estate owned | ' | ' | ' | -5,797,000 | [1] |
Other assets | ' | ' | ' | -443,000 | [1] |
Deposits | ' | ' | ' | -3,207,000 | |
Junior Subordinated Debt | ' | ' | ' | 12,371,000 | |
Other liabilities | ' | ' | ' | 1,748,000 | |
Deferred income taxes | ' | ' | ' | 8,799,000 | |
Total net assets acquired | ' | ' | ' | 65,501,000 | |
Goodwill | $276,100,000 | $184,859,000 | $184,879,000 | $91,333,000 | [2] |
[1] | The fair value adjustments to acquired loans and other real estate owned reflect management’s expectations to more aggressively market and liquidate problem assets quickly. | ||||
[2] | The goodwill resulting from the merger has been assigned to the Community Banks operating segment. |
Mergers_and_AcquisitionsAssets
Mergers and Acquisitions-Assets and Liabilities (Details) (First M&F, USD $) | Sep. 01, 2013 |
First M&F | ' |
Business Acquisition [Line Items] | ' |
Cash and cash equivalents | $170,005,000 |
Securities | 227,693,000 |
Mortgage loans held for sale | 1,659,000 |
Loans, net of unearned income | 899,246,000 |
Premises and equipment | 32,259,000 |
Other real estate owned | 13,527,000 |
Intangible assets | 116,366,000 |
Other assets | 55,848,000 |
Total assets | 1,516,603,000 |
Deposits | 1,325,872,000 |
Borrowings | 25,346,000 |
Other liabilities | $9,861,000 |
Mergers_and_AcquisitionsPro_Fo
Mergers and Acquisitions-Pro Forma (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Abstract] | ' | ' |
Interest income | $222,165 | $228,267 |
Interest expense | 28,552 | 36,470 |
Net interest income | 193,613 | 191,797 |
Provision for loan losses | 13,030 | 26,645 |
Noninterest income | 81,174 | 91,509 |
Noninterest expense | 214,502 | 211,475 |
Income before income taxes | 47,255 | 45,186 |
Income taxes | 12,546 | 10,135 |
Net income | $34,709 | $35,051 |
Earnings per share, Basic (usd per share) | $1.11 | $1.12 |
Earnings per share, Diluted (usd per share) | $1.10 | $1.12 |
Securities_Details
Securities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized cost and fair value of securities held to maturity | ' | ' |
Amortized Cost | $412,075 | $317,766 |
Gross Unrealized Gains | 7,911 | 16,976 |
Gross Unrealized Losses | -11,410 | -267 |
Fair Value | 408,576 | 334,475 |
Obligations of other U.S. Government agencies and corporations | ' | ' |
Amortized cost and fair value of securities held to maturity | ' | ' |
Amortized Cost | 125,061 | 90,045 |
Gross Unrealized Gains | 14 | 116 |
Gross Unrealized Losses | -8,727 | -232 |
Fair Value | 116,348 | 89,929 |
Obligations of states and political subdivisions | ' | ' |
Amortized cost and fair value of securities held to maturity | ' | ' |
Amortized Cost | 287,014 | 227,721 |
Gross Unrealized Gains | 7,897 | 16,860 |
Gross Unrealized Losses | -2,683 | -35 |
Fair Value | $292,228 | $244,546 |
Securities_Details_1
Securities (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost, Available for Sale | $513,594 | $357,633 |
Gross Unrealized Gains, Available for Sale | 7,701 | 12,713 |
Gross Unrealized Losses, Available for Sale | -20,041 | -14,035 |
Fair Value, Available for Sale | 501,254 | 356,311 |
Trust preferred securities | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost, Available for Sale | 27,531 | 28,612 |
Gross Unrealized Gains, Available for Sale | 73 | 0 |
Gross Unrealized Losses, Available for Sale | -9,933 | -13,544 |
Fair Value, Available for Sale | 17,671 | 15,068 |
Other debt securities | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost, Available for Sale | 19,544 | 22,079 |
Gross Unrealized Gains, Available for Sale | 240 | 852 |
Gross Unrealized Losses, Available for Sale | -230 | -1 |
Fair Value, Available for Sale | 19,554 | 22,930 |
Other equity securities | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost, Available for Sale | 2,775 | 2,355 |
Gross Unrealized Gains, Available for Sale | 1,542 | 713 |
Gross Unrealized Losses, Available for Sale | 0 | 0 |
Fair Value, Available for Sale | 4,317 | 3,068 |
Obligations of other U.S. Government agencies and corporations | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost, Available for Sale | 6,144 | 2,169 |
Gross Unrealized Gains, Available for Sale | 125 | 273 |
Gross Unrealized Losses, Available for Sale | -201 | 0 |
Fair Value, Available for Sale | 6,068 | 2,442 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost, Available for Sale | 261,659 | 139,699 |
Gross Unrealized Gains, Available for Sale | 2,747 | 5,209 |
Gross Unrealized Losses, Available for Sale | -4,414 | -91 |
Fair Value, Available for Sale | 259,992 | 144,817 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost, Available for Sale | 41,252 | 41,981 |
Gross Unrealized Gains, Available for Sale | 1,373 | 3,077 |
Gross Unrealized Losses, Available for Sale | -584 | 0 |
Fair Value, Available for Sale | 42,041 | 45,058 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost, Available for Sale | 149,682 | 115,647 |
Gross Unrealized Gains, Available for Sale | 1,542 | 2,273 |
Gross Unrealized Losses, Available for Sale | -4,679 | -399 |
Fair Value, Available for Sale | 146,545 | 117,521 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost, Available for Sale | 5,007 | 5,091 |
Gross Unrealized Gains, Available for Sale | 59 | 316 |
Gross Unrealized Losses, Available for Sale | 0 | 0 |
Fair Value, Available for Sale | $5,066 | $5,407 |
Securities_Details_2
Securities (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gross realized gains and gross realized losses on sales of securities available for sale | ' | ' | ' |
Gross gains on sales of securities available for sale | $0 | ($2,321) | ($5,041) |
Gross losses on sales of securities available for sale | -115 | -427 | 0 |
(Loss)/gain on sales of securities available for sale, net | ($115) | $1,894 | $5,041 |
Securities_Details_3
Securities (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Held-to-maturity Securities, Amortized Cost Basis [Abstract] | ' | ' |
Due within one year | $11,153 | ' |
Due after one year through five years | 52,708 | ' |
Due after five years through ten years | 194,469 | ' |
Due after ten years | 153,745 | ' |
Held-to-maturity Securities, Fair Value [Abstract] | ' | ' |
Due within one year | 11,295 | ' |
Due after one year through five years | 54,286 | ' |
Due after five years through ten years | 187,937 | ' |
Due after ten years | 155,058 | ' |
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ' | ' |
Due within one year | 0 | ' |
Due after one year through five years | 1,079 | ' |
Due after five years through ten years | 5,065 | ' |
Due after ten years | 27,531 | ' |
Available-for-sale Securities, Fair Value [Abstract] | ' | ' |
Due within one year | 0 | ' |
Due after one year through five years | 1,147 | ' |
Due after five years through ten years | 4,921 | ' |
Due after ten years | 17,671 | ' |
Amortized Cost | 412,075 | 317,766 |
Fair Value, Held to Maturity | 408,576 | 334,475 |
Amortized Cost | 513,594 | ' |
Fair Value | 501,254 | 356,311 |
Other debt securities | ' | ' |
Available-for-sale Securities, Fair Value [Abstract] | ' | ' |
Amortized Cost | 0 | ' |
Fair Value, Held to Maturity | 0 | ' |
Amortized Cost | 19,544 | ' |
Fair Value | 19,554 | 22,930 |
Other equity securities | ' | ' |
Available-for-sale Securities, Fair Value [Abstract] | ' | ' |
Amortized Cost | 0 | ' |
Fair Value, Held to Maturity | 0 | ' |
Amortized Cost | 2,775 | ' |
Fair Value | 4,317 | 3,068 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Available-for-sale Securities, Fair Value [Abstract] | ' | ' |
Amortized Cost | 0 | ' |
Fair Value, Held to Maturity | 0 | ' |
Amortized Cost | 261,659 | ' |
Fair Value | 259,992 | 144,817 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Available-for-sale Securities, Fair Value [Abstract] | ' | ' |
Amortized Cost | 0 | ' |
Fair Value, Held to Maturity | 0 | ' |
Amortized Cost | 41,252 | ' |
Fair Value | 42,041 | 45,058 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Available-for-sale Securities, Fair Value [Abstract] | ' | ' |
Amortized Cost | 0 | ' |
Fair Value, Held to Maturity | 0 | ' |
Amortized Cost | 149,682 | ' |
Fair Value | 146,545 | 117,521 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Available-for-sale Securities, Fair Value [Abstract] | ' | ' |
Amortized Cost | 0 | ' |
Fair Value, Held to Maturity | 0 | ' |
Amortized Cost | 5,007 | ' |
Fair Value | $5,066 | $5,407 |
Securities_Details_4
Securities (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
security | security | |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Held-to-maturity, securities in unrealized loss positions (securities) | 141 | 13 |
Fair Value, Held to Maturity, Less than 12 Months | $165,250 | $38,085 |
Fair Value, Held to Maturity, 12 Months or More | 10,023 | 126 |
Fair Value, Held to Maturity, Total | 175,273 | 38,211 |
Unrealized Losses, Held to Maturity, Less than 12 months | -10,404 | -266 |
Unrealized Losses, Held to Maturity, 12 Months or More | -1,006 | -1 |
Unrealized Losses, Held to Maturity, Total | -11,410 | -267 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 68 | 20 |
Fair Value, Available for Sale, Less than 12 Months | 230,823 | 60,047 |
Fair Value, Available for Sale, 12 Months or More | 48,342 | 18,861 |
Fair Value, Available for Sale, Total | 279,165 | 78,908 |
Unrealized Losses, Available for Sale, Less than 12 months | -7,921 | -480 |
Unrealized Losses, Available for Sale, 12 months or More | -12,120 | -13,555 |
Unrealized Losses, Available for Sale, Total | -20,041 | -14,035 |
Trust preferred securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 3 | 4 |
Fair Value, Available for Sale, Less than 12 Months | 0 | 0 |
Fair Value, Available for Sale, 12 Months or More | 16,456 | 15,068 |
Fair Value, Available for Sale, Total | 16,456 | 15,068 |
Unrealized Losses, Available for Sale, Less than 12 months | 0 | 0 |
Unrealized Losses, Available for Sale, 12 months or More | -9,933 | -13,544 |
Unrealized Losses, Available for Sale, Total | -9,933 | -13,544 |
Other debt securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 4 | 1 |
Fair Value, Available for Sale, Less than 12 Months | 7,100 | 0 |
Fair Value, Available for Sale, 12 Months or More | 1,897 | 2,188 |
Fair Value, Available for Sale, Total | 8,997 | 2,188 |
Unrealized Losses, Available for Sale, Less than 12 months | -217 | 0 |
Unrealized Losses, Available for Sale, 12 months or More | -13 | -1 |
Unrealized Losses, Available for Sale, Total | -230 | -1 |
Other equity securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 0 | 0 |
Fair Value, Available for Sale, Less than 12 Months | 0 | 0 |
Fair Value, Available for Sale, 12 Months or More | 0 | 0 |
Fair Value, Available for Sale, Total | 0 | 0 |
Unrealized Losses, Available for Sale, Less than 12 months | 0 | 0 |
Unrealized Losses, Available for Sale, 12 months or More | 0 | 0 |
Unrealized Losses, Available for Sale, Total | 0 | 0 |
Obligations of other U.S. Government agencies and corporations | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Held-to-maturity, securities in unrealized loss positions (securities) | 28 | 8 |
Fair Value, Held to Maturity, Less than 12 Months | 105,747 | 35,224 |
Fair Value, Held to Maturity, 12 Months or More | 9,090 | 0 |
Fair Value, Held to Maturity, Total | 114,837 | 35,224 |
Unrealized Losses, Held to Maturity, Less than 12 months | -7,826 | -232 |
Unrealized Losses, Held to Maturity, 12 Months or More | -901 | 0 |
Unrealized Losses, Held to Maturity, Total | -8,727 | -232 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 1 | 0 |
Fair Value, Available for Sale, Less than 12 Months | 3,799 | 0 |
Fair Value, Available for Sale, 12 Months or More | 0 | 0 |
Fair Value, Available for Sale, Total | 3,799 | 0 |
Unrealized Losses, Available for Sale, Less than 12 months | -201 | 0 |
Unrealized Losses, Available for Sale, 12 months or More | 0 | 0 |
Unrealized Losses, Available for Sale, Total | -201 | 0 |
Obligations of states and political subdivisions | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Held-to-maturity, securities in unrealized loss positions (securities) | 113 | 5 |
Fair Value, Held to Maturity, Less than 12 Months | 59,503 | 2,861 |
Fair Value, Held to Maturity, 12 Months or More | 933 | 126 |
Fair Value, Held to Maturity, Total | 60,436 | 2,987 |
Unrealized Losses, Held to Maturity, Less than 12 months | -2,578 | -34 |
Unrealized Losses, Held to Maturity, 12 Months or More | -105 | -1 |
Unrealized Losses, Held to Maturity, Total | -2,683 | -35 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 35 | 3 |
Fair Value, Available for Sale, Less than 12 Months | 134,858 | 15,431 |
Fair Value, Available for Sale, 12 Months or More | 13,239 | 0 |
Fair Value, Available for Sale, Total | 148,097 | 15,431 |
Unrealized Losses, Available for Sale, Less than 12 months | -3,451 | -91 |
Unrealized Losses, Available for Sale, 12 months or More | -963 | 0 |
Unrealized Losses, Available for Sale, Total | -4,414 | -91 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 4 | 0 |
Fair Value, Available for Sale, Less than 12 Months | 16,570 | 0 |
Fair Value, Available for Sale, 12 Months or More | 0 | 0 |
Fair Value, Available for Sale, Total | 16,570 | 0 |
Unrealized Losses, Available for Sale, Less than 12 months | -584 | 0 |
Unrealized Losses, Available for Sale, 12 months or More | 0 | 0 |
Unrealized Losses, Available for Sale, Total | -584 | 0 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 21 | 12 |
Fair Value, Available for Sale, Less than 12 Months | 68,496 | 44,616 |
Fair Value, Available for Sale, 12 Months or More | 16,750 | 1,605 |
Fair Value, Available for Sale, Total | 85,246 | 46,221 |
Unrealized Losses, Available for Sale, Less than 12 months | -3,468 | -389 |
Unrealized Losses, Available for Sale, 12 months or More | -1,211 | -10 |
Unrealized Losses, Available for Sale, Total | -4,679 | -399 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 0 | 0 |
Fair Value, Available for Sale, Less than 12 Months | 0 | 0 |
Fair Value, Available for Sale, 12 Months or More | 0 | 0 |
Fair Value, Available for Sale, Total | 0 | 0 |
Unrealized Losses, Available for Sale, Less than 12 months | 0 | 0 |
Unrealized Losses, Available for Sale, 12 months or More | 0 | 0 |
Unrealized Losses, Available for Sale, Total | $0 | $0 |
Less than 12 Months | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Held-to-maturity, securities in unrealized loss positions (securities) | 137 | 12 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 57 | 14 |
Less than 12 Months | Trust preferred securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 0 | 0 |
Less than 12 Months | Other debt securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 3 | 0 |
Less than 12 Months | Other equity securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 0 | 0 |
Less than 12 Months | Obligations of other U.S. Government agencies and corporations | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Held-to-maturity, securities in unrealized loss positions (securities) | 26 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 1 | 0 |
Less than 12 Months | Obligations of states and political subdivisions | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Held-to-maturity, securities in unrealized loss positions (securities) | 111 | 4 |
Less than 12 Months | Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 32 | 3 |
Less than 12 Months | Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 4 | 0 |
Less than 12 Months | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 17 | 11 |
Less than 12 Months | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 0 | 0 |
12 Months or More | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Held-to-maturity, securities in unrealized loss positions (securities) | 4 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 11 | 6 |
12 Months or More | Trust preferred securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 3 | 4 |
12 Months or More | Other debt securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 1 | 1 |
12 Months or More | Other equity securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 0 | 0 |
12 Months or More | Obligations of other U.S. Government agencies and corporations | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Held-to-maturity, securities in unrealized loss positions (securities) | 2 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 0 | 0 |
12 Months or More | Obligations of states and political subdivisions | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Held-to-maturity, securities in unrealized loss positions (securities) | 2 | 1 |
12 Months or More | Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 3 | 0 |
12 Months or More | Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 0 | 0 |
12 Months or More | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 4 | 1 |
12 Months or More | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Available-for-sale, securities in unrealized loss positions (securities) | 0 | 0 |
Securities_Details_5
Securities (Details 5) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investments in pooled trust preferred securities | ' | ' |
Amortized Cost | $513,594 | ' |
Fair Value | 501,254 | 356,311 |
Trust preferred securities | ' | ' |
Investments in pooled trust preferred securities | ' | ' |
Amortized Cost | 27,531 | 28,612 |
Fair Value | 17,671 | 15,068 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 9,860 | ' |
XIII | ' | ' |
Investments in pooled trust preferred securities | ' | ' |
Amortized Cost | 1,141 | ' |
Fair Value | 1,214 | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | -73 | ' |
Issuers Currently in Deferral or Default (percent) | 30.00% | ' |
XXIII | ' | ' |
Investments in pooled trust preferred securities | ' | ' |
Amortized Cost | 8,746 | ' |
Fair Value | 5,554 | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 3,192 | ' |
Issuers Currently in Deferral or Default (percent) | 20.00% | ' |
XXIV | ' | ' |
Investments in pooled trust preferred securities | ' | ' |
Amortized Cost | 12,076 | ' |
Fair Value | 7,381 | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 4,695 | ' |
Issuers Currently in Deferral or Default (percent) | 35.00% | ' |
XXVI | ' | ' |
Investments in pooled trust preferred securities | ' | ' |
Amortized Cost | 5,568 | ' |
Fair Value | 3,522 | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $2,046 | ' |
Issuers Currently in Deferral or Default (percent) | 31.00% | ' |
Securities_Details_6
Securities (Details 6) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cumulative credit related losses recognized in earnings | ' | ' |
Balance at January 1 | ($3,337) | ($3,337) |
Additions related to credit losses for which OTTI was not previously recognized | 0 | 0 |
Increases in credit loss for which OTTI was previously recognized | 0 | 0 |
Balance at December 31 | ($3,337) | ($3,337) |
Securities_Details_Textual
Securities (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tranche | |||
Institutions | |||
Securities (Additional Textual) [Abstract] | ' | ' | ' |
Carrying value of securities held to maturity | $4,292,000 | ' | $13,017,000 |
Net gain recognized on sale of securities held to maturity | 169,000 | ' | 16,000 |
Securities classified as held to maturity | ' | 0 | ' |
Securities (Textual) [Abstract] | ' | ' | ' |
Investments in pooled trust preferred securities, cost basis | 513,594,000 | ' | ' |
Fair Value | 501,254,000 | 356,311,000 | ' |
Number of securities representing interests in tranches of trusts (tranches) | 4 | ' | ' |
Number of institutions issuing debt (institutions) | 330 | ' | ' |
Credit related impairment losses | 0 | 0 | 262,000 |
Trust preferred securities | ' | ' | ' |
Securities (Textual) [Abstract] | ' | ' | ' |
Investments in pooled trust preferred securities, cost basis | 27,531,000 | 28,612,000 | ' |
Fair Value | 17,671,000 | 15,068,000 | ' |
Credit related impairment losses | 0 | ' | 262,000 |
Secure government, public and trust deposits | ' | ' | ' |
Securities (Textual) [Abstract] | ' | ' | ' |
Available for sale securities pledged as collateral | 604,571,000 | 308,362,000 | ' |
Short-term borrowings | ' | ' | ' |
Securities (Textual) [Abstract] | ' | ' | ' |
Available for sale securities pledged as collateral | $7,626,000 | $19,006,000 | ' |
Loans_and_the_Allowance_for_Lo2
Loans and the Allowance for Loan Losses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Summary of loans | ' | ' | ||
Gross loans | $3,881,019 | $2,810,258 | ||
Unearned income | -1 | -5 | ||
Loans, net of unearned income | 3,881,018 | 2,810,253 | ||
Allowance for loan losses | -47,665 | -44,347 | ||
Loans, net | 3,833,353 | 2,765,906 | ||
Commercial, financial, agricultural | ' | ' | ||
Summary of loans | ' | ' | ||
Gross loans | 468,963 | 317,050 | ||
Loans, net of unearned income | 468,963 | 317,050 | ||
Lease financing | ' | ' | ||
Summary of loans | ' | ' | ||
Gross loans | 53 | 195 | ||
Real estate – construction | ' | ' | ||
Summary of loans | ' | ' | ||
Gross loans | 161,436 | 105,706 | ||
Loans, net of unearned income | 161,436 | 105,706 | ||
Real estate – 1-4 family mortgage | ' | ' | ||
Summary of loans | ' | ' | ||
Gross loans | 1,208,233 | 903,423 | ||
Loans, net of unearned income | 1,208,233 | 903,423 | ||
Real estate – commercial mortgage | ' | ' | ||
Summary of loans | ' | ' | ||
Gross loans | 1,950,572 | 1,426,643 | ||
Loans, net of unearned income | 1,950,572 | 1,426,643 | ||
Installment loans to individuals | ' | ' | ||
Summary of loans | ' | ' | ||
Gross loans | 91,762 | 57,241 | ||
Loans, net of unearned income | $91,814 | [1] | $57,431 | [1] |
[1] | Includes lease financing receivables. |
Loans_and_the_Allowance_for_Lo3
Loans and the Allowance for Loan Losses (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Past due and nonaccrual loans | ' | ' |
Total Loans | $3,881,018 | $2,810,253 |
Commercial, financial, agricultural | ' | ' |
Past due and nonaccrual loans | ' | ' |
Total Loans | 468,963 | 317,050 |
Lease financing | ' | ' |
Past due and nonaccrual loans | ' | ' |
Total Loans | 53 | 195 |
Real estate – construction | ' | ' |
Past due and nonaccrual loans | ' | ' |
Total Loans | 161,436 | 105,706 |
Real estate – 1-4 family mortgage | ' | ' |
Past due and nonaccrual loans | ' | ' |
Total Loans | 1,208,233 | 903,423 |
Real estate – commercial mortgage | ' | ' |
Past due and nonaccrual loans | ' | ' |
Total Loans | 1,950,572 | 1,426,643 |
Installment loans to individuals | ' | ' |
Past due and nonaccrual loans | ' | ' |
Total Loans | 91,762 | 57,241 |
Unearned income | ' | ' |
Past due and nonaccrual loans | ' | ' |
Total Loans | -1 | ' |
Accruing Loans | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 22,475 | 12,530 |
90 Days or More Past Due | 4,187 | 3,307 |
Current Loans | 3,782,025 | 2,714,349 |
Total Loans | 3,808,687 | 2,730,186 |
Accruing Loans | Commercial, financial, agricultural | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 2,067 | 484 |
90 Days or More Past Due | 607 | 15 |
Current Loans | 463,521 | 312,943 |
Total Loans | 466,195 | 313,442 |
Accruing Loans | Lease financing | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 0 | 0 |
Current Loans | 53 | 195 |
Total Loans | 53 | 195 |
Accruing Loans | Real estate – construction | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 664 | 80 |
90 Days or More Past Due | 0 | 0 |
Current Loans | 159,124 | 103,978 |
Total Loans | 159,788 | 104,058 |
Accruing Loans | Real estate – 1-4 family mortgage | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 10,168 | 6,685 |
90 Days or More Past Due | 2,206 | 1,992 |
Current Loans | 1,179,703 | 867,053 |
Total Loans | 1,192,077 | 875,730 |
Accruing Loans | Real estate – commercial mortgage | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 8,870 | 5,084 |
90 Days or More Past Due | 1,286 | 1,250 |
Current Loans | 1,888,745 | 1,373,470 |
Total Loans | 1,898,901 | 1,379,804 |
Accruing Loans | Installment loans to individuals | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 706 | 197 |
90 Days or More Past Due | 88 | 50 |
Current Loans | 90,880 | 56,715 |
Total Loans | 91,674 | 56,962 |
Accruing Loans | Unearned income | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 0 | 0 |
Current Loans | -1 | -5 |
Total Loans | -1 | -5 |
Nonaccruing Loans | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 2,307 | 1,796 |
90 Days or More Past Due | 47,167 | 56,758 |
Current Loans | 22,857 | 21,513 |
Total Loans | 72,331 | 80,067 |
Nonaccruing Loans | Commercial, financial, agricultural | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 138 | 215 |
90 Days or More Past Due | 1,959 | 3,131 |
Current Loans | 671 | 262 |
Total Loans | 2,768 | 3,608 |
Nonaccruing Loans | Lease financing | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 0 | 0 |
Current Loans | 0 | 0 |
Total Loans | 0 | 0 |
Nonaccruing Loans | Real estate – construction | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 1,648 | 1,648 |
Current Loans | 0 | 0 |
Total Loans | 1,648 | 1,648 |
Nonaccruing Loans | Real estate – 1-4 family mortgage | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 1,203 | 1,249 |
90 Days or More Past Due | 6,041 | 13,417 |
Current Loans | 8,912 | 13,027 |
Total Loans | 16,156 | 27,693 |
Nonaccruing Loans | Real estate – commercial mortgage | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 966 | 325 |
90 Days or More Past Due | 37,439 | 38,297 |
Current Loans | 13,266 | 8,217 |
Total Loans | 51,671 | 46,839 |
Nonaccruing Loans | Installment loans to individuals | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 0 | 7 |
90 Days or More Past Due | 80 | 265 |
Current Loans | 8 | 7 |
Total Loans | 88 | 279 |
Nonaccruing Loans | Unearned income | ' | ' |
Past due and nonaccrual loans | ' | ' |
30-89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 0 | 0 |
Current Loans | 0 | 0 |
Total Loans | $0 | $0 |
Loans_and_the_Allowance_for_Lo4
Loans and the Allowance for Loan Losses (Details 2) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Impaired loans | ' | ' | ' | ||
Recorded Investment With Allowance | $56,924 | $64,868 | ' | ||
Recorded Investment With No Allowance | 50,827 | 52,812 | ' | ||
Total Recorded Investment | 107,751 | 117,680 | ' | ||
Unpaid Principal Balance With Allowance | 60,780 | 69,449 | ' | ||
Unpaid Principal Balance With no Allowance | 100,692 | 136,329 | ' | ||
Total Unpaid Principal Balance | 161,472 | 205,778 | ' | ||
With Related Allowance | 14,650 | 17,597 | ' | ||
With No Related Allowance | 0 | 0 | ' | ||
Related Allowance | 14,650 | 17,597 | ' | ||
Average Recorded Investment With Related Allowance | 61,286 | 72,260 | ' | ||
Average Recorded Investment With No Related Allowance | 62,470 | 65,090 | ' | ||
Average recorded investment in impaired loans | 123,756 | 137,350 | 185,899 | ||
Interest Income Recognized With Related Allowance | 1,687 | [1] | 2,342 | [1] | ' |
Interest Income Recognized With No Related Allowance | 133 | [1] | 1,566 | [1] | ' |
Interest Income, Total | 1,820 | [1] | 3,908 | [1] | ' |
Commercial, financial, agricultural | ' | ' | ' | ||
Impaired loans | ' | ' | ' | ||
Recorded Investment With Allowance | 743 | 1,620 | ' | ||
Recorded Investment With No Allowance | 2,043 | 1,620 | ' | ||
Unpaid Principal Balance With Allowance | 664 | 1,767 | ' | ||
Unpaid Principal Balance With no Allowance | 5,911 | 3,375 | ' | ||
With Related Allowance | 260 | 708 | ' | ||
With No Related Allowance | 0 | 0 | ' | ||
Average Recorded Investment With Related Allowance | 430 | 1,771 | ' | ||
Average Recorded Investment With No Related Allowance | 4,668 | 1,716 | ' | ||
Interest Income Recognized With Related Allowance | 1 | 7 | ' | ||
Interest Income Recognized With No Related Allowance | 0 | 37 | ' | ||
Lease financing | ' | ' | ' | ||
Impaired loans | ' | ' | ' | ||
Recorded Investment With Allowance | 0 | 0 | ' | ||
Recorded Investment With No Allowance | 0 | 0 | ' | ||
Unpaid Principal Balance With Allowance | 0 | 0 | ' | ||
Unpaid Principal Balance With no Allowance | 0 | 0 | ' | ||
With Related Allowance | 0 | 0 | ' | ||
With No Related Allowance | 0 | 0 | ' | ||
Average Recorded Investment With Related Allowance | 0 | 0 | ' | ||
Average Recorded Investment With No Related Allowance | 0 | 0 | ' | ||
Interest Income Recognized With Related Allowance | 0 | 0 | ' | ||
Interest Income Recognized With No Related Allowance | 0 | 0 | ' | ||
Real estate – construction | ' | ' | ' | ||
Impaired loans | ' | ' | ' | ||
Recorded Investment With Allowance | 0 | 0 | ' | ||
Recorded Investment With No Allowance | 1,648 | 1,648 | ' | ||
Unpaid Principal Balance With Allowance | 0 | 0 | ' | ||
Unpaid Principal Balance With no Allowance | 2,447 | 2,447 | ' | ||
With Related Allowance | 0 | 0 | ' | ||
With No Related Allowance | 0 | 0 | ' | ||
Average Recorded Investment With Related Allowance | 0 | 0 | ' | ||
Average Recorded Investment With No Related Allowance | 1,650 | 1,813 | ' | ||
Interest Income Recognized With Related Allowance | 0 | 0 | ' | ||
Interest Income Recognized With No Related Allowance | 0 | 0 | ' | ||
Real estate – 1-4 family mortgage | ' | ' | ' | ||
Impaired loans | ' | ' | ' | ||
Recorded Investment With Allowance | 25,374 | 28,848 | ' | ||
Recorded Investment With No Allowance | 8,542 | 10,094 | ' | ||
Unpaid Principal Balance With Allowance | 27,659 | 31,079 | ' | ||
Unpaid Principal Balance With no Allowance | 15,209 | 48,943 | ' | ||
With Related Allowance | 7,353 | 9,201 | ' | ||
With No Related Allowance | 0 | 0 | ' | ||
Average Recorded Investment With Related Allowance | 29,247 | 31,300 | ' | ||
Average Recorded Investment With No Related Allowance | 10,903 | 15,611 | ' | ||
Interest Income Recognized With Related Allowance | 682 | 922 | ' | ||
Interest Income Recognized With No Related Allowance | 28 | 603 | ' | ||
Real estate – commercial mortgage | ' | ' | ' | ||
Impaired loans | ' | ' | ' | ||
Recorded Investment With Allowance | 30,624 | 34,400 | ' | ||
Recorded Investment With No Allowance | 38,517 | 39,450 | ' | ||
Unpaid Principal Balance With Allowance | 32,274 | 36,603 | ' | ||
Unpaid Principal Balance With no Allowance | 76,688 | 81,564 | ' | ||
With Related Allowance | 7,036 | 7,688 | ' | ||
With No Related Allowance | 0 | 0 | ' | ||
Average Recorded Investment With Related Allowance | 31,424 | 39,189 | ' | ||
Average Recorded Investment With No Related Allowance | 44,995 | 45,950 | ' | ||
Interest Income Recognized With Related Allowance | 1,001 | 1,413 | ' | ||
Interest Income Recognized With No Related Allowance | 105 | 926 | ' | ||
Installment loans to individuals | ' | ' | ' | ||
Impaired loans | ' | ' | ' | ||
Recorded Investment With Allowance | 183 | 0 | ' | ||
Recorded Investment With No Allowance | 77 | 0 | ' | ||
Unpaid Principal Balance With Allowance | 183 | 0 | ' | ||
Unpaid Principal Balance With no Allowance | 437 | 0 | ' | ||
With Related Allowance | 1 | 0 | ' | ||
With No Related Allowance | 0 | 0 | ' | ||
Average Recorded Investment With Related Allowance | 185 | 0 | ' | ||
Average Recorded Investment With No Related Allowance | 254 | 0 | ' | ||
Interest Income Recognized With Related Allowance | 3 | 0 | ' | ||
Interest Income Recognized With No Related Allowance | $0 | $0 | ' | ||
[1] | Includes interest income recognized using the cash-basis method of income recognition of $0 and $1,801, respectively. |
Loans_and_the_Allowance_for_Lo5
Loans and the Allowance for Loan Losses (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loan | Loan | |
Restructured loans | ' | ' |
Number of Loans (loans) | 41 | 36 |
Pre-Modification Outstanding Recorded Investment | $32,358 | $37,619 |
Post-Modification Outstanding Recorded Investment | 21,478 | 29,436 |
Commercial, financial, agricultural | ' | ' |
Restructured loans | ' | ' |
Number of Loans (loans) | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | 20 | 0 |
Post-Modification Outstanding Recorded Investment | 19 | 0 |
Lease financing | ' | ' |
Restructured loans | ' | ' |
Number of Loans (loans) | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Real estate – construction | ' | ' |
Restructured loans | ' | ' |
Number of Loans (loans) | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Real estate – 1-4 family mortgage | ' | ' |
Restructured loans | ' | ' |
Number of Loans (loans) | 23 | 19 |
Pre-Modification Outstanding Recorded Investment | 19,371 | 18,450 |
Post-Modification Outstanding Recorded Investment | 10,354 | 10,853 |
Real estate – commercial mortgage | ' | ' |
Restructured loans | ' | ' |
Number of Loans (loans) | 16 | 16 |
Pre-Modification Outstanding Recorded Investment | 12,785 | 18,985 |
Post-Modification Outstanding Recorded Investment | 10,934 | 18,409 |
Installment loans to individuals | ' | ' |
Restructured loans | ' | ' |
Number of Loans (loans) | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | 182 | 184 |
Post-Modification Outstanding Recorded Investment | $171 | $174 |
Loans_and_the_Allowance_for_Lo6
Loans and the Allowance for Loan Losses (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loan | Loan | |
Number of Loans | ' | ' |
Beginning balance (loans) | 36 | 31 |
Additional loans with concessions (loans) | 13 | 14 |
Reclassified as nonperforming (loans) | -2 | -5 |
Charge-offs (loans) | -3 | -1 |
Transfer to other real estate owned (loans) | 0 | -1 |
Lapse of concession period (loans) | -3 | -2 |
Ending balance (loans) | 41 | 36 |
Recorded Investment | ' | ' |
Beginning balance | $29,436 | $36,311 |
Additional loans with concessions | 4,336 | 5,943 |
Reclassified as nonperforming | -3,227 | -8,058 |
Charge-offs | -1,301 | -1,682 |
Transfer to other real estate owned | 0 | -419 |
Principal paydowns | -2,025 | -1,808 |
Lapse of concession period | -5,741 | -851 |
Ending balance | $21,478 | $29,436 |
Loans_and_the_Allowance_for_Lo7
Loans and the Allowance for Loan Losses (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loan portfolio by risk-rating grades | ' | ' |
Total | $2,029,351 | $1,530,101 |
Pass | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 1,908,662 | 1,383,422 |
Watch | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 57,932 | 72,876 |
Substandard | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 62,757 | 73,803 |
Commercial, financial, agricultural | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 343,813 | 231,697 |
Commercial, financial, agricultural | Pass | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 328,959 | 226,540 |
Commercial, financial, agricultural | Watch | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 10,588 | 1,939 |
Commercial, financial, agricultural | Substandard | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 4,266 | 3,218 |
Real estate – construction | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 115,016 | 72,284 |
Real estate – construction | Pass | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 114,428 | 71,633 |
Real estate – construction | Watch | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 588 | 651 |
Real estate – construction | Substandard | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 0 | 0 |
Real estate – 1-4 family mortgage | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 164,150 | 152,874 |
Real estate – 1-4 family mortgage | Pass | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 126,916 | 96,147 |
Real estate – 1-4 family mortgage | Watch | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 13,864 | 24,138 |
Real estate – 1-4 family mortgage | Substandard | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 23,370 | 32,589 |
Real estate – commercial mortgage | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 1,406,353 | 1,073,239 |
Real estate – commercial mortgage | Pass | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 1,338,340 | 989,095 |
Real estate – commercial mortgage | Watch | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 32,892 | 46,148 |
Real estate – commercial mortgage | Substandard | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 35,121 | 37,996 |
Installment loans to individuals | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 19 | 7 |
Installment loans to individuals | Pass | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 19 | 7 |
Installment loans to individuals | Watch | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 0 | 0 |
Installment loans to individuals | Substandard | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | $0 | $0 |
Loans_and_the_Allowance_for_Lo8
Loans and the Allowance for Loan Losses (Details 6) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | $1,402,738 | $1,032,128 |
Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 1,399,290 | 1,026,050 |
Non-Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 3,448 | 6,078 |
Commercial, financial, agricultural | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 89,666 | 74,213 |
Commercial, financial, agricultural | Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 89,490 | 74,003 |
Commercial, financial, agricultural | Non-Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 176 | 210 |
Lease financing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 53 | 195 |
Lease financing | Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 53 | 195 |
Lease financing | Non-Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 0 | 0 |
Real estate – construction | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 43,535 | 31,774 |
Real estate – construction | Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 43,535 | 31,774 |
Real estate – construction | Non-Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 0 | 0 |
Real estate – 1-4 family mortgage | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 941,521 | 675,402 |
Real estate – 1-4 family mortgage | Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 938,994 | 670,074 |
Real estate – 1-4 family mortgage | Non-Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 2,527 | 5,328 |
Real estate – commercial mortgage | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 243,029 | 195,535 |
Real estate – commercial mortgage | Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 242,363 | 195,086 |
Real estate – commercial mortgage | Non-Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 666 | 449 |
Installment loans to individuals | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 84,934 | 55,009 |
Installment loans to individuals | Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 84,855 | 54,918 |
Installment loans to individuals | Non-Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | $79 | $91 |
Loans_and_the_Allowance_for_Lo9
Loans and the Allowance for Loan Losses (Details 7) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | $448,930 | $248,029 |
Impaired Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 24,519 | 31,904 |
Other Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 157,155 | 205,184 |
Not Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 267,256 | 10,941 |
Commercial, financial, agricultural | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 35,484 | 11,140 |
Commercial, financial, agricultural | Impaired Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 0 | 0 |
Commercial, financial, agricultural | Other Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 9,546 | 10,800 |
Commercial, financial, agricultural | Not Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 25,938 | 340 |
Lease financing | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 0 | 0 |
Lease financing | Impaired Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 0 | 0 |
Lease financing | Other Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 0 | 0 |
Lease financing | Not Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 0 | 0 |
Real estate – construction | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 2,885 | 1,648 |
Real estate – construction | Impaired Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 0 | 0 |
Real estate – construction | Other Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 1,648 | 1,648 |
Real estate – construction | Not Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 1,237 | 0 |
Real estate – 1-4 family mortgage | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 102,562 | 75,147 |
Real estate – 1-4 family mortgage | Impaired Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 835 | 6,122 |
Real estate – 1-4 family mortgage | Other Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 53,631 | 67,326 |
Real estate – 1-4 family mortgage | Not Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 48,096 | 1,699 |
Real estate – commercial mortgage | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 301,190 | 157,869 |
Real estate – commercial mortgage | Impaired Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 23,684 | 25,782 |
Real estate – commercial mortgage | Other Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 92,302 | 125,379 |
Real estate – commercial mortgage | Not Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 185,204 | 6,708 |
Installment loans to individuals | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 6,809 | 2,225 |
Installment loans to individuals | Impaired Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 0 | 0 |
Installment loans to individuals | Other Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | 28 | 31 |
Installment loans to individuals | Not Covered Loans | ' | ' |
Loans acquired with deteriorated credit quality | ' | ' |
Acquired with deteriorated credit quality | $6,781 | $2,194 |
Recovered_Sheet1
Loans and the Allowance for Loan Losses (Details 8) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | $448,930 | $248,029 | ||
Impaired Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | 24,519 | 31,904 | ||
Other Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | 157,155 | 205,184 | ||
Not Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | 267,256 | 10,941 | ||
Contractually-required principal and interest | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | 623,425 | 386,713 | ||
Contractually-required principal and interest | Impaired Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | 67,976 | 109,054 | ||
Contractually-required principal and interest | Other Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | 201,215 | 264,406 | ||
Contractually-required principal and interest | Not Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | 354,234 | 13,253 | ||
Nonaccretable difference | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | -134,545 | [1] | -130,836 | [1] |
Nonaccretable difference | Impaired Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | -43,456 | [1] | -77,137 | [1] |
Nonaccretable difference | Other Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | -40,301 | [1] | -52,517 | [1] |
Nonaccretable difference | Not Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | -50,788 | [1] | -1,182 | [1] |
Cash flows expected to be collected | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | 488,880 | 255,877 | ||
Cash flows expected to be collected | Impaired Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | 24,520 | 31,917 | ||
Cash flows expected to be collected | Other Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | 160,914 | 211,889 | ||
Cash flows expected to be collected | Not Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | 303,446 | 12,071 | ||
Accretable yield | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | -39,950 | [2] | -7,848 | [2] |
Accretable yield | Impaired Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | -1 | [2] | -13 | [2] |
Accretable yield | Other Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | -3,759 | [2] | -6,705 | [2] |
Accretable yield | Not Covered Loans | ' | ' | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ' | ' | ||
Loans acquired with deteriorated credit quality | ($36,190) | [2] | ($1,130) | [2] |
[1] | Represents contractual principal cash flows of $125,086 and $120,572, respectively, and interest cash flows of $9,459 and $10,264, respectively, not expected to be collected. | |||
[2] | Represents contractual interest payments expected to be collected of $3,936 and $4,945, respectively, and purchase discount of $36,014 and $2,903, respectively. |
Recovered_Sheet2
Loans and the Allowance for Loan Losses (Details 9) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in accretable yield of loans acquired with deteriorated credit quality | ' | ' |
Beginning Balance | ($7,848) | ($10,543) |
Additions through acquisition | -37,555 | 0 |
Reclasses from nonaccretable difference | -7,568 | -15,170 |
Accretion | 13,021 | 17,865 |
Ending Balance | -39,950 | -7,848 |
Impaired Covered Loans | ' | ' |
Changes in accretable yield of loans acquired with deteriorated credit quality | ' | ' |
Beginning Balance | -13 | -40 |
Additions through acquisition | 0 | 0 |
Reclasses from nonaccretable difference | -115 | -1,055 |
Accretion | 127 | 1,082 |
Ending Balance | -1 | -13 |
Other Covered Loans | ' | ' |
Changes in accretable yield of loans acquired with deteriorated credit quality | ' | ' |
Beginning Balance | -6,705 | -9,757 |
Additions through acquisition | 0 | 0 |
Reclasses from nonaccretable difference | -6,741 | -12,178 |
Accretion | 9,688 | 15,230 |
Ending Balance | -3,758 | -6,705 |
Not Covered Loans | ' | ' |
Changes in accretable yield of loans acquired with deteriorated credit quality | ' | ' |
Beginning Balance | -1,130 | -746 |
Additions through acquisition | -37,555 | 0 |
Reclasses from nonaccretable difference | -712 | -1,937 |
Accretion | 3,206 | 1,553 |
Ending Balance | ($36,191) | ($1,130) |
Recovered_Sheet3
Loans and the Allowance for Loan Losses (Details 10) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||
Rollforward of the allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Beginning balance | ' | ' | ' | $44,347 | ' | ' | ' | $44,340 | $44,347 | $44,340 | $45,415 | |||||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -9,551 | -20,555 | -25,793 | |||||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 2,519 | 2,437 | 2,368 | |||||||
Net charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -7,032 | -18,118 | -23,425 | |||||||
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 11,738 | 28,272 | 24,427 | |||||||
Benefit attributable to FDIC loss-share agreements | ' | ' | ' | ' | ' | ' | ' | ' | -2,361 | -10,408 | 2,088 | |||||||
Recoveries payable to FDIC | ' | ' | ' | ' | ' | ' | ' | ' | 973 | 261 | 11 | |||||||
Provision for loan losses charged to operations | 2,000 | 2,300 | 3,000 | 3,050 | 4,000 | 4,625 | 4,700 | 4,800 | 10,350 | 18,125 | 22,350 | |||||||
Ending balance | 47,665 | ' | ' | ' | 44,347 | ' | ' | ' | 47,665 | 44,347 | 44,340 | |||||||
Period-End Amount Allocated to: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Individually evaluated for impairment | 14,650 | ' | ' | ' | 17,597 | ' | ' | ' | 14,650 | 17,597 | 15,410 | |||||||
Collectively evaluated for impairment | 33,015 | ' | ' | ' | 26,750 | ' | ' | ' | 33,015 | 26,750 | 28,930 | |||||||
Acquired with deteriorated credit quality | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | |||||||
Ending balance | 47,665 | ' | ' | ' | 44,347 | ' | ' | ' | 47,665 | 44,347 | 44,340 | |||||||
Commercial, financial, agricultural | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Rollforward of the allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Beginning balance | ' | ' | ' | 3,307 | ' | ' | ' | 4,197 | 3,307 | 4,197 | 2,625 | |||||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -1,184 | -4,923 | -2,037 | |||||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 356 | 531 | 272 | |||||||
Net charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -828 | -4,392 | -1,765 | |||||||
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 982 | 4,274 | 3,464 | |||||||
Benefit attributable to FDIC loss-share agreements | ' | ' | ' | ' | ' | ' | ' | ' | -403 | -777 | 132 | |||||||
Recoveries payable to FDIC | ' | ' | ' | ' | ' | ' | ' | ' | 32 | 5 | 5 | |||||||
Provision for loan losses charged to operations | ' | ' | ' | ' | ' | ' | ' | ' | 611 | 3,502 | 3,337 | |||||||
Ending balance | 3,090 | ' | ' | ' | 3,307 | ' | ' | ' | 3,090 | 3,307 | 4,197 | |||||||
Period-End Amount Allocated to: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Individually evaluated for impairment | 260 | ' | ' | ' | 708 | ' | ' | ' | 260 | 708 | 1,441 | |||||||
Collectively evaluated for impairment | 2,830 | ' | ' | ' | 2,599 | ' | ' | ' | 2,830 | 2,599 | 2,756 | |||||||
Acquired with deteriorated credit quality | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | |||||||
Ending balance | 3,090 | ' | ' | ' | 3,307 | ' | ' | ' | 3,090 | 3,307 | 4,197 | |||||||
Real estate – construction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Rollforward of the allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Beginning balance | ' | ' | ' | 711 | ' | ' | ' | 1,073 | 711 | 1,073 | 2,115 | |||||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -187 | -836 | |||||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 75 | 34 | 110 | |||||||
Net charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | 75 | -153 | -726 | |||||||
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 304 | -121 | -316 | |||||||
Benefit attributable to FDIC loss-share agreements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -88 | 0 | |||||||
Recoveries payable to FDIC | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 0 | |||||||
Provision for loan losses charged to operations | ' | ' | ' | ' | ' | ' | ' | ' | 305 | -209 | -316 | |||||||
Ending balance | 1,091 | ' | ' | ' | 711 | ' | ' | ' | 1,091 | 711 | 1,073 | |||||||
Period-End Amount Allocated to: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Individually evaluated for impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 16 | |||||||
Collectively evaluated for impairment | 1,091 | ' | ' | ' | 711 | ' | ' | ' | 1,091 | 711 | 1,057 | |||||||
Acquired with deteriorated credit quality | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | |||||||
Ending balance | 1,091 | ' | ' | ' | 711 | ' | ' | ' | 1,091 | 711 | 1,073 | |||||||
Real estate – 1-4 family mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Rollforward of the allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Beginning balance | ' | ' | ' | 18,347 | ' | ' | ' | 17,191 | 18,347 | 17,191 | 20,870 | |||||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -3,093 | -9,231 | -16,755 | |||||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 1,044 | 1,330 | 767 | |||||||
Net charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -2,049 | -7,901 | -15,988 | |||||||
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 2,496 | 13,201 | 12,900 | |||||||
Benefit attributable to FDIC loss-share agreements | ' | ' | ' | ' | ' | ' | ' | ' | -1,039 | -4,326 | 597 | |||||||
Recoveries payable to FDIC | ' | ' | ' | ' | ' | ' | ' | ' | 874 | 182 | 6 | |||||||
Provision for loan losses charged to operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,331 | 9,057 | 12,309 | |||||||
Ending balance | 18,629 | ' | ' | ' | 18,347 | ' | ' | ' | 18,629 | 18,347 | 17,191 | |||||||
Period-End Amount Allocated to: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Individually evaluated for impairment | 7,353 | ' | ' | ' | 9,201 | ' | ' | ' | 7,353 | 9,201 | 6,077 | |||||||
Collectively evaluated for impairment | 11,276 | ' | ' | ' | 9,146 | ' | ' | ' | 11,276 | 9,146 | 11,114 | |||||||
Acquired with deteriorated credit quality | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | |||||||
Ending balance | 18,629 | ' | ' | ' | 18,347 | ' | ' | ' | 18,629 | 18,347 | 17,191 | |||||||
Real estate – commercial mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Rollforward of the allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Beginning balance | ' | ' | ' | 21,416 | ' | ' | ' | 20,979 | 21,416 | 20,979 | 18,779 | |||||||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -4,782 | -5,828 | -5,792 | |||||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 980 | 455 | 1,056 | |||||||
Net charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -3,802 | -5,373 | -4,736 | |||||||
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 6,927 | 10,938 | 8,289 | |||||||
Benefit attributable to FDIC loss-share agreements | ' | ' | ' | ' | ' | ' | ' | ' | -919 | -5,202 | 1,353 | |||||||
Recoveries payable to FDIC | ' | ' | ' | ' | ' | ' | ' | ' | 66 | 74 | 0 | |||||||
Provision for loan losses charged to operations | ' | ' | ' | ' | ' | ' | ' | ' | 6,074 | 5,810 | 6,936 | |||||||
Ending balance | 23,688 | ' | ' | ' | 21,416 | ' | ' | ' | 23,688 | 21,416 | 20,979 | |||||||
Period-End Amount Allocated to: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Individually evaluated for impairment | 7,036 | ' | ' | ' | 7,688 | ' | ' | ' | 7,036 | 7,688 | 7,876 | |||||||
Collectively evaluated for impairment | 16,652 | ' | ' | ' | 13,728 | ' | ' | ' | 16,652 | 13,728 | 13,103 | |||||||
Acquired with deteriorated credit quality | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | |||||||
Ending balance | 23,688 | ' | ' | ' | 21,416 | ' | ' | ' | 23,688 | 21,416 | 20,979 | |||||||
Installment loans to individuals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Rollforward of the allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Beginning balance | ' | ' | ' | 566 | [1] | ' | ' | ' | 900 | [1] | 566 | [1] | 900 | [1] | 1,026 | |||
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -492 | [1] | -386 | [1] | -373 | [1] | ||||
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 64 | [1] | 87 | [1] | 163 | [1] | ||||
Net charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -428 | [1] | -299 | [1] | -210 | [1] | ||||
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,029 | [1] | -20 | [1] | 90 | [1] | ||||
Benefit attributable to FDIC loss-share agreements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | -15 | [1] | 6 | [1] | ||||
Recoveries payable to FDIC | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] | ||||
Provision for loan losses charged to operations | ' | ' | ' | ' | ' | ' | ' | ' | 1,029 | [1] | -35 | [1] | 84 | [1] | ||||
Ending balance | 1,167 | [1] | ' | ' | ' | 566 | [1] | ' | ' | ' | 1,167 | [1] | 566 | [1] | 900 | [1] | ||
Period-End Amount Allocated to: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Individually evaluated for impairment | 1 | [1] | ' | ' | ' | 0 | [1] | ' | ' | ' | 1 | [1] | 0 | [1] | 0 | [1] | ||
Collectively evaluated for impairment | 1,166 | [1] | ' | ' | ' | 566 | [1] | ' | ' | ' | 1,166 | [1] | 566 | [1] | 900 | [1] | ||
Acquired with deteriorated credit quality | 0 | [1] | ' | ' | ' | 0 | [1] | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] | ||
Ending balance | $1,167 | [1] | ' | ' | ' | $566 | [1] | ' | ' | ' | $1,167 | [1] | $566 | [1] | $900 | [1] | ||
[1] | Includes lease financing receivables. |
Recovered_Sheet4
Loans and the Allowance for Loan Losses (Details 11) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Investment in loans, net of unearned income on impairment methodology | ' | ' | ||
Individually evaluated for impairment | $56,924 | $64,868 | ||
Collectively evaluated for impairment | 3,375,164 | 2,497,356 | ||
Acquired with deteriorated credit quality | 448,930 | 248,029 | ||
Loans, net of unearned income | 3,881,018 | 2,810,253 | ||
Commercial, financial, agricultural | ' | ' | ||
Investment in loans, net of unearned income on impairment methodology | ' | ' | ||
Individually evaluated for impairment | 743 | 1,620 | ||
Collectively evaluated for impairment | 432,736 | 304,290 | ||
Acquired with deteriorated credit quality | 35,484 | 11,140 | ||
Loans, net of unearned income | 468,963 | 317,050 | ||
Real estate – construction | ' | ' | ||
Investment in loans, net of unearned income on impairment methodology | ' | ' | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 158,551 | 104,058 | ||
Acquired with deteriorated credit quality | 2,885 | 1,648 | ||
Loans, net of unearned income | 161,436 | 105,706 | ||
Real estate – 1-4 family mortgage | ' | ' | ||
Investment in loans, net of unearned income on impairment methodology | ' | ' | ||
Individually evaluated for impairment | 25,374 | 28,848 | ||
Collectively evaluated for impairment | 1,080,297 | 799,428 | ||
Acquired with deteriorated credit quality | 102,562 | 75,147 | ||
Loans, net of unearned income | 1,208,233 | 903,423 | ||
Real estate – commercial mortgage | ' | ' | ||
Investment in loans, net of unearned income on impairment methodology | ' | ' | ||
Individually evaluated for impairment | 30,624 | 34,400 | ||
Collectively evaluated for impairment | 1,618,758 | 1,234,374 | ||
Acquired with deteriorated credit quality | 301,190 | 157,869 | ||
Loans, net of unearned income | 1,950,572 | 1,426,643 | ||
Installment loans to individuals | ' | ' | ||
Investment in loans, net of unearned income on impairment methodology | ' | ' | ||
Individually evaluated for impairment | 183 | 0 | ||
Collectively evaluated for impairment | 84,822 | 55,206 | ||
Acquired with deteriorated credit quality | 6,809 | 2,225 | ||
Loans, net of unearned income | $91,814 | [1] | $57,431 | [1] |
[1] | Includes lease financing receivables. |
Recovered_Sheet5
Loans and the Allowance for Loan Losses (Details 12) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Related Party Loans | ' |
Loans at December 31, 2012 | $21,869 |
New loans and advances | 15,630 |
Payments received | -2,435 |
Changes in related parties | -306 |
Loans at December 31, 2013 | $34,758 |
Recovered_Sheet6
Loans and the Allowance for Loan Losses (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Loans and Allowance for Loan Losses (Textual) [Abstract] | ' | ' | ' |
Restructured loans discontinued past due period | '90 days | '90 days | ' |
Restructured loans | $0 | $646,000 | ' |
Interest income recognized using the cash-basis method of income recognition | 0 | 1,801,000 | 1,752,000 |
Average recorded investment in impaired loans | 123,756,000 | 137,350,000 | 185,899,000 |
Interest income recognized on impaired loans | ' | ' | 4,689,000 |
Allowance for loan losses attributable to restructured loans | 47,665,000 | 44,347,000 | ' |
Remaining availability under commitments to lend additional funds on restructured loans | 93,000 | 288,000 | ' |
Fair value of loans contractual principal cash flows amount | 125,086,000 | 120,572,000 | ' |
Fair value of loans contractual interest cash flows | 9,459,000 | 10,264,000 | ' |
Fair value of loans contractual interest payments | 3,936,000 | 4,945,000 | ' |
Fair value of loans contractual purchase discount | 36,014,000 | 2,903,000 | ' |
Unfunded commitment | 6,855,000 | 5,170,000 | ' |
Maximum | ' | ' | ' |
Loans and Allowance for Loan Losses (Textual) [Abstract] | ' | ' | ' |
Loan grades range (loan grade) | 9 | ' | ' |
Minimum | ' | ' | ' |
Loans and Allowance for Loan Losses (Textual) [Abstract] | ' | ' | ' |
Loan grades range (loan grade) | 1 | ' | ' |
Restructured Loans | ' | ' | ' |
Loans and Allowance for Loan Losses (Textual) [Abstract] | ' | ' | ' |
Outstanding balance of restructured loans | 10,078,000 | 11,420,000 | ' |
Allowance for loan losses attributable to restructured loans | $2,984,000 | $3,969,000 | ' |
Pass | Maximum | ' | ' | ' |
Loans and Allowance for Loan Losses (Textual) [Abstract] | ' | ' | ' |
Loan grades range (loan grade) | 4 | ' | ' |
Pass | Minimum | ' | ' | ' |
Loans and Allowance for Loan Losses (Textual) [Abstract] | ' | ' | ' |
Loan grades range (loan grade) | 1 | ' | ' |
Watch | ' | ' | ' |
Loans and Allowance for Loan Losses (Textual) [Abstract] | ' | ' | ' |
Loan grades range (loan grade) | 5 | ' | ' |
Substandard | Maximum | ' | ' | ' |
Loans and Allowance for Loan Losses (Textual) [Abstract] | ' | ' | ' |
Loan grades range (loan grade) | 9 | ' | ' |
Substandard | Minimum | ' | ' | ' |
Loans and Allowance for Loan Losses (Textual) [Abstract] | ' | ' | ' |
Loan grades range (loan grade) | 6 | ' | ' |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Bank premises and equipment | ' | ' |
Premises and Equipment, Gross | $151,374 | $110,761 |
Accumulated depreciation | -49,849 | -44,009 |
Premises and equipment, net | 101,525 | 66,752 |
Premises | ' | ' |
Bank premises and equipment | ' | ' |
Premises and Equipment, Gross | 109,570 | 75,106 |
Leasehold improvements | ' | ' |
Bank premises and equipment | ' | ' |
Premises and Equipment, Gross | 6,185 | 6,426 |
Furniture and equipment | ' | ' |
Bank premises and equipment | ' | ' |
Premises and Equipment, Gross | 26,315 | 22,344 |
Computer equipment | ' | ' |
Bank premises and equipment | ' | ' |
Premises and Equipment, Gross | 9,033 | 6,664 |
Autos | ' | ' |
Bank premises and equipment | ' | ' |
Premises and Equipment, Gross | $271 | $221 |
Premises_and_Equipment_Details1
Premises and Equipment (Details 1) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Summary of future minimum lease payments | ' |
2014 | $2,878 |
2015 | 2,433 |
2016 | 2,143 |
2017 | 1,859 |
2018 | 1,566 |
Thereafter | 2,669 |
Total | $13,548 |
Premises_and_Equipment_Details2
Premises and Equipment (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Premises And Equipment (Textual) [Abstract] | ' | ' | ' |
Depreciation expense | $5,479 | $5,043 | $4,146 |
Rental expense | $2,722 | $2,567 | $2,489 |
Other_Real_Estate_Owned_Detail
Other Real Estate Owned (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ' | ' |
Covered OREO | $12,942 | $45,534 |
Not Covered OREO | 39,945 | 44,717 |
Total OREO | 52,887 | 90,251 |
Residential real estate | ' | ' |
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ' | ' |
Covered OREO | 2,133 | 8,778 |
Not Covered OREO | 6,767 | 7,842 |
Total OREO | 8,900 | 16,620 |
Real estate – commercial mortgage | ' | ' |
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ' | ' |
Covered OREO | 3,598 | 14,368 |
Not Covered OREO | 8,984 | 7,779 |
Total OREO | 12,582 | 22,147 |
Residential land development | ' | ' |
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ' | ' |
Covered OREO | 1,161 | 5,005 |
Not Covered OREO | 12,334 | 22,490 |
Total OREO | 13,495 | 27,495 |
Commercial land development | ' | ' |
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ' | ' |
Covered OREO | 6,050 | 17,383 |
Not Covered OREO | 11,860 | 6,221 |
Total OREO | 17,910 | 23,604 |
Other | ' | ' |
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ' | ' |
Covered OREO | 0 | 0 |
Not Covered OREO | 0 | 385 |
Total OREO | $0 | $385 |
Other_Real_Estate_Owned_Detail1
Other Real Estate Owned (Details 1) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Covered OREO | ' | ' | ||
Beginning balance | $45,534 | $43,156 | ||
Acquired OREO | 0 | ' | ||
Transfers of loans | 7,302 | 38,977 | ||
Capitalized improvements | 0 | 0 | ||
Impairments | -7,623 | [1] | -9,722 | [1] |
Dispositions | -32,214 | -27,430 | ||
Other | -57 | 553 | ||
Ending balance | 12,942 | 45,534 | ||
Not Covered OREO | ' | ' | ||
Beginning balance | 44,717 | 70,079 | ||
Acquired OREO | 13,527 | ' | ||
Transfers of loans | 11,164 | 9,683 | ||
Capitalized improvements | 0 | 507 | ||
Impairments | -1,434 | [1] | -5,328 | [1] |
Dispositions | -28,027 | -30,410 | ||
Other | -2 | 186 | ||
Ending balance | 39,945 | 44,717 | ||
Total OREO | ' | ' | ||
Beginning balance | 90,251 | 113,235 | ||
Acquired OREO | 13,527 | ' | ||
Transfers of loans | 18,466 | 48,660 | ||
Capitalized improvements | 0 | 507 | ||
Impairments | -9,057 | [1] | -15,050 | [1] |
Dispositions | -60,241 | -57,840 | ||
Other | -59 | 739 | ||
Ending balance | $52,887 | $90,251 | ||
[1] | Of the total impairment charges of $9,722 recorded for covered OREO in 2012, $1,944 was included in the Consolidated Statements of Income for the year ended December 31, 2012, while the remaining $7,778 increased the FDIC loss-share indemnification asset. Of the total impairment charges of $7,623 recorded for covered OREO in 2013, $1,525 was included in the Consolidated Statements of Income for the year ended December 31, 2013, while the remaining $6,098 increased the FDIC loss-share indemnification asset. |
Other_Real_Estate_Owned_Detail2
Other Real Estate Owned (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of other real estate owned in the Consolidated Statements of Income | ' | ' | ' |
Repairs and maintenance | $2,191 | $2,996 | $2,427 |
Property taxes and insurance | 1,272 | 1,678 | 1,980 |
Impairments | 3,270 | 7,272 | 8,224 |
Net losses on OREO sales | 590 | 2,096 | 3,073 |
Rental income | -357 | -446 | -378 |
Total | $6,966 | $13,596 | $15,326 |
Other_Real_Estate_Owned_Detail3
Other Real Estate Owned (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Real Estate Owned (Textual) [Abstract] | ' | ' |
Total impairment charges | $7,623 | $9,722 |
Consolidated Statements of Income | ' | ' |
Other Real Estate Owned (Textual) [Abstract] | ' | ' |
Total impairment charges | 1,525 | 1,944 |
FDIC loss-share indemnification asset | ' | ' |
Other Real Estate Owned (Textual) [Abstract] | ' | ' |
Total impairment charges | $6,098 | $7,778 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Changes In Carrying Amount of Goodwill | ' | ' |
Beginning Balance | $184,859 | $184,879 |
Addition to goodwill from First M&F acquisition | 91,333 | ' |
Adjustment to previously recorded goodwill | -92 | -20 |
Ending Balance | $276,100 | $184,859 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of finite-lived intangible assets | ' | ' |
Gross Carrying Amount | $40,287 | $15,254 |
Accumulated Amortization | -12,057 | -9,188 |
Net Carrying Amount | 28,230 | 6,066 |
Core deposit intangible | ' | ' |
Summary of finite-lived intangible assets | ' | ' |
Gross Carrying Amount | 38,317 | 13,284 |
Accumulated Amortization | -11,750 | -9,013 |
Net Carrying Amount | 26,567 | 4,271 |
Customer relationship intangible | ' | ' |
Summary of finite-lived intangible assets | ' | ' |
Gross Carrying Amount | 1,970 | 1,970 |
Accumulated Amortization | -307 | -175 |
Net Carrying Amount | $1,663 | $1,795 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Estimated amortization expense of finite-lived intangible assets for future periods | ' | ' |
2014 | $5,607 | ' |
2015 | 4,878 | ' |
2016 | 4,260 | ' |
2017 | 3,549 | ' |
2018 | 2,989 | ' |
Thereafter | 6,947 | ' |
Net Carrying Amount | $28,230 | $6,066 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Intangible amortization | $2,869 | $1,381 | $1,742 |
Mortgage_Servicing_Rights_Deta
Mortgage Servicing Rights (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Changes in mortgage servicing rights | ' |
Carrying value at January 1, 2013 | $4,233 |
Capitalization | 5,607 |
Amortization | -846 |
Carrying value at December 31, 2013 | $8,994 |
Mortgage_Servicing_Rights_Deta1
Mortgage Servicing Rights (Details 1) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Data and key economic assumptions related to mortgage servicing rights | ' |
Unpaid principal balance | $889,213 |
Weighted-average prepayment speed (CPR) (percent) | 5.07% |
Estimated impact of a 10% increase | -717 |
Estimated impact of a 20% increase | -955 |
Discount rate (percent) | 11.26% |
Estimated impact of a 100bp increase | -785 |
Estimated impact of a 200bp increase | ($1,077) |
Weighted-average coupon interest rate (percent) | 3.43% |
Weighted-average servicing fee (basis points) | 25.09% |
Weighted-average remaining maturity (in months) | '291 months |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of deposits | ' | ' |
Noninterest-bearing deposits | $856,020 | $568,214 |
Interest-bearing demand deposits | 2,144,001 | 1,455,180 |
Savings deposits | 327,667 | 245,173 |
Time deposits | 1,514,224 | 1,192,654 |
Total deposits | $4,841,912 | $3,461,221 |
Deposits_Details_1
Deposits (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Maturities of time deposits | ' | ' |
2014 | $827,796 | ' |
2015 | 359,856 | ' |
2016 | 136,418 | ' |
2017 | 77,233 | ' |
2018 | 94,143 | ' |
Thereafter | 18,778 | ' |
Total | $1,514,224 | $1,192,654 |
Deposits_Details_Textual
Deposits (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits (Textual) [Abstract] | ' | ' |
Time deposits in denominations of 100 or more | $774,402 | $608,647 |
Amount on deposits | $13,242 | $10,145 |
ShortTerm_Borrowings_Details
Short-Term Borrowings (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Short-term borrowings | ' | ' |
Total short-term borrowings | $2,283 | $5,254 |
Securities sold under agreements to repurchase | ' | ' |
Short-term borrowings | ' | ' |
Total short-term borrowings | 2,061 | 5,254 |
Fed Funds purchased | ' | ' |
Short-term borrowings | ' | ' |
Total short-term borrowings | $222 | $0 |
ShortTerm_Borrowings_Details_1
Short-Term Borrowings (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Average balances and cost of funds of short-term borrowings | ' | ' | ' |
Average Balances | $13,179 | $12,377 | $14,416 |
Cost of Funds (percent) | 0.17% | 0.17% | 0.21% |
Federal funds purchased | ' | ' | ' |
Average balances and cost of funds of short-term borrowings | ' | ' | ' |
Average Balances | 8,072 | 4,346 | 30 |
Cost of Funds (percent) | 0.17% | 0.15% | 1.73% |
Treasury, tax and loan notes | ' | ' | ' |
Average balances and cost of funds of short-term borrowings | ' | ' | ' |
Average Balances | 0 | 0 | 2,551 |
Securities sold under agreements to repurchase | ' | ' | ' |
Average balances and cost of funds of short-term borrowings | ' | ' | ' |
Average Balances | $5,107 | $8,031 | $11,835 |
Cost of Funds (percent) | 0.17% | 0.18% | 0.25% |
ShortTerm_Borrowings_Details_T
Short-Term Borrowings (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Short Term Borrowings (Textual) [Abstract] | ' | ' |
Lines of Credit With Correspondent Banks Totaling | $75,000,000 | ' |
Amounts outstanding under lines of credit | $0 | $0 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-term debt | ' | ' |
Long-term debt | $169,592 | $159,452 |
Federal Home Loan Bank advances | ' | ' |
Long-term debt | ' | ' |
Long-term debt | 75,405 | 83,843 |
Junior subordinated debentures | ' | ' |
Long-term debt | ' | ' |
Long-term debt | $94,187 | $75,609 |
LongTerm_Debt_Details_1
Long-Term Debt (Details 1) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
PHC Statutory Trust I | ' |
Debentures details | ' |
Principal Amount | $20,619,000 |
Interest Rate (percent) | 3.09% |
Year of Maturity | '2033 |
Amount Included in Tier 1 Capital | 20,000,000 |
PHC Statutory Trust II | ' |
Debentures details | ' |
Principal Amount | 31,959,000 |
Interest Rate (percent) | 2.11% |
Year of Maturity | '2035 |
Amount Included in Tier 1 Capital | 31,000,000 |
Heritage Financial Statutory Trust I | ' |
Debentures details | ' |
Principal Amount | 10,310,000 |
Interest Rate (percent) | 10.20% |
Year of Maturity | '2031 |
Amount Included in Tier 1 Capital | 10,000,000 |
Capital Bancorp Capital Trust I | ' |
Debentures details | ' |
Principal Amount | 12,372,000 |
Interest Rate (percent) | 1.75% |
Year of Maturity | '2035 |
Amount Included in Tier 1 Capital | 12,000,000 |
First M&F Statutory Trust I | ' |
Debentures details | ' |
Principal Amount | 30,928,000 |
Interest Rate (percent) | 1.57% |
Year of Maturity | '2036 |
Amount Included in Tier 1 Capital | $18,000,000 |
LongTerm_Debt_Details_2
Long-Term Debt (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Aggregate stated maturities of long-term debt outstanding | ' | ' |
2014 | $6,555 | ' |
2015 | 6,472 | ' |
2016 | 1,592 | ' |
2017 | 0 | ' |
2018 | 44,034 | ' |
Thereafter | 110,939 | ' |
Total | $169,592 | $159,452 |
LongTerm_Debt_Details_Textual
Long-Term Debt (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2005 | Dec. 31, 2003 | Dec. 31, 2005 | |
Interest rate swap | PHC Statutory Trust I | Heritage Financial Statutory Trust I | Heritage Financial Statutory Trust I | First M&F Statutory Trust I | Capital Bancorp Capital Trust I | Senior Notes | Maximum | Minimum | LIBOR | LIBOR | LIBOR | LIBOR | |||||
PHC Statutory Trust I | PHC Statutory Trust II | PHC Statutory Trust II | First M&F Statutory Trust I | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity period of Long-term advances, earliest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2013 | ' | ' | ' | ' |
Maturity period of Long-term advances, new | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2030 | ' | ' | ' | ' | ' |
Long-term advances from the FHLB outstanding fixed and floating rates, minimum (percent) | 1.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term advances from the FHLB outstanding fixed and floating rates, maximum (percent) | 7.93% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average interest rates (percent) | 4.20% | 4.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused lines of credit | $1,595,864,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FHLB advances | 0 | 24,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment penalties | 0 | 898,000 | 1,903,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap agreement period | ' | ' | ' | ' | 17-Mar-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate for PHC Statutory Trust I reprices quarterly equal to the three-month LIBOR (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | 2.85% | 1.87% | 2.85% | 1.33% |
Statutory Trust I carrying value | ' | ' | ' | ' | ' | ' | 188,000 | 349,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium amortization period | ' | ' | ' | ' | ' | ' | 'February 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate for Heritage Financial Statutory Trust I (percent) | ' | ' | ' | ' | ' | ' | 10.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate for Capital Bancorp Capital Trust I (percent) | ' | ' | ' | ' | ' | 5.49% | ' | ' | ' | 4.42% | ' | ' | ' | ' | ' | ' | ' |
Junior Subordinated Notes | ' | ' | ' | ' | ' | ' | ' | ' | 12,189,000 | 91,000,000 | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' |
Interest rate of senior note (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 3.80% | ' | 2.63% | ' | ' | ' | ' | ' | ' |
Net proceeds | ' | ' | ' | $49,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_Contingent_Liabili1
Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk (Textual) [Abstract] | ' | ' |
Unfunded loan commitments | $630,266 | $463,684 |
Letters of credit outstanding | $30,062 | $34,391 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $12,092 | $24,512 | $10,655 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 452 | 432 | 886 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 12,544 | 24,944 | 11,541 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | -169 | -16,093 | -2,300 |
State | ' | ' | ' | ' | ' | ' | ' | ' | -116 | -2,023 | -198 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | -285 | -18,116 | -2,498 |
Total income tax expense | $4,620 | $2,133 | $2,968 | $2,538 | $2,247 | $853 | $1,893 | $1,835 | $12,259 | $6,828 | $9,043 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of income taxes computed at the United States federal statutory tax rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax at U.S. statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | $16,011 | $11,713 | $12,136 |
Increase (decrease) in taxes resulting from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax-exempt interest income | ' | ' | ' | ' | ' | ' | ' | ' | -2,765 | -2,825 | -2,831 |
BOLI income | ' | ' | ' | ' | ' | ' | ' | ' | -1,430 | -1,179 | -988 |
Investment tax credits | ' | ' | ' | ' | ' | ' | ' | ' | -1,063 | -921 | -199 |
Amortization of investment in low-income housing tax credits | ' | ' | ' | ' | ' | ' | ' | ' | 998 | 2,083 | 0 |
State income tax (benefit) expense, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 383 | -775 | 9 |
Decrease to valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | -164 | -816 | -61 |
Other items, net | ' | ' | ' | ' | ' | ' | ' | ' | 289 | -452 | 977 |
Total income tax expense | $4,620 | $2,133 | $2,968 | $2,538 | $2,247 | $853 | $1,893 | $1,835 | $12,259 | $6,828 | $9,043 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Allowance for loan losses | $26,128 | $20,207 |
Purchase accounting adjustments | 15,236 | 7,850 |
Deferred compensation | 9,755 | 9,108 |
Net unrealized losses on securities | 5,470 | 28 |
Impairment of assets | 5,450 | 4,821 |
State net operating loss carryforwards | 557 | 317 |
Other | 7,175 | 6,555 |
Gross deferred tax assets | 69,771 | 48,886 |
Valuation allowance on state net operating loss carryforwards | -152 | -317 |
Total deferred tax assets | 69,619 | 48,569 |
Deferred tax liabilities | ' | ' |
Basis difference in acquired assets | 6,900 | 12,196 |
Investment in partnerships | 2,469 | 2,943 |
Core deposit intangible | 604 | 1,056 |
Depreciation | 2,644 | 2,870 |
Other | 2,316 | 459 |
Total deferred tax liabilities | 14,933 | 19,524 |
Net deferred tax assets | $54,686 | $29,045 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of unrecognized tax benefits | ' | ' | ' |
Balance at January 1 | $1,723 | $1,423 | $1,801 |
Additions based on positions related to current period | 455 | 300 | 469 |
Additions based on positions related to prior period | 0 | 0 | 0 |
Reductions based on positions related to prior period | 0 | 0 | 0 |
Settlements | 0 | 0 | -716 |
Reductions due to lapse of statute of limitations | 0 | 0 | -131 |
Balance at December 31 | $2,178 | $1,723 | $1,423 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Income Taxes (Textual) [Abstract] | ' | ' | ' |
Accrued interest and penalties related to unrecognized tax benefits | $569 | $446 | $364 |
Employee_Benefit_and_Deferred_2
Employee Benefit and Deferred Compensation Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | $19,428,000 | ' | ' |
Benefit obligation at end of year | 27,364,000 | 19,428,000 | ' |
Change in fair value of plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 16,008,000 | ' | ' |
Contribution by employer | 0 | 100,000 | ' |
Fair value of plan assets at end of year | 27,989,000 | 16,008,000 | ' |
Pension Benefits | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 19,428,000 | 17,815,000 | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 899,000 | 863,000 | 914,000 |
Plan participants’ contributions | 0 | 0 | ' |
Actuarial loss (gain) | -1,344,000 | 1,914,000 | ' |
Benefits paid | -1,372,000 | -1,164,000 | ' |
Addition from business combination | 9,753,000 | 0 | ' |
Benefit obligation at end of year | 27,364,000 | 19,428,000 | 17,815,000 |
Change in fair value of plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 16,008,000 | 15,426,000 | ' |
Actual return on plan assets | 3,776,000 | 1,646,000 | ' |
Contribution by employer | 0 | 100,000 | ' |
Benefits paid | -1,372,000 | -1,164,000 | ' |
Addition from business combination | 9,577,000 | 0 | ' |
Fair value of plan assets at end of year | 27,989,000 | 16,008,000 | 15,426,000 |
Funded status at end of year | 625,000 | -3,420,000 | ' |
Weighted-average assumptions as of December 31 | ' | ' | ' |
Discount rate (percent) | 4.83% | 3.90% | ' |
Other Benefits | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 1,543,000 | 1,764,000 | ' |
Service cost | 28,000 | 23,000 | 36,000 |
Interest cost | 70,000 | 65,000 | 80,000 |
Plan participants’ contributions | 95,000 | 96,000 | ' |
Actuarial loss (gain) | 505,000 | -235,000 | ' |
Benefits paid | -159,000 | -170,000 | ' |
Addition from business combination | 0 | 0 | ' |
Benefit obligation at end of year | 2,082,000 | 1,543,000 | 1,764,000 |
Change in fair value of plan assets | ' | ' | ' |
Benefits paid | -159,000 | -170,000 | ' |
Funded status at end of year | ($2,082,000) | ($1,543,000) | ' |
Weighted-average assumptions as of December 31 | ' | ' | ' |
Discount rate (percent) | 4.66% | 3.04% | ' |
Employee_Benefit_and_Deferred_3
Employee Benefit and Deferred Compensation Plans (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits | ' | ' | ' |
Components of net periodic benefit cost (income) | ' | ' | ' |
Service cost | $0 | $0 | $0 |
Interest cost | 899 | 863 | 914 |
Expected return on plan assets | -1,445 | -1,193 | -1,230 |
Prior service cost recognized | 0 | 0 | 0 |
Recognized actuarial loss | 427 | 355 | 303 |
Net periodic benefit cost | -119 | 25 | -13 |
Net actuarial (gain)/loss arising during the period | -3,675 | 1,460 | 1,882 |
Amortization of net actuarial loss recognized in net periodic pension cost | -427 | -355 | -303 |
Total recognized in other comprehensive income | -4,102 | 1,105 | 1,579 |
Total recognized in net periodic benefit cost and other comprehensive income | -4,221 | 1,130 | 1,566 |
Discount rate used to determine net periodic pension cost (percent) | 3.90% | 5.06% | 5.50% |
Expected return on plan assets (percent) | 8.00% | 8.00% | 8.00% |
Other Benefits | ' | ' | ' |
Components of net periodic benefit cost (income) | ' | ' | ' |
Service cost | 28 | 23 | 36 |
Interest cost | 70 | 65 | 80 |
Expected return on plan assets | 0 | 0 | 0 |
Prior service cost recognized | 0 | 0 | 0 |
Recognized actuarial loss | 195 | 73 | 140 |
Net periodic benefit cost | 293 | 161 | 256 |
Net actuarial (gain)/loss arising during the period | 505 | -235 | -114 |
Amortization of net actuarial loss recognized in net periodic pension cost | -195 | -73 | -140 |
Total recognized in other comprehensive income | 310 | -308 | -254 |
Total recognized in net periodic benefit cost and other comprehensive income | $603 | ($147) | $2 |
Discount rate used to determine net periodic pension cost (percent) | 3.04% | 4.61% | 4.75% |
Employee_Benefit_and_Deferred_4
Employee Benefit and Deferred Compensation Plans (Details 2) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Benefits | ' |
Defined benefit pension plan and post-retirement health and life plan | ' |
2014 | $2,037 |
2015 | 2,014 |
2016 | 2,088 |
2017 | 2,048 |
2018 | 2,069 |
2019-2023 | 10,166 |
Other Benefits | ' |
Defined benefit pension plan and post-retirement health and life plan | ' |
2014 | 233 |
2015 | 244 |
2016 | 215 |
2017 | 201 |
2018 | 203 |
2019-2023 | $789 |
Employee_Benefit_and_Deferred_5
Employee Benefit and Deferred Compensation Plans (Details 3) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Benefits | ' |
Amounts recognized in accumulated other comprehensive income, net of tax | ' |
Prior service cost | $0 |
Actuarial loss | -7,046 |
Total | -7,046 |
Other Benefits | ' |
Amounts recognized in accumulated other comprehensive income, net of tax | ' |
Prior service cost | 0 |
Actuarial loss | -895 |
Total | ($895) |
Employee_Benefit_and_Deferred_6
Employee Benefit and Deferred Compensation Plans (Details 4) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits | ' |
Estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost | ' |
Prior service cost | $0 |
Actuarial loss | 182 |
Total | 182 |
Other Benefits | ' |
Estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost | ' |
Prior service cost | 0 |
Actuarial loss | 109 |
Total | $109 |
Employee_Benefit_and_Deferred_7
Employee Benefit and Deferred Compensation Plans (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | $27,989 | $16,008 |
Cash and cash equivalents | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 10,971 | 430 |
U.S. large cap companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 3,622 | 3,059 |
U.S. mid cap companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 4,079 | 3,490 |
U.S. small cap companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 2,237 | 1,980 |
International companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 1,212 | 1,177 |
U.S. government bonds | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 2,673 | 2,458 |
Other corporate bonds | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 3,195 | 3,414 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 22,121 | 10,136 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Cash and cash equivalents | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 10,971 | 430 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | U.S. large cap companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 3,622 | 3,059 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | U.S. mid cap companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 4,079 | 3,490 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | U.S. small cap companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 2,237 | 1,980 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | International companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 1,212 | 1,177 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | U.S. government bonds | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 0 | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Other corporate bonds | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 5,868 | 5,872 |
Significant Other Observable Inputs (Level 2) | Cash and cash equivalents | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | U.S. large cap companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | U.S. mid cap companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | U.S. small cap companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | International companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | U.S. government bonds | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 2,673 | 2,458 |
Significant Other Observable Inputs (Level 2) | Other corporate bonds | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 3,195 | 3,414 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Cash and cash equivalents | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. large cap companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. mid cap companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. small cap companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | International companies | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. government bonds | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other corporate bonds | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' |
Fixed income securities | $0 | $0 |
Employee_Benefit_and_Deferred_8
Employee Benefit and Deferred Compensation Plans (Details 6) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock option grants assumptions | ' | ' | ' |
Dividend yield (percent) | 3.55% | 4.55% | 4.02% |
Expected volatility (percent) | 36.50% | 37.00% | 36.00% |
Risk-free interest rate (percent) | 0.76% | 0.79% | 1.97% |
Expected lives | '6 years | '6 years | '6 years |
Weighted average fair value (usd per share) | $4.47 | $3.10 | $3.93 |
Employee_Benefit_and_Deferred_9
Employee Benefit and Deferred Compensation Plans (Details 7) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Shares | ' | ' | ' |
Outstanding at beginning of year (shares) | 1,279,248 | 1,327,275 | 1,228,290 |
Granted (shares) | 52,500 | 172,000 | 170,000 |
Exercised (shares) | -272,957 | -163,652 | -1,265 |
Forfeited (shares) | -10,000 | -56,375 | -69,750 |
Outstanding at end of year (shares) | 1,060,348 | 1,279,248 | 1,327,275 |
Exercisable at end of year (shares) | 843,237 | 949,082 | 1,028,442 |
Assumed in acquisition (shares) | 11,557 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Outstanding at beginning of year (usd per share) | $18.79 | $18.77 | $18.88 |
Assumed in acquisition (usd per share) | $21.16 | ' | ' |
Granted (usd per share) | $19.14 | $14.96 | $16.91 |
Exercised (usd per share) | $19.22 | $13.54 | $8.29 |
Forfeited (usd per share) | $27.20 | $21.81 | $16.40 |
Outstanding at end of year (usd per share) | $18.64 | $18.79 | $18.77 |
Exercisable at end of year (usd per share) | $19.21 | $19.92 | $19.54 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Outstanding at end of year, Weighted Average Remaining Contractual Life | '4 years 10 months 21 days | '5 years 1 month 21 days | '4 years 10 months 24 days |
Exercisable at end of year, Weighted Average Remaining Contractual Life | '4 years 0 months 29 days | '4 years 0 months 4 days | '3 years 10 months 13 days |
Aggregate Intrinsic Value, Outstanding | $13,592 | $2,838 | $927 |
Aggregate Intrinsic Value, Exercisable | $10,331 | $1,646 | $848 |
Recovered_Sheet7
Employee Benefit and Deferred Compensation Plans (Details 8) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Time- Based Restricted Stock | ' | |
Summary of the changes in performance based stock | ' | |
Nonvested at beginning of year (shares) | 9,684 | |
Granted (shares) | 32,338 | |
Vested (shares) | -19,038 | |
Cancelled (shares) | -646 | |
Nonvested at end of year (shares) | 22,338 | |
Weighted Average Grant-Date Fair Value | ' | |
Nonvested at beginning of year (usd per share) | $15.49 | |
Granted (usd per share) | $22.70 | |
Vested (usd per share) | $17.41 | |
Cancelled (usd per share) | $15.49 | |
Nonvested at ending of year (usd per share) | $24.30 | |
Performance- Based Restricted Stock | ' | |
Summary of the changes in performance based stock | ' | |
Nonvested at beginning of year (shares) | 0 | |
Granted (shares) | 93,526 | [1] |
Vested (shares) | -93,526 | |
Cancelled (shares) | 0 | |
Nonvested at end of year (shares) | 0 | |
Weighted Average Grant-Date Fair Value | ' | |
Nonvested at beginning of year (usd per share) | $0 | |
Granted (usd per share) | $19.14 | |
Vested (usd per share) | $19.14 | |
Cancelled (usd per share) | $0 | |
Nonvested at ending of year (usd per share) | $0 | |
[1] | In January 2013, the Company awarded 69,850 shares of performance-based restricted stock based on the target level of performance goals. The Company exceeded the financial performance measures for the award; therefore, an additional 23,676 shares were issued for a total award of 93,526 shares. |
Recovered_Sheet8
Employee Benefit and Deferred Compensation Plans (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2013 | |
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ' | ' | ' | ' |
Company contribution to pension benefit plan | $0 | $100,000 | ' | ' |
Accumulated benefit obligation | 27,364,000 | 19,428,000 | ' | ' |
Retiring age limit, minimum | '55 years | ' | ' | ' |
Retiring age limit, maximum | '65 years | ' | ' | ' |
Eligible employee from service | '15 years | ' | ' | ' |
Number of points for eligibility (points) | 70 | ' | ' | ' |
Minimum eligible age for Medicare coverage | '65 years | ' | ' | ' |
Life insurance coverage face value | 5,000 | ' | ' | ' |
Life insurance maturity age | '70 years | ' | ' | ' |
Additional life insurance maturity age | '70 years | ' | ' | ' |
Health care cost trend rate | 4.00% | ' | ' | ' |
Employee deferrals (percent) | 4.00% | ' | ' | ' |
Percentage of plan compensation as nondiscretionary contribution (percent) | 5.00% | ' | ' | ' |
Percentage of plan compensation in excess of social security wage base (percent) | 5.00% | ' | ' | ' |
Hours of service credited to the employees during the year | '1000 hours | ' | ' | ' |
Employee deferrals amounts | 5,488,000 | 4,645,000 | 4,228,000 | ' |
Incentive compensation plan expense | 4,376,000 | 1,953,000 | ' | ' |
Company's deferred compensation plan expense | 2,088,000 | 1,573,000 | 1,393,000 | ' |
Option expiration period | '10 years | ' | ' | ' |
Option exercisable period | '3 years | ' | ' | ' |
Intrinsic value of options exercised | 633,000 | 757,000 | 8,000 | ' |
Fair Value of options vested in period | 535,000 | 479,000 | 382,000 | ' |
Common shares reserved for issuance under employee benefit plans (shares) | 371,419 | ' | ' | ' |
Supplemental Employee Retirement Plans, Defined Benefit | ' | ' | ' | ' |
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ' | ' | ' | ' |
Supplemental executive retirement liabilities totaled | 2,842,000 | 2,451,000 | ' | ' |
Maximum | Other equity securities | ' | ' | ' | ' |
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ' | ' | ' | ' |
Equity income strategy | 70.00% | ' | ' | ' |
Maximum | Debt Securities | ' | ' | ' | ' |
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ' | ' | ' | ' |
Equity income strategy | 40.00% | ' | ' | ' |
Minimum | Other equity securities | ' | ' | ' | ' |
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ' | ' | ' | ' |
Equity income strategy | 60.00% | ' | ' | ' |
Minimum | Debt Securities | ' | ' | ' | ' |
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ' | ' | ' | ' |
Equity income strategy | 30.00% | ' | ' | ' |
Time- Based Restricted Stock | ' | ' | ' | ' |
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ' | ' | ' | ' |
Unrecognized stock-based compensation expense | 405,000 | ' | ' | ' |
Weighted average period over which unrecognized expense is expected to be recognized | '1 year 9 months | ' | ' | ' |
Performance- Based Restricted Stock | ' | ' | ' | ' |
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ' | ' | ' | ' |
Compensation expense | 2,330,000 | 830,000 | 134,000 | ' |
Performance-based restricted stock based on the target level of performance goals (shares) | ' | ' | ' | 69,850 |
Additional shares issued (shares) | ' | ' | ' | 23,676 |
Shares awarded, other than options (shares) | ' | ' | ' | 93,526 |
Stock compensation plan | ' | ' | ' | ' |
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ' | ' | ' | ' |
Compensation expense | 469,000 | 538,000 | 486,000 | ' |
Unrecognized stock-based compensation expense | $334,000 | ' | ' | ' |
Weighted average period over which unrecognized expense is expected to be recognized | '1 year 2 months | ' | ' | ' |
Restrictions_on_Cash_Bank_Divi1
Restrictions on Cash Bank, Dividends Loans or Advances (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Restrictions on Cash, Bank Dividends, Loans or Advances (Textual) [Abstract] | ' | ' |
Reserve requirements with federal reserve | $35,689 | $31,259 |
Amount transferable loans maximum | 50,546 | ' |
Company Borrowings | $1,500 | ' |
Regulatory_Matters_Details
Regulatory Matters (Details) | Dec. 31, 2013 |
Well capitalized | Minimum | ' |
Guidelines specify capital tiers | ' |
Tier 1 Capital to Average Assets (Leverage) (percent) | 5.00% |
Tier 1 Capital to Risk - Weighted Assets (percent) | 6.00% |
Total Capital to Risk - Weighted Assets (percent) | 10.00% |
Adequately capitalized | Minimum | ' |
Guidelines specify capital tiers | ' |
Tier 1 Capital to Average Assets (Leverage) (percent) | 4.00% |
Tier 1 Capital to Risk - Weighted Assets (percent) | 4.00% |
Total Capital to Risk - Weighted Assets (percent) | 8.00% |
Undercapitalized | Maximum | ' |
Guidelines specify capital tiers | ' |
Tier 1 Capital to Average Assets (Leverage) (percent) | 4.00% |
Tier 1 Capital to Risk - Weighted Assets (percent) | 4.00% |
Total Capital to Risk - Weighted Assets (percent) | 8.00% |
Significantly undercapitalized | Maximum | ' |
Guidelines specify capital tiers | ' |
Tier 1 Capital to Average Assets (Leverage) (percent) | 3.00% |
Tier 1 Capital to Risk - Weighted Assets (percent) | 3.00% |
Total Capital to Risk - Weighted Assets (percent) | 6.00% |
Critically undercapitalized | Maximum | ' |
Guidelines specify capital tiers | ' |
Tier 1 Capital to Risk - Weighted Assets (percent) | 2.00% |
Regulatory_Matters_Details_1
Regulatory Matters (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Renasant Corporation | ' | ' |
Capital and risk-based capital and leverage ratios for the Company and for Renasant Bank | ' | ' |
Amount Included in Tier 1 Capital | $473,817,000 | $388,362,000 |
Tier 1 Capital to Average Assets (Leverage) (percent) | 8.68% | 9.86% |
Tier 1 Capital to Risk -Weighted Assets, Amount | 473,817,000 | 388,362,000 |
Tier 1 Capital to Risk - Weighted Assets (percent) | 11.41% | 12.74% |
Total Capital to Risk - Weighted Assets, Amount | 522,181,000 | 426,877,000 |
Total Capital to Risk - Weighted Assets (percent) | 12.58% | 14.00% |
Renasant Bank | ' | ' |
Capital and risk-based capital and leverage ratios for the Company and for Renasant Bank | ' | ' |
Amount Included in Tier 1 Capital | 457,798,000 | 379,602,000 |
Tier 1 Capital to Average Assets (Leverage) (percent) | 8.40% | 9.67% |
Tier 1 Capital to Risk -Weighted Assets, Amount | 457,798,000 | 379,602,000 |
Tier 1 Capital to Risk - Weighted Assets (percent) | 11.05% | 12.47% |
Total Capital to Risk - Weighted Assets, Amount | $505,463,000 | $417,717,000 |
Total Capital to Risk - Weighted Assets (percent) | 12.20% | 13.73% |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financial information for operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income | $50,668 | $38,748 | $34,404 | $33,381 | $33,953 | $33,132 | $33,410 | $32,843 | $157,201 | $133,338 | $129,286 |
Provision for loan losses | 2,000 | 2,300 | 3,000 | 3,050 | 4,000 | 4,625 | 4,700 | 4,800 | 10,350 | 18,125 | 22,350 |
Noninterest income | 18,341 | 18,935 | 17,317 | 17,378 | 18,072 | 18,014 | 16,238 | 16,387 | 71,971 | 68,711 | 64,699 |
Noninterest expense | 51,129 | 46,613 | 37,734 | 37,600 | 38,497 | 38,631 | 36,710 | 36,621 | 173,076 | 150,459 | 136,960 |
Income before income taxes | 15,880 | 8,770 | 10,987 | 10,109 | 9,528 | 7,890 | 8,238 | 7,809 | 45,746 | 33,465 | 34,675 |
Income taxes | 4,620 | 2,133 | 2,968 | 2,538 | 2,247 | 853 | 1,893 | 1,835 | 12,259 | 6,828 | 9,043 |
Net income | 11,260 | 6,637 | 8,019 | 7,571 | 7,281 | 7,037 | 6,345 | 5,974 | 33,487 | 26,637 | 25,632 |
Total assets | 5,746,270 | ' | ' | ' | 4,178,616 | ' | ' | ' | 5,746,270 | 4,178,616 | 4,202,008 |
Goodwill | 276,100 | ' | ' | ' | 184,859 | ' | ' | ' | 276,100 | 184,859 | 184,879 |
Community Banks | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information for operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | 158,390 | 134,463 | 130,140 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 10,219 | 18,172 | 22,381 |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 58,865 | 57,594 | 55,310 |
Noninterest expense | ' | ' | ' | ' | ' | ' | ' | ' | 160,894 | 140,244 | 128,850 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 46,142 | 33,641 | 34,219 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 13,036 | 7,202 | 9,118 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 33,106 | 26,439 | 25,101 |
Total assets | 5,671,119 | ' | ' | ' | 4,117,998 | ' | ' | ' | 5,671,119 | 4,117,998 | 4,144,940 |
Goodwill | 273,343 | ' | ' | ' | 182,076 | ' | ' | ' | 273,343 | 182,076 | 182,096 |
Insurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information for operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | 135 | 96 | 112 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 5,619 | 4,049 | 3,812 |
Noninterest expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,268 | 3,149 | 2,958 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,486 | 996 | 966 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 575 | 386 | 375 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 911 | 610 | 591 |
Total assets | 17,312 | ' | ' | ' | 12,094 | ' | ' | ' | 17,312 | 12,094 | 10,645 |
Goodwill | 2,757 | ' | ' | ' | 2,783 | ' | ' | ' | 2,757 | 2,783 | 2,783 |
Wealth Management | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information for operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,275 | 1,326 | 1,297 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 131 | -47 | -31 |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 7,415 | 6,984 | 5,487 |
Noninterest expense | ' | ' | ' | ' | ' | ' | ' | ' | 7,091 | 6,491 | 4,741 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,468 | 1,866 | 2,074 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 400 | 539 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,468 | 1,466 | 1,535 |
Total assets | 44,669 | ' | ' | ' | 38,971 | ' | ' | ' | 44,669 | 38,971 | 40,852 |
Goodwill | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information for operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | -2,599 | -2,547 | -2,263 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 72 | 84 | 90 |
Noninterest expense | ' | ' | ' | ' | ' | ' | ' | ' | 823 | 575 | 411 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -3,350 | -3,038 | -2,584 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1,352 | -1,160 | -989 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -1,998 | -1,878 | -1,595 |
Total assets | 13,170 | ' | ' | ' | 9,553 | ' | ' | ' | 13,170 | 9,553 | 5,571 |
Goodwill | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | $0 |
Segment_Reporting_Details_Text
Segment Reporting (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting (Textual) [Abstract] | ' | ' | ' |
Gain on acquisition | $0 | $0 | $9,344 |
Community Banks | ' | ' | ' |
Segment Reporting (Textual) [Abstract] | ' | ' | ' |
Gain on acquisition | ' | ' | 8,774 |
Wealth Management | ' | ' | ' |
Segment Reporting (Textual) [Abstract] | ' | ' | ' |
Gain on acquisition | ' | ' | $570 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Fair Value | $501,254 | $356,311 |
Mortgage loans held for sale, at fair value | 33,440 | 34,845 |
Trust preferred securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 17,671 | 15,068 |
Other debt securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 19,554 | 22,930 |
Other equity securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 4,317 | 3,068 |
Obligations of other U.S. Government agencies and corporations | ' | ' |
Financial assets: | ' | ' |
Fair Value | 6,068 | 2,442 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 259,992 | 144,817 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 42,041 | 45,058 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 146,545 | 117,521 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 5,066 | 5,407 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Financial assets: | ' | ' |
Mortgage loans held for sale, at fair value | 33,440 | ' |
Significant Other Observable Inputs (Level 2) | Interest rate contracts | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 1,812 | ' |
Financial liabilities: | ' | ' |
Derivative instruments | 1,812 | ' |
Significant Other Observable Inputs (Level 2) | Interest rate lock commitments | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 464 | ' |
Significant Other Observable Inputs (Level 2) | Interest rate swap | ' | ' |
Financial liabilities: | ' | ' |
Derivative instruments | 1,428 | ' |
Significant Other Observable Inputs (Level 2) | Forward commitments | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 335 | ' |
Financial liabilities: | ' | ' |
Derivative instruments | 24 | ' |
Recurring | ' | ' |
Financial assets: | ' | ' |
Fair Value | 501,254 | 356,311 |
Derivative instruments | 2,819 | 4,654 |
Mortgage loans held for sale, at fair value | 33,440 | ' |
Total financial assets | 537,513 | 395,810 |
Financial liabilities: | ' | ' |
Derivative instruments | 3,316 | 5,514 |
Total financial liabilities | 3,316 | 5,514 |
Recurring | Interest rate contracts | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 1,812 | 3,083 |
Financial liabilities: | ' | ' |
Derivative instruments | 1,812 | 3,152 |
Recurring | Interest rate lock commitments | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 464 | 1,571 |
Financial liabilities: | ' | ' |
Derivative instruments | 52 | ' |
Recurring | Mortgage loans held for sale | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | ' | 34,845 |
Recurring | Interest rate swap | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 208 | ' |
Financial liabilities: | ' | ' |
Derivative instruments | 1,428 | 2,164 |
Recurring | Forward commitments | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 335 | ' |
Financial liabilities: | ' | ' |
Derivative instruments | 24 | 198 |
Recurring | Trust preferred securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 17,671 | 15,068 |
Recurring | Other debt securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 19,554 | 22,930 |
Recurring | Other equity securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 4,317 | 3,068 |
Recurring | Obligations of other U.S. Government agencies and corporations | ' | ' |
Financial assets: | ' | ' |
Fair Value | 6,068 | 2,442 |
Recurring | Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 259,992 | 144,817 |
Recurring | Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 42,041 | 45,058 |
Recurring | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 146,545 | 117,521 |
Recurring | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 5,066 | 5,407 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Derivative instruments | 0 | 0 |
Mortgage loans held for sale, at fair value | 0 | ' |
Total financial assets | 0 | 0 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Interest rate contracts | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 0 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Interest rate lock commitments | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 0 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | ' |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Mortgage loans held for sale | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | ' | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Interest rate swap | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | ' |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Forward commitments | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | ' |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Trust preferred securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Other debt securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Other equity securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Obligations of other U.S. Government agencies and corporations | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | ' | ' |
Financial assets: | ' | ' |
Fair Value | 483,583 | 341,243 |
Derivative instruments | 2,819 | 4,654 |
Total financial assets | 519,842 | 380,742 |
Financial liabilities: | ' | ' |
Derivative instruments | 3,316 | 5,514 |
Total financial liabilities | 3,316 | 5,514 |
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate contracts | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | ' | 3,083 |
Financial liabilities: | ' | ' |
Derivative instruments | ' | 3,152 |
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate lock commitments | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | ' | 1,571 |
Financial liabilities: | ' | ' |
Derivative instruments | 52 | ' |
Recurring | Significant Other Observable Inputs (Level 2) | Mortgage loans held for sale | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | ' | 34,845 |
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swap | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 208 | ' |
Financial liabilities: | ' | ' |
Derivative instruments | ' | 2,164 |
Recurring | Significant Other Observable Inputs (Level 2) | Forward commitments | ' | ' |
Financial liabilities: | ' | ' |
Derivative instruments | ' | 198 |
Recurring | Significant Other Observable Inputs (Level 2) | Trust preferred securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Other debt securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 19,554 | 22,930 |
Recurring | Significant Other Observable Inputs (Level 2) | Other equity securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 4,317 | 3,068 |
Recurring | Significant Other Observable Inputs (Level 2) | Obligations of other U.S. Government agencies and corporations | ' | ' |
Financial assets: | ' | ' |
Fair Value | 6,068 | 2,442 |
Recurring | Significant Other Observable Inputs (Level 2) | Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 259,992 | 144,817 |
Recurring | Significant Other Observable Inputs (Level 2) | Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 42,041 | 45,058 |
Recurring | Significant Other Observable Inputs (Level 2) | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 146,545 | 117,521 |
Recurring | Significant Other Observable Inputs (Level 2) | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 5,066 | 5,407 |
Recurring | Significant Unobservable Inputs (Level 3) | ' | ' |
Financial assets: | ' | ' |
Fair Value | 17,671 | 15,068 |
Derivative instruments | 0 | 0 |
Mortgage loans held for sale, at fair value | 0 | ' |
Total financial assets | 17,671 | 15,068 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate contracts | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 0 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate lock commitments | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 0 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | ' |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage loans held for sale | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | ' | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate swap | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | ' |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Forward commitments | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | ' |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Trust preferred securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 17,671 | 15,068 |
Recurring | Significant Unobservable Inputs (Level 3) | Other debt securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Other equity securities | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Obligations of other U.S. Government agencies and corporations | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Fair Value | $0 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ' | ' |
Beginning Balance | ($15,068) | $15,022 |
Realized gains (losses) included in net income | 0 | 14 |
Unrealized gains included in other comprehensive income | 3,684 | 4,863 |
Reclassification adjustment | ' | -952 |
Sales | 0 | 0 |
Issues | 0 | 0 |
Settlements | -1,081 | -846 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 3,033 |
Ending Balance | 17,671 | -15,068 |
Trust preferred securities | ' | ' |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ' | ' |
Beginning Balance | -15,068 | 12,785 |
Realized gains (losses) included in net income | 0 | 0 |
Unrealized gains included in other comprehensive income | 3,684 | 4,081 |
Reclassification adjustment | ' | -952 |
Sales | 0 | 0 |
Issues | 0 | 0 |
Settlements | -1,081 | -846 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 17,671 | -15,068 |
Other equity securities | ' | ' |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ' | ' |
Beginning Balance | 0 | 2,237 |
Realized gains (losses) included in net income | 0 | 14 |
Unrealized gains included in other comprehensive income | 0 | 782 |
Reclassification adjustment | ' | 0 |
Sales | 0 | 0 |
Issues | 0 | 0 |
Settlements | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 3,033 |
Ending Balance | $0 | $0 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (Trust preferred securities, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | ' |
Fair Value | $17,671 |
Valuation Technique | 'Discounted cash flows |
Significant Unobservable Inputs | 'Default rate |
Maximum | ' |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | ' |
Range of Inputs (percent) | 100.00% |
Minimum | ' |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | ' |
Range of Inputs (percent) | 0.00% |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Impaired loans measured at fair value on a nonrecurring basis | ' | ' |
Impaired loans | $11,900 | $20,178 |
OREO | 36,306 | 33,761 |
Total | 48,206 | 53,939 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | ' | ' |
Impaired loans measured at fair value on a nonrecurring basis | ' | ' |
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Impaired loans measured at fair value on a nonrecurring basis | ' | ' |
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Impaired loans measured at fair value on a nonrecurring basis | ' | ' |
Impaired loans | 11,900 | 20,178 |
OREO | 36,306 | 33,761 |
Total | $48,206 | $53,939 |
Fair_Value_Measurements_Detail4
Fair Value Measurements (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
OREO measured at fair value on a nonrecurring basis | ' | ' |
OREO covered under loss-share agreements: | $8,763 | $14,710 |
OREO not covered under loss-share agreements: | 27,543 | 19,051 |
Carrying amount prior to remeasurement | ' | ' |
OREO measured at fair value on a nonrecurring basis | ' | ' |
OREO covered under loss-share agreements: | 13,067 | 19,254 |
OREO not covered under loss-share agreements: | 30,436 | 22,277 |
Impairment recognized in results of operations | ' | ' |
OREO measured at fair value on a nonrecurring basis | ' | ' |
OREO covered under loss-share agreements: | -707 | -901 |
OREO not covered under loss-share agreements: | -2,893 | -3,226 |
Increase in FDIC loss-share indemnification asset | ' | ' |
OREO measured at fair value on a nonrecurring basis | ' | ' |
OREO covered under loss-share agreements: | -2,829 | -3,602 |
Receivable from other guarantor | ' | ' |
OREO measured at fair value on a nonrecurring basis | ' | ' |
OREO covered under loss-share agreements: | ($768) | ($41) |
Fair_Value_Measurements_Detail5
Fair Value Measurements (Details 5) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Impaired loans | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' |
Fair Value | $11,900 |
Valuation Technique | 'Appraised value of collateral less estimated costs to sell |
Significant Unobservable Inputs | 'Estimated costs to sell |
OREO | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' |
Fair Value | $36,306 |
Valuation Technique | 'Appraised value of property less estimated costs to sell |
Significant Unobservable Inputs | 'Estimated costs to sell |
Maximum | Impaired loans | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' |
Range of Inputs (Weighted Average) (percent) | 10.00% |
Maximum | OREO | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' |
Range of Inputs (Weighted Average) (percent) | 10.00% |
Minimum | Impaired loans | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' |
Range of Inputs (Weighted Average) (percent) | 4.00% |
Minimum | OREO | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' |
Range of Inputs (Weighted Average) (percent) | 4.00% |
Fair_Value_Measurements_Detail6
Fair Value Measurements (Details 6) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Aggregate Fair Value | ' |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' |
Mortgage loans held for sale measured at fair value | $33,440 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | 0 |
Aggregate Unpaid Principal Balance | ' |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' |
Mortgage loans held for sale measured at fair value | 33,217 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | 0 |
Difference | ' |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' |
Mortgage loans held for sale measured at fair value | 223 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | $0 |
Fair_Value_Measurements_Detail7
Fair Value Measurements (Details 7) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Fair values of defined benefit pension plan assets by category of the firm | ' | ' | ' |
Securities held to maturity | $412,075 | $317,766 | ' |
Securities available for sale, at fair value | 501,254 | 356,311 | ' |
Mortgage loans held for sale | 33,440 | 34,845 | ' |
Loans covered under loss-share agreements | 181,674 | 237,088 | ' |
Loans not covered under loss-share agreements, net | 3,699,344 | 2,573,165 | ' |
FDIC loss-share indemnification asset | 26,273 | 44,153 | 107,754 |
Carrying Value | ' | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' | ' |
Cash and cash equivalents | 246,648 | 132,420 | ' |
Securities held to maturity | 412,075 | 317,766 | ' |
Securities available for sale, at fair value | 501,254 | 356,311 | ' |
Mortgage loans held for sale | 33,440 | 34,845 | ' |
Loans covered under loss-share agreements | 181,674 | 237,088 | ' |
Loans not covered under loss-share agreements, net | 3,651,679 | 2,528,818 | ' |
FDIC loss-share indemnification asset | 26,273 | 44,153 | ' |
Mortgage servicing rights | 8,994 | ' | ' |
Derivative assets: | 2,818 | 4,654 | ' |
Financial liabilities | ' | ' | ' |
Deposits | 4,841,912 | 3,461,221 | ' |
Short-term borrowings | 2,283 | 5,254 | ' |
Federal Home Loan Bank advances | 75,405 | 83,843 | ' |
Junior subordinated debentures | 94,187 | 75,609 | ' |
Derivative instruments | 3,096 | 5,514 | ' |
Quoted Prices In Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' | ' |
Cash and cash equivalents | 246,648 | 132,420 | ' |
Securities held to maturity | 0 | 0 | ' |
Securities available for sale, at fair value | 0 | 0 | ' |
Mortgage loans held for sale | 0 | 0 | ' |
Loans covered under loss-share agreements | 0 | 0 | ' |
Loans not covered under loss-share agreements, net | 0 | 0 | ' |
FDIC loss-share indemnification asset | 0 | 0 | ' |
Mortgage servicing rights | ' | ' | ' |
Derivative assets: | 0 | 0 | ' |
Financial liabilities | ' | ' | ' |
Deposits | 3,327,688 | 2,268,568 | ' |
Short-term borrowings | 2,283 | 5,254 | ' |
Federal Home Loan Bank advances | 0 | 0 | ' |
Junior subordinated debentures | 0 | 0 | ' |
Derivative instruments | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' |
Securities held to maturity | 408,567 | 334,475 | ' |
Securities available for sale, at fair value | 483,583 | 341,243 | ' |
Mortgage loans held for sale | 33,440 | 34,845 | ' |
Loans covered under loss-share agreements | 0 | 0 | ' |
Loans not covered under loss-share agreements, net | 0 | 0 | ' |
FDIC loss-share indemnification asset | 0 | 0 | ' |
Mortgage servicing rights | ' | ' | ' |
Derivative assets: | 2,818 | 4,654 | ' |
Financial liabilities | ' | ' | ' |
Deposits | 1,520,667 | 1,200,785 | ' |
Short-term borrowings | 0 | 0 | ' |
Federal Home Loan Bank advances | 80,989 | 99,870 | ' |
Junior subordinated debentures | 78,301 | 27,985 | ' |
Derivative instruments | 3,096 | 5,514 | ' |
Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' |
Securities held to maturity | 0 | 0 | ' |
Securities available for sale, at fair value | 17,671 | 15,068 | ' |
Mortgage loans held for sale | 0 | 0 | ' |
Loans covered under loss-share agreements | 182,244 | 235,890 | ' |
Loans not covered under loss-share agreements, net | 3,590,446 | 2,452,937 | ' |
FDIC loss-share indemnification asset | 26,273 | 44,153 | ' |
Mortgage servicing rights | 9,840 | ' | ' |
Derivative assets: | 0 | 0 | ' |
Financial liabilities | ' | ' | ' |
Deposits | 0 | 0 | ' |
Short-term borrowings | 0 | 0 | ' |
Federal Home Loan Bank advances | 0 | 0 | ' |
Junior subordinated debentures | 0 | 0 | ' |
Derivative instruments | 0 | 0 | ' |
Fair Value | ' | ' | ' |
Fair values of defined benefit pension plan assets by category of the firm | ' | ' | ' |
Cash and cash equivalents | 246,648 | 132,420 | ' |
Securities held to maturity | 408,567 | 334,475 | ' |
Securities available for sale, at fair value | 501,254 | 356,311 | ' |
Mortgage loans held for sale | 33,440 | 34,845 | ' |
Loans covered under loss-share agreements | 182,244 | 235,890 | ' |
Loans not covered under loss-share agreements, net | 3,590,446 | 2,452,937 | ' |
FDIC loss-share indemnification asset | 26,273 | 44,153 | ' |
Mortgage servicing rights | 9,840 | ' | ' |
Derivative assets: | 2,818 | 4,654 | ' |
Financial liabilities | ' | ' | ' |
Deposits | 4,848,355 | 3,469,353 | ' |
Short-term borrowings | 2,283 | 5,254 | ' |
Federal Home Loan Bank advances | 80,989 | 99,870 | ' |
Junior subordinated debentures | 78,301 | 27,985 | ' |
Derivative instruments | $3,096 | $5,514 | ' |
Fair_Value_Measurements_Detail8
Fair Value Measurements (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' |
Impaired loans not covered under loss-share agreements | $12,998 | $27,149 |
Specific reserve included in allowance for loan losses | 1,098 | 6,971 |
Net loss resulting from fair value changes of these mortgage loans | $620 | ' |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Designated as hedging instruments: | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | $208 | $0 |
Derivative liabilities: | 1,428 | 2,164 |
Not designated as hedging instruments: | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | 2,611 | 4,654 |
Derivative liabilities: | 1,888 | 3,350 |
Other Assets | Designated as hedging instruments: | Interest rate swap | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | ' | 0 |
Other Assets | Not designated as hedging instruments: | Interest rate contracts | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | ' | 3,083 |
Other Assets | Not designated as hedging instruments: | Interest rate lock commitments | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | ' | 1,571 |
Other Assets | Not designated as hedging instruments: | Forward commitments | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | ' | 0 |
Other Liabilities | Designated as hedging instruments: | Interest rate swap | ' | ' |
Derivative financial instruments | ' | ' |
Derivative liabilities: | ' | 2,164 |
Other Liabilities | Not designated as hedging instruments: | Interest rate contracts | ' | ' |
Derivative financial instruments | ' | ' |
Derivative liabilities: | ' | 3,152 |
Other Liabilities | Not designated as hedging instruments: | Interest rate lock commitments | ' | ' |
Derivative financial instruments | ' | ' |
Derivative liabilities: | ' | 0 |
Other Liabilities | Not designated as hedging instruments: | Forward commitments | ' | ' |
Derivative financial instruments | ' | ' |
Derivative liabilities: | ' | 198 |
Significant Other Observable Inputs (Level 2) | Interest rate contracts | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | 1,812 | ' |
Derivative liabilities: | 1,812 | ' |
Significant Other Observable Inputs (Level 2) | Interest rate lock commitments | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | 464 | ' |
Significant Other Observable Inputs (Level 2) | Interest rate swap | ' | ' |
Derivative financial instruments | ' | ' |
Derivative liabilities: | 1,428 | ' |
Significant Other Observable Inputs (Level 2) | Forward commitments | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | 335 | ' |
Derivative liabilities: | 24 | ' |
Significant Other Observable Inputs (Level 2) | Designated as hedging instruments: | Interest rate swap | ' | ' |
Derivative financial instruments | ' | ' |
Derivative liabilities: | 1,428 | ' |
Significant Other Observable Inputs (Level 2) | Not designated as hedging instruments: | Interest rate contracts | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | 1,812 | ' |
Derivative liabilities: | 1,812 | ' |
Significant Other Observable Inputs (Level 2) | Not designated as hedging instruments: | Interest rate lock commitments | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | 464 | ' |
Significant Other Observable Inputs (Level 2) | Not designated as hedging instruments: | Forward commitments | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | 335 | ' |
Derivative liabilities: | 24 | ' |
Recurring | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | 2,819 | 4,654 |
Derivative liabilities: | 3,316 | 5,514 |
Recurring | Interest rate contracts | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | 1,812 | 3,083 |
Derivative liabilities: | 1,812 | 3,152 |
Recurring | Interest rate lock commitments | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | 464 | 1,571 |
Derivative liabilities: | 52 | ' |
Recurring | Interest rate swap | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | 208 | ' |
Derivative liabilities: | 1,428 | 2,164 |
Recurring | Forward commitments | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | 335 | ' |
Derivative liabilities: | 24 | 198 |
Recurring | Significant Other Observable Inputs (Level 2) | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | 2,819 | 4,654 |
Derivative liabilities: | 3,316 | 5,514 |
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate contracts | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | ' | 3,083 |
Derivative liabilities: | ' | 3,152 |
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate lock commitments | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | ' | 1,571 |
Derivative liabilities: | 52 | ' |
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swap | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | 208 | ' |
Derivative liabilities: | ' | 2,164 |
Recurring | Significant Other Observable Inputs (Level 2) | Forward commitments | ' | ' |
Derivative financial instruments | ' | ' |
Derivative liabilities: | ' | 198 |
Recurring | Significant Other Observable Inputs (Level 2) | Other Assets | Designated as hedging instruments: | Interest rate swap | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets: | $208 | ' |
Derivative_Instruments_Details1
Derivative Instruments (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivatives designated as cash flow hedging instruments: | ' | ' | ' |
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | ' | ' | ' |
Gains (losses) on derivative financial instruments | $203 | $503 | $610 |
Derivatives not designated as hedging instruments: | ' | ' | ' |
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | ' | ' | ' |
Gains (losses) on derivative financial instruments | 2,612 | -899 | 1,448 |
Included in interest income on loans | Derivatives designated as cash flow hedging instruments: | Interest rate swap | ' | ' | ' |
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | ' | ' | ' |
Gains (losses) on derivative financial instruments | 203 | 503 | 610 |
Included in interest income on loans | Derivatives not designated as hedging instruments: | Interest rate contracts | ' | ' | ' |
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | ' | ' | ' |
Gains (losses) on derivative financial instruments | 3,193 | 2,345 | 994 |
Included in other noninterest expense | Derivatives not designated as hedging instruments: | Interest rate contracts | ' | ' | ' |
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | ' | ' | ' |
Gains (losses) on derivative financial instruments | 69 | -69 | 0 |
Included in gains on sales of mortgage loans held for sale | Derivatives not designated as hedging instruments: | Interest rate lock commitments | ' | ' | ' |
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | ' | ' | ' |
Gains (losses) on derivative financial instruments | -1,159 | 375 | 881 |
Included in gains on sales of mortgage loans held for sale | Derivatives not designated as hedging instruments: | Forward commitments | ' | ' | ' |
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | ' | ' | ' |
Gains (losses) on derivative financial instruments | $509 | ($3,550) | ($427) |
Derivative_Instruments_Details2
Derivative Instruments (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-10 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Aug-13 | Interest rate swap | Assumed Interest Rate Swap | Commitments to fund fixed-rate residential mortgage loans | Commitments to fund fixed-rate residential mortgage loans | Commitments to sell residential mortgage loans | Commitments to sell residential mortgage loans | Interest rate contracts with corporate customers | Offsetting interest rate contracts with other financial institutions | ||||
Derivative_Instrument | ||||||||||||
Derivative Instruments (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Junior subordinated debentures | $75,000 | ' | ' | ' | $32,000 | $30,000 | $54,807 | $72,757 | $50,000 | $100,000 | $76,220 | $76,220 |
Notional amount | 75,000 | ' | ' | ' | 32,000 | 30,000 | 54,807 | 72,757 | 50,000 | 100,000 | 76,220 | 76,220 |
Number of derivative instruments terminated (derivative instruments) | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred gains amortized into net interest income | 203 | 503 | 610 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative instruments deferred gain | ' | ' | ' | $1,679 | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate of derivatives, description | 'the three-month LIBOR plus pre-determined spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Offsett
Derivative Instruments - Offsetting (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Asset [Abstract] | ' | ' |
Gross amounts recognized | $2,818 | $4,654 |
Gross amounts offset in the consolidated balance sheets | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 2,818 | 4,654 |
Financial instruments | 1,664 | 0 |
Financial collateral pledged | 0 | 0 |
Net amounts | 1,154 | 4,654 |
Derivative Liability [Abstract] | ' | ' |
Gross amounts recognized | 3,315 | 5,514 |
Gross amounts offset in the consolidated balance sheets | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 3,315 | 5,514 |
Financial instruments | 1,664 | 0 |
Financial collateral pledged | 0 | 4,950 |
Net amounts | $1,651 | $564 |
Renasant_Corporation_Parent_Co2
Renasant Corporation (Parent Company Only) Condensed Financial Information (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $246,648 | $132,420 | $209,017 | $292,669 |
Other assets | 234,485 | 179,287 | ' | ' |
Total assets | 5,746,270 | 4,178,616 | 4,202,008 | ' |
Liabilities and shareholders’ equity | ' | ' | ' | ' |
Intercompany borrowed funds(1) | 1,500 | ' | ' | ' |
Other liabilities | 66,831 | 54,481 | ' | ' |
Total shareholders’ equity | 665,652 | 498,208 | 487,202 | 469,509 |
Total liabilities and shareholders’ equity | 5,746,270 | 4,178,616 | ' | ' |
Renasant Corporation | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 9,723 | 3,883 | 4,724 | 20,679 |
Investments | 7,315 | 6,568 | ' | ' |
Investment in bank subsidiary | 739,688 | 563,345 | ' | ' |
Accrued interest receivable on bank balances | 6 | 9 | ' | ' |
Stock options receivable | 1,967 | 102 | ' | ' |
Other assets | 4,637 | 4,048 | ' | ' |
Total assets | 763,336 | 577,955 | ' | ' |
Liabilities and shareholders’ equity | ' | ' | ' | ' |
Junior subordinated debentures | 94,187 | 75,609 | ' | ' |
Intercompany borrowed funds(1) | 1,500 | 1,500 | ' | ' |
Accrued interest payable on intercompany borrowed funds(1) | 25 | 21 | ' | ' |
Other liabilities | 1,972 | 2,617 | ' | ' |
Total shareholders’ equity | 665,652 | 498,208 | ' | ' |
Total liabilities and shareholders’ equity | $763,336 | $577,955 | ' | ' |
Renasant_Corporation_Parent_Co3
Renasant Corporation (Parent Company Only) Condensed Financial Information (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other dividends | ' | ' | ' | ' | ' | ' | ' | ' | $248 | $199 | $543 | |||
Total noninterest income | 18,341 | 18,935 | 17,317 | 17,378 | 18,072 | 18,014 | 16,238 | 16,387 | 71,971 | 68,711 | 64,699 | |||
Expenses | 6,408 | 5,890 | 5,541 | 5,564 | 5,723 | 6,022 | 6,568 | 7,662 | 23,403 | 25,975 | 41,401 | |||
Income before income tax benefit and equity in undistributed net income of bank subsidiary | 15,880 | 8,770 | 10,987 | 10,109 | 9,528 | 7,890 | 8,238 | 7,809 | 45,746 | 33,465 | 34,675 | |||
Income tax benefit | 4,620 | 2,133 | 2,968 | 2,538 | 2,247 | 853 | 1,893 | 1,835 | 12,259 | 6,828 | 9,043 | |||
Net income | 11,260 | 6,637 | 8,019 | 7,571 | 7,281 | 7,037 | 6,345 | 5,974 | 33,487 | 26,637 | 25,632 | |||
Renasant Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Dividends from bank subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 19,303 | [1] | 18,117 | [1] | 17,071 | [1] |
Interest income from bank subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 10 | [1] | 16 | [1] | 30 | [1] |
Other dividends | ' | ' | ' | ' | ' | ' | ' | ' | 492 | 114 | 81 | |||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 39 | 22 | 202 | |||
Total noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 19,844 | 18,269 | 17,384 | |||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,892 | 3,190 | 2,898 | |||
Income before income tax benefit and equity in undistributed net income of bank subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 15,952 | 15,079 | 14,486 | |||
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -1,352 | -1,160 | -989 | |||
Equity in undistributed net income of bank subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 16,183 | [1] | 10,398 | [1] | 10,157 | [1] |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $33,487 | $26,637 | $25,632 | |||
[1] | Eliminates in consolidation |
Renasant_Corporation_Parent_Co4
Renasant Corporation (Parent Company Only) Condensed Financial Information (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | $11,260 | $6,637 | $8,019 | $7,571 | $7,281 | $7,037 | $6,345 | $5,974 | $33,487 | $26,637 | $25,632 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Decrease (increase) in other assets | ' | ' | ' | ' | ' | ' | ' | ' | 73,733 | 84,344 | 54,186 | |||
(Decrease) increase in other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 1,187 | 4,273 | 1,876 | |||
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 153,286 | 177,710 | 153,131 | |||
Investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net cash received in acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 170,005 | 0 | 148,443 | |||
Net cash (used in) provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -57,150 | -196,824 | 135,537 | |||
Financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash paid for dividends | ' | ' | ' | ' | ' | ' | ' | ' | -19,303 | -17,117 | -17,071 | |||
Excess tax (expense) benefits from exercise of stock options | ' | ' | ' | ' | ' | ' | ' | ' | 290 | -56 | 0 | |||
Net cash (used in) provided by financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 18,092 | -57,483 | -372,320 | |||
Increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 114,228 | -76,597 | -83,652 | |||
Cash and cash equivalents at beginning of year | ' | ' | ' | 132,420 | ' | ' | ' | 209,017 | 132,420 | 209,017 | 292,669 | |||
Cash and cash equivalents at end of year | 246,648 | ' | ' | ' | 132,420 | ' | ' | ' | 246,648 | 132,420 | 209,017 | |||
Renasant Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 33,487 | 26,637 | 25,632 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity in undistributed net income of bank subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 16,183 | [1] | 10,398 | [1] | 10,157 | [1] |
Depreciation, Amortization and Accretion, Net | ' | ' | ' | ' | ' | ' | ' | ' | 21 | -161 | -350 | |||
Decrease (increase) in other assets | ' | ' | ' | ' | ' | ' | ' | ' | 1,969 | -418 | 183 | |||
(Decrease) increase in other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -122 | 2,139 | 590 | |||
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 19,172 | 17,799 | 15,898 | |||
Investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Purchases of securities held to maturity and available for sale | ' | ' | ' | ' | ' | ' | ' | ' | 1,420 | 3,515 | 0 | |||
Sales and maturities of securities held to maturity and available for sale | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | 0 | 0 | |||
Investment in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -15,000 | |||
Net cash received in acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 3,917 | 0 | 0 | |||
Net cash (used in) provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | 5,497 | -3,515 | -15,000 | |||
Financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash paid for dividends | ' | ' | ' | ' | ' | ' | ' | ' | -19,303 | -17,117 | -17,071 | |||
Cash received on exercise of stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 276 | 548 | 218 | |||
Excess tax (expense) benefits from exercise of stock options | ' | ' | ' | ' | ' | ' | ' | ' | 198 | -56 | 0 | |||
Proceeds from advances from bank subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,500 | 0 | |||
Net cash (used in) provided by financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -18,829 | -15,125 | -16,853 | |||
Increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 5,840 | -841 | -15,955 | |||
Cash and cash equivalents at beginning of year | ' | ' | ' | 3,883 | ' | ' | ' | 4,724 | 3,883 | 4,724 | 20,679 | |||
Cash and cash equivalents at end of year | $9,723 | ' | ' | ' | $3,883 | ' | ' | ' | $9,723 | $3,883 | $4,724 | |||
[1] | Eliminates in consolidation |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of the unaudited quarterly results of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $57,076 | $44,638 | $39,945 | $38,945 | $39,676 | $39,154 | $39,978 | $40,505 | $180,604 | $159,313 | $170,687 |
Interest expense | 6,408 | 5,890 | 5,541 | 5,564 | 5,723 | 6,022 | 6,568 | 7,662 | 23,403 | 25,975 | 41,401 |
Net interest income | 50,668 | 38,748 | 34,404 | 33,381 | 33,953 | 33,132 | 33,410 | 32,843 | 157,201 | 133,338 | 129,286 |
Provision for loan losses | 2,000 | 2,300 | 3,000 | 3,050 | 4,000 | 4,625 | 4,700 | 4,800 | 10,350 | 18,125 | 22,350 |
Noninterest income | 18,341 | 18,935 | 17,317 | 17,378 | 18,072 | 18,014 | 16,238 | 16,387 | 71,971 | 68,711 | 64,699 |
Noninterest expense | 51,129 | 46,613 | 37,734 | 37,600 | 38,497 | 38,631 | 36,710 | 36,621 | 173,076 | 150,459 | 136,960 |
Income before income taxes | 15,880 | 8,770 | 10,987 | 10,109 | 9,528 | 7,890 | 8,238 | 7,809 | 45,746 | 33,465 | 34,675 |
Income taxes | 4,620 | 2,133 | 2,968 | 2,538 | 2,247 | 853 | 1,893 | 1,835 | 12,259 | 6,828 | 9,043 |
Net income | $11,260 | $6,637 | $8,019 | $7,571 | $7,281 | $7,037 | $6,345 | $5,974 | $33,487 | $26,637 | $25,632 |
Basic earnings per share (usd per share) | $0.36 | $0.24 | $0.32 | $0.30 | $0.29 | $0.28 | $0.25 | $0.24 | $1.23 | $1.06 | $1.02 |
Diluted earnings per share (usd per share) | $0.36 | $0.24 | $0.32 | $0.30 | $0.29 | $0.28 | $0.25 | $0.24 | $1.22 | $1.06 | $1.02 |
Quarterly_Results_of_Operation3
Quarterly Results of Operations (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Results of Operations (Textual) [Abstract] | ' | ' | ' |
Gross gains on sales of securities available for sale | $0 | $2,321 | $5,041 |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pre-Tax | ' | ' | ' |
Unrealized holding gains on securities | ($11,124) | $5,351 | $36,346 |
Non-credit related portion of other-than-temporary impairment on securities | 0 | 0 | -15,183 |
Reclassification adjustment for gains realized in net income | 115 | -1,894 | -4,795 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | -348 | -567 | -1,000 |
Total securities available for sale | -11,357 | 2,890 | 15,368 |
Tax Expense (Benefit) | ' | ' | ' |
Unrealized holding gains on securities | -4,255 | 2,046 | 13,903 |
Non-credit related portion of other-than-temporary impairment on securities | 0 | 0 | -5,807 |
Reclassification adjustment for gains realized in net income | 44 | -724 | -1,834 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | -133 | -217 | -383 |
Total securities available for sale | -4,344 | 1,105 | 5,879 |
Net of Tax | ' | ' | ' |
Unrealized holding gains (losses) on securities | -6,869 | 3,305 | 22,443 |
Non-credit related portion of other-than-temporary impairment on securities | 0 | 0 | -9,376 |
Reclassification adjustment for gains realized in net income | 71 | -1,170 | -2,961 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | -215 | -350 | -617 |
Total securities available for sale | -7,013 | 1,785 | 9,489 |
Derivative Instruments, Pre-Tax [Abstract] | ' | ' | ' |
Unrealized holding gains on derivative instruments | 2,146 | -2,667 | 0 |
Reclassification adjustment for gains realized in net income | -203 | -2,164 | -610 |
Total derivative instruments | 1,943 | -503 | -610 |
Derivative Instruments, Tax Expense (Benefit) [Abstract] | ' | ' | ' |
Unrealized holding gains on derivative instruments | 821 | -1,020 | 0 |
Reclassification adjustment for gains realized in net income | -78 | -828 | -233 |
Total derivative instruments | 743 | -192 | -233 |
Derivative Instruments, Net of Tax [Abstract] | ' | ' | ' |
Unrealized holding (losses) gains on derivative instruments | 1,325 | -1,336 | 0 |
Reclassification adjustment for gains realized in net income | -125 | -311 | -377 |
Totals derivative instruments | 1,200 | -1,647 | -377 |
Defined benefit pension and post-retirement benefit plans, Pre-Tax [Abstract] | ' | ' | ' |
Net loss arising during the period | 3,170 | -1,225 | -1,769 |
Amortization of net actuarial loss recognized in net periodic pension cost | 621 | 428 | 444 |
Total defined benefit pension and post-retirement benefit plans | 3,791 | -797 | -1,325 |
Defined benefit pension and post-retirement benefit plans, Tax Expense (Benefit) [Abstract] | ' | ' | ' |
Net loss arising during the period | 1,213 | -469 | -677 |
Amortization of net actuarial loss recognized in net periodic pension cost | -237 | -164 | -170 |
Total defined benefit pension and post-retirement benefit plans | 1,450 | -305 | -507 |
Defined benefit pension and post-retirement benefit plans, Net of Tax [Abstract] | ' | ' | ' |
Net loss arising during the period | 1,957 | -756 | -1,092 |
Less amortization of net actuarial loss recognized in net periodic pension cost | 384 | 264 | 274 |
Total defined benefit pension and post-retirement benefit plans | 2,341 | -492 | -818 |
Total other comprehensive loss, Pre-Tax | -5,623 | -574 | 13,433 |
Total other comprehensive loss, Tax Expense (Benefit) | -2,151 | -220 | 5,139 |
Total other comprehensive income, Net of Tax | ($3,472) | ($354) | $8,294 |
Other_Comprehensive_Income_Det1
Other Comprehensive Income (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accumulated balances for component of other comprehensive income, net of tax | ' | ' | ' |
Unrealized gains on securities | $10,370 | $17,428 | $15,643 |
Non-credit related portion of other-than-temporary impairment on securities | -17,428 | -17,474 | -17,474 |
Unrealized gains/(losses) on derivative instruments | -12 | -1,211 | 436 |
Unrecognized defined benefit pension and post-retirement benefit plans obligations | -4,903 | -7,244 | -6,752 |
Total accumulated other comprehensive gain/(loss) | ($11,973) | ($8,501) | ($8,147) |
Net_Income_Per_Common_Share_De
Net Income Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income applicable to common stock | $11,260 | $6,637 | $8,019 | $7,571 | $7,281 | $7,037 | $6,345 | $5,974 | $33,487 | $26,637 | $25,632 |
Average common shares outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 27,269,613 | 25,108,652 | 25,058,381 |
Net income per common share - basic (usd per share) | $0.36 | $0.24 | $0.32 | $0.30 | $0.29 | $0.28 | $0.25 | $0.24 | $1.23 | $1.06 | $1.02 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income applicable to common stock | $11,260 | $6,637 | $8,019 | $7,571 | $7,281 | $7,037 | $6,345 | $5,974 | $33,487 | $26,637 | $25,632 |
Average common shares outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 27,269,613 | 25,108,652 | 25,058,381 |
Effect of dilutive stock-based compensation (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 191,144 | 66,340 | 127,750 |
Average common shares outstanding - diluted (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 27,460,757 | 25,174,992 | 25,186,131 |
Net income per common share - diluted (usd per share) | $0.36 | $0.24 | $0.32 | $0.30 | $0.29 | $0.28 | $0.25 | $0.24 | $1.22 | $1.06 | $1.02 |
Net_Income_Per_Common_Share_Ne
Net Income Per Common Share Net Income Per Common Share-Dilutive (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Number of shares (shares) | 164,540 | 1,186,644 |
Minimum | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Range of exercise prices (usd per share) | 19.14 | 14.96 |
Maximum | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Range of exercise prices (usd per share) | 30.63 | 30.63 |