Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'RENASANT CORP | ' |
Entity Central Index Key | '0000715072 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding (shares) | ' | 31,519,641 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $110,324 | $87,342 |
Interest-bearing balances with banks | 70,896 | 159,306 |
Cash and cash equivalents | 181,220 | 246,648 |
Securities held to maturity (fair value of $446,267 and $408,576, respectively) | 438,283 | 412,075 |
Securities available for sale, at fair value | 569,048 | 501,254 |
Mortgage loans held for sale, at fair value | 28,116 | 33,440 |
Loans, net of unearned income: | ' | ' |
Acquired and covered by FDIC loss-share agreements (covered loans) | 167,129 | 181,674 |
Acquired and non-covered by FDIC loss-share agreements (acquired non-covered loans) | 694,115 | 813,543 |
Not acquired | 3,096,286 | 2,885,801 |
Total loans, net of unearned income | 3,957,530 | 3,881,018 |
Allowance for loan losses | -47,304 | -47,665 |
Loans, net | 3,910,226 | 3,833,353 |
Premises and equipment, net | 103,917 | 101,525 |
Other real estate owned: | ' | ' |
Covered under FDIC loss-share agreements | 7,472 | 12,942 |
Not covered under FDIC loss-share agreements | 34,331 | 39,945 |
Total other real estate owned, net | 41,803 | 52,887 |
Goodwill | 276,146 | 276,100 |
Other intangible assets, net | 25,332 | 28,230 |
FDIC loss-share indemnification asset | 19,863 | 26,273 |
Other assets | 232,066 | 234,485 |
Total assets | 5,826,020 | 5,746,270 |
Deposits | ' | ' |
Noninterest-bearing | 902,766 | 856,020 |
Interest-bearing | 3,983,965 | 3,985,892 |
Total deposits | 4,886,731 | 4,841,912 |
Short-term borrowings | 25,505 | 2,283 |
Long-term debt | 164,325 | 169,592 |
Other liabilities | 61,244 | 66,831 |
Total liabilities | 5,137,805 | 5,080,618 |
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, 32,656,166 and 32,656,182 shares issued, respectfully; 31,519,641 and 31,387,668 shares outstanding, respectively | 163,281 | 163,281 |
Treasury stock, at cost | -21,947 | -23,023 |
Additional paid-in capital | 343,162 | 342,552 |
Retained earnings | 212,511 | 194,815 |
Accumulated other comprehensive loss, net of taxes | -8,792 | -11,973 |
Total shareholders’ equity | 688,215 | 665,652 |
Total liabilities and shareholders’ equity | $5,826,020 | $5,746,270 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Securities held to maturity, fair value | $446,267 | $408,576 |
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) | 32,656,166 | 32,656,182 |
Common stock, shares outstanding (shares) | 31,519,641 | 31,387,668 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income | ' | ' | ' | ' |
Loans | $51,279 | $34,565 | $100,825 | $68,723 |
Securities | ' | ' | ' | ' |
Taxable | 270 | 3,431 | 4,513 | 6,222 |
Tax-exempt | 6,665 | 1,896 | 8,854 | 3,843 |
Other | 63 | 53 | 262 | 102 |
Total interest income | 58,277 | 39,945 | 114,454 | 78,890 |
Interest expense | ' | ' | ' | ' |
Deposits | 4,136 | 4,095 | 8,509 | 8,175 |
Borrowings | 1,972 | 1,446 | 3,805 | 2,930 |
Total interest expense | 6,108 | 5,541 | 12,314 | 11,105 |
Net interest income | 52,169 | 34,404 | 102,140 | 67,785 |
Provision for loan losses | 1,450 | 3,000 | 2,900 | 6,050 |
Net interest income after provision for loan losses | 50,719 | 31,404 | 99,240 | 61,735 |
Noninterest income | ' | ' | ' | ' |
Service charges on deposit accounts | 6,193 | 4,509 | 12,109 | 9,009 |
Fees and commissions | 5,515 | 4,848 | 10,487 | 9,679 |
Insurance commissions | 2,088 | 951 | 3,951 | 1,812 |
Wealth management revenue | 2,170 | 1,715 | 4,314 | 3,439 |
Gains on sales of securities | 0 | 0 | 0 | 54 |
BOLI income | 746 | 635 | 1,477 | 1,365 |
Gains on sales of mortgage loans held for sale | 2,006 | 3,870 | 3,591 | 7,435 |
Other | 753 | 789 | 2,158 | 1,902 |
Total noninterest income | 19,471 | 17,317 | 38,087 | 34,695 |
Noninterest expense | ' | ' | ' | ' |
Salaries and employee benefits | 29,810 | 21,906 | 58,238 | 43,180 |
Data processing | 2,850 | 2,045 | 5,545 | 4,088 |
Net occupancy and equipment | 4,906 | 3,668 | 9,753 | 7,276 |
Other real estate owned | 1,068 | 1,773 | 2,769 | 3,822 |
Professional fees | 1,389 | 1,304 | 2,589 | 2,477 |
Advertising and public relations | 1,888 | 1,246 | 3,416 | 2,736 |
Intangible amortization | 1,427 | 314 | 2,898 | 637 |
Communications | 1,701 | 1,135 | 3,383 | 2,262 |
Merger-related expenses | 0 | 385 | 195 | 385 |
Other | 4,357 | 3,958 | 8,255 | 8,471 |
Total noninterest expense | 49,396 | 37,734 | 97,041 | 75,334 |
Income before income taxes | 20,794 | 10,987 | 40,286 | 21,096 |
Income taxes | 5,941 | 2,968 | 11,836 | 5,506 |
Net income | $14,853 | $8,019 | $28,450 | $15,590 |
Basic earnings per share (usd per share) | $0.47 | $0.32 | $0.90 | $0.62 |
Diluted earnings per share (usd per share) | $0.47 | $0.32 | $0.90 | $0.62 |
Cash dividends per common share (usd per share) | $0.17 | $0.17 | $0.34 | $0.34 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $14,853 | $8,019 | $28,450 | $15,590 |
Securities: | ' | ' | ' | ' |
Net change in unrealized holding gains (losses) on securities | 1,206 | -7,019 | 3,990 | -6,873 |
Reclassification adjustment for losses realized in net income | 0 | 0 | 0 | 71 |
Amortization of unrealized holding losses on securities transferred to the held to maturity category | -39 | -54 | -83 | -120 |
Total securities | 1,167 | -7,073 | 3,907 | -6,922 |
Derivative instruments: | ' | ' | ' | ' |
Net change in unrealized holding (losses) gains on derivative instruments | -396 | 992 | -815 | 1,199 |
Reclassification adjustment for gains realized in net income | 0 | -51 | 0 | -104 |
Totals derivative instruments | -396 | 941 | -815 | 1,095 |
Defined benefit pension and post-retirement benefit plans: | ' | ' | ' | ' |
Net gain arising during the period | 0 | 0 | 0 | 0 |
Less amortization of net actuarial loss recognized in net periodic pension cost | 45 | 85 | 90 | 157 |
Total defined benefit pension and post-retirement benefit plans | 45 | 85 | 90 | 157 |
Other comprehensive income (loss), net of tax | 816 | -6,047 | 3,182 | -5,670 |
Comprehensive income | $15,669 | $1,972 | $31,632 | $9,920 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities | ' | ' |
Net cash provided by operating activities | $59,408 | $57,975 |
Investing activities | ' | ' |
Purchases of securities available for sale | -100,129 | -106,521 |
Proceeds from sales of securities available for sale | 0 | 9,015 |
Proceeds from call/maturities of securities available for sale | 37,319 | 42,898 |
Purchases of securities held to maturity | -151,836 | -70,075 |
Proceeds from sales of securities held to maturity | 0 | 4,459 |
Proceeds from call/maturities of securities held to maturity | 124,798 | 34,670 |
Net increase in loans | -82,399 | -86,810 |
Purchases of premises and equipment | -5,675 | -5,908 |
Net cash used in investing activities | -177,922 | -178,272 |
Financing activities | ' | ' |
Net increase (decrease) in noninterest-bearing deposits | 46,746 | -7,249 |
Net (decrease) increase in interest-bearing deposits | -1,927 | 51,186 |
Net increase in short-term borrowings | 23,222 | 37,565 |
Repayment of long-term debt | -5,460 | -6,401 |
Cash paid for dividends | -10,753 | -8,603 |
Cash received on exercise of stock-based compensation | 281 | 239 |
Excess tax benefit from stock-based compensation | 977 | 155 |
Net cash provided by financing activities | 53,086 | 66,892 |
Net decrease in cash and cash equivalents | -65,428 | -53,405 |
Cash and cash equivalents at beginning of period | 246,648 | 132,420 |
Cash and cash equivalents at end of period | 181,220 | 79,015 |
Supplemental disclosures | ' | ' |
Cash paid for interest | 12,481 | 11,086 |
Cash paid for income taxes | 9,300 | 9,033 |
Noncash transactions: | ' | ' |
Transfers of loans to other real estate owned | 6,029 | 10,914 |
Financed sales of other real estate owned | $634 | $2,900 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
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. | |
Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission on March 11, 2014. | |
On September 1, 2013, the Company completed its acquisition of First M&F Corporation (“First M&F”). The financial condition and results of operation for First M&F are included in the Company’s financial statements since the date of the acquisition. See Note M, “Mergers and Acquisitions,” in these Notes to Consolidated Financial Statements for further details regarding the terms and conditions of the Company’s merger with First M&F. | |
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. | |
Subsequent Events: The Company has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance of its financial statements, and has determined that no significant events occurred after June 30, 2014 but prior to the issuance of these financial statements that would have a material impact on its Consolidated Financial Statements. |
Securities
Securities | 6 Months Ended | |||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||
Securities | ' | |||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||
The amortized cost and fair value of securities held to maturity were as follows: | ||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 125,566 | $ | 14 | $ | (4,644 | ) | $ | 120,936 | |||||||||||||||||||||
Obligations of states and political subdivisions | 312,717 | 13,387 | (773 | ) | 325,331 | |||||||||||||||||||||||||
$ | 438,283 | $ | 13,401 | $ | (5,417 | ) | $ | 446,267 | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
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. 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 during the first half of 2013 had a carrying value of $4,292, and the Company recognized a net gain of $169 on the sale. No such securities were sold during the same period in 2014. | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 6,132 | $ | 148 | $ | (158 | ) | $ | 6,122 | |||||||||||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 303,203 | 4,361 | (1,896 | ) | 305,668 | |||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 165,265 | 1,571 | (3,890 | ) | 162,946 | |||||||||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 46,154 | 1,576 | (347 | ) | 47,383 | |||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 5,256 | 205 | — | 5,461 | ||||||||||||||||||||||||||
Trust preferred securities | 27,371 | 92 | (9,154 | ) | 18,309 | |||||||||||||||||||||||||
Other debt securities | 18,482 | 343 | (124 | ) | 18,701 | |||||||||||||||||||||||||
Other equity securities | 3,054 | 1,404 | — | 4,458 | ||||||||||||||||||||||||||
$ | 574,917 | $ | 9,700 | $ | (15,569 | ) | $ | 569,048 | ||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Gross realized gains and gross realized losses on sales of securities available for sale for the three and six months ended June 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Gross gains on sales of securities available for sale | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Gross losses on sales of securities available for sale | — | — | — | (115 | ) | |||||||||||||||||||||||||
Loss on sales of securities available for sale, net | $ | — | $ | — | $ | — | $ | (115 | ) | |||||||||||||||||||||
At June 30, 2014 and December 31, 2013, securities with a carrying value of $682,714 and $604,571, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $14,242 and $7,626 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||
The amortized cost and fair value of securities at June 30, 2014 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 | $ | 11,838 | $ | 11,966 | $ | — | $ | — | ||||||||||||||||||||||
Due after one year through five years | 52,018 | 53,704 | 1,071 | 1,149 | ||||||||||||||||||||||||||
Due after five years through ten years | 229,292 | 228,436 | 5,061 | 4,973 | ||||||||||||||||||||||||||
Due after ten years | 145,135 | 152,161 | 27,371 | 18,309 | ||||||||||||||||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | — | — | 303,203 | 305,668 | ||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | — | — | 165,265 | 162,946 | ||||||||||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | — | — | 46,154 | 47,383 | ||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | — | — | 5,256 | 5,461 | ||||||||||||||||||||||||||
Other debt securities | — | — | 18,482 | 18,701 | ||||||||||||||||||||||||||
Other equity securities | — | — | 3,054 | 4,458 | ||||||||||||||||||||||||||
$ | 438,283 | $ | 446,267 | $ | 574,917 | $ | 569,048 | |||||||||||||||||||||||
The following table presents the age of gross unrealized losses and fair value by investment category 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: | ||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 1 | $ | 500 | $ | (1 | ) | 27 | $ | 117,932 | $ | (4,643 | ) | 28 | $ | 118,432 | $ | (4,644 | ) | ||||||||||||
Obligations of states and political subdivisions | 26 | 22,434 | (166 | ) | 27 | 17,347 | (607 | ) | 53 | 39,781 | (773 | ) | ||||||||||||||||||
Total | 27 | $ | 22,934 | $ | (167 | ) | 54 | $ | 135,279 | $ | (5,250 | ) | 81 | 158,213 | $ | (5,417 | ) | |||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||
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 | ) | ||||||||||||
Available for Sale: | ||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 0 | $ | — | $ | — | 1 | $ | 3,842 | $ | (158 | ) | 1 | $ | 3,842 | $ | (158 | ) | |||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 10 | 48,735 | (91 | ) | 19 | 71,908 | (1,805 | ) | 29 | 120,643 | (1,896 | ) | ||||||||||||||||||
Government agency collateralized mortgage obligations | 7 | 32,408 | (371 | ) | 18 | 70,050 | (3,519 | ) | 25 | 102,458 | (3,890 | ) | ||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 1 | 5,275 | (26 | ) | 3 | 10,538 | (321 | ) | 4 | 15,813 | (347 | ) | ||||||||||||||||||
Government agency collateralized mortgage obligations | — | — | — | — | 0 | — | — | |||||||||||||||||||||||
Trust preferred securities | — | — | 3 | 17,102 | (9,154 | ) | 3 | 17,102 | (9,154 | ) | ||||||||||||||||||||
Other debt securities | — | — | 2 | 4,424 | (124 | ) | 2 | 4,424 | (124 | ) | ||||||||||||||||||||
Total | 18 | $ | 86,418 | $ | (488 | ) | 46 | $ | 177,864 | $ | (15,081 | ) | 64 | $ | 264,282 | $ | (15,569 | ) | ||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||
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 | ) | ||||||||||||
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. 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 before the security’s maturity. | ||||||||||||||||||||||||||||||
The Company holds investments in pooled trust preferred securities that had an amortized cost basis of $27,371 and $27,531 and a fair value of $18,309 and $17,671, at June 30, 2014 and December 31, 2013, 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 320 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 June 30, 2014, management did not, and does not currently, believe such securities will be settled at a price less than the amortized cost of the investment, but the Company previously concluded that it was probable that there had been an adverse change in estimated cash flows for all four trust preferred securities and recognized credit related impairment losses on these securities in 2010 and 2011. No additional impairment was recognized during the three or six months ended June 30, 2014. | ||||||||||||||||||||||||||||||
The Company's analysis of the pooled trust preferred securities during the current quarter supported a return to accrual status for two of the four securities (XIII and XXIII.) An observed history of interest payments combined with improved qualitative and quantitative factors described above justifies the accrual of interest on these securities going forward. However, the remaining two securities (XXIV and XXVI) are still in "payment in kind" status where interest payments are not expected until a future date, and the Company's analysis of the qualitative and quantitative factors described above did not justify a return to accrual status. As such, pooled trust preferred securities XXIV and XXVI were classified as nonaccruing assets at June 30, 2014, and 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 June 30, 2014: | ||||||||||||||||||||||||||||||
Name | Single/ | Class/ | Amortized | Fair | Unrealized | Lowest | Issuers | |||||||||||||||||||||||
Pooled | Tranche | Cost | Value | Loss | Credit | Currently in | ||||||||||||||||||||||||
Rating | Deferral or | |||||||||||||||||||||||||||||
Default | ||||||||||||||||||||||||||||||
XIII | Pooled | B-2 | $ | 1,115 | $ | 1,207 | $ | 92 | Caa3 | 23 | % | |||||||||||||||||||
XXIII | Pooled | B-2 | 8,750 | 5,431 | (3,319 | ) | B1 | 19 | % | |||||||||||||||||||||
XXIV | Pooled | B-2 | 12,076 | 7,889 | (4,187 | ) | Ca | 32 | % | |||||||||||||||||||||
XXVI | Pooled | B-2 | 5,430 | 3,782 | (1,648 | ) | Ca | 30 | % | |||||||||||||||||||||
$ | 27,371 | $ | 18,309 | $ | (9,062 | ) | ||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
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 June 30 | $ | (3,337 | ) | $ | (3,337 | ) |
Loans_and_the_Allowance_for_Lo
Loans and the Allowance for Loan Losses | 6 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||
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 as of the dates presented: | ||||||||||||||||||||||||||||||||||||
June 30, | December 31, 2013 | |||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 447,826 | $ | 468,963 | ||||||||||||||||||||||||||||||||
Lease financing | 1,814 | 53 | ||||||||||||||||||||||||||||||||||
Real estate – construction | 176,577 | 161,436 | ||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 1,221,288 | 1,208,233 | ||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 2,015,319 | 1,950,572 | ||||||||||||||||||||||||||||||||||
Installment loans to individuals | 94,753 | 91,762 | ||||||||||||||||||||||||||||||||||
Gross loans | 3,957,577 | 3,881,019 | ||||||||||||||||||||||||||||||||||
Unearned income | (47 | ) | (1 | ) | ||||||||||||||||||||||||||||||||
Loans, net of unearned income | 3,957,530 | 3,881,018 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | (47,304 | ) | (47,665 | ) | ||||||||||||||||||||||||||||||||
Net loans | $ | 3,910,226 | $ | 3,833,353 | ||||||||||||||||||||||||||||||||
Past Due and Nonaccrual Loans | ||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 630 | $ | 972 | $ | 443,663 | $ | 445,265 | $ | 137 | $ | 1,139 | $ | 1,285 | $ | 2,561 | $ | 447,826 | ||||||||||||||||||
Lease financing | — | — | 1,814 | 1,814 | — | — | — | — | 1,814 | |||||||||||||||||||||||||||
Real estate – construction | 713 | 11 | 174,205 | 174,929 | — | 1,648 | — | 1,648 | 176,577 | |||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 9,437 | 5,047 | 1,193,582 | 1,208,066 | 336 | 7,306 | 5,580 | 13,222 | 1,221,288 | |||||||||||||||||||||||||||
Real estate – commercial mortgage | 10,581 | 2,603 | 1,955,117 | 1,968,301 | 1,785 | 35,136 | 10,097 | 47,018 | 2,015,319 | |||||||||||||||||||||||||||
Installment loans to individuals | 279 | 39 | 94,318 | 94,636 | — | 102 | 15 | 117 | 94,753 | |||||||||||||||||||||||||||
Unearned income | — | — | (47 | ) | (47 | ) | — | — | — | — | (47 | ) | ||||||||||||||||||||||||
Total | $ | 21,640 | $ | 8,672 | $ | 3,862,652 | $ | 3,892,964 | $ | 2,258 | $ | 45,331 | $ | 16,977 | $ | 64,566 | $ | 3,957,530 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||
Restructured loans contractually 90 days past due or more totaled $0 at December 31, 2013. This balance increased to $110 in restructured loans contractually 90 days past due or more at June 30, 2014. The outstanding balance of restructured loans on nonaccrual status was $8,280 and $10,078 at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||||||
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, consumer 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. | ||||||||||||||||||||||||||||||||||||
Impaired loans recognized in conformity with Financial Accounting Standards Board Accounting Standards Codification Topic ("ASC") 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | ||||||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | ||||||||||||||||||||||||||||||||
Principal | With | With No | Investment | |||||||||||||||||||||||||||||||||
Balance | Allowance | Allowance | ||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 6,933 | $ | 701 | $ | 2,648 | $ | 3,349 | $ | 248 | ||||||||||||||||||||||||||
Real estate – construction | 2,832 | — | 1,877 | 1,877 | — | |||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 28,062 | 15,270 | 3,989 | 19,259 | 3,009 | |||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 122,322 | 42,531 | 40,934 | 83,465 | 11,726 | |||||||||||||||||||||||||||||||
Installment loans to individuals | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 160,149 | $ | 58,502 | $ | 49,448 | $ | 107,950 | $ | 14,983 | ||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 6,575 | $ | 743 | $ | 2,043 | $ | 2,786 | $ | 260 | ||||||||||||||||||||||||||
Real estate – construction | 2,447 | — | 1,648 | 1,648 | — | |||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 42,868 | 25,374 | 8,542 | 33,916 | 7,353 | |||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 108,963 | 30,624 | 38,517 | 69,141 | 7,036 | |||||||||||||||||||||||||||||||
Installment loans to individuals | 620 | 183 | 77 | 260 | 1 | |||||||||||||||||||||||||||||||
Totals | $ | 161,473 | $ | 56,924 | $ | 50,827 | $ | 107,751 | $ | 14,650 | ||||||||||||||||||||||||||
The following table presents the average recorded investment and interest income recognized on impaired loans for the periods presented: | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized(1) | |||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 5,279 | $ | — | $ | 5,601 | $ | — | ||||||||||||||||||||||||||||
Real estate – construction | 2,034 | — | 1,650 | — | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 21,747 | 170 | 34,732 | 108 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 93,402 | 752 | 69,168 | 123 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 122,462 | $ | 922 | $ | 111,151 | $ | 231 | ||||||||||||||||||||||||||||
-1 | Includes interest income recognized using the cash-basis method of income recognition of $0. No interest income was recognized using the cash-basis method of income recognition during the three months ended June 30, 2014. | |||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized(1) | |||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 5,382 | $ | — | $ | 5,551 | $ | — | ||||||||||||||||||||||||||||
Real estate – construction | 2,036 | 2 | 1,650 | — | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 22,122 | 204 | 34,874 | 291 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 94,641 | 816 | 69,579 | 466 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 124,181 | $ | 1,022 | $ | 111,654 | $ | 757 | ||||||||||||||||||||||||||||
-1 | Includes interest income recognized using the cash-basis method of income recognition of $0. No interest income was recognized using the cash-basis method of income recognition during the six months ended June 30, 2014. | |||||||||||||||||||||||||||||||||||
Restructured Loans | ||||||||||||||||||||||||||||||||||||
Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and which 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. The following table presents restructured loans segregated by class as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Number of | Pre- | Post- | ||||||||||||||||||||||||||||||||||
Loans | Modification | Modification | ||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Real estate – construction | — | — | — | |||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 19 | 15,768 | 5,884 | |||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 18 | 17,112 | 14,955 | |||||||||||||||||||||||||||||||||
Installment loans to individuals | — | — | — | |||||||||||||||||||||||||||||||||
Total | 37 | $ | 32,880 | $ | 20,839 | |||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | 1 | $ | 20 | $ | 19 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Changes in the Company’s restructured loans are set forth in the table below: | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | |||||||||||||||||||||||||||||||||||
Loans | Investment | |||||||||||||||||||||||||||||||||||
Totals at January 1, 2014 | 41 | $ | 21,478 | |||||||||||||||||||||||||||||||||
Additional loans with concessions | 1 | 1,289 | ||||||||||||||||||||||||||||||||||
Reductions due to: | ||||||||||||||||||||||||||||||||||||
Reclassified as nonperforming | (1 | ) | (331 | ) | ||||||||||||||||||||||||||||||||
Paid in full | (4 | ) | (335 | ) | ||||||||||||||||||||||||||||||||
Charge-offs | — | — | ||||||||||||||||||||||||||||||||||
Transfer to other real estate owned | — | — | ||||||||||||||||||||||||||||||||||
Principal paydowns | (1,259 | ) | ||||||||||||||||||||||||||||||||||
Lapse of concession period | — | — | ||||||||||||||||||||||||||||||||||
Totals at June 30, 2014 | 37 | $ | 20,842 | |||||||||||||||||||||||||||||||||
The allocated allowance for loan losses attributable to restructured loans was $3,122 and $2,984 at June 30, 2014 and December 31, 2013, respectively. The Company had $0 and $93 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||||||||||||||
For loans originated for commercial purposes, 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 these 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 adverse 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 | |||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 319,948 | $ | 4,500 | $ | 1,447 | $ | 325,895 | ||||||||||||||||||||||||||||
Real estate – construction | 123,503 | 1,141 | — | 124,644 | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 130,837 | 10,329 | 10,067 | 151,233 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 1,414,585 | 29,749 | 48,178 | 1,492,512 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | 1,677 | — | — | 1,677 | ||||||||||||||||||||||||||||||||
Total | $ | 1,990,550 | $ | 45,719 | $ | 59,692 | $ | 2,095,961 | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
For portfolio balances of consumer, consumer mortgage and certain other loans originated for other than commercial purposes, 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- | Total | ||||||||||||||||||||||||||||||||||
Performing | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 93,449 | $ | 133 | $ | 93,582 | ||||||||||||||||||||||||||||||
Lease financing | 1,767 | — | 1,767 | |||||||||||||||||||||||||||||||||
Real estate – construction | 50,045 | 11 | 50,056 | |||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 973,910 | 3,935 | 977,845 | |||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 249,378 | 436 | 249,814 | |||||||||||||||||||||||||||||||||
Installment loans to individuals | 87,439 | 81 | 87,520 | |||||||||||||||||||||||||||||||||
Total | $ | 1,455,988 | $ | 4,596 | $ | 1,460,584 | ||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | — | $ | 7,677 | $ | 20,672 | $ | 28,349 | ||||||||||||||||||||||||||||
Lease financing | — | — | — | — | ||||||||||||||||||||||||||||||||
Real estate – construction | — | 1,648 | 229 | 1,877 | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 1,255 | 48,361 | 42,594 | 92,210 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 19,044 | 89,122 | 164,827 | 272,993 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | — | 22 | 5,534 | 5,556 | ||||||||||||||||||||||||||||||||
Total | $ | 20,299 | $ | 146,830 | $ | 233,856 | $ | 400,985 | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
The references in the table above and elsewhere in these Notes to "covered loans" and "not covered loans" (as well as to "covered OREO" and "not covered OREO") refer to loans (or OREO, as applicable) covered and not covered, respectively, by loss-share agreements with the FDIC. See Note E, "FDIC Loss-Share Indemnification Asset," below for more information. | ||||||||||||||||||||||||||||||||||||
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 at June 30, 2014: | ||||||||||||||||||||||||||||||||||||
Impaired | Other | Not | Total | |||||||||||||||||||||||||||||||||
Covered | Covered | Covered | ||||||||||||||||||||||||||||||||||
Loans | Loans | Loans | ||||||||||||||||||||||||||||||||||
Contractually-required principal and interest | $ | 57,279 | $ | 183,328 | $ | 317,561 | $ | 558,168 | ||||||||||||||||||||||||||||
Nonaccretable difference(1) | (36,979 | ) | (33,251 | ) | (50,579 | ) | (120,809 | ) | ||||||||||||||||||||||||||||
Cash flows expected to be collected | 20,300 | 150,077 | 266,982 | 437,359 | ||||||||||||||||||||||||||||||||
Accretable yield(2) | (1 | ) | (3,247 | ) | (33,126 | ) | (36,374 | ) | ||||||||||||||||||||||||||||
Fair value | $ | 20,299 | $ | 146,830 | $ | 233,856 | $ | 400,985 | ||||||||||||||||||||||||||||
-1 | Represents contractual principal and interest cash flows of $112,523 and $8,286, respectively, not expected to be collected. | |||||||||||||||||||||||||||||||||||
-2 | Represents contractual interest payments of $3,387 expected to be collected and purchase discount of $32,987. | |||||||||||||||||||||||||||||||||||
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, 2014 | $ | (1 | ) | $ | (3,758 | ) | $ | (36,191 | ) | $ | (39,950 | ) | ||||||||||||||||||||||||
Reclasses from nonaccretable difference | (50 | ) | (3,389 | ) | (355 | ) | (3,794 | ) | ||||||||||||||||||||||||||||
Accretion | 50 | 3,900 | 3,420 | 7,370 | ||||||||||||||||||||||||||||||||
Balance at June 30, 2014 | $ | (1 | ) | $ | (3,247 | ) | $ | (33,126 | ) | $ | (36,374 | ) | ||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||
The allowance for loan losses is maintained at a level believed adequate by management based on its ongoing analysis of the loan portfolio to absorb probable credit losses inherent in the entire loan portfolio, 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. 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. | ||||||||||||||||||||||||||||||||||||
The following table provides a roll forward 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 | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,128 | $ | 1,109 | $ | 18,478 | $ | 24,147 | $ | 1,186 | $ | 48,048 | ||||||||||||||||||||||||
Charge-offs | — | — | (1,985 | ) | (483 | ) | (61 | ) | (2,529 | ) | ||||||||||||||||||||||||||
Recoveries | 75 | 3 | 206 | 28 | 23 | 335 | ||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | 75 | 3 | (1,779 | ) | (455 | ) | (38 | ) | (2,194 | ) | ||||||||||||||||||||||||||
Provision for loan losses | (95 | ) | 154 | (5,187 | ) | 7,522 | 57 | 2,451 | ||||||||||||||||||||||||||||
Benefit attributable to FDIC loss-share agreements | — | — | (66 | ) | (1,476 | ) | — | (1,542 | ) | |||||||||||||||||||||||||||
Recoveries payable to FDIC | 156 | 1 | 351 | 33 | — | 541 | ||||||||||||||||||||||||||||||
Provision for loan losses charged to operations | 61 | 155 | (4,902 | ) | 6,079 | 57 | 1,450 | |||||||||||||||||||||||||||||
Ending balance | $ | 3,264 | $ | 1,267 | $ | 11,797 | $ | 29,771 | $ | 1,205 | $ | 47,304 | ||||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,090 | $ | 1,091 | $ | 18,629 | $ | 23,688 | $ | 1,167 | $ | 47,665 | ||||||||||||||||||||||||
Charge-offs | (119 | ) | — | (2,872 | ) | (543 | ) | (292 | ) | (3,826 | ) | |||||||||||||||||||||||||
Recoveries | 112 | 8 | 357 | 58 | 30 | 565 | ||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (7 | ) | 8 | (2,515 | ) | (485 | ) | (262 | ) | (3,261 | ) | |||||||||||||||||||||||||
Provision for loan losses | 88 | 167 | (4,691 | ) | 8,002 | 300 | 3,866 | |||||||||||||||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (68 | ) | — | (135 | ) | (1,471 | ) | — | (1,674 | ) | ||||||||||||||||||||||||||
Recoveries payable to FDIC | 161 | 1 | 509 | 37 | — | 708 | ||||||||||||||||||||||||||||||
Provision for loan losses charged to operations | 181 | 168 | (4,317 | ) | 6,568 | 300 | 2,900 | |||||||||||||||||||||||||||||
Ending balance | $ | 3,264 | $ | 1,267 | $ | 11,797 | $ | 29,771 | $ | 1,205 | $ | 47,304 | ||||||||||||||||||||||||
Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 245 | $ | — | $ | 2,062 | $ | 8,584 | $ | — | $ | 10,891 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 3,019 | 1,267 | 9,735 | 21,187 | 1,205 | 36,413 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,264 | $ | 1,267 | $ | 11,797 | $ | 29,771 | $ | 1,205 | $ | 47,304 | ||||||||||||||||||||||||
Commercial | Real Estate - | Real Estate - | Real Estate - | Installment | Total | |||||||||||||||||||||||||||||||
Construction | 1-4 Family | Commercial | and Other(1) | |||||||||||||||||||||||||||||||||
Mortgage | Mortgage | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,942 | $ | 676 | $ | 19,737 | $ | 22,096 | $ | 1,054 | $ | 46,505 | ||||||||||||||||||||||||
Charge-offs | (46 | ) | — | (652 | ) | (2,527 | ) | (288 | ) | (3,513 | ) | |||||||||||||||||||||||||
Recoveries | 90 | 47 | 132 | 756 | 17 | 1,042 | ||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | 44 | 47 | (520 | ) | (1,771 | ) | (271 | ) | (2,471 | ) | ||||||||||||||||||||||||||
Provision for loan losses | 563 | 140 | 521 | 1,962 | 239 | 3,425 | ||||||||||||||||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (83 | ) | — | (369 | ) | (50 | ) | — | (502 | ) | ||||||||||||||||||||||||||
Recoveries payable to FDIC | 12 | — | 63 | 2 | — | 77 | ||||||||||||||||||||||||||||||
Provision for loan losses charged to operations | 492 | 140 | 215 | 1,914 | 239 | 3,000 | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,478 | $ | 863 | $ | 19,432 | $ | 22,239 | $ | 1,022 | $ | 47,034 | ||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,307 | $ | 711 | $ | 18,347 | $ | 21,416 | $ | 566 | $ | 44,347 | ||||||||||||||||||||||||
Charge-offs | (280 | ) | — | (1,266 | ) | (3,120 | ) | (352 | ) | (5,018 | ) | |||||||||||||||||||||||||
Recoveries | 247 | 63 | 471 | 847 | 27 | 1,655 | ||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (33 | ) | 63 | (795 | ) | (2,273 | ) | (325 | ) | (3,363 | ) | |||||||||||||||||||||||||
Provision for loan losses | 510 | 88 | 1,718 | 3,787 | 781 | 6,884 | ||||||||||||||||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (330 | ) | — | (630 | ) | (711 | ) | — | (1,671 | ) | ||||||||||||||||||||||||||
Recoveries payable to FDIC | 24 | 1 | 792 | 20 | — | 837 | ||||||||||||||||||||||||||||||
Provision for loan losses charged to operations | 204 | 89 | 1,880 | 3,096 | 781 | 6,050 | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,478 | $ | 863 | $ | 19,432 | $ | 22,239 | $ | 1,022 | $ | 47,034 | ||||||||||||||||||||||||
Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 834 | $ | — | $ | 7,843 | $ | 7,267 | $ | — | $ | 15,944 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 2,644 | 863 | 11,589 | 14,972 | 1,022 | 31,090 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,478 | $ | 863 | $ | 19,432 | $ | 22,239 | $ | 1,022 | $ | 47,034 | ||||||||||||||||||||||||
-1 | Includes lease financing receivables. | |||||||||||||||||||||||||||||||||||
The following table provides the 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 | |||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 701 | $ | — | $ | 15,270 | $ | 42,531 | $ | — | $ | 58,502 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 418,776 | 174,700 | 1,113,808 | 1,699,795 | 90,964 | 3,498,043 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 28,349 | 1,877 | 92,210 | 272,993 | 5,556 | 400,985 | ||||||||||||||||||||||||||||||
Ending balance | $ | 447,826 | $ | 176,577 | $ | 1,221,288 | $ | 2,015,319 | $ | 96,520 | $ | 3,957,530 | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
-1 | Includes lease financing receivables. |
Other_Real_Estate_Owned
Other Real Estate Owned | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | ||||||||||||||
30-Jun-14 | ||||||||||||||||
Residential real estate | $ | 1,286 | $ | 6,507 | $ | 7,793 | ||||||||||
Commercial real estate | 2,182 | 8,557 | 10,739 | |||||||||||||
Residential land development | 625 | 8,563 | 9,188 | |||||||||||||
Commercial land development | 3,379 | 10,704 | 14,083 | |||||||||||||
Total | $ | 7,472 | $ | 34,331 | $ | 41,803 | ||||||||||
December 31, 2013 | ||||||||||||||||
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 | ||||||||||
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 January 1, 2014 | $ | 12,942 | $ | 39,945 | $ | 52,887 | ||||||||||
Transfers of loans | 3,363 | 2,666 | 6,029 | |||||||||||||
Capitalized improvements | — | — | — | |||||||||||||
Impairments(1) | (1,950 | ) | (656 | ) | (2,606 | ) | ||||||||||
Dispositions | (6,589 | ) | (7,753 | ) | (14,342 | ) | ||||||||||
Other | (294 | ) | 129 | (165 | ) | |||||||||||
Balance at June 30, 2014 | $ | 7,472 | $ | 34,331 | $ | 41,803 | ||||||||||
-1 | Of the total impairment charges of $1,950 recorded for covered OREO, $390 was included in the Consolidated Statements of Income for the six months ended June 30, 2014, while the remaining $1,560 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 for the periods presented: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Repairs and maintenance | $ | 756 | $ | 555 | $ | 1,537 | $ | 908 | ||||||||
Property taxes and insurance | 56 | 304 | 297 | 657 | ||||||||||||
Impairments | 207 | 1,249 | 1,045 | 2,235 | ||||||||||||
Net losses (gains) on OREO sales | 102 | (252 | ) | (12 | ) | 218 | ||||||||||
Rental income | (53 | ) | (83 | ) | (98 | ) | (196 | ) | ||||||||
Total | $ | 1,068 | $ | 1,773 | $ | 2,769 | $ | 3,822 | ||||||||
FDIC_LossShare_Indemnification
FDIC Loss-Share Indemnification Asset | 6 Months Ended | |||
Jun. 30, 2014 | ||||
FDIC Loss-Share Indemnification Asset [Abstract] | ' | |||
FDIC Loss-Share Indemnification Asset | ' | |||
FDIC Loss-Share Indemnification Asset | ||||
(In Thousands) | ||||
As part of the loan portfolio and OREO fair value estimation in connection with FDIC-assisted acquisitions, a FDIC loss-share indemnification asset is established, which represents the present value as of the acquisition date of the estimated losses on covered assets to be reimbursed by the FDIC. Pursuant to the terms of both of our loss-share agreements, the FDIC is obligated to reimburse the Bank for 80% of all eligible losses with respect to covered assets, 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 assets. 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: | ||||
Balance at January 1, 2014 | $ | 26,273 | ||
Changes in expected cash flows from initial estimates on: | ||||
Covered Loans | (2,904 | ) | ||
Covered OREO | 662 | |||
Reimbursable expenses | 592 | |||
Accretion | — | |||
Reimbursements received from the FDIC | (4,760 | ) | ||
Balance at June 30, 2014 | $ | 19,863 | ||
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Transfers and Servicing [Abstract] | ' | |||
Mortgage Servicing Rights | ' | |||
Mortgage Servicing Rights | ||||
(In Thousands) | ||||
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 June 30, 2014 and December 31, 2013. | ||||
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 three or six months ended June 30, 2014 or 2013. | ||||
Changes in the Company’s mortgage servicing rights were as follows: | ||||
Balance at January 1, 2014 | $ | 8,994 | ||
Capitalization | 1,875 | |||
Amortization | (589 | ) | ||
Balance at June 30, 2014 | $ | 10,280 | ||
Data and key economic assumptions related to the Company’s mortgage servicing rights as of June 30, 2014 are as follows: | ||||
Unpaid principal balance | $ | 1,029,444 | ||
Weighted-average prepayment speed (CPR) | 5.36 | % | ||
Estimated impact of a 10% increase | $ | (931 | ) | |
Estimated impact of a 20% increase | (1,236 | ) | ||
Discount rate | 11.26 | % | ||
Estimated impact of a 10% increase | $ | (959 | ) | |
Estimated impact of a 20% increase | (1,286 | ) | ||
Weighted-average coupon interest rate | 3.77 | % | ||
Weighted-average servicing fee (basis points) | 25.09 | |||
Weighted-average remaining maturity (in years) | 24.33 | |||
Employee_Benefit_and_Deferred_
Employee Benefit and Deferred Compensation Plans | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefit and Deferred Compensation Plans | ' | |||||||||||||||
Employee Benefit and Deferred Compensation Plans | ||||||||||||||||
(In Thousands, Except Share Data) | ||||||||||||||||
The plan expense for the Company-sponsored noncontributory defined benefit pension plan (“Pension Benefits”) and post-retirement health and life plans (“Other Benefits”) for the periods presented was as follows: | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | — | $ | — | $ | 6 | $ | 6 | ||||||||
Interest cost | 318 | 187 | 23 | 15 | ||||||||||||
Expected return on plan assets | (539 | ) | (309 | ) | — | — | ||||||||||
Prior service cost recognized | — | — | — | — | ||||||||||||
Recognized actuarial loss | 46 | 102 | 27 | 36 | ||||||||||||
Net periodic benefit cost (return) | $ | (175 | ) | $ | (20 | ) | $ | 56 | $ | 57 | ||||||
Pension Benefits | Other Benefits | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | — | $ | — | $ | 12 | $ | 13 | ||||||||
Interest cost | 636 | 375 | 46 | 27 | ||||||||||||
Expected return on plan assets | (1,078 | ) | (620 | ) | — | — | ||||||||||
Prior service cost recognized | — | — | — | — | ||||||||||||
Recognized actuarial loss | 91 | 199 | 54 | 55 | ||||||||||||
Net periodic benefit cost (return) | $ | (351 | ) | $ | (46 | ) | $ | 112 | $ | 95 | ||||||
In January 2013, the Company granted stock options which generally vest and become exercisable in equal installments of 33 1/3% upon completion of one, two and three years of service measured from the grant date. There were no stock options granted during the six months ended June 30, 2014. The fair value of stock option grants is estimated on the grant date using the Black-Scholes option-pricing model. The Company employed the following assumptions with respect to its stock option grants in 2013: | ||||||||||||||||
2013 Grant | ||||||||||||||||
Shares granted | 52,500 | |||||||||||||||
Dividend yield | 3.55 | % | ||||||||||||||
Expected volatility | 37 | % | ||||||||||||||
Risk-free interest rate | 0.76 | % | ||||||||||||||
Expected lives | 6 years | |||||||||||||||
Weighted average exercise price | $ | 19.14 | ||||||||||||||
Weighted average fair value | $ | 4.47 | ||||||||||||||
In connection with its merger with First M&F during the third quarter of 2013, the Company assumed First M&F's 2005 Equity Incentive Plan and Stock Option Plan, under which options to purchase an aggregate of 11,557 shares of the Company's common stock were outstanding as of the date of assumption. The assumed options had a weighted average exercise price of $21.16 and a weighted average remaining contractual life of 2.05 years at the date of assumption. The fair value of the stock options assumed on the date of assumption was $68 and was estimated using the Black-Scholes option-pricing model. No additional options or other forms of equity incentives will be granted or awarded under these plans. At June 30, 2014, there were 6,934 remaining shares of the Company's common stock outstanding related to the First M&F Equity Incentive Plan and Stock Option Plan. The remaining options have a weighted average exercise price of $24.61 and a weighted average remaining contractual life of 1.24 years. | ||||||||||||||||
The following table summarizes the changes in stock options as of and for the six months ended June 30, 2014: | ||||||||||||||||
Shares | Weighted Average Exercise Price | |||||||||||||||
Options outstanding at beginning of period | 1,060,350 | $ | 18.64 | |||||||||||||
Assumed from acquisition | — | — | ||||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (144,105 | ) | 17.01 | |||||||||||||
Forfeited | (1,000 | ) | 16.91 | |||||||||||||
Options outstanding at end of period | 915,245 | $ | 18.9 | |||||||||||||
The Company awards performance-based restricted stock to executives and time-based restricted stock to directors and other officers and employees under a 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 on the Company falling short of, 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 award is the closing price of the Company's common stock on the day immediately preceding the award date. The following table summarizes the changes in restricted stock as of and for the six months ended June 30, 2014: | ||||||||||||||||
Performance-Based Restricted Stock | Weighted Average Grant-Date Fair Value | Time- Based Restricted Stock | Weighted Average Grant-Date Fair Value | |||||||||||||
Nonvested at beginning of period | 69,850 | $ | 19.14 | 22,338 | $ | 24.3 | ||||||||||
Awarded | 78,250 | 31.46 | 34,336 | 30.26 | ||||||||||||
Vested | (69,850 | ) | 19.14 | (6,338 | ) | 22.09 | ||||||||||
Cancelled | — | — | — | — | ||||||||||||
Nonvested at end of period | 78,250 | $ | 31.46 | 50,336 | $ | 28.64 | ||||||||||
During the six months ended June 30, 2014, the Company reissued 131,973 shares from treasury in connection with the exercise of stock options and award of restricted stock. The Company recorded total stock-based compensation expense of $951 and $477 for the three months ended June 30, 2014 and 2013, respectively, and $1,822 and $955 for the six months ended June 30, 2014 and 2013, respectively. |
Segment_Reporting
Segment Reporting | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
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 major 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 the Company’s operating segments for the periods presented: | ||||||||||||||||||||
Community | Insurance | Wealth | Other | Consolidated | ||||||||||||||||
Banks | Management | |||||||||||||||||||
Three months ended June 30, 2014 | ||||||||||||||||||||
Net interest income | 52,744 | 49 | 320 | (944 | ) | 52,169 | ||||||||||||||
Provision for loan losses | 1,501 | — | (51 | ) | — | 1,450 | ||||||||||||||
Noninterest income | 15,129 | 2,138 | 2,181 | 23 | 19,471 | |||||||||||||||
Noninterest expense | 45,530 | 1,684 | 1,999 | 183 | 49,396 | |||||||||||||||
Income (loss) before income taxes | 20,842 | 503 | 553 | (1,104 | ) | 20,794 | ||||||||||||||
Income taxes | 6,168 | 202 | — | (429 | ) | 5,941 | ||||||||||||||
Net income (loss) | 14,674 | 301 | 553 | (675 | ) | 14,853 | ||||||||||||||
Total assets | $ | 5,744,942 | $ | 17,864 | $ | 46,259 | $ | 16,955 | $ | 5,826,020 | ||||||||||
Goodwill | 273,379 | 2,767 | — | — | 276,146 | |||||||||||||||
Three months ended June 30, 2013 | ||||||||||||||||||||
Net interest income | $ | 34,251 | $ | 24 | $ | 324 | $ | (195 | ) | $ | 34,404 | |||||||||
Provision for loan losses | 2,990 | — | 10 | — | 3,000 | |||||||||||||||
Noninterest income | 14,658 | 973 | 1,681 | 5 | 17,317 | |||||||||||||||
Noninterest expense | 34,921 | 813 | 1,736 | 264 | 37,734 | |||||||||||||||
Income (loss) before income taxes | 10,998 | 184 | 259 | (454 | ) | 10,987 | ||||||||||||||
Income taxes | 3,079 | 71 | — | (182 | ) | 2,968 | ||||||||||||||
Net income (loss) | $ | 7,919 | $ | 113 | $ | 259 | $ | (272 | ) | $ | 8,019 | |||||||||
Total assets | $ | 4,183,079 | $ | 10,460 | $ | 42,886 | $ | 12,856 | $ | 4,249,281 | ||||||||||
Goodwill | 181,996 | 2,783 | — | — | 184,779 | |||||||||||||||
Community | Insurance | Wealth | Other | Consolidated | ||||||||||||||||
Banks | Management | |||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||
Net interest income | 103,380 | 112 | 631 | (1,983 | ) | 102,140 | ||||||||||||||
Provision for loan losses | 2,890 | — | 10 | — | 2,900 | |||||||||||||||
Noninterest income | 29,212 | 4,531 | 4,297 | 47 | 38,087 | |||||||||||||||
Noninterest expense | 89,655 | 3,158 | 3,867 | 361 | 97,041 | |||||||||||||||
Income (loss) before income taxes | 40,047 | 1,485 | 1,051 | (2,297 | ) | 40,286 | ||||||||||||||
Income taxes | 12,146 | 582 | — | (892 | ) | 11,836 | ||||||||||||||
Net income (loss) | 27,901 | 903 | 1,051 | (1,405 | ) | 28,450 | ||||||||||||||
Total assets | $ | 5,744,942 | $ | 17,864 | $ | 46,259 | $ | 16,955 | $ | 5,826,020 | ||||||||||
Goodwill | 273,379 | 2,767 | — | — | 276,146 | |||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||
Net interest income | $ | 67,928 | $ | 47 | $ | 619 | $ | (809 | ) | $ | 67,785 | |||||||||
Provision for loan losses | 5,907 | — | 143 | — | 6,050 | |||||||||||||||
Noninterest income | 29,201 | 2,006 | 3,462 | 26 | 34,695 | |||||||||||||||
Noninterest expense | 70,023 | 1,626 | 3,317 | 368 | 75,334 | |||||||||||||||
Income (loss) before income taxes | 21,199 | 427 | 621 | (1,151 | ) | 21,096 | ||||||||||||||
Income taxes | 5,802 | 165 | — | (461 | ) | 5,506 | ||||||||||||||
Net income (loss) | $ | 15,397 | $ | 262 | $ | 621 | $ | (690 | ) | $ | 15,590 | |||||||||
Total assets | $ | 4,183,079 | $ | 10,460 | $ | 42,886 | $ | 12,856 | $ | 4,249,281 | ||||||||||
Goodwill | 181,996 | 2,783 | — | — | 184,779 | |||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Fair Value Measurements and the Fair Level Hierarchy | ||||||||||||||||||||
ASC 820, “Fair Value Measurements and Disclosures,” 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). | ||||||||||||||||||||
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 on a recurring basis 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, “Financial Instruments” (“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 extensively 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 such as 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 | |||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | — | $ | 6,122 | $ | — | $ | 6,122 | ||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
Government agency mortgage backed securities | — | 305,668 | — | 305,668 | ||||||||||||||||
Government agency collateralized mortgage obligations | — | 162,946 | — | 162,946 | ||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||
Government agency mortgage backed securities | — | 47,383 | — | 47,383 | ||||||||||||||||
Government agency collateralized mortgage obligations | — | 5,461 | — | 5,461 | ||||||||||||||||
Trust preferred securities | — | — | 18,309 | 18,309 | ||||||||||||||||
Other debt securities | — | 18,701 | — | 18,701 | ||||||||||||||||
Other equity securities | — | 4,458 | — | 4,458 | ||||||||||||||||
Total securities available for sale | — | 550,739 | 18,309 | 569,048 | ||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Interest rate swaps | — | — | — | — | ||||||||||||||||
Interest rate contracts | — | 1,285 | — | 1,285 | ||||||||||||||||
Interest rate lock commitments | — | 1,887 | — | 1,887 | ||||||||||||||||
Forward contracts | — | — | — | — | ||||||||||||||||
Total derivative instruments | — | 3,172 | — | 3,172 | ||||||||||||||||
Mortgage loans held for sale | — | 28,116 | — | 28,116 | ||||||||||||||||
Total financial assets | $ | — | $ | 582,027 | $ | 18,309 | $ | 600,336 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Interest rate swaps | $ | — | $ | 2,838 | $ | — | $ | 2,838 | ||||||||||||
Interest rate contracts | — | 1,285 | — | 1,285 | ||||||||||||||||
Interest rate lock commitments | — | — | — | — | ||||||||||||||||
Forward commitments | — | 624 | — | 624 | ||||||||||||||||
Total derivative instruments | — | 4,747 | — | 4,747 | ||||||||||||||||
Total financial liabilities | $ | — | $ | 4,747 | $ | — | $ | 4,747 | ||||||||||||
Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
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 swaps | $ | — | $ | 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 | ||||||||||||
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. There were no such transfers between levels of the fair value hierarchy during the three or six months ended June 30, 2014. | ||||||||||||||||||||
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, during the three and six months ended June 30, 2014 and 2013, respectively: | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Three Months Ended June 30, 2014 | Trust preferred | Other equity | Total | |||||||||||||||||
securities | securities | |||||||||||||||||||
Balance at April 1, 2014 | $ | 19,378 | $ | — | $ | 19,378 | ||||||||||||||
Realized gains included in net income | 16 | — | 16 | |||||||||||||||||
Unrealized gains included in other comprehensive income | (926 | ) | — | (926 | ) | |||||||||||||||
Purchases | — | — | — | |||||||||||||||||
Sales | — | — | — | |||||||||||||||||
Issues | — | — | — | |||||||||||||||||
Settlements | (159 | ) | — | (159 | ) | |||||||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||||||
Balance at June 30, 2014 | $ | 18,309 | $ | — | $ | 18,309 | ||||||||||||||
Securities available for sale | ||||||||||||||||||||
Three Months Ended June 30, 2013 | Trust preferred | Other equity | Total | |||||||||||||||||
securities | securities | |||||||||||||||||||
Balance at April 1, 2013 | $ | 16,162 | $ | — | $ | 16,162 | ||||||||||||||
Realized gains included in net income | — | — | — | |||||||||||||||||
Unrealized gains included in other comprehensive income | (84 | ) | — | (84 | ) | |||||||||||||||
Reclassification adjustment | — | — | — | |||||||||||||||||
Purchases | — | — | — | |||||||||||||||||
Sales | — | — | — | |||||||||||||||||
Issues | — | — | — | |||||||||||||||||
Settlements | (118 | ) | — | (118 | ) | |||||||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||||||
Balance at June 30, 2013 | $ | 15,960 | $ | — | $ | 15,960 | ||||||||||||||
Securities available for sale | ||||||||||||||||||||
Six Months Ended June 30, 2014 | Trust preferred | Other equity | Total | |||||||||||||||||
securities | securities | |||||||||||||||||||
Balance at January 1, 2014 | $ | 17,671 | $ | — | $ | 17,671 | ||||||||||||||
Realized gains included in net income | 16 | — | 16 | |||||||||||||||||
Unrealized gains included in other comprehensive income | 798 | — | 798 | |||||||||||||||||
Purchases | — | — | — | |||||||||||||||||
Sales | — | — | — | |||||||||||||||||
Issues | — | — | — | |||||||||||||||||
Settlements | (176 | ) | — | (176 | ) | |||||||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||||||
Balance at June 30, 2014 | $ | 18,309 | $ | — | $ | 18,309 | ||||||||||||||
Securities available for sale | ||||||||||||||||||||
Six Months Ended June 30, 2013 | Trust preferred | Other equity | Total | |||||||||||||||||
securities | securities | |||||||||||||||||||
Balance at January 1, 2013 | $ | 15,068 | $ | — | $ | 15,068 | ||||||||||||||
Realized gains included in net income | — | — | — | |||||||||||||||||
Unrealized gains included in other comprehensive income | 1,794 | — | 1,794 | |||||||||||||||||
Reclassification adjustment | — | — | — | |||||||||||||||||
Purchases | — | — | — | |||||||||||||||||
Sales | — | — | — | |||||||||||||||||
Issues | — | — | — | |||||||||||||||||
Settlements | — | — | — | |||||||||||||||||
Transfers into Level 3 | (902 | ) | — | (902 | ) | |||||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||||||
Balance at June 30, 2013 | $ | 15,960 | $ | — | $ | 15,960 | ||||||||||||||
For the three and six months ended June 30, 2014 and 2013, 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 June 30, 2014 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 | $ | 18,309 | 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: | ||||||||||||||||||||
30-Jun-14 | Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 9,646 | $ | 9,646 | ||||||||||||
OREO | — | — | 6,128 | 6,128 | ||||||||||||||||
Total | $ | — | $ | — | $ | 15,774 | $ | 15,774 | ||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 11,900 | $ | 11,900 | ||||||||||||
OREO | — | — | 36,306 | 36,306 | ||||||||||||||||
Total | $ | — | $ | — | $ | 48,206 | $ | 48,206 | ||||||||||||
The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets and liabilities 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 three or six months ended June 30, 2014 and 2013, respectively. Impaired loans not covered under loss-share agreements that were measured or re-measured at fair value had a carrying value of $12,751 and $12,998 at June 30, 2014 and December 31, 2013, respectively, and a specific reserve for these loans of $3,105 and $1,098 was included in the allowance for loan losses for the periods ended on such respective dates. | ||||||||||||||||||||
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 on 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: | ||||||||||||||||||||
June 30, | December 31, 2013 | |||||||||||||||||||
2014 | ||||||||||||||||||||
OREO covered under loss-share agreements: | ||||||||||||||||||||
Carrying amount prior to remeasurement | $ | 4,074 | $ | 13,067 | ||||||||||||||||
Impairment recognized in results of operations | (274 | ) | (707 | ) | ||||||||||||||||
Increase in FDIC loss-share indemnification asset | (1,096 | ) | (2,829 | ) | ||||||||||||||||
Receivable from other guarantor | (64 | ) | (768 | ) | ||||||||||||||||
Fair value | $ | 2,640 | $ | 8,763 | ||||||||||||||||
OREO not covered under loss-share agreements: | ||||||||||||||||||||
Carrying amount prior to remeasurement | $ | 4,128 | $ | 30,436 | ||||||||||||||||
Impairment recognized in results of operations | (640 | ) | (2,893 | ) | ||||||||||||||||
Fair value | $ | 3,488 | $ | 27,543 | ||||||||||||||||
The following table presents information as of June 30, 2014 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a nonrecurring basis: | ||||||||||||||||||||
Financial instrument | Fair | Valuation Technique | Significant | Range of Inputs | ||||||||||||||||
Value | Unobservable Inputs | |||||||||||||||||||
Impaired loans | $ | 9,646 | Appraised value of collateral less estimated costs to sell | Estimated costs to sell | 4-10% | |||||||||||||||
OREO | 6,128 | 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 gains of $75 and $11 resulting from fair value changes of these mortgage loans were recorded in income during the three and six months ended June 30, 2014, respectively. The amount does not reflect changes in fair values of related derivative instruments used to hedge exposure to market-related risks associated with these mortgage loans. The change in fair value of both mortgage loans held for sale and the related derivative instruments are recorded in “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: | ||||||||||||||||||||
30-Jun-14 | Aggregate | Aggregate | Difference | |||||||||||||||||
Fair Value | Unpaid | |||||||||||||||||||
Principal | ||||||||||||||||||||
Balance | ||||||||||||||||||||
Mortgage loans held for sale measured at fair value | $ | 28,116 | $ | 27,882 | $ | 234 | ||||||||||||||
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 | ||||||||||||||||||||
As of June 30, 2014 | Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Value | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 181,220 | $ | 181,220 | $ | — | $ | — | $ | 181,220 | ||||||||||
Securities held to maturity | 438,283 | — | 446,267 | — | 446,267 | |||||||||||||||
Securities available for sale | 569,048 | — | 550,739 | 18,309 | 569,048 | |||||||||||||||
Mortgage loans held for sale | 28,116 | — | 28,116 | — | 28,116 | |||||||||||||||
Loans covered under loss-share agreements | 167,129 | — | — | 161,558 | 161,558 | |||||||||||||||
Loans not covered under loss-share agreements, net | 3,743,097 | — | — | 3,703,082 | 3,703,082 | |||||||||||||||
FDIC loss-share indemnification asset | 19,863 | — | — | 19,863 | 19,863 | |||||||||||||||
Mortgage servicing rights | 10,280 | — | — | 11,159 | 11,159 | |||||||||||||||
Derivative instruments | 3,172 | — | 3,172 | — | 3,172 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | 4,886,731 | $ | 3,470,306 | $ | 1,421,756 | $ | — | $ | 4,892,062 | ||||||||||
Short-term borrowings | 25,505 | 25,505 | — | — | 25,505 | |||||||||||||||
Federal Home Loan Bank advances | 69,944 | — | 95,588 | — | 95,588 | |||||||||||||||
Junior subordinated debentures | 94,381 | — | 80,662 | — | 80,662 | |||||||||||||||
Derivative instruments | 4,781 | — | 4,781 | — | 4,781 | |||||||||||||||
Fair Value | ||||||||||||||||||||
As of December 31, 2013 | Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Value | ||||||||||||||||||||
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 | 228 | 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 | |||||||||||||||
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 and 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. | ||||||||||||||||||||
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 June 30, 2014 and December 31, 2013, and no impairment charges were recognized in earnings for the three or six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||||||
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. |
Derivative_Instruments
Derivative Instruments | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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. The Company also from time to time enters 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 June 30, 2014, the Company had notional amounts of $73,628 on interest rate contracts with corporate customers and $73,628 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts and certain fixed-rate loans. | ||||||||||||||||
On June 5, 2014, the Company entered into two forward interest rate swap contracts on floating rate liabilities at the Bank level with notional amounts of $15.0 million each. The interest rate swap contracts are accounted for as a cash flow hedge with the objective of protecting against any interest rate volatility on future FHLB borrowings for a four-year and five-year period beginning June 1, 2018 and December 3, 2018 and ending June 2022 and June 2023, respectively. Under these contracts, Renasant Bank will pay a fixed interest rate of 3.593% and 3.738%, respectively, and will receive a variable interest rate based on the three-month LIBOR, with quarterly net settlements. | ||||||||||||||||
In March and April 2012, the Company entered into two interest rate swap agreements effective March 30, 2014 and March 17, 2014, respectively. The Company receives a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pays 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 with 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 receives a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pays 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, respectively. Deferred gains amortized into net interest income were $0 and $80 for the three months ended June 30, 2014 and 2013, respectively, and $0 and $165 for the six months ended June 30, 2014 and 2013, 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 $88,293 and $54,807 at June 30, 2014 and December 31, 2013, 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 $80,000 and $50,000 at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
The following table provides details on the Company’s derivative financial instruments as of the dates presented: | ||||||||||||||||
Fair Value | ||||||||||||||||
Balance Sheet | June 30, | December 31, 2013 | ||||||||||||||
Location | 2014 | |||||||||||||||
Derivative assets: | ||||||||||||||||
Designated as hedging instruments | ||||||||||||||||
Interest rate swap | Other Assets | $ | — | $ | 208 | |||||||||||
Totals | $ | — | $ | 208 | ||||||||||||
Not designated as hedging instruments: | ||||||||||||||||
Interest rate contracts | Other Assets | $ | 1,285 | $ | 1,812 | |||||||||||
Interest rate lock commitments | Other Assets | 1,887 | 464 | |||||||||||||
Forward commitments | Other Assets | — | 335 | |||||||||||||
Totals | $ | 3,172 | $ | 2,611 | ||||||||||||
Derivative liabilities: | ||||||||||||||||
Designated as hedging instruments: | ||||||||||||||||
Interest rate swap | Other Liabilities | $ | 2,838 | $ | 1,428 | |||||||||||
Totals | $ | 2,838 | $ | 1,428 | ||||||||||||
Not designated as hedging instruments: | ||||||||||||||||
Interest rate contracts | Other Liabilities | $ | 1,285 | $ | 1,812 | |||||||||||
Interest rate lock commitments | Other Liabilities | — | 52 | |||||||||||||
Forward commitments | Other Liabilities | 624 | 24 | |||||||||||||
Totals | $ | 1,909 | $ | 1,888 | ||||||||||||
Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the periods presented: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate swaps (terminated May 2010): | ||||||||||||||||
Included in interest income on loans | $ | — | $ | 80 | $ | — | $ | 165 | ||||||||
Total | $ | — | $ | 80 | $ | — | $ | 165 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate contracts: | ||||||||||||||||
Included in interest income on loans | $ | 767 | $ | 801 | $ | 1,546 | $ | 1,600 | ||||||||
Included in other noninterest expense | — | (25 | ) | — | 67 | |||||||||||
Interest rate lock commitments: | ||||||||||||||||
Included in gains on sales of mortgage loans held for sale | 927 | (2,284 | ) | 1,493 | (2,101 | ) | ||||||||||
Forward commitments | ||||||||||||||||
Included in gains on sales of mortgage loans held for sale | (634 | ) | 4,678 | (445 | ) | 4,876 | ||||||||||
Total | $ | 1,060 | $ | 3,170 | $ | 2,594 | $ | 4,442 | ||||||||
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 | |||||||||||||||
June 30, | December 31, 2013 | June 30, | December 31, 2013 | |||||||||||||
2014 | 2014 | |||||||||||||||
Gross amounts recognized | $ | 3,172 | $ | 2,818 | $ | 4,747 | $ | 3,315 | ||||||||
Gross amounts offset in the consolidated balance sheets | — | — | — | — | ||||||||||||
Net amounts presented in the consolidated balance sheets | 3,172 | 2,818 | 4,747 | 3,315 | ||||||||||||
Gross amounts not offset in the consolidated balance sheets | ||||||||||||||||
Financial instruments | 17 | 1,664 | 17 | 1,664 | ||||||||||||
Financial collateral pledged | — | — | 2,838 | — | ||||||||||||
Net amounts | $ | 3,155 | $ | 1,154 | $ | 1,892 | $ | 1,651 | ||||||||
Other_Comprehensive_Income
Other Comprehensive Income | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Other Comprehensive Income | ' | |||||||||||
Other Comprehensive Income | ||||||||||||
(In Thousands) | ||||||||||||
Changes in the components of other comprehensive income were as follows for the periods presented: | ||||||||||||
Pre-Tax | Tax Expense | Net of Tax | ||||||||||
(Benefit) | ||||||||||||
Three months ended June 30, 2014 | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized holding gains on securities | $ | 1,953 | $ | 747 | $ | 1,206 | ||||||
Non-credit related portion of other-than-temporary impairment on securities | — | — | — | |||||||||
Reclassification adjustment for gains realized in net income | — | — | — | |||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (64 | ) | (25 | ) | (39 | ) | ||||||
Total securities available for sale | 1,889 | 722 | 1,167 | |||||||||
Derivative instruments: | ||||||||||||
Unrealized holding losses on derivative instruments | (641 | ) | (245 | ) | (396 | ) | ||||||
Reclassification adjustment for gains realized in net income | — | — | — | |||||||||
Total derivative instruments | (641 | ) | (245 | ) | (396 | ) | ||||||
Defined benefit pension and post-retirement benefit plans: | ||||||||||||
Net gain (loss) arising during the period | — | — | — | |||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 73 | 28 | 45 | |||||||||
Total defined benefit pension and post-retirement benefit plans | 73 | 28 | 45 | |||||||||
Total other comprehensive income | $ | 1,321 | $ | 505 | $ | 816 | ||||||
Three months ended June 30, 2013 | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized holding gains on securities | $ | (11,369 | ) | $ | (4,350 | ) | $ | (7,019 | ) | |||
Non-credit related portion of other-than-temporary impairment on securities | — | — | — | |||||||||
Reclassification adjustment for gains realized in net income | — | — | — | |||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (88 | ) | (34 | ) | (54 | ) | ||||||
Total securities available for sale | (11,457 | ) | (4,384 | ) | (7,073 | ) | ||||||
Derivative instruments: | ||||||||||||
Unrealized holding losses on derivative instruments | 1,607 | 615 | 992 | |||||||||
Reclassification adjustment for gains realized in net income | (83 | ) | (32 | ) | (51 | ) | ||||||
Total derivative instruments | 1,524 | 583 | 941 | |||||||||
Defined benefit pension and post-retirement benefit plans: | ||||||||||||
Net gain (loss) arising during the period | — | — | — | |||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 138 | 53 | 85 | |||||||||
Total defined benefit pension and post-retirement benefit plans | 138 | 53 | 85 | |||||||||
Total other comprehensive income | $ | (9,795 | ) | $ | (3,748 | ) | $ | (6,047 | ) | |||
Pre-Tax | Tax Expense | Net of Tax | ||||||||||
(Benefit) | ||||||||||||
Six months ended June 30, 2014 | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized holding losses on securities | $ | 6,462 | $ | 2,472 | $ | 3,990 | ||||||
Non-credit related portion of other-than-temporary impairment on securities | — | — | — | |||||||||
Reclassification adjustment for losses realized in net income | — | — | — | |||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (135 | ) | (52 | ) | (83 | ) | ||||||
Total securities available for sale | 6,327 | 2,420 | 3,907 | |||||||||
Derivative instruments: | ||||||||||||
Unrealized holding gains on derivative instruments | (1,320 | ) | (505 | ) | (815 | ) | ||||||
Reclassification adjustment for gains realized in net income | — | — | — | |||||||||
Total derivative instruments | (1,320 | ) | (505 | ) | (815 | ) | ||||||
Defined benefit pension and post-retirement benefit plans: | ||||||||||||
Net gain (loss) arising during the period | — | — | — | |||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 146 | 56 | 90 | |||||||||
Total defined benefit pension and post-retirement benefit plans | 146 | 56 | 90 | |||||||||
Total other comprehensive income | $ | 5,153 | $ | 1,971 | $ | 3,182 | ||||||
Six months ended June 30, 2013 | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized holding gains on securities | $ | (11,133 | ) | $ | (4,260 | ) | $ | (6,873 | ) | |||
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 | (194 | ) | (74 | ) | (120 | ) | ||||||
Total securities available for sale | (11,212 | ) | (4,290 | ) | (6,922 | ) | ||||||
Derivative instruments: | ||||||||||||
Unrealized holding losses on derivative instruments | 1,942 | 743 | 1,199 | |||||||||
Reclassification adjustment for gains realized in net income | (168 | ) | (64 | ) | (104 | ) | ||||||
Total derivative instruments | 1,774 | 679 | 1,095 | |||||||||
Defined benefit pension and post-retirement benefit plans: | ||||||||||||
Net gain (loss) arising during the period | — | — | — | |||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 254 | 97 | 157 | |||||||||
Total defined benefit pension and post-retirement benefit plans | 254 | 97 | 157 | |||||||||
Total other comprehensive income | $ | (9,184 | ) | $ | (3,514 | ) | $ | (5,670 | ) | |||
The accumulated balances for each component of other comprehensive income, net of tax, were as follows as of the dates presented: | ||||||||||||
June 30, | December 31, 2013 | |||||||||||
2014 | ||||||||||||
Unrealized gains on securities | $ | 14,277 | $ | 10,370 | ||||||||
Non-credit related portion of other-than-temporary impairment on securities | (17,428 | ) | (17,428 | ) | ||||||||
Unrealized losses on derivative instruments | (827 | ) | (12 | ) | ||||||||
Unrecognized defined benefit pension and post-retirement benefit plans obligations | (4,814 | ) | (4,903 | ) | ||||||||
Total accumulated other comprehensive loss | $ | (8,792 | ) | $ | (11,973 | ) |
Net_Income_Per_Common_Share
Net Income Per Common Share | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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: | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Basic | ||||||||
Net income applicable to common stock | $ | 14,853 | $ | 8,019 | ||||
Average common shares outstanding | 31,496,737 | 25,223,749 | ||||||
Net income per common share - basic | $ | 0.47 | $ | 0.32 | ||||
Diluted | ||||||||
Net income applicable to common stock | $ | 14,853 | $ | 8,019 | ||||
Average common shares outstanding | 31,496,737 | 25,223,749 | ||||||
Effect of dilutive stock-based compensation | 201,461 | 150,119 | ||||||
Average common shares outstanding - diluted | 31,698,198 | 25,373,868 | ||||||
Net income per common share - diluted | $ | 0.47 | $ | 0.32 | ||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Basic | ||||||||
Net income applicable to common stock | $ | 28,450 | $ | 15,590 | ||||
Average common shares outstanding | 31,466,610 | 25,205,092 | ||||||
Net income per common share - basic | $ | 0.9 | $ | 0.62 | ||||
Diluted | ||||||||
Net income applicable to common stock | $ | 28,450 | $ | 15,590 | ||||
Average common shares outstanding | 31,466,610 | 25,205,092 | ||||||
Effect of dilutive stock-based compensation | 215,886 | 129,806 | ||||||
Average common shares outstanding - diluted | 31,682,496 | 25,334,898 | ||||||
Net income per common share - diluted | $ | 0.9 | $ | 0.62 | ||||
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: | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Number of shares | 109,068 | 162,339 | ||||||
Range of exercise prices | $29.57 - $30.63 | $19.14 - $30.63 | ||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Number of shares | 109,068 | 388,446 | ||||||
Range of exercise prices | $29.57 - $30.63 | $19.14 - $30.63 |
Mergers_and_Acquisition
Mergers and Acquisition | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Business Combinations [Abstract] | ' | ||||||
Mergers and Acquisition | ' | ||||||
Mergers and Acquisitions | |||||||
On September 1, 2013, the Company completed its acquisition by merger of 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 $156.8 million. | |||||||
The Company recorded approximately $116.5 million in intangible assets which consist of goodwill of $91,512 and core deposit intangible of $25,033. 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 $30.9 million 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 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 | 1,321 | ||||||
Total Purchase Price | $ | 156,845 | |||||
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) | (45,761 | ) | |||||
Fixed assets | (3,228 | ) | |||||
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 | 65,333 | ||||||
Goodwill resulting from merger(2) | $ | 91,512 | |||||
(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 assets and liabilities associated with First M&F's | |||||||
mortgage operations. As a result, the values included in the following table are preliminary and may change. | |||||||
Cash and cash equivalents | $ | 169,995 | |||||
Securities | 227,693 | ||||||
Mortgage loans held for sale | 1,659 | ||||||
Loans, net of unearned income | 899,236 | ||||||
Premises and equipment | 32,101 | ||||||
Other real estate owned | 13,527 | ||||||
Intangible assets | 116,544 | ||||||
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 three and six months ended June 30, 2013 of the Company as though the merger with First M&F had been completed as of the beginning of 2013. | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2013 | 2013 | ||||||
Interest income | $ | 55,946 | $ | 110,800 | |||
Interest expense | 7,588 | 15,294 | |||||
Net interest income | 48,358 | 95,506 | |||||
Provision for loan losses | 4,380 | 8,710 | |||||
Noninterest income | 19,903 | 42,983 | |||||
Noninterest expense | 52,474 | 104,120 | |||||
Income before income taxes | 11,407 | 25,659 | |||||
Income taxes | 2,829 | 6,646 | |||||
Net income | $ | 8,578 | $ | 19,013 | |||
Earnings per share: | |||||||
Basic | $ | 0.28 | $ | 0.61 | |||
Diluted | $ | 0.27 | $ | 0.6 | |||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
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. | |
Basis of Presentation | ' |
Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission on March 11, 2014. | |
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. | |
Subsequent Events | ' |
Subsequent Events: The Company has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance of its financial statements, and has determined that no significant events occurred after June 30, 2014 but prior to the issuance of these financial statements that would have a material impact on its Consolidated Financial Statements. |
Securities_Tables
Securities (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 125,566 | $ | 14 | $ | (4,644 | ) | $ | 120,936 | |||||||||||||||||||||
Obligations of states and political subdivisions | 312,717 | 13,387 | (773 | ) | 325,331 | |||||||||||||||||||||||||
$ | 438,283 | $ | 13,401 | $ | (5,417 | ) | $ | 446,267 | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 6,132 | $ | 148 | $ | (158 | ) | $ | 6,122 | |||||||||||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 303,203 | 4,361 | (1,896 | ) | 305,668 | |||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 165,265 | 1,571 | (3,890 | ) | 162,946 | |||||||||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 46,154 | 1,576 | (347 | ) | 47,383 | |||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 5,256 | 205 | — | 5,461 | ||||||||||||||||||||||||||
Trust preferred securities | 27,371 | 92 | (9,154 | ) | 18,309 | |||||||||||||||||||||||||
Other debt securities | 18,482 | 343 | (124 | ) | 18,701 | |||||||||||||||||||||||||
Other equity securities | 3,054 | 1,404 | — | 4,458 | ||||||||||||||||||||||||||
$ | 574,917 | $ | 9,700 | $ | (15,569 | ) | $ | 569,048 | ||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
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 three and six months ended June 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Gross gains on sales of securities available for sale | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Gross losses on sales of securities available for sale | — | — | — | (115 | ) | |||||||||||||||||||||||||
Loss on sales of securities available for sale, net | $ | — | $ | — | $ | — | $ | (115 | ) | |||||||||||||||||||||
Amortized cost and fair value of securities by contractual maturity | ' | |||||||||||||||||||||||||||||
The amortized cost and fair value of securities at June 30, 2014 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 | $ | 11,838 | $ | 11,966 | $ | — | $ | — | ||||||||||||||||||||||
Due after one year through five years | 52,018 | 53,704 | 1,071 | 1,149 | ||||||||||||||||||||||||||
Due after five years through ten years | 229,292 | 228,436 | 5,061 | 4,973 | ||||||||||||||||||||||||||
Due after ten years | 145,135 | 152,161 | 27,371 | 18,309 | ||||||||||||||||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | — | — | 303,203 | 305,668 | ||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | — | — | 165,265 | 162,946 | ||||||||||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | — | — | 46,154 | 47,383 | ||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | — | — | 5,256 | 5,461 | ||||||||||||||||||||||||||
Other debt securities | — | — | 18,482 | 18,701 | ||||||||||||||||||||||||||
Other equity securities | — | — | 3,054 | 4,458 | ||||||||||||||||||||||||||
$ | 438,283 | $ | 446,267 | $ | 574,917 | $ | 569,048 | |||||||||||||||||||||||
Unrealized losses and fair value by investment category | ' | |||||||||||||||||||||||||||||
The following table presents the age of gross unrealized losses and fair value by investment category 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: | ||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 1 | $ | 500 | $ | (1 | ) | 27 | $ | 117,932 | $ | (4,643 | ) | 28 | $ | 118,432 | $ | (4,644 | ) | ||||||||||||
Obligations of states and political subdivisions | 26 | 22,434 | (166 | ) | 27 | 17,347 | (607 | ) | 53 | 39,781 | (773 | ) | ||||||||||||||||||
Total | 27 | $ | 22,934 | $ | (167 | ) | 54 | $ | 135,279 | $ | (5,250 | ) | 81 | 158,213 | $ | (5,417 | ) | |||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||
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 | ) | ||||||||||||
Available for Sale: | ||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 0 | $ | — | $ | — | 1 | $ | 3,842 | $ | (158 | ) | 1 | $ | 3,842 | $ | (158 | ) | |||||||||||||
Residential mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 10 | 48,735 | (91 | ) | 19 | 71,908 | (1,805 | ) | 29 | 120,643 | (1,896 | ) | ||||||||||||||||||
Government agency collateralized mortgage obligations | 7 | 32,408 | (371 | ) | 18 | 70,050 | (3,519 | ) | 25 | 102,458 | (3,890 | ) | ||||||||||||||||||
Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 1 | 5,275 | (26 | ) | 3 | 10,538 | (321 | ) | 4 | 15,813 | (347 | ) | ||||||||||||||||||
Government agency collateralized mortgage obligations | — | — | — | — | 0 | — | — | |||||||||||||||||||||||
Trust preferred securities | — | — | 3 | 17,102 | (9,154 | ) | 3 | 17,102 | (9,154 | ) | ||||||||||||||||||||
Other debt securities | — | — | 2 | 4,424 | (124 | ) | 2 | 4,424 | (124 | ) | ||||||||||||||||||||
Total | 18 | $ | 86,418 | $ | (488 | ) | 46 | $ | 177,864 | $ | (15,081 | ) | 64 | $ | 264,282 | $ | (15,569 | ) | ||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||
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 | ) | ||||||||||||
Investments in pooled trust preferred securities | ' | |||||||||||||||||||||||||||||
The following table provides information regarding the Company’s investments in pooled trust preferred securities at June 30, 2014: | ||||||||||||||||||||||||||||||
Name | Single/ | Class/ | Amortized | Fair | Unrealized | Lowest | Issuers | |||||||||||||||||||||||
Pooled | Tranche | Cost | Value | Loss | Credit | Currently in | ||||||||||||||||||||||||
Rating | Deferral or | |||||||||||||||||||||||||||||
Default | ||||||||||||||||||||||||||||||
XIII | Pooled | B-2 | $ | 1,115 | $ | 1,207 | $ | 92 | Caa3 | 23 | % | |||||||||||||||||||
XXIII | Pooled | B-2 | 8,750 | 5,431 | (3,319 | ) | B1 | 19 | % | |||||||||||||||||||||
XXIV | Pooled | B-2 | 12,076 | 7,889 | (4,187 | ) | Ca | 32 | % | |||||||||||||||||||||
XXVI | Pooled | B-2 | 5,430 | 3,782 | (1,648 | ) | Ca | 30 | % | |||||||||||||||||||||
$ | 27,371 | $ | 18,309 | $ | (9,062 | ) | ||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
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 June 30 | $ | (3,337 | ) | $ | (3,337 | ) |
Loans_and_the_Allowance_for_Lo1
Loans and the Allowance for Loan Losses (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Summary of loans | ' | |||||||||||||||||||||||||||||||||||
The following is a summary of loans as of the dates presented: | ||||||||||||||||||||||||||||||||||||
June 30, | December 31, 2013 | |||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 447,826 | $ | 468,963 | ||||||||||||||||||||||||||||||||
Lease financing | 1,814 | 53 | ||||||||||||||||||||||||||||||||||
Real estate – construction | 176,577 | 161,436 | ||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 1,221,288 | 1,208,233 | ||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 2,015,319 | 1,950,572 | ||||||||||||||||||||||||||||||||||
Installment loans to individuals | 94,753 | 91,762 | ||||||||||||||||||||||||||||||||||
Gross loans | 3,957,577 | 3,881,019 | ||||||||||||||||||||||||||||||||||
Unearned income | (47 | ) | (1 | ) | ||||||||||||||||||||||||||||||||
Loans, net of unearned income | 3,957,530 | 3,881,018 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | (47,304 | ) | (47,665 | ) | ||||||||||||||||||||||||||||||||
Net loans | $ | 3,910,226 | $ | 3,833,353 | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 630 | $ | 972 | $ | 443,663 | $ | 445,265 | $ | 137 | $ | 1,139 | $ | 1,285 | $ | 2,561 | $ | 447,826 | ||||||||||||||||||
Lease financing | — | — | 1,814 | 1,814 | — | — | — | — | 1,814 | |||||||||||||||||||||||||||
Real estate – construction | 713 | 11 | 174,205 | 174,929 | — | 1,648 | — | 1,648 | 176,577 | |||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 9,437 | 5,047 | 1,193,582 | 1,208,066 | 336 | 7,306 | 5,580 | 13,222 | 1,221,288 | |||||||||||||||||||||||||||
Real estate – commercial mortgage | 10,581 | 2,603 | 1,955,117 | 1,968,301 | 1,785 | 35,136 | 10,097 | 47,018 | 2,015,319 | |||||||||||||||||||||||||||
Installment loans to individuals | 279 | 39 | 94,318 | 94,636 | — | 102 | 15 | 117 | 94,753 | |||||||||||||||||||||||||||
Unearned income | — | — | (47 | ) | (47 | ) | — | — | — | — | (47 | ) | ||||||||||||||||||||||||
Total | $ | 21,640 | $ | 8,672 | $ | 3,862,652 | $ | 3,892,964 | $ | 2,258 | $ | 45,331 | $ | 16,977 | $ | 64,566 | $ | 3,957,530 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||
Impaired loans | ' | |||||||||||||||||||||||||||||||||||
Impaired loans recognized in conformity with Financial Accounting Standards Board Accounting Standards Codification Topic ("ASC") 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | ||||||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | ||||||||||||||||||||||||||||||||
Principal | With | With No | Investment | |||||||||||||||||||||||||||||||||
Balance | Allowance | Allowance | ||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 6,933 | $ | 701 | $ | 2,648 | $ | 3,349 | $ | 248 | ||||||||||||||||||||||||||
Real estate – construction | 2,832 | — | 1,877 | 1,877 | — | |||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 28,062 | 15,270 | 3,989 | 19,259 | 3,009 | |||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 122,322 | 42,531 | 40,934 | 83,465 | 11,726 | |||||||||||||||||||||||||||||||
Installment loans to individuals | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total | $ | 160,149 | $ | 58,502 | $ | 49,448 | $ | 107,950 | $ | 14,983 | ||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 6,575 | $ | 743 | $ | 2,043 | $ | 2,786 | $ | 260 | ||||||||||||||||||||||||||
Real estate – construction | 2,447 | — | 1,648 | 1,648 | — | |||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 42,868 | 25,374 | 8,542 | 33,916 | 7,353 | |||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 108,963 | 30,624 | 38,517 | 69,141 | 7,036 | |||||||||||||||||||||||||||||||
Installment loans to individuals | 620 | 183 | 77 | 260 | 1 | |||||||||||||||||||||||||||||||
Totals | $ | 161,473 | $ | 56,924 | $ | 50,827 | $ | 107,751 | $ | 14,650 | ||||||||||||||||||||||||||
Investment and interest income recognized on impaired loans | ' | |||||||||||||||||||||||||||||||||||
The following table presents the average recorded investment and interest income recognized on impaired loans for the periods presented: | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized(1) | |||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 5,279 | $ | — | $ | 5,601 | $ | — | ||||||||||||||||||||||||||||
Real estate – construction | 2,034 | — | 1,650 | — | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 21,747 | 170 | 34,732 | 108 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 93,402 | 752 | 69,168 | 123 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 122,462 | $ | 922 | $ | 111,151 | $ | 231 | ||||||||||||||||||||||||||||
-1 | Includes interest income recognized using the cash-basis method of income recognition of $0. No interest income was recognized using the cash-basis method of income recognition during the three months ended June 30, 2014. | |||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized(1) | |||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 5,382 | $ | — | $ | 5,551 | $ | — | ||||||||||||||||||||||||||||
Real estate – construction | 2,036 | 2 | 1,650 | — | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 22,122 | 204 | 34,874 | 291 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 94,641 | 816 | 69,579 | 466 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 124,181 | $ | 1,022 | $ | 111,654 | $ | 757 | ||||||||||||||||||||||||||||
-1 | Includes interest income recognized using the cash-basis method of income recognition of $0. No interest income was recognized using the cash-basis method of income recognition during the six months ended June 30, 2014. | |||||||||||||||||||||||||||||||||||
Restructured loans | ' | |||||||||||||||||||||||||||||||||||
The following table presents restructured loans segregated by class as of the dates presented: | ||||||||||||||||||||||||||||||||||||
Number of | Pre- | Post- | ||||||||||||||||||||||||||||||||||
Loans | Modification | Modification | ||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Real estate – construction | — | — | — | |||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 19 | 15,768 | 5,884 | |||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 18 | 17,112 | 14,955 | |||||||||||||||||||||||||||||||||
Installment loans to individuals | — | — | — | |||||||||||||||||||||||||||||||||
Total | 37 | $ | 32,880 | $ | 20,839 | |||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | 1 | $ | 20 | $ | 19 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
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, 2014 | 41 | $ | 21,478 | |||||||||||||||||||||||||||||||||
Additional loans with concessions | 1 | 1,289 | ||||||||||||||||||||||||||||||||||
Reductions due to: | ||||||||||||||||||||||||||||||||||||
Reclassified as nonperforming | (1 | ) | (331 | ) | ||||||||||||||||||||||||||||||||
Paid in full | (4 | ) | (335 | ) | ||||||||||||||||||||||||||||||||
Charge-offs | — | — | ||||||||||||||||||||||||||||||||||
Transfer to other real estate owned | — | — | ||||||||||||||||||||||||||||||||||
Principal paydowns | (1,259 | ) | ||||||||||||||||||||||||||||||||||
Lapse of concession period | — | — | ||||||||||||||||||||||||||||||||||
Totals at June 30, 2014 | 37 | $ | 20,842 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 319,948 | $ | 4,500 | $ | 1,447 | $ | 325,895 | ||||||||||||||||||||||||||||
Real estate – construction | 123,503 | 1,141 | — | 124,644 | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 130,837 | 10,329 | 10,067 | 151,233 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 1,414,585 | 29,749 | 48,178 | 1,492,512 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | 1,677 | — | — | 1,677 | ||||||||||||||||||||||||||||||||
Total | $ | 1,990,550 | $ | 45,719 | $ | 59,692 | $ | 2,095,961 | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
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- | Total | ||||||||||||||||||||||||||||||||||
Performing | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 93,449 | $ | 133 | $ | 93,582 | ||||||||||||||||||||||||||||||
Lease financing | 1,767 | — | 1,767 | |||||||||||||||||||||||||||||||||
Real estate – construction | 50,045 | 11 | 50,056 | |||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 973,910 | 3,935 | 977,845 | |||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 249,378 | 436 | 249,814 | |||||||||||||||||||||||||||||||||
Installment loans to individuals | 87,439 | 81 | 87,520 | |||||||||||||||||||||||||||||||||
Total | $ | 1,455,988 | $ | 4,596 | $ | 1,460,584 | ||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | — | $ | 7,677 | $ | 20,672 | $ | 28,349 | ||||||||||||||||||||||||||||
Lease financing | — | — | — | — | ||||||||||||||||||||||||||||||||
Real estate – construction | — | 1,648 | 229 | 1,877 | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 1,255 | 48,361 | 42,594 | 92,210 | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 19,044 | 89,122 | 164,827 | 272,993 | ||||||||||||||||||||||||||||||||
Installment loans to individuals | — | 22 | 5,534 | 5,556 | ||||||||||||||||||||||||||||||||
Total | $ | 20,299 | $ | 146,830 | $ | 233,856 | $ | 400,985 | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
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 at June 30, 2014: | ||||||||||||||||||||||||||||||||||||
Impaired | Other | Not | Total | |||||||||||||||||||||||||||||||||
Covered | Covered | Covered | ||||||||||||||||||||||||||||||||||
Loans | Loans | Loans | ||||||||||||||||||||||||||||||||||
Contractually-required principal and interest | $ | 57,279 | $ | 183,328 | $ | 317,561 | $ | 558,168 | ||||||||||||||||||||||||||||
Nonaccretable difference(1) | (36,979 | ) | (33,251 | ) | (50,579 | ) | (120,809 | ) | ||||||||||||||||||||||||||||
Cash flows expected to be collected | 20,300 | 150,077 | 266,982 | 437,359 | ||||||||||||||||||||||||||||||||
Accretable yield(2) | (1 | ) | (3,247 | ) | (33,126 | ) | (36,374 | ) | ||||||||||||||||||||||||||||
Fair value | $ | 20,299 | $ | 146,830 | $ | 233,856 | $ | 400,985 | ||||||||||||||||||||||||||||
-1 | Represents contractual principal and interest cash flows of $112,523 and $8,286, respectively, not expected to be collected. | |||||||||||||||||||||||||||||||||||
-2 | Represents contractual interest payments of $3,387 expected to be collected and purchase discount of $32,987. | |||||||||||||||||||||||||||||||||||
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, 2014 | $ | (1 | ) | $ | (3,758 | ) | $ | (36,191 | ) | $ | (39,950 | ) | ||||||||||||||||||||||||
Reclasses from nonaccretable difference | (50 | ) | (3,389 | ) | (355 | ) | (3,794 | ) | ||||||||||||||||||||||||||||
Accretion | 50 | 3,900 | 3,420 | 7,370 | ||||||||||||||||||||||||||||||||
Balance at June 30, 2014 | $ | (1 | ) | $ | (3,247 | ) | $ | (33,126 | ) | $ | (36,374 | ) | ||||||||||||||||||||||||
Rollforward of the allowance for loan losses | ' | |||||||||||||||||||||||||||||||||||
The following table provides a roll forward 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 | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,128 | $ | 1,109 | $ | 18,478 | $ | 24,147 | $ | 1,186 | $ | 48,048 | ||||||||||||||||||||||||
Charge-offs | — | — | (1,985 | ) | (483 | ) | (61 | ) | (2,529 | ) | ||||||||||||||||||||||||||
Recoveries | 75 | 3 | 206 | 28 | 23 | 335 | ||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | 75 | 3 | (1,779 | ) | (455 | ) | (38 | ) | (2,194 | ) | ||||||||||||||||||||||||||
Provision for loan losses | (95 | ) | 154 | (5,187 | ) | 7,522 | 57 | 2,451 | ||||||||||||||||||||||||||||
Benefit attributable to FDIC loss-share agreements | — | — | (66 | ) | (1,476 | ) | — | (1,542 | ) | |||||||||||||||||||||||||||
Recoveries payable to FDIC | 156 | 1 | 351 | 33 | — | 541 | ||||||||||||||||||||||||||||||
Provision for loan losses charged to operations | 61 | 155 | (4,902 | ) | 6,079 | 57 | 1,450 | |||||||||||||||||||||||||||||
Ending balance | $ | 3,264 | $ | 1,267 | $ | 11,797 | $ | 29,771 | $ | 1,205 | $ | 47,304 | ||||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,090 | $ | 1,091 | $ | 18,629 | $ | 23,688 | $ | 1,167 | $ | 47,665 | ||||||||||||||||||||||||
Charge-offs | (119 | ) | — | (2,872 | ) | (543 | ) | (292 | ) | (3,826 | ) | |||||||||||||||||||||||||
Recoveries | 112 | 8 | 357 | 58 | 30 | 565 | ||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (7 | ) | 8 | (2,515 | ) | (485 | ) | (262 | ) | (3,261 | ) | |||||||||||||||||||||||||
Provision for loan losses | 88 | 167 | (4,691 | ) | 8,002 | 300 | 3,866 | |||||||||||||||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (68 | ) | — | (135 | ) | (1,471 | ) | — | (1,674 | ) | ||||||||||||||||||||||||||
Recoveries payable to FDIC | 161 | 1 | 509 | 37 | — | 708 | ||||||||||||||||||||||||||||||
Provision for loan losses charged to operations | 181 | 168 | (4,317 | ) | 6,568 | 300 | 2,900 | |||||||||||||||||||||||||||||
Ending balance | $ | 3,264 | $ | 1,267 | $ | 11,797 | $ | 29,771 | $ | 1,205 | $ | 47,304 | ||||||||||||||||||||||||
Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 245 | $ | — | $ | 2,062 | $ | 8,584 | $ | — | $ | 10,891 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 3,019 | 1,267 | 9,735 | 21,187 | 1,205 | 36,413 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,264 | $ | 1,267 | $ | 11,797 | $ | 29,771 | $ | 1,205 | $ | 47,304 | ||||||||||||||||||||||||
Commercial | Real Estate - | Real Estate - | Real Estate - | Installment | Total | |||||||||||||||||||||||||||||||
Construction | 1-4 Family | Commercial | and Other(1) | |||||||||||||||||||||||||||||||||
Mortgage | Mortgage | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,942 | $ | 676 | $ | 19,737 | $ | 22,096 | $ | 1,054 | $ | 46,505 | ||||||||||||||||||||||||
Charge-offs | (46 | ) | — | (652 | ) | (2,527 | ) | (288 | ) | (3,513 | ) | |||||||||||||||||||||||||
Recoveries | 90 | 47 | 132 | 756 | 17 | 1,042 | ||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | 44 | 47 | (520 | ) | (1,771 | ) | (271 | ) | (2,471 | ) | ||||||||||||||||||||||||||
Provision for loan losses | 563 | 140 | 521 | 1,962 | 239 | 3,425 | ||||||||||||||||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (83 | ) | — | (369 | ) | (50 | ) | — | (502 | ) | ||||||||||||||||||||||||||
Recoveries payable to FDIC | 12 | — | 63 | 2 | — | 77 | ||||||||||||||||||||||||||||||
Provision for loan losses charged to operations | 492 | 140 | 215 | 1,914 | 239 | 3,000 | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,478 | $ | 863 | $ | 19,432 | $ | 22,239 | $ | 1,022 | $ | 47,034 | ||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,307 | $ | 711 | $ | 18,347 | $ | 21,416 | $ | 566 | $ | 44,347 | ||||||||||||||||||||||||
Charge-offs | (280 | ) | — | (1,266 | ) | (3,120 | ) | (352 | ) | (5,018 | ) | |||||||||||||||||||||||||
Recoveries | 247 | 63 | 471 | 847 | 27 | 1,655 | ||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (33 | ) | 63 | (795 | ) | (2,273 | ) | (325 | ) | (3,363 | ) | |||||||||||||||||||||||||
Provision for loan losses | 510 | 88 | 1,718 | 3,787 | 781 | 6,884 | ||||||||||||||||||||||||||||||
Benefit attributable to FDIC loss-share agreements | (330 | ) | — | (630 | ) | (711 | ) | — | (1,671 | ) | ||||||||||||||||||||||||||
Recoveries payable to FDIC | 24 | 1 | 792 | 20 | — | 837 | ||||||||||||||||||||||||||||||
Provision for loan losses charged to operations | 204 | 89 | 1,880 | 3,096 | 781 | 6,050 | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,478 | $ | 863 | $ | 19,432 | $ | 22,239 | $ | 1,022 | $ | 47,034 | ||||||||||||||||||||||||
Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 834 | $ | — | $ | 7,843 | $ | 7,267 | $ | — | $ | 15,944 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 2,644 | 863 | 11,589 | 14,972 | 1,022 | 31,090 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,478 | $ | 863 | $ | 19,432 | $ | 22,239 | $ | 1,022 | $ | 47,034 | ||||||||||||||||||||||||
-1 | Includes lease financing receivables. | |||||||||||||||||||||||||||||||||||
Investment in loans, net of unearned income on impairment methodology | ' | |||||||||||||||||||||||||||||||||||
The following table provides the 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 | |||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 701 | $ | — | $ | 15,270 | $ | 42,531 | $ | — | $ | 58,502 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 418,776 | 174,700 | 1,113,808 | 1,699,795 | 90,964 | 3,498,043 | ||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 28,349 | 1,877 | 92,210 | 272,993 | 5,556 | 400,985 | ||||||||||||||||||||||||||||||
Ending balance | $ | 447,826 | $ | 176,577 | $ | 1,221,288 | $ | 2,015,319 | $ | 96,520 | $ | 3,957,530 | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
-1 | Includes lease financing receivables. |
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | ||||||||||||||
30-Jun-14 | ||||||||||||||||
Residential real estate | $ | 1,286 | $ | 6,507 | $ | 7,793 | ||||||||||
Commercial real estate | 2,182 | 8,557 | 10,739 | |||||||||||||
Residential land development | 625 | 8,563 | 9,188 | |||||||||||||
Commercial land development | 3,379 | 10,704 | 14,083 | |||||||||||||
Total | $ | 7,472 | $ | 34,331 | $ | 41,803 | ||||||||||
December 31, 2013 | ||||||||||||||||
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 | ||||||||||
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 January 1, 2014 | $ | 12,942 | $ | 39,945 | $ | 52,887 | ||||||||||
Transfers of loans | 3,363 | 2,666 | 6,029 | |||||||||||||
Capitalized improvements | — | — | — | |||||||||||||
Impairments(1) | (1,950 | ) | (656 | ) | (2,606 | ) | ||||||||||
Dispositions | (6,589 | ) | (7,753 | ) | (14,342 | ) | ||||||||||
Other | (294 | ) | 129 | (165 | ) | |||||||||||
Balance at June 30, 2014 | $ | 7,472 | $ | 34,331 | $ | 41,803 | ||||||||||
-1 | Of the total impairment charges of $1,950 recorded for covered OREO, $390 was included in the Consolidated Statements of Income for the six months ended June 30, 2014, while the remaining $1,560 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 for the periods presented: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Repairs and maintenance | $ | 756 | $ | 555 | $ | 1,537 | $ | 908 | ||||||||
Property taxes and insurance | 56 | 304 | 297 | 657 | ||||||||||||
Impairments | 207 | 1,249 | 1,045 | 2,235 | ||||||||||||
Net losses (gains) on OREO sales | 102 | (252 | ) | (12 | ) | 218 | ||||||||||
Rental income | (53 | ) | (83 | ) | (98 | ) | (196 | ) | ||||||||
Total | $ | 1,068 | $ | 1,773 | $ | 2,769 | $ | 3,822 | ||||||||
FDIC_LossShare_Indemnification1
FDIC Loss-Share Indemnification Asset (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
FDIC Loss-Share Indemnification Asset [Abstract] | ' | |||
Changes in the FDIC loss-share indemnification asset | ' | |||
Changes in the FDIC loss-share indemnification asset were as follows: | ||||
Balance at January 1, 2014 | $ | 26,273 | ||
Changes in expected cash flows from initial estimates on: | ||||
Covered Loans | (2,904 | ) | ||
Covered OREO | 662 | |||
Reimbursable expenses | 592 | |||
Accretion | — | |||
Reimbursements received from the FDIC | (4,760 | ) | ||
Balance at June 30, 2014 | $ | 19,863 | ||
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Transfers and Servicing [Abstract] | ' | |||
Changes in the Company's mortgage servicing rights | ' | |||
Changes in the Company’s mortgage servicing rights were as follows: | ||||
Balance at January 1, 2014 | $ | 8,994 | ||
Capitalization | 1,875 | |||
Amortization | (589 | ) | ||
Balance at June 30, 2014 | $ | 10,280 | ||
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 June 30, 2014 are as follows: | ||||
Unpaid principal balance | $ | 1,029,444 | ||
Weighted-average prepayment speed (CPR) | 5.36 | % | ||
Estimated impact of a 10% increase | $ | (931 | ) | |
Estimated impact of a 20% increase | (1,236 | ) | ||
Discount rate | 11.26 | % | ||
Estimated impact of a 10% increase | $ | (959 | ) | |
Estimated impact of a 20% increase | (1,286 | ) | ||
Weighted-average coupon interest rate | 3.77 | % | ||
Weighted-average servicing fee (basis points) | 25.09 | |||
Weighted-average remaining maturity (in years) | 24.33 | |||
Employee_Benefit_and_Deferred_1
Employee Benefit and Deferred Compensation Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Plan expense for non-contributory benefit pension plan and post-retirement health and life plans | ' | |||||||||||||||
The plan expense for the Company-sponsored noncontributory defined benefit pension plan (“Pension Benefits”) and post-retirement health and life plans (“Other Benefits”) for the periods presented was as follows: | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | — | $ | — | $ | 6 | $ | 6 | ||||||||
Interest cost | 318 | 187 | 23 | 15 | ||||||||||||
Expected return on plan assets | (539 | ) | (309 | ) | — | — | ||||||||||
Prior service cost recognized | — | — | — | — | ||||||||||||
Recognized actuarial loss | 46 | 102 | 27 | 36 | ||||||||||||
Net periodic benefit cost (return) | $ | (175 | ) | $ | (20 | ) | $ | 56 | $ | 57 | ||||||
Pension Benefits | Other Benefits | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | — | $ | — | $ | 12 | $ | 13 | ||||||||
Interest cost | 636 | 375 | 46 | 27 | ||||||||||||
Expected return on plan assets | (1,078 | ) | (620 | ) | — | — | ||||||||||
Prior service cost recognized | — | — | — | — | ||||||||||||
Recognized actuarial loss | 91 | 199 | 54 | 55 | ||||||||||||
Net periodic benefit cost (return) | $ | (351 | ) | $ | (46 | ) | $ | 112 | $ | 95 | ||||||
Stock option grants assumptions | ' | |||||||||||||||
The Company employed the following assumptions with respect to its stock option grants in 2013: | ||||||||||||||||
2013 Grant | ||||||||||||||||
Shares granted | 52,500 | |||||||||||||||
Dividend yield | 3.55 | % | ||||||||||||||
Expected volatility | 37 | % | ||||||||||||||
Risk-free interest rate | 0.76 | % | ||||||||||||||
Expected lives | 6 years | |||||||||||||||
Weighted average exercise price | $ | 19.14 | ||||||||||||||
Weighted average fair value | $ | 4.47 | ||||||||||||||
Schedule of other share-based compensation activity | ' | |||||||||||||||
The following table summarizes the changes in stock options as of and for the six months ended June 30, 2014: | ||||||||||||||||
Shares | Weighted Average Exercise Price | |||||||||||||||
Options outstanding at beginning of period | 1,060,350 | $ | 18.64 | |||||||||||||
Assumed from acquisition | — | — | ||||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (144,105 | ) | 17.01 | |||||||||||||
Forfeited | (1,000 | ) | 16.91 | |||||||||||||
Options outstanding at end of period | 915,245 | $ | 18.9 | |||||||||||||
The following table summarizes the changes in restricted stock as of and for the six months ended June 30, 2014: | ||||||||||||||||
Performance-Based Restricted Stock | Weighted Average Grant-Date Fair Value | Time- Based Restricted Stock | Weighted Average Grant-Date Fair Value | |||||||||||||
Nonvested at beginning of period | 69,850 | $ | 19.14 | 22,338 | $ | 24.3 | ||||||||||
Awarded | 78,250 | 31.46 | 34,336 | 30.26 | ||||||||||||
Vested | (69,850 | ) | 19.14 | (6,338 | ) | 22.09 | ||||||||||
Cancelled | — | — | — | — | ||||||||||||
Nonvested at end of period | 78,250 | $ | 31.46 | 50,336 | $ | 28.64 | ||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Financial information for the Company's operating segments | ' | |||||||||||||||||||
The following table provides financial information for the Company’s operating segments for the periods presented: | ||||||||||||||||||||
Community | Insurance | Wealth | Other | Consolidated | ||||||||||||||||
Banks | Management | |||||||||||||||||||
Three months ended June 30, 2014 | ||||||||||||||||||||
Net interest income | 52,744 | 49 | 320 | (944 | ) | 52,169 | ||||||||||||||
Provision for loan losses | 1,501 | — | (51 | ) | — | 1,450 | ||||||||||||||
Noninterest income | 15,129 | 2,138 | 2,181 | 23 | 19,471 | |||||||||||||||
Noninterest expense | 45,530 | 1,684 | 1,999 | 183 | 49,396 | |||||||||||||||
Income (loss) before income taxes | 20,842 | 503 | 553 | (1,104 | ) | 20,794 | ||||||||||||||
Income taxes | 6,168 | 202 | — | (429 | ) | 5,941 | ||||||||||||||
Net income (loss) | 14,674 | 301 | 553 | (675 | ) | 14,853 | ||||||||||||||
Total assets | $ | 5,744,942 | $ | 17,864 | $ | 46,259 | $ | 16,955 | $ | 5,826,020 | ||||||||||
Goodwill | 273,379 | 2,767 | — | — | 276,146 | |||||||||||||||
Three months ended June 30, 2013 | ||||||||||||||||||||
Net interest income | $ | 34,251 | $ | 24 | $ | 324 | $ | (195 | ) | $ | 34,404 | |||||||||
Provision for loan losses | 2,990 | — | 10 | — | 3,000 | |||||||||||||||
Noninterest income | 14,658 | 973 | 1,681 | 5 | 17,317 | |||||||||||||||
Noninterest expense | 34,921 | 813 | 1,736 | 264 | 37,734 | |||||||||||||||
Income (loss) before income taxes | 10,998 | 184 | 259 | (454 | ) | 10,987 | ||||||||||||||
Income taxes | 3,079 | 71 | — | (182 | ) | 2,968 | ||||||||||||||
Net income (loss) | $ | 7,919 | $ | 113 | $ | 259 | $ | (272 | ) | $ | 8,019 | |||||||||
Total assets | $ | 4,183,079 | $ | 10,460 | $ | 42,886 | $ | 12,856 | $ | 4,249,281 | ||||||||||
Goodwill | 181,996 | 2,783 | — | — | 184,779 | |||||||||||||||
Community | Insurance | Wealth | Other | Consolidated | ||||||||||||||||
Banks | Management | |||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||
Net interest income | 103,380 | 112 | 631 | (1,983 | ) | 102,140 | ||||||||||||||
Provision for loan losses | 2,890 | — | 10 | — | 2,900 | |||||||||||||||
Noninterest income | 29,212 | 4,531 | 4,297 | 47 | 38,087 | |||||||||||||||
Noninterest expense | 89,655 | 3,158 | 3,867 | 361 | 97,041 | |||||||||||||||
Income (loss) before income taxes | 40,047 | 1,485 | 1,051 | (2,297 | ) | 40,286 | ||||||||||||||
Income taxes | 12,146 | 582 | — | (892 | ) | 11,836 | ||||||||||||||
Net income (loss) | 27,901 | 903 | 1,051 | (1,405 | ) | 28,450 | ||||||||||||||
Total assets | $ | 5,744,942 | $ | 17,864 | $ | 46,259 | $ | 16,955 | $ | 5,826,020 | ||||||||||
Goodwill | 273,379 | 2,767 | — | — | 276,146 | |||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||
Net interest income | $ | 67,928 | $ | 47 | $ | 619 | $ | (809 | ) | $ | 67,785 | |||||||||
Provision for loan losses | 5,907 | — | 143 | — | 6,050 | |||||||||||||||
Noninterest income | 29,201 | 2,006 | 3,462 | 26 | 34,695 | |||||||||||||||
Noninterest expense | 70,023 | 1,626 | 3,317 | 368 | 75,334 | |||||||||||||||
Income (loss) before income taxes | 21,199 | 427 | 621 | (1,151 | ) | 21,096 | ||||||||||||||
Income taxes | 5,802 | 165 | — | (461 | ) | 5,506 | ||||||||||||||
Net income (loss) | $ | 15,397 | $ | 262 | $ | 621 | $ | (690 | ) | $ | 15,590 | |||||||||
Total assets | $ | 4,183,079 | $ | 10,460 | $ | 42,886 | $ | 12,856 | $ | 4,249,281 | ||||||||||
Goodwill | 181,996 | 2,783 | — | — | 184,779 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
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 | |||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | — | $ | 6,122 | $ | — | $ | 6,122 | ||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
Government agency mortgage backed securities | — | 305,668 | — | 305,668 | ||||||||||||||||
Government agency collateralized mortgage obligations | — | 162,946 | — | 162,946 | ||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||
Government agency mortgage backed securities | — | 47,383 | — | 47,383 | ||||||||||||||||
Government agency collateralized mortgage obligations | — | 5,461 | — | 5,461 | ||||||||||||||||
Trust preferred securities | — | — | 18,309 | 18,309 | ||||||||||||||||
Other debt securities | — | 18,701 | — | 18,701 | ||||||||||||||||
Other equity securities | — | 4,458 | — | 4,458 | ||||||||||||||||
Total securities available for sale | — | 550,739 | 18,309 | 569,048 | ||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Interest rate swaps | — | — | — | — | ||||||||||||||||
Interest rate contracts | — | 1,285 | — | 1,285 | ||||||||||||||||
Interest rate lock commitments | — | 1,887 | — | 1,887 | ||||||||||||||||
Forward contracts | — | — | — | — | ||||||||||||||||
Total derivative instruments | — | 3,172 | — | 3,172 | ||||||||||||||||
Mortgage loans held for sale | — | 28,116 | — | 28,116 | ||||||||||||||||
Total financial assets | $ | — | $ | 582,027 | $ | 18,309 | $ | 600,336 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Interest rate swaps | $ | — | $ | 2,838 | $ | — | $ | 2,838 | ||||||||||||
Interest rate contracts | — | 1,285 | — | 1,285 | ||||||||||||||||
Interest rate lock commitments | — | — | — | — | ||||||||||||||||
Forward commitments | — | 624 | — | 624 | ||||||||||||||||
Total derivative instruments | — | 4,747 | — | 4,747 | ||||||||||||||||
Total financial liabilities | $ | — | $ | 4,747 | $ | — | $ | 4,747 | ||||||||||||
Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
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 swaps | $ | — | $ | 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 | ||||||||||||
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, during the three and six months ended June 30, 2014 and 2013, respectively: | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Three Months Ended June 30, 2014 | Trust preferred | Other equity | Total | |||||||||||||||||
securities | securities | |||||||||||||||||||
Balance at April 1, 2014 | $ | 19,378 | $ | — | $ | 19,378 | ||||||||||||||
Realized gains included in net income | 16 | — | 16 | |||||||||||||||||
Unrealized gains included in other comprehensive income | (926 | ) | — | (926 | ) | |||||||||||||||
Purchases | — | — | — | |||||||||||||||||
Sales | — | — | — | |||||||||||||||||
Issues | — | — | — | |||||||||||||||||
Settlements | (159 | ) | — | (159 | ) | |||||||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||||||
Balance at June 30, 2014 | $ | 18,309 | $ | — | $ | 18,309 | ||||||||||||||
Securities available for sale | ||||||||||||||||||||
Three Months Ended June 30, 2013 | Trust preferred | Other equity | Total | |||||||||||||||||
securities | securities | |||||||||||||||||||
Balance at April 1, 2013 | $ | 16,162 | $ | — | $ | 16,162 | ||||||||||||||
Realized gains included in net income | — | — | — | |||||||||||||||||
Unrealized gains included in other comprehensive income | (84 | ) | — | (84 | ) | |||||||||||||||
Reclassification adjustment | — | — | — | |||||||||||||||||
Purchases | — | — | — | |||||||||||||||||
Sales | — | — | — | |||||||||||||||||
Issues | — | — | — | |||||||||||||||||
Settlements | (118 | ) | — | (118 | ) | |||||||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||||||
Balance at June 30, 2013 | $ | 15,960 | $ | — | $ | 15,960 | ||||||||||||||
Securities available for sale | ||||||||||||||||||||
Six Months Ended June 30, 2014 | Trust preferred | Other equity | Total | |||||||||||||||||
securities | securities | |||||||||||||||||||
Balance at January 1, 2014 | $ | 17,671 | $ | — | $ | 17,671 | ||||||||||||||
Realized gains included in net income | 16 | — | 16 | |||||||||||||||||
Unrealized gains included in other comprehensive income | 798 | — | 798 | |||||||||||||||||
Purchases | — | — | — | |||||||||||||||||
Sales | — | — | — | |||||||||||||||||
Issues | — | — | — | |||||||||||||||||
Settlements | (176 | ) | — | (176 | ) | |||||||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||||||
Balance at June 30, 2014 | $ | 18,309 | $ | — | $ | 18,309 | ||||||||||||||
Securities available for sale | ||||||||||||||||||||
Six Months Ended June 30, 2013 | Trust preferred | Other equity | Total | |||||||||||||||||
securities | securities | |||||||||||||||||||
Balance at January 1, 2013 | $ | 15,068 | $ | — | $ | 15,068 | ||||||||||||||
Realized gains included in net income | — | — | — | |||||||||||||||||
Unrealized gains included in other comprehensive income | 1,794 | — | 1,794 | |||||||||||||||||
Reclassification adjustment | — | — | — | |||||||||||||||||
Purchases | — | — | — | |||||||||||||||||
Sales | — | — | — | |||||||||||||||||
Issues | — | — | — | |||||||||||||||||
Settlements | — | — | — | |||||||||||||||||
Transfers into Level 3 | (902 | ) | — | (902 | ) | |||||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||||||
Balance at June 30, 2013 | $ | 15,960 | $ | — | $ | 15,960 | ||||||||||||||
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 June 30, 2014 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 | $ | 18,309 | Discounted cash flows | Default rate | 0-100% | |||||||||||||||
Impaired loans measured at fair value on a nonrecurring basis | ' | |||||||||||||||||||
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: | ||||||||||||||||||||
30-Jun-14 | Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 9,646 | $ | 9,646 | ||||||||||||
OREO | — | — | 6,128 | 6,128 | ||||||||||||||||
Total | $ | — | $ | — | $ | 15,774 | $ | 15,774 | ||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 11,900 | $ | 11,900 | ||||||||||||
OREO | — | — | 36,306 | 36,306 | ||||||||||||||||
Total | $ | — | $ | — | $ | 48,206 | $ | 48,206 | ||||||||||||
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: | ||||||||||||||||||||
June 30, | December 31, 2013 | |||||||||||||||||||
2014 | ||||||||||||||||||||
OREO covered under loss-share agreements: | ||||||||||||||||||||
Carrying amount prior to remeasurement | $ | 4,074 | $ | 13,067 | ||||||||||||||||
Impairment recognized in results of operations | (274 | ) | (707 | ) | ||||||||||||||||
Increase in FDIC loss-share indemnification asset | (1,096 | ) | (2,829 | ) | ||||||||||||||||
Receivable from other guarantor | (64 | ) | (768 | ) | ||||||||||||||||
Fair value | $ | 2,640 | $ | 8,763 | ||||||||||||||||
OREO not covered under loss-share agreements: | ||||||||||||||||||||
Carrying amount prior to remeasurement | $ | 4,128 | $ | 30,436 | ||||||||||||||||
Impairment recognized in results of operations | (640 | ) | (2,893 | ) | ||||||||||||||||
Fair value | $ | 3,488 | $ | 27,543 | ||||||||||||||||
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 June 30, 2014 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a nonrecurring basis: | ||||||||||||||||||||
Financial instrument | Fair | Valuation Technique | Significant | Range of Inputs | ||||||||||||||||
Value | Unobservable Inputs | |||||||||||||||||||
Impaired loans | $ | 9,646 | Appraised value of collateral less estimated costs to sell | Estimated costs to sell | 4-10% | |||||||||||||||
OREO | 6,128 | 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: | ||||||||||||||||||||
30-Jun-14 | Aggregate | Aggregate | Difference | |||||||||||||||||
Fair Value | Unpaid | |||||||||||||||||||
Principal | ||||||||||||||||||||
Balance | ||||||||||||||||||||
Mortgage loans held for sale measured at fair value | $ | 28,116 | $ | 27,882 | $ | 234 | ||||||||||||||
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 | ||||||||||||||||||||
As of June 30, 2014 | Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Value | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 181,220 | $ | 181,220 | $ | — | $ | — | $ | 181,220 | ||||||||||
Securities held to maturity | 438,283 | — | 446,267 | — | 446,267 | |||||||||||||||
Securities available for sale | 569,048 | — | 550,739 | 18,309 | 569,048 | |||||||||||||||
Mortgage loans held for sale | 28,116 | — | 28,116 | — | 28,116 | |||||||||||||||
Loans covered under loss-share agreements | 167,129 | — | — | 161,558 | 161,558 | |||||||||||||||
Loans not covered under loss-share agreements, net | 3,743,097 | — | — | 3,703,082 | 3,703,082 | |||||||||||||||
FDIC loss-share indemnification asset | 19,863 | — | — | 19,863 | 19,863 | |||||||||||||||
Mortgage servicing rights | 10,280 | — | — | 11,159 | 11,159 | |||||||||||||||
Derivative instruments | 3,172 | — | 3,172 | — | 3,172 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | 4,886,731 | $ | 3,470,306 | $ | 1,421,756 | $ | — | $ | 4,892,062 | ||||||||||
Short-term borrowings | 25,505 | 25,505 | — | — | 25,505 | |||||||||||||||
Federal Home Loan Bank advances | 69,944 | — | 95,588 | — | 95,588 | |||||||||||||||
Junior subordinated debentures | 94,381 | — | 80,662 | — | 80,662 | |||||||||||||||
Derivative instruments | 4,781 | — | 4,781 | — | 4,781 | |||||||||||||||
Fair Value | ||||||||||||||||||||
As of December 31, 2013 | Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Value | ||||||||||||||||||||
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 | 228 | 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 | |||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | June 30, | December 31, 2013 | ||||||||||||||
Location | 2014 | |||||||||||||||
Derivative assets: | ||||||||||||||||
Designated as hedging instruments | ||||||||||||||||
Interest rate swap | Other Assets | $ | — | $ | 208 | |||||||||||
Totals | $ | — | $ | 208 | ||||||||||||
Not designated as hedging instruments: | ||||||||||||||||
Interest rate contracts | Other Assets | $ | 1,285 | $ | 1,812 | |||||||||||
Interest rate lock commitments | Other Assets | 1,887 | 464 | |||||||||||||
Forward commitments | Other Assets | — | 335 | |||||||||||||
Totals | $ | 3,172 | $ | 2,611 | ||||||||||||
Derivative liabilities: | ||||||||||||||||
Designated as hedging instruments: | ||||||||||||||||
Interest rate swap | Other Liabilities | $ | 2,838 | $ | 1,428 | |||||||||||
Totals | $ | 2,838 | $ | 1,428 | ||||||||||||
Not designated as hedging instruments: | ||||||||||||||||
Interest rate contracts | Other Liabilities | $ | 1,285 | $ | 1,812 | |||||||||||
Interest rate lock commitments | Other Liabilities | — | 52 | |||||||||||||
Forward commitments | Other Liabilities | 624 | 24 | |||||||||||||
Totals | $ | 1,909 | $ | 1,888 | ||||||||||||
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 as of the periods presented: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate swaps (terminated May 2010): | ||||||||||||||||
Included in interest income on loans | $ | — | $ | 80 | $ | — | $ | 165 | ||||||||
Total | $ | — | $ | 80 | $ | — | $ | 165 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate contracts: | ||||||||||||||||
Included in interest income on loans | $ | 767 | $ | 801 | $ | 1,546 | $ | 1,600 | ||||||||
Included in other noninterest expense | — | (25 | ) | — | 67 | |||||||||||
Interest rate lock commitments: | ||||||||||||||||
Included in gains on sales of mortgage loans held for sale | 927 | (2,284 | ) | 1,493 | (2,101 | ) | ||||||||||
Forward commitments | ||||||||||||||||
Included in gains on sales of mortgage loans held for sale | (634 | ) | 4,678 | (445 | ) | 4,876 | ||||||||||
Total | $ | 1,060 | $ | 3,170 | $ | 2,594 | $ | 4,442 | ||||||||
Schedule of gross derivative positions as recognized in the balance sheet | ' | |||||||||||||||
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 | |||||||||||||||
June 30, | December 31, 2013 | June 30, | December 31, 2013 | |||||||||||||
2014 | 2014 | |||||||||||||||
Gross amounts recognized | $ | 3,172 | $ | 2,818 | $ | 4,747 | $ | 3,315 | ||||||||
Gross amounts offset in the consolidated balance sheets | — | — | — | — | ||||||||||||
Net amounts presented in the consolidated balance sheets | 3,172 | 2,818 | 4,747 | 3,315 | ||||||||||||
Gross amounts not offset in the consolidated balance sheets | ||||||||||||||||
Financial instruments | 17 | 1,664 | 17 | 1,664 | ||||||||||||
Financial collateral pledged | — | — | 2,838 | — | ||||||||||||
Net amounts | $ | 3,155 | $ | 1,154 | $ | 1,892 | $ | 1,651 | ||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Changes in the components of other comprehensive income | ' | |||||||||||
Changes in the components of other comprehensive income were as follows for the periods presented: | ||||||||||||
Pre-Tax | Tax Expense | Net of Tax | ||||||||||
(Benefit) | ||||||||||||
Three months ended June 30, 2014 | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized holding gains on securities | $ | 1,953 | $ | 747 | $ | 1,206 | ||||||
Non-credit related portion of other-than-temporary impairment on securities | — | — | — | |||||||||
Reclassification adjustment for gains realized in net income | — | — | — | |||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (64 | ) | (25 | ) | (39 | ) | ||||||
Total securities available for sale | 1,889 | 722 | 1,167 | |||||||||
Derivative instruments: | ||||||||||||
Unrealized holding losses on derivative instruments | (641 | ) | (245 | ) | (396 | ) | ||||||
Reclassification adjustment for gains realized in net income | — | — | — | |||||||||
Total derivative instruments | (641 | ) | (245 | ) | (396 | ) | ||||||
Defined benefit pension and post-retirement benefit plans: | ||||||||||||
Net gain (loss) arising during the period | — | — | — | |||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 73 | 28 | 45 | |||||||||
Total defined benefit pension and post-retirement benefit plans | 73 | 28 | 45 | |||||||||
Total other comprehensive income | $ | 1,321 | $ | 505 | $ | 816 | ||||||
Three months ended June 30, 2013 | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized holding gains on securities | $ | (11,369 | ) | $ | (4,350 | ) | $ | (7,019 | ) | |||
Non-credit related portion of other-than-temporary impairment on securities | — | — | — | |||||||||
Reclassification adjustment for gains realized in net income | — | — | — | |||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (88 | ) | (34 | ) | (54 | ) | ||||||
Total securities available for sale | (11,457 | ) | (4,384 | ) | (7,073 | ) | ||||||
Derivative instruments: | ||||||||||||
Unrealized holding losses on derivative instruments | 1,607 | 615 | 992 | |||||||||
Reclassification adjustment for gains realized in net income | (83 | ) | (32 | ) | (51 | ) | ||||||
Total derivative instruments | 1,524 | 583 | 941 | |||||||||
Defined benefit pension and post-retirement benefit plans: | ||||||||||||
Net gain (loss) arising during the period | — | — | — | |||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 138 | 53 | 85 | |||||||||
Total defined benefit pension and post-retirement benefit plans | 138 | 53 | 85 | |||||||||
Total other comprehensive income | $ | (9,795 | ) | $ | (3,748 | ) | $ | (6,047 | ) | |||
Pre-Tax | Tax Expense | Net of Tax | ||||||||||
(Benefit) | ||||||||||||
Six months ended June 30, 2014 | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized holding losses on securities | $ | 6,462 | $ | 2,472 | $ | 3,990 | ||||||
Non-credit related portion of other-than-temporary impairment on securities | — | — | — | |||||||||
Reclassification adjustment for losses realized in net income | — | — | — | |||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (135 | ) | (52 | ) | (83 | ) | ||||||
Total securities available for sale | 6,327 | 2,420 | 3,907 | |||||||||
Derivative instruments: | ||||||||||||
Unrealized holding gains on derivative instruments | (1,320 | ) | (505 | ) | (815 | ) | ||||||
Reclassification adjustment for gains realized in net income | — | — | — | |||||||||
Total derivative instruments | (1,320 | ) | (505 | ) | (815 | ) | ||||||
Defined benefit pension and post-retirement benefit plans: | ||||||||||||
Net gain (loss) arising during the period | — | — | — | |||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 146 | 56 | 90 | |||||||||
Total defined benefit pension and post-retirement benefit plans | 146 | 56 | 90 | |||||||||
Total other comprehensive income | $ | 5,153 | $ | 1,971 | $ | 3,182 | ||||||
Six months ended June 30, 2013 | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized holding gains on securities | $ | (11,133 | ) | $ | (4,260 | ) | $ | (6,873 | ) | |||
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 | (194 | ) | (74 | ) | (120 | ) | ||||||
Total securities available for sale | (11,212 | ) | (4,290 | ) | (6,922 | ) | ||||||
Derivative instruments: | ||||||||||||
Unrealized holding losses on derivative instruments | 1,942 | 743 | 1,199 | |||||||||
Reclassification adjustment for gains realized in net income | (168 | ) | (64 | ) | (104 | ) | ||||||
Total derivative instruments | 1,774 | 679 | 1,095 | |||||||||
Defined benefit pension and post-retirement benefit plans: | ||||||||||||
Net gain (loss) arising during the period | — | — | — | |||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 254 | 97 | 157 | |||||||||
Total defined benefit pension and post-retirement benefit plans | 254 | 97 | 157 | |||||||||
Total other comprehensive income | $ | (9,184 | ) | $ | (3,514 | ) | $ | (5,670 | ) | |||
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, were as follows as of the dates presented: | ||||||||||||
June 30, | December 31, 2013 | |||||||||||
2014 | ||||||||||||
Unrealized gains on securities | $ | 14,277 | $ | 10,370 | ||||||||
Non-credit related portion of other-than-temporary impairment on securities | (17,428 | ) | (17,428 | ) | ||||||||
Unrealized losses on derivative instruments | (827 | ) | (12 | ) | ||||||||
Unrecognized defined benefit pension and post-retirement benefit plans obligations | (4,814 | ) | (4,903 | ) | ||||||||
Total accumulated other comprehensive loss | $ | (8,792 | ) | $ | (11,973 | ) |
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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: | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Basic | ||||||||
Net income applicable to common stock | $ | 14,853 | $ | 8,019 | ||||
Average common shares outstanding | 31,496,737 | 25,223,749 | ||||||
Net income per common share - basic | $ | 0.47 | $ | 0.32 | ||||
Diluted | ||||||||
Net income applicable to common stock | $ | 14,853 | $ | 8,019 | ||||
Average common shares outstanding | 31,496,737 | 25,223,749 | ||||||
Effect of dilutive stock-based compensation | 201,461 | 150,119 | ||||||
Average common shares outstanding - diluted | 31,698,198 | 25,373,868 | ||||||
Net income per common share - diluted | $ | 0.47 | $ | 0.32 | ||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Basic | ||||||||
Net income applicable to common stock | $ | 28,450 | $ | 15,590 | ||||
Average common shares outstanding | 31,466,610 | 25,205,092 | ||||||
Net income per common share - basic | $ | 0.9 | $ | 0.62 | ||||
Diluted | ||||||||
Net income applicable to common stock | $ | 28,450 | $ | 15,590 | ||||
Average common shares outstanding | 31,466,610 | 25,205,092 | ||||||
Effect of dilutive stock-based compensation | 215,886 | 129,806 | ||||||
Average common shares outstanding - diluted | 31,682,496 | 25,334,898 | ||||||
Net income per common share - diluted | $ | 0.9 | $ | 0.62 | ||||
Diluted net income per common share due to their anti-dilutive effect | ' | |||||||
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: | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Number of shares | 109,068 | 162,339 | ||||||
Range of exercise prices | $29.57 - $30.63 | $19.14 - $30.63 | ||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Number of shares | 109,068 | 388,446 | ||||||
Range of exercise prices | $29.57 - $30.63 | $19.14 - $30.63 |
Mergers_and_Acquisition_Tables
Mergers and Acquisition (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Business Combinations [Abstract] | ' | ||||||
Schedule of Business Acquisitions | ' | ||||||
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 | 1,321 | ||||||
Total Purchase Price | $ | 156,845 | |||||
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) | (45,761 | ) | |||||
Fixed assets | (3,228 | ) | |||||
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 | 65,333 | ||||||
Goodwill resulting from merger(2) | $ | 91,512 | |||||
(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. | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||||
As a result, the values included in the following table are preliminary and may change. | |||||||
Cash and cash equivalents | $ | 169,995 | |||||
Securities | 227,693 | ||||||
Mortgage loans held for sale | 1,659 | ||||||
Loans, net of unearned income | 899,236 | ||||||
Premises and equipment | 32,101 | ||||||
Other real estate owned | 13,527 | ||||||
Intangible assets | 116,544 | ||||||
Other assets | 55,848 | ||||||
Total assets | 1,516,603 | ||||||
Deposits | 1,325,872 | ||||||
Borrowings | 25,346 | ||||||
Other liabilities | 9,861 | ||||||
Pro Forma Information | ' | ||||||
The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the three and six months ended June 30, 2013 of the Company as though the merger with First M&F had been completed as of the beginning of 2013. | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2013 | 2013 | ||||||
Interest income | $ | 55,946 | $ | 110,800 | |||
Interest expense | 7,588 | 15,294 | |||||
Net interest income | 48,358 | 95,506 | |||||
Provision for loan losses | 4,380 | 8,710 | |||||
Noninterest income | 19,903 | 42,983 | |||||
Noninterest expense | 52,474 | 104,120 | |||||
Income before income taxes | 11,407 | 25,659 | |||||
Income taxes | 2,829 | 6,646 | |||||
Net income | $ | 8,578 | $ | 19,013 | |||
Earnings per share: | |||||||
Basic | $ | 0.28 | $ | 0.61 | |||
Diluted | $ | 0.27 | $ | 0.6 | |||
Securities_Details
Securities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized cost and fair value of securities held to maturity | ' | ' |
Amortized Cost | $438,283 | $412,075 |
Gross Unrealized Gains | 13,401 | 7,911 |
Gross Unrealized Losses | -5,417 | -11,410 |
Fair Value | 446,267 | 408,576 |
Obligations of other U.S. Government agencies and corporations | ' | ' |
Amortized cost and fair value of securities held to maturity | ' | ' |
Amortized Cost | 125,566 | 125,061 |
Gross Unrealized Gains | 14 | 14 |
Gross Unrealized Losses | -4,644 | -8,727 |
Fair Value | 120,936 | 116,348 |
Obligations of states and political subdivisions | ' | ' |
Amortized cost and fair value of securities held to maturity | ' | ' |
Amortized Cost | 312,717 | 287,014 |
Gross Unrealized Gains | 13,387 | 7,897 |
Gross Unrealized Losses | -773 | -2,683 |
Fair Value | $325,331 | $292,228 |
Securities_Details_1
Securities (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost | $574,917 | $513,594 |
Gross Unrealized Gains | 9,700 | 7,701 |
Gross Unrealized Losses | -15,569 | -20,041 |
Securities available for sale | 569,048 | 501,254 |
Trust preferred securities | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost | 27,371 | 27,531 |
Gross Unrealized Gains | 92 | 73 |
Gross Unrealized Losses | -9,154 | -9,933 |
Securities available for sale | 18,309 | 17,671 |
Other debt securities | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost | 18,482 | 19,544 |
Gross Unrealized Gains | 343 | 240 |
Gross Unrealized Losses | -124 | -230 |
Securities available for sale | 18,701 | 19,554 |
Other equity securities | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost | 3,054 | 2,775 |
Gross Unrealized Gains | 1,404 | 1,542 |
Gross Unrealized Losses | 0 | 0 |
Securities available for sale | 4,458 | 4,317 |
Obligations of other U.S. Government agencies and corporations | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost | 6,132 | 6,144 |
Gross Unrealized Gains | 148 | 125 |
Gross Unrealized Losses | -158 | -201 |
Securities available for sale | 6,122 | 6,068 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost | 303,203 | 261,659 |
Gross Unrealized Gains | 4,361 | 2,747 |
Gross Unrealized Losses | -1,896 | -4,414 |
Securities available for sale | 305,668 | 259,992 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost | 46,154 | 41,252 |
Gross Unrealized Gains | 1,576 | 1,373 |
Gross Unrealized Losses | -347 | -584 |
Securities available for sale | 47,383 | 42,041 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost | 165,265 | 149,682 |
Gross Unrealized Gains | 1,571 | 1,542 |
Gross Unrealized Losses | -3,890 | -4,679 |
Securities available for sale | 162,946 | 146,545 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Amortized cost and fair value of securities available for sale | ' | ' |
Amortized Cost | 5,256 | 5,007 |
Gross Unrealized Gains | 205 | 59 |
Gross Unrealized Losses | 0 | 0 |
Securities available for sale | $5,461 | $5,066 |
Securities_Details_2
Securities (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Gross realized gains and gross realized losses on sales of securities available for sale | ' | ' | ' | ' |
Gross gains on sales of securities available for sale | $0 | $0 | $0 | $0 |
Gross losses on sales of securities available for sale | 0 | 0 | 0 | -115 |
Loss on sales of securities available for sale, net | $0 | $0 | $0 | ($115) |
Securities_Details_3
Securities (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ' | ' |
Due within one year | $11,838 | ' |
Due after one year through five years | 52,018 | ' |
Due after five years through ten years | 229,292 | ' |
Due after ten years | 145,135 | ' |
Amortized Cost, Held to Maturity | 438,283 | 412,075 |
Fair Value | ' | ' |
Due within one year | 11,966 | ' |
Due after one year through five years | 53,704 | ' |
Due after five years through ten years | 228,436 | ' |
Due after ten years | 152,161 | ' |
Fair Value | 446,267 | 408,576 |
Amortized Cost | ' | ' |
Due within one year | 0 | ' |
Due after one year through five years | 1,071 | ' |
Due after five years through ten years | 5,061 | ' |
Due after ten years | 27,371 | ' |
Amortized Cost | 574,917 | 513,594 |
Amortized Cost | 574,917 | ' |
Fair Value | ' | ' |
Due within one year | 0 | ' |
Due after one year through five years | 1,149 | ' |
Due after five years through ten years | 4,973 | ' |
Due after ten years | 18,309 | ' |
Securities available for sale | 569,048 | 501,254 |
Other debt securities | ' | ' |
Amortized Cost | ' | ' |
Amortized Cost | 18,482 | 19,544 |
Fair Value | ' | ' |
Securities available for sale | 18,701 | 19,554 |
Other equity securities | ' | ' |
Amortized Cost | ' | ' |
Amortized Cost | 3,054 | 2,775 |
Other equity securities | 3,054 | ' |
Fair Value | ' | ' |
Securities available for sale | 4,458 | 4,317 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Amortized Cost | ' | ' |
Amortized Cost | 303,203 | 261,659 |
Fair Value | ' | ' |
Securities available for sale | 305,668 | 259,992 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Amortized Cost | ' | ' |
Amortized Cost | 46,154 | 41,252 |
Fair Value | ' | ' |
Securities available for sale | 47,383 | 42,041 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Amortized Cost | ' | ' |
Amortized Cost | 165,265 | 149,682 |
Fair Value | ' | ' |
Securities available for sale | 162,946 | 146,545 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Amortized Cost | ' | ' |
Amortized Cost | 5,256 | 5,007 |
Fair Value | ' | ' |
Securities available for sale | $5,461 | $5,066 |
Securities_Details_4
Securities (Details 4) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
security | security | |
Cash and Cash Equivalents [Line Items] | ' | ' |
Number of positions (securities) | 81 | 141 |
Held-to-maturity Securities [Abstract] | ' | ' |
Fair Value, Less than 12 Months | $22,934 | $165,250 |
Unrealized Losses, Less than 12 months | -167 | -10,404 |
Fair Value, 12 Months or More | 135,279 | 10,023 |
Unrealized Losses, 12 Months or More | -5,250 | -1,006 |
Fair Value, Total | 158,213 | 175,273 |
Unrealized Losses, Total | -5,417 | -11,410 |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 64 | 68 |
Fair Value, Less than 12 Months | 86,418 | 230,823 |
Unrealized Losses, Less than 12 months | -488 | -7,921 |
Fair Value, 12 Months or More | 177,864 | 48,342 |
Unrealized Losses, 12 months or More | -15,081 | -12,120 |
Fair Value, Total | 264,282 | 279,165 |
Unrealized Losses, Total | -15,569 | -20,041 |
Trust preferred securities | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 3 | 3 |
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 months | 0 | 0 |
Fair Value, 12 Months or More | 17,102 | 16,456 |
Unrealized Losses, 12 months or More | -9,154 | -9,933 |
Fair Value, Total | 17,102 | 16,456 |
Unrealized Losses, Total | -9,154 | -9,933 |
Other debt securities | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 2 | 4 |
Fair Value, Less than 12 Months | 0 | 7,100 |
Unrealized Losses, Less than 12 months | 0 | -217 |
Fair Value, 12 Months or More | 4,424 | 1,897 |
Unrealized Losses, 12 months or More | -124 | -13 |
Fair Value, Total | 4,424 | 8,997 |
Unrealized Losses, Total | -124 | -230 |
Other equity securities | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | ' | 0 |
Fair Value, Less than 12 Months | ' | 0 |
Unrealized Losses, Less than 12 months | ' | 0 |
Fair Value, 12 Months or More | ' | 0 |
Unrealized Losses, 12 months or More | ' | 0 |
Fair Value, Total | ' | 0 |
Unrealized Losses, Total | ' | 0 |
Obligations of other U.S. Government agencies and corporations | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Number of positions (securities) | 28 | 28 |
Held-to-maturity Securities [Abstract] | ' | ' |
Fair Value, Less than 12 Months | 500 | 105,747 |
Unrealized Losses, Less than 12 months | -1 | -7,826 |
Fair Value, 12 Months or More | 117,932 | 9,090 |
Unrealized Losses, 12 Months or More | -4,643 | -901 |
Fair Value, Total | 118,432 | 114,837 |
Unrealized Losses, Total | -4,644 | -8,727 |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 1 | 1 |
Fair Value, Less than 12 Months | 0 | 3,799 |
Unrealized Losses, Less than 12 months | 0 | -201 |
Fair Value, 12 Months or More | 3,842 | 0 |
Unrealized Losses, 12 months or More | -158 | 0 |
Fair Value, Total | 3,842 | 3,799 |
Unrealized Losses, Total | -158 | -201 |
Obligations of states and political subdivisions | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Number of positions (securities) | 53 | 113 |
Held-to-maturity Securities [Abstract] | ' | ' |
Fair Value, Less than 12 Months | 22,434 | 59,503 |
Unrealized Losses, Less than 12 months | -166 | -2,578 |
Fair Value, 12 Months or More | 17,347 | 933 |
Unrealized Losses, 12 Months or More | -607 | -105 |
Fair Value, Total | 39,781 | 60,436 |
Unrealized Losses, Total | -773 | -2,683 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 29 | 35 |
Fair Value, Less than 12 Months | 48,735 | 134,858 |
Unrealized Losses, Less than 12 months | -91 | -3,451 |
Fair Value, 12 Months or More | 71,908 | 13,239 |
Unrealized Losses, 12 months or More | -1,805 | -963 |
Fair Value, Total | 120,643 | 148,097 |
Unrealized Losses, Total | -1,896 | -4,414 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 4 | 4 |
Fair Value, Less than 12 Months | 5,275 | 16,570 |
Unrealized Losses, Less than 12 months | -26 | -584 |
Fair Value, 12 Months or More | 10,538 | 0 |
Unrealized Losses, 12 months or More | -321 | 0 |
Fair Value, Total | 15,813 | 16,570 |
Unrealized Losses, Total | -347 | -584 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 25 | 21 |
Fair Value, Less than 12 Months | 32,408 | 68,496 |
Unrealized Losses, Less than 12 months | -371 | -3,468 |
Fair Value, 12 Months or More | 70,050 | 16,750 |
Unrealized Losses, 12 months or More | -3,519 | -1,211 |
Fair Value, Total | 102,458 | 85,246 |
Unrealized Losses, Total | -3,890 | -4,679 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 0 | 0 |
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 months | 0 | 0 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses, 12 months or More | 0 | 0 |
Fair Value, Total | 0 | 0 |
Unrealized Losses, Total | $0 | $0 |
Less than 12 Months | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Number of positions (securities) | 27 | 137 |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 18 | 57 |
Less than 12 Months | Trust preferred securities | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | ' | 0 |
Less than 12 Months | Other debt securities | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | ' | 3 |
Less than 12 Months | Other equity securities | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | ' | 0 |
Less than 12 Months | Obligations of other U.S. Government agencies and corporations | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Number of positions (securities) | 1 | 26 |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 0 | 1 |
Less than 12 Months | Obligations of states and political subdivisions | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Number of positions (securities) | 26 | 111 |
Less than 12 Months | Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 10 | 32 |
Less than 12 Months | Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 1 | 4 |
Less than 12 Months | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 7 | 17 |
Less than 12 Months | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | ' | 0 |
12 Months or More | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Number of positions (securities) | 54 | 4 |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 46 | 11 |
12 Months or More | Trust preferred securities | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 3 | 3 |
12 Months or More | Other debt securities | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 2 | 1 |
12 Months or More | Other equity securities | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | ' | 0 |
12 Months or More | Obligations of other U.S. Government agencies and corporations | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Number of positions (securities) | 27 | 2 |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 1 | 0 |
12 Months or More | Obligations of states and political subdivisions | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Number of positions (securities) | 27 | 2 |
12 Months or More | Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 19 | 3 |
12 Months or More | Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 3 | 0 |
12 Months or More | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | 18 | 4 |
12 Months or More | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Number of positions (securities) | ' | 0 |
Securities_Details_5
Securities (Details 5) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Investments in pooled trust preferred securities | ' | ' |
Amortized Cost | $574,917 | ' |
Securities available for sale | 569,048 | 501,254 |
Trust preferred securities | ' | ' |
Investments in pooled trust preferred securities | ' | ' |
Amortized Cost | 27,371 | 27,531 |
Securities available for sale | 18,309 | 17,671 |
Unrealized Loss | -9,062 | ' |
XIII | ' | ' |
Investments in pooled trust preferred securities | ' | ' |
Amortized Cost | 1,115 | ' |
Securities available for sale | 1,207 | ' |
Unrealized Loss | 92 | ' |
Issuers Currently in Deferral or Default (percent) | 23.00% | ' |
XXIII | ' | ' |
Investments in pooled trust preferred securities | ' | ' |
Amortized Cost | 8,750 | ' |
Securities available for sale | 5,431 | ' |
Unrealized Loss | -3,319 | ' |
Issuers Currently in Deferral or Default (percent) | 19.00% | ' |
XXIV | ' | ' |
Investments in pooled trust preferred securities | ' | ' |
Amortized Cost | 12,076 | ' |
Securities available for sale | 7,889 | ' |
Unrealized Loss | -4,187 | ' |
Issuers Currently in Deferral or Default (percent) | 32.00% | ' |
XXVI | ' | ' |
Investments in pooled trust preferred securities | ' | ' |
Amortized Cost | 5,430 | ' |
Securities available for sale | 3,782 | ' |
Unrealized Loss | ($1,648) | ' |
Issuers Currently in Deferral or Default (percent) | 30.00% | ' |
Securities_Details_6
Securities (Details 6) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cumulative credit related losses recognized in earnings | ' | ' |
Beginning balance | ($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 |
Ending balance | ($3,337) | ($3,337) |
Securities_Details_Textual
Securities (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Institutions | |||
Tranche | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Carrying value of securities held to maturity | $4,292 | ' | ' |
Net gain recognized on sale of securities held to maturity | 169 | ' | ' |
Investments in pooled trust preferred securities, cost basis | ' | 574,917 | ' |
Securities available for sale, at fair value | ' | 569,048 | 501,254 |
Number of institutions issuing debt (institutions) | ' | 320 | ' |
Number of securities representing interests in tranches of trusts (tranches) | ' | 4 | ' |
Secure government, public and trust deposits | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available for sale securities pledged as collateral | ' | 682,714 | 604,571 |
Short-term borrowings | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available for sale securities pledged as collateral | ' | $14,242 | $7,626 |
Loans_and_the_Allowance_for_Lo2
Loans and the Allowance for Loan Losses (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Summary of loans | ' | ' | ||
Gross loans | $3,957,577 | $3,881,019 | ||
Unearned income | -47 | -1 | ||
Loans, net of unearned income | 3,957,530 | 3,881,018 | ||
Allowance for loan losses | -47,304 | -47,665 | ||
Loans, net | 3,910,226 | 3,833,353 | ||
Commercial, financial, agricultural | ' | ' | ||
Summary of loans | ' | ' | ||
Gross loans | 447,826 | 468,963 | ||
Loans, net of unearned income | 447,826 | 468,963 | ||
Lease financing | ' | ' | ||
Summary of loans | ' | ' | ||
Gross loans | 1,814 | 53 | ||
Real estate – construction | ' | ' | ||
Summary of loans | ' | ' | ||
Gross loans | 176,577 | 161,436 | ||
Loans, net of unearned income | 176,577 | 161,436 | ||
Real estate – 1-4 family mortgage | ' | ' | ||
Summary of loans | ' | ' | ||
Gross loans | 1,221,288 | 1,208,233 | ||
Loans, net of unearned income | 1,221,288 | 1,208,233 | ||
Real estate – commercial mortgage | ' | ' | ||
Summary of loans | ' | ' | ||
Gross loans | 2,015,319 | 1,950,572 | ||
Loans, net of unearned income | 2,015,319 | 1,950,572 | ||
Installment loans to individuals | ' | ' | ||
Summary of loans | ' | ' | ||
Gross loans | 94,753 | 91,762 | ||
Loans, net of unearned income | $96,520 | [1] | $91,814 | [1] |
[1] | Includes lease financing receivables. |
Loans_and_the_Allowance_for_Lo3
Loans and the Allowance for Loan Losses (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Past due and nonaccrual loans | ' | ' | ||
Loans and Leases Receivable, Gross | $3,957,577 | $3,881,019 | ||
Loans and Leases Receivable, Net of Deferred Income | 3,957,530 | 3,881,018 | ||
Commercial, financial, agricultural | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
Loans and Leases Receivable, Gross | 447,826 | 468,963 | ||
Loans and Leases Receivable, Net of Deferred Income | 447,826 | 468,963 | ||
Lease financing | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
Loans and Leases Receivable, Gross | 1,814 | 53 | ||
Real estate – construction | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
Loans and Leases Receivable, Gross | 176,577 | 161,436 | ||
Loans and Leases Receivable, Net of Deferred Income | 176,577 | 161,436 | ||
Real estate – 1-4 family mortgage | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
Loans and Leases Receivable, Gross | 1,221,288 | 1,208,233 | ||
Loans and Leases Receivable, Net of Deferred Income | 1,221,288 | 1,208,233 | ||
Real estate – commercial mortgage | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
Loans and Leases Receivable, Gross | 2,015,319 | 1,950,572 | ||
Loans and Leases Receivable, Net of Deferred Income | 2,015,319 | 1,950,572 | ||
Installment loans to individuals | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
Loans and Leases Receivable, Gross | 94,753 | 91,762 | ||
Loans and Leases Receivable, Net of Deferred Income | 96,520 | [1] | 91,814 | [1] |
Unearned income | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
Loans and Leases Receivable, Gross | -47 | -1 | ||
Accruing Loans | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
30-89 Days Past Due | 21,640 | 22,475 | ||
90 Days or More Past Due | 8,672 | 4,187 | ||
Current Loans | 3,862,652 | 3,782,025 | ||
Total Loans, Accruing | 3,892,964 | 3,808,687 | ||
Accruing Loans | Commercial, financial, agricultural | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
30-89 Days Past Due | 630 | 2,067 | ||
90 Days or More Past Due | 972 | 607 | ||
Current Loans | 443,663 | 463,521 | ||
Total Loans, Accruing | 445,265 | 466,195 | ||
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 | 1,814 | 53 | ||
Total Loans, Accruing | 1,814 | 53 | ||
Accruing Loans | Real estate – construction | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
30-89 Days Past Due | 713 | 664 | ||
90 Days or More Past Due | 11 | 0 | ||
Current Loans | 174,205 | 159,124 | ||
Total Loans, Accruing | 174,929 | 159,788 | ||
Accruing Loans | Real estate – 1-4 family mortgage | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
30-89 Days Past Due | 9,437 | 10,168 | ||
90 Days or More Past Due | 5,047 | 2,206 | ||
Current Loans | 1,193,582 | 1,179,703 | ||
Total Loans, Accruing | 1,208,066 | 1,192,077 | ||
Accruing Loans | Real estate – commercial mortgage | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
30-89 Days Past Due | 10,581 | 8,870 | ||
90 Days or More Past Due | 2,603 | 1,286 | ||
Current Loans | 1,955,117 | 1,888,745 | ||
Total Loans, Accruing | 1,968,301 | 1,898,901 | ||
Accruing Loans | Installment loans to individuals | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
30-89 Days Past Due | 279 | 706 | ||
90 Days or More Past Due | 39 | 88 | ||
Current Loans | 94,318 | 90,880 | ||
Total Loans, Accruing | 94,636 | 91,674 | ||
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 | -47 | -1 | ||
Total Loans, Accruing | -47 | -1 | ||
Nonaccruing Loans | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
30-89 Days Past Due | 2,258 | 2,307 | ||
90 Days or More Past Due | 45,331 | 47,167 | ||
Current Loans | 16,977 | 22,857 | ||
Total Loans, Nonaccuring | 64,566 | 72,331 | ||
Nonaccruing Loans | Commercial, financial, agricultural | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
30-89 Days Past Due | 137 | 138 | ||
90 Days or More Past Due | 1,139 | 1,959 | ||
Current Loans | 1,285 | 671 | ||
Total Loans, Nonaccuring | 2,561 | 2,768 | ||
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, Nonaccuring | 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, Nonaccuring | 1,648 | 1,648 | ||
Nonaccruing Loans | Real estate – 1-4 family mortgage | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
30-89 Days Past Due | 336 | 1,203 | ||
90 Days or More Past Due | 7,306 | 6,041 | ||
Current Loans | 5,580 | 8,912 | ||
Total Loans, Nonaccuring | 13,222 | 16,156 | ||
Nonaccruing Loans | Real estate – commercial mortgage | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
30-89 Days Past Due | 1,785 | 966 | ||
90 Days or More Past Due | 35,136 | 37,439 | ||
Current Loans | 10,097 | 13,266 | ||
Total Loans, Nonaccuring | 47,018 | 51,671 | ||
Nonaccruing Loans | Installment loans to individuals | ' | ' | ||
Past due and nonaccrual loans | ' | ' | ||
30-89 Days Past Due | 0 | 0 | ||
90 Days or More Past Due | 102 | 80 | ||
Current Loans | 15 | 8 | ||
Total Loans, Nonaccuring | 117 | 88 | ||
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, Nonaccuring | $0 | $0 | ||
[1] | Includes lease financing receivables. |
Loans_and_the_Allowance_for_Lo4
Loans and the Allowance for Loan Losses (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Impaired loans | ' | ' |
Unpaid Contractual Principal Balance | $160,149 | $161,473 |
Recorded Investment With Allowance | 58,502 | 56,924 |
Recorded Investment With No Allowance | 49,448 | 50,827 |
Total Recorded Investment | 107,950 | 107,751 |
Related Allowance | 14,983 | 14,650 |
Commercial, financial, agricultural | ' | ' |
Impaired loans | ' | ' |
Unpaid Contractual Principal Balance | 6,933 | 6,575 |
Recorded Investment With Allowance | 701 | 743 |
Recorded Investment With No Allowance | 2,648 | 2,043 |
Total Recorded Investment | 3,349 | 2,786 |
Related Allowance | 248 | 260 |
Real estate – construction | ' | ' |
Impaired loans | ' | ' |
Unpaid Contractual Principal Balance | 2,832 | 2,447 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment With No Allowance | 1,877 | 1,648 |
Total Recorded Investment | 1,877 | 1,648 |
Related Allowance | 0 | 0 |
Real estate – 1-4 family mortgage | ' | ' |
Impaired loans | ' | ' |
Unpaid Contractual Principal Balance | 28,062 | 42,868 |
Recorded Investment With Allowance | 15,270 | 25,374 |
Recorded Investment With No Allowance | 3,989 | 8,542 |
Total Recorded Investment | 19,259 | 33,916 |
Related Allowance | 3,009 | 7,353 |
Real estate – commercial mortgage | ' | ' |
Impaired loans | ' | ' |
Unpaid Contractual Principal Balance | 122,322 | 108,963 |
Recorded Investment With Allowance | 42,531 | 30,624 |
Recorded Investment With No Allowance | 40,934 | 38,517 |
Total Recorded Investment | 83,465 | 69,141 |
Related Allowance | 11,726 | 7,036 |
Installment loans to individuals | ' | ' |
Impaired loans | ' | ' |
Unpaid Contractual Principal Balance | 0 | 620 |
Recorded Investment With Allowance | 0 | 183 |
Recorded Investment With No Allowance | 0 | 77 |
Total Recorded Investment | 0 | 260 |
Related Allowance | $0 | $1 |
Loans_and_the_Allowance_for_Lo5
Loans and the Allowance for Loan Losses (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Investment and interest income recognized on impaired loans | ' | ' | ' | ' | ||
Average Recorded Investment | $122,462 | $111,151 | $124,181 | $111,654 | ||
Interest Income Recognized | 922 | 231 | [1] | 1,022 | 757 | [2] |
Commercial, financial, agricultural | ' | ' | ' | ' | ||
Investment and interest income recognized on impaired loans | ' | ' | ' | ' | ||
Average Recorded Investment | 5,279 | 5,601 | 5,382 | 5,551 | ||
Interest Income Recognized | 0 | 0 | [1] | 0 | 0 | [2] |
Real estate – construction | ' | ' | ' | ' | ||
Investment and interest income recognized on impaired loans | ' | ' | ' | ' | ||
Average Recorded Investment | 2,034 | 1,650 | 2,036 | 1,650 | ||
Interest Income Recognized | 0 | 0 | [1] | 2 | 0 | [2] |
Real estate – 1-4 family mortgage | ' | ' | ' | ' | ||
Investment and interest income recognized on impaired loans | ' | ' | ' | ' | ||
Average Recorded Investment | 21,747 | 34,732 | 22,122 | 34,874 | ||
Interest Income Recognized | 170 | 108 | [1] | 204 | 291 | [2] |
Real estate – commercial mortgage | ' | ' | ' | ' | ||
Investment and interest income recognized on impaired loans | ' | ' | ' | ' | ||
Average Recorded Investment | 93,402 | 69,168 | 94,641 | 69,579 | ||
Interest Income Recognized | 752 | 123 | [1] | 816 | 466 | [2] |
Installment loans to individuals | ' | ' | ' | ' | ||
Investment and interest income recognized on impaired loans | ' | ' | ' | ' | ||
Average Recorded Investment | 0 | 0 | 0 | 0 | ||
Interest Income Recognized | $0 | $0 | [1] | $0 | $0 | [2] |
[1] | Includes interest income recognized using the cash-basis method of income recognition of $0. No interest income was recognized using the cash-basis method of income recognition during the three months ended June 30, 2014. | |||||
[2] | Includes interest income recognized using the cash-basis method of income recognition of $0. No interest income was recognized using the cash-basis method of income recognition during the six months ended June 30, 2014. |
Loans_and_the_Allowance_for_Lo6
Loans and the Allowance for Loan Losses (Details 4) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Loan | Loan | |
Restructured loans | ' | ' |
Number of Loans (loans) | 37 | 41 |
Pre- Modification Outstanding Recorded Investment | $32,880 | $32,358 |
Post- Modification Outstanding Recorded Investment | 20,839 | 21,478 |
Commercial, financial, agricultural | ' | ' |
Restructured loans | ' | ' |
Number of Loans (loans) | 0 | 1 |
Pre- Modification Outstanding Recorded Investment | 0 | 20 |
Post- Modification Outstanding Recorded Investment | 0 | 19 |
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) | 19 | 23 |
Pre- Modification Outstanding Recorded Investment | 15,768 | 19,371 |
Post- Modification Outstanding Recorded Investment | 5,884 | 10,354 |
Real estate – commercial mortgage | ' | ' |
Restructured loans | ' | ' |
Number of Loans (loans) | 18 | 16 |
Pre- Modification Outstanding Recorded Investment | 17,112 | 12,785 |
Post- Modification Outstanding Recorded Investment | 14,955 | 10,934 |
Installment loans to individuals | ' | ' |
Restructured loans | ' | ' |
Number of Loans (loans) | 0 | 1 |
Pre- Modification Outstanding Recorded Investment | 0 | 182 |
Post- Modification Outstanding Recorded Investment | $0 | $171 |
Loans_and_the_Allowance_for_Lo7
Loans and the Allowance for Loan Losses (Details 5) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Loan | Loan | |
Changes in restructured loans [Roll Forward] | ' | ' |
Totals, Number of Loans, Beginning (loans) | 37 | 41 |
Additional loans with concessions, Number of Loans (loans) | 1 | ' |
Reclassified as nonperforming, Number of Loans (loans) | -1 | ' |
Paid in full (loans) | -4 | ' |
Charge Offs (loans) | 0 | ' |
Transfer to other real estate owned, Number of Loans (loans) | 0 | ' |
Lapse of concession period, Number of Loans (loans) | 0 | ' |
Totals, Number of Loans, Ending (loans) | 37 | 41 |
Changes in recorded investments [Roll Forward] | ' | ' |
Totals, Recorded Investment, Beginning | $21,478 | ' |
Additional loans with concessions, Recorded Investment | 1,289 | ' |
Reclassified as Nonperforming Restructured Loans | -331 | ' |
Paid in full | -335 | ' |
Charge-offs, Recorded Investment | 0 | ' |
Transfer to other real estate owned, Recorded Investment | 0 | ' |
Principal paydowns, Recorded Investment | -1,259 | ' |
Lapse of concession period, Recorded Investment | 0 | ' |
Totals, Recorded Investment, Ending | $20,842 | $21,478 |
Loans_and_the_Allowance_for_Lo8
Loans and the Allowance for Loan Losses (Details 6) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loan portfolio by risk-rating grades | ' | ' |
Total | $2,095,961 | $2,029,351 |
Commercial, financial, agricultural | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 325,895 | 343,813 |
Real estate – construction | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 124,644 | 115,016 |
Real estate – 1-4 family mortgage | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 151,233 | 164,150 |
Real estate – commercial mortgage | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 1,492,512 | 1,406,353 |
Installment loans to individuals | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 1,677 | 19 |
Pass | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 1,990,550 | 1,908,662 |
Pass | Commercial, financial, agricultural | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 319,948 | 328,959 |
Pass | Real estate – construction | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 123,503 | 114,428 |
Pass | Real estate – 1-4 family mortgage | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 130,837 | 126,916 |
Pass | Real estate – commercial mortgage | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 1,414,585 | 1,338,340 |
Pass | Installment loans to individuals | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 1,677 | 19 |
Watch | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 45,719 | 57,932 |
Watch | Commercial, financial, agricultural | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 4,500 | 10,588 |
Watch | Real estate – construction | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 1,141 | 588 |
Watch | Real estate – 1-4 family mortgage | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 10,329 | 13,864 |
Watch | Real estate – commercial mortgage | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 29,749 | 32,892 |
Watch | Installment loans to individuals | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 0 | 0 |
Substandard | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 59,692 | 62,757 |
Substandard | Commercial, financial, agricultural | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 1,447 | 4,266 |
Substandard | Real estate – construction | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 0 | 0 |
Substandard | Real estate – 1-4 family mortgage | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 10,067 | 23,370 |
Substandard | Real estate – commercial mortgage | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | 48,178 | 35,121 |
Substandard | Installment loans to individuals | ' | ' |
Loan portfolio by risk-rating grades | ' | ' |
Total | $0 | $0 |
Loans_and_the_Allowance_for_Lo9
Loans and the Allowance for Loan Losses (Details 7) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | $1,460,584 | $1,402,738 |
Commercial, financial, agricultural | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 93,582 | 89,666 |
Lease financing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 1,767 | 53 |
Real estate – construction | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 50,056 | 43,535 |
Real estate – 1-4 family mortgage | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 977,845 | 941,521 |
Real estate – commercial mortgage | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 249,814 | 243,029 |
Installment loans to individuals | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 87,520 | 84,934 |
Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 1,455,988 | 1,399,290 |
Performing | Commercial, financial, agricultural | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 93,449 | 89,490 |
Performing | Lease financing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 1,767 | 53 |
Performing | Real estate – construction | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 50,045 | 43,535 |
Performing | Real estate – 1-4 family mortgage | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 973,910 | 938,994 |
Performing | Real estate – commercial mortgage | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 249,378 | 242,363 |
Performing | Installment loans to individuals | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 87,439 | 84,855 |
Non- Performing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 4,596 | 3,448 |
Non- Performing | Commercial, financial, agricultural | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 133 | 176 |
Non- Performing | Lease financing | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 0 | 0 |
Non- Performing | Real estate – construction | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 11 | 0 |
Non- Performing | Real estate – 1-4 family mortgage | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 3,935 | 2,527 |
Non- Performing | Real estate – commercial mortgage | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | 436 | 666 |
Non- Performing | Installment loans to individuals | ' | ' |
Loan portfolio not subject to risk rating | ' | ' |
Loan portfolio | $81 | $79 |
Recovered_Sheet1
Loans and the Allowance for Loan Losses (Details 8) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | $400,985 | $448,930 | ||
Impaired Covered Loans | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | 20,299 | 24,519 | ||
Other Covered Loans | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | 146,830 | 157,155 | ||
Not Covered Loans | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | 233,856 | 267,256 | ||
Commercial, financial, agricultural | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | 28,349 | 35,484 | ||
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 | 7,677 | 9,546 | ||
Commercial, financial, agricultural | Not Covered Loans | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | 20,672 | 25,938 | ||
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 | 1,877 | 2,885 | ||
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 | 229 | 1,237 | ||
Real estate – 1-4 family mortgage | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | 92,210 | 102,562 | ||
Real estate – 1-4 family mortgage | Impaired Covered Loans | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | 1,255 | 835 | ||
Real estate – 1-4 family mortgage | Other Covered Loans | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | 48,361 | 53,631 | ||
Real estate – 1-4 family mortgage | Not Covered Loans | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | 42,594 | 48,096 | ||
Real estate – commercial mortgage | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | 272,993 | 301,190 | ||
Real estate – commercial mortgage | Impaired Covered Loans | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | 19,044 | 23,684 | ||
Real estate – commercial mortgage | Other Covered Loans | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | 89,122 | 92,302 | ||
Real estate – commercial mortgage | Not Covered Loans | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | 164,827 | 185,204 | ||
Installment loans to individuals | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | 5,556 | [1] | 6,809 | [1] |
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 | 22 | 28 | ||
Installment loans to individuals | Not Covered Loans | ' | ' | ||
Loans acquired with deteriorated credit quality | ' | ' | ||
Acquired with deteriorated credit quality | $5,534 | $6,781 | ||
[1] | Includes lease financing receivables. |
Recovered_Sheet2
Loans and the Allowance for Loan Losses (Details 9) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
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 | $400,985 | $448,930 | |
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 | 20,299 | 24,519 | |
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 | 146,830 | 157,155 | |
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 | 233,856 | 267,256 | |
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 | 558,168 | ' | |
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 | 57,279 | ' | |
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 | 183,328 | ' | |
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 | 317,561 | ' | |
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 | -120,809 | [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 | -36,979 | [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 | -33,251 | [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 | -50,579 | [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 | 437,359 | ' | |
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 | 20,300 | ' | |
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 | 150,077 | ' | |
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 | 266,982 | ' | |
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 | -36,374 | [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] | ' |
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 | -3,247 | [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 | ($33,126) | [2] | ' |
[1] | Represents contractual principal and interest cash flows of $112,523 and $8,286, respectively, not expected to be collected. | ||
[2] | Represents contractual interest payments of $3,387 expected to be collected and purchase discount of $32,987. |
Recovered_Sheet3
Loans and the Allowance for Loan Losses (Details 10) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Changes in accretable yield of loans acquired with deteriorated credit quality | ' |
Beginning Balance | ($39,950) |
Reclasses from nonaccretable difference | -3,794 |
Accretion | 7,370 |
Ending Balance | -36,374 |
Impaired Covered Loans | ' |
Changes in accretable yield of loans acquired with deteriorated credit quality | ' |
Beginning Balance | -1 |
Reclasses from nonaccretable difference | -50 |
Accretion | 50 |
Ending Balance | -1 |
Other Covered Loans | ' |
Changes in accretable yield of loans acquired with deteriorated credit quality | ' |
Beginning Balance | -3,758 |
Reclasses from nonaccretable difference | -3,389 |
Accretion | 3,900 |
Ending Balance | -3,247 |
Not Covered Loans | ' |
Changes in accretable yield of loans acquired with deteriorated credit quality | ' |
Beginning Balance | -36,191 |
Reclasses from nonaccretable difference | -355 |
Accretion | 3,420 |
Ending Balance | ($33,126) |
Recovered_Sheet4
Loans and the Allowance for Loan Losses (Details 11) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | $48,048 | $46,505 | $47,665 | $44,347 | ||||
Charge-offs | -2,529 | -3,513 | -3,826 | -5,018 | ||||
Recoveries | 335 | 1,042 | 565 | 1,655 | ||||
Net (charge-offs) recoveries | -2,194 | -2,471 | -3,261 | -3,363 | ||||
Provision for loan losses | 2,451 | 3,425 | 3,866 | 6,884 | ||||
Benefit attributable to FDIC loss-share agreements | -1,542 | -502 | -1,674 | -1,671 | ||||
Recoveries payable to FDIC | 541 | 77 | 708 | 837 | ||||
Provision for loan losses charged to operations | 1,450 | 3,000 | 2,900 | 6,050 | ||||
Ending balance | 47,304 | 47,034 | 47,304 | 47,034 | ||||
Period-End Amount Allocated to: | ' | ' | ' | ' | ||||
Individually evaluated for impairment | 10,891 | 15,944 | 10,891 | 15,944 | ||||
Collectively evaluated for impairment | 36,413 | 31,090 | 36,413 | 31,090 | ||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | ||||
Ending balance | 47,304 | 47,034 | 47,304 | 47,034 | ||||
Commercial, financial, agricultural | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 3,128 | 2,942 | 3,090 | 3,307 | ||||
Charge-offs | 0 | -46 | -119 | -280 | ||||
Recoveries | 75 | 90 | 112 | 247 | ||||
Net (charge-offs) recoveries | 75 | 44 | -7 | -33 | ||||
Provision for loan losses | -95 | 563 | 88 | 510 | ||||
Benefit attributable to FDIC loss-share agreements | 0 | -83 | -68 | -330 | ||||
Recoveries payable to FDIC | 156 | 12 | 161 | 24 | ||||
Provision for loan losses charged to operations | 61 | 492 | 181 | 204 | ||||
Ending balance | 3,264 | 3,478 | 3,264 | 3,478 | ||||
Period-End Amount Allocated to: | ' | ' | ' | ' | ||||
Individually evaluated for impairment | 245 | 834 | 245 | 834 | ||||
Collectively evaluated for impairment | 3,019 | 2,644 | 3,019 | 2,644 | ||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | ||||
Ending balance | 3,264 | 3,478 | 3,264 | 3,478 | ||||
Real estate – construction | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 1,109 | 676 | 1,091 | 711 | ||||
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 3 | 47 | 8 | 63 | ||||
Net (charge-offs) recoveries | 3 | 47 | 8 | 63 | ||||
Provision for loan losses | 154 | 140 | 167 | 88 | ||||
Benefit attributable to FDIC loss-share agreements | 0 | 0 | 0 | 0 | ||||
Recoveries payable to FDIC | 1 | 0 | 1 | 1 | ||||
Provision for loan losses charged to operations | 155 | 140 | 168 | 89 | ||||
Ending balance | 1,267 | 863 | 1,267 | 863 | ||||
Period-End Amount Allocated to: | ' | ' | ' | ' | ||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||
Collectively evaluated for impairment | 1,267 | 863 | 1,267 | 863 | ||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | ||||
Ending balance | 1,267 | 863 | 1,267 | 863 | ||||
Real estate – 1-4 family mortgage | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 18,478 | 19,737 | 18,629 | 18,347 | ||||
Charge-offs | -1,985 | -652 | -2,872 | -1,266 | ||||
Recoveries | 206 | 132 | 357 | 471 | ||||
Net (charge-offs) recoveries | -1,779 | -520 | -2,515 | -795 | ||||
Provision for loan losses | -5,187 | 521 | -4,691 | 1,718 | ||||
Benefit attributable to FDIC loss-share agreements | -66 | -369 | -135 | -630 | ||||
Recoveries payable to FDIC | 351 | 63 | 509 | 792 | ||||
Provision for loan losses charged to operations | -4,902 | 215 | -4,317 | 1,880 | ||||
Ending balance | 11,797 | 19,432 | 11,797 | 19,432 | ||||
Period-End Amount Allocated to: | ' | ' | ' | ' | ||||
Individually evaluated for impairment | 2,062 | 7,843 | 2,062 | 7,843 | ||||
Collectively evaluated for impairment | 9,735 | 11,589 | 9,735 | 11,589 | ||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | ||||
Ending balance | 11,797 | 19,432 | 11,797 | 19,432 | ||||
Real estate – commercial mortgage | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 24,147 | 22,096 | 23,688 | 21,416 | ||||
Charge-offs | -483 | -2,527 | -543 | -3,120 | ||||
Recoveries | 28 | 756 | 58 | 847 | ||||
Net (charge-offs) recoveries | -455 | -1,771 | -485 | -2,273 | ||||
Provision for loan losses | 7,522 | 1,962 | 8,002 | 3,787 | ||||
Benefit attributable to FDIC loss-share agreements | -1,476 | -50 | -1,471 | -711 | ||||
Recoveries payable to FDIC | 33 | 2 | 37 | 20 | ||||
Provision for loan losses charged to operations | 6,079 | 1,914 | 6,568 | 3,096 | ||||
Ending balance | 29,771 | 22,239 | 29,771 | 22,239 | ||||
Period-End Amount Allocated to: | ' | ' | ' | ' | ||||
Individually evaluated for impairment | 8,584 | 7,267 | 8,584 | 7,267 | ||||
Collectively evaluated for impairment | 21,187 | 14,972 | 21,187 | 14,972 | ||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | ||||
Ending balance | 29,771 | 22,239 | 29,771 | 22,239 | ||||
Installment loans to individuals | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 1,186 | [1] | 1,054 | [1] | 1,167 | [1] | 566 | [1] |
Charge-offs | -61 | [1] | -288 | [1] | -292 | [1] | -352 | [1] |
Recoveries | 23 | [1] | 17 | [1] | 30 | [1] | 27 | [1] |
Net (charge-offs) recoveries | -38 | [1] | -271 | [1] | -262 | [1] | -325 | [1] |
Provision for loan losses | 57 | [1] | 239 | [1] | 300 | [1] | 781 | [1] |
Benefit attributable to FDIC loss-share agreements | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Recoveries payable to FDIC | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Provision for loan losses charged to operations | 57 | [1] | 239 | [1] | 300 | [1] | 781 | [1] |
Ending balance | 1,205 | [1] | 1,022 | [1] | 1,205 | [1] | 1,022 | [1] |
Period-End Amount Allocated to: | ' | ' | ' | ' | ||||
Individually evaluated for impairment | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Collectively evaluated for impairment | 1,205 | [1] | 1,022 | [1] | 1,205 | [1] | 1,022 | [1] |
Acquired with deteriorated credit quality | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Ending balance | $1,205 | [1] | $1,022 | [1] | $1,205 | [1] | $1,022 | [1] |
[1] | Includes lease financing receivables. |
Recovered_Sheet5
Loans and the Allowance for Loan Losses (Details 12) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Investment in loans, net of unearned income on impairment methodology | ' | ' | ||
Individually evaluated for impairment | $58,502 | $56,924 | ||
Collectively evaluated for impairment | 3,498,043 | 3,375,164 | ||
Acquired with deteriorated credit quality | 400,985 | 448,930 | ||
Loans, net of unearned income | 3,957,530 | 3,881,018 | ||
Commercial, financial, agricultural | ' | ' | ||
Investment in loans, net of unearned income on impairment methodology | ' | ' | ||
Individually evaluated for impairment | 701 | 743 | ||
Collectively evaluated for impairment | 418,776 | 432,736 | ||
Acquired with deteriorated credit quality | 28,349 | 35,484 | ||
Loans, net of unearned income | 447,826 | 468,963 | ||
Real estate – construction | ' | ' | ||
Investment in loans, net of unearned income on impairment methodology | ' | ' | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 174,700 | 158,551 | ||
Acquired with deteriorated credit quality | 1,877 | 2,885 | ||
Loans, net of unearned income | 176,577 | 161,436 | ||
Real estate – 1-4 family mortgage | ' | ' | ||
Investment in loans, net of unearned income on impairment methodology | ' | ' | ||
Individually evaluated for impairment | 15,270 | 25,374 | ||
Collectively evaluated for impairment | 1,113,808 | 1,080,297 | ||
Acquired with deteriorated credit quality | 92,210 | 102,562 | ||
Loans, net of unearned income | 1,221,288 | 1,208,233 | ||
Real estate – commercial mortgage | ' | ' | ||
Investment in loans, net of unearned income on impairment methodology | ' | ' | ||
Individually evaluated for impairment | 42,531 | 30,624 | ||
Collectively evaluated for impairment | 1,699,795 | 1,618,758 | ||
Acquired with deteriorated credit quality | 272,993 | 301,190 | ||
Loans, net of unearned income | 2,015,319 | 1,950,572 | ||
Installment loans to individuals | ' | ' | ||
Investment in loans, net of unearned income on impairment methodology | ' | ' | ||
Individually evaluated for impairment | 0 | [1] | 183 | [1] |
Collectively evaluated for impairment | 90,964 | [1] | 84,822 | [1] |
Acquired with deteriorated credit quality | 5,556 | [1] | 6,809 | [1] |
Loans, net of unearned income | $96,520 | [1] | $91,814 | [1] |
[1] | Includes lease financing receivables. |
Recovered_Sheet6
Loans and the Allowance for Loan Losses (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ' | ' | ' |
Mortgage and commercial loans discontinued past due period | ' | '90 days | ' |
Consumer and other retail loans charged-off past due period | ' | '120 days | ' |
Restructured loans discontinued past due period | ' | '90 days | '90 days |
Restructured loans | $110,000 | $110,000 | $0 |
Interest income recognized using the cash-basis method of income recognition | 0 | 0 | ' |
Nonperforming loans charged-off past due period | ' | '90 days | ' |
Allowance for loan losses attributable to restructured loans | 47,304,000 | 47,304,000 | 47,665,000 |
Remaining availability under commitments to lend additional funds on restructured loans | 0 | 0 | 93,000 |
Fair value of loans contractual principal cash flows amount | 112,523,000 | 112,523,000 | ' |
Fair value of loans contractual interest cash flows | 8,286,000 | 8,286,000 | ' |
Fair value of loans contractual interest payments | ' | 3,387,000 | ' |
Fair value of loans contractual purchase discount | ' | 32,987,000 | ' |
Watch | ' | ' | ' |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ' | ' | ' |
Loan grades range (loan grade) | ' | 5 | ' |
Maximum | ' | ' | ' |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ' | ' | ' |
Loan grades range (loan grade) | ' | 9 | ' |
Maximum | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ' | ' | ' |
Loan grades range (loan grade) | ' | 4 | ' |
Maximum | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ' | ' | ' |
Loan grades range (loan grade) | ' | 9 | ' |
Minimum | ' | ' | ' |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ' | ' | ' |
Loan grades range (loan grade) | ' | 1 | ' |
Minimum | Pass | ' | ' | ' |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ' | ' | ' |
Loan grades range (loan grade) | ' | 1 | ' |
Minimum | Substandard | ' | ' | ' |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ' | ' | ' |
Loan grades range (loan grade) | ' | 6 | ' |
Restructured Loans | ' | ' | ' |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ' | ' | ' |
Outstanding balance of restructured loans | 8,280,000 | 8,280,000 | 10,078,000 |
Allowance for loan losses attributable to restructured loans | $3,122,000 | $3,122,000 | $2,984,000 |
Other_Real_Estate_Owned_Detail
Other Real Estate Owned (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | $7,472 | $12,942 |
Not Covered OREO | 34,331 | 39,945 |
Total other real estate owned, net | 41,803 | 52,887 |
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 | 1,286 | 2,133 |
Not Covered OREO | 6,507 | 6,767 |
Total other real estate owned, net | 7,793 | 8,900 |
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 | 2,182 | 3,598 |
Not Covered OREO | 8,557 | 8,984 |
Total other real estate owned, net | 10,739 | 12,582 |
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 | 625 | 1,161 |
Not Covered OREO | 8,563 | 12,334 |
Total other real estate owned, net | 9,188 | 13,495 |
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 | 3,379 | 6,050 |
Not Covered OREO | 10,704 | 11,860 |
Total other real estate owned, net | 14,083 | 17,910 |
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 |
Not Covered OREO | ' | 0 |
Total other real estate owned, net | ' | $0 |
Other_Real_Estate_Owned_Detail1
Other Real Estate Owned (Details 1) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | |
Covered OREO | ' | |
Balance at January 1, 2014 | $12,942 | |
Transfers of loans | 3,363 | |
Capitalized improvements | 0 | |
Impairments | -1,950 | [1] |
Dispositions | -6,589 | |
Other | -294 | |
Balance at June 30, 2014 | 7,472 | |
Not Covered OREO | ' | |
Balance at January 1, 2014 | 39,945 | |
Transfers of loans | 2,666 | |
Capitalized improvements | 0 | |
Impairments | -656 | [1] |
Dispositions | -7,753 | |
Other | 129 | |
Balance at June 30, 2014 | 34,331 | |
Total OREO | ' | |
Balance at January 1, 2014 | 52,887 | |
Transfers of loans | 6,029 | |
Capitalized improvements | 0 | |
Impairments | -2,606 | [1] |
Dispositions | -14,342 | |
Other | -165 | |
Balance at June 30, 2014 | $41,803 | |
[1] | Of the total impairment charges of $1,950 recorded for covered OREO, $390 was included in the Consolidated Statements of Income for the six months ended June 30, 2014, while the remaining $1,560 increased the FDIC loss-share indemnification asset. |
Other_Real_Estate_Owned_Detail2
Other Real Estate Owned (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Components of other real estate owned in the Consolidated Statements of Income | ' | ' | ' | ' |
Repairs and maintenance | $756 | $555 | $1,537 | $908 |
Property taxes and insurance | 56 | 304 | 297 | 657 |
Impairments | -207 | -1,249 | -1,045 | -2,235 |
Net losses (gains) on OREO sales | 102 | -252 | -12 | 218 |
Rental income | -53 | -83 | -98 | -196 |
Total | $1,068 | $1,773 | $2,769 | $3,822 |
Other_Real_Estate_Owned_Detail3
Other Real Estate Owned (Details Textual) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | |
Other Real Estate Owned (Textual) [Abstract] | ' | |
Total impairment charges | ($1,950) | [1] |
Consolidated Statements of Income | ' | |
Other Real Estate Owned (Textual) [Abstract] | ' | |
Total impairment charges | 390 | |
FDIC loss-share indemnification asset | ' | |
Other Real Estate Owned (Textual) [Abstract] | ' | |
Total impairment charges | $1,560 | |
[1] | Of the total impairment charges of $1,950 recorded for covered OREO, $390 was included in the Consolidated Statements of Income for the six months ended June 30, 2014, while the remaining $1,560 increased the FDIC loss-share indemnification asset. |
FDIC_LossShare_Indemnification2
FDIC Loss-Share Indemnification Asset (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
FDIC Loss-Share Indemnification Asset [Abstract] | ' |
Eligible losses covered (percent) | 80.00% |
Eligible recoveries covered (percent) | 80.00% |
Changes in FDIC Loss Share Indemnification Asset [Roll Forward] | ' |
Balance at January 1, 2014 | $26,273 |
Changes in expected cash flows from initial estimates on: | ' |
Covered Loans | -2,904 |
Covered OREO | 662 |
Reimbursable expenses | 592 |
Accretion | 0 |
Reimbursements received from the FDIC | -4,760 |
Balance at June 30, 2014 | $19,863 |
Mortgage_Servicing_Rights_Deta
Mortgage Servicing Rights (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Changes in mortgage servicing rights | ' |
Balance at January 1, 2014 | $8,994 |
Capitalization | 1,875 |
Amortization | -589 |
Balance at June 30, 2014 | $10,280 |
Mortgage_Servicing_Rights_Deta1
Mortgage Servicing Rights (Details 1) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Data and key economic assumptions related to mortgage servicing rights | ' |
Unpaid principal balance | $1,029,444 |
Weighted-average prepayment speed (CPR) (percent) | 5.36% |
Estimated impact of a 10% increase | -931 |
Estimated impact of a 20% increase | -1,236 |
Discount rate (percent) | 11.26% |
Estimated impact of a 10% increase | -959 |
Estimated impact of a 20% increase | ($1,286) |
Weighted-average coupon interest rate (percent) | 3.77% |
Weighted-average servicing fee (basis points) | 25.09% |
Weighted-average remaining maturity (in years) | '24 years 3 months 29 days |
Mortgage_Servicing_Rights_Deta2
Mortgage Servicing Rights (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Mortgage Servicing Rights (Textual) [Abstract] | ' | ' | ' | ' |
Mortgage Servicing Rights (MSR) Impairment (Recovery) | $0 | $0 | $0 | $0 |
Employee_Benefit_and_Deferred_2
Employee Benefit and Deferred Compensation Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Benefits | ' | ' | ' | ' |
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ' | ' | ' | ' |
Service cost | $0 | $0 | $0 | $0 |
Interest cost | 318 | 187 | 636 | 375 |
Expected return on plan assets | -539 | -309 | -1,078 | -620 |
Prior service cost recognized | 0 | 0 | 0 | 0 |
Recognized actuarial loss | 46 | 102 | 91 | 199 |
Net periodic benefit cost (return) | -175 | -20 | -351 | -46 |
Other Benefits | ' | ' | ' | ' |
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ' | ' | ' | ' |
Service cost | 6 | 6 | 12 | 13 |
Interest cost | 23 | 15 | 46 | 27 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Prior service cost recognized | 0 | 0 | 0 | 0 |
Recognized actuarial loss | 27 | 36 | 54 | 55 |
Net periodic benefit cost (return) | $56 | $57 | $112 | $95 |
Employee_Benefit_and_Deferred_3
Employee Benefit and Deferred Compensation Plans (Details 1) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Stock option grants assumptions | ' | ' |
Shares granted (shares) | 0 | 52,500 |
Dividend yield (percent) | ' | 3.55% |
Expected volatility (percent) | ' | 37.00% |
Risk-free interest rate (percent) | ' | 0.76% |
Expected lives | ' | '6 years |
Weighted average exercise price (usd per share) | $0 | $19.14 |
Weighted average fair value (usd per share) | ' | $4.47 |
Employee_Benefit_and_Deferred_4
Employee Benefit and Deferred Compensation Plans (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement by share based payment stock option granted, vested and exercisable (percent) | 33.33% | ' | ' | ' | ' | ' | ' |
Award vesting period | '3 years | ' | ' | ' | ' | ' | ' |
Option increases (decreases) in period (shares) | ' | ' | 11,557 | ' | 0 | ' | ' |
Weighted average exercise price (usd per share) | ' | ' | $21.16 | ' | $0 | ' | ' |
Weighted average remaining contractual life of options assumed in acquisition | ' | ' | '2 years 18 days | ' | ' | ' | ' |
Fair value of options assumed in acquisition | ' | ' | $68 | ' | ' | ' | ' |
Options outstanding (shares) | ' | 915,245 | ' | ' | 915,245 | ' | 1,060,350 |
Weighted average exercise price (usd per share) | ' | $18.90 | ' | ' | $18.90 | ' | $18.64 |
Treasury shares reissued (shares) | ' | ' | ' | ' | 131,973 | ' | ' |
Total stock-based compensation expense | ' | $951 | ' | $477 | $1,822 | $955 | ' |
First M&F | Incentive Plan and Stock Option Plan | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual life of options assumed in acquisition | ' | ' | ' | ' | '1 year 2 months 27 days | ' | ' |
Options outstanding (shares) | ' | 6,934 | ' | ' | 6,934 | ' | ' |
Weighted average exercise price (usd per share) | ' | $24.61 | ' | ' | $24.61 | ' | ' |
Employee_Benefit_and_Deferred_5
Employee Benefit and Deferred Compensation Plans Employee Benefit Plans Stock Option Rollforward (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options outstanding at beginning of period (shares) | ' | 1,060,350 | ' |
Assumed from acquisition (shares) | 11,557 | 0 | ' |
Granted (shares) | ' | 0 | 52,500 |
Exercised (shares) | ' | -144,105 | ' |
Forfeited (shares) | ' | -1,000 | ' |
Options outstanding at end of period (shares) | ' | 915,245 | 1,060,350 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Options outstanding at beginning of period (usd per share) | ' | $18.64 | ' |
Assumed from acquisition (usd per share) | $21.16 | $0 | ' |
Granted (usd per share) | ' | $0 | $19.14 |
Exercised (usd per share) | ' | $17.01 | ' |
Forfeited (usd per share) | ' | $16.91 | ' |
Options outstanding at end of period (usd per share) | ' | $18.90 | $18.64 |
Employee_Benefit_and_Deferred_6
Employee Benefit and Deferred Compensation Plans-Details 2 (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Performance Shares | ' |
Number of Shares [Roll Forward] | ' |
Beginning balance (shares) | 69,850 |
Awarded (shares) | 78,250 |
Vested (shares) | -69,850 |
Cancelled (shares) | 0 |
Ending balance (shares) | 78,250 |
Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Beginning balance (usd per share) | $19.14 |
Awarded (usd per share) | $31.46 |
Vested (usd per share) | $19.14 |
Cancelled (usd per share) | $0 |
Ending balance (usd per share) | $31.46 |
Restricted Stock | ' |
Number of Shares [Roll Forward] | ' |
Beginning balance (shares) | 22,338 |
Awarded (shares) | 34,336 |
Vested (shares) | -6,338 |
Cancelled (shares) | 0 |
Ending balance (shares) | 50,336 |
Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Beginning balance (usd per share) | $24.30 |
Awarded (usd per share) | $30.26 |
Vested (usd per share) | $22.09 |
Cancelled (usd per share) | $0 |
Ending balance (usd per share) | $28.64 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Financial information for the Company's operating segments | ' | ' | ' | ' | ' |
Net interest income | $52,169 | $34,404 | $102,140 | $67,785 | ' |
Provision for loan losses | 1,450 | 3,000 | 2,900 | 6,050 | ' |
Noninterest income | 19,471 | 17,317 | 38,087 | 34,695 | ' |
Noninterest expense | 49,396 | 37,734 | 97,041 | 75,334 | ' |
Income before income taxes | 20,794 | 10,987 | 40,286 | 21,096 | ' |
Income taxes | 5,941 | 2,968 | 11,836 | 5,506 | ' |
Net income | 14,853 | 8,019 | 28,450 | 15,590 | ' |
Total assets | 5,826,020 | 4,249,281 | 5,826,020 | 4,249,281 | 5,746,270 |
Goodwill | 276,146 | 184,779 | 276,146 | 184,779 | 276,100 |
Community Banks | ' | ' | ' | ' | ' |
Financial information for the Company's operating segments | ' | ' | ' | ' | ' |
Net interest income | 52,744 | 34,251 | 103,380 | 67,928 | ' |
Provision for loan losses | 1,501 | 2,990 | 2,890 | 5,907 | ' |
Noninterest income | 15,129 | 14,658 | 29,212 | 29,201 | ' |
Noninterest expense | 45,530 | 34,921 | 89,655 | 70,023 | ' |
Income before income taxes | 20,842 | 10,998 | 40,047 | 21,199 | ' |
Income taxes | 6,168 | 3,079 | 12,146 | 5,802 | ' |
Net income | 14,674 | 7,919 | 27,901 | 15,397 | ' |
Total assets | 5,744,942 | 4,183,079 | 5,744,942 | 4,183,079 | ' |
Goodwill | 273,379 | 181,996 | 273,379 | 181,996 | ' |
Insurance | ' | ' | ' | ' | ' |
Financial information for the Company's operating segments | ' | ' | ' | ' | ' |
Net interest income | 49 | 24 | 112 | 47 | ' |
Provision for loan losses | 0 | 0 | 0 | 0 | ' |
Noninterest income | 2,138 | 973 | 4,531 | 2,006 | ' |
Noninterest expense | 1,684 | 813 | 3,158 | 1,626 | ' |
Income before income taxes | 503 | 184 | 1,485 | 427 | ' |
Income taxes | 202 | 71 | 582 | 165 | ' |
Net income | 301 | 113 | 903 | 262 | ' |
Total assets | 17,864 | 10,460 | 17,864 | 10,460 | ' |
Goodwill | 2,767 | 2,783 | 2,767 | 2,783 | ' |
Wealth Management | ' | ' | ' | ' | ' |
Financial information for the Company's operating segments | ' | ' | ' | ' | ' |
Net interest income | 320 | 324 | 631 | 619 | ' |
Provision for loan losses | -51 | 10 | 10 | 143 | ' |
Noninterest income | 2,181 | 1,681 | 4,297 | 3,462 | ' |
Noninterest expense | 1,999 | 1,736 | 3,867 | 3,317 | ' |
Income before income taxes | 553 | 259 | 1,051 | 621 | ' |
Income taxes | 0 | 0 | 0 | 0 | ' |
Net income | 553 | 259 | 1,051 | 621 | ' |
Total assets | 46,259 | 42,886 | 46,259 | 42,886 | ' |
Goodwill | 0 | 0 | 0 | 0 | ' |
Other | ' | ' | ' | ' | ' |
Financial information for the Company's operating segments | ' | ' | ' | ' | ' |
Net interest income | -944 | -195 | -1,983 | -809 | ' |
Provision for loan losses | 0 | 0 | 0 | 0 | ' |
Noninterest income | 23 | 5 | 47 | 26 | ' |
Noninterest expense | 183 | 264 | 361 | 368 | ' |
Income before income taxes | -1,104 | -454 | -2,297 | -1,151 | ' |
Income taxes | -429 | -182 | -892 | -461 | ' |
Net income | -675 | -272 | -1,405 | -690 | ' |
Total assets | 16,955 | 12,856 | 16,955 | 12,856 | ' |
Goodwill | $0 | $0 | $0 | $0 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Securities available for sale | $569,048 | $501,254 |
Derivative instruments | 0 | 208 |
Trust preferred securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 18,309 | 17,671 |
Other debt securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 18,701 | 19,554 |
Other equity securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 4,458 | 4,317 |
Obligations of other U.S. Government agencies and corporations | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 6,122 | 6,068 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 305,668 | 259,992 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 47,383 | 42,041 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 162,946 | 146,545 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 5,461 | 5,066 |
Recurring | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 569,048 | 501,254 |
Derivative instruments | 3,172 | 2,819 |
Total financial assets | 600,336 | 537,513 |
Financial liabilities: | ' | ' |
Derivative instruments | 4,747 | 3,316 |
Total financial liabilities | 4,747 | 3,316 |
Recurring | Interest rate swaps | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 208 |
Financial liabilities: | ' | ' |
Derivative instruments | 2,838 | 1,428 |
Recurring | Interest rate contracts | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 1,285 | 1,812 |
Financial liabilities: | ' | ' |
Derivative instruments | 1,285 | 1,812 |
Recurring | Interest rate lock commitments | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 1,887 | 464 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 52 |
Recurring | Forward contracts | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 335 |
Financial liabilities: | ' | ' |
Derivative instruments | 624 | 24 |
Recurring | Mortgage loans held for sale | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 28,116 | 33,440 |
Recurring | Trust preferred securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 18,309 | 17,671 |
Recurring | Other debt securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 18,701 | 19,554 |
Recurring | Other equity securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 4,458 | 4,317 |
Recurring | Obligations of other U.S. Government agencies and corporations | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 6,122 | 6,068 |
Recurring | Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 305,668 | 259,992 |
Recurring | Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 47,383 | 42,041 |
Recurring | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 162,946 | 146,545 |
Recurring | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 5,461 | 5,066 |
Recurring | Level 1 | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Level 1 | Interest rate swaps | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 0 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Interest rate contracts | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 0 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Interest rate lock commitments | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 0 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Forward contracts | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 0 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Mortgage loans held for sale | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Trust preferred securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Other debt securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Other equity securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Obligations of other U.S. Government agencies and corporations | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 2 | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 550,739 | 483,583 |
Derivative instruments | 3,172 | 2,819 |
Total financial assets | 582,027 | 519,842 |
Financial liabilities: | ' | ' |
Derivative instruments | 4,747 | 3,316 |
Total financial liabilities | 4,747 | 3,316 |
Recurring | Level 2 | Interest rate swaps | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 208 |
Financial liabilities: | ' | ' |
Derivative instruments | 2,838 | 1,428 |
Recurring | Level 2 | Interest rate contracts | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 1,285 | 1,812 |
Financial liabilities: | ' | ' |
Derivative instruments | 1,285 | 1,812 |
Recurring | Level 2 | Interest rate lock commitments | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 1,887 | 464 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 52 |
Recurring | Level 2 | Forward contracts | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 335 |
Financial liabilities: | ' | ' |
Derivative instruments | 624 | 24 |
Recurring | Level 2 | Mortgage loans held for sale | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 28,116 | 33,440 |
Recurring | Level 2 | Trust preferred securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 2 | Other debt securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 18,701 | 19,554 |
Recurring | Level 2 | Other equity securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 4,458 | 4,317 |
Recurring | Level 2 | Obligations of other U.S. Government agencies and corporations | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 6,122 | 6,068 |
Recurring | Level 2 | Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 305,668 | 259,992 |
Recurring | Level 2 | Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 47,383 | 42,041 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 162,946 | 146,545 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 5,461 | 5,066 |
Recurring | Level 3 | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 18,309 | 17,671 |
Derivative instruments | 0 | 0 |
Total financial assets | 18,309 | 17,671 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Level 3 | Interest rate swaps | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 0 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Interest rate contracts | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 0 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Interest rate lock commitments | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 0 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Forward contracts | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 0 |
Financial liabilities: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Mortgage loans held for sale | ' | ' |
Financial assets: | ' | ' |
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Trust preferred securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 18,309 | 17,671 |
Recurring | Level 3 | Other debt securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Other equity securities | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Obligations of other U.S. Government agencies and corporations | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Government agency mortgage backed securities | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Government agency mortgage backed securities | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | $0 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | ' |
Beginning Balance | $19,378 | $16,162 | $17,671 | $15,068 |
Realized gains included in net income | 16 | 0 | 16 | 0 |
Unrealized gains included in other comprehensive income | -926 | -84 | 798 | 1,794 |
Reclassification adjustment | ' | 0 | ' | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issues | 0 | 0 | 0 | 0 |
Settlements | -159 | -118 | -176 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | -902 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending Balance | 18,309 | 15,960 | 18,309 | 15,960 |
Trust preferred securities | ' | ' | ' | ' |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | ' |
Beginning Balance | 19,378 | 16,162 | 17,671 | 15,068 |
Realized gains included in net income | 16 | 0 | 16 | 0 |
Unrealized gains included in other comprehensive income | -926 | -84 | 798 | 1,794 |
Reclassification adjustment | ' | 0 | ' | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issues | 0 | 0 | 0 | 0 |
Settlements | -159 | -118 | -176 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | -902 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending Balance | 18,309 | 15,960 | 18,309 | 15,960 |
Other equity securities | ' | ' | ' | ' |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | 0 |
Realized gains included in net income | 0 | 0 | 0 | 0 |
Unrealized gains included in other comprehensive income | 0 | 0 | 0 | 0 |
Reclassification adjustment | ' | 0 | ' | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issues | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending Balance | $0 | $0 | $0 | $0 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (Trust preferred securities, USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | ' |
Fair Value | $18,309 |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Impaired loans measured at fair value on a nonrecurring basis | ' | ' |
Impaired loans | $9,646 | $11,900 |
OREO | 6,128 | 36,306 |
Total | 15,774 | 48,206 |
Level 1 | ' | ' |
Impaired loans measured at fair value on a nonrecurring basis | ' | ' |
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Total | 0 | 0 |
Level 2 | ' | ' |
Impaired loans measured at fair value on a nonrecurring basis | ' | ' |
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Total | 0 | 0 |
Level 3 | ' | ' |
Impaired loans measured at fair value on a nonrecurring basis | ' | ' |
Impaired loans | 9,646 | 11,900 |
OREO | 6,128 | 36,306 |
Total | $15,774 | $48,206 |
Fair_Value_Measurements_Detail4
Fair Value Measurements (Details 4) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
OREO covered under loss-share agreements: | ' | ' |
OREO covered under loss-share agreements: | $2,640 | $8,763 |
OREO not covered under loss-share agreements: | ' | ' |
OREO not covered under loss-share agreements: | 3,488 | 27,543 |
Carrying amount prior to remeasurement | ' | ' |
OREO covered under loss-share agreements: | ' | ' |
OREO covered under loss-share agreements: | 4,074 | 13,067 |
OREO not covered under loss-share agreements: | ' | ' |
OREO not covered under loss-share agreements: | 4,128 | 30,436 |
Impairment recognized in results of operations | ' | ' |
OREO covered under loss-share agreements: | ' | ' |
OREO covered under loss-share agreements: | -274 | -707 |
OREO not covered under loss-share agreements: | ' | ' |
OREO not covered under loss-share agreements: | -640 | -2,893 |
Increase in FDIC loss-share indemnification asset | ' | ' |
OREO covered under loss-share agreements: | ' | ' |
OREO covered under loss-share agreements: | -1,096 | -2,829 |
Receivable from other guarantor | ' | ' |
OREO covered under loss-share agreements: | ' | ' |
OREO covered under loss-share agreements: | ($64) | ($768) |
Fair_Value_Measurements_Detail5
Fair Value Measurements (Details 5) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Impaired loans | OREO | Maximum | Maximum | Minimum | Minimum | Level 3 | Level 3 | ||
Impaired loans | OREO | Impaired loans | OREO | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Loans Measured at Fair Value on Nonrecurring Basis | $9,646 | $11,900 | $9,646 | $6,128 | ' | ' | ' | ' | $9,646 | $11,900 |
Valuation Technique | ' | ' | 'Appraised value of collateral less estimated costs to sell | 'Appraised value of property less estimated costs to sell | ' | ' | ' | ' | ' | ' |
Significant Unobservable Inputs | ' | ' | 'Estimated costs to sell | 'Estimated costs to sell | ' | ' | ' | ' | ' | ' |
Range of Inputs (percent) | ' | ' | ' | ' | 10.00% | 10.00% | 4.00% | 4.00% | ' | ' |
Fair_Value_Measurements_Detail6
Fair Value Measurements (Details 6) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Aggregate Fair Value | ' |
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | ' |
Mortgage loans held for sale measured at fair value | $28,116 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | 0 |
Aggregate Unpaid Principal Balance | ' |
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | ' |
Mortgage loans held for sale measured at fair value | 27,882 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | 0 |
Difference | ' |
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | ' |
Mortgage loans held for sale measured at fair value | 234 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | $0 |
Fair_Value_Measurements_Detail7
Fair Value Measurements (Details 7) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets | ' | ' |
Securities held to maturity | $438,283 | $412,075 |
Securities available for sale | 569,048 | 501,254 |
Mortgage loans held for sale | 28,116 | 33,440 |
Loans covered under loss-share agreements | 167,129 | 181,674 |
FDIC loss-share indemnification asset | 19,863 | 26,273 |
Mortgage servicing rights | 10,280 | 8,994 |
Derivative instruments | 0 | 208 |
Carrying Value | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 181 | 246,648 |
Securities held to maturity | 438 | 412,075 |
Securities available for sale | 569 | 501,254 |
Mortgage loans held for sale | 28 | 33,440 |
Loans covered under loss-share agreements | 167 | 181,674 |
Loans not covered under loss-share agreements, net | 3,743 | 3,651,679 |
FDIC loss-share indemnification asset | 20 | 26,273 |
Mortgage servicing rights | 10 | 8,994 |
Derivative instruments | 3 | 2,818 |
Financial liabilities | ' | ' |
Deposits | 4,887 | 4,841,912 |
Short-term borrowings | 26 | 228 |
Federal Home Loan Bank advances | 70 | 75,405 |
Junior subordinated debentures | 94 | 94,187 |
Derivative instruments | 5 | 3,096 |
Level 1 | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 181 | 246,648 |
Securities held to maturity | 0 | 0 |
Securities available for sale | 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 | 0 | 0 |
Derivative instruments | 0 | 0 |
Financial liabilities | ' | ' |
Deposits | 3,470 | 3,327,688 |
Short-term borrowings | 26 | 2,283 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Derivative instruments | 0 | 0 |
Level 2 | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 446 | 408,567 |
Securities available for sale | 551 | 483,583 |
Mortgage loans held for sale | 28 | 33,440 |
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 | 0 | 0 |
Derivative instruments | 3 | 2,818 |
Financial liabilities | ' | ' |
Deposits | 1,422 | 1,520,667 |
Short-term borrowings | 0 | 0 |
Federal Home Loan Bank advances | 96 | 80,989 |
Junior subordinated debentures | 81 | 78,301 |
Derivative instruments | 5 | 3,096 |
Level 3 | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 0 | 0 |
Securities available for sale | 18 | 17,671 |
Mortgage loans held for sale | 0 | 0 |
Loans covered under loss-share agreements | 162 | 182,244 |
Loans not covered under loss-share agreements, net | 3,703 | 3,590,446 |
FDIC loss-share indemnification asset | 20 | 26,273 |
Mortgage servicing rights | 11 | 9,840 |
Derivative instruments | 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 | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 181 | 246,648 |
Securities held to maturity | 446 | 408,567 |
Securities available for sale | 569 | 501,254 |
Mortgage loans held for sale | 28 | 33,440 |
Loans covered under loss-share agreements | 162 | 182,244 |
Loans not covered under loss-share agreements, net | 3,703 | 3,590,446 |
FDIC loss-share indemnification asset | 20 | 26,273 |
Mortgage servicing rights | 11 | 9,840 |
Derivative instruments | 3 | 2,818 |
Financial liabilities | ' | ' |
Deposits | 4,892 | 4,848,355 |
Short-term borrowings | 26 | 2,283 |
Federal Home Loan Bank advances | 96 | 80,989 |
Junior subordinated debentures | 81 | 78,301 |
Derivative instruments | $5 | $3,096 |
Fair_Value_Measurements_Detail8
Fair Value Measurements (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Fair Value Measurements (Textual) [Abstract] | ' | ' | ' | ' | ' |
Impaired loans not covered under loss-share agreements | $12,751 | ' | $12,751 | ' | $12,998 |
Specific reserve included in allowance for loan losses | 3,105 | ' | 3,105 | ' | 1,098 |
Changes in fair value | 75 | ' | 11 | ' | ' |
Impairment losses on mortgage servicing rights | $0 | $0 | $0 | $0 | ' |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative financial instruments | ' | ' |
Derivative assets | $0 | $208 |
Designated as hedging instruments: | ' | ' |
Derivative financial instruments | ' | ' |
Derivative instruments | 2,838 | 1,428 |
Designated as hedging instruments: | Interest rate swaps | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets | 0 | 208 |
Not designated as hedging instruments: | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets | 3,172 | 2,611 |
Derivative instruments | 1,909 | 1,888 |
Other Assets | Not designated as hedging instruments: | Interest rate contracts | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets | 1,285 | 1,812 |
Other Assets | Not designated as hedging instruments: | Interest rate lock commitments | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets | 1,887 | 464 |
Other Assets | Not designated as hedging instruments: | Forward contracts | ' | ' |
Derivative financial instruments | ' | ' |
Derivative assets | 0 | 335 |
Other Liabilities | Designated as hedging instruments: | Interest rate swaps | ' | ' |
Derivative financial instruments | ' | ' |
Derivative instruments | 2,838 | 1,428 |
Other Liabilities | Not designated as hedging instruments: | Interest rate contracts | ' | ' |
Derivative financial instruments | ' | ' |
Derivative instruments | 1,285 | 1,812 |
Other Liabilities | Not designated as hedging instruments: | Interest rate lock commitments | ' | ' |
Derivative financial instruments | ' | ' |
Derivative instruments | 0 | 52 |
Other Liabilities | Not designated as hedging instruments: | Forward contracts | ' | ' |
Derivative financial instruments | ' | ' |
Derivative instruments | $624 | $24 |
Derivative_Instruments_Details1
Derivative Instruments (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Designated as hedging instruments: | Interest rate swaps | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Gains (losses) on derivative financial instruments | $0 | $80 | $0 | $165 |
Not designated as hedging instruments: | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Gains (losses) on derivative financial instruments | 1,060 | 3,170 | 2,594 | 4,442 |
Included in interest income on loans | Designated as hedging instruments: | Interest rate swaps | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Gains (losses) on derivative financial instruments | 0 | 80 | 0 | 165 |
Included in interest income on loans | Not designated as hedging instruments: | Interest rate contracts | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Gains (losses) on derivative financial instruments | 767 | 801 | 1,546 | 1,600 |
Included in other noninterest expense | Not designated as hedging instruments: | Interest rate contracts | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Gains (losses) on derivative financial instruments | 0 | -25 | 0 | 67 |
Included in gains on sales of mortgage loans held for sale | Not designated as hedging instruments: | Interest rate lock commitments | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Gains (losses) on derivative financial instruments | 927 | -2,284 | 1,493 | -2,101 |
Included in gains on sales of mortgage loans held for sale | Not designated as hedging instruments: | Forward contracts | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Gains (losses) on derivative financial instruments | ($634) | $4,678 | ($445) | $4,876 |
Derivative_Instruments_Details2
Derivative Instruments (Details Textual) (USD $) | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||
Jun. 30, 2014 | Jun. 05, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 05, 2014 | Jun. 05, 2014 | Jun. 05, 2014 | Jun. 05, 2014 | |
Derivative_Instrument | Aug-13 | Aug-12 | Interest rate contracts with corporate customers | Offsetting interest rate contracts with other financial institutions | Cash Flow Hedging | Cash Flow Hedging | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | 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 | First M&F | Floating Rate Liability at the Bank Level, Derivative One | Floating Rate Liability at the Bank Level, Derivative One | Floating Rate Liability at the Bank Level, Derivative Two | Floating Rate Liability at the Bank Level, Derivative Two | ||
Derivative_Instrument | Derivative_Instrument | Derivative_Instrument | Designated as hedging instruments: | Designated as hedging instruments: | Designated as hedging instruments: | Designated as hedging instruments: | Cash Flow Hedging | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | ||||||||||
Derivative Instruments (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Junior subordinated debentures | $75,000,000 | ' | ' | ' | $73,628,000 | $73,628,000 | $32,000,000 | ' | ' | ' | ' | ' | $88,293,000 | $54,807,000 | $80,000,000 | $50,000,000 | $30,000,000 | ' | $15,000,000 | ' | $15,000,000 |
Number of instruments held (instruments) | ' | 2 | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | '5 years | ' |
Fixed interest rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.59% | ' | 3.74% |
Variable interest rate of derivatives, description | 'the three-month LIBOR plus a pre-determined spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of derivative instruments terminated (derivative instruments) | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative instruments deferred gain | ' | ' | 1,679,000 | 1,679,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (losses) on derivative financial instruments | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $80,000 | $0 | $165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_InstrumentsBalance_
Derivative Instruments-Balance Sheet Location (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Offsetting Derivative Assets | ' | ' |
Gross amounts recognized | $3,172 | $2,818 |
Gross amounts offset in the consolidated balance sheets | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 3,172 | 2,818 |
Financial instruments | 17 | 1,664 |
Financial collateral pledged | 0 | 0 |
Net amounts | 3,155 | 1,154 |
Offsetting Derivative Liabilities | ' | ' |
Gross amounts recognized | 4,747 | 3,315 |
Gross amounts offset in the consolidated balance sheets | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 4,747 | 3,315 |
Financial instruments | 17 | 1,664 |
Financial collateral pledged | 2,838 | 0 |
Net amounts | $1,892 | $1,651 |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Securities: | ' | ' | ' | ' |
Unrealized holding gains on securities, Pre-Tax | $1,953 | ($11,369) | $6,462 | ($11,133) |
Non-credit related portion of other-than-temporary impairment on securities, Pre-Tax | 0 | 0 | 0 | 0 |
Reclassification adjustment for losses realized in net income, Pre-Tax | 0 | 0 | 0 | 115 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category, Pre-Tax | -64 | -88 | -135 | -194 |
Total securities available for sale, Pre-Tax | 1,889 | -11,457 | 6,327 | -11,212 |
Unrealized holding gains on securities, Tax Expense (Benefit) | 747 | -4,350 | 2,472 | -4,260 |
Non-credit related portion of other-than-temporary impairment on securities, Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Reclassification adjustment for gains realized in net income, Tax Expense (Benefit) | 0 | 0 | 0 | 44 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category, Tax Expense (Benefit) | -25 | -34 | -52 | -74 |
Total securities available for sale, Tax Expense (Benefit) | 722 | -4,384 | 2,420 | -4,290 |
Unrealized holding gains on securities | 1,206 | -7,019 | 3,990 | -6,873 |
Non-credit related portion of other-than-temporary impairment on securities | 0 | 0 | 0 | 0 |
Reclassification adjustment for losses (gains) realized in net income | 0 | 0 | 0 | 71 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | -39 | -54 | -83 | -120 |
Total securities | 1,167 | -7,073 | 3,907 | -6,922 |
Derivative instruments: | ' | ' | ' | ' |
Unrealized holding losses on derivative instruments, Pre-Tax | -641 | 1,607 | -1,320 | 1,942 |
Reclassification adjustment for gains realized in net income, Pre-Tax | 0 | -83 | 0 | -168 |
Total derivative instruments, Pre-Tax | -641 | 1,524 | -1,320 | 1,774 |
Unrealized holding gains on derivative instruments, Tax Expense (Benefit) | -245 | 615 | -505 | 743 |
Reclassification adjustment for gains realized in net income, Tax Expense (Benefit) | 0 | -32 | 0 | -64 |
Total derivative instruments, Tax Expense (Benefit) | -245 | 583 | -505 | 679 |
Unrealized holding gains (losses) on derivative instruments | -396 | 992 | -815 | 1,199 |
Reclassification adjustment for gains realized in net income | 0 | -51 | 0 | -104 |
Totals derivative instruments | -396 | 941 | -815 | 1,095 |
Defined benefit pension and post-retirement benefit plans: | ' | ' | ' | ' |
Net gain (loss) arising during the period, Pre-Tax | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss recognized in net periodic pension cost, Pre-Tax | 73 | 138 | 146 | 254 |
Total defined benefit pension and post-retirement benefit plans, Pre-Tax | 73 | 138 | 146 | 254 |
Net gain (loss) arising during the period, Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss recognized in net periodic pension cost, Tax Expense (Benefit) | 28 | 53 | 56 | 97 |
Total defined benefit pension and post-retirement benefit plans, Tax Expense (Benefit) | 28 | 53 | 56 | 97 |
Net (loss) gain arising during the period | 0 | 0 | 0 | 0 |
Less amortization of net actuarial loss recognized in net periodic pension cost | 45 | 85 | 90 | 157 |
Total defined benefit pension and post-retirement benefit plans | 45 | 85 | 90 | 157 |
Total other comprehensive income, Pre-Tax | 1,321 | -9,795 | 5,153 | -9,184 |
Total other comprehensive income, Tax Expense (Benefit) | 505 | -3,748 | 1,971 | -3,514 |
Other comprehensive income (loss), net of tax | $816 | ($6,047) | $3,182 | ($5,670) |
Other_Comprehensive_Income_Det1
Other Comprehensive Income (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated balances for component of other comprehensive income, net of tax | ' | ' |
Unrealized gains on securities | $14,277 | $10,370 |
Non-credit related portion of other-than-temporary impairment on securities | -17,428 | -17,428 |
Unrealized losses on derivative instruments | -827 | -12 |
Unrecognized defined benefit pension and post-retirement benefit plans obligations | -4,814 | -4,903 |
Total accumulated other comprehensive loss | ($8,792) | ($11,973) |
Net_Income_Per_Common_Share_De
Net Income Per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Basic | ' | ' | ' | ' |
Net income applicable to common stock | $14,853 | $8,019 | $28,450 | $15,590 |
Average common shares outstanding (shares) | 31,496,737 | 25,223,749 | 31,466,610 | 25,205,092 |
Net income per common share - basic (usd per share) | $0.47 | $0.32 | $0.90 | $0.62 |
Diluted | ' | ' | ' | ' |
Net income applicable to common stock | $14,853 | $8,019 | $28,450 | $15,590 |
Average common shares outstanding (shares) | 31,496,737 | 25,223,749 | 31,466,610 | 25,205,092 |
Effect of dilutive stock-based compensation (shares) | 201,461 | 150,119 | 215,886 | 129,806 |
Average common shares outstanding - diluted (shares) | 31,698,198 | 25,373,868 | 31,682,496 | 25,334,898 |
Net income per common share - diluted (usd per share) | $0.47 | $0.32 | $0.90 | $0.62 |
Net_Income_Per_Common_Share_De1
Net Income Per Common Share (Details 1) (Employee Stock Option [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Employee Stock Option [Member] | ' | ' | ' | ' |
Schedule of antidilutive securities excluded from computation of earnings per share | ' | ' | ' | ' |
Number of shares (shares) | 109,068 | 162,339 | 109,068 | 388,446 |
Range of exercise prices, Maximum (usd per share) | $30.63 | $30.63 | $30.63 | $30.63 |
Range of exercise prices, Minimum (usd per share) | $29.57 | $19.14 | $29.57 | $19.14 |
Mergers_and_Acquisition_Detail
Mergers and Acquisition (Details) (USD $) | 6 Months Ended | 0 Months Ended | 0 Months Ended | |||||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | ||
First M&F Merger | First M&F Merger | First M&F Merger | Core Deposits | Junior Subordinated Debt | LIBOR | |||||
First M&F | Common Stock | First M&F Merger | First M&F Merger | Junior Subordinated Debt | ||||||
Branches | First M&F Merger | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of banking and insurance locations the entity operates (branches) | ' | ' | ' | ' | 43 | ' | ' | ' | ' | |
Shares issued to common shareholders (shares) | ' | ' | ' | 6,175,576 | ' | 6,175,576 | ' | ' | ' | |
Voting interest acquired (percent) | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | |
Total Purchase Price | ' | ' | ' | $156,845,000 | ' | ' | ' | ' | ' | |
Intangible assets, including goodwill | ' | ' | ' | 116,500,000 | ' | ' | ' | ' | ' | |
Goodwill resulting from merger | 276,146,000 | 276,100,000 | 184,779,000 | 91,512,000 | [1] | ' | ' | ' | ' | ' |
Intangible assets, other than goodwill | ' | ' | ' | ' | ' | ' | 25,033,000 | ' | ' | |
Weighted average useful life | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | |
Borrowings | ' | ' | ' | 25,346,000 | ' | ' | ' | 30,900,000 | ' | |
Variable interest rate of derivatives, description | 'the three-month LIBOR plus a pre-determined spread | ' | ' | ' | ' | ' | ' | '90-day LIBOR | ' | |
Basis spread on variable rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 1.33% | |
Fair value adjustment | ' | ' | ' | ' | ' | ' | ' | $12,371,000 | ' | |
[1] | The goodwill resulting from the merger has been assigned to the Community Banks operating segment. |
Mergers_and_AcquisitionPurchas
Mergers and Acquisition-Purchase Price Adjustment (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | |||
First M&F Merger | Deposits | Junior Subordinated Debt | Other liabilities | Deferred income taxes | Securities | Loans, net of First M&F's allowance for loan losses | Fixed assets | Core deposits intangible, net of First M&F’s existing core deposit intangible | Other real estate owned | Other assets | |||||||||
First M&F Merger | First M&F Merger | First M&F Merger | First M&F Merger | First M&F Merger | First M&F Merger | First M&F Merger | First M&F Merger | First M&F Merger | First M&F Merger | ||||||||||
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash paid for fractional shares | ' | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fair value of stock based compensation assumed | ' | ' | ' | ' | ' | 68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deal charges | 0 | -385 | -195 | -385 | ' | 1,321 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Purchase Price | ' | ' | ' | ' | ' | 156,845 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stockholders’ equity at 9/1/13 | ' | ' | ' | ' | ' | 79,440 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fair value adjustment of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 253 | -45,761 | [1] | -3,228 | 21,158 | -5,797 | [1] | -443 | |
Fair value adjustment of liabilities | ' | ' | ' | ' | ' | ' | -3,207 | 12,371 | 1,748 | 8,799 | ' | ' | ' | ' | ' | ' | |||
Total Net Assets Acquired | ' | ' | ' | ' | ' | 65,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Goodwill resulting from merger | $276,146 | $184,779 | $276,146 | $184,779 | $276,100 | $91,512 | [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 Acquired and Liabilities Assumed (Details) (First M&F Merger, USD $) | Sep. 01, 2013 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Cash and cash equivalents | $169,995 |
Securities | 227,693 |
Mortgage loans held for sale | 1,659 |
Premises and equipment | 32,101 |
Other real estate owned | 13,527 |
Intangible assets | 116,544 |
Other assets | 55,848 |
Total assets | 1,516,603 |
Deposits | 1,325,872 |
Borrowings | 25,346 |
Other liabilities | 9,861 |
Loans, net of unearned income | ' |
Business Acquisition [Line Items] | ' |
Loans, net of unearned income | $899,236 |
Mergers_and_AcquisitionsPro_Fo
Mergers and Acquisitions-Pro Forma (Details) (First M&F Merger, USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
First M&F Merger | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Interest income | $55,946 | $110,800 |
Interest expense | 7,588 | 15,294 |
Net interest income | 48,358 | 95,506 |
Provision for loan losses | 4,380 | 8,710 |
Noninterest income | 19,903 | 42,983 |
Noninterest expense | 52,474 | 104,120 |
Income before income taxes | 11,407 | 25,659 |
Income taxes | 2,829 | 6,646 |
Net income | $8,578 | $19,013 |
Pro Forma Earnings Per Share, Basic (usd per share) | $0.28 | $0.61 |
Pro Forma Earnings Per Share, Diluted (usd per share) | $0.27 | $0.60 |