Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | RENASANT CORP | |
Entity Central Index Key | 715,072 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 42,063,419 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 146,219 | $ 177,007 |
Interest-bearing balances with banks | 72,264 | 34,564 |
Cash and cash equivalents | 218,483 | 211,571 |
Securities held to maturity (fair value of $466,060 and $473,753, respectively) | 448,376 | 458,400 |
Securities available for sale, at fair value | 653,444 | 646,805 |
Mortgage loans held for sale, at fair value | 298,365 | 225,254 |
Loans, net of unearned income: | ||
Acquired and covered by FDIC loss-share agreements (acquired covered loans) | 44,989 | 93,142 |
Acquired and not covered by FDIC loss-share agreements (acquired non-covered loans) | 1,453,328 | 1,489,886 |
Not acquired | 4,074,413 | 3,830,434 |
Total loans, net of unearned income | 5,572,730 | 5,413,462 |
Allowance for loan losses | (42,859) | (42,437) |
Loans, net | 5,529,871 | 5,371,025 |
Premises and equipment, net | 168,942 | 169,128 |
Other real estate owned: | ||
Acquired and covered by FDIC loss-share agreements (acquired covered loans) | 1,373 | 2,818 |
Acquired and not covered by FDIC loss-share agreements (acquired non-covered loans) | 19,051 | 19,597 |
Not acquired | 12,810 | 12,987 |
Total other real estate owned, net | 33,234 | 35,402 |
Goodwill | 449,425 | 445,871 |
Other intangible assets, net | 27,114 | 28,811 |
FDIC loss-share indemnification asset | 6,118 | 7,149 |
Other assets | 312,857 | 327,080 |
Total assets | 8,146,229 | 7,926,496 |
Deposits | ||
Noninterest-bearing | 1,384,503 | 1,278,337 |
Interest-bearing | 5,046,874 | 4,940,265 |
Total deposits | 6,431,377 | 6,218,602 |
Short-term borrowings | 414,255 | 422,279 |
Long-term debt | 147,416 | 148,217 |
Other liabilities | 100,003 | 100,580 |
Total liabilities | 7,093,051 | 6,889,678 |
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, 41,292,045 and 41,292,045 shares issued, respectively; 40,373,753 and 40,293,291 shares outstanding, respectively | 206,460 | 206,460 |
Treasury stock, at cost | (21,062) | (22,385) |
Additional paid-in capital | 584,757 | 585,938 |
Retained earnings | 290,665 | 276,340 |
Accumulated other comprehensive loss, net of taxes | (7,642) | (9,535) |
Total shareholders’ equity | 1,053,178 | 1,036,818 |
Total liabilities and shareholders’ equity | $ 8,146,229 | $ 7,926,496 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair value | $ 466,060 | $ 473,753 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (usd per share) | $ 5 | $ 5 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 41,292,045 | 41,292,045 |
Common stock, shares outstanding | 40,373,753 | 40,293,291 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income | ||
Loans | $ 69,237 | $ 47,437 |
Securities | ||
Taxable | 4,462 | 4,415 |
Tax-exempt | 2,488 | 2,254 |
Other | 72 | 60 |
Total interest income | 76,259 | 54,166 |
Interest expense | ||
Deposits | 3,960 | 3,499 |
Borrowings | 2,245 | 1,886 |
Total interest expense | 6,205 | 5,385 |
Net interest income | 70,054 | 48,781 |
Provision for loan losses | 1,800 | 1,075 |
Net interest income after provision for loan losses | 68,254 | 47,706 |
Noninterest income | ||
Service charges on deposit accounts | 7,991 | 6,335 |
Fees and commissions | 4,331 | 3,695 |
Insurance commissions | 1,962 | 1,967 |
Wealth management revenue | 2,891 | 2,156 |
Net loss on sales of securities | (71) | 0 |
BOLI income | 954 | 849 |
Mortgage banking income | 11,915 | 5,429 |
Other | 3,329 | 1,439 |
Total noninterest income | 33,302 | 21,870 |
Noninterest expense | ||
Salaries and employee benefits | 42,393 | 28,260 |
Data processing | 4,158 | 3,230 |
Net occupancy and equipment | 8,224 | 5,559 |
Other real estate owned | 957 | 532 |
Professional fees | 1,214 | 824 |
Advertising and public relations | 1,637 | 1,303 |
Intangible amortization | 1,697 | 1,275 |
Communications | 2,171 | 1,433 |
Merger and conversion related expenses | 948 | 478 |
Other | 6,415 | 4,425 |
Total noninterest expense | 69,814 | 47,319 |
Income before income taxes | 31,742 | 22,257 |
Income taxes | 10,526 | 7,017 |
Net income (loss) | $ 21,216 | $ 15,240 |
Basic earnings per share (usd per share) | $ 0.53 | $ 0.48 |
Diluted earnings per share (usd per share) | 0.52 | 0.48 |
Cash dividends per common share (usd per share) | $ 0.17 | $ 0.17 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 21,216 | $ 15,240 |
Securities available for sale: | ||
Unrealized holding gains on securities | 3,107 | 2,624 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (20) | (32) |
Total securities | 3,087 | 2,592 |
Derivative instruments: | ||
Unrealized holding losses on derivative instruments | (1,266) | (669) |
Totals derivative instruments | (1,266) | (669) |
Defined benefit pension and post-retirement benefit plans: | ||
Amortization of net actuarial gain recognized in net periodic pension cost | 72 | 57 |
Total defined benefit pension and post-retirement benefit plans | 72 | 57 |
Other comprehensive income, net of tax | 1,893 | 1,980 |
Comprehensive income | $ 23,109 | $ 17,220 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities | ||
Net income | $ 21,216 | $ 15,240 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 1,800 | 1,075 |
Depreciation, amortization and accretion | 739 | 3,772 |
Deferred income tax expense | 2,832 | 6,408 |
Funding of mortgage loans held for sale | (458,500) | (185,595) |
Proceeds from sales of mortgage loans held for sale | 391,552 | 113,076 |
Gains on sales of mortgage loans held for sale | (5,847) | (4,633) |
Loss on sales of securities | 71 | 0 |
Losses on sales of premises and equipment | 5 | 4 |
Stock-based compensation | 859 | 864 |
Decrease in FDIC loss-share indemnification asset, net of accretion | 1,067 | 2,213 |
Decrease (increase) in other assets | 11,827 | (483) |
Decrease in other liabilities | (8,298) | (14,432) |
Net cash used in operating activities | (40,677) | (62,491) |
Investing activities | ||
Purchases of securities available for sale | (32,396) | (13,651) |
Proceeds from sales of securities available for sale | 4 | 0 |
Proceeds from call/maturities of securities available for sale | 29,803 | 24,814 |
Purchases of securities held to maturity | (5,785) | (54,824) |
Proceeds from call/maturities of securities held to maturity | 15,193 | 13,922 |
Net (increase) decrease in loans | (157,198) | 30,542 |
Purchases of premises and equipment | (2,656) | (5,924) |
Proceeds from sales of other assets | 3,611 | 8,147 |
Net cash (used in) provided by investing activities | (149,424) | 3,026 |
Financing activities | ||
Net increase in noninterest-bearing deposits | 106,166 | 39,479 |
Net increase in interest-bearing deposits | 106,105 | 64,872 |
Net decrease in short-term borrowings | (8,024) | (25,671) |
Repayment of long-term debt | (938) | (978) |
Cash paid for dividends | (6,892) | (5,398) |
Cash received on exercise of stock-based compensation | 382 | 28 |
Excess tax benefit (expense) from stock-based compensation | 214 | (71) |
Net cash provided by financing activities | 197,013 | 72,261 |
Net increase in cash and cash equivalents | 6,912 | 12,796 |
Cash and cash equivalents at beginning of period | 211,571 | 161,583 |
Cash and cash equivalents at end of period | 218,483 | 174,379 |
Supplemental disclosures | ||
Cash paid for interest | 6,297 | 5,663 |
Cash paid for income taxes | 5,460 | 1,368 |
Noncash transactions: | ||
Transfers of loans to other real estate owned | 1,954 | 5,559 |
Financed sales of other real estate owned | 92 | 480 |
Transfers of loans held for sale to loan portfolio | $ 6,610 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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 central Mississippi, Tennessee, Georgia, north and central Alabama and north Florida. 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, 2015 filed with the Securities and Exchange Commission on February 29, 2016. 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. On April 1, 2016, the Company completed its previously-announced acquisition of KeyWorth Bank (“KeyWorth”), a Georgia state bank headquartered in Atlanta, Georgia. The terms of the merger with KeyWorth are disclosed in Note M, "Mergers and Acquisitions". On April 26, 2016, shareholders of the Company approved a proposal to amend the Company's Articles of Incorporation to increase the number of authorized shares of common stock, par value $5.00 per share, from 75,000,000 shares to 150,000,000 shares. The increase in authorized shares of common stock does not impact the Company's financials as of March 31, 2016. The Company has determined that other than the foregoing items, no significant events occurred after March 31, 2016 but prior to the issuance of these financial statements that would have a material impact on its Consolidated Financial Statements. Impact of Recently-Issued Accounting Standards and Pronouncements: In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share -Based Payment Accounting; (“ASU 2016-09”). ASU 2016-09 is intended to reduce complexity in accounting standards by simplifying several aspects of the accounting for share-based payment transactions, including (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flow; (3) forfeitures; (4) minimum statutory tax withholding requirements; (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes. The amendments of ASU 2016-09 are effective for interim and annual periods beginning after December 15, 2016. Management is currently evaluating the impact this ASU will have on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting; (“ASU 2016-07”). ASU 2016-07 requires an investor to initially apply the equity method of accounting from the date it qualifies for that method, i.e., the date the investor obtains significant influence over the operating and financial policies of an investee. The ASU eliminates the previous requirement to retroactively adjust the investment and record a cumulative catch up for the periods that the investment had been held but did not qualify for the equity method of accounting. For public business entities, the amendments in ASU 2016-07 are effective for interim and annual periods beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. The Company is currently evaluating the provisions of ASU 2016-07 to determine the potential impact the new standard will have on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 amends the accounting model and disclosure requirements for leases. The current accounting model for leases distinguishes between capital leases, which are recognized on-balance sheet, and operating leases, which are not. Under the new standard, the lease classifications are defined as finance leases, which are similar to capital leases under current U.S. GAAP, and operating leases. Further, a lessee will recognize a lease liability and a right-of-use asset for all leases with a term greater than 12 months on its balance sheet regardless of the lease’s classification, which may significantly increase reported assets and liabilities. The accounting model and disclosure requirements for lessors remains substantially unchanged from current U.S. GAAP. ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018. The Company is evaluating the impact ASU 2016-02 will have on its financial position, results of operations, and other financial disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10); Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 revises the accounting for the classification and measurement of investments in equity securities and revises the presentation of certain fair value changes for financial liabilities measured at fair value. For equity securities, the guidance in ASU 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income. For financial liabilities that are measured at fair value in accordance with the fair value option, the guidance requires presenting, in other comprehensive income, the change in fair value that relates to a change in instrument-specific credit risk. ASU 2016-01 also eliminates the disclosure assumptions used to estimate fair value for financial instruments measured at amortized cost and requires disclosure of an exit price notion in determining the fair value of financial instruments measured at amortized cost. ASU 2016-01 is effective for interim and annual periods beginning after December 15, 2017. The Company is evaluating the impact, if any, that ASU 2016-01 will have on its financial position, results of operations, and its financial statement disclosures. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement Period Adjustments (“ASU 2015-16”). The update simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments. For public companies, this update became effective for interim and annual periods beginning after December 15, 2015, and is to be applied prospectively. ASU 2015-16 became effective for the Company on January 1, 2016 and did not have a significant impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. In August 2015, the FASB issued ASU 2015-15 to clarify the Securities and Exchange Commission (“SEC”) staff’s position on presenting and measuring debt issue costs related to line-of-credit arrangements. ASU 2015-03 and ASU 2015-15 are effective for interim and annual periods beginning after December 15, 2015. ASU 2015-03 and ASU 2015-15 are not expected to have a significant impact on the Company’s financial position, results of operations, or its financial statement disclosures. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements of ASU 810 by changing the consolidation analysis required under GAAP. The revised guidance amends the consolidation analysis based on certain fee arrangements or relationships to the reporting entity and, for limited partnerships, requires entities to consider the limited partner’s rights relative to the general partner. ASU 2015-02 is effective for annual and interim periods beginning after December 15, 2015. ASU 2015-02 is not expected to have a significant impact on the Company’s financial position, results of operations, or its financial statement disclosures. In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity, a consensus of the FASB Emerging Issues Task Force (“ASU 2014-16”). This ASU clarifies how current U.S. GAAP should be interpreted in subjectively evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. ASU 2014-16 is effective for public business entities for annual periods and interim periods within those annual periods, beginning after December 15, 2015. ASU 2014-16 became effective for the Company on January 1, 2016 and did not have a significant impact on the Company’s consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, a consensus of the FASB Emerging Issues Task Force (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2015. An entity may apply the standards (i) prospectively to all share-based payment awards that are granted or modified on or after the effective date, or (ii) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. Earlier application is permitted. ASU 2014-12 became effective for the Company on January 1, 2016 and did not have a significant impact on the Company’s consolidated financial statements. Proposed Accounting Pronouncements - In December 2012, the FASB announced a project related to the impairment of financial instruments in an effort to provide new guidance that would significantly change how entities measure and recognize credit impairment for certain financial assets. While completion of the project and related guidance is still pending, it is anticipated that new guidance will replace the current incurred loss model that is utilized in estimating the allowance for loan and lease losses with a model that requires management to estimate all contractual cash flows that are not expected to be collected over the life of the loan. The FASB describes this revised model as the current expected credit loss (“CECL”) model and believes the CECL model will result in more timely recognition of credit losses since the CECL model incorporates expected credit losses versus incurred credit losses. The proposed scope of FASB’s CECL model would include loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. The final issuance date and the implementation date of the CECL guidance is currently pending, and the Company will continue to monitor FASB’s progress on this topic. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities (In Thousands, Except Number of Securities) The amortized cost and fair value of securities held to maturity were as follows as of the dates presented: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2016 Obligations of other U.S. Government agencies and corporations $ 93,498 $ 58 $ (505 ) $ 93,051 Obligations of states and political subdivisions 354,878 18,150 (19 ) 373,009 $ 448,376 $ 18,208 $ (524 ) $ 466,060 December 31, 2015 Obligations of other U.S. Government agencies and corporations $ 101,155 $ 26 $ (1,214 ) $ 99,967 Obligations of states and political subdivisions 357,245 16,636 (95 ) 373,786 $ 458,400 $ 16,662 $ (1,309 ) $ 473,753 The amortized cost and fair value of securities available for sale were as follows as of the dates presented: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2016 Obligations of other U.S. Government agencies and corporations $ 6,087 $ 140 $ (10 ) $ 6,217 Residential mortgage backed securities: Government agency mortgage backed securities 357,942 5,703 (573 ) 363,072 Government agency collateralized mortgage obligations 179,764 2,205 (1,061 ) 180,908 Commercial mortgage backed securities: Government agency mortgage backed securities 55,574 1,596 (35 ) 57,135 Government agency collateralized mortgage obligations 4,839 209 — 5,048 Trust preferred securities 24,732 — (5,785 ) 18,947 Other debt securities 17,873 575 (22 ) 18,426 Other equity securities 2,426 1,265 — 3,691 $ 649,237 $ 11,693 $ (7,486 ) $ 653,444 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2015 Obligations of other U.S. Government agencies and corporations $ 6,093 $ 126 $ (19 ) $ 6,200 Residential mortgage backed securities: Government agency mortgage backed securities 362,669 3,649 (1,778 ) 364,540 Government agency collateralized mortgage obligations 168,916 1,449 (2,305 ) 168,060 Commercial mortgage backed securities: Government agency mortgage backed securities 58,864 1,002 (107 ) 59,759 Government agency collateralized mortgage obligations 4,947 158 (1 ) 5,104 Trust preferred securities 24,770 — (5,301 ) 19,469 Other debt securities 18,899 468 (34 ) 19,333 Other equity securities 2,500 1,840 — 4,340 $ 647,658 $ 8,692 $ (9,545 ) $ 646,805 During the three months ended March 31, 2016 , the Company sold an "other equity security" with a carrying value of $75 at the time of sale for net proceeds of $4 resulting in a loss of $71 . During the same period in 2015 , there were no securities sold. Gross realized gains on sales of securities available for sale for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Gross gains on sales of securities available for sale $ — $ — Gross losses on sales of securities available for sale (71 ) — Loss on sales of securities available for sale, net $ (71 ) $ — At March 31, 2016 and December 31, 2015 , securities with a carrying value of $703,158 and $679,492 , respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $40,755 and $39,275 were pledged as collateral for short-term borrowings and derivative instruments at March 31, 2016 and December 31, 2015 , respectively. The amortized cost and fair value of securities at March 31, 2016 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 Cost Fair Value Amortized Cost Fair Value Due within one year $ 19,610 $ 19,780 $ — $ — Due after one year through five years 106,455 109,612 6,087 6,217 Due after five years through ten years 199,168 206,350 — — Due after ten years 123,143 130,318 24,732 18,947 Residential mortgage backed securities: Government agency mortgage backed securities — — 357,942 363,072 Government agency collateralized mortgage obligations — — 179,764 180,908 Commercial mortgage backed securities: Government agency mortgage backed securities — — 55,574 57,135 Government agency collateralized mortgage obligations — — 4,839 5,048 Other debt securities — — 17,873 18,426 Other equity securities — — 2,426 3,691 $ 448,376 $ 466,060 $ 649,237 $ 653,444 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 Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Held to Maturity: March 31, 2016 Obligations of other U.S. Government agencies and corporations 10 $ 40,832 $ (264 ) 5 $ 24,745 $ (241 ) 15 $ 65,577 $ (505 ) Obligations of states and political subdivisions 9 8,604 (17 ) 2 822 (2 ) 11 9,426 (19 ) Total 19 $ 49,436 $ (281 ) 7 $ 25,567 $ (243 ) 26 75,003 $ (524 ) December 31, 2015 Obligations of other U.S. Government agencies and corporations 10 $ 31,567 $ (414 ) 8 $ 38,688 $ (800 ) 18 $ 70,255 $ (1,214 ) Obligations of states and political subdivisions 6 4,815 (53 ) 7 4,921 (42 ) 13 9,736 (95 ) Total 16 $ 36,382 $ (467 ) 15 $ 43,609 $ (842 ) 31 $ 79,991 $ (1,309 ) Available for Sale: March 31, 2016 Obligations of other U.S. Government agencies and corporations 1 $ 3,990 $ (10 ) 0 $ — $ — 1 $ 3,990 $ (10 ) Residential mortgage backed securities: Government agency mortgage backed securities 10 31,374 (136 ) 7 19,176 (437 ) 17 50,550 (573 ) Government agency collateralized mortgage obligations 11 34,635 (115 ) 13 39,797 (946 ) 24 74,432 (1,061 ) Commercial mortgage backed securities: Government agency mortgage backed securities 4 6,874 (33 ) 1 808 (2 ) 5 7,682 (35 ) Government agency collateralized mortgage obligations 0 — — 0 — — 0 — — Trust preferred securities 0 — — 3 18,946 (5,785 ) 3 18,946 (5,785 ) Other debt securities 2 3,637 (13 ) 1 1,398 (9 ) 3 5,035 (22 ) Total 28 $ 80,510 $ (307 ) 25 $ 80,125 $ (7,179 ) 53 $ 160,635 $ (7,486 ) December 31, 2015 Obligations of other U.S. Government agencies and corporations 1 $ 3,981 $ (19 ) 0 $ — $ — 1 $ 3,981 $ (19 ) Residential mortgage backed securities: Government agency mortgage backed securities 34 130,306 (937 ) 9 27,431 (841 ) 43 157,737 (1,778 ) Government agency collateralized mortgage obligations 25 52,128 (347 ) 16 51,574 (1,958 ) 41 103,702 (2,305 ) Commercial mortgage backed securities: Government agency mortgage backed securities 8 16,782 (104 ) 1 814 (3 ) 9 17,596 (107 ) Government agency collateralized mortgage obligations 1 1,882 (1 ) 0 — — 1 1,882 (1 ) Trust preferred securities 0 — — 3 19,469 (5,301 ) 3 19,469 (5,301 ) Other debt securities 1 1,316 (3 ) 2 3,866 (31 ) 3 5,182 (34 ) Other equity securities 0 — — 0 — — 0 — — Total 70 $ 206,395 $ (1,411 ) 31 $ 103,154 $ (8,134 ) 101 $ 309,549 $ (9,545 ) 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 does not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be at maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period greater than twelve months, the Company has experienced an overall improvement in the fair value of its investment portfolio and, with the exception of one of its pooled trust preferred securities (discussed below), is collecting principal and interest payments from the respective issuers as scheduled. As such, the Company did not record any OTTI for the three months ended March 31, 2016 or 2015 . The Company holds investments in pooled trust preferred securities that had an amortized cost basis of $24,732 and $24,770 and a fair value of $18,947 and $19,469 at March 31, 2016 and December 31, 2015 , respectively. At March 31, 2016, the investments in pooled trust preferred securities consisted of three securities representing interests in various tranches of trusts collateralized by debt issued by over 250 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 before recovery of the investments' amortized cost, 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 at maturity. At March 31, 2016 , 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 three trust preferred securities and recognized credit related impairment losses on these securities in 2010 and 2011. No additional impairment was recognized during the three months ended March 31, 2016 . The Company's analysis of the pooled trust preferred securities during the second quarter of 2015 supported a return to accrual status for one of the three securities (XXVI). During the second quarter of 2014, the Company's analysis supported a return to accrual status for one of the other securities (XXIII). An observed history of principal and interest payments combined with improved qualitative and quantitative factors described above justified the accrual of interest on these securities. However, the remaining security (XXIV) is still in "payment in kind" status where interest payments are not expected until a future date and, therefore, the qualitative and quantitative factors described above do not justify a return to accrual status at this time. As a result, pooled trust preferred security XXIV remains classified as a nonaccruing asset at March 31, 2016 , 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 March 31, 2016 : Name Single/ Pooled Class/ Tranche Amortized Cost Fair Value Unrealized Loss Lowest Credit Rating Issuers Currently in Deferral or Default XXIII Pooled B-2 $ 8,434 $ 5,743 $ (2,691 ) Baa3 19 % XXIV Pooled B-2 12,077 10,193 (1,884 ) Caa2 28 % XXVI Pooled B-2 4,221 3,011 (1,210 ) Ba3 25 % $ 24,732 $ 18,947 $ (5,785 ) 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: 2016 2015 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 March 31 $ (3,337 ) $ (3,337 ) |
Loans and the Allowance for Loa
Loans and the Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, December 31, 2015 Commercial, financial, agricultural $ 654,934 $ 636,837 Lease financing 43,605 35,978 Real estate – construction 377,574 357,665 Real estate – 1-4 family mortgage 1,777,495 1,735,323 Real estate – commercial mortgage 2,607,510 2,533,729 Installment loans to individuals 113,280 115,093 Gross loans 5,574,398 5,414,625 Unearned income (1,668 ) (1,163 ) Loans, net of unearned income 5,572,730 5,413,462 Allowance for loan losses (42,859 ) (42,437 ) Net loans $ 5,529,871 $ 5,371,025 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 status 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 status. 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 Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans March 31, 2016 Commercial, financial, agricultural $ 1,297 $ 1,404 $ 651,749 $ 654,450 $ — $ 236 $ 248 $ 484 $ 654,934 Lease financing — — 43,605 43,605 — — — — 43,605 Real estate – construction 898 242 376,434 377,574 — — — — 377,574 Real estate – 1-4 family mortgage 8,785 6,783 1,751,451 1,767,019 254 2,256 7,966 10,476 1,777,495 Real estate – commercial mortgage 6,962 9,057 2,575,720 2,591,739 10 1,318 14,443 15,771 2,607,510 Installment loans to individuals 406 157 112,682 113,245 — 28 7 35 113,280 Unearned income — — (1,668 ) (1,668 ) — — — — (1,668 ) Total $ 18,348 $ 17,643 $ 5,509,973 $ 5,545,964 $ 264 $ 3,838 $ 22,664 $ 26,766 $ 5,572,730 December 31, 2015 Commercial, financial, agricultural $ 1,296 $ 1,077 $ 634,037 $ 636,410 $ 30 $ 133 $ 264 $ 427 $ 636,837 Lease financing — — 35,978 35,978 — — — — 35,978 Real estate – construction 69 176 357,420 357,665 — — — — 357,665 Real estate – 1-4 family mortgage 9,196 6,457 1,707,230 1,722,883 528 3,663 8,249 12,440 1,735,323 Real estate – commercial mortgage 4,849 8,581 2,504,192 2,517,622 568 2,263 13,276 16,107 2,533,729 Installment loans to individuals 260 102 114,671 115,033 — 53 7 60 115,093 Unearned income — — (1,163 ) (1,163 ) — — — — (1,163 ) Total $ 15,670 $ 16,393 $ 5,352,365 $ 5,384,428 $ 1,126 $ 6,112 $ 21,796 $ 29,034 $ 5,413,462 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. Loans accounted for under Financial Accounting Standards Board Accounting Standards Codification Topic (“ASC”) 310-20 “Nonrefundable Fees and Other Cost” (“ASC 310-20”) and are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance March 31, 2016 Commercial, financial, agricultural $ 328 $ 321 $ — $ 321 $ 6 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 16,052 14,786 — 14,786 4,311 Real estate – commercial mortgage 20,067 16,450 — 16,450 3,082 Installment loans to individuals 67 67 — 67 — Total $ 36,514 $ 31,624 $ — $ 31,624 $ 7,399 December 31, 2015 Commercial, financial, agricultural $ 1,308 $ 358 $ 12 $ 370 $ 6 Lease financing — — — — — Real estate – construction 2,710 2,698 — 2,698 20 Real estate – 1-4 family mortgage 18,193 16,650 — 16,650 4,475 Real estate – commercial mortgage 20,169 16,819 — 16,819 3,099 Installment loans to individuals 90 90 — 90 — Totals $ 42,470 $ 36,615 $ 12 $ 36,627 $ 7,600 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 326 $ 2 $ 950 $ 7 Lease financing — — — — Real estate – construction — — 104 — Real estate – 1-4 family mortgage 15,252 90 13,886 67 Real estate – commercial mortgage 16,547 132 25,618 177 Installment loans to individuals 67 1 — — Total $ 32,192 $ 225 $ 40,558 $ 251 Loans accounted for under ASC 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”) and are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance March 31, 2016 Commercial, financial, agricultural $ 24,323 $ 4,807 $ 9,643 $ 14,450 $ 422 Lease financing — — — — — Real estate – construction 2,635 — 2,504 2,504 — Real estate – 1-4 family mortgage 107,167 16,573 72,391 88,964 335 Real estate – commercial mortgage 279,548 56,555 160,034 216,589 1,264 Installment loans to individuals 3,239 393 2,109 2,502 1 Total $ 416,912 $ 78,328 $ 246,681 $ 325,009 $ 2,022 December 31, 2015 Commercial, financial, agricultural $ 27,049 $ 5,197 $ 11,292 $ 16,489 $ 353 Lease financing — — — — — Real estate – construction 2,916 — 2,749 2,749 — Real estate – 1-4 family mortgage 109,293 15,702 75,947 91,649 256 Real estate – commercial mortgage 287,821 53,762 168,848 222,610 1,096 Installment loans to individuals 3,432 400 2,268 2,668 1 Totals $ 430,511 $ 75,061 $ 261,104 $ 336,165 $ 1,706 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 18,024 $ 327 $ 25,978 $ 233 Lease financing — — — — Real estate – construction 2,608 25 — — Real estate – 1-4 family mortgage 101,089 953 86,713 1,043 Real estate – commercial mortgage 250,041 2,831 242,712 2,871 Installment loans to individuals 2,954 29 4,215 46 Total $ 374,716 $ 4,165 $ 359,618 $ 4,193 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. The following tables illustrate the impact of modifications classified as restructured loans and are segregated by class for the periods presented: Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment March 31, 2016 Commercial, financial, agricultural — $ — $ — Real estate – construction — — — Real estate – 1-4 family mortgage 10 780 662 Real estate – commercial mortgage 2 612 605 Installment loans to individuals — — — Total 12 $ 1,392 $ 1,267 March 31, 2015 Commercial, financial, agricultural — $ — $ — Real estate – construction — — — Real estate – 1-4 family mortgage 17 1,198 1,037 Real estate – commercial mortgage 8 6,899 6,463 Installment loans to individuals — — — Total 25 $ 8,097 $ 7,500 Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There were two restructured loans totaling $136 that were contractually 90 days past due or more and still accruing at March 31, 2016 and two restructured loans totaling $314 that were contractually 90 days past due or more and still accruing at December 31, 2015 . The outstanding balance of restructured loans on nonaccrual status was $12,531 and $13,517 at March 31, 2016 and December 31, 2015 , respectively. Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2016 86 $ 13,453 Additional loans with concessions 12 1,267 Reductions due to: Reclassified as nonperforming (2 ) (134 ) Paid in full (4 ) (398 ) Charge-offs — — Transfer to other real estate owned — — Principal paydowns — (142 ) Lapse of concession period — — Reclassified as performing — — Totals at March 31, 2016 92 $ 14,046 The allocated allowance for loan losses attributable to restructured loans was $1,010 and $979 at March 31, 2016 and December 31, 2015 , respectively. The Company had no remaining availability under commitments to lend additional funds on these restructured loans at March 31, 2016 or December 31, 2015 . 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 applied to the loan balances. 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 the 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 March 31, 2016 Commercial, financial, agricultural $ 463,922 $ 9,302 $ 1,988 $ 475,212 Lease financing — — — — Real estate – construction 289,169 679 — 289,848 Real estate – 1-4 family mortgage 287,219 8,102 12,112 307,433 Real estate – commercial mortgage 2,029,759 21,322 22,509 2,073,590 Installment loans to individuals 75 — 116 191 Total $ 3,070,144 $ 39,405 $ 36,725 $ 3,146,274 December 31, 2015 Commercial, financial, agricultural $ 465,185 $ 8,498 $ 1,734 $ 475,417 Lease financing — — — — Real estate – construction 273,398 483 — 273,881 Real estate – 1-4 family mortgage 275,269 9,712 15,460 300,441 Real estate – commercial mortgage 1,968,352 27,175 20,683 2,016,210 Installment loans to individuals 51 — 5 56 Total $ 2,982,255 $ 45,868 $ 37,882 $ 3,066,005 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- Performing Total March 31, 2016 Commercial, financial, agricultural $ 165,137 $ 135 $ 165,272 Lease financing 41,937 — 41,937 Real estate – construction 85,153 69 85,222 Real estate – 1-4 family mortgage 1,377,078 4,020 1,381,098 Real estate – commercial mortgage 316,594 737 317,331 Installment loans to individuals 110,467 120 110,587 Total $ 2,096,366 $ 5,081 $ 2,101,447 December 31, 2015 Commercial, financial, agricultural $ 144,838 $ 93 $ 144,931 Lease financing 34,815 — 34,815 Real estate – construction 81,035 — 81,035 Real estate – 1-4 family mortgage 1,340,356 2,877 1,343,233 Real estate – commercial mortgage 294,042 867 294,909 Installment loans to individuals 112,275 94 112,369 Total $ 2,007,361 $ 3,931 $ 2,011,292 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: Covered Loans Not Covered Loans Total March 31, 2016 Commercial, financial, agricultural $ 232 $ 14,218 $ 14,450 Lease financing — — — Real estate – construction 85 2,419 2,504 Real estate – 1-4 family mortgage 26,612 62,352 88,964 Real estate – commercial mortgage 3,679 212,910 216,589 Installment loans to individuals 36 2,466 2,502 Total $ 30,644 $ 294,365 $ 325,009 December 31, 2015 Commercial, financial, agricultural $ 1,759 $ 14,730 $ 16,489 Lease financing — — — Real estate – construction 91 2,658 2,749 Real estate – 1-4 family mortgage 31,354 60,295 91,649 Real estate – commercial mortgage 33,726 188,884 222,610 Installment loans to individuals 43 2,625 2,668 Total $ 66,973 $ 269,192 $ 336,165 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 March 31, 2016 : Covered Loans Not Covered Loans Total Contractually-required principal and interest $ 38,534 $ 415,174 $ 453,708 Nonaccretable difference (1) (5,121 ) (77,697 ) (82,818 ) Cash flows expected to be collected 33,413 337,477 370,890 Accretable yield (2) (2,769 ) (43,112 ) (45,881 ) Fair value $ 30,644 $ 294,365 $ 325,009 (1) Represents contractual principal and interest cash flows of $82,618 and $201 , respectively, not expected to be collected. (2) Represents contractual interest payments of $2,278 expected to be collected and purchase discount of $43,603 . Changes in the accretable yield of loans acquired with deteriorated credit quality were as follows: Covered Loans Not Covered Loans Total Balance at January 1, 2016 $ (3,700 ) $ (44,592 ) $ (48,292 ) Additions due to acquisition 725 (725 ) — Reclasses from nonaccretable difference (213 ) (1,134 ) (1,347 ) Accretion 391 3,339 3,730 Charge-offs 28 — 28 Balance at March 31, 2016 $ (2,769 ) $ (43,112 ) $ (45,881 ) The following table presents the fair value of loans acquired from Heritage Financial Group, Inc. (“Heritage”) as of the July 1, 2015 acquisition date. At acquisition date: July 1, 2015 Contractually-required principal and interest $ 1,212,372 Nonaccretable difference 14,260 Cash flows expected to be collected 1,198,112 Accretable yield 69,465 Fair value $ 1,128,647 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 - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Three Months Ended March 31, 2016 Allowance for loan losses: Beginning balance $ 4,186 $ 1,852 $ 13,908 $ 21,111 $ 1,380 $ 42,437 Charge-offs (657 ) — (116 ) (1,001 ) (180 ) (1,954 ) Recoveries 53 6 395 92 30 576 Net (charge-offs) recoveries (604 ) 6 279 (909 ) (150 ) (1,378 ) Provision for loan losses 601 85 365 530 198 1,779 Benefit attributable to FDIC loss-share agreements (15 ) — (37 ) (118 ) — (170 ) Recoveries payable to FDIC 3 — 27 161 — 191 Provision for loan losses charged to operations 589 85 355 573 198 1,800 Ending balance $ 4,171 $ 1,943 $ 14,542 $ 20,775 $ 1,428 $ 42,859 Period-End Amount Allocated to: Individually evaluated for impairment $ 6 $ — $ 4,311 $ 3,082 $ — $ 7,399 Collectively evaluated for impairment 3,743 1,943 9,896 16,429 1,427 33,438 Acquired with deteriorated credit quality 422 — 335 1,264 1 2,022 Ending balance $ 4,171 $ 1,943 $ 14,542 $ 20,775 $ 1,428 $ 42,859 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Three Months Ended March 31, 2015 Allowance for loan losses: Beginning balance $ 3,305 $ 1,415 $ 13,549 $ 22,759 $ 1,261 $ 42,289 Charge-offs (235 ) — (485 ) (633 ) (50 ) (1,403 ) Recoveries 35 6 155 112 33 341 Net (charge-offs) recoveries (200 ) 6 (330 ) (521 ) (17 ) (1,062 ) Provision for loan losses 1,027 (63 ) 618 (887 ) 37 732 Benefit attributable to FDIC loss-share agreements (25 ) — — (101 ) — (126 ) Recoveries payable to FDIC 2 1 208 258 — 469 Provision for loan losses charged to operations 1,004 (62 ) 826 (730 ) 37 1,075 Ending balance $ 4,109 $ 1,359 $ 14,045 $ 21,508 $ 1,281 $ 42,302 Period-End Amount Allocated to: Individually evaluated for impairment $ — $ — $ 4,227 $ 2,293 $ — $ 6,520 Collectively evaluated for impairment 2,911 1,359 9,541 18,102 1,280 33,193 Acquired with deteriorated credit quality 1,198 — 277 1,113 1 2,589 Ending balance $ 4,109 $ 1,359 $ 14,045 $ 21,508 $ 1,281 $ 42,302 (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 - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total March 31, 2016 Individually evaluated for impairment $ 321 $ — $ 14,786 $ 16,450 $ 67 $ 31,624 Collectively evaluated for impairment 640,163 375,070 1,673,745 2,374,471 152,648 5,216,097 Acquired with deteriorated credit quality 14,450 2,504 88,964 216,589 2,502 325,009 Ending balance $ 654,934 $ 377,574 $ 1,777,495 $ 2,607,510 $ 155,217 $ 5,572,730 December 31, 2015 Individually evaluated for impairment $ 370 $ 2,698 $ 16,650 $ 16,819 $ 90 $ 36,627 Collectively evaluated for impairment 619,978 352,218 1,627,024 2,294,300 147,150 5,040,670 Acquired with deteriorated credit quality 16,489 2,749 91,649 222,610 2,668 336,165 Ending balance $ 636,837 $ 357,665 $ 1,735,323 $ 2,533,729 $ 149,908 $ 5,413,462 (1) Includes lease financing receivables. |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2016 | |
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 OREO Not Covered OREO Total OREO March 31, 2016 Residential real estate $ 563 $ 4,409 $ 4,972 Commercial real estate 86 11,261 11,347 Residential land development 1 4,469 4,470 Commercial land development 723 11,722 12,445 Total $ 1,373 $ 31,861 $ 33,234 December 31, 2015 Residential real estate $ 529 $ 4,265 $ 4,794 Commercial real estate 346 11,041 11,387 Residential land development 1 4,595 4,596 Commercial land development 1,942 12,683 14,625 Total $ 2,818 $ 32,584 $ 35,402 Changes in the Company’s OREO covered and not covered under a loss-share agreement were as follows: Covered OREO Not Covered OREO Total OREO Balance at January 1, 2016 $ 2,818 $ 32,584 $ 35,402 Transfer of balance to non-covered OREO (1) (1,341 ) 1,341 — Transfers of loans 234 1,720 1,954 Impairments (2) (46 ) (285 ) (331 ) Dispositions (208 ) (3,453 ) (3,661 ) Other (84 ) (46 ) (130 ) Balance at March 31, 2016 $ 1,373 $ 31,861 $ 33,234 (1) Represents a transfer of balance on non-single family assets of Citizens Bank of Effingham (assumed in the Heritage acquisition). The claim period to submit losses to the FDIC for reimbursement ended February 29, 2016 for non-single family assets. (2) Of the total impairment charges of $46 recorded for covered OREO, $9 was included in the Consolidated Statements of Income for the three months ended March 31, 2016 , while the remaining $37 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 March 31, 2016 2015 Repairs and maintenance $ 197 $ 193 Property taxes and insurance 470 236 Impairments 294 442 Net losses (gains) on OREO sales 50 (288 ) Rental income (54 ) (51 ) Total $ 957 $ 532 |
FDIC Loss-Share Indemnification
FDIC Loss-Share Indemnification Asset | 3 Months Ended |
Mar. 31, 2016 | |
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 our loss-share agreements (including those assumed in connection with the Heritage acquisition), 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, 2016 $ 7,149 Realized losses in excess of initial estimates on: Loans 36 OREO 37 Reimbursable expenses — Amortization (171 ) Reimbursements received from the FDIC (98 ) (Due from)/Due to FDIC (835 ) Balance at March 31, 2016 $ 6,118 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2016 | |
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 (“MSRs”), included in “Other assets” on the Consolidated Balance Sheets, are recognized as a separate asset on the date the corresponding mortgage loan is sold. MSRs 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 market value. Fair market value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors. Impairment losses on MSRs are recognized to the extent by which the unamortized cost exceeds fair value. No impairment losses on MSRs were recognized in earnings for the three months ended March 31, 2016 or 2015 . During the first quarter of 2016, the Company sold MSRs relating to the mortgage loans having an aggregate unpaid principal balance totaling $1,830,444 to a third party for net proceeds of $18,508 . There were no sales of MSRs in the first quarter of 2015. Changes in the Company’s mortgage servicing rights were as follows: Balance at January 1, 2016 $ 29,642 Sale of MSRs (18,477 ) Capitalization 2,869 Amortization (668 ) Balance at March 31, 2016 $ 13,366 Data and key economic assumptions related to the Company’s mortgage servicing rights as of March 31, 2016 are as follows: Unpaid principal balance $ 1,433,010 Weighted-average prepayment speed (CPR) 11.01 % Estimated impact of a 10% increase $ (591 ) Estimated impact of a 20% increase (1,138 ) Discount rate 9.53 % Estimated impact of a 10% increase $ (505 ) Estimated impact of a 20% increase (975 ) Weighted-average coupon interest rate 4.04 % Weighted-average servicing fee (basis points) 25.16 Weighted-average remaining maturity (in years) 10.09 |
Employee Benefit and Deferred C
Employee Benefit and Deferred Compensation Plans | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit and Deferred Compensation Plans | Employee Benefit and Deferred Compensation Plans (In Thousands, Except Share Data) The Company sponsors a noncontributory defined benefit pension plan, under which participation and future benefit accruals ceased as of December 31, 1996. The Company also provides retiree health benefits for certain employees who were employed by the Company and enrolled in the Company's health plan as of December 31, 2004. To receive benefits, an eligible employee must retire from service with the Company and its affiliates between age 55 and 65 and be credited with at least 15 years of service or with 70 points, determined as the sum of age and service at retirement. The Company periodically determines the portion of the premium to be paid by each eligible retiree and the portion to be paid by the Company. Coverage ceases when an employee attains age 65 and is eligible for Medicare. The Company also provides life insurance coverage for each retiree in the face amount of $5 until age 70 . Retirees can purchase additional insurance or continue coverage beyond age 70 at their sole expense. In connection with the acquisition of Heritage, the Company assumed the noncontributory defined benefit pension plan maintained by HeritageBank of the South, Heritage's wholly-owned banking subsidiary (“HeritageBank”), under which accruals had ceased and the plan had been terminated by HeritageBank immediately prior to the acquisition date. The Company will sponsor the plan until satisfactory status of termination has been received from both the Pension Benefit Guarantee Corporation and the Internal Revenue Service at which point final distribution will be made to participants. The plan expense for the legacy Renasant defined benefit pension plan (“Pension Benefits - Renasant”), the assumed HeritageBank defined pension plan (“Pension Benefits - HeritageBank”) and post-retirement health and life plans (“Other Benefits”) for the periods presented was as follows: Pension Benefits Pension Benefits Renasant HeritageBank Other Benefits Three Months Ended Three Months Ended Three Months Ended March 31, March 31, March 31, 2016 2015 2016 2015 2016 2015 Service cost (return) $ — $ — $ — $ — $ 4 $ 4 Interest cost (return) 306 271 69 — 14 15 Expected (return) on plan assets (469 ) (511 ) (45 ) — — — Prior service cost recognized — — — — — — Recognized actuarial loss (gain) 100 73 — — 17 20 Net periodic benefit cost (return) $ (63 ) $ (167 ) $ 24 $ — $ 35 $ 39 In March 2011, the Company adopted a long-term equity incentive plan, which provides for the grant of stock options and the award of restricted stock. The plan replaced the long-term incentive plan adopted in 2001, which expired in October 2011. The Company issues shares of treasury stock to satisfy stock options exercised or restricted stock granted under the plan. Options granted under the plan allow participants to acquire shares of the Company's common stock at a fixed exercise price and expire ten years after the grant date. Options vest and become exercisable in installments over a three -year period measured from the grant date. Options that have not vested are forfeited and canceled upon the termination of a participant's employment. There were no stock options granted during the three months ended March 31, 2016 and 2015 . The following table summarizes the changes in stock options as of and for the three months ended March 31, 2016 : Shares Weighted Average Exercise Price Options outstanding at beginning of period 621,444 $ 17.88 Granted — — Exercised (26,960 ) 14.93 Forfeited — — Options outstanding at end of period 594,484 $ 18.01 The Company awards performance-based restricted stock to executives and time-based restricted stock to directors and other officers and employees under the long-term equity incentive plan. The performance-based restricted stock vests upon completion of a one -year service period and the attainment of certain performance goals. Performance-based restricted stock is issued at the target level; the number of shares ultimately awarded is determined at the end of each year and may be increased or decreased depending 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 three months ended March 31, 2016 : 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 $ — 105,438 $ 31.04 Awarded 61,700 31.12 40,980 31.12 Vested — — — — Cancelled — — (14,000 ) 32.51 Nonvested at end of period 61,700 $ 31.12 132,418 $ 30.91 During the three months ended March 31, 2016 , the Company reissued 80,462 shares from treasury in connection with the exercise of stock options and awards of restricted stock. The Company recorded total stock-based compensation expense of $859 and $864 for the three months ended March 31, 2016 and 2015 , respectively. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2016 | |
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, asset-based lending and 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 IRAs, 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 Banks Insurance Wealth Management Other Consolidated Three months ended March 31, 2016 Net interest income $ 70,821 $ 86 $ 434 $ (1,287 ) $ 70,054 Provision for loan losses 1,813 — (13 ) — 1,800 Noninterest income 27,571 3,000 2,985 (254 ) 33,302 Noninterest expense 65,211 1,736 2,738 129 69,814 Income (loss) before income taxes 31,368 1,350 694 (1,670 ) 31,742 Income taxes 10,639 530 — (643 ) 10,526 Net income (loss) $ 20,729 $ 820 $ 694 $ (1,027 ) $ 21,216 Total assets $ 8,053,379 $ 23,013 $ 46,645 $ 23,192 $ 8,146,229 Goodwill 446,658 2,767 — — 449,425 Three months ended March 31, 2015 Net interest income $ 49,516 $ 69 $ 430 $ (1,234 ) $ 48,781 Provision for loan losses 1,078 — (3 ) — 1,075 Noninterest income 17,101 2,395 2,365 9 21,870 Noninterest expense 43,383 1,621 2,107 208 47,319 Income (loss) before income taxes 22,156 843 691 (1,433 ) 22,257 Income taxes 7,256 320 — (559 ) 7,017 Net income (loss) $ 14,900 $ 523 $ 691 $ (874 ) $ 15,240 Total assets $ 5,800,703 $ 19,960 $ 43,958 $ 17,228 $ 5,881,849 Goodwill 271,938 2,767 — — 274,705 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 6,217 $ — $ 6,217 Residential mortgage-backed securities: Government agency mortgage backed securities — 363,072 — 363,072 Government agency collateralized mortgage obligations — 180,908 — 180,908 Commercial mortgage-backed securities: Government agency mortgage backed securities — 57,135 — 57,135 Government agency collateralized mortgage obligations — 5,048 — 5,048 Trust preferred securities — — 18,947 18,947 Other debt securities — 18,426 — 18,426 Other equity securities — 3,691 — 3,691 Total securities available for sale — 634,497 18,947 653,444 Derivative instruments: Interest rate contracts — 4,181 — 4,181 Interest rate lock commitments — 6,231 — 6,231 Forward commitments — 36 — 36 Total derivative instruments — 10,448 — 10,448 Mortgage loans held for sale — 298,365 — 298,365 Total financial assets $ — $ 943,310 $ 18,947 $ 962,257 Financial liabilities: Derivative instruments: Interest rate swaps $ — $ 6,328 $ — $ 6,328 Interest rate contracts — 4,181 — 4,181 Interest rate lock commitments — 95 — 95 Forward commitments — 3,788 — 3,788 Total derivative instruments — 14,392 — 14,392 Total financial liabilities $ — $ 14,392 $ — $ 14,392 Level 1 Level 2 Level 3 Totals December 31, 2015 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 6,200 $ — $ 6,200 Residential mortgage-backed securities: Government agency mortgage backed securities — 364,540 — 364,540 Government agency collateralized mortgage obligations — 168,060 — 168,060 Commercial mortgage-backed securities: Government agency mortgage backed securities — 59,759 — 59,759 Government agency collateralized mortgage obligations — 5,104 — 5,104 Trust preferred securities — — 19,469 19,469 Other debt securities — 19,333 — 19,333 Other equity securities — 4,340 — 4,340 Total securities available for sale — 627,336 19,469 646,805 Derivative instruments: Interest rate contracts — 2,544 — 2,544 Interest rate lock commitments — 4,508 — 4,508 Forward commitments — 446 — 446 Total derivative instruments — 7,498 — 7,498 Mortgage loans held for sale — 225,254 — 225,254 Total financial assets $ — $ 860,088 $ 19,469 $ 879,557 Financial liabilities: Derivative instruments: Interest rate swaps $ — $ 4,266 $ — $ 4,266 Interest rate contracts — 2,544 — 2,544 Forward commitments — 509 — 509 Total derivative instruments — 7,319 — 7,319 Total financial liabilities $ — $ 7,319 $ — $ 7,319 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 months ended March 31, 2016 . 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 months ended March 31, 2016 and 2015 , respectively: Three Months Ended March 31, 2016 Trust preferred securities Balance at January 1, 2016 $ 19,469 Accretion included in net income 7 Unrealized losses included in other comprehensive income (481 ) Purchases — Sales — Issues — Settlements (48 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at March 31, 2016 $ 18,947 Three Months Ended March 31, 2015 Trust preferred securities Balance at January 1, 2015 $ 19,756 Accretion included in net income 8 Unrealized gains included in other comprehensive income 716 Reclassification adjustment — Purchases — Sales — Issues — Settlements (354 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at March 31, 2015 $ 20,126 For the three months ended March 31, 2016 and 2015 , 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 March 31, 2016 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 Value Valuation Technique Significant Unobservable Inputs Range of Inputs Trust preferred securities $ 18,947 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: March 31, 2016 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 3,460 $ 3,460 OREO — — 2,633 2,633 Total $ — $ — $ 6,093 $ 6,093 December 31, 2015 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 6,508 $ 6,508 OREO — — 12,839 12,839 Total $ — $ — $ 19,347 $ 19,347 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 months ended March 31, 2016 or 2015 . Impaired loans not covered under loss-share agreements that were measured or re-measured at fair value had a carrying value of $4,562 and $7,191 at March 31, 2016 and December 31, 2015 , respectively, and a specific reserve for these loans of $1,102 and $683 was included in the allowance for loan losses as of such 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: March 31, December 31, 2015 OREO covered under loss-share agreements: Carrying amount prior to remeasurement $ 111 $ — Impairment recognized in results of operations (9 ) — Increase in FDIC loss-share indemnification asset (37 ) — Receivable from other guarantor — — Fair value $ 65 $ — OREO not covered under loss-share agreements: Carrying amount prior to remeasurement $ 2,853 $ 14,726 Impairment recognized in results of operations (285 ) (1,887 ) Fair value $ 2,568 $ 12,839 The following table presents information as of March 31, 2016 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 Value Valuation Technique Significant Unobservable Inputs Range of Inputs Impaired loans $ 3,460 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO 2,633 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 $5,527 and $27 resulting from fair value changes of these mortgage loans were recorded in income during the three months ended March 31, 2016 and 2015, 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 “Mortgage banking income” 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: March 31, 2016 Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale measured at fair value $ 298,365 $ 286,619 $ 11,746 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 March 31, 2016 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 218,483 $ 218,483 $ — $ — $ 218,483 Securities held to maturity 448,376 — 448,376 — 448,376 Securities available for sale 653,444 — 634,497 18,947 653,444 Mortgage loans held for sale 298,365 — 298,365 — 298,365 Loans covered under loss-share agreements 44,989 — — 43,011 43,011 Loans not covered under loss-share agreements, net 5,484,882 — — 5,456,034 5,456,034 FDIC loss-share indemnification asset 6,118 — — 6,118 6,118 Mortgage servicing rights 13,366 — — 13,615 13,615 Derivative instruments 10,448 — 10,448 — 10,448 Financial liabilities Deposits $ 6,431,377 $ 4,934,645 $ 1,504,606 $ — $ 6,439,251 Short-term borrowings 414,255 414,255 — — 414,255 Other long-term borrowings 181 181 — — 181 Federal Home Loan Bank advances 52,003 — 55,407 — 55,407 Junior subordinated debentures 95,232 — 75,218 — 75,218 Derivative instruments 14,392 — 14,392 — 14,392 Fair Value As of December 31, 2015 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 211,571 $ 211,571 $ — $ — $ 211,571 Securities held to maturity 458,400 — 473,753 — 473,753 Securities available for sale 646,805 — 627,336 19,469 646,805 Mortgage loans held for sale 225,254 — 225,254 — 225,254 Loans covered under loss-share agreements 93,142 — — 92,528 92,528 Loans not covered under loss-share agreements, net 5,277,883 — — 5,208,630 5,208,630 FDIC loss-share indemnification asset 7,149 — — 7,149 7,149 Mortgage servicing rights 29,642 — — 33,283 33,283 Derivative instruments 7,498 — 7,498 — 7,498 Financial liabilities Deposits $ 6,218,602 $ 4,723,312 $ 1,502,202 $ — $ 6,225,514 Short-term borrowings 422,279 422,279 — — 422,279 Other long-term borrowings 192 192 — — 192 Federal Home Loan Bank advances 52,930 — 56,101 — 56,101 Junior subordinated debentures 95,095 — 78,095 — 78,095 Derivative instruments 7,319 — 7,319 — 7,319 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 were 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 in 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 : Mortgage 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 March 31, 2016 and December 31, 2015 , and no impairment charges were recognized in earnings for the three months ended March 31, 2016 or 2015 . 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 overnight borrowings. 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 using quoted market prices for similar instruments traded in active markets. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 , the Company had notional amounts of $71,448 on interest rate contracts with corporate customers and $71,448 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. In June 2014, the Company entered into two forward interest rate swap contracts on floating rate liabilities at the Bank level with notional amounts of $15,000 each. The interest rate swap contracts are each 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 and will receive a variable interest rate based on the three-month LIBOR plus a pre-determined spread, 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. Under these swap agreements, 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. 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 $247,181 and $251,676 at March 31, 2016 and December 31, 2015 , 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 $492,250 and $293,500 at March 31, 2016 and December 31, 2015 , respectively. The following table provides details on the Company’s derivative financial instruments as of the dates presented: Fair Value Balance Sheet Location March 31, December 31, 2015 Derivative assets: Not designated as hedging instruments: Interest rate contracts Other Assets $ 4,181 $ 2,544 Interest rate lock commitments Other Assets 6,231 4,508 Forward commitments Other Assets 36 446 Totals $ 10,448 $ 7,498 Derivative liabilities: Designated as hedging instruments: Interest rate swap Other Liabilities $ 6,328 $ 4,266 Totals $ 6,328 $ 4,266 Not designated as hedging instruments: Interest rate contracts Other Liabilities $ 4,181 $ 2,544 Interest rate lock commitments Other Liabilities 95 — Forward commitments Other Liabilities 3,788 509 Totals $ 8,064 $ 3,053 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 March 31, 2016 2015 Derivatives not designated as hedging instruments: Interest rate contracts: Included in interest income on loans $ 533 $ 557 Interest rate lock commitments: Included in gains on sales of mortgage loans held for sale 1,628 2,705 Forward commitments Included in gains on sales of mortgage loans held for sale (3,688 ) (575 ) Total $ (1,527 ) $ 2,687 For the Company's derivatives designated as cash flow hedges, changes in fair value of the cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. There were no ineffective portions for the three months ended March 31, 2016 and 2015 . The impact on other comprehensive income for the three months ended March 31, 2016 and 2015 , can be seen at Note K, "Other Comprehensive Income." 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 March 31, December 31, 2015 March 31, December 31, 2015 Gross amounts recognized $ 37 $ 446 $ 13,312 $ 6,454 Gross amounts offset in the consolidated balance sheets — — — — Net amounts presented in the consolidated balance sheets 37 446 13,312 6,454 Gross amounts not offset in the consolidated balance sheets Financial instruments 37 282 37 282 Financial collateral pledged — — 9,872 6,020 Net amounts $ — $ 164 $ 3,403 $ 152 |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
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 (Benefit) Net of Tax Three months ended March 31, 2016 Securities available for sale: Unrealized holding gains on securities $ 5,060 $ 1,953 $ 3,107 Amortization of unrealized holding gains on securities transferred to the held to maturity category (33 ) (13 ) (20 ) Total securities available for sale 5,027 1,940 3,087 Derivative instruments: Unrealized holding losses on derivative instruments (2,062 ) (796 ) (1,266 ) Total derivative instruments (2,062 ) (796 ) (1,266 ) Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial gain recognized in net periodic pension cost 117 45 72 Total defined benefit pension and post-retirement benefit plans 117 45 72 Total other comprehensive income $ 3,082 $ 1,189 $ 1,893 Three months ended March 31, 2015 Securities available for sale: Unrealized holding gains on securities $ 4,249 $ 1,625 $ 2,624 Amortization of unrealized holding gains on securities transferred to the held to maturity category (51 ) (19 ) (32 ) Total securities available for sale 4,198 1,606 2,592 Derivative instruments: Unrealized holding losses on derivative instruments (1,084 ) (415 ) (669 ) Total derivative instruments (1,084 ) (415 ) (669 ) Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial gain recognized in net periodic pension cost 93 36 57 Total defined benefit pension and post-retirement benefit plans 93 36 57 Total other comprehensive income $ 3,207 $ 1,227 $ 1,980 The accumulated balances for each component of other comprehensive income, net of tax, were as follows as of the dates presented: March 31, December 31, 2015 Unrealized gains on securities $ 19,587 $ 16,500 Non-credit related portion of other-than-temporary impairment on securities (16,735 ) (16,735 ) Unrealized losses on derivative instruments (3,148 ) (1,882 ) Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (7,346 ) (7,418 ) Total accumulated other comprehensive loss $ (7,642 ) $ (9,535 ) |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 2015 Basic Net income applicable to common stock $ 21,216 $ 15,240 Average common shares outstanding 40,324,475 31,576,275 Net income per common share - basic $ 0.53 $ 0.48 Diluted Net income applicable to common stock $ 21,216 $ 15,240 Average common shares outstanding 40,324,475 31,576,275 Effect of dilutive stock-based compensation 234,670 239,435 Average common shares outstanding - diluted 40,559,145 31,815,710 Net income per common share - diluted $ 0.52 $ 0.48 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 March 31, 2016 2015 Number of shares 21,500 2,568 Range of exercise prices $32.6 $29.57 - $29.67 |
Mergers and Acquisitions
Mergers and Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Mergers and Acquisition | Mergers and Acquisitions (In Thousands, Except Share Data) Definitive merger agreement with KeyWorth Bank Effective April 1, 2016, the Company completed its previously-announced merger with KeyWorth Bank (“KeyWorth”), pursuant to the Agreement and Plan of Merger by and among Renasant, Renasant Bank and KeyWorth dated as of October 20, 2015 in a transaction valued at approximately $59,000 . The Company issued 1,680,021 shares of common stock and paid approximately $3,594 to KeyWorth stock option and warrant holders for 100% of the voting equity interest in KeyWorth. At closing, KeyWorth merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger. Prior to any determination of purchase accounting adjustments, the transaction will add to the Company approximately $399,250 in assets, $284,400 in loans and $347,000 in deposits, and six banking locations in the Atlanta metropolitan area. The Company is finalizing the fair value of certain assets and liabilities assumed as part of the acquisition. Acquisition of Heritage Financial Group, Inc. Effective July 1, 2015, the Company completed its acquisition by merger with Heritage Financial Group, Inc. (“Heritage”) in a transaction valued at $295,444 . The Company issued 8,635,879 shares of common stock and paid $5,915 to Heritage stock option holders for 100% of the voting equity interest in Heritage. At closing, Heritage merged with and into the Company, with the Company surviving the merger. On the same date, HeritageBank was merged into Renasant Bank. On July 1, 2015, Heritage operated 48 banking, mortgage and investment offices in Alabama, Georgia and Florida. The Company recorded approximately $186,992 in intangible assets which consist of goodwill of $174,736 and a core deposit intangible of $12,256 . Goodwill resulted from a combination of revenue enhancements from expansion into new markets and efficiencies resulting from operational synergies. The fair value of the core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. The goodwill is not deductible for income tax purposes. The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company's acquisition of Heritage based on their fair values on July 1, 2015. 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. Purchase Price: Shares issued to common shareholders 8,635,879 Purchase price per share $ 32.60 Value of stock paid $ 281,530 Cash paid for fractional shares 26 Cash settlement for stock options, net of tax benefit 5,915 Compensation expense incurred from the termination of Heritage's ESOP — Deal charges 7,973 Total Purchase Price $ 295,444 Net Assets Acquired: Stockholders’ equity at acquisition date $ 160,652 Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: Securities (1,401 ) Mortgage loans held for sale (3,158 ) Loans, net of Heritage's allowance for loan losses (15,524 ) Fixed assets (7,169 ) Intangible assets, net of Heritage's existing core deposit intangible 18,193 Other real estate owned 1,390 FDIC loss-share indemnification asset (15,247 ) Other assets 3,045 Deposits (3,776 ) Other liabilities (7,920 ) Deferred income taxes (8,377 ) Total Net Assets Acquired 120,708 Goodwill resulting from merger (1) $ 174,736 (1) 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 Heritage. The Company is finalizing the fair value of certain assets and liabilities. As a result, the values included in the following table are preliminary and may change. Cash and cash equivalents $ 38,626 Securities 177,849 Loans, including mortgage loans held for sale, net of unearned income 1,459,724 Premises and equipment 42,164 Other real estate owned 9,972 Intangible assets 186,992 Other assets 104,697 Total assets 2,020,024 Deposits 1,375,354 Borrowings 314,656 Other liabilities 34,570 Total liabilities 1,724,580 The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the three months ended March 31, 2016 and 2015 of the Company as though the Heritage merger had been completed as of January 1, 2014. The unaudited estimated pro forma information combines the historical results of Heritage with the Company's historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2014. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred. Three Months Ended March 31, 2016 2015 Interest income $ 76,259 $ 75,905 Interest expense 6,205 6,861 Net interest income 70,054 69,044 Provision for loan and lease losses 1,800 1,150 Noninterest income 33,302 33,527 Noninterest expense 69,814 71,961 Income before income taxes 31,742 29,460 Income taxes 10,526 9,556 Net income 21,216 19,904 Earnings per share: Basic $ 0.53 $ 0.59 Diluted $ 0.52 $ 0.59 In connection with the acquisition of Heritage, the Bank assumed two loss-sharing agreements with the FDIC which covered Citizens Bank of Effingham (“Citizens”) and First Southern National Bank (“First Southern”). The claim periods to submit losses to the FDIC for reimbursement ended February 29, 2016 for non-single family Citizens loans and ends February 28, 2021 for single family Citizens loans. The claim periods to submit losses to the FDIC for reimbursement ends August 31, 2016 for non-single family First Southern loans and August 31, 2021 for single family First Southern loans. Acquisition of First M&F Corporation 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 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 $156,845 . The Company recorded approximately $115,159 in intangible assets which consist of goodwill of $90,127 and core deposit intangible of $25,032 . The fair value of the core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. The intangible assets are not deductible for income tax purposes. The Company assumed $30,928 in fixed/floating rate junior subordinated deferrable interest debentures payable to First M&F Statutory Trust I that mature in March 2036 . The acquired subordinated debentures require interest to be paid quarterly at a rate of 90-day LIBOR plus 1.33% . The fair value adjustment on the junior subordinated debentures of $12,371 will be amortized on a straight line basis over the remaining life. Acquisition of RBC Bank (USA) Trust Division On August 31, 2011, the Company acquired the Birmingham, Alabama-based trust division of RBC Bank (USA), which served clients in Alabama and Georgia. Under the terms of the transaction, RBC Bank (USA) transferred its approximately $680,000 in assets under management, comprised of personal and institutional clients with over 200 trust, custodial and escrow accounts, to a wholly-owned subsidiary, and the Bank acquired all of the ownership interests in the subsidiary, which was subsequently merged into the Bank. FDIC-Assisted Acquisitions On February 4, 2011, the Bank entered into a purchase and assumption agreement with loss-share agreements with the FDIC to acquire specified assets and assume specified liabilities of American Trust Bank, a Georgia-chartered bank headquartered in Roswell, Georgia (“American Trust”). American Trust operated 3 branches in the northwest region of Georgia. In connection with the acquisition, the Bank entered into loss-share agreements with the FDIC that covered $73,657 of American Trust loans (the “covered ATB loans”). The Bank will share in the losses on the asset pools (including single family residential mortgage loans and commercial loans) covered under the loss-share agreements. Pursuant to the terms of the loss-share agreements, the FDIC is obligated to reimburse the Bank for 80% of all eligible losses with respect to covered ATB loans, beginning with the first dollar of loss incurred. The Bank has a corresponding obligation to reimburse the FDIC for 80% of eligible recoveries with respect to covered ATB loans. The claim periods to submit losses to the FDIC for reimbursement ended February 5, 2016 for non-single family ATB loans and ends February 28, 2021 for single family ATB loans. On July 23, 2010, the Bank acquired specified assets and assumed specified liabilities of Crescent Bank & Trust Company, a Georgia-chartered bank headquartered in Jasper, Georgia (“Crescent”), from the FDIC, as receiver for Crescent. Crescent operated 11 branches in the northwest region of Georgia. In connection with the acquisition, the Bank entered into loss-share agreements with the FDIC that covered $361,472 of Crescent loans and $50,168 of other real estate owned (the “covered Crescent assets”). The Bank will share in the losses on the asset pools (including single family residential mortgage loans and commercial loans) covered under the loss-share agreements. Pursuant to the terms of the loss-share agreements, the FDIC is obligated to reimburse the Bank for 80% of all eligible losses with respect to covered Crescent 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 Crescent assets. The claim periods to submit losses to the FDIC for reimbursement ended July 25, 2015 for non-single family Crescent assets and ends July 31, 2020 for single family Crescent assets. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Regulatory Matters (In Thousands) Renasant Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on Renasant Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Renasant Bank must meet specific capital guidelines that involve quantitative measures of Renasant Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Renasant Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that banks must maintain. Those guidelines specify capital tiers, which include the following classifications: Capital Tiers Tier 1 Capital to Average Assets (Leverage) Common Equity Tier 1 to Risk - Weighted Assets Tier 1 Capital to Risk – Weighted Assets Total Capital to Risk – Weighted Assets Well capitalized 5% or above 6.5% or above 8% or above 10% or above Adequately capitalized 4% or above 4.5% or above 6% or above 8% or above Undercapitalized Less than 4% Less than 4.5% Less than 6% Less than 8% Significantly undercapitalized Less than 3% Less than 3% Less than 4% Less than 6% Critically undercapitalized Tangible Equity / Total Assets less than 2% The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of March 31, 2016 2015 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 688,601 9.19 % $ 539,523 9.74 % Common Equity Tier 1 Capital to Risk-Weighted Assets 597,827 9.88 % 448,027 10.35 % Tier 1 Capital to Risk-Weighted Assets 688,601 11.38 % 539,523 12.47 % Total Capital to Risk-Weighted Assets 736,354 12.17 % 584,916 13.51 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 662,524 8.86 % $ 523,505 9.48 % Common Equity Tier 1 Capital to Risk-Weighted Assets 662,524 10.98 % 523,505 12.13 % Tier 1 Capital to Risk-Weighted Assets 662,524 10.98 % 523,505 12.13 % Total Capital to Risk-Weighted Assets 709,708 11.76 % 568,326 13.16 % In July 2013, the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency approved the implementation of the Basel III regulatory capital reforms and issued rules effecting certain changes required by the Dodd-Frank Act (the “Basel III Rules”) that call for broad and comprehensive revision of regulatory capital standards for U.S. banking organizations. Generally, the new Basel III Rules became effective on January 1, 2015, although parts of the Basel III Rules will be phased in through 2019. The Basel III Rules implemented a new common equity Tier 1 minimum capital requirement (“CET1”), and a higher minimum Tier 1 capital requirement, as reflected in the table above, and adjusted other items affecting the calculation of the numerator of a banking organization’s risk-based capital ratios. The new CET1 capital ratio includes common equity as defined under GAAP and does not include any other type of non-common equity under GAAP. Additionally, the Basel III Rules apply limits to a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a specified amount of CET1 capital in addition to the amount necessary to meet its minimum risk-based capital requirements. Further, the Basel III Rules changed the agencies’ general risk-based capital requirements for determining risk-weighted assets, which affect the calculation of the denominator of a banking organization’s risk-based capital ratios. The Basel III Rules have revised the agencies’ rules for calculating risk-weighted assets to enhance risk sensitivity and to incorporate certain international capital standards of the Basel Committee on Banking Supervision set forth in the standardized approach of the “International Convergence of Capital Measurement and Capital Standards: A Revised Framework”. The calculation of risk-weighted assets in the denominator of the Basel III capital ratios has been adjusted to reflect the higher risk nature of certain types of loans. Specifically, as applicable to the Company and Renasant Bank: — Residential mortgages: Replaces the current 50% risk weight for performing residential first-lien mortgages and a 100% risk-weight for all other mortgages with a risk weight of between 35% and 200% determined by the mortgage’s loan-to-value ratio and whether the mortgage falls into one of two categories based on eight criteria that include the term, use of negative amortization and balloon payments, certain rate increases and documented and verified borrower income. — Commercial mortgages: Replaces the current 100% risk weight with a 150% risk weight for certain high volatility commercial real estate acquisition, development and construction loans. — Nonperforming loans: Replaces the current 100% risk weight with a 150% risk weight for loans, other than residential mortgages, that are 90 days past due or on nonaccrual status. The Final Rules also introduce a new capital conservation buffer designed to absorb losses during periods of economic stress. The capital conservation buffer is composed entirely of CET1, on top of these minimum risk-weighted asset ratios. In addition, the Final Rules provide for a countercyclical capital buffer applicable only to certain covered institutions. It is not expected that the countercyclical capital buffer will be applicable to the Company or Renasant Bank. Banking institutions with a ratio of CET1 to risk-weighted assets above the minimum but below the capital conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. The implementation of the capital conservation buffer began on January 1, 2016 at the 0.625% level and be phased in over a 4 -year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Projects | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Qualified Affordable Housing Projects | Investments in Qualified Affordable Housing Projects (In Thousands) The Company has investments in qualified affordable housing projects (“QAHPs”) that provide low income housing tax credits and operating loss benefits over an extended period. At March 31, 2016 and December 31, 2015 , the Company’s carrying value of QAHPs was $7,341 and $7,666 , respectively. The Company has no remaining funding obligations related to the QAHPs. The investments in QAHPs are being accounted for using the effective yield method. The investments in QAHPs are included in “Other assets” on the Consolidated Balance Sheets. Components of the Company's investments in QAHPs were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented: Three Months Ended March 31, 2016 2015 Tax credit amortization $ 324 $ 324 Tax credits and other benefits (471 ) (471 ) Total $ (147 ) $ (147 ) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes (In Thousands) The following table is a summary of the Company's temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates indicated. March 31, December 31, 2016 2015 2015 Deferred tax assets Allowance for loan losses $ 20,787 $ 16,554 $ 17,430 Loans 29,042 17,156 26,239 Deferred compensation 10,786 7,524 17,060 Securities 2,572 1,331 2,572 Net unrealized losses on securities - OCI 4,876 3,550 6,065 Impairment of assets 3,280 3,846 3,271 Federal and State net operating loss carryforwards 5,124 1,496 3,681 Other 4,957 1,997 4,927 Gross deferred tax assets 81,424 53,454 81,245 Valuation allowance on state net operating loss carryforwards — — — Total deferred tax assets 81,424 53,454 81,245 Deferred tax liabilities FDIC loss-share indemnification asset 1,807 3,199 1,927 Investment in partnerships 2,343 2,600 2,507 Core deposit intangible 2,992 1,961 3,386 Fixed assets 924 2,947 673 Mortgage servicing rights 3,977 — 4,032 Subordinated debt 4,234 4,455 4,287 Other 4,855 490 2,364 Total deferred tax liabilities 21,132 15,652 19,176 Net deferred tax assets $ 60,292 $ 37,802 $ 62,069 The Company acquired federal net operating losses as part of the Heritage acquisition. The federal net operating loss acquired totaled $18,321 , of which $12,201 remained to be utilized as of March 31, 2016 and will expire at various dates beginning in 2024. State net operating losses acquired in the Heritage acquisition totaled $17,168 , substantially all of which remained to be utilized as of March 31, 2016 and will expire at various dates beginning in 2024. The Company expects to utilize the federal and state net operating losses prior to expiration. Because the benefits are expected to be fully realized, the Company recorded no valuation allowance against the net operating losses for the three months ended March 31, 2016 and 2015 or the year ended December 31, 2015 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets (In Thousands) Changes in the carrying amount of goodwill during the three months ended March 31, 2016 were as follows: Community Banks Insurance Total Balance at January 1, 2016 $ 443,104 $ 2,767 $ 445,871 Addition to goodwill from Heritage acquisition 3,554 — 3,554 Adjustment to previously recorded goodwill — — — Balance at March 31, 2016 $ 446,658 $ 2,767 $ 449,425 The addition to goodwill from the Heritage acquisition is due to changes in estimated values of assets acquired and liabilities assumed related to Heritage's mortgage operations. The Company is finalizing the fair value of certain assets and liabilities, including mortgage operations, benefit plans and taxes. The following table provides a summary of finite-lived intangible assets as of the dates presented: Gross Carrying Amount Accumulated Amortization Net Carrying Amount March 31, 2016 Core deposit intangible $ 45,982 $ (20,236 ) $ 25,746 Customer relationship intangible 1,970 (602 ) 1,368 Total finite-lived intangible assets $ 47,952 $ (20,838 ) $ 27,114 December 31, 2015 Core deposit intangible $ 45,982 $ (18,572 ) $ 27,410 Customer relationship intangible 1,970 (569 ) 1,401 Total finite-lived intangible assets $ 47,952 $ (19,141 ) $ 28,811 Amortization expense for core deposit intangibles totaled $1,700 and expense for customer relationship intangibles totaled $33 for the three months ended March 31, 2016. For the same period in 2015, amortization expense for core deposit intangibles totaled $1,200 and expense for customer relationship intangibles totaled $33 . The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2016 and the succeeding four years is summarized as follows: Core Deposit Intangibles Customer Relationship Intangible Total 2016 $ 6,327 $ 131 $ 6,458 2017 5,372 131 $ 5,503 2018 4,570 131 $ 4,701 2019 3,830 131 $ 3,961 2020 2,982 131 $ 3,113 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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 central Mississippi, Tennessee, Georgia, north and central Alabama and north Florida. |
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, 2015 filed with the Securities and Exchange Commission on February 29, 2016. |
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. On April 1, 2016, the Company completed its previously-announced acquisition of KeyWorth Bank (“KeyWorth”), a Georgia state bank headquartered in Atlanta, Georgia. The terms of the merger with KeyWorth are disclosed in Note M, "Mergers and Acquisitions". On April 26, 2016, shareholders of the Company approved a proposal to amend the Company's Articles of Incorporation to increase the number of authorized shares of common stock, par value $5.00 per share, from 75,000,000 shares to 150,000,000 shares. The increase in authorized shares of common stock does not impact the Company's financials as of March 31, 2016. The Company has determined that other than the foregoing items, no significant events occurred after March 31, 2016 but prior to the issuance of these financial statements that would have a material impact on its Consolidated Financial Statements. |
Impact of Recently-Issued Accounting Standards and Pronouncements | Impact of Recently-Issued Accounting Standards and Pronouncements: In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share -Based Payment Accounting; (“ASU 2016-09”). ASU 2016-09 is intended to reduce complexity in accounting standards by simplifying several aspects of the accounting for share-based payment transactions, including (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flow; (3) forfeitures; (4) minimum statutory tax withholding requirements; (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes. The amendments of ASU 2016-09 are effective for interim and annual periods beginning after December 15, 2016. Management is currently evaluating the impact this ASU will have on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting; (“ASU 2016-07”). ASU 2016-07 requires an investor to initially apply the equity method of accounting from the date it qualifies for that method, i.e., the date the investor obtains significant influence over the operating and financial policies of an investee. The ASU eliminates the previous requirement to retroactively adjust the investment and record a cumulative catch up for the periods that the investment had been held but did not qualify for the equity method of accounting. For public business entities, the amendments in ASU 2016-07 are effective for interim and annual periods beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. The Company is currently evaluating the provisions of ASU 2016-07 to determine the potential impact the new standard will have on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 amends the accounting model and disclosure requirements for leases. The current accounting model for leases distinguishes between capital leases, which are recognized on-balance sheet, and operating leases, which are not. Under the new standard, the lease classifications are defined as finance leases, which are similar to capital leases under current U.S. GAAP, and operating leases. Further, a lessee will recognize a lease liability and a right-of-use asset for all leases with a term greater than 12 months on its balance sheet regardless of the lease’s classification, which may significantly increase reported assets and liabilities. The accounting model and disclosure requirements for lessors remains substantially unchanged from current U.S. GAAP. ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018. The Company is evaluating the impact ASU 2016-02 will have on its financial position, results of operations, and other financial disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10); Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 revises the accounting for the classification and measurement of investments in equity securities and revises the presentation of certain fair value changes for financial liabilities measured at fair value. For equity securities, the guidance in ASU 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income. For financial liabilities that are measured at fair value in accordance with the fair value option, the guidance requires presenting, in other comprehensive income, the change in fair value that relates to a change in instrument-specific credit risk. ASU 2016-01 also eliminates the disclosure assumptions used to estimate fair value for financial instruments measured at amortized cost and requires disclosure of an exit price notion in determining the fair value of financial instruments measured at amortized cost. ASU 2016-01 is effective for interim and annual periods beginning after December 15, 2017. The Company is evaluating the impact, if any, that ASU 2016-01 will have on its financial position, results of operations, and its financial statement disclosures. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement Period Adjustments (“ASU 2015-16”). The update simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments. For public companies, this update became effective for interim and annual periods beginning after December 15, 2015, and is to be applied prospectively. ASU 2015-16 became effective for the Company on January 1, 2016 and did not have a significant impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. In August 2015, the FASB issued ASU 2015-15 to clarify the Securities and Exchange Commission (“SEC”) staff’s position on presenting and measuring debt issue costs related to line-of-credit arrangements. ASU 2015-03 and ASU 2015-15 are effective for interim and annual periods beginning after December 15, 2015. ASU 2015-03 and ASU 2015-15 are not expected to have a significant impact on the Company’s financial position, results of operations, or its financial statement disclosures. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements of ASU 810 by changing the consolidation analysis required under GAAP. The revised guidance amends the consolidation analysis based on certain fee arrangements or relationships to the reporting entity and, for limited partnerships, requires entities to consider the limited partner’s rights relative to the general partner. ASU 2015-02 is effective for annual and interim periods beginning after December 15, 2015. ASU 2015-02 is not expected to have a significant impact on the Company’s financial position, results of operations, or its financial statement disclosures. In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity, a consensus of the FASB Emerging Issues Task Force (“ASU 2014-16”). This ASU clarifies how current U.S. GAAP should be interpreted in subjectively evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. ASU 2014-16 is effective for public business entities for annual periods and interim periods within those annual periods, beginning after December 15, 2015. ASU 2014-16 became effective for the Company on January 1, 2016 and did not have a significant impact on the Company’s consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, a consensus of the FASB Emerging Issues Task Force (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2015. An entity may apply the standards (i) prospectively to all share-based payment awards that are granted or modified on or after the effective date, or (ii) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. Earlier application is permitted. ASU 2014-12 became effective for the Company on January 1, 2016 and did not have a significant impact on the Company’s consolidated financial statements. Proposed Accounting Pronouncements - In December 2012, the FASB announced a project related to the impairment of financial instruments in an effort to provide new guidance that would significantly change how entities measure and recognize credit impairment for certain financial assets. While completion of the project and related guidance is still pending, it is anticipated that new guidance will replace the current incurred loss model that is utilized in estimating the allowance for loan and lease losses with a model that requires management to estimate all contractual cash flows that are not expected to be collected over the life of the loan. The FASB describes this revised model as the current expected credit loss (“CECL”) model and believes the CECL model will result in more timely recognition of credit losses since the CECL model incorporates expected credit losses versus incurred credit losses. The proposed scope of FASB’s CECL model would include loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. The final issuance date and the implementation date of the CECL guidance is currently pending, and the Company will continue to monitor FASB’s progress on this topic. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized cost and fair value of securities held to maturity | The amortized cost and fair value of securities held to maturity were as follows as of the dates presented: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2016 Obligations of other U.S. Government agencies and corporations $ 93,498 $ 58 $ (505 ) $ 93,051 Obligations of states and political subdivisions 354,878 18,150 (19 ) 373,009 $ 448,376 $ 18,208 $ (524 ) $ 466,060 December 31, 2015 Obligations of other U.S. Government agencies and corporations $ 101,155 $ 26 $ (1,214 ) $ 99,967 Obligations of states and political subdivisions 357,245 16,636 (95 ) 373,786 $ 458,400 $ 16,662 $ (1,309 ) $ 473,753 |
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 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2016 Obligations of other U.S. Government agencies and corporations $ 6,087 $ 140 $ (10 ) $ 6,217 Residential mortgage backed securities: Government agency mortgage backed securities 357,942 5,703 (573 ) 363,072 Government agency collateralized mortgage obligations 179,764 2,205 (1,061 ) 180,908 Commercial mortgage backed securities: Government agency mortgage backed securities 55,574 1,596 (35 ) 57,135 Government agency collateralized mortgage obligations 4,839 209 — 5,048 Trust preferred securities 24,732 — (5,785 ) 18,947 Other debt securities 17,873 575 (22 ) 18,426 Other equity securities 2,426 1,265 — 3,691 $ 649,237 $ 11,693 $ (7,486 ) $ 653,444 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2015 Obligations of other U.S. Government agencies and corporations $ 6,093 $ 126 $ (19 ) $ 6,200 Residential mortgage backed securities: Government agency mortgage backed securities 362,669 3,649 (1,778 ) 364,540 Government agency collateralized mortgage obligations 168,916 1,449 (2,305 ) 168,060 Commercial mortgage backed securities: Government agency mortgage backed securities 58,864 1,002 (107 ) 59,759 Government agency collateralized mortgage obligations 4,947 158 (1 ) 5,104 Trust preferred securities 24,770 — (5,301 ) 19,469 Other debt securities 18,899 468 (34 ) 19,333 Other equity securities 2,500 1,840 — 4,340 $ 647,658 $ 8,692 $ (9,545 ) $ 646,805 |
Schedule of realized gains | Gross realized gains on sales of securities available for sale for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Gross gains on sales of securities available for sale $ — $ — Gross losses on sales of securities available for sale (71 ) — Loss on sales of securities available for sale, net $ (71 ) $ — |
Amortized cost and fair value of securities by contractual maturity | The amortized cost and fair value of securities at March 31, 2016 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 Cost Fair Value Amortized Cost Fair Value Due within one year $ 19,610 $ 19,780 $ — $ — Due after one year through five years 106,455 109,612 6,087 6,217 Due after five years through ten years 199,168 206,350 — — Due after ten years 123,143 130,318 24,732 18,947 Residential mortgage backed securities: Government agency mortgage backed securities — — 357,942 363,072 Government agency collateralized mortgage obligations — — 179,764 180,908 Commercial mortgage backed securities: Government agency mortgage backed securities — — 55,574 57,135 Government agency collateralized mortgage obligations — — 4,839 5,048 Other debt securities — — 17,873 18,426 Other equity securities — — 2,426 3,691 $ 448,376 $ 466,060 $ 649,237 $ 653,444 |
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 Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Held to Maturity: March 31, 2016 Obligations of other U.S. Government agencies and corporations 10 $ 40,832 $ (264 ) 5 $ 24,745 $ (241 ) 15 $ 65,577 $ (505 ) Obligations of states and political subdivisions 9 8,604 (17 ) 2 822 (2 ) 11 9,426 (19 ) Total 19 $ 49,436 $ (281 ) 7 $ 25,567 $ (243 ) 26 75,003 $ (524 ) December 31, 2015 Obligations of other U.S. Government agencies and corporations 10 $ 31,567 $ (414 ) 8 $ 38,688 $ (800 ) 18 $ 70,255 $ (1,214 ) Obligations of states and political subdivisions 6 4,815 (53 ) 7 4,921 (42 ) 13 9,736 (95 ) Total 16 $ 36,382 $ (467 ) 15 $ 43,609 $ (842 ) 31 $ 79,991 $ (1,309 ) Available for Sale: March 31, 2016 Obligations of other U.S. Government agencies and corporations 1 $ 3,990 $ (10 ) 0 $ — $ — 1 $ 3,990 $ (10 ) Residential mortgage backed securities: Government agency mortgage backed securities 10 31,374 (136 ) 7 19,176 (437 ) 17 50,550 (573 ) Government agency collateralized mortgage obligations 11 34,635 (115 ) 13 39,797 (946 ) 24 74,432 (1,061 ) Commercial mortgage backed securities: Government agency mortgage backed securities 4 6,874 (33 ) 1 808 (2 ) 5 7,682 (35 ) Government agency collateralized mortgage obligations 0 — — 0 — — 0 — — Trust preferred securities 0 — — 3 18,946 (5,785 ) 3 18,946 (5,785 ) Other debt securities 2 3,637 (13 ) 1 1,398 (9 ) 3 5,035 (22 ) Total 28 $ 80,510 $ (307 ) 25 $ 80,125 $ (7,179 ) 53 $ 160,635 $ (7,486 ) December 31, 2015 Obligations of other U.S. Government agencies and corporations 1 $ 3,981 $ (19 ) 0 $ — $ — 1 $ 3,981 $ (19 ) Residential mortgage backed securities: Government agency mortgage backed securities 34 130,306 (937 ) 9 27,431 (841 ) 43 157,737 (1,778 ) Government agency collateralized mortgage obligations 25 52,128 (347 ) 16 51,574 (1,958 ) 41 103,702 (2,305 ) Commercial mortgage backed securities: Government agency mortgage backed securities 8 16,782 (104 ) 1 814 (3 ) 9 17,596 (107 ) Government agency collateralized mortgage obligations 1 1,882 (1 ) 0 — — 1 1,882 (1 ) Trust preferred securities 0 — — 3 19,469 (5,301 ) 3 19,469 (5,301 ) Other debt securities 1 1,316 (3 ) 2 3,866 (31 ) 3 5,182 (34 ) Other equity securities 0 — — 0 — — 0 — — Total 70 $ 206,395 $ (1,411 ) 31 $ 103,154 $ (8,134 ) 101 $ 309,549 $ (9,545 ) |
Investments in pooled trust preferred securities | The following table provides information regarding the Company’s investments in pooled trust preferred securities at March 31, 2016 : Name Single/ Pooled Class/ Tranche Amortized Cost Fair Value Unrealized Loss Lowest Credit Rating Issuers Currently in Deferral or Default XXIII Pooled B-2 $ 8,434 $ 5,743 $ (2,691 ) Baa3 19 % XXIV Pooled B-2 12,077 10,193 (1,884 ) Caa2 28 % XXVI Pooled B-2 4,221 3,011 (1,210 ) Ba3 25 % $ 24,732 $ 18,947 $ (5,785 ) |
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: 2016 2015 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 March 31 $ (3,337 ) $ (3,337 ) |
Loans and the Allowance for L26
Loans and the Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Acquisition [Line Items] | |
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 March 31, 2016 : Covered Loans Not Covered Loans Total Contractually-required principal and interest $ 38,534 $ 415,174 $ 453,708 Nonaccretable difference (1) (5,121 ) (77,697 ) (82,818 ) Cash flows expected to be collected 33,413 337,477 370,890 Accretable yield (2) (2,769 ) (43,112 ) (45,881 ) Fair value $ 30,644 $ 294,365 $ 325,009 (1) Represents contractual principal and interest cash flows of $82,618 and $201 , respectively, not expected to be collected. (2) Represents contractual interest payments of $2,278 expected to be collected and purchase discount of $43,603 . |
Impaired loans | Loans accounted for under Financial Accounting Standards Board Accounting Standards Codification Topic (“ASC”) 310-20 “Nonrefundable Fees and Other Cost” (“ASC 310-20”) and are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance March 31, 2016 Commercial, financial, agricultural $ 328 $ 321 $ — $ 321 $ 6 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 16,052 14,786 — 14,786 4,311 Real estate – commercial mortgage 20,067 16,450 — 16,450 3,082 Installment loans to individuals 67 67 — 67 — Total $ 36,514 $ 31,624 $ — $ 31,624 $ 7,399 December 31, 2015 Commercial, financial, agricultural $ 1,308 $ 358 $ 12 $ 370 $ 6 Lease financing — — — — — Real estate – construction 2,710 2,698 — 2,698 20 Real estate – 1-4 family mortgage 18,193 16,650 — 16,650 4,475 Real estate – commercial mortgage 20,169 16,819 — 16,819 3,099 Installment loans to individuals 90 90 — 90 — Totals $ 42,470 $ 36,615 $ 12 $ 36,627 $ 7,600 |
Investment and interest income recognized on impaired loans | The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 326 $ 2 $ 950 $ 7 Lease financing — — — — Real estate – construction — — 104 — Real estate – 1-4 family mortgage 15,252 90 13,886 67 Real estate – commercial mortgage 16,547 132 25,618 177 Installment loans to individuals 67 1 — — Total $ 32,192 $ 225 $ 40,558 $ 251 |
Summary of loans | The following is a summary of loans as of the dates presented: March 31, December 31, 2015 Commercial, financial, agricultural $ 654,934 $ 636,837 Lease financing 43,605 35,978 Real estate – construction 377,574 357,665 Real estate – 1-4 family mortgage 1,777,495 1,735,323 Real estate – commercial mortgage 2,607,510 2,533,729 Installment loans to individuals 113,280 115,093 Gross loans 5,574,398 5,414,625 Unearned income (1,668 ) (1,163 ) Loans, net of unearned income 5,572,730 5,413,462 Allowance for loan losses (42,859 ) (42,437 ) Net loans $ 5,529,871 $ 5,371,025 |
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 Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans March 31, 2016 Commercial, financial, agricultural $ 1,297 $ 1,404 $ 651,749 $ 654,450 $ — $ 236 $ 248 $ 484 $ 654,934 Lease financing — — 43,605 43,605 — — — — 43,605 Real estate – construction 898 242 376,434 377,574 — — — — 377,574 Real estate – 1-4 family mortgage 8,785 6,783 1,751,451 1,767,019 254 2,256 7,966 10,476 1,777,495 Real estate – commercial mortgage 6,962 9,057 2,575,720 2,591,739 10 1,318 14,443 15,771 2,607,510 Installment loans to individuals 406 157 112,682 113,245 — 28 7 35 113,280 Unearned income — — (1,668 ) (1,668 ) — — — — (1,668 ) Total $ 18,348 $ 17,643 $ 5,509,973 $ 5,545,964 $ 264 $ 3,838 $ 22,664 $ 26,766 $ 5,572,730 December 31, 2015 Commercial, financial, agricultural $ 1,296 $ 1,077 $ 634,037 $ 636,410 $ 30 $ 133 $ 264 $ 427 $ 636,837 Lease financing — — 35,978 35,978 — — — — 35,978 Real estate – construction 69 176 357,420 357,665 — — — — 357,665 Real estate – 1-4 family mortgage 9,196 6,457 1,707,230 1,722,883 528 3,663 8,249 12,440 1,735,323 Real estate – commercial mortgage 4,849 8,581 2,504,192 2,517,622 568 2,263 13,276 16,107 2,533,729 Installment loans to individuals 260 102 114,671 115,033 — 53 7 60 115,093 Unearned income — — (1,163 ) (1,163 ) — — — — (1,163 ) Total $ 15,670 $ 16,393 $ 5,352,365 $ 5,384,428 $ 1,126 $ 6,112 $ 21,796 $ 29,034 $ 5,413,462 |
Restructured loans | The following tables illustrate the impact of modifications classified as restructured loans and are segregated by class for the periods presented: Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment March 31, 2016 Commercial, financial, agricultural — $ — $ — Real estate – construction — — — Real estate – 1-4 family mortgage 10 780 662 Real estate – commercial mortgage 2 612 605 Installment loans to individuals — — — Total 12 $ 1,392 $ 1,267 March 31, 2015 Commercial, financial, agricultural — $ — $ — Real estate – construction — — — Real estate – 1-4 family mortgage 17 1,198 1,037 Real estate – commercial mortgage 8 6,899 6,463 Installment loans to individuals — — — Total 25 $ 8,097 $ 7,500 |
Changes in restructured loans | Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2016 86 $ 13,453 Additional loans with concessions 12 1,267 Reductions due to: Reclassified as nonperforming (2 ) (134 ) Paid in full (4 ) (398 ) Charge-offs — — Transfer to other real estate owned — — Principal paydowns — (142 ) Lapse of concession period — — Reclassified as performing — — Totals at March 31, 2016 92 $ 14,046 |
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 March 31, 2016 Commercial, financial, agricultural $ 463,922 $ 9,302 $ 1,988 $ 475,212 Lease financing — — — — Real estate – construction 289,169 679 — 289,848 Real estate – 1-4 family mortgage 287,219 8,102 12,112 307,433 Real estate – commercial mortgage 2,029,759 21,322 22,509 2,073,590 Installment loans to individuals 75 — 116 191 Total $ 3,070,144 $ 39,405 $ 36,725 $ 3,146,274 December 31, 2015 Commercial, financial, agricultural $ 465,185 $ 8,498 $ 1,734 $ 475,417 Lease financing — — — — Real estate – construction 273,398 483 — 273,881 Real estate – 1-4 family mortgage 275,269 9,712 15,460 300,441 Real estate – commercial mortgage 1,968,352 27,175 20,683 2,016,210 Installment loans to individuals 51 — 5 56 Total $ 2,982,255 $ 45,868 $ 37,882 $ 3,066,005 |
Loan portfolio not subject to risk rating | The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Performing Non- Performing Total March 31, 2016 Commercial, financial, agricultural $ 165,137 $ 135 $ 165,272 Lease financing 41,937 — 41,937 Real estate – construction 85,153 69 85,222 Real estate – 1-4 family mortgage 1,377,078 4,020 1,381,098 Real estate – commercial mortgage 316,594 737 317,331 Installment loans to individuals 110,467 120 110,587 Total $ 2,096,366 $ 5,081 $ 2,101,447 December 31, 2015 Commercial, financial, agricultural $ 144,838 $ 93 $ 144,931 Lease financing 34,815 — 34,815 Real estate – construction 81,035 — 81,035 Real estate – 1-4 family mortgage 1,340,356 2,877 1,343,233 Real estate – commercial mortgage 294,042 867 294,909 Installment loans to individuals 112,275 94 112,369 Total $ 2,007,361 $ 3,931 $ 2,011,292 |
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: Covered Loans Not Covered Loans Total March 31, 2016 Commercial, financial, agricultural $ 232 $ 14,218 $ 14,450 Lease financing — — — Real estate – construction 85 2,419 2,504 Real estate – 1-4 family mortgage 26,612 62,352 88,964 Real estate – commercial mortgage 3,679 212,910 216,589 Installment loans to individuals 36 2,466 2,502 Total $ 30,644 $ 294,365 $ 325,009 December 31, 2015 Commercial, financial, agricultural $ 1,759 $ 14,730 $ 16,489 Lease financing — — — Real estate – construction 91 2,658 2,749 Real estate – 1-4 family mortgage 31,354 60,295 91,649 Real estate – commercial mortgage 33,726 188,884 222,610 Installment loans to individuals 43 2,625 2,668 Total $ 66,973 $ 269,192 $ 336,165 |
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: Covered Loans Not Covered Loans Total Balance at January 1, 2016 $ (3,700 ) $ (44,592 ) $ (48,292 ) Additions due to acquisition 725 (725 ) — Reclasses from nonaccretable difference (213 ) (1,134 ) (1,347 ) Accretion 391 3,339 3,730 Charge-offs 28 — 28 Balance at March 31, 2016 $ (2,769 ) $ (43,112 ) $ (45,881 ) |
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 - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Three Months Ended March 31, 2016 Allowance for loan losses: Beginning balance $ 4,186 $ 1,852 $ 13,908 $ 21,111 $ 1,380 $ 42,437 Charge-offs (657 ) — (116 ) (1,001 ) (180 ) (1,954 ) Recoveries 53 6 395 92 30 576 Net (charge-offs) recoveries (604 ) 6 279 (909 ) (150 ) (1,378 ) Provision for loan losses 601 85 365 530 198 1,779 Benefit attributable to FDIC loss-share agreements (15 ) — (37 ) (118 ) — (170 ) Recoveries payable to FDIC 3 — 27 161 — 191 Provision for loan losses charged to operations 589 85 355 573 198 1,800 Ending balance $ 4,171 $ 1,943 $ 14,542 $ 20,775 $ 1,428 $ 42,859 Period-End Amount Allocated to: Individually evaluated for impairment $ 6 $ — $ 4,311 $ 3,082 $ — $ 7,399 Collectively evaluated for impairment 3,743 1,943 9,896 16,429 1,427 33,438 Acquired with deteriorated credit quality 422 — 335 1,264 1 2,022 Ending balance $ 4,171 $ 1,943 $ 14,542 $ 20,775 $ 1,428 $ 42,859 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Three Months Ended March 31, 2015 Allowance for loan losses: Beginning balance $ 3,305 $ 1,415 $ 13,549 $ 22,759 $ 1,261 $ 42,289 Charge-offs (235 ) — (485 ) (633 ) (50 ) (1,403 ) Recoveries 35 6 155 112 33 341 Net (charge-offs) recoveries (200 ) 6 (330 ) (521 ) (17 ) (1,062 ) Provision for loan losses 1,027 (63 ) 618 (887 ) 37 732 Benefit attributable to FDIC loss-share agreements (25 ) — — (101 ) — (126 ) Recoveries payable to FDIC 2 1 208 258 — 469 Provision for loan losses charged to operations 1,004 (62 ) 826 (730 ) 37 1,075 Ending balance $ 4,109 $ 1,359 $ 14,045 $ 21,508 $ 1,281 $ 42,302 Period-End Amount Allocated to: Individually evaluated for impairment $ — $ — $ 4,227 $ 2,293 $ — $ 6,520 Collectively evaluated for impairment 2,911 1,359 9,541 18,102 1,280 33,193 Acquired with deteriorated credit quality 1,198 — 277 1,113 1 2,589 Ending balance $ 4,109 $ 1,359 $ 14,045 $ 21,508 $ 1,281 $ 42,302 (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 - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total March 31, 2016 Individually evaluated for impairment $ 321 $ — $ 14,786 $ 16,450 $ 67 $ 31,624 Collectively evaluated for impairment 640,163 375,070 1,673,745 2,374,471 152,648 5,216,097 Acquired with deteriorated credit quality 14,450 2,504 88,964 216,589 2,502 325,009 Ending balance $ 654,934 $ 377,574 $ 1,777,495 $ 2,607,510 $ 155,217 $ 5,572,730 December 31, 2015 Individually evaluated for impairment $ 370 $ 2,698 $ 16,650 $ 16,819 $ 90 $ 36,627 Collectively evaluated for impairment 619,978 352,218 1,627,024 2,294,300 147,150 5,040,670 Acquired with deteriorated credit quality 16,489 2,749 91,649 222,610 2,668 336,165 Ending balance $ 636,837 $ 357,665 $ 1,735,323 $ 2,533,729 $ 149,908 $ 5,413,462 (1) Includes lease financing receivables. |
Receivables Acquired with Deteriorated Credit Quality | |
Business Acquisition [Line Items] | |
Impaired loans | Loans accounted for under ASC 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”) and are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance March 31, 2016 Commercial, financial, agricultural $ 24,323 $ 4,807 $ 9,643 $ 14,450 $ 422 Lease financing — — — — — Real estate – construction 2,635 — 2,504 2,504 — Real estate – 1-4 family mortgage 107,167 16,573 72,391 88,964 335 Real estate – commercial mortgage 279,548 56,555 160,034 216,589 1,264 Installment loans to individuals 3,239 393 2,109 2,502 1 Total $ 416,912 $ 78,328 $ 246,681 $ 325,009 $ 2,022 December 31, 2015 Commercial, financial, agricultural $ 27,049 $ 5,197 $ 11,292 $ 16,489 $ 353 Lease financing — — — — — Real estate – construction 2,916 — 2,749 2,749 — Real estate – 1-4 family mortgage 109,293 15,702 75,947 91,649 256 Real estate – commercial mortgage 287,821 53,762 168,848 222,610 1,096 Installment loans to individuals 3,432 400 2,268 2,668 1 Totals $ 430,511 $ 75,061 $ 261,104 $ 336,165 $ 1,706 |
Investment and interest income recognized on impaired loans | The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 18,024 $ 327 $ 25,978 $ 233 Lease financing — — — — Real estate – construction 2,608 25 — — Real estate – 1-4 family mortgage 101,089 953 86,713 1,043 Real estate – commercial mortgage 250,041 2,831 242,712 2,871 Installment loans to individuals 2,954 29 4,215 46 Total $ 374,716 $ 4,165 $ 359,618 $ 4,193 |
Heritage Financial Group | |
Business Acquisition [Line Items] | |
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 acquired from Heritage Financial Group, Inc. (“Heritage”) as of the July 1, 2015 acquisition date. At acquisition date: July 1, 2015 Contractually-required principal and interest $ 1,212,372 Nonaccretable difference 14,260 Cash flows expected to be collected 1,198,112 Accretable yield 69,465 Fair value $ 1,128,647 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 OREO Not Covered OREO Total OREO March 31, 2016 Residential real estate $ 563 $ 4,409 $ 4,972 Commercial real estate 86 11,261 11,347 Residential land development 1 4,469 4,470 Commercial land development 723 11,722 12,445 Total $ 1,373 $ 31,861 $ 33,234 December 31, 2015 Residential real estate $ 529 $ 4,265 $ 4,794 Commercial real estate 346 11,041 11,387 Residential land development 1 4,595 4,596 Commercial land development 1,942 12,683 14,625 Total $ 2,818 $ 32,584 $ 35,402 |
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 OREO Not Covered OREO Total OREO Balance at January 1, 2016 $ 2,818 $ 32,584 $ 35,402 Transfer of balance to non-covered OREO (1) (1,341 ) 1,341 — Transfers of loans 234 1,720 1,954 Impairments (2) (46 ) (285 ) (331 ) Dispositions (208 ) (3,453 ) (3,661 ) Other (84 ) (46 ) (130 ) Balance at March 31, 2016 $ 1,373 $ 31,861 $ 33,234 (1) Represents a transfer of balance on non-single family assets of Citizens Bank of Effingham (assumed in the Heritage acquisition). The claim period to submit losses to the FDIC for reimbursement ended February 29, 2016 for non-single family assets. (2) Of the total impairment charges of $46 recorded for covered OREO, $9 was included in the Consolidated Statements of Income for the three months ended March 31, 2016 , while the remaining $37 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 March 31, 2016 2015 Repairs and maintenance $ 197 $ 193 Property taxes and insurance 470 236 Impairments 294 442 Net losses (gains) on OREO sales 50 (288 ) Rental income (54 ) (51 ) Total $ 957 $ 532 |
FDIC Loss-Share Indemnificati28
FDIC Loss-Share Indemnification Asset (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 $ 7,149 Realized losses in excess of initial estimates on: Loans 36 OREO 37 Reimbursable expenses — Amortization (171 ) Reimbursements received from the FDIC (98 ) (Due from)/Due to FDIC (835 ) Balance at March 31, 2016 $ 6,118 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 $ 29,642 Sale of MSRs (18,477 ) Capitalization 2,869 Amortization (668 ) Balance at March 31, 2016 $ 13,366 |
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 March 31, 2016 are as follows: Unpaid principal balance $ 1,433,010 Weighted-average prepayment speed (CPR) 11.01 % Estimated impact of a 10% increase $ (591 ) Estimated impact of a 20% increase (1,138 ) Discount rate 9.53 % Estimated impact of a 10% increase $ (505 ) Estimated impact of a 20% increase (975 ) Weighted-average coupon interest rate 4.04 % Weighted-average servicing fee (basis points) 25.16 Weighted-average remaining maturity (in years) 10.09 |
Employee Benefit and Deferred30
Employee Benefit and Deferred Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 legacy Renasant defined benefit pension plan (“Pension Benefits - Renasant”), the assumed HeritageBank defined pension plan (“Pension Benefits - HeritageBank”) and post-retirement health and life plans (“Other Benefits”) for the periods presented was as follows: Pension Benefits Pension Benefits Renasant HeritageBank Other Benefits Three Months Ended Three Months Ended Three Months Ended March 31, March 31, March 31, 2016 2015 2016 2015 2016 2015 Service cost (return) $ — $ — $ — $ — $ 4 $ 4 Interest cost (return) 306 271 69 — 14 15 Expected (return) on plan assets (469 ) (511 ) (45 ) — — — Prior service cost recognized — — — — — — Recognized actuarial loss (gain) 100 73 — — 17 20 Net periodic benefit cost (return) $ (63 ) $ (167 ) $ 24 $ — $ 35 $ 39 |
Schedule of other share-based compensation activity | The following table summarizes the changes in restricted stock as of and for the three months ended March 31, 2016 : 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 $ — 105,438 $ 31.04 Awarded 61,700 31.12 40,980 31.12 Vested — — — — Cancelled — — (14,000 ) 32.51 Nonvested at end of period 61,700 $ 31.12 132,418 $ 30.91 The following table summarizes the changes in stock options as of and for the three months ended March 31, 2016 : Shares Weighted Average Exercise Price Options outstanding at beginning of period 621,444 $ 17.88 Granted — — Exercised (26,960 ) 14.93 Forfeited — — Options outstanding at end of period 594,484 $ 18.01 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Banks Insurance Wealth Management Other Consolidated Three months ended March 31, 2016 Net interest income $ 70,821 $ 86 $ 434 $ (1,287 ) $ 70,054 Provision for loan losses 1,813 — (13 ) — 1,800 Noninterest income 27,571 3,000 2,985 (254 ) 33,302 Noninterest expense 65,211 1,736 2,738 129 69,814 Income (loss) before income taxes 31,368 1,350 694 (1,670 ) 31,742 Income taxes 10,639 530 — (643 ) 10,526 Net income (loss) $ 20,729 $ 820 $ 694 $ (1,027 ) $ 21,216 Total assets $ 8,053,379 $ 23,013 $ 46,645 $ 23,192 $ 8,146,229 Goodwill 446,658 2,767 — — 449,425 Three months ended March 31, 2015 Net interest income $ 49,516 $ 69 $ 430 $ (1,234 ) $ 48,781 Provision for loan losses 1,078 — (3 ) — 1,075 Noninterest income 17,101 2,395 2,365 9 21,870 Noninterest expense 43,383 1,621 2,107 208 47,319 Income (loss) before income taxes 22,156 843 691 (1,433 ) 22,257 Income taxes 7,256 320 — (559 ) 7,017 Net income (loss) $ 14,900 $ 523 $ 691 $ (874 ) $ 15,240 Total assets $ 5,800,703 $ 19,960 $ 43,958 $ 17,228 $ 5,881,849 Goodwill 271,938 2,767 — — 274,705 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 6,217 $ — $ 6,217 Residential mortgage-backed securities: Government agency mortgage backed securities — 363,072 — 363,072 Government agency collateralized mortgage obligations — 180,908 — 180,908 Commercial mortgage-backed securities: Government agency mortgage backed securities — 57,135 — 57,135 Government agency collateralized mortgage obligations — 5,048 — 5,048 Trust preferred securities — — 18,947 18,947 Other debt securities — 18,426 — 18,426 Other equity securities — 3,691 — 3,691 Total securities available for sale — 634,497 18,947 653,444 Derivative instruments: Interest rate contracts — 4,181 — 4,181 Interest rate lock commitments — 6,231 — 6,231 Forward commitments — 36 — 36 Total derivative instruments — 10,448 — 10,448 Mortgage loans held for sale — 298,365 — 298,365 Total financial assets $ — $ 943,310 $ 18,947 $ 962,257 Financial liabilities: Derivative instruments: Interest rate swaps $ — $ 6,328 $ — $ 6,328 Interest rate contracts — 4,181 — 4,181 Interest rate lock commitments — 95 — 95 Forward commitments — 3,788 — 3,788 Total derivative instruments — 14,392 — 14,392 Total financial liabilities $ — $ 14,392 $ — $ 14,392 Level 1 Level 2 Level 3 Totals December 31, 2015 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 6,200 $ — $ 6,200 Residential mortgage-backed securities: Government agency mortgage backed securities — 364,540 — 364,540 Government agency collateralized mortgage obligations — 168,060 — 168,060 Commercial mortgage-backed securities: Government agency mortgage backed securities — 59,759 — 59,759 Government agency collateralized mortgage obligations — 5,104 — 5,104 Trust preferred securities — — 19,469 19,469 Other debt securities — 19,333 — 19,333 Other equity securities — 4,340 — 4,340 Total securities available for sale — 627,336 19,469 646,805 Derivative instruments: Interest rate contracts — 2,544 — 2,544 Interest rate lock commitments — 4,508 — 4,508 Forward commitments — 446 — 446 Total derivative instruments — 7,498 — 7,498 Mortgage loans held for sale — 225,254 — 225,254 Total financial assets $ — $ 860,088 $ 19,469 $ 879,557 Financial liabilities: Derivative instruments: Interest rate swaps $ — $ 4,266 $ — $ 4,266 Interest rate contracts — 2,544 — 2,544 Forward commitments — 509 — 509 Total derivative instruments — 7,319 — 7,319 Total financial liabilities $ — $ 7,319 $ — $ 7,319 |
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 months ended March 31, 2016 and 2015 , respectively: Three Months Ended March 31, 2016 Trust preferred securities Balance at January 1, 2016 $ 19,469 Accretion included in net income 7 Unrealized losses included in other comprehensive income (481 ) Purchases — Sales — Issues — Settlements (48 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at March 31, 2016 $ 18,947 Three Months Ended March 31, 2015 Trust preferred securities Balance at January 1, 2015 $ 19,756 Accretion included in net income 8 Unrealized gains included in other comprehensive income 716 Reclassification adjustment — Purchases — Sales — Issues — Settlements (354 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at March 31, 2015 $ 20,126 |
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 March 31, 2016 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 Value Valuation Technique Significant Unobservable Inputs Range of Inputs Trust preferred securities $ 18,947 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: March 31, 2016 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 3,460 $ 3,460 OREO — — 2,633 2,633 Total $ — $ — $ 6,093 $ 6,093 December 31, 2015 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 6,508 $ 6,508 OREO — — 12,839 12,839 Total $ — $ — $ 19,347 $ 19,347 |
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: March 31, December 31, 2015 OREO covered under loss-share agreements: Carrying amount prior to remeasurement $ 111 $ — Impairment recognized in results of operations (9 ) — Increase in FDIC loss-share indemnification asset (37 ) — Receivable from other guarantor — — Fair value $ 65 $ — OREO not covered under loss-share agreements: Carrying amount prior to remeasurement $ 2,853 $ 14,726 Impairment recognized in results of operations (285 ) (1,887 ) Fair value $ 2,568 $ 12,839 |
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 March 31, 2016 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 Value Valuation Technique Significant Unobservable Inputs Range of Inputs Impaired loans $ 3,460 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO 2,633 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: March 31, 2016 Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale measured at fair value $ 298,365 $ 286,619 $ 11,746 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 March 31, 2016 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 218,483 $ 218,483 $ — $ — $ 218,483 Securities held to maturity 448,376 — 448,376 — 448,376 Securities available for sale 653,444 — 634,497 18,947 653,444 Mortgage loans held for sale 298,365 — 298,365 — 298,365 Loans covered under loss-share agreements 44,989 — — 43,011 43,011 Loans not covered under loss-share agreements, net 5,484,882 — — 5,456,034 5,456,034 FDIC loss-share indemnification asset 6,118 — — 6,118 6,118 Mortgage servicing rights 13,366 — — 13,615 13,615 Derivative instruments 10,448 — 10,448 — 10,448 Financial liabilities Deposits $ 6,431,377 $ 4,934,645 $ 1,504,606 $ — $ 6,439,251 Short-term borrowings 414,255 414,255 — — 414,255 Other long-term borrowings 181 181 — — 181 Federal Home Loan Bank advances 52,003 — 55,407 — 55,407 Junior subordinated debentures 95,232 — 75,218 — 75,218 Derivative instruments 14,392 — 14,392 — 14,392 Fair Value As of December 31, 2015 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 211,571 $ 211,571 $ — $ — $ 211,571 Securities held to maturity 458,400 — 473,753 — 473,753 Securities available for sale 646,805 — 627,336 19,469 646,805 Mortgage loans held for sale 225,254 — 225,254 — 225,254 Loans covered under loss-share agreements 93,142 — — 92,528 92,528 Loans not covered under loss-share agreements, net 5,277,883 — — 5,208,630 5,208,630 FDIC loss-share indemnification asset 7,149 — — 7,149 7,149 Mortgage servicing rights 29,642 — — 33,283 33,283 Derivative instruments 7,498 — 7,498 — 7,498 Financial liabilities Deposits $ 6,218,602 $ 4,723,312 $ 1,502,202 $ — $ 6,225,514 Short-term borrowings 422,279 422,279 — — 422,279 Other long-term borrowings 192 192 — — 192 Federal Home Loan Bank advances 52,930 — 56,101 — 56,101 Junior subordinated debentures 95,095 — 78,095 — 78,095 Derivative instruments 7,319 — 7,319 — 7,319 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Location March 31, December 31, 2015 Derivative assets: Not designated as hedging instruments: Interest rate contracts Other Assets $ 4,181 $ 2,544 Interest rate lock commitments Other Assets 6,231 4,508 Forward commitments Other Assets 36 446 Totals $ 10,448 $ 7,498 Derivative liabilities: Designated as hedging instruments: Interest rate swap Other Liabilities $ 6,328 $ 4,266 Totals $ 6,328 $ 4,266 Not designated as hedging instruments: Interest rate contracts Other Liabilities $ 4,181 $ 2,544 Interest rate lock commitments Other Liabilities 95 — Forward commitments Other Liabilities 3,788 509 Totals $ 8,064 $ 3,053 |
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 March 31, 2016 2015 Derivatives not designated as hedging instruments: Interest rate contracts: Included in interest income on loans $ 533 $ 557 Interest rate lock commitments: Included in gains on sales of mortgage loans held for sale 1,628 2,705 Forward commitments Included in gains on sales of mortgage loans held for sale (3,688 ) (575 ) Total $ (1,527 ) $ 2,687 |
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 March 31, December 31, 2015 March 31, December 31, 2015 Gross amounts recognized $ 37 $ 446 $ 13,312 $ 6,454 Gross amounts offset in the consolidated balance sheets — — — — Net amounts presented in the consolidated balance sheets 37 446 13,312 6,454 Gross amounts not offset in the consolidated balance sheets Financial instruments 37 282 37 282 Financial collateral pledged — — 9,872 6,020 Net amounts $ — $ 164 $ 3,403 $ 152 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 (Benefit) Net of Tax Three months ended March 31, 2016 Securities available for sale: Unrealized holding gains on securities $ 5,060 $ 1,953 $ 3,107 Amortization of unrealized holding gains on securities transferred to the held to maturity category (33 ) (13 ) (20 ) Total securities available for sale 5,027 1,940 3,087 Derivative instruments: Unrealized holding losses on derivative instruments (2,062 ) (796 ) (1,266 ) Total derivative instruments (2,062 ) (796 ) (1,266 ) Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial gain recognized in net periodic pension cost 117 45 72 Total defined benefit pension and post-retirement benefit plans 117 45 72 Total other comprehensive income $ 3,082 $ 1,189 $ 1,893 Three months ended March 31, 2015 Securities available for sale: Unrealized holding gains on securities $ 4,249 $ 1,625 $ 2,624 Amortization of unrealized holding gains on securities transferred to the held to maturity category (51 ) (19 ) (32 ) Total securities available for sale 4,198 1,606 2,592 Derivative instruments: Unrealized holding losses on derivative instruments (1,084 ) (415 ) (669 ) Total derivative instruments (1,084 ) (415 ) (669 ) Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial gain recognized in net periodic pension cost 93 36 57 Total defined benefit pension and post-retirement benefit plans 93 36 57 Total other comprehensive income $ 3,207 $ 1,227 $ 1,980 |
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: March 31, December 31, 2015 Unrealized gains on securities $ 19,587 $ 16,500 Non-credit related portion of other-than-temporary impairment on securities (16,735 ) (16,735 ) Unrealized losses on derivative instruments (3,148 ) (1,882 ) Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (7,346 ) (7,418 ) Total accumulated other comprehensive loss $ (7,642 ) $ (9,535 ) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 2015 Basic Net income applicable to common stock $ 21,216 $ 15,240 Average common shares outstanding 40,324,475 31,576,275 Net income per common share - basic $ 0.53 $ 0.48 Diluted Net income applicable to common stock $ 21,216 $ 15,240 Average common shares outstanding 40,324,475 31,576,275 Effect of dilutive stock-based compensation 234,670 239,435 Average common shares outstanding - diluted 40,559,145 31,815,710 Net income per common share - diluted $ 0.52 $ 0.48 |
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 March 31, 2016 2015 Number of shares 21,500 2,568 Range of exercise prices $32.6 $29.57 - $29.67 |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | As a result, the adjustments included in the following table are preliminary and may change. Purchase Price: Shares issued to common shareholders 8,635,879 Purchase price per share $ 32.60 Value of stock paid $ 281,530 Cash paid for fractional shares 26 Cash settlement for stock options, net of tax benefit 5,915 Compensation expense incurred from the termination of Heritage's ESOP — Deal charges 7,973 Total Purchase Price $ 295,444 Net Assets Acquired: Stockholders’ equity at acquisition date $ 160,652 Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: Securities (1,401 ) Mortgage loans held for sale (3,158 ) Loans, net of Heritage's allowance for loan losses (15,524 ) Fixed assets (7,169 ) Intangible assets, net of Heritage's existing core deposit intangible 18,193 Other real estate owned 1,390 FDIC loss-share indemnification asset (15,247 ) Other assets 3,045 Deposits (3,776 ) Other liabilities (7,920 ) Deferred income taxes (8,377 ) Total Net Assets Acquired 120,708 Goodwill resulting from merger (1) $ 174,736 (1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of assets acquired and liabilities assumed at acquisition date in connection with the merger with Heritage. The Company is finalizing the fair value of certain assets and liabilities. As a result, the values included in the following table are preliminary and may change. Cash and cash equivalents $ 38,626 Securities 177,849 Loans, including mortgage loans held for sale, net of unearned income 1,459,724 Premises and equipment 42,164 Other real estate owned 9,972 Intangible assets 186,992 Other assets 104,697 Total assets 2,020,024 Deposits 1,375,354 Borrowings 314,656 Other liabilities 34,570 Total liabilities 1,724,580 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the three months ended March 31, 2016 and 2015 of the Company as though the Heritage merger had been completed as of January 1, 2014. The unaudited estimated pro forma information combines the historical results of Heritage with the Company's historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2014. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred. Three Months Ended March 31, 2016 2015 Interest income $ 76,259 $ 75,905 Interest expense 6,205 6,861 Net interest income 70,054 69,044 Provision for loan and lease losses 1,800 1,150 Noninterest income 33,302 33,527 Noninterest expense 69,814 71,961 Income before income taxes 31,742 29,460 Income taxes 10,526 9,556 Net income 21,216 19,904 Earnings per share: Basic $ 0.53 $ 0.59 Diluted $ 0.52 $ 0.59 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of guidelines governing the classification of capital tiers | The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that banks must maintain. Those guidelines specify capital tiers, which include the following classifications: Capital Tiers Tier 1 Capital to Average Assets (Leverage) Common Equity Tier 1 to Risk - Weighted Assets Tier 1 Capital to Risk – Weighted Assets Total Capital to Risk – Weighted Assets Well capitalized 5% or above 6.5% or above 8% or above 10% or above Adequately capitalized 4% or above 4.5% or above 6% or above 8% or above Undercapitalized Less than 4% Less than 4.5% Less than 6% Less than 8% Significantly undercapitalized Less than 3% Less than 3% Less than 4% Less than 6% Critically undercapitalized Tangible Equity / Total Assets less than 2% |
Schedule of capital and risk-based capital and leverage ratios | The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of March 31, 2016 2015 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 688,601 9.19 % $ 539,523 9.74 % Common Equity Tier 1 Capital to Risk-Weighted Assets 597,827 9.88 % 448,027 10.35 % Tier 1 Capital to Risk-Weighted Assets 688,601 11.38 % 539,523 12.47 % Total Capital to Risk-Weighted Assets 736,354 12.17 % 584,916 13.51 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 662,524 8.86 % $ 523,505 9.48 % Common Equity Tier 1 Capital to Risk-Weighted Assets 662,524 10.98 % 523,505 12.13 % Tier 1 Capital to Risk-Weighted Assets 662,524 10.98 % 523,505 12.13 % Total Capital to Risk-Weighted Assets 709,708 11.76 % 568,326 13.16 % |
Investments in Qualified Affo38
Investments in Qualified Affordable Housing Projects (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Components of qualified affordable housing projects included in income taxes | Components of the Company's investments in QAHPs were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented: Three Months Ended March 31, 2016 2015 Tax credit amortization $ 324 $ 324 Tax credits and other benefits (471 ) (471 ) Total $ (147 ) $ (147 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Significant components of the Company's deferred tax assets and liabilities | The following table is a summary of the Company's temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates indicated. March 31, December 31, 2016 2015 2015 Deferred tax assets Allowance for loan losses $ 20,787 $ 16,554 $ 17,430 Loans 29,042 17,156 26,239 Deferred compensation 10,786 7,524 17,060 Securities 2,572 1,331 2,572 Net unrealized losses on securities - OCI 4,876 3,550 6,065 Impairment of assets 3,280 3,846 3,271 Federal and State net operating loss carryforwards 5,124 1,496 3,681 Other 4,957 1,997 4,927 Gross deferred tax assets 81,424 53,454 81,245 Valuation allowance on state net operating loss carryforwards — — — Total deferred tax assets 81,424 53,454 81,245 Deferred tax liabilities FDIC loss-share indemnification asset 1,807 3,199 1,927 Investment in partnerships 2,343 2,600 2,507 Core deposit intangible 2,992 1,961 3,386 Fixed assets 924 2,947 673 Mortgage servicing rights 3,977 — 4,032 Subordinated debt 4,234 4,455 4,287 Other 4,855 490 2,364 Total deferred tax liabilities 21,132 15,652 19,176 Net deferred tax assets $ 60,292 $ 37,802 $ 62,069 |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying amount of goodwill | Changes in the carrying amount of goodwill during the three months ended March 31, 2016 were as follows: Community Banks Insurance Total Balance at January 1, 2016 $ 443,104 $ 2,767 $ 445,871 Addition to goodwill from Heritage acquisition 3,554 — 3,554 Adjustment to previously recorded goodwill — — — Balance at March 31, 2016 $ 446,658 $ 2,767 $ 449,425 |
Summary of finite-lived intangible assets | The following table provides a summary of finite-lived intangible assets as of the dates presented: Gross Carrying Amount Accumulated Amortization Net Carrying Amount March 31, 2016 Core deposit intangible $ 45,982 $ (20,236 ) $ 25,746 Customer relationship intangible 1,970 (602 ) 1,368 Total finite-lived intangible assets $ 47,952 $ (20,838 ) $ 27,114 December 31, 2015 Core deposit intangible $ 45,982 $ (18,572 ) $ 27,410 Customer relationship intangible 1,970 (569 ) 1,401 Total finite-lived intangible assets $ 47,952 $ (19,141 ) $ 28,811 |
Schedule of estimated amortization expense of finite-lived intangible assets | The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2016 and the succeeding four years is summarized as follows: Core Deposit Intangibles Customer Relationship Intangible Total 2016 $ 6,327 $ 131 $ 6,458 2017 5,372 131 $ 5,503 2018 4,570 131 $ 4,701 2019 3,830 131 $ 3,961 2020 2,982 131 $ 3,113 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - $ / shares | Apr. 26, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||
Common stock, par value (usd per share) | $ 5 | $ 5 | |
Common stock, shares authorized | 75,000,000 | 75,000,000 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Common stock, shares authorized | 150,000,000 |
Securities - (Details)
Securities - (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | $ 448,376 | $ 458,400 |
Gross Unrealized Gains | 18,208 | 16,662 |
Gross Unrealized Losses | (524) | (1,309) |
Fair Value | 466,060 | 473,753 |
Obligations of other U.S. Government agencies and corporations | ||
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | 93,498 | 101,155 |
Gross Unrealized Gains | 58 | 26 |
Gross Unrealized Losses | (505) | (1,214) |
Fair Value | 93,051 | 99,967 |
Obligations of states and political subdivisions | ||
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | 354,878 | 357,245 |
Gross Unrealized Gains | 18,150 | 16,636 |
Gross Unrealized Losses | (19) | (95) |
Fair Value | $ 373,009 | $ 373,786 |
Securities - (Details 1)
Securities - (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | $ 649,237 | $ 647,658 |
Gross Unrealized Gains | 11,693 | 8,692 |
Gross Unrealized Losses | (7,486) | (9,545) |
Securities available for sale | 653,444 | 646,805 |
Trust preferred securities | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 24,732 | 24,770 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (5,785) | (5,301) |
Securities available for sale | 18,947 | 19,469 |
Other debt securities | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 17,873 | 18,899 |
Gross Unrealized Gains | 575 | 468 |
Gross Unrealized Losses | (22) | (34) |
Securities available for sale | 18,426 | 19,333 |
Other equity securities | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 2,426 | 2,500 |
Gross Unrealized Gains | 1,265 | 1,840 |
Gross Unrealized Losses | 0 | 0 |
Securities available for sale | 3,691 | 4,340 |
Obligations of other U.S. Government agencies and corporations | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 6,087 | 6,093 |
Gross Unrealized Gains | 140 | 126 |
Gross Unrealized Losses | (10) | (19) |
Securities available for sale | 6,217 | 6,200 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 357,942 | 362,669 |
Gross Unrealized Gains | 5,703 | 3,649 |
Gross Unrealized Losses | (573) | (1,778) |
Securities available for sale | 363,072 | 364,540 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 55,574 | 58,864 |
Gross Unrealized Gains | 1,596 | 1,002 |
Gross Unrealized Losses | (35) | (107) |
Securities available for sale | 57,135 | 59,759 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 179,764 | 168,916 |
Gross Unrealized Gains | 2,205 | 1,449 |
Gross Unrealized Losses | (1,061) | (2,305) |
Securities available for sale | 180,908 | 168,060 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 4,839 | 4,947 |
Gross Unrealized Gains | 209 | 158 |
Gross Unrealized Losses | 0 | (1) |
Securities available for sale | $ 5,048 | $ 5,104 |
Securities - (Details 2)
Securities - (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross gains on sales of securities available for sale | $ 0 | $ 0 |
Gross losses on sales of securities available for sale | (71) | 0 |
Loss on sales of securities available for sale, net | $ (71) | $ 0 |
Securities - (Details 3)
Securities - (Details 3) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Amortized Cost | ||
Due within one year | $ 19,610 | |
Due after one year through five years | 106,455 | |
Due after five years through ten years | 199,168 | |
Due after ten years | 123,143 | |
Amortized Cost | 448,376 | $ 458,400 |
Fair Value | ||
Due within one year | 19,780 | |
Due after one year through five years | 109,612 | |
Due after five years through ten years | 206,350 | |
Due after ten years | 130,318 | |
Fair Value | 466,060 | 473,753 |
Amortized Cost | ||
Due within one year | 0 | |
Due after one year through five years | 6,087 | |
Due after five years through ten years | 0 | |
Due after ten years | 24,732 | |
Available for sale debt securities | 649,237 | 647,658 |
Amortized cost | 649,237 | |
Fair Value | ||
Due within one year | 0 | |
Due after one year through five years | 6,217 | |
Due after five years through ten years | 0 | |
Due after ten years | 18,947 | |
Securities available for sale | 653,444 | 646,805 |
Other debt securities | ||
Amortized Cost | ||
Available for sale debt securities | 17,873 | 18,899 |
Fair Value | ||
Securities available for sale | 18,426 | 19,333 |
Other equity securities | ||
Amortized Cost | ||
Available for sale debt securities | 2,426 | 2,500 |
Other equity securities | 2,426 | |
Fair Value | ||
Securities available for sale | 3,691 | 4,340 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Amortized Cost | ||
Available for sale debt securities | 357,942 | 362,669 |
Fair Value | ||
Securities available for sale | 363,072 | 364,540 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Amortized Cost | ||
Available for sale debt securities | 55,574 | 58,864 |
Fair Value | ||
Securities available for sale | 57,135 | 59,759 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Amortized Cost | ||
Available for sale debt securities | 179,764 | 168,916 |
Fair Value | ||
Securities available for sale | 180,908 | 168,060 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Amortized Cost | ||
Available for sale debt securities | 4,839 | 4,947 |
Fair Value | ||
Securities available for sale | $ 5,048 | $ 5,104 |
Securities - (Details 4)
Securities - (Details 4) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)security | Dec. 31, 2015USD ($)security | |
Held to Maturity: | ||
Number of positions (securities) | security | 26 | 31 |
Fair Value, Less than 12 Months | $ 49,436 | $ 36,382 |
Fair Value, 12 Months or More | 25,567 | 43,609 |
Fair Value, Total | 75,003 | 79,991 |
Unrealized Losses, Less than 12 months | (281) | (467) |
Unrealized Losses, 12 Months or More | (243) | (842) |
Unrealized Losses, Total | $ (524) | $ (1,309) |
Available for Sale: | ||
Number of positions (securities) | security | 53 | 101 |
Fair Value, Less than 12 Months | $ 80,510 | $ 206,395 |
Fair Value, 12 Months or More | 80,125 | 103,154 |
Fair Value, Total | 160,635 | 309,549 |
Unrealized losses, Less than 12 months | (307) | (1,411) |
Unrealized Losses, 12 months or More | (7,179) | (8,134) |
Unrealized Losses, Total | $ (7,486) | $ (9,545) |
Trust preferred securities | ||
Available for Sale: | ||
Number of positions (securities) | security | 3 | 3 |
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Fair Value, 12 Months or More | 18,946 | 19,469 |
Fair Value, Total | 18,946 | 19,469 |
Unrealized losses, Less than 12 months | 0 | 0 |
Unrealized Losses, 12 months or More | (5,785) | (5,301) |
Unrealized Losses, Total | $ (5,785) | $ (5,301) |
Other debt securities | ||
Available for Sale: | ||
Number of positions (securities) | security | 3 | 3 |
Fair Value, Less than 12 Months | $ 3,637 | $ 1,316 |
Fair Value, 12 Months or More | 1,398 | 3,866 |
Fair Value, Total | 5,035 | 5,182 |
Unrealized losses, Less than 12 months | (13) | (3) |
Unrealized Losses, 12 months or More | (9) | (31) |
Unrealized Losses, Total | $ (22) | $ (34) |
Other equity securities | ||
Available for Sale: | ||
Number of positions (securities) | security | 0 | |
Fair Value, Less than 12 Months | $ 0 | |
Fair Value, 12 Months or More | 0 | |
Fair Value, Total | 0 | |
Unrealized losses, Less than 12 months | 0 | |
Unrealized Losses, 12 months or More | 0 | |
Unrealized Losses, Total | $ 0 | |
Obligations of other U.S. Government agencies and corporations | ||
Held to Maturity: | ||
Number of positions (securities) | security | 15 | 18 |
Fair Value, Less than 12 Months | $ 40,832 | $ 31,567 |
Fair Value, 12 Months or More | 24,745 | 38,688 |
Fair Value, Total | 65,577 | 70,255 |
Unrealized Losses, Less than 12 months | (264) | (414) |
Unrealized Losses, 12 Months or More | (241) | (800) |
Unrealized Losses, Total | $ (505) | $ (1,214) |
Available for Sale: | ||
Number of positions (securities) | security | 1 | 1 |
Fair Value, Less than 12 Months | $ 3,990 | $ 3,981 |
Fair Value, 12 Months or More | 0 | 0 |
Fair Value, Total | 3,990 | 3,981 |
Unrealized losses, Less than 12 months | (10) | (19) |
Unrealized Losses, 12 months or More | 0 | 0 |
Unrealized Losses, Total | $ (10) | $ (19) |
Obligations of states and political subdivisions | ||
Held to Maturity: | ||
Number of positions (securities) | security | 11 | 13 |
Fair Value, Less than 12 Months | $ 8,604 | $ 4,815 |
Fair Value, 12 Months or More | 822 | 4,921 |
Fair Value, Total | 9,426 | 9,736 |
Unrealized Losses, Less than 12 months | (17) | (53) |
Unrealized Losses, 12 Months or More | (2) | (42) |
Unrealized Losses, Total | $ (19) | $ (95) |
Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Available for Sale: | ||
Number of positions (securities) | security | 17 | 43 |
Fair Value, Less than 12 Months | $ 31,374 | $ 130,306 |
Fair Value, 12 Months or More | 19,176 | 27,431 |
Fair Value, Total | 50,550 | 157,737 |
Unrealized losses, Less than 12 months | (136) | (937) |
Unrealized Losses, 12 months or More | (437) | (841) |
Unrealized Losses, Total | $ (573) | $ (1,778) |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Available for Sale: | ||
Number of positions (securities) | security | 5 | 9 |
Fair Value, Less than 12 Months | $ 6,874 | $ 16,782 |
Fair Value, 12 Months or More | 808 | 814 |
Fair Value, Total | 7,682 | 17,596 |
Unrealized losses, Less than 12 months | (33) | (104) |
Unrealized Losses, 12 months or More | (2) | (3) |
Unrealized Losses, Total | $ (35) | $ (107) |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Available for Sale: | ||
Number of positions (securities) | security | 24 | 41 |
Fair Value, Less than 12 Months | $ 34,635 | $ 52,128 |
Fair Value, 12 Months or More | 39,797 | 51,574 |
Fair Value, Total | 74,432 | 103,702 |
Unrealized losses, Less than 12 months | (115) | (347) |
Unrealized Losses, 12 months or More | (946) | (1,958) |
Unrealized Losses, Total | $ (1,061) | $ (2,305) |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Available for Sale: | ||
Number of positions (securities) | security | 0 | 1 |
Fair Value, Less than 12 Months | $ 0 | $ 1,882 |
Fair Value, 12 Months or More | 0 | 0 |
Fair Value, Total | 0 | 1,882 |
Unrealized losses, Less than 12 months | 0 | (1) |
Unrealized Losses, 12 months or More | 0 | 0 |
Unrealized Losses, Total | $ 0 | $ (1) |
Less than 12 Months | ||
Held to Maturity: | ||
Number of positions (securities) | security | 19 | 16 |
Available for Sale: | ||
Number of positions (securities) | security | 28 | 70 |
Less than 12 Months | Trust preferred securities | ||
Available for Sale: | ||
Number of positions (securities) | security | 0 | 0 |
Less than 12 Months | Other debt securities | ||
Available for Sale: | ||
Number of positions (securities) | security | 2 | 1 |
Less than 12 Months | Other equity securities | ||
Available for Sale: | ||
Number of positions (securities) | security | 0 | |
Less than 12 Months | Obligations of other U.S. Government agencies and corporations | ||
Held to Maturity: | ||
Number of positions (securities) | security | 10 | 10 |
Available for Sale: | ||
Number of positions (securities) | security | 1 | 1 |
Less than 12 Months | Obligations of states and political subdivisions | ||
Held to Maturity: | ||
Number of positions (securities) | security | 9 | 6 |
Less than 12 Months | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Available for Sale: | ||
Number of positions (securities) | security | 10 | 34 |
Less than 12 Months | Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Available for Sale: | ||
Number of positions (securities) | security | 4 | 8 |
Less than 12 Months | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Available for Sale: | ||
Number of positions (securities) | security | 11 | 25 |
Less than 12 Months | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Available for Sale: | ||
Number of positions (securities) | security | 0 | 1 |
12 Months or More | ||
Held to Maturity: | ||
Number of positions (securities) | security | 7 | 15 |
Available for Sale: | ||
Number of positions (securities) | security | 25 | 31 |
12 Months or More | Trust preferred securities | ||
Available for Sale: | ||
Number of positions (securities) | security | 3 | 3 |
12 Months or More | Other debt securities | ||
Available for Sale: | ||
Number of positions (securities) | security | 1 | 2 |
12 Months or More | Other equity securities | ||
Available for Sale: | ||
Number of positions (securities) | security | 0 | |
12 Months or More | Obligations of other U.S. Government agencies and corporations | ||
Held to Maturity: | ||
Number of positions (securities) | security | 5 | 8 |
Available for Sale: | ||
Number of positions (securities) | security | 0 | 0 |
12 Months or More | Obligations of states and political subdivisions | ||
Held to Maturity: | ||
Number of positions (securities) | security | 2 | 7 |
12 Months or More | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Available for Sale: | ||
Number of positions (securities) | security | 7 | 9 |
12 Months or More | Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Available for Sale: | ||
Number of positions (securities) | security | 1 | 1 |
12 Months or More | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Available for Sale: | ||
Number of positions (securities) | security | 13 | 16 |
12 Months or More | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Available for Sale: | ||
Number of positions (securities) | security | 0 | 0 |
Securities - (Details 5)
Securities - (Details 5) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 649,237 | |
Securities available for sale | 653,444 | $ 646,805 |
Trust preferred securities | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 24,732 | 24,770 |
Securities available for sale | 18,947 | $ 19,469 |
Unrealized Loss | (5,785) | |
XXIII | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 8,434 | |
Securities available for sale | 5,743 | |
Unrealized Loss | $ (2,691) | |
Issuers currently in deferral or default (percent) | 19.00% | |
XXIV | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 12,077 | |
Securities available for sale | 10,193 | |
Unrealized Loss | $ (1,884) | |
Issuers currently in deferral or default (percent) | 28.00% | |
XXVI | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 4,221 | |
Securities available for sale | 3,011 | |
Unrealized Loss | $ (1,210) | |
Issuers currently in deferral or default (percent) | 25.00% |
Securities - (Details 6)
Securities - (Details 6) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
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) | 3 Months Ended | |||
Mar. 31, 2016USD ($)securityinstitution | Jun. 30, 2015security | Jun. 30, 2014security | Dec. 31, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized cost | $ 649,237,000 | |||
Number of securities, return to accrual status | security | 1 | 1 | 1 | |
Securities available for sale, at fair value | $ 653,444,000 | $ 646,805,000 | ||
Number of securities representing interests in tranches of trusts (tranches) | security | 3 | 3 | ||
Number of institutions issuing debt | institution | 250 | |||
Trust preferred securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized cost | $ 24,732,000 | 24,770,000 | ||
Securities available for sale, at fair value | 18,947,000 | 19,469,000 | ||
Impairments | 0 | |||
Secure government, public and trust deposits | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available for sale securities pledged as collateral | 703,158,000 | 679,492,000 | ||
Short-term borrowings | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available for sale securities pledged as collateral | 40,755,000 | 39,275,000 | ||
Trust preferred securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Securities available for sale, at fair value | 18,947,000 | $ 19,469,000 | ||
Trust preferred securities | Pooled Trust Preferred Securities Xiii | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized cost | 75,000 | |||
Sale proceeds | 4,000 | |||
Gross loss on sales of securities available for sale | $ 71,000 |
Loans and the Allowance for L50
Loans and the Allowance for Loan Losses - (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Summary of loans | |||
Gross loans | $ 5,574,398 | $ 5,414,625 | |
Unearned income | (1,668) | (1,163) | |
Loans, net of unearned income | 5,572,730 | 5,413,462 | |
Allowance for loan losses | (42,859) | (42,437) | |
Loans, net | 5,529,871 | 5,371,025 | |
Commercial, financial, agricultural | |||
Summary of loans | |||
Gross loans | 654,934 | 636,837 | |
Loans, net of unearned income | 654,934 | 636,837 | |
Lease financing | |||
Summary of loans | |||
Gross loans | 43,605 | 35,978 | |
Real estate – construction | |||
Summary of loans | |||
Gross loans | 377,574 | 357,665 | |
Loans, net of unearned income | 377,574 | 357,665 | |
Real estate – 1-4 family mortgage | |||
Summary of loans | |||
Gross loans | 1,777,495 | 1,735,323 | |
Loans, net of unearned income | 1,777,495 | 1,735,323 | |
Real estate – commercial mortgage | |||
Summary of loans | |||
Gross loans | 2,607,510 | 2,533,729 | |
Loans, net of unearned income | 2,607,510 | 2,533,729 | |
Installment loans to individuals | |||
Summary of loans | |||
Gross loans | 113,280 | 115,093 | |
Loans, net of unearned income | [1] | $ 155,217 | $ 149,908 |
[1] | Includes lease financing receivables. |
Loans and the Allowance for L51
Loans and the Allowance for Loan Losses - (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Past due and nonaccrual loans | |||
Loans and leases receivable, gross | $ 5,574,398 | $ 5,414,625 | |
Loans and leases receivable, net of unearned income | 5,572,730 | 5,413,462 | |
Commercial, financial, agricultural | |||
Past due and nonaccrual loans | |||
Loans and leases receivable, gross | 654,934 | 636,837 | |
Loans and leases receivable, net of unearned income | 654,934 | 636,837 | |
Lease financing | |||
Past due and nonaccrual loans | |||
Loans and leases receivable, gross | 43,605 | 35,978 | |
Real estate – construction | |||
Past due and nonaccrual loans | |||
Loans and leases receivable, gross | 377,574 | 357,665 | |
Loans and leases receivable, net of unearned income | 377,574 | 357,665 | |
Real estate – 1-4 family mortgage | |||
Past due and nonaccrual loans | |||
Loans and leases receivable, gross | 1,777,495 | 1,735,323 | |
Loans and leases receivable, net of unearned income | 1,777,495 | 1,735,323 | |
Real estate – commercial mortgage | |||
Past due and nonaccrual loans | |||
Loans and leases receivable, gross | 2,607,510 | 2,533,729 | |
Loans and leases receivable, net of unearned income | 2,607,510 | 2,533,729 | |
Installment loans to individuals | |||
Past due and nonaccrual loans | |||
Loans and leases receivable, gross | 113,280 | 115,093 | |
Loans and leases receivable, net of unearned income | [1] | 155,217 | 149,908 |
Unearned income | |||
Past due and nonaccrual loans | |||
Loans and leases receivable, gross | (1,668) | (1,163) | |
Accruing Loans | |||
Past due and nonaccrual loans | |||
Current Loans | 5,509,973 | 5,352,365 | |
Total loans, accruing | 5,545,964 | 5,384,428 | |
Accruing Loans | Commercial, financial, agricultural | |||
Past due and nonaccrual loans | |||
Current Loans | 651,749 | 634,037 | |
Total loans, accruing | 654,450 | 636,410 | |
Accruing Loans | Lease financing | |||
Past due and nonaccrual loans | |||
Current Loans | 43,605 | 35,978 | |
Total loans, accruing | 43,605 | 35,978 | |
Accruing Loans | Real estate – construction | |||
Past due and nonaccrual loans | |||
Current Loans | 376,434 | 357,420 | |
Total loans, accruing | 377,574 | 357,665 | |
Accruing Loans | Real estate – 1-4 family mortgage | |||
Past due and nonaccrual loans | |||
Current Loans | 1,751,451 | 1,707,230 | |
Total loans, accruing | 1,767,019 | 1,722,883 | |
Accruing Loans | Real estate – commercial mortgage | |||
Past due and nonaccrual loans | |||
Current Loans | 2,575,720 | 2,504,192 | |
Total loans, accruing | 2,591,739 | 2,517,622 | |
Accruing Loans | Installment loans to individuals | |||
Past due and nonaccrual loans | |||
Current Loans | 112,682 | 114,671 | |
Total loans, accruing | 113,245 | 115,033 | |
Accruing Loans | Unearned income | |||
Past due and nonaccrual loans | |||
Current Loans | (1,668) | (1,163) | |
Total loans, accruing | (1,668) | (1,163) | |
Nonaccruing Loans | |||
Past due and nonaccrual loans | |||
Current Loans | 22,664 | 21,796 | |
Total loans, nonaccuring | 26,766 | 29,034 | |
Nonaccruing Loans | Commercial, financial, agricultural | |||
Past due and nonaccrual loans | |||
Current Loans | 248 | 264 | |
Total loans, nonaccuring | 484 | 427 | |
Nonaccruing Loans | Lease financing | |||
Past due and nonaccrual loans | |||
Current Loans | 0 | 0 | |
Total loans, nonaccuring | 0 | 0 | |
Nonaccruing Loans | Real estate – construction | |||
Past due and nonaccrual loans | |||
Current Loans | 0 | 0 | |
Total loans, nonaccuring | 0 | 0 | |
Nonaccruing Loans | Real estate – 1-4 family mortgage | |||
Past due and nonaccrual loans | |||
Current Loans | 7,966 | 8,249 | |
Total loans, nonaccuring | 10,476 | 12,440 | |
Nonaccruing Loans | Real estate – commercial mortgage | |||
Past due and nonaccrual loans | |||
Current Loans | 14,443 | 13,276 | |
Total loans, nonaccuring | 15,771 | 16,107 | |
Nonaccruing Loans | Installment loans to individuals | |||
Past due and nonaccrual loans | |||
Current Loans | 7 | 7 | |
Total loans, nonaccuring | 35 | 60 | |
Nonaccruing Loans | Unearned income | |||
Past due and nonaccrual loans | |||
Current Loans | 0 | 0 | |
Total loans, nonaccuring | 0 | 0 | |
90 Days or More Past Due | Accruing Loans | |||
Past due and nonaccrual loans | |||
Loans past due | 17,643 | 16,393 | |
90 Days or More Past Due | Accruing Loans | Commercial, financial, agricultural | |||
Past due and nonaccrual loans | |||
Loans past due | 1,404 | 1,077 | |
90 Days or More Past Due | Accruing Loans | Lease financing | |||
Past due and nonaccrual loans | |||
Loans past due | 0 | 0 | |
90 Days or More Past Due | Accruing Loans | Real estate – construction | |||
Past due and nonaccrual loans | |||
Loans past due | 242 | 176 | |
90 Days or More Past Due | Accruing Loans | Real estate – 1-4 family mortgage | |||
Past due and nonaccrual loans | |||
Loans past due | 6,783 | 6,457 | |
90 Days or More Past Due | Accruing Loans | Real estate – commercial mortgage | |||
Past due and nonaccrual loans | |||
Loans past due | 9,057 | 8,581 | |
90 Days or More Past Due | Accruing Loans | Installment loans to individuals | |||
Past due and nonaccrual loans | |||
Loans past due | 157 | 102 | |
90 Days or More Past Due | Accruing Loans | Unearned income | |||
Past due and nonaccrual loans | |||
Loans past due | 0 | 0 | |
90 Days or More Past Due | Nonaccruing Loans | |||
Past due and nonaccrual loans | |||
Loans past due | 3,838 | 6,112 | |
90 Days or More Past Due | Nonaccruing Loans | Commercial, financial, agricultural | |||
Past due and nonaccrual loans | |||
Loans past due | 236 | 133 | |
90 Days or More Past Due | Nonaccruing Loans | Lease financing | |||
Past due and nonaccrual loans | |||
Loans past due | 0 | 0 | |
90 Days or More Past Due | Nonaccruing Loans | Real estate – construction | |||
Past due and nonaccrual loans | |||
Loans past due | 0 | 0 | |
90 Days or More Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage | |||
Past due and nonaccrual loans | |||
Loans past due | 2,256 | 3,663 | |
90 Days or More Past Due | Nonaccruing Loans | Real estate – commercial mortgage | |||
Past due and nonaccrual loans | |||
Loans past due | 1,318 | 2,263 | |
90 Days or More Past Due | Nonaccruing Loans | Installment loans to individuals | |||
Past due and nonaccrual loans | |||
Loans past due | 28 | 53 | |
90 Days or More Past Due | Nonaccruing Loans | Unearned income | |||
Past due and nonaccrual loans | |||
Loans past due | 0 | 0 | |
30-89 Days Past Due | Accruing Loans | |||
Past due and nonaccrual loans | |||
Loans past due | 18,348 | 15,670 | |
30-89 Days Past Due | Accruing Loans | Commercial, financial, agricultural | |||
Past due and nonaccrual loans | |||
Loans past due | 1,297 | 1,296 | |
30-89 Days Past Due | Accruing Loans | Lease financing | |||
Past due and nonaccrual loans | |||
Loans past due | 0 | 0 | |
30-89 Days Past Due | Accruing Loans | Real estate – construction | |||
Past due and nonaccrual loans | |||
Loans past due | 898 | 69 | |
30-89 Days Past Due | Accruing Loans | Real estate – 1-4 family mortgage | |||
Past due and nonaccrual loans | |||
Loans past due | 8,785 | 9,196 | |
30-89 Days Past Due | Accruing Loans | Real estate – commercial mortgage | |||
Past due and nonaccrual loans | |||
Loans past due | 6,962 | 4,849 | |
30-89 Days Past Due | Accruing Loans | Installment loans to individuals | |||
Past due and nonaccrual loans | |||
Loans past due | 406 | 260 | |
30-89 Days Past Due | Accruing Loans | Unearned income | |||
Past due and nonaccrual loans | |||
Loans past due | 0 | 0 | |
30-89 Days Past Due | Nonaccruing Loans | |||
Past due and nonaccrual loans | |||
Loans past due | 264 | 1,126 | |
30-89 Days Past Due | Nonaccruing Loans | Commercial, financial, agricultural | |||
Past due and nonaccrual loans | |||
Loans past due | 0 | 30 | |
30-89 Days Past Due | Nonaccruing Loans | Lease financing | |||
Past due and nonaccrual loans | |||
Loans past due | 0 | 0 | |
30-89 Days Past Due | Nonaccruing Loans | Real estate – construction | |||
Past due and nonaccrual loans | |||
Loans past due | 0 | 0 | |
30-89 Days Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage | |||
Past due and nonaccrual loans | |||
Loans past due | 254 | 528 | |
30-89 Days Past Due | Nonaccruing Loans | Real estate – commercial mortgage | |||
Past due and nonaccrual loans | |||
Loans past due | 10 | 568 | |
30-89 Days Past Due | Nonaccruing Loans | Installment loans to individuals | |||
Past due and nonaccrual loans | |||
Loans past due | 0 | 0 | |
30-89 Days Past Due | Nonaccruing Loans | Unearned income | |||
Past due and nonaccrual loans | |||
Loans past due | $ 0 | $ 0 | |
[1] | Includes lease financing receivables. |
Loans and the Allowance for L52
Loans and the Allowance for Loan Losses - (Details 2) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Impaired loans | ||
Unpaid Contractual Principal Balance | $ 36,514 | $ 42,470 |
Recorded Investment With Allowance | 31,624 | 36,615 |
Recorded Investment With No Allowance | 0 | 12 |
Total Recorded Investment | 31,624 | 36,627 |
Related Allowance | 7,399 | 7,600 |
Receivables Acquired with Deteriorated Credit Quality | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 416,912 | 430,511 |
Recorded Investment With Allowance | 78,328 | 75,061 |
Recorded Investment With No Allowance | 246,681 | 261,104 |
Total Recorded Investment | 325,009 | 336,165 |
Related Allowance | 2,022 | 1,706 |
Commercial, financial, agricultural | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 328 | 1,308 |
Recorded Investment With Allowance | 321 | 358 |
Recorded Investment With No Allowance | 0 | 12 |
Total Recorded Investment | 321 | 370 |
Related Allowance | 6 | 6 |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 24,323 | 27,049 |
Recorded Investment With Allowance | 4,807 | 5,197 |
Recorded Investment With No Allowance | 9,643 | 11,292 |
Total Recorded Investment | 14,450 | 16,489 |
Related Allowance | 422 | 353 |
Lease financing | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Lease financing | Receivables Acquired with Deteriorated Credit Quality | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Real estate – construction | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 0 | 2,710 |
Recorded Investment With Allowance | 0 | 2,698 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 0 | 2,698 |
Related Allowance | 0 | 20 |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 2,635 | 2,916 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment With No Allowance | 2,504 | 2,749 |
Total Recorded Investment | 2,504 | 2,749 |
Related Allowance | 0 | 0 |
Real estate – 1-4 family mortgage | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 16,052 | 18,193 |
Recorded Investment With Allowance | 14,786 | 16,650 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 14,786 | 16,650 |
Related Allowance | 4,311 | 4,475 |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 107,167 | 109,293 |
Recorded Investment With Allowance | 16,573 | 15,702 |
Recorded Investment With No Allowance | 72,391 | 75,947 |
Total Recorded Investment | 88,964 | 91,649 |
Related Allowance | 335 | 256 |
Real estate – commercial mortgage | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 20,067 | 20,169 |
Recorded Investment With Allowance | 16,450 | 16,819 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 16,450 | 16,819 |
Related Allowance | 3,082 | 3,099 |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 279,548 | 287,821 |
Recorded Investment With Allowance | 56,555 | 53,762 |
Recorded Investment With No Allowance | 160,034 | 168,848 |
Total Recorded Investment | 216,589 | 222,610 |
Related Allowance | 1,264 | 1,096 |
Installment loans to individuals | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 67 | 90 |
Recorded Investment With Allowance | 67 | 90 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 67 | 90 |
Related Allowance | 0 | 0 |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 3,239 | 3,432 |
Recorded Investment With Allowance | 393 | 400 |
Recorded Investment With No Allowance | 2,109 | 2,268 |
Total Recorded Investment | 2,502 | 2,668 |
Related Allowance | $ 1 | $ 1 |
Loans and the Allowance for L53
Loans and the Allowance for Loan Losses - (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | $ 32,192 | $ 40,558 |
Interest Income Recognized | 225 | 251 |
Receivables Acquired with Deteriorated Credit Quality | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 374,716 | 359,618 |
Interest Income Recognized | 4,165 | 4,193 |
Commercial, financial, agricultural | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 326 | 950 |
Interest Income Recognized | 2 | 7 |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 18,024 | 25,978 |
Interest Income Recognized | 327 | 233 |
Lease financing | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Lease financing | Receivables Acquired with Deteriorated Credit Quality | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Real estate – construction | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 0 | 104 |
Interest Income Recognized | 0 | 0 |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 2,608 | 0 |
Interest Income Recognized | 25 | 0 |
Real estate – 1-4 family mortgage | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 15,252 | 13,886 |
Interest Income Recognized | 90 | 67 |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 101,089 | 86,713 |
Interest Income Recognized | 953 | 1,043 |
Real estate – commercial mortgage | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 16,547 | 25,618 |
Interest Income Recognized | 132 | 177 |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 250,041 | 242,712 |
Interest Income Recognized | 2,831 | 2,871 |
Installment loans to individuals | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 67 | 0 |
Interest Income Recognized | 1 | 0 |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 2,954 | 4,215 |
Interest Income Recognized | $ 29 | $ 46 |
Loans and the Allowance for L54
Loans and the Allowance for Loan Losses - (Details 4) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($)loan | |
Restructured loans | ||
Number of Loans | loan | 12 | 25 |
Pre- Modification Outstanding Recorded Investment | $ 1,392 | $ 8,097 |
Post- Modification Outstanding Recorded Investment | $ 1,267 | $ 7,500 |
Commercial, financial, agricultural | ||
Restructured loans | ||
Number of Loans | loan | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Real estate – construction | ||
Restructured loans | ||
Number of Loans | loan | 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 | loan | 10 | 17 |
Pre- Modification Outstanding Recorded Investment | $ 780 | $ 1,198 |
Post- Modification Outstanding Recorded Investment | $ 662 | $ 1,037 |
Real estate – commercial mortgage | ||
Restructured loans | ||
Number of Loans | loan | 2 | 8 |
Pre- Modification Outstanding Recorded Investment | $ 612 | $ 6,899 |
Post- Modification Outstanding Recorded Investment | $ 605 | $ 6,463 |
Installment loans to individuals | ||
Restructured loans | ||
Number of Loans | loan | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Loans and the Allowance for L55
Loans and the Allowance for Loan Losses - (Details 5) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)loan | |
Changes in restructured loans [Roll Forward] | |
Totals at January 1, 2016 | loan | 86 |
Additional loans with concessions (loans) | loan | 12 |
Reclassified as nonperforming (loans) | loan | (2) |
Paid in full (loans) | loan | (4) |
Charge-offs (loans) | loan | 0 |
Transfer to other real estate owned (loans) | loan | 0 |
Principal paydowns (loans) | loan | 0 |
Lapse of concession period (loans) | loan | 0 |
TDR reclassified as performing (loans) | loan | 0 |
Totals at March 31, 2016 | loan | 92 |
Changes in recorded investments [Roll Forward] | |
Totals at January 1, 2016 | $ | $ 13,453 |
Additional loans with concessions | $ | 1,267 |
Reclassified as nonperforming | $ | (134) |
Paid in full | $ | (398) |
Charge-offs | $ | 0 |
Transfer to other real estate owned | $ | 0 |
Principal paydowns | $ | (142) |
Lapse of concession period | $ | 0 |
Reclassified as performing | $ | 0 |
Totals at March 31, 2016 | $ | $ 14,046 |
Loans and the Allowance for L56
Loans and the Allowance for Loan Losses - (Details 6) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loan portfolio by risk-rating grades | ||
Total | $ 3,146,274 | $ 3,066,005 |
Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 475,212 | 475,417 |
Lease financing | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 289,848 | 273,881 |
Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 307,433 | 300,441 |
Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 2,073,590 | 2,016,210 |
Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 191 | 56 |
Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 3,070,144 | 2,982,255 |
Pass | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 463,922 | 465,185 |
Pass | Lease financing | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Pass | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 289,169 | 273,398 |
Pass | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 287,219 | 275,269 |
Pass | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 2,029,759 | 1,968,352 |
Pass | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 75 | 51 |
Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 39,405 | 45,868 |
Watch | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 9,302 | 8,498 |
Watch | Lease financing | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Watch | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 679 | 483 |
Watch | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 8,102 | 9,712 |
Watch | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 21,322 | 27,175 |
Watch | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 36,725 | 37,882 |
Substandard | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 1,988 | 1,734 |
Substandard | Lease financing | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
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 | 12,112 | 15,460 |
Substandard | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 22,509 | 20,683 |
Substandard | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | $ 116 | $ 5 |
Loans and the Allowance for L57
Loans and the Allowance for Loan Losses - (Details 7) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loan portfolio not subject to risk rating | ||
Total | $ 2,101,447 | $ 2,011,292 |
Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 165,272 | 144,931 |
Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 41,937 | 34,815 |
Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 85,222 | 81,035 |
Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,381,098 | 1,343,233 |
Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 317,331 | 294,909 |
Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 110,587 | 112,369 |
Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 2,096,366 | 2,007,361 |
Performing | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 165,137 | 144,838 |
Performing | Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 41,937 | 34,815 |
Performing | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 85,153 | 81,035 |
Performing | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,377,078 | 1,340,356 |
Performing | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 316,594 | 294,042 |
Performing | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 110,467 | 112,275 |
Non- Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 5,081 | 3,931 |
Non- Performing | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 135 | 93 |
Non- Performing | Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 0 |
Non- Performing | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 69 | 0 |
Non- Performing | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 4,020 | 2,877 |
Non- Performing | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 737 | 867 |
Non- Performing | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | $ 120 | $ 94 |
Loans and the Allowance for L58
Loans and the Allowance for Loan Losses - (Details 8) - Receivables Acquired with Deteriorated Credit Quality - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Loans acquired with deteriorated credit quality | |||
Total | $ 325,009 | $ 336,165 | |
Covered Loans | |||
Loans acquired with deteriorated credit quality | |||
Total | 30,644 | 66,973 | |
Not Covered Loans | |||
Loans acquired with deteriorated credit quality | |||
Total | 294,365 | 269,192 | |
Commercial, financial, agricultural | |||
Loans acquired with deteriorated credit quality | |||
Total | 14,450 | 16,489 | |
Commercial, financial, agricultural | Covered Loans | |||
Loans acquired with deteriorated credit quality | |||
Total | 232 | 1,759 | |
Commercial, financial, agricultural | Not Covered Loans | |||
Loans acquired with deteriorated credit quality | |||
Total | 14,218 | 14,730 | |
Lease financing | |||
Loans acquired with deteriorated credit quality | |||
Total | 0 | 0 | |
Lease financing | Covered Loans | |||
Loans acquired with deteriorated credit quality | |||
Total | 0 | 0 | |
Lease financing | Not Covered Loans | |||
Loans acquired with deteriorated credit quality | |||
Total | 0 | 0 | |
Real estate – construction | |||
Loans acquired with deteriorated credit quality | |||
Total | 2,504 | 2,749 | |
Real estate – construction | Covered Loans | |||
Loans acquired with deteriorated credit quality | |||
Total | 85 | 91 | |
Real estate – construction | Not Covered Loans | |||
Loans acquired with deteriorated credit quality | |||
Total | 2,419 | 2,658 | |
Real estate – 1-4 family mortgage | |||
Loans acquired with deteriorated credit quality | |||
Total | 88,964 | 91,649 | |
Real estate – 1-4 family mortgage | Covered Loans | |||
Loans acquired with deteriorated credit quality | |||
Total | 26,612 | 31,354 | |
Real estate – 1-4 family mortgage | Not Covered Loans | |||
Loans acquired with deteriorated credit quality | |||
Total | 62,352 | 60,295 | |
Real estate – commercial mortgage | |||
Loans acquired with deteriorated credit quality | |||
Total | 216,589 | 222,610 | |
Real estate – commercial mortgage | Covered Loans | |||
Loans acquired with deteriorated credit quality | |||
Total | 3,679 | 33,726 | |
Real estate – commercial mortgage | Not Covered Loans | |||
Loans acquired with deteriorated credit quality | |||
Total | 212,910 | 188,884 | |
Installment loans to individuals | |||
Loans acquired with deteriorated credit quality | |||
Total | [1] | 2,502 | 2,668 |
Installment loans to individuals | Covered Loans | |||
Loans acquired with deteriorated credit quality | |||
Total | 36 | 43 | |
Installment loans to individuals | Not Covered Loans | |||
Loans acquired with deteriorated credit quality | |||
Total | $ 2,466 | $ 2,625 | |
[1] | Includes lease financing receivables. |
Loans and the Allowance for L59
Loans and the Allowance for Loan Losses - (Details 9) - Receivables Acquired with Deteriorated Credit Quality - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Jul. 01, 2015 | |
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | $ 325,009 | $ 336,165 | ||
Covered Loans | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | 30,644 | 66,973 | ||
Not Covered Loans | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | 294,365 | $ 269,192 | ||
Contractually-required principal and interest | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | 453,708 | |||
Contractually-required principal and interest | Covered Loans | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | 38,534 | |||
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 | ||||
Total | 415,174 | |||
Nonaccretable difference | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | [1] | (82,818) | ||
Nonaccretable difference | Covered Loans | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | [1] | (5,121) | ||
Nonaccretable difference | Not Covered Loans | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | [1] | (77,697) | ||
Cash flows expected to be collected | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | 370,890 | |||
Cash flows expected to be collected | Covered Loans | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | 33,413 | |||
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 | ||||
Total | 337,477 | |||
Accretable yield | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | [2] | (45,881) | ||
Accretable yield | Covered Loans | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | [2] | (2,769) | ||
Accretable yield | Not Covered Loans | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | [2] | $ (43,112) | ||
Heritage Financial Group | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | $ 1,128,647 | |||
Heritage Financial Group | Contractually-required principal and interest | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | 1,212,372 | |||
Heritage Financial Group | Nonaccretable difference | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | 14,260 | |||
Heritage Financial Group | Cash flows expected to be collected | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | 1,198,112 | |||
Heritage Financial Group | Accretable yield | ||||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||||
Total | $ 69,465 | |||
[1] | Represents contractual principal and interest cash flows of $82,618 and $201, respectively, not expected to be collected. | |||
[2] | Represents contractual interest payments of $2,278 expected to be collected and purchase discount of $43,603. |
Loans and the Allowance for L60
Loans and the Allowance for Loan Losses - (Details 10) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Changes in accretable yield of loans acquired with deteriorated credit quality | |
Balance at January 1, 2016 | $ (48,292) |
Additions due to acquisition | 0 |
Reclasses from nonaccretable difference | (1,347) |
Accretion | 3,730 |
Charge-offs | 28 |
Balance at March 31, 2016 | (45,881) |
Covered Loans | |
Changes in accretable yield of loans acquired with deteriorated credit quality | |
Balance at January 1, 2016 | (3,700) |
Additions due to acquisition | 725 |
Reclasses from nonaccretable difference | (213) |
Accretion | 391 |
Charge-offs | 28 |
Balance at March 31, 2016 | (2,769) |
Not Covered Loans | |
Changes in accretable yield of loans acquired with deteriorated credit quality | |
Balance at January 1, 2016 | (44,592) |
Additions due to acquisition | (725) |
Reclasses from nonaccretable difference | (1,134) |
Accretion | 3,339 |
Charge-offs | 0 |
Balance at March 31, 2016 | $ (43,112) |
Loans and the Allowance for L61
Loans and the Allowance for Loan Losses - (Details 11) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Allowance for loan losses: | |||||
Beginning balance | $ 42,437 | $ 42,289 | |||
Charge-offs | (1,954) | (1,403) | |||
Recoveries | 576 | 341 | |||
Net (charge-offs) recoveries | (1,378) | (1,062) | |||
Provision for loan losses | 1,779 | 732 | |||
Benefit attributable to FDIC loss-share agreements | (170) | (126) | |||
Recoveries payable to FDIC | 191 | 469 | |||
Provision for loan losses charged to operations | 1,800 | 1,075 | |||
Ending balance | 42,859 | 42,302 | |||
Period-End Amount Allocated to: | |||||
Individually evaluated for impairment | $ 7,399 | $ 6,520 | |||
Collectively evaluated for impairment | 33,438 | 33,193 | |||
Acquired with deteriorated credit quality | 42,437 | 42,289 | 42,859 | 42,302 | |
Commercial, financial, agricultural | |||||
Allowance for loan losses: | |||||
Beginning balance | 4,186 | 3,305 | |||
Charge-offs | (657) | (235) | |||
Recoveries | 53 | 35 | |||
Net (charge-offs) recoveries | (604) | (200) | |||
Provision for loan losses | 601 | 1,027 | |||
Benefit attributable to FDIC loss-share agreements | (15) | (25) | |||
Recoveries payable to FDIC | 3 | 2 | |||
Provision for loan losses charged to operations | 589 | 1,004 | |||
Ending balance | 4,171 | 4,109 | |||
Period-End Amount Allocated to: | |||||
Individually evaluated for impairment | 6 | 0 | |||
Collectively evaluated for impairment | 3,743 | 2,911 | |||
Acquired with deteriorated credit quality | 4,186 | 3,305 | 4,171 | 4,109 | |
Real estate – construction | |||||
Allowance for loan losses: | |||||
Beginning balance | 1,852 | 1,415 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 6 | 6 | |||
Net (charge-offs) recoveries | 6 | 6 | |||
Provision for loan losses | 85 | (63) | |||
Benefit attributable to FDIC loss-share agreements | 0 | 0 | |||
Recoveries payable to FDIC | 0 | 1 | |||
Provision for loan losses charged to operations | 85 | (62) | |||
Ending balance | 1,943 | 1,359 | |||
Period-End Amount Allocated to: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 1,943 | 1,359 | |||
Acquired with deteriorated credit quality | 1,852 | 1,415 | 1,943 | 1,359 | |
Real estate – 1-4 family mortgage | |||||
Allowance for loan losses: | |||||
Beginning balance | 13,908 | 13,549 | |||
Charge-offs | (116) | (485) | |||
Recoveries | 395 | 155 | |||
Net (charge-offs) recoveries | 279 | (330) | |||
Provision for loan losses | 365 | 618 | |||
Benefit attributable to FDIC loss-share agreements | (37) | 0 | |||
Recoveries payable to FDIC | 27 | 208 | |||
Provision for loan losses charged to operations | 355 | 826 | |||
Ending balance | 14,542 | 14,045 | |||
Period-End Amount Allocated to: | |||||
Individually evaluated for impairment | 4,311 | 4,227 | |||
Collectively evaluated for impairment | 9,896 | 9,541 | |||
Acquired with deteriorated credit quality | 13,908 | 13,549 | 14,542 | 14,045 | |
Real estate – commercial mortgage | |||||
Allowance for loan losses: | |||||
Beginning balance | 21,111 | 22,759 | |||
Charge-offs | (1,001) | (633) | |||
Recoveries | 92 | 112 | |||
Net (charge-offs) recoveries | (909) | (521) | |||
Provision for loan losses | 530 | (887) | |||
Benefit attributable to FDIC loss-share agreements | (118) | (101) | |||
Recoveries payable to FDIC | 161 | 258 | |||
Provision for loan losses charged to operations | 573 | (730) | |||
Ending balance | 20,775 | 21,508 | |||
Period-End Amount Allocated to: | |||||
Individually evaluated for impairment | 3,082 | 2,293 | |||
Collectively evaluated for impairment | 16,429 | 18,102 | |||
Acquired with deteriorated credit quality | 21,111 | 22,759 | 20,775 | 21,508 | |
Installment loans to individuals | |||||
Allowance for loan losses: | |||||
Beginning balance | [1] | 1,380 | 1,261 | ||
Charge-offs | [1] | (180) | (50) | ||
Recoveries | [1] | 30 | 33 | ||
Net (charge-offs) recoveries | [1] | (150) | (17) | ||
Provision for loan losses | [1] | 198 | 37 | ||
Benefit attributable to FDIC loss-share agreements | [1] | 0 | 0 | ||
Recoveries payable to FDIC | [1] | 0 | 0 | ||
Provision for loan losses charged to operations | [1] | 198 | 37 | ||
Ending balance | [1] | 1,428 | 1,281 | ||
Period-End Amount Allocated to: | |||||
Individually evaluated for impairment | [1] | 0 | 0 | ||
Collectively evaluated for impairment | [1] | 1,427 | 1,280 | ||
Acquired with deteriorated credit quality | [1] | 1,380 | 1,261 | 1,428 | 1,281 |
Receivables Acquired with Deteriorated Credit Quality | |||||
Allowance for loan losses: | |||||
Ending balance | 2,022 | 2,589 | |||
Period-End Amount Allocated to: | |||||
Acquired with deteriorated credit quality | 2,022 | 2,589 | 2,022 | 2,589 | |
Receivables Acquired with Deteriorated Credit Quality | Commercial, financial, agricultural | |||||
Allowance for loan losses: | |||||
Ending balance | 422 | 1,198 | |||
Period-End Amount Allocated to: | |||||
Acquired with deteriorated credit quality | 422 | 1,198 | 422 | 1,198 | |
Receivables Acquired with Deteriorated Credit Quality | Real estate – construction | |||||
Allowance for loan losses: | |||||
Ending balance | 0 | 0 | |||
Period-End Amount Allocated to: | |||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | |
Receivables Acquired with Deteriorated Credit Quality | Real estate – 1-4 family mortgage | |||||
Allowance for loan losses: | |||||
Ending balance | 335 | 277 | |||
Period-End Amount Allocated to: | |||||
Acquired with deteriorated credit quality | 335 | 277 | 335 | 277 | |
Receivables Acquired with Deteriorated Credit Quality | Real estate – commercial mortgage | |||||
Allowance for loan losses: | |||||
Ending balance | 1,264 | 1,113 | |||
Period-End Amount Allocated to: | |||||
Acquired with deteriorated credit quality | 1,264 | 1,113 | 1,264 | 1,113 | |
Receivables Acquired with Deteriorated Credit Quality | Installment loans to individuals | |||||
Allowance for loan losses: | |||||
Ending balance | [1] | 1 | 1 | ||
Period-End Amount Allocated to: | |||||
Acquired with deteriorated credit quality | [1] | $ 1 | $ 1 | $ 1 | $ 1 |
[1] | Includes lease financing receivables. |
Loans and the Allowance for L62
Loans and the Allowance for Loan Losses - (Details 12) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Investment in loans, net of unearned income on impairment methodology | |||
Individually evaluated for impairment | $ 31,624 | $ 36,627 | |
Collectively evaluated for impairment | 5,216,097 | 5,040,670 | |
Ending balance | 5,572,730 | 5,413,462 | |
Commercial, financial, agricultural | |||
Investment in loans, net of unearned income on impairment methodology | |||
Individually evaluated for impairment | 321 | 370 | |
Collectively evaluated for impairment | 640,163 | 619,978 | |
Ending balance | 654,934 | 636,837 | |
Real estate – construction | |||
Investment in loans, net of unearned income on impairment methodology | |||
Individually evaluated for impairment | 0 | 2,698 | |
Collectively evaluated for impairment | 375,070 | 352,218 | |
Ending balance | 377,574 | 357,665 | |
Real estate – 1-4 family mortgage | |||
Investment in loans, net of unearned income on impairment methodology | |||
Individually evaluated for impairment | 14,786 | 16,650 | |
Collectively evaluated for impairment | 1,673,745 | 1,627,024 | |
Ending balance | 1,777,495 | 1,735,323 | |
Real estate – commercial mortgage | |||
Investment in loans, net of unearned income on impairment methodology | |||
Individually evaluated for impairment | 16,450 | 16,819 | |
Collectively evaluated for impairment | 2,374,471 | 2,294,300 | |
Ending balance | 2,607,510 | 2,533,729 | |
Installment loans to individuals | |||
Investment in loans, net of unearned income on impairment methodology | |||
Individually evaluated for impairment | [1] | 67 | 90 |
Collectively evaluated for impairment | [1] | 152,648 | 147,150 |
Ending balance | [1] | 155,217 | 149,908 |
Receivables Acquired with Deteriorated Credit Quality | |||
Investment in loans, net of unearned income on impairment methodology | |||
Acquired with deteriorated credit quality | 325,009 | 336,165 | |
Receivables Acquired with Deteriorated Credit Quality | Commercial, financial, agricultural | |||
Investment in loans, net of unearned income on impairment methodology | |||
Acquired with deteriorated credit quality | 14,450 | 16,489 | |
Receivables Acquired with Deteriorated Credit Quality | Real estate – construction | |||
Investment in loans, net of unearned income on impairment methodology | |||
Acquired with deteriorated credit quality | 2,504 | 2,749 | |
Receivables Acquired with Deteriorated Credit Quality | Real estate – 1-4 family mortgage | |||
Investment in loans, net of unearned income on impairment methodology | |||
Acquired with deteriorated credit quality | 88,964 | 91,649 | |
Receivables Acquired with Deteriorated Credit Quality | Real estate – commercial mortgage | |||
Investment in loans, net of unearned income on impairment methodology | |||
Acquired with deteriorated credit quality | 216,589 | 222,610 | |
Receivables Acquired with Deteriorated Credit Quality | Installment loans to individuals | |||
Investment in loans, net of unearned income on impairment methodology | |||
Acquired with deteriorated credit quality | [1] | $ 2,502 | $ 2,668 |
[1] | Includes lease financing receivables. |
Loans and the Allowance for L63
Loans and the Allowance for Loan Losses - (Details Textual) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)loan_gradeloan | Dec. 31, 2015USD ($)loan | |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Mortgage and commercial loans discontinued past due period (in days) | 90 days | |
Consumer and other retail loans charged-off past due period (in days) | 120 days | |
Nonperforming loans charged-off past due period (in days) | 90 days | |
Number of restructured loans | loan | 2 | 2 |
Restructured loans discontinued past due period (in days) | 90 days | 90 days |
Allowance for loan losses attributable to restructured loans | $ 42,859,000 | $ 42,437,000 |
Remaining availability under commitments to lend additional funds on restructured loans | 0 | 0 |
Fair value of loans contractual principal cash flows amount | 82,618,000 | |
Fair value of loans contractual interest cash flows | 201,000 | |
Fair value of loans contractual interest payments | 2,278,000 | |
Fair value of loans contractual purchase discount | $ 43,603,000 | |
Watch | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Loan grades range (loan grade) | loan_grade | 5 | |
Maximum | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Loan grades range (loan grade) | loan_grade | 9 | |
Maximum | Pass | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Loan grades range (loan grade) | loan_grade | 4 | |
Maximum | Substandard | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Loan grades range (loan grade) | loan_grade | 9 | |
Minimum | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Loan grades range (loan grade) | loan_grade | 1 | |
Minimum | Pass | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Loan grades range (loan grade) | loan_grade | 1 | |
Minimum | Substandard | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Loan grades range (loan grade) | loan_grade | 6 | |
Nonaccruing Loans | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Outstanding balance of restructured loans | $ 136,000 | 0 |
Restructured Loans | ||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | ||
Outstanding balance of restructured loans | 13,000 | 14,000 |
Allowance for loan losses attributable to restructured loans | $ 1,010,000 | $ 979,000 |
Other Real Estate Owned - (Deta
Other Real Estate Owned - (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Covered OREO | $ 1,373 | $ 2,818 |
Not Covered OREO | 31,861 | 32,584 |
Total other real estate owned, net | 33,234 | 35,402 |
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 | 563 | 529 |
Not Covered OREO | 4,409 | 4,265 |
Total other real estate owned, net | 4,972 | 4,794 |
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 | 86 | 346 |
Not Covered OREO | 11,261 | 11,041 |
Total other real estate owned, net | 11,347 | 11,387 |
Residential land development | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Covered OREO | 1 | 1 |
Not Covered OREO | 4,469 | 4,595 |
Total other real estate owned, net | 4,470 | 4,596 |
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 | 723 | 1,942 |
Not Covered OREO | 11,722 | 12,683 |
Total other real estate owned, net | $ 12,445 | $ 14,625 |
Other Real Estate Owned - (De65
Other Real Estate Owned - (Details 1) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | ||
Covered OREO | ||
Balance at January 1, 2016 | $ 2,818 | |
Transfer of balance to non-covered | (1,341) | [1] |
Transfers of loans | 234 | |
Impairments | (46) | [2] |
Dispositions | (208) | |
Other | (84) | |
Balance at March 31, 2016 | 1,373 | |
Not Covered OREO | ||
Balance at January 1, 2016 | 32,584 | |
Transfer of balance to non-covered | 1,341 | [1] |
Transfers of loans | 1,720 | |
Impairments | (285) | [2] |
Dispositions | (3,453) | |
Other | (46) | |
Balance at March 31, 2016 | 31,861 | |
Total OREO | ||
Balance at January 1, 2016 | 35,402 | |
Transfer of balance to non-covered | 0 | [1] |
Transfers of loans | 1,954 | |
Impairments | (331) | [2] |
Dispositions | (3,661) | |
Other | (130) | |
Balance at March 31, 2016 | $ 33,234 | |
[1] | Represents a transfer of balance on non-single family assets of Citizens Bank of Effingham (assumed in the Heritage acquisition). The claim period to submit losses to the FDIC for reimbursement ended February 29, 2016 for non-single family assets. | |
[2] | Of the total impairment charges of $46 recorded for covered OREO, $9 was included in the Consolidated Statements of Income for the three months ended March 31, 2016, while the remaining $37 increased the FDIC loss-share indemnification asset. |
Other Real Estate Owned - (De66
Other Real Estate Owned - (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Components of other real estate owned in the Consolidated Statements of Income | ||
Repairs and maintenance | $ 197 | $ 193 |
Property taxes and insurance | 470 | 236 |
Impairments | 294 | 442 |
Net losses (gains) on OREO sales | 50 | (288) |
Rental income | (54) | (51) |
Total | $ 957 | $ 532 |
Other Real Estate Owned - (De67
Other Real Estate Owned - (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | ||
Other Real Estate Owned (Textual) [Abstract] | ||
Total impairment charges | $ 46 | [1] |
Consolidated Statements of Income | ||
Other Real Estate Owned (Textual) [Abstract] | ||
Total impairment charges | 9 | |
FDIC loss-share indemnification asset | ||
Other Real Estate Owned (Textual) [Abstract] | ||
Total impairment charges | $ 37 | |
[1] | Of the total impairment charges of $46 recorded for covered OREO, $9 was included in the Consolidated Statements of Income for the three months ended March 31, 2016, while the remaining $37 increased the FDIC loss-share indemnification asset. |
FDIC Loss-Share Indemnificati68
FDIC Loss-Share Indemnification Asset - (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
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, 2016 | $ 7,149 |
Realized losses in excess of initial estimates on: | |
Loans | 36 |
OREO | 37 |
Reimbursable expenses | 0 |
Amortization | (171) |
Reimbursements received from the FDIC | (98) |
(Due from)/Due to FDIC | (835) |
Balance at March 31, 2016 | $ 6,118 |
Mortgage Servicing Rights - (De
Mortgage Servicing Rights - (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Changes in mortgage servicing rights | |
Balance at January 1, 2016 | $ 29,642 |
Sale of MSRs | (18,477) |
Capitalization | 2,869 |
Amortization | (668) |
Balance at March 31, 2016 | $ 13,366 |
Mortgage Servicing Rights - (70
Mortgage Servicing Rights - (Details 1) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Data and key economic assumptions related to mortgage servicing rights | |
Unpaid principal balance | $ 1,433,010 |
Weighted-average prepayment speed (CPR) (percent) | 11.01% |
Estimated impact of a 10% increase | $ (591) |
Estimated impact of a 20% increase | $ (1,138) |
Discount rate (percent) | 9.53% |
Estimated impact of a 10% increase | $ (505) |
Estimated impact of a 20% increase | $ (975) |
Weighted-average coupon interest rate (percent) | 4.04% |
Weighted-average servicing fee (basis points) | 0.2516% |
Weighted-average remaining maturity (in years) | 10 years 1 month 2 days |
Mortgage Servicing Rights - (71
Mortgage Servicing Rights - (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Mortgage Servicing Rights (Textual) [Abstract] | ||
Impairment losses on mortgage servicing rights | $ 0 | $ 0 |
Unpaid principle balance of related mortgage loan | 1,830,444,000 | |
Sale of MSR, purchase price | $ 18,508,000 |
Employee Benefit and Deferred72
Employee Benefit and Deferred Compensation Plans - (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Benefits | ||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||
Service cost (return) | $ 0 | $ 0 |
Interest cost (return) | 306 | 271 |
Expected (return) on plan assets | (469) | (511) |
Prior service cost recognized | 0 | 0 |
Recognized actuarial loss (gain) | 100 | 73 |
Net periodic benefit cost (return) | (63) | (167) |
Pension Benefits | Heritage Financial Group | ||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||
Service cost (return) | 0 | 0 |
Interest cost (return) | 69 | 0 |
Expected (return) on plan assets | (45) | 0 |
Prior service cost recognized | 0 | 0 |
Recognized actuarial loss (gain) | 0 | 0 |
Net periodic benefit cost (return) | 24 | 0 |
Other Benefits | ||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||
Service cost (return) | 4 | 4 |
Interest cost (return) | 14 | 15 |
Expected (return) on plan assets | 0 | 0 |
Prior service cost recognized | 0 | 0 |
Recognized actuarial loss (gain) | 17 | 20 |
Net periodic benefit cost (return) | $ 35 | $ 39 |
Employee Benefit and Deferred73
Employee Benefit and Deferred Compensation Plans Employee Benefit and Deferred Compensation Plans - (Details 1) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Shares | ||
Options outstanding at beginning of period (shares) | 621,444 | |
Granted (shares) | 0 | 0 |
Exercised (shares) | (26,960) | |
Forfeited (shares) | 0 | |
Options outstanding at end of period (shares) | 594,484 | |
Weighted Average Exercise Price | ||
Options outstanding at beginning of period (usd per share) | $ 17.88 | |
Granted (usd per share) | 0 | |
Exercised (usd per share) | 14.93 | |
Forfeited (usd per share) | 0 | |
Options outstanding at end of period (usd per share) | $ 18.01 |
Employee Benefit and Deferred74
Employee Benefit and Deferred Compensation Plans - (Details 2) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Performance Shares | |
Number of Shares [Roll Forward] | |
Beginning balance (shares) | shares | |
Awarded (shares) | shares | 61,700 |
Vested (shares) | shares | 0 |
Cancelled (shares) | shares | 0 |
Ending balance (shares) | shares | 61,700 |
Weighted Average Grant Date Fair Value [Roll Forward] | |
Beginning balance (usd per share) | $ / shares | $ 0 |
Awarded (usd per share) | $ / shares | 31.12 |
Vested (usd per share) | $ / shares | 0 |
Cancelled (usd per share) | $ / shares | 0 |
Ending balance (usd per share) | $ / shares | $ 31.12 |
Restricted Stock | |
Number of Shares [Roll Forward] | |
Beginning balance (shares) | shares | 105,438 |
Awarded (shares) | shares | 40,980 |
Vested (shares) | shares | 0 |
Cancelled (shares) | shares | (14,000) |
Ending balance (shares) | shares | 132,418 |
Weighted Average Grant Date Fair Value [Roll Forward] | |
Beginning balance (usd per share) | $ / shares | $ 31.04 |
Awarded (usd per share) | $ / shares | 31.12 |
Vested (usd per share) | $ / shares | 0 |
Cancelled (usd per share) | $ / shares | 32.51 |
Ending balance (usd per share) | $ / shares | $ 30.91 |
Employee Benefit and Deferred75
Employee Benefit and Deferred Compensation Plans - (Details Textual) | 3 Months Ended | |
Mar. 31, 2016USD ($)pointshares | Mar. 31, 2015USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Retiring age limit, minimum | 55 years | |
Retiring age limit, maximum | 65 years | |
Eligible employee years of service (in years) | 15 years | |
Number of points for eligibility | point | 70 | |
Minimum eligible age for medicare coverage | 65 years | |
Life insurance coverage face value | $ | $ 5,000 | |
Life insurance coverage age maximum | 70 years | |
Life insurance coverage at retiree expense after age | 70 years | |
Option expiration period (in years) | 10 years | |
Award vesting period (in years) | 3 years | |
Stock options granted (shares) | shares | 0 | 0 |
Treasury shares reissued (shares) | shares | 80,462 | |
Total stock-based compensation expense | $ | $ 859,000 | $ 864,000 |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award requisite service period (in years) | 1 year |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financial information for the Company's operating segments | |||
Net interest income | $ 70,054 | $ 48,781 | |
Provision for loan losses | 1,800 | 1,075 | |
Noninterest income | 33,302 | 21,870 | |
Noninterest expense | 69,814 | 47,319 | |
Income before income taxes | 31,742 | 22,257 | |
Income taxes | 10,526 | 7,017 | |
Net income (loss) | 21,216 | 15,240 | |
Total assets | 8,146,229 | 5,881,849 | $ 7,926,496 |
Goodwill | 449,425 | 274,705 | 445,871 |
Community Banks | |||
Financial information for the Company's operating segments | |||
Goodwill | 446,658 | 443,104 | |
Insurance | |||
Financial information for the Company's operating segments | |||
Goodwill | 2,767 | $ 2,767 | |
Operating Segments | Community Banks | |||
Financial information for the Company's operating segments | |||
Net interest income | 70,821 | 49,516 | |
Provision for loan losses | 1,813 | 1,078 | |
Noninterest income | 27,571 | 17,101 | |
Noninterest expense | 65,211 | 43,383 | |
Income before income taxes | 31,368 | 22,156 | |
Income taxes | 10,639 | 7,256 | |
Net income (loss) | 20,729 | 14,900 | |
Total assets | 8,053,379 | 5,800,703 | |
Goodwill | 446,658 | 271,938 | |
Operating Segments | Insurance | |||
Financial information for the Company's operating segments | |||
Net interest income | 86 | 69 | |
Provision for loan losses | 0 | 0 | |
Noninterest income | 3,000 | 2,395 | |
Noninterest expense | 1,736 | 1,621 | |
Income before income taxes | 1,350 | 843 | |
Income taxes | 530 | 320 | |
Net income (loss) | 820 | 523 | |
Total assets | 23,013 | 19,960 | |
Goodwill | 2,767 | 2,767 | |
Operating Segments | Wealth Management | |||
Financial information for the Company's operating segments | |||
Net interest income | 434 | 430 | |
Provision for loan losses | (13) | (3) | |
Noninterest income | 2,985 | 2,365 | |
Noninterest expense | 2,738 | 2,107 | |
Income before income taxes | 694 | 691 | |
Income taxes | 0 | 0 | |
Net income (loss) | 694 | 691 | |
Total assets | 46,645 | 43,958 | |
Goodwill | 0 | 0 | |
Operating Segments | Other | |||
Financial information for the Company's operating segments | |||
Net interest income | (1,287) | (1,234) | |
Provision for loan losses | 0 | 0 | |
Noninterest income | (254) | 9 | |
Noninterest expense | 129 | 208 | |
Income before income taxes | (1,670) | (1,433) | |
Income taxes | (643) | (559) | |
Net income (loss) | (1,027) | (874) | |
Total assets | 23,192 | 17,228 | |
Goodwill | $ 0 | $ 0 |
Fair Value Measurements - (Deta
Fair Value Measurements - (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Securities available for sale | $ 653,444 | $ 646,805 |
Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 18,947 | 19,469 |
Other debt securities | ||
Financial assets: | ||
Securities available for sale | 18,426 | 19,333 |
Other equity securities | ||
Financial assets: | ||
Securities available for sale | 3,691 | 4,340 |
Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 6,217 | 6,200 |
Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 363,072 | 364,540 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 57,135 | 59,759 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 180,908 | 168,060 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 5,048 | 5,104 |
Level 1 | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Securities available for sale | 634,497 | 627,336 |
Derivative instruments | 10,448 | 7,498 |
Financial liabilities: | ||
Derivative instruments | 14,392 | 7,319 |
Level 3 | ||
Financial assets: | ||
Securities available for sale | 18,947 | 19,469 |
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | ||
Financial assets: | ||
Securities available for sale | 653,444 | 646,805 |
Derivative instruments | 10,448 | 7,498 |
Total financial assets | 962,257 | 879,557 |
Financial liabilities: | ||
Derivative instruments | 14,392 | 7,319 |
Total financial liabilities | 14,392 | 7,319 |
Recurring | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 6,328 | 4,266 |
Recurring | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 4,181 | 2,544 |
Financial liabilities: | ||
Derivative instruments | 4,181 | 2,544 |
Recurring | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 6,231 | 4,508 |
Financial liabilities: | ||
Derivative instruments | 95 | |
Recurring | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 36 | 446 |
Financial liabilities: | ||
Derivative instruments | 3,788 | 509 |
Recurring | Mortgage loans held for sale | ||
Financial assets: | ||
Derivative instruments | 298,365 | 225,254 |
Recurring | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 18,947 | 19,469 |
Recurring | Other debt securities | ||
Financial assets: | ||
Securities available for sale | 18,426 | 19,333 |
Recurring | Other equity securities | ||
Financial assets: | ||
Securities available for sale | 3,691 | 4,340 |
Recurring | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 6,217 | 6,200 |
Recurring | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 363,072 | 364,540 |
Recurring | Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 57,135 | 59,759 |
Recurring | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 180,908 | 168,060 |
Recurring | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 5,048 | 5,104 |
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 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 | |
Recurring | Level 1 | Forward commitments | ||
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 | 634,497 | 627,336 |
Derivative instruments | 10,448 | 7,498 |
Total financial assets | 943,310 | 860,088 |
Financial liabilities: | ||
Derivative instruments | 14,392 | 7,319 |
Total financial liabilities | 14,392 | 7,319 |
Recurring | Level 2 | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 6,328 | 4,266 |
Recurring | Level 2 | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 4,181 | 2,544 |
Financial liabilities: | ||
Derivative instruments | 4,181 | 2,544 |
Recurring | Level 2 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 6,231 | 4,508 |
Financial liabilities: | ||
Derivative instruments | 95 | |
Recurring | Level 2 | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 36 | 446 |
Financial liabilities: | ||
Derivative instruments | 3,788 | 509 |
Recurring | Level 2 | Mortgage loans held for sale | ||
Financial assets: | ||
Derivative instruments | 298,365 | 225,254 |
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 | 18,426 | 19,333 |
Recurring | Level 2 | Other equity securities | ||
Financial assets: | ||
Securities available for sale | 3,691 | 4,340 |
Recurring | Level 2 | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 6,217 | 6,200 |
Recurring | Level 2 | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 363,072 | 364,540 |
Recurring | Level 2 | Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 57,135 | 59,759 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 180,908 | 168,060 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 5,048 | 5,104 |
Recurring | Level 3 | ||
Financial assets: | ||
Securities available for sale | 18,947 | 19,469 |
Derivative instruments | 0 | 0 |
Total financial assets | 18,947 | 19,469 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Level 3 | Interest rate swaps | ||
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 | |
Recurring | Level 3 | Forward commitments | ||
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 | 18,947 | 19,469 |
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 - (De78
Fair Value Measurements - (Details 1) - Trust preferred securities - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ||
Beginning balance | $ 19,469 | $ 19,756 |
Accretion included in net income | 7 | 8 |
Unrealized gains (losses) included in other comprehensive income | (481) | 716 |
Reclassification adjustment | 0 | |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issues | 0 | 0 |
Settlements | (48) | (354) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending balance | $ 18,947 | $ 20,126 |
Fair Value Measurements - (De79
Fair Value Measurements - (Details 2) - Trust preferred securities $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Fair Value | $ 18,947 |
Valuation Technique | Discounted cash flows |
Significant Unobservable Inputs | Default rate |
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% |
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% |
Fair Value Measurements - (De80
Fair Value Measurements - (Details 3) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | $ 3,460 | $ 6,508 |
OREO | 2,633 | 12,839 |
Total | 6,093 | 19,347 |
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 | 3,460 | 6,508 |
OREO | 2,633 | 12,839 |
Total | $ 6,093 | $ 19,347 |
Fair Value Measurements - (De81
Fair Value Measurements - (Details 4) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
OREO covered under loss-share agreements: | ||
Fair value | $ 65 | $ 0 |
OREO not covered under loss-share agreements: | ||
Fair value | 2,568 | 12,839 |
Carrying amount prior to remeasurement | ||
OREO covered under loss-share agreements: | ||
Fair value | 111 | 0 |
OREO not covered under loss-share agreements: | ||
Fair value | 2,853 | 14,726 |
Impairment recognized in results of operations | ||
OREO covered under loss-share agreements: | ||
Fair value | (9) | 0 |
OREO not covered under loss-share agreements: | ||
Fair value | (285) | (1,887) |
Increase in FDIC loss-share indemnification asset | ||
OREO covered under loss-share agreements: | ||
Fair value | (37) | 0 |
Receivable from other guarantor | ||
OREO covered under loss-share agreements: | ||
Fair value | $ 0 | $ 0 |
Fair Value Measurements - (De82
Fair Value Measurements - (Details 5) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | $ 3,460 | $ 6,508 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | 3,460 | $ 6,508 |
Level 3 | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | $ 3,460 | |
Valuation Technique | Appraised value of collateral less estimated costs to sell | |
Significant Unobservable Inputs | Estimated costs to sell | |
Level 3 | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | $ 2,633 | |
Valuation Technique | Appraised value of property less estimated costs to sell | |
Significant Unobservable Inputs | Estimated costs to sell | |
Level 3 | Minimum | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of inputs (percent) | 4.00% | |
Level 3 | Minimum | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of inputs (percent) | 4.00% | |
Level 3 | Maximum | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of inputs (percent) | 10.00% | |
Level 3 | Maximum | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of inputs (percent) | 10.00% |
Fair Value Measurements - (De83
Fair Value Measurements - (Details 6) $ in Thousands | Mar. 31, 2016USD ($) |
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 | $ 298,365 |
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 | 286,619 |
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 | 11,746 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | $ 0 |
Fair Value Measurements - (De84
Fair Value Measurements - (Details 7) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financial assets | ||
Securities held to maturity | $ 448,376 | $ 458,400 |
Securities available for sale | 653,444 | 646,805 |
Mortgage loans held for sale | 298,365 | 225,254 |
Loans covered under loss-share agreements | 44,989 | 93,142 |
FDIC loss-share indemnification asset | 6,118 | 7,149 |
Mortgage servicing rights | 13,366 | 29,642 |
Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 218,483 | 211,571 |
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 | 4,934,645 | 4,723,312 |
Short-term borrowings | 414,255 | 422,279 |
Other long-term borrowings | 181 | 192 |
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 | 448,376 | 473,753 |
Securities available for sale | 634,497 | 627,336 |
Mortgage loans held for sale | 298,365 | 225,254 |
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 | 10,448 | 7,498 |
Financial liabilities | ||
Deposits | 1,504,606 | 1,502,202 |
Short-term borrowings | 0 | 0 |
Other long-term borrowings | 0 | 0 |
Federal Home Loan Bank advances | 55,407 | 56,101 |
Junior subordinated debentures | 75,218 | 78,095 |
Derivative instruments | 14,392 | 7,319 |
Level 3 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 0 | 0 |
Securities available for sale | 18,947 | 19,469 |
Mortgage loans held for sale | 0 | 0 |
Loans covered under loss-share agreements | 43,011 | 92,528 |
Loans not covered under loss-share agreements, net | 5,456,034 | 5,208,630 |
FDIC loss-share indemnification asset | 6,118 | 7,149 |
Mortgage servicing rights | 13,615 | 33,283 |
Derivative instruments | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Other long-term borrowings | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Derivative instruments | 0 | 0 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 218,483 | 211,571 |
Securities held to maturity | 448,376 | 458,400 |
Securities available for sale | 653,444 | 646,805 |
Mortgage loans held for sale | 298,365 | 225,254 |
Loans covered under loss-share agreements | 44,989 | 93,142 |
Loans not covered under loss-share agreements, net | 5,484,882 | 5,277,883 |
FDIC loss-share indemnification asset | 6,118 | 7,149 |
Mortgage servicing rights | 13,366 | 29,642 |
Derivative instruments | 10,448 | 7,498 |
Financial liabilities | ||
Deposits | 6,431,377 | 6,218,602 |
Short-term borrowings | 414,255 | 422,279 |
Other long-term borrowings | 181 | 192 |
Federal Home Loan Bank advances | 52,003 | 52,930 |
Junior subordinated debentures | 95,232 | 95,095 |
Derivative instruments | 14,392 | 7,319 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 218,483 | 211,571 |
Securities held to maturity | 448,376 | 473,753 |
Securities available for sale | 653,444 | 646,805 |
Mortgage loans held for sale | 298,365 | 225,254 |
Loans covered under loss-share agreements | 43,011 | 92,528 |
Loans not covered under loss-share agreements, net | 5,456,034 | 5,208,630 |
FDIC loss-share indemnification asset | 6,118 | 7,149 |
Mortgage servicing rights | 13,615 | 33,283 |
Derivative instruments | 10,448 | 7,498 |
Financial liabilities | ||
Deposits | 6,439,251 | 6,225,514 |
Short-term borrowings | 414,255 | 422,279 |
Other long-term borrowings | 181 | 192 |
Federal Home Loan Bank advances | 55,407 | 56,101 |
Junior subordinated debentures | 75,218 | 78,095 |
Derivative instruments | $ 14,392 | $ 7,319 |
Fair Value Measurements - (De85
Fair Value Measurements - (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Fair Value Measurements (Textual) [Abstract] | |||
Impaired loans not covered under loss-share agreements | $ 4,562,000 | $ 7,191,000 | |
Changes in fair value, gain (loss) | 5,527,000 | $ 27,000 | |
Impairment losses on mortgage servicing rights | 0 | $ 0 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific reserve included in allowance for loan losses | 42,859,000 | 42,437,000 | |
Impaired Loans, Not Covered | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific reserve included in allowance for loan losses | $ 1,102,000 | $ 683,000 |
Derivative Instruments - (Detai
Derivative Instruments - (Details Textual) | 1 Months Ended | 2 Months Ended | |||
Jun. 30, 2014USD ($)derivative_instrument | Apr. 30, 2012USD ($)derivative_instrument | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 01, 2013USD ($) | |
Interest rate contracts with corporate customers | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Junior subordinated debentures | $ 71,448,000 | ||||
Offsetting interest rate contracts with other financial institutions | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Junior subordinated debentures | 71,448,000 | ||||
Interest rate swaps | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Number of instruments held | derivative_instrument | 2 | ||||
Cash flow hedging | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Junior subordinated debentures | $ 32,000,000 | ||||
Number of instruments held | derivative_instrument | 2 | ||||
Variable interest rate of derivatives, description | the three-month LIBOR plus a pre-determined spread | ||||
Commitments to fund fixed-rate residential mortgage loans | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Junior subordinated debentures | 247,181,000 | $ 251,676,000 | |||
Commitments to sell residential mortgage loans | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Junior subordinated debentures | $ 492,250,000 | $ 293,500,000 | |||
First M&F | Cash flow hedging | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Junior subordinated debentures | $ 30,000,000 | ||||
Floating Rate Liability at the Bank Level, Derivative One | Interest rate swaps | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Junior subordinated debentures | $ 15,000,000 | ||||
Term of contract (in years) | 4 years | ||||
Floating Rate Liability at the Bank Level, Derivative Two | Interest rate swaps | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Junior subordinated debentures | $ 15,000,000 | ||||
Term of contract (in years) | 5 years |
Derivative Instruments - (Det87
Derivative Instruments - (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Designated as hedging instruments: | ||
Derivative financial instruments | ||
Derivative liabilities | $ 6,328 | $ 4,266 |
Not designated as hedging instruments: | ||
Derivative financial instruments | ||
Derivative assets | 10,448 | 7,498 |
Derivative liabilities | 8,064 | 3,053 |
Other Assets | Not designated as hedging instruments: | Interest rate contracts | ||
Derivative financial instruments | ||
Derivative assets | 4,181 | 2,544 |
Other Assets | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivative financial instruments | ||
Derivative assets | 6,231 | 4,508 |
Other Assets | Not designated as hedging instruments: | Forward commitments | ||
Derivative financial instruments | ||
Derivative assets | 36 | 446 |
Other Liabilities | Designated as hedging instruments: | Interest rate swaps | ||
Derivative financial instruments | ||
Derivative liabilities | 6,328 | 4,266 |
Other Liabilities | Not designated as hedging instruments: | Interest rate contracts | ||
Derivative financial instruments | ||
Derivative liabilities | 4,181 | 2,544 |
Other Liabilities | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivative financial instruments | ||
Derivative liabilities | 95 | 0 |
Other Liabilities | Not designated as hedging instruments: | Forward commitments | ||
Derivative financial instruments | ||
Derivative liabilities | $ 3,788 | $ 509 |
Derivative Instruments - (Det88
Derivative Instruments - (Details 1) - Not designated as hedging instruments: - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivatives, Fair Value [Line Items] | ||
Gains (losses) on derivative financial instruments | $ (1,527) | $ 2,687 |
Included in interest income on loans | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gains (losses) on derivative financial instruments | 533 | 557 |
Included in gains on sales of mortgage loans held for sale | Interest rate lock commitments | ||
Derivatives, Fair Value [Line Items] | ||
Gains (losses) on derivative financial instruments | 1,628 | 2,705 |
Included in gains on sales of mortgage loans held for sale | Forward commitments | ||
Derivatives, Fair Value [Line Items] | ||
Gains (losses) on derivative financial instruments | $ (3,688) | $ (575) |
Derivative Instruments - (Det89
Derivative Instruments - (Details 2) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Offsetting Derivative Assets | ||
Gross amounts recognized | $ 37 | $ 446 |
Gross amounts offset in the consolidated balance sheets | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 37 | 446 |
Financial instruments | 37 | 282 |
Financial collateral pledged | 0 | 0 |
Net amounts | 0 | 164 |
Offsetting Derivative Liabilities | ||
Gross amounts recognized | 13,312 | 6,454 |
Gross amounts offset in the consolidated balance sheets | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 13,312 | 6,454 |
Financial instruments | 37 | 282 |
Financial collateral pledged | 9,872 | 6,020 |
Net amounts | $ 3,403 | $ 152 |
Other Comprehensive Income - (D
Other Comprehensive Income - (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Securities available for sale: | ||
Unrealized holding gains on securities, pre tax | $ 5,060 | $ 4,249 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category, pre tax | (33) | (51) |
Total securities available for sale, pre tax | 5,027 | 4,198 |
Unrealized holding gains on securities, tax expense (benefit) | 1,953 | 1,625 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category, tax expense (benefit) | (13) | (19) |
Total securities available for sale, tax expense (benefit) | 1,940 | 1,606 |
Net change in unrealized holding gains on securities | 3,107 | 2,624 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (20) | (32) |
Total securities | 3,087 | 2,592 |
Derivative instruments: | ||
Unrealized holding losses on derivative instruments, pre-tax | (2,062) | (1,084) |
Total derivative instruments, pre-tax | (2,062) | (1,084) |
Unrealized holding gains on derivatives, tax expense (benefit) | (796) | (415) |
Total derivative instruments, tax expense (benefit) | (796) | (415) |
Unrealized holding gains (losses) on derivative instruments | (1,266) | (669) |
Totals derivative instruments | (1,266) | (669) |
Defined benefit pension and post-retirement benefit plans: | ||
Amortization of net actuarial loss recognized in net periodic pension cost, pre-tax | 117 | 93 |
Total defined benefit pension and post-retirement benefit plans, pre-tax | 117 | 93 |
Amortization of net actuarial loss recognized in net periodic pension cost, tax expense (benefit) | 45 | 36 |
Total defined benefit pension and post-retirement benefit plans, tax expense (benefit) | 45 | 36 |
Less amortization of net actuarial gain recognized in net periodic pension cost | 72 | 57 |
Total defined benefit pension and post-retirement benefit plans | 72 | 57 |
Total other comprehensive income, pre-tax | 3,082 | 3,207 |
Total other comprehensive income, tax expense (benefit) | 1,189 | 1,227 |
Other comprehensive income, net of tax | $ 1,893 | $ 1,980 |
Other Comprehensive Income - 91
Other Comprehensive Income - (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accumulated balances for component of other comprehensive income, net of tax | ||
Unrealized gains on securities | $ 19,587 | $ 16,500 |
Non-credit related portion of other-than-temporary impairment on securities | (16,735) | (16,735) |
Unrealized losses on derivative instruments | (3,148) | (1,882) |
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (7,346) | (7,418) |
Total accumulated other comprehensive loss | $ (7,642) | $ (9,535) |
Net Income Per Common Share - (
Net Income Per Common Share - (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic | ||
Net income applicable to common stock | $ 21,216 | $ 15,240 |
Average common shares outstanding (shares) | 40,324,475 | 31,576,275 |
Net income per common share - basic (usd per share) | $ 0.53 | $ 0.48 |
Diluted | ||
Net income applicable to common stock | $ 21,216 | $ 15,240 |
Average common shares outstanding (shares) | 40,324,475 | 31,576,275 |
Effect of dilutive stock-based compensation (shares) | 234,670 | 239,435 |
Average common shares outstanding - diluted (shares) | 40,559,145 | 31,815,710 |
Net income per common share - diluted (usd per share) | $ 0.52 | $ 0.48 |
Net Income Per Common Share -93
Net Income Per Common Share - (Details 1) - Employee Stock Option - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of antidilutive securities excluded from computation of earnings per share | ||
Number of shares (shares) | 21,500 | 2,568 |
Range of exercise prices, minimum (usd per share) | $ 32.60 | $ 29.57 |
Range of exercise prices, maximum (usd per share) | $ 32.60 | $ 29.67 |
Mergers and Acquisitions - (Det
Mergers and Acquisitions - (Details) $ in Thousands | Apr. 01, 2016USD ($)branchshares | Jul. 01, 2015USD ($)branchagreementshares | Sep. 01, 2013USD ($)branchshares | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Aug. 31, 2011USD ($)trust | Feb. 04, 2011USD ($)branch | Jul. 23, 2010USD ($)branch | |
Business Acquisition [Line Items] | ||||||||||
Goodwill resulting from merger | $ 449,425 | $ 445,871 | $ 274,705 | |||||||
Eligible losses covered (percent) | 80.00% | |||||||||
Eligible recoveries covered (percent) | 80.00% | |||||||||
Heritage Financial Group | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total Purchase Price | $ 295,444 | |||||||||
Payment to stock option holders | $ 5,915 | |||||||||
Voting interest acquired (percent) | 100.00% | |||||||||
Total Net Assets Acquired | $ 120,708 | |||||||||
Loans assumed | $ 314,656 | |||||||||
Number of banking, mortgage, and investment offices | branch | 48 | |||||||||
Intangible assets, including goodwill | $ 186,992 | |||||||||
Goodwill resulting from merger | [1] | 174,736 | ||||||||
Core deposit intangible | [1] | $ 12,256 | ||||||||
Number of loss sharing agreements acquired | agreement | 2 | |||||||||
Heritage Financial Group | Core Deposits | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Weighted average useful life (in years) | 10 years | |||||||||
Heritage Financial Group | Common Stock | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Shares issued to common shareholders (shares) | shares | 8,635,879 | |||||||||
First M&F Merger | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total Purchase Price | $ 156,845 | |||||||||
Voting interest acquired (percent) | 100.00% | |||||||||
Intangible assets, including goodwill | $ 115,159 | |||||||||
Goodwill resulting from merger | $ 90,127 | |||||||||
Number of branches in operation | branch | 43 | |||||||||
First M&F Merger | Core Deposits | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Core deposit intangible | $ 25,032 | |||||||||
Weighted average useful life (in years) | 10 years | |||||||||
First M&F Merger | Junior Subordinated Debt | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Loans assumed | $ 30,928 | |||||||||
Variable interest rate of derivatives, description | 90-day LIBOR | |||||||||
Fair value adjustment | $ 12,371 | |||||||||
First M&F Merger | LIBOR | Junior Subordinated Debt | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Basis spread on variable rate (percent) | 1.33% | |||||||||
First M&F Merger | Common Stock | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Shares issued to common shareholders (shares) | shares | 6,175,576 | |||||||||
Royal Bank Client | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets under management | $ 680,000 | |||||||||
Trust transferred under acquisition (trust) | trust | 200 | |||||||||
American Trust Bank | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of branches in the northwest region of Georgia (branches) | branch | 3 | |||||||||
Value of loans covered in loss-share agreements with the FDIC | $ 73,657 | |||||||||
Eligible losses covered (percent) | 80.00% | |||||||||
Eligible recoveries covered (percent) | 80.00% | |||||||||
Crescent Bank & Trust Company | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of branches in the northwest region of Georgia (branches) | branch | 11 | |||||||||
Value of loans covered in loss-share agreements with the FDIC | $ 361,472 | |||||||||
Other real estate owned | $ 50,168 | |||||||||
Eligible losses covered (percent) | 80.00% | |||||||||
Subsequent Event | KeyWorth Bank | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total Purchase Price | $ 59,000 | |||||||||
Payment to stock option holders | $ 3,594 | |||||||||
Voting interest acquired (percent) | 100.00% | |||||||||
Total Net Assets Acquired | $ 399,250 | |||||||||
Loans assumed | $ 284,400 | |||||||||
Number of offices in operation | branch | 6 | |||||||||
Subsequent Event | KeyWorth Bank | Core Deposits | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deposits | $ 347,000 | |||||||||
Subsequent Event | KeyWorth Bank | Common Stock | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Shares issued to common shareholders (shares) | shares | 1,680,021 | |||||||||
[1] | The goodwill resulting from the merger has been assigned to the Community Banks operating segment. |
Mergers and Acquisitions - (D95
Mergers and Acquisitions - (Details 2) - USD ($) $ / shares in Units, $ in Thousands | Jul. 01, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||||
Deal charges | $ (948) | $ (478) | |||
Goodwill resulting from merger | $ 449,425 | $ 274,705 | $ 445,871 | ||
Heritage Financial Group | |||||
Business Acquisition [Line Items] | |||||
Purchase price per share (usd per share) | $ 32.60 | ||||
Value of stock paid | $ 281,530 | ||||
Cash paid for fractional shares | 26 | ||||
Cash settlement for stock options, net of tax benefit | 5,915 | ||||
Compensation expense incurred from the termination of Heritage's ESOP | 0 | ||||
Deal charges | (7,973) | ||||
Total Purchase Price | 295,444 | ||||
Stockholders’ equity at acquisition date | 160,652 | ||||
Total Net Assets Acquired | 120,708 | ||||
Goodwill resulting from merger | [1] | 174,736 | |||
Heritage Financial Group | Deposits | |||||
Business Acquisition [Line Items] | |||||
Fair value adjustment of liabilities | (3,776) | ||||
Heritage Financial Group | Other liabilities | |||||
Business Acquisition [Line Items] | |||||
Fair value adjustment of liabilities | (7,920) | ||||
Heritage Financial Group | Deferred income taxes | |||||
Business Acquisition [Line Items] | |||||
Fair value adjustment of liabilities | (8,377) | ||||
Securities | Heritage Financial Group | |||||
Business Acquisition [Line Items] | |||||
Fair value adjustment of assets | (1,401) | ||||
Mortgage loans held for sale | Heritage Financial Group | |||||
Business Acquisition [Line Items] | |||||
Fair value adjustment of assets | (3,158) | ||||
Loans, net of Heritage's allowance for loan losses | Heritage Financial Group | |||||
Business Acquisition [Line Items] | |||||
Fair value adjustment of assets | (15,524) | ||||
Fixed assets | Heritage Financial Group | |||||
Business Acquisition [Line Items] | |||||
Fair value adjustment of assets | (7,169) | ||||
Intangible assets, net of Heritage's existing core deposit intangible | Heritage Financial Group | |||||
Business Acquisition [Line Items] | |||||
Fair value adjustment of assets | 18,193 | ||||
Other real estate owned | Heritage Financial Group | |||||
Business Acquisition [Line Items] | |||||
Fair value adjustment of assets | 1,390 | ||||
FDIC loss-share indemnification asset | Heritage Financial Group | |||||
Business Acquisition [Line Items] | |||||
Fair value adjustment of assets | (15,247) | ||||
Other assets | Heritage Financial Group | |||||
Business Acquisition [Line Items] | |||||
Fair value adjustment of assets | $ 3,045 | ||||
[1] | The goodwill resulting from the merger has been assigned to the Community Banks operating segment. |
Mergers and Acquisitions - (De
Mergers and Acquisitions - (Details 3) - Heritage Financial Group $ in Thousands | Jul. 01, 2015USD ($) |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 38,626 |
Securities | 177,849 |
Premises and equipment | 42,164 |
Other real estate owned | 9,972 |
Intangible assets | 186,992 |
Other assets | 104,697 |
Total assets | 2,020,024 |
Deposits | 1,375,354 |
Borrowings | 314,656 |
Other liabilities | 34,570 |
Total liabilities | 1,724,580 |
Loans, including mortgage loans held for sale, net of unearned income | |
Business Acquisition [Line Items] | |
Loans, including mortgage loans held for sale, net of unearned income | $ 1,459,724 |
Mergers and Acquisitions - (D97
Mergers and Acquisitions - (Details 4) - Heritage Financial Group - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Business Acquisition [Line Items] | ||
Interest income | $ 76,259 | $ 75,905 |
Interest expense | 6,205 | 6,861 |
Net interest income | 70,054 | 69,044 |
Provision for loan and lease losses | 1,800 | 1,150 |
Noninterest income | 33,302 | 33,527 |
Noninterest expense | 69,814 | 71,961 |
Income before income taxes | 31,742 | 29,460 |
Income taxes | 10,526 | 9,556 |
Net income | $ 21,216 | $ 19,904 |
Earnings per share: | ||
Basic (usd per share) | $ 0.53 | $ 0.59 |
Diluted (usd per share) | $ 0.52 | $ 0.59 |
Regulatory Matters - (Details)
Regulatory Matters - (Details) | Mar. 31, 2016 |
Banking and Thrift [Abstract] | |
Tier one leverage capital required to be well capitalized to average assets (percent) | 5.00% |
Tier one leverage capital required for capital adequacy to average assets (percent) | 4.00% |
Tier one leverage capital required to be undercapitalized to average assets (less than) (percent) | 4.00% |
Tier one leverage capital required to be significantly undercapitalized to average assets (less than) (percent) | 3.00% |
Common equity tier one leverage capital required to be well capitalized to average assets (percent) | 6.50% |
Common equity tier one leverage capital required for capital adequacy to average assets (percent) | 4.50% |
Common equity tier one leverage capital required to be undercapitalized to average assets (less than) (percent) | 4.50% |
Common equity tier one leverage capital required to be significantly undercapitalized to average assets (less than) (percent) | 3.00% |
Tier one risk based capital required to be well capitalized to risk weighted assets (percent) | 8.00% |
Tier one risk based capital required for capital adequacy to risk weighted assets (percent) | 6.00% |
Tier one risk based capital required to be undercapitalized to risk weighted assets (less than) (percent) | 6.00% |
Tier one risk based capital required to be significantly undercapitalized to risk weighted assets (less than) (percent) | 4.00% |
Capital required to be well capitalized to risk weighted assets (percent) | 10.00% |
Capital required for capital adequacy to risk weighted assets (percent) | 8.00% |
Capital required to be undercapitalized to risk weighted assets (less than) (percent) | 8.00% |
Capital required to be significantly undercapitalized to risk weighted assets (less than) (percent) | 6.00% |
Tangible capital required to be critically undercapitalized to total assets (less than) (percent) | 2.00% |
Regulatory Matters - (Details 1
Regulatory Matters - (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Renasant Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets (leverage) - amount | $ 688,601 | $ 539,523 |
Tier 1 capital to average assets (leverage) - ratio (percent) | 9.19% | 9.74% |
Common equity tier 1 capital to risk-weighted assets - amount | $ 597,827 | $ 448,027 |
Common equity tier 1 capital to risk-weighted assets - ratio (percent) | 9.88% | 10.35% |
Tier 1 capital to risk-weighted assets - amount | $ 688,601 | $ 539,523 |
Tier 1 capital to risk-weighted assets - ratio (percent) | 11.38% | 12.47% |
Total capital to risk-weighted assets - amount | $ 736,354 | $ 584,916 |
Total capital to risk-weighted assets - ratio (percent) | 12.17% | 13.51% |
Renasant Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets (leverage) - amount | $ 662,524 | $ 523,505 |
Tier 1 capital to average assets (leverage) - ratio (percent) | 8.86% | 9.48% |
Common equity tier 1 capital to risk-weighted assets - amount | $ 662,524 | $ 523,505 |
Common equity tier 1 capital to risk-weighted assets - ratio (percent) | 10.98% | 12.13% |
Tier 1 capital to risk-weighted assets - amount | $ 662,524 | $ 523,505 |
Tier 1 capital to risk-weighted assets - ratio (percent) | 10.98% | 12.13% |
Total capital to risk-weighted assets - amount | $ 709,708 | $ 568,326 |
Total capital to risk-weighted assets - ratio (percent) | 11.76% | 13.16% |
Investments in Qualified Aff100
Investments in Qualified Affordable Housing Projects (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Carrying value of qualified affordable housing project investments | $ 7,341 | $ 7,666 | |
Tax credit amortization | 324 | $ 324 | |
Tax credits and other benefits | (471) | (471) | |
Total | $ (147) | $ (147) |
Income Taxes - (Details)
Income Taxes - (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Deferred tax assets | |||
Allowance for loan losses | $ 20,787 | $ 17,430 | $ 16,554 |
Loans | 29,042 | 26,239 | 17,156 |
Deferred compensation | 10,786 | 17,060 | 7,524 |
Securities | 2,572 | 2,572 | 1,331 |
Net unrealized losses on securities - OCI | 4,876 | 6,065 | 3,550 |
Impairment of assets | 3,280 | 3,271 | 3,846 |
Federal and State net operating loss carryforwards | 5,124 | 3,681 | 1,496 |
Other | 4,957 | 4,927 | 1,997 |
Gross deferred tax assets | 81,424 | 81,245 | 53,454 |
Valuation allowance on state net operating loss carryforwards | 0 | 0 | 0 |
Total deferred tax assets | 81,424 | 81,245 | 53,454 |
Deferred tax liabilities | |||
FDIC loss-share indemnification asset | 1,807 | 1,927 | 3,199 |
Investment in partnerships | 2,343 | 2,507 | 2,600 |
Core deposit intangible | 2,992 | 3,386 | 1,961 |
Fixed assets | 924 | 673 | 2,947 |
Mortgage servicing rights | 3,977 | 4,032 | 0 |
Subordinated debt | 4,234 | 4,287 | 4,455 |
Other | 4,855 | 2,364 | 490 |
Total deferred tax liabilities | 21,132 | 19,176 | 15,652 |
Net deferred tax assets | $ 60,292 | $ 62,069 | $ 37,802 |
Income Taxes - (Details 1)
Income Taxes - (Details 1) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Jul. 01, 2015 | Mar. 31, 2015 |
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, valuation allowance | $ 0 | $ 0 | $ 0 | |
Heritage Financial Group | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, valuation allowance | 0 | $ 0 | ||
Federal | Heritage Financial Group | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryfowards | $ 12,201,000 | $ 18,321,000 | ||
State | Heritage Financial Group | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryfowards | $ 17,168,000 |
Goodwill and Other Intangibl103
Goodwill and Other Intangible Assets - (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Goodwill [Roll Forward] | |
Balance at January 1, 2016 | $ 445,871 |
Addition to goodwill from Heritage acquisition | 3,554 |
Adjustment to previously recorded goodwill | 0 |
Balance at March 31, 2016 | 449,425 |
Community Banks | |
Goodwill [Roll Forward] | |
Balance at January 1, 2016 | 443,104 |
Addition to goodwill from Heritage acquisition | 3,554 |
Adjustment to previously recorded goodwill | 0 |
Balance at March 31, 2016 | 446,658 |
Insurance | |
Goodwill [Roll Forward] | |
Balance at January 1, 2016 | 2,767 |
Addition to goodwill from Heritage acquisition | 0 |
Adjustment to previously recorded goodwill | 0 |
Balance at March 31, 2016 | $ 2,767 |
Goodwill and Other Intangibl104
Goodwill and Other Intangible Assets - (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 47,952 | $ 47,952 |
Accumulated Amortization | (20,838) | (19,141) |
Net Carrying Amount | 27,114 | 28,811 |
Core Deposit Intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 45,982 | 45,982 |
Accumulated Amortization | (20,236) | (18,572) |
Net Carrying Amount | 25,746 | 27,410 |
Customer Relationship Intangible | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 1,970 | 1,970 |
Accumulated Amortization | (602) | (569) |
Net Carrying Amount | $ 1,368 | $ 1,401 |
Goodwill and Other Intangibl105
Goodwill and Other Intangible Assets - (Details 2) $ in Thousands | Mar. 31, 2016USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2,016 | $ 6,458 |
2,017 | 5,503 |
2,018 | 4,701 |
2,019 | 3,961 |
2,020 | 3,113 |
Core Deposit Intangibles | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2,016 | 6,327 |
2,017 | 5,372 |
2,018 | 4,570 |
2,019 | 3,830 |
2,020 | 2,982 |
Customer Relationship Intangible | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2,016 | 131 |
2,017 | 131 |
2,018 | 131 |
2,019 | 131 |
2,020 | $ 131 |
Goodwill and Other Intangibl106
Goodwill and Other Intangible Assets - (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 1,697 | $ 1,275 |
Core Deposit Intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | 1,700 | 1,200 |
Customer Relationship Intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 33 | $ 33 |