Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
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, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,396,150 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 119,985 | $ 160,570 |
Interest-bearing balances with banks | 250,759 | 145,654 |
Cash and cash equivalents | 370,744 | 306,224 |
Securities held to maturity (fair value of $357,216 and $362,893, respectively) | 347,977 | 356,282 |
Securities available for sale, at fair value | 696,885 | 674,248 |
Mortgage loans held for sale, at fair value | 158,619 | 177,866 |
Loans, net of unearned income: | ||
Total loans, net of unearned income | 6,235,805 | 6,202,709 |
Allowance for loan losses | (42,923) | (42,737) |
Loans, net | 6,192,882 | 6,159,972 |
Premises and equipment, net | 179,930 | 179,223 |
Other real estate owned: | ||
Total other real estate owned, net | 21,322 | 23,299 |
Goodwill | 470,534 | 470,534 |
Other intangible assets, net | 22,511 | 24,074 |
Bank-owned life insurance | 153,309 | 152,305 |
Mortgage servicing rights | 28,776 | 26,302 |
Other assets | 121,222 | 149,522 |
Total assets | 8,764,711 | 8,699,851 |
Deposits | ||
Noninterest-bearing | 1,579,581 | 1,561,357 |
Interest-bearing | 5,651,269 | 5,497,780 |
Total deposits | 7,230,850 | 7,059,137 |
Short-term borrowings | 9,955 | 109,676 |
Long-term debt | 192,051 | 202,459 |
Other liabilities | 80,790 | 95,696 |
Total liabilities | 7,513,646 | 7,466,968 |
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 – 150,000,000 shares authorized; 45,107,066 shares issued; 44,394,707 and 44,332,273 shares outstanding, respectively | 225,535 | 225,535 |
Treasury stock, at cost | (20,786) | (21,692) |
Additional paid-in capital | 705,748 | 707,408 |
Retained earnings | 353,478 | 337,536 |
Accumulated other comprehensive loss, net of taxes | (12,910) | (15,904) |
Total shareholders’ equity | 1,251,065 | 1,232,883 |
Total liabilities and shareholders’ equity | 8,764,711 | 8,699,851 |
Non purchased loans and leases | ||
Loans, net of unearned income: | ||
Total loans, net of unearned income | 4,834,085 | 4,713,572 |
Other real estate owned: | ||
Total other real estate owned, net | 5,056 | 5,929 |
Purchased loans | ||
Loans, net of unearned income: | ||
Total loans, net of unearned income | 1,401,720 | 1,489,137 |
Other real estate owned: | ||
Total other real estate owned, net | $ 16,266 | $ 17,370 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair value | $ 357,216 | $ 362,893 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 5 | $ 5 |
Common stock, shares authorized (shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (shares) | 45,107,066 | 45,107,066 |
Common stock, shares outstanding (shares) | 44,394,707 | 44,332,273 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income | ||
Loans | $ 74,407 | $ 69,237 |
Securities | ||
Taxable | 4,352 | 4,462 |
Tax-exempt | 2,574 | 2,488 |
Other | 556 | 72 |
Total interest income | 81,889 | 76,259 |
Interest expense | ||
Deposits | 5,149 | 3,960 |
Borrowings | 2,725 | 2,245 |
Total interest expense | 7,874 | 6,205 |
Net interest income | 74,015 | 70,054 |
Provision for loan losses | 1,500 | 1,800 |
Net interest income after provision for loan losses | 72,515 | 68,254 |
Noninterest income | ||
Service charges on deposit accounts | 7,931 | 7,991 |
Fees and commissions | 5,199 | 4,243 |
Insurance commissions | 1,860 | 1,962 |
Wealth management revenue | 2,884 | 2,891 |
Mortgage banking income | 10,504 | 11,915 |
Net loss on sales of securities | 0 | (71) |
BOLI income | 1,113 | 954 |
Other | 2,530 | 3,417 |
Total noninterest income | 32,021 | 33,302 |
Noninterest expense | ||
Salaries and employee benefits | 42,209 | 42,393 |
Data processing | 4,234 | 4,158 |
Net occupancy and equipment | 9,319 | 8,224 |
Other real estate owned | 532 | 957 |
Professional fees | 2,067 | 1,214 |
Advertising and public relations | 1,592 | 1,637 |
Intangible amortization | 1,563 | 1,697 |
Communications | 1,863 | 2,171 |
Extinguishment of debt | 205 | 0 |
Merger and conversion related expenses | 345 | 948 |
Other | 5,380 | 6,415 |
Total noninterest expense | 69,309 | 69,814 |
Income before income taxes | 35,227 | 31,742 |
Income tax expense (benefit) | 11,255 | 10,526 |
Net income (loss) | $ 23,972 | $ 21,216 |
Basic earnings per share (usd per share) | $ 0.54 | $ 0.53 |
Diluted earnings per share (usd per share) | 0.54 | 0.52 |
Cash dividends per common share (usd per share) | $ 0.18 | $ 0.17 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 23,972 | $ 21,216 |
Securities available for sale: | ||
Unrealized holding gains on securities | 2,907 | 3,107 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (151) | (20) |
Total securities | 2,756 | 3,087 |
Derivative instruments: | ||
Unrealized holding gains (losses) on derivative instruments | 169 | (1,266) |
Total derivative instruments | 169 | (1,266) |
Defined benefit pension and post-retirement benefit plans: | ||
Amortization of net actuarial loss recognized in net periodic pension cost | 69 | 72 |
Total defined benefit pension and post-retirement benefit plans | 69 | 72 |
Other comprehensive income, net of tax | 2,994 | 1,893 |
Comprehensive income | $ 26,966 | $ 23,109 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Net income | $ 23,972 | $ 21,216 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for loan losses | 1,500 | 1,800 |
Depreciation, amortization and accretion | 11,566 | 739 |
Deferred income tax expense | 3,946 | 2,832 |
Funding of mortgage loans held for sale | (318,144) | (458,500) |
Proceeds from sales of mortgage loans held for sale | 343,945 | 391,552 |
Gains on sales of mortgage loans held for sale | (6,554) | (5,847) |
Losses on sales of securities | 0 | 71 |
Penalty on extinguishment of debt | 205 | 0 |
Losses on sales of premises and equipment | 512 | 5 |
Stock-based compensation | 1,174 | 859 |
Decrease in FDIC loss-share indemnification asset, net of accretion | 0 | 1,067 |
Decrease in other assets | 18,882 | 11,827 |
Decrease in other liabilities | (14,662) | (8,298) |
Net cash provided by (used in) operating activities | 66,342 | (40,677) |
Investing activities | ||
Purchases of securities available for sale | (52,683) | (32,396) |
Proceeds from sales of securities available for sale | 2,946 | 4 |
Proceeds from call/maturities of securities available for sale | 30,800 | 29,803 |
Purchases of securities held to maturity | 0 | (5,785) |
Proceeds from call/maturities of securities held to maturity | 7,710 | 15,193 |
Net increase in loans | (43,182) | (157,198) |
Purchases of premises and equipment | (4,441) | (2,656) |
Proceeds from sales of premises and equipment | 13 | 0 |
Proceeds from sales of other assets | 5,307 | 3,611 |
Net cash used in investing activities | (53,530) | (149,424) |
Financing activities | ||
Net increase in noninterest-bearing deposits | 18,224 | 106,166 |
Net increase in interest-bearing deposits | 154,001 | 106,105 |
Net decrease in short-term borrowings | (99,721) | (8,024) |
Repayment of long-term debt | (10,790) | (938) |
Cash paid for dividends | (8,030) | (6,892) |
Net stock-based compensation transactions | (1,976) | 382 |
Excess tax benefit from stock-based compensation | 0 | 214 |
Net cash provided by financing activities | 51,708 | 197,013 |
Net increase in cash and cash equivalents | 64,520 | 6,912 |
Cash and cash equivalents at beginning of period | 306,224 | 211,571 |
Cash and cash equivalents at end of period | 370,744 | 218,483 |
Supplemental disclosures | ||
Cash paid for interest | 9,635 | 6,297 |
Cash paid for income taxes | 7,181 | 5,460 |
Noncash transactions: | ||
Transfers of loans to other real estate owned | 3,168 | 1,954 |
Financed sales of other real estate owned | 237 | 92 |
Transfers of loans held for sale to loan portfolio | $ 0 | $ 6,610 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
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 (“GAAP”) 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 GAAP 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. Certain prior year amounts have been reclassified to conform to the current year presentation. 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/A for the year ended December 31, 2016 filed with the Securities and Exchange Commission on February 28, 2017. Business Combinations : The Company completed its acquisition of KeyWorth Bank ("KeyWorth") on April 1, 2016. The acquired institution's financial condition and results of operations are included in the Company's financial condition and results of operations as of the acquisition date. Use of Estimates : The preparation of financial statements in conformity with GAAP 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. The Company has determined that no significant events occurred after March 31, 2017 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 May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of this standard to annual and interim periods beginning after December 15, 2017. The Company is currently evaluating the impact, if any, ASU 2014-09 will have on its financial position, results of operations, and its financial statement disclosures. In January 2016, FASB issued ASU 2016-01, “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 February 2016, FASB issued ASU 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 currently evaluating the impact ASU 2016-02 will have on its financial position, results of operations, and other financial statement disclosures, and the expected results include the recognition of leased assets and related lease liabilities on the balance sheet, along with leasehold amortization and interest expense recognized in the statement of income. In March 2016, the FASB issued 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 flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes. The Company adopted ASU 2016-09 beginning January 1, 2017 and, as a result recognized as income tax expense in the Company's consolidated statement of income for the three months ended March 31, 2017 an excess tax benefit realized from the exercise of stock options and vesting of restricted stock. Furthermore, the presentation of certain elements of share-based payment transactions in the Company's consolidated statements of cash flows was updated to comply with the standard update. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). The update will significantly change the way entities recognize impairment on many financial assets by requiring immediate recognition of estimated credit losses expected to occur over the asset's remaining life. The FASB describes this impairment recognition 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 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. For public companies, this update becomes effective for interim and annual periods beginning after December 15, 2019. The Company has formed an implementation committee comprised of both accounting and credit employees to guide Renasant Bank through the implementation of ASU 2016-13. Currently, this committee is gaining an understanding of the potential impact of the CECL model, reviewing the model requirements and ensuring data integrity across all reporting systems. The Company has also engaged consulting firms and software providers to assist in evaluating the varying approaches to the implementation of the CECL model. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 is intended to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows, including (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions and (8) separately identifiable cash flows and application of the predominance principle. For public companies, this amendment becomes effective for interim and annual periods beginning after December 15, 2017. The ASU only impacts the presentation of specific items within the Statement of Cash Flows and is not expected to have a material impact to the Company. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business” (“ASU 2017-01”) that changes the definition of a business when evaluating whether transactions should be accounted for as the acquisition of assets or the acquisition of a business. ASU 2017-01 requires an entity to evaluate if substantially all of the fair value of the assets acquired are concentrated in a single asset or a group of similar identifiable assets; if so, the acquired assets or group of similar identifiable assets is not considered a business. In addition, the guidance requires that to be considered a business, the acquired assets must include an input and a substantive process that together significantly contribute to the ability to create output. The ASU removes the evaluation of whether a market participant could replace any of the missing elements. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017 and is not expected to have a material impact on the Company’s financial statements. In January 2017, the FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323) Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings” (“ASU 2017-03”), that provides guidance on additional qualitative disclosures required when the impact that the adoption of ASU 2014-09, ASU 2016-02 and ASU 2016-13 will have on a registrant's financial statements cannot reasonably be estimated by a registrant. ASU 2017-03 was effective when issued and the appropriate disclosures have been added where necessary. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350)” (“ASU 2017-04”). ASU 2017-04 will amend and simplify current goodwill impairment testing by eliminating certain testing under the current provisions. Under the new guidance, an entity should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the quantitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 will be effective for interim and annual periods beginning after December 15, 2019 and is not expected to have a significant impact on the Company’s financial statements. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”). ASU 2017-07 requires employers to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. These amendments also allow only the service cost component to be eligible for capitalization when applicable. ASU 2017-07 will be effective for interim and annual periods beginning after December 15, 2017. The Company is evaluating the effect that ASU 2017-07 will have on its financial position, results of operations and its financial statement disclosures. In March 2017, the FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). ASU 2017-08 requires the amortization period for certain callable debt securities held at a premium to be the earliest call date. ASU 2017-08 will be effective for interim and annual periods beginning after December 15, 2018. The Company is evaluating the effect that ASU 2017-08 will have on its financial position, results of operations and its financial statement disclosures. |
Mergers and Acquisitions
Mergers and Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions (In Thousands, Except Share Data) Merger with Metropolitan BancGroup, Inc. On January 17, 2017, the Company and Metropolitan BancGroup, Inc. (“Metropolitan”), the parent company of Metropolitan Bank, jointly announced the signing of a definitive merger agreement pursuant to which the Company will acquire Metropolitan in an all-stock merger. Under the terms of the agreement, Metropolitan will be merged with and into Renasant, and Renasant will be the surviving corporation. Immediately after the merger of Metropolitan with and into Renasant, Metropolitan Bank will merge with and into Renasant Bank, with Renasant Bank continuing as the surviving banking corporation in the merger. According to the terms of the merger agreement, each Metropolitan common shareholder will have the right to receive 0.6066 shares of Renasant common stock for each share of Metropolitan common stock, and the merger is expected to qualify as a tax-free reorganization for Metropolitan shareholders. Metropolitan operates eight offices in Nashville and Memphis, Tennessee and the Jackson, Mississippi MSA and as of March 31, 2017, had approximately $1,164,500 in total assets, which included approximately $929,700 in total loans, and approximately $945,100 in total deposits. The Company has received all federal bank regulatory approvals, including approval from the Federal Deposit Insurance Corporation, necessary to complete the proposed acquisition of Metropolitan. Subject to the approval by the shareholders of Metropolitan and the satisfaction of other customary closing conditions contained in the merger agreement, the acquisition is expected to be completed in the third quarter of 2017. Acquisition of KeyWorth Bank Effective April 1, 2016, the Company completed its acquisition of KeyWorth in a transaction valued at approximately $58,884 . 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. As a result of the KeyWorth acquisition, the Company acquired total assets with a fair value of $415,232 , total loans with a fair value of $272,330 and total deposits with a fair value of $348,961 , and six banking locations in the Atlanta metropolitan area. The Company recorded approximately $22,643 in intangible assets which consist of goodwill of $20,633 and a core deposit intangible of $2,010 . 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. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 Obligations of other U.S. Government agencies and corporations $ 12,602 $ 4 $ (137 ) $ 12,469 Obligations of states and political subdivisions 335,375 10,299 (927 ) 344,747 $ 347,977 $ 10,303 $ (1,064 ) $ 357,216 December 31, 2016 Obligations of other U.S. Government agencies and corporations $ 14,101 $ 4 $ (187 ) $ 13,918 Obligations of states and political subdivisions 342,181 8,572 (1,778 ) 348,975 $ 356,282 $ 8,576 $ (1,965 ) $ 362,893 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, 2017 Obligations of other U.S. Government agencies and corporations $ 2,060 $ 89 $ — $ 2,149 Residential mortgage backed securities: Government agency mortgage backed securities 412,710 2,710 (4,165 ) 411,255 Government agency collateralized mortgage obligations 192,294 879 (2,787 ) 190,386 Commercial mortgage backed securities: Government agency mortgage backed securities 50,397 777 (302 ) 50,872 Government agency collateralized mortgage obligations 1,756 1 (13 ) 1,744 Trust preferred securities 22,646 — (4,823 ) 17,823 Other debt securities 22,442 354 (140 ) 22,656 $ 704,305 $ 4,810 $ (12,230 ) $ 696,885 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2016 Obligations of other U.S. Government agencies and corporations $ 2,066 $ 92 $ — $ 2,158 Residential mortgage backed securities: Government agency mortgage backed securities 414,019 1,941 (6,643 ) 409,317 Government agency collateralized mortgage obligations 171,362 831 (3,367 ) 168,826 Commercial mortgage backed securities: Government agency mortgage backed securities 50,628 696 (461 ) 50,863 Government agency collateralized mortgage obligations 2,528 38 (16 ) 2,550 Trust preferred securities 23,749 — (5,360 ) 18,389 Other debt securities 22,053 310 (218 ) 22,145 $ 686,405 $ 3,908 $ (16,065 ) $ 674,248 During the first quarter of 2017, the Company sold residential mortgage backed securities with a carrying value of $2,946 at the time of sale for net proceeds of $2,946 resulting in no gain or loss on the sale. During the same time period in 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 . Gross realized gains on sales of securities available for sale for the three months ended March 31, 2017 and 2016 , respectively, were as follows: Three Months Ended March 31, 2017 2016 Gross gains on sales of securities available for sale $ — $ — Gross losses on sales of securities available for sale — (71 ) Losses on sales of securities available for sale, net $ — $ (71 ) At March 31, 2017 and December 31, 2016 , securities with a carrying value of $654,378 and $642,447 , respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $21,466 and $24,426 were pledged as collateral for short-term borrowings and derivative instruments at March 31, 2017 and December 31, 2016 , respectively. The amortized cost and fair value of securities at March 31, 2017 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 $ 14,742 $ 14,860 $ — $ — Due after one year through five years 107,452 110,966 2,060 2,148 Due after five years through ten years 128,319 130,878 2,043 2,071 Due after ten years 97,464 100,512 22,646 17,823 Residential mortgage backed securities: Government agency mortgage backed securities — — 412,710 411,255 Government agency collateralized mortgage obligations — — 192,294 190,386 Commercial mortgage backed securities: Government agency mortgage backed securities — — 50,397 50,872 Government agency collateralized mortgage obligations — — 1,756 1,744 Other debt securities — — 20,399 20,586 $ 347,977 $ 357,216 $ 704,305 $ 696,885 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, 2017 Obligations of other U.S. Government agencies and corporations 4 $ 11,965 $ (137 ) 0 $ — $ — 4 $ 11,965 $ (137 ) Obligations of states and political subdivisions 53 44,193 (927 ) 0 — — 53 44,193 (927 ) Total 57 $ 56,158 $ (1,064 ) 0 $ — $ — 57 56,158 $ (1,064 ) December 31, 2016 Obligations of other U.S. Government agencies and corporations 4 $ 11,915 $ (187 ) 0 $ — $ — 4 $ 11,915 $ (187 ) Obligations of states and political subdivisions 102 83,362 (1,778 ) 0 — — 102 83,362 (1,778 ) Total 106 $ 95,277 $ (1,965 ) 0 $ — $ — 106 $ 95,277 $ (1,965 ) Available for Sale: March 31, 2017 Obligations of other U.S. Government agencies and corporations 0 $ — $ — 0 $ — $ — 0 $ — $ — Residential mortgage backed securities: Government agency mortgage backed securities 104 256,655 (3,585 ) 8 17,487 (580 ) 112 274,142 (4,165 ) Government agency collateralized mortgage obligations 36 106,006 (1,475 ) 15 34,769 (1,312 ) 51 140,775 (2,787 ) Commercial mortgage backed securities: Government agency mortgage backed securities 6 15,666 (294 ) 2 1,091 (8 ) 8 16,757 (302 ) Government agency collateralized mortgage obligations 1 1,723 (13 ) 0 — — 1 1,723 (13 ) Trust preferred securities 0 — — 3 17,823 (4,823 ) 3 17,823 (4,823 ) Other debt securities 2 6,971 (131 ) 2 2,410 (9 ) 4 9,381 (140 ) Total 149 $ 387,021 $ (5,498 ) 30 $ 73,580 $ (6,732 ) 179 $ 460,601 $ (12,230 ) December 31, 2016 Obligations of other U.S. Government agencies and corporations 0 $ — $ — 0 $ — $ — 0 $ — $ — Residential mortgage backed securities: Government agency mortgage backed securities 131 298,400 (6,042 ) 5 11,504 (601 ) 136 309,904 (6,643 ) Government agency collateralized mortgage obligations 40 97,356 (1,845 ) 14 33,786 (1,522 ) 54 131,142 (3,367 ) Commercial mortgage backed securities: Government agency mortgage backed securities 9 21,933 (453 ) 2 1,101 (8 ) 11 23,034 (461 ) Government agency collateralized mortgage obligations 1 1,729 (16 ) 0 — — 1 1,729 (16 ) Trust preferred securities 0 — — 3 18,389 (5,360 ) 3 18,389 (5,360 ) Other debt securities 3 7,946 (208 ) 2 2,475 (10 ) 5 10,421 (218 ) Total 184 $ 427,364 $ (8,564 ) 26 $ 67,255 $ (7,501 ) 210 $ 494,619 $ (16,065 ) 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 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, 2017 or 2016 . The Company holds investments in pooled trust preferred securities that had an amortized cost basis of $22,646 and $23,749 and a fair value of $17,823 and $18,389 at March 31, 2017 and December 31, 2016 , respectively. At March 31, 2017 , 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, 2017 , 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, 2017 . The Company's analysis of the pooled trust preferred securities during prior years has supported a return to accrual status for two of the three securities (XXVI and 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. As to the remaining security (XXIV), the Company only began collecting interest payments on such security during the fourth quarter of 2016 when it exited "payment in kind" status. Therefore, absent an observed history of payments, 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, 2017 , 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, 2017 : Name Single/ Pooled Class/ Tranche Amortized Cost Fair Value Unrealized Loss Lowest Credit Rating Issuers Currently in Deferral or Default XXIII Pooled B-2 $ 8,286 $ 5,790 $ (2,496 ) Baa3 17 % XXIV Pooled B-2 10,167 8,917 (1,250 ) Caa2 23 % XXVI Pooled B-2 4,193 3,116 (1,077 ) Ba3 19 % $ 22,646 $ 17,823 $ (4,823 ) 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: 2017 2016 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 ) |
Non Purchased Loans
Non Purchased Loans | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Non Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) For purposes of this Note 4, all references to “loans” mean non purchased loans. The following is a summary of non purchased loans and leases as of the dates presented: March 31, December 31, 2016 Commercial, financial, agricultural $ 626,237 $ 589,290 Lease financing 50,462 49,250 Real estate – construction 378,061 483,926 Real estate – 1-4 family mortgage 1,485,663 1,425,730 Real estate – commercial mortgage 2,203,639 2,075,137 Installment loans to individuals 92,669 92,648 Gross loans 4,836,731 4,715,981 Unearned income (2,646 ) (2,409 ) Loans, net of unearned income 4,834,085 4,713,572 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 status 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, 2017 Commercial, financial, agricultural $ 300 $ 59 $ 623,693 $ 624,052 $ 467 $ 1,407 $ 311 $ 2,185 $ 626,237 Lease financing 181 — 50,281 50,462 — — — — 50,462 Real estate – construction 231 — 377,830 378,061 — — — — 378,061 Real estate – 1-4 family mortgage 4,234 718 1,476,098 1,481,050 88 1,848 2,677 4,613 1,485,663 Real estate – commercial mortgage 2,435 1,315 2,194,109 2,197,859 — 1,892 3,888 5,780 2,203,639 Installment loans to individuals 346 82 92,189 92,617 52 — 52 92,669 Unearned income (2,646 ) (2,646 ) — (2,646 ) Total $ 7,727 $ 2,174 $ 4,811,554 $ 4,821,455 $ 555 $ 5,199 $ 6,876 $ 12,630 $ 4,834,085 December 31, 2016 Commercial, financial, agricultural $ 811 $ 720 $ 586,730 $ 588,261 $ — $ 932 $ 97 $ 1,029 $ 589,290 Lease financing 193 — 48,919 49,112 — 138 — 138 49,250 Real estate – construction 995 — 482,931 483,926 — — — — 483,926 Real estate – 1-4 family mortgage 6,189 1,136 1,414,254 1,421,579 161 1,222 2,768 4,151 1,425,730 Real estate – commercial mortgage 2,283 99 2,066,821 2,069,203 580 2,778 2,576 5,934 2,075,137 Installment loans to individuals 324 124 92,179 92,627 — 21 — 21 92,648 Unearned income — — (2,409 ) (2,409 ) — — — — (2,409 ) Total $ 10,795 $ 2,079 $ 4,689,425 $ 4,702,299 $ 741 $ 5,091 $ 5,441 $ 11,273 $ 4,713,572 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 FASB Accounting Standards Codification Topic (“ASC”) 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which 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, 2017 Commercial, financial, agricultural $ 2,788 $ 2,185 $ — $ 2,185 $ 147 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 12,679 10,999 — 10,999 1,085 Real estate – commercial mortgage 19,071 14,478 568 15,046 2,618 Installment loans to individuals 117 117 — 117 — Total $ 34,655 $ 27,779 $ 568 $ 28,347 $ 3,850 December 31, 2016 Commercial, financial, agricultural $ 1,577 $ 1,175 $ — $ 1,175 $ 136 Lease financing — — — — — Real estate – construction 517 517 — 517 1 Real estate – 1-4 family mortgage 10,823 9,207 — 9,207 1,091 Real estate – commercial mortgage 15,007 10,053 568 10,621 2,397 Installment loans to individuals 87 87 — 87 1 Totals $ 28,011 $ 21,039 $ 568 $ 21,607 $ 3,626 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,714 $ 39 $ 318 $ 2 Lease financing — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 11,088 26 14,442 81 Real estate – commercial mortgage 15,314 106 15,031 122 Installment loans to individuals 118 — 67 1 Total $ 29,234 $ 171 $ 29,858 $ 206 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 Three months ended March 31, 2017 Real estate – 1-4 family mortgage 2 177 174 Real estate – commercial mortgage 2 146 156 Total 4 $ 323 $ 330 Three months ended March 31, 2016 Real estate – 1-4 family mortgage 5 428 421 Total 5 $ 428 $ 421 Restructured loans 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 was one restructured loan in the amount of $57 contractually 90 days past due or more and still accruing at March 31, 2017 and two restructured loans in the amount of $136 contractually 90 days past due or more and still accruing at March 31, 2016 . The outstanding balance of restructured loans on nonaccrual status was $6,086 and $7,490 at March 31, 2017 and March 31, 2016 , respectively. Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2017 53 $ 7,447 Additional loans with concessions 4 334 Reductions due to: Reclassified as nonperforming (1 ) (56 ) Paid in full (2 ) (217 ) Charge-offs (1 ) (250 ) Principal paydowns — (85 ) Totals at March 31, 2017 53 $ 7,173 The allocated allowance for loan losses attributable to restructured loans was $241 and $919 at March 31, 2017 and March 31, 2016 , respectively. The Company had $142 and no remaining availability under commitments to lend additional funds on these restructured loans at March 31, 2017 and March 31, 2016 , respectively. Credit Quality For loans originated for commercial purposes, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of these loans. Loan grades range between 1 and 9 , with 1 being loans with the least credit risk. Loans that migrate toward the “Pass” grade (those with a risk rating between 1 and 4 ) or within the “Pass” grade generally have a lower risk of loss and therefore a lower risk factor 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, 2017 Commercial, financial, agricultural $ 470,252 $ 1,846 $ 1,662 $ 473,760 Lease financing — — — — Real estate – construction 329,322 225 — 329,547 Real estate – 1-4 family mortgage 205,083 3,739 6,073 214,895 Real estate – commercial mortgage 1,860,714 16,266 13,053 1,890,033 Installment loans to individuals — — — — Total $ 2,865,371 $ 22,076 $ 20,788 $ 2,908,235 December 31, 2016 Commercial, financial, agricultural $ 434,323 $ 4,531 $ 850 $ 439,704 Lease financing — — — — Real estate – construction 402,156 393 — 402,549 Real estate – 1-4 family mortgage 190,882 3,374 6,129 200,385 Real estate – commercial mortgage 1,734,523 18,118 13,088 1,765,729 Installment loans to individuals — — — — Total $ 2,761,884 $ 26,416 $ 20,067 $ 2,808,367 For portfolio balances of consumer, small balance consumer mortgage loans, such as 1-4 family mortgage loans 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, 2017 Commercial, financial, agricultural $ 151,232 $ 1,245 $ 152,477 Lease financing 47,816 — 47,816 Real estate – construction 48,514 — 48,514 Real estate – 1-4 family mortgage 1,268,160 2,608 1,270,768 Real estate – commercial mortgage 312,431 1,175 313,606 Installment loans to individuals 92,535 134 92,669 Total $ 1,920,688 $ 5,162 $ 1,925,850 December 31, 2016 Commercial, financial, agricultural $ 148,499 $ 1,087 $ 149,586 Lease financing 46,703 138 46,841 Real estate – construction 81,377 — 81,377 Real estate – 1-4 family mortgage 1,222,816 2,529 1,225,345 Real estate – commercial mortgage 308,609 799 309,408 Installment loans to individuals 92,504 144 92,648 Total $ 1,900,508 $ 4,697 $ 1,905,205 Purchased Loans (In Thousands, Except Number of Loans) For purposes of this Note 5, all references to “loans” mean purchased loans. The following is a summary of purchased loans as of the dates presented: March 31, December 31, 2016 Commercial, financial, agricultural $ 115,229 $ 128,200 Lease financing — — Real estate – construction 35,673 68,753 Real estate – 1-4 family mortgage 431,904 452,447 Real estate – commercial mortgage 804,790 823,758 Installment loans to individuals 14,124 15,979 Gross loans 1,401,720 1,489,137 Unearned income — — Loans, net of unearned income 1,401,720 1,489,137 Past Due and Nonaccrual Loans The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 4, “Non Purchased 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, 2017 Commercial, financial, agricultural $ 524 $ 868 $ 113,142 $ 114,534 $ 2 $ 185 $ 508 $ 695 $ 115,229 Lease financing — — — — — — — — — Real estate – construction 159 — 35,514 35,673 — — — — 35,673 Real estate – 1-4 family mortgage 4,407 4,110 419,028 427,545 319 2,414 1,626 4,359 431,904 Real estate – commercial mortgage 970 6,840 793,710 801,520 136 289 2,845 3,270 804,790 Installment loans to individuals 168 79 13,706 13,953 — 4 167 171 14,124 Unearned income — — — — — — — — — Total $ 6,228 $ 11,897 $ 1,375,100 $ 1,393,225 $ 457 $ 2,892 $ 5,146 $ 8,495 $ 1,401,720 December 31, 2016 Commercial, financial, agricultural $ 823 $ 990 $ 125,417 $ 127,230 $ 260 $ 381 $ 329 $ 970 $ 128,200 Lease financing — — — — — — — — — Real estate – construction 527 321 67,760 68,608 — 145 — 145 68,753 Real estate – 1-4 family mortgage 4,572 3,382 440,258 448,212 417 2,047 1,771 4,235 452,447 Real estate – commercial mortgage 3,045 6,112 808,886 818,043 — 2,661 3,054 5,715 823,758 Installment loans to individuals 96 10 15,591 15,697 — 156 126 282 15,979 Unearned income — — — — — — — — — Total $ 9,063 $ 10,815 $ 1,457,912 $ 1,477,790 $ 677 $ 5,390 $ 5,280 $ 11,347 $ 1,489,137 Impaired Loans The Company’s policies with respect to the determination of whether a loan is impaired and the treatment of such loans are described above in Note 4, “Non Purchased Loans.” Loans accounted for under ASC 310-20, and which 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, 2017 Commercial, financial, agricultural $ 567 $ 121 $ 423 $ 544 $ 18 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 5,463 1,746 3,114 4,860 54 Real estate – commercial mortgage 3,108 2,898 178 3,076 52 Installment loans to individuals 101 62 13 75 3 Total $ 9,239 $ 4,827 $ 3,728 $ 8,555 $ 127 December 31, 2016 Commercial, financial, agricultural $ 732 $ 487 $ 224 $ 711 $ 310 Lease financing — — — — — Real estate – construction 147 145 — 145 — Real estate – 1-4 family mortgage 3,095 1,496 1,385 2,881 43 Real estate – commercial mortgage 2,485 2,275 183 2,458 48 Installment loans to individuals 215 135 55 190 114 Totals $ 6,674 $ 4,538 $ 1,847 $ 6,385 $ 515 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 541 $ 2 $ 8 $ — Lease financing — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 5,481 21 810 9 Real estate – commercial mortgage 3,090 35 1,515 10 Installment loans to individuals 85 — — — Total $ 9,197 $ 58 $ 2,333 $ 19 Loans accounted for under ASC 310-30, and which 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, 2017 Commercial, financial, agricultural $ 21,357 $ 6,451 $ 6,577 $ 13,028 $ 378 Lease financing — — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 80,398 20,725 47,340 68,065 767 Real estate – commercial mortgage 214,450 58,271 114,448 172,719 1,573 Installment loans to individuals 2,091 527 1,400 1,927 1 Total $ 318,296 $ 85,974 $ 169,765 $ 255,739 $ 2,719 December 31, 2016 Commercial, financial, agricultural $ 20,697 $ 4,555 $ 7,439 $ 11,994 $ 372 Lease financing — — — — — Real estate – construction 1,141 — 840 840 — Real estate – 1-4 family mortgage 86,725 21,887 50,065 71,952 841 Real estate – commercial mortgage 229,075 62,449 122,538 184,987 1,606 Installment loans to individuals 2,466 366 1,619 1,985 1 Totals $ 340,104 $ 89,257 $ 182,501 $ 271,758 $ 2,820 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 14,088 $ 247 $ 18,024 $ 327 Lease financing — — — — Real estate – construction — — 2,608 25 Real estate – 1-4 family mortgage 78,341 865 101,089 953 Real estate – commercial mortgage 196,807 2,319 250,041 2,831 Installment loans to individuals 2,104 21 2,954 29 Total $ 291,340 $ 3,452 $ 374,716 $ 4,165 Restructured Loans An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 4, “Non Purchased 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 Three months ended March 31, 2017 Real estate – 1-4 family mortgage 10 2,221 1,823 Real estate – commercial mortgage 4 2,721 1,986 Total 14 $ 4,942 $ 3,809 Three months ended March 31, 2016 Real estate – 1-4 family mortgage 6 352 242 Real estate – commercial mortgage 2 612 605 Total 8 $ 964 $ 847 There were two restructured loans in the amount of $52 contractually 90 days past due or more and still accruing at March 31, 2017 and no restructured loans contractually 90 days past due or more and still accruing at March 31, 2016 . The outstanding balance of restructured loans on nonaccrual status was $1,201 and $5,041 at March 31, 2017 and March 31, 2016 , respectively. Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2017 42 $ 4,028 Additional loans with concessions 14 3,825 Reductions due to: Charge-offs (1 ) (17 ) Principal paydowns — (74 ) Totals at March 31, 2017 55 $ 7,762 The allocated allowance for loan losses attributable to restructured loans was $31 and $91 at March 31, 2017 and March 31, 2016 , respectively. The Company had $1,245 and no remaining availability under commitments to lend additional funds on these restructured loans at March 31, 2017 or March 31, 2016 , respectively. Credit Quality A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 4, “Non Purchased Loans.” The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total March 31, 2017 Commercial, financial, agricultural $ 89,802 $ 1,959 $ 1,143 $ 92,904 Lease financing — — — — Real estate – construction 34,405 — — 34,405 Real estate – 1-4 family mortgage 101,652 6,578 719 108,949 Real estate – commercial mortgage 601,582 8,007 710 610,299 Installment loans to individuals — — 4 4 Total $ 827,441 $ 16,544 $ 2,576 $ 846,561 December 31, 2016 Commercial, financial, agricultural $ 102,777 $ 2,370 $ 1,491 $ 106,638 Lease financing — — — — Real estate – construction 61,206 2,640 — 63,846 Real estate – 1-4 family mortgage 105,265 7,665 364 113,294 Real estate – commercial mortgage 608,192 8,445 723 617,360 Installment loans to individuals — — 114 114 Total $ 877,440 $ 21,120 $ 2,692 $ 901,252 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, 2017 Commercial, financial, agricultural $ 9,234 $ 63 $ 9,297 Lease financing — — — Real estate – construction 1,268 — 1,268 Real estate – 1-4 family mortgage 253,172 1,718 254,890 Real estate – commercial mortgage 21,715 57 21,772 Installment loans to individuals 11,961 232 12,193 Total $ 297,350 $ 2,070 $ 299,420 December 31, 2016 Commercial, financial, agricultural $ 9,489 $ 79 $ 9,568 Lease financing — — — Real estate – construction 3,601 5 466 4,067 Real estate – 1-4 family mortgage 265,697 1,504 267,201 Real estate – commercial mortgage 21,353 58 21,411 Installment loans to individuals 13,712 168 13,880 Total $ 313,852 $ 2,275 $ 316,127 Loans Purchased with Deteriorated Credit Quality Loans purchased 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: Total Purchased Credit Deteriorated Loans March 31, 2017 Commercial, financial, agricultural $ 13,028 Lease financing — Real estate – construction — Real estate – 1-4 family mortgage 68,065 Real estate – commercial mortgage 172,719 Installment loans to individuals 1,927 Total $ 255,739 December 31, 2016 Commercial, financial, agricultural $ 11,994 Lease financing — Real estate – construction 840 Real estate – 1-4 family mortgage 71,952 Real estate – commercial mortgage 184,987 Installment loans to individuals 1,985 Total $ 271,758 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, 2017 : Total Purchased Credit Deteriorated Loans Contractually-required principal and interest $ 366,954 Nonaccretable difference (1) (79,190 ) Cash flows expected to be collected 287,764 Accretable yield (2) (32,025 ) Fair value $ 255,739 (1) Represents contractual principal and interest cash flows of $79,174 and $16 , respectively, not expected to be collected. (2) Represents contractual interest payments of $758 expected to be collected and purchase discount of $31,267 . Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows: Total Purchased Credit Deteriorated Loans Balance at January 1, 2017 $ (36,326 ) Additions due to acquisition — Reclasses from nonaccretable difference 657 Accretion 3,263 Charge-offs 381 Balance at March 31, 2017 $ (32,025 ) The following table presents the fair value of loans purchased from KeyWorth as of the April 1, 2016 acquisition date. At acquisition date: April 1, 2016 Contractually-required principal and interest $ 289,495 Nonaccretable difference 3,848 Cash flows expected to be collected 285,647 Accretable yield 13,317 Fair value $ 272,330 |
Purchased Loans
Purchased Loans | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) For purposes of this Note 4, all references to “loans” mean non purchased loans. The following is a summary of non purchased loans and leases as of the dates presented: March 31, December 31, 2016 Commercial, financial, agricultural $ 626,237 $ 589,290 Lease financing 50,462 49,250 Real estate – construction 378,061 483,926 Real estate – 1-4 family mortgage 1,485,663 1,425,730 Real estate – commercial mortgage 2,203,639 2,075,137 Installment loans to individuals 92,669 92,648 Gross loans 4,836,731 4,715,981 Unearned income (2,646 ) (2,409 ) Loans, net of unearned income 4,834,085 4,713,572 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 status 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, 2017 Commercial, financial, agricultural $ 300 $ 59 $ 623,693 $ 624,052 $ 467 $ 1,407 $ 311 $ 2,185 $ 626,237 Lease financing 181 — 50,281 50,462 — — — — 50,462 Real estate – construction 231 — 377,830 378,061 — — — — 378,061 Real estate – 1-4 family mortgage 4,234 718 1,476,098 1,481,050 88 1,848 2,677 4,613 1,485,663 Real estate – commercial mortgage 2,435 1,315 2,194,109 2,197,859 — 1,892 3,888 5,780 2,203,639 Installment loans to individuals 346 82 92,189 92,617 52 — 52 92,669 Unearned income (2,646 ) (2,646 ) — (2,646 ) Total $ 7,727 $ 2,174 $ 4,811,554 $ 4,821,455 $ 555 $ 5,199 $ 6,876 $ 12,630 $ 4,834,085 December 31, 2016 Commercial, financial, agricultural $ 811 $ 720 $ 586,730 $ 588,261 $ — $ 932 $ 97 $ 1,029 $ 589,290 Lease financing 193 — 48,919 49,112 — 138 — 138 49,250 Real estate – construction 995 — 482,931 483,926 — — — — 483,926 Real estate – 1-4 family mortgage 6,189 1,136 1,414,254 1,421,579 161 1,222 2,768 4,151 1,425,730 Real estate – commercial mortgage 2,283 99 2,066,821 2,069,203 580 2,778 2,576 5,934 2,075,137 Installment loans to individuals 324 124 92,179 92,627 — 21 — 21 92,648 Unearned income — — (2,409 ) (2,409 ) — — — — (2,409 ) Total $ 10,795 $ 2,079 $ 4,689,425 $ 4,702,299 $ 741 $ 5,091 $ 5,441 $ 11,273 $ 4,713,572 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 FASB Accounting Standards Codification Topic (“ASC”) 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which 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, 2017 Commercial, financial, agricultural $ 2,788 $ 2,185 $ — $ 2,185 $ 147 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 12,679 10,999 — 10,999 1,085 Real estate – commercial mortgage 19,071 14,478 568 15,046 2,618 Installment loans to individuals 117 117 — 117 — Total $ 34,655 $ 27,779 $ 568 $ 28,347 $ 3,850 December 31, 2016 Commercial, financial, agricultural $ 1,577 $ 1,175 $ — $ 1,175 $ 136 Lease financing — — — — — Real estate – construction 517 517 — 517 1 Real estate – 1-4 family mortgage 10,823 9,207 — 9,207 1,091 Real estate – commercial mortgage 15,007 10,053 568 10,621 2,397 Installment loans to individuals 87 87 — 87 1 Totals $ 28,011 $ 21,039 $ 568 $ 21,607 $ 3,626 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,714 $ 39 $ 318 $ 2 Lease financing — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 11,088 26 14,442 81 Real estate – commercial mortgage 15,314 106 15,031 122 Installment loans to individuals 118 — 67 1 Total $ 29,234 $ 171 $ 29,858 $ 206 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 Three months ended March 31, 2017 Real estate – 1-4 family mortgage 2 177 174 Real estate – commercial mortgage 2 146 156 Total 4 $ 323 $ 330 Three months ended March 31, 2016 Real estate – 1-4 family mortgage 5 428 421 Total 5 $ 428 $ 421 Restructured loans 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 was one restructured loan in the amount of $57 contractually 90 days past due or more and still accruing at March 31, 2017 and two restructured loans in the amount of $136 contractually 90 days past due or more and still accruing at March 31, 2016 . The outstanding balance of restructured loans on nonaccrual status was $6,086 and $7,490 at March 31, 2017 and March 31, 2016 , respectively. Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2017 53 $ 7,447 Additional loans with concessions 4 334 Reductions due to: Reclassified as nonperforming (1 ) (56 ) Paid in full (2 ) (217 ) Charge-offs (1 ) (250 ) Principal paydowns — (85 ) Totals at March 31, 2017 53 $ 7,173 The allocated allowance for loan losses attributable to restructured loans was $241 and $919 at March 31, 2017 and March 31, 2016 , respectively. The Company had $142 and no remaining availability under commitments to lend additional funds on these restructured loans at March 31, 2017 and March 31, 2016 , respectively. Credit Quality For loans originated for commercial purposes, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of these loans. Loan grades range between 1 and 9 , with 1 being loans with the least credit risk. Loans that migrate toward the “Pass” grade (those with a risk rating between 1 and 4 ) or within the “Pass” grade generally have a lower risk of loss and therefore a lower risk factor 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, 2017 Commercial, financial, agricultural $ 470,252 $ 1,846 $ 1,662 $ 473,760 Lease financing — — — — Real estate – construction 329,322 225 — 329,547 Real estate – 1-4 family mortgage 205,083 3,739 6,073 214,895 Real estate – commercial mortgage 1,860,714 16,266 13,053 1,890,033 Installment loans to individuals — — — — Total $ 2,865,371 $ 22,076 $ 20,788 $ 2,908,235 December 31, 2016 Commercial, financial, agricultural $ 434,323 $ 4,531 $ 850 $ 439,704 Lease financing — — — — Real estate – construction 402,156 393 — 402,549 Real estate – 1-4 family mortgage 190,882 3,374 6,129 200,385 Real estate – commercial mortgage 1,734,523 18,118 13,088 1,765,729 Installment loans to individuals — — — — Total $ 2,761,884 $ 26,416 $ 20,067 $ 2,808,367 For portfolio balances of consumer, small balance consumer mortgage loans, such as 1-4 family mortgage loans 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, 2017 Commercial, financial, agricultural $ 151,232 $ 1,245 $ 152,477 Lease financing 47,816 — 47,816 Real estate – construction 48,514 — 48,514 Real estate – 1-4 family mortgage 1,268,160 2,608 1,270,768 Real estate – commercial mortgage 312,431 1,175 313,606 Installment loans to individuals 92,535 134 92,669 Total $ 1,920,688 $ 5,162 $ 1,925,850 December 31, 2016 Commercial, financial, agricultural $ 148,499 $ 1,087 $ 149,586 Lease financing 46,703 138 46,841 Real estate – construction 81,377 — 81,377 Real estate – 1-4 family mortgage 1,222,816 2,529 1,225,345 Real estate – commercial mortgage 308,609 799 309,408 Installment loans to individuals 92,504 144 92,648 Total $ 1,900,508 $ 4,697 $ 1,905,205 Purchased Loans (In Thousands, Except Number of Loans) For purposes of this Note 5, all references to “loans” mean purchased loans. The following is a summary of purchased loans as of the dates presented: March 31, December 31, 2016 Commercial, financial, agricultural $ 115,229 $ 128,200 Lease financing — — Real estate – construction 35,673 68,753 Real estate – 1-4 family mortgage 431,904 452,447 Real estate – commercial mortgage 804,790 823,758 Installment loans to individuals 14,124 15,979 Gross loans 1,401,720 1,489,137 Unearned income — — Loans, net of unearned income 1,401,720 1,489,137 Past Due and Nonaccrual Loans The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 4, “Non Purchased 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, 2017 Commercial, financial, agricultural $ 524 $ 868 $ 113,142 $ 114,534 $ 2 $ 185 $ 508 $ 695 $ 115,229 Lease financing — — — — — — — — — Real estate – construction 159 — 35,514 35,673 — — — — 35,673 Real estate – 1-4 family mortgage 4,407 4,110 419,028 427,545 319 2,414 1,626 4,359 431,904 Real estate – commercial mortgage 970 6,840 793,710 801,520 136 289 2,845 3,270 804,790 Installment loans to individuals 168 79 13,706 13,953 — 4 167 171 14,124 Unearned income — — — — — — — — — Total $ 6,228 $ 11,897 $ 1,375,100 $ 1,393,225 $ 457 $ 2,892 $ 5,146 $ 8,495 $ 1,401,720 December 31, 2016 Commercial, financial, agricultural $ 823 $ 990 $ 125,417 $ 127,230 $ 260 $ 381 $ 329 $ 970 $ 128,200 Lease financing — — — — — — — — — Real estate – construction 527 321 67,760 68,608 — 145 — 145 68,753 Real estate – 1-4 family mortgage 4,572 3,382 440,258 448,212 417 2,047 1,771 4,235 452,447 Real estate – commercial mortgage 3,045 6,112 808,886 818,043 — 2,661 3,054 5,715 823,758 Installment loans to individuals 96 10 15,591 15,697 — 156 126 282 15,979 Unearned income — — — — — — — — — Total $ 9,063 $ 10,815 $ 1,457,912 $ 1,477,790 $ 677 $ 5,390 $ 5,280 $ 11,347 $ 1,489,137 Impaired Loans The Company’s policies with respect to the determination of whether a loan is impaired and the treatment of such loans are described above in Note 4, “Non Purchased Loans.” Loans accounted for under ASC 310-20, and which 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, 2017 Commercial, financial, agricultural $ 567 $ 121 $ 423 $ 544 $ 18 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 5,463 1,746 3,114 4,860 54 Real estate – commercial mortgage 3,108 2,898 178 3,076 52 Installment loans to individuals 101 62 13 75 3 Total $ 9,239 $ 4,827 $ 3,728 $ 8,555 $ 127 December 31, 2016 Commercial, financial, agricultural $ 732 $ 487 $ 224 $ 711 $ 310 Lease financing — — — — — Real estate – construction 147 145 — 145 — Real estate – 1-4 family mortgage 3,095 1,496 1,385 2,881 43 Real estate – commercial mortgage 2,485 2,275 183 2,458 48 Installment loans to individuals 215 135 55 190 114 Totals $ 6,674 $ 4,538 $ 1,847 $ 6,385 $ 515 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 541 $ 2 $ 8 $ — Lease financing — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 5,481 21 810 9 Real estate – commercial mortgage 3,090 35 1,515 10 Installment loans to individuals 85 — — — Total $ 9,197 $ 58 $ 2,333 $ 19 Loans accounted for under ASC 310-30, and which 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, 2017 Commercial, financial, agricultural $ 21,357 $ 6,451 $ 6,577 $ 13,028 $ 378 Lease financing — — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 80,398 20,725 47,340 68,065 767 Real estate – commercial mortgage 214,450 58,271 114,448 172,719 1,573 Installment loans to individuals 2,091 527 1,400 1,927 1 Total $ 318,296 $ 85,974 $ 169,765 $ 255,739 $ 2,719 December 31, 2016 Commercial, financial, agricultural $ 20,697 $ 4,555 $ 7,439 $ 11,994 $ 372 Lease financing — — — — — Real estate – construction 1,141 — 840 840 — Real estate – 1-4 family mortgage 86,725 21,887 50,065 71,952 841 Real estate – commercial mortgage 229,075 62,449 122,538 184,987 1,606 Installment loans to individuals 2,466 366 1,619 1,985 1 Totals $ 340,104 $ 89,257 $ 182,501 $ 271,758 $ 2,820 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 14,088 $ 247 $ 18,024 $ 327 Lease financing — — — — Real estate – construction — — 2,608 25 Real estate – 1-4 family mortgage 78,341 865 101,089 953 Real estate – commercial mortgage 196,807 2,319 250,041 2,831 Installment loans to individuals 2,104 21 2,954 29 Total $ 291,340 $ 3,452 $ 374,716 $ 4,165 Restructured Loans An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 4, “Non Purchased 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 Three months ended March 31, 2017 Real estate – 1-4 family mortgage 10 2,221 1,823 Real estate – commercial mortgage 4 2,721 1,986 Total 14 $ 4,942 $ 3,809 Three months ended March 31, 2016 Real estate – 1-4 family mortgage 6 352 242 Real estate – commercial mortgage 2 612 605 Total 8 $ 964 $ 847 There were two restructured loans in the amount of $52 contractually 90 days past due or more and still accruing at March 31, 2017 and no restructured loans contractually 90 days past due or more and still accruing at March 31, 2016 . The outstanding balance of restructured loans on nonaccrual status was $1,201 and $5,041 at March 31, 2017 and March 31, 2016 , respectively. Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2017 42 $ 4,028 Additional loans with concessions 14 3,825 Reductions due to: Charge-offs (1 ) (17 ) Principal paydowns — (74 ) Totals at March 31, 2017 55 $ 7,762 The allocated allowance for loan losses attributable to restructured loans was $31 and $91 at March 31, 2017 and March 31, 2016 , respectively. The Company had $1,245 and no remaining availability under commitments to lend additional funds on these restructured loans at March 31, 2017 or March 31, 2016 , respectively. Credit Quality A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 4, “Non Purchased Loans.” The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total March 31, 2017 Commercial, financial, agricultural $ 89,802 $ 1,959 $ 1,143 $ 92,904 Lease financing — — — — Real estate – construction 34,405 — — 34,405 Real estate – 1-4 family mortgage 101,652 6,578 719 108,949 Real estate – commercial mortgage 601,582 8,007 710 610,299 Installment loans to individuals — — 4 4 Total $ 827,441 $ 16,544 $ 2,576 $ 846,561 December 31, 2016 Commercial, financial, agricultural $ 102,777 $ 2,370 $ 1,491 $ 106,638 Lease financing — — — — Real estate – construction 61,206 2,640 — 63,846 Real estate – 1-4 family mortgage 105,265 7,665 364 113,294 Real estate – commercial mortgage 608,192 8,445 723 617,360 Installment loans to individuals — — 114 114 Total $ 877,440 $ 21,120 $ 2,692 $ 901,252 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, 2017 Commercial, financial, agricultural $ 9,234 $ 63 $ 9,297 Lease financing — — — Real estate – construction 1,268 — 1,268 Real estate – 1-4 family mortgage 253,172 1,718 254,890 Real estate – commercial mortgage 21,715 57 21,772 Installment loans to individuals 11,961 232 12,193 Total $ 297,350 $ 2,070 $ 299,420 December 31, 2016 Commercial, financial, agricultural $ 9,489 $ 79 $ 9,568 Lease financing — — — Real estate – construction 3,601 5 466 4,067 Real estate – 1-4 family mortgage 265,697 1,504 267,201 Real estate – commercial mortgage 21,353 58 21,411 Installment loans to individuals 13,712 168 13,880 Total $ 313,852 $ 2,275 $ 316,127 Loans Purchased with Deteriorated Credit Quality Loans purchased 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: Total Purchased Credit Deteriorated Loans March 31, 2017 Commercial, financial, agricultural $ 13,028 Lease financing — Real estate – construction — Real estate – 1-4 family mortgage 68,065 Real estate – commercial mortgage 172,719 Installment loans to individuals 1,927 Total $ 255,739 December 31, 2016 Commercial, financial, agricultural $ 11,994 Lease financing — Real estate – construction 840 Real estate – 1-4 family mortgage 71,952 Real estate – commercial mortgage 184,987 Installment loans to individuals 1,985 Total $ 271,758 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, 2017 : Total Purchased Credit Deteriorated Loans Contractually-required principal and interest $ 366,954 Nonaccretable difference (1) (79,190 ) Cash flows expected to be collected 287,764 Accretable yield (2) (32,025 ) Fair value $ 255,739 (1) Represents contractual principal and interest cash flows of $79,174 and $16 , respectively, not expected to be collected. (2) Represents contractual interest payments of $758 expected to be collected and purchase discount of $31,267 . Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows: Total Purchased Credit Deteriorated Loans Balance at January 1, 2017 $ (36,326 ) Additions due to acquisition — Reclasses from nonaccretable difference 657 Accretion 3,263 Charge-offs 381 Balance at March 31, 2017 $ (32,025 ) The following table presents the fair value of loans purchased from KeyWorth as of the April 1, 2016 acquisition date. At acquisition date: April 1, 2016 Contractually-required principal and interest $ 289,495 Nonaccretable difference 3,848 Cash flows expected to be collected 285,647 Accretable yield 13,317 Fair value $ 272,330 |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses (In Thousands, Except Number of Loans) The following is a summary of non purchased and purchased loans as of the dates presented: March 31, December 31, 2016 Commercial, financial, agricultural $ 741,466 $ 717,490 Lease financing 50,462 49,250 Real estate – construction 413,734 552,679 Real estate – 1-4 family mortgage 1,917,567 1,878,177 Real estate – commercial mortgage 3,008,429 2,898,895 Installment loans to individuals 106,793 108,627 Gross loans 6,238,451 6,205,118 Unearned income (2,646 ) (2,409 ) Loans, net of unearned income 6,235,805 6,202,709 Allowance for loan losses (42,923 ) (42,737 ) Net loans $ 6,192,882 $ 6,159,972 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, 2017 Allowance for loan losses: Beginning balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Charge-offs (832 ) — (275 ) (227 ) (264 ) (1,598 ) Recoveries 57 31 82 95 19 284 Net (charge-offs) recoveries (775 ) 31 (193 ) (132 ) (245 ) (1,314 ) Provision for loan losses charged to operations (2) 401 (292 ) (1,939 ) 3,146 184 1,500 Ending balance $ 5,112 $ 2,119 $ 12,162 $ 22,073 $ 1,457 $ 42,923 Period-End Amount Allocated to: Individually evaluated for impairment $ 165 $ — $ 1,139 $ 2,670 $ 3 $ 3,977 Collectively evaluated for impairment 4,569 2,119 10,256 17,830 1,453 36,227 Purchased with deteriorated credit quality 378 — 767 1,573 1 2,719 Ending balance $ 5,112 $ 2,119 $ 12,162 $ 22,073 $ 1,457 $ 42,923 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 (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 Purchased 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 (1) Includes lease financing receivables. (2) Due to the termination of the loss-share agreements on December 8, 2016, there was no loss-share impact to the provision for loan losses in the first quarter of 2017. 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, 2017 Individually evaluated for impairment $ 2,729 $ — $ 15,859 $ 18,122 $ 192 $ 36,902 Collectively evaluated for impairment 725,709 413,734 1,833,643 2,817,588 152,490 5,943,164 Purchased with deteriorated credit quality 13,028 — 68,065 172,719 1,927 255,739 Ending balance $ 741,466 $ 413,734 $ 1,917,567 $ 3,008,429 $ 154,609 $ 6,235,805 December 31, 2016 Individually evaluated for impairment $ 1,886 $ 662 $ 12,088 $ 13,079 $ 277 $ 27,992 Collectively evaluated for impairment 703,610 551,177 1,794,137 2,700,829 153,206 5,902,959 Purchased with deteriorated credit quality 11,994 840 71,952 184,987 1,985 271,758 Ending balance $ 717,490 $ 552,679 $ 1,878,177 $ 2,898,895 $ 155,468 $ 6,202,709 (1) Includes lease financing receivables. |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2017 | |
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”) purchased and non purchased, net of valuation allowances and direct write-downs, as of the dates presented: Purchased OREO Non Purchased OREO Total OREO March 31, 2017 Residential real estate $ 2,120 $ 861 $ 2,981 Commercial real estate 6,427 1,496 7,923 Residential land development 2,215 1,049 3,264 Commercial land development 5,504 1,650 7,154 Total $ 16,266 $ 5,056 $ 21,322 December 31, 2016 Residential real estate $ 2,230 $ 699 $ 2,929 Commercial real estate 6,401 1,680 8,081 Residential land development 2,344 1,688 4,032 Commercial land development 6,395 1,862 8,257 Total $ 17,370 $ 5,929 $ 23,299 Changes in the Company’s purchased and non purchased OREO were as follows: Purchased OREO Non Purchased OREO Total OREO Balance at January 1, 2017 $ 17,370 $ 5,929 $ 23,299 Transfers of loans 2,985 183 3,168 Capitalized improvements — — — Impairments (229 ) (149 ) (378 ) Dispositions (3,516 ) (1,203 ) (4,719 ) Other (344 ) 296 (48 ) Balance at March 31, 2017 $ 16,266 $ 5,056 $ 21,322 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, 2017 2016 Repairs and maintenance $ 197 $ 197 Property taxes and insurance 332 470 Impairments 378 294 Net (gains) losses on OREO sales (327 ) 50 Rental income (48 ) (54 ) Total $ 532 $ 957 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets (In Thousands) The carrying amounts of goodwill by operating segments for the three months ended March 31, 2017 were as follows: Community Banks Insurance Total Balance at January 1, 2017 $ 467,767 $ 2,767 $ 470,534 Addition to goodwill from acquisition — — — Adjustment to previously recorded goodwill — — — Balance at March 31, 2017 $ 467,767 $ 2,767 $ 470,534 There were no adjustments to goodwill during the three months ended March 31, 2017. 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, 2017 Core deposit intangibles $ 47,992 $ (26,718 ) $ 21,274 Customer relationship intangible 1,970 (733 ) 1,237 Total finite-lived intangible assets $ 49,962 $ (27,451 ) $ 22,511 December 31, 2016 Core deposit intangibles $ 47,992 $ (25,188 ) $ 22,804 Customer relationship intangible 1,970 (700 ) 1,270 Total finite-lived intangible assets $ 49,962 $ (25,888 ) $ 24,074 Current year amortization expense for finite-lived intangible assets is presented in the table below. Three Months Ended March 31, 2017 2016 Amortization expense for: Core deposit intangibles $ 1,530 $ 1,664 Customer relationship intangible 33 33 Total intangible amortization $ 1,563 $ 1,697 The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2017 and the succeeding four years is summarized as follows: Core Deposit Intangibles Customer Relationship Intangible Total 2017 $ 5,723 $ 131 $ 5,854 2018 4,881 131 5,012 2019 4,101 131 4,232 2020 3,213 131 3,344 2021 2,273 131 2,404 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2017 | |
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. There were no impairment losses recognized during the three months ended March 31, 2017 or 2016 . During the first quarter of 2016, the Company sold MSRs relating to 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 during the three months ended March 31, 2017 . Changes in the Company’s MSRs were as follows: Balance at January 1, 2017 $ 26,302 Capitalization 3,276 Amortization (802 ) Balance at March 31, 2017 $ 28,776 Data and key economic assumptions related to the Company’s MSRs as of March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 Unpaid principal balance $ 3,045,228 $ 2,763,344 Weighted-average prepayment speed (CPR) 7.28 % 7.34 % Estimated impact of a 10% increase $ (1,147 ) $ (1,034 ) Estimated impact of a 20% increase (2,234 ) (2,010 ) Discount rate 9.65 % 9.64 % Estimated impact of a 10% increase $ (1,620 ) $ (1,368 ) Estimated impact of a 20% increase (3,110 ) (2,629 ) Weighted-average coupon interest rate 3.82 % 3.83 % Weighted-average servicing fee (basis points) 25.89 25.87 Weighted-average remaining maturity (in years) 12.49 11.11 As part of “Mortgage banking income” in the Consolidated Statements of Income, the Company recorded servicing fees of $1,233 and $1,296 for the three months ended March 31, 2017 and 2016 , respectively. |
Redemption of Long-term Debt
Redemption of Long-term Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Redemption of Long-term Debt | Redemption of Long-term Debt (In Thousands) On February 22, 2017, the Company redeemed the Heritage Financial Statutory Trust I junior subordinated debentures. The debentures were redeemed for an aggregate amount of $10,515 , which included the principal amount of $10,310 and a prepayment penalty of $205 . Prior to the redemption, the Company obtained all required board and regulatory approval. |
Employee Benefit and Deferred C
Employee Benefit and Deferred Compensation Plans | 3 Months Ended |
Mar. 31, 2017 | |
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. In connection with the acquisition of Heritage Financial Group, Inc. (“Heritage”)) in July 2015, 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. Final distribution of all benefits under the plan was completed in August 2016. 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. 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, 2017 2016 2017 2016 2017 2016 Service cost $ — $ — $ — $ — $ 3 $ 4 Interest cost 293 306 — 69 13 14 Expected (return) on plan assets (484 ) (469 ) — (45 ) — — Prior service cost recognized — — — — — — Recognized actuarial loss 100 100 — — 13 17 Settlement/curtailment/termination gains — — — — — — Net periodic benefit (return) cost $ (91 ) $ (63 ) $ — $ 24 $ 29 $ 35 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, 2017 or 2016 . The following table summarizes the changes in stock options as of and for the three months ended March 31, 2017 : Shares Weighted Average Exercise Price Options outstanding at beginning of period 185,625 $ 15.97 Granted — — Exercised (43,250 ) 15.69 Forfeited — — Options outstanding at end of period 142,375 $ 16.06 The Company awards performance-based restricted stock to executives and other officers and employees and time-based restricted stock to directors, executives and other officers and employees under the long-term equity incentive plan. The performance-based restricted stock vests upon completion of a one -year service period and the attainment of certain performance goals. Performance-based restricted stock is issued at the target level; the number of shares ultimately awarded is determined at the end of each year and may be increased or decreased depending 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, 2017 : 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 — $ — 117,345 $ 31.76 Awarded 54,450 42.22 75,725 42.22 Vested — — (30,500 ) 31.65 Cancelled — — — — Nonvested at end of period 54,450 $ 42.22 162,570 $ 36.65 During the three months ended March 31, 2017 , the Company reissued 62,434 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 $1,174 and $859 for the three months ended March 31, 2017 and 2016 , respectively. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 , the Company had notional amounts of $76,788 on interest rate contracts with corporate customers and $76,788 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 Corporation (“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 $207,662 and $120,050 at March 31, 2017 and December 31, 2016 , 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 $311,000 and $257,000 at March 31, 2017 and December 31, 2016 , 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, 2016 Derivative assets: Not designated as hedging instruments: Interest rate contracts Other Assets $ 1,713 $ 1,985 Interest rate lock commitments Other Assets 5,252 2,643 Forward commitments Other Assets 17 4,480 Totals $ 6,982 $ 9,108 Derivative liabilities: Designated as hedging instruments: Interest rate swaps Other Liabilities $ 3,134 $ 3,410 Totals $ 3,134 $ 3,410 Not designated as hedging instruments: Interest rate contracts Other Liabilities $ 1,713 $ 1,985 Interest rate lock commitments Other Liabilities 2 246 Forward commitments Other Liabilities 1,675 269 Totals $ 3,390 $ 2,500 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, 2017 2016 Derivatives not designated as hedging instruments: Interest rate contracts: Included in interest income on loans $ 679 $ 533 Interest rate lock commitments: Included in gains on sales of mortgage loans held for sale 2,853 1,628 Forward commitments Included in gains on sales of mortgage loans held for sale (5,869 ) (3,688 ) Total $ (2,337 ) $ (1,527 ) 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, 2017 or 2016 . The impact on other comprehensive income for the three months ended March 31, 2017 and 2016 , respectively, can be seen at Note 16, "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, 2016 March 31, December 31, 2016 Gross amounts recognized $ 346 $ 4,778 $ 5,855 $ 4,893 Gross amounts offset in the Consolidated Balance Sheets — — — — Net amounts presented in the Consolidated Balance Sheets 346 4,778 5,855 4,893 Gross amounts not offset in the Consolidated Balance Sheets Financial instruments 346 567 346 567 Financial collateral pledged — — 4,549 4,326 Net amounts $ — $ 4,211 $ 960 $ — |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 2016 Deferred tax assets Allowance for loan losses $ 19,999 $ 20,787 $ 19,934 Loans 21,159 29,042 23,240 Deferred compensation 9,120 10,786 11,254 Securities 2,440 2,572 2,439 Net unrealized losses on securities - OCI 8,209 4,876 10,096 Impairment of assets 1,962 3,280 2,512 Federal and State net operating loss carryforwards 3,354 5,124 2,867 Intangibles 1,229 — 1,247 Other 2,834 4,957 3,463 Gross deferred tax assets 70,306 81,424 77,052 Valuation allowance on state net operating loss carryforwards — — — Total deferred tax assets 70,306 81,424 77,052 Deferred tax liabilities FDIC loss-share indemnification asset — 1,807 — Investment in partnerships 1,414 2,343 1,556 Core deposit intangible — 2,992 — Fixed assets 2,248 924 2,517 Mortgage servicing rights 3,359 3,977 3,360 Junior subordinated debt 4,058 4,234 4,111 Other 2,428 4,855 2,876 Total deferred tax liabilities 13,507 21,132 14,420 Net deferred tax assets $ 56,799 $ 60,292 $ 62,632 The Company acquired federal and state net operating losses as part of the Heritage acquisition. The federal net operating loss acquired totaled $18,321 , of which $6,719 remained to be utilized as of March 31, 2017 , while state net operating losses totaled $17,168 , of which $10,835 remained to be utilized as of March 31, 2017 . Both the federal and state net operating losses 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, 2017 or 2016 or the year ended December 31, 2016 . |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Projects | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and December 31, 2016 , the Company’s carrying value of QAHPs was $3,623 and $6,331 , respectively. During the quarter, the Company sold its interest in a limited liability partnership which reduced the carrying value of the investment in QAHPs by approximately $2,450 . 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, 2017 2016 Tax credit amortization $ 262 $ 324 Tax credits and other benefits (460 ) (471 ) Total $ (198 ) $ (147 ) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
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 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, 2017 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 2,149 $ — $ 2,149 Residential mortgage-backed securities: Government agency mortgage backed securities — 411,255 — 411,255 Government agency collateralized mortgage obligations — 190,386 — 190,386 Commercial mortgage-backed securities: Government agency mortgage backed securities — 50,872 — 50,872 Government agency collateralized mortgage obligations — 1,744 — 1,744 Trust preferred securities — — 17,823 17,823 Other debt securities — 22,656 — 22,656 Total securities available for sale — 679,062 17,823 696,885 Derivative instruments: Interest rate contracts — 1,713 — 1,713 Interest rate lock commitments — 5,252 — 5,252 Forward commitments — 17 — 17 Total derivative instruments — 6,982 — 6,982 Mortgage loans held for sale — 158,619 — 158,619 Total financial assets $ — $ 844,663 $ 17,823 $ 862,486 Financial liabilities: Derivative instruments: Interest rate swaps $ — $ 3,134 $ — $ 3,134 Interest rate contracts — 1,713 — 1,713 Interest rate lock commitments — 2 — 2 Forward commitments — 1,675 — 1,675 Total derivative instruments — 6,524 — 6,524 Total financial liabilities $ — $ 6,524 $ — $ 6,524 Level 1 Level 2 Level 3 Totals December 31, 2016 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 2,158 $ — $ 2,158 Residential mortgage-backed securities: Government agency mortgage backed securities — 409,317 — 409,317 Government agency collateralized mortgage obligations — 168,826 — 168,826 Commercial mortgage-backed securities: Government agency mortgage backed securities — 50,863 — 50,863 Government agency collateralized mortgage obligations — 2,550 — 2,550 Trust preferred securities — — 18,389 18,389 Other debt securities — 22,145 — 22,145 Total securities available for sale — 655,859 18,389 674,248 Derivative instruments: Interest rate contracts — 1,985 — 1,985 Interest rate lock commitments — 2,643 — 2,643 Forward commitments — 4,480 — 4,480 Total derivative instruments — 9,108 — 9,108 Mortgage loans held for sale — 177,866 — 177,866 Total financial assets $ — $ 842,833 $ 18,389 $ 861,222 Financial liabilities: Derivative instruments: Interest rate swaps $ — $ 3,410 $ — $ 3,410 Interest rate contracts — 1,985 — 1,985 Forward commitments — 269 — 269 Total derivative instruments — 5,910 — 5,910 Total financial liabilities $ — $ 5,910 $ — $ 5,910 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, 2017 . 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, 2017 and 2016 , respectively: Three Months Ended March 31, 2017 Trust preferred securities Balance at January 1, 2017 $ 18,389 Accretion included in net income 8 Unrealized losses included in other comprehensive income 537 Purchases — Sales — Issues — Settlements (1,111 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at March 31, 2017 $ 17,823 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 For each of the three months ended March 31, 2017 and 2016 , 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, 2017 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 $ 17,823 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, 2017 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 11,943 $ 11,943 OREO — — 6,027 6,027 Total $ — $ — $ 17,970 $ 17,970 December 31, 2016 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 4,101 $ 4,101 OREO — — 6,741 6,741 Mortgage servicing rights — — 26,302 26,302 Total $ — $ — $ 37,144 $ 37,144 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 that were measured or re-measured at fair value had a carrying value of $12,414 and $4,406 at March 31, 2017 and December 31, 2016 , respectively, and a specific reserve for these loans of $471 and $305 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 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, 2016 Carrying amount prior to remeasurement $ 6,406 $ 8,290 Impairment recognized in results of operations (379 ) (1,549 ) Fair value $ 6,027 $ 6,741 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, 2017 and December 31, 2016 , and $40 in impairment charges were recognized in earnings as of December 31, 2016 . There were no impairment charges recognized in earnings for the three months ended March 31, 2017 . The following table presents information as of March 31, 2017 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 $ 11,943 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO 6,027 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 $3,998 and $5,527 resulting from fair value changes of these mortgage loans were recorded in income during the three months ended March 31, 2017 and 2016 , 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, 2017 Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale measured at fair value $ 158,619 $ 152,719 $ 5,900 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, 2017 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 370,744 $ 370,744 $ — $ — $ 370,744 Securities held to maturity 347,977 — 357,216 — 357,216 Securities available for sale 696,885 — 679,062 17,823 696,885 Mortgage loans held for sale 158,619 — 158,619 — 158,619 Loans, net 6,192,882 — — 6,122,605 6,122,605 Mortgage servicing rights 28,776 — — 36,996 36,996 Derivative instruments 6,982 — 6,982 — 6,982 Financial liabilities Deposits $ 7,230,850 $ 5,624,281 $ 1,607,568 $ — $ 7,231,849 Short-term borrowings 9,955 9,955 — — 9,955 Other long-term borrowings 135 135 — — 135 Federal Home Loan Bank advances 8,284 — 8,917 — 8,917 Junior subordinated debentures 85,470 — 64,908 — 64,908 Subordinated notes 98,162 — 101,300 — 101,300 Derivative instruments 6,524 — 6,524 — 6,524 Fair Value As of December 31, 2016 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 306,224 $ 306,224 $ — $ — $ 306,224 Securities held to maturity 356,282 — 362,893 — 362,893 Securities available for sale 674,248 — 655,859 18,389 674,248 Mortgage loans held for sale 177,866 — 177,866 — 177,866 Loans, net 6,159,972 — — 5,989,790 5,989,790 Mortgage servicing rights 26,302 — — 32,064 32,064 Derivative instruments 9,108 — 9,108 — 9,108 Financial liabilities Deposits $ 7,059,137 $ 5,438,384 $ 1,631,027 $ — $ 7,069,411 Short-term borrowings 109,676 109,676 — — 109,676 Other long-term borrowings 147 147 — — 147 Federal Home Loan Bank advances 8,542 — 8,777 — 8,777 Junior subordinated debentures 95,643 — 73,301 — 73,301 Subordinated notes 98,127 — 101,000 — 101,000 Derivative instruments 5,910 — 5,910 — 5,910 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, net : For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values of fixed-rate loans, including mortgages, commercial, agricultural and consumer loans, are estimated using a discounted cash flow analysis based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. 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 short-term FHLB advances. 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 and subordinated notes : The fair value for the Company’s junior subordinated debentures and subordinated notes is determined using quoted market prices for similar instruments traded in active markets. |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income (In Thousands) Changes in the components of other comprehensive income, net of tax, were as follows for the periods presented: Pre-Tax Tax Expense (Benefit) Net of Tax Three months ended March 31, 2017 Securities available for sale: Unrealized holding gains on securities $ 4,739 $ 1,832 $ 2,907 Amortization of unrealized holding gains on securities transferred to the held to maturity category (246 ) (95 ) (151 ) Total securities available for sale 4,493 1,737 2,756 Derivative instruments: Unrealized holding gains on derivative instruments 276 107 169 Total derivative instruments 276 107 169 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 113 44 69 Total defined benefit pension and post-retirement benefit plans 113 44 69 Total other comprehensive income $ 4,882 $ 1,888 $ 2,994 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 loss 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 The accumulated balances for each component of other comprehensive income (loss), net of tax, were as follows as of the dates presented: March 31, December 31, 2016 Unrealized gains on securities $ 11,274 $ 9,490 Non-credit related portion of other-than-temporary impairment on securities (15,747 ) (16,719 ) Unrealized losses on derivative instruments (1,186 ) (1,355 ) Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (7,251 ) (7,320 ) Total accumulated other comprehensive loss $ (12,910 ) $ (15,904 ) |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
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 service-based restricted stock awards fully vested and 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, 2017 2016 Basic Net income applicable to common stock $ 23,972 $ 21,216 Average common shares outstanding 44,364,337 40,324,475 Net income per common share - basic $ 0.54 $ 0.53 Diluted Net income applicable to common stock $ 23,972 $ 21,216 Average common shares outstanding 44,364,337 40,324,475 Effect of dilutive stock-based compensation 116,162 234,670 Average common shares outstanding - diluted 44,480,499 40,559,145 Net income per common share - diluted $ 0.54 $ 0.52 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, 2017 2016 Number of shares — 21,500 Exercise prices — $32.60 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2017 | |
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 the dates presented: March 31, 2017 December 31, 2016 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 860,684 10.39 % $ 858,850 10.59 % Common Equity Tier 1 Capital to Risk-Weighted Assets 778,273 11.69 % 766,560 11.47 % Tier 1 Capital to Risk-Weighted Assets 860,684 12.93 % 858,850 12.86 % Total Capital to Risk-Weighted Assets 1,006,093 15.11 % 1,004,038 15.03 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 864,457 10.46 % $ 824,850 10.20 % Common Equity Tier 1 Capital to Risk-Weighted Assets 864,457 13.00 % 824,850 12.38 % Tier 1 Capital to Risk-Weighted Assets 864,457 13.00 % 824,850 12.38 % Total Capital to Risk-Weighted Assets 911,704 13.71 % 871,911 13.09 % 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: Replaced the former 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: Replaced the former 100% risk weight with a 150% risk weight for certain high volatility commercial real estate acquisition, development and construction loans. — Nonperforming loans: Replaced the former 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 will 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). |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2017 | |
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 as of and for the periods presented: Community Banks Insurance Wealth Management Other Consolidated Three months ended March 31, 2017 Net interest income (loss) $ 75,956 $ 92 $ 487 $ (2,520 ) $ 74,015 Provision for loan losses 1,500 — — — 1,500 Noninterest income 26,578 2,549 3,119 (225 ) 32,021 Noninterest expense 64,221 1,692 2,996 400 69,309 Income (loss) before income taxes 36,813 949 610 (3,145 ) 35,227 Income tax expense (benefit) 12,110 375 — (1,230 ) 11,255 Net income (loss) $ 24,703 $ 574 $ 610 $ (1,915 ) $ 23,972 Total assets $ 8,673,576 $ 24,032 $ 54,537 $ 12,566 $ 8,764,711 Goodwill 467,767 2,767 — — 470,534 Three months ended March 31, 2016 Net interest income (loss) $ 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 tax expense (benefit) 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 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
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 (“GAAP”) 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 GAAP 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. Certain prior year amounts have been reclassified to conform to the current year presentation. 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/A for the year ended December 31, 2016 filed with the Securities and Exchange Commission on February 28, 2017. |
Business Combinations | Business Combinations : The Company completed its acquisition of KeyWorth Bank ("KeyWorth") on April 1, 2016. The acquired institution's financial condition and results of operations are included in the Company's financial condition and results of operations as of the acquisition date. |
Use of Estimates | Use of Estimates : The preparation of financial statements in conformity with GAAP 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. The Company has determined that no significant events occurred after March 31, 2017 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 May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of this standard to annual and interim periods beginning after December 15, 2017. The Company is currently evaluating the impact, if any, ASU 2014-09 will have on its financial position, results of operations, and its financial statement disclosures. In January 2016, FASB issued ASU 2016-01, “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 February 2016, FASB issued ASU 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 currently evaluating the impact ASU 2016-02 will have on its financial position, results of operations, and other financial statement disclosures, and the expected results include the recognition of leased assets and related lease liabilities on the balance sheet, along with leasehold amortization and interest expense recognized in the statement of income. In March 2016, the FASB issued 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 flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes. The Company adopted ASU 2016-09 beginning January 1, 2017 and, as a result recognized as income tax expense in the Company's consolidated statement of income for the three months ended March 31, 2017 an excess tax benefit realized from the exercise of stock options and vesting of restricted stock. Furthermore, the presentation of certain elements of share-based payment transactions in the Company's consolidated statements of cash flows was updated to comply with the standard update. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). The update will significantly change the way entities recognize impairment on many financial assets by requiring immediate recognition of estimated credit losses expected to occur over the asset's remaining life. The FASB describes this impairment recognition 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 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. For public companies, this update becomes effective for interim and annual periods beginning after December 15, 2019. The Company has formed an implementation committee comprised of both accounting and credit employees to guide Renasant Bank through the implementation of ASU 2016-13. Currently, this committee is gaining an understanding of the potential impact of the CECL model, reviewing the model requirements and ensuring data integrity across all reporting systems. The Company has also engaged consulting firms and software providers to assist in evaluating the varying approaches to the implementation of the CECL model. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 is intended to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows, including (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions and (8) separately identifiable cash flows and application of the predominance principle. For public companies, this amendment becomes effective for interim and annual periods beginning after December 15, 2017. The ASU only impacts the presentation of specific items within the Statement of Cash Flows and is not expected to have a material impact to the Company. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business” (“ASU 2017-01”) that changes the definition of a business when evaluating whether transactions should be accounted for as the acquisition of assets or the acquisition of a business. ASU 2017-01 requires an entity to evaluate if substantially all of the fair value of the assets acquired are concentrated in a single asset or a group of similar identifiable assets; if so, the acquired assets or group of similar identifiable assets is not considered a business. In addition, the guidance requires that to be considered a business, the acquired assets must include an input and a substantive process that together significantly contribute to the ability to create output. The ASU removes the evaluation of whether a market participant could replace any of the missing elements. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017 and is not expected to have a material impact on the Company’s financial statements. In January 2017, the FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323) Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings” (“ASU 2017-03”), that provides guidance on additional qualitative disclosures required when the impact that the adoption of ASU 2014-09, ASU 2016-02 and ASU 2016-13 will have on a registrant's financial statements cannot reasonably be estimated by a registrant. ASU 2017-03 was effective when issued and the appropriate disclosures have been added where necessary. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350)” (“ASU 2017-04”). ASU 2017-04 will amend and simplify current goodwill impairment testing by eliminating certain testing under the current provisions. Under the new guidance, an entity should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the quantitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 will be effective for interim and annual periods beginning after December 15, 2019 and is not expected to have a significant impact on the Company’s financial statements. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”). ASU 2017-07 requires employers to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. These amendments also allow only the service cost component to be eligible for capitalization when applicable. ASU 2017-07 will be effective for interim and annual periods beginning after December 15, 2017. The Company is evaluating the effect that ASU 2017-07 will have on its financial position, results of operations and its financial statement disclosures. In March 2017, the FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). ASU 2017-08 requires the amortization period for certain callable debt securities held at a premium to be the earliest call date. ASU 2017-08 will be effective for interim and annual periods beginning after December 15, 2018. The Company is evaluating the effect that ASU 2017-08 will have on its financial position, results of operations and its financial statement disclosures. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 Obligations of other U.S. Government agencies and corporations $ 12,602 $ 4 $ (137 ) $ 12,469 Obligations of states and political subdivisions 335,375 10,299 (927 ) 344,747 $ 347,977 $ 10,303 $ (1,064 ) $ 357,216 December 31, 2016 Obligations of other U.S. Government agencies and corporations $ 14,101 $ 4 $ (187 ) $ 13,918 Obligations of states and political subdivisions 342,181 8,572 (1,778 ) 348,975 $ 356,282 $ 8,576 $ (1,965 ) $ 362,893 |
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, 2017 Obligations of other U.S. Government agencies and corporations $ 2,060 $ 89 $ — $ 2,149 Residential mortgage backed securities: Government agency mortgage backed securities 412,710 2,710 (4,165 ) 411,255 Government agency collateralized mortgage obligations 192,294 879 (2,787 ) 190,386 Commercial mortgage backed securities: Government agency mortgage backed securities 50,397 777 (302 ) 50,872 Government agency collateralized mortgage obligations 1,756 1 (13 ) 1,744 Trust preferred securities 22,646 — (4,823 ) 17,823 Other debt securities 22,442 354 (140 ) 22,656 $ 704,305 $ 4,810 $ (12,230 ) $ 696,885 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2016 Obligations of other U.S. Government agencies and corporations $ 2,066 $ 92 $ — $ 2,158 Residential mortgage backed securities: Government agency mortgage backed securities 414,019 1,941 (6,643 ) 409,317 Government agency collateralized mortgage obligations 171,362 831 (3,367 ) 168,826 Commercial mortgage backed securities: Government agency mortgage backed securities 50,628 696 (461 ) 50,863 Government agency collateralized mortgage obligations 2,528 38 (16 ) 2,550 Trust preferred securities 23,749 — (5,360 ) 18,389 Other debt securities 22,053 310 (218 ) 22,145 $ 686,405 $ 3,908 $ (16,065 ) $ 674,248 |
Schedule of realized gains | Gross realized gains on sales of securities available for sale for the three months ended March 31, 2017 and 2016 , respectively, were as follows: Three Months Ended March 31, 2017 2016 Gross gains on sales of securities available for sale $ — $ — Gross losses on sales of securities available for sale — (71 ) Losses 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, 2017 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 $ 14,742 $ 14,860 $ — $ — Due after one year through five years 107,452 110,966 2,060 2,148 Due after five years through ten years 128,319 130,878 2,043 2,071 Due after ten years 97,464 100,512 22,646 17,823 Residential mortgage backed securities: Government agency mortgage backed securities — — 412,710 411,255 Government agency collateralized mortgage obligations — — 192,294 190,386 Commercial mortgage backed securities: Government agency mortgage backed securities — — 50,397 50,872 Government agency collateralized mortgage obligations — — 1,756 1,744 Other debt securities — — 20,399 20,586 $ 347,977 $ 357,216 $ 704,305 $ 696,885 |
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, 2017 Obligations of other U.S. Government agencies and corporations 4 $ 11,965 $ (137 ) 0 $ — $ — 4 $ 11,965 $ (137 ) Obligations of states and political subdivisions 53 44,193 (927 ) 0 — — 53 44,193 (927 ) Total 57 $ 56,158 $ (1,064 ) 0 $ — $ — 57 56,158 $ (1,064 ) December 31, 2016 Obligations of other U.S. Government agencies and corporations 4 $ 11,915 $ (187 ) 0 $ — $ — 4 $ 11,915 $ (187 ) Obligations of states and political subdivisions 102 83,362 (1,778 ) 0 — — 102 83,362 (1,778 ) Total 106 $ 95,277 $ (1,965 ) 0 $ — $ — 106 $ 95,277 $ (1,965 ) Available for Sale: March 31, 2017 Obligations of other U.S. Government agencies and corporations 0 $ — $ — 0 $ — $ — 0 $ — $ — Residential mortgage backed securities: Government agency mortgage backed securities 104 256,655 (3,585 ) 8 17,487 (580 ) 112 274,142 (4,165 ) Government agency collateralized mortgage obligations 36 106,006 (1,475 ) 15 34,769 (1,312 ) 51 140,775 (2,787 ) Commercial mortgage backed securities: Government agency mortgage backed securities 6 15,666 (294 ) 2 1,091 (8 ) 8 16,757 (302 ) Government agency collateralized mortgage obligations 1 1,723 (13 ) 0 — — 1 1,723 (13 ) Trust preferred securities 0 — — 3 17,823 (4,823 ) 3 17,823 (4,823 ) Other debt securities 2 6,971 (131 ) 2 2,410 (9 ) 4 9,381 (140 ) Total 149 $ 387,021 $ (5,498 ) 30 $ 73,580 $ (6,732 ) 179 $ 460,601 $ (12,230 ) December 31, 2016 Obligations of other U.S. Government agencies and corporations 0 $ — $ — 0 $ — $ — 0 $ — $ — Residential mortgage backed securities: Government agency mortgage backed securities 131 298,400 (6,042 ) 5 11,504 (601 ) 136 309,904 (6,643 ) Government agency collateralized mortgage obligations 40 97,356 (1,845 ) 14 33,786 (1,522 ) 54 131,142 (3,367 ) Commercial mortgage backed securities: Government agency mortgage backed securities 9 21,933 (453 ) 2 1,101 (8 ) 11 23,034 (461 ) Government agency collateralized mortgage obligations 1 1,729 (16 ) 0 — — 1 1,729 (16 ) Trust preferred securities 0 — — 3 18,389 (5,360 ) 3 18,389 (5,360 ) Other debt securities 3 7,946 (208 ) 2 2,475 (10 ) 5 10,421 (218 ) Total 184 $ 427,364 $ (8,564 ) 26 $ 67,255 $ (7,501 ) 210 $ 494,619 $ (16,065 ) |
Investments in pooled trust preferred securities | The following table provides information regarding the Company’s investments in pooled trust preferred securities at March 31, 2017 : Name Single/ Pooled Class/ Tranche Amortized Cost Fair Value Unrealized Loss Lowest Credit Rating Issuers Currently in Deferral or Default XXIII Pooled B-2 $ 8,286 $ 5,790 $ (2,496 ) Baa3 17 % XXIV Pooled B-2 10,167 8,917 (1,250 ) Caa2 23 % XXVI Pooled B-2 4,193 3,116 (1,077 ) Ba3 19 % $ 22,646 $ 17,823 $ (4,823 ) |
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: 2017 2016 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 ) |
Non Purchased Loans (Tables)
Non Purchased Loans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Summary of loans | The following is a summary of non purchased loans and leases as of the dates presented: March 31, December 31, 2016 Commercial, financial, agricultural $ 626,237 $ 589,290 Lease financing 50,462 49,250 Real estate – construction 378,061 483,926 Real estate – 1-4 family mortgage 1,485,663 1,425,730 Real estate – commercial mortgage 2,203,639 2,075,137 Installment loans to individuals 92,669 92,648 Gross loans 4,836,731 4,715,981 Unearned income (2,646 ) (2,409 ) Loans, net of unearned income 4,834,085 4,713,572 The following is a summary of purchased loans as of the dates presented: March 31, December 31, 2016 Commercial, financial, agricultural $ 115,229 $ 128,200 Lease financing — — Real estate – construction 35,673 68,753 Real estate – 1-4 family mortgage 431,904 452,447 Real estate – commercial mortgage 804,790 823,758 Installment loans to individuals 14,124 15,979 Gross loans 1,401,720 1,489,137 Unearned income — — Loans, net of unearned income 1,401,720 1,489,137 The following is a summary of non purchased and purchased loans as of the dates presented: March 31, December 31, 2016 Commercial, financial, agricultural $ 741,466 $ 717,490 Lease financing 50,462 49,250 Real estate – construction 413,734 552,679 Real estate – 1-4 family mortgage 1,917,567 1,878,177 Real estate – commercial mortgage 3,008,429 2,898,895 Installment loans to individuals 106,793 108,627 Gross loans 6,238,451 6,205,118 Unearned income (2,646 ) (2,409 ) Loans, net of unearned income 6,235,805 6,202,709 Allowance for loan losses (42,923 ) (42,737 ) Net loans $ 6,192,882 $ 6,159,972 |
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, 2017 Commercial, financial, agricultural $ 300 $ 59 $ 623,693 $ 624,052 $ 467 $ 1,407 $ 311 $ 2,185 $ 626,237 Lease financing 181 — 50,281 50,462 — — — — 50,462 Real estate – construction 231 — 377,830 378,061 — — — — 378,061 Real estate – 1-4 family mortgage 4,234 718 1,476,098 1,481,050 88 1,848 2,677 4,613 1,485,663 Real estate – commercial mortgage 2,435 1,315 2,194,109 2,197,859 — 1,892 3,888 5,780 2,203,639 Installment loans to individuals 346 82 92,189 92,617 52 — 52 92,669 Unearned income (2,646 ) (2,646 ) — (2,646 ) Total $ 7,727 $ 2,174 $ 4,811,554 $ 4,821,455 $ 555 $ 5,199 $ 6,876 $ 12,630 $ 4,834,085 December 31, 2016 Commercial, financial, agricultural $ 811 $ 720 $ 586,730 $ 588,261 $ — $ 932 $ 97 $ 1,029 $ 589,290 Lease financing 193 — 48,919 49,112 — 138 — 138 49,250 Real estate – construction 995 — 482,931 483,926 — — — — 483,926 Real estate – 1-4 family mortgage 6,189 1,136 1,414,254 1,421,579 161 1,222 2,768 4,151 1,425,730 Real estate – commercial mortgage 2,283 99 2,066,821 2,069,203 580 2,778 2,576 5,934 2,075,137 Installment loans to individuals 324 124 92,179 92,627 — 21 — 21 92,648 Unearned income — — (2,409 ) (2,409 ) — — — — (2,409 ) Total $ 10,795 $ 2,079 $ 4,689,425 $ 4,702,299 $ 741 $ 5,091 $ 5,441 $ 11,273 $ 4,713,572 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, 2017 Commercial, financial, agricultural $ 524 $ 868 $ 113,142 $ 114,534 $ 2 $ 185 $ 508 $ 695 $ 115,229 Lease financing — — — — — — — — — Real estate – construction 159 — 35,514 35,673 — — — — 35,673 Real estate – 1-4 family mortgage 4,407 4,110 419,028 427,545 319 2,414 1,626 4,359 431,904 Real estate – commercial mortgage 970 6,840 793,710 801,520 136 289 2,845 3,270 804,790 Installment loans to individuals 168 79 13,706 13,953 — 4 167 171 14,124 Unearned income — — — — — — — — — Total $ 6,228 $ 11,897 $ 1,375,100 $ 1,393,225 $ 457 $ 2,892 $ 5,146 $ 8,495 $ 1,401,720 December 31, 2016 Commercial, financial, agricultural $ 823 $ 990 $ 125,417 $ 127,230 $ 260 $ 381 $ 329 $ 970 $ 128,200 Lease financing — — — — — — — — — Real estate – construction 527 321 67,760 68,608 — 145 — 145 68,753 Real estate – 1-4 family mortgage 4,572 3,382 440,258 448,212 417 2,047 1,771 4,235 452,447 Real estate – commercial mortgage 3,045 6,112 808,886 818,043 — 2,661 3,054 5,715 823,758 Installment loans to individuals 96 10 15,591 15,697 — 156 126 282 15,979 Unearned income — — — — — — — — — Total $ 9,063 $ 10,815 $ 1,457,912 $ 1,477,790 $ 677 $ 5,390 $ 5,280 $ 11,347 $ 1,489,137 |
Impaired loans | Loans accounted for under FASB Accounting Standards Codification Topic (“ASC”) 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which 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, 2017 Commercial, financial, agricultural $ 2,788 $ 2,185 $ — $ 2,185 $ 147 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 12,679 10,999 — 10,999 1,085 Real estate – commercial mortgage 19,071 14,478 568 15,046 2,618 Installment loans to individuals 117 117 — 117 — Total $ 34,655 $ 27,779 $ 568 $ 28,347 $ 3,850 December 31, 2016 Commercial, financial, agricultural $ 1,577 $ 1,175 $ — $ 1,175 $ 136 Lease financing — — — — — Real estate – construction 517 517 — 517 1 Real estate – 1-4 family mortgage 10,823 9,207 — 9,207 1,091 Real estate – commercial mortgage 15,007 10,053 568 10,621 2,397 Installment loans to individuals 87 87 — 87 1 Totals $ 28,011 $ 21,039 $ 568 $ 21,607 $ 3,626 Loans accounted for under ASC 310-20, and which 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, 2017 Commercial, financial, agricultural $ 567 $ 121 $ 423 $ 544 $ 18 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 5,463 1,746 3,114 4,860 54 Real estate – commercial mortgage 3,108 2,898 178 3,076 52 Installment loans to individuals 101 62 13 75 3 Total $ 9,239 $ 4,827 $ 3,728 $ 8,555 $ 127 December 31, 2016 Commercial, financial, agricultural $ 732 $ 487 $ 224 $ 711 $ 310 Lease financing — — — — — Real estate – construction 147 145 — 145 — Real estate – 1-4 family mortgage 3,095 1,496 1,385 2,881 43 Real estate – commercial mortgage 2,485 2,275 183 2,458 48 Installment loans to individuals 215 135 55 190 114 Totals $ 6,674 $ 4,538 $ 1,847 $ 6,385 $ 515 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 541 $ 2 $ 8 $ — Lease financing — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 5,481 21 810 9 Real estate – commercial mortgage 3,090 35 1,515 10 Installment loans to individuals 85 — — — Total $ 9,197 $ 58 $ 2,333 $ 19 |
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 which are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,714 $ 39 $ 318 $ 2 Lease financing — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 11,088 26 14,442 81 Real estate – commercial mortgage 15,314 106 15,031 122 Installment loans to individuals 118 — 67 1 Total $ 29,234 $ 171 $ 29,858 $ 206 Loans accounted for under ASC 310-30, and which 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, 2017 Commercial, financial, agricultural $ 21,357 $ 6,451 $ 6,577 $ 13,028 $ 378 Lease financing — — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 80,398 20,725 47,340 68,065 767 Real estate – commercial mortgage 214,450 58,271 114,448 172,719 1,573 Installment loans to individuals 2,091 527 1,400 1,927 1 Total $ 318,296 $ 85,974 $ 169,765 $ 255,739 $ 2,719 December 31, 2016 Commercial, financial, agricultural $ 20,697 $ 4,555 $ 7,439 $ 11,994 $ 372 Lease financing — — — — — Real estate – construction 1,141 — 840 840 — Real estate – 1-4 family mortgage 86,725 21,887 50,065 71,952 841 Real estate – commercial mortgage 229,075 62,449 122,538 184,987 1,606 Installment loans to individuals 2,466 366 1,619 1,985 1 Totals $ 340,104 $ 89,257 $ 182,501 $ 271,758 $ 2,820 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 14,088 $ 247 $ 18,024 $ 327 Lease financing — — — — Real estate – construction — — 2,608 25 Real estate – 1-4 family mortgage 78,341 865 101,089 953 Real estate – commercial mortgage 196,807 2,319 250,041 2,831 Installment loans to individuals 2,104 21 2,954 29 Total $ 291,340 $ 3,452 $ 374,716 $ 4,165 |
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 Three months ended March 31, 2017 Real estate – 1-4 family mortgage 2 177 174 Real estate – commercial mortgage 2 146 156 Total 4 $ 323 $ 330 Three months ended March 31, 2016 Real estate – 1-4 family mortgage 5 428 421 Total 5 $ 428 $ 421 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 Three months ended March 31, 2017 Real estate – 1-4 family mortgage 10 2,221 1,823 Real estate – commercial mortgage 4 2,721 1,986 Total 14 $ 4,942 $ 3,809 Three months ended March 31, 2016 Real estate – 1-4 family mortgage 6 352 242 Real estate – commercial mortgage 2 612 605 Total 8 $ 964 $ 847 |
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, 2017 53 $ 7,447 Additional loans with concessions 4 334 Reductions due to: Reclassified as nonperforming (1 ) (56 ) Paid in full (2 ) (217 ) Charge-offs (1 ) (250 ) Principal paydowns — (85 ) Totals at March 31, 2017 53 $ 7,173 Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2017 42 $ 4,028 Additional loans with concessions 14 3,825 Reductions due to: Charge-offs (1 ) (17 ) Principal paydowns — (74 ) Totals at March 31, 2017 55 $ 7,762 |
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, 2017 Commercial, financial, agricultural $ 470,252 $ 1,846 $ 1,662 $ 473,760 Lease financing — — — — Real estate – construction 329,322 225 — 329,547 Real estate – 1-4 family mortgage 205,083 3,739 6,073 214,895 Real estate – commercial mortgage 1,860,714 16,266 13,053 1,890,033 Installment loans to individuals — — — — Total $ 2,865,371 $ 22,076 $ 20,788 $ 2,908,235 December 31, 2016 Commercial, financial, agricultural $ 434,323 $ 4,531 $ 850 $ 439,704 Lease financing — — — — Real estate – construction 402,156 393 — 402,549 Real estate – 1-4 family mortgage 190,882 3,374 6,129 200,385 Real estate – commercial mortgage 1,734,523 18,118 13,088 1,765,729 Installment loans to individuals — — — — Total $ 2,761,884 $ 26,416 $ 20,067 $ 2,808,367 The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total March 31, 2017 Commercial, financial, agricultural $ 89,802 $ 1,959 $ 1,143 $ 92,904 Lease financing — — — — Real estate – construction 34,405 — — 34,405 Real estate – 1-4 family mortgage 101,652 6,578 719 108,949 Real estate – commercial mortgage 601,582 8,007 710 610,299 Installment loans to individuals — — 4 4 Total $ 827,441 $ 16,544 $ 2,576 $ 846,561 December 31, 2016 Commercial, financial, agricultural $ 102,777 $ 2,370 $ 1,491 $ 106,638 Lease financing — — — — Real estate – construction 61,206 2,640 — 63,846 Real estate – 1-4 family mortgage 105,265 7,665 364 113,294 Real estate – commercial mortgage 608,192 8,445 723 617,360 Installment loans to individuals — — 114 114 Total $ 877,440 $ 21,120 $ 2,692 $ 901,252 |
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, 2017 Commercial, financial, agricultural $ 151,232 $ 1,245 $ 152,477 Lease financing 47,816 — 47,816 Real estate – construction 48,514 — 48,514 Real estate – 1-4 family mortgage 1,268,160 2,608 1,270,768 Real estate – commercial mortgage 312,431 1,175 313,606 Installment loans to individuals 92,535 134 92,669 Total $ 1,920,688 $ 5,162 $ 1,925,850 December 31, 2016 Commercial, financial, agricultural $ 148,499 $ 1,087 $ 149,586 Lease financing 46,703 138 46,841 Real estate – construction 81,377 — 81,377 Real estate – 1-4 family mortgage 1,222,816 2,529 1,225,345 Real estate – commercial mortgage 308,609 799 309,408 Installment loans to individuals 92,504 144 92,648 Total $ 1,900,508 $ 4,697 $ 1,905,205 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, 2017 Commercial, financial, agricultural $ 9,234 $ 63 $ 9,297 Lease financing — — — Real estate – construction 1,268 — 1,268 Real estate – 1-4 family mortgage 253,172 1,718 254,890 Real estate – commercial mortgage 21,715 57 21,772 Installment loans to individuals 11,961 232 12,193 Total $ 297,350 $ 2,070 $ 299,420 December 31, 2016 Commercial, financial, agricultural $ 9,489 $ 79 $ 9,568 Lease financing — — — Real estate – construction 3,601 5 466 4,067 Real estate – 1-4 family mortgage 265,697 1,504 267,201 Real estate – commercial mortgage 21,353 58 21,411 Installment loans to individuals 13,712 168 13,880 Total $ 313,852 $ 2,275 $ 316,127 |
Purchased Loans (Tables)
Purchased Loans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Summary of loans | The following is a summary of non purchased loans and leases as of the dates presented: March 31, December 31, 2016 Commercial, financial, agricultural $ 626,237 $ 589,290 Lease financing 50,462 49,250 Real estate – construction 378,061 483,926 Real estate – 1-4 family mortgage 1,485,663 1,425,730 Real estate – commercial mortgage 2,203,639 2,075,137 Installment loans to individuals 92,669 92,648 Gross loans 4,836,731 4,715,981 Unearned income (2,646 ) (2,409 ) Loans, net of unearned income 4,834,085 4,713,572 The following is a summary of purchased loans as of the dates presented: March 31, December 31, 2016 Commercial, financial, agricultural $ 115,229 $ 128,200 Lease financing — — Real estate – construction 35,673 68,753 Real estate – 1-4 family mortgage 431,904 452,447 Real estate – commercial mortgage 804,790 823,758 Installment loans to individuals 14,124 15,979 Gross loans 1,401,720 1,489,137 Unearned income — — Loans, net of unearned income 1,401,720 1,489,137 The following is a summary of non purchased and purchased loans as of the dates presented: March 31, December 31, 2016 Commercial, financial, agricultural $ 741,466 $ 717,490 Lease financing 50,462 49,250 Real estate – construction 413,734 552,679 Real estate – 1-4 family mortgage 1,917,567 1,878,177 Real estate – commercial mortgage 3,008,429 2,898,895 Installment loans to individuals 106,793 108,627 Gross loans 6,238,451 6,205,118 Unearned income (2,646 ) (2,409 ) Loans, net of unearned income 6,235,805 6,202,709 Allowance for loan losses (42,923 ) (42,737 ) Net loans $ 6,192,882 $ 6,159,972 |
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, 2017 Commercial, financial, agricultural $ 300 $ 59 $ 623,693 $ 624,052 $ 467 $ 1,407 $ 311 $ 2,185 $ 626,237 Lease financing 181 — 50,281 50,462 — — — — 50,462 Real estate – construction 231 — 377,830 378,061 — — — — 378,061 Real estate – 1-4 family mortgage 4,234 718 1,476,098 1,481,050 88 1,848 2,677 4,613 1,485,663 Real estate – commercial mortgage 2,435 1,315 2,194,109 2,197,859 — 1,892 3,888 5,780 2,203,639 Installment loans to individuals 346 82 92,189 92,617 52 — 52 92,669 Unearned income (2,646 ) (2,646 ) — (2,646 ) Total $ 7,727 $ 2,174 $ 4,811,554 $ 4,821,455 $ 555 $ 5,199 $ 6,876 $ 12,630 $ 4,834,085 December 31, 2016 Commercial, financial, agricultural $ 811 $ 720 $ 586,730 $ 588,261 $ — $ 932 $ 97 $ 1,029 $ 589,290 Lease financing 193 — 48,919 49,112 — 138 — 138 49,250 Real estate – construction 995 — 482,931 483,926 — — — — 483,926 Real estate – 1-4 family mortgage 6,189 1,136 1,414,254 1,421,579 161 1,222 2,768 4,151 1,425,730 Real estate – commercial mortgage 2,283 99 2,066,821 2,069,203 580 2,778 2,576 5,934 2,075,137 Installment loans to individuals 324 124 92,179 92,627 — 21 — 21 92,648 Unearned income — — (2,409 ) (2,409 ) — — — — (2,409 ) Total $ 10,795 $ 2,079 $ 4,689,425 $ 4,702,299 $ 741 $ 5,091 $ 5,441 $ 11,273 $ 4,713,572 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, 2017 Commercial, financial, agricultural $ 524 $ 868 $ 113,142 $ 114,534 $ 2 $ 185 $ 508 $ 695 $ 115,229 Lease financing — — — — — — — — — Real estate – construction 159 — 35,514 35,673 — — — — 35,673 Real estate – 1-4 family mortgage 4,407 4,110 419,028 427,545 319 2,414 1,626 4,359 431,904 Real estate – commercial mortgage 970 6,840 793,710 801,520 136 289 2,845 3,270 804,790 Installment loans to individuals 168 79 13,706 13,953 — 4 167 171 14,124 Unearned income — — — — — — — — — Total $ 6,228 $ 11,897 $ 1,375,100 $ 1,393,225 $ 457 $ 2,892 $ 5,146 $ 8,495 $ 1,401,720 December 31, 2016 Commercial, financial, agricultural $ 823 $ 990 $ 125,417 $ 127,230 $ 260 $ 381 $ 329 $ 970 $ 128,200 Lease financing — — — — — — — — — Real estate – construction 527 321 67,760 68,608 — 145 — 145 68,753 Real estate – 1-4 family mortgage 4,572 3,382 440,258 448,212 417 2,047 1,771 4,235 452,447 Real estate – commercial mortgage 3,045 6,112 808,886 818,043 — 2,661 3,054 5,715 823,758 Installment loans to individuals 96 10 15,591 15,697 — 156 126 282 15,979 Unearned income — — — — — — — — — Total $ 9,063 $ 10,815 $ 1,457,912 $ 1,477,790 $ 677 $ 5,390 $ 5,280 $ 11,347 $ 1,489,137 |
Impaired loans | Loans accounted for under FASB Accounting Standards Codification Topic (“ASC”) 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which 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, 2017 Commercial, financial, agricultural $ 2,788 $ 2,185 $ — $ 2,185 $ 147 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 12,679 10,999 — 10,999 1,085 Real estate – commercial mortgage 19,071 14,478 568 15,046 2,618 Installment loans to individuals 117 117 — 117 — Total $ 34,655 $ 27,779 $ 568 $ 28,347 $ 3,850 December 31, 2016 Commercial, financial, agricultural $ 1,577 $ 1,175 $ — $ 1,175 $ 136 Lease financing — — — — — Real estate – construction 517 517 — 517 1 Real estate – 1-4 family mortgage 10,823 9,207 — 9,207 1,091 Real estate – commercial mortgage 15,007 10,053 568 10,621 2,397 Installment loans to individuals 87 87 — 87 1 Totals $ 28,011 $ 21,039 $ 568 $ 21,607 $ 3,626 Loans accounted for under ASC 310-20, and which 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, 2017 Commercial, financial, agricultural $ 567 $ 121 $ 423 $ 544 $ 18 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 5,463 1,746 3,114 4,860 54 Real estate – commercial mortgage 3,108 2,898 178 3,076 52 Installment loans to individuals 101 62 13 75 3 Total $ 9,239 $ 4,827 $ 3,728 $ 8,555 $ 127 December 31, 2016 Commercial, financial, agricultural $ 732 $ 487 $ 224 $ 711 $ 310 Lease financing — — — — — Real estate – construction 147 145 — 145 — Real estate – 1-4 family mortgage 3,095 1,496 1,385 2,881 43 Real estate – commercial mortgage 2,485 2,275 183 2,458 48 Installment loans to individuals 215 135 55 190 114 Totals $ 6,674 $ 4,538 $ 1,847 $ 6,385 $ 515 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 541 $ 2 $ 8 $ — Lease financing — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 5,481 21 810 9 Real estate – commercial mortgage 3,090 35 1,515 10 Installment loans to individuals 85 — — — Total $ 9,197 $ 58 $ 2,333 $ 19 |
Purchased credit deteriorated loans | The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,714 $ 39 $ 318 $ 2 Lease financing — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 11,088 26 14,442 81 Real estate – commercial mortgage 15,314 106 15,031 122 Installment loans to individuals 118 — 67 1 Total $ 29,234 $ 171 $ 29,858 $ 206 Loans accounted for under ASC 310-30, and which 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, 2017 Commercial, financial, agricultural $ 21,357 $ 6,451 $ 6,577 $ 13,028 $ 378 Lease financing — — — — — Real estate – construction — — — — Real estate – 1-4 family mortgage 80,398 20,725 47,340 68,065 767 Real estate – commercial mortgage 214,450 58,271 114,448 172,719 1,573 Installment loans to individuals 2,091 527 1,400 1,927 1 Total $ 318,296 $ 85,974 $ 169,765 $ 255,739 $ 2,719 December 31, 2016 Commercial, financial, agricultural $ 20,697 $ 4,555 $ 7,439 $ 11,994 $ 372 Lease financing — — — — — Real estate – construction 1,141 — 840 840 — Real estate – 1-4 family mortgage 86,725 21,887 50,065 71,952 841 Real estate – commercial mortgage 229,075 62,449 122,538 184,987 1,606 Installment loans to individuals 2,466 366 1,619 1,985 1 Totals $ 340,104 $ 89,257 $ 182,501 $ 271,758 $ 2,820 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 14,088 $ 247 $ 18,024 $ 327 Lease financing — — — — Real estate – construction — — 2,608 25 Real estate – 1-4 family mortgage 78,341 865 101,089 953 Real estate – commercial mortgage 196,807 2,319 250,041 2,831 Installment loans to individuals 2,104 21 2,954 29 Total $ 291,340 $ 3,452 $ 374,716 $ 4,165 |
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 Three months ended March 31, 2017 Real estate – 1-4 family mortgage 2 177 174 Real estate – commercial mortgage 2 146 156 Total 4 $ 323 $ 330 Three months ended March 31, 2016 Real estate – 1-4 family mortgage 5 428 421 Total 5 $ 428 $ 421 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 Three months ended March 31, 2017 Real estate – 1-4 family mortgage 10 2,221 1,823 Real estate – commercial mortgage 4 2,721 1,986 Total 14 $ 4,942 $ 3,809 Three months ended March 31, 2016 Real estate – 1-4 family mortgage 6 352 242 Real estate – commercial mortgage 2 612 605 Total 8 $ 964 $ 847 |
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, 2017 53 $ 7,447 Additional loans with concessions 4 334 Reductions due to: Reclassified as nonperforming (1 ) (56 ) Paid in full (2 ) (217 ) Charge-offs (1 ) (250 ) Principal paydowns — (85 ) Totals at March 31, 2017 53 $ 7,173 Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2017 42 $ 4,028 Additional loans with concessions 14 3,825 Reductions due to: Charge-offs (1 ) (17 ) Principal paydowns — (74 ) Totals at March 31, 2017 55 $ 7,762 |
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, 2017 Commercial, financial, agricultural $ 470,252 $ 1,846 $ 1,662 $ 473,760 Lease financing — — — — Real estate – construction 329,322 225 — 329,547 Real estate – 1-4 family mortgage 205,083 3,739 6,073 214,895 Real estate – commercial mortgage 1,860,714 16,266 13,053 1,890,033 Installment loans to individuals — — — — Total $ 2,865,371 $ 22,076 $ 20,788 $ 2,908,235 December 31, 2016 Commercial, financial, agricultural $ 434,323 $ 4,531 $ 850 $ 439,704 Lease financing — — — — Real estate – construction 402,156 393 — 402,549 Real estate – 1-4 family mortgage 190,882 3,374 6,129 200,385 Real estate – commercial mortgage 1,734,523 18,118 13,088 1,765,729 Installment loans to individuals — — — — Total $ 2,761,884 $ 26,416 $ 20,067 $ 2,808,367 The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total March 31, 2017 Commercial, financial, agricultural $ 89,802 $ 1,959 $ 1,143 $ 92,904 Lease financing — — — — Real estate – construction 34,405 — — 34,405 Real estate – 1-4 family mortgage 101,652 6,578 719 108,949 Real estate – commercial mortgage 601,582 8,007 710 610,299 Installment loans to individuals — — 4 4 Total $ 827,441 $ 16,544 $ 2,576 $ 846,561 December 31, 2016 Commercial, financial, agricultural $ 102,777 $ 2,370 $ 1,491 $ 106,638 Lease financing — — — — Real estate – construction 61,206 2,640 — 63,846 Real estate – 1-4 family mortgage 105,265 7,665 364 113,294 Real estate – commercial mortgage 608,192 8,445 723 617,360 Installment loans to individuals — — 114 114 Total $ 877,440 $ 21,120 $ 2,692 $ 901,252 |
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, 2017 Commercial, financial, agricultural $ 151,232 $ 1,245 $ 152,477 Lease financing 47,816 — 47,816 Real estate – construction 48,514 — 48,514 Real estate – 1-4 family mortgage 1,268,160 2,608 1,270,768 Real estate – commercial mortgage 312,431 1,175 313,606 Installment loans to individuals 92,535 134 92,669 Total $ 1,920,688 $ 5,162 $ 1,925,850 December 31, 2016 Commercial, financial, agricultural $ 148,499 $ 1,087 $ 149,586 Lease financing 46,703 138 46,841 Real estate – construction 81,377 — 81,377 Real estate – 1-4 family mortgage 1,222,816 2,529 1,225,345 Real estate – commercial mortgage 308,609 799 309,408 Installment loans to individuals 92,504 144 92,648 Total $ 1,900,508 $ 4,697 $ 1,905,205 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, 2017 Commercial, financial, agricultural $ 9,234 $ 63 $ 9,297 Lease financing — — — Real estate – construction 1,268 — 1,268 Real estate – 1-4 family mortgage 253,172 1,718 254,890 Real estate – commercial mortgage 21,715 57 21,772 Installment loans to individuals 11,961 232 12,193 Total $ 297,350 $ 2,070 $ 299,420 December 31, 2016 Commercial, financial, agricultural $ 9,489 $ 79 $ 9,568 Lease financing — — — Real estate – construction 3,601 5 466 4,067 Real estate – 1-4 family mortgage 265,697 1,504 267,201 Real estate – commercial mortgage 21,353 58 21,411 Installment loans to individuals 13,712 168 13,880 Total $ 313,852 $ 2,275 $ 316,127 |
Loans acquired with deteriorated credit quality | Loans purchased 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: Total Purchased Credit Deteriorated Loans March 31, 2017 Commercial, financial, agricultural $ 13,028 Lease financing — Real estate – construction — Real estate – 1-4 family mortgage 68,065 Real estate – commercial mortgage 172,719 Installment loans to individuals 1,927 Total $ 255,739 December 31, 2016 Commercial, financial, agricultural $ 11,994 Lease financing — Real estate – construction 840 Real estate – 1-4 family mortgage 71,952 Real estate – commercial mortgage 184,987 Installment loans to individuals 1,985 Total $ 271,758 |
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, 2017 : Total Purchased Credit Deteriorated Loans Contractually-required principal and interest $ 366,954 Nonaccretable difference (1) (79,190 ) Cash flows expected to be collected 287,764 Accretable yield (2) (32,025 ) Fair value $ 255,739 (1) Represents contractual principal and interest cash flows of $79,174 and $16 , respectively, not expected to be collected. (2) Represents contractual interest payments of $758 expected to be collected and purchase discount of $31,267 . |
Changes in accretable yield of loans acquired with deteriorated credit quality | Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows: Total Purchased Credit Deteriorated Loans Balance at January 1, 2017 $ (36,326 ) Additions due to acquisition — Reclasses from nonaccretable difference 657 Accretion 3,263 Charge-offs 381 Balance at March 31, 2017 $ (32,025 ) |
Investment in loans, net of unearned income on impairment methodology | The following table presents the fair value of loans purchased from KeyWorth as of the April 1, 2016 acquisition date. At acquisition date: April 1, 2016 Contractually-required principal and interest $ 289,495 Nonaccretable difference 3,848 Cash flows expected to be collected 285,647 Accretable yield 13,317 Fair value $ 272,330 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, 2017 Individually evaluated for impairment $ 2,729 $ — $ 15,859 $ 18,122 $ 192 $ 36,902 Collectively evaluated for impairment 725,709 413,734 1,833,643 2,817,588 152,490 5,943,164 Purchased with deteriorated credit quality 13,028 — 68,065 172,719 1,927 255,739 Ending balance $ 741,466 $ 413,734 $ 1,917,567 $ 3,008,429 $ 154,609 $ 6,235,805 December 31, 2016 Individually evaluated for impairment $ 1,886 $ 662 $ 12,088 $ 13,079 $ 277 $ 27,992 Collectively evaluated for impairment 703,610 551,177 1,794,137 2,700,829 153,206 5,902,959 Purchased with deteriorated credit quality 11,994 840 71,952 184,987 1,985 271,758 Ending balance $ 717,490 $ 552,679 $ 1,878,177 $ 2,898,895 $ 155,468 $ 6,202,709 (1) Includes lease financing receivables. |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Summary of loans | The following is a summary of non purchased loans and leases as of the dates presented: March 31, December 31, 2016 Commercial, financial, agricultural $ 626,237 $ 589,290 Lease financing 50,462 49,250 Real estate – construction 378,061 483,926 Real estate – 1-4 family mortgage 1,485,663 1,425,730 Real estate – commercial mortgage 2,203,639 2,075,137 Installment loans to individuals 92,669 92,648 Gross loans 4,836,731 4,715,981 Unearned income (2,646 ) (2,409 ) Loans, net of unearned income 4,834,085 4,713,572 The following is a summary of purchased loans as of the dates presented: March 31, December 31, 2016 Commercial, financial, agricultural $ 115,229 $ 128,200 Lease financing — — Real estate – construction 35,673 68,753 Real estate – 1-4 family mortgage 431,904 452,447 Real estate – commercial mortgage 804,790 823,758 Installment loans to individuals 14,124 15,979 Gross loans 1,401,720 1,489,137 Unearned income — — Loans, net of unearned income 1,401,720 1,489,137 The following is a summary of non purchased and purchased loans as of the dates presented: March 31, December 31, 2016 Commercial, financial, agricultural $ 741,466 $ 717,490 Lease financing 50,462 49,250 Real estate – construction 413,734 552,679 Real estate – 1-4 family mortgage 1,917,567 1,878,177 Real estate – commercial mortgage 3,008,429 2,898,895 Installment loans to individuals 106,793 108,627 Gross loans 6,238,451 6,205,118 Unearned income (2,646 ) (2,409 ) Loans, net of unearned income 6,235,805 6,202,709 Allowance for loan losses (42,923 ) (42,737 ) Net loans $ 6,192,882 $ 6,159,972 |
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, 2017 Allowance for loan losses: Beginning balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Charge-offs (832 ) — (275 ) (227 ) (264 ) (1,598 ) Recoveries 57 31 82 95 19 284 Net (charge-offs) recoveries (775 ) 31 (193 ) (132 ) (245 ) (1,314 ) Provision for loan losses charged to operations (2) 401 (292 ) (1,939 ) 3,146 184 1,500 Ending balance $ 5,112 $ 2,119 $ 12,162 $ 22,073 $ 1,457 $ 42,923 Period-End Amount Allocated to: Individually evaluated for impairment $ 165 $ — $ 1,139 $ 2,670 $ 3 $ 3,977 Collectively evaluated for impairment 4,569 2,119 10,256 17,830 1,453 36,227 Purchased with deteriorated credit quality 378 — 767 1,573 1 2,719 Ending balance $ 5,112 $ 2,119 $ 12,162 $ 22,073 $ 1,457 $ 42,923 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 (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 Purchased 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 (1) Includes lease financing receivables. (2) Due to the termination of the loss-share agreements on December 8, 2016, there was no loss-share impact to the provision for loan losses in the first quarter of 2017. |
Investment in loans, net of unearned income on impairment methodology | The following table presents the fair value of loans purchased from KeyWorth as of the April 1, 2016 acquisition date. At acquisition date: April 1, 2016 Contractually-required principal and interest $ 289,495 Nonaccretable difference 3,848 Cash flows expected to be collected 285,647 Accretable yield 13,317 Fair value $ 272,330 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, 2017 Individually evaluated for impairment $ 2,729 $ — $ 15,859 $ 18,122 $ 192 $ 36,902 Collectively evaluated for impairment 725,709 413,734 1,833,643 2,817,588 152,490 5,943,164 Purchased with deteriorated credit quality 13,028 — 68,065 172,719 1,927 255,739 Ending balance $ 741,466 $ 413,734 $ 1,917,567 $ 3,008,429 $ 154,609 $ 6,235,805 December 31, 2016 Individually evaluated for impairment $ 1,886 $ 662 $ 12,088 $ 13,079 $ 277 $ 27,992 Collectively evaluated for impairment 703,610 551,177 1,794,137 2,700,829 153,206 5,902,959 Purchased with deteriorated credit quality 11,994 840 71,952 184,987 1,985 271,758 Ending balance $ 717,490 $ 552,679 $ 1,878,177 $ 2,898,895 $ 155,468 $ 6,202,709 (1) Includes lease financing receivables. |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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”) purchased and non purchased, net of valuation allowances and direct write-downs, as of the dates presented: Purchased OREO Non Purchased OREO Total OREO March 31, 2017 Residential real estate $ 2,120 $ 861 $ 2,981 Commercial real estate 6,427 1,496 7,923 Residential land development 2,215 1,049 3,264 Commercial land development 5,504 1,650 7,154 Total $ 16,266 $ 5,056 $ 21,322 December 31, 2016 Residential real estate $ 2,230 $ 699 $ 2,929 Commercial real estate 6,401 1,680 8,081 Residential land development 2,344 1,688 4,032 Commercial land development 6,395 1,862 8,257 Total $ 17,370 $ 5,929 $ 23,299 |
Changes in OREO covered and not covered under a loss-share agreement | Changes in the Company’s purchased and non purchased OREO were as follows: Purchased OREO Non Purchased OREO Total OREO Balance at January 1, 2017 $ 17,370 $ 5,929 $ 23,299 Transfers of loans 2,985 183 3,168 Capitalized improvements — — — Impairments (229 ) (149 ) (378 ) Dispositions (3,516 ) (1,203 ) (4,719 ) Other (344 ) 296 (48 ) Balance at March 31, 2017 $ 16,266 $ 5,056 $ 21,322 |
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, 2017 2016 Repairs and maintenance $ 197 $ 197 Property taxes and insurance 332 470 Impairments 378 294 Net (gains) losses on OREO sales (327 ) 50 Rental income (48 ) (54 ) Total $ 532 $ 957 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying amount of goodwill | The carrying amounts of goodwill by operating segments for the three months ended March 31, 2017 were as follows: Community Banks Insurance Total Balance at January 1, 2017 $ 467,767 $ 2,767 $ 470,534 Addition to goodwill from acquisition — — — Adjustment to previously recorded goodwill — — — Balance at March 31, 2017 $ 467,767 $ 2,767 $ 470,534 |
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, 2017 Core deposit intangibles $ 47,992 $ (26,718 ) $ 21,274 Customer relationship intangible 1,970 (733 ) 1,237 Total finite-lived intangible assets $ 49,962 $ (27,451 ) $ 22,511 December 31, 2016 Core deposit intangibles $ 47,992 $ (25,188 ) $ 22,804 Customer relationship intangible 1,970 (700 ) 1,270 Total finite-lived intangible assets $ 49,962 $ (25,888 ) $ 24,074 |
Schedule of current year amortization expense for finite-lived intangible assets | Current year amortization expense for finite-lived intangible assets is presented in the table below. Three Months Ended March 31, 2017 2016 Amortization expense for: Core deposit intangibles $ 1,530 $ 1,664 Customer relationship intangible 33 33 Total intangible amortization $ 1,563 $ 1,697 |
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, 2017 and the succeeding four years is summarized as follows: Core Deposit Intangibles Customer Relationship Intangible Total 2017 $ 5,723 $ 131 $ 5,854 2018 4,881 131 5,012 2019 4,101 131 4,232 2020 3,213 131 3,344 2021 2,273 131 2,404 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Transfers and Servicing [Abstract] | |
Changes in the Company's MSRs | Changes in the Company’s MSRs were as follows: Balance at January 1, 2017 $ 26,302 Capitalization 3,276 Amortization (802 ) Balance at March 31, 2017 $ 28,776 |
Data and key economic assumptions related to the Company's MSRs | Data and key economic assumptions related to the Company’s MSRs as of March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 Unpaid principal balance $ 3,045,228 $ 2,763,344 Weighted-average prepayment speed (CPR) 7.28 % 7.34 % Estimated impact of a 10% increase $ (1,147 ) $ (1,034 ) Estimated impact of a 20% increase (2,234 ) (2,010 ) Discount rate 9.65 % 9.64 % Estimated impact of a 10% increase $ (1,620 ) $ (1,368 ) Estimated impact of a 20% increase (3,110 ) (2,629 ) Weighted-average coupon interest rate 3.82 % 3.83 % Weighted-average servicing fee (basis points) 25.89 25.87 Weighted-average remaining maturity (in years) 12.49 11.11 |
Employee Benefit and Deferred34
Employee Benefit and Deferred Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 2017 2016 2017 2016 Service cost $ — $ — $ — $ — $ 3 $ 4 Interest cost 293 306 — 69 13 14 Expected (return) on plan assets (484 ) (469 ) — (45 ) — — Prior service cost recognized — — — — — — Recognized actuarial loss 100 100 — — 13 17 Settlement/curtailment/termination gains — — — — — — Net periodic benefit (return) cost $ (91 ) $ (63 ) $ — $ 24 $ 29 $ 35 |
Schedule of other share-based compensation activity | The following table summarizes the changes in stock options as of and for the three months ended March 31, 2017 : Shares Weighted Average Exercise Price Options outstanding at beginning of period 185,625 $ 15.97 Granted — — Exercised (43,250 ) 15.69 Forfeited — — Options outstanding at end of period 142,375 $ 16.06 The following table summarizes the changes in restricted stock as of and for the three months ended March 31, 2017 : 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 — $ — 117,345 $ 31.76 Awarded 54,450 42.22 75,725 42.22 Vested — — (30,500 ) 31.65 Cancelled — — — — Nonvested at end of period 54,450 $ 42.22 162,570 $ 36.65 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 Derivative assets: Not designated as hedging instruments: Interest rate contracts Other Assets $ 1,713 $ 1,985 Interest rate lock commitments Other Assets 5,252 2,643 Forward commitments Other Assets 17 4,480 Totals $ 6,982 $ 9,108 Derivative liabilities: Designated as hedging instruments: Interest rate swaps Other Liabilities $ 3,134 $ 3,410 Totals $ 3,134 $ 3,410 Not designated as hedging instruments: Interest rate contracts Other Liabilities $ 1,713 $ 1,985 Interest rate lock commitments Other Liabilities 2 246 Forward commitments Other Liabilities 1,675 269 Totals $ 3,390 $ 2,500 |
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, 2017 2016 Derivatives not designated as hedging instruments: Interest rate contracts: Included in interest income on loans $ 679 $ 533 Interest rate lock commitments: Included in gains on sales of mortgage loans held for sale 2,853 1,628 Forward commitments Included in gains on sales of mortgage loans held for sale (5,869 ) (3,688 ) Total $ (2,337 ) $ (1,527 ) |
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, 2016 March 31, December 31, 2016 Gross amounts recognized $ 346 $ 4,778 $ 5,855 $ 4,893 Gross amounts offset in the Consolidated Balance Sheets — — — — Net amounts presented in the Consolidated Balance Sheets 346 4,778 5,855 4,893 Gross amounts not offset in the Consolidated Balance Sheets Financial instruments 346 567 346 567 Financial collateral pledged — — 4,549 4,326 Net amounts $ — $ 4,211 $ 960 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 2016 Deferred tax assets Allowance for loan losses $ 19,999 $ 20,787 $ 19,934 Loans 21,159 29,042 23,240 Deferred compensation 9,120 10,786 11,254 Securities 2,440 2,572 2,439 Net unrealized losses on securities - OCI 8,209 4,876 10,096 Impairment of assets 1,962 3,280 2,512 Federal and State net operating loss carryforwards 3,354 5,124 2,867 Intangibles 1,229 — 1,247 Other 2,834 4,957 3,463 Gross deferred tax assets 70,306 81,424 77,052 Valuation allowance on state net operating loss carryforwards — — — Total deferred tax assets 70,306 81,424 77,052 Deferred tax liabilities FDIC loss-share indemnification asset — 1,807 — Investment in partnerships 1,414 2,343 1,556 Core deposit intangible — 2,992 — Fixed assets 2,248 924 2,517 Mortgage servicing rights 3,359 3,977 3,360 Junior subordinated debt 4,058 4,234 4,111 Other 2,428 4,855 2,876 Total deferred tax liabilities 13,507 21,132 14,420 Net deferred tax assets $ 56,799 $ 60,292 $ 62,632 |
Investments in Qualified Affo37
Investments in Qualified Affordable Housing Projects (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 Tax credit amortization $ 262 $ 324 Tax credits and other benefits (460 ) (471 ) Total $ (198 ) $ (147 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 2,149 $ — $ 2,149 Residential mortgage-backed securities: Government agency mortgage backed securities — 411,255 — 411,255 Government agency collateralized mortgage obligations — 190,386 — 190,386 Commercial mortgage-backed securities: Government agency mortgage backed securities — 50,872 — 50,872 Government agency collateralized mortgage obligations — 1,744 — 1,744 Trust preferred securities — — 17,823 17,823 Other debt securities — 22,656 — 22,656 Total securities available for sale — 679,062 17,823 696,885 Derivative instruments: Interest rate contracts — 1,713 — 1,713 Interest rate lock commitments — 5,252 — 5,252 Forward commitments — 17 — 17 Total derivative instruments — 6,982 — 6,982 Mortgage loans held for sale — 158,619 — 158,619 Total financial assets $ — $ 844,663 $ 17,823 $ 862,486 Financial liabilities: Derivative instruments: Interest rate swaps $ — $ 3,134 $ — $ 3,134 Interest rate contracts — 1,713 — 1,713 Interest rate lock commitments — 2 — 2 Forward commitments — 1,675 — 1,675 Total derivative instruments — 6,524 — 6,524 Total financial liabilities $ — $ 6,524 $ — $ 6,524 Level 1 Level 2 Level 3 Totals December 31, 2016 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 2,158 $ — $ 2,158 Residential mortgage-backed securities: Government agency mortgage backed securities — 409,317 — 409,317 Government agency collateralized mortgage obligations — 168,826 — 168,826 Commercial mortgage-backed securities: Government agency mortgage backed securities — 50,863 — 50,863 Government agency collateralized mortgage obligations — 2,550 — 2,550 Trust preferred securities — — 18,389 18,389 Other debt securities — 22,145 — 22,145 Total securities available for sale — 655,859 18,389 674,248 Derivative instruments: Interest rate contracts — 1,985 — 1,985 Interest rate lock commitments — 2,643 — 2,643 Forward commitments — 4,480 — 4,480 Total derivative instruments — 9,108 — 9,108 Mortgage loans held for sale — 177,866 — 177,866 Total financial assets $ — $ 842,833 $ 18,389 $ 861,222 Financial liabilities: Derivative instruments: Interest rate swaps $ — $ 3,410 $ — $ 3,410 Interest rate contracts — 1,985 — 1,985 Forward commitments — 269 — 269 Total derivative instruments — 5,910 — 5,910 Total financial liabilities $ — $ 5,910 $ — $ 5,910 |
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, 2017 and 2016 , respectively: Three Months Ended March 31, 2017 Trust preferred securities Balance at January 1, 2017 $ 18,389 Accretion included in net income 8 Unrealized losses included in other comprehensive income 537 Purchases — Sales — Issues — Settlements (1,111 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at March 31, 2017 $ 17,823 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 |
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, 2017 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 $ 17,823 Discounted cash flows Default rate 0-100% |
Assets 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, 2017 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 11,943 $ 11,943 OREO — — 6,027 6,027 Total $ — $ — $ 17,970 $ 17,970 December 31, 2016 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 4,101 $ 4,101 OREO — — 6,741 6,741 Mortgage servicing rights — — 26,302 26,302 Total $ — $ — $ 37,144 $ 37,144 |
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, 2016 Carrying amount prior to remeasurement $ 6,406 $ 8,290 Impairment recognized in results of operations (379 ) (1,549 ) Fair value $ 6,027 $ 6,741 |
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, 2017 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 $ 11,943 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO 6,027 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, 2017 Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale measured at fair value $ 158,619 $ 152,719 $ 5,900 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, 2017 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 370,744 $ 370,744 $ — $ — $ 370,744 Securities held to maturity 347,977 — 357,216 — 357,216 Securities available for sale 696,885 — 679,062 17,823 696,885 Mortgage loans held for sale 158,619 — 158,619 — 158,619 Loans, net 6,192,882 — — 6,122,605 6,122,605 Mortgage servicing rights 28,776 — — 36,996 36,996 Derivative instruments 6,982 — 6,982 — 6,982 Financial liabilities Deposits $ 7,230,850 $ 5,624,281 $ 1,607,568 $ — $ 7,231,849 Short-term borrowings 9,955 9,955 — — 9,955 Other long-term borrowings 135 135 — — 135 Federal Home Loan Bank advances 8,284 — 8,917 — 8,917 Junior subordinated debentures 85,470 — 64,908 — 64,908 Subordinated notes 98,162 — 101,300 — 101,300 Derivative instruments 6,524 — 6,524 — 6,524 Fair Value As of December 31, 2016 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 306,224 $ 306,224 $ — $ — $ 306,224 Securities held to maturity 356,282 — 362,893 — 362,893 Securities available for sale 674,248 — 655,859 18,389 674,248 Mortgage loans held for sale 177,866 — 177,866 — 177,866 Loans, net 6,159,972 — — 5,989,790 5,989,790 Mortgage servicing rights 26,302 — — 32,064 32,064 Derivative instruments 9,108 — 9,108 — 9,108 Financial liabilities Deposits $ 7,059,137 $ 5,438,384 $ 1,631,027 $ — $ 7,069,411 Short-term borrowings 109,676 109,676 — — 109,676 Other long-term borrowings 147 147 — — 147 Federal Home Loan Bank advances 8,542 — 8,777 — 8,777 Junior subordinated debentures 95,643 — 73,301 — 73,301 Subordinated notes 98,127 — 101,000 — 101,000 Derivative instruments 5,910 — 5,910 — 5,910 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Changes in the components of other comprehensive income (loss) | Changes in the components of other comprehensive income, net of tax, were as follows for the periods presented: Pre-Tax Tax Expense (Benefit) Net of Tax Three months ended March 31, 2017 Securities available for sale: Unrealized holding gains on securities $ 4,739 $ 1,832 $ 2,907 Amortization of unrealized holding gains on securities transferred to the held to maturity category (246 ) (95 ) (151 ) Total securities available for sale 4,493 1,737 2,756 Derivative instruments: Unrealized holding gains on derivative instruments 276 107 169 Total derivative instruments 276 107 169 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 113 44 69 Total defined benefit pension and post-retirement benefit plans 113 44 69 Total other comprehensive income $ 4,882 $ 1,888 $ 2,994 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 loss 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 |
Accumulated balances for each component of other comprehensive income (loss), net of tax | The accumulated balances for each component of other comprehensive income (loss), net of tax, were as follows as of the dates presented: March 31, December 31, 2016 Unrealized gains on securities $ 11,274 $ 9,490 Non-credit related portion of other-than-temporary impairment on securities (15,747 ) (16,719 ) Unrealized losses on derivative instruments (1,186 ) (1,355 ) Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (7,251 ) (7,320 ) Total accumulated other comprehensive loss $ (12,910 ) $ (15,904 ) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 Basic Net income applicable to common stock $ 23,972 $ 21,216 Average common shares outstanding 44,364,337 40,324,475 Net income per common share - basic $ 0.54 $ 0.53 Diluted Net income applicable to common stock $ 23,972 $ 21,216 Average common shares outstanding 44,364,337 40,324,475 Effect of dilutive stock-based compensation 116,162 234,670 Average common shares outstanding - diluted 44,480,499 40,559,145 Net income per common share - diluted $ 0.54 $ 0.52 |
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, 2017 2016 Number of shares — 21,500 Exercise prices — $32.60 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 the dates presented: March 31, 2017 December 31, 2016 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 860,684 10.39 % $ 858,850 10.59 % Common Equity Tier 1 Capital to Risk-Weighted Assets 778,273 11.69 % 766,560 11.47 % Tier 1 Capital to Risk-Weighted Assets 860,684 12.93 % 858,850 12.86 % Total Capital to Risk-Weighted Assets 1,006,093 15.11 % 1,004,038 15.03 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 864,457 10.46 % $ 824,850 10.20 % Common Equity Tier 1 Capital to Risk-Weighted Assets 864,457 13.00 % 824,850 12.38 % Tier 1 Capital to Risk-Weighted Assets 864,457 13.00 % 824,850 12.38 % Total Capital to Risk-Weighted Assets 911,704 13.71 % 871,911 13.09 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Financial information for the company's operating segments | The following table provides financial information for the Company’s operating segments as of and for the periods presented: Community Banks Insurance Wealth Management Other Consolidated Three months ended March 31, 2017 Net interest income (loss) $ 75,956 $ 92 $ 487 $ (2,520 ) $ 74,015 Provision for loan losses 1,500 — — — 1,500 Noninterest income 26,578 2,549 3,119 (225 ) 32,021 Noninterest expense 64,221 1,692 2,996 400 69,309 Income (loss) before income taxes 36,813 949 610 (3,145 ) 35,227 Income tax expense (benefit) 12,110 375 — (1,230 ) 11,255 Net income (loss) $ 24,703 $ 574 $ 610 $ (1,915 ) $ 23,972 Total assets $ 8,673,576 $ 24,032 $ 54,537 $ 12,566 $ 8,764,711 Goodwill 467,767 2,767 — — 470,534 Three months ended March 31, 2016 Net interest income (loss) $ 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 tax expense (benefit) 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 |
Mergers and Acquisitions - (Det
Mergers and Acquisitions - (Details Textual) $ in Thousands | Jan. 17, 2017shares | Apr. 01, 2016USD ($)branchshares | Mar. 31, 2017USD ($)branch | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill resulting from merger | $ 470,534 | $ 470,534 | $ 449,425 | ||
Metropolitan Bancgroup, Inc. | |||||
Business Acquisition [Line Items] | |||||
Shares to be issued per each common stock share of Metropolitan common stock (in shares) | shares | 0.6066 | ||||
Number of offices in operation | branch | 8 | ||||
Assets acquired | $ 1,164,500 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | 929,700 | ||||
Deposits | $ 945,100 | ||||
KeyWorth Bank | |||||
Business Acquisition [Line Items] | |||||
Number of offices in operation | branch | 6 | ||||
Assets acquired | $ 415,232 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | 272,330 | ||||
Transaction value | 58,884 | ||||
Payment to stock option holders | $ 3,594 | ||||
Voting interest acquired (percent) | 100.00% | ||||
Intangible assets, including goodwill | $ 22,643 | ||||
Goodwill resulting from merger | 20,633 | ||||
Core deposit intangible | $ 2,010 | ||||
Weighted average useful life (in years) | 10 years | ||||
KeyWorth Bank | Core Deposits | |||||
Business Acquisition [Line Items] | |||||
Deposits | $ 348,961 | ||||
KeyWorth Bank | Common Stock | |||||
Business Acquisition [Line Items] | |||||
Shares issued to common shareholders (shares) | shares | 1,680,021 |
Securities - (Details)
Securities - (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | $ 347,977 | $ 356,282 |
Gross Unrealized Gains | 10,303 | 8,576 |
Gross Unrealized Losses | (1,064) | (1,965) |
Fair Value | 357,216 | 362,893 |
Obligations of other U.S. Government agencies and corporations | ||
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | 12,602 | 14,101 |
Gross Unrealized Gains | 4 | 4 |
Gross Unrealized Losses | (137) | (187) |
Fair Value | 12,469 | 13,918 |
Obligations of states and political subdivisions | ||
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | 335,375 | 342,181 |
Gross Unrealized Gains | 10,299 | 8,572 |
Gross Unrealized Losses | (927) | (1,778) |
Fair Value | $ 344,747 | $ 348,975 |
Securities - (Details 1)
Securities - (Details 1) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | $ 704,305 | $ 686,405 | |
Gross Unrealized Gains | 4,810 | 3,908 | |
Gross Unrealized Losses | (12,230) | (16,065) | |
Securities available for sale | 696,885 | 674,248 | |
Trust preferred securities | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 22,646 | 23,749 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (4,823) | (5,360) | |
Securities available for sale | 17,823 | 18,389 | |
Other debt securities | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 22,442 | 22,053 | |
Gross Unrealized Gains | 354 | 310 | |
Gross Unrealized Losses | (140) | (218) | |
Securities available for sale | 22,656 | 22,145 | |
Other equity securities | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | $ 75 | ||
Obligations of other U.S. Government agencies and corporations | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 2,060 | 2,066 | |
Gross Unrealized Gains | 89 | 92 | |
Gross Unrealized Losses | 0 | 0 | |
Securities available for sale | 2,149 | 2,158 | |
Government agency mortgage backed securities | Residential mortgage backed securities: | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 412,710 | 414,019 | |
Gross Unrealized Gains | 2,710 | 1,941 | |
Gross Unrealized Losses | (4,165) | (6,643) | |
Securities available for sale | 411,255 | 409,317 | |
Government agency mortgage backed securities | Commercial mortgage backed securities: | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 50,397 | 50,628 | |
Gross Unrealized Gains | 777 | 696 | |
Gross Unrealized Losses | (302) | (461) | |
Securities available for sale | 50,872 | 50,863 | |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 192,294 | 171,362 | |
Gross Unrealized Gains | 879 | 831 | |
Gross Unrealized Losses | (2,787) | (3,367) | |
Securities available for sale | 190,386 | 168,826 | |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 1,756 | 2,528 | |
Gross Unrealized Gains | 1 | 38 | |
Gross Unrealized Losses | (13) | (16) | |
Securities available for sale | $ 1,744 | $ 2,550 |
Securities - (Details Textual)
Securities - (Details Textual) | 3 Months Ended | ||
Mar. 31, 2017USD ($)securityinstitution | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | $ 704,305,000 | $ 686,405,000 | |
Gross gains on sales of securities available for sale | 0 | $ 0 | |
Securities available for sale | $ 696,885,000 | 674,248,000 | |
Number of securities representing interests in tranches of trusts (tranches) | security | 3 | ||
Number of institutions issuing debt | institution | 250 | ||
Number of securities, return to accrual status | security | 2 | ||
Trust preferred securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | $ 22,646,000 | 23,749,000 | |
Securities available for sale | 17,823,000 | 18,389,000 | |
Impairments | 0 | ||
Secure government, public and trust deposits | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities pledged as collateral | 654,378,000 | 642,447,000 | |
Short-term borrowings | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities pledged as collateral | 21,466,000 | $ 24,426,000 | |
Residential mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale debt securities | 2,946,000 | ||
Sale proceeds | $ 2,946,000 | ||
Other equity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Sale proceeds | 4,000 | ||
Amortized cost | 75,000 | ||
Gross gains on sales of securities available for sale | $ 71,000 |
Securities - (Details 2)
Securities - (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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 | 0 | (71) |
Losses on sales of securities available for sale, net | $ 0 | $ (71) |
Securities - (Details 3)
Securities - (Details 3) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Amortized Cost | ||
Due within one year | $ 14,742 | |
Due after one year through five years | 107,452 | |
Due after five years through ten years | 128,319 | |
Due after ten years | 97,464 | |
Amortized Cost | 347,977 | $ 356,282 |
Fair Value | ||
Due within one year | 14,860 | |
Due after one year through five years | 110,966 | |
Due after five years through ten years | 130,878 | |
Due after ten years | 100,512 | |
Fair Value | 357,216 | 362,893 |
Amortized Cost | ||
Due within one year | 0 | |
Due after one year through five years | 2,060 | |
Due after five years through ten years | 2,043 | |
Due after ten years | 22,646 | |
Amortized Cost | 704,305 | 686,405 |
Fair Value | ||
Due within one year | 0 | |
Due after one year through five years | 2,148 | |
Due after five years through ten years | 2,071 | |
Due after ten years | 17,823 | |
Securities available for sale | 696,885 | 674,248 |
Residential mortgage-backed securities | ||
Amortized Cost | ||
Available for sale debt securities | 2,946 | |
Other debt securities | ||
Amortized Cost | ||
Other debt securities, amortized cost | 20,399 | |
Amortized Cost | 22,442 | 22,053 |
Fair Value | ||
Other debt securities, fair value | 20,586 | |
Securities available for sale | 22,656 | 22,145 |
Government agency mortgage backed securities | Residential mortgage-backed securities | ||
Amortized Cost | ||
Available for sale debt securities | 412,710 | |
Amortized Cost | 412,710 | 414,019 |
Fair Value | ||
Securities available for sale | 411,255 | 409,317 |
Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Amortized Cost | ||
Available for sale debt securities | 50,397 | |
Amortized Cost | 50,397 | 50,628 |
Fair Value | ||
Securities available for sale | 50,872 | 50,863 |
Government agency collateralized mortgage obligations | Residential mortgage-backed securities | ||
Amortized Cost | ||
Available for sale debt securities | 192,294 | |
Amortized Cost | 192,294 | 171,362 |
Fair Value | ||
Securities available for sale | 190,386 | 168,826 |
Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Amortized Cost | ||
Available for sale debt securities | 1,756 | |
Amortized Cost | 1,756 | 2,528 |
Fair Value | ||
Securities available for sale | $ 1,744 | $ 2,550 |
Securities - (Details 4)
Securities - (Details 4) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)security | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)security | |
Held to Maturity: | |||
Number of positions, less than 12 months (securities) | security | 57 | 106 | |
Number of positions, 12 months or more (securities) | security | 0 | 0 | |
Number of positions (securities) | security | 57 | 106 | |
Fair value, less than 12 months | $ 56,158 | $ 95,277 | |
Fair value, 12 months or more | 0 | 0 | |
Fair value | 56,158 | $ 95,277 | |
Unrealized losses, less than 12 months | (1,064) | $ (1,965) | |
Unrealized losses, 12 months or more | 0 | 0 | |
Unrealized losses | $ (1,064) | (1,965) | |
Available for Sale: | |||
Number of positions, less than 12 months (securities) | security | 149 | 184 | |
Number of positions, 12 months or more (securities) | security | 30 | 26 | |
Number of positions (securities) | security | 179 | 210 | |
Fair value, less than 12 months | $ 387,021 | $ 427,364 | |
Fair value, 12 months or more | 73,580 | 67,255 | |
Fair value | 460,601 | 494,619 | |
Unrealized losses, less than 12 months | (5,498) | (8,564) | |
Unrealized losses, 12 months or more | (6,732) | (7,501) | |
Unrealized losses | $ (12,230) | $ (16,065) | |
Trust preferred securities | |||
Available for Sale: | |||
Number of positions, less than 12 months (securities) | security | 0 | 0 | |
Number of positions, 12 months or more (securities) | security | 3 | 3 | |
Number of positions (securities) | security | 3 | 3 | |
Fair value, less than 12 months | $ 0 | $ 0 | |
Fair value, 12 months or more | 17,823 | 18,389 | |
Fair value | 17,823 | 18,389 | |
Unrealized losses, less than 12 months | 0 | 0 | |
Unrealized losses, 12 months or more | (4,823) | (5,360) | |
Unrealized losses | $ (4,823) | $ (5,360) | |
Other debt securities | |||
Available for Sale: | |||
Number of positions, less than 12 months (securities) | security | 2 | 3 | |
Number of positions, 12 months or more (securities) | security | 2 | 2 | |
Number of positions (securities) | security | 4 | 5 | |
Fair value, less than 12 months | $ 6,971 | $ 7,946 | |
Fair value, 12 months or more | 2,410 | 2,475 | |
Fair value | 9,381 | 10,421 | |
Unrealized losses, less than 12 months | (131) | (208) | |
Unrealized losses, 12 months or more | (9) | (10) | |
Unrealized losses | $ (140) | $ (218) | |
Obligations of other U.S. Government agencies and corporations | |||
Held to Maturity: | |||
Number of positions, less than 12 months (securities) | security | 4 | 4 | |
Number of positions, 12 months or more (securities) | security | 0 | 0 | |
Number of positions (securities) | security | 4 | 4 | |
Fair value, less than 12 months | $ 11,965 | $ 11,915 | |
Fair value, 12 months or more | 0 | 0 | |
Fair value | 11,965 | $ 11,915 | |
Unrealized losses, less than 12 months | (137) | (187) | |
Unrealized losses, 12 months or more | 0 | 0 | |
Unrealized losses | $ (137) | (187) | |
Available for Sale: | |||
Number of positions, less than 12 months (securities) | security | 0 | 0 | |
Number of positions, 12 months or more (securities) | security | 0 | 0 | |
Number of positions (securities) | security | 0 | 0 | |
Fair value, less than 12 months | $ 0 | $ 0 | |
Fair value, 12 months or more | 0 | 0 | |
Fair value | 0 | 0 | |
Unrealized losses, less than 12 months | 0 | 0 | |
Unrealized losses, 12 months or more | 0 | 0 | |
Unrealized losses | $ 0 | $ 0 | |
Obligations of states and political subdivisions | |||
Held to Maturity: | |||
Number of positions, less than 12 months (securities) | security | 53 | 102 | |
Number of positions, 12 months or more (securities) | security | 0 | 0 | |
Number of positions (securities) | security | 53 | 102 | |
Fair value, less than 12 months | $ 44,193 | $ 83,362 | |
Fair value, 12 months or more | 0 | 0 | |
Fair value | 44,193 | $ 83,362 | |
Unrealized losses, less than 12 months | (927) | (1,778) | |
Unrealized losses, 12 months or more | 0 | 0 | |
Unrealized losses | $ (927) | $ (1,778) | |
Government agency mortgage backed securities | Residential mortgage-backed securities | |||
Available for Sale: | |||
Number of positions, less than 12 months (securities) | security | 104 | 131 | |
Number of positions, 12 months or more (securities) | security | 8 | 5 | |
Number of positions (securities) | security | 112 | 136 | |
Fair value, less than 12 months | $ 256,655 | $ 298,400 | |
Fair value, 12 months or more | 17,487 | 11,504 | |
Fair value | 274,142 | 309,904 | |
Unrealized losses, less than 12 months | (3,585) | (6,042) | |
Unrealized losses, 12 months or more | (580) | (601) | |
Unrealized losses | $ (4,165) | $ (6,643) | |
Government agency mortgage backed securities | Commercial mortgage-backed securities | |||
Available for Sale: | |||
Number of positions, less than 12 months (securities) | security | 6 | 9 | |
Number of positions, 12 months or more (securities) | security | 2 | 2 | |
Number of positions (securities) | security | 8 | 11 | |
Fair value, less than 12 months | $ 15,666 | $ 21,933 | |
Fair value, 12 months or more | 1,091 | 1,101 | |
Fair value | 16,757 | 23,034 | |
Unrealized losses, less than 12 months | (294) | (453) | |
Unrealized losses, 12 months or more | (8) | (8) | |
Unrealized losses | $ (302) | $ (461) | |
Government agency collateralized mortgage obligations | Residential mortgage-backed securities | |||
Available for Sale: | |||
Number of positions, less than 12 months (securities) | security | 36 | 40 | |
Number of positions, 12 months or more (securities) | security | 15 | 14 | |
Number of positions (securities) | security | 51 | 54 | |
Fair value, less than 12 months | $ 106,006 | $ 97,356 | |
Fair value, 12 months or more | 34,769 | 33,786 | |
Fair value | 140,775 | 131,142 | |
Unrealized losses, less than 12 months | (1,475) | (1,845) | |
Unrealized losses, 12 months or more | (1,312) | (1,522) | |
Unrealized losses | $ (2,787) | $ (3,367) | |
Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | |||
Available for Sale: | |||
Number of positions, less than 12 months (securities) | security | 1 | 1 | |
Number of positions, 12 months or more (securities) | security | 0 | 0 | |
Number of positions (securities) | security | 1 | 1 | |
Fair value, less than 12 months | $ 1,723 | $ 1,729 | |
Fair value, 12 months or more | 0 | 0 | |
Fair value | 1,723 | 1,729 | |
Unrealized losses, less than 12 months | (13) | (16) | |
Unrealized losses, 12 months or more | 0 | 0 | |
Unrealized losses | $ (13) | $ (16) |
Securities - (Details 5)
Securities - (Details 5) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 704,305 | $ 686,405 |
Securities available for sale | 696,885 | 674,248 |
Trust preferred securities | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 22,646 | 23,749 |
Securities available for sale | 17,823 | $ 18,389 |
Unrealized Loss | (4,823) | |
XXIII | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 8,286 | |
Securities available for sale | 5,790 | |
Unrealized Loss | $ (2,496) | |
Issuers Currently in Deferral or Default (percent) | 17.00% | |
XXIV | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 10,167 | |
Securities available for sale | 8,917 | |
Unrealized Loss | $ (1,250) | |
Issuers Currently in Deferral or Default (percent) | 23.00% | |
XXVI | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 4,193 | |
Securities available for sale | 3,116 | |
Unrealized Loss | $ (1,077) | |
Issuers Currently in Deferral or Default (percent) | 19.00% |
Securities - (Details 6)
Securities - (Details 6) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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) |
Non Purchased Loans - (Details)
Non Purchased Loans - (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Summary of loans | ||
Gross loans | $ 6,238,451 | $ 6,205,118 |
Unearned income | (2,646) | (2,409) |
Loans, net of unearned income | 6,235,805 | 6,202,709 |
Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 741,466 | 717,490 |
Loans, net of unearned income | 741,466 | 717,490 |
Lease financing | ||
Summary of loans | ||
Gross loans | 50,462 | 49,250 |
Real estate – construction | ||
Summary of loans | ||
Gross loans | 413,734 | 552,679 |
Loans, net of unearned income | 413,734 | 552,679 |
Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 1,917,567 | 1,878,177 |
Loans, net of unearned income | 1,917,567 | 1,878,177 |
Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 3,008,429 | 2,898,895 |
Loans, net of unearned income | 3,008,429 | 2,898,895 |
Installment loans to individuals | ||
Summary of loans | ||
Gross loans | 106,793 | 108,627 |
Loans, net of unearned income | 154,609 | 155,468 |
Non purchased loans and leases | ||
Summary of loans | ||
Gross loans | 4,836,731 | 4,715,981 |
Unearned income | (2,646) | (2,409) |
Loans, net of unearned income | 4,834,085 | 4,713,572 |
Non purchased loans and leases | Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 626,237 | 589,290 |
Non purchased loans and leases | Lease financing | ||
Summary of loans | ||
Gross loans | 50,462 | 49,250 |
Non purchased loans and leases | Real estate – construction | ||
Summary of loans | ||
Gross loans | 378,061 | 483,926 |
Non purchased loans and leases | Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 1,485,663 | 1,425,730 |
Non purchased loans and leases | Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 2,203,639 | 2,075,137 |
Non purchased loans and leases | Installment loans to individuals | ||
Summary of loans | ||
Gross loans | $ 92,669 | $ 92,648 |
Non Purchased Loans - (Details
Non Purchased Loans - (Details Textual) | 3 Months Ended | ||
Mar. 31, 2017USD ($)loan_gradeloan | Mar. 31, 2016USD ($)loan | Dec. 31, 2016USD ($) | |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Allowance for loan losses attributable to restructured loans | $ | $ 42,923,000 | $ 42,737,000 | |
Non purchased loans and leases | |||
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 | 1 | 2 | |
Restructured loans discontinued past due period (in days) | 90 days | 90 days | |
Remaining availability under commitments to lend additional funds on restructured loans | $ | $ 142,000 | $ 0 | |
Non purchased loans and leases | Watch | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grade) | 5 | ||
Non purchased loans and leases | Maximum | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grade) | 9 | ||
Non purchased loans and leases | Maximum | Pass | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grade) | 4 | ||
Non purchased loans and leases | Maximum | Substandard | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grade) | 9 | ||
Non purchased loans and leases | Minimum | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grade) | 1 | ||
Non purchased loans and leases | Minimum | Pass | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grade) | 1 | ||
Non purchased loans and leases | Minimum | Substandard | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grade) | 6 | ||
Non purchased loans and leases | Nonaccruing Loans | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Outstanding balance of restructured loans | $ | $ 57,000 | 136,000 | |
Non purchased loans and leases | Restructured Loans | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Outstanding balance of restructured loans | $ | 6,086,000 | 7,490,000 | |
Allowance for loan losses attributable to restructured loans | $ | $ 241,000 | $ 919,000 |
Non Purchased Loans - (Detail54
Non Purchased Loans - (Details 1) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Past due and nonaccrual loans | ||
Total loans, gross | $ 6,238,451 | $ 6,205,118 |
Unearned income | (2,646) | (2,409) |
Loans, net of unearned income | 6,235,805 | 6,202,709 |
Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Total loans, gross | 741,466 | 717,490 |
Loans, net of unearned income | 741,466 | 717,490 |
Lease financing | ||
Past due and nonaccrual loans | ||
Total loans, gross | 50,462 | 49,250 |
Real estate – construction | ||
Past due and nonaccrual loans | ||
Total loans, gross | 413,734 | 552,679 |
Loans, net of unearned income | 413,734 | 552,679 |
Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 1,917,567 | 1,878,177 |
Loans, net of unearned income | 1,917,567 | 1,878,177 |
Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 3,008,429 | 2,898,895 |
Loans, net of unearned income | 3,008,429 | 2,898,895 |
Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Total loans, gross | 106,793 | 108,627 |
Loans, net of unearned income | 154,609 | 155,468 |
Non purchased loans and leases | ||
Past due and nonaccrual loans | ||
Total loans, gross | 4,836,731 | 4,715,981 |
Unearned income | (2,646) | (2,409) |
Loans, net of unearned income | 4,834,085 | 4,713,572 |
Non purchased loans and leases | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Total loans, gross | 626,237 | 589,290 |
Non purchased loans and leases | Lease financing | ||
Past due and nonaccrual loans | ||
Total loans, gross | 50,462 | 49,250 |
Non purchased loans and leases | Real estate – construction | ||
Past due and nonaccrual loans | ||
Total loans, gross | 378,061 | 483,926 |
Non purchased loans and leases | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 1,485,663 | 1,425,730 |
Non purchased loans and leases | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 2,203,639 | 2,075,137 |
Non purchased loans and leases | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Total loans, gross | 92,669 | 92,648 |
Non purchased loans and leases | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 4,811,554 | 4,689,425 |
Unearned income | (2,646) | (2,409) |
Loans, net of unearned income | 4,821,455 | 4,702,299 |
Non purchased loans and leases | Accruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Current Loans | 623,693 | 586,730 |
Total loans, gross | 624,052 | 588,261 |
Non purchased loans and leases | Accruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Current Loans | 50,281 | 48,919 |
Total loans, gross | 50,462 | 49,112 |
Non purchased loans and leases | Accruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Current Loans | 377,830 | 482,931 |
Total loans, gross | 378,061 | 483,926 |
Non purchased loans and leases | Accruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 1,476,098 | 1,414,254 |
Total loans, gross | 1,481,050 | 1,421,579 |
Non purchased loans and leases | Accruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 2,194,109 | 2,066,821 |
Total loans, gross | 2,197,859 | 2,069,203 |
Non purchased loans and leases | Accruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Current Loans | 92,189 | 92,179 |
Total loans, gross | 92,617 | 92,627 |
Non purchased loans and leases | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 6,876 | 5,441 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 12,630 | 11,273 |
Non purchased loans and leases | Nonaccruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Current Loans | 311 | 97 |
Total loans, gross | 2,185 | 1,029 |
Non purchased loans and leases | Nonaccruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 138 |
Non purchased loans and leases | Nonaccruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 0 |
Non purchased loans and leases | Nonaccruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 2,677 | 2,768 |
Total loans, gross | 4,613 | 4,151 |
Non purchased loans and leases | Nonaccruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 3,888 | 2,576 |
Total loans, gross | 5,780 | 5,934 |
Non purchased loans and leases | Nonaccruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 52 | 21 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 7,727 | 10,795 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans past due | 300 | 811 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Loans past due | 181 | 193 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans past due | 231 | 995 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 4,234 | 6,189 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 2,435 | 2,283 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans past due | 346 | 324 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 555 | 741 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans past due | 467 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 88 | 161 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 580 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 2,174 | 2,079 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans past due | 59 | 720 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 718 | 1,136 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 1,315 | 99 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans past due | 82 | 124 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 5,199 | 5,091 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans past due | 1,407 | 932 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 138 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 1,848 | 1,222 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 1,892 | 2,778 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans past due | $ 52 | $ 21 |
Non Purchased Loans - (Detail55
Non Purchased Loans - (Details 2) - Non purchased loans and leases - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Impaired loans | ||
Unpaid Contractual Principal Balance | $ 34,655 | $ 28,011 |
Recorded Investment With Allowance | 27,779 | 21,039 |
Recorded Investment With No Allowance | 568 | 568 |
Total Recorded Investment | 28,347 | 21,607 |
Related Allowance | 3,850 | 3,626 |
Commercial, financial, agricultural | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 2,788 | 1,577 |
Recorded Investment With Allowance | 2,185 | 1,175 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 2,185 | 1,175 |
Related Allowance | 147 | 136 |
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 |
Real estate – construction | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 0 | 517 |
Recorded Investment With Allowance | 0 | 517 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 0 | 517 |
Related Allowance | 0 | 1 |
Real estate – 1-4 family mortgage | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 12,679 | 10,823 |
Recorded Investment With Allowance | 10,999 | 9,207 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 10,999 | 9,207 |
Related Allowance | 1,085 | 1,091 |
Real estate – commercial mortgage | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 19,071 | 15,007 |
Recorded Investment With Allowance | 14,478 | 10,053 |
Recorded Investment With No Allowance | 568 | 568 |
Total Recorded Investment | 15,046 | 10,621 |
Related Allowance | 2,618 | 2,397 |
Installment loans to individuals | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 117 | 87 |
Recorded Investment With Allowance | 117 | 87 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 117 | 87 |
Related Allowance | $ 0 | $ 1 |
Non Purchased Loans - (Detail56
Non Purchased Loans - (Details 3) - Non purchased loans and leases - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | $ 29,234 | $ 29,858 |
Interest Income Recognized | 171 | 206 |
Commercial, financial, agricultural | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 2,714 | 318 |
Interest Income Recognized | 39 | 2 |
Lease financing | ||
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 | 0 |
Interest Income Recognized | 0 | 0 |
Real estate – 1-4 family mortgage | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 11,088 | 14,442 |
Interest Income Recognized | 26 | 81 |
Real estate – commercial mortgage | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 15,314 | 15,031 |
Interest Income Recognized | 106 | 122 |
Installment loans to individuals | ||
Investment and interest income recognized on impaired loans | ||
Average Recorded Investment | 118 | 67 |
Interest Income Recognized | $ 0 | $ 1 |
Non Purchased Loans - (Detail57
Non Purchased Loans - (Details 4) - Non purchased loans and leases $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)loan | Mar. 31, 2016USD ($)loan | |
Restructured loans | ||
Number of Loans | loan | 4 | 5 |
Pre- Modification Outstanding Recorded Investment | $ 323 | $ 428 |
Post- Modification Outstanding Recorded Investment | $ 330 | $ 421 |
Real estate – 1-4 family mortgage | ||
Restructured loans | ||
Number of Loans | loan | 2 | 5 |
Pre- Modification Outstanding Recorded Investment | $ 177 | $ 428 |
Post- Modification Outstanding Recorded Investment | $ 174 | $ 421 |
Real estate – commercial mortgage | ||
Restructured loans | ||
Number of Loans | loan | 2 | |
Pre- Modification Outstanding Recorded Investment | $ 146 | |
Post- Modification Outstanding Recorded Investment | $ 156 |
Non Purchased Loans - (Detail58
Non Purchased Loans - (Details 5) - Non purchased loans and leases $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)loan | |
Changes in restructured loans [Roll Forward] | |
Totals at January 1, 2017 | loan | 53 |
Additional loans with concessions (loans) | loan | 4 |
Reclassified as nonperforming (loans) | loan | (1) |
Paid in full (loans) | loan | (2) |
Charge-offs (loans) | loan | (1) |
Principal paydowns (loans) | loan | 0 |
Totals at March 31, 2017 | loan | 53 |
Recorded Investment | |
Totals at January 1, 2017 | $ | $ 7,447 |
Additional loans with concessions | $ | 334 |
Reclassified as nonperforming | $ | (56) |
Paid in full | $ | (217) |
Charge-offs | $ | (250) |
Principal paydowns | $ | (85) |
Totals at March 31, 2017 | $ | $ 7,173 |
Non Purchased Loans - (Detail59
Non Purchased Loans - (Details 6) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loan portfolio by risk-rating grades | ||
Total | $ 6,235,805 | $ 6,202,709 |
Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 741,466 | 717,490 |
Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 413,734 | 552,679 |
Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 1,917,567 | 1,878,177 |
Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 3,008,429 | 2,898,895 |
Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 154,609 | 155,468 |
Non purchased loans and leases | ||
Loan portfolio by risk-rating grades | ||
Total | 4,834,085 | 4,713,572 |
Non purchased loans and leases | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 2,908,235 | 2,808,367 |
Non purchased loans and leases | Internal Noninvestment Grade | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 473,760 | 439,704 |
Non purchased loans and leases | Internal Noninvestment Grade | Lease financing | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Non purchased loans and leases | Internal Noninvestment Grade | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 329,547 | 402,549 |
Non purchased loans and leases | Internal Noninvestment Grade | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 214,895 | 200,385 |
Non purchased loans and leases | Internal Noninvestment Grade | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 1,890,033 | 1,765,729 |
Non purchased loans and leases | Internal Noninvestment Grade | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Non purchased loans and leases | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 2,865,371 | 2,761,884 |
Non purchased loans and leases | Pass | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 470,252 | 434,323 |
Non purchased loans and leases | Pass | Lease financing | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Non purchased loans and leases | Pass | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 329,322 | 402,156 |
Non purchased loans and leases | Pass | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 205,083 | 190,882 |
Non purchased loans and leases | Pass | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 1,860,714 | 1,734,523 |
Non purchased loans and leases | Pass | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Non purchased loans and leases | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 22,076 | 26,416 |
Non purchased loans and leases | Watch | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 1,846 | 4,531 |
Non purchased loans and leases | Watch | Lease financing | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Non purchased loans and leases | Watch | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 225 | 393 |
Non purchased loans and leases | Watch | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 3,739 | 3,374 |
Non purchased loans and leases | Watch | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 16,266 | 18,118 |
Non purchased loans and leases | Watch | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Non purchased loans and leases | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 20,788 | 20,067 |
Non purchased loans and leases | Substandard | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 1,662 | 850 |
Non purchased loans and leases | Substandard | Lease financing | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Non purchased loans and leases | Substandard | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Non purchased loans and leases | Substandard | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 6,073 | 6,129 |
Non purchased loans and leases | Substandard | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 13,053 | 13,088 |
Non purchased loans and leases | Substandard | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | $ 0 | $ 0 |
Non Purchased Loans - (Detail60
Non Purchased Loans - (Details 7) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loan portfolio not subject to risk rating | ||
Total | $ 6,235,805 | $ 6,202,709 |
Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 741,466 | 717,490 |
Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 413,734 | 552,679 |
Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,917,567 | 1,878,177 |
Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 3,008,429 | 2,898,895 |
Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 154,609 | 155,468 |
Non purchased loans and leases | ||
Loan portfolio not subject to risk rating | ||
Total | 4,834,085 | 4,713,572 |
Non purchased loans and leases | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 1,925,850 | 1,905,205 |
Non purchased loans and leases | Performing and Nonperforming | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 152,477 | 149,586 |
Non purchased loans and leases | Performing and Nonperforming | Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 47,816 | 46,841 |
Non purchased loans and leases | Performing and Nonperforming | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 48,514 | 81,377 |
Non purchased loans and leases | Performing and Nonperforming | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,270,768 | 1,225,345 |
Non purchased loans and leases | Performing and Nonperforming | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 313,606 | 309,408 |
Non purchased loans and leases | Performing and Nonperforming | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 92,669 | 92,648 |
Non purchased loans and leases | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 1,920,688 | 1,900,508 |
Non purchased loans and leases | Performing | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 151,232 | 148,499 |
Non purchased loans and leases | Performing | Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 47,816 | 46,703 |
Non purchased loans and leases | Performing | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 48,514 | 81,377 |
Non purchased loans and leases | Performing | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,268,160 | 1,222,816 |
Non purchased loans and leases | Performing | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 312,431 | 308,609 |
Non purchased loans and leases | Performing | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 92,535 | 92,504 |
Non purchased loans and leases | Non- Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 5,162 | 4,697 |
Non purchased loans and leases | Non- Performing | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 1,245 | 1,087 |
Non purchased loans and leases | Non- Performing | Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 138 |
Non purchased loans and leases | Non- Performing | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 0 |
Non purchased loans and leases | Non- Performing | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 2,608 | 2,529 |
Non purchased loans and leases | Non- Performing | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,175 | 799 |
Non purchased loans and leases | Non- Performing | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | $ 134 | $ 144 |
Purchased Loans (Details)
Purchased Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Summary of loans | ||
Gross loans | $ 6,238,451 | $ 6,205,118 |
Unearned income | (2,646) | (2,409) |
Loans, net of unearned income | 6,235,805 | 6,202,709 |
Purchased loans | ||
Summary of loans | ||
Gross loans | 1,401,720 | 1,489,137 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 1,401,720 | 1,489,137 |
Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 741,466 | 717,490 |
Loans, net of unearned income | 741,466 | 717,490 |
Commercial, financial, agricultural | Purchased loans | ||
Summary of loans | ||
Gross loans | 115,229 | 128,200 |
Lease financing | ||
Summary of loans | ||
Gross loans | 50,462 | 49,250 |
Lease financing | Purchased loans | ||
Summary of loans | ||
Gross loans | 0 | 0 |
Real estate – construction | ||
Summary of loans | ||
Gross loans | 413,734 | 552,679 |
Loans, net of unearned income | 413,734 | 552,679 |
Real estate – construction | Purchased loans | ||
Summary of loans | ||
Gross loans | 35,673 | 68,753 |
Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 1,917,567 | 1,878,177 |
Loans, net of unearned income | 1,917,567 | 1,878,177 |
Real estate – 1-4 family mortgage | Purchased loans | ||
Summary of loans | ||
Gross loans | 431,904 | 452,447 |
Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 3,008,429 | 2,898,895 |
Loans, net of unearned income | 3,008,429 | 2,898,895 |
Real estate – commercial mortgage | Purchased loans | ||
Summary of loans | ||
Gross loans | 804,790 | 823,758 |
Installment loans to individuals | ||
Summary of loans | ||
Gross loans | 106,793 | 108,627 |
Loans, net of unearned income | 154,609 | 155,468 |
Installment loans to individuals | Purchased loans | ||
Summary of loans | ||
Gross loans | $ 14,124 | $ 15,979 |
Purchased Loans (Details 1)
Purchased Loans (Details 1) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Past due and nonaccrual loans | ||
Total loans, gross | $ 6,238,451 | $ 6,205,118 |
Unearned income | (2,646) | (2,409) |
Loans, net of unearned income | 6,235,805 | 6,202,709 |
Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Total loans, gross | 741,466 | 717,490 |
Loans, net of unearned income | 741,466 | 717,490 |
Lease financing | ||
Past due and nonaccrual loans | ||
Total loans, gross | 50,462 | 49,250 |
Real estate – construction | ||
Past due and nonaccrual loans | ||
Total loans, gross | 413,734 | 552,679 |
Loans, net of unearned income | 413,734 | 552,679 |
Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 1,917,567 | 1,878,177 |
Loans, net of unearned income | 1,917,567 | 1,878,177 |
Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 3,008,429 | 2,898,895 |
Loans, net of unearned income | 3,008,429 | 2,898,895 |
Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Total loans, gross | 106,793 | 108,627 |
Loans, net of unearned income | 154,609 | 155,468 |
Purchased loans | ||
Past due and nonaccrual loans | ||
Total loans, gross | 1,401,720 | 1,489,137 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 1,401,720 | 1,489,137 |
Purchased loans | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 1,375,100 | 1,457,912 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 1,393,225 | 1,477,790 |
Purchased loans | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 6,228 | 9,063 |
Purchased loans | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 11,897 | 10,815 |
Purchased loans | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 5,146 | 5,280 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 8,495 | 11,347 |
Purchased loans | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 457 | 677 |
Purchased loans | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 2,892 | 5,390 |
Purchased loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Total loans, gross | 115,229 | 128,200 |
Purchased loans | Commercial, financial, agricultural | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 113,142 | 125,417 |
Total loans, gross | 114,534 | 127,230 |
Purchased loans | Commercial, financial, agricultural | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 524 | 823 |
Purchased loans | Commercial, financial, agricultural | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 868 | 990 |
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 508 | 329 |
Total loans, gross | 695 | 970 |
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 2 | 260 |
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 185 | 381 |
Purchased loans | Lease financing | ||
Past due and nonaccrual loans | ||
Total loans, gross | 0 | 0 |
Purchased loans | Lease financing | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 0 |
Purchased loans | Lease financing | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased loans | Lease financing | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased loans | Lease financing | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 0 |
Purchased loans | Lease financing | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased loans | Lease financing | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Total loans, gross | 35,673 | 68,753 |
Purchased loans | Real estate – construction | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 35,514 | 67,760 |
Total loans, gross | 35,673 | 68,608 |
Purchased loans | Real estate – construction | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 159 | 527 |
Purchased loans | Real estate – construction | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 321 |
Purchased loans | Real estate – construction | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 145 |
Purchased loans | Real estate – construction | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased loans | Real estate – construction | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 145 |
Purchased loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 431,904 | 452,447 |
Purchased loans | Real estate – 1-4 family mortgage | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 419,028 | 440,258 |
Total loans, gross | 427,545 | 448,212 |
Purchased loans | Real estate – 1-4 family mortgage | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 4,407 | 4,572 |
Purchased loans | Real estate – 1-4 family mortgage | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 4,110 | 3,382 |
Purchased loans | Real estate – 1-4 family mortgage | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 1,626 | 1,771 |
Total loans, gross | 4,359 | 4,235 |
Purchased loans | Real estate – 1-4 family mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 319 | 417 |
Purchased loans | Real estate – 1-4 family mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 2,414 | 2,047 |
Purchased loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 804,790 | 823,758 |
Purchased loans | Real estate – commercial mortgage | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 793,710 | 808,886 |
Total loans, gross | 801,520 | 818,043 |
Purchased loans | Real estate – commercial mortgage | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 970 | 3,045 |
Purchased loans | Real estate – commercial mortgage | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 6,840 | 6,112 |
Purchased loans | Real estate – commercial mortgage | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 2,845 | 3,054 |
Total loans, gross | 3,270 | 5,715 |
Purchased loans | Real estate – commercial mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 136 | 0 |
Purchased loans | Real estate – commercial mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 289 | 2,661 |
Purchased loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Total loans, gross | 14,124 | 15,979 |
Purchased loans | Installment loans to individuals | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 13,706 | 15,591 |
Total loans, gross | 13,953 | 15,697 |
Purchased loans | Installment loans to individuals | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 168 | 96 |
Purchased loans | Installment loans to individuals | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 79 | 10 |
Purchased loans | Installment loans to individuals | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 167 | 126 |
Total loans, gross | 171 | 282 |
Purchased loans | Installment loans to individuals | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased loans | Installment loans to individuals | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | $ 4 | $ 156 |
Purchased Loans (Details 2)
Purchased Loans (Details 2) - Purchased - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Impaired loans | |||
Unpaid Contractual Principal Balance | $ 9,239 | $ 6,674 | |
Recorded Investment With Allowance | 4,827 | 4,538 | |
Recorded Investment With No Allowance | 3,728 | 1,847 | |
Total Recorded Investment | 8,555 | 6,385 | |
Related Allowance | 127 | 515 | |
Average Recorded Investment | 9,197 | $ 2,333 | |
Interest Income Recognized | 58 | 19 | |
Commercial, financial, agricultural | |||
Impaired loans | |||
Unpaid Contractual Principal Balance | 567 | 732 | |
Recorded Investment With Allowance | 121 | 487 | |
Recorded Investment With No Allowance | 423 | 224 | |
Total Recorded Investment | 544 | 711 | |
Related Allowance | 18 | 310 | |
Average Recorded Investment | 541 | 8 | |
Interest Income Recognized | 2 | 0 | |
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 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Real estate – construction | |||
Impaired loans | |||
Unpaid Contractual Principal Balance | 0 | 147 | |
Recorded Investment With Allowance | 0 | 145 | |
Recorded Investment With No Allowance | 0 | 0 | |
Total Recorded Investment | 0 | 145 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Real estate – 1-4 family mortgage | |||
Impaired loans | |||
Unpaid Contractual Principal Balance | 5,463 | 3,095 | |
Recorded Investment With Allowance | 1,746 | 1,496 | |
Recorded Investment With No Allowance | 3,114 | 1,385 | |
Total Recorded Investment | 4,860 | 2,881 | |
Related Allowance | 54 | 43 | |
Average Recorded Investment | 5,481 | 810 | |
Interest Income Recognized | 21 | 9 | |
Real estate – commercial mortgage | |||
Impaired loans | |||
Unpaid Contractual Principal Balance | 3,108 | 2,485 | |
Recorded Investment With Allowance | 2,898 | 2,275 | |
Recorded Investment With No Allowance | 178 | 183 | |
Total Recorded Investment | 3,076 | 2,458 | |
Related Allowance | 52 | 48 | |
Average Recorded Investment | 3,090 | 1,515 | |
Interest Income Recognized | 35 | 10 | |
Installment loans to individuals | |||
Impaired loans | |||
Unpaid Contractual Principal Balance | 101 | 215 | |
Recorded Investment With Allowance | 62 | 135 | |
Recorded Investment With No Allowance | 13 | 55 | |
Total Recorded Investment | 75 | 190 | |
Related Allowance | 3 | 114 | |
Average Recorded Investment | 85 | 0 | |
Interest Income Recognized | 0 | 0 | |
Receivables Acquired with Deteriorated Credit Quality | |||
Impaired loans | |||
Unpaid Contractual Principal Balance | 318,296 | 340,104 | |
Recorded Investment With Allowance | 85,974 | 89,257 | |
Recorded Investment With No Allowance | 169,765 | 182,501 | |
Total Recorded Investment | 255,739 | 271,758 | |
Related Allowance | 2,719 | 2,820 | |
Average Recorded Investment | 291,340 | 374,716 | |
Interest Income Recognized | 3,452 | 4,165 | |
Receivables Acquired with Deteriorated Credit Quality | Commercial, financial, agricultural | |||
Impaired loans | |||
Unpaid Contractual Principal Balance | 21,357 | 20,697 | |
Recorded Investment With Allowance | 6,451 | 4,555 | |
Recorded Investment With No Allowance | 6,577 | 7,439 | |
Total Recorded Investment | 13,028 | 11,994 | |
Related Allowance | 378 | 372 | |
Average Recorded Investment | 14,088 | 18,024 | |
Interest Income Recognized | 247 | 327 | |
Receivables Acquired with Deteriorated Credit Quality | 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 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Receivables Acquired with Deteriorated Credit Quality | Real estate – construction | |||
Impaired loans | |||
Unpaid Contractual Principal Balance | 0 | 1,141 | |
Recorded Investment With Allowance | 0 | 0 | |
Recorded Investment With No Allowance | 0 | 840 | |
Total Recorded Investment | 0 | 840 | |
Related Allowance | 0 | ||
Average Recorded Investment | 0 | 2,608 | |
Interest Income Recognized | 0 | 25 | |
Receivables Acquired with Deteriorated Credit Quality | Real estate – 1-4 family mortgage | |||
Impaired loans | |||
Unpaid Contractual Principal Balance | 80,398 | 86,725 | |
Recorded Investment With Allowance | 20,725 | 21,887 | |
Recorded Investment With No Allowance | 47,340 | 50,065 | |
Total Recorded Investment | 68,065 | 71,952 | |
Related Allowance | 767 | 841 | |
Average Recorded Investment | 78,341 | 101,089 | |
Interest Income Recognized | 865 | 953 | |
Receivables Acquired with Deteriorated Credit Quality | Real estate – commercial mortgage | |||
Impaired loans | |||
Unpaid Contractual Principal Balance | 214,450 | 229,075 | |
Recorded Investment With Allowance | 58,271 | 62,449 | |
Recorded Investment With No Allowance | 114,448 | 122,538 | |
Total Recorded Investment | 172,719 | 184,987 | |
Related Allowance | 1,573 | 1,606 | |
Average Recorded Investment | 196,807 | 250,041 | |
Interest Income Recognized | 2,319 | 2,831 | |
Receivables Acquired with Deteriorated Credit Quality | Installment loans to individuals | |||
Impaired loans | |||
Unpaid Contractual Principal Balance | 2,091 | 2,466 | |
Recorded Investment With Allowance | 527 | 366 | |
Recorded Investment With No Allowance | 1,400 | 1,619 | |
Total Recorded Investment | 1,927 | 1,985 | |
Related Allowance | 1 | $ 1 | |
Average Recorded Investment | 2,104 | 2,954 | |
Interest Income Recognized | $ 21 | $ 29 |
Purchased Loans (Details 3)
Purchased Loans (Details 3) - Purchased loans $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | |
Restructured loans | ||
Number of Loans | loan | 14 | 8 |
Pre- Modification Outstanding Recorded Investment | $ 4,942 | $ 964 |
Post- Modification Outstanding Recorded Investment | $ 3,809 | $ 847 |
Real estate – 1-4 family mortgage | ||
Restructured loans | ||
Number of Loans | loan | 10 | 6 |
Pre- Modification Outstanding Recorded Investment | $ 2,221 | $ 352 |
Post- Modification Outstanding Recorded Investment | $ 1,823 | $ 242 |
Real estate – commercial mortgage | ||
Restructured loans | ||
Number of Loans | loan | 4 | 2 |
Pre- Modification Outstanding Recorded Investment | $ 2,721 | $ 612 |
Post- Modification Outstanding Recorded Investment | $ 1,986 | $ 605 |
Purchased Loans (Details 4)
Purchased Loans (Details 4) - Purchased loans $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)loan | |
Number of Loans | |
Totals at January 1, 2017 | loan | 42 |
Additional loans with concessions (loans) | loan | 14 |
Charge-offs (loans) | loan | (1) |
Principal paydowns (loans) | loan | 0 |
Totals at March 31, 2017 | loan | 55 |
Recorded Investment | |
Totals at January 1, 2017 | $ | $ 4,028 |
Additional loans with concessions | $ | 3,825 |
Charge-offs | $ | (17) |
Principal paydowns | $ | (74) |
Totals at March 31, 2017 | $ | $ 7,762 |
Purchased Loans (Details 5)
Purchased Loans (Details 5) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loan portfolio by risk-rating grades | ||
Total | $ 6,235,805 | $ 6,202,709 |
Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 741,466 | 717,490 |
Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 413,734 | 552,679 |
Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 1,917,567 | 1,878,177 |
Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 3,008,429 | 2,898,895 |
Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 154,609 | 155,468 |
Purchased loans | ||
Loan portfolio by risk-rating grades | ||
Total | 1,401,720 | 1,489,137 |
Purchased loans | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 846,561 | 901,252 |
Purchased loans | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 827,441 | 877,440 |
Purchased loans | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 16,544 | 21,120 |
Purchased loans | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 2,576 | 2,692 |
Purchased loans | Commercial, financial, agricultural | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 92,904 | 106,638 |
Purchased loans | Commercial, financial, agricultural | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 89,802 | 102,777 |
Purchased loans | Commercial, financial, agricultural | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 1,959 | 2,370 |
Purchased loans | Commercial, financial, agricultural | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 1,143 | 1,491 |
Purchased loans | Lease financing | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Purchased loans | Lease financing | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Purchased loans | Lease financing | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Purchased loans | Lease financing | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Purchased loans | Real estate – construction | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 34,405 | 63,846 |
Purchased loans | Real estate – construction | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 34,405 | 61,206 |
Purchased loans | Real estate – construction | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 2,640 |
Purchased loans | Real estate – construction | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Purchased loans | Real estate – 1-4 family mortgage | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 108,949 | 113,294 |
Purchased loans | Real estate – 1-4 family mortgage | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 101,652 | 105,265 |
Purchased loans | Real estate – 1-4 family mortgage | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 6,578 | 7,665 |
Purchased loans | Real estate – 1-4 family mortgage | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 719 | 364 |
Purchased loans | Real estate – commercial mortgage | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 610,299 | 617,360 |
Purchased loans | Real estate – commercial mortgage | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 601,582 | 608,192 |
Purchased loans | Real estate – commercial mortgage | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 8,007 | 8,445 |
Purchased loans | Real estate – commercial mortgage | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 710 | 723 |
Purchased loans | Installment loans to individuals | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 4 | 114 |
Purchased loans | Installment loans to individuals | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Purchased loans | Installment loans to individuals | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Purchased loans | Installment loans to individuals | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | $ 4 | $ 114 |
Purchased Loans (Details 6)
Purchased Loans (Details 6) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loan portfolio not subject to risk rating | ||
Total | $ 6,235,805 | $ 6,202,709 |
Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 741,466 | 717,490 |
Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 413,734 | 552,679 |
Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,917,567 | 1,878,177 |
Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 3,008,429 | 2,898,895 |
Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 154,609 | 155,468 |
Purchased loans | ||
Loan portfolio not subject to risk rating | ||
Total | 1,401,720 | 1,489,137 |
Purchased loans | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 299,420 | 316,127 |
Purchased loans | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 297,350 | 313,852 |
Purchased loans | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 2,070 | 2,275 |
Purchased loans | Commercial, financial, agricultural | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 9,297 | 9,568 |
Purchased loans | Commercial, financial, agricultural | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 9,234 | 9,489 |
Purchased loans | Commercial, financial, agricultural | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 63 | 79 |
Purchased loans | Lease financing | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 0 |
Purchased loans | Lease financing | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 0 |
Purchased loans | Lease financing | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 0 |
Purchased loans | Real estate – construction | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 1,268 | 4,067 |
Purchased loans | Real estate – construction | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 1,268 | 3,601 |
Purchased loans | Real estate – construction | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 466 |
Purchased loans | Real estate – 1-4 family mortgage | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 254,890 | 267,201 |
Purchased loans | Real estate – 1-4 family mortgage | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 253,172 | 265,697 |
Purchased loans | Real estate – 1-4 family mortgage | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 1,718 | 1,504 |
Purchased loans | Real estate – commercial mortgage | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 21,772 | 21,411 |
Purchased loans | Real estate – commercial mortgage | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 21,715 | 21,353 |
Purchased loans | Real estate – commercial mortgage | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 57 | 58 |
Purchased loans | Installment loans to individuals | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 12,193 | 13,880 |
Purchased loans | Installment loans to individuals | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 11,961 | 13,712 |
Purchased loans | Installment loans to individuals | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | $ 232 | $ 168 |
Purchased Loans (Details 7)
Purchased Loans (Details 7) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | $ 6,192,882 | $ 6,159,972 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 255,739 | 271,758 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Commercial, financial, agricultural | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 13,028 | 11,994 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Lease financing | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 0 | 0 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Real estate – construction | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 0 | 840 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Real estate – 1-4 family mortgage | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 68,065 | 71,952 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Real estate – commercial mortgage | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 172,719 | 184,987 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Installment loans to individuals | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | $ 1,927 | $ 1,985 |
Purchased Loans (Details 8)
Purchased Loans (Details 8) - Purchased loans - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||
Accretable yield | $ (32,025) | $ (36,326) |
Receivables Acquired with Deteriorated Credit Quality | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||
Contractually-required principal and interest | 366,954 | |
Nonaccretable difference | (79,190) | |
Cash flows expected to be collected | 287,764 | |
Accretable yield | (32,025) | |
Fair value | $ 255,739 |
Purchased Loans (Details 9)
Purchased Loans (Details 9) - Purchased loans $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Changes in accretable yield of loans acquired with deteriorated credit quality | |
Balance at January 1, 2017 | $ (36,326) |
Additions through acquisition | 0 |
Reclasses from nonaccretable difference | (657) |
Accretion | 3,263 |
Charge-offs | 381 |
Balance at March 31, 2017 | $ (32,025) |
Purchased Loans (Details 10)
Purchased Loans (Details 10) - Purchased loans - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Apr. 01, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accretable yield | $ 32,025 | $ 36,326 | |
Receivables Acquired with Deteriorated Credit Quality | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Contractually-required principal and interest | 366,954 | ||
Nonaccretable difference | 79,190 | ||
Cash flows expected to be collected | 287,764 | ||
Accretable yield | 32,025 | ||
Fair value | $ 255,739 | ||
KeyWorth Bank | Receivables Acquired with Deteriorated Credit Quality | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Contractually-required principal and interest | $ 289,495 | ||
Nonaccretable difference | 3,848 | ||
Cash flows expected to be collected | 285,647 | ||
Accretable yield | 13,317 | ||
Fair value | $ 272,330 |
Purchased Loans (Details Textua
Purchased Loans (Details Textual) | 3 Months Ended | ||
Mar. 31, 2017USD ($)loan | Mar. 31, 2016USD ($)loan | Dec. 31, 2016USD ($) | |
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Allowance for loan losses attributable to restructured loans | $ 42,923,000 | $ 42,737,000 | |
Purchased loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Number of restructured loans | loan | 2 | 0 | |
Average recorded investment in impaired loans | $ 9,197,000 | $ 2,333,000 | |
Remaining availability under commitments to lend additional funds on restructured loans | 1,245,000 | 0 | |
Fair value of loans contractual principal cash flows amount | 79,174,000 | ||
Fair value of loans contractual interest cash flows | 16,000 | ||
Fair value of loans contractual interest payments | 758,000 | ||
Fair value of loans contractual purchase discount | 31,267,000 | ||
Purchased loans | Nonaccruing Loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Outstanding balance of restructured loans | 52,000 | ||
Purchased loans | Restructured Loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Outstanding balance of restructured loans | 1,201,000 | 5,041,000 | |
Allowance for loan losses attributable to restructured loans | $ 31,000 | $ 91,000 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 6,238,451 | $ 6,205,118 |
Unearned income | (2,646) | (2,409) |
Loans, net of unearned income | 6,235,805 | 6,202,709 |
Allowance for loan losses | (42,923) | (42,737) |
Loans, net | 6,192,882 | 6,159,972 |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 741,466 | 717,490 |
Loans, net of unearned income | 741,466 | 717,490 |
Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 50,462 | 49,250 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 413,734 | 552,679 |
Loans, net of unearned income | 413,734 | 552,679 |
Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,917,567 | 1,878,177 |
Loans, net of unearned income | 1,917,567 | 1,878,177 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 3,008,429 | 2,898,895 |
Loans, net of unearned income | 3,008,429 | 2,898,895 |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 106,793 | 108,627 |
Loans, net of unearned income | $ 154,609 | $ 155,468 |
Other Real Estate Owned - (Deta
Other Real Estate Owned - (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Purchased OREO | $ 16,266 | $ 17,370 |
Non Purchased OREO | 5,056 | 5,929 |
Total other real estate owned, net | 21,322 | 23,299 |
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 | ||
Purchased OREO | 2,120 | 2,230 |
Non Purchased OREO | 861 | 699 |
Total other real estate owned, net | 2,981 | 2,929 |
Commercial real estate | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Purchased OREO | 6,427 | 6,401 |
Non Purchased OREO | 1,496 | 1,680 |
Total other real estate owned, net | 7,923 | 8,081 |
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 | ||
Purchased OREO | 2,215 | 2,344 |
Non Purchased OREO | 1,049 | 1,688 |
Total other real estate owned, net | 3,264 | 4,032 |
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 | ||
Purchased OREO | 5,504 | 6,395 |
Non Purchased OREO | 1,650 | 1,862 |
Total other real estate owned, net | $ 7,154 | $ 8,257 |
Allowance for Loan Losses (De75
Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Rollforward of the allowance for loan losses | ||||
Beginning balance | $ 42,737 | $ 42,437 | ||
Charge-offs | (1,598) | (1,954) | ||
Recoveries | 284 | 576 | ||
Net (charge-offs) recoveries | (1,314) | (1,378) | ||
Provision for loan losses | 1,779 | |||
Benefit attributable to FDIC loss-share agreements | (170) | |||
Recoveries payable to FDIC | 191 | |||
Provision for loan losses | 1,500 | 1,800 | ||
Ending balance | 42,923 | 42,859 | ||
Period-End Amount Allocated to: | ||||
Individually evaluated for impairment | $ 3,977 | $ 7,399 | ||
Collectively evaluated for impairment | 36,227 | 33,438 | ||
Acquired with deteriorated credit quality | 42,737 | 42,437 | 42,923 | 42,859 |
Receivables Acquired with Deteriorated Credit Quality | ||||
Rollforward of the allowance for loan losses | ||||
Ending balance | 2,719 | 2,022 | ||
Period-End Amount Allocated to: | ||||
Acquired with deteriorated credit quality | 2,719 | 2,022 | 2,719 | 2,022 |
Commercial, financial, agricultural | ||||
Rollforward of the allowance for loan losses | ||||
Beginning balance | 5,486 | 4,186 | ||
Charge-offs | (832) | (657) | ||
Recoveries | 57 | 53 | ||
Net (charge-offs) recoveries | (775) | (604) | ||
Provision for loan losses | 601 | |||
Benefit attributable to FDIC loss-share agreements | (15) | |||
Recoveries payable to FDIC | 3 | |||
Provision for loan losses | 401 | 589 | ||
Ending balance | 5,112 | 4,171 | ||
Period-End Amount Allocated to: | ||||
Individually evaluated for impairment | 165 | 6 | ||
Collectively evaluated for impairment | 4,569 | 3,743 | ||
Acquired with deteriorated credit quality | 5,486 | 4,186 | 5,112 | 4,171 |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||||
Rollforward of the allowance for loan losses | ||||
Ending balance | 378 | 422 | ||
Period-End Amount Allocated to: | ||||
Acquired with deteriorated credit quality | 378 | 422 | 378 | 422 |
Real estate – construction | ||||
Rollforward of the allowance for loan losses | ||||
Beginning balance | 2,380 | 1,852 | ||
Charge-offs | 0 | |||
Recoveries | 31 | 6 | ||
Net (charge-offs) recoveries | 31 | 6 | ||
Provision for loan losses | 85 | |||
Benefit attributable to FDIC loss-share agreements | 0 | |||
Recoveries payable to FDIC | 0 | |||
Provision for loan losses | (292) | 85 | ||
Ending balance | 2,119 | 1,943 | ||
Period-End Amount Allocated to: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 2,119 | 1,943 | ||
Acquired with deteriorated credit quality | 2,380 | 1,852 | 2,119 | 1,943 |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||||
Rollforward of the allowance for loan losses | ||||
Ending balance | 0 | 0 | ||
Period-End Amount Allocated to: | ||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 |
Real estate – 1-4 family mortgage | ||||
Rollforward of the allowance for loan losses | ||||
Beginning balance | 14,294 | 13,908 | ||
Charge-offs | (275) | (116) | ||
Recoveries | 82 | 395 | ||
Net (charge-offs) recoveries | (193) | 279 | ||
Provision for loan losses | 365 | |||
Benefit attributable to FDIC loss-share agreements | (37) | |||
Recoveries payable to FDIC | 27 | |||
Provision for loan losses | (1,939) | 355 | ||
Ending balance | 12,162 | 14,542 | ||
Period-End Amount Allocated to: | ||||
Individually evaluated for impairment | 1,139 | 4,311 | ||
Collectively evaluated for impairment | 10,256 | 9,896 | ||
Acquired with deteriorated credit quality | 14,294 | 13,908 | 12,162 | 14,542 |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||||
Rollforward of the allowance for loan losses | ||||
Ending balance | 767 | 335 | ||
Period-End Amount Allocated to: | ||||
Acquired with deteriorated credit quality | 767 | 335 | 767 | 335 |
Real estate – commercial mortgage | ||||
Rollforward of the allowance for loan losses | ||||
Beginning balance | 19,059 | 21,111 | ||
Charge-offs | (227) | (1,001) | ||
Recoveries | 95 | 92 | ||
Net (charge-offs) recoveries | (132) | (909) | ||
Provision for loan losses | 530 | |||
Benefit attributable to FDIC loss-share agreements | (118) | |||
Recoveries payable to FDIC | 161 | |||
Provision for loan losses | 3,146 | 573 | ||
Ending balance | 22,073 | 20,775 | ||
Period-End Amount Allocated to: | ||||
Individually evaluated for impairment | 2,670 | 3,082 | ||
Collectively evaluated for impairment | 17,830 | 16,429 | ||
Acquired with deteriorated credit quality | 19,059 | 21,111 | 22,073 | 20,775 |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||||
Rollforward of the allowance for loan losses | ||||
Ending balance | 1,573 | 1,264 | ||
Period-End Amount Allocated to: | ||||
Acquired with deteriorated credit quality | 1,573 | 1,264 | 1,573 | 1,264 |
Installment and other | ||||
Rollforward of the allowance for loan losses | ||||
Beginning balance | 1,518 | 1,380 | ||
Charge-offs | (264) | (180) | ||
Recoveries | 19 | 30 | ||
Net (charge-offs) recoveries | (245) | (150) | ||
Provision for loan losses | 198 | |||
Benefit attributable to FDIC loss-share agreements | 0 | |||
Recoveries payable to FDIC | 0 | |||
Provision for loan losses | 184 | 198 | ||
Ending balance | 1,457 | 1,428 | ||
Period-End Amount Allocated to: | ||||
Individually evaluated for impairment | 3 | 0 | ||
Collectively evaluated for impairment | 1,453 | 1,427 | ||
Acquired with deteriorated credit quality | 1,518 | 1,380 | 1,457 | 1,428 |
Installment and other | Receivables Acquired with Deteriorated Credit Quality | ||||
Rollforward of the allowance for loan losses | ||||
Ending balance | 1 | 1 | ||
Period-End Amount Allocated to: | ||||
Acquired with deteriorated credit quality | $ 1 | $ 1 | $ 1 | $ 1 |
Other Real Estate Owned - (De76
Other Real Estate Owned - (Details 1) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Purchased OREO | |
Balance at January 1, 2017 | $ 17,370 |
Transfers of loans | 2,985 |
Capitalized improvements | 0 |
Impairments | (229) |
Dispositions | (3,516) |
Other | (344) |
Balance at March 31, 2017 | 16,266 |
Non Purchased OREO | |
Balance at January 1, 2017 | 5,929 |
Transfers of loans | 183 |
Capitalized improvements | 0 |
Impairments | (149) |
Dispositions | (1,203) |
Other | 296 |
Balance at March 31, 2017 | 5,056 |
Total OREO | |
Balance at January 1, 2017 | 23,299 |
Transfers of loans | 3,168 |
Capitalized improvements | 0 |
Impairments | (378) |
Dispositions | (4,719) |
Other | (48) |
Balance at March 31, 2017 | $ 21,322 |
Allowance for Loan Losses (De77
Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | $ 36,902 | $ 27,992 |
Collectively evaluated for impairment | 5,943,164 | 5,902,959 |
Loans, net of unearned income | 6,235,805 | 6,202,709 |
Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Acquired with deteriorated credit quality | 255,739 | 271,758 |
Commercial, financial, agricultural | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 2,729 | 1,886 |
Collectively evaluated for impairment | 725,709 | 703,610 |
Loans, net of unearned income | 741,466 | 717,490 |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Acquired with deteriorated credit quality | 13,028 | 11,994 |
Real estate – construction | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 662 | |
Collectively evaluated for impairment | 413,734 | 551,177 |
Loans, net of unearned income | 413,734 | 552,679 |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Acquired with deteriorated credit quality | 0 | 840 |
Real estate – 1-4 family mortgage | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 15,859 | 12,088 |
Collectively evaluated for impairment | 1,833,643 | 1,794,137 |
Loans, net of unearned income | 1,917,567 | 1,878,177 |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Acquired with deteriorated credit quality | 68,065 | 71,952 |
Real estate – commercial mortgage | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 18,122 | 13,079 |
Collectively evaluated for impairment | 2,817,588 | 2,700,829 |
Loans, net of unearned income | 3,008,429 | 2,898,895 |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Acquired with deteriorated credit quality | 172,719 | 184,987 |
Installment loans to individuals | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 192 | 277 |
Collectively evaluated for impairment | 152,490 | 153,206 |
Loans, net of unearned income | 154,609 | 155,468 |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Acquired with deteriorated credit quality | $ 1,927 | $ 1,985 |
Other Real Estate Owned - (De78
Other Real Estate Owned - (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Components of other real estate owned in the Consolidated Statements of Income | ||
Repairs and maintenance | $ 197 | $ 197 |
Property taxes and insurance | 332 | 470 |
Impairments | 378 | 294 |
Net (gains) losses on OREO sales | (327) | 50 |
Rental income | (48) | (54) |
Total | $ 532 | $ 957 |
Goodwill and Other Intangible79
Goodwill and Other Intangible Assets - (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance at January 1, 2017 | $ 470,534,000 |
Addition to goodwill from acquisition | 0 |
Adjustment to previously recorded goodwill | 0 |
Balance at March 31, 2017 | 470,534,000 |
Adjustments to goodwill | 0 |
Community Banks | |
Goodwill [Roll Forward] | |
Balance at January 1, 2017 | 467,767,000 |
Addition to goodwill from acquisition | 0 |
Adjustment to previously recorded goodwill | 0 |
Balance at March 31, 2017 | 467,767,000 |
Insurance | |
Goodwill [Roll Forward] | |
Balance at January 1, 2017 | 2,767,000 |
Addition to goodwill from acquisition | 0 |
Adjustment to previously recorded goodwill | 0 |
Balance at March 31, 2017 | $ 2,767,000 |
Goodwill and Other Intangible80
Goodwill and Other Intangible Assets - (Details 1) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 49,962 | $ 49,962 |
Accumulated Amortization | (27,451) | (25,888) |
Net Carrying Amount | 22,511 | 24,074 |
Core Deposit Intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 47,992 | 47,992 |
Accumulated Amortization | (26,718) | (25,188) |
Net Carrying Amount | 21,274 | 22,804 |
Customer Relationship Intangible | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 1,970 | 1,970 |
Accumulated Amortization | (733) | (700) |
Net Carrying Amount | $ 1,237 | $ 1,270 |
Goodwill and Other Intangible81
Goodwill and Other Intangible Assets - (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible amortization | $ 1,563 | $ 1,697 |
Core Deposit Intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible amortization | 1,530 | 1,664 |
Customer Relationship Intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible amortization | $ 33 | $ 33 |
Goodwill and Other Intangible82
Goodwill and Other Intangible Assets - (Details 3) $ in Thousands | Mar. 31, 2017USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2,017 | $ 5,854 |
2,018 | 5,012 |
2,017 | 4,232 |
2,019 | 3,344 |
2,021 | 2,404 |
Core Deposit Intangibles | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2,017 | 5,723 |
2,018 | 4,881 |
2,017 | 4,101 |
2,019 | 3,213 |
2,021 | 2,273 |
Customer Relationship Intangible | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2,017 | 131 |
2,018 | 131 |
2,017 | 131 |
2,019 | 131 |
2,021 | $ 131 |
Mortgage Servicing Rights - (De
Mortgage Servicing Rights - (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Mortgage Servicing Rights (Textual) [Abstract] | |||
Impairment losses on mortgage servicing rights | $ 0 | $ 0 | $ 40,000 |
Unpaid principle balance of related mortgage loan | 1,830,444,000 | ||
Sale of MSR proceeds | 0 | 18,508,000 | |
Servicing fees | $ 1,233,000 | $ 1,296,000 |
Mortgage Servicing Rights - (84
Mortgage Servicing Rights - (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Changes in mortgage servicing rights | |
Capitalization | $ 3,276 |
Amortization | (802) |
Balance at March 31, 2017 | $ 28,776 |
Mortgage Servicing Rights - (85
Mortgage Servicing Rights - (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Data and key economic assumptions related to mortgage servicing rights | ||
Unpaid principal balance | $ 3,045,228 | $ 2,763,344 |
Weighted-average prepayment speed (CPR) (as percent) | 7.28% | 7.34% |
Estimated impact of a 10% increase | $ (1,147) | $ (1,034) |
Estimated impact of a 20% increase | $ (2,234) | $ (2,010) |
Discount rate (as percent) | 9.65% | 9.64% |
Estimated impact of a 10% increase | $ (1,620) | $ (1,368) |
Estimated impact of a 20% increase | $ (3,110) | $ (2,629) |
Weighted-average coupon interest rate (as percent) | 3.82% | 3.83% |
Weighted-average servicing fee (basis points) (as percent) | 0.2589% | 0.2587% |
Weighted-average remaining maturity (in years) | 12 years 5 months 26 days | 11 years 1 month 11 days |
Redemption of Long-term Debt (D
Redemption of Long-term Debt (Details) - Subordinated Debt - Heritage Financial Statutory Trust One $ in Thousands | Feb. 22, 2017USD ($) |
Debt Instrument [Line Items] | |
Aggregate amount o debt | $ 10,515 |
Principal amount of debt | 10,310 |
Prepayment penalty | $ 205 |
Employee Benefit and Deferred87
Employee Benefit and Deferred Compensation Plans - (Details Textual) | 3 Months Ended | |
Mar. 31, 2017USD ($)pointshares | Mar. 31, 2016USD ($)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 (until) | 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 | 62,434 | |
Total stock-based compensation expense | $ | $ 1,174,000 | $ 859,000 |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award requisite service period (in years) | 1 year |
Employee Benefit and Deferred88
Employee Benefit and Deferred Compensation Plans - (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pension Benefits | ||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||
Service cost | $ 0 | $ 0 |
Interest cost | 293 | 306 |
Expected (return) on plan assets | (484) | (469) |
Prior service cost recognized | 0 | 0 |
Recognized actuarial loss | 100 | 100 |
Settlement/curtailment/termination gains | 0 | 0 |
Net periodic benefit cost (return) | (91) | (63) |
Pension Benefits | Heritage Financial Group | ||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||
Service cost | 0 | 0 |
Interest cost | 0 | 69 |
Expected (return) on plan assets | 0 | (45) |
Prior service cost recognized | 0 | 0 |
Recognized actuarial loss | 0 | 0 |
Settlement/curtailment/termination gains | 0 | 0 |
Net periodic benefit cost (return) | 0 | 24 |
Other Benefits | ||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||
Service cost | 3 | 4 |
Interest cost | 13 | 14 |
Expected (return) on plan assets | 0 | 0 |
Prior service cost recognized | 0 | 0 |
Recognized actuarial loss | 13 | 17 |
Settlement/curtailment/termination gains | 0 | 0 |
Net periodic benefit cost (return) | $ 29 | $ 35 |
Employee Benefit and Deferred89
Employee Benefit and Deferred Compensation Plans - (Details 2) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Shares | ||
Options outstanding at beginning of period (shares) | 185,625 | |
Granted (shares) | 0 | 0 |
Exercised (shares) | (43,250) | |
Forfeited (shares) | 0 | |
Options outstanding at end of period (shares) | 142,375 | |
Weighted Average Exercise Price | ||
Options outstanding at beginning of period (usd per share) | $ 15.97 | |
Granted (usd per share) | 0 | |
Exercised (usd per share) | 15.69 | |
Forfeited (usd per share) | 0 | |
Options outstanding at end of period (usd per share) | $ 16.06 |
Employee Benefit and Deferred90
Employee Benefit and Deferred Compensation Plans - (Details 3) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Performance Shares | |
Shares | |
Beginning balance (shares) | shares | 0 |
Awarded (shares) | shares | 54,450 |
Vested (shares) | shares | 0 |
Cancelled (shares) | shares | 0 |
Ending balance (shares) | shares | 54,450 |
Weighted Average Grant-Date Fair Value | |
Beginning balance (usd per share) | $ / shares | $ 0 |
Awarded (usd per share) | $ / shares | 42.22 |
Vested (usd per share) | $ / shares | 0 |
Cancelled (usd per share) | $ / shares | 0 |
Ending balance (usd per share) | $ / shares | $ 42.22 |
Restricted Stock | |
Shares | |
Beginning balance (shares) | shares | 117,345 |
Awarded (shares) | shares | 75,725 |
Vested (shares) | shares | (30,500) |
Cancelled (shares) | shares | 0 |
Ending balance (shares) | shares | 162,570 |
Weighted Average Grant-Date Fair Value | |
Beginning balance (usd per share) | $ / shares | $ 31.76 |
Awarded (usd per share) | $ / shares | 42.22 |
Vested (usd per share) | $ / shares | 31.65 |
Cancelled (usd per share) | $ / shares | 0 |
Ending balance (usd per share) | $ / shares | $ 36.65 |
Derivative Instruments - (Detai
Derivative Instruments - (Details Textual) | 1 Months Ended | |||
Jun. 30, 2014USD ($)derivative_instrument | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 30, 2012USD ($)derivative_instrument | |
Interest rate contracts with corporate customers | ||||
Derivative Instruments (Textual) [Abstract] | ||||
Notional amount | $ 76,788,000 | |||
Offsetting interest rate contracts with other financial institutions | ||||
Derivative Instruments (Textual) [Abstract] | ||||
Notional amount | 76,788,000 | |||
Interest rate swaps | ||||
Derivative Instruments (Textual) [Abstract] | ||||
Number of instruments held | derivative_instrument | 2 | |||
Floating rate liability at the bank level, derivative one | ||||
Derivative Instruments (Textual) [Abstract] | ||||
Notional amount | $ 15,000,000 | |||
Term of contract (in years) | 4 years | |||
Floating rate liability at the bank level, derivative two | ||||
Derivative Instruments (Textual) [Abstract] | ||||
Notional amount | $ 15,000,000 | |||
Term of contract (in years) | 5 years | |||
Cash flow hedging | ||||
Derivative Instruments (Textual) [Abstract] | ||||
Notional amount | $ 32,000,000 | |||
Number of instruments held | derivative_instrument | 2 | |||
Cash flow hedging | First M&F | ||||
Derivative Instruments (Textual) [Abstract] | ||||
Notional amount | 30,000,000 | |||
Commitments to fund fixed-rate residential mortgage loans | ||||
Derivative Instruments (Textual) [Abstract] | ||||
Notional amount | 207,662,000 | $ 120,050,000 | ||
Commitments to sell residential mortgage loans | ||||
Derivative Instruments (Textual) [Abstract] | ||||
Notional amount | $ 311,000,000 | $ 257,000,000 |
Derivative Instruments - (Det92
Derivative Instruments - (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Not designated as hedging instruments: | ||
Derivative financial instruments | ||
Derivative assets | $ 6,982 | $ 9,108 |
Derivative liabilities | 3,390 | 2,500 |
Designated as hedging instruments: | ||
Derivative financial instruments | ||
Derivative liabilities | 3,134 | 3,410 |
Other Assets | Not designated as hedging instruments: | Interest rate contracts | ||
Derivative financial instruments | ||
Derivative assets | 1,713 | 1,985 |
Other Assets | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivative financial instruments | ||
Derivative assets | 5,252 | 2,643 |
Other Assets | Not designated as hedging instruments: | Forward commitments | ||
Derivative financial instruments | ||
Derivative assets | 17 | 4,480 |
Other Liabilities | Not designated as hedging instruments: | Interest rate contracts | ||
Derivative financial instruments | ||
Derivative liabilities | 1,713 | 1,985 |
Other Liabilities | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivative financial instruments | ||
Derivative liabilities | 2 | 246 |
Other Liabilities | Not designated as hedging instruments: | Forward commitments | ||
Derivative financial instruments | ||
Derivative liabilities | 1,675 | 269 |
Other Liabilities | Designated as hedging instruments: | Interest rate swaps | ||
Derivative financial instruments | ||
Derivative liabilities | $ 3,134 | $ 3,410 |
Derivative Instruments - (Det93
Derivative Instruments - (Details 1) - Not designated as hedging instruments: - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivatives, Fair Value [Line Items] | ||
Gains (losses) on derivative financial instruments | $ (2,337) | $ (1,527) |
Interest rate contracts | Included in interest income on loans | ||
Derivatives, Fair Value [Line Items] | ||
Gains (losses) on derivative financial instruments | 679 | 533 |
Interest rate lock commitments | Included in gains on sales of mortgage loans held for sale | ||
Derivatives, Fair Value [Line Items] | ||
Gains (losses) on derivative financial instruments | 2,853 | 1,628 |
Forward commitments | Included in gains on sales of mortgage loans held for sale | ||
Derivatives, Fair Value [Line Items] | ||
Gains (losses) on derivative financial instruments | $ (5,869) | $ (3,688) |
Derivative Instruments - (Det94
Derivative Instruments - (Details 2) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Offsetting Derivative Assets | ||
Gross amounts recognized | $ 346 | $ 4,778 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 346 | 4,778 |
Financial instruments | 346 | 567 |
Financial collateral pledged | 0 | 0 |
Net amounts | 0 | 4,211 |
Gross amounts not offset in the Consolidated Balance Sheets | ||
Gross amounts recognized | 5,855 | 4,893 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 5,855 | 4,893 |
Financial instruments | 346 | 567 |
Financial collateral pledged | 4,549 | 4,326 |
Net amounts | $ 960 | $ 0 |
Income Taxes - (Details)
Income Taxes - (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Deferred tax assets | |||
Allowance for loan losses | $ 19,999 | $ 19,934 | $ 20,787 |
Loans | 21,159 | 23,240 | 29,042 |
Deferred compensation | 9,120 | 11,254 | 10,786 |
Securities | 2,440 | 2,439 | 2,572 |
Net unrealized losses on securities - OCI | 8,209 | 10,096 | 4,876 |
Impairment of assets | 1,962 | 2,512 | 3,280 |
Federal and State net operating loss carryforwards | 3,354 | 2,867 | 5,124 |
Intangibles | 1,229 | 1,247 | 0 |
Other | 2,834 | 3,463 | 4,957 |
Gross deferred tax assets | 70,306 | 77,052 | 81,424 |
Valuation allowance on state net operating loss carryforwards | 0 | 0 | 0 |
Total deferred tax assets | 70,306 | 77,052 | 81,424 |
Deferred tax liabilities | |||
FDIC loss-share indemnification asset | 0 | 0 | 1,807 |
Investment in partnerships | 1,414 | 1,556 | 2,343 |
Core deposit intangible | 0 | 0 | 2,992 |
Fixed assets | 2,248 | 2,517 | 924 |
Mortgage servicing rights | 3,359 | 3,360 | 3,977 |
Junior subordinated debt | 4,058 | 4,111 | 4,234 |
Other | 2,428 | 2,876 | 4,855 |
Total deferred tax liabilities | 13,507 | 14,420 | 21,132 |
Net deferred tax assets | $ 56,799 | $ 62,632 | $ 60,292 |
Income Taxes - (Details Textual
Income Taxes - (Details Textual) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Jul. 01, 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 | $ 0 | |
Federal | Heritage Financial Group | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryfowards | 6,719,000 | $ 18,321,000 | ||
State | Heritage Financial Group | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryfowards | $ 10,835,000 | $ 17,168,000 |
Investments in Qualified Affo97
Investments in Qualified Affordable Housing Projects (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Carrying value of qualified affordable housing project investments | $ 3,623,000 | $ 6,331,000 | |
Funding obligation related to qualified affordable housing projects | 2,450,000 | ||
Funding obligation related to qualified affordable housing projects | 0 | ||
Tax credit amortization | 262,000 | $ 324,000 | |
Tax credits and other benefits | (460,000) | (471,000) | |
Total | $ (198,000) | $ (147,000) |
Fair Value Measurements - (Deta
Fair Value Measurements - (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Securities available for sale | $ 696,885 | $ 674,248 |
Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 17,823 | 18,389 |
Other debt securities | ||
Financial assets: | ||
Securities available for sale | 22,656 | 22,145 |
Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 2,149 | 2,158 |
Government agency mortgage backed securities | Residential mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 411,255 | 409,317 |
Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 50,872 | 50,863 |
Government agency collateralized mortgage obligations | Residential mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 190,386 | 168,826 |
Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 1,744 | 2,550 |
Recurring | ||
Financial assets: | ||
Securities available for sale | 696,885 | 674,248 |
Derivative instruments | 6,982 | 9,108 |
Total financial assets | 862,486 | 861,222 |
Financial liabilities: | ||
Derivative instruments | 6,524 | 5,910 |
Total financial liabilities | 6,524 | 5,910 |
Recurring | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 3,134 | 3,410 |
Recurring | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 1,713 | 1,985 |
Financial liabilities: | ||
Derivative instruments | 1,713 | 1,985 |
Recurring | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 5,252 | 2,643 |
Financial liabilities: | ||
Derivative instruments | 2 | |
Recurring | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 17 | 4,480 |
Financial liabilities: | ||
Derivative instruments | 1,675 | 269 |
Recurring | Mortgage loans held for sale | ||
Financial assets: | ||
Mortgage loans held for sale | 158,619 | 177,866 |
Recurring | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 17,823 | 18,389 |
Recurring | Other debt securities | ||
Financial assets: | ||
Securities available for sale | 22,656 | 22,145 |
Recurring | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 2,149 | 2,158 |
Recurring | Government agency mortgage backed securities | Residential mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 411,255 | 409,317 |
Recurring | Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 50,872 | 50,863 |
Recurring | Government agency collateralized mortgage obligations | Residential mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 190,386 | 168,826 |
Recurring | Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 1,744 | 2,550 |
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: | ||
Mortgage loans held for sale | 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 | 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 | 679,062 | 655,859 |
Derivative instruments | 6,982 | 9,108 |
Total financial assets | 844,663 | 842,833 |
Financial liabilities: | ||
Derivative instruments | 6,524 | 5,910 |
Total financial liabilities | 6,524 | 5,910 |
Recurring | Level 2 | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 3,134 | 3,410 |
Recurring | Level 2 | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 1,713 | 1,985 |
Financial liabilities: | ||
Derivative instruments | 1,713 | 1,985 |
Recurring | Level 2 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 5,252 | 2,643 |
Financial liabilities: | ||
Derivative instruments | 2 | |
Recurring | Level 2 | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 17 | 4,480 |
Financial liabilities: | ||
Derivative instruments | 1,675 | 269 |
Recurring | Level 2 | Mortgage loans held for sale | ||
Financial assets: | ||
Mortgage loans held for sale | 158,619 | 177,866 |
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 | 22,656 | 22,145 |
Recurring | Level 2 | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 2,149 | 2,158 |
Recurring | Level 2 | Government agency mortgage backed securities | Residential mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 411,255 | 409,317 |
Recurring | Level 2 | Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 50,872 | 50,863 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | Residential mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 190,386 | 168,826 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 1,744 | 2,550 |
Recurring | Level 3 | ||
Financial assets: | ||
Securities available for sale | 17,823 | 18,389 |
Derivative instruments | 0 | 0 |
Total financial assets | 17,823 | 18,389 |
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: | ||
Mortgage loans held for sale | 0 | 0 |
Recurring | Level 3 | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 17,823 | 18,389 |
Recurring | Level 3 | Other debt 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 - (De99
Fair Value Measurements - (Details 1) - Trust preferred securities - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ||
Beginning balance | $ 18,389 | $ 19,469 |
Accretion included in net income | 8 | 7 |
Unrealized gains (losses) included in other comprehensive income | 537 | (481) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issues | 0 | 0 |
Settlements | (1,111) | (48) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending balance | $ 17,823 | $ 18,947 |
Fair Value Measurements - (D100
Fair Value Measurements - (Details 2) - Trust preferred securities $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Fair Value | $ 17,823 |
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 | 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 | 100.00% |
Fair Value Measurements - (D101
Fair Value Measurements - (Details 3) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | $ 11,943 | $ 4,101 |
OREO | 6,027 | 6,741 |
Mortgage servicing rights | 26,302 | |
Total | 17,970 | 37,144 |
Level 1 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Mortgage servicing rights | 0 | |
Total | 0 | 0 |
Level 2 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Mortgage servicing rights | 0 | |
Total | 0 | 0 |
Level 3 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 11,943 | 4,101 |
OREO | 6,027 | 6,741 |
Mortgage servicing rights | 26,302 | |
Total | $ 17,970 | $ 37,144 |
Fair Value Measurements - (D102
Fair Value Measurements - (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Fair Value Measurements (Textual) [Abstract] | |||
Impaired loans not covered under loss-share agreements | $ 12,414,000 | $ 4,406,000 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific reserve included in allowance for loan losses | 42,923,000 | 42,737,000 | |
Impairment losses on mortgage servicing rights | 0 | $ 0 | 40,000 |
Changes in fair value, gain (loss) | 3,998,000 | $ 5,527,000 | |
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 | $ 471,000 | $ 305,000 |
Fair Value Measurements - (D103
Fair Value Measurements - (Details 4) - Level 3 - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
OREO measured at fair value on a nonrecurring basis | ||
Carrying amount prior to remeasurement | $ 6,406 | $ 8,290 |
Impairment recognized in results of operations | (379) | (1,549) |
Fair value | $ 6,027 | $ 6,741 |
Fair Value Measurements - (D104
Fair Value Measurements - (Details 5) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | $ 11,943 | $ 4,101 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | 11,943 | $ 4,101 |
Level 3 | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | $ 11,943 | |
Valuation Technique | Appraised value of collateral less estimated costs to sell | |
Significant Unobservable Inputs | Estimated costs to sell | |
Level 3 | Impaired loans | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of Inputs | 4.00% | |
Level 3 | Impaired loans | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of Inputs | 10.00% | |
Level 3 | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | $ 6,027 | |
Valuation Technique | Appraised value of property less estimated costs to sell | |
Significant Unobservable Inputs | Estimated costs to sell | |
Level 3 | OREO | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of Inputs | 4.00% | |
Level 3 | OREO | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of Inputs | 10.00% |
Fair Value Measurements - (D105
Fair Value Measurements - (Details 6) $ in Thousands | Mar. 31, 2017USD ($) |
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 | $ 158,619 |
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 | 152,719 |
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 | 5,900 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | $ 0 |
Fair Value Measurements - (D106
Fair Value Measurements - (Details 7) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financial assets | ||
Securities held to maturity | $ 347,977 | $ 356,282 |
Securities available for sale | 696,885 | 674,248 |
Mortgage loans held for sale | 158,619 | 177,866 |
Mortgage servicing rights | 28,776 | |
Level 1 | ||
Financial liabilities | ||
Subordinated notes | 0 | |
Level 2 | ||
Financial liabilities | ||
Subordinated notes | 101,000 | |
Level 3 | ||
Financial assets | ||
Mortgage servicing rights | 26,302 | |
Financial liabilities | ||
Subordinated notes | 0 | |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 370,744 | 306,224 |
Securities held to maturity | 347,977 | 356,282 |
Securities available for sale | 696,885 | 674,248 |
Mortgage loans held for sale | 158,619 | 177,866 |
Loans, net | 6,192,882 | 6,159,972 |
Mortgage servicing rights | 28,776 | 26,302 |
Derivative instruments | 6,982 | 9,108 |
Financial liabilities | ||
Deposits | 7,230,850 | 7,059,137 |
Short-term borrowings | 9,955 | 109,676 |
Other long-term borrowings | 135 | 147 |
Federal Home Loan Bank advances | 8,284 | 8,542 |
Junior subordinated debentures | 85,470 | 95,643 |
Subordinated notes | 98,162 | 98,127 |
Derivative instruments | 6,524 | 5,910 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 370,744 | 306,224 |
Securities held to maturity | 357,216 | 362,893 |
Securities available for sale | 696,885 | 674,248 |
Mortgage loans held for sale | 158,619 | 177,866 |
Loans, net | 6,122,605 | 5,989,790 |
Mortgage servicing rights | 36,996 | 32,064 |
Derivative instruments | 6,982 | 9,108 |
Financial liabilities | ||
Deposits | 7,231,849 | 7,069,411 |
Short-term borrowings | 9,955 | 109,676 |
Other long-term borrowings | 135 | 147 |
Federal Home Loan Bank advances | 8,917 | 8,777 |
Junior subordinated debentures | 64,908 | 73,301 |
Subordinated notes | 101,300 | 101,000 |
Derivative instruments | 6,524 | 5,910 |
Fair Value | Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 370,744 | 306,224 |
Securities held to maturity | 0 | 0 |
Securities available for sale | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivative instruments | 0 | 0 |
Financial liabilities | ||
Deposits | 5,624,281 | 5,438,384 |
Short-term borrowings | 9,955 | 109,676 |
Other long-term borrowings | 135 | 147 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Subordinated notes | 0 | |
Derivative instruments | 0 | 0 |
Fair Value | Level 2 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 357,216 | 362,893 |
Securities available for sale | 679,062 | 655,859 |
Mortgage loans held for sale | 158,619 | 177,866 |
Loans, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivative instruments | 6,982 | 9,108 |
Financial liabilities | ||
Deposits | 1,607,568 | 1,631,027 |
Short-term borrowings | 0 | 0 |
Other long-term borrowings | 0 | 0 |
Federal Home Loan Bank advances | 8,917 | 8,777 |
Junior subordinated debentures | 64,908 | 73,301 |
Subordinated notes | 101,300 | |
Derivative instruments | 6,524 | 5,910 |
Fair Value | Level 3 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 0 | 0 |
Securities available for sale | 17,823 | 18,389 |
Mortgage loans held for sale | 0 | 0 |
Loans, net | 6,122,605 | 5,989,790 |
Mortgage servicing rights | 36,996 | 32,064 |
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 |
Subordinated notes | 0 | |
Derivative instruments | $ 0 | $ 0 |
Other Comprehensive Income - (D
Other Comprehensive Income - (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), pre-tax | $ 4,882 | $ 3,082 |
Total other comprehensive income (loss), tax expense (benefit) | 1,888 | 1,189 |
Other comprehensive income, net of tax | 2,994 | 1,893 |
Securities Available for Sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), before reclassifications, pre-tax | 4,739 | 5,060 |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 1,832 | 1,953 |
Other comprehensive income (loss), before reclassifications, net of tax | 2,907 | 3,107 |
Total other comprehensive income (loss), pre-tax | 4,493 | 5,027 |
Total other comprehensive income (loss), tax expense (benefit) | 1,737 | 1,940 |
Other comprehensive income, net of tax | 2,756 | 3,087 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification from AOCI, pre-tax | (246) | (33) |
Reclassification from AOCI, tax expense (benefit) | (95) | (13) |
Reclassification from AOCI, net of tax | (151) | (20) |
Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), before reclassifications, pre-tax | 276 | (2,062) |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 107 | (796) |
Other comprehensive income (loss), before reclassifications, net of tax | 169 | (1,266) |
Total other comprehensive income (loss), pre-tax | 276 | (2,062) |
Total other comprehensive income (loss), tax expense (benefit) | 107 | (796) |
Other comprehensive income, net of tax | 169 | (1,266) |
Defined benefit Pension and Post-Retirement Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), pre-tax | 113 | 117 |
Total other comprehensive income (loss), tax expense (benefit) | 44 | 45 |
Other comprehensive income, net of tax | 69 | 72 |
Amortization of net actuarial loss recognized in net periodic pension cost | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification from AOCI, pre-tax | 113 | 117 |
Reclassification from AOCI, tax expense (benefit) | 44 | 45 |
Reclassification from AOCI, net of tax | $ 69 | $ 72 |
Other Comprehensive Income -108
Other Comprehensive Income - (Details 1) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accumulated balances for component of other comprehensive income, net of tax | ||
Unrealized gains on securities | $ 11,274 | $ 9,490 |
Non-credit related portion of other-than-temporary impairment on securities | (15,747) | (16,719) |
Unrealized losses on derivative instruments | (1,186) | (1,355) |
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (7,251) | (7,320) |
Total accumulated other comprehensive loss | $ (12,910) | $ (15,904) |
Net Income Per Common Share - (
Net Income Per Common Share - (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basic | ||
Net income applicable to common stock | $ 23,972 | $ 21,216 |
Average common shares outstanding (shares) | 44,364,337 | 40,324,475 |
Net income per common share - basic (usd per share) | $ 0.54 | $ 0.53 |
Diluted | ||
Net income applicable to common stock | $ 23,972 | $ 21,216 |
Average common shares outstanding (shares) | 44,364,337 | 40,324,475 |
Effect of dilutive stock-based compensation (shares) | 116,162 | 234,670 |
Average common shares outstanding - diluted (shares) | 44,480,499 | 40,559,145 |
Net income per common share - diluted (usd per share) | $ 0.54 | $ 0.52 |
Net Income Per Common Share 110
Net Income Per Common Share - (Details 1) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of antidilutive securities excluded from computation of earnings per share | ||
Exercise prices (usd per share) | $ 0 | $ 32.60 |
Employee Stock Option | ||
Schedule of antidilutive securities excluded from computation of earnings per share | ||
Number of shares (shares) | 0 | 21,500 |
Regulatory Matters - (Details)
Regulatory Matters - (Details) | Mar. 31, 2017 |
Banking and Thrift [Abstract] | |
Tier 1 leverage capital required to be well capitalized to average assets | 5.00% |
Tier 1 leverage capital required to be adequately capitalized to average assets | 4.00% |
Tier 1 leverage capital required to be undercapitalized to average assets (less than) | 4.00% |
Tier 1 leverage capital required to be significantly undercapitalized to average assets (less than) | 3.00% |
Common equity tier 1 leverage capital required to be well capitalized to average assets | 6.50% |
Common equity tier 1 leverage capital required to be adequately capitalized to average assets | 4.50% |
Common equity tier 1 leverage capital required to be undercapitalized to average assets (less than) | 4.50% |
Common equity tier 1 leverage capital required to be significantly undercapitalized to average assets (less than) | 3.00% |
Tier 1 risk based capital required to be well capitalized to risk weighted assets | 8.00% |
Tier 1 risk based capital required to be adequately capitalized to risk weighted assets | 6.00% |
Tier 1 risk based capital required to be undercapitalized to risk weighted assets (less than) | 6.00% |
Tier 1 risk based capital required to be significantly undercapitalized to risk weighted assets (less than) | 4.00% |
Capital required to be well capitalized to risk weighted assets | 10.00% |
Capital required to be adequately capitalized to risk weighted assets | 8.00% |
Capital required to be undercapitalized to risk weighted assets (less than) | 8.00% |
Capital required to be significantly undercapitalized to risk weighted assets (less than) | 6.00% |
Tangible capital required to be critically undercapitalized to total assets (less than) | 2.00% |
Regulatory Matters - (Details 1
Regulatory Matters - (Details 1) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Renasant Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets (leverage) - amount | $ 860,684 | $ 858,850 |
Tier 1 capital to average assets (leverage) - ratio (percent) | 10.39% | 10.59% |
Common equity tier 1 capital to risk-weighted assets - amount | $ 778,273 | $ 766,560 |
Common equity tier 1 capital to risk-weighted assets - ratio (percent) | 11.69% | 11.47% |
Tier 1 capital to risk-weighted assets - amount | $ 860,684 | $ 858,850 |
Tier 1 capital to risk-weighted assets - ratio (percent) | 12.93% | 12.86% |
Total capital to risk-weighted assets - amount | $ 1,006,093 | $ 1,004,038 |
Total capital to risk-weighted assets - ratio (percent) | 15.11% | 15.03% |
Renasant Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets (leverage) - amount | $ 864,457 | $ 824,850 |
Tier 1 capital to average assets (leverage) - ratio (percent) | 10.46% | 10.20% |
Common equity tier 1 capital to risk-weighted assets - amount | $ 864,457 | $ 824,850 |
Common equity tier 1 capital to risk-weighted assets - ratio (percent) | 13.00% | 12.38% |
Tier 1 capital to risk-weighted assets - amount | $ 864,457 | $ 824,850 |
Tier 1 capital to risk-weighted assets - ratio (percent) | 13.00% | 12.38% |
Total capital to risk-weighted assets - amount | $ 911,704 | $ 871,911 |
Total capital to risk-weighted assets - ratio (percent) | 13.71% | 13.09% |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financial information for the Company's operating segments | |||
Net interest income (loss) | $ 74,015 | $ 70,054 | |
Provision for loan losses | 1,500 | 1,800 | |
Noninterest income | 32,021 | 33,302 | |
Noninterest expense | 69,309 | 69,814 | |
Income before income taxes | 35,227 | 31,742 | |
Income tax expense (benefit) | 11,255 | 10,526 | |
Net income (loss) | 23,972 | 21,216 | |
Total assets | 8,764,711 | 8,146,229 | $ 8,699,851 |
Goodwill | 470,534 | 449,425 | 470,534 |
Community Banks | |||
Financial information for the Company's operating segments | |||
Goodwill | 467,767 | 467,767 | |
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 (loss) | 75,956 | 70,821 | |
Provision for loan losses | 1,500 | 1,813 | |
Noninterest income | 26,578 | 27,571 | |
Noninterest expense | 64,221 | 65,211 | |
Income before income taxes | 36,813 | 31,368 | |
Income tax expense (benefit) | 12,110 | 10,639 | |
Net income (loss) | 24,703 | 20,729 | |
Total assets | 8,673,576 | 8,053,379 | |
Goodwill | 467,767 | 446,658 | |
Operating Segments | Insurance | |||
Financial information for the Company's operating segments | |||
Net interest income (loss) | 92 | 86 | |
Provision for loan losses | 0 | 0 | |
Noninterest income | 2,549 | 3,000 | |
Noninterest expense | 1,692 | 1,736 | |
Income before income taxes | 949 | 1,350 | |
Income tax expense (benefit) | 375 | 530 | |
Net income (loss) | 574 | 820 | |
Total assets | 24,032 | 23,013 | |
Goodwill | 2,767 | 2,767 | |
Operating Segments | Wealth Management | |||
Financial information for the Company's operating segments | |||
Net interest income (loss) | 487 | 434 | |
Provision for loan losses | 0 | (13) | |
Noninterest income | 3,119 | 2,985 | |
Noninterest expense | 2,996 | 2,738 | |
Income before income taxes | 610 | 694 | |
Income tax expense (benefit) | 0 | 0 | |
Net income (loss) | 610 | 694 | |
Total assets | 54,537 | 46,645 | |
Goodwill | 0 | 0 | |
Other | |||
Financial information for the Company's operating segments | |||
Net interest income (loss) | (2,520) | (1,287) | |
Provision for loan losses | 0 | 0 | |
Noninterest income | (225) | (254) | |
Noninterest expense | 400 | 129 | |
Income before income taxes | (3,145) | (1,670) | |
Income tax expense (benefit) | (1,230) | (643) | |
Net income (loss) | (1,915) | (1,027) | |
Total assets | 12,566 | 23,192 | |
Goodwill | $ 0 | $ 0 |