Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 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 | Sep. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 49,320,225 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 194,985 | $ 160,570 |
Interest-bearing balances with banks | 137,215 | 145,654 |
Cash and cash equivalents | 332,200 | 306,224 |
Securities held to maturity (fair value of as of December 31, 2016 - $362,893) | 0 | 356,282 |
Securities available for sale, at fair value | 1,150,459 | 674,248 |
Mortgage loans held for sale, at fair value | 207,288 | 177,866 |
Loans, net of unearned income: | ||
Total loans, net of unearned income | 7,448,608 | 6,202,709 |
Allowance for loan losses | (44,531) | (42,737) |
Loans, net | 7,404,077 | 6,159,972 |
Premises and equipment, net | 186,730 | 179,223 |
Other real estate owned: | ||
Total other real estate owned, net | 17,820 | 23,299 |
Goodwill | 611,046 | 470,534 |
Other intangible assets, net | 26,218 | 24,074 |
Bank-owned life insurance | 174,739 | 152,305 |
Mortgage servicing rights | 35,930 | 26,302 |
Other assets | 177,180 | 149,522 |
Total assets | 10,323,687 | 8,699,851 |
Deposits | ||
Noninterest-bearing | 1,835,300 | 1,561,357 |
Interest-bearing | 6,283,218 | 5,497,780 |
Total deposits | 8,118,518 | 7,059,137 |
Short-term borrowings | 384,230 | 109,676 |
Long-term debt | 207,703 | 202,459 |
Other liabilities | 101,410 | 95,696 |
Total liabilities | 8,811,861 | 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; 49,990,248 shares issued; 49,320,225 and 44,332,273 shares outstanding, respectively | 249,951 | 225,535 |
Treasury stock, at cost | (19,919) | (21,692) |
Additional paid-in capital | 896,551 | 707,408 |
Retained earnings | 388,209 | 337,536 |
Accumulated other comprehensive loss, net of taxes | (2,966) | (15,904) |
Total shareholders’ equity | 1,511,826 | 1,232,883 |
Total liabilities and shareholders’ equity | 10,323,687 | 8,699,851 |
Non purchased loans and leases | ||
Loans, net of unearned income: | ||
Total loans, net of unearned income | 5,293,467 | 4,713,572 |
Other real estate owned: | ||
Total other real estate owned, net | 4,524 | 5,929 |
Purchased loans | ||
Loans, net of unearned income: | ||
Total loans, net of unearned income | 2,155,141 | 1,489,137 |
Other real estate owned: | ||
Total other real estate owned, net | $ 13,296 | $ 17,370 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair value | $ 0 | $ 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) | 49,990,248 | 49,990,248 |
Common stock, shares outstanding (shares) | 49,320,225 | 44,332,273 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest income | ||||
Loans | $ 92,536 | $ 76,759 | $ 247,076 | $ 222,781 |
Securities | ||||
Taxable | 5,061 | 3,717 | 14,040 | 12,832 |
Tax-exempt | 2,400 | 2,425 | 7,284 | 7,378 |
Other | 698 | 131 | 1,763 | 308 |
Total interest income | 100,695 | 83,032 | 270,163 | 243,299 |
Interest expense | ||||
Deposits | 6,834 | 4,638 | 17,297 | 13,018 |
Borrowings | 3,844 | 2,663 | 9,231 | 7,339 |
Total interest expense | 10,678 | 7,301 | 26,528 | 20,357 |
Net interest income | 90,017 | 75,731 | 243,635 | 222,942 |
Provision for loan losses | 2,150 | 2,650 | 5,400 | 5,880 |
Net interest income after provision for loan losses | 87,867 | 73,081 | 238,235 | 217,062 |
Noninterest income | ||||
Service charges on deposit accounts | 8,676 | 8,200 | 24,565 | 23,712 |
Fees and commissions | 5,618 | 4,921 | 16,287 | 14,042 |
Insurance commissions | 2,365 | 2,420 | 6,406 | 6,557 |
Wealth management revenue | 2,963 | 3,040 | 8,884 | 8,803 |
Mortgage banking income | 10,616 | 15,846 | 33,544 | 41,181 |
Net gain on sales of securities | 57 | 0 | 57 | 1,186 |
BOLI income | 1,136 | 979 | 3,234 | 2,929 |
Other | 1,982 | 2,866 | 6,722 | 8,750 |
Total noninterest income | 33,413 | 38,272 | 99,699 | 107,160 |
Noninterest expense | ||||
Salaries and employee benefits | 48,530 | 44,702 | 135,753 | 132,482 |
Data processing | 4,179 | 4,560 | 12,248 | 13,220 |
Net occupancy and equipment | 9,470 | 8,830 | 27,603 | 25,585 |
Other real estate owned | 603 | 1,540 | 1,916 | 4,111 |
Professional fees | 1,552 | 1,824 | 5,501 | 5,459 |
Advertising and public relations | 1,802 | 1,661 | 5,824 | 5,040 |
Intangible amortization | 1,766 | 1,684 | 4,822 | 5,123 |
Communications | 1,927 | 2,097 | 5,698 | 6,308 |
Extinguishment of debt | 0 | 2,210 | 205 | 2,539 |
Merger and conversion related expenses | 6,266 | 268 | 9,655 | 4,023 |
Other | 4,565 | 7,092 | 15,585 | 19,651 |
Total noninterest expense | 80,660 | 76,468 | 224,810 | 223,541 |
Income before income taxes | 40,620 | 34,885 | 113,124 | 100,681 |
Income taxes | 14,199 | 11,706 | 37,447 | 33,386 |
Net income (loss) | $ 26,421 | $ 23,179 | $ 75,677 | $ 67,295 |
Basic earnings per share (usd per share) | $ 0.54 | $ 0.55 | $ 1.64 | $ 1.62 |
Diluted earnings per share (usd per share) | 0.53 | 0.55 | 1.64 | 1.61 |
Cash dividends per common share (usd per share) | $ 0.18 | $ 0.18 | $ 0.54 | $ 0.53 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 26,421 | $ 23,179 | $ 75,677 | $ 67,295 |
Securities available for sale: | ||||
Unrealized holding gains on securities | (764) | 1,385 | 4,712 | 5,260 |
Reclassification adjustment for gains realized in net income | 0 | 0 | 0 | (728) |
Unrealized holding gains on securities transfered from held to maturity to available for sale | 8,108 | 0 | 8,108 | 0 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (4) | (11) | (173) | (49) |
Total securities | 7,340 | 1,374 | 12,647 | 4,483 |
Derivative instruments: | ||||
Unrealized holding gains (losses) on derivative instruments | 100 | 495 | 104 | (1,199) |
Total derivative instruments | 100 | 495 | 104 | (1,199) |
Defined benefit pension and post-retirement benefit plans: | ||||
Reclassification adjustment for net settlement gain realized in net income | 0 | (235) | 0 | (235) |
Amortization of net actuarial loss recognized in net periodic pension cost | 62 | 76 | 187 | 228 |
Total defined benefit pension and post-retirement benefit plans | 62 | (159) | 187 | (7) |
Other comprehensive income, net of tax | 7,502 | 1,710 | 12,938 | 3,277 |
Comprehensive income | $ 33,923 | $ 24,889 | $ 88,615 | $ 70,572 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities | ||
Net income | $ 75,677 | $ 67,295 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for loan losses | 5,400 | 5,880 |
Depreciation, amortization and accretion | 3,541 | 2,804 |
Deferred income tax expense | 1,669 | 5,663 |
Funding of mortgage loans held for sale | (1,256,233) | (1,516,650) |
Proceeds from sales of mortgage loans held for sale | 1,245,301 | 1,579,476 |
Gains on sales of mortgage loans held for sale | (15,719) | (26,687) |
Gains on sales of securities | (57) | (1,186) |
Penalty on prepayment of debt | 205 | 2,539 |
Losses on sales of premises and equipment | 553 | 105 |
Stock-based compensation expense | 3,771 | 2,563 |
Decrease in FDIC loss-share indemnification asset, net of accretion | 0 | 2,442 |
(Increase) decrease in other assets | (2,059) | 5,591 |
Decrease in other liabilities | (9,652) | (5,097) |
Net cash provided by operating activities | 52,397 | 124,738 |
Investing activities | ||
Purchases of securities available for sale | (191,679) | (82,243) |
Proceeds from sales of securities available for sale | 43,494 | 4,028 |
Proceeds from call/maturities of securities available for sale | 132,044 | 117,232 |
Purchases of securities held to maturity | 0 | (10,644) |
Proceeds from sales of securities held to maturity | 4,876 | 0 |
Proceeds from call/maturities of securities held to maturity | 15,882 | 109,305 |
Net increase in loans | (272,618) | (407,570) |
Purchases of premises and equipment | (11,925) | (8,958) |
Proceeds from sales of premises and equipment | 1,255 | 2,462 |
Proceeds from sales of other assets | 11,485 | 11,040 |
Net cash received in acquisition of businesses | 41,685 | 25,263 |
Net cash used in investing activities | (225,501) | (240,085) |
Financing activities | ||
Net increase in noninterest-bearing deposits | 6,464 | 163,406 |
Net increase in interest-bearing deposits | 112,854 | 85,005 |
Net increase (decrease) in short-term borrowings | 274,554 | (157,685) |
Proceeds from long-term borrowings | 0 | 98,434 |
Repayment of long-term debt | (169,961) | (46,964) |
Cash paid for dividends | (25,004) | (22,108) |
Net stock-based compensation transactions | 173 | 415 |
Excess tax benefit from stock-based compensation | 0 | 664 |
Net cash provided by financing activities | 199,080 | 121,167 |
Net increase in cash and cash equivalents | 25,976 | 5,820 |
Cash and cash equivalents at beginning of period | 306,224 | 211,571 |
Cash and cash equivalents at end of period | 332,200 | 217,391 |
Supplemental disclosures | ||
Cash paid for interest | 26,974 | 19,658 |
Cash paid for income taxes | 29,491 | 22,731 |
Noncash transactions: | ||
Transfers of loans to other real estate owned | 5,418 | 5,147 |
Financed sales of other real estate owned | 257 | 538 |
Transfers of loans held for sale to loan portfolio | 0 | 15,455 |
Common stock issued in acquisition of businesses | $ 213,590 | $ 55,290 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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, wealth management and insurance services to its retail and commercial customers through its subsidiaries and full service offices located throughout north and central Mississippi, Tennessee, Georgia, 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 acquisitions of KeyWorth Bank (“KeyWorth”) and Metropolitan BancGroup, Inc. (“Metropolitan”) on April 1, 2016 and July 1, 2017, respectively. The acquired institutions' financial condition and results of operations are included in the Company's financial condition and results of operations as of the respective acquisition dates. 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 September 30, 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 deferred the effective date of this standard to annual and interim periods beginning after December 15, 2017. While the Company is currently evaluating the impact ASU 2014-09 will have on its financial position and results of operations, and its financial statement disclosures, the recognition of revenue for a majority of the Company’s income streams, including interest income earned on loans and leases, is governed by other accounting standards and is specifically excluded from the coverage of FASB Accounting Standards Codification (“ASC 606”), “ Revenue from Contracts with Customers ” (“ASC 606”). The sources of the Company's revenue covered by ASC 606, the most significant of which is service charges on deposit accounts, are generally based on day-to-day contracts with Company customers; therefore, the Company does not expect significant changes in the timing of the recognition of revenue. The Company is continuing to evaluate the impact of the new standard on each line of revenue as well as prepare for the new disclosures required by the standard. The Company intends to adopt the standard in the first quarter of 2018 and use the modified retrospective transition method. 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 and 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 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 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 and results of operations, and its 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, FASB issued ASU 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 nine months ended September 30, 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, FASB issued ASU 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. 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, FASB issued ASU 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. ASU 2016-15 only impacts the presentation of specific items within the statement of cash flows and is not expected to have a material impact on the Company's financial statements. In January 2017, 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 is 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, 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 of the adoption of ASU 2014-09, ASU 2016-02 and ASU 2016-13 on a registrant's financial statements cannot reasonably be estimated by the registrant. ASU 2017-03 was effective when issued and the appropriate disclosures have been added where necessary. In January 2017, 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 material impact on the Company’s financial statements. In March 2017, 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 and results of operations and its financial statement disclosures. In March 2017, 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 and results of operations and its financial statement disclosures. In August 2017, FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). ASU 2017-12 is intended to simplify hedge accounting by eliminating the requirement to separately measure and report hedge effectiveness. ASU 2017-12 also seeks to expand the application of hedge accounting by modifying current requirements to include hedge accounting on partial-term hedges, the hedging of prepayable financial instruments and other strategies. ASU 2017-12 will be effective for interim and annual periods beginning after December 15, 2018. The Company is evaluating the effect that ASU 2017-12 will have on its financial position and results of operations and its financial statement disclosures. |
Mergers and Acquisitions
Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions (In Thousands, Except Share Data) Acquisition of Metropolitan BancGroup, Inc. Effective July 1, 2017, the Company completed its acquisition of Metropolitan, the parent company of Metropolitan Bank, in a transaction valued at approximately $219,461 . The Company issued 4,883,182 shares of common stock and paid approximately $4,764 to Metropolitan stock option holders for 100% of the voting equity interest in Metropolitan. At closing, Metropolitan merged with and into the Company, with the Company the surviving corporation in the merger; immediately thereafter, Metropolitan Bank merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger. On July 1, 2017, Metropolitan operated eight banking locations in Nashville and Memphis, Tennessee and the Jackson, Mississippi Metropolitan Statistical Area. The Company recorded approximately $147,478 in intangible assets which consist of goodwill of $140,512 and a core deposit intangible of $6,966 . Goodwill resulted from a combination of revenue enhancements from expansion in existing markets and efficiencies resulting from operational synergies. The fair value of the core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years . The goodwill is not deductible for income tax purposes. The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company's acquisition of Metropolitan based on their fair values on July 1, 2017. Purchase Price: Shares issued to common shareholders 4,883,182 Purchase price per share $ 43.74 Value of stock paid $ 213,590 Cash paid for fractional shares 5 Cash settlement for stock options 4,764 Deal charges, net of taxes 1,102 Total Purchase Price $ 219,461 Net Assets Acquired: Stockholders’ equity at acquisition date $ 89,253 Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: Securities (731 ) Mortgage loans held for sale 30 Loans, net of Metropolitan's allowance for loan losses (13,071 ) Premises and equipment (4,629 ) Intangible assets, net of Metropolitan's existing intangibles 2,340 Other real estate owned (1,251 ) Other assets 2,731 Deposits (3,603 ) Borrowings (1,294 ) Other liabilities 3,930 Deferred income taxes 5,244 Total Net Assets Acquired 78,949 Goodwill resulting from merger (1) $ 140,512 (1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment. The following table summarizes the fair value on July 1, 2017 of assets acquired and liabilities assumed at acquisition date in connection with the merger with Metropolitan. The Company is finalizing the fair values of assets acquired and liabilities assumed related to the Metropolitan acquisition; accordingly, the amounts in the table remain subject to change. Cash and cash equivalents $ 47,556 Securities 108,697 Loans, including mortgage loans held for sale, net of unearned income 967,804 Premises and equipment 8,576 Other real estate owned 1,203 Intangible assets 147,478 Other assets 69,567 Total assets 1,350,881 Deposits 942,084 Borrowings 174,522 Other liabilities 20,685 Total liabilities 1,137,291 The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the nine months ended September 30, 2017 and 2016 of the Company as though the Metropolitan merger had been completed as of January 1, 2016 (and that the KeyWorth merger, discussed below, was still completed on April 1, 2016). The unaudited estimated pro forma information combines the historical results of Metropolitan with the Company's historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2016. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred. Nine Months Ended September 30, 2017 2016 Net interest income - pro forma (unaudited) $ 263,525 $ 252,366 Net income - pro forma (unaudited) $ 72,915 $ 75,744 Earnings per share - pro forma (unaudited): Basic $ 1.50 $ 1.68 Diluted $ 1.50 $ 1.67 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2017 Obligations of other U.S. Government agencies and corporations $ — $ — $ — $ — Obligations of states and political subdivisions — — — — $ — $ — $ — $ — 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 In light of the ongoing fiscal uncertainty in many state and local governments, and the fact that the Company’s held to maturity portfolio consisted primarily of municipal securities, the Company analyzes its exposure to potential losses in its security portfolio on at least a quarterly basis. Management reviews the underlying credit rating and analyzes the financial condition of the respective issuers. Although the Company’s analysis of its securities portfolio in the third quarter of 2017 showed that the municipal securities held by the Company had not experienced significant deterioration as of the date of such analysis, the Company transferred all held to maturity securities to available for sale during the third quarter of 2017. This transfer gives management the flexibility to quickly liquidate any municipal securities should further analysis reveal more significant deterioration than has been experienced to date. At the date of transfer, the securities transferred had a carrying value of $365,941 , which includes an unrealized gain of $13,218 . At transfer, the unrealized gain was included in the carrying value of the securities portfolio and in accumulated other comprehensive loss presented in the Consolidated Balance Sheet. 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 September 30, 2017 Obligations of other U.S. Government agencies and corporations $ 14,648 $ 74 $ (84 ) $ 14,638 Obligations of states and political subdivisions 337,725 12,787 (158 ) 350,354 Residential mortgage backed securities: Government agency mortgage backed securities 459,336 2,876 (2,654 ) 459,558 Government agency collateralized mortgage obligations 234,224 764 (2,330 ) 232,658 Commercial mortgage backed securities: Government agency mortgage backed securities 45,340 762 (173 ) 45,929 Government agency collateralized mortgage obligations 11,354 89 — 11,443 Trust preferred securities 12,454 — (3,494 ) 8,960 Other debt securities 26,546 429 (56 ) 26,919 $ 1,141,627 $ 17,781 $ (8,949 ) $ 1,150,459 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 third quarter of 2017, the Company sold one of its pooled trust preferred securities (XXIV) with a carrying value of $9,346 at the time of sale for net proceeds of $9,403 resulting in a gain of $57 on the sale. The Company also sold certain securities acquired in connection with its acquisition of Metropolitan. These included $14,750 in mortgage backed securities and $16,395 in collateralized mortgage obligations, which were classified as available for sale, and $4,876 in obligations of states and political subdivisions, which were classified as held to maturity. These securities were sold at carrying value and did not result in a gain or loss. During the first nine months of 2017, the Company also 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 first nine months of 2016, the Company sold "other equity" securities with a carrying value of $2,842 at the time of sale for net proceeds of $4,028 resulting in a net gain of $1,186 . Gross realized gains and losses on sales of securities available for sale for the three and nine months ended September 30, 2017 and 2016 , respectively, were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Gross gains on sales of securities available for sale $ 57 $ — $ 57 $ 1,257 Gross losses on sales of securities available for sale — — — (71 ) Gains on sales of securities available for sale, net $ 57 $ — $ 57 $ 1,186 At September 30, 2017 and December 31, 2016 , securities with a carrying value of $459,369 and $642,447 , respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $27,164 and $24,426 were pledged as collateral for short-term borrowings and derivative instruments at September 30, 2017 and December 31, 2016 , respectively. The amortized cost and fair value of securities at September 30, 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. Available for Sale Amortized Cost Fair Value Due within one year $ 23,491 $ 23,798 Due after one year through five years 106,577 110,274 Due after five years through ten years 147,761 153,199 Due after ten years 94,150 93,983 Residential mortgage backed securities: Government agency mortgage backed securities 459,336 459,558 Government agency collateralized mortgage obligations 234,224 232,658 Commercial mortgage backed securities: Government agency mortgage backed securities 45,340 45,929 Government agency collateralized mortgage obligations 11,354 11,443 Other debt securities 19,394 19,617 $ 1,141,627 $ 1,150,459 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: 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: September 30, 2017 Obligations of other U.S. Government agencies and corporations 4 $ 12,018 $ (84 ) 0 $ — $ — 4 $ 12,018 $ (84 ) Obligations of states and political subdivisions 16 11,248 (105 ) 3 2,037 (53 ) 19 13,285 (158 ) Residential mortgage backed securities: Government agency mortgage backed securities 97 249,318 (1,902 ) 12 31,392 (752 ) 109 280,710 (2,654 ) Government agency collateralized mortgage obligations 34 126,612 (974 ) 19 44,790 (1,356 ) 53 171,402 (2,330 ) Commercial mortgage backed securities: Government agency mortgage backed securities 4 9,906 (25 ) 3 5,978 (148 ) 7 15,884 (173 ) Government agency collateralized mortgage obligations 0 — — 0 — — 0 — — Trust preferred securities 0 — — 2 8,960 (3,494 ) 2 8,960 (3,494 ) Other debt securities 5 9,105 (48 ) 1 1,205 (8 ) 6 10,310 (56 ) Total 160 $ 418,207 $ (3,138 ) 40 $ 94,362 $ (5,811 ) 200 $ 512,569 $ (8,949 ) 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 securities in an unrealized loss position that it holds, 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 or nine months ended September 30, 2017 or 2016 . The Company holds investments in pooled trust preferred securities that had an amortized cost basis of $12,454 and $23,749 and a fair value of $8,960 and $18,389 at September 30, 2017 and December 31, 2016 , respectively. At September 30, 2017 , the investments in pooled trust preferred securities consisted of two securities representing interests in various tranches of trusts collateralized by debt issued by over 160 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 September 30, 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 both trust preferred securities and recognized credit related impairment losses on these securities in 2011. No additional impairment was recognized during the nine months ended September 30, 2017 . The following table provides information regarding the Company’s investments in pooled trust preferred securities at September 30, 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 $ 8,302 $ 5,813 $ (2,489 ) A1 15 % XXVI Pooled B-2 4,152 3,147 (1,005 ) Ba3 19 % $ 12,454 $ 8,960 $ (3,494 ) 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 — — Reductions for securities sold during the period $ 3,076 $ — Balance at September 30 $ (261 ) $ (3,337 ) |
Non Purchased Loans
Non Purchased Loans | 9 Months Ended |
Sep. 30, 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: September 30, December 31, 2016 Commercial, financial, agricultural $ 707,835 $ 589,290 Lease financing 54,688 49,250 Real estate – construction 477,638 483,926 Real estate – 1-4 family mortgage 1,644,060 1,425,730 Real estate – commercial mortgage 2,311,340 2,075,137 Installment loans to individuals 100,692 92,648 Gross loans 5,296,253 4,715,981 Unearned income (2,786 ) (2,409 ) Loans, net of unearned income 5,293,467 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 September 30, 2017 Commercial, financial, agricultural $ 1,808 $ 774 $ 703,574 $ 706,156 $ 538 $ 863 $ 278 $ 1,679 $ 707,835 Lease financing 476 — 54,047 54,523 — 165 — 165 54,688 Real estate – construction 403 — 477,235 477,638 — — — — 477,638 Real estate – 1-4 family mortgage 6,307 984 1,632,983 1,640,274 210 1,342 2,234 3,786 1,644,060 Real estate – commercial mortgage 3,140 1,505 2,302,423 2,307,068 — 1,303 2,969 4,272 2,311,340 Installment loans to individuals 258 32 100,334 100,624 — 45 23 68 100,692 Unearned income — — (2,786 ) (2,786 ) — — — — (2,786 ) Total $ 12,392 $ 3,295 $ 5,267,810 $ 5,283,497 $ 748 $ 3,718 $ 5,504 $ 9,970 $ 5,293,467 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, as applicable, 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 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 September 30, 2017 Commercial, financial, agricultural $ 2,118 $ 1,843 $ — $ 1,843 $ 30 Real estate – construction 897 897 — 897 4 Real estate – 1-4 family mortgage 10,508 8,004 704 8,708 809 Real estate – commercial mortgage 9,777 7,189 — 7,189 1,958 Installment loans to individuals 140 136 — 136 1 Total $ 23,440 $ 18,069 $ 704 $ 18,773 $ 2,802 December 31, 2016 Commercial, financial, agricultural $ 1,577 $ 1,175 $ — $ 1,175 $ 136 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 September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 1,960 $ 8 $ 1,841 $ 22 Real estate – construction 897 33 862 26 Real estate – 1-4 family mortgage 8,897 71 16,119 97 Real estate – commercial mortgage 7,575 46 10,953 46 Installment loans to individuals 140 1 67 1 Total $ 19,469 $ 159 $ 29,842 $ 192 Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,140 $ 8 $ 1,762 $ 42 Real estate – construction 861 36 671 27 Real estate – 1-4 family mortgage 8,944 165 16,354 283 Real estate – commercial mortgage 7,844 134 11,800 236 Installment loans to individuals 148 2 67 2 Total $ 19,937 $ 345 $ 30,654 $ 590 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 which were held on the Consolidated Balance Sheets at period end 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 September 30, 2017 Real estate – 1-4 family mortgage 4 $ 307 $ 307 Real estate – commercial mortgage 1 230 175 Installment loans to individuals — — — Total 5 $ 537 $ 482 Three months ended September 30, 2016 Real estate – construction 1 510 510 Real estate – 1-4 family mortgage 2 $ 194 $ 147 Total 3 $ 704 $ 657 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Nine months ended September 30, 2017 Real estate – 1-4 family mortgage 9 $ 611 $ 601 Real estate – commercial mortgage 3 683 318 Installment loans to individuals 1 4 3 Total 13 $ 1,298 $ 922 Nine months ended September 30, 2016 Real estate – construction 1 510 510 Real estate – 1-4 family mortgage 10 $ 1,199 $ 1,096 Real estate – commercial mortgage 1 529 525 Total 12 $ 2,238 $ 2,131 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 were three restructured loans in the amount of $597 contractually 90 days past due or more and still accruing at September 30, 2017 and no restructured loans contractually 90 days past due or more and still accruing at September 30, 2016 . The outstanding balance of restructured loans on nonaccrual status was $4,651 and $6,485 at September 30, 2017 and September 30, 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 13 965 Reclassified as performing 1 55 Reductions due to: Reclassified as nonperforming (5 ) (670 ) Paid in full (7 ) (1,086 ) Charge-offs (1 ) (250 ) Principal paydowns — (238 ) Lapse of concession period (1 ) (923 ) Totals at September 30, 2017 53 $ 5,300 The allocated allowance for loan losses attributable to restructured loans was $98 and $287 at September 30, 2017 and September 30, 2016 , respectively. The Company had no remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2017 and had $11 in remaining availability under commitments to lend additional funds on restructured loans at September 30, 2016 . Credit Quality For commercial and commercial real estate loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of 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 September 30, 2017 Commercial, financial, agricultural $ 522,410 $ 4,505 $ 726 $ 527,641 Real estate – construction 415,168 130 88 415,386 Real estate – 1-4 family mortgage 247,584 3,778 5,492 256,854 Real estate – commercial mortgage 1,964,371 13,408 10,654 1,988,433 Installment loans to individuals 504 — — 504 Total $ 3,150,037 $ 21,821 $ 16,960 $ 3,188,818 December 31, 2016 Commercial, financial, agricultural $ 434,323 $ 4,531 $ 850 $ 439,704 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 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 September 30, 2017 Commercial, financial, agricultural $ 178,294 $ 1,900 $ 180,194 Lease financing 51,737 165 51,902 Real estate – construction 62,252 — 62,252 Real estate – 1-4 family mortgage 1,384,865 2,341 1,387,206 Real estate – commercial mortgage 321,404 1,503 322,907 Installment loans to individuals 100,088 100 100,188 Total $ 2,098,640 $ 6,009 $ 2,104,649 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: September 30, December 31, 2016 Commercial, financial, agricultural $ 301,100 $ 128,200 Real estate – construction 100,082 68,753 Real estate – 1-4 family mortgage 651,792 452,447 Real estate – commercial mortgage 1,079,049 823,758 Installment loans to individuals 23,118 15,979 Gross loans 2,155,141 1,489,137 Unearned income — — Loans, net of unearned income 2,155,141 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 September 30, 2017 Commercial, financial, agricultural $ 616 $ 481 $ 299,473 $ 300,570 $ — $ 287 $ 243 $ 530 $ 301,100 Real estate – construction — — 100,082 100,082 — — — — 100,082 Real estate – 1-4 family mortgage 3,650 2,294 642,147 648,091 139 1,422 2,140 3,701 651,792 Real estate – commercial mortgage 3,448 4,566 1,070,563 1,078,577 196 99 177 472 1,079,049 Installment loans to individuals 346 8 22,599 22,953 3 — 162 165 23,118 Total $ 8,060 $ 7,349 $ 2,134,864 $ 2,150,273 $ 338 $ 1,808 $ 2,722 $ 4,868 $ 2,155,141 December 31, 2016 Commercial, financial, agricultural $ 823 $ 990 $ 125,417 $ 127,230 $ 260 $ 381 $ 329 $ 970 $ 128,200 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 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 September 30, 2017 Commercial, financial, agricultural $ 459 $ 433 $ 15 $ 448 $ 66 Real estate – construction 1,837 759 1,074 1,833 5 Real estate – 1-4 family mortgage 5,239 1,521 3,118 4,639 46 Real estate – commercial mortgage 897 720 169 889 5 Installment loans to individuals 167 154 11 165 4 Total $ 8,599 $ 3,587 $ 4,387 $ 7,974 $ 126 December 31, 2016 Commercial, financial, agricultural $ 732 $ 487 $ 224 $ 711 $ 310 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 September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 413 $ 6 $ 2,387 $ 28 Real estate – construction 829 62 1,010 26 Real estate – 1-4 family mortgage 5,174 41 18,914 114 Real estate – commercial mortgage 899 8 13,425 87 Installment loans to individuals 167 — 234 1 Total $ 7,482 $ 117 $ 35,970 $ 256 Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 332 $ 9 $ 2,233 $ 48 Real estate – construction 741 62 819 28 Real estate – 1-4 family mortgage 5,221 103 19,146 309 Real estate – commercial mortgage 915 25 14,271 294 Installment loans to individuals 169 — 239 2 Total $ 7,378 $ 199 $ 36,708 $ 681 Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“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 September 30, 2017 Commercial, financial, agricultural $ 26,853 $ 6,770 $ 10,689 $ 17,459 $ 325 Real estate – 1-4 family mortgage 71,858 17,639 42,130 59,769 614 Real estate – commercial mortgage 198,563 65,175 100,791 165,966 985 Installment loans to individuals 1,824 693 992 1,685 1 Total $ 299,098 $ 90,277 $ 154,602 $ 244,879 $ 1,925 December 31, 2016 Commercial, financial, agricultural $ 20,697 $ 4,555 $ 7,439 $ 11,994 $ 372 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 September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 14,201 $ 507 $ 15,317 $ 252 Real estate – construction — — 987 15 Real estate – 1-4 family mortgage 67,802 808 92,830 1,056 Real estate – commercial mortgage 174,394 2,578 226,533 2,635 Installment loans to individuals 1,812 18 2,509 25 Total $ 258,209 $ 3,911 $ 338,176 $ 3,983 Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 13,530 $ 988 $ 15,768 $ 839 Real estate – construction — — 991 48 Real estate – 1-4 family mortgage 68,933 2,301 93,900 3,000 Real estate – commercial mortgage 177,039 6,886 224,004 7,859 Installment loans to individuals 1,865 55 2,625 80 Total $ 261,367 $ 10,230 $ 337,288 $ 11,826 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 which were held on the Consolidated Balance Sheets at period end 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 September 30, 2017 Real estate – 1-4 family mortgage 18 $ 1,624 $ 1,189 Real estate – commercial mortgage 1 393 244 Total 19 $ 2,017 $ 1,433 Three months ended September 30, 2016 Real estate – 1-4 family mortgage 2 $ 132 $ 120 Total 2 $ 132 $ 120 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Nine months ended September 30, 2017 Real estate – 1-4 family mortgage 28 $ 3,789 $ 3,062 Real estate – commercial mortgage 3 2,851 2,025 Total 31 $ 6,640 $ 5,087 Nine months ended September 30, 2016 Real estate – 1-4 family mortgage 7 $ 412 $ 325 Real estate – commercial mortgage 1 83 81 Total 8 $ 495 $ 406 There were two restructured loans in the amount of $146 contractually 90 days past due or more and still accruing at September 30, 2017 and no restructured loans contractually 90 days past due or more and still accruing at September 30, 2016 . The outstanding balance of restructured loans on nonaccrual status was $504 and $3,279 at September 30, 2017 and September 30, 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 31 5,182 Reclassified as performing restructured loan 6 534 Reductions due to: Reclassified to nonperforming loans (8 ) (679 ) Paid in full (1 ) (6 ) Charge-offs (1 ) (17 ) Principal paydowns — (278 ) Lapse of concession period (1 ) (101 ) Totals at September 30, 2017 68 $ 8,663 The allocated allowance for loan losses attributable to restructured loans was $97 and $34 at September 30, 2017 and September 30, 2016 , respectively. The Company had $7 in remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2017 and no remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2016 . 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 September 30, 2017 Commercial, financial, agricultural $ 269,798 $ 2,381 $ 663 $ 272,842 Real estate – construction 92,825 — — 92,825 Real estate – 1-4 family mortgage 105,040 6,042 252 111,334 Real estate – commercial mortgage 877,455 7,583 1,835 886,873 Installment loans to individuals 696 — 3 699 Total $ 1,345,814 $ 16,006 $ 2,753 $ 1,364,573 December 31, 2016 Commercial, financial, agricultural $ 102,777 $ 2,370 $ 1,491 $ 106,638 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 September 30, 2017 Commercial, financial, agricultural $ 10,741 $ 58 $ 10,799 Real estate – construction 7,257 — 7,257 Real estate – 1-4 family mortgage 479,069 1,620 480,689 Real estate – commercial mortgage 26,088 122 26,210 Installment loans to individuals 20,572 162 20,734 Total $ 543,727 $ 1,962 $ 545,689 December 31, 2016 Commercial, financial, agricultural $ 9,489 $ 79 $ 9,568 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 September 30, 2017 Commercial, financial, agricultural $ 17,459 Real estate – 1-4 family mortgage 59,769 Real estate – commercial mortgage 165,966 Installment loans to individuals 1,685 Total $ 244,879 December 31, 2016 Commercial, financial, agricultural $ 11,994 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 that exhibited evidence of deteriorated credit quality at the time of acquisition at September 30, 2017 : Total Purchased Credit Deteriorated Loans Contractually-required principal and interest $ 340,513 Nonaccretable difference (1) (61,435 ) Cash flows expected to be collected 279,078 Accretable yield (2) (34,199 ) Fair value $ 244,879 (1) Represents contractual principal and interest cash flows of $52,109 and $9,326 , respectively, not expected to be collected. (2) Represents contractual principal and interest cash flows of $1,643 and $32,556 , respectively, expected to be collected. 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 $ (37,474 ) Additions due to acquisition (1,794 ) Reclasses from nonaccretable difference (7,718 ) Accretion 11,619 Charge-offs 1,168 Balance at September 30, 2017 $ (34,199 ) 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 presents the fair value of loans purchased from Metropolitan as of the July 1, 2017 acquisition date. At acquisition date: July 1, 2017 Contractually-required principal and interest $ 1,198,132 Nonaccretable difference (80,887 ) Cash flows expected to be collected 1,117,245 Accretable yield (152,821 ) Fair value $ 964,424 |
Purchased Loans
Purchased Loans | 9 Months Ended |
Sep. 30, 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: September 30, December 31, 2016 Commercial, financial, agricultural $ 707,835 $ 589,290 Lease financing 54,688 49,250 Real estate – construction 477,638 483,926 Real estate – 1-4 family mortgage 1,644,060 1,425,730 Real estate – commercial mortgage 2,311,340 2,075,137 Installment loans to individuals 100,692 92,648 Gross loans 5,296,253 4,715,981 Unearned income (2,786 ) (2,409 ) Loans, net of unearned income 5,293,467 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 September 30, 2017 Commercial, financial, agricultural $ 1,808 $ 774 $ 703,574 $ 706,156 $ 538 $ 863 $ 278 $ 1,679 $ 707,835 Lease financing 476 — 54,047 54,523 — 165 — 165 54,688 Real estate – construction 403 — 477,235 477,638 — — — — 477,638 Real estate – 1-4 family mortgage 6,307 984 1,632,983 1,640,274 210 1,342 2,234 3,786 1,644,060 Real estate – commercial mortgage 3,140 1,505 2,302,423 2,307,068 — 1,303 2,969 4,272 2,311,340 Installment loans to individuals 258 32 100,334 100,624 — 45 23 68 100,692 Unearned income — — (2,786 ) (2,786 ) — — — — (2,786 ) Total $ 12,392 $ 3,295 $ 5,267,810 $ 5,283,497 $ 748 $ 3,718 $ 5,504 $ 9,970 $ 5,293,467 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, as applicable, 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 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 September 30, 2017 Commercial, financial, agricultural $ 2,118 $ 1,843 $ — $ 1,843 $ 30 Real estate – construction 897 897 — 897 4 Real estate – 1-4 family mortgage 10,508 8,004 704 8,708 809 Real estate – commercial mortgage 9,777 7,189 — 7,189 1,958 Installment loans to individuals 140 136 — 136 1 Total $ 23,440 $ 18,069 $ 704 $ 18,773 $ 2,802 December 31, 2016 Commercial, financial, agricultural $ 1,577 $ 1,175 $ — $ 1,175 $ 136 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 September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 1,960 $ 8 $ 1,841 $ 22 Real estate – construction 897 33 862 26 Real estate – 1-4 family mortgage 8,897 71 16,119 97 Real estate – commercial mortgage 7,575 46 10,953 46 Installment loans to individuals 140 1 67 1 Total $ 19,469 $ 159 $ 29,842 $ 192 Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,140 $ 8 $ 1,762 $ 42 Real estate – construction 861 36 671 27 Real estate – 1-4 family mortgage 8,944 165 16,354 283 Real estate – commercial mortgage 7,844 134 11,800 236 Installment loans to individuals 148 2 67 2 Total $ 19,937 $ 345 $ 30,654 $ 590 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 which were held on the Consolidated Balance Sheets at period end 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 September 30, 2017 Real estate – 1-4 family mortgage 4 $ 307 $ 307 Real estate – commercial mortgage 1 230 175 Installment loans to individuals — — — Total 5 $ 537 $ 482 Three months ended September 30, 2016 Real estate – construction 1 510 510 Real estate – 1-4 family mortgage 2 $ 194 $ 147 Total 3 $ 704 $ 657 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Nine months ended September 30, 2017 Real estate – 1-4 family mortgage 9 $ 611 $ 601 Real estate – commercial mortgage 3 683 318 Installment loans to individuals 1 4 3 Total 13 $ 1,298 $ 922 Nine months ended September 30, 2016 Real estate – construction 1 510 510 Real estate – 1-4 family mortgage 10 $ 1,199 $ 1,096 Real estate – commercial mortgage 1 529 525 Total 12 $ 2,238 $ 2,131 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 were three restructured loans in the amount of $597 contractually 90 days past due or more and still accruing at September 30, 2017 and no restructured loans contractually 90 days past due or more and still accruing at September 30, 2016 . The outstanding balance of restructured loans on nonaccrual status was $4,651 and $6,485 at September 30, 2017 and September 30, 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 13 965 Reclassified as performing 1 55 Reductions due to: Reclassified as nonperforming (5 ) (670 ) Paid in full (7 ) (1,086 ) Charge-offs (1 ) (250 ) Principal paydowns — (238 ) Lapse of concession period (1 ) (923 ) Totals at September 30, 2017 53 $ 5,300 The allocated allowance for loan losses attributable to restructured loans was $98 and $287 at September 30, 2017 and September 30, 2016 , respectively. The Company had no remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2017 and had $11 in remaining availability under commitments to lend additional funds on restructured loans at September 30, 2016 . Credit Quality For commercial and commercial real estate loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of 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 September 30, 2017 Commercial, financial, agricultural $ 522,410 $ 4,505 $ 726 $ 527,641 Real estate – construction 415,168 130 88 415,386 Real estate – 1-4 family mortgage 247,584 3,778 5,492 256,854 Real estate – commercial mortgage 1,964,371 13,408 10,654 1,988,433 Installment loans to individuals 504 — — 504 Total $ 3,150,037 $ 21,821 $ 16,960 $ 3,188,818 December 31, 2016 Commercial, financial, agricultural $ 434,323 $ 4,531 $ 850 $ 439,704 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 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 September 30, 2017 Commercial, financial, agricultural $ 178,294 $ 1,900 $ 180,194 Lease financing 51,737 165 51,902 Real estate – construction 62,252 — 62,252 Real estate – 1-4 family mortgage 1,384,865 2,341 1,387,206 Real estate – commercial mortgage 321,404 1,503 322,907 Installment loans to individuals 100,088 100 100,188 Total $ 2,098,640 $ 6,009 $ 2,104,649 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: September 30, December 31, 2016 Commercial, financial, agricultural $ 301,100 $ 128,200 Real estate – construction 100,082 68,753 Real estate – 1-4 family mortgage 651,792 452,447 Real estate – commercial mortgage 1,079,049 823,758 Installment loans to individuals 23,118 15,979 Gross loans 2,155,141 1,489,137 Unearned income — — Loans, net of unearned income 2,155,141 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 September 30, 2017 Commercial, financial, agricultural $ 616 $ 481 $ 299,473 $ 300,570 $ — $ 287 $ 243 $ 530 $ 301,100 Real estate – construction — — 100,082 100,082 — — — — 100,082 Real estate – 1-4 family mortgage 3,650 2,294 642,147 648,091 139 1,422 2,140 3,701 651,792 Real estate – commercial mortgage 3,448 4,566 1,070,563 1,078,577 196 99 177 472 1,079,049 Installment loans to individuals 346 8 22,599 22,953 3 — 162 165 23,118 Total $ 8,060 $ 7,349 $ 2,134,864 $ 2,150,273 $ 338 $ 1,808 $ 2,722 $ 4,868 $ 2,155,141 December 31, 2016 Commercial, financial, agricultural $ 823 $ 990 $ 125,417 $ 127,230 $ 260 $ 381 $ 329 $ 970 $ 128,200 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 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 September 30, 2017 Commercial, financial, agricultural $ 459 $ 433 $ 15 $ 448 $ 66 Real estate – construction 1,837 759 1,074 1,833 5 Real estate – 1-4 family mortgage 5,239 1,521 3,118 4,639 46 Real estate – commercial mortgage 897 720 169 889 5 Installment loans to individuals 167 154 11 165 4 Total $ 8,599 $ 3,587 $ 4,387 $ 7,974 $ 126 December 31, 2016 Commercial, financial, agricultural $ 732 $ 487 $ 224 $ 711 $ 310 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 September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 413 $ 6 $ 2,387 $ 28 Real estate – construction 829 62 1,010 26 Real estate – 1-4 family mortgage 5,174 41 18,914 114 Real estate – commercial mortgage 899 8 13,425 87 Installment loans to individuals 167 — 234 1 Total $ 7,482 $ 117 $ 35,970 $ 256 Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 332 $ 9 $ 2,233 $ 48 Real estate – construction 741 62 819 28 Real estate – 1-4 family mortgage 5,221 103 19,146 309 Real estate – commercial mortgage 915 25 14,271 294 Installment loans to individuals 169 — 239 2 Total $ 7,378 $ 199 $ 36,708 $ 681 Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“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 September 30, 2017 Commercial, financial, agricultural $ 26,853 $ 6,770 $ 10,689 $ 17,459 $ 325 Real estate – 1-4 family mortgage 71,858 17,639 42,130 59,769 614 Real estate – commercial mortgage 198,563 65,175 100,791 165,966 985 Installment loans to individuals 1,824 693 992 1,685 1 Total $ 299,098 $ 90,277 $ 154,602 $ 244,879 $ 1,925 December 31, 2016 Commercial, financial, agricultural $ 20,697 $ 4,555 $ 7,439 $ 11,994 $ 372 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 September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 14,201 $ 507 $ 15,317 $ 252 Real estate – construction — — 987 15 Real estate – 1-4 family mortgage 67,802 808 92,830 1,056 Real estate – commercial mortgage 174,394 2,578 226,533 2,635 Installment loans to individuals 1,812 18 2,509 25 Total $ 258,209 $ 3,911 $ 338,176 $ 3,983 Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 13,530 $ 988 $ 15,768 $ 839 Real estate – construction — — 991 48 Real estate – 1-4 family mortgage 68,933 2,301 93,900 3,000 Real estate – commercial mortgage 177,039 6,886 224,004 7,859 Installment loans to individuals 1,865 55 2,625 80 Total $ 261,367 $ 10,230 $ 337,288 $ 11,826 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 which were held on the Consolidated Balance Sheets at period end 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 September 30, 2017 Real estate – 1-4 family mortgage 18 $ 1,624 $ 1,189 Real estate – commercial mortgage 1 393 244 Total 19 $ 2,017 $ 1,433 Three months ended September 30, 2016 Real estate – 1-4 family mortgage 2 $ 132 $ 120 Total 2 $ 132 $ 120 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Nine months ended September 30, 2017 Real estate – 1-4 family mortgage 28 $ 3,789 $ 3,062 Real estate – commercial mortgage 3 2,851 2,025 Total 31 $ 6,640 $ 5,087 Nine months ended September 30, 2016 Real estate – 1-4 family mortgage 7 $ 412 $ 325 Real estate – commercial mortgage 1 83 81 Total 8 $ 495 $ 406 There were two restructured loans in the amount of $146 contractually 90 days past due or more and still accruing at September 30, 2017 and no restructured loans contractually 90 days past due or more and still accruing at September 30, 2016 . The outstanding balance of restructured loans on nonaccrual status was $504 and $3,279 at September 30, 2017 and September 30, 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 31 5,182 Reclassified as performing restructured loan 6 534 Reductions due to: Reclassified to nonperforming loans (8 ) (679 ) Paid in full (1 ) (6 ) Charge-offs (1 ) (17 ) Principal paydowns — (278 ) Lapse of concession period (1 ) (101 ) Totals at September 30, 2017 68 $ 8,663 The allocated allowance for loan losses attributable to restructured loans was $97 and $34 at September 30, 2017 and September 30, 2016 , respectively. The Company had $7 in remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2017 and no remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2016 . 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 September 30, 2017 Commercial, financial, agricultural $ 269,798 $ 2,381 $ 663 $ 272,842 Real estate – construction 92,825 — — 92,825 Real estate – 1-4 family mortgage 105,040 6,042 252 111,334 Real estate – commercial mortgage 877,455 7,583 1,835 886,873 Installment loans to individuals 696 — 3 699 Total $ 1,345,814 $ 16,006 $ 2,753 $ 1,364,573 December 31, 2016 Commercial, financial, agricultural $ 102,777 $ 2,370 $ 1,491 $ 106,638 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 September 30, 2017 Commercial, financial, agricultural $ 10,741 $ 58 $ 10,799 Real estate – construction 7,257 — 7,257 Real estate – 1-4 family mortgage 479,069 1,620 480,689 Real estate – commercial mortgage 26,088 122 26,210 Installment loans to individuals 20,572 162 20,734 Total $ 543,727 $ 1,962 $ 545,689 December 31, 2016 Commercial, financial, agricultural $ 9,489 $ 79 $ 9,568 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 September 30, 2017 Commercial, financial, agricultural $ 17,459 Real estate – 1-4 family mortgage 59,769 Real estate – commercial mortgage 165,966 Installment loans to individuals 1,685 Total $ 244,879 December 31, 2016 Commercial, financial, agricultural $ 11,994 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 that exhibited evidence of deteriorated credit quality at the time of acquisition at September 30, 2017 : Total Purchased Credit Deteriorated Loans Contractually-required principal and interest $ 340,513 Nonaccretable difference (1) (61,435 ) Cash flows expected to be collected 279,078 Accretable yield (2) (34,199 ) Fair value $ 244,879 (1) Represents contractual principal and interest cash flows of $52,109 and $9,326 , respectively, not expected to be collected. (2) Represents contractual principal and interest cash flows of $1,643 and $32,556 , respectively, expected to be collected. 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 $ (37,474 ) Additions due to acquisition (1,794 ) Reclasses from nonaccretable difference (7,718 ) Accretion 11,619 Charge-offs 1,168 Balance at September 30, 2017 $ (34,199 ) 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 presents the fair value of loans purchased from Metropolitan as of the July 1, 2017 acquisition date. At acquisition date: July 1, 2017 Contractually-required principal and interest $ 1,198,132 Nonaccretable difference (80,887 ) Cash flows expected to be collected 1,117,245 Accretable yield (152,821 ) Fair value $ 964,424 |
Allowance for Loan Losses
Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses (In Thousands, Except Number of Loans) The following is a summary of total non purchased and purchased loans as of the dates presented: September 30, December 31, 2016 Commercial, financial, agricultural $ 1,008,935 $ 717,490 Lease financing 54,688 49,250 Real estate – construction 577,720 552,679 Real estate – 1-4 family mortgage 2,295,852 1,878,177 Real estate – commercial mortgage 3,390,389 2,898,895 Installment loans to individuals 123,810 108,627 Gross loans 7,451,394 6,205,118 Unearned income (2,786 ) (2,409 ) Loans, net of unearned income 7,448,608 6,202,709 Allowance for loan losses (44,531 ) (42,737 ) Net loans $ 7,404,077 $ 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 September 30, 2017 Allowance for loan losses: Beginning balance $ 5,092 $ 2,580 $ 12,104 $ 22,600 $ 1,773 $ 44,149 Charge-offs (974 ) — (575 ) (543 ) (124 ) (2,216 ) Recoveries 137 67 145 72 27 448 Net (charge-offs) recoveries (837 ) 67 (430 ) (471 ) (97 ) (1,768 ) Provision for loan losses charged to operations (2) 938 161 439 481 131 2,150 Ending balance $ 5,193 $ 2,808 $ 12,113 $ 22,610 $ 1,807 $ 44,531 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Nine Months Ended September 30, 2017 Allowance for loan losses: Beginning balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Charge-offs (2,110 ) — (1,401 ) (1,204 ) (513 ) (5,228 ) Recoveries 258 101 291 884 88 1,622 Net (charge-offs) recoveries (1,852 ) 101 (1,110 ) (320 ) (425 ) (3,606 ) Provision for loan losses charged to operations (2) 1,559 327 (1,071 ) 3,871 714 5,400 Ending balance $ 5,193 $ 2,808 $ 12,113 $ 22,610 $ 1,807 $ 44,531 Period-End Amount Allocated to: Individually evaluated for impairment $ 96 $ 9 $ 855 $ 1,963 $ 5 $ 2,928 Collectively evaluated for impairment 4,772 2,799 10,644 19,662 1,801 39,678 Purchased with deteriorated credit quality 325 — 614 985 1 1,925 Ending balance $ 5,193 $ 2,808 $ 12,113 $ 22,610 $ 1,807 $ 44,531 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Three Months Ended September 30, 2016 Allowance for loan losses: Beginning balance $ 4,512 $ 2,269 $ 14,219 $ 21,683 $ 1,415 $ 44,098 Charge-offs (394 ) — (242 ) (466 ) (201 ) (1,303 ) Recoveries 85 4 188 181 21 479 Net (charge-offs) recoveries (309 ) 4 (54 ) (285 ) (180 ) (824 ) Provision for loan losses 1,308 (52 ) 1,154 (87 ) 353 2,676 Benefit attributable to FDIC loss-share agreements (61 ) — — (47 ) (41 ) (149 ) Recoveries payable to FDIC 4 2 93 24 — 123 Provision for loan losses charged to operations 1,251 (50 ) 1,247 (110 ) 312 2,650 Ending balance $ 5,454 $ 2,223 $ 15,412 $ 21,288 $ 1,547 $ 45,924 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Nine Months Ended September 30, 2016 Allowance for loan losses: Beginning balance $ 4,186 $ 1,852 $ 13,908 $ 21,111 $ 1,380 $ 42,437 Charge-offs (1,099 ) — (745 ) (1,653 ) (573 ) (4,070 ) Recoveries 243 15 753 582 84 1,677 Net (charge-offs) recoveries (856 ) 15 8 (1,071 ) (489 ) (2,393 ) Provision for loan losses 2,174 348 1,333 1,067 697 5,619 Benefit attributable to FDIC loss-share agreements (61 ) — (115 ) (48 ) (41 ) (265 ) Recoveries payable to FDIC 11 8 278 229 — 526 Provision for loan losses charged to operations 2,124 356 1,496 1,248 656 5,880 Ending balance $ 5,454 $ 2,223 $ 15,412 $ 21,288 $ 1,547 $ 45,924 Period-End Amount Allocated to: Individually evaluated for impairment $ 1,004 $ 2 $ 5,144 $ 2,635 $ 114 $ 8,899 Collectively evaluated for impairment 4,002 2,221 9,542 16,410 1,432 33,607 Purchased with deteriorated credit quality 448 — 726 2,243 1 3,418 Ending balance $ 5,454 $ 2,223 $ 15,412 $ 21,288 $ 1,547 $ 45,924 (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 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 September 30, 2017 Individually evaluated for impairment $ 2,291 $ 2,730 $ 13,347 $ 8,078 $ 301 $ 26,747 Collectively evaluated for impairment 989,185 574,990 2,222,736 3,216,345 173,726 7,176,982 Purchased with deteriorated credit quality 17,459 — 59,769 165,966 1,685 244,879 Ending balance $ 1,008,935 $ 577,720 $ 2,295,852 $ 3,390,389 $ 175,712 $ 7,448,608 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2017 Residential real estate $ 1,780 $ 847 $ 2,627 Commercial real estate 5,552 1,401 6,953 Residential land development 1,233 829 2,062 Commercial land development 4,731 1,447 6,178 Total $ 13,296 $ 4,524 $ 17,820 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 Acquired OREO 1,203 — 1,203 Transfers of loans 4,513 905 5,418 Capitalized improvements — — — Impairments (935 ) (519 ) (1,454 ) Dispositions (8,474 ) (2,262 ) (10,736 ) Other (381 ) 471 90 Balance at September 30, 2017 $ 13,296 $ 4,524 $ 17,820 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Repairs and maintenance $ 206 $ 209 $ 602 $ 815 Property taxes and insurance 87 127 495 745 Impairments 697 1,048 1,454 2,330 Net losses (gains) on OREO sales (350 ) 204 (488 ) 435 Rental income (37 ) (48 ) (147 ) (214 ) Total $ 603 $ 1,540 $ 1,916 $ 4,111 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2017 were as follows: Community Banks Insurance Total Balance at January 1, 2017 $ 467,767 $ 2,767 $ 470,534 Addition to goodwill from acquisition 140,512 — 140,512 Adjustment to previously recorded goodwill — — — Balance at September 30, 2017 $ 608,279 $ 2,767 $ 611,046 The addition to goodwill during 2017 represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in the Metropolitan acquisition. The Company is finalizing the fair values of certain assets, including property and equipment and taxes, related to the acquisition; as such, the recorded balance of goodwill is subject to change. The following table provides a summary of finite-lived intangible assets as of the dates presented: Gross Carrying Amount Accumulated Amortization Net Carrying Amount September 30, 2017 Core deposit intangibles $ 54,958 $ (29,911 ) $ 25,047 Customer relationship intangible 1,970 (799 ) 1,171 Total finite-lived intangible assets $ 56,928 $ (30,710 ) $ 26,218 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 was as follows for the periods presented. Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Amortization expense for: Core deposit intangibles $ 1,733 $ 1,651 $ 4,723 $ 5,024 Customer relationship intangible 33 33 99 99 Total intangible amortization $ 1,766 $ 1,684 $ 4,822 $ 5,123 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 $ 6,399 $ 131 $ 6,530 2018 6,130 131 6,261 2019 5,212 131 5,343 2020 4,186 131 4,317 2021 3,107 131 3,238 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 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”) 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 value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors. Impairment losses on MSRs are recognized to the extent by which the unamortized cost exceeds fair value. During the first nine months of 2016, the Company recognized an impairment loss on MSRs in earnings in the amount of $40 , which was included in “Mortgage banking income” in the Consolidated Statements of Income. There were no impairment losses recognized during the nine months ended September 30, 2017 . During the first nine months 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 nine months ended September 30, 2017 . Changes in the Company’s MSRs were as follows: Balance at January 1, 2017 $ 26,302 Capitalization 12,379 Amortization (2,751 ) Balance at September 30, 2017 $ 35,930 Data and key economic assumptions related to the Company’s MSRs as of September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 December 31, 2016 Unpaid principal balance $ 3,703,064 $ 2,763,344 Weighted-average prepayment speed (CPR) 8.89 % 7.34 % Estimated impact of a 10% increase $ (1,501 ) $ (1,034 ) Estimated impact of a 20% increase (2,910 ) (2,010 ) Discount rate 9.68 % 9.64 % Estimated impact of a 10% increase $ (1,711 ) $ (1,368 ) Estimated impact of a 20% increase (3,292 ) (2,629 ) Weighted-average coupon interest rate 3.89 % 3.83 % Weighted-average servicing fee (basis points) 26.22 25.87 Weighted-average remaining maturity (in years) 14.94 11.11 The Company recorded servicing fees of $1,461 and $595 for the three months ended September 30, 2017 and 2016 , respectively, and $4,128 and $2,212 for the nine months ended September 30, 2017 and 2016 , respectively, which are included in “Mortgage banking income” in the Consolidated Statements of Income. |
Redemption of Long-term Debt
Redemption of Long-term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Redemption of Long-term Debt | Redemption of Long-term Debt (In Thousands) During the first quarter of 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. During the third quarter of 2016, the Company incurred a prepayment penalty of $2,210 in connection with the prepayment of $38,886 in long-term borrowings from the Federal Home Loan Bank. Additionally, during the second quarter of 2016, the Company incurred a prepayment penalty of $329 in connection with the prepayment of $3,483 of similar long-term borrowings. There were no other prepayments of long-term debt during the first nine months of 2017 or 2016. |
Employee Benefit and Deferred C
Employee Benefit and Deferred Compensation Plans | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [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 September 30, September 30, September 30, 2017 2016 2017 2016 2017 2016 Service cost $ — $ — $ — $ — $ 2 $ 1 Interest cost 292 304 — 34 11 14 Expected return on plan assets (485 ) (468 ) — (23 ) — — Recognized actuarial loss 101 101 — — 2 23 Settlement/curtailment/termination gains — — — (780 ) — — Net periodic benefit (return) cost $ (92 ) $ (63 ) $ — $ (769 ) $ 15 $ 38 Pension Benefits Pension Benefits Renasant HeritageBank Other Benefits Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, 2017 2016 2017 2016 2017 2016 Service cost $ — $ — $ — $ — $ 6 $ 9 Interest cost 876 912 — 172 32 43 Expected return on plan assets (1,456 ) (1,404 ) — (113 ) — — Recognized actuarial loss 301 303 — — 5 57 Settlement/curtailment/termination gains — — — (780 ) — — Net periodic benefit (return) cost $ (279 ) $ (189 ) $ — $ (721 ) $ 43 $ 109 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 or nine months ended September 30, 2017 or 2016 . The following table summarizes the changes in stock options as of and for the nine months ended September 30, 2017 : Shares Weighted Average Exercise Price Options outstanding at beginning of period 185,625 $ 15.97 Granted — — Exercised (93,625 ) 16.22 Forfeited — — Options outstanding at end of period 92,000 $ 15.72 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 specified performance cycle and the attainment of designated 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 performance cylce 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 nine months ended September 30, 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 42.22 153,270 42.81 Vested — — (43,305 ) 32.36 Cancelled (2,000 ) 42.22 (5,460 ) 37.74 Nonvested at end of period 52,450 $ 42.22 221,850 $ 39.13 During the nine months ended September 30, 2017 , the Company reissued 99,318 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 $1,359 and $848 for the three months ended September 30, 2017 and 2016 , respectively, and $3,770 and $2,563 for the nine months ended September 30, 2017 and 2016, respectively. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 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 September 30, 2017 , the Company had notional amounts of $219,914 on interest rate contracts with corporate customers and $219,914 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 and adjustable-rate residential mortgage loans. The notional amount of commitments to fund fixed-rate and adjustable-rate mortgage loans was $188,614 and $120,050 at September 30, 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 $304,000 and $257,000 at September 30, 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 September 30, December 31, 2016 Derivative assets: Not designated as hedging instruments: Interest rate contracts Other Assets $ 4,681 $ 1,985 Interest rate lock commitments Other Assets 3,327 2,643 Forward commitments Other Assets 561 4,480 Totals $ 8,569 $ 9,108 Derivative liabilities: Designated as hedging instruments: Interest rate swaps Other Liabilities $ 3,242 $ 3,410 Totals $ 3,242 $ 3,410 Not designated as hedging instruments: Interest rate contracts Other Liabilities $ 4,681 $ 1,985 Interest rate lock commitments Other Liabilities 57 246 Forward commitments Other Liabilities 449 269 Totals $ 5,187 $ 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Derivatives not designated as hedging instruments: Interest rate contracts: Included in interest income on loans $ 1,652 $ 660 $ 3,021 $ 1,786 Interest rate lock commitments: Included in mortgage banking income (441 ) 2,297 874 3,359 Forward commitments Included in mortgage banking income (486 ) 3,020 (4,099 ) (1,599 ) Total $ 725 $ 5,977 $ (204 ) $ 3,546 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 nine months ended September 30, 2017 or 2016 . The impact on other comprehensive income for the nine months ended September 30, 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 offset" 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 September 30, December 31, 2016 September 30, December 31, 2016 Gross amounts recognized $ 892 $ 4,778 $ 7,879 $ 4,893 Gross amounts offset in the Consolidated Balance Sheets — — — — Net amounts presented in the Consolidated Balance Sheets 892 4,778 7,879 4,893 Gross amounts not offset in the Consolidated Balance Sheets Financial instruments 780 567 780 567 Financial collateral pledged — — 6,922 4,326 Net amounts $ 112 $ 4,211 $ 177 $ — |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 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 presented. September 30, December 31, 2017 2016 2016 Deferred tax assets Allowance for loan losses $ 20,421 $ 21,418 $ 19,934 Loans 25,585 24,299 23,240 Deferred compensation 10,857 12,368 11,254 Securities 2,573 2,346 2,439 Net unrealized losses on securities - OCI 1,942 4,016 10,096 Impairment of assets 2,383 3,877 2,512 Federal and State net operating loss carryforwards 3,338 3,113 2,867 Intangibles — 1,012 1,247 Other 7,319 7,958 3,463 Total deferred tax assets 74,418 80,407 77,052 Deferred tax liabilities FDIC loss-share indemnification asset — 1,939 — Investment in partnerships 946 2,001 1,556 Intangibles 428 — — Fixed assets 1,429 2,598 2,517 Mortgage servicing rights 3,360 3,589 3,360 Junior subordinated debt 3,620 4,128 4,111 Other 1,770 4,294 2,876 Total deferred tax liabilities 11,553 18,549 14,420 Net deferred tax assets $ 62,865 $ 61,858 $ 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 $6,160 remained to be utilized as of September 30, 2017 , while state net operating losses totaled $17,168 , of which $7,995 remained to be utilized as of September 30, 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 nine months ended September 30, 2017 or 2016 or the year ended December 31, 2016 . |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Projects | 9 Months Ended |
Sep. 30, 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 September 30, 2017 and December 31, 2016 , the Company’s carrying value of QAHPs was $8,359 and $6,331 , respectively. During the first quarter of 2017, the Company sold its interest in a limited liability partnership which reduced the carrying value of the investment in QAHPs by approximately $2,450 . On July 1, 2017, the Company acquired $5,469 in QAHPs in connection with its acquisition of Metropolitan. 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Tax credit amortization $ 472 $ 353 $ 995 $ 1,001 Tax credits and other benefits (671 ) (503 ) (1,519 ) (1,445 ) Total $ (199 ) $ (150 ) $ (524 ) $ (444 ) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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, obligations of states and political subdivisions, 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 September 30, 2017 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 14,638 $ — $ 14,638 Obligations of states and political subdivisions — 350,354 — $ 350,354 Residential mortgage-backed securities: Government agency mortgage backed securities — 459,558 — 459,558 Government agency collateralized mortgage obligations — 232,658 — 232,658 Commercial mortgage-backed securities: Government agency mortgage backed securities — 45,929 — 45,929 Government agency collateralized mortgage obligations — 11,443 — 11,443 Trust preferred securities — — 8,960 8,960 Other debt securities — 26,919 — 26,919 Total securities available for sale — 1,141,499 8,960 1,150,459 Derivative instruments: Interest rate contracts — 4,681 — 4,681 Interest rate lock commitments — 3,327 — 3,327 Forward commitments — 561 — 561 Total derivative instruments — 8,569 — 8,569 Mortgage loans held for sale — 207,288 — 207,288 Total financial assets $ — $ 1,357,356 $ 8,960 $ 1,366,316 Financial liabilities: Derivative instruments: Interest rate swaps $ — $ 3,242 $ — $ 3,242 Interest rate contracts — 4,681 — 4,681 Interest rate lock commitments — 57 — 57 Forward commitments — 449 — 449 Total derivative instruments — 8,429 — 8,429 Total financial liabilities $ — $ 8,429 $ — $ 8,429 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 Interest rate lock commitments — 246 — 246 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 nine months ended September 30, 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 and nine months ended September 30, 2017 and 2016 , respectively: Three Months Ended September 30, 2017 Trust preferred securities Balance at July 1, 2017 $ 16,992 Accretion included in net income 28 Unrealized gains included in other comprehensive income 1,307 Purchases — Sales (9,346 ) Issues — Settlements (21 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at September 30, 2017 $ 8,960 Three Months Ended September 30, 2016 Trust preferred securities Balance at July 1, 2016 $ 18,179 Accretion included in net income 8 Unrealized losses included in other comprehensive income (41 ) Purchases — Sales — Issues — Settlements (54 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at September 30, 2016 $ 18,092 Nine Months Ended September 30, 2017 Trust preferred securities Balance at January 1, 2017 $ 18,389 Accretion included in net income 74 Unrealized gains included in other comprehensive income 1,866 Purchases — Sales (9,346 ) Issues — Settlements (2,023 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at September 30, 2017 $ 8,960 Nine Months Ended September 30, 2016 Trust preferred securities Balance at January 1, 2016 $ 19,469 Accretion included in net income 23 Unrealized losses included in other comprehensive income (168 ) Reclassification adjustment — Purchases — Sales — Issues — Settlements (1,232 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at September 30, 2016 $ 18,092 For each of the nine months ended September 30, 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 September 30, 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 $ 8,960 Discounted cash flows Default rate 0-100% Nonrecurring Fair Value Measurements Certain assets and liabilities 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: September 30, 2017 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 8,107 $ 8,107 OREO — — 7,942 7,942 Total $ — $ — $ 16,049 $ 16,049 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 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 $8,301 and $4,406 at September 30, 2017 and December 31, 2016 , respectively, and a specific reserve for these loans of $194 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: September 30, December 31, 2016 Carrying amount prior to remeasurement $ 9,174 $ 8,290 Impairment recognized in results of operations (1,232 ) (1,549 ) Fair value $ 7,942 $ 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 September 30, 2017 and December 31, 2016 , and $40 in impairment charges were recognized in earnings during the twelve months ended December 31, 2016 . There were no impairment charges recognized in earnings for the nine months ended September 30, 2017 . The following table presents information as of September 30, 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 $ 8,107 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO 7,942 Appraised value of property less estimated costs to sell Estimated costs to sell 4-10% Fair Value Option The Company elected to measure all mortgage loans originated for sale on or after July 1, 2012 at fair value under the fair value option as permitted under ASC 825. Electing to measure these assets at fair value reduces certain timing differences and better matches the changes in fair value of the loans with changes in the fair value of derivative instruments used to economically hedge them. Net gains of $5,093 and net losses of $145 resulting from fair value changes of these mortgage loans were recorded in income during the nine months ended September 30, 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 September 30, 2017 : Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale measured at fair value $ 207,288 $ 200,293 $ 6,995 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 September 30, 2017 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 332,200 $ 332,200 $ — $ — $ 332,200 Securities available for sale 1,150,459 — 1,141,499 8,960 1,150,459 Mortgage loans held for sale 207,288 — 207,288 — 207,288 Loans, net 7,404,077 — — 7,373,870 7,373,870 Mortgage servicing rights 35,930 — — 41,822 41,822 Derivative instruments 8,569 — 8,569 — 8,569 Financial liabilities Deposits $ 8,118,518 $ 6,290,726 $ 1,827,910 $ — $ 8,118,636 Short-term borrowings 384,230 384,230 — — 384,230 Other long-term borrowings 111 111 — — 111 Federal Home Loan Bank advances 7,760 — 8,005 — 8,005 Junior subordinated debentures 85,744 — 67,785 — 67,785 Subordinated notes 114,088 — 118,575 — 118,575 Derivative instruments 8,429 — 8,429 — 8,429 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 (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) (In Thousands) Changes in the components of other comprehensive income (loss), net of tax, were as follows for the periods presented: Pre-Tax Tax Expense (Benefit) Net of Tax Three months ended September 30, 2017 Securities available for sale: Unrealized holding losses on securities $ (1,245 ) $ (481 ) $ (764 ) Unrealized holding gains on securities transfered from held to maturity to available for sale 13,218 5,110 8,108 Amortization of unrealized holding gains on securities transferred to the held to maturity category (7 ) (3 ) (4 ) Total securities available for sale 11,966 4,626 7,340 Derivative instruments: Unrealized holding gains on derivative instruments 163 63 100 Total derivative instruments 163 63 100 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 101 39 62 Total defined benefit pension and post-retirement benefit plans 101 39 62 Total other comprehensive income $ 12,230 $ 4,728 $ 7,502 Three months ended September 30, 2016 Securities available for sale: Unrealized holding gains on securities $ 2,258 $ 873 $ 1,385 Amortization of unrealized holding gains on securities transferred to the held to maturity category (18 ) (7 ) (11 ) Total securities available for sale 2,240 866 1,374 Derivative instruments: Unrealized holding gains on derivative instruments 807 312 495 Total derivative instruments 807 312 495 Defined benefit pension and post-retirement benefit plans: Reclassification adjustment for net settlement gain realized in net income (383 ) (148 ) (235 ) Amortization of net actuarial loss recognized in net periodic pension cost 124 48 76 Total defined benefit pension and post-retirement benefit plans (259 ) (100 ) (159 ) Total other comprehensive income $ 2,788 $ 1,078 $ 1,710 Pre-Tax Tax Expense (Benefit) Net of Tax Nine months ended September 30, 2017 Securities available for sale: Unrealized holding gains on securities $ 7,682 $ 2,970 $ 4,712 Unrealized holding gains on securities transfered from held to maturity to available for sale 13,218 5,110 8,108 Amortization of unrealized holding gains on securities transferred to the held to maturity category (282 ) (109 ) (173 ) Total securities available for sale 20,618 7,971 12,647 Derivative instruments: Unrealized holding gains on derivative instruments 169 65 104 Total derivative instruments 169 65 104 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 305 118 187 Total defined benefit pension and post-retirement benefit plans 305 118 187 Total other comprehensive income $ 21,092 $ 8,154 $ 12,938 Nine months ended September 30, 2016 Securities available for sale: Unrealized holding gains on securities $ 8,573 $ 3,313 $ 5,260 Reclassification adjustment for gains realized in net income (1,186 ) (458 ) (728 ) Amortization of unrealized holding gains on securities transferred to the held to maturity category (79 ) (30 ) (49 ) Total securities available for sale 7,308 2,825 4,483 Derivative instruments: Unrealized holding losses on derivative instruments (1,959 ) (760 ) (1,199 ) Total derivative instruments (1,959 ) (760 ) (1,199 ) Defined benefit pension and post-retirement benefit plans: Reclassification adjustment for net settlement gain realized in net income (383 ) (148 ) (235 ) Amortization of net actuarial loss recognized in net periodic pension cost 360 132 228 Total defined benefit pension and post-retirement benefit plans (23 ) (16 ) (7 ) Total other comprehensive income $ 5,326 $ 2,049 $ 3,277 The accumulated balances for each component of other comprehensive income (loss), net of tax, were as follows as of the dates presented: September 30, December 31, 2016 Unrealized gains on securities $ 14,732 $ 9,490 Non-credit related portion of other-than-temporary impairment on securities (9,313 ) (16,719 ) Unrealized losses on derivative instruments (1,252 ) (1,355 ) Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (7,133 ) (7,320 ) Total accumulated other comprehensive loss $ (2,966 ) $ (15,904 ) |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Sep. 30, 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 September 30, 2017 2016 Basic Net income applicable to common stock $ 26,421 $ 23,179 Average common shares outstanding 49,316,572 42,091,164 Net income per common share - basic $ 0.54 $ 0.55 Diluted Net income applicable to common stock $ 26,421 $ 23,179 Average common shares outstanding 49,316,572 42,091,164 Effect of dilutive stock-based compensation 118,653 219,194 Average common shares outstanding - diluted 49,435,225 42,310,358 Net income per common share - diluted $ 0.53 $ 0.55 Nine Months Ended September 30, 2017 2016 Basic Net income applicable to common stock $ 75,677 $ 67,295 Average common shares outstanding 46,050,250 41,500,407 Net income per common share - basic $ 1.64 $ 1.62 Diluted Net income applicable to common stock $ 75,677 $ 67,295 Average common shares outstanding 46,050,250 41,500,407 Effect of dilutive stock-based compensation 117,891 229,501 Average common shares outstanding - diluted 46,168,141 41,729,908 Net income per common share - diluted $ 1.64 $ 1.61 There were no 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 for the periods presented above. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 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: September 30, 2017 December 31, 2016 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 970,005 10.05 % $ 858,850 10.59 % Common Equity Tier 1 Capital to Risk-Weighted Assets 887,234 11.21 % 766,560 11.47 % Tier 1 Capital to Risk-Weighted Assets 970,005 12.26 % 858,850 12.86 % Total Capital to Risk-Weighted Assets 1,131,605 14.30 % 1,004,038 15.03 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 990,117 10.28 % $ 824,850 10.20 % Common Equity Tier 1 Capital to Risk-Weighted Assets 990,117 12.54 % 824,850 12.38 % Tier 1 Capital to Risk-Weighted Assets 990,117 12.54 % 824,850 12.38 % Total Capital to Risk-Weighted Assets 1,038,473 13.15 % 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 Basel III 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 | 9 Months Ended |
Sep. 30, 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 include 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 September 30, 2017 Net interest income (loss) $ 92,007 $ 114 $ 564 $ (2,668 ) $ 90,017 Provision for loan losses 2,150 — — — 2,150 Noninterest income 28,120 2,394 3,213 (314 ) 33,413 Noninterest expense 75,681 1,805 2,887 287 80,660 Income (loss) before income taxes 42,296 703 890 (3,269 ) 40,620 Income tax expense (benefit) 15,199 275 — (1,275 ) 14,199 Net income (loss) $ 27,097 $ 428 $ 890 $ (1,994 ) $ 26,421 Total assets $ 10,216,826 $ 25,729 $ 59,703 $ 21,429 $ 10,323,687 Goodwill 608,279 2,767 — — 611,046 Three months ended September 30, 2016 Net interest income (loss) $ 77,064 $ 85 $ 472 $ (1,890 ) $ 75,731 Provision for loan losses 2,655 — (5 ) — 2,650 Noninterest income 32,773 2,454 3,248 (203 ) 38,272 Noninterest expense 71,784 1,762 2,745 177 76,468 Income (loss) before income taxes 35,398 777 980 (2,270 ) 34,885 Income tax expense (benefit) 12,284 301 — (879 ) 11,706 Net income (loss) $ 23,114 $ 476 $ 980 $ (1,391 ) $ 23,179 Total assets $ 8,446,403 $ 22,708 $ 51,176 $ 22,184 $ 8,542,471 Goodwill 467,767 2,767 — — 470,534 Community Banks Insurance Wealth Management Other Consolidated Nine months ended September 30, 2017 Net interest income (loss) $ 249,355 $ 330 $ 1,575 $ (7,625 ) $ 243,635 Provision for loan losses 5,400 — — — 5,400 Noninterest income (loss) 83,290 7,207 9,599 (397 ) 99,699 Noninterest expense 209,920 5,263 8,788 839 224,810 Income (loss) before income taxes 117,325 2,274 2,386 (8,861 ) 113,124 Income tax expense (benefit) 40,021 888 — (3,462 ) 37,447 Net income (loss) $ 77,304 $ 1,386 $ 2,386 $ (5,399 ) $ 75,677 Total assets $ 10,216,826 $ 25,729 $ 59,703 $ 21,429 $ 10,323,687 Goodwill 608,279 2,767 — — 611,046 Nine months ended September 30, 2016 Net interest income (loss) $ 225,449 $ 259 $ 1,349 $ (4,115 ) $ 222,942 Provision for loan losses 5,893 — (13 ) — 5,880 Noninterest income 89,515 7,734 9,296 615 107,160 Noninterest expense 209,442 5,240 8,312 547 223,541 Income (loss) before income taxes 99,629 2,753 2,346 (4,047 ) 100,681 Income tax expense (benefit) 33,875 1,074 — (1,563 ) 33,386 Net income (loss) $ 65,754 $ 1,679 $ 2,346 $ (2,484 ) $ 67,295 Total assets $ 8,446,403 $ 22,708 $ 51,176 $ 22,184 $ 8,542,471 Goodwill 467,767 2,767 — — 470,534 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 acquisitions of KeyWorth Bank (“KeyWorth”) and Metropolitan BancGroup, Inc. (“Metropolitan”) on April 1, 2016 and July 1, 2017, respectively. The acquired institutions' financial condition and results of operations are included in the Company's financial condition and results of operations as of the respective acquisition dates. |
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. |
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 deferred the effective date of this standard to annual and interim periods beginning after December 15, 2017. While the Company is currently evaluating the impact ASU 2014-09 will have on its financial position and results of operations, and its financial statement disclosures, the recognition of revenue for a majority of the Company’s income streams, including interest income earned on loans and leases, is governed by other accounting standards and is specifically excluded from the coverage of FASB Accounting Standards Codification (“ASC 606”), “ Revenue from Contracts with Customers ” (“ASC 606”). The sources of the Company's revenue covered by ASC 606, the most significant of which is service charges on deposit accounts, are generally based on day-to-day contracts with Company customers; therefore, the Company does not expect significant changes in the timing of the recognition of revenue. The Company is continuing to evaluate the impact of the new standard on each line of revenue as well as prepare for the new disclosures required by the standard. The Company intends to adopt the standard in the first quarter of 2018 and use the modified retrospective transition method. 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 and 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 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 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 and results of operations, and its 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, FASB issued ASU 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 nine months ended September 30, 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, FASB issued ASU 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. 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, FASB issued ASU 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. ASU 2016-15 only impacts the presentation of specific items within the statement of cash flows and is not expected to have a material impact on the Company's financial statements. In January 2017, 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 is 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, 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 of the adoption of ASU 2014-09, ASU 2016-02 and ASU 2016-13 on a registrant's financial statements cannot reasonably be estimated by the registrant. ASU 2017-03 was effective when issued and the appropriate disclosures have been added where necessary. In January 2017, 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 material impact on the Company’s financial statements. In March 2017, 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 and results of operations and its financial statement disclosures. In March 2017, 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 and results of operations and its financial statement disclosures. In August 2017, FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). ASU 2017-12 is intended to simplify hedge accounting by eliminating the requirement to separately measure and report hedge effectiveness. ASU 2017-12 also seeks to expand the application of hedge accounting by modifying current requirements to include hedge accounting on partial-term hedges, the hedging of prepayable financial instruments and other strategies. ASU 2017-12 will be effective for interim and annual periods beginning after December 15, 2018. The Company is evaluating the effect that ASU 2017-12 will have on its financial position and results of operations and its financial statement disclosures. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Summary of the allocation of purchase price to assets and liabilities acquired | The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company's acquisition of Metropolitan based on their fair values on July 1, 2017. Purchase Price: Shares issued to common shareholders 4,883,182 Purchase price per share $ 43.74 Value of stock paid $ 213,590 Cash paid for fractional shares 5 Cash settlement for stock options 4,764 Deal charges, net of taxes 1,102 Total Purchase Price $ 219,461 Net Assets Acquired: Stockholders’ equity at acquisition date $ 89,253 Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: Securities (731 ) Mortgage loans held for sale 30 Loans, net of Metropolitan's allowance for loan losses (13,071 ) Premises and equipment (4,629 ) Intangible assets, net of Metropolitan's existing intangibles 2,340 Other real estate owned (1,251 ) Other assets 2,731 Deposits (3,603 ) Borrowings (1,294 ) Other liabilities 3,930 Deferred income taxes 5,244 Total Net Assets Acquired 78,949 Goodwill resulting from merger (1) $ 140,512 (1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment. |
Summary of the fair value of assets acquired and liabilities assumed | The following table summarizes the fair value on July 1, 2017 of assets acquired and liabilities assumed at acquisition date in connection with the merger with Metropolitan. The Company is finalizing the fair values of assets acquired and liabilities assumed related to the Metropolitan acquisition; accordingly, the amounts in the table remain subject to change. Cash and cash equivalents $ 47,556 Securities 108,697 Loans, including mortgage loans held for sale, net of unearned income 967,804 Premises and equipment 8,576 Other real estate owned 1,203 Intangible assets 147,478 Other assets 69,567 Total assets 1,350,881 Deposits 942,084 Borrowings 174,522 Other liabilities 20,685 Total liabilities 1,137,291 |
Pro forma combined condensed consolidated financial information | The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the nine months ended September 30, 2017 and 2016 of the Company as though the Metropolitan merger had been completed as of January 1, 2016 (and that the KeyWorth merger, discussed below, was still completed on April 1, 2016). The unaudited estimated pro forma information combines the historical results of Metropolitan with the Company's historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2016. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred. Nine Months Ended September 30, 2017 2016 Net interest income - pro forma (unaudited) $ 263,525 $ 252,366 Net income - pro forma (unaudited) $ 72,915 $ 75,744 Earnings per share - pro forma (unaudited): Basic $ 1.50 $ 1.68 Diluted $ 1.50 $ 1.67 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2017 Obligations of other U.S. Government agencies and corporations $ — $ — $ — $ — Obligations of states and political subdivisions — — — — $ — $ — $ — $ — 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 September 30, 2017 Obligations of other U.S. Government agencies and corporations $ 14,648 $ 74 $ (84 ) $ 14,638 Obligations of states and political subdivisions 337,725 12,787 (158 ) 350,354 Residential mortgage backed securities: Government agency mortgage backed securities 459,336 2,876 (2,654 ) 459,558 Government agency collateralized mortgage obligations 234,224 764 (2,330 ) 232,658 Commercial mortgage backed securities: Government agency mortgage backed securities 45,340 762 (173 ) 45,929 Government agency collateralized mortgage obligations 11,354 89 — 11,443 Trust preferred securities 12,454 — (3,494 ) 8,960 Other debt securities 26,546 429 (56 ) 26,919 $ 1,141,627 $ 17,781 $ (8,949 ) $ 1,150,459 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 |
Gross realized gains on securities available for sale | Gross realized gains and losses on sales of securities available for sale for the three and nine months ended September 30, 2017 and 2016 , respectively, were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Gross gains on sales of securities available for sale $ 57 $ — $ 57 $ 1,257 Gross losses on sales of securities available for sale — — — (71 ) Gains on sales of securities available for sale, net $ 57 $ — $ 57 $ 1,186 |
Amortized cost and fair value of securities by contractual maturity | The amortized cost and fair value of securities at September 30, 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. Available for Sale Amortized Cost Fair Value Due within one year $ 23,491 $ 23,798 Due after one year through five years 106,577 110,274 Due after five years through ten years 147,761 153,199 Due after ten years 94,150 93,983 Residential mortgage backed securities: Government agency mortgage backed securities 459,336 459,558 Government agency collateralized mortgage obligations 234,224 232,658 Commercial mortgage backed securities: Government agency mortgage backed securities 45,340 45,929 Government agency collateralized mortgage obligations 11,354 11,443 Other debt securities 19,394 19,617 $ 1,141,627 $ 1,150,459 |
Gross 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: 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: September 30, 2017 Obligations of other U.S. Government agencies and corporations 4 $ 12,018 $ (84 ) 0 $ — $ — 4 $ 12,018 $ (84 ) Obligations of states and political subdivisions 16 11,248 (105 ) 3 2,037 (53 ) 19 13,285 (158 ) Residential mortgage backed securities: Government agency mortgage backed securities 97 249,318 (1,902 ) 12 31,392 (752 ) 109 280,710 (2,654 ) Government agency collateralized mortgage obligations 34 126,612 (974 ) 19 44,790 (1,356 ) 53 171,402 (2,330 ) Commercial mortgage backed securities: Government agency mortgage backed securities 4 9,906 (25 ) 3 5,978 (148 ) 7 15,884 (173 ) Government agency collateralized mortgage obligations 0 — — 0 — — 0 — — Trust preferred securities 0 — — 2 8,960 (3,494 ) 2 8,960 (3,494 ) Other debt securities 5 9,105 (48 ) 1 1,205 (8 ) 6 10,310 (56 ) Total 160 $ 418,207 $ (3,138 ) 40 $ 94,362 $ (5,811 ) 200 $ 512,569 $ (8,949 ) 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 September 30, 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 $ 8,302 $ 5,813 $ (2,489 ) A1 15 % XXVI Pooled B-2 4,152 3,147 (1,005 ) Ba3 19 % $ 12,454 $ 8,960 $ (3,494 ) |
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 — — Reductions for securities sold during the period $ 3,076 $ — Balance at September 30 $ (261 ) $ (3,337 ) |
Non Purchased Loans (Tables)
Non Purchased Loans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Summary of non-purchased loans and leases | The following is a summary of non purchased loans and leases as of the dates presented: September 30, December 31, 2016 Commercial, financial, agricultural $ 707,835 $ 589,290 Lease financing 54,688 49,250 Real estate – construction 477,638 483,926 Real estate – 1-4 family mortgage 1,644,060 1,425,730 Real estate – commercial mortgage 2,311,340 2,075,137 Installment loans to individuals 100,692 92,648 Gross loans 5,296,253 4,715,981 Unearned income (2,786 ) (2,409 ) Loans, net of unearned income 5,293,467 4,713,572 The following is a summary of purchased loans as of the dates presented: September 30, December 31, 2016 Commercial, financial, agricultural $ 301,100 $ 128,200 Real estate – construction 100,082 68,753 Real estate – 1-4 family mortgage 651,792 452,447 Real estate – commercial mortgage 1,079,049 823,758 Installment loans to individuals 23,118 15,979 Gross loans 2,155,141 1,489,137 Unearned income — — Loans, net of unearned income 2,155,141 1,489,137 The following is a summary of total non purchased and purchased loans as of the dates presented: September 30, December 31, 2016 Commercial, financial, agricultural $ 1,008,935 $ 717,490 Lease financing 54,688 49,250 Real estate – construction 577,720 552,679 Real estate – 1-4 family mortgage 2,295,852 1,878,177 Real estate – commercial mortgage 3,390,389 2,898,895 Installment loans to individuals 123,810 108,627 Gross loans 7,451,394 6,205,118 Unearned income (2,786 ) (2,409 ) Loans, net of unearned income 7,448,608 6,202,709 Allowance for loan losses (44,531 ) (42,737 ) Net loans $ 7,404,077 $ 6,159,972 |
Aging of 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 September 30, 2017 Commercial, financial, agricultural $ 1,808 $ 774 $ 703,574 $ 706,156 $ 538 $ 863 $ 278 $ 1,679 $ 707,835 Lease financing 476 — 54,047 54,523 — 165 — 165 54,688 Real estate – construction 403 — 477,235 477,638 — — — — 477,638 Real estate – 1-4 family mortgage 6,307 984 1,632,983 1,640,274 210 1,342 2,234 3,786 1,644,060 Real estate – commercial mortgage 3,140 1,505 2,302,423 2,307,068 — 1,303 2,969 4,272 2,311,340 Installment loans to individuals 258 32 100,334 100,624 — 45 23 68 100,692 Unearned income — — (2,786 ) (2,786 ) — — — — (2,786 ) Total $ 12,392 $ 3,295 $ 5,267,810 $ 5,283,497 $ 748 $ 3,718 $ 5,504 $ 9,970 $ 5,293,467 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 September 30, 2017 Commercial, financial, agricultural $ 616 $ 481 $ 299,473 $ 300,570 $ — $ 287 $ 243 $ 530 $ 301,100 Real estate – construction — — 100,082 100,082 — — — — 100,082 Real estate – 1-4 family mortgage 3,650 2,294 642,147 648,091 139 1,422 2,140 3,701 651,792 Real estate – commercial mortgage 3,448 4,566 1,070,563 1,078,577 196 99 177 472 1,079,049 Installment loans to individuals 346 8 22,599 22,953 3 — 162 165 23,118 Total $ 8,060 $ 7,349 $ 2,134,864 $ 2,150,273 $ 338 $ 1,808 $ 2,722 $ 4,868 $ 2,155,141 December 31, 2016 Commercial, financial, agricultural $ 823 $ 990 $ 125,417 $ 127,230 $ 260 $ 381 $ 329 $ 970 $ 128,200 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 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 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 September 30, 2017 Commercial, financial, agricultural $ 2,118 $ 1,843 $ — $ 1,843 $ 30 Real estate – construction 897 897 — 897 4 Real estate – 1-4 family mortgage 10,508 8,004 704 8,708 809 Real estate – commercial mortgage 9,777 7,189 — 7,189 1,958 Installment loans to individuals 140 136 — 136 1 Total $ 23,440 $ 18,069 $ 704 $ 18,773 $ 2,802 December 31, 2016 Commercial, financial, agricultural $ 1,577 $ 1,175 $ — $ 1,175 $ 136 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 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“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 September 30, 2017 Commercial, financial, agricultural $ 26,853 $ 6,770 $ 10,689 $ 17,459 $ 325 Real estate – 1-4 family mortgage 71,858 17,639 42,130 59,769 614 Real estate – commercial mortgage 198,563 65,175 100,791 165,966 985 Installment loans to individuals 1,824 693 992 1,685 1 Total $ 299,098 $ 90,277 $ 154,602 $ 244,879 $ 1,925 December 31, 2016 Commercial, financial, agricultural $ 20,697 $ 4,555 $ 7,439 $ 11,994 $ 372 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 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 September 30, 2017 Commercial, financial, agricultural $ 459 $ 433 $ 15 $ 448 $ 66 Real estate – construction 1,837 759 1,074 1,833 5 Real estate – 1-4 family mortgage 5,239 1,521 3,118 4,639 46 Real estate – commercial mortgage 897 720 169 889 5 Installment loans to individuals 167 154 11 165 4 Total $ 8,599 $ 3,587 $ 4,387 $ 7,974 $ 126 December 31, 2016 Commercial, financial, agricultural $ 732 $ 487 $ 224 $ 711 $ 310 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 |
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 September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 1,960 $ 8 $ 1,841 $ 22 Real estate – construction 897 33 862 26 Real estate – 1-4 family mortgage 8,897 71 16,119 97 Real estate – commercial mortgage 7,575 46 10,953 46 Installment loans to individuals 140 1 67 1 Total $ 19,469 $ 159 $ 29,842 $ 192 Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,140 $ 8 $ 1,762 $ 42 Real estate – construction 861 36 671 27 Real estate – 1-4 family mortgage 8,944 165 16,354 283 Real estate – commercial mortgage 7,844 134 11,800 236 Installment loans to individuals 148 2 67 2 Total $ 19,937 $ 345 $ 30,654 $ 590 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 September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 413 $ 6 $ 2,387 $ 28 Real estate – construction 829 62 1,010 26 Real estate – 1-4 family mortgage 5,174 41 18,914 114 Real estate – commercial mortgage 899 8 13,425 87 Installment loans to individuals 167 — 234 1 Total $ 7,482 $ 117 $ 35,970 $ 256 Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 332 $ 9 $ 2,233 $ 48 Real estate – construction 741 62 819 28 Real estate – 1-4 family mortgage 5,221 103 19,146 309 Real estate – commercial mortgage 915 25 14,271 294 Installment loans to individuals 169 — 239 2 Total $ 7,378 $ 199 $ 36,708 $ 681 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 September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 14,201 $ 507 $ 15,317 $ 252 Real estate – construction — — 987 15 Real estate – 1-4 family mortgage 67,802 808 92,830 1,056 Real estate – commercial mortgage 174,394 2,578 226,533 2,635 Installment loans to individuals 1,812 18 2,509 25 Total $ 258,209 $ 3,911 $ 338,176 $ 3,983 Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 13,530 $ 988 $ 15,768 $ 839 Real estate – construction — — 991 48 Real estate – 1-4 family mortgage 68,933 2,301 93,900 3,000 Real estate – commercial mortgage 177,039 6,886 224,004 7,859 Installment loans to individuals 1,865 55 2,625 80 Total $ 261,367 $ 10,230 $ 337,288 $ 11,826 |
Impact of modifications classified as restructured loans | The following tables illustrate the impact of modifications classified as restructured loans which were held on the Consolidated Balance Sheets at period end 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 September 30, 2017 Real estate – 1-4 family mortgage 4 $ 307 $ 307 Real estate – commercial mortgage 1 230 175 Installment loans to individuals — — — Total 5 $ 537 $ 482 Three months ended September 30, 2016 Real estate – construction 1 510 510 Real estate – 1-4 family mortgage 2 $ 194 $ 147 Total 3 $ 704 $ 657 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Nine months ended September 30, 2017 Real estate – 1-4 family mortgage 9 $ 611 $ 601 Real estate – commercial mortgage 3 683 318 Installment loans to individuals 1 4 3 Total 13 $ 1,298 $ 922 Nine months ended September 30, 2016 Real estate – construction 1 510 510 Real estate – 1-4 family mortgage 10 $ 1,199 $ 1,096 Real estate – commercial mortgage 1 529 525 Total 12 $ 2,238 $ 2,131 The following tables illustrate the impact of modifications classified as restructured loans which were held on the Consolidated Balance Sheets at period end 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 September 30, 2017 Real estate – 1-4 family mortgage 18 $ 1,624 $ 1,189 Real estate – commercial mortgage 1 393 244 Total 19 $ 2,017 $ 1,433 Three months ended September 30, 2016 Real estate – 1-4 family mortgage 2 $ 132 $ 120 Total 2 $ 132 $ 120 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Nine months ended September 30, 2017 Real estate – 1-4 family mortgage 28 $ 3,789 $ 3,062 Real estate – commercial mortgage 3 2,851 2,025 Total 31 $ 6,640 $ 5,087 Nine months ended September 30, 2016 Real estate – 1-4 family mortgage 7 $ 412 $ 325 Real estate – commercial mortgage 1 83 81 Total 8 $ 495 $ 406 |
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 13 965 Reclassified as performing 1 55 Reductions due to: Reclassified as nonperforming (5 ) (670 ) Paid in full (7 ) (1,086 ) Charge-offs (1 ) (250 ) Principal paydowns — (238 ) Lapse of concession period (1 ) (923 ) Totals at September 30, 2017 53 $ 5,300 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 31 5,182 Reclassified as performing restructured loan 6 534 Reductions due to: Reclassified to nonperforming loans (8 ) (679 ) Paid in full (1 ) (6 ) Charge-offs (1 ) (17 ) Principal paydowns — (278 ) Lapse of concession period (1 ) (101 ) Totals at September 30, 2017 68 $ 8,663 |
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 September 30, 2017 Commercial, financial, agricultural $ 522,410 $ 4,505 $ 726 $ 527,641 Real estate – construction 415,168 130 88 415,386 Real estate – 1-4 family mortgage 247,584 3,778 5,492 256,854 Real estate – commercial mortgage 1,964,371 13,408 10,654 1,988,433 Installment loans to individuals 504 — — 504 Total $ 3,150,037 $ 21,821 $ 16,960 $ 3,188,818 December 31, 2016 Commercial, financial, agricultural $ 434,323 $ 4,531 $ 850 $ 439,704 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 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 September 30, 2017 Commercial, financial, agricultural $ 269,798 $ 2,381 $ 663 $ 272,842 Real estate – construction 92,825 — — 92,825 Real estate – 1-4 family mortgage 105,040 6,042 252 111,334 Real estate – commercial mortgage 877,455 7,583 1,835 886,873 Installment loans to individuals 696 — 3 699 Total $ 1,345,814 $ 16,006 $ 2,753 $ 1,364,573 December 31, 2016 Commercial, financial, agricultural $ 102,777 $ 2,370 $ 1,491 $ 106,638 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 September 30, 2017 Commercial, financial, agricultural $ 178,294 $ 1,900 $ 180,194 Lease financing 51,737 165 51,902 Real estate – construction 62,252 — 62,252 Real estate – 1-4 family mortgage 1,384,865 2,341 1,387,206 Real estate – commercial mortgage 321,404 1,503 322,907 Installment loans to individuals 100,088 100 100,188 Total $ 2,098,640 $ 6,009 $ 2,104,649 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 September 30, 2017 Commercial, financial, agricultural $ 10,741 $ 58 $ 10,799 Real estate – construction 7,257 — 7,257 Real estate – 1-4 family mortgage 479,069 1,620 480,689 Real estate – commercial mortgage 26,088 122 26,210 Installment loans to individuals 20,572 162 20,734 Total $ 543,727 $ 1,962 $ 545,689 December 31, 2016 Commercial, financial, agricultural $ 9,489 $ 79 $ 9,568 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) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Summary of purchased loans | The following is a summary of non purchased loans and leases as of the dates presented: September 30, December 31, 2016 Commercial, financial, agricultural $ 707,835 $ 589,290 Lease financing 54,688 49,250 Real estate – construction 477,638 483,926 Real estate – 1-4 family mortgage 1,644,060 1,425,730 Real estate – commercial mortgage 2,311,340 2,075,137 Installment loans to individuals 100,692 92,648 Gross loans 5,296,253 4,715,981 Unearned income (2,786 ) (2,409 ) Loans, net of unearned income 5,293,467 4,713,572 The following is a summary of purchased loans as of the dates presented: September 30, December 31, 2016 Commercial, financial, agricultural $ 301,100 $ 128,200 Real estate – construction 100,082 68,753 Real estate – 1-4 family mortgage 651,792 452,447 Real estate – commercial mortgage 1,079,049 823,758 Installment loans to individuals 23,118 15,979 Gross loans 2,155,141 1,489,137 Unearned income — — Loans, net of unearned income 2,155,141 1,489,137 The following is a summary of total non purchased and purchased loans as of the dates presented: September 30, December 31, 2016 Commercial, financial, agricultural $ 1,008,935 $ 717,490 Lease financing 54,688 49,250 Real estate – construction 577,720 552,679 Real estate – 1-4 family mortgage 2,295,852 1,878,177 Real estate – commercial mortgage 3,390,389 2,898,895 Installment loans to individuals 123,810 108,627 Gross loans 7,451,394 6,205,118 Unearned income (2,786 ) (2,409 ) Loans, net of unearned income 7,448,608 6,202,709 Allowance for loan losses (44,531 ) (42,737 ) Net loans $ 7,404,077 $ 6,159,972 |
Aging of 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 September 30, 2017 Commercial, financial, agricultural $ 1,808 $ 774 $ 703,574 $ 706,156 $ 538 $ 863 $ 278 $ 1,679 $ 707,835 Lease financing 476 — 54,047 54,523 — 165 — 165 54,688 Real estate – construction 403 — 477,235 477,638 — — — — 477,638 Real estate – 1-4 family mortgage 6,307 984 1,632,983 1,640,274 210 1,342 2,234 3,786 1,644,060 Real estate – commercial mortgage 3,140 1,505 2,302,423 2,307,068 — 1,303 2,969 4,272 2,311,340 Installment loans to individuals 258 32 100,334 100,624 — 45 23 68 100,692 Unearned income — — (2,786 ) (2,786 ) — — — — (2,786 ) Total $ 12,392 $ 3,295 $ 5,267,810 $ 5,283,497 $ 748 $ 3,718 $ 5,504 $ 9,970 $ 5,293,467 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 September 30, 2017 Commercial, financial, agricultural $ 616 $ 481 $ 299,473 $ 300,570 $ — $ 287 $ 243 $ 530 $ 301,100 Real estate – construction — — 100,082 100,082 — — — — 100,082 Real estate – 1-4 family mortgage 3,650 2,294 642,147 648,091 139 1,422 2,140 3,701 651,792 Real estate – commercial mortgage 3,448 4,566 1,070,563 1,078,577 196 99 177 472 1,079,049 Installment loans to individuals 346 8 22,599 22,953 3 — 162 165 23,118 Total $ 8,060 $ 7,349 $ 2,134,864 $ 2,150,273 $ 338 $ 1,808 $ 2,722 $ 4,868 $ 2,155,141 December 31, 2016 Commercial, financial, agricultural $ 823 $ 990 $ 125,417 $ 127,230 $ 260 $ 381 $ 329 $ 970 $ 128,200 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 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 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 September 30, 2017 Commercial, financial, agricultural $ 2,118 $ 1,843 $ — $ 1,843 $ 30 Real estate – construction 897 897 — 897 4 Real estate – 1-4 family mortgage 10,508 8,004 704 8,708 809 Real estate – commercial mortgage 9,777 7,189 — 7,189 1,958 Installment loans to individuals 140 136 — 136 1 Total $ 23,440 $ 18,069 $ 704 $ 18,773 $ 2,802 December 31, 2016 Commercial, financial, agricultural $ 1,577 $ 1,175 $ — $ 1,175 $ 136 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 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“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 September 30, 2017 Commercial, financial, agricultural $ 26,853 $ 6,770 $ 10,689 $ 17,459 $ 325 Real estate – 1-4 family mortgage 71,858 17,639 42,130 59,769 614 Real estate – commercial mortgage 198,563 65,175 100,791 165,966 985 Installment loans to individuals 1,824 693 992 1,685 1 Total $ 299,098 $ 90,277 $ 154,602 $ 244,879 $ 1,925 December 31, 2016 Commercial, financial, agricultural $ 20,697 $ 4,555 $ 7,439 $ 11,994 $ 372 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 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 September 30, 2017 Commercial, financial, agricultural $ 459 $ 433 $ 15 $ 448 $ 66 Real estate – construction 1,837 759 1,074 1,833 5 Real estate – 1-4 family mortgage 5,239 1,521 3,118 4,639 46 Real estate – commercial mortgage 897 720 169 889 5 Installment loans to individuals 167 154 11 165 4 Total $ 8,599 $ 3,587 $ 4,387 $ 7,974 $ 126 December 31, 2016 Commercial, financial, agricultural $ 732 $ 487 $ 224 $ 711 $ 310 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 |
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 September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 1,960 $ 8 $ 1,841 $ 22 Real estate – construction 897 33 862 26 Real estate – 1-4 family mortgage 8,897 71 16,119 97 Real estate – commercial mortgage 7,575 46 10,953 46 Installment loans to individuals 140 1 67 1 Total $ 19,469 $ 159 $ 29,842 $ 192 Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,140 $ 8 $ 1,762 $ 42 Real estate – construction 861 36 671 27 Real estate – 1-4 family mortgage 8,944 165 16,354 283 Real estate – commercial mortgage 7,844 134 11,800 236 Installment loans to individuals 148 2 67 2 Total $ 19,937 $ 345 $ 30,654 $ 590 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 September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 413 $ 6 $ 2,387 $ 28 Real estate – construction 829 62 1,010 26 Real estate – 1-4 family mortgage 5,174 41 18,914 114 Real estate – commercial mortgage 899 8 13,425 87 Installment loans to individuals 167 — 234 1 Total $ 7,482 $ 117 $ 35,970 $ 256 Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 332 $ 9 $ 2,233 $ 48 Real estate – construction 741 62 819 28 Real estate – 1-4 family mortgage 5,221 103 19,146 309 Real estate – commercial mortgage 915 25 14,271 294 Installment loans to individuals 169 — 239 2 Total $ 7,378 $ 199 $ 36,708 $ 681 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 September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 14,201 $ 507 $ 15,317 $ 252 Real estate – construction — — 987 15 Real estate – 1-4 family mortgage 67,802 808 92,830 1,056 Real estate – commercial mortgage 174,394 2,578 226,533 2,635 Installment loans to individuals 1,812 18 2,509 25 Total $ 258,209 $ 3,911 $ 338,176 $ 3,983 Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 13,530 $ 988 $ 15,768 $ 839 Real estate – construction — — 991 48 Real estate – 1-4 family mortgage 68,933 2,301 93,900 3,000 Real estate – commercial mortgage 177,039 6,886 224,004 7,859 Installment loans to individuals 1,865 55 2,625 80 Total $ 261,367 $ 10,230 $ 337,288 $ 11,826 |
Impact of modifications classified as restructured loans | The following tables illustrate the impact of modifications classified as restructured loans which were held on the Consolidated Balance Sheets at period end 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 September 30, 2017 Real estate – 1-4 family mortgage 4 $ 307 $ 307 Real estate – commercial mortgage 1 230 175 Installment loans to individuals — — — Total 5 $ 537 $ 482 Three months ended September 30, 2016 Real estate – construction 1 510 510 Real estate – 1-4 family mortgage 2 $ 194 $ 147 Total 3 $ 704 $ 657 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Nine months ended September 30, 2017 Real estate – 1-4 family mortgage 9 $ 611 $ 601 Real estate – commercial mortgage 3 683 318 Installment loans to individuals 1 4 3 Total 13 $ 1,298 $ 922 Nine months ended September 30, 2016 Real estate – construction 1 510 510 Real estate – 1-4 family mortgage 10 $ 1,199 $ 1,096 Real estate – commercial mortgage 1 529 525 Total 12 $ 2,238 $ 2,131 The following tables illustrate the impact of modifications classified as restructured loans which were held on the Consolidated Balance Sheets at period end 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 September 30, 2017 Real estate – 1-4 family mortgage 18 $ 1,624 $ 1,189 Real estate – commercial mortgage 1 393 244 Total 19 $ 2,017 $ 1,433 Three months ended September 30, 2016 Real estate – 1-4 family mortgage 2 $ 132 $ 120 Total 2 $ 132 $ 120 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Nine months ended September 30, 2017 Real estate – 1-4 family mortgage 28 $ 3,789 $ 3,062 Real estate – commercial mortgage 3 2,851 2,025 Total 31 $ 6,640 $ 5,087 Nine months ended September 30, 2016 Real estate – 1-4 family mortgage 7 $ 412 $ 325 Real estate – commercial mortgage 1 83 81 Total 8 $ 495 $ 406 |
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 13 965 Reclassified as performing 1 55 Reductions due to: Reclassified as nonperforming (5 ) (670 ) Paid in full (7 ) (1,086 ) Charge-offs (1 ) (250 ) Principal paydowns — (238 ) Lapse of concession period (1 ) (923 ) Totals at September 30, 2017 53 $ 5,300 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 31 5,182 Reclassified as performing restructured loan 6 534 Reductions due to: Reclassified to nonperforming loans (8 ) (679 ) Paid in full (1 ) (6 ) Charge-offs (1 ) (17 ) Principal paydowns — (278 ) Lapse of concession period (1 ) (101 ) Totals at September 30, 2017 68 $ 8,663 |
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 September 30, 2017 Commercial, financial, agricultural $ 522,410 $ 4,505 $ 726 $ 527,641 Real estate – construction 415,168 130 88 415,386 Real estate – 1-4 family mortgage 247,584 3,778 5,492 256,854 Real estate – commercial mortgage 1,964,371 13,408 10,654 1,988,433 Installment loans to individuals 504 — — 504 Total $ 3,150,037 $ 21,821 $ 16,960 $ 3,188,818 December 31, 2016 Commercial, financial, agricultural $ 434,323 $ 4,531 $ 850 $ 439,704 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 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 September 30, 2017 Commercial, financial, agricultural $ 269,798 $ 2,381 $ 663 $ 272,842 Real estate – construction 92,825 — — 92,825 Real estate – 1-4 family mortgage 105,040 6,042 252 111,334 Real estate – commercial mortgage 877,455 7,583 1,835 886,873 Installment loans to individuals 696 — 3 699 Total $ 1,345,814 $ 16,006 $ 2,753 $ 1,364,573 December 31, 2016 Commercial, financial, agricultural $ 102,777 $ 2,370 $ 1,491 $ 106,638 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 September 30, 2017 Commercial, financial, agricultural $ 178,294 $ 1,900 $ 180,194 Lease financing 51,737 165 51,902 Real estate – construction 62,252 — 62,252 Real estate – 1-4 family mortgage 1,384,865 2,341 1,387,206 Real estate – commercial mortgage 321,404 1,503 322,907 Installment loans to individuals 100,088 100 100,188 Total $ 2,098,640 $ 6,009 $ 2,104,649 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 September 30, 2017 Commercial, financial, agricultural $ 10,741 $ 58 $ 10,799 Real estate – construction 7,257 — 7,257 Real estate – 1-4 family mortgage 479,069 1,620 480,689 Real estate – commercial mortgage 26,088 122 26,210 Installment loans to individuals 20,572 162 20,734 Total $ 543,727 $ 1,962 $ 545,689 December 31, 2016 Commercial, financial, agricultural $ 9,489 $ 79 $ 9,568 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 September 30, 2017 Commercial, financial, agricultural $ 17,459 Real estate – 1-4 family mortgage 59,769 Real estate – commercial mortgage 165,966 Installment loans to individuals 1,685 Total $ 244,879 December 31, 2016 Commercial, financial, agricultural $ 11,994 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 that exhibited evidence of deteriorated credit quality at the time of acquisition at September 30, 2017 : Total Purchased Credit Deteriorated Loans Contractually-required principal and interest $ 340,513 Nonaccretable difference (1) (61,435 ) Cash flows expected to be collected 279,078 Accretable yield (2) (34,199 ) Fair value $ 244,879 (1) Represents contractual principal and interest cash flows of $52,109 and $9,326 , respectively, not expected to be collected. (2) Represents contractual principal and interest cash flows of $1,643 and $32,556 , respectively, expected to be collected. |
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 $ (37,474 ) Additions due to acquisition (1,794 ) Reclasses from nonaccretable difference (7,718 ) Accretion 11,619 Charge-offs 1,168 Balance at September 30, 2017 $ (34,199 ) |
Fair value of loans purchased from KeyWorth | 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 presents the fair value of loans purchased from Metropolitan as of the July 1, 2017 acquisition date. At acquisition date: July 1, 2017 Contractually-required principal and interest $ 1,198,132 Nonaccretable difference (80,887 ) Cash flows expected to be collected 1,117,245 Accretable yield (152,821 ) Fair value $ 964,424 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 September 30, 2017 Individually evaluated for impairment $ 2,291 $ 2,730 $ 13,347 $ 8,078 $ 301 $ 26,747 Collectively evaluated for impairment 989,185 574,990 2,222,736 3,216,345 173,726 7,176,982 Purchased with deteriorated credit quality 17,459 — 59,769 165,966 1,685 244,879 Ending balance $ 1,008,935 $ 577,720 $ 2,295,852 $ 3,390,389 $ 175,712 $ 7,448,608 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) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Summary of total non purchased and purchased loans | The following is a summary of non purchased loans and leases as of the dates presented: September 30, December 31, 2016 Commercial, financial, agricultural $ 707,835 $ 589,290 Lease financing 54,688 49,250 Real estate – construction 477,638 483,926 Real estate – 1-4 family mortgage 1,644,060 1,425,730 Real estate – commercial mortgage 2,311,340 2,075,137 Installment loans to individuals 100,692 92,648 Gross loans 5,296,253 4,715,981 Unearned income (2,786 ) (2,409 ) Loans, net of unearned income 5,293,467 4,713,572 The following is a summary of purchased loans as of the dates presented: September 30, December 31, 2016 Commercial, financial, agricultural $ 301,100 $ 128,200 Real estate – construction 100,082 68,753 Real estate – 1-4 family mortgage 651,792 452,447 Real estate – commercial mortgage 1,079,049 823,758 Installment loans to individuals 23,118 15,979 Gross loans 2,155,141 1,489,137 Unearned income — — Loans, net of unearned income 2,155,141 1,489,137 The following is a summary of total non purchased and purchased loans as of the dates presented: September 30, December 31, 2016 Commercial, financial, agricultural $ 1,008,935 $ 717,490 Lease financing 54,688 49,250 Real estate – construction 577,720 552,679 Real estate – 1-4 family mortgage 2,295,852 1,878,177 Real estate – commercial mortgage 3,390,389 2,898,895 Installment loans to individuals 123,810 108,627 Gross loans 7,451,394 6,205,118 Unearned income (2,786 ) (2,409 ) Loans, net of unearned income 7,448,608 6,202,709 Allowance for loan losses (44,531 ) (42,737 ) Net loans $ 7,404,077 $ 6,159,972 |
Roll forward 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 September 30, 2017 Allowance for loan losses: Beginning balance $ 5,092 $ 2,580 $ 12,104 $ 22,600 $ 1,773 $ 44,149 Charge-offs (974 ) — (575 ) (543 ) (124 ) (2,216 ) Recoveries 137 67 145 72 27 448 Net (charge-offs) recoveries (837 ) 67 (430 ) (471 ) (97 ) (1,768 ) Provision for loan losses charged to operations (2) 938 161 439 481 131 2,150 Ending balance $ 5,193 $ 2,808 $ 12,113 $ 22,610 $ 1,807 $ 44,531 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Nine Months Ended September 30, 2017 Allowance for loan losses: Beginning balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Charge-offs (2,110 ) — (1,401 ) (1,204 ) (513 ) (5,228 ) Recoveries 258 101 291 884 88 1,622 Net (charge-offs) recoveries (1,852 ) 101 (1,110 ) (320 ) (425 ) (3,606 ) Provision for loan losses charged to operations (2) 1,559 327 (1,071 ) 3,871 714 5,400 Ending balance $ 5,193 $ 2,808 $ 12,113 $ 22,610 $ 1,807 $ 44,531 Period-End Amount Allocated to: Individually evaluated for impairment $ 96 $ 9 $ 855 $ 1,963 $ 5 $ 2,928 Collectively evaluated for impairment 4,772 2,799 10,644 19,662 1,801 39,678 Purchased with deteriorated credit quality 325 — 614 985 1 1,925 Ending balance $ 5,193 $ 2,808 $ 12,113 $ 22,610 $ 1,807 $ 44,531 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Three Months Ended September 30, 2016 Allowance for loan losses: Beginning balance $ 4,512 $ 2,269 $ 14,219 $ 21,683 $ 1,415 $ 44,098 Charge-offs (394 ) — (242 ) (466 ) (201 ) (1,303 ) Recoveries 85 4 188 181 21 479 Net (charge-offs) recoveries (309 ) 4 (54 ) (285 ) (180 ) (824 ) Provision for loan losses 1,308 (52 ) 1,154 (87 ) 353 2,676 Benefit attributable to FDIC loss-share agreements (61 ) — — (47 ) (41 ) (149 ) Recoveries payable to FDIC 4 2 93 24 — 123 Provision for loan losses charged to operations 1,251 (50 ) 1,247 (110 ) 312 2,650 Ending balance $ 5,454 $ 2,223 $ 15,412 $ 21,288 $ 1,547 $ 45,924 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Nine Months Ended September 30, 2016 Allowance for loan losses: Beginning balance $ 4,186 $ 1,852 $ 13,908 $ 21,111 $ 1,380 $ 42,437 Charge-offs (1,099 ) — (745 ) (1,653 ) (573 ) (4,070 ) Recoveries 243 15 753 582 84 1,677 Net (charge-offs) recoveries (856 ) 15 8 (1,071 ) (489 ) (2,393 ) Provision for loan losses 2,174 348 1,333 1,067 697 5,619 Benefit attributable to FDIC loss-share agreements (61 ) — (115 ) (48 ) (41 ) (265 ) Recoveries payable to FDIC 11 8 278 229 — 526 Provision for loan losses charged to operations 2,124 356 1,496 1,248 656 5,880 Ending balance $ 5,454 $ 2,223 $ 15,412 $ 21,288 $ 1,547 $ 45,924 Period-End Amount Allocated to: Individually evaluated for impairment $ 1,004 $ 2 $ 5,144 $ 2,635 $ 114 $ 8,899 Collectively evaluated for impairment 4,002 2,221 9,542 16,410 1,432 33,607 Purchased with deteriorated credit quality 448 — 726 2,243 1 3,418 Ending balance $ 5,454 $ 2,223 $ 15,412 $ 21,288 $ 1,547 $ 45,924 (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 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 presents the fair value of loans purchased from Metropolitan as of the July 1, 2017 acquisition date. At acquisition date: July 1, 2017 Contractually-required principal and interest $ 1,198,132 Nonaccretable difference (80,887 ) Cash flows expected to be collected 1,117,245 Accretable yield (152,821 ) Fair value $ 964,424 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 September 30, 2017 Individually evaluated for impairment $ 2,291 $ 2,730 $ 13,347 $ 8,078 $ 301 $ 26,747 Collectively evaluated for impairment 989,185 574,990 2,222,736 3,216,345 173,726 7,176,982 Purchased with deteriorated credit quality 17,459 — 59,769 165,966 1,685 244,879 Ending balance $ 1,008,935 $ 577,720 $ 2,295,852 $ 3,390,389 $ 175,712 $ 7,448,608 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) | 9 Months Ended |
Sep. 30, 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 September 30, 2017 Residential real estate $ 1,780 $ 847 $ 2,627 Commercial real estate 5,552 1,401 6,953 Residential land development 1,233 829 2,062 Commercial land development 4,731 1,447 6,178 Total $ 13,296 $ 4,524 $ 17,820 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 purchased and non purchased OREO | 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 Acquired OREO 1,203 — 1,203 Transfers of loans 4,513 905 5,418 Capitalized improvements — — — Impairments (935 ) (519 ) (1,454 ) Dispositions (8,474 ) (2,262 ) (10,736 ) Other (381 ) 471 90 Balance at September 30, 2017 $ 13,296 $ 4,524 $ 17,820 |
Components of OREO 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Repairs and maintenance $ 206 $ 209 $ 602 $ 815 Property taxes and insurance 87 127 495 745 Impairments 697 1,048 1,454 2,330 Net losses (gains) on OREO sales (350 ) 204 (488 ) 435 Rental income (37 ) (48 ) (147 ) (214 ) Total $ 603 $ 1,540 $ 1,916 $ 4,111 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying amounts of goodwill by operating segments | The carrying amounts of goodwill by operating segments for the nine months ended September 30, 2017 were as follows: Community Banks Insurance Total Balance at January 1, 2017 $ 467,767 $ 2,767 $ 470,534 Addition to goodwill from acquisition 140,512 — 140,512 Adjustment to previously recorded goodwill — — — Balance at September 30, 2017 $ 608,279 $ 2,767 $ 611,046 |
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 September 30, 2017 Core deposit intangibles $ 54,958 $ (29,911 ) $ 25,047 Customer relationship intangible 1,970 (799 ) 1,171 Total finite-lived intangible assets $ 56,928 $ (30,710 ) $ 26,218 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 | Current year amortization expense for finite-lived intangible assets was as follows for the periods presented. Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Amortization expense for: Core deposit intangibles $ 1,733 $ 1,651 $ 4,723 $ 5,024 Customer relationship intangible 33 33 99 99 Total intangible amortization $ 1,766 $ 1,684 $ 4,822 $ 5,123 |
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 $ 6,399 $ 131 $ 6,530 2018 6,130 131 6,261 2019 5,212 131 5,343 2020 4,186 131 4,317 2021 3,107 131 3,238 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 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 12,379 Amortization (2,751 ) Balance at September 30, 2017 $ 35,930 |
Data and key economic assumptions related to the Company's MSRs | Data and key economic assumptions related to the Company’s MSRs as of September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 December 31, 2016 Unpaid principal balance $ 3,703,064 $ 2,763,344 Weighted-average prepayment speed (CPR) 8.89 % 7.34 % Estimated impact of a 10% increase $ (1,501 ) $ (1,034 ) Estimated impact of a 20% increase (2,910 ) (2,010 ) Discount rate 9.68 % 9.64 % Estimated impact of a 10% increase $ (1,711 ) $ (1,368 ) Estimated impact of a 20% increase (3,292 ) (2,629 ) Weighted-average coupon interest rate 3.89 % 3.83 % Weighted-average servicing fee (basis points) 26.22 25.87 Weighted-average remaining maturity (in years) 14.94 11.11 |
Employee Benefit and Deferred35
Employee Benefit and Deferred Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [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 September 30, September 30, September 30, 2017 2016 2017 2016 2017 2016 Service cost $ — $ — $ — $ — $ 2 $ 1 Interest cost 292 304 — 34 11 14 Expected return on plan assets (485 ) (468 ) — (23 ) — — Recognized actuarial loss 101 101 — — 2 23 Settlement/curtailment/termination gains — — — (780 ) — — Net periodic benefit (return) cost $ (92 ) $ (63 ) $ — $ (769 ) $ 15 $ 38 Pension Benefits Pension Benefits Renasant HeritageBank Other Benefits Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, 2017 2016 2017 2016 2017 2016 Service cost $ — $ — $ — $ — $ 6 $ 9 Interest cost 876 912 — 172 32 43 Expected return on plan assets (1,456 ) (1,404 ) — (113 ) — — Recognized actuarial loss 301 303 — — 5 57 Settlement/curtailment/termination gains — — — (780 ) — — Net periodic benefit (return) cost $ (279 ) $ (189 ) $ — $ (721 ) $ 43 $ 109 |
Summary of the changes in stock options and restricted stock | The following table summarizes the changes in stock options as of and for the nine months ended September 30, 2017 : Shares Weighted Average Exercise Price Options outstanding at beginning of period 185,625 $ 15.97 Granted — — Exercised (93,625 ) 16.22 Forfeited — — Options outstanding at end of period 92,000 $ 15.72 The following table summarizes the changes in restricted stock as of and for the nine months ended September 30, 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 42.22 153,270 42.81 Vested — — (43,305 ) 32.36 Cancelled (2,000 ) 42.22 (5,460 ) 37.74 Nonvested at end of period 52,450 $ 42.22 221,850 $ 39.13 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, December 31, 2016 Derivative assets: Not designated as hedging instruments: Interest rate contracts Other Assets $ 4,681 $ 1,985 Interest rate lock commitments Other Assets 3,327 2,643 Forward commitments Other Assets 561 4,480 Totals $ 8,569 $ 9,108 Derivative liabilities: Designated as hedging instruments: Interest rate swaps Other Liabilities $ 3,242 $ 3,410 Totals $ 3,242 $ 3,410 Not designated as hedging instruments: Interest rate contracts Other Liabilities $ 4,681 $ 1,985 Interest rate lock commitments Other Liabilities 57 246 Forward commitments Other Liabilities 449 269 Totals $ 5,187 $ 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Derivatives not designated as hedging instruments: Interest rate contracts: Included in interest income on loans $ 1,652 $ 660 $ 3,021 $ 1,786 Interest rate lock commitments: Included in mortgage banking income (441 ) 2,297 874 3,359 Forward commitments Included in mortgage banking income (486 ) 3,020 (4,099 ) (1,599 ) Total $ 725 $ 5,977 $ (204 ) $ 3,546 |
Gross and net derivative positions, including pledged collateral | 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 September 30, December 31, 2016 September 30, December 31, 2016 Gross amounts recognized $ 892 $ 4,778 $ 7,879 $ 4,893 Gross amounts offset in the Consolidated Balance Sheets — — — — Net amounts presented in the Consolidated Balance Sheets 892 4,778 7,879 4,893 Gross amounts not offset in the Consolidated Balance Sheets Financial instruments 780 567 780 567 Financial collateral pledged — — 6,922 4,326 Net amounts $ 112 $ 4,211 $ 177 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 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 presented. September 30, December 31, 2017 2016 2016 Deferred tax assets Allowance for loan losses $ 20,421 $ 21,418 $ 19,934 Loans 25,585 24,299 23,240 Deferred compensation 10,857 12,368 11,254 Securities 2,573 2,346 2,439 Net unrealized losses on securities - OCI 1,942 4,016 10,096 Impairment of assets 2,383 3,877 2,512 Federal and State net operating loss carryforwards 3,338 3,113 2,867 Intangibles — 1,012 1,247 Other 7,319 7,958 3,463 Total deferred tax assets 74,418 80,407 77,052 Deferred tax liabilities FDIC loss-share indemnification asset — 1,939 — Investment in partnerships 946 2,001 1,556 Intangibles 428 — — Fixed assets 1,429 2,598 2,517 Mortgage servicing rights 3,360 3,589 3,360 Junior subordinated debt 3,620 4,128 4,111 Other 1,770 4,294 2,876 Total deferred tax liabilities 11,553 18,549 14,420 Net deferred tax assets $ 62,865 $ 61,858 $ 62,632 |
Investments in Qualified Affo38
Investments in Qualified Affordable Housing Projects (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Tax credit amortization $ 472 $ 353 $ 995 $ 1,001 Tax credits and other benefits (671 ) (503 ) (1,519 ) (1,445 ) Total $ (199 ) $ (150 ) $ (524 ) $ (444 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value 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 September 30, 2017 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 14,638 $ — $ 14,638 Obligations of states and political subdivisions — 350,354 — $ 350,354 Residential mortgage-backed securities: Government agency mortgage backed securities — 459,558 — 459,558 Government agency collateralized mortgage obligations — 232,658 — 232,658 Commercial mortgage-backed securities: Government agency mortgage backed securities — 45,929 — 45,929 Government agency collateralized mortgage obligations — 11,443 — 11,443 Trust preferred securities — — 8,960 8,960 Other debt securities — 26,919 — 26,919 Total securities available for sale — 1,141,499 8,960 1,150,459 Derivative instruments: Interest rate contracts — 4,681 — 4,681 Interest rate lock commitments — 3,327 — 3,327 Forward commitments — 561 — 561 Total derivative instruments — 8,569 — 8,569 Mortgage loans held for sale — 207,288 — 207,288 Total financial assets $ — $ 1,357,356 $ 8,960 $ 1,366,316 Financial liabilities: Derivative instruments: Interest rate swaps $ — $ 3,242 $ — $ 3,242 Interest rate contracts — 4,681 — 4,681 Interest rate lock commitments — 57 — 57 Forward commitments — 449 — 449 Total derivative instruments — 8,429 — 8,429 Total financial liabilities $ — $ 8,429 $ — $ 8,429 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 Interest rate lock commitments — 246 — 246 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 and nine months ended September 30, 2017 and 2016 , respectively: Three Months Ended September 30, 2017 Trust preferred securities Balance at July 1, 2017 $ 16,992 Accretion included in net income 28 Unrealized gains included in other comprehensive income 1,307 Purchases — Sales (9,346 ) Issues — Settlements (21 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at September 30, 2017 $ 8,960 Three Months Ended September 30, 2016 Trust preferred securities Balance at July 1, 2016 $ 18,179 Accretion included in net income 8 Unrealized losses included in other comprehensive income (41 ) Purchases — Sales — Issues — Settlements (54 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at September 30, 2016 $ 18,092 Nine Months Ended September 30, 2017 Trust preferred securities Balance at January 1, 2017 $ 18,389 Accretion included in net income 74 Unrealized gains included in other comprehensive income 1,866 Purchases — Sales (9,346 ) Issues — Settlements (2,023 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at September 30, 2017 $ 8,960 Nine Months Ended September 30, 2016 Trust preferred securities Balance at January 1, 2016 $ 19,469 Accretion included in net income 23 Unrealized losses included in other comprehensive income (168 ) Reclassification adjustment — Purchases — Sales — Issues — Settlements (1,232 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at September 30, 2016 $ 18,092 |
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 September 30, 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 $ 8,960 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: September 30, 2017 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 8,107 $ 8,107 OREO — — 7,942 7,942 Total $ — $ — $ 16,049 $ 16,049 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: September 30, December 31, 2016 Carrying amount prior to remeasurement $ 9,174 $ 8,290 Impairment recognized in results of operations (1,232 ) (1,549 ) Fair value $ 7,942 $ 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 September 30, 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 $ 8,107 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO 7,942 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 September 30, 2017 : Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale measured at fair value $ 207,288 $ 200,293 $ 6,995 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 September 30, 2017 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 332,200 $ 332,200 $ — $ — $ 332,200 Securities available for sale 1,150,459 — 1,141,499 8,960 1,150,459 Mortgage loans held for sale 207,288 — 207,288 — 207,288 Loans, net 7,404,077 — — 7,373,870 7,373,870 Mortgage servicing rights 35,930 — — 41,822 41,822 Derivative instruments 8,569 — 8,569 — 8,569 Financial liabilities Deposits $ 8,118,518 $ 6,290,726 $ 1,827,910 $ — $ 8,118,636 Short-term borrowings 384,230 384,230 — — 384,230 Other long-term borrowings 111 111 — — 111 Federal Home Loan Bank advances 7,760 — 8,005 — 8,005 Junior subordinated debentures 85,744 — 67,785 — 67,785 Subordinated notes 114,088 — 118,575 — 118,575 Derivative instruments 8,429 — 8,429 — 8,429 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 (L40
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Changes in the components of other comprehensive income (loss) | Changes in the components of other comprehensive income (loss), net of tax, were as follows for the periods presented: Pre-Tax Tax Expense (Benefit) Net of Tax Three months ended September 30, 2017 Securities available for sale: Unrealized holding losses on securities $ (1,245 ) $ (481 ) $ (764 ) Unrealized holding gains on securities transfered from held to maturity to available for sale 13,218 5,110 8,108 Amortization of unrealized holding gains on securities transferred to the held to maturity category (7 ) (3 ) (4 ) Total securities available for sale 11,966 4,626 7,340 Derivative instruments: Unrealized holding gains on derivative instruments 163 63 100 Total derivative instruments 163 63 100 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 101 39 62 Total defined benefit pension and post-retirement benefit plans 101 39 62 Total other comprehensive income $ 12,230 $ 4,728 $ 7,502 Three months ended September 30, 2016 Securities available for sale: Unrealized holding gains on securities $ 2,258 $ 873 $ 1,385 Amortization of unrealized holding gains on securities transferred to the held to maturity category (18 ) (7 ) (11 ) Total securities available for sale 2,240 866 1,374 Derivative instruments: Unrealized holding gains on derivative instruments 807 312 495 Total derivative instruments 807 312 495 Defined benefit pension and post-retirement benefit plans: Reclassification adjustment for net settlement gain realized in net income (383 ) (148 ) (235 ) Amortization of net actuarial loss recognized in net periodic pension cost 124 48 76 Total defined benefit pension and post-retirement benefit plans (259 ) (100 ) (159 ) Total other comprehensive income $ 2,788 $ 1,078 $ 1,710 Pre-Tax Tax Expense (Benefit) Net of Tax Nine months ended September 30, 2017 Securities available for sale: Unrealized holding gains on securities $ 7,682 $ 2,970 $ 4,712 Unrealized holding gains on securities transfered from held to maturity to available for sale 13,218 5,110 8,108 Amortization of unrealized holding gains on securities transferred to the held to maturity category (282 ) (109 ) (173 ) Total securities available for sale 20,618 7,971 12,647 Derivative instruments: Unrealized holding gains on derivative instruments 169 65 104 Total derivative instruments 169 65 104 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 305 118 187 Total defined benefit pension and post-retirement benefit plans 305 118 187 Total other comprehensive income $ 21,092 $ 8,154 $ 12,938 Nine months ended September 30, 2016 Securities available for sale: Unrealized holding gains on securities $ 8,573 $ 3,313 $ 5,260 Reclassification adjustment for gains realized in net income (1,186 ) (458 ) (728 ) Amortization of unrealized holding gains on securities transferred to the held to maturity category (79 ) (30 ) (49 ) Total securities available for sale 7,308 2,825 4,483 Derivative instruments: Unrealized holding losses on derivative instruments (1,959 ) (760 ) (1,199 ) Total derivative instruments (1,959 ) (760 ) (1,199 ) Defined benefit pension and post-retirement benefit plans: Reclassification adjustment for net settlement gain realized in net income (383 ) (148 ) (235 ) Amortization of net actuarial loss recognized in net periodic pension cost 360 132 228 Total defined benefit pension and post-retirement benefit plans (23 ) (16 ) (7 ) Total other comprehensive income $ 5,326 $ 2,049 $ 3,277 |
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: September 30, December 31, 2016 Unrealized gains on securities $ 14,732 $ 9,490 Non-credit related portion of other-than-temporary impairment on securities (9,313 ) (16,719 ) Unrealized losses on derivative instruments (1,252 ) (1,355 ) Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (7,133 ) (7,320 ) Total accumulated other comprehensive loss $ (2,966 ) $ (15,904 ) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2017 2016 Basic Net income applicable to common stock $ 26,421 $ 23,179 Average common shares outstanding 49,316,572 42,091,164 Net income per common share - basic $ 0.54 $ 0.55 Diluted Net income applicable to common stock $ 26,421 $ 23,179 Average common shares outstanding 49,316,572 42,091,164 Effect of dilutive stock-based compensation 118,653 219,194 Average common shares outstanding - diluted 49,435,225 42,310,358 Net income per common share - diluted $ 0.53 $ 0.55 Nine Months Ended September 30, 2017 2016 Basic Net income applicable to common stock $ 75,677 $ 67,295 Average common shares outstanding 46,050,250 41,500,407 Net income per common share - basic $ 1.64 $ 1.62 Diluted Net income applicable to common stock $ 75,677 $ 67,295 Average common shares outstanding 46,050,250 41,500,407 Effect of dilutive stock-based compensation 117,891 229,501 Average common shares outstanding - diluted 46,168,141 41,729,908 Net income per common share - diluted $ 1.64 $ 1.61 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
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% |
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: September 30, 2017 December 31, 2016 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 970,005 10.05 % $ 858,850 10.59 % Common Equity Tier 1 Capital to Risk-Weighted Assets 887,234 11.21 % 766,560 11.47 % Tier 1 Capital to Risk-Weighted Assets 970,005 12.26 % 858,850 12.86 % Total Capital to Risk-Weighted Assets 1,131,605 14.30 % 1,004,038 15.03 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 990,117 10.28 % $ 824,850 10.20 % Common Equity Tier 1 Capital to Risk-Weighted Assets 990,117 12.54 % 824,850 12.38 % Tier 1 Capital to Risk-Weighted Assets 990,117 12.54 % 824,850 12.38 % Total Capital to Risk-Weighted Assets 1,038,473 13.15 % 871,911 13.09 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2017 Net interest income (loss) $ 92,007 $ 114 $ 564 $ (2,668 ) $ 90,017 Provision for loan losses 2,150 — — — 2,150 Noninterest income 28,120 2,394 3,213 (314 ) 33,413 Noninterest expense 75,681 1,805 2,887 287 80,660 Income (loss) before income taxes 42,296 703 890 (3,269 ) 40,620 Income tax expense (benefit) 15,199 275 — (1,275 ) 14,199 Net income (loss) $ 27,097 $ 428 $ 890 $ (1,994 ) $ 26,421 Total assets $ 10,216,826 $ 25,729 $ 59,703 $ 21,429 $ 10,323,687 Goodwill 608,279 2,767 — — 611,046 Three months ended September 30, 2016 Net interest income (loss) $ 77,064 $ 85 $ 472 $ (1,890 ) $ 75,731 Provision for loan losses 2,655 — (5 ) — 2,650 Noninterest income 32,773 2,454 3,248 (203 ) 38,272 Noninterest expense 71,784 1,762 2,745 177 76,468 Income (loss) before income taxes 35,398 777 980 (2,270 ) 34,885 Income tax expense (benefit) 12,284 301 — (879 ) 11,706 Net income (loss) $ 23,114 $ 476 $ 980 $ (1,391 ) $ 23,179 Total assets $ 8,446,403 $ 22,708 $ 51,176 $ 22,184 $ 8,542,471 Goodwill 467,767 2,767 — — 470,534 Community Banks Insurance Wealth Management Other Consolidated Nine months ended September 30, 2017 Net interest income (loss) $ 249,355 $ 330 $ 1,575 $ (7,625 ) $ 243,635 Provision for loan losses 5,400 — — — 5,400 Noninterest income (loss) 83,290 7,207 9,599 (397 ) 99,699 Noninterest expense 209,920 5,263 8,788 839 224,810 Income (loss) before income taxes 117,325 2,274 2,386 (8,861 ) 113,124 Income tax expense (benefit) 40,021 888 — (3,462 ) 37,447 Net income (loss) $ 77,304 $ 1,386 $ 2,386 $ (5,399 ) $ 75,677 Total assets $ 10,216,826 $ 25,729 $ 59,703 $ 21,429 $ 10,323,687 Goodwill 608,279 2,767 — — 611,046 Nine months ended September 30, 2016 Net interest income (loss) $ 225,449 $ 259 $ 1,349 $ (4,115 ) $ 222,942 Provision for loan losses 5,893 — (13 ) — 5,880 Noninterest income 89,515 7,734 9,296 615 107,160 Noninterest expense 209,442 5,240 8,312 547 223,541 Income (loss) before income taxes 99,629 2,753 2,346 (4,047 ) 100,681 Income tax expense (benefit) 33,875 1,074 — (1,563 ) 33,386 Net income (loss) $ 65,754 $ 1,679 $ 2,346 $ (2,484 ) $ 67,295 Total assets $ 8,446,403 $ 22,708 $ 51,176 $ 22,184 $ 8,542,471 Goodwill 467,767 2,767 — — 470,534 |
Mergers and Acquisitions - Narr
Mergers and Acquisitions - Narrative (Details) $ in Thousands | Jul. 01, 2017USD ($)branchshares | Apr. 01, 2016USD ($)branchshares | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill resulting from merger | $ 611,046 | $ 470,534 | $ 470,534 | ||
Metropolitan Bancgroup, Inc. | |||||
Business Acquisition [Line Items] | |||||
Transaction value | $ 219,461 | ||||
Shares issued to common shareholders (shares) | shares | 4,883,182 | ||||
Cash settlement for stock options | $ 4,764 | ||||
Voting interest acquired (percent) | 100.00% | ||||
Number of locations acquired | branch | 8 | ||||
Intangible assets, including goodwill | $ 147,478 | ||||
Goodwill resulting from merger | 140,512 | ||||
Core deposit intangible | $ 6,966 | ||||
Weighted average useful life (in years) | 10 years | ||||
Assets acquired | $ 78,949 | ||||
KeyWorth Bank | |||||
Business Acquisition [Line Items] | |||||
Transaction value | $ 58,884 | ||||
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 | ||||
Payment to stock option holders | $ 3,594 | ||||
Assets acquired | 415,232 | ||||
Recognized identifiable assets acquired and liabilities assumed, financial assets | $ 272,330 | ||||
Number of offices in operation | branch | 6 | ||||
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 - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Held to Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | $ 0 | $ 356,282 |
Gross Unrealized Gains | 0 | 8,576 |
Gross Unrealized Losses | 0 | (1,965) |
Fair Value | 0 | 362,893 |
Obligations of other U.S. Government agencies and corporations | ||
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | 0 | 14,101 |
Gross Unrealized Gains | 0 | 4 |
Gross Unrealized Losses | 0 | (187) |
Fair Value | 0 | 13,918 |
Obligations of states and political subdivisions | ||
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | 0 | 342,181 |
Gross Unrealized Gains | 0 | 8,572 |
Gross Unrealized Losses | 0 | (1,778) |
Fair Value | $ 0 | $ 348,975 |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of the Allocation of Purchase Price to Assets and Liabilities Acquired (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 01, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Purchase Price: | ||||
Value of stock paid | $ 213,590 | $ 55,290 | ||
Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: | ||||
Goodwill resulting from merger | $ 611,046 | $ 470,534 | $ 470,534 | |
Metropolitan Bancgroup, Inc. | ||||
Purchase Price: | ||||
Shares issued to common shareholders (shares) | 4,883,182 | |||
Purchase price per share (usd per share) | $ 43.74 | |||
Value of stock paid | $ 213,590 | |||
Cash paid for fractional shares | 5 | |||
Cash settlement for stock options | 4,764 | |||
Deal charges, net of taxes | 1,102 | |||
Total Purchase Price | 219,461 | |||
Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: | ||||
Securities | (731) | |||
Mortgage loans held for sale | 30 | |||
Loans, net of Metropolitan's allowance for loan losses | (13,071) | |||
Premises and equipment | (4,629) | |||
Intangible assets, net of Metropolitan's existing intangibles | 2,340 | |||
Other real estate owned | (1,251) | |||
Other assets | 2,731 | |||
Deposits | (3,603) | |||
Borrowings | (1,294) | |||
Other liabilities | 3,930 | |||
Deferred income taxes | 5,244 | |||
Total Net Assets Acquired | 78,949 | |||
Goodwill resulting from merger | 140,512 | |||
Metropolitan Bancgroup, Inc. | Metropolitan Bancgroup, Inc. | ||||
Net Assets Acquired: | ||||
Stockholders’ equity at acquisition date | $ 89,253 |
Securities - Amortized Cost a47
Securities - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | $ 1,141,627 | $ 686,405 |
Gross Unrealized Gains | 17,781 | 3,908 |
Gross Unrealized Losses | (8,949) | (16,065) |
Securities available for sale, at fair value | 1,150,459 | 674,248 |
Trust preferred securities | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 12,454 | 23,749 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3,494) | (5,360) |
Securities available for sale, at fair value | 8,960 | 18,389 |
Other debt securities | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 26,546 | 22,053 |
Gross Unrealized Gains | 429 | 310 |
Gross Unrealized Losses | (56) | (218) |
Securities available for sale, at fair value | 26,919 | 22,145 |
Obligations of other U.S. Government agencies and corporations | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 14,648 | 2,066 |
Gross Unrealized Gains | 74 | 92 |
Gross Unrealized Losses | (84) | 0 |
Securities available for sale, at fair value | 14,638 | 2,158 |
Obligations of states and political subdivisions | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 337,725 | |
Gross Unrealized Gains | 12,787 | |
Gross Unrealized Losses | (158) | |
Securities available for sale, at fair value | 350,354 | |
Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 459,336 | 414,019 |
Gross Unrealized Gains | 2,876 | 1,941 |
Gross Unrealized Losses | (2,654) | (6,643) |
Securities available for sale, at fair value | 459,558 | 409,317 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 45,340 | 50,628 |
Gross Unrealized Gains | 762 | 696 |
Gross Unrealized Losses | (173) | (461) |
Securities available for sale, at fair value | 45,929 | 50,863 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 234,224 | 171,362 |
Gross Unrealized Gains | 764 | 831 |
Gross Unrealized Losses | (2,330) | (3,367) |
Securities available for sale, at fair value | 232,658 | 168,826 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 11,354 | 2,528 |
Gross Unrealized Gains | 89 | 38 |
Gross Unrealized Losses | 0 | (16) |
Securities available for sale, at fair value | $ 11,443 | $ 2,550 |
Mergers and Acquisitions - Su48
Mergers and Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Details) - Metropolitan Bancgroup, Inc. $ in Thousands | Jul. 01, 2017USD ($) |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 47,556 |
Securities | 108,697 |
Loans, including mortgage loans held for sale, net of unearned income | 967,804 |
Premises and equipment | 8,576 |
Other real estate owned | 1,203 |
Intangible assets | 147,478 |
Other assets | 69,567 |
Total assets | 1,350,881 |
Deposits | 942,084 |
Borrowings | 174,522 |
Other liabilities | 20,685 |
Total liabilities | $ 1,137,291 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)securityinstitution | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Transferred security, at carrying value | $ 365,941,000 | $ 365,941,000 | |||
Unrealized gain (loss) on transfer | 13,218,000 | ||||
Gains on sales of securities available for sale, net | 57,000 | $ 0 | 57,000 | $ 1,186,000 | |
Amortized cost | 1,141,627,000 | 1,141,627,000 | $ 686,405,000 | ||
Gross gains on sales of securities available for sale | 57,000 | 0 | 57,000 | 1,257,000 | |
Securities available for sale | 1,150,459,000 | $ 1,150,459,000 | 674,248,000 | ||
Number of institutions issuing debt (more than) | institution | 160 | ||||
Trust preferred securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized cost | 12,454,000 | $ 12,454,000 | 23,749,000 | ||
Securities available for sale | 8,960,000 | $ 8,960,000 | 18,389,000 | ||
Number of securities representing interests in tranches of trusts (tranches) | security | 2 | ||||
Impairments | $ 0 | ||||
Secure government, public and trust deposits | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available for sale securities pledged as collateral | 459,369,000 | 459,369,000 | 642,447,000 | ||
Short-term borrowings | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available for sale securities pledged as collateral | 27,164,000 | 27,164,000 | 24,426,000 | ||
Trust preferred securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available for sale debt securities | 9,346,000 | 9,346,000 | |||
Sale proceeds | 9,403,000 | ||||
Amortized cost | 12,454,000 | 12,454,000 | 23,749,000 | ||
Securities available for sale | 8,960,000 | 8,960,000 | 18,389,000 | ||
Residential mortgage-backed securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available for sale debt securities | 2,946,000 | 2,946,000 | |||
Sale proceeds | 2,946,000 | ||||
Other equity securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Sale proceeds | 4,028,000 | ||||
Amortized cost | $ 2,842,000 | 2,842,000 | |||
Gross gains on sales of securities available for sale | $ 1,186,000 | ||||
Government agency mortgage backed securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available for sale debt securities | 14,750,000 | 14,750,000 | |||
Government agency mortgage backed securities | Residential mortgage-backed securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available for sale debt securities | 459,336,000 | 459,336,000 | |||
Amortized cost | 459,336,000 | 459,336,000 | 414,019,000 | ||
Securities available for sale | 459,558,000 | 459,558,000 | 409,317,000 | ||
Government agency collateralized mortgage obligations | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available for sale debt securities | 16,395,000 | 16,395,000 | |||
Government agency collateralized mortgage obligations | Residential mortgage-backed securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available for sale debt securities | 234,224,000 | 234,224,000 | |||
Amortized cost | 234,224,000 | 234,224,000 | 171,362,000 | ||
Securities available for sale | 232,658,000 | 232,658,000 | $ 168,826,000 | ||
Obligations of states and political subdivisions | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available for sale debt securities | 4,876,000 | 4,876,000 | |||
Amortized cost | 337,725,000 | 337,725,000 | |||
Securities available for sale | $ 350,354,000 | $ 350,354,000 |
Mergers and Acquisitions - Pro
Mergers and Acquisitions - Pro Forma Combined Condensed Consolidated Financial Information (Details) - Metropolitan Bancgroup, Inc. - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Business Acquisition [Line Items] | ||
Net interest income - pro forma (unaudited) | $ 263,525 | $ 252,366 |
Net income - pro forma (unaudited) | $ 72,915 | $ 75,744 |
Earnings per share - pro forma (unaudited): | ||
Basic (usd per share) | $ 1.50 | $ 1.68 |
Diluted (usd per share) | $ 1.50 | $ 1.67 |
Securities - Gross Realized Gai
Securities - Gross Realized Gains on Securities Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross gains on sales of securities available for sale | $ 57 | $ 0 | $ 57 | $ 1,257 |
Gross losses on sales of securities available for sale | 0 | 0 | 0 | (71) |
Gains on sales of securities available for sale, net | $ 57 | $ 0 | $ 57 | $ 1,186 |
Securities - Amortized Cost a52
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Amortized Cost | ||
Due within one year | $ 23,491 | |
Due after one year through five years | 106,577 | |
Due after five years through ten years | 147,761 | |
Due after ten years | 94,150 | |
Amortized Cost | 1,141,627 | $ 686,405 |
Fair Value | ||
Due within one year | 23,798 | |
Due after one year through five years | 110,274 | |
Due after five years through ten years | 153,199 | |
Due after ten years | 93,983 | |
Securities available for sale, at fair value | 1,150,459 | 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 | 19,394 | |
Amortized Cost | 26,546 | 22,053 |
Fair Value | ||
Other debt securities, fair value | 19,617 | |
Securities available for sale, at fair value | 26,919 | 22,145 |
Government agency mortgage backed securities | ||
Amortized Cost | ||
Available for sale debt securities | 14,750 | |
Government agency mortgage backed securities | Residential mortgage-backed securities | ||
Amortized Cost | ||
Available for sale debt securities | 459,336 | |
Amortized Cost | 459,336 | 414,019 |
Fair Value | ||
Securities available for sale, at fair value | 459,558 | 409,317 |
Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Amortized Cost | ||
Available for sale debt securities | 45,340 | |
Amortized Cost | 45,340 | 50,628 |
Fair Value | ||
Securities available for sale, at fair value | 45,929 | 50,863 |
Government agency collateralized mortgage obligations | ||
Amortized Cost | ||
Available for sale debt securities | 16,395 | |
Government agency collateralized mortgage obligations | Residential mortgage-backed securities | ||
Amortized Cost | ||
Available for sale debt securities | 234,224 | |
Amortized Cost | 234,224 | 171,362 |
Fair Value | ||
Securities available for sale, at fair value | 232,658 | 168,826 |
Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Amortized Cost | ||
Available for sale debt securities | 11,354 | |
Amortized Cost | 11,354 | 2,528 |
Fair Value | ||
Securities available for sale, at fair value | $ 11,443 | $ 2,550 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value by Investment Category (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)security | Sep. 30, 2017USD ($)security | |
Held to Maturity: | ||
Number of positions, less than 12 months (securities) | security | 106 | |
Number of positions, 12 months or more (securities) | security | 0 | |
Number of positions (securities) | security | 106 | |
Fair Value, Less than 12 Months | $ 95,277 | |
Fair Value, 12 Months or More | 0 | |
Fair Value | 95,277 | |
Unrealized Losses, Less than 12 Months | (1,965) | |
Unrealized Losses, 12 Months or More | 0 | |
Unrealized Losses | $ (1,965) | |
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 184 | 160 |
Number of positions, 12 months or more (securities) | security | 26 | 40 |
Number of positions (securities) | security | 210 | 200 |
Fair Value, Less than 12 Months | $ 427,364 | $ 418,207 |
Fair Value, 12 Months or More | 67,255 | 94,362 |
Fair Value | 494,619 | 512,569 |
Unrealized Losses, Less than 12 Months | (8,564) | (3,138) |
Unrealized Losses, 12 Months or More | (7,501) | (5,811) |
Unrealized Losses | $ (16,065) | $ (8,949) |
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 | 2 |
Number of positions (securities) | security | 3 | 2 |
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Fair Value, 12 Months or More | 18,389 | 8,960 |
Fair Value | 18,389 | 8,960 |
Unrealized Losses, Less than 12 Months | 0 | 0 |
Unrealized Losses, 12 Months or More | (5,360) | (3,494) |
Unrealized Losses | $ (5,360) | $ (3,494) |
Other debt securities | ||
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 3 | 5 |
Number of positions, 12 months or more (securities) | security | 2 | 1 |
Number of positions (securities) | security | 5 | 6 |
Fair Value, Less than 12 Months | $ 7,946 | $ 9,105 |
Fair Value, 12 Months or More | 2,475 | 1,205 |
Fair Value | 10,421 | 10,310 |
Unrealized Losses, Less than 12 Months | (208) | (48) |
Unrealized Losses, 12 Months or More | (10) | (8) |
Unrealized Losses | $ (218) | $ (56) |
Obligations of other U.S. Government agencies and corporations | ||
Held to Maturity: | ||
Number of positions, less than 12 months (securities) | security | 4 | |
Number of positions, 12 months or more (securities) | security | 0 | |
Number of positions (securities) | security | 4 | |
Fair Value, Less than 12 Months | $ 11,915 | |
Fair Value, 12 Months or More | 0 | |
Fair Value | 11,915 | |
Unrealized Losses, Less than 12 Months | (187) | |
Unrealized Losses, 12 Months or More | 0 | |
Unrealized Losses | $ (187) | |
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 0 | 4 |
Number of positions, 12 months or more (securities) | security | 0 | 0 |
Number of positions (securities) | security | 0 | 4 |
Fair Value, Less than 12 Months | $ 0 | $ 12,018 |
Fair Value, 12 Months or More | 0 | 0 |
Fair Value | 0 | 12,018 |
Unrealized Losses, Less than 12 Months | 0 | (84) |
Unrealized Losses, 12 Months or More | 0 | 0 |
Unrealized Losses | $ 0 | $ (84) |
Obligations of states and political subdivisions | ||
Held to Maturity: | ||
Number of positions, less than 12 months (securities) | security | 102 | |
Number of positions, 12 months or more (securities) | security | 0 | |
Number of positions (securities) | security | 102 | |
Fair Value, Less than 12 Months | $ 83,362 | |
Fair Value, 12 Months or More | 0 | |
Fair Value | 83,362 | |
Unrealized Losses, Less than 12 Months | (1,778) | |
Unrealized Losses, 12 Months or More | 0 | |
Unrealized Losses | $ (1,778) | |
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 16 | |
Number of positions, 12 months or more (securities) | security | 3 | |
Number of positions (securities) | security | 19 | |
Fair Value, Less than 12 Months | $ 11,248 | |
Fair Value, 12 Months or More | 2,037 | |
Fair Value | 13,285 | |
Unrealized Losses, Less than 12 Months | (105) | |
Unrealized Losses, 12 Months or More | (53) | |
Unrealized Losses | $ (158) | |
Government agency mortgage backed securities | Residential mortgage-backed securities | ||
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 131 | 97 |
Number of positions, 12 months or more (securities) | security | 5 | 12 |
Number of positions (securities) | security | 136 | 109 |
Fair Value, Less than 12 Months | $ 298,400 | $ 249,318 |
Fair Value, 12 Months or More | 11,504 | 31,392 |
Fair Value | 309,904 | 280,710 |
Unrealized Losses, Less than 12 Months | (6,042) | (1,902) |
Unrealized Losses, 12 Months or More | (601) | (752) |
Unrealized Losses | $ (6,643) | $ (2,654) |
Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 9 | 4 |
Number of positions, 12 months or more (securities) | security | 2 | 3 |
Number of positions (securities) | security | 11 | 7 |
Fair Value, Less than 12 Months | $ 21,933 | $ 9,906 |
Fair Value, 12 Months or More | 1,101 | 5,978 |
Fair Value | 23,034 | 15,884 |
Unrealized Losses, Less than 12 Months | (453) | (25) |
Unrealized Losses, 12 Months or More | (8) | (148) |
Unrealized Losses | $ (461) | $ (173) |
Government agency collateralized mortgage obligations | Residential mortgage-backed securities | ||
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 40 | 34 |
Number of positions, 12 months or more (securities) | security | 14 | 19 |
Number of positions (securities) | security | 54 | 53 |
Fair Value, Less than 12 Months | $ 97,356 | $ 126,612 |
Fair Value, 12 Months or More | 33,786 | 44,790 |
Fair Value | 131,142 | 171,402 |
Unrealized Losses, Less than 12 Months | (1,845) | (974) |
Unrealized Losses, 12 Months or More | (1,522) | (1,356) |
Unrealized Losses | $ (3,367) | $ (2,330) |
Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 1 | 0 |
Number of positions, 12 months or more (securities) | security | 0 | 0 |
Number of positions (securities) | security | 1 | 0 |
Fair Value, Less than 12 Months | $ 1,729 | $ 0 |
Fair Value, 12 Months or More | 0 | 0 |
Fair Value | 1,729 | 0 |
Unrealized Losses, Less than 12 Months | (16) | 0 |
Unrealized Losses, 12 Months or More | 0 | 0 |
Unrealized Losses | $ (16) | $ 0 |
Securities - Investments in Poo
Securities - Investments in Pooled Trust Preferred Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 1,141,627 | $ 686,405 |
Securities available for sale | 1,150,459 | 674,248 |
Trust preferred securities | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 12,454 | 23,749 |
Securities available for sale | 8,960 | $ 18,389 |
Unrealized Loss | (3,494) | |
XXIII | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 8,302 | |
Securities available for sale | 5,813 | |
Unrealized Loss | $ (2,489) | |
Issuers Currently in Deferral or Default (percent) | 15.00% | |
XXVI | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 4,152 | |
Securities available for sale | 3,147 | |
Unrealized Loss | $ (1,005) | |
Issuers Currently in Deferral or Default (percent) | 19.00% |
Securities - Cumulative Credit
Securities - Cumulative Credit Related Losses Recognized in Earnings (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 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 |
Reductions for securities sold during the period | 3,076 | 0 |
Ending balance | $ (261) | $ (3,337) |
Non Purchased Loans - Summary o
Non Purchased Loans - Summary of Non-Purchased Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Summary of loans | ||
Gross loans | $ 7,451,394 | $ 6,205,118 |
Unearned income | (2,786) | (2,409) |
Loans, net of unearned income | 7,448,608 | 6,202,709 |
Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 1,008,935 | 717,490 |
Loans, net of unearned income | 1,008,935 | 717,490 |
Lease financing | ||
Summary of loans | ||
Gross loans | 54,688 | 49,250 |
Real estate – construction | ||
Summary of loans | ||
Gross loans | 577,720 | 552,679 |
Loans, net of unearned income | 577,720 | 552,679 |
Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 2,295,852 | 1,878,177 |
Loans, net of unearned income | 2,295,852 | 1,878,177 |
Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 3,390,389 | 2,898,895 |
Loans, net of unearned income | 3,390,389 | 2,898,895 |
Installment loans to individuals | ||
Summary of loans | ||
Gross loans | 123,810 | 108,627 |
Loans, net of unearned income | 175,712 | 155,468 |
Non purchased loans and leases | ||
Summary of loans | ||
Gross loans | 5,296,253 | 4,715,981 |
Unearned income | (2,786) | (2,409) |
Loans, net of unearned income | 5,293,467 | 4,713,572 |
Non purchased loans and leases | Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 707,835 | 589,290 |
Non purchased loans and leases | Lease financing | ||
Summary of loans | ||
Gross loans | 54,688 | 49,250 |
Non purchased loans and leases | Real estate – construction | ||
Summary of loans | ||
Gross loans | 477,638 | 483,926 |
Non purchased loans and leases | Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 1,644,060 | 1,425,730 |
Non purchased loans and leases | Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 2,311,340 | 2,075,137 |
Non purchased loans and leases | Installment loans to individuals | ||
Summary of loans | ||
Gross loans | $ 100,692 | $ 92,648 |
Non Purchased Loans - Narrative
Non Purchased Loans - Narrative (Details) | 9 Months Ended | ||
Sep. 30, 2017USD ($)loan_gradeloan | Sep. 30, 2016USD ($)loan | Dec. 31, 2016USD ($) | |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Allowance for loan losses attributable to restructured loans | $ | $ 44,531,000 | $ 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 | 90 days | ||
Consumer and other retail loans charged-off past due period | 120 days | ||
Nonperforming loans charged-off past due period | 90 days | ||
Number of restructured loans | loan | 3 | 0 | |
Restructured loans discontinued past due period | 90 days | 90 days | |
Remaining availability under commitments to lend additional funds on restructured loans | $ | $ 0 | $ 11,000 | |
Non purchased loans and leases | Watch | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grades) | 5 | ||
Non purchased loans and leases | Maximum | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grades) | 9 | ||
Non purchased loans and leases | Maximum | Pass | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grades) | 4 | ||
Non purchased loans and leases | Maximum | Substandard | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grades) | 9 | ||
Non purchased loans and leases | Minimum | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grades) | 1 | ||
Non purchased loans and leases | Minimum | Pass | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grades) | 1 | ||
Non purchased loans and leases | Minimum | Substandard | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Loan grades range (loan grades) | 6 | ||
Non purchased loans and leases | Nonaccruing Loans | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Outstanding balance of restructured loans | $ | $ 597,000 | ||
Non purchased loans and leases | Restructured Loans | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Outstanding balance of restructured loans | $ | 4,651,000 | 6,485,000 | |
Allowance for loan losses attributable to restructured loans | $ | $ 98,000 | $ 287,000 |
Non Purchased Loans - Aging of
Non Purchased Loans - Aging of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Past due and nonaccrual loans | ||
Total loans, gross | $ 7,451,394 | $ 6,205,118 |
Unearned income | (2,786) | (2,409) |
Loans, net of unearned income | 7,448,608 | 6,202,709 |
Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Total loans, gross | 1,008,935 | 717,490 |
Loans, net of unearned income | 1,008,935 | 717,490 |
Lease financing | ||
Past due and nonaccrual loans | ||
Total loans, gross | 54,688 | 49,250 |
Real estate – construction | ||
Past due and nonaccrual loans | ||
Total loans, gross | 577,720 | 552,679 |
Loans, net of unearned income | 577,720 | 552,679 |
Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 2,295,852 | 1,878,177 |
Loans, net of unearned income | 2,295,852 | 1,878,177 |
Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 3,390,389 | 2,898,895 |
Loans, net of unearned income | 3,390,389 | 2,898,895 |
Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Total loans, gross | 123,810 | 108,627 |
Loans, net of unearned income | 175,712 | 155,468 |
Non purchased loans and leases | ||
Past due and nonaccrual loans | ||
Total loans, gross | 5,296,253 | 4,715,981 |
Unearned income | (2,786) | (2,409) |
Loans, net of unearned income | 5,293,467 | 4,713,572 |
Non purchased loans and leases | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Total loans, gross | 707,835 | 589,290 |
Non purchased loans and leases | Lease financing | ||
Past due and nonaccrual loans | ||
Total loans, gross | 54,688 | 49,250 |
Non purchased loans and leases | Real estate – construction | ||
Past due and nonaccrual loans | ||
Total loans, gross | 477,638 | 483,926 |
Non purchased loans and leases | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 1,644,060 | 1,425,730 |
Non purchased loans and leases | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 2,311,340 | 2,075,137 |
Non purchased loans and leases | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Total loans, gross | 100,692 | 92,648 |
Non purchased loans and leases | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 5,267,810 | 4,689,425 |
Unearned income | (2,786) | (2,409) |
Loans, net of unearned income | 5,283,497 | 4,702,299 |
Non purchased loans and leases | Accruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Current Loans | 703,574 | 586,730 |
Total loans, gross | 706,156 | 588,261 |
Non purchased loans and leases | Accruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Current Loans | 54,047 | 48,919 |
Total loans, gross | 54,523 | 49,112 |
Non purchased loans and leases | Accruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Current Loans | 477,235 | 482,931 |
Total loans, gross | 477,638 | 483,926 |
Non purchased loans and leases | Accruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 1,632,983 | 1,414,254 |
Total loans, gross | 1,640,274 | 1,421,579 |
Non purchased loans and leases | Accruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 2,302,423 | 2,066,821 |
Total loans, gross | 2,307,068 | 2,069,203 |
Non purchased loans and leases | Accruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Current Loans | 100,334 | 92,179 |
Total loans, gross | 100,624 | 92,627 |
Non purchased loans and leases | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 5,504 | 5,441 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 9,970 | 11,273 |
Non purchased loans and leases | Nonaccruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Current Loans | 278 | 97 |
Total loans, gross | 1,679 | 1,029 |
Non purchased loans and leases | Nonaccruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 165 | 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 | 2,234 | 2,768 |
Total loans, gross | 3,786 | 4,151 |
Non purchased loans and leases | Nonaccruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 2,969 | 2,576 |
Total loans, gross | 4,272 | 5,934 |
Non purchased loans and leases | Nonaccruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Current Loans | 23 | 0 |
Total loans, gross | 68 | 21 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 12,392 | 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 | 1,808 | 811 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Loans past due | 476 | 193 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans past due | 403 | 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 | 6,307 | 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 | 3,140 | 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 | 258 | 324 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 748 | 741 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans past due | 538 | 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 | 210 | 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 | 0 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 3,295 | 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 | 774 | 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 | 984 | 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 | 1,505 | 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 | 32 | 124 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 3,718 | 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 | 863 | 932 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Loans past due | 165 | 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 | 1,342 | 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 | 1,303 | 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 | $ 45 | $ 21 |
Non Purchased Loans - Impaired
Non Purchased Loans - Impaired Loans (Details) - Non purchased loans and leases - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Impaired loans | ||
Unpaid Contractual Principal Balance | $ 23,440 | $ 28,011 |
Recorded Investment With Allowance | 18,069 | 21,039 |
Recorded Investment With No Allowance | 704 | 568 |
Total Recorded Investment | 18,773 | 21,607 |
Related Allowance | 2,802 | 3,626 |
Commercial, financial, agricultural | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 2,118 | 1,577 |
Recorded Investment With Allowance | 1,843 | 1,175 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 1,843 | 1,175 |
Related Allowance | 30 | 136 |
Real estate – construction | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 897 | 517 |
Recorded Investment With Allowance | 897 | 517 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 897 | 517 |
Related Allowance | 4 | 1 |
Real estate – 1-4 family mortgage | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 10,508 | 10,823 |
Recorded Investment With Allowance | 8,004 | 9,207 |
Recorded Investment With No Allowance | 704 | 0 |
Total Recorded Investment | 8,708 | 9,207 |
Related Allowance | 809 | 1,091 |
Real estate – commercial mortgage | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 9,777 | 15,007 |
Recorded Investment With Allowance | 7,189 | 10,053 |
Recorded Investment With No Allowance | 0 | 568 |
Total Recorded Investment | 7,189 | 10,621 |
Related Allowance | 1,958 | 2,397 |
Installment loans to individuals | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 140 | 87 |
Recorded Investment With Allowance | 136 | 87 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 136 | 87 |
Related Allowance | $ 1 | $ 1 |
Non Purchased Loans - Investmen
Non Purchased Loans - Investment and Interest Income Recognized on Impaired Loans (Details) - Non purchased loans and leases - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | $ 19,469 | $ 29,842 | $ 19,937 | $ 30,654 |
Interest Income Recognized | 159 | 192 | 345 | 590 |
Commercial, financial, agricultural | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 1,960 | 1,841 | 2,140 | 1,762 |
Interest Income Recognized | 8 | 22 | 8 | 42 |
Real estate – construction | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 897 | 862 | 861 | 671 |
Interest Income Recognized | 33 | 26 | 36 | 27 |
Real estate – 1-4 family mortgage | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 8,897 | 16,119 | 8,944 | 16,354 |
Interest Income Recognized | 71 | 97 | 165 | 283 |
Real estate – commercial mortgage | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 7,575 | 10,953 | 7,844 | 11,800 |
Interest Income Recognized | 46 | 46 | 134 | 236 |
Installment loans to individuals | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 140 | 67 | 148 | 67 |
Interest Income Recognized | $ 1 | $ 1 | $ 2 | $ 2 |
Non Purchased Loans - Impact of
Non Purchased Loans - Impact of Modifications Classified as Restructured Loans (Details) - Non purchased loans and leases $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)loan | Sep. 30, 2016USD ($)loan | Sep. 30, 2017USD ($)loan | Sep. 30, 2016USD ($)loan | |
Restructured loans | ||||
Number of Loans | loan | 5 | 3 | 13 | 12 |
Pre- Modification Outstanding Recorded Investment | $ 537 | $ 704 | $ 1,298 | $ 2,238 |
Post- Modification Outstanding Recorded Investment | $ 482 | $ 657 | $ 922 | $ 2,131 |
Real estate – 1-4 family mortgage | ||||
Restructured loans | ||||
Number of Loans | loan | 4 | 2 | 9 | 10 |
Pre- Modification Outstanding Recorded Investment | $ 307 | $ 194 | $ 611 | $ 1,199 |
Post- Modification Outstanding Recorded Investment | $ 307 | $ 147 | $ 601 | $ 1,096 |
Real estate – commercial mortgage | ||||
Restructured loans | ||||
Number of Loans | loan | 1 | 3 | 1 | |
Pre- Modification Outstanding Recorded Investment | $ 230 | $ 683 | $ 529 | |
Post- Modification Outstanding Recorded Investment | $ 175 | $ 318 | $ 525 | |
Installment loans to individuals | ||||
Restructured loans | ||||
Number of Loans | loan | 0 | 1 | ||
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 4 | ||
Post- Modification Outstanding Recorded Investment | $ 0 | $ 3 | ||
Real estate – construction | ||||
Restructured loans | ||||
Number of Loans | loan | 1 | 1 | ||
Pre- Modification Outstanding Recorded Investment | $ 510 | $ 510 | ||
Post- Modification Outstanding Recorded Investment | $ 510 | $ 510 |
Non Purchased Loans - Changes i
Non Purchased Loans - Changes in Restructured Loans (Details) - Non purchased loans and leases $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)loan | |
Changes in restructured loans [Roll Forward] | |
Totals at January 1, 2017 (loans) | loan | 53 |
Additional loans with concessions (loans) | loan | 13 |
Reclassified as performing (loans) | loan | 1 |
Reclassified as nonperforming (loans) | loan | (5) |
Paid in full (loans) | loan | (7) |
Charge-offs (loans) | loan | (1) |
Principal paydowns (loans) | loan | 0 |
Lapse of concession period (loans) | loan | (1) |
Totals at September 30, 2017 (loans) | loan | 53 |
Recorded Investment | |
Totals at January 1, 2017 | $ | $ 7,447 |
Additional loans with concessions | $ | 965 |
Reclassified as performing | $ | 55 |
Reclassified as nonperforming | $ | (670) |
Paid in full | $ | (1,086) |
Charge-offs | $ | (250) |
Principal paydowns | $ | (238) |
Lapse of concession period | $ | (923) |
Totals at September 30, 2017 | $ | $ 5,300 |
Non Purchased Loans - Loan Port
Non Purchased Loans - Loan Portfolio by Risk-Rating Grades (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Loan portfolio by risk-rating grades | ||
Total | $ 7,448,608 | $ 6,202,709 |
Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 1,008,935 | 717,490 |
Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 577,720 | 552,679 |
Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 2,295,852 | 1,878,177 |
Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 3,390,389 | 2,898,895 |
Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 175,712 | 155,468 |
Non purchased loans and leases | ||
Loan portfolio by risk-rating grades | ||
Total | 5,293,467 | 4,713,572 |
Non purchased loans and leases | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 3,188,818 | 2,808,367 |
Non purchased loans and leases | Internal Noninvestment Grade | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 527,641 | 439,704 |
Non purchased loans and leases | Internal Noninvestment Grade | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 415,386 | 402,549 |
Non purchased loans and leases | Internal Noninvestment Grade | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 256,854 | 200,385 |
Non purchased loans and leases | Internal Noninvestment Grade | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 1,988,433 | 1,765,729 |
Non purchased loans and leases | Internal Noninvestment Grade | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 504 | |
Non purchased loans and leases | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 3,150,037 | 2,761,884 |
Non purchased loans and leases | Pass | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 522,410 | 434,323 |
Non purchased loans and leases | Pass | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 415,168 | 402,156 |
Non purchased loans and leases | Pass | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 247,584 | 190,882 |
Non purchased loans and leases | Pass | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 1,964,371 | 1,734,523 |
Non purchased loans and leases | Pass | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 504 | |
Non purchased loans and leases | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 21,821 | 26,416 |
Non purchased loans and leases | Watch | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 4,505 | 4,531 |
Non purchased loans and leases | Watch | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 130 | 393 |
Non purchased loans and leases | Watch | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 3,778 | 3,374 |
Non purchased loans and leases | Watch | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 13,408 | 18,118 |
Non purchased loans and leases | Watch | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | |
Non purchased loans and leases | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 16,960 | 20,067 |
Non purchased loans and leases | Substandard | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 726 | 850 |
Non purchased loans and leases | Substandard | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 88 | 0 |
Non purchased loans and leases | Substandard | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 5,492 | 6,129 |
Non purchased loans and leases | Substandard | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 10,654 | $ 13,088 |
Non purchased loans and leases | Substandard | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | $ 0 |
Non Purchased Loans - Loan Po64
Non Purchased Loans - Loan Portfolio Not Subject to Risk Rating (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Loan portfolio not subject to risk rating | ||
Total | $ 7,448,608 | $ 6,202,709 |
Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 1,008,935 | 717,490 |
Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 577,720 | 552,679 |
Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 2,295,852 | 1,878,177 |
Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 3,390,389 | 2,898,895 |
Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 175,712 | 155,468 |
Non purchased loans and leases | ||
Loan portfolio not subject to risk rating | ||
Total | 5,293,467 | 4,713,572 |
Non purchased loans and leases | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 2,104,649 | 1,905,205 |
Non purchased loans and leases | Performing and Nonperforming | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 180,194 | 149,586 |
Non purchased loans and leases | Performing and Nonperforming | Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 51,902 | 46,841 |
Non purchased loans and leases | Performing and Nonperforming | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 62,252 | 81,377 |
Non purchased loans and leases | Performing and Nonperforming | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,387,206 | 1,225,345 |
Non purchased loans and leases | Performing and Nonperforming | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 322,907 | 309,408 |
Non purchased loans and leases | Performing and Nonperforming | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 100,188 | 92,648 |
Non purchased loans and leases | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 2,098,640 | 1,900,508 |
Non purchased loans and leases | Performing | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 178,294 | 148,499 |
Non purchased loans and leases | Performing | Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 51,737 | 46,703 |
Non purchased loans and leases | Performing | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 62,252 | 81,377 |
Non purchased loans and leases | Performing | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,384,865 | 1,222,816 |
Non purchased loans and leases | Performing | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 321,404 | 308,609 |
Non purchased loans and leases | Performing | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 100,088 | 92,504 |
Non purchased loans and leases | Non- Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 6,009 | 4,697 |
Non purchased loans and leases | Non- Performing | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 1,900 | 1,087 |
Non purchased loans and leases | Non- Performing | Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 165 | 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 | 2,341 | 2,529 |
Non purchased loans and leases | Non- Performing | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,503 | 799 |
Non purchased loans and leases | Non- Performing | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | $ 100 | $ 144 |
Purchased Loans - Summary of Pu
Purchased Loans - Summary of Purchased Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Summary of loans | ||
Gross loans | $ 7,451,394 | $ 6,205,118 |
Unearned income | (2,786) | (2,409) |
Loans, net of unearned income | 7,448,608 | 6,202,709 |
Purchased loans | ||
Summary of loans | ||
Gross loans | 2,155,141 | 1,489,137 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 2,155,141 | 1,489,137 |
Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 1,008,935 | 717,490 |
Loans, net of unearned income | 1,008,935 | 717,490 |
Commercial, financial, agricultural | Purchased loans | ||
Summary of loans | ||
Gross loans | 301,100 | 128,200 |
Loans, net of unearned income | 301,100 | 128,200 |
Real estate – construction | ||
Summary of loans | ||
Gross loans | 577,720 | 552,679 |
Loans, net of unearned income | 577,720 | 552,679 |
Real estate – construction | Purchased loans | ||
Summary of loans | ||
Gross loans | 100,082 | 68,753 |
Loans, net of unearned income | 100,082 | 68,753 |
Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 2,295,852 | 1,878,177 |
Loans, net of unearned income | 2,295,852 | 1,878,177 |
Real estate – 1-4 family mortgage | Purchased loans | ||
Summary of loans | ||
Gross loans | 651,792 | 452,447 |
Loans, net of unearned income | 651,792 | 452,447 |
Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 3,390,389 | 2,898,895 |
Loans, net of unearned income | 3,390,389 | 2,898,895 |
Real estate – commercial mortgage | Purchased loans | ||
Summary of loans | ||
Gross loans | 1,079,049 | 823,758 |
Loans, net of unearned income | 1,079,049 | 823,758 |
Installment loans to individuals | ||
Summary of loans | ||
Gross loans | 123,810 | 108,627 |
Loans, net of unearned income | 175,712 | 155,468 |
Installment loans to individuals | Purchased loans | ||
Summary of loans | ||
Gross loans | 23,118 | 15,979 |
Loans, net of unearned income | $ 23,118 | $ 15,979 |
Purchased Loans - Aging of Past
Purchased Loans - Aging of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Past due and nonaccrual loans | ||
Loans, net of unearned income | $ 7,448,608 | $ 6,202,709 |
Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 1,008,935 | 717,490 |
Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 577,720 | 552,679 |
Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 2,295,852 | 1,878,177 |
Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 3,390,389 | 2,898,895 |
Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 175,712 | 155,468 |
Purchased loans | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 2,155,141 | 1,489,137 |
Purchased loans | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 2,134,864 | 1,457,912 |
Loans, net of unearned income | 2,150,273 | 1,477,790 |
Purchased loans | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 8,060 | 9,063 |
Purchased loans | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 7,349 | 10,815 |
Purchased loans | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 2,722 | 5,280 |
Loans, net of unearned income | 4,868 | 11,347 |
Purchased loans | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 338 | 677 |
Purchased loans | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 1,808 | 5,390 |
Purchased loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 301,100 | 128,200 |
Purchased loans | Commercial, financial, agricultural | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 299,473 | 125,417 |
Loans, net of unearned income | 300,570 | 127,230 |
Purchased loans | Commercial, financial, agricultural | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 616 | 823 |
Purchased loans | Commercial, financial, agricultural | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 481 | 990 |
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 243 | 329 |
Loans, net of unearned income | 530 | 970 |
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 260 |
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 287 | 381 |
Purchased loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 100,082 | 68,753 |
Purchased loans | Real estate – construction | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 100,082 | 67,760 |
Loans, net of unearned income | 100,082 | 68,608 |
Purchased loans | Real estate – construction | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 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 |
Loans, net of unearned income | 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 | ||
Loans, net of unearned income | 651,792 | 452,447 |
Purchased loans | Real estate – 1-4 family mortgage | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 642,147 | 440,258 |
Loans, net of unearned income | 648,091 | 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 | 3,650 | 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 | 2,294 | 3,382 |
Purchased loans | Real estate – 1-4 family mortgage | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 2,140 | 1,771 |
Loans, net of unearned income | 3,701 | 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 | 139 | 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 | 1,422 | 2,047 |
Purchased loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 1,079,049 | 823,758 |
Purchased loans | Real estate – commercial mortgage | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 1,070,563 | 808,886 |
Loans, net of unearned income | 1,078,577 | 818,043 |
Purchased loans | Real estate – commercial mortgage | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 3,448 | 3,045 |
Purchased loans | Real estate – commercial mortgage | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 4,566 | 6,112 |
Purchased loans | Real estate – commercial mortgage | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 177 | 3,054 |
Loans, net of unearned income | 472 | 5,715 |
Purchased loans | Real estate – commercial mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 196 | 0 |
Purchased loans | Real estate – commercial mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 99 | 2,661 |
Purchased loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 23,118 | 15,979 |
Purchased loans | Installment loans to individuals | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 22,599 | 15,591 |
Loans, net of unearned income | 22,953 | 15,697 |
Purchased loans | Installment loans to individuals | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 346 | 96 |
Purchased loans | Installment loans to individuals | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 8 | 10 |
Purchased loans | Installment loans to individuals | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 162 | 126 |
Loans, net of unearned income | 165 | 282 |
Purchased loans | Installment loans to individuals | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 3 | 0 |
Purchased loans | Installment loans to individuals | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | $ 0 | $ 156 |
Purchased Loans - Impaired Loan
Purchased Loans - Impaired Loans and Average Recorded Investment and Interest Income Recognized (Details) - Purchased - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Impaired loans | |||||
Unpaid Contractual Principal Balance | $ 8,599 | $ 8,599 | $ 6,674 | ||
Recorded Investment With Allowance | 3,587 | 3,587 | 4,538 | ||
Recorded Investment With No Allowance | 4,387 | 4,387 | 1,847 | ||
Total Recorded Investment | 7,974 | 7,974 | 6,385 | ||
Related Allowance | 126 | 126 | 515 | ||
Average Recorded Investment | 7,482 | $ 35,970 | 7,378 | $ 36,708 | |
Interest Income Recognized | 117 | 256 | 199 | 681 | |
Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 299,098 | 299,098 | 340,104 | ||
Recorded Investment With Allowance | 90,277 | 90,277 | 89,257 | ||
Recorded Investment With No Allowance | 154,602 | 154,602 | 182,501 | ||
Total Recorded Investment | 244,879 | 244,879 | 271,758 | ||
Related Allowance | 1,925 | 1,925 | 2,820 | ||
Average Recorded Investment | 258,209 | 338,176 | 261,367 | 337,288 | |
Interest Income Recognized | 3,911 | 3,983 | 10,230 | 11,826 | |
Commercial, financial, agricultural | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 459 | 459 | 732 | ||
Recorded Investment With Allowance | 433 | 433 | 487 | ||
Recorded Investment With No Allowance | 15 | 15 | 224 | ||
Total Recorded Investment | 448 | 448 | 711 | ||
Related Allowance | 66 | 66 | 310 | ||
Average Recorded Investment | 413 | 2,387 | 332 | 2,233 | |
Interest Income Recognized | 6 | 28 | 9 | 48 | |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 26,853 | 26,853 | 20,697 | ||
Recorded Investment With Allowance | 6,770 | 6,770 | 4,555 | ||
Recorded Investment With No Allowance | 10,689 | 10,689 | 7,439 | ||
Total Recorded Investment | 17,459 | 17,459 | 11,994 | ||
Related Allowance | 325 | 325 | 372 | ||
Average Recorded Investment | 14,201 | 15,317 | 13,530 | 15,768 | |
Interest Income Recognized | 507 | 252 | 988 | 839 | |
Real estate – construction | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 1,837 | 1,837 | 147 | ||
Recorded Investment With Allowance | 759 | 759 | 145 | ||
Recorded Investment With No Allowance | 1,074 | 1,074 | 0 | ||
Total Recorded Investment | 1,833 | 1,833 | 145 | ||
Related Allowance | 5 | 5 | 0 | ||
Average Recorded Investment | 829 | 1,010 | 741 | 819 | |
Interest Income Recognized | 62 | 26 | 62 | 28 | |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 1,141 | ||||
Recorded Investment With Allowance | 0 | ||||
Recorded Investment With No Allowance | 840 | ||||
Total Recorded Investment | 840 | ||||
Related Allowance | 0 | ||||
Average Recorded Investment | 0 | 987 | 0 | 991 | |
Interest Income Recognized | 0 | 15 | 0 | 48 | |
Real estate – 1-4 family mortgage | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 5,239 | 5,239 | 3,095 | ||
Recorded Investment With Allowance | 1,521 | 1,521 | 1,496 | ||
Recorded Investment With No Allowance | 3,118 | 3,118 | 1,385 | ||
Total Recorded Investment | 4,639 | 4,639 | 2,881 | ||
Related Allowance | 46 | 46 | 43 | ||
Average Recorded Investment | 5,174 | 18,914 | 5,221 | 19,146 | |
Interest Income Recognized | 41 | 114 | 103 | 309 | |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 71,858 | 71,858 | 86,725 | ||
Recorded Investment With Allowance | 17,639 | 17,639 | 21,887 | ||
Recorded Investment With No Allowance | 42,130 | 42,130 | 50,065 | ||
Total Recorded Investment | 59,769 | 59,769 | 71,952 | ||
Related Allowance | 614 | 614 | 841 | ||
Average Recorded Investment | 67,802 | 92,830 | 68,933 | 93,900 | |
Interest Income Recognized | 808 | 1,056 | 2,301 | 3,000 | |
Real estate – commercial mortgage | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 897 | 897 | 2,485 | ||
Recorded Investment With Allowance | 720 | 720 | 2,275 | ||
Recorded Investment With No Allowance | 169 | 169 | 183 | ||
Total Recorded Investment | 889 | 889 | 2,458 | ||
Related Allowance | 5 | 5 | 48 | ||
Average Recorded Investment | 899 | 13,425 | 915 | 14,271 | |
Interest Income Recognized | 8 | 87 | 25 | 294 | |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 198,563 | 198,563 | 229,075 | ||
Recorded Investment With Allowance | 65,175 | 65,175 | 62,449 | ||
Recorded Investment With No Allowance | 100,791 | 100,791 | 122,538 | ||
Total Recorded Investment | 165,966 | 165,966 | 184,987 | ||
Related Allowance | 985 | 985 | 1,606 | ||
Average Recorded Investment | 174,394 | 226,533 | 177,039 | 224,004 | |
Interest Income Recognized | 2,578 | 2,635 | 6,886 | 7,859 | |
Installment loans to individuals | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 167 | 167 | 215 | ||
Recorded Investment With Allowance | 154 | 154 | 135 | ||
Recorded Investment With No Allowance | 11 | 11 | 55 | ||
Total Recorded Investment | 165 | 165 | 190 | ||
Related Allowance | 4 | 4 | 114 | ||
Average Recorded Investment | 167 | 234 | 169 | 239 | |
Interest Income Recognized | 0 | 1 | 0 | 2 | |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 1,824 | 1,824 | 2,466 | ||
Recorded Investment With Allowance | 693 | 693 | 366 | ||
Recorded Investment With No Allowance | 992 | 992 | 1,619 | ||
Total Recorded Investment | 1,685 | 1,685 | 1,985 | ||
Related Allowance | 1 | 1 | $ 1 | ||
Average Recorded Investment | 1,812 | 2,509 | 1,865 | 2,625 | |
Interest Income Recognized | $ 18 | $ 25 | $ 55 | $ 80 |
Purchased Loans - Impact of Mod
Purchased Loans - Impact of Modifications Classified as Restructured Loans (Details) - Purchased loans $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)loan | Sep. 30, 2016USD ($)loan | Sep. 30, 2017USD ($)loan | Sep. 30, 2016USD ($)loan | |
Restructured loans | ||||
Number of Loans | loan | 19 | 2 | 31 | 8 |
Pre- Modification Outstanding Recorded Investment | $ 2,017 | $ 132 | $ 6,640 | $ 495 |
Post- Modification Outstanding Recorded Investment | $ 1,433 | $ 120 | $ 5,087 | $ 406 |
Real estate – 1-4 family mortgage | ||||
Restructured loans | ||||
Number of Loans | loan | 18 | 2 | 28 | 7 |
Pre- Modification Outstanding Recorded Investment | $ 1,624 | $ 132 | $ 3,789 | $ 412 |
Post- Modification Outstanding Recorded Investment | $ 1,189 | $ 120 | $ 3,062 | $ 325 |
Real estate – commercial mortgage | ||||
Restructured loans | ||||
Number of Loans | loan | 1 | 3 | 1 | |
Pre- Modification Outstanding Recorded Investment | $ 393 | $ 2,851 | $ 83 | |
Post- Modification Outstanding Recorded Investment | $ 244 | $ 2,025 | $ 81 |
Purchased Loans - Narrative (De
Purchased Loans - Narrative (Details) | 9 Months Ended | ||
Sep. 30, 2017USD ($)loan | Sep. 30, 2016USD ($)loan | Dec. 31, 2016USD ($) | |
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Allowance for loan losses attributable to restructured loans | $ 44,531,000 | $ 42,737,000 | |
Purchased loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Number of restructured loans | loan | 2 | 0 | |
Remaining availability under commitments to lend additional funds on restructured loans | $ 7,000 | $ 0 | |
Purchased loans | Nonaccruing Loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Outstanding balance of restructured loans | 146,000 | ||
Purchased loans | Restructured Loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Outstanding balance of restructured loans | 504,000 | 3,279,000 | |
Allowance for loan losses attributable to restructured loans | $ 97,000 | $ 34,000 | |
Non purchased loans and leases | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Number of restructured loans | loan | 3 | 0 | |
Restructured loans discontinued past due period | 90 days | 90 days | |
Remaining availability under commitments to lend additional funds on restructured loans | $ 0 | $ 11,000 | |
Non purchased loans and leases | Nonaccruing Loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Outstanding balance of restructured loans | 597,000 | ||
Non purchased loans and leases | Restructured Loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Outstanding balance of restructured loans | 4,651,000 | 6,485,000 | |
Allowance for loan losses attributable to restructured loans | $ 98,000 | $ 287,000 |
Purchased Loans - Changes in Re
Purchased Loans - Changes in Restructured Loans (Details) - Purchased loans $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)loan | |
Number of Loans | |
Totals at January 1, 2017 (loans) | loan | 42 |
Additional loans with concessions (loans) | loan | 31 |
Reclassified as performing restructured loan (loan) | loan | 6 |
Reclassified as nonperforming (loans) | loan | (8) |
Paid in full (loans) | loan | (1) |
Charge-offs (loans) | loan | (1) |
Principal paydowns (loans) | loan | 0 |
Lapse of concession period (loans) | loan | (1) |
Totals at September 30, 2017 (loans) | loan | 68 |
Recorded Investment | |
Totals at January 1, 2017 | $ | $ 4,028 |
Additional loans with concessions | $ | 5,182 |
Reclassified as performing restructured loan | $ | 534 |
Reclassified to nonperforming loans | $ | (679) |
Paid in full | $ | (6) |
Charge-offs | $ | (17) |
Principal paydowns | $ | (278) |
Lapse of concession period | $ | (101) |
Totals at September 30, 2017 | $ | $ 8,663 |
Purchased Loans - Loan Portfoli
Purchased Loans - Loan Portfolio by Risk-Rating Grades (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Loan portfolio by risk-rating grades | ||
Total | $ 7,448,608 | $ 6,202,709 |
Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 1,008,935 | 717,490 |
Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 577,720 | 552,679 |
Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 2,295,852 | 1,878,177 |
Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 3,390,389 | 2,898,895 |
Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 175,712 | 155,468 |
Purchased loans | ||
Loan portfolio by risk-rating grades | ||
Total | 2,155,141 | 1,489,137 |
Purchased loans | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 1,364,573 | 901,252 |
Purchased loans | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 1,345,814 | 877,440 |
Purchased loans | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 16,006 | 21,120 |
Purchased loans | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 2,753 | 2,692 |
Purchased loans | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 301,100 | 128,200 |
Purchased loans | Commercial, financial, agricultural | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 272,842 | 106,638 |
Purchased loans | Commercial, financial, agricultural | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 269,798 | 102,777 |
Purchased loans | Commercial, financial, agricultural | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 2,381 | 2,370 |
Purchased loans | Commercial, financial, agricultural | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 663 | 1,491 |
Purchased loans | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 100,082 | 68,753 |
Purchased loans | Real estate – construction | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 92,825 | 63,846 |
Purchased loans | Real estate – construction | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 92,825 | 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 | ||
Loan portfolio by risk-rating grades | ||
Total | 651,792 | 452,447 |
Purchased loans | Real estate – 1-4 family mortgage | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 111,334 | 113,294 |
Purchased loans | Real estate – 1-4 family mortgage | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 105,040 | 105,265 |
Purchased loans | Real estate – 1-4 family mortgage | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 6,042 | 7,665 |
Purchased loans | Real estate – 1-4 family mortgage | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 252 | 364 |
Purchased loans | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 1,079,049 | 823,758 |
Purchased loans | Real estate – commercial mortgage | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 886,873 | 617,360 |
Purchased loans | Real estate – commercial mortgage | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 877,455 | 608,192 |
Purchased loans | Real estate – commercial mortgage | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 7,583 | 8,445 |
Purchased loans | Real estate – commercial mortgage | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 1,835 | 723 |
Purchased loans | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 23,118 | 15,979 |
Purchased loans | Installment loans to individuals | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 699 | 114 |
Purchased loans | Installment loans to individuals | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 696 | 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 | $ 3 | $ 114 |
Purchased Loans - Loan Portfo72
Purchased Loans - Loan Portfolio Not Subject to Risk Rating (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Loan portfolio not subject to risk rating | ||
Total | $ 7,448,608 | $ 6,202,709 |
Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 1,008,935 | 717,490 |
Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 577,720 | 552,679 |
Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 2,295,852 | 1,878,177 |
Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 3,390,389 | 2,898,895 |
Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 175,712 | 155,468 |
Purchased loans | ||
Loan portfolio not subject to risk rating | ||
Total | 2,155,141 | 1,489,137 |
Purchased loans | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 545,689 | 316,127 |
Purchased loans | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 543,727 | 313,852 |
Purchased loans | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 1,962 | 2,275 |
Purchased loans | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 301,100 | 128,200 |
Purchased loans | Commercial, financial, agricultural | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 10,799 | 9,568 |
Purchased loans | Commercial, financial, agricultural | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 10,741 | 9,489 |
Purchased loans | Commercial, financial, agricultural | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 58 | 79 |
Purchased loans | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 100,082 | 68,753 |
Purchased loans | Real estate – construction | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 7,257 | 4,067 |
Purchased loans | Real estate – construction | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 7,257 | 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 | ||
Loan portfolio not subject to risk rating | ||
Total | 651,792 | 452,447 |
Purchased loans | Real estate – 1-4 family mortgage | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 480,689 | 267,201 |
Purchased loans | Real estate – 1-4 family mortgage | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 479,069 | 265,697 |
Purchased loans | Real estate – 1-4 family mortgage | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 1,620 | 1,504 |
Purchased loans | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,079,049 | 823,758 |
Purchased loans | Real estate – commercial mortgage | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 26,210 | 21,411 |
Purchased loans | Real estate – commercial mortgage | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 26,088 | 21,353 |
Purchased loans | Real estate – commercial mortgage | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 122 | 58 |
Purchased loans | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 23,118 | 15,979 |
Purchased loans | Installment loans to individuals | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 20,734 | 13,880 |
Purchased loans | Installment loans to individuals | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 20,572 | 13,712 |
Purchased loans | Installment loans to individuals | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | $ 162 | $ 168 |
Purchased Loans - Loans Acquire
Purchased Loans - Loans Acquired with Deteriorated Credit Quality (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | $ 7,404,077 | $ 6,159,972 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 244,879 | 271,758 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Commercial, financial, agricultural | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 17,459 | 11,994 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Real estate – construction | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 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 | 59,769 | 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 | 165,966 | 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 | $ 1,685 | $ 1,985 |
Purchased Loans - Fair Value of
Purchased Loans - Fair Value of Loans Determined to Be Impaired and Not to Be Impaired at The Time of Acquisition (Details) - Purchased loans - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||
Accretable yield | $ (34,199) | $ (37,474) |
Fair value of loans contractual principal cash flows amount | 52,109 | |
Fair value of loans contractual interest cash flows | 9,326 | |
Fair value of loans contractual purchase discount | 1,643 | |
Fair value of loans contractual interest payments | 32,556 | |
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 | 340,513 | |
Nonaccretable difference | (61,435) | |
Cash flows expected to be collected | 279,078 | |
Accretable yield | (34,199) | |
Fair value | $ 244,879 |
Purchased Loans - Changes in Ac
Purchased Loans - Changes in Accretable Yield of Loans Purchased with Deteriorated Credit Quality (Details) - Purchased loans $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Changes in accretable yield of loans acquired with deteriorated credit quality | |
Balance at January 1, 2017 | $ (37,474) |
Additions through acquisition | (1,794) |
Reclasses from nonaccretable difference | (7,718) |
Accretion | 11,619 |
Charge-offs | 1,168 |
Balance at September 30, 2017 | $ (34,199) |
Purchased Loans - Fair Value 76
Purchased Loans - Fair Value of Loans Purchased (Details) - Purchased loans - USD ($) $ in Thousands | Sep. 30, 2017 | Jul. 01, 2017 | Dec. 31, 2016 | Apr. 01, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Accretable yield | $ (34,199) | $ (37,474) | ||
Receivables Acquired with Deteriorated Credit Quality | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Contractually-required principal and interest | 340,513 | |||
Nonaccretable difference | (61,435) | |||
Cash flows expected to be collected | 279,078 | |||
Accretable yield | (34,199) | |||
Fair value | $ 244,879 | |||
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 | |||
Metropolitan Bancgroup, Inc. | Receivables Acquired with Deteriorated Credit Quality | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Contractually-required principal and interest | $ 1,198,132 | |||
Nonaccretable difference | (80,887) | |||
Cash flows expected to be collected | 1,117,245 | |||
Accretable yield | (152,821) | |||
Fair value | $ 964,424 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Total Non Purchased and Purchased Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 7,451,394 | $ 6,205,118 |
Unearned income | (2,786) | (2,409) |
Loans, net of unearned income | 7,448,608 | 6,202,709 |
Allowance for loan losses | (44,531) | (42,737) |
Loans, net | 7,404,077 | 6,159,972 |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,008,935 | 717,490 |
Loans, net of unearned income | 1,008,935 | 717,490 |
Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 54,688 | 49,250 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 577,720 | 552,679 |
Loans, net of unearned income | 577,720 | 552,679 |
Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 2,295,852 | 1,878,177 |
Loans, net of unearned income | 2,295,852 | 1,878,177 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 3,390,389 | 2,898,895 |
Loans, net of unearned income | 3,390,389 | 2,898,895 |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 123,810 | 108,627 |
Loans, net of unearned income | $ 175,712 | $ 155,468 |
Other Real Estate Owned - Other
Other Real Estate Owned - Other Real Estate Owned Covered and Not Covered Under a Loss-Share Agreement, Net of Valuation Allowances and Direct Write-Downs (Details) - USD ($) $ in Thousands | Sep. 30, 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 | $ 13,296 | $ 17,370 |
Non Purchased OREO | 4,524 | 5,929 |
Total OREO | 17,820 | 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 | 1,780 | 2,230 |
Non Purchased OREO | 847 | 699 |
Total OREO | 2,627 | 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 | 5,552 | 6,401 |
Non Purchased OREO | 1,401 | 1,680 |
Total OREO | 6,953 | 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 | 1,233 | 2,344 |
Non Purchased OREO | 829 | 1,688 |
Total OREO | 2,062 | 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 | 4,731 | 6,395 |
Non Purchased OREO | 1,447 | 1,862 |
Total OREO | $ 6,178 | $ 8,257 |
Allowance for Loan Losses - Rol
Allowance for Loan Losses - Roll Forward Of the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Rollforward of the allowance for loan losses | ||||||
Beginning balance | $ 44,149 | $ 44,098 | $ 42,737 | $ 42,437 | ||
Charge-offs | (2,216) | (1,303) | (5,228) | (4,070) | ||
Recoveries | 448 | 479 | 1,622 | 1,677 | ||
Net (charge-offs) recoveries | (1,768) | (824) | (3,606) | (2,393) | ||
Provision for loan losses | 2,676 | 5,619 | ||||
Benefit attributable to FDIC loss-share agreements | (149) | (265) | ||||
Recoveries payable to FDIC | 123 | 526 | ||||
Provision for loan losses charged to operations | 2,150 | 2,650 | 5,400 | 5,880 | ||
Ending balance | 44,531 | 45,924 | 44,531 | 45,924 | ||
Period-End Amount Allocated to: | ||||||
Individually evaluated for impairment | $ 2,928 | $ 8,899 | ||||
Collectively evaluated for impairment | 39,678 | 33,607 | ||||
Purchased with deteriorated credit quality | 44,149 | 44,098 | 42,737 | 42,437 | 44,531 | 45,924 |
Receivables Acquired with Deteriorated Credit Quality | ||||||
Rollforward of the allowance for loan losses | ||||||
Ending balance | 1,925 | 3,418 | 1,925 | 3,418 | ||
Period-End Amount Allocated to: | ||||||
Purchased with deteriorated credit quality | 1,925 | 3,418 | 1,925 | 3,418 | 1,925 | 3,418 |
Commercial, financial, agricultural | ||||||
Rollforward of the allowance for loan losses | ||||||
Beginning balance | 5,092 | 4,512 | 5,486 | 4,186 | ||
Charge-offs | (974) | (394) | (2,110) | (1,099) | ||
Recoveries | 137 | 85 | 258 | 243 | ||
Net (charge-offs) recoveries | (837) | (309) | (1,852) | (856) | ||
Provision for loan losses | 1,308 | 2,174 | ||||
Benefit attributable to FDIC loss-share agreements | (61) | (61) | ||||
Recoveries payable to FDIC | 4 | 11 | ||||
Provision for loan losses charged to operations | 938 | 1,251 | 1,559 | 2,124 | ||
Ending balance | 5,193 | 5,454 | 5,193 | 5,454 | ||
Period-End Amount Allocated to: | ||||||
Individually evaluated for impairment | 96 | 1,004 | ||||
Collectively evaluated for impairment | 4,772 | 4,002 | ||||
Purchased with deteriorated credit quality | 5,092 | 4,512 | 5,486 | 4,186 | 5,193 | 5,454 |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||||||
Rollforward of the allowance for loan losses | ||||||
Ending balance | 325 | 448 | 325 | 448 | ||
Period-End Amount Allocated to: | ||||||
Purchased with deteriorated credit quality | 325 | 448 | 325 | 448 | 325 | 448 |
Real estate – construction | ||||||
Rollforward of the allowance for loan losses | ||||||
Beginning balance | 2,580 | 2,269 | 2,380 | 1,852 | ||
Charge-offs | 0 | 0 | 0 | |||
Recoveries | 67 | 4 | 101 | 15 | ||
Net (charge-offs) recoveries | 67 | 4 | 101 | 15 | ||
Provision for loan losses | (52) | 348 | ||||
Benefit attributable to FDIC loss-share agreements | 0 | 0 | ||||
Recoveries payable to FDIC | 2 | 8 | ||||
Provision for loan losses charged to operations | 161 | (50) | 327 | 356 | ||
Ending balance | 2,808 | 2,223 | 2,808 | 2,223 | ||
Period-End Amount Allocated to: | ||||||
Individually evaluated for impairment | 9 | 2 | ||||
Collectively evaluated for impairment | 2,799 | 2,221 | ||||
Purchased with deteriorated credit quality | 2,580 | 2,269 | 2,380 | 1,852 | 2,808 | 2,223 |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||||||
Rollforward of the allowance for loan losses | ||||||
Ending balance | 0 | 0 | 0 | 0 | ||
Period-End Amount Allocated to: | ||||||
Purchased with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | 0 |
Real estate – 1-4 family mortgage | ||||||
Rollforward of the allowance for loan losses | ||||||
Beginning balance | 12,104 | 14,219 | 14,294 | 13,908 | ||
Charge-offs | (575) | (242) | (1,401) | (745) | ||
Recoveries | 145 | 188 | 291 | 753 | ||
Net (charge-offs) recoveries | (430) | (54) | (1,110) | 8 | ||
Provision for loan losses | 1,154 | 1,333 | ||||
Benefit attributable to FDIC loss-share agreements | 0 | (115) | ||||
Recoveries payable to FDIC | 93 | 278 | ||||
Provision for loan losses charged to operations | 439 | 1,247 | (1,071) | 1,496 | ||
Ending balance | 12,113 | 15,412 | 12,113 | 15,412 | ||
Period-End Amount Allocated to: | ||||||
Individually evaluated for impairment | 855 | 5,144 | ||||
Collectively evaluated for impairment | 10,644 | 9,542 | ||||
Purchased with deteriorated credit quality | 12,104 | 14,219 | 14,294 | 13,908 | 12,113 | 15,412 |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||||||
Rollforward of the allowance for loan losses | ||||||
Ending balance | 614 | 726 | 614 | 726 | ||
Period-End Amount Allocated to: | ||||||
Purchased with deteriorated credit quality | 614 | 726 | 614 | 726 | 614 | 726 |
Real estate – commercial mortgage | ||||||
Rollforward of the allowance for loan losses | ||||||
Beginning balance | 22,600 | 21,683 | 19,059 | 21,111 | ||
Charge-offs | (543) | (466) | (1,204) | (1,653) | ||
Recoveries | 72 | 181 | 884 | 582 | ||
Net (charge-offs) recoveries | (471) | (285) | (320) | (1,071) | ||
Provision for loan losses | (87) | 1,067 | ||||
Benefit attributable to FDIC loss-share agreements | (47) | (48) | ||||
Recoveries payable to FDIC | 24 | 229 | ||||
Provision for loan losses charged to operations | 481 | (110) | 3,871 | 1,248 | ||
Ending balance | 22,610 | 21,288 | 22,610 | 21,288 | ||
Period-End Amount Allocated to: | ||||||
Individually evaluated for impairment | 1,963 | 2,635 | ||||
Collectively evaluated for impairment | 19,662 | 16,410 | ||||
Purchased with deteriorated credit quality | 22,600 | 21,683 | 19,059 | 21,111 | 22,610 | 21,288 |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||||||
Rollforward of the allowance for loan losses | ||||||
Ending balance | 985 | 2,243 | 985 | 2,243 | ||
Period-End Amount Allocated to: | ||||||
Purchased with deteriorated credit quality | 985 | 2,243 | 985 | 2,243 | 985 | 2,243 |
Installment loans to individuals | ||||||
Rollforward of the allowance for loan losses | ||||||
Beginning balance | 1,773 | 1,415 | 1,518 | 1,380 | ||
Charge-offs | (124) | (201) | (513) | (573) | ||
Recoveries | 27 | 21 | 88 | 84 | ||
Net (charge-offs) recoveries | (97) | (180) | (425) | (489) | ||
Provision for loan losses | 353 | 697 | ||||
Benefit attributable to FDIC loss-share agreements | (41) | (41) | ||||
Recoveries payable to FDIC | 0 | 0 | ||||
Provision for loan losses charged to operations | 131 | 312 | 714 | 656 | ||
Ending balance | 1,807 | 1,547 | 1,807 | 1,547 | ||
Period-End Amount Allocated to: | ||||||
Individually evaluated for impairment | 5 | 114 | ||||
Collectively evaluated for impairment | 1,801 | 1,432 | ||||
Purchased with deteriorated credit quality | 1,773 | 1,415 | 1,518 | 1,380 | 1,807 | 1,547 |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | ||||||
Rollforward of the allowance for loan losses | ||||||
Ending balance | 1 | 1 | 1 | 1 | ||
Period-End Amount Allocated to: | ||||||
Purchased with deteriorated credit quality | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Other Real Estate Owned - Chang
Other Real Estate Owned - Changes in Purchased and Non-Purchased OREO (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Purchased OREO | |
Balance at January 1, 2017 | $ 17,370 |
Acquired OREO | 1,203 |
Transfers of loans | 4,513 |
Capitalized improvements | 0 |
Impairments | (935) |
Dispositions | (8,474) |
Other | (381) |
Balance at September 30, 2017 | 13,296 |
Non Purchased OREO | |
Balance at January 1, 2017 | 5,929 |
Acquired OREO | 0 |
Transfers of loans | 905 |
Capitalized improvements | 0 |
Impairments | (519) |
Dispositions | (2,262) |
Other | 471 |
Balance at September 30, 2017 | 4,524 |
Total OREO | |
Balance at January 1, 2017 | 23,299 |
Acquired OREO | 1,203 |
Transfers of loans | 5,418 |
Capitalized improvements | 0 |
Impairments | (1,454) |
Dispositions | (10,736) |
Other | 90 |
Balance at September 30, 2017 | $ 17,820 |
Allowance for Loan Losses - Inv
Allowance for Loan Losses - Investment in Loans, Net of Unearned Income on Impairment Methodology (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | $ 26,747 | $ 27,992 |
Collectively evaluated for impairment | 7,176,982 | 5,902,959 |
Loans, net of unearned income | 7,448,608 | 6,202,709 |
Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | 244,879 | 271,758 |
Commercial, financial, agricultural | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 2,291 | 1,886 |
Collectively evaluated for impairment | 989,185 | 703,610 |
Loans, net of unearned income | 1,008,935 | 717,490 |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | 17,459 | 11,994 |
Real estate – construction | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 2,730 | 662 |
Collectively evaluated for impairment | 574,990 | 551,177 |
Loans, net of unearned income | 577,720 | 552,679 |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased 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 | 13,347 | 12,088 |
Collectively evaluated for impairment | 2,222,736 | 1,794,137 |
Loans, net of unearned income | 2,295,852 | 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 | ||
Purchased with deteriorated credit quality | 59,769 | 71,952 |
Real estate – commercial mortgage | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 8,078 | 13,079 |
Collectively evaluated for impairment | 3,216,345 | 2,700,829 |
Loans, net of unearned income | 3,390,389 | 2,898,895 |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | 165,966 | 184,987 |
Installment loans to individuals | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 301 | 277 |
Collectively evaluated for impairment | 173,726 | 153,206 |
Loans, net of unearned income | 175,712 | 155,468 |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | $ 1,685 | $ 1,985 |
Other Real Estate Owned - Compo
Other Real Estate Owned - Components of OREO in the Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Components of other real estate owned in the Consolidated Statements of Income | ||||
Repairs and maintenance | $ 206 | $ 209 | $ 602 | $ 815 |
Property taxes and insurance | 87 | 127 | 495 | 745 |
Impairments | 697 | 1,048 | 1,454 | 2,330 |
Net losses (gains) on OREO sales | (350) | 204 | (488) | 435 |
Rental income | (37) | (48) | (147) | (214) |
Total | $ 603 | $ 1,540 | $ 1,916 | $ 4,111 |
Goodwill and Other Intangible83
Goodwill and Other Intangible Assets - Carrying Amounts of Goodwill by Operating Segments (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance at January 1, 2017 | $ 470,534 |
Addition to goodwill from acquisition | 140,512 |
Adjustment to previously recorded goodwill | 0 |
Balance at September 30, 2017 | 611,046 |
Community Banks | |
Goodwill [Roll Forward] | |
Balance at January 1, 2017 | 467,767 |
Addition to goodwill from acquisition | 140,512 |
Adjustment to previously recorded goodwill | 0 |
Balance at September 30, 2017 | 608,279 |
Insurance | |
Goodwill [Roll Forward] | |
Balance at January 1, 2017 | 2,767 |
Addition to goodwill from acquisition | 0 |
Adjustment to previously recorded goodwill | 0 |
Balance at September 30, 2017 | $ 2,767 |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets - Summary of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 56,928 | $ 49,962 |
Accumulated Amortization | (30,710) | (25,888) |
Net Carrying Amount | 26,218 | 24,074 |
Core Deposit Intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 54,958 | 47,992 |
Accumulated Amortization | (29,911) | (25,188) |
Net Carrying Amount | 25,047 | 22,804 |
Customer Relationship Intangible | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 1,970 | 1,970 |
Accumulated Amortization | (799) | (700) |
Net Carrying Amount | $ 1,171 | $ 1,270 |
Goodwill and Other Intangible85
Goodwill and Other Intangible Assets - Current Year Amortization Expense for Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | $ 1,766 | $ 1,684 | $ 4,822 | $ 5,123 |
Core Deposit Intangibles | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | 1,733 | 1,651 | 4,723 | 5,024 |
Customer Relationship Intangible | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | $ 33 | $ 33 | $ 99 | $ 99 |
Goodwill and Other Intangible86
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Finite-Lived Intangible Assets (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2,017 | $ 6,530 |
2,018 | 6,261 |
2,019 | 5,343 |
2,020 | 4,317 |
2,021 | 3,238 |
Core Deposit Intangibles | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2,017 | 6,399 |
2,018 | 6,130 |
2,019 | 5,212 |
2,020 | 4,186 |
2,021 | 3,107 |
Customer Relationship Intangible | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2,017 | 131 |
2,018 | 131 |
2,019 | 131 |
2,020 | 131 |
2,021 | $ 131 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Mortgage Servicing Rights (Textual) [Abstract] | |||||
Impairment losses on mortgage servicing rights | $ 0 | $ 40,000 | $ 40,000 | ||
Unpaid principle balance of related mortgage loan | $ 1,830,444,000 | 1,830,444,000 | |||
Sale of MSR proceeds | 0 | 18,508,000 | |||
Servicing fees | $ 1,461,000 | $ 595,000 | $ 4,128,000 | $ 2,212,000 |
Mortgage Servicing Rights - Cha
Mortgage Servicing Rights - Changes in the Company's MSRs (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Changes in mortgage servicing rights | |
Balance at January 1, 2017 | $ 26,302 |
Capitalization | 12,379 |
Amortization | (2,751) |
Balance at September 30, 2017 | $ 35,930 |
Mortgage Servicing Rights - Dat
Mortgage Servicing Rights - Data and Key Economic Assumptions Related to the Company's MRSs (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Data and key economic assumptions related to mortgage servicing rights | ||
Unpaid principal balance | $ 3,703,064 | $ 2,763,344 |
Weighted-average prepayment speed (CPR) | 8.89% | 7.34% |
Estimated impact of a 10% increase | $ (1,501) | $ (1,034) |
Estimated impact of a 20% increase | $ (2,910) | $ (2,010) |
Discount rate | 9.68% | 9.64% |
Estimated impact of a 10% increase | $ (1,711) | $ (1,368) |
Estimated impact of a 20% increase | $ (3,292) | $ (2,629) |
Weighted-average coupon interest rate | 3.89% | 3.83% |
Weighted-average servicing fee | 26.22% | 25.87% |
Weighted-average remaining maturity | 14 years 11 months 10 days | 11 years 1 month 11 days |
Redemption of Long-term Debt (D
Redemption of Long-term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Debt Instrument [Line Items] | ||||||
Penalty on prepayment of debt | $ 0 | $ 2,210 | $ 205 | $ 2,539 | ||
Federal Home Loan Bank | ||||||
Debt Instrument [Line Items] | ||||||
Penalty on prepayment of debt | 2,210 | $ 329 | ||||
Prepayment of debt | $ 38,886 | $ 3,483 | ||||
Subordinated notes | Heritage Financial Statutory Trust One | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate amount of debt | $ 10,515 | |||||
Principal amount of debt | 10,310 | |||||
Prepayment penalty | $ 205 |
Employee Benefit and Deferred91
Employee Benefit and Deferred Compensation Plans - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($)shares | Sep. 30, 2017USD ($)pointshares | Sep. 30, 2016USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Minimum retirement age for benefits | 55 years | |||
Maximum retirement age for benefits | 65 years | |||
Eligible employee years of service | 15 years | |||
Number of points for eligibility | point | 70 | |||
Minimum eligible age for medicare coverage | 65 years | |||
Life insurance coverage face value | $ | $ 5,000 | |||
Age limit for life insurance coverage provided by the Company | 70 years | |||
Age at which retiree's pay for life insurance coverage at their sole expense | 70 years | |||
Option expiration period | 10 years | |||
Award vesting period | 3 years | |||
Stock options granted (in shares) | shares | 0 | 0 | 0 | 0 |
Treasury shares reissued (in shares) | shares | 99,318 | |||
Total stock-based compensation expense | $ | $ 1,359,000 | $ 848,000 | $ 3,770,000 | $ 2,563,000 |
Employee Benefit and Deferred92
Employee Benefit and Deferred Compensation Plans - Plan Expense for Non-Contributory Benefit Pension Plan and Post-Retirement Health and Life Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pension Benefits | ||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 292 | 304 | 876 | 912 |
Expected return on plan assets | (485) | (468) | (1,456) | (1,404) |
Recognized actuarial loss | 101 | 101 | 301 | 303 |
Settlement/curtailment/termination gains | 0 | 0 | 0 | 0 |
Net periodic benefit (return) cost | (92) | (63) | (279) | (189) |
Pension Benefits | Heritage Financial Group | ||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 0 | 34 | 0 | 172 |
Expected return on plan assets | 0 | (23) | 0 | (113) |
Recognized actuarial loss | 0 | 0 | 0 | 0 |
Settlement/curtailment/termination gains | 0 | (780) | 0 | (780) |
Net periodic benefit (return) cost | 0 | (769) | 0 | (721) |
Other Benefits | ||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||||
Service cost | 2 | 1 | 6 | 9 |
Interest cost | 11 | 14 | 32 | 43 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized actuarial loss | 2 | 23 | 5 | 57 |
Settlement/curtailment/termination gains | 0 | 0 | 0 | 0 |
Net periodic benefit (return) cost | $ 15 | $ 38 | $ 43 | $ 109 |
Employee Benefit and Deferred93
Employee Benefit and Deferred Compensation Plans - Summary of the Changes in Stock Options (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Shares | ||||
Options outstanding at beginning of period (shares) | 185,625 | |||
Granted (shares) | 0 | 0 | 0 | 0 |
Exercised (shares) | (93,625) | |||
Forfeited (shares) | 0 | |||
Options outstanding at end of period (shares) | 92,000 | 92,000 | ||
Weighted Average Exercise Price | ||||
Options outstanding at beginning of period (usd per share) | $ 15.97 | |||
Granted (usd per share) | 0 | |||
Exercised (usd per share) | 16.22 | |||
Forfeited (usd per share) | 0 | |||
Options outstanding at end of period (usd per share) | $ 15.72 | $ 15.72 |
Employee Benefit and Deferred94
Employee Benefit and Deferred Compensation Plans - Summary of the Changes in Restricted Stock (Details) | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Performance Shares | |
Shares | |
Beginning balance (shares) | shares | 0 |
Awarded (shares) | shares | 54,450 |
Vested (shares) | shares | 0 |
Cancelled (shares) | shares | (2,000) |
Ending balance (shares) | shares | 52,450 |
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 | 42.22 |
Ending balance (usd per share) | $ / shares | $ 42.22 |
Restricted Stock | |
Shares | |
Beginning balance (shares) | shares | 117,345 |
Awarded (shares) | shares | 153,270 |
Vested (shares) | shares | (43,305) |
Cancelled (shares) | shares | (5,460) |
Ending balance (shares) | shares | 221,850 |
Weighted Average Grant-Date Fair Value | |
Beginning balance (usd per share) | $ / shares | $ 31.76 |
Awarded (usd per share) | $ / shares | 42.81 |
Vested (usd per share) | $ / shares | 32.36 |
Cancelled (usd per share) | $ / shares | 37.74 |
Ending balance (usd per share) | $ / shares | $ 39.13 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) | 1 Months Ended | |||
Jun. 30, 2014USD ($)derivative_instrument | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 30, 2012USD ($)derivative_instrument | |
Interest rate contracts with corporate customers | ||||
Derivative Instruments (Textual) [Abstract] | ||||
Notional amount | $ 219,914,000 | |||
Offsetting interest rate contracts with other financial institutions | ||||
Derivative Instruments (Textual) [Abstract] | ||||
Notional amount | 219,914,000 | |||
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 | 4 years | |||
Floating rate liability at the bank level, derivative two | ||||
Derivative Instruments (Textual) [Abstract] | ||||
Notional amount | $ 15,000,000 | |||
Term of contract | 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 | 188,614,000 | $ 120,050,000 | ||
Commitments to sell residential mortgage loans | ||||
Derivative Instruments (Textual) [Abstract] | ||||
Notional amount | $ 304,000,000 | $ 257,000,000 |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Not designated as hedging instruments: | ||
Derivative financial instruments | ||
Derivative assets | $ 8,569 | $ 9,108 |
Derivative liabilities | 5,187 | 2,500 |
Designated as hedging instruments: | ||
Derivative financial instruments | ||
Derivative liabilities | 3,242 | 3,410 |
Other Assets | Not designated as hedging instruments: | Interest rate contracts | ||
Derivative financial instruments | ||
Derivative assets | 4,681 | 1,985 |
Other Assets | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivative financial instruments | ||
Derivative assets | 3,327 | 2,643 |
Other Assets | Not designated as hedging instruments: | Forward commitments | ||
Derivative financial instruments | ||
Derivative assets | 561 | 4,480 |
Other Liabilities | Not designated as hedging instruments: | Interest rate contracts | ||
Derivative financial instruments | ||
Derivative liabilities | 4,681 | 1,985 |
Other Liabilities | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivative financial instruments | ||
Derivative liabilities | 57 | 246 |
Other Liabilities | Not designated as hedging instruments: | Forward commitments | ||
Derivative financial instruments | ||
Derivative liabilities | 449 | 269 |
Other Liabilities | Designated as hedging instruments: | Interest rate swaps | ||
Derivative financial instruments | ||
Derivative liabilities | $ 3,242 | $ 3,410 |
Derivative Instruments - Gains
Derivative Instruments - Gains (Losses) On Derivative Financial Instruments (Details) - Not designated as hedging instruments: - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | $ 725 | $ 5,977 | $ (204) | $ 3,546 |
Interest rate contracts | Included in interest income on loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | 1,652 | 660 | 3,021 | 1,786 |
Interest rate lock commitments | Included in mortgage banking income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | (441) | 2,297 | 874 | 3,359 |
Forward commitments | Included in mortgage banking income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | $ (486) | $ 3,020 | $ (4,099) | $ (1,599) |
Derivative Instruments - Gross
Derivative Instruments - Gross and Net Derivative Positions, Including Pledged Collateral (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Offsetting Derivative Assets | ||
Gross amounts recognized | $ 892 | $ 4,778 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 892 | 4,778 |
Financial instruments | 780 | 567 |
Financial collateral pledged | 0 | 0 |
Net amounts | 112 | 4,211 |
Gross amounts not offset in the Consolidated Balance Sheets | ||
Gross amounts recognized | 7,879 | 4,893 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 7,879 | 4,893 |
Financial instruments | 780 | 567 |
Financial collateral pledged | 6,922 | 4,326 |
Net amounts | $ 177 | $ 0 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of The Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Deferred tax assets | |||
Allowance for loan losses | $ 20,421 | $ 19,934 | $ 21,418 |
Loans | 25,585 | 23,240 | 24,299 |
Deferred compensation | 10,857 | 11,254 | 12,368 |
Securities | 2,573 | 2,439 | 2,346 |
Net unrealized losses on securities - OCI | 1,942 | 10,096 | 4,016 |
Impairment of assets | 2,383 | 2,512 | 3,877 |
Federal and State net operating loss carryforwards | 3,338 | 2,867 | 3,113 |
Intangibles | 0 | 1,247 | 1,012 |
Other | 7,319 | 3,463 | 7,958 |
Total deferred tax assets | 74,418 | 77,052 | 80,407 |
Deferred tax liabilities | |||
FDIC loss-share indemnification asset | 0 | 0 | 1,939 |
Investment in partnerships | 946 | 1,556 | 2,001 |
Intangibles | 428 | 0 | 0 |
Fixed assets | 1,429 | 2,517 | 2,598 |
Mortgage servicing rights | 3,360 | 3,360 | 3,589 |
Junior subordinated debt | 3,620 | 4,111 | 4,128 |
Other | 1,770 | 2,876 | 4,294 |
Total deferred tax liabilities | 11,553 | 14,420 | 18,549 |
Net deferred tax assets | $ 62,865 | $ 62,632 | $ 61,858 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - Heritage Financial Group - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jul. 01, 2015 |
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, valuation allowance | $ 0 | $ 0 | $ 0 | |
Federal | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryfowards | 6,160,000 | $ 18,321,000 | ||
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryfowards | $ 7,995,000 | $ 17,168,000 |
Investments in Qualified Aff101
Investments in Qualified Affordable Housing Projects Investments in Qualified Affordable Housing Projects - Narrative (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||
Carrying value of qualified affordable housing project investments | $ 8,359,000 | $ 6,331,000 | ||
Funding obligation related to qualified affordable housing projects | $ 2,450,000 | |||
Funding obligation related to qualified affordable housing projects | $ 0 | |||
Metropolitan Bancgroup, Inc. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Carrying value of qualified affordable housing project investments | $ 5,469,000 |
Investments in Qualified Aff102
Investments in Qualified Affordable Housing Projects - Components of Qualified Affordable Housing Projects Included in Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Tax credit amortization | $ 472 | $ 353 | $ 995 | $ 1,001 |
Tax credits and other benefits | (671) | (503) | (1,519) | (1,445) |
Total | $ (199) | $ (150) | $ (524) | $ (444) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Securities available for sale | $ 1,150,459 | $ 674,248 |
Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 8,960 | 18,389 |
Other debt securities | ||
Financial assets: | ||
Securities available for sale | 26,919 | 22,145 |
Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 14,638 | 2,158 |
Obligations of states and political subdivisions | ||
Financial assets: | ||
Securities available for sale | 350,354 | |
Government agency mortgage backed securities | Residential mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 459,558 | 409,317 |
Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 45,929 | 50,863 |
Government agency collateralized mortgage obligations | Residential mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 232,658 | 168,826 |
Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 11,443 | 2,550 |
Recurring | ||
Financial assets: | ||
Securities available for sale | 1,150,459 | 674,248 |
Derivative instruments | 8,569 | 9,108 |
Mortgage loans held for sale | 207,288 | 177,866 |
Total financial assets | 1,366,316 | 861,222 |
Financial liabilities: | ||
Derivative instruments | 8,429 | 5,910 |
Total financial liabilities | 8,429 | 5,910 |
Recurring | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 3,242 | 3,410 |
Recurring | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 4,681 | 1,985 |
Financial liabilities: | ||
Derivative instruments | 4,681 | 1,985 |
Recurring | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 3,327 | 2,643 |
Financial liabilities: | ||
Derivative instruments | 57 | 246 |
Recurring | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 561 | 4,480 |
Financial liabilities: | ||
Derivative instruments | 449 | 269 |
Recurring | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 8,960 | 18,389 |
Recurring | Other debt securities | ||
Financial assets: | ||
Securities available for sale | 26,919 | 22,145 |
Recurring | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 14,638 | 2,158 |
Recurring | Obligations of states and political subdivisions | ||
Financial assets: | ||
Securities available for sale | 350,354 | |
Recurring | Government agency mortgage backed securities | Residential mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 459,558 | 409,317 |
Recurring | Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 45,929 | 50,863 |
Recurring | Government agency collateralized mortgage obligations | Residential mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 232,658 | 168,826 |
Recurring | Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 11,443 | 2,550 |
Recurring | Level 1 | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Mortgage loans held for sale | 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 | 0 |
Recurring | Level 1 | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Other debt securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Obligations of states and political subdivisions | ||
Financial assets: | ||
Securities available for sale | 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 | 1,141,499 | 655,859 |
Derivative instruments | 8,569 | 9,108 |
Mortgage loans held for sale | 207,288 | 177,866 |
Total financial assets | 1,357,356 | 842,833 |
Financial liabilities: | ||
Derivative instruments | 8,429 | 5,910 |
Total financial liabilities | 8,429 | 5,910 |
Recurring | Level 2 | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 3,242 | 3,410 |
Recurring | Level 2 | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 4,681 | 1,985 |
Financial liabilities: | ||
Derivative instruments | 4,681 | 1,985 |
Recurring | Level 2 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 3,327 | 2,643 |
Financial liabilities: | ||
Derivative instruments | 57 | 246 |
Recurring | Level 2 | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 561 | 4,480 |
Financial liabilities: | ||
Derivative instruments | 449 | 269 |
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 | 26,919 | 22,145 |
Recurring | Level 2 | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 14,638 | 2,158 |
Recurring | Level 2 | Obligations of states and political subdivisions | ||
Financial assets: | ||
Securities available for sale | 350,354 | |
Recurring | Level 2 | Government agency mortgage backed securities | Residential mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 459,558 | 409,317 |
Recurring | Level 2 | Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 45,929 | 50,863 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | Residential mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 232,658 | 168,826 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 11,443 | 2,550 |
Recurring | Level 3 | ||
Financial assets: | ||
Securities available for sale | 8,960 | 18,389 |
Derivative instruments | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Total financial assets | 8,960 | 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 | 0 |
Recurring | Level 3 | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 8,960 | 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 | Obligations of states and political subdivisions | ||
Financial assets: | ||
Securities available for sale | 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 - Recon
Fair Value Measurements - Reconciliation for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Trust preferred securities - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ||||
Beginning balance | $ 16,992 | $ 18,179 | $ 18,389 | $ 19,469 |
Accretion included in net income | 28 | 8 | 74 | 23 |
Unrealized gains (losses) included in other comprehensive income | 1,307 | (41) | 1,866 | (168) |
Reclassification adjustment | 0 | |||
Purchases | 0 | 0 | 0 | 0 |
Sales | (9,346) | 0 | (9,346) | 0 |
Issues | 0 | 0 | 0 | 0 |
Settlements | (21) | (54) | (2,023) | (1,232) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | $ 8,960 | $ 18,092 | $ 8,960 | $ 18,092 |
Fair Value Measurements - Signi
Fair Value Measurements - Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Trust preferred securities $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Fair Value | $ 8,960 |
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 - As106
Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | $ 8,107 | $ 4,101 |
OREO | 7,942 | 6,741 |
Mortgage servicing rights | 26,302 | |
Total | 16,049 | 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 | 8,107 | 4,101 |
OREO | 7,942 | 6,741 |
Mortgage servicing rights | 26,302 | |
Total | $ 16,049 | $ 37,144 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Fair Value Measurements (Textual) [Abstract] | |||
Impaired loans not covered under loss-share agreements | $ 8,301,000 | $ 4,406,000 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific reserve included in allowance for loan losses | 44,531,000 | 42,737,000 | |
Impairment losses on mortgage servicing rights | 0 | $ 40,000 | 40,000 |
Changes in fair value, gain (loss) | 5,093,000 | $ (145,000) | |
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 | $ 194,000 | $ 305,000 |
Fair Value Measurements - OREO
Fair Value Measurements - OREO Measured at Fair Value on a Nonrecurring Basis (Details) - Level 3 - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
OREO measured at fair value on a nonrecurring basis | ||
Carrying amount prior to remeasurement | $ 9,174 | $ 8,290 |
Impairment recognized in results of operations | (1,232) | (1,549) |
Fair value | $ 7,942 | $ 6,741 |
Fair Value Measurements - Si109
Fair Value Measurements - Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | $ 8,107 | $ 4,101 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | 8,107 | $ 4,101 |
Level 3 | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | $ 8,107 | |
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 | $ 7,942 | |
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 - Summa
Fair Value Measurements - Summarizes Differences Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measure at Fair Value (Details) $ in Thousands | Sep. 30, 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 | $ 207,288 |
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 | 200,293 |
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 | 6,995 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | $ 0 |
Fair Value Measurements - As111
Fair Value Measurements - Assets and Liabilities Not Measured and Reported at Fair Value on a Recurring Basis or Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financial assets | ||
Securities held to maturity | $ 0 | $ 356,282 |
Securities available for sale | 1,150,459 | 674,248 |
Mortgage loans held for sale | 207,288 | 177,866 |
Mortgage servicing rights | 35,930 | 26,302 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 332,200 | 306,224 |
Securities held to maturity | 356,282 | |
Securities available for sale | 1,150,459 | 674,248 |
Mortgage loans held for sale | 207,288 | 177,866 |
Loans, net | 7,404,077 | 6,159,972 |
Mortgage servicing rights | 35,930 | 26,302 |
Derivative instruments | 8,569 | 9,108 |
Financial liabilities | ||
Deposits | 8,118,518 | 7,059,137 |
Short-term borrowings | 384,230 | 109,676 |
Other long-term borrowings | 111 | 147 |
Federal Home Loan Bank advances | 7,760 | 8,542 |
Junior subordinated debentures | 85,744 | 95,643 |
Subordinated notes | 114,088 | 98,127 |
Derivative instruments | 8,429 | 5,910 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 332,200 | 306,224 |
Securities held to maturity | 362,893 | |
Securities available for sale | 1,150,459 | 674,248 |
Mortgage loans held for sale | 207,288 | 177,866 |
Loans, net | 7,373,870 | 5,989,790 |
Mortgage servicing rights | 41,822 | 32,064 |
Derivative instruments | 8,569 | 9,108 |
Financial liabilities | ||
Deposits | 8,118,636 | 7,069,411 |
Short-term borrowings | 384,230 | 109,676 |
Other long-term borrowings | 111 | 147 |
Federal Home Loan Bank advances | 8,005 | 8,777 |
Junior subordinated debentures | 67,785 | 73,301 |
Subordinated notes | 118,575 | 101,000 |
Derivative instruments | 8,429 | 5,910 |
Fair Value | Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 332,200 | 306,224 |
Securities held to maturity | 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 | 6,290,726 | 5,438,384 |
Short-term borrowings | 384,230 | 109,676 |
Other long-term borrowings | 111 | 147 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Subordinated notes | 0 | 0 |
Derivative instruments | 0 | 0 |
Fair Value | Level 2 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 362,893 | |
Securities available for sale | 1,141,499 | 655,859 |
Mortgage loans held for sale | 207,288 | 177,866 |
Loans, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivative instruments | 8,569 | 9,108 |
Financial liabilities | ||
Deposits | 1,827,910 | 1,631,027 |
Short-term borrowings | 0 | 0 |
Other long-term borrowings | 0 | 0 |
Federal Home Loan Bank advances | 8,005 | 8,777 |
Junior subordinated debentures | 67,785 | 73,301 |
Subordinated notes | 118,575 | 101,000 |
Derivative instruments | 8,429 | 5,910 |
Fair Value | Level 3 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 0 | |
Securities available for sale | 8,960 | 18,389 |
Mortgage loans held for sale | 0 | 0 |
Loans, net | 7,373,870 | 5,989,790 |
Mortgage servicing rights | 41,822 | 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 | 0 |
Derivative instruments | $ 0 | $ 0 |
Other Comprehensive Income (112
Other Comprehensive Income (Loss) - Changes in the Components of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive income (loss), pre-tax | $ 12,230 | $ 2,788 | $ 21,092 | $ 5,326 |
Total other comprehensive income (loss), tax expense (benefit) | 4,728 | 1,078 | 8,154 | 2,049 |
Other comprehensive income, net of tax | 7,502 | 1,710 | 12,938 | 3,277 |
Securities available for sale | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before reclassifications, pre-tax | (1,245) | 2,258 | 7,682 | 8,573 |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | (481) | 873 | 2,970 | 3,313 |
Other comprehensive income (loss), before reclassifications, net of tax | (764) | 1,385 | 4,712 | 5,260 |
Total other comprehensive income (loss), pre-tax | 11,966 | 2,240 | 20,618 | 7,308 |
Total other comprehensive income (loss), tax expense (benefit) | 4,626 | 866 | 7,971 | 2,825 |
Other comprehensive income, net of tax | 7,340 | 1,374 | 12,647 | 4,483 |
Unrealized holding gains on securities transfered from held to maturity to available for sale | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before reclassifications, pre-tax | 13,218 | 13,218 | ||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 5,110 | 5,110 | ||
Other comprehensive income (loss), before reclassifications, net of tax | 8,108 | 8,108 | ||
Securities available for sale, amortization of gains transferred to held to maturity | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, pre-tax | (7) | (18) | (282) | (79) |
Reclassification from AOCI, tax expense (benefit) | (3) | (7) | (109) | (30) |
Reclassification from AOCI, net of tax | (4) | (11) | (173) | (49) |
Derivative instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before reclassifications, pre-tax | 163 | 807 | 169 | (1,959) |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 63 | 312 | 65 | (760) |
Other comprehensive income (loss), before reclassifications, net of tax | 100 | 495 | 104 | (1,199) |
Total other comprehensive income (loss), pre-tax | 163 | 807 | 169 | (1,959) |
Total other comprehensive income (loss), tax expense (benefit) | 63 | 312 | 65 | (760) |
Other comprehensive income, net of tax | 100 | 495 | 104 | (1,199) |
Securities available for sale | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, pre-tax | (1,186) | |||
Reclassification from AOCI, tax expense (benefit) | (458) | |||
Reclassification from AOCI, net of tax | (728) | |||
Defined benefit Pension and Post-Retirement Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive income (loss), pre-tax | 101 | (259) | 305 | (23) |
Total other comprehensive income (loss), tax expense (benefit) | 39 | (100) | 118 | (16) |
Other comprehensive income, net of tax | 62 | (159) | 187 | (7) |
Net settlement gain (loss) attributable to parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, pre-tax | (383) | (383) | ||
Reclassification from AOCI, tax expense (benefit) | (148) | (148) | ||
Reclassification from AOCI, net of tax | (235) | (235) | ||
Amortization of net actuarial loss recognized in net periodic pension cost | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, pre-tax | 101 | 124 | 305 | 360 |
Reclassification from AOCI, tax expense (benefit) | 39 | 48 | 118 | 132 |
Reclassification from AOCI, net of tax | $ 62 | $ 76 | $ 187 | $ 228 |
Other Comprehensive Income (113
Other Comprehensive Income (Loss) - Accumulated Balances for Each Component of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accumulated balances for component of other comprehensive income, net of tax | ||
Unrealized gains on securities | $ 14,732 | $ 9,490 |
Non-credit related portion of other-than-temporary impairment on securities | (9,313) | (16,719) |
Unrealized losses on derivative instruments | (1,252) | (1,355) |
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (7,133) | (7,320) |
Total accumulated other comprehensive loss | $ (2,966) | $ (15,904) |
Net Income Per Common Share - B
Net Income Per Common Share - Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Basic | ||||
Net income applicable to common stock | $ 26,421 | $ 23,179 | $ 75,677 | $ 67,295 |
Average common shares outstanding (shares) | 49,316,572 | 42,091,164 | 46,050,250 | 41,500,407 |
Net income per common share - basic (usd per share) | $ 0.54 | $ 0.55 | $ 1.64 | $ 1.62 |
Diluted | ||||
Net income applicable to common stock | $ 26,421 | $ 23,179 | $ 75,677 | $ 67,295 |
Average common shares outstanding (shares) | 49,316,572 | 42,091,164 | 46,050,250 | 41,500,407 |
Effect of dilutive stock-based compensation (shares) | 118,653 | 219,194 | 117,891 | 229,501 |
Average common shares outstanding - diluted | 49,435,225 | 42,310,358 | 46,168,141 | 41,729,908 |
Net income per common share - diluted (usd per share) | $ 0.53 | $ 0.55 | $ 1.64 | $ 1.61 |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2017shares | |
Employee Stock Option | |
Schedule of antidilutive securities excluded from computation of earnings per share | |
Number of antiduilutive shares (in shares) | 0 |
Regulatory Matters - Guidelines
Regulatory Matters - Guidelines Governing the Classification of Capital Tiers (Details) | Sep. 30, 2017 |
Banking and Thrift [Abstract] | |
Tier 1 Capital to Average Assets (Leverage), Well capitalized | 5.00% |
Tier 1 Capital to Average Assets (Leverage), Adequately capitalized | 4.00% |
Tier 1 Capital to Average Assets (Leverage), Undercapitalized | 4.00% |
Tier 1 Capital to Average Assets (Leverage), Significantly undercapitalized | 3.00% |
Common Equity Tier 1 to Risk-Weighted Assets, Well capitalized | 6.50% |
Common Equity Tier 1 to Risk-Weighted Assets, Adequately capitalized | 4.50% |
Common Equity Tier 1 to Risk-Weighted Assets, Undercapitalized | 4.50% |
Common Equity Tier 1 to Risk-Weighted Assets, Significantly undercapitalized | 3.00% |
Tier 1 Capital to Risk-Weighted Assets, Well capitalized | 8.00% |
Tier 1 Capital to Risk-Weighted Assets, Adequately capitalized | 6.00% |
Tier 1 Capital to Risk-Weighted Assets, Undercapitalized | 6.00% |
Tier 1 Capital to Risk-Weighted Assets, Significantly undercapitalized | 4.00% |
Total Capital to Risk-Weighted Assets, Well capitalized | 10.00% |
Total Capital to Risk-Weighted Assets, Adequately capitalized | 8.00% |
Total Capital to Risk-Weighted Assets, Undercapitalized | 8.00% |
Total Capital to Risk-Weighted Assets, Significantly undercapitalized | 6.00% |
Critically undercapitalized | 2.00% |
Regulatory Matters - Capital an
Regulatory Matters - Capital and Risk-Based Capital and Leverage Ratios (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Renasant Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets (leverage) - amount | $ 970,005 | $ 858,850 |
Tier 1 capital to average assets (leverage) - ratio | 10.05% | 10.59% |
Common equity tier 1 capital to risk-weighted assets - amount | $ 887,234 | $ 766,560 |
Common equity tier 1 capital to risk-weighted assets - ratio | 11.21% | 11.47% |
Tier 1 capital to risk-weighted assets - amount | $ 970,005 | $ 858,850 |
Tier 1 capital to risk-weighted assets - ratio | 12.26% | 12.86% |
Total capital to risk-weighted assets - amount | $ 1,131,605 | $ 1,004,038 |
Total capital to risk-weighted assets - ratio | 14.30% | 15.03% |
Renasant Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets (leverage) - amount | $ 990,117 | $ 824,850 |
Tier 1 capital to average assets (leverage) - ratio | 10.28% | 10.20% |
Common equity tier 1 capital to risk-weighted assets - amount | $ 990,117 | $ 824,850 |
Common equity tier 1 capital to risk-weighted assets - ratio | 12.54% | 12.38% |
Tier 1 capital to risk-weighted assets - amount | $ 990,117 | $ 824,850 |
Tier 1 capital to risk-weighted assets - ratio | 12.54% | 12.38% |
Total capital to risk-weighted assets - amount | $ 1,038,473 | $ 871,911 |
Total capital to risk-weighted assets - ratio | 13.15% | 13.09% |
Segment Reporting - Financial I
Segment Reporting - Financial Information for Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Financial information for the Company's operating segments | |||||
Net interest income (loss) | $ 90,017 | $ 75,731 | $ 243,635 | $ 222,942 | |
Provision for loan losses | 2,150 | 2,650 | 5,400 | 5,880 | |
Noninterest income | 33,413 | 38,272 | 99,699 | 107,160 | |
Noninterest expense | 80,660 | 76,468 | 224,810 | 223,541 | |
Income before income taxes | 40,620 | 34,885 | 113,124 | 100,681 | |
Income tax expense (benefit) | 14,199 | 11,706 | 37,447 | 33,386 | |
Net income (loss) | 26,421 | 23,179 | 75,677 | 67,295 | |
Total assets | 10,323,687 | 8,542,471 | 10,323,687 | 8,542,471 | $ 8,699,851 |
Goodwill | 611,046 | 470,534 | 611,046 | 470,534 | 470,534 |
Community Banks | |||||
Financial information for the Company's operating segments | |||||
Goodwill | 608,279 | 608,279 | 467,767 | ||
Insurance | |||||
Financial information for the Company's operating segments | |||||
Goodwill | 2,767 | 2,767 | $ 2,767 | ||
Operating Segments | Community Banks | |||||
Financial information for the Company's operating segments | |||||
Net interest income (loss) | 92,007 | 77,064 | 249,355 | 225,449 | |
Provision for loan losses | 2,150 | 2,655 | 5,400 | 5,893 | |
Noninterest income | 28,120 | 32,773 | 83,290 | 89,515 | |
Noninterest expense | 75,681 | 71,784 | 209,920 | 209,442 | |
Income before income taxes | 42,296 | 35,398 | 117,325 | 99,629 | |
Income tax expense (benefit) | 15,199 | 12,284 | 40,021 | 33,875 | |
Net income (loss) | 27,097 | 23,114 | 77,304 | 65,754 | |
Total assets | 10,216,826 | 8,446,403 | 10,216,826 | 8,446,403 | |
Goodwill | 608,279 | 467,767 | 608,279 | 467,767 | |
Operating Segments | Insurance | |||||
Financial information for the Company's operating segments | |||||
Net interest income (loss) | 114 | 85 | 330 | 259 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest income | 2,394 | 2,454 | 7,207 | 7,734 | |
Noninterest expense | 1,805 | 1,762 | 5,263 | 5,240 | |
Income before income taxes | 703 | 777 | 2,274 | 2,753 | |
Income tax expense (benefit) | 275 | 301 | 888 | 1,074 | |
Net income (loss) | 428 | 476 | 1,386 | 1,679 | |
Total assets | 25,729 | 22,708 | 25,729 | 22,708 | |
Goodwill | 2,767 | 2,767 | 2,767 | 2,767 | |
Operating Segments | Wealth Management | |||||
Financial information for the Company's operating segments | |||||
Net interest income (loss) | 564 | 472 | 1,575 | 1,349 | |
Provision for loan losses | 0 | (5) | 0 | (13) | |
Noninterest income | 3,213 | 3,248 | 9,599 | 9,296 | |
Noninterest expense | 2,887 | 2,745 | 8,788 | 8,312 | |
Income before income taxes | 890 | 980 | 2,386 | 2,346 | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Net income (loss) | 890 | 980 | 2,386 | 2,346 | |
Total assets | 59,703 | 51,176 | 59,703 | 51,176 | |
Goodwill | 0 | 0 | 0 | 0 | |
Other | |||||
Financial information for the Company's operating segments | |||||
Net interest income (loss) | (2,668) | (1,890) | (7,625) | (4,115) | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest income | (314) | (203) | (397) | 615 | |
Noninterest expense | 287 | 177 | 839 | 547 | |
Income before income taxes | (3,269) | (2,270) | (8,861) | (4,047) | |
Income tax expense (benefit) | (1,275) | (879) | (3,462) | (1,563) | |
Net income (loss) | (1,994) | (1,391) | (5,399) | (2,484) | |
Total assets | 21,429 | 22,184 | 21,429 | 22,184 | |
Goodwill | $ 0 | $ 0 | $ 0 | $ 0 |